Document:

exv4w2

 

EXHIBIT 4.2

CENTEX CORPORATION

Issuer

and

JPMORGAN CHASE BANK, N.A.

(formerly The Chase Manhattan Bank)

Trustee

INDENTURE SUPPLEMENT NO. 20

Dated as of May 5, 2006

to

INDENTURE

Dated as of October 1, 1998

6.500% Senior Notes due May 1, 2016

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	ARTICLE ONE DEFINITIONS
	 	 	1	 
	 
	 	 	 	 
	ARTICLE TWO TERMS AND ISSUANCE OF THE NOTES
	 	 	3	 
	 
	 	 	 	 
	Section 2.01. Issuance and Designation
	 	 	3	 
	Section 2.02. Form and Other Terms of Notes; Incorporation of Terms
	 	 	3	 
	Section 2.03. Place and Method of Payment
	 	 	3	 
	 
	 	 	 	 
	ARTICLE THREE ADDITIONAL COVENANTS
	 	 	4	 
	 
	 	 	 	 
	Section 3.01. Limitation on Liens
	 	 	4	 
	Section 3.02. Limitation on Sale and Lease-Back Transactions
	 	 	6	 
	 
	 	 	 	 
	ARTICLE FOUR DEFEASANCE
	 	 	6	 
	 
	 	 	 	 
	Section 4.01. Option to Effect Legal Defeasance or Covenant Defeasance
	 	 	6	 
	Section 4.02. Legal Defeasance
	 	 	6	 
	Section 4.03. Covenant Defeasance
	 	 	7	 
	Section 4.04. Conditions to Covenant Defeasance
	 	 	7	 
	 
	 	 	 	 
	ARTICLE FIVE MISCELLANEOUS
	 	 	8	 
	 
	 	 	 	 
	Section 5.01. Ratification of Indenture
	 	 	8	 
	Section 5.02. Redemption
	 	 	8	 
	Section 5.03. Conflict with Trust Indenture Act
	 	 	8	 
	Section 5.04. Effect of Headings
	 	 	8	 
	Section 5.05. Counterparts
	 	 	8	 
	Section 5.06. Severability
	 	 	8	 
	Section 5.07. Benefits of Indenture Supplement
	 	 	8	 
	Section 5.08. Acceptance of Trusts
	 	 	9	 
	Section 5.09. Governing Law
	 	 	9	 
	 
	 	 	 	 
	EXHIBIT A — Form of Note
	 	 	 	 

i

 

     INDENTURE SUPPLEMENT NO. 20 (“Indenture Supplement”), dated as of May 5, 2006, between
CENTEX CORPORATION, a Nevada corporation (together with its successors and assigns as provided in
the Indenture referred to below, the “Company”), and JPMORGAN CHASE BANK, N.A., a national
banking association (formerly, The Chase Manhattan Bank, successor to Chase Bank of Texas, National
Association) (together with its successors in trust thereunder as provided in the Indenture
referred to below, the “Trustee”), as trustee under an Indenture dated as of October 1,
1998 (the “Indenture”).

PRELIMINARY STATEMENT

     Section 2.02 of the Indenture provides, among other things, that the Company may, when
authorized by its Board of Directors, and the Trustee may at any time and from time to time, enter
into a series supplement to the Indenture for the purpose of authorizing one or more Series of
Senior Debt Securities and to specify certain terms of each such Series of Senior Debt Securities.
The Board of Directors of the Company has duly authorized the creation of a Series of Senior Debt
Securities to be known as the Company’s 6.500% Senior Notes due 2016 (the “Notes”), and the Company
and the Trustee are executing and delivering this Indenture Supplement in order to provide for the
issuance of the Notes.

ARTICLE ONE

Definitions

     Except to the extent such terms are otherwise defined in this Indenture Supplement or the
context clearly requires otherwise, all terms used in this Indenture Supplement which are defined
in the Indenture or the form of Note attached hereto as Exhibit A, either directly or by
reference therein, shall have the meanings assigned to them therein.

     As used in this Indenture Supplement, the following terms shall have the following meanings:

CONSOLIDATED NET TANGIBLE ASSETS:

     The term “Consolidated Net Tangible Assets” shall mean the aggregate amount of assets included
on the most recent consolidated balance sheet of the Company and its subsidiaries, less applicable
reserves and other properly deductible items and after deducting therefrom (a) all current
liabilities and (b) all goodwill, trade names, trademarks, patents, unamortized debt discount and
expense, and other like intangibles, all in accordance with generally accepted accounting
principles consistently applied.

DEPOSITARY:

     The term “Depositary” shall mean, unless otherwise specified by the Company, The Depository
Trust Company, New York, New York, or any successor thereto registered as a Clearing Agency under
the Securities Exchange Act of 1934, as amended, or any successor statute or regulation.

 

 

FUNDED INDEBTEDNESS:

     The term “Funded Indebtedness” shall mean notes, bonds, debentures or other similar evidences
of indebtedness for money borrowed which by their terms mature at or are extendible or renewable at
the option of the obligor to a date more than 12 months after the date of the creation of such
debt.

GLOBAL SECURITY:

     The term “Global Security” shall mean a single Note that is issued to evidence Notes having
identical terms and provisions, which is delivered to the Depositary or pursuant to instructions of
the Depositary and which shall be registered in the name of the Depositary or its nominee.

INTEREST PAYMENT DATE:

     The term “Interest Payment Date” means the Stated Maturity of an installment of interest on
the Notes.

MATURITY DATE:

     The term “Maturity Date,” when used with respect to any Note, shall mean the date on which the
principal of such Note becomes due and payable in accordance with its terms and the terms of this
Indenture as therein or herein provided, whether at Stated Maturity, upon declaration of
acceleration, call for redemption or otherwise.

NOTEHOLDER; HOLDER:

     The terms “Noteholder” or “Holder” shall mean any Person in whose name at the time a
particular Note is registered in the Senior Debt Security Register kept for that purpose in
accordance with the terms hereof.

REGULAR RECORD DATE:

     The term “Regular Record Date” for the interest payable on any Interest Payment Date shall
mean (i) in respect of any Interest Payment Date that occurs on the fifteenth day of a month, the
close of business (whether or not a business day) on the first day of the month in which such
Interest Payment Date occurs, or (ii) in respect of any Interest Payment Date that occurs on the
first day of a month, the close of business (whether or not a business day) on the fifteenth day of
the month immediately preceding the month in which such Interest Payment Date occurs. For purposes
of this Indenture Supplement, the Regular Record Date is the April 15 or October 15 immediately
preceding the May 1 or November 1 Interest Payment Date, respectively.

REDEMPTION DATE:

     The term “Redemption Date” for a Note shall mean the date fixed for the redemption of such
Note in accordance with the provisions of this Indenture Supplement.

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SPECIAL RECORD DATE:

     The term “Special Record Date” for the payment of any defaulted interest means a date which is
not less than ten and not more than fifteen calendar days immediately preceding the Interest
Payment Date of defaulted interest on such Note established by notice given by first class mail by
or on behalf of the Company to the Holder of such Note not less than fifteen calendar days prior to
such Special Record Date.

STATED MATURITY:

     The term “Stated Maturity” means, when used with respect to any Note or any installment of
interest thereon (including defaulted interest), the date specified in such Note as the fixed date
upon which the principal of such Note or such installment of interest is due and payable.

ARTICLE TWO

Terms and Issuance of the Notes

     Section 2.01. Issuance and Designation. A Series of Senior Debt Securities which
shall be designated as the Company’s “6.500% Senior Notes due 2016” shall be executed,
authenticated and delivered in accordance with the provisions of, and shall in all respects be
subject to, the terms, conditions and covenants of, the Indenture and this Indenture Supplement
(including the form of Note set forth in Exhibit A). The aggregate principal amount of the
Notes which may be authenticated and delivered under this Indenture Supplement shall not, except as
permitted by the provisions of the Indenture, exceed $500,000,000, provided that the Company may,
without the consent of the Holders of the Notes, reopen this Series and issue additional Notes
under the Indenture and this Indenture Supplement in addition to the $500,000,000 of Notes
authorized as of the date hereof.

     Section 2.02. Form and Other Terms of Notes; Incorporation of Terms. The Notes shall
be substantially in the form attached hereto as Exhibit A. The terms of such Notes are
herein incorporated by reference and are part of this Indenture Supplement.

