Document:

Exhibit
4.1

     

    FORM
OF FLOATING RATE SENIOR NOTE

     

    
      	
              REGISTERED

            	
              REGISTERED

            
	
              No.
      FLR-1

            	
              U.S.
      $

            
	 
      	
              CUSIP:
      617480579

            

    

    

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

     

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    MORGAN
STANLEY

    SENIOR
GLOBAL MEDIUM-TERM NOTES, SERIES F

    (Floating
Rate)

    

    PROTECTED
ABSOLUTE RETURN BARRIER NOTE DUE JANUARY 20, 2010

    BASED
ON THE VALUE OF THE S&P 500®
INDEX

     

    
      	
              BASE
      RATE: None

            	
              ORIGINAL
      ISSUE DATE:

            	
              MATURITY
      DATE:

              See  “Maturity
      Date” below.

            
	
              INDEX
      MATURITY: N/A

            	
              INTEREST
      ACCRUAL DATE: N/A

            	
              INTEREST
      PAYMENT DATE(S): N/A

            
	
              SPREAD
      (PLUS OR MINUS): N/A

            	
              INITIAL
      INTEREST RATE: N/A

            	
              INTEREST
      PAYMENT PERIOD: N/A

            
	
              SPREAD
      MULTIPLIER: N/A

            	
              INITIAL
      INTEREST RESET DATE: N/A

            	
              INTEREST
      RESET PERIOD: N/A

            
	
              REPORTING
      SERVICE: N/A

            	
              MAXIMUM
      INTEREST RATE: N/A

            	
              INTEREST
      RESET DATE(S): N/A

            
	
              INDEX
      CURRENCY: N/A

            	
              MINIMUM
      INTEREST RATE: N/A

            	
              CALCULATION
      AGENT: See “Calculation Agent” below.

            
	
              EXCHANGE
      RATE AGENT: N/A

            	
              INITIAL
      REDEMPTION DATE: N/A

            	
              SPECIFIED
      CURRENCY:

              U.S.
      dollars

            
	
              APPLICABILITY
      OF MODIFIED PAYMENT UPON ACCELERATION: See “Alternate Exchange Calculation
      in Case of an Event of Default” below.

            	
              INITIAL
      REDEMPTION PERCENTAGE: N/A

            	
              IF
      SPECIFIED CURRENCY OTHER THAN U.S. DOLLARS, OPTION TO ELECT PAYMENT IN
      U.S. DOLLARS: N/A

            
	 
      	
              ANNUAL
      REDEMPTION PERCENTAGE REDUCTION: N/A

            	
              DESIGNATED
      CMT TELERATE PAGE: N/A

            
	 
      	
              OPTIONAL
      REPAYMENT DATE(S): N/A

            	
              DESIGNATED
      CMT MATURITY INDEX: N/A

            
	 
      	
              REDEMPTION
      NOTICE PERIOD: N/A

            	 
      
	 
      	
              TAX
      REDEMPTION AND PAYMENT OF ADDITIONAL AMOUNTS: No

            	 
      
	 
      	
              IF
      YES, STATE INITIAL OFFERING DATE: N/A

            	
              OTHER
      PROVISIONS: See below.

            

    

     

    
      	
              Maturity
      Date

            	 
      	
              January
      20, 2010, subject to extension if the Index Valuation Date is postponed in
      accordance with the definition thereof.  If the Index Valuation
      Date is postponed so that it falls less than two scheduled Business Days
      prior to the scheduled Maturity
Date,

            

    

     

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    
      	 
      	 
      	
              the
      Maturity Date shall be the second scheduled Business Day following the
      Index Valuation Date as postponed.

            
	 	 	 
	 
      	 
      	
              In
      the event that the Maturity Date of this Note is postponed due to
      postponement of the Index Valuation Date, as described in the immediately
      preceding paragraph, the Issuer shall give notice of such postponement
      and, once it has been determined, of the date to which the Maturity Date
      has been rescheduled (i) to the holder of this Note by mailing notice of
      such postponement by first class mail, postage prepaid, to the holder’s
      last address as it shall appear upon the registry books, (ii) to the
      Trustee by telephone or facsimile confirmed by mailing such notice to the
      Trustee by first class mail, postage prepaid, at its New York office and
      (iii) to The Depository Trust Company (the “Depositary”) by telephone or
      facsimile confirmed by mailing such notice to the Depositary by first
      class mail, postage prepaid.  Any notice that is mailed in the
      manner herein provided shall be conclusively presumed to have been duly
      given, whether or not the holder of this Note receives the
      notice.  The Issuer shall give such notice as promptly as
      possible, and in no case later than (i) with respect to notice of
      postponement of the Maturity Date, the Business Day immediately following
      the scheduled Index Valuation Date and (ii) with respect to notice of the
      date to which the Maturity Date has been rescheduled, the Business Day
      immediately following the actual Index Valuation Date.

            
	 	 	 
	
              Observation
      Period

            	 
      	
              The
      period of regular trading hours on each Index Business Day on which there
      is no Market Disruption Event with respect to the Index, beginning on, and
      including, the Index Business Day following the Pricing Date and ending
      on, and including, the Index Valuation Date.

            
	 	 	 
	
              Pricing
      Date

            	 
      	 
      
	 	 	 
	
              Authorized
      Denominations

            	 
      	
              $10
      and integral multiples thereof

            
	 	 	 
	
              Stated
      Principal Amount

            	 
      	
              $10
      per note

            
	 	 	 
	
              Index

            	 
      	
              S&P
      500®
      Index

            

    

     

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    
      	
              Payment
      at Maturity

            	 
      	
              At
      maturity, upon delivery of this Note to the Trustee, the Issuer shall pay
      with respect to the Stated Principal Amount an amount in cash equal to $10
      plus the Supplemental Redemption Amount, if any, as determined by the
      Calculation Agent.

            
	 	 	 
	 
      	 
      	
              The
      Payment at Maturity per Stated Principal Amount shall not be less than the
      Stated Principal Amount of $10.

            
	 
      	 
      	 
      
	 
      	 
      	
              The
      Issuer shall, or shall cause the Calculation Agent to, (i) provide written
      notice to the Trustee and to the Depositary, on which notice the Trustee
      and the Depositary may conclusively rely, of the amount of cash to be
      delivered with respect to the Stated Principal Amount, on or prior to
      10:30 a.m. on the Business Day preceding the Maturity Date, and (ii)
      deliver the aggregate cash amount due with respect to this Note to the
      Trustee for delivery to the holder of this Note, on the Maturity
      Date.

            
	 	 	 
	
              Supplemental
      Redemption Amount

            	 
      	
              The
      Supplemental Redemption Amount with respect to the Stated Principal Amount
      shall equal:

            
	 	 	 
	 
      	 
      	
              if
      at all times
      during the Observation Period the Index Value is within the Index Range,
      $10 times the
      Absolute Index Return; or

            
	 	 	 
	 
      	 
      	
              if
      at any time on any day during the
      Observation Period the Index Value is outside the Index Range,
      $0.

            
	 	 	 
	 
      	 
      	
              The
      Supplemental Redemption Amount shall not be less than
  $0.

            
	 	 	 
	 
      	 
      	
              The
      Calculation Agent shall calculate the Supplemental Redemption Amount on
      the Index Valuation Date.

            
	 	 	 
	
              Index
      Value

            	 
      	
              The
      Index Value at any time on any day during the Observation Period shall
      equal the value of the Index published at such time on such day on
      Bloomberg page “SPX” or any successor page, or in the case of any
      Successor Index (as defined below), the Bloomberg page or successor page
      for any such Successor Index.

            

    

     

     

    
      
        
        

      

      
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              Index
      Range

            	 
      	
              The
      Index Range includes any value of the Index that is:

            
	 	 	 
	 
      	 
      	
              (i)
      greater than or equal to the Initial Index Value times        %
      and

            
	 	 	 
	 
      	 
      	
              (ii)
      less than or equal to the Initial Index Value times         %.

            
	 	 	 
	 
      	 
      	
              The
      Index Range can also be expressed as follows:

            
	 	 	 
	 
      	 
      	
              Index
      Range =

            
	 	 	 
	 
      	 
      	
              >
      (Initial Index Value
      x                     );

            
	 	 	 
	 
      	 
      	
              and

            
	 	 	 
	 
      	 
      	
              < (Initial Index Value
      x                     )

            
	 	 	 
	
              Absolute
      Index Return

            	 
      	
              The
      Absolute Index Return is the absolute value of the following
      formula:

            

    

    

    
      	
              Final Index Value – Initial
      Index Value

            	 
	
              Initial
      Index Value

            	 

    

     

    
      	
              Initial
      Index Value

            	 
      	 
      
	 	 	 
	
              Index
      Closing Value

            	 
      	
              The
      Index Closing Value on any Index Business Day shall equal the closing
      value of the Index or any Successor Index (as defined below) published at
      the regular weekday close of trading on that Index Business
      Day.  In certain circumstances, the Index Closing Value shall be
      based on the alternate calculation of the Index described under
      “Discontinuance of the Index; Alteration of Method of
      Calculation.”

            
	 	 	 
	
              Final
      Index Value

            	 
      	
              The
      Index Closing Value on the Index Valuation Date, as determined by the
      Calculation Agent.

            
	 	 	 
	
              Index
      Valuation Date

            	 
      	
              The
      Index Valuation Date shall be January 15, 2010, subject to adjustment for
      Market Disruption Events as described in the following
      paragraph.

            
	 	 	 
	 
      	 
      	
              If a
      Market Disruption Event with respect to the Index occurs on the scheduled
      Index Valuation Date, or if such Index Valuation Date is not an Index
      Business Day, the Index Closing Level on such date shall
  be

            

    

     

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    
      	 
      	 
      	
              determined
      on the immediately succeeding Index Business Day on which no Market
      Disruption Event shall have occurred; provided that the Final
      Index Value shall not be determined on a date later than the fifth
      scheduled Index Business Day after the scheduled Index Valuation Date, and
      if such date is not an Index Business Day or if there is a Market
      Disruption Event on such date, the Calculation Agent shall determine the
      Final Index Value on such date in accordance with the formula for
      calculating the Index last in effect prior to the commencement of the
      Market Disruption Event (or prior to the non-Index Business Day), without
      rebalancing or substitution, using the closing price (or, if trading in
      the relevant securities has been materially suspended or materially
      limited, its good faith estimate of the closing price that would have
      prevailed but for such suspension, limitation or non-Index Business Day)
      on such date of each security most recently constituting the
      Index.

            
	 	 	 
	
              Index
      Business Day

            	 
      	
              Index
      Business Day means a day, for the Index, as determined by the Calculation
      Agent, on which trading is generally conducted on each of the Relevant
      Exchange(s) for the Index, and on each exchange on which futures or
      options contracts related to the Index (or Successor Index) are traded,
      other than a day on which trading on such exchange(s) is scheduled to
      close prior to the time of the posting of its regular final weekday
      closing price.

            
	 	 	 
	
              Calculation
      Agent

            	 
      	
              Morgan
      Stanley & Co. Incorporated and its successors (“MS &
      Co.”)

            
	 	 	 
	 
      	 
      	
              All
      determinations made by the Calculation Agent shall be at the sole
      discretion of the Calculation Agent and shall, in the absence of manifest
      error, be conclusive for all purposes and binding on the holder of this
      Note, the Trustee and the Issuer.

            
	 	 	 
	 
      	 
      	
              All
      calculations with respect to the Payment at Maturity shall be rounded to
      the nearest one hundred-thousandth, with five one-millionths rounded
      upward (e.g.,
      .876545 would be rounded to .87655); all dollar amounts related to
      determination of the amount of cash payable per Stated Principal Amount
      shall be rounded to the nearest ten-thousandth, with five one
      hundred-

            

    

     

     

    
      
        
        

      

      
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              thousandths
      rounded upward (e.g., .76545 would be
      rounded up to .7655); and all dollar amounts paid on the aggregate
      principal amount of this Note shall be rounded to the nearest cent, with
      one-half cent rounded upward.

            
	 	 	 
	
              Market
      Disruption Event

            	 
      	
              Market
      Disruption Event means, with respect to the Index:

            
	 	 	 
	 
      	 
      	
              (i)  the
      occurrence or existence of a suspension, absence or material limitation of
      trading of stocks then constituting 20 percent or more of the level of the
      Index (or the Successor Index) on the Relevant Exchanges for such
      securities for more than two hours of trading or during the one-half hour
      period preceding the close of the principal trading session on such
      Relevant Exchange; or a breakdown or failure in the price and trade
      reporting systems of any Relevant Exchange as a result of which the
      reported trading prices for stocks then constituting 20 percent or more of
      the level of the Index (or the Successor Index) during the last one-half
      hour preceding the close of the principal trading session on such Relevant
      Exchange are materially inaccurate; or the suspension, material limitation
      or absence of trading on any major U.S. securities market for trading in
      futures or options contracts or exchange traded funds related to the Index
      (or the Successor Index) for more than two hours of trading or during the
      one-half hour period preceding the close of the principal trading session
      on such market, in each case as determined by the Calculation Agent in its
      sole discretion; and

            
	 	 	 
	 
      	 
      	
              (ii)  a
      determination by the Calculation Agent in its sole discretion that any
      event described in clause (i) above materially interfered with the
      Issuer’s ability or the ability of any of the Issuer’s affiliates to
      unwind or adjust all or a material portion of the hedge position with
      respect to the Protected Absolute Return Barrier Note due January 20, 2010
      Based on the Value of the S&P 500®
      Index.

            
	 	 	 
	 
      	 
      	
              For
      the purpose of determining whether a Market Disruption Event exists at any
      time, if trading in a security included in the Index is materially
      suspended or materially limited at that time, then the
      relevant

            

    

     

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

     

    
      	 
      	 
      	
              percentage
      contribution of that security to the level of the Index shall be based on
      a comparison of (x) the portion of the value of the Index attributable to
      that security relative to (y) the overall value of the Index, in each case
      immediately before that suspension or limitation.

            
	 	 	 
	 
      	 
      	
              For
      the purpose of determining whether a Market Disruption Event has
      occurred:  (1) a limitation on the hours or number of days of
      trading shall not constitute a Market Disruption Event if it results from
      an announced change in the regular business hours of the Relevant Exchange
      or market, (2) a decision to permanently discontinue trading in the
      relevant futures or options contract or exchange traded fund shall not
      constitute a Market Disruption Event, (3) limitations pursuant to the
      rules of any Relevant Exchange similar to NYSE Rule 80A (or any applicable
      rule or regulation enacted or promulgated by any other self-regulatory
      organization or any government agency of scope similar to NYSE Rule 80A as
      determined by the Calculation Agent) on trading during significant market
      fluctuations shall constitute a suspension, absence or material limitation
      of trading, (4) a suspension of trading in futures, options contracts or
      exchange traded funds on the Index by the primary securities market
      trading in such contracts or funds by reason of (a) a price change
      exceeding limits set by such securities exchange or market, (b) an
      imbalance of orders relating to such contracts or funds or (c) a disparity
      in bid and ask quotes relating to such contracts or funds shall constitute
      a suspension, absence or material limitation of trading in futures,
      options contracts or exchange traded funds related to the Index and (5) a
      “suspension, absence or material limitation of trading” on any Relevant
      Exchange or on the primary market on which futures, options contracts or
      exchange traded funds related to the Index are traded shall not include
      any time when such securities market is itself closed for trading under
      ordinary circumstances.

            
	 	 	 
	
              Relevant
      Exchange

            	 
      	
              Relevant
      Exchange means, with respect to the Index or any Successor Index (as
      defined below), the primary exchange or market of trading for (i) any
      security then

            

    

     

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    
      	 
      	 
      	
              included
      in the Index, or any Successor Index, and (ii) any futures or options
      contracts related to the Index, or any Successor Index, or to any security
      then included in the Index, or any Successor Index.

            
	 	 	 
	
              Alternate
      Exchange Calculation

            	 
      	 
      
	
              in
      Case of an Event of Default

            	 
      	
              In
      case an event of default with respect to this Note shall have occurred and
      be continuing, the amount declared due and payable per Stated Principal
      Amount upon any acceleration of this Note (the “Acceleration Amount”)
      shall be equal to $10 plus the Supplemental Redemption Amount, if any,
      determined as though the Observation Period ended at 4:00 p.m. on the date
      of acceleration and using the Index Closing Value on the date of such
      acceleration as the Final Index Value.

            
	 	 	 
	 
      	 
      	
              If
      the maturity of this Note is accelerated because of an event of default as
      described above, the Issuer shall, or shall cause the Calculation Agent
      to, provide written notice to the Trustee at its New York office, on which
      notice the Trustee may conclusively rely, and to the Depositary of the
      Acceleration Amount and the aggregate cash amount due with respect to this
      Note as promptly as possible and in no event later than two Business Days
      after the date of acceleration.

            
	 	 	 
	
              Discontinuance
      of the Index;

            	 
      	 
      
	
              Alteration
      of Method of Calculation

            	 
      	
              If
      Standard & Poor’s, a Division of The McGraw-Hill Companies, Inc.
      (“S&P”) discontinues publication of the Index and S&P or another
      entity (including MS & Co.) publishes a successor or substitute index
      that MS & Co., as the Calculation Agent, determines, in its sole
      discretion, to be comparable to the discontinued Index (such index being
      referred to herein as a “Successor Index”), then any subsequent Index
      Closing Value shall be determined by reference to the published value of
      such Successor Index at the regular weekday close of trading on the Index
      Business Day that any Index Closing Value is to be
    determined.

            
	 	 	 
	 
      	 
      	
              Upon
      any selection by the Calculation Agent of a Successor Index, the
      Calculation Agent shall cause written notice thereof to be furnished to
      the Trustee, to the Issuer and to the holder of this Note, within three
      Business Days of such selection.

            

    

     

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    
      	 
      	 
      	
              If
      S&P discontinues publication of the Index prior to, and such
      discontinuance is continuing on, the Index Valuation Date, any Index
      Business Day (on which determination need be made as to whether the Index
      Value is outside of the Index Range) or the date of acceleration and MS
      & Co., as the Calculation Agent, determines, in its sole discretion,
      that no Successor Index is available at such time, then the Calculation
      Agent shall determine the Index Closing Value for such
      date.  Following any such determination, the Calculation Agent
      shall not compute the Index Value on any Index Business Day and shall
      instead rely on the Index Closing Value as computed by the Calculation
      Agent for the purpose of determining whether the Index Value is outside
      the Index Range.  The Index Closing Value shall be computed by
      the Calculation Agent in accordance with the formula for calculating the
      Index last in effect prior to such discontinuance, using the closing price
      (or, if trading in the relevant securities has been materially suspended
      or materially limited, its good faith estimate of the closing price that
      would have prevailed but for such suspension or limitation) at the close
      of the principal trading session of the Relevant Exchange on such date of
      each security most recently constituting the Index without any rebalancing
      or substitution of such securities following such
      discontinuance.

            
	 	 	 
	 
      	 
      	
              If
      at any time the method of calculating the Index or a Successor Index, or
      the value thereof, is changed in a material respect, or if the Index or a
      Successor Index is in any other way modified so that such index does not,
      in the opinion of MS & Co., as the Calculation Agent, fairly represent
      the value of the Index or such Successor Index had such changes or
      modifications not been made, then, from and after such time, the
      Calculation Agent shall, at the close of business in New York City on each
      date or during such day on which the Index Closing Value or Index Value,
      respectively, is to be determined, make such calculations and adjustments
      as, in the good faith judgment of the Calculation Agent, may be necessary
      in order to arrive at a value of a stock index comparable to the Index or
      such Successor Index, as the case may be, as if such changes or
      modifications

            

    

     

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    
      	 
      	 
      	
              had
      not been made, and the Calculation Agent shall calculate the Final Index
      Value or Index Values with reference to the Index or such Successor Index,
      as adjusted.  Accordingly, if the method of calculating the
      Index or a Successor Index is modified so that the value of such index is
      a fraction of what it would have been if it had not been modified (e.g., due to a split in
      the index), then the Calculation Agent shall adjust such index in order to
      arrive at a value of the Index or such Successor Index as if it had not
      been modified (e.g., as if such split
      had not occurred).

            

    

     

     

     

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

     

    Morgan
Stanley, a Delaware corporation (together with its successors and assigns, the
“Issuer”), for value
received, hereby promises to pay to CEDE & CO., or registered assignees, the
amount of cash, as determined in accordance with the provisions set forth under
“Payment at Maturity” above, due with respect to the principal sum of U.S.
$                            (UNITED
STATES
DOLLARS                                            )
on the Maturity Date specified above (except to the extent redeemed or repaid
prior to the maturity) and to pay interest thereon from and including the
Interest Accrual Date specified above at a rate per annum equal to the Initial
Interest Rate specified above or determined in accordance with the provisions
specified on the reverse hereof until the Initial Interest Reset Date specified
above, and thereafter at a rate per annum determined in accordance with the
provisions specified on the reverse hereof until the principal hereof is paid or
duly made available for payment. Unless such rate is otherwise specified on the
face hereof, the Calculation Agent shall determine the Initial Interest Rate for
this Note in accordance with the provisions specified on the reverse hereof. The
Issuer will pay interest in arrears weekly, monthly, quarterly, semiannually or
annually as specified above as the Interest Payment Period on each Interest
Payment Date (as specified above), commencing with the first Interest Payment
Date next succeeding the Interest Accrual Date specified above, and on the
Maturity Date (or any redemption or repayment date); provided, however, that if the Interest
Accrual Date occurs between a Record Date, as defined below, and the next
succeeding Interest Payment Date, interest payments will commence on the second
Interest Payment Date succeeding the Interest Accrual Date to the registered
holder of this Note on the Record Date with respect to such second Interest
Payment Date; and provided, further, that if an Interest
Payment Date (other than the Maturity Date or redemption or repayment date)
would fall on a day that is not a Business Day, as defined on the reverse
hereof, such Interest Payment Date shall be the following day that is a Business
Day, except that if the Base Rate specified above is LIBOR or EURIBOR and such
next Business Day falls in the next calendar month, such Interest Payment Date
shall be the immediately preceding day that is a Business Day; and provided, further, that if the Maturity
Date or redemption or repayment date would fall on a day that is not a Business
Day, such payment shall be made on the following day that is a Business Day and
no interest shall accrue for the period from and after such Maturity Date or
redemption or repayment date.

     

    Interest
on this Note will accrue from and including the most recent date to which
interest has been paid or duly provided for, or, if no interest has been paid or
duly provided for, from and including the Interest Accrual Date, until but
excluding the date the principal hereof has been paid or duly made available for
payment.  The interest so payable, and punctually paid or duly
provided for, on any Interest Payment Date will, subject to certain exceptions
described herein, be paid to the person in whose name this Note (or one or more
predecessor Notes) is registered at the close of business on the date 15
calendar days prior to such Interest Payment Date (whether or not a Business
Day) (each such date, a “Record
Date”); provided, however, that interest
payable at maturity (or any redemption or repayment date) will be payable to the
person to whom the principal hereof shall be payable.

     

    Payment of
the principal of and premium, if any, and interest on this Note due at maturity
(or any redemption or repayment date), unless this Note is denominated in a
Specified Currency other than U.S. dollars and is to be paid in whole or in part
in such Specified Currency, will be 

     

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    made in
immediately available funds upon surrender of this Note at the office or agency
of the Paying Agent, as defined on the reverse hereof, maintained for that
purpose in the Borough of Manhattan, The City of New York, or at such other
paying agency as the Issuer may determine, in U.S. dollars.  U.S.
dollar payments of interest, other than interest due at maturity or any date of
redemption or repayment, will be made by U.S. dollar check mailed to the address
of the person entitled thereto as such address shall appear in the Note
register.  A holder of U.S. $10,000,000 (or the equivalent in a
Specified Currency) or more in aggregate principal amount of Notes having the
same Interest Payment Date, the interest on which is payable in U.S. dollars,
shall be entitled to receive payments of interest, other than interest due at
maturity or on any date of redemption or repayment, by wire transfer of
immediately available funds if appropriate wire transfer instructions have been
received by the Paying Agent in writing not less than 15 calendar days prior to
the applicable Interest Payment Date.

     

    If this
Note is denominated in a Specified Currency other than U.S. dollars, and the
holder does not elect (in whole or in part) to receive payment in U.S. dollars
pursuant to the next succeeding paragraph, payments of principal, premium, if
any, and interest with regard to this Note will be made by wire transfer of
immediately available funds to an account maintained by the holder hereof with a
bank located outside the United States if appropriate wire transfer instructions
have been received by the Paying Agent in writing, with respect to payments of
interest, on or prior to the fifth Business Day after the applicable Record Date
and, with respect to payments of principal or any premium, at least ten Business
Days prior to the Maturity Date or any redemption or repayment date, as the case
may be; provided that,
if payment of interest, principal or any premium with regard to this Note is
payable in euro, the account must be a euro account in a country for which the
euro is the lawful currency, provided, further, that if
such wire transfer instructions are not received, such payments will be made by
check payable in such Specified Currency mailed to the address of the person
entitled thereto as such address shall appear in the Note register; and provided, further, that payment of the
principal of this Note, any premium and the interest due at maturity (or on any
redemption or repayment date) will be made upon surrender of this Note at the
office or agency referred to in the preceding paragraph.

     

    If so
indicated on the face hereof, the holder of this Note, if denominated in a
Specified Currency other than U.S. dollars, may elect to receive all or a
portion of payments on this Note in U.S. dollars by transmitting a written
request to the Paying Agent, on or prior to the fifth Business Day after such
Record Date or at least ten Business Days prior to the Maturity Date or any
redemption or repayment date, as the case may be.  Such election shall
remain in effect unless such request is revoked by written notice to the Paying
Agent as to all or a portion of payments on this Note at least five Business
Days prior to such Record Date, for payments of interest, or at least ten
calendar days prior to the Maturity Date or any redemption or repayment date,
for payments of principal, as the case may be.

     

    If the
holder elects to receive all or a portion of payments of principal of, premium,
if any, and interest on this Note, if denominated in a Specified Currency other
than U.S. dollars, in U.S. dollars, the Exchange Rate Agent (as defined on the
reverse hereof) will convert such payments into U.S. dollars.  In the
event of such an election, payment in respect of this Note will be based upon
the exchange rate as determined by the Exchange Rate Agent based on the highest
bid 

     

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    quotation
in The City of New York received by such Exchange Rate Agent at approximately
11:00 a.m., New York City time, on the second Business Day preceding the
applicable payment date from three recognized foreign exchange dealers (one of
which may be the Exchange Rate Agent unless such Exchange Rate Agent is an
affiliate of the Issuer) for the purchase by the quoting dealer of the Specified
Currency for U.S. dollars for settlement on such payment date in the amount of
the Specified Currency payable in the absence of such an election to such holder
and at which the applicable dealer commits to execute a contract.  If
such bid quotations are not available, such payment will be made in the
Specified Currency.  All currency exchange costs will be borne by the
holder of this Note by deductions from such payments.

     

    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 benefit under the Senior Indenture, as defined on the reverse hereof, or be
valid or obligatory for any purpose.

     

    
      
        
        

      

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

      
         

        
          	
                  DATED:

                	 	 	
                  MORGAN
      STANLEY

                
	 	 	 	 	 	 	 
	 
      	
                	 	
                  By:

                	 	 
      
	 	 	 	 	
                  Name:

                	 	 
	 	 	 	 	
                  Title:

                	 	 

        

        

         

        
          	
                  TRUSTEE’S
      CERTIFICATE

                  OF
      AUTHENTICATION

                
	 
	
                  This
      is one of the Notes referred

                  to
      in the within-mentioned

                  Senior
      Indenture.

                
	 
	
                  THE
      BANK OF NEW YORK MELLON,

                  as
      Trustee

                
	 
	 
	
                  By:
      

                	 
      
	
                  Authorized
      Signatory

                

        

        

 

        
          
            
            

          

          
            15

            
              

            

          

          
            
            

          

        

      

    

     

    FORM
OF REVERSE OF SECURITY

     

    This Note
is one of a duly authorized issue of Senior Global Medium-Term Notes, Series F,
(the “Notes”) of the
Issuer.  The Notes are issuable under a Senior Indenture, dated as of
November 1, 2004, between the Issuer and The Bank of New York Mellon, a New York
banking corporation (as successor to JPMorgan Chase Bank, N.A. (formerly known
as JPMorgan Chase Bank)), as Trustee (the “Trustee,” which term includes
any successor trustee under the Senior Indenture) (as may be amended or
supplemented from time to time, the “Senior Indenture”), to which
Senior Indenture and all indentures supplemental thereto reference is hereby
made for a statement of the respective rights, limitations of rights, duties and
immunities of the Issuer, the Trustee and holders of the Notes and the terms
upon which the Notes are, and are to be, authenticated and
delivered.  The Issuer has appointed The Bank of New York Mellon, at
its corporate trust office in The City of New York as the paying agent (the
“Paying Agent,” which
term includes any additional or successor Paying Agent appointed by the Issuer)
with respect to the Notes.  The terms of individual Notes may vary
with respect to interest rates, interest rate formulas, issue dates, maturity
dates, or otherwise, all as provided in the Senior Indenture.  To the
extent not inconsistent herewith, the terms of the Senior Indenture are hereby
incorporated by reference herein.

     

    Unless
otherwise indicated on the face hereof, this Note will not be subject to any
sinking fund and, unless otherwise provided on the face hereof in accordance
with the provisions of the following two paragraphs, will not be redeemable or
subject to repayment at the option of the holder prior to maturity.

     

    If so
indicated on the face hereof, this Note may be redeemed in whole or in part at
the option of the Issuer on or after the Initial Redemption Date specified on
the face hereof on the terms set forth on the face hereof, together with
interest accrued and unpaid hereon to the date of redemption.  If this
Note is subject to “Annual
Redemption Percentage Reduction,” the Initial Redemption Percentage
indicated on the face hereof will be reduced on each anniversary of the Initial
Redemption Date by the Annual Redemption Percentage Reduction specified on the
face hereof until the redemption price of this Note is 100% of the principal
amount hereof, together with interest accrued and unpaid hereon to the date of
redemption.  Notice of redemption shall be mailed to the registered
holders of the Notes designated for redemption at their addresses as the same
shall appear on the Note register not less than 30 nor more than 60 calendar
days prior to the date fixed for redemption or within the Redemption Notice
Period specified on the face hereof, subject to all the conditions and
provisions of the Senior Indenture.  In the event of redemption of
this Note in part only, a new Note or Notes for the amount of the unredeemed
portion hereof shall be issued in the name of the holder hereof upon the
cancellation hereof.

     

    If so
indicated on the face of this Note, this Note will be subject to repayment at
the option of the holder on the Optional Repayment Date or Dates specified on
the face hereof on the terms set forth herein.  On any Optional
Repayment Date, this Note will be repayable in whole or in part in increments of
$1,000 or, if this Note is denominated in a Specified Currency other than U.S.
dollars, in increments of 1,000 units of such Specified Currency (provided that
any remaining principal amount hereof shall not be less than the minimum
authorized denomination hereof) at the option of the holder hereof at a price
equal to 100% of the principal amount to be repaid, 

     

     

    
      
        
        

      

      
        16

        
          

        

      

      
        
        

      

    

     

     

    together
with interest accrued and unpaid hereon to the date of repayment.  For
this Note to be repaid at the option of the holder hereof, the Paying Agent must
receive at its corporate trust office in the Borough of Manhattan, The City of
New York, at least 15 but not more than 30 calendar days prior to the date of
repayment, (i) this Note with the form entitled “Option to Elect Repayment”
below duly completed or (ii) a telegram, telex, facsimile transmission or a
letter from a member of a national securities exchange or the Financial Industry
Regulatory Authority, Inc. or a commercial bank or a trust company in the United
States setting forth the name of the holder of this Note, the principal amount
hereof, the certificate number of this Note or a description of this Note’s
tenor and terms, the principal amount hereof to be repaid, a statement that the
option to elect repayment is being exercised thereby and a guarantee that this
Note, together with the form entitled “Option to Elect Repayment” duly
completed, will be received by the Paying Agent not later than the fifth
Business Day after the date of such telegram, telex, facsimile transmission or
letter; provided, that
such telegram, telex, facsimile transmission or letter shall only be effective
if this Note and form duly completed are received by the Paying Agent by such
fifth Business Day.  Exercise of such repayment option by the holder
hereof shall be irrevocable.  In the event of repayment of this Note
in part only, a new Note or Notes for the amount of the unpaid portion hereof
shall be issued in the name of the holder hereof upon the cancellation
hereof.

