Document:

exv4w1

 

Exhibit 4.1

EXECUTION COUNTERPART

 

 

REVOLVING CREDIT AGREEMENT

Dated as of

July 8, 2005

Among

TRANSOCEAN INC.,

as Borrower,

THE LENDERS PARTIES HERETO,

CITIBANK, N.A. ,

as Administrative Agent,

BANK OF AMERICA, N.A.,

as Syndication Agent,

JPMORGAN CHASE BANK, N.A.,

THE ROYAL BANK OF SCOTLAND PLC

and

SUNTRUST BANK

as Co-Documentation Agents,

CALYON CORPORATE AND INVESTMENT BANK,

MORGAN STANLEY BANK,

UBS LOAN FINANCE LLC

and

WELLS FARGO BANK, N.A.,

as Managing Agents

and

THE BANK OF NEW YORK,

THE BANK OF TOKYO-MITSUBISHI, LTD.,

HSBC BANK USA, NATIONAL ASSOCIATION

and

ING CAPITAL LLC,

as Co-Agents

and

CITIGROUP GLOBAL MARKETS INC.,

and

BANC OF AMERICA SECURITIES LLC,

as Co-Lead Arrangers

 

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	ARTICLE 1.
	 	DEFINITIONS; INTERPRETATION	 	 	1	 
	Section 1.1.
	 	Definitions	 	 	1	 
	Section 1.2.
	 	Time of Day	 	 	19	 
	Section 1.3.
	 	Accounting Terms; GAAP	 	 	19	 
	ARTICLE 2.
	 	THE CREDIT FACILITIES	 	 	19	 
	Section 2.1.
	 	Commitments for Revolving Loans	 	 	19	 
	Section 2.2.
	 	Types of Revolving Loans and Minimum Borrowing Amounts	 	 	20	 
	Section 2.3.
	 	Manner of Borrowings; Continuations and Conversions of Borrowings	 	 	20	 
	Section 2.4.
	 	Interest Periods	 	 	23	 
	Section 2.5.
	 	Funding of Loans	 	 	23	 
	Section 2.6.
	 	Applicable Interest Rates	 	 	24	 
	Section 2.7.
	 	Default Rate	 	 	25	 
	Section 2.8.
	 	Repayment of Loans; Evidence of Debt	 	 	26	 
	Section 2.9.
	 	Optional Prepayments	 	 	27	 
	Section 2.10.
	 	Mandatory Prepayments of Loans	 	 	28	 
	Section 2.11.
	 	Breakage Fees	 	 	28	 
	Section 2.12.
	 	Letters of Credit	 	 	29	 
	Section 2.13.
	 	Commitment Terminations	 	 	32	 
	Section 2.14.
	 	Increase of Commitments; Additional Lenders	 	 	33	 
	Section 2.15.
	 	Additional Interest Costs	 	 	34	 
	ARTICLE 3.
	 	FEES AND PAYMENTS	 	 	35	 
	Section 3.1.
	 	Fees	 	 	36	 
	Section 3.2.
	 	Place and Application of Payments	 	 	37	 
	Section 3.3.
	 	Withholding Taxes	 	 	38	 
	ARTICLE 4.
	 	CONDITIONS PRECEDENT	 	 	40	 
	Section 4.1.
	 	Initial Borrowing	 	 	40	 
	Section 4.2.
	 	All Borrowings	 	 	42	 
	ARTICLE 5.
	 	REPRESENTATIONS AND WARRANTIES	 	 	43	 
	Section 5.1.
	 	Corporate Organization	 	 	43	 
	Section 5.2.
	 	Power and Authority; Validity	 	 	43	 
	Section 5.3.
	 	No Violation	 	 	43	 
	Section 5.4.
	 	Litigation	 	 	43	 
	Section 5.5.
	 	Use of Proceeds; Margin Regulations	 	 	43	 
	Section 5.6.
	 	Investment Company Act	 	 	44	 
	Section 5.7.
	 	Public Utility Holding Company Act	 	 	44	 
	Section 5.8.
	 	True and Complete Disclosure	 	 	44	 
	Section 5.9.
	 	Financial Statements	 	 	44	 
	Section 5.10.
	 	No Material Adverse Change	 	 	45	 
	Section 5.11.
	 	Taxes	 	 	45	 
	Section 5.12.
	 	Consents	 	 	45	 
	Section 5.13.
	 	Insurance	 	 	45	 
	Section 5.14.
	 	Intellectual Property	 	 	45	 
	Section 5.15.
	 	Ownership of Property	 	 	45	 
	Section 5.16.
	 	Existing Indebtedness	 	 	45	 
	Section 5.17.
	 	Existing Liens	 	 	46	 

 

 

	 	 	 	 	 	 	 
	ARTICLE 6.
	 	COVENANTS	 	 	46	 
	Section 6.1.
	 	Corporate Existence	 	 	46	 
	Section 6.2.
	 	Maintenance	 	 	46	 
	Section 6.3.
	 	Taxes	 	 	46	 
	Section 6.4.
	 	ERISA	 	 	47	 
	Section 6.5.
	 	Insurance	 	 	47	 
	Section 6.6.
	 	Financial Reports and Other Information	 	 	47	 
	Section 6.7.
	 	Lender Inspection Rights	 	 	50	 
	Section 6.8.
	 	Conduct of Business	 	 	50	 
	Section 6.9.
	 	Restrictions on Fundamental Changes	 	 	50	 
	Section 6.10.
	 	Liens	 	 	51	 
	Section 6.11.
	 	Subsidiary Indebtedness	 	 	53	 
	Section 6.12.
	 	Use of Property and Facilities; Environmental Laws	 	 	55	 
	Section 6.13.
	 	Transactions with Affiliates	 	 	55	 
	Section 6.14.
	 	Sale and Leaseback Transactions	 	 	55	 
	Section 6.15.
	 	Compliance with Laws	 	 	55	 
	Section 6.16.
	 	Indebtedness to Total Tangible Capitalization Ratio	 	 	55	 
	ARTICLE 7.
	 	EVENTS OF DEFAULT AND REMEDIES	 	 	55	 
	Section 7.1.
	 	Events of Default	 	 	55	 
	Section 7.2.
	 	Non-Bankruptcy Defaults	 	 	57	 
	Section 7.3.
	 	Bankruptcy Defaults	 	 	58	 
	Section 7.4.
	 	Collateral for Undrawn Letters of Credit	 	 	58	 
	Section 7.5.
	 	Notice of Default	 	 	59	 
	Section 7.6.
	 	Expenses	 	 	59	 
	Section 7.7.
	 	Distribution and Application of Proceeds	 	 	59	 
	ARTICLE 8.
	 	CHANGE IN CIRCUMSTANCES	 	 	60	 
	Section 8.1.
	 	Change of Law	 	 	60	 
	Section 8.2.
	 	Unavailability of Deposits or Inability to Ascertain LIBOR Rate	 	 	61	 
	Section 8.3.
	 	Increased Cost and Reduced Return	 	 	61	 
	Section 8.4.
	 	Lending Offices	 	 	64	 
	Section 8.5.
	 	Discretion of Lender as to Manner of Funding	 	 	64	 
	Section 8.6.
	 	Substitution of Lender or Issuing Bank	 	 	64	 
	ARTICLE 9.
	 	THE AGENTS AND ISSUING BANK	 	 	64	 
	Section 9.1.
	 	Appointment and Authorization of Administrative Agent and Other Agents	 	 	65	 
	Section 9.2.
	 	Rights and Powers	 	 	65	 
	Section 9.3.
	 	Action by Administrative Agent and the Other Agents	 	 	65	 
	Section 9.4.
	 	Consultation with Experts	 	 	66	 
	Section 9.5.
	 	Indemnification Provisions; Credit Decision	 	 	66	 
	Section 9.6.
	 	Indemnity	 	 	67	 
	Section 9.7.
	 	Resignation	 	 	67	 
	Section 9.8.
	 	Sub-Agent	 	 	68	 
	ARTICLE 10.
	 	MISCELLANEOUS	 	 	68	 
	Section 10.1.
	 	No Waiver	 	 	68	 
	Section 10.2.
	 	Non-Business Day	 	 	68	 
	Section 10.3.
	 	Documentary Taxes	 	 	68	 
	Section 10.4.
	 	Survival of Representations	 	 	69	 
	Section 10.5.
	 	Survival of Indemnities	 	 	69	 
	Section 10.6.
	 	Setoff	 	 	69	 
	Section 10.7.
	 	Notices	 	 	70	 
	Section 10.8.
	 	Counterparts	 	 	71	 

ii

 

	 	 	 	 	 	 	 
	Section 10.9.
	 	Successors and Assigns	 	 	71	 
	Section 10.10.
	 	Sales and Transfers of Borrowing and Notes; Participations in Borrowings and Notes	 	 	72	 
	Section 10.11.
	 	Amendments, Waivers and Consents	 	 	75	 
	Section 10.12.
	 	Headings	 	 	75	 
	Section 10.13.
	 	Legal Fees, Other Costs and Indemnification	 	 	75	 
	Section 10.14.
	 	Governing Law; Submission to Jurisdiction; Waiver of Jury Trial	 	 	76	 
	Section 10.15.
	 	Confidentiality	 	 	78	 
	Section 10.16.
	 	Effectiveness	 	 	78	 
	Section 10.17.
	 	Severability	 	 	79	 
	Section 10.18.
	 	Currency Conversion	 	 	79	 
	Section 10.19.
	 	Exchange Rates	 	 	80	 
	Section 10.20.
	 	Change in Accounting Principles, Fiscal Year or Tax Laws	 	 	81	 
	Section 10.21.
	 	Final Agreement	 	 	81	 
	Section 10.22.
	 	Officer’s Certificates	 	 	81	 
	Section 10.23.
	 	Effect of Inclusion of Exceptions	 	 	81	 

Exhibits:

	 	 	 	 	 
	Exhibit 2.3

	 	-
	 	Form of Borrowing Request
	Exhibit 2.8A

	 	-
	 	Form of Master Note
	Exhibit 2.12A

	 	-
	 	Form of Issuance Request
	Exhibit 2.12B

	 	-
	 	Form of Letter of Credit Application
	Exhibit 2.15

	 	-
	 	Mandatory Cost Rate
	Exhibit 21.4C

	 	-
	 	Form of Joinder Agreement
	Exhibit 4.1A

	 	-
	 	Form of Opinion of Baker Botts LLP
	Exhibit 4.1B

	 	-
	 	Form of Opinion of William Turcotte
	Exhibit 4.1C

	 	-
	 	Form of Opinion of Walkers
	Exhibit 6.6

	 	-
	 	Form of Compliance Certificate
	Exhibit 6.11

	 	-
	 	Form of Subsidiary Guaranty
	Exhibit 10.10

	 	-
	 	Form of Assignment Agreement

Schedules:

	 	 	 	 	 
	Schedule 5.16

	 	-
	 	Existing Indebtedness
	Schedule 5.17

	 	-
	 	Existing Liens

iii

 

REVOLVING CREDIT AGREEMENT

     THIS REVOLVING CREDIT AGREEMENT (the “Agreement”), dated as of July 8, 2005, among
TRANSOCEAN INC. (the “Borrower”), a Cayman Islands company, the lenders from time to time parties
hereto (each a “Lender” and collectively, the “Lenders”), CITIBANK, N.A., as administrative agent
for the Lenders (in such capacity, the “Administrative Agent”), BANK OF AMERICA, N.A., as
syndication agent for the Lenders (in such capacity, the “Syndication Agent”), JPMORGAN CHASE BANK,
N.A., THE ROYAL BANK OF SCOTLAND, PLC and SUNTRUST BANK, as co-documentation agents for the Lenders
(in such capacity, the “Co-Documentation Agents”), and BANK OF AMERICA, N.A., as issuing bank of
the Letters of Credit hereunder (Bank of America, N.A. and any other Lender that issues a Letter of
Credit hereunder, in such capacity, an “Issuing Bank”).

WITNESSETH:

     WHEREAS, the Borrower has requested that the Lenders establish in its favor a revolving credit
facility in the aggregate principal amount of U.S. $500,000,000 (as such amount may increase or
decrease in accordance with the terms hereof), pursuant to which facility revolving loans would be
made to, and letters of credit would be issued for the account of, the Borrower;

     WHEREAS, the Borrower has further requested that a portion of such loans and letters of credit
be made and issued in certain currencies other than U.S. dollars in an aggregate principal amount
up to the U.S. dollar equivalent of $200,000,000; and

     WHEREAS, the Lenders are willing to make such revolving credit facility available to the
Borrower on the terms and subject to the conditions and requirements hereinafter set forth;

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

ARTICLE 1. DEFINITIONS; INTERPRETATION.

     Section 1.1. Definitions. Unless otherwise defined herein, the following terms shall
have the following meanings, which meanings shall be equally applicable to both the singular and
plural forms of such terms:

     “Additional Commitment Amount” shall have the meaning set forth in Section 2.14.

     “Additional Lender” shall have the meaning set forth in Section 2.14.

     “Adjusted LIBOR” means, for any Borrowing of Eurocurrency Loans for any Interest Period, a
rate per annum determined in accordance with the following formula:

	 	 	 	 	 
	Adjusted LIBOR
	 	=
	 	LIBOR Rate for such Interest Period
	 
	 	 	 	 
	 
	 	 	 	1.00 – Statutory Reserve Rate

 

 

     “Adjusted LIBOR Loan” means a Eurocurrency Loan bearing interest at a rate based on Adjusted
LIBOR as provided in Section 2.6(b).

     “Administrative Agent” means Citibank, N.A., acting in its capacity as administrative agent
for the Lenders, and any successor Administrative Agent appointed hereunder pursuant to Section
9.7.

