Document:

exv4w27

 

Exhibit 4.27

EXECUTION

 

GUARANTEE AGREEMENT

Between

COUNTRYWIDE FINANCIAL CORPORATION

as Guarantor,

and

THE BANK OF NEW YORK

as Trustee,

dated as of November 8, 2006

 

 

 

CROSS-REFERENCE TABLE*

	 	 	 	 
	Section of	 	 	 
	Trust Indenture Act	 	Section of
	of 1939, as amended	 	Guarantee Agreement
	310(a).
	 	 	 4.1(a)
	310(b).
	 	 	4.1(c), 2.8
	310(c).
	 	 	Inapplicable
	311(a).
	 	 	 2.2(b)
	311(b).
	 	 	 2.2(b)
	311(c).
	 	 	Inapplicable
	312(a).
	 	 	 2.2(a)
	312(b).
	 	 	2.2(b)
	313.
	 	 	2.3
	314(a).
	 	 	 2.4
	314(b).
	 	 	Inapplicable
	314(c).
	 	 	2.5
	314(d).
	 	 	Inapplicable
	314(e).
	 	 	 1.1, 2.5
	314(f).
	 	 	 3.2
	315(a).
	 	 	 3.1(d)
	315(b).
	 	 	 2.7
	315(c).
	 	 	3.1
	315(d).
	 	 	3.1(d)
	316(a).
	 	 	1.1, 2.6, 5.4
	316(b).
	 	 	Inapplicable
	316(c).
	 	 	Inapplicable
	317.
	 	 	3.1(b)
	318.
	 	 	2.1

 

			
	*	 	This Cross-Reference Table does not constitute part of the Guarantee Agreement and shall not
affect the interpretation of any of its terms or provisions.

 

 

GUARANTEE AGREEMENT

          This GUARANTEE AGREEMENT, dated as of November 8, 2006 is executed and delivered by
COUNTRYWIDE FINANCIAL CORPORATION, a Delaware corporation (the “Guarantor”) having its principal
office at 4500 Park Granada, Calabasas, California 91302, and the Guarantee Trustee (as defined
herein), for the benefit of the Holders (as defined herein) from time to time of the Capital
Securities and Common Securities (each as defined herein and together, the “Trust Securities”) of
Countrywide Capital V, a Delaware statutory trust (the “Trust”).

          WHEREAS, pursuant to an Amended and Restated Trust Agreement, dated as of November 8, 2006
(the “Trust Agreement”), among the Guarantor, as Depositor, the Property Trustee and the Delaware
Trustee named therein, the Administrative Trustees named therein and the Holders from time to time
of undivided beneficial interests in the assets of the Trust, the Trust is issuing up to
$1,495,000,000 aggregate Liquidation Amount (as defined in the Trust Agreement) of its 7% Capital
Securities, Liquidation Amount $25 per preferred security (the “Capital Securities”) representing
preferred undivided beneficial interests in the assets of the Trust and having the terms set forth
in the Trust Agreement;

          WHEREAS, the Capital Securities will be issued by the Trust and the proceeds thereof, together
with the proceeds from the issuance of the Common Securities, will be used to purchase the
Debentures (as defined in the Trust Agreement) of the Guarantor which will be deposited with The
Bank of New York, as Property Trustee under the Trust Agreement, as trust assets; and

          WHEREAS, as incentive for the Holders to purchase Trust Securities the Guarantor desires
irrevocably and unconditionally to agree, to the extent set forth herein, to pay to the Holders of
the Trust Securities the Guarantee Payments (as defined herein) and to make certain other payments
on the terms and conditions set forth herein.

          NOW, THEREFORE, in consideration of the purchase by each Holder of Trust Securities, which
purchase the Guarantor hereby agrees shall benefit the Guarantor, the Guarantor executes and
delivers this Guarantee Agreement for the benefit of the Holders from time to time of the Trust
Securities.

ARTICLE I.

DEFINITIONS

          Section 1.1. Definitions.

          As used in this Guarantee Agreement, the terms set forth below shall, unless the context
otherwise requires, have the following meanings. Capitalized or otherwise defined terms used but
not otherwise defined herein shall have the meanings assigned to such terms in the Trust Agreement
as in effect on the date hereof.

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          “Board of Directors” means either the board of directors of the Guarantor or any committee of
that board duly authorized to act hereunder or any directors or officers of the Guarantor to whom
such board of directors or such committee shall have duly delegated its authority.

          “Event of Default” means a default by the Guarantor on any of its payment or other obligations
under this Guarantee Agreement; provided, however, that, except with respect to a default in
payment of any Guarantee Payments, the Guarantor shall have received notice of default and shall
not have cured such default within 90 days after receipt of such notice.

          “Guarantee Payments” means the following payments or distributions, without duplication, with
respect to the Trust Securities, to the extent not paid or made by or on behalf of the Trust: (i)
any accumulated and unpaid Distributions (as defined in the Trust Agreement) required to be paid on
the Trust Securities, to the extent the Trust shall have sufficient funds available therefor at
such time, (ii) the redemption price, including all accrued and unpaid Distributions to the date of
redemption (the “Redemption Price”), with respect to any Trust Securities called for redemption by
the Trust, to the extent the Trust shall have sufficient funds available therefor at such time, and
(iii) upon a voluntary or involuntary termination, winding up or liquidation of the Trust, unless
Debentures are distributed to the Holders, the lesser of (a) the aggregate of the Liquidation
Amount plus accrued and unpaid Distributions to the date of payment and (b) the amount of assets of
the Trust remaining available for distribution to Holders in liquidation of the Trust after
satisfaction of liabilities to creditors of the Trust as required by applicable law (in either
case, the “Liquidation Distribution”).

          “Guarantee Trustee” means The Bank of New York, until a Successor Guarantee Trustee has been
appointed and has accepted such appointment pursuant to the terms of this Guarantee Agreement, and
thereafter means each such Successor Guarantee Trustee.

          “Holder” means any holder, as registered on the books and records of the Trust, of any Trust
Securities; provided, however, that in determining whether the holders of the requisite percentage
of Trust Securities have given any request, notice, consent or waiver hereunder, “Holder” shall not
include the Guarantor, the Guarantee Trustee, or any Affiliate of the Guarantor or the Guarantee
Trustee.

          “List of Holders” has the meaning specified in Section 2.2(a).

          “Officers’ Certificate” means a certificate signed by the Chairman of the Board, the
President, any Executive Managing Director or any Senior Managing Director, and by the Chief
Financial Officer, the Treasurer or the Assistant Treasurer, Cash Management, of the Guarantor, and
delivered to the Guarantee Trustee. Any Officers’ Certificate delivered with respect to compliance
with a condition or covenant provided for in this Guarantee Agreement shall include:

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          (a) a statement that each officer signing the Officers’ Certificate has read the covenant or
condition and the definitions relating thereto;

          (b) a brief statement of the nature and scope of the examination or investigation undertaken
by each officer in rendering the Officers’ Certificate;

          (c) a statement that each officer has made such examination or investigation as, in such
officer’s opinion, is necessary to enable such officer to express an informed opinion as to whether
or not such covenant or condition has been complied with; and

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

          “Responsible Officer” when used with respect to the Guarantee Trustee means any officer of the
Guarantee Trustee assigned by the Guarantee Trustee from time to time to administer its corporate
trust matters.

          “Successor Guarantee Trustee” means a successor Guarantee Trustee possessing the
qualifications to act as Guarantee Trustee under Section 4.1.

          “Trust Indenture Act” means the Trust Indenture Act of 1939, as amended.

ARTICLE II.

TRUST INDENTURE ACT

          Section 2.1. Trust Indenture Act; Application.

          (a) This Guarantee Agreement is subject to the provisions of the Trust Indenture Act that are
required to be part of this Guarantee Agreement and shall, to the extent applicable, be governed by
such provisions.

          (b) If and to the extent that any provision of this Guarantee Agreement limits, qualifies or
conflicts with the duties imposed by Sections 310 to 317, inclusive, of the Trust Indenture Act,
such imposed duties shall control.

          Section 2.2. List of Holders.

          (a) The Guarantor shall provide the Guarantee Trustee with a list, in such form as the
Guarantee Trustee may reasonably require, of the names and addresses of the Holders (“List of
Holders”), (i) on each record date for the payment of Distributions or the Redemption Price on the
Capital Securities, and (ii) at any other time within 30 days of receipt by the Guarantor of a
written request for a List of Holders. Such list shall be as of a date no more than 14 days before
such List of Holders is given to the Guarantee Trustee. The Guarantor shall not be obligated to
provide such List of

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Holders if at any time the List of Holders does not differ from the most recent List of
Holders given to the Guarantee Trustee by the Guarantor. The Guarantee Trustee may destroy any
List of Holders previously given to it on receipt of a new List of Holders.

          (b) The Guarantee Trustee shall comply with its obligations under Section 311(a), Section
311(b) and Section 312(b) of the Trust Indenture Act.

          Section 2.3. Reports by the Guarantee Trustee.

          The Guarantee Trustee shall transmit to Holders such reports concerning the Guarantee Trustee
and its actions under this Guarantee Agreement 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 Guarantee Trustee shall, within sixty days after each May 15 following the
date of this Guarantee Agreement deliver to Holders a brief report, dated as of such May 15, which
complies with the provisions of such Section 313(a). If required by Section 313(b) of the Trust
Indenture Act, the Guarantee Trustee shall deliver to Holders a brief report within the applicable
period and in the manner specified by such Section 313(b).

          Section 2.4. Periodic Reports to the Guarantee Trustee.

          The Guarantor shall provide to the Guarantee Trustee, the Securities and Exchange Commission
and the Holders such documents, reports and information, if any, as required by Section 314 of the
Trust Indenture Act, in the form, in the manner and at the times required by Section 314 of the
Trust Indenture Act. Delivery of such reports, information and documents to the Guarantee Trustee
is for informational purposes only and the Guarantee Trustee’s receipt of such shall not constitute
constructive notice of any information contained therein, including the Guarantor’s compliance with
any of its covenants hereunder (as to which the Guarantee Trustee is entitled to rely exclusively
on Officers’ Certificates).

          Section 2.5. Evidence of Compliance with Conditions Precedent.

          The Guarantor shall provide to the Guarantee Trustee such evidence of compliance with such
conditions precedent, if any, provided for in this Guarantee Agreement that relate to any of the
matters set forth in Section 314(c) of the Trust Indenture Act. Any certificate or opinion required
to be given by an officer pursuant to Section 314(c)(1) of the Trust Indenture Act may be given in
the form of an Officers’ Certificate.

          Section 2.6. Events of Default; Waiver.

          The Holders of a majority in aggregate Liquidation Amount of the Capital Securities may, by
vote, on behalf of the Holders, waive any past default and its consequences. Upon such waiver, any
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

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Guarantee Agreement, but no such waiver shall extend to any subsequent or other default or
Event of Default or impair any right consequent therefrom.

          Section 2.7. Event of Default; Notice.

          (a) The Guarantee Trustee shall, within 90 days after the occurrence of an Event of Default,
transmit by mail, first class postage prepaid, to the Holders, notices of all Events of Default
actually known to the Guarantee Trustee, unless such defaults have been cured before the giving of
such notice, provided, that, except in the case of a default in the payment of a Guarantee Payment,
the Guarantee Trustee shall be protected in withholding such notice if and so long as the board of
directors, the executive committee or a trust committee of directors and/or Responsible Officers of
the Guarantee Trustee in good faith determines that the withholding of such notice is in the
interests of the Holders.

          (b) The Guarantee Trustee shall not be deemed to have knowledge of any Event of Default unless
the Guarantee Trustee shall have received written notice, or a Responsible Officer charged with the
administration of this Guarantee Agreement shall have obtained written notice, of such Event of
Default.

          Section 2.8. Conflicting Interests.

          The Trust Agreement shall be deemed to be specifically described in this Guarantee Agreement
for the purposes of clause (i) of the first proviso contained in Section 310(b) of the Trust
Indenture Act.

ARTICLE III.

POWERS, DUTIES AND RIGHTS OF THE GUARANTEE TRUSTEE

          Section 3.1. Powers and Duties of the Guarantee Trustee.

          (a) This Guarantee Agreement shall be held by the Guarantee Trustee for the benefit of the
Holders, and the Guarantee Trustee shall not transfer this Guarantee Agreement to any Person except
a Holder exercising his or her rights pursuant to Section 5.4(iv) or to a Successor Guarantee
Trustee on acceptance by such Successor Guarantee Trustee of its appointment to act as Successor
Guarantee Trustee. The right, title and interest of the Guarantee Trustee shall automatically vest
in any Successor Guarantee Trustee, upon acceptance by such Successor Guarantee Trustee of its
appointment hereunder, and such vesting and cessation of title shall be effective whether or not
conveyancing documents have been executed and delivered pursuant to the appointment of such
Successor Guarantee Trustee.

          (b) If an Event of Default has occurred and is continuing, the Guarantee Trustee shall enforce
this Guarantee Agreement for the benefit of the Holders.

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          (c) The Guarantee Trustee, before the occurrence of any Event of Default and after the curing
of all Events of Default that may have occurred, shall undertake to perform only such duties as are
specifically set forth in this Guarantee Agreement, and no implied covenants shall be read into
this Guarantee Agreement against the Guarantee Trustee. In case an Event of Default has occurred
(that has not been cured or waived pursuant to Section 2.6), the Guarantee Trustee shall exercise
such of the rights and powers vested in it by this Guarantee Agreement, and use the same degree of
care and skill in its exercise thereof, as a prudent person would exercise or use under the
circumstances in the conduct of his or her own affairs.

          (d) No provision of this Guarantee Agreement shall be construed to relieve the Guarantee
Trustee from liability for its own negligent action, its own negligent failure to act or its own
willful misconduct, except that:

     (i) prior to the occurrence of any Event of Default and after the curing or waiving of
all such Events of Default that may have occurred:

	 	(A)	 	the duties and obligations of the Guarantee Trustee shall be
determined solely by the express provisions of this Guarantee Agreement, and
the Guarantee Trustee shall not be liable except for the performance of such
duties and obligations as are specifically set forth in this Guarantee
Agreement; and
	 
	 	(B)	 	in the absence of bad faith on the part of the Guarantee
Trustee, the Guarantee Trustee may conclusively rely, as to the truth of the
statements and the correctness of the opinions expressed therein, upon any
certificates or opinions furnished to the Guarantee Trustee and conforming to
the requirements of this Guarantee Agreement; but in the case of any such
certificates or opinions that by any provision hereof or of the Trust
Indenture Act are specifically required to be furnished to the Guarantee
Trustee, the Guarantee Trustee shall be under a duty to examine the same to
determine whether or not they conform to the requirements of this Guarantee
Agreement (but need not confirm or investigate the accuracy of mathematical
calculations or other facts stated therein);

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

     (iii) the Guarantee Trustee shall not be liable with respect to any action taken or
omitted to be taken by it in good faith in accordance with the direction of the Holders of
not less than a majority in aggregate Liquidation Amount of the Capital Securities relating
to the time, method and place of conducting any

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proceeding for any remedy available to the Guarantee Trustee, or exercising any trust
or power conferred upon the Guarantee Trustee under this Guarantee Agreement; and

     (iv) no provision of this Guarantee Agreement shall require the Guarantee Trustee to
expend or risk its own funds or otherwise incur personal financial liability in the
performance of any of its duties or in the exercise of any of its rights or powers, if the
Guarantee Trustee shall have reasonable grounds for believing that the repayment of such
funds or liability is not reasonably assured to it under the terms of this Guarantee
Agreement or adequate indemnity against such risk or liability is not reasonably assured to
it.

          Section 3.2. Certain Rights of Guarantee Trustee.

          (a) Subject to the provisions of Section 3.1:

     (i) the Guarantee Trustee may conclusively rely and shall be protected in acting or
refraining from acting in good faith upon any resolution, Opinion of Counsel, certificate,
written representation of a Holder or transferee, certificate of auditors or any other
certificate, statement, instrument, opinion, report, notice, request, consent, order,
appraisal, bond, debenture, note, other evidence of indebtedness or other paper or document
reasonably believed by it to be genuine and to have been signed or presented by the proper
party or parties;

     (ii) if (A) in performing its duties under this Guarantee Agreement the Guarantee
Trustee is required to decide between alternative courses of action or (B) in construing
any of the provisions of this Guarantee Agreement the Guarantee Trustee finds the same
ambiguous or inconsistent with any other provisions contained herein or (C) the Guarantee
Trustee is unsure of the application of any provision of this Guarantee Agreement, then,
except as to any matter as to which the Capital Securityholders are entitled to vote under
the terms of this Guarantee Agreement, the Guarantee Trustee shall deliver a notice to the
Guarantor requesting written instructions of the Guarantor as to the course of action to be
taken and the Guarantee Trustee shall take such action, or refrain from taking such action,
as the Guarantee Trustee shall be instructed in writing to take, or to refrain from taking,
by the Guarantor; provided, however, that if the Guarantee Trustee does not receive such
instructions of the Guarantor within ten Business Days after it has delivered such notice,
or such reasonably shorter period of time set forth in such notice (which to the extent
practicable shall not be less than two Business Days), it may, but shall be under no duty
to, take or refrain from taking such action not inconsistent with this Guarantee Agreement
as it shall deem advisable and in the best interests of the Securityholders, in which event
the Guarantee Trustee shall have no liability except for its own bad faith, negligence or
willful misconduct;

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     (iii) any direction or act of the Guarantor contemplated by this Guarantee Agreement
shall be sufficiently evidenced by an Officers’ Certificate;

     (iv) whenever in the administration of this Guarantee Agreement, the Guarantee Trustee
shall deem it reasonably necessary that a matter be established before undertaking,
suffering or omitting any action hereunder, the Guarantee Trustee (unless other evidence is
herein specifically prescribed) may, in the absence of bad faith on its part, request and
conclusively rely upon an Officers’ Certificate which, upon receipt of such request, shall
be promptly delivered by the Guarantor;

     (v) the Guarantee Trustee shall have no duty to see to any recording, filing or
registration of any instrument (including any financing or continuation statement or any
filing under tax or securities laws) or any rerecording, refiling or reregistration
thereof;

     (vi) the Guarantee Trustee may consult with counsel of its selection (which counsel
may be counsel to the Guarantor or any of its Affiliates, and may include any of its
employees) and the advice of such 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 and in accordance with such advice; the Guarantee Trustee
shall have the right at any time to seek instructions concerning the administration of this
Guarantee Agreement from any court of competent jurisdiction;

     (vii) the Guarantee Trustee shall be under no obligation to exercise any of the rights
or powers vested in it by this Guarantee Agreement at the request or direction of any of
the Capital Securityholders pursuant to this Guarantee Agreement, unless such Capital
Securityholders shall have offered to the Guarantee Trustee reasonable security or
indemnity satisfactory to the Guarantee Trustee against the costs, expenses and liabilities
which might be incurred by it in compliance with such request or direction, including such
reasonable advances as may be requested by the Guarantee Trustee; provided that nothing
contained in this Section 3.2(a)(vii) shall be taken to relieve the Guarantee Trustee, upon
the occurrence of an Event of Default, of its obligation to exercise the rights and powers
vested in it by this Guarantee Agreement;

     (viii) the Guarantee 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, consent, order, approval, bond, debenture, note or other evidence
of indebtedness or other paper or document, unless requested in writing to do so by one or
more Holders, but the Guarantee Trustee may make such further inquiry or investigation into
such facts or matters as it may see fit;

     (ix) the Guarantee Trustee may execute any of the trusts or powers hereunder or
perform any duties hereunder either directly or by or through its

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third party agents or attorneys and the Guarantee Trustee shall be responsible for its
own negligence or recklessness with respect to the selection of any such agent or attorney
appointed by it hereunder;

     (x) whenever in the administration of this Guarantee Agreement the Guarantee Trustee
shall deem it reasonably necessary to receive written instructions with respect to
enforcing any remedy or right or taking any other action hereunder the Guarantee Trustee
(A) may request written instructions from the Holders of the Trust Securities which written
instructions may only be given by the Holders of the same proportion in Liquidation Amount
of the Trust Securities as would be entitled to direct the Guarantee Trustee under the
terms of this Guarantee Agreement in respect of such remedy, right or action, (B) may
refrain from enforcing such remedy or right or taking such other action until such written
instructions are received and (C) shall be protected in acting in accordance with such
written instructions;

     (xi) except as otherwise expressly provided by this Guarantee Agreement, the Guarantee
Trustee shall not be under any obligation to take any action that is discretionary under
the provisions of this Guarantee Agreement;

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

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

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

     No provision of this Guarantee Agreement shall be deemed to impose any duty or obligation on
the Guarantee Trustee to perform any act or acts or exercise any right, power, duty or obligation
conferred or imposed on it in any jurisdiction in which it shall be illegal, or in which the
Guarantee Trustee shall be unqualified or incompetent in accordance with applicable law, to perform
any such act or acts or to exercise any such right, power, duty or obligation. No permissive power
or authority available to the

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Guarantee Trustee shall be construed to be a duty to act in accordance with such power and
authority.

          Section 3.3. Indemnity.

          The Guarantor agrees to indemnify the Guarantee Trustee for, and to hold it harmless against,
any loss, liability or expense incurred without negligence or bad faith on the part of the
Guarantee Trustee, arising out of or in connection with the acceptance or administration of this
Guarantee Agreement, including the costs and expenses of defending itself against any claim or
liability in connection with the exercise or performance of any of its powers or duties hereunder.

ARTICLE IV.

GUARANTEE TRUSTEE

          Section 4.1. Guarantee Trustee: Eligibility.

          (a) There shall at all times be a Guarantee Trustee which shall:

     (i) not be an Affiliate of the Guarantor; and

     (ii) be a Person that is eligible pursuant to the Trust Indenture Act to act as such
and have a combined capital and surplus of at least $50,000,000, and shall be a corporation
meeting the requirements of Section 310(a) of the Trust Indenture Act. If such corporation
publishes reports of condition at least annually, pursuant to law or to the requirements of
the applicable supervising or examining authority, then, for the purposes of this Section
4.1 and to the extent permitted by the Trust Indenture Act, the combined capital and
surplus of such corporation shall be deemed to be its combined capital and surplus as set
forth in its most recent report of condition so published.

          (b) If at any time the Guarantee Trustee shall cease to be eligible to so act under Section
4.1(a), the Guarantee Trustee shall immediately resign in the manner and with the effect set out in
Section 4.2(c).

          (c) If the Guarantee Trustee has or shall acquire any “conflicting interest” within the
meaning of Section 310(b) of the Trust Indenture Act, the Guarantee Trustee and Guarantor shall in
all respects comply with the provisions of Section 310(b) of the Trust Indenture Act.

          Section 4.2. Appointment, Removal and Resignation of the Guarantee Trustee.

          (a) Subject to Section 4.2(b), the Guarantee Trustee may be appointed or removed without cause
at any time by the Guarantor.

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          (b) The Guarantee Trustee shall not be removed until a Successor Guarantee Trustee has been
appointed and has accepted such appointment by written instrument executed by such Successor
Guarantee Trustee and delivered to the Guarantor. If an instrument of acceptance by a Successor
Guarantee Trustee shall not have been delivered to the Guarantee Trustee within 30 days after such
removal, the Guarantee Trustee being removed may petition any court of competent jurisdiction for
the appointment of a Successor Guarantee Trustee.

          (c) The Guarantee Trustee appointed hereunder shall hold office until a Successor Guarantee
Trustee shall have been appointed or until its removal or resignation. The Guarantee Trustee may
resign from office (without need for prior or subsequent accounting) by an instrument in writing
executed by the Guarantee Trustee and delivered to the Guarantor, which resignation shall not take
effect until a Successor Guarantee Trustee has been appointed and has accepted such appointment by
instrument in writing executed by such Successor Guarantee Trustee and delivered to the Guarantor
and the resigning Guarantee Trustee.