     

    If the
face hereof indicates that this Note is subject to “Tax Redemption and Payment
of Additional Amounts,” this Note may be redeemed, as a whole, at the option of
the Issuer at any time prior to maturity, upon the giving of a notice of
redemption as described below, at a redemption price equal to 100% of the
principal amount hereof, together with accrued interest to the date fixed for
redemption, if the Issuer determines that, as a result of any change in or
amendment to the laws (including a holding, judgment or as ordered by a court of
competent jurisdiction), or any regulations or rulings promulgated thereunder,
of the United States or of any political subdivision or taxing authority thereof
or therein affecting taxation, or any change in official position regarding the
application or interpretation of such laws, regulations or rulings, which change
or amendment occurs, becomes effective or, in the case of a change in official
position, is announced on or after the Initial Offering Date hereof, the Issuer
has or will become obligated to pay Additional Amounts, as defined below, with
respect to this Note as described below.  Prior to the giving of any
notice of redemption pursuant to this paragraph, the Issuer shall deliver to the
Trustee (i) a certificate stating that the Issuer is entitled to effect
such redemption and setting forth a statement of facts showing that the
conditions precedent to the right of the Issuer to so redeem have occurred, and
(ii) an opinion of independent legal counsel satisfactory to the Trustee to
such effect based on such statement of facts; provided that no such notice
of redemption shall be given earlier than 60 calendar days prior to the earliest
date on which the Issuer would be obligated to pay such Additional Amounts if a
payment in respect of this Note were then due.

     

    Notice of
redemption will be given not less than 30 nor more than 60 calendar days prior
to the date fixed for redemption or within the Redemption Notice Period
specified on the face hereof, which date and the applicable redemption price
will be specified in the notice.

     

     

    
      
        
        

      

      
        17

        
          

        

      

      
        
        

      

    

     

    If the
face hereof indicates that this Note is subject to “Tax Redemption and Payment
of Additional Amounts,” the Issuer will, subject to certain exceptions and
limitations set forth below, pay such additional amounts (the “Additional Amounts”) to the
holder of this Note who is a U.S. Alien as may be necessary in order that every
net payment of the principal of and interest on this Note and any other amounts
payable on this Note, after withholding or deduction for or on account of any
present or future tax, assessment or governmental charge imposed upon or as a
result of such payment by the United States, or any political subdivision or
taxing authority thereof or therein, will not be less than the amount provided
for in this Note to be then due and payable.  The Issuer will not,
however, make any payment of Additional Amounts to any such holder who is a U.S.
Alien for or on account of:

     

    (a)  any
present or future tax, assessment or other governmental charge that would not
have been so imposed but for (i) the existence of any present or former
connection between such holder, or between a fiduciary, settlor, beneficiary,
member or shareholder of such holder, if such holder is an estate, a trust, a
partnership or a corporation for U.S. federal income tax purposes, and the
United States, including, without limitation, such holder (, or such fiduciary,
settlor, beneficiary, member or shareholder) being or having been a citizen or
resident thereof or being or having been engaged in a trade or business or
present therein or having, or having had, a permanent establishment therein or
(ii) the presentation by or on behalf of the holder of this Note for
payment on a date more than 15 calendar days after the date on which such
payment became due and payable or the date on which payment thereof is duly
provided for, whichever occurs later;

     

    (b)  any
estate, inheritance, gift, sales, transfer, excise or personal property tax or
any similar tax, assessment or governmental charge;

     

    (c)  any
tax, assessment or other governmental charge imposed by reason of such holder’s
past or present status as a controlled foreign corporation or passive foreign
investment company with respect to the United States or as a corporation which
accumulates earnings to avoid U.S. federal income tax or as a private foundation
or other tax-exempt organization or a bank receiving interest under Section
881(c)(3)(A) of the Internal Revenue Code of 1986, as amended;

     

    (d)  any
tax, assessment or other governmental charge that is payable otherwise than by
withholding or deduction from payments on or in respect of this
Note;

     

    (e)  any
tax, assessment or other governmental charge required to be withheld by any
Paying Agent from any payment of principal of, or interest on, this Note, if
such payment can be made without such withholding by any other Paying Agent in a
city in Western Europe;

     

    (f)  any
tax, assessment or other governmental charge that would not have been imposed
but for the failure to comply with certification, information or other reporting
requirements concerning the nationality, residence or identity of the holder or
beneficial owner of this Note, if such compliance is required by statute or by
regulation of the United States or of any political subdivision or taxing
authority thereof or therein as a precondition to relief or exemption from such
tax, assessment or other governmental charge;

     

     

    
      
        
        

      

      
        18

        
          

        

      

      
        
        

      

    

     

    (g)  any
tax, assessment or other governmental charge imposed by reason of such holder’s
past or present status as the actual or constructive owner of 10% or more of the
total combined voting power of all classes of stock entitled to vote of the
Issuer or as a direct or indirect subsidiary of the Issuer; or

     

    (h)  any
combination of items (a), (b), (c), (d), (e), (f) or (g).

     

    In
addition, the Issuer shall not be required to make any payment of Additional
Amounts (i) to any such holder where such withholding or deduction is imposed on
a payment to an individual and is required to be made pursuant to any law
implementing or complying with, or introduced in order to conform to, any
European Union Directive on the taxation of savings; or (ii) by or on behalf of
a holder who would have been able to avoid such withholding or deduction by
presenting this Note or the relevant coupon to another Paying Agent in a member
state of the European Union. Nor shall the Issuer pay Additional Amounts with
respect to any payment on this Note to a U.S. Alien who is a fiduciary or
partnership or other than the sole beneficial owner of such payment to the
extent such payment would be required by the laws of the United States (or any
political subdivision thereof) to be included in the income, for tax purposes,
of a beneficiary or settlor with respect to such fiduciary or a member of such
partnership or a beneficial owner who would not have been entitled to the
Additional Amounts had such beneficiary, settlor, member or beneficial owner
been the holder of this Note.

     

    This Note
will bear interest at the rate determined in accordance with the applicable
provisions below by reference to the Base Rate shown on the face hereof based on
the Index Maturity, if any, shown on the face hereof (i) plus or minus the
Spread, if any, and/or (ii) multiplied by the Spread Multiplier, if any,
specified on the face hereof.  Commencing with the Initial Interest
Reset Date specified on the face hereof, the rate at which interest on this Note
is payable shall be reset as of each Interest Reset Date specified on the face
hereof (as used herein, the term “Interest Reset Date” shall
include the Initial Interest Reset Date). For the purpose of determining the
Initial Interest Rate, references in this paragraph, the next succeeding
paragraph and, if applicable, clauses (i) and (ii) under “Determination of
EURIBOR” below to Interest Reset Date shall be deemed to mean the Original Issue
Date. The determination of the rate of interest at which this Note will be reset
on any Interest Reset Date shall be made on the Interest Determination Date (as
defined below) pertaining to such Interest Reset Dates.  The Interest
Reset Dates will be the Interest Reset Dates specified on the face hereof; provided, however, that (a) the
interest rate in effect for the period from the Interest Accrual Date to the
Initial Interest Reset Date will be the Initial Interest Rate and (b) unless
otherwise specified on the face hereof, the interest rate in effect for the ten
calendar days immediately prior to maturity, redemption or repayment will be
that in effect on the tenth calendar day preceding such maturity, redemption or
repayment date.  If any Interest Reset Date would otherwise be a day
that is not a Business Day, such Interest Reset Date shall be postponed to the
next succeeding day that is a Business Day, except that if the Base Rate
specified on the face hereof is LIBOR or EURIBOR and such Business Day is in the
next succeeding calendar month, such Interest Reset Date shall be the
immediately preceding Business Day.  As used herein, “Business Day” means any day,
other than a Saturday or Sunday, (a) that is neither a legal holiday nor a day
on which banking institutions are authorized or required by law or regulation to
close (x)  in The City of New York 

     

     

    
      
        
        

      

      
        19

        
          

        

      

      
        
        

      

    

     

     

    or (y) if
this Note is denominated in a Specified Currency other than U.S. dollars, euro
or Australian dollars, in the principal financial center of the country of the
Specified Currency, or (z) if this Note is denominated in Australian dollars, in
Sydney and (b) if this Note is denominated in euro, that is also a day on which
the Trans-European Automated Real-time Gross Settlement Express Transfer System
(“TARGET”) is operating
(a “TARGET Settlement
Day”).

     

    The
Interest Determination Date pertaining to an Interest Reset Date for Notes
bearing interest calculated by reference to the Federal Funds Rate, Federal
Funds (Open) Rate and Prime Rate shall be on the Business Day prior to the
Interest Reset Date.  The Interest Determination Date pertaining to an
Interest Reset Date for Notes bearing interest calculated by reference to the CD
Rate, Commercial Paper Rate and CMT Rate will be the second Business Day prior
to such Interest Reset Date.  The Interest Determination Date
pertaining to an Interest Reset Date for Notes bearing interest calculated by
reference to EURIBOR (or to LIBOR when the Index Currency is euros) shall be the
second TARGET Settlement Day prior such Interest Reset Date.  The
Interest Determination Date pertaining to an Interest Reset Date for Notes
bearing interest calculated by reference to LIBOR (other than for LIBOR Notes
for which the Index Currency is euros) shall be the second London Banking Day
prior such Interest Reset Date, except that the Interest Determination Date
pertaining to an Interest Reset Date for a LIBOR Note for which the Index
Currency is pounds sterling will be such Interest Reset Date.  As used
herein, “London Banking
Day” means any day on which dealings in deposits in the Index Currency
(as defined herein) are transacted in the London interbank
market.  The Interest Determination Date pertaining to an Interest
Reset Date for Notes bearing interest calculated by reference to the Treasury
Rate shall be the day of the week in which such Interest Reset Date falls on
which Treasury bills normally would be auctioned.  Treasury Bills are
normally sold at auction on Monday of each week, unless that day is a legal
holiday, in which case the auction is normally held on the following Tuesday,
except that the auction may be held on the preceding Friday; provided, however, that if an auction
is held on the Friday of the week preceding such Interest Reset Date, the
Interest Determination Date shall be such preceding Friday; and provided, further, that if an auction
shall fall on any Interest Reset Date, then the Interest Reset Date shall
instead be the first Business Day following the date of such
auction.  The Interest Determination Date pertaining to an Interest
Reset Date for Notes bearing interest calculated by reference to two or more
base rates will be the latest Business Day that is at least two Business Days
before the Interest Reset Date for the applicable Note on which each base rate
is determinable.

     

    Unless
otherwise specified on the face hereof, the “Calculation Date” pertaining
to an Interest Determination Date, including the Interest Determination Date as
of which the Initial Interest Rate is determined, will be the earlier of (i) the
tenth calendar day after such Interest Determination Date or, if such day is not
a Business Day, the next succeeding Business Day, or (ii) the Business Day
immediately preceding the applicable Interest Payment Date or Maturity Date (or,
with respect to any principal amount to be redeemed or repaid, any redemption or
repayment date), as the case may be.

     

    Determination of CD
Rate.  If the Base Rate specified on the face hereof is the
“CD
Rate,”  for any Interest Determination Date, the CD Rate with
respect to this Note shall be the rate on 

     

     

    
      
        
        

      

      
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    that date
for negotiable U.S. dollar certificates of deposit having the Index Maturity
specified on the face hereof as published by the Board of Governors of the
Federal Reserve System in “Statistical Release H.15(519), Selected Interest
Rates,” or any successor publication of the Board of Governors of the Federal
Reserve System (“H.15(519)”) under the heading
“CDs (Secondary Market).”

     

    The
following procedures shall be followed if the CD Rate cannot be determined as
described above:

    
       

      (i) If the
above rate is not published in H.15(519) by 3:00 p.m., New York City time, on
the Calculation Date, the CD Rate shall be the rate on that Interest
Determination Date set forth in the daily update of H.15(519), available through
the world wide website of the Board of Governors of the Federal Reserve System
at http://www.federalreserve.gov/releases/h15/update, or any successor site or
publication (“H.15 Daily
Update”) for the Interest Determination Date for certificates of deposit
having the Index Maturity specified on the face hereof, under the caption “CDs
(Secondary Market).”

       

      (ii) If
the above rate is not yet published in either H.15(519) or the H.15 Daily Update
by 3:00 p.m., New York City time, on the Calculation Date, the Calculation Agent
shall determine the CD Rate to be the arithmetic mean of the secondary market
offered rates as of 10:00 a.m., New York City time, on that Interest
Determination Date of three leading nonbank dealers in negotiable U.S. dollar
certificates of deposit in The City of New York, which may include the initial
dealer and its affiliates, selected by the Calculation Agent (after consultation
with the Issuer), for negotiable U.S. dollar certificates of deposit of major
U.S. money center banks of the highest credit standing in the market for
negotiable certificates of deposit with a remaining maturity closest to the
Index Maturity specified on the face hereof in an amount that is representative
for a single transaction in that market at that time.

       

      “Initial
dealer” with respect to this Note means either Morgan Stanley & Co.
Incorporated or Morgan Stanley DW Inc., as applicable.

       

      (iii) If
the dealers selected by the Calculation Agent are not quoting as set forth
above, the CD Rate for that Interest Determination Date shall remain the CD Rate
for the immediately preceding Interest Reset Period, or, if there was no
Interest Reset Period, the rate of interest payable shall be the Initial
Interest Rate.

       

      Determination of Commercial Paper
Rate.  If the Base Rate specified on the face hereof is the
“Commercial Paper Rate,”
for any Interest Determination Date, the Commercial Paper Rate with respect to
this Note shall be the Money Market Yield (as defined herein), calculated as
described below, of the rate on that date for U.S. dollar commercial paper
having the Index Maturity specified on the face hereof, as that rate is
published in H.15(519), under the heading “Commercial Paper — Nonfinancial.”

       

      The
following procedures shall be followed if the Commercial Paper Rate cannot be
determined as described above:

       

    

     

    
      
        
        

      

      
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    (i) If the
above rate is not published by 3:00 p.m., New York City time, on the Calculation
Date, then the Commercial Paper Rate shall be the Money Market Yield of the rate
on that Interest Determination Date for commercial paper of the Index Maturity
specified on the face hereof as published in the H.15 Daily Update, or other
recognized electronic source used for the purpose of displaying the applicable
rate, under the heading “Commercial Paper —Nonfinancial.”

     

    (ii) If by
3:00 p.m., New York City time, on that Calculation Date the rate is not yet
published in either H.15(519) or the H.15 Daily Update, or other recognized
electronic source used for the purpose of displaying the applicable rate, then
the Calculation Agent shall determine the Commercial Paper Rate to be the Money
Market Yield of the arithmetic mean of the offered rates as of 11:00 a.m., New
York City time, on that Interest Determination Date of three leading dealers of
U.S. dollar commercial paper in The City of New York, which may include the
initial dealer and its affiliates, selected by the Calculation Agent (after
consultation with the Issuer), for commercial paper of the Index Maturity
specified on the face hereof, placed for an industrial issuer whose bond rating
is “Aa,” or the equivalent, from a nationally recognized statistical rating
agency.

     

    (iii) If
the dealers selected by the Calculation Agent are not quoting as set forth in
(ii) above, the Commercial Paper Rate for that Interest Determination Date shall
remain the Commercial Paper Rate for the immediately preceding Interest Reset
Period, or, if there was no Interest Reset Period, the rate of interest payable
shall be the Initial Interest Rate.

     

    The “Money Market Yield” shall be a
yield calculated in accordance with the following formula:

     

    
       

      
        	
                Money
      Market Yield =

              	
                   
        D x 360       

              	
                 x
      100

              
	
                360
      – (D x M)

              

      

       

    

    where “D”
refers to the applicable per year rate for commercial paper quoted on a bank
discount basis and expressed as a decimal and “M” refers to the actual number of
days in the interest period for which interest is being calculated.

     

    Determination of
EURIBOR.  If the Base Rate specified on the face hereof is
“EURIBOR,” for any
Interest Determination Date, EURIBOR with respect to this Note shall be the rate
for deposits in euros as sponsored, calculated and published jointly by the
European Banking Federation and ACI - The Financial Market Association, or any
company established by the joint sponsors for purposes of compiling and
publishing those rates, for the Index Maturity specified on the face hereof as
that rate appears on the display on Moneyline Telerate, or any successor
service, on page 248 or any other page as may replace page 248 on that service
(“Telerate
Page 248”) as of 11:00 a.m., Brussels time.

     

    The
following procedures shall be followed if the rate cannot be determined as
described above:

     

     

    
      
        
        

      

      
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    (i) If the
above rate does not appear, the Calculation Agent shall request the principal
Euro-zone office of each of four major banks in the Euro-zone interbank market,
as selected by the Calculation Agent (after consultation with the Issuer), to
provide the Calculation Agent with its offered rate for deposits in euros, at
approximately 11:00 a.m., Brussels time, on the Interest Determination
Date, to prime banks in the Euro-zone interbank market for the Index Maturity
specified on the face hereof commencing on the applicable Interest Reset Date,
and in a principal amount not less than the equivalent of U.S.$1 million in
euro that is representative of a single transaction in euro, in that market at
that time.  If at least two quotations are provided, EURIBOR shall be
the arithmetic mean of those quotations.

     

    (ii) If
fewer than two quotations are provided, EURIBOR shall be the arithmetic mean of
the rates quoted by four major banks in the Euro-zone interbank market, as
selected by the Calculation Agent (after consultation with the Issuer), at
approximately 11:00 a.m., Brussels time, on the applicable Interest Reset
Date for loans in euro to leading European banks for a period of time equivalent
to the Index Maturity specified on the face hereof commencing on that Interest
Reset Date in a principal amount not less than the equivalent of
U.S.$1 million in euro.

     

    (iii) If
the banks so selected by the Calculation Agent are not quoting as set forth
above, the EURIBOR rate for that Interest Determination Date shall remain the
EURIBOR for the immediately preceding Interest Reset Period, or, if there was no
Interest Reset Period, the rate of interest payable shall be the Initial
Interest Rate.

     

    “Euro-zone” means the region
comprised of member states of the European Union that adopt the single currency
in accordance with the relevant treaty of the European Union, as
amended.

     

    Determination of the Federal Funds
Rate.  If the Base Rate specified on the face hereof is the
“Federal Funds Rate,”
for any Interest Determination Date, the Federal Funds Rate with respect to this
Note shall be the rate on that date for U.S. dollar federal funds as published
in H.15(519) under the heading “Federal Funds (Effective)” as displayed on
Moneyline Telerate, or any successor service, on page 120 or any other page
as may replace page 120 on that service (“Telerate
Page 120”).

     

    The
following procedures shall be followed if the Federal Funds Rate cannot be
determined as described above:

     

    (i) If the
above rate is not published by 3:00 p.m., New York City time, on the Calculation
Date, the Federal Funds Rate shall be the rate on that Interest Determination
Date as published in the H.15 Daily Update, or other recognized electronic
source used for the purpose of displaying the applicable rate, under the heading
“Federal Funds (Effective).”

     

    (ii) If
the above rate is not yet published in either H.15(519) or the H.15 Daily
Update, or other recognized electronic source used for the purpose of displaying
the applicable rate, by 3:00 p.m., New York City time, on the Calculation Date,
the Calculation Agent shall determine the Federal Funds Rate to be the
arithmetic mean of the rates for the last transaction in overnight U.S. dollar
federal funds prior to 9:00 a.m., New York City time, on that Interest
Determination Date, by each of three leading brokers of U.S. dollar federal
funds transactions in The City of 

     

     

    
      
        
        

      

      
        23

        
          

        

      

      
        
        

      

    

     

     

    New York,
which may include the initial dealer and its affiliates, selected by the
Calculation Agent (after consultation with the Issuer).

     

    (iii) If
the brokers selected by the Calculation Agent are not quoting as set forth in
(ii) above, the Federal Funds Rate for that Interest Determination Date shall
remain the Federal Funds Rate for the immediately preceding Interest Reset
Period, or, if there was no Interest Reset Period, the rate of interest payable
shall be the Initial Interest Rate.

     

    Determination of Federal Funds
(Open) Rate. If the Base Rate specified on the face hereof is the “Federal Funds (Open) Rate”,
for any Interest Determination Date, the Federal Funds (Open) Rate with respect
to this Note shall be the rate on that date for U.S. dollar federal funds as
published in H.15(519) under the heading “Federal Funds (Open)” as displayed on
Moneyline Telerate, or any successor service, on page 5 or any other page as may
replace page 5 on that service, (“Telerate Page
5”).

     

    The
following procedures shall be followed if the Federal Funds (Open) Rate cannot
be determined as described above:

     

    
      	
               
      

            	
              ·

            	
              If
      the above rate is not published by 3:00 p.m., New York City time, on the
      Calculation Date, the Federal Funds (Open) Rate will be the rate on that
      Interest Determination Date as published in the H.15 Daily Update, or
      other recognized electronic source used for the purpose of displaying the
      applicable rate, under the heading “Federal Funds
  (Open).”

            

    

     

    
      	
               
      

            	
              ·

            	
              If
      the above rate is not yet published in either H.15(519) or the H.15 Daily
      Update, or other recognized electronic source used for the purpose of
      displaying the applicable rate, by 3:00 p.m., New York City time, on the
      Calculation Date, the Calculation Agent will determine the Federal Funds
      (Open) Rate to be the arithmetic mean of the rates for the last
      transaction in overnight U.S. dollar federal funds (based on the Federal
      Funds (Open) Rate) prior to 9:00 a.m., New York City time, on that
      Interest Determination Date, by each of three leading brokers of U.S.
      dollar federal funds transactions in the City of New York, which may
      include the agent and its affiliates, selected by the Calculation Agent,
      after consultation with the Issuer.

            

    

     

    
      	
               
      

            	
              ·

            	
              If
      the brokers selected by the Calculation Agent are not quoting as set forth
      above, the Federal Funds (Open) Rate for that Interest Determination Date
      shall remain the Federal Funds (Open) Rate for the immediately preceding
      Interest Reset Period, or, if there was no Interest Reset Period, the rate
      of interest payable will be the Initial Interest
  Rate.

            

    

     

    Determination of
LIBOR.  If the Base Rate specified on the face hereof is “LIBOR,” LIBOR with respect to
this Note shall be based on London Interbank Offered Rate. The Calculation Agent
shall determine LIBOR for each Interest Determination Date as
follows:

     

    (i) As of
the Interest Determination Date, LIBOR shall be either (a)  if “LIBOR Reuters” is specified as
the Reporting Service on the face hereof, the arithmetic mean of the offered
rates for deposits in the Index Currency having the Index Maturity designated on
the face hereof, 

     

     

    
      
        
        

      

      
        24

        
          

        

      

      
        
        

      

    

     

    commencing
on the second London Banking Day immediately following that Interest
Determination Date, that appear on the Designated LIBOR Page, as defined below,
as of 11:00 a.m., London time, on that Interest Determination Date, if at least
two offered rates appear on the Designated LIBOR Page; except that if the
specified Designated LIBOR Page, by its terms provides only for a single rate,
that single rate shall be used; or (b) if “LIBOR Telerate” is specified
as the Reporting Service on the face hereof, the rate for deposits in the Index
Currency having the Index Maturity designated on the face hereof, commencing on
the second London Banking Day immediately following that Interest Determination
Date or, if pounds sterling is the Index Currency, commencing on that Interest
Determination Date, that appears on the Designated LIBOR Page at approximately
11:00 a.m., London time, on that Interest Determination Date.

     

    (ii) If
(a) fewer than two offered rates appear and LIBOR Reuters is specified on the
face hereof, or (b) no rate appears and the face hereof specifies either (x)
LIBOR Telerate or (y) LIBOR Reuters and the Designated LIBOR Page by its terms
provides only for a single rate, then the Calculation Agent shall request the
principal London offices of each of four major reference banks in the London
interbank market, as selected by the Calculation Agent (after consultation with
the Issuer), to provide the Calculation Agent with its offered quotation for
deposits in the Index Currency for the period of the Index Maturity specified on
the face hereof commencing on the second London Banking Day immediately
following the Interest Determination Date or, if pounds sterling is the Index
Currency, commencing on that Interest Determination Date, to prime banks in the
London interbank market at approximately 11:00 a.m., London time, on that
Interest Determination Date and in a principal amount that is representative of
a single transaction in that Index Currency in that market at that
time.

     

    (iii) If
at least two quotations are provided, LIBOR determined on that Interest
Determination Date shall be the arithmetic mean of those
quotations.  If fewer than two quotations are provided, LIBOR shall be
determined for the applicable Interest Reset Date as the arithmetic mean of the
rates quoted at approximately 11:00 a.m., London time, or some other time
specified on the face hereof, in the applicable principal financial center for
the country of the Index Currency on that Interest Reset Date, by three major
banks in that principal financial center selected by the Calculation Agent
(after consultation with the Issuer) for loans in the Index Currency to leading
European banks, having the Index Maturity specified on the face hereof and in a
principal amount that is representative of a single transaction in that Index
Currency in that market at that time.

     

    (iv) If
the banks so selected by the Calculation Agent are not quoting as set forth
above, the LIBOR rate for that Interest Determination Date shall remain the
LIBOR for the immediately preceding Interest Reset Period, or, if there was no
Interest Reset Period, the rate of interest payable shall be the Initial
Interest Rate.

     

    The “Index Currency” means the
currency specified on the face hereof as the currency for which LIBOR shall be
calculated, or, if the euro is substituted for that currency, the Index Currency
shall be the euro.  If that currency is not specified on the face
hereof, the Index Currency shall be U.S. dollars.

     

     

    
      
        
        

      

      
        25

        
          

        

      

      
        
        

      

    

     

    “Designated LIBOR Page” means
either: (a) if LIBOR Reuters is designated as the Reporting Service on the
face hereof, the display on the Reuters Money 3000 Service for the purpose of
displaying the London interbank rates of major banks for the applicable Index
Currency or its designated successor, or (b) if LIBOR Telerate is designated as
the Reporting Service on the face hereof, the display on Moneyline Telerate, or
any successor service, on the page specified on the face hereof, or any other
page as may replace that page on that service, for the purpose of displaying the
London interbank rates of major banks for the applicable Index
Currency.

     

    If neither
LIBOR Reuters nor LIBOR Telerate is specified on the face hereof, LIBOR for the
applicable Index Currency shall be determined as if LIBOR Telerate were
specified, and, if the U.S. dollar is the Index Currency, as if Page 3750 had
been specified.

     

    Determination of Prime
Rate.  If the Base Rate specified on the face hereof is “Prime Rate,” for any Interest
Determination Date, the Prime Rate with respect to this Note shall be the rate
on that date as published in H.15(519) under the heading “Bank Prime
Loan.”

     

    The
following procedures shall be followed if the Prime Rate cannot be determined as
described above:

     

    (i) If the
above rate is not published prior to 3:00 p.m., New York City time, on the
Calculation Date, then the Prime Rate shall be the rate on that Interest
Determination Date as published in the H.15 Daily Update under the heading “Bank
Prime Loan.”

     

    (ii) If
the above rate is not published in either H.15(519) or the H.15 Daily Update by
3:00 p.m., New York City time, on the Calculation Date, then the Calculation
Agent shall determine the Prime Rate to be the arithmetic mean of the rates of
interest publicly announced by each bank that appears on the Reuters Screen
USPRIME 1 Page, as defined below, as that bank’s Prime Rate or base lending
rate as in effect for that Interest Determination Date.

     

    (iii) If
fewer than four rates for that Interest Determination Date appear on the Reuters
Screen USPRIME 1 Page by 3:00 p.m., New York City time, on the Calculation
Date, the Calculation Agent shall determine the Prime Rate to be the arithmetic
mean of the Prime Rates quoted on the basis of the actual number of days in the
year divided by 360 as of the close of business on that Interest Determination
Date by at least three major banks in The City of New York, which may include
affiliates of the initial dealer, selected by the Calculation Agent (after
consultation with the Issuer).

     

    (iv) If
the banks selected by the Calculation Agent are not quoting as set forth above,
the Prime Rate for that Interest Determination Date shall remain the Prime Rate
for the immediately preceding Interest Reset Period, or, if there was no
Interest Reset Period, the rate of interest payable shall be the Initial
Interest Rate.

     

    “Reuters Screen USPRIME 1
Page” means the display designated as page “USPRIME 1” on the
Reuters Money 3000 Service, or any successor service, or any other page as may
replace the USPRIME 1 Page on that service for the purpose of displaying
prime rates or base lending rates of major U.S. banks.

     

     

    
      
        
        

      

      
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    Determination of Treasury
Rate.  If the Base Rate specified on the face hereof is “Treasury Rate,” the Treasury
Rate with respect to this Note shall be

     

    (i) the
rate from the Auction held on the applicable Interest Determination Date (the
“Auction”) of direct
obligations of the United States (“Treasury Bills”) having the
Index Maturity specified on the face hereof as that rate appears under the
caption “INVESTMENT RATE” on the display on Moneyline Telerate, or any successor
service, on page 56 or any other page as may replace page 56 on that
service (“Telerate
Page 56”) or page 57 or any other page as may replace
page 57 on that service (“Telerate Page 57”);
or

     

    (ii) if
the rate described in (i) above is not published by 3:00 p.m., New York City
time, on the Calculation Date, the Bond Equivalent Yield of the rate for the
applicable Treasury Bills as published in the H.15 Daily Update, or other
recognized electronic source used for the purpose of displaying the applicable
rate, under the caption “U.S. Government Securities/Treasury Bills/Auction
High”; or

     

    (iii) if
the rate described in (ii) above is not published by 3:00 p.m., New York City
time, on the related Calculation Date, the Bond Equivalent Yield of the Auction
rate of the applicable Treasury Bills, announced by the United States Department
of the Treasury; or

     

    (iv) if
the rate described in (iii) above is not announced by the United States
Department of the Treasury, or if the Auction is not held, the Bond Equivalent
Yield of the rate on the applicable Interest Determination Date of Treasury
Bills having the Index Maturity specified on the face hereof published in
H.15(519) under the caption “U.S. Government Securities/Treasury Bills/Secondary
Market”; or

     

    (v) if the
rate described in (iv) above is not so published by 3:00 p.m., New York City
time, on the related Calculation Date, the rate on the applicable Interest
Determination Date of the applicable Treasury Bills as published in the H.15
Daily Update, or other recognized electronic source used for the purpose of
displaying the applicable rate, under the caption “U.S. Government
Securities/Treasury Bills/Secondary Market”; or

     

    (vi) if
the rate described in (v) above is not so published by 3:00 p.m., New York City
time, on the related Calculation Date, the rate on the applicable Interest
Determination Date calculated by the Calculation Agent as the Bond Equivalent
Yield of the arithmetic mean of the secondary market bid rates, as of
approximately 3:30 p.m., New York City time, on the applicable Interest
Determination Date, of three primary U.S. government securities dealers, which
may include the initial dealer and its affiliates, selected by the Calculation
Agent, for the issue of Treasury Bills with a remaining maturity closest to the
Index Maturity specified on the face hereof; or

     

    (vii) if
the dealers selected by the Calculation Agent are not quoting as described in
(vi), the Treasury Rate for the immediately preceding Interest Reset Period, or,
if there was no Interest Reset Period, the rate of interest payable shall be the
Initial Interest Rate.

     

    The “Bond Equivalent Yield” means a
yield calculated in accordance with the following formula and expressed as a
percentage:

     

     

    
      
        
        

      

      
        27

        
          

        

      

      
        
        

      

    

     

    
       

      
        	
                Bond
      Equivalent Yield =

              	
                   
          D x N       
      

              	
                x
      100

              
	
                360
      – (D x M)

              

      

       

    

    where “D”
refers to the applicable per annum rate for Treasury Bills quoted on a bank
discount basis, “N” refers to 365 or 366, as the case may be, and “M” refers to
the actual number of days in the interest period for which interest is being
calculated.

     

    Determination of CMT
Rate.  If the Base Rate specified on the face hereof is the
“CMT Rate,” for any
Interest Determination Date, the CMT Rate with respect to this Note shall be the
rate displayed on the Designated CMT Telerate Page (as defined below) under the
caption “... Treasury Constant Maturities ... Federal Reserve Board
Release H.15... Mondays Approximately 3:45 p.m.,” under the column for the
Designated CMT Maturity Index, as defined below, for:

     

    (1) the
rate on that Interest Determination Date, if the Designated CMT Telerate Page is
7051; and

     

    (2) the
week or the month, as applicable, ended immediately preceding the week in which
the related Interest Determination Date occurs, if the Designated CMT Telerate
Page is 7052.

     

    The
following procedures shall be followed if the CMT Rate cannot be determined as
described above:

     

    (i) If the
above rate is no longer displayed on the relevant page, or if not displayed by
3:00 p.m., New York City time, on the related Calculation Date, then the CMT
Rate shall be the Treasury Constant Maturity rate for the Designated CMT
Maturity Index as published in the relevant H.15(519).

     

    (ii) If
the above rate is no longer published, or if not published by 3:00 p.m.,
New York City time, on the related Calculation Date, then the CMT Rate shall be
the Treasury Constant Maturity Rate for the Designated CMT Maturity Index or
other U.S. Treasury rate for the Designated CMT Maturity Index on the Interest
Determination Date as may then be published by either the Board of Governors of
the Federal Reserve System or the United States Department of the Treasury that
the Calculation Agent determines to be comparable to the rate formerly displayed
on the Designated CMT Telerate Page and published in the relevant
H.15(519).