     “Administrative Agent’s Account” means (a) in the case of Loans and Letters of Credit
denominated in U.S. Dollars, the account of the Administrative Agent maintained by the
Administrative Agent at its office at Two Penns Way, New Castle, Delaware 19720, Account No.
36852248, Attention: Bank Loan Syndications, (b) in the case of Loans and Letters of Credit
denominated in any other currency, the account of the Administrative Agent or the Sub-Agent
designated in writing from time to time by the Administrative Agent to the Borrower and the Lenders
for such purpose, and (c) in any such case, such other account of the Administrative Agent or the
Sub-Agent as is designated in writing from time to time by the Administrative Agent to the Borrower
and the Lenders for such purpose.

     “Administrative Questionnaire” means, with respect to each Lender, an administrative
questionnaire in the form prepared by the Administrative Agent and submitted to the Administrative
Agent duly completed by such Lender.

     “Agreement” means this Revolving Credit Agreement, as the same may be amended, restated and
supplemented from time to time.

     “Applicable Facility Fee Rate” means, for any day, at such times as a rating (either express
or implied) by S&P, Moody’s or Fitch is in effect on the Borrower’s non-credit enhanced senior
unsecured long-term debt, the percentage per annum set forth opposite such debt rating:

	 	 	 	 	 
	Debt Rating(S&P and Fitch/Moody’s)	 	Percentage	 
	A/A2 or above
	 	 	0.060	%
	 
	 	 	 	 
	A-/A3
	 	 	0.075	%
	 
	 	 	 	 
	BBB+/Baa1
	 	 	0.090	%
	 
	 	 	 	 
	BBB/Baa2
	 	 	0.110	%
	 
	 	 	 	 
	BBB-/Baa3
	 	 	0.150	%
	 
	 	 	 	 
	BB+/Ba1 or below
	 	 	0.170	%

The Applicable Facility Fee Rate will be determined based upon the two highest ratings issued by
S&P, Moody’s and Fitch. If such two highest ratings differ (i) by one rating, the higher of

2

 

such
two highest ratings will apply to determine the Applicable Facility Fee Rate so long as the higher
rating is from either S&P or Moody’s, otherwise the lower of such two highest ratings will apply,
(ii) by two ratings, the rating which falls between such two highest ratings will apply to
determine the Applicable Facility Fee Rate, or (iii) by more than two ratings, the rating which is
one level above the lower of such two highest ratings will apply to determine the Applicable
Facility Fee Rate. If only one such rating is issued by S&P, Moody’s or Fitch, the Applicable
Facility Fee Rate will be determined by such rating. The Borrower shall give written notice to the
Administrative Agent of any changes to such ratings, within three (3) Business Days thereof, and
any change to the Applicable Facility Fee Rate shall be effective on the date of the relevant
change. Notwithstanding the foregoing, if the Borrower shall at any time fail to have in effect at
least one such rating on the Borrower’s non-credit enhanced senior unsecured long-term debt, the
Borrower shall seek and obtain (if not already in effect), within thirty (30) days after such
rating first ceases to be in effect, a corporate credit rating or a bank loan rating from Fitch,
Moody’s and/or S&P (or if none of Fitch, Moody’s and S&P issue such types of ratings or ratings
comparable thereto, from another nationally recognized rating agency approved by each of the
Borrower and the Administrative Agent), and the Applicable Facility Fee Rate shall thereafter be
based on such ratings in the same manner as provided herein with respect to the Borrower’s senior
unsecured long-term debt rating (with the Applicable Facility Fee Rate in effect prior to the
issuance of such corporate credit rating or bank loan rating being the same as the Applicable
Facility Fee Rate in effect at the time the senior unsecured long-term debt rating ceases to be in
effect).

     “Applicable Margin” means, for any day, at such times as a rating (either express or implied)
by S&P, Moody’s or Fitch is in effect on the Borrower’s non-credit enhanced senior unsecured
long-term debt, the percentage per annum set forth opposite such debt rating:

	 	 	 	 	 
	Debt Rating(S&P and Fitch/Moody’s)	 	Percentage	 
	A/A2 or above
	 	 	0.190	%
	 
	 	 	 	 
	A-/A3
	 	 	0.225	%
	 
	 	 	 	 
	BBB+/Baa1
	 	 	0.260	%
	 
	 	 	 	 
	BBB/Baa2
	 	 	0.390	%
	 
	 	 	 	 
	BBB-/Baa3
	 	 	0.475	%
	 
	 	 	 	 
	BB+/Ba1 or below
	 	 	0.580	%

The Applicable Margin will be determined based upon the two highest ratings issued by S&P, Moody’s
and Fitch. If such two highest ratings differ (i) by one rating, the higher of such two highest
ratings will apply to determine the Applicable Margin so long as the higher rating is from either
S&P or Moody’s, otherwise the lower of such two highest ratings will apply, (ii) by two
ratings, the rating which falls between such two highest ratings will apply to determine the
Applicable Margin, or (iii) by more than two ratings, the rating which is one level above the

3

 

lower
of such two highest ratings will apply to determine the Applicable Margin. If only one such rating
is issued by S&P, Moody’s or Fitch, the Applicable Margin will be determined by such rating. The
Borrower shall give written notice to the Administrative Agent of any changes to such ratings,
within three (3) Business Days thereof, and any change to the Applicable Margin shall be effective
on the date of the relevant change. Notwithstanding the foregoing, if the Borrower shall at any
time fail to have in effect any such rating on the Borrower’s non-credit enhanced senior unsecured
long-term debt, the Borrower shall seek and obtain (if not already in effect), within thirty (30)
days after such rating first ceases to be in effect, a corporate credit rating or a bank loan
rating from Fitch, Moody’s and/or S&P (or if none of Fitch, Moody’s and S&P issue such types of
ratings or ratings comparable thereto, from another nationally recognized rating agency approved by
each of the Borrower and the Administrative Agent), and the Applicable Margin shall thereafter be
based on such ratings in the same manner as provided herein with respect to the Borrower’s senior
unsecured long-term debt rating (with the Applicable Margin in effect prior to the issuance of such
corporate credit rating or bank loan rating being the same as the Applicable Margin in effect at
the time the senior unsecured long-term debt rating ceases to be in effect).

     “Applicable Utilization Fee Rate” means, for any day, at such times as a rating (either
express or implied) by S&P, Moody’s or Fitch is in effect on the Borrower’s non-credit enhanced
senior unsecured long-term debt, the percentage per annum set forth opposite such debt rating:

	 	 	 	 	 
	Debt Rating(S&P and Fitch/Moody’s)	 	Percentage	 
	A/A2 or above
	 	 	0.050	%
	 
	 	 	 	 
	A-/A3
	 	 	0.100	%
	 
	 	 	 	 
	BBB+/Baa1
	 	 	0.100	%
	 
	 	 	 	 
	BBB/Baa2
	 	 	0.100	%
	 
	 	 	 	 
	BBB-/Baa3
	 	 	0.100	%
	 
	 	 	 	 
	BB+/Ba1 or below
	 	 	0.100	%

The Applicable Utilization Fee Rate will be determined based upon the two highest ratings issued by
S&P, Moody’s and Fitch. If such two highest ratings differ (i) by one rating, the higher of such
two highest ratings will apply to determine the Applicable Utilization Fee Rate so long as the
higher rating is from either S&P or Moody’s, otherwise the lower of such two highest ratings will
apply, (ii) by two ratings, the rating which falls between such two highest ratings will apply to
determine the Applicable Utilization Fee Rate, or (iii) by more than two highest ratings, the
rating which is one level above the lower of such two ratings will apply to determine the
Applicable Utilization Fee Rate. If only one such rating is issued by S&P, Moody’s or Fitch, the
Applicable Utilization Fee Rate will be determined by such rating. The Borrower shall give
written notice to the Administrative Agent of any changes to such ratings, within three (3)
Business Days thereof, and any change to the Applicable Utilization Fee Rate shall be effective

4

 

on
the date of the relevant change. Notwithstanding the foregoing, if the Borrower shall at any time
fail to have in effect any such rating on the Borrower’s non-credit enhanced senior unsecured
long-term debt, the Borrower shall seek and obtain (if not already in effect), within thirty (30)
days after such rating first ceases to be in effect, a corporate credit rating or a bank loan
rating from Fitch, Moody’s and/or S&P (or if none of Fitch, Moody’s and S&P issue such types of
ratings or ratings comparable thereto, from another nationally recognized rating agency approved by
each of the Borrower and the Administrative Agent), and the Applicable Utilization Fee Rate shall
thereafter be based on such ratings in the same manner as provided herein with respect to the
Borrower’s senior unsecured long-term debt rating (with the Applicable Utilization Fee Rate in
effect prior to the issuance of such corporate credit rating or bank loan rating being the same as
the Applicable Utilization Fee Rate in effect at the time the senior unsecured long-term debt
rating ceases to be in effect).

     “Application” means an application for a Letter of Credit as defined in Section 2.12(b).

     “Assignment Agreement” means an agreement in substantially the form of Exhibit 10.10
whereby a Lender conveys part or all of its Commitment, Loans and participations in Letters of
Credit to another Person that is, or thereupon becomes, a Lender, or increases its Commitments,
outstanding Loans and outstanding participations in Letters of Credit, pursuant to Section 10.10.

     “Australian Dollars” means the lawful currency of Australia.

     “Base Rate” means for any day the greater of:

          (i) the fluctuating commercial loan rate announced by the Administrative Agent from time to
time at its New York, New York office (or other corresponding office, in the case of any successor
Administrative Agent) as its prime rate or base rate for U.S. Dollar loans in the United States of
America in effect on such day (which base rate may not be the lowest rate charged by such Lender on
loans to any of its customers), with any change in the Base Rate resulting from a change in such
announced rate to be effective on the date of the relevant change; and

          (ii) the sum of (x) the rate per annum (rounded upwards, if necessary, to the nearest 1/100th
of 1%) equal to the weighted average of the rates on overnight federal funds transactions with
members of the Federal Reserve System arranged by federal funds brokers on such day, as published
by the Federal Reserve Bank of New York on the next Business Day, provided that (A) if such day is
not a Business Day, the rate on such transactions on the immediately preceding Business Day as so
published on the next Business Day shall apply, and (B) if no such rate is published on such next
Business Day, the rate for such day shall be the average of the offered rates quoted to the
Administrative Agent by two (2) federal funds brokers of recognized standing on such day for such
transactions as selected by the Administrative Agent, plus (y) a percentage per annum equal to
one-half of one percent (1/2%) per annum.

     “Base Rate Loan” means a Revolving Loan bearing interest prior to maturity at the rate
specified in Section 2.6(a).

5

 

     “Borrower” means Transocean Inc., an exempted company incorporated under the laws of the
Cayman Islands, and its successors.

     “Borrowing” means any extension of credit of the same Type made by the Lenders on the same
date by way of Revolving Loans having a single Interest Period or a Letter of Credit, including any
Borrowing advanced, continued or converted. A Borrowing is “advanced” on the day the Lenders
advance funds comprising such Borrowing to the Borrower or a Letter of Credit is issued, increased
or extended, is “continued” (in the case of Eurocurrency Loans) on the date a new Interest Period
commences for such Borrowing, and is “converted” (in the case of Eurocurrency Loans) when such
Borrowing is changed from one Type of Loan to the other, all as requested by the Borrower pursuant
to Section 2.3.

     “Borrowing Multiple” means, for any Loan, (i) in the case of a Borrowing denominated in
Dollars, $100,000, (ii) in the case of a Borrowing denominated in Euros, E100,000, (iii) in the
case of a Borrowing denominated in Pounds, £50,000, (iv) in the case of a Borrowing denominated in
Kroner, 1,000,000 Kroner, (v) in the case of a Borrowing denominated in Canadian Dollars, 150,000
Canadian Dollars, (vi) in the case of a Borrowing denominated in Australian Dollars, 150,000
Australian Dollars and (vii) in the case of a Borrowing denominated in Singapore Dollars, 200,000
Singapore Dollars.

     “Borrowing Request” has the meaning set forth in Section 2.3(a).

     “Business Day” means any day other than a Saturday or Sunday on which banks are not authorized
or required to close in New York, New York and, if the applicable Business Day relates to the
advance or continuation of, conversion into, or payment on a Eurocurrency Borrowing (i) in a
currency other than Euros, on which banks are dealing in Dollar, Pound, Australian Dollar, Canadian
Dollar, Singapore Dollar or Kroner deposits, as applicable, in the applicable interbank
eurocurrency market in London, England, and in the country of issue of the applicable currency, and
(ii) in Euros, on which the TARGET payment system is open for the settlement of payments in Euros.

     “Calculation Date” means the last Business Day of each calendar quarter.

     “Canadian Dollars” or “Cdn.$” means the lawful currency of Canada.

     “Capitalized Lease Obligations” means, for any Person, the aggregate amount of such Person’s
liabilities under all leases of real or personal property (or any interest therein) which is
required to be capitalized on the balance sheet of such Person as determined in accordance with
GAAP.

     “Cash Equivalents” means (i) securities issued or directly and fully guaranteed or insured by
the United States of America or any agency or instrumentality thereof having maturities of not more
than twelve (12) months from the date of acquisition, (ii) time deposits and certificates
of deposits maturing within one year from the date of acquisition thereof or repurchase
agreements with financial institutions whose short-term unsecured debt rating is A or above as
obtained from either S&P or Moody’s, (iii) commercial paper or Eurocommercial paper with a

6

 

rating
of at least A-1 by S&P or at least P-1 by Moody’s, with maturities of not more than twelve (12)
months from the date of acquisition, (iv) repurchase obligations entered into with any Lender, or
any other Person whose short-term senior unsecured debt rating from S&P is at least A-1 or from
Moody’s is at least P-1, which are secured by a fully perfected security interest in any obligation
of the type described in (i) above and has a market value of the time such repurchase is entered
into of not less than 100% of the repurchase obligation of such Lender or such other Person
thereunder, (v) marketable direct obligations issued by any state of the United States of America
or any political subdivision of any such state or any public instrumentality thereof maturing
within twelve (12) months from the date of acquisition thereof or providing for the resetting of
the interest rate applicable thereto not less often than annually and, at the time of acquisition,
having one of the two highest ratings obtainable from either S&P or Moody’s, and (vi) money market
funds which have at least $1,000,000,000 in assets and which invest primarily in securities of the
types described in clauses (i) through (v) above.