          (d) If no Successor Guarantee Trustee shall have been appointed and accepted appointment as
provided in this Section 4.2 within 60 days after delivery to the Guarantor of an instrument of
resignation, the resigning Guarantee Trustee may petition, at the expense of the Guarantor, any
court of competent jurisdiction for appointment of a Successor Guarantee Trustee. Such court may
thereupon, after prescribing such notice, if any, as it may deem proper, appoint a Successor
Guarantee Trustee.

ARTICLE V.

GUARANTEE

          Section 5.1. Guarantee.

          The Guarantor irrevocably and unconditionally agrees to pay in full to the Holders the
Guarantee Payments (without duplication of amounts theretofore paid by or on behalf of the Trust),
as and when due, regardless of any defense, right of set-off or counterclaim which the Trust may
have or assert, other than defense of payment. The Guarantor’s obligation to make a Guarantee
Payment may be satisfied by direct payment of the required amounts by the Guarantor to the Holders
or by causing the Trust to pay such amounts to the Holders.

          Section 5.2. Waiver of Notice and Demand.

          The Guarantor hereby waives notice of acceptance of the Guarantee Agreement and of any
liability to which it applies or may apply, presentment, demand for payment, any right to require a
proceeding first against the Guarantee Trustee, Trust or any other Person before proceeding against
the Guarantor, protest, notice of nonpayment, notice of dishonor, notice of redemption and all
other notices and demands.

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          Section 5.3. Obligations Not Affected.

          The obligations, covenants, agreements and duties of the Guarantor under this Guarantee
Agreement shall in no way be affected or impaired by reason of the happening from time to time of
any of the following:

          (a) the release or waiver, by operation of law or otherwise, of the performance or observance
by the Trust of any express or implied agreement, covenant, term or condition relating to the Trust
Securities to be performed or observed by the Trust;

          (b) the extension of time for the payment by the Trust of all or any portion of the
Distributions (other than an extension of time for payment of Distributions that results from the
extension of any interest payment period on the Debentures as provided in the Indenture),
Redemption Price, Liquidation Distribution or any other sums payable under the terms of the Trust
Securities or the extension of time for the performance of any other obligation under, arising out
of, or in connection with, the Trust Securities;

          (c) any failure, omission, delay or lack of diligence on the part of the Holders to enforce,
assert or exercise any right, privilege, power or remedy conferred on the Holders pursuant to the
terms of the Trust Securities, or any action on the part of the Trust granting indulgence or
extension of any kind;

          (d) the voluntary or involuntary liquidation, dissolution, sale of any collateral,
receivership, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization,
arrangement, composition or readjustment of debt of, or other similar proceedings affecting, the
Trust or any of the assets of the Trust;

          (e) any invalidity of, or defect or deficiency in, the Trust Securities;

          (f) the settlement or compromise of any obligation guaranteed hereby or hereby incurred; or

          (g) any other circumstance whatsoever that might otherwise constitute a legal or equitable
discharge or defense of a guarantor, it being the intent of this Section 5.3 that the obligations
of the Guarantor hereunder shall be absolute and unconditional under any and all circumstances.

          There shall be no obligation of the Holders to give notice to, or obtain the consent of, the
Guarantor with respect to the happening of any of the foregoing.

          Section 5.4. Rights of Holders.

          The Guarantor expressly acknowledges that: (i) this Guarantee Agreement shall be deposited
with the Guarantee Trustee to be held for the benefit of the Holders;

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(ii) the Guarantee Trustee has the right to enforce this Guarantee Agreement on behalf of the
Holders; (iii) the Holders of a majority in aggregate Liquidation Amount of the Capital Securities
have the right to direct the time, method and place of conducting any proceeding for any remedy
available to the Guarantee Trustee in respect of this Guarantee Agreement or exercising any trust
or power conferred upon the Guarantee Trustee under this Guarantee Agreement; and (iv) if the
Guarantee Trustee fails to enforce this Guarantee Agreement, any Holder may institute a legal
proceeding directly against the Guarantor to enforce its rights under this Guarantee Agreement,
without first instituting a legal proceeding against the Guarantee Trustee, the Trust or any other
Person.

          Section 5.5. Guarantee of Payment

          This Guarantee Agreement creates a guarantee of payment and not of collection. This Guarantee
Agreement shall not be discharged except by payment of the Guarantee Payments in full (without
duplication of amounts theretofore paid by the Trust) or upon distribution of Debentures to Holders
as provided in the Trust Agreement.

          Section 5.6. Subrogation.

          The Guarantor shall be subrogated to all (if any) rights of the Holders against the Trust in
respect of any amounts paid to the Holders by the Guarantor under this Guarantee Agreement and
shall have the right to waive payment by the Trust pursuant to Section 5.1; provided, however, that
the Guarantor shall not (except to the extent required by mandatory provisions of law) be entitled
to enforce or exercise any rights which it may acquire by way of subrogation or any indemnity,
reimbursement or other agreement, in all cases as a result of payment under this Guarantee
Agreement, if, at the time of any such payment, any amounts are due and unpaid under this Guarantee
Agreement. If any amount shall be paid to the Guarantor in violation of the preceding sentence, the
Guarantor agrees to hold such amount in trust for the Holders and to pay over such amount to the
Holders.

          Section 5.7. Independent Obligations.

          The Guarantor acknowledges that its obligations hereunder are independent of the obligations
of the Trust with respect to the Trust Securities and that the Guarantor shall be liable as
principal and as debtor hereunder to make Guarantee Payments pursuant to the terms of this
Guarantee Agreement notwithstanding the occurrence of any event referred to in subsections (a)
through (g), inclusive, of Section 5.3 hereof.

-14-

 

ARTICLE VI.

COVENANTS AND SUBORDINATION

          Section 6.1. Subordination.

          The obligations of the Guarantor under this Guarantee Agreement shall constitute unsecured
obligations of the Guarantor and shall rank subordinate and junior in right of payment to all other
liabilities of the Guarantor to the same extent as the Debentures.

ARTICLE VII.

TERMINATION

          Section 7.1. Termination.

          This Guarantee Agreement shall terminate and be of no further force and effect upon (i) full
payment of the Redemption Price of all Trust Securities, (ii) the distribution of Debentures to the
Holders in exchange for all of the Trust Securities or (iii) full payment of the amounts payable in
accordance with the Trust Agreement upon liquidation of the Trust. Notwithstanding the foregoing,
this Guarantee Agreement shall continue to be effective or shall be reinstated, as the case may be,
if at any time any Holder must restore payment of any sums paid with respect to Trust Securities or
this Guarantee Agreement.

ARTICLE VIII.

MISCELLANEOUS

          Section 8.1. Successors and Assigns.

          All guarantees and agreements contained in this Guarantee Agreement shall bind the successors,
assigns, receivers, trustees and representatives of the Guarantor and shall inure to the benefit of
the Holders of the Trust Securities then outstanding. Except in connection with a consolidation,
merger or sale involving the Guarantor that is permitted under Article VIII of the Indenture and
pursuant to which the successor or assignee agrees in writing to perform the Guarantor’s
obligations hereunder, the Guarantor shall not assign its obligations hereunder.

          Section 8.2. Amendments.

          All amendments to this Guarantee Agreement shall be made by the Guarantor in compliance with
this Section 8.2. Except with respect to any changes which do not adversely affect the rights of
the Holders in any material respect (in which case no consent of the Holders shall be required),
this Guarantee Agreement may only be

-15-

 

amended with the prior approval of the Holders of not less than a majority in aggregate
Liquidation Amount of all the outstanding Capital Securities and all the Common Securities, each
voting separately as a class. The provisions of Article VI of the Trust Agreement concerning
meetings of the Holders shall apply to the giving of such approval. In addition, no amendment may
be made to this Guarantee Agreement to the extent such amendment would affect the rights or
obligations of the Guarantee Trustee without the prior approval of the Guarantee Trustee.

          Section 8.3. Notices.

          Any notice, request or other communication required or permitted to be given hereunder shall
be in writing, duly signed by the party giving such notice, and delivered, telecopied or mailed by
first class mail as follows:

          (a) if given to the Guarantor, to the address set forth below or such other address or to the
attention of such other Person as the Guarantor may give notice to the Holders:

Countrywide Financial Corporation

4500 Park Granada

Calabasas, California 91302

Attention: General Counsel

          (b) if given to the Guarantee Trustee, to the address set forth below or such other address,
facsimile number or to the attention of such other Person as the Guarantee Trustee may give notice
to the Holders:

The Bank of New York

101 Barclay Street, Floor 8 West

New York, New York 10286

Attention: Corporate Trust Administration

Facsimile No.: (212) 815-5707

          (c) if given to any Holder, at the address set forth on the books and records of the Trust.

          All notices hereunder shall be deemed to have been given when received in person, telecopied
with receipt confirmed, or mailed by first class mail, postage prepaid, except that if a notice or
other document is refused delivery or cannot be delivered because of a changed address of which no
notice was given, such notice or other document shall be deemed to have been delivered on the date
of such refusal or inability to deliver.

-16-

 

          Section 8.4. Benefit.

          This Guarantee Agreement is solely for the benefit of the Holders and is not separately
transferable from the Trust Securities.

          Section 8.5. Interpretation.

          In this Guarantee Agreement, unless the context otherwise requires:

          (a) capitalized terms used in this Guarantee Agreement but not defined in the preamble hereto
have the respective meanings assigned to them in Section 1.1;

          (b) a term defined anywhere in this Guarantee Agreement has the same meaning throughout;

          (c) all references to “the Guarantee Agreement” or “this Guarantee Agreement” are to this
Guarantee Agreement as modified, supplemented or amended from time to time;

          (d) all references in this Guarantee Agreement to Articles and Sections are to Articles and
Sections of this Guarantee Agreement unless otherwise specified;

          (e) a term defined in the Trust Indenture Act has the same meaning when used in this Guarantee
Agreement unless otherwise defined in this Guarantee Agreement or unless the context otherwise
requires;

          (f) a reference to the singular includes the plural and vice versa; and

          (g) the masculine, feminine or neuter genders used herein shall include the masculine,
feminine and neuter genders.

          Section 8.6. Governing Law.

          THIS GUARANTEE AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH
THE LAWS OF THE STATE OF NEW YORK (WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES THEREOF).

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

-17-

 

          THIS GUARANTEE AGREEMENT is executed as of the day and year first above written.

	 	 	 	 	 
	 	COUNTRYWIDE FINANCIAL CORPORATION

 	 
	 	By:  	/s/
Jennifer S. Sandefur	 
	 	Name:  	Jennifer S. Sandefur	 
	 	Title:  	Senior Managing Director and Treasurer	 
	 
	 	THE BANK OF NEW YORK

as Guarantee Trustee

 	 
	 	By:  	/s/
Stacey B. Poindexter	 
	 	Name:  	Stacey B. Poindexter	 
	 	Title:  	Assistant Vice President	 
	 

-18-exv4w28

 

Exhibit 4.28

EXECUTION

 

COUNTRYWIDE FINANCIAL CORPORATION

TO

THE BANK OF NEW YORK

TRUSTEE

 

JUNIOR SUBORDINATED INDENTURE

DATED AS OF NOVEMBER 8, 2006

 

 

 

 

COUNTRYWIDE FINANCIAL CORPORATION

     Reconciliation and tie between the Trust Indenture Act of 1939 (including cross-references to
provisions of Sections 310 to and including 317 which, pursuant to Section 318(c) of the Trust
Indenture Act of 1939, as amended by the Trust Reform Act of 1990, are a part of and govern the
Indenture whether or not physically contained therein) and the Junior Subordinated Indenture, dated
as of November 8, 2006.

	 	 	 	 	 
	TRUST INDENTURE	 	 	 	INDENTURE
	ACT SECTION	 	 	 	SECTION
	Section 310
	 	(a) (1), (2) and (5)	 	  6.9
	 
	 	(a) (3)	 	Not Applicable
	 
	 	(a) (4)	 	Not Applicable
	 
	 	(b)	 	6.8
	 
	 	 	 	  6.10
	 
	 	(c)	 	Not Applicable
	Section 311
	 	(a)	 	 6.13
	 
	 	(b)	 	 6.13
	 
	 	(b) (2)	 	6.13
	Section 312
	 	(a)	 	 7.1
	 
	 	 	 	 7.2(a)
	 
	 	(b)	 	 7.2(b)
	 
	 	(c)	 	 7.2(c)
	Section 313
	 	(a)	 	7.3(a)
	 
	 	(b)	 	 7.3(b)
	 
	 	(c)	 	 7.3(a)
	 
	 	(d)	 	7.3(b)
	Section 314
	 	(a)(1),(2) and (3)      	 	7.4
	 
	 	(a) (4)	 	10.4
	 
	 	(b)	 	Not Applicable
	 
	 	(c) (1)	 	1.2
	 
	 	(c) (2)	 	1.2
	 
	 	(c) (3)	 	Not Applicable
	 
	 	(d)	 	Not Applicable
	 
	 	(e)	 	1.2
	 
	 	(f)	 	Not Applicable
	Section 315
	 	(a)	 	6.1(a)
	 
	 	(b)	 	 6.2
	 
	 	(c)	 	6.1(b)
	 
	 	(d)	 	6.1(c)
	 
	 	(d) (1)	 	6.1(a) (1), (a)(2)
	 
	 	(d) (2)	 	6.1(c) (2)
	 
	 	(d) (3)	 	6.1(c) (3)
	 
	 	(e)	 	5.14
	Section 316
	 	(a)	 	1.1
	 
	 	(a) (1) (A)	 	5.12
	 
	 	(a) (1) (B)	 	5.13

 

 

	 	 	 	 	 
	TRUST INDENTURE	 	 	 	INDENTURE
	ACT SECTION	 	 	 	SECTION
	 
	 	(a) (2)	 	Not Applicable
	 
	 	(b)	 	5.8
	 
	 	(c)	 	1.4(f)
	Section 317
	 	(a) (1)	 	5.3
	 
	 	(a) (2)	 	5.4
	 
	 	(b)	 	10.3
	Section 318
	 	(a)	 	1.7

 

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

3

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	PAGE	 
	ARTICLE I

	 
	 	 	 	 
	DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

	 
	 	 	 	 
	Section 1.1   Definitions
	 	 	8	 
	Section 1.2   Compliance Certificate and Opinions
	 	 	16	 
	Section 1.3   Forms of Documents Delivered to Trustee
	 	 	17	 
	Section 1.4   Acts of Holders
	 	 	18	 
	Section 1.5   Notices, Etc. to Trustee and Company
	 	 	20	 
	Section 1.6   Notice to Holders; Waiver
	 	 	20	 
	Section 1.7   Conflict with Trust Indenture Act
	 	 	20	 
	Section 1.8   Effect of Headings and Table of Contents
	 	 	20	 
	Section 1.9   Successors and Assigns
	 	 	20	 
	Section 1.10 Separability Clause
	 	 	21	 
	Section 1.11 Benefits of Indenture
	 	 	21	 
	Section 1.12 Governing Law
	 	 	21	 
	Section 1.13 Non-Business Days
	 	 	21	 
	 
	 	 	 	 
	ARTICLE II

	 
	 	 	 	 
	SECURITY FORMS

	 
	 	 	 	 
	Section 2.1   Forms Generally
	 	 	22	 
	Section 2.2   Form of Face of Security
	 	 	22	 
	Section 2.3   Form of Reverse of Security
	 	 	25	 
	Section 2.4   Additional Provisions Required in Global Security
	 	 	28	 
	Section 2.5   Form of Trustee’s Certificate of Authentication
	 	 	28	 
	 
	 	 	 	 
	ARTICLE III

	 
	 	 	 	 
	THE SECURITIES

	 
	 	 	 	 
	Section 3.1   Title and Terms
	 	 	29	 
	Section 3.2   Denominations
	 	 	31	 
	Section 3.3   Execution, Authentication, Delivery and Dating
	 	 	31	 
	Section 3.4   Temporary Securities
	 	 	33	 
	Section 3.5   Registration, Transfer and Exchange
	 	 	33	 
	Section 3.6   Mutilated, Destroyed, Lost and Stolen Securities
	 	 	35	 
	Section 3.7   Payment of Interest; Interest Rights Preserved
	 	 	36	 
	Section 3.8   Persons Deemed Owners
	 	 	37	 
	Section 3.9   Cancellation
	 	 	37	 
	Section 3.10 Computation of Interest
	 	 	38	 

4

 

	 	 	 	 	 
	 	 	PAGE	 
	Section 3.11 Deferrals of Interest Payment Dates
	 	 	38	 
	Section 3.12 Right of Set-Off
	 	 	39	 
	Section 3.13 Agreed Tax Treatment
	 	 	39	 
	Section 3.14 Shortening or Extension of Stated Maturity
	 	 	39	 
	Section 3.15 CUSIP Numbers
	 	 	40	 
	 
	 	 	 	 
	ARTICLE IV
	 	 	 	 
	 
	 	 	 	 
	SATISFACTION AND DISCHARGE
	 	 	 	 
	 
	 	 	 	 
	Section 4.1 Satisfaction and Discharge of Indenture
	 	 	40	 
	Section 4.2 Application of Trust Money
	 	 	41	 
	 
	 	 	 	 
	ARTICLE V
	 	 	 	 
	 
	 	 	 	 
	REMEDIES
	 	 	 	 
	 
	 	 	 	 
	Section 5.1 Events of Default
	 	 	41	 
	Section 5.2 Acceleration of Maturity; Rescission and Annulment
	 	 	42	 
	Section 5.3 Collection of Indebtedness and Suits for Enforcement by Trustee
	 	 	44	 
	Section 5.4 Trustee May File Proofs of Claim
	 	 	44	 
	Section 5.5 Trustee May Enforce Claims Without Possession of Securities
	 	 	45	 
	Section 5.6 Application of Money Collected
	 	 	46	 
	Section 5.7 Limitation on Suits
	 	 	46	 
	Section 5.8 Unconditional Right of Holders to Receive Principal, Premium and
Interest; Direct Action by Holders of Preferred Securities
	 	 	47	 
	Section 5.9   Restoration of Rights and Remedies
	 	 	47	 
	Section 5.10 Rights and Remedies Cumulative
	 	 	47	 
	Section 5.11 Delay or Omission Not Waiver
	 	 	48	 
	Section 5.12 Control by Holders
	 	 	48	 
	Section 5.13 Waiver of Past Defaults
	 	 	48	 
	Section 5.14 Undertaking for Costs
	 	 	49	 
	Section 5.15 Waiver of Usury, Stay or Extension Laws
	 	 	49	 
	 
	 	 	 	 
	ARTICLE VI
	 	 	 	 
	 
	 	 	 	 
	THE TRUSTEE
	 	 	 	 
	 
	 	 	 	 
	Section 6.1   Certain Duties and Responsibilities
	 	 	50	 
	Section 6.2   Notice of Defaults
	 	 	51	 
	Section 6.3   Certain Rights of Trustee
	 	 	51	 
	Section 6.4   Not Responsible for Recitals or Issuance of Securities
	 	 	52	 
	Section 6.5   May Hold Securities
	 	 	52	 
	Section 6.6   Money Held in Trust
	 	 	53	 
	Section 6.7   Compensation and Reimbursement
	 	 	53	 
	Section 6.8   Disqualification; Conflicting Interests
	 	 	54	 
	Section 6.9   Corporate Trustee Required; Eligibility
	 	 	54	 

5

 

	 	 	 	 	 
	 	 	PAGE	 
	Section 6.10 Resignation and Removal; Appointment of Successor
	 	 	54	 
	Section 6.11 Acceptance of Appointment by Successor
	 	 	56	 
	Section 6.12 Merger, Conversion, Consolidation or Succession to Business
	 	 	57	 
	Section 6.13 Preferential Collection of Claims Against Company
	 	 	57	 
	Section 6.14 Appointment of Authenticating Agent
	 	 	57	 
	 
	 	 	 	 
	ARTICLE VII
	 	 	 	 
	 
	 	 	 	 
	HOLDER’S LISTS AND REPORTS BY TRUSTEE AND COMPANY
	 	 	 	 
	 
	 	 	 	 
	Section 7.1   Company to Furnish Trustee Names and Addresses of Holders
	 	 	59	 
	Section 7.2   Preservation of Information, Communications to Holders
	 	 	59	 
	Section 7.3   Reports by Trustee
	 	 	60	 
	Section 7.4   Reports by Company
	 	 	60	 
	 
	 	 	 	 
	ARTICLE VIII
	 	 	 	 
	 
	 	 	 	 
	CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE
	 	 	 	 
	 
	 	 	 	 
	Section 8.1   Company May Consolidate, Etc., Only on Certain Terms
	 	 	61	 
	Section 8.2   Successor Corporation Substituted
	 	 	61	 
	 
	 	 	 	 
	ARTICLE IX
	 	 	 	 
	 
	 	 	 	 
	SUPPLEMENTAL INDENTURES
	 	 	 	 
	 
	 	 	 	 
	Section 9.1   Supplemental Indentures without Consent of Holders
	 	 	62	 
	Section 9.2   Supplemental Indentures with Consent of Holders
	 	 	63	 
	Section 9.3   Execution of Supplemental Indentures
	 	 	64	 
	Section 9.4   Effect of Supplemental Indentures
	 	 	65	 
	Section 9.5   Conformity with Trust Indenture Act
	 	 	65	 
	Section 9.6   Reference in Securities to Supplemental Indentures
	 	 	65	 
	 
	 	 	 	 
	ARTICLE X
	 	 	 	 
	 
	 	 	 	 
	COVENANTS
	 	 	 	 
	 
	 	 	 	 
	Section 10.1 Payment of Principal, Premium and Interest
	 	 	65	 
	Section 10.2 Maintenance of Office or Agency
	 	 	65	 
	Section 10.3 Money for Security Payments to be Held in Trust
	 	 	66	 
	Section 10.4 Statement as to Compliance
	 	 	67	 
	Section 10.5 Waiver of Certain Covenants
	 	 	67	 
	Section 10.6 Payment of Trust Costs and Expenses
	 	 	68	 
	Section 10.7 Additional Covenants
	 	 	68	 
	Section 10.8 Calculation of Original Issue Discount
	 	 	69	 

6

 

	 	 	 	 	 
	 	 	PAGE	 
	ARTICLE XI
	 	 	 	 
	 
	 	 	 	 
	REDEMPTION OF SECURITIES
	 	 	 	 
	 
	 	 	 	 
	Section 11.1   Applicability of This Article
	 	 	69	 
	Section 11.2   Election to Redeem; Notice to Trustee
	 	 	69	 
	Section 11.3   Selection of Securities to be Redeemed
	 	 	70	 
	Section 11.4   Notice of Redemption
	 	 	70	 
	Section 11.5   Deposit of Redemption Price
	 	 	71	 
	Section 11.6   Payment of Securities Called for Redemption
	 	 	71	 
	Section 11.7   Right of Redemption of Securities Initially Issued to a Trust
	 	 	72	 
	 
	 	 	 	 
	ARTICLE XII
	 	 	 	 
	 
	 	 	 	 
	SINKING FUNDS
	 	 	 	 
	 
	 	 	 	 
	Section 12.1   Applicability of Article
	 	 	72	 
	Section 12.2   Satisfaction of Sinking Fund Payments with Securities
	 	 	72	 
	Section 12.3   Redemption of Securities for Sinking Fund
	 	 	73	 
	 
	 	 	 	 
	ARTICLE XIII
	 	 	 	 
	 
	 	 	 	 
	SUBORDINATION OF SECURITIES
	 	 	 	 
	 
	 	 	 	 
	Section 13.1   Securities Subordinate to Senior Debt
	 	 	74	 
	Section 13.2   Payment Over of Proceeds Upon Dissolution, Etc
	 	 	74	 
	Section 13.3   Prior Payment to Senior Debt Upon Acceleration of Securities
	 	 	76	 
	Section 13.4   No Payment When Senior Debt in Default
	 	 	76	 
	Section 13.5   Payment Permitted if No Default
	 	 	77	 
	Section 13.6   Subrogation to Rights of Holders of Senior Debt
	 	 	77	 
	Section 13.7   Provisions Solely to Define Relative Rights
	 	 	78	 
	Section 13.8   Trustee to Effectuate Subordination
	 	 	78	 
	Section 13.9   No Waiver of Subordination Provisions
	 	 	78	 
	Section 13.10 Notice to Trustee
	 	 	79	 
	Section 13.11 Reliance on Judicial Order or Certificate of Liquidating Agent
	 	 	79	 
	Section 13.12 Trustee Not Fiduciary for Holders of Senior Debt
	 	 	80	 
	Section 13.13 Rights of Trustee as Holder of Senior Debt; Preservation of Trustee’s Rights
	 	 	80	 
	Section 13.14 Article Applicable to Paying Agents
	 	 	80	 
	Section 13.15 Certain Conversions or Exchanges Deemed Payment
	 	 	80	 
	Section 13.16 Trust Moneys Not Subordinate

	 	 	81	 

7

 

          JUNIOR SUBORDINATED INDENTURE, dated as of November 8, 2006, between COUNTRYWIDE FINANCIAL
CORPORATION, a Delaware corporation (hereinafter called the “Company”) having its principal office
at 4500 Park Granada Blvd., Calabasas, California 91302, and THE BANK OF NEW YORK, a New York
banking corporation, as Trustee (hereinafter called the “Trustee”).

