Document:

Exhibit 4.1

 

EXECUTION VERSION

 

NXP B.V.

NXP FUNDING LLC 

Issuers

 

EACH OF THE GUARANTORS PARTY
HERETO

 

DEUTSCHE BANK TRUST COMPANY
AMERICAS,

as Trustee

 

MORGAN STANLEY SENIOR
FUNDING, INC.,

as Global Collateral Agent

 

and

 

MIZUHO CORPORATE BANK, LTD.,

as Taiwan Collateral Agent

 

 

€1,000,000,000 Floating Rate
Senior Secured Notes due 2013

$1,535,000,000 Floating Rate
Senior Secured Notes due 2013
 $1,026,000,000 77/8%
Senior Secured Notes due 2014

 

 

 

SENIOR SECURED INDENTURE

 

Dated as of October 12, 2006

 

 

 

 

 

CROSS-REFERENCE TABLE*

 

	
  TIA Sections

  	
   

  	
  Indenture Sections

  
	
  § 310

  	
  (a)

  	
   

  	
  7.10

  
	
   

  	
  (b)

  	
   

  	
  7.08

  
	
  § 311

  	
   

  	
   

  	
  7.03

  
	
  § 312

  	
   

  	
   

  	
  13.02

  
	
  § 313

  	
   

  	
   

  	
  7.06

  
	
  § 314

  	
  (a)

  	
   

  	
  2.04, 4

  
	
   

  	
  (c)

  	
   

  	
  13.04

  
	
   

  	
  (e)

  	
   

  	
  13.05

  
	
  § 315

  	
  (a)

  	
   

  	
  7.01, 7.02

  
	
   

  	
  (b)

  	
   

  	
  7.02, 7.05

  
	
   

  	
  (c)

  	
   

  	
  7.01

  
	
   

  	
  (d)

  	
   

  	
  7.02

  
	
   

  	
  (e)

  	
   

  	
  6.11, 7.02

  
	
  § 316

  	
  (a)

  	
   

  	
  2.09, 6.02, 6.04, 6.05

  
	
   

  	
  (b)

  	
   

  	
  6.06, 6.07

  
	
   

  	
  (c)

  	
   

  	
  13.02

  
	
  § 317

  	
  (a)  (1)

  	
   

  	
  6.08

  
	
   

  	
  (a)  (2)

  	
   

  	
  6.09

  
	
   

  	
  (b)

  	
   

  	
  2.05

  
	
  § 318

  	
   

  	
   

  	
  13.01

  

 

*                            This
Cross-Reference Table is not part of the Indenture.

 

i

 

TABLE OF CONTENTS

 

	
   

  	
   

  	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 1 Definitions and Incorporation by Reference

  	
   

  	
  1

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 1.01.

  	
   

  	
  Definitions

  	
   

  	
  1

  
	
  SECTION 1.02.

  	
   

  	
  Other Definitions

  	
   

  	
  41

  
	
  SECTION 1.03.

  	
   

  	
  Incorporation by Reference of TIA

  	
   

  	
  42

  
	
  SECTION 1.04.

  	
   

  	
  Rules of Construction

  	
   

  	
  43

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 2 The Notes

  	
   

  	
   

  	
   

  	
  43

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 2.01.

  	
   

  	
  Issuable in Series

  	
   

  	
  43

  
	
  SECTION 2.02.

  	
   

  	
  Form and Dating

  	
   

  	
  44

  
	
  SECTION 2.03.

  	
   

  	
  Execution and Authentication

  	
   

  	
  45

  
	
  SECTION 2.04.

  	
   

  	
  Registrar and Paying Agent

  	
   

  	
  45

  
	
  SECTION 2.05.

  	
   

  	
  Paying Agent to Hold Money in Trust

  	
   

  	
  47

  
	
  SECTION 2.06.

  	
   

  	
  Holder Lists

  	
   

  	
  47

  
	
  SECTION 2.07.

  	
   

  	
  Transfer and Exchange

  	
   

  	
  47

  
	
  SECTION 2.08.

  	
   

  	
  Replacement Notes

  	
   

  	
  48

  
	
  SECTION 2.09.

  	
   

  	
  Outstanding Notes

  	
   

  	
  49

  
	
  SECTION 2.10.

  	
   

  	
  Temporary Notes

  	
   

  	
  49

  
	
  SECTION 2.11.

  	
   

  	
  Cancellation

  	
   

  	
  49

  
	
  SECTION 2.12.

  	
   

  	
  Common Codes, CUSIP and ISIN Numbers

  	
   

  	
  50

  
	
  SECTION 2.13.

  	
   

  	
  Currency

  	
   

  	
  50

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 3 Redemption

  	
   

  	
  51

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 3.01.

  	
   

  	
  Notices to Trustee

  	
   

  	
  51

  
	
  SECTION 3.02.

  	
   

  	
  Selection of Notes To Be Redeemed or Repurchased

  	
   

  	
  51

  
	
  SECTION 3.03.

  	
   

  	
  Notice of Redemption

  	
   

  	
  52

  
	
  SECTION 3.04.

  	
   

  	
  Effect of Notice of Redemption

  	
   

  	
  53

  
	
  SECTION 3.05.

  	
   

  	
  Deposit of Redemption Price

  	
   

  	
  53

  
	
  SECTION 3.06.

  	
   

  	
  Notes Redeemed in Part

  	
   

  	
  53

  
	
  SECTION 3.07.

  	
   

  	
  Publication

  	
   

  	
  53

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 4 Covenants

  	
   

  	
  54

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 4.01.

  	
   

  	
  Payment of Notes

  	
   

  	
  54

  
	
  SECTION 4.02.

  	
   

  	
  Withholding Taxes

  	
   

  	
  54

  
	
  SECTION 4.03.

  	
   

  	
  Change of Control

  	
   

  	
  57

  
	
  SECTION 4.04.

  	
   

  	
  [Reserved]

  	
   

  	
  58

  
	
  SECTION 4.05.

  	
   

  	
  Limitation on Indebtedness

  	
   

  	
  59

  
	
  SECTION 4.06.

  	
   

  	
  Limitation on Restricted Payments

  	
   

  	
  64

  
	
  SECTION 4.07.

  	
   

  	
  Limitation on Liens

  	
   

  	
  71

  

 

 

ii

 

	
  SECTION 4.08.

  	
   

  	
  Limitation on Restrictions on Distributions from
  Restricted Subsidiaries

  	
   

  	
  71

  
	
  SECTION 4.09.

  	
   

  	
  Limitation on Sales of Assets and Subsidiary Stock

  	
   

  	
  73

  
	
  SECTION 4.10.

  	
   

  	
  Limitation on Affiliate Transactions

  	
   

  	
  77

  
	
  SECTION 4.11.

  	
   

  	
  Reports

  	
   

  	
  80

  
	
  SECTION 4.12.

  	
   

  	
  Guarantees by Restricted Subsidiaries

  	
   

  	
  82

  
	
  SECTION 4.13.

  	
   

  	
  Suspension of Covenants on Achievement of Investment
  Grade Status

  	
   

  	
  82

  
	
  SECTION 4.14.

  	
   

  	
  Impairment of Security Interest

  	
   

  	
  83

  
	
  SECTION 4.15.

  	
   

  	
  [Reserved]

  	
   

  	
  83

  
	
  SECTION 4.16.

  	
   

  	
  Compliance Certificate

  	
   

  	
  83

  
	
  SECTION 4.17.

  	
   

  	
  Further Instruments and Acts

  	
   

  	
  84

  
	
  SECTION 4.18.

  	
   

  	
  Listing

  	
   

  	
  84

  
	
  SECTION 4.19.

  	
   

  	
  Limitation on Business Activities of the Co-Issuer

  	
   

  	
  84

  
	
  SECTION 4.20.

  	
   

  	
  Collateral

  	
   

  	
  84

  
	
  SECTION 4.21.

  	
   

  	
  Equal and Ratable Security

  	
   

  	
  85

  
	
  SECTION 4.22.

  	
   

  	
  Security Over Cash and Bank Accounts

  	
   

  	
  85

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 5 Successor Company

  	
   

  	
  86

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 5.01.

  	
   

  	
  Merger and Consolidation of the Company

  	
   

  	
  86

  
	
  SECTION 5.02.

  	
   

  	
  Merger and Consolidation of the Co-Issuer

  	
   

  	
  87

  
	
  SECTION 5.03.

  	
   

  	
  Merger and Consolidation of a Guarantor

  	
   

  	
  87

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 6 Defaults and Remedies

  	
   

  	
  88

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 6.01.

  	
   

  	
  Events of Default

  	
   

  	
  88

  
	
  SECTION 6.02.

  	
   

  	
  Acceleration

  	
   

  	
  90

  
	
  SECTION 6.03.

  	
   

  	
  Other Remedies

  	
   

  	
  90

  
	
  SECTION 6.04.

  	
   

  	
  Waiver of Past Defaults

  	
   

  	
  91

  
	
  SECTION 6.05.

  	
   

  	
  Control by Majority

  	
   

  	
  91

  
	
  SECTION 6.06.

  	
   

  	
  Limitation on Suits

  	
   

  	
  91

  
	
  SECTION 6.07.

  	
   

  	
  Rights of Holders to Receive Payment

  	
   

  	
  92

  
	
  SECTION 6.08.

  	
   

  	
  Collection Suit by Trustee

  	
   

  	
  92

  
	
  SECTION 6.09.

  	
   

  	
  Trustee May File Proofs of Claim

  	
   

  	
  92

  
	
  SECTION 6.10.

  	
   

  	
  Priorities

  	
   

  	
  92

  
	
  SECTION 6.11.

  	
   

  	
  Undertaking for Costs

  	
   

  	
  93

  
	
  SECTION 6.12.

  	
   

  	
  Waiver of Stay or Extension Laws

  	
   

  	
  93

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 7 Trustee

  	
   

  	
   

  	
   

  	
  93

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 7.01.

  	
   

  	
  Duties of Trustee

  	
   

  	
  93

  
	
  SECTION 7.02.

  	
   

  	
  Rights of Trustee

  	
   

  	
  95

  
	
  SECTION 7.03.

  	
   

  	
  Individual Rights of Trustee

  	
   

  	
  97

  
	
  SECTION 7.04.

  	
   

  	
  Trustee’s Disclaimer

  	
   

  	
  98

  
	
  SECTION 7.05.

  	
   

  	
  Notice of Defaults

  	
   

  	
  98

  
	
  SECTION 7.06.

  	
   

  	
  Reports by Trustee to Holders

  	
   

  	
  98

  

 

iii

 

	
  SECTION 7.07.

  	
   

  	
  Compensation and Indemnity

  	
   

  	
  99

  
	
  SECTION 7.08.

  	
   

  	
  Replacement of Trustee

  	
   

  	
  100

  
	
  SECTION 7.09.

  	
   

  	
  Successor Trustee by Merger

  	
   

  	
  102

  
	
  SECTION 7.10.

  	
   

  	
  Eligibility

  	
   

  	
  102

  
	
  SECTION 7.11.

  	
   

  	
  Certain Provisions

  	
   

  	
  102

  
	
  SECTION 7.12.

  	
   

  	
  Preferential Collection of Claims Against Issuer

  	
   

  	
  103

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 8 Discharge of Indenture; Defeasance

  	
   

  	
  103

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 8.01.

  	
   

  	
  Discharge of Liability on Notes; Defeasance

  	
   

  	
  103

  
	
  SECTION 8.02.

  	
   

  	
  Conditions to Defeasance

  	
   

  	
  104

  
	
  SECTION 8.03.

  	
   

  	
  Application of Trust Money

  	
   

  	
  105

  
	
  SECTION 8.04.

  	
   

  	
  Repayment to Issuers

  	
   

  	
  105

  
	
  SECTION 8.05.

  	
   

  	
  Indemnity for Government Obligations

  	
   

  	
  105

  
	
  SECTION 8.06.

  	
   

  	
  Reinstatement

  	
   

  	
  106

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 9 Amendments

  	
   

  	
  106

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 9.01.

  	
   

  	
  Without Consent of Holders

  	
   

  	
  106

  
	
  SECTION 9.02.

  	
   

  	
  With Consent of Holders

  	
   

  	
  107

  
	
  SECTION 9.03.

  	
   

  	
  Revocation and Effect of Consents and Waivers

  	
   

  	
  109

  
	
  SECTION 9.04.

  	
   

  	
  Notation on or Exchange of Notes

  	
   

  	
  109

  
	
  SECTION 9.05.

  	
   

  	
  Trustee and Collateral Agents to Sign Amendments

  	
   

  	
  110

  
	
  SECTION 9.06.

  	
   

  	
  Payment for Consent

  	
   

  	
  110

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 10 Note Guarantees

  	
   

  	
  110

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 10.01.

  	
   

  	
  Note Guarantees

  	
   

  	
  110

  
	
  SECTION 10.02.

  	
   

  	
  Limitation on Liability

  	
   

  	
  113

  
	
  SECTION 10.03.

  	
   

  	
  Successors and Assigns

  	
   

  	
  114

  
	
  SECTION 10.04.

  	
   

  	
  No Waiver

  	
   

  	
  114

  
	
  SECTION 10.05.

  	
   

  	
  Modification

  	
   

  	
  114

  
	
  SECTION 10.06.

  	
   

  	
  [Reserved.]

  	
   

  	
  114

  
	
  SECTION 10.07.

  	
   

  	
  Execution of Note Guarantee Supplement for Note
  Guarantors

  	
   

  	
  114

  
	
  SECTION 10.08.

  	
   

  	
  Non-Impairment

  	
   

  	
  115

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 11 [Reserved]

  	
   

  	
  115

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 12 Collateral, Security Documents and the
  Collateral Agents

  	
   

  	
  115

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 12.01.

  	
   

  	
  Collateral and Security Documents

  	
   

  	
  115

  
	
  SECTION 12.02.

  	
   

  	
  Suits To Protect the Collateral

  	
   

  	
  117

  
	
  SECTION 12.03.

  	
   

  	
  Resignation and Replacement of the Collateral Agents

  	
   

  	
  117

  
	
  SECTION 12.04.

  	
   

  	
  Amendments and Additional Agency Agreements

  	
   

  	
  117

  
	
  SECTION 12.05.

  	
   

  	
  Release of Liens

  	
   

  	
  118

  
	
  SECTION 12.06.

  	
   

  	
  Compensation and Indemnity

  	
   

  	
  119

  

 

iv

 

	
  SECTION 12.07.

  	
   

  	
  Conflicts

  	
   

  	
  119

  
	
  SECTION 12.08.

  	
   

  	
  Appointment and Authorization

  	
   

  	
  119

  
	
  SECTION 12.09.

  	
   

  	
  Joint and Several Claims

  	
   

  	
  119

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 13 Miscellaneous

  	
   

  	
  120

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 13.01.

  	
   

  	
  Trust Indenture Act of 1939

  	
   

  	
  120

  
	
  SECTION 13.02.

  	
   

  	
  Noteholder Communications; Noteholder Actions

  	
   

  	
  120

  
	
  SECTION 13.03.

  	
   

  	
  Notices

  	
   

  	
  121

  
	
  SECTION 13.04.

  	
   

  	
  Certificate and Opinion as to Conditions Precedent

  	
   

  	
  123

  
	
  SECTION 13.05.

  	
   

  	
  Statements Required in Certificate or Opinion

  	
   

  	
  124

  
	
  SECTION 13.06.

  	
   

  	
  When Notes Disregarded

  	
   

  	
  124

  
	
  SECTION 13.07.

  	
   

  	
  Rules by Trustee, Paying Agent and Registrar

  	
   

  	
  124

  
	
  SECTION 13.08.

  	
   

  	
  Legal Holidays

  	
   

  	
  124

  
	
  SECTION 13.09.

  	
   

  	
  Governing Law

  	
   

  	
  125

  
	
  SECTION 13.10.

  	
   

  	
  Consent to Jurisdiction and Service

  	
   

  	
  125

  
	
  SECTION 13.11.

  	
   

  	
  No Recourse Against Others

  	
   

  	
  125

  
	
  SECTION 13.12.

  	
   

  	
  Successors

  	
   

  	
  125

  
	
  SECTION 13.13.

  	
   

  	
  Multiple Originals

  	
   

  	
  125

  
	
  SECTION 13.14.

  	
   

  	
  Table of Contents; Headings

  	
   

  	
  126

  
	
  SECTION 13.15.

  	
   

  	
  USA Patriot Act

  	
   

  	
  126

  

 

Schedule 1.1 Security
Documents

Schedule 2.1 Agreed Security Principles

Schedule 10.1 Guarantor Limitations

Appendix A-Provisions Relating to the Notes

Exhibit A-l-Form of Euro Floating Rate Reg. S/144A Note

Exhibit A-2-Form of Dollar Floating Rate Reg. S/144A Note

Exhibit A-3 Form of Dollar Fixed Rate Reg. S/144A Note

Exhibit B-Form of Certificate of Transfer

Exhibit C-Form of Officer’s Compliance Certificate

Exhibit D-Form of Guarantee Supplement

 

v

 

INDENTURE
dated as of October 12, 2006, among NXP B.V. (the “Company”), NXP
Funding LLC (the “Co-Issuer”  and, together with the Company, the “Issuers”),
the Guarantors (as defined herein), Deutsche Bank Trust Company
Americas, as trustee (the “Trustee”), Morgan Stanley Senior Funding, Inc., as
Global Collateral Agent, and Mizuho Corporate Bank, Ltd., as Taiwan Collateral
Agent.

 

Each party agrees
as follows for the benefit of the other parties and for the equal and ratable
benefit of the Holders of (a) the Issuers’ euro-denominated Floating Rate
Senior Secured Notes due 2013 (the “Euro
Notes”),  dollar-denominated Floating Rate
Senior Secured Notes due 2013 (the “Dollar
Floating Rate Notes”)  and
dollar-denominated 77/8% Senior Secured Notes due
2014 (the “Dollar Fixed Rate Notes”  and, together with the Dollar Floating
Notes, the “Dollar Notes”) issued on the date hereof (collectively,
the “Original Notes”)  and (b) an unlimited principal amount of
additional securities having identical terms and conditions as any series of
the Original Notes (the “Additional Notes”)  that subject to the conditions and in
compliance with the covenants set forth herein may be issued on any later issue
date. Unless the context otherwise requires, in this Indenture references to
the “Notes” include the Original Notes, any Additional Notes that are actually
issued and any Exchange Notes that are issued.

 

This Indenture is
subject to, and will be governed by, the provisions of the TIA that are
required to be a part of and govern indentures qualified under the TIA.

 

ARTICLE 1

 

Definitions and Incorporation by Reference

 

SECTION 1.01.         Definitions

 

“Acquired Indebtedness”  means Indebtedness (1) of a Person or any
of its Subsidiaries existing at the time such Person becomes a Restricted
Subsidiary, or (2) assumed in connection with the acquisition of assets from
such Person, in each case whether or not Incurred by such Person in connection
with such Person becoming a Restricted Subsidiary of the Company or such
acquisition or (3) of a Person at the time such Person merges with or into or
consolidates or otherwise combines with the Company or any Restricted
Subsidiary. Acquired Indebtedness shall be deemed to have been Incurred, with
respect to clause (1) of the preceding sentence, on the date such Person
becomes a Restricted Subsidiary and, with respect to clause (2) of the
preceding sentence, on the date of consummation of such acquisition of assets
and, with respect to clause (3) of the preceding sentence, on the date of the
relevant merger, consolidation or other combination.

 

“Acquisition Agreement”  means the Stock Purchase Agreement to be
entered into prior to the Issue Date among Philips, the Company and Holdings
(including all exhibits and schedules thereto) as amended from time to time.

 

“actual knowledge”  of any Trustee shall be construed to mean
that such Trustee shall not be charged with knowledge (actual or otherwise) of
the existence of facts that would impose an

 

 

obligation on it to make
any payment or prohibit it from making any payment unless a Responsible Officer
of such Trustee has received written notice that such payments are required or
prohibited by this Indenture in which event the Trustee shall be deemed to have
actual knowledge within one Business Day of receiving that notice.

 

“Additional Assets” means:

 

(1)       any
property or assets (other than Indebtedness and Capital Stock) used or to be
used by the Company, a Restricted Subsidiary or otherwise useful in a Similar
Business (it being understood that capital expenditures on property or assets
already used in Similar Business or to replace any property or assets that are
the subject of such Asset Disposition shall be deemed an investment in
Additional Assets);

 

(2)       the
Capital Stock of a Person that is engaged in a Similar Business and becomes a
Restricted Subsidiary as a result of the acquisition of such Capital Stock by
the Company or a Restricted Subsidiary of the Company; or

 

(3)       Capital
Stock constituting a minority interest in any Person that at such time is a
Restricted Subsidiary of the Company.

 

“Affiliate”
of any specified Person means any other Person, directly or indirectly,
controlling or controlled by or under direct or indirect common control with
such specified Person. For the purposes of this definition, “control” when used
with respect to any Person means the power to direct the management and
policies of such Person, directly or indirectly, whether through the ownership
of voting securities, by contract or otherwise; and the terms “controlling” and
“controlled” have meanings correlative to the foregoing. For the avoidance of
doubt, neither Philips nor any of its subsidiaries, joint ventures or
operations shall be deemed to be an “Affiliate” of the Company or any
Restricted Subsidiary due solely to its ownership of Voting Stock of the
Company or the presence of its or their nominee on the Board of Directors of the
Company, in each case at the percentage level disclosed in the Offering
Memorandum.

 

“Agreed Security Principles”  means the Agreed Security Principles as
set out in Schedule 2.1, as applied reasonably and in good faith by the
Company.

 

“ASMC”  means
Advanced Semiconductor Manufacturing Corporation of Shanghai and any successor
business thereto and their respective subsidiaries, assets and businesses.

 

“Asset Disposition”  means any direct or indirect sale, lease
(other than an operating lease entered into in the ordinary course of
business), transfer, issuance or other disposition, or a series of related
sales, leases (other than operating leases entered into in the ordinary course
of business), transfers, issuances or dispositions that are part of a common
plan, of shares of Capital Stock of a Subsidiary (other than directors’
qualifying shares), property or other assets (each referred to for the purposes
of this definition as a “disposition”) by the Company or any of its Restricted
Subsidiaries, including any disposition by means of a merger, consolidation or
similar transaction. Notwithstanding the preceding provisions of this
definition, the following items shall not be deemed to be Asset Dispositions:

 

2

 

(1)       a disposition by a Restricted Subsidiary
to the Company or by the Company or a Restricted Subsidiary to a Restricted
Subsidiary;

 

(2)       a disposition of cash, Cash Equivalents,
Temporary Cash Investments or Investment Grade Securities;

 

(3)       a disposition of inventory or other
assets in the ordinary course of business;

 

(4)       a disposition of obsolete, surplus or
worn out equipment or other assets or equipment or other assets that are no
longer useful in the conduct of the business of the Company and its Restricted
Subsidiaries;

 

(5)       transactions permitted under Section 5.01
or a transaction that constitutes a Change of Control;

 

(6)       an issuance of Capital Stock by a
Restricted Subsidiary to the Company or to another Restricted Subsidiary or as
part of or pursuant to an equity incentive or compensation plan approved by the
Board of Directors;

 

(7)       any dispositions of Capital Stock,
properties or assets in a single transaction or series of related transactions
with a fair market value (as determined in good faith by the Company) of less
than €30 million;

 

(8)       any Restricted Payment that is permitted
to be made, and is made, under Section 4.06 and the making of any Permitted
Payment or Permitted Investment or, solely for purposes of Section 4.09(a)(3),
asset sales (other than sales of securities or indebtedness of SSMC so long as
it is not a Restricted Subsidiary), the proceeds of which are used to make such
Restricted Payments or Permitted Investments;

 

(9)       dispositions in connection with Permitted
Liens;

 

(10)     dispositions of receivables in connection
with the compromise, settlement or collection thereof in the ordinary course of
business or in bankruptcy or similar proceedings and exclusive of factoring or
similar arrangements;

 

(11)     the licensing or sub-licensing of
intellectual property or other general intangibles and licenses, sub-licenses,
leases or subleases of other property, in each case, in the ordinary course of
business;

 

(12)     foreclosure, condemnation or any similar
action with respect to any property or other assets;

 

(13)     the sale or discount (with or without
recourse, and on customary or commercially reasonable terms and for credit
management purposes) of accounts receivable or notes receivable arising in the
ordinary course of business, or the conversion or exchange of accounts
receivable for notes receivable;

 

3

 

(14)     any disposition of Capital Stock,
Indebtedness or other securities of an Unrestricted Subsidiary (with the
exception of (x) SSMC and (y) Investments in Unrestricted Subsidiaries acquired
pursuant to clause (15) of the definition of Permitted Investments);

 

(15)     any disposition of Capital Stock of a
Restricted Subsidiary pursuant to an agreement or other obligation with or to a
Person (other than the Company or a Restricted Subsidiary) from whom such
Restricted Subsidiary was acquired, or from whom such Restricted Subsidiary
acquired its business and assets (having been newly formed in connection with
such acquisition), made as part of such acquisition and in each case comprising
all or a portion of the consideration in respect of such sale or acquisition;

 

(16)     any surrender or waiver of contract rights
or the settlement, release or surrender of contract, tort or other claims of
any kind;

 

(17)     any disposition of assets to a Person who
is providing services related to such assets, the provision of which have been
or are to be outsourced by the Company or any Restricted Subsidiary to such
Person; provided, however, that
the Board of Directors shall certify that in the opinion of the Board of
Directors, the outsourcing transaction will be economically beneficial to the
Company and its Restricted Subsidiaries (considered as a whole); provided, further, that the fair market
value of the assets disposed of, when taken together with all other
dispositions made pursuant to this clause (17), does not exceed €650 million;
and

 

(18)     any disposition with respect to property
built, owned or otherwise acquired by the Company or any Restricted Subsidiary
pursuant to customary sale and lease-back transactions, asset securitizations
and other similar financings permitted by this Indenture.

 

“Associate”
means (i) any Person engaged in a Similar Business of which the
Company or its Restricted Subsidiaries are the legal and beneficial owners of
between 20% and 50% of all outstanding Voting Stock, (ii) any joint venture
entered into by the Company or any Restricted Subsidiary of the Company and
(iii) until and unless designated otherwise by the Company in a notice to the
Trustee, Crolles.

 

“Board of Directors”  means (1) with respect to the Company or
any corporation, the board of directors or managers, as applicable, of the
corporation, or any duly authorized committee thereof; (2) with respect to any
partnership, the board of directors or other governing body of the general
partner of the partnership or any duly authorized committee thereof; and (3)
with respect to any other Person, the board or any duly authorized committee of
such Person serving a similar function. For the purposes of the definition of
Change of Control only, Board of Directors of the Company or any Parent shall
mean its supervisory board or its managing board. Whenever any provision
requires any action or determination to be made by, or any approval of, a Board
of Directors, such action, determination or approval shall be deemed to have
been taken or made if approved by a majority of the directors (excluding
employee representatives, if any) on any such Board of Directors (whether or
not such action or approval is taken as part of a formal board meeting or as a
formal board approval).

 

4

 

“Business Day”  means each day that is not a Saturday, Sunday or other day
on which banking institutions in London, United Kingdom, or New York, New York,
United States are authorized or required by law to close (and for purposes only
of any payment made by the Irish Paying Agent, Ireland); provided, however, that for any payments
to be made under this Indenture, such day shall also be a day on which the
Trans-European Automated Real-time Gross Settlement Express Transfer (“TARGET”)
payment system is open for the settlement of payments.

 

“Capital Stock”  of any Person means any and all shares of, rights to
purchase, warrants or options for, or other equivalents of or partnership or
other interests in (however designated), equity of such Person, including any
Preferred Stock, but excluding any debt securities convertible into such
equity.

 

“Capitalized Lease Obligations”  means an obligation that is required to
be classified and accounted for as a capitalized lease for financial reporting
purposes on the basis of GAAP. The amount of Indebtedness represented by such
obligation will be the capitalized amount of such obligation at the time any
determination thereof is to be made as determined on the basis of GAAP, and the
Stated Maturity thereof will be the date of the last payment of rent or any
other amount due under such lease prior to the first date such lease may be terminated
without penalty.

 

“Cash Equivalents”  means:

 

(1)       securities issued or directly and fully
Guaranteed or insured by the United States or Canadian governments, a member
state of the European Union, Switzerland or Norway or, in each case, any agency
or instrumentality of thereof (provided that the full faith and credit of such
country or such member state is pledged in support thereof), having maturities
of not more than two years from the date of acquisition;

 

(2)       certificates of deposit, time deposits, eurodollar
time deposits, overnight bank deposits or bankers’ acceptances having
maturities of not more than one year from the date of acquisition thereof
issued by any lender party to the Senior Facilities Agreement or by any bank or
trust company (a) whose commercial paper is rated at least “A-l” or the
equivalent thereof by S&P or at least “P-l” or the equivalent thereof by
Moody’s (or if at the time neither is issuing comparable ratings, then a
comparable rating of another Nationally Recognized Statistical Rating
Organization) or (b) (in the event that the bank or trust company does not have
commercial paper which is rated) having combined capital and surplus in excess
of €500 million;

 

(3)       repurchase obligations with a term of not
more than 30 days for underlying securities of the types described in clauses
(1) and (2) entered into with any bank meeting the qualifications specified in
clause (2) above;

 

(4)       commercial paper rated at the time of
acquisition thereof at least “A-2” or the equivalent thereof by S&P or “P-2”
or the equivalent thereof by Moody’s or carrying an equivalent rating by a
Nationally Recognized Statistical Rating Organization, if both of the two named
rating agencies cease publishing ratings of investments or, if no rating is
available in respect of the commercial paper, the issuer of which has an
equivalent

 

5

 

rating in respect of its
long-term debt, and in any case maturing within one year after the date of
acquisition thereof;

 

(5)       readily marketable direct obligations
issued by any state of the United States of America, any province of Canada,
any member of the European Union, Switzerland or Norway or any political
subdivision thereof, in each case, having one of the two highest rating
categories obtainable from either Moody’s or S&P (or, if at the time,
neither is issuing comparable ratings, then a comparable rating of another
Nationally Recognized Statistical Rating Organization) with maturities of not
more than two years from the date of acquisition;

 

(6)       Indebtedness or preferred stock issued by
Persons with a rating of “BBB-” or higher from S&P or “Baa3” or higher from
Moody’s (or, if at the time, neither is issuing comparable ratings, then a
comparable rating of another Nationally Recognized Statistical Rating
Organization) with maturities of 12 months or less from the date of
acquisition;

 

(7)       bills of exchange issued in the United
States, Canada, a member state of the European Union, Switzerland, Norway or
Japan eligible for rediscount at the relevant central bank and accepted by a
bank (or any dematerialized equivalent);

 

(8)       interests in any investment company,
money market or enhanced high yield fund which invests 95% or more of its
assets in instruments of the type specified in clauses (1) through (7) above;
and

 

(9)       for purposes of clause (2) of the
definition of “Asset Disposition”, the marketable securities portfolio owned by
the Company and its Subsidiaries on the Issue Date.

 

“Change of Control”  means:

 

(1)       the Company becomes aware of (by way of a
report or any other filing pursuant to Section 13(d) of the Exchange Act,
proxy, vote, written notice or otherwise) any “person” or “group” of related
persons (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act
as in effect on the Issue Date), other than one or more Permitted Holders, is
or becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under
the Exchange Act as in effect on the Issue Date), directly or indirectly, of
more than 50% of the total voting power of the Voting Stock of the Company,
provided that for the purposes of this clause, (x) no Change of Control shall
be deemed to occur by reason of the Company becoming a Subsidiary of a
Successor Parent and (y) any Voting Stock of which any Permitted Holder is the “beneficial
owner” (as so defined) shall not be included in any Voting Stock of which any
such person or group is the “beneficial owner” (as so defined), unless that
person or group is not an affiliate of a Permitted Holder and has greater
voting power with respect to that Voting Stock;

 

(2)       following the Initial Public Offering of
the Company or any Parent, during any period of two consecutive years,
individuals who at the beginning of such period constituted the majority of the
directors (excluding any employee representatives, if

 

6

 

any) on the Board of
Directors of the Company or any Parent (together with any new directors whose
election by the majority of such directors on such Board of Directors of the
Company or any Parent or whose nomination for election by shareholders of the
Company or any Parent, as applicable, was approved by a vote of the majority of
such directors on the Board of Directors of the Company or any Parent then
still in office who were either directors at the beginning of such period or
whose election or nomination for election was previously so approved) ceased
for any reason to constitute the majority of the directors (excluding any
employee representatives, if any) on the Board of Directors of the Company or
any Parent, then in office; or

 

(3)       the sale, lease, transfer, conveyance or
other disposition (other than by way of merger, consolidation or other business
combination transaction), in one or a series of related transactions, of all or
substantially all of the assets of the Company and its Restricted Subsidiaries
taken as a whole to a Person, other than a Restricted Subsidiary or one or more
Permitted Holders.

 

“Clearstream”
means Clearstream Banking, a société anonyme as currently in
effect or any successor securities clearing agency.

 

“Code”
means the United States Internal Revenue Code of 1986, as
amended.

 

“Collateral”
shall have the meaning provided in any Security Document.

 

“Collateral
Agency Agreement” means the Collateral Agency Agreement dated
as of September 29, 2006 among the Collateral Agents, the Issuers, the Secured
Parties and the Guarantors, as amended from time to time, and any additional
agency agreement in respect of the Collateral that supplements or replaces such
Collateral Agency Agreement, as amended from time to time.

 

“Collateral
Agent” means the Global Collateral Agent or the Taiwan
Collateral Agent or any additional or successor collateral agent or sub-agent.

 

“Commodity
Hedging Agreements” means in respect of a Person any
commodity purchase contract, commodity futures or forward contract, commodities
option contract or other similar contract (including commodities derivative
agreements or arrangements), to which such Person is a party or a beneficiary.

 

“Consolidated
EBITDA” for any period means, without duplication, the
Consolidated Net Income for such period, plus the following to the extent
deducted in calculating such Consolidated Net Income:

 

(1)       Fixed Charges and items (w), (x) and (y)
in clause (1) of the definition of Consolidated Interest Expense;

 

(2)       Consolidated Income Taxes;

 

(3)       consolidated depreciation expense;

 

7

 

(4)       consolidated amortization expense;

 

(5)       any expenses, charges or other costs
related to any Equity Offering, Investment, acquisition (including one-time
amounts paid in connection with the acquisition or retention of one or more
individuals comprising part of a management team retained to manage the acquired
business; provided that such
payments are made in connection with such acquisition and are consistent with
the customary practice in the industry at the time of such acquisition),
disposition, recapitalization or the Incurrence of any Indebtedness permitted
by this Indenture (in each case whether or not successful) (including any such
fees, expenses or charges related to the Transactions (including any expenses
in connection with related due diligence activities)), in each case, as
determined in good faith by an Officer of the Company;

 

(6)       any minority interest expense (whether
paid or not) consisting of income attributable to minority equity interests of
third parties in such period;

 

(7)       the amount of management, monitoring,
consulting and advisory fees and related expenses paid in such period to the
Permitted Holders to the extent permitted by Section 4.10; and

 

(8)       other non-cash charges, write-downs or
items reducing Consolidated Net Income (excluding any such non-cash charge,
write-down or item to the extent it represents an accrual of or reserve for
cash charges in any future period) or other items classified by the Company as
special items less other non-cash items of income increasing Consolidated Net
Income (excluding any such non-cash item of income to the extent it represents
a receipt of cash in any future period).

 

Notwithstanding
the foregoing, the provision for taxes and the depreciation, amortization,
non-cash items, charges and write-downs of a Restricted Subsidiary shall be
added to Consolidated Net Income to compute Consolidated EBITDA only to the
extent (and in the same proportion, including by reason of minority interests)
that the net income (loss) of such Restricted Subsidiary was included in
calculating Consolidated Net Income for the purposes of this definition.

 

“Consolidated
Income Taxes” means taxes or other payments, including
deferred Taxes, based on income, profits or capital (including without
limitation withholding taxes) and franchise taxes of any of the Company and its
Restricted Subsidiaries whether or not paid, estimated, accrued or required to
be remitted to any Governmental Authority.

 

“Consolidated
Interest Expense” means, with respect to any Person for any
period, without duplication, the sum of:

 

(1)       consolidated interest expense of such
Person and its Restricted Subsidiaries for such period, to the extent such
expense was deducted (and not added back) in computing Consolidated Net Income
(including (a) amortization of original issue discount resulting from the issuance
of Indebtedness at less than par, (b) all commissions, discounts and other fees
and charges owed with respect to letters of credit or bankers acceptances, (c)
non-cash interest payments (but excluding any non-cash interest expense
attributable to the movement in the mark to market valuation of Hedging
Obligations or

 

8

 

other derivative
instruments pursuant to GAAP), (d) the interest component of Capitalized Lease
Obligations, and (e) net payments, if any, pursuant to interest rate Hedging
Obligations with respect to Indebtedness, and excluding (t) accretion or
accrual of discounted liabilities other than Indebtedness, (u) any expense
resulting from the discounting of any Indebtedness in connection with the application
of purchase accounting in connection with any acquisition, (v) any additional
interest pursuant to a registration rights agreement with respect to Notes or
any securities, (w) amortization of deferred financing fees, debt issuance
costs, commissions, fees and expenses, (x) any expensing of bridge, commitment
and other financing fees, and (y) interest with respect to Indebtedness of any
direct or indirect parent of such Person appearing upon the balance sheet of
such Person solely by reason of push-down accounting under GAAP; plus

 

(2)       consolidated capitalized interest of such
Person and its Restricted Subsidiaries for such period, whether paid or
accrued; less

 

(3)       interest income for such period.

 

For
purposes of this definition, interest on a Capitalized Lease Obligation shall
be deemed to accrue at an interest rate reasonably determined by such Person to
be the rate of interest implicit in such Capitalized Lease Obligation in
accordance with GAAP.

 

“Consolidated
Leverage” means the sum of the aggregate outstanding
Indebtedness of the Company and its Restricted Subsidiaries (excluding Hedging
Obligations except to the extent provided in Section 4.05(g)(3)).

 

“Consolidated
Leverage Ratio” means, as of any date of determination, the
ratio of (x) Consolidated Leverage at such date to (y) the aggregate amount of
Consolidated EBITDA for the period of the most recent four consecutive fiscal
quarters ending prior to the date of such determination for which internal
consolidated financial statements of the Issuer are available; provided,
however, that for the purposes of calculating Consolidated EBITDA for such
period, if, as of such date of determination:

 

(1)       since the beginning of such period the
Company or any Restricted Subsidiary has disposed of any company, any business,
or any group of assets constituting an operating unit of a business (any such
disposition, a “Sale”)  or
if the transaction giving rise to the need to calculate the Consolidated
Leverage Ratio is such a Sale, Consolidated EBITDA for such period will be
reduced by an amount equal to the Consolidated EBITDA (if positive)
attributable to the assets which are the subject of such Sale for such period
or increased by an amount equal to the Consolidated EBITDA (if negative)
attributable thereto for such period; provided that if any such sale
constitutes “discontinued operations” in accordance with the then applicable
GAAP, Consolidated Net Income shall be reduced by an amount equal to the
Consolidated Net Income (if positive) attributable to such operations for such
period or increased by an amount equal to the Consolidated Net Income (if
negative) attributable thereto for such period;

 

(2)       since the beginning of such period, the
Company or any Restricted Subsidiary (by merger or otherwise) has made an
Investment in any Person that thereby

 

9

 

becomes a Restricted
Subsidiary, or otherwise has acquired any company, any business, or any group
of assets constituting an operating unit of a business (any such Investment or
acquisition, a “Purchase”), including any such Purchase occurring in connection
with a transaction causing a calculation to be made hereunder, Consolidated
EBITDA for such period will be calculated after giving pro forma effect thereto
as if such Purchase occurred on the first day of such period; and

 

(3)       since the beginning of such period, any
Person (that became a Restricted Subsidiary or was merged or otherwise combined
with or into the Company or any Restricted Subsidiary since the beginning of
such period) will have made any Sale or any Purchase that would have required
an adjustment pursuant to clause (1) or (2) above if made by the Company or a
Restricted Subsidiary since the beginning of such period, Consolidated EBITDA
for such period will be calculated after giving pro forma effect thereto as if
such Sale or Purchase occurred on the first day of such period.

 

For the purposes
of this definition and the definitions of Consolidated EBITDA, Consolidated
Income Taxes, Consolidated Interest Expense and Consolidated Net Income, (a)
calculations will be as determined in good faith by a responsible financial or
chief accounting officer of the Company (including in respect of cost savings
and synergies) and (b) in determining the amount of Indebtedness outstanding on
any date of determination, pro forma effect shall be given to any Incurrence,
repayment, repurchase, defeasance or other acquisition, retirement or discharge
of Indebtedness as if such transaction had occurred on the first day of the
relevant period.

 

“Consolidated Net Income”  means, for any period, the net income
(loss) of the Company and its Restricted Subsidiaries determined on a
consolidated basis on the basis of GAAP; provided,
however, that there will not be included in such Consolidated Net
Income:

 

(1)       subject to the limitations contained in
clause (3) below, any net income (loss) of any Person if such Person is not a
Restricted Subsidiary, except that the Company’s equity in the net income of
any such Person for such period will be included in such Consolidated Net
Income up to the aggregate amount of cash or Cash Equivalents actually
distributed by such Person during such period to the Company or a Restricted
Subsidiary as a dividend or other distribution or return on investment or
(except in the case of SSMC so long as it is not a Restricted Subsidiary, but
applying this exception only for the purpose of determining the amount
available for Restricted Payments (other than Restricted Investments) under
Section 4.06(a)(4)(z)(i)) could have been distributed, as reasonably determined
by an Officer of the Company (subject, in the case of a dividend or other
distribution or return on investment to a Restricted Subsidiary, to the
limitations contained in clause (2) below);

 

(2)       solely for the purpose of determining the
amount available for Restricted Payments under Section 4.06(a)(4)(z)(i), any
net income (loss) of any Restricted Subsidiary (other than Guarantors) if such
Subsidiary is subject to restrictions, directly or indirectly, on the payment
of dividends or the making of distributions by such Restricted Subsidiary,
directly or indirectly, to the Company or a Guarantor by operation of the terms
of such Restricted Subsidiary’s charter or any agreement, instrument, judgment,
decree, order, statute or governmental rule or regulation applicable to such
Restricted Subsidiary or

 

10

 

its shareholders (other
than (a) restrictions that have been waived or otherwise released, (b) restrictions
pursuant to the Notes, this Indenture or the Unsecured Indenture, and (c)
restrictions specified in Section 4.08(b)(11)(a)(i), except that the Company’s
equity in the net income of any such Restricted Subsidiary for such period will
be included in such Consolidated Net income up to the aggregate amount of cash
or Cash Equivalents actually distributed or that could have been distributed by
such Restricted Subsidiary during such period to the Company or another
Restricted Subsidiary as a dividend or other distribution (subject, in the case
of a dividend to another Restricted Subsidiary, to the limitation contained in
this clause);

 

(3)       any net gain (or loss) realized upon the
sale or other disposition of any asset or disposed operations of the Company or
any Restricted Subsidiaries (including pursuant to any sale/leaseback
transaction) which is not sold or otherwise disposed of in the ordinary course
of business (as determined in good faith by an Officer or the Board of
Directors of the Company);

 

(4)       any extraordinary, exceptional, unusual
or nonrecurring gain, loss or charge or any charges or reserves in respect of
any restructuring, redundancy or severance or any expenses, charges, reserves
or other costs related to the Transactions (including (i) in relation to
expenses relating to consulting or operational improvement initiatives, (ii)
expenses associated with the closing out of existing management equity programs
and (iii) start-up and transaction costs);

 

(5)       the cumulative effect of a change in accounting
principles;

 

(6)       any non-cash compensation charge or
expense arising from any grant of stock, stock options or other equity based
awards and any non-cash deemed finance charges in respect of any pension
liabilities or other provisions;

 

(7)       all deferred financing costs written off
and premiums paid or other expenses incurred directly in connection with any
early extinguishment of Indebtedness and any net gain (loss) from any write-off
or forgiveness of Indebtedness;

 

(8)       any unrealized gains or losses in respect
of Hedging Obligations or any ineffectiveness recognized in earnings related to
qualifying hedge transactions or the fair value of changes therein recognized
in earnings for derivatives that do not qualify as hedge transactions, in each
case, in respect of Hedging Obligations;

 

(9)       any unrealized foreign currency
transaction gains or losses in respect of Indebtedness of any Person
denominated in a currency other than the functional currency of such Person and
any unrealized foreign exchange gains or losses relating to translation of
assets and liabilities denominated in foreign currencies;

 

(10)     any unrealized foreign currency translation
or transaction gains or losses in respect of Indebtedness or other obligations
of the Issuer or any Restricted Subsidiary owing to the Issuer or any
Restricted Subsidiary;

 

11

 

(11)     the purchase accounting effects including,
but not limited to, adjustments to inventory, property and equipment, software
and other intangible assets and deferred revenue in component amounts required
or permitted by GAAP and related authoritative pronouncements (including the
effects of such adjustments pushed down to the Company and the Restricted
Subsidiaries), as a result of the Transactions or the disentanglement, any
consummated acquisition, or the amortization or write-off of any amounts
thereof (including any write-off of in process research and development);

 

(12)     any goodwill or other intangible asset
impairment charge or write-off;

 

(13)     solely for the purpose of determining the
amount available for Restricted Investments (but not other Restricted Payments)
under Section 4.06(a)(4)(z)(i), (i) only to the extent not otherwise added back
to Consolidated Net Income, depreciation and amortization expense to the extent
in excess of capital expenditures on property, plant and equipment and (ii)
Consolidated Income Taxes to the extent in excess of cash payments made in
respect of such Consolidated Income Taxes; and

 

(14)     the impact of capitalized, accrued or
accreting or pay-in-kind interest or principal on Subordinated Shareholder
Funding.

 

“Consolidated Secured Leverage Ratio”  means the Consolidated Leverage Ratio,
but (x) calculated by excluding all Indebtedness other than Secured Indebtedness
(except Secured Indebtedness Incurred pursuant to Section 4.05(b)(13) and
secured only by assets in the applicable jurisdiction but, for the avoidance of
doubt, including Indebtedness secured by Liens permitted under clause (21) of
the definition of “Permitted Liens”) and (y) calculating Consolidated EBITDA
for the purposes of such definition as though (i) consolidated depreciation
expense included such expense of the Company and its consolidated subsidiaries
attributable to SSMC and Jilin and (ii) consolidated amortization expense
included such expense of the Company and its consolidated Subsidiaries
attributable to SSMC and Jilin.

 

“Contingent Obligations”  means, with respect to any Person, any
obligation of such Person guaranteeing in any manner, whether directly or
indirectly, any operating lease, dividend or other obligation that does not
constitute Indebtedness (“primary obligations”)  of
any other Person (the “primary obligor”), including any obligation of such Person,
whether or not contingent:

 

(1)       to purchase any such primary obligation
or any property constituting direct or indirect security therefor;

 

(2)       to advance or supply funds:

 

(a)        for the purchase or payment of any such
primary obligation; or

 

(b)       to maintain the working capital or equity
capital of the primary obligor or otherwise to maintain the net worth or
solvency of the primary obligor; or

 

12

 

(3)       to purchase property, securities or
services primarily for the purpose of assuring the owner of any such primary
obligation of the ability of the primary obligor to make payment of such
primary obligation against loss in respect thereof.

 

“Credit Facility”  means, with respect to the Company
or any of its Subsidiaries, one or more debt facilities, indentures or other
arrangements (including the Senior Facilities Agreement or commercial paper
facilities and overdraft facilities) with banks, other financial institutions
or investors providing for revolving credit loans, term loans, notes, receivables
financing (including through the sale of receivables to such institutions or to
special purpose entities formed to borrow from such institutions against such
receivables), letters of credit or other Indebtedness, in each case, as
amended, restated, modified, renewed, refunded, replaced, restructured,
refinanced, repaid, increased or extended in whole or in part from time to time
(and whether in whole or in part and whether or not with the original
administrative agent and lenders or another administrative agent or agents or
other banks or institutions and whether provided under the original Senior
Facilities Agreement or one or more other credit or other agreements,
indentures, financing agreements or otherwise) and in each case including all
agreements, instruments and documents executed and delivered pursuant to or in
connection with the foregoing (including any notes and letters of credit issued
pursuant thereto and any Guarantee and collateral agreement, patent and
trademark security agreement, mortgages or letter of credit applications and
other Guarantees, pledges, agreements, security agreements and collateral
documents). Without limiting the generality of the foregoing, the term “Credit
Facility” shall include any agreement or instrument (1) changing the maturity
of any Indebtedness Incurred thereunder or contemplated thereby, (2) adding
Subsidiaries of the Company as additional borrowers or guarantors thereunder,
(3) increasing the amount of Indebtedness Incurred thereunder or available to be
borrowed thereunder or (4) otherwise altering the terms and conditions thereof.

 

“Crolles”  means the alliance operated by or
to be operated by the Company and its Restricted Subsidiaries (and assets owned
by the Company and its Restricted Subsidiaries that are deployed in such
alliance, and activities undertaken by any of them as part of such alliance,
shall be deemed to be a part of Crolles) and any successor thereto.

 

“Currency Agreement”  means in respect of a Person any
foreign exchange contract, currency swap agreement, currency futures contract,
currency option contract, currency derivative or other similar agreement to
which such Person is a party or beneficiary.

 

“Debtor Relief Laws”  means the Bankruptcy Code of the
United States, and all other liquidation, conservatorship, bankruptcy,
assignment for the benefit of creditors, moratorium, rearrangement,
receivership, insolvency, reorganization, or similar debtor relief laws of the
United States or other applicable jurisdictions from time to time in effect and
affecting the rights of creditors generally (including, in the case of any
Guarantor incorporated or organized in England or Wales, administration,
administrative receivership, voluntary arrangement and schemes of arrangement).

 

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

 

13

 

“Designated Non-Cash Consideration”  means the fair market value (as
determined in good faith by the Company) of non-cash consideration received by
the Company or one of its Restricted Subsidiaries in connection with an Asset
Disposition that is so designated as Designated Non-Cash Consideration pursuant
to an Officer’s Certificate, setting forth the basis of such valuation, less
the amount of cash, Cash Equivalents or Temporary Cash Investments received in
connection with a subsequent payment, redemption, retirement, sale or other
disposition of such Designated Non-Cash Consideration. A particular item of
Designated Non-Cash Consideration will no longer be considered to be
outstanding when and to the extent it has been paid, redeemed or otherwise
retired or sold or otherwise disposed of in compliance with Section 4.09.

 

“Designated Preference Shares”  means, with respect to the Company
or any Parent, Preferred Stock (other than Disqualified Stock) (a) that is
issued for cash (other than to the Company or a Subsidiary of the Company or an
employee stock ownership plan or trust established by the Company or any such
Subsidiary for the benefit of their employees to the extent funded by the
Company or such Subsidiary) and (b) that is designated as “Designated
Preference Shares” pursuant to an Officer’s Certificate of the Company at or
prior to the issuance thereof, the Net Cash Proceeds of which are excluded from
the calculation set forth in Section 4.06(a)(4)(z)(ii).

 

“Disinterested Director”  means, with respect to any
Affiliate Transaction, a member of the Board of Directors of the Company having
no material direct or indirect financial interest in or with respect to such
Affiliate Transaction. A member of the Board of Directors of the Company shall
be deemed not to have such a financial interest by reason of such member’s
holding Capital Stock of the Company or any Parent or any options, warrants or
other rights in respect of such Capital Stock.

 

“Disqualified Stock”  means, with respect to any Person,
any Capital Stock of such Person which by its terms (or by the terms of any
security into which it is convertible or for which it is exchangeable) or upon
the happening of any event:

 

(1)
matures or is mandatorily redeemable for cash or in exchange for Indebtedness
pursuant to a sinking fund obligation or otherwise;

 

(2) is
convertible or exchangeable for Indebtedness or Disqualified Stock (excluding
Capital Stock which is convertible or exchangeable solely at the option of the
Company or a Restricted Subsidiary); or

 

(3) is
or may become (in accordance with its terms) upon the occurrence of certain
events or otherwise redeemable or repurchasable for cash or in exchange for
Indebtedness at the option of the holder of the Capital Stock in whole or in
part,

 

in each case on or prior
to the earlier of (a) the Stated Maturity of the Notes or (b) the date on which
there are no Notes outstanding; provided,
however, that (i) only the portion of Capital Stock which so matures
or is mandatorily redeemable, is so convertible or exchangeable or is so
redeemable at the option of the holder thereof prior to such date will be
deemed to be Disqualified Stock and (ii) any Capital Stock that would
constitute Disqualified Stock solely because the holders thereof have the right
to require the Company to repurchase such Capital Stock upon the

 

14

 

occurrence of a change of
control or asset sale (howsoever defined or referred to) shall not constitute
Disqualified Stock if any such redemption or repurchase obligation is subject
to compliance by the relevant Person with Section 4.06.

 

“DTC”  means The Depository Trust Company
or any successor securities clearing agency.

 

“Enforcement Event”  means (a) the occurrence of a
default, Event of Default or termination event (however described) under any
Note Document or any Senior Finance Document in respect of which notice of
acceleration of amounts outstanding under such Note Document or such Senior
Finance Document has been given by the relevant secured party or (b) amounts
outstanding under such Note Document or such Senior Finance Document have
otherwise become due and payable prior to the scheduled maturity thereof (but
not, in the case of this clause (b), due to any optional redemption or to a
Change of Control or Asset Disposition).

 

“Equity Offering”  means (x) a sale of Capital Stock of the
Company (other than Disqualified Stock) other than offerings registered on Form
S-8 (or any successor form) under the Securities Act or any similar offering in
other jurisdictions, or (y) the sale of Capital Stock or other securities, the
proceeds of which are contributed to the equity (other than through the
issuance of Disqualified Stock or Designated Preference Shares or through an
Excluded Contribution) of the Company or any of its Restricted Subsidiaries.

 

“Escrowed Proceeds”  means the proceeds from the
offering of any debt securities or other Indebtedness paid into an escrow
account with an independent escrow agent on the date of the applicable offering
or Incurrence pursuant to escrow arrangements that permit the release of
amounts on deposit in such escrow account upon satisfaction of certain
conditions or the occurrence of certain events. The term “Escrowed
Proceeds”  shall
include any interest earned on the amounts held in escrow.

 

“Euroclear”  means Euroclear Bank S.A./N.V., as
operator of the Euroclear Clearance System as currently in effect or any
successor securities clearing agency.

 

“Euro Equivalent”  means, with respect to any
monetary amount in a currency other than euro, at any time of determination
thereof by the Company or the Trustee, the amount of euro obtained by
converting such currency other than euro involved in such computation into euro
at the spot rate for the purchase of euro with the applicable currency other
than euro as published in The Financial Times in the “Currency Rates” section
(or, if The Financial Times is no longer published, or if such information is
no longer available in The Financial Times, such source as may be selected in
good faith by the Company) on the date of such determination.

 

“European Government Obligations”  means any security that is (1) a
direct obligation of Ireland, Belgium, the Netherlands, France, Germany or any
country that is a member of the European Monetary Union on the date of this
Indenture, for the payment of which the full faith and credit of such country
is pledged or (2) an obligation of a person controlled or supervised by and
acting as an agency or instrumentality of any such country the payment of which
is unconditionally Guaranteed as a full faith and credit obligation by such
country, which, in either case under the preceding clause (1) or (2), is not
callable or redeemable at the option of the Company thereof.

 

15

 

“Exchange Act”  means the U.S. Securities Exchange Act of 1934, as amended,
and the rules and regulations of the SEC promulgated thereunder, as amended.

 

“Exchange Notes”  means the Notes of the Issuers issued pursuant to this
Indenture in exchange for, and in an aggregate principal amount equal to, the
Initial Notes in compliance with the terms of a Registration Rights Agreement
and containing terms substantially identical to the Initial Notes (except that
(i) such Exchange Notes will be registered under the Securities Act and will
not be subject to transfer restrictions or bear the Restricted Notes Legend,
and (ii) the provisions relating to Additional Interest will be eliminated).

 

“Exchange Offer”  means an offer by the Company to the Holders of the Initial
Notes to exchange outstanding Notes for Exchange Notes, as provided for in a
Registration Rights Agreement.

 

“Exchange Offer Registration Statement”  means the Exchange Offer Registration
Statement as defined in a Registration Rights Agreement.

 

“Excluded Contribution”  means Net Cash Proceeds or property or
assets received by the Company as capital contributions to the equity (other
than through the issuance of Disqualified Stock or Designated Preference
Shares) of the Company after the Issue Date or from the issuance or sale (other
than to a Restricted Subsidiary or an employee stock ownership plan or trust
established by the Company or any Subsidiary of the Company for the benefit of
its employees to the extent funded by the Company or any Restricted Subsidiary)
of Capital Stock (other than Disqualified Stock or Designated Preference
Shares) of the Company, in each case, to the extent designated as an Excluded
Contribution pursuant to an Officer’s Certificate of the Company.

 

“fair market value”  may be conclusively established by means
of an Officer’s Certificate or a resolution of the Board of Directors of the
Company setting out such fair market value as determined by such Officer or
such Board of Directors in good faith.

 

“Fixed Charge Coverage Ratio”  means, with respect to any Person on any
determination date, the ratio of Consolidated EBITDA of such Person for the
most recent four consecutive fiscal quarters ending immediately prior to such
determination date for which internal consolidated financial statements are
available to the Fixed Charges of such Person for four consecutive fiscal
quarters. In the event that the Company or any Restricted Subsidiary incurs,
assumes, guarantees, redeems, defeases, retires or extinguishes any
Indebtedness (other than Indebtedness incurred under any revolving credit
facility unless such Indebtedness has been permanently repaid and has not been
replaced) or issues or redeems Disqualified Stock or Preferred Stock subsequent
to the commencement of the period for which the Fixed Charge Coverage Ratio is
being calculated but prior to or simultaneously with the event for which the
calculation of the Fixed Charge Coverage Ratio is made (the “Fixed Charge Coverage Ratio Calculation Date”), then
the Fixed Charge Coverage Ratio shall be calculated giving pro forma effect to
such Incurrence, assumption, guarantee, redemption, defeasance, retirement or
extinguishment of Indebtedness, or such issuance or redemption of Disqualified
Stock or Preferred Stock, as if the same had occurred at the beginning of the
applicable four-quarter period.

 

16

 

For purposes of
making the computation referred to above, any Investment, acquisitions,
dispositions, mergers, consolidations and disposed operations that have been
made by the Company or any of its Restricted Subsidiaries, including the
Transactions, during the four-quarter reference period or subsequent to such
reference period and on or prior to or simultaneously with the Fixed Charge
Coverage Ratio Calculation Date shall be calculated on a pro forma basis
assuming that all such Investments, acquisitions, dispositions, mergers,
consolidations and disposed or discontinued operations (and the change in any
associated fixed charge obligations and the change in Consolidated EBITDA
resulting therefrom) had occurred on the first day of the four-quarter
reference period. If since the beginning of such period any Person that
subsequently became a Restricted Subsidiary or was merged with or into the
Company or any of its  Restricted
subsidiaries since the beginning of such period shall have made any Investment,
acquisition, disposition, merger, consolidation or disposed or discontinued
operation that would have required adjustment pursuant to this definition, then
the Fixed Charge Coverage Ratio shall be calculated giving pro forma effect
thereto for such period as if such Investment, acquisition, disposition,
merger, consolidation or disposed operation had occurred at the beginning of
the applicable four-quarter period.

 

For purposes of
this definition, whenever pro forma effect is to be given to a transaction, the
pro forma calculations shall be made in good faith by a responsible financial
or chief accounting officer of the Company (including cost savings and
synergies). If any Indebtedness bears a floating rate of interest and is being
given pro forma effect, the interest on such Indebtedness shall be calculated
as if the rate in effect on the Fixed Charge Coverage Ratio Calculation Date
had been the applicable rate for the entire period (taking into account any
Hedging Obligations applicable to such Indebtedness). Interest on a Capitalized
Lease Obligation shall be deemed to accrue at an interest rate reasonably
determined by a responsible financial or accounting officer of the Company to
be the rate of interest implicit in such Capitalized Lease Operation in
accordance with GAAP. For purposes of making the computation referred to above,
interest on any Indebtedness under a revolving credit facility computed with a
pro forma basis shall be computed based upon the average daily balance of such
Indebtedness during the applicable period except as set forth in the first
paragraph of this definition. Interest on Indebtedness that may optionally be
determined at an interest rate based upon a factor of a prime or similar rate,
a eurocurrency interbank offered rate, or other rate, shall be determined to
have been based upon the rate actually chosen, or if none, then based upon such
optional rate chosen as the Company may designate.

 

“Fixed Charges”  means, with respect to any Person for any period, the sum
of:

 

(1)       Consolidated Interest Expense of such
Person for such Period;

 

(2)       all cash dividends or other distributions
paid (excluding items eliminated in consolidation) on any series of Preferred
Stock during such period; and

 

(3)       all cash dividends or other distributions
paid (excluding items eliminated in consolidation) on any series of
Disqualified Stock during this period.

 

“GAAP” means generally accepted accounting
principles in the United States of America as in effect on the date of any
calculation or determination required hereunder. Except as otherwise

 

17

 

set forth in this
Indenture, all ratios and calculations based on GAAP contained in this
Indenture shall be computed in accordance with GAAP. At any time after the
Issue Date, the Company may elect to establish that GAAP shall mean the GAAP as
in effect on or prior to the date of such election, provided that any such election, once made, shall be
irrevocable. The Company shall give notice of either such election to the
Trustee and the Holders.

 

“Government Obligations”  means the European Government Obligations
and/or the U.S. Government Obligations, as appropriate.

 

“Governmental Authority”  means any nation, sovereign or
government, any state, province, territory or other political subdivision
thereof, and any entity or authority exercising executive, legislative,
judicial, regulatory, self-regulatory or administrative functions of or
pertaining to government, including a central bank or stock exchange.

 

“Guarantee”
means any obligation, contingent or otherwise, of any Person
directly or indirectly guaranteeing any Indebtedness of any other Person,
including any such obligation, direct or indirect, contingent or otherwise, of
such Person:

 

(1)       to purchase or pay (or advance or supply
funds for the purchase or payment of) such Indebtedness of such other Person
(whether arising by virtue of partnership arrangements, or by agreements to
keep-well, to purchase assets, goods, securities or services, to take-or-pay or
to maintain financial statement conditions or otherwise); or

 

(2)       entered into primarily for purposes of
assuring in any other manner the obligee of such Indebtedness of the payment
thereof or to protect such obligee against loss in respect thereof (in whole or
in part);

 

provided,
however, that the term “Guarantee”  will not include endorsements for
collection or deposit in the ordinary course of business. The term “Guarantee”
used as a verb has a corresponding meaning.

 

“Guarantor”
means any Restricted Subsidiary that Guarantees the Notes.

 

“Hedging Obligations”  of any Person means the obligations of
such Person pursuant to any Interest Rate Agreement, Currency Agreement or
Commodity Hedging Agreement (each, a “Hedging
Agreement”).

 

“Holder”
means each Person in whose name the Notes are registered on the
Registrar’s books, which shall initially be the respective nominee of DTC,
Euroclear or Clearstream, as applicable.

 

“Holdings”
means KASLION Acquisition B.V. and its successors and assigns.

 

“Immaterial Subsidiary”  means any Restricted Subsidiary that (i)
has not guaranteed any other Indebtedness of either Issuer and (ii) has Total
Assets (as determined in accordance with GAAP) and Consolidated EBITDA of less
than 2.5% (in the case of any Subsidiary organized in France existing on the
Issue Date, 3.5%) of the Company’s Total Assets and Consolidated

 

18

 

EBITDA (measured, in the
case of Total Assets, at the end of the most recent fiscal period for which
internal financial statements are available and, in the case of Consolidated
EBITDA, for the four quarters ended most recently for which internal financial
statements are available, in each case measured on a pro forma basis giving
effect to any acquisitions or dispositions of companies, division or lines of
business since such balance sheet date or the start of such four quarter
period, as applicable, and on or prior to the date of acquisition of such
subsidiary.

 

“Incur”  means
issue, create, assume, enter into any Guarantee of, incur, extend or otherwise
become liable for; provided, however, that
any Indebtedness or Capital Stock of a Person existing at the time such Person
becomes a Restricted Subsidiary (whether by merger, consolidation, acquisition
or otherwise) will be deemed to be Incurred by such Restricted Subsidiary at
the time it becomes a Restricted Subsidiary and the terms “Incurred” and “Incurrence”  have meanings correlative to the foregoing and any
Indebtedness pursuant to any revolving credit or similar facility shall only be
“Incurred”  at the time any funds are borrowed
thereunder.

 

“Indebtedness”  means, with respect to any Person on any date of
determination (without duplication):

 

(1)       the
principal of indebtedness of such Person for borrowed money;

 

(2)       the
principal of obligations of such Person evidenced by bonds, debentures, notes
or other similar instruments;

 

(3)       all
reimbursement obligations of such Person in respect of letters of credit,
bankers’ acceptances or other similar instruments (the amount of such
obligations being equal at any time to the aggregate then undrawn and unexpired
amount of such letters of credit or other instruments plus the aggregate amount
of drawings thereunder that have not been reimbursed) (except to the extent
such reimbursement obligations relate to trade payables and such obligations
are satisfied within 30 days of Incurrence);

 

(4)       the
principal component of all obligations of such Person to pay the deferred and
unpaid purchase price of property (except trade payables), which purchase price
is due more than one year after the date of placing such property in service or
taking final delivery and title thereto;

 

(5)       Capitalized
Lease Obligations of such Person;

 

(6)       the
principal component of all obligations, or liquidation preference, of such
Person with respect to any Disqualified Stock or, with respect to any
Restricted Subsidiary, any Preferred Stock (but excluding, in each case, any
accrued dividends);

 

(7)       the
principal component of all Indebtedness of other Persons secured by a Lien on
any asset of such Person, whether or not such Indebtedness is assumed by such
Person; provided, however, that the amount of such Indebtedness will be the
lesser of (a) the fair market value of such asset at such date of determination
(as determined in good faith by the Company) and (b) the amount of such
Indebtedness of such other Persons;

 

19

 

(8)       Guarantees
by such Person of the principal component of Indebtedness of other Persons to
the extent Guaranteed by such Person; and

 

(9)       to the
extent not otherwise included in this definition, net obligations of such
Person under Currency Agreements and Interest Rate Agreements (the amount of
any such obligations to be equal at any time to the termination value of such
agreement or arrangement giving rise to such obligation that would be payable
by such Person at such time).

 

The term “Indebtedness” shall not include Subordinated Shareholder
Funding or any lease, concession or license of property (or Guarantee thereof)
which would be considered an operating lease under GAAP as in effect on the
Issue Date, any prepayments of deposits received from clients or customers in
the ordinary course of business, or obligations under any license, permit or other
approval (or Guarantees given in respect of such obligations) Incurred prior to
the Issue Date or in the ordinary course of business.

 

The amount of Indebtedness of any Person at any time in the case of a
revolving credit or similar facility shall be the total amounts of funds
borrowed and then outstanding. The amount of Indebtedness of any Person at any
date shall be determined as set forth above or otherwise provided in this
Indenture, and (other than with respect to letters of credit or Guarantees or
Indebtedness specified in clause (7) or (8) above) shall equal the amount
thereof that would appear on a balance sheet of such Person (excluding any
notes thereto) prepared on the basis of GAAP.

 

Notwithstanding the above provisions, in no event shall the following
constitute Indebtedness:

 

(i)        Contingent
Obligations Incurred in the ordinary course of business;

 

(ii)       in
connection with the purchase by the Company or any Restricted Subsidiary of any
business, any post-closing payment adjustments to which the seller may become
entitled to the extent such payment is determined by a final closing balance
sheet or such payment depends on the performance of such business after the
closing; provided, however, that,
at the time of closing, the amount of any such payment is not determinable and,
to the extent such payment thereafter becomes fixed and determined, the amount
is paid within 30 days thereafter, or

 

(iii)      for
the avoidance of doubt, any obligations in respect of workers’ compensation
claims, early retirement or termination obligations, pension fund obligations
or contributions or similar claims, obligations or contributions or social
security or wage Taxes.

 

“Independent Financial Advisor”  means an investment banking or accounting
firm of international standing or any third party appraiser of international
standing; provided, however, that
such firm or appraiser is not an Affiliate of the Company.

 

“Initial Investors”  means:

 

20

 

(1)       KKR
European Fund II, Limited Partnership, Bain Capital Fund IX, L.P., Bain Capital
Fund VIII-E, L.P., Silver Lake Partners II Cayman, L.P., Apax Europe V-A, L.P.,
Apax Europe VI-A, L.P., AlpInvest Partners CS Investments 2006 C.V. and funds
or partnerships related, managed or advised by any of them or any Affiliate of
them; and

 

(2)       Koninklijke Philips
Electronics N.V. and its Subsidiaries.

 

“Initial Public Offering” means
an Equity Offering of common stock or other common equity interests of the
Company or any Parent or any successor of the Company or any Parent (the “IPO
Entity”) following which there is a Public Market and, as a result of which,
the shares of common stock or other common equity interests of the IPO Entity
in such offering are listed on an internationally recognized exchange or traded
on an internationally recognized market.

 

“Interest Rate Agreement”  means with respect to any Person any
interest rate protection agreement, interest rate future agreement, interest
rate option agreement, interest rate swap agreement, interest rate cap
agreement, interest rate collar agreement, interest rate hedge agreement or
other similar agreement or arrangement to which such Person is party or a
beneficiary.

 

“Investment”  means, with respect to any Person, all
investments by such Person in other Persons (including Affiliates) in the form
of any direct or indirect advance, loan or other extensions of credit (other
than advances or extensions of credit to customers, suppliers, directors,
officers or employees of any Person in the ordinary course of business, and
excluding any debt or extension of credit represented by a bank deposit other
than a time deposit) or capital contribution to (by means of any transfer of
cash or other property to others or any payment for property or services for
the account or use of others), or the Incurrence of a Guarantee of any
obligation of, or any purchase or acquisition of Capital Stock, Indebtedness or
other similar instruments issued by, such other Persons and all other items
that are or would be classified as investments on a balance sheet prepared on
the basis of GAAP; provided, however, that endorsements of negotiable
instruments and documents in the ordinary course of business will not be deemed
to be an Investment. If the Company or any Restricted Subsidiary issues, sells
or otherwise disposes of any Capital Stock of a Person that is a Restricted
Subsidiary such that, after giving effect thereto, such Person is no longer a
Restricted Subsidiary, any Investment by the Company or any Restricted Subsidiary
in such Person remaining after giving effect thereto will be deemed to be a new
Investment at such time.

 

For
purposes of Section 4.06:

 

(1)       “Investment”  will include the portion (proportionate to the Company’s
equity interest in a Restricted Subsidiary to be designated as an Unrestricted
Subsidiary) of the fair market value of the net assets of such Restricted
Subsidiary of the Company at the time that such Restricted Subsidiary is
designated an Unrestricted Subsidiary; provided,
however, that upon a redesignation of such Subsidiary as a
Restricted Subsidiary, the Company will be deemed to continue to have a
permanent “Investment” in an
Unrestricted Subsidiary in an amount (if positive) equal to (a) the Company’s “Investment”  in such Subsidiary at the time of such redesignation less
(b) the portion (proportionate to the Company’s equity interest in such
Subsidiary) of the fair market value of the net assets (as conclusively
determined by the Board of Directors of the Company in

 

21

 

good
faith) of such Subsidiary at the time that such Subsidiary is so re-designated
a Restricted Subsidiary; and

 

(2)       any
property transferred to or from an Unrestricted Subsidiary will be valued at
its fair market value at the time of such transfer, in each case as determined
in good faith by the Board of Directors of the Company.

 

The amount of any Investment outstanding at any time shall be the
original cost of such Investment, reduced (at the Company’s option) by any
dividend, distribution, interest payment, return of capital, repayment or other
amount or value received in respect of such Investment.

 

“Investment Grade”  means (i) “BBB-” or higher by S&P;
(ii) “Baa3” or higher by Moody’s, or (iii) the equivalent of such ratings by
S&P or Moody’s, or of another Nationally Recognized Statistical Ratings
Organization.

 

“Investment Grade Securities”  means:

 

(1)       securities
issued or directly and fully Guaranteed or insured by the United States or
Canadian government or any agency or instrumentality thereof (other than Cash
Equivalents);

 

(2)       securities
issued or directly and fully guaranteed or insured by a member of the European
Union, or any agency or instrumentality thereof (other than Cash Equivalents);

 

(3)       debt
securities or debt instruments with a rating of “A—” or higher from S&P or
“A3” or higher by Moody’s or the equivalent of such rating by such rating
organization or, if no rating of Moody’s or S&P then exists, the equivalent
of such rating by any other Nationally Recognized Statistical Ratings
Organization, but excluding any debt securities or instruments constituting
loans or advances among the Company and its Subsidiaries; and

 

(4)       investments
in any fund that invests exclusively in investments of the type described in clauses
(1), (2) and (3) above which fund may also hold cash and Cash Equivalents
pending investment or distribution.

 

“Investment Grade Status”  shall occur in respect of a series of
Notes when such series of the Notes receives both of the following:

 

(1)       a rating of “BBB–” or higher from
S&P; and

 

(2)       a rating of “Baa3” or higher from
Moody’s;

 

or
the equivalent of such rating by either such rating organization or, if no
rating of Moody’s or S&P then exists, the equivalent of such rating by any
other Nationally Recognized Statistical Ratings Organization.

 

22

 

“IPO Market Capitalization”  means an amount equal to (i) the total
number of issued and outstanding shares of common stock or common equity
interests of the IPO Entity at the time of closing of the Initial Public
Offering multiplied by (ii) the price per share at which such shares of common
stock or common equity interests are sold in such Initial Public Offering.

 

“Issue
Date”  means October 12, 2006.

 

“Jilin”  means Philips Jilin Semiconductor Company or any successor entity or
business thereto.

 

“Lien”  means
any mortgage, pledge, security interest, encumbrance, lien or charge of any
kind (including any conditional sale or other title retention agreement or
lease in the nature thereof).

 

“Management Advances”  means loans or advances made to, or
Guarantees with respect to loans or advances made to, directors, officers,
employees or consultants of any Parent, the Company or any Restricted
Subsidiary:

 

(1)       (a) in
respect of travel, entertainment or moving related expenses Incurred in the
ordinary course of business or (b) for purposes of funding any such person’s
purchase of Capital Stock or Subordinated Shareholder Funding (or similar
obligations) of the Company, its Subsidiaries or any Parent with (in the case
of this sub-clause (b)) the approval of the Board of Directors;

 

(2)       in
respect of moving related expenses Incurred in connection with any closing or
consolidation of any facility or office; or

 

(3)       not exceeding
€5.0 million in the aggregate outstanding at any time.

 

“Management Investors”  means the officers, directors, employees
and other members of the management of or consultants to any Parent, the
Company or any of their respective Subsidiaries, or spouses, family members or
relatives thereof, or any trust, partnership or other entity for the benefit of
or the beneficial owner of which (directly or indirectly) is any of the
foregoing, or any of their heirs, executors, successors and legal representatives,
who at any date beneficially own or have the right to acquire, directly or
indirectly, Capital Stock of the Company, any Restricted Subsidiary or any
Parent.

 

“Market Capitalization”  means an amount equal to (i) the total
number of issued and outstanding shares of common stock or common equity
interests of the IPO Entity on the date of the declaration of the relevant
dividend multiplied by (ii) the arithmetic mean of the closing prices per share
of such common stock or common equity interests for the 30 consecutive trading
days immediately preceding the date of declaration of such dividend.

 

“Moody’s”  means Moody’s Investors Service, Inc. or
any of its successors or assigns that is a Nationally Recognized Statistical
Rating Organization.

 

“Nationally Recognized Statistical
Rating Organization”  means
a nationally recognized statistical rating organization within the meaning of
Rule 436 under the Securities Act.

 

23

 

“Net Available Cash”  from an Asset Disposition means cash
payments received (including any cash payments received by way of deferred
payment of principal pursuant to a note or installment receivable or otherwise
and net proceeds from the sale or other disposition of any securities received
as consideration, but only as and when received, but excluding any other
consideration received in the form of assumption by the acquiring person of
Indebtedness or other obligations relating to the properties or assets that are
the subject of such Asset Disposition or received in any other non-cash form)
therefrom, in each case net of:

 

(1)       all legal, accounting, investment
banking, title and recording tax expenses, commissions and other fees and
expenses Incurred, and all Taxes paid or required to be paid or accrued as a
liability under GAAP (after taking into account any available tax credits or
deductions and any tax sharing agreements), as a consequence of such Asset
Disposition;

 

(2)       all payments made on any Indebtedness
which is secured by any assets subject to such Asset Disposition, in accordance
with the terms of any Lien upon such assets, or which by applicable law be
repaid out of the proceeds from such Asset Disposition;

 

(3)       all distributions and other payments
required to be made to minority interest holders (other than any Parent, the
Company or any of their respective Subsidiaries) in Subsidiaries or joint
ventures as a result of such Asset Disposition; and

 

(4)       the deduction of appropriate amounts
required to be provided by the seller as a reserve, on the basis of GAAP,
against any liabilities associated with the assets disposed of in such Asset
Disposition and retained by the Company or any Restricted Subsidiary after such
Asset Disposition.

 

“Net Cash Proceeds,”  with respect to any issuance or sale of
Capital Stock or Subordinated Shareholder Funding, means the cash proceeds of
such issuance or sale net of attorneys’ fees, accountants’ fees, underwriters’
or placement agents’ fees, listing fees, discounts or commissions and
brokerage, consultant and other fees and charges actually Incurred in
connection with such issuance or sale and net of taxes paid or payable as a
result of such issuance or sale (after taking into account any available tax
credit or deductions and any tax sharing arrangements).

 

“Note Documents”  means the Notes (including Additional Notes), the Security
Documents and this Indenture.

 

“Note Guarantee”  has the meaning given to such term in Section 10.01.

 

“Offering Memorandum”  means the offering memorandum of the
Issuers dated as of October 5, 2006 in connection with the offering and sale of
the Notes.

 

“Officer”
means, with respect to any Person, (1) the Chairman of the Board of
Directors, the Chief Executive Officer, the President, the Chief Financial
Officer, any Vice President, the Treasurer, any Managing Director or the
Secretary (a) of such Person or (b) if such Person is owned or managed by a
single entity, of such entity, or (2) any other individual designated as an
“Officer” for the purposes of this Indenture by the Board of Directors of such
Person.

 

24

 

“Officer’s
Certificate”  means,
with respect to any Person, a certificate signed by one Officer of such Person.

 

“Opinion of Counsel”  means a written opinion from legal
counsel reasonably satisfactory to the Trustee. The counsel may be an employee
of or counsel to the Company or its Subsidiaries.

 

“Parent”
means any Person of which the Company at any time is or becomes a
Subsidiary after the Issue Date and any holding companies established by any
Permitted Holder for purposes of holding its investment in any Parent.

 

“Parent Expenses”  means:

 

(1)       costs (including all professional fees
and expenses) Incurred by any Parent in connection with reporting obligations
under or otherwise Incurred in connection with compliance with applicable laws,
rules or regulations of any governmental, regulatory or self-regulatory body or
stock exchange, this Indenture or any other agreement or instrument relating to
Indebtedness of the Company or any Restricted Subsidiary, including in respect
of any reports filed with respect to the Securities Act, Exchange Act or the
respective rules and regulations promulgated thereunder;

 

(2)       customary indemnification obligations of
any Parent owing to directors, officers, employees or other Persons under its
charter or by-laws or pursuant to written agreements with any such Person to
the extent relating to the Company and its Subsidiaries;

 

(3)       obligations of any Parent in respect of
director and officer insurance (including premiums therefor) to the extent
relating to the Company and its Subsidiaries;

 

(4)       fees and expenses payable by any Parent
in connection with the Transactions;

 

(5)       general corporate overhead expenses,
including (a) professional fees and expenses and other operational expenses of
any Parent related to the ownership or operation of the business of the Company
or any of its Restricted Subsidiaries or (b) costs and expenses with respect to
any litigation or other dispute relating to the Transactions;

 

(6)       other fees, expenses and costs relating
directly or indirectly to activities of the Company and its Subsidiaries in an
amount not to exceed €5 million in any fiscal year; and

 

(7)       expenses Incurred by any Parent in
connection with any public offering or other sale of Capital Stock or
Indebtedness:

 

(x)        where the net proceeds of such offering
or sale are intended to be received by or contributed to the Company or a
Restricted Subsidiary,

 

(y)       in a pro-rated amount of such expenses in
proportion to the amount of such net proceeds intended to be so received or
contributed, or

 

25

 

(z)        otherwise
on an interim basis prior to completion of such offering so long as any Parent
shall cause the amount of such expenses to be repaid to the Company or the
relevant Restricted Subsidiary out of the proceeds of such offering promptly if
completed.

 

“Pari Passu Indebtedness”  means Indebtedness of the Company (other
than Indebtedness of the Company pursuant to the Senior Facilities Agreement)
or any Guarantor if such Guarantee ranks equally in right of payment to the
Guarantees of the Notes which, in each case, is secured by Liens on assets of
the Company.

 

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

 

“Permitted Asset Swap”  means the concurrent purchase and sale or
exchange of assets used or useful in a Similar Business or a combination of
such assets and cash, Cash Equivalents or Temporary Cash Investments between
the Company or any of its Restricted Subsidiaries and another Person; provided
that any cash or Cash Equivalents received in excess of the value of any cash
or Cash Equivalents sold or exchanged must be applied in accordance with
Section 4.09.

 

“Permitted Collateral Liens”  means (x) Liens on the Collateral (i) arising
by operation of law that are described in one or more of clauses (3), (4) and
(9) of the definition of “Permitted Liens” and that, in each case, would not
materially interfere with the ability of the Collateral Agent to enforce the
Lien on the Collateral or (ii) that are Liens over cash and bank accounts
equally and ratably granted to cash management banks securing cash management
obligations, (y) Liens on the Collateral to secure Indebtedness of the Company
or a Restricted Subsidiary that is permitted to be Incurred under Sections
4.05(b)(1), 4.05(b)(2) (in the case of Section 4.05(b)(2), to the extent such
Guarantee is in respect of Indebtedness otherwise permitted to be secured and
specified in this definition of Permitted Collateral Liens), Section
4.05(b)(4)(a) and (c) (if the original Indebtedness was so secured), Section
4.05(b)(6), 4.05(b)(11) or 4.05(b)(13) (secured only by assets in the
applicable jurisdiction) and any Refinancing Indebtedness in respect of such
Indebtedness; provided, however, that
such Lien ranks (a) equal to all other Liens on such Collateral securing
Indebtedness of the Company or such Restricted Subsidiary, as applicable
(except that a Lien in favor of Indebtedness incurred under Section 4.05(b)(1)
and obligations under Hedging Agreements provided by the lenders under the
Senior Facilities Agreement or their affiliates may have super priority not
materially less favorable to the Holders than that accorded to the Senior
Facilities Agreement on the Issue Date) and (z) Liens on the Collateral
securing Indebtedness incurred under Sections 4.05(a) and 4.05(b)(12); provided
that, in the case of this clause (z), after giving effect to such incurrence on
that date, the Consolidated Secured Leverage Ratio is less than 3.25:1.

 

“Permitted Holders”  means, collectively, (1) the Initial
Investors and any one or more Persons whose beneficial ownership constitutes or
results in a Change of Control in respect of which a Change of Control Offer is
made in accordance with the requirements of this Indenture, (2) Senior
Management and (3) any Person who is acting as an underwriter in connection
with a public or private offering of Capital Stock of any Parent or the
Company, acting in such capacity.

 

26

 

“Permitted Investment”  means (in each case, by the Company or
any of its Restricted Subsidiaries):

 

(1)       Investments in (a) a Restricted
Subsidiary (including the Capital Stock of a Restricted Subsidiary) or the
Company or (b) a Person (including the Capital Stock of any such Person) that
is engaged in any Similar Business and such Person will, upon the making of
such Investment, become a Restricted Subsidiary;

 

(2)       Investments in another Person if such
Person is engaged in any Similar Business and as a result of such Investment
such other Person is merged, consolidated or otherwise combined with or into,
or transfers or conveys all or substantially all its assets to, the Company or
a Restricted Subsidiary;

 

(3)       Investments in cash, Cash Equivalents, Temporary
Cash Investments or Investment Grade Securities;

 

(4)       Investments in receivables owing to the
Company or any Restricted Subsidiary created or acquired in the ordinary course
of business;

 

(5)       Investments in payroll, travel and
similar advances to cover matters that are expected at the time of such
advances ultimately to be treated as expenses for accounting purposes and that
are made in the ordinary course of business;

 

(6)       Management Advances;

 

(7)       Investments in Capital Stock, obligations
or securities received in settlement of debts created in the ordinary course of
business and owing to the Company or any Restricted Subsidiary, or as a result
of foreclosure, perfection or enforcement of any Lien, or in satisfaction of
judgments or pursuant to any plan of reorganization or similar arrangement
including upon the bankruptcy or insolvency of a debtor;

 

(8)       Investments made as a result of the
receipt of non-cash consideration from a sale or other disposition of property
or assets, including an Asset Disposition (but excluding a Permitted Asset
Swap), in each case, that was made in compliance with Section 4.09;

 

(9)       Investments in existence on, or made
pursuant to legally binding commitments in existence on, the Issue Date and
including the committed investment in PSSL (not exceeding €5 million);

 

(10)     Currency Agreements, Interest Rate
Agreements, Commodity Hedging Agreements and related Hedging Obligations, which
transactions or obligations are Incurred in compliance with Section 4.05;

 

(11)     Investments, taken together with all other
Investments made pursuant to this clause (11) and at any time outstanding, in
an aggregate amount at the time of such Investment not to exceed €300 million; provided that, if an Investment is made
pursuant to this clause in a Person that is not a Restricted Subsidiary and
such Person

 

27

 

subsequently becomes a
Restricted Subsidiary or is subsequently designated a Restricted Subsidiary
pursuant to Section 4.06, such Investment shall thereafter be deemed to have
been made pursuant to clause (1) or (2) of the definition of “Permitted
Investments” and not this clause;

 

(12)     pledges or deposits with respect to leases
or utilities provided to third parties in the ordinary course of business or
Liens otherwise described in the definition of “Permitted Liens” or made in
connection with Liens permitted under Section 4.07;

 

(13)     any Investment to the extent made using
Capital Stock of the Company (other than Disqualified Stock) or Capital Stock
of any Parent as consideration;

 

(14)     any transaction to the extent constituting
an Investment that is permitted and made in accordance with the provisions of
Section 4.10(b) (except those described in Section 4.10(b)(l), 4.10(b)(3),
4.10(b)(6), 4.10(b)(8), 4.10(b)(9) or 4.10(b)(12));

 

(15)     Investments consisting of purchases and
acquisitions of inventory, supplies, materials and equipment or licenses or
leases of intellectual property, in any case, in the ordinary course of
business and in accordance with this Indenture;

 

(16)     Guarantees not prohibited by Section 4.05
and (other than with respect to Indebtedness) guarantees, keepwells and similar
arrangements in the ordinary course of business.

 

(17)     Investments (a) in SSMC to increase the
Company’s percentage ownership thereof; provided
that, after giving effect to such Investment, the Company is able to
incur €1.00 of Indebtedness under Section 4.05(a) or (b) in SSMC or any other
Person partially financed by a Singapore government agency (or another project
finance with a local or multilateral Governmental Authority) in an aggregate
amount under this clause (b) not to exceed €300.0 million;

 

(18)     Loans to Jilin on terms consistent with
past practices between Jilin and Philips, not to exceed €25 million at any one
time outstanding; and

 

(19)     Investments in Crolles (or, in the event
that Crolles is not continued, a similar research and development program) to
fund research and development activities and maintenance capital expenditures
in an aggregate amount not to exceed €190.0 million in the first two years
after the Issue Date and €50 million per annum thereafter (with a carry over of
unused amounts).

 

“Permitted Liens”  means, with respect to any Person:

 

(1)       Liens on assets or property of a
Restricted Subsidiary that is not a Guarantor securing Indebtedness of any
Restricted Subsidiary that is not a Guarantor;

 

28

 

(2)       pledges, deposits or Liens under
workmen’s compensation laws, unemployment insurance laws, social security laws
or similar legislation, or insurance related obligations (including pledges or
deposits securing liability to insurance carriers under insurance or
self-insurance arrangements), or in connection with bids, tenders, completion
guarantees, contracts (other than for borrowed money) or leases, or to secure
utilities, licenses, public or statutory obligations, or to secure surety,
indemnity, judgment, appeal or performance bonds, guarantees of government
contracts (or other similar bonds, instruments or obligations), or as security
for contested taxes or import or customs duties or for the payment of rent, or
other obligations of like nature, in each case Incurred in the ordinary course
of business;

 

(3)       Liens imposed by law, including carriers’,
warehousemen’s, mechanics’, landlords’, materialmen’s and repairmen’s or other
like Liens, in each case for sums not yet overdue for a period of more than 60
days or that are bonded or being contested in good faith by appropriate
proceedings;

 

(4)       Liens for taxes, assessments or other
governmental charges not yet delinquent or which are being contested in good
faith by appropriate proceedings; provided that appropriate reserves required
pursuant to GAAP have been made in respect thereof;

 

(5)       Liens in favor of issuers of surety,
performance or other bonds, guarantees or letters of credit or bankers’
acceptances (not issued to support Indebtedness for borrowed money) issued
pursuant to the request of and for the account of the Company or any Restricted
Subsidiary in the ordinary course of its business;

 

(6)       encumbrances, ground leases, easements
(including reciprocal easement agreements), survey exceptions, or reservations
of, or rights of others for, licenses, rights of way, sewers, electric lines, telegraph
and telephone lines and other similar purposes, or zoning, building codes or
other restrictions (including minor defects or irregularities in title and
similar encumbrances) as to the use of real properties or Liens incidental to
the conduct of the business of the Company and its Restricted Subsidiaries or
to the ownership of its properties which do not in the aggregate materially
adversely affect the value of said properties or materially impair their use in
the operation of the business of the Company and its Restricted Subsidiaries;

 

(7)       Liens on assets or property of the
Company or any Restricted Subsidiary securing Hedging Obligations permitted
under this Indenture;

 

(8)       leases, licenses, subleases and
sublicenses of assets (including real property and intellectual property
rights), in each case entered into in the ordinary course of business;

 

(9)       Liens arising out of judgments, decrees,
orders or awards not giving rise to an Event of Default so long as any
appropriate legal proceedings which may have been duly initiated for the review
of such judgment, decree, order or award have not been finally terminated or
the period within which such proceedings may be initiated has not expired;

 

29

 

(10)     Liens on assets or property of the Company
or any Restricted Subsidiary for the purpose of securing Capitalized Lease
Obligations or Purchase Money Obligations, or securing the payment of all or a
part of the purchase price of, or securing other Indebtedness Incurred to
finance or refinance the acquisition, improvement or construction of, assets or
property acquired or constructed in the ordinary course of business; provided that (a) the aggregate principal
amount of Indebtedness secured by such Liens is otherwise permitted to be
Incurred under this Indenture and (b) any such Lien may not extend to any
assets or property of the Company or any Restricted Subsidiary other than
assets or property acquired, improved, constructed or leased with the proceeds
of such Indebtedness and any improvements or accessions to such assets and
property;

 

(11)     Liens arising by virtue of any statutory or
common law provisions relating to banker’s Liens, rights of set-off or similar
rights and remedies as to deposit accounts or other funds maintained with a
depositary or financial institution;

 

(12)     Liens arising from Uniform Commercial Code
financing statement filings (or similar filings in other applicable
jurisdictions) regarding operating leases entered into by the Company and its
Restricted Subsidiaries in the ordinary course of business;

 

(13)     Liens existing on the Issue Date, excluding
Liens securing the Senior Facilities Agreement and the Notes;

 

(14)     Liens on property, other assets or shares
of stock of a Person at the time such Person becomes a Restricted Subsidiary
(or at the time the Company or a Restricted Subsidiary acquires such property,
other assets or shares of stock, including any acquisition by means of a
merger, consolidation or other business combination transaction with or into
the Company or any Restricted Subsidiary); provided, however, that such Liens
are not created, Incurred or assumed in anticipation of or in connection with
such other Person becoming a Restricted Subsidiary (or such acquisition of such
property, other assets or stock); provided,
further, that such Liens are limited to all or part of the same
property, other assets or stock (plus improvements, accession, proceeds or
dividends or distributions in connection with the original property, other assets
or stock) that secured (or, under the written arrangements under which such
Liens arose, could secure) the obligations to which such Liens relate;

 

(15)     Liens on assets or property of the Company
or any Restricted Subsidiary securing Indebtedness or other obligations of the
Company or such Restricted Subsidiary owing to the Company or another
Restricted Subsidiary, or Liens in favor of the Company or any Restricted
Subsidiary;

 

(16)     Liens (other than Permitted Collateral
Liens) securing Refinancing Indebtedness Incurred to refinance Indebtedness
that was previously so secured, and permitted to be secured under this
Indenture; provided that any such
Lien is limited to all or part of the same property or assets (plus
improvements, accessions, proceeds or dividends or distributions in respect
thereof) that secured (or, under the written arrangements under which the
original Lien arose, could secure) the Indebtedness being refinanced or is in

 

30

 

respect of property that
is or could be the security for or subject to a Permitted Lien hereunder;

 

(17)     any interest or title of a lessor under any
Capitalized Lease Obligation or operating lease;

 

(18)     (a) mortgages, liens, security interests,
restrictions, encumbrances or any other matters of record that have been placed
by any government, statutory or regulatory authority, developer, landlord or
other third party on property over which the Company or any Restricted
Subsidiary of the Company has easement rights or on any leased property and
subordination or similar arrangements relating thereto and (b) any condemnation
or eminent domain proceedings affecting any real property;

 

(19)     any encumbrance or restriction (including
put and call arrangements) with respect to Capital Stock of any joint venture
or similar arrangement pursuant to any joint venture or similar agreement;

 

(20)     Liens on property or assets under
construction (and related rights) in favor of a contractor or developer or
arising from progress or partial payments by a third party relating to such
property or assets;

 

(21)     Liens on cash accounts securing
Indebtedness incurred under Section 4.05(b)(11) with local financial
institutions;

 

(22)     Liens on Escrowed Proceeds for the benefit
of the related holders of debt securities or other Indebtedness (or the
underwriters or arrangers thereof) or on cash set aside at the time of the
Incurrence of any Indebtedness or government securities purchased with such
cash, in either case to the extent such cash or government securities prefund
the payment of interest on such Indebtedness and are held in an escrow account
or similar arrangement to be applied for such purpose;

 

(23)     Liens securing or arising by reason of any
netting or set-off arrangement entered into in the ordinary course of banking
or other trading activities, or liens over cash accounts securing cash pooling
arrangements;

 

(24)     Liens arising out of conditional sale,
title retention, hire purchase, consignment or similar arrangements for the
sale of goods entered into in the ordinary course of business;

 

(25)     Liens Incurred in the ordinary course of
business with respect to obligations (other than Indebtedness for borrowed
money) which do not exceed €50 million at any one time outstanding;

 

(26)     Permitted Collateral Liens;

 

(27)     Liens on Capital Stock or other securities
or assets of any Unrestricted Subsidiary that secure Indebtedness of such
Unrestricted Subsidiary; and

 

31

 

(28)     any security granted over the marketable
securities portfolio described in clause (9) of the definition of “Cash
Equivalents” in connection with the disposal thereof to a third party.

 

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

 

“Philips”  means Koninklijke Philips
Electronics N.V.

 

“Preferred Stock,”  as applied to the Capital Stock of
any Person, means Capital Stock of any class or classes (however designated)
which is preferred as to the payment of dividends or as to the distribution of
assets upon any voluntary or involuntary liquidation or dissolution of such
Person, over shares of Capital Stock of any other class of such Person.

 

“PSSL”  means Philips Semiconductors
(Suzhou) Co. Ltd.

 

“Public Market”  means any time after:

 

(1)       an Equity Offering has been consummated;
and

 

(2)       shares of common stock or other common
equity interests of the IPO Entity having a market value in excess of €100
million on the date of such Equity Offering have been distributed pursuant to
such Equity Offering.

 

“Public Offering”  means any offering, including an
Initial Public Offering, of shares of common stock or other common equity
interests that are listed on an exchange or publicly offered (which shall
include an offering pursuant to Rule 144A and/or Regulation S under the
Securities Act to professional market investors or similar persons).

 

“Purchase Money Obligations”  means any Indebtedness Incurred to
finance or refinance the acquisition, leasing, construction or improvement of
property (real or personal) or assets (including Capital Stock), and whether
acquired through the direct acquisition of such property or assets or the
acquisition of the Capital Stock of any Person owning such property or assets,
or otherwise.

 

“Refinance”  means refinance, refund, replace,
renew, repay, modify, restate, defer, substitute, supplement, reissue, resell,
extend or increase (including pursuant to any defeasance or discharge
mechanism) and the terms “refinances,”  “refinanced”  and “refinancing”  as used for any purpose in this
Indenture shall have a correlative meaning.

 

“Refinancing Indebtedness”  means Indebtedness that is
Incurred to refund, refinance, replace, exchange, renew, repay or extend
(including pursuant to any defeasance or discharge mechanism) any Indebtedness
existing on the date of this Indenture or Incurred in compliance with this
Indenture (including Indebtedness of the Company that refinances Indebtedness
of any Restricted Subsidiary and Indebtedness of any Restricted Subsidiary that
refinances Indebtedness of the Company or another Restricted Subsidiary)
including Indebtedness that refinances Refinancing Indebtedness; provided, however,
that:

 

32

 

(1)       if the Indebtedness being refinanced
constitutes Subordinated Indebtedness, the Refinancing Indebtedness has a final
Stated Maturity at the time such Refinancing Indebtedness is Incurred that is
the same as or later than the final Stated Maturity of the Indebtedness being
refinanced or, if shorter, the Notes;

 

(2)       such Refinancing Indebtedness is Incurred
in an aggregate principal amount (or if issued with original issue discount, an
aggregate issue price) that is equal to or less than the sum of the aggregate
principal amount (or if issued with original issue discount, the aggregate
accreted value) then outstanding of the Indebtedness being refinanced (plus,
without duplication, any additional Indebtedness Incurred to pay interest or
premiums required by the instruments governing such existing Indebtedness and
costs, expenses and fees Incurred in connection therewith);

 

(3)       if the Indebtedness being refinanced is
expressly subordinated to the Notes, such Refinancing Indebtedness is
subordinated to the Notes on terms at least as favorable to the Holders as
those contained in the documentation governing the Indebtedness being
refinanced;

 

provided,
however, that Refinancing Indebtedness shall not include
Indebtedness of the Company or a Restricted Subsidiary that refinances
Indebtedness of an Unrestricted Subsidiary.

 

Refinancing
Indebtedness in respect of any Credit Facility or any other Indebtedness may be
Incurred from time to time after the termination, discharge or repayment of any
such Credit Facility or other Indebtedness.

 

“Registration Rights Agreement”  means the registration rights
agreement dated as of the Issue Date among the Issuers, the Guarantors and the
initial purchasers named therein.

 

“Related Person”  with respect to any Permitted
Holder means:

 

(1)       any controlling equityholder or
Subsidiary of such Person; or

 

(2)       in the case of an individual, any spouse,
family member or relative of such individual, any trust or partnership for the
benefit of one or more of such individual and any such spouse, family member or
relative, or the estate, executor, administrator, committee or beneficiaries of
any thereof; or

 

(3)       any trust, corporation, partnership or
other Person for which one or more of the Permitted Holders and other Related
Persons of any thereof constitute the beneficiaries, stockholders, partners or
owners thereof, or Persons beneficially holding in the aggregate a majority (or
more) controlling interest therein; or

 

(4)       in the case of the Initial Investors any
investment fund or vehicle managed, sponsored or advised by such Person or any
successor thereto, or by any Affiliate of such Person or any such successor.

 

“Related Taxes” means:

 

33

 

(1)       any Taxes, including sales,
use, transfer, rental, ad valorem, value
added, stamp, property, consumption, franchise, license, capital, registration,
business, customs, net worth, gross receipts, excise, occupancy, intangibles or
similar Taxes (other than (x) Taxes measured by income and (y) withholding
imposed on payments made by any Parent), required to be paid (provided such
Taxes are in fact paid) by any Parent by virtue of its:

 

(a)        being organized or having
Capital Stock outstanding (but not by virtue of owning stock or other equity
interests of any corporation or other entity other than, directly or
indirectly, the Company or any of the Company’s Subsidiaries);

 

(b)       issuing or holding
Subordinated Shareholder Funding;

 

(c)        being a holding company parent,
directly or indirectly, of the Company or any of the Company’s Subsidiaries;

 

(d)       receiving dividends from or
other distributions in respect of the Capital Stock of, directly or indirectly,
the Company or any of the Company’s Subsidiaries; or

 

(e)        having made any payment in
respect to any of the items for which the Company is permitted to make payments
to any Parent pursuant to Section 4.06; or

 

(2)       if and for so long as the
Company is a member of a group filing a consolidated or combined tax return
with any Parent, any Taxes measured by income for which such Parent is liable
up to an amount not to exceed with respect to such Taxes the amount of any such
Taxes that the Company and its Subsidiaries would have been required to pay on
a separate company basis or on a consolidated basis if the Company and its
Subsidiaries had paid tax on a consolidated, combined, group, affiliated or
unitary basis on behalf of an affiliated group consisting only of the Company
and its Subsidiaries.

 

“Responsible Officer”  means, when used with respect to the
Trustee, any officer within the Corporate Trust Administration of the Trustee
(or any successor group of the Trustee) or any other officer of the Trustee
customarily performing functions similar to those performed by any of the above
designated officers and also means, with respect to a particular corporate
trust matter, any other officer to whom such matter is referred because of such
individual’s knowledge of and familiarity with the particular subject.

 

“Restricted Investment”  means any Investment other than a
Permitted Investment.

 

“Restricted Subsidiary”  means any Subsidiary of the Company other
than an Unrestricted Subsidiary, and for the avoidance of doubt does not
include the Crolles assets as in existence on the Issue Date unless and until
designated otherwise by the Company in a notice to the Trustee.

 

“Reversion Date”  means, after a series of Notes has achieved Investment
Grade Status, the date, if any, that such Notes shall cease to have such
Investment Grade Status.

 

34

 

“S&P”
means Standard & Poor’s Investors Ratings Services or any of its
successors or assigns that is a Nationally Recognized Statistical Rating
Organization.

 

“SEC”  means
the U.S. Securities and Exchange Commission or any successor thereto.

 

“Secured Indebtedness”  means any Indebtedness secured by a Lien.

 

“Securities Act”  means the U.S. Securities Act of 1933, as amended, and the
rules and regulations of the SEC promulgated thereunder, as amended.

 

“Security Documents”  shall mean, collectively, (a) the
Collateral Agency Agreement, (b) each of the documents, agreements and
instruments set forth in Schedule 1.1, and (c) each other security agreement or
other instrument or document executed and delivered pursuant to Sections 4.20,
4.21, 4.22, Article 10 or Article 12 or pursuant to any of the Security
Documents to secure any of the Notes.

 

“Senior Facilities Agreement”  means the €500,000,000 senior secured
revolving credit facility agreement dated on or about September 29, 2006
between the Company, certain of the Company’s Subsidiaries as borrowers and
guarantors, the senior lenders (as named therein), and Morgan Stanley Senior
Funding Inc., as facility agent and collateral agent, as amended, supplemented
or otherwise modified from time to time.

 

“Senior Finance Documents”  means the Senior Facilities Agreement and
such other documents identified as “Senior Finance Documents” pursuant to the
Senior Facilities Agreement.

 

“Senior Management”  means the officers, directors, and other
members of senior management of the Company or any of its Subsidiaries, who at
any date beneficially own or have the right to acquire, directly or indirectly,
Capital Stock of the Company or any Parent and with an equity investment in
excess of €250,000.

 

“Significant Subsidiary”  means any Restricted Subsidiary that
meets any of the following conditions:

 

(1)       the Company’s and its Restricted
Subsidiaries’ investments in and advances to the Restricted Subsidiary exceed
10% of the total assets of the Company and its Restricted Subsidiaries on a
consolidated basis as of the end of the most recently completed fiscal year;

 

(2)       the Company’s and its Restricted
Subsidiaries’ proportionate share of the total assets (after intercompany
eliminations) of the Restricted Subsidiary exceeds 10% of the total assets of
the Company and its Restricted Subsidiaries on a consolidated basis as of the
end of the most recently completed fiscal year; or

 

(3)       the Company’s and its Restricted
Subsidiaries’ equity in the income from continuing operations before income
taxes, extraordinary items and cumulative effect of a change in accounting
principle of the Restricted Subsidiary exceeds 10% of such income of the
Company and its Restricted Subsidiaries on a consolidated basis for the most
recently completed fiscal year.

 

35

 

“Similar Business”  means (a) any businesses, services or
activities engaged in by the Company or any of its Subsidiaries or any Associates
on the Issue Date and (b) any businesses, services and activities engaged in by
the Company or any of its Subsidiaries or any Associates that are related,
complementary, incidental, ancillary or similar to any of the foregoing or are
extensions or developments of any thereof.

 

“SSMC”  means
Systems on Silicon Manufacturing Company Pte. or any successor entity or
business thereto. For purposes of Section 4.06 and the definition of “Asset
Disposition”, references to SSMC shall also refer to any Unrestricted
Subsidiary (x) any Capital Stock or debt of which is owned directly or
indirectly by SSMC or (y) which has received a cash distribution or dividend
from SSMC.

 

“Stated Maturity”  means, with respect to any security, the date specified in
such security as the fixed date on which the payment of principal of such
security is due and payable, including pursuant to any mandatory redemption
provision, but shall not include any contingent obligations to repay, redeem or
repurchase any such principal prior to the date originally scheduled for the
payment thereof.

 

“Subordinated Indebtedness”  means, with respect to any person, any
Indebtedness (whether outstanding on the Issue Date or thereafter Incurred)
which is expressly subordinated in right of payment to the Notes pursuant to a
written agreement.

 

“Subordinated Shareholder Funding”  means, collectively, any funds provided
to the Company by a Parent in exchange for or pursuant to any security,
instrument or agreement other than Capital Stock, in each case issued to and
held by Holdings, together with any such security, instrument or agreement and
any other security or instrument other than Capital Stock issued in payment of
any obligation under any Subordinated Shareholder Funding; provided, however, that such Subordinated
Shareholder Funding:

 

(1)       does not mature or require any
amortization, redemption or other repayment of principal or any sinking fund
payment prior to the first anniversary of the Stated Maturity of the Notes
(other than through conversion or exchange of such funding into Capital Stock
(other than Disqualified Stock) of the Company or any funding meeting the
requirements of this definition);

 

(2)       does not require, prior to the first
anniversary of the Stated Maturity of the applicable Notes, payment of cash
interest, cash withholding amounts or other cash gross-ups, or any similar cash
amounts;

 

(3)       contains no change of control or similar
provisions and does not accelerate and has no right to declare a default or
event of default or take any enforcement action or otherwise require any cash
payment, in each case, prior to the first anniversary of the Stated Maturity of
the Notes;

 

(4)       does not provide for or require any
security interest or encumbrance over any asset of the Company or any of its
Subsidiaries; and

 

36

 

(5)       pursuant to its terms is fully
subordinated and junior in right of payment to the Notes pursuant to
subordination, payment blockage and enforcement limitation terms which are
customary in all material respects for similar funding.

 

“Subsidiary”  means, with
respect to any Person:

 

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

 

(2)       any partnership, joint venture, limited
liability company or similar entity of which:

 

(a)        more than 50% of the capital accounts,
distribution rights, total equity and voting interests or general or limited
partnership interests, as applicable, are owned or controlled, directly or
indirectly, by such Person or one or more of the other Subsidiaries of that
Person or a combination thereof whether in the form of membership, general,
special or limited partnership interests or otherwise; and

 

(b)       such Person or any Subsidiary of such
Person is a controlling general partner or otherwise controls such entity.

 

“Successor Parent”  with respect to any Person means any
other Person with more than 50% of the total voting power of the Voting Stock
of which is, at the time the first Person becomes a Subsidiary of such other
Person, “beneficially owned” (as defined below) by one or more Persons that “beneficially
owned” (as defined below) more than 50% of the total voting power of the Voting
Stock of the first Person immediately prior to the first Person becoming a
Subsidiary of such other Person. For purposes hereof, “beneficially own” has
the meaning correlative to the term “beneficial owner,” as such term is defined
in Rules 13d-3 and 13d-5 under the Exchange Act (as in effect on the Issue
Date).

 

“Taiwan Collateral Agent”  means Mizuho Corporate Bank, Ltd. or any
successor acting in that role.

 

“Taxes”  means
all present and future taxes, levies, imposts, deductions, charges, duties and
withholdings and any charges of a similar nature (including interest, penalties
and other liabilities with respect thereto) that are imposed by any government
or other taxing authority.

 

“Tax Sharing Agreement”  means any tax sharing or profit and loss
pooling or similar agreement with customary or arm’s-length terms entered into
with any Parent or Unrestricted Subsidiary, as the same may be amended,
supplemented, waived or otherwise modified from time to time in accordance with
the terms thereof and of this Indenture.

 

37

 

“Temporary Cash Investments”  means any of the following:

 

(1)       any investment in

 

(a)        direct obligations of, or
obligations Guaranteed by, (i) the United States of America or Canada, (ii) any
European Union member state, (iii) Switzerland or Norway, (iv) any country in
whose currency funds are being held specifically pending application in the
making of an investment or capital expenditure by the Company or a Restricted
Subsidiary in that country with such funds or (v) any agency or instrumentality
of any such country or member state, or

 

(b)       direct obligations of any country
recognized by the United States of America rated at least “A” by S&P or “A-l”
by Moody’s (or, in either case, the equivalent of such rating by such
organization or, if no rating of S&P or Moody’s then exists, the equivalent
of such rating by any Nationally Recognized Statistical Rating Organization);

 

(2)       overnight bank deposits, and investments
in time deposit accounts, certificates of deposit, bankers’ acceptances and
money market deposits (or, with respect to foreign banks, similar instruments)
maturing not more than one year after the date of acquisition thereof issued
by:

 

(a)        any lender under the Senior Facilities
Agreement,

 

(b)       any institution authorized to operate as
a bank in any of the countries or member states referred to in subclause (1)(a)
above, or

 

(c)        any bank or trust company organized
under the laws of any such country or member state or any political subdivision
thereof,

 

in each case, having
capital and surplus aggregating in excess of €250 million (or the foreign
currency equivalent thereof) and whose long-term debt is rated at least “A” by
S&P or “A-2” by Moody’s (or, in either case, the equivalent of such rating
by such organization or, if no rating of S&P or Moody’s then exists, the
equivalent of such rating by any Nationally Recognized Statistical Rating
Organization) at the time such Investment is made;

 

(3)       repurchase obligations with a term of not
more than 30 days for underlying securities of the types described in clause
(1) or (2) above entered into with a Person meeting the qualifications
described in clause (2) above;

 

(4)       Investments in commercial paper, maturing
not more than 270 days after the date of acquisition, issued by a Person (other
than the Company or any of its Subsidiaries), with a rating at the time as of
which any Investment therein is made of “P-2” (or higher) according to Moody’s
or “A-2” (or higher) according to S&P (or, in either case, the equivalent
of such rating by such organization or, if no rating of S&P or Moody’s then
exists, the equivalent of such rating by any Nationally Recognized Statistical
Rating Organization);

 

38

 

(5)       Investments in securities
maturing not more than one year after the date of acquisition issued or fully
Guaranteed by any state, commonwealth or territory of the United States of
America, Canada, any European Union member state or Switzerland, Norway or by
any political subdivision or taxing authority of any such state, commonwealth,
territory, country or member state, and rated at least “BBB” by S&P or “Baa3”
by Moody’s (or, in either case, the equivalent of such raring by such
organization or, if no rating of S&P or Moody’s then exists, the equivalent
of such rating by any Nationally Recognized Statistical Rating Organization);

 

(6)       bills of exchange issued in the United
States, Canada, a member state of the European Union, Switzerland, Norway or
Japan eligible for rediscount at the relevant central bank and accepted by a
bank (or any dematerialized equivalent);

 

(7)       any money market deposit accounts issued
or offered by a commercial bank organized under the laws of a country that is a
member of the Organization for Economic Co-operation and Development, in each
case, having capital and surplus in excess of €250 million (or the foreign
currency equivalent thereof) or whose long term debt is rated at least “A” by
S&P or “A2” by Moody’s (or, in either case, the equivalent of such rating
by such organization or, if no rating of S&P or Moody’s then exists, the
equivalent of such rating by any Nationally Recognized Statistical Rating
Organization) at the time such Investment is made;

 

(8)       investment funds investing 95% of their
assets in securities of the type described in clauses (1) through (7) above
(which funds may also hold reasonable amounts of cash pending investment and/or
distribution); and

 

(9)       investments in money market funds
complying with the risk limiting conditions of Rule 2a-7 (or any successor
rule) of the SEC under the U.S. Investment Company Act of 1940, as amended.

 

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

 

“Total Assets”  means the consolidated total assets of the Company and its
Restricted Subsidiaries in accordance with GAAP as shown on the most recent
balance sheet of such Person; provided
that pending the acquisitions of ASMC and Jilin, such balance sheet shall give pro forma effect to such acquisitions.

 

“Transaction Documents”  means the Senior Finance Documents, the
Note Documents and the Investor Documents.

 

“Transactions”  means the acquisition by Holdings of the Company and its
Subsidiaries and the related transactions (including disentanglement) pursuant
to the Acquisition Agreement and the financing thereof and the issuance of the
Notes.

 

“Unrestricted Subsidiary”  means  SSMC
and (upon acquisition of Jilin by the Company or a Restricted Subsidiary) Jilin
and:

 

39

 

(1)       any Subsidiary of the Company (other than
the Co-Issuer) that at the time of determination is an Unrestricted Subsidiary
(as designated by the Board of Directors of the Company in the manner provided
below); and

 

(2)       any Subsidiary of an Unrestricted
Subsidiary.

 

The Board of
Directors of the Company may designate any Subsidiary of the Company (including
any newly acquired or newly formed Subsidiary or a Person becoming a Subsidiary
through merger, consolidation or other business combination transaction, or
Investment therein) to be an Unrestricted Subsidiary only if:

 

(1)       such Subsidiary or any of its
Subsidiaries does not own any Capital Stock or Indebtedness of, or own or hold
any Lien on any property of, the Company or any other Subsidiary of the Company
which is not a Subsidiary of the Subsidiary to be so designated or otherwise an
Unrestricted Subsidiary; and

 

(2)       such designation and the Investment of
the Company in such Subsidiary complies with Section 4.06.

 

Any such
designation by the Board of Directors of the Company shall be evidenced to the
Trustee by filing with the Trustee a resolution of the Board of Directors of
the Company giving effect to such designation and an Officer’s Certificate
certifying that such designation complies with the foregoing conditions.

 

The Board of
Directors of the Company may designate any Unrestricted Subsidiary to be a
Restricted Subsidiary; provided, that
immediately after giving effect to such designation (1) no Default or Event of
Default would result therefrom and (2)(x) the Company could Incur at least
€1.00 of additional Indebtedness under Section 4.05(a) or (y) the Fixed Charge
Coverage Ratio would not be worse than it was immediately prior to giving
effect to such designation, in each case, on a pro forma basis taking into
account such designation. Any such designation by the Board of Directors shall
be evidenced to the Trustee by promptly filing with the Trustee a copy of the
resolution of the Board of Directors giving effect to such designation or an
Officer’s Certificate certifying that such designation complied with the
foregoing provisions.

 

“Uniform Commercial Code”  means the New York Uniform Commercial
Code.

 

“Unsecured Indenture”  means the unsecured indenture dated as of
the Issue Date among the Issuers, the guarantors named therein and Deutsche
Bank Trust Company Americas, as trustee, as amended from time to time.

 

“U.S. Government Obligations”  means  securities
that are (1) direct obligations of the United States of America for the timely
payment of which its full faith and credit is pledged or (2) obligations of a
Person controlled or supervised by and acting as an agency or instrumentality
of the United States of America the timely payment of which is unconditionally
Guaranteed as a full faith and credit obligation of the United States of
America, which, in either case, are not callable or redeemable at the option of
the Company thereof, and shall also include a depositary receipt issued by a
bank (as defined in Section 3(a)(2) of the Securities Act), as custodian with
respect to any such U.S. Government Obligations or a specific payment of
principal of or interest

 

40

 

on any such U.S.
Government Obligations held by such custodian for the account of the holder of
such depositary 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 depositary receipt from
any amount received by the custodian in respect of the U.S. Government
Obligations or the specific payment of principal of or interest on the U.S.
Government Obligations evidenced by such depositary receipt.

 

“Voting Stock”  of a Person means all classes of Capital Stock of such
Person then outstanding and normally entitled to vote in the election of
directors.

 

“Wholly-Owned Subsidiary”  means a Restricted Subsidiary of the
Company, all of the Capital Stock of which (other than directors’ qualifying
shares or shares required by any applicable law or regulation to be held by a
Person other than the Company or another Wholly-Owned Subsidiary) is owned by
the Company or another Wholly-Owned Subsidiary.

