Document:

exv4w7

Exhibit 4.7

 

NVR, INC.

AND

U.S. BANK TRUST NATIONAL ASSOCIATION,

a national banking association,

Trustee

5% Senior Notes due 2010

FOURTH SUPPLEMENTAL INDENTURE

Dated as of June 17, 2003

TO

INDENTURE

Dated as of April 14, 1998

 

 

 

TABLE OF CONTENTS

ARTICLE I. CREATION OF THE NOTES

	 	 	 	 	 
	Section 1.01 Designation of Series.
	 	 	1	 
	Section 1.02 Form of Notes
	 	 	2	 
	Section 1.03 Limit on Amount of Series
	 	 	2	 
	Section 1.04 Certificate of Authentication
	 	 	2	 
	 
	 	 	 	 
	ARTICLE II. APPOINTMENT OF THE TRUSTEE FOR THE NOTES
	 	 	 	 
	 
	 	 	 	 
	Section 2.01 Appointment of Trustee.
	 	 	2	 
	Section 2.02 Rights, Powers, Duties and Obligations of the Trustee
	 	 	2	 
	 
	 	 	 	 
	ARTICLE III. DEFINITIONS
	 	 	 	 
	ARTICLE IV. EVENTS OF DEFAULT
	 	 	 	 
	 
	 	 	 	 
	Section 4.01 Events of Default
	 	 	8	 
	Section 4.02 Acceleration of Maturity; Rescission and Annulment
	 	 	9	 
	 
	 	 	 	 
	ARTICLE V. COVENANTS OF THE COMPANY
	 	 	 	 
	 
	 	 	 	 
	Section 5.01 Restrictions on Secured Debt.
	 	 	10	 
	Section 5.02 Restriction on Sale and Leaseback Transactions
	 	 	10	 
	Section 5.03 Payments for Consent
	 	 	11	 
	 
	 	 	 	 
	ARTICLE VI. MERGER, CONSOLIDATION OR SALE OF ASSETS
	 	 	 	 
	 
	 	 	 	 
	ARTICLE VII. REDEMPTION
	 	 	 	 
	 
	 	 	 	 
	Section 7.01 Redemption.
	 	 	12	 
	Section 7.02 Selection and Notice
	 	 	13	 
	 
	 	 	 	 
	ARTICLE VIII. GUARANTEES
	 	 	 	 
	 
	 	 	 	 
	ARTICLE IX. MISCELLANEOUS
	 	 	 	 
	 
	 	 	 	 
	Section 9.01 Discharge; Defeasance
	 	 	13	 
	Section 9.02 Application of Fourth Supplemental Indenture
	 	 	13	 
	Section 9.03 Benefits of Fourth Supplemental Indenture
	 	 	13	 
	Section 9.04 Defined Terms
	 	 	13	 
	Section 9.05 Effective Date
	 	 	13	 
	Section 9.06 Governing Law
	 	 	13	 
	Section 9.07 Counterparts
	 	 	14	 
	Section 9.08 Satisfaction and Discharge
	 	 	14	 
	Section 9.09 Supplemental Indentures
	 	 	14	 

 

 

FOURTH SUPPLEMENTAL INDENTURE

          FOURTH SUPPLEMENTAL INDENTURE, dated as of June 17, 2003, between NVR, INC., a Virginia
corporation (hereinafter called the “Company”), having its principal office at 7601 Lewinsville
Road, Suite 300, McLean, Virginia, 22102 and U.S. BANK TRUST NATIONAL ASSOCIATION, a national
banking association (the “Trustee”), having a Corporate Trust Office at 100 Wall Street, Suite
1600, New York, New York 10005. Capitalized terms used and not otherwise defined herein shall have
the meaning set forth in the Base Indenture (as defined).

RECITALS

          WHEREAS, the Company and The Bank of New York have as of April 14, 1998 entered into an
Indenture (the “Base Indenture”) providing for the issuance by the Company from time to time of its
senior debt securities evidencing its unsecured and unsubordinated indebtedness (the “Securities”);

          WHEREAS, the Company previously issued Securities under the Base Indenture pursuant to a First
Supplemental Indenture, dated April 14, 1998, by and between the Company and The Bank of New York
(as amended by a Second Supplemental Indenture, dated as of February 27, 2001 and a Third
Supplemental Indenture, dated as of March 14, 2002), $145,000,000 in aggregate principal amount of
the Company’s 8% Senior Notes due 2005;

          WHEREAS, the Company desires under this Fourth Supplemental Indenture to issue the Notes (as
defined in Article III hereof) and has duly authorized the creation of the Notes and the execution
and delivery of this Fourth Supplemental Indenture to modify and supplement the Base Indenture and
provide certain additional provisions as hereinafter described;

          WHEREAS, in accordance with Section 901(7) of the Base Indenture, the Company and the Trustee
are authorized and permitted to amend and supplement the Base Indenture as set forth herein,
without the consent of any Holder, and all requirements set forth in Article Nine of the Base
Indenture to make this Fourth Supplemental Indenture effective have been satisfied; and

          WHEREAS, the Company and the Trustee deem it advisable to enter into this Fourth Supplemental
Indenture for the purposes of establishing the terms of the Notes and for providing for the rights,
obligations and duties of the Trustee with respect to the Notes;

          NOW, THEREFORE, THIS FOURTH SUPPLEMENTAL INDENTURE

          WITNESSETH:

          For and in consideration of the mutual premises and agreements herein contained, the Company
and the Trustee covenant and agree, for the equal and proportionate benefit of all Holders of the
Notes, as follows:

ARTICLE I.

CREATION OF THE NOTES

          Section 1.01 Designation of Series. Pursuant to the terms hereof and Sections 201 and 301 of
the Base Indenture, the Company hereby creates a series of its Notes known as the “5% Senior Notes
due 2010,” which shall be deemed “Securities” for all purposes under the Base Indenture.

 

 

          Section 1.02 Form of Notes. The definitive form of the Notes shall be substantially in the
form set forth in Exhibit A attached hereto which is incorporated herein and made part hereof. The
Notes shall bear interest, be payable and have such other terms as are stated in the form of
definitive Note or in the Base Indenture, as supplemented by this Fourth Supplemental Indenture.

          Section 1.03 Limit on Amount of Series. The principal amount of Notes issued under this Fourth
Supplemental Indenture shall be $200,000,000.

          Section 1.04 Certificate of Authentication. The Trustee’s certificate of authentication to be
borne on the Notes shall be substantially as provided in the Base Indenture.

ARTICLE II.

APPOINTMENT OF THE TRUSTEE FOR THE NOTES

          Section 2.01 Appointment of Trustee. Pursuant and subject to the Base Indenture, the Company
and the Trustee hereby constitute the Trustee as Trustee to act on behalf of the Holders of the
Notes, and as the principal Paying Agent and Security Registrar for the Notes, effective upon
execution and delivery of this Fourth Supplemental Indenture. By execution, acknowledgment and

delivery of this Fourth Supplemental Indenture, the Trustee hereby accepts appointment as Trustee,
Paying Agent and Security Registrar with respect to the Notes, and agrees to perform such trusts
upon the terms and conditions in the Base Indenture and in this Fourth Supplemental Indenture set
forth.

          Section 2.02 Rights, Powers, Duties and Obligations of the Trustee. Any rights, powers, duties
and obligations by any provisions of the Base Indenture conferred or imposed upon the Trustee
shall, insofar as permitted by law, be conferred or imposed upon and exercised or performed by the
Trustee with respect to the Notes.

ARTICLE III.

DEFINITIONS

          So long as any of the Notes are Outstanding, the following definitions shall be applicable to
the Notes, be included as defined terms for all purposes under the Base Indenture with respect to
the Notes and, to the extent inconsistent with the definition of such term contained in Section 101
of the Base Indenture, shall replace such definition for purposes of the Notes:

          “Adjusted Treasury Rate” means, with respect to any redemption date, the rate per annum equal
to: (i) the semiannual equivalent yield to maturity of the Comparable Treasury Issue, assuming a
price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal
to the Comparable Treasury Price for such redemption date, plus (ii) 50 basis points.

          “Attributable Debt” in respect of a Sale and Leaseback Transaction means, at the time of
determination, the present value of the obligation of the lessee for net rental payments during the
remaining term of the lease included in such sale and leaseback transaction including any period
for which such lease has been extended or may, at the option of the lessor, be extended. Such
present value shall be calculated using a discount rate equal to the rate of interest implicit in
such transaction, determined in accordance with
GAAP.

          “Bankruptcy Law” means Title 11 of the United States Code, as amended, or any similar federal
or state law for the relief of debtors.

          “Base Indenture” has the meaning set forth in the Recitals.

          “Capital Lease Obligation” means, at the time any determination is to be made, the amount of
the liability in respect of a capital lease that would at that time be required to be capitalized
on a balance sheet in accordance with GAAP.

 

 

          “Capital Stock” means:

               (1) in the case of a corporation, corporate stock;

               (2) in the case of an association or business entity, any and all shares, interests,
participations, rights or other
equivalents (however designated) of corporate stock;

               (3) in the case of a partnership or limited liability company, partnership or membership
interests (whether general or
limited); and

               (4) any other interest or participation that confers on a Person the right to receive a share
of the profits and losses of,
or distributions of assets of, the issuing Person.

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

          “Comparable Treasury Price” means, with respect to any redemption date:

               (1) the average of the bid and asked prices for the Comparable Treasury Issue (expressed in
each case as a percentage of its principal amount) on the third Business Day preceding such
redemption date, as set forth in the daily statistical release (or any
successor release) published by the Federal Reserve Bank of New York and designated “Composite
3:30 p.m. Quotations for U.S. Government Securities”, or

               (2) if such release (or any successor release) is not published or does not contain such
prices on such Business Day, (A) the average of the Reference Treasury Dealer Quotations for such
redemption date, after excluding the highest and lowest of such Reference Treasury Dealer
Quotations or (B) if the Trustee obtains fewer than three such Reference Treasury Dealer
Quotations, the average of all such Quotations.

          “Consolidated Net Tangible Assets” means the total amount of assets which would be included on
a combined balance sheet of the Restricted Subsidiaries (not including the Company) together with
the total amount of assets that would be included on the Company’s balance sheet, not including the
Company’s Subsidiaries, under GAAP (less applicable reserves and other properly
deductible items) after deducting there from:

               (1) all short-term liabilities, except for liabilities payable by their terms more than one
year from the date of determination (or renewable or extendible at the option of the obligor for a
period ending more than one year after such date) and liabilities in respect of retiree benefits
other than pensions for which the Restricted Subsidiaries are required to accrue pursuant to
Statement of financial Accounting Standards No. 106;

               (2) investments in Subsidiaries that are not Restricted Subsidiaries; and

               (3) all goodwill, trade names, trademarks, patents, unamortized debt discount, unamortized
expense incurred in the issuance of debt and other intangible assets.

          “Credit Facility” means the Third Amended and Restated Credit Agreement among the Company and
the banks named therein and BankBoston as agent, dated as of September 30, 1998, and as amended
from time to time thereafter, providing for revolving credit borrowings, including any related
notes, guarantees, collateral documents, instruments and agreements executed in
connection therewith.

 

 

          “Custodian” means any receiver, trustee, assignee, liquidator, sequestrator or similar
official under any Bankruptcy Law.

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

          “Event of Default” has the meaning set forth in Section 4.01 hereof.

          “Financial Services Subsidiary” means a Subsidiary engaged in mortgage banking (including
mortgage origination, loan servicing, tax service, mortgage brokerage and title and escrow
businesses), master servicing and related activities, including, without limitation, a Subsidiary
which facilitates the financing of mortgage loans and mortgage-backed securities and the
securitization of mortgage-backed bonds and other related activities.

          “GAAP” means generally accepted accounting principles set forth in the opinions and
pronouncements of the Accounting Principles Board of the American Institute of Certified Public
Accountants and statements and pronouncements of the Financial Accounting Standards Board or in
such other statements by such other entity as have been approved by a significant segment of the
accounting profession in the United States, which are in effect on the Issue Date.

          “Guarantee” means a guarantee other than by endorsement of negotiable instruments for
collection in the ordinary course of business, direct or indirect, in any manner including, without
limitation, by way of a pledge of assets or through letters of credit or reimbursement agreements
in respect thereof, of all or any part of any Indebtedness.

          “Hedging Obligations” means, with respect to any specified Person, the obligations of such
Person under:

               (1) interest rate swap agreements, interest rate cap agreements and interest rate collar
agreements; and

               (2) other agreements or arrangements designed to protect such Person against fluctuations in
interest rates.

          “Holder” means the person in whose name a Note is registered on the register for the Notes.

          “Indebtedness” means, with respect to any specified Person, any indebtedness of such Person,
whether or not contingent:

               (1) in respect of borrowed money;

               (2) evidenced by bonds, notes, debentures or similar instruments or letters of credit (or
reimbursement agreements in
respect thereof);

               (3) in respect of banker’s acceptances;

               (4) representing Capital Lease Obligations;

               (5) representing the balance deferred and unpaid of the purchase price of any property, except
any such balance that
constitutes an accrued expense or trade payable; or

               (6) representing any Hedging Obligations,

 

 

     if and to the extent any of the preceding items (other than letters of credit and Hedging
Obligations) would appear as a liability upon a balance sheet of the specified Person prepared in
accordance with GAAP. In addition, the term “Indebtedness” includes all Indebtedness of others
secured by a Lien on any asset of the specified Person (whether or not such Indebtedness is assumed
by the specified Person) and, to the extent not otherwise included, the Guarantee by the specified
Person of any indebtedness of any other Person.

          The amount of any Indebtedness outstanding as of any date will be:

          (1) the accreted value of the Indebtedness, in the case of any Indebtedness issued with
original issue discount; and

          (2) the principal amount of the Indebtedness, together with any interest on the Indebtedness
that is more than 30
days past due, in the case of any other Indebtedness.

          “Independent Investment Banker” means the Reference Treasury Dealers appointed by the Trustee
after consultation with the Company.

          “Intercompany Note” means a note agreement or other evidence of indebtedness between the
Company and a Financial Services Subsidiary.

          “Issue Date” means June 17, 2003, the date of original issuance of the Notes.

          “Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest
or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise
perfected under applicable law, including any conditional sale or other title retention agreement,
any lease in the nature thereof, any option or other agreement to sell or give a security interest
in and any filing of or agreement to give any financing statement under the Uniform Commercial Code
(or equivalent statutes) of any
jurisdiction.

          “Non-Recourse Indebtedness” means the Company’s or any of the Company’s Subsidiaries’
Indebtedness or other obligations secured by a Lien on property to the extent that the liability
for the Indebtedness or other obligation is limited to the security of the property without
liability for any deficiency, including liability by reason of any agreement between the Company or
any of the Company’s Subsidiaries to provide additional capital or maintain the financial condition
of or otherwise support the credit of the Subsidiary incurring the Indebtedness.

          “Non-Recourse Land Financing” means any of the Company’s Indebtedness or Indebtedness of any
Restricted Subsidiary for which the holder of such Indebtedness has no recourse, directly or
indirectly, to the Company or such Restricted Subsidiary for the principal of, premium, if any, and
interest on such Indebtedness, and for which the Company or such Restricted Subsidiary is not,
directly or indirectly, obligated or otherwise liable for the principal of, premium, if any, and
interest on such Indebtedness, except pursuant to mortgages, deeds of trust or other Security
Interests or other recourse, obligations or liabilities in respect of specific land or other real
property interests of the Company or such Restricted Subsidiary; provided that recourse,
obligations or liabilities of the Company or such Restricted Subsidiary solely for indemnities,
covenants or breaches of warranty representation or covenant in respect of any Indebtedness will
not prevent Indebtedness from being classified as Non-Recourse Land Financing.

          “Notes” means the 5% Senior Notes due 2010 issued hereunder, as supplemented from time to time
in accordance with the terms hereof.

          “Officer” means the Chairman of the Board, the President, the Chief Executive Officer, any
Vice President, the Treasurer or the Secretary of the Company or, as applicable, any Restricted
Subsidiary.

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

 

 

          “Reference Treasury Dealer” means Credit Suisse First Boston LLC, provided that it continues
to be a primary U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”),
or any other Primary Treasury Dealer designated by the Company in a notice to the Trustee.

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

          “Remaining Scheduled Payments” means, with respect to each Note to be redeemed, the remaining
scheduled payments of the principal thereof and interest thereon that would be due after the
related redemption date but for such redemption; provided, however, that, if such redemption date
is not an interest payment date on the Notes, the amount of the next succeeding scheduled interest
payment on the Notes to be redeemed will be reduced by the amount of interest accrued on those
Notes to such redemption date.

          “Restricted Subsidiary” means any of the Company’s Subsidiaries which is not a Financial
Services Subsidiary.

          “Sale and Leaseback Transaction” means a sale or transfer made by the Company or a Restricted
Subsidiary (except a sale or transfer made to the Company or another Restricted Subsidiary) of any
property (but not including model homes) which exceeds 5% of Consolidated Net Tangible Assets as of
the date of determination, if such sale or transfer is made with the agreement, commitment or
intention of leasing such property to the Company or a Restricted Subsidiary.

          “Securities” has the meaning set forth in the Recitals.

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

          “Secured Debt” means any Indebtedness which is secured by (i) a Security Interest in any of
the Company’s property or the property of any Restricted Subsidiary or (ii) a Security Interest in
shares of stock owned directly or indirectly by the Company or a Restricted Subsidiary in a
corporation, or in equity interests owned by the Company or a Restricted Subsidiary in a
partnership or other entity not organized as a corporation or in the Company’s rights or the rights
of a Restricted Subsidiary in respect of Indebtedness of a corporation, partnership or other entity
in which the Company or a Restricted Subsidiary has an equity interest; provided that “Secured
Debt” shall not include Non-Recourse Land Financing that consists exclusively of “land under
development,” “land held for future development” or “improved lots and parcels,” as such
categories of assets are determined in accordance with generally accepted accounting principles or
any Non-Recourse Indebtedness. The securing in the foregoing manner of any such Indebtedness which
immediately prior thereto was not Secured Debt shall be deemed to be the creation of Secured Debt
at the time security is given. Notwithstanding the foregoing, “Secured Debt” shall not include
Indebtedness under the Credit Facility and under any initial or successive amendments,
modifications, restatements, supplements, renewals, replacements, extensions, refinancings or
refundings, in whole or in part (including, in each case, any increase in principal amount), of the
Credit Facility, which Indebtedness is secured by pledge(s) of or other Liens on Intercompany Notes
and/or Capital Stock of one or more Financial Services Subsidiaries.

          “Security Interest” means any mortgage, pledge, lien, encumbrance or other security interest
which secures the payment or performance of an obligation.

 

 

          “Senior Indebtedness” means the principal of (and premium, if any, on) and interest on (including
interest accruing after the occurrence of an Event of Default or after the filing of a petition
initiating any proceeding pursuant to any bankruptcy law whether or not such interest is an
allowable claim in any such proceeding) and other amounts due on or in connection with any of the
Company’s Indebtedness, whether outstanding on the date hereof or hereafter created, incurred or
assumed, unless, in the case of any particular Indebtedness, the instrument creating or evidencing
the same or pursuant to which the same is outstanding expressly provides that such Indebtedness
shall not be senior in right of payment to the debt securities under the indenture. Notwithstanding
the foregoing, “Senior Indebtedness” shall not include (1) the Company’s Indebtedness that is
expressly subordinated in right of payment to any of the Company’s Senior Indebtedness, (2) the
Company’s Indebtedness that by operation of law is subordinate to any of the Company’s general
unsecured obligations, (3) the Company’s Indebtedness to any Subsidiary, (4) Indebtedness incurred
in violation of the restrictions described under Section 5.01 and Section 5.02 hereof, (5) to the
extent it might constitute Indebtedness, any liability for federal, state or local taxes or other
taxes, owed or owing by the Company, and (6) to the extent it might constitute Indebtedness, trade
account payables owed or owing by the Company.

          “Significant Subsidiary” means any Subsidiary that would be a “significant subsidiary” as
defined in Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities Act, as
such Regulation is in effect on the date hereof.

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

          (1) any corporation, association or other business entity of which more than 50% of the total
voting power of shares of Capital Stock entitled (without regard to the occurrence of any
contingency) to vote in the election of directors, managers or trustees of the corporation,
association or other business entity is at the time owned or controlled, directly or indirectly, by
that Person or one or more of the other Subsidiaries of that Person (or a combination thereof); and

          (2) any partnership (a) the sole general partner or the managing general partner of which is
such Person or a Subsidiary of such Person or (b) the only general partners of which are that
Person or one or more Subsidiaries of that Person (or any combination thereof).

          “Trustee” means the party named as such in this Fourth Supplemental Indenture and as successor
to The Bank of New York pursuant to the Base Indenture, and any successor appointed in accordance
with the terms of the Base Indenture and serving as the Trustee under the Base Indenture and this
Fourth Supplemental Indenture.

          “Wholly Owned Subsidiary” of any specified Person means a Subsidiary of such Person all of the
outstanding Capital Stock or other ownership interests of which (other than directors’ qualifying
shares) will at the time be owned by such Person or by one or more Wholly Owned Subsidiaries of
such Person and one or more Wholly Owned Subsidiaries of such Person.

ARTICLE IV.

EVENTS OF DEFAULT

          Section 4.01 Events of Default. Pursuant to Section 301(15) of the Base Indenture, so long as
any Notes are outstanding, the Company covenants and agrees that “Event of Default,” wherever used
herein, means any one of the following events, which are applicable to the Notes instead of the
Events of Default specified in Section 501 of the Base Indenture:

          (a) default in the payment of interest on the Notes as and when the same becomes due and
payable and the continuance of any such failure for 30 days;

          (b) default in the payment of all or any part of the principal, or premium, if any, on
the Notes when and as the same become due and payable at maturity, redemption, by declaration
of acceleration or otherwise;

          (c) failure by the Company or any of its Subsidiaries to comply with Article VI hereof;

 

 

          (d) default in the observance or performance of, or breach of, any of the other
agreements in this Fourth Supplemental Indenture, and continuance of such default or breach
for a period of 60 days after there has been given, by registered or certified mail, to the
Company by the Trustee, or to the Company and the Trustee by Holders of at least 25% in
aggregate principal amount of the Outstanding Notes, a written notice specifying such default
or breach, requiring it to be remedied and stating that such notice is a “Notice of Default”
hereunder;

          (e) default under any mortgage, indenture or instrument under which there may be issued
or by which there may be secured or evidenced any Indebtedness (other than Non-Recourse
Indebtedness) for money borrowed by the Company or any of its Restricted Subsidiaries (or the
payment of which is guaranteed by the Company or any of its Restricted Subsidiaries) whether
such Indebtedness or guarantee now exists, or is created after the Issue Date, if that
default:

          (1) is caused by a failure to pay principal of, or interest or premium, if any, on
such Indebtedness within the grace period provided in such Indebtedness and the
aggregate outstanding principal amount of such unpaid Indebtedness is $25.0 million or
more; or

          (2) results in the acceleration of such Indebtedness (in accordance with the terms
of such Indebtedness and after giving effect to any applicable grace period set forth
in the documents governing such Indebtedness) prior to its express maturity and the
aggregate outstanding principal amount of such accelerated Indebtedness is $25.0
million or more;

          (f) a decree, judgment, or order by a court of competent jurisdiction shall have been
entered adjudging the Company or any of its Significant Subsidiaries as bankrupt or insolvent,
or approving as properly filed a petition in an involuntary case or proceeding seeking
reorganization of the Company or any of its Significant Subsidiaries under any bankruptcy or
similar law, or a decree, judgment or order of a court of competent jurisdiction directing the
appointment of a receiver, liquidator, trustee, or assignee in bankruptcy or insolvency of the
Company, any of its Significant Subsidiaries, or of the property of any such Person, or the
winding up or liquidation of the affairs of any such Person, shall have been entered, and the
continuance of any such decree, judgment or order unstayed and in effect for a period of 90
consecutive days; and

          (g) the Company or any of its Significant Subsidiaries shall institute proceedings to be
adjudicated a voluntary bankrupt (including conversion of an involuntary proceeding into a
voluntary proceeding), or shall consent to the filing of a bankruptcy proceeding against it,
or shall file a petition or answer or consent to the filing of any such petition, or shall
consent to the appointment of a custodian, receiver, liquidator, trustee, or assignee in
bankruptcy or insolvency of it or any of its assets or property, or shall make a general
assignment for the benefit of creditors, or shall admit in writing its inability to pay its
debts generally as they become due, or shall, within the meaning of any Bankruptcy Law, become
insolvent, or fail generally to pay its debts as they become due.

          Section 4.02 Acceleration of Maturity; Rescission and annulment. The following shall replace
Section 502 of the Base Indenture in its entirety: If an Event of Default with respect to the Notes
occurs and is continuing (other than an Event of Default specified in sub-clauses (f) or (g) above
relating to the Company), then in each such case, unless the principal of all of the Notes shall
have already become due and payable, either the Trustee or the holders of 25% in aggregate
principal amount of the Notes then Outstanding, by notice in writing to the Company (and to the
Trustee if given by the Holders) (an “Acceleration Notice”), may declare all principal, determined
as set forth below, including in each case accrued interest thereon, to be due and payable
immediately. If an Event of Default specified in sub-clauses (f) or (g) above occurs relating to
the Company or any Significant Subsidiary, all principal and accrued and unpaid interest thereon
shall be immediately due and payable on all Outstanding Notes without any declaration or other act
on the part of the Trustee or the Holders. The Holders of a majority in principal amount of the
Notes then Outstanding by written notice to the Trustee and the Company may waive any Default or
Event of Default (other than any Default or Event of Default in payment of principal or interest)
on the Notes under this Fourth Supplemental Indenture. Holders of a majority in principal amount of
the then Outstanding Notes may rescind an acceleration and its consequence (except an acceleration
due to nonpayment of principal or interest on the Notes) if the rescission would not conflict with
any judgment or decree and if all existing Events of Default (other than the non-payment of
accelerated principal) have been cured or waived.

 

 

ARTICLE V.

COVENANTS OF THE COMPANY

          Pursuant to Section 301(15) of the Base Indenture, so long as any of the Notes are
Outstanding, the Company covenants and agrees, in addition to the covenants and agreements
contained in Article Ten of the Base Indenture, as follows:

          Section 5.01 Restrictions on Secured Debt. The Company shall not, and shall not cause or
permit a Restricted Subsidiary to, create, incur, assume or guarantee any Secured Debt unless the
Notes will be secured equally and ratably with (or prior to) such Secured Debt, with certain
exceptions. This restriction does not prohibit the creation, incurrence, assumption or guarantee of
Secured Debt which is secured by:

          (a) Security Interests on model homes, homes held for sale, homes that are under contract for
sale, contracts for the sale of homes, land (improved or unimproved), manufacturing plants,
warehouses or office buildings and fixtures and equipment located thereat, or thereon;

          (b) Security Interests on property at the time of its acquisition by the Company or a
Restricted Subsidiary, which Security Interests secure obligations assumed by the Company or a
Restricted Subsidiary, or on the property of a corporation or other entity at the time it is merged
into or consolidated with the Company or a Restricted Subsidiary (other than Secured Debt created
in contemplation of the acquisition of such property or the consummation of such a merger or where
the Security Interest attaches to or
affects the Company’s property or the property of a Restricted Subsidiary prior to such
transaction);

          (c) Security Interests arising from conditional sales agreements or title retention agreements
with respect to property acquired by the Company or a Restricted Subsidiary; and

          (d) Security Interests securing Indebtedness of a Restricted Subsidiary owing to the Company
or to another Restricted Subsidiary that is wholly-owned (directly or indirectly) by the Company.

          Additionally, such permitted Secured Debt includes any amendments, modifications,
restatements, supplements, renewals, replacements, extensions, refinancings or refundings, in whole
or in part, including, in each case, any increase in the principal amount, of Secured Debt
permitted at the time of the original incurrence thereof.