     Section 2.03. Place and Method of Payment. The place of payment in respect of the
Notes will be at the principal office or agency of the Company in Dallas, Texas or at the office or
place of business of the Trustee or its successor in trust under the Indenture, which, at the date
hereof, is located at Chase Global Trust, 2001 Bryan Street, Floor 11, Dallas, Texas 75201.
Payments in respect of principal or premium, if any, on Notes will be made only against surrender
of such Notes at such office. Payments of interest on each Interest Payment Date with respect to
each Note will be made to the Person in whose name such Note is registered at the close of business
on the Regular Record Date immediately preceding such Interest Payment Date by U.S. dollar check
drawn on a bank in the City of New York or, for Holders of at least $1,000,000 of Notes, by wire
transfer to a dollar account maintained by the payee with a bank in the United States; provided
that a written request from such Holder to such effect designating

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such account is received by the Trustee or the Paying Agent no later than 30 calendar days
preceding such Interest Payment Date. Unless such designation is revoked, any such designation
made by such Holder with respect to such Note payable to such Holder will remain in effect with
respect to any further interest payments with respect to such Note payable to such Holder. The
Company will pay any administrative costs imposed by banks in connection with making interest
payments by wire transfer.

     So long as the Depositary continues to make its “Same-Day Funds Settlement System” available
to the Company, payments due on Notes represented by a Global Security registered in the name of
the Depositary or its nominee will be made in immediately available funds to the Depositary or its
nominee, as the case may be, as the registered owner of the Global Security representing such
Notes. The Company expects that the Depositary or its nominee, upon receipt of any payment, will
credit immediately participants’ accounts with payments in same-day funds in amounts proportionate
to their respective beneficial interests in such payments, as shown on the records of the
Depositary or its nominee. The Company also expects that payments by participants and indirect
participants to owners of beneficial interests in such Global Security held through such Persons
will be governed by standing instructions and customary practices, as is now the case with
securities registered in the name of nominees for such customers, and will be the responsibility of
such participants and indirect participants.

ARTICLE THREE

Additional Covenants

     Section 3.01. Limitation on Liens. The following provisions shall apply to the Notes:

     (a) The Company will not itself, and will not permit any of its subsidiaries (other
than Centex Financial Services, LLC and its subsidiaries) to, issue, assume or guarantee any
indebtedness for borrowed money (“Indebtedness”) if such borrowed money is secured
by a mortgage, pledge, security interest, lien or other encumbrance (any such mortgage,
pledge, security interest, lien or other encumbrance being hereinafter in this Section 3.01
referred to as a “Lien”) on or with respect to any of the properties or assets of
the Company or any such subsidiary or on any shares of capital stock or other equity
interests of any subsidiary that owns properties or assets (other than Centex Financial
Services, LLC and its subsidiaries), whether, in each case, owned at the date of this
Indenture Supplement or thereafter acquired, unless the Company makes effective provision
whereby the Notes are secured by such Lien equally and ratably with any and all other
borrowed money thereby secured; provided, however, that the foregoing
restrictions shall not be applicable to:

     (i) any Lien existing on any of the Company’s properties or assets or shares of
capital stock or other equity interests at the date of this Indenture Supplement;

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     (ii) any Lien created by a subsidiary of the Company in favor of the Company or
any wholly-owned subsidiary;

     (iii) any Lien on any property or asset of any corporation or other entity (or
on any accession or improvement to such property or asset or any proceeds thereof)
existing at the time such corporation or other entity becomes a subsidiary of the
Company or is merged or consolidated with or into the Company or any of its
subsidiaries;

     (iv) any Lien on any property or asset existing at the time of acquisition
thereof (or on any accession or improvement to such property or asset or any
proceeds thereof) by the Company or any of its subsidiaries;

     (v) any Lien on any property or asset (or on any accession or improvement to
such property or asset or any proceeds thereof) securing Indebtedness incurred or
assumed for the purpose of financing all or any part of the cost of acquiring such
property or asset or the making of any improvement thereof; provided that
such Lien attaches to such property or asset concurrently with or within 180 days
after the acquisition thereof or the making of such improvement;

     (vi) any Lien incurred in connection with pollution control, industrial
revenue, municipal utility district or any similar financing;

     (vii) any Lien arising out of the refinancing, extension, renewal or
replacement of any of the Liens permitted by any of clauses (i) through (vi) above;
provided that the principal amount of the Indebtedness secured by the Lien
being refinanced, extended, reviewed or replaced is not increased and is not secured
by any additional properties or assets; and

     (viii) any Lien imposed by law.

     (b) Notwithstanding the provisions of subsection (a) of this Section 3.01, the Company
or any of its subsidiaries may issue, assume or guarantee Indebtedness secured by a Lien
which would otherwise be subject to the foregoing restrictions in an aggregate amount which,
together with all other such secured borrowings of the Company and its subsidiaries and the
Attributable Debt (as defined below) in respect of Sale and Lease-Back Transactions (as
defined in Section 3.02) existing at such time (other than Sale and Lease-Back Transactions
not subject to the limitation contained in Section 3.02), does not at the time exceed twenty
percent (20%) of the Consolidated Net Tangible Assets of the Company and its subsidiaries,
as shown on the audited consolidated balance sheet contained in the latest annual report to
stockholders of the Company. The term “Attributable Debt” as used in this paragraph shall
mean, as of any particular time, the present value of the obligation of a lessee for rental
payments during the remaining term of any lease (including any period for which such lease
has been extended or may, at the option of the lessor, be extended).

5

 

     Section 3.02. Limitation on Sale and Lease-Back Transactions. The Company will not,
nor will it permit any of its subsidiaries to, enter into any arrangement with any Person (other
than the Company) providing for the leasing by the Company or a subsidiary of any of its properties
or assets (except for temporary leases for a term of not more than three (3) years and except for
sales and leases of model homes), which property or asset has been or is to be sold or transferred
by the Company or such subsidiary to such Person (herein referred to as a “Sale and Lease-Back
Transaction”), unless (a) the net proceeds to the Company or such subsidiary from such sale or
transfer equal or exceed the fair value (as determined by the Board of Directors, the Chairman of
the Board, the Vice Chairman, the President or the principal financial officer of the Company) of
the property or asset so leased, (b) the Company or such subsidiary would be entitled to incur
Indebtedness secured by a Lien on the property or asset to be leased pursuant to Section 3.01, (c)
the Company shall, and in any such case the Company covenants that it will, apply an amount equal
to the fair value (as determined by the Board of Directors, the Chairman of the Board, the Vice
Chairman, the President or the principal financial officer of the Company) of the property or asset
so leased to the retirement (other than any mandatory retirement), within 180 days of the effective
date of any such Sale and Lease-Back Transaction, of Funded Indebtedness of the Company, (d) such
Sale and Lease-Back Transaction relates to a sale which occurred within 180 days from the date of
acquisition of such property or asset by the Company or a subsidiary or the date of the completion
of construction or commencement of full operations on such property, whichever is later, or (e)
such transaction was consummated prior to the date of this Indenture Supplement.

ARTICLE FOUR

Defeasance

     Section 4.01. Option to Effect Legal Defeasance or Covenant Defeasance. The Company
may, at any time, with respect to the Notes, elect to have either Section 13.01 of the Indenture or
Section 4.03 of this Indenture Supplement be applied to all outstanding Notes upon compliance with
the conditions set forth in Article Thirteen of the Indenture and below in this Article Four.

     Section 4.02. Legal Defeasance. Upon the Company’s exercise under Section 4.01 of the
option applicable to Section 13.01 of the Indenture, the Company may terminate its obligations
under the Notes, the Indenture and this Indenture Supplement by complying with the terms and
conditions of Section 13.01 of the Indenture; provided, however, that the Opinion
of Counsel delivered to the Trustee will also state that either (A) the Company has received from,
or there has been published by, the Internal Revenue Service, a ruling or (B) since the date
hereof, there has been a change in the applicable federal income tax law, in either case to the
effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the
outstanding Notes will not recognize income, gain or loss for federal income tax purposes as a
result of such defeasance and will be subject to federal income tax on the same amounts, in the
same manner and at the same times as would have been the case if such defeasance had not occurred.