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

     “Co-Documentation Agents” means, collectively, JPMorgan Chase Bank, N.A., The Royal Bank of
Scotland plc and SunTrust Bank in their capacities as co-documentation agents for the Lenders, and
any successor Co-Documentation Agents appointed pursuant to Section 9.7; provided, however, that no
such Co-Documentation Agent shall have any duties, responsibilities, or obligations hereunder in
such capacity.

     “Co-Lead Arrangers” means, collectively, Citigroup Global Markets Inc. and Banc of America
Securities LLC, acting in their capacities as co-lead arrangers for the credit facility described
in this Agreement; provided, however, that no such Co-Lead Arrangers shall have any duties,
responsibilities, or obligations hereunder in such capacity.

     “Collateral” means all property and assets of the Borrower in which the Administrative Agent
or the Collateral Agent is granted a Lien for the benefit of the Lenders under the terms of Section
7.4.

     “Collateral Account” means the cash collateral account for outstanding undrawn Letters of
Credit defined in Section 7.4(b).

     “Collateralized Obligations” has the meaning set forth in Section 7.4(b).

     “Collateral Agent” means Citibank, N.A. acting in its capacity as collateral agent for the
Lenders, and any successor collateral agent appointed hereunder pursuant to Section 9.7.

     “Commitment” means, relative to any Lender, such Lender’s obligations to make Revolving Loans
and participate in Letters of Credit pursuant to Sections 2.1 and 2.12, initially in the amount and
percentage set forth opposite its signature hereto or pursuant to Section 10.10,
as such obligations may be reduced or increased from time to time as expressly provided
pursuant to this Agreement.

7

 

     “Commitment Termination Date” means the earliest of (i) July 8, 2010, subject to the extension
thereof pursuant to Section 2.16, (ii) the date on which the Commitments are terminated in full or
reduced to zero pursuant to Section 2.13, and (iii) the occurrence of any Event of Default
described in Section 7.1(f) or (g) with respect to the Borrower or the occurrence and continuance
of any other Event of Default and either (x) the declaration of the Loans to be due and payable
pursuant to Section 7.2, or (y) in the absence of such declaration, the giving of written notice by
the Administrative Agent, acting at the direction of the Required Lenders, to the Borrower pursuant
to Section 7.2 that the Commitments have been terminated; provided, however, that the
Commitment Termination Date of any Lender that is a Declining Lender with respect to any requested
extension pursuant to Section 2.16 shall be the earlier of (x) the Commitment Termination Date in
effect immediately prior to such extension and (y) (i) the date on which the Commitments are
terminated in full or reduced to zero pursuant to Section 2.13, and (ii) the occurrence of any
Event of Default described in Section 7.1(f) or (g) with respect to the Borrower or the occurrence
and continuance of any other Event of Default and either (x) the declaration of the Loans to be due
and payable pursuant to Section 7.2, or (y) in the absence of such declaration, the giving of
written notice by the Administrative Agent, acting at the direction of the Required Lenders, to the
Borrower pursuant to Section 7.2 that the Commitments have been terminated.

     “Compliance Certificate” means a certificate in the form of Exhibit 6.6.

     “Confidential Information Memorandum” shall mean the Confidential Information Memorandum of
the Borrower dated June 14, 2005, as the same may be amended, restated and supplemented from time
to time and distributed to the Lenders prior to the Effective Date.

     “Consolidated Indebtedness” means all Indebtedness of the Borrower and its Subsidiaries that
would be reflected on a consolidated balance sheet of such Persons prepared in accordance with
GAAP.

     “Consolidated Indebtedness to Total Tangible Capitalization Ratio” means, at any time, the
ratio of Consolidated Indebtedness at such time to Total Tangible Capitalization at such time.

     “Consolidated Net Assets” means, as of any date of determination, an amount equal to the
aggregate book value of the assets of the Borrower, its Subsidiaries and, to the extent of the
equity interest of the Borrower and its Subsidiaries therein, SPVs at such time, minus the current
liabilities of the Borrower and its Subsidiaries, all as determined on a consolidated basis in
accordance with GAAP based on the most recent quarterly or annual consolidated financial statements
of the Borrower referred to in Section 5.9 or delivered (or publicly filed) as provided in Section
6.6(a), as the case may be.

     “Consolidated Tangible Net Worth” means, as of any date of determination, consolidated
shareholders equity of the Borrower and its Subsidiaries determined in accordance with GAAP but
excluding the effect on shareholders equity of cumulative foreign exchange translation
adjustments, and less the net book amount of all assets of the Borrower and its
Subsidiaries that would be classified as intangible assets on the consolidated balance sheet of the
Borrower as of

8

 

such date prepared in accordance with GAAP. For purposes of this definition, SPVs
shall be accounted for pursuant to the equity method of accounting.

     “Controlling Affiliate” means for the Borrower, (i) any other Person that directly or
indirectly through one or more intermediaries controls, or is under common control with, the
Borrower (other than Persons controlled by the Borrower), and (ii) any other Person owning
beneficially or controlling ten percent (10%) or more of the equity interests in the Borrower. As
used in this definition, “control” means the power, directly or indirectly, to direct or cause the
direction of management or policies of a Person (through ownership of voting securities or other
equity interests, by contract or otherwise).

     “Currency Rate Protection Agreement” shall mean any foreign currency exchange and future
agreements, arrangements and options designed to protect against fluctuations in currency exchange
rates.

     “Credit Documents” means this Agreement, the Notes, the Applications, the Letters of Credit,
and any Subsidiary Guaranties in effect from time to time.

     “Declining Lender” shall have the meaning set forth in Section 2.16.

     “Default” means any event or condition the occurrence of which would, with the passage of time
or the giving of notice, or both, constitute an Event of Default.

     “Dollar” and “U.S. Dollar” and the sign “$” mean lawful money of the United States of America.

     “Dollar Equivalent” means, on any date of determination (i) with respect to any amount in
Dollars, such amount, and (ii) with respect to any amount in any currency other than U.S. Dollars,
the equivalent in Dollars of such amount, determined by the Administrative Agent using the
applicable Exchange Rate with respect to such currency at the time in effect pursuant to Section
10.19 or as otherwise expressly provided herein.

     “Effective Date” means the date this Agreement shall become effective as defined in Section
10.16.

     “EMU Legislation” means the legislative measures of the European Union for the introduction
of, changeover to or operation of the Euro in one or more member states.

     “Environmental Claims” means any and all administrative, regulatory or judicial actions,
suits, demands, demand letters, claims, liens, notices of non-compliance or violation,
investigations or proceedings relating to any Environmental Law (“Claims”) or any permit issued
under any Environmental Law, including, without limitation, (i) any and all Claims by governmental
or regulatory authorities for enforcement, cleanup, removal, response, remedial or other actions or
damages pursuant to any applicable Environmental Law, and (ii) any and all
Claims by any third party seeking damages, contribution, indemnification, cost recovery,

9

 

compensation or injunctive relief resulting from Hazardous Materials or arising from alleged injury
or threat of injury to the environment.

     “Environmental Law” means any federal, state or local statute, law, rule, regulation,
ordinance, code, policy or rule of common law now or hereafter in effect, including any judicial or
administrative order, consent, decree or judgment, relating to the environment.

     “ERISA” means the Employee Retirement Income Security Act of 1974, as amended.

     “EURIBO Rate” means, for any Interest Period, the rate appearing on Page 248 of the Moneyline
Telerate Service (or on any successor or substitute page of such Service, or any successor to or
substitute for such Service, providing rate quotations comparable to those currently provided on
such page of such Service, as reasonably determined by the Administrative Agent from time to time
for purposes of providing quotations of interest rates applicable to deposits in Euro by reference
to the Banking Federation of the European Union Settlement Rates for deposits in Euro) at
approximately 10:00 a.m., London time, two Business Days prior to the commencement of such Interest
Period or, if for any reason such rate is not available, the average (rounded to the nearest 1/100
of 1% per annum) of the respective rates per annum at which deposits in Euros are offered by the
principal office of each of the Reference Banks in London, England to prime banks in the London
interbank market at 11:00 A.M. (London time) two Business Days before the first day of such
Interest Period in an amount substantially equal to such Reference Bank’s Revolving Loan to be
outstanding during such Interest Period and for a period equal to such Interest Period (subject,
however, to the provisions of Section 2.4).

     “Euro” or “E” means the single currency of the European Union as constituted by the Treaty on
European Union and as referred to in the EMU Legislation for the introduction of, changeover to or
operation of the Euro in one or more member states.

     “Eurocurrency”, when used in reference to any Loan or Borrowing, means such Loan, or the Loans
comprising such Borrowing, shall bear interest at a rate determined by reference to Adjusted LIBOR
and the Applicable Margin.

     “Eurocurrency Loan” means a Revolving Loan bearing interest before maturity at the rate
specified in Section 2.6(b).

     “Event of Default” means any of the events or circumstances specified in Section 7.1.

     “Exchange Rate” means on any day, with respect to Euros, Pounds, Australian Dollars, Canadian
Dollars, Singapore Dollars, or Kroner, the rate at which such currency may be exchanged into
Dollars, as set forth at approximately 11:00 A.M. on such day on the applicable page of the
Bloomberg Service reporting the exchange rates for such currency. In the event such exchange rate
does not appear on the applicable page of such service, the Exchange Rate shall be determined by
reference to such other publicly available services for displaying currency exchange rates as may
be agreed upon by the Administrative Agent, the Issuing Bank, and the Borrower, or, in the absence
of such agreement, such Exchange Rate shall instead be determined
by the Administrative Agent and Issuing Bank, as applicable, based on current market spot
rates

10

 

in accordance with the provisions of Section 10.19; provided that if at the time of any such
determination, for any reason, no such spot rate is being quoted, the Administrative Agent or
Issuing Bank, as applicable, after consultation with the Borrower, may use any reasonable method it
deems appropriate to determine such rate, and such determination shall be conclusive absent
manifest error.

     “Existing Facility” means the credit facility of the Borrower established pursuant to that
certain Revolving Credit Agreement dated as of December 16, 2003 among the Borrower, SunTrust Bank,
as Administrative Agent, and the lenders party thereto, as amended and in effect immediately prior
to the Effective Date.

     “Extending Lender” shall have the meaning set forth in Section 2.16.

     “Fitch” means Fitch, Inc. or any successor thereto.

     “Foreign Currency Sublimit” means $200,000,000.

     “Foreign Plan” means any pension, profit sharing, deferred compensation, or other employee
benefit plan, program or arrangement maintained by any foreign Subsidiary of the Borrower which,
under applicable local law, is required to be funded through a trust or other funding vehicle, but
shall not include any benefit provided by a foreign government or its agencies.

     “GAAP” means generally accepted accounting principles from time to time in effect as set forth
in the opinions and pronouncements of the Accounting Principles Board of the American Institute of
Certified Public Accountants and the statements and pronouncements of the Financial Accounting
Standards Board or in such other statements, opinions and pronouncements by such other entity as
may be approved by a significant segment of the U.S. accounting profession.

     “Governmental Authority” means the government of the United States of America, any other
nation or any political subdivision thereof, whether state or local, and any agency, authority,
instrumentality, regulatory body, court, central bank or other entity exercising executive,
legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to
government.

     “Guarantor” means any Subsidiary of the Borrower required to execute and deliver a Subsidiary
Guaranty hereunder pursuant to Section 6.11, in each case unless and until the relevant Subsidiary
Guaranty is released pursuant to Section 6.11.

     “Guaranty” by any Person means all contractual obligations (other than endorsements in the
ordinary course of business of negotiable instruments for deposit or collection or similar
transactions in the ordinary course of business) of such Person guaranteeing any Indebtedness of
any other Person (the “primary obligor”) in any manner, whether directly or indirectly, including,
without limitation, all obligations incurred through an agreement, contingent or
otherwise, by such Person: (i) to purchase such Indebtedness or to purchase any property or

11

 

assets constituting security therefor, primarily for the purpose of assuring the owner of such
Indebtedness of the ability of the primary obligor to make payment of such Indebtedness; or (ii) to
advance or supply funds (x) for the purchase or payment of such Indebtedness, or (y) to maintain
working capital or other balance sheet condition, or otherwise to advance or make available funds
for the purchase or payment of such Indebtedness, in each case primarily for the purpose of
assuring the owner of such Indebtedness of the ability of the primary obligor to make payment of
such Indebtedness; or (iii) to lease property, or to purchase securities or other property or
services, of the primary obligor, primarily for the purpose of assuring the owner of such
Indebtedness of the ability of the primary obligor to make payment of such Indebtedness; or (iv)
otherwise to assure the owner of such Indebtedness of the primary obligor against loss in respect
thereof. For the purpose of all computations made under this Agreement, the amount of a Guaranty
in respect of any Indebtedness shall be deemed to be equal to the amount that would apply if such
Indebtedness was the direct obligation of such Person rather than the primary obligor or, if less,
the maximum aggregate potential liability of such Person under the terms of the Guaranty.

     “Hazardous Material” shall have the meaning assigned to that term in the Comprehensive
Environmental Response Compensation and Liability Act of 1980, as amended by the Superfund
Amendments and Reauthorization Acts of 1986, and shall also include petroleum, including crude oil
or any fraction thereof, or any other substance defined as “hazardous” or “toxic” or words with
similar meaning and effect under any Environmental Law applicable to the Borrower or any of its
Subsidiaries.