          In addition, the Company and its Restricted Subsidiaries may create, incur, assume or guarantee
Secured Debt, without equally or ratably securing the Notes, if immediately thereafter the sum of
(1) the aggregate principal amount of all Secured Debt outstanding (excluding Secured Debt
permitted under clauses (a) through (d) above and any Secured Debt in relation to which the Notes
have been secured equally and ratably (or prior to)) and (2) all Attributable Debt in respect of
Sale and Leaseback Transactions (excluding Attributable Debt in respect of Sale and Leaseback
Transactions satisfying the conditions set forth in clauses (a), (b) and (c) under Section 5.02
hereof) as of the date of determination would not exceed 20% of Consolidated Net Tangible Assets.

          Section 5.02 Restriction on Sale and Leaseback Transactions. The Company shall not, and shall
not permit any Restricted Subsidiary to, enter into any Sale and Leaseback Transaction, unless:

               (a) notice is promptly given to the Trustee of the Sale and Leaseback Transaction;

               (b) fair value is received by the Company or the relevant Restricted Subsidiary for the
property sold (as determined in good faith by the Company or the relevant Restricted Subsidiary and
so certified in an Officer’s certificate delivered to the Trustee); and

               (c) the Company or a Restricted Subsidiary, within 365 days after the completion of the Sale
and Leaseback Transaction, apply an amount equal to the net proceeds therefrom either:

 

 

               (i) to the redemption, repayment or retirement of debt securities of any series under the
indenture (including the cancellation by the Trustee of any debt securities of any series delivered
by the Company to the Trustee) or the Company’s Senior Indebtedness, or

               (ii) to the purchase by the Company or any Restricted Subsidiary of property substantially
similar to the property sold or transferred.

          In addition, the Company and its Restricted Subsidiaries may enter into a Sale and Leaseback
Transaction if immediately thereafter the sum of (1) the aggregate principal amount of all Secured
Debt outstanding (excluding Secured Debt permitted under clauses (a) through (d) of Section 5.01
hereof or Secured Debt in relation to which the Notes have been secured equally and

ratably (or prior to)) and (2) all Attributable Debt in respect of Sale and Leaseback Transactions
(excluding Attributable Debt in respect of Sale and Leaseback Transactions satisfying the
conditions set forth in clauses (a), (b) and (c) above) as of the date of determination would not
exceed 20% of Consolidated Net Tangible Assets.

          Section 5.03 Payments for Consent. Neither the Company nor any of its Subsidiaries shall,
directly or indirectly, pay or cause to be paid any consideration, whether by way of interest, fee
or otherwise, to any Holder of the Notes for or as an inducement to any consent, waiver or
amendment of any terms or provisions of this Fourth Supplemental Indenture or the Notes unless such
consideration is offered and paid to all Holders of the Notes that so consent, waive or agree to
amend in the time frame set forth in the solicitation documents relating to such consent, waiver or
agreement.

ARTICLE VI.

MERGER, CONSOLIDATION OR SALE OF ASSETS

          Pursuant to Section 301(15) of the Base Indenture, so long as any of the Notes are
outstanding, the following provision shall replace Section 801 of the Base Indenture for purposes
of the Notes:

          The Company shall not:

          (1) consolidate or merge with or into another Person (whether or not the Company is the
surviving corporation); or

          (2) sell, assign, transfer, convey, lease or otherwise dispose of all or substantially
all of the Company’s and the Company’s Subsidiaries’ assets taken as a whole, in one or more
related transactions, to another Person; unless:

          (1)
either: (a) the Company is the surviving corporation; or
(b) the Person formed by or

surviving
any such

consolidation or merger (if other than the Company) or to which such sale, assignment,
transfer, conveyance, lease or

other disposition has been made is a corporation organized or existing under the laws of the
United States, any state of the

United States or the District of Columbia;

          (2) the Person formed by or surviving any such consolidation or merger (if other than
the Company) or

the Person to which such sale, assignment, transfer, conveyance, lease or other disposition
has been made assumes

all of the Company’s obligations under the Notes and pursuant to agreements reasonably
satisfactory to the Trustee; and

          (3) immediately after such transaction, no Default or Event of Default exists.

          Upon any such consolidation, merger, sale, assignment, transfer, conveyance or disposition,
the successor corporation will be substituted for the Company under this Fourth Supplemental
Indenture. The successor

 

 

corporation may then exercise every power and right of the Company under this Fourth Supplemental
Indenture, and the Company will be released from all of its liabilities and obligations in respect
of the Notes and the Indenture. If the Company leases all or substantially all of its assets, the
lessee corporation will be the successor to the Company and may exercise every power and right of
the Company under the Indenture, but the Company will not be released from its obligations to pay
the principal of and premium, if any, and interest, if any, on the Notes.

          Section 801 of the Base Indenture, as amended and made applicable to the Notes pursuant to
this Article VI shall not apply to a sale, assignment, transfer, conveyance, lease or other
disposition of assets between or among the Company and any of its Wholly Owned Subsidiaries.

ARTICLE VII.

REDEMPTION

          Section 7.01 Redemption

          The Notes may be redeemed, in whole or in part, at any time at the Company’s option upon not
less than 30 nor more than 60 days prior notice mailed by first-class mail to each Holder’s
registered address, at a redemption price equal to the greater of:

          (1) 100% of the principal amount of the Notes to be redeemed; or

          (2) as determined by an Independent Investment Banker, the sum of the present values of the
Remaining Scheduled Payments discounted to the redemption date on a semiannual basis (assuming a
360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate, plus, in each case,
accrued and unpaid interest to the applicable date of redemption.

          If money sufficient to pay the redemption price of and accrued interest on the Notes to be
redeemed is deposited with the Trustee on or before the redemption date, on and after the
redemption date, interest will cease to accrue on the Notes or portions thereof called for
redemption and such Notes will cease to be outstanding.

          Section 7.02 Selection and Notice

          Selection of the Notes or portions thereof for redemption pursuant to the foregoing shall be
made by the Trustee in compliance with the requirements of the principal national securities
exchange on which the Notes are listed, if any, or, if the Notes are not listed on any national
securities exchange, pro rata or by lot. No Notes of $1,000 or less can be redeemed in part. Notice
of redemption shall be mailed via first class mail at least 30 days but not more than 60 days
before the redemption date to each Holder whose Notes are to be redeemed at the registered address
of such Holder, except that redemption notices may be mailed more than 60 days prior to a
redemption date if the notice is issued in connection with a defeasance of the Notes or a
satisfaction and discharge of the Indenture. If any Note is to be redeemed in part only, the notice
of redemption that relates to that Note will state the portion of the principal amount of that Note
that is to be redeemed. A new Note in principal amount equal to the unredeemed portion of the
original Note will be issued in the name of the Holder of such Note upon cancellation of the
original Note. Notes called for redemption become due on the date fixed for redemption. On and
after the redemption date, interest shall cease to accrue on the Notes or portions thereof called
for redemption and such Notes will cease to be Outstanding.

 

 

ARTICLE VIII.

GUARANTEES

          Pursuant to Section 301(23) of the Base Indenture, the Notes will not be guaranteed or
otherwise supported by any of the Company’s Subsidiaries or any other Person.

ARTICLE IX.

MISCELLANEOUS

          Section 9.01 Discharge; Defeasance. Articles 4 and 13 of the Base Indenture relating to
Satisfaction and Discharge and to Defeasance and Covenant Defeasance, respectively, shall be
applicable to the Notes issued under this Fourth Supplemental Indenture.

          Section 9.02 Application of Fourth Supplemental Indenture. Each and every term and condition
contained in this Fourth Supplemental Indenture that modifies, amends or supplements the terms and
conditions of the Base Indenture shall apply only to the Notes created hereby and not to any prior
or future series of Securities established under the Base Indenture.

          Section 9.03 Benefits of Fourth Supplemental Indenture. Nothing contained in this Fourth
Supplemental Indenture shall or shall be construed to confer upon any person other than a Holder of
the Notes, the Company and the Trustee any right or interest to avail itself or himself, as the
case may be, of any benefit under any provision of this Fourth Supplemental Indenture.

          Section 9.04 Defined Terms. All capitalized terms which are used herein and not otherwise
defined herein are defined in the Base Indenture and are used herein with the same meanings as in
the Base Indenture.

          Section 9.05 Effective Date. This Fourth Supplemental Indenture shall be effective as of the
date first above written and upon the execution and delivery hereof by each of the parties hereto.

          Section 9.06 Governing Law. This Fourth Supplemental Indenture shall be governed by, and
construed in accordance with, the internal laws of the State of New York.

          Section 9.07 Counterparts. This Fourth Supplemental Indenture may be executed in any number of
counterparts, each of which so executed shall be deemed to be an original, but all such
counterparts shall together constitute but one and the same instrument.

          Section 9.08 Satisfaction and Discharge. This Fourth Supplemental Indenture shall cease to be
of further force and effect upon compliance with Section 401 of the Indenture with respect to the
Notes created hereby.

          Section 9.09 Supplemental Indentures

          Article 9 of the Base Indenture, relating to supplemental indentures, shall be applicable to
the Notes issued under this Fourth Supplemental Indenture; provided, however, that:

          (a) in addition to the matters referred to in Section 901 of the Base Indenture, without the
consent of any Holders of the Notes, the Company, when authorized by or pursuant to a Board
Resolution; and the Trustee may enter into one or more indentures supplemental hereto to conform
the text of this Fourth Supplemental Indenture to any provision of the Description of Notes set
forth in the Prospectus Supplement dated June 12, 2003 with respect to the Notes to the extent that
such provision in said Description of Notes was intended to be a verbatim recitation of a provision
of the Indenture or the Notes; and

          (b) notwithstanding anything to the contrary in Section 902 of the Base Indenture, any
supplemental indenture referred to in the first sentence of such Section 902 prior to the proviso
in such sentence shall require the consent of Holders of not less than a majority in principal
amount of all Outstanding Notes affected by such supplemental indenture, in addition to any other
consent(s) that may be required by Section 902 with respect to such supplemental indenture.

 

 

     IN WITNESS WHEREOF, the parties hereto have caused this Fourth Supplemental Indenture to be
duly executed by their respective officers hereunto duly authorized, all as of the day and year
first above written.

	 	 	 	 	 	 	 
	 	 	Dated: June 17, 2003	 	 
	 
	 	 	 	 	 	 
	 	 	NVR, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Dwight C. Schar
 

Dwight C. Schar
	 	 
	 

	 	Title:
	 	Chairman of the Board, President
and Chief
Executive Officer	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Paul C. Saville
 

Paul C. Saville
	 	 
	 

	 	Title:
	 	Executive Vice President,
Chief Financial Officer and Treasurer	 	 
	 

	 	Attest:	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	U.S. BANK TRUST NATIONAL ASSOCIATION, a
national
banking association as
Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ Stacey A. Pagliaro
 

Stacey A. Pagliaro
	 	 
	 

	 	Title:
	 	Trust Officer	 	 

 

 

EXHIBIT A

NVR, INC.

	 	 	 
	No.

	 	5% Senior Notes due 2010

Principal Amount

$200,000,000    

CUSIP No. 62944TAC9

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

     UNLESS AND UNTIL THIS CERTIFICATE IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED
FORM, THIS CERTIFICATE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY DTC TO A NOMINEE THEREOF OR BY A
NOMINEE THEREOF TO DTC OR ANOTHER NOMINEE OF DTC OR BY DTC OR ANY SUCH NOMINEE TO A SUCCESSOR OF
DTC OR A NOMINEE OF SUCH SUCCESSOR.

     NVR, Inc., a Virginia corporation (the “Company,” which term includes any successor under the
Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or
registered assigns, the principal sum of Two Hundred Million Dollars on June 15, 2010 (the
“Maturity Date”), and to pay interest thereon from June 17, 2003 (or from the most recent Interest
Payment Date to which interest has been paid or duly provided for), semiannually in arrears on June
15 and December 15 of each year (each, an “Interest Payment Date”), commencing on December 15,
2003, and on the Maturity Date, at a rate of 5% per annum, until payment of said principal sum has
been made or duly provided for.

     The interest so payable and punctually paid or duly provided for on an Interest Payment Date
and on the Maturity Date will be paid to the Holder in whose name this Note (or one or more
predecessor Notes) is registered at the close of business on the “Regular Record Date” for such
payment, which will be the June 1 and December 1 (regardless of whether such day is a Business Day
(as defined below)) next preceding such payment date or the Maturity Date, as the case may be. Any
interest not so punctually paid or duly provided for shall forthwith cease to be payable to the
Holder on such Regular Record Date, and shall be paid to the Holder in whose name this Note (or one
or more predecessor Notes) is registered at the close of business on a subsequent record date for
the payment of such defaulted interest (which shall not be less than five Business Days prior to
the date of the payment of such defaulted interest) established by notice given by mail or by on
behalf of the Company to the Holders of the Notes not less than 15 days preceding such subsequent
record date. Interest on this Note will be computed on the basis of a 360-day year of twelve 30-day
months.

     The principal of this Note payable on the Maturity Date will be paid against presentation and
surrender of this Note at the office or agency of the Company maintained for that purpose in New
York, New York. The Company hereby initially designates the Corporate Trust Office of the Trustee
in New York, New York as the office to be maintained by it where Notes may be presented for payment,
registration of transfer, or exchange and where notices or demands to or upon the Company in
respect of the Notes or the Indenture referred to on the reverse hereof may be served.

 

 

     Interest payable on this Note on any Interest Payment Date and on the Maturity Date, as the
case may be, will be the amount of interest accrued during the applicable Interest Period (as
defined below).

     An “Interest Period” is each period from and including the immediately preceding Interest
Payment Date (or from and including June 17, 2003, in the case of the initial Interest Period) to
but excluding the applicable Interest Payment Date or the Maturity Date, as the case may be. If any
Interest Payment Date other than the Maturity Date would otherwise be a day that is not a Business
Day, any amounts payable on such Interest Payment Date will be paid on the succeeding Business Day
with the same force and effect as if it were paid on the date such payment was due. If the Maturity
Date falls on a day that is not a Business Day, principal and interest payable on the Maturity Date
will be paid on the succeeding Business Day with the same force and effect as if paid on the date
such payment was due, and no interest will accrue on the amount so payable for the period from and
after the Maturity Date.

     Payments of principal and interest in respect of this Note will be made by wire transfer of
immediately available funds (or with respect to any Note not held in global form, by a U.S. dollar
check or by wire transfer of immediately available funds) in such coin or currency of the United
States of America as at the time of payment is legal tender for the payment of public and private
debts.

     Reference is made to the further provisions of this Note set forth on the reverse hereof. Such
further provisions shall for all purposes have the same effect as though fully set forth at this
place. Capitalized terms used herein, including on the reverse hereof, and not defined herein or on
the reverse hereof shall have the respective meanings given to such terms in the Indenture.

     This Note shall not be entitled to the benefits of the Indenture referred to on the reverse
hereof or be valid or become obligatory for any purpose until the certificate of authentication
hereon shall have been manually signed by the Trustee under such Indenture.

     IN WITNESS WHEREOF, the Company has caused this instrument to be signed manually or by
facsimile by its duly authorized officers.

Dated: June 17, 2003

	 	 	 	 	 	 	 
	 	 	NVR, INC., as Company	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:

Its:
	 	 

Dwight C. Schar

Chairman of the Board,
President and Chief
Executive Officer
	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:

Its:
	 	 

Paul C. Saville

Executive Vice
President,
Chief Financial Officer and
Treasurer
	 	 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

Dated: June 17, 2003

	 	 	 	 	 	 	 
	 	 	U.S. BANK TRUST
NATIONAL ASSOCIATION,

a national banking association	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Authorized Signatory
	 	 

 

 

[REVERSE OF NOTE]

NVR, INC.

5% Senior Notes due 2010

     This security is one of a duly authorized issue of debentures, notes, bonds, or other
evidences of indebtedness of the Company (hereinafter called the “Securities”) of the series
hereinafter specified, all issued or to be issued under and pursuant to an Indenture dated as of
April 14, 1998, between the Company and The Bank of New York, as trustee (the “Base Indenture”), as
supplemented from time to time. This Security is one of a series of Securities designated as the 5%
Senior Notes due 2010 of the Company (the “Notes”), limited in aggregate principal amount to
$200,000,000 and issued under and pursuant to the Base Indenture as supplemented by the Fourth
Supplemental Indenture dated as of June 17, 2003 between the Company and U.S. Bank Trust National
Association, a
national banking association, as successor trustee (the Base Indenture, as supplemented by such
Fourth Supplemental Indenture, herein called the “Indenture”), duly executed and delivered by the
Company to U.S. Bank Trust National Association, a national banking association, as Trustee (herein
called the “Trustee,” which term includes any successor trustee under the Indenture with respect to
the series of Securities of which this Note is a part), to which Indenture and all Indentures
supplemental thereto that are applicable to the Notes reference is hereby made for a description of
the rights, limitations of rights, obligations, duties, and immunities thereunder of the Trustee,
the Company, and the Holders of the Notes, and of the terms upon which the Notes are, and are to
be, authenticated and delivered.

     In case an Event of Default with respect to the Notes shall have occurred and be continuing,
the principal hereof and premium (if any) may be declared, and upon such declaration shall become,
due and payable, in the manner, with the effect, and subject to the conditions provided in the
Indenture. Each of the following is an “Event of Default”: (i) default in the payment of interest
on the Notes as and when the same becomes due and payable and the continuance of any such failure
for 30 days; (ii) default in payment of all or any part of the principal or premium, if any, on the
Notes when and as the same become due and payable at maturity, redemption, by declaration of
acceleration or otherwise; (iii) failure by the Company or any Subsidiary, to comply with Article
VI of the Fourth Supplemental Indenture; (iv) default in the observance or performance of, or
breach of, any of the other agreements in the Fourth Supplemental Indenture, and continuance of
such default or breach for a period of 60 days after there has been given, by registered or
certified mail, to the Company by the Trustee, or to the Company and the Trustee by Holders of at
least 25% in aggregate principal amount of the Outstanding Notes, a written notice specifying such
default or breach, requiring it to be remedied and stating that such notice is a “Notice of
Default” hereunder; (v) default under any mortgage, indenture or instrument under which there may
be issued or by which there may be secured or evidenced any Indebtedness (other than Non-Recourse
Indebtedness) for money borrowed by the Company or any of its Restricted Subsidiaries (or the
payment of which is guaranteed by the Company or any of its Restricted Subsidiaries) whether such
Indebtedness or guarantee now exists, or is created after the Issue Date, if that default (1) is
caused by a failure to pay principal of, or interest or premium, if any, on, such Indebtedness
within the grace period provided in such Indebtedness and the aggregate outstanding principal
amount of such unpaid Indebtedness is $25.0 million or more; or (2) results in the acceleration of
such Indebtedness (in accordance with the terms of such Indebtedness and after giving effect to any
applicable grace period set forth in the documents governing such Indebtedness) prior to its
express maturity and the aggregate outstanding principal amount of such accelerated Indebtedness is
$25.0 million or more; (vi) a decree, judgment, or order by a court of competent jurisdiction shall
have been entered adjudging the Company or any of its Significant Subsidiaries as bankrupt or
insolvent, or approving as properly filed a petition in an involuntary case or proceeding seeking
reorganization of the Company or any of its Significant
Subsidiaries under any bankruptcy or similar law, or a decree, judgment or order of a court of competent
jurisdiction directing the appointment of a receiver, liquidator, trustee, or assignee in
bankruptcy or insolvency of the Company, any of its Significant Subsidiaries, or of the property of
any such Person, or the winding up or liquidation of the affairs of any such Person, shall have
been entered, and the continuance of any such decree, judgment or order unstayed and in effect for
a period of 90 consecutive days; and (vii) the Company or any of its Significant Subsidiaries shall
institute proceedings to be adjudicated a voluntary bankrupt (including conversion of an
involuntary proceeding into a voluntary proceeding), or shall consent to the filing of a bankruptcy
proceeding against it, or shall file a
petition or answer or consent to the filing of any such petition, or shall consent to the
appointment of a Custodian, receiver, liquidator, trustee, or assignee in bankruptcy or insolvency
of it or any of its assets or property, or shall

 

 

make a general assignment for the benefit of creditors, or shall admit in writing its inability to
pay its debts generally as they become due, or shall, within the meaning of any Bankruptcy Law,
become insolvent, or fail generally to pay its debts as they become due.

     If an Event of Default with respect to the Notes occurs and is continuing (other than an Event
of Default specified in sub-clauses (vi) or (vii) above relating to the Company), then in each such
case, unless the principal of all of the Notes shall have already become due and payable, either
the Trustee or the holders of 25% in aggregate principal amount of the Notes then Outstanding, by
notice in writing to the Company (and to the Trustee if given by the Holders) (an “Acceleration
Notice”), may declare all principal, determined as set forth below, including in each case accrued
interest thereon, to be due and payable immediately. If an Event of Default specified in
sub-clauses (vi) or (vii) above occurs relating to the Company or any Significant Subsidiary, all
principal and accrued and unpaid interest thereon shall be immediately due and payable on all
Outstanding Notes without any declaration or other act on the part of the Trustee or the Holders.

     The Holders of a majority in principal amount of the Notes then Outstanding by written notice to
the Trustee and the Company may waive any Default or Event of Default (other than any Default or
Event of Default in payment of principal or interest) on the Notes under the Indenture. Holders of
a majority in principal amount of the then Outstanding Notes may rescind an acceleration and its
consequence (except an acceleration due to nonpayment of principal or interest on the Notes) if the
rescission would not conflict with any judgment or decree and if all existing Events of Default
(other than the non-payment of accelerated principal) have been cured or waived.

     The Notes shall be redeemable at the option of the Company, in whole or in part, at any time
upon not less than 30 nor more than 60 days notice at a redemption price equal to the greater of
(i) 100% of the principal amount of the Notes to be redeemed or (ii) as determined by an
Independent Investment Banker, the sum of the present values of the Remaining Scheduled Payments
discounted to the redemption date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day
months) at the Adjusted Treasury Rate, plus, in each case, accrued and unpaid interest thereon, if
any, to the redemption date.

     Selection of the Notes or portions thereof for redemption pursuant to the foregoing shall be
made by the Trustee in compliance with the requirements of the principal national securities
exchange on which the Notes are listed, if any, or, if the Notes are not listed on any national
securities exchange, pro rata or by lot. No Notes of $1,000 or less can be redeemed in part. Notice
of redemption shall be mailed via first class mail at least 30 days but not more than 60 days
before the redemption date to each Holder whose Notes are to be redeemed at the registered address
of such Holder, except that redemption notices may be mailed more than 60 days prior to a
redemption date if the notice is issued in connection with a defeasance of the Notes or a
satisfaction and discharge of the Indenture. Notes called for redemption become due on the date
fixed for redemption. On and after the redemption date, interest
shall cease to accrue on the Notes or portions thereof called for redemption and such Notes will cease to be
Outstanding.

     The covenants set forth in Article V of the Fourth Supplemental Indenture shall be fully
applicable to the Notes.

     The Indenture contains provisions permitting the Company and the Trustee, with the consent of
the Holders of not less than a majority of the aggregate principal amount of the Notes at the time
Outstanding, to execute supplemental indentures adding any provisions to or changing in any manner
or eliminating any of the provisions of the Indenture or of any supplemental indenture with respect
to the Notes or modifying in any manner the rights of the Holders of Notes; provided, however, that
no such supplemental indenture shall, without the consent of the Holder of each Note so affected,
among other things (i) change the final maturity of any Note, or reduce the principal amount
thereof or any premium thereon, or reduce the rate or extend the time of payment of any interest
thereof, or impair or affect the rights of any Holder to institute suit for the payment on any
Note, or (ii) reduce the percentage of Notes, the Holders of which are required to consent to any
such supplemental indenture, (iii) reduce the percentage of Notes, the Holders of which are
required to consent to any waiver of compliance with certain provisions of the Indenture with
respect to the Notes or any waiver of certain defaults thereunder or (iv) modify the ranking or
priority of the Notes. It is also provided in the Indenture that, with respect to certain defaults
or Events of Default regarding the Notes, the Holders of a majority in aggregate principal amount
outstanding of the Notes may on behalf of the Holders of all the Notes waive any such past default
or Event of Default and its consequences, prior to any declaration accelerating the maturity of the
Notes, or, subject to certain conditions, may
rescind a declaration of acceleration and its consequences with respect to the Notes. The preceding
sentence shall not, however, apply to a default in the payment of the principal of or premium, if
any, or interest on any of the Notes. Any such consent or waiver by the Holder of this Note (unless
revoked as provided in the Indenture) shall be conclusive and binding upon such Holder and upon all
future Holders and owners of this Note and any securities that may be issued in exchange or
substitution herefor, irrespective of whether or not any notation thereof is made upon this Note or
such other securities.

     As provided in and subject to the provisions of the Indenture, the Holder of this Note shall
not have the right to institute any proceeding with respect to the Indenture or for the appointment
of a receiver or trustee or for any other remedy thereunder, unless (a) such Holder shall have
previously given the Trustee written notice of a continuing Event of Default, (b) the Holders of
not less than 25% in aggregate principal amount of the Notes Outstanding shall have made written
request to the Trustee to institute proceedings in respect of such Event of Default as Trustee and
offered the Trustee reasonable indemnity and the Trustee shall not have received from the Holders
of a majority in

 

 

aggregate principal amount of the Notes Outstanding a direction inconsistent with such request, and
(c) the Trustee shall have failed to institute any such proceeding, for 60 days after receipt of
such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted
by the Holder of this Note for the enforcement of any payment of principal hereof, premium, if any,
or interest hereon on or after the respective due dates expressed herein.

     No references herein to the Indenture and no provision of this Note or of the Indenture shall
alter or impair the obligation of the Company, which is absolute and unconditional, to pay the
principal, premium, if any, and interest on this Note in the manner, at the respective times, at
the rate and in the coin or currency herein prescribed.

     This Note is issuable only in registered form without coupons in denominations of $1,000 and
integral multiples thereof. Notes may be exchanged for a like aggregate principal amount of Notes
of this series of other authorized denominations at the office or agency of the Company in New
York, New York, in the manner and subject to the limitations provided in the Indenture, but without
the payment of any service charge except for any tax or other governmental charge imposed in
connection therewith.

     This Note is not subject to a sinking fund requirement.

     Upon due presentment for registration of transfer of Notes at the office or agency of the
Company in New York, New York, a new Note or Notes of authorized denominations in an equal
aggregate principal amount will be issued to the transferee in exchange therefor, subject to the
limitations provided in the Indenture, without charge except for any tax or other governmental
charge imposed in connection therewith.

     No recourse under or upon any obligation, covenant or agreement contained in the Indenture, in
any Security or coupon appertaining thereto, or because of any indebtedness evidenced hereby or
thereby (including, without limitation, any obligation or indebtedness relating to the principal
of, or premium, if any, or interest or any other amounts due, or claimed to be due, on this Note),
or for any claim based thereon or otherwise in respect thereof, shall be had against any promoter,
as such, or against any past, present or future shareholder, officer or director, as such, of the
Company or of any successor, either directly or through the Company or any successor, under any
rule of law, statute or constitutional provision or by the enforcement of any assessment or by any
legal or equitable proceeding or otherwise, all such liability being expressly waived and released,
to the fullest extent permitted by applicable law, by the acceptance hereof and as part of the
consideration for the issue hereof.

     Prior to due presentation of a Note for registration of transfer, the Company, the Trustee,
and any authorized agent of the Company or the Trustee may deem and treat the Person in whose name
this Note is registered as the absolute owner of this Note (whether or not this Note shall be
overdue and notwithstanding any notation of ownership or other writing hereon), for the purpose of
receiving payment of, or on account of, the principal hereof and premium, if any, and subject to
the provisions herein and on the face hereof; interest hereon, and for all other purposes, and
neither the Company nor the Trustee nor any authorized agent of the Company or the Trustee shall be
affected by any notice to the contrary.

     THE INDENTURE AND THIS NOTE SHALL BE GOVERNED BY THE INTERNAL LAWS OF THE STATE OF NEW YORK,
UNITED STATES OF AMERICA.

     Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification
Procedures, the Company has caused “CUSIP” numbers to be printed on the Notes as a convenience to
the Holders of the Notes. No representation is made as to the correctness or accuracy of such CUSIP
numbers as printed on the Notes, and reliance may be placed only on the other identification
numbers printed hereon.