RECITALS OF THE COMPANY

          The Company has duly authorized the execution and delivery of this Indenture to provide for
the issuance from time to time of its unsecured junior subordinated debt securities in one or more
series of substantially the tenor hereinafter provided, including, without limitation, Securities
issued to evidence loans made to the Company of the proceeds from the issuance from time to time by
one or more business trusts (each a “Trust,” and, collectively, the “Trusts”) of preferred
interests in such Trusts (the “Preferred Securities”) and common interests in such Trusts (the
“Common Securities” and, collectively with the Preferred Securities, the “Trust Securities”), and
to provide the terms and conditions upon which the Securities are to be authenticated, issued and
delivered.

          All things necessary to make the Securities, when executed by the Company and authenticated
and delivered hereunder and duly issued by the Company, the valid obligations of the Company, and
to make this Indenture a valid agreement of the Company, in accordance with 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 covenanted and agreed, for the
equal and proportionate benefit of all Holders of the Securities or of any series thereof, as
follows:

ARTICLE I

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

          Section 1.1 Definitions.

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

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

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

          (3) All accounting terms not otherwise defined herein have the meanings assigned to them in
accordance with generally accepted accounting principles, and the term “generally accepted
accounting principles” with respect to any computation required or permitted hereunder shall mean
such accounting principles which are generally accepted at the

8

 

date or time of such computation; provided, that when two or more principles are so generally
accepted, it shall mean that set of principles consistent with those in use by the Company; and

          (4) 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 1.4.

          “Additional Interest” means the interest, if any, that shall accrue on any interest on the
Securities of any series the payment of which has not been made on the applicable Interest Payment
Date and which shall accrue at the rate per annum specified or determined as specified in such
Security from the applicable Interest Payment Date.

          “Additional Taxes” means the sum of any additional taxes, duties and other governmental
charges to which a Trust has become subject from time to time as a result of a Tax Event.

          “Administrative Trustee” means, in respect of any Trust, each Person identified as an
“Administrative Trustee” in the related Trust Agreement, solely in such Person’s capacity as
Administrative Trustee of such Trust under such Trust Agreement and not in such Person’s individual
capacity, or any successor administrative trustee appointed as therein provided.

          “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; provided,
however, no Trust to which Securities have been issued shall be deemed to be an Affiliate of the
Company.

          For the purposes of this definition, “control” when used with respect to any specified Person
means the power to direct 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.

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

          “Board of Directors” means either the board of directors of the Company or any committee of
that board duly authorized to act hereunder.

          “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, or such committee of
the Board of Directors or officers of the Company to which authority to act on behalf of the Board
of Directors has been delegated, and to be in full force and effect on the date of such
certification, and delivered to the Trustee.

          “Business Day” means any day other than (i) a Saturday or Sunday, (ii) a day on which banking
institutions in The City of New York are authorized or required by law or

9

 

executive order to remain closed or (iii) a day on which the Corporate Trust Office of the
Trustee, or, with respect to the Securities of a series initially issued to a Trust, the principal
office of the Property Trustee under the related Trust Agreement, is closed for business.

          “Capital Treatment Event”, with respect to a Trust, means the reasonable determination by the
Company that, as a result of any (i) amendment to, or change in, the laws or regulations of the
United States or any political subdivision thereof or therein that is enacted or becomes effective
after the initial date of issuance of the Preferred Securities of such Trust, (ii) proposed change
in such laws of regulations that is announced after the initial date of issuance of the Preferred
Securities of such Trust or (iii) official administrative decision or judicial decision or
administrative action or other official pronouncement interpreting or applying such laws or
regulations that is announced on or after the date of issuance of the Preferred Securities of such
Trust, in each case, there is more than an insubstantial risk that the Company will not be entitled
to treat an amount equal to the Liquidation Amount (as defined in the related Trust Agreement) of
such Preferred Securities as “Tier 1 Capital” (or the then equivalent thereof) for purposes of the
capital adequacy guidelines of the Federal Reserve applicable to bank holding companies, as then in
effect.

          “Commission” means the 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 such
Commission is not existing and performing the duties now assigned to it under the Trust Indenture
Act, then the body performing such duties at such time.

          “Common Securities” has the meaning specified in the first recital of this Indenture.

          “Common Stock” means the common stock, par value $0.05 per share, of the Company.

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

          “Company Request” and “Company Order” mean, respectively, the written request or order signed
in the name of the Company by the the Chairman of the Board, the President, any Executive Managing
Director or any Senior Managing Director, and by the Chief Financial Officer, the Treasurer or the
Assistant Treasurer, Cash Management, of the Company, and delivered to the Trustee.

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

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          “corporation” includes a corporation, association, company, joint-stock company or business
trust.

          “Debt” means, with respect to any Person, whether recourse is to all or a portion of the
assets of such Person and whether or not contingent, (i) every obligation of such Person for money
borrowed; (ii) every obligation of such Person evidenced by bonds, debentures, notes or other
similar instruments, including obligations incurred in connection with the acquisition of property,
assets or businesses; (iii) every reimbursement obligation of such Person with respect to letters
of credit, bankers’ acceptances or similar facilities issued for the account of such Person; (iv)
every obligation of such Person issued or assumed as the deferred purchase price of property or
services (but excluding trade accounts payable or accrued liabilities arising in the ordinary
course of business); (v) every capital lease obligation of such Person; (vi) every obligation of
such Person for claims in respect of derivative products, including interest rate, foreign exchange
rate and commodity forward contracts, options and swaps and similar arrangements; and (vii) every
obligation of the type referred to in clauses (i) through (vi) of another Person and all dividends
of another Person the payment of which, in either case, such Person has guaranteed or is
responsible or liable for, directly or indirectly, as obligor or otherwise.

          “Defaulted Interest” has the meaning specified in Section 3.7.

          “Depositary” means, with respect to the Securities of any series issuable or issued in whole
or in part in the form of one or more Global Securities, the Person designated as Depositary by the
Company pursuant to Section 3.1 with respect to such series (or any successor thereto).

          “Discount Security” means any security which provides for an amount less than the principal
amount thereof to be due and payable upon a declaration of acceleration of the Maturity thereof
pursuant to Section 5.2.

          “Distributions,” with respect to the Trust Securities issued by a Trust, means amounts payable
in respect of such Trust Securities as provided in the related Trust Agreement and referred to
therein as “Distributions.”

          “Dollar” means the currency of the United States of America that, as at the time of payment,
is legal tender for the payment of public and private debts.

          “Event of Default” unless otherwise specified in the supplemental indenture creating a series
of Securities has the meaning specified in Article V.

          “Exchange Act” means the Securities Exchange Act of 1934 and any statute successor thereto, in
each case as amended from time to time.

          “Expiration Date” has the meaning specified in Section 1.4(f).

          “Extension Period” has the meaning specified in Section 3.11.

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          “Federal Reserve” means the Board of Governors of the Federal Reserve System, as from time to
time constituted, or if at any time after the execution of this Indenture the Federal Reserve is
not existing and performing the duties now assigned to it, then the body performing such duties at
such time.

          “Global Security” means a Security in the form prescribed in Section 2.4 evidencing all or
part of a series of Securities, issued to the Depositary or its nominee for such series, and
registered in the name of such Depositary or its nominee.

          “Guarantee”, with respect to the Trust Securities issued by a Trust, means the guarantee by
the Company of Distributions on such Trust Securities to the extent provided in the Guarantee
Agreement.

          “Guarantee Agreement”, with respect to the Trust Securities issued by a Trust, means the
Guarantee Agreement substantially in the form attached hereto as Annex C, or substantially in such
form as may be specified as contemplated by Section 3.1 with respect to the Securities of any
series, in each case as amended from time to time.

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

          “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 and with respect to any particular series of Securities shall include
the terms of such particular series established as contemplated by Section 3.1.

          “Interest Payment Date” means as to each series of Securities the Stated Maturity of an
installment of interest on such Securities.

          “Investment Company Act Event” means with respect to a Trust, the receipt by the Company of an
Opinion of Counsel experienced in such matters to the effect that, as a result of a change in law
or regulation or change in interpretation or application of law or regulation by any legislative
body, court, governmental agency or regulatory authority, there is more than an insubstantial risk
that such Trust is or, will be, considered an “investment company” that is required to be
registered under the Investment Company Act of 1940, as amended, which change becomes effective on
or after the date of the original issuance of the Preferred Securities of such Trust.

          “Junior Subordinated Payment” has the meaning specified in Section 13.2.

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

          “Moody’s” means Moody’s Investors Service, Inc.

          “Officers’ Certificate” means a certificate signed by the Chairman of the Board, the
President, any Executive Managing Director or any Senior Managing Director, and by the

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Chief Financial Officer, the Treasurer or the Assistant Treasurer, Cash Management, of the
Company, and delivered to the Trustee.

          “Opinion of Counsel” means a written opinion of counsel, who may be an employee of the Company
or any Affiliate thereof, and who shall be acceptable to the Trustee.

          “Original Issue Date” means the date of issuance specified as such in each Security.

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

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

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

     (iii) Securities in substitution for or in lieu of which other Securities have been
authenticated and delivered or which have been paid pursuant to Section 3.6, unless proof
satisfactory to the Trustee is presented that any such Securities are held by Holders in
whose hands such Securities are valid, binding and legal obligations of the Company;

provided, however, that in determining whether the Holders of the requisite
principal amount of Outstanding Securities have given any request, demand, authorization,
direction, notice, consent or waiver hereunder, Securities owned by the Company or any other
obligor upon the Securities or any Affiliate of the Company or 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 such other obligor. Upon the written request
of the Trustee, the Company shall furnish to the Trustee promptly an Officers’ Certificate listing
and identifying all Securities, if any, known by the Company to be owned or held by or for the
account of the Company or any other obligor on the Securities or any Affiliate of the Company or
such obligor, and, subject to the provisions of Section 6.1, the Trustee shall be entitled to
accept such Officers’ Certificate as conclusive evidence of the facts therein set forth and of the
fact that all Securities not listed therein are Outstanding for the purpose of any such
determination.

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

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

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          “Place of Payment” means, with respect to the Securities of any series, the place or places
where the principal of (and premium, if any) and interest on the Securities of such series are
payable pursuant to Sections 3.1 and 3.11.

          “Predecessor Security” of any particular Security means every previous Security evidencing all
or a portion of the same debt as that evidenced by such particular Security; and, for the purposes
of this definition, any Security authenticated and delivered under Section 3.6 in lieu of a lost,
destroyed or stolen Security shall be deemed to evidence the same debt as the lost, destroyed or
stolen Security.

          “Preferred Securities” has the meaning specified in the first recital of this Indenture.

          “Proceeding” has the meaning specified in Section 13.2.

          “Property Trustee” means, in respect of any Trust, the commercial bank or trust company
identified as the “Property Trustee” in the related Trust Agreement, solely in its capacity as
Property Trustee of such Trust under such Trust Agreement and not in its individual capacity, or
its successor in interest in such capacity, or any successor property trustee appointed as therein
provided.

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

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

          “Regular Record Date” for the interest payable on any Interest Payment Date with respect to
the Securities of a series means, unless otherwise provided pursuant to Section 3.1 with respect to
Securities of a series, (i) in the case of Securities of a series represented by one or more Global
Securities, the Business Day next preceding such Interest Payment Date and (ii) in the case of
Securities of a series not represented by one or more Global Securities, the date which is 15 days
next preceding such Interest Payment Date (whether or not a Business Day).

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

          “Rights Plan” means a plan of the Company providing for the issuance by the Company to all
holders of its Common Stock of rights entitling the holders thereof to subscribe for or purchase
shares of Common Stock or any class or series of preferred stock of the Company, which rights (i)
are deemed to be transferred with such shares of Common Stock, (ii) are not exercisable and (iii)
are also issued in respect of future issuances of Common Stock, in each case until the occurrence
of a specified event or events.

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          “S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc.

          “Securities” or “Security” means any debt securities or debt security, as the case may be,
authenticated and delivered under this Indenture.

          “Securities Register” and “Securities Registrar” have the respective meanings specified in
Section 3.5.

          “Senior Debt” means the principal of (and premium, if any) and interest, if any (including
interest accruing on or after the filing of any petition in bankruptcy or for reorganization
relating to the Company whether or not such claim for post-petition interest is allowed in such
proceeding), on Debt of the Company, whether incurred on or prior to the date of this Indenture or
thereafter incurred, unless, in the instrument creating or evidencing the same or pursuant to which
the same is outstanding, it is provided that such obligations are not superior in right of payment
to the Securities or to other Debt which is equal with, or subordinated to, the Securities,
provided, however, that Senior Debt shall not be deemed to include (a) any Debt of the Company
which, when incurred and without respect to any election under Section 1111(b) of the Bankruptcy
Reform Act of 1978, was without recourse to the Company, (b) any Debt of the Company to any of its
Subsidiaries, (c) Debt to any employee of the Company, (d) Debt which by its terms is subordinated
to trade accounts payable or accrued liabilities arising in the ordinary course of business to the
extent that payments made to the holders of such Debt by the holders of the Securities as a result
of the subordination provisions of this Indenture would be greater than such payments otherwise
would have been (absent giving effect to this clause (d)) as a result of any obligation of such
holders of such Debt to pay amounts over to the obligees on such trade accounts payable or accrued
liabilities arising in the ordinary course of business as a result of subordination provisions to
which such Debt is subject, and (e) any Securities.

          “Special Record Date” for the payment of any Defaulted Interest means a date fixed by the
Trustee pursuant to Section 3.7.

          “Stated Maturity” when used with respect to any Security or any installment of principal
thereof or interest thereon, means the date specified pursuant to the terms of such Security as the
date on which the principal of such Security or such installment of interest is due and payable, in
the case of such Security or installment of principal, as such date may be shortened or extended as
provided pursuant to the terms of such Security and this Indenture.

          “Subsidiary” means an entity, more than 50% of the outstanding voting 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 purposes of this definition, “voting interests”
means interests which ordinarily have voting power for the election of directors or the equivalent
thereof, whether at all times or only so long as no senior class of interest has such voting power
by reason of any contingency.

          “Tax Event”, with respect to a Trust, means the receipt by such Trust and the Company of an
Opinion of Counsel (as defined in the relevant Trust Agreement) experienced in such matters to the
effect that, as a result of any (a) amendment to or change in the laws or

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regulations of the United States or any political subdivision or taxing authority of or in the
United States that is enacted or becomes effective after the initial issuance of the Preferred
Securities of such Trust, or (b) any proposed change in such laws or regulations that is announced
after the initial issuance of the Preferred Securities of such Trust, or (c) any official
administrative decision or judicial decision or administrative action or other official
pronouncement interpreting or applying those laws or regulations that is announced after the
initial issuance of the Preferred Securities of such Trust, or (d) any threatened challenge
asserted in connection with an audit of such Trust, the Company or its Subsidiaries, or a
threatened challenge asserted in writing against any other taxpayer that has raised capital through
the issuance of securities that are substantially similar to the corresponding series of Securities
or the Preferred Securities of such Trust, in each case, there is more than an insubstantial risk
that (i) such Trust is, or will be, subject to United States federal income tax with respect to
income received or accrued on the corresponding series of Securities issued by the Company to such
Trust, (ii) interest payable by the Company on such corresponding series of Securities is not, or,
will not be, deductible by the Company, in whole or in part, for United States federal income tax
purposes or (iii) such Trust is, or will be, subject to more than a de minimis amount of other
taxes, duties or other governmental charges.

          “Trust” has the meaning specified in the first recital of this Indenture.

          “Trust Agreement”, with respect to a Trust, means a Trust Agreement substantially in the form
attached hereto as Annex A, as amended by the form of Amended and Restated Trust Agreement
substantially in the form attached hereto as Annex B, or substantially in such form as may be
specified as contemplated by Section 3.1 with respect to the Securities of any series, in each case
as amended from time to time.

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

          “Trust Indenture Act” means the Trust Indenture Act of 1939 (15 U.S.C. Section 77aaa-77bbb),
as amended and as in effect on the date as of this Indenture, except as provided in Section 9.5.

          “Trust Securities” has the meaning specified in the first recital of this Indenture.

          Section 1.2  Compliance Certificate 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 an Officers’ Certificate
stating that all conditions precedent (including covenants, compliance with which constitutes a
condition precedent), if any, provided for in this Indenture relating to the proposed action have
been complied with and an Opinion of Counsel stating that in the opinion of such counsel all such
conditions precedent (including covenants compliance with which constitute a

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condition precedent), if any, have been complied with, except that in the case of any such
application or request as to which the furnishing of such documents is specifically required by any
provision of this Indenture relating to such particular application or request, no additional
certificate or opinion need be furnished.

          Every certificate or opinion with respect to compliance with a condition or covenant provided
for in this Indenture (other than the certificates provided pursuant to Section 10.4) 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 or caused to
be 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 1.3 Forms 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 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 or counsel 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 or her certificate or
opinion is based are erroneous. Any 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 rendering such Opinion of 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.

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          Section 1.4 Acts of Holders.

          (a) Any request, demand, authorization, direction, notice, consent, waiver or other action
provided by this Indenture to be given to or taken by Holders may be embodied in and evidenced by
one or more instruments of substantially similar tenor signed by such Holders in person or by an
agent or proxy duly appointed in writing; and, except as herein otherwise expressly provided, such
action shall become effective when such instrument or instruments is or are delivered to the
Trustee, and, where it is hereby expressly required, to the Company. Such instrument or instruments
(and the action embodied therein and evidenced thereby) are herein sometimes referred to as the
“Act” of the Holders signing such instrument or instruments. Proof of execution of any such
instrument or of a writing appointing any such agent or proxy shall be sufficient for any purpose
of this Indenture and (subject to Section 6.1) conclusive in favor of the Trustee and the Company,
if made in the manner provided in this Section.

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

          (c) The fact and date of the execution by any Person 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 and in accordance with such reasonable rules as the Trustee may determine.

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

          (e) Any request, demand, authorization, direction, notice, consent, waiver or other action by
the Holder of any Security shall bind every future Holder of the same Security and the Holder of
every Security issued upon the 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.

          (f) The Company may set any day as a record date for the purpose of determining the Holders of
Outstanding Securities entitled to give, make or take any request, demand, authorization,
direction, notice, consent, waiver or other action provided or permitted by this Indenture to be
given, made or taken by Holders of Securities of such series, provided that the Company may not set
a record date for, and the provisions of this paragraph shall not apply with respect to, the giving
or making of any notice, declaration, request or direction referred to in the immediately
succeeding paragraph. If any record date is set pursuant to this paragraph, the Holders of the
relevant Outstanding Securities on such record date, and no other Holders, shall be entitled to
take the relevant action, whether or not such Holders remain Holders after such record date,
provided that no such action shall be effective hereunder unless taken on or prior to the
applicable Expiration Date by Holders of the requisite principal amount of the relevant Outstanding
Securities on such record date. Nothing in this paragraph shall be construed to prevent the Company
from setting a new record date for any action for which a record date has

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previously been set pursuant to this paragraph (whereupon the record date previously set shall
automatically and with no action by any Person be cancelled and of no effect), and nothing in this
paragraph shall be construed to render ineffective any action taken by Holders of the requisite
principal amount of the relevant Outstanding Securities on the date such action is taken.

          Promptly after any record date is set pursuant to this paragraph, the Company, at its own
expense, shall cause notice of such record date, the proposed action by Holders and the applicable
Expiration Date to be given to the Trustee in writing and to each Holder of the relevant Securities
in the manner set forth in Section 1.6.

          The Trustee may set any day as a record date for the purpose of determining the Holders of
Outstanding Securities entitled to join in the giving or making of (i) any declaration of
acceleration referred to in Section 5.2, (ii) any request to institute proceedings referred to in
Section 5.7(2) or (iii) any direction referred to in Section 5.12, in each case with respect to the
relevant Securities. If any record date is set pursuant to this paragraph, the Holders of the
relevant Outstanding Securities on such record date, and no other Holders, shall be entitled to
join in such notice, declaration, request or direction, whether or not such Holders remain Holders
after such record date, provided that no such action shall be effective hereunder unless taken on
or prior to the applicable Expiration Date by Holders of the requisite principal amount of the
relevant Outstanding Securities on such record date. Nothing in this paragraph shall be construed
to prevent the Trustee from setting a new record date for any action for which a record date has
previously been set pursuant to this paragraph (whereupon the record date previously set shall
automatically and with no action by any Person be cancelled and of no effect), and nothing in this
paragraph shall be construed to render ineffective any action taken by Holders of the requisite
principal amount of the relevant Outstanding Securities on the date such action is taken.

          Promptly after any record date is set pursuant to this paragraph, the Trustee, at the
Company’s expense, shall cause notice of such record date, the proposed action by Holders and the
applicable Expiration Date to be given to the Company in writing and to each Holder of the relevant
Securities in the manner set forth in Section 1.6.

          With respect to any record date set pursuant to this clause (f), the party hereto which sets
such record date may designate any day as the “Expiration Date” and from time to time may change
the Expiration Date to any earlier or later day, provided that no such change shall be effective
unless notice of the proposed new Expiration Date is given to the other party hereto in writing,
and to each Holder of the relevant Outstanding Securities in the manner set forth in Section 1.6,
on or prior to the existing Expiration Date.

          If an Expiration Date is not designated with respect to any record date set pursuant to this
clause (f), the party hereto which set such record date shall be deemed to have initially
designated the 180th day after such record date as the Expiration Date with respect thereto,
subject to its right to change the Expiration Date as provided in this paragraph. Notwithstanding
the foregoing, no Expiration Date shall be later than the 180th day after the applicable record
date.

          (g) Without limiting the foregoing, a Holder entitled hereunder to take any action hereunder
with regard to any particular Security may do so with regard to all or any part

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of the principal amount of such Security or by one or more duly appointed agents each of which
may do so pursuant to such appointment with regard to all or any part of such principal amount.

          Section 1.5 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, any holder of Preferred Securities or the Company shall
be sufficient for every purpose hereunder if made, given, furnished or filed in writing to
or with the Trustee at its Corporate Trust Office, or

          (2) the Company by the Trustee, any Holder or any holder of Preferred Securities must
be in writing and mailed, first class, postage prepaid, to the Company addressed to it at
the address of its principal office specified in the first paragraph of this instrument or
at any other address previously furnished in writing to the Trustee by the Company.

