Document:

EX-4.1

EXHIBIT 4.1

BLUEGREEN CORPORATION

 

INDENTURE

Dated as of ________, _____

 

U.S. BANK NATIONAL ASSOCIATION,

as Trustee

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	ARTICLE I.
	 	DEFINITIONS AND INCORPORATION BY REFERENCE	 	 	1	 
	Section 1.1
	 	DEFINITIONS	 	 	1	 
	Section 1.2
	 	OTHER DEFINITIONS	 	 	4	 
	Section 1.3
	 	INCORPORATION BY REFERENCE OF TRUST INDENTURE ACT	 	 	4	 
	Section 1.4
	 	RULES OF CONSTRUCTION	 	 	5	 
	 
	 	 	 	 	 	 
	ARTICLE II.
	 	THE SECURITIES	 	 	5	 
	Section 2.1
	 	ISSUABLE IN SERIES	 	 	5	 
	Section 2.2
	 	ESTABLISHMENT OF TERMS OF SERIES OF SECURITIES	 	 	5	 
	Section 2.3
	 	EXECUTION AND AUTHENTICATION	 	 	7	 
	Section 2.4
	 	REGISTRAR AND PAYING AGENT	 	 	8	 
	Section 2.5
	 	PAYING AGENT TO HOLD MONEY IN TRUST	 	 	8	 
	Section 2.6
	 	SECURITYHOLDER LISTS	 	 	8	 
	Section 2.7
	 	TRANSFER AND EXCHANGE	 	 	9	 
	Section 2.8
	 	MUTILATED, DESTROYED, LOST AND STOLEN SECURITIES	 	 	9	 
	Section 2.9
	 	OUTSTANDING SECURITIES	 	 	9	 
	Section 2.10
	 	TREASURY SECURITIES	 	 	10	 
	Section 2.11
	 	TEMPORARY SECURITIES	 	 	10	 
	Section 2.12
	 	CANCELLATION	 	 	10	 
	Section 2.13
	 	DEFAULTED INTEREST	 	 	10	 
	Section 2.14
	 	GLOBAL SECURITIES	 	 	11	 
	Section 2.15
	 	CUSIP NUMBERS	 	 	12	 
	 
	 	 	 	 	 	 
	ARTICLE III.
	 	REDEMPTION	 	 	12	 
	Section 3.1
	 	NOTICE TO TRUSTEE	 	 	12	 
	Section 3.2
	 	SELECTION OF SECURITIES TO BE REDEEMED	 	 	12	 
	Section 3.3
	 	NOTICE OF REDEMPTION	 	 	12	 
	Section 3.4
	 	EFFECT OF NOTICE OF REDEMPTION	 	 	13	 
	Section 3.5
	 	DEPOSIT OF REDEMPTION PRICE	 	 	13	 
	Section 3.6
	 	SECURITIES REDEEMED IN PART	 	 	13	 
	 
	 	 	 	 	 	 
	ARTICLE IV.
	 	COVENANTS	 	 	13	 
	Section 4.1
	 	PAYMENT OF PRINCIPAL AND INTEREST	 	 	13	 
	Section 4.2
	 	SEC REPORTS	 	 	13	 
	Section 4.3
	 	COMPLIANCE CERTIFICATE	 	 	14	 
	Section 4.4
	 	STAY, EXTENSION AND USURY LAWS	 	 	14	 
	 
	 	 	 	 	 	 
	ARTICLE V.
	 	SUCCESSOR ENTITY	 	 	14	 
	Section 5.1
	 	COMPANY MAY CONSOLIDATE, ETC.	 	 	14	 
	Section 5.2
	 	SUCCESSOR ENTITY SUBSTITUTED	 	 	15	 
	Section 5.3
	 	EVIDENCE OF CONSOLIDATION, ETC. TO TRUSTEE	 	 	15	 
	 
	 	 	 	 	 	 
	ARTICLE VI.
	 	DEFAULTS AND REMEDIES	 	 	15	 
	Section 6.1
	 	EVENTS OF DEFAULT	 	 	15	 
	Section 6.2
	 	ACCELERATION OF MATURITY; RESCISSION AND ANNULMENT	 	 	16	 
	Section 6.3
	 	COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY TRUSTEE	 	 	17	 
	Section 6.4
	 	TRUSTEE MAY FILE PROOFS OF CLAIM	 	 	18	 
	Section 6.5
	 	TRUSTEE MAY ENFORCE CLAIMS WITHOUT POSSESSION OF SECURITIES	 	 	18	 
	Section 6.6
	 	APPLICATION OF MONEY COLLECTED	 	 	18	 
	Section 6.7
	 	LIMITATION ON SUITS	 	 	19	 
	Section 6.8
	 	UNCONDITIONAL RIGHT OF HOLDERS TO RECEIVE PRINCIPAL AND INTEREST	 	 	19	 
	Section 6.9
	 	RESTORATION OF RIGHTS AND REMEDIES	 	 	19	 
	Section 6.10
	 	RIGHTS AND REMEDIES CUMULATIVE	 	 	20	 

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	 	 	 	 	Page	 
	Section 6.11
	 	DELAY OR OMISSION NOT WAIVER	 	 	20	 
	Section 6.12
	 	CONTROL BY HOLDERS	 	 	20	 
	Section 6.13
	 	WAIVER OF PAST DEFAULTS	 	 	20	 
	Section 6.14
	 	UNDERTAKING FOR COSTS	 	 	20	 
	 
	 	 	 	 	 	 
	ARTICLE VII.
	 	TRUSTEE	 	 	21	 
	Section 7.1
	 	DUTIES OF TRUSTEE	 	 	21	 
	Section 7.2
	 	RIGHTS OF TRUSTEE	 	 	22	 
	Section 7.3
	 	INDIVIDUAL RIGHTS OF TRUSTEE	 	 	22	 
	Section 7.4
	 	TRUSTEE'S DISCLAIMER	 	 	22	 
	Section 7.5
	 	NOTICE OF DEFAULTS	 	 	23	 
	Section 7.6
	 	REPORTS BY TRUSTEE TO HOLDERS	 	 	23	 
	Section 7.7
	 	COMPENSATION AND INDEMNITY	 	 	23	 
	Section 7.8
	 	REPLACEMENT OF TRUSTEE	 	 	24	 
	Section 7.9
	 	SUCCESSOR TRUSTEE BY MERGER, ETC.	 	 	24	 
	Section 7.10
	 	ELIGIBILITY; DISQUALIFICATION	 	 	24	 
	Section 7.11
	 	PREFERENTIAL COLLECTION OF CLAIMS AGAINST COMPANY	 	 	25	 
	 
	 	 	 	 	 	 
	ARTICLE VIII.
	 	SATISFACTION AND DISCHARGE; DEFEASANCE	 	 	25	 
	Section 8.1
	 	SATISFACTION AND DISCHARGE OF INDENTURE	 	 	25	 
	Section 8.2
	 	APPLICATION OF TRUST FUNDS; INDEMNIFICATION	 	 	26	 
	Section 8.3
	 	LEGAL DEFEASANCE OF SECURITIES OF ANY SERIES	 	 	26	 
	Section 8.4
	 	COVENANT DEFEASANCE	 	 	27	 
	Section 8.5
	 	REPAYMENT TO COMPANY	 	 	28	 
	 
	 	 	 	 	 	 
	ARTICLE IX.
	 	AMENDMENTS AND WAIVERS	 	 	28	 
	Section 9.1
	 	WITHOUT CONSENT OF HOLDERS	 	 	28	 
	Section 9.2
	 	WITH CONSENT OF HOLDERS	 	 	29	 
	Section 9.3
	 	LIMITATIONS	 	 	29	 
	Section 9.4
	 	COMPLIANCE WITH TRUST INDENTURE ACT	 	 	30	 
	Section 9.5
	 	REVOCATION AND EFFECT OF CONSENTS	 	 	30	 
	Section 9.6
	 	NOTATION ON OR EXCHANGE OF SECURITIES	 	 	30	 
	Section 9.7
	 	TRUSTEE PROTECTED	 	 	30	 
	 
	 	 	 	 	 	 
	ARTICLE X.
	 	MISCELLANEOUS	 	 	31	 
	Section 10.1
	 	TRUST INDENTURE ACT CONTROLS	 	 	31	 
	Section 10.2
	 	NOTICES	 	 	31	 
	Section 10.3
	 	COMMUNICATION BY HOLDERS WITH OTHER HOLDERS	 	 	31	 
	Section 10.4
	 	CERTIFICATE AND OPINION AS TO CONDITIONS PRECEDENT	 	 	31	 
	Section 10.5
	 	STATEMENTS REQUIRED IN CERTIFICATE OR OPINION	 	 	32	 
	Section 10.6
	 	RULES BY TRUSTEE AND AGENTS	 	 	32	 
	Section 10.7
	 	LEGAL HOLIDAYS	 	 	32	 
	Section 10.8
	 	NO RECOURSE AGAINST OTHERS	 	 	32	 
	Section 10.9
	 	COUNTERPARTS	 	 	32	 
	Section 10.10
	 	GOVERNING LAWS	 	 	32	 
	Section 10.11
	 	NO ADVERSE INTERPRETATION OF OTHER AGREEMENTS	 	 	33	 
	Section 10.12
	 	SUCCESSORS	 	 	33	 
	Section 10.13
	 	SEVERABILITY	 	 	33	 
	Section 10.14
	 	TABLE OF CONTENTS, HEADINGS, ETC.	 	 	33	 
	Section 10.15
	 	SECURITIES IN A FOREIGN CURRENCY	 	 	33	 
	Section 10.16
	 	JUDGMENT CURRENCY	 	 	34	 
	 
	 	 	 	 	 	 
	ARTICLE XI.
	 	SINKING FUNDS	 	 	34	 
	Section 11.1
	 	APPLICABILITY OF ARTICLE	 	 	34	 
	Section 11.2
	 	APPLICABILITY OF ARTICLE	 	 	34	 
	Section 11.3
	 	SATISFACTION OF SINKING FUND PAYMENTS WITH SECURITIES	 	 	34	 
	Section 11.4
	 	REDEMPTION OF SECURITIES FOR SINKING FUND	 	 	35	 

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BLUEGREEN CORPORATION

Reconciliation and tie between Trust Indenture Act of 1939 and

Indenture, dated as of __________, ____

	 	 	 	 	 	 	 
	SECTION 310
	 	(A)(1)	 	7.10
	 
	 	(A)(2)	 	7.10
	 
	 	(A)(3)	 	NOT APPLICABLE
	 
	 	(A)(4)	 	NOT APPLICABLE
	 
	 	(A)(5)	 	7.10
	 
	 	(B)	 	7.10
	SECTION 311
	 	(A)	 	7.11
	 
	 	(B)	 	7.11
	 
	 	(C)	 	NOT APPLICABLE
	SECTION 312
	 	(A)	 	2.6
	 
	 	(B)	 	10.3
	 
	 	(C)	 	10.3
	SECTION 313
	 	(A)	 	7.6
	 
	 	(B)(1)	 	7.6
	 
	 	(B)(2)	 	7.6
	 
	 	(C)(1)	 	7.6
	 
	 	(D)	 	7.6
	SECTION 314
	 	(A)	 	4.2, 10.5
	 
	 	(B)	 	NOT APPLICABLE
	 
	 	(C)(1)	 	10.4
	 
	 	(C)(2)	 	10.4
	 
	 	(C)(3)	 	NOT APPLICABLE
	 
	 	(D)	 	NOT APPLICABLE
	 
	 	(E)	 	10.5
	 
	 	(F)	 	NOT APPLICABLE
	SECTION 315
	 	(A)	 	7.1
	 
	 	(B)	 	7.5
	 
	 	(C)	 	7.1
	 
	 	(D)	 	7.1
	 
	 	(E)	 	6.14
	SECTION 316
	 	(A)	 	2.10
	 
	 	(A)(1)(A)	 	6.12
	 
	 	(A)(1)(B)	 	6.13
	 
	 	(B)	 	6.8
	SECTION 317
	 	(A)(1)	 	6.3
	 
	 	(A)(2)	 	6.4
	 
	 	(B)	 	2.5
	SECTION 318
	 	(A)	 	10.1

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

iii

 

INDENTURE

     Indenture
dated as of ____________, ___ between Bluegreen Corporation, a Massachusetts
corporation (“Company”), and U.S. Bank Trust National Association, as trustee (“Trustee”).

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

ARTICLE I.

DEFINITIONS AND INCORPORATION BY REFERENCE

     Section 1.1 DEFINITIONS.

          “Additional Amounts” means any additional amounts which are required hereby or by any
Security, under circumstances specified herein or therein, to be paid by the Company in respect of
certain taxes imposed on Holders specified therein 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” (including, with correlative meanings, the terms “controlled
by” and “under common control with”), as used with respect to any person, shall mean the
possession, directly or indirectly, of the power to direct or cause the direction of the management
or policies of such person, whether through the ownership of voting securities or by agreement or
otherwise.

          “Agent” means any Registrar, Paying Agent or Service Agent.

          “Authorized Newspaper” means a newspaper in an official language of the country of publication
customarily published at least once a day for at least five days in each calendar week and of
general circulation in the place in connection with which the term is used. If it shall be
impractical in the opinion of the Trustee to make any publication of any notice required hereby in
an Authorized Newspaper, any publication or other notice in lieu thereof that is made or given by
the Trustee shall constitute a sufficient publication of such notice.

          “Bearer” means anyone in possession from time to time of a Bearer Security.

          “Bearer Security” means any Security, including any interest coupon appertaining thereto, that
does not provide for the identification of the Holder thereof.

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

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

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

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          “Company” means the party named as such above until a successor replaces it and thereafter
means the successor.

          “Company Order” means a written order signed in the name of the Company by two Officers.

          “Company Request” means a written request signed in the name of the Company by its Chairman of
the Board, Chief Executive Officer, President or any Vice President, and by its Chief Financial
Officer, Treasurer, Secretary or any Assistant Treasurer or Assistant Secretary, and delivered to
the Trustee.

          “Corporate Trust Office” means the office of the Trustee at which at any particular time its
corporate trust business shall be principally administered.

          “Debt” of any person as of any date means, without duplication, all indebtedness of such
person in respect of borrowed money, including all interest, fees and expenses owed in respect
thereto (whether or not the recourse of the lender is to the whole of the assets of such person or
only to a portion thereof), or evidenced by bonds, notes, debentures or similar instruments.

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

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

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

          “Dollars” means the currency of the United States of America.

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

          “Foreign Currency” means any currency or currency unit issued by a government other than the
government of the United States of America.

          “Foreign Government Obligations” means with respect to Securities of any Series that are
denominated in a Foreign Currency, (i) direct obligations of the government that issued or caused
to be issued such currency for the payment of which obligations its full faith and credit is
pledged or (ii) obligations of a person controlled or supervised by or acting as an agency or
instrumentality of such government the timely payment of which is unconditionally guaranteed as a
full faith and credit obligation by such government, which, in either case under clauses (i) or
(ii), are not callable or redeemable at the option of the issuer thereof.

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

          “Holder” or “Securityholder” means a person in whose name a Security is registered or the
holder of a Bearer Security.

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

2

 

          “interest” with respect to any Discount Security which by its terms bears interest only after
Maturity, means interest payable after Maturity.

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

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

          “Officers’ Certificate” means a certificate signed by two Officers.

          “Opinion of Counsel” means a written opinion of legal counsel, which counsel may be an
employee of or counsel to the Company.

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

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

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

          “SEC” means the Securities and Exchange Commission.

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

          “Series” or “Series of Securities” means each series of debentures, notes or other debt
instruments of the Company created pursuant to Sections 2.1 and 2.2 hereof.

          “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 as the fixed date on which
the principal of such Security or such installment of principal or interest is due and payable.

          “Subsidiary” of any specified person means any corporation of which an amount of outstanding
stock representing by the terms thereof at least a majority of the ordinary voting power for the
election of directors of such corporation (irrespective of whether or not at the time stock of any
other class or classes of such corporation shall have or might have voting power by reason of the
happening of any contingency) is at the time directly or indirectly owned by such person, or by one
or more other Subsidiaries, or by such person and one or more other Subsidiaries.

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

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

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          “U.S. Government Obligations” means securities which are (i) direct obligations of the United
States of America for the payment of which its full faith and credit is pledged or (ii) obligations
of a person controlled or supervised by and acting as an agency or instrumentality of the United
States of America the payment of which is unconditionally guaranteed as a full faith and credit
obligation by the United States of America, and which in the case of (i) and (ii) are not callable
or redeemable at the option of the issuer thereof, and shall also include a depository receipt
issued by a bank or trust company as custodian with respect to any such U.S. Government Obligation
or a specific payment of interest on or principal of any such U.S. 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
U.S. Government Obligation evidenced by such depository receipt.

     Section 1.2 OTHER DEFINITIONS.

	 	 	 	 	 
	 	 	DEFINED IN
	TERM	 	SECTION
	“Bankruptcy Law”

	 	 	6.1	 
	“Custodian”

	 	 	6.1	 
	“Event of Default”

	 	 	6.1	 
	“Journal”

	 	 	10.15	 
	“Judgment Currency”

	 	 	10.16	 
	“Legal Holiday”

	 	 	10.7	 
	“mandatory sinking fund payment”

	 	 	11.1	 
	“Market Exchange Rate”

	 	 	10.15	 
	“New York Banking Day”

	 	 	10.16	 
	“optional sinking fund payment”

	 	 	11.1	 
	“Paying Agent”

	 	 	2.4	 
	“Registrar”

	 	 	2.4	 
	“Required Currency”

	 	 	10.16	 
	“Service Agent”

	 	 	2.4	 
	“successor person”

	 	 	5.1	 

     Section 1.3 INCORPORATION BY REFERENCE OF TRUST INDENTURE ACT.

          Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by
reference in and made a part of this Indenture. The following TIA terms used in this Indenture have
the following meanings:

          “Commission” means the SEC.

          “indenture securities” means the Securities.

          “indenture security holder” means a Securityholder.

          “indenture to be qualified” means this Indenture.

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

          “obligor” on the indenture securities means the Company and any successor obligor upon the
Securities.

4

 

          All other terms used in this Indenture that are defined by the TIA, defined by TIA reference
to another statute or defined by SEC rule under the TIA and not otherwise defined herein are used
herein as so defined.

     Section 1.4 RULES OF CONSTRUCTION.