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     Section 4.03. Covenant Defeasance. Upon the Company’s exercise under Section 4.01 of
the option applicable to this Section 4.03, the Company shall be released from its obligations
under the covenants contained in Article Three of this Indenture Supplement with respect to the
outstanding Notes on and after the date the conditions set forth below are satisfied (“Covenant
Defeasance”), and the Notes shall thereafter be deemed not “outstanding” for the purposes of
any direction, waiver, consent or declaration or act of Holders (and the consequences of any
thereof) in connection with such covenants, but shall continue to be deemed “outstanding” for all
other purposes hereunder (it being understood that such Notes shall not be deemed outstanding for
accounting purposes). For this purpose, such Covenant Defeasance means that, with respect to the
outstanding Notes, the Company may omit to comply with and shall have no liability in respect of
any term, condition or limitation set forth in any such covenant, whether directly or indirectly,
by reason of any reference elsewhere herein to any such covenant or by reason of any reference in
any such covenant to any other provision herein or in any other document and such omission to
comply shall not constitute a Default or an Event of Default, but, except as specified above, the
remainder of the Indenture and such Notes shall be unaffected thereby. In addition, the Company’s
exercise under Section 4.01 of the option applicable to this Section 4.03 shall not constitute an
Event of Default.

     Section 4.04. Conditions to Covenant Defeasance. The following shall be the
conditions to the application of Section 4.03 to the outstanding Notes:

     (1) the Company shall irrevocably have deposited or caused to be deposited with the
Trustee under the terms of an irrevocable trust agreement in form and substance satisfactory
to the Trustee, as trust funds in trust solely for the benefit of the Holders of such Notes
for that purpose, money or direct non-callable obligations of, or non-callable obligations
guaranteed by, the United States of America for the payment of which guarantee or obligation
the full faith and credit of the United States is pledged (“U.S. Government
Obligations”) maturing as to principal and interest in such amounts and at such times as
are sufficient, as verified in a Certificate of a Firm of Independent Public Accountants,
without consideration of any reinvestment of such interest, to pay principal of and interest
on the outstanding Notes to maturity or redemption as the case may be, provided that the
Trustee or any paying agent shall have been irrevocably instructed to apply such money or
the proceeds of such U.S. Government Obligations to the payment of said principal and
interest with respect to the Notes. The Company may make an irrevocable deposit pursuant to
this Section 4.04 only if at such time the Company shall have delivered to the Trustee and
any such paying agent an Officers’ Certificate and an Opinion of Counsel, each stating that
all conditions herein precedent to the satisfaction and discharge of this Indenture have
been complied with and the Opinion of Counsel further states that the making of such deposit
(i) does not contravene or violate any provision of any indenture, mortgage, loan agreement
or other similar agreement known to such counsel to which the Company is a party or by which
it or any of its property is bound, (ii) does not require registration by the Company with
respect to the trust funds representing such deposits or by the Trustee for such trust funds
under the Investment Company Act of 1940, as amended, and (iii) to the effect that the
Holders of the outstanding Notes will not recognize income, gain or loss for federal income
tax purposes

7

 

as a result of such defeasance and will be subject to federal income tax in the same
amount, in the same manner and at the same times as would have been the case if such
defeasance had not occurred.

     (2) Notwithstanding the foregoing paragraph, the Company’s obligations in Sections
2.06, 2.08, 5.01, 5.02, 5.05, 6.01, 8.06, 8.10, 13.04 and 13.05 of the Indenture shall
survive until the Notes are no longer outstanding. Thereafter, the Company’s obligations in
Sections 8.06, 13.04 and 13.05 of the Indenture shall survive.

ARTICLE FIVE

Miscellaneous

     Section 5.01. Ratification of Indenture. As supplemented by this Indenture
Supplement, the Indenture is in all respects ratified and confirmed and the Indenture as so
supplemented by this Indenture Supplement shall be read, taken and construed as one and the same
instrument.

     Section 5.02. Redemption. Notwithstanding anything contained in the Indenture, the
Company may redeem any of the Notes upon the terms and conditions contained in the Notes directly
or indirectly from or in anticipation of money borrowed having an interest cost to the Company of
less than the interest rate applicable to the Notes.

     Section 5.03. Conflict with Trust Indenture Act. If any provision hereof limits,
qualifies or conflicts with another provision hereof which is required to be included in this
Indenture Supplement by any of the provisions of the Trust Indenture Act, such required provisions
shall control.

     Section 5.04. Effect of Headings. The article and section headings herein are
included for convenience only and shall not affect the construction hereof.

     Section 5.05. Counterparts. This Indenture Supplement may be executed in any number
of counterparts, each of which shall be an original; but such counterparts shall together
constitute but one and the same instrument.

     Section 5.06. Severability. In case any provision of this Indenture Supplement or in
the Notes shall be found invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

     Section 5.07. Benefits of Indenture Supplement. Nothing in this Indenture Supplement
or in the Notes, express or implied, shall give to any Person, other than the parties

8

 

hereto and their successors hereunder and the Holders, any benefit or any legal or equitable
right, remedy or claim under this Indenture Supplement.

     Section 5.08. Acceptance of Trusts. The Trustee hereby accepts the trusts in this
Indenture Supplement declared and provided, upon the terms and conditions herein and in the
Indenture set forth.

     Section 5.09. Governing Law. This Indenture Supplement and each Note issued hereunder
shall be deemed to be a contract made under the laws of the State of Texas, and for all purposes
shall be construed in accordance with the laws of said State.

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          IN WITNESS WHEREOF, the Company and the Trustee have caused this Indenture Supplement to
be duly executed by their respective officers thereunto duly authorized and their respective seals
duly attested to be hereunto affixed all as of the day and year first above written.

	 	 	 	 	 	 	 
	 	 	CENTEX CORPORATION	 	 
	[SEAL]
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Gail M. Peck	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Gail M. Peck	 	 
	 

	 	Title:
	 	Vice President and Treasurer	 	 

	 	 	 	 	 
	Attest:	 	 
	/s/ Paul M. Johnston
	 	 
	 	 	 
	Name:
	 	Paul M. Johnston	 	 
	Title:

	 	Vice President, Corporate Counsel
and Assistant Secretary	 	 

	 	 	 	 	 	 	 
	 	 	JPMORGAN CHASE BANK, N.A.	 	 
	 	 	(f/k/a The Chase Manhattan Bank), as Trustee	 	 
	[SEAL]
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Carol Logan	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Carol Logan

Title: Vice President	 	 

	 	 	 	 	 
	Attest:	 	 
	/s/ Mary Jane Henson	 	 
	 	 	 
	Name:

	 	Mary Jane Henson	 	 
	Title:

	 	Vice President	 	 

10

 

	 	 	 	 	 	 	 
	STATE OF TEXAS

	 	 	)	 	 	 
	 

	 	 	)	 	 	 
	COUNTY OF DALLAS

	 	 	)	 	 	 

          BEFORE ME, the undersigned authority, a Notary Public in and for said state, on this day
personally appeared Paul M. Johnston and Gail M. Peck, known to me to be the persons and officers
whose names are subscribed to the foregoing instrument and acknowledged to me that the same was the
act of the said CENTEX CORPORATION, a Nevada corporation, and that they executed the same as the
act of said corporation for the purposes and consideration therein expressed, and in the capacity
therein stated.

          GIVEN UNDER MY HAND AND SEAL OF OFFICE, this 5th day of May, 2006.

	 	 	 
	 
	 	/s/ Valerie Hodge
	 

	 	 
	 

	 	Notary Public in and for the State of Texas
	 
	 	 
	 
	 	Valerie Hodge
	 

	 	 
	 

	 	Printed Name of Notary Public

My commission expires:

March 18, 2007

 

	 	 	 	 	 	 	 
	STATE OF TEXAS

	 	 	)	 	 	 
	 

	 	 	)	 	 	 
	COUNTY OF HARRIS

	 	 	)	 	 	 

          BEFORE ME, the undersigned authority, a Notary Public in and for said state, on this day
personally appeared Carol Logan and Mary Jane Henson, known to me to be the persons and officers
whose names are subscribed to the foregoing instrument and acknowledged to me that the same was the
act of the said JPMORGAN CHASE BANK, N.A., a national banking association, and that they executed
the same as the act of said national banking association for the purposes and consideration therein
expressed, and in the capacity therein stated.