          Section 1.6 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 the address of such Holder as it
appears in the Securities Register, not later than the latest date, and not earlier than the
earliest date, 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.

          Section 1.7 Conflict with Trust Indenture Act.

          If any provision of this Indenture limits, qualifies or conflicts with the duties imposed by
any of Sections 310 to 317, inclusive, of the Trust Indenture Act through operation of Section
318(c) thereof, such imposed duties shall control.

          Section 1.8 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 1.9 Successors and Assigns.

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

          Section 1.10 Separability Clause.

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

          Section 1.11 Benefits of Indenture.

          Nothing in this Indenture or in the Securities, express or implied, shall give to any Person,
other than the parties hereto and their successors and assigns, the holders of Senior Debt, the
Holders of the Securities and, to the extent expressly provided in Sections 5.2, 5.8, 5.9, 5.11,
5.13, 9.1 and 9.2, the holders of Preferred Securities, any benefit or any legal or equitable
right, remedy or claim under this Indenture.

          Section 1.12 Governing Law.

          THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES THEREOF.

          Section 1.13 Non-Business Days.

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

          Section 1.14 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.

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ARTICLE II

SECURITY FORMS

          Section 2.1 Forms Generally.

          The Securities of each series and the Trustee’s certificate of authentication shall be in
substantially the forms set forth in this Article, or in such other form or forms as shall be
established by or pursuant to a Board Resolution or in one or more indentures supplemental hereto,
in each case 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
applicable tax laws or the rules of any securities exchange or automated quotation system on which
the Securities may be listed or traded or as may, consistently herewith, be determined by the
officers executing such Securities, as evidenced by their execution of the Securities. If the form
of Securities of any series is established by action taken pursuant to a Board Resolution, a copy
of an appropriate record of such action shall be certified by the Secretary or an Assistant
Secretary of the Company and delivered to the Trustee at or prior to the delivery of the Company
Order contemplated by Section 3.3 with respect to the authentication and delivery of such
Securities.

          The Trustee’s certificates of authentication shall be substantially in the form set forth in
this Article.

          The definitive Securities shall be typewritten, printed, lithographed or engraved or produced
by any combination of these methods, if required by any securities exchange or automated quotation
system on which the Securities may be listed or traded, on a steel engraved border or steel
engraved borders or may be produced in any other manner permitted by the rules of any securities
exchange or automated quotation system on which the Securities may be listed or traded, all as
determined by the officers executing such Securities, as evidenced by their execution of such
securities.

          Section 2.2 Form of Face of Security.

          COUNTRYWIDE FINANCIAL CORPORATION            CUSIP                     
___% JUNIOR SUBORDINATED DEFERRABLE INTEREST DEBENTURES
No.        $

          COUNTRYWIDE FINANCIAL CORPORATION, a corporation organized and existing under the laws of the
state of Delaware (hereinafter called the “Company,” which term includes any successor corporation
under the Indenture hereinafter referred to), for value received, hereby promises to pay to
                    , or registered assigns, the principal sum of                      Dollars on                      ___,
___[; provided that the Company may, subject to certain conditions set forth in Section 3.14 of
the Indenture, (i) shorten the Stated Maturity of the principal of this Security to a date not
earlier than                     , and (ii) extend the Stated Maturity of the principal of this Security at
any time on one or more occasions, but in no event to

22

 

a date later than                     ]. The Company further promises to pay interest on said principal
sum from                     , or from the most recent interest payment date (each such date, an
“Interest Payment Date”) on which interest has been paid or duly provided for, [monthly]
[quarterly] [semi-annually] [if applicable, insert — (subject to deferral as set forth herein)] in
arrears on [insert applicable Interest Payment Dates] of each year, commencing                     , at the
rate of ___% per annum, until the principal hereof shall have become due and payable, [if
applicable, insert plus Additional Interest, if any,] until the principal hereof is paid or duly
provided for or made available for payment [if applicable, insert -and on any overdue principal and
(without duplication and to the extent that payment of such interest is enforceable under
applicable law) on any overdue installment of interest at the rate of ___% per annum, compounded
[monthly] [quarterly] [semi-annually]. The amount of interest payable for any period shall be
computed on the basis of twelve 30-day months and a 360-day year. The amount of interest payable
for any partial period shall be computed on the basis of the number of days elapsed in a 360-day
year of twelve 30-day months. In the event that any date on which interest is payable on this
Security is not a Business Day, then a payment of the interest payable on such date will be made on
the next succeeding day which is a Business Day (and without any interest or other payment in
respect of any such delay), except that, if such Business Day is in the next succeeding calendar
year, such payment shall be made on the immediately preceding Business Day, in each case with the
same force and effect as if made on the date the payment was originally payable. A “Business Day”
shall mean any day other than (i) a Saturday or Sunday, (ii) a day on which banking institutions in
The City of New York are authorized or required by law or executive order to remain closed or (iii)
a day on which the Corporate Trust Office of the Trustee [if applicable, insert — or the principal
office of the Property Trustee under the Trust Agreement hereinafter referred to for Countrywide
Capital _,] is closed for business. The interest installment so payable, and punctually paid or
duly provided for, on any Interest Payment Date will, as provided in the 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 installment, which shall be the
[insert definition of Regular Record Dates]. Any such interest installment not so punctually paid
or duly provided for shall 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 of this series not less than 10 days prior to such Special Record Date, or be paid at
any time in any other lawful manner not inconsistent with the requirements of any securities
exchange or automated quotation system on which the Securities of this series may be listed or
traded, and upon such notice as may be required by such exchange or self-regulatory organization,
all as more fully provided in said Indenture.

          [If
applicable, insert - So long as no Event of Default has occurred and is continuing, the
Company shall have the right at any time during the term of this Security to defer payment of
interest on this Security, at any time or from time to time, for up to                     consecutive
[monthly] [quarterly] [semi-annual] interest payment periods with respect to each deferral period
(each an “Extension Period”), during which Extension Periods the Company shall have the right to
make partial payments of interest on any Interest Payment Date, and at the end of which the Company
shall pay all interest then accrued and unpaid (together with Additional Interest thereon to the
extent permitted by applicable law); provided, however, that no Extension

23

 

Period shall extend beyond the Stated Maturity of the principal of this Security; provided,
further, that during any such Extension Period, the Company shall not, and shall not permit any
Subsidiary of the Company to, (i) declare or pay any dividends or distributions on or redeem,
purchase, acquire or make a liquidation payment with respect to, any of the Company’s capital stock
or (ii) make any payment of principal of or interest or premium, if any, on or repay, repurchase or
redeem any debt security of the Company that ranks equally with or junior in interest to this
Security or (iii) make any guarantee payments with respect to any guarantee by the Company of the
debt securities of any Subsidiary of the Company if such guarantee ranks equally with or junior in
interest to this Security (other than (a) dividends or distributions in the Company’s capital
stock, (b) any declaration of a dividend in connection with the implementation of a Rights Plan or
the redemption or repurchase of any rights distributed pursuant to a Rights Plan, (c) payments
under the Guarantee with respect to this Security, and (d) purchases of Common Stock related to the
issuance of Common Stock or rights under any of the Company’s benefit plans for its directors,
officers or employees, related to the issuance of Common Stock or rights under a dividend
reinvestment and stock purchase plan, or related to the issuance of Common Stock (or securities
convertible or exchangeable for Common Stock) as consideration in an acquisition transaction that
was entered into prior to the commencement of such Extension Period). Prior to the termination of
any such Extension Period, the Company may further defer the payment of interest, provided that no
Extension Period shall exceed ___consecutive [months] [quarters] [semi-annual] periods or extend
beyond the Stated Maturity of the principal of this Security. Upon the termination of any such
Extension Period and upon the payment of all accrued and unpaid interest and any Additional
Interest then due, the Company may elect to begin a new Extension Period, subject to the above
requirements. No interest shall be due and payable during an Extension Period except at the end
thereof. The Company shall give the Holder of this Security and the Trustee notice of its election
to begin any Extension Period at least one Business Day prior to the next succeeding Interest
Payment Date on which interest on this Security would be payable but for such deferral [if
applicable, insert — or, with respect to the Securities issued to a Trust, so long as such
Securities are held by such Trust, prior to the earlier of (i) the next succeeding date on which
Distributions on the Preferred Securities would be payable but for such deferral or (ii) the date
the Administrative Trustees are required to give notice to any securities exchange or other
applicable self-regulatory organization or to holders of such Preferred Securities of the record
date or the date such Distributions are payable, but in any event not less than one Business Day
prior to such record date]].

          Payment of principal of (and premium, if any) and interest on this Security will be made at
the office or agency of the Company maintained for that purpose in the United States, in such coin
or currency of the United States of America as at the time of payment is legal tender for payment
of public and private debts [if applicable, insert -; provided, however, that at the option of the
Company payment of interest may be made (i) by check mailed to the address of the Person entitled
thereto as such address shall appear in the Securities Register or (ii) by wire transfer in
immediately available funds at such place and to such account as may be designated in writing at
least 15 days before the relevant Interest Payment Date by the Person entitled thereto as specified
in the Securities Register].

          The indebtedness evidenced by this Security is, to the extent provided in the Indenture,
subordinate and subject in right of payment to the prior payment in full of all Senior Debt, and
this Security is issued subject to the provisions of the Indenture with respect thereto.

24

 

Each Holder of this Security, by accepting the same, (a) agrees to and shall be bound by such
provisions, (b) authorizes and directs the Trustee on his behalf to take such actions as may be
necessary or appropriate to effectuate the subordination so provided and (c) appoints the Trustee
his attorney-in-fact for any and all such purposes. Each Holder hereof, by his acceptance hereof,
waives all notice of the acceptance of the subordination provisions contained herein and in the
Indenture by each holder of Senior Debt, whether now outstanding or hereafter incurred, and waives
reliance by each such holder upon said provisions.

          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 or facsimile 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 under its
corporate seal.

	 	 	 	 	 
	 	COUNTRYWIDE FINANCIAL CORPORATION

 	 
	 	By:  	 	 
	 	 	[Chairman of the Board of Directors, 	 
	 	 	President, Executive Managing Director or
Senior Managing Director] 	 
	 

Section 2.3 Form of Reverse of Security.

          This Security is one of a duly authorized issue of securities of the Company (herein called
the “Securities”), issued and to be issued in one or more series under a Junior Subordinated
Indenture, dated as of November 8, 2006 (herein called the “Indenture”), between the Company and
The Bank of New York, 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 Trustee, the Company and the Holders of the Securities, and of the
terms upon which the Securities are, and are to be, authenticated and delivered. This Security is
one of the series designated on the face hereof [, limited in aggregate principal amount to $ ].

          All terms used in this Security that are defined in the Indenture [if applicable, insert -or
in the Amended and Restated Trust Agreement, dated as of ___ ___, 20___, as amended (the “Trust
Agreement”), for [Countrywide Capital ___,] among Countrywide Financial Corporation, as Depositor,
and the Trustees named therein, shall have the meanings

25

 

assigned to them in the Indenture [if applicable, insert -or the Trust Agreement, as the case
may be].

          [If applicable, insert—The Company may at any time, at its option, on or after ___,
___, and subject to the terms and conditions of Article XI of the Indenture, redeem this Security
in whole at any time or in part from time to time, without premium or penalty, at a redemption
price equal to 100% of the principal amount thereof plus accrued and unpaid interest [if
applicable, insert -including Additional Interest, if any] to the Redemption Date.]

          [If applicable, insert and revise for make-whole provisions -Upon the occurrence and during
the continuation of a Tax Event, a Capital Treatment Event or an Investment Company Act Event in
respect of a Trust, the Company may, at its option, at any time within 90 days of the occurrence of
such Tax Event, Capital Treatment Event or Investment Company Act Event redeem this Security, in
whole but not in part, subject to the provisions of Section 11.7 and the other provisions of
Article XI of the Indenture, at a redemption price equal to 100% of the principal amount thereof
plus accrued and unpaid interest, including Additional Interest, if any, to the Redemption Date.]

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

          The Indenture contains provisions for satisfaction and discharge of the entire indebtedness of
this Security upon compliance by the Company with certain conditions set forth in the Indenture.

          The Indenture permits, with certain exceptions as therein provided, the Company and the
Trustee at any time to enter into a supplemental indenture or indentures for the purpose of
modifying in any manner the rights and obligations of the Company and of the Holders of the
Securities, with the consent of the Holders of not less than a majority in principal amount of the
Outstanding Securities of all series to be affected by such supplemental indenture. The Indenture
also contains provisions permitting Holders of specified percentages in principal amount of the
Securities of all series at the time Outstanding, on behalf of the Holders of all Securities of
such series, to waive compliance by the Company with certain provisions of the Indenture and
certain past defaults under the Indenture and their consequences.

          Any such consent or waiver by the Holder of this 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 hereof or in lieu hereof, whether or not notation of
such consent or waiver is made upon this Security.

          [If the Security is not a Discount Security, -As provided in and subject to the provisions of
the Indenture, if an Event of Default with respect to the Securities of this series at the time
Outstanding occurs and is continuing, then and in every such case the Trustee or the Holders of not
less than 25% in principal amount of the Outstanding Securities of this series may declare the
principal amount of all the Securities of this series to be due and payable immediately, by a
notice in writing to the Company (and to the Trustee if given by Holders),

26

 

provided that, in the case of the Securities of this series issued to a Trust, if upon an
Event of Default, the Trustee or the Holders of not less than 25% in principal amount of the
Outstanding Securities of this series fails to declare the principal of all the Securities of this
series to be immediately due and payable, the holders of at least 25% in aggregate Liquidation
Amount of the Preferred Securities then outstanding shall have such right by a notice in writing to
the Company and the Trustee; and upon any such declaration the principal amount of and the accrued
interest (including any Additional Interest) on all the Securities of this series shall become
immediately due and payable, provided that the payment of principal and interest (including any
Additional Interest) on such Securities shall remain subordinated to the extent provided in Article
XIII of the Indenture.]

          [If the Security is a Discount Security, -As provided in and subject to the provisions of the
Indenture, if an Event of Default with respect to the Securities of this series at the time
Outstanding occurs and is continuing, then and in every such case the Trustee or the Holders of not
less than such portion of the principal amount as may be specified in the terms of this series may
declare an amount of principal of the Securities of this series to be due and payable immediately,
by a notice in writing to the Company (and to the Trustee if given by Holders), provided that, in
the case of the Securities of this series issued to a Trust, if upon an Event of Default, the
Trustee or the Holders of not less than 25% in principal amount of the Outstanding Securities of
this series fails to declare the principal of all the Securities of this series to be immediately
due and payable, the holders of at least 25% in aggregate Liquidation Amount of the Preferred
Securities then outstanding shall have such right by a notice in writing to the Company and the
Trustee. Such amount shall be equal to — insert formula for determining the amount. Upon any such
declaration, such amount of the principal of and the accrued interest (including any Additional
Interest) on all the Securities of this series shall become immediately due and payable, provided
that the payment of principal and interest (including any Additional Interest) on such Securities
shall remain subordinated to the extent provided in Article XIII of the Indenture. Upon payment (i)
of the amount of principal so declared due and payable and (ii) of interest on any overdue
principal and overdue interest (in each case to the extent that the payment of such interest shall
be legally enforceable), all of the Company’s obligations in respect of the payment of the
principal of and interest, if any, on this Security shall terminate.]

          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 premium, if any) and interest on this Security at the times, place and rate,
and in the coin or currency, herein prescribed.

          As provided in the Indenture and subject to certain limitations therein set forth, the
transfer of this Security is registrable in the Securities Register, upon surrender of this
Security for registration of transfer at the office or agency of the Company maintained under
Section 10.2 of the Indenture duly endorsed by, or accompanied by a written instrument of transfer
in form satisfactory to the Company and the Securities Registrar duly executed by, the Holder
hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this
series, of authorized denominations and for the same aggregate principal amount, will be issued to
the designated transferee or transferees. 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.

27

 

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

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

          The Company and, by its acceptance of this Security or a beneficial interest therein, the
Holder of, and any Person that acquires a beneficial interest in, this Security agree that for
United States federal, state and local tax purposes it is intended that this Security constitute
indebtedness.

THE INDENTURE AND THIS SECURITY SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF
THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES THEREOF.

          Section 2.4 Additional Provisions Required in Global Security.

          Any Global Security issued hereunder shall, in addition to the provisions contained in
Sections 2.2 and 2.3, 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 of a Depositary. This Security is
exchangeable for Securities registered in the name of a person other than the Depositary or its
nominee only in the limited circumstances described in the Indenture and may not be transferred
except as a whole by the Depositary to a nominee of the Depositary or by a nominee of the
Depositary to the Depositary or another nominee of the Depositary.”

          Section 2.5 Form of Trustee’s Certificate of Authentication.

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

Dated:

	 	 	 	 	 
	 	THE BANK OF NEW YORK as Trustee

 	 
	 	By:  	
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 

ARTICLE III

THE SECURITIES

28

 

          Section 3.1 Title and Terms.

          The aggregate principal amount of Securities which may be authenticated and delivered under
this Indenture is unlimited.

          The Securities may be issued from time to time in one or more series.

          The following matters shall be established in or pursuant to a Board Resolution, and set forth
in an Officers’ Certificate, or established in one or more indentures supplemental hereto or in the
Securities of that series, prior to the issuance of Securities of a series:

          (a) the title of the Securities of such series, which shall distinguish the Securities of the
series from all other Securities;

          (b) the limit, if any, upon the aggregate principal amount of the Securities of such series
which may be authenticated and delivered under this Indenture (except for Securities authenticated
and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities
of the series pursuant to Section 3.4, 3.5, 3.6, 9.6 or 11.6 and except for any Securities which,
pursuant to the last paragraph of Section 3.3, are deemed never to have been authenticated and
delivered hereunder); provided, however, that the authorized aggregate principal amount of such
series may be increased above such amount by a Board Resolution to such effect;

          (c) the Stated Maturity or Maturities on which the principal of the Securities of such series
is payable or the method of determination thereof and whether such Stated Maturity or Maturities
may be shortened or extended (including whether Section 3.14 shall apply to the Securities of such
series);

          (d) the rate or rates, if any, at which the Securities of such series shall bear interest, if
any, the rate or rates and extent to which Additional Interest, if any, shall be payable in respect
of any Securities of such series, the Interest Payment Dates on which such interest shall be
payable, the right, pursuant to Section 3.11 or as otherwise set forth in such Board Resolution,
Officers’ Certificate or supplemental indenture, of the Company to defer or extend an Interest
Payment Date, and the Regular Record Date for the interest payable on any Interest Payment Date or
the method by which any of the foregoing shall be determined;

          (e) the place or places where the principal of (and premium, if any) and interest on the
Securities of such series shall be payable, the place or places where the Securities of such series
may be presented for registration of transfer or exchange, and the place or places where notices
and demands to or upon the Company in respect of the Securities of such series may be made;

          (f) the period or periods within which, or the date or dates on which, if any, the price or
prices at which and the terms and conditions upon which the Securities of such series may be
redeemed, in whole or in part, at the option of the Company;

          (g) the obligation or the right, if any, of the Company to redeem, repay or purchase the
Securities of such series pursuant to any sinking fund, amortization or analogous

29

 

provisions or upon the happening of a specified event, or at the option of a Holder thereof,
and the period or periods within which, the price or prices at which, the currency or currencies
(including currency unit or units) in which and the other terms and conditions upon which
Securities of the series shall be redeemed, repaid or purchased, in whole or in part, pursuant to
such obligation;

          (h) the denominations in which any Securities of such series shall be issuable, if other than
denominations of $25 and any integral multiple thereof;

          (i) if other than Dollars, the currency or currencies (including currency unit or units) in
which the principal of (and premium, if any) and interest, if any, on the Securities of the series
shall be payable, or in which the Securities of the series shall be denominated;

          (j) the additions, modifications or deletions, if any, in the Events of Default or covenants
of the Company set forth herein with respect to the Securities of such series;

          (k) if other than the principal amount thereof, the portion of the principal amount of
Securities of such series that shall be payable upon declaration of acceleration of the Maturity
thereof;

          (l) the additions or changes, if any, to this Indenture with respect to the Securities of such
series as shall be necessary to permit or facilitate the issuance of the Securities of such series
in bearer form, registrable or not registrable as to principal, and with or without interest
coupons;

          (m) any index or indices used to determine the amount of payments of principal of and premium,
if any, on the Securities of such series or the manner in which such amounts will be determined;

          (n) whether the Securities of the series, or any portion thereof, shall initially be issuable
in the form of a temporary Global Security representing all or such portion of the Securities of
such series and provisions for the exchange of such temporary Global Security for definitive
Securities of such series;

          (o) if applicable, that any Securities of the series shall be issuable in whole or in part in
the form of one or more Global Securities and, in such case, the respective Depositaries for such
Global Securities, the form of any legend or legends which shall be borne by any such Global
Security in addition to or in lieu of that set forth in Section 2.4 and any circumstances in
addition to or in lieu of those set forth in Section 3.5 in which any such Global Security may be
exchanged in whole or in part for Securities registered, and any transfer of such Global Security
in whole or in part may be registered, in the name or names of Persons other than the Depositary
for such Global Security or a nominee thereof;

          (p) if applicable, the appointment of any Paying Agent or Agents for the Securities of such
series;

          (q) the terms of any right to convert or exchange Securities of such series into any other
securities or property of the Company, and the additions or changes, if any, to this

30

 

Indenture with respect to the Securities of such series to permit or facilitate such
conversion or exchange;

          (r) the form or forms of the Trust Agreement, Amended and Restated Trust Agreement and
Guarantee Agreement, if different from the forms attached hereto as Annexes A, B and C,
respectively;

          (s) the relative degree, if any, to which the Securities of the series shall be senior to or
be subordinated to other series of Securities in right of payment, whether such other series of
Securities are Outstanding or not; and

          (t) any other terms of the Securities of such series (which terms shall not be inconsistent
with the provisions of this Indenture).

          All Securities of any one series shall be substantially identical except as to denomination
and except as may otherwise be provided herein or in or pursuant to such Board Resolution and set
forth in such Officers’ Certificate or in any such indenture supplemental hereto.

          If any of the terms of the Securities of any series are established by action taken pursuant
to a Board Resolution, a copy of an appropriate record of such action shall be certified by the
Secretary or an Assistant Secretary of the Company and delivered to the Trustee at or prior to the
delivery of the Officers’ Certificate setting forth the terms of the series.

          The Securities shall be subordinated in right of payment to Senior Debt as provided in Article
XIII.

          Section 3.2 Denominations.

          The Securities of each series shall be in registered form without coupons and shall be
issuable in denominations of $25 and any integral multiple thereof, unless otherwise specified as
contemplated by Section 3.1.

          Section 3.3 Execution, Authentication, Delivery and Dating.

          The Securities shall be executed on behalf of the Company by its Chairman of the Board of
Directors, President, one of its Executive Managing Directors or one of its Senior Managing
Directors. The signature of any of these officers on the Securities may be manual or facsimile.