     “Highest Lawful Rate” means the maximum nonusurious interest rate, if any, that any time or
from time to time may be contracted for, taken, reserved, charged or received on any Loans, under
laws applicable to any of the Lenders which are presently in effect or, to the extent allowed by
applicable law, under such laws which may hereafter be in effect and which allow a higher maximum
nonusurious interest rate than applicable laws now allow. Determination of the rate of interest
for the purpose of determining whether any Loans are usurious under all applicable laws shall be
made by amortizing, prorating, allocating, and spreading, in equal parts during the period of the
full stated term of the Loans, all interest at any time contracted for, taken, reserved, charged or
received from the Borrower in connection with the Loans.

     “Indebtedness” means, for any Person, the following obligations of such Person, without
duplication: (i) obligations of such Person for borrowed money; (ii) obligations of such Person
representing the deferred purchase price of property or services other than accounts payable and
accrued liabilities arising in the ordinary course of business and other than amounts which are
being contested in good faith and for which reserves in conformity with GAAP have been provided;
(iii) obligations of such Person evidenced by bonds, notes, bankers acceptances, debentures or
other similar instruments of such Person, or obligations of such Person arising, whether absolute
or contingent, out of letters of credit issued for such Person’s account or pursuant to such
Person’s application securing Indebtedness; (iv) obligations of other Persons, whether or not
assumed, secured by Liens (other than Permitted Liens) upon property or payable out of the proceeds
or production from property now or hereafter owned or acquired by such Person, but only to the
extent of such property’s fair market value; (v) Capitalized Lease
Obligations of such Person; (vi) obligations under Interest Rate Protection Agreements and

12

 

Currency Rate Protection Agreements, and (vii) obligations of such Person pursuant to a Guaranty of
any of the foregoing obligations of another Person; provided, however, Indebtedness shall exclude
Non-recourse Debt and any Indebtedness attributable to the mark-to-market treatment of obligations
of the type described in clause (vi) in the definition of Indebtedness and any actual fair value
adjustment arising from any Interest Rate Protection Agreements and Currency Rate Protection
Agreements that have been cancelled or otherwise terminated before their scheduled expiration, in
each case in respect of Interest Rate Protection Agreements and Currency Rate Protection Agreements
entered into in the ordinary course of business and not for investment or speculative purposes.
For purposes of this Agreement, the Indebtedness of any Person shall include the Indebtedness of
any partnership or joint venture to the extent such Indebtedness is recourse to such Person.

     “Initial Availability Date” means the date on which the conditions specified in Section 4.1
are satisfied (or waived in accordance with Section 10.11).

     “Interest Payment Date” means (a) with respect to any Base Rate Loan, the last day of each
March, June, September and December and (b) with respect to any Eurocurrency Loan, the last day of
the Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of a
Eurocurrency Borrowing with an Interest Period of more than three months’ duration, each day prior
to the last day of such Interest Period that occurs at intervals of three months’ duration after
the first day of such Interest Period.

     “Interest Period” means with respect to any Eurocurrency Borrowing, the period commencing on
the date of such Borrowing and ending on the numerically corresponding day in the calendar month
that is one, two, three or six months thereafter (or if available from each Lender making a Loan as
part of such Borrowing, any other period), in each case as the Borrower may elect. For purposes
hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and, in
the case of a Borrowing, thereafter shall be the effective date of the most recent conversion or
continuation of such Borrowing.

     “Interest Rate Protection Agreement” shall mean any interest rate swap, interest rate cap,
interest rate collar, or other interest rate hedging agreement or arrangement designed to protect
against fluctuations in interest rates.

     “ISP” means, with respect to any Letter of Credit, the “International Standby Practices 1998”
published by the Institute of International Banking Law & Practice (or such later version thereof
as may be in effect at the time of issuance).

     “Issuing Bank” is defined in the preamble.

     “Joinder Agreement” means an agreement in substantially the form of Exhibit 2.14C
signed by the Borrower, by each Additional Lender and by each other Lender whose Commitment is to
be increased, setting forth the new Commitments of such Lenders and setting forth the agreement of
each Additional Lender to become a party to this Agreement and to be bound by all the terms and
provisions hereof.

13

 

     “Kroner” means lawful money of the Kingdom of Norway.

     “L/C Documents” means the Letters of Credit, any Issuance Requests and Applications with
respect thereto, any draft or other document presented in connection with a drawing thereunder, and
this Agreement.

     “L/C Obligations” means as at any date of determination, the aggregate amount available to be
drawn under all outstanding Letters of Credit plus the aggregate of all unpaid Reimbursement
Obligations. For purposes of computing the amount available to be drawn under any Letter of
Credit, the amount of such Letter of Credit shall be determined in accordance with Section 2.12(e).
For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired
by its terms but any amount may still be drawn thereunder by reason of the operation of Rule 3.14
of the ISP, such Letter of Credit shall be deemed to be “outstanding” in the amount so remaining
available to be drawn.

     “Lender” is defined in the preamble.

     “Lending Office” means the “Lending Office” of such Lender (or an Affiliate of such Lender)
designated for each Type and/or currency of Loan or Letter of Credit in the Administrative
Questionnaire submitted by such Lender or such other office of such Lender (or an Affiliate of such
Lender) as such Lender may from time to time specify to the Administrative Agent and the Borrower
as the office by which its Loans and Letters of Credit of such Type and/or currency are to be made
and maintained.

     “Letter of Credit” means any of the letters of credit to be issued by the Issuing Bank for the
account of the Borrower pursuant to Section 2.12(a).

     “LIBOR Rate” means, for any Interest Period for each Eurocurrency Loan, an interest rate per
annum equal to (a) in the case of any Revolving Loan denominated in any currency other than Euro,
the rate per annum appearing on Moneyline Telerate Markets Page 3750 (or any successor page) as the
London interbank offered rate for deposits in the applicable currency at approximately 11:00 A.M.
(London time) two Business Days prior to the first day of such Interest Period for a term
comparable to such Interest Period or, if for any reason such rate is not available, the average
(rounded to the nearest 1/100 of 1% per annum) of the rate per annum at which deposits in the
applicable currency are offered by the principal office of each of the Reference Banks in London,
England to prime banks in the London interbank market at 11:00 A.M. (London time) two Business Days
before the first day of such Interest Period in an amount substantially equal to such Reference
Bank’s Eurocurrency Loan comprising part of such Borrowing to be outstanding during such Interest
Period and for a period equal to such Interest Period or, (b) in the case of any Revolving Loan
denominated in Euros, the EURIBO Rate. If the Moneyline Telerate Markets Page 3750 (or any
successor page) is unavailable, the LIBOR Rate for any Interest Period for each Eurocurrency Loan
comprising part of the same Borrowing shall be determined by the Administrative Agent on the basis
of applicable rates furnished to and received by the Administrative Agent from the Reference Banks,
such rates being the rates at which such Reference Banks are offered deposits for the applicable
currency in the Dollar
Equivalent of approximately $5,000,000 for a period approximately equal to such Interest
Period

14

 

in the London interbank market at 11:00 A.M. (London time) two Business Days before the
first day of such Interest Period.

     “Lien” means any interest in any property or asset in favor of a Person other than the owner
of such property or asset and securing an obligation owed to, or a claim by, such Person, whether
such interest is based on the common law, statute or contract, including, but not limited to, the
security interest lien arising from a mortgage, encumbrance, pledge, conditional sale, security
agreement or trust receipt, or a lease, consignment or bailment for security purposes.

     “Loan” means (i) a Base Rate Loan or (ii) a Eurocurrency Loan, as the case may be, and “Loans”
means two or more of any such Loans.

     “Mandatory Cost Rate” means in relation to any relevant period and sum, the rate determined in
accordance with Exhibit 2.15 hereto.

     “Material Adverse Effect” means a material adverse effect on (i) the business, assets,
operations or condition of the Borrower and its Subsidiaries taken as a whole, or (ii) the
Borrower’s ability to perform any of its payment obligations under the Agreement or the Notes, or
in respect of the Letters of Credit.

     “Maturity Date” means the earlier of (i) the Commitment Termination Date, and (ii) the date on
which the Loans have become due and payable pursuant to Section 7.2 or 7.3.

     “Moody’s” means Moody’s Investors Service, Inc. or any successor thereto.

     “Non-recourse Debt” means with respect to any Person (i) obligations of such Person against
which the obligee has no recourse to such Person except as to certain named or described present or
future assets or interests of such Person, and (ii) the obligations of SPVs to the extent the
obligee thereof has no recourse to the Borrower or any of its Subsidiaries, except as to certain
specified present or future assets or interests of SPVs.

     “Note” means any of the promissory notes of the Borrower defined in Section 2.8.

     “Obligations” means all obligations of the Borrower to pay fees, costs and expenses hereunder,
to pay principal or interest on Loans and Reimbursement Obligations and to pay any other
obligations to the Administrative Agent or any Lender or Issuing Bank arising under any Credit
Document.

     “Other Agents” means, collectively, the Co-Documentation Agents and the Syndication Agent.

     “Patriot Act” means the Uniting and Strengthening America by Providing Appropriate Tools
Required to Intercept and Obstruct Terrorism Act of 2001, Pub. L. 107-56, signed into law October
26, 2001, as amended from time to time.

     “PBGC” means the Pension Benefit Guaranty Corporation or any successor thereto.

15

 

     “Percentage” means, for each Lender, the percentage of the Commitments represented by such
Lender’s Commitment; provided, that, if the Commitments are terminated, each Lender’s Percentage
shall be calculated based on such Lender’s pro rata share of the total Loans and L/C Obligations
then outstanding or, if no Loans or L/C Obligations are then outstanding, its Commitment in effect
immediately before such termination, subject to any assignments by such Lender of Obligations
pursuant to Section 10.10.

     “Performance Guaranties” means all Guaranties of the Borrower or any of its Subsidiaries
delivered in connection with the construction financing of drill ships, offshore mobile drilling
units or offshore drilling rigs for which firm drilling contracts have been obtained by the
Borrower, any of its Subsidiaries or a SPV.

     “Performance Letters of Credit” means all letters of credit for the account of the Borrower,
any Subsidiary or a SPV issued as support for Non-recourse Debt or a Performance Guaranty.

     “Permitted Business” has the meaning ascribed to such term in Section 6.8.

     “Permitted Liens” means the Liens permitted as described in Section 6.10.

     “Person” means an individual, partnership, corporation, limited liability company,
association, trust, unincorporated organization or any other entity or organization, including a
government or any agency or political subdivision thereof.

     “Plan” means an employee pension benefit plan covered by Title IV of ERISA or subject to the
minimum funding standards under Section 412 of the Code that is either (i) maintained by the
Borrower or any of its Subsidiaries, or (ii) maintained pursuant to a collective bargaining
agreement or any other arrangement under which more than one employer makes contributions and to
which the Borrower or any of its Subsidiaries is then making or accruing an obligation to make
contributions or has within the preceding five (5) plan years made or had an obligation to make
contributions.

     “Pounds” means the lawful currency of the United Kingdom.

     “Reference Banks” means Citibank and Bank of America, N.A. or if any such Lender assigns all
of its Commitment and the Loans owing to it in accordance with Section 10.10, such other Lender as
may be designated by the Administrative Agent and approved by the Borrower (such approval not to be
unreasonably withheld).

     “Reimbursement Obligations” has the meaning ascribed to such term in Section 2.12(c).

     “Replacement Lender” shall have the meaning set forth in Section 2.16.

     “Required Lenders” means, Lenders having Revolving Credit Exposures and unused Commitments
representing more than 50% of the sum of the total Revolving Credit Exposures

16

 

and unused
Commitments at such time or, if the Commitments have been terminated or expired, Lenders having
more than 50% of the sum of the total Revolving Credit Exposures of all Lenders (in each case
determined on the basis of the Dollar Equivalent of any amounts denominated in any currencies other
than U.S. Dollars).

     “Reset Date” has the meaning assigned to such term in Section 10.19.

     “Revolving Credit” means the credit facility for making Revolving Loans and issuing Letters of
Credit described in Sections 2.1 and 2.12.

     “Revolving Credit Commitment Amount” means an amount equal to $500,000,000, as such amount may
be increased or reduced from time to time pursuant to the terms of this Agreement.

     “Revolving Credit Exposure” means, with respect to any Lender at any time, the sum at such
time, without duplication, of (i) such Lender’s applicable Percentage of the Dollar Equivalent of
the principal amounts of the outstanding Revolving Loans, and (ii) such Lender’s applicable
Percentage of the Dollar Equivalent of the aggregate outstanding L/C Obligations.

     “Revolving Loan” means each of the revolving loans defined in Section 2.1.

     “Revolving Obligations” means the sum of the Dollar Equivalent of the principal amount of all
Revolving Loans and L/C Obligations outstanding.

     “Sale-Leaseback Transaction” means any arrangement whereby the Borrower or a Subsidiary shall
sell or transfer any property, real or personal, used or useful in its business, whether now owned
or hereafter acquired, and thereafter rent or lease property that it intends to use for
substantially the same purpose or purposes as the property sold or transferred.

     “S&P” means Standard & Poor’s Ratings Group or any successor thereto.

     “SPV” means any Person that is designated by the Borrower as a SPV, provided that the
Borrower shall not designate as a SPV any Subsidiary that owns, directly or indirectly, any other
Subsidiary that has total assets (including assets of any Subsidiaries of such other Subsidiary,
but excluding any assets that would be eliminated in consolidation with the Borrower and its
Subsidiaries) which equates to at least five percent (5%) of the Borrower’s Total Assets, or that
had net income (including net income of any Subsidiaries of such other Subsidiary, all before
discontinued operations and income or loss resulting from extraordinary items, but excluding
revenues and expenses that would be eliminated in consolidation with the Borrower and its
Subsidiaries and excluding any loss or gain resulting from the early extinguishment of
Indebtedness) during the most recently completed fiscal year of the Borrower in excess of the
greater of (i) $1,000,000, and (ii) fifteen percent (15%) of the net income (before discontinued
operations and income or loss resulting from extraordinary items and excluding any loss or gain
resulting from the early extinguishment of Indebtedness) for the Borrower and its Subsidiaries,
all as determined on a consolidated basis in accordance with GAAP during such fiscal year of
the Borrower. The Borrower may elect to treat any Subsidiary as a SPV (provided such Subsidiary

17

 

would otherwise qualify as such), and may rescind any such prior election, by giving written notice
thereof to the Administrative Agent specifying the name of such Subsidiary or SPV, as the case may
be, and the effective date of such election, which shall be a date within sixty (60) days after the
date such notice is given. The election to treat a particular Person as a SPV may only be made
once.