     

    (iii) If
the information set forth above is not provided by 3:00 p.m., New York City
time, on the related Calculation Date, then the Calculation Agent shall
determine the CMT Rate to be a yield to maturity, based on the arithmetic mean
of the secondary market closing offer side prices as of approximately 3:30 p.m.,
New York City time, on the Interest Determination Date, reported, according to
their written records, by three leading primary U.S. government securities
dealers (“Reference
Dealers”) in The City of New York, which may include the initial dealer
or its affiliates, selected by the Calculation Agent as described in the
following sentence.  The Calculation Agent shall select five reference
dealers (after consultation with the Issuer) and shall eliminate the highest
quotation or, in the event of equality, one of the highest, and the lowest
quotation or, in the event of equality, one of the lowest, for the most recently
issued direct

     

     

    
      
        
        

      

      
        28

        
          

        

      

      
        
        

      

    

     

     noncallable
fixed rate obligations of the United States (“Treasury Notes”) with an
original maturity of approximately the Designated CMT Maturity Index, a
remaining term to maturity of no more than 1 year shorter than that Designated
CMT Maturity Index and in a principal amount that is representative for a single
transaction in the securities in that market at that time.  If two
Treasury Notes with an original maturity as described above have remaining terms
to maturity equally close to the Designated CMT Maturity Index, the quotes for
the Treasury Note with the shorter remaining term to maturity shall be
used.

     

    (iv) If
the Calculation Agent cannot obtain three Treasury Notes quotations as described
in (iii) above, the Calculation Agent shall determine the CMT Rate to be a yield
to maturity based on the arithmetic mean of the secondary market offer side
prices as of approximately 3:30 p.m., New York City time, on the Interest
Determination Date of three reference dealers in The City of New York, selected
using the same method described in (iii) above, for Treasury Notes with an
original maturity equal to the number of years closest to but not less than the
Designated CMT Maturity Index and a remaining term to maturity closest to the
Designated CMT Maturity Index and in a principal amount that is representative
for a single transaction in the securities in that market at that
time.

     

    (v) If
three or four, and not five, of the reference dealers are quoting as described
in (iv) above, then the CMT Rate for that Interest Determination Date shall be
based on the arithmetic mean of the offer prices obtained and neither the
highest nor the lowest of those quotes shall be eliminated.

     

    (vi) If
fewer than three reference dealers selected by the Calculation Agent are quoting
as described in (iv) above, the CMT Rate for that Interest Determination Date
shall remain the CMT Rate for the immediately preceding Interest Reset Period,
or, if there was no Interest Reset Period, the rate of interest payable shall be
the Initial Interest Rate.

     

    “Designated CMT Telerate Page”
means the display on Moneyline Telerate, or any successor service, on the page
designated on the face hereof or any other page as may replace that page on that
service for the purpose of displaying Treasury Constant Maturities as reported
in H.15(519).  If no page is specified on the face hereof, the
Designated CMT Telerate Page shall be 7052, for the most recent
week.

     

    “Designated CMT Maturity Index”
means the original period to maturity of the U.S. Treasury securities, which is
either 1, 2, 3, 5, 7, 10, 20 or 30 years, as specified in the applicable pricing
supplement for which the CMT Rate shall be calculated.  If no maturity
is specified on the face hereof, the Designated CMT Maturity Index shall be two
years.

     

    Notwithstanding
the foregoing, the interest rate hereon shall not be greater than the Maximum
Interest Rate, if any, or less than the Minimum Interest Rate, if any, specified
on the face hereof.  The Calculation Agent shall calculate the
interest rate hereon in accordance with the foregoing on or before each
Calculation Date.  The interest rate on this Note will in no event be
higher than the maximum rate permitted by New York law, as the same may be
modified by United States Federal law of general application.

     

     

    
      
        
        

      

      
        29

        
          

        

      

      
        
        

      

    

     

    At the
request of the holder hereof, the Calculation Agent will provide to the holder
hereof the interest rate hereon then in effect and, if determined, the interest
rate that will become effective as of the next Interest Reset Date.

     

    Unless
otherwise indicated on the face hereof, interest payments on this Note shall be
the amount of interest accrued from and including the Interest Accrual Date or
from and including the last date to which interest has been paid or duly
provided for to but excluding the Interest Payment Dates or the Maturity Date
(or any earlier redemption or repayment date), as the case may
be.  Accrued interest hereon shall be an amount calculated by
multiplying the face amount hereof by an accrued interest
factor.  Such accrued interest factor shall be computed by adding the
interest factor calculated for each day in the period for which interest is
being paid.  The interest factor for each such date shall be computed
by dividing the interest rate applicable to such day (i) by 360 if the Base Rate
is CD Rate, Commercial Paper Rate, EURIBOR, Federal Funds Rate, Federal Funds
(Open) Rate, Prime Rate or LIBOR (except if the Index Currency is pounds
sterling); (ii) by 365 if the Base Rate is LIBOR and the Index Currency is
pounds sterling; or (iii) by the actual number of days in the year if the Base
Rate is the Treasury Rate or the CMT Rate.  All percentages resulting
from any calculation of the rate of interest on this Note will be rounded, if
necessary, to the nearest one hundred-thousandth of a percentage point with
(.000005% being rounded up to .00001%) and all U.S. dollar amounts used in or
resulting from such calculation on this Note will be rounded to the nearest
cent, with one-half cent rounded upward.  All Japanese Yen amounts
used in or resulting from such calculations will be rounded downwards to the
next lower whole Japanese Yen amount.  All amounts denominated in any
other currency used in or resulting from such calculations will be rounded to
the nearest two decimal places in such currency, with .005 being rounded up to
..01.  The interest rate in effect on any Interest Reset Date will be
the applicable rate as reset on such date.  The interest rate
applicable to any other day is the interest rate from the immediately preceding
Interest Reset Date (or, if none, the Initial Interest Rate).

     

    This Note
and all the obligations of the Issuer hereunder are direct, unsecured
obligations of the Issuer and rank without preference or priority among
themselves and pari
passu with all other existing and future unsecured and unsubordinated
indebtedness of the Issuer, subject to certain statutory exceptions in the event
of liquidation upon insolvency.

     

    This Note,
and any Note or Notes issued upon transfer or exchange hereof, is issuable only
in fully registered form, without coupons, and, if denominated in U.S. dollars,
unless otherwise stated above, is issuable only in denominations of U.S. $1,000
and any integral multiple of U.S. $1,000 in excess thereof.  If this
Note is denominated in a Specified Currency other than U.S. dollars, then,
unless a higher minimum denomination is required by applicable law, it is
issuable only in denominations of the equivalent of U.S. $1,000 (rounded to an
integral multiple of 1,000 units of such Specified Currency), or any amount in
excess thereof which is an integral multiple of 1,000 units of such Specified
Currency, as determined by reference to the noon dollar buying rate in The City
of New York for cable transfers of such Specified Currency published by the
Federal Reserve Bank of New York (the “Market Exchange Rate”) on the
Business Day immediately preceding the date of issuance.

     

     

    
      
        
        

      

      
        30

        
          

        

      

      
        
        

      

    

     

    The
Trustee has been appointed registrar for the Notes, and the Trustee will
maintain at its office in The City of New York a register for the registration
and transfer of Notes.  This Note may be transferred at the aforesaid
office of the Trustee by surrendering this Note for cancellation, accompanied by
a written instrument of transfer in form satisfactory to the Issuer and the
Trustee and duly executed by the registered holder hereof in person or by the
holder’s attorney duly authorized in writing, and thereupon the Trustee shall
issue in the name of the transferee or transferees, in exchange herefor, a new
Note or Notes having identical terms and provisions and having a like aggregate
principal amount in authorized denominations, subject to the terms and
conditions set forth herein; provided, however, that the Trustee will not be
required (i) to register the transfer of or exchange any Note that has been
called for redemption in whole or in part, except the unredeemed portion of
Notes being redeemed in part, (ii) to register the transfer of or exchange any
Note if the holder thereof has exercised his right, if any, to require the
Issuer to repurchase such Note in whole or in part, except the portion of such
Note not required to be repurchased, or (iii) to register the transfer of or
exchange Notes to the extent and during the period so provided in the Senior
Indenture with respect to the redemption of Notes.  Notes are
exchangeable at said office for other Notes of other authorized denominations of
equal aggregate principal amount having identical terms and
provisions.  All such exchanges and transfers of Notes will be free of
charge, but the Issuer may require payment of a sum sufficient to cover any tax
or other governmental charge in connection therewith.  All Notes
surrendered for exchange shall be accompanied by a written instrument of
transfer in form satisfactory to the Issuer and the Trustee and executed by the
registered holder in person or by the holder’s attorney duly authorized in
writing.  The date of registration of any Note delivered upon any
exchange or transfer of Notes shall be such that no gain or loss of interest
results from such exchange or transfer.

     

    In case
this Note shall at any time become mutilated, defaced or be destroyed, lost or
stolen and this Note or evidence of the loss, theft or destruction thereof
(together with the indemnity hereinafter referred to and such other documents or
proof as may be required in the premises) shall be delivered to the Trustee, the
Issuer in its discretion may execute a new Note of like tenor in exchange for
this Note, but, if this Note is destroyed, lost or stolen, only upon receipt of
evidence satisfactory to the Trustee and the Issuer that this Note was destroyed
or lost or stolen and, if required, upon receipt also of indemnity satisfactory
to each of them.  All expenses and reasonable charges associated with
procuring such indemnity and with the preparation, authentication and delivery
of a new Note shall be borne by the owner of the Note mutilated, defaced,
destroyed, lost or stolen.

     

    The Senior
Indenture provides that (a) if an Event of Default (as defined in the Senior
Indenture) due to the default in payment of principal of or premium, if any, or
interest on, any series of debt securities issued under the Senior Indenture,
including the series of Notes of which this Note forms a part, or due to the
default in the performance or breach of any other covenant or warranty of the
Issuer applicable to the debt securities of such series but not applicable to
all outstanding debt securities issued under the Senior Indenture, shall have
occurred and be continuing, either the Trustee or the holders of not less than
25% in aggregate principal amount of the outstanding debt securities of each
affected series, voting as one class, by notice in writing to the Issuer and to
the Trustee, if given by the securityholders, may then declare the principal of

     

     

    
      
        
        

      

      
        31

        
          

        

      

      
        
        

      

    

     

     

    all debt
securities of all such series and interest accrued thereon to be due and payable
immediately and (b) if an Event of Default due to a default in the performance
of any other of the covenants or agreements in the Senior Indenture applicable
to all outstanding debt securities issued thereunder, including this Note, or
due to certain events of bankruptcy, insolvency or reorganization of the Issuer,
shall have occurred and be continuing, either the Trustee or the holders of not
less than 25% in aggregate principal amount of all outstanding debt securities
issued under the Senior Indenture, voting as one class, by notice in writing to
the Issuer and to the Trustee, if given by the securityholders, may declare the
principal of all such debt securities and interest accrued thereon to be due and
payable immediately, but upon certain conditions such declarations may be
annulled and past defaults may be waived (except a continuing default in payment
of principal or premium, if any, or interest on such debt securities) by the
holders of a majority in aggregate principal amount of the debt securities of
all affected series then outstanding.

     

    The Senior
Indenture permits the Issuer and the Trustee, with the consent of the holders of
not less than a majority in aggregate principal amount of the debt securities of
all series issued under the Senior Indenture then outstanding and affected
(voting as one class), to execute supplemental indentures adding any provisions
to or changing in any manner the rights of the holders of each series so
affected; provided that
the Issuer and the Trustee may not, without the consent of the holder of each
outstanding debt security affected thereby, (i) extend the final maturity of any
such debt security, or reduce the principal amount thereof, or reduce the rate
or extend the time of payment of interest thereon, or reduce any amount payable
on redemption thereof, or change the currency of payment thereof, or modify or
amend the provisions for conversion of any currency into any other currency, or
modify or amend the provisions for conversion or exchange of the debt security
for securities of the Issuer or other entities or for other property or the cash
value of the property (other than as provided in the antidilution provisions or
other similar adjustment provisions of the debt securities or otherwise in
accordance with the terms thereof), or impair or affect the rights of any holder
to institute suit for the payment thereof or (ii) reduce the aforesaid
percentage in principal amount of debt securities the consent of the holders of
which is required for any such supplemental indenture.

     

    Except as
set forth below, if the principal of, premium, if any, or interest on, this Note
is payable in a Specified Currency other than U.S. dollars and such Specified
Currency is not available to the Issuer for making payments hereon due to the
imposition of exchange controls or other circumstances beyond the control of the
Issuer or is no longer used by the government of the country issuing such
currency or for the settlement of transactions by public institutions within the
international banking community, then the Issuer will be entitled to satisfy its
obligations to the holder of this Note by making such payments in U.S. dollars
on the basis of the Market Exchange Rate on the date of such payment or, if the
Market Exchange Rate is not available on such date, as of the most recent
practicable date; provided, however, that if the euro has been substituted for
such Specified Currency, the Issuer may at its option (or shall, if so required
by applicable law) without the consent of the holder of this Note effect the
payment of principal of or premium, if any, or interest on any Note denominated
in such Specified Currency in euro in lieu of such Specified Currency in
conformity with legally applicable measures taken pursuant to, or by virtue of,
the Treaty establishing the European Community, as amended.  Any

     

     

    
      
        
        

      

      
        32

        
          

        

      

      
        
        

      

    

     

    payment
made under such circumstances in U.S. dollars or euro where the required payment
is in an unavailable Specified Currency will not constitute an Event of
Default.  If such Market Exchange Rate is not then available to the
Issuer or is not published for a particular Specified Currency, the Market
Exchange Rate will be based on the highest bid quotation in The City of New York
received by the Exchange Rate Agent at approximately 11:00 a.m., New York City
time, on the second Business Day preceding the date of such payment from three
recognized foreign exchange dealers (the “Exchange Dealers”) for the
purchase by the quoting Exchange Dealer of the Specified Currency for U.S.
dollars for settlement on the payment date, in the aggregate amount of the
Specified Currency payable to those holders or beneficial owners of Notes and at
which the applicable Exchange Dealer commits to execute a
contract.  One of the Exchange Dealers providing quotations may be the
Exchange Rate Agent unless the Exchange Rate Agent is an affiliate of the
Issuer.  If those bid quotations are not available, the Exchange Rate
Agent shall determine the market exchange rate at its sole
discretion.

     

    The “Exchange Rate Agent” shall be
Morgan Stanley & Co. Incorporated, unless otherwise indicated on the face
hereof.

     

    All
determinations referred to above made by, or on behalf of, the Issuer or by, or
on behalf of, the Exchange Rate Agent shall be at such entity’s sole discretion
and shall, in the absence of manifest error, be conclusive for all purposes and
binding on holders of Notes.

     

    So long as
this Note shall be outstanding, the Issuer will cause to be maintained an office
or agency for the payment of the principal of and premium, if any, and interest
on this Note as herein provided in the Borough of Manhattan, The City of New
York, and an office or agency in said Borough of Manhattan for the registration,
transfer and exchange as aforesaid of the Notes.  The Issuer may
designate other agencies for the payment of said principal, premium and interest
at such place or places (subject to applicable laws and regulations) as the
Issuer may decide.  So long as there shall be such an agency, the
Issuer shall keep the Trustee advised of the names and locations of such
agencies, if any are so designated.  If any European Union Directive
on the taxation of savings comes into force, the Issuer will, to the extent
possible as a matter of law, maintain a Paying Agent in a member state of the
European Union that will not be obligated to withhold or deduct tax pursuant to
any such Directive or any law implementing or complying with, or introduced in
order to conform to, such Directive.

     

    With
respect to moneys paid by the Issuer and held by the Trustee or any Paying Agent
for payment of the principal of or interest or premium, if any, on any Notes
that remain unclaimed at the end of two years after such principal, interest or
premium shall have become due and payable (whether at maturity or upon call for
redemption or otherwise), (i) the Trustee or such Paying Agent shall notify the
holders of such Notes that such moneys shall be repaid to the Issuer and any
person claiming such moneys shall thereafter look only to the Issuer for payment
thereof and (ii) such moneys shall be so repaid to the Issuer.  Upon
such repayment all liability of the Trustee or such Paying Agent with respect to
such moneys shall thereupon cease, without, however, limiting in any way any
obligation that the Issuer may have to pay the principal of or interest or
premium, if any, on this Note as the same shall become due.

     

     

    
      
        
        

      

      
        33

        
          

        

      

      
        
        

      

    

     

    No
provision of this Note or of the Senior Indenture shall alter or impair the
obligation of the Issuer, which is absolute and unconditional, to pay the
principal of and premium, if any, and interest on this Note at the time, place,
and rate, and in the coin or currency, herein prescribed unless otherwise agreed
between the Issuer and the registered holder of this Note.

     

    Prior to
due presentment of this Note for registration of transfer, the Issuer, the
Trustee and any agent of the Issuer or the Trustee may treat the holder in whose
name this Note is registered as the owner hereof for all purposes, whether or
not this Note be overdue, and none of the Issuer, the Trustee or any such agent
shall be affected by notice to the contrary.

     

    No
recourse shall be had for the payment of the principal of or premium, if any, or
the interest on this Note, for any claim based hereon, or otherwise in respect
hereof, or based on or in respect of the Senior Indenture or any indenture
supplemental thereto, against any incorporator, shareholder, officer or
director, as such, past, present or future, of the Issuer or of any successor
corporation, either directly or through the Issuer or any successor corporation,
whether by virtue of any constitution, statute or rule of law or by the
enforcement of any assessment or penalty or otherwise, all such liability being,
by the acceptance hereof and as part of the consideration for the issue hereof,
expressly waived and released.

     

    This Note
shall for all purposes be governed by, and construed in accordance with, the
laws of the State of New York.

     

    As used
herein, the term “U.S. Alien” means any person who is, for U.S. federal income
tax purposes, (i) a non-resident alien individual, (ii) a foreign corporation,
(iii) a non-resident alien fiduciary or a foreign estate or trust or (iv) a
foreign partnership one or more members of which is, for U.S. federal income tax
purposes, a non-resident alien individual, a foreign corporation or a
non-resident alien fiduciary of a foreign estate or trust.

     

    All terms
used in this Note which are defined in the Senior Indenture and not otherwise
defined herein shall have the meanings assigned to them in the Senior
Indenture.

     

    
      
        
        

      

      
        34

        
          

        

      

      
        
        

      

    

     

    ABBREVIATIONS

    
      
        

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

         

        
          TEN
COM   –   as tenants in common

           

          TEN
ENT    –   as tenants by the
entireties

           

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

          

           

          UNIF GIFT
MIN ACT – ______________________Custodian
__________________________

          (Minor)                                                      (Cust)

           

          Under
Uniform Gifts to Minors Act ______________________________

          (State)

           

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

           

          _______________________

        

         

        
          
             

          

          
            35

            
              

            

          

          
             

          

        

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

        
           

          ____________________________________________

          [PLEASE
INSERT SOCIAL SECURITY OR OTHER

          IDENTIFYING
NUMBER OF ASSIGNEE] 

             

             

              
                

              

            

             

              
                

                 

                  
                    
[PLEASE
PRINT OR TYPE NAME AND ADDRESS, INCLUDING ZIP CODE, OF
ASSIGNEE]

                

              

            

          

           

          
            the within
Note and all rights thereunder, hereby irrevocably constituting and appointing
such person attorney to transfer such note on the books of the Issuer, with full
power of substitution in the premises.

             

          

          Dated:_______________________

           

          
            	
                    NOTICE:

                  	
                    
                      The
      signature to this assignment must correspond with the name as written upon
      the face of the within Note in every particular without alteration or
      enlargement or any change
whatsoever.

                    

                  

          

           

        

         

        
          
             

          

          
            36

            
              

            

          

          
             

          

        

         

         

        OPTION
TO ELECT REPAYMENT

         

        The
undersigned hereby irrevocably requests and instructs the Issuer to repay the
within Note (or portion thereof specified below) pursuant to its terms at a
price equal to the principal amount thereof, together with interest to the
Optional Repayment Date, to the undersigned at

         

        
           

            
              

            

          

           

            
              

            

          

           

            
              

            

          

          (Please
print or typewrite name and address of the undersigned)

        

         

        If less
than the entire principal amount of the within Note is to be repaid, specify the
portion thereof which the holder elects to have repaid: _________________; and
specify the denomination or denominations (which shall not be less than the
minimum authorized denomination) of the Notes to be issued to the holder for the
portion of the within Note not being repaid (in the absence of any such
specification, one such Note will be issued for the portion not being repaid):
__________________.

        
          
             

             

            
              	Dated:
      ______________________________	____________________________________________
	 	
                      NOTICE:  The
      signature on this Option to Elect Repayment must

                      correspond
      with the name as written upon the face of the within

                      instrument
      in every particular without alteration or
  enlargement.

                    

            

             

          

           

           

          37EX-4.2

	[Form of Indenture]	Exhibit 4.2

CVR ENERGY, INC.

and

WELLS FARGO BANK, N.A.,

as Trustee

INDENTURE

Dated as of [•], 2008

[•]% CONVERTIBLE SENIOR NOTES DUE 2013

 

 

Table of Contents

	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	ARTICLE 1 Definitions And Other Provisions Of General Application	 	 	1	 
	 
	 	 	 	 	 	 
	Section 1.01.

	 	Definitions
	 	 	1	 
	Section 1.02.

	 	Compliance Certificates and Opinions
	 	 	15	 
	Section 1.03.

	 	Form of Documents Delivered to Trustee
	 	 	15	 
	Section 1.04.

	 	Acts of Holders; Record Dates
	 	 	16	 
	Section 1.05.

	 	Notices, Etc., to Trustee and Company
	 	 	17	 
	Section 1.06.

	 	Notice to Holders; Waiver
	 	 	18	 
	Section 1.07.

	 	Incorporation by Reference of Trust Indenture Act
	 	 	18	 
	Section 1.08.

	 	Conflict With Trust Indenture Act
	 	 	19	 
	Section 1.09.

	 	Effect of Headings and Table of Contents
	 	 	19	 
	Section 1.10.

	 	Successors and Assigns
	 	 	19	 
	Section 1.11.

	 	Separability Clause
	 	 	19	 
	Section 1.12.

	 	Benefits of Indenture
	 	 	19	 
	Section 1.13.

	 	Governing Law; Waiver of Jury Trial
	 	 	19	 
	Section 1.14.

	 	Legal Holidays
	 	 	20	 
	Section 1.15.

	 	Indenture and Securities Solely Corporate Obligations
	 	 	20	 
	Section 1.16.

	 	Indenture May Be Executed in Counterparts
	 	 	20	 
	Section 1.17.

	 	Acceptance of Trust
	 	 	20	 
	Section 1.18.

	 	Calculations in Respect of Securities
	 	 	20	 
	Section 1.19.

	 	Force Majeure
	 	 	21	 
	 
	 	 	 	 	 	 
	ARTICLE 2 Security Forms	 	 	21	 
	 
	 	 	 	 	 	 
	Section 2.01.

	 	Forms Generally
	 	 	21	 
	Section 2.02.

	 	Form of Face of Security
	 	 	22	 
	Section 2.03.

	 	Form of Reverse of Security
	 	 	23	 
	Section 2.04.

	 	Form of Legend for Global Securities
	 	 	26	 
	Section 2.05.

	 	Form of Notice of Conversion
	 	 	27	 
	Section 2.06.

	 	Form of Assignment
	 	 	28	 
	Section 2.07.

	 	Form of Trustee’s Certificate of Authentication
	 	 	28	 
	Section 2.08.

	 	Form of Fundamental Change Repurchase Notice
	 	 	28	 
	 
	 	 	 	 	 	 
	ARTICLE 3 The Securities	 	 	29	 
	 
	 	 	 	 	 	 
	Section 3.01.

	 	Title and Terms; Principal and Interest
	 	 	29	 
	Section 3.02.

	 	Denominations
	 	 	30	 
	Section 3.03.

	 	Global Securities; Non-Global Securities; Book-entry Provisions
	 	 	30	 
	Section 3.04.

	 	Execution, Authentication, Delivery and Dating
	 	 	32	 
	Section 3.05.

	 	Temporary Securities
	 	 	33	 
	Section 3.06.

	 	Registrar, Registration of Transfer and Exchange; Paying Agent
	 	 	33	 
	Section 3.07.

	 	Mutilated, Destroyed, Lost and Stolen Securities
	 	 	35	 
	Section 3.08.

	 	Payment of Interest; Interest Rights Preserved
	 	 	36	 
	Section 3.09.

	 	Persons Deemed Owners
	 	 	37	 

 

 

	 	 	 	 	 	 	 
	Section 3.10.

	 	Cancellation
	 	 	38	 
	Section 3.11.

	 	CUSIP Numbers
	 	 	38	 
	Section 3.12.

	 	Computation of Interest
	 	 	38	 
	Section 3.13.

	 	Special Record Date
	 	 	38	 
	 
	 	 	 	 	 	 
	ARTICLE 4 Covenants	 	 	39	 
	 
	 	 	 	 	 	 
	Section 4.01.

	 	Payment of Principal and Interest
	 	 	39	 
	Section 4.02.

	 	Maintenance of Office or Agency
	 	 	40	 
	Section 4.03.

	 	Money for Security Payments to Be Held in Trust
	 	 	40	 
	Section 4.04.

	 	Statement by Officers as to Default
	 	 	41	 
	Section 4.05.

	 	Existence
	 	 	41	 
	Section 4.06.

	 	Maintenance of Properties
	 	 	42	 
	Section 4.07.

	 	Payment of Taxes and Other Claims
	 	 	42	 
	Section 4.08.

	 	Pledge and Escrow Agreement
	 	 	42	 
	 
	 	 	 	 	 	 
	ARTICLE 5 Repurchase At Option Of The Holder	 	 	43	 
	 
	 	 	 	 	 	 
	Section 5.01.

	 	Repurchase at the Option of the Holder Upon a Fundamental Change
	 	 	43	 
	 
	 	 	 	 	 	 
	ARTICLE 6 Conversion Of Securities	 	 	47	 
	 
	 	 	 	 	 	 
	Section 6.01.

	 	Conversion of Securities
	 	 	47	 
	Section 6.02.

	 	Adjustments to Base Conversion Rate and Incremental Share Factor
	 	 	54	 
	Section 6.03.

	 	Adjustment Upon Make-Whole Fundamental Change
	 	 	62	 
	Section 6.04.

	 	Notice of Adjustments of Base Conversion Rate and Incremental Share Factor
	 	 	63	 
	Section 6.05.

	 	Company to Reserve Common Stock
	 	 	63	 
	Section 6.06.

	 	Taxes on Conversions
	 	 	64	 
	Section 6.07.

	 	Certain Covenants
	 	 	64	 
	Section 6.08.

	 	Cancellation of Converted Securities
	 	 	64	 
	Section 6.09.

	 	Provision in Case of Effect of Reclassification, Consolidation, Merger or Sale
	 	 	65	 
	Section 6.10.

	 	Responsibility of Trustee for Conversion Provisions
	 	 	67	 
	Section 6.11.

	 	Stockholder Rights Plan
	 	 	67	 
	Section 6.12.

	 	Right to Set-off Withholding Taxes
	 	 	68	 
	 
	 	 	 	 	 	 
	ARTICLE 7 Remedies	 	 	68	 
	 
	 	 	 	 	 	 
	Section 7.01.

	 	Events of Default
	 	 	68	 
	Section 7.02.

	 	Acceleration of Maturity; Rescission and Annulment
	 	 	69	 
	Section 7.03.

	 	Collection of Indebtedness and Suits for Enforcement by Trustee
	 	 	72	 
	Section 7.04.

	 	Trustee May File Proofs of Claim
	 	 	72	 
	Section 7.05.

	 	Trustee May Enforce Claims Without Possession of Securities
	 	 	73	 
	Section 7.06.

	 	Application of Money Collected
	 	 	73	 
	Section 7.07.

	 	Limitation on Suits
	 	 	73	 

ii

 

	 	 	 	 	 	 	 
	Section 7.08.

	 	Unconditional Right of Holders to Receive Principal and Interest and to Convert
	 	 	74	 
	Section 7.09.

	 	Restoration of Rights and Remedies
	 	 	74	 
	Section 7.10.

	 	Rights and Remedies Cumulative
	 	 	75	 
	Section 7.11.

	 	Delay or Omission Not Waiver
	 	 	75	 
	Section 7.12.

	 	Control by Holders
	 	 	75	 
	Section 7.13.

	 	Waiver of Past Defaults
	 	 	75	 
	Section 7.14.

	 	Undertaking for Costs
	 	 	76	 
	Section 7.15.

	 	Waiver of Stay or Extension Laws
	 	 	76	 
	 
	 	 	 	 	 	 
	ARTICLE 8 Consolidation, Merger, Conveyance, Transfer Or Lease	 	 	76	 
	 
	 	 	 	 	 	 
	Section 8.01.

	 	Company May Consolidate, Etc., Only on Certain Terms
	 	 	76	 
	Section 8.02.

	 	Successor Substituted
	 	 	77	 
	 
	 	 	 	 	 	 
	ARTICLE 9 The Trustee	 	 	77	 
	 
	 	 	 	 	 	 
	Section 9.01.

	 	Certain Duties and Responsibilities
	 	 	77	 
	Section 9.02.

	 	Notice of Defaults
	 	 	78	 
	Section 9.03.

	 	Certain Rights of Trustee
	 	 	78	 
	Section 9.04.

	 	Not Responsible for Recitals or Issuance of Securities
	 	 	80	 
	Section 9.05.

	 	May Hold Securities
	 	 	80	 
	Section 9.06.

	 	Money Held in Trust
	 	 	80	 
	Section 9.07.

	 	Compensation and Reimbursement
	 	 	80	 
	Section 9.08.

	 	Disqualification; Conflicting Interests
	 	 	81	 
	Section 9.09.

	 	Corporate Trustee Required; Eligibility
	 	 	81	 
	Section 9.10.

	 	Resignation and Removal; Appointment of Successor
	 	 	82	 
	Section 9.11.

	 	Acceptance of Appointment by Successor
	 	 	83	 
	Section 9.12.

	 	Merger, Conversion, Consolidation or Succession to Business
	 	 	84	 
	Section 9.13.

	 	Preferential Collection of Claims Against Company
	 	 	84	 
	Section 9.14.

	 	Appointment of Authenticating Agent
	 	 	84	 
	 
	 	 	 	 	 	 
	ARTICLE 10 Holders’ Lists And Reports By Trustee And Company	 	 	86	 
	 
	 	 	 	 	 	 
	Section 10.01.

	 	Company to Furnish Trustee Names and Addresses of Holders
	 	 	86	 
	Section 10.02.

	 	Preservation of Information; Communications to Holders
	 	 	86	 
	Section 10.03.

	 	Reports by Trustee
	 	 	87	 
	Section 10.04.

	 	Reports by Company and Opinions
	 	 	87	 
	 
	 	 	 	 	 	 
	ARTICLE 11 Discharge	 	 	88	 
	 
	 	 	 	 	 	 
	Section 11.01.

	 	Discharge on Liability of Securities
	 	 	88	 
	Section 11.02.

	 	Reinstatement
	 	 	89	 
	Section 11.03.

	 	Officer’s Certificate; Opinion of Counsel
	 	 	89	 
	 
	 	 	 	 	 	 
	ARTICLE 12 Amendment, Supplement or Waiver	 	 	89	 
	 
	 	 	 	 	 	 
	Section 12.01.

	 	Without Consent of Holders
	 	 	89	 
	Section 12.02.

	 	With Consent of Holders
	 	 	90	 

iii

 

	 	 	 	 	 	 	 
	Section 12.03.

	 	Execution of Supplemental Indentures, Amendments or Waivers
	 	 	91	 
	Section 12.04.

	 	Effect of Supplemental Indentures, Amendments or Waivers; Notices
	 	 	92	 
	Section 12.05.

	 	Conformity with Trust Indenture Act.
	 	 	92	 
	Section 12.06.