          GIVEN UNDER MY HAND AND SEAL OF OFFICE, this 5th day of May, 2006.

	 	 	 
	 
	 	/s/ Cassandra M. Edmondson
	 

	 	 
	 

	 	Notary Public in and for the State of Texas
	 
	 	 
	 
	 	Cassandra M. Edmondson 
	 

	 	 
	 

	 	Printed Name of Notary Public

My commission expires:

March 17, 2007

 

11

 

EXHIBIT A

[FORM OF FACE OF NOTE]

[The following legend shall appear on the face of each global Note:

     THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO
AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. THIS SECURITY IS
EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS
NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS
SECURITY (OTHER THAN A TRANSFER OF THIS SECURITY AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE
DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE
DEPOSITARY) MAY BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES.

     UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY,
A NEW YORK CORPORATION, 55 WATER STREET, NEW YORK, NEW YORK (“DTC”), TO THE ISSUER OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO., OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC
(AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     UNLESS AND UNTIL THIS GLOBAL NOTE IS EXCHANGED IN WHOLE OR IN PART FOR THE INDIVIDUAL NOTES
REPRESENTED HEREBY, THIS GLOBAL NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO
A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE
OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE
OF SUCH SUCCESSOR DEPOSITARY.]

 

 

CUSIP No.:_____________

PRINCIPAL AMOUNT:

			
	REGISTERED NO.                                         
	 	    $                                    

CENTEX CORPORATION

___% SENIOR NOTES DUE 20___

          Centex Corporation, a corporation duly organized and existing under the laws of the State of
Nevada (herein called the “Company,” which term includes any successor Person under the
Indenture hereinafter referred to) for value received, hereby promises to pay to Cede & Co., or
registered assigns, the principal sum of                      United States Dollars on                     , 20___and to
pay interest thereon, in such coin or currency commencing                     , 2006 and continuing
semi-annually thereafter on                      and                      of each year, from                     , 2006 or from the most
recent Interest Payment Date to which interest has been paid or duly provided for, at the rate per
annum provided in the title hereof, until the principal hereof is paid or made available for
payment. The interest so payable and punctually paid or duly provided for on any Interest Payment
Date will, as provided in the Indenture, be paid to the Person in whose name this Note (or one or
more predecessor Notes) is registered at the close of business on the Regular Record Date which
shall be                      or                      (whether or not a business day), as the case may be, next preceding
such Interest Payment Date; provided, however, that interest payable on the
Maturity Date or, if applicable, upon redemption, shall be payable to the Person to whom principal
shall be payable. Except as otherwise provided in the Indenture, any such interest not so
punctually paid or duly provided for will forthwith cease to be payable to the Holder on such
Regular Record Date and shall be paid on the date fixed therefor by the Company to the Person in
whose name this Note is registered at the close of business on a Special Record Date for the
payment of such defaulted interest to be fixed by the Company, notice whereof shall be given to
Noteholders not less than fifteen calendar days prior to such Special Record Date.

          The Indenture and the Notes shall be governed by, and construed in accordance with, the laws
of the State of Texas.

          REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS NOTE SET FORTH IN FULL ON THE
REVERSE HEREOF, WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET
FORTH IN FULL AT THIS PLACE.

          Unless the certificate of authentication hereon has been executed by the Trustee referred to
on the reverse hereof, directly or through a duly appointed and authorized authenticating agent, by
manual or facsimile signature of an authorized signatory, this Note shall not be entitled to any
benefit under the Indenture or be valid or obligatory for any purpose.

2

 

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

	 	 	 	 	 	 	 
	 	 	CENTEX CORPORATION	 	 
	[SEAL]
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	     Name:	 	 
	 

	 	 	 	     Title:	 	 
	ATTEST:
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	Name:
	 	 	 	 	 	 
	Title:
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	TRUSTEE’S CERTIFICATE
	 	 	 	 	 	 
	     OF AUTHENTICATION
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	This is one of the Senior Debt Securities referred to in the within-mentioned Indenture.	 	 
	 
	 	 	 	 	 	 
	JPMORGAN CHASE BANK, N.A.

(f/k/a The Chase Manhattan Bank), as Trustee
	 	 	 	 	 	 

	 	 	 	 	 
	By:
	 	 	 	 
	 

	 	 	 	 
	 

	 	Authorized Signatory
	 	 

3

 

[FORM OF REVERSE OF NOTE]

          This Note is one of a duly authorized issue of Senior Debt Securities of the Company
designated as its ___% Senior Notes due 20___(herein called the “Notes”), issued and to be
issued in one or more Series under an Indenture dated as of October 1, 1998 (herein called the
“Indenture”) between the Company and JPMorgan Chase Bank, N.A. (f/k/a The Chase Manhattan
Bank), as Trustee (herein called the “Trustee,” which term includes any successor Trustee
under the Indenture), to which Indenture and all indentures supplemental thereto (including the
Indenture Supplement dated as of                      ___, 2006 which authorizes the Notes) reference is hereby
made for a statement of the respective rights, limitations of rights, duties and immunities
thereunder of the Company, the Trustee and the Holders of the Notes, and of the terms upon which
the Notes are, and are to be, authenticated and delivered.

          All terms used in this Note which are defined in the Indenture or in any indenture
supplemental thereto but are not defined in this Note shall have the meanings assigned to them in
the Indenture or in any indenture supplemental thereto.

          The indebtedness evidenced by the Notes is, to the extent and in the manner provided in the
Indenture and the Indenture Supplement, senior in right of payment to certain indebtedness of the
Company.

          Interest on this Note will be payable on the Interest Payment Date or Interest Payment Dates
as specified on the face hereof and, in either case, on the Maturity Date. Unless otherwise
specified on the face hereof, payments on this Note with respect to any particular Interest Payment
Date or the Maturity Date will include interest accrued from and including                                         , 2006, or
from and including the most recent Interest Payment Date to which interest has been paid or duly
provided for, to but excluding the particular Interest Payment Date or the Maturity Date. Interest
on this Note will be computed and paid on the basis of a 360-day year of twelve 30-day months.

          If an Interest Payment Date or the Maturity Date for this Note falls on a day that is not a
business day, payment of principal, premium, if any, and interest to be made on such day with
respect to this Note will be made on the next succeeding day that is a business day with the same
force and effect as if made on the due date, and no additional interest will be payable on the date
of payment for the period from and after the due date as a result of such delayed payment.

          The Notes will be redeemable, in whole or in part, from time to time at the option of the
Company, on any date (a “Redemption Date”) at a redemption price equal to the greater of
(a) 100% of the principal amount of the Notes to be redeemed and (b) the sum of the present values
of the Remaining Scheduled Payments (as hereinafter defined) of principal and interest thereon
(exclusive of interest accrued to such Redemption Date) discounted to such Redemption Date on a
semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate
(as hereinafter defined) plus ___basis points, plus accrued and unpaid interest on the principal
amount being redeemed to such Redemption Date; provided, however, that installments of interest on
the Notes that are due and payable on an Interest Payment Date falling on or prior to the relevant
Redemption Date shall be payable to the Holders of such Notes,

4

 

registered as such at the close of business on the relevant Regular Record Date or Special
Record Date, as the case may be, according to their terms and the provisions of the Indenture.

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

          “Comparable Treasury Price” means, with respect to any Redemption Date, (1) the average of the
bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of
its principal amount) on the third business day preceding such Redemption Date, as set forth in the
daily statistical release (or any successor release) published by the Federal Reserve Bank of New
York and designated “Composite 3:30 p.m. Quotations for U.S. Government Securities” or (2) if such
release (or any successor release) is not published or does not contain such prices on such
business day, (A) the average of the Reference Treasury Dealer Quotations (as hereinafter defined)
for such Redemption Date, after excluding the highest and lowest such Reference Treasury Dealer
Quotations, or (B) if the Trustee obtains fewer than four such Reference Treasury Dealer
Quotations, the average of all such Quotations.

          “Independent Investment Banker” means Citigroup Global Markets Inc. or J.P. Morgan Securities
Inc.

          “Reference Treasury Dealer” means Citigroup Global Markets Inc. and J.P. Morgan Securities
Inc. and their respective successors and, at the option of the Company, other primary U.S.
government securities dealers in New York City selected by the Company.