     “Singapore Dollars” means the lawful currency of Singapore.

     “Significant Subsidiary” has the meaning ascribed to it under Regulation S-X promulgated under
the Securities Exchange Act of 1934, as amended.

     “Specified Currency” means each of the following currencies: Kroner, Australian Dollars and
Singapore Dollars.

     “Statutory Reserve Rate” means, with respect to any currency, the aggregate of the maximum
reserve, liquid asset or similar percentages (including any marginal, special, emergency or
supplemental reserves) expressed as a decimal established by any Governmental Authority of the
United States or of the jurisdiction of such currency or any jurisdiction in which Loans in such
currency are made to which banks in such jurisdiction are subject for any category of deposits or
liabilities customarily used to fund loans in such currency or by reference to which interest rates
applicable to loans in such currency are determined. Such reserve, liquid asset or similar
percentages shall include those imposed pursuant to Regulation D of the Board of Governors of the
Federal Reserve System. Eurocurrency Loans shall be deemed to be subject to such reserve
requirements without benefit of or credit for proration, exemptions or offsets that may be
available from time to time to any Lender under Regulation D or any other applicable law, rule or
regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective
date of any change in any reserve percentage.

     “Sub-Agent” means Citibank International plc.

     “Subsidiary” means, for any Person, any other Person (other than, except in the context of
Section 6.6(a), a SPV) of which more than fifty percent (50%) of the outstanding stock or
comparable equity interests having ordinary voting power for the election of the board of directors
of such corporation, any managers of such limited liability company or similar governing body
(irrespective of whether or not at the time stock or other equity interests of any other class or
classes of such corporation or other entity shall have or might have voting power by reason of the
happening of any contingency), is at the time directly or indirectly owned by such former Person or
by one or more of its Subsidiaries.

     “Subsidiary Debt Basket Amount” has the meaning ascribed to such term in Section 6.11(i).

     “Subsidiary Guaranty” means any Guaranty of any Subsidiary delivered pursuant to Section
6.11(k).

18

 

     “Syndication Agent” means, Bank of America, N.A ., acting in its capacity as
syndication agent for the Lenders, and any successor Syndication Agent appointed hereunder pursuant
to Section 9.7; provided, however, that the Syndication Agent shall not have any duties,
responsibilities, or obligations hereunder in such capacity.

     “TARGET” means the Trans-European Automated Real-Time Gross Settlement Express Transfer
system.

     “Taxes” has the meaning set forth in Section 5.11.

     “Total Assets” means, as of any date of determination, the aggregate book value of the assets
of the Borrower and its Subsidiaries determined on a consolidated basis in accordance with GAAP as
of such date.

     “Total Tangible Capitalization” means, as of any date of determination, the sum of
Consolidated Indebtedness plus Consolidated Tangible Net Worth as of such date.

     “Type”, when used in reference to any Loan or Borrowing, refers to whether the rate of
interest on such Loan, or on the Loans comprising such Borrowing, is determined by reference to
Adjusted LIBOR or the Base Rate.

     “Unfunded Vested Liabilities” means, for any Plan at any time, the amount (if any) by which
the present value of all vested nonforfeitable accrued benefits under such Plan exceeds the fair
market value of all Plan assets allocable to such benefits, determined as of the then most recent
valuation date for such Plan, but only to the extent that such excess represents a potential
liability of the Borrower or any of its Subsidiaries to the PBGC or such Plan.

     Section 1.2. Time of Day. Unless otherwise expressly provided, all references to time
of day in this Agreement and the other Credit Documents shall be references to New York, New York
time.

     Section 1.3. Accounting Terms; GAAP. Except as otherwise expressly provided herein,
and subject to the provisions of Section 10.20, all terms of an accounting or financial nature
shall be construed in accordance with GAAP, as in effect from time to time.

ARTICLE 2. THE CREDIT FACILITIES.

     Section 2.1. Commitments for Revolving Loans. Subject to the terms and conditions
hereof, each Lender severally and not jointly agrees to make one or more loans (each a “Revolving
Loan”) to the Borrower from time to time prior to the Commitment Termination Date applicable to
such Lender on a revolving basis in an aggregate amount not to exceed at any time outstanding an
amount equal to its Commitment, subject to any reductions thereof pursuant to the terms of this
Agreement; provided, however, that no Lender shall be required to make any Revolving Loan if,
after giving effect thereto, (i) the Dollar Equivalent of the aggregate principal amount of the
Revolving Loans and the L/C Obligations of all Lenders (determined in accordance with Section
10.19) would thereby exceed the Revolving Credit Commitment

19

 

Amount then in effect; or (ii) the
Dollar Equivalent of the Revolving Credit Exposure of such Lender (determined in accordance with
Section 10.19) would thereby exceed its Commitment then in effect. Each Borrowing of Revolving
Loans shall be made ratably from the Lenders in proportion to their respective Percentages.
Revolving Loans of each Lender may be repaid, in whole or in part, and all or any portion of the
principal amounts thereof reborrowed, before the Commitment Termination Date applicable to such
Lender, subject to the terms and conditions hereof. Funding of any Revolving Loans shall be in any
combination of U.S. Dollars, Euros, Pounds, Australian Dollars, Canadian Dollars, Singapore Dollars
or Kroner as specified by the Borrower as set forth in Section 2.3; provided, that the Dollar
Equivalent amount of the principal amount of outstanding Revolving Loans and L/C Obligations funded
and issued in Euros, Pounds, Australian Dollars, Canadian Dollars, Singapore Dollars and Kroner
determined, with respect to each such Revolving Loans and L/C Obligations in accordance with
Section 10.19 shall at no time exceed the Foreign Currency Sublimit then in effect.

     Section 2.2. Types of Revolving Loans and Minimum Borrowing Amounts.
Borrowings of Revolving Loans may be outstanding as either Base Rate Loans or Adjusted LIBOR
Loans, as selected by the Borrower pursuant to Section 2.3; provided, however, that any Revolving
Loans funded in Euros, Australian Dollars, Canadian Dollars, Singapore Dollars, Pounds or Kroner
may only be outstanding as Adjusted LIBOR Loans. Each Borrowing of Base Rate Loans shall be in an
amount of not less than $1,000,000 and each Borrowing of Adjusted LIBOR Loans shall be in an amount
of not less than the Dollar Equivalent of $5,000,000 and in an integral multiple of the Borrowing
Multiple.

     Section 2.3. Manner of Borrowings; Continuations and Conversions of Borrowings.

     (a) Notice of Revolving Loan Borrowings. The Borrower shall give notice to the
Administrative Agent by no later than (i) 12:00 P.M. at least three (3) Business Days before the
date on which the Borrower requests the Lenders to advance a Borrowing of Eurocurrency Loans to be
funded in U.S. Dollars, (ii) 12:00 P.M. at least four (4) Business Days before the date on which
the Borrower requests the Lenders to advance a Borrowing of Eurocurrency Loans to be funded in
Euros, Pounds or Canadian Dollars, (iii) 4:00 P.M. (London time) at least four (4) Business Days
before the date on which the Borrower requests the Lenders to advance a Borrowing of Eurocurrency
Loans to be funded in any Specified Currency (with a copy of any such notice to be sent
simultaneously to the Sub-Agent), and (iv) 12:00 P.M. on the date the Borrower requests the Lenders
to advance a Borrowing of Base Rate Loans, in each case pursuant to a duly completed Borrowing
Request substantially in the form of Exhibit 2.3 (each a “Borrowing Request”) executed on
behalf of Borrower by two of its officers.

     (b) Notice of Continuation or Conversion of Outstanding Borrowings. The Borrower may
from time to time elect to change or continue the type of interest rate borne by each Revolving
Loan Borrowing or, subject to the minimum amount requirements in Section 2.2 for each outstanding
Revolving Loan Borrowing, a portion thereof, as follows: (i) if such Borrowing is of Eurocurrency
Loans, the Borrower may continue part or all of such Borrowing as Eurocurrency Loans for an
Interest Period specified by the Borrower or convert part or all of such Borrowing into Base Rate
Loans on the last day of the Interest Period applicable thereto, or the Borrower may earlier
convert part or all of such Borrowing into Base Rate Loans so long as

20

 

it pays the breakage fees and
funding losses provided in Section 2.11; and (ii) if such Borrowing is of Base Rate Loans, the
Borrower may convert all or part of such Borrowing into Eurocurrency Loans for an Interest Period
specified by the Borrower on any Business Day, in each case pursuant to notices of continuation or
conversion as set forth below. The Borrower may select multiple Interest Periods for the
Eurocurrency Loans constituting any such particular Borrowing, provided that at no time shall the
number of different Interest Periods for outstanding Eurocurrency Loans exceed twenty (20) (it
being understood for such purposes that (x) Interest Periods of the same duration, but commencing
on different dates, shall be counted as different Interest Periods, and (y) all Interest Periods
commencing on the same date and of the same duration shall be counted as one Interest Period
regardless of the number of Borrowings or Loans involved. Notices of the continuation of such
Eurocurrency Loans for an additional Interest Period or of the conversion of part or all of such
Eurocurrency Loans into Base Rate Loans or of such Base Rate Loans into Eurocurrency Loans must be
given by no later than (A) 12:00 P.M. at least three (3) Business Days with respect to Eurocurrency
Loans funded in U.S. Dollars, (B) 12:00 P.M. at least four (4) Business Days with respect to
Eurocurrency Loans funded in Euros, Pounds or Canadian Dollars, and (C) 4:00 P.M. (London time) at
least four (4) Business Days with respect to Eurocurrency Loans funded in any Specified Currency
(with a copy of any such notice to be sent simultaneously to the Sub-Agent), in each case before
the date of the requested continuation or conversion.

     (c) Manner of Notice. The Borrower shall give such notices concerning the advance,
continuation, or conversion of a Borrowing pursuant to this Section 2.3 by telephone or facsimile
(which notice shall be irrevocable once given and, if by telephone, shall be promptly confirmed in
writing) pursuant to a Borrowing Request which shall specify the date of the requested advance,
continuation or conversion (which shall be a Business Day), the amount and currency of the
requested Borrowing, whether such Borrowing is to be advanced, continued, or converted, the type of
Loans to comprise such new, continued or converted Borrowing and, if such Borrowing is to be
comprised of Eurocurrency Loans, the Interest Period applicable thereto. The Borrower agrees that
the Administrative Agent may rely on any such telephonic or facsimile notice given by any Person it
in good faith believes is an authorized representative of the Borrower without the necessity of
independent investigation and that, if any such notice by telephone conflicts with any written
confirmation, such telephonic notice shall govern if the Administrative Agent has acted in reliance
thereon.

     (d) Notice to the Lenders. The Administrative Agent shall give prompt telephonic,
telex or facsimile notice to each Lender of any notice received pursuant to this Section 2.3
relating to a Revolving Loan Borrowing. The Administrative Agent shall give notice to the Borrower
and each Lender by like means of the interest rate applicable to each Borrowing of
Eurocurrency Loans (but, if such notice is given by telephone, the Administrative Agent shall
confirm such rate in writing) promptly after the Administrative Agent has made such determination.

     (e) Borrower’s Failure to Notify. If the Borrower fails to give notice pursuant to
Section 2.3(a) of (i) the continuation or conversion of any outstanding principal amount of a
Borrowing of Eurocurrency Loans, or (ii) a Borrowing of Revolving Loans to pay outstanding
Reimbursement Obligations, and has not notified the Administrative Agent by (A) 12:00 P.M. at

21

 

least
three (3) Business Days before the last day of the Interest Period for any Borrowing of
Eurocurrency Loans funded in U.S. Dollars, (B) 12:00 P.M. at least four (4) Business Days before
the last day of the Interest Period for any Borrowing of Eurocurrency Loans funded in Euros, Pounds
or Canadian Dollars, (C) 4:00 P.M. (London time) at least four (4) Business Days before the last
day of the Interest Period for any Borrowing of Eurocurrency Loans funded in any Specified Currency
(with a copy of any such notice to be sent simultaneously to the Sub-Agent), or (D) the day such
Reimbursement Obligation becomes due, as the case may be, that it intends to repay such Borrowing
or Reimbursement Obligation, the Borrower shall be deemed to have requested, as applicable, (x) the
continuation of such Borrowing as a Eurocurrency Loan with an Interest Period of one (1) month or
(y) the advance of a new Borrowing of Base Rate Loans (after converting, if necessary, the
Reimbursement Obligation into Dollars using the applicable Exchange Rate in effect on such date) on
such day in the amount of the Reimbursement Obligation then due, which Borrowing pursuant to this
clause (y) shall be deemed to have been funded on such date by the Lenders in accordance with
Section 2.3(a) and to have been applied on such day to pay the Reimbursement Obligation then due,
in each case so long as no Event of Default shall have occurred and be continuing or would occur as
a result of such Borrowing but otherwise disregarding the conditions to Borrowings set forth in
Section 4.2. Upon the occurrence and during the continuance of any Event of Default, and upon
notice thereof from the Administrative Agent to the Borrower (i) each Eurocurrency Loan will
automatically, on the last day of the then existing Interest Period therefor, convert into a Base
Rate Loan, and (ii) the obligation of the Lenders to fund Loans in Euros, Pounds, Australian
Dollars, Canadian Dollars, Singapore Dollars or Kroner, and to make, continue or convert Loans into
Eurocurrency Loans shall be suspended.