          Unless the context otherwise requires:

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

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

          (c) references to “generally accepted accounting principles” shall mean generally accepted
accounting principles in effect as of the time when and for the period as to which such accounting
principles are to be applied;

          (d) “or” is not exclusive;

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

          (f) provisions apply to successive events and transactions.

ARTICLE II.

THE SECURITIES

     Section 2.1 ISSUABLE IN SERIES.

          The aggregate principal amount of Securities that may be authenticated and delivered under
this Indenture is unlimited. The Securities may be issued in one or more Series. All Securities of
a Series shall be identical except as may be set forth in a Board Resolution, a supplemental
indenture or an Officers’ Certificate detailing the adoption of the terms thereof pursuant to the
authority granted under a Board Resolution. In the case of Securities of a Series to be issued from
time to time, the Board Resolution, Officers’ Certificate or supplemental indenture may provide for
the method by which specified terms (such as interest rate, maturity date, record date or date from
which interest shall accrue) are to be determined. Securities may differ between Series in respect
of any matters, provided that all Series of Securities shall be equally and ratably entitled to the
benefits of the Indenture.

     Section 2.2 ESTABLISHMENT OF TERMS OF SERIES OF SECURITIES.

          At or prior to the issuance of any Securities within a Series, the following shall be
established (as to the Series generally, in the case of Subsection 2.2.1, and, either as to such
Securities within the Series or as to the Series generally, in the case of Subsections 2.2.2
through 2.2.21) by a Board Resolution, a supplemental indenture or an Officers’ Certificate
pursuant to authority granted under a Board Resolution:

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

          2.2.2 the price or prices (expressed as a percentage of the principal amount thereof) at which
the Securities of the Series will be issued;

5

 

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

          2.2.4 the date or dates on which the principal of the Securities of the Series is payable;

          2.2.5 the rate or rates (which may be fixed or variable) per annum or, if applicable, the
method used to determine such rate or rates (including, but not limited to, any commodity,
commodity index, stock exchange index or financial index) at which the Securities of the Series
shall bear interest, if any, the date or dates from which such interest, if any, shall accrue, the
date or dates on which such interest, if any, shall commence and be payable and any regular record
date for the interest payable on any interest payment date;

          2.2.6 the place or places where the principal of and interest, if any, on the Securities of
the Series shall be payable, or the method of such payment, if by wire transfer, mail or other
means;

          2.2.7 if applicable, the period or periods within which, the price or prices at which and the
terms and conditions upon which the Securities of the Series may be redeemed, in whole or in part,
at the option of the Company;

          2.2.8 the obligation, if any, of the Company to redeem or purchase the Securities of the
Series pursuant to any sinking fund or analogous provisions or at the option of a Holder thereof
and the period or periods within which, the price or prices at which and the terms and conditions
upon which Securities of the Series shall be redeemed or purchased, in whole or in part, pursuant
to such obligation;

          2.2.9 the dates, if any, on which and the price or prices at which the Securities of the
Series will be repurchased by the Company at the option of the Holders thereof and other detailed
terms and provisions of such repurchase obligations;

          2.2.10 if other than denominations of $1,000 and any integral multiple thereof, the
denominations in which the Securities of the Series shall be issuable;

          2.2.11 the forms of the Securities of the Series in bearer or fully registered form (and, if
in fully registered form, whether the Securities will be issuable as Global Securities);

          2.2.12 if other than the principal amount thereof, the portion of the principal amount of the
Securities of the Series that shall be payable upon declaration of acceleration of the maturity
thereof pursuant to Section 6.2;

          2.2.13 the currency of denomination of the Securities of the Series, which may be Dollars or
any Foreign Currency;

          2.2.14 the designation of the currency, currencies or currency units in which payment of the
principal of and interest, if any, on the Securities of the Series will be made;

          2.2.15 if payments of principal of or interest, if any, on the Securities of the Series are to
be made in one or more currencies or currency units other than that or those in which such
Securities are denominated, the manner in which the exchange rate with respect to such payments
will be determined;

          2.2.16 the manner in which the amounts of payment of principal of or interest, if any, on the
Securities of the Series will be determined, if such amounts may be determined by reference to an
index based on a currency or currencies or by reference to a commodity, commodity index, stock
exchange index or financial index;

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

          2.2.18 any addition to or change in the Events of Default which applies to any Securities of
the Series and any change in the right of the Trustee or the requisite Holders of such Securities
to declare the principal amount thereof due and payable pursuant to Section 6.2;

          2.2.19 any addition to or change in the covenants set forth in Articles IV or V which applies
to Securities of the Series;

          2.2.20 any other terms of the Securities of the Series (which terms shall not be inconsistent
with the provisions of this Indenture, except as permitted by Section 9.1, but which may modify or
delete any provision of this Indenture insofar as it applies to such Series); and

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

          2.2.22 All Securities of any one Series need not be issued at the same time and may be issued
from time to time, consistent with the terms of this Indenture, if so provided by or pursuant to
the Board Resolution, supplemental indenture or Officers’ Certificate referred to above, and the
authorized principal amount of any Series may not be increased to provide for issuances of
additional Securities of such Series, unless otherwise provided in such Board Resolution,
supplemental indenture or Officers’ Certificate.

     Section 2.3 EXECUTION AND AUTHENTICATION.

          Two Officers shall sign the Securities for the Company by manual or facsimile signature.

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

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

          The Trustee shall at any time, and from time to time, authenticate Securities for original
issue in the principal amount provided in the Board Resolution, supplemental indenture hereto or
Officers’ Certificate, upon receipt by the Trustee of a Company Order. Such Company Order may
authorize authentication and delivery pursuant to oral or electronic instructions from the Company
or its duly authorized agent or agents, which oral instructions shall be promptly confirmed in
writing. Each Security shall be dated the date of its authentication unless otherwise provided by a
Board Resolution, a supplemental indenture hereto or an Officers’ Certificate.

          The aggregate principal amount of Securities of any Series outstanding at any time may not
exceed any limit upon the maximum principal amount for such Series set forth in the Board
Resolution, supplemental indenture hereto or Officers’ Certificate delivered pursuant to Section
2.2, except as provided in Section 2.8.

          Prior to the issuance of Securities of any Series, the Trustee shall have received and
(subject to Section 7.2) shall be fully protected in relying on: (a) the Board Resolution,
supplemental indenture hereto or Officers’ Certificate establishing the form of the Securities of
that Series or of Securities within that Series and the terms of the Securities of that Series or
of Securities within that Series, (b) an Officers’ Certificate complying with Section 10.4, and
(c) an Opinion of Counsel complying with Section 10.4.

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

     Section 2.4 REGISTRAR AND PAYING AGENT.

          The Company shall maintain, with respect to each Series of Securities, at the place or places
specified with respect to such Series pursuant to Section 2.2, an office or agency where Securities
of such Series may be presented or surrendered for payment (“Paying Agent”), where Securities of
such Series may be surrendered for registration of transfer or exchange (“Registrar”) and where
notices and demands to or upon the Company in respect of the Securities of such Series and this
Indenture may be served (“Service Agent”). The Registrar shall keep a register with respect to each
Series of Securities and to their transfer and exchange. The Company will give prompt written
notice to the Trustee of the name and address, and any change in the name or address, of each
Registrar, Paying Agent or Service Agent. If at any time the Company shall fail to maintain any
such required Registrar, Paying Agent or Service Agent or shall fail to furnish the Trustee with
the name and address thereof, such presentations, surrenders, notices and demands may be made or
served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as
its agent to receive all such presentations, surrenders, notices and demands.

          The Company may also from time to time designate one or more co-registrars, additional paying
agents or additional service agents and may from time to time rescind such designations; provided,
however, that no such designation or rescission shall in any manner relieve the Company of its
obligations to maintain a Registrar, Paying Agent and Service Agent in each place so specified
pursuant to Section 2.2 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
name or address of any such co-registrar, additional paying agent or additional service agent. The
term “Registrar” includes any co-registrar; the term “Paying Agent” includes any additional paying
agent; and the term “Service Agent” includes any additional service agent.

          The Company hereby appoints the Trustee the initial Registrar, Paying Agent and Service Agent
for each Series unless another Registrar, Paying Agent or Service Agent, as the case may be, is
appointed prior to the time Securities of that Series are first issued.

     Section 2.5 PAYING AGENT TO HOLD MONEY IN TRUST.

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

     Section 2.6 SECURITYHOLDER LISTS.

          The Trustee shall preserve in as current a form as is reasonably practicable the most recent
list available to it of the names and addresses of Securityholders of each Series of Securities and
shall otherwise comply with TIA Section 312(a). If the Trustee is not the Registrar, the Company
shall furnish to the Trustee at least ten days before each interest payment date and at such other
times as the Trustee may request in writing a list, in such form and as of such date as the Trustee
may reasonably require, of the names and addresses of Securityholders of each Series of Securities.

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     Section 2.7 TRANSFER AND EXCHANGE.

          Where Securities of a Series are presented to the Registrar or a co-registrar with a request
to register a transfer or to exchange them for an equal principal amount of Securities of the same
Series, the Registrar shall register the transfer or make the exchange if its requirements for such
transactions are met. To permit registrations of transfers and exchanges, the Trustee shall
authenticate Securities at the Registrar’s request. No service charge shall be made for any
registration of transfer or exchange (except as otherwise expressly permitted herein), but the
Company may require payment of a sum sufficient to cover any transfer tax or similar governmental
charge payable in connection therewith (other than any such transfer tax or similar governmental
charge payable upon exchanges pursuant to Sections 2.11, 3.6 or 9.6).

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

     Section 2.8 MUTILATED, DESTROYED, LOST AND STOLEN SECURITIES.

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

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

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

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

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

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

     Section 2.9 OUTSTANDING SECURITIES.

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

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

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

          A Security shall cease to be outstanding if the Company or any of its Subsidiaries holds the
Security.

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

     Section 2.10 TREASURY SECURITIES.

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

     Section 2.11 TEMPORARY SECURITIES.

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

     Section 2.12 CANCELLATION.

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

     Section 2.13 DEFAULTED INTEREST.

          If the Company defaults in a payment of interest on a Series of Securities, it shall pay the
defaulted interest, plus, to the extent permitted by law, any interest payable on the defaulted
interest, to the persons who are Securityholders of the Series on a subsequent special record date.
The Company shall fix the record date and payment date. At least 30 days before the record date,
the Company shall mail to the
Trustee and to each Securityholder of the Series a notice that states the record date, the
payment date and the amount of interest to be paid. The Company may pay defaulted interest in any
other lawful manner.

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     Section 2.14 GLOBAL SECURITIES.

          2.14.1 TERMS OF SECURITIES. A Board Resolution, a supplemental indenture hereto or an
Officers’ Certificate shall establish whether the Securities of a Series shall be issued in whole
or in part in the form of one or more Global Securities and the Depository for such Global Security
or Securities.

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

          Except as provided in this Section 2.14.2, a Global Security may not be transferred except as
a whole by the Depository with respect to such Global Security to a nominee of such Depository, by
a nominee of such Depository to such Depository or another nominee of such Depository or by the
Depository or any such nominee to a successor Depository or a nominee of such a successor
Depository.

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

          “This Security is a Global Security within the meaning of the Indenture hereinafter referred
to and is registered in the name of the Depository or a nominee of the Depository. This Security is
exchangeable for Securities registered in the name of a person other than the Depository or its
nominee only in the limited circumstances described in the Indenture, and may not be transferred
except as a whole by the Depository to a nominee of the Depository, by a nominee of the Depository
to the Depository or another nominee of the Depository or by the Depository or any such nominee to
a successor Depository or a nominee of such a successor Depository.”

          2.14.4 ACTS OF HOLDERS. The Depository, as a Holder, may appoint agents and otherwise
authorize participants to give or take any request, demand, authorization, direction, notice,
consent, waiver or other action which a Holder is entitled to give or take under the Indenture.

          2.14.5 PAYMENTS. Notwithstanding the other provisions of this Indenture, unless otherwise
specified as contemplated by Section 2.2, payment of the principal of and interest, if any, on any
Global Security shall be made to the Holder thereof.

          2.14.6 CONSENTS, DECLARATION AND DIRECTIONS. Except as provided in Section 2.14.5, the
Company, the Trustee and any Agent shall treat a person as the Holder of such principal amount of
outstanding Securities of such Series represented by a Global Security as shall be specified in a
written statement of the Depositary with respect to such Global Security, for purposes of obtaining
any consents, declarations, waivers or directions required to be given by the Holders pursuant to
this Indenture.

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     Section 2.15 CUSIP NUMBERS.

          The Company in issuing the Securities may use “CUSIP” numbers (if then generally in use), and,
if so, the Trustee shall use “CUSIP” numbers in notices of redemption as a convenience to Holders;
provided that any such notice may state that no representation is made as to the correctness of
such numbers either as printed on the Securities or as contained in any notice of a redemption and
that reliance may be placed only on the other elements of identification printed on the Securities,
and any such redemption shall not be affected by any defect in or omission of such numbers.

ARTICLE III.

REDEMPTION

     Section 3.1 NOTICE TO TRUSTEE.

          The Company may, with respect to any Series of Securities, reserve the right to redeem and pay
the Series of Securities or may covenant to redeem and pay the Series of Securities or any part
thereof prior to the Stated Maturity thereof at such time and on such terms as provided for in such
Securities. If a Series of Securities is redeemable and the Company wants or is obligated to redeem
prior to the Stated Maturity thereof all or part of the Series of Securities pursuant to the terms
of such Securities, it shall notify the Trustee of the redemption date and the principal amount of
Series of Securities to be redeemed. The Company shall give the notice at least 30 days before the
redemption date (or such shorter notice as may be acceptable to the Trustee).

     Section 3.2 SELECTION OF SECURITIES TO BE REDEEMED.

          Unless otherwise indicated for a particular Series by a Board Resolution, a supplemental
indenture or an Officers’ Certificate, if less than all the Securities of a Series are to be
redeemed, the Trustee shall select the Securities of the Series to be redeemed in any manner that
the Trustee deems fair and appropriate. The Trustee shall make the selection from Securities of the
Series outstanding not previously called for redemption. The Trustee may select for redemption
portions of the principal of Securities of the Series that have denominations larger than $1,000.
Securities of the Series and portions of them it selects shall be in amounts of $1,000 or whole
multiples of $1,000 or, with respect to Securities of any Series issuable in other denominations
pursuant to Section 2.2.10, the minimum principal denomination for each Series and integral
multiples thereof. Provisions of this Indenture that apply to Securities of a Series called for
redemption also apply to portions of Securities of that Series called for redemption.

     Section 3.3 NOTICE OF REDEMPTION.

          Unless otherwise indicated for a particular Series by Board Resolution, a supplemental
indenture hereto or an Officers’ Certificate, at least 30 days but not more than 60 days before a
redemption date, the Company shall mail a notice of redemption by first-class mail to each Holder
whose Securities are to be redeemed and if any Bearer Securities are outstanding, publish on one
occasion a notice in an Authorized Newspaper.

          The notice shall identify the Securities of the Series to be redeemed and shall state:

          (a) the redemption date;

          (b) the redemption price;

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

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

          (e) that interest on Securities of the Series called for redemption ceases to accrue on and
after the redemption date; and

          (f) any other information as may be required by the terms of the particular Series or the
Securities of a Series being redeemed.

          At the Company’s request, the Trustee shall give the notice of redemption in the Company’s
name and at its expense.

     Section 3.4 EFFECT OF NOTICE OF REDEMPTION.

          Once notice of redemption is mailed or published as provided in Section 3.3, Securities of a
Series called for redemption become due and payable on the redemption date and at the redemption
price. A notice of redemption may not be conditional. Upon surrender to the Paying Agent, such
Securities shall be paid at the redemption price plus accrued interest to the redemption date.

     Section 3.5 DEPOSIT OF REDEMPTION PRICE.

          On or before the redemption date, the Company shall deposit with the Paying Agent money
sufficient to pay the redemption price of and accrued interest, if any, on all Securities to be
redeemed on that date.

     Section 3.6 SECURITIES REDEEMED IN PART.

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

ARTICLE IV.

COVENANTS

     Section 4.1 PAYMENT OF PRINCIPAL 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 interest, if any, on the Securities of
that Series in accordance with the terms of such Securities and this Indenture.

     Section 4.2 SEC REPORTS.

          The Company shall deliver to the Trustee within 45 days after it files them with the SEC
copies of the annual reports and of the information, documents, and other reports (or copies of
such portions of any of the foregoing as the SEC may by rules and regulations prescribe) which the
Company is required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act. The
Company also shall comply with the other provisions of TIA Section 314(a).

     Section 4.3 COMPLIANCE CERTIFICATE.

          The Company shall deliver to the Trustee, within 90 days after the end of each fiscal year of
the Company, an Officers’ Certificate stating that a review of the activities of the Company and
its Subsidiaries during the preceding fiscal year has been made under the supervision of the
signing Officers with a view to determining whether the Company has kept, observed, performed and
fulfilled its

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obligations under this Indenture, and further stating, as to each such Officer signing such
certificate, that to the best of his knowledge the Company has kept, observed, performed and
fulfilled each and every covenant contained in this Indenture and is not in default in the
performance or observance of any of the terms, provisions and conditions hereof (or, if a Default
or Event of Default shall have occurred, describing all such Defaults or Events of Default of which
he may have knowledge).

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

     Section 4.4 STAY, EXTENSION AND USURY LAWS.

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

ARTICLE V.

SUCCESSOR ENTITY

     Section 5.1 COMPANY MAY CONSOLIDATE, ETC.