 

 

ASSIGNMENT FORM AND CERTIFICATE OF TRANSFER

To assign this Note fill in the form below:

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

 

(Insert assignee’s social security or tax identification number, if any)

 

 

 

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

Your signature:                                                                               
       

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

Date:                                                            

	 	 	 	 	 
	Signature Guarantee 
	 	 	 	 
	 

	 

	 	 
	 

	 	Signatures must be guaranteed by an “eligible guarantor
institution” meeting the requirements of the Trustee,
which requirements include membership or participation
in the Security Transfer Agent Medallion Program
(“STAMP”) or such other “signature guarantee program”
as may be determined by the Trustee in addition to, or
in substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934, as amended.exv4w8

Exhibit 4.8

NVR, INC.

AS ISSUER

and

[BANK]

AS TRUSTEE

 

INDENTURE

DATED AS OF                                ,                

 

Subordinated Debt Securities

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	RECITALS
	 	 	1	 
	ARTICLE ONE DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
	 	 	1	 
	SECTION 101. Definitions
	 	 	1	 
	Act
	 	 	1	 
	Additional Amounts
	 	 	1	 
	Affiliate
	 	 	2	 
	Authenticating Agent
	 	 	2	 
	Authorized Newspaper
	 	 	2	 
	Bankruptcy Law
	 	 	2	 
	Bearer Security
	 	 	2	 
	Board of Directors
	 	 	2	 
	Board Resolution
	 	 	2	 
	Business Day
	 	 	2	 
	Capital Stock
	 	 	2	 
	CEDEL
	 	 	2	 
	Commission
	 	 	2	 
	Company
	 	 	2	 
	Company Request
	 	 	2	 
	Company Order
	 	 	2	 
	Conversion Event
	 	 	3	 
	Corporate Trust Office
	 	 	3	 
	corporation
	 	 	3	 
	coupon
	 	 	3	 
	Custodian
	 	 	3	 
	Debt
	 	 	3	 
	Defaulted Interest
	 	 	3	 
	DTC
	 	 	3	 
	Dollar or $
	 	 	3	 
	Euroclear
	 	 	3	 
	Event of Default
	 	 	3	 
	Exchange Act
	 	 	4	 
	Foreign Currency
	 	 	4	 
	GAAP
	 	 	4	 
	Government Obligations
	 	 	4	 
	Holder
	 	 	4	 
	Indenture
	 	 	4	 
	Indexed Security
	 	 	4	 
	Interest
	 	 	4	 
	Interest Payment Date
	 	 	4	 
	Legal Holiday
	 	 	4	 
	Make-Whole Amount
	 	 	5	 
	Maturity
	 	 	5	 
	Officers’ Certificate
	 	 	5	 
	Opinion of Counsel
	 	 	5	 
	Original Issue Discount Security
	 	 	5	 
	Outstanding
	 	 	5	 
	Paying Agent
	 	 	6	 
	Person
	 	 	6	 
	Place of Payment
	 	 	6	 
	Predecessor Security
	 	 	6	 

 

 

	 	 	 	 	 
	 	 	Page	 
	Premium
	 	 	6	 
	Recourse Indebtedness
	 	 	6	 
	Redemption Date
	 	 	6	 
	Redemption Price
	 	 	6	 
	Registered Security
	 	 	6	 
	Regular Record Date
	 	 	6	 
	Repayment Date
	 	 	6	 
	Repayment Price
	 	 	7	 
	Responsible Officer
	 	 	7	 
	Secured Debt
	 	 	7	 
	Securities Act
	 	 	7	 
	Security
	 	 	7	 
	Security Register
	 	 	7	 
	Security Registrar
	 	 	7	 
	Senior Debt
	 	 	7	 
	Significant Subsidiary
	 	 	7	 
	Special Record Date
	 	 	8	 
	Stated Maturity
	 	 	8	 
	Statistical Release
	 	 	8	 
	Subsidiary
	 	 	8	 
	Trust Indenture Act or TIA
	 	 	8	 
	Trustee
	 	 	8	 
	United States
	 	 	8	 
	United States person
	 	 	8	 
	Yield to Maturity
	 	 	8	 
	SECTION 102. Compliance Certificates and Opinions
	 	 	8	 
	SECTION 103. Form of Documents Delivered to Trustee
	 	 	9	 
	SECTION 104. Acts of Holders
	 	 	9	 
	SECTION 105. Notices, etc., to Trustee and Company
	 	 	10	 
	SECTION 106. Notice to Holders; Waiver
	 	 	10	 
	SECTION 107. Effect of Headings and Table of Contents
	 	 	11	 
	SECTION 108. Successors and Assigns
	 	 	11	 
	SECTION 109. Separability Clause
	 	 	11	 
	SECTION 110. Benefits of Indenture
	 	 	11	 
	SECTION 111. No Personal Liability
	 	 	11	 
	SECTION 112. Governing Law
	 	 	11	 
	SECTION 113. Legal Holidays
	 	 	11	 
	ARTICLE TWO SECURITIES FORMS
	 	 	12	 
	SECTION 201. Forms of Securities
	 	 	12	 
	SECTION 202. Form of Trustee’s Certificate of Authentication
	 	 	12	 
	SECTION 203. Securities Issuable in Global Form
	 	 	12	 
	ARTICLE THREE THE SECURITIES
	 	 	13	 
	SECTION 301. Amount Unlimited; Issuable in Series
	 	 	13	 
	SECTION 302. Denominations
	 	 	16	 
	SECTION 303. Execution, Authentication, Delivery and Dating
	 	 	16	 
	SECTION 304. Temporary Securities
	 	 	17	 
	SECTION 305. Registration, Registration of Transfer and Exchange
	 	 	19	 
	SECTION 306. Mutilated, Destroyed, Lost and Stolen Securities
	 	 	21	 
	SECTION 307. Payment of Interest; Interest Rights Preserved
	 	 	22	 
	SECTION 308. Persons Deemed Owners
	 	 	23	 
	SECTION 309. Cancellation
	 	 	24	 
	SECTION 310. Computation of Interest
	 	 	24	 
	SECTION 311. CUSIP Numbers
	 	 	24	 
	ARTICLE FOUR SATISFACTION AND DISCHARGE
	 	 	24	 
	SECTION 401. Satisfaction and Discharge of Indenture
	 	 	24	 
	SECTION 402. Application of Trust Funds
	 	 	25	 

 

 

	 	 	 	 	 
	 	 	Page	 
	ARTICLE FIVE REMEDIES
	 	 	25	 
	SECTION 501. Events of Default
	 	 	25	 
	SECTION 502. Acceleration of Maturity; Rescission and Annulment
	 	 	27	 
	SECTION 503. Collection of Indebtedness and Suits for Enforcement by Trustee
	 	 	27	 
	SECTION 504. Trustee May File Proofs of Claim
	 	 	28	 
	SECTION 505. Trustee May Enforce Claims Without Possession of Securities or Coupons
	 	 	28	 
	SECTION 506. Application of Money Collected
	 	 	28	 
	SECTION 507. Limitation on Suits
	 	 	29	 
	SECTION 508. Unconditional Right of Holders to Receive Principal (Premium, if any) and Interest
	 	 	29	 
	SECTION 509. Restoration of Rights and Remedies
	 	 	29	 
	SECTION 510. Rights and Remedies Cumulative
	 	 	30	 
	SECTION 511. Delay or Omission Not Waiver
	 	 	30	 
	SECTION 512. Control by Holders of Securities
	 	 	30	 
	SECTION 513. Waiver of Past Defaults
	 	 	30	 
	SECTION 514. Waiver of Usury, Stay or Extension Laws
	 	 	30	 
	SECTION 515. Undertaking for Costs
	 	 	30	 
	ARTICLE SIX THE TRUSTEE
	 	 	31	 
	SECTION 601. Notice of Defaults
	 	 	31	 
	SECTION 602. Certain Rights of Trustee
	 	 	31	 
	SECTION 603. Not Responsible for Recitals or Issuance of Securities
	 	 	32	 
	SECTION 604. May Hold Securities
	 	 	32	 
	SECTION 605. Money Held in Trust
	 	 	32	 
	SECTION 606. Compensation and Reimbursement
	 	 	32	 
	SECTION 607. Corporate Trustee Required; Eligibility; Conflicting Interests
	 	 	33	 
	SECTION 608. Resignation and Removal; Appointment of Successor
	 	 	33	 
	SECTION 609. Acceptance of Appointment by Successor
	 	 	34	 
	SECTION 610. Merger, Conversion, Consolidation or Succession to Business
	 	 	35	 
	SECTION 611. Appointment of Authenticating Agent
	 	 	35	 
	ARTICLE SEVEN HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY
	 	 	36	 
	SECTION 701. Disclosure of Names and Addresses of Holders
	 	 	36	 
	SECTION 702. Reports by Trustee
	 	 	36	 
	SECTION 703. Reports by Company
	 	 	36	 
	SECTION 704. The Company to Furnish Trustee Names and Addresses of Holders
	 	 	37	 
	ARTICLE EIGHT CONSOLIDATION, MERGER, SALE, LEASE OR CONVEYANCE
	 	 	37	 
	SECTION 801. Consolidations and Mergers of Company and Sales, Leases and Conveyances Permitted
Subject to Certain Conditions
	 	 	37	 
	SECTION 802. Rights and Duties of Successor Entity
	 	 	37	 
	SECTION 803. Officers’ Certificate and Opinion of Counsel
	 	 	38	 
	ARTICLE NINE SUPPLEMENTAL INDENTURES
	 	 	38	 
	SECTION 901. Supplemental Indentures Without Consent of Holders
	 	 	38	 
	SECTION 902. Supplemental Indentures with Consent of Holders
	 	 	39	 
	SECTION 903. Execution of Supplemental Indentures
	 	 	40	 
	SECTION 904. Effect of Supplemental Indentures
	 	 	40	 
	SECTION 905. Conformity with Trust Indenture Act
	 	 	40	 
	SECTION 906. Reference in Securities to Supplemental Indentures
	 	 	40	 
	SECTION 907. Notice of Supplemental Indentures
	 	 	40	 
	ARTICLE TEN COVENANTS
	 	 	40	 
	SECTION 1001. Payment of Principal (and Premium, if any) and Interest
	 	 	40	 
	SECTION 1002. Maintenance of Office or Agency
	 	 	41	 
	SECTION 1003. Money for Securities Payments to Be Held in Trust
	 	 	42	 
	SECTION 1004. Existence
	 	 	42	 

 

 

	 	 	 	 	 
	 	 	Page	 
	SECTION 1005. Maintenance of Properties
	 	 	43	 
	SECTION 1006. Insurance
	 	 	43	 
	SECTION 1007. Payment of Taxes and other Claims
	 	 	43	 
	SECTION 1008. Statement as to Compliance
	 	 	43	 
	SECTION 1009. Additional Amounts
	 	 	43	 
	SECTION 1010. Waiver of Certain Covenants
	 	 	44	 
	ARTICLE ELEVEN REDEMPTION OF SECURITIES
	 	 	44	 
	SECTION 1101. Applicability of Article
	 	 	44	 
	SECTION 1102. Election to Redeem; Notice to Trustee
	 	 	44	 
	SECTION 1103. Selection by Trustee of Securities to Be Redeemed
	 	 	44	 
	SECTION 1104. Notice of Redemption
	 	 	45	 
	SECTION 1105. Deposit of Redemption Price
	 	 	45	 
	SECTION 1106. Securities Payable on Redemption Date
	 	 	46	 
	SECTION 1107. Securities Redeemed in Part
	 	 	46	 
	ARTICLE TWELVE REPAYMENT AT THE OPTION OF HOLDERS
	 	 	46	 
	SECTION 1201. Applicability of Article
	 	 	46	 
	SECTION 1202. Repayment of Securities
	 	 	47	 
	SECTION 1203. Exercise of Option
	 	 	47	 
	SECTION 1204. When Securities Presented for Repayment Become Due and Payable
	 	 	47	 
	SECTION 1205. Securities Repaid in Part
	 	 	48	 
	ARTICLE THIRTEEN DEFEASANCE AND COVENANT DEFEASANCE
	 	 	48	 
	SECTION 1301. Applicability of Article; Company’s Option to Effect
Defeasance or Covenant Defeasance
	 	 	48	 
	SECTION 1302. Defeasance and Discharge
	 	 	48	 
	SECTION 1303. Covenant Defeasance
	 	 	49	 
	SECTION 1304. Conditions to Defeasance or Covenant Defeasance
	 	 	49	 
	SECTION 1305. Deposited Money and Government Obligations to Be Held in
Trust; Other Miscellaneous Provisions
	 	 	50	 
	ARTICLE FOURTEEN SUBORDINATION
	 	 	51	 
	SECTION 1401. Agreement to Subordinate
	 	 	51	 
	SECTION 1402. Liquidation; Dissolution; Bankruptcy
	 	 	51	 
	SECTION 1403. Default on Senior Debt
	 	 	51	 
	SECTION 1404. Acceleration of Securities
	 	 	52	 
	SECTION 1405. When Distribution Must Be Paid Over
	 	 	52	 
	SECTION 1406. Notice by Company
	 	 	52	 
	SECTION 1407. Subrogation
	 	 	52	 
	SECTION 1408. Relative Rights
	 	 	52	 
	SECTION 1409. Subordination May Not Be Impaired By Company
	 	 	52	 
	SECTION 1410. Distribution or Notice to Representative
	 	 	52	 
	SECTION 1411. Rights of Trustee and Paying Agent
	 	 	52	 

     Reconciliation and tie between Trust Indenture Act of 1939 (the “TIA” or “Trust Indenture
Act”) and this Indenture, dated as of    ,
 .

	 	 	 	 	 
	Trust Indenture Act Section	 	Indenture Section
	(S) 310

	 	(a)(1)
	 	607 
	 

	 	(a)(2)
	 	607 
	 

	 	(b)
	 	607,608 
	(S) 312

	 	(c)
	 	701 
	(S) 313

	 	(a)
	 	702 
	 

	 	(c)
	 	702 
	(S) 314

	 	(a)
	 	703 
	 

	 	(a)(4)
	 	1008 
	 

	 	(c)(1)
	 	102 
	 

	 	(c)(2)
	 	102 
	 

	 	(e)
	 	102 
	(S) 315

	 	(b)
	 	601 
	(S) 316

	 	(a) (last sentence)
	 	101 (“Outstanding”)
	 

	 	(a)(1)(A)
	 	502,512 
	 

	 	(a)(1)(B)
	 	513 
	 

	 	(b)
	 	508 
	(S) 317

	 	(a)(1)
	 	503 
	 

	 	(a)(2)
	 	504 
	(S) 318

	 	(a)
	 	111 
	 

	 	(c)
	 	111 

 

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

     Attention should also be directed to Section 318(c) of the Trust Indenture Act, which provides
that the provisions of Sections 310 to and including 317 of the Trust Indenture Act are a part of
and govern every qualified indenture, whether or not physically contained therein.

 

 

     Indenture
(this “Indenture”), dated as of                   ,           , by
and between NVR, Inc., a Virginia corporation, as issuer (the “Company”) and
[BANK], a national bank organized under the laws of the United States of America, as Trustee
hereunder (the “Trustee”), having its Corporate Trust Office (as defined below) at
                                        .

RECITALS

     The Company deems it necessary to issue from time to time for its lawful purposes subordinated
debt securities (the “Securities”) evidencing its unsecured subordinated indebtedness, and has duly
authorized the execution and delivery of this Indenture to provide for the issuance from time to
time of the Securities, unlimited as to principal amount, to bear interest at the rates or
formulas, to mature at such times and to have such other provisions as shall be fixed for such
Securities as hereinafter provided.

     This Indenture is subject to the provisions of the Trust Indenture Act of 1939, as amended,
that are deemed to be incorporated into this Indenture and shall, to the extent applicable, be
governed by such provisions.

     All things necessary to make this Indenture a valid agreement of the Company, in accordance
with its terms, have been done.

     NOW, THEREFORE, THIS INDENTURE WITNESSETH:

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

ARTICLE ONE

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

     SECTION 101. 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 TIA, either directly or by reference
therein, have the meanings assigned to them therein, and the terms “cash transaction” and
“self-liquidating paper,” as used in TIA Section 311, shall have the meanings assigned to them in
the rules of the Commission adopted under the TIA;

     (3) all accounting terms not otherwise defined herein have the meanings assigned to them in
accordance with GAAP; 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.

     Certain terms, used principally in Article Three, Article Five, Article Six and Article Ten,
are defined in those Articles. In addition, the following terms have the respective meanings
indicated, except as otherwise provided in any applicable supplemental indenture with respect to a
series of Securities issuable thereunder.

     “Act,” when used with respect to any Holder, has the meaning specified in Section 104.

     “Additional Amounts” means any additional amounts which are required by a Security or
by or pursuant to a Board Resolution, under circumstances specified therein, to be paid by the
Company in respect of certain taxes, assessments or other governmental charges imposed on certain
Holders and which are owing to such Holders.

     “Affiliate” of any specified Person means any other Person directly or indirectly
controlling or controlled by or under direct or indirect common control with such specified Person.
For the purposes of this definition, “control” when used with respect to any specified Person means
the power to direct 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 to act on behalf of
the Trustee to authenticate Securities of one or more series.

     “Authorized Newspaper” means a newspaper, printed in the English language or in an
official language of the place of publication, customarily published on each day that is a Business
Day in the place of publication, whether or not published on days that are Legal Holidays in the
place of publication, and of general circulation in each place in connection with which the term is
used or in the financial community of each such place. Whenever successive publications are
required to be made in Authorized Newspapers, the successive publications may be made in the same
or in different Authorized Newspapers in the same city meeting the foregoing requirements and in
each case on any day that is a Business Day in the place of publication.

     “Bankruptcy Law” has the meaning specified in Section 501.

     “Bearer Security” means any Security established pursuant to Section 201 which is
payable to bearer.

     “Board of Directors” means the board of directors of the Company or any committee of
that board duly authorized to act hereunder, as the case may be.

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

     “Business Day,” when used with respect to any Place of Payment or any other location
referred to in this Indenture or in the Securities, means, unless otherwise specified with respect
to any Securities pursuant to Section 301, any day, other than a Saturday, Sunday or other day on
which banking institutions in that Place of Payment or location are authorized or required by law,
regulation or executive order to close.

     “Capital Stock” means with respect to any Person, any and all shares, interests,
participations or other equivalents (however designated, whether voting or non-voting) in equity of
such Person (other than debt securities convertible into or exchangeable for Capital Stock),
whether now outstanding or issued after the Closing Date, including, without limitation, all common
stock and preferred stock.

     “CEDEL” means Central de Livraison de Valeurs Mobilieres, S.A., or its successor.

     “Commission” means the U.S. Securities and Exchange Commission, as from time to time
constituted, created under the Exchange Act, or, if at any time after 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 on such date.

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

     “Company Request” and “Company Order” mean, respectively, a written request or
order signed in the name of and on behalf of the Company by its Chairman of the Board, the
President or a Vice President, and by its Chief
Financial Officer, Treasurer or an Assistant Treasurer, the Secretary or an Assistant
Secretary of the Company, and delivered to the Trustee.

     “Conversion Event” means the cessation of use of (i) a Foreign Currency both by the
government of the country or confederation that issued such currency and for the settlement of
transactions by a central bank or other public institutions of or within the international banking
community or (ii) any currency unit (or composite currency) for the purposes for which it was
established.

     “Corporate Trust Office” means the principal corporate trust office of the Trustee at
which, at any particular time, its corporate trust business shall be administered principally,
which office at the date hereof is located at                                         ,
except that for purposes of Section 1002, such term shall mean the office or agency of the Trustee
in                                         , which office at the date hereof is located at
                                        .

 

 

     “corporation” includes corporations, limited liability companies, partnerships,
associations, companies and business and real estate investment trusts.

     “coupon” means any interest coupon appertaining to a Bearer Security.

     “Custodian” has the meaning specified in Section 501.

     “Debt” of the Company or any Subsidiary means any indebtedness of the Company or any
Subsidiary, whether or not contingent, in respect of (i) borrowed money or evidenced by bonds,
notes, debentures or similar instruments, (ii) indebtedness secured by any mortgage, pledge, lien,
charge, encumbrance or any security interest existing on property owned by the Company or any
Subsidiary, (iii) letters of credit or amounts representing the balance deferred and unpaid of the
purchase price of any property except any such balance that constitutes an accrued expense or trade
payable or (iv) any lease of property by the Company or any Subsidiary as lessee which is reflected
on the Company’s consolidated balance sheet as a capitalized lease in accordance with GAAP, in the
case of items of indebtedness under (i) through (iii) above to the extent that any such items
(other than letters of credit) would appear as a liability on the Company’s consolidated balance
sheet in accordance with GAAP, and also includes, to the extent not otherwise included, any
obligation by the Company or any Subsidiary to be liable for, or to pay, as obligor, guarantor or
otherwise (other than for purposes of collection in the ordinary course of business), indebtedness
of another person (other than the Company or any Subsidiary) (it being understood that “Debt” shall
be deemed to be incurred by the Company and its Subsidiaries on a consolidated basis whenever the
Company and its Subsidiaries on a consolidated basis shall create, assume, guarantee or otherwise
become liable in respect thereof; Debt of a Subsidiary of the Company existing prior to the time it
became a Subsidiary of the Company shall be deemed to be incurred upon such Subsidiary’s becoming a
Subsidiary of the Company; and Debt of a Person existing prior to a merger or consolidation of such
Person with the Company or any Subsidiary of the Company in which such Person is the successor of
the Company or such Subsidiary shall be deemed to be incurred upon the consummation of such merger
or consolidation; provided, however, that the term “Debt” shall not include any
indebtedness that has been the subject of an “in substance” defeasance in accordance with GAAP.

     “Defaulted Interest” has the meaning specified in Section 307.

     “DTC” means The Depository Trust Company for so long as it shall be a clearing agency
registered under the Exchange Act, or such successor as the Company shall designate from time to
time in an Officer’s Certificate delivered to the Trustee.

     “Dollar” or “$” means a dollar or other equivalent unit in such coin or
currency of the United States of America as at the time shall be legal tender for the payment of
public and private debts.

     “Euroclear” means Morgan Guaranty Trust Company of New York, Brussels Office, or its
successor as operator of the Euroclear System.

     “Event of Default” has the meaning specified in Article Five.

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

     “Foreign Currency” means any currency, currency unit or composite currency issued by
the government of one or more countries other than the United States of America or by any
recognized confederation or association of such governments.

     “GAAP” means generally accepted accounting principles, as in effect from time to time,
as used in the United States applied on a consistent basis; provided that, solely for purposes of
any calculation required by the financial covenants contained herein, “GAAP” shall mean generally
accepted accounting principles as used in the United States on the date hereof, applied on a
consistent basis.

     “Government Obligations” means securities which are (i) direct obligations of the
United States of America or the government which issued the Foreign Currency in which the
Securities of a particular series are payable, for the payment of which its full faith and credit
is pledged or (ii) obligations of a Person controlled or supervised by and acting as an agency or
instrumentality of the United States of America or such government which issued the foreign

 

 

currency in which the Securities of such series are payable, the payment of which is
unconditionally guaranteed as a full faith and credit obligation by the United States of America or
such other government, which, in either case, are not callable or redeemable at the option of the
issuer thereof, and shall also include a depository receipt issued by a bank or trust company as
custodian with respect to any such Government Obligation or a specific payment of interest on or
principal of any such Government Obligation held by such custodian for the account of the holder of
a depository receipt, provided that (except as required by law) such custodian is not authorized to
make any deduction from the amount payable to the holder of such depository receipt from any amount
received by the custodian in respect of the Government Obligation or the specific payment of
interest on or principal of the Government Obligation evidenced by such depository receipt.

     “Holder” means, in the case of a Registered Security, the Person in whose name such
Security is registered in the Security Register and, in the case of a Bearer Security, the bearer
thereof and, when used with respect to any coupon, shall mean the bearer thereof.

     “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 shall include the terms of particular series of Securities
established as contemplated by Section 30l; provided, however, that, if at any time
more than one Person is acting as Trustee under this instrument, “Indenture” shall mean, with
respect to any one or more series of Securities for which such Person is Trustee, 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 shall
include the terms of the particular series of Securities for which such Person is Trustee
established as contemplated by Section 301, exclusive, however, of any provisions or terms which
relate solely to other series of Securities for which such Person is Trustee, regardless of when
such terms or provisions were adopted, and exclusive of any provisions or terms adopted by means of
one or more indentures supplemental hereto executed and delivered after such Person had become such
Trustee but to which such Person, as such Trustee, was not a party.

     “Indexed Security” means a Security the terms of which provide that the principal
amount thereof payable at Stated Maturity may be more or less than the principal face amount
thereof at original issuance.

     “Interest” when used with respect to an Original Issue Discount Security which by its
terms bears interest only after Maturity, shall mean interest payable after Maturity, and, when
used with respect to a Security which provides for the payment of Additional Amounts pursuant to
Section 1009, includes such Additional Amounts.

     “Interest Payment Date” when used with respect to any Security, means the Stated
Maturity of an installment of interest on such Security.

     “Legal Holiday” means a day that is not a Business Day.

     “Make-Whole Amount” means the amount, if any, in addition to principal which is
required under the terms and conditions specified in a Security or as otherwise specified as
contemplated by Section 301, to be paid by the Company to the Holder thereof in connection with any
optional redemption or accelerated payment of such Security.

     “Maturity,” when used with respect to any Security, means the date on which the
principal of such Security or an installment of principal becomes due and payable as therein or
herein provided, whether at the Stated Maturity or by declaration of acceleration, notice of
redemption or repurchase, notice of option to elect repayment or otherwise, and includes the
Redemption Date.

     “Officers’ Certificate” means a certificate signed by the Chairman of the Board of
Directors, the President or a Vice President and by the Treasurer, an Assistant Treasurer, the
Secretary or an Assistant Secretary, of the Company, and delivered to the Trustee.

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

     “Original Issue 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 502.

 

 

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

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

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

     (iii) Securities, except to the extent provided in Sections 1302 and 1303, with respect to
which the Company has effected defeasance and/or covenant defeasance as provided in Article
Thirteen;

     (iv) Securities which have been paid pursuant to Section 306 or in exchange for or in lieu of
which other Securities have been authenticated and delivered pursuant to this Indenture, other than
any such Securities in respect of which there shall have been presented to the Trustee proof
satisfactory to it that such Securities are held by a bona fide purchaser in whose hands such
Securities are valid obligations of the Company; and

     (v) Securities converted into Capital Stock pursuant to or in accordance with this Indenture
if the terms of such Securities provide for convertibility pursuant
to Section 301;

provided, however, that in determining whether the Holders of the requisite
principal amount of the Outstanding Securities have given any request, demand, authorization,
direction, notice, consent or waiver hereunder, and for the purpose of making the calculations
required by TIA Section 313, (i) the principal amount of an Original Issue Discount Security that
may be counted in making such determination or calculation and that shall be deemed to be
Outstanding for such purpose shall be equal to the amount of principal thereof that would be (or
shall have been declared to be) due and payable, at the time of such determination or calculation,
upon a declaration of acceleration
of the maturity thereof pursuant to Section 502, (ii) the principal amount of any Security
denominated in a Foreign Currency that may be counted in making such determination or calculation
and that shall be deemed Outstanding for such purpose shall be equal to the Dollar equivalent,
determined pursuant to Section 301 as of the date such Security is originally issued by the
Company, of the principal amount (or, in the case of an Original Issue Discount Security, the Dollar equivalent as of such date of original issuance of the amount determined as provided in
clause (i) above) of such Security, (iii) the principal amount of any Indexed Security that may be
counted in making such determination or calculation and that shall be deemed Outstanding for such
purpose shall be equal to the principal face amount of such Indexed Security at original issuance,
unless otherwise provided with respect to such Security pursuant to Section 301, and (iv)
Securities owned by the Company or any other obligor upon the Securities or any Affiliate of the
Company or of such other obligor shall be disregarded and deemed not to be Outstanding, except
that, in determining whether the Trustee shall be protected in making such determination or
calculation or in relying upon any such request, demand, authorization, direction, notice, consent
or waiver, only Securities which the Trustee knows to be so owned shall be so disregarded.
Securities so owned which have been pledged in good faith may be regarded as Outstanding if the
pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect
to such Securities and that the pledgee is not the Company or any other obligor upon the Securities
or any Affiliate of the Company or of such other obligor.