          “Reference Treasury Dealer Quotations” means, with respect to the Reference Treasury Dealer
and any Redemption Date, the average, as determined by the Trustee, of the bid and asked prices for
the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount)
quoted in writing to the Trustee by such Reference Treasury Dealer at 5:00 p.m., New York City
time, on the third business day preceding such Redemption Date.

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

          “Treasury Rate” means, with respect to any Redemption Date for the Notes, the rate per annum
equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated
using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount)
equal to the Comparable Treasury Price for such Redemption Date.

          Notice of any redemption by the Company will be mailed at least 30 days but not more than 60
days before any Redemption Date to each Holder of Notes to be redeemed. If less

5

 

than all the Notes are to be redeemed at the option of the Company, the Trustee shall select
the Notes to be redeemed in whole or in part by random lot.

          This Note is not subject to a sinking fund. Holders of Notes will not be permitted to require
the Company to redeem or repurchase the Notes at their option.

          In case an Event of Default shall have occurred and be continuing with respect to the Notes,
the principal hereof may be declared, and upon such declaration shall become, due and payable, in
the manner, with the effect and subject to the conditions provided in the Indenture. The Indenture
provides that in certain events such declaration and its consequences may be waived by the Holders
of a majority in aggregate principal amount of the Notes then outstanding. An Event of Default with
respect to the Senior Debt Security of any other Series issued under the Indenture, including the
failure to make any payment of principal or interest with respect thereto when and as due, will not
necessarily be an Event of Default with respect to the Notes.

          The Indenture, as supplemented by the Indenture Supplement relating to the Notes, contains
provisions permitting the Company and the Trustee, with the consent of the Holders of not less than
a majority in aggregate principal amount of the Notes at the time outstanding, evidenced as in the
Indenture provided, to execute supplemental indentures adding any provisions to or changing in any
manner or eliminating any of the provisions of the Indenture or of any supplemental indenture or
modifying in any manner the rights of the Holders of the Notes; provided, however,
that no such supplemental indenture shall (i) extend the fixed maturity of any Notes, or reduce the
principal amount thereof, or reduce the rate or extend the time of payment of interest thereon, or
reduce any premium payable on the redemption thereof, without the consent of the Holder of each
Note so affected, or (ii) reduce the aforesaid percentage of Notes, the consent of the Holders of
which is required for any such supplemental indenture, without the consent of the Holders of all
Notes then outstanding. The Indenture also provides that the Holders of a majority in aggregate
principal amount of the Notes at the time outstanding may on behalf of the Holders of all the Notes
waive any past default under the Indenture and its consequences, except a default in the payment of
the principal of or premium, if any, or interest on any of the Notes. Any such consent or waiver
by the Holder of this Note (unless revoked as provided in the Indenture) shall be conclusive and
binding upon such Holder and upon all future Holders and owners of this Note and of any Note issued
in exchange or substitution herefor, whether or not any notation of such consent or waiver is made
upon this Note.

          As set forth in, and subject to, the provisions of the Indenture, no Holder of any Note will
have any right to institute any proceeding with respect to the Indenture or for any remedy
thereunder, unless such Holder shall have previously given to the Trustee written notice of default
in respect of the Notes and of the continuance thereof, and unless the Holders of not less than 25
percent in aggregate principal amount of the Notes then outstanding shall have made written request
upon the Trustee to institute such action or proceedings in its own name as Trustee hereunder and
shall have furnished to the Trustee such reasonable indemnity as it may require, and the Trustee
shall have failed to institute such proceeding within 60 calendar days; provided,
however, that such limitations do not apply to a suit instituted by the Holder hereof for

6

 

the enforcement of payment of the principal of and any premium or interest on this Note on or
after the respective due dates expressed herein.

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

          The Notes are issued only in registered form without coupons in denominations of $1,000 and
any integral multiple thereof. A Holder may transfer or exchange Notes in accordance with the
Indenture.

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

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

          The Indenture, as supplemented by the Indenture Supplement relating to the Notes, contains
provisions for legal defeasance at any time of the entire indebtedness of this Note or defeasance
of certain restrictive covenants with respect to this Note, in each case upon compliance by the
Company with certain conditions set forth therein.

          The Company, the Trustee, any paying agent and any Senior Debt Security Registrar for the
Notes may deem and treat the Holder hereof as the absolute owner of this Note (whether or not this
Note shall be overdue and notwithstanding any notation of ownership or other writing hereon made by
anyone other than the Company or any such Senior Debt Security Registrar), for the purpose of
receiving payment hereof or on account hereof and for all other purposes, and neither the Company
nor the Trustee nor any paying agent nor any such Senior Debt Security Registrar shall be affected
by any notice to the contrary.

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

7

 

ABBREVIATIONS

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

	 	 	 	 	 	 	 	 	 
	 	 	TEN COM	 	=	 	as tenants in common
	 	 	TEN ENT	 	=	 	as tenants by the entireties
	 	 	JT TEN	 	=	 	as joint tenants with right of survivorship and
not as tenants in common
	 	 	UNIF GIFT MIN ACT	 	=	 	under Uniform Gifts to Minors
	 

	 	 	 	 	 	Act	 	 
	 

	 	 	 	 	 	(Cust)
	 	(Minor)
	 

	 	 	 	 	 	State	 	 

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

 

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

PLEASE INSERT SOCIAL SECURITY OR OTHER

IDENTIFYING NUMBER OF ASSIGNEE

 

 

Please print or typewrite name and address including postal zip code of assignee

 

 

 

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

	 	 	 	 	 	 	 
	Dated:
	 	 	 	 	 	 
	 

	 	 
	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	NOTICE: The signature(s) to this assignment must
correspond with the name(s) as written upon the face
of the within instrument in every particular, without
alteration or enlargement or any change whatever.
The signature(s) must be guaranteed by
an “eligible guarantor institution” that is a member

8

 

	 	 	 	 	 	 	 
	 

	 	 	 	 	 	or participant in the Securities Transfer Agents
Medallion Program, the Stock Exchange Medallion
Program or the New York Stock Exchange, Inc.
Medallion Program.

9<PAGE>

                                                                   EXHIBIT 10.11

                  FORM OF INVESTMENT MANAGEMENT TRUST AGREEMENT

      This INVESTMENT MANAGEMENT TRUST AGREEMENT (this "Agreement") is made as
of May __, 2006 by and between Navitas International Corporation (the
"Company"), a Delaware corporation, and Continental Stock Transfer & Trust
Company ("Trustee").

      WHEREAS, the Company's Registration Statement on Form S-1, File No.
333-130697, as amended (the "Registration Statement" and the final prospectus
contained therein, the "Prospectus"), for its initial public offering of
securities ("IPO") has been declared effective as of the date hereof ("Effective
Date") by the Securities and Exchange Commission; and

      WHEREAS, FTN Midwest Securities Corp. is acting as the representative (the
"Representative") of the underwriters in the IPO; and

      WHEREAS, as described in the Registration Statement, and in accordance
with the Company's Amended and Restated Certificate of Incorporation and the
Underwriting Agreement, dated May __, 2006 between the Company and the
Representative, $114,000,000 of the net proceeds of the IPO ($131,460,000 if the
underwriters' over-allotment option is exercised in full) including a portion of
the deferred underwriting discounts and commissions in the amount of $4,800,000
(or $5,520,000 if the over-allotment option is exercised in full) (the
"Contingent Discount"), which the Representative, on behalf of the underwriters,
has agreed to deposit into the Trust Account (as defined below), will be
delivered to the Trustee to be deposited and held in a trust account for the
benefit of the Company, the Representative and the public holders (the "Public
Stockholders") of the Company's common stock, par value $.0001 per share (the
"Common Stock"), issued in the IPO as hereinafter provided and in the event the
Units are registered in Colorado, pursuant to Section 11-51-302(6) of the
Colorado Revised Statute. The amount to be delivered to the Trustee will be
referred to herein as the "Property." The Public Stockholders, the
Representative and the Company will be referred to together as the
"Beneficiaries"; and

      WHEREAS, the Company and the Trustee desire to enter into this Agreement
to set forth the terms and conditions pursuant to which the Trustee shall hold
the Property.