          Securities bearing the manual or facsimile signatures of individuals who were at any time the
proper officers of the Company shall bind the Company, notwithstanding that such individuals or any
of them have ceased to hold such offices prior to the authentication and delivery of such
Securities or did not hold such offices at the date of such Securities. At any time and from time
to time after the execution and delivery of this Indenture, the Company may deliver Securities of
any series executed by the Company to the Trustee for authentication, together with a Company Order
for the authentication and delivery of such Securities, and the Trustee in accordance with the
Company Order shall authenticate and make such Securities

31

 

available for delivery. If the form or terms of the Securities of the series have been
established by or pursuant to one or more Board Resolutions as permitted by Sections 2.1 and 3.1,
in authenticating such Securities, and accepting the additional responsibilities under this
Indenture in relation to such Securities, the Trustee shall be entitled to receive, and (subject to
Section 6.1) shall be fully protected in relying upon, an Opinion of Counsel stating,

          (1) if the form of such Securities has been established by or pursuant to Board
Resolution as permitted by Section 2.1, that such form has been established in conformity
with the provisions of this Indenture;

          (2) if the terms of such Securities have been established by or pursuant to Board
Resolution as permitted by Section 3.1, that such terms have been established in conformity
with the provisions of this Indenture;

          (3) that such Securities, when authenticated and delivered by the Trustee and issued by
the Company in the manner and subject to any conditions specified in such Opinion of
Counsel, will constitute valid and legally binding obligations of the Company enforceable in
accordance with their terms, subject to bankruptcy, insolvency, fraudulent transfer,
reorganization, moratorium and similar laws of general applicability relating to or
affecting creditors’ rights and to general equity principles; and

          (4) that all requirements of New York and Federal law and the Delaware General
Corporation law in respect of the execution and delivery by the Company of such Securities,
and all covenants and conditions set forth in this Indenture which are conditions precedent
hereto, have been complied with.

          If such form or terms have been so established, the Trustee shall not be required to
authenticate such Securities if the issue of such Securities pursuant to this Indenture will affect
the Trustee’s own rights, duties or immunities under the Securities and this Indenture or otherwise
in a manner which is not reasonably acceptable to the Trustee.

          Notwithstanding the provisions of Section 3.1 and of the preceding paragraph, if all
Securities of a series are not to be originally issued at one time, it shall not be necessary to
deliver the Officers’ Certificate otherwise required pursuant to Section 3.1 or the Company Order
and Opinion of Counsel otherwise required pursuant to such preceding paragraph at or prior to the
authentication of each Security of such series if such documents are delivered at or prior to the
authentication upon original issuance of the first Security of such series to be issued.

          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 the manual or facsimile
signature of one of its authorized signatories, 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 3.9,

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for all purposes of this Indenture such Security shall be deemed never to have been
authenticated and delivered hereunder and shall not be entitled to the benefits of this Indenture.

          Section 3.4 Temporary Securities.

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

          If temporary Securities of any series are issued, the Company will cause definitive Securities
of such series 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 the office or agency of the Company designated for that purpose
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 make available for
delivery in exchange therefor one or more definitive Securities of the same series, of any
authorized denominations having the same Original Issue Date and Stated Maturity and having the
same terms as such temporary Securities. Until so exchanged, the temporary Securities of any series
shall in all respects be entitled to the same benefits under this Indenture as definitive
Securities of such series.

          Section 3.5 Registration, Transfer and Exchange.

          The Company shall cause to be kept at the Corporate Trust Office of the Trustee a register in
which, subject to such reasonable regulations as it may prescribe, the Company shall provide for
the registration of Securities and of transfers of Securities. Such register is herein sometimes
referred to as the “Securities Register.” The Trustee is hereby appointed “Securities Registrar”
for the purpose of registering Securities and transfers of Securities as herein provided.

          Upon surrender for registration of transfer of any Security at the office or agency of the
Company designated for that purpose the Company shall execute, and the Trustee shall authenticate
and make available for delivery, in the name of the designated transferee or transferees, one or
more new Securities of the same series of any authorized denominations, of a like aggregate
principal amount, of the same Original Issue Date and Stated Maturity and having the same terms.

          At the option of the Holder, Securities may be exchanged for other Securities of the same
series of any authorized denominations, of a like aggregate principal amount, of the same Original
Issue Date and Stated Maturity and having the same terms, 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 make available for delivery, the
Securities which the Holder making the exchange is entitled to receive.

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          All Securities issued upon any 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 transfer or exchange.

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

          No service charge shall be made to a Holder for any 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 transfer or exchange of Securities.

          The provisions of Clauses (1), (2), (3) and (4) below shall apply only to Global Securities:

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

          (2) Notwithstanding any other provision in this Indenture, no Global Security may be
exchanged in whole or in part for Securities registered, and no transfer of a Global
Security in whole or in part may be registered, in the name of any Person other than the
Depositary for such Global Security or a nominee thereof unless (A) such Depositary (i) has
notified the Company that it is unwilling or unable to continue as Depositary for such
Global Security or (ii) has ceased to be a clearing agency registered under the Exchange Act
at a time when the Depositary is required to be so registered to act as depositary, in
either case unless the Company has approved a successor Depositary within 90 days, (B) there
shall have occurred and be continuing an Event of Default with respect to such Global
Security, (C) the Company in its sole discretion determines that such Global Security will
be so exchangeable or transferable or (D) there shall exist such circumstances, if any, in
addition to or in lieu of the foregoing as have been specified for this purpose as
contemplated by Section 3.1.

          (3) Subject to Clause (2) above, any exchange of a Global Security for other Securities
may be made in whole or in part, and all Securities issued in exchange for a Global Security
or any portion thereof shall be registered in such names as the Depositary for such Global
Security shall direct.

          (4) 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 Section, Section 3.4, 3.6, 9.6 or 11.6 or otherwise, shall be authenticated and
delivered in the form of, and shall be, a Global Security, unless such

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Security is registered in the name of a Person other than the Depositary for such
Global Security or a nominee thereof.

          Neither the Company nor the Trustee shall be required, pursuant to the provisions of this
Section, (a) to issue, transfer or exchange any Security of any series during a period beginning at
the opening of business 15 days before the day of selection for redemption of Securities pursuant
to Article XI and ending at the close of business on the day of mailing of notice of redemption or
(b) to transfer or exchange any Security so selected for redemption in whole or in part, except, in
the case of any Security to be redeemed in part, any portion thereof not to be redeemed.

     The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance
with any restrictions on transfer imposed under this Indenture or under applicable law with respect
to any transfer of any interest in any Security (including any transfers between or among
Depositary Participants or beneficial owners of interests in any Global Security) other than to
require delivery of such certificates and other documentation or evidence as are expressly required
by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the
same to determine substantial compliance as to form with the express requirements hereof.

     Neither the Trustee nor any Agent shall have any responsibility for any actions taken or not
taken by the Depositary.

          Section 3.6 Mutilated, Destroyed, Lost and Stolen Securities.

          If any mutilated Security is surrendered to the Trustee together with such security or
indemnity as may be required by the Company or the Trustee to save each of them harmless, the
Company shall execute and the Trustee shall authenticate and make available for delivery in
exchange therefor a new Security of the same issue and series of like tenor and principal amount,
having the same Original Issue Date and Stated Maturity and bearing the same interest rate as such
mutilated Security, and bearing a number not contemporaneously outstanding.

          If there shall be delivered to the Company and to 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 harmless, then, in the absence of notice to the
Company or the Trustee that such Security has been acquired by a bona fide purchaser, the Company
shall execute and upon its request the Trustee shall authenticate and make available for delivery,
in lieu of any such destroyed, lost or stolen Security, a new Security of the same issue and series
of like tenor and principal amount, having the same Original Issue Date and Stated Maturity and
bearing the same interest rate as such destroyed, lost or stolen Security, and bearing a number not
contemporaneously outstanding.

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

          Upon the issuance of any new Security under this Section, the Company may require the payment
of a sum sufficient to cover any tax or other governmental charge that may

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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 of that series 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 3.7 Payment of Interest; Interest Rights Preserved.

          Interest on any Security of any series 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 respect of Securities of such series, except that, unless
otherwise provided in the Securities of such series, interest payable on the Stated Maturity of the
principal of a Security shall be paid to the Person to whom principal is paid. The initial payment
of interest on any Security of any series which is issued between a Regular Record Date and the
related Interest Payment Date shall be payable as provided in such Security or in the Board
Resolution pursuant to Section 3.1 with respect to the related series of Securities. At the option
of the Company, interest on any series of Securities may be paid (i) by check mailed to the address
of the Person entitled thereto as it shall appear on the Securities Register of such series or (ii)
by wire transfer in immediately available funds at such place and to such account as designated by
the Person entitled thereto as specified in the Securities Register of such series.

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

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

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Defaulted Interest which shall be not more than 15 days and not less than 10 days prior
to the date of the proposed payment and not less than 10 days after the receipt by the
Trustee of the notice of the proposed payment. The Trustee shall promptly notify the Company
of such Special Record Date and, in the name and at the expense of the Company, shall cause
notice of the proposed payment of such Defaulted Interest and the Special Record Date
therefor to be mailed, first class, postage prepaid, to each Holder of a Security of such
series at the address of such Holder as it appears in the Securities Register not less than
10 days prior to such Special Record Date. The Trustee may, in its discretion, in the name
and at the expense of the Company, cause a similar notice to be published at least once in a
newspaper, customarily published in the English language on each Business Day and of general
circulation in the Borough of Manhattan, The City of New York, but such publication shall
not be a condition precedent to the establishment of 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 of such series (or their respective Predecessor Securities) are registered on
such Special Record Date and shall no longer be payable pursuant to the following Clause
(2).

          (2) The Company may make payment of any Defaulted Interest in any other lawful manner
not inconsistent with the requirements of any securities exchange or automated quotation
system on which the Securities of the series in respect of which interest is in default may
be listed or traded and, upon such notice as may be required by such exchange (or by the
Trustee if the Securities are not listed), if, after notice given by the Company to the
Trustee of the proposed payment pursuant to this Clause (2), such payment shall be deemed
practicable by the Trustee.

          Any interest on any Security which is deferred or extended pursuant to Section 3.11 shall not
be Defaulted Interest for the purposes of this Section 3.7.

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

          Section 3.8 Persons Deemed Owners.

          The Company, the Trustee and any agent of the Company or the Trustee may treat the Person in
whose name any Security is registered as the owner of such Security for the purpose of receiving
payment of principal of and (subject to Section 3.7) any interest on such Security and for all
other purposes whatsoever, whether or not such Security be overdue, and neither the Company, the
Trustee nor any agent of the Company or the Trustee shall be affected by notice to the contrary.

          Section 3.9 Cancellation.

          All Securities surrendered for payment, redemption, transfer or exchange shall, if surrendered
to any Person other than the Trustee, be delivered to the Trustee, and any such

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Securities and Securities surrendered directly to the Trustee for any such purpose shall be
promptly canceled 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 all Securities so delivered shall be promptly canceled by the Trustee. No Securities shall be
authenticated in lieu of or in exchange for any Securities canceled as provided in this Section,
except as expressly permitted by this Indenture. All canceled Securities shall be returned by the
Trustee to the Company and destroyed by the Company.

          Section 3.10 Computation of Interest.

          Except as otherwise specified as contemplated by Section 3.1 for Securities of any series,
interest on the Securities of each series for any period shall be computed on the basis of a
360-day year of twelve 30-day months and interest on the Securities of each series for any partial
period shall be computed on the basis of the number of days elapsed in a 360-day year of twelve
30-day months.

          Section 3.11 Deferrals of Interest Payment Dates.

          Except as otherwise established pursuant to Section 3.1 with respect to the Securities of a
particular series, so long as no Event of Default has occurred and is continuing, the Company shall
have the right, at any time during the term of such series, from time to time to defer the payment
of interest on such Securities for such period or periods as may be specified as contemplated by
Section 3.1 (each, an “Extension Period”) during which Extension Periods the Company shall have the
right to make partial payments of interest on any Interest Payment Date. No Extension Period shall
end on a date other than an Interest Payment Date. At the end of any such Extension Period the
Company shall pay all interest then accrued and unpaid on the Securities (together with Additional
Interest thereon, if any, at the rate specified for the Securities of such series to the extent
permitted by applicable law) to the Persons in whose names that Securities are registered at the
close of business on the Regular Record Date with respect to the Interest Payment Date at the end
of such Extension Period; provided, however, that no Extension Period shall extend beyond the
Stated Maturity of the principal of the Securities of such series; provided, further, that during
any such Extension Period, the Company shall not, and shall not permit any Subsidiary to, (i)
declare or pay any dividends or distributions on, or redeem, purchase, acquire or make a
liquidation payment with respect to, any of the Company’s capital stock, (ii) make any payment of
principal of or interest or premium, if any, on or repay, repurchase or redeem any debt security of
the Company that ranks equally with or junior in interest to the Securities of such series or (iii)
make any guarantee payments with respect to any guarantee by the Company of the debt securities of
any Subsidiary of the Company that by their terms rank equally with or junior in interest to the
securities of such series (other than (a) dividends or distributions in the Company’s capital
stock, (b) any declaration of a dividend in connection with the implementation of a Rights Plan,
or the redemption or repurchase of any rights distributed pursuant to a Rights Plan, (c) payments
under the Guarantee with respect to such Security, and (d) purchases of Common Stock related to the
issuance of Common Stock or rights under any of the Company’s benefit plans for its directors,
officers or employees, related

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to the issuance of Common Stock or rights under a dividend reinvestment and stock purchase
plan, or related to the issuance of Common Stock (or securities convertible or exchangeable for
Common Stock) as consideration in an acquisition transaction that was entered into prior to the
commencement of such Extension Period). Prior to the termination of any such Extension Period, the
Company may further defer the payment of interest, provided that no Extension Period shall exceed
the period or periods specified in such Securities or extend beyond the Stated Maturity of the
principal of such Securities. Upon termination of any Extension Period and upon the payment of all
accrued and unpaid interest and any Additional Interest then due on any Interest Payment Date, the
Company may elect to begin a new Extension Period, subject to the above requirements. No interest
shall be due and payable during an Extension Period, except at the end thereof. The Company shall
give the Holders of the Securities of such series and the Trustee written notice of its election to
begin any such Extension Period at least one Business Day prior to the next succeeding Interest
Payment Date on which interest on Securities of such series would be payable but for such deferral
or, with respect to the Securities of a series issued to a Trust, so long as such Securities are
held by such Trust, prior to the earlier of (i) the next succeeding date on which Distributions on
the Preferred Securities of such Trust would be payable but for such deferral or (ii) the date the
Administrative Trustees of such Trust are required to give notice to any securities exchange or
other applicable self-regulatory organization or to holders of such Preferred Securities of the
record date or the date such Distributions are payable, but in any event not less than one Business
Day prior to such record date.

          The Trustee shall promptly give notice, in the name and at the expense of the Company, of the
Company’s election to begin any such Extension Period to the Holders of the Outstanding Securities
of such series.

          Section 3.12 Right of Set-Off.

          With respect to the Securities of a series issued to a Trust, notwithstanding anything to the
contrary in the Indenture, the Company shall have the right to set-off any payment it is otherwise
required to make thereunder in respect of any such Security to the extent the Company has
theretofore made, or is concurrently on the date of such payment making, a payment under the
Guarantee relating to such Security or under an action taken pursuant to Section 5.8 hereof.

          Section 3.13 Agreed Tax Treatment.

          Each Security issued hereunder shall provide that the Company and, by its acceptance of a
Security or a beneficial interest therein, the Holder of, and any Person that acquires a beneficial
interest in, such Security intend that such Security constitutes indebtedness and agree to treat
such Security as indebtedness for United States federal, local and state tax purposes.

          Section 3.14 Shortening or Extension of Stated Maturity.

          If specified as contemplated by Section 2.1 or Section 3.1 with respect to the Securities of a
particular series, the Company shall have the right to (i) shorten the Stated Maturity of the
principal of the Securities of such series at any time to any date not earlier than

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the first date on which the Company has the right to redeem the Securities of such series, and
(ii) extend the Stated Maturity of the principal of the Securities of such series at any time at
its election for one or more periods, but in no event to a date later than the 49th anniversary of
the Original Issue Date of the Securities of such series; provided that, if the Company elects to
exercise its right to extend the Stated Maturity of the principal of the Securities of such series
pursuant to clause (ii), above, at the time such election is made and at the time of extension (A)
the Company is not in bankruptcy, otherwise insolvent or in liquidation, (B) the Company is not in
default in the payment of any interest or principal on such Securities, (C) in the case of any
series of Securities held by a Trust, such Trust is not in arrears on payments of Distributions on
the Preferred Securities issued by such Trust and no deferred Distributions are accumulated and (D)
such Securities are rated not less than BBB- by S&P or Baa2 by Moody’s or the equivalent by any
other nationally recognized statistical rating organization.

          Section 3.15 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 notices of redemption as a convenience to Holders;
provided that any such notice may state that no representation is made as to the correctness of
such numbers either as printed on the Securities or as contained in any notice of a redemption and
that reliance may be placed only on the other identification numbers printed on the Securities, and
any such redemption shall not be affected by any defect in or omission of such numbers. The Company
will promptly notify the Trustee of any change in the CUSIP numbers.

ARTICLE IV

SATISFACTION AND DISCHARGE

          Section 4.1 Satisfaction and Discharge of Indenture.

          This Indenture shall, upon Company Request, cease to be of further effect (except as to any
surviving rights of registration of transfer or exchange of Securities herein expressly provided
for and as otherwise provided in this Section 4.1) and the Trustee, on demand of and at the expense
of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this
Indenture, when

          (1) either

          (A) all Securities theretofore authenticated and delivered (other than (i) Securities
which have been destroyed, lost or stolen and which have been replaced or paid as provided
in Section 3.6 and (ii) Securities for whose payment money has theretofore been deposited in
trust or segregated and held in trust by the Company and thereafter repaid to the Company or
discharged from such trust, as provided in Section 10.3) have been delivered to the Trustee
for cancellation; or

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

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          (i) have become due and payable, or

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

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

and the Company, in the case of Clause (B) (i), (ii) or (iii) above, has deposited or caused
to be deposited with the Trustee as trust funds in trust for such purpose an amount in the
currency or currencies in which the Securities of such series are payable sufficient to pay
and discharge the entire indebtedness on such Securities not theretofore delivered to the
Trustee for cancellation, for principal (and premium, if any) and interest (including any
Additional Interest) to the date of such deposit (in the case of Securities which have
become due and payable) or to the Stated Maturity or Redemption Date, as the case may be;

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

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

          Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the
Company to the Trustee under Section 6.7, the obligations of the Company to any Authenticating
Agent under Section 6.14 and, if money shall have been deposited with the Trustee pursuant to
subclause (B) of clause (1) of this Section, the obligations of the Trustee under Section 4.2 and
the last paragraph of Section 10.3 shall survive.

          Section 4.2 Application of Trust Money.

          Subject to the provisions of the last paragraph of Section 10.3, all money deposited with the
Trustee pursuant to Section 4.1 shall be held in trust and applied by the Trustee, in accordance
with the provisions of the Securities and this Indenture, to the payment, either directly or
through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may
determine, to the Persons entitled thereto, of the principal (and premium, if any) and interest for
the payment of which such money or obligations have been deposited with or received by the Trustee.

ARTICLE V

REMEDIES

          Section 5.1 Events of Default.

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          Except as may be otherwise established pursuant to Section 3.1 with respect to the Securities
of a particular series, the term “Event of Default”, wherever used herein with respect to the
Securities of any series, means any one of the following events (whatever the reason for such Event
of Default and whether it shall be voluntary or involuntary or be effected by operation of law or
pursuant to any judgment, decree or order of any court or any order, rule or regulation of any
administrative or governmental body):

          (1) default in the payment of any installment of interest upon any Security of that
series, including any Additional Interest in respect thereof but not including interest
canceled pursuant to the terms of such Security, if any, for a period of 30 days after the
due date (subject to the deferral of any interest payment date in the case of an Extension
Period); or

          (2) default in the payment in full of interest upon any Security of that series,
including any Additional Interest in respect thereof but not including interest cancelled
pursuant to the terms of such Security, if any, for a period of 30 days after the conclusion
of any period of deferral relating to such Security following the commencement of any
Extension Period; or

          (3) default in the payment of the principal of (or premium, if any, on) any Security of
that series at its Maturity, subject in the case of any repayment pursuant to the terms of
such Security to the limitations set forth therein; or

          (4) the entry of a decree or order by a court having jurisdiction in the premises
adjudging the Company a bankrupt or insolvent, or approving as properly filed a petition
seeking reorganization, arrangement, adjustment or composition of or in respect of the
Company under any applicable federal or state bankruptcy, insolvency, reorganization or
other similar law, or appointing a receiver, liquidator, assignee, trustee, sequestrator (or
other similar official) of the Company or of any substantial part of its property or
ordering the winding up or liquidation of its affairs, and the continuance of any such
decree or order unstayed and in effect for a period of 60 consecutive days; or

          (5) the institution by the Company of proceedings to be adjudicated a bankrupt or
insolvent, or the consent by it to the institution of bankruptcy or insolvency proceedings
against it, or the filing by it of a petition or answer or consent seeking reorganization or
relief under any applicable federal or state bankruptcy, insolvency, reorganization or other
similar law, or the consent by it to the filing of any such petition or to the appointment
of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of
the Company or of any substantial part of its property, or the making by it of an assignment
for the benefit for creditors, or the admission by it in writing of its inability to pay its
debts generally as they become due and its willingness to be adjudicated a bankrupt, or the
taking of corporate action by the Company in furtherance of any such action.

          Section 5.2 Acceleration of Maturity; Rescission and Annulment.

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          If an Event of Default specified in Section 5.1(2) with respect to Securities of any series at
the time Outstanding occurs and is continuing, then and in every such case the Trustee or the
Holders of not less than 25% in principal amount of the Outstanding Securities of that series may
declare the principal amount (or, if the Securities of that series are Discount Securities, such
portion of the principal amount as may be specified in the terms of that series) of all the
Securities of that series to be due and payable immediately, by a notice in writing to the Company
(and to the Trustee if given by Holders), provided that, in the case of the Securities of a series
issued to a Trust, if, upon an Event of Default specified in Section 5.1(2), the Trustee or the
Holders of not less than 25% in principal amount of the Outstanding Securities of that series fail
to declare the principal amount (or, if the Securities of that series are Discount Securities, such
portion of the principal amount as may be specified in the terms of that series) of all the
Securities of that series to be immediately due and payable, the holders of at least 25% in
aggregate Liquidation Amount (as defined in the corresponding Trust Agreement related to such
Preferred Securities) of the corresponding series of Preferred Securities then outstanding shall
have such right by a notice in writing to the Company and the Trustee; and upon any such
declaration such principal amount (or specified portion thereof) of and the accrued interest
(including any Additional Interest) on all the Securities of such series shall become immediately
due and payable. Payment of principal and interest (including any Additional Interest) on such
Securities shall remain subordinated to the extent provided in Article XIII notwithstanding that
such amount shall become immediately due and payable as herein provided. If an Event of Default
specified in Section 5.1(4) or 5.1(5) with respect to Securities of any series at the time
Outstanding occurs, the principal amount of all the Securities of that series (or, if the
Securities of that series are Discount Securities, such portion of the principal amount of such
Securities as may be specified by the terms of that series) shall automatically, and without any
declaration or other action on the part of the Trustee or any Holder, become immediately due and
payable.

          At any time after such a declaration of acceleration with respect to Securities of any series
has been made and before a judgment or decree for payment of the money due has been obtained by the
Trustee as hereinafter in this Article provided, the Holders of a majority in principal amount of
the Outstanding Securities of that series, by written notice to the Company and the Trustee, may
rescind and annul such declaration and its consequences if:

          (1) the Company has paid or deposited with the Trustee a sum sufficient to pay:

          (A) all overdue installments of interest (including any Additional Interest) on all
Securities of that series,

          (B) the principal of (and premium, if any, on) any Securities of that series which have
become due otherwise than by such declaration of acceleration and interest thereon at the
rate borne by the Securities, and

          (C) all sums paid or advanced by the Trustee hereunder and the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel; and

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          (2) all Events of Default with respect to Securities of that series, other than the
non-payment of the principal of Securities of that series which has become due solely by
such acceleration, have been cured or waived as provided in Section 5.13;

provided that, in the case of Securities of a series held by a Trust, if the Holders of at least a
majority in principal amount of the Outstanding Securities of that series fails to rescind and
annul such declaration and its consequences, the holders of a majority in aggregate Liquidation
Amount (as defined in the Trust Agreement under which such Trust is formed) of the related series
of Preferred Securities then outstanding shall have such right by written notice to the Company and
the Trustee, subject to the satisfaction of the conditions set forth in Clauses (1) and (2) above
of this Section 5.2 and additional conditions provided in such Trust Agreement.