 

SECTION 1.02.         Other Definitions

 

	
  Term

  	
   

  	
  Defined in 

  Section

  
	
   

  	
   

  	
   

  
	
  “Additional Amounts”

  	
   

  	
  4.02(a)

  
	
  “Additional Notes”

  	
   

  	
  Preamble

  
	
  “Affiliate Transaction”

  	
   

  	
  4.10(a)

  
	
  “Agent Members”

  	
   

  	
  Appendix A

  
	
  “Applicable Procedures”

  	
   

  	
  Appendix A

  
	
  “Asset Disposition Offer”

  	
   

  	
  4 09(b)

  
	
  “Asset Disposition Offer Amount”

  	
   

  	
  4.09(e)

  
	
  “Asset Disposition Offer Period”

  	
   

  	
  4.09(e)

  
	
  “Asset Disposition Purchase Date”

  	
   

  	
  4 09(e)

  
	
  “Authorized Agent”

  	
   

  	
  13.10

  
	
  “Calculation Agent”

  	
   

  	
  2.04

  
	
  “Change of Control Offer”

  	
   

  	
  4.03 (b)

  
	
  “Change of Control Payment”

  	
   

  	
  4.03(b)(1)

  
	
  “Change of Control Payment Date”

  	
   

  	
  4.03(b)(2)

  
	
  “Co-Issuer”

  	
   

  	
  Preamble

  
	
  “Company”

  	
   

  	
  Preamble

  
	
  “covenant defeasance option”

  	
   

  	
  8.01(b)

  
	
  “defeasance trust”

  	
   

  	
  8.02(a)(1)

  
	
  “Definitive Note”

  	
   

  	
  Appendix A

  
	
  “Dollar Notes”

  	
   

  	
  Preamble

  
	
  “Euro Notes”

  	
   

  	
  Preamble

  
	
  “Event of Default”

  	
   

  	
  6.01(a)

  
	
  “Global Notes Legend”

  	
   

  	
  Appendix A

  
	
  “Guaranteed Obligations”

  	
   

  	
  10.0l(a)

  
	
  “Initial Agreement”

  	
   

  	
  4.08(b)(3)

  
	
  “Issuers”

  	
   

  	
  Preamble

  
	
  “legal defeasance option”

  	
   

  	
  8.01(b)

  
	
  “New York Paying Agent”

  	
   

  	
  2.04(a)

  

 

41

 

	
  Term

  	
   

  	
  Defined in 

  Section

  
	
   

  	
   

  	
   

  
	
  “Notes”

  	
   

  	
  Preamble

  
	
  “Notes Custodian”

  	
   

  	
  Appendix A

  
	
  “Original Notes”

  	
   

  	
  Preamble

  
	
  “Paying Agent”

  	
   

  	
  2.04(a)

  
	
  “Payor”

  	
   

  	
  4.02(a)

  
	
  “Permitted Payments”

  	
   

  	
  4.06(c)

  
	
  “protected purchaser”

  	
   

  	
  2.08

  
	
  “QIB”

  	
   

  	
  Appendix A

  
	
  “Qualified Institutional Buyer”

  	
   

  	
  Appendix A

  
	
  “Regulation S”

  	
   

  	
  Appendix A

  
	
  “Regulation S Notes”

  	
   

  	
  Appendix A

  
	
  “Relevant Taxing Jurisdiction”

  	
   

  	
  4.02(a)(3)

  
	
  “Registrar”

  	
   

  	
  2.04(a)

  
	
  “Restricted Payment”

  	
   

  	
  4.06

  
	
  “Restricted Period”

  	
   

  	
  Appendix A

  
	
  “Restricted Notes Legend”

  	
   

  	
  Appendix A

  
	
  “Rule 144A”

  	
   

  	
  Appendix A

  
	
  “Rule 144A Notes”

  	
   

  	
  Appendix A

  
	
  “Securities Act”

  	
   

  	
  Appendix A

  
	
  “Successor Company”

  	
   

  	
  5.01(a)(l)

  
	
  “Suspension Event”

  	
   

  	
  4.13

  
	
  “Transfer Agent”

  	
   

  	
  2.04(a)

  
	
  “Transfer Restricted Notes”

  	
   

  	
  Appendix A

  
	
  “Trustee”

  	
   

  	
  Preamble

  

 

SECTION 1.03.         Incorporation by Reference of TIA

 

This Indenture is
subject to the mandatory provisions of the TIA, which are incorporated by
reference in and made a part of this Indenture. The following TIA terms have
the following meanings:

 

“Commission” means
the SEC.

 

“indenture
securities” means the Securities and the Note Guarantees.

 

“indenture
security holder” means a Holder.

 

“indenture to be
qualified” means this Indenture.

 

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

 

“obligor” on the
indenture securities means the Company, the Note Guarantors and any other
obligor on the indenture securities.

 

42

 

All other TIA
terms used in this Indenture that are defined by the TIA, defined by TIA
reference to another statute or defined by SEC rule have the meanings assigned
to them by such definitions.

 

SECTION 1.04.         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 GAAP;

 

(c)       “or” is not exclusive;

 

(d)       “including” means including without
limitation;

 

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

 

(f)        unsecured Indebtedness shall not be
deemed to be subordinate or junior to secured Indebtedness merely by virtue of
its nature as unsecured Indebtedness.

 

ARTICLE 2

 

The Notes

 

SECTION 2.01.         Issuable in Series

 

The Notes may be
issued in one or more series. All Notes of any one series shall be substantially
identical except as to denomination.

 

With respect to
any Additional Notes issued after the Issue Date (except for Notes
authenticated and delivered upon registration of transfer of, or in exchange
for, or in lieu of, other Notes pursuant to Sections 2.07, 2.08, 2.09, 2.10 or
3.06 or Appendix A), there shall be (a) established in or pursuant to a
resolution of the Board of Directors of the Company and (b)(i) set forth or
determined in the manner provided in an Officer’s Certificate of the Company or
(ii) established in one or more indentures supplemental hereto, prior to the
issuance of such Additional Notes:

 

(1) whether such
Additional Notes shall be issued as part of a new or existing series of Notes
and the title of such Additional Notes (which shall distinguish the Additional
Notes of the series from Notes of any other series);

 

(2) the aggregate
principal amount of such Additional Notes which may be authenticated and
delivered under this Indenture (except for Notes authenticated and delivered
upon registration of transfer of, or in exchange for, or in lieu of, other
Notes of the same series

 

43

 

pursuant to Sections
2.07, 2.08, 2.09, 2.10 or 3.06 or Appendix A and except for Notes which,
pursuant to Section 2.03, are deemed never to have been authenticated and
delivered hereunder);

 

(3) the issue
price and issuance date of such Additional Notes, including the date from which
interest on such Additional Notes shall accrue; provided, however, that (to the extent such Additional Notes
are to be part of the same series as other Notes) such Additional Notes will
qualify to be treated as “part of the same issue” as the Original Notes
pursuant to Treasury Regulations Section 1.1275-l(f) or 1.1275-2(k); and

 

(4) if applicable,
that such Additional Notes shall be issuable in whole or in part in the form of
one or more Global Notes and, in such case, the respective depositaries for
such Global Notes, the form of any legend or legends which shall be borne by
such Global Notes in addition to or in lieu of those set forth in Exhibit A
hereto and any circumstances in addition to or in lieu of those set forth in
Section 2.3 of Appendix A in which any such Global Note may be exchanged in
whole or in part for Additional Notes registered, or any transfer of such
Global Note in whole or in part may be registered, in the name or names of
Persons other than the depositary for such Global Note or a nominee thereof.

 

If any of the
terms of any Additional Notes are established by action taken pursuant to a
resolution of the Board of Directors, a copy of an appropriate record of such
action shall be certified by an Officer’s Certificate and delivered to the
Trustee at or prior to the delivery of the Officer’s Certificate of the Issuer
or the indenture supplemental hereto setting forth the terms of the Additional
Notes.

 

Each of the Euro
Notes, the Dollar Floating Rate Notes and the Dollar Fixed Rate Notes
constitutes a separate series of Notes but will be treated as a single class of
securities for all purposes under this Indenture, including for purposes of
voting and taking all other actions by holders of the Notes, except as
otherwise specified herein.

 

This Indenture is
unlimited in aggregate principal amount. The Original Notes, the Exchange Notes
and, if issued, any Additional Notes will be treated as a single class for all
purposes under this Indenture, including with respect to waivers, amendments,
redemptions and offers to purchase, except as otherwise specified with respect
to each series of Notes.

 

SECTION 2.02.         Form and Dating

 

Provisions
relating to the Notes are set forth in Appendix A, which is hereby incorporated
in and expressly made a part of this Indenture. The (a) Original Notes and (b)
any Additional Notes (if issued as Transfer Restricted Notes) shall each be
substantially in the form of Exhibit A, which is hereby incorporated in and
expressly made a part of this Indenture. Any Additional Notes issued other than
as Transfer Restricted Notes (including any Exchange Notes) shall each be
substantially in the form of Exhibit A (without the Restricted Notes Legend),
which is hereby incorporated in and expressly made part of this Indenture. The
Notes may have notations, legends or endorsements required by law, stock exchange
rule, agreements to which the Issuer is subject, if any, or usage, provided that any such notation, legend or
endorsement is in a form acceptable to the Issuer and the Trustee. Each Note
shall be dated the date of its authentication. The Notes shall be issuable only
in registered form without interest coupons and

 

44

 

only in minimum
denominations of €50,000 or $75,000, as applicable, and whole multiples of
€1,000 or $1,000, as applicable, in excess thereof.

 

SECTION 2.03.         Execution and Authentication

 

One Officer shall
sign the Notes for each Issuer by manual or facsimile signature.

 

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

 

A Note shall not
be valid until an authorized signatory of the Trustee or an authentication
agent manually signs the certificate of authentication on the Note. The
signature shall be conclusive evidence that the Note has been authenticated
under this Indenture.

 

The Trustee or an
authentication agent shall authenticate and make available for delivery Notes
as set forth in Appendix A following receipt of an authentication order signed
by an Officer of each Issuer directing the Trustee or an authentication agent
to authenticate such Notes.

 

The Trustee may
appoint an authentication agent reasonably acceptable to the Issuers to
authenticate the Notes. Any such appointment shall be evidenced by an
instrument signed by a Responsible Officer, a copy of which shall be furnished
to the Issuers. Unless limited by the terms of such appointment, an authentication
agent may authenticate Notes whenever the Trustee may do so. Each reference in
this Indenture to authentication by the Trustee includes authentication by such
agent. An authentication agent has the same rights as any Registrar, Paying
Agent or agent for service of notices and demands.

 

SECTION 2.04.         Registrar and Paying Agent

 

(a)       The Issuers shall maintain one or more
registrars with offices in Luxembourg where Notes may be presented for
registration (the “Registrar”),  and
a transfer agent in each of (i) the City of London, (ii) Ireland (for so long
as the Euro Notes are listed on the Irish Stock Exchange and its rules so
require) and (iii) the Borough of Manhattan, City of New York where Notes may
be presented for transfer or exchange (the “Transfer
Agent”) or for
payment (the “Paying Agent”). The Registrar shall keep a
register of the Notes of their transfer and exchange. The Issuer may have one
or more co-registrars and one or more additional transfer and paying agents.
The terms “Paying Agent” and “Transfer Agent”  include any additional paying agent or transfer agent, as
applicable, and the term “Registrar”  includes any co-registrars. The Issuers
initially appoint Deutsche Bank AG, London Branch, in the City of London,
Deutsche Bank Trust Company Americas, in the Borough of Manhattan, City of New
York and Deutsche International Corporate Services (Ireland) Limited, in
Ireland, who each have accepted such appointment, as Paying Agent for the Euro
Notes, Paying Agent for the Dollar Notes (the “New
York Paying Agent”)  and
Ireland Paying Agent (the “Ireland Paying
Agent”), respectively.
The Issuers initially appoint Deutsche Bank Trust Company Americas and Deutsche
Bank, London Branch, who have accepted such appointments, as Calculation Agent
for the Dollar Notes and Calculation Agent for the Euro Notes, respectively
(each, a “Calculation Agent”).  The Issuers initially appoint Deutsche
Bank Luxembourg S.A. in Luxembourg, who accepts such appointment, as Registrar,
Transfer Agent and Irish Listing Agent. In addition, the Issuers

 

45

 

undertake to the extent
possible, to use reasonable efforts to maintain a Paying Agent in a member
state of the European Union that is not obliged to withhold or deduct tax
pursuant to European Council Directive 2003/48/EC regarding the taxation of
savings income (the “Directive”). Deutsche Bank Trust Company Americas
will act as New York Registrar, Transfer Agent and New York Paying Agent in
connection with the Global Notes with respect to the Dollar Notes settled
through DTC. Deutsche Bank AG, London Branch will act as Transfer Agent and
Paying Agent in connection with the Global Notes with respect to the Euro Notes
settled through Euroclear or Clearstream.

 

(b)       So long as the Notes are listed on the
Irish Stock Exchange and its rules so require, a paying agent and transfer
agent (the “Ireland Transfer Agent”)  will be maintained in Ireland at all
times that payments are required to be made in respect of the Notes. The Issuers
initially appoint Deutsche International Corporate Services (Ireland) Limited,
who accepts such appointment, as Ireland Transfer Agent.

 

(c)       The Issuers shall enter into an
appropriate agency agreement with any Registrar or Paying Agent not a party to
or appointed under this Indenture. Such agreement shall implement the
provisions of this Indenture that relate to such agent, which shall incorporate
the terms of the TIA. Any Registrar or Paying Agent appointed hereunder shall
be entitled to the benefits of this Indenture as though a party hereto. The
Issuers shall notify the Trustee of the name and address of any such agent. If
the Issuers fail to maintain a Registrar or Paying Agent, the Trustee shall act
as such and shall be entitled to appropriate compensation therefor pursuant to
Section 7.07. Either Issuer or any Subsidiary may act as Paying Agent or
Registrar.

 

(d)       The Issuers may change any
Registrar, Paying Agent or Transfer Agent upon written notice to such
Registrar, Paying Agent or Transfer Agent and to the Trustee, without prior
notice to the Holders; provided, however, that
no such removal shall become effective until (i) acceptance of an appointment
by a successor as evidenced by an appropriate agreement entered into by the
Issuers and such successor Registrar, Paying Agent, or Transfer Agent, as the
case may be, and delivered to the Trustee or (ii) written notification to the
Trustee that the Trustee shall, to the extent that it determines that it is
able, serve as Registrar or Paying Agent or Transfer Agent until the
appointment of a successor in accordance with clause (i) above; provided, further, that in no event may
the Issuers appoint a Paying Agent in any member state of the European Union
where the Paying Agent would be obliged to withhold or deduct tax in connection
with any payment made by it in relation to the Notes unless the Paying Agent
would be so obliged if it were located in all other member states. The
Registrar, Paying Agent or Transfer Agent may resign by providing 30 day’s written
notice to the Issuer and the Trustee. In addition, for so long as the Notes are
listed on the Irish Stock Exchange and the rules of the Irish Stock Exchange so
require, the Issuers shall deliver notice of the change in the Registrar,
Paying Agent or Transfer Agent to the Companies Announcement Office in Dublin.

 

(e)       The Calculation Agent shall determine the
interest rates for the Euro Notes and the Dollar Floating Rate Notes in
accordance with the Notes or a supplemental indenture. The Calculation Agent
shall, as soon as practicable after 11:00 a.m. (London time) for Euro Notes or
11:00 a.m. (New York time) for Dollar Floating Rate Notes on each

 

46

 

determination date,
determine the applicable rate and calculate the aggregate amount of interest
payable in respect of the following interest period (the “Interest Amount”). The Interest Amount
shall be calculated by applying the applicable rate to the principal amount of
each Note outstanding at the commencement of the interest period, multiplying
each such amount by the actual amounts of days in the interest period concerned
divided by 360 and rounding the resultant figure upwards to the nearest
available currency unit. The determination of the applicable rate and the
Interest Amount by the Calculation Agent shall, in the absence of willful
default, bad faith or manifest error, be final and binding on all parties.

 

SECTION 2.05.         Paying Agent to Hold Money in Trust

 

No later than
10:00 a.m. London time in respect of payments to be made in London or 10:00
a.m. New York time in respect of payments to be made in New York on each due
date of the principal of, interest and premium (if any) on any Note, the
Issuers shall deposit with the Paying Agent (or if either Issuer or a
Restricted Subsidiary of either Issuer is acting as Paying Agent, segregate and
hold in trust for the benefit of the Persons entitled thereto) a sum sufficient
to pay such principal, interest and premium (if any) when so becoming due and
subject to receipt of such monies, the Paying Agent shall make payment on the
Notes in accordance with this Indenture. The Issuers shall require each Paying
Agent to agree in writing (and each Paying Agent party to this Indenture
agrees) that the Paying Agent shall hold in trust for the benefit of Holders or
the Trustee all money held by the Paying Agent for the payment of principal of,
interest and premium (if any) on the Notes but such Paying Agent may use such
monies as banker in the ordinary course of business without accounting for
profits (other than in the case of Article 8), and shall notify the Trustee of
any default by the Issuers in making any such payment. If the Issuer or a
Restricted Subsidiary acts as Paying Agent, it shall segregate the money held
by it as Paying Agent and hold it as a separate trust fund. The Issuers at any
time may require a Paying Agent to pay all money held by it to the Trustee and
to account for any funds disbursed by the Paying Agent. Upon complying with
this Section, the Paying Agent shall have no further liability for the money
delivered to the Trustee. For the avoidance of doubt, the Paying Agent and the
Trustee shall be held harmless and have no liability with respect to payments
or disbursements to be made by the Paying Agent and Trustee for which payment
instructions are not made or that are not otherwise deposited by the respective
times set forth in this Section 2.05.

 

SECTION 2.06.         Holder 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 Holders. If the Trustee is not
the Registrar, the Issuers shall furnish, or cause the Registrar to furnish, to
the Trustee, in writing at least five Business 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 Holders.

 

SECTION 2.07.         Transfer and Exchange

 

The Notes shall be
issued in registered form and shall be transferable only upon the surrender of
a Note for registration of transfer and in compliance with Appendix A. When a

 

47

 

Note is presented to the
Registrar with a request to register a transfer, the Registrar shall register
the transfer as requested if its requirements therefor are met. When Notes are
presented to the Registrar with a written request to exchange them for an equal
principal amount of Notes of other denominations, the Registrar shall make the
exchange as requested if the same requirements are met. To permit registration
of transfers and exchanges, the Issuers shall execute and the Trustee or an
authentication agent shall authenticate Notes at the Registrar’s request. The
Issuers may require payment of a sum sufficient to pay all taxes, assessments
or other governmental charges in connection with any transfer or exchange
pursuant to this Section. The Issuers are not required to register the transfer
or exchange of any Notes (i) for a period of 15 days prior to any date fixed
for the redemption of any Notes, (ii) for a period of 15 days immediately prior
to the date fixed for selection of Notes to be redeemed in part or (iii) which
the Holder has tendered (and not withdrawn) for repurchase in connection with a
Change of Control Offer or an Asset Disposition Offer.

 

Prior to the due
presentation for registration of transfer of any Note, the Issuers, the
Trustee, the Paying Agent, and the Registrar may deem and treat the Person in
whose name a Note is registered as the absolute owner of such Note for the
purpose of receiving payment of principal of and (subject to Section 2 of the
Notes) interest, if any, on such Note and for all other purposes whatsoever,
whether or not such Note is overdue, and none of either Issuer, the Trustee,
the Paying Agent, or the Registrar shall be affected by notice to the contrary.

 

Any Holder of a
Global Note shall, by acceptance of such Global Note, agree that transfers of
beneficial interest in such Global Note may be effected only through a
book-entry system maintained by (a) the Holder of such Global Note (or its
agent) or (b) any Holder of a beneficial interest in such Global Note, and that
ownership of a beneficial interest in such Global Note shall be required to be
reflected in a book entry.

 

All Notes issued
upon any transfer or exchange pursuant to the terms of this Indenture shall
evidence the same debt and shall be entitled to the same benefits under this
Indenture as the Notes surrendered upon such transfer or exchange.

 

SECTION 2.08.         Replacement Notes

 

If a mutilated
Note is surrendered to the Registrar or if the Holder of a Note claims that the
Note has been lost, destroyed or wrongfully taken, the Issuers shall issue and
the Trustee OT an authentication agent shall authenticate a replacement Note if
the requirements of Section 8-405 of the Uniform Commercial Code are met, such
that the Holder (a) notifies the Issuers or the Trustee within a reasonable
time after such Holder has notice of such loss, destruction or wrongful taking
and the Registrar does not register a transfer prior to receiving such
notification, (b) makes such request to the Issuers or the Trustee prior to the
Note being acquired by a protected purchaser as defined in Section 8-303 of the
Uniform Commercial Code (a “protected
purchaser”)  and (c)
satisfies any other reasonable requirements of the Trustee. If required by the
Trustee or the Issuers, such Holder shall furnish an indemnity bond sufficient
in the judgment of the Trustee and the Issuers to protect the Issuers, the
Trustee, the Paying Agent and the Registrar from any loss that any of them may
suffer if a Note is replaced. The Issuers and the Trustee may charge the Holder
for their expenses in replacing a Note including reasonable fees and expenses
of counsel. In the event any such mutilated, lost, destroyed or

 

48

 

wrongfully taken Note has
become or is about to become due and payable, the Issuers in its discretion may
pay such Note instead of issuing a new Note in replacement thereof.

 

Every replacement
Note is an additional obligation of the Issuers.

 

The provisions of
this Section 2.08 are exclusive and shall preclude (to the extent lawful) all
other rights and remedies with respect to the replacement or payment of
mutilated lost, destroyed or wrongfully taken Notes.

 

SECTION 2.09.         Outstanding Notes

 

Notes outstanding
at any time are all Notes authenticated by the Trustee or an authentication
agent except for those canceled by it, those delivered to it for cancellation
and those described in this Section as not outstanding. Subject to Section
13.06, a Note does not cease to be outstanding because the Issuers or an
Affiliate of either Issuer holds the Note.

 

If a Note is
replaced pursuant to Section 2.08, it ceases to be outstanding unless the
Trustee and the Issuers receive proof satisfactory to them that the replaced
Note is held by a protected purchaser.

 

If the Paying
Agent receives (or if either Issuer or a Restricted Subsidiary of either Issuer
is acting as Paying Agent and such Paying Agent segregates and holds in trust)
in accordance with this Indenture, on a redemption date or maturity date money
sufficient to pay all principal and interest and premium, if any, payable on
that date with respect to the Notes (or portions thereof) to be redeemed or
maturing, as the case may be, and the Paying Agent is not prohibited from
paying such amount to the Holders on that date pursuant to the terms of this
Indenture, then on and after that date such Notes (or portions thereof) cease
to be outstanding and interest on them ceases to accrue.

 

SECTION 2.10.         Temporary Notes

 

In the event that
Definitive Notes are to be issued under the terms of this Indenture, until such
Definitive Notes are ready for delivery, the Issuers may prepare and the
Trustee or an  authentication
agent shall authenticate temporary Notes. Temporary Notes shall be substantially in the form of Definitive Notes
but may have variations that the Issuers consider appropriate for
temporary Notes. Without unreasonable delay, the Issuers shall prepare and the
Trustee or an authentication agent shall authenticate Definitive Notes and
deliver them in exchange for temporary Notes upon surrender of such temporary
Notes at the office or agency of the Issuers, without charge to the Holder.

 

SECTION 2.11.         Cancellation.

 

The  Issuers at any time may deliver Notes to
the Trustee for cancellation. The Registrar and the Paying Agent shall forward
to the Trustee any Notes surrendered to them for registration of transfer,
exchange or payment. The Trustee and no one else shall cancel all Notes
surrendered for registration of transfer, exchange, payment or cancellation and
shall dispose of canceled Notes in accordance with its customary procedures or
deliver canceled Notes to the Issuers pursuant to written direction by an
Officer of either Issuer. Certification of the

 

49

 

destruction of all
canceled Notes shall be delivered to the Issuers. The Issuers may not issue new
Notes to replace Notes it has redeemed, paid or delivered to the Trustee for
cancellation. Neither the Trustee nor an authentication agent shall
authenticate Notes in place of canceled Notes other than pursuant to the terms
of this Indenture.

 

SECTION 2.12.         Common Codes, CUSIP and ISIN Numbers

 

The Issuers in
issuing the Notes may use Common Codes, CUSIP and ISIN numbers (if then
generally in use) and, if so, the Trustee shall use Common Codes, CUSIP and
ISIN numbers in notices of redemption as a convenience to Holders; provided, however, that any such notice
may state that no representation is made as to the correctness of such numbers
either as printed on the Notes or as contained in any notice of a redemption
and that reliance may be placed only on the other identification numbers
printed on the Notes, and any such redemption shall not be affected by any
defect in or omission of such numbers. The Issuer will promptly notify the
Trustee and the Paying Agent of any change in the Common Code, CUSIP or ISIN
numbers.

 

SECTION 2.13.         Currency

 

In the case of (1)
the Euro Notes, the euro and (2) the Dollar Notes, the U.S. dollar, is the sole
currency of account and payment for all sums payable by the Issuers under or in
connection with the Euro Notes and the Dollar Notes, as the case may be,
including damages. Any amount received or recovered in a currency other than
euro (in the case of the Euro Notes) or the U.S. dollar (in the case the Dollar
Notes), whether as a result of, or the enforcement of, a judgment or order of a
court of any jurisdiction, in the winding-up or dissolution of the Issuer or
otherwise by any Holder of a Euro Note or a U.S. Dollar Note, as the case may
be, or by the Trustee, in respect of any sum expressed to be due to it from the
Issuers will only constitute a discharge to the Issuers to the extent of the
euro amount or the U.S. dollar amount, as the case may be, which the recipient
is able to purchase with the amount so received or recovered in that other currency
on the date of that receipt or recovery (or, if it is not practicable to make
that purchase on that date, on the first date on which it is practicable to do
so).

 

If that euro
amount is less than the euro amount expressed to be due to the recipient or the
relevant Trustee under any Euro Note, or if that U.S. dollar amount is less
than the U.S. dollar amount expressed to be due to the recipient or the Trustee
under any U.S. Dollar Note, the Issuers will indemnify them against any loss
sustained by such, recipient as a result. In any event, the Issuers will
indemnify the recipient against the cost of making any such purchase. For the
purposes of this currency indemnity provision, it will be prima facie evidence
of the matter stated therein for the Holder of a Note or the Trustee to certify
in a manner satisfactory to the Issuers (indicating the sources of information
used) the loss it incurred in making any such purchase. These indemnities
constitute a separate and independent obligation from the Issuers’ other
obligations, will give rise to a separate and independent cause of action, will
apply irrespective of any waiver granted by any Holder of a Note or the Trustee
(other than a waiver of the indemnities set out herein) and will continue in
full force and effect despite any other judgment, order, claim or proof for a
liquidated amount in respect of any sum due under any Note or to the Trustee.

 

50

 

Except as
otherwise specifically set forth herein, for purposes of determining compliance
with any euro-denominated restriction herein, the Euro Equivalent amount for
purposes hereof that is denominated in a non-euro currency shall be calculated
based on the relevant currency exchange rate in effect on the date such
non-euro amount is Incurred or made, as the case may be.

 

If the Company
adopts the U.S. dollar as its reporting currency, it may elect irrevocably to
convert all euro denominated restrictions into dollar denominated restrictions
at the applicable spot rate of exchange prevailing on the date of such
election, and all references in this Indenture to determining Euro Equivalents
and euro amounts shall apply mutatis
mutandis as though referring to U.S. dollars.

 

ARTICLE 3

 

Redemption

 

SECTION 3.01.         Notices to Trustee

 

If the Issuers
elect to redeem Notes pursuant to Sections 5 or 6 of the Notes, it shall notify
the Trustee and the relevant Paying Agent in writing of the redemption date and
the principal amount of Notes to be redeemed and the section of the Note
pursuant to which the redemption will occur.

 

The Issuers shall
give each written notice to the Trustee and the relevant Paying Agent provided
for in this Article 3 at least 40 days, but not more than 60 days, before the
redemption date unless the Trustee or the relevant Paying Agent (as the case
may be) consents to a shorter period. In the case of a redemption pursuant to
Section 5 of the Notes, such notice shall be accompanied by an Officer’s
Certificate from the Issuers to the effect that such redemption will comply
with the conditions herein.

 

In the case of a
redemption provided for by Section 6 of the Note, prior to the publication or
mailing of any notice of redemption of any series of Notes pursuant to the
foregoing, the Issuer will deliver to the Trustee and the relevant Paying Agent
(a) an Officer’s Certificate stating that it is entitled to effect such
redemption and setting forth a statement of facts showing that the conditions
precedent to its right so to redeem have been satisfied and (b) an opinion of
an independent tax counsel of recognized standing to the effect that the
circumstances referred to above exist. The Trustee will accept such Officer’s
Certificate and opinion as sufficient existence of the satisfaction of the
conditions precedent described above, in which event it will be conclusive and
binding on the Holders. Any such notice may be canceled at any tune prior to
notice of such redemption being mailed to any Holder and shall thereby be void
and of no effect.

 

SECTION 3.02.         Selection of Notes To Be Redeemed or
Repurchased

 

If less than all
of any series of Notes is to be redeemed at any time, the Trustee will select
Notes for redemption in compliance with the requirements of the principal
securities

 

51

 

exchange, if any, on
which that series of Notes is listed, and/or in compliance with the
requirements of Euroclear, Clearstream or DTC, as applicable, or if that series
of Notes is not so listed or such exchange prescribes no method of selection
and the Notes are not held through Euroclear, Clearstream or DTC, as
applicable, or Euroclear, Clearstream or DTC, as applicable, prescribes no
method of selection, on a pro rata basis; provided,
however, that no Note of €50,000 (in the case of Euro Notes) or
$75,000 (in the case of Dollar Notes) in aggregate principal amount or less
shall be redeemed in part. Provisions of this Indenture that apply to Notes
called for redemption also apply to portions of Notes called for redemption.
The Trustee shall notify the Issuers promptly of the Notes or portions of Notes
to be redeemed.

 

SECTION 3.03.         Notice of Redemption.

 

(a)       At least 30 days but not more than 60
days before a date for redemption of Notes, the Issuers shall transmit a notice
of redemption in accordance with Section 13.03 and as provided below to each
Holder of Notes to be redeemed at such Holder’s registered address; provided, however, that any notice of a
redemption provided for by Section 6 of the Notes shall not be given earlier
than 90 days prior to the earliest date on which the Payor would be obligated
to make a payment of Additional Amounts unless at the time such notice is
given, the obligation to pay Additional Amounts remains in effect. In addition,
for so long as the Notes are listed on the Irish Stock Exchange and the rules
of the Irish Stock Exchange so require, the Issuer shall give notice of
redemption to the Companies Announcement Office in Dublin.

 

The notice shall
identify the Notes to be redeemed and shall state:

 

(1)       the redemption date;

 

(2)       the redemption price, and, if applicable,
the appropriate calculation of such redemption price and the amount of accrued
interest to the redemption date;

 

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

 

(4)       that Notes called for redemption must be
surrendered to the Paying Agent to collect the redemption price;

 

(5)       if fewer than all the outstanding Notes
are to be redeemed, the certificate numbers and principal amounts of the
particular Notes to be redeemed;

 

(6)       that, unless the Issuers default in
making such redemption payment or the Paying Agent is prohibited from making
such payment pursuant to the terms of this Indenture, interest on Notes (or
portion thereof) called for redemption ceases to accrue on and after the
redemption date;

 

(7)       the Common Codes, CUSIP or ISIN number,
as applicable, if any, printed on the Notes being redeemed; and

 

(8)       that no representation is made as to the
correctness or accuracy of the Common Codes, CUSIP or ISIN number, as
applicable, if any, listed in such notice or printed on the Notes.

 

52

 

(b)       At the
Issuers’ request, the Trustee shall give the notice of redemption in the
Issuers’ name and at the Issuers’ expense. In such event, the Issuers shall
provide the Trustee and the Paying Agent with the information required and
within the time periods specified by this Section.

 

SECTION 3.04.         Effect of
Notice of Redemption

 

Once notice of redemption is delivered, Notes called for redemption
cease to accrue interest, become due and payable on the redemption date and at
the redemption price stated in the notice, provided,
however, that any redemption notice given in respect of the
redemption referred to in Section 5 of the Notes may, at the Issuers’
discretion, be subject to the satisfaction of one or more conditions precedent
to the extent permitted under such Section 5. Upon surrender to the Paying
Agent, the Notes shall be paid at the redemption price stated in the notice,
plus accrued interest, if any, to the redemption date; provided, however, that if the redemption
date is after a regular record date and on or prior to the interest payment
date, the accrued interest shall be payable to the Holder of the redeemed Notes
registered on the relevant record date. Failure to give notice or any defect in
the notice to any Holder shall not affect the validity of the notice to any
other Holder.

 

SECTION 3.05.         Deposit of
Redemption Price

 

No later than 10:00 a.m. London time in respect of payments to be made
in London or 10:00 a.m. New York time in respect of payments to be made in New
York on the redemption date, the Issuer shall deposit with the relevant Paying
Agent (or, if either Issuer or a Restricted Subsidiary of either Issuer is the
Paying Agent, shall segregate and hold in trust) money sufficient to pay the
redemption price of and accrued interest on all Notes or portions thereof to be
redeemed on that date other than Notes or portions of Notes called for
redemption that have been delivered by the Issuers to the Trustee for
cancellation. On and after the redemption date, interest shall cease to accrue
on Notes or portions thereof called for redemption so long as the Issuers have
deposited with the Paying Agent funds sufficient to pay the principal of, plus
accrued and unpaid interest, if any, on, the Notes to be redeemed, unless the
Paying Agent is prohibited from making such payment pursuant to the terms of
this Indenture. For the avoidance of doubt, the Paying Agent and the Trustee
shall be held harmless and have no liability with respect to payments or
disbursements to be made by the Paying Agent and Trustee for which payment
instructions are not made or that are not otherwise deposited by the respective
times set forth in this Section 3.05.

 

SECTION 3.06.         Notes Redeemed
in Part

 

Subject to the terms hereof, upon surrender of a Note that is redeemed
in part, the Issuers shall execute and the Trustee or an authentication agent
shall authenticate for the Holder (at the Issuers’ expense) a new Note equal in
principal amount to the unredeemed portion of the Note surrendered.

 

SECTION 3.07.         Publication

 

Where any notice is required to be published pursuant to this Indenture,
the Issuers must provide the form of such notice to the Trustee and the Paying
Agents at least

 

53

 

8 Business Days prior to
the final date for publication unless the Trustee agrees to a shorter period.

 

ARTICLE 4

 

Covenants

 

SECTION 4.01.         Payment of Notes

 

The Issuers shall
promptly pay the principal of and interest on the Notes on the dates and in the
manner provided in the Notes and in this Indenture. Principal and interest
shall be considered paid on the date due if on such date the Trustee or the
Paying Agent holds in accordance with this Indenture money sufficient to pay
all principal and interest then due and the Trustee or the Paying Agent, as the
case may be, is not prohibited from paying such money to the Holders on that
date pursuant to the terms of this Indenture.

 

SECTION 4.02.         Withholding Taxes

 

(a)       All payments made by either Issuer, a
Successor Company or Guarantor (a “Payor”)  on the Notes or the Note Guarantees will
be made free and clear of and without withholding or deduction for, or on
account of, any Taxes unless the withholding or deduction of such Taxes is then
required by law. If any deduction or withholding for, or on account of, any
Taxes imposed or levied by or on behalf of:

 

(1)       The Netherlands or any political
subdivision or Governmental Authority thereof or therein having power to tax;

 

(2)       any jurisdiction from or through which
payment on any such Note or Note Guarantee is made by the Issuers, Successor
Company, Guarantor or their agents, or any political subdivision or
Governmental Authority thereof or therein having the power to tax; or

 

(3)       any other jurisdiction in which the Payor
is organized or otherwise considered to be a resident for tax purposes, or any
political subdivision or Governmental Authority thereof or therein having the
power to tax (each of clause (1), (2) and (3), a “Relevant Taxing Jurisdiction”),

 

will at any time be
required from any payments made with respect to any Note or Note Guarantee,
including payments of principal, redemption price, premium, if any, interest or
Additional Interest, if any, the Payor will pay (together with such payments)
such additional amounts (the “Additional
Amounts”) as may be necessary in order that the net amounts received
in respect of such payments by the Holders or the Trustee, as the case may be,
after such withholding or deduction (including any such deduction or
withholding from such Additional Amounts), will not be less than the amounts
which would have been received in respect of such payments on any such Note or
Guarantee in the absence of such withholding or deduction; provided, however,
that no such Additional Amounts will be payable for or on account of:

 

54

 

(1)       any Taxes that would not have been so
imposed but for the existence of any present or former connection between the
relevant Holder (or between a fiduciary settlor, beneficiary, member or
shareholder of, or possessor of power over the relevant Holder, if the relevant
Holder is an estate, nominee, trust, partnership, limited liability company or
corporation) and the Relevant Taxing Jurisdiction (including being a citizen or
resident or national of, or carrying on a business or maintaining a permanent
establishment in, or being physically present in, the Relevant Taxing
Jurisdiction) but excluding, in each case, any connection arising solely from
the acquisition, ownership or holding of such Note or the receipt of any
payment in respect thereof;

 

(2)       any Taxes that are imposed or withheld by
reason of the failure by the Holder or the beneficial owner of the Note to comply
with a written request of the Payor addressed to the Holder, after reasonable
notice, to provide certification, information, documents or other evidence
concerning the nationality, residence or identity of the Holder or such
beneficial owner or to make any declaration or similar claim or satisfy any
other reporting requirement relating to such matters, which is required by a
statute, regulation or administrative practice of the Relevant Taxing
Jurisdiction as a precondition to exemption from all or part of such tax,
assessment or other governmental charge;

 

(3)       any Taxes that are payable otherwise than
by deduction or withholding from a payment of the principal of, premium, if
any, interest, if any, or Additional Interest, if any, on the Notes;

 

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

 

(5)       any Taxes that are required to be
deducted or withheld on a payment to an individual and that are required to be
made pursuant to the European Council Directive 2003/48/EC or any other
directive implementing the conclusions of the ECOFIN Council meeting of 26-27
November 2000 or any law implementing or complying with, or introduced in order
to conform to such directive;

 

(6)       except in the case of the liquidation,
dissolution or winding-up of the Payor, any Taxes imposed in connection with a
Note presented for payment (where presentation is permitted or required for
payment) by or on behalf of a Holder or beneficial owner who would have been
able to avoid such Tax by presenting the relevant Note to, or otherwise
accepting payment from, another paying agent in a member state of the European
Union; or

 

(7)       any combination of the above.

 

Such Additional
Amounts will also not be payable (x) if the payment could have been made
without such deduction or withholding if the beneficiary of the payment had presented
the Note for payment (where presentation is permitted or required for payment)
within 15 days after the relevant payment was first made available for payment
to the Holder or (y) where, had the beneficial owner of the Note been the
Holder, such beneficial owner would not have been entitled to payment of
Additional Amounts by reason of any of clauses (1) to (7) inclusive above.

 

55

 

(a)       The Payor will (i) make any required
withholding or deduction and (ii) remit the full amount deducted or withheld to
the Relevant Taxing Jurisdiction in accordance with applicable law. The Payor
will use all reasonable efforts to obtain certified copies of tax receipts
evidencing the payment of any Taxes so deducted or withheld from each Relevant
Taxing Jurisdiction imposing such Taxes, in such form as provided in the
ordinary course by the Relevant Taxing Jurisdiction and as is reasonably
available to the Company and will provide such certified copies to the Trustee.
Such copies shall be made available to the Holders upon request and will be
made available at the offices of the Irish Paying Agent if the Notes are then
listed on the Irish Stock Exchange. The Payor will attach to each certified
copy a certificate stating (x) that the amount of withholding Taxes evidenced
by the certified copy was paid in connection with payments in respect of the
principal amount of Notes then outstanding and (y) the amount of such
withholding Taxes paid per €1,000 principal amount of the Euro Notes or per
$1,000 principal amount of the Dollar Notes, as the case may be.

 

(b)       If any Payor will be obligated to pay
Additional Amounts under or with respect to any payment made on any Note or
Note Guarantee, at least 30 days prior to the date of such payment, the Payor
will deliver to the Trustee an Officer’s Certificate stating the fact that
Additional Amounts will be payable and the amount so payable and such other
information necessary to enable the Paying Agent to pay Additional Amounts to
Holders on the relevant payment date (unless such obligation to pay Additional
Amounts arises less than 45 days prior to the relevant payment date, in which
case the Payor may deliver such Officer’s Certificate as promptly as
practicable after the date that is 30 days prior to the payment date).

 

(c)       Wherever in this Indenture or the Note
Guarantees there are mentioned, in any context:

 

(1)       the payment of principal,

 

(2)       purchase prices in connection with a
purchase of Notes,

 

(3)       interest or Additional Interest, if any,
or

 

(4)       any other amount payable on or with
respect to any of the Notes,

 

such reference shall be
deemed to include payment of Additional Amounts as described under this heading
to the extent that, in such context, Additional Amounts are, were or would be
payable in respect thereof.

 

The Issuers will
pay any present or future stamp, court or documentary taxes, or any other
excise, property or similar taxes, charges or levies that arise in any
jurisdiction from the execution, delivery, registration or enforcement of any
Notes, this Indenture, the Security Documents or any other document or
instrument in relation thereto (other than a transfer of the Notes) excluding
any such taxes, charges or similar levies imposed by any jurisdiction that is
not a Relevant Taxing Jurisdiction, and the Issuers agree to indemnify the
Holders for any such taxes paid by such Holders. The foregoing obligations of
this paragraph will survive any termination, defeasance or discharge of this
Indenture and will apply mutatis mutandis to
any jurisdiction in

 

56

 

which any successor to
either Issuer is organized or any political subdivision or taxing authority or
agency thereof or therein.

 

SECTION
4.03.         Change of Control

 

(a)       If a Change of Control occurs, subject to
this Section 4.03, each Holder will have the right to require the Issuers to
repurchase all of such Holder’s Notes at a purchase price in cash equal to 101%
of the principal amount of the Notes, plus accrued and unpaid interest to the
date of purchase (subject to the right of Holders of record on the relevant
record date to receive interest due on the relevant interest payment date); provided, however, that the Issuers shall
not be obliged to repurchase Notes of any series as described under Section
4.03, in the event and to the extent that they have unconditionally exercised
their right to redeem all of the Notes of such series as described under
Section 5 of the Notes or all conditions to such redemption have been satisfied
or waived.

 

(b)       Unless the Issuers have unconditionally
exercised their right to redeem all the Notes of a series as described under
Section 5 of the Notes or all conditions to such redemption have been satisfied
or waived, no later than the date that is 60 days after any Change of Control,
the Issuers will mail a notice (the “Change
of Control Offer”) to
each Holder of any such Notes, with a copy to the Trustee:

 

(1)        stating that a Change of Control has
occurred or may occur and that such Holder has the right to require the Issuers
to purchase such Holder’s Notes at a purchase price in cash equal to 101% of
the principal amount of such Notes plus accrued and unpaid interest to, but not
including, the date of purchase (subject to the right of Holders of record on a
record date to receive interest on the relevant interest payment date) (the “Change of Control Payment”);

 

(2)        stating the repurchase date (which shall
be no earlier than 30 days nor later than 60 days from the date such notice is
mailed) (the “Change of Control Payment Date”);

 

(3)        describing the circumstances and
relevant facts regarding the transaction or transactions that constitute the
Change of Control;

 

(4)        describing the procedures determined by
the Issuers, consistent with this Indenture, that a Holder must follow in order
to have its Notes repurchased; and

 

(5)        if such notice is mailed prior to the
occurrence of a Change of Control, stating that the Change of Control Offer is
conditional on the occurrence of such Change of Control.

 

(c)       On the Change of Control Payment Date, if
the Change of Control shall have occurred, the Issuers will, to the extent
lawful:

 

(1)        accept for payment all Notes properly
tendered pursuant to the Change of Control Offer;

 

57

 

(2)        deposit with the Paying Agent an amount
equal to the Change of Control Payment in respect of all Notes so tendered; and

 

(3)        deliver or cause to be delivered to the
Trustee an Officer’s Certificate stating the Notes or portions thereof being
purchased by the Issuers in the Change of Control Offer;

 

(4)        in the case of Global Notes, deliver, or
cause to be delivered, to the principal Paying Agent the Global Notes in order
to reflect thereon the portion of such Notes or portions thereof that have been
tendered to and purchased by the Issuers; and

 

(5)        in the case of Definitive Registered
Notes, deliver, or cause to be delivered, to the relevant Registrar for
cancellation all Definitive Registered Notes accepted for purchase by the
Issuers.

 

(d)       If any Definitive Registered Notes have
been issued, the Paying Agent will promptly mail to each Holder of Definitive
Registered Notes so tendered the Change of Control Payment for such Notes, and
the Trustee will promptly authenticate and mail (or cause to be transferred by
book entry) to each Holder of Definitive Registered Notes a new Note equal in
principal amount to the unpurchased portion of the Notes surrendered, if any;
provided that each such new Note will be in a principal amount that is at least
€50,000 or $75,000, as the case may be, and integral multiples of €1,000 in
excess thereof or $1,000 in excess thereof, as the case may be.

 

(e)       For so long as the Notes are listed on
the Irish Stock Exchange and the rules of such exchange so require, the Company
will give notice of the Change of Control Offer to the Companies Announcement
Office in Dublin.

 

(f)        This Section 4.03 will be applicable
whether or not any other provisions of this Indenture are applicable.

 

(g)       The Issuers will not be required to make
a Change of Control Offer upon a Change of Control if a third party makes the
Change of Control Offer in the manner, at the times and otherwise in compliance
with the requirements set forth in this Indenture applicable to a Change of
Control Offer made by the Issuers and purchases all Notes validly tendered and
not withdrawn under such Change of Control Offer.

 

(h)       The Issuers will comply, to the extent
applicable, with the requirements of Section 14(e) of the Exchange Act and any
other securities laws or regulations (or rules of any exchange on which the
Notes are then listed) in connection with the repurchase of Notes pursuant to
this Section 4.03. To the extent that the provisions of any securities laws or
regulations (or exchange rules) conflict with provisions of this Indenture, the
Issuers will comply with the applicable securities laws and regulations (or
exchange rules) and will not be deemed to have breached its obligations under
the Change of Control provisions of this Indenture by virtue of the conflict.

 

SECTION 4.04.         [Reserved]

 

58

 

SECTION
4.05.         Limitation on Indebtedness

 

(a)       The Company will not, and will not permit
any of its Restricted Subsidiaries to, Incure any Indebtedness (including
Acquired Indebtedness); provided, however, that the Company and any of the
Guarantors may Incur Indebtedness if on the date of such Incurrence and after
giving pro forma effect thereto (including pro forma application of the
proceeds thereof), the Fixed Charge Coverage Ratio for the Company and its
Restricted Subsidiaries is greater than 2.00 to 1.0.

 

(b)       The limitations of
Section 4.05(a) will not prohibit the Incurrence of the following Indebtedness:

 

(1)       Indebtedness Incurred pursuant to any
Credit Facility (including in respect of letters of credit or bankers’
acceptances issued or created thereunder), and any Refinancing Indebtedness in
respect thereof and Guarantees in respect of such Indebtedness in a maximum
aggregate principal amount at any time outstanding not exceeding (i) €750
million, plus (ii) in the case of any refinancing of any Indebtedness permitted
under this clause (1) or any portion thereof, the aggregate amount of fees,
underwriting discounts, premiums and other costs and expenses Incurred in
connection with such refinancing;

 

(2)       (a)        (i) Guarantees by the Company or any Restricted Subsidiary of
Indebtedness of the Company or any Guarantor and (ii) co-issuance by the
Co-Issuer of any Indebtedness of the Company in each case so long as the
Incurrence of such Indebtedness is permitted under the terms of this Indenture;
or

 

(b)       without limiting Section
4.07 Indebtedness arising by reason of any Lien granted by or applicable to
such Person securing Indebtedness of the Company or any Restricted Subsidiary
so long as the Incurrence of such Indebtedness is permitted under the terms of
this Indenture;

 

(3)       Indebtedness of the Company owing to and
held by any Restricted Subsidiary or Indebtedness of a Restricted Subsidiary
owing to and held by the Company or any Restricted Subsidiary; provided, however, that:

 

(x)        any
subsequent issuance or transfer of Capital Stock or any other event which
results in any such Indebtedness being beneficially held by a Person other than
the Company or a Restricted Subsidiary of the Company, and

 

(y)       any
sale or other transfer of any such Indebtedness to a Person other than the
Company or a Restricted Subsidiary of the Company,

 

shall
be deemed, in each case, to constitute an Incurrence of such Indebtedness by
the Company or such Restricted Subsidiary, as the case may be;

 

(4)       Indebtedness
represented by (a) the Notes (other than any Additional Notes), (b) any
Indebtedness (other than Indebtedness described in Sections

 

59

 

4.05(b)(1) and
4.05(b)(3)) outstanding on the Issue Date, (c) Refinancing Indebtedness
Incurred in respect of any Indebtedness described in Sections 4.05(b)(4),
4.05(b)(5), 4.05(b)(7) or 4.05(b)(11) or Incurred pursuant to Section 4.05(a),
and (d) Management Advances;

 

(5)       Indebtedness of any Person
Incurred and outstanding on the date on which such Person becomes a Restricted
Subsidiary of the Company or another Restricted Subsidiary of the Company or is
merged, consolidated, amalgamated or otherwise combined with (including
pursuant to any acquisition of assets and assumption of related liabilities)
the Company or any Restricted Subsidiary (other than Indebtedness Incurred (i)
to provide all or any portion of the funds utilized to consummate the
transaction or series of related transactions pursuant to which such Person
became a Restricted Subsidiary or was otherwise acquired by the Company or a
Restricted Subsidiary or (ii) otherwise in connection with or contemplation of
such acquisition); provided, however, with
respect to this Section 4.05(b)(5), that at the time of such acquisition or
other transaction (x) the Company would have been able to Incur €1.00 of
additional Indebtedness pursuant to Section 4.05(a) after giving effect to the
Incurrence of such Indebtedness pursuant to this Section 4.05(b)(5) or (y) the
Fixed Charge Coverage Ratio would not be lower than it was immediately prior to
giving effect to such acquisition or other transaction;

 

(6)       Indebtedness under Currency Agreements,
Interest Rate Agreements and Commodity Hedging Agreements entered into for bona fide hedging purposes of the Company
or its Restricted Subsidiaries and not for speculative purposes (as determined
in good faith by the Board of Directors or senior management of the Company);

 

(7)       Indebtedness represented by Capitalized
Lease Obligations or Purchase Money Obligations, and in each case any
Refinancing Indebtedness in respect thereof, in an aggregate outstanding
principal amount which, when taken together with the principal amount of all
other Indebtedness Incurred pursuant to this clause (7) and then outstanding,
will not exceed at any time outstanding the greater of (A) €100.0 million and
(B) 1% of Total Assets;

 

(8)       Indebtedness in respect of (a) workers’
compensation claims, self-insurance obligations, performance, indemnity,
surety, judgment, appeal, advance payment, customs, VAT or other tax or other
guarantees or other similar bonds, instruments or obligations and completion
guarantees and warranties provided by the Company or a Restricted Subsidiary or
relating to liabilities, obligations or guarantees Incurred in the ordinary
course of business, (b) letters of credit, bankers’ acceptances, guarantees or
other similar instruments or obligations issued or relating to liabilities or
obligations Incurred in the ordinary course of business, (c) the financing of
insurance premiums in the ordinary course of business and (d) any customary
cash management, cash pooling or netting or setting off arrangements in the
ordinary course of business;

 

(9)       Indebtedness arising from agreements
providing for customary guarantees, indemnification, obligations in respect of
earnouts or other adjustments of

 

60

 

purchase price or, in
each case, similar obligations, in each case, Incurred or assumed in connection
with the acquisition or disposition of any business or assets or Person or any
Capital Stock of a Subsidiary (other than Guarantees of Indebtedness Incurred
by any Person acquiring or disposing of such business or assets or such
Subsidiary for the purpose of financing such acquisition or disposition);
provided that the maximum liability of the Company and its Restricted
Subsidiaries in respect of all such Indebtedness shall at no time exceed the
gross proceeds, including the fair market value of non-cash proceeds (measured
at the time received and without giving effect to any subsequent changes in
value), actually received by the Company and its Restricted Subsidiaries in
connection with such disposition;

 

(10)     (A)      Indebtedness
arising from the honoring by a bank or other financial institution of a check,
draft or similar instrument drawn against insufficient funds in the ordinary
course of business; provided, however, that
such Indebtedness is extinguished within five
Business Days of Incurrence;

 

(B)       Customer deposits and
advance payments received in the ordinary course of business from customers for
goods purchased in the ordinary course of business;

 

(C)       Indebtedness owed on a short-term basis
of no longer than 30 days to banks and other financial institutions incurred in
the ordinary course of business of the Company and its Restricted Subsidiaries
with such banks or financial institutions that arises in connection with
ordinary banking arrangements to manage cash balances of the Company and its
Restricted Subsidiaries; and

 

(D)       Indebtedness incurred by a Restricted Subsidiary
in connection with bankers acceptances, discounted bills of exchange or the
discounting or factoring of receivables for credit management purposes, in each
case incurred or undertaken in the ordinary course of business on arm’s length
commercial terms on a recourse basis;

 

(11)     Indebtedness in an aggregate outstanding
principal amount which, when taken together with any Refinancing Indebtedness
in respect thereof and the principal amount of all other Indebtedness Incurred
pursuant to this Section 4.05(b)(l1) and then outstanding, will not exceed €450
million;

 

(12)     Indebtedness in an aggregate outstanding
principal amount which, when taken together with any Refinancing Indebtedness
in respect thereof and the principal amount of all other Indebtedness Incurred
pursuant to this Section 4.05(b)(l2) and then outstanding, will not exceed 100%
of the Net Cash Proceeds received by the Company from the issuance or sale
(other than to a Restricted Subsidiary) of its Capital Stock (other than
Disqualified Stock, Designated Preference Shares or an Excluded Contribution)
or otherwise contributed to the equity (other than through the issuance of
Disqualified Stock, Designated Preference Shares or an Excluded Contribution)
of the Company, in each case, subsequent to the Issue Date; provided, however, that (i) any such Net
Cash Proceeds that are so received or contributed shall be excluded for
purposes

 

61

 

of making Restricted
Payments under Sections 4.06(c)(l), 4.06(c)(6) and 4.06(c)(10) to the extent
the Company and its Restricted Subsidiaries incur Indebtedness in reliance
thereon and (ii) any Net Cash Proceeds that are so received or contributed
shall be excluded for purposes of Incurring Indebtedness pursuant to this
clause (12) to the extent the Company or any of its Restricted Subsidiaries
makes a Restricted Payment under Section 4.06(a)(4)(z), 4.06(c)(l), 4.06(c)(6)
or 4.06(c)(10) in reliance thereon;

 

(13)     Indebtedness of Restricted Subsidiaries
incurred as a result of (i) any governmental or regulatory restrictions,
limitations or penalties in the nature of capital controls, exchange controls
or similar restrictions affecting the incurrence or repayment of intercompany
Indebtedness by any Restricted Subsidiary or (ii) any ordinary course country
risk management policies of the Company restricting or limiting transfers or
distributions from the Company or any Restricted Subsidiary to the Company or
any Restricted Subsidiary, provided that the principal amount of such
Indebtedness so incurred when aggregated with other Indebtedness previously
incurred in reliance on this clause (13) and still outstanding shall not in the
aggregate exceed €350.0 million; and

 

(14)     the guarantee by the Company or a
Restricted Subsidiary of Debt of any Person in which the Company or a
Restricted Subsidiary has beneficial ownership of 15% or more of the Voting
Stock in respect, of performance, bid or surety bonds issued by or on behalf of
any such Person in the ordinary course of business in an aggregate amount,
together with all other guarantees of the Company outstanding pursuant to this
clause (14) on the date of such incurrence, not to exceed €15.0 million.

 

(c)       [Reserved].

 

(d) For purposes
of determining compliance with, and the outstanding principal amount of any
particular Indebtedness Incurred pursuant to and in compliance with, this
Section 4.05:

 

(1)       in the event that Indebtedness meets the
criteria of more than one of the types of Indebtedness described in Sections
4.05(a) and 4.05(b), the Company, in its sole discretion, will classify, and
may from time to time reclassify, such item of Indebtedness and only be
required to include the amount and type of such Indebtedness in one of the
clauses of the second paragraph or the first paragraph of this covenant;

 

(2)       all Indebtedness outstanding on the Issue
Date under the Senior Facilities Agreement shall be deemed initially Incurred
on the Issue Date under Section 4.05(b)(l) and not Section 4.05(a) or Section
4.05(b)(4)(b), and may not be reclassified pursuant to Section 4.05(d)(l);

 

(3)       Guarantees of, or obligations in respect
of letters of credit, bankers’ acceptances or other similar instruments
relating to, or Liens securing, Indebtedness that is otherwise included in the
determination of a particular amount of Indebtedness shall not be included;

 

(4)       if obligations in respect of letters of
credit, bankers’ acceptances or other similar instruments are Incurred pursuant
to any Credit Facility and are being

 

62

 

treated as Incurred
pursuant to Section 4.05(b)(1), 4.05(b)(7), 4.05(b)(11), 4.05(b)(12) or
4.05(b)(13) and the letters of credit, bankers’ acceptances or other similar
instruments relate to other Indebtedness, then such other Indebtedness shall
not be included;

 

(5)       the principal amount of any Disqualified
Stock of the Company or a Restricted Subsidiary, or Preferred Stock of a
Restricted Subsidiary, will be equal to the greater of the maximum mandatory
redemption or repurchase price (not including, in either case, any redemption
or repurchase premium) or the liquidation preference thereof;

 

(6)       Indebtedness permitted by this covenant
need not be permitted solely by reference to one provision permitting such
Indebtedness but may be permitted in part by one such provision and in part by
one or more other provisions of this Section 4.05 permitting such Indebtedness;
and

 

(7)       the amount of Indebtedness issued at a
price that is less than the principal amount thereof will be equal to the
amount of the liability in respect thereof determined on the basis of GAAP.

 

(e)       Accrual of interest, accrual of
dividends, the accretion of accreted value, the accretion or amortization of
original issue discount, the payment of interest in the form of additional
Indebtedness, the payment of dividends in the form of additional shares of
Preferred Stock or Disqualified Stock or the reclassification of commitments or
obligations not treated as Indebtedness due to a change in GAAP, will not be
deemed to be an Incurrence of Indebtedness for purposes of this Section 4.05.
The amount of any Indebtedness outstanding as of any date shall be (a) the
accreted value thereof in the case of any Indebtedness issued with original
issue discount and (b) the principal amount, or liquidation preference thereof,
in the case of any other Indebtedness.

 

(f)        If at any time an Unrestricted
Subsidiary becomes a Restricted Subsidiary, any Indebtedness of such Subsidiary
shall be deemed to be Incurred by a Restricted Subsidiary of the Company as of
such date (and, if such Indebtedness is not permitted to be Incurred as of such
date under this Section 4.05, the Company shall be in Default of this Section
4.05).

 

(g)       For purposes of determining compliance
with any euro-denominated restriction on the Incurrence of Indebtedness, the
Euro Equivalent of the principal amount of Indebtedness denominated in another
currency shall be calculated based on the relevant currency exchange rate in
effect on the date such Indebtedness was Incurred, in the case of term
Indebtedness, or, at the option of the Company, first committed, in the case of
Indebtedness Incurred under a revolving credit facility, provided that (1) if such Indebtedness is
Incurred to refinance other Indebtedness denominated in a currency other than
euros, and such refinancing would cause the applicable euro-denominated
restriction to be exceeded if calculated at the relevant currency exchange rate
in effect on the date of such refinancing, such euro-denominated restriction
shall be deemed not to have been exceeded so long as the principal amount of
such Refinancing Indebtedness does not exceed the principal amount of such Indebtedness
being refinanced; (2) the Euro Equivalent of the principal amount of any such
Indebtedness outstanding on the Issue Date shall be calculated based on the
relevant

 

63

 

currency exchange rate in
effect on the Issue Date; and (3) if and for so long as any such Indebtedness
is subject to a Currency Agreement with respect to the currency in which such
Indebtedness is denominated covering principal and interest on such
Indebtedness, the amount of such Indebtedness, if denominated in euros, will be
the amount of the principal payment required to be made under such Currency
Agreement and, otherwise, the Euro Equivalent of such amount plus the Euro
Equivalent of any premium which is at such time due and payable but is not
covered by such Currency Agreement.

 

(h)       Notwithstanding any other provision of
this Section 4.05, the maximum amount of Indebtedness that the Company or a
Restricted Subsidiary may Incur pursuant to this Section 4.05 shall not be
deemed to be exceeded solely as a result of fluctuations in the exchange rate
of currencies. The principal amount of any Indebtedness Incurred to refinance
other Indebtedness, if Incurred in a different currency from the Indebtedness
being refinanced, shall be calculated based on the currency exchange rate
applicable to the currencies in which such Refinancing Indebtedness is
denominated that is in effect on the date of such refinancing.

 

SECTION 4.06.         Limitation on Restricted Payments

 

(a) The Company
will not, and will not permit any of its Restricted Subsidiaries, directly or
indirectly, to:

 

(1)       declare or pay any dividend or make any
distribution on or in respect of the Company’s or any Restricted Subsidiary’s
Capital Stock (including any payment in connection with any merger or
consolidation involving the Company or any of its Restricted Subsidiaries)
except:

 

(x)        dividends or distributions payable in
Capital Stock of the Company (other than Disqualified Stock) or in options,
warrants or other rights to purchase such Capital Stock of the Company or in
Subordinated Shareholder Funding; and

 

(y)       dividends or distributions payable to the
Company or a Restricted Subsidiary (and, in the case of any such Restricted
Subsidiary making such dividend or distribution, to holders of its Capital
Stock other than the Company or another Restricted Subsidiary on no more than a pro rata basis, measured by value);

 

(2)       purchase, redeem, retire or otherwise
acquire for value any Capital Stock of the Company or any direct or indirect Parent
of the Company held by Persons other than the Company or a Restricted
Subsidiary of the Company (other than in exchange for Capital Stock of the
Company (other than Disqualified Stock));

 

(3)       purchase, repurchase, redeem, defease or
otherwise acquire or retire for value, prior to scheduled maturity, scheduled
repayment or scheduled sinking fund payment, any Subordinated Indebtedness
(other than (a) any such purchase, repurchase, redemption, defeasance or other
acquisition or retirement or in anticipation of satisfying a sinking fund
obligation, principal installment or final maturity, in each case, due within
one year of the date of purchase, repurchase, redemption, defeasance or other

 

64

 

acquisition
or retirement and (b) any Indebtedness Incurred pursuant to Section 4.05(b)(3)
or any Subordinated Shareholder Funding; or

 

(4)       make
any Restricted Investment in any Person;

 

(any
such, dividend, distribution, purchase, redemption, repurchase, defeasance, other
acquisition, retirement or Restricted Investment referred to in clauses (1)
through (4) are referred to herein as a “Restricted
Payment”), if at the
time the Company or such Restricted Subsidiary makes such Restricted Payment:

 

(x)        a
Default shall have occurred and be continuing (or would result immediately
thereafter therefrom);

 

(y)       the
Company is not able to Incur an additional €1.00 of Indebtedness pursuant to
SECTION 4.05(a) after giving effect, on a pro  forma basis, to
such Restricted Payment; or

 

(z)        the
aggregate amount of such Restricted Payment and all other Restricted Payments
made subsequent to the Issue Date (and not returned or rescinded) (including
Permitted Payments permitted by Sections 4.06(c)(6), 4.06(c)(10), 4.06(c)(11)
and 4.06(c)(12), but excluding all other Restricted Payments permitted by
Section 4.06(c)) would exceed the sum of (without duplication):

 

(i)         50%
of Consolidated Net Income for the period (treated as one accounting period)
from the first day of the first fiscal quarter commencing after the Issue Date
to the end of the most recent fiscal quarter ending prior to the date of such
Restricted Payment for which internal consolidated financial statements of the
Company are available (or, in the case such Consolidated Net Income is a
deficit, minus 100% of such deficit);

 

(ii)        100%
of the aggregate Net Cash Proceeds, and the fair market value (as determined in
accordance with the next succeeding paragraph) of property or assets or
marketable securities, received by the Company from the issue or sale of its
Capital Stock (other than Disqualified Stock or Designated Preference Shares)
or Subordinated Shareholder Funding subsequent to the Issue Date or otherwise
contributed to the equity (other than through the issuance of Disqualified
Stock or Designated Preference Shares) of the Company subsequent to the Issue
Date (other than (x) Net Cash Proceeds or property or assets or marketable
securities received from an issuance or sale of such Capital Stock to a
Restricted Subsidiary or an employee stock ownership plan or trust established
by the Company or any Subsidiary of the Company for the benefit of its
employees to the extent funded by the Company or any Restricted Subsidiary, (y)
Net Cash Proceeds or property or assets or marketable securities to the extent
that any Restricted Payment has been

 

65

 

made from such proceeds
in reliance on Section 4.06(c)(6) and (z) Excluded Contributions);

 

(iii)       100% of the aggregate Net Cash Proceeds,
and the fair market value (as determined in accordance with the next succeeding
paragraph) of property or assets or marketable securities, received by the
Company or any Restricted Subsidiary from the issuance or sale (other than to
the Company or a Restricted Subsidiary of the Company or an employee stock
ownership plan or trust established by the Company or any Subsidiary of the
Company for the benefit of its employees to the extent funded by the Company or
any Restricted Subsidiary) by the Company or any Restricted Subsidiary
subsequent to the Issue Date of any Indebtedness that has been converted into
or exchanged for Capital Stock of the Company (other than Disqualified Stock or
Designated Preference Shares) or Subordinated Shareholder Funding (plus the amount
of any cash, and the fair market value (as determined in accordance with
Section 4.06(b)) of property or assets or marketable securities, received by
the Company or any Restricted Subsidiary upon such conversion or exchange);

 

(iv)      the amount equal to the net reduction in
Restricted Investments made by the Company or any of its Restricted
Subsidiaries resulting from:

 

(A)       repurchases, redemptions or other
acquisitions or retirements of any such Restricted Investment, proceeds
realized upon the sale or other disposition to a Person other than the Company
or a Restricted Subsidiary of any such Restricted Investment, repayments of
loans or advances or other transfers of assets (including by way of dividend,
distribution, interest payments or returns of capital) to the Company or any
Restricted Subsidiary, or

 

(B)       the redesignation of Unrestricted
Subsidiaries (other than SSMC) as Restricted Subsidiaries (valued, in each
case, as provided in the definition of “Investment”) not to exceed, in the case
of any Unrestricted Subsidiary, the amount of Investments previously made by
the Company or any Restricted Subsidiary in such Unrestricted Subsidiary, which
amount, in each case under this Section 4.06(a)(4)(z)(iv), was included in the
calculation of the amount of Restricted Payments referred to in the first
sentence of this Section 4.06(a)(4)(z); provided,
however, that no amount will be included in Consolidated Net Income
for purposes of Section 4.06(a)(4)(z)(i) to the extent that it is (at the
Company’s option) included under this Section 4.06(a)(4)(z)(iv); and

 

66

 

(v)       the amount of the cash and fair market
value (as determined in accordance with the next succeeding paragraph) of
property or assets or of marketable securities received by the Company or any
of its Restricted Subsidiaries in connection with:

 

(A)       the sale or other disposition (other than
to the Company or a Restricted Subsidiary or an employee stock ownership plan
or trust established by the Company or any Subsidiary of the Company for the
benefit of its employees to the extent funded by the Company or any Restricted
Subsidiary) of Capital Stock of an Unrestricted Subsidiary of the Company
(other than SSMC); and

 

(B)       any dividend or distribution made by an
Unrestricted Subsidiary or Affiliate (other than SSMC) to the Company or a
Restricted Subsidiary;

 

provided,
however, that no amount will be included in Consolidated Net
Income for purposes of Section 4.06(a)(4)(z)(i) to the extent that it is (at the
Company’s option) included under this Section 4.06(a)(4)(z)(v); provided further, however, that such
amount shall not exceed the amount included in the calculation of the amount of
Restricted Payments referred to in the first sentence of this Section 4.06(a)(4)(z).

 

(b)       The fair market value of property or
assets other than cash covered by Section 4.06(a) shall be the fair market
value thereof as determined in good faith by the Board of Directors.

 

(c)       The provisions of Section 4.06 will not
prohibit any of the following (collectively, “Permitted
Payments”):

 

(1)       any purchase, repurchase, redemption,
defeasance or other acquisition or retirement of Capital Stock, Disqualified
Stock, Designated Preference Shares, Subordinated Shareholder Funding or
Subordinated Indebtedness made by exchange (including any such exchange
pursuant to the exercise of a conversion right or privilege in connection with
which cash is paid in lieu of the issuance of fractional shares) for, or out of
the proceeds of the substantially concurrent sale of, Capital Stock of the
Company (other than Disqualified Stock or Designated Preference Shares),
Subordinated Shareholder Funding or a substantially concurrent contribution to
the equity (other than through the issuance of Disqualified Stock or Designated
Preference Shares or through an Excluded Contribution) of the Company;
provided, however, that to the extent so applied, the Net Cash Proceeds, or
fair market value (as determined in accordance with the preceding sentence) of
property or assets or of marketable securities, from such sale of Capital
Stock, Subordinated Shareholder Funding or such contribution will be excluded
from Section 4.06(a)(4)(z)(ii);

 

67

 

(2)       any purchase, repurchase, redemption,
defeasance or other acquisition or retirement of Subordinated Indebtedness made
by exchange for, or out of the proceeds of the substantially concurrent sale
of, Refinancing Indebtedness permitted to be Incurred pursuant to Section 4.05;

 

(3)       any purchase, repurchase, redemption,
defeasance or other acquisition or retirement of Preferred Stock of the Company
or a Restricted Subsidiary made by exchange for or out of the proceeds of the
substantially concurrent sale of Preferred Stock of the Company or a Restricted
Subsidiary, as the case may be, that, in each case, is permitted to be Incurred
pursuant to Section 4.05, and that in each case, constitutes Refinancing
Indebtedness;

 

(4)       any purchase, repurchase, redemption,
defeasance or other acquisition or retirement of Subordinated Indebtedness:

 

(a)        (i) from Net Available Cash to the
extent permitted under Section 4.09, but only if the Company shall have first
complied with Section 4.09 and purchased all Notes tendered pursuant to any
offer to repurchase all the Notes required thereby, prior to purchasing,
repurchasing, redeeming, defeasing or otherwise acquiring or retiring such
Subordinated Indebtedness and (ii) at a purchase price not greater than 100% of
the principal amount of such Subordinated Indebtedness plus accrued and unpaid
interest;

 

(b)       to the extent required by
the agreement governing such Subordinated Indebtedness, following the
occurrence of a Change of Control (or other similar event described therein as
a “change of control”), but only (i) if the Company shall have
first complied with Section 4.03 and purchased all Notes tendered pursuant to
the offer to repurchase all the Notes required thereby, prior to purchasing,
repurchasing, redeeming, defeasing or otherwise acquiring or retiring such
Subordinated Indebtedness and (ii) at a purchase price not greater than 101% of
the principal amount of such Subordinated Indebtedness plus accrued and unpaid
interest; or

 

(c)        (i) consisting of Acquired
Indebtedness (other than Indebtedness Incurred (A) to provide all or any
portion of the funds utilized to consummate the transaction or series of
related transactions pursuant to which such Person became a Restricted
Subsidiary or was otherwise acquired by the Company or a Restricted Subsidiary
or (B) otherwise in connection with or contemplation of such acquisition) and
(ii) at a purchase price not greater than 100% of the principal amount of such
Subordinated Indebtedness plus accrued and unpaid interest and any premium
required by the terms of any Acquired Indebtedness;

 

(5)       any dividends paid within 60 days after
the date of declaration if at such date of declaration such dividend would have
complied with this provision;

 

68

 

(6)       the purchase, repurchase, redemption,
defeasance or other acquisition, cancellation or retirement for value of
Capital Stock of any Parent (including any options, warrants or other rights in
respect thereof) and loans, advances, dividends or distributions by the Company
to any Parent to permit any Parent to purchase, repurchase, redeem, defease or
otherwise acquire, cancel or retire for value Capital Stock of any Parent
(including any options, warrants or other rights in respect thereof), or
payments to purchase, repurchase, redeem, defease or otherwise acquire, cancel
or retire for value Capital Stock of the any Parent (including any options,
warrants or other rights in respect thereof), in each case from Management
Investors; provided that such
payments, loans, advances, dividends or distributions do not exceed an amount
(net of repayments of any such loans or advances) equal to (1) €40 million plus
(2) €20 million multiplied by the number of calendar years that have commenced
since the Issue Date plus (3) the Net Cash Proceeds received by the Company or
its Restricted Subsidiaries since the Issue Date (including through receipt of
proceeds from the issuance or sale of its Capital Stock or Subordinated
Shareholder Funding to a Parent) from, or as a contribution to the equity (in
each case under this Section 4.06(c)(6)(3), other than through the issuance of
Disqualified Stock or Designated Preference Shares) of the Company from, the
issuance or sale to Management Investors of Capital Stock (including any
options, warrants or other rights in respect thereof), to the extent such Net
Cash Proceeds are not included in any calculation under Section
4.06(a)(4)(z)(ii);

 

(7)       the declaration and payment of dividends
to holders of any class or series of Disqualified Stock, or of any Preferred
Stock of a Restricted Subsidiary, Incurred in accordance with Section 4.05;

 

(8)       purchases, repurchases, redemptions,
defeasances or other acquisitions or retirements of Capital Stock deemed to
occur upon the exercise of stock options, warrants or other rights in respect
thereof if such Capital Stock represents a portion of the exercise price
thereof;

 

(9)       dividends, loans, advances or
distributions to any Parent or other payments by the Company or any Restricted
Subsidiary in amounts equal to (without duplication):

 

(a)        the amounts required for any Parent to
pay any Parent Expenses or any Related Taxes; or

 

(b)       amounts constituting or to be used for
purposes of making payments (i) in connection with, and of fees and expenses
Incurred in connection with, the Transactions or (ii) to the extent specified
in Sections 4.10(b)(2),  4.10(b)(3), 4.10(b)(5), 4.10(b)(7) and
4.10(b)(12);

 

(10)     so long as no Default or Event of Default
has occurred and is continuing (or would result from), the declaration and
payment by the Company of, or loans, advances, dividends or distributions to
any Parent to pay, dividends on the common stock or common equity interests of
the Company or any Parent following a Public Offering of such common stock or
common equity interests, in an amount not to

 

69

 

exceed in any fiscal year
the greater of (a) 6% of the Net Cash Proceeds received by the Company from
such Public Offering or contributed to the equity (other than through the
issuance of Disqualified Stock or Designated Preference Shares or through an
Excluded Contribution) of the Company and (b) following the Initial Public
Offering, an amount equal to the greater of (i) the greater of (A) 7% of the
Market Capitalization and (B) 7% of the IPO Market Capitalization; provided that after giving pro forma effect to such loans, advances,
dividends or distributions, the Consolidated Leverage Ratio shall be equal to
or less than 2.75 to 1.00 and (ii) the greater of (A) 5% of the Market
Capitalization and (B) 5% of the IPO Market Capitalization; provided that after giving pro forma effect to such loans, advances,
dividends or distributions, the Consolidated Leverage Ratio shall be equal to
or less than 3.25 to 1.00;

 

(11)     so long as no Default or Event of Default
has occurred and is continuing (or would result from), Restricted Payments
(including loans or advances) in an aggregate amount outstanding at any time
not to exceed €200.0 million;

 

(12)     payments by the Company, or loans,
advances, dividends or distributions to any Parent to make payments, to holders
of Capital Stock of the Company or any Parent in lieu of the issuance of
fractional shares of such Capital Stock, provided,
however, that any such payment, loan, advance, dividend or
distribution shall not be for the purpose of evading any limitation of this
covenant or otherwise to facilitate any dividend or other return of capital to
the holders of such Capital Stock (as determined in good faith by the Board of
Directors);

 

(13)     Investments in an aggregate amount
outstanding at any time not to exceed the aggregate cash amount of Excluded
Contributions, or consisting of non-cash Excluded Contributions, or Investments
to the extent made in exchange for or using as consideration Investments previously
made under this Section 4.06(c)(13);

 

(14)     (i) the declaration and payment of
dividends to holders of any class or series of Designated Preference Shares of
the Company issued after the Issue Date; and (ii) the declaration and payment
of dividends to any Parent or any Affiliate thereof, the proceeds of which will
be used to fund the payment of dividends to holders of any class or series of
Designated Preference Shares of such Parent issued after the Issue Date; provided, however, that, in the case of clauses
(i) and (ii), the amount of all dividends declared or paid pursuant to this
Section 4.06(c)(14) shall not exceed the Net Cash Proceeds received by the
Company or the aggregate amount contributed in cash to the equity (other than
through the issuance of Disqualified Stock or an Excluded Contribution or, in
the case of Designated Preference Shares by Parent or an Affiliate the issuance
of Designated Preference Shares) of the Company, from the issuance or sale of
such Designated Preference Shares; and

 

(15)     dividends or other distributions of Capital
Stock of Unrestricted Subsidiaries other than SSMC (unless the Unrestricted
Subsidiary’s principal asset is cash and Cash Equivalents or to the extent the
assets owned by such Unrestricted Subsidiary were contributed in contemplation
of such dividend or distribution).

 

70

 

(d)       The amount of all Restricted Payments
(other than cash) shall be the fair market value on the date of such Restricted
Payment of the asset(s) or securities proposed to be paid, transferred or
issued by the Company or such Restricted Subsidiary, as the case may be,
pursuant to such Restricted Payment. The fair market value of any cash
Restricted Payment shall be its face amount, and the fair market value of any
non-cash Restricted Payment shall be determined conclusively by the Board of
Directors of the Company acting in good faith.

 

(e)       In addition to the foregoing, it will be
a breach of this Section 4.06 if any of the Initial Investors receives directly
or indirectly from SSMC payments that would, if made by the Company, constitute
Restricted Payments of the types described in Sections 4.06(a)(1), 4.06(a)(2)
and 4.06(a)(3), other than through distributions and dividends (x) to the
Company and the making of such payments by the Company in a manner permitted by
this Section 4.06 or (y) on a pro rata basis (proportionate to its ownership of
SSMC) to another portfolio company of any Initial Investor, or, in the case of
Philips, another operating subsidiary, engaged in an active business that owns
Capital Stock of SSMC at such time.

 

SECTION
4.07.         Limitation on Liens

 

The
Company will not, and will not permit any Restricted Subsidiary to, directly or
indirectly, create, Incur or suffer to exist any Lien (other than Permitted
Liens or, in the case of assets constituting Collateral, Permitted Collateral
Liens) upon any of its property or assets (including Capital Stock of a
Restricted Subsidiary of the Company), whether owned on the Issue Date or acquired
after that date, or any interest therein or any income or profits therefrom,
which Lien secures any Indebtedness.

 

SECTION
4.08.         Limitation
on Restrictions on Distributions from Restricted Subsidiaries

 

(a)       The Company will not, and will not permit
any Restricted Subsidiary to, create or otherwise cause or permit to exist or
become effective any consensual encumbrance or consensual restriction on the
ability of any Restricted Subsidiary to:

 

(1)        pay dividends or make any other
distributions in cash or otherwise on its Capital Stock or pay any Indebtedness
or other obligations owed to the Company or any Restricted Subsidiary;

 

(2)        make any loans or advances to the
Company or any Restricted Subsidiary; or

 

(3)        sell, lease or transfer any of its
property or assets to the Company or any Restricted Subsidiary;

 

provided
that (x) the priority of any Preferred Stock in receiving
dividends or liquidating distributions prior to dividends or liquidating
distributions being paid on common stock and (y) the subordination of
(including the application of any standstill requirements to) loans or advances
made to the Company or any Restricted Subsidiary to other Indebtedness Incurred
by the Company or any Restricted Subsidiary shall not be deemed to constitute
such an encumbrance or restriction.

 

71

 

(b)       The provisions of Section 4.08(a) will
not prohibit:

 

(1)        any encumbrance or restriction pursuant
to (a) any Credit Facility (including the Senior Finance Documents) or (b) any
other agreement or instrument, in each case, in effect at or entered into on
the Issue Date;

 

(2)        any encumbrance or restriction pursuant
to an agreement or instrument of a Person or relating to any Capital Stock or
Indebtedness of a Person, entered into on or before the date on which such
Person was acquired by or merged, consolidated or otherwise combined with or
into the Company or any Restricted Subsidiary, or was designated as a
Restricted Subsidiary or on which such agreement or instrument is assumed by
the Company or any Restricted Subsidiary in connection with an acquisition of
assets (other than Capital Stock or Indebtedness Incurred as consideration in,
or to provide all or any portion of the funds utilized to consummate, the
transaction or series of related transactions pursuant to which such Person
became a Restricted Subsidiary or was acquired by the Company or was merged,
consolidated or otherwise combined with or into the Company or any Restricted
Subsidiary entered into or in connection with such transaction) and outstanding
on such date; provided that, for
the purposes of this Section 4.08(b)(2), if another Person is the Successor
Company, any Subsidiary thereof or agreement or instrument of such Person or
any such Subsidiary shall be deemed acquired or assumed by the Company or any
Restricted Subsidiary when such Person becomes the Successor Company;

 

(3)        any encumbrance or restriction pursuant
to an agreement or instrument effecting a refinancing of Indebtedness Incurred
pursuant to, or that otherwise refinances, an agreement or instrument referred
to in Section 4.08(b)(1), 4.08(b)(2) or 4.08(b)(3) (an “Initial Agreement”) or contained in any amendment,
supplement or other modification to an agreement referred to in Section
4.08(b)(1), 4.08(b)(2) or 4.08(b)(3); provided,
however, that the encumbrances and restrictions with respect to such
Restricted Subsidiary contained in any such agreement or instrument are no less
favorable in any material respect to the Holders taken as a whole than the
encumbrances and restrictions contained in the Initial Agreement or Initial
Agreements to which such refinancing or amendment, supplement or other
modification relates (as determined in good faith by the Company);

 

(4)        any encumbrance or restriction:

 

(a)        that restricts in a customary manner the
subletting, assignment or transfer of any property or asset that is subject to
a lease, license or similar contract, or the assignment or transfer of any
lease, license or other contract;

 

(b)       contained in mortgages, pledges or other
security agreements permitted under this Indenture or securing Indebtedness of
the Company or a Restricted Subsidiary permitted under this Indenture to the
extent such encumbrances or restrictions restrict the transfer of the property or
assets subject to such mortgages, pledges or other security agreements; or

 

72

 

(c)       pursuant to customary provisions
restricting dispositions of real property interests set forth in any reciprocal
easement agreements of the Company or any Restricted Subsidiary;

 

(5)       any encumbrance or restriction pursuant
to Purchase Money Obligations and Capitalized Lease Obligations permitted under
this Indenture, in each case, that impose encumbrances or restrictions on the
property so acquired or any encumbrance or restriction pursuant to a joint
venture agreement that imposes restrictions on the transfer of the assets of
the joint venture;

 

(6)       any encumbrance or restriction with
respect to a Restricted Subsidiary (or any of its property or assets) imposed
pursuant to an agreement entered into for the direct or indirect sale or
disposition to a Person of all or substantially all the Capital Stock or assets
of such Restricted Subsidiary (or the property or assets that are subject to
such restriction) pending the closing of such sale or disposition;

 

(7)       customary provisions in leases, licenses,
joint venture agreements and other similar agreements and instruments entered
into in the ordinary course of business;

 

(8)       encumbrances or restrictions arising or
existing by reason of applicable law or any applicable rule, regulation or
order, or required by any regulatory authority;

 

(9)       any encumbrance or restriction on cash or
other deposits or net worth imposed by customers under agreements entered into
in the ordinary course of business;

 

(10)     any encumbrance or restriction pursuant to
Currency Agreements, Interest Rate Agreements or Commodity Hedging Agreements;

 

(11)     any encumbrance or restriction arising
pursuant to an agreement or instrument (a) relating to any Indebtedness
permitted to be Incurred subsequent to the Issue Date pursuant to Section 4.05
if the encumbrances and restrictions contained in any such agreement or
instrument taken as a whole are not materially less favorable to the Holders
than (i) the encumbrances and restrictions contained in the Senior Facilities
Agreement, together with the security documents associated therewith, as in
effect on the Issue Date or (ii) in comparable financings (as determined in good
faith by the Company) and where, in the case of clause (ii), the Company
determines at the time of issuance of such Indebtedness that such encumbrances
or restrictions will not adversely affect, in any material respect, the Issuers’
ability to make principal or interest payments on the Notes; or

 

(12)     any encumbrance or restriction existing by
reason of any lien permitted under Section 4.07.

 

73

 

SECTION 4.09.         Limitation on Sales of Assets and
Subsidiary Stock

 

(a)       The Company will not, and will not permit
any of its Restricted Subsidiaries to, make any Asset Disposition unless:

 

(1)       the Company or such Restricted
Subsidiary, as the case may be, receives consideration (including by way of
relief from, or by any other Person assuming responsibility for, any
liabilities, contingent or otherwise) at least equal to the fair market value
(such fair market value to be determined on the date of contractually agreeing
to such Asset Disposition), as determined in good faith by the Board of
Directors of the Company, of the shares and assets subject to such Asset
Disposition (including, for the avoidance of doubt, if such Asset Disposition
is a Permitted Asset Swap);

 

(2)       in any such Asset Disposition, or series
of related Asset Dispositions (except to the extent the Asset Disposition is a
Permitted Asset Swap), at least 75% of the consideration from such Asset
Disposition (excluding any consideration by way of relief from, or by any other
Person assuming responsibility for, any liabilities, contingent or otherwise,
other than Indebtedness) received by the Company or such Restricted Subsidiary,
as the case may be, is in the form of cash, Cash Equivalents or Temporary Cash Investments;
and

 

(3)       an amount equal to 100% of the Net
Available Cash from such Asset Disposition is applied by the Company or such
Restricted Subsidiary, as the case may be:

 

(A)      to the extent the Company or any
Restricted Subsidiary, as the case may be, elects (or is required by the terms
of any Indebtedness of a Restricted Subsidiary), (i) to prepay, repay or
purchase any Indebtedness of a non-Guarantor Restricted Subsidiary (in each
case, other than Indebtedness owed to the Company or any Restricted Subsidiary)
or Indebtedness under the Senior Facilities Agreement (or any Refinancing
Indebtedness in respect thereof) within 365 days from the later of (A) the date
of such Asset Disposition and (B) the receipt of such Net Available Cash; provided, however, that, in connection
with any prepayment, repayment or purchase of Indebtedness pursuant to this
clause (a), the Company or such Restricted Subsidiary will retire such
Indebtedness and will cause the related commitment (if any) (except in the case
of the Senior Facilities Agreement) to be permanently reduced in an amount
equal to the principal amount so prepaid, repaid or purchased; or (ii) to
prepay, repay or purchase Pari Passu Indebtedness at a price of no more than
100% of the principal amount of such Pari Passu Indebtedness plus accrued and
unpaid interest to the date of such prepayment, repayment or purchase; provided that the Company shall redeem,
repay or repurchase Pari Passu Indebtedness pursuant to this clause (ii) only
if the Company makes (at such time or subsequently in compliance with this
Section 4.09) an offer to the Holders of the Notes to purchase their Notes in
accordance with the provisions set forth below for an Asset Disposition Offer
for an aggregate principal amount of Notes at least equal to the proportion
that (x) the total aggregate principal amount of Notes outstanding bears to (y)
the sum of the total aggregate principal amount of Notes outstanding plus the
total aggregate principal amount outstanding of such Pari Passu Indebtedness;
or

 

74

 

(B)       to the extent the Company or such
Restricted Subsidiary elects, to invest in or commit to invest in Additional
Assets (including by means of an investment in Additional Assets by a
Restricted Subsidiary with Net Available Cash received by the Company or
another Restricted Subsidiary) within 365 days from the later of (i) the date
of such Asset Disposition and (ii) the receipt of such Net Available Cash, provided, however, that any such reinvestment
in Additional Assets made pursuant to a definitive binding agreement or a
commitment approved by the Board of Directors of the Company that is executed
or approved within such time will satisfy this requirement, so long as such
investment is consummated within 180 days of such 365th day;

 

provided
that, pending the final application of any such Net Available
Cash in accordance with Section 4.09(a)(3)(A) or 4.09(a)(3)(B), the Company and
its Restricted Subsidiaries may temporarily reduce Indebtedness or otherwise
invest such Net Available Cash in any manner not prohibited by this Indenture.

 

(b)       Any Net Available Cash from Asset
Dispositions that is not applied or invested or committed to be applied or
invested as provided in Section 4.09(a) will be deemed to constitute “Excess Proceeds” under this Indenture. On
the 366th day after an Asset Disposition, if the aggregate amount of Excess
Proceeds under this Indenture exceeds €50 million, the Issuers will be required
to make an offer (“Asset Disposition Offer”)
to all holders of Notes and, to the extent the Issuers elect, to all
holders of other outstanding Pari Passu Indebtedness, to purchase the maximum
principal amount of Notes and any such Pari Passu Indebtedness to which the
Asset Disposition Offer applies that may be purchased out of the Excess
Proceeds, at an offer price in respect of the Notes in an amount equal to (and,
in the case of any Pari Passu Indebtedness, an offer price of no more than)
100% of the principal amount of the Notes and 100% of the principal amount of
Pari Passu Indebtedness, in each case, plus accrued and unpaid interest, if
any, to, but not including, the date of purchase, in accordance with the procedures
set forth in this Indenture or the agreements governing the Pari Passu
Indebtedness, as applicable, and in case of the Euro Notes in minimum
denominations of €50,000 and in integral multiples of €1,000 in excess thereof
or, in case of the Dollar Notes in minimum denominations of $75,000 and in
integral multiples of $1,000 in excess thereof.

 

(c)       To the extent that the aggregate amount
of Notes and Pari Passu Indebtedness so validly tendered and not properly
withdrawn pursuant to an Asset Disposition Offer is less than the Excess
Proceeds, the Issuers may use any remaining Excess Proceeds for general
corporate purposes, subject to other covenants contained in this Indenture. If
the aggregate principal amount of the Notes issued surrendered in any Asset
Disposition Offer by Holders and other Pari Passu Indebtedness surrendered by
holders or lenders, collectively, exceeds the amount of Excess Proceeds, the
Excess Proceeds shall be allocated among the Notes and Pari Passu Indebtedness
to be purchased on a pro rata basis on the basis of the aggregate principal
amount of tendered Notes and Pari Passu Indebtedness. For the purposes of
calculating the principal amount of any such Indebtedness not denominated in
euro, such Indebtedness shall be calculated by converting any such principal
amounts into their Euro Equivalent determined as of a date selected by the
Issuers that is within the Asset Disposition Offer Period (as defined below).
Upon completion of any Asset Disposition Offer, the amount of Excess Proceeds
shall be reset at zero.

 

75

 

(d)       Any Net Available Cash payable in respect
of the Notes pursuant to Section 4.09 will be apportioned between the Euro
Notes and the Dollar Notes in proportion to the respective aggregate principal
amounts of Euro Notes and Dollar Notes validly tendered and not withdrawn,
based upon the Euro Equivalent of such principal amount of Dollar Notes
determined as of a date selected by the Issuers that is within the Asset
Disposition Offer Period. To the extent that any portion of Net Available Cash
payable in respect of the Notes is denominated in a currency other than the
currency in which the relevant Notes are denominated, the amount thereof
payable in respect of such Notes shall not exceed the net amount of funds in
the currency in which such Notes are denominated that is actually received by
the Issuers upon converting such portion into such currency.

 

(e)       The Asset Disposition Offer, in so far as
it relates to the Notes, will remain open for a period of not less than 20
Business Days following its commencement (the “Asset
Disposition Offer Period”). No later than five Business Days after
the termination of the Asset Disposition Offer Period (the “Asset Disposition Purchase Date”) the
Issuers will purchase the principal amount of Notes and, to the extent they
elect, Pari Passu Indebtedness required to be purchased pursuant to this
Section 4.09 (the “Asset Disposition Offer
Amount”) or, if less than the Asset Disposition Offer Amount has
been so validly tendered, all Notes and Pari Passu Indebtedness validly tendered
in response to the Asset Disposition Offer.

 

(f)        On or before the Asset Disposition
Purchase Date, the Issuers will, to the extent lawful, accept for payment, on a
pro rata basis to the extent necessary, the Asset Disposition Offer Amount of
Notes and Pari Passu Indebtedness or portions of Notes and Pari Passu
Indebtedness so validly tendered and not properly withdrawn pursuant to the
Asset Disposition Offer, or if less than the Asset Disposition Offer Amount has
been validly tendered and not properly withdrawn, all Notes and Pari Passu
Indebtedness so validly tendered and not properly withdrawn and, in the case of
Euro Notes, in minimum denominations of €50,000 and in integral multiples of
€1,000 in excess thereof or, in the case of the Dollar Notes, in minimum
denominations of $75,000 and in integral multiples of $1,000 in excess thereof.
The Company will deliver to the Trustee an Officer’s Certificate stating that
such Notes or portions thereof were accepted for payment by the Company in
accordance with the terms of this Section 4.09. The Company or the Paying
Agent, as the case may be, will promptly (but in any case not later than five
Business Days after termination of the Asset Disposition Offer Period) mail or
deliver to each tendering Holder of Notes an amount equal to the purchase price
of the Notes so validly tendered and not properly withdrawn by such Holder, and
accepted by the Company for purchase, and the Company will promptly issue a new
Note (or amend the applicable Global Note), and the Trustee, upon delivery of
an Officer’s Certificate from the Company, will authenticate and mail or
deliver (or cause to be transferred by book entry) such new Note to such
Holder, in a principal amount equal to any unpurchased portion of the Note
surrendered; provided that each
such new Note will be in a principal amount with a minimum denomination of
€50,000 in the case of Euro Notes and $75,000 in the case of Dollar Notes. Any
Note not so accepted will be promptly mailed or delivered (or transferred by book
entry) by the Company to the Holder thereof.

 

(g)       For the purposes of Section 4.09(a)(2),
the following will be deemed to be cash:

 

76

 

(1)       the assumption by the transferee of
Indebtedness of the Company or Indebtedness of a Restricted Subsidiary (other
than Subordinated Indebtedness of the Company or a Guarantor) and the release
of the Company or such Restricted Subsidiary from all liability on such
Indebtedness in connection with such Asset Disposition;

 

(2)       securities, notes or other obligations
received by the Company or any Restricted Subsidiary of the Company from the
transferee that are converted by the Company or such Restricted Subsidiary into
cash or Cash Equivalents within 180 days following the closing of such Asset
Disposition;

 

(3)       Indebtedness of any Restricted Subsidiary
that is no longer a Restricted Subsidiary as a result of such Asset
Disposition, to the extent that the Company and each other Restricted
Subsidiary are released from any Guarantee of payment of such Indebtedness in
connection with such Asset Disposition;

 

(4)       consideration consisting of Indebtedness
of the Company (other than Subordinated Indebtedness) received after the Issue
Date from Persons who are not the Company or any Restricted Subsidiary; and

 

(5)       any Designated Non-Cash Consideration
received by the Company or any Restricted Subsidiary in such Asset Dispositions
having an aggregate fair market value, taken together with all other Designated
Non-Cash Consideration received pursuant to this Section 4.09 that is at that
time outstanding, not to exceed the greater of €100.0 million and 1% of Total
Assets (with the fair market value of each item of Designated Non-Cash
Consideration being measured at the time received and without giving effect to
subsequent changes in value).

 

(h) The Issuers will comply, to the extent
applicable, with the requirements of Section 14(e) of the Exchange Act and any
other securities laws or regulations (or rules of any exchange on which the Notes
are then listed) in connection with the repurchase of Notes pursuant to this
Indenture. To the extent that the provisions of any securities laws or
regulations (or exchange rules) conflict with provisions of this Section 4.09,
the Company will comply with the applicable securities laws and regulations (or
exchange rules) and will not be deemed to have breached its obligations under
this Indenture by virtue of any conflict.

 

SECTION 4.10. Limitation
on Affiliate Transactions

 

(a)       The Company will not, and will not permit
any of its Restricted Subsidiaries to, directly or indirectly, enter into or
conduct any transaction (including the purchase, sale, lease or exchange of any
property or the rendering of any service) with any Affiliate of the Company (an
“Affiliate Transaction”)  involving
aggregate value in excess of €20 million unless:

 

(1)       the terms of such Affiliate Transaction
taken as a whole are not materially less favorable to the Company or such
Restricted Subsidiary, as the case may be, than those that could be obtained in
a comparable transaction at the time of such transaction or the execution of
the agreement providing for such transaction in arm’s-length dealings with a
Person who is not such an Affiliate; and

 

77

 

(2)       in the event such Affiliate Transaction involves
an aggregate value in excess of €50 million, the terms of such transaction have
been approved by a majority of the members of the Board of Directors.

 

Any Affiliate
Transaction shall be deemed to have satisfied the requirements set forth in
Section 4.10(a)(2) if such Affiliate Transaction is approved by a majority of
the Disinterested Directors. If there are no Disinterested Directors, any
Affiliate Transaction shall be deemed to have satisfied the requirements set
forth in this Section 4.10 if the Company or any of its Restricted
Subsidiaries, as the case may be, delivers to the Trustee a letter from an
Independent Financial Advisor stating that such transaction is fair to the
Company or such Restricted Subsidiary from a financial point of view or stating
that the terms are not materially less favorable to the Company or its relevant
Restricted Subsidiary than those that would have been obtained in a comparable
transaction by the Company or such Restricted Subsidiary with an unrelated
Person on an arm’s length basis.

 

(b)       The provisions of Section 4.10(a) will
not apply to:

 

(1)       any Restricted Payment permitted to be
made pursuant to Section 4.06, any Permitted Payments (other than pursuant to
Section 4.06(c)(9)(b)(ii)) or any Permitted Investment (other than Permitted
Investments as defined in paragraphs (1)(b), (2), (11) and (15) of the
definition thereof);

 

(2)       any issuance or sale of Capital Stock,
options, other equity-related interests or other securities, or other payments,
awards or grants in cash, securities or otherwise pursuant to, or the funding
of, or entering into, or maintenance of, any employment, consulting, collective
bargaining or benefit plan, program, agreement or arrangement, related trust or
other similar agreement and other compensation arrangements, options, warrants
or other rights to purchase Capital Stock of the Company, any Restricted
Subsidiary or any Parent, restricted stock plans, long-term incentive plans,
stock appreciation rights plans, participation plans or similar employee
benefits or consultants’ plans (including valuation, health, insurance,
deferred compensation, severance, retirement, savings or similar plans,
programs or arrangements) or indemnities provided on behalf of officers,
employees, directors or consultants approved by the Board of Directors of the
Company, in each case in the ordinary course of business;

 

(3)       any Management Advances and any waiver or
transaction with respect thereto;

 

(4)       any transaction between or among the
Company and any Restricted Subsidiary (or entity that becomes a Restricted
Subsidiary as a result of such transaction), or between or among Restricted
Subsidiaries;

 

(5)       the payment of reasonable fees and
reimbursement of expenses to, and customary indemnities (including under
customary insurance policies) and employee benefit and pension expenses
provided on behalf of, directors, officers, consultants or employees of the
Company, any Restricted Subsidiary of the Company or any Parent

 

78

 

(whether directly or
indirectly and including through any Person owned or controlled by any of such
directors, officers or employees);

 

(6)       the Transactions and the entry into and
performance of obligations of the Company or any of its Restricted Subsidiaries
under the terms of any transaction arising out of, and any payments pursuant to
or for purposes of funding, any agreement or instrument in effect as of or on
the Issue Date, as these agreements and instruments may be amended, modified,
supplemented, extended, renewed or refinanced from time to time in accordance
with the other terms of this Section 4.10 or to the extent not more
disadvantageous to the Holders in any material respect and the entry into and
performance of any registration rights or other listing agreement in connection
with any Public Offering;

 

(7)       execution, delivery and performance of
any Tax Sharing Agreement or the formation and maintenance of any consolidated
group for tax, accounting or cash pooling or management purposes in the ordinary
course of business;

 

(8)       transactions with customers, clients,
suppliers or purchasers or sellers of goods or services, in each case in the
ordinary course of business, which are fair to the Company or the relevant
Restricted Subsidiary in the reasonable determination of the Board of Directors
or the senior management of the Company or the relevant Restricted Subsidiary,
or are on terms no less favorable than those that could reasonably have been
obtained at such time from an unaffiliated party;

 

(9)       any transaction in the ordinary course of
business between or among the Company or any Restricted Subsidiary and any
Affiliate of the Company or an Associate or similar entity that would
constitute an Affiliate Transaction solely because the Company or a Restricted
Subsidiary or any Affiliate of the Company or a Restricted Subsidiary or any
Affiliate of any Permitted Holder owns an equity interest in or otherwise
controls such Affiliate, Associate or similar entity;

 

(10)     (a) issuances or sales of Capital Stock
(other than Disqualified Stock or Designated Preference Shares) of the Company
or options, warrants or other rights to acquire such Capital Stock or
Subordinated Shareholder Funding; provided that
the interest rate and other financial terms of such Subordinated Shareholder
Funding are approved by a majority of the members of the Board of Directors in
their reasonable determination and (b) any amendment, waiver or other
transaction with respect to any Subordinated Shareholder Funding in compliance
with the other provisions of this Indenture;

 

(11)     without duplication in respect of payments
made pursuant to Section 4.10(b)(12) hereof, (a) payments by the Company or any
Restricted Subsidiary to any Permitted Holder (whether directly or indirectly,
including through any Parent) of annual customary management, consulting,
monitoring or advisory fees and related expenses customary for portfolio
companies of the Initial Investors described in clause (1) of the definition
thereof and (b) customary payments by the Company or any Restricted Subsidiary
to any Permitted Holder (whether directly or indirectly, including

 

79

 

through any Parent) for
financial advisory, financing, underwriting or placement services or in respect
of other investment banking activities, including in connection with
acquisitions or divestitures, which payments in respect of this clause (b) are
approved by a majority of the Board of Directors in good faith; and

 

(12)     payment to any Permitted Holder of all
reasonable out of pocket expenses Incurred by such Permitted Holder in
connection with its direct or indirect investment in the Company and its
Subsidiaries.

 

SECTION 4.11.         Reports

 

(a)       For so long as any Notes are outstanding,
the Company will provide to the Trustee the following reports:

 

(1)       within 120 days after the end of the
Company’s fiscal year beginning with the first fiscal year ending after the
Issue Date, annual reports containing, to the extent applicable, and in a level
of detail that is comparable in all material respects to that included in the
Offering Memorandum, the following information: (a) audited consolidated
balance sheets of the Company or its predecessor as of the end of the two most
recent fiscal years and audited consolidated income statements and statements
of cash flow of the Company or its predecessor for the three most recent fiscal
years, including complete footnotes to such financial statements and the report
of the independent auditors on the financial statements; (b) unaudited pro  forma
income statement information and balance sheet information of the
Company (which, for the avoidance of doubt, shall not include the provision of
a full income statement or balance sheet to the extent not reasonably
available), together with explanatory footnotes, for any material acquisitions,
dispositions or recapitalizations that have occurred since the beginning of the
most recently completed fiscal year, (c) an operating and financial review of
the audited financial statements, including a discussion of the results of
operations, financial condition, and liquidity and capital resources of the
Company, and a discussion of material commitments and contingencies and
critical accounting policies; (d) description of the business, management and
shareholders of the Company, all material affiliate transactions and a
description of all material contractual arrangements, including material debt
instruments; and (e) a description of material risk factors and material recent
developments;

 

(2)       within 60 days (or 90 days in the case of
the quarter ending September 30, 2006) following the end of the first three
fiscal quarters in each fiscal year of the Company beginning with the quarter
ending September 30, 2006, all quarterly reports of the Company containing the
following information: (a) an unaudited condensed consolidated balance sheet as
of the end of such quarter and unaudited condensed statements of income and
cash flow for the most recent quarter year-to-date period ending on the unaudited
condensed balance sheet date, and the comparable prior year periods (provided
that information for prior year interim periods ending prior to the Issue Date
may be based on management reports), together with condensed footnote
disclosure; (b) unaudited pro forma income
statement information and balance sheet information of the Company (which, for
the avoidance of doubt, shall not include the provision of a full income
statement or balance sheet to the extent not reasonably available), together
with

 

80

 

explanatory footnotes,
for any material acquisitions, dispositions or recapitalizations that have
occurred since the beginning of the relevant quarter; (c) an operating and
financial review of the unaudited financial statements, including a discussion
of the results of operations, financial condition, EBITDA and material changes
in liquidity and capital resources of the Company, and a discussion of material
changes not in the ordinary course of business in commitments and contingencies
since the most recent report; and (d) material recent developments; and

 

(3)       promptly after the occurrence of any
material acquisition, disposition or restructuring or any senior executive
officer changes at the Company or change in auditors of the Company or any
other material event that the Company or any of its Restricted Subsidiaries
announces publicly, a report containing a description of such event.

 

All financial
statement and pro forma financial
information shall be prepared in accordance with GAAP as in effect on the date
of such report or financial statement (or otherwise on the basis of GAAP as
then in effect) and on a consistent basis for the periods presented; provided, however, that the reports set
forth in Sections 4.1l(a)(l), 4.11(a)(2) and 4.1l(a)(3) may, in the event of a
change in applicable GAAP, present earlier periods on a basis that applied to
such periods. Except as provided for above, no report need include separate
financial statements for any Subsidiaries of the Company. In addition to the
foregoing, following the effectiveness of a registration statement with respect
to the Notes, the Company shall file all information required of it with the
SEC within the time periods specified. The filing of an Annual Report on Form
20-F within the time period specified in (1) will satisfy such provision. The
financial statements included in the quarterly report for the quarter ended
September 30, 2006 shall be prepared on the same basis as the unaudited
financial statements for the six months ended June 30, 2006 included in the
Offering Memorandum, with such pro forma adjustments thereto as management
believes appropriate in relation to the allocation of costs and expenses, and
shall include a statement of cash flows prepared on a consistent basis with the
income statement and balance sheet.

 

(b)       At any time that any of the Company’s
Subsidiaries are Unrestricted Subsidiaries and any such Unrestricted Subsidiary
or group of Unrestricted Subsidiaries, if taken together as one Subsidiary,
constitutes a Significant Subsidiary of the Company, then the annual and
quarterly financial information required by Sections 4.11(a)(l) and 4.11(a)(2)
shall include either (i) a reasonably detailed presentation, either on the face
of the financial statements or in the footnotes thereto, of the financial
condition and results of operations of the Company and its Restricted
Subsidiaries separate from the financial condition and results of operations of
the Unrestricted Subsidiaries of the Company or (ii) stand-alone audited or
unaudited financial statements, as the case may be, of such Unrestricted
Subsidiary or Unrestricted Subsidiaries (as a group or otherwise) together with
an unaudited reconciliation to the financial information of the Company and its
Subsidiaries, which reconciliation shall include the following items: revenue,
EBITDA, net income, cash, total assets, total debt, shareholders equity,
capital expenditures and interest expense.

 

(c)       Substantially concurrently with the issuance
to the Trustee of the reports specified in Sections 4.11(a)(l), 4.1l(a)(2) and
4.11(a)(3), the Company shall also (a) use its commercially reasonable efforts
(i) to post copies of such reports on such website as may be

 

81

 

then maintained by the
Company and its Subsidiaries or (ii) otherwise to provide substantially
comparable public availability of such reports (as determined by the Company in
good faith) or (b) to the extent the Company determines in good faith that it
cannot make such reports available in the manner described in the preceding
clause (a) owing to applicable law or after the use of its commercially
reasonable efforts, furnish such reports to the Holders and, upon their
request, prospective purchasers of the Notes.

 

(d)       So long as the Notes remain outstanding
and during any period during which the Company is not subject to Section 13 or
15(d) of the Exchange Act nor exempt therefrom pursuant to Rule 12g3-2(b), the
Company shall furnish to the Holders and, upon their request, prospective
purchasers of the Notes, the information required to be delivered pursuant to
Rule 144A(d)(4) under the Securities Act.

 

The Issuers will
comply with Section 314(a) of the TIA.

 

SECTION 4.12.         Guarantees by Restricted
Subsidiaries

 

(a)       The following Subsidiaries will fully and
unconditionally guarantee the Notes on the Issue Date in accordance with
Article 10: NXP Semiconductors B.V., NXP Semiconductors Germany GmbH, NXP
Semiconductors (Taiwan) Ltd., NXP Semiconductors Philippines Inc., NXP
Semiconductors USA Inc., NXP Semiconductors Hong Kong Limited, NXP
Semiconductors (Thailand) Co. Ltd., NXP Semiconductors UK Limited (subject to
the Agreed Security Principles), and NXP Semiconductors (Singapore) Pte. Ltd.; provided that if any such Subsidiary is
unable to provide such Note Guarantee on the Issue Date, the Company shall
(subject to the Agreed Security Principles) cause such Subsidiary to provide a
Note Guarantee as soon as practicable, and in any event not later than 90 days
after the Issue Date (or 120 days if the lenders under the Senior Facilities
Agreement agree to defer such date under the Senior Facilities Agreement). If
the Company or any of its Restricted Subsidiaries acquires or creates a Wholly
Owned Subsidiary (other than an Immaterial Subsidiary) after the Issue Date and
the issuance of a Guarantee by such Guarantor is not precluded by the Agreed
Security Principles, the new Restricted Subsidiary must within 30 days (or such
longer period as the Trustee may agree) after becoming a Restricted Subsidiary,
provide a Note Guarantee under this Indenture.

 

(b)       A Restricted Subsidiary required to
provide a Note Guarantee shall provide such Note Guarantee in accordance with
the provisions of Section 10.07.

 

SECTION 4.13.         Suspension of Covenants on
Achievement of Investment Grade Status

 

If on any date following
the Issue Date, the Notes of any series have achieved Investment Grade Status
and no Default or Event of Default has occurred and is continuing (a “Suspension Event”),  then, beginning
on that day and continuing until the Reversion Date, the following provisions
of this Indenture will not apply to such Notes: Sections 4.05, 4.06, 4.08,
4.09, 4.10, 4.14 and 5.01(a)(3)and, in each case, any related default provision
of this Indenture will cease to be effective and will not be applicable to the
Company and its Restricted Subsidiaries. Such Sections and any related default
provisions will again apply according to their terms from the first

 

82

 

day on which a Suspension
Event ceases to be in effect. Such Sections will not, however, be of any effect
with regard to actions of the Company properly taken during the continuance of
the Suspension Event, and Section 4.06 will be interpreted as if it has been in
effect since the date of this Indenture except that no default will be deemed
to have occurred solely by reason of a Restricted Payment made while Section
4.06 was suspended. On the Reversion Date, all Indebtedness Incurred during the
continuance of the Suspension Event will be classified, at the Company’s
option, as having been Incurred pursuant to Section 4.05(a) or 4.05(b) (to the
extent such Indebtedness would be permitted to be Incurred thereunder as of the
Reversion Date and after giving effect to Indebtedness Incurred prior to the
Suspension Event and outstanding on the Reversion Date). To the extent such
Indebtedness would not be so permitted to be incurred under Section 4.05(a) or
4.05(b), such Indebtedness will be deemed to have been outstanding on the Issue
Date, so that it is classified as permitted under Section 4.05(b)(4).

 

In addition, so
long as each of Moody’s and S&P (or another Nationally Recognized
Statistical Ratings Organization which has provided a rating used to achieve
Investment Grade Status) has been notified in advance that such Investment
Grade Status will result in such release as set forth in Section 10.02(b)(5),
all Liens securing such Notes will be released upon achievement of an Investment
Grade rating, as shall any future obligation to grant further security or Note
Guarantees. All such Liens, and such further obligation to grant Guarantees and
security, shall be reinstated upon the Reversion Date.

 

SECTION 4.14.         Impairment of Security Interest

 

The Company shall
not, and shall not permit any Restricted Subsidiary to, take or omit to take
any action that would have the result of materially impairing the security
interest with respect to the Collateral (it being understood that the Incurrence
of Permitted Collateral Liens shall under no circumstances be deemed to
materially impair the security interest with respect to the Collateral) for the
benefit of the Trustee and the Holders, and the Company shall not, and shall
not permit any Restricted Subsidiary to, grant to any Person other than the
Collateral Agent, for the benefit of the Trustee and the Holders and the other
beneficiaries described in the Security Documents, any interest whatsoever in
any of the Collateral except that the Company and its Restricted Subsidiaries
may Incur Permitted Collateral Liens and the Collateral may be discharged,
transferred or released in accordance with the Indenture or the applicable Security
Documents.

 

SECTION 4.15.         [Reserved]

 

SECTION 4.16.         Compliance Certificate

 

The Company shall
deliver to the Trustee within 120 days after the end of each fiscal year, an
Officer’s Certificate in substantially the form of Exhibit C hereto stating
that a review of the activities of the Company during the preceding fiscal year
has been made under the supervision of the signing Officer with a view to
determining whether the Company has kept, observed, performed and fulfilled its
obligations under this Indenture, and further stating, as to the Officer
signing such Officer’s Certificate, that to the best of his or her 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

 

83

 

and conditions of this
Indenture (or, if a Default or Event of Default shall have occurred, describing
all such Defaults or Events of Default of which he or she may have knowledge
and what action the Issuers are taking or propose to take with respect thereto)
and that to the best of his or her knowledge no event has occurred and remains
in existence by reason of which payments on account of the principal of or
interest or Additional Amounts, if any, on the Notes is prohibited or if such
event has occurred, a description of the event and what action the Company is
taking or propose to take with respect thereto, and (b)(i) such action has been
taken with respect to the recording, filing, re-recording and re-filing of this
Indenture and the Security Documents (including financing statements or other
instruments) as is necessary to maintain the security interest intended to be
created thereby for the benefit of the Holders, and reciting the details of
such action, or (ii) no such action is necessary to maintain such Lien. Within
30 days after the occurrence of a Default, the Company shall deliver to the
Trustee a written notice of any events of which it is aware would constitute
certain Defaults their status and what action the Company is taking or proposes
to take with respect thereto.

 

The Trustee shall
not be deemed to have knowledge of any Default or Event of Default except any
Default or Event of Default of which its Responsible Officer shall have
received written notification in accordance with Section 13.03 or obtained
actual knowledge.

 

SECTION 4.17.         Further Instruments and Acts

 

Upon request of
the Trustee, the Issuers shall execute and deliver such further instruments and
do such further acts as may be reasonably necessary or proper to carry out more
effectively the purpose of this Indenture.

 

SECTION 4.18.         Listing

 

The Issuers will
use their reasonable efforts to list, subject to notice of issuance, the Euro
Notes on the Irish Stock Exchange and to have the Euro Notes admitted to
trading on the Irish Stock Exchange as promptly as practicable after the date
hereof. If the Euro Notes cease to be listed on the Irish Stock Exchange, the
Issuers shall use their reasonable best efforts to promptly list such Euro Notes
on a stock exchange to be agreed between the Issuers and Morgan Stanley &
Co. Incorporated, Deutsche Bank Securities Inc. and Merrill Lynch, Pierce,
Fenner & Smith Incorporated.

 

SECTION 4.19.         Limitation on Business Activities of
the Co-Issuer

 

The Co-Issuer may
not hold any material assets, become liable for any material obligations or
engage in any business activities; provided that it may be a co-obligor or
guarantor with respect to the Notes or any other Indebtedness issued by the
Company or a Guarantor, and may engage in any activities directly related
thereto or necessary in connection therewith. The Co-Issuer shall be a Wholly
Owned Subsidiary of the Company at all times.

 

SECTION 4.20.         Collateral

 

The Company shall, and
shall cause each Restricted Subsidiary to, take all actions and execute and
deliver all documents or deliverables, including each Security Document, to
secure the payment obligations of the Issuers under the Notes and this
Indenture on a first

 

84

 

priority basis (subject
to the provisions of the Collateral Agency Agreement) by Liens on the
Collateral in accordance with, within the time periods specified by, and
subject to the limitations of, Section 12.01 (including the Agreed Security
Principles).

 

SECTION 4.21.         Equal and Ratable Security

 

In the event that
assets of the Guarantor organized under the laws of the Philippines or the
Capital Stock in such Guarantor are provided as security (other than through
sharing the benefit of any conditional assignment granted by such Guarantor on
the Closing Date) for Indebtedness for borrowed money in excess of an aggregate
of €25,000,000, then the Company shall, or shall cause the relevant Restricted
Subsidiary to, provide that the obligations of the Issuers under this Indenture
are secured equally and ratably with all the Indebtedness that causes that
threshold to be exceeded, for so long as such Indebtedness is so secured.

 

SECTION 4.22.         Security Over Cash and Bank Accounts

 

(i)        The Company has established bank
accounts held, in each case, with the Global Collateral Agent in London and
denominated in US Dollars, Euros and U. K. pounds sterling (each an “Initial Secured Account” and together the
“Initial Secured Accounts”) and
deposited a nominal amount into each Initial Secured Account.

 

(b)       Upon the occurrence of an Enforcement
Event the Company shall, and shall procure that each of its Restricted
Subsidiaries shall (i) pay the proceeds of the sale or collection of Collateral
to a bank account or bank accounts that do not contain other cash of the
Company or the relevant Restricted Subsidiary (as the case may be) that is not
the proceeds of Collateral, (ii) not commingle the proceeds of Collateral with
other cash of the Company or the relevant Restricted Subsidiary and (iii) pay
the proceeds of Collateral denominated in US Dollars, U.K. pounds sterling and
Euros that are paid to, or received by, the Company or a Restricted Subsidiary
promptly to the relevant Initial Secured Account and, to the extent
practicable, direct counterparties to pay the proceeds of Collateral directly
to the relevant Initial Secured Account.

 

(c)       Upon the occurrence of an Enforcement
Event, the Company shall, and shall procure that each of its Restricted
Subsidiaries shall, grant, subject to the Agreed Security Principles, a
perfected Lien in all bank accounts held by the Company or any Restricted
Subsidiary to which proceeds of Collateral are paid, to the extent of the
proceeds of such Collateral (any such account, an “Additional Secured Account”, and together with the Initial
Secured Accounts, the “Secured Accounts”);
provided that, to the extent any of the Additional Secured
Accounts are or become part of the bank accounts used in the cash management
system of the Company, the Company and its Restricted Subsidiaries shall each
be entitled to grant a Lien over the Additional Secured Accounts in favor of
the bank providing cash management facilities to secure the Company’s
obligations to such bank, which Lien shall rank equally and ratably with the
Lien created in favor of the Global Collateral Agent.