	 	Reference in Securities to Supplemental Indentures, Amendments or Waivers; Notices
	 	 	92	 
	 
	 	 	 	 	 	 
	Schedule A

	 	 	 	 	95	 

iv

 

Certain Sections of this Indenture relating to Sections 310 through 318(a)

inclusive of the Trust Indenture Act of 1939:

	 	 	 	 	 
	Trust Indenture Act Section	 	Indenture Section
	 
	 	 	 	 
	§ 310

	 	(a)(1)
	 	 9.09
	 

	 	(a)(2)
	 	 9.09
	 

	 	(a)(3)
	 	Not Applicable
	 

	 	(a)(4)
	 	Not Applicable
	 

	 	(a)(5)
	 	 9.09
	 

	 	(b)
	 	 9.08
	 

	 	(c)
	 	Not Applicable
	§ 311

	 	(a)
	 	 9.13
	 

	 	(b)
	 	 9.13
	 

	 	(b)(2)
	 	 9.13; 10.03
	 

	 	(c)
	 	Not Applicable
	§ 312

	 	(a)
	 	 10.01; 10.02
	 

	 	(b)
	 	 10.02
	 

	 	(c)
	 	 10.02
	§ 313

	 	(a)
	 	 10.03
	 

	 	(b)
	 	 10.03
	 

	 	(c)
	 	 10.03
	 

	 	(d)
	 	 10.03
	§ 314

	 	(a)
	 	 10.04
	 

	 	(a)(4)
	 	 1.02; 4.04
	 

	 	(b)
	 	 10.04
	 

	 	(c)(1)
	 	 1.02
	 

	 	(c)(2)
	 	 1.02
	 

	 	(c)(3)
	 	Not Applicable
	 

	 	(d)
	 	 10.04
	 

	 	(e)
	 	 1.02
	 

	 	(f)
	 	Not Applicable
	§ 315

	 	(a)
	 	 9.01; 9.03
	 

	 	(b)
	 	 9.02;10.03
	 

	 	(c)
	 	 9.01
	 

	 	(d)
	 	 7.12; 9.01
	 

	 	(e)
	 	 7.14
	§ 316

	 	(a) (last sentence)
	 	 1.01
	 

	 	(a)(1)(A)
	 	 7.02,7.12
	 

	 	(a)(1)(B)
	 	 7.13
	 

	 	(a)(2)
	 	Not Applicable
	 

	 	(b)
	 	 7.08
	 

	 	(c)
	 	 1.04

v

 

	 	 	 	 	 
	Trust Indenture Act Section	 	Indenture Section
	 
	 	 	 	 
	§ 317

	 	(a)(1)
	 	 7.03
	 

	 	(a)(2)
	 	 7.04
	 

	 	(b)
	 	 3.06
	§ 318

	 	(a)
	 	 1.07

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

vi

 

     INDENTURE, dated as of [•], 2008 (as amended, supplemented or otherwise modified from time to
time, this “Indenture”) between the Company (as defined herein) and Wells Fargo Bank, N.A.,
a national banking association, as Trustee (herein called the
“Trustee”).

Recitals of the Company

     The Company has duly authorized the creation of an issue of its [•]% Convertible Senior Notes
due 2013 initially in an aggregate principal amount not to exceed $[•] (or $[•] if the Underwriters
exercise their over-allotment option in full, as described in Section 2 of the Underwriting
Agreement) (herein called the “Initial Securities” and together with any Additional
Securities, the “Securities”) of substantially the tenor and amount hereinafter set forth,
and to provide the terms and conditions upon which the Securities are to be authenticated, issued
and delivered, the Company has duly authorized the execution and delivery of this Indenture.

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

     NOW, THEREFORE, THIS INDENTURE WITNESSETH:

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

ARTICLE 1

Definitions And Other Provisions Of General Application

     Section 1.01. Definitions.

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

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

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

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

 

 

     (4) all accounting terms not otherwise defined herein have the meanings assigned to them in
accordance with generally accepted accounting principles,

and, except as otherwise herein expressly provided, the term “generally accepted accounting
principles” in the United States with respect to any computation required or permitted hereunder
shall mean such accounting principles as are generally accepted at the date of this Indenture; and

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

     “Act”,
when used with respect to any Holder, has the meaning specified in Section 1.04.

     “Additional Securities” means an unlimited maximum aggregate principal amount of
Securities (other than the Initial Securities) issued under this Indenture.

     “Additional Shares” has the meaning specified in Section 6.03.

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

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

     “Applicable Conversion Rate” has the meaning specified in Section 6.01(c).

     “Applicable Procedures” means with respect to any transfer or transaction involving a
Global Security or beneficial interest therein, the rules and procedures of the Depositary, in each
case to the extent applicable to such transaction and as in effect from time to time.

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

     “Base Conversion Price” means at any time the amount equal to $1,000 divided by the
Base Conversion Rate in effect at such time.

     “Base Conversion Rate” per $1,000 principal amount of Securities is initially [•]
shares of Common Stock, subject to adjustment as set forth in Sections 6.02 and 6.03.

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     “Board of Directors” means either the board of directors of the Company or, other than
in the definition of Continuing Directors, any duly authorized committee of the board of directors
of the Company.

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

     “Business Day” means any calendar day that is not a Saturday, Sunday or legal holiday
in New York City and on which commercial banks are open for business
in New York City.

     “Capital Stock” means, for any entity, any and all shares, interests, rights to
purchase, warrants, options, participations or other equivalents of or interests in (however
designated) stock issued by that entity.

     “Cash Percentage” means the percentage of the Daily Conversion Value in excess of the
Principal Portion that the Company will elect to satisfy (or be deemed to have elected to satisfy)
in cash, as specified in a Consideration Notice pursuant to Section 6.01(d) (or zero percent (0%)
if no Cash Percentage is specified in a Consideration Notice).

     “Close of Business” means 5:00 p.m. (New York City time).

     “Combination Settlement” means settlement of the Company’s Conversion Obligation by
delivering (a) cash for the Principal Portion and (b) for the excess, if any, of the Conversion
Obligation above the Principal Portion, a combination of cash and shares of Common Stock (or units
of Reference Property) based on the Cash Percentage specified (or deemed to have been specified) in
the applicable Consideration Notice.

     “Common Stock” means the shares of common stock, par value $0.01 per share, of the
Company as they exist on the date of this Indenture or any other shares of Capital Stock of the
Company into which the Common Stock shall be reclassified or changed or, in the event of a merger,
consolidation or other similar transaction involving the Company that is otherwise permitted
hereunder in which the Company is not the surviving corporation, the common stock, common equity
interests, ordinary shares or depositary shares or other certificates representing common equity
interests of such surviving corporation or its direct or indirect parent corporation.

     “Company” means CVR Energy, Inc., a Delaware corporation, until a successor Person
shall have become such pursuant to the applicable provisions of this Indenture, and thereafter
“Company” shall mean such successor Person.

3

 

     “Company Request” or “Company Order” means a written request or order signed
in the name of the Company by the Chief Executive Officer, Chief Operating Officer, Chief Financial
Officer, Chief Accounting Officer or General Counsel of the Company.

     “Consideration Notice” has the meaning specified in Section 6.01(d).

     “Continuing Directors” means (i) individuals who on the date hereof constituted the
Board of Directors and (ii) any new directors whose election to the Board of Directors or whose
nomination for election by the Company’s stockholders was approved by at least a majority of the
Company’s directors then still in office (or a duly constituted committee thereof), either who were
directors on the date hereof or whose election or nomination for election was previously so
approved.

     “Conversion Agent” means the Person authorized by the Company to convert Securities in
accordance with Article 6 and to solicit bids for the Trading Price of the Securities in accordance
with Section 6.01(a)(i). The Company has initially appointed the Trustee as its Conversion Agent
pursuant to Section 4.02.

     “Conversion Date” has the meaning specified in Section 6.01(b).

     “Conversion Obligation” means the obligation of the Company to deliver the
consideration due under Article 6 upon a conversion of the Securities in accordance herewith.

     “Corporate Trust Office” means the principal office of the Trustee at which at any
particular time the trust created by this Indenture shall be administered or the corporate trust
office of the Trustee located at 45 Broadway, 14th Floor, New York,
NY 10006,Attention: Corporate
Trust Services.

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

     “Daily Conversion Value” means, for each of the 30 consecutive VWAP Trading Days
during the Observation Period, one-thirtieth (1/30th) of the product of (1) the Applicable
Conversion Rate and (2) the Daily VWAP of the Common Stock (or, if applicable, the Reference
Property into which the Common Stock has been converted) on such VWAP Trading Day. Any
such determination shall be made by the Company and shall be conclusive absent manifest error.

     “Daily Settlement Amount,” for each of the 30 VWAP Trading Days during the relevant
Observation Period, shall consist of:

4

 

     (i) an amount of cash (the “Principal Portion”) equal to the lesser of (x) the
quotient of $1,000 and 30 and (y) the Daily Conversion Value for such VWAP Trading Day; plus

     (ii) if such Daily Conversion Value for such VWAP Trading Day exceeds the Principal
Portion, either:

	 	•	 	if the Cash Percentage equals 0%, a number of shares of Common Stock
(the “Maximum Deliverable Shares”) equal to (x) the difference between
such Daily Conversion Value and the Principal Portion, divided by (y) the
Daily VWAP of the Common Stock for such VWAP Trading Day, or
	 
	 	•	 	if the Cash Percentage is greater than 0%, (A) an amount of cash equal to
the product of (x) the Cash Percentage, (y) the Maximum Deliverable
Shares and (z) the Daily VWAP of the Common Stock for such VWAP
Trading Day, and (B) a number of shares of Common Stock equal to the
product of (x) 100% minus the Cash Percentage and (y) the Maximum
Deliverable Shares.

     “Daily Share Settlement Rate” means, for each of the 30 consecutive VWAP Trading
Days during the Observation Period, (1) the Applicable Conversion Rate for such VWAP Trading Day, divided by (2) 30.

     “Daily VWAP” means, for each of the 30 consecutive VWAP Trading Days during the
Observation Period, the per share volume-weighted average price as
displayed under the heading “Bloomberg VWAP” on Bloomberg page “CVI.N <Equity> AQR”, or any equivalent successor page, in
respect of the period from the scheduled open of trading on the principal trading market for the
Common Stock to the scheduled close of trading on such market on such VWAP Trading Day (without
regard to after-hours trading), or if such volume-weighted average price is unavailable, the market
value of one share of Common Stock (or one unit of Reference Property (one “unit” of Reference
Property being the kind and amount (in the same proportions) of Reference Property that a holder of
one share of Common Stock would receive in connection with a Merger Event) consisting of marketable
equity securities) on such VWAP Trading Day using a volume-weighted method (or, in the case of
Reference Property consisting of cash, the amount of such cash or in the case of Reference Property
other than marketable equity securities or cash, the market value thereof), in each case as
determined by a nationally recognized independent investment banking firm retained for this
purpose by the Company.

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

     “Defaulted Interest” has the meaning specified in Section 3.13.

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     “Depositary” means The Depository Trust Company (“DTC”), a New York
corporation, or any successor.

     “Effective Date” means the date on which a Fundamental Change occurs or becomes
effective.

     “Escrow Account” means the escrow account provided for under the Pledge and Escrow
Agreement.

     “Escrow Agent” means Wells Fargo Bank, N.A., in its capacity as escrow agent under the
Pledge and Escrow Agreement, and any successor in interest thereto.

     “Event of Default” has the meaning specified in Section 7.01.

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

     “Ex-Date” means, with respect to any issuance or distribution on the Common Stock, the
first date on which the shares of the Common Stock trade on the relevant exchange or in the
relevant market, regular way, without the right to receive such issuance or distribution.

     “Extension Fee” has the meaning specified in Section 7.02.

     “First Extension Fee” has the meaning specified in Section 7.02.

     “First Extension Period” has the meaning specified in Section
7.02.

     “First Extension Right” has the meaning specified in Section 7.02.

     “Fundamental Change” will be deemed to have occurred if any of the following occurs:

     (1)(A) any Person other than a Permitted Holder acquires beneficial ownership, directly or
indirectly, through a purchase, tender or exchange offer, merger or other acquisition transaction
or series of transactions, of shares of the Company’s Capital Stock entitling such Person to
exercise 50% or more of the total voting power of all shares of the Company’s Capital Stock
entitled to vote generally in elections of directors or (B) Permitted Holders when taken together
acquire beneficial ownership, directly or indirectly, through a purchase, tender or exchange offer,
merger or other acquisition transaction or series of transactions, of shares of the Company’s
Capital Stock entitling Permitted Holders when taken together to exercise 75% or more of the total
voting power of all shares of the Company’s Capital Stock entitled to vote generally in elections
of directors, other than, in the case of either clause (A) or (B), any transaction covered by the
first bullet under clause (2)(x) below where no Person becomes the direct or indirect beneficial
owner of common stock representing 50% or more (or, in the case of Permitted

6

 

Holders when taken together, 75% or more) of the total voting power of all shares of Capital Stock
entitled to vote generally in elections of directors of the continuing or surviving Person; or

     (2) the Company (a) merges or consolidates with or into any other Person, another Person
merges with or into the Company, or the Company conveys, sells, transfers or leases all or
substantially all of the Company’s assets to another Person, or (b) engages in any
recapitalization, reclassification or other transaction in which all or substantially all of the
Company’s Common Stock is exchanged for or converted into cash, securities or other property, in
each case, other than any transaction:

	 	(x)	 	that does not result in a reclassification, conversion, exchange or
cancellation of the Company’s outstanding Common Stock and pursuant to which the
holders of the Company’s outstanding Common Stock immediately prior to the
transaction are entitled to exercise, directly or indirectly, 50% or more of the
total voting power of all shares of capital stock entitled to vote generally in
elections of directors of the continuing or surviving Person immediately after such
transaction in substantially the same proportions as their respective ownership of
the Company’s voting securities immediately prior to the transaction; or
	 
	 	(y)	 	which is effected solely to change the Company’s jurisdiction of
incorporation and results in a reclassification, conversion or exchange of
outstanding shares of the Company’s Common Stock solely into shares of common stock
of the surviving entity; or

     (3) the first day on which a majority of the members of the Board of Directors does not
consist of Continuing Directors; or

     (4) the Company is liquidated or dissolved or holders of the Company’s Common Stock approve
any plan or proposal for the Company’s liquidation or dissolution; or

     (5) if shares of the Company’s Common Stock, or shares of any other common stock into which
the Securities are convertible pursuant to the terms of this Indenture, are not listed for trading
on any of the New York Stock Exchange, the NASDAQ Global Market or the NASDAQ Global Select Market
(or any of their respective successors);

provided
that the definition of “Fundamental Change” shall not include any event under clause (1) or
any event specified under clause (2), including, without limitation, the creation of a holding
company, in each case, if at least 90% of the consideration paid for the Company’s Common Stock
(excluding cash payments for fractional shares and cash payments made pursuant to dissenters’
appraisal rights and cash dividends) in connection with such event consists of shares of common
stock or equivalent common equity traded on any of the New York Stock Exchange, the NASDAQ Global
Market or the NASDAQ

7

 

Global Select Market (or any of their respective successors) (or that will be so traded or quoted
immediately following the completion of the merger or consolidation or such other transaction or
creation of a holding company) and, as a result of such transaction or transactions, the Securities
become exchangeable or convertible into such shares of such common stock or equivalent common
equity pursuant to Section 6.09.

     For
purposes of these provisions, whether a Person is a “beneficial owner” will be determined in accordance with Rule 13d-3 under the Exchange Act, and “Person” includes any syndicate or group
that would be deemed to be a “Person” under Section 13(d)(3) of the Exchange Act.

     “Fundamental Change Expiration Time” has the meaning specified in Section
5.01.

     “Fundamental Change Repurchase Date” has the meaning specified in Section
5.01.

     “Fundamental Change Repurchase Notice” has the meaning specified in
Section 5.01.

     “Fundamental Change Repurchase Price” has the meaning specified in Section
5.01.

     “Fundamental Change Repurchase Right Notice” has the meaning specified in Section
5.01.

     “Global Security” means a Security that is registered in the Security Register in the
name of a Depositary or a nominee thereof.

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

     “Incremental Share Factor” per $1,000 principal amount of Securities is initially [•]
shares of Common Stock, subject to adjustment as set forth in Section 6.02.

     “Indenture” means this instrument as originally executed or as it may from time to
time be supplemented or amended by one or more indentures supplemental hereto entered into pursuant
to the applicable provisions hereof, including, for all purposes of this instrument and any such
supplemental indenture, the provisions of the Trust Indenture Act that are deemed to be a part of
and govern this instrument and any such supplemental indenture, respectively.

     “Initial Securities” has the meaning specified in the Recitals.

8

 

     “Interest Payment Date” means each [•] and [•] of each year, beginning [•],
2009.

     “Irrevocable Net Share Settlement Election” has the meaning specified in Section
6.01(d).

     “Issue Date” with respect to the Initial Securities means the date hereof, and with
respect to any Additional Securities, the date of original issuance of such Additional Securities.

     “Last Reported Sale Price” of the Common Stock on any date means the closing sale
price per share (or, if no closing sale price is reported, the average of the last bid and ask
prices or, if more than one in either case, the average of the average last bid and average last
ask prices) on that date as reported in composite transactions for the principal U.S. national or
regional securities exchange on which the Common Stock is traded. If the Common Stock is not listed
for trading on a U.S. national or regional securities exchange on the relevant date, the Last
Reported Sale Price shall be the closing sale price (or if no closing sale price is reported the
average of the bid and ask prices or, if more than one in either case, the average of the average
bid and the average ask price) for the Common Stock on the relevant date as reported by the OTC
Bulletin Board of, if not so reported, the last quoted bid price for the Common Stock in the
over-the-counter market on the relevant date as reported by Pink Sheets LLC or similar
organization. If the Common Stock is not so quoted, the Last Reported Sale Price shall be the
average of the mid-point of the last bid and ask prices for the Common Stock on the relevant date
from each of at least three nationally recognized independent investment banking firms, which may
include any or all of the Underwriters, selected by the Company for this purpose. Any such
determination shall be made by the Company and shall be conclusive absent manifest error.

     “Make-Whole Fundamental Change” means any transaction or event that occurs on or prior
to [•], 2013 and that constitutes a Fundamental Change pursuant to clauses (1), (2) or (5) under
the definition thereof.

     “Make-Whole Reference Date” shall have the meaning in Section 6.03.

     “Market
Disruption Event” means the occurrence or existence on any
Scheduled Trading Day for the Common Stock of any suspension or limitation imposed on trading (by reason of movements
in price exceeding limits permitted by the stock exchange or otherwise) in the Common Stock or in
any options contracts or futures contracts relating to the Common Stock, and such suspension or
limitation occurs or exists at any time within the 30 minutes prior to the closing time of the
relevant exchange on such day.

     “Maturity”, when used with respect to any Security, means the date on which the
principal of such Security becomes due and payable as therein or herein provided,

9

 

whether at the Stated Maturity or by declaration of acceleration, required repurchase or
otherwise.

     “Maturity Date” means [•], 2013.

     “Measurement Period” has the meaning specified in Section 6.01(a).

     “Merger Event” has the meaning specified in Section 6.09.

     “Notice of Conversion” has the meaning specified in Section 6.01.

     “Observation Period” with respect to any Security means (i) with respect to any
Conversion Date occurring on or after the 35th Scheduled Trading Day prior to the Maturity Date,
the 30 consecutive VWAP Trading Day period beginning on, and including, the 32nd Scheduled Trading
Day prior to the Maturity Date (or if such day is not a VWAP Trading Day, the next succeeding VWAP
Trading Day) and (ii) in all other instances, the 30 consecutive VWAP Trading Day period beginning
on and including the third VWAP Trading Day after the Conversion Date.

     “Officer” means, with respect to the Company or any other obligor on the Securities, the
Chairman of the Board, the Chief Executive Officer, the President, the Chief Financial Officer, the
Chief Accounting Officer, the Chief Operating Officer, any Vice President, the Treasurer, an
Assistant Treasurer or the Secretary.

     “Officer’s Certificate” means a certificate signed by the Chief Executive Officer,
Chief Operating Officer, Chief Accounting Officer, Chief Financial Officer or General Counsel of
the Company and delivered to the Trustee.

     “Opinion of Counsel” means a written opinion of counsel, who may be counsel for,
or an employee of, the Company.

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

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

     (ii) Securities for whose payment or redemption money in the necessary amount has been
theretofore deposited with the Trustee or any Paying Agent for the Holders of such Securities;
and

     (iii) Securities which have been paid pursuant to Section 3.07 or in exchange for or in lieu
of which other Securities have been authenticated and delivered pursuant to this Indenture, other
than any such Securities in respect of which there shall have been

10

 

presented to the Trustee proof satisfactory to it that such Securities are held by a bona fide
purchaser in whose hands such Securities are valid obligations of the Company;

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

     “Paying Agent” means any Person authorized by the Company to pay the principal of or
interest on any Securities on behalf of the Company; provided that neither the Company nor any of
its Affiliates shall act as Paying Agent. The Trustee shall initially act as Paying Agent.

     “Permitted Holder” means any of (1) Coffeyville Acquisition II LLC, The Goldman Sachs
Group, Inc., Goldman, Sachs & Co., GS Capital Partners V Fund,
L.P., GS Capital Partners V
Offshore Fund, L.P., GS Capital Partners V GmbH & Co., KG and GS
Capital Partners V Institutional,
L.P. and any investment fund or vehicle that is an affiliate of, and wholly managed or sponsored
by, any of the foregoing, (2) Coffeyville Acquisition LLC, Kelso & Company, L.P., Kelso Investment
Associates VII, L.P., KEP Fertilizer, LLC, Kelso GP VII, LLC, Kelso GP VII, L.P. and any investment
fund or vehicle that is an affiliate of, and wholly managed or sponsored by, any of the foregoing,
(3) Coffeyville Acquisition III LLC and CVR GP, LLC and (4) members of senior management of CVR
Energy, Inc., their family members, and trusts for any of their benefit.

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

     “Pledge and Escrow Agreement” means the Pledge and Escrow Agreement, dated as of [•],
2008, among the Company, the Trustee and the Escrow Agent, as the same may be amended or otherwise
modified from time to time in accordance with the terms thereof and of this Indenture.

     “Predecessor Security” of any particular Security means every previous Security
evidencing all or a portion of the same debt as that evidenced by such particular Security;

11

 

and, for the purposes of this definition, any Security authenticated and delivered under Section
3.07 in exchange for or in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed
to evidence the same debt as the mutilated, destroyed, lost or stolen Security.

     “Principal Portion” has the meaning specified in the definition of Daily
Settlement Amount.

     “Reference Property” has the meaning specified in Section 6.09(b).

     “Regular Record Date” for the interest payable on any Interest Payment Date means the
[•] or [•] (whether or not a Business Day), as the case may be, next preceding such Interest
Payment Date.

     “Reporting Default” has the meaning specified in Section 7.02.

     “Reporting Default Date” has the meaning specified in Section 7.02.

     “Responsible
Officer,” when used with respect to the Trustee, means any vice
president, any trust officer, any assistant trust officer or any other officer of the Trustee
customarily performing functions similar to those performed by any of the above designated officers
and also means, with respect to a particular corporate trust matter, any other officer who shall
have direct responsibility for the administration of this Indenture.

     “Scheduled Trading Day” means a day that is scheduled to be a trading day on the
principal U.S. national or regional securities exchange or market on which the Common Stock is
listed or admitted for trading or, if the Common Stock is not listed or admitted for trading on any
exchange or market, a Business Day.

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

     “Second Extension Fee” has the meaning specified in Section 7.02.

     “Second Extension Period” has the meaning specified in Section 7.02.

     “Second Extension Right” has the meaning specified in Section 7.02.

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

     “Security” and “Securities” have the meaning specified in the Recitals and
include the Initial Securities and any Additional Securities. The Initial Securities and

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Additional Securities shall be treated as a single class for all purposes under this
Indenture.

     “Security Register” and “Security Registrar” have the respective
meanings specified in Section 3.06.

     “Significant Subsidiary” means any direct or indirect Subsidiary of the Company
within the meaning of Section 1-02(w) of Regulation S-X as promulgated by the SEC as such
Regulation is in effect on the date hereof.

     “Special Record Date” for the payment of any Defaulted Interest means a date fixed by
the Trustee pursuant to Section 3.13.

     “Spin-Off” has the meaning specified in Section 6.02(c).

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

     “Stock Price” means the price paid per share of Common Stock in connection with a
Make-Whole Fundamental Change pursuant to which Additional Shares shall be added to the Base
Conversion Rate as set forth in Article 6, which shall be equal to (i) if holders of Common Stock
receive only cash consideration for their shares of Common Stock (in a single per-share amount,
other than with respect to appraisal and similar rights) in connection with such Make-Whole
Fundamental Change, the cash amount paid per share of Common Stock and (ii) in all other cases, the
average of the Last Reported Sale Prices of the Common Stock over the ten consecutive Trading Day
period ending on and including the Trading Day preceding the date on which such Fundamental Change
occurs or becomes effective.

     “Subsidiary” means a corporation, limited liability company or partnership more than
50% of the outstanding voting stock or ownership interests of which is owned, directly or
indirectly, by the Company or by one or more other Subsidiaries, or by the Company and one or more
other Subsidiaries. For the purposes of this definition, “voting stock” means stock which
ordinarily has voting power for the election of directors, whether at all times or only so long as
no senior class of stock has such voting power by reason of any contingency.

     “Trading Day” means a day during which (i) trading in the Common Stock generally
occurs on the principal U.S. national or regional securities exchange or market on which the Common
Stock is listed or admitted for trading and (ii) there is no Market Disruption Event.

13

 

     “Trading Price” of the Securities on any date of determination means the average of
the secondary market bid quotations obtained by the Company or the Conversion Agent for $2,000,000
in principal amount of the Securities at approximately 3:30 p.m., New York City time, on such
determination date from three independent nationally recognized securities dealers selected by the
Company (which may include any or all of the Underwriters); provided that, if three such bids
cannot reasonably be obtained, but two such bids are obtained from an independent nationally
recognized securities dealer on a date of determination, then the average of the two bids will be
used, and if only one such bid is obtained, that one bid will be used. If at least one bid for
$2,000,000 in principal amount of the Securities cannot reasonably be obtained, or in the
reasonable judgment of the Company, the bid quotations are not indicative of the secondary market
value of the Securities, then the Trading Price per $1,000 in principal amount of the Securities
will be deemed to be less than 98% of the product of the Last Reported Sale Price of the Common
Stock and the Trading Price Conversion Rate for such date of determination. Any such determination
shall be made by the Company and shall be conclusive absent manifest error.

     “Trading Price Conversion Rate” has the meaning specified in Section 6.01(a).

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

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

     “Underwriters” means the several underwriters named in Schedule I to the
Underwriting Agreement.

     “Underwriting Agreement” means the underwriting agreement, dated [•], 2008, among the
Company and the Underwriters, relating to the initial purchase and sale of the Initial Securities.

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

     “VWAP Market Disruption Event” means (i) a failure by the principal U.S. national or
regional securities exchange or market on which the Common Stock is listed or admitted to trading
to open for trading during its regular trading session or (ii) the occurrence or existence prior to
1:00 p.m. on any Scheduled Trading Day for the

14

 

Common Stock for an aggregate period of one half-hour or more of any suspension or limitation
imposed on trading (by reason of movements in price exceeding limits permitted by the stock
exchange or otherwise) in the Common Stock or in any options contracts or futures contracts related
to the Common Stock.

     “VWAP Trading Day” means a day during which (i) trading in the Common Stock generally
occurs on the principal U.S. national or regional securities exchange or market on which the Common
Stock is listed or admitted for trading and (ii) there is no VWAP Market Disruption Event. If the
Common Stock is not listed or admitted for trading on a U.S. national or regional securities
exchange or market, then, “VWAP Trading Day” shall mean a Business Day.

     Section 1.02. Compliance Certificates and Opinions.

     Upon any application or request by the Company to the Trustee to take any action under any
provision of this Indenture, the Company shall furnish to the Trustee such certificates and
opinions as may be required under the Trust Indenture Act. Each such certificate or opinion shall
be given in the form of an Officer’s Certificate, if to be given by an officer of the Company, or
an Opinion of Counsel, if to be given by counsel, and shall comply with the requirements of the
Trust Indenture Act and any other requirement set forth in this Indenture.

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

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

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

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

     (4) a statement as to whether, in the opinion of each such individual, such condition or
covenant has been complied with.

     Section 1.03. Form of Documents Delivered to Trustee.

     In any case where several matters are required to be certified by, or covered by an opinion
of, any specified Person, it is not necessary that all such matters be certified by, or covered by
the opinion of, only one such Person, or that they be so certified or covered by only one document,
but one such Person may certify or give an opinion with respect to

15

 

some matters and one or more other such Persons as to other matters, and any such Person may
certify or give an opinion as to such matters in one or several documents.

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

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

     Section 1.04. Acts of Holders; Record Dates.

     (a) Any request, demand, authorization, direction, notice, consent, waiver or other action
provided or permitted by this Indenture to be given, made or taken by Holders may be embodied in
and evidenced by one or more instruments of substantially similar tenor signed by such Holders in
person or by 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. The Trustee shall promptly deliver to
the Company copies of all such instruments or instruments and records delivered to the Trustee.
Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein
sometimes referred to as the “Act” of the Holders signing such instrument or instruments. Proof of
execution of any such instrument or of a writing appointing any such agent shall be sufficient for
any purpose of this Indenture and (subject to Section 9.01) conclusive in favor of the Trustee and
the Company, if made in the manner provided in this Section.

     (b) The fact and date of the execution by any Person of any such instrument or writing may be
proved by the affidavit of a witness of such execution or by a certificate of a notary public or
other officer authorized by law to take acknowledgments of deeds, certifying that the individual
signing such instrument or writing acknowledged to him the execution thereof. Where such execution
is by a signer acting in a capacity other than his

16

 

individual capacity, such certificate or affidavit shall also constitute sufficient proof of his
authority. The fact and date of the execution of any such instrument or writing, or the authority
of the Person executing the same, may also be proved in any other manner which the Trustee deems
sufficient.

     (c) The Company may, in the circumstances permitted by the Trust Indenture Act,
fix any day as the record date for the purpose of determining the Holders entitled to give
or take any request, demand, authorization, direction, notice, consent, waiver or other
action, or to vote on any action, authorized or permitted to be given or taken by Holders.
If not set by the Company prior to the first solicitation of a Holder made by any Person in
respect of any such action, or, in the case of any such vote, prior to such vote, the record
date for any such action or vote shall be the 30th day (or, if later, the date of the most
recent list of Holders required to be provided pursuant to Section 10.01) prior to such first
solicitation or vote, as the case may be. With regard to any record date, only the Holders
on such date (or their duly designated proxies) shall be entitled to give or take, or vote on,
the relevant action.

     (d) The ownership of Securities shall be proved by the Security Register.

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

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

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

     (1) the Trustee by any Holder or by the Company shall be sufficient for every purpose
hereunder if made, given, furnished or filed in writing (or by facsimile transmission to (212)
515-1589 or such other telephone number specified by the Trustee, provided that oral confirmation
of receipt shall have been received) to or with the Trustee at its Corporate Trust Office, or such
other means reasonably acceptable to the Trustee, or

     (2) the Company by the Trustee or by any Holder shall be sufficient for every purpose
hereunder (unless otherwise herein expressly provided) if (i) in writing and mailed, first-class
postage prepaid, to the Company addressed to it at 2277 Plaza Drive, Suite 500, Sugar Land, Texas
77479 or at any other address previously furnished in writing to the Trustee by the Company,
Attention: Chief Financial Officer, with a copy to the Secretary, or (ii) by facsimile transmission
to (913) 981-0000 or such other telephone

17

 

number specified by the Company, provided that oral confirmation of receipt shall have been
received, or (iii) by such other means reasonably acceptable to the Company.

     Section 1.06. Notice to Holders; Waiver.

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

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

     Section 1.07. Incorporation by Reference of Trust Indenture Act.

     Whenever this Indenture refers to a provision of the Trust Indenture Act, the provision is
incorporated by reference in and made a part of this Indenture. This Indenture is subject to the
mandatory provisions of the Trust Indenture Act, which are incorporated by reference in and made a
part of this Indenture. Any terms incorporated by reference in this Indenture that are defined by
the Trust Indenture Act, defined by any Trust Indenture Act reference to another statute or defined
by SEC rule under the Trust Indenture Act, have the meanings so assigned to them therein. The
following Trust Indenture Act terms have the following meanings:

     “indenture securities” means the Securities.

     “indenture security holder” means a Holder.

     “indenture to be qualified” means this Indenture.

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

18

 

     “obligor” on the indenture securities means the Company and any successor or other
obligor on the indenture securities.

     Section 1.08. Conflict With Trust Indenture Act.

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

     Section 1.09. Effect of Headings and Table of Contents.

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

     Section 1.10. Successors and Assigns.

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

     Section 1.11. Separability Clause.

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

     Section 1.12. Benefits of Indenture.

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

     Section 1.13. Governing Law; Waiver of Jury Trial.

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

     EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING

19

 

OUT OF OR RELATING TO THIS INDENTURE, THE SECURITIES OR THE TRANSACTION CONTEMPLATED HEREBY.

     Section 1.14. Legal Holidays.

     In any case where any Interest Payment Date, Fundamental Change Repurchase Date, Stated
Maturity, or the last date on which a Holder has the right to convert his Securities, shall not be
a Business Day, then (notwithstanding any other provision of this Indenture or of the Securities)
payment of interest or principal or conversion of the Securities need not be made on such date, but
may be made on the next succeeding Business Day (or, with respect to a Fundamental Change
Repurchase Date, promptly following the later of (i) such next succeeding Business Day and (ii) the
time of book entry transfer or the delivery of the Securities as set forth in Section 5.01) with
the same force and effect as if made on the Interest Payment Date, Fundamental Change Repurchase
Date, the Stated Maturity, or on such last day for conversion, provided that no interest shall
accrue for the period from and after such Interest Payment Date, Fundamental Change Repurchase Date
or Stated Maturity, as the case may be.