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

     Section 5.3 Collection of Indebtedness and Suits for Enforcement by
Trustee.

          The Company covenants that if:

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

          (2) default is made in the payment of the principal of (and premium, if any, on) any
Security at the Maturity thereof,

the Company will, upon demand of the Trustee, pay to the Trustee, for the benefit of the Holders of
such Securities, the whole amount then due and payable on such Securities for principal, including
any sinking fund payment or analogous obligations (and premium, if any) and interest (including any
Additional Interest); and, in addition thereto, all amounts owing the Trustee under Section 6.7.

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

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

     Section 5.4 Trustee May File Proofs of Claim.

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          In case of the pendency of any receivership, insolvency, liquidation, bankruptcy,
reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the
Company or any other obligor upon the Securities or the property of the Company or of such other
obligor or their creditors,

          (a) the Trustee (irrespective of whether the principal of the Securities of any series shall
then be due and payable as therein expressed or by declaration of acceleration or otherwise and
irrespective of whether the Trustee shall have made any demand on the Company for the payment of
overdue principal (and premium, if any) or interest (including any Additional Interest)) shall be
entitled and empowered, by intervention in such proceeding or otherwise,

     (i) to file and prove a claim for the whole amount of principal (or, if the
Securities of that series are Discount Securities, such portion of the principal
amount as may be due and payable pursuant to a declaration in accordance with
Section 5.2) (and premium, if any) and interest (including any Additional Interest)
owing and unpaid in respect to the Securities and to file such other papers or
documents as may be necessary or advisable and to take any and all actions as are
authorized under the Trust Indenture Act in order to have the claims of the Holders
and any predecessor to the Trustee under Section 6.7 allowed in any such judicial
proceedings; and

     (ii) 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 in accordance with Section 5.6; and

          (b) 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 for distribution in accordance with Section 5.6, and in the event that the Trustee
shall consent to the making of such payments directly to the Holders, to pay to the Trustee any
amount due to it and any predecessor Trustee under Section 6.7.

          Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to
or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or
composition affecting the Securities or the rights of any Holder thereof, or to authorize the
Trustee to vote in respect of the claim of any Holder in any such proceeding; provided, however,
that the Trustee may, on behalf of the Holders, vote for the election of a trustee in bankruptcy or
similar official and be a member of a creditors’ or other similar committee.

          Section 5.5 Trustee May Enforce Claims Without Possession of Securities.

          All rights of action and claims under this Indenture or the Securities may be prosecuted and
enforced by the Trustee without the possession of any of the Securities or the production thereof
in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be
brought in its own name as trustee of an express trust, and any recovery of judgment shall, after
provision for the payment of all the amounts owing the Trustee and any

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predecessor Trustee under Section 6.7, its agents and counsel, be for the ratable benefit of
the Holders of the Securities in respect of which such judgment has been recovered.

          Section 5.6 Application of Money Collected.

          Any money or property collected or to be applied by the Trustee with respect to a series of
Securities 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 or property on account of
principal (or premium, if any) or interest (including any Additional 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 and any predecessor Trustee under
Section 6.7;

          SECOND: Subject to Article XIII, to the payment of the amounts then due and unpaid upon such
series of Securities for principal (and premium, if any), interest (including any Additional
Interest) and Additional Taxes, 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 series of Securities for principal (and premium, if any) and interest (including
any Additional Interest), respectively; and

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

          Section 5.7 Limitation on Suits.

          No Holder of any Securities of any series shall have any right to institute any proceeding,
judicial or otherwise, with respect to this Indenture or for the appointment of a receiver,
assignee, trustee, liquidator, sequestrator (or other similar official) or for any other remedy
hereunder, unless:

          (1) such Holder has previously given written notice to the Trustee of a continuing
Event of Default with respect to the Securities of that series;

          (2) the Holders of not less than 25% in principal amount of the Outstanding Securities
of that series 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;

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

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

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          (5) 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 principal amount of the
Outstanding Securities of that series;

it being understood and intended that no one or more of such Holders shall have any right in any
manner whatever by virtue of, or by availing itself of, any provision of this Indenture to affect,
disturb or prejudice the rights of any other Holders of Securities, or to obtain or to seek to
obtain priority or preference over any other of 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 such
Holders.

          Section 5.8 Unconditional Right of Holders to Receive Principal, Premium and
Interest; Direct Action by Holders of Preferred Securities.

          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 premium,
if any) and (subject to Section 3.7) interest (including any Additional Interest) on such Security
on the respective Stated Maturities expressed in such Security (or, in the case of redemption, on
the Redemption Date) and to institute suit for the enforcement of any such payment, and such right
shall not be impaired without the consent of such Holder. In the case of Securities of a series
held by a Trust, any holder of the corresponding series of Preferred Securities held by such Trust
shall have the right, upon the occurrence of an Event of Default described in Section 5.1(1),
5.1(2) or 5.1(3), to institute a suit directly against the Company for enforcement of payment to
such holder of principal of (and premium, if any) and (subject to Section 3.7) interest (including
any Additional Interest) on the Securities having a principal amount equal to the aggregate
Liquidation Amount (as defined in the Trust Agreement under which such Trust is formed) of such
Preferred Securities of the corresponding series held by such holder.

          Section 5.9 Restoration of Rights and Remedies.

          If the Trustee, any Holder or any holder of Preferred Securities 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, such Holder or such
holder of Preferred Securities, then and in every such case the Company, the Trustee, the Holders
and such holder of Preferred Securities shall, subject to any determination in such proceeding, be
restored severally and respectively to their former positions hereunder, and thereafter all rights
and remedies of the Trustee, the Holders and the holders of Preferred Securities shall continue as
though no such proceeding had been instituted.

          Section 5.10 Rights and Remedies Cumulative.

          Except as otherwise provided in the last paragraph of Section 3.6, 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

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remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of
any other appropriate right or remedy.

          Section 5.11 Delay or Omission Not Waiver.

          No delay or omission of the Trustee, any Holder of any Security or any holder of any Preferred
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 and
the right and remedy given to the holders of Preferred Securities by Section 5.8 may be exercised
from time to time, and as often as may be deemed expedient, by the Trustee, the Holders or the
holders of Preferred Securities, as the case may be.

          Section 5.12 Control by Holders.

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

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

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

          (3) subject to the provisions of Section 6.1, the Trustee shall have the right to
decline to follow such direction if a Responsible Officer or Officers of the Trustee shall,
in good faith, determine that the proceeding so directed would be unjustly prejudicial to
the Holders not joining in any such direction or would involve the Trustee in personal
liability.

          Section 5.13 Waiver of Past Defaults.

          The Holders of not less than a majority in principal amount of the Outstanding Securities of
any series and, in the case of any Securities of a series issued to a Trust, the holders of a
majority in Liquidation Amount (as defined in the relevant Trust Agreement) of Preferred Securities
issued by such Trust may waive any past default hereunder and its consequences with respect to such
series except a default:

          (1) in the payment of the principal of (or premium, if any) or interest (including any
Additional Interest) on any Security of such series (unless all Events of Default with
respect to Securities of that series, other than the non-payment of the principal of
Securities of that series which has become due solely by such acceleration, have been cured
or annulled as provided in Section 5.3 and the Company has paid or deposited with the
Trustee a sum sufficient to pay all overdue installments of interest

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(including any Additional Interest) on all Securities of that series, the principal of
(and premium, if any, on) any Securities of that series which have become due otherwise than
by such declaration of acceleration and interest thereon at the rate borne by the
Securities, and all sums paid or advanced by the Trustee hereunder and the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel),
or

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

          Any such waiver shall be deemed to be on behalf of the Holders of all the Securities of such
series or, in the case of a waiver by holders of Preferred Securities issued by such Trust, by all
holders of Preferred Securities issued by such Trust.

          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 5.14 Undertaking for Costs.

          All parties to this Indenture agree, and each Holder of any Security by his acceptance thereof
shall be deemed to have agreed, that any court may in its discretion require, in any suit for the
enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any
action taken or omitted by it as Trustee, the filing by any party litigant in such suit of an
undertaking to pay the costs of such suit, and that such court may in its discretion assess
reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in
such suit, having due regard to the merits and good faith of the claims or defenses made by such
party litigant; but the provisions of this Section 5.14 shall not apply to any suit instituted by
the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate
more than 10% in principal amount of the Outstanding Securities of any series, or to any suit
instituted by any Holder for the enforcement of the payment of the principal of (or premium, if
any) or interest (including any Additional Interest) on any Security on or after the respective
Stated Maturities expressed in such Security.

          Section 5.15 Waiver of Usury, Stay or Extension Laws.

          The Company covenants (to the extent that it may lawfully do so) that it will not at any time
insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any
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.

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ARTICLE VI

THE TRUSTEE

          Section 6.1 Certain Duties and Responsibilities.

          (a) Except during the continuance of an Event of Default,

          (1) the Trustee undertakes to perform such duties and only such duties as are
specifically set forth in this Indenture, and no implied covenants or obligations shall be
read into this Indenture against the Trustee; and

          (2) in the absence of bad faith on its part, the Trustee may conclusively rely, as to
the truth of the statements and the correctness of the opinions expressed therein, upon
certificates or opinions furnished to the Trustee and conforming to the requirements of this
Indenture; but in the case of any such certificates or opinions which by any provisions
hereof are specifically required to be furnished to the Trustee, the Trustee shall be under
a duty to examine the same to determine whether or not they conform to the requirements of
this Indenture (but need not confirm or investigate the accuracy of mathematical
calculations or other facts stated therein).

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

          (c) 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
except that

          (1) this Subsection shall not be construed to limit the effect of Subsection (a) of
this Section;

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

          (3) the Trustee shall not be liable with respect to any action taken or omitted to be
taken by it in good faith in accordance with the direction of Holders pursuant to Section
5.12 relating to the time, method and place of conducting any proceeding for any remedy
available to the Trustee, or exercising any trust or power conferred upon the Trustee, under
this Indenture with respect to the Securities of such series.

          (d) No provision of this Indenture shall require the Trustee to expend or risk its own funds
or otherwise incur any financial liability in the performance of any of its duties hereunder, or in
the exercise of any of its rights or powers, if there shall be reasonable grounds

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for believing that repayment of such funds or adequate indemnity against such risk or
liability is not reasonably assured to it.

          (e) Whether or not therein expressly so provided, every provision of this Indenture relating
to the conduct or affecting the liability of or affording protection to the Trustee shall be
subject to the provisions of this Section.

          Section 6.2 Notice of Defaults.

          Within 90 days after actual knowledge by a Responsible Officer of the Trustee of the
occurrence of any default hereunder with respect to the Securities of any series, the Trustee shall
transmit by mail to all Holders of Securities of such series, as their names and addresses appear
in the Securities Register, notice of such default, unless such default shall have been cured or
waived; provided, however, that, except in the case of a default in the payment of the principal of
(or premium, if any) or interest (including any Additional Interest) on any Security of such
series, the Trustee shall be protected in withholding such notice if and so long as the board of
directors, the executive committee or a trust committee of directors and/or Responsible Officers of
the Trustee in good faith determines that the withholding of such notice is in the interests of the
Holders of Securities of such series. For the purpose of this Section, the term “default” means any
event which is, or after notice or lapse of time or both would become, an Event of Default with
respect to Securities of such series.

          Section 6.3 Certain Rights of Trustee.

          Subject to the provisions of Section 6.1:

          (a) the Trustee may conclusively 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, Security 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;

          (c) whenever in the administration of this Indenture the Trustee shall deem it reasonably
necessary 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, conclusively rely upon an Officers’ 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 (acting in their capacity as
such) pursuant to this Indenture, unless such Holders shall have offered to the

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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, indenture, Security or other paper or document, but the Trustee in its
discretion may make such inquiry or investigation into such facts or matters as it may see fit;

          (g) the Trustee may execute any of the trusts or powers hereunder or perform any duties
hereunder either directly or by or through its third party agents or attorneys; provided that the
Trustee shall be responsible for its own negligence or recklessness with respect to the selection
of any such agent or attorney appointed by it hereunder;

          (h) the Trustee shall not be liable for any action taken, suffered, or omitted to be taken by
it in good faith and reasonably believed by it to be authorized or within the discretion or rights
or powers conferred upon it by this Indenture;

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

          (j) 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;

          (k) 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 by the Trustee to act 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 6.4 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 neither the Trustee nor any
Authenticating Agent assumes any responsibility for their correctness. The Trustee makes no
representations as to the validity or sufficiency of this Indenture or of the Securities. Neither
the Trustee nor any Authenticating Agent shall be accountable for the use or application by the
Company of the Securities or the proceeds thereof.

          Section 6.5 May Hold Securities.

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          The Trustee, any Authenticating Agent, any Paying Agent, any Securities Registrar or any other
agent of the Company, in its individual or any other capacity, may become the owner or pledgee of
Securities and, subject to Sections 6.8 and 6.13, may otherwise deal with the Company with the same
rights it would have if it were not Trustee, Authenticating Agent, Paying Agent, Securities
Registrar or such other agent.

          Section 6.6 Money Held in Trust.

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

          Section 6.7 Compensation and Reimbursement.

          The Company, as borrower, agrees

          (1) 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);

          (2) 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

          (3) to indemnify each of the Trustee and any predecessor Trustee for, and to hold it
harmless against, any and all loss, liability, damage, claim or expense (including taxes
(other than taxes based upon, measured or determined by, the income of the Trustee) and the
reasonable compensation and the expenses and disbursements of its agents and counsel)
incurred without negligence or bad faith, arising out of or in connection with the
acceptance or administration of this trust or the performance of its duties hereunder,
including the costs and expenses of defending itself against any claim (whether asserted by
the Company, any Holder or other Person) or liability in connection with the exercise or
performance of any of its powers or duties hereunder.

     To secure the Company’s payment obligations in this Section, the Company and the
Holders agree that the Trustee shall have a lien prior to the Securities on all money or
property held or collected by the Trustee. Such lien shall survive the satisfaction and
discharge of this Indenture.

          When the Trustee incurs expenses or renders services after an Event of Default specified in
Section 5.1(4) or (5) occurs, the expenses and the compensation for the services are intended to
constitute expenses of administration under the Bankruptcy Reform Act of 1978 or any successor
statute.

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          The indemnity provided in clause (3) of this Section 6.7 shall survive the termination of this
Agreement.

          Section 6.8 Disqualification; Conflicting Interests.

          The Trustee for the Securities of any series issued hereunder shall be subject to the
provisions of Section 310(b) of the Trust Indenture Act. Nothing herein shall prevent the Trustee
from filing with the Commission the application referred to in the second to last paragraph of said
Section 310(b).

          Section 6.9 Corporate Trustee Required; Eligibility.

          There shall at all times be a Trustee hereunder which shall be

          (a) a corporation organized and doing business under the laws of the United States of America
or of any state or territory or the District of Columbia, authorized under such laws to exercise
corporate trust powers and subject to supervision or examination by federal, state, territorial or
District of Columbia authority, or

          (b) a corporation or other Person organized and doing business under the laws of a foreign
government that is permitted to act as Trustee pursuant to a rule, regulation or order of the
Commission, authorized under such laws to exercise corporate trust powers, and subject to
supervision or examination by authority of such foreign government or a political subdivision
thereof substantially equivalent to supervision or examination applicable to United States
institutional trustees,

in either case having a combined capital and surplus of at least $50,000,000.

     If such corporation publishes reports of condition at least annually, pursuant to law or to
the requirements of the aforesaid supervising or examining authority, then, for the purposes of
this Section, the combined capital and surplus of such corporation 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. Neither the Company nor any Person directly or indirectly controlling, controlled by
or under common control with the Company shall serve as Trustee for the Securities of any series
issued hereunder.

          Section 6.10 Resignation and Removal; Appointment of Successor.

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

          (b) The Trustee may resign at any time with respect to the Securities of one or more series 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

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such notice of resignation, the resigning Trustee may petition any court of competent
jurisdiction for the appointment of a successor Trustee with respect to the Securities of such
series.

          (c) The Trustee may be removed at any time with respect to the Securities of any series by Act
of the Holders of a majority in principal amount of the Outstanding Securities of such series,
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 such removal, the Trustee being
removed may petition any court of competent jurisdiction for the appointment of a successor Trustee
with respect to the Securities of such series.

          (d) If at any time:

          (1) the Trustee shall fail to comply with Section 6.8 after written request therefor by
the Company or by any Holder who has been a bona fide Holder of a Security for at least six
months, or

          (2) the Trustee shall cease to be eligible under Section 6.9 and shall fail to resign
after written request therefor by the Company or by any such Holder, or

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

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

          (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 with respect to the Securities of one or more
series, the Company, by a Board Resolution, shall promptly appoint a successor Trustee with respect
to the Securities of that or those series. If, within one year after such resignation, removal or
incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Securities
of any series shall be appointed by Act of the Holders of a majority in principal amount of the
Outstanding Securities of such series 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 with respect to the Securities of such series and supersede the successor Trustee
appointed by the Company. If no successor Trustee with respect to the Securities of any series
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, subject to Section 5.14, on behalf of himself and all others similarly situated,
petition any court of competent jurisdiction for the appointment of a successor Trustee with
respect to the Securities of such series.

          (f) The Company shall give notice of each resignation and each removal of the Trustee with
respect to the Securities of any series and each appointment of a successor

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Trustee with respect to the Securities of any series by mailing written notice of such event
by first-class mail, postage prepaid, to the Holders of Securities of such series as their names
and addresses appear in the Securities Register. Each notice shall include the name of the
successor Trustee with respect to the Securities of such series and the address of its Corporate
Trust Office.

          Section 6.11 Acceptance of Appointment by Successor.

          (a) In case of the appointment hereunder of a successor Trustee with respect to all
Securities, every such successor Trustee so appointed 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 the 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.

          (b) In case of the appointment hereunder of a successor Trustee with respect to the Securities
of one or more (but not all) series, the Company, the retiring Trustee and each successor Trustee
with respect to the Securities of one or more series shall execute and deliver an indenture
supplemental hereto wherein each successor Trustee shall accept such appointment and which (1)
shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to
vest in, each successor Trustee all the rights, powers, trusts and duties of the retiring Trustee
with respect to the Securities of that or those series to which the appointment of such successor
Trustee relates, (2) if the retiring Trustee is not retiring with respect to all Securities, shall
contain such provisions as shall be deemed necessary or desirable to confirm that all the rights,
powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those
series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring
Trustee, and (3) shall add to or change any of the provisions of this Indenture as shall be
necessary to provide for or facilitate the administration of the trusts hereunder by more than one
Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute
such Trustees co-trustees of the same trust and that each such Trustee shall be trustee of a trust
or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other
such Trustee; and upon the execution and delivery of such supplemental indenture the resignation or
removal of the retiring Trustee shall become effective to the extent provided therein and each such
successor Trustee, without any further act, deed or conveyance, shall become vested with all the
rights, powers, trusts, and duties of the retiring Trustee with respect to the Securities of that
or those series to which the appointment of such successor Trustee relates; but, on request of the
Company or any successor Trustee, such retiring Trustee shall duly assign, transfer and deliver to
such successor Trustee all property and money held by such retiring Trustee hereunder with respect
to the Securities of that or those series to which the appointment of such successor Trustee
relates.

          (c) Upon request of any such successor Trustee, the Company shall execute any and all
instruments for more fully and certainly vesting in and confirming to such successor

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Trustee all rights, powers and trusts referred to in paragraph (a) or (b) of this Section, as
the case may be.

          (d) 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.

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

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

          Section 6.13 Preferential Collection of Claims Against Company.

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

          Section 6.14 Appointment of Authenticating Agent.

          The Trustee may appoint an Authenticating Agent or Agents with respect to one or more series
of Securities which shall be authorized to act on behalf of the Trustee to authenticate Securities
of such series issued upon original issue and upon exchange, registration of transfer or partial
redemption thereof or pursuant to Section 3.6, 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. 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, or of any state or territory 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

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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 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 of the corporate trust business of an Authenticating Agent shall be the successor
Authenticating Agent hereunder, 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 give
notice of such appointment in the manner provided in Section 1.6 to all Holders of Securities of
the series with respect to which such Authenticating Agent will serve. 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 provision 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 with respect to one or more series is made pursuant to this Section, the
Securities of such series 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 referred to in the within mentioned Indenture.

Dated:

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	 	 	/s/ THE BANK OF NEW YORK	 	 
	 	 	 	 	 
	 	 	As Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

As Authenticating Agent
	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Authorized Officer
	 	 

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

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

ARTICLE VII

HOLDER’S LISTS AND REPORTS BY TRUSTEE AND COMPANY

          Section 7.1
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 January 15 and July 15 in each year, a list, in
such form as the Trustee may reasonably require, of the names and addresses of the Holders as of
such January 1 and July 1, 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 Securities Registrar.

          Section 7.2
Preservation of Information, Communications to Holders.

          (a) The Trustee shall preserve, in as current a form as is reasonably practicable, information
contained in the most recent list furnished to the Trustee as provided in Section 7.1 and the names
and addresses of Holders received by the Trustee in its capacity as

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Securities Registrar. The Trustee may destroy any list furnished to it as provided in Section
7.1 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 privileges of the Trustee,
shall be as provided in 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 the disclosure of information as to the names and addresses of the Holders
made pursuant to the Trust Indenture Act.

          Section 7.3 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 60 days
after each May 15 following the date of 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 any Securities are listed and also with the
Commission. The Company will promptly notify the Trustee when any Securities are listed on any
stock exchange and any delisting thereof.

          Section 7.4 Reports by Company.

          The Company shall file with the Trustee, within 15 days after it files such annual and
quarterly reports, information, documents and other reports with the Commission, copies of its
annual report and of the information, documents and other reports (or copies of such portions of
any of the foregoing the Commission may by rules and regulations prescribe) which the Company is
required to file with the Commission pursuant to Section 13 or 15(d) of the Exchange Act; or, if
the Company is not required to file information, documents or reports pursuant to either of such
sections, then to file with the Trustee and the Commission, in accordance with rules and
regulations prescribed from time to time by the Commission, such of the supplementary and periodic
information, documents and reports which may be required pursuant to Section 13 of the Exchange Act
in respect of a security listed and registered on a national securities exchange as may be
prescribed from time to time in such rules and regulations.

          The Company also shall comply with Sections 314(a)(2) and 314(a)(3) of the Trust Indenture
Act. Delivery of such reports, information and documents to the Trustee is for informational
purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any
information contained therein, including the Company’s compliance with any of its covenants
hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates).

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ARTICLE VIII

CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE

          Section 8.1 Company May Consolidate, Etc., Only on Certain Terms.

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

          (1) in case the Company shall consolidate with or merge into another Person or convey,
transfer or lease its properties and assets substantially as an entirety to any Person, the
Person formed by such consolidation or the Person which acquires by conveyance or transfer,
or which leases, the properties and assets of the Company substantially as an entirety shall
be a corporation, partnership or trust organized and existing under the laws of the United
States of America or any State or the District of Columbia and shall expressly assume, by an
indenture supplemental hereto, executed and delivered to the Trustee, in form satisfactory
to the Trustee, the due and punctual payment of the principal of (and premium, if any) and
interest (including any Additional Interest) on all the Securities and the performance of
every covenant of this Indenture on the part of the Company to be performed or observed;

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

          (3) in the case of the Securities of a series held by a Trust, such consolidation,
merger, conveyance, transfer or lease is permitted under the related Trust Agreement and
Guarantee and does not give rise to any breach or violation of the related Trust Agreement
or Guarantee; and

          (4) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of
Counsel, each stating that such consolidation, merger, conveyance, transfer or lease and any
such supplemental indenture complies with this Article and that all conditions precedent
herein provided for relating to such transaction have been complied with; and the Trustee,
subject to Section 6.1, may rely upon such Officers’ Certificate and Opinion of Counsel as
conclusive evidence that such transaction complies with this Section 8.1.