      NOW, THEREFORE, in consideration of the mutual agreements herein
contained, the parties hereto agree as follows:

      1. Agreements and Covenants of Trustee. The Trustee hereby agrees and
covenants to:

            (a) Hold the Property in trust for the Beneficiaries in accordance
      with the terms of this Agreement, including the terms of Section
      11-51-302(6) of the Colorado Revised Statutes, in a segregated trust
      account (the "Trust Account") established by the Trustee at a branch of
      JPMorgan Chase NY Bank selected by the Company and utilizing the services
      of a security broker selected by the Company;

            (b) Manage, supervise and administer the Trust Account subject to
      the terms and conditions set forth herein;

            (c) In a timely manner, upon the instruction of the Company, to
      invest and reinvest the Property in United States "government securities,"
      defined as any Treasury

<PAGE>

      Bill issued by the United States having a maturity of 180 days or less or
      in money market funds meeting certain conditions under Rule 2a-7
      promulgated under the Investment Company Act of 1940, as amended, as
      determined by the Company;

            (d) Collect and receive, when due, all principal and income arising
      from the Property, which shall become part of the "Property," as such term
      is used herein;

            (e) Notify the Company and the Representative of all communications
      received by it with respect to any Property requiring action by the
      Company;

            (f) Supply any necessary information or documents as may be
      requested by the Company in connection with the Company's preparation of
      the tax returns for the Trust Account;

            (g) Participate in any plan or proceeding for protecting or
      enforcing any right or interest arising from the Property if, as and when
      instructed by the Company and/or the Representative to do so;

            (h) Render to the Company and to the Representative, and to such
      other person as the Company may instruct, monthly written statements of
      the activities of and amounts in the Trust Account reflecting all receipts
      and disbursements of the Trust Account;

            (i) Upon written request from the Company substantially in the form
      attached hereto as Exhibit A, the Trustee shall distribute to the Company
      income earned on the Trust Account; provided, however, that the amount
      distributed by the Trustee to the Company pursuant to this Section 1(i)
      may not exceed (x) $1,425,000 in the first twelve months subsequent to the
      Effective Date; (y) $1,140,000 in the second twelve months subsequent to
      the Effective Date and (z) $2,565,000 in the aggregate; provided, further,
      that no amount distributed by the Trustee to the Company pursuant to this
      Section 1(i) may exceed the income actually received or paid on the
      amounts initially deposited in the Trust Account (less any taxes due and
      payable thereon);

            (j) If there is any income tax obligation relating to the income on
      the Property in the Trust Account, then, at the written instruction of the
      Company accompanied by an Officer's Certificate signed by either the
      Chairman of the Board or President and Chief Executive Officer of the
      Company certifying as true, accurate and complete a copy of any tax return
      required to be filed on behalf of the Trust Account in respect of income
      earned on the Property held therein, the Trustee shall disburse funds by
      bank wire transfer out of the Property in the Trust Account to the
      Company's designated bank account in the amount (as specified by the
      Company in its written instructions) required to pay such taxes to the
      appropriate taxing authority; provided, however, that in no event shall
      the aggregate amount of all monies disbursed pursuant to this Section 1(j)
      exceed the income in respect of which such taxes are due and owing; and in
      all such cases the Trustee shall promptly provide the Representative with
      a copy of the Officer's Certificate it receives with respect to any
      proposed withdrawal from the Trust Account, it being understood that,
      except as provided in this Section 1(j), no other distributions from the
      Trust Account shall be permitted except in accordance with Section 1(i)
      above and Section 1(k) below;

                                       2
<PAGE>

            (k) Commence and effect a partial or complete liquidation of the
      Trust Account only in accordance with the following procedures:

                  (i) The Trustee shall liquidate the Property (other than cash)
            and distribute the proceeds of such liquidation and any cash held in
            the Trust Account immediately after receipt of, and only in
            accordance with the terms of a letter (the "Termination Letter"), in
            a form substantially similar to that attached hereto as either
            Exhibit B or Exhibit C, as the case may be;

                  (ii) Any Termination Letter delivered pursuant to this
            Agreement shall be executed on behalf of the Company by its Chief
            Executive Officer, President, Chairman of the Board or
            Vice-President, Finance;

                  (iii) Notwithstanding the provisions of Section 1(j) hereof,
            the Trust Account shall be immediately liquidated and distributed to
            the Public Stockholders of record on the Record Date or the Extended
            Record Date (each as defined below), as the case may be, in the
            manner described in the Termination Letter attached as Exhibit C, in
            the event that a Termination Letter has not been received by the
            Trustee by either: (A) [ ], 2007 (the "Record Date"), or a more
            practicable date, determined by the Trustee in its sole and absolute
            discretion, which is no more than ten (10) days before or after the
            Record Date or (B) the date that is the six (6) month anniversary of
            the Record Date or such other, more practicable date, as determined
            by the Trustee in accordance with subsection (A) above (such date,
            the "Extended Record Date"), in the event that a letter of intent,
            agreement in principle or definitive agreement has been executed
            prior to the Record Date in connection with a Business Combination
            (as defined in the Prospectus) that has not been consummated by the
            Extended Record Date.

                  (iv) All distributions of Property made to the Public
            Stockholders upon the liquidation of the Trust Account as provided
            for herein shall be made from the Trust Account through the Trustee
            (and not through the Company) as follows: (A) through the Trustee,
            as transfer agent for the Company, to the Public Stockholders who
            hold shares of Common Stock "of record" as of the Record Date or the
            Extended Record Date, as the case may be, or (B) through the
            Depository Trust Company, to the Public Stockholders who hold shares
            of Common Stock in "street name" as of the Record Date or the
            Extended Record Date, as the case may be.

                  (v) In all cases, the Trustee shall provide the Representative
            with a copy of any termination letters, Officer's Certificates
            and/or any other correspondence that it receives with respect to any
            proposed withdrawal from the Trust Account promptly after it
            receives the same.

      2. Agreements and Covenants of the Company. The Company hereby agrees and
covenants to:

            (a) Give all instructions to the Trustee hereunder in writing,
      signed by the Company's Chief Executive Officer, President, Chairman of
      the Board or Vice-President, Finance. The Company shall promptly provide a
      copy of any such instructions to the Representative. In addition, except
      with respect to its duties under Section 1(k) above, the Trustee shall be
      entitled to rely on, and shall be protected in relying on, any verbal or

                                       3
<PAGE>

      telephonic advice or instruction which it in good faith believes to be
      given by any one of the persons authorized above to give written
      instructions, provided that the Company shall promptly confirm such
      instructions in writing, with a copy of such confirmation sent to the
      Representative;

            (b) Hold the Trustee harmless and indemnify the Trustee from and
      against, any and all expenses, including reasonable counsel fees and
      disbursements, or loss suffered by the Trustee in connection with any
      action, suit or other proceeding brought against the Trustee involving any
      claim, or in connection with any claim or demand which in any way arises
      out of or relates to this Agreement, the services of the Trustee
      hereunder, or the Property or any income earned from investment of the
      Property, except for expenses and losses resulting from the Trustee's
      gross negligence or willful misconduct. Promptly after the receipt by the
      Trustee of notice of demand or claim or the commencement of any action,
      suit or proceeding, pursuant to which the Trustee intends to seek
      indemnification under this Section, it shall notify the Company in writing
      of such claim (hereinafter referred to as the "Indemnified Claim"). The
      Trustee shall have the right to conduct and manage the defense against
      such Indemnified Claim, provided, that the Trustee shall obtain the
      consent of the Company with respect to the selection of counsel, which
      consent shall not be unreasonably withheld. The Company may participate in
      such action with its own counsel;

            (c) Pay the Trustee an initial acceptance fee of $1,000, an annual
      fee of $3,000 and a fee of $250 for each disbursement made pursuant to
      Section 1(i) (it being expressly understood that the Property shall not be
      used to pay such fees). The Company shall pay the Trustee the initial
      acceptance fee and first year's fee at the consummation of the IPO and
      thereafter pay the annual fee on the anniversary of the Effective Date.
      The Trustee shall refund to the Company the annual fee (on a pro rata
      basis) with respect to any period after the liquidation of the Trust
      Account. The Company shall not be responsible for any other fees or
      charges of the Trustee except as may be provided in Section 2(b) hereof
      (it being expressly understood that the Property shall not be used to make
      any payments to the Trustee under such Section);

            (d) Provide to the Trustee (and, at such time, certify in writing,
      and cause each of the Company's executive officers and directors to
      certify in writing, to the Trustee as to the veracity and completeness of)
      any letter of intent, agreement in principle or definitive agreement that
      is executed prior to the Record Date in connection with a Business
      Combination; and

            (e) In connection with any vote of the Company's stockholders
      regarding a Business Combination, provide to the Trustee an affidavit or
      certificate of a firm regularly engaged in the business of soliciting
      proxies and tabulating stockholder votes (which firm may be the Trustee)
      verifying the vote of the Company's stockholders regarding such Business
      Combination.