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

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

     “Place of Payment” when used with respect to any Security, means the place or places
where the principal of (and premium, if any) and interest on such Securities are payable as
specified as contemplated by Sections 301 and 1002.

 

 

     “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 306 in
exchange for or in lieu of a mutilated, destroyed, lost or stolen Security or a Security to which a
mutilated, destroyed, lost or stolen coupon appertains shall be deemed to evidence the same debt as
the mutilated, destroyed, lost or stolen Security or the Security to which the mutilated,
destroyed, lost or stolen coupon appertains.

     “Premium,” when used with respect to a Security which by its terms provides for the
payment of a Make-Whole Amount, includes such Make-Whole Amount.

     “Recourse Indebtedness” means Debt other than Secured Debt as to which the liability
of the obligor thereon is limited to its interest in the collateral securing such Secured Debt;
provided that no Debt shall constitute Recourse Indebtedness solely by reason of provisions therein
for imposition of full recourse liability on the obligor for certain wrongful acts, environmental
liabilities, or other customary exclusions from the scope of so-called “non- recourse” provisions.

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

     “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 or such Security.

     “Registered Security” means any Security which is registered in the Security Register.

     “Regular Record Date” for the interest payable on any Interest Payment Date on the
Registered Securities of or within any series means the date specified for that purpose as
contemplated by Section 301, whether or not a Business Day.

     “Repayment Date,” when used with respect to any Security to be repaid at the option of
the Holder, means the date fixed for such repayment by or pursuant to this Indenture.

     “Repayment Price,” when used with respect to any Security to be repaid at the option
of the Holder, means the price at which it is to be repaid by or pursuant to this Indenture.

     “Responsible Officer” when used with respect to the Trustee, means any vice president
(whether or not designated by a number or a word or words added before or after the title “vice
president”), the secretary, any assistant secretary, the treasurer, any assistant treasurer, the
cashier, any assistant cashier, any trust officer or assistant trust officer, the controller or any
other officer of the Trustee customarily performing functions similar to those performed by any of
the above designated officers and also means, with respect to a particular corporate trust matter,
any other officer to whom such matter is referred because of such officer’s knowledge and
familiarity with the particular subject.

     “Secured Debt” means, without duplication, Debt that is secured by a mortgage, trust
deed, deed of trust, deed to secure Debt, security agreement, pledge, conditional sale or other
title retention agreement, capitalized lease, or other like agreement granting or conveying
security title to or a security interest in real property or other tangible assets.

     “Securities Act” means the Securities Act of 1933 and any successor statute thereto,
in each case as amended from time to time, and the rules and regulations of the Commission
thereunder.

     “Security” has the meaning stated in the first recital of this Indenture and, more
particularly, means any Security or Securities authenticated and delivered under this Indenture;
provided, however, that, if at any time there is more than one Person acting as
Trustee under this Indenture, “Securities” with respect to the Indenture as to which such Person is
Trustee shall have the meaning stated in the first recital of this Indenture and shall more
particularly mean Securities authenticated and delivered under this Indenture, exclusive, however,
of Securities of any series as to which such Person is not Trustee.

 

 

     “Security Register” and “Security Registrar” have the respective meanings
specified in Section 305.

     “Senior Debt” means the principal of (and premium, if any) and interest on, or
substantially similar payments to be made by the Company in respect of, the following, whether
outstanding at the date of execution of this Indenture or thereafter incurred, created or assumed:
(a) indebtedness of the Company for money borrowed or represented by purchase-money obligations,
(b) indebtedness of the Company evidenced by notes, debentures, or bonds, or other securities
issued under the provisions of an indenture, fiscal agency agreement or other instrument, (c)
obligations of the Company as lessee under leases of property either made as part of a sale and
leaseback transaction to which the Company is a party or otherwise, (d) indebtedness of
partnerships and joint ventures which is included in the Company’s consolidated financial
statements, (e) indebtedness, obligations and liabilities of others in respect of which the Company
is liable contingently or otherwise to pay or advance money or property or as guarantor, endorser
or otherwise or which the Company has agreed to purchase or otherwise acquire, and (f) any binding
commitment of the Company to fund a real estate investment or to fund an investment in an entity
making a real estate investment; but excluding, however, (1) any such indebtedness, obligation or
liability referred to in clauses (a) through (f) above as to which, in the instrument creating or
evidencing the same or pursuant to which the same is outstanding, it is provided that such
indebtedness, obligation or liability is not superior in right of payment to the Securities, or
ranks pari passu with the Securities, (2) any such indebtedness, obligation or liability which is
subordinated to indebtedness of the Company to substantially the same extent as or to a greater
extent than the Securities are subordinated and (3) the Securities. As used in the preceding
sentence, the term “purchase-money obligations” shall mean indebtedness or obligations evidenced by
a note, debenture, bond or other instrument (whether or not secured by a lien or other security
interest but excluding indebtedness or obligations for which recourse is limited to the property
purchased) issued or assumed as all or a part of the consideration for the acquisition of property,
whether by purchase, merger, consolidation or otherwise, but shall not include any trade accounts
payable. A distribution may consist of cash, securities or other property.

     “Significant Subsidiary” means any Subsidiary which is a “significant subsidiary” (as
defined in Article I, Rule 1-02 of Regulation S-X, promulgated under the Securities Act) of the
Company.

     “Special Record Date” for the payment of any Defaulted Interest on the Registered
Securities of or within any series means a date fixed by the Trustee pursuant to Section 307.

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

     “Statistical Release” means the statistical release designated “H.15(519)” or any
successor publication which is published weekly by the Federal Reserve System and which establishes
yields on actively traded United States government securities adjusted to constant maturities, or,
if such statistical release is not published at the time of any determination under the Indenture,
then such other reasonably comparable index which shall be designated by the Company.

     “Subsidiary” means a corporation or a partnership a majority of the outstanding voting
stock or partnership interests, as the case may be, of which is owned, directly or indirectly, by
the Company or by one or more other Subsidiaries of the Company. For the purposes of this
definition, “voting stock” means stock having voting power for the election of directors, whether
at all times or only so long as no senior class of stock has such voting power by reason of any
contingency.

     “Trust Indenture Act” or “TIA” means the Trust Indenture Act of 1939, as
amended and as in force at the date as of which this Indenture was executed, except as provided in
Section 905.

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

 

 

     “United States” means, unless otherwise specified with respect to any Securities
pursuant to Section 301, the United States of America (including the states and the District of
Columbia), its territories, its possessions and other areas subject to its jurisdiction.

     “United States person” means, unless otherwise specified with respect to any
Securities pursuant to Section 301, an individual who is a citizen or resident of the United
States, a corporation or other entity created or organized in or under the laws of the United
States, or an estate or trust the income of which is subject to United States federal income
taxation regardless of its source.

     “Yield to Maturity” means the yield to maturity, computed at the time of issuance of a
Security (or, if applicable, at the most recent redetermination of interest on such Security) and
as set forth in such Security in accordance with generally accepted United States bond yield
computation principles.

     SECTION 102. Compliance Certificates and Opinions. Upon any application or request by
the Company to the Trustee to take any action under any provision of this Indenture, the Company
shall furnish to the Trustee an Officers’ Certificate stating that all conditions 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, 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 shall include:

     (1) a statement that each individual signing such certificate or opinion has read such
condition or covenant 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 or she has made such
examination or investigation as is necessary to enable the individual to express an informed
opinion as to whether or not such condition or covenant 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 103. Form of Documents Delivered to Trustee. In any case where several matters
are required to be certified by, or covered by an opinion of, any specified Person, it is not
necessary that all such matters be certified by, or covered by the opinion of, only one such
Person, or that they be so certified or covered by only one document, but one such Person may
certify or give an opinion as 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 an Opinion of Counsel, or a certificate or representations by counsel, unless
such officer knows, or in the exercise of reasonable care should know, that the opinion,
certificate or representations with respect to the matters upon which his or her certificate or
opinion is based are erroneous. Any such Opinion of Counsel or certificate or representations 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 as to such
factual matters is in the possession of the Company, unless such counsel knows that the certificate
or opinion or representations as to such matters are erroneous.

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

     SECTION 104. Acts of Holders. (a) Any request, demand, authorization, direction,
notice, consent, waiver or other action provided by this Indenture to be given or taken by Holders
of the Outstanding Securities of all series or

 

 

one or more series, as the case may be, may be
embodied in and evidenced by one or more instruments of substantially similar tenor signed by such
Holders in person or by agents duly appointed in writing. Except as herein otherwise expressly
provided, such action shall become effective when such instrument or instruments are delivered to
the Trustee and, where it is hereby expressly required, to the Company. Such instrument or
instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred
to as the “Act” of the Holders signing such instrument or instruments. Proof of execution of any
such instrument or of a writing appointing any such agent, or of the holding by any Person of a
Security, shall be sufficient for any purpose of this Indenture and (subject to Section 602)
conclusive in favor of the Trustee and the Company and any agent of the Trustee or the Company, if
made in the manner provided in this Section.

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

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

     (d) The ownership of Bearer Securities may be proved by the production of such Bearer
Securities or by a certificate executed, as depositary, by any trust company, bank, banker or other
depositary,
wherever situated, if such certificate shall be deemed by the Trustee to be satisfactory, showing
that at the date therein mentioned such Person had on deposit with such depositary, or exhibited to
it, the Bearer Securities therein described; or such facts may be proved by the certificate or
affidavit of the Person holding such Bearer Securities, if such certificate or affidavit is deemed
by the Trustee to be satisfactory. The Trustee and the Company may assume that such ownership of
any Bearer Security continues until (1) another certificate or affidavit bearing a later date
issued in respect of the same Bearer Security is produced, or (2) such Bearer Security is produced
to the Trustee by some other Person, or (3) such Bearer Security is surrendered in exchange for a
Registered Security, or (4) such Bearer Security is no longer Outstanding. The ownership of Bearer
Securities may also be proved in any other manner which the Trustee deems sufficient.

     (e) If the Company shall solicit from the Holders of Registered Securities any request,
demand, authorization, direction, notice, consent, waiver or other Act, the Company may, at its
option, in or pursuant to a Board Resolution, fix in advance a record date for the determination of
Holders entitled to give such request, demand, authorization, direction, notice, consent, waiver or
other Act, but the Company shall have no obligation to do so. Notwithstanding TIA Section 316(c),
such record date shall be the record date specified in or pursuant to such Board Resolution, which
shall be a date not earlier than the date 30 days prior to the first solicitation of Holders
generally in connection therewith and not later than the date such solicitation is completed. If
such a record date is fixed, such request, demand, authorization, direction, notice, consent,
waiver or other Act may be given before or after such record date, but only the Holders of record
at the close of business on such record date shall be deemed to be Holders for the purposes of
determining whether Holders of the requisite proportion of Outstanding Securities have authorized
or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver
or other Act, and for that purpose the Outstanding Securities shall be computed as of such record
date; provided that no such
authorization, agreement or consent by the Holders on such record date shall be deemed
effective unless it shall become effective pursuant to the provisions of this Indenture not later
than eleven months after the record date.

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

     SECTION 105. Notices, etc., to Trustee and Company. Any request, demand,
authorization, direction, notice, consent, waiver or Act of Holders or other document provided or
permitted by this Indenture to be made upon, given

 

 

or furnished to, or filed with, (1)the Trustee
by any Holder or by the Company shall be sufficient for every purpose hereunder if made, given,
furnished or filed in writing to or with the Trustee at its Corporate Trust Office, or (2)the
Company by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless
otherwise herein expressly provided) if in writing and mailed, first class postage prepaid, to the
Company addressed to it at the address of its principal office specified in the first paragraph of
this Indenture or at any other address previously furnished in writing to the Trustee by the
Company.

     SECTION 106. Notice to Holders; Waiver. Where this Indenture provides for notice of
any event to Holders of Registered Securities by the Company or the Trustee, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if in writing and mailed,
first-class postage prepaid, to each such Holder affected by such event, at his address as it
appears in the Security 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 of Registered
Securities 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 of Registered Securities or the sufficiency of any notice to Holders of Bearer
Securities given as provided herein. Any notice mailed to a Holder in the manner herein prescribed
shall be conclusively deemed to have been received by such Holder, whether or not such Holder
actually receives such notice.

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

     Except as otherwise expressly provided herein or otherwise specified with respect to any
Securities pursuant to Section 301, where this Indenture provides for notice to Holders of Bearer
Securities of any event, such notice shall be sufficiently given if published in an Authorized
Newspaper in The City of New York and in such other city or cities as may be specified in such
Securities on a Business Day, such publication to be not later than the latest date, and not
earlier than the earliest date, prescribed for the giving of such notice. Any such notice shall be
deemed to have been given on the date of such publication or, if published more than once, on the
date of the first such publication.

     If by reason of the suspension of publication of any Authorized Newspaper or Authorized
Newspapers or by reason of any other cause it shall be impracticable to publish any notice to
Holders of Bearer Securities as provided above, then such notification to Holders of Bearer
Securities as shall be given with the approval of the Trustee shall constitute sufficient notice to
such Holders for every purpose hereunder. Neither the failure to give notice by publication to any
particular Holder of Bearer Securities as provided above, nor any defect in any notice so
published, shall affect the sufficiency of such notice with respect to other Holders of Bearer
Securities or the sufficiency of any notice to Holders of Registered Securities given as provided
herein.

     Any request, demand, authorization, direction, notice, consent or waiver required or permitted
under this Indenture shall be in the English language, except that any published notice may be in
an official language of the country of publication.

     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 107. 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 108. Successors and Assigns. All covenants and agreements in this Indenture by
the Company shall be binding on their successors and assigns, whether so expressed or not.

     SECTION 109. Separability Clause. In case any provision in this Indenture or in any
Security or coupon 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 110. Benefits of Indenture. Nothing in this Indenture, in the Securities or
coupons, express or implied, shall give to any Person, other than the Parties hereto, any Security
Registrar, any Paying Agent, any Authenticating Agent and their successors hereunder and the
Holders any benefit or any legal or equitable right, remedy or claim under this Indenture.

     SECTION 111. No Personal Liability. No recourse under or upon any obligation, covenant
or agreement contained in this Indenture, in any Security or coupon appertaining thereto, or
because of any indebtedness evidenced thereby, shall be had against any promoter, as such, or
against any past, present or future shareholder, officer or director, as such, of the Company or of
any successor, either directly or through the Company or any successor, under any rule of law,
statute or constitutional provision or by the enforcement of any assessment or by any legal or
equitable proceeding or otherwise, all such liability being expressly waived and released by the
acceptance of the Securities by the Holders thereof and as part of the consideration for the issue
of the Securities.

     SECTION 112. Governing Law. This Indenture and the Securities and coupons shall be
governed by and construed in accordance with the law of the State of New York. This Indenture is
subject to the provisions of the TIA that are required to be part of this Indenture and shall, to
the extent applicable, be governed by such provisions.

     SECTION 113. Legal Holidays .In any case where any Interest Payment Date, Redemption
Date, Repayment Date, sinking fund payment date, Stated Maturity or Maturity of any Security shall
not be a
Business Day at any Place of Payment, then (notwithstanding any other provision of this Indenture
or any Security or coupon other than a provision in the Securities of any series which specifically
states that such provision shall apply in lieu hereof), payment of interest or principal (and
premium, if any) need not be made at such Place of Payment on such date, but may be made on the
next succeeding Business Day at such Place of Payment with the same force and effect as if made on
the Interest Payment Date, Redemption Date, Repayment Date or sinking fund payment date, or at the
Stated Maturity or Maturity, provided that no interest shall accrue on the amount so payable for
the period from and after such Interest Payment Date, Redemption Date, Repayment Date, sinking fund
payment date, Stated Maturity or Maturity, as the case may be.

ARTICLE TWO

SECURITIES FORMS

     SECTION 201. Forms of Securities. The Registered Securities, if any, of each series
and the Bearer Securities, if any, of each series and related coupons shall be in substantially the
forms as shall be established in one or more indentures supplemental hereto or approved from time
to time by or pursuant to a Board Resolution in accordance with this Indenture, shall have such
appropriate insertions, omissions, substitutions and other variations
as are required or permitted by this Indenture or any indenture supplemental hereto, and may have
such letters, numbers or other marks of identification or designation and such legends or
endorsements placed thereon as the Company may deem appropriate and as are not inconsistent with
the provisions of this Indenture, or as may be required to comply with any law or with any rule or
regulation made pursuant thereto or with any rule or regulation of any stock exchange on which the
Securities may be listed, or to conform to usage.

     Unless otherwise specified as contemplated by Section 301, Bearer Securities shall have
interest coupons attached.

     The definitive Securities and coupons shall be printed, lithographed or engraved or produced
by any combination of these methods on a steel engraved border or steel engraved borders or may be
produced in any other manner, all as determined by the officers executing such Securities or
coupons, as evidenced by their execution of such Securities or coupons.

     SECTION 202. Form of Trustee’s Certificate of Authentication. Subject to Section 611,
the Trustee’s certificate of authentication shall be in substantially the following form:

 

 

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

	 	 	 	 	 
	 	[BANK], as Trustee

 	 
	 	By:  	 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 

     SECTION 203. Securities Issuable in Global Form. If Securities of or within a series
are issuable in global form, as specified as contemplated by Section 301, then, notwithstanding
clause (8) of Section 301 and the provisions of Section 302, any such Security shall represent such
of the Outstanding Securities of such series as shall be specified therein and may provide that it
shall represent the aggregate amount of Outstanding Securities of such series from time to time
endorsed thereon and that the aggregate amount of Outstanding Securities of such series represented
thereby may from time to time be increased or decreased to reflect exchanges. Any endorsement of a
Security in global form to reflect the amount, or any increase or decrease in the amount, of
Outstanding Securities represented thereby shall be made by the Trustee in such manner and upon
instructions given by such Person or Persons as shall be specified therein or in the Company Order
to be delivered to the Trustee pursuant to Section 303 or 304. Subject to the provisions of Section
303 and, if applicable, Section 304, the Trustee shall deliver and redeliver any Security in
permanent global form in the manner and upon instructions given by the Person or Persons specified
therein or in the applicable Company Order. If a Company Order pursuant to Section 303 or 304 has
been, or simultaneously is, delivered, any instructions by the Company with respect to endorsement
or delivery or redelivery of a Security in global form shall be in writing but need not comply with
Section 102 and need
not be accompanied by an Opinion of Counsel. The provisions of the last sentence of Section 303
shall apply to any Security represented by a Security in global form if such Security was never
issued and sold by the Company and the Company delivers to the Trustee the Security in global form
together with written instructions (which need not comply with Section 102 and need not be
accompanied by an Opinion of Counsel) with regard to the reduction in the principal amount of
Securities represented thereby, together with the written statement contemplated by the last
sentence of Section 303.

     Notwithstanding the provisions of Section 307, unless otherwise specified as contemplated by
Section 301, payment of principal of (and premium, if any) and interest on any Security in
permanent global form shall be made to the Person or Persons specified therein.

     Notwithstanding the provisions of Section 308 and except as provided in the preceding
paragraph, the Company, the Trustee and any agent of the Company and the Trustee shall treat as the
Holder of such principal amount of Outstanding Securities represented by a permanent global
Security (i) in the case of a permanent global Security in registered form, the Holder of such
permanent global Security in registered form, or (ii) in the case of a permanent global Security in
bearer form, Euroclear or CEDEL.

ARTICLE THREE

THE SECURITIES

     SECTION 301. Amount Unlimited; Issuable in Series. The aggregate principal amount of
Securities which may be authenticated and delivered under this Indenture is unlimited.

     The Securities may be issued in one or more series. There shall be established in one or more
Board Resolutions or pursuant to authority granted by one or more Board Resolutions and, subject to
Section 303, set forth, or determined in the manner provided, in an Officers’ Certificate, or
established in one or more indentures supplemental hereto, prior to the issuance of Securities of
any series, any or all of the following, as applicable (each of which (except for the matters set
forth in clauses (1), (2) and (15) below), if so provided, may be determined from time to time by
the Company with respect to unissued Securities of the series when issued from time to time):

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

 

 

     (2) any limit upon the aggregate principal amount of the Securities of the series that 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 304, 305, 306, 906, 1107 or 1305);

     (3) the date or dates, or the method by which such date or dates will be determined, on which
the principal of the Securities of the series shall be payable;

     (4) the rate or rates at which the Securities of the series shall bear interest, if any, or
the method by which such rate or rates shall be determined, the date or dates from which such
interest shall accrue or the method by which such date or dates shall be determined, the Interest
Payment Dates on which such interest will be payable and the Regular Record Date, if any, for the
interest payable on any Registered Security on any Interest Payment Date, or the method by which
such date shall be determined, and the basis upon which interest shall be calculated if other than
that of a 360-day year of twelve 30-day months;

     (5) the place or places, if any, other than or in addition to the Borough of Manhattan, the
City of New York, where any principal of (and premium) and interest payable in respect of
Securities of the series shall be payable, any Registered Securities of the series may be
surrendered for registration of transfer, exchange or conversion and notices or demands to or upon
the Company in respect of the Securities of the series and this Indenture may be served;

     (6) the period or periods within which, the price or prices (including, if any) at which, the
currency or currencies, currency unit or units or composite currency or currencies in which, and
other terms and conditions upon which Securities of the series may be redeemed, in whole or in
part, at the option of the Company, if the Company is to have the option;

     (7) the obligation, if any, of the Company to redeem, repay or purchase Securities of the
series pursuant to any provision or at the option of a Holder thereof, and the period or periods
within which or the date or dates on which, the price or prices at which, the currency or
currencies, currency unit or units or composite currency or currencies in which, and other terms
and conditions upon which Securities of the series shall be redeemed, repaid or purchased
(including without limitation whether, and the extent to which, the premium shall be payable in
connection therewith), in whole or in part, pursuant to such obligation.

     (8) if other than denominations of $1,000 and any integral multiple thereof, the denominations
in which any Registered Securities of the series shall be issuable and, if other than the
denomination of $5,000, the denomination or denominations in which any Bearer Securities of the
series shall be issuable;

     (9) if other than the Trustee, the identity of each Security Registrar and/or Paying Agent;

     (10) if other than the principal amount thereof, the portion of the principal amount of
Securities of the series that shall be payable upon declaration of acceleration of the Maturity
thereof pursuant to Section 502 or, if applicable, the portion of the principal amount of
Securities of the series that is convertible in accordance with the provisions of this Indenture,
or the method by which such portion shall be determined;

     (11) if other than Dollars, the Foreign Currency or Currencies in which payment of the
principal of (and premium, if any) or interest on the Securities of the series shall be payable or
in which the Securities of the series shall be denominated;

     (12) whether the amount of payments of principal of (and premium or Make-Whole Amount, if any)
or interest, if any, on the Securities of the series may be determined with reference to an index,
formula or other method (which index, formula or method may be based, without limitation, on one or
more currencies, currency units, composite currencies, commodities, equity indices or other
indices), and the manner in which such amounts shall be determined;

     (13) whether the principal of (and premium, if any) or interest on the Securities of the
series are to be payable, at the election of the Company, or a Holder thereof, in a currency or
currencies, currency unit or units or composite currency or currencies other than that in which
such Securities are denominated or stated to be payable, the period or periods within which, and
the terms and conditions upon which, such election may be made, and the time and manner of, and
identity of the exchange rate agent with responsibility for, determining the exchange rate between

 

 

the currency or currencies, currency unit or units or composite currency or currencies in which
such Securities are denominated or stated to be payable and the currency or currencies, currency
unit or units or composite currency or currencies in which such Securities are to be so payable;

     (14) provisions, if any, granting special rights to the Holders of Securities of the series
upon the occurrence of such events as may be specified;

     (15) any deletions from, modifications of or additions to the Events of Default or covenants
of the Company with respect to Securities of the series, whether or not such Events of Default or
covenants are consistent with the Events of Default or covenants set forth herein;

     (16) whether Securities of the series are to be issuable as Registered Securities, Bearer
Securities (with or without coupons) or both, any restrictions applicable to the offer, sale or
delivery of Bearer Securities and the terms upon which Bearer Securities of the series may be
exchanged for Registered Securities of the series and vice versa (if permitted by applicable laws
and regulations), whether any Securities of the series are to be issuable initially in temporary
global form and whether any Securities of the series are to be issuable in permanent global form
with or without coupons and, if so, whether beneficial owners of interests in any such permanent
global Security may exchange such interests for Securities of such series and of like tenor of any authorized form and denomination and the circumstances under which any such exchanges may occur, if
other than in the manner provided in Section 305, and, if Registered Securities of the series are
to be issuable as a global Security, the identity of the depositary for such series;

     (17) the date as of which any Bearer Securities of the series and any temporary global
Security representing Outstanding Securities of the series shall be dated if other than the date of
original issuance of the first Security of the series to be issued;

     (18) the Person to whom any interest on any Registered Security of the series shall be
payable, if other than 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,
the manner in which, or the Person to whom, any interest on any Bearer Security of the series shall
be payable, if otherwise than upon presentation and surrender of the coupons appertaining thereto
as they severally mature, and the extent to which, or the manner in which, any interest payable on
a temporary global Security on an Interest Payment Date will be paid if other than in the manner
provided in Section 304;

     (19) the applicability, if any, of Sections 1302 and/or 1303 to the Securities of the series
and any provisions in modification of, in addition to or in lieu of any of the provisions of
Article Thirteen;

     (20) if the Securities of such series are to be issuable in definitive form (whether upon
original issue or upon exchange of a temporary Security of such series) only upon receipt of
certain certificates or other documents or satisfaction of other conditions, then the form and/or
terms of such certificates, documents or conditions;

     (21) if the Securities of the series are to be issued upon the exercise of warrants, the time,
manner and place for such Securities to be authenticated and delivered;

     (22) whether Securities are convertible into Capital Stock and the terms and conditions upon
which such conversion shall be effected (including, without limitation, the initial conversion
price or rate, any adjustment of the applicable conversion price, the conversion period, provisions
as to whether conversion shall be at the option of the Company or the Holders and any applicable
limitations on the ownership or transferability of the Capital Stock into which such debt
securities are convertible);

     (23) whether and under what circumstances the Company will pay Additional Amounts as
contemplated by Section 1009 on the Securities of the series to any Holder who is not a United
States person (including any modification to the definition of such term) in respect of any tax,
assessment or governmental charge and, if so, whether the Company will have the option to redeem
such Securities rather than pay such Additional Amounts (and the terms of any such option);

     (24) whether and to what extent the Securities of the series are to be guaranteed by one or
more of the Subsidiaries of the Company or other Persons; and

 

 

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

     All Securities of any one series and the coupons appertaining to any Bearer Securities of such
series shall be substantially identical except, in the case of Registered Securities, as to
denomination and except as may otherwise be provided in or pursuant to such Board Resolution
(subject to Section 303) and set forth in such Officers’ Certificate or in any such indenture
supplemental hereto. All Securities of any one series need not be issued at the same time and,
unless otherwise provided, a series may be reopened, without the consent of the Holders, for
issuances of additional Securities of such series.

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

     SECTION 302. Denominations. The Securities of each series shall be issuable in such
denominations as shall be specified as contemplated by Section 301. With respect to Securities of
any series denominated in Dollars, in the absence of any such provisions with respect to the
Securities of any series, the Registered Securities of such series, other than Registered
Securities issued in global form (which may be of any denomination), shall be issuable in
denominations of $1,000 and any integral multiple thereof and the Bearer Securities of such series,
other than Bearer Securities issued in global form (which may be of any denomination), shall be
issuable in a denomination of $5,000.

     SECTION 303. Execution, Authentication, Delivery and Dating. The Securities and any
coupons appertaining thereto shall be executed by the Company’s Chairman of the Board, its
President or one of its Senior Vice Presidents, and its Chief Financial Officer or Controller. The
signature of any of these officers on the Securities and coupons may be manual or facsimile
signatures of the present or any future such authorized officer and may be imprinted or otherwise
reproduced on the Securities.

     Securities or coupons 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 did not hold such offices at the date of such Securities or coupons.