          Section 8.2 Successor Corporation Substituted.

          Upon any consolidation or merger by the Company with or into any other Person, or any
conveyance, transfer or lease by the Company of its properties and assets substantially as an
entirety to any Person in accordance with Section 8.1, 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 in the event of any such conveyance, transfer or lease the

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Company shall be discharged from all obligations and covenants under the Indenture and the
Securities and may be dissolved and liquidated.

          Such successor Person may cause to be signed, and may issue either in its own name or in the
name of the Company, any or all of the Securities issuable hereunder which theretofore shall not
have been signed by the Company and delivered to the Trustee; and, upon the written order of such
successor Person instead of the Company and subject to all the terms, conditions and limitations in
this Indenture prescribed, the Trustee shall authenticate and shall make available for delivery any
Securities which previously shall have been signed and delivered by the officers of the Company to
the Trustee for authentication pursuant to such provisions and any Securities which such successor
Person thereafter shall cause to be signed and delivered to the Trustee on its behalf for the
purpose pursuant to such provisions. All the Securities so issued shall in all respects have the
same legal rank and benefit under this Indenture as the Securities theretofore or thereafter issued
in accordance with the terms of this Indenture as though all of such Securities had been issued at
the date of the execution hereof.

          In case of any such consolidation, merger, sale, conveyance or lease, such changes in
phraseology and form may be made in the Securities thereafter to be issued as may be appropriate.

ARTICLE IX

SUPPLEMENTAL INDENTURES

          Section 9.1 Supplemental Indentures 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 enter into one or more indentures supplemental
hereto, in form reasonably satisfactory to the Trustee, for any of the following purposes:

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

          (2) to convey, transfer, assign, mortgage or pledge any property to or with the Trustee
or to surrender any right or power herein conferred upon the Company; or

          (3) to establish the form or terms of Securities of any series as permitted by Sections
2.1 or 3.1; or

          (4) to add to the covenants of the Company for the benefit of the Holders of all or any
series of Securities (and if such covenants are to be for the benefit of less than all
series of Securities, stating that such covenants are expressly being included solely for
the benefit of such series) or to surrender any right or power herein conferred upon the
Company; or

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          (5) to add any additional Events of Default for the benefit of the Holders of all or
any series of Securities (and if such additional Events of Default are to be for the benefit
of less than all series of Securities, stating that such additional Events of Default are
expressly being included solely for the benefit of such series); or

          (6) to change or eliminate any of the provisions of this Indenture, provided that any
such change or elimination shall become effective only when there is no Security Outstanding
of any series created prior to the execution of such supplemental indenture which is
entitled to the benefit of such provision; or

          (7) to cure any ambiguity, to correct or supplement any provision herein which may be
defective or inconsistent with any other provision herein, or to make any other provisions
with respect to matters or questions arising under this Indenture, provided that such action
pursuant to this clause (7) shall not adversely affect the interest of the Holders of
Securities of any series in any material respect or, in the case of the Securities of a
series issued to a Trust and for so long as any of the corresponding series of Preferred
Securities issued by such Trust shall remain outstanding, the holders of such Preferred
Securities; or

          (8) to evidence and provide for the acceptance of appointment hereunder by a successor
Trustee with respect to the Securities of one or more series and to add to or change any of
the provisions of this Indenture as shall be necessary to provide for or facilitate the
administration of the trusts hereunder by more than one Trustee, pursuant to the
requirements of Section 6.11(b); or

          (9) to comply with the requirements of the Commission in order to effect or maintain
the qualification of this Indenture under the Trust Indenture Act.

          Section 9.2 Supplemental Indentures with Consent of Holders.

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

          (1) except to the extent permitted by Section 3.11 or as otherwise specified as
contemplated by Section 2.1 or Section 3.1 with respect to the deferral of the payment of
interest on the Securities of any series, change the Stated Maturity of the principal of, or
any installment of interest (including any Additional Interest) on, any Security, or reduce
the principal amount thereof or the rate of interest thereon or reduce any premium payable
upon the redemption thereof, or reduce the amount of principal of a Discount Security that
would be due and payable upon a declaration of acceleration of the Maturity thereof pursuant
to Section 5.2, or change the place of payment where, or the

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coin or currency in which, any Security or interest thereon is payable, or impair the
right to institute suit for the enforcement of any such payment on or after the Stated
Maturity thereof (or, in the case of redemption, on or after the Redemption Date), or

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

          (3) modify any of the provisions of this Section, Section 5.13 or Section 10.5, except
to increase any such percentage or to provide that certain other provisions of this
Indenture cannot be modified or waived without the consent of the Holder of each Security
affected thereby; or

          (4) modify the provisions in Article XIII of this Indenture with respect to the
subordination of Outstanding Securities of any series in a manner adverse to the Holders
thereof;

provided, further, that, in the case of the Securities of a series issued to a Trust, so long as
any of the corresponding series of Preferred Securities issued by such Trust remains outstanding,
(i) no such amendment shall be made that adversely affects the holders of such Preferred Securities
in any material respect, and no termination of this Indenture shall occur, and no waiver of any
Event of Default or compliance with any covenant under this Indenture shall be effective, without
the prior consent of the holders of at least a majority of the aggregate Liquidation Amount (as
defined in the Trust Agreement under which such Trust is organized) of such Preferred Securities
then outstanding unless and until the principal (and premium, if any) of the Securities of such
series and all accrued and, subject to Section 3.7, unpaid interest (including any Additional
Interest) thereon have been paid in full and (ii) no amendment shall be made to Section 5.8 of this
Indenture that would impair the rights of the holders of Preferred Securities provided therein
without the prior consent of the holders of each Preferred Security then outstanding unless and
until the principal (and premium, if any) of the Securities of such series and all accrued and
(subject to Section 3.7) unpaid interest (including any Additional Interest) thereon have been paid
in full.

          A supplemental indenture that changes or eliminates any covenant or other provision of this
Indenture that has expressly been included solely for the benefit of one or more particular series
of Securities or Preferred Securities, or which modifies the rights of the Holders of Securities or
holders of Preferred Securities of such series with respect to such covenant or other provision,
shall be deemed not to affect the rights under this Indenture of the Holders of Securities or
holders of Preferred Securities of any other series.

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

          Section 9.3 Execution of Supplemental Indentures.

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          In executing or accepting the additional trusts created by any supplemental indenture
permitted by this Article or the modifications thereby of the trusts created by this Indenture, the
Trustee shall be entitled to receive, and (subject to Section 6.1) shall be fully protected in
relying upon, an Officers’ Certificate and an Opinion of Counsel stating that the execution of such
supplemental indenture is authorized or permitted by this Indenture, and that all conditions
precedent have been complied with. The Trustee may, but shall not be obligated to, enter into any
such supplemental indenture which affects the Trustee’s own rights, duties or immunities under this
Indenture or otherwise.

          Section 9.4 Effect of Supplemental Indentures.

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

          Section 9.5 Conformity with Trust Indenture Act.

          Every supplemental indenture executed pursuant to this Article shall conform to the
requirements of the Trust Indenture Act as then in effect.

          Section 9.6 Reference in Securities to Supplemental Indentures.

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

ARTICLE X

COVENANTS

          Section 10.1 Payment of Principal, Premium and Interest.

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

          Section 10.2 Maintenance of Office or Agency.

          The Company will maintain in each Place of Payment for any series of Securities, an office or
agency where Securities of that series may be presented or surrendered for payment and an office or
agency where Securities of that series may be surrendered for transfer or

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exchange and where notices and demands to or upon the Company in respect of the Securities of
that series and this Indenture may be served. The Company initially appoints the Trustee, acting
through its Corporate Trust Office, as its agent for said purposes. The Company will give prompt
written notice to the Trustee of any change in the location of any such office or agency. If at any
time the Company shall fail to maintain such 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 of such purposes, and may from time
to time rescind such designations; provided, however, that no such designation or rescission shall
in any manner relieve the Company of its obligation to maintain an office or agency in each Place
of Payment for Securities of any series for such purposes.

          The Company will give prompt written notice to the Trustee of any such designation and any
change in the location of any such office or agency.

          Section 10.3 Money for Security Payments to be Held in Trust.

          If the Company shall at any time act as its own Paying Agent with respect to any series of
Securities, it will, on or before each due date of the principal of (and premium, if any) or
interest on any of the Securities of such series, segregate and hold in trust for the benefit of
the Persons entitled thereto a sum sufficient to pay the principal (and premium, if any) or
interest (including Additional Interest) so becoming due until such sums shall be paid to such
Persons or otherwise disposed of as herein provided, and will promptly notify the Trustee of its
failure so to act.

          Whenever the Company shall have one or more Paying Agents, it will, prior to 10:00 a.m. New
York City time on each due date of the principal of or interest on any Securities, deposit with a
Paying Agent a sum sufficient to pay the principal (and premium, if any) or interest so becoming
due, such sum to be held in trust for the benefit of the Persons entitled to such principal and
premium (if any) or interest, and (unless such Paying Agent is the Trustee) the Company will
promptly notify the Trustee of its 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:

          (1) hold all sums held by it for the payment of the principal of (and premium, if any)
or interest (including Additional Interest) on Securities in trust for the benefit of the
Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed
of as herein provided;

          (2) give the Trustee notice of any default by the Company (or any other obligor upon
the Securities) in the making of any payment of principal (and premium, if any) or interest
(including Additional Interest);

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          (3) at any time during the continuance of any such default, upon the written request of
the Trustee, forthwith pay to the Trustee all sums so held in trust by such Paying Agent;
and

          (4) comply with the provisions of the Trust Indenture Act applicable to it as a Paying
Agent.

          The Company may at any time, for the purpose of obtaining the satisfaction and discharge of
this Indenture or for any other purpose, pay, or by Company Order direct any Paying Agent to pay,
to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held by
the Trustee upon the same trusts as those upon which such sums were held by the Company or such
Paying Agent; and, upon such payment by the Company or any Paying Agent to the Trustee, such Paying
Agent shall be released from all further liability with respect to such money.

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

          Section 10.4 Statement as to Compliance.

          The Company shall deliver to the Trustee, within 120 days after the end of each calendar year
of the Company ending after the date hereof, an Officers’ Certificate, one of the signatories of
which shall be the principal executive, principal financial or principal accounting officer of the
Company, stating whether or not to the best knowledge of the signers thereof the Company is in
default in the performance, observance or fulfillment of or compliance with any of the terms,
provisions, covenants and conditions of this Indenture, and if the Company shall be in default,
specifying all such defaults and the nature and status thereof of which they may have knowledge.
For the purpose of this Section 10.4, compliance shall be determined without regard to any grace
period or requirement of notice provided pursuant to the terms of this Indenture.

          Section 10.5 Waiver of Certain Covenants.

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          The Company may omit in any particular instance to comply with any covenant or condition
provided pursuant to Section 3.1, 9.1(3) or 9.1(4) with respect to the Securities of any series, if
before or after the time for such compliance the Holders of at least a majority in principal amount
of the Outstanding Securities of such series shall, by Act of such Holders, either waive such
compliance in such instance or generally waive compliance with such covenant or condition, but no
such waiver shall extend to or affect such covenant or condition except to the extent so expressly
waived, and, until such waiver shall become effective, the obligations of the Company in respect of
any such covenant or condition shall remain in full force and effect.

          Section 10.6 Payment of Trust Costs and Expenses.

          Since, in the case of the Securities of a series held by a Trust, such Trust is being formed
solely to facilitate an investment in the Securities of such series, the Company, in its capacity
as the issuer of the Securities of such series, hereby covenants to pay all debts and obligations
(other than with respect to the Preferred Securities and Common Securities issued by such Trust)
and all costs and expenses of such Trust (including, but not limited to, all costs and expenses
relating to the organization of such Trust, the fees and expenses of the trustees thereof, all
costs and expenses relating to the operation of such Trust and any costs, expenses or liabilities
of such Trust that are required by applicable law to be satisfied in connection with the
termination of such Trust) and to pay any and all taxes, duties, assessments or governmental
charges of whatever nature (other than withholding taxes) imposed on such Trust by the United
States, or any other taxing authority (including Additional Taxes), so that the net amounts
received and retained by such Trust and the Property Trustee thereof after paying such expenses
will be equal to the amounts such Trust and the Property Trustee would have received had no such
costs or expenses been incurred by or imposed on such Trust. The obligations of the Company to pay
all debts, obligations, costs and expenses of each such Trust (other than with respect to the
Preferred Securities and Common Securities issued by such Trust) shall constitute additional
indebtedness hereunder and shall survive the satisfaction and discharge of this Indenture.

          Section 10.7 Additional Covenants.

          The Company covenants and agrees with each Holder of Securities of each series that it shall
not, and it shall not permit any Subsidiary of the Company to, (i) declare or pay any dividends or
distributions on, or redeem purchase, acquire or make a liquidation payment with respect to, any
shares of the Company’s capital stock, or (ii) make any payment of principal of or interest or
premium, if any, on or repay, repurchase or redeem any debt securities of the Company that rank
equally with or junior in interest to the Securities of such series or (iii) make any guarantee
payments with respect to any guarantee by the Company of debt securities of any subsidiary of the
Company if such guarantee ranks equally with or junior in interest to the Securities (other than
(a) dividends or distributions in the Company’s capital stock, (b) any declaration of a dividend in
connection with the implementation of a Rights Plan or the redemption or repurchase of any rights
distributed pursuant to a Rights Plan, (c) payments under the Guarantee with respect to the
Securities of such Series, and (d) purchases of Common Stock related to the issuance of Common
Stock or rights under any of the Company’s benefit plans for its directors, officers or employees,
related to the issuance of Common Stock or rights under a

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dividend reinvestment and stock purchase plan, or related to the issuance of Common Stock (or
securities convertible or exchangeable for Common Stock) as consideration in an acquisition
transaction that was entered into prior to the commencement of such Extension Period) if at such
time (x) there shall have occurred any event of which the Company has actual knowledge that (A)
with the giving of notice or the lapse of time or both, would constitute an Event of Default with
respect to the Securities of such series and (B) in respect of which the Company shall not have
taken reasonable steps to cure, (y) if the Securities of such series are held by a Trust, the
Company shall be in default with respect to its payment of any obligations under the Guarantee
relating to the Preferred Securities issued by such Trust or (z) the Company shall have given
notice of its election to begin an Extension Period with respect to the Securities of such series
as provided herein and shall not have rescinded such notice, or such Extension Period, or any
extension thereof, shall be continuing.

          The Company also covenants with each Holder of Securities of a series issued to a Trust (i) to
maintain directly or indirectly 100% ownership of the Common Securities of such Trust; provided,
however, that any permitted successor of the Company hereunder may succeed to the Company’s
ownership of such Common Securities, (ii) not to voluntarily terminate, wind-up or liquidate such
Trust, except (a) in connection with a distribution of the Securities of such series to the holders
of the Trust Securities of such Trust in liquidation of such Trust or (b) in connection with
certain mergers, consolidations or amalgamations permitted by the related Trust Agreement and (iii)
to use its reasonable efforts, consistent with the terms and provisions of such Trust Agreement, to
cause such Trust to remain classified as a grantor trust and not an association taxable as a
corporation for United States federal income tax purposes.

          Section 10.8 Calculation of Original Issue Discount.

          The Company shall file with the Trustee promptly at the end of each calendar year a written
notice specifying the amount of original issue discount (including daily rates and accrual periods)
accrued on Outstanding Securities as of the end of such year, if any.

ARTICLE XI

REDEMPTION OF SECURITIES

          Section 11.1 Applicability of This Article.

          Redemption of Securities of any series (whether by operation of a sinking fund or otherwise)
as permitted or required by any form of Security issued pursuant to this Indenture shall be made in
accordance with such form of Security and this Article; provided, however, that if any provision of
any such form of Security shall conflict with any provision of this Article, the provision of such
form of Security shall govern. Except as otherwise set forth in the form of Security for such
series, each Security of such series shall be subject to partial redemption only in the amount of
$25 or, in the case of the Securities of a series issued to a Trust, $25, or integral multiples
thereof.

          Section 11.2 Election to Redeem; Notice to Trustee.

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          The election of the Company to redeem any Securities shall be evidenced by or pursuant to a
Board Resolution. In case of any redemption at the election of the Company of the Securities, the
Company shall, not less than 45 nor more than 60 days prior to the Redemption Date (unless a
shorter notice shall be satisfactory to the Trustee), notify the Trustee of such date and of the
principal amount of Securities of that series to be redeemed. In the case of any redemption of
Securities prior to the expiration of any restriction on such redemption provided in the terms of
such Securities, the Company shall furnish the Trustee with an Officers’ Certificate and an Opinion
of Counsel evidencing compliance with such restriction.

          Section 11.3 Selection of Securities to be Redeemed.

          If less than all the Securities of any series are to be redeemed (unless all the Securities of
such series and of a specified tenor are to be redeemed or unless such redemption affects only a
single Security), the particular Securities to be redeemed shall be selected not more than 60 days
prior to the Redemption Date by the Trustee, from the Outstanding Securities of such series not
previously called for redemption, by lot or such other method as the Trustee shall deem fair and
appropriate and which may provide for the selection for redemption of a portion of the principal
amount of any Security of such series, provided that the unredeemed portion of the principal amount
of any Security shall be in an authorized denomination (which shall not be less than the minimum
authorized denomination) for such Security. If less than all the Securities of such series and of a
specified tenor are to be redeemed (unless such redemption affects only a single Security), the
particular Securities to be redeemed shall be selected not more than 60 days prior to the
Redemption Date by the Trustee, from the Outstanding Securities of such series and specified tenor
not previously called for redemption in accordance with the preceding sentence.

          The Trustee shall promptly notify the Company in writing of the Securities selected for
partial redemption and the principal amount thereof to be redeemed. For all purposes of this
Indenture, unless the context otherwise requires, all provisions relating to the redemption of
Securities shall relate, in the case of any Security redeemed or to be redeemed only in part, to
the portion of the principal amount of such Security which has been or is to be redeemed. If the
Company shall so direct, Securities registered in the name of the Company, any Affiliate or any
Subsidiary thereof shall not be included in the Securities selected for redemption.

          Section 11.4 Notice of Redemption.

          Notice of redemption shall be given by first-class mail, postage prepaid, mailed not later
than the 30th day, and not earlier than the 60th day, prior to the Redemption Date, to each Holder
of Securities to be redeemed, at the address of such Holder as it appears in the Securities
Register.

          With respect to Securities of each series to be redeemed, each notice of redemption shall
identify the Securities to be redeemed (including CUSIP number, if a CUSIP number has been assigned
to such Securities of such Series) and shall state:

          (a) the Redemption Date;

          (b) the Redemption Price;

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          (c) if less than all Outstanding Securities of such particular series and having the same
terms are to be redeemed, the identification (and, in the case of partial redemption, the
respective principal amounts) of the particular Securities to be redeemed;

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

          (e) the place or places where such Securities are to be surrendered for payment of the
Redemption Price; and

          (f) that the redemption is for a sinking fund, if such is the case.

          Notice of redemption of Securities to be redeemed at the election of the Company shall be
given by the Company or, at the Company’s request, by the Trustee in the name and at the expense of
the Company and shall not be irrevocable. The notice if mailed in the manner herein provided shall
be conclusively presumed to have been duly given, whether or not the Holder receives such notice.
In any case, a failure to give such notice by mail or any defect in the notice to the Holder of any
Security designated for redemption as a whole or in part shall not affect the validity of the
proceedings for the redemption of any other Security.

          Section 11.5 Deposit of Redemption Price.

          Prior to 10:00 a.m. New York City time on the Redemption Date specified in the notice of
redemption given as provided in Section 11.4, the Company will deposit with the Trustee or with one
or more Paying Agents (or if the Company is acting as its own Paying Agent, the Company will
segregate and hold in trust as provided in Section 10.3) an amount of money sufficient to pay the
Redemption Price of, and any accrued interest (including Additional Interest) on, all the
Securities which are to be redeemed on that date.

          Section 11.6 Payment of Securities Called for Redemption.

          If any notice of redemption has been given as provided in Section 11.4, the Securities or
portion of Securities with respect to which such notice has been given shall become due and payable
on the date and at the place or places stated in such notice at the applicable Redemption Price. On
presentation and surrender of such Securities at a Place of Payment in said notice specified, the
said securities or the specified portions thereof shall be paid and redeemed by the Company at the
applicable Redemption Price, together with accrued interest (including any Additional Interest) to
the Redemption Date; provided, however, that, unless otherwise specified as contemplated by Section
3.1, installments of interest whose Stated Maturity is on or prior to the Redemption Date will be
payable to the Holders of such Securities, or one or more Predecessor Securities, registered as
such at the close of business on the relevant Record Dates according to their terms and the
provisions of Section 3.7.

          Upon presentation of any Security redeemed in part only, the Company shall execute and the
Trustee shall authenticate and make available for delivery to the Holder thereof, at the expense of
the Company, a new Security or Securities of the same series, of authorized denominations, in
aggregate principal amount equal to the unredeemed portion of the Security so

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presented and having the same Original Issue Date, Stated Maturity and terms. If a Global
Security is so surrendered, such new Security will also be a new Global Security.

          If any Security called for redemption shall not be so paid upon surrender thereof for
redemption, the principal of and premium, if any, on such Security shall, until paid, bear interest
from the Redemption Date at the rate prescribed therefor in the Security.

          Section 11.7 Right of Redemption of Securities Initially Issued to a
Trust.

          In the case of the Securities of a series initially issued to a Trust, except as otherwise
established pursuant to Section 3.1 for the Securities of a Series, the Company, at its option, may
redeem such Securities (i) on or after the date five years after the Original Issue Date of such
Securities, in whole at any time or in part from time to time, or (ii) upon the occurrence and
during the continuation of a Tax Event, a Capital Treatment Event or an Investment Company Act
Event, at any time within 90 days following the occurrence of such Tax Event, Capital Treatment
Event or Investment Company Act Event in respect of such Trust, in whole (but not in part), in each
case at a Redemption Price equal to 100% of the principal amount thereof plus accrued interest to
such redemption date.

ARTICLE XII

SINKING FUNDS

          Section 12.1 Applicability of Article.

          The provisions of this Article shall be applicable to any sinking fund for the retirement of
Securities of any series except as otherwise specified as contemplated by Section 3.1 for such
Securities.

          The minimum amount of any sinking fund payment provided for by the terms of any Securities of
any series is herein referred to as a “mandatory sinking fund payment”, and any sinking fund
payment in excess of such minimum amount which is permitted to be made by the terms of such
Securities of any series is herein referred to as an “optional sinking fund payment”. If provided
for by the terms of any Securities of any series, the cash amount of any sinking fund payment may
be subject to reduction as provided in Section 12.2.

          Each sinking fund payment shall be applied to the redemption of Securities of any series as
provided for by the terms of such Securities.

          Section 12.2 Satisfaction of Sinking Fund Payments with Securities.