      3. Limitations of Liability. The Trustee shall have no responsibility or
liability to:

            (a) Take any action with respect to the Property, other than as
      directed in Section 1 hereof and the Trustee shall have no liability to
      any party except for liability arising out of its own gross negligence or
      willful misconduct;

                                       4
<PAGE>

            (b) Institute any proceeding for the collection of any principal and
      income arising from, or institute, appear in or defend any proceeding of
      any kind with respect to, any of the Property unless and until it shall
      have received instructions from the Company given as provided herein to do
      so and the Company shall have advanced or guaranteed to it funds
      sufficient to pay any expenses incident thereto;

            (c) Change the investment of any Property, other than in compliance
      with Section 1(c);

            (d) Refund any depreciation in principal of any Property;

            (e) Assume that the authority of any person designated by the
      Company (and under certain circumstances the Representative) to give
      instructions hereunder shall not be continuing unless provided otherwise
      in such designation, or unless the Company (and, as applicable, the
      Representative) shall have delivered a written revocation of such
      authority to the Trustee;

            (f) The other parties hereto or to anyone else for any action taken
      or omitted by it, or any action suffered by it to be taken or omitted, in
      good faith and in the exercise of its own best judgment, except for the
      Trustee's gross negligence or willful misconduct. The Trustee may rely
      conclusively and shall be protected in acting upon any order, notice,
      demand, certificate, opinion or advice of counsel (including counsel
      chosen by the Trustee), statement, instrument, report or other paper or
      document (not only as to its due execution and the validity and
      effectiveness of its provisions, but also as to the truth and
      acceptability of any information therein contained) which is believed by
      the Trustee, in good faith, to be genuine and to be signed or presented by
      the proper person or persons. The Trustee shall not be bound by any notice
      or demand, or any waiver, modification, termination or rescission of this
      Agreement or any of the terms hereof, unless evidenced by a written
      instrument delivered to the Trustee signed by the proper party or parties
      and, if the duties or rights of the Trustee are affected, unless it shall
      give its prior written consent thereto;

            (g) Verify the correctness of the information set forth in the
      Registration Statement or to confirm or assure that any acquisition made
      by the Company or any other action taken by it is as contemplated by the
      Registration Statement;

            (h) File tax reports, prepare income tax returns or pay any taxes on
      behalf of the Trust Account (it being expressly understood that, as set
      forth in Section 1(j), if there is any income tax obligation relating to
      the income on the Property in the Trust Account, then, at the written
      instruction of the Company (accompanied by the certificate required by
      such Section 1(j)), the Trustee shall disburse funds by bank wire transfer
      out of the Property in the Trust Account to the Company's designated bank
      account in the amount specified by the Company as required to pay such
      taxes); and

            (i) Compute, confirm or otherwise verify amounts requested by the
      Company pursuant to Sections 1(i) or 1(j) above.

      4. Termination. This Agreement shall terminate as follows:

            (a) If the Trustee gives written notice to the Company that it
      desires to resign under this Agreement, the Company shall use its
      reasonable efforts to locate a

                                       5
<PAGE>

      successor trustee, during which time the Trustee shall continue to act in
      accordance with this Agreement. At such time that the Company notifies the
      Trustee that a successor trustee has been appointed by the Company and has
      agreed to become subject to the terms of this Agreement, the Trustee shall
      transfer the management of the Trust Account to the successor trustee,
      including but not limited to the transfer of copies of the reports and
      statements relating to the Trust Account, whereupon this Agreement shall
      terminate; provided, however, that, in the event that the Company does not
      locate a successor trustee within ninety (90) days of receipt of the
      resignation notice from the Trustee, the Trustee may, but shall not be
      obligated to, submit an application to have the Property deposited with
      the United States District Court for the Southern District of New York and
      upon such deposit, the Trustee shall be immune from any liability
      whatsoever that arises due to any actions or omissions to act by any party
      after such deposit;

            (b) At such time that the Trustee has completed the liquidation of
      the Trust Account in accordance with the provisions of Section 1(k)
      hereof, and distributed the Property in accordance with the provisions of
      the Termination Letter, this Agreement shall terminate except with respect
      to Section 2(b); or

            (c) On such date after the Record Date (or, as the case may be, the
      Extended Record Date) when the Trustee deposits the Property with the
      United States District Court for the Southern District of New York in the
      event that, prior to such date, the Trustee has not received a Termination
      Letter from the Company pursuant to Section 1(k) hereof.

      5. Miscellaneous.

            (a) The Company and the Trustee each acknowledge that the Trustee
      will follow the security procedures set forth below with respect to funds
      transferred from the Trust Account. Upon receipt of written instructions,
      the Trustee will confirm such instructions with an Authorized Individual
      at an Authorized Telephone Number listed on the attached Exhibit D. The
      Company and the Trustee will each restrict access to confidential
      information relating to such security procedures to authorized persons.
      Each party must notify the other party immediately if it has reason to
      believe unauthorized persons may have obtained access to such information,
      or of any change in its authorized personnel. In executing funds
      transfers, the Trustee will rely upon account numbers or other identifying
      numbers of a beneficiary, beneficiary's bank or intermediary bank, rather
      than names. The Trustee shall not be liable for any loss, liability or
      expense resulting from any error in an account number or other identifying
      number, provided it has accurately transmitted the numbers provided.

            (b) This Agreement shall be governed by and construed and enforced
      in accordance with the laws of the State of New York, without giving
      effect to conflict of laws. It may be executed in several counterparts,
      each one of which may be delivered by facsimile transmission and each of
      which shall constitute an original, and together shall constitute but one
      instrument.

            (c) This Agreement contains the entire agreement and understanding
      of the parties hereto with respect to the subject matter hereof. This
      Agreement or any provision hereof may only be changed, amended or modified
      by a writing signed by each of the parties hereto; provided, however, that
      no such change, amendment or modification may be made, and no successor
      Trustee may be appointed pursuant to Section 4(a), without

                                       6
<PAGE>

      the prior written consent of the Representative. As to any claim,
      cross-claim or counterclaim in any way relating to this Agreement, each
      party waives the right to trial by jury.

            (d) The parties hereto consent to the jurisdiction and venue of any
      state or federal court located in the State and County of New York for
      purposes of resolving any disputes hereunder. The parties hereto
      irrevocably submit to such jurisdiction, which jurisdiction shall be
      exclusive. The parties hereto hereby waive any objection to such exclusive
      jurisdiction and that such courts represent an inconvenient forum.

            (e) The Company and the Trustee hereby acknowledge that this
      Agreement may not be amended, changed, waived, altered or modified without
      the prior written consent of the Representative, which consent may not be
      unreasonably withheld.

            (f) Any notice, consent or request to be given in connection with
      any of the terms or provisions of this Agreement shall be in writing and
      shall be sent by express mail or similar private courier service, by
      certified mail (return receipt requested), by hand delivery or by
      facsimile transmission and shall be deemed given when so delivered
      personally or sent by facsimile transmission or, if sent by private
      national courier service, on the next business day after delivery to the
      courier, or if mailed, two business days after the date of the mailing, as
      follows:

            If to the Trustee, to:

            Continental Stock Transfer & Trust Company
            17 Battery Place
            New York, New York 10004
            Attn: Steven G. Nelson
            Fax No.: (212) 509-5150
            If to the Company, to:

            Navitas International Corporation
            4 Dublin Circle
            Burlington, Massachusetts 01803
            Attn: Servjeet S. Bhachu, General Counsel
            Fax No.:

            and

            Bingham McCutchen LLP
            150 Federal Street
            Boston, MA 02110
            Attn: Julio E. Vega, Esq.

            in either case with a copy to:

            FTN Midwest Securities Corp.
            350 Madison Avenue
            New York, New York 10038
            Fax No.:

                                       7
<PAGE>

            and

            Kelley Drye & Warren LLP
            Two Stamford Plaza
            281 Tresser Boulevard
            Stamford, CT 06901
            Attn: Randi-Jean G. Hedin, Esq.