     Section 1.15. Indenture and Securities Solely Corporate Obligations.

     None of the Company’s past, present or future directors, officers, employees, incorporators,
stockholders or partners, as such, shall have any liability for any of the Company’s obligations
under this Indenture or the Securities or for any claim based on, or in respect or by reason of,
such obligations or their creation. By accepting a Security, each Holder waives and releases all
such liability.

     This waiver and release is part of the consideration for the issuance of the Securities.

     Section 1.16. Indenture May Be Executed in Counterparts.

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

     Section 1.17. Acceptance of Trust.

     Wells Fargo Bank, N.A., the Trustee named herein, hereby accepts the trusts in this Indenture
declared and provided, upon the terms and conditions set forth herein.

     Section 1.18. Calculations in Respect of Securities.

     Except as otherwise provided in this Indenture, the Company shall be responsible for making
all calculations called for hereunder and under the Securities or in connection with a conversion.
These calculations include, but are not limited to, determinations of

20

 

the Last Reported Sale Price, accrued interest payable on the Securities and the Base Conversion
Rate, the Applicable Conversion Rate and the Trading Price Conversion Rate on the Securities. The
Company shall make all these calculations in good faith and, absent manifest error, the Company’s
calculations will be final and binding on the Holders. The Company shall provide a schedule of the
Company’s calculations to each of the Trustee and the Conversion Agent, and each of the Trustee and
the Conversion Agent is entitled to rely conclusively upon the accuracy of the Company’s
calculations without independent verification. The Trustee will forward the Company’s calculations
to any Holder upon the written request of such Holder.

     Section 1.19. Force Majeure.

     In no event shall the Trustee be responsible or liable for any failure or delay in the
performance of its obligations hereunder arising out of or caused by, directly or indirectly,
forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts
of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of
God, and interruptions, loss or malfunctions of utilities, communications or computer (software and
hardware) services; it being understood that the Trustee shall use reasonable efforts which are
consistent with accepted practices in the banking industry to resume performance as soon as
practicable under the circumstances.

ARTICLE 2

Security Forms

     Section 2.01. Forms Generally.

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

     Notices of Conversion shall be in substantially the form set forth in Section 2.05.

     The definitive Securities shall be printed, lithographed or engraved or produced by any
combination of these methods on steel engraved borders or may be produced in any other manner
permitted by the rules of any securities exchange on which the Securities may be listed, all as
determined by the Officer executing such Securities, as evidenced by his or her execution of such
Securities.

21

 

     Section 2.02. Form of Face of Security.

CVR Energy, Inc.
[•] % Convertible Senior Note due 2013

No.                                                  $                    

CUSIP No. [•]
ISIN No. [•]

     CVR Energy, Inc., a corporation duly organized and existing under the laws of the State of
Delaware (herein called the “Company”, which term includes any successor Person under the
Indenture hereinafter referred to), for value received, hereby promises to
pay to                     , or registered assigns, the principal sum of                    
Dollars [set forth on the Principal Schedule attached to this Security]1 on [•], 2013,
and to pay interest thereon from [•], 2008 or from the most recent Interest Payment Date to which
interest has been paid or duly provided for to but excluding the next Interest Payment Date,
semi-annually on [•] and [•] in each year, commencing [•], 2009, at the rate of [•] % per annum,
until the principal hereof is paid or made available for payment. Interest on the Securities shall
be computed on the basis of a 360-day year composed of twelve 30-day months. The interest so
payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided
in such Indenture, be paid to the Person in whose name this Security (or one or more Predecessor
Securities) is registered at the Close of Business on the Regular Record Date for such interest,
which shall be the [•] or [•] (whether or not a Business Day), as the case may be, next preceding
such Interest Payment Date. Any such interest not so punctually paid or duly provided for will
forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to
the Person in whose name this Security (or one or more Predecessor Securities) is registered at the
Close of Business on a Special Record Date for the payment of such Defaulted Interest to be fixed
by the Trustee, notice whereof shall be given to Holders of Securities not less than ten calendar
days prior to such Special Record Date (or such lesser period that is acceptable to the Trustee),
or be paid at any time in any other lawful manner not inconsistent with the requirements of any
securities exchange on which the Securities may be listed, and upon such notice as may be required
by such exchange, all as more fully provided in said Indenture. Principal on definitive Securities
shall be payable at the office or agency of the Company maintained for such purpose, initially the
agency of the Paying Agent, or otherwise in accordance with Applicable Procedures. Interest and any
applicable Extension Fee on definitive Securities will be payable (i) to

 

			
	1	 	Use bracketed language for Global Security.

22

 

each Holder of Securities having an aggregate principal amount of $5,000,000 or less, by
check mailed to such Holder and (ii) to each Holder of Securities having an aggregate
principal amount of more than $5,000,000, either by check mailed to such Holder or, upon
application by such Holder to the Security Registrar not later than the relevant Regular
Record Date or Special Record Date, as the case may be, by wire transfer in immediately
available funds to that Holder’s account within the United States, which application shall
remain in effect until the Holder notifies, in writing, the Security Registrar to the
contrary, or otherwise in accordance with Applicable Procedures.

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

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

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

	 	 	 	 	 
	 	 	CVR ENERGY, INC.
	 
	 	 	 	 
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 

     Section 2.03. Form of Reverse of Security.

     This Security is one of a duly authorized issue of Securities of the Company designated
as its [•] % Convertible Senior Notes due 2013 (herein called the “Initial
Securities”), initially in an aggregate principal amount not to exceed $ [•] (or $
[•] if the Underwriters exercise their over-allotment option in full, as described in Section
2 of the Underwriting Agreement) issued and to be issued under an Indenture, dated as of [•],
2008 (herein called the “Indenture”), between the Company and Wells Fargo Bank, N.A.,
as Trustee (herein called the “Trustee”, which term includes any successor trustee
under the Indenture), to which Indenture and all indentures supplemental thereto reference is
hereby made for a statement of the respective rights, limitations of rights, duties and
immunities thereunder of the Company, the Trustee and the Holders of the Securities and of
the terms upon which the Securities are, and are to be, authenticated and delivered. The
Company may from time to time, without notice to or the consent of the Holders of the
Securities, create and issue Additional Securities having the same terms and ranking equally
and ratably with the Initial Securities, subject to Section 3.04 of the Indenture.

23

 

     In any case where the due date for the payment of the principal of or interest on any Security
or the last day on which a Holder of a Security has a right to convert his Security shall not be a
Business Day, then payment of principal, interest or delivery for conversion of such Security need
not be made on or by such date but may be made on or by the next succeeding Business Day, with the
same force and effect as if made on the date for such payment or the date fixed for redemption or
repurchase, or by such last day for conversion, and no interest shall accrue on the amount so
payable for the period after such date.

     Upon the occurrence of a Fundamental Change, the Holder has the right, at such Holder’s
option, to require the Company to repurchase all of such Holder’s Securities or any portion
thereof on the terms set forth in Article 5 of the Indenture.

     Subject to and upon compliance with the provisions of the Indenture (including, without
limitation, the conditions of conversion set forth in Article 6), the Holder of this Security is
entitled, at his or her option, to convert this Security (or any portion of the principal amount
hereof which is $1,000 or an integral multiple thereof), at the principal amount hereof, or of such
portion, in accordance with the Indenture, at the Applicable Conversion Rate specified in the
Indenture. As provided in Section 6.01(c) of the Indenture, the Applicable Conversion Rate will be
equal to the Base Conversion Rate (subject to adjustment pursuant to Section 6.02 and Section 6.03
of the Indenture) plus an additional number of shares of Common Stock if the Daily VWAP of the
Common Stock for any VWAP Trading Day during the relevant Observation Period is greater than the
Base Conversion Price. In addition, the Indenture provides that in case of certain consolidations
or mergers to which the Company is a party or the transfer of substantially all of the assets of
the Company, the Indenture shall be amended, without the consent of any Holders of Securities, so
that this Security, if then outstanding, will be convertible thereafter, during the period this
Security shall be convertible as specified above, by reference to the kind and amount of cash,
securities and other property or assets that holders of Common Stock would have been entitled to
receive in connection with such consolidations or mergers.

     No sinking fund is provided for the Securities and the Securities are not subject to
redemption or retirement at the option of the Company.

     In the event of conversion of this Security in part only, a new Security or Securities for the
unconverted portion hereof will be issued in the name of the Holder hereof upon the cancellation
hereof.

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

24

 

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

     No reference herein to the Indenture and no provision of this Security or of the Indenture
shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay
the principal of and interest on this Security at the times, place and rate, and in the coin or
currency, herein prescribed or to convert this Security as provided in the Indenture.

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

     The Securities are issuable only in registered form without coupons in denominations of $1,000
and any integral multiple thereof. As provided in the Indenture and subject to certain limitations
therein set forth, Securities are exchangeable for a like aggregate principal amount of Securities
of a different authorized denomination, provided that such denomination is a minimum of $1,000 or
an integral multiple thereof, as requested by the Holder surrendering the same.

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

     Prior to due presentment of this Security for registration of transfer, the Company, the
Trustee and any agent of the Company or the Trustee may treat the Person in whose name this
Security is registered as the owner hereof for all purposes, whether or not this

25

 

Security be overdue, and neither the Company, the Trustee nor any such agent shall be
affected by notice to the contrary.

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

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

PRINCIPAL SCHEDULE2

CVR ENERGY, INC.

[•] % Convertible Senior Notes due 2013

No.                         

     The initial principal amount of this Global Security is $                    . The
following decreases or increases in this Global Security have been made:

	 	 	 	 	 	 	 
	 	 	Amount of decrease in	 	Amount of increase in	 	Principal amount of this
	 	 	principal amount of this	 	principal amount of this	 	Global Security following
	Date of decrease or increase	 	Global Security	 	Global Security	 	such increase or decrease
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 

     Section 2.04. Form of Legend for Global Securities.

     Unless otherwise specified as contemplated by Section 3.01 for the Securities
evidenced thereby, every Global Security authenticated and delivered hereunder shall
bear a legend in substantially the following form:

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

 

			
	2	 	To be attached to Global Security.

26

 

DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE
INDENTURE.

     Section 2.05. Form of Notice of Conversion.

Conversion notices shall be in substantially the following form:

NOTICE OF CONVERSION

     The undersigned Holder of this Security hereby irrevocably exercises the option to convert
this Security, or any portion of the principal amount hereof (which is U.S. $1,000 or an integral
multiple of U.S. $1,000 in excess thereof, provided that the unconverted portion of such principal
amount is U.S. $1,000 or any integral multiple of U.S. $1,000 in excess thereof) below designated,
in accordance with the terms of the Indenture referred to in this Security, and directs that the
settlement amount to be paid by the Company and any Securities representing any unconverted
principal amount hereof, be delivered to and be registered in the name of the undersigned unless a
different name has been indicated below. If such settlement amount or such Securities are to be
delivered to or registered in the name of a Person other than the undersigned, the undersigned
shall pay all transfer taxes payable with respect thereto.

     Dated:                      Signature(s):                                         

     If shares or Securities are to be registered in the name of a Person other than the Holder,
please print such Person’s name and address:

(Name)

(Address)

Social Security or other

Identification Number, if any

If only a portion of the Securities are to be converted, please indicate:

	1.	 	Principal amount to be converted: U.S. $
	 
	2.	 	Principal amount and denomination of Securities representing unconverted principal
amount to be issued:

Amount: U.S. $                      Denominations: U.S. $                    

27

 

     (U.S. $1,000 or any integral multiple of U.S. $1,000 in excess thereof, provided that the
unconverted portion of such principal amount is U.S. $1,000 or any integral multiple of U.S. $1,000
in excess thereof)

     Section 2.06. Form of Assignment.

ASSIGNMENT

     For value received,                      hereby sell(s), assign(s) and
transfer(s) unto                      (Please insert Social Security or other identifying
number of assignee) the within Security, and hereby irrevocably constitutes and appoints
                     as attorney to transfer the said Security on the books of the
Company, with full power of substitution in the premises.

     Dated:                      Signature(s):                                         

     Signature(s) must be guaranteed by an Eligible Guarantor Institution with membership in
an approved signature guarantee program pursuant to Rule 17Ad-15 under the Securities
Exchange Act of 1934.

Signature Guaranteed                                         

NOTICE: To be executed by an executive officer.

     Section 2.07. Form of Trustee’s Certificate of Authentication.

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

Dated:

	 	 	 	 	 
	 	WELLS FARGO BANK, N.A.,
 as Trustee

 	 
	 	By:  	 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 

     Section 2.08. Form of Fundamental Change Repurchase Notice.

To: Wells Fargo Bank, N.A., as Paying Agent

     The undersigned registered owner of this Security hereby acknowledges receipt of a notice from
CVR Energy, Inc. (the “Company”) as to the occurrence of a Fundamental Change with respect
to the Company and hereby directs the Company, pursuant to the applicable provisions of the
Security and the Indenture, to pay, or cause the Paying Agent

28

 

to pay, an amount in cash equal to 100% of the entire principal amount, or the portion (thereof
which is $1,000 principal amount or an integral multiple thereof) below designated, to be
repurchased plus interest accrued to, but excluding, the Fundamental Change Repurchase Date, except
as provided in the Indenture.

     Dated:                                         

     Signature                                         

     Principal amount to be repurchased (at least $1,000 or an integral multiple of
$1,000 in excess thereof):                          

     Certificate number of Security to be purchased (if certificated):                                         

     Remaining principal amount following such repurchase:                                         

	 	 	 	 	 
	     By:
	 	 	 	 
	 

	 	 

Authorized Signatory
	 	 

ARTICLE 3

The Securities

     Section 3.01. Title and Terms; Principal and Interest.

     The aggregate principal amount of Initial Securities which may be authenticated and delivered
under this Indenture is limited to $[•] and the aggregate amount of Additional Securities is
unlimited, except for Securities authenticated and delivered upon registration of transfer of, or
in exchange for, or in lieu of, other Securities pursuant to Section 3.03, Section 3.04, Section
3.05, Section 3.06, Section 3.07, Section 12.06 or Section 6.01.

     The Initial Securities and the Additional Securities, if any, shall be known and designated
as the “[•] % Convertible Senior Notes due 2013” of the Company.

     The Securities shall mature on [•], 2013.

     The Securities shall bear interest at the rate of [•] % per annum, from [•], 2008 or from the
most recent Interest Payment Date to which interest has been paid or duly provided for, as the case
may be, payable semi-annually in arrears on [•] and [•], commencing [•], 2009, until the principal
thereof is paid or made available for payment.

     Principal of, interest on and any applicable Extension Fee on Global Securities shall be
payable to the Depositary in immediately available funds.

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     Principal on definitive Securities shall be payable at the office or agency of the Company
maintained for such purpose, initially the agency of the Paying Agent at the Corporate Trust
Office, or otherwise in accordance with Applicable Procedures. Interest and any applicable
Extension Fee on definitive Securities will be payable (i) to each Holder of Securities having an
aggregate principal amount of $5,000,000 or less, by check mailed to such Holder and (ii) to each
Holder of Securities having an aggregate principal amount of more than $5,000,000, either by check
mailed to such Holder or, upon application by such Holder to the Security Registrar not later than
the relevant Regular Record Date or Special Record Date, as the case may be, by wire transfer in
immediately available funds to that Holder’s account within the United States, which application
shall remain in effect until the Holder notifies, in writing, the Security Registrar to the
contrary, or otherwise in accordance with Applicable Procedures.

     The Securities shall be convertible as provided in Article 6.

     Section 3.02. Denominations.

     The Securities shall be issuable only in registered form without coupons and only in
denominations of $1,000 and any integral multiple thereof.

     Section 3.03. Global Securities; Non-Global Securities; Book-entry Provisions.

     The Securities may be issued in global or non-global (definitive) form as provided in this
Indenture.

     (a) Global Securities.

     (i) Each Global Security authenticated under this Indenture shall be registered in the name
of, and delivered to, Cede & Co., as nominee of the Depositary. Each such Global Security shall
constitute a single Security for all purposes of this Indenture.

     (ii) Except for exchanges of Global Securities for definitive, non-Global Securities at the
sole discretion of the Company, no Global Securities may be exchanged in whole or in part for
Securities registered, and no transfer of a Global Security in whole or in part may be registered,
in the name of any Person other than the Depositary for such Global Security or a nominee thereof
unless (A) such Depositary (1) has notified the Company that it is unwilling or unable to continue
as Depositary for such Global Security or (2) has ceased to be a clearing agency registered as such
under the Exchange Act or announces an intention permanently to cease business or does in fact do
so or (B) there shall have occurred and be continuing an Event of Default with respect to such
Global Security. In the event set forth in clause (A) above, if a successor Depositary for such
Global Security is not appointed by the Company within 90 calendar days after the Company receives
such notice or becomes aware of such ineligibility, the Company shall execute, and the Trustee,
upon receipt of an Officer’s Certificate directing the

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authentication and delivery of non-Global Securities, shall authenticate and deliver, non-Global
Securities, in any authorized denominations in an aggregate principal amount equal to the principal
amount of such Global Security in exchange for such Global Security.

     (iii) If any Global Security is to be exchanged for other Securities or canceled in whole, it
shall be surrendered by or on behalf of the Depositary or its nominee to the Trustee, as Security
Registrar, for exchange or cancellation, as provided in this Article. If any Global Security is to
be exchanged for other Securities or canceled in part, or if another Security is to be exchanged in
whole or in part for a beneficial interest in any Global Security, in each case, as provided in
Article 2 of this Indenture, then either (A) such Global Security shall be so surrendered for
exchange or cancellation, as provided in this Article, or (B) the principal amount thereof shall
be reduced or increased by an amount equal to the portion thereof to be so exchanged or canceled,
or equal to the principal amount of such other Security to be so exchanged for a beneficial
interest therein, as the case may be, by means of an appropriate adjustment made on the records of
the Trustee, as Security Registrar, whereupon the Trustee, in accordance with the Applicable
Procedures, shall instruct the Depositary or its authorized representative to make a corresponding
adjustment to its records. Upon any such surrender or adjustment of a Global Security, the Trustee
shall, subject to this Article, authenticate and deliver any Securities issuable in exchange for
such Global Security (or any portion thereof) to or upon the order of, and registered in such names
as may be directed by, the Depositary or its authorized representative. The Trustee shall be
entitled to receive from the Depositary the names, addresses and tax identification numbers of the
Persons in whose name the Securities are to be registered prior to such authentication and
delivery. Upon the request of the Trustee in connection with the occurrence of any of the events
specified in the preceding paragraph, the Company shall promptly make available to the Trustee a
reasonable supply of Securities that are not in the form of Global Securities. The Trustee shall be
entitled to rely upon any order, direction or request of the Depositary or its authorized
representative which is given or made pursuant to this Article if such order, direction or request
is given or made in accordance with the Applicable Procedures (to the extent such procedures are
applicable to such direction or request).

     (iv) Every Security authenticated and delivered upon registration of transfer of, or in
exchange for or in lieu of, a Global Security or any portion thereof, whether pursuant to this
Article or otherwise, shall be authenticated and delivered in the form of, and shall be, a
registered Global Security, unless such Security is registered in the name of a Person other than
the Depositary for such Global Security or a nominee thereof, in which case such Security shall be
authenticated and delivered in accordance with subsection (b) of this Section 3.03.

     (v) The Depositary or its nominee, as registered owner of a Global Security, shall be the
Holder of such Global Security for all purposes under this Indenture and the

31

 

Securities, and owners of beneficial interests in a Global Security shall hold such interests
pursuant to the Applicable Procedures. Accordingly, any such owner’s beneficial interest in a
Global Security shall be shown only on, and the transfer of such interest shall be effected only
through, records maintained by the Depositary or its nominee or its Agent Members and such owners
of beneficial interests in a Global Security shall not be considered the owners or holders thereof.

     (b) Non-Global Securities. Securities issued upon the events described in Section
3.03(a)(ii) shall be in definitive, fully registered form, without interest coupons.

     Section 3.04. Execution, Authentication, Delivery and Dating.

     The Securities shall be executed on behalf of the Company by one of its Officers. The
signature of any of these Officers on the Securities may be manual, facsimile or pdf.

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

     At any time and from time to time after the execution and delivery of this Indenture, the
Company may deliver Securities executed by the Company to the Trustee for authentication, together
with a Company Order for the authentication and delivery of such Securities; and the Trustee in
accordance with such Company Order shall authenticate and deliver such Securities as in this
Indenture provided and not otherwise.

     Each Security shall be dated the date of its authentication.

     No Security shall be entitled to any benefit under this Indenture or be valid or obligatory
for any purpose unless there appears on such Security a certificate of authentication substantially
in the form provided for herein executed by the Trustee by manual signature, and such certificate
upon any Security shall be conclusive evidence, and the only evidence, that such Security has been
duly authenticated and delivered hereunder. Notwithstanding the foregoing, if any Security shall
have been authenticated and delivered hereunder but never issued and sold by the Company, and the
Company shall deliver such Security to the Trustee for cancellation as provided in Section 3.10,
for all purposes of this Indenture such Security shall be deemed never to have been authenticated
and delivered hereunder and shall never be entitled to the benefits of this Indenture.

     The Company may, subject applicable law, issue Additional Securities under this Indenture
pursuant to a supplement hereto; provided, that (i) such Additional Securities are fungible with
the Initial Securities for U.S. federal income tax purposes, and (ii) the

32

 

Company may not issue Additional Securities if an Event of Default with respect to any Outstanding
Securities shall have occurred and be continuing at the time of such issuance. All Securities
issued under this Indenture shall (x) rank equally and ratably with the Initial Securities, (y)
have the same CUSIP number and terms (except for payment of interest accruing prior to the date of
original issuance of such Additional Securities) as the Initial Securities, and (z) be consolidated
and form a single series with the Initial Securities for all purposes under this Indenture.

     Section 3.05. Temporary Securities.

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

     If temporary Securities are issued, the Company will cause definitive Securities to be
prepared without unreasonable delay. After the preparation of definitive Securities, the temporary
Securities shall be exchangeable for definitive Securities upon surrender of the temporary
Securities at any office or agency of the Company designated pursuant to Section 4.02, without
charge to the Holder. Upon surrender for cancellation of any one or more temporary Securities the
Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a like
principal amount of definitive Securities of authorized denominations. Until so exchanged the
temporary Securities shall in all respects be entitled to the same benefits under this Indenture as
definitive Securities.

     Section 3.06. Registrar, Registration of Transfer and Exchange; Paying Agent.

     (a) Registrar. The Company shall cause to be kept at the Corporate Trust Office of the
Trustee a register (the register maintained in such office and in any other office or agency
designated pursuant to Section 4.02 being herein sometimes collectively referred to as the
“Security Register”) in which, subject to such reasonable regulations as it may prescribe,
the Company shall provide for the registration of Securities and for the transfers or exchange of
Securities. Such Security Register shall distinguish between Initial Securities and Additional
Securities. The Trustee is hereby appointed “Security Registrar” for the purpose of
registering Securities and transfers and exchanges of Securities as herein provided. The Company
may change the Security Registrar without notice to any Holder. The Company or any of its
Subsidiaries may act as Security Registrar.

     Upon surrender for registration of transfer of any Security at an office or agency of the
Company designated pursuant to Section 4.02 for such purpose, the Company shall

33

 

execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee
or transferees, one or more new Securities of any authorized denomination, provided that such
denomination is a minimum of $1,000 or an integral multiple thereof, and of a like aggregate
principal amount, each such Security bearing such restrictive legends as may be required by this
Indenture.

     At the option of the Holder and subject to the other provisions of this Section 3.06 and to
Section 3.10, Securities may be exchanged for other Securities of any authorized denominations and
of a like tenor and aggregate principal amount, upon surrender of the Securities to be exchanged at
such office or agency. Whenever any Securities are so surrendered for exchange, the Company shall
execute, and the Trustee shall authenticate and deliver, the Securities which the Holder making the
exchange is entitled to receive.

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

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

     No service charge shall be made for any registration of transfer or exchange of Securities, but
the Company may require payment of a sum sufficient to cover any tax or other governmental charge
that may be imposed in connection with any registration of transfer or exchange of Securities,
other than exchanges pursuant to Section 3.05, Section 12.06 or Section 6.01 not involving any
transfer.

     (b) Paying Agent. The Company initially appoints the Trustee as Paying Agent for the
Securities. The Company may have one or more additional paying agents and the term “Paying Agent”
shall include any such additional paying agent.

     The Company shall enter into an appropriate agency agreement with any Paying Agent not a party
to this Indenture, which shall incorporate the terms of the Trust Indenture Act, except in the case
of a Paying Agent that acts as Paying Agent solely in connection with an offer to purchase the
Securities pursuant to Article 4 of this Indenture. The agreement shall implement the provisions of
this Indenture that relate to such agent. The Company shall notify the Trustee of the name and
address of each such agent. If the Company fails to maintain a Paying Agent, the Trustee shall act
as such and shall be entitled to appropriate compensation therefor pursuant to Section 9.07.

34

 

     The Company may remove any Paying Agent upon written notice to such Paying Agent and to the
Trustee; provided, however, that no such removal shall become effective until (i) acceptance of any
appointment by a successor as evidenced by an appropriate agreement entered into by the Company and
such successor Paying Agent, as the case may be, and delivered to the Trustee or (ii) notification
to the Trustee that the Trustee shall serve as Paying Agent until the appointment of a successor in
accordance with clause (i) above. The Paying Agent may resign at any time upon written notice to
the Company and the Trustee.

     (d) Paying Agent to Hold Money in Trust. By no later than 11:00 a.m., New York
City time, on the date on which any principal of, or interest or any Extension Fee, on any
Security is due and payable, the Company shall deposit with the Paying Agent a sum
sufficient in immediately available funds to pay such principal or interest or Extension
Fee when due. The Company shall require each Paying Agent (other than the Trustee) to
agree in writing that such Paying Agent shall hold in trust for the benefit of Security
Holders or the Trustee all money held by such Paying Agent for the payment of principal
of, or interest or Extension Fee on, the Securities and shall notify the Trustee in writing of
any Default by the Company in making any such payment. The Company at any time
may require a Paying Agent (other than the Trustee) to pay all money held by it to the
Trustee and to account for any funds disbursed by such Paying Agent. Upon complying
with this Section 3.06, the Paying Agent shall have no further liability for the money
delivered to the Trustee. Upon any bankruptcy, reorganization or similar proceeding with
respect to the Company, the Trustee shall serve as Paying Agent for the Securities.

     (e) Custodian.
The Company hereby appoints the Trustee as Custodian with respect to any Global Securities.

     Section 3.07. Mutilated, Destroyed, Lost and Stolen Securities.

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

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

35

 

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

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

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

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

     Section 3.08. Payment of Interest; Interest Rights Preserved.

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

     In the case of Securities represented by a Global Security registered in the name of or held
by a Depositary or its nominee, payment of principal, premium, if any, and interest, if any, will
be made to the Depositary or its nominee, as the case may be, as the registered owner or Holder of
such Global Security. None of the Company, the Trustee and the Paying Agent, any Authenticating
Agent or the Security Registrar for such Securities will have any responsibility or liability for
any aspect of the records relating to or payments made on account of a beneficial ownership
interest in a Global Security or maintaining, supervising or reviewing any records relating to such
beneficial ownership interests.

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

     Subject to the provisions of Article 6 hereof, a Holder of any Security at 5:00 p.m., New York
City time, on a Regular Record Date shall be entitled to receive interest on such Security on the
corresponding Interest Payment Date. Holders of Securities at

36

 

5:00 p.m., New York City time, on a Regular Record Date will receive payment of interest payable on
the corresponding Interest Payment Date notwithstanding the conversion of such Securities at any
time after 5:00 p.m., New York City time on such Regular Record Date. Securities surrendered for
conversion during the period after 5:00 p.m., New York City time, on any Regular Record Date to
9:00 a.m., New York City time, on the corresponding Interest Payment Date must be accompanied by
payment of an amount equal to the interest that the Holder is to receive on the Securities.
Notwithstanding the foregoing, no such payment of interest need be made by any converting Holder
(i) if the Company has specified a Fundamental Change Repurchase Date that is after a Regular
Record Date and prior to the next Scheduled Trading Day following the corresponding Interest
Payment Date, (ii) to the extent of any overdue interest existing at the time of conversion of such
Security, or (iii) for conversions with a Conversion Date after the Regular Record Date immediately
preceding the Maturity Date. Except where Securities surrendered for conversion must be accompanied
by payment as described above, no interest on converted Securities will be payable by the Company
on any Interest Payment Date subsequent to the Conversion Date and delivery of the settlement
amount to be paid by the Company, pursuant to Article 6 hereunder, together with any cash payment
for any fractional share, upon conversion will be deemed to satisfy the Company’s obligation to pay
the principal amount of the Securities and accrued and unpaid interest, if any, to, but not
including, the related Conversion Date. As a result, accrued and unpaid interest to, but not
including, the Conversion Date shall be deemed to be paid in full rather than cancelled,
extinguished or forfeited.

     Section 3.09. Persons Deemed Owners.

     Prior to due presentment of a Security for registration of transfer, the Company, the Trustee
and any agent of the Company or the Trustee may treat the Person in whose name such Security is
registered as the owner of such Security for the purpose of receiving payment of principal of and
(subject to Section 3.08) interest on such Security and for all other purposes whatsoever, whether
or not such Security be overdue, and neither the Company, the Trustee nor any agent of the Company
or the Trustee shall be affected by notice to the contrary.

     In the case of a Global Security, so long as the Depositary for such Global Security, or its
nominee, is the registered owner of such Global Security, such Depositary or such nominee, as the
case may be, will be considered the sole owner or Holder of the Securities represented by such
Global Security for all purposes under this Indenture. Except as provided in Section 3.03, owners
of beneficial interests in a Global Security will not be entitled to have Securities that are
represented by such Global Security registered in their names, will not receive or be entitled to
receive physical delivery of such Securities in definitive form and will not be considered the
owners or Holders thereof under this Indenture.

37

 

     Notwithstanding the foregoing, with respect to any Global Security, nothing herein shall (a)
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 a Depositary or (b) impair, as
between a Depositary and holders of beneficial interest in any Global Security, the operation of
customary practices governing the exercise of the rights of the Depositary as Holder of such Global
Security.

     Section 3.10. Cancellation.

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

     Section 3.11. CUSIP Numbers.

     The Company in issuing the Securities may use “CUSIP” numbers (if then generally in use), and,
if so, the Trustee shall use CUSIP numbers in all notices to Holders as a convenience to Holders
of the Securities; provided, that any such notice may state that no representation is made as to
the correctness of such numbers either as printed on the Securities or on such notice and that
reliance may be placed only on the other identification numbers printed on the Securities. The
Company will promptly notify the Trustee in writing of any change in the CUSIP numbers.

     Section 3.12. Computation of Interest.

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

     Section 3.13. Special Record Date.

     Any interest on any Security that is payable but not punctually paid or duly provided for on
any Interest Payment Date (“Defaulted Interest”) shall forthwith cease to be payable to the
Holder on the relevant Regular Record Date by virtue of his, her or its having been such a Holder,
and such Defaulted Interest may be paid by the Company, at its election in each case, as provided
in subsections (a) or (b) below:

38

 

     (a) The Company may elect to make payment of any Defaulted Interest to Holders in whose names
the Securities are registered at the Close of Business on a special record date for the payment of
such Defaulted Interest (a “Special Record Date”), which shall be fixed in the following
manner. The Company shall notify the Trustee in writing of the Defaulted Interest proposed to be
paid on each Security and the date of the proposed payment, and at the same time the Company shall
deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in
respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such
deposit prior to the date of the proposed payment, such money when deposited to be held in trust
for the benefit of the Holders entitled to such Defaulted Interest as in this subsection provided.
Thereupon the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest
which shall be not more than 15 calendar days and not less than ten calendar days prior to the date
of the proposed payment and not less than ten calendar days after the receipt by the Trustee of the
notice of the proposed payment (unless, in each case, a lesser period shall be acceptable to the
Trustee). The Trustee shall promptly notify the Company of such Special Record Date and, in the
name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted
Interest and the Special Record Date therefor to be mailed, first-class postage prepaid, to the
Holders of the Securities at their addresses as they appear in the Security Register, or by such
other means reasonably acceptable to such Holders (or such lesser period that is acceptable to the
Trustee), not less than ten calendar days prior to such Special Record Date. Notice of the proposed
payment of such Defaulted Interest and the Special Record Date therefor having been mailed as
aforesaid, such Defaulted Interest shall be paid to the Persons in whose names the Securities (or
their predecessor Securities) are registered at the Close of Business on such Special Record Date
and shall no longer be payable pursuant to the following subsection (b).