 

85

 

ARTICLE 5

 

Successor Company 

 

SECTION 5.01.         Merger and Consolidation of the
Company

 

(a)       The Company will not consolidate with or
merge with or into, or convey, transfer or lease all or substantially all its
assets to, any Person, unless:

 

(1)       the resulting, surviving or transferee
Person (the “Successor Company”)  will
be a Person organized and existing under the laws of any member state of the
European Union on January 1, 2004, or the United States of America, any State
of the United States or the District of Columbia, Canada or any province of
Canada, Norway or Switzerland and the Successor Company (if not the Company)
will expressly assume, (a) by supplemental indenture, executed and delivered to
the Trustee, in form reasonably satisfactory to the Trustee, all the
obligations of the Company under the Notes and this Indenture and (b) all
obligations of the Company under the Security Documents and the Registration
Rights Agreement;

 

(2)       immediately after giving effect to such
transaction (and treating any Indebtedness that becomes an obligation of the
Successor Company or any Subsidiary of the Successor Company as a result of such
transaction as having been Incurred by the Successor Company or such Subsidiary
at the time of such transaction), no Default or Event of Default shall have
occurred and be continuing;

 

(3)       immediately after giving effect to such
transaction, either (a) the Successor Company would be able to Incur at least
an additional €1.00 of Indebtedness pursuant to Section 4.05(a) or (b) the
Fixed Charge Coverage Ratio would not be lower than it was immediately prior to
giving effect to such transaction; and

 

(4)       the Company shall have delivered to the
Trustee an Officer’s Certificate and an Opinion of Counsel, each to the effect
that such consolidation, merger or transfer and such supplemental indenture (if
any) comply with this Indenture and an Opinion of Counsel to the effect that
such supplemental indenture (if any) has been duly authorized, executed and
delivered and is a legal, valid and binding agreement enforceable against the
Successor Company (in each case, in form and substance reasonably satisfactory
to the Trustee), provided that in
giving an Opinion of Counsel, counsel may rely on an Officer’s Certificate as
to any matters of fact, including as to satisfaction of Sections 5.01(a)(2)and
5.01(a)(3).

 

(b)       Any Indebtedness that becomes an
obligation of the Company or any Restricted Subsidiary (or that is deemed to be
Incurred by any Restricted Subsidiary that becomes a Restricted Subsidiary) as
a result of any such transaction undertaken in compliance with Section 5.01(a),
and any Refinancing Indebtedness with respect thereto, shall be deemed to have
been Incurred in compliance with Section 4.05.

 

(c)       For purposes of this Section 5.01, the
sale, lease, conveyance, assignment, transfer, or other disposition of all or
substantially all of the properties and assets of one or more Subsidiaries of
the Company, which properties and assets, if held by the Company instead of
such Subsidiaries, would constitute all or substantially all of the properties
and assets

 

86

 

of the Company on a
consolidated basis, shall be deemed to be the transfer of all or substantially
all of the properties and assets of the Company.

 

(d)       The Successor Company will succeed to,
and be substituted for, and may exercise every right and power of, the Company
under this Indenture but in the case of a lease of all or substantially all its
assets, the predecessor company will not be released from its obligations under
this Indenture or the Notes.

 

(e)       Notwithstanding Sections 5.01(a)(2) and
5.01(a)(3) (which do not apply to transactions referred to in this Section
5.01(e)) and, other than with respect to Sections 5.01(c) and 5.01(a)(4), (a)
any Restricted Subsidiary of the Company may consolidate or otherwise combine
with, merge into or transfer all or part of its properties and assets to the
Company and (b) any Restricted Subsidiary may consolidate or otherwise combine
with, merge into or transfer all or part of its properties and assets to any
other Restricted Subsidiary. Notwithstanding Sections 5.01(a)(2)and 5.01(a)(3)(which
do not apply to the transactions referred to in Section 5.01(e)), the Company
may consolidate or otherwise combine with or merge into an Affiliate
incorporated or organized for the purpose of changing the legal domicile of the
Company, reincorporating the Company in another jurisdiction, or changing the
legal form of the Company.

 

(f)        The provisions of this Section 5.01
(other than the requirements of Section 5.01(a)(2)) shall not apply to the
creation of a new subsidiary as a Restricted Subsidiary of the Company.

 

SECTION 5.02.         Merger and Consolidation of the
Co-Issuer

 

(a)       The Co-Issuer may not consolidate with,
merge with or into any person or permit any person to merge with or into the
Co-Issuer unless:

 

(1)        concurrently therewith, a Subsidiary of
the Company that is a limited liability company or corporation organized under
the laws of the United States of America or any state thereof or the District
of Columbia (which may be the Co-Issuer or the continuing person as a result of
such transaction) expressly assumes all of the obligations of the Co-Issuer
under the Notes, the Security Documents, this Indenture and the Registration
Rights Agreement; or

 

(2)        after giving effect to the transaction,
at least one obligor on the Notes is a limited liability company or corporation
organized under the laws of the United States of America or any state thereof
or the District of Columbia.

 

(b)       Upon the consummation of any transaction
effected in accordance with SECTION 5.02(a) , the resulting, surviving or
transferee Co-Issuer will succeed to, and be substituted for, and may exercise
every right and power of, the Co-Issuer under this Indenture and the Notes with
the same effect as if such successor Person had been named as the Co-Issuer in
this Indenture. Upon such substitution, the Co-Issuer will be released from its
obligations under this Indenture and the Notes.

 

87

 

SECTION 5.03.         Merger and Consolidation of a
Guarantor

 

(a)       No Guarantor may:

 

(1)       consolidate with or merge with or into
any Person, or

 

(2)       sell, convey, transfer or dispose of, all
or substantially all its assets as an entirety or substantially as an entirety,
in one transaction or a series of related transactions, to any Person, or

 

(3)       permit any Person to merge with or into
the Guarantor unless

 

(A)      the other Person is the Company or any
Restricted Subsidiary that is Guarantor or becomes a Guarantor concurrently
with the transaction); or

 

(B)       (1) either (x) a Guarantor is the continuing
Person or (y) the resulting, surviving or transferee Person expressly assumes
all of the obligations of the Guarantor under its Note Guarantee, the Security
Documents and the Registration Rights Agreement; and (2) immediately after
giving effect to the transaction, no Default has occurred and is continuing; or

 

(C)       the transaction constitutes a sale or
other disposition (including by way of consolidation or merger) of the
Guarantor or the sale or disposition of all or substantially all the assets of
the Guarantor (in each case other than to the Company or a Restricted
Subsidiary) otherwise permitted by this Indenture.

 

ARTICLE 6

 

Defaults and Remedies

 

SECTION 6.01.         Events of Default

 

(a)       An “Event
of Default” occurs if or upon:

 

(1)       default in any payment of interest or
Additional Interest, if any, on any Note when due and payable, continued for 30
days;

 

(2)       default in the payment of the principal
amount of or premium, if any, on any Note when due at its Stated Maturity, upon
optional redemption, upon required repurchase, upon declaration or otherwise;

 

(3)       failure to comply for 30 days after
written notice by the Trustee on behalf of the Holders or by the Holders of 30%
in principal amount of the outstanding Notes with any of the Issuers, obligations
under Article 4 or 5 (in each case, other than a failure to purchase Notes
which will constitute an Event of Default under Section 6.01(a)(2));

 

88

 

(4)       failure to comply for 60
days after written notice by the Trustee on behalf of the Holders or by the
Holders of 30% in principal amount of the outstanding Notes with the Issuers
other agreements contained in this Indenture;

 

(5)       default under any
mortgage, indenture or instrument under which there may be  issued or by which there may be secured
or evidenced any Indebtedness for money borrowed by either Issuer or any of its
Restricted Subsidiaries (or the payment of which is Guaranteed by either Issuer
any of its Restricted Subsidiaries) other than Indebtedness owed to either
Issuer or a Restricted Subsidiary whether such Indebtedness or Guarantee now
exists, or is created after the Issue Date, which default:

 

(a)       is
caused by a failure to pay principal of, or interest or premium, if any, on
such Indebtedness, immediately upon the expiration of the grace period provided
in such Indebtedness; or

 

(b)       results
in the acceleration of such Indebtedness prior to its maturity;

 

and, in each case, the
principal amount of any such Indebtedness, together with the principal amount
of any other such Indebtedness under which there has been a payment default or
the maturity of which has been so accelerated, aggregates €100 million or more;

 

(6)       either Issuer or any of
the Restricted Subsidiaries institutes or consents to the institution of any
proceeding under any Debtor Relief Law, or makes an assignment for the benefit
of creditors; or applies for or consents to the appointment of any receiver,
trustee, custodian, conservator, liquidator, rehabilitator, administrator,
administrative receiver or similar office is appointed without the application
or consent of such Person and the appointment continues undischarged or
unstayed for sixty (60) calendar days; or any proceeding under any Debtor
Relief Law relating to any such Person or to all or any material part of its
property or assets is instituted without the consent of such Person and
continues undismissed or unstayed for (60) calendar days, or an order for
relief is entered in any such proceeding;

 

(7)       failure by the Issuers or
any Significant Subsidiary or group of Restricted Subsidiaries that, taken
together (as of the latest audited consolidated financial statements for the
Issuers and their Restricted Subsidiaries), would constitute a Significant
Subsidiary to pay final judgments aggregating in excess of €100 million
(exclusive of any amounts that a solvent insurance company has acknowledged
liability for), which judgments are not paid, discharged or stayed for a period
of 60 days after the judgment becomes final;

 

(8)       any security interest
under the Security Documents on any material  Collateral shall, at any time, cease to be in
full force and effect (other than in accordance with the terms of the relevant
Security Document and the Indenture) for any reason other than the satisfaction
in full of all obligations under the Indenture or the release or amendment of
any such security interest in accordance with the terms of the Indenture or
such Security Document or any such security interest created thereunder shall
be declared invalid or unenforceable or either Issuer shall assert in writing
that any such security interest is invalid or unenforceable and any such
Default continues for 10 days; and

 

89

 

(9)       any Guarantee ceases to be in full force
and effect, other than in accordance with the terms of this Indenture or a
Guarantor denies or disaffirms its obligations under its Guarantee, other than
in accordance with the terms thereof or upon release of the Guarantee in
accordance with this Indenture.

 

(b)   However,
a default under Sections 6.01(a)(3), 6.01(a)(4), 6.01(a)(5)or 6.01(a)(7) will
not constitute an Event of Default until the Trustee or the Holders of 30% in
principal amount of the outstanding Notes under this Indenture notify the
Issuers of the default and the Issuers do not cure such default within the time
specified in Sections 6.01(a)(3), 6.01(a)(4), 6.01(a)(5) or 6.01(a)(7), as
applicable, after receipt of such notice.

 

SECTION 6.02.         Acceleration

 

(a)       If an Event of Default (other than an
Event of Default described in Section 6.01(a)(6) above) occurs and is
continuing the Trustee by notice to the Issuers or the Holders of at least 30%
in principal amount of the outstanding Notes under this Indenture by written
notice to the Issuers and the Trustee, may, and the Trustee at the request of
such Holders shall, declare the principal of, premium, if any, and accrued and
unpaid interest, including Additional Interest, if any, on all the Notes under
this Indenture to be due and payable. Upon such a declaration, such principal,
premium and accrued and unpaid interest, including Additional Interest, if any,
will be due and payable immediately. In the event of a declaration of
acceleration of the Notes because an Event of Default described in Section
6.01(a)(5) has occurred and is continuing, the declaration of acceleration of
the Notes shall be automatically annulled if the event of default or payment
default triggering such Event of Default pursuant to Section 6.01(a)(5) shall
be remedied or cured, or waived by the holders of the Indebtedness, or the
Indebtedness that gave rise to such Event of Default shall have been discharged
in full, within 30 days after the declaration of acceleration with respect
thereto and if (1) the annulment of the acceleration of the Notes would not
conflict with any judgment or decree of a court of competent jurisdiction and
(2) all existing Events of Default, except nonpayment of principal, premium or
interest, including Additional Interest, if any, on the Notes that became due
solely because of the acceleration of the Notes, have been cured or waived.

 

(b)       If an Event of Default described in
Section 6.01(a)(6)above occurs and is continuing, the principal of, premium, if
any, and accrued and unpaid interest on all the Notes will become and be
immediately due and payable without any declaration or other act on the part of
the Trustee or any Holders.

 

SECTION 6.03.         Other Remedies

 

Subject to the
duties of the Trustee as provided for in Article 7, if an Event of Default
occurs and is continuing, the Trustee may pursue any available remedy to
collect the payment of principal of or interest on the Notes or to enforce the
performance of any provision of the Notes or this Indenture.

 

The Trustee may
maintain a proceeding even if it does not possess any of the Notes or does not
produce any of them in the proceeding. A delay or omission by the Trustee or
any Holder in exercising any right or remedy accruing upon an Event of Default
shall not impair

 

90

 

the right or remedy or
constitute a waiver of or acquiescence in the Event of Default. No remedy is
exclusive of any other remedy. All available remedies are cumulative to the
extent permitted by law.

 

To the extent permitted by the Collateral Agency Agreement the Trustee
may direct the Collateral Agent to take enforcement action with respect to the
Collateral if any amount is declared or becomes due and payable pursuant to
Section 6.02 (but not otherwise).

 

SECTION 6.04.         Waiver of
Past Defaults

 

Holders of a majority in aggregate principal amount of the Notes then
outstanding by notice to the Trustee may, on behalf of the Holders of all the
Notes, waive all past or existing Defaults or Events of Default except a
continuing Default in the payment of the principal, premium or interest, and
Additional Interest, if any, on the Notes and rescind any acceleration with
respect to the Notes and its consequences if rescission would not conflict with
any judgment or decree of a court of competent jurisdiction. When a Default is
waived, it is deemed cured, but no such waiver shall extend to any subsequent
or other Default or impair any consequent right.

 

SECTION 6.05.         Control by
Majority

 

The Holders of a majority in principal amount of the Notes then
outstanding may direct in writing the time, method and place of conducting any
proceeding for exercising any remedy available to the Trustee or of exercising
any trust or power conferred on the Trustee. However, the Trustee may refuse to
follow any direction that conflicts with law or this Indenture or, subject to
Section 7.01, that the Trustee determines is unduly prejudicial to the rights
of other Holders or would involve the Trustee in personal liability; provided, however, that the Trustee may
take any other action deemed proper by the Trustee that is not inconsistent
with such direction. Prior to taking any action hereunder, the Trustee shall be
entitled to indemnification or other security reasonably satisfactory to it
against all losses, liabilities and expenses caused by taking or not taking
such action.

 

SECTION 6.06.         Limitation
on Suits

 

(a)       Except to enforce the
right to receive payment of principal, premium (if any) or interest when due on
the Notes, no Holder may pursue any remedy with respect to this Indenture or
the Notes unless:

 

(1)       the Holder gives to the
Trustee written notice stating that an Event of Default is continuing;

 

(2)       the Holders of at least
30% in principal amount of the Notes then outstanding make a request to the
Trustee to pursue the remedy;

 

(3)       such Holder or Holders
offer to the Trustee reasonable security or indemnity against any loss,
liability or expense;

 

(4)       the Trustee does not
comply with the request within 60 days after receipt of the request and the offer
of security or indemnity; and

 

91

 

(5)       the Holders of a majority in principal
amount of the Notes then outstanding do not give the Trustee a direction that,
in the opinion of the Trustee is, inconsistent with the request during such
60-day period.

 

(b)       A Holder may not use this Indenture to prejudice the rights of
another Holder or to obtain a preference or priority over another Holder.

 

SECTION 6.07.         Rights of Holders to Receive Payment

 

Notwithstanding
any other provision of this Indenture, the right of any Holder to receive
payment of principal of and interest on the Notes held by such Holder, on or
after the respective due dates expressed or provided for in the Notes, or to
bring suit for the enforcement of any such payment on or after such respective
dates, shall not be impaired or affected without the consent of such Holder.

 

SECTION 6.08.         Collection Suit by Trustee

 

If an Event of
Default specified in Sections 6.01(a)(1) or 6.01(a)(2) occurs and is continuing,
the Trustee may recover judgment in its own name and as trustee of an express
trust against the Issuer or any other obligor on the Notes for the whole amount
then due and owing (together with interest on any unpaid interest to the extent
lawful) and the amounts provided for in Section 7.07.

 

SECTION 6.09.         Trustee May File Proofs of Claim

 

The Trustee may
file such proofs of claim and other papers or documents and take such actions
as may be necessary or advisable in order to have the claims of the Trustee and
the Holders allowed in any judicial proceedings relative to the Issuer, their
creditors or their property and, unless prohibited by law or applicable
regulations, may vote on behalf of the Holders in any election of a trustee in
bankruptcy or other Person performing similar functions, and any Custodian in
any such judicial proceeding is hereby authorized by each Holder to make
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 its counsel, and any other amounts due
the Trustee under Section 7.07.

 

SECTION 6.10.         Priorities

 

If the Trustee
collects any money or property pursuant to this Article 6, including upon
enforcement of any Liens, it shall, subject to Section 4 of the Collateral
Agency Agreement, pay out the money or property in the following order:

 

FIRST:  to
the Trustee for amounts due under Section 7.07;

 

SECOND:  to
Holders for amounts due and unpaid on the Notes for principal and interest,
ratably, without preference or priority of any kind, according to the amounts
due and payable on the Notes for principal and interest, respectively; and

 

92

 

THIRD:  to
the Issuers.

 

The Trustee may
fix a record date and payment date for any payment to Holders pursuant to this
Section 6.10. At least 15 days before such record date, the Trustee shall mail
to each Holder and the Issuers a notice that states the record date, the
payment date and amount to be paid.

 

The Collateral
Agents shall apply the proceeds of the Collateral as directed by the Collateral
Agency Agreement.

 

SECTION 6.11.         Undertaking for Costs

 

In any suit for
the enforcement of any right or remedy under this Indenture or in any suit
against the Trustee for any action taken or omitted by it as the Trustee, a
court in its discretion may require the filing by any party litigant in the
suit of an undertaking to pay the costs of the suit, and the court in its
discretion may assess reasonable costs, including reasonable attorneys’ fees,
against any party litigant in the suit, having due regard to the merits and
good faith of the claims or defenses made by the party litigant. This Section
6.11 does not apply to a suit by the Trustee or a Paying Agent, a suit by a
Holder pursuant to Section 6.07 or a suit by Holders of more than 10% in
principal amount of the Notes then outstanding.

 

SECTION 6.12.         Waiver of Stay or Extension Laws

 

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

 

ARTICLE 7

 

Trustee 

 

SECTION 7.01.         Duties of Trustee

 

(a)       The duties and responsibilities of the
Trustee are as provided by the TIA and as set forth herein. 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 person would exercise or use under the
circumstances in the conduct of such person’s own affairs.

 

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

 

93

 

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

 

(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 certificates or opinions
furnished to the Trustee and conforming to the requirements of this Indenture.
However, the Trustee shall examine such certificates and opinions to determine
whether or not they conform to the requirements of this Indenture (but need not
confirm or investigate the accuracy of mathematical calculations or other facts
stated therein).

 

(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 Section 7.01(c) does not limit the
effect of Section 7.01(b);

 

(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; and

 

(iii)       the Trustee shall not be liable with
respect to any action it takes or omits to take in good faith in accordance
with a direction received by it pursuant to Sections 6.02 or 6.05;

 

(d)       Every provision of this Indenture that in
any way relates to the Trustee is subject to Sections 7.01(a), 7.01(b) and
7.01(c) and the TIA.

 

(e)       No provision of this Indenture shall
require the Trustee to expend or risk its own funds or otherwise incur
liability in the performance of any of its duties hereunder or under the
Security Documents to take or omit to take any action under this Indenture or
under the Security Documents or take any action at the request or direction of
Holders including without limitation in relation to lender liability claims for
restitution by creditors of any pledgor, in each case, arising in connection
with any action or direction given in relation to the Security Documents if it
has reasonable grounds for believing that repayment of such funds is not
assured to it or it does not receive indemnity reasonably satisfactory to it in
its discretion against any loss, liability or expense which might reasonably be
incurred by it in compliance with such request or direction nor shall the
Trustee be required to do anything which is illegal or contrary to applicable
laws. The Trustee will not be liable to the Holders if prevented or delayed in
performing any of its obligations or discretionary functions under this
Indenture by reason of any present or future law applicable to it, by any
governmental or regulatory authority or by any circumstances beyond its
control. No provision of this Indenture or of the Security Document shall
require the Trustee to indemnify the Collateral Agents, and the Collateral
Agents waive any claim they may otherwise have by operation of law in any
jurisdiction to be indemnified by the Trustee acting as principal vis a vis its
agent, the Collateral Agents (but this does not prejudice the Collateral Agents’
rights to bring any

 

94

 

claim or suit against the
Trustee (including for damages in the case of the negligence or willful misconduct
of the Trustee)).

 

(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 Issuers.

 

(g)       Money held in trust by the Trustee need
not be segregated from other funds except to the extent required by law.

 

SECTION 7.02.         Rights of Trustee.

 

Subject to TIA
Sections 315(a) through (d):

 

(a)       The Trustee may refrain from taking any
action in any jurisdiction if the taking of such action in that jurisdiction
would, in its opinion, based upon legal advice in the relevant jurisdiction, be
contrary to any law of that jurisdiction or, to the extent applicable the State
of New York. Furthermore, the Trustee may also retain from taking such action
if it would otherwise render it liable to any person in that jurisdiction, the
State of New York or if, in its opinion based upon such legal advice, it would
not have the power to do relevant thing in that jurisdiction by virtue of any
applicable law in that jurisdiction, in the State of New York or if it is
determined by any court or other competent authority in that jurisdiction in
the State of New York that it does not have such power.

 

(b)       The Trustee may conclusively rely and
shall be fully protected in relying on 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.

 

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

 

(d)       The Trustee may act through attorneys and
agents and shall not be responsible for the misconduct or negligence of any
agent appointed with due care.

 

(e)       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 conferred upon it by this Indenture; provided, however, that the Trustee’s
conduct does not constitute willful misconduct or negligence.

 

(f)        The Trustee may retain professional
advisers to assist it in performing its duties under this Indenture. The
Trustee may consult with counsel, and the advice or opinion of counsel with
respect to legal matters relating to this Indenture and the Notes shall be full
and complete authorization and protection from liability in respect of any
action taken omitted or suffered by it hereunder in good faith and in
accordance with the advice or opinion of such counsel.

 

95

 

(g)       The Trustee shall not be bound to make
any investigation into the facts or matters stated in any Officer’s
Certificate, Opinion of Counsel, or any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order,
approval, bond, debenture, note, other evidence of indebtedness or other paper
or document, but the Trustee, in its discretion, may make such further inquiry
or investigation into such facts or matters as it may see fit, and, if the
Trustee shall determine to make such farther inquiry or investigation, it shall
be entitled to examine the books, records and premises of the Issuer,
personally or by agent or attorney at the sole cost of the Issuers.

 

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

 

In the event the
Trustee receives inconsistent or conflicting requests and indemnity from two or
more groups of Holders, each representing less than the requisite majority in
aggregate principal amount of the Notes then outstanding, pursuant to the
provisions of this Indenture, the Trustee, in its sole discretion, may
determine what action, if any, shall be taken and shall be held harmless and
shall not incur any liability for its failure to act until such inconsistency
or conflict is, in its reasonable opinion, resolved.

 

(i)        Except with respect to Section 4.01, the
Trustee shall have no duty to inquire as to the performance of the Issuers with
respect to the covenants contained in Article 4. Delivery of reports,
information and documents to the Trustee under Section 4.11 is for
informational purposes only and the Trustee’s receipt of the foregoing shall
not constitute constructive notice of any information contained therein or
determinable from information contained therein, including the Issuers’
compliance with any of their covenants hereunder (as to which the Trustee is
entitled to rely exclusively on Officer’s Certificates).

 

(j)        The Trustee shall not have any
obligation or duty to monitor, determine or inquire as to compliance, and shall
not be responsible or liable for compliance with restrictions on transfer,
exchange, redemption, purchase or repurchase, as applicable, of minimum
denominations imposed under this Indenture or under applicable law or
regulation with respect to any transfer, exchange, redemption, purchase or
repurchase, as applicable, of any interest in any Notes.

 

(k)       If any Note Guarantor is substituted to
make payments on behalf of the Issuers pursuant to Article 10, the Issuers
shall promptly notify the Trustee of such substitution.

 

(1)       The rights, privileges, protections,
immunities and benefits given to the Trustee, including its right to be
indemnified, are extended to, and shall be enforceable by the Trustee in its
capacity hereunder and by each agent (including Deutsche Bank AG, London
Branch, Deutsche Bank Trust Company Americas, Deutsche Bank Luxembourg S.A. and
Deutsche International Corporate Services (Ireland) Limited)), custodian and
other Person

 

96

 

employed with due care to
act as agent hereunder (including without limitation each Transfer Agent,
Paying Agent and Calculation Agent). Each Paying Agent, Calculation Agent and
Transfer Agent shall not be liable for acting in good faith on instructions
believed by it to be genuine and from the proper party.

 

(m)      The Trustee shall not be required to give
any bond or surety with respect to the performance of its duties or the
exercise of its powers under this Indenture.

 

(n)       At any time that the security granted
pursuant to the Security Documents has become enforceable and the Holders have
given a written direction to the Trustee to enforce such security, the Trustee
is not required to give any direction to the Collateral Agents with respect
thereto unless it has been indemnified in accordance with Section 7.01(e). In
any event, in connection with any enforcement of such security, the Trustee is
not responsible for:

 

(1)        any failure of the Collateral Agents to
enforce such security within a reasonable time or at all;

 

(2)        any failure of the Collateral Agents to
pay over the proceeds of enforcement of the Security;

 

(3)        any failure of the Collateral Agents to
realize such security for the best price obtainable;

 

(4)        monitoring the activities of the
Collateral Agents in relation to such enforcement;

 

(5)        taking any enforcement action itself in
relation to such security;

 

(6)        agreeing to any proposed course of
action by the Collateral Agents which could result in the Trustee incurring any
liability for its own account; or

 

(7)        paving any fees, costs or expenses of
the Collateral Agents.

 

(o)       The permissive right of the Trustee to
take the actions permitted by this Indenture will not be construed as an
obligation or duty to do so.

 

(p)       Anything in this Indenture to the
contrary notwithstanding, in no event shall the Trustee be liable for special,
indirect or consequential loss or damage of any kind whatsoever (including but
no limited to lost profits), even if the Trustee has been advised of the
likelihood of such loss or damage and regardless of the form of action

 

(q)       The Trustee may assume without inquiry in
the absence of actual knowledge that the Issuers are each duly complying with
their obligations contained in this Indenture required to be performed and
observed by them, and that no Default or Event of Default or other event which
would require repayment of the Notes has occurred.

 

97

 

SECTION 7.03.         Individual Rights of Trustee

 

The Trustee in its
individual or any other capacity may become the owner or pledgee of Notes and
may otherwise deal with the Issuers or their Affiliates with the same rights it
would have if it were not Trustee. For the avoidance of doubt, any Paying
Agent, Transfer Agent or Registrar may do the same with like rights.

 

However, the
Trustee is subject to TIA Sections 310(b) and 311. For purposes of TIA Section
311 (b)(4) and (6):

 

(a)       “cash
transaction” means any transaction in which full payment for goods
or securities sold is made within seven days after delivery of the goods or
securities in currency or in checks or other orders drawn upon banks or bankers
and payable upon demand; and

 

(b)       “self-liquidating
paper” means any draft, bill of exchange, acceptance or obligation
which is made, drawn, negotiated or incurred for the purpose of financing the
purchase, processing, manufacturing, shipment, storage or sale of goods, wares
or merchandise and which is secured by documents evidencing title to,
possession of, or a lien upon, the goods, wares or merchandise or the
receivables or proceeds arising from the sale of the goods, wares or
merchandise previously constituting the security, provided the security is
received by the Trustee simultaneously with the creation of the creditor
relationship arising from the making, drawing, negotiating or incurring of the
draft, bill of exchange, acceptance or obligation.

 

SECTION 7.04.         Trustee’s Disclaimer

 

The Trustee shall
not be responsible for and makes no representation as to the validity or
adequacy of this Indenture or the Notes, it shall not be accountable for the
Issuers’ use of the proceeds from the Notes or any money paid to the Issuers or
upon the Issuers’ direction under any provision of this Indenture, and it shall
not be responsible for any statement of the Issuers in this Indenture or in any
document issued in connection with the sale of the Notes or in the Notes other
than the Trustee’s certificate of authentication. The Trustee shall not be
charged with knowledge of the identity of any Significant Subsidiary unless
either (a) a Responsible Officer shall have actual knowledge thereof or (b) the
Trustee shall have received notice thereof in accordance with Section 13.03
hereof from the Issuers or any Holder.

 

SECTION 7.05.         Notice of Defaults

 

If a Default or
Event of Default occurs and is continuing and the Trustee is informed of such
occurrence by the Issuer or by any other person, the Trustee must give notice
of the Default to the Holders within 60 days after the Trustee is informed of
such occurrence. Except in the case of a Default in payment of principal of or
interest or premium, if any, on any Note, the Trustee may withhold the notice
if and so long as a committee of its trust officers of the Trustee in good
faith determines that withholding the notice is in the interests of Holders.
Notice to Holders under this Section will be given in the manner and to the
extent provided in TIA Section 313(c).

 

98

 

SECTION 7.06.         Reports by Trustee to Holders

 

Within 60 days after
each May 15, beginning with May 15, 2007, the Trustee will mail to each Holder,
as provided in TIA Section 313(c), a brief report dated as of such May 15, if
required by TIA Section 313(a), and file such reports with each stock exchange
upon which its Notes are listed and with the SEC as required by TIA Section
313(d).

 

SECTION 7.07.         Compensation and Indemnity

 

The Issuers, or,
upon the failure of the Issuers to pay, each Note Guarantor (if any), jointly
and severally, shall pay to the Trustee from time to time such compensation as
the Issuer and Trustee may from time to time agree for its acceptance of this
Indenture and services hereunder and under the Notes. The Trustee’s
compensation shall not be limited by any law on compensation of a trustee of an
express trust.

 

In the event of
the occurrence of an Event of Default or the Trustee considering it expedient
or necessary or being requested by the Issuer to undertake duties which the
Trustee and the Issuers agree to be of an exceptional nature or otherwise
outside the scope of the normal duties of the Trustee, the Issuers shall pay to
the Trustee such additional remuneration as shall be agreed between them. In
the event of the Trustee and the Issuers failing to agree upon whether such
duties shall be of an exceptional nature or otherwise outside the scope of the
normal duties of the Trustee, or upon such additional remuneration, such
matters shall be determined by an investment bank (acting as an expert and not
as an arbitrator) selected by the Trustee and approved by the Issuers or,
failing such approval, nominated (on the application of the Trustee) by the
President of The Law Society of England and Wales (the expenses involved in
such nomination and the fees of such investment bank being payable by the Issuers)
and the determination of any such investment bank shall be final and binding
upon the Trustee and the Issuer.

 

The Issuers and
each Note Guarantor (if any), jointly and severally, shall reimburse the
Trustee promptly upon request for all reasonable disbursements, advances and
expenses incurred or made by it (as evidenced in an invoice from the Trustee),
including costs of collection, in addition to the compensation for its
services. Such expenses shall include the properly incurred compensation and expenses,
disbursements and advances of the Trustee’s agents, counsel, accountants and
experts. The Issuers and each Note Guarantor (if any), jointly and severally
shall indemnify the Trustee, the Collateral Agents and the Paying Agents and
their respective officers, directors, agents and employers against any and all
loss, liability taxes or expenses (including reasonable attorneys’ fees)
incurred by or in connection with the acceptance or administration of its
duties this Indenture and the Notes including the costs and expenses of
enforcing this Indenture against the Issuers (including this Section 7.07) and
defending itself against any claim (whether asserted by the Issuer or any
Holder or any other person) or liability in connection with the exercise or performance
of any of its powers or duties hereunder or under the Security Documents, as
the case may be.

 

The Trustee shall
notify the Issuer of any claim for which it may seek indemnity promptly upon
obtaining actual knowledge thereof; provided,
however, that any failure so to notify the Issuer shall not relieve
the Issuer or any Note Guarantor of its indemnity obligations hereunder, or
under the Security Documents, as the case may be. Except in cases where the
interests of the Issuers and the Trustee may be adverse, the Issuers shall
defend the claim and the

 

99

 

indemnified party shall
provide reasonable cooperation at the Issuers’ and any Note Guarantor’s expense
in the defense. Notwithstanding the foregoing, such indemnified party may, in
its sole discretion, assume the defense of the claim against it and the Issuers
and any Note Guarantor shall, jointly and severally, pay the reasonable fees
and expenses of the indemnified party’s defense (as evidenced in an invoice
from the Trustee). Such indemnified parties may have separate counsel of their
choosing and the Issuers and any Note Guarantor, jointly and severally, shall
pay the reasonable fees and expenses of such counsel (as evidenced in an
invoice from the Trustee); provided,
however, that the Issuers shall not be required to pay such fees and
expenses if it assumes such indemnified parties’ defense and, in such
indemnified parties’ reasonable judgment, there is no conflict of interest
between the Issuers and any Note Guarantor, as applicable, and such parties in
connection with such defense. The Issuers need not pay for any settlement made
without its consent, which consent shall not be unreasonably withheld. The
Issuers need not reimburse any expense or indemnify against any loss, liability
or expense incurred by an indemnified party through such party’s own willful
misconduct, negligence or bad faith.

 

To secure the
Issuers’ and any Note Guarantor’s payment obligations in this Section 7.07, the
Trustee and the Paying Agents have a lien prior to the Notes on all money or
property held or collected by the Trustee other than money or property held in
trust to pay principal of and interest on particular Notes.

 

The Issuers’ and
any Note Guarantor’s payment obligations pursuant to this Section and any lien
arising thereunder shall survive the satisfaction or discharge of this
Indenture, any rejection or termination of this Indenture under any Bankruptcy
Law or the resignation or removal of the Trustee and the Paying Agents. Without
prejudice to any other rights available to the Trustee and the Paying Agents
under applicable law, when the Trustee and the Paying Agents incur expenses
after the occurrence of a Default specified in Section 6.01(a)(6) with respect to
the Issuers, the expenses are intended to constitute expenses of administration
under the Bankruptcy Law.

 

For the avoidance
of doubt, the rights, privileges, protections, immunities and benefits given to
the Trustee in this Section 7.07, including its right to be indemnified, are
extended to, and shall be enforceable by the Trustee in each of its capacities
hereunder including, without limitation, as Registrar, Transfer Agent and
Paying Agent, and by each agent (including Deutsche Bank AG, London Branch, Deutsche
Bank Luxembourg S.A. and Deutsche International Corporate Services (Ireland)
Limited)), custodian and other Person employed with due care to act as agent
hereunder.

 

SECTION 7.08.         Replacement of Trustee

 

(a)       The Trustee may resign at any time by so
notifying the Issuers. If the Trustee is no longer eligible under Section 7.10
or in the circumstances described in TIA Section 310(b), any Holder that
satisfies the requirements of TIA Section 310(b) may petition any court of
competent jurisdiction for the removal of the Trustee in writing and the
appointment of a successor Trustee. The Holders of a majority in principal
amount of the Notes then outstanding may remove the Trustee by so notifying the
Trustee and may appoint a successor Trustee. The Issuers shall be entitled to
remove the Trustee or any Holder who has been a bona fide Holder for

 

100

 

not less than six months
may petition any court for removal of the Trustee and appointment of a
successor Trustee, if:

 

(i)         the Trustee has or acquires a conflict
of interest that is not eliminated;

 

(ii)        the Trustee is adjudged bankrupt or
insolvent;

 

(iii)       a receiver or other public officer takes
charge of the Trustee or its property; or;

 

(iv)      the Trustee otherwise becomes incapable of
acting as Trustee hereunder.

 

(b)       If the Trustee resigns, is removed
pursuant to Section 7.08(a)or if a vacancy exists in the office of Trustee for
any reason (the Trustee in such event being referred to herein as the retiring
Trustee), the Issuers shall promptly appoint a successor Trustee.

 

(c)       A successor Trustee shall deliver a
written acceptance of its appointment to the retiring Trustee and to the
Issuers. Thereupon 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 under this Indenture. The successor Trustee shall mail a
notice of its succession to Holders. The retiring Trustee shall promptly
transfer all property held by it as Trustee to the successor Trustee, provided, that all sums owing to the
Trustee hereunder have been paid and subject to the lien provided for in
Section 7.07.

 

(d)       If a successor Trustee does not take
office within 30 days after the retiring Trustee resigns or is removed, the
retiring Trustee or the Holders of 10% in principal amount of the Notes may
petition any court of competent jurisdiction for the appointment of a successor
Trustee.

 

(e)       If the Trustee fails to comply with
Section 7.10, unless the Trustee’s duty to resign is stayed as provided in
Section 310(b) of the TIA, any Holder may petition any court of competent
jurisdiction for the removal of the Trustee and the appointment of a successor
Trustee.

 

(f)        Notwithstanding the replacement of the
Trustee pursuant to this Section, the Issuers’ obligations under Section 7.07
shall continue for the benefit of the retiring Trustee.

 

(g)       For the avoidance of doubt, the rights,
privileges, protections, immunities and benefits given to the Trustee in this
Section 7.08, including its right to be indemnified, are extended to, and shall
be enforceable by each Paying Agent, Transfer Agent and Registrar employed to
act hereunder.

 

(h)       The Trustee agrees to give the notices
provided for in, and otherwise comply with, TIA Section 310(b).

 

101

 

SECTION 7.09.         Successor Trustee by Merger

 

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

 

In case at the
time such successor or successors by merger, conversion or consolidation to the
Trustee shall succeed to the trusts created by this Indenture any of the Notes
shall have been authenticated but not delivered, any such successor to the
Trustee may adopt the certificate of authentication of any predecessor trustee,
and deliver such Notes so authenticated; and in case at that time any of the
Notes shall not have been authenticated, any successor to the Trustee may
authenticate such Notes either in the name of any predecessor hereunder or in
the name of the successor to the Trustee; and in all such cases such
certificates shall have the full force which it is anywhere in the Notes or in
this Indenture provided that the certificate of the Trustee shall have.

 

SECTION 7.10.         Eligibility

 

The Indenture must
always have a Trustee that satisfies the requirements of TIA Section 310(a) and
has a combined capital and surplus of at least $25,000,000 as set forth in its
most recent published annual report of condition.

 

SECTION 7.11.         Certain Provisions.

 

Each Holder by
accepting a Note authorizes and directs on his or her behalf the Trustee to
enter into and to take such actions and to make such acknowledgements as are
set forth in this Indenture or other documents entered into in connection
therewith. The Trustee shall not be responsible for the legality, validity,
effectiveness, suitability, adequacy or enforceability of the Security
Documents or any obligation or rights created or purported to be created
thereby or pursuant thereto or any security or the priority thereof constituted
or purported to be constituted thereby or pursuant thereto, nor shall it be
responsible or liable to any person because of any invalidity of any provision
of such documents or the unenforceability thereof, whether arising from
statute, law or decision of any court. The Trustee shall be under no obligation
to monitor or supervise the functions of the Collateral Agents under the
Security Documents and shall be entitled to assume that the Collateral Agents
are properly performing their functions and obligations thereunder and the
Trustee shall not be responsible for any diminution in the value of or loss
occasioned to the assets subject thereto by reason of the act or omission by
the Collateral Agents in relation to its functions thereunder. The Trustee
shall have no responsibility whatsoever to the Issuer, any Note Guarantor or
any Holder as regards any deficiency which might arise because the Trustee is
subject to any tax in respect of the Security Documents, the security created
thereby or any part thereof or any income therefrom or any proceeds thereof.

 

102

 

SECTION 7.12.         Preferential Collection of Claims
Against Issuer

 

The Trustee shall
comply with Section 31l(a) of the TIA, excluding any creditor relationship
listed in Section 311(b) of the TIA. A Trustee who has resigned or been removed
shall be subject to Section 31l(a) of the TIA to the extent indicated.

 

ARTICLE 8

 

Discharge of Indenture; Defeasance 

 

SECTION 8.01.         Discharge of Liability on Notes;
Defeasance

 

(a)
Any Note Guarantees, this Indenture and the Security Documents will be
discharged and cease to be of further effect (except as to surviving rights of
conversion or transfer or exchange of the Notes, as expressly provided for in
this Indenture) as to all outstanding Notes when (1) either (a) all the Notes
previously authenticated and delivered (other than certain lost, stolen or
destroyed Notes, and certain Notes for which provision for payment was
previously made and thereafter the funds have been released to the Issuers)
have been delivered to the Trustee for cancellation; or (b) all Notes not
previously delivered to the Trustee for cancellation (i) have become due and
payable, (ii) will become due and payable at their Stated Maturity within one
year or (iii) are to be called for redemption within one year under
arrangements reasonably satisfactory to the Trustee for the giving of notice of
redemption by the Trustee in the name, and at the expense, of the Issuers; (2)
the Issuers have deposited or caused to be deposited with the Trustee money,
European Government Obligations (in the case of the Euro Notes), U.S.
Government Obligations (in the case of the Dollar Notes), or a combination
thereof, as applicable, in an amount sufficient to pay and discharge the entire
indebtedness on the Notes not previously delivered to the Trustee for
cancellation, for principal, premium, if any, and interest to the date of
deposit (in the case of Notes that have become due and payable), or to the
Stated Maturity or redemption date, as the case may be; (3) the Issuer has paid
or caused to be paid all other sums payable under this Indenture; and (4) the
Issuer has delivered to the Trustee an Officer’s Certificate and an Opinion of
Counsel each to the effect that all conditions precedent under this Section
8.01 have been complied with, provided that any such counsel may rely on any
Officer’s Certificate as to matters of fact (including as to compliance with
the foregoing clauses (1), (2) and (3)).

 

(b)       Subject to Sections 8.01(c) and 8.02,
either Issuer at any time may terminate (i) all of its obligations and all
obligations of each Note Guarantor (if any) under the Notes, any Note
Guarantees and this Indenture (“legal
defeasance option”) or (ii) its obligations under Article 4 (other
than Section 4.01) and under Article 5 (other than Sections 5.01(a)(l)and
5.01(a)(2)), and thereafter any omission to comply with such obligations shall
not constitute a Default or an Event of Default with respect to the Notes, and
the operation of Sections 6.01(a)(3) (other than with respect to Sections
5.01(a)(l) and 5.0l(a)(2)), 6.01(a)(4), 6.01(a)(5), 6.01(a)(6) (with respect to
the Issuers and Significant Subsidiaries), 6.01(a)(7), 6.01(a)(8) and
6.01(a)(9) (“covenant defeasance option”). The Issuers at their option at any

 

103

 

time may exercise their
legal defeasance option notwithstanding its prior exercise of its covenant
defeasance option. In the event that the Issuers terminate all of their
obligations under the Notes and this Indenture by exercising its legal
defeasance option, the obligations under any Note Guarantees shall each be
terminated simultaneously with the termination of such obligations.

 

If the Issuers
exercise their legal defeasance option or its covenant defeasance option, the
Collateral will be released and each Note Guarantor (if any) will be released
from all its obligations under its Note Guarantee.

 

Upon satisfaction
of the conditions set forth herein and upon request of the Issuers, the Trustee
shall acknowledge in writing the discharge of those obligations that the Issuer
terminates.

 

(c)       Notwithstanding Sections 8.01(a) and (b)
above, the Issuers’ and any Note Guarantors’ obligations in Sections 2.04,
2.05, 2.06, 2.07, 2.08, 2.09, 2.10, 2.11, 7.01, 7.02, 7.03, 7.07, 7.08, this
Article 8 and Section 12.06, as applicable, shall survive until the Notes have
been paid in full. Thereafter, the Issuers’ and any Note Guarantors’
obligations in Sections 7.07, 8.05, 8.06 and 12.06, as applicable, shall
survive.

 

SECTION 8.02.         Conditions to Defeasance

 

(a)       The Issuers may exercise its legal
defeasance option or its covenant defeasance option only if:

 

(1)       an Issuer has irrevocably deposited in
trust (the “defeasance trust”) with
the Trustee cash in euros or euro-denominated European Government Obligations
or a combination thereof (in the case of the Euro Notes) or in dollars or U.S.
Government Obligations or a combination thereof (in case of the Dollar Notes)
for the payment of principal, premium, if any, and interest on the Notes to
redemption or maturity, as the case may be, and must comply with certain other
conditions, including delivery to the Trustee of:

 

(A)      an Opinion of Counsel in the United States
to the effect that holders of the relevant Notes will not recognize income,
gain or loss for U.S. federal income tax purposes as a result of such deposit
and defeasance and will be subject to U.S. 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 and defeasance had not occurred (and in the case of legal
defeasance only, such Opinion of Counsel in the United States must be based on
a ruling of the U.S. Internal Revenue Service or other change in applicable
U.S. federal income tax law);

 

(B)       an Opinion of Counsel to the effect that,
as of the date of such opinion and subject to customary assumptions and
exclusions, following the deposit, the trust funds will not be subject to the
effect of any applicable bankruptcy, liquidation, reorganization,
administration, moratorium, receivership or similar laws affecting creditors’
rights generally under any applicable U.S. federal or state law and that the
Trustee has a perfected security interest in such trust funds for the ratable benefit
of the Holders;

 

104

 

(C)       an Officer’s Certificate stating that the
deposit was not made by the Issuers with the intent of defeating, hindering,
delaying, defrauding or preferring any creditors of the Issuers or any Note
Guarantors;

 

(D)      an Officer’s Certificate and an Opinion of
Counsel (which opinion of counsel may be subject to customary assumptions and
exclusions), each stating that that all conditions precedent provided for or
relating to legal defeasance or covenant defeasance, as the case may be, have
been complied with;

 

(E)       an Opinion of Counsel to the effect that
the trust resulting from the deposit does not constitute, or is qualified as, a
regulated investment company under the U.S. Investment Company Act of 1940; and

 

(F)       the Issuers deliver to the Trustee all
other documents or other information that the Trustee may reasonably require in
connection with either defeasance option.

 

(2)       Before or after a deposit, the Issuers
may make arrangements satisfactory to the Trustee for the redemption of Notes
at a future date in accordance with Article 3.

 

SECTION 8.03.         Application of Trust Money

 

The Trustee shall
hold in trust money or Government Obligations deposited with it pursuant to
this Article 8. It shall apply the deposited money and the money from the
Government Obligations through the Paying Agent and in accordance with this
Indenture to the payment of principal of and interest on the Notes. Money and
securities so held in trust are not subject to the Collateral Agency Agreement.

 

SECTION 8.04.         Repayment to Issuers

 

The Trustee and
the Paying Agent shall promptly turn over to the Issuers upon request any money
or Government Obligations held by it as provided in this Article which, in the
written opinion of an internationally recognized firm of independent public
accountants delivered to the Trustee (which delivery shall only be required if
Government Obligations have been so deposited), are in excess of the amount
thereof which would then be required to be deposited to effect an equivalent
discharge or defeasance in accordance with this Article.

 

Subject to any
applicable abandoned property law, the Trustee and the Paying Agent shall pay
to the Issuers upon written request any money held by them for the payment of
principal or interest that remains unclaimed for two years, and, thereafter,
Holders entitled to the money must look to the Issuers for payment as general
creditors, and the Trustee and the Paying Agent shall have no further liability
with respect to such monies.

 

SECTION 8.05.         Indemnity for Government Obligations

 

The Issuers and
any Note Guarantor, jointly and severally, shall pay and shall indemnify the
Trustee against any tax, fee or other charge imposed on or assessed against

 

105

 

deposited Government
Obligations or the principal and interest received on such Government
Obligations.

 

SECTION 8.06.         Reinstatement

 

If the Trustee or
Paying Agent is unable to apply any money or Government Obligations in
accordance with this Article 8 by reason of any legal proceeding or by reason
of any order or judgment of any court or Governmental Authority enjoining,
restraining or otherwise prohibiting such application, the Issuers’ obligations
under this Indenture and the Notes shall be revived and reinstated as though no
deposit had occurred pursuant to this Article 8 until such time as the Trustee
or Paying Agent is permitted to apply all such money or Government Obligations
in accordance with this Article 8; provided,
however, that if the Issuers have made any payment of principal of
or interest on any Notes because of the reinstatement of its obligations, the
Issuers shall be subrogated to the rights of the Holders of such Notes to
receive such payment from the money or Government Obligations held by the
Trustee or Paying Agent.

 

ARTICLE 9

 

Amendments

 

SECTION 9.01.         Without Consent of Holders

 

The Issuers, the
Trustee and the other parties thereto may amend or supplement any Note
Documents without notice to or consent of any Holder to:

 

(1)       cure any ambiguity, omission, defect,
error or inconsistency, conform any provision to the “Description of Notes” in
the Offering Memorandum, or reduce the minimum denomination of any Note;

 

(2)       provide for the assumption by a successor
Person of the obligations of the Issuers under any Note Document;

 

(3)       provide for uncertificated Notes in
addition to or in place of certificated Notes (provided that the uncertificated
Notes are issued in registered form for purposes of Section 163(f) of the Code,
or in a manner such that the uncertificated Notes are described in Section
163(f)(2)(B) of the Code);

 

(4)       add to the covenants or provide for a
Guarantee for the benefit of the Holders or surrender any right or power conferred
upon the Issuers or any Restricted Subsidiary;

 

(5)       make any change that does not adversely
affect the rights of any Holder in any material respect;

 

106

 

(6)       at the issuers’
election, comply with any requirement of the SEC in connection with the
qualification of this Indenture under the TIA, if such qualification is
required;

 

(7)       make such provisions as necessary (as
determined in good faith by the Issuers) for the issuance of Additional Notes;

 

(8)       to provide for any Restricted Subsidiary
to provide a Guarantee in accordance with Section 4.05, to add Guarantees with
respect to the Notes, to add security to or for the benefit of the Notes, or to
confirm and evidence the release, termination, discharge or retaking of any
Guarantee or Lien (including the Collateral and the Security Documents) with
respect to or securing the Notes when such release, termination, discharge or
retaking is provided for under this Indenture or the Security Documents;

 

(9)       to evidence and provide for the
acceptance and appointment under this Indenture of a successor Trustee pursuant
to the requirements thereof or to provide for the accession by the Trustee to
any Note Document; or

 

(10)     in the case of the Security Documents, to
mortgage pledge, hypothecate or grant a security interest in favor of the
Collateral Agent, for the benefit of parties to the Senior Facilities
Agreement, in any property which is required by the Senior Facilities Agreement
(as in effect on the Issue Date) to be mortgaged, pledged or hypothecated or in
which a security interest is required to be granted to the Collateral Agents,
or to the extent necessary to grant a security interest for the benefit of any
Person; provided, that the granting of such security interest is not prohibited
by this Indenture and Section 4.14 is complied with.

 

SECTION 9.02.         With Consent of Holders

 

(a)       The Issuers, the Trustee and the other
parties thereto, as applicable, may amend, supplement or otherwise modify the
Note Documents with the consent of the holders of a majority in principal
amount of the Notes then outstanding (including consents obtained in connection
with a purchase of, or tender offer or exchange offer for, Notes) and subject
to certain exceptions any default or compliance with any provisions thereof may
be waived with the consent of the holders of a majority in principal amount of
the Notes then outstanding (including consents obtained in connection with a
purchase of, or tender offer or exchange offer for, the Notes), provided, that if any amendment, waiver or
other modification will only affect one series of the Notes, only the consent
of a majority in principal amount of the then outstanding Notes of such series
shall be required. However, without the consent of Holders holding not 1ess
than 100% (or, in the case of clauses (7) and (10), 90%) of the then
outstanding principal amount of the Notes), an amendment or waiver may not,
with respect to any Notes held by a non-consenting Holder:

 

(1)       reduce the principal amount of Notes
whose Holders must consent to an amendment;

 

(2)       reduce the stated rate of or extend the
stated time for payment of interest on any Note;

 

107

 

(3)       reduce the principal of or extend the
Stated Maturity of any Note;

 

(4)       reduce the premium payable upon the
redemption of any Note or change the time at which any Note may be redeemed, in
each case as described in Section 5 of the Notes;

 

(5)       make any Note payable in money other than
that stated in the Note;

 

(6)       impair the right of any Holder to receive
payment of principal of and interest, including Additional Interest, on such
Holder’s Notes on or after the due dates therefor or to institute suit for the
enforcement of any such payment on or with respect to such Holder’s Notes;

 

(7)       make any change to Section 4.02 that
adversely affects the right of any Holder of such Notes in any material respect
or amends the terms of such Notes in a way that would result in a loss of an
exemption from any of the Taxes described thereunder or an exemption from any
obligation to withhold or deduct Taxes so described thereunder unless the Payor
agrees to pay Additional Amounts, if any, in respect thereof;

 

(8)       release the security interest granted fox
the benefit of the Holders in the Collateral other than pursuant to the terms
of the Security Document, the Intercreditor Agreement or as otherwise permitted
by this Indenture;

 

(9)       waive a Default or Event of Default with
respect to the nonpayment of principal, premium or interest (except pursuant to
a rescission of acceleration of the Notes by the Holders of at least a majority
in aggregate principal amount of such Notes and a waiver of the payment default
that resulted from such acceleration); or

 

(10)     make any change in this Section 9.02(a)
which require the Holders’ consent described in this sentence.

 

(b)       The Issuer will, for so long as the Notes
are listed on the Irish Stock Exchange, to the extent required by the rules of
the Irish Stock Exchange, (i) inform the Irish Stock Exchange of any of the
foregoing amendments, supplements and waivers and (ii) deliver notice of any
amendment, supplement and waiver in Ireland to the Companies Announcement
Office in Dublin.

 

It shall not be
necessary for the consent of the Holders under this Section 9.02 to approve the
particular form of any proposed amendment of the Note Documents, but it shall
be sufficient if such consent approves the substance thereof. A consent to any
amendment or waiver under this Indenture by any Holder of Notes given in
connection with a tender of such Holder’s Notes will not be rendered invalid by
such tender.

 

After an amendment
under this Section 9.02 becomes effective, in case of Holders of Definitive
Notes, the Issuers shall mail to the Holders a notice briefly describing such
amendment. The failure to give such notice to all Holders, or any defect
therein, shall not impair or affect the validity of an amendment under this
Section 9.02.

 

108

 

The Notes issued
on the Issue Date, and any Additional Notes part of the same series, will be
treated as a single class for all purposes under this Indenture, including with
respect to waiver and amendments, except as the relevant amendment, waiver,
consent, modification or similar action affects the rights of the Holders of
the different series of Notes dissimilarly. For the purposes of calculating the
aggregate principal amount of Notes that have consented to or voted in favor of
any amendment, wavier, consent, modifications or other similar action, the
Issuers (acting reasonably and in good faith) shall be entitled to select a
record date as of which the Euro Equivalent of the principal amount of any
Notes shall be calculated in such consent or voting process.

 

SECTION 9.03.         Revocation and Effect of Consents
and Waivers

 

(a)       A written consent to an amendment or a
waiver by a holder shall bind the Holder and every subsequent Holder of that
Note or portion of the Notes that evidences the same debt as the consenting Holder’s
Note, even if notation of the consent or waiver is not made on the Note.
However, any such Holder or subsequent Holder may revoke the written consent or
waivers as to such Holder’s Note or portion of the Note if the Trustee receives
the notice of revocation before the date on which the Trustee receives an
Officer’s Certificate from the Issuer certifying that the requisite number of
consents have been received. After an amendment or waiver becomes effective, it
shall bind every Holder. An amendment or waiver becomes effective upon the (i)
receipt by the Issuers or the Trustee of the requisite number of consents, (ii)
satisfaction of conditions to effectiveness as set forth in this Indenture and
any indenture supplemental hereto containing such amendment or waiver and (iii)
execution of such amendment or waiver (or supplemental indenture) by the
Issuers and the Trustee.

 

(b)       The Issuers may, but shall not be obliged
to, fix a record date for the purpose of determining the Holders entitled to
give their written consent or take any other action described above or required
or permitted to be taken pursuant to this Indenture. If a record date is fixed,
then notwithstanding Section 9.03(a), those Persons who were Holders at such
record date (or their duly designated proxies), and only those Persons, shall
be entitled to give such consent or to revoke any consent previously given or
to take any such action, whether or not such Persons continue to be Holders
after such record date. No such consent shall be valid or effective for more
than 120 days after such record date.

 

SECTION 9.04.         Notation on or Exchange of Notes

 

If an amendment
changes the terms of a Note, the Trustee may require the Holder of the Note to
deliver it to the Trustee. The Trustee may place an appropriate notation on the
Note regarding the changed terms and return it to the Holder. Alternatively, if
the Issuers or the Trustee so determine, the Issuers in exchange for the Note
shall issue and the Trustee or an authentication agent shall authenticate a new
Note that reflects the changed terms. Failure to make the appropriate notation
or to issue a new Note shall not affect the validity of such amendment.

 

109

 

SECTION 9.05.         Trustee and Collateral Agents to
Sign Amendments

 

(a)        The Trustee and the Collateral Agents
shall sign any amendment authorized pursuant to this Article 9 if the amendment
does not impose any personal obligations on the Trustee or the Collateral
Agents or adversely affect the rights, duties, liabilities or immunities of the
Trustee and the Collateral Agents under this Indenture. If it does, the Trustee
or the Collateral Agents may, but need not sign it. In signing such amendment
the Trustee and the Collateral Agents shall be entitled to receive indemnity
reasonably satisfactory to it and to receive, and (subject to Section 7.01)
shall be fully protected in relying upon, an Officer’s Certificate and an
Opinion of Counsel stating that such amendment complies with this Indenture and
that such amendment has been duly authorized, executed and delivered and is the
legal, valid and binding obligation of the Issuers and the Note Guarantors (if
any) enforceable against them in accordance with its terms, subject to
customary exceptions.

 

(b)       Every amendment or supplemental indenture
executed pursuant to this Article shall conform to the requirements of the TIA.

 

SECTION
9.06.         Payment for Consent

 

Neither
the Issuers nor any Affiliate of either Issuer shall, directly or indirectly,
pay or cause to be paid any consideration, whether by way of interest, fee or otherwise,
to any Holder for or as an inducement to any consent, waiver or amendment of
any of the terms or provisions of the Note Documents (or the appointment of any
Proxy in relation to any of the foregoing) unless such consideration is offered
(subject to limitations of applicable law) to be paid to all Holders that so
consent, waive or agree to amend in the time frame set forth in solicitation
documents relating to such consent, waiver or agreement or proxies in relation
thereto.

 

ARTICLE 10

 

Note Guarantees

 

SECTION
10.01.       Note Guarantees.

 

(a)        Subject to the limitations set forth in
Schedule 10.1, each Restricted Subsidiary that is required to become a Note
Guarantor pursuant to Section 4.12 hereof hereby Irrevocably Guarantees
(collectively, the “Note Guarantees”), as
primary obligor and not merely as surety, on a senior basis to each Holder, the
Collateral Agents (on behalf of and for the benefit of Holders, for the purpose
of this Article 10, and not in their individual capacities, but solely in their
roles as representatives of the Holders in holding and enforcing the Collateral
and the Security Documents), and to the Trustee and its successors and assigns
(i) the full and punctual payment when due, whether at Stated Maturity, by
acceleration or otherwise, of all payment obligations of the Issuers under this
Indenture and the Notes, whether for payment of principal of, premium, or
interest and all other monetary obligations of the Issuers under this Indenture
or in respect of the Notes and (ii) the full and punctual performance within
applicable grace periods of all other obligations of the Issuers whether

 

110

 

for fees, expenses,
indemnification or otherwise under this Indenture and the Notes (all the
foregoing being hereinafter collectively called the “Guaranteed Obligations”). Any such Note Guarantor farther
agrees that the Guaranteed Obligations may be extended or renewed, in whole or
in part, without notice or further assent from such Note Guarantor, and that
such Note Guarantor shall remain bound under this Article 10 notwithstanding
any extension or renewal of any Guaranteed Obligation.

 

(b)       Each Note Guarantor waives presentation
to, demand of payment from and protest to the Issuers of any of the Guaranteed
Obligations and also waives notice of protest for nonpayment. Each Note
Guarantor waives notice of any default under the Notes or the Guaranteed
Obligations. The obligations of each Note Guarantor hereunder shall not be
affected by (i) the failure of any Holder, the Collateral Agents on behalf of
the Holders or the Trustee to assert any claim or demand or to enforce any
right or remedy against the Issuers or any other Person under this Indenture,
the Notes or any other agreement or otherwise; (ii) any extension or renewal of
any thereof; (iii) any rescission, waiver, amendment or modification of any of
the terms or provisions of this Indenture, the Notes or any other agreement;
(iv) the release of any Notes held by any Holder, the Collateral Agents or the
Trustee for the Guaranteed Obligations or any of them; (v) the failure of any
Holder, the Collateral Agents on behalf of the Holders or Trustee to exercise
any right or remedy against any other guarantor of the Guaranteed Obligations;
or (vi) any change in the ownership of such Note Guarantor, except as provided
in Section 10.02(b).

 

(c)        Each Note Guarantor hereby waives any
right to which it may be entitled to have its obligations hereunder divided
among the Note Guarantors, such that such Note Guarantor’s obligations would be
less than the full amount claimed. Each Note Guarantor hereby waives any right
to which it may be entitled to have the assets of the Issuers first be used and
depleted as payment of the Issuers’ or such Note Guarantor’s obligations
hereunder prior to any amounts being claimed from or paid by such Note
Guarantor hereunder. Each Note Guarantor hereby waives any right to which it
may be entitled to require that the Issuer be sued prior to an action being
initiated against such Note Guarantor.

 

(d)       Each Note Guarantor further agrees that
its Note Guarantee herein constitutes a guarantee of payment when due (and not
a guarantee of collection) and waives any right to require that any resort be
had by any Holder or the Trustee to any Note held for payment of the Guaranteed
Obligations.

 

(e)        If any Note Guarantor makes payments
under its Note Guarantee, each Note Guarantor must contribute its share of such
payments. Each Note Guarantor’s share of such payment will be computed based on
the proportion that the net worth of the relevant Note Guarantor represents
relative to the aggregate net worth of all the Note Guarantors combined.

 

(f)        [Reserved].

 

(g)       Each Note Guarantor agrees that its Note
Guarantee shall remain in full force and effect until payment in Ml of the
Guaranteed Obligations. Except as expressly set forth in Sections 4.12, 4.13,
8.01(b), 10.02, Schedule 10.1 and the terms of any Note

 

111

 

Guarantee Supplement, the
obligations of each Note Guarantor hereunder shall not be subject to any
reduction, limitation, impairment or termination for any reason, including any
claim of waiver, release, surrender, alteration or compromise, and shall not be
subject to any defense of setoff, counterclaim, recoupment or termination
whatsoever or by reason of the invalidity, illegality or unenforceability of
the Guaranteed Obligations or otherwise. Without limiting the generality of the
foregoing, the obligations of each Note Guarantor herein shall not be
discharged or impaired or otherwise affected by the failure of any Holder or
the Trustee to assert any claim or demand or to enforce any remedy under this
Indenture, the Notes or any other agreement, by any waiver or modification of
any thereof, by any default, failure or delay, willful or otherwise, in the
performance of the obligations, or by any other act or thing or omission or
delay to do any other act or thing which may or might in any manner or to any
extent vary the risk of such Note Guarantor or would otherwise operate as a
discharge of such Note Guarantor as a matter of law or equity.

 

(h)       Each Note Guarantor agrees that its Note
Guarantee herein shall continue to be effective or be reinstated, as the case
may be, if at any time payment, or any part thereof, of principal of or
interest on any Guaranteed Obligation is rescinded or must otherwise be
restored by any Holder or the Trustee upon the bankruptcy or reorganization of
the Issuers or otherwise unless such Note Guarantee has been released in
accordance with this Indenture.

 

(i)         Subject to the limitations set forth in
Schedule 10.1, in furtherance of the foregoing and not in limitation of any
other right which any Holder or the Trustee has at law or in equity against any
Note Guarantor by virtue hereof, upon the failure of the Issuers to pay the
principal of or interest on any Guaranteed Obligation when and as the same
shall become due, whether at maturity, by acceleration, by redemption or
otherwise, or to perform or comply with any other Guaranteed Obligation, each
Note Guarantor hereby promises to and shall, upon receipt of written demand by
the Trustee, forthwith pay, or cause to be paid, in cash, to the Holders or the
Trustee an amount equal to the sum of (i) the unpaid principal amount of the
Notes, (ii) accrued and unpaid interest on the Notes and (iii) all other
monetary obligations of the Issuers to the Holders and the Trustee, including
any other unpaid principal amount of such Guaranteed Obligations, accrued and
unpaid interest on such Guaranteed Obligations (but only to the extent not
prohibited by law) and any Additional Amounts.

 

(j)         Each Note Guarantor agrees that it
shall not be entitled to exercise any right of subrogation in relation to the
Holders in respect of any Guaranteed Obligations guaranteed hereby until
payment in full of all Guaranteed Obligations. Each Note Guarantor further
agrees that, as between it, on the one hand, and the Holders and the Trustee, on
the other hand, (i) the maturity of the Guaranteed Obligations guaranteed
hereby may be accelerated as provided in Article 6 for the purposes of any
Guarantee herein, notwithstanding any stay, injunction or other prohibition
preventing such acceleration in respect of the Guaranteed Obligations
guaranteed hereby, and (ii) in the event of any declaration of acceleration of
such Guaranteed Obligations as provided in Article 6, such Guaranteed
Obligations (whether or not due and payable) shall forthwith become due and
payable by such Note Guarantor for the purposes of this Section 10.01.

 

112

 

(k)        Each Note Guarantor also agrees to pay
any and all reasonable costs and expenses (including reasonable attorneys’ fees
and expenses) incurred by the Trustee or any Holder in enforcing any rights
under this Section.

 

(l)         Upon request of the Trustee, each Note
Guarantor shall execute and deliver such further instruments and do such
further acts as the Trustee may reasonably require to carry out more
effectively the purpose of this Indenture.

 

(m)       The Collateral Agents may only assert a
claim or demand or enforce a right or remedy with respect to the Note
Guarantees at the direction of the Trustee. The Trustee may direct the
Collateral Agents to take enforcement action with respect to the Note
Guarantees if any amount is declared or becomes due and payable pursuant to
Section 6,02 (but not otherwise).

 

SECTION 10.02.       Limitation on Liability

 

(a)       Any term or provision of this Indenture
to the contrary notwithstanding, the maximum aggregate amount of the Guaranteed
Obligations guaranteed hereunder by any Note Guarantor shall not exceed the
maximum amount that can be hereby guaranteed by the applicable Note Guarantor
without rendering the Note Guarantee, as it relates to such Note Guarantor,
voidable under applicable law relating to fraudulent conveyance, fraudulent
transfer, corporate benefit, financial assistance or similar laws affecting the
rights of creditors generally.

 

(b)       A Note Guarantee as to any Note Guarantor
shall terminate and be of no further force or effect and such Note Guarantor
shall be deemed to be released from all obligations under this Article 10 upon:

 

(1)        a sale or other disposition (including
by way of consolidation or merger) of the Guarantor or the sale or disposition
of all or substantially all the assets of the Guarantor (other than to the
Company or a Restricted Subsidiary) otherwise permitted by this Indenture,

 

(2)        the designation in accordance with this
Indenture of the Guarantor as an Unrestricted Subsidiary,

 

(3)        defeasance or discharge of the Notes, as
provided in Article 8,

 

(4)        to the extent that such Guarantor is not
an Immaterial Subsidiary solely due to the operation of clause (1) of the definition
of “Immaterial Subsidiary,” upon the release of the guarantee referred to in
such clause, or

 

(5)        upon the achievement of Divestment Grade
Status by the relevant series of Notes so long as each of Moody’s and S&P
(or another Nationally Recognized Statistical Ratings Organization which has
provided a rating used to achieve Investment Grade Status) has been notified in
advance that such Investment Grade Status will result in the termination of
such Note Guarantee; provided that
such Note Guarantee shall, subject to the Agreed Security Principles, be
reinstated upon the Reversion Date.

 

113

 

In all cases, the
Issuers and such Note Guarantors that are to be released from their Note
Guarantees shall deliver to the Trustee an Officer’s Certificate and an Opinion
of Counsel certifying compliance with this Section 10.02(b). At the request of
the Issuers, the Trustee shall execute and deliver an appropriate instrument
evidencing such release (in the form provided by the Issuers).

 

SECTION 10.03.       Successors and Assigns

 

This Article 10
shall be binding upon each Note Guarantor and its successors and assigns and
shall inure to the benefit of the successors and assigns of the Trustee and the
Holders and, in the event of any transfer or assignment of rights by any Holder
or the Trustee, the rights and privileges conferred upon that party in this
Indenture and in the Notes shall automatically extend to and be vested in such
transferee or assignee, all subject to the terms and conditions of this
Indenture.

 

SECTION 10.04.       No Waiver

 

Neither a failure
nor a delay on the part of, the Trustee or the Holders in exercising any right,
power or privilege under this Article 10 shall operate as a waiver thereof, nor
shall a single or partial exercise thereof preclude any other or further
exercise of any right, power or privilege. The rights, remedies and benefits of
the Collateral Agents, the Trustee and the Holders herein expressly specified
are cumulative and not exclusive of any other rights, remedies or benefits
which either may have under this Article 10 at law, in equity, by statute or
otherwise.

 

SECTION 10.05.       Modification

 

No modification,
amendment or waiver of any provision of this Article 10, nor the consent to any
departure by any Note Guarantor therefrom, shall in any event be effective
unless the same shall be in writing and signed by the Trustee, and then such
waiver or consent shall be effective only in the specific instance and for the
purpose for which given. No notice to or demand on any Note Guarantor in any
case shall entitle such Note Guarantor to any other or further notice or demand
in the same, similar or other circumstances.

 

SECTION 10.06.       [Reserved.]

 

SECTION 10.07.       Execution of Note Guarantee Supplement
for Note Guarantors

 

Each Subsidiary
which is required to become a Note Guarantor pursuant to this Indenture shall
promptly execute and deliver to the Trustee a note guarantee supplement in the
form of Exhibit D hereto pursuant to which such Subsidiary shall become a Note
Guarantor under this Article 10 and shall guarantee the Guaranteed Obligations.
Concurrently with the execution and delivery of such note guarantee supplement,
the Issuers shall deliver to the Trustee an Opinion of Counsel and an Officer’s
Certificate to the effect that such note guarantee supplement complies with
this Indenture and has been duly authorized, executed and delivered by such
Subsidiary and that, subject to the application of bankruptcy, insolvency,
moratorium, fraudulent conveyance or transfer and other similar laws relating
to creditors’ rights generally

 

114

 

and to the principles of
equity, whether considered in a proceeding at law or in equity, the Note
Guarantee of such Note Guarantor is a legal, valid and binding obligation of
such Note Guarantor, enforceable against such Note Guarantor in accordance with
its terms and to such other matters as the Trustee may reasonably request.

 

SECTION 10.08.       Non-Impairment

 

The failure to endorse
a Note Guarantee on any Note shall not affect or impair the validity thereof.

 

ARTICLE 11

 

[Reserved].

 

ARTICLE 12

 

Collateral,
Security Documents and the Collateral Agents.

 

SECTION 12.01.       Collateral and Security Documents

 

(a)       Subject to the Agreed Security
Principles, the payment obligations of the Issuers under the Notes and this
Indenture will be secured on a first priority basis by Liens on the Collateral.
To the extent any Liens over the intended Collateral pursuant to any Security
Document listed on Schedule 1.1 or any action or deliverable related to the
creation or perfection of Liens over the intended Collateral (other than any
Collateral the Liens over which may be perfected by the filing of a UCC
financing statement or, subject to the Agreed Security Principles, the delivery
of stock certificates and the Security Document giving rise to the lien
therein) or any Guarantee is not provided on the Issue Date after use by the
Issuers and the Guarantors of commercially reasonable efforts to do so, the
provision of any such Lien or deliverable or Guarantee shall be required to be
delivered as soon as reasonably practicable, in any event not later than 90
days after the Issue Date (or 120 days if the lenders under the Senior
Facilities Agreement agree to defer such date under the Senior Facilities
Agreement); provided, however, that,
subject to the Agreed Security Principles, the Issuers will be obligated to
provide security on NXP Semiconductors (Thailand) Co. Ltd.’s machinery and
equipment within seven months of the Issue Date.

 

(b)       Each of the Issuers, the Trustee and the
Holders agree that the Collateral Agents shall be the joint creditors (together
with the Holders) of each and every obligation of the parties hereto under the
Notes and this Indenture, and that accordingly the Collateral Agents will have
its own independent right to demand performance by the Issuers of those
obligations, except that such demand shall only be made with the prior written
consent of the Trustee or as otherwise permitted under the Collateral Agency
Agreement. However, any discharge of such obligation to the Collateral Agents,
on the one hand, or to the Trustee or

 

115

 

the Holders, as
applicable, on the other hand, shall, to the same extent, discharge the
corresponding obligation owing to the other.

 

(c)       The Collateral Agents agree that it will
hold the security interests in Collateral created under the Security Documents
to which it is a party as contemplated by this Indenture and the Collateral
Agency Agreement, and any and all proceeds thereof, for the benefit of, among
others, the Trustee and the Holders, without limiting the Collateral Agents’
rights including under Section 12.02, to act in preservation of the security interest
in the Collateral. The Collateral Agents will take action or refrain from
taking action in connection therewith only as directed by the Trustee, subject
to the terms of the Collateral Agency Agreement.

 

(d)       Each Holder, by accepting a Note, shall be
deemed to have agreed to all the terms and provisions of the Security Documents
and the Collateral Agency Agreement. The claims of Holders will be subject to
the Collateral Agency Agreement (whether then entered into or entered into in
the future pursuant to this Indenture). In the event of a conflict between this
Indenture and the Collateral Agency Agreement, the Collateral Agency Agreement
shall prevail.

 

(e)       (1)       Subject
to the Agreed Security Principles, within 60 days (or such longer period as the
Collateral Agents may agree in writing) after (i) any Restricted Subsidiary
becomes a Guarantor in accordance with Section 4.12 or (ii) any Issuer or
Guarantor acquires any material property that is not automatically subject to a
perfected security interest under the Security Documents, the relevant Issuer
or Guarantor shall, in each case at its sole cost and expense, duly execute and
deliver to the Collateral Agents such mortgages, security agreement supplements
and other security documents, as reasonably specified by and in form and
substance reasonably satisfactory to the Collateral Agents (in form and scope,
and covering such collateral on such terms, in each case consistent with the
mortgages, security agreements and other security documents in effect on the
Issue Date), granting a security interest in favor of the secured parties under
the Security Documents, and take such additional actions (including the giving
of notices, the filing of statements and the provision of all instruments and
documents reasonably requested by the Collateral Agents) to perfect and protect
such security interests of the secured parties under the Security Documents.
Notwithstanding the foregoing, no Issuer or Guarantor shall be required to
provide a security interest pursuant to this Section 12.01(e) (x) except as
provided in Section 4.22, in cash or bank accounts prior to the occurrence of
an Enforcement Event, (y) if the Agreed Security Principles would not so
require or (z) over assets or properties that are not subject to Liens under
the Security Documents specifically set forth on Schedule 1.1 (whether or not
such Security Documents shall have been executed on the Issue Date) (as in
effect on the date hereof) as a result of the application of the Agreed
Security Principles. Any security interest provided pursuant to this Section
12.01(e) shall be accompanied with such opinions of counsel to the Company as
customarily given by Company’s counsel in the relevant jurisdiction, in form
and substance customary for such jurisdiction. The Company will use reasonable
endeavors to procure that its counsel in any relevant jurisdiction provides a
legal opinion in respect of any such security interest.

 

116

 

(2)       Subject to the Agreed Security Principles,
promptly upon request by the Collateral Agents, the Issuers shall (a) correct
any material defect or error that may be discovered in any Security Documents
or in the execution, acknowledgment, filing or recordation thereof, and (b) do,
execute, acknowledge, deliver, record, re-record, file, re-file, register and
re-register any and all such further acts, deeds, certificates, assurances and
other instruments as the Collateral Agents, may reasonably require from time to
time in order to carry out more effectively the purposes of any Security
Documents.

 

(3)       To the extent applicable, the Company
will comply with Section 313(b) of the TIA, relating to reports, and Section
314(d) of the TIA, relating to the release of property and to the substitution therefor
of any property to be pledged as collateral for the Secured Notes. Any
certificate or opinion required by Section 314(d) of the TIA may be made by an
Officer of the Company except in cases where Section 314(d) requires that such
certificate or opinion be made by an independent engineer, appraiser or other
expert, who shall be reasonably satisfactory to the Trustee. Notwithstanding
anything to the contrary herein, the Company and its Subsidiaries will not be
required to comply with all or any portion of Section 314(d) of the TIA if they
determine, in good faith based on advice of outside counsel, that under the
terms of that section and/or any interpretation or guidance as to the meaning
thereof of the SEC and its staff, including “no action” letters or exemptive
orders, all or any portion of Section 314(d) of the TIA is inapplicable to the
released Collateral.

 

SECTION 12.02.       Suits To Protect the Collateral

 

Subject to the
provisions of the Security Documents and the Collateral Agency Agreement, the Collateral
Agents shall have power to institute and to maintain such suits and proceedings
as it may deem expedient to prevent any impairment of the Collateral by any
acts which may be unlawful or in violation of any of the Security Documents or
this Indenture, and such suits and proceedings as the Collateral Agents, in
their sole discretion, may deem expedient to preserve or protect the security
interests in the Collateral created under the Security Documents (including
power to institute and maintain suits or proceedings to restrain the
enforcement of or compliance with any legislative or other governmental
enactment, rule or order that may be unconstitutional or otherwise invalid if
the enforcement of, or compliance with, such enactment, rule or order would
impair the Lien on the Collateral or be prejudicial to the interests of the
Holders or the Trustee).

 

SECTION 12.03.       Resignation and Replacement of the
Collateral Agents

 

(a)       Any resignation or replacement of, a
Collateral Agent shall be made in accordance with the Collateral Agency
Agreement.

 

SECTION 12.04.       Amendments and Additional Agency
Agreements

 

(a)       At the request of the Issuers, in
connection with the Incurrence or refinancing by the Company or its Restricted
Subsidiaries of any Indebtedness secured or permitted to be secured on the
Collateral, the Issuers, the relevant Restricted Subsidiaries and the Trustee
shall enter into a collateral agency or similar agreement (an “Additional Agency Agreement”) with the
holders of such Indebtedness (or their duly authorized representatives) on
substantially the same

 

117

 

terms as the Collateral
Agency Agreement (or on terms not materially less favorable to the Holders),
including containing substantially the same terms with respect to the
application of the proceeds of the collateral held thereunder and the means of
enforcement; provided that such Additional Agency Agreement will not impose any
personal obligations on the Trustee or, in the opinion of the Trustee,
adversely affect the rights, duties, liabilities or immunities of the Trustee
under the Indenture or the Collateral Agency Agreement. As used herein, the
term “Collateral Agency Agreement” shall include references to any Additional
Agency Agreement that supplements or replaces the Collateral Agency Agreement
entered into prior to the Issue Date.

 

(b)       At the written direction of the Issuers
and without the consent of Holders, the Trustee shall from time to time enter
into one or more amendments to any Collateral Agency Agreement to: (1) cure any
ambiguity, omission, defect or inconsistency of any such agreement, (2)
increase the amount or types of Indebtedness covered by any such agreement that
may be Incurred by the Issuers that is subject to any such agreement (provided
that such Indebtedness is Incurred in compliance with the indenture relating to
the Notes), (3) add Restricted Subsidiaries to the Collateral Agency Agreement,
(4) further secure the Notes (including Additional Notes), (5) make provision
for equal and ratable pledges of the Collateral to secure Additional Notes or
to implement any Permitted Collateral Liens or (6) make any other change to any
such agreement that does not adversely affect the Holders of Notes in any
material respect. The Issuers shall not otherwise direct the Trustee to enter
into any amendment to any Collateral Agency Agreement without the consent of
the Holders of a majority in aggregate principal amount of the Notes then
outstanding, except as otherwise permitted below under Article 9 or as
permitted by the terms of such Collateral Agency Agreement, and the Issuers may
only direct the Trustee to enter into any amendment to the extent such
amendment does not impose any personal obligations on the Trustee or, in the
opinion of the Trustee, adversely affect the rights, duties, liabilities or
immunities of the Trustee under this Indenture or any Collateral Agency Agreement.

 

(c)       Each Holder, by accepting a Note, shall
be deemed to have agreed to and accepted the terms and conditions of any
Collateral Agency Agreement (whether then entered into or entered into in the
future pursuant to the provisions described herein).

 

SECTION 12.05.       Release of Liens

 

The Liens on the
Collateral securing the Notes will be released:

 

(a)       upon payment in full of principal,
interest and all other Obligations on the Secured Notes issued under the
indenture or discharge or defeasance thereof;

 

(b)       upon release of a Note Guarantee (with
respect to the Liens securing such Note Guarantee granted by such Guarantor);

 

(c)       in connection with any disposition of
Collateral to (1) any Person other than the Company or any of its Restricted
Subsidiaries (but excluding any transaction subject to Section 5.01) that is
permitted by the Indenture (with respect to the Lien on such Collateral) or (b)
any Restricted Subsidiary that is not a Guarantor; provided that the net
aggregate amount of Collateral that may be released pursuant to this clause (b)
from and after

 

118

 

the Issue Date shall not
exceed the greater of €200 million and 2% of Total Assets (measured at the time
of a proposed transfer);

 

(d)
upon the achievement of Investment Grade Status by the Secured Notes so long as
each of Moody’s and S&P (or another Nationally Recognized Statistical
Ratings Organization which has provided a rating used to achieve Investment
Grade Status) has been notified in advance that such Investment Grade Status
will result in such release; provided that such Liens shall, subject to the
Agreed Security Principles, be reinstated upon the Revision Date; and

 

(e)
automatically without any action by the Trustee or the Collateral Agents, if
the Lien granted in favor of the Senior Facilities Agreement is released (other
than pursuant to the repayment and discharge thereof); provided that such
release would otherwise be permitted by another clause above.

 

Each of these
releases shall be effected by the Collateral Agents without the consent of the
Holders or any action on the part of the Trustee (except for (e) as to which no
action will be required of the Collateral Agents unless requested by the
Company).

 

SECTION 12.06.       Compensation and Indemnity

 

The compensation
and indemnification of the Collateral Agents shall be as set forth in the Collateral
Agency Agreement.

 

SECTION 12.07.       Conflicts

 

Each of the
Issuers, the Note Guarantors (if any), the Trustee and the Holders acknowledge
and agree that the Collateral Agents are acting as collateral agents and
trustee not just on their behalf but also on behalf of the Secured Parties
named in the Collateral Agency Agreement and acknowledge and agree that
pursuant to the terms of the Collateral Agency Agreement, the Collateral Agents
may be required by the terms thereof to act in a manner which may conflict with
the interests of the Issuers, the Note Guarantors, the Trustee and the Holders
(including the Holders’ interests in the Collateral and the Note Guarantees)
and that it shall be entitled to do so in accordance with the terms of the
Collateral Agency Agreement

 

SECTION 12.08.       Appointment and Authorization

 

The Issuers have,
and by accepting a Note, each Holder will be deemed to have (a) irrevocably
appointed each of Morgan Stanley Senior Funding, Inc. as Global Collateral
Agent, and Mizuho Corporate Bank Ltd. as Taiwan Collateral Agent, to act as its
agent and under the Collateral Agency Agreement and the other relevant
documents to which it is a party (including, without limitation, the Security
Documents); and (b) irrevocably authorized the Collateral Agents to (i) perform
the duties and exercise the rights, powers and discretions that are
specifically given to it under the Collateral Agency Agreement or other
documents to which it is a party, together with any other incidental rights,
power and discretions; and (ii) execute each document expressed to be executed
by the Collateral Agents on their behalf.

 

119

 

SECTION 12.09.       Joint and Several Claims

 

Each of the
Collateral Agents and the Trustee hereby agrees and each of the Holders is
hereby deemed to agree that as regards any Collateral located in or related to
the Republic of China, the Taiwan Collateral Agent shall be deemed to be a
creditor jointly and severally with each of them with respect to the rights and
claims against the Issuers and the Guarantors hereunder and under any of the
other Note Documents pursuant to Article 283 of the Republic of China Civil
Code and that the Taiwan Collateral Agent shall be entitled to exercise and
pursue all such rights and claims against the Issuers and the Guarantors in its
capacity as a joint and several creditor and for the joint and several benefit
of the Collateral Agents, the Trustee and the Holders.

 

ARTICLE 13

 

Miscellaneous

 

SECTION 13.01.       Trust Indenture Act of 1939

 

The Indenture
shall incorporate and be governed by the provisions of the TIA that are
required to be part of and to govern indentures qualified under the TIA.

 

SECTION 13.02.       Noteholder Communications; Noteholder
Actions

 

(a)
The rights of Holders to communicate with other Holders with respect to the
Indenture or the Notes are as provided by the TIA, and the Company and the
Trustee shall comply with the requirements of TIA Sections 312(a) and 312(b).
Neither the Company nor the Trustee will be held accountable by reason of any
disclosure of information as to names and addresses of Holders made pursuant to
the TIA.

 

(b)
(1) Any request, demand, authorization, direction, notice, consent to
amendment, supplement or waiver or other action provided by this Indenture to
be given or taken by a Holder (an “act”) may
be evidenced by an instrument signed by the Holder delivered to the Trustee.
The fact and date of the execution of the instrument, or the authority of the
person executing it, may be proved in any manner that the Trustee deems
sufficient.

 

(2) The Trustee
may make reasonable rules for action by or at a meeting of Holders, which will
be binding on all the Holders.

 

(c)
Any act by the Holder of any Note binds that Holder and every subsequent Holder
of a Note that evidences the same debt as the Note of the acting Holder, even
if no notation thereof appears on the Note. Subject to paragraph (d), a Holder
may revoke an act as to its Notes, but only if the Trustee receives the notice
of revocation before the date the amendment or waiver or other consequence of
the act becomes effective.

 

(d)
The Company may, but is not obligated to, fix a record date (which need not be
within the time limits otherwise prescribed by TIA Section 316(c)) for the purpose
of determining the Holders entitled to act with respect to any amendment or
waiver or in any

 

120

 

other regard, except that
during the continuance of an Event of Default, only the Trustee may set a record
date as to notices of default, any declaration or acceleration or any other
remedies or other consequences of the Event of Default. If a record date is
fixed, those Persons that were Holders at such Record date and only those
Persons will be entitled to act, or to revoke any previous act, whether or not
those Persons continue to be Holders after the record date. No act will be
valid or effective for more than 90 days after the record date.

 

SECTION 13.03.       Notices

 

Any notice or communication shall be in writing and delivered in person
or mailed by first-class mail addressed as follows:

 

if to the Issuers:

 

NXP B.V.

High Tech Campus 60

5656 AG Eindhoven

The Netherlands

Attention of: Guido Dierick

Fax: (31) 40 272-4005

 

with a copy to:

 

KASLION Acquisition B.V.

High Tech Campus 60

5656 AG Eindhoven

The Netherlands

Attention of: Erik Thyssen

Fax: (31) 20 5407500

 

if
to the Trustee, New York Paying Agent, New York Registrar, Calculation Agent or
Transfer Agent:

 

Deutsche Bank Trust Company Americas

60 Wall Street

27th Floor

New York, New York 10005

United States

 

Attention of:

Trust and Securities Services

 

with a copy to:

 

Deutsche Bank National Trust Company for Deutsche
Bank Trust Company Americas

25 DeForest Avenue

 

121

 

2nd Floor

Summit, New Jersey 07901

United States

 

Attention of:

Trust and Securities Services

Fax: +1-732-578-4635

 

if to the Global Collateral Agent:

 

Morgan Stanley Senior Funds, Inc.

20 Cabot Square

Canary Wharf

London E14 4QW

England

Attention of: David Hobbs

Fax: +44 20 7056 3377

 

if to the Taiwan Collateral Agent:

 

Mizuho Corporate Bank, Ltd.

Bracken House

One Friday Street

London EC4M 9 JA

England

Attention of: Neil Rickard

Fax: +44 20 7012 4304

 

if to the Euro Paying Agent and Calculation Agent:

 

Deutsche Bank AG, London Branch

Winchester House

1 Great Winchester Street

London EC2N 2DB

 

Attention of:

Trust and Securities Services

Fax: +44 20 7547 6149

 

if to the Registrar, Transfer Agent and Irish Listing
Agent:

 

Deutsche Bank Luxembourg SA

2 Boulevard Konrad Adenauer

L-115, Luxembourg

 

Attention of:

 

122

 

The Coupon Paying Department

Fax: +352 473136

 

if to the Ireland Paying Agent:

 

Deutsche International Corporate Services (Ireland)
limited

5 Harbourmaster Place

IFSC

Dublin 1

Ireland

 

Attention of:

Corporate Services Department

Fax: +353 1680 6050

 

Each of the Issuers or the Trustee by notice to the others may designate
additional or different addresses for subsequent notices or communications.

 

Any notice or communication sent to a Holder of Definitive Notes shall
be in writing and shall be made by first-class mail, postage prepaid, or by
hand delivery to the Holder at the Holder’s address as it appears on the
registration books of the Registrar, with a copy to the Trustee.

 

For so long as the Notes are listed on the Irish Stock Exchange and the
rules of the Irish Stock Exchange so require, the Issuers shall deliver notices
in Ireland to the Companies Announcement Office in Dublin.

 

If and so long as any Notes are represented by one or more Global Notes
and ownership of book-entry interests therein are shown on the records of DTC,
Euroclear or Clearstream or any successor securities clearing agency appointed
by the Depositary at the request of the Issuers, notices will be delivered to
such securities clearing agency for communication to the owners of such
book-entry interests, delivery of which shall be deemed to satisfy the notice
requirements of this Section 13.03.

 

Notices given by first-class mail, postage prepaid, will be deemed given
seven calendar days after mailing. Notices given by publication will be deemed
given on the first date on which any of the required publications is made, or
if published more than once on different dates, on the first date on which
publication is made; provided that,
if notices are mailed, such notice shall be deemed to have been given on the
later of such publication and the seventh calendar day after being so mailed.
Failure to mail or send a notice or communication to a Holder or any defect in
it shall not affect its sufficiency with respect to other Holders. If a notice
or communication is mailed or sent in the manner provided above, it is duly
given, whether or not the addressee receives it.

 

SECTION 13.04.       Certificate
and Opinion as to Conditions Precedent

 

Upon any request or application by the Issuers to the Trustee to take or
refrain from taking any action under this Indenture, the Issuers shall furnish
to the Trustee:

 

123

 

(a)       an Officer’s Certificate in form and
substance reasonably satisfactory to the Trustee 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 and any other
matters that the Trustee may reasonably request; and

 

(b)       an Opinion of Counsel in form and
substance reasonably satisfactory to the Trustee stating that, in the opinion
of such counsel, all such conditions precedent have been complied with and any
other matters that the Trustee may reasonably request.

 

SECTION 13.05.       Statements Required in Certificate or
Opinion

 

Each certificate
or opinion with respect to compliance with a covenant or condition provided for
in this Indenture (other than pursuant to Section 4.16) 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, such Person 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 covenant or condition has been complied with.

 

SECTION 13.06.       When Notes Disregarded

 

In determining
whether the Holders of the required principal amount of Notes have concurred in
any direction, waiver or consent, Notes owned by the Issuers, any Note
Guarantor or by any Person directly or indirectly controlling or controlled by
or under direct or indirect common control with the Issuers or any Note
Guarantor shall be disregarded and deemed not to be outstanding, except that,
for the purpose of determining whether the Trustee shall be protected in
relying on any such direction, waiver or consent, only Notes which the Trustee
knows are so owned shall be so disregarded. Subject to the foregoing, only
Notes outstanding at the time shall be considered in any such determination.

 

SECTION 13.07.       Rules by Trustee, Paying Agent and
Registrar

 

The Trustee may
make reasonable rules for action by or a meeting of Holders. The Registrar and
the Paying Agent may make reasonable rules for their functions.

 

124

 

SECTION 13.08.       Legal Holidays

 

If a payment date
is a Business Day, payment shall be made on the next succeeding day that is a
Business Day, and no interest shall accrue for the intervening period. If a
regular record date is not a Business Day, the record date shall not be
affected.

 

SECTION 13.09.       Governing Law

 

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

 

SECTION 13.10.       Consent to Jurisdiction and Service

 

The Issuers and
each Note Guarantor (if any) irrevocably (i) agree that any legal suit, action
or proceeding against the Issuer or any Note Guarantor arising out of or based
upon this Indenture, the Notes or any Note Guarantee or the transactions
contemplated hereby may be instituted in any U.S. Federal or state court in the
Borough of Manhattan, The City of New York court and (ii) waive, to the fullest
extent they may effectively do so, any objection which they may now or
hereafter have to the laying of venue of any such proceeding. The Company and
each Note Guarantor have appointed (and any Subsidiary becoming a Note
Guarantor shall appoint) NXP Funding LLC, as their authorized agent (the “Authorized Agent”) upon whom process may
be served in any such action arising out of or based on this Indenture, the
Notes or the transactions contemplated hereby which may be instituted in any
New York court, expressly consent to the jurisdiction of any such court in
respect of any such action, and waive any other requirements of or objections
to personal jurisdiction with respect thereto. Such appointment shall be
irrevocable. The Issuers represent and warrant that the Authorized Agent has
agreed to act as such agent for service of process and agrees to take any and
all action, including the filing of any and all documents and instruments, that
may be necessary to continue such appointment in full force and effect as
aforesaid. Service of process upon the Authorized Agent and written notice of
such service to the Issuers and each Note Guarantor shall be deemed, in every
respect, effective service of process upon the Issuers and each Note Guarantor.

 

SECTION 13.11.       No Recourse Against Others

 

No director,
officer, employee, incorporator or shareholder of the Issuers or any of their
respective Subsidiaries or Affiliates as such, will have any liability for any
obligations of the Issuers under the Note Documents, or for any claim based on,
in respect of, or by reason of, such obligations or their creation. Each Holder
by accepting a Note waives and releases all such liability. The waiver and
release are part of the consideration for issuance of the Notes.

 

SECTION 13.12.       Successors

 

All agreements of
the Issuers and each Note Guarantor in this Indenture and the Notes shall bind
its successors. All agreements of the Trustee in this Indenture shall bind its
successors.

 

125

 

SECTION 13.13.       Multiple Originals

 

The parties may
sign any number of copies of this Indenture. Each signed copy shall be an
original, but all of them together represent the same agreement. One signed copy
is enough to prove this Indenture.

 

SECTION 13.14.       Table of Contents; Headings

 

The table of
contents, cross-reference sheet and headings of the Articles and Sections of
this Indenture have been inserted for convenience of reference only, are not
intended to be considered a part hereof and shall not modify or restrict any of
the terms or provisions hereof.

 

SECTION 13.15.       USA Patriot Act

 

The Trustee hereby
notifies the parties hereto that pursuant to the requirements of the USA
Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001))
(the “Patriot Act”), it is
required to obtain, verify and record information that identifies the parties
to this Indenture, which information includes the name and address of the
parties hereto and other information that will allow the Trustee to identify
the parties hereto in accordance with the Patriot Act.

 

126

 

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

 

127

 

	
   

  	
   

  	
  NXP B.V.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Illegible

  
	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  	
  J.M.LM.INGENHOUS7

  
					

 

 

SIGNATURE PAGE TO INDENTURE

 

 

	
   

  	
   

  	
  NXP
  FUNDING LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: 

  	
  /s/ Illegible

  
	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
  Title: Secretary

  
					

 

 

SIGNATURE PAGE TO INDENTURE

 

 

 

	
   

  	
   

  	
  DEUTSCHE BANK TRUST
  COMPANY

  AMERICAS, as Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  by: 

  	
  /s/ Wanda Camacho

  
	
   

  	
   

  	
   

  	
  Name: Wanda Camacho

  
	
   

  	
   

  	
   

  	
  Title: Vice President

  

 

 

	
   

  	
   

  	
  by: 

  	
  /s/ Richard L.
  Buckwalter

  
	
   

  	
   

  	
   

  	
  Name: Richard L.
  Buckwalter

  
	
   

  	
   

  	
   

  	
  Title: Vice President

  

 

 

Signature Page to Senior Secured Indenture

 

 

 

 

	
   

  	
   

  	
  MORGAN STANLEY SENIOR
  FUNDING, INC.,

  as Global Collateral Agent

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  by: 

  	
  /s/ Illegible

  
	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
  Title:

  

 

 

Signature Page to Senior Secured Indenture

 

 

	
   

  	
   

  	
  MIZUHO CORPORATE BANK,
  LTD., as Taiwan 

  Collateral Agent

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  by: 

  	
  /s/ Illegible

  
	
   

  	
   

  	
   

  	
  Name: [Illegible]

  
	
   

  	
   

  	
   

  	
  Title: Director

  

 

 

Signature Page to Senior Secured Indenture

 

 

	
   

  	
   

  	
  PHILIPS
  SEMICONDUCTORS B.V.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: 

  	
  /s/ Y. A. W. Schrews

  
	
   

  	
   

  	
   

  	
  Name: Y. A. W. Schrews

  
	
   

  	
   

  	
   

  	
  Title: attorney

  
					

 

 

SIGNATURE PAGE TO INDENTURE

 

 

	
   

  	
   

  	
  PHILIPS
  SEMICONDUCTORS

  USA,
  INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: 

  	
  /s/ Illegible

  
	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
  Title:

  
					

 

 

SIGNATURE PAGE TO INDENTURE

 

 

	
   

  	
   

  	
  PHILIPS
  SEMICONDUCTORS

  GERMANY GMBH

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: 

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
  Title:

  

 

 

	
   

  	
   

  	
  By: 

  	
  /s/ Illegible

  
	
   

  	
   

  	
   

  	
  Name: [Illegible]

  
	
   

  	
   

  	
   

  	
  Title: [Illegible]

  

 

 

SIGNATURE PAGE TO INDENTURE

 

 

	
   

  	
   

  	
  PHILIPS
  SEMICONDUCTORS

  GERMANY GMBH

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: 

  	
  /s/ Illegible

  
	
   

  	
   

  	
   

  	
  Name: [Illegible]

  
	
   

  	
   

  	
   

  	
  Title: CEO

  

 

	
   

  	
   

  	
  By: 

  	
   

  
	
   

  	
   

  	
   

  	
  Name: 

  
	
   

  	
   

  	
   

  	
  Title: 

  

 

 

SIGNATURE PAGE TO INDENTURE

 

 

	
   

  	
   

  	
  PHILIPS
  SEMICONDUCTORS

  HONG KONG LIMITED

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: 

  	
  /s/
  Anthony Lear

  
	
   

  	
   

  	
   

  	
  Name: Anthony Lear

  
	
   

  	
   

  	
   

  	
  Title: Director

  

 

 

SIGNATURE PAGE TO INDENTURE

 

 

 

	
   

  	
   

  	
  PHILIPS SEMICONDUCTORS

  PHILIPPINES INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: 

  	
  /s/ Virginia Melba A. Cuyahon

  
	
   

  	
   

  	
   

  	
  VIRGINIA MELBA A. CUYAHON

  
	
   

  	
   

  	
   

  	
  General Manager - Calamba Plant

  

 

 

	
   

  	
   

  	
   

  	
  /s/ Steven Brader

  
	
   

  	
   

  	
   

  	
  STEVEN BRADER

  
	
   

  	
   

  	
   

  	
  General Manager - Cabuyao Plant

  

 

 

SIGNATURE PAGE TO INDENTURE

 

 

 

	
   

  	
   

  	
  PHILIPS SEMICONDUCTORS

  SINGAPORE PTE. LTD.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: 

  	
  /s/ Frederik Rausch

  
	
   

  	
   

  	
   

  	
  Name: 

  	
  Frederik Rausch

  
	
   

  	
   

  	
   

  	
  Title: 

  	
  Chairman & Chief
  Executive Officer

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: 

  	
  /s/ Michel Gerard Luc
  Besseau

  
	
   

  	
   

  	
   

  	
  Name: 

  	
  Michel Gerard Luc
  Besseau

  
	
   

  	
   

  	
   

  	
  Title: 

  	
  Chief Financial Officer

  
						

 

 

SIGNATURE PAGE TO INDENTURE

 

 

 

	
   

  	
   

  	
  PHILIPS ELECTRONIC

  BUILDING ELEMENTS

  INDUSTRIES (TAIWAN) LTD.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: 

  	
  /s/ J.J. Wang

  
	
   

  	
   

  	
   

  	
  Name: J.J. Wang

  
	
   

  	
   

  	
   

  	
  Title: Director

  
					

 

 

SIGNATURE PAGE TO INDENTURE

 

 

 

	
   

  	
   

  	
  PHILIPS SEMICONDUCTORS

  (THAILAND) CO. LTD.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: 

  	
  /s/ Illegible

  
	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
  Title:

  
	
  [SEAL]

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: 

  	
  /s/ Illegible

  
	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
  Title:

  
					

 

 

SIGNATURE PAGE TO INDENTURE

 

 

 

SCHEDULE 1.1

 

SECURITY DOCUMENTS

 

1.                          GERMANY

 

(a)                    Pledge of
Shares between NXP B.V., as pledgor, and Morgan Stanley Senior Funding, Inc.,
as pledgee, in relation to the shares in Philips Semiconductors Germany GmbH.

 

(b)                   Pledge of
Shares between Philips Semiconductors Germany GmbH, as pledgor, and Morgan
Stanley Senior Funding, Inc., as pledgee, in relation to the shares in Philips
Semiconductors Dresden AG.

 

(c)                    Land Charge
Deeds between Philips Semiconductors Germany GmbH and Morgan Stanley Senior
Funding, Inc., as Global Collateral Agent.

 

(d)                   Security
Transfer of Moveable Assets between Philips Semiconductors Germany GmbH and
Morgan Stanley Senior Funding, Inc., as Global Collateral Agent.

 

(e)                    Global
Assignment of Receivables between Philips Semiconductors Germany GmbH and
Morgan Stanley Senior Funding, Inc., as Global Collateral Agent.

 

(f)                      IP Security
Agreement between NXP B. V. and Morgan Stanley Senior Funding, Inc., as Global
Collateral Agent, relating to intellectual property in Germany.

 

2.                          HONG KONG

 

(a)                    Share and
Receivables Charge over the shares and receivables in Philips Semiconductors
Hong Kong Limited between NXP B.V. and Morgan Stanley Senior Funding, Inc., as
Global Collateral Agent.

 

(b)                   Debenture
between Philips Semiconductors Hong Kong Limited and Morgan Stanley Senior
Funding, Inc., as Global Collateral Agent.

 

3.                          NETHERLANDS

 

(a)                    Pledge of
Shares between NXP B.V., as pledgor, and Morgan Stanley Senior Funding, Inc.,
as pledgee, in relation to the shares in Philips Semiconductors B.V.

 

(b)                   Pledge of
Shares between NXP B.V., as pledgor, and Morgan Stanley Senior Funding, Inc.,
as pledgee, in relation to the shares in Philips Software B.V.

 

(c)                    Pledge of
Shares between KASLION Acquisition B.V., as pledgor, and Morgan Stanley Senior
Funding, Inc., as pledgee, in relation to the shares in NXP B.V.

 

1

 

(d)                   Disclosed
Pledge of Insurance Receivables between NXP B.V. and Philips Semiconductors
B.V., as pledgors, and Morgan Stanley Senior Funding, Inc., as pledgee.

 

(e)                    Disclosed
Pledge of Intercompany Receivables between KASLION Acquisition B.V., NXP B.V.
and Philips Semiconductors B.V., as pledgors, and Morgan Stanley Senior
Funding, Inc., as pledgee.

 

(f)                      Undisclosed
Pledge of Third Party Receivables between NXP B.V. and Philips Semiconductors
B.V., as pledgors, and Morgan Stanley Senior Funding, Inc., as pledgee.

 

(g)                   Non-Possessory
Pledge of Moveable Assets between KASLION Acquisition B.V., NXP B.V. and
Philips Semiconductors B.V., as pledgors, and Morgan Stanley Senior Funding,
Inc., as pledgee.

 

(h)                   Pledge of IP
Rights between NXP B.V., as pledgor, and Morgan Stanley Senior Funding, Inc.,
as pledgee.

 

(i)                       Deed of
Mortgage between Philips Semiconductors B.V. and Morgan Stanley Senior Funding,
Inc., as Global Collateral Agent.

 

4.                          PHILIPPINES

 

(a)                    Deed of
Conditional Assignment to be entered into among Philips Semiconductors
Philippines, Inc. and NXP B.V., as Assignors, and Hong Kong Shanghai Banking
Corporation, Philippine Branch, as Assignee and Escrow Agent.

 

5.                          SINGAPORE

 

(a)                    Charge over
the shares in Philips Semiconductors Singapore Pte. Ltd. between NXP B.V. and
Morgan Stanley Senior Funding, Inc., as Global Collateral Agent.

 

(b)                   Charge over the
shares in Systems On Silicon Manufacturing Company Pte Ltd. between NXP B.V.
and Morgan Stanley Senior Funding, Inc., as Global Collateral Agent.

 

(c)                    Debenture
between Philips Semiconductors Singapore Pte. Ltd. and Morgan Stanley Senior
Funding, Inc., as Global Collateral Agent.

 

6.                          TAIWAN

 

(a)                    Mortgage over
the shares in Philips Electronics Building Elements Industries (Taiwan) Ltd. to
be entered into between Mizuho Corporate Bank, Ltd., as Taiwan Collateral
Agent, and NXP B.V.

 

(b)                   Mortgage of
land and buildings to be entered into between Mizuho Corporate Bank, Ltd., as
Taiwan Collateral Agent, and Philips Electronics Building Elements Industries
(Taiwan) Ltd.

 

2

 

(c)                    Mortgage of
equipment to be entered into between Mizuho Corporate Bank, Ltd., as Taiwan
Collateral Agent, and Philips Electronics Building Elements Industries (Taiwan)
Ltd.

 

(d)                   Assignment of
accounts receivable to be entered into between Mizuho Corporate Bank, Ltd., as
Taiwan Collateral Agent, and Electronics Building Elements Industries (Taiwan)
Ltd.

 

7.                          THAILAND

 

(a)                    Pledge of
Shares between NXP B.V., as pledgor, and Morgan Stanley Senior Funding, Inc.,
as pledgee, in relation to the shares in Philips Semiconductors (Thailand) Co.
Ltd.

 

(b)                   Assignment of
Receivables from material contracts and insurances between Philips
Semiconductors (Thailand) Co. Ltd. and Morgan Stanley Senior Funding, Inc., as
Global Collateral Agent.

 

(c)                    Mortgage of
Real Property between Philips Semiconductors (Thailand) Co. Ltd. and Morgan
Stanley Senior Funding, Inc., as Global Collateral Agent.

 

(d)                   Mortgage of
Machinery between Philips Semiconductors (Thailand) Co. Ltd. and Morgan Stanley
Senior Funding, Inc., as Global Collateral Agent.

 

8.                          UNITED
KINGDOM

 

(a)                    Debenture
between NXP B.V. and Morgan Stanley Senior Funding, Inc., as Global Collateral
Agent, in relation to security over shares, receivables, intellectual property
rights and certain bank accounts.

 

(b)                   Debenture
between Philips Semiconductors UK Limited and Morgan Stanley Senior Funding,
Inc., as Global Collateral Agent.

 

(c)                    Charge over
intercompany receivables between Philips Semiconductors (Thailand) Co. Ltd. and
Morgan Stanley Senior Funding, Inc., as Global Collateral Agent.

 

9.                          UNITED
STATES

 

(a)                    Security
Agreement among Philips Semiconductors USA Inc., NXP Funding LLC, and Morgan
Stanley Senior Funding, Inc., as Global Collateral Agent.

 

(b)                   Pledge of
Shares between NXP B.V., as pledgor, and Morgan Stanley Senior Funding, Inc.,
as pledgee in relation to the shares in Philips Semiconductors USA Inc.

 

(c)                    Deed of Trust
between Philips Semiconductors USA Inc. and Morgan Stanley Senior Funding,
Inc., as Global Collateral Agent.

 

(d)                   Leasehold Mortgage
between Philips Semiconductors USA Inc. and Morgan Stanley Senior Funding,
Inc., as Global Collateral Agent.

 

3

 

(e)                    IP Security
Agreement between NXP B.V. and Morgan Stanley Senior Funding, Inc., as Global
Collateral Agent, relating to intellectual property in the United States and
any short form version thereof to be filed with any relevant governmental
authorities.

 

(f)                      Pledge of
Shares between NXP B.V., as pledgor, and Morgan Stanley Senior Funding, Inc.,
as pledgee in relation to the shares in non-Guarantor subsidiaries.

 

4

 

SCHEDULE 2.1

 

AGREED SECURITY PRINCIPLES

 

1.                          Agreed
Security Principles

 

1.1                    The Guarantees
and Liens to be provided by the Issuers and the Guarantors will be given in
accordance with certain agreed security principles (the “Agreed Security Principles”). This
Schedule 2.1 identifies the Agreed Security Principles and addresses the manner
in which the Agreed Security Principles will impact on or be determinant of the
Guarantees and Liens to be taken in relation to this Indenture.

 

1.2                    The Agreed
Security Principles embody a recognition by all parties that there may be
certain legal, commercial and practical difficulties in obtaining effective
security from the Company and each of its Restricted Subsidiaries in every
jurisdiction in which the Company and its Restricted Subsidiaries are located.
In particular:

 

(a)                    general
statutory limitations, financial assistance, corporate benefit, fraudulent
preference, “thin capitalization” rules, retention of title claims and similar
matters may limit the ability of the Company or any of its Restricted
Subsidiaries to provide a Guarantee or Liens or may require that it be limited
as to amount or otherwise, and if so the same shall be limited accordingly, provided that the Company or the relevant
Restricted Subsidiary shall use reasonable endeavors to overcome such obstacle.
The Company will use reasonable endeavors to assist in demonstrating that adequate
corporate benefit accrues to each of the Restricted Subsidiary;

 

(b)                   the Company and
its Restricted Subsidiaries will not be required to give Guarantees or enter
into Security Documents if (or to the extent) it is not within the legal
capacity of the Company or its relevant Restricted Subsidiary or if the same
would conflict with the fiduciary duties of their directors or contravene any
legal prohibition or regulatory condition or result in, or could reasonably be
expected to result in, a material risk of personal or criminal liability for
any officer or director of the Company or any of the Restricted Subsidiaries, provided that the Company and each of its
Restricted Subsidiaries shall use reasonable endeavors to overcome any such
obstacle;

 

(c)                    a key factor
in determining whether or not security shall be taken is the applicable cost
(including adverse effects on interest deductibility, registration taxes and
notarial costs) which shall not be disproportionate to the benefit to the
Holders of obtaining such security;

 

(d)                   where there is
material incremental cost involved in creating security over all assets owned
by any of the Issuers or a Guarantor in a particular category (e.g. real
estate), regard shall be had to the principle stated at paragraph 1.2(c) of
this Schedule 2.1 which shall apply to the immaterial assets and, subject to
the

 

1

 

Agreed Security
Principles, only the material assets in that category (e.g. real estate of
material economic value) shall be subject to security;

 

(e)                    it is
expressly acknowledged that it may be either impossible or impractical to
create security over certain categories of assets in which event security will
not be taken over such assets;

 

(f)                      any assets
subject to contracts, leases, licenses or other arrangements with a third party
that exist concurrently (but which are not created in contemplation of the
Transactions) or are not prohibited by this Agreement and which (subject to
override by the UCC and other relevant provisions of applicable law),
effectively prevent those assets from being charged will be excluded from any
relevant Security Document; provided
that reasonable endeavors to obtain consent to creating Liens in any such
assets shall be used by the Company and each of its Restricted Subsidiaries to
avoid or overcome such restrictions if either Collateral Agent reasonably
determines that the relevant asset is material (which endeavors shall not
include the payment of any consent fees), but unless effectively prohibited by
contracts, leases, licenses or other arrangements with a third party that exist
concurrently (but which are not created in contemplation of the Transactions)
or are not prohibited by this Indenture, this shall not prevent security being
given over any receipt or recovery under such contract, lease or license;

 

(g)                   the giving of a
Guarantee, the granting of security or the perfection of the security granted
will not be required if it would have a material adverse effect (as reasonably
determined in good faith by management of the relevant obligor) on the ability
of the relevant obligor to conduct its operations and business in the ordinary
course as otherwise permitted by this Indenture;

 

(h)                   in the case of
accounts receivable, a material adverse effect on either Issuer’s or a
Guarantor’s relationship with or sales to the customer generating such
receivables or material legal or commercial difficulties (as reasonably
determined by management of the relevant obligor in good faith) provided that none of the Issuers and the
Guarantors may utilize this exception unless, after giving effect thereto no
less than a majority of the book value of the accounts receivable of the
Company and its Subsidiaries on a consolidated basis (as measured at the end of
each fiscal quarter) is subject to perfected liens, and provided further that any accounts
receivable of the Issuers and the Guarantors excluded from collateral by virtue
of this clause (except where prohibited by law and subject to the remainder of
these Agreed Security Principles) shall be subject to perfected Liens promptly
if and when the corporate credit of the Company is downgraded to “B” or lower
from S&P and “B2” or lower from Moody’s;

 

(i)                       security
will be limited so that the aggregate of notarial costs and all registration
and like taxes relating to the provision of security shall not exceed

 

2

 

an amount to be agreed.
Any additional costs may be paid by the Holders at their option; and

 

(j)                       all security
shall be given in favor of a single security trustee or collateral agent and
not the secured parties individually. “Parallel debt” provisions and other
similar structural options will be used where necessary and such provisions
will be contained in the intercreditor agreement and not the individual
security documents unless required under local law. No action will be required
to be taken in relation to the guarantees or security when any lender assigns
or transfers any of its participation in this Indenture to a new lender.

 

2.                          Terms
of Security Documents

 

The following principles
will be reflected in the terms of any Security Document to be executed and
delivered:

 

(a)                    subject to
permitted liens and these Agreed Security Principles the security will be first
ranking and the perfection of security (when required) and other legal
formalities will be completed as soon as practicable and, in any event, within
the time periods specified in the Note Documents or, if earlier or to the
extent no such time period is specified in the Note Documents, within the time
periods specified by applicable law in order to ensure due perfection;

 

(b)                   the security
will not be enforceable until an Event of Default has occurred and notice of
acceleration of the Notes has been given by the Trustee or the Notes have
otherwise become due and payable prior to the scheduled maturity thereof (an “Enforcement Event”);

 

(c)                    prior to the
Maturity Date, notification of any Liens over bank accounts will be given
(subject to legal advice) to the banks with whom the accounts are maintained
only if an Enforcement Event has occurred;

 

(d)                   notification of
receivables security to debtors who are not members of the Company or its
Subsidiaries will only be given if an Enforcement Event has occurred;

 

(e)                    notification
of any security interest over insurance policies will be served on any insurer
of the Company’s or any Restricted Subsidiaries’ assets (other than in respect
of any insurance policy maintained by the Company or any of its Restricted Subsidiaries
which is due to expire on or before December 31, 2006);

 

(f)                      the Security
Documents should only operate to create security rather than to impose new
commercial obligations. Accordingly, they should not contain material
additional representations, undertakings or indemnities (such as in respect of
insurance, information or the payment of costs) unless these are the

 

3

 

same as or consistent
with those contained in this Indenture or are necessary for the creation or
perfection of the security;

 

(g)                   in respect of
the share pledges and pledges of infra-group receivables, until an Enforcement
Event has occurred, the pledgors will be permitted to retain and to exercise
voting rights to any shares pledged by them in a manner which does not
materially adversely affect the value of the security (taken as a whole) or the
validity or enforceability of the security or cause an Event of Default to
occur, and the pledgors will be permitted to receive dividends on pledged
shares and payment of intra-group receivables and retain the proceeds and/or
make the proceeds available to Holdings and its Subsidiaries to the extent not
prohibited under this Indenture;

 

(h)                   the Collateral
Agents will only be able to exercise a power of attorney in any Security
Document following the occurrence of an Enforcement Event or with respect to
perfection or further assurance obligations that following request, the
relevant obligor has failed to satisfy;

 

(i)                       no obligor
shall be required to provide surveys on real property (unless such surveys
already exist in which case there shall be no requirement that such surveys be
certified to the Holders) or to remove any encumbrances on title (not created
in contemplation of the Transactions (as defined in the Senior Facilities
Agreement)) that are reflected in any title insurance or any other existing
encumbrances on real property (not created in contemplation of the
Transactions) (not including Liens securing Indebtedness of the Company or any of
its Restricted Subsidiaries);

 

(j)                       no obligor
shall be required to protect any Liens in the United States prior to the
occurrence of an Enforcement Event by means other than customary filings
(including UCC-1s, mortgage or deed of trust filings and patent and trademark
filings) and delivery of share certificates (accompanied by powers of attorney
executed in blank) and any intercompany promissory notes; and

 

(k)                    information,
such as lists of assets, will be provided if, and only to the extent, required
by local law to be provided to protect or create, perfect or register the
security and, to the extent so required will be provided annually (unless
required to be provided by local law more frequently, but not more frequently
than quarterly) and following the occurrence and during the continuance of an
Event of Default, on the Collateral Agents’ reasonable request.

 

4

 

SCHEDULE 10.1

 

GUARANTOR LIMITATIONS

 

1.         The right to enforce the guarantee
given by a Guarantor incorporated in Germany as a GmbH (a “German Guarantor”)  shall be excluded if and to the extent
that the Guaranty secures the obligations of an affiliated company (verbundenes Unternehmen)  within the meaning of Section 15 of the
German Stock Corporation Act (Aktiengesetz)  of such German Guarantor (other than any
of the German Guarantor’s direct or indirect subsidiaries), and if and to the
extent that (a) the enforcement of the Guaranty would cause such German
Guarantor’s assets (the calculation of which shall include all items set forth
in section 266(2) A, B and C of the German Commercial Code (Handelsgesetzbuch))  less such German Guarantor’s liabilities
(the calculation of which shall include all items set forth in section 266(3)
B, C and D of the German Commercial Code) (the “Net
Assets”)  being less
than its registered share capital (Stammkapital)
(Begründung einer Unterbilanz)  or (b) (if such German Guarantor’s Net
Assets are already less than its registered share capital) causing such amount
to be further reduced (Vertiefung einer
Unterbilanz).

 

(c)       For the purposes of such calculation the
following balance sheet items shall be adjusted as follows:

 

(i)        The amount of the increase of the
relevant German Guarantor’s registered share capital out of retained earnings (Kapitalerhöhung aus Gesellschaftsmitteln)  after the date of this Agreement that has
been effected without the prior written consent of the Global Collateral Agent
(acting on behalf of the Guaranteed Parties) shall be deducted from the
registered share capital; and

 

(ii)       Obligations arising out of loans made to
the relevant German Guarantor and other liabilities shall be disregarded if and
to the extent such loans and other liabilities are subordinated; and

 

(iii)      Loans and other contractual liabilities
incurred in violation of the provisions of the Indenture, the Security
Documents or the Guaranty shall be disregarded; and

 

(iv)      Claims of the relevant German Guarantor
against its shareholders arising out of any upstream loans permitted under the Indenture,
the Security Documents or the Guaranty shall only be taken into account (aktiviert)
if and to the extent this is permitted pursuant to the jurisprudence
of the German Federal High Court (Bundesgerichtshof)  relating to the permissibility of loans
to shareholders under Sections 30, 31 of the German Limited Liability Companies
Act (Gesetz betreffend die Gesellschaften
mit beschränkter Haftung).