          Except as otherwise provided as contemplated by Section 2.2 for a particular Series by a Board
Resolution, a supplemental indenture or an Officers’ Certificate, nothing contained in this
Indenture shall prevent any consolidation or merger of the Company with or into any other Person
(whether or not affiliated with the Company) or successive consolidations or mergers in which the
Company or its successor or successors shall be a party or parties, or shall prevent any sale,
conveyance, transfer or other disposition of the property of the Company or its successor or
successors as an entirety, or substantially as an entirety, to any other Person (whether or not
affiliated with the Company or its successor or successors) authorized to acquire and operate the
same; provided, however, (a) the Company hereby covenants and agrees that, upon any such
consolidation or merger (in each case, if the Company is not the survivor of such transaction),
sale, conveyance, transfer or other disposition, the due and punctual payment of the principal of
(premium, if any) and interest on all of the Securities in accordance with the terms of each
Series, according to their tenor, and the due and punctual performance and observance of all the
covenants and conditions of this Indenture with respect to each Series or established with respect
to such Series pursuant to Section 2.2 to be kept or performed by the Company shall be expressly
assumed, by supplemental indenture (which shall conform to the provisions of the Trust Indenture
Act, as then in effect) executed and delivered to the Trustee by the entity formed by such
consolidation, or into which the Company shall have been merged, or by the entity which shall have
acquired such property and (b) in the event that the Securities of any Series then outstanding are
convertible into or exchangeable for shares of common stock or other securities of the Company,
such entity shall, by such supplemental indenture, make provision so that the Holders of Securities
of that Series shall thereafter be entitled to receive upon conversion or exchange of such
Securities the number of securities or property to which a holder of the number of shares of common
stock or other securities of the Company deliverable upon conversion or exchange of those
Securities would have been entitled had such conversion or exchange occurred immediately prior to
such consolidation, merger, sale, conveyance, transfer or other disposition.

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     Section 5.2 SUCCESSOR ENTITY SUBSTITUTED.

          (a) In case of any such consolidation, merger, sale, conveyance, transfer or other disposition
and upon the assumption by the successor entity by supplemental indenture, executed and delivered
to the Trustee, of the obligations set forth under Section 5.1 on all of the Securities of all
Series outstanding, such successor entity shall succeed to and be substituted for the Company with
the same effect as if it had been named as the Company herein, and thereupon the predecessor
corporation shall be relieved of all obligations and covenants under this Indenture and the
Securities.

          (b) In case of any such consolidation, merger, sale, conveyance, transfer or other
disposition, such changes in phraseology and form (but not in substance) may be made in the
Securities thereafter to be issued as may be appropriate.

          (c) Nothing contained in this Article shall require any action by the Company in the case of a
consolidation or merger of any Person into the Company where the Company is the survivor of such
transaction, or the acquisition by the Company, by purchase or otherwise, of all or any part of the
property of any other Person (whether or not affiliated with the Company).

     Section 5.3 EVIDENCE OF CONSOLIDATION, ETC. TO TRUSTEE.

          The Trustee may receive an Officers’ Certificate or an Opinion of Counsel as conclusive
evidence that any such consolidation, merger, sale, conveyance, transfer or other disposition, and
any such assumption, comply with the provisions of this Article.

ARTICLE VI.

DEFAULTS AND REMEDIES

     Section 6.1 EVENTS OF DEFAULT.

          “Event of Default,” wherever used herein with respect to Securities of any Series, means any
one of the following events, unless in the establishing Board Resolution, supplemental indenture or
Officers’ Certificate, it is provided that such Series shall not have the benefit of said Event of
Default:

          (a) default in the payment of any interest on any Security of that Series when it becomes due
and payable, and continuance of such default for a period of 30 days (unless the entire amount of
such payment is deposited by the Company with the Trustee or with a Paying Agent prior to the
expiration of such period of 30 days); or

          (b) default in the payment of the principal of any Security of that Series at its Maturity; or

          (c) default in the deposit of any sinking fund payment, when and as due in respect of any
Security of that Series; or

          (d) default in the performance or breach of any covenant or warranty of the Company in this
Indenture (other than a covenant or warranty that has been included in this Indenture solely for
the benefit of Series of Securities other than that Series), which default continues uncured 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

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

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     (i) commences a voluntary case,

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

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

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

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

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

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

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

     (iii) orders the liquidation of the Company, and in each of (i), (ii) and
(iii) the order or decree remains unstayed and in effect for 60 days; or

          (g) any other Event of Default provided with respect to Securities of that Series, which is
specified in a Board Resolution, a supplemental indenture hereto or an Officers’ Certificate, in
accordance with Section 2.2.18.

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

     Section 6.2 ACCELERATION OF MATURITY; RESCISSION AND ANNULMENT.

          If an Event of Default with respect to Securities of any Series at the time outstanding occurs
and is continuing (other than an Event of Default referred to in Section 6.1(e) or (f)) then in
every such case the Trustee or the Holders of not less than 25% in principal amount of the
outstanding Securities of that Series may declare the principal amount (or, if any Securities of
that Series are Discount Securities, such portion of the principal amount as may be specified in
the terms of such Securities) of and accrued and unpaid interest, if any, on all of the Securities
of that Series to be due and payable immediately, by a notice in writing to the Company (and to the
Trustee if given by Holders), and upon any such declaration such principal amount (or specified
amount) and accrued and unpaid interest, if any, shall become immediately due and payable. If an
Event of Default specified in Section 6.1(e) or (f) shall occur, the principal amount (or specified
amount) of and accrued and unpaid interest, if any, on all outstanding Securities shall ipso facto
become and be immediately due and payable without any declaration or other act on the part of the
Trustee or any Holder.

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

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

     (i) all overdue interest, if any, on all Securities of that Series,

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     (ii) the principal of any Securities of that Series which have become due
otherwise than by such declaration of acceleration and interest thereon at the rate
or rates prescribed therefor in such Securities,

     (iii) to the extent that payment of such interest is lawful, interest upon any
overdue principal and overdue interest at the rate or rates prescribed therefor in
such Securities, and

     (iv) 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

          (b) all Events of Default with respect to Securities of that Series, other than the
non-payment of the principal of Securities of that Series which have become due solely by such
declaration of acceleration, have been cured or waived as provided in Section 6.13.

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

     Section 6.3 COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY TRUSTEE.

          The Company covenants that if:

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

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

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

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

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

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

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     Section 6.4 TRUSTEE MAY FILE PROOFS OF CLAIM.

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

          (a) to file and prove a claim for the whole amount of principal and interest owing and unpaid
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

          (b) to collect and receive any moneys or other property payable or deliverable on any such
claims and to distribute the same, and any custodian, receiver, assignee, trustee, liquidator,
sequestrator or other similar official in any such judicial proceeding is hereby authorized by each
Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the
making of such payments directly to the Holders, to pay to the Trustee any amount due it for the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and
counsel, and any other amounts due the Trustee under Section 7.7.

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

     Section 6.5 TRUSTEE MAY ENFORCE CLAIMS WITHOUT POSSESSION OF SECURITIES.

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

     Section 6.6 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 interest, upon presentation of the Securities and the notation thereon of
the payment if only partially paid and upon surrender thereof if fully paid:

          First: To the payment of all amounts due the Trustee under Section 7.7; and

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

          Third: To the Company.

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     Section 6.7 LIMITATION ON SUITS.

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

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

          (b) 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;

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

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

          (e) no direction inconsistent with such written request has been given to the Trustee during
such 60-day period by the Holders of a majority in 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 6.8 UNCONDITIONAL RIGHT OF HOLDERS TO RECEIVE PRINCIPAL AND INTEREST.

          Notwithstanding any other provision in this Indenture, the Holder of any Security shall have
the right, which is absolute and unconditional, to receive payment of the principal of and
interest, if any, on such Security on the Stated Maturity or Stated Maturities expressed in such
Security (or, in the case of redemption, on the redemption date) and to institute suit for the
enforcement of any such payment, and such rights shall not be impaired without the consent of such
Holder.

     Section 6.9 RESTORATION OF RIGHTS AND REMEDIES.

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

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     Section 6.10 RIGHTS AND REMEDIES CUMULATIVE.

          Except as otherwise provided with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Securities in Section 2.8, no right or remedy herein conferred upon or
reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy,
and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to
every other right and remedy given hereunder or now or hereafter existing at law or in equity or
otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not
prevent the concurrent assertion or employment of any other appropriate right or remedy.

     Section 6.11 DELAY OR OMISSION NOT WAIVER.

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

     Section 6.12 CONTROL BY HOLDERS.

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

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

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

          (c) the Trustee shall have the right to decline to follow any such direction if the Trustee in
good faith shall, by a Responsible Officer of the Trustee, determine that the proceeding so
directed would involve the Trustee in personal liability.

     Section 6.13 WAIVER OF PAST DEFAULTS.

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

     Section 6.14 UNDERTAKING FOR COSTS.

          All parties to this Indenture agree, and each Holder of any Security by his acceptance thereof
shall be deemed to have agreed, that any court may in its discretion require, in any suit for the
enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any
action taken, suffered or omitted by it as Trustee, the filing by any party litigant in such suit
of an undertaking to pay the costs of such suit, and that such court may in its discretion assess
reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit,
having due regard to the merits and good faith of the claims or defenses made by such party
litigant; but the provisions of this Section shall not apply

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to any suit instituted by the Company, to any suit instituted by the Trustee, to any suit
instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in principal
amount of the outstanding Securities of any Series, or to any suit instituted by any Holder for the
enforcement of the payment of the principal of or interest on any Security on or after the Stated
Maturity or Stated Maturities expressed in such Security (or, in the case of redemption, on the
redemption date).

ARTICLE VII.

TRUSTEE

     Section 7.1 DUTIES OF TRUSTEE.

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

          (b) Except during the continuance of an Event of Default:

     (i) The Trustee need perform only those duties that are specifically set forth
in this Indenture and no others.

     (ii) In the absence of bad faith on its part, the Trustee may conclusively
rely, as to the truth of the statements and the correctness of the opinions
expressed therein, upon Officers’ Certificates or Opinions of Counsel furnished to
the Trustee and conforming to the requirements of this Indenture; however, in the
case of any such Officers’ Certificates or Opinions of Counsel which by any
provisions hereof are specifically required to be furnished to the Trustee, the
Trustee shall examine such Officers’ Certificates and Opinions of Counsel to
determine whether or not they conform to the requirements of this Indenture.

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

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

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

     (iii) The Trustee shall not be liable with respect to any action taken,
suffered or omitted to be taken by it with respect to Securities of any Series in
good faith in accordance with the direction of the Holders of a majority in
principal amount of the outstanding Securities of such Series relating to the time,
method and place of conducting any proceeding for any remedy available to the
Trustee, or exercising any trust or power conferred upon the Trustee, under this
Indenture with respect to the Securities of such Series.

          (d) Every provision of this Indenture that in any way relates to the Trustee is subject to
paragraph (a), (b) and (c) of this Section.

          (e) The Trustee may refuse to perform any duty or exercise any right or power unless it
receives indemnity satisfactory to it against any loss, liability or expense.

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          (f) The Trustee shall not be liable for interest on any money received by it except as the
Trustee may agree in writing with the Company. Money held in trust by the Trustee need not be
segregated from other funds except to the extent required by law.

          (g) No provision of this Indenture shall require the Trustee to risk its own funds or
otherwise incur any financial liability in the performance of any of its duties, 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 is not reasonably assured to it.

          (h) The Paying Agent, the Registrar and any authenticating agent shall be entitled to the
protections, immunities and standard of care as are set forth in paragraphs (a), (b) and (c) of
this Section with respect to the Trustee.

     Section 7.2 RIGHTS OF TRUSTEE.

          (a) The Trustee may rely on and shall be protected in acting or refraining from acting upon
any document believed by it to be genuine and to have been signed or presented by the proper
person. The Trustee need not investigate any fact or matter stated in the document.

          (b) Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate
or an Opinion of Counsel. The Trustee shall not be liable for any action it takes or omits to take
in good faith in reliance on such Officers’ Certificate or Opinion of Counsel.

          (c) The Trustee may act through agents and shall not be responsible for the misconduct or
negligence of any agent appointed with due care. No Depository shall be deemed an agent of the
Trustee and the Trustee shall not be responsible for any act or omission by any Depository.

          (d) The Trustee shall not be liable for any action it takes or omits to take in good faith
which it believes to be authorized or within its rights or powers.

          (e) 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.

          (f) 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 unless such
Holders shall have offered to the Trustee reasonable security or indemnity against the costs,
expenses and liabilities which might be incurred by it in compliance with such request or
direction.

     Section 7.3 INDIVIDUAL RIGHTS OF TRUSTEE.

          The Trustee in its individual or any other capacity may become the owner or pledgee of
Securities and may otherwise deal with the Company or an Affiliate with the same rights it would
have if it were not Trustee. Any Agent may do the same with like rights. The Trustee is also
subject to Sections 7.10 and 7.11.

     Section 7.4 TRUSTEE’S DISCLAIMER.

          The Trustee makes no representation as to the validity or adequacy of this Indenture or the
Securities, it shall not be accountable for the Company’s use of the proceeds from the Securities,
and it shall not be responsible for any statement in the Securities other than its authentication.

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     Section 7.5 NOTICE OF DEFAULTS.

          If a Default or Event of Default occurs and is continuing with respect to the Securities of
any Series and if it is known to a Responsible Officer of the Trustee, the Trustee shall mail to
each Securityholder of the Securities of that Series and, if any Bearer Securities are outstanding,
publish on one occasion in an Authorized Newspaper, notice of a Default or Event of Default within
90 days after it occurs or, if later, after a Responsible Officer of the Trustee has knowledge of
such Default or Event of Default. Except in the case of a Default or Event of Default in payment of
principal of or interest on any Security of any Series, the Trustee may withhold the notice if and
so long as its corporate trust committee or a committee of its Responsible Officers in good faith
determines that withholding the notice is in the interests of Securityholders of that Series.

     Section 7.6 REPORTS BY TRUSTEE TO HOLDERS.

          Within 60 days after May 15 in each year, the Trustee shall transmit by mail to all
Securityholders, as their names and addresses appear on the register kept by the Registrar and, if
any Bearer Securities are outstanding, publish in an Authorized Newspaper, a brief report dated as
of such May 15, in accordance with, and to the extent required under, TIA Section 313.

          A copy of each report at the time of its mailing to Securityholders of any Series shall be
filed with the SEC and each stock exchange on which the Securities of that Series are listed. The
Company shall promptly notify the Trustee when Securities of any Series are listed on any stock
exchange.

     Section 7.7 COMPENSATION AND INDEMNITY.

          The Company shall pay to the Trustee from time to time reasonable compensation for its
services in amounts agreed to in writing by the Company and the Trustee. The Trustee’s compensation
shall not be limited by any law on compensation of a trustee of an express trust. The Company shall
reimburse the Trustee upon request for all reasonable out-of-pocket expenses incurred by it. Such
expenses shall include the reasonable compensation and expenses of the Trustee’s agents and
counsel.

          The Company shall indemnify the Trustee (including the cost of defending itself) against any
loss, liability or expense incurred by it except as set forth in the next paragraph in the
performance of its duties under this Indenture as Trustee or Agent. The Trustee shall notify the
Company promptly of any claim for which it may seek indemnity. The Company shall defend the claim
and the Trustee shall cooperate in the defense. The Trustee may have one separate counsel and the
Company shall pay the reasonable fees and expenses of such counsel. The Company need not pay for
any settlement made without its consent, which consent shall not be unreasonably withheld. This
indemnification shall apply to officers, directors, employees, shareholders and agents of the
Trustee.

          The Company need not reimburse any expense or indemnify against any loss or liability incurred
by the Trustee or by any officer, director, employee, shareholder or agent of the Trustee through
negligence or bad faith.

          To secure the Company’s payment obligations in this Section, the Trustee shall have a lien
prior to the Securities of any Series on all money or property held or collected by the Trustee,
except that held in trust to pay principal and interest on particular Securities of that Series.

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

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     Section 7.8 REPLACEMENT OF TRUSTEE.

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

          The Trustee may resign with respect to the Securities of one or more Series by so notifying
the Company. The Holders of a majority in principal amount of the Securities of any Series may
remove the Trustee with respect to that Series by so notifying the Trustee and the Company. The
Company may remove the Trustee with respect to Securities of one or more Series if:

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

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

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

          (d) the Trustee becomes incapable of acting.

          If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any
reason, the Company shall promptly appoint a successor Trustee. If a successor Trustee with
respect to the Securities of any one or more Series does not take office within 60 days after the
retiring Trustee resigns or is removed, the retiring Trustee, the Company or the Holders of at
least 10% in principal amount of the Securities of the applicable Series may petition any court of
competent jurisdiction for the appointment of a successor Trustee.

          If the Trustee with respect to the Securities of any one or more Series fails to comply with
Section 7.10, any Securityholder of the applicable Series may petition any court of competent
jurisdiction for the removal of the Trustee and the appointment of a successor Trustee.

          A successor Trustee shall deliver a written acceptance of its appointment to the retiring
Trustee and to the Company. Immediately after that, the retiring Trustee shall transfer all
property held by it as Trustee to the successor Trustee subject to the lien provided for in Section
7.7, the resignation or removal of the retiring Trustee shall become effective, and the successor
Trustee shall have all the rights, powers and duties of the Trustee with respect to each Series of
Securities for which it is acting as Trustee under this Indenture. A successor Trustee shall mail a
notice of its succession to each Securityholder of each such Series and, if any Bearer Securities
are outstanding, publish such notice on one occasion in an Authorized Newspaper. Notwithstanding
replacement of the Trustee pursuant to this Section 7.8, the Company’s obligations under Section
7.7 hereof shall continue for the benefit of the retiring Trustee with respect to expenses and
liabilities incurred by it prior to such replacement.

     Section 7.9 SUCCESSOR TRUSTEE BY MERGER, ETC.

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

     Section 7.10 ELIGIBILITY; DISQUALIFICATION.

          This Indenture shall always have a Trustee who satisfies the requirements of TIA Section
310(a)(1), (2) and (5). The Trustee shall always have a combined capital and surplus of at least
$25,000,000 as set forth in its most recent published annual report of condition. The Trustee shall
comply with TIA Section 310(b).

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     Section 7.11 PREFERENTIAL COLLECTION OF CLAIMS AGAINST COMPANY.

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

ARTICLE VIII.

SATISFACTION AND DISCHARGE; DEFEASANCE

     Section 8.1 SATISFACTION AND DISCHARGE OF INDENTURE.

          This Indenture shall upon Company Order cease to be of further effect (except as hereinafter
provided in this Section 8.1), and the Trustee, at the expense of the Company, shall execute proper
instruments acknowledging satisfaction and discharge of this Indenture, when:

          (a) either:

     (i) all Securities theretofore authenticated and delivered (other than
Securities that have been destroyed, lost or stolen and that have been replaced or
paid) have been delivered to the Trustee for cancellation; or

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

(1) have become due and payable, or

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

(3) 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, or

(4) are deemed paid and discharged pursuant to Section 8.3, as
applicable;

          and the Company, in the case of (1), (2) or (3) above, has deposited or caused to be deposited
with the Trustee as trust funds in trust an amount sufficient for the purpose of paying and
discharging the entire indebtedness on such Securities not theretofore delivered to the Trustee for
cancellation, for principal and interest to the date of such deposit (in the case of Securities
which have become due and payable on or prior to the date of such deposit) or to the Stated
Maturity or redemption date, as the case may be;

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

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

          Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the
Company to the Trustee under Section 7.7, and, if money shall have been deposited with the Trustee
pursuant to clause (a) of this Section, the provisions of Sections 2.4, 2.7, 2.8, 8.1 8.2 and 8.5
shall survive.