     (b) The Company may make payment of any Defaulted Interest on the Securities in any other
lawful manner not inconsistent with the requirements of any automated quotation system or
securities exchange on which the Securities may be listed, and upon such notice as may be required
by such exchange, if, after notice given by the Company to the Trustee of the proposed payment
pursuant to this subsection, such manner of payment shall be deemed practicable by the Trustee.

ARTICLE 4

Covenants

     Section 4.01. Payment of Principal and Interest.

     The Company will duly and punctually pay the principal of and interest on the Securities in
accordance with the terms of the Securities and this Indenture.

39

 

     Section 4.02. Maintenance of Office or Agency.

     The Company will maintain an office or agency (which shall be initially the Trustee’s
Corporate Trust Office) where Securities may be presented or surrendered for payment, where
Securities may be surrendered for registration of transfer or exchange, where Securities may be
surrendered for conversion and where notices and demands to or upon the Company in respect of the
Securities and this Indenture may be served. The Company will give prompt written notice to the
Trustee of any change in the location of such office or agency. If at any time the Company shall
fail to maintain any such required office or agency or shall fail to furnish the Trustee with the
address thereof, such presentations, surrenders, notices and demands may be made or served at the
Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to
receive all such presentations, surrenders, notices and demands.

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

     Section 4.03. Money for Security Payments to Be Held in Trust.

     Whenever the Company shall have one or more Paying Agents, it shall prior to each due date of
the principal of or interest on any Securities, deposit with a Paying Agent a sum sufficient to pay
such amount, such sum to be held as provided by the Trust Indenture Act, and (unless such Paying
Agent is the Trustee) the Company will promptly notify the Trustee of its action or failure so to
act.

     The Company will cause each Paying Agent other than the Trustee to execute and deliver to the
Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the
provisions of this Section, that such Paying Agent will (i) comply with the provisions of the Trust
Indenture Act applicable to it as a Paying Agent and (ii) during the continuance of any Default by
the Company (or any other obligor upon the Securities) in the making of any payment in respect of
the Securities, upon the written request of the Trustee, forthwith pay to the Trustee all sums held
in trust by such Paying Agent as such.

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

40

 

held by such Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying
Agent shall be released from all further liability with respect to such money.

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

     Section 4.04. Statement by Officers as to Default.

     The Company will deliver to the Trustee, within 120 days after the end of each fiscal year of
the Company ending after the date hereof, an Officer’s Certificate, the signer of which shall be
the principal executive officer, principal accounting officer or principal financial officer of the
Company, stating whether or not to the knowledge of the signer thereof there occurred, at any time
during the prior fiscal year, a Default in the performance and observance of any of the terms,
provisions and conditions of this Indenture (without regard to any period of grace or requirement
of notice provided hereunder) and, if such Default occurred, specifying all such Defaults and the
nature and status thereof of which he or she may have knowledge.

     In addition, the Company will deliver to the Trustee, within 30 days after the occurrence
thereof, written notice of any events that would constitute an Event of Default, the status of
those events and what action the Company is taking or proposes to take in respect thereof.

     Section 4.05. Existence.

     Subject to Article 8, the Company will do or cause to be done all things necessary to preserve
and keep in full force and effect its existence, rights (charter and statutory) and franchises;
provided, however, that the Company shall not be required to preserve any such right or franchise
if the Board of Directors shall determine that the preservation thereof is no longer desirable in
the conduct of the business of the Company and that the loss thereof is not disadvantageous in any
material respect to the Holders.

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     Section 4.06. Maintenance of Properties.

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

     Section 4.07. Payment of Taxes and Other Claims.

     The Company will pay or discharge or cause to be paid or discharged, before the same shall
become delinquent, (a) all taxes, assessments and governmental
charges levied or imposed upon the
Company or any Subsidiary or upon the income, profits or property of the Company or any Subsidiary,
and (b) all lawful claims for labor, materials and supplies which, if unpaid, might by law become a
lien upon the property of the Company or any Subsidiary; provided, however, that the Company shall
not be required to pay or discharge or cause to be paid or discharged any such tax, assessment,
charge or claim whose amount, applicability or validity is being contested in good faith by
appropriate proceedings.

     Section 4.08. Pledge and Escrow Agreement.

     The Company shall enter into and maintain the Pledge and Escrow Agreement in full force and
effect prior to its expiration in accordance with its terms, shall
comply with the terms thereof and
shall not amend the Pledge and Escrow Agreement in any manner adverse to the Holders of the
Securities without the consent of each such Holder affected thereby. If the Company issues
Additional Securities in accordance with this Indenture, it shall enter into an additional pledge
and escrow agreement, on substantially the same terms as the Pledge and Escrow Agreement, providing
for the payment of interest in respect of the Additional Securities from the Issue Date of such
Additional Securities through the sixth Interest Payment Date in respect of the Initial Securities.

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ARTICLE 5

Repurchase At Option Of The Holder

     Section 5.01. Repurchase at the Option of the Holder Upon a Fundamental Change.

     (a) If a Fundamental Change occurs at any time, each Holder shall have the right, at such
Holder’s option, to require the Company to repurchase all of such Holder’s Securities or any
portion thereof that is equal to or an integral multiple of $1,000 in principal amount, for cash on
the date (the “Fundamental Change Repurchase Date”) specified by the Company that is not
less than 15 calendar days and not more than 35 calendar days (or a longer period if required by
law) after the date of the Fundamental Change Repurchase Right Notice at a repurchase price (the
“Fundamental Change Repurchase Price”) equal to 100% of the principal amount thereof,
together with accrued and unpaid interest thereon to, but excluding, the Fundamental Change
Repurchase Date, unless such Fundamental Change Repurchase Date falls after a Regular Record Date
and on or prior to the corresponding Interest Payment Date, in which case the Company will pay the
full amount of accrued and unpaid interest payable on such Interest Payment Date to the Holder of
record as of the Close of Business on the corresponding Regular Record Date.

     Repurchases of Securities under this Section 5.01 shall be made, at the option of the Holder
thereof, upon:

     (i) if the Securities are held in certificated form, delivery to the Paying Agent by a Holder
of a duly completed notice (the “Fundamental Change Repurchase Notice”) in the form set
forth on the reverse of the Security or, if the Securities are held in global form, a notice that
complies with the Applicable Procedures, prior to the Close of Business on the Business Day
immediately preceding the Fundamental Change Repurchase Date (the “Fundamental Change
Expiration Time”); and

     (ii) delivery (or book-entry transfer in compliance with the Applicable Procedures) of the
Securities to the Paying Agent at any time after delivery of the Fundamental Change Repurchase
Notice and prior to the Fundamental Change Expiration Time (together with all necessary
endorsements for transfer) to the Paying Agent, such delivery being a condition to receipt by the
Holder of the Fundamental Change Repurchase Price therefor; provided that such Fundamental Change
Repurchase Price shall be so paid pursuant to this Section 5.01 only if the Security so delivered
to the Paying Agent shall conform in all respects to the description thereof in the related
Fundamental Change Repurchase Notice.

The Fundamental Change Repurchase Notice shall state:

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     (A) if certificated, the certificate numbers of Securities to be delivered for
repurchase;

     (B) the portion of the principal amount of Securities to be repurchased, which must be $1,000 or an integral multiple thereof; and

     (C) that the Securities are to be repurchased by the Company pursuant to the applicable provisions of the Securities and this Indenture.

     Any purchase by the Company contemplated pursuant to the provisions of this Section 5.01 shall
be consummated by the delivery of the consideration to be received by the Holder promptly following
the later of the Fundamental Change Repurchase Date and the time of the book-entry transfer or
delivery of the Security.

     The Paying Agent shall promptly notify the Company of the receipt by it of any Fundamental
Change Repurchase Notice or written notice of withdrawal thereof in accordance with the provisions
of subsection (c) of this Section 5.01.

     Any Security that is to be repurchased only in part shall be surrendered to the Paying Agent
(with, if the Company or the Paying Agent so requires, due endorsement by, or a written instrument
of transfer in form satisfactory to the Company and the Paying Agent duly executed by the Holder
thereof or his attorney duly authorized in writing), and the Company shall execute, and the Trustee
shall authenticate and make available for delivery to the Holder of
such Security without service
charge, a new Security or Securities, containing identical terms and conditions, each in an
authorized denomination in aggregate principal amount equal to and in
exchange for the
unrepurchased portion of the principal of the Security so surrendered.

     (b) After
the occurrence of a Fundamental Change, but on or before the tenth calendar day
following the occurrence of such Fundamental Change, the Company shall provide to all Holders of
record of the Securities and the Trustee and Paying Agent a notice (the “Fundamental Change
Repurchase Right Notice”) of the occurrence of such Fundamental Change and of the resulting
repurchase right, if any, under this Section 5.01 at the option of the Holders arising as a result
thereof. Such mailing shall be by first class mail. Simultaneously with providing such Fundamental
Change Repurchase Right Notice, the Company shall publish a notice containing the information
included therein in a newspaper of general circulation in New York City or publish the information
on the Company’s website or through such other public medium as
the Company may use at such time.

     Each Fundamental Change Repurchase Right Notice shall specify (if applicable):

     (i) the
events causing the Fundamental Change;

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     (ii) the date of the Fundamental Change;

     (iii) the last date on which a Holder may exercise its repurchase rights under this Section 5.01, if applicable;

     (iv) the Fundamental Change Repurchase Price, if applicable;

     (v) the
Fundamental Change Repurchase Date, if applicable;

     (vi) the name and address of the Paying Agent and the Conversion Agent, if applicable;

     (vii) the
Base Conversion Rate and any adjustments to the Base Conversion Rate,
including any
Additional Shares, if applicable, and the Applicable Conversion Rate;

     (viii) that the Securities with respect to which a Fundamental Change Repurchase Notice has
been delivered by a Holder may be converted only if the Holder withdraws the Fundamental Change
Repurchase Notice in accordance with the terms of this Indenture; and

     (ix) the procedures the Holder must follow to require the Company to repurchase its Securities
under this Section 5.01, if applicable.

     No failure of the Company to give the foregoing notices and no defect therein shall limit the
Holders’ repurchase rights or affect the validity of the proceedings for the repurchase of the
Securities pursuant to this Section 5.01.

     (c) A Fundamental Change Repurchase Notice may be withdrawn in whole or in part by means of a
written notice of withdrawal delivered to the Paying Agent in accordance with the Fundamental
Change Repurchase Right Notice at any time prior to the Fundamental Change Expiration Time,
specifying:

     (i) the principal amount of the withdrawn Securities;

     (ii) if certificated Securities have been issued, the certificate numbers of the
withdrawn Securities; and

     (iii) the principal amount, if any, of such Securities that remain subject to the
original Fundamental Change Repurchase Notice, which portion must be in principal amounts of
$1,000 or an integral multiple of $1,000;

provided, however, that if the Securities are not in certificated form, the notice must
comply with the Applicable Procedures.

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     (d) On or prior to 11:00 a.m., New York City time, on the Fundamental Change Repurchase Date,
the Company shall deposit with the Paying Agent an amount of money sufficient to repurchase on the
Fundamental Change Repurchase Date all of the Securities to be repurchased on such date at the
Fundamental Change Repurchase Price. Subject to receipt of funds and/or Securities by the Paying
Agent, payment for Securities properly surrendered for repurchase (and not withdrawn) prior to the
Fundamental Change Expiration Time shall be made promptly after the later of (x) the Fundamental
Change Repurchase Date with respect to such Security (provided the Holder has satisfied the
conditions to the payment of the Fundamental Change Repurchase Price in this Section 5.01), and (y)
the time of book-entry transfer or the delivery of such Security to the Trustee (or other Paying
Agent appointed by the Company) by the Holder thereof in the manner required by this Section 5.01
by mailing checks for the amount payable to the Holders of such Securities entitled thereto as they
shall appear in the Register; provided, however, that all payments to the Depositary shall be made
by wire transfer of immediately available funds to the account of the Depositary or its nominee.
The Trustee shall, promptly after such payment and upon written demand by the Company, return to
the Company any funds in excess of the Fundamental Change Repurchase Price.

     (e) Subject to a Holder’s right to receive interest on the related Interest Payment Date where
the Fundamental Change Repurchase Date falls between a Regular Record Date and the Interest Payment
Date to which it relates, if the Paying Agent holds money sufficient to repurchase on the
Fundamental Change Repurchase Date all the Securities or portions thereof that are to be purchased
as of the Business Day following the Fundamental Change Repurchase Date, then on and after the
Fundamental Change Repurchase Date (i) such Securities shall cease to be outstanding, (ii)
interest, if any, shall cease to accrue on such Securities, and (iii) all other rights of the
Holders of such Securities shall terminate, in each case, whether or not book-entry transfer of the
Securities has been made or the Securities have been delivered to the Paying Agent, other than the
right to receive the Fundamental Change Repurchase Price and previously accrued and unpaid
interest, if any, upon delivery or transfer of the Securities.

     (f) No Securities may be repurchased at the option of Holders upon a Fundamental Change if the
principal amount of the Securities has been accelerated, and such acceleration has not been
rescinded on or prior to such date.

     (g) In connection with any repurchase upon the occurrence of a Fundamental Change, to the
extent required by applicable law, the Company shall:

     (i) comply with the provisions of Rule 13e-4, Rule 14e-1 and any other tender offer rules
under the Exchange Act that may then be applicable; and

     (ii) otherwise comply with all federal and state securities laws as necessary to effect a
repurchase of Securities by the Company at the option of such Holder.

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     (h) The Company will not be required to repurchase the Securities at the option of Holders in
connection with a Fundamental Change if a third party makes an offer to repurchase the Securities
in connection with a Fundamental Change in the manner, at the times and otherwise in compliance
with the requirements set forth in this Article 5 and purchases all Securities validly tendered and
not withdrawn under such offer.

ARTICLE 6

Conversion Of Securities

     Section 6.01. Conversion of Securities.

     (a) Right to Convert. Subject to the procedures for conversion set forth in this
Article 6, a Holder may convert its Securities at the Applicable Conversion Rate, (i) prior to the
Close of Business on the Scheduled Trading Day immediately preceding [•], 2013, when any of the
conditions specified below are met and during the related specified period, and (ii) on or after
[•], 2013, at any time prior to the Close of Business on the Scheduled Trading Day immediately
preceding the Stated Maturity. Whenever the Securities shall become convertible upon one or more of
the conditions stated in subsections (i), (ii) or (iii)(A) below, the Company or, at the Company’s
written request, the Trustee in the name and at the expense of the Company, shall notify the
Holders of the event triggering such convertibility in the manner provided in Section 1.06.
Whenever the Securities shall become convertible upon one or more of the conditions stated in
subsections (iii)(B) or (iii)(C) below, notice of the event triggering such convertibility shall be
given in accordance with the provisions of Section 5.01(a) and Section 5.01(b). Any notice so given
shall be conclusively presumed to have been duly given, whether or not the Holder receives such
notice. A Holder may convert a portion of the principal amount of Securities if the portion is
$1,000 or a multiple of $1,000. The cash payable, and the number of shares of Common Stock
issuable, if any, upon conversion of a Security shall be determined as set forth in Section
6.01(c).

     (i) Conversion Upon Satisfaction of Trading Price Condition. A Holder may
surrender its Securities for conversion during the five Business Day period after any five
consecutive Trading Day period (the “Measurement Period”) during which the Trading
Price per $1,000 principal amount of Securities, as determined following a request by a Holder
in accordance with the procedures set forth in this Section 6.01(a)(i), for each day of the
Measurement Period was less than 98% of the product of the Last Reported Sale Price of the
Common Stock and the Trading Price Conversion Rate, as determined by the Company (or the
Conversion Agent, at the Company’s Request). In connection with any conversion in accordance
with this Section 6.01(a)(i), the Conversion Agent shall have no obligation to determine the
Trading Price of the Securities unless the Company has requested such determination in writing;
and the Company shall have no obligation to determine the Trading Price of the Securities
unless a Holder provides the Company with written notice which includes reasonable evidence
that the Trading Price per $1,000 principal amount of

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Securities would be less than 98% of the product of the Last Reported Sale Price of the
Common Stock and the Trading Price Conversion Rate. Promptly after receiving such evidence, the
Company shall instruct the Conversion Agent to determine the Trading Price of the Securities
beginning on the next Trading Day and on each successive Trading Day until the Trading Price
per $1,000 principal amount of Securities is greater than or equal to 98% of the product of the
Last Reported Sale Price of the Common Stock and the Trading Price Conversion Rate. If the
Company does not, when obligated to do so, make a request to the Conversion Agent to determine
the Trading Price per $1,000 principal amount of Securities, or if the Company makes such
request to the Conversion Agent and the Conversion Agent does not make such determination, then
the Trading Price per $1,000 principal amount of Securities will be deemed to be less than 98%
of the product of the Last Reported Sale Price of the Common Stock and the Trading Price
Conversion Rate for such day. If the Trading Price condition set forth in this Section
6.01(a)(i) has been met, the Company shall so notify the Trustee and the Holders. If, at any
time after the Trading Price condition set forth in this Section 6.01(a)(i) has been met, the
Trading Price per $1,000 principal amount of the applicable Securities is greater than or equal
to 98% of the product of the Last Reported Sale Price of Common Stock and the Trading Price
Conversion Rate for such date, the Company shall so notify the Trustee and the Holders.

     For purposes of determining whether the Trading Price condition described this Section
6.01(a)(i) has been satisfied, the “Trading Price Conversion Rate” on any day shall be
(A) if the Last Reported Sale Price of Common Stock on the Trading Day immediately preceding
such day is less than or equal to the Base Conversion Price, the Base Conversion Rate, or (B)
if such Last Reported Sale Price of Common Stock is greater than the Base Conversion Price, the
Base Conversion Rate plus a number of shares of Common Stock equal to the product of (a) the
Incremental Share Factor and (b) (1) the difference between such Last Reported Sale Price and
the Base Conversion Price divided by (2) such Last Reported Sale Price.

     (ii) Conversion Based on Common Stock Price. A Holder may surrender its Securities
for conversion during any calendar quarter (and only during such calendar quarter) commencing
after the calendar quarter ending September 30, 2008, if the Last Reported Sale Price for the
Common Stock for at least 20 Trading Days in a period of 30 consecutive Trading Days ending on
the last Trading Day of the immediately preceding calendar quarter is greater than 130% of the
Base Conversion Price in effect for the Securities on such last Trading Day. If the condition
set forth in this Section 6.01(a)(ii) has been met, the Company shall promptly so notify the
Trustee and the Holders.

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     (iii) Conversion Upon Specified Corporate Events.

     (A) If the Company elects to (1) distribute to all or substantially all holders of
Common Stock any rights or warrants entitling them, for a period of not more than 45 days
after the date of such distribution, to subscribe for or purchase shares of Common Stock at
a price per share less than the average of the Last Reported Sale Price of a share of
Common Stock for the ten consecutive Trading Day Period ending on and including the Trading
Day immediately preceding the declaration date for such distribution, or (2) distribute to
all or substantially all holders of Common Stock the Company’s assets (including cash),
debt securities or certain rights to purchase the Company’s securities (excluding
distributions described in Sections 6.02(a) and 6.02(b) and other than pursuant to a
stockholders’ rights plan) which distribution has a per share fair market value, as
determined by the Board of Directors, exceeding 15% of the average of the Last Reported
Sale Prices of the Common Stock on the five consecutive Trading Days immediately preceding
the declaration date for such distribution, then, in each case, the Company must notify the
Holders, in the manner provided in Section 1.06, and the Trustee, in the manner provided in
Section 1.05, at least 35 Scheduled Trading Days prior to the Ex-Date for such
distribution. Once the Company has given such notice, Holders may surrender Securities for
conversion at any time until the earlier of (i) 5:00 p.m., New York City time, on the
Business Day immediately prior to such Ex-Date for such distribution or (ii) the Company’s
announcement that such distribution will not take place, even if the Securities are not
otherwise convertible at such time pursuant to the terms of this Indenture.

     (B) If the Company is party to an event constituting a Fundamental Change, the Company
shall notify (i) Holders, in the manner provided in Section 1.06 and (ii) the Trustee, in
the manner provided in Section 1.05, of any such event no later than the Effective Date of
such event. Once the Company has given such notice, Holders may surrender Securities for
conversion at any time from the Effective Date of such event until the later of (i) the
Fundamental Change Repurchase Date corresponding to such event and (ii) 35 Scheduled
Trading Days following the Effective Date of such event.

     (C) If the Company is a party to a combination, merger, recapitalization,
reclassification, binding share exchange or other similar transaction or sale or conveyance
of all or substantially all of the Company’s property and assets, in each case pursuant to
which the Common Stock would be converted into cash, securities and/or other property, that
does not also constitute a Fundamental Change, Holders will have the right to convert their
Securities. In such event, Holders may surrender Securities for conversion at any time
beginning 35 Scheduled Trading Days prior to the anticipated effective date for such

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transaction and ending on the 35th Scheduled Trading Day after the actual effective
date of such transaction. The Company shall use its reasonable best efforts to notify
Holders, in the manner provided in Section 1.06 and the Trustee, in the manner provided in
Section 1.05, at least 35 Scheduled Trading Days prior to the anticipated effective date
for such transaction, and in any event will give such notice no later than the actual
effective date of any such transaction. Notwithstanding the foregoing, the Securities will
not become convertible by reason of a merger, consolidation or other transaction effected
with any of the Company’s direct or indirect Subsidiaries solely for the purpose of
changing the Company’s state of incorporation.

     Holders shall not have the right to convert their Securities pursuant to this Section
6.01(a)(iii) if in connection with the distribution described in this Section 6.01(a)(iii)
that gives rise to a right to convert their Securities, such Holders are entitled to
participate (as a result of holding their Securities, and at the same time as holders of
Common Stock participate) in any such transaction as if such Holders
held a number of shares of Common Stock equal to the Applicable Conversion Rate on the Ex-Date for such
distribution, multiplied by the principal amount of Securities held by such Holders divided
by $1,000, without having to convert their Securities.

     (b) Conversion Procedures. The following procedures shall apply to the conversion of
Securities:

     (i) In respect of a definitive Security, a Holder must (A) complete and manually sign the
conversion notice on the back of the Security (the “Notice of Conversion”), or
facsimile of such Notice of Conversion; (B) deliver such Notice of Conversion, which is
irrevocable, and the Security to the Conversion Agent at the office maintained by the
Conversion Agent for such purpose; (C) to the extent any shares of Common Stock issuable upon
conversion are to be issued in a name other than the Holder’s, furnish endorsements and
transfer documents as may be required by the Conversion Agent and, if required pursuant to
Section 6.06 below, pay all transfer or similar taxes; and (D) if required pursuant to Section
3.08 above, pay funds equal to interest payable on the next Interest Payment Date to which such
Holder is not entitled.

     (ii) In respect of a beneficial interest in a Global Security, a beneficial owner must
comply with Depositary’s procedures for converting a beneficial interest in a Global Security
and, if required pursuant to Section 3.08 above, pay funds equal to interest payable on the
next Interest Payment Date to which such beneficial owner is not entitled, and if required,
taxes or duties, if any.

The date a Holder complies with the foregoing requirements is the “Conversion Date”
hereunder.

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     No Notice of Conversion with respect to any Securities may be tendered by a Holder thereof if
such Holder has also tendered a Fundamental Change Repurchase Notice and not validly withdrawn such
Fundamental Change Repurchase Notice in accordance with the applicable provisions of Section 5.01.

     If a Holder converts more than one Security at the same time, the cash and number of shares of
Common Stock issuable upon the conversion, if any, shall be based on the total principal amount of
the Securities converted.

     Upon surrender of a Security that is converted in part, the Company shall execute, and the
Trustee or the Authenticating Agent shall authenticate and deliver to the Holder, a new Security in
an authorized denomination equal in principal amount to the unconverted portion of the Security
surrendered.

     (c) Payment Upon Conversion. Upon any conversion of any Security, the Company shall
satisfy the Conversion Obligation by delivering to converting Holders, as applicable:

     (i) if the Company elects to settle any conversion entirely in shares of Common Stock, the
Company will deliver a number of shares of Common Stock to the Holder of the Securities on the
third Business Day immediately following the last day of the related Observation Period equal
to (1) (A) the aggregate principal amount of Securities to be converted, divided by (B) $1,000,
multiplied by (2) the sum of the Daily Share Settlement Rates for each of the 30 VWAP Trading
Days during the related Observation Period;

     (ii) if the Company elects (or is deemed to elect) Combination Settlement or has made the
Irrevocable Net Share Settlement Election, the Company shall settle each $1,000 in aggregate
principal amount of Securities being converted by delivering, on the third Business Day
immediately following the last day of the related Observation Period, cash and shares of Common
Stock, if any, equal to the sum of the Daily Settlement Amounts for each of the 30 VWAP Trading
Days during the related Observation Period; or

     (iii) if the Company elects to settle any conversion entirely in cash, the Company shall
settle each $1,000 in aggregate principal amount of Securities being converted by delivering,
on the third Business Day immediately following the last day of the related Observation Period,
an amount of cash equal to the sum of the Daily Conversion Values for each of the 30 VWAP
Trading Days during the related Observation Period,

     For purposes of calculation of the Daily Conversion Value or the Daily Share Settlement Rate,
as applicable, the “Applicable Conversion Rate” for the relevant VWAP Trading Day shall be:

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     (A) if the Daily VWAP of the Common Stock on such date is less than or equal to the Base
Conversion Price, the Applicable Conversion Rate for such date will be equal to the Base
Conversion Rate; and

     (B) if the Daily VWAP of the Common Stock on such date is greater than the Base
Conversion Price, the Applicable Conversion Rate for such date will be equal to the following:

     In no event, however, shall the Applicable Conversion Rate per $1,000 principal amount of
Securities to be converted for any date exceed [l] shares of Common Stock, subject to
adjustment in the same manner as the Base Conversion Rate pursuant to Section 6.02.

     The applicable settlement method for any particular conversion of Securities (pursuant to
subsection (i), (ii) or (iii) above) shall be determined pursuant to Section 6.01(d).

     (d) Irrevocable Net Share Settlement Election. At any time on or prior to the 35th
Scheduled Trading Day prior to the Maturity Date, the Company may elect to settle conversions in
respect of the Conversion Obligation pursuant to subsection (i), (ii) or (iii) of Section 6.01(c)
(or, if the Company has made the Irrevocable Net Share Settlement Election on or prior to the
applicable Conversion Date, subsection (ii) or (iii) of Section 6.01(c)) by providing notice (a
“Consideration Notice”) to the converting Holders through the Trustee (by requesting in
writing that the Trustee provide the Consideration Notice) of the applicable settlement method no
later than the Business Day immediately following the related Conversion Date. If the Consideration
Notice designates settlement pursuant to subsection (ii) of Section 6.01(c), it may specify the
Cash Percentage; provided that if the Company does not specify the Cash Percentage, the Cash
Percentage shall be deemed to be zero percent (0%). If the Company does not provide a Consideration
Notice in respect of a conversion and has made the Irrevocable Net Share Settlement Election on or
prior to such Business Day, conversion of the applicable Securities shall be settled pursuant to
subsection (ii) of Section 6.01(c) and the Cash Percentage shall be deemed to be zero percent (0%).

     At any time on or prior to the 35th Scheduled Trading Day prior to the Maturity Date, the
Company may deliver an irrevocable notice to the Holders electing to settle all

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conversions of the Securities from the date of such notice pursuant to either subsection (ii)
or (iii) of Section 6.01(c) (the “Irrevocable Net Share Settlement Election”). Upon making
the Irrevocable Net Share Settlement Election, settlement pursuant to subsection (i) of Section
6.01(c) is no longer permitted. Upon making the Irrevocable Net Share Settlement Election, the
Company shall promptly (x) issue a press release and post such information on its website or
otherwise publicly disclose such information and (y) provide written notice to Holders in the
manner contemplated by this Indenture, including through the facilities of the Depositary. If the
Company has made the Irrevocable Net Share Settlement Election and elected to settle all
conversions pursuant to subsection (ii) of Section 6.01(c), the Company shall provide notice to the
converting Holders through the Trustee, no later than the Business Day immediately following the
related Conversion Date, of the Cash Percentage with respect to such conversion, which if not
specified shall be deemed to be zero percent (0%) for all conversions after the Company makes the
Irrevocable Net Share Settlement Election.

     The Company will settle all conversions by Holders converting on the same Trading Day in the
same manner. However, the Company will have no obligation to settle Conversion Obligations arising
on different Trading Days in the same manner, except (i) for all conversions that occur on or after
the 35th Scheduled Trading Day prior to the Maturity Date and (ii) where the Company has made the
Irrevocable Net Share Settlement Election, in which case all conversions that occur on or after the
date of such Irrevocable Net Share Settlement Election shall be settled in the same manner.

     (e) Cash Payments in Lieu of Fractional Shares. The Company shall not issue a
fractional share of Common Stock upon conversion of Securities. Instead the Company shall deliver
cash for the current market value of the fractional share. The current market value of a fractional
share shall be determined to the nearest 1/10,000th of a share by multiplying the fractional amount
by the Daily VWAP of a full share of Common Stock on the last VWAP Trading Day of the related
Observation Period and rounding the product to the nearest whole cent. The Company shall determine
the number of fractional shares for which cash shall be delivered by aggregating (i) all Securities
a Holder surrenders for conversion and (ii) fractional shares included in the Daily Settlement
Amounts over the entire related Observation Period rather than delivering cash in lieu of
fractional shares for (x) each individual Security of such Holder surrendered for conversion or (y)
each day of the related Observation Period.

     (f) Distribution of Dividends. Holders who elect to convert their Securities will not
be entitled to receive any dividends payable to holders of shares of Common Stock as of any record
time or date applicable to the Common Stock before the last VWAP Trading Day of the applicable
Observation Period.

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     Section 6.02. Adjustments to Base Conversion Rate and Incremental Share Factor.

     The Base Conversion Rate shall be adjusted from time to time by the Company as set forth in
this Section 6.02 and in Section 6.03. For purposes of this Section 6.02, each adjustment event
that applies to the Base Conversion Rate shall also be applied, mutatis mutandis, to the
Incremental Share Factor and all other references to Base Conversion Rate shall be deemed to refer
to the Incremental Share Factor.

     (a) If the Company issues shares of Common Stock as a dividend or distribution on shares of
the Common Stock, or effects a share split or share combination, the Base Conversion Rate will be
adjusted based on the following formula:

where,

	 	 	 	 	 
	CR0

	 	=
	 	the Base Conversion Rate in effect as of the Close of Business on the day
immediately preceding the Ex-Date for such dividend or distribution, or the effective
date of such share split or combination, as the case may be;
	 
	 	 	 	 
	CR’

	 	=
	 	the Base Conversion Rate in effect as of the opening of business on the
Ex-Date for such dividend or distribution or the effective date of such share split or
combination, as the case may be;
	 
	 	 	 	 
	OS0

	 	=
	 	the number of shares of Common Stock outstanding immediately prior to the
Ex- Date for such dividend or distribution or the effective date of such share split
or combination, as the case may be; and
	 
	 	 	 	 
	OS’

	 	=
	 	the number of shares of Common Stock that would be outstanding as of the
opening of business on the Ex-Date for such dividend or distribution immediately after
giving effect to such dividend or distribution or immediately after the effective date
of such share split or combination, as the case may be.

Any adjustment made pursuant to this subsection (a) shall become effective on the date immediately
following (x) the Ex-Date for such dividend or other distribution or (y) the effective date of such
split or combination, as applicable. If any dividend or distribution of the type described in this
subsection (a) is declared but not so paid or made, the Base Conversion Rate shall be readjusted to
the Base Conversion Rate that would be in effect if such dividend or distribution had not been
declared.

54

 

     (b) If the Company distributes to all or substantially all holders of its Common Stock any
rights or warrants (other than rights issued pursuant to a stockholders’ rights plan) entitling
them for a period of not more than 45 days after the date of such distribution to subscribe for or
purchase shares of Common Stock, at a price per share less than the average of the Last Reported
Sale Prices of the Common Stock for the ten Trading Days ending on and including the Trading Day
immediately preceding the Ex-Date for such distribution, the Base Conversion Rate will be adjusted
based on the following formula:

where,

	 	 	 	 	 
	CR0

	 	=
	 	the Base Conversion Rate in effect as of the Close of Business on the day
immediately preceding the Ex- Date for such distribution;
	 
	 	 	 	 
	CR’

	 	=
	 	the Base Conversion Rate in effect as of the opening of business on the
Ex-Date for such distribution;
	 
	 	 	 	 
	OS0

	 	=
	 	the number of shares of Common Stock outstanding immediately prior to the
Ex-Date for such distribution;
	 
	 	 	 	 
	X

	 	=
	 	the total number of shares of Common Stock issuable pursuant to such rights
or warrants; and
	 
	 	 	 	 
	Y

	 	=
	 	the number of shares of Common Stock equal to the aggregate price payable
to exercise such rights or warrants divided by the average of the Last Reported Sale
Prices of Common Stock over the ten consecutive Trading Day period ending on and
including the Trading Day immediately preceding the Ex-Date for such distribution.