 

1

 

(d)       In addition, a German Guarantor shall
realize, to the extent legally permitted, in a situation where after
enforcement of the Guaranty such German Guarantor would not have Net Assets in
excess of its registered share capital, any and all of its assets that are
shown in the balance sheet with a book value (Buchwert)
that is significantly lower than the market value of the asset if such asset is
not necessary for the German business (betriebsnotwendig).

 

(e)       The limitations set out in sub-clause (i)
above shall only apply (i) if and to the extent that within 5 Business Days
following the demand against such German Guarantor under the Guaranty by the
Global Collateral Agent (the “Guaranty
Demand”) the managing directors of the German Guarantor have
confirmed in writing to the Global Collateral Agent (x) to what extent the
Guaranty is an up-stream or cross-stream security and (y) the amount which
cannot be enforced as causing the net assets of such German Guarantor, to fall
below its stated share capital and such confirmation is supported by interim
financial statements up to the end of the last completed calendar month (taking
into account the adjustments set out in paragraph sub-clause (ii) above and
such confirmation is supported by evidence reasonably satisfactory to the
Global Collateral Agent (the “Management
Determination”) and the Global Collateral Agent has not contested
this and argued that no or a lesser amount would be necessary to maintain its
stated share capital; or (B) within 20 Business Days from the date the Global
Collateral Agent has contested the Management Determination the Global
Collateral Agent receives a determination by auditors of international standard
and reputation (the  “Auditor’s Determination”)  as appointed by such German Guarantor of
the amount that would have been necessary on the date the Guaranty Demand was
made to maintain the German Guarantor stated share capital based on an up to
date balance sheet which shall be based on the same accounting principles that
were applied when establishing the previous year’s balance sheet and calculated
and adjusted in accordance with sub-clauses (i) and (ii) above. If a German
Guarantor fails to deliver an Auditor’s Determination within 20 Business Days
after the date the Global Collateral Agent has contested the Management
Determination, the Global Collateral Agent shall be entitled to enforce the
Guaranty without limitation or restriction

 

(f)        If the Global Collateral Agent disagrees
with the Management Determination and/or the Auditor’s Determination, the
Guaranty shall be enforceable up to the amount which is undisputed between
itself and the relevant German Guarantor. In relation to the amount which is
disputed, the Global Collateral Agent shall be entitled to further pursue its
claims and enforce the Guaranty always subject to sub-clauses (i) to (iv)
(inclusive) above and sub-clause (vi) below, if it determines in good faith
that the financial condition of such German Guarantor as set forth in the
Auditor’s Determination and/or the Management Determination has substantially
improved (in particular, if such German Guarantor has performed any actions in
accordance with sub-clause (iii) above).

 

2

 

(g)       Notwithstanding the above provisions of
this clause (c), and subject to the following paragraph below, the Guaranty
shall not be enforced against a German Guarantor to the extent that such German
Guarantor provides constructive evidence that such enforcement will deprive
such German Guarantor of the liquidity necessary to fulfil its liabilities to its
creditors or result in a breach of the duty of care owed by the relevant
managing director to the respective company (Verbot
des existenzvernichtenden Eingriffs, Gebot der Rücksichtnahme auf die
Eigenbelange der Gesellschaft) and is reasonably likely to result in
a personal civil or criminal liability of the relevant managing directors of
such German Guarantor or the relevant managing directors of its shareholder.

 

For
the avoidance of doubt, nothing in this Schedule shall be interpreted as a
restriction or limitation of the enforcement of the Guaranty to the extent it
guarantees the prompt and complete payment and discharge of any and all
obligations of a German Guarantor itself or any of its subsidiaries including
in each case their legal successors.

 

3

 

APPENDIX A

 

PROVISIONS RELATING

 

TO THE NOTES

 

1.         Definitions.

 

1.1       Definitions.

 

Capitalized terms
used but not otherwise defined in this Appendix A shall have the meanings
assigned to them in the Indenture. For the purposes of this Appendix A the
following terms shall have the meanings indicated below:

 

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

 

“Clearstream”
means Clearstream Banking, société anonyme, or any successor
securities clearing agency.

 

“Definitive
Note” means a certificated Note that does not include the
Global Notes Legend.

 

“Depositary”
means, with respect to Global Notes denominated in euros, a
common depository of Euroclear and Clearstream, their respective nominees and
their respective successors and with respect to Dollar Global Notes denominated
in U.S. dollars, DTC.

 

“DTC”
means The Depository Trust Company, its nominees and their
respective successors.

 

“Euroclear”
means the Euroclear Bank S.A./N.V., as operator of the
Euroclear system as currently in effect, or any successor securities clearing
agency.

 

“Global
Notes Legend” means the legend set forth under that caption
in Exhibit A to the Indenture.

 

“Notes
Custodian” means the custodian with respect to a Global Note
(as appointed by the applicable Depositary) or any successor person thereto.

 

“QIB”
means a “qualified institutional buyer” as defined in Rule
144A. 

 

“Regulation
S” means Regulation S under the Securities Act.

 

“Regulation
S Notes” means all Notes offered and sold outside the United
States in reliance on Regulation S.

 

A-1

 

“Restricted
Period”, with respect to any Notes, means the period of 40
consecutive days beginning on and including the later of(a) the day on which
such Notes are first offered to persons other than distributors (as defined in
Regulation S under the Securities Act) in reliance on Regulation S, notice of
which day shall be promptly given by the Issuer to the Trustee, and (b) the
Issue Date with respect to such Notes.

 

“Restricted
Notes Legend” means the legend set forth under that caption
in Exhibit A to the Indenture.

 

“Rule
144A” means Rule 144A under the Securities Act.

 

“Rule
144A Notes” means all Notes offered and sold to QIBs in
reliance on Rule 144A.

 

“Securities
Act” means the Securities Act of 1933.

 

“Transfer
Restricted Notes” means Definitive Notes and any other Notes
that bear or are required to bear the Restricted Notes Legend.

 

2.         The Notes.

 

2.1       Form and Dating.

 

(a)       The Notes issued on the date hereof will
be (i) offered and sold by the Issuers pursuant to a Purchase Agreement dated
as of October 5, 2006 among the Issuers and the initial purchasers named
therein and (ii) resold, initially only to (1) QIBs in reliance on Rule 144A
and (2) Persons other than U.S. Persons (as defined in Regulation S) in
reliance on Regulation S. Such Notes may thereafter be transferred to, among
others, QIBs and purchasers in reliance on Regulation S. Additional Notes
offered after the date hereof may be offered and sold by the Issuers from time
to time pursuant to one or more Purchase Agreements in accordance with
applicable law.

 

(b)       Notes issued in global form will be
substantially in the form of Exhibit A-1, A-2 or A-3 to the Indenture
(including the Global Note Legend thereon and the “Schedule of Exchanges of
Interests in the Global Note” attached thereto). Notes issued in definitive
form will be substantially in the form of Exhibit A-l, A-2 or A-3 to the
Indenture (but without the Global Note Legend thereon and without the “Schedule
of Exchanges of Interests in the Global Note” attached thereto). Each Global
Note will represent such of the outstanding Notes as will be specified therein
and each shall provide that it represents the aggregate principal amount of
outstanding Notes from time to time endorsed thereon and that the aggregate
principal amount of outstanding Notes represented thereby may from time to time
be reduced or increased, as appropriate, to reflect exchanges and redemptions.
Any endorsement of a Global Note to reflect the amount of any increase or
decrease in the aggregate principal amount of outstanding Notes represented
thereby will be made by the Trustee or the Custodian, at the direction of the
Trustee, in accordance with instructions given by the Holder thereof as
required by Section 2 hereof.

 

A-2

 

(c)       [Reserved.]

 

(d)       Euroclear and Clearstream Procedures
Applicable. The provisions of the “Operating Procedures of the Euroclear
System” and “Terms and Conditions Governing Use of Euroclear” and the “General
Terms and Conditions of Clearstream Banking” and “Customer Handbook” of
Clearstream will be applicable the Regulation S Permanent Global Note that are
held by Participants through Euroclear or Clearstream.

 

(e)       [Reserved.]

 

(f)        Book-Entry Provisions. This
Section 2.1(d) shall apply only to a Global Note deposited with or on behalf of
the Depositary.

 

The Issuers shall
execute and the Trustee or an authentication agent shall, in accordance with
this Section 2.1(d) and Section 2.2 and pursuant to an order of the Issuers
signed by one Officer, authenticate and deliver initially one or more Global
Notes that (i) shall be registered in the name of the Depositary for such
Global Note or Global Notes or the nominee of such Depositary and (ii) shall be
delivered by the Trustee to such Depositary or pursuant to such Depositary’s
instructions or held by the Notes Custodian.

 

Members of, or
participants in, DTC, Euroclear or Clearstream (“Agent Members”) shall have no rights under the Indenture
with respect to any Global Note held on their behalf by the Depositary or by
the Notes Custodian or under such Global Note, and the Depositary may be
treated by the Issuers, the Trustee and any agent of the Issuers or the Trustee
as the absolute owner of such Global Note for all purposes whatsoever.
Notwithstanding the foregoing, nothing herein shall prevent the Issuers, the
Trustee or any agent of the Issuers or the Trustee from giving effect to any
written certification, proxy or other authorization furnished by DTC, Euroclear
or Clearstream or impair, as between DTC, Euroclear or Clearstream and their
respective Agent Members, the operation of customary practices thereof
governing the exercise of the rights of a holder of a beneficial interest in
any Global Note.

 

(g)       Definitive Notes. Except as
provided in Section 2.3 or 2.4, owners of beneficial interests in Global Notes
will not be entitled to receive physical delivery of certificated Notes.

 

2.2       Authentication. The Trustee or an
authentication agent shall authenticate and make available for delivery upon a
written order of the Issuer signed by one of its Officers (a) Original Notes
for original issue on the date hereof consisting of Euro Floating Rate Notes in
an aggregate principal amount of €1,000,000,000, Dollar Floating Rate Notes in
an aggregate principal amount of $1,535,000,000 and Dollar Fixed Floating Rate
Notes in an aggregate principal amount of $1,026,000,000 and (b) subject to the
terms of the Indenture, Additional Notes. Such order shall (a) specify the
amount of the Notes to be authenticated, the date on which the original issue
of Notes is to be authenticated, (b) direct the Trustee or an authentication
agent to authenticate

 

A-3

 

such Notes and (c)
certify that all conditions precedent to the issuance of such Notes have been
complied with in accordance with the terms hereof.

 

2.3       Transfer and Exchange of Global Notes.
A Global Note may not be transferred except as a whole by the Depositary to a
nominee of the Depositary, by a nominee of the Depositary to the Depositary or
to another nominee of the Depositary, or by the Depositary or any such nominee
to a successor Depositary or a nominee of such successor Depositary. All Global
Notes will be exchanged by the Company for Definitive Notes if:

 

(1)       the Company delivers to the Trustee
notice from the Depositary that it is unwilling or unable to continue to act as
Depositary or that it is no longer a clearing agency registered under the
Exchange Act and, in either case, a successor Depositary is not appointed by
the Company within 120 days after the date of such notice from the Depositary;

 

(2)       the Company in its sole discretion
determines that the Global Notes (in whole but not in part) should be exchanged
for Definitive Notes and delivers a written notice to such effect to the
Trustee; or

 

(3)       there has occurred and is continuing a
Default or Event of Default with respect to the Notes.

 

Upon the
occurrence of any of the preceding events in (1),(2) or (3) above, Definitive
Notes shall be issued in such names as the Depositary shall instruct the
Trustee. Global Notes also may be exchanged or replaced, in whole or in part,
as provided in Sections 2.08 and 2.10 of the Indenture. Every Note
authenticated and delivered in exchange for, or in lieu of, a Global Note or
any portion thereof, pursuant to this Section or Section 2.08 or 2.10 of the
Indenture, shall be authenticated and delivered in the form of, and shall be, a
Global Note. A Global Note may not be exchanged for another Note other than as
provided in this Section, however, beneficial interests in a Global Note may be
transferred and exchanged as provided in Section 2.03(b), (c) or (f) hereof
upon prior written notice given to the Trustee by or on behalf of the
Depositary.

 

(b)       Transfer and Exchange of Beneficial
Interests in the Global Notes. The transfer and exchange of beneficial
interests in the Global Notes will be effected through the Depositary, in
accordance with the provisions of this Indenture and the Applicable Procedures.
Beneficial interests in the Restricted Global Notes will be subject to
restrictions on transfer comparable to those set forth herein to the extent required
by the Securities Act. Transfers of beneficial interests in the Global Notes
also will require compliance with either subparagraph (1) or (2) below, as
applicable, as well as one or more of the other following subparagraphs, as
applicable:

 

(1)       Transfer
of Beneficial Interests in the Same Global Note. Beneficial
interests in any Restricted Global Note may be transferred to Persons who take
delivery thereof in the form of a beneficial interest in the same Restricted
Global Note in accordance with the transfer restrictions set forth in the
Private Placement

 

A-4

 

Legend. Beneficial
interests in any Unrestricted Global Note may be transferred to Persons who
take delivery thereof in the form of a beneficial interest in an Unrestricted
Global Note. No written orders or instructions shall be required to be
delivered to the Registrar to effect the transfers described in this Section.

 

(2)       All
Other Transfers and Exchanges of Beneficial Interests in Global Notes. In
connection with all transfers and exchanges of beneficial interests that are
not subject to Section 2.03(b)(1) above, the transferor of such beneficial
interest must deliver to the Registrar either:

 

(A)                both:

 

(i)         a written order from a Participant or
an Indirect Participant given to the Depositary in accordance with the
Applicable Procedures directing the Depositary to credit or cause to be
credited a beneficial interest in another Global Note in an amount equal to the
beneficial interest to be transferred or exchanged; and

 

(ii)        instructions given in accordance with
the Applicable Procedures containing information regarding the Participant
account to be credited with such increase; or

 

(B)                  both:

 

(i)         a written order from a Participant or
an Indirect Participant given to the Depositary in accordance with the
Applicable Procedures directing the Depositary to cause to be issued a
Definitive Note in an amount equal to the beneficial interest to be transferred
or exchanged; and

 

(ii)        instructions given by the Depositary to
the Registrar containing information regarding the Person in whose name such
Definitive Note shall be registered to effect the transfer or exchange referred
to in (1) above.

 

Upon consummation of an
Exchange Offer by the Company in accordance with Section 2.03(f) hereof, the
requirements of this Section 2.03(b)(2) shall be deemed to have been satisfied
upon receipt by the Registrar of the instructions contained in the Letter of
Transmittal delivered by the Holder of such beneficial interests in the
Restricted Global Notes. Upon satisfaction of all of the requirements for
transfer or exchange of beneficial interests in Global Notes contained in this
Indenture and the Notes or otherwise applicable under the Securities Act, the
Trustee shall adjust the principal amount of the relevant Global Note(s)
pursuant to Section 2.03(h) hereof.

 

(3)       Transfer
of Beneficial Interests to Another Restricted Global Note. A
beneficial interest in any Restricted Global Note may be transferred to a
Person who takes delivery thereof in the form of a beneficial interest in
another

 

A-5

 

Restricted Global Note if
the transfer complies with the requirements of Section 2.03(b)(2) above and the
Registrar receives the following:

 

(A)      if the transferee will take delivery in
the form of a beneficial interest in the 144A Global Note, then the transferor
must deliver a certificate in the form of Exhibit B hereto, including the
certifications in item (1) thereof; and

 

(B)       if the transferee will take delivery in
the form of a beneficial interest in the Regulation S Permanent Global Note,
then the transferor must deliver a certificate in the form of Exhibit B hereto,
including the certifications in item (2) thereof.

 

(4)       Transfer
and Exchange of Beneficial Interests in a Restricted Global Note for Beneficial
Interests in an Unrestricted Global Note. A beneficial interest in
any Restricted Global Note may be exchanged by any holder thereof for a
beneficial interest in an Unrestricted Global Note or transferred to a Person
who takes delivery thereof in the form of a beneficial interest in an
Unrestricted Global Note if the exchange or transfer complies with the
requirements of Section 2.03(b)(2) above and:

 

(A)      such exchange or transfer is effected
pursuant to the Exchange Offer in accordance with the Registration Rights
Agreement and the holder of the beneficial interest to be transferred, in the
case of an exchange, or the transferee, in the case of a transfer, certifies in
the applicable Letter of Transmittal that it is not (i) a Broker-Dealer
acquiring Notes directly from the Company, (ii) a Person participating in the
distribution of the Exchange Notes or (iii) a Person who is an affiliate (as
defined in Rule 144) of the Company;

 

(B)       such transfer is effected pursuant to the
Shelf Registration Statement in accordance with the Registration Rights
Agreement; or

 

(C)       the Registrar receives the following:

 

(i)         if the holder of such beneficial
interest in a Restricted Global Note proposes to exchange such beneficial
interest for a beneficial interest in an Unrestricted Global Note, a
certificate from such holder in the form of Exhibit B hereto, including the
certifications in item (3) thereof; or

 

(ii)        if the holder of such beneficial interest
in a Restricted Global Note proposes to transfer such beneficial interest to a
Person who shall take delivery thereof in the form of a beneficial interest in
an Unrestricted Global Note, a certificate from such holder in the form of
Exhibit B hereto, including the certifications in item (4) thereof;

 

A-6

 

and, in each such case
set forth in this subparagraph (C), if the Registrar so requests or if the
Applicable Procedures so require, an Opinion of Counsel in form reasonably
acceptable to the Registrar to the effect that such exchange or transfer is in
compliance with the Securities Act and that the restrictions on transfer
contained herein and in the Private Placement Legend are no longer required in
order to maintain compliance with the Securities Act.

 

If any such
transfer is effected pursuant to subparagraph (B) or (C) above at a time when
an Unrestricted Global Note has not yet been issued, the Issuers shall issue
and, upon receipt of an Authentication Order in accordance with Section 2.02
hereof, the Trustee shall authenticate one or more Unrestricted Global Notes in
an aggregate principal amount equal to the aggregate principal amount of
beneficial interests transferred pursuant to subparagraph (B) or (C) above.

 

Beneficial
interests in an Unrestricted Global Note cannot be exchanged for, or
transferred to Persons who take delivery thereof in the form of, a beneficial
interest in a Restricted Global Note.

 

(c)       Transfer
or Exchange of Beneficial Interests for Definitive Notes.

 

(a)  (1) Beneficial
Interests in Restricted Global Notes to Restricted Definitive Notes. If
any holder of a beneficial interest in a Restricted Global Note proposes to
exchange such beneficial interest for a Restricted Definitive Note or to
transfer such beneficial interest to a Person who takes delivery thereof in the
form of a Restricted Definitive Note, then, upon receipt by the Registrar of
the following documentation:

 

(A)      if such beneficial interest is being
transferred to a QIB in accordance with Rule 144A, a certificate to the effect
set forth in Exhibit B hereto, including the certifications in item (1)
thereof;

 

(B)       if such beneficial interest is being
transferred to a Non-U.S. Person in an offshore transaction in accordance with
Rule 903 or Rule 904, a certificate to the effect set forth in Exhibit B
hereto, including the certifications in item (2) thereof;

 

(C)       if such beneficial interest is being
transferred pursuant to an exemption from the registration requirements of the
Securities Act in accordance with Rule 144, a certificate to the effect set
forth in Exhibit B hereto, including the certifications in item (4) thereof; or

 

(D)       if such beneficial interest is being
transferred to the Company or any of its Subsidiaries, a certificate to the
effect set forth in Exhibit B hereto, including the certifications in item (3)
thereof,

 

the Trustee shall cause
the aggregate principal amount of the applicable Global Note to be reduced
accordingly pursuant to Section 2.03(h) hereof, and the Company shall

 

A-7

 

execute and the Trustee
shall authenticate and deliver to the Person designated in the instructions a
Definitive Note in the appropriate principal amount. Any Definitive Note issued
in exchange for a beneficial interest in a Restricted Global Note pursuant to
this Section 2.03(c) shall be registered in such name or names and in such
authorized denomination or denominations as the holder of such beneficial
interest shall instruct the Registrar through instructions from the Depositary
and the Participant or Indirect Participant. The Trustee shall deliver such
Definitive Notes to the Persons in whose names such Notes are so registered.
Any Definitive Note issued in exchange for a beneficial interest in a
Restricted Global Note pursuant to this Section 2.06(c)(1) shall bear the
Private Placement Legend and shall be subject to all restrictions on transfer
contained therein.

 

(2)       [Reserved.]

 

(3)       Beneficial
Interests in Restricted Global Notes to Unrestricted Definitive Notes. A
holder of a beneficial interest in a Restricted Global Note may exchange such
beneficial interest for an Unrestricted Definitive Note or may transfer such
beneficial interest to a Person who takes delivery thereof in the form of an
Unrestricted Definitive Note only if:

 

(A)      such exchange or transfer is effected
pursuant to the Exchange Offer in accordance with the Registration Rights
Agreement and the holder of such beneficial interest, in the case of an
exchange, or the transferee, in the case of a transfer, certifies in the
applicable Letter of Transmittal that it is not (i) a Broker-Dealer acquiring
Notes directly from the Issuers, (ii) a Person participating in the
distribution of the Exchange Notes or (iii) a Person who is an affiliate (as
defined in Rule 144) of the Issuers;

 

(B)       such transfer is effected pursuant to the
Shelf Registration Statement in accordance with the Registration Rights
Agreement; or

 

(C)       the Registrar receives the following:

 

(i)         if the holder of such beneficial
interest in a Restricted Global Note proposes to exchange such beneficial
interest for an Unrestricted Definitive Note, a certificate from such holder in
the form of Exhibit B hereto, including the certifications in item (3) thereof;
or

 

(ii)        if the holder of such beneficial
interest in a Restricted Global Note proposes to transfer such beneficial
interest to a Person who shall take delivery thereof in the form of an
Unrestricted Definitive Note, a certificate from such holder in the form of
Exhibit B hereto, including the certifications in item (4) thereof;

 

A-8

 

and,
in each such case set forth in this subparagraph (C), if the Registrar so
requests or if the Applicable Procedures so require, an Opinion of Counsel in
form reasonably acceptable to the Registrar to the effect that such exchange or
transfer is in compliance with the Securities Act and that the restrictions on
transfer contained herein and in the Private Placement Legend are no longer
required in order to maintain compliance with the Securities Act.

 

(4)       Beneficial Interests in Unrestricted Global Notes to
Unrestricted Definitive Notes. If any holder of a beneficial
interest in an Unrestricted Global Note proposes to exchange such beneficial
interest for a Definitive Note or to transfer such beneficial interest to a
Person who takes delivery thereof in the form of a Definitive Note, then, upon
satisfaction of the conditions set forth in Section 2.03(b)(2) hereof,
the Trustee will cause the aggregate principal amount of the applicable Global
Note to be reduced accordingly pursuant to Section 2.03(h) hereof,
and the Issuers will execute and the Trustee will authenticate and deliver to
the Person designated in the instructions a Definitive Note in the appropriate
principal amount. Any Definitive Note issued in exchange for a beneficial
interest pursuant to this Section 2.03(c)(4) will be registered in
such name or names and in such authorized denomination or denominations as the
holder of such beneficial interest requests through instructions to the
Registrar from or through the Depositary and the Participant or Indirect
Participant. The Trustee will deliver such Definitive Notes to the Persons in
whose names such Notes are so registered. Any Definitive Note issued in
exchange for a beneficial interest pursuant to this Section 2.03(c)(4) will
not bear the Private Placement Legend.

 

(d) Transfer and Exchange of Definitive Notes for
Beneficial Interests.

 

(1)       Restricted Definitive Notes to Beneficial Interests
in Restricted Global Notes. If any Holder of a Restricted Definitive
Note proposes to exchange such Note for a beneficial interest in a Restricted
Global Note or to transfer such Restricted Definitive Notes to a Person who
takes delivery thereof in the form of a beneficial interest in a Restricted
Global Note, then, upon receipt by the Registrar of the following
documentation:

 

(A)      if
such Restricted Definitive Note is being transferred to a QIB in accordance
with Rule 144A, a certificate to the effect set forth in Exhibit B
hereto, including the certifications in item (1) thereof;

 

(B)       if
such Restricted Definitive Note is being transferred to a Non-U.S. Person in an
offshore transaction in accordance with Rule 903 or Rule 904, a
certificate to the effect set forth in Exhibit B hereto, including the
certifications in item (2) thereof; or

 

A-9

 

(C)       if
such Restricted Definitive Note is being transferred pursuant to an exemption
from the registration requirements of the Securities Act in accordance with Rule 144,
a certificate to the effect set forth in Exhibit B hereto, including the
certifications in item 4 thereof;

 

the
Trustee will cancel the Restricted Definitive Note, increase or cause to be
increased the aggregate principal amount of, in the case of clause (A) above,
the 144A Global Note, and in the case of clauses (B) and (C) above,
the Regulation S Global Note.

 

(2)       Restricted Definitive Notes to Beneficial Interests
in Unrestricted Global Notes. A Holder of a Restricted Definitive
Note may exchange such Note for a beneficial interest in an Unrestricted Global
Note or transfer such Restricted Definitive Note to a Person who takes delivery
thereof in the form of a beneficial interest in an Unrestricted Global Note
only if:

 

(A)      such
exchange or transfer is effected pursuant to the Exchange Offer in accordance
with the Registration Rights Agreement and the Holder, in the case of an
exchange, or the transferee, in the case of a transfer, certifies in the
applicable Letter of Transmittal that it is not (i) a Broker-Dealer
acquiring Notes directly from the Issuers, (ii) a Person participating in
the distribution of the Exchange Notes or (iii) a Person who is an
affiliate (as defined in Rule 144) of the Issuers;

 

(B)       such
transfer is effected pursuant to the Shelf Registration Statement in accordance
with the Registration Rights Agreement; or

 

(C)       the
Registrar receives the following:

 

(i)         if
the Holder of such Definitive Notes proposes to exchange such Notes for a
beneficial interest in the Unrestricted Global Note, a certificate from such
Holder in the form of Exhibit B hereto, including the certifications in
item (3) thereof; or

 

(ii)        if
the Holder of such Definitive Notes proposes to transfer such Notes to a Person
who shall take delivery thereof in the form of a beneficial interest in the
Unrestricted Global Note, a certificate from such Holder in the form of Exhibit B
hereto, including the certifications in item (4) thereof;

 

and,
in each such case set forth in this subparagraph (C), if the Registrar so
requests or if the Applicable Procedures so require, an Opinion of Counsel in
form reasonably acceptable to the Registrar to the effect that such exchange or
transfer is in compliance with the Securities Act and that the restrictions on
transfer contained

 

A-10

 

herein
and in the Private Placement Legend are no longer required in order to maintain
compliance with the Securities Act.

 

Upon satisfaction of the conditions of any of the
subparagraphs in this Section 2.03(C)(2), the Trustee will cancel the
Definitive Notes and increase or cause to be increased the aggregate principal
amount of the Unrestricted Global Note.

 

(3)       Unrestricted Definitive Notes to Beneficial Interests
in Unrestricted Global Notes. A Holder of an Unrestricted Definitive
Note may exchange such Note for a beneficial interest in an Unrestricted Global
Note or transfer such Definitive Notes to a Person who takes delivery thereof
in the form of a beneficial interest in an Unrestricted Global Note at any
time. Upon receipt of a request for such an exchange or transfer, the Trustee
will cancel the applicable Unrestricted Definitive Note and increase or cause
to be increased the aggregate principal amount of one of the Unrestricted
Global Notes.

 

If any such exchange or transfer from a Definitive Note to a beneficial
interest is effected pursuant to subparagraphs (2)(B), (2)(C) or (3) above
at a time when an Unrestricted Global Note has not yet been issued, the Issuers
will issue and, upon receipt of an Authentication Order in accordance with Section 2.02
hereof, the Trustee will authenticate one or more Unrestricted Global Notes in
an aggregate principal amount equal to the principal amount of Definitive Notes
so transferred.

 

(e) Transfer and Exchange of
Definitive Notes for Definitive Notes. Upon request by a Holder of
Definitive Notes and such Holder’s compliance with the provisions of this Section 2.03(e),
the Registrar will register the transfer or exchange of Definitive Notes. Prior
to such registration of transfer or exchange, the requesting Holder must
present or surrender to the Registrar the Definitive Notes duly endorsed or
accompanied by a written instruction of transfer in form satisfactory to the
Registrar duly executed by such Holder or by its attorney, duly authorized in
writing. In addition, the requesting Holder must provide any additional
certifications, documents and information, as applicable, required pursuant to
the following provisions of this Section 2.03(e).

 

(1)       Restricted Definitive Notes to Restricted Definitive
Notes. Any Restricted Definitive Note may be transferred to and
registered in the name of Persons who take delivery thereof in the form of a
Restricted Definitive Note if the Registrar receives the following:

 

(A)      if
the transfer will be made pursuant to Rule 144 A, then the transferor must
deliver a certificate in the form of Exhibit B hereto, including the
certifications in item (1) thereof;

 

(B)       if
the transfer will be made pursuant to Rule 903 or Rule 904, then the
transferor must deliver a certificate in the form of Exhibit B hereto,
including the certifications in item (2) thereof; and

 

A-11

 

(C)       if
the transfer will be made pursuant to any other exemption from the registration
requirements of the Securities Act, then the transferor must deliver a
certificate in the form of Exhibit B hereto, including the certifications,
certificates and Opinion of Counsel required by item (3) thereof, if
applicable.

 

(2)       Restricted Definitive Notes to Unrestricted
Definitive Notes. Any Restricted Definitive Note may be exchanged by
the Holder thereof for an Unrestricted Definitive Note or transferred to a
Person or Persons who take delivery thereof in the form of an Unrestricted
Definitive Note if:

 

(A)      such
exchange or transfer is effected pursuant to the Exchange Offer in accordance
with the Registration Rights Agreement and the Holder, in the case of an
exchange, or the transferee, in the case of a transfer, certifies in the
applicable Letter of Transmittal that it is not (i) a Broker-Dealer
acquiring Notes directly from the Issuers, (ii) a Person participating in
the distribution of the Exchange Notes or (iii) a Person who is an
affiliate (as defined in Rule 144) of either Issuer;

 

(B)       any
such transfer is effected pursuant to the Shelf Registration Statement in
accordance with the Registration Rights Agreement; or

 

(C)       the
Registrar receives the following:

 

(i)         if
the Holder of such Restricted Definitive Notes proposes to exchange such Notes
for an Unrestricted Definitive Note, a certificate from such Holder in the form
of Exhibit B hereto, including the certifications in item 3 thereof; or

 

(ii)        if
the Holder of such Restricted Definitive Notes proposes to transfer such Notes
to a Person who shall take delivery thereof in the form of an Unrestricted
Definitive Note, a certificate from such Holder in the form of Exhibit B
hereto, including the certifications in item (4) thereof;

 

and,
in each such case set forth in this subparagraph (C), if the Registrar so
requests, an Opinion of Counsel in form reasonably acceptable to the Registrar
to the effect that such exchange or transfer is in compliance with the
Securities Act and that the restrictions on transfer contained herein and in
the Private Placement Legend are no longer required in order to maintain
compliance with the Securities Act.

 

A-12

 

(3)       Unrestricted Definitive Notes to Unrestricted
Definitive Notes. A  Holder
of Unrestricted Definitive Notes may transfer such Notes to a Person who takes
delivery thereof in the form of an Unrestricted Definitive Note. Upon receipt
of a request to register such a transfer, the Registrar shall register the
Unrestricted Definitive Notes pursuant to the instructions from the Holder
thereof.

 

(f) Exchange Offer. Upon
the occurrence of the Exchange Offer in accordance with the Registration Rights
Agreement, the Issuers will issue and, upon receipt of an Authentication Order
in accordance with Section 2.02 hereof, the Trustee will authenticate:

 

(1)       one
or more Unrestricted Global Notes in an aggregate principal amount equal to the
principal amount of the beneficial interests in the Restricted Global Notes
accepted for exchange in the Exchange Offer by Persons that certify in the
applicable Letters of Transmittal that (A) they are not Broker-Dealers
acquiring Notes directly from the Issuers, (B) they are not participating
in a distribution of the Exchange Notes and (C) they are not affiliates
(as defined in Rule 144) of the Company; and

 

(2)       Unrestricted
Definitive Notes in an aggregate principal amount equal to the principal amount
of the Restricted Definitive Notes accepted for exchange in the Exchange Offer
by Persons that certify in the applicable Letters of Transmittal that (A) they
are not Broker-Dealers acquiring Notes directly from the Issuers, (B) they
are not participating in a distribution of the Exchange Notes and (C) they
are not affiliates (as defined in Rule 144) of the Company.

 

Concurrently with the issuance of such Notes, the Trustee will cause the
aggregate principal amount of the applicable Restricted Global Notes to be
reduced accordingly, and the Issuers will execute and the Trustee will
authenticate and deliver to the Persons designated by the Holders of Definitive
Notes so accepted Unrestricted Definitive Notes in the appropriate principal
amount.

 

The Issuers may issue, and upon receipt of an authentication order the
Trustee will authenticate, Exchange Notes with respect to the Notes to be sold
using a Shelf Registration Statement.

 

(g) Legends. The
following legends will appear on the face of all Global Notes and Definitive
Notes issued under this Indenture unless specifically stated otherwise in the
applicable provisions of this Indenture.

 

(1) Private
Placement Legend.

 

(A) Except as permitted by subparagraph (B) below,
each Global Note and each Definitive Note (and all Notes issued in exchange
therefor or substitution thereof) shall bear the legend in substantially the
following form

 

A-13

 

“THIS NOTE HAS NOT
BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”) AND, ACCORDINGLY, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
TRANSFERRED WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF,
U.S. PERSONS, EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT
SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. THE NOTES ARE
BEING OFFERED AND SOLD ONLY TO (1) “QUALIFIED INSTITUTIONAL BUYERS” (AS
DEFINED IN RULE 144A UNDER THE SECURITIES ACT) (“QIBS”) IN COMPLIANCE WITH RULE
144A; AND (2) OUTSIDE THE UNITED STATES TO PERSONS OTHER THAN U.S. PERSONS
(“FOREIGN PURCHASERS”), WHICH TERM SHALL INCLUDE DEALERS OR OTHER PROFESSIONAL
FIDUCIARIES IN THE UNITED STATES ACTING ON A DISCRETIONARY BASIS FOR FOREIGN
BENEFICIAL OWNERS (OTHER THAN AN ESTATE OR TRUST), IN RELIANCE UPON REGULATION
S UNDER THE SECURITIES ACT. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL
INTEREST HEREIN, THE HOLDER (1) REPRESENTS THAT (A) (i) IT IS A
QIB OR A REGISTERED BROKER-DEALER ACTING FOR THE ACCOUNT OF A QIB, (ii) IT
IS AWARE, AND EACH BENEFICIAL OWNER OF SUCH NOTES HAS BEEN ADVISED, THAT THE
SALE OF THE NOTES TO IT IS BEING MADE IN RELIANCE ON RULE 144A, (iii) IT
IS ACQUIRING SUCH NOTES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB, AS THE
CASE MAY BE, AND (iv) IT IS AWARE THAT THE NOTES ARE “RESTRICTED
SECURITIES” WITHIN THE MEANING OF THE SECURITIES ACT OR (B) IT IS
PURCHASING, AND THE PERSON, IF ANY, FOR WHOSE ACCOUNT IT IS ACQUIRING THE NOTES
IS PURCHASING, THE NOTES IN AN OFFSHORE TRANSACTION, AS SUCH TERM IS DEFINED IN
RULE 902 UNDER THE SECURITIES ACT, IN ACCORDANCE WITH REGULATION S, (2) IS
AWARE THAT THE NOTES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE
SECURITIES ACT AND ARE BEING OFFERED IN THE UNITED STATES IN RELIANCE ON RULE
144A IN A TRANSACTION NOT INVOLVING ANY PUBLIC OFFERING IN THE UNITED STATES, (3) UNDERSTANDS
THAT THE NOTES MAY NOT BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE
TRANSFERRED EXCEPT (A) (i) TO A PERSON WHOM THE PURCHASER REASONABLY
BELIEVES IS A QIB IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (ii) IN
AN OFFSHORE TRANSACTION COMPLYING WITH RULE 903 OR RULE 904 OF REGULATION S, (iii) PURSUANT
TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144
THEREUNDER (IF AVAILABLE), OR (iv) PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT AND (B) IN ACCORDANCE WITH ALL
APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED STATES. NO
REPRESENTATION CAN BE MADE AS TO THE AVAILABILITY OF THE EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER FOR
RESALES OF THE NOTES, AND (4) ACKNOWLEDGES THAT THE INITIAL PURCHASERS AND
OTHERS WILL

 

A-14

 

RELY UPON THE TRUTH
AND ACCURACY OF THE FOREGOING REPRESENTATIONS AND AGREEMENTS.”

 

(B)       Notwithstanding
the foregoing, any Global Note or Definitive Note issued pursuant to
subparagraphs (b)(4), (c)(3), (c)(4), (d)(2), (d)(3), (e)(2), (e)(3) or (f) of
this Section 2.03 (and all Notes issued in exchange therefor or
substitution thereof), any Regulation S Global Note and any Additional Notes
issued in transactions registered with the SEC will not bear the Private
Placement Legend.

 

(2)       Global Note Legend. Each Global Note will
bear a legend in substantially the following form:

 

“THIS GLOBAL NOTE
IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR
ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS
NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE
TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO
APPENDIX A OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED IN
WHOLE BUT NOT IN PART PURSUANT TO APPENDIX A OF THE INDENTURE, (3) THIS
GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11
OF THE INDENTURE AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A
SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY.

 

UNLESS AND UNTIL
IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS
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. UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE COMPANY OR
ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH
OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND
ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR
OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.”

 

(h) Cancellation and/or
Adjustment of Global Notes. At such time as all beneficial interests
in a particular Global Note have been exchanged for Definitive Notes

 

A-15

 

or a particular
Global Note has been redeemed, repurchased or canceled in whole and not in
part, each such Global Note will be returned to or retained and canceled by the
Trustee in accordance with Section 2.11 of the Indenture. At any time
prior to such cancellation, if any beneficial interest in a Global Note is
exchanged for or transferred to a Person who will take delivery thereof in the
form of a beneficial interest in another Global Note or for Definitive Notes,
the principal amount of Notes represented by such Global Note will be reduced accordingly
and an endorsement will be made on such Global Note by the Trustee or by the
Depositary at the direction of the Trustee to reflect such reduction; and if
the beneficial interest is being exchanged for or transferred to a Person who
will take delivery thereof in the form of a beneficial interest in another
Global Note, such other Global Note will be increased accordingly and an
endorsement will be made on such Global Note by the Trustee or by the
Depositary at the direction of the Trustee to reflect such increase.

 

(i) General Provisions Relating
to Transfers and Exchanges.

 

(1)       To
permit registrations of transfers and exchanges, the Issuers will execute and
the Trustee will authenticate Global Notes and Definitive Notes upon receipt of
an Authentication Order in accordance with Section 2.02 hereof or at the
Registrar’s request.

 

(2)       No
service charge will be made to a Holder of a beneficial interest in a Global
Note or to a Holder of a Definitive Note for any registration of transfer or
exchange, 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 taxes or similar governmental charge payable upon
exchange or transfer pursuant to the Indenture).

 

(3)       The
Registrar will not be required to register the transfer of or exchange of any
Note selected for redemption in whole or in part, except the unredeemed portion
of any Note being redeemed in part.

 

(4)       All
Global Notes and Definitive Notes issued upon any registration of transfer or
exchange of Global Notes or Definitive Notes will be the valid obligations of
the Issuers, evidencing the same debt, and entitled to the same benefits under
the Indenture, as the Global Notes or Definitive Notes surrendered upon such
registration of transfer or exchange.

 

(5)       Neither
the Registrar nor the Issuers will be required:

 

(A)      to
issue, to register the transfer of or to exchange any Notes during a period
beginning at the opening of business 15 days before the day of any selection of
Notes for redemption under Section 3.02 of the Indenture and ending at the
close of business on the day of selection;

 

A-16

 

(B)       to register the transfer of or to exchange any Note selected for
redemption in whole or in part, except the unredeemed portion of any Note being
redeemed in part; or

 

(C)       to register the transfer of or to exchange a Note between a record date
and the next succeeding interest payment date.

 

(6)       Prior
to due presentment for the registration of a transfer of any Note, the Trustee,
any Agent and the Issuers may deem and treat the Person in whose name any Note
is registered as the absolute owner of such Note for the purpose of receiving
payment of principal of and interest on such Notes and for all other purposes,
and none of the Trustee, any Agent or the Issuers shall be affected by notice
to the contrary.

 

(7)       The
Trustee will authenticate Global Notes and Definitive Notes in accordance with
the provisions of Section 2.02 hereof.

 

(8)       All
certifications, certificates and Opinions of Counsel required to be submitted
to the Registrar pursuant to this Section 2.03 to effect a registration of
transfer or exchange may be submitted by facsimile.

 

A-17

 

EXHIBIT A-l

 

[FORM OF EURO NOTE]

 

Floating Rate Senior Secured Notes due 2013

 

[Global Notes Legend]

 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF
EUROCLEAR BANK S.A./N.V., AS OPERATOR OF THE EUROCLEAR SYSTEM (“EUROCLEAR”), OR
CLEARSTREAM BANKING, SOCIETE ANONYME (“CLEARSTREAM”), TO THE ISSUERS OR THEIR
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE
ISSUED IS REGISTERED IN THE NAME OF THEIR AUTHORIZED NOMINEE, OR SUCH OTHER
NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR OR
CLEARSTREAM (AND ANY PAYMENT IS MADE TO ITS AUTHORIZED NOMINEE, OR TO SUCH
OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR OR
CLEARSTREAM), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE
BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, ITS
AUTHORIZED NOMINEE, HAS AN INTEREST HEREIN.

 

TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE,
BUT NOT IN PART, TO NOMINEES OF EUROCLEAR OR CLEARSTREAM OR TO A SUCCESSOR
THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL
NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET
FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.

 

[[FOR REGULATION S GLOBAL NOTE ONLY] UNTIL 40 DAYS AFTER THE CLOSING OF
THE OFFERING, AN OFFER OR SALE OF SECURITIES WITHIN THE UNITED STATES BY A
DEALER (AS DEFINED IN THE U.S. SECURITIES ACT) MAY VIOLATE THE
REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT IF SUCH OFFER OR SALE IS
MADE OTHERWISE THAN IN ACCORDANCE WITH RULE 144A THEREUNDER.]

 

[Restricted Notes Legend]

 

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF
1933, AS AMENDED (THE “SECURITIES ACT”) AND, ACCORDINGLY, MAY NOT BE
OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED WITHIN THE UNITED STATES OR TO,
OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS, EXCEPT PURSUANT TO AN EXEMPTION
FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT. THE NOTES ARE BEING OFFERED AND SOLD ONLY TO (1) “QUALIFIED
INSTITUTIONAL BUYERS” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) (“QIBS”)
IN COMPLIANCE WITH RULE 144A; AND (2) OUTSIDE THE UNITED STATES TO PERSONS
OTHER THAN U.S. PERSONS (“FOREIGN PURCHASERS”), WHICH

 

A-1-1

 

TERM SHALL INCLUDE
DEALERS OR OTHER PROFESSIONAL FIDUCIARIES IN THE UNITED STATES ACTING ON A
DISCRETIONARY BASIS FOR FOREIGN BENEFICIAL OWNERS (OTHER THAN AN ESTATE OR
TRUST), IN RELIANCE UPON REGULATION S UNDER THE SECURITIES ACT. BY ITS
ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE HOLDER (1) REPRESENTS
THAT (A) (i) IT IS A QI3 OR A REGISTERED BROKER-DEALER ACTING FOR THE
ACCOUNT OF A QIB, (ii) IT IS AWARE, AND EACH BENEFICIAL OWNER OF SUCH
NOTES HAS BEEN ADVISED, THAT THE SALE OF THE NOTES TO IT IS BEING MADE IN
RELIANCE ON RULE 144A, (iii) IT IS ACQUIRING SUCH NOTES FOR ITS OWN
ACCOUNT OR FOR THE ACCOUNT OF A QIB, AS THE CASE MAY BE, AND (iv) IT
IS AWARE THAT THE NOTES ARE “RESTRICTED SECURITIES” WITHIN THE MEANING OF THE
SECURITIES ACT OR (B) IT IS PURCHASING, AND THE PERSON, IF ANY, FOR WHOSE
ACCOUNT IT IS ACQUIRING THE NOTES IS PURCHASING, THE NOTES IN AN OFFSHORE
TRANSACTION, AS SUCH TERM IS DEFINED IN RULE 902 UNDER THE SECURITIES ACT, IN
ACCORDANCE WITH REGULATION S, (2) IS AWARE THAT THE NOTES HAVE NOT BEEN
AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT AND ARE BEING OFFERED IN
THE UNITED STATES IN RELIANCE ON RULE I44A IN A TRANSACTION NOT INVOLVING ANY
PUBLIC OFFERING IN THE UNITED STATES, (3) UNDERSTANDS THAT THE NOTES MAY NOT
BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (A) (i) TO
A PERSON WHOM THE PURCHASER REASONABLY BELIEVES IS A QIB IN A TRANSACTION
MEETING THE REQUIREMENTS OF RULE 144A, (ii) IN AN OFFSHORE TRANSACTION
COMPLYING WITH RULE 903 OR RULE 904 OF REGULATION S, (iii) PURSUANT TO AN
EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144
THEREUNDER (IF AVAILABLE), OR (iv) PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT AND (B) IN ACCORDANCE WITH ALL
APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED STATES. NO
REPRESENTATION CAN BE MADE AS TO THE AVAILABILITY OF THE EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER FOR
RESALES OF THE NOTES, AND (4) ACKNOWLEDGES THAT THE INITIAL PURCHASERS AND
OTHERS WILL RELY UPON THE TRUTH AND ACCURACY OF THE FOREGOING REPRESENTATIONS
AND AGREEMENTS.

 

[Each Definitive Note shall bear the following
additional legend:]

 

IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE
REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH
TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER
COMPLIES WITH THE FOREGOING RESTRICTIONS.

 

A-1-2

 

Common Code. [     ] 

ISIN No. [     ]

 

Floating Rate Senior Secured Notes due 2013

 

	
  No.

  	
   

  	
   

  	
   

  	
  €

  	
   

  	
   

  

 

NXP B.V.

NXP FUNDING LLC

 

NXP B.V., a
company organized under the laws of The Netherlands, and NXP Funding LLC, a
limited liability company organized under the laws of Delaware, jointly and
severally promise to pay to BT Globenet Nominees Limited, as nominee for the
common depositary for Euroclear and Glearstream, or its registered assigns, the
principal sum of €[      ]  [subject to adjustments listed on the Schedule of
Increases or Decreases in Global Note attached hereto](1), on October 15, 2013.

 

Interest Payment
Dates: January 15, April 15, July 15 and October 15,
commencing [        ]

 

Record Dates: January 1,
April 1, July 1 and October 1.

 

Additional
provisions of this Note are set forth on the other side of this Note.

 

(Signature page to follow.)

 

(1) Use the Schedule of
Increases and Decreases language if Note is in Global Form.

 

A-1-3

 

IN WITNESS
WHEREOF, NXP B.V. and NXP Funding LLC have caused this Note to be signed
manually or by facsimile by their duly authorized officers.

 

	
  Dated:

  	
  NXP B.V.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  NXP FUNDING LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

This is one of the
Notes referred to in the Indenture.

 

	
  DEUTSCHE BANK TRUST COMPANY AMERICAS,

  as Trustee

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  (Authorized Signatory)

  	
   

  
				

 

A-1-4

 

[FORM OF BACK OF EURO FLOATING RATE NOTE]

 

FLOATING RATE SENIOR SECURED NOTES DUE 2013

 

1.                          Interest

 

NXP B.V., a company organized under the laws of The Netherlands, and
NXP Funding LLC, a limited liability company organized under the laws of
Delaware (together with NXP B.V. and their respective successors and assigns
under the Indenture hereinafter referred to, being herein called “the Issuers”), jointly and severally promise to pay interest on the principal
amount of this Note at the rate per annum as determined below.

 

Interest on the Notes will accrue at a rate equal to the EURIBO Rate
(which will be reset quarterly) plus 2.75%, except that the interest rate on
the Notes for the period beginning on the date of issue and ending January 14,
2007 will be 6.214%. Interest on the Notes will be payable, in cash, quarterly
in arrears on every January 15, April 15, July 15 and October 15,
beginning [   ] to
the holders of record on the January 1, April 1, July 1 or October 1
immediately preceding the next interest payment date.

 

The amount of interest for each day that any Note is outstanding (the “Daily Interest Amount”)  will be calculated by dividing the
interest rate in effect for such day by 360 and multiplying the result by the
principal amount of such Notes. The amount of interest to be paid on the Notes
for each interest period will be calculated by adding the Daily Interest
Amounts for each day in the interest period. Each interest period shall end on
(but not include) the relevant interest payment date.

 

All percentages resulting from any of the above calculations will be
rounded, if necessary, to the nearest one hundred-thousandth, of a percentage
point, with five one-millionths of a percentage point being rounded upwards
(e.g., 9.876545% (or .09876545) being rounded to 9.87655% (or .0987655) and all
euro amounts used in resulting from such calculations will be rounded to the
nearest hundredth of a euro (with one-half cent being rounded upwards).

 

The interest rate on the Notes will in no event be higher than the
maximum rate permitted by law.

 

Interest on the Notes will accrue from the most recent date to which
interest has been paid or, if no interest has been paid, from the date of
original issuance.

 

“EURIBO Rate”  means, for each quarterly period during
which any Note is outstanding subsequent to the initial period beginning on the
Issue Date and ending January 14, 2007, the rate determined by the Issuers
(written

 

A-1-5

 

notice of such
rate to be sent to the Trustee by the Issuers on the date of determination
thereof) equal to the applicable British Bankers’ Association EURIBO Rate for
deposits in euro for a period of three months as reported by any generally
recognized financial information service as of 11:00 a.m. (London time)
two business days prior to the first day of such quarterly period; provided that, if no such British Bankers’
Association EURIBO Rate is available to the Issuers, the EURIBO Rate for the
relevant quarterly period shall instead be the rate at which a first class bank
in the London interbank market selected in good faith by the Company offers to
place deposits in euro with first class banks in the London interbank market
for a period of three months at approximately 11:00 a.m. (London time) two
business days prior to the first day of such quarterly period, in amounts equal
to €1.0 million. If such a rate cannot be obtained, the EURIBO Rate shall be
equal to that applicable to the prior interest period.

 

The Holders of this Note are entitled to the benefits of the
Registration Rights Agreement, dated October 12, 2006, among the Issuers,
the guarantors party thereto and the Initial Purchasers named therein (the “Registration Rights Agreement”). The Holders of this Note are entitled to
the Additional Interest payable in the circumstances as set forth in the
Registration Rights Agreement.

 

A-1-6

 

2.                          Method
of Payment

 

Holders must surrender Notes to the relevant Paying Agent to collect
principal payments. The Issuers shall pay principal, premium, if any, and
Additional Amounts, if any, and interest and Additional Interest, if any, in
euro or such other lawful currency of the participating member states in the
Third Stage of European Economic and Monetary Union of the Treaty Establishing
the European Community that at the time of payment is legal tender for payment
of public and private debts. Principal, premium, if any, Additional Amounts, if
any, interest and Additional Interest, if any, on the Global Notes will be
payable at the specified office or agency of one or more Paying Agents;
provided that all such payments with respect to Notes represented by one or
more Global Notes registered in the name of or held by a nominee of Euroclear
and/or Clearstream will be made by wire transfer of immediately available funds
to the account specified by the Holder or Holders thereof.

 

Principal, premium, if any, Additional Amounts, if any, interest and
Additional Interest, if any, on any Definitive Notes will be payable at the
specified office or agency of one or more Paying Agents in the City of London,
maintained for such purposes. In addition, interest on the Definitive Notes may
be paid by check mailed to the person entitled thereto as shown on the register
for the Definitive Notes; provided, however,
that cash payments on the Notes may also be made, in the case of a
Holder of at least €1,000,000 aggregate principal amount of Notes, by wire
transfer to a euro account maintained by the payee with a bank in a country
that is a member of the European Union if such Holder elects payment by wire
transfer by giving written notice to the Trustee or the Paying Agent to such
effect designating such account no later than 30 days immediately preceding the
relevant due date for payment (or such other date as the Trustee may accept in
its discretion).

 

If the due date for any payment in respect of any Note is not a
Business Day at the place in which such payment is due to be paid, the Holder
thereof will not be entitled to payment of the amount due until the next succeeding
Business Day at such place, and will not be entitled to any further interest or
other payment as a result of any such delay.

 

A-1-7

 

3.                          Paying
Agent, Registrar and Calculation Agent

 

Initially,
Deutsche Bank AG, London Branch will act as Euro Paying Agent and Deutsche Bank
Luxembourg S.A. will act as Registrar and Transfer Agent. The Issuers may
appoint and change any Registrar, Transfer Agent and Paying Agent. The Issuers
or any of its Restricted Subsidiaries may act as Registrar, Transfer Agent and
Paying Agent.

 

The Issuers initially appoint
Deutsche Bank AG, London Branch as Calculation Agent for the Notes. The
Calculation Agent shall, as soon as practicable after 11:00 a.m. (London
time) on each determination date, determine the applicable rate and calculate
the aggregate amount of interest payable in respect of the following interest
period (the “Interest Amount”). The Interest Amount shall be calculated
by applying the applicable rate to the principal amount of each Note
outstanding at the commencement of the interest period, multiplying each such
amount by the actual amounts of days in the interest period concerned divided
by 360 and rounding the resultant figure upwards to the nearest available currency
unit. The determination of the applicable rate and the Interest Amount by the
Calculation Agent shall, in the absence of willful default, bad faith or
manifest error, be final and binding on all parties.

 

4.                          Indenture

 

The Issuers issued the Notes under the Indenture dated as of October 12,
2006 (the “Indenture”),  among the Issuers, the Guarantors party
thereto, Deutsche Bank Trust Company Americas, as Trustee (the “Trustee”),
Morgan Stanley Senior Funding, Inc., as Global Collateral
Agent, and Mizuho Corporate Bank, Ltd., as Taiwan Collateral Agent. The terms
of the Notes include those stated in the Indenture. Terms defined in the
Indenture and not defined herein have the meanings ascribed thereto in the
Indenture. The Notes are subject to all terms and provisions of the Indenture,
and Holders (as defined in the Indenture) are referred to the Indenture for a
statement of such terms and provisions. In the event of a conflict, the terms
of the Indenture control.

 

The Notes are senior
obligations of the Issuers. This Note is one of the Notes referred to in the
Indenture. The Notes and the Additional Notes are treated as a single class
under the Indenture. The Indenture imposes certain limitations on the ability
of the Issuers and their Restricted Subsidiaries to, among other things, make
certain Investments and other Restricted Payments, pay dividends and other
distributions, incur Indebtedness and layer Indebtedness, enter into consensual
restrictions upon the payment of certain dividends and distributions by such
Restricted Subsidiaries, issue or sell shares of capital stock of such
Restricted Subsidiaries, enter into or permit certain transactions with
Affiliates, create or incur Liens, make asset sales, impair certain security
interests, issue certain guarantees and designate Restricted and Unrestricted
Subsidiaries. The Indenture also imposes limitations on the ability of the
Issuers to consolidate or merge with or into any other Person or convey,
transfer or lease all or substantially all its property.

 

A-1-8

 

5.                          Optional
Redemption

 

(a)       At any time
prior to October 15, 2007, the Issuers may redeem the Notes in whole or in
part, at their option, upon not less than 30 nor more than 60 days’ prior
notice at a redemption price equal to 100% of the principal amount of such
Notes plus the relevant Floating Rate Applicable Premium as of, and accrued and
unpaid interest and Additional Interest, if any, to the applicable redemption
date.

 

(b)       At any time
and from time to time on or after October 15, 2007 the Issuers may redeem
the Notes, in whole or in part, at a redemption price equal to the percentage
of principal amount set forth below plus accrued and unpaid interest to the
redemption date.

 

	
  12-month period commencing
  October 15, in Year

  	
   

  	
  Percentage

  	
   

  
	
  2007

  	
   

  	
  102

  	
  %

  
	
  2008

  	
   

  	
  101

  	
  %

  
	
  2009 and thereafter

  	
   

  	
  100

  	
  %

  

 

(c)       Any
redemption and notice of redemption may, at the Company’s discretion, be
subject to the satisfaction of one or more conditions precedent.

 

6.                          Optional
Tax Redemption

 

The Issuers or Successor Company may redeem any series of Notes in
whole as to such series, but not in part, at any time upon giving not less than
30 nor more than 60 days’ notice to the Holders of the relevant series of Notes
(which notice will be irrevocable) at a redemption price equal to 100% of the
principal amount thereof, together with accrued and unpaid interest, if any,
including Additional Interest, if any, to the date fixed for redemption (a “Tax Redemption Date”)  (subject to the right of Holders of
record on the relevant record date to receive interest due on the relevant
interest payment date) and all Additional Amounts, if any, then due and which
will become due on the Tax Redemption Date as a result of the redemption or
otherwise, if any, if the Issuers, Successor Company or Guarantor determines in
good faith that, as a result of:

 

(1)       any change
in, or amendment to, the law (or any regulations or rulings promulgated
thereunder) of a Relevant Taxing Jurisdiction affecting taxation; or

 

(2)       any change
in, or amendment to, an official position regarding the application,
administration or interpretation of such laws, regulations or rulings
(including a holding, judgment or order by a court of competent jurisdiction)
of a Relevant Taxing Jurisdiction (each of the foregoing in clauses (1) and
(2), a “Change in Tax Law”),

 

A-1-9

 

the Issuers,
Successor Company or Guarantor are, or on the next interest payment date in
respect of the relevant series of Notes would be, required to pay any
Additional Amounts, and such obligation cannot be avoided by taking reasonable
measures available to the Issuers, Successor Company or Guarantor (including,
for the avoidance of doubt, the appointment of a new Paying Agent where this
would be reasonable but not including assignment of the obligation to make
payment with respect to the Notes). In the case of redemption due to
withholding as a result of a Change in Tax Law in a jurisdiction that is a
Relevant Taxing Jurisdiction at October 5, 2006, such Change in Tax Law
must become effective on or after October 5, 2006. In the case of
redemption due to withholding as a result of a Change in Tax Law in a
jurisdiction that becomes a Relevant Taxing Jurisdiction after October 5,
2006, such Change in Tax Law must become effective on or after the date the
jurisdiction becomes a Relevant Taxing Jurisdiction, unless the Change in Tax
Law would have applied to the predecessor of the Successor Company. Notice of
redemption for taxation reasons will be published in accordance with the
procedures described in paragraph 8. Notwithstanding the foregoing, no such
notice of redemption will be given (a) earlier than 90 days prior to the
earliest date on which the Payor would be obliged to make such payment of
Additional Amounts and (b) unless at the time such notice is given, such
obligation to pay such Additional Amounts remains in effect. Prior to the
publication or mailing of any notice of redemption of any series of Notes pursuant
to the foregoing, the Issuers will deliver to the Trustee (a) an Officer’s
Certificate stating that it is entitled to effect such redemption and setting
forth a statement of facts showing that the conditions precedent to its right
so to redeem have been satisfied and (b) an opinion of an independent tax
counsel of recognized standing to the effect that the Issuers have been or will
become obligated to pay Additional Amounts as a result of a Change in Tax Law.
The Trustee will accept such Officer’s Certificate and opinion as sufficient
evidence of the satisfaction of the conditions precedent described above,
without further inquiry, in which event it will be conclusive and binding on
the holders of the Notes.

 

7.                          Sinking
Fund

 

The Issuers are not required to make mandatory redemption payments or
sinking fund payments with respect to the Notes.

 

8.                          Notice
of Redemption

 

At least 30 days but not more than 60 days before a date for redemption
of Notes, the Issuers shall transmit a notice of redemption in accordance with Section 13.03
of the Indenture and as provided below.

 

If less than all of any series of Notes is to be redeemed at any time,
the Trustee will select Notes for redemption in compliance with the
requirements of the principal securities exchange, if any, on which that series
of Notes is listed, as certified to the Trustee by the Issuers, and/or in
compliance with the

 

A-1-10

 

requirements of
Euroclear or Clearstream, as applicable, or if the Notes are not so listed or
such exchange prescribes no method of selection and the Notes are not held
through Euroclear or Clearstream, as applicable, prescribes no method of
selection, on a pro rata basis; provided, however, that no Note of €50,000 in
aggregate principal amount or less shall be redeemed in part.

 

If any Note is to be redeemed in part only, the notice of redemption
that relates to that Note shall state the portion of the principal amount
thereof to be redeemed, in which case a portion of the original Note will be
issued in the name of the Holder thereof upon cancellation of the original
Note. In the case of a Global Note, an appropriate notation will be made on
such Note to decrease the principal amount thereof to an amount equal to the
unredeemed portion thereof. Subject to the terms of the applicable redemption
notice (including any conditions contained therein), Notes called for
redemption become due on the date fixed for redemption. On and after the
redemption date, interest ceases to accrue on Notes or portions of them called
for redemption.

 

9.                          Additional
Amounts

 

The Issuers are required to make all payments under or with respect to
the Notes or the Note Guarantees free and clear of and without withholding or
deduction for or on account of any present or future Taxes in accordance with Section 4.02
of the Indenture.

 

10.       Repurchase
of Notes at the Option of Holders upon (i) a Change of Control and (ii) the
occurrence of certain Asset Dispositions

 

If a Change of Control occurs, each Holder of Notes will have the
right, subject to certain conditions specified in the Indenture, to require the
Issuers to repurchase all of the Notes of such Holder at a purchase price equal
to 101% of the principal amount of the Notes to be repurchased plus accrued and
unpaid interest, if any, to the date of purchase (subject to the right of
Holders of record on the relevant record date to receive interest due on the
relevant interest payment date) as provided in, and subject to the terms of,
the Indenture.

 

In accordance with Section 4.09 of the Indenture, the Issuers will
be required to offer to purchase Notes upon the occurrence of certain events,
including certain Asset Dispositions.

 

11.                    Security

 

The Notes will be secured by first priority liens and security
interests in the Collateral, subject to the grant of further Permitted
Collateral Liens. Reference is made to the Indenture for terms relating to such
security, including the release, termination and discharge thereof. The
Security Documents and the Collateral will be administered by a Collateral
Agent (or in certain circumstances a sub-agent) pursuant to a Collateral Agency
Agreement for the benefit of all holders of Secured obligations. The Issuers
shall not be required to

 

A-1-11

 

make any notation
on this Note to reflect any grant of such security or any such release,
termination or discharge.

 

12.                    Denominations;
Transfer; Exchange

 

The Notes are in registered form without interest coupons in minimum
denominations of €50,000 and multiples of €1,000 in excess thereof. A Holder
may transfer or exchange Notes in accordance with the Indenture. In connection
with any such transfer or exchange, the Indenture will require the transferring
or exchanging Holder to, among other things, furnish appropriate endorsements
and transfer documents, to furnish information regarding the account of the
transferee at Euroclear or Clearstream, where appropriate, to furnish certain
certificates and opinions, and to pay any taxes, duties and governmental
charges in connection with such transfer or exchange. Any such transfer or
exchange will be made without charge to the Holder, other than any taxes,
duties and governmental charges payable in connection with such transfer.

 

13.                    Persons
Deemed Owners

 

Except as provided in paragraph 2 of this Note, the
registered Holder of this Note will be treated as the owner of it for all
purposes.

 

14.                    Unclaimed
Money

 

If money for the payment of principal or interest remains unclaimed for
two years, the Trustee or Paying Agent shall pay the money back to the Issuers
at their written request unless an abandoned property law designates another
Person. After any such payment, Holders entitled to the money must look to the
Issuers for payment as general creditors and the Trustee and the Paying Agent
shall have no further liability with respect to such monies.

 

15.                    Discharge
and Defeasance

 

Subject to certain conditions, the Issuers at any time may terminate
some of or all their obligations under the Notes and the Indenture if the
Issuers, among other things, deposit or cause to be deposited with the Trustee
money or European Government Obligations denominated in euro in such amounts as
will be sufficient for the payment of the entire Indebtedness including
principal of, premium, if any, and interest on the Notes to the date of
redemption or maturity, as the case may be.

 

16.                    Amendment,
Waiver

 

The Indenture and the Notes may be amended as set forth in the
Indenture.

 

A-1-12

 

17.                    Defaults
and Remedies

 

The following events constitute “Events
of Default” under the Indenture: An “Event
of Default” occurs if or upon:

 

(1)       default in
any payment of interest or Additional Interest, if any, on any Note issued
under the Indenture when due and payable, continued for 30 days;

 

(2)       default in
the payment of the principal amount of or premium, if any, on any Note issued
under the Indenture when due at its Stated Maturity, upon optional redemption,
upon required repurchase, upon declaration or otherwise;

 

(3)       failure to
comply for 30 days after written notice by the Trustee on behalf of the Holders
or by the Holders of 30% in principal amount of the outstanding Notes with any
of its obligations under Article 4 and 5 of the Indenture (in each case,
other than a failure to purchase Notes which will constitute an Event of
Default under Section 6.01(a)(2) of the Indenture);

 

(4)       failure to
comply for 60 days after notice by the Trustee on behalf of the Holders or by
the Holders of 30% in principal amount of the outstanding Notes with its other
agreements contained in the Indenture;

 

(5)       default under
any mortgage, indenture or instrument under which there may be issued or by
which there may be secured or evidenced any Indebtedness for money borrowed by
either Issuer or any of its Restricted Subsidiaries (or the payment of which is
Guaranteed by either Issuer or any of its Restricted Subsidiaries) other than
Indebtedness owed to either Issuer or a Restricted Subsidiary whether such
Indebtedness or Guarantee now exists, or is created after the date hereof,
which default:

 

(a)       is
caused by a failure to pay principal of, or interest or premium, if any, on
such Indebtedness, immediately upon the expiration of the grace period provided
in such Indebtedness; or

 

(b)       results
in the acceleration of such Indebtedness prior to its maturity;

 

and, in each case, the principal amount of any such
Indebtedness, together with the principal amount of any other such Indebtedness
under which there has been a payment default or the maturity of which has been
so accelerated, aggregates €100 million or more;

 

(6)       either Issuer
or any of the Restricted Subsidiaries institutes or consents to the institution
of any proceeding under any Debtor Relief Law, or makes an assignment for the
benefit of creditors; or applies for or consents to the appointment of any
receiver, trustee, custodian, conservator, liquidator,

 

A-1-13

 

rehabilitator,
administrator, administrative receiver or similar office is appointed without
the application or consent of such Person and the appointment continues
undischarged or unstayed for sixty (60) calendar days; or any proceeding under
any Debtor Relief Law relating to any such Person or to all or any material
part of its property or assets is instituted without the consent of such Person
and continues undismissed or unstayed for (60) calendar days, or an order for
relief is entered in any such proceeding;

 

(7)       failure by
the Issuers or any Significant Subsidiary or group of Restricted Subsidiaries
that, taken together (as of the latest audited consolidated financial
statements for the Issuers and their Restricted Subsidiaries), would constitute
a Significant Subsidiary to pay final judgments aggregating in excess of €100
million (exclusive of any amounts that a solvent insurance company has
acknowledged liability for), which judgments are not paid, discharged or stayed
for a period of 60 days after the judgment becomes final;

 

(8)       any security
interest under the Security Documents on any material Collateral shall, at any
time, cease to be in full force and effect (other than in accordance with the
terms of the Security Document and the Indenture) for any reason other than the
satisfaction in full of all obligations under this Indenture or the release or
amendment of any such security interest in accordance with the terms of the
Indenture or such Security Document or any such security interest created
thereunder shall be declared invalid or unenforceable or either Issuer shall
assert in writing that any such security interest is invalid or unenforceable
and any such Default continues for 10 days; or

 

(9)       any Guarantee
ceases to be in full force and effect, other than in accordance with the terms
of the Indenture or a Guarantor denies or disaffirms its obligations under its
Guarantee, other than in accordance with the terms thereof or upon release of
the Guarantee in accordance with the Indenture.

 

However, a default under Sections 6.01(a)(3), 6.01(a)(4), 6.01(a)(5) and
6.01(a)(7) of the Indenture will not constitute an Event of Default until
the Trustee or the Holders of 30% in principal amount of the outstanding Notes
under the Indenture notify either Issuer of the default and the Issuers do not
cure such default within the time specified in Sections 6.01(a)(3), 6.01(a)(4),
6.01(a)(5) or 6.01(a)(7) of the Indenture, as applicable, after
receipt of such notice.

 

If an Event of Default occurs and is continuing the Trustee by notice
to either Issuer or the Holders of at least 30% in principal amount of the
outstanding Notes under the Indenture by written notice to either Issuer, may,
and the Trustee at the request of such Holders shall, declare the principal of,
premium, if any, and accrued and unpaid interest, including Additional
Interest, if any, on all the Notes to be due and payable immediately.
Notwithstanding the foregoing, in the case of an Event of Default arising from
certain events of bankruptcy or insolvency, the principal of, premium, if any,
and accrued and unpaid interest,

 

A-1-14

 

including
Additional Interest, if any, on all the Notes will become due and payable
immediately without any declaration.

 

18.                    Trustee
Dealings with the Issuers

 

The Trustee under the Indenture, in its individual or any other
capacity, may become the owner or pledgee of Notes and may otherwise deal with
and collect obligations owed to it by the Issuers or their Affiliates and may
otherwise deal with the Issuers or their Affiliates with the same rights it
would have if it were not Trustee.

 

19.                    No Recourse
Against Others

 

No director, manager, officer, employee, incorporator or shareholder of
either Issuer or any of its Subsidiaries or any parent company of either Issuer
shall have any liability for any obligations of either Issuer or any Subsidiary
with respect to the Notes or the Indenture, or for any claim based on, in
respect of, or by reason of such obligations or their creation. Each Holder by
accepting a Note waives and releases all such liability. The waiver and release
are part of the consideration for issuance of the Notes.

 

20.                    Authentication

 

This Note shall not be valid until an authorized signatory of the
Trustee (or an authenticating agent acting on its behalf) manually signs the
certificate of authentication on the other side of this Note. The signature
shall be conclusive evidence that the security has been authenticated under the
Indenture.

 

21.      Abbreviations

 

Customary abbreviations may be used in the name of a Holder or an
assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the
entireties), JT TEN (=joint tenants with rights of survivorship and not as
tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to Minors
Act).

 

22.                    Governing
Law

 

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

 

23.                    Common
Codes and ISIN Numbers

 

The Issuers in issuing the Notes may use Common Codes and ISIN numbers
(if then generally in use) and, if so, the Trustee shall use Common Codes and
ISIN numbers in notices of redemption as a convenience to Holders; provided,
however, that any such notice may state that no representation is made as to
the correctness of such numbers either as printed on the Notes or as

 

A-1-15

 

contained in any
notice of a redemption and that reliance may be placed only on the other
identification numbers printed on the Notes, and any such redemption shall not
be affected by any defect in or omission of such numbers.

 

The Issuers will furnish to any
Holder of Notes upon written request and without charge to the Holder a copy of
the Indenture which has in it the text of this Note.

 

A-1-16

 

[FORM OF ASSIGNMENT
FORM]

 

To assign this Note, fill in the form
below:

 

I or we assign and
transfer this Note to:

 

 

 

(Print or type assignee’s legal name)

 

 

 

(Insert assignee’s soc. sec. or tax I.D. No.)

 

 

 

 

 

 

(Insert assignee’s name, address and zip code)

 

and irrevocably
appoint

 

 

 

to transfer this
Note on the books of the Issuers. The agent may substitute another to act for
him.

 

 

	
  Date:

  	
   

  	
   

  

 

Your Signature:

 

 

	
   

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

  
	
   

  
	
  Signature
  Guarantee*:

  	
   

  

 

* (Signature must be guaranteed by a participant in a
recognized signature guaranty medallion program or other signature guarantor
acceptable to the Trustee)

 

A-1-17

 

[FORM OF CERTIFICATE TO BE DELIVERED UPON
EXCHANGE OR

REGISTRATION OF TRANSFER RESTRICTED NOTES]

 

This certificate relates to € principal amount of Notes held in (check
applicable box) o book-entry or o
definitive registered form by the undersigned.

 

The undersigned
(check one box below):

 

o                      has requested the Trustee by
written order to deliver, in exchange for its beneficial interest in the Global
Note held by the Depositary, a Definitive Note in definitive, registered form
of authorized denominations and an aggregate principal amount equal to its
beneficial interest in such Global Note (or the portion thereof indicated
above);

 

o                      has requested the Trustee by
written order to exchange or register the transfer of a Note.

 

In connection with
any transfer of any of the Notes evidenced by this certificate occurring prior
to the expiration of the period referred to in Rule 144(k) under the
Securities Act, the undersigned confirms that such Notes are being transferred
in accordance with its terms:

 

CHECK ONE BOX BELOW

 

(1)                    o        to the Issuers; or

 

(2)                    o        to the Registrar for
registration in the name of the Holder, without transfer; or

 

(3)                    o        pursuant to an effective
registration statement under the U.S. Securities Act of 1933; or

 

(4)                    o        inside the United States
to a “qualified institutional buyer” (as defined in Rule 144A under the
Securities Act of 1933) that purchases for its own account or for the account
of a qualified institutional buyer to whom notice is given that such transfer
is being made in reliance on Rule 144A, in each case pursuant to and in
compliance with Rule 144A under the Securities Act of 1933; or

 

(5)                    o        outside the United States
in an offshore transaction within the meaning of Regulation S under the
Securities Act in compliance with Rule 904 under the Securities Act of
1933 and such Note shall be held immediately after the transfer through Euro
clear or Clearstream until the expiration of the Restricted Period (as denned
in the Indenture); or

 

A-1-18

 

(6)                    o        pursuant to Rule 144
under the U.S. Securities Act of 1933 or another available exemption from
registration.

 

Unless one of the boxes is checked, the Trustee will refuse to register
any of the Notes evidenced by this certificate in the name of any Person other
than the registered Holder thereof, provided,
however, that if box (5) or (6) is checked, the Trustee
may require, prior to registering any such transfer of the Notes, such legal
opinions, certifications and other information as the Trustee or the Issuers
have reasonably requested to confirm that such transfer is being made pursuant
to an exemption from, or in a transaction not subject to, the registration
requirements of the U.S. Securities Act of 1933.

 

	
  Date:

  	
   

  	
   

  

 

Your Signature:

 

 

	
   

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

  
	
   

  
	
  Signature Guarantee*:

  	
   

  

 

* (Signature must be guaranteed by a participant in a
recognized signature guaranty medallion program or other signature guarantor
acceptable to the Trustee)

 

TO BE COMPLETED BY
PURCHASER IF (4) ABOVE IS CHECKED.

 

The undersigned represents and warrants that it is purchasing this Note
for its own account or an account with respect to which it exercises sole
investment discretion and that it and any such account is a “qualified institutional
buyer” within the meaning of Rule 144A under the U.S. Securities Act of
1933, and is aware that the sale to it is being made in reliance on Rule 144A
and acknowledges that it has received such information regarding the Issuers as
the undersigned has requested pursuant to Rule 144A or has determined not
to request such information and that it is aware that the transferor is relying
upon the undersigned’s foregoing representations in order to claim the
exemption from registration provided by
Rule 144A.

 

	
  Date:

  	
   

  	
   

  
	
  Signature:

  	
   

  
	
   

  	
  (to be executed by an executive officer of
  purchaser)

  
				

 

A-1-19

 

[TO BE ATTACHED TO GLOBAL NOTES]

 

[FORM OF SCHEDULE OF INCREASES OR
DECREASES IN GLOBAL NOTE]

 

The initial principal amount of this Global Note is
€[              ].
The following increases or decreases in this Global Note have been made:

 

	
  Date of

  Increase/Decrease

  	
   

  	
  Amount of

  Decrease in

  Principal Amount

  of this Global

  Note

  	
   

  	
  Amount of

  Increase in

  Principal Amount

  of this Global

  Note

  	
   

  	
  Principal amount

  of this Global

  Note following

  such decrease or

  increase

  	
   

  	
  Signature of

  authorized

  signatory of

  Trustee

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

A-1-20

 

[FORM OF OPTION OF HOLDER TO ELECT PURCHASE]

 

If you want to elect to have this Note purchased by the Issuers
pursuant to Section 4.03 (Change of Control) or Section 4.09
(Limitation on Sales of Assets and Subsidiary Stock) of the Indenture, check
the box:

 

	
   

  	
  Asset
  Disposition o

  	
  Change
  of Control o

  

 

If you want to elect to have only part of this Note purchased by the
Issuers pursuant to Section 4.03 or Section 4.09 of the Indenture,
state the amount (minimum amount of €50,000):

 

€                     

 

	
  Date:

  	
   

  	
   

  

 

Your Signature:

 

	
   

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

  
	
   

  
	
   

  
	
  Signature

  Guarantee*:

  	
   

  

 

* (Signature must be guaranteed by a participant in a
recognized signature guaranty medallion program or other signature guarantor
acceptable to the Trustee)

 

A-1-21

 

EXHIBIT A-2

 

[FORM OF DOLLAR FLOATING RATE NOTE]

 

Floating Rate Senior Secured Notes due 2013

 

[Global Notes Legend]

 

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

 

TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE,
BUT NOT IN PART, TO NOMINEES OF EUROCLEAR OR CLEARSTREAM OR TO A SUCCESSOR
THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL
NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET
FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.

 

[[FOR REGULATION S GLOBAL NOTE ONLY] UNTIL 40 DAYS AFTER THE CLOSING OF
THE OFFERING, AN OFFER OR SALE OF SECURITIES WITHIN THE UNITED STATES BY A
DEALER (AS DEFINED IN THE U.S. SECURITIES ACT) MAY VIOLATE THE
REGISTRATION REQUIREMENTS OF THE U.S. SECURITIES ACT IF SUCH OFFER OR SALE IS
MADE OTHERWISE THAN IN ACCORDANCE WITH RULE 144A THEREUNDER.]

 

[Restricted Notes Legend]

 

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF
1933, AS AMENDED (THE “SECURITIES ACT”) AND, ACCORDINGLY, MAY NOT BE
OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED WITHIN THE UNITED STATES OR TO,
OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS, EXCEPT PURSUANT TO AN EXEMPTION
FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT. THE NOTES ARE BEING OFFERED AND SOLD ONLY TO (1) “QUALIFIED
INSTITUTIONAL BUYERS” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) (“QIBS”)
IN COMPLIANCE WITH RULE 144A; AND (2) OUTSIDE THE UNITED STATES TO PERSONS
OTHER THAN U.S. PERSONS (“FOREIGN PURCHASERS”), WHICH TERM SHALL INCLUDE
DEALERS OR OTHER PROFESSIONAL FIDUCIARIES IN THE UNITED STATES ACTING ON A
DISCRETIONARY BASIS FOR FOREIGN

 

A-2-1

 

BENEFICIAL OWNERS
(OTHER THAN AN ESTATE OR TRUST), IN RELIANCE UPON REGULATION S UNDER THE
SECURITIES ACT. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN,
THE HOLDER (1) REPRESENTS THAT (A) (i) IT IS A QIB OR A
REGISTERED BROKER-DEALER ACTING FOR THE ACCOUNT OF A QIB, (ii) IT IS
AWARE, AND EACH BENEFICIAL OWNER OF SUCH NOTES HAS BEEN ADVISED, THAT THE SALE
OF THE NOTES TO IT IS BEING MADE IN RELIANCE ON RULE 144A, (iii) IT IS
ACQUIRING SUCH NOTES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB, AS THE
CASE MAY BE, AND (iv) IT IS AWARE THAT THE NOTES ARE “RESTRICTED
SECURITIES” WITHIN THE MEANING OF THE SECURITIES ACT OR (B) IT IS
PURCHASING, AND THE PERSON, IF ANY, FOR WHOSE ACCOUNT IT IS ACQUIRING THE NOTES
IS PURCHASING, THE NOTES IN AN OFFSHORE TRANSACTION, AS SUCH TERM IS DEFINED IN
RULE 902 UNDER THE SECURITIES ACT, IN ACCORDANCE WITH REGULATION S, (2) IS
AWARE THAT THE NOTES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE
SECURITIES ACT AND ARE BEING OFFERED IN THE UNITED STATES IN RELIANCE ON RULE
144A IN A TRANSACTION NOT INVOLVING ANY PUBLIC OFFERING IN THE UNITED STATES, (3) UNDERSTANDS
THAT THE NOTES MAY NOT BE REOFFERED, RESOLD, PLEDGED OR OTHERWISE
TRANSFERRED EXCEPT (A) (i) TO A PERSON WHOM THE PURCHASER REASONABLY
BELIEVES IS A QIB IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (ii) IN
AN OFFSHORE TRANSACTION COMPLYING WITH RULE 903 OR RULE 904 OF REGULATION S, (iii) PURSUANT
TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144
THEREUNDER (IF AVAILABLE), OR (iv) PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT AND (B) IN ACCORDANCE WITH ALL
APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED STATES. NO
REPRESENTATION CAN BE MADE AS TO THE AVAILABILITY OF THE EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER FOR
RESALE’S OF THE NOTES, AND (4) ACKNOWLEDGES THAT THE INITIAL PURCHASERS
AND OTHERS WILL RELY UPON THE TRUTH AND ACCURACY OF THE FOREGOING
REPRESENTATIONS AND AGREEMENTS.

 

[Each Definitive Note shall bear the following
additional legend:]

 

IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE
REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH
TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER
COMPLIES WITH THE FOREGOING RESTRICTIONS.

 

A-2-2

 

Common Code. [     ]

ISIN No. [     ]

CUSIP [     ]

 

Floating Rate Senior Secured Notes due 2013

 

	
  No.

  	
   

  	
   

  	
   

  	
  $

  	
   

  	
   

  

 

NXP B.V.

NXP FUNDING LLC

 

NXP B.V., a
company organized under the laws of The Netherlands, and NXP Funding LLC, a
limited liability company organized under the laws of Delaware, jointly and
severally promise to pay to Cede & Co. or its registered assigns, the
principal sum of $[     ] [subject to adjustments
listed on the Schedule of Increases or Decreases in Global Note attached
hereto](2), on October 15, 2013.

 

Interest Payment
Dates: January 15, April 15, July 15 and October 15,
commencing [     ].

 

Record Dates: January 1,
April 1, July 1 and October 1.

 

Additional
provisions of this Note are set forth on the other side of this Note.

 

(Signature page to follow.)

 

(2)  Use the Schedule of Increases and
Decreases language if Note is in Global Form.

 

A-2-3

 

IN WITNESS
WHEREOF, NXP B.V., and NXP Funding LLC have caused this Note to be signed
manually or by facsimile by their duly authorized officers.

 

	
  Dated:

  	
  NXP B.V.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
  NXP FUNDING LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  
	
   

  	
  Title:

  

 

This is one of the
Notes referred to in the Indenture.

 

	
  DEUTSCHE BANK TRUST COMPANY AMERICAS,

  as Trustee

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  (Authorized Signatory)

  	
   

  
				

 

A-2-4

 

[FORM OF BACK OF DOLLAR FLOATING RATE NOTE]

 

FLOATING RATE SENIOR SECURED NOTES DUE 2013

 

1.         Interest

 

NXP B.V., a company organized under the laws of The Netherlands, and
NXP Funding LLC, a limited liability company organized under the laws of
Delaware (together with NXP B.V. and their respective successors and assigns
under the Indenture hereinafter referred to, being herein called “the Issuers”),  jointly and severally promise to pay interest on the
principal amount of this Note at the rate per annum as determined below.

 

Interest on the Notes will accrue at a rate equal to the LIBO Rate
(which will be reset quarterly) plus 2.75%, except that the interest rate on
the Notes for the period beginning on the date of issue and ending January 14,
2007 will be 8.118%. Interest on the Notes will be payable, in cash, quarterly
in arrears on every January 15, April 15, July 15 and October 15,
beginning [    ] to the holders of record on the January 1,
April 1, July 1 or October 1 immediately preceding the next
interest payment date.

 

The amount of interest for each day that any Note is outstanding (the “Daily Interest Amount”)  will be calculated by dividing the
interest rate in effect for such day by 360 and multiplying the result by the
principal amount of such Notes. The amount of interest to be paid on the Notes
for each interest period will be calculated by adding the Daily Interest
Amounts for each day in the interest period. Each interest period shall end on
(but not include) the relevant interest payment date.

 

All percentages resulting from any of the above calculations will be
rounded, if necessary, to the nearest one hundred-thousandth of a percentage
point, with five one-millionths of a percentage point being rounded upwards
(e.g., 9.876545% (or .09876545)being rounded to 9.87655% (or .0987655) and all
dollar amounts used in resulting from such calculations will be rounded to the
nearest cent (with one-half cent being rounded upwards).

 

The interest rate on the Notes will in no event be higher than the
maximum rate permitted by law.

 

Interest on the Notes will accrue from the most recent date to which
interest has been paid or, if no interest has been paid, from the date of
original issuance.

 

“LIBO Rate” means,
for each quarterly period during which any Note is outstanding subsequent to
the initial period beginning on the Issue Date and ending January 14,
2007, the rate determined by the Issuers (written notice of such

 

A-2-5

 

rate to be sent to
the Trustee by the Issuers on the date of determination thereof) equal to the
applicable British Bankers’ Association LIBO rate for deposits in U.S. dollars
for a period of three months as reported by any generally recognized financial
information service as of 11:00 a.m. {London time) two business days prior
to the first day of such quarterly period; provided
that, if no such British Bankers’ Association LIBO rate is available
to the Issuers, the LIBO Rate for the relevant quarterly period shall instead
be the rate at which a first-class bank in the London interbank market selected
in good faith by the Company offers to place deposits in U.S. dollars with
first-class banks in the London interbank market for a period of three months
at approximately 11:00 a.m. (London time) two business days prior to the
first day of such quarterly period, in amounts equal to $1.0 million. If such a
rate cannot be obtained, the LIBO Rate shall be equal to that applicable to the
prior interest period.

 

The Holders of this Note are entitled to the benefits of the
Registration Rights Agreement, dated October 12, 2006, among the Issuers,
the guarantors party thereto and the Initial Purchasers named therein (the “Registration Rights Agreement”). The Holders of this Note are entitled to
the Additional Interest payable in the circumstances as set forth in the
Registration Rights Agreement.

 

2.         Method
of Payment

 

Holders must surrender Notes to the relevant Paying Agent to collect principal
payments. The Issuers shall pay principal, premium, if any, Applicable Amounts,
if any, and interest and Additional Interest, if any, in money of the United
States of America that at the time of payment is legal tender for payment of
public and private debts. Principal, premium, if any, Additional Amounts, if
any, interest and Additional Interest, if any, on the Global Notes will be
payable at the specified office or agency of one or more Paying Agents;
provided that all such payments with respect to Notes represented by one or
more Global Notes registered in the name of or held by a nominee of DTC will be
made by wire transfer of immediately available funds to the account specified
by the Holder or Holders thereof.

 

Principal, premium, if any, Additional Amounts, if any, interest and
Additional Interest, if any, on any Definitive Notes will be payable at the
specified office or agency of one or more Paying Agents in New York, maintained
for such purposes. In addition, interest on the Definitive Notes may be paid by
check mailed to the person entitled thereto as shown on the register for the
Definitive Notes; provided, however, that
cash payments on the Notes may also be made, in the case of a Holder of at
least $1,000,000 aggregate principal amount of Notes, by wire transfer to a
dollar account maintained by the payee with a bank in the United States of
America if such Holder elects payment by wire transfer by giving written notice
to the Trustee or the Paying Agent to such effect designating such account no
later than 30 days immediately preceding the

 

A-2-6

 

relevant due date
for payment (or such other date as the Trustee may accept in its discretion).

 

If the due date for any payment in respect of any Note is not a
Business Day at the place in which such payment is due to be paid, the Holder
thereof will not be entitled to payment of the amount due until the next
succeeding Business Day at such place, and will not be entitled to any further
interest or other payment as a result of any such delay.

 

3.         Paying
Agent, Registrar and Calculation Agent

 

Initially, Deutsche Bank Trust Company Americas will act as New York
Registrar and U.S. Dollar Paying Agent and Deutsche Bank Luxembourg S.A. will
act as Registrar and Transfer Agent. The Issuers may appoint and change any
Registrar, Transfer Agent and Paying Agent. The Issuers or any of its
Restricted Subsidiaries may act as Registrar, Transfer Agent and Paying Agent.

 

The Issuers initially appoint Deutsche Bank Trust Company Americas as
Calculation Agent for the Notes. The Calculation Agent shall, as soon as
practicable after 11:00 a.m. (New York time) on each determination date,
determine the applicable rate and calculate the aggregate amount of interest
payable in respect of the following interest period (the “Interest Amount”). The Interest Amount shall be calculated
by applying the applicable rate to the principal amount of each Note
outstanding at the commencement of the interest period, multiplying each such
amount by the actual amounts of days in the interest period concerned divided
by 360 and rounding the resultant figure upwards to the nearest available
currency unit. The determination of the applicable rate and the Interest Amount
by the Calculation Agent shall, in the absence of willful default, bad faith or
manifest error, be final and binding on all parties.

 

4.         Indenture

 

The Issuers issued the Notes under the Indenture dated as of October 12,
2006 (the “Indenture “), among the Issuers, the Guarantors party
thereto, Deutsche Bank Trust Company Americas, as Trustee (the “Trustee”),  Morgan Stanley Senior Funding, Inc., as Global
Collateral Agent, and Mizuho Corporate Bank, Ltd., as Taiwan Collateral Agent.
The terms of the Notes include those stated in the Indenture. Terms defined in
the Indenture and not defined herein have the meanings ascribed thereto in the
Indenture. The Notes are subject to all terms and provisions of the Indenture, and
Holders (as defined in the Indenture) are referred to the Indenture for a
statement of such, terms and provisions. In the event of a conflict, the terms
of the Indenture control.

 

The Notes are senior obligations of the Issuers. This Note is one of
the Notes referred to in the Indenture. The Notes and the Additional Notes are
treated as a single class under the Indenture. The Indenture imposes certain
limitations on the ability of the Issuers and their Restricted Subsidiaries to,
among other things, make certain Investments and other Restricted Payments, pay

 

A-2-7

 

dividends and other
distributions, incur Indebtedness and layer Indebtedness, enter into consensual
restrictions upon the payment of certain dividends and distributions by such
Restricted Subsidiaries, issue or sell shares of capital stock of such Restricted
Subsidiaries, enter into or permit certain transactions with Affiliates, create
or incur Liens, make asset sales, impair certain security interests, issue
certain guarantees and designate Restricted and Unrestricted Subsidiaries. The
Indenture also imposes limitations on the ability of the Issuers to consolidate
or merge with or into any other Person or convey, transfer or lease all or
substantially all its property.

 

5.         Optional Redemption

 

(a)  At any time prior to October 15, 2008, the
Issuers may redeem the Notes in whole or in part, at their option, upon not
less than 30 nor more than 60 days’ prior notice at a redemption price equal to
100% of the principal amount of such Notes plus the relevant Floating Rate
Applicable Premium as of, and accrued and unpaid interest and Additional
Interest, if any, to the applicable redemption date.

 

(b) At any time and from time to time on or after
October 15, 2008, the Issuers may redeem the Notes, in whole or in part, at a
redemption price equal to the percentage of principal amount set forth below
plus accrued and unpaid interest to the redemption date.

 

	
  12-month
  period commencing October 15, in Year

  	
   

  	
  Percentage

  	
   

  
	
  2008

  	
   

  	
  102

  	
  %

  
	
  2009

  	
   

  	
  101

  	
  %

  
	
  2010 and thereafter

  	
   

  	
  100

  	
  %

  

 

(c)  Any redemption and notice of redemption may,
at the Company’s discretion, be subject to the satisfaction of one or more
conditions precedent.

 

6.         Optional Tax Redemption

 

The Issuers or
Successor Company may redeem any series of Notes in whole as to such series,
but not in part, at any time upon giving not less than 30 nor more than 60 days’
notice to the Holders of the relevant series of Notes (which notice will be
irrevocable) at a redemption price equal to 100% of the principal amount
thereof, together with accrued and unpaid interest, if any, including
Additional Interest, if any, to the date fixed for redemption (a “Tax Redemption Date”) (subject to the right of Holders of
record on the relevant record date to receive interest due on the relevant
interest payment date) and all Additional Amounts, if any, then due and which
will become due on the Tax Redemption Date as a result of the redemption or
otherwise, if any, if the Issuers, Successor Company or Guarantor determines in
good faith that, as a result of:

 

A-2-8

 

(1)       any change in, or amendment to, the law
(or any regulations or rulings promulgated thereunder) of a Relevant Taxing
Jurisdiction affecting taxation; or

 

(2)       any change in, or amendment to, an
official position regarding the application, administration or interpretation,
of such laws, regulations or rulings (including a holding, judgment or order by
a court of competent jurisdiction) of a Relevant Taxing Jurisdiction (each of
the foregoing in clauses (1) and (2), a “Change
in Tax Law”),

 

the
Issuers, Successor Company or Guarantor are, or on the next interest
payment date in respect of the relevant series of Notes would be, required to
pay any Additional Amounts, and such obligation cannot be avoided by taking
reasonable measures available to the Issuers, Successor Company or Guarantor
(including, for the avoidance of doubt, the appointment of a new Paying Agent
where this would be reasonable but not including assignment of the obligation
to make payment with respect to the Notes). In the case of redemption due to
withholding as a result of a Change in Tax Law in a jurisdiction that is a
Relevant Taxing Jurisdiction at October 5, 2006, such Change in Tax Law must
become effective on or after October 5, 2006. In the case of redemption due to
withholding as a result of a Change in Tax Law in a jurisdiction that becomes a
Relevant Taxing Jurisdiction after October 5, 2006, such Change in Tax Law must
become effective on or after the date the jurisdiction becomes a Relevant
Taxing Jurisdiction, unless the Change in Tax Law would have applied to the
predecessor of the Successor Company. Notice of redemption for taxation reasons
will be published in accordance with the procedures described in paragraph 8.
Notwithstanding the foregoing, no such notice of redemption will be given (a)
earlier than 90 days prior to the earliest date on which the Payor would be
obliged to make such payment of Additional Amounts and (b) unless at the time
such notice is given, such obligation to pay such Additional Amounts remains in
effect. Prior to the publication or mailing of any notice of redemption of any
series of Notes pursuant to the foregoing, the Issuers will deliver to the
Trustee (a) an Officer’s Certificate stating that it is entitled to effect such
redemption and setting forth a statement of facts showing that the conditions
precedent to its right so to redeem have been satisfied and (b) an opinion of
an independent tax counsel of recognized standing to the effect that the
Issuers have been or will become obligated to pay Additional Amounts as a
result of a Change in Tax Law. The Trustee will accept such Officer’s
Certificate and opinion as sufficient evidence of the satisfaction of the
conditions precedent described above, without further inquiry, in which event
it will be conclusive and binding
on the holders of the Notes.

 

7.         Sinking Fund

 

The Issuers are
not required to make mandatory redemption payments or sinking fund payments
with respect to the Notes.

 

A-2-9

 

8.         Notice of Redemption

 

At least 30 days
but not more than 60 days before a date for redemption of Notes, the Issuers
shall transmit a notice of redemption in accordance with Section 13.03 of the
Indenture and as provided below.

 

If less than all
of any series of Notes is to be redeemed at any time, the Trustee will select
Notes for redemption in compliance with the requirements of the principal
securities exchange, if any, on which that series of Notes is listed, and/or in
compliance with the requirements of DTC, or if the Notes are not so listed or
such exchange prescribes no method of selection and the Notes are not held
through DTC, prescribes no method of selection, on a pro rata basis; provided,
however, that no Note of $75,000 in aggregate principal amount or less shall be
redeemed in part.

 

If any Note is to
be redeemed in part only, the notice of redemption that relates to that Note
shall state the portion of the principal amount thereof to be redeemed, in
which case a portion of the original Note will be issued in the name of the
Holder thereof upon cancellation of the original Note. In the case of a Global
Note, an appropriate notation will be made on such Note to decrease the
principal amount thereof to an amount equal to the unredeemed portion thereof.
Subject to the terms of the applicable redemption notice (including any
conditions contained therein), Notes called for redemption become due on the
date fixed for redemption. On and after the redemption date, interest ceases to
accrue on Notes or portions of them called for redemption.

 

9.         Additional Amounts

 

The Issuers are
required to make all payments under or with respect to the Notes or the Note
Guarantees free and clear of and without withholding or deduction for or on
account of any present or future Taxes in accordance with Section 4.02 of the
Indenture.

 

10.                   Repurchase
of Notes at the Option of Holders upon (i) a Change of Control and (ii) the
occurrence of certain Asset Dispositions

 

If a Change of Control
occurs, each Holder of Notes will have the right, subject to certain conditions
specified in the Indenture, to require the Issuers to repurchase all of the
Notes of such Holder at a purchase price equal to 101 % of the principal amount
of the Notes to be repurchased plus accrued and unpaid interest, if any, to the
date of purchase (subject to the right of Holders of record on the relevant
record date to receive interest due on the relevant interest payment date) as
provided in, and subject to the terms of, the Indenture.

 

In accordance with
Section 4.09 of the Indenture, the Issuers will be required to offer to
purchase Notes upon the occurrence of certain events, including certain Asset
Dispositions.

 

A-2-10

 

11.       Security

 

The Notes will be secured
by first priority liens and security interests in the Collateral, subject to
the grant of further Permitted Collateral Liens. Reference is made to the
Indenture for terms relating to such security, including the release,
termination and discharge thereof. The Security Documents and the Collateral
will be administered by a Collateral Agent (or in certain circumstances a
sub-agent) pursuant to a Collateral Agency Agreement for the benefit of all
holders of Secured obligations. The Issuers shall not be required to make any
notation on this Note to reflect any grant of such security or any such
release, termination or discharge.

 

12.       Denominations; Transfer; Exchange

 

The Notes are in
registered form without interest coupons in minimum denominations of $75,000
and multiples of $1,000 in excess thereof. A Holder may transfer or exchange
Notes in accordance with the Indenture. In connection with any such transfer or
exchange, the Indenture will require the transferring or exchanging Holder to,
among other things, furnish appropriate endorsements and transfer documents, to
furnish information regarding the account of the transferee at DTC, where
appropriate, to furnish certain certificates and opinions, and to pay any
taxes, duties and governmental charges in connection with such transfer or
exchange. Any such transfer or exchange will be made without charge to the
Holder, other than any taxes, duties and governmental charges payable in
connection with such transfer.

 

13.       Persons Deemed Owners

 

Except as provided in paragraph 2 of this Note, the
registered Holder of this Note will be treated as the owner of it for all
purposes.

 

14.       Unclaimed Money

 

If money for the
payment of principal or interest remains unclaimed for two years, the Trustee
or Paying Agent shall pay the money back to the Issuers at their written
request unless an abandoned property law designates another Person. After any
such payment, Holders entitled to the money must look to the Issuers for
payment as general creditors and the Trustee and the Paying Agent shall have no
further liability with respect to such monies.

 

15.       Discharge and Defeasance

 

Subject to certain
conditions, the Issuers at any time may terminate some of or all their
obligations under the Notes and the Indenture if the Issuers, among other
things, deposit or cause to be deposited with the Trustee money or U.S.
Government Obligations denominated in U.S. dollars in such amounts as will be
sufficient for the payment of the entire Indebtedness including principal

 

A-2-11

 

of, premium, if any, and
interest on the Notes to the date of redemption or maturity, as the case may
be.

 

16.       Amendment, Waiver

 

The Indenture and
the Notes may be amended as set forth in the Indenture.

 

17.       Defaults and Remedies

 

The following
events constitute “Events of Default”  under the Indenture: An “Event of Default”  occurs if or upon:

 

(1)  default in any payment of interest or
Additional Interest, if any, on any Note issued under the Indenture when due
and payable, continued for 30 days;

 

(2)  default in the payment of the principal amount
of or premium, if any, on any Note issued under the Indenture when due at its
Stated Maturity, upon optional redemption, upon required repurchase, upon
declaration or otherwise;

 

(3)  failure to comply for 30 days after written
notice by the Trustee on behalf of the Holders or by the Holders of 30% in
principal amount of the outstanding Notes with any of its obligations under
Article 4 and 5 of the Indenture (in each case, other than a failure to
purchase Notes which will constitute an Event of Default under Section
6.01(a)(2) of the Indenture);

 

(4)  failure to comply for 60 days after notice by
the Trustee on behalf of the Holders or by the Holders of 30% in principal amount
of the outstanding Notes with its other agreements contained in the Indenture;

 

(5)  default under any mortgage, indenture or
instrument under which there may be issued or by which there may be secured or
evidenced any Indebtedness for money borrowed by either Issuer or any of its
Restricted Subsidiaries (or the payment of which is Guaranteed by either Issuer
or any of its Restricted Subsidiaries) other than Indebtedness owed to either
Issuer or a Restricted Subsidiary whether such Indebtedness or Guarantee now
exists, or is created after the date hereof, which default:

 

(a)       is caused by a failure to pay principal
of, or interest or premium, if any, on such Indebtedness, immediately upon the
expiration of the grace period provided in such Indebtedness; or

 

(b)       results in the acceleration of such
Indebtedness prior to its maturity;

 

and,
in each case, the principal amount of any such Indebtedness, together with the
principal amount of any other such Indebtedness under which there has been a
payment default or the

 

A-2-12

 

maturity of which has
been so accelerated, aggregates €100 million or more;

 

(6)       either Issuer or any of the Restricted
Subsidiaries institutes or consents to the institution of any proceeding under
any Debtor Relief Law, or makes an assignment for the benefit of creditors; or
applies for or consents to the appointment of any receiver, trustee, custodian,
conservator, liquidator, rehabilitator, administrator, administrative receiver
or similar office is appointed without the application or consent of such
Person and the appointment continues undischarged or unstayed for sixty (60)
calendar days; or any proceeding under any Debtor Relief Law relating to any
such Person or to all or any material part of its property or assets is
instituted without the consent of such Person and continues undismissed or
unstayed for (60) calendar days, or an order for relief is entered in any such
proceeding;

 

(7)       failure by the Issuers or any Significant
Subsidiary or group of Restricted Subsidiaries that, taken together (as of the
latest audited consolidated financial statements for the Issuers and their
Restricted Subsidiaries), would constitute a Significant Subsidiary to pay
final judgments aggregating in excess of €100 million (exclusive of any amounts
that a solvent insurance company has acknowledged liability for), which
judgments are not paid, discharged or stayed for a period of 60 days after the
judgment becomes final;

 

(8)       any security interest under the Security
Documents on any material Collateral shall, at any time, cease to be in full
force and effect (other than in accordance with the terms of the Security
Document and the Indenture) for any reason other than the satisfaction in full
of all obligations under this Indenture or the release or amendment of any such
security interest in accordance with the terms of the Indenture or such
Security Document or any such security interest created thereunder shall be
declared invalid or unenforceable or either Issuer shall assert in writing that
any such security interest is invalid or unenforceable and any such Default
continues for 10 days; or

 

(9)       any Guarantee ceases to be in full force
and effect, other than in accordance with the terms of the Indenture or a
Guarantor denies or disaffirms its obligations under its Guarantee, other than
in accordance with the terms thereof or upon release of the Guarantee in
accordance with the Indenture.

 

However, a default
under Sections 6.01 (a)(3), 6.01 (a)(4), 6.01(a)(5) and 6.01(a)(7) of the
Indenture will not constitute an Event of Default until the Trustee or the
Holders of 30% in principal amount of the outstanding Notes under the Indenture
notify either Issuer of the default and the Issuers do not cure such default within
the time specified in Sections 6.01(a)(3), 6.01(a)(4), 6.01(a)(5) or 6.01(a)(7)
of the Indenture, as applicable, after receipt of such notice.

 

If an Event of
Default occurs and is continuing the Trustee by notice to either Issuer or the
Holders of at least 30% in principal amount of the

 

A-2-13

 

outstanding Notes under
the Indenture by written notice to either Issuer, may, and the Trustee at the
request of such Holders shall, declare the principal of, premium, if any, and
accrued and unpaid interest, including Additional Interest, if any, on all the
Notes to be due and payable immediately. Notwithstanding the foregoing, in the
case of an Event of Default arising from certain events of bankruptcy or insolvency,
the principal of, premium, if any, and accrued and unpaid interest, including
Additional Interest, if any, on all the Notes will become due and payable
immediately without any declaration.

 

18.       Trustee Dealings with the Issuers

 

The Trustee under
the Indenture, in its individual or any other capacity, may become the owner or
pledgee of Notes and may otherwise deal with and collect obligations owed to it
by the Issuers or their Affiliates and may otherwise deal with the Issuers or
their Affiliates with the same rights it would have if it were not Trustee.

 

19.       No Recourse Against Others

 

No director,
manager, officer, employee, incorporator or shareholder of either Issuer or any
of its Subsidiaries or any parent company of either Issuer shall have any liability
for any obligations of either Issuer or any Subsidiary with respect to the
Notes or the Indenture, or for any claim based on, in respect of, or by reason
of such obligations or their creation. Each Holder by accepting a Note waives
and releases all such liability. The waiver and release are part of the
consideration for issuance of the Notes.

 

20.       Authentication

 

This Note shall
not be valid until an authorized signatory of the Trustee (or an authenticating
agent acting on its behalf) manually signs the certificate of authentication on
the other side of this Note. The signature shall be conclusive evidence that
the security has been authenticated under the Indenture.

 

21.       Abbreviations

 

Customary
abbreviations may be used in the name of a Holder or an assignee, such as TEN
COM (=tenants in common), TEN ENT (=tenants by the entireties), JT TEN (=joint
tenants with rights of survivorship and not as tenants in common), CUST
(=custodian), and U/G/M/A (=Uniform Gift to Minors Act).

 

22.       Governing Law

 

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

 

A-2-14

 

23.       CUSIP Numbers, Common Codes and ISIN
Numbers

 

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

 

The
Issuers will furnish to any Holder of Notes upon written request and without
charge to the Holder a copy of the Indenture which has in it the text of this
Note.

 

A-2-15

 

[FORM OF
ASSIGNMENT FORM]

 

To assign this Note, fill in the form below:

 

I or we assign and
transfer this Note to:

 

	
   

  
	
   

  
	
  (Print or type assignee’s legal name)

  

 

	
   

  
	
   

  
	
  (Insert assignee’s soc. sec. or tax I.D. No.)

  

 

	
   

  
	
   

  
	
   

  
	
   

  
	
   

  
	
  (Insert assignee’s name, address and zip code)

  

 

and irrevocably appoint

 

	
   

  

 

to transfer this Note on
the books of the Issuers. The agent may substitute another to act for him.

 

	
  Date:

  	
   

  	
   

  

 

Your Signature:

 

 

	
   

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

  

 

	
  Signature Guarantee*:

  	
   

  

 

* (Signature must be
guaranteed by a participant in a recognized signature guaranty medallion
program or other signature guarantor acceptable to the Trustee)

 

A-2-16

 

[FORM OF
CERTIFICATE TO BE DELIVERED UPON EXCHANGE 

OR REGISTRATION OF TRANSFER RESTRICTED NOTES]

 

This certificate
relates to $ principal amount of Notes held in (check applicable box) o
book-entry or o definitive
registered form by the undersigned.

 

The undersigned (check
one box below):

 

o                      has
requested the Trustee by written order to deliver, in exchange for its
beneficial interest in the Global Note held by the Depositary, a Definitive
Note in definitive, registered form of authorized denominations and an
aggregate principal amount equal to its beneficial interest in such Global Note
(or the portion thereof indicated above);

 

o                       has
requested the Trustee by written order to exchange or register the transfer of
a Note.

 

In connection with any
transfer of any of the Notes evidenced by this certificate occurring prior to
the expiration of the period referred to in Rule 144(k) under the Securities
Act, the undersigned confirms that such Notes are being transferred in
accordance with its terms:

 

CHECK ONE BOX BELOW

 

(1)                    o        to the Issuers; or

 

(2)                    o        to the Registrar for registration in the
name of the Holder, without transfer; or

 

(3)                    o        pursuant to an effective registration
statement under the U.S. Securities Act of 1933; or

 

(4)                    o        inside the United States to a “qualified
institutional buyer” (as defined in Rule 144A under the Securities Act of 1933)
that purchases for its own account or for the account of a qualified
institutional buyer to whom notice is given that such transfer is being made in
reliance on Rule 144A, in each case pursuant to and in compliance with Rule
144A under the Securities Act of 1933; or

 

(5)                    o        outside the United States in an offshore
transaction within the meaning of Regulation S under the Securities Act in
compliance with Rule 904 under the Securities Act of 1933 and such Note shall
be held immediately after the transfer through DTC until the expiration of the
Restricted Period (as defined in the Indenture); or

 

A-2-17

 

(6)                    o        pursuant to Rule 144 under the U.S.
Securities Act of 1933 or another available exemption from registration.

 

Unless one of the
boxes is checked, the Trustee will refuse to register any of the Notes
evidenced by this certificate in the name of any Person other than the
registered Holder thereof, provided,
however, that if box (5) or (6) is checked, the Trustee may require,
prior to registering any such transfer of the Notes, such legal opinions,
certifications and other information as the Trustee or the Issuers have
reasonably requested to confirm that such transfer is being made pursuant to an
exemption from, or in a transaction not subject to, the registration
requirements of the U.S. Securities Act of 1933.

 

	
  Date:

  	
   

  	
   

  

 

Your Signature:

 

 

	
   

  

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

 

	
  Signature Guarantee*:

  	
   

  

 

* (Signature must be
guaranteed by a participant in a recognized signature guaranty medallion
program or other signature guarantor acceptable to the Trustee)

 

TO BE COMPLETED BY
PURCHASER IF (4) ABOVE IS CHECKED.

 

The undersigned
represents and warrants that it is purchasing this Note for its own account or
an account with respect to which it exercises sole investment discretion and
that it and any such account is a “qualified institutional buyer” within the
meaning of Rule 144A under the U.S. Securities Act of 1933, and is aware that
the sale to it is being made in reliance on Rule 144A and acknowledges that it
has received such information regarding the Issuers as the undersigned has requested
pursuant to Rule 144A or has determined not to request such information and
that it is aware that the transferor is relying upon the undersigned’s
foregoing representations in order to claim the exemption from registration provided by Rule 144A.

 

	
  Date:

  	
   

  	
   

  
	
  Signature:

  	
   

  
	
  (to be executed by an
  executive officer of purchaser)

  
				

 

A-2-18

 

[TO BE ATTACHED TO GLOBAL NOTES]

 

[FORM OF SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE]

 

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

 

	
  Date of

  Increase/Decrease

  	
   

  	
  Amount of

  Decrease in

  Principal Amount

  of this Global

  Note

  	
   

  	
  Amount of

  Increase in

  Principal Amount

  of this Global

  Note

  	
   

  	
  Principal amount

  of this Global

  Note following

  such decrease or

  increase

  	
   

  	
  Signature of 

  authorized

  signatory of

  Trustee

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

A-2-19

 

[FORM OF
OPTION OF HOLDER TO ELECT PURCHASE]

 

If you want to
elect to have this Note purchased by the Issuers pursuant to Section 4.03
(Change of Control) or Section 4.09 (Limitation on Sales of Assets and
Subsidiary Stock) of the Indenture, check the box:

 

Asset
Disposition o                                                                                           Change
of Control o

 

If you want to
elect to have only part of this Note purchased by the Issuers pursuant to
Section 4.03 or Section 4.09 of the Indenture, state the amount (minimum amount
of $75,000):

 

	
   

  	
  $

  	
   

  	
   

  

 

	
  Date:

  	
   

  	
   

  

 

 

	
  Your
  Signature:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

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

  	
   

  	
   

  	
   

  

 

	
   

  	
   

  	
   

  
	
  Signature Guarantee*: 

  	
   

  
				

 

* (Signature must be
guaranteed by a participant in a recognized signature guaranty medallion
program or other signature guarantor acceptable to the Trustee)

 

A-2-20

 

EXHIBIT A-3

 

[FORM OF
DOLLAR FIXED RATE NOTE]

 

77/8% Senior Secured Notes due
2014

 

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

 

TRANSFERS OF THIS
GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO
NOMINEES OF EUROCLEAR OR CLEARSTREAM OR TO A SUCCESSOR THEREOF OR SUCH
SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL BE
LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE
INDENTURE REFERRED TO ON THE REVERSE HEREOF.

 

[[FOR REGULATION S
GLOBAL NOTE ONLY] UNTIL 40 DAYS AFTER THE CLOSING OF THE OFFERING, AN OFFER OR
SALE OF SECURITIES WITHIN THE UNITED STATES BY A DEALER (AS DEFINED IN THE U.S.
SECURITIES ACT) MAY VIOLATE THE REGISTRATION REQUIREMENTS OF THE U.S.
SECURITIES ACT IF SUCH OFFER OR SALE IS MADE OTHERWISE THAN IN ACCORDANCE WITH
RULE 144A THEREUNDER.]

 

[Restricted
Note Legend]

 

THIS NOTE HAS NOT
BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”) AND, ACCORDINGLY, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
TRANSFERRED WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF,
U.S. PERSONS, EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT
SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. THE NOTES ARE
BEING OFFERED AND SOLD ONLY TO (1) “QUALIFIED INSTITUTIONAL BUYERS” (AS DEFINED
IN RULE 144A UNDER THE SECURITIES ACT) (“QIBS”) IN COMPLIANCE WITH RULE 144A;
AND (2) OUTSIDE THE UNITED STATES TO PERSONS OTHER THAN U.S. PERSONS (“FOREIGN
PURCHASERS”), WHICH TERM SHALL INCLUDE DEALERS OR OTHER PROFESSIONAL
FIDUCIARIES IN THE UNITED STATES ACTING ON A DISCRETIONARY BASIS FOR FOREIGN
BENEFICIAL OWNERS (OTHER THAN AN ESTATE OR TRUST), IN RELIANCE UPON REGULATION
S UNDER THE SECURITIES ACT. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL
INTEREST HEREIN, THE HOLDER (1) REPRESENTS THAT (A) (i) IT

 

A-3-1

 

IS A QIB OR A REGISTERED
BROKER-DEALER ACTING FOR THE ACCOUNT OF A QIB, (ii) IT IS AWARE, AND EACH
BENEFICIAL OWNER OF SUCH NOTES HAS BEEN ADVISED, THAT THE SALE OF THE NOTES TO
IT IS BEING MADE IN RELIANCE ON RULE 144A, (iii) IT IS ACQUIRING SUCH NOTES FOR
ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB, AS THE CASE MAY BE, AND (iv) IT IS
AWARE THAT THE NOTES ARE “RESTRICTED SECURITIES” WITHIN THE MEANING OF THE
SECURITIES ACT OR (B) IT IS PURCHASING, AND THE PERSON, IF ANY, FOR WHOSE
ACCOUNT IT IS ACQUIRING THE NOTES IS PURCHASING, THE NOTES IN AN OFFSHORE
TRANSACTION, AS SUCH TERM IS DEFINED IN RULE 902 UNDER THE SECURITIES ACT, IN
ACCORDANCE WITH REGULATION S, (2) IS AWARE THAT THE NOTES HAVE NOT BEEN AND
WILL NOT BE REGISTERED UNDER THE SECURITIES ACT AND ARE BEING OFFERED IN THE
UNITED STATES IN RELIANCE ON RULE 144A IN A TRANSACTION NOT INVOLVING ANY
PUBLIC OFFERING IN THE UNITED STATES, (3) UNDERSTANDS THAT THE NOTES MAY NOT BE
REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (A) (i) TO A PERSON
WHOM THE PURCHASER REASONABLY BELIEVES IS A QIB IN A TRANSACTION MEETING THE
REQUIREMENTS OF RULE 144A, (ii) IN AN OFFSHORE TRANSACTION COMPLYING WITH RULE
903 OR RULE 904 OF REGULATION S, (iii) PURSUANT TO AN EXEMPTION FROM REGISTRATION
UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE), OR
(iv) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT
AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OF THE
UNITED STATES. NO REPRESENTATION CAN BE MADE AS TO THE AVAILABILITY OF THE
EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144
THEREUNDER FOR RESALES OF THE NOTES, AND (4) ACKNOWLEDGES THAT THE INITIAL
PURCHASERS AND OTHERS WILL RELY UPON THE TRUTH AND ACCURACY OF THE FOREGOING
REPRESENTATIONS AND AGREEMENTS.

 

[Each
Definitive Note shall bear the following additional legend:]

 

IN CONNECTION WITH
ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH
CERTIFICATES AND OTHER INFORMATION AS SUCH TRANSFER AGENT MAY REASONABLY
REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.

 

A-3-2

 

Common
Code. [     ]

ISIN No. [     ]

CUSIP [     ]

 

77/8% Senior Secured Notes due
2014

 

	
  No.

  	
   

  	
   

  	
  $

  	
   

  	
   

  

 

NXP B.V.

NXP FUNDING LLC

 

NXP B.V., a company
organized under the laws of The Netherlands, and NXP Funding LLC, a limited
liability company organized under the laws of Delaware, jointly and severally
promise to pay to Cede & Co. or its registered assigns, the principal sum
of $[     ] [subject to adjustments listed on the
Schedule of Increases or Decreases in Global Note attached hereto](3), on
October 15, 2014.

 

Interest Payment Dates:
April 15 and October 15, commencing [     ].

 

Record Dates: April 1 and
October 1.

 

Additional provisions of
this Note are set forth on the other side of this Note.

 

(Signature page to follow.)

 

(3) Use the Schedule of
Increases and Decreases language if Note is in Global Form.

 

A-3-3

 

IN WITNESS WHEREOF, NXP
B.V. and NXP Funding LLC have caused this Note to be signed manually or by
facsimile by their duly authorized officers.

 

	
  Dated:

  	
   

  	
  NXP B.V.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: 

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
					

 

	
   

  	
   

  	
  NXP FUNDING LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: 

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
					

 

This is one of the Notes
referred 

to in the Indenture.