     (f) Conversion. If the Borrower shall elect to convert any particular Borrowing
pursuant to this Section 2.3 from one Type of Loan to the other only in part, then, from and after
the date on which such conversion shall be effective, such particular Borrowing shall, for all
purposes of this Agreement (including, without limitation, for purposes of subsequent application
of this sentence) be deemed to instead constitute two Borrowings (each originally advanced on the
same date as such particular Borrowing), one comprised of (subject to subsequent conversion in
accordance with this Agreement) Eurocurrency Loans in an aggregate principal amount equal to the
portion of such Borrowing so elected by the Borrower to be comprised of Eurocurrency Loans and the
second comprised of (subject to subsequent conversion in accordance with this Agreement) Base Rate
Loans in an aggregate principal amount equal to the portion of such particular Borrowing so elected
by the Borrower to be comprised of Base Rate Loans. If the Borrower shall elect to have multiple
Interest Periods apply to any such particular Borrowing comprised of Eurocurrency Loans, then, from
and after the date such multiple Interest Periods commence, such particular Borrowing shall, for
all
purposes of this Agreement (including, without limitation, for purposes of subsequent
application of this sentence), be deemed to constitute a number of separate Borrowings (each
originally commencing on the same date as such particular Borrowing) equal to the number of, and
corresponding to, the different Interest Periods so selected, each such deemed separate Borrowing
corresponding to a particular selected Interest Period comprised of (subject to subsequent
conversion in accordance with this Agreement) Eurocurrency Loans in an aggregate principal amount
equal to the portion of such particular Borrowing so elected by the Borrower to have such Interest
Period. This Section 2.3(f) shall be applied appropriately in the event that the

22

 

Borrower shall
make the elections described in the two preceding sentences at the same time with respect to the
same particular Borrowing.

     Section 2.4. Interest Periods. As provided in Section 2.3, at the time of each
request for a Borrowing of Eurocurrency Loans, or for the continuation or conversion of any
Borrowing of Eurocurrency Loans, the Borrower shall select the Interest Period(s) to be applicable
to such Loans from among the available options, subject to the limitations in Section 2.3;
provided, however, that:

     (i) the Borrower may not select an Interest Period that extends beyond the Commitment
Termination Date;

     (ii) whenever the last day of any Interest Period would otherwise be a day that is not
a Business Day, the last day of such Interest Period shall either be (i) extended to the
next succeeding Business Day, or (ii) in the case of Eurocurrency Loans only, reduced to the
immediately preceding Business Day if the next succeeding Business Day is in the next
calendar month; and

     (iii) for purposes of determining an Interest Period, a month means a period starting
on one day in a calendar month and ending on the numerically corresponding day in the next
calendar month; provided, however, that if there is no such numerically corresponding day in
the month in which an Interest Period is to end or if an Interest Period begins on the last
Business Day of a calendar month, then in the case of Eurocurrency Loans only, such Interest
Period shall end on the last Business Day of the calendar month in which such Interest
Period is to end.

     Section 2.5. Funding of Loans.

     (a) Disbursement of Loans. Not later than 12:00 P.M. with respect to Borrowings in
U.S. Dollars of Eurocurrency Loans, and 2:00 P.M. with respect to Base Rate Revolving Loans, on the
date of any requested advance of a new Borrowing of Loans, each Lender, subject to all other
provisions hereof, shall make available for the account of its applicable Lending Office its Loan
comprising its portion of such Borrowing in funds immediately available for the benefit of the
Administrative Agent in the applicable Administrative Agent’s Account and according to the payment
instructions of the Administrative Agent. Not later than 2:00 P.M. (London time) with respect to a
new Borrowing in Euros, Pounds, Australian Dollars, Canadian Dollars, Singapore Dollars, or Kroner,
on the date of any such requested Borrowing, each Lender, subject to all other provisions hereof,
shall make available its portion of such Borrowing in funds immediately
available for the benefit of the Administrative Agent in the applicable Administrative Agent’s
Account and according to the payment instructions of the Administrative Agent. The
Administrative Agent shall make the proceeds of each such Borrowing available in immediately
available funds to the Borrower (or as directed in writing by the Borrower) on such date. In the
event that any Lender does not make such amounts available to the Administrative Agent by the time
prescribed above, but such amount is received later that day, such amount may be credited to the
Borrower in the manner described in the preceding sentence on the next Business Day (with interest
on such amount to begin accruing hereunder on such next Business Day) provided

23

 

that acceptance by
the Borrower of any such late amount shall not be deemed a waiver by the Borrower of any rights it
may have against such Lender. No Lender shall be responsible to the Borrower for any failure by
another Lender to fund its portion of a Borrowing, and no such failure by a Lender shall relieve
any other Lender from its obligation, if any, to fund its portion of a Borrowing.

     (b) Administrative Agent Reliance on Lender Funding. Unless the Administrative Agent
shall have been notified by a Lender prior to the time at which such Lender is scheduled to make
payment to the Administrative Agent of the proceeds of a Loan (which notice shall be effective upon
receipt) that such Lender does not intend to make such payment, the Administrative Agent may assume
that such Lender has made such payment when due and in reliance upon such assumption may (but shall
not be required to) make available to the Borrower the proceeds of the Loan to be made by such
Lender and, if any Lender has not in fact made such payment to the Administrative Agent, such
Lender shall, on demand, pay to the Administrative Agent the amount made available to the Borrower
attributable to such Lender together with interest thereon for each day during the period
commencing on the date such amount was made available to the Borrower and ending on (but excluding)
the date such Lender pays such amount to the Administrative Agent at a rate per annum equal to the
Administrative Agent’s cost of funds for such amount. If such amount is not received from such
Lender by the Administrative Agent immediately upon demand, the Borrower will, on demand, repay to
the Administrative Agent the proceeds of the Loan attributable to such Lender with interest thereon
at a rate per annum equal to the interest rate applicable to the relevant Loan, but the Borrower
will in no event be liable to pay any amounts otherwise due pursuant to Section 2.11 in respect of
such repayment. Nothing in this subsection shall be deemed to relieve any Lender from any
obligation to fund any Loans hereunder or to prejudice any rights which the Borrower may have
against any Lender as a result of any default by such Lender hereunder.

     Section 2.6. Applicable Interest Rates.

     (a) Base Rate Loans. Each Base Rate Loan shall bear interest (computed on the basis
of a 365-day year or 366-day year, as the case may be, and actual days elapsed excluding the date
of repayment) on the unpaid principal amount thereof from the date such Loan is made until maturity
(whether by acceleration or otherwise) or conversion to a Eurocurrency Loan, at a rate per annum
equal to the lesser of (i) the Highest Lawful Rate, or (ii) the Base Rate from time to time in
effect. The Borrower agrees to pay such interest on each Interest Payment Date for such Loan and
at maturity (whether by acceleration or otherwise).

     (b) Eurocurrency Loans. Each Eurocurrency Loan shall bear interest (computed on the
basis of a 360-day year and actual days elapsed, except with respect to Eurocurrency Loans funded
in Pounds, in which case interest will be computed on the basis of a 365-day year or 366-day year,
as the case may be, and actual days elapsed, in each case excluding the date of repayment) on the
unpaid principal amount thereof from the date such Loan is made until maturity (whether by
acceleration or otherwise) or, in the case of Eurocurrency Loans, conversion to a Base Rate Loan at
a rate per annum equal to the lesser of (i) the Highest Lawful Rate, or (ii) the sum of Adjusted
LIBOR plus the Applicable Margin. The Borrower agrees to pay such interest on each Interest
Payment Date for such Loan and at maturity (whether by

24

 

acceleration or otherwise) or, in the case
of Eurocurrency Loans, conversion to a Base Rate Loan.

     (c) Rate Determinations. The Administrative Agent shall determine each interest rate
applicable to the Loans and Reimbursement Obligations hereunder insofar as such interest rate
involves a determination of Base Rate, Adjusted LIBOR or LIBOR Rate, or any applicable default rate
pursuant to Section 2.7, and such determination shall be conclusive and binding except in the case
of the Administrative Agent’s manifest error or willful misconduct. The Administrative Agent shall
promptly give notice to the Borrower and each Lender of each determination of Adjusted LIBOR, with
respect to each Eurocurrency Loan.

     Section 2.7. Default Rate. If any payment of principal on any Loan is not made when
due after the expiration of the grace period therefor provided in Section 7.1(a) (whether by
acceleration or otherwise), or any Reimbursement Obligation is not paid when due as provided in
Section 2.12(c), such Loan or Reimbursement Obligation shall bear interest (computed on the basis
of a year of 360, 365 or 366 days, as applicable, and actual days elapsed) after any such grace
period expires until such principal then due is paid in full, which the Borrower agrees to pay on
demand, at a rate per annum equal to:

     (a) for any Base Rate Loan, the lesser of (i) the Highest Lawful Rate, or (ii) the sum of two
percent (2%) per annum plus the Base Rate from time to time in effect (but not less than the Base
Rate in effect at the time such payment was due);

     (b) for any Eurocurrency Loan, the lesser of (i) the Highest Lawful Rate, or (ii) the sum of
two percent (2%) per annum plus the rate of interest in effect thereon at the time of such default
until the end of the Interest Period for such Loan and, thereafter, at a rate per annum equal to
the sum of two percent (2%) per annum plus (x) in the case of any Loans made in Dollars, the Base
Rate from time to time in effect (but not less than the Base Rate in effect at the time such
payment was due), or (y) in the case of any Loans made in Euros, Pounds, Australian Dollars,
Canadian Dollars, Singapore Dollars or Kroners, the interest rate that would otherwise then be
applicable under this Agreement to a Eurocurrency Loan made in such currency for an Interest Period
of one month as from time to time in effect (but not less than such interest rate in effect at the
time such payment was due); and

     (c) for any unpaid Reimbursement Obligations, the lesser of (i) the Highest Lawful Rate, or
(ii) the sum of two percent (2%) per annum plus (x) in the case of any Reimbursement
Obligations payable in Dollars, the Base Rate from time to time in effect (but not less than
the Base Rate in effect at the time such payment was due), or (y) in the case of any Reimbursement
Obligations payable in any currency other than Dollars, the interest rate that would otherwise then
be applicable under this Agreement to a Eurocurrency Loan made in such currency for an Interest
Period of one month as from time to time in effect (but not less than such interest rate in effect
at the time such payment was due).

     It is the intention of the Administrative Agent and the Lenders to conform strictly to usury
laws applicable to them. Accordingly, if the transactions contemplated hereby or any Loan or other
Obligation would be usurious as to any of the Lenders under laws applicable to it

25

 

(including the
laws of the United States of America and the State of New York or any other jurisdiction whose laws
may be mandatorily applicable to such Lender notwithstanding the other provisions of this
Agreement, the Notes or any other Credit Document), then, in that event, notwithstanding anything
to the contrary in this Agreement, the Notes or any other Credit Document, it is agreed as follows:
(i) the aggregate of all consideration which constitutes interest under laws applicable to such
Lender that is contracted for, taken, reserved, charged or received by such Lender under this
Agreement, the Notes or any other Credit Document or otherwise shall under no circumstances exceed
the Highest Lawful Rate, and any excess shall be credited by such Lender on the principal amount of
the Loans or to the Reimbursement Obligations (or, if the principal amount of the Loans and all
Reimbursement Obligations shall have been paid in full, refunded by such Lender to the Borrower);
and (ii) in the event that the maturity of the Loans is accelerated by reason of an election of the
holder or holders thereof resulting from any Event of Default hereunder or otherwise, or in the
event of any required or permitted prepayment, then such consideration that constitutes interest
under laws applicable to such Lender may never include more than the Highest Lawful Rate, and
excess interest, if any, provided for in this Agreement, the Notes, any other Credit Document or
otherwise shall be automatically canceled by such Lender as of the date of such acceleration or
prepayment and, if theretofore paid, shall be credited by such Lender on the principal amount of
the Loans or to the Reimbursement Obligations (or if the principal amount of the Loans and all
Reimbursement Obligations shall have been paid in full, refunded by such Lender to the Borrower).
To the extent that the Texas Finance Code, Chapters 302 and 303, are relevant to the Administrative
Agent and the Lenders for the purpose of determining the Highest Lawful Rate, the Administrative
Agent and the Lenders hereby elect to determine the applicable rate ceiling under such Chapter by
the indicated (weekly) rate ceiling from time to time in effect, subject to their right
subsequently to change such method in accordance with applicable law. In the event the Loans and
all Reimbursement Obligations are paid in full by the Borrower prior to the full stated term of the
Loans and the interest received from the actual period of the existence of the Loans exceeds the
Highest Lawful Rate, the Lenders shall refund to the Borrower the amount of the excess or shall
credit the amount of the excess against amounts owing under the Loans and none of the
Administrative Agent or the Lenders shall be subject to any of the penalties provided by law for
contracting for, taking, reserving, charging or receiving interest in excess of the Highest Lawful
Rate. The Texas Finance Code, Chapter 346, which regulates certain revolving credit loan accounts
and revolving tri-party accounts, shall not apply to this Agreement or the Loans.

     Section 2.8. Repayment of Loans; Evidence of Debt.

     (a) Repayment of Loans. The Borrower hereby promises to pay to the Administrative
Agent for the account of each Lender, on the Commitment Termination Date, the unpaid amount of each
Revolving Loan then outstanding.

     (b) Record of Loans by Lenders. Each Lender shall maintain in accordance with its
usual practice an account or accounts evidencing the indebtedness of the Borrower to such Lender
resulting from each Loan made by such Lender, including the amounts of principal and accrued
interest payable and paid to such Lender from time to time hereunder.