     At any time and from time to time after the execution and delivery of this Indenture, the
Company may deliver Securities of any series, together with any coupon appertaining thereto,
executed by the Company to the Trustee for authentication, together with a Company Order for the
authentication and delivery of such Securities, and the Trustee in accordance with the Company
Order shall authenticate and deliver such Securities; provided, however, that, in
connection with its original issuance, no Bearer Security shall be mailed or otherwise delivered to
any location in the United States; and provided further that, unless otherwise specified
with respect to any series of Securities pursuant to Section 301, a Bearer Security may be
delivered in connection with its original issuance only if the Person entitled to receive such
Bearer Security shall have furnished a certificate to Euroclear or CEDEL, as the case may be, in
the form set forth in Exhibit A-1 to this Indenture or such other certificate as may be specified
with respect to any series of Securities pursuant to Section 301, dated no earlier than 15 days
prior to the earlier of the date on which such Bearer Security is delivered and the date on which
any temporary Security first becomes exchangeable for such Bearer Security in accordance with the
terms of such temporary Security and this Indenture. If any Security shall be represented by a
permanent global Bearer Security, then, for purposes of this Section and Section 304, the notation
of a beneficial owner’s interest therein upon original issuance of such Security or upon exchange
of a portion of a temporary global Security shall be deemed to be delivery in connection with its
original issuance of such beneficial owner’s interest in such permanent global Security. Except as
permitted by Section 306, the Trustee shall not authenticate and deliver any Bearer Security unless
all appurtenant coupons for interest then matured have been detached and canceled.

     If all the Securities of any series are not to be issued at one time and if the Board
Resolution or supplemental indenture establishing such series shall so permit, such Company Order
may set forth procedures acceptable to the Trustee for the issuance of such Securities and
determining the terms of particular Securities of such series, such as interest rate or formula,
maturity date, date of issuance and date from which interest shall accrue. 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 TIA Section 315(a) through
315(d)) shall be fully protected in relying upon,

     (i) an Opinion of Counsel stating that

          (a) the form or forms of such Securities and any coupons have been established in conformity
with the provisions of this Indenture;

          (b) the terms of such Securities and any coupons have been established in conformity with the
provisions of this Indenture; and

     (c) such Securities, together with any coupons appertaining thereto, when completed by
appropriate insertions and executed and delivered by the Company to the Trustee for authentication
in accordance with this Indenture, authenticated and delivered by the Trustee in accordance with
this Indenture and issued by the Company in the manner and subject to any conditions specified in
such Opinion of Counsel, will constitute legal, valid and binding obligations of the Company,
enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency,
reorganization and other similar laws of general applicability relating to or affecting the
enforcement of creditors’ rights generally and to general equitable principles; and

     (ii) an Officers’ Certificate stating that all conditions precedent provided for in this
Indenture relating to the issuance of the Securities have been complied with and that, to the best
of the knowledge of the signers of such certificate, that no Event of Default with respect to any
of the Securities shall have occurred and be continuing.

     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, obligations 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 301 and of the preceding paragraph, if all the
Securities of any series are not to be issued at one time, it shall not be necessary to deliver an
Officers’ Certificate otherwise required pursuant to Section 301 or a Company Order, or an Opinion
of Counsel or an Officers’ Certificate otherwise required pursuant to the preceding paragraph at
the time of issuance of each Security of such series, but such order, opinion and certificates,
with appropriate modifications to cover such future issuances, shall be delivered at or before the
time of issuance of the first Security of such series.

     Each Registered Security shall be dated the date of its authentication and each Bearer
Security shall be dated as of the date specified as contemplated by Section 301.

     No Security or coupon shall be entitled to any benefit under this Indenture or be valid or
obligatory for any purpose unless there appears on such Security or Security to which such coupon
appertains a certificate of authentication substantially in the form provided for herein duly
executed by the Trustee by manual signature of an authorized signatory, and such certificate upon
any Security shall be conclusive evidence, and the only evidence, that such Security has been duly
authenticated and delivered hereunder and is entitled to the benefits of this Indenture.
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 309 together with a written statement (which
need not comply with Section 102 and need not be accompanied by an Opinion of Counsel) stating that
such Security has never been issued and sold by the Company, for all purposes of this Indenture
such Security shall be deemed never to have been authenticated and delivered hereunder and shall
never be entitled to the benefits of this Indenture.

     SECTION 304. Temporary Securities. (a) Pending the preparation of definitive
Securities of any series, the Company may execute, and upon Company Order, the Trustee shall
authenticate and deliver, temporary Securities which are printed, lithographed, typewritten,
mimeographed or otherwise produced, in any authorized denomination, substantially of the tenor of
the definitive Securities in lieu of which they are issued, in registered form, or, if authorized,
in bearer form with one or more coupons or without coupons, and with such appropriate insertions,
omissions, substitutions and other variations as the officers executing such Securities may
determine, as conclusively evidenced by their execution of such Securities. In the case of
Securities of any series, such temporary Securities may be in global form.

 

 

     Except in the case of temporary Securities in global form (which shall be exchanged in
accordance with Section 304(b) or as otherwise provided in or pursuant to a Board Resolution), if
temporary Securities of any series are issued, the Company will cause definitive Securities of that
series to be prepared without unreasonable delay. After the preparation of definitive securities of
such series, the temporary Securities of such series shall be exchangeable for definitive
Securities of such series upon surrender of the temporary Securities of such series at the office
or agency of the Company in a Place of Payment for that series, without charge to the Holder. Upon
surrender for cancellation of any one or more temporary Securities of any series (accompanied by
any non-matured coupons appertaining thereto), the Company shall execute and the Trustee shall authenticate and
deliver in exchange therefor a like principal amount of definitive Securities of the same series of
authorized denominations; provided, however, that no definitive Bearer Security
shall be delivered in exchange for a temporary Registered Security; and provided further
that a definitive Bearer Security shall be delivered in exchange for a temporary Bearer Security
only in compliance with the conditions set forth in Section 303. 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.

     (b) Unless otherwise provided in or pursuant to a Board Resolution, this Section 304(b) shall
govern the exchange of temporary Securities issued in global form other than through the facilities
of The Depository Trust Company. If any such temporary Security is issued in global form, then such
temporary global Security shall, unless otherwise provided therein, be delivered to the London
office of a depositary or common depositary (the “Common Depositary”), for the benefit of Euroclear
and CEDEL, for credit to the respective accounts of the beneficial owners of such Securities (or to
such other accounts as they may direct).

     Without unnecessary delay but in any event not later than the date specified in, or determined
pursuant to the terms of, any such temporary global Security (the “Exchange Date”), the Company
shall deliver to the Trustee definitive Securities, in aggregate principal amount equal to the
principal amount of such temporary global Security, executed by the Company. On or after the
Exchange Date, such temporary global Security shall be surrendered by the Common Depositary to the
Trustee, as the Company’s agent for such purpose, to be exchanged, in whole or from time to time in
part, for definitive Securities without charge, and the Trustee shall authenticate and deliver, in
exchange for each portion of such temporary global Security, an equal aggregate principal amount of
definitive Securities of the same series of authorized denominations and of like tenor as the
portion of such temporary global Security to be exchanged. The definitive Securities to be
delivered in exchange for any such temporary global Security shall be in bearer form, registered
form, permanent global bearer form or permanent global registered form, or any combination thereof,
as specified as contemplated by Section 301, and, if any combination thereof is so specified, as
requested by the beneficial owner thereof; provided, however, that, unless
otherwise specified in such temporary global Security, upon such presentation by the Common
Depositary, such temporary global Security is accompanied by a certificate dated the Exchange Date
or a subsequent date and signed by Euroclear as to the portion of such temporary global Security
held for its account then to be exchanged and a certificate dated the Exchange Date or a subsequent
date and signed by CEDEL as to the portion of such temporary global Security held for its account
then to be exchanged, each in the form set forth in Exhibit A-2 to this Indenture or in such other
form as may be established pursuant to Section 301; and provided further that definitive
Bearer Securities shall be delivered in exchange for a portion of a temporary global Security only
in compliance with the requirements of Section 303.

     Unless otherwise specified in such temporary global Security, the interest of a beneficial
owner of Securities of a series in a temporary global Security shall be exchanged for definitive
Securities of the same series and of like tenor following the Exchange Date when the account holder
instructs Euroclear or CEDEL, as the case may be, to request such exchange on his behalf and
delivers to Euroclear or CEDEL, as the case may be, a certificate in the form set forth in Exhibit
A-1 to this Indenture (or in such other form as may be established pursuant to Section 301), dated
no earlier than 15 days prior to the Exchange Date, copies of which certificate shall be available
from the offices of Euroclear and CEDEL, the Trustee, any Authenticating Agent appointed for such
series of Securities and each Paying Agent. Unless otherwise specified in such temporary global
Security, any such exchange shall be made free of charge to the beneficial owners of such temporary
global Security, except that a Person receiving definitive Securities must bear the cost of
insurance, postage, transportation and the like unless such Person takes delivery of such
definitive Securities in person at the offices of Euroclear or CEDEL. Definitive Securities in
bearer form to be delivered in exchange for any portion of a temporary global Security shall be
delivered only outside the United States.

 

 

     Until exchanged in full as hereinabove provided, the temporary Securities of any series shall
in all respects be entitled to the same benefits under this Indenture as definitive Securities of
the same series and of like tenor authenticated and delivered hereunder, except that, unless
otherwise specified as contemplated by Section 301, interest payable on a temporary global Security
on an Interest Payment Date for Securities of such series occurring prior to the applicable
Exchange Date shall be payable to Euroclear and CEDEL on such Interest Payment Date upon delivery
by Euroclear and CEDEL to the Trustee of a certificate or certificates in the form set forth in
Exhibit A-2 to this Indenture (or in such other forms as may be established pursuant to Section
301), for credit without further interest on or after such Interest Payment Date to the respective accounts of Persons who
are the beneficial owners of such temporary global Security on such Interest Payment Date and who
have each delivered to Euroclear or CEDEL, as the case may be, a certificate dated no earlier than
15 days prior to the Interest Payment Date occurring prior to such Exchange Date in the form set
forth as Exhibit A-1 to this Indenture (or in such other forms as may be established pursuant to
Section 301). Notwithstanding anything to the contrary herein contained, the certifications made
pursuant to this paragraph shall satisfy the certification requirements of the preceding two
paragraphs of this Section 304(b) and of the third paragraph of Section 303 of this Indenture and
the interests of the Persons who are the beneficial owners of the temporary global Security with
respect to which such certification was made will be exchanged for definitive Securities of the
same series and of like tenor on the Exchange Date or the date of certification if such date occurs
after the Exchange Date, without further act or deed by such beneficial owners. Except as otherwise
provided in this paragraph, no payments of principal or interest owing with respect to a beneficial
interest in a temporary global Security will be made unless and until such interest in such
temporary
global Security shall have been exchanged for an interest in a definitive Security. Any interest so
received by Euroclear and CEDEL and not paid as herein provided shall be returned to the Trustee
prior to the expiration of two years after such Interest Payment Date in order to be repaid to the
Company.

     SECTION 305. Registration, Registration of Transfer and Exchange. The Company shall
cause to be kept at the Corporate Trust Office of the Trustee or in any office or agency of the
Company in a Place of Payment a register for each series of Securities (the registers maintained in
such office or in any such office or agency of the Company in a Place of Payment being herein
sometimes referred to collectively as the “Security Register”) in which, subject to such reasonable
regulations as it may prescribe, the Company shall provide for the registration of Registered
Securities and of transfers of Registered Securities. The Security Register shall be in written
form or any other form capable of being converted into written form within a reasonable time. The
Trustee, at its Corporate Trust Office, is hereby initially appointed “Security Registrar” for the
purpose of registering Registered Securities and transfers of Registered Securities on such
Security Register as herein provided. In the event that the Trustee shall cease to be Security
Registrar, it shall have the right to examine the Security Register at all reasonable times.

     Subject to the provisions of this Section 305, upon surrender for registration of transfer of
any Registered Security of any series at any office or agency of the Company in a Place of Payment
for that series, the Company shall execute, and the Trustee shall authenticate and deliver, in the
name of the designated transferee or transferees, one or more new Registered Securities of the same
series, of any authorized denominations and of a like aggregate principal amount, bearing a number
not contemporaneously outstanding, and containing identical terms and provisions.

     Subject to the provisions of this Section 305, at the option of the Holder, Registered
Securities of any series may be exchanged for other Registered Securities of the same series, of
any authorized denomination or denominations and of a like aggregate principal amount, containing
identical terms and provisions, upon surrender of the Registered Securities to be exchanged at any
such office or agency. Whenever any such Registered Securities are so surrendered for exchange, the
Company shall execute, and the Trustee shall authenticate and deliver, the Registered Securities
which the Holder making the exchange is entitled to receive. Unless otherwise specified with
respect to any series of Securities as contemplated by Section 301, Bearer Securities may not be
issued in exchange for Registered Securities.

     If (but only if) permitted by the applicable Board Resolution and (subject to Section 303) set
forth in the applicable Officers’ Certificate, or in any indenture supplemental hereto, delivered
as contemplated by Section 301, at the option of the Holder, Bearer Securities of any series may be
exchanged for Registered Securities of the same series of any authorized denominations and of a
like aggregate principal amount and tenor, upon surrender of the Bearer Securities to be exchanged
at any such office or agency, with all unmatured coupons and all matured coupons

 

 

in default thereto
appertaining. If the Holder of a Bearer Security is unable to produce any such unmatured coupon or
coupons or matured coupon or coupons in default, any such permitted exchange may be effected if the
Bearer Securities are accompanied by payment in funds acceptable to the Company in an amount equal
to the face amount of such missing coupon or coupons, or the surrender of such missing coupon or
coupons may be waived by the Company and the Trustee if there is furnished to them such security or
indemnity as they may require to save each of them and any Paying Agent harmless. If thereafter the
Holder of such Security shall surrender to any Paying Agent any such missing coupon in respect of
which such a payment shall have been made, such Holder shall be entitled to receive the amount of such payment; provided, however, that, except as
otherwise provided in Section 1002, interest represented by coupons shall be payable only upon
presentation and surrender of those coupons at an office or agency located outside the United
States. Notwithstanding the foregoing, in case a Bearer Security of any series is surrendered at
any such office or agency in a permitted exchange for a Registered Security of the same series and
like tenor after the close of business at such office or agency on (i) any Regular Record Date and
before the opening of business at such office or agency on the relevant Interest Payment Date, or
(ii) any Special Record Date and before the opening of business at such office or agency on the
related proposed date for payment of Defaulted Interest, such Bearer Security shall be surrendered
without the coupon relating to such Interest Payment Date or proposed date for payment, as the case
may be, and interest or Defaulted Interest, as the case may be, will not be payable on such
Interest Payment Date or proposed date for payment, as the case may be, in respect of the
Registered Security issued in exchange for such Bearer Security, but will be payable only to the
Holder of such
coupon when due in accordance with the provisions of this Indenture. Whenever any Securities are so
surrendered for exchange, the Company shall execute, and the Trustee shall authenticate and
deliver, the Securities which the Holder making the exchange is entitled to receive.

     Notwithstanding the foregoing, except as otherwise specified as contemplated by Section 301,
any permanent global Security shall be exchangeable only as provided in this paragraph. If the
depositary for any permanent global Security is “DTC,” then, unless the terms of such global
Security expressly permit such global Security to be exchanged in whole or in part for definitive
Securities, a global Security may be transferred, in whole but not in part, only to a nominee of
DTC, or by a nominee of DTC to DTC, or to a successor to DTC for such global Security selected or
approved by the Company or to a nominee of such successor to DTC. If at any time DTC notifies the
Company that it is unwilling or unable to continue as depositary for the applicable global Security
or Securities or if at any time DTC ceases to be a clearing agency registered under the Exchange
Act if so required by applicable law or regulation, the Company shall appoint a successor
depositary with respect to such global Security or Securities. If (x) a successor depositary for
such global Security or Securities is not appointed by the Company within 90 days after the Company
receives such notice or becomes aware of such unwillingness, inability or ineligibility, (y) an
Event of Default has occurred and is continuing and the beneficial owners representing a majority
in principal amount of the applicable series of Securities represented by such global Security or
Securities advise DTC to cease acting as depositary for such global Security or Securities or (z)
the Company, in its sole discretion, determines at any time that all Outstanding Securities (but
not less than all) of any series issued or issuable in the form of one or more global Securities
shall no longer be represented by such global Security or Securities, then the Company shall
execute, and the Trustee shall authenticate and deliver definitive Securities of like series, rank,
tenor and terms in definitive form in an aggregate principal amount equal to the principal amount
of such global Security or Securities. If any beneficial owner of an interest in a permanent global
Security is otherwise entitled to exchange such interest for Securities of such series and of like
tenor and principal amount of another authorized form and denomination, as specified as
contemplated by Section 301 and provided that any applicable notice provided in the permanent
global Security shall have been given, then without unnecessary delay but in any event not later
than the earliest date on which such interest may be so exchanged, the Company shall execute, and
the Trustee shall authenticate and deliver definitive Securities in aggregate principal amount
equal to the principal amount of such beneficial owner’s interest in such permanent global
Security. On or after the earliest date on which such interests may be so exchanged, such permanent
global Security shall be surrendered for exchange by DTC or such other depositary as shall be
specified in the Company Order with respect thereto to the Trustee, as the Company’s agent for such
purpose; provided, however, that no such exchanges may occur during a period
beginning at the opening of business 15 days before any selection of Securities to be redeemed and
ending on the relevant Redemption Date if the Security for which exchange is requested may be among
those selected for redemption; and provided further that no Bearer Security delivered in
exchange for a portion of a permanent global Security shall be mailed or otherwise delivered to any
location in the United States. If a Registered Security is issued in exchange for any portion of a
permanent global Security after the close of business at the office or agency where such exchange
occurs on (i) any Regular Record

 

 

Date and before the opening of business at such office or agency
on the relevant Interest Payment Date, or (ii) any Special Record Date and the opening of business
at such office or agency on the related proposed date for payment of Defaulted Interest, interest
or Defaulted Interest, as the case may be, will not be payable on such Interest Payment Date or
proposed date for payment, as the case may be, in respect of such Registered Security, but will be
payable on such Interest Payment Date or proposed date for payment, as the case may be, only to the
Person to whom interest in respect of such portion of such permanent global Security is payable in
accordance with the provisions of this Indenture.

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

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

     No service charge shall be made for any registration of transfer or exchange of Securities,
but the Company may require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any registration of transfer or exchange of
Securities, other than exchanges pursuant to Section 304, 906, 1107 or 1305 not involving any
transfer.

     The Company, or the Trustee, as applicable, shall not be required (i) to issue, register the
transfer of or exchange any Security if such Security may be among those selected for redemption
during a period beginning at the opening of business 15 days before selection of the Securities to
be redeemed under Section 1103 and ending at the close of business on (A) if such Securities are
issuable only as Registered Securities, the day of the mailing of the relevant notice of redemption
and (B) if such Securities are issuable as Bearer Securities, the day of the first publication of
the relevant notice of redemption or, if such Securities are also issuable as Registered Securities
and there is no publication, the mailing of the relevant notice of redemption, or (ii) to register
the transfer of or exchange any Registered Security so selected for redemption in whole or in part,
except, in the case of any Registered Security to be redeemed in part, the portion thereof not to
be redeemed, or (iii) to exchange any Bearer Security so selected for redemption except that such a
Bearer Security may be exchanged for a Registered Security of that series and like tenor,
provided that such Registered Security shall be simultaneously surrendered for redemption,
or (iv) to issue, register the transfer of or exchange any Security which has been surrendered for
repayment at the option of the Holder, except the portion, if any, of such Security not to be so
repaid.

     SECTION 306. Mutilated, Destroyed, Lost and Stolen Securities. If any mutilated
Security or a Security with a mutilated coupon appertaining to it is surrendered to the Trustee or
the Company, together with, in proper cases, such security or indemnity as may be required by the
Company or the Trustee to save each of them or any agent of either of them harmless, the Company
shall execute and the Trustee shall authenticate and deliver in exchange therefor a new Security of
the same series and principal amount, containing identical terms and provisions and bearing a
number not contemporaneously outstanding, with coupons corresponding to the coupons, if any,
appertaining to the surrendered Security.

     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 or coupon, and (ii) such security or
indemnity as may be required by them to save each of them and any agent of either of them harmless,
then, in the absence of notice to the Company or the Trustee that such Security or coupon has been
acquired by a bona fide purchaser, the Company shall execute and upon its request the Trustee shall
authenticate and deliver, in lieu of any such destroyed, lost or stolen Security or in exchange for
the Security to which a destroyed, lost or stolen coupon appertains (with all appurtenant coupons
not destroyed, lost or stolen), a new Security of the same series and principal amount, containing
identical terms and provisions and bearing a number not contemporaneously outstanding, with coupons
corresponding to the coupons, if any, appertaining to such destroyed, lost or stolen Security or to
the Security to which such destroyed, lost or stolen coupon appertains.

     Notwithstanding the provisions of the previous two paragraphs, in case any such mutilated,
destroyed, lost or stolen Security or coupon has become or is about to become due and payable, the
Company in its discretion may, instead of issuing a new Security, with coupons corresponding to the
coupons, if any, appertaining to such

 

 

destroyed, lost or stolen Security or to the Security to
which such destroyed, lost or stolen coupon appertains, pay such Security or coupon;
provided, however, that payment of the principal of (and premium, if any) and
interest on Bearer Securities shall, except as otherwise provided in Section 1002, be payable only
at an office or agency located outside the United States and, unless otherwise specified as
contemplated by Section 301, any interest on Bearer Securities shall be payable only upon
presentation and surrender of the coupons appertaining thereto.

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

     Every new Security of any series with its coupons, if any, issued pursuant to this Section in
lieu of any destroyed, lost or stolen Security, or in exchange for a Security to which a destroyed,
lost or stolen coupon
appertains, shall constitute an original additional contractual obligation of the Company,
whether or not the destroyed, lost or stolen Security and its coupons, if any, or the destroyed,
lost or stolen coupon 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 and their coupons, if any, 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 or coupons.

     SECTION 307. Payment of Interest; Interest Rights Preserved. Except as otherwise
specified with respect to a series of Securities in accordance with the provisions of Section 301,
interest on any Registered Security that 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 at the office or agency of the Company maintained for such purpose pursuant to
Section 1002; provided, however, that, except as otherwise provided with respect to
any series of Securities, or as provided below with respect to global Securities, each installment
of interest on any Registered Security may at the Company’s option be paid by (i) mailing a check
for such interest, payable to or upon the written order of the Person entitled thereto pursuant to
Section 308, to the address of such Person as it appears on the Security Register or (ii) transfer
to an account maintained by the payee located inside the United States.

     Unless otherwise provided as contemplated by Section 301 with respect to the Securities of any
series, payment of interest may be made, in the case of a Bearer Security, by transfer to an
account maintained by the payee with a bank located outside the United States.

     Unless otherwise provided as contemplated by Section 301, every permanent global Security will
provide that interest, if any, payable on any Interest Payment Date will be paid to DTC, Euroclear
and/or CEDEL, as the case may be, with respect to that portion of such permanent global Security
held for its account by Cede & Co. or the Common Depositary, as the case may be, for the purpose of
permitting such party to credit the interest received by it in respect of such permanent global
Security to the accounts of the beneficial owners thereof and that all payments with respect to
such permanent global Security shall be made by wire transfer of immediately available funds.

     In case a Bearer Security of any series is surrendered in exchange for a Registered Security
of such series after the close of business (at an office or agency in a Place of Payment for such
series) on any Regular Record Date and before the opening of business (at such office or agency) on
the next succeeding Interest Payment Date, such Bearer Security shall be surrendered without the
coupon relating to such Interest Payment Date and interest will not be payable on such Interest
Payment Date in respect of the Registered Security issued in exchange for such Bearer Security, but
will be payable only to the Holder of such coupon when due in accordance with the provisions of
this Indenture.

 

 

     Except as otherwise specified with respect to a series of Securities in accordance with the
provisions of Section 301, any interest on any Registered Security of any series that is payable,
but is not punctually paid or duly provided for, on any Interest Payment Date (herein called
“Defaulted Interest”) shall forthwith cease to be payable to the registered Holder thereof 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 Registered Securities of such series (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 Registered Security of such series and the date of the
proposed payment (which shall not be less than 20 days after such notice is received by the
Trustee), and at the same time the Company shall deposit with the Trustee an amount of money in the
currency or currencies, currency unit or units or composite currency or currencies in which the
Securities of such series are payable (except as otherwise specified pursuant to Section 301 for
the Securities of such series) 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 on or 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 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 Registered
Securities of such series at his address as it appears in the Security 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 an Authorized
Newspaper in each place of payment, but such publications 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 Registered Securities of such series (or
their respective Predecessor Securities) are registered at the close of business on such Special
Record Date and shall no longer be payable pursuant to the following clause (2). In case a Bearer
Security of any series is surrendered at the office or agency in a Place of Payment for such series
in exchange for a Registered Security of such series after the close of business at such office or
agency on any Special Record Date and before the opening of business at such office or agency on
the related proposed date for payment of Defaulted Interest, such Bearer Security shall be
surrendered without the coupon relating to such proposed date of payment and Defaulted Interest
will not be payable on such proposed date of payment in respect of the Registered Security issued
in exchange for such Bearer Security, but will be payable only to the Holder of such coupon when
due in accordance with the provisions of this Indenture.

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

     Subject to the foregoing provisions of this Section and Section 305, each Security delivered
under this Indenture upon registration of transfer of or in exchange for or in lieu of any other
Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried
by such other Security.

     SECTION 308. Persons Deemed Owners. Prior to due presentment of a Registered Security
for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee
may treat the Person in whose name such Registered Security is registered as the owner of such
Security for the purpose of receiving payment of principal of (and premium or Make-Whole Amount, if
any), and (subject to Sections 305 and 307) interest on, such Registered Security and for all other
purposes whatsoever, whether or not such Registered Security be overdue, and none of the Company,
the Trustee or any agent of the Company or the Trustee shall be affected by notice to the contrary.

 

 

     Title to any Bearer Security and any coupons appertaining thereto shall pass by delivery. The
Company, the Trustee and any agent of the Company or the Trustee may treat the Holder of any Bearer
Security and the Holder of any coupon as the absolute owner of such Security or coupon for the
purpose of receiving payment thereof or on account thereof and for all other purposes whatsoever,
whether or not such Security or coupon be overdue, and none of the Company, the Trustee or any
agent of the Company or the Trustee shall be affected by notice to the contrary.

     None of the Company, the Trustee, any Paying Agent or the Security Registrar will have any
responsibility or liability for any aspect of the records relating to or payments made on account
of beneficial ownership interests of a Security in global form or for maintaining, supervising or
reviewing any records relating to such beneficial ownership interests.

     Notwithstanding the foregoing, with respect to any global Security, nothing herein shall
prevent the Company, the Trustee, or any agent of the Company, or the Trustee, from giving effect
to any written certification or other authorization furnished by any depositary, as a Holder, with
respect to such global Security or impair, as between
such depositary and owners of beneficial interests in such global Security, the operation of
customary practices governing the exercise of the rights of such depositary (or its nominee) as
Holder of such global Security.

     SECTION 309. Cancellation. All Securities and coupons surrendered for payment,
redemption, repayment at the option of the Holder, registration of transfer or exchange or for
credit against any sinking fund payment shall, if surrendered to any Person other than the Trustee,
be delivered to the Trustee, and any such Securities and coupons and Securities and coupons
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 may deliver to the Trustee (or to any other Person for delivery to the Trustee) for
cancellation any Securities previously authenticated hereunder which the Company has not issued and
sold, and all Securities so delivered shall be promptly canceled by the Trustee. If the Company
shall so acquire any of the Securities, however, such acquisition shall not operate as a redemption
or satisfaction of the indebtedness represented by such Securities unless and until the same are
surrendered to the Trustee for cancellation. 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. Canceled Securities and coupons held by the Trustee shall be destroyed by the
Trustee and the Trustee shall deliver a certificate of such destruction to the Company, unless by
the Company Order, the Company directs the return of the canceled Securities and coupons.