 

DEUTSCHE
BANK TRUST COMPANY AMERICAS, 

as Trustee

 

 

	
  By: 

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (Authorized Signatory)

  	
   

  	
   

  	
   

  

 

A-3-4

 

[FORM OF
BACK OF DOLLAR FIXED RATE NOTE]

 

77/8% SENIOR SECURED NOTES DUE
2014

 

1.         Interest

 

NXP B.V., a
company organized under the laws of The Netherlands, and NXP Funding LLC, a
limited liability company organized under the laws of Delaware (together with
NXP B.V. and their respective successors and assigns under the Indenture
hereinafter referred to, being herein called “the
Issuers”), jointly and severally promise to pay interest on the
principal amount of this Note at the rate of 77/8% per
annum. The Issuers shall pay interest semi-annually on April 15 and October 15
of each year commencing on [   ]. The Issuers will make each
interest payment to Holders of record of the Notes on the immediately preceding
April 1 and October 1. Interest on the Notes shall accrue from the most recent
date to which interest has been paid or duly provided for or, if no interest
has been paid or duly provided for, from October 12, 2006 until the principal
hereof is due. Interest shall be computed on the basis of a 360-day year comprised
of twelve 30-day months. Each interest period shall end on (but not include)
the relevant interest payment date.

 

The Holders of
this Note are entitled to the benefits of the Registration Rights Agreement,
dated October 12, 2006, among the Issuers, the guarantors party thereto and the
Initial Purchasers named therein (the “Registration
Rights Agreement”). The Holders of this Note are entitled to the
Additional Interest payable in the circumstances as set forth in the
Registration Rights Agreement.

 

2.         Method of Payment

 

Holders must
surrender Notes to the relevant Paying Agent to collect principal payments. The
Issuers shall pay principal, premium, if any, Applicable Amounts, if any, and
interest and Additional Interest, if any, in money of the United States of
America that at the time of payment is legal tender for payment of public and
private debts; Principal, premium, if any, Additional Amounts, if any, interest
and Additional Interest, if any, on the Global Notes will be payable at the
specified office or agency of one or more Paying Agents; provided that all such
payments with respect to Notes represented by one or more Global Notes
registered in the name of or held by a nominee of DTC will be made by wire
transfer of immediately available funds to the account specified by the Holder
or Holders thereof.

 

Principal,
premium, if any, Additional Amounts, if any, interest and Additional Interest,
if any, on any Definitive Notes will be payable at the specified office or
agency of one or more Paying Agents in New York, maintained for such purposes.
In addition, interest on the Definitive Notes may be paid by check mailed to
the person entitled thereto as shown on the register for the Definitive Notes; provided, however, that cash payments on
the Notes may also be made, in the case of a Holder of at least $1,000,000
aggregate principal amount of Notes, by wire transfer to a dollar account
maintained by the payee with a bank in the United States of America if such
Holder elects payment by wire transfer by giving written notice to the Trustee
or the Paying Agent to such effect designating such account no later than 30
days immediately

 

A-3-5

 

preceding the relevant
due date for payment (or such other date as the Trustee may accept in its
discretion).

 

If the due date
for any payment in respect of any Note is not a Business Day at the place in
which such payment is due to be paid, the Holder thereof will not be entitled
to payment of the amount due until the next succeeding Business Day at such
place, and will not be entitled to any further interest or other payment as a
result of any such delay.

 

3.         Paying Agent and Registrar

 

Initially,
Deutsche Bank Trust Company Americas will act as New York Registrar and U.S.
Dollar Paying Agent and Deutsche Bank Luxembourg S.A. will act as Registrar and
Transfer Agent. The Issuers may appoint and change any Registrar, Transfer
Agent and Paying Agent. The Issuers or any of its Restricted Subsidiaries may
act as Registrar, Transfer Agent and Paying Agent.

 

4.         Indenture

 

The Issuers issued
the Notes under the Indenture dated as of October 12, 2006 (the “Indenture”), among the Issuers, the Guarantors party thereto, Deutsche
Bank Trust Company Americas, as Trustee (the “Trustee”), Morgan Stanley Senior Funding, Inc., as
Global Collateral Agent, and Mizuho Corporate Bank, Ltd., as Taiwan Collateral
Agent. The terms of the Notes include those stated in the Indenture. Terms
defined in the Indenture and not defined herein have the meanings ascribed
thereto in the Indenture. The Notes are subject to all terms and provisions of
the Indenture, and Holders (as defined in the Indenture) are referred to the
Indenture for a statement of such terms and provisions. In the event of a
conflict, the terms of the Indenture control.

 

The Notes are
senior obligations of the Issuers. This Note is one of the Notes referred to in
the Indenture. The Notes and the Additional Notes are treated as a single class
under the Indenture. The Indenture imposes certain limitations on the ability
of the Issuers and their Restricted Subsidiaries to, among other things, make
certain Investments and other Restricted Payments, pay dividends and other
distributions, incur Indebtedness and layer Indebtedness, enter into consensual
restrictions upon the payment of certain dividends and distributions by such
Restricted Subsidiaries, issue or sell shares of capital stock of such
Restricted Subsidiaries, enter into or permit certain transactions with
Affiliates, create or incur Liens, make asset sales, impair certain security
interests, issue certain guarantees and designate Restricted and Unrestricted
Subsidiaries. The Indenture also imposes limitations on the ability of the
Issuers to consolidate or merge with or into any other Person or convey,
transfer or lease all or substantially all its property.

 

5.         Optional Redemption

 

(a)       At any time prior to October 15, 2010,
the Issuers may redeem the Notes in whole or in part, at their option, upon not
less than 30 nor more than 60 days’ prior notice at a redemption price equal to
100% of the principal amount of such Notes plus the relevant Applicable Premium
as of, and accrued and unpaid interest and Additional Interest, if any, to the
applicable redemption date.

 

A-3-6

 

(b)       At any time and from time to time on or
after October 15, 2010, the Issuers may redeem the Notes; in whole or in part,
at a redemption price equal to the percentage of principal amount set forth
below plus accrued and unpaid interest to the redemption date.

 

	
  12-month
  period commencing October 15, in Year

  	
   

  	
  Percentage

  	
   

  
	
  2010

  	
   

  	
  103.938

  	
  %

  
	
  2011

  	
   

  	
  101.969

  	
  %

  
	
  2012 and thereafter

  	
   

  	
  100.000

  	
  %

  

 

(c)       At any time and from time to time prior
to October 15, 2009, the Issuers may redeem the Notes with the net cash
proceeds received by the Issuers from any Equity Offering at a redemption price
equal to 107.875% plus accrued and unpaid interest to the redemption date, in
an aggregate principal amount for all such redemptions not to exceed 40% of the
original aggregate principal amount of the Notes (including Additional Notes), provided that

 

(1)       in each case the redemption takes place
not later than 180 days after the closing of the related Equity Offering, and

 

(2)       not less than 60% of the original
aggregate principal amount of the Notes initially issued remains outstanding
immediately thereafter.

 

(d)       Any redemption and notice of redemption
may, at the Company’s discretion, be subject to the satisfaction of one or more
conditions precedent (including, in the case of a redemption related to an
Equity Offering, the consummation of such Equity Offering).

 

6.         Optional Tax Redemption

 

The Issuers or
Successor Company may redeem any series of Notes in whole as to such series,
but not in part, at any time upon giving not less than 30 nor more than 60 days’
notice to the Holders of the relevant series of Notes (which notice will be
irrevocable) at a redemption price equal to 100% of the principal amount
thereof, together with accrued and unpaid interest, if any, including
Additional Interest, if any, to the date fixed for redemption (a “Tax Redemption Date”)  (subject to the right of Holders of
record on the relevant record date to receive interest due on the relevant
interest payment date) and all Additional Amounts, if any, then due and which
will become due on the Tax Redemption Date as a result of the redemption or
otherwise, if any, if the Issuers, Successor Company or Guarantor determines in
good faith that, as a result of:

 

(1)       any change in, or amendment to, the law
(or any regulations or rulings promulgated thereunder) of a Relevant Taxing
Jurisdiction affecting taxation; or

 

(2)       any change in, or amendment to, an
official position regarding the application, administration or interpretation
of such laws, regulations or rulings (including a holding, judgment or order by
a court of competent jurisdiction) of a Relevant Taxing Jurisdiction (each of
the foregoing in clauses (1) and (2), a “Change
in Tax Law”),

 

A-3-7

 

the Issuers, Successor
Company or Guarantor are, or on the next interest payment date in respect of
the relevant series of Notes would be, required to pay any Additional Amounts,
and such obligation cannot be avoided by taking reasonable measures available
to the Issuers, Successor Company or Guarantor (including, for the avoidance of
doubt, the appointment of a new Paying Agent where this would be reasonable but
not including assignment of the obligation to make payment with respect to the
Notes). In the case of redemption due to withholding as a result of a Change in
Tax Law in a jurisdiction that is a Relevant Taxing Jurisdiction at October 5,
2006, such Change in Tax Law must become effective on or after October 5, 2006.
In the case of redemption due to withholding as a result of a Change in Tax Law
in a jurisdiction that becomes a Relevant Taxing Jurisdiction after October 5,
2006, such Change in Tax Law must become effective on or after the date the
jurisdiction becomes a Relevant Taxing Jurisdiction, unless the Change in Tax
Law would have applied to the predecessor of the Successor Company. Notice of
redemption for taxation reasons will be published in accordance with the
procedures described in paragraph 8. Notwithstanding the foregoing, no such
notice of redemption will be given (a) earlier than 90 days prior to the
earliest date on which the Payor would be obliged to make such payment of
Additional Amounts and (b) unless at the time such notice is given, such
obligation to pay such Additional Amounts and (b) unless at the time such
notice is given, such obligation to pay such Additional amounts remains in
effect. Prior to the publication or mailing of any notice of redemption of any
series of Notes pursuant to the foregoing, the Issuers will deliver to the
Trustee (a) an Officer’s Certificate stating that it is entitled to effect such
redemption and setting forth a statement of facts showing that the conditions
precedent to its right so to redeem have been satisfied and (b) an opinion of
an independent tax counsel of recognized standing to the effect that the
Issuers have been or will become obligated to pay Additional Amounts as a
result of a Change in Tax Law. The Trustee will accept such Officer’s
Certificate and opinion as sufficient evidence of the satisfaction of the
conditions precedent described above, without further inquiry, in which event
it will be conclusive and binding on the holders of the Notes.

 

7.                          Sinking
Fund

 

The Issuers are
not required to make mandatory redemption payments or sinking fund payments
with respect to the Notes.

 

8.         Notice of Redemption

 

At least 30 days
but not more than 60 days before a date for redemption of Notes, the Issuers
shall transmit a notice of redemption in accordance with Section 13.03 of the
Indenture and as provided below.

 

If less than all
of any series of Notes is to be redeemed at any time, the Trustee will select
Notes for redemption in compliance with the requirements of the principal
securities exchange, if any, on which that series of Notes is listed, and/or in  compliance with the requirements of DTC,
or if the Notes are not so listed or such exchange prescribes no method of
selection and the Notes are not held through DTC, prescribes no method of
selection, on a pro rata basis; provided, however, that no Note of $75,000 in
aggregate principal amount or less shall be redeemed in part.

 

If any Note is to
be redeemed in part only, the notice of redemption that relates to that Note
shall state the portion of the principal amount thereof to be redeemed, in
which case a portion of the original Note will be issued in the name of the
Holder thereof upon cancellation of the original Note. In the case of a Global
Note, an appropriate notation will be made on such

 

A-3-8

 

Note to decrease the
principal amount thereof to an amount equal to the unredeemed portion thereof.
Subject to the terms of the applicable redemption, notice (including any
conditions contained therein), Notes called for redemption become due on the
date fixed for redemption. On and after the redemption date, interest ceases to
accrue on Notes or portions of them called for redemption.

 

9.         Additional Amounts

 

The Issuers are
required to make all payments under or with respect to the Notes or the Note
Guarantees free and clear of and without withholding or deduction for or on
account of any present or future Taxes in accordance with Section 4.02 of the
Indenture.

 

10.       Repurchase of Notes at the Option of
Holders upon (i)  a Change of
Control and (ii)  the occurrence
of certain Asset Dispositions

 

If a Change of
Control occurs, each Holder of Notes will have the right, subject to certain
conditions specified in the Indenture, to require the Issuers to repurchase all
of the Notes of such Holder at a purchase price equal to 101% of the principal
amount of the Notes to be repurchased plus accrued and unpaid interest, if any,
to the date of purchase (subject to the right of Holders of record on the
relevant record date to receive interest due on the relevant interest payment
date) as provided in, and subject to the terms of, the Indenture.

 

In accordance with
Section 4.09 of the Indenture, the Issuers will be required to offer to
purchase Notes upon the occurrence of certain events, including certain Asset
Dispositions.

 

11.       Security

 

The Notes will be
secured by first priority liens and security interests in the Collateral,
subject to the grant of further Permitted Collateral Liens. Reference is made
to the Indenture for terms relating to such security, including the release,
termination and discharge thereof. The Security Documents and the Collateral
will be administered by a Collateral Agent (or in certain circumstances a
sub-agent) pursuant to a Collateral Agency Agreement for the benefit of all holders
of Secured obligations. The Issuers shall not be required to make any notation
on this Note to reflect any grant of such security or any such release,
termination or discharge.

 

12.       Denominations; Transfer; Exchange

 

The Notes are in
registered form without interest coupons in minimum denominations of $75,000
and multiples of $1,000 in excess thereof. A Holder may transfer or exchange
Notes in accordance with the Indenture. In connection with any such transfer or
exchange, the Indenture will require the transferring or exchanging Holder to,
among other things, furnish appropriate endorsements and transfer documents, to
furnish information regarding the account of the transferee at DTC, where
appropriate, to furnish certain certificates and opinions, and to pay any
taxes, duties and governmental charges in connection with such transfer or
exchange. Any such transfer or exchange will be made without charge to the
Holder, other than any taxes, duties and governmental charges payable in
connection with such transfer.

 

A-3-9

 

13.       Persons Deemed Owners

 

Except as provided in  paragraph 2 of this Note, the registered Holder of this
Note will be treated as the owner of it for all purposes.

 

14.       Unclaimed Money

 

If money for the
payment of principal or interest remains unclaimed for two years, the Trustee
or Paying Agent shall pay the money back to the Issuers at their written
request useless an abandoned property law designates another Person. After any
such payment, Holders entitled to the money must look to the Issuers for
payment as general creditors and the Trustee and the Paying Agent shall have no
further liability with respect to such monies.

 

15.       Discharge and Defeasance

 

Subject to certain
conditions, the Issuers at any time may terminate some of or all their
obligations under the Notes and the Indenture if the Issuers, among other
things, deposit or cause to be deposited with the Trustee money or U.S.
Government Obligations denominated in U.S. dollars in such amounts as will be
sufficient for the payment of the entire Indebtedness including principal of,
premium, if any, and interest on the Notes to the date of redemption or
maturity, as the case may be.

 

16.       Amendment, Waiver

 

The Indenture and
the Notes may be amended as set forth in the Indenture.

 

17.       Defaults and Remedies

 

The following
events constitute “Events of Default” under
the Indenture: An “Event of Default” occurs
if or upon:

 

(1)       default in any payment of interest or
Additional Interest, if any, on any Note issued under the Indenture when due
and payable, continued for 30 days;

 

(2)       default in the payment of the principal
amount of or premium if any, on any Note issued under the Indenture when due at
its Stated Maturity, upon optional redemption, upon required repurchase, upon
declaration or otherwise;

 

(3)       failure to comply for 30 days after
written notice by the Trustee on behalf of the Holders or by the Holders of 30%
in principal amount of the outstanding Notes with any of its obligations under
Article 4 and 5 of the Indenture (in each case, other than a failure to
purchase which will constitute an Event of Default under Section 6.01(a)(2) of
the Indenture);

 

(4)       failure to comply for 60 days after
notice by the Trustee on behalf of the Holders or by the Holders of 30% in
principal amount of the outstanding Notes with its other agreements contained
in the Indenture;

 

(5)       default under any mortgage, indenture or
instrument under which there may be issued or by which there may be secured or
evidenced any Indebtedness for money borrowed by either Issuer or any of its
Restricted Subsidiaries (or the payment of which is Guaranteed by either Issuer
or any of its Restricted Subsidiaries) other than Indebtedness owed to either
Issuer or a Restricted Subsidiary whether such Indebtedness or Guarantee now
exists, or is created after the date hereof, which default:

 

A-3-10

 

(a)       is caused by a failure to pay principal
of, or interest or premium, if any, on such Indebtedness, immediately upon the
expiration of the grace period provided in such Indebtedness; or

 

(b)       results in the acceleration of such
Indebtedness prior to its maturity;

 

and,
in each case, the principal amount of any such Indebtedness, together with the
principal amount of any other such Indebtedness under which there has been a
payment default or the maturity of which has been so accelerated, aggregates
€100 million or more;

 

(6)       either Issuer or any of the Restricted
Subsidiaries institutes or consents to the institution of any proceeding under
any Debtor Relief Law, or makes an assignment for the benefit of creditors; or
applies for or consents to the appointment of any receiver, trustee, custodian,
conservator, liquidator, rehabilitator, administrator, administrative receiver
or similar office is appointed without the application or consent of such
Person and the appointment continues undischarged or unstayed for sixty (60)
calendar days; or any proceeding under any Debtor Relief Law relating to any
such Person or to all or any material part of its property or assets is
instituted without the consent of such Person and continues undismissed or
unstayed for (60) calendar days, or an order for relief is entered in any such
proceeding;

 

(7)       failure by the Issuers or any Significant
Subsidiary or group of Restricted Subsidiaries that, taken together (as of the
latest audited consolidated financial statements for the Issuers and their
Restricted Subsidiaries), would constitute a Significant Subsidiary to pay
final judgments aggregating in excess of €100 million (exclusive of any amounts
that a solvent insurance company has acknowledged liability for), which
judgments are not paid, discharged or stayed for a period of 60 days after the
judgment becomes final;

 

(8)       any security interest under the Security
Documents on any material Collateral shall, at any time, cease to be in full
force and effect (other than in accordance with the terms of the Security
Document and the Indenture) for any reason other than the satisfaction in full
of all obligations under this Indenture or the release or amendment of any such
security interest in accordance with the terms of the Indenture or such
Security Document or any such security interest created thereunder shall be
declared invalid or unenforceable or either Issuer shall assert in writing that
any such security interest is invalid or unenforceable and any such Default
continues for 10 days; or

 

(9)       any Guarantee ceases to be in full force
and effect, other than in accordance with the terms of the Indenture or a
Guarantor denies or disaffirms its obligations under its Guarantee, other than
in accordance with the terms thereof or upon release of the Guarantee in
accordance with the Indenture.

 

However, a default
under Sections 6.01(a)(3), 6.01(a)(4), 6.01(a)(5) and 6.01(a)(7) of the
Indenture will not constitute an Event of Default until the Trustee or the
Holders of 30% in principal amount of the outstanding Notes under the Indenture
notify either Issuer of the default and the Issuers do not cure such default
within the time specified in Sections 6.01(a)(3), 6.01(a)(4), 6.01(a)(5) or
6.01(a)(7) of the Indenture, as applicable, after receipt of such notice.

 

A-3-11

 

If an Event of
Default occurs and is continuing the Trustee by notice to either Issuer or the
Holders of at least 30% in principal amount of the outstanding Notes under the
Indenture by written notice to either Issuer, may, and the Trustee at the
request of such Holders shall, declare the principal of, premium, if any, and
accrued and unpaid interest, including Additional Interest, if any, on all the
Notes to be due and payable immediately. Notwithstanding the foregoing, in the
case of an Event of Default arising from certain events of bankruptcy or
insolvency, the principal of, premium, if any, and accrued and unpaid interest,
including Additional Interest, if any, on all the Notes will become due and
payable immediately without any declaration.

 

18.       Trustee Dealings with the Issuers

 

The Trustee under
the Indenture, in its individual or any other capacity, may become the owner or
pledgee of Notes and may otherwise deal with and collect obligations owed to it
by the Issuers or their Affiliates and may otherwise deal with the Issuers or
their Affiliates with the same rights it would have if it were not Trustee.

 

19.       No Recourse Against Others

 

No director,
manager, officer, employee, incorporator or shareholder of either Issuer or any
of its Subsidiaries or any parent company of either Issuer shall have any
liability for any obligations of either Issuer or any Subsidiary with respect
to the Notes or the Indenture, or for any claim based on, in respect of, or by
reason of such obligations or their creation. Each Holder by accepting a Note
waives and releases all such liability. The waiver and release are part of the
consideration for issuance of the Notes.

 

20.       Authentication

 

This Note shall
not be valid until an authorized signatory of the Trustee (or an authenticating
agent acting on its behalf) manually signs the certificate of authentication on
the other side of this Note. The signature shall be conclusive evidence that
the security has been authenticated under the Indenture.

 

21.       Abbreviations

 

Customary
abbreviations may be used in the name of a Holder or an assignee, such as TEN
COM (=tenants in common), TEN ENT (=tenants by the entireties), JT TEN (=joint
tenants with rights of survivorship and not as tenants in common), CUST
(=custodian), and U/G/M/A (=Uniform Gift to Minors Act).

 

22.       Governing Law

 

THIS SECURITY SHALL BE GOVERNED BY, AND CONSTRUED IN 

ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK

 

23.       CUSIP Numbers. Common Codes and ISIN
Numbers

 

The Issuers in
issuing the Notes may use CUSIP Numbers, Common Codes and ISIN numbers (if then
generally in use) and, if so, the Trustee shall use CUSIP Numbers, Common Codes
and ISIN numbers in notices of redemption as a convenience to Holders;
provided, however, that any such notice may state that no representation is made
as to the

 

A-3-12

 

correctness of such
numbers either as printed on the Notes or as contained in any notice of a
redemption and that reliance may be placed only on the other identification
numbers printed on the Notes, and any such redemption shall not be affected by
any defect in or omission of such numbers.

 

The
Issuers will furnish to any Holder of Notes upon written request and without
charge to the Holder a copy of the Indenture which has in it the text of this
Note.

 

A-3-13

 

[FORM OF ASSIGNMENT FORM]

 

To assign this Note, fill in the form below:

 

I or we assign and
transfer this Note to:

 

	
   

  
	
   

  
	
  (Print or type
  assignee’s legal name)

  

 

	
   

  
	
   

  
	
  (Insert assignee’s soc.
  sec. or tax I.D. No.)

  

 

	
   

  
	
   

  
	
   

  
	
   

  
	
   

  
	
   

  
	
  (Insert assignee’s
  name, address and zip code)

  

 

and irrevocably appoint

 

	
   

  

 

to transfer this Note on
the books of the Issuers. The agent may substitute another to act for him.

 

 

	
  Date:

  	
   

  	
   

  

 

Your Signature:

 

	
   

  

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

 

	
  Signature Guarantee*:

  	
   

  

 

*(Signature must be
guaranteed by a participant in a recognized signature guaranty medallion
program or other signature guarantor acceptable to the Trustee)

 

A-3-14

 

[FORM
OF CERTIFICATE TO BE DELIVERED UPON EXCHANGE OR 

REGISTRATION OF TRANSFER RESTRICTED NOTES]

 

This certificate
relates to $ principal amount of Notes held in (check applicable box) o
book-entry or o definitive
registered form by the undersigned.

 

The undersigned (check
one box below):

 

o                      has
requested the Trustee by written order to deliver, in exchange for its
beneficial interest in the Global Note held by the Depositary, a Definitive
Note in definitive, registered form of authorized denominations and an
aggregate principal amount equal to its beneficial interest in such Global Note
(or the portion thereof indicated above);

 

o                      has
requested the Trustee by written order to exchange or register the transfer of
a Note.

 

In connection with any
transfer of any of the Notes evidenced by this certificate occurring prior to
the expiration of the period referred to in Rule 144(k) under the Securities
Act, the undersigned confirms that such Notes are being transferred in
accordance with its terms:

 

CHECK ONE BOX BELOW

 

(1)                    o        to the Issuers; or

 

(2)                    o        to the Registrar for registration in the
name of the Holder, without transfer; or

 

(3)                    o        pursuant to an effective registration
statement under the U.S. Securities Act of 1933; or

 

(4)                    o        inside the United States to a “qualified
institutional buyer” (as defined in Rule 144A under the Securities Act of 1933)
that purchases for its own account or for the account of a qualified
institutional buyer to whom notice is given that such transfer is being made in
reliance on Rule 144A, in each case pursuant to and in compliance with Rule
144A under the Securities Act of 1933; or

 

(5)                    o        outside the United States in an offshore
transaction within the meaning of Regulation S under the Securities Act in
compliance with Rule 904 under the Securities Act of 1933 and such Note shall
be held immediately after the transfer through DTC until the expiration of the
Restricted Period (as defined in the Indenture); or

 

(6)                    o        pursuant to Rule 144 under the U.S.
Securities Act of 1933 or another available exemption from registration.

 

Unless one of the
boxes is checked, the Trustee will refuse to register any of the Notes
evidenced by this certificate in the name of any Person other than the
registered Holder thereof,

 

A-3-15

 

provided,
however, that if box (5) or (6) is checked, the Trustee may
require, prior to registering any such transfer of the Notes, such legal
opinions, certifications and other information as the Trustee or the Issuers
have reasonably requested to confirm that such transfer is being made pursuant
to an exemption from, or in a transaction not subject to, the registration
requirements of the U.S. Securities Act of 1933.

 

	
  Date:

  	
   

  	
   

  

 

Your Signature:

 

	
   

  

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

 

	
  Signature Guarantee*: 

  	
   

  

 

* (Signature must be
guaranteed by a participant in a recognized signature guaranty medallion
program or other signature guarantor acceptable to the Trustee)

 

TO BE COMPLETED BY
PURCHASER IF (4) ABOVE IS CHECKED.

 

The undersigned
represents and warrants that it is purchasing this Note for its own account or
an account with respect to which it exercises sole investment discretion and
that it and any such account is a “qualified institutional buyer” within the
meaning of Rule 144A under the U.S. Securities Act of 1933, and is aware that
the sale to it is being made in reliance on Rule 144A and acknowledges that it
has received such information regarding the Issuers as the undersigned has
requested pursuant to Rule 144A or has determined not to request such
information and that it is aware that the transferor is relying upon the
undersigned’s foregoing representations in order to claim the exemption from registration
provided by Rule 144A.

 

	
  Date:

  	
   

  	
   

  
	
  Signature:

  	
   

  
	
  (to be executed by an
  executive officer of purchaser)

  
				

 

A-3-16

 

[TO BE
ATTACHED TO GLOBAL NOTES]

 

[FORM OF
SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE]

 

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

 

	
  Date of 

  Increase/Decrease

  	
   

  	
  Amount of Decrease in 

  Principal Amount of 

  this Global Note

  	
   

  	
  Amount of Increase in 

  Principal Amount of 

  this Global Note

  	
   

  	
  Principal amount of 

  this Global Note 

  following such 

  decrease or increase

  	
   

  	
  Signature of authorized

  signatory of Trustee

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

A-3-17

 

[FORM OF
OPTION OF HOLDER TO ELECT PURCHASE]

 

If you want to
elect to have this Note purchased by the Issuers pursuant to Section 4.03
(Change of Control) or Section 4.09 (Limitation on Sales of Assets and
Subsidiary Stock) of the Indenture, check the box:

 

Asset Disposition o                                                                                           Change
of Control o

 

If you want to
elect to have only part of this Note purchased by the Issuers pursuant to
Section 4.03 or Section 4.09 of the Indenture, state the amount (minimum amount
of $75,000):

 

	
   

  	
  $

  	
   

  	
   

  

 

 

	
  Date: 

  	
   

  	
   

  

 

Your Signature:

 

	
   

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

  

 

 

	
  Signature Guarantee*:

  	
   

  

 

* (Signature must be
guaranteed by a participant in a recognized signature guaranty medallion
program or other signature guarantor acceptable to the Trustee)

 

A-3-18

 

EXHIBIT B 

 

[FORM OF
CERTIFICATE OF TRANSFER]

 

[Deutsche Bank Trust
Company Americas

60 Wall Street

27th Floor

New York, NY 10005

USA]

 

Re: [Euro-denominated Floating Rate Senior Secured Notes
due 2013] [Dollar-denominated Floating Rate Senior Secured Notes due 2013] [77/8%
Senior Secured Notes due 2014] NXP B.V. and NXP Funding LLC (the “Notes”)

 

Reference is
hereby made to the Senior Secured Indenture dated October 12, 2006 among NXP B.V.
and NXP Funding LLC, as Issuers, the guarantors party thereto, Deutsche Back
Trust Company Americas, as Trustee, Morgan Stanley Senior Funding, Inc., a
Global Collateral Agent and Mizuho Corporate Bank, Ltd., as Taiwan Collateral
Agent (the “Indenture”)  Capitalized terms used but not defined
herein shall have the meanings given to them in the Indenture.

 

                            (the
“Transferor”) owns and proposes to transfer the
Note/Notes or interest in such Note/Notes (the “Book-Entry Interest”) specified
in Annex A hereto, in the principal amount of [€/$]                           
in such Note/Notes or interests (the “Transfer”), to                            
(the “ Transferee”), as further specified in Annex A
hereto. In connection with the Transfer, the Transferor hereby certifies that:

 

[CHECK
ALL THAT APPLY]

 

1. o  Check if
Transfer is Pursuant to Rule 144A. The Transfer is being
effected pursuant to and in accordance with Rule 144A under the U.S. Securities
Act of 1933 (the “Securities Act”), and, accordingly, the Transferor hereby
further certifies that the Book- Entry Interest or Definitive Note is being
transferred to a Person that the Transferor reasonably believed and believes is
purchasing the Book-Entry Interest or Definitive Note for its own account, or
for one or more accounts with respect to which such Person exercises sole
investment discretion, and such Person and each such account is a “qualified
institutional buyer” within the meaning of Rule 144A to whom notice was given
that the Transfer was being made in reliance on Rule 144A and such Transfer is
in compliance with any applicable securities laws of any state of the United
States or any other jurisdiction. Upon consummation of the proposed Transfer in
accordance with the terms of the Indenture, the transferred Book-Entry Interest
or Definitive Note will be subject to the restrictions on transfer enumerated
in the Restricted Notes Legend printed on the Rule 144A Global Note and/or the
Rule 144A Definitive Note and in the Indenture and the Securities Act.

 

2. o  Check
if Transfer is pursuant to Regulation S. The Transfer is being
effected pursuant to and in accordance with Regulation S under the Securities
Act and, accordingly, the Transferor hereby further certifies that (i) the Transfer
is not being made to a person in the United States and (A) at the time the buy
order was originated, the Transferee was outside the United States or such

 

B-1

 

Transferor and any Person
acting on its behalf reasonably believed and believes that the Transferee was
outside the United States or (B) the transaction was executed in, on or through
the facilities of a designated offshore securities market and neither such
Transferor nor any Person acting on its behalf knows that the transaction was
prearranged with a buyer in the United States; (ii) no directed selling efforts
have been made in contravention of the requirements of Regulation S under the
Securities Act; (iii) the transaction is not part of a plan or scheme to evade
the registration requirements of the U.S. Securities Act; and (iv) the transfer
is not being made to a U.S. Person or for the account or benefit of a U.S.
Person (other than an Initial Purchaser). Upon consummation of the proposed transfer
in accordance with the terms of the Indenture, the transferred beneficial
interest or Definitive Note will be subject to the restrictions on transfer
printed on the Regulation S Global Note and/or the Regulation S Definitive Note
and contained in the Securities Act, the Indenture and any applicable
securities laws of any state of the United States or any other jurisdiction.

 

3. o  Check
if Transfer is Pursuant to Other Exemption.
(i) The Transfer is being effected pursuant to and in compliance with an
exemption from the registration requirements of the Securities Act other than
Rule 144 or Regulation S and in compliance with the transfer restrictions
contained in the Indenture and any applicable blue sky securities laws of any
State of the United States and (ii) the restrictions on transfer contained in
the Indenture and the Restricted Notes Legend are not required in order to
maintain compliance with the Securities Act. Upon consummation of the proposed
Transfer in accordance with the terms of the Indenture, the transferred
beneficial interest or Definitive Note will not be subject to the restrictions
on transfer enumerated in the Restricted Notes Legend.

 

4. o  Check
if Transfer is Pursuant to Rule 144. (i) The Transfer is being
effected pursuant to and in accordance with Rule 144 under the Securities Act
and in compliance with the transfer restrictions contained in the Indenture and
any applicable securities laws of any state of the United States or any other
jurisdiction; (ii) the Transferor is not (and during the three months preceding
the Transfer was not) an Affiliate of the Issuer, (iii) at least two years have
elapsed since such Transferor (or any previous transferor of such Book-Entry
Interest or Definitive Note that was not an Affiliate of the Issuers) acquired
such Book-Entry Interest or Definitive Note from the Issuers or an Affiliate of
the Issuers, and (iv) the restrictions on transfer contained in the Indenture
and the Restricted Notes Legend are not required in order to maintain compliance
with the Securities Act. Upon consummation of the proposed Transfer in
accordance with the terms of the Indenture, the transferred Book-Entry Interest
or Rule 144A Definitive Note will no longer be subject to the restrictions on
transfer enumerated in the Restricted Notes Legend printed on the Rule 144A
Global Note and/or the Rule 144A Definitive Note and in the Indenture.

 

B-2

 

This certificate and the
statements contained herein are made for your benefit and the benefit of the
Issuers and the Trustee.

 

 

	
   

  	
   

  	
  [Insert
  Name of Transferor]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: 

  	
   

  
	
   

  	
   

  	
  Name:
  

  Title:

  

 

 

	
  Dated:

  	
   

  	
   

  

 

B-3

 

ANNEX A
TO CERTIFICATE OF TRANSFER

 

1.                          The
Transferor owns and proposes to transfer the following: CHECK ONE]

 

(a) o
a Book-Entry Interest held through [DTC Account No.                      or
Euroclear Account No.                  
or Clearstream Banking Account No.                    ],
in the:

 

(i) o
Rule 144A Global Note ([CUSIP/ISIN/COMMON CODE]                       );
or

 

(ii) o
Regulation S Global Note ([CUSIP/ISIN/COMMON CODE]; or

 

(b) o
a Rule 144A Definitive Note; or

 

(c) o
a Regulation S Definitive Note.

 

2.         After the Transfer the Transferee will hold:

 

[CHECK
ONE]

 

(a) o
a Book-Entry Interest through [DTC Account No.              
or Euroclear Account No. or Clearstream Banking Account No.                         ]
in the:

 

(i) o
Rule 144A Global Note ([CUSIP/ISIN/COMMON CODE]                        );
or

 

(ii) o
Regulation S Global Note ([CUSIP/ISIN/COMMON CODE]                        
or

 

(b) o
a Rule 144A Definitive Note; or

 

(c) o
a Regulation S Definitive Note.

 

B-4

 

EXHIBIT C

 

[FORM OF
OFFICER’S COMPLIANCE CERTIFICATE DELIVERED PURSUANT TO 

SECTION 4.16 OF THE INDENTURE]

 

OFFICER’S
COMPLIANCE CERTIFICATE OF NXP B.V.

 

Pursuant to
Section 4.16 of the Senior Secured Indenture dated October 12, 2006 (the “Indenture”)
among NXP B.V. (the “Company”) and NXP Funding LLC, as Issuers, the
guarantors party thereto, Deutsche Bank Trust Company Americas, as Trustee,
Morgan Stanley Senior Funding, Inc., as Global Collateral Agent, and Mizuho
Corporate Bank, Ltd., as Taiwan Collateral Agent, the undersigned, [•],
[officer], of the Company, do hereby certify on behalf of the Company that:

 

1.                         a review
of the activities of the Company during the preceding fiscal year has been made
under my supervision with a view to determining whether the Company has kept,
observed, performed and fulfilled its obligations under the Indenture;

 

2.                         as to the
best of my 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 of
the Indenture [or, if a Default or Event of Default shall have occurred,
describe all such Defaults or Events of Default of which you have knowledge and
what action the Company is taking or proposes to take with respect thereto] and
to the best of my knowledge no event has occurred and remains in existence by
reason of which payments on account of the principal of or interest or
Additional Amounts, if any, on the Notes is prohibited [or if such event has
occurred, give a description of the event and what action the Company is taking
or proposes to take with respect thereto];

 

3.                         (i) such
action has been taken with respect to the recording, filing, re-recording and
re-filing of the Indenture and the Security Documents (including financing
statements or other instruments) as is necessary to maintain the security
interest intended to be created thereby for the benefit of the Holders, and
reciting the details of such action, or (ii) no such action is necessary to
maintain such Lien.

 

C-1

 

IN WITNESS
WHEREOF, the undersigned has executed this Officer’s Certificate this
[  ] day of [      ], 20[  ].

 

 

	
   

  	
  NXP B.V.

  
	
   

  	
   

  
	
   

  	
   

  	
  by

  	
   

  
	
   

  	
   

  	
   

  	
  Name: 

  Title:

  

 

C-2

 

EXHIBIT D

 

[FORM OF
NOTE GUARANTEE SUPPLEMENT]

 

NOTE GUARANTEE
SUPPLEMENT dated as of                      ,
              ,
between [NAME OF NOTE GUARANTOR] (the “Note
Guarantor”), NXP B.V.
(the “Company”  and Deutsche Bank Trust Company Americas,
as Trustee (the “Trustee”).

 

WHEREAS, the
Company, NXP Funding LLC, the Trustee, Morgan Stanley Senior Funding, Inc., as
Global Collateral Agent, Mizuho Corporate Bank, Ltd., as Taiwan Collateral
Agent, and the Guarantors party thereto are parties to a Senior Secured
Indenture dated as of October 12, 2006 (as amended and/or supplemented, the “Indenture”);

 

WHEREAS, Section
4.12 of the Indenture provides that Persons may become party to the Indenture
as Guarantors by execution and delivery of a supplement in the form of this
Note Guarantee Supplement; and

 

WHEREAS, terms
defined in the Indenture and not otherwise defined herein have, as used herein,
the respective meanings provided for therein;

 

NOW, THEREFORE, in
consideration of the foregoing and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:

 

2.         Party
to Indenture. In accordance with Section 4.12 of the Indenture, on
and from the date of this Note Guarantee Supplement (the “Effective Date”), the Note Guarantor will become a party to the Indenture
and hereby agrees to provide an unconditional Guarantee on the terms and
subject to the conditions set forth in the Indenture including but not limited
to Article 10 thereof. The Note Guarantor will be bound by all the provisions
thereof as fully as if the Note Guarantor were one of the original parties
thereto.

 

3.         No
Recourse Against Others. No past, present or future director,
officer, employee, incorporator, stockholder or agent of the Note Guarantor, as
such, shall have any liability for any obligations of the Company or any
Guarantors under the Notes, any Note Guarantees, the Indenture or this Note
Guarantee Supplement or for any claim based on, in respect of, or by reason of,
such obligations or their creation. Each Holder of the Notes by accepting a
Note waives and releases all such liability. The waiver and release are part of
the consideration for issuance of the Notes.

 

4.         Notices.
The contact information of the Note Guarantor for purposes of
notices under the Indenture is as follows:

 

[Address]

Attention: 

Facsimile: 

E-mail:

D-1Exhibit 4.2

 

EXECUTION VERSION

 

 

NXP B.V.

NXP FUNDING LLC

Issuers

 

EACH OF THE GUARANTORS PARTY HERETO

 

 

and

 

 

DEUTSCHE BANK TRUST COMPANY AMERICAS,

as Trustee

 

 

€525,000,000 85/8% Senior Notes due 2015

$1,250,000,000 91/2% Senior Notes due 2015

 

 

 

SENIOR
UNSECURED INDENTURE

 

Dated as
of October 12, 2006

 

 

 

 

CROSS-REFERENCE TABLE*

 

	
  TIA Sections

  	
   

  	
  Indenture Sections

  
	
  § 310

  	
   

  	
  (a)

  	
   

  	
   

  	
  7.10

  
	
   

  	
   

  	
  (b)

  	
   

  	
   

  	
  7.08

  
	
  § 311

  	
   

  	
   

  	
   

  	
   

  	
  7.03

  
	
  § 312

  	
   

  	
   

  	
   

  	
   

  	
  13.02

  
	
  § 313

  	
   

  	
   

  	
   

  	
   

  	
  7.06

  
	
  § 314

  	
   

  	
  (a)

  	
   

  	
   

  	
  2.04, 4

  
	
   

  	
   

  	
  (c)

  	
   

  	
   

  	
  13.04

  
	
   

  	
   

  	
  (e)

  	
   

  	
   

  	
  13.05

  
	
  § 315

  	
   

  	
  (a)

  	
   

  	
   

  	
  7.01, 7.02

  
	
   

  	
   

  	
  (b)

  	
   

  	
   

  	
  7.02, 7.05

  
	
   

  	
   

  	
  (c)

  	
   

  	
   

  	
  7.01

  
	
   

  	
   

  	
  (d)

  	
   

  	
   

  	
  7.02

  
	
   

  	
   

  	
  (e)

  	
   

  	
   

  	
  6.11, 7.02

  
	
  § 316

  	
   

  	
  (a)

  	
   

  	
   

  	
  2.09, 6.02, 6.04, 6.05

  
	
   

  	
   

  	
  (b)

  	
   

  	
   

  	
  6.06, 6.07

  
	
   

  	
   

  	
  (c)

  	
   

  	
   

  	
  13.02

  
	
  § 317

  	
   

  	
  (a) (1)

  	
   

  	
   

  	
  6.08

  
	
   

  	
   

  	
  (a) (2)

  	
   

  	
   

  	
  6.09

  
	
   

  	
   

  	
  (b)

  	
   

  	
   

  	
  2.05

  
	
  § 318

  	
   

  	
   

  	
   

  	
   

  	
  13.01

  

 

* This Cross-Reference
Table is not part of the Indenture.

 

i

 

TABLE OF CONTENTS

 

	
   

  	
   

  	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 1 Definitions and Incorporation by Reference

  	
   

  	
  1

  
	
   

  	
   

  	
   

  
	
  SECTION 1.01.

  	
   

  	
  Definitions

  	
   

  	
  1

  
	
  SECTION 1.02.

  	
   

  	
  Other Definitions

  	
   

  	
  40

  
	
  SECTION 1.03.

  	
   

  	
  Incorporation by Reference of TIA

  	
   

  	
  41

  
	
  SECTION 1.04.

  	
   

  	
  Rules of Construction

  	
   

  	
  42

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 2 The Notes

  	
   

  	
  42

  
	
   

  	
   

  	
   

  
	
  SECTION 2.01.

  	
   

  	
  Issuable in Series

  	
   

  	
  42

  
	
  SECTION 2.02.

  	
   

  	
  Form and Dating

  	
   

  	
  43

  
	
  SECTION 2.03.

  	
   

  	
  Execution and Authentication

  	
   

  	
  44

  
	
  SECTION 2.04.

  	
   

  	
  Registrar and Paying Agent

  	
   

  	
  44

  
	
  SECTION 2.05.

  	
   

  	
  Paying Agent to Hold Money in Trust

  	
   

  	
  45

  
	
  SECTION 2.06.

  	
   

  	
  Holder Lists

  	
   

  	
  46

  
	
  SECTION 2.07.

  	
   

  	
  Transfer and Exchange

  	
   

  	
  46

  
	
  SECTION 2.08.

  	
   

  	
  Replacement Notes

  	
   

  	
  47

  
	
  SECTION 2.09.

  	
   

  	
  Outstanding Notes

  	
   

  	
  47

  
	
  SECTION 2.10.

  	
   

  	
  Temporary Notes

  	
   

  	
  48

  
	
  SECTION 2.11.

  	
   

  	
  Cancellation

  	
   

  	
  48

  
	
  SECTION 2.12.

  	
   

  	
  Common Codes, CUSIP and ISIN Numbers

  	
   

  	
  48

  
	
  SECTION 2.13.

  	
   

  	
  Currency

  	
   

  	
  48

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 3 Redemption

  	
   

  	
  49

  
	
   

  	
   

  	
   

  
	
  SECTION 3.01.

  	
   

  	
  Notices to Trustee

  	
   

  	
  49

  
	
  SECTION 3.02.

  	
   

  	
  Selection of Notes To Be Redeemed or Repurchased

  	
   

  	
  50

  
	
  SECTION 3.03.

  	
   

  	
  Notice of Redemption

  	
   

  	
  50

  
	
  SECTION 3.04.

  	
   

  	
  Effect of Notice of Redemption

  	
   

  	
  51

  
	
  SECTION 3.05.

  	
   

  	
  Deposit of Redemption Price

  	
   

  	
  52

  
	
  SECTION 3.06.

  	
   

  	
  Notes Redeemed in Part

  	
   

  	
  52

  
	
  SECTION 3.07.

  	
   

  	
  Publication

  	
   

  	
  52

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 4 Covenants

  	
   

  	
  52

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 4.01.

  	
   

  	
  Payment of Notes

  	
   

  	
  52

  
	
  SECTION 4.02.

  	
   

  	
  Withholding Taxes

  	
   

  	
  52

  
	
  SECTION 4.03.

  	
   

  	
  Change of Control

  	
   

  	
  55

  
	
  SECTION 4.04.

  	
   

  	
  [Reserved]

  	
   

  	
  57

  
	
  SECTION 4.05.

  	
   

  	
  Limitation on Indebtedness

  	
   

  	
  57

  
	
  SECTION 4.06.

  	
   

  	
  Limitation on Restricted Payments

  	
   

  	
  62

  
	
  SECTION 4.07.

  	
   

  	
  Limitation on Liens

  	
   

  	
  69

  

 

ii

 

	
  SECTION 4.08.

  	
   

  	
  Limitation on Restrictions on Distributions from
  Restricted Subsidiaries

  	
   

  	
  70

  
	
  SECTION 4.09.

  	
   

  	
  Limitation on Sales of Assets and Subsidiary Stock

  	
   

  	
  72

  
	
  SECTION 4.10.

  	
   

  	
  Limitation on Affiliate Transactions

  	
   

  	
  76

  
	
  SECTION 4.11.

  	
   

  	
  Reports

  	
   

  	
  78

  
	
  SECTION 4.12.

  	
   

  	
  Guarantees by Restricted Subsidiaries

  	
   

  	
  81

  
	
  SECTION 4.13.

  	
   

  	
  Suspension of Covenants on Achievement of Investment
  Grade Status

  	
   

  	
  81

  
	
  SECTION 4.14.

  	
   

  	
  [Reserved]

  	
   

  	
  81

  
	
  SECTION 4.15.

  	
   

  	
  [Reserved]

  	
   

  	
  82

  
	
  SECTION 4.16.

  	
   

  	
  Compliance Certificate

  	
   

  	
  82

  
	
  SECTION 4.17.

  	
   

  	
  Further Instruments and Acts

  	
   

  	
  82

  
	
  SECTION 4.18.

  	
   

  	
  Listing

  	
   

  	
  82

  
	
  SECTION 4.19.

  	
   

  	
  Limitation on Business Activities of the Co-Issuer

  	
   

  	
  82

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 5 Successor Company

  	
   

  	
  83

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 5.01.

  	
   

  	
  Merger and Consolidation of the Company

  	
   

  	
  83

  
	
  SECTION 5.02.

  	
   

  	
  Merger and Consolidation of the Co-Issuer

  	
   

  	
  84

  
	
  SECTION 5.03.

  	
   

  	
  Merger and Consolidation of a Guarantor

  	
   

  	
  85

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 6 Defaults and Remedies

  	
   

  	
  85

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 6.01.

  	
   

  	
  Events of Default

  	
   

  	
  85

  
	
  SECTION 6.02.

  	
   

  	
  Acceleration

  	
   

  	
  87

  
	
  SECTION 6.03.

  	
   

  	
  Other Remedies

  	
   

  	
  87

  
	
  SECTION 6.04.

  	
   

  	
  Waiver of Past Defaults

  	
   

  	
  87

  
	
  SECTION 6.05.

  	
   

  	
  Control by Majority

  	
   

  	
  88

  
	
  SECTION 6.06.

  	
   

  	
  Limitation on Suits

  	
   

  	
  88

  
	
  SECTION 6.07.

  	
   

  	
  Rights of Holders to Receive Payment

  	
   

  	
  88

  
	
  SECTION 6.08.

  	
   

  	
  Collection Suit by Trustee

  	
   

  	
  89

  
	
  SECTION 6.09.

  	
   

  	
  Trustee May File Proofs of Claim

  	
   

  	
  89

  
	
  SECTION 6.10.

  	
   

  	
  Priorities

  	
   

  	
  89

  
	
  SECTION 6.11.

  	
   

  	
  Undertaking for Costs

  	
   

  	
  89

  
	
  SECTION 6.12.

  	
   

  	
  Waiver of Stay or Extension Laws

  	
   

  	
  90

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 7 Trustee

  	
   

  	
  90

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 7.01.

  	
   

  	
  Duties of Trustee

  	
   

  	
  90

  
	
  SECTION 7.02.

  	
   

  	
  Rights of Trustee

  	
   

  	
  91

  
	
  SECTION 7.03.

  	
   

  	
  Individual Rights of Trustee

  	
   

  	
  93

  
	
  SECTION 7.04.

  	
   

  	
  Trustee’s Disclaimer

  	
   

  	
  94

  
	
  SECTION 7.05.

  	
   

  	
  Notice of Defaults

  	
   

  	
  94

  
	
  SECTION 7.06.

  	
   

  	
  Reports by Trustee to Holders

  	
   

  	
  94

  
	
  SECTION 7.07.

  	
   

  	
  Compensation and Indemnity

  	
   

  	
  95

  
	
  SECTION 7.08.

  	
   

  	
  Replacement of Trustee

  	
   

  	
  96

  
	
  SECTION 7.09.

  	
   

  	
  Successor Trustee by Merger

  	
   

  	
  97

  

 

iii

 

	
  SECTION 7.10.

  	
   

  	
  Eligibility

  	
   

  	
  98

  
	
  SECTION 7.11.

  	
   

  	
  Certain Provisions

  	
   

  	
  98

  
	
  SECTION 7.12.

  	
   

  	
  Preferential Collection of Claims Against Issuer

  	
   

  	
  98

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 8 Discharge of Indenture; Defeasance

  	
   

  	
  98

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 8.01.

  	
   

  	
  Discharge of Liability on Notes; Defeasance

  	
   

  	
  98

  
	
  SECTION 8.02.

  	
   

  	
  Conditions to Defeasance

  	
   

  	
  100

  
	
  SECTION 8.03.

  	
   

  	
  Application of Trust Money

  	
   

  	
  101

  
	
  SECTION 8.04.

  	
   

  	
  Repayment to Issuers

  	
   

  	
  101

  
	
  SECTION 8.05.

  	
   

  	
  Indemnity for Government Obligations

  	
   

  	
  101

  
	
  SECTION 8.06.

  	
   

  	
  Reinstatement

  	
   

  	
  101

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 9 Amendments

  	
   

  	
  102

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 9.01.

  	
   

  	
  Without Consent of Holders

  	
   

  	
  102

  
	
  SECTION 9.02.

  	
   

  	
  With Consent of Holders

  	
   

  	
  102

  
	
  SECTION 9.03.

  	
   

  	
  Revocation and Effect of Consents and Waivers

  	
   

  	
  104

  
	
  SECTION 9.04.

  	
   

  	
  Notation on or Exchange of Notes

  	
   

  	
  105

  
	
  SECTION 9.05.

  	
   

  	
  Trustee to Sign Amendments

  	
   

  	
  105

  
	
  SECTION 9.06.

  	
   

  	
  Payment for Consent

  	
   

  	
  105

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 10 Note Guarantees

  	
   

  	
  105

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 10.01.

  	
   

  	
  Note Guarantees

  	
   

  	
  105

  
	
  SECTION 10.02.

  	
   

  	
  Limitation on Liability

  	
   

  	
  108

  
	
  SECTION 10.03.

  	
   

  	
  Successors and Assigns

  	
   

  	
  109

  
	
  SECTION 10.04.

  	
   

  	
  No Waiver

  	
   

  	
  109

  
	
  SECTION 10.05.

  	
   

  	
  Modification

  	
   

  	
  109

  
	
  SECTION 10.06.

  	
   

  	
  [Reserved.]

  	
   

  	
  109

  
	
  SECTION 10.07.

  	
   

  	
  Execution of Note Guarantee Supplement for Note
  Guarantors

  	
   

  	
  109

  
	
  SECTION 10.08.

  	
   

  	
  Non-Impairment

  	
   

  	
  110

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 11 [Reserved]

  	
   

  	
  110

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 12 [Reserved]

  	
   

  	
  110

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE 13 Miscellaneous

  	
   

  	
  110

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  SECTION 13.01.

  	
   

  	
  Trust Indenture Act of 1939

  	
   

  	
  110

  
	
  SECTION 13.02.

  	
   

  	
  Noteholder Communications; Noteholder Actions

  	
   

  	
  110

  
	
  SECTION 13.03.

  	
   

  	
  Notices

  	
   

  	
  111

  
	
  SECTION 13.04.

  	
   

  	
  Certificate and Opinion as to Conditions Precedent

  	
   

  	
  113

  
	
  SECTION 13.05.

  	
   

  	
  Statements Required in Certificate or Opinion

  	
   

  	
  113

  
	
  SECTION 13.06.

  	
   

  	
  When Notes Disregarded

  	
   

  	
  114

  

 

iv

 

	
  SECTION 13.07.

  	
   

  	
  Rules by Trustee, Paying Agent and Registrar

  	
   

  	
  114

  
	
  SECTION 13.08.

  	
   

  	
  Legal Holidays

  	
   

  	
  114

  
	
  SECTION 13.09.

  	
   

  	
  Governing Law

  	
   

  	
  114

  
	
  SECTION 13.10.

  	
   

  	
  Consent to Jurisdiction and Service

  	
   

  	
  114

  
	
  SECTION 13.11.

  	
   

  	
  No Recourse Against Others

  	
   

  	
  115

  
	
  SECTION 13.12.

  	
   

  	
  Successors

  	
   

  	
  115

  
	
  SECTION 13.13.

  	
   

  	
  Multiple Originals

  	
   

  	
  115

  
	
  SECTION 13.14.

  	
   

  	
  Table of Contents; Headings

  	
   

  	
  115

  
	
  SECTION 13.15.

  	
   

  	
  USA Patriot Act

  	
   

  	
  115

  

 

Schedule 2.1 Agreed
Security Principles

Schedule 10.1 Guarantor
Limitations

Appendix A-Provisions
Relating to the Notes

Exhibit A-1 -Form of Euro
Fixed Rate Reg. S/144A Note

Exhibit A-2-Form of
Dollar Fixed Rate Reg. S/144A Note

Exhibit B-Form of
Certificate of Transfer

Exhibit C-Form of Officer’s
Compliance Certificate

Exhibit D-Form of
Guarantee Supplement

 

v

 

INDENTURE
dated as of October 12, 2006, among NXP B.V. (the “Company”), NXP
Funding LLC (the “Co-Issuer”  and, together with the Company, the “Issuers”),
the Guarantors (as defined herein) and Deutsche Bank Trust Company
Americas, as trustee (the “Trustee”).

 

Each party agrees
as follows for the benefit of the other parties and for the equal and ratable
benefit of the Holders of (a) the Issuers’ euro-denominated 85/8%
Senior Notes due 2015 (the “Euro Notes”) and dollar-denominated 91/2% Senior Notes due 2015
(the “Dollar Notes”) issued on the date hereof (collectively,
the “Original Notes”) and (b) an
unlimited principal amount of additional securities having identical terms and
conditions as any series of the Original Notes (the “Additional Notes”) that
subject to the conditions and in compliance with the covenants set forth herein
may be issued on any later issue date. Unless the context otherwise requires,
in this Indenture references to the “Notes” include the Original Notes, any
Additional Notes that are actually issued and any Exchange Notes that are
issued.

 

This Indenture is
subject to, and will be governed by, the provisions of the TIA that are
required to be a part of and govern indentures qualified under the TIA.

 

ARTICLE 1

 

Definitions and Incorporation by Reference

 

SECTION 1.01.         Definitions

 

“Acquired Indebtedness”  means Indebtedness (1) of a Person or any
of its Subsidiaries existing at the time such Person becomes a Restricted
Subsidiary, or (2) assumed in connection with the acquisition of assets from
such Person, in each case whether or not Incurred by such Person in connection
with such Person becoming a Restricted Subsidiary of the Company or such
acquisition or (3) of a Person at the time such Person merges with or into or
consolidates or otherwise combines with the Company or any Restricted
Subsidiary. Acquired Indebtedness shall be deemed to have been Incurred, with
respect to clause (1) of the preceding sentence, on the date such Person
becomes a Restricted Subsidiary and, with respect to clause (2) of the
preceding sentence, on the date of consummation of such acquisition of assets
and, with respect to clause (3) of the preceding sentence, on the date of the
relevant merger, consolidation or other combination.

 

“Acquisition Agreement”  means the Stock Purchase Agreement to be
entered into prior to the Issue Date among Philips, the Company and Holdings
(including all exhibits and schedules thereto) as amended from time to time.

 

“actual knowledge”  of any Trustee shall be construed to mean
that such Trustee shall not be charged with knowledge (actual or otherwise) of
the existence of facts that would impose an obligation on it to make any
payment or prohibit it from making any payment unless a Responsible Officer of
such Trustee has received written notice that such payments are required or
prohibited by this Indenture in which event the Trustee shall be deemed to have
actual knowledge within one Business Day of receiving that notice.

 

 

 

“Additional Assets”  means:

 

(1)       any property or assets
(other than Indebtedness and Capital Stock) used or to be used by the Company,
a Restricted Subsidiary or otherwise useful in a Similar Business (it being
understood that capital expenditures on property or assets already used in
Similar Business or to replace any property or assets that are the subject of
such Asset Disposition shall be deemed an investment in Additional Assets);

 

(2)       the Capital Stock of a
Person that is engaged in a Similar Business and becomes a Restricted
Subsidiary as a result of the acquisition of such Capital Stock by the Company
or a Restricted Subsidiary of the Company; or

 

(3)       Capital Stock constituting
a minority interest in any Person that at such time is a Restricted Subsidiary
of the Company.

 

“Affiliate”
of any specified Person means any other Person, directly or
indirectly, controlling or controlled by or under direct or indirect common
control with such specified Person. For the purposes of this definition, “control”
when used with respect to any Person means the power to direct the management
and policies of such Person, directly or indirectly, whether through the
ownership of voting securities, by contract or otherwise; and the terms “controlling”
and “controlled” have meanings correlative to the foregoing. For the avoidance
of doubt, neither Philips nor any of its subsidiaries, joint ventures or
operations shall be deemed to be an “Affiliate” of the Company or any
Restricted Subsidiary due solely to its ownership of Voting Stock of the
Company or the presence of its or their nominee on the Board of Directors of
the Company, in each case at the percentage level disclosed in the Offering
Memorandum.

 

“Agreed Security Principles”  means the Agreed Security Principles as
set out in Schedule 2.1, as applied reasonably and in good faith by the
Company.

 

“ASMC”  means
Advanced Semiconductor Manufacturing Corporation of Shanghai and any successor
business thereto and their respective subsidiaries, assets and businesses.

 

“Asset Disposition”  means any direct or indirect sale, lease
(other than an operating lease entered into in the ordinary course of
business), transfer, issuance or other disposition, or a series of related
sales, leases (other than operating leases entered into in the ordinary course
of business), transfers, issuances or dispositions that are part of a common
plan, of shares of Capital Stock of a Subsidiary (other than directors’
qualifying shares), property or other assets (each referred to for the purposes
of this definition as a “disposition”) by the Company or any of its Restricted
Subsidiaries, including any disposition by means of a merger, consolidation or
similar transaction. Notwithstanding the preceding provisions of this
definition, the following items shall not be deemed to be Asset Dispositions:

 

(1)       a disposition by a
Restricted Subsidiary to the Company or by the Company or a Restricted
Subsidiary to a Restricted Subsidiary;

 

(2)       a disposition of cash, Cash
Equivalents, Temporary Cash Investments or Investment Grade Securities;

 

2

 

(3)       a disposition of inventory
or other assets in the ordinary course of business;

 

(4)       a disposition of obsolete,
surplus or worn out equipment or other assets or equipment or other assets that
are no longer useful in the conduct of the business of the Company and its
Restricted Subsidiaries;

 

(5)       transactions permitted
under Section 5.01 or a transaction that constitutes a Change of Control;

 

(6)       an issuance of Capital
Stock by a Restricted Subsidiary to the Company or to another Restricted
Subsidiary or as part of or pursuant to an equity incentive or compensation
plan approved by the Board of Directors;

 

(7)       any dispositions of Capital
Stock, properties or assets in a single transaction or series of related
transactions with a fair market value (as determined in good faith by the
Company) of less than €30 million;

 

(8)       any Restricted Payment that
is permitted to be made, and is made, under Section 4.06 and the making of any
Permitted Payment or Permitted Investment or, solely for purposes of Section
4.09(a)(3), asset sales (other than sales of securities or indebtedness of SSMC
so long as it is not a Restricted Subsidiary), the proceeds of which are used
to make such Restricted Payments or Permitted Investments;

 

(9)       dispositions in connection
with Permitted Liens;

 

(10)     dispositions of receivables
in connection with the compromise, settlement or collection thereof in the
ordinary course of business or in bankruptcy or similar proceedings and
exclusive of factoring or similar arrangements;

 

(11)     the licensing or
sub-licensing of intellectual property or other general intangibles and
licenses, sub-licenses, leases or subleases of other property, in each case, in
the ordinary course of business;

 

(12)     foreclosure, condemnation or
any similar action with respect to any property or other assets;

 

(13)     the sale or discount (with or
without recourse, and on customary or commercially reasonable terms and for
credit management purposes) of accounts receivable or notes receivable arising
in the ordinary course of business, or the conversion or exchange of accounts receivable
for notes receivable;

 

(14)     any disposition of Capital
Stock, Indebtedness or other securities of an Unrestricted Subsidiary (with the
exception of (x) SSMC and (y) Investments in Unrestricted Subsidiaries acquired
pursuant to clause (15) of the definition of Permitted Investments);

 

3

 

(15)     any disposition of Capital
Stock of a Restricted Subsidiary pursuant to an agreement or other obligation
with or to a Person (other than the Company or a Restricted Subsidiary) from
whom such Restricted Subsidiary was acquired, or from whom such Restricted
Subsidiary acquired its business and assets (having been newly formed in
connection with such acquisition), made as part of such acquisition and in each
case comprising all or a portion of the consideration in respect of such sale
or acquisition;

 

(16)     any surrender or waiver of
contract rights or the settlement, release or surrender of contract, tort or
other claims of any kind;

 

(17)     any disposition of assets to
a Person who is providing services related to such assets, the provision of
which have been or are to be outsourced by the Company or any Restricted
Subsidiary to such Person; provided,
however, that the Board of Directors shall certify that in the opinion
of the Board of Directors, the outsourcing transaction will be economically
beneficial to the Company and its Restricted Subsidiaries (considered as a
whole); provided, further, that
the fair market value of the assets disposed of, when taken together with all
other dispositions made pursuant to this clause (17), does not exceed €50
million; and

 

(18)     any disposition with respect
to property built, owned or otherwise acquired by the Company or any Restricted
Subsidiary pursuant to customary sale and lease-back transactions, asset
securitizations and other similar financings permitted by this Indenture.

 

“Associate”
means (i) any Person engaged in a Similar Business of which the
Company or its Restricted Subsidiaries are the legal and beneficial owners of between
20% and 50% of all outstanding Voting Stock, (ii) any joint venture entered
into by the Company or any Restricted Subsidiary of the Company and (iii) until
and unless designated otherwise by the Company in a notice to the Trustee,
Crolles.

 

“Board of Directors”  means (1) with respect to the Company or
any corporation, the board of directors or managers, as applicable, of the
corporation, or any duly authorized committee thereof; (2) with respect to any
partnership, the board of directors or other governing body of the general
partner of the partnership or any duly authorized committee thereof; and (3)
with respect to any other Person, the board or any duly authorized committee of
such Person serving a similar function. For the purposes of the definition of
Change of Control only, Board of Directors of the Company or any Parent shall
mean its supervisory board or its managing board. Whenever any provision
requires any action or determination to be made by, or any approval of, a Board
of Directors, such action, determination or approval shall be deemed to have
been taken or made if approved by a majority of the directors (excluding
employee representatives, if any) on any such Board of Directors (whether or
not such action or approval is taken as part of a formal board meeting or as a
formal board approval).

 

“Business Day”  means each day that is not a Saturday, Sunday or other day
on which banking institutions in London, United Kingdom, or New York, New York,
United States are authorized or required by law to close (and for purposes only
of any payment made by the Irish Paying Agent, Ireland); provided, however, that for any payments
to be made under this Indenture,

 

4

 

such day shall also be a
day on which the Trans-European Automated Real-time Gross Settlement Express
Transfer (“TARGET”) payment system is open for the settlement of payments.

 

“Capital Stock”  of any Person means any and all shares of, rights to
purchase, warrants or options for, or other equivalents of or partnership or
other interests in (however designated), equity of such Person, including any
Preferred Stock, but excluding any debt securities convertible into such
equity.

 

“Capitalized Lease Obligations”  means an obligation that is required to
be classified and accounted for as a capitalized lease for financial reporting
purposes on the basis of GAAP. The amount of Indebtedness represented by such
obligation will be the capitalized amount of such obligation at the time any
determination thereof is to be made as determined on the basis of GAAP, and the
Stated Maturity thereof will be the date of the last payment of rent or any
other amount due under such lease prior to the first date such lease may be
terminated without penalty.

 

“Cash Equivalents”  means:

 

(1)       securities issued or
directly and fully Guaranteed or insured by the United States or Canadian
governments, a member state of the European Union, Switzerland or Norway or, in
each case, any agency or instrumentality of thereof (provided that the full
faith and credit of such country or such member state is pledged in support
thereof), having maturities of not more than two years from the date of
acquisition;

 

(2)       certificates of deposit,
time deposits, eurodollar time deposits, overnight bank deposits or bankers’
acceptances having maturities of not more than one year from the date of
acquisition thereof issued by any lender party to the Senior Facilities
Agreement or by any bank or trust company (a) whose commercial paper is rated
at least “A-1” or the equivalent thereof by S&P or at least “P-1” or the
equivalent thereof by Moody’s (or if at the time neither is issuing comparable
ratings, then a comparable rating of another Nationally Recognized Statistical
Rating Organization) or (b) (in the event that the bank or trust company does
not have commercial paper which is rated) having combined capital and surplus
in excess of €500 million;

 

(3)       repurchase obligations with
a term of not more than 30 days for underlying securities of the types described
in clauses (1) and (2) entered into with any bank meeting the qualifications
specified in clause (2) above;

 

(4)       commercial paper rated at
the time of acquisition thereof at least “A-2”
or the equivalent thereof by S&P or “P-2” or the equivalent thereof
by Moody’s or carrying an equivalent rating by a Nationally Recognized
Statistical Rating Organization, if both of the two named rating agencies cease
publishing ratings of investments or, if no rating is available in respect of
the commercial paper, the issuer of which has an equivalent rating in respect
of its long-term debt, and in any case maturing within one year after the date
of acquisition thereof;

 

(5)       readily marketable direct
obligations issued by any state of the United States of America, any province
of Canada, any member of the European Union, Switzerland or Norway or any
political subdivision thereof, in each case, having one of the

 

5

 

two highest rating
categories obtainable from either Moody’s or S&P (or, if at the time,
neither is issuing comparable ratings, then a comparable rating of another
Nationally Recognized Statistical Rating Organization) with maturities of not
more than two years from the date of acquisition;

 

(6)       Indebtedness or preferred
stock issued by Persons with a rating of “BBB-” or higher from S&P or “Baa3”
or higher from Moody’s (or, if at the time, neither is issuing comparable
ratings, then a comparable rating of another Nationally Recognized Statistical
Rating Organization) with maturities of 12 months or less from the date of
acquisition;

 

(7)       bills of exchange issued in
the United States, Canada, a member state of the European Union, Switzerland,
Norway or Japan eligible for rediscount at the relevant central bank and
accepted by a bank (or any dematerialized equivalent);

 

(8)       interests in any investment
company, money market or enhanced high yield fund which invests 95% or more of
its assets in instruments of the type specified in clauses (1) through (7)
above; and

 

(9)       for purposes of clause (2)
of the definition of “Asset Disposition”, the marketable securities portfolio
owned by the Company and its Subsidiaries on the Issue Date.

 

“Change of Control”  means:

 

(1)       the Company becomes aware
of (by way of a report or any other filing pursuant to Section 13(d) of the
Exchange Act, proxy, vote, written notice or otherwise) any “person” or “group”
of related persons (as such terms are used in Sections 13(d) and 14(d) of the
Exchange Act as in effect on the Issue Date), other than one or more Permitted
Holders, is or becomes the “beneficial owner” (as defined in Rules 13d-3 and
13d-5 under the Exchange Act as in effect on the Issue Date), directly or indirectly,
of more than 50% of the total voting power of the Voting Stock of the Company,
provided that for the purposes of this clause, (x) no Change of Control shall
be deemed to occur by reason of the Company becoming a Subsidiary of a
Successor Parent and (y) any Voting Stock of which any Permitted Holder is the “Beneficial
owner” (as so defined) shall not be included in any Voting Stock of which any
such person or group is the “beneficial owner” (as so defined), unless that
person or group is not an affiliate of a Permitted Holder and has greater
voting power with respect to that Voting Stock;

 

(2)       following the Initial
Public Offering of the Company or any Parent, during any period of two
consecutive years, individuals who at the beginning of such period constituted
the majority of the directors (excluding any employee representatives, if any)
on the Board of Directors of the Company or any Parent (together with any new
directors whose election by the majority of such directors on such Board of
Directors of the Company or any Parent or whose nomination for election by shareholders
of the Company or any Parent, as applicable, was approved by a vote of the
majority of such directors on the Board of Directors of the Company or any
Parent then still in office who were either

 

6

 

directors at the
beginning of such period or whose election or nomination for election was
previously so approved) ceased for any reason to constitute the majority of the
directors (excluding any employee representatives, if any) on the Board of
Directors of the Company or any Parent, then in office; or

 

(3)       the sale, lease, transfer,
conveyance or other disposition (other than by way of merger, consolidation or
other business combination transaction), in one or a series of related
transactions, of all or substantially all of the assets of the Company and its
Restricted Subsidiaries taken as a whole to a Person, other than a Restricted
Subsidiary or one or more Permitted Holders.

 

“Clearstream”  means Clearstream Banking, a société anonyme as currently
in effect or any successor securities clearing agency.

 

“Code”  means
the United States Internal Revenue Code of 1986, as amended.

 

“Collateral”  shall have the meaning provided in the Secured Indenture.

 

“Commodity Hedging Agreements”  means in respect of a Person any
commodity purchase contract, commodity futures or forward contract, commodities
option contract or other similar contract (including commodities derivative
agreements or arrangements), to which such Person is a party or a beneficiary.

 

“Consolidated EBITDA”  for any period means, without
duplication, the Consolidated Net Income for such period, plus the following to
the extent deducted in calculating such Consolidated Net Income:

 

(1)       Fixed Charges and items
(w), (x) and (y) in clause (1) of the definition of Consolidated Interest
Expense;

 

(2)       Consolidated Income Taxes;

 

(3)       consolidated depreciation
expense;

 

(4)       consolidated amortization
expense;

 

(5)       any expenses, charges or
other costs related to any Equity Offering, Investment, acquisition (including
one-time amounts paid in connection with the acquisition or retention of one or
more individuals comprising part of a management team retained to manage the
acquired business; provided that
such payments are made in connection with such acquisition and are consistent
with the customary practice in the industry at the time of such acquisition),
disposition, recapitalization or the Incurrence of any Indebtedness permitted
by this Indenture (in each case whether or not successful) (including any such
fees, expenses or charges related to the Transactions (including any expenses
in connection with related due diligence activities)), in each case, as
determined in good faith by an Officer of the Company;

 

7

 

(6)       any minority interest
expense (whether paid or not) consisting of income attributable to minority
equity interests of third parties in such period;

 

(7)       the amount of management,
monitoring, consulting and advisory fees and related expenses paid in such period
to the Permitted Holders to the extent permitted by Section 4.10; and

 

(8)       other non-cash charges,
write-downs or items reducing Consolidated Net Income (excluding any such
non-cash charge, write-down or item to the extent it represents an accrual of
or reserve for cash charges in any future period) or other items classified by
the Company as special items less other non-cash items of income increasing
Consolidated Net Income (excluding any such non-cash item of income to the
extent it represents a receipt of cash in any future period).

 

Notwithstanding
the foregoing, the provision for taxes and the depreciation, amortization,
non-cash items, charges and write-downs of a Restricted Subsidiary shall be
added to Consolidated Net Income to compute Consolidated EBITDA only to the
extent (and in the same proportion, including by reason of minority interests)
that the net income (loss) of such Restricted Subsidiary was included in
calculating Consolidated Net Income for the purposes of this definition.

 

“Consolidated Income Taxes”  means taxes or other payments, including
deferred Taxes, based on income, profits or capital (including without
limitation withholding taxes) and franchise taxes of any of the Company and its
Restricted Subsidiaries whether or not paid, estimated, accrued or required to
be remitted to any Governmental Authority.

 

“Consolidated Interest Expense”  means, with respect to any Person for any
period, without duplication, the sum of:

 

(1)       consolidated interest
expense of such Person and its Restricted Subsidiaries for such period, to the
extent such expense was deducted (and not added back) in computing Consolidated
Net Income (including (a) amortization of original issue discount resulting
from the issuance of Indebtedness at less than par, (b) all commissions,
discounts and other fees and charges owed with respect to letters of credit or
bankers acceptances, (c) non-cash interest payments (but excluding any non-cash
interest expense attributable to the movement in the mark to market valuation of
Hedging Obligations or other derivative instruments pursuant to GAAP), (d) the
interest component of Capitalized Lease Obligations, and (e) net payments, if
any, pursuant to interest rate Hedging Obligations with respect to
Indebtedness, and excluding (t) accretion or accrual of discounted liabilities
other than Indebtedness, (u) any expense resulting from the discounting of any
Indebtedness in connection with the application of purchase accounting in
connection with any acquisition, (v) any additional interest pursuant to a
registration rights agreement with respect to Notes or any securities, (w)
amortization of deferred financing fees, debt issuance costs, commissions, fees
and expenses, (x) any expensing of bridge, commitment and other financing fees,
and (y) interest with respect to Indebtedness of any direct or indirect parent
of such Person appearing upon the balance sheet of such Person solely by reason
of push-down accounting under GAAP; plus

 

8

 

(2)       consolidated capitalized
interest of such Person and its Restricted Subsidiaries for such period,
whether paid or accrued; less

 

(3)       interest income for such
period.

 

For
purposes of this definition, interest on a Capitalized Lease Obligation shall
be deemed to accrue at an interest rate reasonably determined by such Person to
be the rate of interest implicit in such Capitalized Lease Obligation in
accordance with GAAP.

 

“Consolidated Leverage”  means the sum of the aggregate
outstanding Indebtedness of the Company and its Restricted Subsidiaries
(excluding Hedging Obligations except to the extent provided in Section
4.05(g)(3)).

 

“Consolidated Leverage Ratio”  means, as of any date of determination,
the ratio of (x) Consolidated Leverage at such date to (y) the aggregate amount
of Consolidated EBITDA for the period of the most recent four consecutive
fiscal quarters ending prior to the date of such determination for which
internal consolidated financial statements of the Issuer are available;
provided, however, that for the purposes of calculating Consolidated EBITDA for
such period, if, as of such date of determination:

 

(1)       since the beginning of such
period the Company or any Restricted Subsidiary has disposed of any company,
any business, or any group of assets constituting an operating unit of a
business (any such disposition, a “Sale”) or if the transaction giving rise to the
need to calculate the Consolidated Leverage Ratio is such a Sale, Consolidated
EBITDA for such period will be reduced by an amount equal to the Consolidated
EBITDA (if positive) attributable to the assets which are the subject of such
Sale for such period or increased by an amount equal to the Consolidated EBITDA
(if negative) attributable thereto for such period; provided that if any such
sale constitutes “discontinued operations” in accordance with the then
applicable GAAP, Consolidated Net Income shall be reduced by an amount equal to
the Consolidated Net Income (if positive) attributable to such operations for
such period or increased by an amount equal to the Consolidated Net Income (if
negative) attributable thereto for such period;

 

(2)       since the beginning of such
period, the Company or any Restricted Subsidiary (by merger or otherwise) has
made an Investment in any Person that thereby becomes a Restricted Subsidiary,
or otherwise has acquired any company, any business, or any group of assets
constituting an operating unit of a business (any such Investment or
acquisition, a “Purchase”), including any such Purchase occurring in connection
with a transaction causing a calculation to be made hereunder, Consolidated
EBITDA for such period will be calculated after giving pro forma effect thereto
as if such Purchase occurred on the first day of such period; and

 

(3)       since the beginning of such
period, any Person (that became a Restricted Subsidiary or was merged or
otherwise combined with or into the Company or any Restricted Subsidiary since
the beginning of such period) will have made any Sale or any Purchase that
would have required an adjustment pursuant to clause (1) or (2) above if made
by the Company or a Restricted Subsidiary since the beginning of such period,

 

9

 

Consolidated EBITDA for
such period will be calculated after giving pro forma effect thereto as if such
Sale or Purchase occurred on the first day of such period.

 

For the purposes
of this definition and the definitions of Consolidated EBITDA, Consolidated
Income Taxes, Consolidated Interest Expense and Consolidated Net Income, (a)
calculations will be as determined in good faith by a responsible financial or
chief accounting officer of the Company (including in respect of cost savings
and synergies) and (b) in determining the amount of Indebtedness outstanding on
any date of determination, pro forma effect shall be given to any Incurrence,
repayment, repurchase, defeasance or other acquisition, retirement or discharge
of Indebtedness as if such transaction had occurred on the first day of the
relevant period.

 

“Consolidated Net Income”  means, for any period, the net
income (loss) of the Company and its Restricted Subsidiaries determined on a
consolidated basis on the basis of GAAP; provided,
however, that there will not be included in such Consolidated Net
Income:

 

(1)       subject to the limitations
contained in clause (3) below, any net income (loss) of any Person if such
Person is not a Restricted Subsidiary, except that the Company’s equity in the
net income of any such Person for such period will be included in such
Consolidated Net Income up to the aggregate amount of cash or Cash Equivalents
actually distributed by such Person during such period to the Company or a
Restricted Subsidiary as a dividend or other distribution or return on
investment or (except in the case of SSMC so long as it is not a Restricted
Subsidiary, but applying this exception only for the purpose of determining the
amount available for Restricted Payments (other than Restricted Investments)
under Section 4.06(a)(4)(z)(i)) could have been distributed, as reasonably
determined by an Officer of the Company (subject, in the case of a dividend or
other distribution or return on investment to a Restricted Subsidiary, to the
limitations contained in clause (2) below);

 

(2)       solely for the purpose of
determining the amount available for Restricted Payments under Section
4.06(a)(4)(z)(i), any net income (loss) of any Restricted Subsidiary (other
than Guarantors) if such Subsidiary is subject to restrictions, directly or
indirectly, on the payment of dividends or the making of distributions by such
Restricted Subsidiary, directly or indirectly, to the Company or a Guarantor by
operation of the terms of such Restricted Subsidiary’s charter or any
agreement, instrument, judgment, decree, order, statute or governmental rule or
regulation applicable to such Restricted Subsidiary or its shareholders (other
than (a) restrictions that have been waived or otherwise released, (b)
restrictions pursuant to the Notes, this Indenture or the Secured Indenture,
and (c) restrictions specified in Section 4.08(b)(11)(a)(i), except that the
Company’s equity in the net income of any such Restricted Subsidiary for such
period will be included in such Consolidated Net Income up to the aggregate
amount of cash or Cash Equivalents actually distributed or that could have been
distributed by such Restricted Subsidiary during such period to the Company or
another Restricted Subsidiary as a dividend or other distribution (subject, in
the case of a dividend to another Restricted Subsidiary, to the limitation
contained in this clause);

 

(3)       any net gain (or loss)
realized upon the sale or other disposition of any asset or disposed operations
of the Company or any Restricted Subsidiaries (including

 

10

 

pursuant to any
sale/leaseback transaction) which is not sold or otherwise disposed of in the
ordinary course of business (as determined in good faith by an Officer or the
Board of Directors of the Company);

 

(4)       any extraordinary,
exceptional, unusual or nonrecurring gain, loss or charge or any charges or
reserves in respect of any restructuring, redundancy or severance or any
expenses, charges, reserves or other costs related to the Transactions
(including (i) in relation to expenses relating to consulting or operational
improvement initiatives, (ii) expenses associated with the closing out of
existing management equity programs and (iii) start-up and transaction costs);

 

(5)       the cumulative effect of a
change in accounting principles;

 

(6)       any non-cash compensation
charge or expense arising from any grant of stock, stock options or other
equity based awards and any non-cash deemed finance charges in respect of any
pension liabilities or other provisions;

 

(7)       all deferred financing
costs written off and premiums paid or other expenses incurred directly in
connection with any early extinguishment of Indebtedness and any net gain
(loss) from any write-off or forgiveness of Indebtedness;

 

(8)       any unrealized gains or
losses in respect of Hedging Obligations or any ineffectiveness recognized in
earnings related to qualifying hedge transactions or the fair value of changes
therein recognized in earnings for derivatives that do not qualify as hedge
transactions, in each case, in respect of Hedging Obligations;

 

(9)       any unrealized foreign
currency transaction gains or losses in respect of Indebtedness of any Person
denominated in a currency other than the functional currency of such Person and
any unrealized foreign exchange gains or losses relating to translation of assets
and liabilities denominated in foreign currencies;

 

(10)     any unrealized foreign
currency translation or transaction gains or losses in respect of Indebtedness
or other obligations of the Issuer or any Restricted Subsidiary owing to the
Issuer or any Restricted Subsidiary;

 

(11)     the purchase accounting
effects including, but not limited to, adjustments to inventory, property and
equipment, software and other intangible assets and deferred revenue in
component amounts required or permitted by GAAP and related authoritative
pronouncements (including the effects of such adjustments pushed down to the
Company and the Restricted Subsidiaries), as a result of the Transactions or
the disentanglement, any consummated acquisition, or the amortization or
write-off of any amounts thereof (including any write-off of in process
research and development);

 

(12)     any goodwill or other
intangible asset impairment charge or write off;

 

(13)     solely for the purpose of
determining the amount available for Restricted Investments (but not other
Restricted Payments) under Section 4.06(a)(4)(z)(i),

 

11

 

(i) only to the extent
not otherwise added back to Consolidated Net Income, depreciation and
amortization expense to the extent in excess of capital expenditures on
property, plant and equipment and (ii) Consolidated Income Taxes to the extent
in excess of cash payments made in respect of such Consolidated Income Taxes;
and

 

(14)     the impact of capitalized,
accrued or accreting or pay-in-kind interest or principal on Subordinated
Shareholder Funding.

 

“Consolidated Secured Leverage Ratio”  means the Consolidated Leverage
Ratio, but (x) calculated by excluding all Indebtedness other than Secured
Indebtedness (except Secured Indebtedness Incurred pursuant to Section
4.05(b)(13) and secured only by assets in the applicable jurisdiction but, for
the avoidance of doubt, including Indebtedness secured by Liens permitted under
clause (21) of the definition of “Permitted Liens”) and (y) calculating
Consolidated EBITDA for the purposes of such definition as though (i)
consolidated depreciation expense included such expense of the Company and its
consolidated subsidiaries attributable to SSMC and Jilin and (ii) consolidated
amortization expense included such expense of the Company and its consolidated
Subsidiaries attributable to SSMC and Jilin.

 

“Contingent Obligations”  means, with respect to any Person,
any obligation of such Person guaranteeing in any manner, whether directly or
indirectly, any operating lease, dividend or other obligation that does not
constitute Indebtedness (“primary
obligations”) of
any other Person (the “primary obligor”), including any obligation of such Person, whether
or not contingent:

 

(1)       to purchase any such
primary obligation or any property constituting direct or indirect security
therefor;

 

(2)       to advance or supply funds:

 

(a)        for the purchase or
payment of any such primary obligation; or

 

(b)       to maintain the working
capital or equity capital of the primary obligor or otherwise to maintain the
net worth or solvency of the primary obligor; or

 

(3)       to purchase property,
securities or services primarily for the purpose of assuring the owner of any
such primary obligation of the ability of the primary obligor to make payment
of such primary obligation against loss in respect thereof.

 

“Credit Facility”  means, with respect to the Company
or any of its Subsidiaries, one or more debt facilities, indentures or other
arrangements (including the Senior Facilities Agreement or commercial paper
facilities and overdraft facilities) with banks, other financial institutions
or investors providing for revolving credit loans, term loans, notes,
receivables financing (including through the sale of receivables to such
institutions or to special purpose entities formed to borrow from such
institutions against such receivables), letters of credit or other
Indebtedness, in each case, as amended, restated, modified, renewed, refunded,
replaced, restructured, refinanced, repaid, increased or extended in whole or
in part from time to time (and whether in whole or in part and whether or not
with the original administrative agent and lenders or another administrative
agent or

 

12

 

agents or other banks or
institutions and whether provided under the original Senior Facilities
Agreement or one or more other credit or other agreements, indentures,
financing agreements or otherwise) and in each case including all agreements,
instruments and documents executed and delivered pursuant to or in connection
with the foregoing (including any notes and letters of credit issued pursuant
thereto and any Guarantee and collateral agreement, patent and trademark
security agreement, mortgages or letter of credit applications and other
Guarantees, pledges, agreements, security agreements and collateral documents).
Without limiting the generality of the foregoing, the term “Credit Facility”
shall include any agreement or instrument (1) changing the maturity of any
Indebtedness Incurred thereunder or contemplated thereby, (2) adding
Subsidiaries of the Company as additional borrowers or guarantors thereunder,
(3) increasing the amount of Indebtedness Incurred thereunder or available to
be borrowed thereunder or (4) otherwise altering the terms and conditions
thereof.

 

“Crolles”
means the alliance operated by or to be operated by the Company and
its Restricted Subsidiaries (and assets owned by the Company and its Restricted
Subsidiaries that are deployed in such alliance, and activities undertaken by
any of them as part of such alliance, shall be deemed to be a part of Crolles)
and any successor thereto.

 

“Currency Agreement”  means in respect of a Person any foreign
exchange contract, currency swap agreement, currency futures contract, currency
option contract, currency derivative or other similar agreement to which such
Person is a party or beneficiary.

 

“Debtor Relief Laws”  means the Bankruptcy Code of the United
States, and all other liquidation, conservatorship, bankruptcy, assignment for
the benefit of creditors, moratorium, rearrangement, receivership, insolvency,
reorganization, or similar debtor relief laws of the United States or other
applicable jurisdictions from time to time in effect and affecting the rights
of creditors generally (including, in the case of any Guarantor incorporated or
organized in England or Wales, administration, administrative receivership,
voluntary arrangement and schemes of arrangement).

 

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

 

“Designated Non-Cash Consideration”  means the fair market value (as
determined in good faith by the Company) of non-cash consideration received by
the Company or one of its Restricted Subsidiaries in connection with an Asset
Disposition that is so designated as Designated Non-Cash Consideration pursuant
to an Officer’s Certificate, setting forth the basis of such valuation, less
the amount of cash, Cash Equivalents or Temporary Cash Investments received in connection
with a subsequent payment, redemption, retirement, sale or other disposition of
such Designated Non-Cash Consideration. A particular item of Designated
Non-Cash Consideration will no longer be considered to be outstanding when and
to the extent it has been paid, redeemed or otherwise retired or sold or
otherwise disposed of in compliance with Section 4.09.

 

“Designated Preference Shares”  means, with respect to the Company or any
Parent, Preferred Stock (other than Disqualified Stock) (a) that is issued for
cash (other than to the Company or a Subsidiary of the Company or an employee
stock ownership plan or trust established by the Company or any such Subsidiary
for the benefit of their employees to the extent

 

13

 

funded by the Company or
such Subsidiary) and (b) that is designated as “Designated Preference Shares”
pursuant to an Officer’s Certificate of the Company at or prior to the issuance
thereof, the Net Cash Proceeds of which are excluded from the calculation set
forth in Section 4.06(a)(4)(z)(ii).

 

“Disinterested Director”  means, with respect to any Affiliate
Transaction, a member of the Board of Directors of the Company having no
material direct or indirect financial interest in or with respect to such
Affiliate Transaction. A member of the Board of Directors of the Company shall
be deemed not to have such a financial interest by reason of such member’s
holding Capital Stock of the Company or any Parent or any options, warrants or
other rights in respect of such Capital Stock.

 

“Disqualified Stock”  means, with respect to any Person, any
Capital Stock of such Person which by its terms (or by the terms of any
security into which it is convertible or for which it is exchangeable) or upon
the happening of any event:

 

(1)       matures or is mandatorily
redeemable for cash or in exchange for Indebtedness pursuant to a sinking fund
obligation or otherwise;

 

(2)       is convertible or
exchangeable for Indebtedness or Disqualified Stock, (excluding Capital Stock
which is convertible or exchangeable solely at the option of the Company or a
Restricted Subsidiary); or

 

(3)       is or may become (in
accordance with its terms) upon the occurrence of certain events or otherwise
redeemable or repurchasable for cash or in exchange for Indebtedness at the
option of the holder of the Capital Stock in whole or in part,

 

in each case on or prior
to the earlier of (a) the Stated Maturity of the Notes or (b) the date on which
there are no Notes outstanding; provided,
however, that (i) only the portion of Capital Stock which so matures
or is mandatorily redeemable, is so convertible or exchangeable or is so
redeemable at the option of the holder thereof prior to such date will be
deemed to be Disqualified Stock and (ii) any Capital Stock that would
constitute Disqualified Stock solely because the holders thereof have the right
to require the Company to repurchase such Capital Stock upon the occurrence of
a change of control or asset sale (howsoever defined or referred to) shall not
constitute Disqualified Stock if any such redemption or repurchase obligation
is subject to compliance by the relevant Person with Section 4.06.

 

“DTC”  means
The Depository Trust Company or any successor securities clearing agency.

 

“Equity Offering”  means (x) a sale of Capital Stock of the Company (other
than Disqualified Stock) other than offerings registered on Form S-8 (or any
successor form) under the Securities Act or any similar offering in other
jurisdictions, or (y) the sale of Capital Stock or other securities, the
proceeds of which are contributed to the equity (other than through the
issuance of Disqualified Stock or Designated Preference Shares or through an
Excluded Contribution) of the Company or any of its Restricted Subsidiaries.

 

“Escrowed Proceeds”  means the proceeds from the offering of
any debt securities or other Indebtedness paid into an escrow account with an
independent escrow agent on the date of the

 

14

 

applicable offering or
Incurrence pursuant to escrow arrangements that permit the release of amounts
on deposit in such escrow account upon satisfaction of certain conditions or
the occurrence of certain events. The term “Escrowed
Proceeds”  shall
include any interest earned on the amounts held in escrow.

 

“Euroclear”
means Euroclear Bank S.A./N.V., as operator of the Euroclear
Clearance System as currently in effect or any successor securities clearing
agency.

 

“Euro Equivalent”  means, with respect to any monetary amount in a currency
other than euro, at any time of determination thereof by the Company or the
Trustee, the amount of euro obtained by converting such currency other than
euro involved in such computation into euro at the spot rate for the purchase
of euro with the applicable currency other than euro as published in The
Financial Times in the “Currency Rates” section (or, if The Financial Times is
no longer published, or if such information is no longer available in The
Financial Times, such source as may be selected in good faith by the Company)
on the date of such determination.

 

“European Government Obligations”  means any security that is (1) a direct
obligation of Ireland, Belgium, the Netherlands, France, Germany or any country
that is a member of the European Monetary Union on the date of this Indenture,
for the payment of which the full faith and credit of such country is pledged
or (2) an obligation of a person controlled or supervised by and acting as an
agency or instrumentality of any such country the payment of which is unconditionally
Guaranteed as a full faith and credit obligation by such country, which, in
either case under the preceding clause (1) or (2), is not callable or
redeemable at the option of the Company thereof.

 

“Exchange Act”  means the U.S. Securities Exchange Act of 1934, as amended,
and the rules and regulations of the SEC promulgated thereunder, as amended.

 

“Exchange Notes”  means the Notes of the Issuers issued pursuant to this
Indenture in exchange for, and in an aggregate principal amount equal to, the Initial
Notes in compliance with the terms of a Registration Rights Agreement and
containing terms substantially identical to the Initial Notes (except that (i)
such Exchange Notes will be registered under the Securities Act and will not be
subject to transfer restrictions or bear the Restricted Notes Legend, and (ii)
the provisions relating to Additional Interest will be eliminated).

 

“Exchange Offer”  means an offer by the Company to the Holders of the Initial
Notes to exchange outstanding Notes for Exchange Notes, as provided for in a
Registration Rights Agreement.

 

“Exchange Offer Registration Statement”  means the Exchange Offer Registration
Statement as defined in a Registration Rights Agreement.

 

“Excluded Contribution”  means Net Cash Proceeds or property or
assets received by the Company as capital contributions to the equity (other
than through the issuance of Disqualified Stock or Designated Preference
Shares) of the Company after the Issue Date or from the issuance or sale (other
than to a Restricted Subsidiary or an employee stock ownership plan or trust
established by the Company or any Subsidiary of the Company for the benefit of
its employees to the extent funded by the Company or any Restricted Subsidiary)
of Capital Stock (other than

 

15

 

Disqualified Stock or
Designated Preference Shares) of the Company, in each case, to the extent
designated as an Excluded Contribution pursuant to an Officer’s Certificate of
the Company.

 

“fair
market value”  may be conclusively established by means of an
Officer’s Certificate or a resolution of the Board of Directors of the Company
setting out such fair market value as determined by such Officer or such Board
of Directors in good faith.

 

“Fixed
Charge Coverage Ratio”  means, with respect to any Person on any
determination date, the ratio of Consolidated EBITDA of such Person for the
most recent four consecutive fiscal quarters ending immediately prior to such
determination date for which internal consolidated financial statements are
available to the Fixed Charges of such Person for four consecutive fiscal
quarters. In the event that the Company or any Restricted Subsidiary incurs,
assumes, guarantees, redeems, defeases, retires or extinguishes any
Indebtedness (other than Indebtedness incurred under any revolving credit
facility unless such Indebtedness has been permanently repaid and has not been
replaced) or issues or redeems Disqualified Stock or Preferred Stock subsequent
to the commencement of the period for which the Fixed Charge Coverage Ratio is
being calculated but prior to or simultaneously with the event for which the
calculation of the Fixed Charge Coverage Ratio is made (the “Fixed
Charge Coverage Ratio Calculation Date”), then the Fixed Charge Coverage Ratio shall be
calculated giving pro forma effect to such Incurrence, assumption, guarantee,
redemption, defeasance, retirement or extinguishment of Indebtedness, or such
issuance or redemption of Disqualified Stock or Preferred Stock, as if the same
had occurred at the beginning of the applicable four-quarter period.

 

For purposes of making the computation referred to above, any
Investment, acquisitions, dispositions, mergers, consolidations and disposed
operations that have been made by the Company or any of its Restricted
Subsidiaries, including the Transactions, during the four-quarter reference
period or subsequent to such reference period and on or prior to or
simultaneously with the Fixed Charge Coverage Ratio Calculation Date shall be
calculated on a pro forma basis assuming that all such Investments,
acquisitions, dispositions, mergers, consolidations and disposed or
discontinued operations (and the change in any associated fixed charge
obligations and the change in Consolidated EBITDA resulting therefrom) had
occurred on the first day of the four-quarter reference period. If since the
beginning of such period any Person that subsequently became a Restricted
Subsidiary or was merged with or into the Company or any of its Restricted
subsidiaries since the beginning of such period shall have made any Investment,
acquisition, disposition, merger, consolidation or disposed or discontinued
operation that would have required adjustment pursuant to this definition, then
the Fixed Charge Coverage Ratio shall be calculated giving pro forma effect
thereto for such period as if such Investment, acquisition, disposition,
merger, consolidation or disposed operation had occurred at the beginning of
the applicable four-quarter period.

 

For
purposes of this definition, whenever pro forma effect is to be given to . transaction, the pro forma calculations
shall be made in good faith by a responsible financial or chief accounting
officer of the Company (including cost savings and synergies). If any
Indebtedness bears a floating rate of interest and is being given pro forma
effect, the interest on such Indebtedness shall be calculated as if the rate in
effect on the Fixed Charge Coverage Ratio Calculation Date had been the
applicable rate for the entire period (taking into account any Hedging
Obligations applicable to such Indebtedness). Interest on a Capitalized Lease
Obligation

 

16

 

shall
be deemed to accrue at an interest rate reasonably determined by a responsible
financial or accounting officer of the Company to be the rate of interest
implicit in such Capitalized Lease Operation in accordance with GAAP. For
purposes of making the computation referred to above, interest on any
Indebtedness under a revolving credit facility computed with a pro forma basis
shall be computed based upon the average daily balance of such Indebtedness
during the applicable period except as set forth in the first paragraph of this
definition. Interest on Indebtedness that may optionally be determined at an
interest rate based upon a factor of a prime or similar rate, a eurocurrency
interbank offered rate, or other rate, shall be determined to have been based
upon the rate actually chosen, or if none, then based upon such optional rate
chosen as the Company may designate.

 

“Fixed
Charges”  means, with respect to any Person for any
period, the sum of:

 

(1)       Consolidated Interest Expense of such Person
for such Period;

 

(2)       all cash dividends or other distributions paid
(excluding items eliminated in consolidation) on any series of Preferred Stock
during such period; and

 

(3)       all cash dividends or other distributions paid
(excluding items eliminated in consolidation) on any series of Disqualified
Stock during this period.

 

“GAAP”  means generally accepted accounting principles in the United States of
America as in effect on the date of any calculation or determination required
hereunder. Except as otherwise set forth in this Indenture, all ratios and
calculations based on GAAP contained in this Indenture shall be computed in
accordance with GAAP. At any time after the Issue Date, the Company may elect
to establish that GAAP shall mean the GAAP as in effect on or prior to the date
of such election, provided that
any such election, once made, shall be irrevocable. The Company shall give
notice of either such election to the Trustee and the Holders.

 

“Government
Obligations”  means the European Government Obligations
and/or the U.S. Government Obligations, as appropriate.

 

“Governmental
Authority”  means any nation, sovereign or government, any
state, province, territory or other political subdivision thereof, and any
entity or authority exercising executive, legislative, judicial, regulatory,
self-regulatory or administrative functions of or pertaining to government, including
a central bank or stock exchange.

 

“Guarantee”  means any obligation, contingent or otherwise, of any Person directly or
indirectly guaranteeing any Indebtedness of any other Person, including any
such obligation, direct or indirect, contingent or otherwise, of such Person:

 

(1)       to purchase or pay (or advance or supply funds
for the purchase or payment of) such Indebtedness of such other Person (whether
arising by virtue of partnership arrangements, or by agreements to keep-well,
to purchase assets, goods, securities or services, to take-or-pay or to
maintain financial statement conditions or otherwise); or

 

17

 

(2)       entered into primarily for purposes of
assuring in any other manner the obligee of such Indebtedness of the payment
thereof or to protect such obligee against loss in respect thereof {in whole or
in part);

 

provided, however, that the term “Guarantee”
will not include endorsements for collection or deposit in
the ordinary course of business. The term “Guarantee used as
a verb has a corresponding meaning,

 

“Guarantor”  means any Restricted Subsidiary that Guarantees the Notes.

 

“Hedging
Obligations”  of any Person means the obligations of such
Person pursuant to any Interest Rate Agreement, Currency Agreement or Commodity
Hedging Agreement (each, a “Hedging Agreement”).

 

“Holder”  means each Person in whose name the Notes are registered on the
Registrar’s books, which shall initially be the respective nominee of DTC,
Euroclear or Clearstream, as applicable.

 

“Holdings”  means KASLION Acquisition B.V. and its successors and assigns.

 

“Immaterial
Subsidiary”  means any Restricted Subsidiary that (i) has
not guaranteed any other Indebtedness of either Issuer and (ii) has Total
Assets (as determined in accordance with GAAP) and Consolidated EBITDA of less
than 2.5% (in the case of any Subsidiary organized in France existing on the
Issue Date, 3.5%) of the Company’s Total Assets and Consolidated EBITDA
(measured, in the case of Total Assets, at the end of the most recent fiscal
period for which internal financial statements are available and, in the case
of Consolidated EBITDA, for the four quarters ended most recently for which
internal financial statements are available, in each case measured on a pro forma
basis giving effect to any acquisitions or dispositions of companies, division
or lines of business since such balance sheet date or the start of such four
quarter period, as applicable, and on or prior to the date of acquisition of
such subsidiary.

 

“Incur” means issue,
create, assume, enter into any Guarantee of, incur, extend or otherwise become
liable for; provided, however, that
any Indebtedness or Capital Stock of a Person existing at the time such Person
becomes a Restricted Subsidiary (whether by merger, consolidation, acquisition
or otherwise) will be deemed to be Incurred by such Restricted Subsidiary at
the time it becomes a Restricted Subsidiary and the terms “Incurred” and “Incurrence”  have meanings correlative to the
foregoing and any Indebtedness pursuant to any revolving credit or similar
facility shall only be “Incurred” at the time any funds are
borrowed thereunder.

 

“Indebtedness”  means, with respect to any Person on any date of determination (without
duplication):

 

(1)       the principal of indebtedness of such Person
for borrowed money;

 

(2)       the principal of obligations of such Person
evidenced by bonds, debentures, notes or other similar instruments;

 

18

 

(3)       all reimbursement
obligations of such Person in respect of letters of credit, bankers’
acceptances or other similar instruments (the amount of such obligations being
equal at any time to the aggregate then undrawn and unexpired amount of such
letters of credit or other instruments plus the aggregate amount of drawings
thereunder that have not been reimbursed) (except to the extent such
reimbursement obligations relate to trade payables and such obligations are
satisfied within 30 days of Incurrence);

 

(4)       the principal component of
all obligations of such Person to pay the deferred and unpaid purchase price of
property (except trade payables), which purchase price is due more than one
year after the date of placing such property in service or taking final
delivery and title thereto;

 

(5)       Capitalized Lease
Obligations of such Person;

 

(6)       the principal component of
all obligations, or liquidation preference, of such Person with respect to any
Disqualified Stock or, with respect to any Restricted Subsidiary, any Preferred
Stock (but excluding, in each case, any accrued dividends);

 

(7)       the principal component of
all Indebtedness of other Persons secured by a Lien on any asset of such
Person, whether or not such Indebtedness is assumed by such Person; provided,
however, that the amount of such Indebtedness will be the lesser of (a) the
fair market value of such asset at such date of determination (as determined in
good faith by the Company) and (b) the amount of such Indebtedness of such
other Persons;

 

(8)       Guarantees by such Person
of the principal component of Indebtedness of other Persons to the extent
Guaranteed by such Person; and

 

(9)       to the extent not otherwise
included in this definition, net obligations of such Person under Currency
Agreements and Interest Rate Agreements (the amount of any such obligations to
be equal at any time to the termination value of such agreement or arrangement
giving rise to such obligation that would be payable by such Person at such
time).

 

The term “Indebtedness”
shall not include Subordinated Shareholder Funding or any lease, concession or
license of property (or Guarantee thereof) which would be considered an
operating lease under GAAP as in effect on the Issue Date, any prepayments of
deposits received from clients or customers in the ordinary course of business,
or obligations under any license, permit or other approval (or Guarantees given
in respect of such obligations) Incurred prior to the Issue Date or in the
ordinary course of business.

 

The amount of
Indebtedness of any Person at any time in the case of a revolving credit or
similar facility shall be the total amounts of funds borrowed and then
outstanding. The amount of Indebtedness of any Person at any date shall be
determined as set forth above or otherwise provided in this Indenture, and
(other than with respect to letters of credit or Guarantees or Indebtedness
specified in clause (7) or (8) above) shall equal the amount thereof that would
appear on a balance sheet of such Person (excluding any notes thereto) prepared
on the basis of GAAP.

 

19

 

Notwithstanding
the above provisions, in no event shall the following constitute Indebtedness:

 

(i)        Contingent Obligations
Incurred in the ordinary course of business;

 

(ii)       in connection with the
purchase by the Company or any Restricted Subsidiary of any business, any
post-closing payment adjustments to which the seller may become entitled to the
extent such payment is determined by a final closing balance sheet or such
payment depends on the performance of such business after the closing; provided, however, that, at the time of
closing, the amount of any such payment is not determinable and, to the extent
such payment thereafter becomes fixed and determined, the amount is paid within
30 days thereafter, or

 

(iii)      for the avoidance of doubt,
any obligations in respect of workers’ compensation claims, early retirement or
termination obligations, pension fund obligations or contributions or similar
claims, obligations or contributions or social security or wage Taxes.

 

“Independent Financial Advisor”  means an investment banking or accounting
firm of international standing or any third party appraiser of international
standing; provided, however, that
such firm or appraiser is not an Affiliate of the Company.

 

“Initial Investors”  means:

 

(1)       KKR European Fund II,
Limited Partnership, Bain Capital Fund IX, L.P., Bain Capital Fund VIII-E,
L.P., Silver Lake Partners II Cayman, L.P., Apax Europe V-A, L.P., Apax Europe
VI-A, L.P., AlpInvest Partners CS Investments 2006 C.V. and funds or
partnerships related, managed or advised by any of them or any Affiliate of
them; and

 

(2)       Koninklijke Philips
Electronics N.V. and its Subsidiaries.

 

“Initial Public Offering”  means an Equity Offering of common stock
or other common equity interests of the Company or any Parent or any successor
of the Company or any Parent (the “IPO Entity”) following which there is a
Public Market and, as a result of which, the shares of common stock or other
common equity interests of the IPO Entity in such offering are listed on an
internationally recognized exchange or traded on an internationally recognized
market.

 

“Interest Rate Agreement”  means with respect to any Person any
interest rate protection agreement, interest rate future agreement, interest rate
option agreement, interest rate swap agreement, interest rate cap agreement,
interest rate collar agreement, interest rate hedge agreement or other similar
agreement or arrangement to which such Person is party or a beneficiary.

 

“Investment”  means, with respect to any Person, all investments by such
Person in other Persons (including Affiliates) in the form of any direct or
indirect advance, loan or other extensions of credit (other than advances or
extensions of credit to customers, suppliers, directors, officers or employees
of any Person in the ordinary course of business, and excluding any debt or
extension of credit represented by a bank deposit other than a time deposit) or
capital contribution to (by means

 

20

 

of any transfer of cash
or other property to others or any payment for property or services for the
account or use of others), or the Incurrence of a Guarantee of any obligation
of, or any purchase or acquisition of Capital Stock, Indebtedness or other
similar instruments issued by, such other Persons and all other items that are
or would be classified as investments on a balance sheet prepared on the basis
of GAAP; provided, however, that endorsements of negotiable instruments and
documents in the ordinary course of business will not be deemed to be an
Investment. If the Company or any Restricted Subsidiary issues, sells or
otherwise disposes of any Capital Stock of a Person that is a Restricted
Subsidiary such that, after giving effect thereto, such Person is no longer a
Restricted Subsidiary, any Investment by the Company or any Restricted
Subsidiary in such Person remaining after giving effect thereto will be deemed
to be a new Investment at such time.

 

For purposes of
Section 4.06:

 

(1)       “Investment”  will
include the portion (proportionate to the Company’s equity interest in a
Restricted Subsidiary to be designated as an Unrestricted Subsidiary) of the
fair market value of the net assets of such Restricted Subsidiary of the
Company at the time that such Restricted Subsidiary is designated an
Unrestricted Subsidiary; provided, however, that
upon a redesignation of such Subsidiary as a Restricted Subsidiary, the Company
will be deemed to continue to have a permanent “Investment’ in an Unrestricted Subsidiary in an amount (if
positive) equal to (a) the Company’s “Investment”  in such Subsidiary at the time of such
redesignation less (b) the portion (proportionate to the Company’s equity
interest in such Subsidiary) of the fair market value of the net assets (as
conclusively determined by the Board of Directors of the Company in good faith)
of such Subsidiary at the time that such Subsidiary is so re-designated a
Restricted Subsidiary; and

 

(2)       any property transferred to
or from an Unrestricted Subsidiary will be valued at its fair market value at
the time of such transfer, in each case as determined in good faith by the
Board of Directors of the Company.

 

The amount of any
Investment outstanding at any time shall be the original cost of such Investment,
reduced (at the Company’s option) by any dividend, distribution, interest
payment, return of capital, repayment or other amount or value received in
respect of such Investment.

 

“Investment Grade”  means (i) “BBB-” or higher by S&P;
(ii) “Baa3” or higher by Moody’s, or (iii) the equivalent of such ratings by
S&P or Moody’s, or of another Nationally Recognized Statistical Ratings
Organization.

 

“Investment Grade Securities”  means:

 

(1)       securities issued or
directly and fully Guaranteed or insured by the United States or Canadian
government or any agency or instrumentality thereof (other than Cash
Equivalents);

 

(2)       securities issued or
directly and fully guaranteed or insured by a member of the European Union, or
any agency or instrumentality thereof (other than Cash Equivalents);

 

21

 

(3)       debt securities or debt
instruments with a rating of “A—” or higher from S &P or “A3” or higher by
Moody’s or the equivalent of such rating by such rating organization or, if no
rating of Moody’s or S&P then exists, the equivalent of such rating by any
other Nationally Recognized Statistical Ratings Organization, but excluding any
debt securities or instruments constituting loans or advances among the Company
and its Subsidiaries; and

 

(4)       investments in any fund
that invests exclusively in investments of the type described in clauses (1),
(2) and (3) above which fund may also hold cash and Cash Equivalents pending
investment or distribution.

 

“Investment Grade Status”  shall occur in respect of a series
of Notes when such series of the Notes receives both of the following:

 

(1)       a rating of “BBB—” or
higher from S&P; and

 

(2)       a rating of “Baa3” or
higher from Moody’s;

 

or the equivalent of such
rating by either such rating organization or, if no rating of Moody’s or S&P
then exists, the equivalent of such rating by any other Nationally Recognized
Statistical Ratings Organization.

 

“IPO Market Capitalization”  means an amount equal to (i) the
total number of issued and outstanding shares of common stock or common equity
interests of the IPO Entity at the time of closing of the Initial Public
Offering multiplied by (ii) the price per share at which such shares of common
stock or common equity interests are sold in such Initial Public Offering.

 

“Issue Date”  means October 12, 2006.

 

“Jilin”  means Philips Jilin Semiconductor
Company or any successor entity or business thereto.

 

“Lien”  means any mortgage, pledge,
security interest, encumbrance, lien or charge of any kind (including any conditional
sale or other title retention agreement or lease in the nature thereof).

 

“Management Advances”  means loans or advances made to,
or Guarantees with respect to loans or advances made to, directors, officers,
employees or consultants of any Parent, the Company or any Restricted
Subsidiary:

 

(1)       (a) in respect of travel,
entertainment or moving related expenses Incurred in the ordinary course of
business or (b) for purposes of funding any such person’s purchase of Capital
Stock or Subordinated Shareholder Funding (or similar obligations) of the
Company, its Subsidiaries or any Parent with (in the case of this sub-clause
(b)) the approval of the Board of Directors;

 

(2)       in respect of moving
related expenses Incurred in connection with any closing or consolidation of
any facility or office; or

 

22

 

(3)       not exceeding €5.0 million
in the aggregate outstanding at any time.

 

“Management Investors” means the officers,
directors, employees and other members of the management of or consultants to
any Parent, the Company or
any of their respective Subsidiaries, or spouses, family members or relatives
thereof, or any trust, partnership or other entity for the benefit of or the
beneficial owner of which (directly or indirectly) is any of the foregoing, or
any of their heirs, executors, successors and legal representatives, who at any
date beneficially own or have the right to acquire, directly or indirectly,
Capital Stock of the Company, any Restricted Subsidiary or any Parent.

 

“Market
Capitalization”  means an amount equal to (i) the total number
of issued and outstanding shares of common stock or common equity interests of
the IPO Entity on the date of the declaration of the relevant dividend
multiplied by (ii) the arithmetic mean of the closing prices per share of such
common stock or common equity interests for the 30 consecutive trading days
immediately preceding the date of declaration of such dividend.

 

“Moody’s” means Moody’s Investors Service, Inc. or any
of its successors or assigns that is a Nationally Recognized Statistical Rating
Organization.

 

“Nationally
Recognized Statistical Rating Organization”  means a nationally recognized statistical rating organization within the
meaning of Rule 436 under the Securities Act.

 

“Net
Available Cash”  from an Asset Disposition means cash payments
received (including any cash payments received by way of deferred payment of
principal pursuant to a note or installment receivable or otherwise and net
proceeds from the sale or other disposition of any securities received as
consideration, but only as and when received, but excluding any other
consideration received in the form of assumption by the acquiring person of
Indebtedness or other obligations relating to the properties or assets that are
the subject of such Asset Disposition or received in any other non-cash form)
therefrom, in each case net of:

 

(1)       all legal, accounting,
investment banking, title and recording tax expenses, commissions and other
fees and expenses Incurred, and all Taxes paid or required to be paid or
accrued as a liability under GAAP (after taking into account any available tax
credits or deductions and any tax sharing agreements), as a consequence of such
Asset Disposition;

 

(2)       all payments made on any
Indebtedness which is secured by any assets subject to such Asset Disposition,
in accordance with the terms of any Lien upon such assets, or which by
applicable law be repaid out of the proceeds from such Asset Disposition;

 

(3)       all distributions and other
payments required to be made to minority interest holders (other than any
Parent, the Company or any of their respective Subsidiaries) in Subsidiaries or
joint ventures as a result of such Asset Disposition; and

 

(4)       the deduction of
appropriate amounts required to be provided by the seller as a reserve, on the
basis of GAAP, against any liabilities associated with the assets

 

23

 

disposed
of in such Asset Disposition and retained by the Company or any Restricted
Subsidiary after such Asset Disposition.

 

“Net Cash
Proceeds,”  with respect to any issuance or sale of
Capital Stock or Subordinated Shareholder Funding, means the cash proceeds of
such issuance or sale net of attorneys’ fees, accountants’ fees, underwriters’
or placement agents’ fees, listing fees, discounts or commissions and
brokerage, consultant and other fees and charges actually Incurred in
connection with such issuance or sale and net of taxes paid or payable as a
result of such issuance or sale (after taking into account any available tax
credit or deductions and any tax sharing arrangements).

 

“Note
Documents”  means the Notes (including Additional Notes)
and this Indenture.

 

“Note
Guarantee”  has the meaning given to such term in Section
10.01.

 

“Offering
Memorandum”  means the offering memorandum of the Issuers
dated as of October 5, 2006 in connection with the offering and sale of the
Notes.

 

“Officer”  means, with respect to any Person, (1) the Chairman of the Board of
Directors, the Chief Executive Officer, the President, the Chief Financial
Officer, any Vice President, the Treasurer, any Managing Director or the
Secretary (a) of such Person or (b) if such Person is owned or managed by a
single entity, of such entity, or (2) any other individual designated as an “Officer”
for the purposes of this Indenture by the Board of Directors of such Person.

 

“Officer’s
Certificate”  means, with respect to any Person, a
certificate signed by one Officer of such Person.

 

“Opinion
of Counsel”  means a written opinion from legal
counsel reasonably satisfactory to the Trustee. The counsel may be an employee
of or counsel to the Company or its Subsidiaries.

 

“Parent”  means any Person of which the Company at any time is or becomes a
Subsidiary after the Issue Date and any holding companies established by any
Permitted Holder for purposes of holding its investment in any Parent.

 

“Parent
Expenses”  means:

 

(1)       costs (including all
professional fees and expenses) Incurred by any Parent in connection with
reporting obligations under or otherwise Incurred in connection with compliance
with applicable laws, rules or regulations of any governmental, regulatory or
self-regulatory body or stock exchange, this Indenture or any other agreement
or instrument relating to Indebtedness of the Company or any Restricted
Subsidiary, including in respect of any reports filed with respect to the
Securities Act, Exchange Act or the respective rules and regulations
promulgated thereunder;

 

(2)       customary indemnification
obligations of any Parent owing to directors, officers, employees or other
Persons under its charter or by-laws or pursuant to written agreements with any
such Person to the extent relating to the Company and its Subsidiaries;

 

24

 

(3)       obligations of any Parent
in respect of director and officer insurance (including premiums therefor) to
the extent relating to the Company and its Subsidiaries;

 

(4)       fees and expenses payable
by any Parent in connection with the Transactions;

 

(5)       general corporate overhead
expenses, including (a) professional fees and expenses and other operational
expenses of any Parent related to the ownership or operation of the business of
the Company or any of its Restricted Subsidiaries or (b) costs and expenses
with respect to any litigation or other dispute relating to the Transactions;

 

(6)       other fees, expenses and
costs relating directly or indirectly to activities of the Company and its
Subsidiaries in an amount not to exceed €5 million in any fiscal year; and

 

(7)       expenses Incurred by any
Parent in connection with any public offering or other sale of Capital Stock or
Indebtedness:

 

(x)        where the net proceeds of
such offering or sale are intended to be received by or contributed to the
Company or a Restricted Subsidiary,

 

(y)       in a pro-rated amount of
such expenses in proportion to the amount of such net proceeds intended to be
so received or contributed, or

 

(z)        otherwise on an interim
basis prior to completion of such offering so long as any Parent shall cause
the amount of such expenses to be repaid to the Company or the relevant
Restricted Subsidiary out of the proceeds of such offering promptly if
completed.

 

“Pari Passu Indebtedness”  means Indebtedness of the Company
(other than Indebtedness of the Company pursuant to the Senior Facilities
Agreement) or any Guarantor if such Guarantee ranks equally in right of payment
to the Guarantees of the Notes.

 

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

 

“Permitted Asset Swap”  means the concurrent purchase and
sale or exchange of assets used or useful in a Similar Business or a
combination of such assets and cash, Cash Equivalents or Temporary Cash
Investments between the Company or any of its Restricted Subsidiaries and
another Person; provided that any cash or Cash Equivalents received in excess
of the value of any cash or Cash Equivalents sold or exchanged must be applied
in accordance with Section 4.09.

 

“Permitted Collateral Liens”  means Liens on the Collateral
permitted under the Secured Indenture as in effect on the date hereof.

 

“Permitted Holders”  means, collectively, (1) the
Initial Investors and any one or more Persons whose beneficial ownership
constitutes or results in a Change of Control in respect of which a Change of
Control Offer is made in accordance with the requirements of this Indenture,

 

25

 

(2) Senior Management and
(3) any Person who is acting as an underwriter in connection with a public or
private offering of Capital Stock of any Parent or the Company, acting in such
capacity.