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     Section 8.2 APPLICATION OF TRUST FUNDS; INDEMNIFICATION.

          (a) Subject to the provisions of Section 8.5, all money deposited with the Trustee pursuant to
Section 8.1, all money and U.S. Government Obligations or Foreign Government Obligations deposited
with the Trustee pursuant to Section 8.3 or 8.4 and all money received by the Trustee in respect of
U.S. Government Obligations or Foreign Government Obligations deposited with the Trustee pursuant
to Section 8.3 or 8.4, shall be held in trust and applied by it, in accordance with the provisions
of the Securities and this Indenture, to the payment, either directly or through any Paying Agent
(including the Company acting as its own Paying Agent) as the Trustee may determine, to the persons
entitled thereto, of the principal and interest for whose payment such money has been deposited
with or received by the Trustee or to make mandatory sinking fund payments or analogous payments as
contemplated by Sections 8.3 or 8.4.

          (b) The Company shall pay and shall indemnify the Trustee against any tax, fee or other charge
imposed on or assessed against U.S. Government Obligations or Foreign Government Obligations
deposited pursuant to Sections 8.3 or 8.4 or the interest and principal received in respect of such
obligations other than any payable by or on behalf of Holders.

          (c) The Trustee shall deliver or pay to the Company from time to time upon Company Request any
U.S. Government Obligations or Foreign Government Obligations or money held by it as provided in
Sections 8.3 or 8.4 which, in the opinion of a nationally recognized firm of independent certified
public accountants expressed in a written certification thereof delivered to the Trustee, are then
in excess of the amount thereof which then would have been required to be deposited for the purpose
for which such U.S. Government Obligations or Foreign Government Obligations or money were
deposited or received. This provision shall not authorize the sale by the Trustee of any U.S.
Government Obligations or Foreign Government Obligations held under this Indenture.

     Section 8.3 LEGAL DEFEASANCE OF SECURITIES OF ANY SERIES.

          Unless this Section 8.3 is otherwise specified pursuant to Section 2.2.20 to be inapplicable
to Securities of any Series, the Company shall be deemed to have paid and discharged the entire
indebtedness on all the outstanding Securities of such Series on the 91st day after the date of the
deposit referred to in subparagraph (d) hereof, and the provisions of this Indenture, as it relates
to such outstanding Securities of such Series, shall no longer be in effect (and the Trustee, at
the expense of the Company, shall, at Company Request, execute proper instruments acknowledging the
same), except as to:

          (a) the rights of Holders of Securities of such Series to receive, from the trust funds
described in subparagraph (d) hereof, (i) payment of the principal of and each installment of
principal of and interest on the outstanding Securities of such Series on the Stated Maturity of
such principal or installment of principal or interest and (ii) the benefit of any mandatory
sinking fund payments applicable to the Securities of such Series on the day on which such payments
are due and payable in accordance with the terms of this Indenture and the Securities of such
Series;

          (b) the provisions of Sections 2.4, 2.7, 2.8, 8.2, 8.3 and 8.5; and

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

          provided that, the following conditions shall have been satisfied:

          (d) the Company shall have deposited or caused to be deposited irrevocably with the Trustee as
trust funds in trust for the purpose of making the following payments, specifically pledged as
security for and dedicated solely to the benefit of the Holders of such Securities, (i) in the case
of Securities of such Series denominated in Dollars, cash in Dollars (or such other money or
currencies as shall then be legal tender in the United States) and/or U.S. Government Obligations,
or (ii) in the case of Securities of such Series denominated in a Foreign Currency (other than a
composite currency), money and/or Foreign

26

 

Government Obligations, which through the payment of interest and principal in respect
thereof, in accordance with their terms, will provide (and without reinvestment and assuming no tax
liability will be imposed on such Trustee), not later than one day before the due date of any
payment of money, an amount in cash, sufficient, in the opinion of a nationally recognized firm of
independent public accountants expressed in a written certification thereof delivered to the
Trustee, to pay and discharge each installment of principal (including mandatory sinking fund or
analogous payments) of and interest, if any, on all the Securities of such Series on the dates such
installments of interest or principal are due;

          (e) such deposit will not result in a breach or violation of, or constitute a default under,
this Indenture or any other agreement or instrument to which the Company is a party or by which it
is bound;

          (f) no Default or Event of Default with respect to the Securities of such Series shall have
occurred and be continuing on the date of such deposit or during the period ending on the 91st day
after such date;

          (g) the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of
Counsel to the effect that the Holders of the Securities of such Series will not recognize income,
gain or loss for Federal income tax purposes as a result of such deposit, defeasance and discharge
and will be subject to Federal income tax on the same amount and in the same manner and at the same
times as would have been the case if such deposit, defeasance and discharge had not occurred;

          (h) the Company shall have delivered to the Trustee an Officers’ Certificate stating that the
deposit was not made by the Company with the intent of preferring the Holders of the Securities of
such Series over any other creditors of the Company or with the intent of defeating, hindering,
delaying or defrauding any other creditors of the Company;

          (i) such deposit shall not result in the trust arising from such deposit constituting an
investment company (as defined in the Investment Company Act of 1940, as amended), or such trust
shall be qualified under such Act or exempt from regulation thereunder; and

          (j) the Company shall have delivered to the Trustee an Officers’ Certificate stating that all
conditions precedent provided for relating to the defeasance contemplated by this Section have been
complied with.

     Section 8.4 COVENANT DEFEASANCE.

          Unless this Section 8.4 is otherwise specified pursuant to Section 2.2.20 to be inapplicable
to Securities of any Series, on and after the 91st day after the date of the deposit referred to in
subparagraph (a) hereof, the Company may omit to comply with any term, provision or condition set
forth under Sections 4.2, 4.3, 4.4, 4.5, 4.6, and 5.1 as well as any additional covenants contained
in a supplemental indenture hereto for a particular Series of Securities or a Board Resolution or
an Officers’ Certificate delivered pursuant to Section 2.2.20 (and the failure to comply with any
such covenants shall not constitute a Default or Event of Default under Section 6.1), with respect
to the Securities of such Series, provided that the following conditions shall have been satisfied:

          (a) with reference to this Section 8.4, the Company has deposited or caused to be irrevocably
deposited (except as provided in Section 8.2(c)) with the Trustee as trust funds in trust,
specifically pledged as security for, and dedicated solely to, the benefit of the Holders of such
Securities, (i) in the case of Securities of such Series denominated in Dollars, cash in Dollars
(or such other money or currencies as shall then be legal tender in the United States) and/or U.S.
Government Obligations, or (ii) in the case of Securities of such Series denominated in a Foreign
Currency (other than a composite currency), money and/or Foreign Government Obligations, which
through the payment of interest and principal in respect thereof, in accordance with their terms,
will provide (and without reinvestment and assuming no tax liability will be imposed on such
Trustee), not later than one day before the due date of any payment of

27

 

money, an amount in cash, sufficient, in the opinion of a nationally recognized firm of
independent certified public accountants expressed in a written certification thereof delivered to
the Trustee, to pay principal and interest, if any, on and any mandatory sinking fund in respect of
the Securities of such Series on the dates such installments of interest or principal are due;

          (b) such deposit will not result in a breach or violation of, or constitute a default under,
this Indenture;

          (c) no Default or Event of Default with respect to the Securities of such Series shall have
occurred and be continuing on the date of such deposit or during the period ending on the 91st day
after such date;

          (d) the Company shall have delivered to the Trustee an Opinion of Counsel confirming that
Holders of the Securities of such Series will not recognize income, gain or loss for federal income
tax purposes as a result of such deposit and 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
deposit and defeasance had not occurred;

          (e) the Company shall have delivered to the Trustee an Officers’ Certificate stating the
deposit was not made by the Company with the intent of preferring the Holders of the Securities of
such Series over any other creditors of the Company or with the intent of defeating, hindering,
delaying or defrauding any other creditors of the Company; and

          (f) the Company shall have delivered to the Trustee an Officers’ Certificate stating that all
conditions precedent herein provided for relating to the defeasance contemplated by this Section
have been complied with.

     Section 8.5 REPAYMENT TO COMPANY.

          The Trustee and the Paying Agent shall pay to the Company upon request any money held by them
for the payment of principal and interest that remains unclaimed for two years. After that,
Securityholders entitled to the money must look to the Company for payment as general creditors
unless an applicable abandoned property law designates another person.

ARTICLE IX.

AMENDMENTS AND WAIVERS

     Section 9.1 WITHOUT CONSENT OF HOLDERS.

          The Company and the Trustee may amend or supplement this Indenture or the Securities of one or
more Series without the consent of any Securityholder:

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

          (b) to comply with Article V;

          (c) to provide for uncertificated Securities in addition to or in place of certificated
Securities;

          (d) to make any change that does not adversely affect the rights of any Securityholder;

          (e) to provide for the issuance of and establish the form and terms and conditions of
Securities of any Series as permitted by this Indenture;

28

 

          (f) 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

          (g) to comply with requirements of the SEC in order to effect or maintain the qualification of
this Indenture under the TIA.

     Section 9.2 WITH CONSENT OF HOLDERS.

          The Company and the Trustee may enter into a supplemental indenture with the written consent
of the Holders of at least a majority in principal amount of the outstanding Securities of each
Series affected by such supplemental indenture (including consents obtained in connection with a
tender offer or exchange offer for the Securities of such Series), for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of this Indenture or
of any supplemental indenture or of modifying in any manner the rights of the Securityholders of
each such Series. Except as provided in Section 6.13, the Holders of at least a majority in
principal amount of the outstanding Securities of each Series affected by such waiver by notice to
the Trustee (including consents obtained in connection with a tender offer or exchange offer for
the Securities of such Series) may waive compliance by the Company with any provision of this
Indenture or the Securities with respect to such Series.

          It shall not be necessary for the consent of the Holders of Securities under this Section 9.2
to approve the particular form of any proposed supplemental indenture or waiver, but it shall be
sufficient if such consent approves the substance thereof. After a supplemental indenture or waiver
under this section becomes effective, the Company shall mail to the Holders of Securities affected
thereby and, if any Bearer Securities affected thereby are outstanding, publish on one occasion in
an Authorized Newspaper, a notice briefly describing the supplemental indenture or waiver. Any
failure by the Company to mail or publish such notice, or any defect therein, shall not, however,
in any way impair or affect the validity of any such supplemental indenture or waiver.

     Section 9.3 LIMITATIONS.

          Without the consent of each Securityholder affected, an amendment or waiver may not:

          (a) change the amount of Securities whose Holders must consent to an amendment, supplement or
waiver;

          (b) reduce the rate of or extend the time for payment of interest (including default interest)
on any Security;

          (c) reduce the principal or change the Stated Maturity of any Security or reduce the amount
of, or postpone the date fixed for, the payment of any sinking fund or analogous obligation;

          (d) reduce the principal amount of Discount Securities payable upon acceleration of the
maturity thereof;

          (e) waive a Default or Event of Default in the payment of the principal of or interest, if
any, on any Security (except a rescission of acceleration of the Securities of any Series by the
Holders of at least a majority in principal amount of the outstanding Securities of such Series and
a waiver of the payment default that resulted from such acceleration);

          (f) make the principal of or interest, if any, on any Security payable in any currency other
than that stated in the Security;

          (g) make any change in Sections 6.8, 6.13, 9.3 (this sentence), 10.15 or 10.16; or

29

 

          (h) waive a redemption payment with respect to any Security or change any of the provisions
with respect to the redemption of any Securities.

     Section 9.4 COMPLIANCE WITH TRUST INDENTURE ACT.

          Every amendment to this Indenture or the Securities of one or more Series shall be set forth
in a supplemental indenture hereto that complies with the TIA as then in effect.

     Section 9.5 REVOCATION AND EFFECT OF CONSENTS.

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

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

     Section 9.6 NOTATION ON OR EXCHANGE OF SECURITIES.

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

     Section 9.7 TRUSTEE PROTECTED.

          In executing, or accepting the additional trusts created by, any supplemental indenture
permitted by this Article or the modifications thereby of the trusts created by this Indenture, the
Trustee shall be entitled to receive, and (subject to Section 7.1) shall be fully protected in
relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is
authorized or permitted by this Indenture. The Trustee shall sign all supplemental indentures,
except that the Trustee need not sign any supplemental indenture that adversely affects its rights.

30

 

ARTICLE X.

MISCELLANEOUS

     Section 10.1 TRUST INDENTURE ACT CONTROLS.

          If any provision of this Indenture limits, qualifies, or conflicts with another provision
which is required or deemed to be included in this Indenture by the TIA, such required or deemed
provision shall control.

     Section 10.2 NOTICES.

          Any notice or communication by the Company or the Trustee to the other is duly given if in
writing and delivered in person or mailed by first-class mail:

if to the Company:

Bluegreen Corporation

4960 Conference Way North, Suite 100

Boca Raton, Florida 33431

Attention: Chief Financial Officer

if to the Trustee:

U.S. Bank National Association

60 Livingston Avenue

St. Paul, Minnesota 55107

Attn: Richard Prokosch

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

          Any notice or communication to a Securityholder shall be mailed by first-class mail to his
address shown on the register kept by the Registrar and, if any Bearer Securities are outstanding,
published in an Authorized Newspaper. Failure to mail a notice or communication to a Securityholder
of any Series or any defect in it shall not affect its sufficiency with respect to other
Securityholders of that or any other Series.

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

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

     Section 10.3 COMMUNICATION BY HOLDERS WITH OTHER HOLDERS.

          Securityholders of any Series may communicate pursuant to TIA Section 312(b) with other
Securityholders of that Series or any other Series with respect to their rights under this
Indenture or the Securities of that Series or all Series. The Company, the Trustee, the Registrar
and anyone else shall have the protection of TIA Section 312(c).

     Section 10.4 CERTIFICATE AND OPINION AS TO CONDITIONS PRECEDENT.

          Upon any request or application by the Company to the Trustee to take any action under this
Indenture, the Company shall furnish to the Trustee or an Officers’ Certificate stating that, in
the
opinion of the signers, all conditions precedent, if any, provided for in this Indenture
relating to the proposed action have been complied with.

31

 

     Section 10.5 STATEMENTS REQUIRED IN CERTIFICATE OR OPINION.

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

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

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

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

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

     Section 10.6 RULES BY TRUSTEE AND AGENTS.

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

     Section 10.7 LEGAL HOLIDAYS.

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

     Section 10.8 NO RECOURSE AGAINST OTHERS.

          A director, officer, employee or stockholder, as such, of the Company shall not have any
liability for any obligations of the Company under the Securities or the Indenture or for any claim
based on, in respect of or by reason of such obligations or their creation. Each Securityholder by
accepting a Security waives and releases all such liability. The waiver and release are part of the
consideration for the issue of the Securities.

     Section 10.9 COUNTERPARTS.

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

     Section 10.10 GOVERNING LAWS.

          THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY THE LAWS OF THE STATE OF FLORIDA
APPLICABLE TO AGREEMENTS MADE AND TO BE PERFORMED IN SUCH STATE, WITHOUT REGARD TO THE CONFLICT OF
LAWS PROVISIONS THEREOF.

32

 

     Section 10.11 NO ADVERSE INTERPRETATION OF OTHER AGREEMENTS.

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

     Section 10.12 SUCCESSORS.

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

     Section 10.13 SEVERABILITY.

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

     Section 10.14 TABLE OF CONTENTS, HEADINGS, ETC.

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

     Section 10.15 SECURITIES IN A FOREIGN CURRENCY.

          Unless otherwise specified in a Board Resolution, a supplemental indenture hereto or an
Officers’ Certificate delivered pursuant to Section 2.2 of this Indenture with respect to a
particular Series of Securities, whenever for purposes of this Indenture any action may be taken by
the Holders of a specified percentage in aggregate principal amount of Securities of all Series or
all Series affected by a particular action at the time outstanding and, at such time, there are
outstanding Securities of any Series which are denominated in a coin or currency other than
Dollars, then the principal amount of Securities of such Series which shall be deemed to be
outstanding for the purpose of taking such action shall be that amount of Dollars that could be
obtained for such amount at the Market Exchange Rate at such time. For purposes of this Section
10.15, “Market Exchange Rate” shall mean the noon Dollar buying rate in New York City for cable
transfers of that currency as published by the Federal Reserve Bank of New York. If such Market
Exchange Rate is not available for any reason with respect to such currency, the Trustee shall use,
in its sole discretion and without liability on its part, such quotation of the Federal Reserve
Bank of New York as of the most recent available date, or quotations or rates of exchange from one
or more major banks in the City of New York or in the country of issue of the currency in question
or such other quotations or rates of exchange as the Trustee, upon consultation with the Company,
shall deem appropriate. The provisions of this paragraph shall apply in determining the equivalent
principal amount in respect of Securities of a Series denominated in currency other than Dollars
in connection with any action taken by Holders of Securities pursuant to the terms of this
Indenture.

          All decisions and determinations of the Trustee regarding the Market Exchange Rate or any
alternative determination provided for in the preceding paragraph shall be in its sole discretion
and shall, in the absence of manifest error, be conclusive to the extent permitted by law for all
purposes and irrevocably binding upon the Company and all Holders.

33

 

     Section 10.16 JUDGMENT CURRENCY.

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

ARTICLE XI.

SINKING FUNDS

     Section 11.1 APPLICABILITY OF ARTICLE.

          The provisions of this Article shall be applicable to any sinking fund for the retirement of
the Securities of a Series, except as otherwise permitted or required by any form of Security of
such Series issued pursuant to this Indenture.

          The minimum amount of any sinking fund payment provided for by the terms of the Securities of
any Series is herein referred to as a “mandatory sinking fund payment” and any other amount
provided for by the terms of Securities of such Series is herein referred to as an “optional
sinking fund payment.” If provided for by the terms of Securities of any Series, the cash amount of
any sinking fund payment may be subject to reduction as provided in Section 11.2. Each sinking fund
payment shall be applied to the redemption of Securities of any Series as provided for by the terms
of the Securities of such Series.