          In lieu of making all or any part of a mandatory sinking fund payment with respect to any
Securities of a series in cash, the Company may at its option, at any time no more than 16 months
and no less than 30 days prior to the date on which such sinking fund payment is due, deliver to
the Trustee Securities of such series (together with the unmatured coupons, if any, appertaining
thereto) theretofore purchased or otherwise acquired by the Company, except Securities of such
series that have been redeemed through the application of mandatory or optional sinking fund
payments pursuant to the terms of the Securities of such series,

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accompanied by a Company Order instructing the Trustee to credit such obligations and stating
that the Securities of such series were originally issued by the Company by way of bona fide sale
or other negotiation for value; provided that the Securities to be so credited have not been
previously so credited. The Securities to be so credited shall be received and credited for such
purpose by the Trustee at the redemption price for such Securities, as specified in the Securities
so to be redeemed, for redemption through operation of the sinking fund and the amount of such
sinking fund payment shall be reduced accordingly.

          Section 12.3 Redemption of Securities for Sinking Fund.

          Not less than 60 days prior to each sinking fund payment date for any series of Securities,
the Company will deliver to the Trustee an Officers’ Certificate specifying the amount of the next
ensuing sinking fund payment for such Securities pursuant to the terms of such Securities, the
portion thereof, if any, which is to be satisfied by payment of cash in the currency in which the
Securities of such series are payable (except as provided pursuant to Section 3.1) and the portion
thereof, if any, which is to be satisfied by delivering and crediting Securities pursuant to
Section 12.2 and will also deliver to the Trustee any Securities to be so delivered. Such Officers’
Certificate shall be irrevocable and upon its delivery the Company shall be obligated to make the
cash payment or payments therein referred to, if any, on or before the succeeding sinking fund
payment date. In the case of the failure of the Company to deliver such Officers’ Certificate (or,
as required by this Indenture, the Securities and coupons, if any, specified in such Officers’
Certificate), the sinking fund payment due on the succeeding sinking fund payment date for such
series shall be paid entirely in cash and shall be sufficient to redeem the principal amount of the
Securities of such series subject to a mandatory sinking fund payment without the right to deliver
or credit securities as provided in Section 12.2 and without the right to make the optional sinking
fund payment with respect to such series at such time.

          Any sinking fund payment or payments (mandatory or optional) made in cash plus any unused
balance of any preceding sinking fund payments made with respect to the Securities of any
particular series shall be applied by the Trustee (or by the Company if the Company is acting as
its own Paying Agent) on the sinking fund payment date on which such payment is made (or, if such
payment is made before a sinking fund payment date, on the sinking fund payment date immediately
following the date of such payment) to the redemption of Securities of such series at the
Redemption Price specified in such Securities with respect to the sinking fund. Any sinking fund
moneys not so applied or allocated by the Trustee (or, if the Company is acting as its own Paying
Agent, segregated and held in trust by the Company as provided in Section 10.3) for such series and
together with such payment (or such amount so segregated) shall be applied in accordance with the
provisions of this Section 12.3. Any and all sinking fund moneys with respect to the Securities of
any particular series held by the Trustee (or if the Company is acting as its own Paying Agent,
segregated and held in trust as provided in Section 10.3) on the last sinking fund payment date
with respect to Securities of such series and not held for the payment or redemption of particular
Securities of such series shall be applied by the Trustee (or by the Company if the Company is
acting as its own Paying Agent), together with other moneys, if necessary, to be deposited (or
segregated) sufficient for the purpose, to the payment of the principal of the Securities of such
series at Maturity. The Trustee shall select the Securities to be redeemed upon such sinking fund
payment date in the manner specified in

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Section 11.3 and cause notice of the redemption thereof to be given in the name of and at the
expense of the Company in the manner provided in Section 11.4.

          Such notice having been duly given, the redemption of such Securities shall be made upon the
terms and in the manner stated in Section 11.6. On or before each sinking fund payment date, the
Company shall pay to the Trustee (or, if the Company is acting as its own Paying Agent, the Company
shall segregate and hold in trust as provided in Section 10.3) in cash a sum in the currency in
which Securities of such series are payable (except as provided pursuant to Section 3.1) equal to
the principal and any interest accrued to the Redemption Date for Securities or portions thereof to
be redeemed on such sinking fund payment date pursuant to this Section 12.3.

          Neither the Trustee nor the Company shall redeem any Securities of a series with sinking fund
moneys or mail any notice of redemption of Securities of such series by operation of the sinking
fund for such series during the continuance of a default in payment of interest, if any, on any
Securities of such series or of any Event of Default (other than an Event of Default occurring as a
consequence of this paragraph) with respect to the Securities of such series, except that if the
notice of redemption shall have been provided in accordance with the provisions hereof, the Trustee
(or the Company, if the Company is then acting as its own Paying Agent) shall redeem such
Securities if cash sufficient for that purpose shall be deposited with the Trustee (or segregated
by the Company) for that purpose in accordance with the terms of this Article XII. Except as
aforesaid, any moneys in the sinking fund for such series at the time when any such default or
Event of Default shall occur and any moneys thereafter paid into such sinking fund shall, during
the continuance of such default or Event of Default, be held as security for the payment of the
Securities and coupons, if any, of such series; provided, however, that in case such default or
Event of Default shall have been cured or waived herein, such moneys shall thereafter be applied on
the next sinking fund payment date for the Securities of such series on which such moneys may be
applied pursuant to the provisions of this Section 12.3.

ARTICLE XIII

SUBORDINATION OF SECURITIES

          Section 13.1 Securities Subordinate to Senior Debt.

          The Company covenants and agrees, and each Holder of a Security, by its acceptance thereof,
likewise covenants and agrees, that, to the extent and in the manner hereinafter set forth in this
Article XIII, the payment of the principal of (and premium, if any) and interest (including any
Additional Interest) on each and all of the Securities are hereby expressly made subordinate and
subject in right of payment to the prior payment in full of all Senior Debt.

          Section 13.2 Payment Over of Proceeds Upon Dissolution, Etc.

          In case of the pendency of any receivership, insolvency, liquidation, bankruptcy,
reorganization, arrangement, adjustment, composition or other similar judicial proceeding relative
to the Company (each such event, if any, herein sometimes referred to as a

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“Proceeding”), then the holders of Senior Debt shall be entitled to receive payment in full of
all amounts due or to become due on such Senior Debt, or provision shall be made for such payment
in cash or cash equivalents or otherwise in a manner satisfactory to the holders of Senior Debt,
before the Holders of the Securities are entitled to receive or retain any payment or distribution
of any kind or character, whether in cash, property or securities (including any payment or
distribution which may be payable or deliverable by reason of the payment of any other Debt of the
Company (including any series of the Securities) subordinated to the payment of the Securities,
such payment or distribution being hereinafter referred to as a “Junior Subordinated Payment”), on
account of principal of (or premium, if any) or interest (including any Additional Interest) on the
Securities or on account of the purchase or other acquisition of Securities by the Company or any
Subsidiary and to that end the holders of Senior Debt shall be entitled to receive, for application
to the payment thereof, any payment or distribution of any kind or character, whether in cash,
property or securities, including any Junior Subordinated Payment, which may be payable or
deliverable in respect of the Securities in any such Proceeding; provided, however, that holders of
Senior Debt shall not be entitled to receive payment of any such amounts to the extent that such
holders would be required by the subordination provisions of such Senior Debt to pay such amounts
over to the obligees on trade accounts payable or other liabilities arising in the ordinary course
of the Company’s business.

          In the event that, notwithstanding the foregoing provisions of this Section, the Trustee or
the Holder of any Security shall have received any payment or distribution of assets of the Company
of any kind or character, whether in cash, property or securities, including any Junior
Subordinated Payment, before all amounts due or to become due on all Senior Debt are paid in full
or payment thereof is provided for in cash or cash equivalents or otherwise in a manner
satisfactory to the holders of Senior Debt, and if such fact shall, at or prior to the time of such
payment or distribution, have been made known to the Trustee or, as the case may be, such Holder,
then and in such event such payment or distribution shall be paid over or delivered forthwith to
the trustee in bankruptcy, receiver, liquidating trustee, custodian, assignee, agent or other
Person making payment or distribution of assets of the Company for application to the payment of
all amounts due or to become due on all Senior Debt remaining unpaid, to the extent necessary to
pay all amounts due or to become due on all Senior Debt in full, after giving effect to any
concurrent payment or distribution to or for the holders of Senior Debt; provided, however, that
holders of Senior Debt shall not be entitled to receive payment of any such amounts to the extent
that such holders would be required by the subordination provisions of such Senior Debt to pay such
amounts over to the obligees on trade accounts payable or other liabilities arising in the ordinary
course of the Company’s business.

          For purposes of this Article XIII only, the words “any payment or distribution of any kind or
character, whether in cash, property or securities” shall not be deemed to include shares of stock
of the Company as reorganized or readjusted, or securities of the Company or any other corporation
provided for by a plan of reorganization or readjustment which securities are subordinated in right
of payment to all then outstanding Senior Debt to substantially the same extent as the Securities
are so subordinated as provided in this Article.

          The consolidation of the Company with, or the merger of the Company into, another Person or
the liquidation or dissolution of the Company following the sale of all or substantially all of its
properties and assets as an entirety to another Person upon the terms and

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conditions set forth in Article VIII shall not be deemed a Proceeding for the purposes of this
Section if the Person formed by such consolidation or into which the Company is merged or the
Person which acquires by sale such properties and assets as an entirety, as the case may be, shall,
as a part of such consolidation, merger, or sale comply with the conditions set forth in Article
VIII.

          Section 13.3 Prior Payment to Senior Debt Upon Acceleration of Securities.

          In the event that any Securities are declared due and payable before their Stated Maturity,
then and in such event the holders of the Senior Debt outstanding at the time such Securities so
become due and payable shall be entitled to receive payment in full of all amounts due on or in
respect of such Senior Debt (including any amounts due upon acceleration), or provision shall be
made for such payment in cash or cash equivalents or otherwise in a manner satisfactory to the
holders of Senior Debt, before the Holders of the Securities are entitled to receive any payment or
distribution of any kind or character, whether in cash, properties or securities (including any
Junior Subordinated Payment) by the Company on account of the principal of (or premium, if any) or
interest (including any Additional Interest) on the Securities or on account of the purchase or
other acquisition of Securities by the Company or any Subsidiary; provided, however, that nothing
in this Section shall prevent the satisfaction of any sinking fund payment in accordance with this
Indenture or as otherwise specified as contemplated by Section 3.1 for the Securities of any series
by delivering and crediting pursuant to Section 12.2 or as otherwise specified as contemplated by
Section 3.1 for the Securities of any series Securities which have been acquired (upon redemption
or otherwise) prior to such declaration of acceleration; provided further, however, that holders of
Senior Debt shall not be entitled to receive payment of any such amounts to the extent that such
holders would be required by the subordination provisions of such Senior Debt to pay such amounts
over to the obligees on trade accounts payable or other liabilities arising in the ordinary course
of the Company’s business.

          In the event that, notwithstanding the foregoing, the Company shall make any payment to the
Trustee or the Holder of any Security prohibited by the foregoing provisions of this Section, and
if such fact shall, at or prior to the time of such payment, have been made known to the Trustee
or, as the case may be, such Holder, then and in such event such payment shall be paid over and
delivered forthwith to the Company.

          The provisions of this Section shall not apply to any payment with respect to which Section
13.2 would be applicable.

          Section 13.4 No Payment When Senior Debt in Default.

          (a) In the event and during the continuation of any default in the payment of principal of (or
premium, if any) or interest on any Senior Debt, or in the event that any event of default with
respect to any Senior Debt shall have occurred and be continuing and shall have resulted in such
Senior Debt becoming or being declared due and payable prior to the date on which it would
otherwise have become due and payable, unless and until such event of default shall have been cured
or waived or shall have ceased to exist and such acceleration shall have been rescinded or
annulled, or (b) in the event any judicial proceeding shall be pending with

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respect to any such default in payment or such event or default, then no payment or
distribution of any kind or character, whether in cash, properties or securities (including any
Junior Subordinated Payment) shall be made by the Company on account of principal of (or premium,
if any) or interest (including any Additional Interest), if any, on the Securities or on account of
the purchase or other acquisition of Securities by the Company or any Subsidiary, in each case
unless and until all amounts due or to become due on such Senior Debt are paid in full; provided,
however, that nothing in this Section shall prevent the satisfaction of any sinking fund payment in
accordance with this Indenture or as otherwise specified as contemplated by Section 3.1 for the
Securities of any series by delivering and crediting pursuant to Section 12.2 or as otherwise
specified as contemplated by Section 3.1 for the Securities of any series Securities which have
been acquired (upon redemption or otherwise) prior to such default in payment or event of default;
provided further, however, that holders of Senior Debt shall not be entitled to receive payment of
any such amounts to the extent that such holders would be required by the subordination provisions
of such Senior Debt to pay such amounts over to the obligees on trade accounts payable or other
liabilities arising in the ordinary course of the Company’s business.

          In the event that, notwithstanding the foregoing, the Company shall make any payment to the
Trustee or the Holder of any Security prohibited by the foregoing provisions of this Section, and
if such fact shall, at or prior to the time of such payment, have been made known to the Trustee
or, as the case may be, such Holder, then and in such event such payment shall be paid over and
delivered forthwith to the Company.

          The provisions of this Section shall not apply to any payment with respect to which Section
13.2 would be applicable.

          Section 13.5 Payment Permitted if No Default.

          Nothing contained in this Article or elsewhere in this Indenture or in any of the Securities
shall prevent (a) the Company, at any time except during the pendency of any Proceeding referred to
in Section 13.2 or under the conditions described in Sections 13.3 and 13.4, from making payments
at any time of principal of (and premium, if any) or interest (including Additional Interest) on
the Securities, or (b) the application by the Trustee of any money deposited with it hereunder to
the payment of or on account of the principal of (and premium, if any) or interest (including any
Additional Interest) on the Securities or the retention of such payment by the Holders, if, at the
time of such application by the Trustee, it did not have knowledge that such payment would have
been prohibited by the provisions of this Article.

          Section 13.6 Subrogation to Rights of Holders of Senior Debt.

          Subject to the payment in full of all amounts due or to become due on all Senior Debt to the
extent provided herein, or the provision for such payment in cash or cash equivalents or otherwise
in a manner satisfactory to the holders of Senior Debt, the Holders of the Securities shall be
subrogated to the extent of the payments or distributions made to the holders of such Senior Debt
pursuant to the provisions of this Article (equally and ratably with the holders of all
indebtedness of the Company which by its express terms is subordinated to Senior Debt of the
Company to substantially the same extent as the Securities are subordinated to the Senior Debt and
is entitled to like rights of subrogation by reason of any payments or distributions made to

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holders of such Senior Debt) to the rights of the holders of such Senior Debt to receive
payments and distributions of cash, property and securities applicable to the Senior Debt until the
principal of (and premium, if any) and interest (including any Additional Interest) on the
Securities shall be paid in full. For purposes of such subrogation, no payments or distributions to
the holders of the Senior Debt of any cash, property or securities to which the Holders of the
Securities or the Trustee would be entitled except for the provisions of this Article XIII, and no
payments over pursuant to the provisions of this Article XIII to the holders of Senior Debt by
Holders of the Securities or the Trustee, shall, as among the Company, its creditors other than
holders of Senior Debt, and the Holders of the Securities, be deemed to be a payment or
distribution by the Company to or on account of the Senior Debt.

          Section 13.7 Provisions Solely to Define Relative Rights.

          The provisions of this Article are and are intended solely for the purpose of defining the
relative rights of the Holders of the Securities on the one hand and the holders of Senior Debt on
the other hand. Nothing contained in this Article or elsewhere in this Indenture or in the
Securities is intended to or shall (a) impair, as between the Company and the Holders of the
Securities, the obligations of the Company, which are absolute and unconditional, to pay to the
Holders of the Securities the principal of (and premium, if any) and interest (including any
Additional Interest) on the Securities as and when the same shall become due and payable in
accordance with their terms; or (b) affect the relative rights against the Company of the Holders
of the Securities and creditors of the Company other than their rights in relation to the holders
of Senior Debt; or (c) prevent the Trustee or the Holder of any Security from exercising all
remedies otherwise permitted by applicable law upon default under this Indenture including, without
limitation, filing and voting claims in any Proceeding, subject to the rights, if any, under this
Article of the holders of Senior Debt to receive cash, property and securities otherwise payable or
deliverable to the Trustee or such Holder.

          Section 13.8 Trustee to Effectuate Subordination.

          Each Holder of a Security by his or her acceptance thereof authorizes and directs the Trustee
on his or her behalf to take such action as may be necessary or appropriate to acknowledge or
effectuate the subordination provided in this Article and appoints the Trustee his or her
attorney-in-fact for any and all such purposes.

          Section 13.9 No Waiver of Subordination Provisions.

          No right of any present or future holder of any Senior Debt to enforce subordination as herein
provided shall at any time in any way be prejudiced or impaired by any act or failure to act on the
part of the Company or by any act or failure to act, in good faith, by any such holder, or by any
noncompliance by the Company with the terms, provisions and covenants of this Indenture, regardless
of any knowledge thereof that any such holder may have or be otherwise charged with.

          Without in any way limiting the generality of the immediately preceding paragraph, the holders
of Senior Debt may, at any time and from to time, without the consent of or notice to the Trustee
or the Holders of the Securities, without incurring responsibility to the

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Holders of the Securities and without impairing or releasing the subordination provided in
this Article or the obligations hereunder of the Holders of the Securities to the holders of Senior
Debt, do any one or more of the following: (i) change the manner, place or terms of payment or
extend the time of payment of, or renew or alter, Senior Debt, or otherwise amend or supplement in
any manner Senior Debt or any instrument evidencing the same or any agreement under which Senior
Debt is outstanding; (ii) sell, exchange, release or otherwise deal with any property pledged,
mortgaged or otherwise securing Senior Debt; (iii) release any Person liable in any manner for the
collection of Senior Debt; and (iv) exercise or refrain from exercising any rights against the
Company and any other Person.

          Section 13.10 Notice to Trustee.

          The Company shall give prompt written notice to the Trustee of any fact known to the Company
which would prohibit the making of any payment to or by the Trustee in respect of the Securities.
Notwithstanding the provisions of this Article or any other provision of this Indenture, the
Trustee shall not be charged with knowledge of the existence of any facts which would prohibit the
making of any payment to or by the Trustee in respect of the Securities, unless and until the
Trustee shall have received written notice thereof from the Company or a holder of Senior Debt or
from any trustee, agent or representative therefor; provided, however, that if the Trustee shall
not have received the notice provided for in this Section at least two Business Days prior to the
date upon which by the terms hereof any monies may become payable for any purpose (including,
without limitation, the payment of the principal of (and premium, if any) or interest (including
any Additional Interest) on any Security), then, anything herein contained to the contrary
notwithstanding, the Trustee shall have full power and authority to receive such monies and to
apply the same to the purpose for which they were received and shall not be affected by any notice
to the contrary which may be received by it within two Business Days prior to such date.

          Subject to the provisions of Section 6.1, the Trustee shall be entitled to conclusively rely
on the delivery to it of a written notice by a Person representing himself to be a holder of Senior
Debt (or a trustee therefor) to establish that such notice has been given by a holder of Senior
Debt (or a trustee therefor). In the event that the Trustee determines in good faith that further
evidence is required with respect to the right of any Person as a holder of Senior Debt to
participate in any payment or distribution pursuant to this Article, the Trustee may request such
Person to furnish evidence to the reasonable satisfaction of the Trustee as to the amount of Senior
Debt held by such Person, the extent to which such Person is entitled to participate in such
payment or distribution and any other facts pertinent to the rights of such Person under this
Article, and if such evidence is not furnished, the Trustee may defer any payment to such Person
pending judicial determination as to the right of such Person to receive such payment.

          Section 13.11 Reliance on Judicial Order or Certificate of Liquidating
Agent.

          Upon any payment or distribution of assets of the Company referred to in this Article, the
Trustee, subject to the provisions of Section 6.1, and the Holders of the Securities shall be
entitled to conclusively rely upon any order or decree entered by any court of competent
jurisdiction in which such Proceeding is pending, or a certificate of the trustee in bankruptcy,

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receiver, liquidating trustee, custodian, assignee for the benefit of creditors, agent or
other Person making such payment or distribution, delivered to the Trustee or to the Holders of
Securities, for the purpose of ascertaining the Persons entitled to participate in such payment or
distribution, the holders of the Senior Debt and other indebtedness of the Company, the amount
thereof or payable thereon, the amount or amounts paid or distributed thereon and all other facts
pertinent thereto or to this Article.

          Section 13.12 Trustee Not Fiduciary for Holders of Senior Debt.

          The Trustee, in its capacity as trustee under this Indenture, shall not be deemed to owe any
fiduciary duty to the holders of Senior Debt and shall not be liable to any such holders if it
shall in good faith mistakenly pay over or distribute to Holders of Securities or to the Company or
to any other Person cash, property or securities to which any holders of Senior Debt shall be
entitled by virtue of this Article or otherwise. With respect to the holders of Senior Debt, the
Trustee undertakes to perform or to observe only such of its covenants or obligations as are
specifically set forth in this Article and no implied covenants or obligations with respect to
holders of Senior Debt shall be read into this Indenture against the Trustee.

          Section 13.13 Rights of Trustee as Holder of Senior Debt; Preservation of
Trustee’s Rights.

          The Trustee in its individual capacity shall be entitled to all the rights set forth in this
Article with respect to any Senior Debt which may at any time be held by it, to the same extent as
any other holder of Senior Debt, and nothing in this Indenture shall deprive the Trustee of any of
its rights as such holder. Nothing in this Article shall apply to claims of, or payments to, the
Trustee under or pursuant to Section 6.7.

          Section 13.14 Article Applicable to Paying Agents.

          In case at any time any Paying Agent other than the Trustee shall have been appointed by the
Company and be then acting hereunder, the term “Trustee” as used in this Article shall in such case
(unless the context otherwise requires) be construed as extending to and including such Paying
Agent within its meaning as fully for all intents and purposes as if such Paying Agent were named
in this Article in addition to or in place of the Trustee.

          Section 13.15 Certain Conversions or Exchanges Deemed Payment.

          For the purposes of this Article only, (a) the issuance and delivery of junior securities upon
conversion or exchange of Securities shall not be deemed to constitute a payment or distribution on
account of the principal of (or premium, if any) or interest (including any Additional Interest) on
Securities or on account of the purchase or other acquisition of Securities, and (b) the payment,
issuance or delivery of cash, property or securities (other than junior securities) upon conversion
or exchange of a Security shall be deemed to constitute payment on account of the principal of such
security.

          For the purposes of this Section, the term “junior securities” means (i) shares of any stock
of any class of the Company and (ii) securities of the Company which are subordinated in right of
payment to all Senior Debt which may be outstanding at the time of issuance or

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delivery of such securities to substantially the same extent as, or to a greater extent than,
the Securities are so subordinated as provided in this Article.

          Section 13.16 Trust Moneys Not Subordinated.

          Notwithstanding anything contained herein to the contrary, payments from money held in trust
under Article IV by the Trustee for the payment of principal of, premium, if any, and interest on
the Securities shall not be subordinated to the prior payment of any Senior Debt of the Company or
subject to the restrictions set forth in this Article XIII and none of the Holders shall be
obligated to pay over any such amount to the Company or any holder of Senior Debt of the Company or
any other creditor of the Company.

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*     *     *     *

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

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

	 	 	 	 	 
	 	COUNTRYWIDE FINANCIAL CORPORATION

 	 
	 	By:  	/s/ Jennifer S. Sandefur
 	 
	 	 	Name:  	Jennifer S. Sandefur 	 
	 	 	Title:  	Senior Managing Director and Treasurer	 
	 
	 	THE BANK OF NEW YORK

as Trustee

 	 
	 	By:  	/s/ Stacey B. Poindexter
 	 
	 	 	Name:  	Stacey B. Poindexter 	 
	 	 	Title:  	Assistant Vice President

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