26

 

     (c) Record of Loans by Administrative Agent. The Administrative Agent shall maintain
accounts in which it shall record (i) the amount of each Loan made hereunder, the Type thereof and
the Interest Period applicable thereto, (ii) the amount of any principal or accrued interest due
and payable or to become due and payable from the Borrower to each Lender hereunder and (iii) the
amount of any sum received by the Administrative Agent hereunder for the account of the Lenders and
each Lender’s share thereof.

     (d) Evidence of Obligations. The entries made in the accounts maintained pursuant to
paragraph (b) or (c) of this Section shall be prima facie evidence of the existence
and amounts of the obligations recorded therein; provided that the failure of any Lender or the
Administrative Agent to maintain such accounts or any error therein shall not in any manner affect
the obligation of the Borrower to repay the Loans in accordance with the terms of this Agreement.

     (e) Notes. The Revolving Loans outstanding to the Borrower from each Lender shall, at
the written request of such Lender, be evidenced by a promissory note of the Borrower payable to
such Lender in the form of Exhibit 2.8A (Master Note) or, if such Lender so requests in
writing, by one or more individual promissory notes of the Borrower in similar form but payable in
the specific foreign currencies in which the Loans may be funded (each a “Note”). The Borrower
agrees to execute and deliver to the Administrative Agent, for the benefit of each Lender
requesting one or more promissory notes as aforesaid, an original of each such promissory note,
appropriately completed, to evidence the respective Loans made by such Lender hereunder, within ten
(10) Business Days after the Borrower receives a written request therefor.

     (f) Recording of Loans and Payments on Notes. Each holder of a Note shall record on
its books and records or on a schedule to its appropriate Note (and prior to any transfer of its
Notes shall endorse thereon or on schedules forming a part thereof appropriate notations to
evidence) the amount of each Loan outstanding from it to the Borrower, all payments of principal
and interest and the principal balance from time to time outstanding thereon, the type of such Loan
and, if a Eurocurrency Loan the Interest Period and interest rate applicable thereto. Such record,
whether shown on the books and records of a holder of a Note or on a schedule to its Note, shall be
prima facie evidence as to all such matters; provided, however, that the failure of any holder to
record any of the foregoing or any error in any such record shall not limit or otherwise affect the
obligation of the Borrower to repay all Loans outstanding to it hereunder together with accrued
interest thereon. At the request of any holder of a Note and upon such holder tendering to the
Borrower the Note to be replaced, the Borrower shall furnish a new Note
to such holder to replace any outstanding Note and at such time the first notation appearing
on the schedule on the reverse side of, or attached to, such new Note shall set forth the aggregate
unpaid principal amount of all Loans, if any, then outstanding thereon.

     Section 2.9. Optional Prepayments. The Borrower shall have the privilege of prepaying
any Base Rate Loans without premium or penalty at any time in whole or at any time and from time to
time in part (but, if in part, then in an amount which is equal to or greater than $1,000,000);
provided, however, that the Borrower shall have given notice of such prepayment to the
Administrative Agent no later than 12:00 P.M. on the date of such prepayment. The Borrower shall
have the privilege of prepaying any Adjusted LIBOR Loans (a) without premium

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or penalty in whole or
in part (but, if in part, then in an amount which is equal to or greater than the Dollar Equivalent
of $5,000,000 and in an integral multiple of the Borrowing Multiple or such smaller amount as
needed to prepay a particular Borrowing in full) only on the last Business Day of an Interest
Period for such Loan, and (b) at any other time without premium or penalty except for the breakage
fees and funding losses that are required to be paid pursuant to Section 2.11; provided, however,
that the Borrower shall have given notice of such prepayment to the Administrative Agent no later
than 12:00 P.M. at least three (3) Business Days before the last Business Day of such Interest
Period or the proposed prepayment date. Any such prepayments shall be made by the payment of the
principal amount to be prepaid and accrued and unpaid interest thereon to the date of such
prepayment. Unless otherwise specified in writing by the Borrower, optional prepayments shall be
applied first, to the Revolving Loans, second, to the Reimbursement Obligations
with respect to Letters of Credit, and third to any other Obligations then outstanding.

     Section 2.10. Mandatory Prepayments of Loans. In the event and on each occasion that
the Dollar Equivalent of the aggregate principal amount of outstanding Revolving Loans and L/C
Obligations exceeds the Revolving Credit Commitment Amount then in effect, then the Borrower shall
promptly prepay Revolving Loans in an aggregate amount sufficient to eliminate such excess.
Immediately upon determining the need to make any such prepayment, the Borrower shall notify the
Administrative Agent of such required prepayment and of the identity of the particular Revolving
Loans being prepaid. If the Administrative Agent shall notify the Borrower that the Administrative
Agent has determined that any prepayment is required under this Section 2.10, the Borrower shall
make such prepayment no later than the second Business Day following such notice. Any mandatory
prepayment of Revolving Loans pursuant hereto shall not be limited by the notice provision for
prepayments set forth in Section 2.9. Each such prepayment shall be accompanied by a payment of
all accrued and unpaid interest on the Loans prepaid and any applicable breakage fees and funding
losses pursuant to Section 2.11.

     Section 2.11. Breakage Fees. If any Lender incurs any loss, cost or expense
(excluding loss of anticipated profits and other indirect or consequential damages) by reason of
the liquidation or re-employment of deposits or other funds acquired by such Lender to fund or
maintain any Eurocurrency Loan as a result of any of the following events other than any such
occurrence as a result of a change of circumstance described in Sections 8.1 or 8.2:

     (a) any payment, prepayment or conversion of any such Loan on a date other than the last day
of its Interest Period (whether by acceleration, mandatory prepayment or otherwise);

     (b) any failure to make a principal payment of any such Loan on the due date therefor; or

     (c) any failure by the Borrower to borrow, continue or prepay, or convert to, any such Loan on
the date specified in a notice given pursuant to Section 2.3 (other than by reason of a default of
such Lender),

then the Borrower shall pay to such Lender such amount as will reimburse such Lender for such loss,
cost or expense. If any Lender makes such a claim for compensation, it shall provide to the

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Borrower a certificate executed by an officer of such Lender setting forth the amount of such loss,
cost or expense in reasonable detail (including an explanation of the basis for and the computation
of such loss, cost or expense) no later than ninety (90) days after the event giving rise to the
claim for compensation, and the amounts shown on such certificate shall be prima facie evidence of
such Lender’s entitlement thereto. Within ten (10) days of receipt of such certificate, the
Borrower shall pay directly to such Lender such amount as will compensate such Lender for such
loss, cost or expense as provided herein, unless such Lender has failed to timely give notice to
the Borrower of such claim for compensation as provided herein, in which event the Borrower shall
not have any obligation to pay such claim.

     Section 2.12. Letters of Credit.

     (a) Letters of Credit. Subject to the terms and conditions hereof, the Issuing Bank
agrees to issue, from time to time prior to the Commitment Termination Date, at the request of the
Borrower and on behalf of the Lenders and in reliance on their obligations under this Section 2.12,
one or more letters of credit (each a “Letter of Credit”) for the Borrower’s account in a face
amount in each case of at least $500,000 or, if denominated in a currency other than U.S. Dollars,
the Dollar Equivalent of $500,000, and in an aggregate undrawn face amount for all Letters of
Credit at any time outstanding not to exceed the Revolving Credit Commitment Amount; provided, that
the Issuing Bank shall not issue a Letter of Credit pursuant to this Section 2.12 if, after the
issuance thereof, (i) the outstanding Revolving Loans and L/C Obligations would thereby exceed the
Revolving Credit Commitment Amount (determined in accordance with Section 10.19) then in effect,
(ii) the aggregate undrawn face amount of all Letters of Credit then outstanding would at any time
thereafter (giving effect to the respective scheduled expiration dates thereof and any automatic
extensions provided therein) exceed the Revolving Credit Commitment Amount scheduled to be in
effect at any such time thereafter (giving effect to any reductions resulting from the scheduled
expiration of the Commitments of Declining Lenders not offset by new or increased Commitments of
Replacement Lenders or Extending Lenders pursuant to Section 2.16), or (iii) the issuance of such
Letter of Credit would violate any legal or regulatory restriction then applicable to the Issuing
Bank or any Lender as notified by the Issuing Bank or such Lender to the Administrative Agent
before the date of issuance of such Letter of Credit. Letters of Credit and any increases and
extensions thereof hereunder may be issued in face amounts of either Dollars, Euros, Pounds,
Australian Dollars, Canadian Dollars, Singapore Dollars or Kroner; provided further, that the
Dollar Equivalent
amount of the principal amount of outstanding Revolving Loans and Letters of Credit in Euros,
Pounds, Australian Dollars, Canadian Dollars, Singapore Dollars and Kroner determined, with respect
to each such Revolving Loan or Letter of Credit, in accordance with Section 10.19 on the date such
Revolving Loan is funded, continued or converted, or the date such Letter of Credit is issued,
increased and extended, as applicable, shall not exceed in the aggregate the Foreign Currency
Sublimit.

     (b) Issuance Procedure. To request that the Issuing Bank issue a Letter of Credit,
the Borrower shall deliver to the Issuing Bank and the Administrative Agent (with a duplicate copy
to an operations employee of the Issuing Bank as designated by the Issuing Bank from time to time)
a duly executed Issuance Request substantially in the form of Exhibit 2.12A (each an
“Issuance Request”), together with a duly executed application for the relevant Letter of Credit

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substantially in the form of Exhibit 2.12B (each an “Application”), or such other
computerized issuance or application procedure, instituted from time to time by the Issuing Bank
and the Administrative Agent and agreed to by the Borrower, completed to the reasonable
satisfaction of the Issuing Bank and the Administrative Agent, and such other information as the
Issuing Bank and the Administrative Agent may reasonably request. In the event of any
irreconcilable difference or inconsistency between this Agreement and an Application, the
provisions of this Agreement shall govern. Upon receipt of a properly completed and executed
Application and any other reasonably requested information at least three (3) Business Days prior
to any requested issuance date, the Issuing Bank will process such Application in accordance with
its customary procedures and issue the requested Letter of Credit on the requested issuance date.
The Borrower may cancel any requested issuance of a Letter of Credit prior to the issuance thereof.
The Issuing Bank will notify the Administrative Agent and each Lender of the amount, currency, and
expiration date of each Letter of Credit it issues promptly upon issuance thereof. Each Letter of
Credit shall have an expiration date no later than four (4) Business Days before the Commitment
Termination Date. If the Issuing Bank issues any Letters of Credit with expiration dates that
automatically extend unless the Issuing Bank gives notice that the expiration date will not so
extend, the Issuing Bank will give such notice of non-renewal before the time necessary to prevent
such automatic extension if (and will not give such notice of non-renewal before such time unless)
before such required notice date (i) the expiration date of such Letter of Credit if so extended
would be later than four (4) Business Days before the Commitment Termination Date, (ii) the
Commitment Termination Date shall have occurred, (iii) a Default or an Event of Default exists and
the Required Lenders have given the Issuing Bank instructions not to so permit the expiration date
of such Letter of Credit to be extended, or (iv) the Issuing Bank is so directed by the Borrower.
The Issuing Bank agrees to issue amendments to any Letter of Credit increasing its amount, or
extending its expiration date, at the request of the Borrower, subject to the conditions precedent
for all Borrowings of Section 4.2 and the other terms and conditions of this Section 2.12.

     (c) The Borrower’s Reimbursement Obligations.

     (i) The Borrower hereby irrevocably and unconditionally agrees to reimburse the Issuing
Bank for each payment or disbursement made by the Issuing Bank to settle its obligations
under any draft drawn or other payment made under a Letter of Credit (a “Reimbursement
Obligation”) within two (2) Business Days from when such draft is
paid or other payment is made with either funds not borrowed hereunder or with a
Borrowing of Revolving Loans subject to Section 2.3 and the other terms and conditions
contained in this Agreement. The Reimbursement Obligation shall bear interest (which the
Borrower hereby promises to pay) from and after the date such draft is paid or other payment
is made until (but excluding the date) the Reimbursement Obligation is paid at the lesser of
(x) the Highest Lawful Rate, or (y) the Base Rate (in the case of a Letter of Credit payable
in Dollars) or the rate of interest that would then be applicable hereunder to an Adjusted
LIBOR Loan with an Interest Period of one month (in the case of a Letter of Credit payable
in Euros, Pounds, Australian Dollars, Canadian Dollars, Singapore Dollars or Kroner), in
each case so long as the Reimbursement Obligation shall not be past due, and thereafter at
the default rate per annum as set forth in Section 2.7(c), whether or not the Commitment
Termination Date shall have occurred. If any such

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payment or disbursement is reimbursed to
the Issuing Bank on the date such payment or disbursement is made by the Issuing Bank,
interest shall be paid on the reimbursable amount for one (1) day. The Issuing Bank shall
give the Borrower notice of any drawing on a Letter of Credit within one (1) Business Day
after such drawing is paid.

     (ii) The Borrower agrees for the benefit of the Issuing Bank and each Lender that,
notwithstanding any provision of any Application, the obligations of the Borrower under this
Section 2.12(c) and each applicable Application shall be absolute, unconditional and
irrevocable and shall be performed strictly in accordance with the terms of this Agreement
and each applicable Application under all circumstances whatsoever (other than the defense
of payment in accordance with this Agreement), including, without limitation, the following
circumstances (subject in all cases to the defense of payment in accordance with this
Agreement):

          (1) any lack of validity or enforceability of any of the L/C Documents;

          (2) any amendment or waiver of or any consent to depart from all or any of the
provisions of any of the L/C Documents;

          (3) the existence of any claim, set-off, defense or other right the Borrower may have
at any time against a beneficiary of a Letter of Credit (or any person for whom a
beneficiary may be acting), the Issuing Bank, any Lender or any other Person, whether in
connection with this Agreement, another L/C Document or any unrelated transaction;

          (4) any statement or any other document presented under a Letter of Credit proving to
be forged, fraudulent, invalid or insufficient in any respect or any statement therein being
untrue or inaccurate in any respect;

          (5) payment by the Issuing Bank under a Letter of Credit against presentation to the
Issuing Bank of a draft or certificate that does not comply with the terms of the Letter of
Credit; or

          (6) any other act or omission to act or delay of any kind by the Issuing Bank, any
Lender or any other Person or any other event or circumstance whatsoever that might, but for
the provisions of this Section 2.12(c), constitute a legal or equitable discharge of the
Borrower’s obligations hereunder, under an Issuance Request or under an Application;

provided, however, the foregoing shall not be construed to excuse the Issuing Bank from liability
to the Borrower to the extent of any direct damages (but excluding consequential damages, which are
hereby waived to the extent not prohibited by applicable law) suffered by the Borrower that are
caused by the Issuing Bank’s gross negligence or willful misconduct.