     Section 11.2 SATISFACTION OF SINKING FUND PAYMENTS WITH SECURITIES.

          The Company may, in satisfaction of all or any part of any sinking fund payment with respect
to the Securities of any Series to be made pursuant to the terms of such Securities (1) deliver
outstanding Securities of such Series to which such sinking fund payment is applicable (other than
any of such Securities previously called for mandatory sinking fund redemption) and (2) apply as
credit Securities of such Series to which such sinking fund payment is applicable and which have
been redeemed either at the election of the Company pursuant to the terms of such Series of
Securities (except pursuant to any mandatory sinking fund) or through the application of permitted
optional sinking fund payments or other optional redemptions pursuant to the terms of such
Securities, provided that such Securities have not been previously so credited. Such Securities
shall be received by the Trustee, together with an Officers’ Certificate with respect thereto, not
later than 15 days prior to the date on which the Trustee begins the process of selecting
Securities for redemption, and shall be credited for such purpose by the Trustee at the price
specified in such Securities for redemption through operation of the sinking fund and the amount of

34

 

such sinking fund payment shall be reduced accordingly. If as a result of the delivery or
credit of Securities in lieu of cash payments pursuant to this Section 11.2, the principal amount
of Securities of such Series to be redeemed in order to exhaust the aforesaid cash payment shall be
less than $100,000, the Trustee need not call Securities of such Series for redemption, except upon
receipt of a Company Order that such action be taken, and such cash payment shall be held by the
Trustee or a Paying Agent and applied to the next succeeding sinking fund payment, provided,
however, that the Trustee or such Paying Agent shall from time to time upon receipt of a Company
Order pay over and deliver to the Company any cash payment so being held by the Trustee or such
Paying Agent upon delivery by the Company to the Trustee of Securities of that Series purchased by
the Company having an unpaid principal amount equal to the cash payment required to be released to
the Company.

     Section 11.3 REDEMPTION OF SECURITIES FOR SINKING FUND.

          Not less than 40 days (unless otherwise indicated in the Board Resolution, supplemental
indenture hereto or Officers’ Certificate in respect of a particular Series of Securities) prior to
each sinking fund payment date for any Series of Securities, the Company will deliver to the
Trustee an Officers’ Certificate specifying the amount of the next ensuing mandatory sinking fund
payment for that Series pursuant to the terms of that Series, the portion thereof, if any, which is
to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by
delivering and crediting of Securities of that Series pursuant to Section 11.2, and the optional
amount, if any, to be added in cash to the next ensuing mandatory sinking fund payment, and the
Company shall thereupon be obligated to pay the amount therein specified. Not less than 30 days
(unless otherwise indicated in the Board Resolution, Officers’ Certificate or supplemental
indenture in respect of a particular Series of Securities) before each such sinking fund payment
date the Trustee shall select the Securities to be redeemed upon such sinking fund payment date in
the manner specified in Section 3.2 and cause notice of the redemption thereof to be given in the
name of and at the expense of the Company in the manner provided in Section 3.3. Such notice having
been duly given, the redemption of such Securities shall be made upon the terms and in the manner
stated in Sections 3.4, 3.5 and 3.6.

35

 

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

	 	 	 	 	 
	 	BLUEGREEN CORPORATION

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

36EX-4.1

Exhibit 4.1

KEYCORP

Senior Medium-Term Notes, Series I

Officers’ Certificate and Company Order

          Pursuant to the Indenture dated as of June 10, 1994 and supplemented as of November 14, 2001,
relating to unsecured and unsubordinated notes (the “Indenture”) between KeyCorp, an Ohio
corporation (the “Company’), and Deutsche Bank Trust Company Americas, as Trustee (the “Trustee”),
and resolutions adopted by the Company’s Board of Directors on May 15, 2008, this Officers’
Certificate and Company Order is being delivered to the Trustee to establish the terms of a series
of Securities in accordance with Section 301 of the Indenture, to establish the forms of the
Securities of such series in accordance with Section 201 of the Indenture, and to establish the
procedures for the authentication and delivery of specific Securities from time to time pursuant to
Section 303 of the Indenture. As authorized by the Indenture, this Officers’ Certificate and
Company Order has the same effect as, and is being used in lieu of, a supplemental indenture
thereto.

          All conditions precedent provided for in the Indenture relating to the establishment of (i) a
series of Securities, (ii) the forms of such series of Securities, and (iii) the procedures for the
authentication and delivery of such series of Securities have been complied with.

          As of the date hereof no Notes (as hereinafter defined) have been issued. Accordingly, this
Officers’ Certificate and Company Order shall amend and replace in its entirety that certain
Officers’ Certificate and Company Order delivered pursuant to Section 303 of the Indenture on June
20, 2008 (the “Prior Order”), which Prior Order shall be of no force and effect.

          Capitalized terms used herein and not otherwise defined herein shall have the meanings
assigned to them in the Indenture.

          A. Establishment of Series pursuant to Section 301 of the Indenture.

          There is hereby established pursuant to Section 301 of the Indenture a series of Securities
which shall have the following terms (the numbered clauses set forth below correspond to the
numbered subsections of Section 301 of the Indenture):

          (1) The Securities of such series shall bear the title “Senior Medium-Term Notes, Series I”
(referred to herein as the “Notes”).

          (2) The aggregate principal amount of the Notes of such series to be issued pursuant to this
Officers’ Certificate is unlimited.

 

 

          (3) (a) Each Note within such series shall mature on a date 9 months or more from its date of
issue as specified in such Note and in the applicable Pricing Supplement; provided, however, that
no Commercial Paper Rate Note (as defined below) shall mature less than 9 months and 1 day from its
date of issue. If the Maturity Date or Redemption Date specified in the applicable Pricing
Supplement for any Note is a day that is not a Business Day, principal will be paid on the next day
that is a Business Day with the same force and effect as if made on such specified Maturity Date or
Redemption Date, as applicable. With respect to the Notes of this series, unless otherwise defined
in the Pricing Supplement, (i) “Business Day” means any day, other than a Saturday or Sunday, that
is neither a legal holiday nor a day on which commercial banks are authorized or required by law,
regulation or executive order to close in The City of New York; provided, however, that, with
respect to foreign currency notes, such day is also not a day on which commercial banks are
authorized or required by law, regulation or executive order to close in the principal financial
center (as defined) of the country issuing the specified currency (or, if the specified currency is
the euro and for EURIBOR Notes (as defined below), such day is also a day on which the
Trans-European Automated Real-Time Gross Settlement Express Transfer (TARGET) System is open, which
we refer to as a TARGET business day); provided, further, that, with respect to notes as to which
LIBOR is an applicable interest rate basis, such day is also a London Business Day; (ii) “London
Business Day” means a day on which commercial banks are open for business (including dealings in
the designated LIBOR currency) in London; and (iii) “principal financial center” means (1) the
capital city of the country issuing the specified currency or (2) the capital city of the country
to which the designated LIBOR currency relates, as applicable, except, in the case of (1) or (2)
above, that with respect to United States dollars, Australian dollars, Canadian dollars, euro, New
Zealand dollars, South African rand and Swiss francs, the “principal financial center” shall be The
City of New York and (solely in the case of the specified currency) Sydney, Toronto, London (solely
in the case of the designated LIBOR currency), Wellington, Johannesburg and Zurich, respectively.

               (b) If specified in the applicable Pricing Supplement that the Notes are “Renewable Notes”,
the Renewable Notes will mature on an interest payment date as specified in the applicable Pricing
Supplement (the “initial maturity date”), unless the maturity of all or any portion of the
principal amount is extended as described below. On the interest payment dates in June and December
each year (unless different interest payment dates are specified in the Pricing Supplement), which
are “election dates”, the maturity of the Renewable Notes will be extended to the interest payment
date occurring 12 months after the election date, unless the holder elects to terminate the
automatic extension of the maturity of the Renewable Notes or any portion having a principal amount
of $1,000 or any multiple of $1,000 in excess thereof. To terminate, notice has to be delivered to
the paying agent not less than nor more than the number of days specified in the applicable Pricing
Supplement prior to the related election date. The option may be exercised with respect to less
than the entire principal amount of the Renewable Notes so long as the principal amount for which
the option is not exercised is at least $1,000 or any larger amount that is an integral multiple of
$1,000. The maturity of the Renewable Notes may not be extended beyond the final maturity date that
is set forth in the applicable Pricing Supplement. If the holder elects to terminate the automatic
extension of the maturity and the election is not revoked, then the portion of the Renewable Note
for which election was made will become due and payable on the interest payment date, unless
another date is set forth in the Pricing Supplement, falling six months after the election date
prior to which the holder made such election. An election to terminate the automatic extension of
maturity may be revoked as to any

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portion of the Renewable Notes having a principal amount of $1,000 or any multiple of $1,000 in
excess thereof by delivering a notice to the paying agent on any day following the effective date
of the election to terminate the automatic extension and prior to the date 15 days before the date
on which the portion would have matured.

               (c) If specified in the applicable Pricing Supplement that the Notes are “Extendible Notes”,
the Company has the option to extend the stated maturity of such Extendible Notes for an extension
period. Such an extension period is one or more periods of one to five whole years, up to but not
beyond the final maturity date described in the related Pricing Supplement. The Company may
exercise its option to extend the Extendible Note by notifying the applicable trustee (or any duly
appointed paying agent) at least 50 but not more than 60 days prior to the then effective maturity
date. If the Company elects to extend the Extendible Note, the Trustee (or paying agent) will mail
(at least 40 days prior to the maturity date) to the registered holder of the Extendible Note a
notice (“Extension Notice”) informing the holder of its election, the new maturity date and any
updated terms. Upon the mailing of the Extension Notice, the maturity of such Extendible Note will
be extended automatically as set forth in the Extension Notice. However, the Company may, not later
than 20 days prior to the maturity date of an Extendible Note (or, if such date is not a Business
Day, on the immediately succeeding Business Day), at its option, establish a higher interest rate,
in the case of a Fixed Rate Note, or a higher spread and/or spread multiplier, in the case of a
Floating Rate Note, for the extension period by mailing or causing the Trustee (or paying agent) to
mail notice of such higher interest rate or higher spread and/or spread multiplier to the holder of
the Extendible Note. The notice will be irrevocable. If the Company elects to extend the maturity
of an Extendible Note, the holder of the note will have the option to instead elect repayment of
the note by the Company on the then effective maturity date. In order for an Extendible Note to be
so repaid on the maturity date, the Company must receive, at least 25 days but not more than 35
days prior to the maturity date: (i) the Extendible Note with the form “Option to Elect Repayment”
on the reverse of the Extendible Note duly completed; or (ii) a facsimile transmission, telex or a
letter from a member of a national securities exchange or the Financial Industry Regulatory
Authority, Inc. (“FINRA”) or a commercial bank or trust company in the United States setting forth
the name of the holder of the Extendible Note, the principal amount of the Extendible Note, the
principal amount of the Extendible Note to be repaid, the certificate number or a description of
the tenor and terms of the Extendible Note, a statement that the option to elect repayment is being
exercised thereby and a guarantee that the Extendible Note to be repaid, together with the duly
completed form entitled “Option to Elect Repayment” on the reverse of the Extendible Note, will be
received by the Trustee (or paying agent) not later than the fifth Business Day after the date of
the facsimile transmission, telex or letter; provided, however, that the facsimile transmission,
telex or letter will only be effective if the Trustee or paying agent receives the Extendible Note
and form duly completed by that fifth business day. A holder of an Extendible Note may exercise
this option for less than the aggregate principal amount of the Extendible Note then outstanding if
the principal amount of the Extendible Note remaining outstanding after repayment is an authorized
denomination.

          (4) Each Note within such series that bears interest will bear interest at either (a) a fixed
rate (the “Fixed Rate Notes”), (b) a floating rate determined by reference to one or more base
rates, which may be adjusted by a Spread and/or Spread Multiplier (each as defined below) (the
“Floating Rate Notes”), or (c) an indexed rate (the “Indexed Notes”). Notes within

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such series may also be issued as “Zero Coupon Notes” which do not provide for any periodic
payments of interest. Notes may be issued as Original Issue Discount Notes at a discount from the
principal amount thereof due at the stated maturity as specified in the applicable Pricing
Supplement. Any Floating Rate Note may also have either or both of the following as set forth in
the applicable Pricing Supplement: (i) a maximum interest rate limitation, or ceiling, on the rate
at which interest will accrue during any Interest Reset Period (as defined below); and (ii) a
minimum interest rate limitation, or floor, on the rate at which interest will accrue during any
Interest Reset Period. The interest rate on a Note will in no event be higher than the maximum rate
permitted by New York law as the same may be modified by United States law of general application.
Under present New York law, the maximum rate of interest is 25% per annum on a simple interest
basis. This limit may not apply to Notes in which $2,500,000 or more has been invested. The
applicable Pricing Supplement may designate any of the following interest rate bases or formulas
(“Base Rates”) as applicable to each Floating Rate Note: (a) the CD Rate, in which case such Note
will be a “CD Rate Note”; (b) the CMS Rate, in which case such Note will be a “CMS Rate Note”; (c)
the CMT Rate, in which case such Note will be a “CMT Rate Note”; (d) the Commercial Paper Rate, in
which case such Note will be a “Commercial Paper Rate Note”; (e) the Eleventh District Cost of
Funds Rate, in which case such Note will be an “Eleventh District Cost of Funds Rate Note”; (f)
EURIBOR, in which case such note will be a “EURIBOR Note”; (g) the Federal Funds Rate, in which
case such Note will be a “Federal Funds Rate Note”; (h) LIBOR, in which case such Note will be a
“LIBOR Note”; (i) the Prime Rate, in which case such Note will be a “Prime Rate Note”; (j) the
Treasury Rate, in which case such Note will be a “Treasury Rate Note”; or (k) one or more other
Base Rates.

          The interest rate on each Floating Rate Note for each Interest Period will be determined by
reference to the applicable Base Rates specified in the applicable Pricing Supplement for such
Interest Period, plus or minus the applicable Spread, if any, or multiplied by the applicable
Spread Multiplier, if any. The “Spread” is the number of basis points, each one-hundredth of a
percentage point, specified in the applicable Pricing Supplement to be added or subtracted from the
Base Rate for a Floating Rate Note. The “Spread Multiplier” is the percentage specified in the
applicable Pricing Supplement to be applied to the Base Rate for a Floating Rate Note.

          Each Note that bears interest will bear interest from and including its date of issue or from
and including the most recent Interest Payment Date to which interest on such Note (or one or more
predecessor Notes) has been paid or duly provided for (i) at the fixed rate per annum applicable to
the related Interest Period, (ii) at the rate determined pursuant to the applicable index, or (iii)
at a rate per annum determined pursuant to the Base Rates applicable to the related Interest Period
or Interest Periods, in each case as specified therein and in the applicable Pricing Supplement,
until the principal thereof is paid or made available for payment. Interest will be payable on each
Interest Payment Date and at maturity or upon redemption. The first payment of interest on any Note
originally issued after a Regular Record Date and on or before an Interest Payment Date will be
made on the Interest Payment Date following the next succeeding Regular Record Date to the
registered holder on such next succeeding Regular Record Date. Interest rates and Base Rates are
subject to change by the Company from time to time but no such change will affect any Note
theretofore issued or which the Company has agreed to issue. Unless otherwise specified in the
applicable Pricing Supplement, the “Interest Payment Dates” and the “Regular

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Record Dates” for Fixed Rate Notes shall be as described below under “Fixed Rate Notes” and
the “Interest Payment Dates” and the “Regular Record Dates” for Floating Rate Notes shall be as
described below under “Floating Rate Notes”.

          The applicable Pricing Supplement will specify: (i) the issue price, Interest Payment Dates
and Regular Record Dates; (ii) with respect to any Fixed Rate Note, the interest rate; (iii) with
respect to any Index Note, the index; (iv) with respect to any Floating Rate Note, the Initial
Interest Rate (as defined below), the method (which may vary from Interest Period to Interest
Period) of calculating the interest rate applicable to each Interest Period (including, if
applicable, the fixed rate per annum applicable to one or more Interest Periods, the period to
maturity of any instrument on which the Base Rate for any Interest Period is predicated (the “Index
Maturity”), the Spread and/or Spread Multiplier, the Interest Determination Dates (as defined
below), the Interest Reset Dates and any minimum or maximum interest rate limitations); (v) whether
such Note is an Original Issue Discount Note; and (vi) any other terms related to interest on the
Notes.

Fixed Rate Notes

          Each Fixed Rate Note (except a Zero Coupon Note), whether or not issued as an Original Issue
Discount Note, will bear interest at the annual rate specified therein and in the applicable
Pricing Supplement. Unless otherwise specified in the applicable Pricing Supplement, the Interest
Payment Dates for the Fixed Rate Notes will be on June 15 and December 15 of each year and at
maturity or upon redemption and the Regular Record Dates for the Fixed Rate Notes will be June 1
and December 1, respectively. Unless otherwise specified in the applicable Pricing Supplement,
interest payments for Fixed Rate Notes shall be the amount of interest accrued to, but excluding,
the relevant Interest Payment Date. Interest on Fixed Rate Notes will be computed and paid on the
basis of a 360-day year of twelve 30-day months. In the event that any Interest Payment Date or any
applicable Redemption Date on a Fixed Rate Note is not a Business Day, such Interest Payment Date
or Redemption Date shall be postponed to the next day that is a Business Day, and no interest will
accrue for the period from and after the scheduled Interest Payment Date or Redemption Date, as the
case may be.

          A Fixed Rate Note may pay amounts in respect of both interest and principal amortized over the
life of the Note (an “Amortizing Note”). Payments of principal and interest on Amortizing Notes
will be made on the Interest Payment Dates specified in the applicable Pricing Supplement, and at
the Maturity Date or any earlier Redemption Date. Payments on Amortizing Notes will be applied
first to interest due and payable and then to the reduction of unpaid principal amount.