     SECTION 310. Computation of Interest. Except as otherwise specified as contemplated by
Section 301 with respect to Securities of any series, interest on the Securities of each series
shall be computed on the basis of a 360-day year consisting of twelve 30-day months.

     SECTION 311. 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 FOUR

SATISFACTION AND DISCHARGE

     SECTION 401. Satisfaction and Discharge of Indenture. This Indenture shall upon
Company Request cease to be of further effect with respect to any series of Securities specified in
such Company Request (except as to any surviving rights of registration of transfer or exchange of
Securities of such series herein expressly provided for and any right to receive Additional
Amounts, as provided in Section 1009, and any right to convert Securities in accordance with their
terms), and the Trustee, upon receipt of a Company Order, and at the expense of the Company, shall
execute proper instruments acknowledging satisfaction and discharge of this Indenture as to such
series when,

 

 

     (1) either

          (A) all Securities of such series theretofore authenticated and delivered and all coupons, if
any, appertaining thereto (other than (i) coupons appertaining to Bearer Securities surrendered for
exchange for Registered Securities and maturing after such exchange, whose surrender is not
required or has been waived as provided in Section 305, (ii) Securities and coupons of such series
which have been destroyed, lost or
stolen and which have been replaced or paid as provided in Section 306, (iii) coupons appertaining
to Securities called for redemption and maturing after the relevant Redemption Date, whose
surrender has been waived as provided in Section 1106, and (iv) Securities and coupons of such
series 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 1003) have been delivered to the
Trustee for cancellation; or

          (B) all Securities of such series and, in the case of (i) or (ii) below, any coupons
appertaining thereto not theretofore delivered to the Trustee for cancellation

               (i) have become due and payable, or

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

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

     (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 as to such series have been complied with.

     Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the
Company to the Trustee and any predecessor Trustee under Section 606, the obligations of the
Company to any Authenticating Agent under Section 611 and, if money shall have been deposited with
and held by the Trustee pursuant to subclause (B) of clause (1) of this Section, the obligations of
the Trustee under Section 402 and the last paragraph of Section 1003 shall survive such
satisfaction and discharge.

     SECTION 402. Application of Trust Funds. Subject to the provisions of the last
paragraph of Section 1003, all money deposited with the Trustee pursuant to Section 401 shall be
held in trust and applied by it, in accordance with the provisions of the Securities, the coupons
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 any interest for whose payment such money has
deposited with or received by the Trustee, but such money need not be segregated from other funds
except to the extent required by law.

ARTICLE FIVE

REMEDIES

     SECTION 501. Events of Default. Except as otherwise provided with respect to any
series of Securities, “Event of Default,” wherever used herein with respect to any particular
series of Securities, means any one of the following events (whatever the reason for such Event of
Default and whether or not 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) unless such event is specifically deleted or modified in or
pursuant to the supplemental indenture, Board Resolution or Officers’ Certificate establishing the
terms of such series pursuant to this Indenture:

     (1) default in the payment of any interest on any Security of that series or of any coupon
appertaining thereto, when such interest or coupon becomes due and payable, and continuance of such
default for a period of 30 days; or

     (2) default in the payment of the principal of (or premium or Make- Whole Amount, if any, on)
any Security of that series when it becomes due and payable at its Maturity; or

     (3) default in the performance, or breach, of any covenant or warranty of the Company in this
Indenture with respect to any Security of that series (other than a covenant or warranty a default
in whose performance or whose breach is elsewhere in this Section specifically dealt with), and
continuance of such default or breach for a period of 60 days after there has been given, by
registered or certified mail to the Company, by the Trustee or to the Company, and the Trustee by
the Holders of at least 25% in principal amount of the Outstanding Securities of that series a
written notice specifying such default or breach and requiring it to be remedied and stating that
such notice is a “Notice of Default” hereunder; or

     (4) a default under any evidence of Recourse Indebtedness of the Company or under any
mortgage, indenture or other instrument of the Company (including a default with respect to
Securities of any series other than that series) under which there may be issued or by which there
may be secured any Recourse Indebtedness of the Company (or by any Subsidiary of the Company, the
repayment of which the Company has guaranteed or for which the Company is directly responsible or
liable as obligor or guarantor), whether such Recourse Indebtedness now exists or shall hereafter
be created, which default shall constitute a failure to pay an aggregate principal amount exceeding
$5,000,000 of Recourse Indebtedness of any or all such Persons when due and payable after the
expiration of any applicable grace period with respect thereto and shall have resulted in such
Recourse Indebtedness in an aggregate principal amount exceeding $5,000,000 becoming or being
declared due and payable before the date on which it would otherwise have become due and payable,
without such Recourse Indebtedness having been discharged; or

     (5) the Company or any Significant Subsidiary pursuant to or within the meaning of any
Bankruptcy Law:

          (A) commences a voluntary case,

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

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

          (D) makes a general assignment for the benefit of its creditors; or

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

          (A) is for relief against the Company or any Significant Subsidiary in an involuntary case,

          (B) appoints a Custodian of the Company or any Significant Subsidiary or for all or
substantially all of either of its property, or

          (C) orders the liquidation of the Company or any Significant Subsidiary, and the order or
decree remains unstayed and in effect for 90 days; or

     (7) the guarantee of any Security by a guarantor ceases to be, or is asserted in writing by
the Company or any guarantor not to be, in full force and effect or enforceable in accordance with
its terms; or

     (8) any other Event of Default provided with respect to Securities of that series. As used in
this Section 501, the term “Bankruptcy Law” means Title 11, U.S. Code, or any similar Federal or
State law for the relief of debtors and the term “Custodian” means any receiver, trustee, assignee,
liquidator or other similar official under any Bankruptcy Law.

     SECTION 502. Acceleration of Maturity; Rescission and Annulment. Except as otherwise
provided with respect to any series of Securities, if an Event of Default 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 (or, if any Securities are Original Issue
Discount Securities or Indexed Securities, such portion of the principal as may be specified in the
terms thereof) and premium (if any) 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 the Holders),
and upon any such declaration such principal and premium (if any) or specified portion thereof
shall 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 in the
currency, currency unit or composite currency in which the Securities of such series are payable
(except as otherwise specified pursuant to Section 301 for the Securities of such series):

          (A) all overdue installments of interest on all Outstanding Securities of that series and any
related coupons,

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

          (C) to the extent that payment of such interest is lawful, interest upon overdue installments
of interest at the rate or rates borne by or provided for in such Securities, and

          (D) 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

     (2) all Events of Default with respect to Securities of that series, other than the nonpayment
of the principal of (or premium, if any) or interest on Securities of that series which have become
due solely by such declaration of acceleration, have been cured or waived as provided in Section
513. No such rescission shall affect any subsequent default or impair any right consequent thereon.

     SECTION 503. 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 on any Security of any
series and any related coupon 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 (or premium, if any, on) any Security
of any series at its Maturity, then the Company will, upon demand of the Trustee, pay to the
Trustee, for the benefit of the Holders of such Securities of such series and coupons, the whole
amount then due and payable on such Securities and coupons for principal (and premium, if any) and
interest, with interest upon any overdue principal (and premium, if any) and, to the extent that
payment of such interest shall be legally enforceable, upon any overdue installments of interest,
at the rate or rates borne by or provided for in such Securities, and, in addition thereto, such
further amount as shall be sufficient to cover the costs and expenses of collection, including the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and
counsel.

     If the Company fails to pay such amounts forthwith upon such demand, the Trustee, in its own
name and as trustee of an express trust, may institute a judicial proceeding for the collection of
the sums so due and unpaid, and may prosecute such proceeding to judgment or final decree, and may
enforce the same against the Company, or any other obligor upon such Securities of such series 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 such Securities of such series, 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 and any related coupons 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 504. Trustee May File Proofs of Claim. In case of the pendency of any
receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment,
composition or other judicial proceeding relative to the Company or any other obligor upon the
Securities or the property of the Company or of such other obligor or their creditors, the Trustee
(irrespective of whether the principal of the Securities of any series shall then be due and
payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee
shall have made any demand on the Company for the payment of overdue principal, premium or
Make-Whole Amount, if any, or interest) shall be entitled and empowered, by intervention in such
proceeding or otherwise:

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

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

     and any custodian, receiver, assignee, trustee, liquidator, sequestrator (or other similar
official) in any such judicial proceeding is hereby authorized by each Holder of Securities of such
series and coupons to make such payments to the Trustee, and in the event that the Trustee shall
consent to the making of such payments directly to the Holders, to pay to the Trustee any amount
due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee and
any predecessor Trustee, their agents and counsel, and any other amounts due the Trustee or any
predecessor Trustee under Section 606.

     Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to
or accept or adopt on behalf of any Holder of a Security or coupon any plan of reorganization,
arrangement, adjustment or composition affecting the Securities or coupons or the rights of any
Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder of a
Security or coupon in any such proceeding.

     SECTION 505. Trustee May Enforce Claims Without Possession of Securities or Coupons.
All rights of action and claims under this Indenture or any of the Securities or coupons may be
prosecuted and enforced by the Trustee without the possession of any of the Securities or coupons
or the production thereof in any proceeding relating thereto, and any such proceeding instituted by
the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of
judgment shall, after provision for the payment of the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of
the Holders of the Securities and coupons in respect of which such judgment has been recovered.

     SECTION 506. Application of Money Collected. Any money collected by the Trustee
pursuant to this Article shall be applied in the following order, at the date or dates fixed by the
Trustee and, in case of the
distribution of such money on account of principal (or premium, if any) or interest, upon
presentation of the Securities or coupons, or both, as the case may be, 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
606;

     SECOND: To the payment of the amounts then due and unpaid upon the Securities and coupons for
principal (and premium, if any) and interest payable, 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 aggregate amounts due and payable on such Securities and coupons for principal (and premium,
if any) and interest, respectively; and

     THIRD: To the payment of the remainder, if any, to the Company or the Person or Persons
entitled thereto.

 

 

     SECTION 507. Limitation on Suits. No Holder of any Security of any series or any
related coupon shall have any right to institute any proceeding, judicial or otherwise, with
respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy
hereunder, unless:

     (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 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 indemnity
has failed to institute any such proceeding; and

     (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 of, any provision of this Indenture to
affect, disturb or prejudice the rights of any other of such Holders, 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 508. Unconditional Right of Holders to Receive Principal (Premium, if any) and
Interest. Notwithstanding any other provision in this Indenture, the Holder of any Security or
coupon shall have the right which is absolute and unconditional to receive payment of the principal
of (and premium, if any) and (subject to Sections 305 and 307) interest on such Security or payment
of such coupon on the respective due dates expressed in such Security or coupon (or, in the case of
redemption, on the Redemption Date) and to institute suit for the enforcement of any such payment,
and such rights shall not be impaired without the consent of such Holder.

     SECTION 509. Restoration of Rights and Remedies. If the Trustee or any Holder of a
Security or coupon has instituted any proceeding to enforce any right or remedy under this
Indenture and such proceeding has been discontinued or abandoned for any reason, or has been
determined adversely to the Trustee or to such Holder, then and in every such case, the Company,
the Trustee and the Holders of Securities and coupons 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 and the Holders shall continue as though no such
proceeding had been instituted.

     SECTION 510. Rights and Remedies Cumulative. Except as otherwise provided with respect
to the replacement or payment of mutilated, destroyed, lost or stolen Securities or coupons in the
last paragraph of Section 306, no right or remedy herein conferred upon or reserved to the Trustee
or to the Holders of Securities or coupons is intended to be exclusive of any other right or
remedy, and every right and remedy shall, to the extent permitted by law, be cumulative and in
addition to every other right and remedy given hereunder or now or hereafter existing at law or in
equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise,
shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

     SECTION 511. Delay or Omission Not Waiver. No delay or omission of the Trustee or of
any Holder of any Security or coupon to exercise any right or remedy accruing upon any Event of
Default shall impair any such right or remedy or constitute a waiver of any such Event of Default
or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee
or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by
the Trustee or by the Holders of Securities or coupons, as the case may be.

     SECTION 512. Control by Holders of Securities. The Holders of not less than 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) the Trustee need not take any action which might involve it in personal liability or be
unduly prejudicial to the Holders of Securities of such series not joining therein.

     SECTION 513. Waiver of Past Defaults. The Holders of not less than a majority in
principal amount of the Outstanding Securities of any series may on behalf of the Holders of all
the Securities of such series and any related coupons waive any past default hereunder with respect
to such series and its consequences, except a default

     (1) in the payment of the principal of (or premium, if any) or interest on any Security of
such series or any related coupons, or

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

     Upon any such waiver, such default shall cease to exist, and any Event of Default arising
therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such
waiver shall extend to any subsequent or other default or Event of Default or impair any right
consequent thereon.

     SECTION 514. 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.

     SECTION 515. 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 any undertaking to pay the costs of such suit, and
that such court may in its discretion assess reasonable costs, including reasonable attorneys’
fees, against any party litigant in such suit having due regard to the merits and good faith of the
claims or defenses made by such party litigant; but the provisions of this Section shall not apply to any suit
instituted by the 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, or to any suit
instituted by any Holder for the enforcement of the payment of the principal of (or premium or
Make-Whole Amount, if any) or interest on any Security on or after the respective Stated Maturities
expressed in such Security (or, in the case of redemption, on or after the Redemption Date).

ARTICLE SIX

THE TRUSTEE

     SECTION 601. Notice of Defaults. Within 90 days after the occurrence of any default
hereunder with respect to the Securities of any series, the Trustee shall transmit in the manner
and to the extent provided in TIA Section 313(c), notice of such default hereunder known to the
Trustee, 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 on any Security of such series, or in the payment of any sinking fund installment with
respect to the Securities of such series, the Trustee shall be protected in withholding such notice
if and so long as Responsible Officers of the Trustee in good faith determine that the withholding
of such notice is in the interests of the Holders of the Securities and coupons of such series; and
provided further that in the case of any default or breach of the character specified in
Section 501(3) with respect to the Securities and coupons of such series, no such notice to Holders
shall be given until at least 60 days after the occurrence thereof. 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 the Securities of such series.

     SECTION 602. Certain Rights of Trustee. Subject to the provisions of TIA Section
315(a) through 315(d):

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

     (2) any request or direction of the Company mentioned herein shall be sufficiently evidenced
by a Company Request or Company Order (other than delivery of any Security, together with any
coupons appertaining thereto, to the Trustee for authentication and delivery pursuant to Section
303 which shall be sufficiently evidenced as provided therein) and any resolution of the Board of
Directors may be sufficiently evidenced by a Board Resolution;

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

     (4) the Trustee may consult with counsel 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;

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

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

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

     (8) the Trustee shall not be liable for any action taken, suffered or omitted 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. The Trustee shall not be required to expend or risk its own
funds or otherwise incur any financial liability in the performance of any of its duties hereunder,
or in the exercise of any of its rights or powers, if it shall have reasonable grounds for
believing that repayment of such funds or adequate indemnity against such risk or liability is not
reasonably assured to it. Except during the continuance of an Event of Default, the Trustee
undertakes to perform 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.

     SECTION 603. Not Responsible for Recitals or Issuance of Securities. The recitals
contained herein and in the Securities, except the Trustee’s
certificate of authentication, and in any coupons 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 or
coupons, except that the Trustee represents that it is duly authorized to execute and deliver this
Indenture, authenticate the Securities and perform its obligations hereunder. Neither the Trustee
nor any Authenticating Agent shall be accountable for the use or application by the Company of
Securities or the proceeds thereof.

     SECTION 604. May Hold Securities. The Trustee, any Paying Agent, Security Registrar,
Authenticating Agent or any other agent of the Company, in its individual or any other capacity,
may become the owner or pledgee

 

 

of Securities and coupons and, subject to TIA Sections 310(b) and 311, may otherwise deal with
the Company with the same rights it would have if it were not the Trustee, Paying Agent, Security
Registrar, Authenticating Agent or such other agent.

     SECTION 605. 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 with the
Company.

     SECTION 606. Compensation and Reimbursement. The Company agrees:

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

     (2) except as otherwise expressly provided herein, to reimburse each of the Trustee and any
predecessor 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 loss, liability or expense incurred without negligence or bad faith on its own part,
arising out of or in connection with the acceptance or administration of the trust or trusts
hereunder, including the costs and expenses of defending itself against any claim or liability in
connection with the exercise or performance of any of its powers or duties hereunder.

     When the Trustee incurs expenses or renders services in connection with an Event of Default
specified in Section 501(5) or Section 501(6), the expenses (including the reasonable charges and
expenses of its counsel) and the compensation for the services are intended to constitute expenses
of administration under any applicable Federal or state bankruptcy, insolvency or other similar
law.

     As security for the performance of the obligations of the Company under this Section, the
Trustee shall have a lien prior to the Securities upon all property and funds held or collected by
the Trustee as such, except funds held in trust for the payment of principal of (or premium, if
any) or interest on particular Securities or any coupons.

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

     SECTION 607. Corporate Trustee Required; Eligibility; Conflicting Interests. There
shall at all times be a Trustee hereunder which shall be eligible to act as Trustee under TIA
Section 310(a)(1) and shall have 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 the requirements
of Federal, State, Territorial or District of Columbia 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.

     SECTION 608. 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 in accordance with the applicable requirements of Section 609.

     (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 such notice of
resignation, the resigning Trustee may petition any court of competent jurisdiction for the
appointment of a successor Trustee.

 

 

     (c) The Trustee may be removed at any time 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 the Company.

     (d) If at any time:

          (1) the Trustee shall fail to comply with the provisions of TIA Section 310(b) after written
request therefor by the Company or by any Holder of a Security 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 607 and shall fail to resign after
written request therefor by the Company or by any Holder of a Security who has been a bona fide
Holder of a Security for at least six months, 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 by or pursuant to a Board
Resolution may remove the Trustee and appoint a successor Trustee with respect to all Securities,
or (ii) subject to TIA Section 315(e), any Holder of a Security 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 or pursuant to a Board Resolution, shall promptly appoint a successor
Trustee or Trustees with respect to the Securities of that or those series (it being understood that any such successor Trustee may be
appointed with respect to the Securities of one or more or all of such series and that at any time
there shall be only one Trustee with respect to the Securities of any particular series). If,
within one year after such resignation, removal or incapacity, 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 or such appointment, become the successor Trustee with respect to the Securities of such
series and to that extent 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 of Securities and accepted appointment in the manner hereinafter provided, any Holder
of a Security who has been a bona fide Holder of a Security of such series for at least six months
may, on behalf of himself and all others similarly situated, petition any court of competent
jurisdiction for the appointment of a successor Trustee with respect to 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 Trustee with respect to
the Securities of any series in the manner provided for notices to the Holders of Securities in
Section 106. 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 609. 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 shall execute, acknowledge and deliver to the Company and
the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or
removal of the retiring Trustee shall become effective and such successor Trustee, without any
further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties
of the retiring Trustee; but, on request of the Company or the successor Trustee, such retiring
Trustee shall, upon payment of its charges, execute and deliver an instrument transferring to such
successor Trustee all the rights, powers and trusts of the retiring Trustee, and shall duly assign,
transfer and deliver to such successor Trustee all property and money held by such retiring Trustee
hereunder, subject nevertheless to its claim, if any, provided for in Section 606.

 

 

     (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, pursuant to Article Nine hereof, 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 Trustee all
such 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 610. 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 or
coupons 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 of coupons so authenticated with the same effect as if
such successor Trustee had itself authenticated such Securities or coupons. In case any Securities
or coupons shall not have been authenticated by such predecessor Trustee, any such successor
Trustee may authenticate and deliver such Securities or coupons, in either its own name or that of
its predecessor Trustee, with the full force and effect which this Indenture provides for the
certificate of authentication of the Trustee.

     SECTION 611. Appointment of Authenticating Agent. At any time when any of the
Securities remain Outstanding, 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 exchange, registration of transfer or
partial redemption or repayment thereof, 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. Any such appointment shall be evidenced by an instrument in writing
signed by a Responsible Officer of the Trustee, a copy of which instrument shall be promptly
furnished to the Company. Wherever reference is made in this Indenture to the authentication and
delivery of Securities by the Trustee or the Trustee’s certificate of authentication, such
reference shall be deemed to include authentication and delivery on behalf of the Trustee by an
Authenticating Agent and a certificate of authentication executed on behalf of the Trustee by an
Authenticating Agent. Each Authenticating Agent shall be acceptable to the Company and shall at all
times be a bank or trust company or corporation organized and doing business and in good standing
under the laws of the United States of America or of any State 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 authorities. If such Authenticating Agent
publishes reports of condition at least annually, pursuant to law or the requirements of the
aforesaid supervising or examining authority, then for the purposes of this Section, the combined
capital and surplus of such Authenticating Agent shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published. In case 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 the corporate
agency or corporate trust business of an Authenticating Agent, shall continue to be an
Authenticating Agent, provided such corporation shall be otherwise eligible under this Section,
without the execution or filing of any paper or further act on the part of the Trustee or the
Authenticating Agent.

     An Authenticating Agent for any series of Securities may at any time resign by giving written
notice of resignation to the Trustee for such series and to the Company. The Trustee for any series
of Securities may at any time terminate the agency of an Authenticating Agent by giving written
notice of termination to such Authenticating Agent and 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 for such series
may appoint a successor Authenticating Agent which shall be acceptable to the Company and shall
give notice of such appointment to all Holders of Securities of the series with respect to which
such Authenticating Agent will serve in the manner set forth in Section 106. 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 herein. No successor Authenticating Agent shall be appointed unless
eligible under the provisions of this Section.

     The Company agrees to pay to each Authenticating Agent from time to time reasonable
compensation including reimbursement of its reasonable expenses 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 or in lieu of the Trustee’s
certificate of authentication, an alternate certificate of authentication substantially in the
following form:

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

	 	 	 	 	 
	 	[BANK], as Trustee

 	 
	 	By:  	 	 
	 	 	as Authenticating Agent 	 

	 	 	 	 	 
	 	By:  	 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 

 

 

ARTICLE SEVEN

HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY

     SECTION 701. Disclosure of Names and Addresses of Holders. Every Holder of Securities
or coupons, by receiving and holding the same, agrees with the Company and the Trustee that neither
the Company nor the Trustee nor any Authenticating Agent nor any Paying Agent nor any Security
Registrar shall be held accountable by reason of the disclosure of any information as to the names
and addresses of the Holders of Securities in accordance with TIA Section 312, regardless of the
source from which such information was derived, and that the Trustee shall not be held accountable
by reason of mailing any material pursuant to a request made under TIA Section 312(b).

     SECTION 702. Reports by Trustee. Within 60 days after October 1 of each year
commencing with the first October 1 after the first issuance of Securities pursuant to this
Indenture, the Trustee shall transmit by mail to all Holders of Securities as provided in TIA
Section 313(c) a brief report dated as of such October 1 if required by TIA Section 313(a).

     SECTION 703. Reports by Company. The Company will:

     (1) deliver to the Trustee and each Holder, within 15 days after the same are filed with the
Commission, copies of all reports and information (or copies of such portions of any of the
foregoing as the Commission may by rules and regulations prescribe), if any, exclusive of exhibits,
which the Company and any guarantors are required to file with the Commission pursuant to Section
13 or 15(d) of the Exchange Act or pursuant to the immediately following sentence. So long as any
Securities remain outstanding, the Company and any Subsidiary guarantors shall file with the
Commission such reports as may be required pursuant to Section 13 of the Exchange Act in respect of
a security registered pursuant to Section 12 of the Exchange Act. If the Company or any Subsidiary
guarantors are not subject to the requirements of Section 13 or 15(d) of the Exchange Act (or
otherwise required to file reports pursuant to the immediately preceding sentence), the Company
shall deliver to the Trustee and to each Holder, within 15 days after the Company and any
Subsidiary guarantors would have been required to file such information with the Commission were
they required to do so, financial statements, including any notes thereto (and, in the case of a
fiscal year end, an auditors’ report by an independent certified public accounting firm of
established national reputation), and a “Management’s Discussion and Analysis of Financial
Condition and Results of Operations,” substantially equivalent to that which they would have been
required to include in such quarterly or annual reports, information, documents or other reports if
they had been subject to the requirements of Section 13 or 15(d) of the Exchange Act.
Notwithstanding the foregoing, to the extent then permitted by federal securities laws or regulations or “no-action” letters interpreting such laws or regulations,
separate financial statements and other information of any Subsidiary guarantors shall not be
required. The Company and any Subsidiary guarantors shall also comply with the other provisions of
TIA Section 314(a);

     (2) file with the Trustee and the Commission, in accordance with rules and regulations
prescribed from time to time by the Commission, such additional information, documents and reports
with respect to compliance by the Company with the conditions and covenants of this Indenture as
may be required from time to time by such rules and regulations; and

     (3) transmit by mail to the Holders of Securities, within 30 days after the filing thereof
with the Trustee, in the manner and to the extent provided in TIA Section 313(c), such summaries of
any information, documents and reports required to be filed by the Company pursuant to paragraphs
(1) and (2) of this Section as may be required by rules and regulations prescribed from time to
time by the Commission.

     SECTION 704. The 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 later than 15 days after the Regular Record Date for interest for each
series of Securities, a list, in such form as the Trustee may reasonably require, of the names and
addresses of the Holders of Registered Securities of such series as of such Regular Record Date, or
if there is no Regular Record Date for interest for such series of Securities, semi- annually, upon
such dates as are set forth in the Board Resolution or indenture supplemental hereto authorizing
such series, 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, provided, however,
that, so long as the Trustee is the Security Registrar, no such list shall be required to be
furnished.

ARTICLE EIGHT

CONSOLIDATION, MERGER, SALE, LEASE OR CONVEYANCE

     SECTION 801. Consolidations and Mergers of Company and Sales, Leases and Conveyances
Permitted Subject to Certain Conditions. Except as otherwise provided with respect to any
series of Securities, the Company may consolidate with, or sell, lease or convey all or
substantially all of its assets to, or merge with or into any other entity, provided that in any
such case, (i) the Company will be the continuing entity, or the successor entity will be an entity
organized and existing under the laws of the United States or a State thereof and such successor
entity expressly assumes the due and punctual performance and observance of all of the covenants
and conditions of this Indenture to be performed by the Company by supplemental indenture,
complying with Article Nine hereof, satisfactory to the Trustee, executed and delivered to the
Trustee by such entity and (ii) immediately after giving effect to such transaction and treating
any indebtedness which becomes an obligation of the Company or any Subsidiary as a result thereof
as having been incurred by the Company or such Subsidiary at the time of such transaction, no Event
of Default, and no event which, after notice or the lapse of time, or both, would become an Event
of Default, shall have occurred and be continuing.

     SECTION 802. Rights and Duties of Successor Entity. In case of any such consolidation,
merger, sale, lease or conveyance and upon any such assumption by the successor entity, such
successor entity shall succeed to and be substituted for the Company with the same effect as if it
had been named herein as the Company, and the predecessor entity, except in the event of a lease,
shall be relieved of any further obligation under this Indenture and the Securities. Any such
successor entity of the Company thereupon 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
order of such successor entity, instead of the Company, and subject to all the terms, conditions
and limitations in this Indenture prescribed, the Trustee shall authenticate and shall deliver any
Securities which previously shall have been signed and delivered by the officers of the Company to
the Trustee for authentication, and any Securities which such successor entity thereafter shall
cause to be signed and delivered to the Trustee for that purpose. 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, lease or conveyance, such changes in
phraseology and form (but not in substance) may be made in the Securities thereafter to be issued
as may be appropriate.

     SECTION 803. Officers’ Certificate and Opinion of Counsel. Any consolidation, merger,
sale, lease or conveyance permitted under Section 801 is also subject to the condition that the
Trustee receive an Officers’ Certificate and an Opinion of Counsel to the effect that any such
consolidation, merger, sale, lease or conveyance, and the assumption by any successor entity,
complies with the provisions of this Article and that all conditions precedent herein provided for
relating to such transaction have been complied with.