For purposes of this subsection (b), in determining whether any rights or warrants entitle the
holders to subscribe for or purchase shares of Common Stock at less than the average of the Last
Reported Sale Prices of the Common Stock over the ten consecutive Trading Day period ending on and
including the Trading Day immediately preceding the Ex-Date for such distribution, and in
determining the aggregate exercise or conversion price payable for such Common Stock, there shall
be taken into account any consideration received by the Company for such rights or warrants and any
amount payable on exercise or conversion thereof, with the value of such consideration, if other
than cash, to be determined by the Board of Directors or a committee thereof. If any such rights or
warrants described in this subsection (b) are not exercised or converted prior to the expiration of
the exercisability or convertibility thereof, the new Base Conversion Rate

55

 

shall be readjusted to the Base Conversion Rate that would have been in effect if such right or
warrant had not been issued.

     (c) If the Company distributes shares of Capital Stock, evidences of its indebtedness or other
assets or property of the Company to all or substantially all holders of the Common Stock,
excluding:

     (i) dividends or distributions referred to in subsection (a) or (b) above;

     (ii) dividends or distributions paid exclusively in cash referred to in subsection (d) below;
and

     (iii) Spin-Offs described below in this subsection (c);

then the Base Conversion Rate will be adjusted based on the following formula:

where,

	 	 	 	 	 
	CR0

	 	=
	 	the Base Conversion Rate in effect immediately after the Close of Business
on the day immediately preceding the Ex-Date for such distribution;
	 
	CR’

	 	=
	 	the Base Conversion Rate in effect as of the opening of business on the
Ex-Date for such distribution;
	 
	SP0

	 	=
	 	the average of the Last Reported Sale Prices of the Common Stock over the
ten consecutive Trading Day period ending on the Trading Day immediately preceding the
Ex-Date for such distribution; and
	 
	FMV

	 	=
	 	the fair market value as determined in good faith by the Board of Directors
or a committee thereof of the shares of Capital Stock, evidences of indebtedness,
assets or property distributed with respect to each outstanding share of Common Stock
on the Ex-Date for such distribution.

With respect to an adjustment pursuant to this subsection (c) where there has been a payment of a
dividend or other distribution on the Common Stock or in shares of Capital Stock of any class or
series, or similar equity interest, of or relating to a Subsidiary or other business units of the
Company (a “Spin-Off”), the Base Conversion Rate in effect immediately before 5:00 p.m.,
New York City time, on the tenth Trading Day

56

 

immediately following the effective date of such
Spin-Off will be increased based on the following formula:

where,

	 	 	 	 	 
	CR0

	 	=
	 	the Base Conversion Rate in effect immediately before 5:00 p.m., New York
City time, on the tenth Trading Day immediately following the effective date of the
Spin-Off;
	 	 	 	 	 	 
	CR’

	 	=
	 	the Base Conversion Rate in effect immediately after 5:00 p.m., New York
City time, on the tenth Trading Day immediately following the effective date of the
Spin-Off;
	 	 	 	 	 	 
	FMV0

	 	=
	 	the average of the Last Reported Sale Prices of the Capital Stock or
similar equity interest distributed to holders of Common Stock applicable to one share
of Common Stock over the ten consecutive Trading Day period beginning on and including
the Trading Day immediately following the effective date of the Spin-Off; and
	 	 	 	 	 	 
	MP0

	 	=
	 	the average of the Last Reported Sale Prices of Common Stock over the
first ten consecutive Trading Day period beginning on and including the Trading Day
immediately following the effective date of the Spin-Off.

The adjustment pursuant to this subsection (c) shall occur at the Close of Business on the tenth
Trading Day from the effective date of the Spin-Off; provided that in respect of any conversion
within the ten Trading Days beginning on the Trading Day immediately following the effective date
of any Spin-Off, references in this subsection (c) with respect to the Spin-Off to ten Trading Days
shall be deemed replaced with such lesser number of Trading Days as have elapsed between the
effective date of such Spin-Off and the Conversion Date in determining the Base Conversion Rate.

     If any such dividend or distribution described in this subsection (c) is declared but not paid
or made, the Base Conversion Rate shall be readjusted to be the Base Conversion Rate that would
then be in effect if such dividend or distribution had not been declared.

     The adjustment in this subsection (c) does not apply to any distributions to the extent that
the right to convert Securities has been changed into the right to convert into Reference Property
pursuant to Section 6.09(b).

57

 

     (d) If any cash dividend or distribution is paid to all or substantially all holders of Common
Stock, the Base Conversion Rate will be adjusted based on the following formula:

where,

	 	 	 	 	 
	CR0

	 	=
	 	the Base Conversion Rate in effect as of the Close of Business on the day
immediately preceding the Ex-Date for such dividend or distribution;
	 	 	 	 	 	 
	CR’

	 	=
	 	the Base Conversion Rate in effect as of the opening of business on the
Ex-Date for such dividend or distribution;
	 	 	 	 	 	 
	SP0

	 	=
	 	the average of the Last Reported Sale Prices of Common Stock during the
ten Trading Day period ending on and including the Trading Day immediately preceding
the Ex-Date for such dividend or distribution; and
	 	 	 	 	 	 
	C

	 	=
	 	the amount in cash per share the Company distributes to holders of Common
Stock.

     Such adjustment shall become effective immediately after the opening of business on the
Ex-Date for such dividend or distribution. If any such dividend or distribution described in this
subsection (d) is declared but not paid or made, the Base Conversion Rate shall be readjusted to be
the Base Conversion Rate that would then be in effect if such dividend or distribution had not been
declared.

     The adjustment in this subsection (d) does not apply to any distributions to the extent that
the right to convert Securities has been changed into the right to convert into Reference Property
in respect of such distributions pursuant to Section 6.09(b).

     (e) If the Company or any of its Subsidiaries make a payment in respect of a tender or
exchange offer for Common Stock, to the extent that the cash and value (which will be determined by
the Board of Directors or a committee thereof) of any other consideration included in the payment
per share of Common Stock exceeds the average of the Last Reported Sale Prices of Common Stock over
the ten consecutive Trading Day period beginning on, and including, the Trading Day next succeeding
the last date on which tenders or exchanges may be made pursuant to such tender or exchange offer,
the Base Conversion Rate will be increased based on the following formula:

58

 

     where,

	 	 	 	 	 
	CR0

	 	=
	 	the Base Conversion Rate in effect on the date such tender or exchange
offer expires;
	 	 	 	 	 	 
	CR’

	 	=
	 	the Base Conversion Rate in effect on the day next succeeding the date such
tender or exchange offer expires;
	 	 	 	 	 	 
	AC

	 	=
	 	the aggregate value of all cash and any other consideration as determined
by the Board of Directors or a committee thereof paid or payable for shares purchased
in such tender or exchange offer;
	 	 	 	 	 	 
	OS0

	 	=
	 	the number of shares of Common Stock outstanding immediately prior to the
date such tender or exchange offer expires;
	 	 	 	 	 	 
	OS’

	 	=
	 	the number of shares of Common Stock outstanding immediately after the date
such tender or exchange offer expires (after giving effect to such tender or exchange
offer); and
	 	 	 	 	 	 
	SP’

	 	=
	 	the average of the Last Reported Sale Prices of Common Stock over the ten
consecutive Trading Day period beginning on, and including, the Trading Day next
succeeding the date such tender or exchange offer expires.

The adjustment to the Base Conversion Rate under this subsection (e) shall occur at the Close of
Business on the tenth Trading Day from the Trading Day next succeeding the date such tender or
exchange offer expires; provided that in respect of any conversion within ten Trading Days
immediately following, and including, the expiration date of any tender or exchange offer,
references in this subsection (e) with respect to ten consecutive Trading Days shall be deemed
replaced with such lesser number of Trading Days as have elapsed between the expiration date of
such tender or exchange offer and the Conversion Date in determining the Base Conversion Rate. If
the Company is obligated to purchase shares pursuant to any such tender or exchange offer, but the
Company is prevented by applicable law from effecting any or all such purchases or any or all such
purchases are rescinded, the Base Conversion Rate shall again be adjusted to be the Conversion Date
that would have been in effect based upon the number of shares actually purchased.

     (f) If the effective date for any adjustment event occurs during an Observation Period for any
Securities, then the Company will make proportional adjustments to the Base Conversion Rate for
each VWAP Trading Day during the portion of such Observation Period preceding the effective date of
such adjustment event.

59

 

     (g) Notwithstanding the foregoing provisions of this Section 6.02, (i) no adjustment shall be
made hereunder for any transaction described herein if the Holders will otherwise participate in
such transaction as a result of holding their Securities and at the same time as holders of the
Common Stock participate, without conversion of such
Holders’ Securities as if such Holders held a number of shares of Common Stock equal to (x)
the Applicable Conversion Rate multiplied by the principal amount of Securities held by such
Holders (y) divided by $1,000, provided that this exception will not apply to any adjustment made
pursuant to Section 6.03, and (ii) no adjustment shall be made hereunder if the application of any
of the foregoing formulas would result in a decline in the Base Conversion Rate (other than as a
result of a share combination pursuant to subsection(a) of this Section 6.02), unless such
application is a result of a readjustment to the Base Conversion Rate specifically contemplated by
this Indenture.

     (h) In addition to any increases to the Base Conversion Rate required by subsections (a), (b),
(c), (d), and (e) of this Section 6.02, and to the extent permitted by applicable law and the rules
of The New York Stock Exchange or any securities exchange on which the Common Stock is then listed,
the Company from time to time may increase the Base Conversion Rate by any amount for a period of
at least 20 Business Days if the Board of Directors determines that such increase would be in the
Company’s best interest. If the Company increases the Base Conversion Rate pursuant to this
subsection (h), the determination shall be conclusive and the Company shall mail to the Holder of
each Security at his last address appearing on the register provided for in Section 10.01 and the
Trustee a notice of the increase at least 15 calendar days prior to the date the increased Base
Conversion Rate takes effect, and such notice shall state the increased Base Conversion Rate and
the period during which it will be in effect. In addition, the Company may also (but is not
required to) increase the Base Conversion Rate to avoid or diminish any income tax to holders of
Common Stock or rights to purchase Common Stock in connection with any dividend or distribution of
shares (or rights to acquire shares) or similar event.

     (i) Except as set forth in this Section 6.02 or Section 6.03, no adjustment to the Base
Conversion Rate will be made. Without limiting the foregoing, the Base Conversion Rate will not be
adjusted:

     (i) upon the issuance of any shares of Common Stock pursuant to any present or future plan
providing for the reinvestment of dividends or interest payable on securities of the Company
and the investment of additional optional amounts in shares of Common Stock under any plan;

     (ii) upon the issuance of any shares of Common Stock or options or rights to purchase or
acquire such shares of Common Stock pursuant to any present or future employee, director or
consultant benefit plan or program or stock purchase plan of or assumed by the Company or any
of its Subsidiaries;

60

 

     (iii) upon the issuance of any shares of Common Stock pursuant to any option, warrant,
right, or exercisable, exchangeable or convertible security not described in subsection (ii)
above and outstanding as of the Issue Date of the Initial Securities;

     (iv) upon the issuance of any shares of Common Stock pursuant to the Common Stock offering
being made concurrently with the offering of the Initial Securities (including upon the initial
issuance and subsequent issuance of shares of Common Stock if the Underwriters exercise their
option to purchase additional shares thereunder);

     (v) for a change in the par value (or a change to no par value) of the Common Stock;

     (vi) for accumulated and unpaid dividends (except as provided in Section 6.02(d)); or

     (vii) for accrued and unpaid interest.

     In addition, except as provided in this Section 6.02, the Base Conversion Rate will not be
adjusted for the issuance or acquisition of shares of Common Stock or any securities
convertible into or exchangeable for shares of Common Stock or carrying the right to purchase
any of the foregoing.

     (j) All calculations under this Section 6.02 shall be made by the Company and shall be made to
the nearest cent or to the nearest one-ten thousandth (1/10,000) of a share, as the case may be.

     (k) For purposes of this Section 6.02, the number of shares of Common Stock at any time
outstanding shall not include shares held in the treasury of the Company but shall include shares
issuable in respect of scrip certificates issued in lieu of fractions of shares of Common Stock. If
the Company pays any dividend or makes any distribution on, or issues any rights, options or
warrants in respect of, shares of Common Stock held in treasury by the Company, the Company shall
not issue, transfer or convey such shares of Common Stock in a manner that would have the effect of
circumventing the provisions of this Section 6.02.

     (l) Whenever any provision of this Article 6 requires a calculation of the Last Reported Sale
Prices or Daily VWAP over a span of multiple days, the Company will make appropriate adjustments
(determined in good faith by the Board of Directors) to account for any adjustment or multiple
simultaneous adjustments to the Base Conversion Rate that becomes effective, or any event requiring
an adjustment to the Base Conversion Rate where the Ex-Date of the event occurs, at any time during
the period from which such prices are to be calculated.

61

 

     (m) Notwithstanding the foregoing, no adjustment to the Base Conversion Rate will be required
unless the adjustment would require an increase or decrease of at least 1% of the Base Conversion
Rate. However, the Company will carry forward any adjustments that are less than 1% of the Base
Conversion Rate that the Company elects
not to make and take them into account upon the earliest of (i) any conversion of Securities,
(ii) each anniversary of the date of issuance of the Securities, (iii) each VWAP Trading Day during
the period beginning on, and including, the 32nd Scheduled Trading Day prior to the Maturity Date
and (iv) such time as all adjustments that have not been made prior thereto would have the effect
of adjusting the Base Conversion Rate by at least 1%.

     Section 6.03. Adjustment Upon Make-Whole Fundamental Change.

     (a) If a Make-Whole Fundamental Change occurs, the Company shall notify each of the Holders
and the Trustee of the Effective Date of the Make-Whole Fundamental Change, and issue a press
release, on the Effective Date of such transaction.

     (b) If a Holder elects to convert Securities in connection with a Make-Whole Fundamental
Change, the Base Conversion Rate shall be increased by an additional number of shares of Common
Stock (the “Additional Shares”) as described below. A conversion shall be deemed to be in
connection with a Make-Whole Fundamental Change if such conversion occurs on or after the Effective
Date of such Make-Whole Fundamental Change and prior to the Close of Business on the Business Day
immediately preceding the related Fundamental Change Repurchase Date.

     (i) The number of Additional Shares by which the Base Conversion Rate will be increased
for conversions in connection with a Make-Whole Fundamental Change shall be determined by the
Company by reference to the table attached as Schedule A hereto, based on the earliest of the
date on which the Make-Whole Fundamental Change is publicly announced, occurs or becomes
effective (the “Make-Whole Reference Date”) and the Stock Price; provided that if the
actual Stock Price is between two Stock Price amounts in the table or the Make-Whole Reference
Date is between two Make-Whole Reference Dates in the table, the number of Additional Shares
shall be determined by a straight-line interpolation between the number of Additional Shares
set forth for the next higher and next lower Stock Price amounts and the two nearest Make-Whole
Reference Dates, as applicable, based on a 365-day year; provided further that if (A) the Stock
Price is greater than [•] per share of Common Stock (subject to adjustment in the same manner
as set forth in Section 6.02), no Additional Shares shall be added to the Base Conversion Rate,
and (B) the Stock Price is less than [•] per share of Common Stock (subject to adjustment in
the same manner as set forth in Section 6.02), no Additional Shares shall be added to the Base
Conversion Rate.

62

 

     (ii) The Stock Prices set forth in the first column of the table in Schedule A hereto
(i.e., the row headers) shall be adjusted by the Company as of any date on which the Base
Conversion Rate is otherwise adjusted. The adjusted Stock Prices shall equal the Stock Prices
applicable immediately prior to such adjustment, multiplied by a fraction, the numerator of
which is the Base Conversion Rate in effect
immediately prior to the adjustment giving rise to the Stock Price adjustment and the
denominator of which is the Base Conversion Rate as so adjusted. The number of Additional
Shares within the table shall be adjusted in the same manner as the Base Conversion Rate as set
forth in Section 6.02.

     Section 6.04. Notice of Adjustments of Base Conversion Rate and Incremental Share
Factor.

     Whenever the Base Conversion Rate and the Incremental Share Factor are adjusted as herein
provided:

     (a) the Company shall compute the adjustments to the Base Conversion Rate and the Incremental
Share Factor in accordance with Section 6.02 and shall prepare a certificate signed by the Chief
Financial Officer of the Company setting forth the adjustments to the Base Conversion Rate and the
Incremental Share Factor and showing in reasonable detail the facts upon which such adjustment is
based, and such certificate shall promptly be filed with the Trustee and with each Conversion Agent
(if other than the Trustee); and

     (b) upon each such adjustment, a notice stating that the Base Conversion Rate and the
Incremental Share Factor have been adjusted and setting forth the adjustments to the Base
Conversion Rate and the Incremental Share Factor shall be required, such notice shall be provided
by the Company to all Holders in accordance with Section 1.06.

     Neither the Trustee nor any Conversion Agent shall be under any duty or responsibility with
respect to any such certificate or the information and calculations contained therein, except to
exhibit the same to any Holder of Securities desiring inspection thereof at its office during
normal business hours.

     Section 6.05. Company to Reserve Common Stock.

     The Company shall at all times reserve and keep available, free from preemptive rights, out of
its authorized but unissued Common Stock, for the purpose of effecting the conversion of
Securities, the full number of shares of Common Stock then issuable upon the conversion of all
Outstanding Securities.

63

 

     Section 6.06. Taxes on Conversions.

     Except as provided in the next sentence, the Company shall pay all documentary, stamp or
similar issue or transfer tax due that may be payable in respect of the issue or delivery of shares
of Common Stock on conversion of Securities pursuant hereto. The Company shall not, however, be
required to pay any tax or duty that may be payable in respect of (i) income of the Holder, or (ii)
any transfer involved in the issue and delivery of shares of Common Stock in a name other than that
of the Holder of the Security or
Securities to be converted, and no such issue or delivery shall be made unless and until the
Person requesting such issue has paid to the Company the amount of any such tax or duty, or has
established to the satisfaction of the Company that such tax or duty has been paid.

     Section 6.07. Certain Covenants.

     Before taking any action which would cause an adjustment reducing the Applicable Conversion
Rate below the then par value, if any, of the shares of Common Stock issuable upon conversion of
the Securities, the Company shall take all corporate action which it reasonably determines may be
necessary in order that the Company may validly and legally issue shares of such Common Stock at
such Applicable Conversion Rate.

     The Company covenants that all shares of Common Stock issued upon conversion of Securities
shall be fully paid and non-assessable by the Company and free from all taxes, liens and charges
with respect to the issue thereof.

     The Company further covenants that if at any time the Common Stock shall be listed for trading
on any other national securities exchange the Company shall, if permitted and required by the rules
of such exchange, list and keep listed, so long as the Common Stock shall be so listed on such
exchange, all Common Stock issuable upon conversion of the Securities.

     Section 6.08. Cancellation of Converted Securities.

     All Securities surrendered for the purpose of payment, repurchase, conversion or registration
of transfer, shall, if surrendered to the Company or any Paying Agent or any Security Registrar, be
surrendered to the Trustee and promptly canceled by it, or, if surrendered to the Trustee, shall be
promptly canceled by it, and no Securities shall be issued in lieu thereof except as expressly
permitted by any of the provisions of this Indenture. The Trustee shall dispose of canceled
Securities in accordance with its customary procedures. If the Company shall acquire any of the Securities, such
acquisition shall not operate as satisfaction of the debt represented by such Securities unless and
until the same are delivered to the Trustee for cancellation.

64

 

     Section 6.09. Provision in Case of Effect of Reclassification, Consolidation, Merger or
Sale.

     In the event of (i) any reclassification of the Company’s Common Stock (other than a change in
par value, or from par value to no par value, or from no par value to par value), (ii) any
consolidation, binding share exchange, recapitalization, reclassification, merger, combination or
other similar event of the Company with another Person (other
than a change in par value, or from par value to no par value, or from no par value to par
value) or (iii) any sale, transfer or conveyance of all or substantially all of the property and
assets of the Company to any other Person, in each case as a result of which holders of Common
Stock would be entitled to receive cash, securities or other property or assets with respect to or
in exchange for such Common Stock (any such event described in clauses (i) through (iii) a
“Merger Event”), then:

     (a) the Company or the successor or purchasing Person, as the case may be, shall execute with
the Trustee a supplemental indenture (which shall comply with the Trust Indenture Act as in force
at the date of execution of such supplemental indenture if such supplemental indenture is then
required to so comply) permitted under Section 12.01(b) providing for the conversion and settlement
of the Securities as set forth in this Indenture. Such supplemental indenture shall provide for
adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided
for in this Article and the Trustee may conclusively rely on the determination by the Company of
the equivalency of such adjustments. If, in the case of any Merger Event, the Reference Property
includes shares of stock or other securities and assets of a company other than the successor or
purchasing company, as the case may be, then such supplemental indenture shall also be executed by
such other company and shall contain such additional provisions to protect the interests of the
Holders of the Securities as the Board of Directors shall reasonably consider necessary by reason
of the foregoing.

     In the event a supplemental indenture is executed pursuant to this Section 6.09, the Company
shall promptly file with the Trustee an Officer’s Certificate briefly stating the reasons
therefore, the kind or amount of cash, securities or property or assets that will constitute the
Reference Property after any such Merger Event, any adjustment to be made with respect thereto and
that all conditions precedent have been complied with, and shall promptly mail notice thereof to
all Holders.

     If any securities to be provided for the purpose of conversion of Securities hereunder require
registration with or approval of any governmental authority under any federal or state law before
such securities may be validly issued upon conversion, each supplemental indenture executed
pursuant to this Section shall provide that the Company or the successor or the purchasing Person,
as the case may be, or if the Reference Property includes shares of stock or other securities and
assets of a company other than the successor or purchasing company, as the case may be, then such
company, shall use all commercially reasonable efforts, to the extent then permitted by the rules
and

65

 

interpretations of the SEC (or any successor thereto), to secure such registration or approval
in connection with the conversion of Securities.

     (b) Notwithstanding, and subject to the provisions of Section 6.01, at the effective time of
such Merger Event, the right to convert each $1,000 principal amount of Securities shall be changed
to a right to convert such Securities by reference to the kind and amount of cash, securities or
other property or assets that a holder of Common Stock
would be entitled to receive (the “Reference Property”) based on the Daily Conversion
Values of the Reference Property during the Observation Period relating to such conversion and the
Base Conversion Rate and Incremental Share Factor in effect immediately prior to the Merger Event,
subject to the Company’s right to elect to settle conversions, in whole or in part, in a
combination of cash and shares of Common Stock (or Reference Property), entirely cash or entirely
shares of Common Stock (or Reference Property); provided that if the Company makes the Irrevocable
Net Share Settlement Election, upon conversion, Holders will receive Reference Property as follows:
(x) cash in an amount equal to the Principal Portion and (y) in lieu of the shares of Common Stock
otherwise deliverable for the excess, if any, of the Conversion Obligation above the Principal
Portion, Reference Property.

     For purposes of determining the constitution of Reference Property, the type and amount of
consideration that a holder of Common Stock would have been entitled to in the event of a Merger
Event that causes the Common Stock to be converted into the right to receive more than a single
type of consideration (determined, based in part upon any form of stockholder election) shall be
deemed to be (i) if the Holders of the majority of Common Stock affirmatively make such an
election, the weighted average of the types and amounts of consideration received by the holders of
Common Stock that affirmatively make such an election or (ii) if no holders of Common Stock
affirmatively make such election, the types and amounts of consideration actually received by such
holders. None of the foregoing provisions shall affect any right of a Holder of Securities to
convert its Securities in accordance with the provisions of this Article prior to the effective
date of such Merger Event.

     (c) The Company shall cause notice of the execution of a supplemental indenture required by
this Section 6.09 to be mailed to each Holder, at his address appearing on the register provided
for in Section 10.01, or by such other means reasonably acceptable to such Holder, within 20
calendar days after execution thereof. Failure to deliver such notice shall not affect the legality
or validity of such supplemental indenture.

     (d) The above provisions of this Section shall similarly apply to successive Merger Events.

66

 

     Section 6.10. Responsibility of Trustee for Conversion Provisions.

     The Trustee and any Conversion Agent shall not at any time be under any duty or responsibility
to any Holder of Securities to determine whether any facts exist which may require any adjustment
of the Base Conversion Rate and the Incremental Share Factor, or with respect to the nature or
extent of any such adjustment when made, or with respect to the method employed, herein or in any
supplemental indenture provided to be employed, in making the same, or whether a supplemental
indenture need be entered into. Neither the Trustee nor any Conversion Agent shall be accountable
with respect to the validity or value (or the kind or amount) of any Common Stock, or of any other
securities or property or cash, which may at any time be issued or delivered upon the conversion of
any Securities; and it or they do not make any representation with respect thereto. Neither the
Trustee nor any Conversion Agent shall be responsible for any failure of the Company to make or
calculate any cash payment or to issue, transfer or deliver any shares of Common Stock or share
certificates or other securities or property or cash upon the surrender of any Security for the
purpose of conversion; and the Trustee and any Conversion Agent shall not be responsible for any
failure of the Company to comply with any of the covenants of the Company contained in this
Article.

     Section 6.11. Stockholder Rights Plan.

     To the extent that the Company has a rights plan in effect upon conversion of the Securities
into Common Stock, the Holder will receive, in addition to the Common Stock and in lieu of any
adjustment to the Base Conversion Rate and the Incremental Share Factor, the rights under the
rights plan, unless prior to any conversion, the rights plan expires or terminates or the rights
have separated from the Common Stock, in which case, and only in such case, the Base Conversion
Rate and the Incremental Share Factor will be adjusted at the time of separation as if the Company
distributed to all holders of Common Stock shares of the Company’s Capital Stock, evidences of
indebtedness or assets as described in Section 6.02(c) above, subject to readjustment in the event
of the expiration, termination or redemption of such rights. In lieu of any such adjustment, the
Company may amend such applicable stockholder rights agreement to provide that upon conversion of
the Securities the Holders will receive, in addition to the Common Stock issuable upon such
conversion, the rights which would have attached to such Common Stock if the rights had not become
separated from the Common Stock under such applicable stockholder rights agreement. Any
distribution of rights or warrants pursuant to a rights plan that would allow a Holder to receive
upon conversion, in addition to shares of Common Stock, the rights described therein with respect
to such Common Stock (unless such rights or warrants have separated from the Common Stock) shall
not constitute a distribution of rights or warrants that would entitle the Holder to an adjustment
to the Base Conversion Rate and the Incremental Share Factor.

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     Section 6.12. Right to Set-off Withholding Taxes.

     The Company may, at its option, set-off withholding taxes due with respect to Securities as a
result of an adjustment to the Base Conversion Rate and the Incremental Share Factor against
payments of cash and shares of Common Stock on the Securities.

ARTICLE 7

Remedies

     Section 7.01. Events of Default.

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

     (a) default in any payment of interest upon any Security when due and payable, and the default
continues (x) for any Interest Payment Date through [•] 2011, for a period of ten Business Days, or
(y) for any Interest Payment Date thereafter, for a period of 30 days; or

     (b) default in the payment of principal of any Security when due and payable at its Stated
Maturity, upon required repurchase, upon acceleration or otherwise; or

     (c) failure by the Company to comply with its obligation to convert the Securities into cash
and/or shares of Common Stock and, if applicable, Reference Property (as defined in Section 6.09(b)
of this Indenture) upon exercise of a Holder’s conversion right, which default continues for five
days; or

     (d) failure by the Company to comply with its obligations under Article 8; or

     (e) failure by the Company to issue a Fundamental Change Repurchase Right Notice in accordance
with Section 5.01 for a period of ten days after any such notice becomes due; or

     (f) failure by the Company for 60 days after written notice from the Trustee or the Holders of
at least 25% of the aggregate principal amount of the Outstanding Securities has been received by
the Company to comply with any of its other agreements contained in the Securities or this
Indenture; or

     (g) default by the Company or any of its Subsidiaries with respect to any mortgage, agreement
or other instrument under which there may be outstanding, or by which there may be secured or
evidenced any debt for money borrowed in excess of $20,000,000 in the aggregate of the Company
and/or any Subsidiary of the Company,

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whether such debt now exists or shall hereafter be created, which default results (i) in such
debt becoming or being declared due and payable or (ii) from a failure to pay the principal of any
such debt when due and payable at its Stated Maturity, upon required repurchase, upon declaration
or otherwise; or

     (h) failure by the Company or any of its Subsidiaries, within 30 days, to pay, bond or
otherwise discharge any judgments or orders for the payment of money the total uninsured amount of
which for the Company or any of its Subsidiaries exceeds in the aggregate $20,000,000, which are
not stayed on appeal; or

     (i) the Company or any of its Significant Subsidiaries shall commence a voluntary case or
other proceeding seeking liquidation, reorganization or other relief with respect to itself or its
debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking
the appointment of a trustee, receiver, liquidator, custodian or other similar official of the
Company or any of its Significant Subsidiaries or any substantial part of its respective property,
or shall consent to any such relief or to the appointment of or taking possession by any such
official in an involuntary case or other proceeding commenced against it, or shall make a general
assignment for the benefit of creditors, or shall fail generally to pay its debts as they become
due; or

     (j) an involuntary case or other proceeding shall be commenced against the Company or any of
its Significant Subsidiaries seeking liquidation, reorganization or other relief with respect to it
or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or
seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of
the Company or any of its Significant Subsidiaries or any substantial part of its respective
property, and such involuntary case or other proceeding shall remain undismissed and unstayed for a
period of sixty (60) consecutive calendar days; or

     (k) the Pledge and Escrow Agreement ceases to be in full force and effect, or enforceable,
prior to its expiration in accordance with its terms, and such default continues for a period of
five days.

     Section 7.02. Acceleration of Maturity; Rescission and Annulment.

     (a) If an Event of Default occurs and is continuing, then and in every such case except as
provided below, the Trustee or the Holders of not less than 25% in aggregate principal amount of
the Outstanding Securities may, and the Trustee at the request of the Holders shall, declare 100%
of the principal of and accrued and unpaid interest on all the Securities to be due and payable
immediately, by a notice in writing to the Company (and to the Trustee if given by Holders), and
upon any such declaration such principal and accrued and unpaid interest shall become immediately
due and payable. However, upon an Event of Default arising out of Section 7.01(i) or Section
7.01(j) with respect to the Company, the aggregate principal amount of all the Securities, plus
accrued and unpaid

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interest to the acceleration date, shall be due and payable immediately without notice from
the Trustee or Holders.

     (b) Notwithstanding the foregoing, at the election of the Company, the sole remedy of Holders
with respect to an Event of Default for the failure by the Company to comply with its obligations
under Section 314(a)(1) of the Trust Indenture Act relating to the Company’s failure to file any
documents or reports that the Company is required to file with the SEC pursuant to Section 13 or
15(d) of the Exchange Act or of its covenants set forth in Section 10.04 (any such Event of
Default, a “Reporting Default”) shall for the first 90 days (the “First Extension
Period”) after the date (the “Reporting Default Date”) on which such reporting default
occurs consist exclusively of the right (the “First Extension Right”) to receive an
extension fee on the Securities equal to 0.25% of the aggregate principal amount of the Securities
(the “First Extension Fee,” and together with the Second Extension Fee, if any, the
“Extension Fee”). If the Company exercises the First Extension Right, the First Extension
Fee shall be payable on all Securities Outstanding one Business Day prior to the time of payment of
the First Extension Fee, as specified in Section 7.02(d). On the 91st day after the Reporting
Default Date (if such Reporting Default is not cured or waived prior to such 91st day), the
Securities shall be subject to acceleration as provided in Section 7.02(a) unless the Company has
exercised the Second Extension Right in accordance with the provisions described in Section
7.02(d). If the Company does not elect to pay the First Extension Fee upon such Reporting Default,
the Securities shall be subject to acceleration as provided in Section 7.02(a).

     (c) In addition, if the Company so elects, the sole remedy of Holders with respect to a
Reporting Default that continues beyond the First Extension Period shall for the period from the
91st day after the Reporting Default Date until the 180th day after the Reporting Default Date (the
“Second Extension Period”) consist exclusively of the right (the “Second Extension
Right”) to receive an extension fee on the Securities equal to 0.25% of the aggregate principal
amount of the Securities (the “Second Extension Fee”). If the Company exercises the Second
Extension Right, the Second Extension Fee shall be payable on all Securities Outstanding one
Business Day prior to the time of payment of the Second Extension Fee, as specified in Section
7.02(d). On the 181st day after the Reporting Default Date (if such Reporting Default is not cured
or waived prior to such 181st day), the Securities shall be subject to acceleration as provided in
Section 7.02(a). If the Company elects to exercise the First Extension Right but the Company does
not pay the Second Extension Fee on or prior to the 91st day after the Reporting Default Date, the
Securities shall be subject to acceleration as provided in Section 7.02(a).