Floating Rate Notes

          Unless otherwise specified in the applicable Pricing Supplement and except as provided below,
interest on Floating Rate Notes will be payable on the following Interest Payment Dates: in the
case of Floating Rate Notes (other than Eleventh District Cost of Funds Rate Notes) with interest
payable monthly, on the third Wednesday of each month of each year; in the case of Eleventh
District Cost of Funds Rate Notes, on the first calendar day of each

-5-

 

month as specified in the applicable Pricing Supplement; in the case of Floating Rate Notes
with interest payable quarterly, on the third Wednesday of March, June, September and December of
each year; in the case of Floating Rate Notes with interest payable semiannually, on the third
Wednesday of the two months of each year specified in the applicable Pricing Supplement; and in the
case of Floating Rate Notes with interest payable annually, on the third Wednesday of the month of
each year specified in the applicable Pricing Supplement. Interest will also be paid at maturity or
upon redemption. Unless otherwise specified in the applicable Pricing Supplement, the Regular
Record Dates for the Floating Rate Notes will be the day (whether or not a Business Day) fifteen
calendar days preceding each Interest Payment Date. In the event that any Interest Payment Date for
any Floating Rate Note is not a Business Day, such Interest Payment Date shall be postponed to the
next day that is a Business Day, provided that, for LIBOR and EURIBOR notes, if such Business Day
is in the next succeeding calendar month, such Interest Payment Date shall be the immediately
preceding Business Day.

          The rate of interest on each Floating Rate Note will be reset daily, weekly, monthly,
quarterly, semi-annually, annually or on some other basis (such specified period, an “Interest
Reset Period”, and the date on which each such reset occurs, an “Interest Reset Date”), as
specified in the applicable Pricing Supplement. Unless otherwise specified in the applicable
Pricing Supplement, the Interest Reset Date will be as follows: in the case of Floating Rate Notes
which are reset daily, each Business Day; in the case of Floating Rate Notes (other than Treasury
Rate Notes) which are reset weekly, the Wednesday of each week; in the case of Floating Rate Notes
that are Treasury Rate Notes which are reset weekly, the Tuesday of each week (except if the
auction date falls on a Tuesday, then the next Business Day, as provided below); in the case of
Floating Rate Notes which are reset monthly, the third Wednesday of each month; in the case of
Floating Rate Notes which are reset quarterly, the third Wednesday of March, June, September and
December of each year; in the case of Floating Rate Notes which are reset semi-annually, the third
Wednesday of the two months of each year specified in the applicable Pricing Supplement; and in the
case of Floating Rate Notes which are reset annually, the third Wednesday of the month of each year
specified in the applicable Pricing Supplement.

          The interest rate in effect from the date of issue to the first Interest Reset Date with
respect to a Floating Rate Note (the “Initial Interest Rate”) will be as specified in the
applicable Pricing Supplement. If any Interest Reset Date for any Floating Rate Note would
otherwise be a day that is not a Business Day, such Interest Reset Date shall be postponed to the
next day that is a Business Day, provided that, for LIBOR and EURIBOR notes, if such Business Day
is in the next succeeding calendar month, such Interest Reset Date shall be the immediately
preceding Business Day.

          Unless otherwise specified in the applicable Pricing Supplement, the interest rate determined
with respect to any Interest Determination Date will become effective on and as of the next
succeeding Interest Reset Date. As used herein, “Interest Determination Date” means the date as of
which the new interest rate is determined for a particular Interest Reset Date, based on the
applicable interest rate basis or formula as of that Interest Determination Date and calculated on
the related Calculation Date. The “Calculation Date” is the date by which the calculation agent
will determine the new interest rate that became effective on a particular Interest Reset Date
based on the applicable interest rate basis or formula on the Interest

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Determination Date. The Interest Determination Date for all Floating Rate Notes (except LIBOR
Notes, EURIBOR Notes, Treasury Rate Notes and Eleventh District Cost of Funds Rate Notes) will be
the second Business Day before the Interest Reset Date. The Interest Determination Date in the
case of LIBOR Notes will be the second London Business Day immediately preceding the applicable
Interest Reset Date, unless the designated LIBOR currency is British pounds sterling, in which case
the Interest Determination Date will be the applicable Interest Reset Date. For EURIBOR Notes, the
Interest Determination Date will be the second TARGET business day before the applicable Interest
Reset Date.

          The Interest Determination Date for Treasury Rate Notes will be the day of the week in which
the Interest Reset Date falls on which Treasury bills of the same index maturity are normally
auctioned. Treasury bills are usually sold at auction on Monday of each week, unless that day is a
legal holiday, in which case the auction is usually held on Tuesday. Sometimes, the auction is
held on the preceding Friday. If an auction is held on the preceding Friday, that day will be the
Interest Determination Date relating to the Interest Reset Date occurring in the next week. If an
auction date falls on any interest reset date, then the Interest Reset Date will instead be the
first Business Day immediately following the auction date. The Interest Determination Date for an
Eleventh District Cost of Funds Rate Note is the last Business Day of the month immediately
preceding the applicable Interest Reset Date on which the Federal Home Loan Bank of San Francisco
published the index.

          Each interest payment on a floating rate note will include interest accrued from, and
including, the issue date or the last interest payment date, as the case may be, to, but excluding,
the following interest payment date or the maturity date, as the case may be. Accrued interest on a
Floating Rate Note will be calculated by multiplying the principal amount of a note by an accrued
interest factor (the “Accrued Interest Factor”). The Accrued Interest Factor is the sum of the
interest factors calculated for each day in the period for which accrued interest is being
calculated. The interest factor for each day is computed by dividing the interest rate in effect on
that day by (1) the actual number of days in the year, in the case of Treasury Rate Notes or CMT
Rate Notes, or (2) 360, in the case of other Floating Rate Notes. All percentages resulting from
any calculation are rounded to the nearest one hundred-thousandth of a percentage point, with five
one-millionths of a percentage point rounded upward. For example, 9.876545% (or .09876545) will be
rounded to 9.87655% (or .0987655). All currency amounts used in or resulting from such calculation
will be rounded to the nearest one-hundredth of a unit (with five one-thousandths of a unit being
rounded upward).

          Unless otherwise specified in the applicable Pricing Supplement, KeyBank National Association
will be the “calculation agent”. Unless otherwise specified in the applicable Pricing Supplement,
the “calculation date”, if applicable, pertaining to any Interest Determination Date on a Floating
Rate Note will be the earlier of (i) the tenth calendar day after such Interest Determination Date,
or, if any such day is not a Business Day, the next succeeding Business Day, and (ii) the Business
Day immediately preceding the relevant Interest Payment Date, or the maturity date, as the case may
be.

          CD Rate Notes CD Rate Notes will bear interest for each interest reset period at an
interest rate equal to the CD Rate, plus or minus any Spread, and/or multiplied by

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any Spread Multiplier as specified in such CD Rate Note and in the applicable Pricing
Supplement.

          The “CD Rate” for any Interest Determination Date is the rate on that date for negotiable U.S.
dollar certificates of deposit having the index maturity described in the related pricing
supplement, as published in H.15(519) prior to 3:00 p.m., New York City time, on the calculation
date, for that interest determination date under the heading “CDs (secondary market).” The index
maturity is the period to maturity of the instrument or obligation with respect to which the
related interest rate basis or formulae will be calculated.

          The calculation agent will observe the following procedures if the CD Rate cannot be
determined as described above:

          (I) If the above described rate is not published in H.15(519) by 3:00 p.m., New York City
time, on the calculation date, the CD Rate will be the rate on that Interest Determination Date for
negotiable certificates of deposit of the index maturity described in the pricing supplement as
published in H.15 Daily Update, or such other recognized electronic source used for the purpose of
displaying such rate, under the caption “CDs (secondary market).”

          (II) If that rate is not published in H.15(519), H.15 Daily Update or another recognized
electronic source by 3:00 p.m., New York City time, on the calculation date, then the calculation
agent will determine the CD Rate to be the arithmetic mean of the secondary market offered rates as
of 10:00 a.m., New York City time, on that Interest Determination Date, quoted by three leading
non-bank dealers of negotiable U.S. dollar certificates of deposit in New York City for negotiable
U.S. dollar certificates of deposit of major United States money-center banks (in the market for
negotiable certificates of deposit) with a remaining maturity closest to the index maturity
described in the pricing supplement. The calculation agent will select the three dealers referred
to above.

          (III) If fewer than three dealers are quoting as mentioned above, the CD Rate will
remain the CD Rate then in effect on that Interest Determination Date.

          As referenced above, “H.15(519)” means the weekly statistical release designated as such, or
any successor publication, published by the Board of Governors of the Federal Reserve System. “H.15
Daily Update” means the daily update of H.15(519), available through the Internet site of the Board
of Governors of the Federal Reserve System at http://www.federalreserve.gov/releases/h15/update, or
any successor site or publication.

          CMS Rate Notes. CMS Rate Notes will bear interest for each Interest Reset Period at
an interest rate based on the CMS Rate, plus or minus any Spread, and/or multiplied by any Spread
Multiplier, and will be subject to the minimum interest rate or the maximum interest rate, if any,
as specified in the applicable Pricing Supplement.

          Unless otherwise set forth in the applicable Pricing Supplement, the CMS Rate for each
Interest Reset Period will be the rate on the applicable Interest Determination Date for the
designated maturity specified in the Pricing Supplement that appears on Reuters Screen ISDAFIX1 as
of 11:00 a.m., New York city time.

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          The following procedures will be followed if the CMS Rate cannot be determined as described
above:

          (I) If the above rate is not displayed by 11:00 a.m. New York City time, the rate for such
date shall be determined as if the parties had specified “USD-CMS-Reference Banks” as the
applicable rate. “USD-CMS-Reference Banks” means, on any Interest Determination Date, the rate
determined on the basis of the mid-market semi-annual swap rate quotations provided by the
Reference Banks at approximately 11:00 a.m., New York city time on such Interest Determination
Date; and for this purpose, the semi-annual swap rate means the mean of the bid and offered rates
for the semi-annual fixed leg, calculated on a 30/360 day count basis, of a fixed-for-floating U.S.
Dollar interest rate swap transaction with a term equal to the designated maturity commencing on
that date and in a representative amount with an acknowledged dealer of good credit in the swap
market, where the floating leg, calculated on an actual/360 day count basis, is equivalent to
USD-LIBOR-BBA with the designated maturity specified in the applicable Pricing Supplement. The
rate for that date will be the arithmetic mean of the quotations, eliminating the highest quotation
(or, in the event of equality, one of the highest) and the lowest quotation (or, in the event of
equality, one of the lowest).

          (II) If no rate is available as described above, the CMS Rate for the new Interest Reset
Period will be the same as for the immediately preceding Interest Reset Period. If there was no
such interest reset period, the CMS Rate will be the initial interest rate.

          Constant Maturity Treasury (CMT) Rate Notes. CMT Rate Notes will bear interest at the
interest rates calculated with reference to the CMT Rate, plus or minus any Spread, and/or
multiplied by any Spread Multiplier, if any, as specified in the CMT Rate Notes and in the
applicable Pricing Supplement. CMT Rate Notes will be subject to the minimum and the maximum
interest rate, if any.

          Unless otherwise specified in the applicable Pricing Supplement, “CMT Rate” means, with
respect to any Interest Determination Date relating to a Floating Rate Note for which the interest
rate is determined with reference to the CMT Rate (a “CMT Rate Interest Determination Date”):

          (I) If “Reuters Page FRBCMT” is the specified CMT Reuters Page in the applicable Pricing
Supplement, the CMT Rate on the CMT Rate Interest Determination Date shall be a percentage equal to
the yield for United States Treasury securities at “constant maturity” having the Index Maturity
specified in the applicable Pricing Supplement as set forth in H.15(519) under the caption
“Treasury constant maturities,” as such yield is displayed on Reuters (or any successor service) on
page FRBCMT (or any other page as may replace such page on such service) (“Reuters Page FRBCMT”)
for such CMT Rate Interest Determination Date. The calculation agent will follow the following
procedures if the Reuters Page FRBCMT CMT Rate cannot be determined as described in the preceding
sentence:

               a. If such rate does not appear on Reuters Page FRBCMT, the CMT Rate on such CMT Rate Interest
Determination Date shall be a percentage equal to the yield for United States Treasury securities
at “constant maturity” having the index maturity specified in

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the applicable Pricing Supplement and for such CMT Rate Interest Determination Date as set
forth in H.15(519) under the caption “Treasury constant maturities.”

               b. If such rate does not appear in H.15(519), the CMT Rate on such CMT Rate Interest
Determination Date shall be the rate for the period of the index maturity specified in the
applicable Pricing Supplement as may then be published by either the Federal Reserve Board or the
United States Department of the Treasury that the calculation agent determines to be comparable to
the rate that would otherwise have been published in H.15(519).

               c. If the Federal Reserve Board or the United States Department of the Treasury does not
publish a yield on United States Treasury securities at “constant maturity” having the index
maturity specified in the applicable Pricing Supplement for such CMT Rate Interest Determination
Date, the CMT Rate on such CMT Rate Interest Determination Date shall be calculated by the
calculation agent and shall be a yield-to-maturity based on the arithmetic mean of the secondary
market bid prices at approximately 3:30 p.m., New York City time, on such CMT Rate Interest
Determination Date of three leading primary United States government securities dealers in New York
City (which may include the agents or their affiliates) (each, a “reference dealer”) selected by
the calculation agent from five such reference dealers selected by the calculation agent and
eliminating the highest quotation (or, in the event of equality, one of the highest) and the lowest
quotation (or, in the event of equality, one of the lowest) for United States Treasury securities
with an original maturity equal to the index maturity specified in the applicable pricing
supplement, a remaining term to maturity no more than one year shorter than such index maturity and
in a principal amount that is representative for a single transaction in such securities in such
market at such time.

               d. If fewer than three prices are provided as requested, the CMT Rate on such CMT Rate
Interest Determination Date shall be calculated by the calculation agent and shall be a
yield-to-maturity based on the arithmetic mean of the secondary market bid prices as of
approximately 3:30 p.m., New York City time, on such CMT Rate Interest Determination Date of three
reference dealers selected by the calculation agent from five such reference dealers selected by
the calculation agent and eliminating the highest quotation (or, in the event of equality, one of
the highest) and the lowest quotation (or, in the event of equality, one of the lowest) for United
States Treasury securities with an original maturity greater than the index maturity specified in
the applicable pricing supplement, a remaining term to maturity closest to such index maturity and
in a principal amount that is representative for a single transaction in such securities in such
market at such time. If two such United States Treasury securities with an original maturity
greater than the index maturity specified in the applicable pricing supplement have remaining terms
to maturity equally close to such index maturity, the quotes for the treasury security with the
shorter original term to maturity will be used. If fewer than five but more than two such prices
are provided as requested, the CMT Rate on such CMT Rate Interest Determination Date shall be
calculated by the calculation agent and shall be based on the arithmetic mean of the bid prices
obtained and neither the highest nor the lowest of such quotations shall be eliminated; provided,
however, that if fewer than three such prices are provided as requested, the CMT Rate determined as
of such CMT Rate Interest Determination Date shall be the CMT Rate in effect on such CMT Rate
Interest Determination Date.

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          (II) If “Reuters Page FEDCMT” is the specified CMT Reuters Page in the applicable Pricing
Supplement, the CMT Rate on the CMT Rate Interest Determination Date shall be a percentage equal to
the one-week or one-month, as specified in the applicable Pricing Supplement, average yield for
United States Treasury securities at “constant maturity” having the index maturity specified in the
applicable Pricing Supplement as set forth in H.15(519) opposite the caption “Treasury Constant
Maturities,” as such yield is displayed on Reuters on page FEDCMT (or any other page as may replace
such page on such service) (“Reuters Page FEDCMT”) for the week or month, as applicable, ended
immediately preceding the week or month, as applicable, in which such CMT Rate Interest
Determination Date falls. The calculation agent will follow the following procedures if the
Reuters Page FEDCMT CMT Rate cannot be determined as described in the preceding sentence:

               a. If such rate does not appear on Reuters Page FEDCMT, the CMT Rate on such CMT Rate Interest
Determination Date shall be a percentage equal to the one-week or one-month, as specified in the
applicable Pricing Supplement, average yield for United States Treasury securities at “constant
maturity” having the index maturity specified in the applicable pricing supplement for the week or
month, as applicable, preceding such CMT Rate Interest Determination Date as set forth in H.15(519)
opposite the caption “Treasury Constant Maturities.”

               b. If such rate does not appear in H.15(519), the CMT Rate on such CMT Rate Interest
Determination Date shall be the one-week or one-month, as specified in the applicable pricing
supplement, average yield for United States Treasury securities at “constant maturity” having the
index maturity specified in the applicable Pricing Supplement as otherwise announced by the Federal
Reserve Bank of New York for the week or month, as applicable, ended immediately preceding the week
or month, as applicable, in which such CMT Rate Interest Determination Date falls.

               c. If the Federal Reserve Bank of New York does not publish a one-week or one-month, as
specified in the applicable pricing supplement, average yield on United States Treasury securities
at “constant maturity” having the index maturity specified in the applicable Pricing Supplement for
the applicable week or month, the CMT Rate on such CMT Rate Interest Determination Date shall be
calculated by the calculation agent and shall be a yield-to-maturity based on the arithmetic mean
of the secondary market bid prices at approximately 3:30 p.m., New York City time, on such CMT Rate
Interest Determination Date of three reference dealers selected by the calculation agent from five
such reference dealers selected by the calculation agent and eliminating the highest quotation (or,
in the event of equality, one of the highest) and the lowest quotation (or, in the event of
equality, one of the lowest) for United States Treasury securities with an original maturity equal
to the index maturity specified in the applicable Pricing Supplement, a remaining term to maturity
of no more than one year shorter than such index maturity and in a principal amount that is
representative for a single transaction in such securities in such market at such time.

               d. If fewer than five but more than two such prices are provided as requested, the CMT Rate on
such CMT Rate Interest Determination Date shall be the rate on the CMT Rate Interest Determination
Date calculated by the calculation agent based on the

-11-

 

arithmetic mean of the bid prices obtained and neither the highest nor the lowest of such
quotation shall be eliminated.

               e. If fewer than three prices are provided as requested, the CMT Rate on such CMT Rate
Interest Determination Date shall be calculated by the calculation agent and shall be a
yield-to-maturity based on the arithmetic mean of the secondary market bid prices as of
approximately 3:30 p.m., New York City time, on such CMT Rate interest determination date of three
reference dealers selected by the calculation agent from five such reference dealers selected by
the calculation agent and eliminating the highest quotation (or, in the event of equality, one of
the highest) and the lowest quotation (or, in the event of equality, one of the lowest) for United
States Treasury securities with an original maturity longer than the index maturity specified in
the applicable pricing supplement, a remaining term to maturity closest to such index maturity and
in a principal amount that is representative for a single transaction in such securities in such
market at such time. If two United States Treasury securities with an original maturity greater
than the index maturity specified in the applicable pricing supplement have remaining terms to
maturity equally close to such index maturity, the quotes for the Treasury security with the
shorter original term to maturity will be used. If fewer than five but more than two such prices
are provided as requested, the CMT Rate on such CMT Rate Interest Determination Date shall be the
rate on the CMT Rate Interest Determination Date calculated by the calculation agent based on the
arithmetic mean of the bid prices obtained and neither the highest nor lowest of such quotations
shall be eliminated; provided, however, that if fewer than three such prices are provided as
requested, the CMT Rate determined as of such CMT Rate determination date shall be the CMT Rate in
effect on such CMT Rate Interest Determination Date.