ARTICLE NINE

SUPPLEMENTAL INDENTURES

     SECTION 901. Supplemental Indentures Without Consent of Holders. Without the consent
of any Holders of Securities or coupons, the Company, when authorized by or pursuant to a Board
Resolution, and the Trustee, at any time and from time to time, may enter into one or more
indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following
purposes:

     (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 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

     (3) to add any additional Events of Default for the benefit of the Holders of all or any
series of Securities (and if such Events of Default are to be for the benefit of less than all
series of Securities, stating that such Events of Default are expressly being included solely for
the benefit of such series); provided, however, that in respect of any such
additional Events of Default such supplemental indenture may provide for a particular period of
grace after default (which period may be shorter or longer than that allowed in the case of other
defaults) or may provide for an immediate enforcement upon such default or may limit the remedies
available to the Trustee upon such default or may limit the right of the Holders of a majority in
aggregate principal amount of that or those series of Securities to which such additional Events of
Default apply to waive such default; or

     (4) to add to or change any of the provisions of this Indenture to provide that Bearer
Securities may be registrable as to principal, to change or eliminate any restrictions on the
payment of principal of or any premium or interest on Bearer Securities, to permit Bearer
Securities to be issued in exchange for Registered Securities, to permit Bearer Securities to be
issued in exchange for Bearer Securities of other authorized denominations or to permit or
facilitate the issuance of Securities in uncertificated form, provided that any such action shall
not adversely affect the interests of the Holders of Securities of any series or any related
coupons in any material respect; or

     (5) 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

     (6) to secure the Securities; or

     (7) to establish the form or terms of Securities of any series and any related coupons as
permitted by Sections 201 and 301, including any provisions and procedures relating to Securities
convertible into Capital Stock; 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; or

     (9) (a) to cure any ambiguity, (b) to correct or supplement any provision herein which may be
defective or inconsistent with any other provision herein, or (c) to make any other provisions with
respect to matters or questions arising under this Indenture which shall not be inconsistent with
the provisions of this Indenture, provided such provisions do not adversely affect the interests of
the Holders of Securities of any series or any related coupons in any material respect; or

     (10) to supplement any of the provisions of this Indenture to such extent as shall be
necessary to permit or facilitate the defeasance and discharge of any series of Securities pursuant
to Sections 1301, 1302 and 1303; provided that any such action shall not adversely affect the
interests of the Holders of Securities of such series and any related coupons or any other series
of Securities in any material respect; or

     (11) to make any change that does not adversely affect the legal rights under this Indenture
of any Holder of Debt Securities of any series; or

     (12) to add a guarantor of the Securities.

     SECTION 902. Supplemental Indentures with Consent of Holders. With the consent of the
Holders of not less than a majority in principal amount of all Outstanding Securities affected by
such supplemental indenture, by Act of said Holders delivered to the Company and the Trustee, the
Company, when authorized by or pursuant to 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 and any related coupons under this Indenture; provided,

 

 

however, that no such supplemental indenture shall, without the consent of the Holder of each
Outstanding Security affected thereby:

     (1) change the Stated Maturity of the principal of (or premium, if any, on) or any installment
of principal of or interest on, any Security; or reduce the principal amount thereof or the rate or
amount of interest thereon, or any premium payable upon the redemption thereof, or change any
obligation of the Company to pay Additional Amounts pursuant to Section 1009 (except as
contemplated by Section 801(1) and permitted by Section 901(1)), or reduce the amount of the
principal of an Original Issue Discount Security that would be due and payable upon a declaration
of acceleration of the Maturity thereof pursuant to Section 502 or the amount thereof provable in
bankruptcy pursuant to Section 504, or adversely affect any right of repayment at the option of the
Holder of any Security, or change any Place of Payment where, or the currency or currencies,
currency unit or units or composite currency or currencies in which, any Security or any premium or
the 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 or repayment
at the option of the Holder, on or after the Redemption Date or the Repayment Date, as the case may
be), 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 with respect to such series (or 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 or Section 513, except to increase the
required percentage to effect such action or to provide that certain other provisions of this
Indenture cannot be modified or waived without the consent of the Holder of each Outstanding
Security affected thereby, or

     (4) release any guarantors from their guarantees of the Securities, or, except as contemplated
in any supplemental indenture, make any change in a guarantee of a Security that would adversely
affect the interests of the Holders, or

     (5) modify the ranking or priority of the Securities.

     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.

     A supplemental indenture which changes or eliminates any covenant or other provision of this
Indenture which has expressly been included solely for the benefit of one or more particular series
of Securities, or which modifies the rights of the Holders of 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 of any other series.

     SECTION 903. Execution of Supplemental Indentures. In executing, or accepting the
additional trusts created by, any supplemental indenture permitted by this Article or the
modification thereby of the trusts created by this Indenture, the Trustee shall be entitled to
receive, and shall be fully protected in relying upon, an Opinion of Counsel stating that the
execution of such supplemental indenture is authorized or permitted by this Indenture. The Trustee
may, but shall not be obligated to, enter into any such supplemental indenture which affects the
Trustee’s own rights, duties or immunities under this Indenture or otherwise.

     SECTION 904. Effect of Supplemental Indentures. Upon the execution of any supplemental
indenture under this Article, this Indenture shall be modified in accordance therewith, and such
supplemental indenture shall form a part of this Indenture for all purposes; and every Holder of
Securities theretofore or thereafter authenticated and delivered hereunder and of any coupon
appertaining thereto shall be bound thereby.

     SECTION 905. 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 906. Reference in Securities to Supplemental Indentures. Securities of any
series authenticated and delivered after the execution of any supplemental indenture pursuant to
this Article may, and shall, if required by the Trustee, bear a notation in form approved by the
Trustee as to any matter provided for in such supplemental indenture. If the Company shall so
determine, new Securities of any series so modified as to conform, in the opinion

 

 

of the Trustee and the Company, to any such supplemental indenture may be prepared and
executed by the Company and authenticated and delivered by the Trustee in exchange for Outstanding
Securities of such series.

     SECTION 907. Notice of Supplemental Indentures. Promptly after the execution by the
Company and the Trustee of any supplemental indenture pursuant to the provisions of Section 902,
the Company shall give notice thereof to the Holders of each Outstanding Security affected, in the
manner provided for in Section 106, setting forth in general terms the substance of such
supplemental indenture.

ARTICLE TEN

COVENANTS

     SECTION 1001. Payment of Principal (and Premium, if any) and Interest. The Company
covenants and agrees for the benefit of the Holders of each series of Securities that it will duly
and punctually pay the principal of (and premium, if any) and interest on the Securities of that
series in accordance with the terms of such series of Securities, any coupons appertaining thereto
and this Indenture. Unless otherwise specified as contemplated by Section 301 with respect to any
series of Securities, any interest due on and any Additional Amounts payable in respect of Bearer
Securities on or before Maturity, other than Additional Amounts, if any, payable as provided in
Section 1009 in respect of principal of (or premium, if any, on) such a Security, shall be payable
only upon presentation and surrender of the several coupons for such interest installments as are
evidenced thereby as they severally mature. Unless otherwise specified with respect to Securities
of any series pursuant to Section 301, at the option of the Company, all payments of principal may
be paid by check to the registered Holder of the Registered Security or other person entitled
thereto against surrender of such Security.

     SECTION 1002. Maintenance of Office or Agency. If Securities of a series are issuable
only as Registered Securities, the Company shall 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 or conversion, where Securities of that series may be surrendered for registration of
transfer or 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. If Securities of a series are issuable
as Bearer Securities, the Company will maintain: (A) in the Borough of Manhattan, The City of New
York, an office or agency where any Registered Securities of that series may be presented or
surrendered for payment or conversion, where any Registered Securities of that series may be
surrendered for registration of transfer, where Securities of that series may be surrendered for
exchange, where notices and demands to or upon the Company in respect of the Securities of that
series and this Indenture may be served and where Bearer Securities of that series and related
coupons may be presented or surrendered for payment or conversion in the circumstances described in
the following paragraph (and not otherwise); (B) subject to any laws or regulations applicable
thereto, in a Place of Payment for that series which is located outside the United States, an
office or agency where Securities of that series and related coupons may be presented and
surrendered for payment (including payment of any Additional Amounts payable on Securities of that
series pursuant to Section 1009) or conversion; provided, however, that if the
Securities of that series are listed on the Luxembourg Stock Exchange or any other stock exchange
located outside the United States and such stock exchange shall so require, the Company will
maintain a Paying Agent for the Securities of that series in Luxembourg or any other required city
located outside the United States, as the case may be, so long as the Securities of that series are
listed on such exchange; and (C) subject to any laws or regulations applicable thereto, in a Place
of Payment for that series located outside the United States an office or agency where any
Registered Securities of that series may be surrendered for registration of transfer, where
Securities of that series may be surrendered for 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 will give prompt written notice to the Trustee of the location, and any change in the
location, of each such office or agency. If at any time the Company shall fail to maintain any such
required office or agency or shall fail to furnish the Trustee with the address thereof, such
presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office
of the Trustee, except that Bearer Securities of that series and the related coupons may be
presented and surrendered for payment (including payment of any Additional Amounts payable on
Bearer Securities of that series pursuant to Section 1009) or conversion at the offices specified
in the Security, in London, England, and the Company hereby appoint the same as its agent to
receive such respective presentations, surrenders, notices and demands, and the Company hereby
appoint the Trustee its agent to receive all such presentations, surrenders, notices and demands.

 

 

     Unless otherwise specified with respect to any Securities pursuant to Section 301, no payment
of principal, premium or interest on Bearer Securities shall be made at any office or agency of the
Company in the United States or by check mailed to any address in the United States or by transfer
to an account maintained with a bank located in the United States; provided,
however, that, if the Securities of a series are payable in Dollars, payment of principal
of and any premium and interest on any Bearer Security (including any Additional Amounts payable on
Securities of such series pursuant to Section 1009) shall be made at the office of the Company’s
Paying Agent in the Borough of Manhattan, The City of New York, if (but only if) payment in Dollars
of the full amount of such principal, premium or interest, as the case may be, at all offices or
agencies outside the United States maintained for the purpose by the Company in accordance with
this Indenture, is illegal or effectively precluded by exchange controls or other similar
restrictions.

     The Company may from time to time designate one or more other offices or agencies where the
Securities of one or more series 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 accordance with the requirements set forth above for Securities of
any series for such purposes. The Company will give prompt written notice to the Trustee of any
such designation or rescission and of any change in the location of any such other office or
agency. Unless otherwise specified with respect to any Securities pursuant to Section 301 with
respect to a series of Securities, the Company hereby designates as a Place of Payment for each
series of Securities the office or agency of the Company in the Borough of Manhattan, The City of
New York, and initially appoints the Trustee at its Corporate Trust Office as Paying Agent in such
city and as its agent to receive all such presentations, surrenders, notices and demands.

     Unless otherwise specified with respect to any Securities pursuant to Section 301, if and so
long as the Securities of any series (i) are denominated in a Foreign Currency or (ii) may be
payable in a Foreign Currency, or so long as it is required under any other provision of the
Indenture, then the Company will maintain with respect to each such series of Securities, or as so
required, at least one exchange rate agent.

     SECTION 1003. Money for Securities 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 any Securities and any
related coupons, it will, on or before each due date of the principal of (and premium, if any), or
interest on, any of the Securities of that series, segregate and hold in trust for the benefit of
the Persons entitled thereto a sum in the currency or currencies, currency unit or units or
composite currency or currencies in which the Securities of such series are payable (except as
otherwise specified pursuant to Section 301 for the Securities of such series) sufficient to pay
the principal (and premium, if any) or interest so becoming due until such sums shall be paid to
such Persons or otherwise disposed of as herein provided, and will promptly notify the Trustee of
its action or failure so to act.

     Whenever the Company shall have one or more Paying Agents for any series of Securities and any
related coupons, it will, on or before each due date of the principal of (and premium, if any) or
interest on, any Securities of that series, deposit with a Paying Agent a sum (in the currency or
currencies, currency unit or units or composite currency or currencies described in the preceding
paragraph) 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 action or failure so to act.

     The Company will cause each Paying Agent other than the Trustee to execute and deliver to the
Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the
provisions of this Section, that such Paying Agent will:

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

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

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

 

 

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

     Except as otherwise provided in the Securities of any series, 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 on any Security of any series and remaining unclaimed for two
years after such principal (and premium, if any) and interest has become due and payable shall be
paid to the Company upon Company Request or (if then held by the Company) shall be discharged from
such trust; and the Holder of such Security shall thereafter, as an unsecured general creditor,
look only to the Company for payment of such principal of (and premium, if any) or interest on any
Security, without interest thereon, 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 an Authorized Newspaper, 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 1004. Existence. Subject to Article Eight, the Company will do or cause to be
done all things necessary to preserve and keep in full force and effect the existence, rights and
franchises of itself and any guarantor of the Securities; provided, however, that
the Company shall not be required to preserve any right or franchise if the Board of Directors determines that the preservation thereof is no longer desirable
in the conduct of the business of the Company and such guarantors taken as a whole and that the
loss thereof is not disadvantageous in any material respect to the Holders; and provided
further that any guarantor may consolidate with, merge into, or sell convey, transfer, lease or
otherwise dispose of all or part of its property and assets to the Company or any other guarantor.

     SECTION 1005. Maintenance of Properties. The Company will cause all of the properties
of itself and of each Subsidiary used or useful in the conduct of its business or the business of
any Subsidiary to be maintained and kept in good condition, repair and working order and supplied
with all necessary equipment and will cause to be made all necessary repairs, renewals,
replacements, betterments and improvements thereof, all as in the judgment of the Company may be
necessary so that the business carried on in connection therewith may be properly and
advantageously conducted at all times; provided, however, the Company and its Subsidiaries shall
not be prevented from discontinuing the operation and maintenance of any of such properties if such
discontinuance is, in the judgment of the Company, desirable in the conduct of its business and not
disadvantageous in any material respect to the Holders..

     SECTION 1006. Insurance. The Company will, and will cause each of its Subsidiaries to,
keep all of its insurable properties insured against loss or damage at least equal to their then
full insurable value.

     SECTION 1007. Payment of Taxes and Other Claims. The Company will pay or discharge or
cause to be paid or discharged, before the same shall become delinquent, (1) all material taxes,
assessments and governmental charges levied or imposed upon it or any Subsidiary or upon the
income, profits or property of the Company or any Subsidiary, and (2) all material lawful claims
for labor, materials and supplies which, if unpaid, might by law become a lien upon the property of
the Company or any Subsidiary; provided, however, that the Company shall not be
required to pay or discharge or cause to be paid or discharged any such tax, assessment, charge or
claim whose amount, applicability or validity is being contested in good faith by appropriate
proceedings.

     SECTION 1008. Statement as to Compliance. The Company will deliver to the Trustee,
within 120 days after the end of each fiscal year, a brief certificate from its principal executive
officer, principal financial officer or principal accounting officer as to his or her knowledge of
the Company’s compliance with all conditions and covenants under this Indenture and, in the event
of any noncompliance, specifying such noncompliance and the nature and status thereof. For purposes
of this Section 1008, such compliance shall be determined without regard to any period of grace or
requirement of notice under this Indenture.

 

 

     SECTION 1009. Additional Amounts. If any Securities of a series provide for the
payment of Additional Amounts, the Company will pay to the Holder of any Security of such series or
any coupon appertaining thereto Additional Amounts as may be specified as contemplated by Section
301. Whenever in this Indenture there is mentioned, in any context except in the case of Section
502(1), the payment of the principal of or any premium or interest on, or in respect of, any
Security of any series or payment of any related coupon or the net proceeds received on the sale or
exchange of any Security of any series, such mention shall be deemed to include mention of the
payment of Additional Amounts provided by the terms of such series established pursuant to Section
301 to the extent that, in such context, Additional Amounts are, were or would be payable in
respect thereof pursuant to such terms and express mention of the payment of Additional Amounts (if
applicable) in any provisions hereof shall not be construed as excluding Additional Amounts in
those provisions hereof where such express mention is not made.

     Except as otherwise specified as contemplated by Section 301, if the Securities of a series
provide for the payment of Additional Amounts, at least 10 days prior to the first Interest Payment
Date with respect to that series of Securities (or if the Securities of that series will not bear
interest prior to Maturity, the first day on which a payment of principal and any premium is made),
and at least 10 days prior to each date of payment of principal and any premium or interest if
there has been any change with respect to the matters set forth in the below-mentioned Officers’
Certificate, the Company will furnish the Trustee and the Company’s principal Paying Agent or
Paying Agents, if other than the Trustee, with an Officers’ Certificate instructing the Trustee and
such Paying Agent or Paying Agents whether such payment of principal of and any premium or interest
on the Securities of that series shall be made to Holders of Securities of that series or any
related coupons who are not United States persons without withholding for or on account of any tax,
assessment or other governmental charge described in the Securities of the series. If any such
withholding shall be required, then such Officers’ Certificate shall specify by country the amount, if any, required to be withheld on such payments to such Holders of Securities
of that series or related coupons and the Company will pay to the Trustee or such Paying Agent the
Additional Amounts required by the terms of such Securities. If the Trustee or any Paying Agent, as
the case may be, shall not so receive the above-mentioned certificate, then the Trustee or such
Paying Agent shall be entitled (i) to assume that no such withholding or deduction is required with
respect to any payment of principal or interest with respect to any Securities of a series or
related coupons until it shall have received a certificate advising otherwise and (ii) to make all
payments of principal and interest with respect to the Securities of a series or related coupons
without withholding or deductions until otherwise advised. The Company covenants to indemnify the
Trustee and any Paying Agent for, and to hold them harmless against, any loss, liability or expense
reasonably incurred without negligence or bad faith on their part arising out of or in connection
with actions taken or omitted by any them or in reliance on any Officers’ Certificate furnished
pursuant to this Section or in reliance on the Company’s not furnishing such an Officers’
Certificate.

     SECTION 1010. Waiver of Certain Covenants. The Company may omit in any particular
instance to comply with any term, provision or condition set forth in Sections 1004 and 1005,
inclusive, if before or after the time for such compliance the Holders of at least a majority in
principal amount of all outstanding Securities of such series, by Act of such Holders, either waive
such compliance in such instance or generally waive compliance with such covenant or condition, but
no such waiver shall extend to or affect such covenant or condition except to the extent so
expressly waived, and, until such waiver shall become effective, the obligations of the Company and
the duties of the Trustee in respect of any such term, provision or condition shall remain in full
force and effect.

ARTICLE ELEVEN

REDEMPTION OF SECURITIES

     SECTION 1101. Applicability of Article. Securities of any series which are redeemable
before their Stated Maturity shall be redeemable in accordance with their terms and (except as
otherwise specified as contemplated by Section 301 or in any indenture supplemental hereto for
Securities of any series) in accordance with this Article.

     SECTION 1102. Election to Redeem; Notice to Trustee. 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 less than all of the Securities of any series, the
Company shall, at least 45 days prior to the giving of the notice of redemption in Section 1104
(unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee of such
Redemption Date and of the principal amount of Securities of such 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 or elsewhere in this Indenture, the Company shall furnish
the Trustee with an Officers’ Certificate evidencing compliance with such restriction.

     SECTION 1103. Selection by Trustee of Securities to Be Redeemed. If less than all the
Securities of any series issued on the same day with the same terms are to be redeemed, the
particular Securities to be redeemed shall be selected not more than 60 days prior to the
Redemption Date by the Trustee, from the Outstanding Securities of such series issued on such date
with the same terms not previously called for redemption, by such method as the Trustee shall deem
fair and appropriate and which may provide for the selection for redemption of portions (equal to
the minimum authorized denomination for Securities of that series or any integral multiple thereof)
of the principal amount of Securities of such series of a denomination larger than the minimum
authorized denomination for Securities of that series.

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

     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.

     SECTION 1104. Notice of Redemption. Notice of redemption shall be given in the manner
provided in Section 106, not less than 30 days nor more than 60 days prior to the Redemption Date,
unless a shorter period is specified by the terms of such series established pursuant to Section
301, to each Holder of Securities to be redeemed, but failure to give such notice in the manner
herein provided to the Holder of any Security designated for redemption as a whole or in part, or
any defect in the notice to any such Holder, shall not affect the validity of the proceedings for
the redemption of any other such Security or portion thereof.

     Any notice that is mailed to the Holders of Registered Securities in the manner herein
provided shall be conclusively presumed to have been duly given, whether or not the Holder receives
the notice.

     All notices of redemption shall state:

     (1) the Redemption Date,

     (2) the Redemption Price, accrued interest to the Redemption Date payable as provided in
Section 1106, if any, and Additional Amounts, if any,

     (3) if less than all Outstanding Securities of any series are to be redeemed, the
identification (and, in the case of partial redemption, the principal amount) of the particular
Security or Securities to be redeemed,

     (4) in case any Security is to be redeemed in part only, the notice which relates to such
Security shall state that on and after the Redemption Date, upon surrender of such Security, the
holder will receive, without a charge, a new Security or Securities of authorized denominations for
the principal amount thereof remaining unredeemed,

     (5) that on the Redemption Date the Redemption Price and accrued interest to the Redemption
Date payable as provided in Section 1106, if any, will become due and payable upon each such
Security, or the portion thereof, to be redeemed and, if applicable, that interest thereon shall
cease to accrue on and after said date,

     (6) the Place or Places of Payment where such Securities, together in the case of Bearer
Securities with all coupons appertaining thereto, if any, maturing after the Redemption Date, are
to be surrendered for payment of the Redemption Price and accrued interest, if any, or for
conversion,

     (7) that, unless otherwise specified in such notice, Bearer Securities of any series, if any,
surrendered for redemption must be accompanied by all coupons maturing subsequent to the date fixed
for redemption or the amount of any such missing coupon or coupons will be deducted from the
Redemption Price, unless security or indemnity satisfactory to the Company and the Trustee for such
series and any Paying Agent is furnished,

 

 

     (8) if Bearer Securities of any series are to be redeemed and any Registered Securities of
such series are not to be redeemed, and if such Bearer Securities may be exchanged for Registered
Securities not subject to redemption on this Redemption Date pursuant to Section 305 or otherwise,
the last date, as determined by the Company, on which such exchanges may be made,

     (9) the CUSIP number of such Security, if any, and

     (10) if applicable, that a Holder of Securities who desires to convert Securities for
redemption must satisfy the requirements for conversion contained in such Securities, the then
existing conversion price or rate, and the date and time when the option to convert shall expire.

     Notice of redemption of Securities to be redeemed 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.

     SECTION 1105. Deposit of Redemption Price. At least one Business Day prior to any
Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if the
Company is acting as its own Paying Agent, segregate and hold in trust as provided in Section 1003) an amount of
money in the currency or currencies, currency unit or units or composite currency or currencies in
which the Securities of such series are payable (except as otherwise specified pursuant to Section
301 for the Securities of such series) sufficient to pay on the Redemption Date the Redemption
Price of, and (except if the Redemption Date shall be an Interest Payment Date) accrued interest
on, all the Securities or portions thereof which are to be redeemed on that date.

     SECTION 1106. Securities Payable on Redemption Date. Notice of redemption having been
given as aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and
payable at the Redemption Price therein specified in the currency or currencies, currency unit or
units or composite currency or currencies in which the Securities of such series are payable
(except as otherwise specified pursuant to Section 301 for the Securities of such series) (together
with accrued interest, if any, to the Redemption Date), and from and after such date (unless the
Company shall default in the payment of the Redemption Price and accrued interest) such Securities
shall, if the same were interest-bearing, cease to bear interest and the coupons for such interest
appertaining to any Bearer Securities so to be redeemed, except to the extent provided below, shall
be void. Upon surrender of any such Security for redemption in accordance with said notice,
together with all coupons, if any, appertaining thereto maturing after the Redemption Date, such
Security shall be paid by the Company at the Redemption Price, together with accrued interest, if
any, to the Redemption Date; provided, however, that installments of interest on
Bearer Securities whose Stated Maturity is on or prior to the Redemption Date shall be payable only
at an office or agency located outside the United States (except as otherwise provided in Section
1002) and, unless otherwise specified as contemplated by Section 301, only upon presentation and
surrender of coupons for such interest; and provided further that, except as otherwise
specified in or pursuant to this Indenture or the Registered Securities of a series, installments
of interest on Registered Securities whose Stated Maturity is on or prior to the Redemption Date
shall be payable to the Holders of such Securities, or one or more Predecessor Securities,
registered as such at the close of business on the relevant Record Dates according to their terms
and the provisions of Section 307.

     If any Bearer Security surrendered for redemption shall not be accompanied by all appurtenant
coupons maturing after the Redemption Date, such Security may be paid after deducting from the
Redemption Price an amount equal to the face amount of all such missing coupons, or the surrender
of such missing coupon or coupons may be waived by the Company and the Trustee if there be
furnished to them such security or indemnity as they may require to save each of them and any
Paying Agent harmless. If thereafter the Holder of such Security shall surrender to the Trustee or
any Paying Agent any such missing coupon in respect of which a deduction shall have been made from
the Redemption Price, such Holder shall be entitled to receive the amount so deducted;
provided, however, that interest represented by coupons shall be payable only at an
office or agency located outside the United States (except as otherwise provided in Section 1002)
and, unless otherwise specified as contemplated by Section 301, only upon presentation and
surrender of those coupons.

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

 

 

     SECTION 1107. Securities Redeemed in Part. Any Registered Security which is to be
redeemed only in part (pursuant to the provisions of this Article) shall be surrendered at a Place
of Payment therefor (with, if the Company or the Trustee so requires, due endorsement by, or a
written instrument of transfer in form satisfactory to the Company and the Trustee duly executed
by, the Holder thereof or his attorney duly authorized in writing) and the Company shall execute
and the Trustee shall authenticate and deliver to the Holder of such Security without service
charge a new Security or Securities of the same series, of any authorized denomination as requested
by such Holder in aggregate principal amount equal to and in exchange for the unredeemed portion of
the principal of the Security so surrendered.

ARTICLE TWELVE

REPAYMENT AT THE OPTION OF HOLDERS

     SECTION 1201. Applicability of Article. Repayment of Securities of any series before
their Stated Maturity at the option of Holders thereof shall be made in accordance with the terms
of such Securities, if any, and (except as otherwise specified by the terms of such series
established pursuant to Section 301) in accordance with this Article.

     SECTION 1202. Repayment of Securities. Securities of any series subject to repayment
in whole or in part at the option of the Holders thereof will, unless otherwise provided in the
terms of such Securities, be repaid at a price equal to the principal amount thereof, together with
interest, if any, thereon accrued to the Repayment Date specified in or pursuant to the terms of
such Securities. The Company covenants that at least one Business Day prior to the Repayment Date
it will deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own
Paying Agent, segregate and hold in trust as provided in Section 1003) an amount of money in the
currency or currencies, currency unit or units or composite currency or currencies in which the
Securities of such series are payable (except as otherwise specified pursuant to Section 301 for
the Securities of such series) sufficient to pay the principal (or, if so provided by the terms of
the Securities of any series, a percentage of the principal) of, and (except if the Repayment Date
shall be an Interest Payment Date) accrued interest on, all the Securities or portions thereof, as
the case may be, to be repaid on such date.

     SECTION 1203. Exercise of Option. Securities of any series subject to repayment at the
option of the Holders thereof will contain an “Option to Elect Repayment” form on the reverse of
such Securities. In order for any Security to be repaid at the option of the Holder, the Trustee
must receive at the Place of Payment therefor specified in the terms of such Security (or at such
other place or places of which the Company shall from time to time notify the Holders of such
Securities) not earlier than 60 days nor later than 30 days prior to the Repayment Date (1) the
Security so providing for such repayment together with the “Option to Elect Repayment” form on the
reverse thereof duly completed by the Holder (or by the Holder’s attorney duly authorized in
writing) or (2) a telegram, telex, facsimile transmission or a letter from a member of a national
securities exchange, or the National Association of Securities Dealers, Inc. (“NASD”), or a
commercial bank or trust company in the United States setting forth the name of the Holder of the
Security, the principal amount of the Security, the principal amount of the Security to be repaid,
the CUSIP number, if any, or a description of the tenor and terms of the Security, a statement that
the option to elect repayment is being exercised thereby and a guarantee that the Security to be
repaid, together with the duly completed form entitled “Option to Elect Repayment” on the reverse
of the Security, will be received by the Trustee not later than the fifth Business Day after the
date of such telegram, telex, facsimile transmission or letter; provided, however,
that such telegram, telex, facsimile transmission or letter shall only be effective if such
Security and form duly completed are received by the Trustee by such fifth Business Day. If less
than the entire principal amount of such Security is to be repaid in accordance with the terms of
such Security, the principal amount of such Security to be repaid, in increments of the minimum
denomination for Securities of such series, and the denomination or denominations of the Security
or Securities to be issued to the Holder for the portion of the principal amount of such Security
surrendered that is not to be repaid, must be specified. The principal amount of any Security
providing for repayment at the option of the Holder thereof may not be repaid in part if, following
such repayment, the unpaid principal amount of such Security would be less than the minimum
authorized denomination of Securities of the series of which such Security to be repaid is a part.
Except as otherwise may be provided by the terms of any Security providing for repayment at the
option of the Holder thereof, exercise of the repayment option by the Holder shall be irrevocable
unless waived by the Company.