     (d) In order to exercise the First Extension Right or Second Extension Right and elect to pay
the applicable Extension Fee as the sole remedy during the First Extension Period or Second
Extension Period, as the case may be, the Company must (i) notify, by a certificate, all Holders
and the Trustee and Paying Agent of such election prior to the

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Close of Business on (x) for the First Extension Right, the first Business Day following the
Reporting Default Date, or (y) for the Second Extension Right, the second Business Day prior to the
last day of the First Extension Period, and (ii) pay the applicable Extension Fee on or before the
Close of Business on (x) for the First Extension Right, the Reporting Default Date, or (y) for the
Second Extension Right, the second Business Day prior to the last day of the First Extension
Period. If the Company fails to give such timely notice or pay the First Extension Fee or the
Second Extension Fee, as the case may be, as described above, the Securities shall be immediately
subject to acceleration as provided in Section 7.02(a). Unless and until a Responsible Officer of
the Trustee receives at the Corporate Trust Office such a certificate, the Trustee may assume
without inquiry that the Extension Fee is not payable.

     (e) Notwithstanding subsections (b), (c) and (d) of this Section 7.02, if an Event of Default
occurs under any series of the Company’s debt securities (other than the Securities) issued
subsequent to the Issue Date of the Initial Securities resulting from the Company’s failure to
comply with obligations similar to those contained in Section 10.04 or the requirements of Section
314(a)(1) of the Trust Indenture Act, and such Event of Default is not subject to extension on
terms similar to those set forth in subsections (b), (c) and (d) of this Section 7.02 and results
in the principal amount of such debt securities becoming due and payable, then the Extension Right
shall no longer apply and the Securities shall be subject to acceleration as provided in Section
7.02(a).

     (f) This Section 7.02, however, is subject to the conditions that if, at any time after the
principal of and accrued and unpaid interest on the Securities shall have been so declared due and
payable, and before any judgment or decree for the payment of the monies due shall have been
obtained or entered as hereinafter provided, the Company shall pay or shall deposit with the
Trustee a sum sufficient to pay installments of accrued and unpaid interest upon all Securities and
the principal of any and all Securities that shall have become due otherwise than by acceleration
(with interest on overdue installments of accrued and unpaid interest (to the extent that payment
of such interest is enforceable under applicable law) and on such principal at the rate borne by
the Securities during the period of such Default), and if (a) rescission would not conflict with
any judgment or decree of a court of competent jurisdiction and (b) any and all Events of Default
under this Indenture with respect to such Securities, other than the nonpayment of principal of and
accrued and unpaid interest on such Securities or failure to deliver amounts due upon conversion
that shall have become due solely by such acceleration, shall have been cured or waived pursuant to
Section 7.13, then and in every such case the Holders of a majority in aggregate principal amount
of the Outstanding Securities, by written notice to the Company and to the Trustee, may waive all
Defaults or Events of Default with respect to the Securities and rescind and annul such declaration
and its consequences and 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 or rescission and annulment shall extend to or shall affect any subsequent

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Default or Event of Default, or shall impair any right consequent thereon. No rescission or
annulment referred to above shall affect any subsequent Default or impair any right consequent
thereon.

     Section 7.03. Collection of Indebtedness and Suits for Enforcement by Trustee.

     The Company covenants that if

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

     (b) default is made in the payment of the principal of any Security at the Maturity thereof,
the Company will, upon demand of the Trustee, pay to it, for the benefit of the Holders of such
Securities, the whole amount then due and payable on such Securities for principal and interest,
and, to the extent that payment of such interest shall be legally enforceable, interest on any
overdue principal and on any overdue interest, at the rate borne by the Securities, and, in
addition thereto, such further amount as shall be sufficient to cover the costs and expenses of
collection, including the compensation, expenses, disbursements and advances of the Trustee, its
agents and counsel.

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

     Section 7.04. Trustee May File Proofs of Claim.

     In case of any judicial proceeding relative to the Company (or any other obligor upon the
Securities), its property or its creditors, the Trustee shall be entitled and empowered, by
intervention in such proceeding or otherwise, to take any and all actions authorized under the
Trust Indenture Act in order to have claims of the Holders and the Trustee allowed in any such
proceeding. In particular, the Trustee shall be authorized to collect and receive any moneys or
other property payable or deliverable on any such claims and to distribute the same; and any
custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any
such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee
and, in the event that the Trustee shall consent to the making of such payments directly to the
Holders, to pay to the Trustee any amount due it for the compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under
Section 9.07.

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     No provision of this Indenture shall be deemed to authorize the Trustee to authorize or
consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement,
adjustment or composition affecting the Securities or the rights of any Holder thereof or to
authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding.

     Section 7.05. Trustee May Enforce Claims Without Possession of Securities.

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

     Section 7.06. Application of Money Collected.

     Subject to Article 6, any money or property money collected by the Trustee pursuant to this
Article shall be applied in the following order, at the date or dates fixed by the Trustee and, in
case of the distribution of such money on account of principal or interest, upon presentation of
the Securities and the notation thereon of the payment if only partially paid and upon surrender
thereof if fully paid:

     FIRST: To the payment of all amounts due the Trustee under Section 9.07;

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

     THIRD: The balance, if any, to the Company or any other Person or Persons entitled thereto.

     Section 7.07. Limitation on Suits.

     Subject to Section 7.08, no Holder of any Security shall have any right to institute any
proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a
receiver or trustee, or for any other remedy hereunder, unless

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

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

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

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

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

it being understood and intended that no one or more Holders shall have any right in any manner
whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or
prejudice the rights of any other Holders, or to obtain or to seek to obtain priority or preference
over any other Holders (it being understood that the Trustee does not have an affirmative duty to
ascertain whether or not such actions are unduly prejudicial to such Holders) or to enforce any right under this Indenture, except in the manner herein
provided and for the equal and ratable benefit of all the Holders.

     Section 7.08. Unconditional Right of Holders to Receive Principal and Interest and to
Convert.

     Notwithstanding any other provision in this Indenture, the Holder of any Security shall have
the right, which is absolute and unconditional, to receive payment of the principal of and (subject
to Section 3.08) interest on such Security on the respective Stated Maturities expressed in such
Security and to convert such Security in accordance with Article 6 and to institute suit for the
enforcement of any such payment and right to convert, and such rights shall not be impaired without
the consent of such Holder.

     Section 7.09. Restoration of Rights and Remedies.

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

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     Section 7.10. Rights and Remedies Cumulative.

     Except as otherwise provided with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Securities in the last paragraph of Section 3.07, no right or remedy
herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of
any other right or remedy, and every right and remedy shall, to the extent permitted by law, be
cumulative and in addition to every other right and remedy given hereunder or now or hereafter
existing at law or in equity or otherwise. The assertion or employment of any right or remedy
hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other
appropriate right or remedy.

     Section 7.11. Delay or Omission Not Waiver.

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

     Section 7.12. Control by Holders.

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

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

     (b) the Trustee may take any other action deemed proper by the Trustee which is not
inconsistent with such direction or this Indenture.

     Section 7.13. Waiver of Past Defaults.

     Subject to the conditions of Section 7.02, the Holders of not less than a majority in
aggregate principal amount of the Outstanding Securities may on behalf of the Holders of all the
Securities waive (including, without limitation, consents obtained in connection with a purchase
of, or tender offer or exchange offer for, Securities) any past Default hereunder and its
consequences, except a Default

     (a) in the payment of the principal of or interest on any Security that remains uncured, or

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     (b) in respect of the failure to deliver the amounts due upon conversion of a Security in
accordance with Section 6.01 hereunder, or

     (c) in respect of a covenant or provision hereof which under Article 12 cannot be modified or
amended without the consent of the Holder of each Outstanding Security affected.

     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 7.14. Undertaking for Costs.

     In any suit for the enforcement of any right or remedy under this Indenture, or in any suit
against the Trustee for any action taken, suffered or omitted by it as Trustee, a court may require
any party litigant in such suit to file an undertaking to pay the costs of such suit, and may
assess costs, including reasonable attorneys’ fees and expenses, against any such party litigant,
in the manner and to the extent provided in the Trust Indenture Act; provided, that neither this
Section nor the Trust Indenture Act shall be deemed to authorize any court to require such an
undertaking or to make such an assessment in any suit instituted by the Trustee, in any suit
instituted by the Company or in any suit for the enforcement of the right to convert any Security
in accordance with Article 12.

     Section 7.15. Waiver of Stay or Extension Laws.

     The Company covenants (to the extent that it may lawfully do so) that it will not at any time
insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any
usury, stay or extension law wherever enacted, now or at any time hereafter in force, which may
affect the covenants or the performance of this Indenture; and the Company (to the extent that it
may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants
that it will not hinder, delay or impede the execution of any power herein granted to the Trustee,
but will suffer and permit the execution of every such power as though no such law had been
enacted.

ARTICLE 8

Consolidation, Merger, Conveyance, Transfer Or Lease

     Section 8.01. Company May Consolidate, Etc., Only on Certain Terms.

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

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     (a) the Person (if other than the Company) formed by such consolidation or into which the
Company is merged or the Person which acquires by conveyance or transfer, or which leases, the
properties and assets of the Company substantially as an entirety (i) shall be an entity organized
and validly existing under the laws of the United States of America, any State thereof or the
District of Columbia and (ii) such Person (if not the Company) shall expressly assume, by an
indenture supplemental hereto, executed and delivered to the Trustee, all obligations of the
Company under the Securities and this Indenture, and, to the extent that the Company has ongoing
obligations pursuant to the Pledge and Escrow Agreement, the Pledge and Escrow Agreement;

     (b) 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
and be continuing; and

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

     Section 8.02. Successor Substituted.

     Upon any consolidation of the Company with, or merger of the Company into, any other Person or
any conveyance, transfer or lease of the properties and assets of the Company substantially as an
entirety in accordance with Section 8.01, the successor Person formed by such consolidation or into
which the Company is merged or 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 with the same effect as if such successor Person had been named as the Company herein,
and thereafter, except in the case of a lease of all or substantially all the properties or assets
of such predecessor Person, the predecessor Person shall be relieved of all obligations and
covenants under this Indenture and the Securities. If the Company is still in existence after the
transaction, it will be released from its obligations and covenants hereunder and the under the
Securities, except in the case of a lease of all or substantially all the properties or assets of
the Company.

ARTICLE 9

The Trustee

     Section 9.01. Certain Duties and Responsibilities.

     The duties and responsibilities of the Trustee shall be as provided by the Trust Indenture
Act. Notwithstanding the foregoing, no provision of this Indenture shall require the Trustee to
expend or risk its own funds or otherwise incur any financial liability in the

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performance of any of its duties hereunder, or in the exercise of any of its rights or powers,
if it shall have reasonable grounds for believing that repayment of such funds or adequate
indemnity against such risk or liability is not reasonably assured to it. Whether or not therein
expressly so provided, every provision of this Indenture relating to the conduct or affecting the
liability of or affording protection to the Trustee shall be subject to the provisions of this
Section. No provision of this Indenture shall be construed to relieve the Trustee from liability
for its own negligent action, its own negligent failure to act or its own willful misconduct,
subject to Section 9.03.

     In case an Event of Default has occurred (which has not been cured or waived), the Trustee
shall exercise such of the rights and powers vested in it by this Indenture, and use the same
degree of care and skill in their exercise, as a prudent person would exercise or use under the
circumstances in the conduct of his own affairs. The Trustee, however, may refuse to follow any
direction that (i) conflicts with law or this Indenture, (ii) that the Trustee determines is unduly
prejudicial to the rights of any other Holder or (iii) that would involve the Trustee in personal
liability. Prior to taking any action under this Indenture, the Trustee will be entitled to
indemnification satisfactory to it in its sole discretion against all losses and expenses caused by
taking or not taking such action.

     Section 9.02. Notice of Defaults.

     The Trustee shall give the Holders notice of any Default known to the Trustee that has
occurred and is continuing hereunder within 90 days after such Default has occurred. Except in the
case of the Default in the payment of principal of or interest on any Security or conversion
Default, the Trustee need not deliver the notice if and so long as a committee of trust officers of
the Trustee in good faith determines that withholding the notice is in the interests of Holders. In
addition, the Trustee shall give the Holders of Securities notice of any Default actually known to
it as and to the extent provided by the Trust Indenture Act.

     Section 9.03. Certain Rights of Trustee.

     Subject to the provisions of Section 9.01:

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

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

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     (c) whenever in the administration of this Indenture the Trustee shall deem it desirable that
a matter be proved or established prior to taking, suffering or omitting any action hereunder, the
Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith
on its part, rely upon an Officer’s Certificate;

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

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

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

     (g) the Trustee may execute any of the trusts or powers hereunder or perform any duties
hereunder either directly or by or through agents or attorneys and the Trustee shall not be
responsible for any misconduct or negligence on the part of any agent or attorney appointed with
due care by it hereunder;

     (h) in no event shall the Trustee be responsible or liable for special, indirect, punitive 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, other than any such loss or damage caused by the Trustee’s gross
negligence, willful misconduct or bad faith;

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

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     (j) 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;

     (k) the Trustee shall not be required to give any bond or surety in respect of the performance
of its powers and duties hereunder; and

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

     Section 9.04. Not Responsible for Recitals or Issuance of Securities.

     The recitals contained herein and in the Securities, except the Trustee’s certificates of
authentication, shall be taken as the statements of the Company, and the Trustee assumes no
responsibility for their correctness. The Trustee makes no representations as to the validity or
sufficiency of this Indenture or of the Securities. The Trustee shall not be accountable for the
use or application by the Company of Securities or the proceeds thereof.

     Section 9.05. May Hold Securities.

     The Trustee, any Authenticating Agent, any Paying Agent, any Security Registrar or any other
agent of the Company, in its individual or any other capacity, may become the owner or pledgee of
Securities and, subject to Section 9.08 and Section 9.13, may otherwise deal with the Company with
the same rights it would have if it were not Trustee, Authenticating Agent, Paying Agent, Security
Registrar or such other agent.

     Section 9.06. Money Held in Trust.

     Money held by the Trustee in trust hereunder need not be segregated from other funds except to
the extent required by law. The Trustee shall be under no liability for interest on any money
received by it hereunder except as otherwise agreed in writing with the Company.

     Section 9.07. Compensation and Reimbursement.

     The Company agrees

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

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

     (c) to indemnify each of the Trustee or any predecessor Trustee and their agents for, and to
hold them harmless against, any and all loss, damage, claims, liability or expense, including taxes
(other than taxes based upon, measured by or determined by the income of the Trustee), arising out
of or in connection with the acceptance or administration of the trust or trusts hereunder,
including the costs and expenses of defending itself against any claim (whether asserted by the
Company, or any Holder or any other Person) or liability in connection with the exercise or
performance of any of its powers or duties hereunder, or in connection with enforcing the
provisions of this Section, except to the extent that such loss, damage, claim, liability or
expense is due to its own negligence or willful misconduct.

     Subject to the terms of the Pledge and Escrow Agreement, the Trustee shall have a lien prior
to the Securities as to all property and funds held by it hereunder for any amount owing it or any
predecessor Trustee pursuant to this Section 9.07, except with respect to funds held in trust for
the benefit of the Holders of particular Securities.

     When the Trustee incurs expenses or renders services in connection with an Event of Default
specified in Section 7.01(i) or Section 7.01(j), the expenses (including the reasonable charges and
expenses of its counsel) and the compensation for the services are intended to constitute expenses
of administration under any applicable federal or state bankruptcy, insolvency or other similar
law.

     The provisions of this Section shall survive the termination of this Indenture.

     Section 9.08. Disqualification; Conflicting Interests.

     If the Trustee has or shall acquire a conflicting interest within the meaning of the Trust
Indenture Act, the Trustee shall either eliminate such interest or resign, to the extent and in the
manner provided by, and subject to the provisions of, the Trust Indenture Act and this Indenture.

     Section 9.09. Corporate Trustee Required; Eligibility.

     There shall at all times be a Trustee hereunder which shall be a Person that is eligible
pursuant to the Trust Indenture Act to act as such and has (or, in the case of a subsidiary of a
bank holding company, its holding company parent shall have) a

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combined capital and surplus of at least $50,000,000. If such Person publishes reports of
condition at least annually, pursuant to law or to the requirements of said supervising or
examining authority, then for the purposes of this Section, the combined capital and surplus of
such Person shall be deemed to be its combined capital and surplus as set forth in its most recent
report of condition so published. If at any time the Trustee shall cease to be eligible in
accordance with the provisions of this Section, it shall resign immediately in the manner and with
the effect hereinafter specified in this Article.

     Section 9.10. Resignation and Removal; Appointment of Successor.

     (a) No resignation or removal of the Trustee and no appointment of a successor Trustee
pursuant to this Article shall become effective until the acceptance of appointment by the
successor Trustee under Section 9.11.

     (b) The Trustee may resign at any time by giving written notice thereof to the Company. If an
instrument of acceptance by a successor Trustee shall not have been delivered to the Trustee within
30 days after the giving of such notice of resignation, the resigning Trustee may, at the expense
of the Company, petition any court of competent jurisdiction for the appointment of a successor
Trustee.

     (c) The Trustee may be removed at any time by Act of the Holders of a majority in principal
amount of the Outstanding Securities, delivered to the Trustee and to the Company. If an
instrument of acceptance by a successor Trustee shall not have been delivered to the Trustee within
30 days after the giving of such notice of removal, the Trustee being removed may, at the expense
of the Company, petition any court of competent jurisdiction for the appointment of a successor
Trustee with respect to the Securities.

     (d) If at any time:

     (i) the Trustee shall fail to comply with Section 9.08 after written request therefor by
the Company or by any Holder who has been a bona fide Holder of a Security for at least six
months,

     (ii) the Trustee shall cease to be eligible under Section 9.09 and shall fail to resign
after written request therefor by the Company or by any such Holder, or

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

then, in any such case, (A) the Company by a Board Resolution may remove the Trustee, or (B)
subject to Section 7.14, any Holder who has been a bona fide Holder of a Security

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for at least six months may, on behalf of himself and all others similarly situated, petition any
court of competent jurisdiction for the removal of the Trustee and the appointment of a successor
Trustee.

     (e) If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy
shall occur in the office of Trustee for any cause, the Company, by a Board Resolution, shall
promptly appoint a successor Trustee. If, within one year after such resignation, removal or
incapability, or the occurrence of such vacancy, a successor Trustee shall be appointed by Act of
the Holders of a majority in principal amount of the Outstanding Securities delivered to the
Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its
acceptance of such appointment, become the successor Trustee and supersede the successor Trustee
appointed by the Company. If no successor Trustee shall have been so appointed by the Company or
the Holders and accepted appointment in the manner hereinafter provided, any Holder who has been a
bona fide Holder of a Security for at least six months may, on behalf of himself and all others
similarly situated, petition any court of competent jurisdiction for the appointment of a successor
Trustee. Notwithstanding replacement of the Trustee pursuant to this Section 9.10, the Company’s
obligations under Section 9.07 hereof shall continue for the benefit of the retiring Trustee.

     (f) The Company shall give notice of each resignation and each removal of the Trustee and each
appointment of a successor Trustee to all Holders in the manner provided in Section 1.06. Each
notice shall include the name of the successor Trustee and the address of its Corporate Trust
Office.

     Section 9.11. Acceptance of Appointment by Successor.

     In case of the appointment hereunder of a successor Trustee, such successor Trustee shall
execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument accepting
such appointment, and thereupon the resignation or removal of the retiring Trustee shall become
effective and such successor Trustee, without any further act, deed or conveyance, shall become
vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on request of
the Company or the successor Trustee, such retiring Trustee shall, upon payment of its charges,
execute and deliver an instrument transferring to such successor Trustee all the rights, powers and
trusts of the retiring Trustee and shall duly assign, transfer and deliver to such successor
Trustee all property and money held by such retiring Trustee hereunder. Upon the reasonable written
request of any such successor Trustee, the Company shall execute any and all instruments for more
fully and certainly vesting in and confirming to such successor Trustee all such rights, powers and
trusts.

     No successor Trustee shall accept its appointment unless at the time of such acceptance such
successor Trustee shall be qualified and eligible under this Article.

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     Section 9.12. Merger, Conversion, Consolidation or Succession to Business.

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

     Section 9.13. Preferential Collection of Claims Against Company.

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

     Section 9.14. Appointment of Authenticating Agent.

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

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Authenticating Agent shall resign immediately in the manner and with the effect specified in
this Section.

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

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

     The Company agrees to pay to each Authenticating Agent from time to time reasonable
compensation for its services under this Section.

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

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

	 	 	 	 	 	 	 
	 	 	WELLS FARGO BANK, N.A.,

    as Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	as Authenticating Agent	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title: Authorized Signatory	 	 

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ARTICLE 10

Holders’ Lists And Reports By Trustee And Company

     Section 10.01. Company to Furnish Trustee Names and Addresses of Holders.

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

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

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

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

     Section 10.02. Preservation of Information; Communications to Holders.

     (a) The Trustee shall preserve, in as current a form as is reasonably practicable, the names
and addresses of Holders contained in the most recent list furnished to the Trustee as provided in
Section 10.01 and the names and addresses of Holders received by the Trustee in its capacity as
Security Registrar. The Trustee may destroy any list furnished to it as provided in Section 10.01
upon receipt of a new list so furnished.

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

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

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     Section 10.03. Reports by Trustee.

     (a) The Trustee shall transmit to Holders such reports concerning the Trustee and its actions
under this Indenture as may be required pursuant to the Trust Indenture Act at the times and in the
manner provided pursuant thereto. If required by Section 313(a) of the Trust Indenture Act, the Trustee shall, within sixty days after each May 15 following the
Issue Date of the Initial Securities under this Indenture deliver to Holders a brief report, dated
as of such May 15 which complies with the provisions of such Section 313(a).

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

     Section 10.04. Reports by Company and Opinions.

     (a) The Company shall file with the SEC information, documents or reports required to be filed
with the SEC pursuant to Section 13 or 15(d) of the Exchange Act and shall file with the Trustee
within 15 days after the same is so required to be filed with the SEC and shall otherwise comply
with the requirements of Trust Indenture Act Section 314(a); provided that any such information,
documents or reports filed or furnished with the SEC pursuant to its Electronic Data Gathering,
Analysis and Retrieval (or EDGAR) system shall be deemed to be filed with the Trustee as of the
time such information, documents or reports are filed or furnished via EDGAR; provided, however,
that the Trustee shall have no responsibility to determine whether such filing has occurred.

     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
conclusively rely exclusively on an Officer’s Certificate).

     (b) The Company will furnish to the Trustee the opinions required by Trust Indenture Act
Section 314(b). To the extent applicable, the Company will furnish to the Trustee the annual
opinion required by Trust Indenture Act Section 314(b)(2) beginning [l], 2009.

     (c) To the extent applicable, the Company will cause Trust Indenture Act Section 313(b),
relating to reports, and Trust Indenture Act Section 314(d), relating to the release of property or
securities subject to the Pledge and Escrow Agreement, to be complied with.

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ARTICLE 11

Discharge

     Section 11.01. Discharge on Liability of Securities.

     When either (a) the Company shall deliver to the Trustee for cancellation all Securities then
Outstanding not theretofore delivered to the Trustee for cancellation or (b) all the Securities
then Outstanding not theretofore delivered to the Registrar for cancellation shall have (1) been
deposited for conversion and the Company shall have delivered to the Holders cash, shares of Common
Stock, or a combination of cash and shares of Common Stock sufficient to pay all amounts owing in
respect of all such Securities or (2) become due and payable on the Maturity Date, Fundamental
Change Repurchase Date or otherwise, and the Company shall have deposited with the Trustee cash
sufficient to pay all amounts owing in respect of all such Securities, and if in either case of
clauses (a) or (b), no Event of Default set forth in Section 7.01(i) or Section 7.01(j) hereof or
event (including resulting from such deposit) that, with lapse of time or notice or both, would
become an Event of Default set forth in Section 7.01(i) or Section 7.01(j) hereof with respect to
the Securities shall have occurred and be continuing, and the Company shall also have paid or cause
to be paid all other sums payable hereunder by the Company, then this Indenture with respect to the
Securities shall cease to be of further effect (except as to (x) remaining rights of registration
of transfer, substitution and exchange and conversion of Securities, (y) rights hereunder of
Holders to receive from the Trustee payments of the amounts then due, including Interest with
respect to the Securities and the other rights, duties and obligations of Holders, as beneficiaries
hereof solely with respect to the amounts, if any, so deposited with the Trustee and (z) the
rights, obligations and immunities of the Trustee, Authenticating Agent, Paying Agent, Conversion
Agent and Registrar under this Indenture with respect to the Securities)

     The Trustee, on demand of the Company accompanied by an Officer’s Certificate and an Opinion
of Counsel as required by Section 11.03 and at the cost and expense of the Company, shall execute
proper instruments acknowledging satisfaction of and discharging this Indenture with respect to the
Securities; provided, however, the Company hereby agrees to reimburse the Trustee, Authenticating
Agent, Paying Agent, Conversion Agent and Registrar for any costs or expenses thereafter reasonably
and properly incurred by the Trustee, Authenticating Agent, Paying Agent, Conversion Agent and
Registrar and to compensate the Trustee, Authenticating Agent, Paying Agent, Conversion Agent and
Registrar for any services thereafter reasonably and properly rendered by the Trustee,
Authenticating Agent, Paying Agent, Conversion Agent and Registrar in connection with this
Indenture with respect to the Securities.

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     Section 11.02. Reinstatement.

     If the Trustee or the Paying Agent is unable to apply any money to the Holders entitled
thereto by reason of any order or judgment of any court of governmental authority enjoining, restraining or otherwise prohibiting such application, the Company’s
obligations under this Indenture with respect to the Securities shall be revived and reinstated as
though no discharge of liability on the Securities had occurred pursuant to Section 11.01 until
such time as the Trustee or the Paying Agent is permitted to apply all such money in accordance
with this Indenture and the Securities to the Holders entitled thereto; provided, however, that if
the Company makes any payment of the principal amount of or interest on any Securities following
the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders
of such Securities to receive such payment from the money held by the Trustee or Paying Agent.

     Section 11.03. Officer’s Certificate; Opinion of Counsel.

     Upon any application or demand by the Company to the Trustee to take any action under Section
11.01, the Company shall furnish to the Trustee an Officer’s Certificate and Opinion of Counsel
stating that all conditions precedent, if any, provided for in this Indenture relating to the
proposed action have been complied with.

ARTICLE 12

Amendment, Supplement or Waiver

     Section 12.01. Without Consent of Holders.

     Without the consent of any Holders, the Company, when authorized by a Board Resolution, and
the Trustee, at any time and from time to time, may amend or supplement this Indenture or the
Securities, for any of the following purposes:

     (a) to cure any ambiguity or correct any omission, manifest error, defect or inconsistency, so
long as such action will not adversely affect the rights of the Holders in any material respect;

     (b) to provide for the assumption by a successor corporation of the Company’s obligations
under this Indenture;

     (c) to add guarantees with respect to the Securities;

     (d) to provide for a successor Trustee, Conversion Agent, Paying Agent or Security Registrar
in accordance with the terms of this Indenture or to otherwise comply with any requirement of this
Indenture;

     (e) to provide for the issuance of Additional Securities, to the extent that the Company and
the Trustee deem such amendment necessary or advisable in connection with such issuance; provided
that no such amendment or supplement may impair the rights or interests of any Holder of the
Outstanding Securities;

     (f) to increase the Base Conversion Rate or the Incremental Share Factor;

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     (g) to secure the Securities;

     (h) to add to the Company’s covenants or events of default for the benefit of the Holders or
to surrender any right or power conferred upon the Company;

     (i) to provide for the conversion of Securities in accordance with the terms of this
Indenture;

     (j) to make any change that does not adversely affect the rights of any Holder in any material
respect;

     (k) to conform the terms of this Indenture or the Securities to the “Description of the Notes”
section of the Company’s final prospectus dated [ l ], 2008 relating to the offering of the
Securities, so long as such action will not adversely affect the interests of the Holders of
Securities; or

     (l) to comply with any requirement of the SEC in connection with the qualification of this
Indenture under the Trust Indenture Act.

     Section 12.02. With Consent of Holders.

     With the consent of the Holders of not less than a majority in aggregate principal amount of
the Outstanding Securities (including, without limitation, consents obtained in connection with a
purchase of, or tender offer or exchange offer for, Securities), by Act of said Holders delivered
to the Company and the Trustee, the Company, when authorized by a Board Resolution, and the Trustee
may amend or supplement this Indenture or the Securities for the purpose of adding any provisions
to or changing in any manner or eliminating any of the provisions of this Indenture or the
Securities, or of modifying in any manner the rights of the Holders under this Indenture or the
Securities, and the Holders of not less than a majority in aggregate principal amount of the
Outstanding Securities by written notice to the Trustee (including, without limitation, consents
obtained in connection with a purchase of, or tender offer or exchange offer for, Securities) may
waive compliance by the Company with any provision of this Indenture or the Securities; provided,
however, that no supplemental indenture, amendment or waiver (including a waiver pursuant to
Section 7.13) shall, without the consent of the Holder of each Outstanding Security affected
thereby,

     (a) reduce the percentage in principal amount of the Outstanding Securities, the consent of
whose Holders is required for any such supplemental indenture, amendment or waiver; or

     (b) reduce the rate, or change the stated time for payment, of interest on any Security or
reduce the amount, or extend the stated time for payment, of the Extension Fee; or

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     (c) reduce the principal, or change the Stated Maturity, of any Security; or

     (d) make any change that adversely affects the right to convert any Security as provided in
Article 6; or

     (e) reduce the Fundamental Change Repurchase Price of any Security or amend or modify in any
manner adverse to any Holder the Company’s obligation to make such payments, whether through an
amendment or waiver of provisions in this Indenture (including the covenants or definitions
contained herein); or

     (f) change the place or currency of payment of principal or interest or the Extension Fee in
respect of any Security; or

     (g) impair the right of any Holder to receive payment of principal of and interest on such
Holder’s Securities on or after the due dates therefore or to institute suit for the enforcement of
any payment on or with respect to such Holder’s Securities; or

     (h) adversely affect the ranking of the Securities as the Company’s senior unsecured
indebtedness; or

     (i) make any change in the provisions of this Section, Section 7.13 or Section 4.08 that
cannot be modified or waived without the consent of the Holder of each Outstanding Security
affected thereby, or make any change in the waiver provisions in Section 7.02 or Section 7.13.

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

     Section 12.03. Execution of Supplemental Indentures, Amendments or Waivers.

     In executing, or accepting the additional trusts created by, any supplemental indenture,
amendment or waiver permitted by this Article or the modifications thereby of the trusts created by
this Indenture, the Trustee shall receive, and (subject to Section 9.01) shall be fully protected
in relying upon, an Opinion of Counsel and an Officer’s Certificate stating that the execution of
such supplemental indenture, amendment or waiver is authorized or permitted by this Indenture. The
Trustee may, but shall not be obligated to, enter into any such supplemental indenture, amendment
or waiver which affects the Trustee’s own rights, duties or immunities under this Indenture or
otherwise.

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     Section 12.04. Effect of Supplemental Indentures, Amendments or Waivers; Notices.

     After an amendment, supplement or waiver becomes effective, it shall bind every Holder, unless
it makes a change described in any of clauses (a) through (h) of Section 12.02. In that case, the
amendment, supplement or waiver shall bind each Holder of a Security who has consented to it and
every subsequent Holder of such Security or any Security that evidences all or any part of the same
debt as the consenting Holder’s Security.

     After an amendment, supplement or waiver under this Article 12 becomes effective, the Company
will send to the Holders a notice briefly describing the amendment, supplement or waiver. The
Company will send supplemental indentures, amendments or waivers to Holders upon request. Any
failure of the Company to send such notice, or any defect therein, will not, however, in any way
impair or affect the validity of any such amendment, supplemental indenture or waiver.

     Section 12.05. Conformity with Trust Indenture Act.

     Every amendment or supplemental indenture executed pursuant to this Article shall conform to
the requirements of the Trust Indenture Act.

     Section 12.06. Reference in Securities to Supplemental Indentures, Amendments or Waivers;
Notices.

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

[The remainder of this page has been intentionally left blank]

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

	 	 	 	 	 
	 	CVR ENERGY, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

[Signature Page to the Indenture — Trustee Signature Follows]

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	 	WELLS FARGO BANK, N.A.,

    As Trustee

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

[Signature Page to the Indenture]

94

 

Schedule A

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Make-Whole Reference Date	 
	Stock Price	 	2008	 	 	2009	 	 	2010	 	 	2011	 	 	2012	 	 	2013	 
	$
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	$
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	$
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	$
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	$
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	$
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	$
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	$
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	$
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	$
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	$
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	$
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	$
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	$
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

95

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00145-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00145-of-00352.parquet"}]]