          Commercial Paper Rate Notes. Commercial Paper Rate Notes will bear interest for each
interest reset period at an interest rate equal to the Commercial Paper Rate, plus or minus any
Spread, and/or multiplied by any Spread Multiplier, as specified in such Commercial Paper Rate Note
and the applicable Pricing Supplement.

          The “Commercial Paper Rate” for any Interest Determination Date is the money market yield (as
defined below) of the rate on that date for commercial paper having the index maturity described in
the related pricing supplement, as published in H.15(519) under the heading “Commercial Paper —
Nonfinancial” prior to 3:00 p.m., New York City time, on the calculation date for that Interest
Determination Date.

          The calculation agent will observe the following procedures if the Commercial Paper Rate
cannot be determined as described above:

          (I) If the above rate is not published in H.15(519) by 3:00 p.m., New York City time, on the
calculation date, the Commercial Paper Rate will be the money market yield of the rate on that
Interest Determination Date for commercial paper having the index maturity described in the Pricing
Supplement, as published in H.15 Daily Update, or such other recognized electronic source used for
the purpose of displaying such rate, under the caption “Commercial Paper — Nonfinancial.”

-12-

 

          (II) If that rate is not published in H.15(519), H.15 Daily Update or another recognized
electronic source by 3:00 p.m., New York City time, on the calculation date, then the calculation
agent will determine the Commercial Paper Rate to be the money market yield of the arithmetic mean
of the offered rates of three leading dealers of U.S. dollar commercial paper in New York City as
of 11:00 a.m., New York City time, on that Interest Determination Date for commercial paper having
the index maturity described in the pricing supplement placed for an industrial issuer whose bond
rating is “AA”, or the equivalent, from a nationally recognized securities rating organization.
The calculation agent will select the three dealers referred to above.

          (III) If fewer than three dealers selected by the calculation agent are quoting as mentioned
above, the Commercial Paper Rate will remain the Commercial Paper Rate then in effect on that
Interest Determination Date.

          “Money Market Yield” shall be a yield (expressed as a percentage) calculated in accordance
with the following formula:

	 	 	 	 	 
	Money Market Yield =

	 	D x 360
	 	x 100
	 

	 	 	 	 
	 

	 	360 - (D x M)	 	 

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

          Eleventh District Cost of Funds Rate Notes. Eleventh District Cost of Funds Rate
Notes will bear interest for each interest reset period based on the Eleventh District Cost of
Funds Rate and any Spread and/or Spread Multiplier and will be subject to the minimum interest rate
or the maximum interest rate, if any, specified in the applicable Pricing Supplement..

          Unless otherwise set forth in the applicable Pricing Supplement, the Eleventh District Cost of
Funds Rate for each Interest Reset Period will be the rate on the applicable Interest Determination
Date equal to the monthly weighted average cost of funds for the calendar month preceding the
interest determination date as displayed under the caption “11TH DIST COFI” on Reuters Page
COFI/ARMS. “Reuters Page COFI/ARMS” means the display page designated as page COFI/ARMS on
Reuters, or any successor service or page, for the purpose of displaying the monthly weighted
average cost of funds paid by member institutions of the Eleventh Federal Home Loan Bank District,
as of 11:00 a.m., San Francisco time, on such Interest Determination Date.

          The following procedures will be followed if the Eleventh District Cost of Funds Rate cannot
be determined as described above:

          (I) If the above rate is not displayed on the applicable Interest Determination Date, the
Eleventh District Cost of Funds Rate will be the Eleventh District Cost of Funds Rate index on the
applicable Interest Determination Date.

-13-

 

          (II) If the Federal Home Loan Bank (“FHLB”) of San Francisco fails to announce the rate for
the calendar month next preceding the applicable Interest Determination Date, then the Eleventh
District Cost of Funds Rate for the new interest reset period will be the same as for the
immediately preceding Interest Reset Period. If there was no such Interest Reset Period, the
Eleventh District Cost of Funds Rate index will be the initial interest rate.

          (III) The “Eleventh District Cost of Funds Rate index” will be the monthly weighted average
cost of funds paid by member institutions of the Eleventh Federal Home Loan Bank District that the
FHLB of San Francisco most recently announced as the cost of funds for the calendar month preceding
the applicable Interest Determination Date.

          EURIBOR Rate Notes. EURIBOR Notes will bear interest for each interest reset period
at an interest rate equal to EURIBOR, plus or minus any Spread, and/or multiplied by any Spread
Multiplier as specified in such EURIBOR Note and the applicable Pricing Supplement.

          The calculation agent will determine EURIBOR on each EURIBOR determination date, which is the
second TARGET Business Day prior to the Interest Reset Date for each Interest Reset Period.

          Unless otherwise specified in the applicable Pricing Supplement, EURIBOR means, with respect
to any Interest Determination Date relating to a Floating Rate Note for which the interest rate is
determined with reference to EURIBOR (a “EURIBOR interest determination date”), a base rate equal
to the interest rate for deposits in euro designated as “EURIBOR” and sponsored jointly by the
European Banking Federation and ACI — the Financial Market Association, or any company established
by the joint sponsors for purposes of compiling and publishing that rate. EURIBOR will be
determined in the following manner:

          (I) EURIBOR will be the offered rate for deposits in euro having the Index Maturity specified
in the applicable Pricing Supplement, beginning on the second TARGET Business Day after such
EURIBOR Interest Determination Date, as that rate appears on Reuters Page EURIBOR 01 as of 11:00
a.m., Brussels time, on such EURIBOR Interest Determination Date.

          (II) If the rate described above does not appear on Reuters Page EURIBOR 01, EURIBOR will be
determined on the basis of the rates, at approximately 11:00 a.m., Brussels time, on such EURIBOR
Interest Determination Date, at which deposits of the following kind are offered to prime banks in
the euro-zone interbank market by the principal euro-zone office of each of four major banks in
that market selected by the calculation agent: euro deposits having such EURIBOR Index Maturity,
beginning on such EURIBOR Interest Reset Date, and in a representative amount. The calculation
agent will request that the principal euro-zone office of each of these banks provide a quotation
of its rate. If at least two quotations are provided, EURIBOR for such EURIBOR Interest
Determination Date will be the arithmetic mean of the quotations.

          (III) If fewer than two quotations are provided as described above, EURIBOR for such EURIBOR
Interest Determination Date will be the arithmetic mean of the rates for loans of the following
kind to leading euro-zone banks quoted, at approximately 11:00 a.m., Brussels

-14-

 

time on that EURIBOR Interest Determination Date, by three major banks in the euro-zone
selected by the calculation agent: loans of euro having such EURIBOR Index Maturity, beginning on
such EURIBOR Interest Reset Date, and in an amount that is representative of a single transaction
in euro in that market at the time.

          If fewer than three banks selected by the calculation agent are quoting as described above,
EURIBOR for the new interest period will be EURIBOR in effect for the prior interest period. If the
initial Base Rate has been in effect for the prior interest period, however, it will remain in
effect for the new interest period.

          “Euro-zone” means the region comprised of member states of the European Union that adopt the
single currency in accordance with the Treaty establishing the European Community, as amended by
the Treaty on European Union.

          Federal Funds Rate Notes. Federal Funds Rate Notes will bear interest for each
Interest Reset Period at an interest rate equal to the Federal Funds Rate, plus or minus any
Spread, and/or multiplied by any Spread Multiplier as specified in such Federal Funds Rate Note and
the applicable Pricing Supplement. The Federal Funds Rate will be calculated by reference to
either the Federal Funds (Effective) Rate, the Federal Funds Open Rate or the Federal Funds Target
Rate, as specified in the applicable Pricing Supplement.

          Unless otherwise specified in the applicable Pricing Supplement, “Federal Funds Rate” means
the rate determined by the calculation agent, with respect to any Interest Determination Date
relating to a Floating Rate Note for which the interest rate is determined with reference to the
Federal Funds Rate (a “Federal Funds Rate Interest Determination Date”), in accordance with the
following provisions:

          (I) If “Federal Funds (Effective) Rate” is the specified Federal Funds Rate in the applicable
Pricing Supplement, the Federal Funds Rate as of the applicable Federal Funds Rate Interest
Determination Date shall be the rate with respect to such date for United States dollar federal
funds as published in H.15(519) opposite the caption “Federal Funds (effective),” as such rate is
displayed on Reuters on page FEDFUNDS1 (or any other page as may replace such page on such service)
(“Reuters Page FEDFUNDS1”) under the heading “EFFECT,” or, if such rate is not so published by 3:00
p.m., New York City time, on the Calculation Date, the rate with respect to such Federal Funds Rate
Interest Determination Date for United States dollar federal funds as published in H.15 Daily
Update, or such other recognized electronic source used for the purpose of displaying such rate,
under the caption “Federal funds (effective).” If such rate does not appear on Reuters Page
FEDFUNDS1 or is not yet published in H.15(519), H.15 Daily Update or another recognized electronic
source by 3:00 p.m., New York City time, on the related Calculation Date, then the Federal Funds
Rate with respect to such Federal Funds Rate Interest Determination Date shall be calculated by the
Calculation Agent and will be the arithmetic mean of the rates for the last transaction in
overnight United States dollar federal funds arranged by three leading brokers of U.S. dollar
federal funds transactions in New York City (which may include the agents or their affiliates)
selected by the Calculation Agent, prior to 9:00 a.m., New York City time, on the Business Day
following such Federal Funds Rate Interest Determination Date; provided, however, that if the
brokers so selected by the Calculation Agent are not quoting as mentioned in this sentence, the
Federal Funds Rate determined as of such

-15-

 

Federal Funds Rate Interest Determination Date will be the Federal Funds Rate in effect on
such Federal Funds Rate Interest Determination Date.

          (II) If “Federal Funds Open Rate” is the specified Federal Funds Rate in the applicable
Pricing Supplement, the Federal Funds Rate as of the applicable Federal Funds Rate Interest
Determination Date shall be the rate on such date under the heading “Federal Funds” for the
relevant Index Maturity and opposite the caption “Open” as such rate is displayed on Reuters on
page 5 (or any other page as may replace such page on such service) (“Reuters Page 5”), or, if such
rate does not appear on Reuters Page 5 by 3:00 p.m., New York City time, on the Calculation Date,
the Federal Funds Rate for the Federal Funds Rate Interest Determination Date will be the rate for
that day displayed on FFPREBON Index page on Bloomberg L.P. (“Bloomberg”), which is the Fed Funds
Opening Rate as reported by Prebon Yamane (or a successor) on Bloomberg. If such rate does not
appear on Reuters Page 5 or is not displayed on FFPREBON Index page on Bloomberg or another
recognized electronic source by 3:00 p.m., New York City time, on the related Calculation Date,
then the Federal Funds Rate on such Federal Funds Rate Interest Determination Date shall be
calculated by the Calculation Agent and will be the arithmetic mean of the rates for the last
transaction in overnight United States dollar federal funds arranged by three leading brokers of
United States dollar federal funds transactions in New York City (which may include the agents or
their affiliates) selected by the Calculation Agent prior to 9:00 a.m., New York City time, on such
Federal Funds Rate Interest Determination Date; provided, however, that if the brokers so selected
by the Calculation Agent are not quoting as mentioned in this sentence, the Federal Funds Rate
determined as of such Federal Funds Rate Interest Determination Date will be the Federal Funds Rate
in effect on such Federal Funds Rate Interest Determination Date.

          (III) If “Federal Funds Target Rate” is the specified Federal Funds Rate in the applicable
Pricing Supplement, the Federal Funds Rate as of the applicable Federal Funds Rate Interest
Determination Date shall be the rate on such date as displayed on the FDTR Index page on Bloomberg.
If such rate does not appear on the FDTR Index page on Bloomberg by 3:00 p.m., New York City time,
on the Calculation Date, the Federal Funds Rate for such Federal Funds Rate Interest Determination
Date will be the rate for that day appearing on Reuters Page USFFTARGET= (or any other page as may
replace such page on such service) (“Reuters Page USFFTARGET=”). If such rate does not appear on
the FDTR Index page on Bloomberg or is not displayed on Reuters Page USFFTARGET= by 3:00 p.m., New
York City time, on the related Calculation Date, then the Federal Funds Rate on such Federal Funds
Rate Interest Determination Date shall be calculated by the Calculation Agent and will be the
arithmetic mean of the rates for the last transaction in overnight United States dollar federal
funds arranged by three leading brokers of United States dollar federal funds transactions in New
York City (which may include the agents or their affiliates) selected by the Calculation Agent
prior to 9:00 a.m., New York City time, on such Federal Funds Rate Interest Determination Date.

          LIBOR Notes. LIBOR Notes will bear interest for each Interest Reset Period at an
interest rate equal to the London interbank offered rate, referred to as LIBOR, plus or minus any
Spread, and/or multiplied by any Spread Multiplier, as specified in such LIBOR Note and the
applicable Pricing Supplement.

-16-

 

          On each Interest Determination Date, LIBOR will be the rate for deposits in the designated
LIBOR currency having the index maturity specified in such Pricing Supplement as such rate is
displayed on Reuters on page LIBOR01 (or any other page as may replace such page on such service
for the purpose of displaying the London interbank rates of major banks for the designated LIBOR
currency) (“Reuters Page LIBOR01”) as of 11:00 a.m., London time, on such LIBOR Interest
Determination Date.

          On any Interest Determination Date on which no rate is displayed on Reuters Page LIBOR01, the
calculation agent will determine LIBOR as follows:

          (I) LIBOR will be determined on the basis of the offered rates, at approximately 11:00 a.m.,
London time, on the relevant LIBOR interest determination date, at which deposits in the LIBOR
currency having the index maturity described in the related Pricing Supplement, beginning on the
relevant interest reset date and in a representative amount, are offered by four major banks in the
London interbank market to prime banks in that market. The calculation agent will select the four
banks and request the principal London office of each of those banks to provide a quotation of its
rate for deposits in the LIBOR currency. If at least two quotations are provided, LIBOR for that
Interest Determination Date will be the arithmetic mean of those quotations.

          (II) If fewer than two quotations are provided as mentioned above, LIBOR will be the
arithmetic mean of the rates quoted by three major banks in the principal financial center selected
by the calculation agent at approximately 11:00 a.m. in the applicable principal financial center,
on the Interest Determination Date for loans to leading European banks in the LIBOR currency having
the index maturity designated in the pricing supplement and in a principal amount that is
representative for a single transaction in the LIBOR currency in that market at that time. The
calculation agent will select the three banks referred to above.

          (III) If fewer than three banks selected by the calculation agent are quoting as described
above, LIBOR will remain LIBOR then in effect on that Interest Determination Date.

          As referenced above, “LIBOR currency” means the currency specified in the applicable Pricing
Supplement as to which LIBOR shall be calculated or, if no such currency is specified in the
applicable Pricing Supplement, United States dollars.

          Prime Rate Notes. Prime Rate Notes will bear interest at a rate equal to the Prime
Rate, plus or minus any Spread, and/or multiplied by any Spread Multiplier as specified in the
Prime Rate Notes and the applicable Pricing Supplement.

          The “Prime Rate” for any Interest Determination Date is the prime rate or base lending rate on
that date, as published in H.15(519) by 3:00 p.m., New York City time, on the calculation date for
that Interest Determination Date under the heading “Bank Prime Loan” or, if not published by 3:00
p.m., New York City time, on the related calculation date, the rate on such Interest Determination
Date as published in H.15 Daily Update, or such other recognized electronic source used for the
purpose of displaying such rate, under the caption “Bank Prime Loan.”

-17-

 

The calculation agent will follow the following procedures if the Prime Rate cannot be
determined as described above:

          (I) If the rate is not published in H.15(519), H.15 Daily Update or another recognized
electronic source by 3:00 p.m., New York City time, on the calculation date, then the calculation
agent will determine the Prime Rate to be the arithmetic mean of the rates of interest publicly
announced by each bank that appears on USPRIME1 as that bank’s prime rate or base lending rate as
in effect for that Interest Determination Date.

          (II) If at least one rate but fewer than four rates appear on USPRIME1 on the Interest
Determination Date, then the Prime Rate will be the arithmetic mean of the prime rates or base
lending rates quoted (on the basis of the actual number of days in the year divided by a 360-day
year) as of the close of business on the Interest Determination Date by three major money center
banks in the City of New York selected by the calculation agent.

          (III) If the banks selected by the calculation agent are not quoting as mentioned above, the
Prime Rate will remain the Prime Rate then in effect on the Interest Determination Date.

          “USPRIME1” means the display on the Reuters 3000 Xtra Service (or any successor service) on
the “USPRIME1 Page” (or such other page as may replace the USPRIME1 Page on such service) for the
purpose of displaying Prime Rates or base lending rates of major U.S. banks.

          Treasury Rate Notes. Treasury Rate Notes will bear interest at a rate equal to the
Treasury Rate, plus or minus any Spread, and/or multiplied by any Spread Multiplier as specified in
the Treasury Rate Notes and the applicable Pricing Supplement.

          The “Treasury Rate” for any Interest Determination Date is the rate from the auction held on
such Treasury Rate Interest Determination Date (the “auction”) of direct obligations of the United
States (“treasury bills”) having the index maturity specified in such Pricing Supplement under the
caption “INVEST RATE” on the display on Reuters page USAUCTION10 (or any other page as may replace
such page on such service) or page USAUCTION11 (or any other page as may replace such page on such
service) by 3:00 p.m., New York City time, on the calculation date for that Interest Determination
Date.