     SECTION 1204. When Securities Presented for Repayment Become Due and Payable. If
Securities of any series provide repayment at the option of the Holders thereof shall have been
surrendered as provided in this Article

 

 

and as provided by or pursuant to the terms of such Securities, such Securities or the portion
thereof, as the case may be, to be repaid shall become due and payable and shall be paid by the
Company on the Repayment Date therein specified, and on and after such Repayment Date (unless the
Company shall default in the payment of such Securities on such Repayment Date) such Securities
shall, if the same were interest-bearing, cease to bear interest and the coupons for such interest
appertaining to any Bearer Securities so to be repaid, except to the extent provided below, shall
be void. Upon surrender of any such Security for repayment in accordance with such provisions,
together with coupons, if any, appertaining thereto maturing after the Repayment Date, the
principal amount of such Security so to be repaid paid by the Company, together with accrued
interest, if any, Repayment Date; provided, however, that coupons whose Stated
Maturity is on or prior to the Repayment Date shall be payable at an office or agency located
outside the United States (except as otherwise provided in Section 1002) and, unless otherwise
specified pursuant to Section 301, only upon presentation and surrender of such coupons; and
provided further that, in the case of Registered Securities, installments of interest, if
any, whose Stated Maturity is on or prior to the Repayment Date shall be payable (but with interest
thereon, unless the Company shall default in the payment thereof) to the Holders of such
Securities, or one or more Predecessor Securities, registered as such at the close of business
relevant Record Dates according to their terms and the provisions of Section 307.

     If any Bearer Security surrendered for repayment shall not be accompanied by all appurtenant
coupons maturing after the Repayment Date, such Security may be paid after deducting from the
amount payable therefor as provided in Section 1202 an amount equal to the face amount of all such
missing coupons, or the surrender of such missing coupon or coupons may be waived by the Company
and the Trustee if there be furnished to it such security or indemnity as they may require to save
it and any Paying Agent harmless. If thereafter the Holder of such Security shall surrender to the
Trustee or any Paying Agent any such missing coupon in respect of which a deduction shall have been
made as provided in the preceding sentence, such Holder shall be entitled to receive the amount so
deducted; provided, however, that interest represented by coupons shall be payable
only at an office or agency located outside the United States (except as otherwise provided in
Section 1002) and, unless otherwise specified as contemplated by Section 301, only presentation and
surrender of those coupons.

     If the principal amount of any Security surrendered for repayment shall not be so repaid upon
surrender thereof, such principal amount (together with interest, if any, thereon accrued to such
Repayment Date) shall, until paid, bear interest from the Repayment Date at the rate of interest or
Yield to Maturity (in the case of Original Issue Discount Securities) set forth in such Security.

     SECTION 1205. Securities Repaid in Part. Upon surrender of any Registered Security
which is to be repaid in part only, the Company shall execute and the Trustee shall authenticate
and deliver to the Holder of such Security, without service charge and at the expense of the
Company, a new Registered Security or Securities of the same series, of any authorized denomination
specified by the Holder, in an aggregate principal amount equal to and in exchange for the portion
of the principal of such Security so surrendered which is not to be repaid.

ARTICLE THIRTEEN

DEFEASANCE AND COVENANT DEFEASANCE

     SECTION 1301. Applicability of Article; Company’s Option to Effect Defeasance or Covenant
Defeasance. If, pursuant to Section 301, provision is made for either or both of (a) defeasance
of the Securities of or within a series under Section 1302 or (b) covenant defeasance of the
Securities of or within a series under Section 1303, then the provisions of such Section or
Sections, as the case may be, together with the other provisions of this Article (with such
modifications thereto as may be specified pursuant to Section 301 with respect to any Securities),
shall be applicable to such Securities and any coupons appertaining thereto, and the Company may at
its option by Board Resolution, at any time, with respect to such Securities and any coupons
appertaining thereto, elect to have Section 1302 (if applicable) or Section 1303 (if applicable) be
applied to such Outstanding Securities and any coupons appertaining thereto upon compliance with
the conditions set forth below in this Article.

     SECTION 1302. Defeasance and Discharge. Upon the Company’s exercise of the above
option applicable to this Section with respect to any Securities of or within a series, the Company
and any guarantors of the Securities shall be deemed to have been discharged from their obligations
with respect to such Outstanding Securities and any coupons appertaining thereto on the date the
conditions set forth in Section 1304 are satisfied (hereinafter, “defeasance”). For this purpose,
such defeasance means that the Company shall be deemed to have paid and discharged the entire
indebtedness represented by such Outstanding Securities and any coupons appertaining thereto,

 

 

which shall thereafter be deemed to be “Outstanding” only for the purposes of Section 1305 and
the other Sections of this Indenture referred to in clauses (A) and (B) below, and to have
satisfied all of its other obligations under such Securities and any coupons appertaining thereto
and this Indenture insofar as such Securities and any coupons appertaining thereto are concerned
(and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging the
same), except for the following which shall survive until otherwise terminated or discharged
hereunder: (A) the rights of Holders of such Outstanding Securities and any coupons appertaining
thereto to receive, solely from the trust fund described in Section 1304 and as more fully set
forth in such Section, payments in respect of the principal of (and premium, if any) and interest,
if any, on such Securities and any coupons appertaining thereto when such payments are due, (B) the
Company’s obligations with respect to such Securities under Sections 305, 306, 1002 and 1003 and
with respect to the payment of Additional Amounts, if any, on such Securities as contemplated by
Section 1009, (C) the rights, powers, trusts, duties and
immunities of the Trustee hereunder, (D) the rights of Holders to convert Securities, if any, in accordance with
their terms, and (E) this Article. Subject to compliance with this Article Thirteen, the Company
may exercise its option under this Section notwithstanding the prior exercise of its option under
Section 1303 with respect to such Securities and any coupons appertaining thereto.

     SECTION 1303. Covenant Defeasance. Upon the Company’s exercise of the above option
applicable to this Section with respect to any Securities of or within a series, the Company and
the guarantors of any Securities shall be released from their obligations under Sections 1004 and
1005, inclusive and, if specified pursuant to Section 301, their obligations under any other
covenant, with respect to such Outstanding Securities and coupons appertaining thereto on and after
the date the conditions set forth in Section 1304 are satisfied (hereinafter, “covenant
defeasance”), and such Securities and any coupons appertaining thereto shall thereafter be deemed
to be not “Outstanding” for the purposes of any direction, waiver, consent or declaration or Act of
Holders (and the consequences of any thereof) in connection with Sections 1004 and 1005, inclusive,
or such other covenant, but shall continue to be deemed “Outstanding” for all other purposes
hereunder. For this purpose, such covenant defeasance means that, with respect to such Outstanding
Securities and any coupons appertaining thereto, the Company and the guarantors of any Securities
may omit to comply with and shall have no liability in respect of any term, condition or limitation
set forth in any such Section or such other covenant, whether directly or indirectly, by reason of
any reference elsewhere herein to any such Section or such other covenant or by reason of reference
in any Section or such other covenant to any other provision herein or in any other document and
such omission to comply shall not constitute a default or an Event of Default under Section 501(3)
or 501(7) otherwise, as the case may be, but, except as specified above, the remainder of this
Indenture and such Securities and any coupons appertaining thereto shall be unaffected thereby.

     SECTION 1304. Conditions to Defeasance or Covenant Defeasance. The following shall be
the conditions to application of Section 1302 or Section 1303 to any Outstanding Securities of or
within a series and any coupons appertaining thereto:

     (a) The Company shall irrevocably have deposited or caused to be deposited with the Trustee
(or another trustee satisfying the requirements of Section 607 who shall agree to comply with the
provisions of this Article Thirteen applicable to it) as trust funds in trust for the purpose of
making the following payments, specifically pledged as security for, and dedicated solely to, the
benefit of the Holders of such Securities and any coupons appertaining thereto, (1) an amount in
such currency, currencies or currency unit in which such Securities and any coupons appertaining
thereto are then specified as payable at Stated Maturity, or (2) Government Obligations applicable
to such Securities and coupons appertaining thereto (determined on the basis of the currency,
currencies or currency unit in which such Securities and coupons appertaining thereto are then
specified as payable at Stated Maturity) which through the scheduled payment of principal and
interest in respect thereof in accordance with the terms will provide, not later than one day
before the due date of any payment of principal of (and premium or Make-Whole Amount, if any) and
interest, if any, on such Securities and any coupons appertaining thereto, money in an amount, or
(3) a combination thereof, any case, in an amount, sufficient, without consideration of any
reinvestment of such principal and interest, in the opinion of a nationally recognized firm of
independent public accountants expressed in a written certification thereof delivered the Trustee,
to pay and discharge, and which shall be applied by the Trustee (or other qualifying trustee) to
pay and discharge, the principal of (and premium or Make-Whole Amount, if any) and interest, if
any, on such Outstanding Securities and any coupons, appertaining thereto on the Stated Maturity of
such principal or installment of principal or interest or analogous payments applicable to such

 

 

Outstanding Securities and any coupons appertaining thereto on the day on which such payments
are due and payable in accordance with the terms of this Indenture and of such Securities and any
coupons appertaining thereto.

     (b) Such defeasance or covenant defeasance shall not result in a breach or violation of, or
constitute a default under, this Indenture or any other material agreement or instrument to which
the Company is a party or by which it is bound.

     (c) No Event of Default or event which with notice or lapse of time or both would become an
Event of Default with respect to such Securities and any coupons appertaining thereto shall have
occurred and be continuing on the date of such deposit or, insofar as Sections 501(6) and 501(7)
are concerned, at any time during the period ending on the 91st day after the date of such deposit
(it being understood that this condition shall not be deemed satisfied until the expiration of such
period).

     (d) In the case of an election under Section 1302, the Company shall have delivered to the
Trustee an Opinion of Counsel stating that (i) the Company has received from, or there has been
published by, the Internal Revenue Service a ruling, or (ii) since the date of execution of this
Indenture, there has been a change in the applicable Federal income tax law, in either case to the
effect that, and based thereon such opinion shall confirm that, the Holders of such Outstanding
Securities and any coupons appertaining thereto will not recognize income, gain or loss for Federal
income tax purposes as a result of such defeasance and will be subject to Federal income tax on the
same amounts, in the same manner and at the same times as would have been the case if such
defeasance had not occurred.

     (e) In the case of an election under Section 1303, the Company shall have delivered to the
Trustee an Opinion of Counsel to the effect that the Holders of such Outstanding Securities and any
coupons appertaining thereto will not recognize income, gain or loss for Federal income tax
purposes as a result of such covenant defeasance and will be subject to Federal income tax on the
same amounts, in the same manner and at the same times as would have been the case if such covenant
defeasance had not occurred.

     (f) The Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of
Counsel, each stating that all conditions precedent to the defeasance under Section 1302 or the
covenant defeasance under Section 1303 (as the case may be) have been complied with and an Opinion
of Counsel to the effect that either (i) as a result of a deposit pursuant to subsection (a) above
and the related exercise of the Company’s option under Section 1302 or Section 1303 (as the case
may be), registration is not required under the Investment Company Act of 1940, as amended, by the
Company with respect to the trust funds representing such deposit or by the Trustee for such trust
funds or (ii) all necessary registrations under said Act have been effected.

     (g) Notwithstanding any other provisions of this Section, such defeasance or covenant
defeasance shall be effected in compliance with any additional or substitute terms, conditions or
limitations which may be imposed on the Company in connection therewith pursuant to Section 301.

     SECTION 1305. Deposited Money and Government Obligations to Be Held in Trust; Other
Miscellaneous Provisions. Subject to the provisions of the last paragraph of Section 1003, all
money and Government Obligations (or other property as may be provided pursuant to Section 301)
(including the proceeds thereof) deposited with the Trustee (or other qualifying trustee,
collectively for purposes of this Section 1305, the “Trustee”) pursuant to Section 1304 in respect
of any Outstanding Securities of any series and any coupons appertaining thereto shall be held in
trust and applied by the Trustee, in accordance with the provisions of such Securities and any
coupons appertaining thereto and this Indenture, to the payment, either directly or through any
Paying Agent as the Trustee may determine, to the Holders of such Securities and any coupons
appertaining thereto of all sums due and to become due thereon in respect of principal (and
premium, if any) and interest, but such money need not be segregated from other funds except to the
extent required by law.

     Unless otherwise specified with respect to any Security pursuant to Section 301, if, after a
deposit referred to in Section 1304(a) has been made, (a) the Holder of a Security in respect of
which such deposit was made is entitled to, and does, elect pursuant to Section 301 or the terms of
such Security to receive payment in a currency or currency unit other than that in which the
deposit pursuant to Section 1304(a) has been made in respect of such Security, or (b) a Conversion
Event occurs in respect of the currency or currency unit in which the deposit pursuant to Section
1304(a) has been made, the indebtedness represented by such Security and any coupons appertaining
thereto shall be deemed to have been, and will be, fully discharged and satisfied through the
payment of the

 

 

principal of (and premium or Make-Whole Amount, if any), and interest, if any, on such
Security as the same becomes due out of the proceeds yielded by converting (from time to time as
specified below in the case of any such election) the amount or other property deposited in respect
of such Security into the currency or currency unit in which such Security becomes payable as a
result of such election or Conversion Event based on the applicable market exchange rate for such
currency or currency unit in effect on the second Business Day prior to each payment date, except,
with respect to a Conversion Event, for such currency or currency unit in effect (as nearly as
feasible) at the time of the Conversion Event.

     The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed
on or assessed against the Government Obligations deposited pursuant to Section 1304 or the
principal and interest received in respect thereof other than any such tax, fee or other charge
which by law is for the account of the Holders of such Outstanding Securities and any coupons
appertaining thereto.

     Anything in this Article to the contrary notwithstanding, subject to Section 606, the Trustee
shall deliver or pay to the Company from time to time upon the Company Request any money or
Government Obligations (or other property and any proceeds therefrom) held by it as provided in
Section 1304 which, in the opinion of a nationally recognized firm of independent public
accountants expressed in a written certification thereof delivered to the Trustee, are in excess of
the amount thereof which would then be required to be deposited to effect a defeasance or covenant
defeasance, as applicable, in accordance with this Article.

ARTICLE FOURTEEN

SUBORDINATION

     SECTION 1401. Agreement to Subordinate. The Company agrees, and each Holder by
accepting a Security agrees, that the indebtedness evidenced by the Securities is subordinated in
right of payment, to the extent and in the manner provided in this Article, to the prior payment in
full of all Senior Debt and that the subordination is for the benefit of the holders of Senior
Debt.

     SECTION 1402. Liquidation; Dissolution; Bankruptcy. Upon any distribution to creditors
of the Company in a liquidation or dissolution of the Company or in a bankruptcy, reorganization,
insolvency, receivership or similar proceeding relating to the Company or its property:

     (1) Holders of Senior Debt shall be entitled to receive payment in full in cash of the
principal of (and premium or Make-Whole Amount, if any) and interest (including interest accruing
after the commencement of any such proceeding) to the date of payment on the Senior Debt before
Holders shall be entitled to receive any payment of principal of or interest on Securities;

     (2) Until the Senior Debt is paid in full in cash, any distribution to which Holders would be
entitled but for this Article shall be made to holders of Senior Debt as their interests may
appear, except that Holders may receive securities that are subordinated to Senior Debt to at least
the same extent as the Securities; and

     (3) the Trustee is entitled to rely upon an order or decree of a court of competent
jurisdiction or a certificate of a bankruptcy trustee or other similar official for the purpose of
ascertaining the persons entitled to participate in such distribution, the holders of Senior Debt
and other Company debt, the amount thereof or payable thereon and all other pertinent facts
relating to the Trustee’s obligations under this Article Fourteen.

     SECTION 1403. Default on Senior Debt. The Company may not pay principal of or interest
on the Securities and may not acquire any Securities for cash or property other than capital stock
of the Company if:

     (1) a default on Senior Debt occurs and is continuing that permits Holders of such Senior Debt
to accelerate its maturity, and

     (2) the default is the subject of judicial proceedings or the Company receives a notice of the
default from a person who may give it pursuant to Section 1411. If the Company receives any such
notice, a similar notice received within nine months thereafter relating to the same default on the
same issue of Senior Debt shall not be effective for purposes of this Section.

 

 

     The Company may resume payments on the Securities and may acquire them when:

     (a) the default is cured or waived; or

     (b) 120 days pass after the notice is given if the default is not the subject of judicial
proceedings,

if this Article otherwise permits the payment or acquisition at that time.

     SECTION 1404. Acceleration of Securities. If payment of the Securities is accelerated
because of an Event of Default, the Company shall promptly notify Holders of Senior Debt of the
acceleration. The Company may pay the Securities when 120 days pass after the acceleration occurs
if this Article permits the payment at that time.

     SECTION 1405. When Distribution Must Be Paid Over. If a distribution is made to
Holders that because of this Article should not have been made to them, the Holders who receive the
distribution shall hold it in trust for Holders of Senior Debt and pay it over to them as their
interests may appear.

     SECTION 1406. Notice by Company. The Company shall promptly notify the Trustee and any
Paying Agent of any facts known to them that would cause a payment of principal of or interest on
Securities to violate this Article.

     SECTION 1407. Subrogation. After all Senior Debt is paid in full and until the
Securities are paid in full, Holders shall be subrogated to the rights of Holders of Senior Debt to
receive distributions applicable to Senior Debt to the extent that distributions otherwise payable
to the Holders have been applied to the payment of Senior Debt. A distribution made under this
Article to Holders of Senior Debt which otherwise would have been made to Holders is not, as
between the Company and Holders, a payment by the Company on Senior Debt.

     SECTION 1408. Relative Rights. This Article defines the relative rights of Holders and
Holders of Senior Debt. Nothing in this Indenture shall:

     (1) impair, as between the Company and Holders, the obligation of the Company, which is
absolute and unconditional, to pay principal of and interest on the Securities in accordance with
their terms;

     (2) affect the relative rights of Holders and creditors of the Company other than Holders of
Senior Debt; or

     (3) prevent the Trustee or any Holder from exercising its available remedies upon an Event of
Default, subject to the rights of Holders of Senior Debt to receive distributions otherwise payable
to Holders.

     If the Company fails because of this Article to pay principal of or interest on a Security on
the due date, the failure is still a default.

     SECTION 1409. Subordination May Not Be Impaired By Company. No right of any Holder of
Senior Debt to enforce the subordination of the indebtedness evidenced by the Securities shall be
impaired by any act or failure to act by the Company or by its failure to comply with this
Indenture.

     SECTION 1410. Distribution or Notice to Representative. Whenever a distribution is to
be made or a notice given to Holders of Senior Debt, the distribution may be made and the notice
given to their Representative.

     SECTION 1411. Rights of Trustee and Paying Agent. The Trustee or any Paying Agent may
continue to make payments on the Securities until it receives written notice of facts that would
cause a payment of principal of or interest on the Securities to violate the Article. Only the
Company, a Representative or a Holder of an issue of Senior Debt that has no Representative may
give the written notice.

     The Trustee has no fiduciary duty to the Holders of Senior Debt other than as created under
this Indenture. The Trustee in its individual or any other capacity may hold Senior Debt with the
same rights it would have if it were not Trustee.

     The Company’s obligation to pay, and the Company’s payment of, the Trustee’s fees pursuant to
Section 606 are excluded from the operation of this Article Fourteen.

************

 

 

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

 

 

     IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed, and
their respective corporate seals to be hereunto affixed and attested, all as of the day and year
first above written.

	 	 	 	 	 
	 	NVR, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	[BANK], as Trustee

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	Vice President 	 
	 

	 	 	 	 	 	 	 
	STATE OF

	 	 	)	 	 	 
	 

	 	 	)	 	 	ss:
	 

	 	 	)	 	 	 
	COUNTY OF

	 	 	)	 	 	 

     On the                     th day of                                         ,
              , before me personally
came to me known,                                          who, being by me duly sworn, did depose and say that
he/she resides in                                                             , that he/she is the
                                        of NVR, Inc., one of the parties described in and
which executed the foregoing instrument; and that he/she signed his/her name thereto by authority
of said corporation.

	 	 	 	 	 
	[Notarial Seal]

	 	 

	 	 
	 

	 	 

	 	 
	 

	 	Notary Public	 	 
	 

	 	COMMISSION EXPIRES	 	 

	 	 	 	 	 	 	 
	STATE OF NEW YORK

	 	 	)	 	 	 
	 

	 	 	)	 	 	ss:
	 

	 	 	)	 	 	 
	COUNTY OF NEW YORK

	 	 	)	 	 	 

     On the                                          day of                     ,
                     ,
before me personally came to me known,
                                        , who, being by me
duly sworn, did depose and say that she/he resides at                                         , that she/he is a                      of [Bank], one of
the parties described in and which executed the foregoing instrument; and that he/she signed
his/her name thereto by authority of said corporation.

[Notarial Seal]

	 	 	 	 	 
	 

	 	 

Notary Public
	 	 
	 

	 	COMMISSION EXPIRES	 	 

 

 

EXHIBIT A

FORMS OF CERTIFICATION

EXHIBIT A-1

FORM OF CERTIFICATE TO BE GIVEN BY PERSON ENTITLED

TO RECEIVE BEARER SECURITY OR TO OBTAIN INTEREST

PAYABLE PRIOR TO THE EXCHANGE DATE

CERTIFICATE

[Insert title or sufficient description of Securities to be delivered]

     This is to certify that, as of the date hereof, and except as set forth below, the
above-captioned Securities held by you for our account (i) are owned by person(s) that are not
citizens or residents of the United States, domestic companies, or any estate or trust the income
of which is subject to United States federal income taxation regardless of its source (“United
States person(s)”), (ii) are owned by United States person(s) that are (a) foreign branches of
United States financial institutions (financial institutions, as defined in United States Treasury
Regulations Section 1.165-12(c)(1)(iv) are herein referred to as “financial institutions”)
purchasing for their own account or for resale, or (b) United States person(s) who acquired the
Securities through foreign branches of United States financial institutions and who hold the
Securities through such United States financial institutions on the date hereof (and in either case
(a) or (b), each such United States financial institution hereby agrees, on its own behalf or
through its agent, that you may advise NVR, Inc. or its agent that such financial institution will
comply with the requirements of Section 165(j)(3)(A), (B) or (C) of the United States Internal
Revenue Code of 1986, as amended, and the regulations thereunder), or (iii) are owned by United
States or foreign financial institution(s) for purposes of resale during the restricted period (as
defined in United States Treasury Regulations Section 1.163-5(c)(2)(i)(D)(7)), and, in addition, if
the owner is a United States or foreign financial institution described in clause (iii) above
(whether or not also described in clause (i) or (ii)), this is to further certify that such
financial institution has not acquired the Securities for purposes of resale directly or indirectly
to a United States person or to a person within the United States or its possessions.

     As used herein, “United States” means the United States of America (including the States and
the District of Columbia); and “possessions” include Puerto Rico, the U.S. Virgin Islands, Guam,
American Samoa, Wake Island and the Northern Mariana Islands. We undertake to advise you promptly
by tested telex on or prior to the date on which you intend to submit your certification relating
to the above- captioned Securities held by you for our account in accordance with your Operating
Procedures if any applicable statement herein is not correct on such date, and in the absence of
any such notification it may be assumed that this certification applies as of such date.

     This certificate excepts and does not relate to [U.S. $] of such interest in the
above-captioned Securities in respect of which we are not able to certify and as to which we
understand an exchange for an interest in a Permanent Global Security or an exchange for and
delivery of definitive Securities (or, if relevant, collection of any interest) cannot be made
until we do so certify.

     We understand that this certificate may be required in connection with certain tax legislation
in the United States. If administrative or legal proceedings are commenced or threatened in
connection with which this certificate is or would be relevant, we irrevocably authorize you to
produce this certificate or a copy thereof to any interested party in such proceedings.

Dated:                                         ,                     

[To be dated no earlier than the 15th day prior to (i)

the Exchange Date or (ii) the relevant Interest Payment

Date occurring prior to the Exchange Date, as applicable]

	 	 	 
	 

	 	[Name of Person Making Certification]
	 

	 	 
	 	 
	 

	 	(Authorized Signatory)
	 

	 	Name:
	 

	 	Title:

 

 

EXHIBIT A-2

FORM OF CERTIFICATE TO BE GIVEN BY EUROCLEAR

AND CEDEL S.A. IN CONNECTION WITH THE EXCHANGE

OF A PORTION OF A TEMPORARY GLOBAL SECURITY OR TO

OBTAIN INTEREST PAYABLE PRIOR TO THE EXCHANGE DATE

CERTIFICATE

[Insert title or sufficient description of Securities to be delivered]

     This is to certify that, based solely on written certifications that we have received in
writing, by tested telex or by electronic transmission from each of the persons appearing in our
records as persons entitled to a portion of the principal amount set forth below (our “Member
Organizations”) substantially in the form attached hereto, as of the date hereof, [U.S. $]
                                        principal amount of the above-captioned Securities (i)
is owned by person(s) that are not citizens or residents of the United States, domestic companies,
domestic corporations or any estate or trust the income of which is subject to United States
Federal income taxation regardless of its source (“United States person(s)”), (ii) is owned by
United States person(s) that are (a) foreign branches of United States financial institutions
(financial institutions, as defined in U.S. Treasury Regulations Section 1.165-12(c)(1)(iv) are
herein referred to as “financial institutions”) purchasing for their own account or for resale, or
(b) United States person(s) who acquired the Securities through foreign branches of United States
financial institutions and who hold the Securities through such United States financial
institutions on the date hereof (and in either case (a) or (b), each such financial institution has
agreed, on its own behalf or through its agent, that we may advise NVR, Inc. or its agent that such
financial institution will comply with the requirements of Section 165(j)(3)(A), (B) or (C) of the
Internal Revenue Code of 1986, as amended, and the regulations thereunder), or (iii) is owned by
United States or foreign financial institution(s) for purposes of resale during the restricted
period (as defined in United States Treasury Regulations Section 1.163-5(c)(2)(i)(D)(7)), and, to
the further effect, that financial institutions described in clause (iii) above (whether or not
also described in clause (i) or (ii)) have certified that they have not acquired the Securities for
purposes of resale directly or indirectly to a United States person or to a person within the
United States or its possessions.

     As used herein, “United States” means the United States of America (including the States and
the District of Columbia); and its “possessions” include Puerto Rico, the U.S. Virgin Islands,
Guam, American Samoa, Wake Island and the Northern Mariana Islands.

     We further certify that (i) we are not making available herewith for exchange (or, if
relevant, collection of any interest) any portion of the temporary global Security representing the
above captioned Securities excepted in the above-referenced certificates of Member Organizations
and (ii) as of the date hereof we have not received any notification from any of our Member
Organizations to the effect that the statements made by such Member Organizations with respect to
any portion of the part submitted herewith for exchange (or, if relevant, collection of any
interest) are no longer true and cannot be relied upon as of the date hereof.

     We understand that this certification is required in connection with certain tax legislation
in the United States. If administrative or legal proceedings are commenced or threatened in
connection with which this certificate is or would be relevant, we irrevocably authorize you to
produce this certificate or a copy thereof to any interested party in such proceedings.

Dated:   
             
           
                   
         
        

[To be dated no earlier than the Exchange Date or the

relevant Interest Payment Date occurring prior to the

Exchange Date, as applicable]

[Morgan Guaranty Trust

Company of New York, Brussels

          Office,] as

Operator of the Euroclear System

          [Cedel S.A.]

	 	 	 	 	 
	By:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00147-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00147-of-00352.parquet"}]]