            (g) This Agreement may not be assigned by the Trustee without the
      prior written consent of the Company and the Representative.

            (h) Each of the Trustee and the Company hereby represents that it
      has the full right and power and has been duly authorized to enter into
      this Agreement and to perform its respective obligations as contemplated
      hereunder.

            (i) The Trustee hereby waives any and all right, title, interest or
      claim of any kind ("Claim") in or to any distribution of the Trust
      Account, and hereby agrees not to seek recourse, reimbursement, payment or
      satisfaction for any Claim against the Trust Account, for any reason
      whatsoever.

            (j) The Trustee hereby consents to the inclusion of Continental
      Stock Transfer & Trust Company in the Registration Statement and other
      materials relating to the IPO.

                  [remainder of page intentionally left blank]

                                       8
<PAGE>

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

                                 CONTINENTAL STOCK TRANSFER &
                                 TRUST COMPANY, as Trustee

                                 By: _____________________________
                                     Name:
                                     Title:

                                 NAVITAS INTERNATIONAL CORPORATION

                                 By:_______________________________
                                    Name: Parag G. Mehta
                                    Title: President and Chief Executive Officer

                                       9
<PAGE>

                                                                       EXHIBIT A

                        NAVITAS INTERNATIONAL CORPORATION
                                 4 Dublin Circle
                         Burlington, Massachusetts 01803

[Insert Date]

Continental Stock Transfer & Trust Company
17 Battery Place
New York, New York 10004
Attn: [              ]

Re: Trust Account No. [         ] -- Distribution of Income on Property

Gentlemen:

Pursuant to Section 1(i) of the Investment Management Trust Agreement between
Navitas International Corporation, a Delaware corporation ("Company") and
Continental Stock Transfer & Trust Company ("Trustee"), dated as of [ ], 2006
("Trust Agreement"), we are requesting that you deliver to us $ representing a
portion of income actually received or paid on the amounts initially deposited
in the Trust Account and not exceeding the maximum amounts set forth in Section
1(i). In accordance with the terms of the Trust Agreement, you are hereby
directed and authorized to transfer (via wire transfer) such monies to the
Company's operating account at:

Bank:              [_______________]
ABA #:             [_______________]
Account Name:      [               ]
Account Number:    [_______________]
Reference:         Distribution of Income Earned on Trust Property

Very truly yours,

NAVITAS INTERNATIONAL CORPORATION

By:_______________________________
Name:
Title:

<PAGE>

                                                                       EXHIBIT B

                        NAVITAS INTERNATIONAL CORPORATION
                                 4 Dublin Circle
                         Burlington, Massachusetts 01803
                                 (617) 721-8295

[Insert date]

Continental Stock Transfer
& Trust Company
17 Battery Place
New York, New York 10004
Attn: Steven G. Nelson
Re: Trust Account No. [          ] Termination Letter

Gentlemen:

      Pursuant to Section 1(k) of the Investment Management Trust Agreement
between Navitas International Corporation (the "Company") and Continental Stock
Transfer & Trust Company ("Trustee"), dated as of _____________, 2006 (the
"Trust Agreement"), this is to advise you that the Company has entered into an
agreement (the "Business Agreement") with ______________ (the "Target Business")
to consummate a business combination (as defined in the Prospectus) with the
Target Business (the "Business Combination") on or about [insert date]. The
Company shall notify you at least two business days in advance of the actual
date of the consummation of the Business Combination (the "Consummation Date").

      Pursuant to paragraph 2(e) of the Trust Agreement, we are providing you
with an affidavit or certificate of _______________, which verifies the vote of
the Company's stockholders in connection with the Business Combination,
including the identities of the Public Stockholders who exercised their
conversion option in connection with the Business Combination (the "Vote
Verification"). In accordance with the terms of the Trust Agreement, we hereby
authorize you to commence liquidation of the Trust Account (as defined in the
Trust Agreement) to the effect that, on the Consummation Date, all of the funds
held in the Trust Account will be immediately available for distribution.

      On the Consummation Date, the Company and the Representative shall deliver
to you written instructions with respect to the transfer of the funds (including
the Contingent Discount) held in the Trust Account ("Instruction Letter"),
including such instructions as may be necessary to ensure compliance with
Section 11-51-302(6) of the Colorado Revised Statutes.

      You are hereby directed and authorized to transfer the funds held in the
Trust Account immediately upon your receipt of the Instruction Letter, in
accordance with the terms of the Instruction Letter. In the event that certain
deposits held in the Trust Account may not be liquidated by the Consummation
Date without penalty, you will notify the Company and the Representative of the
same and the Company (and, if the Contingent Discount has not been paid in full,
the Representative) shall issue joint written instructions directing you as to
whether such funds should remain in the Trust Account and be distributed after
the Consummation Date to the Company and/or the Representative. Upon the
distribution of all the funds in the Trust Account pursuant to the terms hereof,
the Trust Agreement shall be terminated and the Trust Account closed.

<PAGE>

      In the event that the Business Combination is not consummated on the
Consummation Date described in the notice thereof and we have not notified you
on or before the original Consummation Date of a new Consummation Date, then the
funds held in the Trust Account shall be reinvested as provided in the Trust
Account Agreement on the business day immediately following the Consummation
Date as set forth in the notice.

                                            Very truly yours,

                                            NAVITAS INTERNATIONAL CORPORATION

                                            By: ______________________________
                                                Name:
                                                Title:

<PAGE>

                                                                       EXHIBIT C

                        NAVITAS INTERNATIONAL CORPORATION
                                 4 Dublin Circle
                         Burlington, Massachusetts 01803
                                 (617) 721-8295

[Insert date]

Continental Stock Transfer
& Trust Company
17 Battery Place
New York, New York 10004
Attn: Steven G. Nelson

Re:    Trust Account No. [             ] Termination Letter

Gentlemen:

      Pursuant to Section 1(k) of the Investment Management Trust Agreement
between Navitas International Corporation (the "Company") and Continental Stock
Transfer & Trust Company (the "Trustee"), dated as of ____________, 2006 (the
"Trust Agreement"), this is to advise you that the Board of Directors of the
Company has voted to dissolve and liquidate the Trust Account (as defined in the
Trust Agreement). Attached hereto is a copy of the minutes of the meeting of the
Board of Directors of the Company relating thereto, certified by the Secretary
of the Company as true and correct and in full force and effect.

      In accordance with the terms of the Trust Agreement, we hereby authorize
you to commence liquidation of the Trust Account. In connection with this
liquidation, you are hereby authorized, in your discretion, to establish a
record date for the purposes of determining the Public Stockholders of record
entitled to receive their per share portion of the Trust Account. The record
date shall be within ten (10) days of the date of this letter. You will notify
the Company in writing as to when all of the funds in the Trust Account will be
available for immediate transfer ("Transfer Date") in accordance with the terms
of the Trust Agreement and the Amended and Restated Certificate of Incorporation
of the Company on a pro rata basis to the Public Stockholders of the Company,
provided that you shall retain in the Trust Account an amount equal to estimated
taxes that are or will be due on income of the Trust Account at an assumed rate
of [_ %]. You shall commence distribution of such funds in accordance with the
terms of the Trust Agreement and the Amended and Restated Certificate of
Incorporation of the Company and you shall oversee the distribution of the
funds. Upon the payment of all the funds in the Trust Account, the Trust
Agreement shall be terminated.

                                            Very truly yours,

                                            NAVITAS INTERNATIONAL CORPORATION

                                            By: ______________________________
                                                Name:
                                                Title:

<PAGE>

                                                                       EXHIBIT D

AUTHORIZED INDIVIDUAL (S)                 AUTHORIZED
FOR TELEPHONE CALL BACK                   TELEPHONE NUMBER(S)

Company:

Navitas International Corporation
4 Dublin Circle
Burlington, Massachusetts 01803
Attn: Vivek K. Soni, Chairman             (781) 334-5934

Trustee:

Continental Stock Transfer
& Trust Company
17 Battery Place
New York, New York 10004
Attn: Steven G. Nelson, Chairman          (212) 509-4000

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