 

“Permitted Investment”  means (in each case, by the
Company or any of its Restricted Subsidiaries):

 

(1)       Investments in (a) a
Restricted Subsidiary (including the Capital Stock of a Restricted Subsidiary)
or the Company or (b) a Person (including the Capital Stock of any such Person)
that is engaged in any Similar Business and such Person will, upon the making
of such Investment, become a Restricted Subsidiary;

 

(2)       Investments in another
Person if such Person is engaged in any Similar Business and as a result of
such Investment such other Person is merged, consolidated or otherwise combined
with or into, or transfers or conveys all or substantially all its assets to,
the Company or a Restricted Subsidiary;

 

(3)       Investments in cash, Cash
Equivalents, Temporary Cash Investments or Investment Grade Securities;

 

(4)       Investments in receivables owing
to the Company or any Restricted Subsidiary created or acquired in the ordinary
course of business;

 

(5)       Investments in payroll,
travel and similar advances to cover matters that are expected at the time of
such advances ultimately to be treated as expenses for accounting purposes and
that are made in the ordinary course of business;

 

(6)       Management Advances;

 

(7)       Investments in Capital
Stock, obligations or securities received in settlement of debts created in the
ordinary course of business and owing to the Company or any Restricted
Subsidiary, or as a result of foreclosure, perfection or enforcement of any
Lien, or in satisfaction of judgments or pursuant to any plan of reorganization
or similar arrangement including upon the bankruptcy or insolvency of a debtor;

 

(8)       Investments made as a
result of the receipt of non-cash consideration from a sale or other
disposition of property or assets, including an Asset Disposition (but
excluding a Permitted Asset Swap), in each case, that was made in compliance
with Section 4.09;

 

(9)       Investments in existence
on, or made pursuant to legally binding commitments in existence on, the Issue
Date and including the committed investment in PSSL (not exceeding €5 million);

 

(10)     Currency Agreements, Interest
Rate Agreements, Commodity Hedging Agreements and related Hedging Obligations,
which transactions or obligations are Incurred in compliance with Section 4.05;

 

26

 

(11)     Investments, taken together
with all other Investments made pursuant to this clause (11) and at any time
outstanding, in an aggregate amount at the time of such Investment not to
exceed €300 million; provided that,
if an Investment is made pursuant to this clause in a Person that is not a
Restricted Subsidiary and such Person subsequently becomes a Restricted
Subsidiary or is subsequently designated a Restricted Subsidiary pursuant to
Section 4.06, such Investment shall thereafter be deemed to have been made
pursuant to clause (1) or (2) of the definition of “Permitted Investments” and
not this clause;

 

(12)     pledges or deposits with
respect to leases or utilities provided to third parties in the ordinary course
of business or Liens otherwise described in the definition of “Permitted Liens”
or made in connection with Liens permitted under Section 4.07;

 

(13)     any Investment to the extent
made using Capital Stock of the Company (other than Disqualified Stock) or
Capital Stock of any Parent as consideration;

 

(14)     any transaction to the extent
constituting an Investment that is permitted and made in accordance with the
provisions of Section 4.10(b) (except those described in Section 4.10(b)(1),
4.10(b)(3), 4.10(b)(6), 4.10(b)(8), 4.10(b)(9) or 4.10(b)(12));

 

(15)     Investments consisting of
purchases and acquisitions of inventory, supplies, materials and equipment or
licenses or leases of intellectual property, in any case, in the ordinary
course of business and in accordance with this Indenture;

 

(16)     Guarantees not prohibited by
Section 4.05 and (other than with respect to Indebtedness) guarantees,
keepwells and similar arrangements in the ordinary course of business.

 

(17)     Investments (a) in SSMC to
increase the Company’s percentage ownership thereof; provided that, after giving effect to such Investment, the
Company is able to incur €1.00 of Indebtedness under Section 4.05(a) or (b) in
SSMC or any other Person partially financed by a Singapore government agency
(or another project finance with a local or multilateral Governmental
Authority) in an aggregate amount under this clause (b) not to exceed €300.0
million;

 

(18)     Loans to Jilin on terms
consistent with past practices between Jilin and Philips, not to exceed €25
million at any one time outstanding; and

 

(19)     Investments in Crolles (or,
in the event that Crolles is not continued, a similar research and development
program) to fund research and development activities and maintenance capital
expenditures in an aggregate amount not to exceed €190.0 million in the first
two years after the Issue Date and €50 million per annum thereafter (with a
carry over of unused amounts).

 

“Permitted Liens”  means, with respect to any Person:

 

27

 

(1)       Liens on assets or property
of a Restricted Subsidiary that is not a Guarantor securing Indebtedness of any
Restricted Subsidiary that is not a Guarantor,

 

(2)       pledges, deposits or Liens
under workmen’s compensation laws, unemployment insurance laws, social security
laws or similar legislation, or insurance related obligations (including
pledges or deposits securing liability to insurance carriers under insurance or
self-insurance arrangements), or in connection with bids, tenders, completion
guarantees, contracts (other than for borrowed money) or leases, or to secure
utilities, licenses, public or statutory obligations, or to secure surety,
indemnity, judgment, appeal or performance bonds, guarantees of government
contracts (or other similar bonds, instruments or obligations), or as security
for contested taxes or import or customs duties or for the payment of rent, or
other obligations of like nature, in each case Incurred in the ordinary course
of business;

 

(3)       Liens imposed by law,
including carriers’, warehousemen’s, mechanics’, landlords’, materialmen’s and
repairmen’s or other like Liens, in each case for sums not yet overdue for a
period of more than 60 days or that are bonded or being contested in good faith
by appropriate proceedings;

 

(4)       Liens for taxes,
assessments or other governmental charges not yet delinquent or which are being
contested in good faith by appropriate proceedings; provided that appropriate
reserves required pursuant to GAAP have been made in respect thereof;

 

(5)       Liens in favor of issuers
of surety, performance or other bonds, guarantees or letters of credit or
bankers’ acceptances (not issued to support Indebtedness for borrowed money)
issued pursuant to the request of and for the account of the Company or any
Restricted Subsidiary in the ordinary course of its business;

 

(6)       encumbrances, ground
leases, easements (including reciprocal easement agreements), survey
exceptions, or reservations of, or rights of others for, licenses, rights of
way, sewers, electric lines, telegraph and telephone lines and other similar
purposes, or zoning, building codes or other restrictions (including minor
defects or irregularities in title and similar encumbrances) as to the use of
real properties or Liens incidental to the conduct of the business of the
Company and its Restricted Subsidiaries or to the ownership of its properties
which do not in the aggregate materially adversely affect the value of said
properties or materially impair their use in the operation of the business of
the Company and its Restricted Subsidiaries;

 

(7)       Liens on assets or property
of the Company or any Restricted Subsidiary securing Hedging Obligations
permitted under this Indenture;

 

(8)       leases, licenses, subleases
and sublicenses of assets (including real property and intellectual property rights),
in each case entered into in the ordinary course of business;

 

(9)       Liens arising out of
judgments, decrees, orders or awards not giving rise to an Event of Default so
long as any appropriate legal proceedings which may have been duly initiated
for the review of such judgment, decree, order or award have not been

 

28

 

finally terminated or the
period within which such proceedings may be initiated has not expired;

 

(10)     Liens on assets or property
of the Company or any Restricted Subsidiary for the purpose of securing
Capitalized Lease Obligations or Purchase Money Obligations, or securing the
payment of all or a part of the purchase price of, or securing other
Indebtedness Incurred to finance or refinance the acquisition, improvement or
construction of, assets or property acquired or constructed in the ordinary
course of business; provided that
(a) the aggregate principal amount of Indebtedness secured by such Liens is
otherwise permitted to be Incurred under this Indenture and (b) any such Lien
may not extend to any assets or property of the Company or any Restricted
Subsidiary other than assets or property acquired, improved, constructed or
leased with the proceeds of such Indebtedness and any improvements or
accessions to such assets and property;

 

(11)     Liens arising by virtue of
any statutory or common law provisions relating to banker’s Liens, rights of
set-off or similar rights and remedies as to deposit accounts or other funds
maintained with a depositary or financial institution;

 

(12)     Liens arising from Uniform
Commercial Code financing statement filings (or similar filings in other
applicable jurisdictions) regarding operating leases entered into by the
Company and its Restricted Subsidiaries in the ordinary course of business;

 

(13)     Liens existing on the Issue
Date, excluding Liens securing the Senior Facilities Agreement and the Notes;

 

(14)     Liens on property, other
assets or shares of stock of a Person at the time such Person becomes a
Restricted Subsidiary (or at the time the Company or a Restricted Subsidiary
acquires such property, other assets or shares of stock, including any
acquisition by means of a merger, consolidation or other business combination
transaction with or into the Company or any Restricted Subsidiary); provided
however, that such Liens are not created, Incurred or assumed in anticipation
of or in connection with such other Person becoming a Restricted Subsidiary (or
such acquisition of such property, other assets or stock); provided, further, that such Liens are
limited to all or part of the same property, other assets or stock (plus
improvements, accession, proceeds or dividends or distributions in connection
with the original property, other assets or stock) that secured (or, under the
written arrangements under which such Liens arose, could secure) the
obligations to which such Liens relate;

 

(15)     Liens on assets or property
of the Company or any Restricted Subsidiary securing Indebtedness or other
obligations of the Company or such Restricted Subsidiary owing to the Company
or another Restricted Subsidiary, or Liens in favor of the Company or any
Restricted Subsidiary;

 

(16)     Liens (other than Permitted
Collateral Liens) securing Refinancing Indebtedness Incurred to refinance Indebtedness
that was previously so secured, and permitted to be secured under this
Indenture; provided that any such
Lien is limited to all or

 

29

 

part of the same property
or assets (plus improvements, accessions, proceeds or dividends or
distributions in respect thereof) that secured (or, under the written
arrangements under which the original Lien arose, could secure) the
Indebtedness being refinanced or is in respect of property that is or could be
the security for or subject to a Permitted Lien hereunder;

 

(17)     any interest or title of a
lessor under any Capitalized Lease Obligation or operating lease;

 

(18)     (a) mortgages, liens,
security interests, restrictions, encumbrances or any other matters of record
that have been placed by any government, statutory or regulatory authority,
developer, landlord or other third party on property over which the Company or
any Restricted Subsidiary of the Company has easement rights or on any leased
property and subordination or similar arrangements relating thereto and (b) any
condemnation or eminent domain proceedings affecting any real property,

 

(19)     any encumbrance or
restriction (including put and call arrangements) with respect to Capital Stock
of any joint venture or similar arrangement pursuant to any joint venture or
similar agreement;

 

(20)     Liens on property or assets
under construction (and related rights) in favor of a contractor or developer
or arising from progress or partial payments by a third party relating to such
property or assets;

 

(21)     Liens on cash accounts
securing Indebtedness incurred under Section 4.05(b)(l1) with local financial
institutions;

 

(22)     Liens on Escrowed Proceeds
for the benefit of the related holders of debt securities or other Indebtedness
(or the underwriters or arrangers thereof) or on cash set aside at the time of
the Incurrence of any Indebtedness or government securities purchased with such
cash, in either case to the extent such cash or government securities prefund
the payment of interest on such Indebtedness and are held in an escrow account
or similar arrangement to be applied for such purpose;

 

(23)     Liens securing or arising by
reason of any netting or set-off arrangement entered into in the ordinary
course of banking or other trading activities, or liens over cash accounts
securing cash pooling arrangements;

 

(24)     Liens arising out of
conditional sale, title retention, hire purchase, consignment or similar
arrangements for the sale of goods entered into in the ordinary course of
business;

 

(25)     Liens Incurred in the
ordinary course of business with respect to obligations (other than
Indebtedness for borrowed money) which do not exceed €50 million at any one
time outstanding;

 

(26)     Permitted Collateral Liens;

 

30

 

(27)     Liens on Capital Stock or
other securities or assets of any Unrestricted Subsidiary that secure
Indebtedness of such Unrestricted Subsidiary; and

 

(28)     any security granted over the
marketable securities portfolio described in clause (9) of the definition of “Cash
Equivalents” in connection with the disposal thereof to a third party.

 

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

 

“Philips”  means Koninklijke Philips
Electronics N.V.

 

“Preferred Stock,”  as applied to the Capital Stock of
any Person, means Capital Stock of any class or classes (however designated)
which is preferred as to the payment of dividends or as to the distribution of
assets upon any voluntary or involuntary liquidation or dissolution of such
Person, over shares of Capital Stock of any other class of such Person.

 

“PSSL”  means Philips Semiconductors
(Suzhou) Co. Ltd.

 

“Public Market”  means any time after:

 

(1)       an Equity Offering has been
consummated; and

 

(2)       shares of common stock or
other common equity interests of the IPO Entity having a market value in excess
of €100 million on the date of such Equity Offering have been distributed
pursuant to such Equity Offering.

 

“Public Offering”  means any offering, including an Initial
Public Offering, of shares of common stock or other common equity interests
that are listed on an exchange or publicly offered (which shall include an
offering pursuant to Rule 144A and/or Regulation S under the Securities Act to
professional market investors or similar persons).

 

“Purchase Money Obligations”  means any Indebtedness Incurred to
finance or refinance the acquisition, leasing, construction or improvement of
property (real or personal) or assets (including Capital Stock), and whether
acquired through the direct acquisition of such property or assets or the
acquisition of the Capital Stock of any Person owning such property or assets,
or otherwise.

 

“Refinance”  means refinance, refund, replace,
renew, repay, modify, restate, defer, substitute, supplement, reissue, resell,
extend or increase (including pursuant to any defeasance or discharge
mechanism) and the terms “refinances,”  “refinanced”  and “refinancing”  as used for any purpose in this
Indenture shall have a correlative meaning.

 

“Refinancing Indebtedness”  means Indebtedness that is
Incurred to refund, refinance, replace, exchange, renew, repay or extend
(including pursuant to any defeasance or discharge mechanism) any Indebtedness
existing on the date of this Indenture or Incurred in compliance with this
Indenture (including Indebtedness of the Company that refinances Indebtedness
of any

 

31

 

Restricted Subsidiary and
Indebtedness of any Restricted Subsidiary that refinances Indebtedness of the
Company or another Restricted Subsidiary) including Indebtedness that refinances
Refinancing Indebtedness; provided,
however, that:

 

(1)       if the Indebtedness being
refinanced constitutes Subordinated Indebtedness, the Refinancing Indebtedness
has a final Stated Maturity at the time such Refinancing Indebtedness is
Incurred that is the same as or later than the final Stated Maturity of the
Indebtedness being refinanced or, if shorter, the Notes;

 

(2)       such Refinancing
Indebtedness is Incurred in an aggregate principal amount (or if issued with
original issue discount, an aggregate issue price) that is equal to or less
than the sum of the aggregate principal amount (or if issued with original
issue discount, the aggregate accreted value) then outstanding of the
Indebtedness being refinanced (plus, without duplication, any additional Indebtedness
Incurred to pay interest or premiums required by the instruments governing such
existing Indebtedness and costs, expenses and fees Incurred in connection
therewith);

 

(3)       if the Indebtedness being
refinanced is expressly subordinated to the Notes, such Refinancing
Indebtedness is subordinated to the Notes on terms at least as favorable to the
Holders as those contained in the documentation governing the Indebtedness
being refinanced;

 

provided,
however, that Refinancing Indebtedness shall not include
Indebtedness of the Company or a Restricted Subsidiary that refinances
Indebtedness of an Unrestricted Subsidiary.

 

Refinancing
Indebtedness in respect of any Credit Facility or any other Indebtedness may be
Incurred from time to time after the termination, discharge or repayment of any
such Credit Facility or other Indebtedness.

 

“Registration Rights Agreement”  means the registration rights
agreement dated as of the Issue Date among the Issuers, the Guarantors and the
initial purchasers named therein.

 

“Related Person”  with respect to any Permitted
Holder means:

 

(1)       any controlling
equityholder or Subsidiary of such Person; or

 

(2)       in the case of an
individual, any spouse, family member or relative of such individual, any trust
or partnership for the benefit of one or more of such individual and any such
spouse, family member or relative, or the estate, executor, administrator,
committee or beneficiaries of any thereof; or

 

(3)       any trust, corporation,
partnership or other Person for which one or more of the Permitted Holders and
other Related Persons of any thereof constitute the beneficiaries,
stockholders, partners or owners thereof, or Persons beneficially holding in
the aggregate a majority (or more) controlling interest therein; or

 

32

 

(4)       in the case of the Initial
Investors any investment fund or vehicle managed, sponsored or advised by such
Person or any successor thereto, or by any Affiliate of such Person or any such
successor.

 

“Related Taxes”  means:

 

(1)       any Taxes, including sales,
use, transfer, rental, ad valorem, value
added, stamp, property, consumption, franchise, license, capital, registration,
business, customs, net worth, gross receipts, excise, occupancy, intangibles or
similar Taxes (other than (x) Taxes measured by income and (y) withholding
imposed on payments made by any Parent), required to be paid (provided such
Taxes are in fact paid) by any Parent by virtue of its:

 

(a)        being organized or having
Capital Stock outstanding (but not by virtue of owning stock or other equity
interests of any corporation or other entity other than, directly or
indirectly, the Company or any of the Company’s Subsidiaries);

 

(b)       issuing or holding
Subordinated Shareholder Funding;

 

(c)        being a holding company
parent, directly or indirectly, of the Company or any of the Company’s
Subsidiaries;

 

(d)       receiving dividends from or
other distributions in respect of the Capital Stock of, directly or indirectly,
the Company or any of the Company’s Subsidiaries; or

 

(e)        having made any payment in
respect to any of the items for which the Company is permitted to make payments
to any Parent pursuant to Section 4.06; or

 

(2)       if and for so long as the
Company is a member of a group filing a consolidated or combined tax return
with any Parent, any Taxes measured by income for which such Parent is liable
up to an amount not to exceed with respect to such Taxes the amount of any such
Taxes that the Company and its Subsidiaries would have been required to pay on
a separate company basis or on a consolidated basis if the Company and its
Subsidiaries had paid tax on a consolidated, combined, group, affiliated or
unitary basis on behalf of an affiliated group consisting only of the Company
and its Subsidiaries.

 

“Responsible Officer”  means, when used with respect to
the Trustee, any officer within the Corporate Trust Administration of the
Trustee (or any successor group of the Trustee) or any other officer of the
Trustee customarily performing functions similar to those performed by any of
the above designated officers and also means, with respect to a particular
corporate trust matter, any other officer to whom such matter is referred
because of such individual’s knowledge of and familiarity with the particular
subject.

 

“Restricted Investment”  means any Investment other than a
Permitted Investment.

 

33

 

“Restricted Subsidiary”  means any Subsidiary of the
Company other than an Unrestricted Subsidiary, and for the avoidance of doubt does
not include the Crolles assets as in existence on the Issue Date unless and
until designated otherwise by the Company in a notice to the Trustee.

 

“Reversion Date”  means, after a series of Notes has
achieved Investment Grade Status, the date, if any, that such Notes shall cease
to have such Investment Grade Status.

 

“S&P”  means Standard & Poor’s
Investors Ratings Services or any of its successors or assigns that is a
Nationally Recognized Statistical Rating Organization.

 

“SEC”  means the U.S. Securities and
Exchange Commission or any successor thereto.

 

“Secured Indebtedness”  means any Indebtedness secured by
a Lien.

 

“Secured Indenture”  means the secured indenture dated
as of the Issue Date among the Issuers, the guarantors named therein, Deutsche
Bank Trust Company Americas, as trustee, and the collateral agents named
therein, as amended from time to time.

 

“Securities Act”  means the U.S. Securities Act of
1933, as amended, and the rules and regulations of the SEC promulgated
thereunder, as amended.

 

“Senior Facilities Agreement”  means the €500,000,000 senior
secured revolving credit facility agreement dated on or about September 29,
2006 between the Company, certain of the Company’s Subsidiaries as borrowers
and guarantors, the senior lenders (as named therein), and Morgan Stanley
Senior Funding Inc., as facility agent and collateral agent, as amended,
supplemented or otherwise modified from time to time.

 

“Senior Finance Documents”  means the Senior Facilities
Agreement and such other documents identified as “Senior Finance Documents”
pursuant to the Senior Facilities Agreement.

 

“Senior Management”  means the officers, directors, and
other members of senior management of the Company or any of its Subsidiaries,
who at any date beneficially own or have the right to acquire, directly or
indirectly, Capital Stock of the Company or any Parent and with an equity
investment in excess of €250,000.

 

“Significant Subsidiary”  means any Restricted Subsidiary
that meets any of the following conditions:

 

(1)       the Company’s and its
Restricted Subsidiaries’ investments in and advances to the Restricted
Subsidiary exceed 10% of the total assets of the Company and its Restricted
Subsidiaries on a consolidated basis as of the end of the most recently
completed fiscal year;

 

(2)       the Company’s and its Restricted
Subsidiaries’ proportionate share of the total assets (after intercompany
eliminations) of the Restricted Subsidiary exceeds 10% of the total assets of
the Company and its Restricted Subsidiaries on a consolidated basis as of the
end of the most recently completed fiscal year; or

 

34

 

(3)       the Company’s and its
Restricted Subsidiaries’ equity in the income from continuing operations before
income taxes, extraordinary items and cumulative effect of a change in
accounting principle of the Restricted Subsidiary exceeds 10% of such income of
the Company and its Restricted Subsidiaries on a consolidated basis for the
most recently completed fiscal year.

 

“Similar Business”  means (a) any businesses, services
or activities engaged in by the Company or any of its Subsidiaries or any
Associates on the Issue Date and (b) any businesses, services and activities
engaged in by the Company or any of its Subsidiaries or any Associates that are
related, complementary, incidental, ancillary or similar to any of the
foregoing or are extensions or developments of any thereof,

 

“SSMC”  means Systems on Silicon
Manufacturing Company Pte. or any successor entity or business thereto. For
purposes of Section 4.06 and the definition of “Asset Disposition”, references
to SSMC shall also refer to any Unrestricted Subsidiary (x) any Capital Stock
or debt of which is owned directly or indirectly by SSMC or (y) which has
received a cash distribution or dividend from SSMC.

 

“Slated Maturity”  means, with respect to any
security, the date specified in such security as the fixed date on which the
payment of principal of such security is due and payable, including pursuant to
any mandatory redemption provision, but shall not include any contingent
obligations to repay, redeem or repurchase any such principal prior to the date
originally scheduled for the payment thereof.

 

“Subordinated Indebtedness”  means, with respect to any person,
any Indebtedness (whether outstanding on the Issue Date or thereafter Incurred)
which is expressly subordinated in right of payment to the Notes pursuant to a
written agreement.

 

“Subordinated Shareholder Funding”  means, collectively, any funds
provided to the Company by a Parent in exchange for or pursuant to any security,
instrument or agreement other than Capital Stock, in each case issued to and
held by Holdings, together with any such security, instrument or agreement and
any other security or instrument other than Capital Stock issued in payment of
any obligation under any Subordinated Shareholder Funding; provided, however, that such Subordinated
Shareholder Funding:

 

(1)       does not mature or require
any amortization, redemption or other repayment of principal or any sinking
fund payment prior to the first anniversary of the Stated Maturity of the Notes
(other than through conversion or exchange of such funding into Capital Stock
(other than Disqualified Stock) of the Company or any funding meeting the
requirements of this definition);

 

(2)       does not require, prior to
the first anniversary of the Stated Maturity of the applicable Notes, payment
of cash interest, cash withholding amounts or other cash gross-ups, or any
similar cash amounts;

 

(3)       contains no change of
control or similar provisions and does not accelerate and has no right to
declare a default or event of default or take any enforcement

 

35

 

action or otherwise
require any cash payment, in each case, prior to the first anniversary of the
Stated Maturity of the Notes;

 

(4)       does not provide for or
require any security interest or encumbrance over any asset of the Company or
any of its Subsidiaries; and

 

(5)       pursuant to its terms is
fully subordinated and junior in right of payment to the Notes pursuant to
subordination, payment blockage and enforcement limitation terms which are
customary in all material respects for similar funding.

 

“Subsidiary”  means, with respect to any Person:

 

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

 

(2)       any partnership, joint
venture, limited liability company or similar entity of which:

 

(a)        more than 50% of the
capital accounts, distribution rights, total equity and voting interests or
general or limited partnership interests, as applicable, are owned or
controlled, directly or indirectly, by such Person or one or more of the other
Subsidiaries of that Person or a combination thereof whether in the form of
membership, general, special or limited partnership interests or otherwise; and

 

(b)       such Person or any
Subsidiary of such Person is a controlling general partner or otherwise
controls such entity.

 

“Successor Parent”  with respect to any Person means
any other Person with more than 50% of the total voting power of the Voting
Stock of which is, at the time the first Person becomes a Subsidiary of such
other Person, “beneficially owned” (as defined below) by one or more Persons
that “beneficially owned” (as defined below) more than 50% of the total voting
power of the Voting Stock of the first Person immediately prior to the first
Person becoming a Subsidiary of such other Person. For purposes hereof, “beneficially
own” has the meaning correlative to the term “beneficial owner,” as such term
is defined in Rules 13d-3 and 13d-5 under the Exchange Act (as in effect on the
Issue Date).

 

“Taxes”  means all present and future
taxes, levies, imposts, deductions, charges, duties and withholdings and any
charges of a similar nature (including interest, penalties and other
liabilities with respect thereto) that are imposed by any government or other
taxing authority.

 

“Tax Sharing Agreement”  means any tax sharing or profit
and loss pooling or similar agreement with customary or arm’s-length terms
entered into with any Parent or Unrestricted

 

36

 

Subsidiary, as the same
may be amended, supplemented, waived or otherwise modified from time to time in
accordance with the terms thereof and of this Indenture.

 

“Temporary
Cash Investments”  means any of the following:

 

(1)       any investment in

 

(a)        direct obligations of, or obligations Guaranteed
by, (i) the United States of America or Canada, (ii) any European Union member
state, (iii) Switzerland or Norway, (iv) any country in whose currency funds
are being held specifically pending application in the making of an investment
or capital expenditure by the Company or a Restricted Subsidiary in that
country with such funds or (v) any agency or instrumentality of any such
country or member state, or

 

(b)       direct obligations of any country recognized
by the United States of America rated at least “A” by S&P or “A-l” by Moody’s
(or, in either case, the equivalent of such rating by such organization or, if
no rating of S&P or Moody’s then exists, the equivalent of such rating by
any Nationally Recognized Statistical Rating Organization);

 

(2)       overnight bank deposits, and investments in
time deposit accounts, certificates of deposit, bankers’ acceptances and money
market deposits (or, with respect to foreign banks, similar instruments)
maturing not more than one year after the date of acquisition thereof issued
by:

 

(a)        any lender under the Senior Facilities
Agreement,

 

(b)       any institution authorized to operate as a
bank in any of the countries or member states referred to in subclause (1)(a)
above, or

 

(c)        any bank or trust company organized under the
laws of any such country or member state or any political subdivision thereof,

 

in
each case, having capital and surplus aggregating in excess of €250 million (or
the foreign currency equivalent thereof) and whose long-term debt is rated at
least “A” by S&P or “A-2” by Moody’s (or, in either case, the equivalent of
such rating by such organization or, if no rating of S&P or Moody’s then
exists, the equivalent of such rating by any Nationally Recognized Statistical
Rating Organization) at the time such Investment is made;

 

(3)       repurchase obligations with a term of not more
than 30 days for underlying securities of the types described in clause (1) or
(2) above entered into with a Person meeting the qualifications described in
clause (2) above;

 

(4)       Investments in commercial paper, maturing not
more than 270 days after the date of acquisition, issued by a Person (other
than the Company or any of its Subsidiaries), with a rating at the time as of
which any Investment therein is made of “P-2” (or higher) according to Moody’s
or “A-2” (or higher) according to S&P (or, in either case, the equivalent
of such rating by such organization or, if no rating of S&P or Moody’s then

 

37

 

exists,
the equivalent of such rating by any Nationally Recognized Statistical Rating
Organization);

 

(5)       Investments in securities maturing not more
than one year after the date of acquisition issued or fully Guaranteed by any
state, commonwealth or territory of the United States of America, Canada, any
European Union member state or Switzerland, Norway or by any political
subdivision or taxing authority of any such state, commonwealth, territory,
country or member state, and rated at least “BBB” by S&P or “Baa3” by Moody’s
(or, in either case, the equivalent of such rating by such organization or, if
no rating of S&P or Moody’s then exists, the equivalent of such rating by
any Nationally Recognized Statistical Rating Organization);

 

(6)       bills of exchange issued in the United States,
Canada, a member state of the European Union, Switzerland, Norway or Japan
eligible for rediscount at the relevant central bank and accepted by a bank (or
any dematerialized equivalent);

 

(7)       any money market deposit accounts issued or
offered by a commercial bank organized under the laws of a country that is a
member of the Organization for Economic Co-operation and Development, in each
case, having capital and surplus in excess of €250 million (or the foreign
currency equivalent thereof) or whose long term debt is rated at least “A” by
S&P or “A2” by Moody’s (or, in either case, the equivalent of such rating
by such organization or, if no rating of S&P or Moody’s then exists, the
equivalent of such rating by any Nationally Recognized Statistical Rating
Organization) at the time such Investment is made;

 

(8)       investment funds investing 95% of their assets
in securities of the type described in clauses (1) through (7) above (which
funds may also hold reasonable amounts of cash pending investment and/or
distribution); and

 

(9)       investments in money market funds complying
with the risk limiting conditions of Rule 2a-7 (or any successor rule) of the
SEC under the U.S. Investment Company Act of 1940, as amended.

 

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

 

“Total
Assets”  means the consolidated total assets of the
Company and its Restricted Subsidiaries in accordance with GAAP as shown on the
most recent balance sheet of such Person; provided
that pending the acquisitions of ASMC and Jilin, such balance sheet
shall give pro forma effect to
such acquisitions.

 

“Transaction
Documents”  means the Senior Finance Documents, the Note
Documents and the Investor Documents.

 

“Transactions”  means the acquisition by Holdings of the Company and its Subsidiaries
and the related transactions (including disentanglement) pursuant to the
Acquisition Agreement and the financing thereof and the issuance of the Notes.

 

38

 

“Unrestricted Subsidiary”  means SSMC and (upon acquisition
of Jilin by the Company or a Restricted Subsidiary) Jilin and:

 

(1)       any Subsidiary of the
Company (other than the Co-Issuer) that at the time of determination is an
Unrestricted Subsidiary (as designated by the Board of Directors of the Company
in the manner provided below); and

 

(2)       any Subsidiary of an
Unrestricted Subsidiary.

 

The Board of
Directors of the Company may designate any Subsidiary of the Company (including
any newly acquired or newly formed Subsidiary or a Person becoming a Subsidiary
through merger, consolidation or other business combination transaction, or
Investment therein) to be an Unrestricted Subsidiary only if:

 

(1)       such Subsidiary or any of
its Subsidiaries does not own any Capital Stock or Indebtedness of, or own or
hold any Lien on any property of, the Company or any other Subsidiary of the
Company which is not a Subsidiary of the Subsidiary to be so designated or
otherwise an Unrestricted Subsidiary; and

 

(2)       such designation and the
Investment of the Company in such Subsidiary complies with Section 4.06.

 

Any such
designation by the Board of Directors of the Company shall be evidenced to the
Trustee by filing with the Trustee a resolution of the Board of Directors of
the Company giving effect to such designation and an Officer’s Certificate
certifying that such designation complies with the foregoing conditions.

 

The Board of
Directors of the Company may designate any Unrestricted Subsidiary to be a
Restricted Subsidiary; provided, that
immediately after giving effect to such designation (1) no Default or Event of
Default would result therefrom and (2)(x) the Company could Incur at least
€1.00 of additional Indebtedness under Section 4.05(a) or (y) the Fixed Charge
Coverage Ratio would not be worse than it was immediately prior to giving effect
to such designation, in each case, on a pro forma basis taking into account
such designation. Any such designation by the Board of Directors shall be
evidenced to the Trustee by promptly filing with the Trustee a copy of the
resolution of the Board of Directors giving effect to such designation or an
Officer’s Certificate certifying that such designation complied with the
foregoing provisions.

 

“Uniform Commercial Code”  means the New York Uniform
Commercial Code.

 

“U.S. Government Obligations”  means  securities that are (1) direct obligations of the United
States of America for the timely payment of which its full faith and credit is
pledged or (2) obligations of a Person controlled or supervised by and acting
as an agency or instrumentality of the United States of America the timely
payment of which is unconditionally Guaranteed as a full faith and credit
obligation of the United States of America, which, in either case, are not
callable or redeemable at the option of the Company thereof, and shall also include
a depositary receipt issued by a bank (as defined in Section 3(a)(2) of the
Securities Act), as custodian with respect to any such U.S. Government
Obligations or a specific payment of principal of or interest on any such U.S.
Government Obligations held by such custodian for the account of the holder of

 

39

 

such depositary 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 depositary receipt from any amount received by the
custodian in respect of the U.S. Government Obligations or the specific payment
of principal of or interest on the U.S. Government Obligations evidenced by
such depositary receipt.

 

“Voting Stock”  of a Person means all classes of Capital
Stock of such Person then outstanding and normally entitled to vote in the
election of directors.

 

“Wholly-Owned Subsidiary”  means a Restricted Subsidiary of
the Company, all of the Capital Stock of which (other than directors’
qualifying shares or shares required by any applicable law or regulation to be
held by a Person other than the Company or another Wholly-Owned Subsidiary) is
owned by the Company or another Wholly-Owned Subsidiary.

 

SECTION 1.02.         Other Definitions

 

	
  Term

  	
   

  	
  Defined in 

  Section

  
	
   

  	
   

  	
   

  
	
  “Additional Amounts”

  	
   

  	
  4.02(a)

  
	
  “Additional Notes”

  	
   

  	
  Preamble

  
	
  “Affiliate Transaction”

  	
   

  	
  4.10(a)

  
	
  “Agent Members”

  	
   

  	
  Appendix A

  
	
  “Applicable Procedures”

  	
   

  	
  Appendix A

  
	
  “Asset Disposition Offer”

  	
   

  	
  4.09(b)

  
	
  “Asset Disposition Offer Amount”

  	
   

  	
  4.09(e)

  
	
  “Asset Disposition Offer Period”

  	
   

  	
  4.09(e)

  
	
  “Asset Disposition Purchase Date”

  	
   

  	
  4.09(e)

  
	
  “Authorized Agent”

  	
   

  	
  13.10

  
	
  “Change of Control Offer”

  	
   

  	
  4.03(b)

  
	
  “Change of Control Payment”

  	
   

  	
  4.03(b)(l)

  
	
  “Change of Control Payment Date”

  	
   

  	
  4.03(b)(2)

  
	
  “Co-Issuer”

  	
   

  	
  Preamble

  
	
  “Company”

  	
   

  	
  Preamble

  
	
  “covenant defeasance option”

  	
   

  	
  8.01(b)

  
	
  “defeasance trust”

  	
   

  	
  8.02(a)(l)

  
	
  “Definitive Note”

  	
   

  	
  Appendix A

  
	
  “Dollar Notes”

  	
   

  	
  Preamble

  
	
  “Euro Notes”

  	
   

  	
  Preamble

  
	
  “Event of Default”

  	
   

  	
  6.01(a)

  
	
  “Global Notes Legend”

  	
   

  	
  Appendix A

  
	
  “Guaranteed Obligations”

  	
   

  	
  10.01(a)

  
	
  “Initial Agreement”

  	
   

  	
  4.08(b)(3)

  
	
  “Issuers”

  	
   

  	
  Preamble

  
	
  “legal defeasance option”

  	
   

  	
  8.01(b)

  
	
  “New York Paying Agent”

  	
   

  	
  2.04(a)

  
	
  “Notes”

  	
   

  	
  Preamble

  

 

40

 

	
  Term

  	
   

  	
  Defined in 

  Section

  
	
  “Notes Custodian”

  	
   

  	
  Appendix A

  
	
  “Original Notes”

  	
   

  	
  Preamble

  
	
  “Paying Agent”

  	
   

  	
  2.04(a)

  
	
  “Payor”

  	
   

  	
  4.02(a)

  
	
  “Permitted Payments”

  	
   

  	
  4.06(c)

  
	
  “protected purchaser”

  	
   

  	
  2.08

  
	
  “QIB”

  	
   

  	
  Appendix A

  
	
  “Qualified Institutional Buyer”

  	
   

  	
  Appendix A

  
	
  “Regulation S”

  	
   

  	
  Appendix A

  
	
  “Regulation S Notes”

  	
   

  	
  Appendix A

  
	
  “Relevant Taxing Jurisdiction”

  	
   

  	
  4.02(a)(3)

  
	
  “Registrar”

  	
   

  	
  2.04(a)

  
	
  “Restricted Payment”

  	
   

  	
  4.06

  
	
  “Restricted Period”

  	
   

  	
  Appendix A

  
	
  “Restricted Notes Legend”

  	
   

  	
  Appendix A

  
	
  “Rule 144A”

  	
   

  	
  Appendix A

  
	
  “Rule 144A Notes”

  	
   

  	
  Appendix A

  
	
  “Securities Act”

  	
   

  	
  Appendix A

  
	
  “Successor Company”

  	
   

  	
  5.01(a)(l)

  
	
  “Suspension Event”

  	
   

  	
  4.13

  
	
  “Transfer Agent”

  	
   

  	
  2.04(a)

  
	
  “Transfer Restricted Notes”

  	
   

  	
  Appendix A

  
	
  “Trustee”

  	
   

  	
  Preamble

  

 

SECTION 1.03.         Incorporation by
Reference of TIA

 

This Indenture is
subject to the mandatory provisions of the TIA, which are incorporated by
reference in and made a part of this Indenture. The following TIA terms have
the following meanings:

 

“Commission” means
the SEC.

 

“indenture
securities” means the Securities and the Note Guarantees.

 

“indenture
security holder” means a Holder.

 

“indenture to be
qualified” means this Indenture.

 

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

 

“obligor” on the
indenture securities means the Company, the Note Guarantors and any other
obligor on the indenture securities.

 

All other TIA
terms used in this Indenture that are defined by the TIA, defined by TIA
reference to another statute or defined by SEC rule have the meanings assigned
to them by such definitions.

 

41

 

SECTION 1.04.         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 GAAP;

 

(c)       “or” is not exclusive;

 

(d)       “including” means including
without limitation;

 

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

 

(f)        unsecured Indebtedness
shall not be deemed to be subordinate or junior to secured Indebtedness merely
by virtue of its nature as unsecured Indebtedness.

 

ARTICLE 2

 

The Notes 

 

SECTION 2.01.         Issuable in Series

 

The Notes may be
issued in one or more series. All Notes of any one series shall be substantially
identical except as to denomination.

 

With respect to
any Additional Notes issued after the Issue Date (except for Notes
authenticated and delivered upon registration of transfer of, or in exchange
for, or in lieu of, other Notes pursuant to Sections 2.07, 2.08, 2.09, 2.10 or
3.06 or Appendix A), there shall be (a) established in or pursuant to a
resolution of the Board of Directors of the Company and (b)(i) set forth or
determined in the manner provided in an Officer’s Certificate of the Company or
(ii) established in one or more indentures supplemental hereto, prior to the
issuance of such Additional Notes:

 

(1) whether such
Additional Notes shall be issued as part of a new or existing series of Notes
and the title of such Additional Notes (which shall distinguish the Additional
Notes of the series from Notes of any other series);

 

(2) the aggregate
principal amount of such Additional Notes which may be authenticated and
delivered under this Indenture (except for Notes authenticated and delivered
upon registration of transfer of, or in exchange for, or in lieu of, other
Notes of the same series pursuant to Sections 2.07, 2.08, 2.09, 2.10 or 3.06 or
Appendix A and except for Notes which, pursuant to Section 2.03, are deemed
never to have been authenticated and delivered hereunder);

 

42

 

(3)       the issue price and
issuance date of such Additional Notes, including the date from which interest
on such Additional Notes shall accrue; provided,
however, that (to the extent such Additional Notes are to be part of
the same series as other Notes) such Additional Notes will qualify to be
treated as “part of the same issue” as the Original Notes pursuant to Treasury
Regulations Section 1.1275-l(f) or 1.1275-2(k); and

 

(4)       if applicable, that such
Additional Notes shall be issuable in whole or in part in the form of one or
more Global Notes and, in such case, the respective depositaries for such
Global Notes, the form of any legend or legends which shall be borne by such
Global Notes in addition to or in lieu of those set forth in Exhibit A hereto
and any circumstances in addition to or in lieu of those set forth in Section
2.3 of Appendix A in which any such Global Note may be exchanged in whole or in
part for Additional Notes registered, or any transfer of such Global Note in
whole or in part may be registered, in the name or names of Persons other than
the depositary for such Global Note or a nominee thereof.

 

If any of the
terms of any Additional Notes are established by action taken pursuant to a
resolution of the Board of Directors, a copy of an appropriate record of such
action shall be certified by an Officer’s Certificate and delivered to the
Trustee at or prior to the delivery of the Officer’s Certificate of the Issuer
or the indenture supplemental hereto setting forth the terms of the Additional
Notes.

 

Each of the Euro
Notes and the Dollar Notes constitutes a separate series of Notes but will be
treated as a single class of securities for all purposes under this Indenture,
including for purposes of voting and taking all other actions by holders of the
Notes, except as otherwise specified herein.

 

This Indenture is
unlimited in aggregate principal amount. The Original Notes, the Exchange Notes
and, if issued, any Additional Notes will be treated as a single class for all
purposes under this Indenture, including with respect to waivers, amendments,
redemptions and offers to purchase, except as otherwise specified with respect
to each series of Notes.

 

SECTION 2.02.         Form and Dating

 

Provisions
relating to the Notes are set forth in Appendix A, which is hereby incorporated
in and expressly made a part of this Indenture. The (a) Original Notes and (b)
any Additional Notes (if issued as Transfer Restricted Notes) shall each be substantially
in the form of Exhibit A, which is hereby incorporated in and expressly made a
part of this Indenture. Any Additional Notes issued other than as Transfer
Restricted Notes (including any Exchange Notes) shall each be substantially in
the form of Exhibit A (without the Restricted Notes Legend), which is hereby
incorporated in and expressly made part of this Indenture. The Notes may have
notations, legends or endorsements required by law, stock exchange rule,
agreements to which the Issuer is subject, if any, or usage, provided that any such notation, legend or
endorsement is in a form acceptable to the Issuer and the Trustee. Each Note
shall be dated the date of its authentication. The Notes shall be issuable only
in registered form without interest coupons and only in minimum denominations
of €50,000 or $75,000, as applicable, and whole multiples of €1,000 or $1,000,
as applicable, in excess thereof.

 

43

 

SECTION 2.03.         Execution and
Authentication

 

One Officer shall
sign the Notes for each Issuer by manual or facsimile signature.

 

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

 

A Note shall not
be valid until an authorized signatory of the Trustee or an authentication
agent manually signs the certificate of authentication on the Note. The
signature shall be conclusive evidence that the Note has been authenticated
under this Indenture.

 

The Trustee or an
authentication agent shall authenticate and make available for delivery Notes
as set forth in Appendix A following receipt of an authentication order signed
by an Officer of each Issuer directing the Trustee or an authentication agent
to authenticate such Notes.

 

The Trustee may
appoint an authentication agent reasonably acceptable to the Issuers to
authenticate the Notes. Any such appointment shall be evidenced by an
instrument signed by a Responsible Officer, a copy of which shall be furnished
to the Issuers. Unless limited by the terms of such appointment, an
authentication agent may authenticate Notes whenever the Trustee may do so.
Each reference in this Indenture to authentication by the Trustee includes
authentication by such agent. An authentication agent has the same rights as
any Registrar, Paying Agent or agent for service of notices and demands.

 

SECTION 2.04.         Registrar and Paying
Agent

 

(a)       The Issuers shall maintain
one or more registrars with offices in Luxembourg where Notes may be presented
for registration (the “Registrar”), and a transfer agent
in each of (i) the City of London, (ii) Ireland (for so long as the Euro Notes
are listed on the Irish Stock Exchange and its rules so require) and (iii) the
Borough of Manhattan, City of New York where Notes may be presented for
transfer or exchange (the “Transfer Agent”) or for payment (the “Paying
Agent”). The Registrar shall keep a register of the Notes of
their transfer and exchange. The Issuer may have one or more co-registrars and
one or more additional transfer and paying agents. The terms “Paying
Agent”  and “Transfer
Agent”  include
any additional paying agent or transfer agent, as applicable, and the term “Registrar”
includes any co-registrars. The Issuers initially appoint Deutsche Bank
AG, London Branch, in the City of London, Deutsche Bank Trust Company Americas,
in the Borough of Manhattan, City of New York and Deutsche International
Corporate Services (Ireland) Limited, in Ireland, who each have accepted such
appointment, as Paying Agent for the Euro Notes, Paying Agent for the Dollar
Notes (the “New York Paying Agent”) and Ireland Paying Agent (the
“Ireland
Paying Agent”), respectively. The Issuers initially appoint
Deutsche Bank Luxembourg S.A. in Luxembourg, who accepts such appointment, as
Registrar, Transfer Agent and Irish Listing Agent. In addition, the Issuers
undertake to the extent possible, to use reasonable efforts to maintain a
Paying Agent in a member state of the European Union that is not obliged to
withhold or deduct tax pursuant to European Council Directive 2003/48/EC
regarding the taxation of savings income (the “Directive”). Deutsche
Bank Trust Company Americas will act as New York Registrar, Transfer Agent and
New York Paying Agent in connection with the Global Notes with respect to the

 

44

 

Dollar Notes settled
through DTC. Deutsche Bank AG, London Branch will act as Transfer Agent and
Paying Agent in connection with the Global Notes with respect to the Euro Notes
settled through Euroclear or Clearstream.

 

(b)       So long as the Notes are
listed on the Irish Stock Exchange and its rules so require, a paying agent and
transfer agent (the “Ireland Transfer Agent”) will be
maintained in Ireland at all times that payments are required to be made in
respect of the Notes. The Issuers initially appoint Deutsche International
Corporate Services (Ireland) Limited, who accepts such appointment, as Ireland
Transfer Agent.

 

(c)       The Issuers shall enter
into an appropriate agency agreement with any Registrar or Paying Agent not a
party to or appointed under this Indenture. Such agreement shall implement the
provisions of this Indenture that relate to such agent, which shall incorporate
the terms of the TIA. Any Registrar or Paying Agent appointed hereunder shall
be entitled to the benefits of this Indenture as though a party hereto. The
Issuers shall notify the Trustee of the name and address of any such agent. If
the Issuers fail to maintain a Registrar or Paying Agent, the Trustee shall act
as such and shall be entitled to appropriate compensation therefor pursuant to
Section 7.07. Either Issuer or any Subsidiary may act as Paying Agent or
Registrar.

 

(d)       The Issuers may change any
Registrar, Paying Agent or Transfer Agent upon written notice to such
Registrar, Paying Agent or Transfer Agent and to the Trustee, without prior
notice to the Holders; provided, however, that
no such removal shall become effective until (i) acceptance of an appointment
by a successor as evidenced by an appropriate agreement entered into by the
Issuers and such successor Registrar, Paying Agent, or Transfer Agent, as the
case may be, and delivered to the Trustee or (ii) written notification to the
Trustee that the Trustee shall, to the extent that it determines that it is
able, serve as Registrar or Paying Agent or Transfer Agent until the
appointment of a successor in accordance with clause (i) above; provided, further, that in no event may
the Issuers appoint a Paying Agent in any member state of the European Union
where the Paying Agent would be obliged to withhold or deduct tax in connection
with any payment made by it in relation to the Notes unless the Paying Agent
would be so obliged if it were located in all other member states. The
Registrar, Paying Agent or Transfer Agent may resign by providing 30 day’s
written notice to the Issuer and the Trustee. In addition, for so long as the
Notes are listed on the Irish Stock Exchange and the rules of the Irish Stock
Exchange so require, the Issuers shall deliver notice of the change in the
Registrar, Paying Agent or Transfer Agent to the Companies Announcement Office
in Dublin.

 

SECTION
2.05.         Paying
Agent to Hold Money in Trust

 

No later than
10:00 a.m. London time in respect of payments to be made in London or 10:00
a.m. New York time in respect of payments to be made in New York on each due
date of the principal of, interest and premium (if any) on any Note, the
Issuers shall deposit with the Paying Agent (or if either Issuer or a
Restricted Subsidiary of either Issuer is acting as Paying Agent, segregate and
hold in trust for the benefit of the Persons entitled thereto) a sum sufficient
to pay such principal, interest and premium (if any) when so becoming due and
subject to receipt of such monies, the Paying Agent shall make payment on the
Notes in accordance with

 

45

 

this Indenture. The
Issuers shall require each Paying Agent to agree in writing (and each Paying
Agent party to this Indenture agrees) that the Paying Agent shall hold in trust
for the benefit of Holders or the Trustee all money held by the Paying Agent
for the payment of principal of, interest and premium (if any) on the Notes but
such Paying Agent may use such monies as banker in the ordinary course of
business without accounting for profits (other than in the case of Article 8),
and shall notify the Trustee of any default by the Issuers in making any such
payment. If the Issuer or a Restricted Subsidiary acts as Paying Agent, it
shall segregate the money held by it as Paying Agent and hold it as a separate
trust fund. The Issuers at any time may require a Paying Agent to pay all money
held by it to the Trustee and to account for any funds disbursed by the Paying
Agent. Upon complying with this Section, the Paying Agent shall have no further
liability for the money delivered to the Trustee. For the avoidance of doubt,
the Paying Agent and the Trustee shall be held harmless and have no liability
with respect to payments or disbursements to be made by the Paying Agent and
Trustee for which payment instructions are not made or that are not otherwise
deposited by the respective times set forth in this Section 2.05.

 

SECTION
2.06.         Holder
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 Holders. If the Trustee is not
the Registrar, the Issuers shall furnish, or cause the Registrar to furnish, to
the Trustee, in writing at least five Business 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 Holders.

 

SECTION
2.07.         Transfer
and Exchange

 

The Notes shall be
issued in registered form and shall be transferable only upon the surrender of
a Note for registration of transfer and in compliance with Appendix A. When a
Note is presented to the Registrar with a request to register a transfer, the
Registrar shall register the transfer as requested if its requirements therefor
are met. When Notes are presented to the Registrar with a written request to
exchange them for an equal principal amount of Notes of other denominations,
the Registrar shall make the exchange as requested if the same requirements are
met. To permit registration of transfers and exchanges, the Issuers shall
execute and the Trustee or an authentication agent shall authenticate Notes at
the Registrar’s request. The Issuers may require payment of a sum sufficient to
pay all taxes, assessments or other governmental charges in connection with any
transfer or exchange pursuant to this Section. The Issuers are not required to
register the transfer or exchange of any Notes (i) for a period of 15 days
prior to any date fixed for the redemption of any Notes, (ii) for a period of
15 days immediately prior to the date fixed for selection of Notes to be
redeemed in part or (iii) which the Holder has tendered (and not withdrawn) for
repurchase in connection with a Change of Control Offer or an Asset Disposition
Offer.

 

Prior to the due
presentation for registration of transfer of any Note, the Issuers, the
Trustee, the Paying Agent, and the Registrar may deem and treat the Person in
whose name a Note is registered as the absolute owner of such Note for the
purpose of receiving payment of principal of and (subject to Section 2 of the
Notes) interest, if any, on such Note and for all other

 

46

 

purposes whatsoever,
whether or not such Note is overdue, and none of either Issuer, the Trustee,
the Paying Agent, or the Registrar shall be affected by notice to the contrary.

 

Any Holder of a
Global Note shall, by acceptance of such Global Note, agree that transfers of
beneficial interest in such Global Note may be effected only through a
book-entry system maintained by (a) the Holder of such Global Note (or its
agent) or (b) any Holder of a beneficial interest in such Global Note, and that
ownership of a beneficial interest in such Global Note shall be required to be
reflected in a book entry.

 

All Notes issued
upon any transfer or exchange pursuant to the terms of this Indenture shall
evidence the same debt and shall be entitled to the same benefits under this
Indenture as the Notes surrendered upon such transfer or exchange.

 

SECTION 2.08.         Replacement Notes

 

If a mutilated
Note is surrendered to the Registrar or if the Holder of a Note claims that the
Note has been lost, destroyed or wrongfully taken, the Issuers shall issue and
the Trustee or an authentication agent shall authenticate a replacement Note if
the requirements of Section 8-405 of the Uniform Commercial Code are met, such
that the Holder (a) notifies the Issuers or the Trustee within a reasonable
time after such Holder has notice of such loss, destruction or wrongful taking
and the Registrar does not register a transfer prior to receiving such
notification, (b) makes such request to the Issuers or the Trustee prior to the
Note being acquired by a protected purchaser as defined in Section 8-303 of the
Uniform Commercial Code (a “protected purchaser”) and (c)
satisfies any other reasonable requirements of the Trustee. If required by the
Trustee or the Issuers, such Holder shall furnish an indemnity bond sufficient
in the judgment of the Trustee and the Issuers to protect the Issuers, the
Trustee, the Paying Agent and the Registrar from any loss that any of them may
suffer if a Note is replaced. The Issuers and the Trustee may charge the Holder
for their expenses in replacing a Note including reasonable fees and expenses
of counsel. In the event any such mutilated, lost, destroyed or wrongfully
taken Note has become or is about to become due and payable, the Issuers in its
discretion may pay such Note instead of issuing a new Note in replacement
thereof.

 

Every replacement
Note is an additional obligation of the Issuers.

 

The provisions of
this Section 2.08 are exclusive and shall preclude (to the extent lawful) all
other rights and remedies with respect to the replacement or payment of
mutilated, lost, destroyed or wrongfully taken Notes.

 

SECTION 2.09.         Outstanding Notes

 

Notes outstanding
at any time are all Notes authenticated by the Trustee or an authentication
agent except for those canceled by it, those delivered to it for cancellation
and those described in this Section as not outstanding. Subject to Section
13.06, a Note does not cease to be outstanding because the Issuers or an
Affiliate of either Issuer holds the Note.

 

If a Note is
replaced pursuant to Section 2.08, it ceases to be outstanding unless the
Trustee and the Issuers receive proof satisfactory to them that the replaced
Note is held by a protected purchaser.

 

47

 

If the Paying
Agent receives (or if either Issuer or a Restricted Subsidiary of either Issuer
is acting as Paying Agent and such Paying Agent segregates and holds in trust)
in accordance with this Indenture, on a redemption date or maturity date money
sufficient to pay all principal and interest and premium, if any, payable on
that date with respect to the Notes (or portions thereof) to be redeemed or
maturing, as the case may be, and the Paying Agent is not prohibited from
paying such amount to the Holders on that date pursuant to the terms of this
Indenture, then on and after that date such Notes (or portions thereof) cease
to be outstanding and interest on them ceases to accrue.

 

SECTION 2.10.         Temporary Notes

 

In the event that
Definitive Notes are to be issued under the terms of this Indenture, until such
Definitive Notes are ready for delivery, the Issuers may prepare and the
Trustee or an authentication agent shall authenticate temporary Notes.
Temporary Notes shall be substantially in the form of Definitive Notes but may
have variations that the Issuers consider appropriate for temporary Notes.
Without unreasonable delay, the Issuers shall prepare and the Trustee or an
authentication agent shall authenticate Definitive Notes and deliver them in
exchange for temporary Notes upon surrender of such temporary Notes at the
office or agency of the Issuers, without charge to the Holder.

 

SECTION 2.1l.          Cancellation.

 

The Issuers at any
time may deliver Notes to the Trustee for cancellation. The Registrar and the
Paying Agent shall forward to the Trustee any Notes surrendered to them for
registration of transfer, exchange or payment. The Trustee and no one else
shall cancel all Notes surrendered for registration of transfer, exchange,
payment or cancellation and shall dispose of canceled Notes in accordance with
its customary procedures or deliver canceled Notes to the Issuers pursuant to
written direction by an Officer of either Issuer. Certification of the
destruction of all canceled Notes shall be delivered to the Issuers. The Issuers
may not issue new Notes to replace Notes it has redeemed, paid or delivered to
the Trustee for cancellation. Neither the Trustee nor an authentication agent
shall authenticate Notes in place of canceled Notes other than pursuant to the
terms of this Indenture.

 

SECTION 2.12.         Common Codes, CUSIP
and ISIN Numbers

 

The Issuers in
issuing the Notes may use Common Codes, CUSIP and ISIN numbers (if then
generally in use) and, if so, the Trustee shall use Common Codes, CUSIP and
ISIN numbers in notices of redemption as a convenience to Holders; provided, however, that any such notice
may state that no representation is made as to the correctness of such numbers
either as printed on the Notes or as contained in any notice of a redemption
and that reliance may be placed only on the other identification numbers
printed on the Notes, and any such redemption shall not be affected by any
defect in or omission of such numbers. The Issuer will promptly notify the
Trustee and the Paying Agent of any change in the Common Code, CUSIP or ISIN
numbers.

 

48

 

SECTION 2.13.         Currency

 

In the case of (1)
the Euro Notes, the euro and (2) the Dollar Notes, the U.S. dollar, is the sole
currency of account and payment for all sums payable by the Issuers under or in
connection with the Euro Notes and the Dollar Notes, as the case may be,
including damages. Any amount received or recovered in a currency other than
euro (in the case of the Euro Notes) or the U.S. dollar (in the case the Dollar
Notes), whether as a result of, or the enforcement of, a judgment or order of a
court of any jurisdiction, in the winding-up or dissolution of the Issuer or
otherwise by any Holder of a Euro Note or a U.S. Dollar Note, as the case may
be, or by the Trustee, in respect of any sum expressed to be due to it from the
Issuers will only constitute a discharge to the Issuers to the extent of the
euro amount or the U.S. dollar amount, as the case may be, which the recipient
is able to purchase with the amount so received or recovered in that other
currency on the date of that receipt or recovery (or, if it is not practicable
to make that purchase on that date, on the first date on which it is
practicable to do so).

 

If that euro
amount is less than the euro amount expressed to be due to the recipient or the
relevant Trustee under any Euro Note, or if that U.S. dollar amount is less
than the U.S. dollar amount expressed to be due to the recipient or the Trustee
under any U.S. Dollar Note, the Issuers will indemnify them against any loss
sustained by such recipient as a result. In any event, the Issuers will
indemnify the recipient against the cost of making any such purchase. For the
purposes of this currency indemnity provision, it will be prima facie evidence
of the matter stated therein for the Holder of a Note or the Trustee to certify
in a manner satisfactory to the Issuers (indicating the sources of information
used) the loss it incurred in making any such purchase. These indemnities
constitute a separate and independent obligation from the Issuers’ other
obligations, will give rise to a separate and independent cause of action, will
apply irrespective of any waiver granted by any Holder of a Note or the Trustee
(other than a waiver of the indemnities set out herein) and will continue in
full force and effect despite any other judgment, order, claim or proof for a
liquidated amount in respect of any sum due under any Note or to the Trustee.

 

Except as
otherwise specifically set forth herein, for purposes of determining compliance
with any euro-denominated restriction herein, the Euro Equivalent amount for
purposes hereof that is denominated in a non-euro currency shall be calculated
based on the relevant currency exchange rate in effect on the date such
non-euro amount is Incurred or made, as the case may be.

 

If the Company
adopts the U.S. dollar as its reporting currency, it may elect irrevocably to
convert all euro denominated restrictions into dollar denominated restrictions
at the applicable spot rate of exchange prevailing on the date of such
election, and all references in this Indenture to determining Euro Equivalents
and euro amounts shall apply mutatis
mutandis as though referring to U.S. dollars.

 

 

49

 

ARTICLE 3

 

Redemption

 

SECTION 3.01.         Notices to Trustee

 

If the Issuers
elect to redeem Notes pursuant to Sections 5 or 6 of the Notes, it shall notify
the Trustee and the relevant Paying Agent in writing of the redemption date and
the principal amount of Notes to be redeemed and the section of the Note
pursuant to which the redemption will occur.

 

The Issuers shall
give each written notice to the Trustee and the relevant Paying Agent provided
for in this Article 3 at least 40 days, but not more than 60 days, before the
redemption date unless the Trustee or the relevant Paying Agent (as the case
may be) consents to a shorter period. In the case of a redemption pursuant to
Section 5 of the Notes, such notice shall be accompanied by an Officer’s
Certificate from the Issuers to the effect that such redemption will comply
with the conditions herein.

 

In the case of a
redemption provided for by Section 6 of the Note, prior to the publication or
mailing of any notice of redemption of any series of Notes pursuant to the
foregoing, the Issuer will deliver to the Trustee and the relevant Paying Agent
(a) an Officer’s Certificate stating that it is entitled to effect such
redemption and setting forth a statement of facts showing that the conditions
precedent to its right so to redeem have been satisfied and (b) an opinion of
an independent tax counsel of recognized standing to the effect that the
circumstances referred to above exist. The Trustee will accept such Officer’s
Certificate and opinion as sufficient existence of the satisfaction of the
conditions precedent described above, in which event it will be conclusive and
binding on the Holders. Any such notice may be canceled at any time prior to
notice of such redemption being mailed to any Holder and shall thereby be void
and of no effect.

 

SECTION 3.02.         Selection of Notes To Be Redeemed or
Repurchased

 

If less than all
of any series of Notes is to be redeemed at any time, the Trustee will select
Notes for redemption in compliance with the requirements of the principal
securities exchange, if any, on which that series of Notes is listed, and/or in
compliance with the requirements of Euroclear, Clearstream or DTC, as
applicable, or if that series of Notes is not so listed or such exchange
prescribes no method of selection and the Notes are not held through Euroclear,
Clearstream or DTC, as applicable, or Euroclear, Clearstream or DTC, as
applicable, prescribes no method of selection, on a pro rata basis; provided, however, that no Note of €50,000
(in the case of Euro Notes) or $75,000 (in the case of Dollar Notes) in
aggregate principal amount or less shall be redeemed in part. Provisions of
this Indenture that apply to Notes called for redemption also apply to portions
of Notes called for redemption. The Trustee shall notify the Issuers promptly
of the Notes or portions of Notes to be redeemed.

 

SECTION 3.03.         Notice of Redemption.

 

(a) At least 30
days but not more than 60 days before a date for redemption of Notes, the
Issuers shall transmit a notice of redemption in accordance with Section 13.03
and as provided below to each Holder of Notes to be redeemed at such Holder’s
registered address; provided, however, that any notice of a redemption provided
for by Section 6 of the Notes shall not be given earlier than 90 days prior to
the earliest date on which the Payor would be obligated to make a payment of
Additional Amounts unless at the time such notice is given, the obligation to
pay Additional Amounts remains in effect. In addition, for so long as the Notes
are listed on

 

50

 

the Irish Stock Exchange
and the rules of the Irish Stock Exchange so require, the Issuer shall give
notice of redemption to the Companies Announcement Office in Dublin.

 

The notice shall
identify the Notes to be redeemed and shall state:

 

(1)        the redemption date;

 

(2)        the redemption price, and, if
applicable, the appropriate calculation of such redemption price and the amount
of accrued interest to the redemption date;

 

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

 

(4)        that Notes called for redemption must be
surrendered to the Paying Agent to collect the redemption price;

 

(5)        if fewer than all the outstanding Notes
are to be redeemed, the certificate numbers and principal amounts of the
particular Notes to be redeemed;

 

(6)        that, unless the Issuers default in
making such redemption payment or the Paying Agent is prohibited from making
such payment pursuant to the terms of this Indenture, interest on Notes (or
portion thereof) called for redemption ceases to accrue on and after the
redemption date;

 

(7)        the Common Codes, CUSIP or ISIN number,
as applicable, if any, printed on the Notes being redeemed; and

 

(8)        that no representation is made as to the
correctness or accuracy of the Common Codes, CUSIP or ISIN number, as
applicable, if any, listed in such notice or printed on the Notes.

 

(b)       At the Issuers’ request, the Trustee
shall give the notice of redemption in the Issuers’ name and at the Issuers’
expense. In such event, the Issuers shall provide the Trustee and the Paying
Agent with the information required and within the time periods specified by
this Section.

 

SECTION 3.04.         Effect of Notice of Redemption

 

Once notice of
redemption is delivered, Notes called for redemption cease to accrue interest,
become due and payable on the redemption date and at the redemption price
stated in the notice, provided, however, that
any redemption notice given in respect of the redemption referred to in Section
5 of the Notes may, at the Issuers’ discretion, be subject to the satisfaction
of one or more conditions precedent to the extent permitted under such Section
5. Upon surrender to the Paying Agent, the Notes shall be paid at the
redemption price stated in the notice, plus accrued interest, if any, to the
redemption date; provided, however, that
if the redemption date is after a regular record date and on or prior to the
interest payment date, the accrued interest shall be payable to the Holder of
the redeemed Notes registered on the relevant record date. Failure to give
notice or any defect in the notice to any Holder shall not affect the validity
of the notice to any other Holder.

 

51

 

SECTION 3.05.         Deposit of Redemption Price

 

No later than
10:00 a.m. London time in respect of payments to be made in London or 10:00
a.m. New York time in respect of payments to be made in New York on the
redemption date, the Issuer shall deposit with the relevant Paying Agent (or,
if either Issuer or a Restricted Subsidiary of either Issuer is the Paying
Agent, shall segregate and hold in trust) money sufficient to pay the
redemption price of and accrued interest on all Notes or portions thereof to be
redeemed on that date other than Notes or portions of Notes called for
redemption that have been delivered by the Issuers to the Trustee for
cancellation. On and after the redemption date, interest shall cease to accrue
on Notes or portions thereof called for redemption so long as the Issuers have
deposited with the Paying Agent funds sufficient to pay the principal of, plus
accrued and unpaid interest, if any, on, the Notes to be redeemed, unless the
Paying Agent is prohibited from making such payment pursuant to the terms of
this Indenture. For the avoidance of doubt, the Paying Agent and the Trustee
shall be held harmless and have no liability with respect to payments or disbursements
to be made by the Paying Agent and Trustee for which payment instructions are
not made or that are not otherwise deposited by the respective times set forth
in this Section 3.05.

 

SECTION 3.06.         Notes Redeemed in Part

 

Subject to the
terms hereof, upon surrender of a Note that is redeemed in part, the Issuers
shall execute and the Trustee or an authentication agent shall authenticate for
the Holder (at the Issuers’ expense) a new Note equal in principal amount to
the unredeemed portion of the Note surrendered.

 

SECTION 3.07.         Publication

 

Where any notice
is required to be published pursuant to this Indenture, the Issuers must
provide the form of such notice to the Trustee and the Paying Agents at least 8
Business Days prior to the final date for publication unless the Trustee agrees
to a shorter period.

 

ARTICLE 4

 

Covenants 

 

SECTION 4.01.         Payment of Notes

 

The Issuers shall
promptly pay the principal of and interest on the Notes on the dates and in the
manner provided in the Notes and in this Indenture. Principal and interest
shall be considered paid on the date due if on such date the Trustee or the
Paying Agent holds in accordance with this Indenture money sufficient to pay
all principal and interest then due and the Trustee or the Paying Agent, as the
case may be, is not prohibited from paying such money to the Holders on that
date pursuant to the terms of this Indenture.

 

52

 

SECTION 4.02.         Withholding Taxes

 

(a)       all payments made by
either Issuer, a Successor Company or Guarantor (a “Payor”)  on the Notes or the Note Guarantees will
be made free and clear of and without withholding or deduction for, or on
account of, any Taxes unless the withholding or deduction of such Taxes is then
required by law. If any deduction or withholding for, or on account of, any
Taxes imposed or levied by or on behalf of:

 

(1)       The Netherlands or any
political subdivision or Governmental Authority thereof or therein having power
to tax;

 

(2)       any jurisdiction from or through
which payment on any such Note or Note Guarantee is made by the Issuers,
Successor Company, Guarantor or their agents, or any political subdivision or
Governmental Authority thereof or therein having the power to tax; or

 

(3)       any other jurisdiction in
which the Payor is organized or otherwise considered to be a resident for tax
purposes, or any political subdivision or Governmental Authority thereof or
therein having the power to tax (each of clause (1), (2) and (3), a “Relevant
Taxing Jurisdiction”),

 

will
at any time be required from any payments made with respect to any Note or Note
Guarantee, including payments of principal, redemption price, premium, if any,
interest or Additional Interest, if any, the Payor will pay (together with such
payments) such additional amounts (the “Additional Amounts”)  as may be necessary in order that the net
amounts received in respect of such payments by the Holders or the Trustee, as
the case may be, after such withholding or deduction (including any such
deduction or withholding from such Additional Amounts), will not be less than
the amounts which would have been received in respect of such payments on any
such Note or Guarantee in the absence of such withholding or deduction;
provided, however, that no such Additional Amounts will be payable for or on
account of:

 

(1)       any Taxes that would not
have been so imposed but for the existence of any present or former connection
between the relevant Holder (or between a fiduciary, settlor, beneficiary,
member or shareholder of, or possessor of power over the relevant Holder, if
the relevant Holder is an estate, nominee, trust, partnership, limited
liability company or corporation) and the Relevant Taxing Jurisdiction
(including being a citizen or resident or national of, or carrying on a
business or maintaining a permanent establishment in, or being physically
present in, the Relevant Taxing Jurisdiction) but excluding, in each case, any
connection arising solely from the acquisition, ownership or holding of such
Note or the receipt of any payment in respect thereof;

 

(2)       any Taxes that are
imposed or withheld by reason of the failure by the Holder or the beneficial
owner of the Note to comply with a written request of the Payor addressed to
the Holder, after reasonable notice, to provide certification, information,
documents or other evidence concerning the nationality, residence or identity
of the Holder or such beneficial owner or to make any declaration or similar
claim or satisfy any other reporting requirement relating to such matters,
which is required by a statute, regulation or administrative practice of the
Relevant Taxing Jurisdiction as a precondition to exemption from all or part of
such tax, assessment or other governmental charge;

 

53

 

(3)       any Taxes that are payable otherwise than
by deduction or withholding from a payment of the principal of, premium, if
any, interest, if any, or Additional Interest, if any, on the Notes;

 

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

 

(5)       any Taxes that are required to be
deducted or withheld on a payment to an individual and that are required to be
made pursuant to the European Council Directive 2003/48/EC or any other
directive implementing the conclusions of the ECOFIN Council meeting of 26-27
November 2000 or any law implementing or complying with, or introduced in order
to conform to such directive;

 

(6)       except in the case of the liquidation,
dissolution or winding-up of the Payor, any Taxes imposed in connection with a
Note presented for payment (where presentation is permitted or required for
payment) by or on behalf of a Holder or beneficial owner who would have been
able to avoid such Tax by presenting the relevant Note to, or otherwise
accepting payment from, another paying agent in a member state of the European
Union; or

 

(7)       any combination of the above.

 

Such Additional
Amounts will also not be payable (x) if the payment could have been made
without such deduction or withholding if the beneficiary of the payment had
presented the Note for payment (where presentation is permitted or required for
payment) within 15 days after the relevant payment was first made available for
payment to the Holder or (y) where, had the beneficial owner of the Note been
the Holder, such beneficial owner would not have been entitled to payment of
Additional Amounts by reason of any of clauses (1) to (7) inclusive above.

 

(a)       The Payor will (i) make any required
withholding or deduction and (ii) remit the full amount deducted or withheld to
the Relevant Taxing Jurisdiction in accordance with applicable law. The Payor
will use all reasonable efforts to obtain certified copies of tax receipts
evidencing the payment of any Taxes so deducted or withheld from each Relevant
Taxing Jurisdiction imposing such Taxes, in such form as provided in the
ordinary course by the Relevant Taxing Jurisdiction and as is reasonably
available to the Company and will provide such certified copies to the Trustee.
Such copies shall be made available to the Holders upon request and will be
made available at the offices of the Irish Paying Agent if the Notes are then
listed on the Irish Stock Exchange. The Payor will attach to each certified
copy a certificate stating (x) that the amount of withholding Taxes evidenced
by the certified copy was paid in connection with payments in respect of the
principal amount of Notes then outstanding and (y) the amount of such
withholding Taxes paid per €1,000 principal amount of the Euro Notes or per
$1,000 principal amount of the Dollar Notes, as the case may be.

 

(b)       If any Payor will be obligated to pay
Additional Amounts under or with respect to any payment made on any Note or
Note Guarantee, at least 30 days prior to the date of such payment, the Payor
will deliver to the Trustee an Officer’s Certificate stating the fact that
Additional Amounts will be payable and the amount so payable and such other

 

54

 

information necessary to
enable the Paying Agent to pay Additional Amounts to Holders on the relevant
payment date (unless such obligation to pay Additional Amounts arises less than
45 days prior to the relevant payment date, in which case the Payor may deliver
such Officer’s Certificate as promptly as practicable after the date that is 30
days prior to the payment date).

 

(c)       Wherever in this Indenture or the Note
Guarantees there are mentioned, in any context:

 

(1)                     the payment
of principal,

 

(2)                     purchase
prices in connection with a purchase of Notes,

 

(3)                     interest or
Additional Interest, if any, or

 

(4)                     any other
amount payable on or with respect to any of the Notes,

 

such reference shall be
deemed to include payment of Additional Amounts as described under this heading
to the extent that, in such context, Additional Amounts are, were or would be
payable in respect thereof.

 

The Issuers will
pay any present or future stamp, court or documentary taxes, or any other
excise, property or similar taxes, charges or levies that arise in any
jurisdiction from the execution, delivery, registration or enforcement of any
Notes, this Indenture or any other document or instrument in relation thereto
(other than a transfer of the Notes) excluding any such taxes, charges or
similar levies imposed by any jurisdiction that is not a Relevant Taxing
Jurisdiction, and the Issuers agree to indemnify the Holders for any such taxes
paid by such Holders. The foregoing obligations of this paragraph will survive
any termination, defeasance or discharge of this Indenture and will apply mutatis mutandis to any jurisdiction in
which any successor to either Issuer is organized or any political subdivision
or taxing authority or agency thereof or therein.

 

SECTION 4.03.         Change of Control.

 

(a)       If a Change of Control occurs, subject to
this Section 4.03, each Holder will have the right to require the Issuers to
repurchase all of such Holder’s Notes at a purchase price in cash equal to 101%
of the principal amount of the Notes, plus accrued and unpaid interest to the
date of purchase (subject to the right of Holders of record on the relevant
record date to receive interest due on the relevant interest payment date); provided, however, that the Issuers shall
not be obliged to repurchase Notes of any series as described under Section
4.03, in the event and to the extent that they have unconditionally exercised
their right to redeem all of the Notes of such series as described under
Section 5 of the Notes or all conditions to such redemption have been satisfied
or waived.

 

(b)       Unless the Issuers have unconditionally
exercised their right to redeem all the Notes of a series as described under
Section 5 of the Notes or all conditions to such redemption have been satisfied
or waived, no later than the date that is 60 days after any

 

55

 

Change of Control, the
Issuers will mail a notice (the “Change of Control Offer”)  to each Holder of any such Notes,
with a copy to the Trustee:

 

(1)        stating that a Change of Control has
occurred or may occur and that such Holder has the right to require the Issuers
to purchase such Holder’s Notes at a purchase price in cash equal to 101% of
the principal amount of such Notes plus accrued and unpaid interest to, but not
including, the date of purchase (subject to the right of Holders of record on a
record date to receive interest on the relevant interest payment date) (the “Change
of Control Payment”);

 

(2)        stating the repurchase date (which shall
be no earlier than 30 days nor later than 60 days from the date such notice is
mailed) (the “Change of Control Payment Date”);

 

(3)        describing the circumstances and
relevant facts regarding the transaction or transactions that constitute the
Change of Control;

 

(4)        describing the procedures determined by
the Issuers, consistent with this Indenture, that a Holder must follow in order
to have its Notes repurchased; and

 

(5)        if such notice is mailed prior to the
occurrence of a Change of Control, stating that the Change of Control Offer is
conditional on the occurrence of such Change of Control.

 

(c)       On the Change of Control Payment Date, if
the Change of Control shall have occurred, the Issuers will, to the extent
lawful:

 

(1)        accept for payment all Notes properly
tendered pursuant to the Change of Control Offer;

 

(2)        deposit with the Paying Agent an amount
equal to the Change of Control Payment in respect of all Notes so tendered; and

 

(3)        deliver or cause to be delivered to the
Trustee an Officer’s Certificate stating the Notes or portions thereof being
purchased by the Issuers in the Change of Control Offer;

 

(4)        in the case of Global Notes, deliver, or
cause to be delivered, to the principal Paying Agent the Global Notes in order
to reflect thereon the portion of such Notes or portions thereof that have been
tendered to and purchased by the Issuers; and

 

(5)        in the case of Definitive Registered
Notes, deliver, or cause to be delivered, to the relevant Registrar for
cancellation all Definitive Registered Notes accepted for purchase by the
Issuers.

 

(d)       If any Definitive Registered Notes have
been issued, the Paying Agent will promptly mail to each Holder of Definitive
Registered Notes so tendered the Change of Control Payment for such Notes, and
the Trustee will promptly authenticate and mail (or cause to be transferred by
book entry) to each Holder of Definitive Registered Notes a new

 

56

 

Note equal in principal
amount to the unpurchased portion of the Notes surrendered, if any; provided that
each such new Note will be in a principal amount that is at least €50,000 or
$75,000, as the case may be, and integral multiples of €1,000 in excess thereof
or $1,000 in excess thereof, as the case may be.

 

(e)       For so long as the Notes are listed on the
Irish Stock Exchange and the rules of such exchange so require, the Company
will give notice of the Change of Control Offer to the Companies Announcement
Office in Dublin.

 

(f)        This Section 4.03 will be applicable
whether or not any other provisions of this Indenture are applicable.

 

(g)       The Issuers will not be required to make
a Change of Control Offer upon a Change of Control if a third party makes the
Change of Control Offer in the manner, at the times and otherwise in compliance
with the requirements set forth in this Indenture applicable to a Change of
Control Offer made by the Issuers and purchases all Notes validly tendered and
not withdrawn under such Change of Control Offer.

 

(h)       The Issuers will comply, to the extent
applicable, with the requirements of Section 14(e) of the Exchange Act and any
other securities laws or regulations (or rules of any exchange on which the
Notes are then listed) in connection with the repurchase of Notes pursuant to
this Section 4.03. To the extent that the provisions of any securities laws or
regulations (or exchange rules) conflict with provisions of this Indenture, the
Issuers will comply with the applicable securities laws and regulations (or
exchange rules) and will not be deemed to have breached its obligations under
the Change of Control provisions of this Indenture by virtue of the conflict.

 

SECTION 4.04.         [Reserved]

 

SECTION 4.05.         Limitation on Indebtedness

 

(a)       The Company will not, and will not permit
any of its Restricted Subsidiaries to, Incur any Indebtedness (including
Acquired Indebtedness); provided, however, that the Company and any of the
Guarantors may Incur Indebtedness if on the date of such Incurrence and after
giving pro forma effect thereto (including pro forma application of the
proceeds thereof), the Fixed Charge Coverage Ratio for the Company and its
Restricted Subsidiaries is greater than 2.00 to 1.0.

 

(b)       The limitations of Section 4.05(a) will
not prohibit the Incurrence of the following Indebtedness:

 

(1)       Indebtedness Incurred pursuant to any
Credit Facility (including in respect of letters of credit or bankers’
acceptances issued or created thereunder), and any Refinancing Indebtedness in
respect thereof and Guarantees in respect of such Indebtedness in a maximum
aggregate principal amount at any time outstanding not exceeding (i) €750
million, plus (ii) in the case of any refinancing of any Indebtedness permitted
under this clause (1) or any portion thereof, the aggregate amount of fees,
underwriting discounts, premiums and other costs and expenses Incurred in connection
with such refinancing;

 

57

 

(2)       (a) (i) Guarantees by the Company or any
Restricted Subsidiary of Indebtedness of the Company or any Guarantor and (ii)
co-issuance by the Co-Issuer of any Indebtedness of the Company in each case so
long as the Incurrence of such Indebtedness is permitted under the terms of
this Indenture; or

 

(b) without
limiting Section 4.07 Indebtedness arising by reason of any Lien granted by or
applicable to such Person securing Indebtedness of the Company or any
Restricted Subsidiary so long as the Incurrence of such Indebtedness is
permitted under the terms of this Indenture;

 

(3)       Indebtedness of the Company owing to and
held by any Restricted Subsidiary or Indebtedness of a Restricted Subsidiary
owing to and held by the Company or any Restricted Subsidiary; provided, however, that:

 

(x)        any subsequent issuance or transfer of
Capital Stock or any other event which results in any such Indebtedness being
beneficially held by a Person other than the Company or a Restricted Subsidiary
of the Company; and

 

(y)       any sale or other transfer of any such
Indebtedness to a Person other than the Company or a Restricted Subsidiary of
the Company,

 

shall be deemed, in each
case, to constitute an Incurrence of such Indebtedness by the Company or such
Restricted Subsidiary, as the case may be;

 

(4)       Indebtedness represented by (a) the Notes
(other than any Additional Notes), (b) any Indebtedness (other than
Indebtedness described in Sections 4.05(b)(l) and 4.05(b)(3)) outstanding on
the Issue Date, (c) Refinancing Indebtedness Incurred in respect of any
Indebtedness described in Sections 4.05(b)(4), 4.05(b)(5), 4.05(b)(7) or 4.05(b)(l1)
or Incurred pursuant to Section 4.05(a), and (d) Management Advances;

 

(5)       Indebtedness of any Person Incurred and
outstanding on the date on which such Person becomes a Restricted Subsidiary of
the Company or another Restricted Subsidiary of the Company or is merged,
consolidated, amalgamated or otherwise combined with (including pursuant to any
acquisition of assets and assumption of related liabilities) the Company or any
Restricted Subsidiary (other than Indebtedness Incurred (i) to provide all or
any portion of the funds utilized to consummate the transaction or series of
related transactions pursuant to which such Person became a Restricted
Subsidiary or was otherwise acquired by the Company or a Restricted Subsidiary
or (ii) otherwise in connection with or contemplation of such acquisition); provided, however, with respect to this
Section 4.05(b)(5), that at the time of such acquisition or other transaction
(x) the Company would have been able to Incur €1.00 of additional Indebtedness
pursuant to Section 4.05(a) after giving effect to the Incurrence of such
Indebtedness pursuant to this Section 4.05(b)(5) or (y) the Fixed Charge
Coverage Ratio would not be lower than it was immediately prior to giving
effect to such acquisition or other transaction;

 

58

 

(6)       Indebtedness
under Currency Agreements, Interest Rate Agreements and Commodity Hedging
Agreements entered into for bona fide hedging
purposes of the Company or its Restricted Subsidiaries and not for speculative
purposes (as determined in good faith by the Board of Directors or senior
management of the Company);

 

(7)       Indebtedness
represented by Capitalized Lease Obligations or Purchase Money Obligations, and
in each case any Refinancing Indebtedness in respect thereof, in an aggregate
outstanding principal amount which, when taken together with the principal
amount of all other Indebtedness Incurred pursuant to this clause (7) and then
outstanding, will not exceed at any time outstanding the greater of (A) €100.0
million and (B) 1% of Total Assets;

 

(8)       Indebtedness
in respect of (a) workers’ compensation claims, self-insurance obligations,
performance, indemnity, surety, judgment, appeal, advance payment, customs, VAT
or other tax or other guarantees or other similar bonds, instruments or
obligations and completion guarantees and warranties provided by the Company or
a Restricted Subsidiary or relating to liabilities, obligations or guarantees
Incurred in the ordinary course of business, (b) letters of credit, bankers’
acceptances, guarantees or other similar instruments or obligations issued or
relating to liabilities or obligations Incurred in the ordinary course of
business, (c) the financing of insurance premiums in the ordinary course of
business and (d) any customary cash management, cash pooling or netting or setting
off arrangements in the ordinary course of business;

 

(9)       Indebtedness
arising from agreements providing for customary guarantees, indemnification,
obligations in respect of earnouts or other adjustments of purchase price or,
in each case, similar obligations, in each case, Incurred or assumed in
connection with the acquisition or disposition of any business or assets or
Person or any Capital Stock of a Subsidiary (other than Guarantees of
Indebtedness Incurred by any Person acquiring or disposing of such business or
assets or such Subsidiary for the purpose of financing such acquisition or
disposition); provided that the maximum liability of the Company and its
Restricted Subsidiaries in respect of all such Indebtedness shall at no time
exceed the gross proceeds, including the fair market value of non-cash proceeds
(measured at the time received and without giving effect to any subsequent
changes in value), actually received by the Company and its Restricted
Subsidiaries in connection with such disposition;

 

(10)     (A)      Indebtedness arising from the honoring by
a bank or other financial institution of a check, draft or similar instrument
drawn against insufficient funds in the ordinary course of business; provided, however, that such Indebtedness
is extinguished within five Business Days of Incurrence;

 

(B)       Customer
deposits and advance payments received in the ordinary course of business from
customers for goods purchased in the ordinary course of business;

 

59

 

(C)       Indebtedness owed on a short-term basis
of no longer than 30 days to banks and other financial institutions incurred in
the ordinary course of business of the Company and its Restricted Subsidiaries
with such banks or financial institutions that arises in connection with
ordinary banking arrangements to manage cash balances of the Company and its
Restricted Subsidiaries; and

 

(D)       Indebtedness incurred by a Restricted
Subsidiary in connection with bankers acceptances, discounted bills of exchange
or the discounting or factoring of receivables for credit management purposes,
in each case incurred or undertaken in the ordinary course of business on arm’s
length commercial terms on a recourse basis;

 

(11)     Indebtedness in an aggregate outstanding
principal amount which, when taken together with any Refinancing Indebtedness
in respect thereof and the principal amount of all other Indebtedness Incurred
pursuant to this Section 4.05(b)(l1) and then outstanding, will not exceed €450
million;

 

(12)     Indebtedness in an aggregate outstanding
principal amount which, when taken together with any Refinancing Indebtedness
in respect thereof and the principal amount of all other Indebtedness Incurred
pursuant to this Section 4.05(b)(12) and then outstanding, will not exceed 100%
of the Net Cash Proceeds received by the Company from the issuance or sale
(other than to a Restricted Subsidiary) of its Capital Stock (other than
Disqualified Stock, Designated Preference Shares or an Excluded Contribution)
or otherwise contributed to the equity (other than through the issuance of
Disqualified Stock, Designated Preference Shares or an Excluded Contribution)
of the Company, in each case, subsequent to the Issue Date; provided, however, that (i) any such Net Cash Proceeds that are so received or
contributed shall be excluded for purposes of making Restricted Payments under
Sections 4.06(c)(l), 4.06(c)(6) and 4.06(c)(10) to the extent the Company and
its Restricted Subsidiaries incur Indebtedness in reliance thereon and (ii) any
Net Cash Proceeds that are so received or contributed shall be excluded for
purposes of Incurring Indebtedness pursuant to this clause (12) to the extent
the Company or any of its Restricted Subsidiaries makes a Restricted Payment
under Section 4.06(a)(4)(z), 4.06(c)(l), 4.06(c)(6) or 4.06(c)(10) in reliance
thereon;

 

(13)     Indebtedness of Restricted Subsidiaries
incurred as a result of (i) any governmental or regulatory restrictions,
limitations or penalties in the nature of capital controls, exchange controls
or similar restrictions affecting the incurrence or repayment of intercompany
Indebtedness by any Restricted Subsidiary or (ii) any ordinary course country
risk management policies of the Company restricting or limiting transfers or
distributions from the Company or any Restricted Subsidiary to the Company or
any Restricted Subsidiary, provided that the principal amount of such
Indebtedness so incurred when aggregated with other Indebtedness previously
incurred in reliance on this clause (13) and still outstanding shall not in the
aggregate exceed €350.0 million; and

 

(14)     the guarantee by the Company or a
Restricted Subsidiary of Debt of any Person in which the Company or a
Restricted Subsidiary has beneficial ownership of 15% or more of the Voting
Stock in respect of performance, bid or surety bonds issued

 

60

 

by or on behalf of any
such Person in the ordinary course of business in an aggregate amount, together
with all other guarantees of the Company outstanding pursuant to this clause
(14) on the date of such incurrence, not to exceed €15.0 million.

 

(c)       [Reserved].

 

(d)       For purposes of determining compliance
with, and the outstanding principal amount of any particular Indebtedness
Incurred pursuant to and in compliance with, this Section 4.05:

 

(1)       in the event that Indebtedness meets the
criteria of more than one of the types of Indebtedness described in Sections
4.05(a) and 4.05(b), the Company, in its sole discretion, will classify, and
may from time to time reclassify, such item of Indebtedness and only be
required to include the amount and type of such Indebtedness in one of the
clauses of the second paragraph or the first paragraph of this covenant;

 

(2)       all Indebtedness outstanding on the Issue
Date under the Senior Facilities Agreement shall be deemed initially Incurred
on the Issue Date under Section 4.05(b)(1) and not Section 4.05(a) or Section
4.05(b)(4)(b), and may not be reclassified pursuant to Section 4.05(d)(1);

 

(3)       Guarantees of, or obligations in respect
of letters of credit, bankers’ acceptances or other similar instruments
relating to, or Liens securing, Indebtedness that is otherwise included in the
determination of a particular amount of Indebtedness shall not be included;

 

(4)       if obligations in respect of letters of
credit, bankers’ acceptances or other similar instruments are Incurred pursuant
to any Credit Facility and are being treated as Incurred pursuant to Sections
4.05(b)(1), 4.05(b)(7), 4.05(b)(11), 4.05(b)(12) or 4.05(b)(13) and the letters
of credit, bankers’ acceptances or other similar instruments relate to other
Indebtedness, then such other Indebtedness shall not be included;

 

(5)       the principal amount of any Disqualified
Stock of the Company or a Restricted Subsidiary, or Preferred Stock of a
Restricted Subsidiary, will be equal to the greater of the maximum mandatory
redemption or repurchase price (not including, in either case, any redemption
or repurchase premium) or the liquidation preference thereof;

 

(6)       Indebtedness permitted by this covenant
need not be permitted solely by reference to one provision permitting such
Indebtedness but may be permitted in part by one such provision and in part by
one or more other provisions of this Section 4.05 permitting such Indebtedness;
and

 

(7)       the amount of Indebtedness issued at a price
that is less than the principal amount thereof will be equal to the amount of
the liability in respect thereof determined on the basis of GAAP.

 

(e)       Accrual of interest, accrual of
dividends, the accretion of accreted value, the accretion or amortization of
original issue discount, the payment of interest in the form of

 

61

 

additional Indebtedness,
the payment of dividends in the form of additional shares of Preferred Stock or
Disqualified Stock or the reclassification of commitments or obligations not
treated as Indebtedness due to a change in GAAP, will not be deemed to be an
Incurrence of Indebtedness for purposes of this Section 4.05. The amount of any
Indebtedness outstanding as of any date shall be (a) the accreted value thereof
in the case of any Indebtedness issued with original issue discount and (b) the
principal amount, or liquidation preference thereof, in the case of any other
Indebtedness.

 

(f)        If at any time an Unrestricted
Subsidiary becomes a Restricted Subsidiary, any Indebtedness of such Subsidiary
shall be deemed to be Incurred by a Restricted Subsidiary of the Company as of
such date (and, if such Indebtedness is not permitted to be Incurred as of such
date under this Section 4.05, the Company shall be in Default of this Section
4.05).

 

(g)       For purposes of determining compliance
with any euro-denominated restriction on the Incurrence of Indebtedness, the
Euro Equivalent of the principal amount of Indebtedness denominated in another
currency shall be calculated based on the relevant currency exchange rate in
effect on the date such Indebtedness was Incurred, in the case of term
Indebtedness, or, at the option of the Company, first committed, in the case of
Indebtedness Incurred under a revolving credit facility; provided that (1) if such Indebtedness is
Incurred to refinance other Indebtedness denominated in a currency other than
euros, and such refinancing would cause the applicable euro-denominated
restriction to be exceeded if calculated at the relevant currency exchange rate
in effect on the date of such refinancing, such euro-denominated restriction
shall be deemed not to have been exceeded so long as the principal amount of
such Refinancing Indebtedness does not exceed the principal amount of such
Indebtedness being refinanced; (2) the Euro Equivalent of the principal amount
of any such Indebtedness outstanding on the Issue Date shall be calculated
based on the relevant currency exchange rate in effect on the Issue Date; and
(3) if and for so long as any such Indebtedness is subject to a Currency
Agreement with respect to the currency in which such Indebtedness is
denominated covering principal and interest on such Indebtedness, the amount of
such Indebtedness, if denominated in euros, will be the amount of the principal
payment required to be made under such Currency Agreement and, otherwise, the
Euro Equivalent of such amount plus the Euro Equivalent of any premium which is
at such time due and payable but is not covered by such Currency Agreement.

 

(h)       Notwithstanding any other provision of
this Section 4.05, the maximum amount of Indebtedness that the Company or a
Restricted Subsidiary may Incur pursuant to this Section 4.05 shall not be
deemed to be exceeded solely as a result of fluctuations in the exchange rate
of currencies. The principal amount of any Indebtedness Incurred to refinance
other Indebtedness, if Incurred in a different currency from the Indebtedness
being refinanced, shall be calculated based on the currency exchange rate
applicable to the currencies in which such Refinancing Indebtedness is
denominated that is in effect on the date of such refinancing.

 

62

 

SECTION 4.06.         Limitation on Restricted Payments

 

(a)       The Company will not, and
will not permit any of its Restricted Subsidiaries, directly or indirectly, to:

 

(1)       declare
or pay any dividend or make any distribution on or in respect of the Company’s
or any Restricted Subsidiary’s Capital Stock (including any payment in connection
with any merger or consolidation involving the Company or any of its Restricted
Subsidiaries) except:

 

(x)        dividends
or distributions payable in Capital Stock of the Company (other than
Disqualified Stock) or in options, Warrants or other rights to purchase such
Capital Stock of the Company or in Subordinated Shareholder Funding; and

 

(y)       dividends
or distributions payable to the Company or a Restricted Subsidiary (and, in the
case of any such Restricted Subsidiary making such dividend or distribution, to
holders of its Capital Stock other than the Company or another Restricted
Subsidiary on no more than a pro rata basis,
measured by value);

 

(2)       purchase,
redeem, retire or otherwise acquire for value any Capital Stock of the Company
or any direct or indirect Parent of the Company held by Persons other than the
Company or a Restricted Subsidiary of the Company (other than in exchange for
Capital Stock of the Company (other than Disqualified Stock));

 

(3)       purchase,
repurchase, redeem, defease or otherwise acquire or retire for value, prior to
scheduled maturity, scheduled repayment or scheduled sinking fund payment, any
Subordinated Indebtedness (other than (a) any such purchase, repurchase,
redemption, defeasance or other acquisition or retirement or in anticipation of
satisfying a sinking fund obligation, principal installment or final maturity,
in each case, due within one year of the date of purchase, repurchase,
redemption, defeasance or other acquisition or retirement and (b) any
Indebtedness Incurred pursuant to Section 4.05(b)(3) or any Subordinated
Shareholder Funding; or

 

(4)       make
any Restricted Investment in any Person;

 

(any
such dividend, distribution, purchase, redemption, repurchase, defeasance,
other acquisition, retirement or Restricted Investment referred to in clauses
(1) through (4) are referred to herein as a “Restricted Payment”), if at the time the Company or such
Restricted Subsidiary makes such Restricted Payment:

 

(x)        a
Default shall have occurred and be continuing (or would result immediately
thereafter therefrom);

 

(y)       the
Company is not able to Incur an additional €1.00 of Indebtedness pursuant to
Section 4.05(a) after giving effect, on a pro forma basis, to such
Restricted Payment; or

 

(z)        the
aggregate amount of such Restricted Payment and all other Restricted Payments
made subsequent to the Issue Date (and not returned or rescinded) (including
Permitted Payments permitted by Sections 4.06(c)(6),

 

63

 

4.06(c)(10), 4.06(c)(11)
and 4.06(c)(12), but excluding all other Restricted Payments permitted by
Section 4.06(c)) would exceed the sum of (without duplication):

 

(i)         50% of Consolidated Net Income for the
period (treated as one accounting period) from the first day of the first fiscal
quarter commencing after the Issue Date to the end of the most recent fiscal quarter ending
prior to the date of such Restricted Payment for which internal consolidated
financial statements of the Company are available (or, in the case such
Consolidated Net Income is a deficit, minus 100% of such deficit);

 

(ii)        100% of the aggregate Net Cash Proceeds,
and the fair market value (as determined in accordance with the next succeeding
paragraph) of property or assets or marketable securities, received by the
Company from the issue or sale of its Capital Stock (other than Disqualified
Stock or Designated Preference Shares) or Subordinated Shareholder Funding
subsequent to the Issue Date or otherwise contributed to the equity (other than
through the issuance of Disqualified Stock or Designated Preference Shares) of
the Company subsequent to the Issue Date (other than (x) Net Cash Proceeds or
property or assets or marketable securities received from an issuance or sale
of such Capital Stock to a Restricted Subsidiary or an employee stock ownership
plan or trust established by the Company or any Subsidiary of the Company for
the benefit of its
employees to the extent funded by the Company or any Restricted Subsidiary, (y)
Net Cash Proceeds or property of assets or marketable securities to the extent
that any Restricted Payment has been made from such proceeds in reliance on
Section 4.06(c)(6) and (z) Excluded Contributions);

 

(iii)       100% of the aggregate Net Cash Proceeds,
and the fair market value (as determined in accordance with the next succeeding
paragraph) of property or assets or marketable securities, received by the
Company or any Restricted Subsidiary from the issuance or sale (other than to
the Company or a Restricted Subsidiary of the Company or an employee stock
ownership plan or trust
established by the Company or any Subsidiary of the Company for the benefit of
its employees to the extent funded by the Company or any Restricted Subsidiary)
by the Company or any Restricted Subsidiary subsequent to the Issue Date of any
Indebtedness that has been converted into or exchanged for Capital Stock of the
Company (other than Disqualified Stock or Designated Preference Shares) or
Subordinated Shareholder Funding (plus the amount of any cash, and the fair
market value (as determined in accordance with Section 4.06(b)) of property or
assets or marketable securities, received by the Company or any Restricted
Subsidiary upon such conversion or exchange);

 

64

 

(iv)      the amount
equal to the net reduction in Restricted Investments made by the Company or any
of its Restricted Subsidiaries resulting from:

 

(A)       repurchases,
redemptions or other acquisitions or retirements of any such Restricted
Investment, proceeds realized upon the sale or other disposition to a Person
other than the Company or a Restricted Subsidiary of any such Restricted
Investment, repayments of loans or advances or other transfers of assets
(including by way of dividend, distribution, interest payments or returns of
capital) to the Company or any Restricted Subsidiary; or

 

(B)       the
redesignation of Unrestricted Subsidiaries (other than SSMC) as Restricted
Subsidiaries (valued, in each case, as provided in the definition of “Investment”)
not to exceed, in the case of any Unrestricted Subsidiary, the amount of
Investments previously made by the Company or any Restricted Subsidiary in such
Unrestricted Subsidiary, which amount, in each case under this Section
4.06(a)(4)(z)(iv), was included in the calculation of the amount of Restricted
Payments referred to in the first sentence of this Section 4.06(a)(4)(z); provided, however, that no amount will be
included in Consolidated Net Income for purposes of Section 4.06(a)(4)(z)(i) to
the extent that it is (at the Company’s option) included under this Section
4.06(a)(4)(z)(iv); and

 

(v)       the
amount of the cash and fair market value (as determined in accordance with the
next succeeding paragraph) of property or assets or of marketable securities
received by the Company or any of its Restricted Subsidiaries in connection
with:

 

(A)       the
sale or other disposition (other than to the Company or a Restricted Subsidiary
or an employee stock ownership plan or trust established by the Company or any
Subsidiary of the Company for the benefit of its employees to the extent funded
by the Company or any Restricted Subsidiary) of Capital Stock of an
Unrestricted Subsidiary of the Company (other than SSMC); and

 

(B)       any
dividend or distribution made by an Unrestricted Subsidiary or Affiliate (other
than SSMC) to the Company or a Restricted Subsidiary;

 

provided, however, that no amount will be included in Consolidated Net Income for purposes
of Section 4.06(a)(4)(z)(i) to the extent that it is (at the Company’s option)
included under this Section 4.06(a)(4)(z)(v);

 

65

 

provided
further, however, that such amount shall not exceed the
amount included in the calculation of the amount of Restricted Payments
referred to in the first sentence of this Section 4.06(a)(4)(z).

 

(b)       The fair market value of property or
assets other than cash covered by Section 4.06(a) shall be the fair market
value thereof as determined in good faith by the Board of Directors.

 

(c)       The provisions of Section 4.06 will not prohibit
any of the following (collectively, “Permitted Payments”):

 

(1)       any purchase, repurchase, redemption,
defeasance or other acquisition or retirement of Capital Stock, Disqualified
Stock, Designated Preference Shares, Subordinated Shareholder Funding or
Subordinated Indebtedness made by exchange (including any such exchange
pursuant to the exercise of a conversion right or privilege in connection with
which cash is paid in lieu of the issuance of fractional shares) for, or out of
the proceeds of the substantially concurrent sale of, Capital Stock of the
Company (other than Disqualified Stock or Designated Preference Shares),
Subordinated Shareholder Funding or a substantially concurrent contribution to
the equity (other than through the issuance of Disqualified Stock or Designated
Preference Shares or through an Excluded Contribution) of the Company;
provided, however, that to the extent so applied, the Net Cash Proceeds, or
fair market value (as determined in accordance with the preceding sentence) of
property or assets or of marketable securities, from such sale of Capital
Stock, Subordinated Shareholder Funding or such contribution will be excluded
from Section 4.06(a)(4)(z)(ii);

 

(2)       any purchase, repurchase, redemption,
defeasance or other acquisition or retirement of Subordinated Indebtedness made
by exchange for, or out of the proceeds of the substantially concurrent sale
of, Refinancing Indebtedness permitted to be Incurred pursuant to Section 4.05;

 

(3)       any purchase, repurchase, redemption,
defeasance or other acquisition or retirement of Preferred Stock of the Company
or a Restricted Subsidiary made by exchange for or out of the proceeds of the
substantially concurrent sale of Preferred Stock of the Company or a Restricted
Subsidiary, as the case may be, that, in each case, is permitted to be Incurred
pursuant to Section 4.05, and that in each case, constitutes Refinancing
Indebtedness;

 

(4)       any purchase, repurchase, redemption,
defeasance or other acquisition or retirement of Subordinated Indebtedness:

 

(a)        (i) from Net Available Cash to the
extent permitted under Section 4.09, but only if the Company shall have first
complied with Section 4.09 and purchased all Notes tendered pursuant to any
offer to repurchase all the Notes required thereby, prior to purchasing,
repurchasing, redeeming, defeasing or otherwise acquiring or retiring such
Subordinated Indebtedness and (ii) at a

 

66

 

purchase price not
greater than 100% of the principal amount of such Subordinated Indebtedness
plus accrued and unpaid interest;

 

(b)       to the extent required by the agreement
governing such Subordinated Indebtedness, following the occurrence of a Change
of Control (or other similar event described therein as a “change
of control”), but
only (i) if the Company shall have first complied with Section 4.03 and
purchased all Notes tendered pursuant to the offer to repurchase all the Notes
required thereby, prior to purchasing, repurchasing, redeeming, defeasing or
otherwise acquiring or retiring such Subordinated Indebtedness and (ii) at a
purchase price not greater than 101% of the principal amount of such
Subordinated Indebtedness plus accrued and unpaid interest; or

 

(c)        (i) consisting of Acquired Indebtedness
(other than Indebtedness Incurred (A) to provide all or any portion of the
funds utilized to consummate the transaction or series of related transactions
pursuant to which such Person became a Restricted Subsidiary or was otherwise
acquired by the Company or a Restricted Subsidiary or (B) otherwise in
connection with or contemplation of such acquisition) and (ii) at a purchase
price not greater than 100% of the principal amount of such Subordinated
Indebtedness plus accrued and unpaid interest and any premium required by the
terms of any Acquired Indebtedness;

 

(5)       any dividends paid within 60 days after
the date of declaration if at such date of declaration such dividend would have
complied with this provision;

 

(6)       the purchase, repurchase, redemption,
defeasance or other acquisition, cancellation or retirement for value of
Capital Stock of any Parent (including any options, warrants or other rights in
respect thereof) and loans, advances, dividends or distributions by the Company
to any Parent to permit any Parent to purchase, repurchase, redeem, defease or
otherwise acquire, cancel or retire for value Capital Stock of any Parent
(including any options, warrants or other rights in respect thereof), or
payments to purchase, repurchase, redeem, defease or otherwise acquire, cancel
or retire for value Capital Stock of the any Parent (including any options,
warrants or other rights in respect thereof), in each case from Management
Investors; provided that such
payments, loans, advances, dividends or distributions do not exceed an amount
(net of repayments of any such loans or advances) equal to (1) €40 million plus
(2) €20 million multiplied by the number of calendar years that have commenced
since the Issue Date plus (3) the Net Cash Proceeds received by the Company or
its Restricted Subsidiaries since the Issue Date (including through receipt of
proceeds from the issuance or sale of its Capital Stock or Subordinated
Shareholder Funding to a Parent) from, or as a contribution to the equity (in
each case under this Section 4.06(c)(6)(3), other than through the issuance of
Disqualified Stock or Designated Preference Shares) of the Company from, the
issuance or sale to Management Investors of Capital Stock (including any
options, warrants or other rights in respect thereof), to the extent such Net
Cash Proceeds are not included in any calculation under Section
4.06(a)(4)(z)(ii);

 

67

 

(7)       the declaration and payment of dividends
to holders of any class or series of Disqualified Stock, or of any Preferred
Stock of a Restricted Subsidiary, Incurred in accordance with Section 4.05;

 

(8)       purchases, repurchases, redemptions,
defeasances or other acquisitions or retirements of Capital Stock deemed to
occur upon the exercise of stock options, warrants or other rights in respect
thereof if such Capital Stock represents a portion of the exercise price
thereof;

 

(9)       dividends, loans, advances or
distributions to any Parent or other payments by the Company or any Restricted
Subsidiary in amounts equal to (without duplication):

 

(a)        the amounts required for any Parent to
pay any Parent Expenses or any Related Taxes; or

 

(b)       amounts constituting or to be used for
purposes of making payments (i) in connection with, and of fees and expenses
Incurred in connection with, the Transactions or (ii) to the extent specified
in Sections 4.10(b)(2), 4.10(b)(3), 4.10(b)(5), 4.10(b)(7) and 4.10(b)(12);

 

(10)     so long as no Default or Event of Default
has occurred and is continuing (or would result from), the declaration and
payment by the Company of, or loans, advances, dividends or distributions to
any Parent to pay, dividends on the common stock or common equity interests of
the Company or any Parent following a Public Offering of such common stock or
common equity interests, in an amount not to exceed in any fiscal year the
greater of (a) 6% of the Net Cash Proceeds received by the Company from such
Public Offering or contributed to the equity (other than through the issuance
of Disqualified Stock or Designated Preference Shares or through an Excluded
Contribution) of the Company and (b) following the Initial Public Offering, an
amount equal to the greater of (i) the greater of (A) 7% of the Market
Capitalization and (B) 7% of the IPO Market Capitalization; provided that after giving pro forma effect to such loans, advances,
dividends or distributions, the Consolidated Leverage Ratio shall be equal to
or less than 2.75 to 1.00 and (ii) the greater of (A) 5% of the Market
Capitalization and (B) 5% of the IPO Market Capitalization; provided that after giving pro forma effect to such loans, advances,
dividends or distributions, the Consolidated Leverage Ratio shall be equal to
or less than 3.25 to 1.00;

 

(11)     so long as no Default or Event of Default
has occurred and is continuing (or would result from), Restricted Payments
(including loans or advances) in an aggregate amount outstanding at any time
not to exceed €200.0 million;

 

(12)     payments by the Company, or loans,
advances, dividends or distributions to any Parent to make payments, to holders
of Capital Stock of the Company or any Parent in lieu of the issuance of
fractional shares of such Capital Stock, provided,
however, that any such payment, loan, advance, dividend or
distribution shall not be for the purpose of evading any limitation of this
covenant or otherwise to facilitate any

 

68

 

dividend or other return
of capital to the holders of such Capital Stock (as determined in good faith by
the Board of Directors);

 

(13)     Investments in an aggregate amount
outstanding at any time not to exceed the aggregate cash amount of Excluded
Contributions, or consisting of non-cash Excluded Contributions, or Investments
to the extent made in exchange for or using as consideration Investments
previously made under this Section 4.06(c)(13);

 

(14)     (i) the declaration and payment of
dividends to holders of any class or series of Designated Preference Shares of
the Company issued after the Issue Date; and (ii) the declaration and payment
of dividends to any Parent or any Affiliate thereof, the proceeds of which will
be used to fund the payment of dividends to holders of any class or series of
Designated Preference Shares of such Parent issued after the Issue Date; provided, however, that, in the case of
clauses (i) and (ii), the amount of all dividends declared or paid pursuant to
this Section 4.06(c)(14) shall not exceed the Net Cash Proceeds received by the
Company or the aggregate amount contributed in cash to the equity (other than
through the issuance of Disqualified Stock or an Excluded Contribution or, in
the case of Designated Preference Shares by Parent or an Affiliate the issuance
of Designated Preference Shares) of the Company, from the issuance or sale of
such Designated Preference Shares; and

 

(15)     dividends or other distributions of Capital
Stock of Unrestricted Subsidiaries other than SSMC (unless the Unrestricted
Subsidiary’s principal asset is cash and Cash Equivalents or to the extent the
assets owned by such Unrestricted  Subsidiary
were contributed in contemplation of such dividend or distribution).

 

(e)       The amount of all Restricted Payments
(other than cash) shall be the fair market value on the date of such Restricted
Payment of the asset(s) or securities proposed to be paid, transferred or
issued by the Company or such Restricted Subsidiary, as the case may be,
pursuant to such Restricted Payment. The fair market value of any cash
Restricted Payment shall be its face amount, and the fair market value of any
non-cash Restricted Payment shall be determined conclusively by the Board of
Directors of the Company acting in good faith.

 

(f)        In addition to the foregoing, it will be
a breach of this Section 4.06 if any of the Initial Investors receives directly
or indirectly from SSMC payments that would, if made by the Company, constitute
Restricted Payments of the types described in Sections 4.06(a)(l), 4.06(a)(2)
and 4.06(a)(3), other than through distributions and dividends (x) to the
Company and the making of such payments by the Company in a manner permitted by
this Section 4.06 or (y) on a pro rata basis (proportionate to its ownership of
SSMC) to another portfolio company of any Initial Investor, or, in the case of
Philips, another operating subsidiary, engaged in an active business that owns
Capital Stock of SSMC at such time.

 

SECTION 4.07.         Limitation on Liens

 

The Company will
not, and will not permit any Restricted Subsidiary to, directly or indirectly,
create, Incur or suffer to exist any Lien (other than Permitted Liens or, in
the case of assets constituting Collateral, Permitted Collateral Liens) upon
any of its property or assets

 

69

 

(including Capital Stock
of a Restricted Subsidiary of the Company), whether owned on the Issue Date or
acquired after that date, or any interest therein or any income or profits
therefrom, which Lien secures any Indebtedness (such Lien, the “Initial
Lien”), unless
contemporaneously with the Incurrence of such Initial Lien effective provision
is made to secure the Indebtedness due under this Indenture and the Notes
equally and ratably with, or prior to, in the case of Liens with respect to
Subordinated Indebtedness, the Indebtedness secured by such Initial Lien for so
long as such Indebtedness is so secured. Any such Lien thereby created in favor
of the Notes will be automatically and unconditionally released and discharged
upon (i) the release and discharge of the Initial Lien to which it relates,
(ii) any sale, exchange or transfer to any Person other than the Company or any
Subsidiary of the Company of the property or assets secured by such Initial
Lien or (iii) upon the defeasance or discharge of the Notes in accordance with
Article 8.

 

SECTION 4.08.         Limitation on Restrictions on
Distributions from Restricted Subsidiaries

 

(a)       The Company will not, and will not permit
any Restricted Subsidiary to, create or otherwise cause or permit to exist or
become effective any consensual encumbrance or consensual restriction on the
ability of any Restricted Subsidiary to:

 

(1)       pay dividends or make any other
distributions in cash or otherwise on its Capital Stock or pay any Indebtedness
or other obligations owed to the Company or any Restricted Subsidiary;

 

(2)       make any loans or advances to the Company
or any Restricted Subsidiary; or

 

(3)        sell, lease or transfer any of its
property or assets to the Company or any Restricted Subsidiary;

 

provided
that (x) the priority of any Preferred Stock in receiving
dividends or liquidating distributions prior to dividends or liquidating
distributions being paid on common stock and (y) the subordination of
(including the application of any standstill requirements to) loans or advances
made to the Company or any Restricted Subsidiary to other Indebtedness Incurred
by the Company or any Restricted Subsidiary shall not be deemed to constitute
such an encumbrance or restriction.

 

(b)       The provisions of Section 4.08(a) will
not prohibit:

 

(1)       any encumbrance or restriction pursuant
to (a) any Credit Facility (including the Senior Finance Documents) or (b) any
other agreement or instrument, in each case, in effect at or entered into on
the Issue Date;

 

(2)       any encumbrance or restriction pursuant
to an agreement or instrument of a Person or relating to any Capital Stock or
Indebtedness of a Person, entered into on or before the date on which such
Person was acquired by or merged, consolidated or otherwise combined with or
into the Company or any Restricted Subsidiary, or was designated as a
Restricted Subsidiary or on which such agreement or instrument is assumed by
the Company or any Restricted Subsidiary in connection with an acquisition of
assets

 

70

 

(other than Capital Stock
or Indebtedness Incurred as consideration in, or to provide all or any portion
of the funds utilized to consummate, the transaction or series of related
transactions pursuant to which such Person became a Restricted Subsidiary or
was acquired by the Company or was merged, consolidated or otherwise combined
with or into the Company or any Restricted Subsidiary entered into or in
connection with such transaction) and outstanding on such date; provided that, for the purposes of this
Section 4.08(b)(2), if another Person is the Successor Company, any Subsidiary
thereof or agreement or instrument of such Person or any such Subsidiary shall
be deemed acquired or assumed by the Company or any Restricted Subsidiary when
such Person becomes the Successor Company;

 

(3)       any encumbrance or restriction pursuant
to an agreement or instrument effecting a refinancing of Indebtedness Incurred
pursuant to, or that otherwise refinances, an agreement or instrument referred
to in Section 4.08(b)(l), 4.08(b)(2) or 4.08(b)(3) (an “Initial Agreement”)  or contained in any amendment, supplement
or other modification to an agreement referred to in Section 4.08(b)(l),
4.08(b)(2) or 4.08(b)(3); provided, however,
that the encumbrances and restrictions with respect to such
Restricted Subsidiary contained in any such agreement or instrument are no less
favorable in any material respect to the Holders taken as a whole than the
encumbrances and restrictions contained in the Initial Agreement or Initial
Agreements to which such refinancing or amendment, supplement or other
modification relates (as determined in good faith by the Company);

 

(4)       any encumbrance or restriction:

 

(a)        that restricts in a customary manner the
subletting, assignment or transfer of any property or asset that is subject to
a lease, license or similar contract, or the assignment or transfer of any
lease, license or other contract;

 

(b)       contained in mortgages, pledges or other
security agreements permitted under this Indenture or securing Indebtedness of
the Company or a Restricted Subsidiary permitted under this Indenture to the extent
such encumbrances or restrictions restrict the transfer of the property or
assets subject to such mortgages, pledges or other security agreements; or

 

(c)        pursuant to customary provisions
restricting dispositions of real property interests set forth in any reciprocal
easement agreements of the Company or any Restricted Subsidiary;

 

(5)       any encumbrance or restriction pursuant
to Purchase Money Obligations and Capitalized Lease Obligations permitted under
this Indenture, in each case, that impose encumbrances or restrictions on the
property so acquired or any encumbrance or restriction pursuant to a joint
venture agreement that imposes restrictions on the transfer of the assets of
the joint venture;

 

(6)       any encumbrance or restriction with
respect to a Restricted Subsidiary (or any of its property or assets) imposed
pursuant to an agreement entered into for the

 

71

 

direct or indirect sale
or disposition to a Person of all or substantially all the Capital Stock or
assets of such Restricted Subsidiary (or the property or assets that are
subject to such restriction) pending the closing of such sale or disposition;

 

(7)       customary provisions in leases, licenses,
joint venture agreements and other similar agreements and instruments entered
into in the ordinary course of business;

 

(8)       encumbrances or restrictions arising or
existing by reason of applicable law or any applicable rule, regulation or
order, or required by any regulatory authority;

 

(9)       any encumbrance or restriction on cash or
other deposits or net worth imposed by customers under agreements entered into
in the ordinary course of business;

 

(10)     any encumbrance or restriction pursuant to
Currency Agreements, Interest Rate Agreements or Commodity Hedging Agreements;

 

(11)     any encumbrance or restriction arising
pursuant to an agreement or instrument (a) relating to any Indebtedness
permitted to be Incurred subsequent to the Issue Date pursuant to Section 4.05
if the encumbrances and restrictions contained in any such agreement or
instrument taken as a whole are not materially less favorable to the Holders
than (i) the encumbrances and restrictions contained in the Senior Facilities
Agreement, together with the security documents associated therewith, as in
effect on the Issue Date or (ii) in comparable financings (as determined in
good faith by the Company) and where, in the case of clause (ii), the Company
determines at the time of issuance of such Indebtedness that such encumbrances
or restrictions will not adversely affect, in any material respect, the Issuers’
ability to make principal or interest payments on the Notes; or

 

(12)     any encumbrance or restriction existing by
reason of any lien permitted under Section 4.07.