          The calculation agent will follow the following procedures if the Treasury Rate cannot be
determined as described above:

          (I) If the rate is not so published by 3:00 p.m., New York City time, on the calculation date,
the Treasury Rate will be the bond equivalent yield (as defined below) of the auction rate of such
Treasury Bills as published in H.15 Daily Update, or such recognized electronic source used for the
purpose of displaying such rate, under the caption “U.S. Government Securities/ Treasury Bills/
Auction High.”

-18-

 

          (II) If the rate is not so published by 3:00 p.m., New York City time, on the calculation date
and cannot be determined as described in the immediately preceding paragraph, the Treasury Rate
will be the bond equivalent yield of the auction rate of such Treasury Bills as otherwise announced
by the United States Department of Treasury.

          (III) If the results of the most recent auction of Treasury Bills having the index maturity
described in the pricing supplement are not published or announced as described above by 3:00 p.m.,
New York City time, on the calculation date, or if no auction is held on the interest determination
date, then the Treasury Rate will be the bond equivalent yield on such interest determination date
of Treasury Bills having the index maturity specified in the applicable pricing supplement as
published in H.15(519) under the caption “U.S. Government Securities/ Treasury Bills/ Secondary
Market” or, if not published by 3:00 p.m., New York City time, on the related calculation date, the
rate on such interest determination date of such Treasury Bills as published in H.15 Daily Update,
or such other recognized electronic source used for the purpose of displaying such rate, under the
caption “U.S. Government Securities/ Treasury Bills (Secondary Market).”

          (IV) If such rate is not published in H.15(519), H.15 Daily Update or another recognized
electronic source by 3:00 p.m., New York City time, on the related calculation date, then the
calculation agent will determine the Treasury Rate to be the bond equivalent yield of the
arithmetic mean of the secondary market bid rates, as of approximately 3:30 p.m., New York City
time, on the interest determination date of three leading primary U.S. government securities
dealers (which may include the Agents or their affiliates) for the issue of Treasury Bills with a
remaining maturity closest to the index maturity described in the related Pricing Supplement. The
calculation agent will select the three dealers referred to above.

          (V) If fewer than three dealers selected by the calculation agent are quoting as mentioned
above, the Treasury Rate will remain the Treasury Rate then in effect on that Interest
Determination Date.

          “Bond equivalent yield” means a yield (expressed as a percentage) calculated in accordance
with the following formula:

	 	 	 	 	 
	 

	 	D x N	 	 
	 

	 	 	 	 
	Bond Equivalent Yield =

	 	360 - (D x M)
	 	 × 100

where “D” refers to the applicable per annum rate for Treasury Bills quoted on a bank discount
basis and expressed as a decimal, “N” refers to 365 or 366, as the case may be, and “M” refers to
the actual number of days in the applicable Interest Reset Period.

Zero Coupon Notes

          The specific terms of any Zero Coupon Notes will be set forth in the applicable Pricing
Supplement.

-19-

 

Indexed Notes

          The Company may issue notes for which the amount of interest or principal that will be paid
will not be known on its date of issue. The Company will specify the formulae for computing
interest or principal payments for these types of notes, which is called “Indexed Notes”, by
reference to securities, financial or non-financial indices, currencies, commodities, interest
rates, or composites or baskets of any or all of the above. Examples of indexed items that the
Company may use include a published stock index, the common stock price of a publicly traded
company, the value of the U.S. dollar versus the Japanese Yen, or the price in a particular market
of a barrel of West Texas intermediate crude oil. The amount of interest and principal that will be
paid will depend on the structure of the Indexed Note and the level of the specified indexed item
throughout the term of the Indexed Note and at maturity. Specific information pertaining to the
method of determining the interest payments and the principal amount will be described in the
applicable Pricing Supplement, as well as additional risk factors unique to the Indexed Note,
certain historical information for the specified indexed item and certain additional United States
federal tax considerations.

          (5) Unless otherwise specified in the applicable Pricing Supplement, principal of (and
premium, if any) and interest (if any) on the Notes will be payable, and, except as provided in
Section 305 of the Indenture with respect to any Global Security (as defined below) representing
Book-Entry Notes (as defined below), the transfer of the Notes will be registrable and Notes will
be exchangeable for Notes bearing identical terms and provisions at the corporate trust office of
Deutsche Bank Trust Company Americas (the “Paying Agent”), in New York City, New York, provided
that payments of interest with respect to any Certificated Note (as defined below), other than
interest at maturity or upon redemption, may be made at the option of the Company by check mailed
to the address of the person or entity entitled thereto as it appears on the security register of
the Company at the close of business on the Regular Record Date corresponding to the relevant
Interest Payment Date. Unless otherwise specified in the applicable Pricing Supplement, holders of
$1,000,000 or more in aggregate principal amount of Certificated Notes shall be entitled to receive
payments of interest, other than interest at maturity or upon redemption, by wire transfer of
immediately available funds, if appropriate wire transfer instructions have been given to the
Paying Agent in writing not later than 15 calendar days prior to the applicable Interest Payment
Date.

          (6) If so specified in the applicable Pricing Supplement, the Notes will be redeemable at the
option of the Company on the date or dates prior to maturity specified in the applicable Pricing
Supplement at the price or prices specified in the applicable Pricing Supplement: (i) Unless
otherwise specified in such Pricing Supplement, in the case of Notes other than Zero Coupon Notes
or certain interest bearing notes issued as Original Issue Discount Notes, expressed as a specified
percentage of the principal amount of such Note, together with accrued interest, if any, to the
date of redemption stated in the applicable Pricing Supplement; (ii) Unless otherwise specified in
the applicable Pricing Supplement, in the case of Zero Coupon Notes or certain interest bearing
Notes issued as Original Issue Discount Notes (as specified in the applicable Pricing Supplement),
as a specified percentage of the Amortized Face Amount (as defined below) of such Note (as
described in paragraph (10) below), together with accrued interest, if any, to the date of
redemption (or, in the case of any interest bearing Note issued as an

-20-

 

Original Issue Discount Note, any accrued but unpaid “qualified stated interest” payments (as
specified in Paragraph (10) below). Unless otherwise specified in the applicable Pricing
Supplement, the Company may redeem any of the Notes which are redeemable and remain outstanding
either in whole or from time to time in part upon the terms and conditions set forth in Article
Eleven of the Indenture.

          (7) Unless otherwise specified in the applicable Pricing Supplement, the Company shall not be
obligated to redeem or purchase any Notes of such series pursuant to any sinking fund or analogous
provisions or at the option of any Holder.

          (8) Unless otherwise specified in the applicable Pricing Supplement, Notes of such series may
be issued only in fully registered form. Unless otherwise specified in the applicable Pricing
Supplement, the authorized denomination of the Notes of such series other than Foreign Currency
Notes (as defined below), shall be $1,000 or any amount in excess of $1,000 which is an integral
multiple of $1,000. Foreign Currency Notes will be issued in the denominations specified in the
applicable Pricing Supplement.

          (10) The portion of the principal amount of the Notes, other than Original Issue Discount
Notes (including any Zero Coupon Notes), which shall be payable upon declaration of acceleration of
maturity thereof shall not be other than the principal amount thereof. Unless otherwise specified
in the applicable Pricing Supplement, the portion of the principal amount of Zero Coupon Notes and
certain interest bearing Notes issued as Original Issue Discount Notes (as specified in the
applicable Pricing Supplement) upon any acceleration of the maturity thereof will be the Amortized
Face Amount and in the case of an interest-bearing note issued as an Original Issue Discount Note,
any accrued but unpaid qualified stated interest payments. Unless otherwise specified in the
applicable Pricing Supplement, the amount payable to the holder of such Original Issue Discount
Note upon any redemption thereof will be the applicable specified percentage of the Amortized Face
Amount thereof specified in the applicable Pricing Supplement, and in the case of any interest
bearing Note issued as an Original Issue Discount Note, any accrued but unpaid “qualified stated
interest” payments (as defined in the Treasury Regulations regarding original issue discount issued
by the Treasury Department (the “Regulations”)). The “Amortized Face Amount” of an Original Issue
Discount Note shall be the amount equal to the sum of (a) the Issue Price (as set forth on the face
of such Original Issue Discount Note) plus (b) the aggregate of the portions of the original issue
discount (the excess of the amounts considered as part of the “stated redemption price at maturity”
of such Original Issue Discount Note within the meaning of Section 1273(a)(2) of the Internal
Revenue Code of 1986, as amended (the “Code”), whether denominated as principal or interest, over
the Issue Price of Original Issue Discount Note) which shall theretofore have accrued pursuant to
Section 1272 of the Code (without regard to Section 1272(a)(7) of the Code) from the date of issue
of Original Issue Discount Note to the date of determination, minus (c) any amount considered as
part of the “stated redemption price at maturity” of such Original Issue Discount Note which has
been paid on such Original Issue Discount Note from the date of issue to the date of determination.
In no event can the Amortized Face Amount exceed the principal amount of such Note due at the
stated maturity thereof.

-21-

 

          (11) The Notes may be denominated, and payments of principal of and interest on the Notes will
be made, in United States dollars or in such foreign currencies or foreign currency units (a
“Specified Currency”) as may be specified in the applicable Pricing Supplement (“Foreign Currency
Notes”).

          (12) Except as otherwise described in Paragraphs (4) and (10) above, the amount of payments of
principal of and any premium or interest on the Notes will not be determined with reference to an
index.

          (13) Foreign Currency Notes will be paid in U.S. dollars converted from the Specified Currency
unless a Holder of Foreign Currency Notes elects to be paid in the Specified Currency or unless the
applicable Pricing Supplement provides otherwise. In the case of a Note having a Specified Currency
other than U.S. dollars, the principal of that Note in U.S. dollars will be based on the highest
bid quotation in The City of New York received by an agent specified in the applicable pricing
supplement (the “exchange rate agent”) at approximately 11:00 a.m., New York City time, on the
second business day preceding the applicable payment date from three recognized foreign exchange
dealers (one of whom may be the exchange rate agent) selected by the exchange rate agent and
approved by the Company for the purchase by the quoting dealer of the specified currency for U.S.
dollars for settlement on such payment date in the aggregate amount of the Specified Currency
payable to all holders of Foreign Currency Notes scheduled to receive U.S. dollar payments and at
which the applicable dealer commits to execute a contract. If three such bid quotations are not
available, the Company will make payments in the Specified Currency. All currency exchange costs
will be borne by the holders of the Foreign Currency Note by deductions from such payments. Unless
indicated otherwise in the applicable Pricing Supplement, a holder of Foreign Currency Notes may
elect to receive payment of the principal of and interest on the Foreign Currency Notes in the
Specified Currency by transmitting a written request for such payment to the corporate trust office
of the Trustee in The City of New York on or prior to the Regular Record Date or at least 15
calendar days prior to maturity, as the case may be. A Holder may make this request in writing
(mailed or hand delivered) or sent by facsimile transmission. A Holder of a Foreign Currency note
may elect to receive payment in the Specified Currency for all principal and interest payments and
need not file a separate election for each payment. Such Holder’s election will remain in effect
until revoked by written notice to the Trustee, but written notice of any such revocation must be
received by the Trustee on or prior to the Regular Record Date or at least 15 calendar days prior
to the maturity date, as the case may be. If a Specified Currency is not available for the payment
of principal, premium or interest with respect to a Foreign Currency Note due to the imposition of
exchange controls or other circumstances beyond the Company’s control, the Company will be entitled
to satisfy its obligations to Holders of Foreign Currency Notes by making such payment in U.S.
dollars on the basis of the noon buying rate in The City of New York for cable transfers of the
specified currency as certified for customs purposes (or, if not so certified as otherwise
determined) by the Federal Reserve Bank of New York (the “market exchange rate”) as computed by the
exchange rate agent on the second business day prior to such payment or, if not then available, on
the basis of the most recently available market exchange rate or as otherwise indicated in an
applicable Pricing Supplement. All determinations referred to above made by the exchange rate
agent will be at its sole discretion and will, in the absence of clear error, be conclusive for all
purposes and binding on the Holders of the Foreign Currency Notes.

-22-

 

          (15) Unless otherwise specified in the applicable Pricing Supplement, the Notes shall be
subject to the events of default specified in Section 501, paragraphs (1) through (8) of the
Indenture.

          (16) Each Note will be represented by either a master global note or a global note in fully
registered form (each a “Global Note”) registered in the name of a nominee of the Depository (each
such Note represented by a Global Note being herein referred to as a “Book-Entry Note”) or a
certificate issued in definitive registered form, without coupons (a “Certificated Note”), as set
forth in the applicable Pricing Supplement. Unless otherwise specified in the applicable Pricing
Supplement, The Depository Trust Company will act as Depositary. Except as provided in Section 305
of the Indenture, Book-Entry Notes will not be issuable in certificated form and will not be
exchangeable or transferable. So long as the Depositary or its nominee is the registered holder of
any Global Note, the Depositary or its nominee, as the case may be, will be considered the sole
Holder of the Book-Entry Note or Notes represented by such Global Note for all purposes under the
Indenture and the Notes.

          (18) Interest will be payable to the person in whose name a Note (or one or more predecessor
Notes) is registered at the close of business on the Regular Record Date (as defined below) next
preceding each Interest Payment Date (as defined below); provided, however, that interest payable
at maturity or upon redemption will be payable to the person to whom principal shall be payable.

          (19) Unless otherwise specified in the applicable Pricing Supplement, the Notes shall be
defeasible pursuant to Sections 1302 and 1303 of the Indenture.

          (22) The Company will pay any administrative costs imposed by banks in making payments in
immediately available funds, but, except as otherwise provided under Additional Amounts in the
applicable Pricing Supplement, any tax, assessment or governmental charge imposed upon payments
will be borne by the Holders of the Notes in respect of which such payments are made.

          (25) Subject to the terms of the Indenture and the resolutions and authorization referred to
in the first paragraph hereof, the Notes shall have such other terms (which may be in addition to
or different from the terms set forth herein) as are specified in the applicable Pricing
Supplement.

          B. Establishment of Note Forms pursuant to Section 201 of Indenture.

          It is hereby established pursuant to Section 201 of the Indenture that the Global Securities
representing Book-Entry Notes shall be substantially in the forms attached as Exhibits A, B, C,
D and E hereto, unless a different form is provided in the applicable Pricing Supplement (which
Pricing Supplement shall be deemed a copy of a Board Resolution certified by the secretary or an
assistant secretary of the Company satisfying the requirements of Section 201 of the Indenture).

-23-

 

          C. Establishment or Procedures for Authentication of Notes Pursuant to Section 303 of
Indenture.

          It is hereby ordered pursuant to Section 303 of the Indenture that Notes may be authenticated
by the Trustee and issued in accordance with the Administrative Procedures attached hereto as
Exhibit F and upon receipt by the Trustee (including by facsimile) of a Pricing Supplement
to this Officers’ Certificate and Company Order, in substantially the form attached as Exhibit
G hereto (a “Pricing Supplement”), setting forth the information specified or contemplated
therein for the particular Notes to be authenticated and issued.

          D. Federal Deposit Insurance Corporation Guaranteed Senior Unsecured Debt.

          In connection with the Company’s participation in the debt guarantee program (the “Debt
Guarantee Program”) established by the Federal Deposit Insurance Corporation (“FDIC”) pursuant to
12 C.F.R. Part 370 (as may be amended or supplemented from time to time, the “Rule”), any
Authorized Officer may affirmatively elect to exercise the right to issue senior unsecured
guaranteed debt in accordance with the Debt Guarantee Program, or to issue senior unsecured
non-guaranteed debt with maturities beyond June 30, 2012, pursuant to, and as set forth in the Rule
and as described in the applicable Pricing Supplement. Any Global or Certificated Notes issued
hereunder which affirmatively indicate that they are subject to the Debt Guarantee Program
(including without limitation such forms of Global Notes as set forth in Exhibits D and
E attached hereto) shall contain such terms as required by the Rule, and shall bear an
appropriate legend to the effect that such Global or Certificated Note is guaranteed by the FDIC
under the Debt Guarantee Program.

          As required in accordance with the Debt Guarantee Program, the Global or Certificated Note
evidencing FDIC guaranteed debt shall designate the Trustee as the duly authorized representative
of the holders for purposes of making claims and taking other permitted or required actions under
the Debt Guarantee Program.

          In the event of any conflict between the provisions of this Officers’ Certificate and Company
Order, the Indenture or the Notes, on the one hand, and the rules and regulations of the Debt
Guarantee Program or the Master Agreement (and any amendments thereto) entered into by the Company
and the FDIC (the “Master Agreement”), on the other hand, such rules and regulations and/or such
Master Agreement shall control.

          E. Other Matters.

          The applicable Pricing Supplement shall specify any agent of the Company designated for the
purpose of delivering, for cancellation by the Trustee pursuant to Section 310 of the Indenture,
Notes which have not been issued and sold by the Company.

          Attached as Exhibit H-1 hereto is a true and correct copy of resolutions duly adopted
by the Board of Directors of the Company on May 15, 2008 and attached as Exhibit H-2 hereto
is a true and correct copy of resolutions duly adopted by the Board of Directors of the Company on
June 7, 2008; such resolutions have not been further amended, modified or

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rescinded and remain in full force and effect; and such resolutions are the only resolutions
adopted by the Company’s Board of Directors or by any Authorized Officers relating to the offering
and sale of the Notes.

[THE REMAINDER OF THIS PAGE IS LEFT INTENTIONALLY BLANK]

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     The undersigned have read the pertinent sections of the Indenture including the related
definitions contained therein. The undersigned have examined the resolutions adopted by the
Company’s Board of Directors. In the opinion of the undersigned, the undersigned have made such
examination or investigation as is necessary to enable the undersigned to express an informed
opinion as to whether or not the conditions precedent to the establishment of (i) a series of
Securities, (ii) the forms of such Securities and (iii) the procedures for authentication of such
series of Securities, contained in the Indenture have been complied with. In the opinion of the
undersigned, such conditions have been complied with.

Dated: December 15, 2008

	 	 	 	 	 
	 	KEYCORP

 	 
	 	By  	/s/ Joseph M. Vayda
 	 
	 	 	Joseph M. Vayda 	 
	 	 	Executive Vice President and Treasurer 	 
	 
	 	 	 
	 	By  	     /s/ Daniel R. Stolzer
 	 
	 	 	Daniel R. Stolzer 	 
	 	 	Assistant Secretary

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