 

SECTION 4.09.         Limitation on Sales of Assets and
Subsidiary Stock

 

(a)       The Company will not, and will not permit
any of its Restricted Subsidiaries to, make any Asset Disposition unless:

 

(1)       the Company or such Restricted
Subsidiary, as the case may be, receives consideration (including by way of
relief from, or by any other Person assuming responsibility for, any
liabilities, contingent or otherwise) at least equal to the fair market value
(such fair market value to be determined on the date of contractually agreeing
to such Asset Disposition), as determined in good faith by the Board of
Directors of the Company, of the shares and assets subject to such Asset
Disposition (including, for the avoidance of doubt, if such Asset Disposition
is a Permitted Asset Swap);

 

(2)       in any such Asset Disposition, or series
of related Asset Dispositions (except to the extent the Asset Disposition is a
Permitted Asset Swap), at least 75% of the consideration from such Asset
Disposition (excluding any consideration by way of relief from, or by any other
Person assuming responsibility for, any liabilities, contingent or otherwise,
other than

 

72

 

Indebtedness) received by
the Company or such Restricted Subsidiary, as the case may be, is in the form
of cash, Cash Equivalents or Temporary Cash Investments; and

 

(3)       an amount equal to 100% of the Net
Available Cash from such Asset Disposition is applied by the Company or such
Restricted Subsidiary, as the case may be:

 

(A)      to the extent the Company or any
Restricted Subsidiary, as the case may be, elects (or is required by the terms
of any Indebtedness of a Restricted Subsidiary), (i) to prepay, repay or
purchase any Indebtedness of a non-Guarantor Restricted Subsidiary (in
each case, other than Indebtedness owed to the Company or any Restricted
Subsidiary) or Indebtedness under the Senior Facilities Agreement (or any
Refinancing Indebtedness in respect thereof) and any Secured Debt, within 365
days from the later of (A) the date of such Asset Disposition and (B) the receipt
of such Net Available Cash; provided,
however, that, in connection with any prepayment, repayment or
purchase of Indebtedness pursuant to this clause (a), the Company or such
Restricted Subsidiary will retire such Indebtedness and will cause the related
commitment (if any) (except in the case of the Senior Facilities Agreement) to
be permanently reduced in an amount equal to the principal amount so prepaid,
repaid or purchased; or (ii) to prepay, repay or purchase Pari Passu
Indebtedness at a price of no more than 100% of the principal amount of such
Pari Passu Indebtedness plus accrued and unpaid interest to the date of such
prepayment, repayment or purchase; provided that
the Company shall redeem, repay or repurchase Pari Passu Indebtedness pursuant to
this clause (ii) only if the Company makes (at such time or subsequently in
compliance with this Section 4.09) an offer to the Holders of the Notes to
purchase their Notes in accordance with the provisions set forth below for an
Asset Disposition Offer for an aggregate principal amount of Notes at least
equal to the proportion that (x) the total aggregate principal amount of Notes
outstanding bears to (y) the sum of the total aggregate principal amount of
Notes outstanding plus the total aggregate principal amount outstanding of such
Pari Passu Indebtedness; or

 

(B)       to the extent the Company or such
Restricted Subsidiary elects, to invest in or commit to invest in Additional
Assets (including by means of an investment in Additional Assets by a
Restricted Subsidiary with Net Available Cash received by the Company or
another Restricted Subsidiary) within 365 days from the later of (i) the date
of such Asset Disposition and (ii) the receipt of such Net Available Cash; provided, however, that any such reinvestment
in Additional Assets made pursuant to a definitive binding agreement or a
commitment approved by the Board of Directors of the Company that is executed
or approved within such time will satisfy this requirement, so long as such
investment is consummated within 180 days of such 365th day;

 

provided
that, pending the final application of any such Net Available
Cash in accordance with Section 4.09(a)(3)(A) or 4.09(a)(3)(B), the Company and
its Restricted Subsidiaries may temporarily reduce Indebtedness or otherwise
invest such Net Available Cash in any manner not prohibited by this Indenture.

 

73

 

(b)       Any Net Available Cash from Asset
Dispositions that is not applied or invested or committed to be applied or invested
as provided in Section 4.09(a) will be deemed to constitute “Excess
Proceeds”  under
this Indenture. On the 366th day after an Asset Disposition, if the aggregate
amount of Excess Proceeds under this Indenture exceeds €50 million, the Issuers
will be required to make an offer (“Asset
Disposition Offer”)  to
all holders of Notes and, to the extent the Issuers elect, to all holders of
other outstanding Pari Passu Indebtedness, to purchase the maximum principal
amount of Notes and any such Pari Passu Indebtedness to which the Asset
Disposition Offer applies that may be purchased out of the Excess Proceeds, at
an offer price in respect of the Notes in an amount equal to (and, in the case
of any Pari Passu Indebtedness, an offer price of no more than) 100% of the
principal amount of the Notes and 100% of the principal amount of Pari Passu
Indebtedness, in each case, plus accrued and unpaid interest, if any, to, but
not including, the date of purchase, in accordance with the procedures set
forth in this Indenture or the agreements governing the Pari Passu
Indebtedness, as applicable, and in case of the Euro Notes in minimum
denominations of €50,000 and in integral multiples of €1,000 in excess thereof
or, in case of the Dollar Notes in minimum denominations of $75,000 and in
integral multiples of $1,000 in excess thereof.

 

(c)       To the extent that the aggregate amount
of Notes and Pari Passu Indebtedness so validly tendered and not properly
withdrawn pursuant to an Asset Disposition Offer is less than the Excess
Proceeds, the Issuers may use any remaining Excess Proceeds for general
corporate purposes, subject to other covenants contained in this Indenture. If
the aggregate principal amount of the Notes issued surrendered in any Asset
Disposition Offer by Holders and other Pari Passu Indebtedness surrendered by
holders or lenders, collectively, exceeds the amount of Excess Proceeds, the
Excess Proceeds shall be allocated among the Notes and Pari Passu Indebtedness
to be purchased on a pro rata basis on the basis of the aggregate principal
amount of tendered Notes and Pari Passu Indebtedness. For the purposes of
calculating the principal amount of any such Indebtedness not denominated in
euro, such Indebtedness shall be calculated by converting any such principal amounts
into their Euro Equivalent determined as of a date selected by the Issuers that
is within the Asset Disposition Offer Period (as defined below). Upon
completion of any Asset Disposition Offer, the amount of Excess Proceeds shall
be reset at zero.

 

(d)       Any Net Available Cash payable in respect
of the Notes pursuant to Section 4.09 will be apportioned between the Euro
Notes and the Dollar Notes in proportion to the respective aggregate principal
amounts of Euro Notes and Dollar Notes validly tendered and not withdrawn,
based upon the Euro Equivalent of such principal amount of Dollar Notes
determined as of a date selected by the Issuers that is within the Asset
Disposition Offer Period. To the extent that any portion of Net Available Cash
payable in respect of the Notes is denominated in a currency other than the
currency in which the relevant Notes are denominated, the amount thereof
payable in respect of such Notes shall not exceed the net amount of funds in
the currency in which such Notes are denominated that is actually received by
the Issuers upon converting such portion into such currency.

 

(e)       The Asset Disposition Offer, in so far as
it relates to the Notes, will remain open for a period of not less than 20
Business Days following its commencement (the “Asset Disposition Offer Period”). No later than five Business Days after
the termination of the Asset Disposition Offer Period (the “Asset
Disposition Purchase Date”),
the Issuers will purchase the

 

74

 

principal amount of Notes
and, to the extent they elect, Pari Passu Indebtedness required to be purchased
pursuant to this Section 4.09 (the “Asset Disposition Offer Amount”)  or, if less than the Asset Disposition
Offer Amount has been so validly tendered, all Notes and Pari Passu
Indebtedness validly tendered in response to the Asset Disposition Offer.

 

(f)        On or before the Asset Disposition
Purchase Date, the Issuers will, to the extent lawful, accept for payment, on a
pro rata basis to the extent necessary, the Asset Disposition Offer Amount of
Notes and Pari Passu Indebtedness or portions of Notes and Pari Passu
Indebtedness so validly tendered and not properly withdrawn pursuant to the
Asset Disposition Offer, or if less than the Asset Disposition Offer Amount has
been validly tendered and not properly withdrawn, all Notes and Pari Passu
Indebtedness so validly tendered and not properly withdrawn and, in the case of
Euro Notes, in minimum denominations of €50,000 and in integral multiples of
€1,000 in excess thereof or, in the case of the Dollar Notes, in minimum
denominations of $75,000 and in integral multiples of $1,000 in excess thereof.
The Company will deliver to the Trustee an Officer’s Certificate stating that
such Notes or portions thereof were accepted for payment by the Company in
accordance with the terms of this Section 4.09. The Company or the Paying
Agent, as the case may be, will promptly (but in any case not later than five
Business Days after termination of the Asset Disposition Offer Period) mail or
deliver to each tendering Holder of Notes an amount equal to the purchase price
of the Notes so validly tendered and not properly withdrawn by such Holder, and
accepted by the Company for purchase, and the Company will promptly issue a new
Note (or amend the applicable Global Note), and the Trustee, upon delivery of
an Officer’s Certificate from the Company, will authenticate and mail or
deliver (or cause to be transferred by book entry) such new Note to such
Holder, in a principal amount equal to any unpurchased portion of the Note
surrendered; provided that each
such new Note will be in a principal amount with a minimum denomination of
€50,000 in the case of Euro Notes and $75,000 in the case of Dollar Notes. Any
Note not so accepted will be promptly mailed or delivered (or transferred by
book entry) by the Company to the Holder thereof.

 

(g)       For the purposes of Section 4.09(a)(2),
the following will be deemed to be cash:

 

(1)       the assumption by the transferee of
Indebtedness of the Company or Indebtedness of a Restricted Subsidiary (other
than Subordinated Indebtedness of the Company or a Guarantor) and the release
of the Company or such Restricted Subsidiary from all liability on such
Indebtedness in connection with such Asset Disposition;

 

(2)       securities, notes or other obligations
received by the Company or any Restricted Subsidiary of the Company from the
transferee that are converted by the Company or such Restricted Subsidiary into
cash or Cash Equivalents within 180 days following the closing of such Asset
Disposition;

 

(3)       Indebtedness of any Restricted Subsidiary
that is no longer a Restricted Subsidiary as a result of such Asset
Disposition, to the extent that the Company and each other Restricted
Subsidiary are released from any Guarantee of payment of such Indebtedness in
connection with such Asset Disposition;

 

75

 

(4)       consideration consisting of Indebtedness
of the Company (other than Subordinated Indebtedness) received after the Issue
Date from Persons who are not the Company or any Restricted Subsidiary; and

 

(5)       any Designated Non-Cash Consideration
received by the Company or any Restricted Subsidiary in such Asset Dispositions
having an aggregate fair market value, taken together with all other Designated
Non-Cash Consideration received pursuant to this Section 4.09 that is at that
time outstanding, not to exceed the greater of €100.0 million and 1% of Total
Assets (with the fair market value of each item of Designated Non-Cash Consideration
being measured at the time received and without giving effect to subsequent
changes in value).

 

(h)       The Issuers will comply, to the extent
applicable, with the requirements of Section 14(e) of the Exchange Act and any
other securities laws or regulations (or rules of any exchange on which the
Notes are then listed) in connection with the repurchase of Notes pursuant to
this Indenture. To the extent that the provisions of any securities laws or
regulations (or exchange rules) conflict with provisions of this Section 4.09,
the Company will comply with the applicable securities laws and regulations (or
exchange rules) and will not be deemed to have breached its obligations under
this Indenture by virtue of any conflict.

 

SECTION 4.10.         Limitation on Affiliate Transactions

 

(a)       The Company will not, and will not permit
any of its Restricted Subsidiaries to, directly or indirectly, enter into or
conduct any transaction (including the purchase, sale, lease or exchange of any
property or the rendering of any service) with any Affiliate of the Company (an
“Affiliate
Transaction”)  involving
aggregate value in excess of €20 million unless:

 

(1)       the terms of such Affiliate Transaction
taken as a whole are not materially less favorable to the Company or such Restricted
Subsidiary, as the case may be, than those that could be obtained in a
comparable transaction at the time of such transaction or the execution of the
agreement providing for such transaction in arm’s-length dealings with a Person
who is not such an Affiliate; and

 

(2)       in the event such Affiliate Transaction
involves an aggregate value in excess of €50 million, the terms of such
transaction have been approved by a majority of the members of the Board of
Directors.

 

Any Affiliate
Transaction shall be deemed to have satisfied the requirements set forth in
Section 4.10(a)(2) if such Affiliate Transaction is approved by a majority of
the Disinterested Directors. If there are no Disinterested Directors, any
Affiliate Transaction shall be deemed to have satisfied the requirements set
forth in this Section 4.10 if the Company or any of its Restricted Subsidiaries,
as the case may be, delivers to the Trustee a letter from an Independent
Financial Advisor stating that such transaction is fair to the Company or such
Restricted Subsidiary from a financial point of view or stating that the terms
are not materially less favorable to the Company or its relevant Restricted
Subsidiary than those that would have been obtained in a comparable transaction
by the Company or such Restricted Subsidiary with an unrelated Person on an arm’s
length basis.

 

76

 

(b)       The provisions of Section 4.10(a) will
not apply to:

 

(1)       any Restricted Payment permitted to be
made pursuant to Section 4.06, any Permitted Payments (other than pursuant to
Section 4.06(c)(9)(b)(ii)) or any Permitted Investment (other than Permitted
Investments as defined in paragraphs (1)(b), (2), (11) and (15) of the
definition thereof);

 

(2)       any issuance or sale of Capital Stock,
options, other equity-related interests or other securities, or other payments,
awards or grants in cash, securities or otherwise pursuant to, or the funding
of, or entering into, or maintenance of, any employment, consulting, collective
bargaining or benefit plan, program, agreement or arrangement, related trust or
other similar agreement and other compensation arrangements, options, warrants
or other rights to purchase Capital Stock of the Company, any Restricted
Subsidiary or any Parent, restricted stock plans, long-term incentive plans,
stock appreciation rights plans, participation plans or similar employee
benefits or consultants’ plans (including valuation, health, insurance,
deferred compensation, severance, retirement, savings or similar plans,
programs or arrangements) or indemnities provided on behalf of officers,
employees, directors or consultants approved by the Board of Directors of the
Company, in each case in the ordinary course of business;

 

(3)       any Management Advances and any waiver or
transaction with respect thereto;

 

(4)       any transaction between or among the
Company and any Restricted Subsidiary (or entity that becomes a Restricted
Subsidiary as a result of such transaction), or between or among Restricted
Subsidiaries;

 

(5)       the payment of reasonable fees and
reimbursement of expenses to, and customary indemnities (including under
customary insurance policies) and employee benefit and pension expenses
provided on behalf of, directors, officers, consultants or employees of the
Company, any Restricted Subsidiary of the Company or any Parent (whether
directly or indirectly and including through any Person owned or controlled by
any of such directors, officers or employees);

 

(6)       the Transactions and the entry into and
performance of obligations of the Company or any of its Restricted Subsidiaries
under the terms of any transaction arising out of, and any payments pursuant to
or for purposes of funding, any agreement or instrument in effect as of or on
the Issue Date, as these agreements and instruments may be amended, modified,
supplemented, extended, renewed or refinanced from time to time in accordance
with the other terms of this Section 4.10 or to the extent not more
disadvantageous to the Holders in any material respect and the entry into and
performance of any registration rights or other listing agreement in connection
with any Public Offering;

 

77

 

(7)       execution, delivery and performance of
any Tax Sharing Agreement or the formation and maintenance of any consolidated
group for tax, accounting or cash pooling or management purposes in the
ordinary course of business;

 

(8)       transactions with customers, clients,
suppliers or purchasers or sellers of goods or services, in each case in the
ordinary course of business, which are fair to the Company or the relevant
Restricted Subsidiary in the reasonable determination of the Board of Directors
or the senior management of the Company or the relevant Restricted Subsidiary,
or are on terms no less favorable than those that could reasonably have been
obtained at such time from an unaffiliated party;

 

(9)       any transaction in the ordinary course of
business between or among the Company or any Restricted Subsidiary and any
Affiliate of the Company or an Associate or similar entity that would
constitute an Affiliate Transaction solely because the Company or a Restricted
Subsidiary or any Affiliate of the Company or a Restricted Subsidiary or any
Affiliate of any Permitted Holder owns an equity interest in or otherwise
controls such Affiliate, Associate or similar entity,

 

(10)     (a) issuances or sales of Capital Stock
(other than Disqualified Stock or Designated Preference Shares) of the Company
or options, warrants or other rights to acquire such Capital Stock or
Subordinated Shareholder Funding; provided that
the interest rate and other financial terms of such Subordinated Shareholder
Funding are approved by a majority of the members of the Board of Directors in
their reasonable determination and (b) any amendment, waiver or other
transaction with respect to any Subordinated Shareholder Funding in compliance
with the other provisions of this Indenture;

 

(11)     without duplication in respect of payments
made pursuant to Section 4.10(b)(12) hereof, (a) payments by the Company or any
Restricted Subsidiary to any Permitted Holder (whether directly or indirectly,
including through any Parent) of annual customary management, consulting,
monitoring or advisory fees and related expenses customary for portfolio
companies of the Initial Investors described in clause (1) of the definition
thereof and (b) customary payments by the Company or any Restricted Subsidiary
to any Permitted Holder (whether directly or indirectly, including through any
Parent) for financial advisory, financing, underwriting or placement services
or in respect of other investment banking activities, including in connection
with acquisitions or divestitures, which payments in respect of this clause (b)
are approved by a majority of the Board of Directors in good faith; and

 

(12)     payment to any Permitted Holder of all
reasonable out of pocket expenses Incurred by such Permitted Holder in
connection with its direct or indirect investment in the Company and its
Subsidiaries.

 

SECTION 4.11.         Reports

 

(a)       For so long as any Notes are outstanding,
the Company will provide to the Trustee the following reports:

 

78

 

(1)       within 120 days after the end of the
Company’s fiscal year beginning with the first fiscal year ending after the
Issue Date, annual reports containing, to the extent applicable, and in a level
of detail that is comparable in all material respects to that included in the
Offering Memorandum, the following information: (a) audited consolidated
balance sheets of the Company or its predecessor as of the end of the two most
recent fiscal years and audited consolidated income statements and statements
of cash flow of the Company or its predecessor for the three most recent fiscal
years, including complete footnotes to such financial statements and the report
of the independent auditors on the financial statements; (b) unaudited pro forma income statement information and
balance sheet information of the Company (which, for the avoidance of doubt,
shall not include the provision of a full income statement or balance sheet to
the extent not reasonably available), together with explanatory footnotes, for
any material acquisitions, dispositions or recapitalizations that have occurred
since the beginning of the most recently completed fiscal year; (c) an
operating and financial review of the audited financial statements, including a
discussion of the results of operations, financial condition, and liquidity and
capital resources of the Company, and a discussion of material commitments and
contingencies and critical accounting policies; (d) description of the business,
management and shareholders of the Company, all material affiliate transactions
and a description of all material contractual arrangements, including material
debt instruments; and (e) a description of material risk factors and material
recent developments;

 

(2)       within 60 days (or 90 days in the case of
the quarter ending September 30, 2006) following the end of the first three
fiscal quarters in each fiscal year of the Company beginning with the quarter
ending September 30, 2006, all quarterly reports of the Company containing the
following information: (a) an unaudited condensed consolidated balance sheet as
of the end of such quarter and unaudited condensed statements of income and
cash flow for the most recent quarter year-to-date period ending on the
unaudited condensed balance sheet date, and the comparable prior year periods
(provided that information for prior year interim periods ending prior to the
Issue Date may be based on management reports), together with condensed
footnote disclosure; (b) unaudited pro forma
income statement information and balance sheet information of the
Company (which, for the avoidance of doubt, shall not include the provision of
a full income statement or balance sheet to the extent not reasonably
available), together with explanatory footnotes, for any material acquisitions,
dispositions or recapitalizations that have occurred since the beginning of the
relevant quarter; (c) an operating and financial review of the unaudited
financial statements, including a discussion of the results of operations,
financial condition, EBITDA and material changes in liquidity and capital
resources of the Company, and a discussion of material changes not in the
ordinary course of business in commitments and contingencies since the most
recent report; and (d) material recent developments; and

 

(3)       promptly after the occurrence of any
material acquisition, disposition or restructuring or any senior executive
officer changes at the Company or change in auditors of the Company or any other
material event that the Company or any of its Restricted Subsidiaries announces
publicly, a report containing a description of such event.

 

79

 

All financial
statement and pro forma financial
information shall be prepared in accordance with GAAP as in effect on the date
of such report or financial statement (or otherwise on the basis of GAAP as
then in effect) and on a consistent basis for the periods presented; provided, however, that the reports set
forth in Sections 4.11(a)(1), 4.11(a)(2) and 4.11(a)(3) may, in the event of a
change in applicable GAAP, present earlier periods on a basis that applied to
such periods. Except as provided for above, no report need include separate
financial statements for any Subsidiaries of the Company. In addition to the
foregoing, following the effectiveness of a registration statement with respect
to the Notes, the Company shall file all information required of it with the
SEC within the time periods specified. The filing of an Annual Report on Form
20-F within the time period specified in (1) will satisfy such provision. The
financial statements included in the quarterly report for the quarter ended
September 30, 2006 shall be prepared on the same basis as the unaudited financial
statements for the six months ended June 30, 2006 included in the Offering
Memorandum, with such pro forma adjustments thereto as management believes
appropriate in relation to the allocation of costs and expenses, and shall
include a statement of cash flows prepared on a consistent basis with the
income statement and balance sheet.

 

(b)       At any time that any of the Company’s
Subsidiaries are Unrestricted Subsidiaries and any such Unrestricted Subsidiary
or group of Unrestricted Subsidiaries, if taken together as one Subsidiary,
constitutes a Significant Subsidiary of the Company, then the annual and
quarterly financial information required by Sections 4.11(a)(1) and 4.11(a)(2)
shall include either (i) a reasonably detailed presentation, either on the face
of the financial statements or in the footnotes thereto, of the financial
condition and results of operations of the Company and its Restricted
Subsidiaries separate from the financial condition and results of operations of
the Unrestricted Subsidiaries of the Company or (ii) stand-alone audited or
unaudited financial statements, as the case may be, of such Unrestricted
Subsidiary or Unrestricted Subsidiaries (as a group or otherwise) together with
an unaudited reconciliation to the financial information of the Company and its
Subsidiaries, which reconciliation shall include the following items: revenue,
EBITDA, net income, cash, total assets, total debt, shareholders equity,
capital expenditures and interest expense.

 

(c)       Substantially concurrently with the
issuance to the Trustee of the reports specified in Sections 4.11(a)(1), 4.11(a)(2)
and 4.11(a)(3), the Company shall also (a) use its commercially reasonable
efforts (i) to post copies of such reports on such website as may be then
maintained by the Company and its Subsidiaries or (ii) otherwise to provide
substantially comparable public availability of such reports (as determined by
the Company in good faith) or (b) to the extent the Company determines in good
faith that it cannot make such reports available in the manner described in the
preceding clause (a) owing to applicable law or after the use of its
commercially reasonable efforts, furnish such reports to the Holders and, upon
their request, prospective purchasers of the Notes.

 

(d)       So long as the Notes remain outstanding
and during any period during which the Company is not subject to Section 13 or 15(d)
of the Exchange Act nor exempt therefrom pursuant to Rule 12g3-2(b), the
Company shall furnish to the Holders and, upon their request, prospective
purchasers of the Notes, the information required to be delivered pursuant to
Rule 144A(d)(4) under the Securities Act.

 

The Issuers will
comply with Section 314(a) of the TIA.

 

80

 

SECTION 4.12.         Guarantees by Restricted
Subsidiaries

 

(a)       The following Subsidiaries will fully and
unconditionally guarantee the Notes on the Issue Date in accordance with
Article 10: NXP Semiconductors B.V., NXP Semiconductors Germany GmbH, NXP
Semiconductors (Taiwan) Ltd., NXP Semiconductors Philippines Inc., NXP
Semiconductors USA Inc., NXP Semiconductors Hong Kong Limited, NXP
Semiconductors (Thailand) Co. Ltd., NXP Semiconductors UK Limited (subject to
the Agreed Security Principles), and NXP Semiconductors (Singapore) Pte. Ltd.; provided that if any such Subsidiary is
unable to provide such Note Guarantee on the Issue Date, the Company shall
(subject to the Agreed Security Principles) cause such Subsidiary to provide a
Note Guarantee as soon as practicable, and in any event not later than 90 days
after the Issue Date (or 120 days if the lenders under the Senior Facilities
Agreement agree to defer such date under the Senior Facilities Agreement). If
the Company or any of its Restricted Subsidiaries acquires or creates a Wholly
Owned Subsidiary (other than an Immaterial Subsidiary) after the Issue Date and
the issuance of a Guarantee by such Guarantor is not precluded by the Agreed
Security Principles, the new Restricted Subsidiary must within 30 days (or such
longer period as the Trustee may agree) after becoming a Restricted Subsidiary,
provide a Note Guarantee under this Indenture.

 

(b)       A Restricted Subsidiary required to
provide a Note Guarantee shall provide such Note Guarantee in accordance with
the provisions of Section 10.07.

 

SECTION 4.13.         Suspension of Covenants on
Achievement of Investment Grade Status

 

If on any date
following the Issue Date, the Notes of any series have achieved Investment
Grade Status and no Default or Event of Default has occurred and is continuing
(a “Suspension
Event”),  then,
beginning on that day and continuing until the Reversion Date, the following
provisions of this Indenture will not apply to such Notes: Sections 4.05, 4.06,
4.08, 4.09, 4.10 and 5.01(a)(3) and, in each case, any related default
provision of this Indenture will cease to be effective and will not be
applicable to the Company and its Restricted Subsidiaries. Such Sections and
any related default provisions will again apply according to their terms from
the first day on which a Suspension Event ceases to be in effect. Such Sections
will not, however, be of any effect with regard to actions of the Company
properly taken during the continuance of the Suspension Event, and Section 4.06
will be interpreted as if it has been in effect since the date of this
Indenture except that no default will be deemed to have occurred solely by
reason of a Restricted Payment made while Section 4.06 was suspended. On the
Reversion Date, all Indebtedness Incurred during the continuance of the Suspension
Event will be classified, at the Company’s option, as having been Incurred
pursuant to Section 4.05(a) or 4.05(b) (to the extent such Indebtedness would
be permitted to be Incurred thereunder as of the Reversion Date and after
giving effect to Indebtedness Incurred prior to the Suspension Event and
outstanding on the Reversion Date). To the extent such Indebtedness would not
be so permitted to be incurred under Section 4.05(a) or 4.05(b), such
Indebtedness will be deemed to have been outstanding on the Issue Date, so that
it is classified as permitted under Section 4.05(b)(4).

 

81

 

SECTION 4.14.         [Reserved]

 

SECTION 4.15.         [Reserved]

 

SECTION 4.16.         Compliance Certificate

 

The Company shall
deliver to the Trustee within 120 days after the end of each fiscal year, an
Officer’s Certificate in substantially the form of Exhibit C hereto stating
that a review of the activities of the Company during the preceding fiscal year
has been made under the supervision of the signing Officer with a view to
determining whether the Company has kept, observed, performed and fulfilled its
obligations under this Indenture, and further stating, as to the Officer
signing such Officer’s Certificate, that to the best of his or her 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 of this Indenture
(or, if a Default or Event of Default shall have occurred, describing all such
Defaults or Events of Default of which he or she may have knowledge and what
action the Issuers are taking or propose to take with respect thereto) and that
to the best of his or her knowledge no event has occurred and remains in
existence by reason of which payments on account of the principal of or
interest or Additional Amounts, if any, on the Notes is prohibited or if such
event has occurred, a description of the event and what action the Company is
taking or propose to take with respect thereto. Within 30 days after the
occurrence of a Default, the Company shall deliver to the Trustee a written
notice of any events of which it is aware would constitute certain Defaults
their status and what action the Company is taking or proposes to take with
respect thereto.

 

The Trustee shall
not be deemed to have knowledge of any Default or Event of Default except any
Default or Event of Default of which its Responsible Officer shall have
received written notification in accordance with Section 13.03 or obtained
actual knowledge.

 

SECTION 4.17.         Further Instruments and Acts

 

Upon request of
the Trustee, the Issuers shall execute and deliver such further instruments and
do such further acts as may be reasonably necessary or proper to carry out more
effectively the purpose of this Indenture.

 

SECTION 4.18.         Listing

 

The Issuers will
use their reasonable efforts to list, subject to notice of issuance, the Euro
Notes on the Irish Stock Exchange and to have the Euro Notes admitted to
trading on the Irish Stock Exchange as promptly as practicable after the date
hereof. If the Euro Notes cease to be listed on the Irish Stock Exchange, the
Issuers shall use their reasonable best efforts to promptly list such Euro
Notes on a stock exchange to be agreed between the Issuers and Morgan Stanley
& Co. Incorporated, Deutsche Bank Securities Inc. and Merrill Lynch,
Pierce, Fenner & Smith Incorporated.

 

SECTION 4.19.         Limitation on Business Activities of
the Co-Issuer

 

The Co-Issuer may
not hold any material assets, become liable for any material obligations or
engage in any business activities; provided
that it may be a co-obligor or guarantor with respect to the Notes or any other
Indebtedness issued by the Company or a Guarantor, and

 

82

 

may
engage in any activities directly related thereto or necessary in connection
therewith. The Co-Issuer shall be a Wholly Owned Subsidiary of the Company at
all times.

 

ARTICLE 5

 

Successor Company

 

SECTION 5.01.         Merger and
Consolidation of the Company

 

(a)       The Company will not consolidate with or
merge with or into, or convey, transfer or lease all or substantially all its
assets to, any Person, unless:

 

(1)       the resulting, surviving
or transferee Person (the “Successor Company”)
will be a Person organized and existing under the laws of any member
state of the European Union on January 1, 2004, or the United States of
America, any State of the United States or the District of Columbia, Canada or
any province of Canada, Norway or Switzerland and the Successor Company (if not
the Company) will expressly assume, (a) by supplemental indenture, executed and
delivered to the Trustee, in form reasonably satisfactory to the Trustee, all
the obligations of the Company under the Notes and this Indenture and (b) all
obligations of the Company under the Registration Rights Agreement;

 

(2)       immediately after giving
effect to such transaction (and treating any Indebtedness that becomes an
obligation of the Successor Company or any Subsidiary of the Successor Company
as a result of such transaction as having been Incurred by the Successor
Company or such Subsidiary at the time of such transaction), no Default or
Event of Default shall have occurred and be continuing;

 

(3)       immediately after giving
effect to such transaction, either (a) the Successor Company would be able to
Incur at least an additional €1.00 of Indebtedness pursuant to Section 4.05(a)
or (b) the Fixed Charge Coverage Ratio would not be lower than it was immediately
prior to giving effect to such transaction; and

 

(4)       the Company shall have
delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel,
each to the effect that such consolidation, merger or transfer and such
supplemental indenture (if any) comply with this Indenture and an Opinion of
Counsel to the effect that such supplemental indenture (if any) has been duly
authorized, executed and delivered and is a legal, valid and binding agreement
enforceable against the Successor Company (in each case, in form and substance
reasonably satisfactory to the Trustee), provided
that in giving an Opinion of Counsel, counsel may rely on an Officer’s
Certificate as to any matters of fact, including as to satisfaction of Sections
5.01(a)(2) and 5.01(a)(3).

 

(b)       Any Indebtedness that becomes an
obligation of the Company or any Restricted Subsidiary (or that is deemed to be
Incurred by any Restricted Subsidiary that becomes a Restricted Subsidiary) as
a result of any such transaction undertaken in compliance with Section 5.01(a),
and any Refinancing Indebtedness with respect thereto, shall be deemed to have
been Incurred in compliance with Section 4.05.

 

83

 

(c)       For purposes of this Section 5.01, the
sale, lease, conveyance, assignment, transfer, or other disposition of all or
substantially all of the properties and assets of one or more Subsidiaries of
the Company, which properties and assets, if held by the Company instead of
such Subsidiaries, would constitute all or substantially all of the properties
and assets of the Company on a consolidated basis, shall be deemed to be the
transfer of all or substantially all of the properties and assets of the
Company.

 

(d)       The Successor Company will succeed to,
and be substituted for, and may exercise every right and power of, the Company
under this Indenture but in the case of a lease of all or substantially all its
assets, the predecessor company will not be released from its obligations under
this Indenture or the Notes.

 

(e)       Notwithstanding Sections 5.01(a)(2) and
5.01(a)(3) (which do not apply to transactions referred to in this Section
5.01(e)) and, other than with respect to Sections 5.01(c) and 5.01(a)(4), (a)
any Restricted Subsidiary of the Company may consolidate or otherwise combine
with, merge into or transfer all or part of its properties and assets to the
Company and (b) any Restricted Subsidiary may consolidate or otherwise combine
with, merge into or transfer all or part of its properties and assets to any
other Restricted Subsidiary. Notwithstanding Sections 5.01(a)(2) and 5.01(a)(3)
(which do not apply to the transactions referred to in Section 5.01(e)), the
Company may consolidate or otherwise combine with or merge into an Affiliate
incorporated or organized for the purpose of changing the legal domicile of the
Company, reincorporating the Company in another jurisdiction, or changing the
legal form of the Company.

 

(f)        The provisions of this Section 5.01
(other than the requirements of Section 5.01(a)(2)) shall not apply to the
creation of a new subsidiary as a Restricted Subsidiary of the Company.

 

SECTION 5.02.         Merger and Consolidation of the
Co-Issuer

 

(a)       The Co-Issuer may not consolidate with,
merge with or into any person or permit any person to merge with or into the
Co-Issuer unless:

 

(1)        concurrently therewith, a Subsidiary of
the Company that is a limited liability company or corporation organized under
the laws of the United States of America or any state thereof or the District
of Columbia (which may be the Co-Issuer or the continuing person as a result of
such transaction) expressly assumes all of the obligations of the Co-Issuer
under the Notes, this Indenture and the Registration Rights Agreement; or

 

(2)        after giving effect to the transaction,
at least one obligor on the Notes is a limited liability company or corporation
organized under the laws of the United States of America or any state thereof
or the District of Columbia.

 

(b)       Upon the consummation of any transaction
effected in accordance with Section 5.02(a), the resulting, surviving or
transferee Co-Issuer will succeed to, and be substituted for, and may exercise
every right and power of, the Co-Issuer under this Indenture and the Notes with
the same effect as if such successor Person had been named as the 

 

84

 

Co-Issuer in this
Indenture. Upon such substitution, the Co-Issuer will be released from its
obligations under this Indenture and the Notes.

 

SECTION 5.03.         Merger and Consolidation of a
Guarantor 

 

(a)       No Guarantor may:

 

(1)       consolidate with or merge with or into
any Person, or

 

(2)       sell, convey, transfer or dispose of, all
or substantially all its assets as an entirety or substantially as an entirety,
in one transaction or a series of related transactions, to any Person, or

 

(3)       permit any Person to merge with or into
the Guarantor

 

unless

 

(A)      the other Person is the Company or any
Restricted Subsidiary that is Guarantor or becomes a Guarantor concurrently
with the transaction); or

 

(B)       (1) either (x) a Guarantor is the
continuing Person or (y) the resulting, surviving or transferee Person
expressly assumes all of the obligations of the Guarantor under its Note
Guarantee and the Registration Rights Agreement; and (2) immediately after
giving effect to the transaction, no Default has occurred and is continuing; or

 

(C)       the transaction constitutes a sale or
other disposition (including by way of consolidation or merger) of the
Guarantor or the sale or disposition of all or substantially all the assets of
the Guarantor (in each case other than to the Company or a Restricted
Subsidiary) otherwise permitted by this Indenture.

 

ARTICLE 6

 

Defaults and Remedies

 

SECTION 6.01.         Events of Default

 

(a)       An “Event of Default”  occurs if or upon:

 

(1)       default in any payment of interest or
Additional Interest, if any, on any Note when due and payable, continued for 30
days;

 

(2)       default in the payment of the principal
amount of or premium, if any, on any Note when due at its Stated Maturity, upon
optional redemption, upon required repurchase, upon declaration or otherwise;

 

(3)       failure to comply for 30 days after
written notice by the Trustee on behalf of the Holders or by the Holders of 30%
in principal amount of the outstanding Notes

 

85

 

with any of the Issuers,
obligations under Article 4 or 5 (in each case, other than a failure to
purchase Notes which will constitute an Event of Default under Section
6.01(a)(2));

 

(4)       failure to comply for 60 days after
written notice by the Trustee on behalf of the Holders or by the Holders of 30%
in principal amount of the outstanding Notes with the Issuers other agreements
contained in this Indenture;

 

(5)       default under any mortgage, indenture or
instrument under which there may be issued or by which there may be secured or
evidenced any Indebtedness for money borrowed by either Issuer or any of its
Restricted Subsidiaries (or the payment of which is Guaranteed by either Issuer
any of its Restricted Subsidiaries) other than Indebtedness owed to either
Issuer or a Restricted Subsidiary whether such Indebtedness or Guarantee now
exists, or is created after the Issue Date, which default:

 

(a)       is caused by a failure to pay principal
of, or interest or premium, if any, on such Indebtedness, immediately upon the
expiration of the grace period provided in such Indebtedness; or

 

(b)       results in the acceleration of such
Indebtedness prior to its maturity;

 

and, in each case, the
principal amount of any such Indebtedness, together with the principal amount
of any other such Indebtedness under which there has been a payment default or
the maturity of which has been so accelerated, aggregates €100 million or more;

 

(6)       either Issuer or any of the Restricted
Subsidiaries institutes or consents to the institution of any proceeding under
any Debtor Relief Law, or makes an assignment for the benefit of creditors; or
applies for or consents to the appointment of any receiver, trustee, custodian,
conservator, liquidator, rehabilitator, administrator, administrative receiver
or similar office is appointed without the application or consent of such
Person and the appointment continues undischarged or unstayed for sixty (60)
calendar days; or any proceeding under any Debtor Relief Law relating to any
such Person or to all or any material part of its property or assets is
instituted without the consent of such Person and continues undismissed or
unstayed for (60) calendar days, or an order for relief is entered in any such
proceeding;

 

(7)       failure by the Issuers or any Significant
Subsidiary or group of Restricted Subsidiaries that, taken together (as of the
latest audited consolidated financial statements for the Issuers and their
Restricted Subsidiaries), would constitute a Significant Subsidiary to pay
final judgments aggregating in excess of €100 million (exclusive of any amounts
that a solvent insurance company has acknowledged liability for), which
judgments are not paid, discharged or stayed for a period of 60 days after the
judgment becomes final;

 

(8)       [Reserved]; and

 

(9)       any Guarantee ceases to be in full force
and effect, other than in accordance with the terms of this Indenture or a
Guarantor denies or disaffirms its obligations under its Guarantee, other than
in accordance with the terms thereof or upon release of the Guarantee in
accordance with this Indenture.

 

86

 

(b) However, a default under Sections 6.01(a)(3),
6.01(a)(4), 6.01(a)(5) or 6.01(a)(7) will not constitute an Event of Default
until the Trustee or the Holders of 30% in principal amount of the outstanding
Notes under this Indenture notify the Issuers of the default and the Issuers do
not cure such default within the time specified in Sections 6.01(a)(3),
6.01(a)(4), 6.01(a)(5) or 6.01(a)(7), as applicable, after receipt of such
notice.

 

SECTION 6.02.         Acceleration

 

(a)       If an Event of Default
(other than an Event of Default described in Section 6.01(a)(6) above) occurs
and is continuing the Trustee by notice to the Issuers or the Holders of at
least 30% in principal amount of the outstanding Notes under this Indenture by
written notice to the Issuers and the Trustee, may, and the Trustee at the
request of such Holders shall, declare the principal of, premium, if any, and
accrued and unpaid interest, including Additional Interest, if any, on all the
Notes under this Indenture to be due and payable. Upon such a declaration, such
principal, premium and accrued and unpaid interest, including Additional
Interest, if any, will be due and payable immediately. In the event of a
declaration of acceleration of the Notes because an Event of Default described
in Section 6.01(a)(5) has occurred and is continuing, the declaration of
acceleration of the Notes shall be automatically annulled if the event of
default or payment default triggering such Event of Default pursuant to Section
6.01(a)(5) shall be remedied or cured, or waived by the holders of the
Indebtedness, or the Indebtedness that gave rise to such Event of Default shall
have been discharged in full, within 30 days after the declaration of
acceleration with respect thereto and if (1) the annulment of the acceleration
of the Notes would not conflict with any judgment or decree of a court of
competent jurisdiction and (2) all existing Events of Default, except
nonpayment of principal, premium or interest, including Additional Interest, if
any, on the Notes that became due solely because of the acceleration of the
Notes, have been cured or waived.

 

(b)       If an Event of Default
described in Section 6.01(a)(6) above occurs and is continuing, the principal
of, premium, if any, and accrued and unpaid interest on all the Notes will
become and be immediately due and payable without any declaration or other act
on the part of the Trustee or any Holders.

 

SECTION 6.03.         Other
Remedies

 

Subject to the duties of the Trustee as provided for in Article 7, if an
Event of Default occurs and is continuing, the Trustee may pursue any available
remedy to collect the payment of principal of or interest on the Notes or to enforce the performance of any provision
of the Notes or this Indenture.

 

The Trustee may maintain a proceeding even if it does not possess any of
the Notes or does not produce any of them in the proceeding. A delay or
omission by the Trustee or any Holder in exercising any right or remedy
accruing upon an Event of Default shall not impair the right or remedy or
constitute a waiver of or acquiescence in the Event of Default. No remedy is
exclusive of any other remedy. All available remedies are cumulative to the
extent permitted by law.

 

 

87

 

SECTION
6.04.         Waiver of Past Defaults

 

Holders of a
majority in aggregate principal amount of the Notes then outstanding by notice
to the Trustee may, on behalf of the Holders of all the Notes, waive all past
or existing Defaults or Events of Default except a continuing Default in the
payment of the principal, premium or interest, and Additional Interest, if any,
on the Notes and rescind any acceleration with respect to the Notes and its
consequences or if rescission would not conflict with any judgment or decree of
a court of competent jurisdiction. When a Default is waived, it is deemed
cured, but no such waiver shall extend to any subsequent or other Default or
impair any consequent right.

 

SECTION 6.05.         Control by Majority

 

The Holders of a
majority in principal amount of the Notes then outstanding may direct in
writing the time, method and place of conducting any proceeding for exercising
any remedy available to the Trustee or of exercising any trust or power
conferred on the Trustee. However, the Trustee may refuse to follow any
direction that conflicts with law or this Indenture or, subject to Section
7.01, that the Trustee determines is unduly prejudicial to the rights of other
Holders or would involve the Trustee in personal liability; provided, however, that the Trustee may
take any other action deemed proper by the Trustee that is not inconsistent
with such direction. Prior to taking any action hereunder, the Trustee shall be
entitled to indemnification or other security reasonably satisfactory to it
against all losses, liabilities and expenses caused by taking or not taking
such action.

 

SECTION 6.06.         Limitation on Suits

 

(a)       Except to enforce the right to receive
payment of principal, premium (if any) or interest when due on the Notes, no
Holder may pursue any remedy with respect to this Indenture or the Notes
unless:

 

(1)       the Holder gives to the Trustee written
notice stating that an Event of Default is continuing;

 

(2)       the Holders of at least 30% in principal
amount of the Notes then outstanding make a request to the Trustee to pursue
the remedy;

 

(3)       such Holder or Holders offer to the
Trustee reasonable security or indemnity against any loss, liability or
expense;

 

(4)       the Trustee does not comply with the
request within 60 days after receipt of the request and the offer of security
or indemnity; and

 

(5)       the Holders of a majority in principal
amount of the Notes then outstanding do not give the Trustee a direction that,
in the opinion of the Trustee is, inconsistent with the request during such
60-day period.

 

(b)       A Holder may not use this Indenture to
prejudice the rights of another Holder or to obtain a preference or priority
over another Holder.

 

88

 

SECTION 6.07.         Rights of Holders to Receive Payment

 

Notwithstanding
any other provision of this Indenture, the right of any Holder to receive
payment of principal of and interest on the Notes held by such Holder, on or
after the respective due dates expressed or provided for in the Notes, or to
bring suit for the enforcement of any such payment on or after such respective
dates, shall not be impaired or affected without the consent of such Holder.

 

SECTION 6.08.         Collection Suit by Trustee

 

If an Event of
Default specified in Sections 6.01(a)(l) or 6.01(a)(2) occurs and is
continuing, the Trustee may recover judgment in its own name and as trustee of
an express trust against the Issuer or any other obligor on the Notes for the
whole amount then due and owing (together with interest on any unpaid interest
to the extent lawful) and the amounts provided for in Section 7.07.

 

SECTION 6.09.         Trustee May File Proofs of Claim

 

The Trustee may
file such proofs of claim and other papers or documents and take such actions
as may be necessary or advisable in order to have the claims of the Trustee and
the Holders allowed in any judicial proceedings relative to the Issuer, their
creditors or their property and, unless prohibited by law or applicable
regulations, may vote on behalf of the Holders in any election of a trustee in
bankruptcy or other Person performing similar functions, and any Custodian in
any such judicial proceeding is hereby authorized by each Holder to make 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 its counsel, and any other amounts due the Trustee
under Section 7.07.

 

SECTION 6.10.         Priorities

 

If the Trustee
collects any money or property pursuant to this Article 6, it shall pay out the
money or property in the following order:

 

FIRST: to the
Trustee for amounts due under Section 7.07;

 

SECOND: to Holders
for amounts due and unpaid on the Notes for principal and interest, ratably,
without preference or priority of any kind, according to the amounts due and
payable on the Notes for principal and interest, respectively; and

 

THIRD: to the
Issuers.

 

The Trustee may
fix a record date and payment date for any payment to Holders pursuant to this
Section 6.10. At least 15 days before such record date, the Trustee shall mail
to each Holder and the Issuers a notice that states the record date, the
payment date and amount to be paid.

 

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SECTION 6.11.         Undertaking for Costs

 

In any suit for
the enforcement of any right or remedy under this Indenture or in any suit
against the Trustee for any action taken or omitted by it as the Trustee, a
court in its discretion may require the filing by any party litigant in the
suit of an undertaking to pay the costs of the suit, and the court in its
discretion may assess reasonable costs, including reasonable attorneys’ fees,
against any party litigant in the suit, having due regard to the merits and
good faith of the claims or defenses made by the party litigant. This Section
6.11 does not apply to a suit by the Trustee or a Paying Agent, a suit by a
Holder pursuant to Section 6.07 or a suit by Holders of more than 10% in
principal amount of the Notes then outstanding.

 

SECTION 6.12.         Waiver of Stay or Extension Laws

 

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

 

ARTICLE 7

 

Trustee

 

SECTION 7.01.         Duties of Trustee

 

(a)       The duties and responsibilities of the
Trustee are as provided by the TIA and as set forth herein. 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 person would exercise or use under the
circumstances in the conduct of such person’s own affairs.

 

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

 

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

 

(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 certificates or opinions furnished
to the Trustee and conforming to the requirements of this Indenture. However,
the Trustee shall examine such certificates and opinions to determine whether
or not they conform to the requirements of this Indenture (but need not confirm
or investigate the accuracy of mathematical calculations or other facts stated
therein).

 

90

 

(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 Section 7.01(c) does not limit the
effect of Section 7.01(b);

 

(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; and

 

(iii)       the Trustee shall not be liable with
respect to any action it takes or omits to take in good faith in accordance
with a direction received by it pursuant to Sections 6.02 or 6.05;

 

(d)       Every provision of this Indenture that in
any way relates to the Trustee is subject to Sections 7.01(a), 7.01(b) and
7.01(c) and the TIA.

 

(e)       No provision of this Indenture shall
require the Trustee to expend or risk its own funds or otherwise incur
liability in the performance of any of its duties hereunder or to take or omit
to take any action under this Indenture take any action at the request or
direction of Holders including without limitation in relation to lender
liability claims for restitution by creditors of any pledgor, if it has
reasonable grounds for believing that repayment of such funds is not assured to
it or it does not receive indemnity reasonably satisfactory to it in its
discretion against any loss, liability or expense which might reasonably be
incurred by it in compliance with such request or direction nor shall the
Trustee be required to do anything which is illegal or contrary to applicable
laws. The Trustee will not be liable to the Holders if prevented or delayed in
performing any of its obligations or discretionary functions under this
Indenture by reason of any present or future law applicable to it, by any
governmental or regulatory authority or by any circumstances beyond its
control.

 

(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 Issuers.

 

(g)       Money held in trust by the Trustee need
not be segregated from other funds except to the extent required by law.

 

SECTION 7.02.         Rights of Trustee.

 

Subject to TIA
Sections 315(a) through (d):

 

(a)       The Trustee may refrain from taking any
action in any jurisdiction if the taking of such action in that jurisdiction
would, in its opinion, based upon legal advice in the relevant jurisdiction, be
contrary to any law of that jurisdiction or, to the extent applicable, the
State of New York. Furthermore, the Trustee may also refrain from taking such
action if it would otherwise render it liable to any person in that
jurisdiction, the State of New York or if, in its opinion based upon such legal
advice, it would not have the power to do relevant thing in that jurisdiction
by virtue of any applicable law in that jurisdiction, in the State of New York
or if it is determined by any court or other competent authority in that
jurisdiction, in the State of New York that it does not have such power.

 

91

 

(b)       The Trustee may conclusively rely and
shall be fully protected in relying on 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.

 

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

 

(d)
The Trustee may act through attorneys and agents and shall not be responsible
for the misconduct or negligence of any agent appointed with due care.

 

(e)
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
conferred upon it by this Indenture; provided,
however, that the Trustee’s
conduct does not constitute willful misconduct or negligence.

 

(f)
The Trustee may retain professional advisers to assist it in performing its
duties under this Indenture. The Trustee may consult with counsel, and the
advice or opinion of counsel with respect to legal matters relating to this
Indenture and the Notes shall be full and complete authorization and protection
from liability in respect of any action taken, omitted or suffered by it
hereunder in good faith and in accordance with the advice or opinion of such
counsel.

 

(g)
The Trustee shall not be bound to make any investigation into the facts or
matters stated in any Officer’s Certificate, Opinion of Counsel, or any
resolution, certificate, statement, instrument, opinion, report, notice,
request, direction, consent, order, approval, bond, debenture, note, other
evidence of indebtedness or other paper or document, but the Trustee, in its
discretion, may make such further inquiry or investigation into such facts or
matters as it may see fit, and, if the Trustee shall determine to make such
further inquiry or investigation, it shall be entitled to examine the books,
records and premises of the Issuer, personally or by agent or attorney at the
sole cost of the Issuers.

 

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

 

In the event the
Trustee receives inconsistent or conflicting requests and indemnity from two or
more groups of Holders, each representing less than the requisite majority in
aggregate principal amount of the Notes then outstanding, pursuant to the
provisions of this Indenture, the Trustee, in its sole discretion, may determine
what action, if any, shall be taken and shall be held harmless and shall not
incur any liability for its failure to act until such inconsistency or conflict
is, in its reasonable opinion, resolved.

 

92

 

(i)        Except with respect to Section 4.01, the
Trustee shall have no duty to inquire as to the performance of the Issuers with
respect to the covenants contained in Article 4. Delivery of reports,
information and documents to the Trustee under Section 4.11 is for
informational purposes only and the Trustee’s receipt of the foregoing shall
not constitute constructive notice of any information contained therein or
determinable from information contained therein, including the Issuers’
compliance with any of their covenants hereunder (as to which the Trustee is
entitled to rely exclusively on Officer’s Certificates).

 

(j)        The Trustee shall not have any
obligation or duty to monitor, determine or inquire as to compliance, and shall
not be responsible or liable for compliance with restrictions on transfer,
exchange, redemption, purchase or repurchase, as applicable, of minimum
denominations imposed under this Indenture or under applicable law or
regulation with respect to any transfer, exchange, redemption, purchase or
repurchase, as applicable, of any interest in any Notes.

 

(k)       If any Note Guarantor is substituted to
make payments on behalf of the Issuers pursuant to Article 10, the Issuers
shall promptly notify the Trustee of such substitution.

 

(l)        The rights, privileges, protections,
immunities and benefits given to the Trustee, including its right to be
indemnified, are extended to, and shall be enforceable by the Trustee in its
capacity hereunder and by each agent (including Deutsche Bank AG, London
Branch, Deutsche Bank Trust Company Americas, Deutsche Bank Luxembourg S.A. and
Deutsche International Corporate Services (Ireland) Limited)), custodian and
other Person employed with due care to act as agent hereunder, including
without limitation each Paying Agent and Transfer Agent. Each Paying Agent and
Transfer Agent shall not be liable for acting in good faith on instructions
believed by it to be genuine and from the proper party.

 

(m)      The Trustee shall not be required to give
any bond or surety with respect to the performance of its duties or the
exercise of its powers under this Indenture.

 

(n)       [Reserved].

 

(o)       The permissive right of the Trustee to
take the actions permitted by this Indenture will not be construed as an
obligation or duty to do so.

 

(p)       Anything in this Indenture to the
contrary notwithstanding, in no event shall the Trustee be liable for special,
indirect or consequential loss or damage of any kind whatsoever (including but
no limited to lost profits), even if the Trustee has been advised of the
likelihood of such loss or damage and regardless of the form of action

 

(q)       The Trustee may assume without inquiry in
the absence of actual knowledge that the Issuers are each duly complying with
their obligations contained in this Indenture required to be performed and
observed by them, and that no Default or Event of Default or other event which
would require repayment of the Notes has occurred.

 

93

 

SECTION 7.03.         Individual Rights of Trustee

 

The Trustee in its
individual or any other capacity may become the owner or pledgee of Notes and
may otherwise deal with the Issuers or their Affiliates with the same rights it
would have if it were not Trustee. For the avoidance of doubt, any Paying
Agent, Transfer Agent or Registrar may do the same with like rights.

 

However, the
Trustee is subject to TIA Sections 310(b) and 311. For purposes of TIA Section
31l(b)(4) and (6):

 

(a)       “cash transaction”  means any transaction in which
full payment for goods or securities sold is made within seven days after
delivery of the goods or securities in currency or in checks or other orders
drawn upon banks or bankers and payable upon demand; and

 

(b)       “self-liquidating paper”  means any draft, bill of exchange,
acceptance or obligation which is made, drawn, negotiated or incurred for the
purpose of financing the purchase, processing, manufacturing, shipment, storage
or sale of goods, wares or merchandise and which is secured by documents
evidencing title to, possession of, or a lien upon, the goods, wares or
merchandise or the receivables or proceeds arising from the sale of the goods,
wares or merchandise previously constituting the security, provided the
security is received by the Trustee simultaneously with the creation of the creditor
relationship arising from the making, drawing, negotiating or incurring of the
draft, bill of exchange, acceptance or obligation.

 

SECTION 7.04.         Trustee’s Disclaimer

 

The Trustee shall
not be responsible for and makes no representation as to the validity or
adequacy of this Indenture or the Notes, it shall not be accountable for the
Issuers’ use of the proceeds from the Notes or any money paid to the Issuers or
upon the Issuers’ direction under any provision of this Indenture, and it shall
not be responsible for any statement of the Issuers in this Indenture or in any
document issued in connection with the sale of the Notes or in the Notes other
than the Trustee’s certificate of authentication. The Trustee shall not be
charged with knowledge of the identity of any Significant Subsidiary unless
either (a) a Responsible Officer shall have actual knowledge thereof or (b) the
Trustee shall have received notice thereof in accordance with Section 13.03
hereof from the Issuers or any Holder.

 

SECTION 7.05.         Notice of Defaults

 

If a Default or
Event of Default occurs and is continuing and the Trustee is informed of such
occurrence by the Issuer or by any other person, the Trustee must give notice
of the Default to the Holders within 60 days after the Trustee is informed of
such occurrence. Except in the case of a Default in payment of principal of or
interest or premium, if any, on any Note, the Trustee may withhold the notice
if and so long as a committee of its trust officers of the Trustee in good
faith determines that withholding the notice is in the interests of Holders.
Notice to Holders under this Section will be given in the manner and to the
extent provided in TIA Section 313(c).

 

94

 

SECTION 7.06.         Reports by Trustee to Holders

 

Within 60 days
after each May 15, beginning with May 15, 2007, the Trustee will mail to each
Holder, as provided in TIA Section 313(c), a brief report dated as of such May
15, if required by TIA Section 313(a), and file such reports with each stock
exchange upon which its Notes are listed and with the SEC as required by TIA
Section 313(d).

 

SECTION 7.07.         Compensation and Indemnity

 

The Issuers, or,
upon the failure of the Issuers to pay, each Note Guarantor (if any), jointly
and severally, shall pay to the Trustee from time to time such compensation as
the Issuer and Trustee may from time to time agree for its acceptance of this
Indenture and services hereunder and under the Notes. The Trustee’s
compensation shall not be limited by any law on compensation of a trustee of an
express trust.

 

In the event of
the occurrence of an Event of Default or the Trustee considering it expedient
or necessary or being requested by the Issuer to undertake duties which the
Trustee and the Issuers agree to be of an exceptional nature or otherwise
outside the scope of the normal duties of the Trustee, the Issuers shall pay to
the Trustee such additional remuneration as shall be agreed between them. In
the event of the Trustee and the Issuers failing to agree upon whether such
duties shall be of an exceptional nature or otherwise outside the scope of the
normal duties of the Trustee, or upon such additional remuneration, such
matters shall be determined by an investment bank (acting as an expert and not
as an arbitrator) selected by the Trustee and approved by the Issuers or,
failing such approval, nominated (on the application of the Trustee) by the
President of The Law Society of England and Wales (the expenses involved in
such nomination and the fees of such investment bank being payable by the
Issuers) and the determination of any such investment bank shall be final and
binding upon the Trustee and the Issuer.

 

The Issuers and
each Note Guarantor (if any), jointly and severally, shall reimburse the Trustee
promptly upon request for all reasonable disbursements, advances and expenses
incurred or made by it (as evidenced in an invoice from the Trustee), including
costs of collection, in addition to the compensation for its services. Such
expenses shall include the properly incurred compensation and expenses,
disbursements and advances of the Trustee’s agents, counsel, accountants and
experts. The Issuers and each Note Guarantor (if any), jointly and severally
shall indemnify the Trustee and the Paying Agents and their respective
officers, directors, agents and employers against any and all loss, liability,
taxes or expenses (including reasonable attorneys’ fees) incurred by or in
connection with the acceptance or administration of its duties this Indenture
and the Notes including the costs and expenses of enforcing this Indenture
against the Issuers (including this Section 7.07) and defending itself against
any claim (whether asserted by the Issuer or any Holder or any other person) or
liability in connection with the exercise or performance of any of its powers
or duties hereunder.

 

The Trustee shall
notify the Issuer of any claim for which it may seek indemnity promptly upon
obtaining actual knowledge thereof; provided,
however, that any failure so to notify the Issuer shall not relieve
the Issuer or any Note Guarantor of its indemnity obligations hereunder. Except
in cases where the interests of the Issuers and the Trustee may be adverse, the
Issuers shall defend the claim and the indemnified party shall provide
reasonable cooperation at the Issuers’ and any Note Guarantor’s expense in the
defense. Notwithstanding the foregoing,

 

95

 

such indemnified party
may, in its sole discretion, assume the defense of the claim against it and the
Issuers and any Note Guarantor shall, jointly and severally, pay the reasonable
fees and expenses of the indemnified party’s defense (as evidenced in an
invoice from the Trustee). Such indemnified parties may have separate counsel
of their choosing and the Issuers and any Note Guarantor, jointly and
severally, shall pay the reasonable fees and expenses of such counsel (as
evidenced in an invoice from the Trustee); provided,
however, that the Issuers shall not be required to pay such fees and
expenses if it assumes such indemnified parties’ defense and, in such
indemnified parties’ reasonable judgment, there is no conflict of interest
between the Issuers and any Note Guarantor, as applicable, and such parties in
connection with such defense. The Issuers need not pay for any settlement made
without its consent, which consent shall not be unreasonably withheld. The
Issuers need not reimburse any expense or indemnify against any loss, liability
or expense incurred by an indemnified party through such party’s own willful
misconduct, negligence or bad faith.

 

To secure the
Issuers’ and any Note Guarantor’s payment obligations in this Section 7.07, the
Trustee and the Paying Agents have a lien prior to the Notes on all money or
property held or collected by the Trustee other than money or property held in
trust to pay principal of and interest on particular Notes.

 

The Issuers’ and
any Note Guarantor’s payment obligations pursuant to this Section and any lien
arising thereunder shall survive the satisfaction or discharge of this
Indenture, any rejection or termination of this Indenture under any Bankruptcy
Law or the resignation or removal of the Trustee and the Paying Agents. Without
prejudice to any other rights available to the Trustee and the Paying Agents
under applicable law, when the Trustee and the Paying Agents incur expenses
after the occurrence of a Default specified in Section 6.01(a)(6) with respect
to the Issuers, the expenses are intended to constitute expenses of
administration under the Bankruptcy Law.

 

For the avoidance
of doubt, the rights, privileges, protections, immunities and benefits given to
the Trustee in this Section 7.07, including its right to be indemnified, are
extended to, and shall be enforceable by the Trustee in each of its capacities
hereunder including, without limitation, as Registrar, Transfer Agent and
Paying Agent, and by each agent (including Deutsche Bank AG, London Branch,
Deutsche Bank Luxembourg S.A. and Deutsche International Corporate Services
(Ireland) Limited)), custodian and other Person employed with due care to act
as agent hereunder.

 

SECTION 7.08.         Replacement of Trustee

 

(a)       The Trustee may resign at any time by so
notifying the Issuers. If the Trustee is no longer eligible under Section 7.10
or in the circumstances described in TIA Section 310(b), any Holder that
satisfies the requirements of TIA Section 310(b) may petition any court of
competent jurisdiction for the removal of the Trustee in writing and the
appointment of a successor Trustee. The Holders of a majority in principal
amount of the Notes then outstanding may remove the Trustee by so notifying the
Trustee and may appoint a successor Trustee. The Issuers shall be entitled to
remove the Trustee or any Holder who has been a bona fide Holder for not less
than six months may petition any court for removal of the Trustee and
appointment of a successor Trustee, if:

 

96

 

(i)         the Trustee has or acquires a conflict
of interest that is not eliminated;

 

(ii)        the Trustee is adjudged bankrupt or
insolvent;

 

(iii)       a receiver or other public officer takes
charge of the Trustee or its property; or;

 

(iv)      the Trustee otherwise becomes incapable of
acting as Trustee hereunder.

 

(b)       If the Trustee resigns, is removed
pursuant to Section 7.08(a) or if a vacancy exists in the office of Trustee for
any reason (the Trustee in such event being referred to herein as the retiring
Trustee), the Issuers shall promptly appoint a successor Trustee.

 

(c)       A successor Trustee shall deliver a
written acceptance of its appointment to the retiring Trustee and to the
Issuers. Thereupon 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 under this Indenture. The successor Trustee shall
mail a notice of its succession to Holders. The retiring Trustee shall promptly
transfer all property held by it as Trustee to the successor Trustee, provided, that all sums owing to the
Trustee hereunder have been paid and subject to the lien provided for in
Section 7.07.

 

(d)       If a successor Trustee does not take
office within 30 days after the retiring Trustee resigns or is removed, the
retiring Trustee or the Holders of 10% in principal amount of the Notes may
petition any court of competent jurisdiction for the appointment of a successor
Trustee.

 

(e)       If the Trustee fails to comply with
Section 7.10, unless the Trustee’s duty to resign is stayed as provided in
Section 310(b) of the TIA, any Holder may petition any court of competent
jurisdiction for the removal of the Trustee and the appointment of a successor
Trustee.

 

(f)        Notwithstanding the replacement of the
Trustee pursuant to this Section, the Issuers’ obligations under Section 7.07
shall continue for the benefit of the retiring Trustee.

 

(g)       For the avoidance of doubt, the rights,
privileges, protections, immunities and benefits given to the Trustee in this
Section 7.08, including its right to be indemnified, are extended to, and shall
be enforceable by each Paying Agent, Transfer Agent and Registrar employed to
act hereunder.

 

(h)       The Trustee agrees to give the notices
provided for in, and otherwise comply with, TIA Section 310(b).

 

97

 

SECTION 7.09.         Successor Trustee by Merger

 

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

 

In case at the
time such successor or successors by merger, conversion or consolidation to the
Trustee shall succeed to the trusts created by this Indenture any of the Notes
shall have been authenticated but not delivered, any such successor to the
Trustee may adopt the certificate of authentication of any predecessor trustee,
and deliver such Notes so authenticated; and in case at that time any of the
Notes shall not have been authenticated, any successor to the Trustee may
authenticate such Notes either in the name of any predecessor hereunder or in
the name of the successor to the Trustee; and in all such cases such
certificates shall have the full force which it is anywhere in the Notes or in
this Indenture provided that the certificate of the Trustee shall have.

 

SECTION 7.10.         Eligibility

 

The Indenture must
always have a Trustee that satisfies the requirements of TIA Section 310(a) and
has a combined capital and surplus of at least $25,000,000 as set forth in its
most recent published annual report of condition.

 

SECTION 7.11.         Certain Provisions

 

Each Holder by
accepting a Note authorizes and directs on his or her behalf the Trustee to
enter into and to take such actions and to make such acknowledgements as are
set forth in this Indenture or other documents entered into in connection
therewith.

 

SECTION 7.12.         Preferential Collection of Claims
Against Issuer

 

The Trustee shall
comply with Section 311(a) of the TIA, excluding any creditor relationship
listed in Section 31l(b) of the TIA. A Trustee who has resigned or been removed
shall be subject to Section 311(a) of the TIA to the extent indicated.

 

ARTICLE 8

 

Discharge of Indenture; Defeasance

 

SECTION 8.01.         Discharge of Liability on Notes;
Defeasance

 

(a)       Any Note Guarantees and this Indenture
will be discharged and cease to be of further effect (except as to surviving
rights of conversion or transfer or exchange of the Notes, as expressly
provided for in this Indenture) as to all outstanding Notes when (1) either (a)
all the Notes previously authenticated and delivered (other than certain lost,
stolen or destroyed Notes, and certain Notes for which provision for payment
was previously made and thereafter the funds have been released to the Issuers)
have been delivered to the Trustee for cancellation; or (b) all Notes not
previously delivered to the Trustee for cancellation (i)

 

98

 

have become due and
payable, (ii) will become due and payable at their Stated Maturity within one
year or (iii) are to be called for redemption within one year under
arrangements reasonably satisfactory to the Trustee for the giving of notice of
redemption by the Trustee in the name, and at the expense, of the Issuers; (2)
the Issuers have deposited or caused to be deposited with the Trustee money,
European Government Obligations (in the case of the Euro Notes), U.S.
Government Obligations (in the case of the Dollar Notes), or a combination
thereof, as applicable, in an amount sufficient to pay and discharge the entire
indebtedness on the Notes not previously delivered to the Trustee for
cancellation, for principal, premium, if any, and interest to the date of
deposit (in the case of Notes that have become due and payable), or to the
Stated Maturity or redemption date, as the case may be; (3) the Issuer has paid
or caused to be paid all other sums payable under this Indenture; and (4) the
Issuer has delivered to the Trustee an Officer’s Certificate and an Opinion of
Counsel each to the effect that all conditions precedent under this Section
8.01 have been complied with, provided that any such counsel may rely on any
Officer’s Certificate as to matters of 
fact (including as to compliance with the foregoing clauses (1), (2) and
(3)).

 

(b)       Subject to Sections 8.01(c) and 8.02,
either Issuer at any time may terminate (i) all of its obligations and all
obligations of each Note Guarantor (if any) under the Notes, any Note
Guarantees and this Indenture (“legal
defeasance option”)  or (ii) its obligations under
Article 4 (other than Section 4.01) and under Article 5 (other than Sections
5.01(a)(l) and 5.01(a)(2)), and thereafter any omission to comply with such
obligations shall not constitute a Default or an Event of Default with respect
to the Notes, and the operation of Sections 6.01(a)(3) (other than with respect
to Sections 5.01(a)(l) and 5.01(a)(2)), 6.01(a)(4), 6.01(a)(5), 6.6l(a)(6)
(with respect to the Issuers and Significant Subsidiaries), 6.01(a)(7) and
6.01(a)(9) (“covenant defeasance option”).  The
Issuers at their option at any time may exercise their legal defeasance option
notwithstanding its prior exercise of its covenant defeasance option. In the
event that the Issuers terminate all of their obligations under the Notes and
this Indenture by exercising its legal defeasance option, the obligations under
any Note Guarantees shall each be terminated simultaneously with the
termination of such obligations.

 

If the
Issuers exercise their legal defeasance option or its covenant defeasance
option, the Collateral will be released and each Note Guarantor (if any) will
be released from all its obligations under its Note Guarantee.

 

Upon
satisfaction of the conditions set forth herein and upon request of the Issuers,
the Trustee shall acknowledge in writing the discharge of those obligations
that the Issuer terminates.

 

(c)        Notwithstanding Sections 8.01(a) and
8.01(b) above, the Issuers’ and any Note Guarantors’ obligations in Sections
2.04, 2.05, 2.06, 2.07, 2.08, 2.09, 2.10, 2.11, 7.01, 7.02, 7.03, 7.07, 7.08
and this Article 8, as applicable, shall survive until the Notes have been paid
in full. Thereafter, the Issuers’ and any Note Guarantors’ obligations in
Sections 7.07, 8.05 and 8.06, as applicable, shall survive.

 

99

 

SECTION 8.02.         Conditions to Defeasance

 

(a) The Issuers
may exercise its legal defeasance option or its covenant defeasance option only
if:

 

(1)       an Issuer has irrevocably deposited in
trust (the “defeasance trust”)
with the Trustee cash in euros or euro-denominated European
Government Obligations or a combination thereof (in the case of the Euro Notes)
or in dollars or U.S. Government Obligations or a combination thereof (in case
of the Dollar Notes) for the payment of principal, premium, if any, and interest
on the Notes to redemption or maturity, as the case may be, and must comply
with certain other conditions, including delivery to the Trustee of:

 

(A)  an
Opinion of Counsel in the United States to the effect that holders of the
relevant Notes will not recognize income, gain or loss for U.S. federal income
tax purposes as a result of such deposit and defeasance and will be subject to
U.S. 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 and defeasance had not
occurred (and in the case of legal defeasance only, such Opinion of Counsel in
the United States must be based on a ruling of the U.S. Internal Revenue
Service or other change in applicable U.S. federal income tax law);

 

(B)  an
Opinion of Counsel to the effect that, as of the date of such opinion and
subject to customary assumptions and exclusions, following the deposit, the
trust funds will not be subject to the effect of any applicable bankruptcy,
liquidation, reorganization, administration, moratorium, receivership or
similar laws affecting creditors’ rights generally under any applicable U.S.
federal or state law and that the Trustee has a perfected security interest in
such trust funds for the ratable benefit of the Holders;

 

(C)  an
Officer’s Certificate stating that the deposit was not made by the Issuers with
the intent of defeating, hindering, delaying, defrauding or preferring any
creditors of the Issuers or any Note Guarantors;

 

(D)  an
Officer’s Certificate and an Opinion of Counsel (which opinion of counsel may
be subject to customary assumptions and exclusions), each stating that that all
conditions precedent provided for or relating to legal defeasance or covenant
defeasance, as the case may be, have been complied with;

 

(E)  an
Opinion of Counsel to the effect that the trust resulting from the deposit does
not constitute, or is qualified as, a regulated investment company under the
U.S. Investment Company Act of 1940; and

 

(F)  the
Issuers deliver to the Trustee all other documents or other information that
the Trustee may reasonably require in connection with either defeasance option.

 

(2)       Before or after a deposit, the Issuers
may make arrangements satisfactory to the Trustee for the redemption of Notes
at a future date in accordance with Article 3.

 

 

100

 

SECTION 8.03.         Application of Trust Money

 

The Trustee shall
hold in trust money or Government Obligations deposited with it pursuant to
this Article 8. It shall apply the deposited money and the money from the
Government Obligations through the Paying Agent and in accordance with this
Indenture to the payment of principal of and interest on the Notes.

 

SECTION 8.04.         Repayment to Issuers

 

The Trustee and
the Paying Agent shall promptly turn over to the Issuers upon request any money
or Government Obligations held by it as provided in this Article which, in the
written opinion of an internationally recognized firm of independent public
accountants delivered to the Trustee (which delivery shall only be required if
Government Obligations have been so deposited), are in excess of the amount
thereof which would then be required to be deposited to effect an equivalent
discharge or defeasance in accordance with this Article.

 

Subject to any
applicable abandoned property law, the Trustee and the Paying Agent shall pay
to the Issuers upon written request any money held by them for the payment of
principal or interest that remains unclaimed for two years, and, thereafter, Holders
entitled to the money must look to the Issuers for payment as general
creditors, and the Trustee and the Paying Agent shall have no further liability
with respect to such monies.

 

SECTION 8.05.         Indemnity for Government Obligations

 

The Issuers and any
Note Guarantor, jointly and severally, shall pay and shall indemnify the
Trustee against any tax, fee or other charge imposed on or assessed against
deposited Government Obligations or the principal and interest received on such
Government Obligations.

 

SECTION 8.06.         Reinstatement

 

If the Trustee or
Paying Agent is unable to apply any money or Government Obligations in
accordance with this Article 8 by reason of any legal proceeding or by reason
of any order or judgment of any court or Governmental Authority enjoining,
restraining or otherwise prohibiting such application, the Issuers’ obligations
under this Indenture and the Notes shall be revived and reinstated as though no
deposit had occurred pursuant to this Article 8 until such time as the Trustee or
Paying Agent is permitted to apply all such money or Government Obligations in
accordance with this Article 8; provided,
however, that if the Issuers have made any payment of principal of
or interest on any Notes because of the reinstatement of its obligations, the
Issuers shall be subrogated to the rights of the Holders of such Notes to
receive such payment from the money or Government Obligations held by the
Trustee or Paving Agent.

 

101

 

ARTICLE 9

 

Amendments

 

SECTION 9.01.         Without Consent of Holders

 

The Issuers, the
Trustee and the other parties thereto may amend or supplement any Note
Documents without notice to or consent of any Holder to:

 

(1)   cure
any ambiguity, omission, defect, error or inconsistency, conform any provision
to the “Description of Notes” in the Offering Memorandum, or reduce the minimum
denomination of any Note;

 

(2)   provide
for the assumption by a successor Person of the obligations of the Issuers
under any Note Document;

 

(3)   provide
for uncertificated Notes in addition to or in place of certificated Notes
(provided that the uncertificated Notes are issued in registered form for
purposes of Section 163(f) of the Code, or in a manner such that the
uncertificated Notes are described in Section 163(f)(2)(B) of the Code);

 

(4)   add
to the covenants or provide for a Guarantee for the benefit of the Holders or
surrender any right or power conferred upon the Issuers or any Restricted
Subsidiary;

 

(5)   make
any change that does not adversely affect the rights of any Holder in any
material respect;

 

(6)   at
the Issuers’ election, comply with any requirement of the SEC in connection
with the qualification of this Indenture under the TIA, if such qualification
is required;

 

(7)   make
such provisions as necessary (as determined in good faith by the Issuers) for
the issuance of Additional Notes;

 

(8)   to
provide for any Restricted Subsidiary to provide a Guarantee in accordance with
Section 4.05, to add Guarantees with respect to the Notes, to add security to
or for the benefit of the Notes, or to confirm and evidence the release,
termination, discharge or retaking of any Guarantee with respect to the Notes
when such release, termination, discharge or retaking is provided for under
this Indenture; or

 

(9)   to
evidence and provide for the acceptance and appointment under this Indenture of
a successor Trustee pursuant to the requirements thereof or to provide for the
accession by the Trustee to any Note Document.

 

SECTION 9.02.         With Consent of Holders

 

(a)  The
Issuers, the Trustee and the other parties thereto, as applicable, may amend,
supplement or otherwise modify the Note Documents with the consent of the
holders of a majority in principal amount of the Notes then outstanding
(including consents obtained in connection with a purchase of, or tender offer
or exchange offer for, Notes) and, subject to certain exceptions, any default
or compliance with any provisions thereof may be waived with the consent of the
holders of a majority in principal amount of the Notes then outstanding
(including consents obtained in connection with a purchase of, or tender offer
or exchange offer for, the Notes); provided,
that if any amendment, waiver or other modification will only affect

 

102

 

one series of the Notes,
only the consent of a majority in principal amount of the then outstanding
Notes of such series shall be required. However, without the consent of Holders
holding not less than 100% (or, in the case of clauses (7) and (10), 90%) of
the then outstanding principal amount of the Notes), an amendment or waiver may
not, with respect to any Notes held by a non-consenting Holder:

 

(1)   reduce
the principal amount of Notes whose Holders must consent to an amendment;

 

(2)   reduce
the stated rate of or extend the stated time for payment of interest on any
Note;

 

(3)   reduce
the principal of or extend the Stated Maturity of any Note;

 

(4)   reduce
the premium payable upon the redemption of any Note or change the time at which
any Note may be redeemed, in each case as described in Section 5 of the Notes;

 

(5)   make
any Note payable in money other than that stated in the Note;

 

(6)   impair
the right of any Holder to receive payment of principal of and interest,
including Additional Interest, on such Holder’s Notes on or after the due dates
therefor or to institute suit for the enforcement of any such payment on or
with respect to such Holder’s Notes;

 

(7)   make
any change to Section 4.02 that adversely affects the right of any Holder of
such Notes in any material respect or amends the terms of such Notes in a way
that would result in a loss of an exemption from any of the Taxes described
thereunder or an exemption from any obligation to withhold or deduct Taxes so
described thereunder unless the Payor agrees to pay Additional Amounts, if any,
in respect thereof;

 

(8)   [Reserved];

 

(9)   waive
a Default or Event of Default with respect to the nonpayment of principal,
premium or interest (except pursuant to a rescission of acceleration of the
Notes by the Holders of at least a majority in aggregate principal amount of
such Notes and a waiver of the payment default that resulted from such
acceleration); or

 

(10)   make
any change in this Section 9.02(a) which require the Holders’ consent described
in this sentence.

 

(b)       The Issuer will, for so long as the Notes
are listed on the Irish Stock Exchange, to the extent required by the rules of
the Irish Stock Exchange, (i) inform the Irish Stock Exchange of any of the foregoing
amendments, supplements and waivers and (ii) deliver notice of any amendment,
supplement and waiver in Ireland to the Companies Announcement Office in
Dublin.

 

103

 

It shall not be
necessary for the consent of the Holders under this Section 9.02 to approve the
particular form of any proposed amendment of the Note Documents, but it shall
be sufficient if such consent approves the substance thereof. A consent to any
amendment or waiver under this Indenture by any Holder of Notes given in
connection with a tender of such Holder’s Notes will not be rendered invalid by
such tender.

 

After an amendment
under this Section 9.02 becomes effective, in case of Holders of Definitive
Notes, the Issuers shall mail to the Holders a notice briefly describing such
amendment. The failure to give such notice to all Holders, or any defect
therein, shall not impair or affect the validity of an amendment under this
Section 9.02.

 

The Notes issued
on the Issue Date, and any Additional Notes part of the same series, will be
treated as a single class for all purposes under this Indenture, including with
respect to waivers and amendments, except as the relevant amendment, waiver,
consent, modification or similar action affects the rights of the Holders of
the different series of Notes dissimilarly. For the purposes of calculating the
aggregate principal amount of Notes that have consented to or voted in favor of
any amendment, waiver, consent, modifications or other similar action, the
Issuers (acting reasonably and in good faith) shall be entitled to select a
record date as of which the Euro Equivalent of the principal amount of any
Notes shall be calculated in such consent or voting process.

 

SECTION 9.03.         Revocation and Effect of Consents
and Waivers

 

(a)   A
written consent to an amendment or a waiver by a Holder shall bind the Holder
and every subsequent Holder of that Note or portion of the Notes that evidences
the same debt as the consenting Holder’s Note, even if notation of the consent
or waiver is not made on the Note. However, any such Holder or subsequent
Holder may revoke the written consent or waiver as to such Holder’s Note or
portion of the Note if the Trustee receives the notice of revocation before the
date on which the Trustee receives an Officer’s Certificate from the Issuer
certifying that the requisite number of consents have been received. After an
amendment or waiver becomes effective, it shall bind every Holder. An amendment
or waiver becomes effective upon the (i) receipt by the Issuers or the Trustee
of the requisite number of consents, (ii) satisfaction of conditions to
effectiveness as set forth in this Indenture and any indenture supplemental
hereto containing such amendment or waiver and (iii) execution of such
amendment or waiver (or supplemental indenture) by the Issuers and the Trustee.

 

(b)   The
Issuers may, but shall not be obligated to, fix a record date for the purpose
of determining the Holders entitled to give their written consent or take any other
action described above or required or permitted to be taken pursuant to this
Indenture. If a record date is fixed, then notwithstanding Section 9.03(a),
those Persons who were Holders at such record date (or their duly designated
proxies), and only those Persons, shall be entitled to give such consent or to
revoke any consent previously given or to take any such action, whether or not
such Persons continue to be Holders after such record date. No such consent
shall be valid or effective for more than 120 days after such record date.

 

104

 

SECTION 9.04.         Notation on or Exchange of Notes

 

If an amendment
changes the terms of a Note, the Trustee may require the Holder of the Note to
deliver it to the Trustee. The Trustee may place an appropriate notation on the
Note regarding the changed terms and return it to the Holder. Alternatively, if
the Issuers or the Trustee so determine, the Issuers in exchange for the Note
shall issue and the Trustee or an authentication agent shall authenticate a new
Note that reflects the changed terms. Failure to make the appropriate notation
or to issue a new Note shall not affect the validity of such amendment.

 

SECTION 9.05.         Trustee to Sign Amendments

 

(a) The Trustee
shall sign any amendment authorized pursuant to this Article 9 if the amendment
does not impose any personal obligations on the Trustee or adversely affect the
rights, duties, liabilities or immunities of the Trustee under this Indenture.
If it does, the Trustee may, but need not sign it. In signing such amendment
the Trustee shall be entitled to receive indemnity reasonably satisfactory to
it and to receive, and (subject to Section 7.01) shall be fully protected in
relying upon, an Officer’s Certificate and an Opinion of Counsel stating that
such amendment complies with this Indenture and that such amendment has been
duly authorized, executed and delivered and is the legal, valid and binding
obligation of the Issuers and the Note Guarantors (if any) enforceable against
them in accordance with its terms, subject to customary exceptions.

 

(b) Every
amendment or supplemental indenture executed pursuant to this Article shall
conform to the requirements of the TIA.

 

SECTION 9.06.         Payment for Consent

 

Neither the
Issuers nor any Affiliate of either Issuer shall, directly or indirectly, pay
or cause to be paid any consideration, whether by way of interest, fee or
otherwise, to any Holder for or as an inducement to any consent, waiver or
amendment of any of the terms or provisions of the Note Documents (or the
appointment of any Proxy in relation to any of the foregoing) unless such
consideration is offered (subject to limitations of applicable law) to be paid
to all Holders that so consent, waive or agree to amend in the time frame set
forth in solicitation documents relating to such consent, waiver or agreement
or proxies in relation thereto.

 

ARTICLE 10

 

Note Guarantees

 

SECTION 10.01.       Note Guarantees.

 

(a)       Subject to the limitations set forth in
Schedule 10.1, each Restricted Subsidiary that is required to become a Note
Guarantor pursuant to Section 4.12 hereof hereby irrevocably Guarantees
(collectively, the “Note Guarantees”),  as primary obligor and not merely as
surety, on a senior basis to each Holder and to the Trustee and its successors
and assigns (i) the full and punctual payment when due, whether at Stated
Maturity, by

 

105

 

acceleration or
otherwise, of all payment obligations of the Issuers under this Indenture and
the Notes, whether for payment of principal of, premium, or interest and all
other monetary obligations of the Issuers under this Indenture or in respect of
the Notes and (ii) the full and punctual performance within applicable grace
periods of all other obligations of the Issuers whether for fees, expenses,
indemnification or otherwise under this Indenture and the Notes (all the
foregoing being hereinafter collectively called the “Guaranteed Obligations”). Any such Note Guarantor further agrees
that the Guaranteed Obligations may be extended or renewed, in whole or in
part, without notice or further assent from such Note Guarantor, and that such
Note Guarantor shall remain bound under this Article 10 notwithstanding any
extension or renewal of any Guaranteed Obligation.

 

(b)       Each Note Guarantor waives presentation
to, demand of payment from and protest to the Issuers of any of the Guaranteed
Obligations and also waives notice of protest for nonpayment. Each Note
Guarantor waives notice of any default under the Notes or the Guaranteed
Obligations. The obligations of each Note Guarantor hereunder shall not be
affected by (i) the failure of any Holder or the Trustee to assert any claim or
demand or to enforce any right or remedy against the Issuers or any other Person
under this Indenture, the Notes or any other agreement or otherwise; (ii) any
extension or renewal of any thereof; (iii) any rescission, waiver, amendment or
modification of any of the terms or provisions of this Indenture, the Notes or
any other agreement; (iv) the release of any Notes held by any Holder or the
Trustee for the Guaranteed Obligations or any of them; (v) the failure of any
Holder or Trustee to exercise any right or remedy against any other guarantor
of the Guaranteed Obligations; or (vi) any change in the ownership of such Note
Guarantor, except as provided in Section 10.02(b).

 

(c)       Each Note Guarantor hereby waives any
right to which it may be entitled to have its obligations hereunder divided
among the Note Guarantors, such that such Note Guarantor’s obligations would be
less than the full amount claimed. Each Note Guarantor hereby waives any right
to which it may be entitled to have the assets of the Issuers first be used and
depleted as payment of the Issuers’ or such Note Guarantor’s obligations
hereunder prior to any amounts being claimed from or paid by such Note
Guarantor hereunder. Each Note Guarantor hereby waives any right to which it
may be entitled to require that the Issuer be sued prior to an action being
initiated against such Note Guarantor.

 

(d)       Each Note Guarantor further agrees that
its Note Guarantee herein constitutes a guarantee of payment when due (and not
a guarantee of collection) and waives any right to require that any resort be
had by any Holder or the Trustee to any Note held for payment of the Guaranteed
Obligations.

 

(e)       If any Note Guarantor makes payments
under its Note Guarantee, each Note Guarantor must contribute its share of such
payments. Each Note Guarantor’s share of such payment will be computed based on
the proportion that the net worth of the relevant Note Guarantor represents
relative to the aggregate net worth of all the Note Guarantors combined.

 

(f)        [Reserved].

 

106

 

(g)       Each Note Guarantor agrees that its Note
Guarantee shall remain in full force and effect until payment in full of the
Guaranteed Obligations. Except as expressly set forth in Sections 4.12, 4.13,
8.01(b), 10.02, Schedule 10.1 and the terms of any Note Guarantee Supplement,
the obligations of each Note Guarantor hereunder shall not be subject to any
reduction, limitation, impairment or termination for any reason, including any
claim of waiver, release, surrender, alteration or compromise, and shall not be
subject to any defense of setoff, counterclaim, recoupment or termination
whatsoever or by reason of the invalidity, illegality or unenforceability of
the Guaranteed Obligations or otherwise. Without limiting the generality of the
foregoing, the obligations of each Note Guarantor herein shall not be
discharged or impaired or otherwise affected by the failure of any Holder or
the Trustee to assert any claim or demand or to enforce any remedy under this
Indenture, the Notes or any other agreement, by any waiver or modification of
any thereof, by any default, failure or delay, willful or otherwise, in the
performance of the obligations, or by any other act or thing or omission or
delay to do any other act or thing which may or might in any manner or to any
extent vary the risk of such Note Guarantor or would otherwise operate as a
discharge of such Note Guarantor as a matter of law or equity.

 

(h)       Each Note Guarantor agrees that its Note
Guarantee herein shall continue to be effective or be reinstated, as the case
may be, if at any time payment, or any part thereof, of principal of or
interest on any Guaranteed Obligation is rescinded or must otherwise be
restored by any Holder or the Trustee upon the bankruptcy or reorganization of
the Issuers or otherwise unless such Note Guarantee has been released in
accordance with this Indenture.

 

(i)        Subject to the limitations set forth in
Schedule 10.1, in furtherance of the foregoing and not in limitation of any
other right which any Holder or the Trustee has at law or in equity against any
Note Guarantor by virtue hereof, upon the failure of the Issuers to pay the
principal of or interest on any Guaranteed Obligation when and as the same
shall become due, whether at maturity, by acceleration, by redemption or
otherwise, or to perform or comply with any other Guaranteed Obligation, each
Note Guarantor hereby promises to and shall, upon receipt of written demand by
the Trustee, forthwith pay, or cause to be paid, in cash, to the Holders or the
Trustee an amount equal to the sum of (i) the unpaid principal amount of the
Notes, (ii) accrued and unpaid interest on the Notes and (iii) all other
monetary obligations of the Issuers to the Holders and the Trustee, including
any other unpaid principal amount of such Guaranteed Obligations, accrued and
unpaid interest on such Guaranteed Obligations (but only to the extent not
prohibited by law) and any Additional Amounts.

 

(j)        Each Note Guarantor agrees that it shall
not be entitled to exercise any right of subrogation in relation to the Holders
in respect of any Guaranteed Obligations guaranteed hereby until payment in
full of all Guaranteed Obligations. Each Note Guarantor further agrees that, as
between it, on the one hand, and the Holders and the Trustee, on the other
hand, (i) the maturity of the Guaranteed Obligations guaranteed hereby may be
accelerated as provided in Article 6 for the purposes of any Guarantee herein,
notwithstanding any stay, injunction or other prohibition preventing such
acceleration in respect of the Guaranteed Obligations guaranteed hereby, and
(ii) in the event of any declaration of acceleration of such Guaranteed
Obligations as provided in Article 6, such

 

107

 

Guaranteed Obligations
(whether or not due and payable) shall forthwith become due and payable by such
Note Guarantor for the purposes of this Section 10.01.

 

(k)       Each Note Guarantor also agrees to pay
any and all reasonable costs and expenses (including reasonable attorneys’ fees
and expenses) incurred by the Trustee or any Holder in enforcing any rights
under this Section.

 

(l)        Upon request of the Trustee, each Note
Guarantor shall execute and deliver such further instruments and do such
further acts as the Trustee may reasonably require to carry out more
effectively the purpose of this Indenture.

 

SECTION 10.02.       Limitation on Liability

 

(a)       Any term or provision of this Indenture
to the contrary notwithstanding, the maximum aggregate amount of the Guaranteed
Obligations guaranteed hereunder by any Note Guarantor shall not exceed the maximum
amount that can be hereby guaranteed by the applicable Note Guarantor without
rendering the Note Guarantee, as it relates to such Note Guarantor, voidable
under applicable law relating to fraudulent conveyance, fraudulent transfer,
corporate benefit, financial assistance or similar laws affecting the rights of
creditors generally.

 

(b)       A Note Guarantee as to any Note Guarantor
shall terminate and be of no further force or effect and such Note Guarantor
shall be deemed to be released from all obligations under this Article 10 upon:

 

(1)   a
sale or other disposition (including by way of consolidation or merger) of the
Guarantor or the sale or disposition of all or substantially all the assets of
the Guarantor (other than to the Company or a Restricted Subsidiary) otherwise
permitted by this Indenture,

 

(2)   the
designation in accordance with this Indenture of the Guarantor as an
Unrestricted Subsidiary,

 

(3)   defeasance
or discharge of the Notes, as provided in Article 8,

 

(4)   to
the extent that such Guarantor is not an Immaterial Subsidiary solely due to
the operation of clause (1) of the definition of “Immaterial Subsidiary,” upon
the release of the guarantee referred to in such clause, or

 

(5)   upon
the achievement of Investment Grade Status by the relevant series of Notes so
long as each of Moody’s and S&P (or another Nationally Recognized
Statistical Ratings Organization which has provided a rating used to achieve
Investment Grade Status) has been notified in advance that such Investment
Grade Status will result in the termination of such Note Guarantee; provided that such Note Guarantee shall,
subject to the Agreed Security Principles, be reinstated upon the Reversion
Date.

 

In all cases, the
Issuers and such Note Guarantors that are to be released from their Note
Guarantees shall deliver to the Trustee an Officer’s Certificate and an Opinion
of Counsel certifying compliance with this Section 10.02(b). At the request of
the Issuers, the

 

108

 

Trustee shall execute and
deliver an appropriate instrument evidencing such release (in the form provided
by the Issuers).

 

SECTION 10.03.       Successors and Assigns

 

This Article 10
shall be binding upon each Note Guarantor and its successors and assigns and
shall inure to the benefit of the successors and assigns of the Trustee and the
Holders and, in the event of any transfer or assignment of rights by any Holder
or the Trustee, the rights and privileges conferred upon that party in this
Indenture and in the Notes shall automatically extend to and be vested in such
transferee or assignee, all subject to the terms and conditions of this
Indenture.

 

SECTION 10.04.       No Waiver

 

Neither a failure
nor a delay on the part of, the Trustee or the Holders in exercising any right,
power or privilege under this Article 10 shall operate as a waiver thereof, nor
shall a single or partial exercise thereof preclude any other or further
exercise of any right, power or privilege. The rights, remedies and benefits of
the Trustee and the Holders herein expressly specified are cumulative and not
exclusive of any other rights, remedies or benefits which either may have under
this Article 10 at law, in equity, by statute or otherwise.

 

SECTION 10.05.       Modification

 

No modification,
amendment or waiver of any provision of this Article 10; nor the consent to any
departure by any Note Guarantor therefrom, shall in any event be effective
unless the same shall be in writing and signed by the Trustee, and then such
waiver or consent shall be effective only in the specific instance and for the
purpose for which given. No notice to or demand on any Note Guarantor in any
case shall entitle such Note Guarantor to any other or further notice or demand
in the same, similar or other circumstances.

 

SECTION 10.06.       [Reserved.]

 

SECTION 10.07.       Execution of Note Guarantee Supplement
for Note Guarantors

 

Each Subsidiary
which is required to become a Note Guarantor pursuant to this Indenture shall
promptly execute and deliver to the Trustee a note guarantee supplement in the
form of Exhibit D hereto pursuant to which such Subsidiary shall become a Note
Guarantor under this Article 10 and shall guarantee the Guaranteed Obligations.
Concurrently with the execution and delivery of such note guarantee supplement,
the Issuers shall deliver to the Trustee an Opinion of Counsel and an Officer’s
Certificate to the effect that such note guarantee supplement complies with
this Indenture and has been duly authorized, executed and delivered by such
Subsidiary and that, subject to the application of bankruptcy, insolvency,
moratorium, fraudulent conveyance or transfer and other similar laws relating
to creditors’ rights generally and to the principles of equity, whether
considered in a proceeding at law or in equity, the Note Guarantee of such Note
Guarantor is a legal, valid and binding obligation of such Note Guarantor,
enforceable against such Note Guarantor in accordance with its terms and to
such other matters as the Trustee may reasonably request.

 

109

 

SECTION 10.08.       Non-Impairment

 

The failure to
endorse a Note Guarantee on any Note shall not affect or impair the validity
thereof.

 

ARTICLE 11

 

[Reserved].

 

 

ARTICLE 12

 

[Reserved].

 

 

ARTICLE 13

 

Miscellaneous 

 

SECTION 13.01.       Trust Indenture Act of 1939

 

The Indenture
shall incorporate and be governed by the provisions of the TIA that are
required to be part of and to govern indentures qualified under the TIA.

 

SECTION 13.02.       Noteholder Communications; Noteholder
Actions

 

(a)   The
rights of Holders to communicate with other Holders with respect to the
Indenture or the Notes are as provided by the TIA, and the Company and the
Trustee shall comply with the requirements of TIA Sections 312(a) and 312(b).
Neither the Company nor the Trustee will be held accountable by reason of any
disclosure of information as to names and addresses of Holders made pursuant to
the TIA.

 

(b)   (1)    Any
request, demand, authorization, direction, notice, consent to amendment,
supplement or waiver or other action provided by this Indenture to be given or
taken by a Holder (an “act”)  may be evidenced by an instrument signed by the Holder
delivered to the Trustee. The fact and date of the execution of the instrument,
or the authority of the person executing it, may he proved in any manner that
the Trustee deems sufficient.

 

(2)  The
Trustee may make reasonable rules for action by or at a meeting of Holders,
which will be binding on all the Holders.

 

(c)  Any
act by the Holder of any Note binds that Holder and every subsequent Holder of
a Note that evidences the same debt as the Note of the acting Holder, even if
no notation thereof appears on the Note. Subject to paragraph (d), a Holder may

 

110

 

revoke an act as to its
Notes, but only if the Trustee receives the notice of revocation before the
date the amendment or waiver or other consequence of the act becomes effective.

 

(d)  The Company may, but is not obligated to, fix a record
date (which need not be within the time limits otherwise prescribed by TIA
Section 316(c)) for the purpose of determining the Holders entitled to act with
respect to any amendment or waiver or in any other regard, except that during
the continuance of an Event of Default, only the Trustee may set a record date
as to notices of default, any declaration or acceleration or any other remedies
or other consequences of the Event of Default. If a record date is fixed, those
Persons that were Holders at such record date and only those Persons will be
entitled to act, or to revoke any previous act, whether or not those Persons
continue to be Holders after the record date. No act will be valid or effective
for more than 90 days after the record date.

 

SECTION 13.03.       Notices

 

Any notice or communication shall be in writing and delivered in person
or mailed by first-class mail addressed as follows:

 

if to the Issuers:

 

NXP B.V.

High Tech Campus 60 

5656 AG Eindhoven 

The Netherlands 

Attention of: Guido Dierick

Fax: (31) 40 272-4005

 

with a copy to:

 

KASLION Acquisition B.V. 

High Tech Campus 60 

5656 AG Eindhoven 

The Netherlands 

Attention of: Erik Thyssen 

Fax: (31) 20 5407500

 

if to the Trustee, New
York Paying Agent, New York Registrar or Transfer Agent:

 

Deutsche Bank Trust
Company Americas

60 Wall Street

27th Floor

New York, New York 10005

United States

 

Attention of:

Trust and Securities Services

 

111

 

with a copy to:

 

Deutsche Bank National
Trust Company for Deutsche Bank Trust

Company Americas

25 DeForest Avenue

2nd Floor

Summit, New Jersey 07901

United States

 

Attention of:

Trust and Securities Services

Fax: +1-732-578-4635

 

if to the Euro Paying
Agent:

 

Deutsche Bank AG, London
Branch

Winchester House

1 Great Winchester Street

London EC2N 2DB

 

Attention of:

Trust and Securities Services

Fax: +44 20 7547 6149

 

if to the Registrar
Transfer Agent and Irish Listing Agent:

 

Deutsche Bank Luxembourg
SA

2 Boulevard Konrad Adenauer

L-115, Luxembourg

 

Attention of:

The Coupon Paying Department

Fax: +352 473136

 

if to the Ireland Paying
Agent:

 

Deutsche International
Corporate Services (Ireland) Limited

5 Harbourmaster Place

IFSC

Dublin 1

Ireland

 

Attention of:

Corporate Services Department

Fax: +353 1680 6050

 

112

 

Each of the
Issuers or the Trustee by notice to the others may designate additional or
different addresses for subsequent notices or communications.

 

Any notice or
communication sent to a Holder of Definitive Notes shall be in writing and
shall be made by first-class mail, postage prepaid, or by hand delivery to the
Holder at the Holder’s address as it appears on the registration books of the
Registrar, with a copy to the Trustee.

 

For so long as the
Notes are listed on the Irish Stock Exchange and the rules of the Irish Stock
Exchange so require, the Issuers shall deliver notices in Ireland to the
Companies Announcement Office in Dublin.

 

If and so long as
any Notes are represented by one or more Global Notes and ownership of
book-entry interests therein are shown on the records of DTC, Euroclear or
Clearstream or any successor securities clearing agency appointed by the
Depositary at the request of the Issuers, notices will be delivered to such
securities clearing agency for communication to the owners of such book-entry
interests, delivery of which shall be deemed to satisfy the notice requirements
of this Section 13.03.

 

Notices given by
first-class mail, postage prepaid, will be deemed given seven calendar days
after mailing. Notices given by publication will be deemed given on the first
date on which any of the required publications is made, or if published more
than once on different dates, on the first date on which publication is made; provided that, if notices are mailed, such
notice shall be deemed to have been given on the later of such publication and
the seventh calendar day after being so mailed. Failure to mail or send a
notice or communication to a Holder or any defect in it shall not affect its sufficiency
with respect to other Holders. If a notice or communication is mailed or
sent in the manner provided above, it is duly given, whether or not the
addressee receives it.

 

SECTION 13.04.       Certificate and Opinion as to
Conditions Precedent

 

Upon any request
or application by the Issuers to the Trustee to take or refrain from taking any
action under this Indenture, the Issuers shall furnish to the Trustee:

 

(a)  an
Officer’s Certificate in form and substance reasonably satisfactory to the
Trustee 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 and any other matters that the Trustee may reasonably
request; and

 

(b)  an
Opinion of Counsel in form and substance reasonably satisfactory to the Trustee
stating that, in the opinion of such counsel, all such conditions precedent
have been complied with and any other matters that the Trustee may reasonably
request.

 

SECTION 13.05.       Statements Required in Certificate or
Opinion

 

Each certificate
or opinion with respect to compliance with a covenant or condition provided for
in this Indenture (other than pursuant to Section 4.16) shall include:

 

113

 

(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, such Person 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 covenant or
condition has been complied with.

 

SECTION 13.06.       When Notes Disregarded

 

In determining
whether the Holders of the required principal amount of Notes have concurred in
any direction, waiver or consent, Notes owned by the Issuers, any Note
Guarantor or by any Person directly or indirectly controlling or controlled by
or under direct or indirect common control with the Issuers or any Note
Guarantor shall be disregarded and deemed not to be outstanding, except that,
for the purpose of determining whether the Trustee shall be protected in
relying on any such direction, waiver or consent, only Notes which the Trustee
knows are so owned shall be so disregarded. Subject to the foregoing, only
Notes outstanding at the time shall be considered in any such determination.

 

SECTION 13.07.       Rules by Trustee, Paying Agent and
Registrar

 

The Trustee may
make reasonable rules for action by or a meeting of Holders. The Registrar and
the Paying Agent may make reasonable rules for their functions.

 

SECTION 13.08.       Legal Holidays

 

If a payment date
is a Business Day, payment shall be made on the next succeeding day that is a
Business Day, and no interest shall accrue for the intervening period. If a
regular record date is not a Business Day, the record date shall not be
affected.

 

SECTION 13.09.       Governing Law

 

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

 

SECTION 13.10.       Consent to Jurisdiction and Service

 

The Issuers and
each Note Guarantor (if any) irrevocably (i) agree that any legal suit, action
or proceeding against the Issuer or any Note Guarantor arising out of or based
upon this Indenture, the Notes or any Note Guarantee or the transactions
contemplated hereby may be instituted in any U.S. Federal or state court in the
Borough of Manhattan, The City of New York court and (ii) waive, to the fullest
extent they may effectively do so, any objection which they

 

114

 

may now or hereafter have
to the laying of venue of any such proceeding. The Company and each Note
Guarantor have appointed (and any Subsidiary becoming a Note Guarantor shall
appoint) NXP Funding LLC, as their authorized agent (the “Authorized
Agent”)  upon
whom process may be served in any such action arising out of or based on this
Indenture, the Notes or the transactions contemplated hereby which may be
instituted in any New York court, expressly consent to the jurisdiction of any
such court in respect of any such action, and waive any other requirements of
or objections to personal jurisdiction with respect thereto. Such appointment
shall be irrevocable. The Issuers represent and warrant that the Authorized
Agent has agreed to act as such agent for service of process and agrees to take
any and all action, including the filing of any and all documents and
instruments, that may be necessary to continue such appointment in full force
and effect as aforesaid. Service of process upon the Authorized Agent and
written notice of such service to the Issuers and each Note Guarantor shall be
deemed, in every respect, effective service of process upon the Issuers and
each Note Guarantor.

 

SECTION 13.11.       No Recourse Against Others

 

No director, officer,
employee, incorporator or shareholder of the Issuers or any of their respective
Subsidiaries or Affiliates as such, will have any liability for any obligations
of the Issuers under the Note Documents, or for any claim based on, in respect
of, or by reason of, such obligations or their creation. Each Holder by
accepting a Note waives and releases all such liability. The waiver and release
are part of the consideration for issuance of the Notes.

 

SECTION 13.12.       Successors

 

All agreements of
the Issuers and each Note Guarantor in this Indenture and the Notes shall bind
its successors. All agreements of the Trustee in this Indenture shall bind its
successors.

 

SECTION 13.13.       Multiple Originals

 

The parties may
sign any number of copies of this Indenture. Each signed copy shall be an
original, but all of them together represent the same agreement. One signed
copy is enough to prove this Indenture.

 

SECTION 13.14.       Table of Contents; Headings

 

The table of
contents, cross-reference sheet and headings of the Articles and Sections of
this Indenture have been inserted for convenience of reference only, are not
intended to be considered a part hereof and shall not modify or restrict any of
the terms or provisions hereof.

 

SECTION 13.15.       USA Patriot Act

 

The Trustee hereby
notifies the parties hereto that pursuant to the requirements of the USA
Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26,2001))
(the “Patriot
Act”), it is
required to obtain, verify and record information that identifies the parties
to this Indenture, which information includes the name and address of the
parties hereto and other

 

115

 

information that will
allow the Trustee to identify the parties hereto in accordance with the Patriot
Act.

 

116

 

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

 

117

 

	
   

  	
   

  	
    NXP B.V.

  
	
  

  	
   

  	
  By:

  	
  

  /s/ Illegible

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  J.M.L.M. INGEN HOUSE

  

 

 

SIGNATURE PAGE TO INDENTURE

 

 

	
   

  	
   

  	
    NXP FUNDING LLC

  
	
  

  	
   

  	
  By:

  	
  

  /s/ Illegible

  	
   

  
	
   

  	
   

  	
   

  	
  Name: [Illegible]

  
	
   

  	
   

  	
   

  	
  Title: Secretary

  

 

 

SIGNATURE PAGE TO INDENTURE

 

 

	
   

  	
   

  	
  DEUTSCHE
  BANK TRUST COMPANY 

  AMERICAS, as Trustee

  
	
  

  	
   

  	
  by: 

  	
  

  /s/ Wanda Camacho

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Wanda Camacho

  
	
   

  	
   

  	
   

  	
  Title:

  	
    Vice
  President 

  
	
   

  	
   

  	
   

  	
   

  
	
  

  	
   

  	
  by: 

  	
  

  /s/ Richard L. Buckwalter

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
  Richard L. Buckwalter

  
	
   

  	
   

  	
   

  	
  Title:

  	
  Vice President 

  
							

 

 

Signature Page to Senior Secured Indenture

 

 

	
   

  	
   

  	
    PHILIPS SEMICONDUCTORS
  B.V.

  
	
  

  	
   

  	
  By: 

  	
  

  /s/ Illegible

  	
   

  
	
   

  	
   

  	
   

  	
  Name: [Illegible]

  
	
   

  	
   

  	
   

  	
  Title: attorney

  

 

 

SIGNATURE PAGE TO INDENTURE

 

 

	
   

  	
   

  	
   PHILIPS
  SEMICONDUCTORS 

  GERMANY GMBH

  	
   

  
	
  

  	
   

  	
  By: 

  	
  

  /s/ Illegible

  	
   

  
	
   

  	
   

  	
   

  	
  Name: [Illegible]

  
	
   

  	
   

  	
   

  	
  Title: CEO

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: 

  	
  

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
  Title: 

  

 

 

SIGNATURE
PAGE TO INDENTURE

 

 

	
   

  	
   

  	
   PHILIPS
  SEMICONDUCTORS

  GERMANY GMBH

  	
   

  
	
  

  	
   

  	
  By: 

  	
  

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  

  	
   

  	
  By: 

  	
  /s/ Illegible

  	
   

  
	
   

  	
   

  	
   

  	
  Name: [Illegible]

  
	
   

  	
   

  	
   

  	
  Title: [Illegible]

  

 

SIGNATURE PAGE TO INDENTURE

 

 

	
   

  	
   

  	
    PHILIPS ELECTRONIC

  BUILDING ELEMENTS

  INDUSTRIES (TAIWAN) LTD.

  
	
   

  	
   

  	
   

  
	
  

  	
   

  	
  By: 

  	
  /s/ J. J. Wang

  	
   

  
	
   

  	
   

  	
   

  	
  Name: J. J. Wang

  
	
   

  	
   

  	
   

  	
  Title: Director

  

 

 

SIGNATURE PAGE TO INDENTURE

 

 

	
   

  	
   

  	
  PHILIPS
  SEMICONDUCTORS

  PHILIPPINES INC.

  	
   

  
	
  

  	
   

  	
  By: 

  	
  

  /s/ Virginia Melba A. Cuyahon

  	
   

  
	
   

  	
   

  	
   

  	
  VIRGINIA MELBA A. CUYAHON

  	
   

  
	
   

  	
   

  	
   

  	
  General Manager - Calamba Plant

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  /s/ Steven Brader

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  STEVEN BRADER

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  General Manager - Cabuyao Plant

  	
   

  	
   

  
							

 

 

SIGNATURE PAGE TO INDENTURE

 

 

	
   

  	
   

  	
  PHILIPS SEMICONDUCTORS 

  USA, INC.

  
	
  

  	
   

  	
  By: 

  	
  /s/
  Illegible

  	
   

  
	
   

  	
   

  	
   

  	
  Name: 

  
	
   

  	
   

  	
   

  	
  Title: 

  

 

 

SIGNATURE PAGE TO INDENTURE

 

 

	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  PHILIPS SEMICONDUCTORS

  HONG KONG LIMITED

  	
   

  	 

	
  

  	
   

  	
  By: 

  	
  /s/ Anthony Lear

  	
   

  
	
   

  	
   

  	
   

  	
  Name: Anthony Lear

  
	
   

  	
   

  	
   

  	
  Title: Director

  

 

 

SIGNATURE PAGE TO INDENTURE

 

 

	
   

  	
   

  	
   

  	
  PHILIPS SEMICONDUCTORS 

  (THAILAND) CO. LTD.

  	
   

  
	
  

  	
   

  	
  By: 

  	
  /s/
  Illegible

  	
   

  
	
   

  	
   

  	
   

  	
  Name: 

  	
   

  
	
  [GRAPHIC]

  	
   

  	
   

  	
  Title: 

  	
   

  

 

	
   

  	
   

  	
   

  	
   

  
	
  

  	
   

  	
  By: 

  	
   

  /s/ Illegible

  	
   

  
	
   

  	
   

  	
   

  	
  Name: 

  	
   

  
	
   

  	
   

  	
   

  	
  Title: 

  	
   

  

 

 

SIGNATURE PAGE TO
INDENTURE

 

 

	
   

  	
   

  	
  PHILIPS SEMICONDUCTORS

  SINGAPORE PTE. LTD.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Frederik Rausch

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Frederik Rausch

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Chairman & Chief
  Executive Officer

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Michel Gerard Luc Besseau

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Michel Gerard Luc
  Besseau

  	
   

  
	
   

  	
   

  	
  Title:

  	
  Chief Financial Officer

  	
   

  
								

 

 

SIGNATURE PAGE TO INDENTURE

 

 

SCHEDULE 2.1

 

AGREED SECURITY PRINCIPLES(1)

 

1.                          Agreed
Security Principles

 

The Guarantees and Liens
to be provided by the Issuers and the Guarantors will be given in accordance
with certain agreed security principles (the “Agreed Security Principles”). This Schedule 2.1 identifies the
Agreed Security Principles and addresses the manner in which the Agreed
Security Principles will impact on or be determinant of the Guarantees and
Liens to be taken in relation to this Indenture.

 

1.2                    The Agreed
Security Principles embody a recognition by all parties that there may be
certain legal, commercial and practical difficulties in obtaining effective
security from the Company and each of its Restricted Subsidiaries in every
jurisdiction in which the Company and its Restricted Subsidiaries are located.
In particular:

 

(a)                    general statutory
limitations, financial assistance, corporate benefit, fraudulent preference, “thin
capitalization” rules, retention of title claims and similar matters may limit
the ability of the Company or any of its Restricted Subsidiaries to provide a
Guarantee or Liens or may require that it be limited as to amount or otherwise,
and if so the same shall be limited accordingly, provided that the Company or the relevant Restricted
Subsidiary shall use reasonable endeavors to overcome such obstacle. The
Company will use reasonable endeavors to assist in demonstrating that adequate
corporate benefit accrues to each of the Restricted Subsidiary;

 

(b)                   the Company and
its Restricted Subsidiaries will not be required to give Guarantees or enter
into Security Documents if (or to the extent) it is not within the legal
capacity of the Company or its relevant Restricted Subsidiary or if the same
would conflict with the fiduciary duties of their directors or contravene any
legal prohibition or regulatory condition or result in, or could reasonably be
expected to result in, a material risk of personal or criminal liability for
any officer or director of the Company or any of the Restricted Subsidiaries, provided that the Company and each of its
Restricted Subsidiaries shall use reasonable endeavors to overcome any such
obstacle;

 

(c)                    a key factor
in determining whether or not security shall be taken is the applicable cost
(including adverse effects on interest deductibility, registration taxes and
notarial costs) which shall not be disproportionate to the benefit to the
Holders of obtaining such security;

 

(1) For purposes of this
Indenture, the Agreed Security Principles relate only to the Guarantees.

 

1

 

(d)                   where there is material incremental cost
involved in creating security over all assets owned by any of the Issuers or a
Guarantor in a particular category (e.g. real estate), regard shall be had to
the principle stated at paragraph 1.2(c) of this Schedule 2.1 which shall apply
to the immaterial assets and, subject to the Agreed Security Principles, only
the material assets in that category (e.g. real estate of material economic
value) shall be subject to security;

 

(e)                    it is expressly acknowledged that it may be
either impossible or impractical to create security over certain categories of
assets in which event security will not be taken over such assets;

 

(f)                      any assets subject to contracts, leases,
licenses or other arrangements with a third party that exist concurrently (but
which are not created in contemplation of the Transactions) or are not
prohibited by this Agreement and which (subject to override by the UCC and
other relevant provisions of applicable law), effectively prevent those assets
from being charged will be excluded from any relevant Security Document; provided that reasonable endeavors to
obtain consent to creating Liens in any such assets shall be used by the
Company and each of its Restricted Subsidiaries to avoid or overcome such
restrictions if either Collateral Agent reasonably determines that the relevant
asset is material (which endeavors shall not include the payment of any consent
fees), but unless effectively prohibited by contracts, leases, licenses or
other arrangements with a third party that exist concurrently (but which are
not created in contemplation of the Transactions) or are not prohibited by this
Indenture, this shall not prevent security being given over any receipt or
recovery under such contract, lease or license;

 

(g)                   the giving of a Guarantee, the granting of
security or the perfection of the security granted will not be required if it
would have a material adverse effect (as reasonably determined in good faith by
management of the relevant obligor) on the ability of the relevant obligor to
conduct its operations and business in the ordinary course as otherwise
permitted by this Indenture;

 

(h)                   in the case of accounts receivable, a material
adverse effect on either Issuer’s or a Guarantor’s relationship with or sales
to the customer generating such receivables or material legal or commercial
difficulties (as reasonably determined by management of the relevant obligor in
good faith) provided that none of
the Issuers and the Guarantors may utilize this exception unless, after giving
effect thereto no less than a majority of the book value of the accounts
receivable of the Company and its Subsidiaries on a consolidated basis (as
measured at the end of each fiscal quarter) is subject to perfected liens, and provided further that any accounts receivable
of the Issuers and the Guarantors excluded from collateral by virtue of this
clause (except where prohibited by law and subject to the remainder of these
Agreed Security Principles) shall be subject to perfected Liens promptly if and
when the corporate credit of the Company is downgraded to “B” or lower from
S&P and “B2” or lower from Moody’s;

 

2

 

(i)                       security
will be limited so that the aggregate of notarial costs and all registration
and like taxes relating to the provision of security shall not exceed an amount
to be agreed. Any additional costs may be paid by the Holders at their option;
and

 

(j)                       all
security shall be given in favor of a single security trustee or collateral
agent and not the secured parties individually. “Parallel debt” provisions and
other similar structural options will be used where necessary and such
provisions will be contained in the intercreditor agreement and not the
individual security documents unless required under local law. No action will
be required to be taken in relation to the guarantees or security when any
lender assigns or transfers any of its participation in this Indenture to a new
lender.

 

2.                          Terms
of Security Documents

 

The following principles
will be reflected in the terms of any Security Document to be executed and
delivered:

 

(a)                    subject to
permitted liens and these Agreed Security Principles the security will be first
ranking and the perfection of security (when required) and other legal
formalities will be completed as soon as practicable and, in any event, within
the time periods specified in the Note Documents or, if earlier or to the
extent no such time period is specified in the Note Documents, within the time
periods specified by applicable law in order to ensure due perfection;

 

(b)                   the security
will not be enforceable until an Event of Default has occurred and notice of
acceleration of the Notes has been given by the Trustee or the Notes have
otherwise become due and payable prior to the scheduled maturity thereof (an “Enforcement
Event”);

 

(c)                    prior to the
Maturity Date, notification of any Liens over bank accounts will be given
(subject to legal advice) to the banks with whom the accounts are maintained
only if an Enforcement Event has occurred;

 

(d)                   notification of
receivables security to debtors who are not members of the Company or its
Subsidiaries will only be given if an Enforcement Event has occurred;

 

(e)                    notification
of any security interest over insurance policies will be served on any insurer
of the Company’s or any Restricted Subsidiaries’ assets (other than in respect
of any insurance policy maintained by the Company or any of its Restricted
Subsidiaries which is due to expire on or before December 31, 2006);

 

(f)                      the Security
Documents should only operate to create security rather than to impose new
commercial obligations. Accordingly, they should not contain material
additional representations, undertakings or indemnities (such as in

 

3

 

respect of insurance,
information or the payment of costs) unless these are the same as or consistent
with those contained in this Indenture or are necessary for the creation or
perfection of the security;

 

(g)                   in respect of
the share pledges and pledges of intra-group receivables, until an Enforcement
Event has occurred, the pledgors will be permitted to retain and to exercise
voting rights to any shares pledged by them in a manner which does not
materially adversely affect the value of the security (taken as a whole) or the
validity or enforceability of the security or cause an Event of Default to
occur, and the pledgors will be permitted to receive dividends on pledged
shares and payment of intra-group receivables and retain the proceeds and/or
make the proceeds available to Holdings and its Subsidiaries to the extent not
prohibited under this Indenture;

 

(h)                   the Collateral
Agents will only be able to exercise a power of attorney in any Security
Document following the occurrence of an Enforcement Event or with respect to
perfection or further assurance obligations that following request, the
relevant obligor has failed to satisfy;

 

(i)                       no obligor
shall be required to provide surveys on real property (unless such surveys
already exist in which case there shall be no requirement that such surveys be
certified to the Holders) or to remove any encumbrances on title (not created
in contemplation of the Transactions (as defined in the Senior Facilities
Agreement)) that are reflected in any title insurance or any other existing
encumbrances on real property (not created in contemplation of the
Transactions) (not including Liens securing Indebtedness of the Company or any
of its Restricted Subsidiaries);

 

(j)                       no obligor
shall be required to protect any Liens in the United States prior to the
occurrence of an Enforcement Event by means other than customary filings
(including UCC-1s, mortgage or deed of trust filings and patent and trademark
filings) and delivery of share certificates (accompanied by powers of attorney
executed in blank) and any intercompany promissory notes; and

 

(k)                    information,
such as lists of assets, will be provided if, and only to the extent, required
by local law to be provided to protect or create, perfect or register the
security and, to the extent so required will be provided annually (unless
required to be provided by local law more frequently, but not more frequently
than quarterly) and following the occurrence and during the continuance of an
Event of Default, on the Collateral Agents’ reasonable request.

 

4

 

SCHEDULE 10.1 

 

GUARANTOR LIMITATIONS

 

1.         The right to enforce the guarantee
given by a Guarantor incorporated in Germany as a GmbH (a “German
Guarantor”)  shall
be excluded if and to the extent that the Guaranty secures the obligations of
an affiliated company (verbundenes
Unternehmen)  within
the meaning of Section 15 of the German Stock Corporation Act (Aktiengesetz)  of such German Guarantor (other than any of the German
Guarantor’s direct or indirect subsidiaries), and if and to the extent that (a)
the enforcement of the Guaranty would cause such German Guarantor’s assets (the
calculation of which shall include all items set forth in section 266(2) A, B
and C of the German Commercial Code (Handelsgesetzbuch))  less such German Guarantor’s liabilities
(the calculation of which shall include all items set forth in section 266(3)
B, C and D of the German Commercial Code) (the “Net Assets”)  being less than its registered share
capital (Stammkapital)  (Begründung
einer Unterbilanz)  or
(b) (if such German Guarantor’s Net Assets are already less than its registered
share capital) causing such amount to be further reduced (Vertiefung einer Unterbilanz).

 

(c)       For the purposes of such calculation the
following balance sheet items shall be adjusted as follows:

 

(i)        The amount of the
increase of the relevant German Guarantor’s registered share capital out of
retained earnings (Kapitalerhöhung aus
Gesellschaftsmitteln)  after
the date of this Agreement that has been effected without the prior written
consent of the Global Collateral Agent (as defined in and pursuant to the
Secured Indenture) (acting on behalf of the Guaranteed Parties) shall be
deducted from the registered share capital; and

 

(ii)       Obligations arising out
of loans made to the relevant German Guarantor and other liabilities shall be
disregarded if and to the extent such loans and other liabilities are
subordinated; and

 

(iii)      Loans and other
contractual liabilities incurred in violation of the provisions of the
Indenture, the Security Documents or the Guaranty shall be disregarded; and

 

(iv)      Claims of the relevant
German Guarantor against its shareholders arising out of any upstream loans
permitted under the Indenture, the Security Documents or the Guaranty shall
only be taken into account (aktiviert)  if and to the extent this is permitted
pursuant to the jurisprudence of the German Federal High Court (Bundesgerichtshof)  relating to the permissability of loans
to shareholders under Sections 30, 31 of the German Limited Liability Companies
Act (Gesetz betreffend die Gesellschaften
mit beschränkter Haftung).

 

1

 

(d)       In addition, a German
Guarantor shall realize, to the extent legally permitted, in a situation where
after enforcement of the Guaranty such German Guarantor would not have Net
Assets in excess of its registered share capital, any and all of its assets
that are shown in the balance sheet with a book value (Buchwert) that is significantly lower than
the market value of the asset if such asset is not necessary for the German
business (betriebsnotwendig).

 

(e)       The limitations set out
in sub-clause (i) above shall only apply (i) if and to the extent that within 5
Business Days following the demand against such German Guarantor under the
Guaranty by the Global Collateral Agent (the “Guaranty
Demand”) the managing directors of the German Guarantor have
confirmed in writing to the Global Collateral Agent (x) to what extent the
Guaranty is an up-stream or cross-stream security and (y) the amount which
cannot be enforced as causing the net assets of such German Guarantor, to fall
below its stated share capital and such confirmation is supported by interim
financial statements up to the end of the last completed calendar month (taking
into account the adjustments set out in paragraph sub-clause (ii) above and
such confirmation is supported by evidence reasonably satisfactory to the
Global Collateral Agent (the “Management Determination”)
and the Global Collateral Agent has not contested this and argued that no or a
lesser amount would be necessary to maintain its stated share capital; or (B)
within 20 Business Days from the date the Global Collateral Agent has contested
the Management Determination the Global Collateral Agent receives a
determination by auditors of international standard and reputation (the “Auditor's Determination”) as appointed by such German
Guarantor of the amount that would have been necessary on the date the Guaranty
Demand was made to maintain the German Guarantor stated share capital based on
an up to date balance sheet which shall be based on the same accounting
principles that were applied when establishing the previous year’s balance
sheet and calculated and adjusted in accordance with sub-clauses (i) and (ii)
above. If a German Guarantor fails to deliver an Auditor’s Determination within
20 Business Days after the date the Global Collateral Agent has contested the
Management Determination, the Global Collateral Agent shall be entitled to
enforce the Guaranty without limitation or restriction

 

(f)        If the Global
Collateral Agent disagrees with the Management Determination and/or the Auditor’s
Determination, the Guaranty shall be enforceable up to the amount which is
undisputed between itself and the relevant German Guarantor. In relation to the
amount which is disputed, the Global Collateral Agent shall be entitled to
further pursue its claims and enforce the Guaranty always subject to
sub-clauses (i) to (iv) (inclusive) above and sub-clause (vi) below, if it
determines in good faith that the financial condition of such German Guarantor
as set forth in the Auditor’s Determination and/or the Management Determination
has substantially improved (in particular, if such German Guarantor has performed
any actions in accordance with sub-clause (iii) above).

 

2

 

(g)       Notwithstanding the
above provisions of this clause (c), and subject to the following paragraph
below, the Guaranty shall not be enforced against a German Guarantor to the
extent that such German Guarantor provides constructive evidence that such
enforcement will deprive such German Guarantor of the liquidity necessary to
fulfill its liabilities to its creditors or result in a breach of the duty of
care owed by the relevant managing director to the respective company (Verbot des existenzvernichtenden Eingriffs, Gebot
der Riicksichtnahme auf die Eigenbelange der Gesellschaft)  and is reasonably likely to result in a
personal civil or criminal liability of the relevant managing directors of such
German Guarantor or the relevant managing directors of its shareholder.

 

(h)       For the avoidance of
doubt, nothing in this Schedule shall be interpreted as a restriction or
limitation of the enforcement of the Guaranty to the extent it guarantees the
prompt and complete payment and discharge of any and all obligations of a
German Guarantor itself or any of its subsidiaries including in each case their
legal successors.

 

3

 

APPENDIX
A

 

PROVISIONS RELATING

 

TO THE NOTES

 

1.         Definitions.

 

1.1       Definitions.

 

Capitalized terms
used but not otherwise defined in this Appendix A shall have the meanings
assigned to them in the Indenture. For the purposes of this Appendix A the
following terms shall have the meanings indicated below:

 

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

 

“Clearstream”  means Clearstream Banking, société
anonyme, or any successor securities clearing agency.

 

“Definitive Note”  means a certificated Note that
does not include the Global Notes Legend.

 

“Depositary”  means, with respect to Global
Notes denominated in euros, a common depository of Euroclear and Clearstream,
their respective nominees and their respective successors and with respect to
Dollar Global Notes denominated in U.S. dollars, DTC.

 

“DTC”  means The Depository Trust
Company, its nominees and their respective successors.

 

“Euroclear”  means the Euroclear Bank S.A./N.V., as
operator of the Euroclear system as currently in effect, or any successor
securities clearing agency.

 

“Global Notes Legend”  means the legend set forth under
that caption in Exhibit A to the Indenture.

 

“Notes Custodian”  means the custodian with respect
to a Global Note (as appointed by the applicable Depositary) or any successor
person thereto.

 

“QIB”  means a “qualified institutional
buyer” as defined in Rule 144A.

 

“Regulation S”  means Regulation S under the
Securities Act.

 

“Regulation S Notes”  means all Notes offered and sold
outside the United States in reliance on Regulation S.

 

A-1

 

“Restricted Period”,  with
respect to any Notes, means the period of 40 consecutive days beginning on and
including the later of(a) the day on which such Notes are first offered to
persons other than distributors (as defined in Regulation S under the
Securities Act) in reliance on Regulation S, notice of which day shall be
promptly given by the Issuer to the Trustee, and (b) the Issue Date with
respect to such Notes.

 

“Restricted Notes Legend”  means the legend set forth under
that caption in Exhibit A to the Indenture.

 

“Rule 144A”  means Rule 144A under the
Securities Act.

 

“Rule 144A Notes”  means all Notes offered and sold
to QIBs in reliance on Rule 144A.

 

“Securities Act”  means the Securities Act of 1933.

 

“Transfer Restricted Notes”  means Definitive Notes and any
other Notes that bear or are required to bear the Restricted Notes Legend.

 

2.         The Notes.

 

2.1       Form and Dating.

 

(a)       The Notes issued on the date hereof will
be (i) offered and sold by the Issuers pursuant to a Purchase Agreement dated
as of October 5, 2006 among the Issuers and the initial purchasers named
therein and (ii) resold, initially only to (1) QIBs in reliance on Rule 144A
and (2) Persons other than U.S. Persons (as defined in Regulation S) in
reliance on Regulation S. Such Notes may thereafter be transferred to, among
others, QIBs and purchasers in reliance on Regulation S. Additional Notes
offered after the date hereof may be offered and sold by the Issuers from time
to time pursuant to one or more Purchase Agreements in accordance with
applicable law.

 

(b)       Notes issued in global form will be
substantially in the form of Exhibit A-l or A-2 to the Indenture (including the
Global Note Legend thereon and the “Schedule of Exchanges of Interests in the
Global Note” attached thereto). Notes issued in definitive form will be
substantially in the form of Exhibit A-l or A-2 to the Indenture (but without
the Global Note Legend thereon and without the “Schedule of Exchanges of
Interests in the Global Note” attached thereto). Each Global Note will
represent such of the outstanding Notes as will be specified therein and each
shall provide that it represents the aggregate principal amount of outstanding
Notes from time to time endorsed thereon and that the aggregate principal
amount of outstanding Notes represented thereby may from time to time be
reduced or increased, as appropriate, to reflect exchanges and redemptions. Any
endorsement of a Global Note to reflect the amount of any increase or decrease
in the aggregate principal amount of outstanding Notes represented thereby will
be made by the Trustee or the Custodian, at the direction of the Trustee, in
accordance with instructions given by the Holder thereof as required by Section
2 hereof.

 

A-2

 

(c)       [Reserved.]

 

(d)       Euroclear and Clearstream Procedures
Applicable. The provisions of the “Operating Procedures of the Euroclear
System” and “Terms and Conditions Governing Use of Euroclear” and the “General
Terms and Conditions of Clearstream Banking” and “Customer Handbook” of
Clearstream will be applicable to the Regulation S Permanent Global Note that
are held by Participants through Euroclear or Clearstream.

 

(e)       [Reserved.]

 

(f)        Book-Entry Provisions. This
Section 2.l(d) shall apply only to a Global Note deposited with or on behalf of
the Depositary.

 

The Issuers shall
execute and the Trustee or an authentication agent shall, in accordance with
this Section 2.1(d) and Section 2.2 and pursuant to an order of the Issuers
signed by one Officer, authenticate and deliver initially one or more Global
Notes that (i) shall be registered in the name of the Depositary for such
Global Note or Global Notes or the nominee of such Depositary and (ii) shall be
delivered by the Trustee to such Depositary or pursuant to such Depositary’s
instructions or held by the Notes Custodian.

 

Members of, or
participants in, DTC, Euroclear or Clearstream (“Agent
Members”)  shall
have no rights under the Indenture with respect to any Global Note held on
their behalf by the Depositary or by the Notes Custodian or under such Global
Note, and the Depositary may be treated by the Issuers, the Trustee and any
agent of the Issuers or the Trustee as the absolute owner of such Global Note
for all purposes whatsoever. Notwithstanding the foregoing, nothing herein
shall prevent the Issuers, the Trustee or any agent of the Issuers or the
Trustee from giving effect to any written certification, proxy or other
authorization furnished by DTC, Euroclear or Clearstream or impair, as between
DTC, Euroclear or Clearstream and their respective Agent Members, the operation
of customary practices thereof governing the exercise of the rights of a holder
of a beneficial interest in any Global Note.

 

(g)       Definitive Notes. Except as
provided in Section 2.3 or 2.4, owners of beneficial interests in Global Notes
will not be entitled to receive physical delivery of certificated Notes.

 

2.2       Authentication. The Trustee or an
authentication agent shall authenticate and make available for delivery upon a
written order of the Issuer signed by one of its Officers (a) Original Notes
for original issue on the date hereof consisting of Euro Notes in an aggregate
principal amount of €525,000,000 and Dollar Notes in an aggregate principal
amount of $1,250,000,000 and (b) subject to the terms of the Indenture,
Additional Notes. Such order shall (a) specify the amount of the Notes to be
authenticated, the date on which the original issue of Notes is to be
authenticated, (b) direct the Trustee or an authentication agent to
authenticate such Notes and (c) certify that all conditions precedent to the
issuance of such Notes have been complied with in accordance with the terms
hereof.

 

A-3

 

2.3       Transfer and Exchange of Global Notes.
A Global Note may not be transferred except as a whole by the Depositary to a
nominee of the Depositary, by a nominee of the Depositary to the Depositary or
to another nominee of the Depositary, or by the Depositary or any such nominee
to a successor Depositary or a nominee of such successor Depositary. All Global
Notes will be exchanged by the Company for Definitive Notes if:

 

(1)       the Company delivers to the Trustee
notice from the Depositary that it is unwilling or unable to continue to act as
Depositary or that it is no longer a clearing agency registered under the
Exchange Act and, in either case, a successor Depositary is not appointed by
the Company within 120 days after the date of such notice from the Depositary;

 

(2)       the Company in its sole discretion
determines that the Global Notes (in whole but not in part) should be exchanged
for Definitive Notes and delivers a written notice to such effect to the Trustee;
or

 

(3)       there has occurred and is continuing a
Default or Event of Default with respect to the Notes.

 

Upon the
occurrence of any of the preceding events in (1), (2) or (3) above, Definitive
Notes shall be issued in such names as the Depositary shall instruct the
Trustee. Global Notes also may be exchanged or replaced, in whole or in part,
as provided in Sections 2.08 and 2.10 of the Indenture. Every Note
authenticated and delivered in exchange for, or in lieu of, a Global Note or
any portion thereof, pursuant to this Section or Section 2.08 or 2.10 of the
Indenture, shall be authenticated and delivered in the form of, and shall be, a
Global Note. A Global Note may not be exchanged for another Note other than as
provided in this Section, however, beneficial interests in a Global Note may be
transferred and exchanged as provided in Section 2.03(b), (c) or (f) hereof
upon prior written notice given to the Trustee by or on behalf of the
Depositary.

 

(b) Transfer
and Exchange of Beneficial Interests in the Global Notes. The transfer and
exchange of beneficial interests in the Global Notes will be effected through
the Depositary, in accordance with the provisions of this Indenture and the
Applicable Procedures. Beneficial interests in the Restricted Global Notes will
be subject to restrictions on transfer comparable to those set forth herein to
the extent required by the Securities Act. Transfers of beneficial interests in
the Global Notes also will require compliance with either subparagraph (1) or
(2) below, as applicable, as well as one or more of the other following
subparagraphs, as applicable:

 

(1)       Transfer
of Beneficial Interests in the Same Global Note. Beneficial
interests in any Restricted Global Note may be transferred to Persons who take
delivery thereof in the form of a beneficial interest in the same Restricted
Global Note in accordance with the transfer restrictions set forth in the
Private Placement Legend. Beneficial interests in any Unrestricted Global Note
may be transferred to Persons who take delivery thereof in the form of a
beneficial interest in an

 

A-4

 

Unrestricted
Global Note. No written orders or instructions shall be required to be
delivered to the Registrar to effect the transfers described in this Section.

 

(2)       All Other Transfers and Exchanges of Beneficial
Interests in Global Notes. In connection with all transfers and
exchanges of beneficial interests that are not subject to Section 2.03(b)(l)
above, the transferor of such beneficial interest must deliver to the Registrar
either:

 

(A)      both:

 

(i)         a
written order from a Participant or an Indirect Participant given to the
Depositary in accordance with the Applicable Procedures directing the
Depositary to credit or cause to be credited a beneficial interest in another
Global Note in an amount equal to the beneficial interest to be transferred or
exchanged; and

 

(ii)        instructions
given in accordance with the Applicable Procedures containing information
regarding the Participant account to be credited with such increase; or

 

(B)       both:

 

(i)         a
written order from a Participant or an Indirect Participant given to the
Depositary in accordance with the Applicable Procedures directing the
Depositary to cause to be issued a Definitive Note in an amount equal to the
beneficial interest to be transferred or exchanged; and

 

(ii)        instructions
given by the Depositary to the Registrar containing information regarding the
Person in whose name such Definitive Note shall be registered to effect the
transfer or exchange referred to in (1) above.

 

Upon
consummation of an Exchange Offer by the Company in accordance with Section
2.03(f) hereof, the requirements of this Section 2.03(b)(2) shall be deemed to
have been satisfied upon receipt by the Registrar of the instructions contained
in the Letter of Transmittal delivered by the Holder of such beneficial
interests in the Restricted Global Notes. Upon satisfaction of all of the
requirements for transfer or exchange of beneficial interests in Global Notes
contained in this Indenture and the Notes or otherwise applicable under the
Securities Act, the Trustee shall adjust the principal amount of the relevant
Global Note(s) pursuant to Section 2.03(h) hereof.

 

(3)       Transfer of Beneficial Interests to Another
Restricted Global Note. A beneficial interest in any Restricted
Global Note may be transferred to a Person who takes delivery thereof in the
form of a beneficial interest in another Restricted Global Note if the transfer
complies with the requirements of Section 2.03(b)(2) above and the Registrar
receives the following:

 

A-5

 

(A)      if the transferee will take delivery in
the form of a beneficial interest in the 144A Global Note, then the transferor
must deliver a certificate in the form of Exhibit B hereto, including the
certifications in item (1) thereof; and

 

(B)       if the transferee will take delivery in
the form of a beneficial interest in the Regulation S Permanent Global Note,
then the transferor must deliver a certificate in the form of Exhibit B hereto,
including the certifications in item (2) thereof.

 

(4)  Transfer and Exchange of Beneficial Interests in a
Restricted Global Note for Beneficial Interests in an Unrestricted Global Note.
A beneficial interest in any Restricted Global Note may be exchanged
by any holder thereof for a beneficial interest in an Unrestricted Global Note
or transferred to a Person who takes delivery thereof in the form of a
beneficial interest in an Unrestricted Global Note if the exchange or transfer
complies with the requirements of Section 2.03(b)(2) above and:

 

(A)      such exchange or transfer is effected
pursuant to the Exchange Offer in accordance with the Registration Rights
Agreement and the holder of the beneficial interest to be transferred, in the
case of an exchange, or the transferee, in the case of a transfer, certifies in
the applicable Letter of Transmittal that it is not (i) a Broker-Dealer
acquiring Notes directly from the Company, (ii) a Person participating in the
distribution of the Exchange Notes or (iii) a Person who is an affiliate (as
defined in Rule 144) of the Company;

 

(B)       such transfer is effected pursuant to the
Shelf Registration Statement in accordance with the Registration Rights
Agreement; or

 

(C)       the Registrar receives the following:

 

(i)         if the holder of such beneficial
interest in a Restricted Global Note proposes to exchange such beneficial
interest for a beneficial interest in an Unrestricted Global Note, a
certificate from such holder in the form of Exhibit B hereto, including the
certifications in item (3) thereof; or

 

(ii)        if the holder of such beneficial
interest in a Restricted Global Note proposes to transfer such beneficial
interest to a Person who shall take delivery thereof in the form of a
beneficial interest in an Unrestricted Global Note, a certificate from such
holder in the form of Exhibit B hereto, including the certifications in item
(4) thereof;

 

and, in each such case
set forth in this subparagraph (C), if the Registrar so requests or if the
Applicable Procedures so require, an Opinion of Counsel in form reasonably
acceptable to the Registrar

 

A-6

 

to
the effect that such exchange or transfer is in compliance with the Securities
Act and that the restrictions on transfer contained herein and in the Private
Placement Legend are no longer required in order to maintain compliance with
the Securities Act.

 

If any such transfer is effected pursuant to subparagraph (B) or (C)
above at a time when an Unrestricted Global Note has not yet been issued, the
Issuers shall issue and, upon receipt of an Authentication Order in accordance
with Section 2.02 hereof, the Trustee shall authenticate one or more
Unrestricted Global Notes in an aggregate principal amount equal to the
aggregate principal amount of beneficial interests transferred pursuant to
subparagraph (B) or (C) above.

 

Beneficial interests in an Unrestricted Global Note cannot be exchanged
for, or transferred to Persons who take delivery thereof in the form of, a
beneficial interest in a Restricted Global Note.

 

(c)
Transfer or Exchange of Beneficial Interests
for Definitive Notes.

 

(a)  (1) Beneficial Interests in Restricted Global Notes to
Restricted Definitive Notes. If any holder of a beneficial interest
in a Restricted Global Note proposes to exchange such beneficial interest for a
Restricted Definitive Note or to transfer such beneficial interest to a Person
who takes delivery thereof in the form of a Restricted Definitive Note, then,
upon receipt by the Registrar of the following documentation:

 

(A)      if such
beneficial interest is being transferred to a QIB in accordance with Rule 144A,
a certificate to the effect set forth in Exhibit B hereto, including the
certifications in item (1) thereof;

 

(B)       if
such beneficial interest is being transferred to a Non-U.S. Person in an
offshore transaction in accordance with Rule 903 or Rule 904, a certificate to
the effect set forth in Exhibit B hereto, including the certifications in item
(2) thereof;

 

(C)       if
such beneficial interest is being transferred pursuant to an exemption from the
registration requirements of the Securities Act in accordance with Rule 144, a
certificate to the effect set forth in Exhibit B hereto, including the
certifications in item (4) thereof; or

 

(D)      if such
beneficial interest is being transferred to the Company or any of its
Subsidiaries, a certificate to the effect set forth in Exhibit B hereto,
including the certifications in item (3) thereof,

 

the
Trustee shall cause the aggregate principal amount of the applicable Global
Note to be reduced accordingly pursuant to Section 2.03(h) hereof, and the
Company shall execute and the Trustee shall authenticate and deliver to the
Person designated in the instructions a Definitive Note in the appropriate
principal amount. Any Definitive Note issued in exchange for a beneficial
interest in a Restricted Global Note pursuant to this

 

A-7

 

Section 2.03(c) shall be
registered in such name or names and in such authorized denomination or
denominations as the holder of such beneficial interest shall instruct the
Registrar through instructions from the Depositary and the Participant or
Indirect Participant. The Trustee shall deliver such Definitive Notes to the Persons
in whose names such Notes are so registered. Any Definitive Note issued in
exchange for a beneficial interest in a Restricted Global Note pursuant to this
Section 2.06(c)(l) shall bear the Private Placement Legend and shall be subject
to all restrictions on transfer contained therein.

 

(2) [Reserved.]

 

(3) Beneficial Interests in Restricted Global Notes to
Unrestricted Definitive Notes. A  holder
of a beneficial interest in a Restricted Global Note may exchange such
beneficial interest for an Unrestricted Definitive Note or may transfer such
beneficial interest to a Person who takes delivery thereof in the form of an
Unrestricted Definitive Note only if:

 

(A)      such exchange or transfer is effected
pursuant to the Exchange Offer in accordance with the Registration Rights
Agreement and the holder of such beneficial interest, in the case of an
exchange, or the transferee, in the case of a transfer, certifies in the
applicable Letter of Transmittal that it is not (i) a Broker-Dealer acquiring
Notes directly from the Issuers, (ii) a Person participating in the
distribution of the Exchange Notes or (iii) a Person who is an affiliate (as
defined in Rule 144) of the Issuers;

 

(B)       such transfer is effected pursuant to the
Shelf Registration Statement in accordance with the Registration Rights
Agreement; or

 

(C)       the Registrar receives the following:

 

(i)         if the holder of such beneficial
interest in a Restricted Global Note proposes to exchange such beneficial
interest for an Unrestricted Definitive Note, a certificate from such holder in
the form of Exhibit B hereto, including the certifications in item (3) thereof;
or

 

(ii)        if the holder of such beneficial
interest in a Restricted Global Note proposes to transfer such beneficial
interest to a Person who shall take delivery thereof in the form of an
Unrestricted Definitive Note, a certificate from such holder in the form of
Exhibit B hereto, including the certifications in item (4) thereof;

 

and, in each such case
set forth in this subparagraph (C), if the Registrar so requests or if the
Applicable Procedures so require, an Opinion of Counsel in form reasonably
acceptable to the Registrar to the effect that such exchange or transfer is in
compliance with

 

A-8

 

the Securities Act and
that the restrictions on transfer contained herein and in the Private Placement
Legend are no longer required in order to maintain compliance with the
Securities Act.

 

(4)       Beneficial
Interests in Unrestricted Global Notes to Unrestricted Definitive Notes. If
any holder of a beneficial interest in an Unrestricted Global Note proposes to
exchange such beneficial interest for a Definitive Note or to transfer such
beneficial interest to a Person who takes delivery thereof in the form of a
Definitive Note, then, upon satisfaction of the conditions set forth in Section
2.03(b)(2) hereof, the Trustee will cause the aggregate principal amount of the
applicable Global Note to be reduced accordingly pursuant to Section 2.03(h)
hereof, and the Issuers will execute and the Trustee will authenticate and
deliver to the Person designated in the instructions a Definitive Note in the
appropriate principal amount. Any Definitive Note issued in exchange for a
beneficial interest pursuant to this Section 2.03(c)(4) will be registered in
such name or names and in such authorized denomination or denominations as the
holder of such beneficial interest requests through instructions to the
Registrar from or through the Depositary and the Participant or Indirect
Participant. The Trustee will deliver such Definitive Notes to the Persons in
whose names such Notes are so registered. Any Definitive Note issued in
exchange for a beneficial interest pursuant to this Section 2.03(c)(4) will not
bear the Private Placement Legend.

 

(d) Transfer and Exchange of Definitive Notes for
Beneficial Interests.

 

(1)       Restricted
Definitive Notes to Beneficial Interests in Restricted Global Notes. If
any Holder of a Restricted Definitive Note proposes to exchange such Note for a
beneficial interest in a Restricted Global Note or to transfer such Restricted
Definitive Notes to a Person who takes delivery thereof in the form of a
beneficial interest in a Restricted Global Note, then, upon receipt by the
Registrar of the following documentation:

 

(A)      if such Restricted Definitive Note is
being transferred to a QIB in accordance with Rule 144A, a certificate to the
effect set forth in Exhibit B hereto, including the certifications in item (1)
thereof;

 

(B)       if such Restricted Definitive Note is
being transferred to a Non-U.S. Person in an offshore transaction in accordance
with Rule 903 or Rule 904, a certificate to the effect set forth in Exhibit B
hereto, including the certifications in item (2) thereof; or

 

(C)       if such Restricted Definitive Note is being
transferred pursuant to an exemption from the registration requirements of the
Securities Act in accordance with Rule 144, a certificate to the effect set
forth in Exhibit B hereto, including the certifications in item (4) thereof;

 

A-9

 

the Trustee will cancel
the Restricted Definitive Note, increase or cause to be increased the aggregate
principal amount of, in the case of clause (A) above, the 144A Global Note, and
in the case of clauses (B) and (C) above, the Regulation S Global Note.

 

(2)       Restricted
Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A
Holder of a Restricted Definitive Note may exchange such Note for a beneficial
interest in an Unrestricted Global Note or transfer such Restricted Definitive
Note to a Person who takes delivery thereof in the form of a beneficial
interest in an Unrestricted Global Note only if:

 

(A)      such exchange or transfer is effected
pursuant to the Exchange Offer in accordance with the Registration Rights
Agreement and the Holder, in the case of an exchange, or the transferee, in the
case of a transfer, certifies in the applicable Letter of Transmittal that it
is not (i) a Broker-Dealer acquiring Notes directly from the Issuers, (ii) a
Person participating in the distribution of the Exchange Notes or (iii) a
Person who is an affiliate (as defined in Rule 144) of the Issuers;

 

(B)       such transfer is effected pursuant to the
Shelf Registration Statement in accordance with the Registration Rights
Agreement; or

 

(C)       the Registrar receives the following:

 

(i)         if the Holder of such Definitive Notes
proposes to exchange such Notes for a beneficial interest in the Unrestricted
Global Note, a certificate from such Holder in the form of Exhibit B hereto,
including the certifications in item (3) thereof; or

 

(ii)        if the Holder of such Definitive Notes
proposes to transfer such Notes to a Person who shall take delivery thereof in
the form of a beneficial interest in the Unrestricted Global Note, a
certificate from such Holder in the form of Exhibit B hereto, including the
certifications in item (4) thereof;

 

and, in each such case
set forth in this subparagraph (C), if the Registrar so requests or if the
Applicable Procedures so require, an Opinion of Counsel in form reasonably
acceptable to the Registrar to the effect that such exchange or transfer is in
compliance with the Securities Act and that the restrictions on transfer
contained herein and in the Private Placement Legend are no longer required in
order to maintain compliance with the Securities Act.

 

Upon
satisfaction of the conditions of any of the subparagraphs in this Section
2.03(C)(2), the Trustee will cancel the Definitive Notes and increase

 

A-10

 

or cause to be increased
the aggregate principal amount of the Unrestricted Global Note.

 

(3)       Unrestricted
Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A
Holder of an Unrestricted Definitive Note may exchange such Note for a
beneficial interest in an Unrestricted Global Note or transfer such Definitive
Notes to a Person who takes delivery thereof in the form of a beneficial
interest in an Unrestricted Global Note at any time. Upon receipt of a request
for such an exchange or transfer, the Trustee will cancel the applicable
Unrestricted Definitive Note and increase or cause to be increased the
aggregate principal amount of one of the Unrestricted Global Notes.

 

If any such
exchange or transfer from a Definitive Note to a beneficial interest is
effected pursuant to subparagraphs (2)(B), (2)(C) or (3) above at a time when
an Unrestricted Global Note has not yet been issued, the Issuers will issue
and, upon receipt of an Authentication Order in accordance with Section 2.02
hereof, the Trustee will authenticate one or more Unrestricted Global Notes in
an aggregate principal amount equal to the principal amount of Definitive Notes
so transferred.

 

(e)  Transfer and Exchange of Definitive Notes for
Definitive Notes. Upon request by a Holder of Definitive Notes and
such Holder’s compliance with the provisions of this Section 2.03(e), the
Registrar will register the transfer or exchange of Definitive Notes. Prior to
such registration of transfer or exchange, the requesting Holder must present
or surrender to the Registrar the Definitive Notes duly endorsed or accompanied
by a written instruction of transfer in form satisfactory to the Registrar duly
executed by such Holder or by its attorney, duly authorized in writing. In
addition, the requesting Holder must provide any additional certifications,
documents and information, as applicable, required pursuant to the following
provisions of this Section 2.03(e).

 

(1)       Restricted
Definitive Notes to Restricted Definitive Notes. Any Restricted
Definitive Note may be transferred to and registered in the name of Persons who
take delivery thereof in the form of a Restricted Definitive Note if the
Registrar receives the following:

 

(A)      if the transfer will be made pursuant to
Rule 144A, then the transferor must deliver a certificate in the form of
Exhibit B hereto, including the certifications in item (1) thereof;

 

(B)       if the transfer will be made pursuant to
Rule 903 or Rule 904, then the transferor must deliver a certificate in the
form of Exhibit B hereto, including the certifications in item (2) thereof; and

 

(C)       if the transfer will be made pursuant to
any other exemption from the registration requirements of the Securities Act,
then the transferor must deliver a certificate in the form of Exhibit B hereto,
including the

 

A-11

 

certifications,
certificates and Opinion of Counsel required by item (3) thereof, if
applicable.

 

(2)       Restricted
Definitive Notes to Unrestricted Definitive Notes. Any Restricted
Definitive Note may be exchanged by the Holder thereof for an Unrestricted
Definitive Note or transferred to a Person or Persons who take delivery thereof
in the form of an Unrestricted Definitive Note if:

 

(A)      such exchange or transfer is effected
pursuant to the Exchange Offer in accordance with the Registration Rights
Agreement and the Holder, in the case of an exchange, or the transferee, in the
case of a transfer, certifies in the applicable Letter of Transmittal that it
is not (i) a Broker-Dealer acquiring Notes directly from the Issuers, (ii) a
Person participating in the distribution of the Exchange Notes or (iii) a
Person who is an affiliate (as defined in Rule 144) of either Issuer;

 

(B)       any such transfer is effected pursuant to
the Shelf Registration Statement in accordance with the Registration Rights
Agreement; or

 

(C)       the Registrar receives the following:

 

(i)         if the Holder of such Restricted
Definitive Notes proposes to exchange such Notes for an Unrestricted Definitive
Note, a certificate from such Holder in the form of Exhibit B hereto, including
the certifications in item (3) thereof; or

 

(ii)        if the Holder of such Restricted
Definitive Notes proposes to transfer such Notes to a Person who shall take
delivery thereof in the form of an Unrestricted Definitive Note, a certificate
from such Holder in the form of Exhibit B hereto, including the certifications
in item (4) thereof;

 

and, in each such case
set forth in this subparagraph (C), if the Registrar so requests, an Opinion of
Counsel in form reasonably acceptable to the Registrar to the effect that such
exchange or transfer is in compliance with the Securities Act and that the
restrictions on transfer contained herein and in the Private Placement Legend
are no longer required in order to maintain compliance with the Securities Act.

 

(3)       Unrestricted
Definitive Notes to Unrestricted Definitive Notes. A Holder of
Unrestricted Definitive Notes may transfer such Notes to a Person who takes
delivery thereof in the form of an Unrestricted Definitive Note. Upon receipt
of a request to register such a transfer, the

 

A-12

 

Registrar
shall register the Unrestricted Definitive Notes pursuant to the instructions
from the Holder thereof.

 

(f)  Exchange Offer. Upon
the occurrence of the Exchange Offer in accordance with the Registration Rights
Agreement, the Issuers will issue and, upon receipt of an Authentication Order
in accordance with Section 2.02 hereof, the Trustee will authenticate:

 

(1)       one or
more Unrestricted Global Notes in an aggregate principal amount equal to the
principal amount of the beneficial interests in the Restricted Global Notes
accepted for exchange in the Exchange Offer by Persons that certify in the
applicable Letters of Transmittal that (A) they are not Broker-Dealers
acquiring Notes directly from the Issuers, (B) they are not participating in a
distribution of the Exchange Notes and (C) they are not affiliates (as defined
in Rule 144) of the Company; and

 

(2)       Unrestricted
Definitive Notes in an aggregate principal amount equal to the principal amount
of the Restricted Definitive Notes accepted for exchange in the Exchange Offer
by Persons that certify in the applicable Letters of Transmittal that (A) they
are not Broker-Dealers acquiring Notes directly from the Issuers, (B) they are
not participating in a distribution of the Exchange Notes and (C) they are not
affiliates (as defined in Rule 144) of the Company.

 

Concurrently with the issuance of such Notes, the Trustee will cause the
aggregate principal amount of the applicable Restricted Global Notes to be
reduced accordingly, and the Issuers will execute and the Trustee will
authenticate and deliver to the Persons designated by the Holders of Definitive
Notes so accepted Unrestricted Definitive Notes in the appropriate principal
amount.

 

The Issuers may issue, and upon receipt of an authentication order the
Trustee will authenticate, Exchange Notes with respect to the Notes to be sold
using a Shelf Registration Statement.

 

(g) Legends. The following
legends will appear on the face of all Global Notes and Definitive Notes issued
under this Indenture unless specifically stated otherwise in the applicable
provisions of this Indenture.

 

(1)       Private Placement Legend.

 

(A)      Except
as permitted by subparagraph (B) below, each Global Note and each Definitive
Note (and all Notes issued in exchange therefor or substitution thereof) shall
bear the legend in substantially the following form

 

“THIS
NOTE HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”) AND, ACCORDINGLY, MAY NOT BE OFFERED, SOLD, PLEDGED OR
OTHERWISE TRANSFERRED WITHIN

 

A-13

 

THE UNITED STATES OR TO,
OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS, EXCEPT PURSUANT TO AN EXEMPTION
FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT. THE NOTES ARE BEING OFFERED AND SOLD ONLY TO (1) “QUALIFIED
INSTITUTIONAL BUYERS” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) (“QIBS”)
IN COMPLIANCE WITH RULE 144A; AND (2) OUTSIDE THE UNITED STATES TO PERSONS
OTHER THAN U.S. PERSONS (“FOREIGN PURCHASERS”), WHICH TERM SHALL INCLUDE
DEALERS OR OTHER PROFESSIONAL FIDUCIARIES IN THE UNITED STATES ACTING ON A
DISCRETIONARY BASIS FOR FOREIGN BENEFICIAL OWNERS (OTHER THAN AN ESTATE OR
TRUST), IN RELIANCE UPON REGULATION S UNDER THE SECURITIES ACT. BY ITS
ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE HOLDER (1)
REPRESENTS THAT (A) (i) IT IS A QIB OR A REGISTERED BROKER-DEALER ACTING FOR
THE ACCOUNT OF A QIB, (ii) IT IS AWARE, AND EACH BENEFICIAL OWNER OF SUCH NOTES
HAS BEEN ADVISED, THAT THE SALE OF THE NOTES TO IT IS BEING MADE IN RELIANCE ON
RULE 144A, (iii) IT IS ACQUIRING SUCH NOTES FOR ITS OWN ACCOUNT OR FOR THE
ACCOUNT OF A QIB, AS THE CASE MAY BE, AND (iv) IT IS AWARE THAT THE NOTES ARE “RESTRICTED
SECURITIES” WITHIN THE MEANING OF THE SECURITIES ACT OR (B) IT IS PURCHASING,
AND THE PERSON, IF ANY, FOR WHOSE ACCOUNT IT IS ACQUIRING THE NOTES IS
PURCHASING, THE NOTES IN AN OFFSHORE TRANSACTION, AS SUCH TERM IS DEFINED IN
RULE 902 UNDER THE SECURITIES ACT, IN ACCORDANCE WITH REGULATION S, (2) IS
AWARE THAT THE NOTES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE
SECURITIES ACT AND ARE BEING OFFERED IN THE UNITED STATES IN RELIANCE ON RULE
I44A IN A TRANSACTION NOT INVOLVING ANY PUBLIC OFFERING IN THE UNITED STATES,
(3) UNDERSTANDS THAT THE NOTES MAY NOT BE REOFFERED, RESOLD, PLEDGED OR
OTHERWISE TRANSFERRED EXCEPT (A) (i) TO A PERSON WHOM THE PURCHASER REASONABLY
BELIEVES IS A QIB IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (ii)
IN AN OFFSHORE TRANSACTION COMPLYING WITH RULE 903 OR RULE 904 OF REGULATION S,
(iii) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT
PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE), OR (iv) PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND (B) IN ACCORDANCE
WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED STATES. NO
REPRESENTATION CAN BE MADE AS TO THE AVAILABILITY OF THE EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER FOR
RESALES OF THE NOTES, AND (4) ACKNOWLEDGES THAT THE INITIAL PURCHASERS AND
OTHERS WILL RELY UPON THE TRUTH AND ACCURACY OF THE FOREGOING REPRESENTATIONS
AND AGREEMENTS.”

 

(B)       Notwithstanding the foregoing, any Global
Note or Definitive Note issued pursuant to subparagraphs (b)(4), (c)(3),
(c)(4),

 

A-14

 

(d)(2),
(d)(3), (e)(2), (e)(3) or (f) of this Section 2.03 (and all Notes issued in
exchange therefor or substitution thereof), any Regulation S Global Note and
any Additional Notes issued in transactions registered with the SEC will not
bear the Private Placement Legend.

 

(2)       Global Note Legend. Each Global Note will
bear a legend in substantially the following form:

 

“THIS GLOBAL NOTE IS HELD
BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS
NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT
TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE
MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO APPENDIX A OF THE
INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART
PURSUANT TO APPENDIX A OF THE INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED
TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND
(4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE
PRIOR WRITTEN CONSENT OF THE COMPANY.

 

UNLESS AND UNTIL IT IS
EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS 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. UNLESS THIS
CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE COMPANY OR
ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER
NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY
PAYMENT IS MADE TO CEDE &  CO.
OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
HAS AN INTEREST HEREIN.”

 

(h) Cancellation and/or Adjustment of Global Notes. At
such time as all beneficial interests in a particular Global Note have been
exchanged for Definitive Notes or a particular Global Note has been redeemed,
repurchased or canceled in whole and not in part, each such Global Note will be
returned to or retained and canceled by the Trustee in accordance with Section
2.11 of the Indenture. At any time prior to such cancellation, if any
beneficial interest in a Global Note is exchanged for or transferred to a
Person who will take delivery thereof in the form of a beneficial interest in
another Global Note or for

 

A-15

 

Definitive Notes, the
principal amount of Notes represented by such Global Note will be reduced
accordingly and an endorsement will be made on such Global Note by the Trustee
or by the Depositary at the direction of the Trustee to reflect such reduction;
and if the beneficial interest is being exchanged for or transferred to a
Person who will take delivery thereof in the form of a beneficial interest in
another Global Note, such other Global Note will be increased accordingly and
an endorsement will be made on such Global Note by the Trustee or by the
Depositary at the direction of the Trustee to reflect such increase.

 

(i)  General Provisions Relating to Transfers and
Exchanges.

 

(1)       To permit registrations of transfers and
exchanges, the Issuers will execute and the Trustee will authenticate Global
Notes and Definitive Notes upon receipt of an Authentication Order in accordance
with Section 2.02 hereof or at the Registrar’s request.

 

(2)       No service charge will be made to a
Holder of a beneficial interest in a Global Note or to a Holder of a Definitive
Note for any registration of transfer or exchange, 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 taxes or
similar governmental charge payable upon exchange or transfer pursuant to the
Indenture).

 

(3)       The Registrar will not be required to
register the transfer of or exchange of any Note selected for redemption in
whole or in part, except the unredeemed portion of any Note being redeemed in
part.

 

(4)       All Global Notes and Definitive Notes
issued upon any registration of transfer or exchange of Global Notes or
Definitive Notes will be the valid obligations of the Issuers, evidencing the
same debt, and entitled to the same benefits under the Indenture, as the Global
Notes or Definitive Notes surrendered upon such registration of transfer or
exchange.

 

(5)       Neither the Registrar nor the Issuers
will be required;

 

(A)      to issue, to register the transfer of or
to exchange any Notes during a period beginning at the opening of business 15
days before the day of any selection of Notes for redemption under Section 3.02
of the Indenture and ending at the close of business on the day of selection;

 

(B)       to register the transfer of or to
exchange any Note selected for redemption in whole or in part, except the
unredeemed portion of any Note being redeemed in part; or

 

A-16

 

(C)       to
register the transfer of or to exchange a Note between a record date and the
next succeeding interest payment date.

 

(6)       Prior
to due presentment for the registration of a transfer of any Note, the Trustee,
any Agent and the Issuers may deem and treat the Person in whose name any Note
is registered as the absolute owner of such Note for the purpose of receiving
payment of principal of and interest on such Notes and for all other purposes,
and none of the Trustee, any Agent or the Issuers shall be affected by notice
to the contrary.

 

(7)       The
Trustee will authenticate Global Notes and Definitive Notes in accordance with
the provisions of Section 2.02 hereof.

 

(8)       All certifications, certificates and
Opinions of Counsel required to be submitted to the Registrar pursuant to this
Section 2.03 to effect a registration of transfer or exchange may be submitted
by facsimile.

 

A-17

 

EXHIBIT A-l

 

[FORM OF EURO NOTE]

 

85/8% Senior Notes due 2015

 

[Global Notes Legend]

 

UNLESS THIS
CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR BANK
S.A./N.V., AS OPERATOR OF THE EUROCLEAR SYSTEM (“EUROCLEAR”), OR CLEARSTREAM
BANKING, SOCIETE ANONYME (“CLEARSTREAM”), TO THE ISSUERS OR THEIR AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
REGISTERED IN THE NAME OF THEIR AUTHORIZED NOMINEE, OR SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR OR CLEARSTREAM (AND ANY
PAYMENT IS MADE TO ITS AUTHORIZED NOMINEE, OR TO SUCH OTHER ENTITY AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF EUROCLEAR OR CLEARSTREAM), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, ITS AUTHORIZED NOMINEE,
HAS AN INTEREST HEREIN.

 

TRANSFERS OF THIS
GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO
NOMINEES OF EUROCLEAR OR CLEARSTREAM OR TO A SUCCESSOR THEREOF OR SUCH
SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL BE
LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE
INDENTURE REFERRED TO ON THE REVERSE HEREOF.

 

[[FOR REGULATION S
GLOBAL NOTE ONLY] UNTIL 40 DAYS AFTER THE CLOSING OF THE OFFERING, AN OFFER OR
SALE OF SECURITIES WITHIN THE UNTTED STATES BY A DEALER (AS DEFINED IN THE U.S.
SECURITIES ACT) MAY VIOLATE THE REGISTRATION REQUIREMENTS OF THE U.S.
SECURITIES ACT IF SUCH OFFER OR SALE IS MADE OTHERWISE THAN IN ACCORDANCE WITH
RULE 144A THEREUNDER.]

 

[Restricted Notes Legend]

 

THIS NOTE HAS NOT
BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”) AND, ACCORDINGLY, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
TRANSFERRED WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF,
U.S. PERSONS, EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT
SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. THE NOTES ARE
BEING OFFERED AND SOLD ONLY TO (1) “QUALIFIED INSTITUTIONAL BUYERS” (AS DEFINED
IN RULE 144A UNDER THE SECURITIES ACT) (“QIBS”) IN COMPLIANCE WITH RULE 144A;
AND (2) OUTSIDE THE UNITED STATES TO

 

A-1-1

 

PERSONS
OTHER THAN U.S. PERSONS (“FOREIGN PURCHASERS”), WHICH TERM SHALL INCLUDE
DEALERS OR OTHER PROFESSIONAL FIDUCIARIES IN THE UNITED STATES ACTING ON A
DISCRETIONARY BASIS FOR FOREIGN BENEFICIAL OWNERS (OTHER THAN AN ESTATE OR
TRUST), IN RELIANCE UPON REGULATION S UNDER THE SECURITIES ACT. BY ITS
ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE HOLDER (1)
REPRESENTS THAT (A) (i) IT IS A QIB OR A REGISTERED BROKER-DEALER ACTING FOR
THE ACCOUNT OF A QIB, (ii) IT IS AWARE, AND EACH BENEFICIAL OWNER OF SUCH NOTES
HAS BEEN ADVISED, THAT THE SALE OF THE NOTES TO IT IS BEING MADE IN RELIANCE ON
RULE I44A, (iii) IT IS ACQUIRING SUCH NOTES FOR ITS OWN ACCOUNT OR FOR THE
ACCOUNT OF A QIB, AS THE CASE MAY BE, AND (iv) IT IS AWARE THAT THE NOTES ARE “RESTRICTED
SECURITIES” WITHIN THE MEANING OF THE SECURITIES ACT OR (B) IT IS PURCHASING,
AND THE PERSON, IF ANY, FOR WHOSE ACCOUNT IT IS ACQUIRING THE NOTES IS
PURCHASING, THE NOTES IN AN OFFSHORE TRANSACTION, AS SUCH TERM IS DEFINED IN
RULE 902 UNDER THE SECURITIES ACT, IN ACCORDANCE WITH REGULATION S, (2) IS
AWARE THAT THE NOTES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE
SECURITIES ACT AND ARE BEING OFFERED IN THE UNITED STATES IN RELIANCE ON RULE
144A IN A TRANSACTION NOT INVOLVING ANY PUBLIC OFFERING IN THE UNITED STATES,
(3) UNDERSTANDS THAT THE NOTES MAY NOT BE REOFFERED, RESOLD, PLEDGED OR
OTHERWISE TRANSFERRED EXCEPT (A) (i) TO A PERSON WHOM THE PURCHASER REASONABLY
BELIEVES IS A QIB IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (ii)
IN AN OFFSHORE TRANSACTION COMPLYING WITH RULE 903 OR RULE 904 OF REGULATION S,
(iii) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT
PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE), OR (iv) PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND (B) IN ACCORDANCE
WITH ALL APPLICABLE SECURITIES LAWS OF THE STATES OF THE UNITED STATES. NO
REPRESENTATION CAN BE MADE AS TO THE AVAILABILITY OF THE EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER FOR
RESALES OF THE NOTES, AND (4) ACKNOWLEDGES THAT THE INITIAL PURCHASERS AND
OTHERS WILL RELY UPON THE TRUTH AND ACCURACY OF THE FOREGOING REPRESENTATIONS
AND AGREEMENTS.

 

[Each Definitive Note shall bear the following additional legend:]

 

IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE
REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH
TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES
WITH THE FOREGOING RESTRICTIONS.

 

A-1-2

 

Common
Code. [       ]

ISINNo.[       ]

 

85/8%
Senior Notes due 2015

 

 

	
  No. [         ]

  	
  €[           ]

  

 

NXP B.V.

NXP FUNDING LLC

 

NXP B.V., a company
organized under the laws of The Netherlands, and NXP Funding LLC, a limited
liability company organized under the laws of Delaware, jointly and severally
promise to pay to BT Globenet Nominees Limited, as nominee for the common
depositary for Euroclear and Glearstream, or its registered assigns, the
principal sum of €[         ] [subject to
adjustments listed on the Schedule of Increases or Decreases in Global Note
attached hereto](2), on October 15, 2015.

 

Interest Payment Dates:
April 15 and October 15, commencing [        
].

 

Record Dates: April 1 and
October 1.

 

Additional provisions of
this Note are set forth on the other side of this Note.

 

(Signature page to follow.)

 

(2)                     Use the
Schedule of Increases and Decreases language if Note is in Global Form.

 

A-1-3

 

 

IN WITNESS WHEREOF, NXP
B.V. and NXP Funding LLC have caused this Note to be signed manually or by
facsimile by their duly authorized officers.

 

	
  Dated:

  	
   

  	
  NXP B.V.

  
	
   

  	
  

  	
   

  	
  By:

  	
  

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  Title:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  NXP FUNDING LLC

  
	
   

  	
  

  	
   

  	
  By:

  	
  

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  Title:

  
							

 

This is one of the Notes
referred 

to in the Indenture.

 

	
  DEUTSCHE BANK TRUST
  COMPANY AMERICAS,

  as
  Trustee

  
	
   

  
	
  By:

  	
  

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   (Authorized Signatory)

  	
   

  	
   

  	
   

  	
   

  

 

A-1-4

 

[FORM OF BACK OF EURO NOTE]

 

85/8% SENIOR NOTES DUE 2015

 

1.                          Interest

 

NXP B.V., a
company organized under the laws of The Netherlands, and NXP Funding LLC, a
limited liability company organized under the laws of Delaware (together with
NXP B.V. and their respective successors and assigns under the Indenture
hereinafter referred to, being herein called “the Issuers “),
jointly and severally promise to pay interest on the principal amount of this
Note at the rate of 8(5)/8% per annum. The Issuers shall pay interest
semi-annually on April 15 and October 15 of each year commencing on [        ]. The Issuers will make each interest
payment to Holders of record of the Notes on the immediately preceding April 1
and October 1. Interest on the Notes shall accrue from the most recent date to
which interest has been paid or duly provided for or, if no interest has been
paid or duly provided for, from October 12, 2006 until the principal hereof is
due. Interest shall be computed on the basis of a 360-day year comprised of
twelve 30-day months. Each interest period shall end on (but not include) the
relevant interest payment date.

 

The Holders of
this Note are entitled to the benefits of the Registration Rights Agreement,
dated October 12, 2006, among the Issuers, the guarantors party thereto and the
Initial Purchasers named therein (the “Registration Rights Agreement”). The Holders of this Note are
entitled to the Additional Interest payable in the circumstances as set forth
in the Registration Rights Agreement.

 

2.                          Method
of Payment

 

Holders must
surrender Notes to the relevant Paying Agent to collect principal payments. The
Issuers shall pay principal, premium, if any, and Additional Amounts, if any,
and interest and Additional Interest, if any, in euro or such other lawful
currency of the participating member states in the Third Stage of European
Economic and Monetary Union of the Treaty Establishing the European Community
that at the time of payment is legal tender for payment of public and private
debts. Principal, premium, if any, Additional Amounts, if any, interest and
Additional Interest, if any, on the Global Notes will be payable at the
specified office or agency of one or more Paying Agents; provided that all such
payments with respect to Notes represented by one or more Global Notes
registered in the name of or held by a nominee of Euroclear and/or Clearstream
will be made by wire transfer of immediately available funds to the account
specified by the Holder or Holders thereof.

 

Principal,
premium, if any, Additional Amounts, if any, interest and Additional Interest,
if any, on any Definitive Notes will be payable at the specified office or
agency of one or more Paying Agents in the City of London,

 

A-1-5

 

maintained for such
purposes. In addition, interest on the Definitive Notes may be paid by check
mailed to the person entitled thereto as shown on the register for the
Definitive Notes; provided, however, that
cash payments on the Notes may also be made, in the case of a Holder of at
least €1,000,000 aggregate principal amount of Notes, by wire transfer to a
euro account maintained by the payee with a bank in a country that is a member
of the European Union if such Holder elects payment by wire transfer by giving
written notice to the Trustee or the Paying Agent to such effect designating
such account no later than 30 days immediately preceding the relevant due date
for payment (or such other date as the Trustee may accept in its discretion).

 

If the due date
for any payment in respect of any Note is not a Business Day at the place in
which such payment is due to be paid, the Holder thereof will not be entitled
to payment of the amount due until the next succeeding Business Day at such
place, and will not be entitled to any further interest or other payment as a
result of any such delay.

 

3.                          Paving
Agent and Registrar

 

Initially,
Deutsche Bank AG, London Branch will act as Euro Paying Agent and Deutsche Bank
Luxembourg S.A. will act as Registrar and Transfer Agent. The Issuers may
appoint and change any Registrar, Transfer Agent and Paying Agent. The Issuers
or any of its Restricted Subsidiaries may act as Registrar, Transfer Agent and
Paying Agent.

 

4.                          Indenture

 

The Issuers issued
the Notes under the Indenture dated as of October 12, 2006 (the “Indenture”), among the Issuers, the
Guarantors party thereto and Deutsche Bank Trust Company Americas, as Trustee
(the “Trustee
“). The terms
of the Notes include those stated in the Indenture. Terms defined in the
Indenture and not defined herein have the meanings ascribed thereto in the
Indenture. The Notes are subject to all terms and provisions of the Indenture,
and Holders (as defined in the Indenture) are referred to the Indenture for a
statement of such terms and provisions. In the event of a conflict, the terms
of the Indenture control.

 

The Notes are
senior obligations of the Issuers. This Note is one of the Notes referred to in
the Indenture. The Notes and the Additional Notes are treated as a single class
under the Indenture. The Indenture imposes certain limitations on the ability
of the Issuers and their Restricted Subsidiaries to, among other things, make
certain Investments and other Restricted Payments, pay dividends and other
distributions, incur Indebtedness and layer Indebtedness, enter into consensual
restrictions upon the payment of certain dividends and distributions by such
Restricted Subsidiaries, issue or sell shares of capital stock of such Restricted
Subsidiaries, enter into or permit certain transactions with Affiliates, create
or incur Liens, make asset sales, impair certain security interests, issue
certain guarantees and designate Restricted and Unrestricted Subsidiaries.

 

A-1-6

 

The Indenture also
imposes limitations on the ability of the Issuers to consolidate or merge with
or into any other Person or convey, transfer or lease all or substantially all
its property.

 

5.                          Optional
Redemption

 

(a)    At any time prior to October 15, 2011, the
Issuers may redeem the Notes in whole or in part, at their option, upon not
less than 30 nor more than 60 days’ prior notice at a redemption price equal to
100% of the principal amount of such Notes plus the relevant Applicable Premium
as of, and accrued and unpaid interest and Additional Interest, if any, to the
applicable redemption date.

 

(b)    At any time and from time to time on or
after October 15, 2011, the Issuers may redeem the Notes, in whole or in part,
at a redemption price equal to the percentage of principal amount set forth
below plus accrued and unpaid interest to the redemption date.

 

	
  12-month
  period commencing October 15, in Year

  	
   

  	
  Percentage

  	
   

  
	
  2011

  	
   

  	
  104.313

  	
  %

  
	
  2012

  	
   

  	
  102.875

  	
  %

  
	
  2013

  	
   

  	
  101.438

  	
  %

  
	
  2014 and thereafter

  	
   

  	
  100.000

  	
  %

  

 

(c)    At any time and from time to time prior to
October 15, 2009, the Issuers may redeem the Notes with the net cash proceeds
received by the Issuers from any Equity Offering at a redemption price equal to
108.625% plus accrued and unpaid interest to the redemption date, in an
aggregate principal amount for all such redemptions not to exceed 40% of the
original aggregate principal amount of the Notes (including Additional Notes), provided that

 

(1)    in each case the redemption takes place not
later than 180 days after the closing of the related Equity Offering, and

 

(2)    not less than 60% of the original aggregate
principal amount of the Euro Fixed Rate Senior Unsecured Notes initially issued
remains outstanding immediately thereafter.

 

(d)    Any redemption and notice of redemption may,
at the Company’s discretion, be subject to the satisfaction of one or more
conditions precedent (including, in the case of a redemption related to an
Equity Offering, the consummation of such Equity Offering).

 

6.             Optional Tax Redemption

 

The Issuers or
Successor Company may redeem any series of Notes in whole as to such series,
but not in part, at any time upon giving not less than 30 nor more than 60
days’ notice to the Holders of the relevant series of

 

A-1-7

 

Notes (which notice will
be irrevocable) at a redemption price equal to 100% of the principal amount
thereof, together with accrued and unpaid interest, if any, including
Additional Interest, if any, to the date fixed for redemption (a “Tax
Redemption Date”) (subject
to the right of Holders of record on the relevant record date to receive
interest due on the relevant interest payment date) and all Additional Amounts,
if any, then due and which will become due on the Tax Redemption Date as a
result of the redemption or otherwise, if any, if the Issuers, Successor
Company or Guarantor determines in good faith that, as a result of:

 

(1)    any change in, or amendment to, the law (or
any regulations or rulings promulgated thereunder) of a Relevant Taxing
Jurisdiction affecting taxation; or

 

(2)    any change in, or amendment to, an official
position regarding the application, administration or interpretation of such
laws, regulations or rulings (including a holding, judgment or order by a court
of competent jurisdiction) of a Relevant Taxing Jurisdiction (each of the
foregoing in clauses (1) and (2), a “Change in Tax Law”),

 

the Issuers, Successor
Company or Guarantor are, or on the next interest payment date in respect of
the relevant series of Notes would be, required to pay any Additional Amounts,
and such obligation cannot be avoided by taking reasonable measures available
to the Issuers, Successor Company or Guarantor (including, for the avoidance of
doubt, the appointment of a new Paying Agent where this would be reasonable but
not including assignment of the obligation to make payment with respect to the
Notes). In the case of redemption due to withholding as a result of a Change in
Tax Law in a jurisdiction that is a Relevant Taxing Jurisdiction at October 5,
2006, such Change in Tax Law must become effective on or after October 5, 2006.
In the case of redemption due to withholding as a result of a Change in Tax Law
in a jurisdiction that becomes a Relevant Taxing Jurisdiction after October 5,
2006, such Change in Tax Law must become effective on or after the date the
jurisdiction becomes a Relevant Taxing Jurisdiction, unless the Change in Tax
Law would have applied to the predecessor of the Successor Company. Notice of
redemption for taxation reasons will be published in accordance with the
procedures described in paragraph 8. Notwithstanding the foregoing, no such
notice of redemption will be given (a) earlier than 90 days prior to the
earliest date on which the Payor would be obliged to make such payment of
Additional Amounts and (b) unless at the time such notice is given, such
obligation to pay such Additional Amounts remains in effect. Prior to the
publication or mailing of any notice of redemption of any series of Notes
pursuant to the foregoing, the Issuers will deliver to the Trustee (a) an
Officer’s Certificate stating that it is entitled to effect such redemption and
setting forth a statement of facts showing that the conditions precedent to its
right so to redeem have been satisfied and (b) an opinion of an independent tax
counsel of recognized standing to the effect that the Issuers have been or will
become obligated to pay Additional Amounts as a result of a Change in Tax Law.
The

 

A-1-8

 

Trustee will accept such
Officer’s Certificate and opinion as sufficient evidence of the satisfaction of
the conditions precedent described above, without further inquiry, in which
event it will be conclusive and binding on the holders of the Notes.

 

7.             Sinking Fund

 

The Issuers are
not required to make mandatory redemption payments or sinking fund payments
with respect to the Notes.

 

8.             Notice of Redemption

 

At least 30 days
but not more than 60 days before a date for redemption of Notes, the Issuers
shall transmit a notice of redemption in accordance with Section 13.03 of the
Indenture and as provided below.

 

If less than all
of any series of Notes is to be redeemed at any time, the Trustee will select
Notes for redemption in compliance with the requirements of the principal
securities exchange, if any, on which that series of Notes is listed, as
certified to the Trustee by the Issuers, and/or in compliance with the
requirements of Euroclear or Clearstream, as applicable, or if the Notes are
not so listed or such exchange prescribes no method of selection and the Notes
are not held through Euroclear or Clearstream, as applicable, prescribes no
method of selection, on a pro rata basis; provided, however, that no Note of €50,000
in aggregate principal amount or less shall be redeemed in part.

 

If any Note is to
be redeemed in part only, the notice of redemption that relates to that Note
shall state the portion of the principal amount thereof to be redeemed, in
which case a portion of the original Note will be issued in the name of the
Holder thereof upon cancellation of the original Note. In the case of a Global
Note, an appropriate notation will be made on such Note to decrease the
principal amount thereof to an amount equal to the unredeemed portion thereof.
Subject to the terms of the applicable redemption notice (including any
conditions contained therein), Notes called for redemption become due on the
date fixed for redemption. On and after the redemption date, interest ceases to
accrue on Notes or portions of them called for redemption.

 

9.             Additional Amounts

 

The Issuers are
required to make all payments under or with respect to the Notes or the Note
Guarantees free and clear of and without withholding or deduction for or on
account of any present or future Taxes in accordance with Section 4.02 of the
Indenture.

 

10.                    Repurchase
of Notes at the Option of Holders upon (i)  a
Change of Control and (ii) the occurrence of certain Asset Dispositions

 

If a Change of
Control occurs, each Holder of Notes will have the right, subject to certain
conditions specified in the Indenture, to require the Issuers

 

A-1-9

 

to repurchase all of the
Notes of such Holder at a purchase price equal to 101% of the principal amount
of the Notes to be repurchased plus accrued and unpaid interest, if any, to the
date of purchase (subject to the right of Holders of record on the relevant
record date to receive interest due on the relevant interest payment date) as
provided in, and subject to the terms of, the Indenture.

 

In accordance with
Section 4.09 of the Indenture, the Issuers will be required to offer to
purchase Notes upon the occurrence of certain events, including certain Asset
Dispositions.

 

11.           Denominations; Transfer; Exchange

 

The Notes are in
registered form without interest coupons in minimum denominations of €50,000
and multiples of €1,000 in excess thereof. A Holder may transfer or exchange
Notes in accordance with the Indenture. In connection with any such transfer or
exchange, the Indenture will require the transferring or exchanging Holder to,
among other things, furnish appropriate endorsements and transfer documents, to
furnish information regarding the account of the transferee at Euroclear or
Clearstream, where appropriate, to furnish certain certificates and opinions,
and to pay any taxes, duties and governmental charges in connection with such
transfer or exchange. Any such transfer or exchange will be made without charge
to the Holder, other than any taxes, duties and governmental charges payable in
connection with such transfer.

 

12.           Persons Deemed Owners

 

Except as provided in paragraph 2 of this Note, the
registered Holder of this Note will be treated as the owner of it for all
purposes.

 

13.           Unclaimed Money

 

If money for the
payment of principal or interest remains unclaimed for two years, the Trustee
or Paying Agent shall pay the money back to the Issuers at their written
request unless an abandoned property law designates another Person. After any
such payment, Holders entitled to the money must look to the Issuers for
payment as general creditors and the Trustee and the Paying Agent shall have no
further liability with respect to such monies.

 

14.           Discharge and Defeasance

 

Subject to certain
conditions, the Issuers at any time may terminate some of or all their
obligations under the Notes and the Indenture if the Issuers, among other
things, deposit or cause to be deposited with the Trustee money or European
Government Obligations denominated in euro in such amounts as will be
sufficient for the payment of the entire Indebtedness including principal of,
premium, if any, and interest on the Notes to the date of redemption or
maturity, as the case may be.

 

A-1-10

 

15.           Amendment, Waiver

 

The Indenture and
the Notes may be amended as set forth in the Indenture.

 

16.                    Defaults
and Remedies

 

The following
events constitute “Events of Default”  under the Indenture: An “Event of
Default”  occurs
if or upon:

 

(1)    default in any payment of interest or
Additional Interest, if any, on any Note issued under the Indenture when due
and payable, continued for 30 days;

 

(2)    default in the payment of the principal
amount of or premium, if any, on any Note issued under the Indenture when due
at its Stated Maturity, upon optional redemption, upon required repurchase,
upon declaration or otherwise;

 

(3)    failure to comply for 30 days after written
notice by the Trustee on behalf of the Holders or by the Holders of 30% in
principal amount of the outstanding Notes with any of its obligations under
Article 4 and 5 of the Indenture (in each case, other than a failure to
purchase Notes which will constitute an Event of Default under Section
6.01(a)(2) of the Indenture);

 

(4)    failure to comply for 60 days after notice
by the Trustee on behalf of the Holders or by the Holders of 30% in principal
amount of the outstanding Notes with its other agreements contained in the
Indenture;

 

(5)    default under any mortgage, indenture or
instrument under which there may be issued or by which there may be secured or
evidenced any Indebtedness for money borrowed by either Issuer or any of its
Restricted Subsidiaries (or the payment of which is Guaranteed by either Issuer
or any of its Restricted Subsidiaries) other than Indebtedness owed to either
Issuer or a Restricted Subsidiary whether such Indebtedness or Guarantee now
exists, or is created after the date hereof, which default:

 

(a)         is caused by a failure to pay principal
of, or interest or premium, if any, on such Indebtedness, immediately upon the
expiration of the grace period provided in such Indebtedness; or

 

(b)        results in the acceleration of such
Indebtedness prior to its maturity;

 

and,
in each case, the principal amount of any such Indebtedness, together with the
principal amount of any other such Indebtedness under which there has been a
payment default or the maturity of which has been so accelerated, aggregates
€100 million or more;

 

(6)    either Issuer or any of the Restricted Subsidiaries
institutes or consents to the institution of any proceeding under any Debtor
Relief Law, or

 

A-1-11

 

makes an assignment for
the benefit of creditors; or applies for or consents to the appointment of any
receiver, trustee, custodian, conservator, liquidator, rehabilitator,
administrator, administrative receiver or similar office is appointed without
the application or consent of such Person and the appointment continues
undischarged or unstayed for sixty (60) calendar days; or any proceeding under
any Debtor Relief Law relating to any such Person or to all or any material
part of its property or assets is instituted without the consent of such Person
and continues undismissed or unstayed for (60) calendar days, or an order for
relief is entered in any such proceeding;

 

(7)    failure by the Issuers or any Significant
Subsidiary or group of Restricted Subsidiaries that, taken together (as of the
latest audited consolidated financial statements for the Issuers and their
Restricted Subsidiaries), would constitute a Significant Subsidiary to pay
final judgments aggregating in excess of €100 million (exclusive of any amounts
that a solvent insurance company has acknowledged liability for), which
judgments are not paid, discharged or stayed for a period of 60 days after the
judgment becomes final; or

 

(8)    any Guarantee ceases to be in full force and
effect, other than in accordance with the terms of the Indenture or a Guarantor
denies or disaffirms its obligations under its Guarantee, other than in
accordance with the terms thereof or upon release of the Guarantee in
accordance with the Indenture.

 

However, a default
under Sections 6.01(a)(3), 6.01(a)(4), 6.01(a)(5) and 6.01(a)(7) of the
Indenture will not constitute an Event of Default until the Trustee or the
Holders of 30% in principal amount of the outstanding Notes under the Indenture
notify either Issuer of the default and the Issuers do not cure such default
within the time specified in Sections 6.01 (a)(3), 6.01(a)(4), 6.01(a)(5) or
6.01(a)(7) of the Indenture, as applicable, after receipt of such notice.

 

If an Event of
Default occurs and is continuing the Trustee by notice to either Issuer or the
Holders of at least 30% in principal amount of the outstanding Notes under the
Indenture by written notice to either Issuer, may, and the Trustee at the
request of such Holders shall, declare the principal of, premium, if any, and
accrued and unpaid interest, including Additional Interest, if any, on all the
Notes to be due and payable immediately. Notwithstanding the foregoing, in the
case of an Event of Default arising from certain events of bankruptcy or
insolvency, the principal of, premium, if any, and accrued and unpaid interest,
including Additional Interest, if any, on all the Notes will become due and
payable immediately without any declaration.

 

17.           Trustee Dealings with the Issuers

 

The Trustee under
the Indenture, in its individual or any other capacity, may become the owner or
pledgee of Notes and may otherwise deal with and collect obligations owed to it
by the Issuers or their Affiliates and may

 

A-1-12

 

otherwise deal with the
Issuers or their Affiliates with the same rights it would have if it were not
Trustee.

 

18. No Recourse
Against Others

 

No director,
manager, officer, employee, incorporator or shareholder of either Issuer or any
of its Subsidiaries or any parent company of either Issuer shall have any
liability for any obligations of either Issuer or any Subsidiary with respect
to the Notes or the Indenture, or for any claim based on, in respect of, or by
reason of such obligations or their creation. Each Holder by accepting a Note waives and releases all such
liability. The waiver and release are part of the consideration for issuance of
the Notes.

 

19. Authentication

 

This Note shall
not be valid until an authorized signatory of the Trustee (or an authenticating
agent acting on its behalf) manually signs the certificate of authentication on
the other side of this Note. The signature shall be conclusive evidence that
the security has been authenticated under the Indenture.

 

20. Abbreviations

 

Customary
abbreviations may be used in the name of a Holder or an assignee, such as TEN
COM (=tenants in common), TEN ENT (=tenants by the entireties), JT TEN (=joint
tenants with rights of survivorship and not as tenants in common), CUST
(=custodian), and U/G/M/A (=Uniform Gift to Minors Act).

 

21. Governing Law

 

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

 

22. Common Codes and
ISIN Numbers

 

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

 

The
Issuers will furnish to any Holder of Notes upon written request and without
charge to the Holder a copy of the Indenture which has in it the test of this
Note.

 

A-1-13

 

[FORM OF ASSIGNMENT FORM]

 

To assign this Note, fill in the form below:

 

I or we assign and
transfer this Note to:

 

	
   

  
	
  (Print or type assignee’s legal name)

  
	
   

  
	
   

  
	
  (Insert assignee’s soc. sec. or tax I.D. No.)

  
	
   

  
	
   

  
	
   

  
	
   

  
	
   

  
	
  (Insert assignee’s name, address and zip code)

  
	
   

  
	
  and irrevocably appoint

  
	
   

  
	
   

  
	
   

  
	
  to transfer this Note
  on the books of the Issuers. The agent may substitute another to act for him.

  

 

 

	
  Date:

  	
   

  	
   

  
	
   

  
	
  Your Signature:

  
	
   

  
	
   

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

  
	
   

  
	
  Signature Guarantee*:

  	
   

  
				

 

*(Signature must be guaranteed by a participant in a
recognized signature guaranty medallion program or other signature guarantor
acceptable to the Trustee)

 

A-1-14

 

[FORM OF CERTIFICATE TO BE DELIVERED UPON EXCHANGE

OR REGISTRATION OF TRANSFER RESTRICTED NOTES]

 

This certificate
relates to € principal amount of Notes held in (check applicable box) o
book-entry or o definitive
registered form by the undersigned.

 

The undersigned (check
one box below):

 

o                      has
requested the Trustee by written order to deliver, in exchange for its
beneficial interest in the Global Note held by the Depositary, a Definitive
Note in definitive, registered form of authorized denominations and an
aggregate principal amount equal to its beneficial interest in such Global Note
(or the portion thereof indicated above);

 

o                      has
requested the Trustee by written order to exchange or register the transfer of
a Note.

 

In connection with any
transfer of any of the Notes evidenced by this certificate occurring prior to
the expiration of the period referred to in Rule 144(k) under the Securities
Act, the undersigned confirms that such Notes are being transferred in
accordance with its terms:

 

CHECK ONE BOX BELOW

 

(1)                    o     to the Issuers; or

 

(2)                    o     to the Registrar for registration in
the name of the Holder, without transfer; or

 

(3)                    o     pursuant to an effective registration
statement under the U.S. Securities Act of 1933; or

 

(4)                    o     inside the United States to a
“qualified institutional buyer” (as defined in Rule 144A under the Securities
Act of 1933) that purchases for its own account or for the account of a
qualified institutional buyer to whom notice is given that such transfer is
being made in reliance on Rule 144A, in each case pursuant to and in compliance
with Rule 144A under the Securities Act of 1933; or

 

(5)                    o     outside the United States in an
offshore transaction within the meaning of Regulation S under the Securities
Act in compliance with Rule 904 under the Securities Act of 1933 and such Note
shall be held immediately after the transfer through Euroclear or Clearstream until
the expiration of the Restricted Period (as defined in the Indenture); or

 

A-1-15

 

(6)                    o     pursuant to Rule 144 under the U.S.
Securities Act of 1933 or another available exemption from registration.

 

Unless one of the
boxes is checked, the Trustee will refuse to register any of the Notes
evidenced by this certificate in the name of any Person other than the
registered Holder thereof, provided,
however, that if box (5) or (6) is checked, the Trustee may require,
prior to registering any such transfer of the Notes, such legal opinions,
certifications and other information as the Trustee or the Issuers have
reasonably requested to confirm that such transfer is being made pursuant to an
exemption from, or in a transaction not subject to, the registration
requirements of the U.S. Securities Act of 1933.

 

	
  Date:

  	
   

  	
   

  
	
   

  
	
  Your Signature:

  
	
   

  
	
   

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

  
	
   

  
	
  Signature Guarantee*:

  	
   

  
				

 

*(Signature must be
guaranteed by a participant in a recognized signature guaranty medallion
program or other signature guarantor acceptable to the Trustee)

 

TO BE COMPLETED BY
PURCHASER IF (4) ABOVE IS CHECKED.

 

The undersigned
represents and warrants that it is purchasing this Note for its own account or
an account with respect to which it exercises sole investment discretion and
that it and any such account is a “qualified institutional buyer” within the
meaning of Rule 144A under the U.S. Securities Act of 1933, and is aware that
the sale to it is being made in reliance on Rule 144A and acknowledges that it
has received such information regarding the Issuers as the undersigned has
requested pursuant to Rule 144A or has determined not to request such
information and that it is aware that the transferor is relying upon the
undersigned’s foregoing representations in order to claim the exemption from
registration provided by Rule
144A.

 

	
  Date: 

  	
   

  	
   

  
	
  Signature:

  	
   

  
				

(to be executed by an executive officer of purchaser)

 

A-1-16

 

[TO BE ATTACHED TO GLOBAL NOTES]

 

[FORM OF SCHEDULE OF INCREASES OR DECREASES IN GLOBAL
NOTE]

 

The initial
principal amount of this Global Note is €[            ]. The following increases or
decreases in this Global Note have been made:

 

	
  Date of Increase/Decrease

  	
   

  	
  Amount
  of 

  Decrease in 

  Principal Amount 

  of this Global 

  Note

  	
   

  	
  Amount
  of 

  Increase in 

  Principal Amount 

  of this Global 

  Note

  	
   

  	
  Principal
  amount 

  of this Global 

  Note following 

  such decrease or 

  increase

  	
   

  	
  Signature
  of 

  authorized 

  signatory of 

  Trustee

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

A-1-17

 

[FORM OF OPTION OF HOLDER TO ELECT PURCHASE]

 

If you want to
elect to have this Note purchased by the Issuers pursuant to Section 4.03
(Change of Control) or Section 4.09 (Limitation on Sales of Assets and
Subsidiary Stock) of the Indenture, check the box:

 

	
  Asset
  Disposition o

  	
  Change
  of Control o

  

 

If you want to
elect to have only part of this Note purchased by the Issuers pursuant to
Section 4.03 or Section 4.09 of the Indenture, state the amount (minimum amount
of €50,000):

 

	
   

  	
  € 

  	
   

  	
   

  
	
   

  
	
  Date: 

  	
   

  	
   

  
	
   

  
	
  Your Signature:

  
	
   

  
	
   

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

  
	
   

  
	
  Signature

  
	
  Guarantee*: 

  	
   

  
						

 

*(Signature must be
guaranteed by a participant in a recognized signature guaranty medallion
program or other signature guarantor acceptable to the Trustee)

 

A-1-18

 

EXHIBIT A-2

 

[FORM OF DOLLAR NOTE]

 

91⁄2% Senior Notes due 2015

 

[Global Notes Legend]

 

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

 

TRANSFERS OF THIS
GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES
OF EUROCLEAR OR CLEARSTREAM OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S
NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO
TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE
REFERRED TO ON THE REVERSE HEREOF.

 

[[FOR REGULATION S
GLOBAL NOTE ONLY] UNTIL 40 DAYS AFTER THE CLOSING OF THE OFFERING, AN OFFER OR
SALE OF SECURITIES WITHIN THE UNITED STATES BY A DEALER (AS DEFINED IN THE U.S.
SECURITIES ACT) MAY VIOLATE THE REGISTRATION REQUIREMENTS OF THE U.S.
SECURITIES ACT IF SUCH OFFER OR SALE IS MADE OTHERWISE THAN IN ACCORDANCE WITH
RULE 144A THEREUNDER.]

 

[Restricted Notes Legend]

 

THIS NOTE HAS NOT
BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”) AND, ACCORDINGLY, MAY NOT BE OFFERED, SOLD, PLEDGED OR
OTHERWISE TRANSFERRED WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR
BENEFIT OF, U.S. PERSONS, EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A
TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT. THE NOTES ARE BEING OFFERED AND SOLD ONLY TO (1) “QUALIFIED INSTITUTIONAL
BUYERS” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) (“QIBS”) IN
COMPLIANCE WITH RULE I44A; AND (2) OUTSIDE THE UNITED STATES TO PERSONS OTHER
THAN U.S. PERSONS (“FOREIGN PURCHASERS”), WHICH TERM SHALL INCLUDE DEALERS OR
OTHER PROFESSIONAL FIDUCIARIES IN THE UNITED STATES ACTING ON A DISCRETIONARY
BASIS FOR FOREIGN BENEFICIAL OWNERS (OTHER THAN AN ESTATE OR TRUST), IN
RELIANCE UPON REGULATION S UNDER THE SECURITIES ACT. BY ITS ACQUISITION HEREOF
OR

 

A-2-1

 

OF A BENEFICIAL INTEREST
HEREIN, THE HOLDER (1) REPRESENTS THAT (A) (i) IT IS A QIB OR A REGISTERED
BROKER-DEALER ACTING FOR THE ACCOUNT OF A QIB, (ii) IT IS AWARE, AND EACH
BENEFICIAL OWNER OF SUCH NOTES HAS BEEN ADVISED, THAT THE SALE OF THE NOTES TO
IT IS BEING MADE IN RELIANCE ON RULE 144A, (iii) IT IS ACQUIRING SUCH NOTES FOR
ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB, AS THE CASE MAY BE, AND (iv) IT IS
AWARE THAT THE NOTES ARE “RESTRICTED SECURITIES” WITHIN THE MEANING OF THE
SECURITIES ACT OR (B) IT IS PURCHASING, AND THE PERSON, IF ANY, FOR WHOSE
ACCOUNT IT IS ACQUIRING THE NOTES IS PURCHASING, THE NOTES IN AN OFFSHORE
TRANSACTION, AS SUCH TERM IS DEFINED IN RULE 902 UNDER THE SECURITIES ACT, IN
ACCORDANCE WITH REGULATION S, (2) IS AWARE THAT THE NOTES HAVE NOT BEEN AND
WILL NOT BE REGISTERED UNDER THE SECURITIES ACT AND ARE BEING OFFERED IN THE
UNITED STATES IN RELIANCE ON RULE 144A IN A TRANSACTION NOT INVOLVING ANY
PUBLIC OFFERING IN THE UNITED STATES, (3) UNDERSTANDS THAT THE NOTES MAY NOT BE
REOFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (A) (i) TO A PERSON
WHOM THE PURCHASER REASONABLY BELIEVES IS A QIB IN A TRANSACTION MEETING THE
REQUIREMENTS OF RULE 144A, (ii) IN AN OFFSHORE TRANSACTION COMPLYING WITH RULE
903 OR RULE 904 OF REGULATION S, (iii) PURSUANT TO AN EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF
AVAILABLE), OR (iv) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
SECURITIES ACT AND (B) IN ACCORDANCE WITH ALL APPLICABLE SECURITIES LAWS OF THE
STATES OF THE UNITED STATES. NO REPRESENTATION CAN BE MADE AS TO THE
AVAILABILITY OF THE EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT
PROVIDED BY RULE 144 THEREUNDER FOR RESALES OF THE NOTES, AND (4) ACKNOWLEDGES
THAT THE INITIAL PURCHASERS AND OTHERS WILL RELY UPON THE TRUTH AND ACCURACY OF
THE FOREGOING REPRESENTATIONS AND AGREEMENTS.

 

[Each Definitive
Note shall bear the following additional legend:]

 

IN CONNECTION WITH
ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH
CERTIFICATES AND OTHER INFORMATION AS SUCH TRANSFER AGENT MAY REASONABLY
REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.

 

A-2-2

 

Common
Code. [       ]

ISIN No. [       ]

CUSIP [       ]

 

91⁄2% Senior Notes due 2015

 

No.
[     ]                                                                                                                                                                 $[     ]

 

NXP B.V.

NXP FUNDING LLC

 

NXP B.V., a company
organized under the laws of The Netherlands, and NXP Funding LLC, a limited
liability company organized under the laws of Delaware, jointly and severally
promise to pay to Cede & Co. or its registered assigns, the principal sum
of $[      ] [subject to adjustments listed on
the Schedule of Increases or Decreases in Global Note attached hereto](3), on
October 15, 2015.

 

Interest Payment Dates:
April 15 and October 15, commencing [      ].

 

Record Dates: April 1 and
October 1.

 

Additional provisions of
this Note are set forth on the other side of this Note.

 

(Signature page to follow.)

 

 

(3) Use the Schedule of
Increases and Decreases language if Note is in Global Form.

 

A-2-3

 

IN WITNESS WHEREOF, NXP
B.V. and NXP Funding LLC have caused this Note to be signed manually or by
facsimile by their duly authorized officers.

 

	
  Dated:

  	
   

  	
   

  	
  NXP B.V.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  NXP FUNDING LLC

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
   

  
							

 

This is one of the Notes
referred 

to in the Indenture.

 

	
  DEUTSCHE
  BANK TRUST COMPANY AMERICAS,

  as Trustee

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  (Authorized
  Signatory)

  	
   

  
					

 

A-2-4

 

[FORM OF BACK OF DOLLAR NOTE]

 

91⁄2% SENIOR NOTES DUE 2015

 

1.             Interest

 

NXP B.V., a
company organized under the laws of The Netherlands, and NXP Funding LLC, a
limited liability company organized under the laws of Delaware (together with
NXP B.V. and their respective successors and assigns under the Indenture
hereinafter referred to, being herein called “the Issuers”),
jointly and severally promise to pay interest on the principal amount of this
Note at the rate of 91⁄2% per
annum. The Issuers shall pay interest semi-annually on April 15 and October 15
of each year commencing on [     ]. The Issuers will make
each interest payment to Holders of record of the Notes on the immediately
preceding April 1 and October 1. Interest on the Notes shall accrue from the
most recent date to which interest has been paid or duly provided for or, if no
interest has been paid or duly provided for, from October 12, 2006 until the
principal hereof is due. Interest shall be computed on the basis of a 360-day
year comprised of twelve 30-day months. Each interest period shall end on (but
not include) the relevant interest payment date.

 

The Holders of
this Note are entitled to the benefits of the Registration Rights Agreement,
dated October 12, 2006, among the Issuers, the guarantors party thereto and the
Initial Purchasers named therein (the “Registration Rights Agreement”). The Holders of this Note are entitled to
the Additional Interest payable in the circumstances as set forth in the
Registration Rights Agreement.

 

2.             Method of Payment

 

Holders must
surrender Notes to the relevant Paying Agent to collect principal payments. The
Issuers shall pay principal, premium, if any, Applicable Amounts, if any, and
interest and Additional Interest, if any, in money of the United States of
America that at the time of payment is legal tender for payment of public and
private debts. Principal, premium, if any, Additional Amounts, if any, interest
and Additional Interest, if any, on the Global Notes will be payable at the
specified office or agency of one or more Paying Agents; provided that all such
payments with respect to Notes represented by one or more Global Notes
registered in the name of or held by a nominee of DTC will be made by wire
transfer of immediately available funds to the account specified by the Holder
or Holders thereof.

 

Principal,
premium, if any, Additional Amounts, if any, interest and Additional Interest,
if any, on any Definitive Notes will be payable at the specified office or
agency of one or more Paying Agents in New York, maintained for such purposes.
In addition, interest on the Definitive Notes may be paid by check mailed to
the person entitled thereto as shown on the register for the Definitive Notes; provided, however, that cash payments on
the Notes may also be made, in the case of a Holder of at least $1,000,000
aggregate principal amount of Notes, by wire transfer to a dollar account
maintained by the payee with a bank in the United States of America if such
Holder elects payment by wire transfer by giving written notice to the Trustee
or the Paying Agent to such effect designating such account no later than 30
days immediately preceding the relevant due date for payment (or such other
date as the Trustee may accept in its discretion).

 

A-2-5

 

If the due date
for any payment in respect of any Note is not a Business Day at the place in
which such payment is due to be paid, the Holder thereof will not be entitled
to payment of the amount due until the next succeeding Business Day at such
place, and will not be entitled to any further interest or other payment as a result
of any such delay.

 

3.             Paying Agent and Registrar

 

Initially,
Deutsche Bank Trust Company Americas will act as New York Registrar and U.S.
Dollar Paying Agent and Deutsche Bank Luxembourg S.A. will act as Registrar and
Transfer Agent. The Issuers may appoint and change any Registrar, Transfer
Agent and Paying Agent. The Issuers or any of its Restricted Subsidiaries may
act as Registrar, Transfer Agent and Paying Agent.

 

4.             Indenture

 

The Issuers issued
the Notes under the Indenture dated as of October 12, 2006 (the “Indenture”),
among the Issuers, the Guarantors party thereto and Deutsche Bank Trust Company
Americas, as Trustee (the “Trustee”).
The terms of the Notes include those stated in the Indenture.
Terms defined in the Indenture and not defined herein have the meanings
ascribed thereto in the Indenture. The Notes are subject to all terms and
provisions of the Indenture, and Holders (as defined in the Indenture) are
referred to the Indenture for a statement of such terms and provisions. In the
event of a conflict, the terms of the Indenture control.

 

The Notes are
senior obligations of the Issuers. This Note is one of the Notes referred to in
the Indenture. The Notes and the Additional Notes are treated as a single class
under the Indenture. The Indenture imposes certain limitations on the ability
of the Issuers and their Restricted Subsidiaries to, among other things, make
certain Investments and other Restricted Payments, pay dividends and other
distributions, incur Indebtedness and layer Indebtedness, enter into consensual
restrictions upon the payment of certain dividends and distributions by such
Restricted Subsidiaries, issue or sell shares of capital stock of such
Restricted Subsidiaries, enter into or permit certain transactions with
Affiliates, create or incur Liens, make asset sales, impair certain security
interests, issue certain guarantees and designate Restricted and Unrestricted
Subsidiaries. The Indenture also imposes limitations on the ability of the
Issuers to consolidate or merge with or into any other Person or convey,
transfer or lease all or substantially all its property.

 

5.             Optional Redemption

 

(a) At any time
prior to October 15, 2011, the Issuers may redeem the Notes in whole or in
part, at their option, upon not less than 30 nor more than 60 days’ prior
notice at a redemption price equal to 100% of the principal amount of such
Notes plus the relevant Applicable Premium as of, and accrued and unpaid
interest and Additional Interest, if any, to the applicable redemption date.

 

(b) At any time
and from time to time on or after October 15, 2011, the Issuers may redeem the
Notes, in whole or in part, at a redemption price equal to the percentage of
principal amount set forth below plus accrued and unpaid interest to the
redemption date.

 

A-2-6

 

	
  12-month
  period commencing October 15, in Year

  	
   

  	
  Percentage

  	
   

  
	
  2011

  	
   

  	
  104.750

  	
  %

  
	
  2012

  	
   

  	
  103.167

  	
  %

  
	
  2013

  	
   

  	
  101.583

  	
  %

  
	
  2014 and thereafter

  	
   

  	
  100.000

  	
  %

  

 

(c)    At any time and from time to time prior to
October 15, 2009, the Issuers may redeem the Notes with the net cash proceeds
received by the Issuers from any Equity Offering at a redemption price equal to
109.5% plus accrued and unpaid interest to the redemption date, in an aggregate
principal amount for all such redemptions not to exceed 40% of the original
aggregate principal amount of the Notes (including Additional Notes), provided that

 

(1)    in each case the redemption takes place not
later than 180 days after the closing of the related Equity Offering, and

 

(2)    not less than 60% of the original aggregate
principal amount of the Notes initially issued remains outstanding immediately
thereafter.

 

(d)    Any redemption and notice of redemption may,
at the Company’s discretion, be subject to the satisfaction of one or more
conditions precedent (including, in the case of a redemption related to an
Equity Offering, the consummation of such Equity Offering).

 

6.             Optional Tax Redemption

 

The Issuers or
Successor Company may redeem any series of Notes in whole as to such series,
but not in part, at any time upon giving not less than 30 nor more than 60
days’ notice to the Holders of the relevant series of Notes (which notice will
be irrevocable) at a redemption price equal to 100% of the principal amount
thereof, together with accrued and unpaid interest, if any, including
Additional Interest, if any, to the date fixed for redemption (a “Tax
Redemption Date”)  (subject
to the right of Holders of record on the relevant record date to receive
interest due on the relevant interest payment date) and all Additional Amounts,
if any, then due and which will become due on the Tax Redemption Date as a
result of the redemption or otherwise, if any, if the Issuers, Successor
Company or Guarantor determines in good faith that, as a result of:

 

(1)    any change in, or amendment to, the law (or
any regulations or rulings promulgated thereunder) of a Relevant Taxing
Jurisdiction affecting taxation; or

 

(2)    any change in, or amendment to, an official
position regarding the application, administration or interpretation of such
laws, regulations or rulings (including a holding, judgment or order by a court
of competent jurisdiction) of a Relevant Taxing Jurisdiction (each of the
foregoing in clauses (1) and (2), a “Change in Tax Law”),

 

the Issuers, Successor
Company or Guarantor are, or on the next interest payment date in respect of
the relevant series of Notes would be, required to pay any Additional Amounts,
and such obligation cannot be avoided by taking reasonable measures available to
the Issuers, Successor Company or Guarantor (including, for the avoidance of
doubt, the appointment of a new Paying

 

A-2-7

 

Agent where this would be
reasonable but not including assignment of the obligation to make payment with
respect to the Notes). In the case of redemption due to withholding as a result
of a Change in Tax Law in a jurisdiction that is a Relevant Taxing Jurisdiction
at October 5, 2006, such Change in Tax Law must become effective on or after
October 5, 2006. In the case of redemption due to withholding as a result of a
Change in Tax Law in a jurisdiction that becomes a Relevant Taxing Jurisdiction
after October 5, 2006, such Change in Tax Law must become effective on or after
the date the jurisdiction becomes a Relevant Taxing Jurisdiction, unless the
Change in Tax Law would have applied to the predecessor of the Successor
Company. Notice of redemption for taxation reasons will be published in
accordance with the procedures described in paragraph 8. Notwithstanding the
foregoing, no such notice of redemption will be given (a) earlier than 90 days
prior to the earliest date on which the Payor would be obliged to make such
payment of Additional Amounts and (b) unless at the time such notice is given,
such obligation to pay such Additional Amounts remains in effect. Prior to the
publication or mailing of any notice of redemption of any series of Notes
pursuant to the foregoing, the Issuers will deliver to the Trustee (a) an
Officer’s Certificate stating that it is entitled to effect such redemption and
setting forth a statement of facts showing that the conditions precedent to its
right so to redeem have been satisfied and (b) an opinion of an independent tax
counsel of recognized standing to the effect that the Issuers have been or will
become obligated to pay Additional Amounts as a result of a Change in Tax Law.
The Trustee will accept such Officer’s Certificate and opinion as sufficient
evidence of the satisfaction of the conditions precedent described above,
without further inquiry, in which event it will be conclusive and binding on
the holders of the Notes.

 

7.             Sinking Fund

 

The Issuers are
not required to make mandatory redemption payments or sinking fund payments
with respect to the Notes.

 

8.             Notice of Redemption

 

At least 30 days
but not more than 60 days before a date for redemption of Notes, the Issuers
shall transmit a notice of redemption in accordance with Section 13.03 of the
Indenture and as provided below.

 

If less than all
of any series of Notes is to be redeemed at any time, the Trustee will select
Notes for redemption in compliance with the requirements of the principal
securities exchange, if any, on which that series of Notes is listed, and/or in
compliance with the requirements of DTC, or if the Notes are not so listed or
such exchange prescribes no method of selection and the Notes are not held
through DTC, prescribes no method of selection, on a pro rata basis; provided,
however, that no Note of $75,000 in aggregate principal amount or less shall be
redeemed in part.

 

If any Note is to
be redeemed in part only, the notice of redemption that relates to that Note
shall state the portion of the principal amount thereof to be redeemed, in
which case a portion of the original Note will be issued in the name of the
Holder thereof upon cancellation of the original Note. In the case of a Global
Note, an appropriate notation will be made on such Note to decrease the
principal amount thereof to an amount equal to the unredeemed portion thereof.
Subject to the terms of the applicable redemption notice (including any
conditions contained therein), Notes called for redemption become due on the
date fixed for redemption. On

 

A-2-8

 

and after the redemption
date, interest ceases to accrue on Notes or portions of them called for
redemption.

 

9.             Additional Amounts

 

The Issuers are
required to make all payments under or with respect to the Notes or the Note
Guarantees free and clear of and without withholding or deduction for or on
account of any present or future Taxes in accordance with Section 4.02 of the
Indenture.

 

10.           Repurchase of Notes at the Option
of Holders upon (i) a Change of Control and (ii) the occurrence of certain
Asset Dispositions

 

If a Change of
Control occurs, each Holder of Notes will have the right, subject to certain
conditions specified in the Indenture, to require the Issuers to repurchase all
of the Notes of such Holder at a purchase price equal to 101% of the principal
amount of the Notes to be repurchased plus accrued and unpaid interest, if any,
to the date of purchase (subject to the right of Holders of record on the
relevant record date to receive interest due on the relevant interest payment
date) as provided in, and subject to the terms of, the Indenture.

 

In accordance with
Section 4.09 of the Indenture, the Issuers will be required to offer to
purchase Notes upon the occurrence of certain events, including certain Asset
Dispositions.

 

11.           Denominations; Transfer; Exchange

 

The Notes are in
registered form without interest coupons in minimum denominations of $75,000
and multiples of $1,000 in excess thereof. A Holder may transfer or exchange
Notes in accordance with the Indenture. In connection with any such transfer or
exchange, the Indenture will require the transferring or exchanging Holder to,
among other things, furnish appropriate endorsements and transfer documents, to
furnish information regarding the account of the transferee at DTC, where
appropriate, to furnish certain certificates and opinions, and to pay any
taxes, duties and governmental charges in connection with such transfer or
exchange. Any such transfer or exchange will be made without charge to the
Holder, other than any taxes, duties and governmental charges payable in
connection with such transfer.

 

12.           Persons Deemed Owners

 

Except as provided in paragraph 2 of this Note, the
registered Holder of this Note will be treated as the owner of it for all
purposes.

 

13.           Unclaimed Money

 

If money for the
payment of principal or interest remains unclaimed for two years, the Trustee
or Paying Agent shall pay the money back to the Issuers at their written
request unless an abandoned property law designates another Person. After any
such payment, Holders entitled to the money must look to the Issuers for
payment as general creditors and the Trustee and the Paying Agent shall have no
further liability with respect to such monies.

 

14.           Discharge and Defeasance

 

Subject to certain
conditions, the Issuers at any time may terminate some of or all their
obligations under the Notes and the Indenture if the Issuers, among other
things, deposit or

 

A-2-9

 

cause to be deposited
with the Trustee money or U.S. Government Obligations denominated in U.S.
dollars in such amounts as will be sufficient for the payment of the entire
Indebtedness including principal of, premium, if any, and interest on the Notes
to the date of redemption or maturity, as the case may be.

 

15.           Amendment, Waiver

 

The Indenture and
the Notes may be amended as set forth in the Indenture.

 

16.           Defaults and Remedies

 

The following
events constitute “Events of Default”  under the Indenture: An “Event of
Default”  occurs
if or upon:

 

(1)    default in any payment of interest or
Additional Interest, if any, on any Note issued under the Indenture when due
and payable, continued for 30 days;

 

(2)    default in the payment of the principal
amount of or premium, if any, on any Note issued under the Indenture when due
at its Stated Maturity, upon optional redemption, upon required repurchase,
upon declaration or otherwise;

 

(3)    failure to comply for 30 days after written
notice by the Trustee on behalf of the Holders or by the Holders of 30% in
principal amount of the outstanding Notes with any of its obligations under
Article 4 and 5 of the Indenture (in each case, other than a failure to
purchase Notes which will constitute an Event of Default under Section
6.01(a)(2) of the Indenture);

 

(4)    failure to comply for 60 days after notice
by the Trustee on behalf of the Holders or by the Holders of 30% in principal
amount of the outstanding Notes with its other agreements contained in the
Indenture;

 

(5)    default under any mortgage, indenture or
instrument under which there may be issued or by which there may be secured or
evidenced any Indebtedness for money borrowed by either Issuer or any of its
Restricted Subsidiaries (or the payment of which is Guaranteed by either Issuer
or any of its Restricted Subsidiaries) other than Indebtedness owed to either
Issuer or a Restricted Subsidiary whether such Indebtedness or Guarantee now
exists, or is created after the date hereof, which default:

 

(a)         is caused by a failure to pay principal
of, or interest or premium, if any, on such Indebtedness, immediately upon the
expiration of the grace period provided in such Indebtedness; or

 

(b)        results in the acceleration of such
Indebtedness prior to its maturity;

 

and,
in each case, the principal amount of any such Indebtedness, together with the
principal amount of any other such Indebtedness under which there has been a
payment default or the maturity of which has been so accelerated, aggregates
€100 million or more;

 

(6)    either Issuer or any of the Restricted
Subsidiaries institutes or consents to the institution of any proceeding under
any Debtor Relief Law, or makes an assignment for the

 

A-2-10

 

benefit of creditors; or
applies for or consents to the appointment of any receiver, trustee, custodian,
conservator, liquidator, rehabilitator, administrator, administrative receiver
or similar office is appointed without the application or consent of such
Person and the appointment continues undischarged or unstayed for sixty (60)
calendar days; or any proceeding under any Debtor Relief Law relating to any
such Person or to all or any material part of its property or assets is
instituted without the consent of such Person and continues undismissed or
unstayed for (60) calendar days, or an order for relief is entered in any such
proceeding;

 

(7)    failure by the Issuers or any Significant
Subsidiary or group of Restricted Subsidiaries that, taken together (as of the
latest audited consolidated financial statements for the Issuers and their
Restricted Subsidiaries), would constitute a Significant Subsidiary to pay
final judgments aggregating in excess of €100 million (exclusive of any amounts
that a solvent insurance company has acknowledged liability for), which
judgments are not paid, discharged or stayed for a period of 60 days after the
judgment becomes final; or

 

(8)    any Guarantee ceases to be in full force and
effect, other than in accordance with the terms of the Indenture or a Guarantor
denies or disaffirms its obligations under its Guarantee, other than in
accordance with the terms thereof or upon release of the Guarantee in
accordance with the Indenture.

 

However, a default
under Sections 6.01(a)(3), 6.01(a)(4), 6.01(a)(5) and 6.01(a)(7) of the
Indenture will not constitute an Event of Default until the Trustee or the
Holders of 30% in principal amount of the outstanding Notes under the Indenture
notify either Issuer of the default and the Issuers do not cure such default
within the time specified in Sections 6.01(a)(3), 6.01(a)(4), 6.01 (a)(5) or
6.01(a)(7) of the Indenture, as applicable, after receipt of such notice.

 

If an Event of
Default occurs and is continuing the Trustee by notice to either Issuer or the
Holders of at least 30% in principal amount of the outstanding Notes under the
Indenture by written notice to either Issuer, may, and the Trustee at the
request of such Holders shall, declare the principal of, premium, if any, and
accrued and unpaid interest, including Additional Interest, if any, on all the
Notes to be due and payable immediately. Notwithstanding the foregoing, in the
case of an Event of Default arising from certain events of bankruptcy or
insolvency, the principal of, premium, if any, and accrued and unpaid interest,
including Additional Interest, if any, on all the Notes will become due and
payable immediately without any declaration.

 

17.           Trustee Dealings with the Issuers

 

The Trustee under
the Indenture, in its individual or any other capacity, may become the owner or
pledgee of Notes and may otherwise deal with and collect obligations owed to it
by the Issuers or their Affiliates and may otherwise deal with the Issuers or
their Affiliates with the same rights it would have if it were not Trustee.

 

18.           No Recourse Against Others

 

No director,
manager, officer, employee, incorporator or shareholder of either Issuer or any
of its Subsidiaries or any parent company of either Issuer shall have any
liability for any obligations of either Issuer or any Subsidiary with respect
to the Notes or the Indenture, or for any claim based on, in respect of, or by
reason of such obligations or their creation. Each

 

A-2-11

 

Holder by accepting a
Note waives and releases all such liability. The waiver and release are part of
the consideration for issuance of the Notes.

 

19.           Authentication

 

This Note shall
not be valid until an authorized signatory of the Trustee (or an authenticating
agent acting on its behalf) manually signs the certificate of authentication on
the other side of this Note. The signature shall be conclusive evidence that
the security has been authenticated under the Indenture.

 

20.           Abbreviations

 

Customary
abbreviations may be used in the name of a Holder or an assignee, such as TEN
COM (=tenants in common), TEN ENT (=tenants by the entireties), JT TEN (=joint
tenants with rights of survivorship and not as tenants in common), CUST
(=custodian), and U/G/M/A (=Uniform Gift to Minors Act).

 

21.           Governing Law

 

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

 

22.           CUSIP Numbers, Common Codes and
ISIN Numbers

 

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

 

The
Issuers will furnish to any Holder of Notes upon written request and without
charge to the Holder a copy of the Indenture which has in it the text of this
Note.

 

A-2-12

 

[FORM OF ASSIGNMENT FORM]

 

To assign this Note, fill in the form below:

 

I or we assign and
transfer this Note to:

 

	
   

  
	
  (Print or type assignee’s legal name)

  
	
   

  
	
   

  
	
  (Insert assignee’s soc. sec. or tax I.D. No.)

  
	
   

  
	
   

  
	
   

  
	
   

  
	
   

  
	
  (Insert assignee’s name, address and zip code)

  
	
   

  
	
  and irrevocably appoint

  
	
   

  
	
   

  

to transfer this Note on
the books of the Issuers. The agent may substitute another to act for him.

 

 

	
  Date:

  	
   

  	
   

  

 

Your Signature:

 

 

	
   

  

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

 

	
  Signature Guarantee*:

  	
   

  

 

*(Signature must be
guaranteed by a participant in a recognized signature guaranty medallion
program or other signature guarantor acceptable to the Trustee)

 

A-2-13

 

[FORM OF CERTIFICATE TO BE DELIVERED UPON EXCHANGE OR 

REGISTRATION OF TRANSFER RESTRICTED NOTES]

 

This certificate
relates to $ principal amount of Notes held in (check applicable box) o
book-entry or o definitive
registered form by the undersigned.

 

The undersigned (check
one box below):

 

o                       has
requested the Trustee by written order to deliver, in exchange for its
beneficial interest in the Global Note held by the Depositary, a Definitive
Note in definitive, registered form of authorized denominations and an
aggregate principal amount equal to its beneficial interest in such Global Note
(or the portion thereof indicated above);

 

o                       has
requested the Trustee by written order to exchange or register the transfer of
a Note.

 

In connection with any
transfer of any of the Notes evidenced by this certificate occurring prior to
the expiration of the period referred to in Rule 144(k) under the Securities
Act, the undersigned confirms that such Notes are being transferred in accordance
with its terms:

 

CHECK ONE BOX BELOW

 

(1)    o            to the Issuers; or

 

(2)    o            to the Registrar for registration in
the name of the Holder, without transfer; or

 

(3)    o            pursuant to an effective
registration statement under the U.S. Securities Act of 1933; or

 

(4)                     o         inside the United States to a
“qualified institutional buyer” (as defined in Rule 144A under the Securities
Act of 1933) that purchases for its own account or for the account of a
qualified institutional buyer to whom notice is given that such transfer is
being made in reliance on Rule 144A, in each case pursuant to and in compliance
with Rule 144A under the Securities Act of 1933; or

 

(5)                     o         outside the United States in an
offshore transaction within the meaning of Regulation S under the Securities
Act in compliance with Rule 904 under the Securities Act of 1933 and such Note
shall be held immediately after the transfer through DTC until the expiration
of the Restricted Period (as defined in the Indenture); or

 

(6)                     o         pursuant to Rule 144 under the U.S. Securities
Act of 1933 or another available exemption from registration.

 

Unless one of the
boxes is checked, the Trustee will refuse to register any of the Notes
evidenced by this certificate in the name of any Person other than the
registered Holder thereof,

 

A-2-14

 

provided,
however, that if box (5) or (6) is checked, the Trustee may
require, prior to registering any such transfer of the Notes, such legal
opinions, certifications and other information as the Trustee or the Issuers
have reasonably requested to confirm that such transfer is being made pursuant
to an exemption from, or in a transaction not subject to, the registration
requirements of the U.S. Securities Act of 1933.

 

	
  Date:

  	
   

  	
   

  

 

Your Signature:

 

	
   

  

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

 

	
  Signature Guarantee*:

  	
   

  

 

* (Signature must be
guaranteed by a participant in a recognized signature guaranty medallion
program or other signature guarantor acceptable to the Trustee)

 

TO BE COMPLETED BY
PURCHASER IF (4) ABOVE IS CHECKED.

 

The undersigned
represents and warrants that it is purchasing this Note for its own account or
an account with respect to which it exercises sole investment discretion and
that it and any such account is a “qualified institutional buyer” within the
meaning of Rule 144A under the U.S. Securities Act of 1933, and is aware that
the sale to it is being made in reliance on Rule 144A and acknowledges that it
has received such information regarding the Issuers as the undersigned has
requested pursuant to Rule 144A or has determined not to request such
information and that it is aware that the transferor is relying upon the
undersigned’s foregoing representations in order to claim the exemption from
registration provided by Rule
144A.

 

	
  Date:

  	
   

  	
   

  	
   

  
	
  Signature:

  	
   

  

(to be executed by an executive officer of purchaser)

 

A-2-15

 

[TO BE ATTACHED TO GLOBAL NOTES]

 

[FORM OF SCHEDULE OF INCREASES OR DECREASES IN GLOBAL
NOTE]

 

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

 

	
  Date of
  

  Increase/Decrease

  	
   

  	
  Amount
  of Decrease in 

  Principal Amount of 

  this Global Note

  	
   

  	
  Amount
  of Increase in

  Principal Amount of 

  this Global Note

  	
   

  	
  Principal
  amount of 

  this Global Note

  following such 

  decrease or increase

  	
   

  	
  Signature
  of authorized

  signatory of Trustee

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

A-2-16

 

[FORM OF OPTION OF HOLDER TO ELECT PURCHASE]

 

If you want to
elect to have this Note purchased by the Issuers pursuant to Section 4.03
(Change of Control) or Section 4.09 (Limitation on Sales of Assets and
Subsidiary Stock) of the Indenture, check the box:

 

 

	
  Asset Disposition o

  	
  Change of Control o

  

 

If you want to
elect to have only part of this Note purchased by the Issuers pursuant to
Section 4.03 or Section 4.09 of the Indenture, state the amount (minimum amount
of $75,000):

 

	
  $

  	
   

  	
   

  

 

	
  Date:

  	
   

  	
   

  

 

Your Signature:

 

	
   

  

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

 

	
  Signature Guarantee*:

  	
   

  

 

*(Signature must be guaranteed by a participant in a
recognized signature guaranty medallion program or other signature guarantor
acceptable to the Trustee)

 

A-2-17

 

EXHIBIT B

 

[FORM OF CERTIFICATE OF TRANSFER]

 

[Deutsche Bank Trust
Company Americas

60 Wall Street

27th Floor

New York, NY 10005

USA]

 

Re: [Euro-denominated 85/8% Senior Unsecured Notes due 2015]
[Dollar-denominated 91⁄2% Senior Unsecured Notes due 2015] NXP B.V. and NXP
Funding LLC (the “Notes”)

 

Reference is
hereby made to the Senior Unsecured Indenture dated October 12, 2006 among NXP
B.V. and NXP Funding LLC, as Issuers, the guarantors party thereto and Deutsche
Bank Trust Company Americas, as Trustee (the “Indenture”). Capitalized terms used but not
defined herein shall have the meanings given to them in the Indenture.

 

                           
(the “Transferor”) owns and
proposes to transfer the Note/Notes or interest in such Note/Notes (the “Book-Entry Interest”) specified in Annex A
hereto, in the principal amount of
[€/$]                       
in such Note/Notes or interests (the “Transfer”),
to
                
(the “Transferee”), as further
specified in Annex A hereto. In connection with the Transfer, the Transferor
hereby certifies that:

 

[CHECK ALL THAT APPLY]

 

1. o
Check if Transfer is Pursuant to Rule 144A.
The Transfer is being effected pursuant to and in accordance with Rule 144A
under the U.S. Securities Act of 1933 (the “Securities Act”),  and, accordingly, the Transferor
hereby further certifies that the Book-Entry Interest or Definitive Note is
being transferred to a Person that the Transferor reasonably believed and
believes is purchasing the Book-Entry Interest or Definitive Note for its own
account, or for one or more accounts with respect to which such Person
exercises sole investment discretion, and such Person and each such account is
a “qualified institutional buyer” within the meaning of Rule 144A to whom
notice was given that the Transfer was being made in reliance on Rule 144A and
such Transfer is in compliance with any applicable securities laws of any state
of the United States or any other jurisdiction. Upon consummation of the
proposed Transfer in accordance with the terms of the Indenture, the
transferred Book-Entry Interest or Definitive Note will be subject to the
restrictions on transfer enumerated in the Restricted Notes Legend printed on
the Rule 144A Global Note and/or the Rule 144A Definitive Note and in the
Indenture and the Securities Act.

 

2. o
Check if Transfer is pursuant to
Regulation S. The Transfer is being effected pursuant to and in
accordance with Regulation S under the Securities Act and, accordingly, the
Transferor hereby further certifies that (i) the Transfer is not being made to
a person in the United States and (A) at the time the buy order was originated,
the Transferee was outside the United States or such Transferor and any Person
acting on its behalf reasonably believed and believes that the

 

B-1

 

Transferee was outside
the United States or (B) the transaction was executed in, on or through the
facilities of a designated offshore securities market and neither such
Transferor nor any Person acting on its behalf knows that the transaction was
prearranged with a buyer in the United States; (ii) no directed selling efforts
have been made in contravention of the requirements of Regulation S under the
Securities Act; (iii) the transaction is not part of a plan or scheme to evade
the registration requirements of the U.S. Securities Act; and (iv) the transfer
is not being made to a U.S. Person or for the account or benefit of a U.S.
Person (other than an Initial Purchaser). Upon consummation of the proposed
transfer in accordance with the terms of the Indenture, the transferred
beneficial interest or Definitive Note will be subject to the restrictions on
transfer printed on the Regulation S Global Note and/or the Regulation S
Definitive Note and contained in the Securities Act, the Indenture and any
applicable securities laws of any state of the United States or any other
jurisdiction.

 

3. o
Check if Transfer is Pursuant to Other
Exemption. (i) The Transfer is being effected pursuant to and in
compliance with an exemption from the registration requirements of the
Securities Act other than Rule 144 or Regulation S and in compliance with the
transfer restrictions contained in the Indenture and any applicable blue sky
securities laws of any State of the United States and (ii) the restrictions on
transfer contained in the Indenture and the Restricted Notes Legend are not
required in order to maintain compliance with the Securities Act. Upon
consummation of the proposed Transfer in accordance with the terms of the
Indenture, the transferred beneficial interest or Definitive Note will not be
subject to the restrictions on transfer enumerated in the Restricted Notes
Legend.

 

4. o
Check if Transfer as Pursuant to Rule 144.
(i) The Transfer is being effected pursuant to and in accordance with Rule 144
under the Securities Act and in compliance with the transfer restrictions
contained in the Indenture and any applicable securities laws of any state of
the United States or any other jurisdiction; (ii) the Transferor is not (and
during the three months preceding the Transfer was not) an Affiliate of the
Issuer, (iii) at least two years have elapsed since such Transferor (or any
previous transferor of such Book-Entry Interest or Definitive Note that was not
an Affiliate of the Issuers) acquired such Book-Entry Interest or Definitive
Note from the Issuers or an Affiliate of the Issuers, and (iv) the restrictions
on transfer contained in the Indenture and the Restricted Notes Legend are not
required in order to maintain compliance with the Securities Act. Upon
consummation of the proposed Transfer in accordance with the terms of the
Indenture, the transferred Book-Entry Interest or Rule 144A Definitive Note
will no longer be subject to the restrictions on transfer enumerated in the
Restricted Notes Legend printed on the Rule 144A Global Note and/or the Rule
144A Definitive Note and in the Indenture.

 

This certificate and the
statements contained herein are made for your benefit and the benefit of the
Issuers and the Trustee.

 

	
   

  	
   

  	
  [Insert Name of Transferor]

  
	
  

  	
   

  	
  By: 

  	
  

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  

 

 

	
  Dated:

  	
   

  	
   

  

 

 

B-2

EXHIBIT C

 

[FORM OF
OFFICER’S COMPLIANCE CERTIFICATE DELIVERED PURSUANT TO

SECTION 4.16 OF THE INDENTURE]

 

OFFICER’S
COMPLIANCE CERTIFICATE OF NXP B.V.

 

Pursuant to
Section 4.16 of the Senior Unsecured Indenture dated October 12, 2006 (the “Indenture”) among NXP B.V. (the “Company”) and NXP Funding LLC, as Issuers,
the guarantors party thereto and Deutsche Bank Trust Company Americas, as
Trustee, the undersigned, [•], [officer], of the Company, do hereby certify on
behalf of the Company that:

 

1.                         a review
of the activities of the Company during the preceding fiscal year has been made
under my supervision with a view to determining whether the Company has kept,
observed, performed and fulfilled its obligations under the Indenture;

 

2.                         as to the
best of my 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 of
the Indenture [or, if a Default or Event of Default shall have occurred,
describe all such Defaults or Events of Default of which you have knowledge and
what action the Company is taking or proposes to take with respect thereto] and
to the best of my knowledge no event has occurred and remains in existence by
reason of which payments on account of the principal of or interest or
Additional Amounts, if any, on the Notes is prohibited [or if such event has
occurred, give a description of the event and what action the Company is taking
or proposes to take with respect thereto].

 

C-1

 

IN WITNESS
WHEREOF, the undersigned has executed this Officer’s Certificate this [          ] day of [         ], 20[     
].

 

 

	
   

  	
  NXP B.V.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  by 

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
  Title:

  

 

C-2

 

EXHIBIT D

 

[FORM OF NOTE GUARANTEE SUPPLEMENT]

 

NOTE GUARANTEE
SUPPLEMENT dated as of 
                   ,
                 ,
between [NAME OF NOTE GUARANTOR] (the “Note Guarantor”), NXP B.V. (the “Company”) and Deutsche Bank Trust Company
Americas, as Trustee (the “Trustee”).

 

WHEREAS, the
Company, NXP Funding LLC, the Trustee and the Guarantors party thereto are
parties to a Senior Unsecured Indenture dated as of October 12, 2006 (as
amended and/or supplemented, the “Indenture”);

 

WHEREAS, Section
4.12 of the Indenture provides that Persons may become party to the Indenture
as Guarantors by execution and delivery of a supplement in the form of this
Note Guarantee Supplement; and

 

WHEREAS, terms
defined in the Indenture and not otherwise denned herein have, as used herein,
the respective meanings provided for therein;

 

NOW, THEREFORE, in
consideration of the foregoing and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:

 

2. Party to
Indenture. In accordance with Section 4.12 of the Indenture, on and
from the date of this Note Guarantee Supplement (the “Effective Date”), the Note Guarantor will become a
party to the Indenture and hereby agrees to provide an unconditional Guarantee
on the terms and subject to the conditions set forth in the Indenture including
but not limited to Article 10 thereof. The Note Guarantor will be bound by all
the provisions thereof as fully as if the Note Guarantor were one of the
original parties thereto.

 

3. No Recourse
Against Others. No past, present or future director, officer,
employee, incorporator, stockholder or agent of the Note Guarantor, as such,
shall have any liability for any obligations of the Company or any Guarantors
under the Notes, any Note Guarantees, the Indenture or this Note Guarantee
Supplement or for any claim based on, in respect of, or by reason of, such
obligations or their creation. Each Holder of the Notes by accepting a Note
waives and releases all such liability. The waiver and release are part of the
consideration for issuance of the Notes.

 

4. Notices. The
contact information of the Note Guarantor for purposes of notices under the
Indenture is as follows:

 

	
  [Address]

  Attention:

  Facsimile:

  E-mail:

  	
   

  	
   

  	
   

  

 

D-1

 

5. Governing
Law. This Note Guarantee Supplement shall be construed in accordance
with and governed by the laws of the State of New York.

 

6. The Trustee.
The Trustee shall not be responsible in any manner whatsoever for or
in respect of the validity or sufficiency of this Note Guarantee Supplement or
for or in respect of the recitals contained herein, all of which recitals are
made solely by the Note Guarantor and the Company.

 

7. [Guarantor
Limitations. In accordance with the Agreed Security Principles, the
following limitations apply to the Guarantee of the Note Guarantor:
[Limitations consistent with Agreed Security Principles to be specified here]]

 

D-2

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