     (d) The Participating Interests. Each Lender severally and not jointly agrees to
purchase from the Issuing Bank, and the Issuing Bank hereby agrees to sell to each Lender, an

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undivided percentage participating interest, to the extent of its Percentage, in each Letter of
Credit issued by, and Reimbursement Obligation owed to, the Issuing Bank in connection with a
Letter of Credit. Upon any failure by the Borrower to pay any Reimbursement Obligation in
connection with a Letter of Credit at the time required in Sections 2.12(c) and 2.3(c), or if the
Issuing Bank is required at any time to return to the Borrower or to a trustee, receiver,
liquidator, custodian or other Person any portion of any payment by the Borrower of any
Reimbursement Obligation in connection with a Letter of Credit, the Issuing Bank shall promptly
give notice of same to each Lender, and the Issuing Bank shall have the right to require each
Lender to fund its participation in such Reimbursement Obligation. Each Lender (except the Issuing
Bank to the extent it is also a Lender) shall pay to the Issuing Bank an amount equal to such
Lender’s Percentage of such unpaid or recaptured Reimbursement Obligation not later than the
Business Day it receives notice from the Issuing Bank to such effect, if such notice is received
before 2:00 P.M., or not later than the following Business Day if such notice is received after
such time. If a Lender fails to pay timely such amount to the Issuing Bank, it shall also pay to
the Issuing Bank interest on such amount accrued from the date payment of such amount was made by
the Issuing Bank to the date of such payment by the Lender at a rate per annum equal to the Base
Rate in effect for each such day and only after such payment shall such Lender be entitled to
receive its Percentage of each payment received on the relevant Reimbursement Obligation and of
interest paid thereon. The several obligations of the Lenders to the Issuing Bank under this
Section 2.12(d) shall be absolute, irrevocable and unconditional under any and all circumstances
whatsoever and shall not be subject to any set-off, counterclaim or defense to payment any Lender
may have or have had against the Borrower, the Issuing Bank, and any other Lender or any other
Person whatsoever including, but not limited to, any defense based on the failure of the demand for
payment under the Letter of Credit to conform to the terms of such Letter of Credit or the
legality, validity, regularity or enforceability of such Letter of Credit and INCLUDING, BUT NOT
LIMITED TO, THOSE RESULTING FROM THE ISSUING BANK’S OWN SIMPLE OR CONTRIBUTORY NEGLIGENCE. Without
limiting the generality of the foregoing, such obligations shall not be affected by any Default or
Event of Default or by any subsequent reduction or termination of any Commitment of a Lender, and
each payment by a Lender under this Section 2.12 shall be made without any offset, abatement,
withholding or reduction whatsoever.

     (e) Letter of Credit Amounts. Unless otherwise specified herein, the amount of a
Letter of Credit at any time shall be deemed to be the Dollar Equivalent of the stated amount of
such Letter of Credit in effect at such time; provided, however, that with respect to any Letter of
Credit that, by its terms or the terms of any Application related thereto, provides for one or more
automatic increases in the stated amount thereof, the amount of such Letter of Credit shall be
deemed to be the Dollar Equivalent of the maximum stated amount of such Letter of Credit after
giving effect to all such increases, whether or not such maximum stated amount is in effect at such
time.

     Section 2.13. Commitment Terminations. The Borrower shall have the right at any time
and from time to time, upon three (3) Business Days’ prior and irrevocable written notice to the
Administrative Agent, to terminate or reduce the Commitments without premium or penalty, in whole
or in part, with any partial reduction (i) to be in an amount not less than $5,000,000 as
determined by the Borrower and in integral multiples of $5,000,000 and (ii) as to the

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Commitments
to be allocated ratably among the Lenders in proportion to their respective Commitments; provided,
that the Revolving Credit Commitment Amount may not be reduced to an amount less than the sum of
the aggregate principal amount of outstanding Revolving Loans and L/C Obligations, after
converting, if necessary, any such outstanding Obligations to their Dollar Equivalent amounts in
accordance with Section 10.19 and after giving effect to payments on such proposed termination or
reduction date; provided, however, that to the extent the Borrower provides to the Administrative
Agent cash collateral in an amount sufficient to cover such shortage or back to back letters of
credit from a bank(s) or financial institution(s) whose short-term unsecured debt rating is rated A
or above from either S&P or Moody’s or such other bank(s) or financial institution(s) satisfactory
to the Required Lenders in an amount equal to the undrawn face amount of any applicable outstanding
Letters of Credit with an expiration date of at least five (5) days after the expiration date of
any applicable Letter of Credit and which provide that the Administrative Agent may make a drawing
thereunder in the event that it pays a drawing under such Letter of Credit. The Administrative
Agent shall give prompt notice to each Lender of any such termination or reduction of the
Commitments. Any termination of Commitments pursuant to this Section 2.13 is permanent and may not
be reinstated.

     Section 2.14. Increase of Commitments; Additional Lenders.

     (a) So long as no Event of Default has occurred and is continuing, from time to time after the
Initial Availability Date, the Borrower may, upon at least 30 days’ written notice to the
Administrative Agent, elect to increase the Revolving Credit Commitment Amount up to a total amount
not to exceed $1,000,000,000 at any time in effect (the amount of any such increase, the
“Additional Commitment Amount”).

     (b) The Borrower may designate one or more banks or other financial institutions (which may
be, but need not be, one or more of the existing Lenders) which at the time agree to, in the case
of any such Person that is an existing Lender, increase its Commitment and in the case of any other
such Person (an “Additional Lender”), become a party to this Agreement; provided, however, that any
bank or financial institution that is not an existing Lender must be
acceptable to the Administrative Agent, which acceptance will not be unreasonably withheld or
delayed. The sum of the increases in the Commitments of the existing Lenders pursuant to this
subsection (b) plus the Commitments of the Additional Lenders shall not in the aggregate exceed the
Additional Commitment Amount.

     (c) An increase in the aggregate amount of the Commitments pursuant to this Section
2.14 shall become effective upon the receipt by the Administrative Agent of a Joinder Agreement
signed by the Borrower, by each Additional Lender and by each other Lender whose Commitment is to
be increased, together with such evidence of appropriate corporate authorization on the part of the
Borrower with respect to the increase in the Commitments and such opinions of counsel for the
Borrower with respect to the increase in the Commitments as the Administrative Agent may reasonably
request.

     (d) Upon the acceptance of any such agreement by the Administrative Agent, the Revolving
Credit Commitment Amount shall automatically be increased by the amount of the

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Commitments added
through such agreement and the Commitment amounts of each Lender set forth on the signature pages
hereto shall automatically be deemed to be updated.

     (e) Upon any increase in the aggregate amount of the Commitments pursuant to this Section
2.14 that is not pro rata among all Lenders, (x) the Borrower shall prepay all outstanding
Loans in their entirety, together with any breakage fees and funding losses that are required to be
paid pursuant to Section 2.11, and, to the extent the Borrower elects to do so and subject to the
conditions specified in Article IV, the Borrower shall reborrow Loans from the Lenders in
proportion to their respective Commitments after giving effect to such increase, and (y) effective
upon such increase, the amount of the participations held by each Lender in each Letter of Credit
then outstanding shall be adjusted such that, after giving effect to such adjustments, the Lenders
shall hold participations in each such Letter of Credit in the proportion its respective Commitment
bears to the aggregate Commitments after giving effect to such increase.

     Section 2.15. Additional Interest Costs.

     (a) Mandatory Costs Rate. If and so long as any Lender is required to make special
deposits with the Bank of England, to maintain reserve asset ratios or to pay fees, in each case in
respect of such Lender’s Eurocurrency Loans in any currency other than Dollars, such Lender may
require the Borrower to pay, contemporaneously with each payment of interest on each of such Loans,
additional interest on such Loan at a rate per annum equal to the Mandatory Costs Rate calculated
in accordance with the formula and in the manner set forth in Exhibit 2.15 hereto.

     (b) Other Requirements for Additional Interest. If and so long as any Lender is
required to comply with reserve assets, liquidity, cash margin or other requirements of any
monetary or other authority (including any such requirement imposed by the European Central Bank or
the European System of Central Banks, but excluding requirements reflected in the Statutory Reserve
Rate or the Mandatory Costs Rate) in respect of any of such Lender’s Eurocurrency Loans in any
currency other than Dollars, such Lender may require the Borrower
to pay, contemporaneously with each payment of interest on each of such Loans subject to such
requirements, additional interest on such Loan at a rate per annum specified by such Lender to be
the cost to such Lender of complying with such requirements in relation to such Loan.

     (c) Determination of Amounts Due. Any additional interest owed pursuant to paragraph
(a) or (b) above shall be determined by the relevant Lender and notified to the Borrower (with a
copy to the Administrative Agent) in the form of a certificate setting forth such additional
interest at least five Business Days before each date on which interest is payable for the relevant
Loan, and such additional interest so notified to the Borrower by such Lender shall be payable to
the Administrative Agent for the account of such Lender on each date on which interest is payable
for such Loan.

     (d) Limitation on Amounts Due. Subject to the provisions of Section 8.3(c), failure
or delay on the part of any Lender on any occasion to demand additional interest pursuant to this
Section shall not constitute a waiver of such Lender’s right to demand such additional interest on
any subsequent occasion.

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     Section 2.16. Extensions of Commitment Termination Date. No earlier than 60 days and
at least 45 days prior to any anniversary of the Effective Date, the Borrower may (but in no event
on more than two occasions during the term of this Agreement), by written notice to the
Administrative Agent, request that the Commitment Termination Date then in effect be extended for a
1-year period. On each such occasion, the Administrative Agent shall promptly notify each Lender
of such request. If a Lender agrees, in its individual and sole discretion, to so extend its
Commitment (an “Extending Lender”), it shall deliver to the Administrative Agent a written notice
of its agreement to do so no earlier than 30 days prior to such anniversary date and the
Administrative Agent shall promptly thereafter notify the Borrower of such Extending Lender’s
agreement to extend its Commitment (and such agreement shall be irrevocable until such anniversary
date). The Commitment of any Lender that fails to accept or respond to the Borrower’s request for
extension of the Commitment Termination Date (a “Declining Lender”) shall be terminated on the
Commitment Termination Date then in effect for such Lender (without regard to any extension by
other Lenders) and on such Commitment Termination Date the Borrower shall pay in full the unpaid
principal amount of all Revolving Loans and Reimbursement Obligations owing to such Declining
Lender, together with all accrued and unpaid interest thereon and all fees accrued and unpaid under
this Agreement to the date of such payment of principal and all other amounts due to such Declining
Lender under this Agreement. The Administrative Agent shall promptly notify each Extending Lender
of the aggregate Commitments of the Declining Lenders. Each Extending Lender may offer to increase
its respective Commitment by an aggregate amount up to the aggregate amount of the Declining
Lenders’ Commitments and such Extending Lender shall deliver to the Administrative Agent a notice
of its offer to so increase its Commitment no later than 15 days prior to such anniversary date
(and such offer shall be irrevocable until such anniversary date). To the extent the aggregate
amount of extended Commitments is less than the aggregate amount of Commitments so requested to be
extended pursuant to the foregoing, the Borrower shall have the right to require any Declining
Lender to (and any such Declining Lender shall) assign in full its rights and obligations under
this Agreement to one or more banks or other financial institutions (which may be, but need not be,
one or more of the existing Lenders) which at the
time agree to, in the case of any such Person that is an existing Lender, increase its
Commitment and in the case of any other such Person (a “Replacement Lender”) become a party to this
Agreement; provided that (i) such assignment is otherwise in compliance with Section 10.10(b), (ii)
such Declining Lender receives payment in full of the unpaid principal amount of all Revolving
Loans and Reimbursement Obligations owing to such Declining Lender, together with all accrued and
unpaid interest thereon and all fees accrued and unpaid under this Agreement to the date of such
payment of principal and all other amounts due to such Declining Lender under this Agreement and
(iii) any such assignment shall be effective on the date on or before such anniversary date as may
be specified by the Borrower and agreed to by the Replacement Lenders or the Extending Lenders, as
the case may be, and the Administrative Agent. If, but only if, Extending Lenders and Replacement
Lenders have agreed to provide Commitments in an aggregate amount greater than 50% of the aggregate
amount of the Commitments outstanding immediately prior to such anniversary date, the Commitment
Termination Date of such Extending Lenders and Replacement Lenders shall be extended by one year.

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ARTICLE 3.FEES AND PAYMENTS.

     Section 3.1. Fees.

     (a) Facility Fees. The Borrower agrees to pay to the Administrative Agent for the
account of each Lender a facility fee, which shall accrue at the Applicable Facility Fee Rate on
the daily amount of the Commitment of such Lender (whether used or unused) during the period from
and including the Initial Availability Date to but excluding the date on which such Commitment
terminates; provided that, if such Lender continues to have any Revolving Credit Exposure after its
Commitment terminates, then such facility fee shall continue to accrue on the daily amount of such
Lender’s Revolving Credit Exposure from and including the date on which its Commitment terminates
to but excluding the date on which such Lender ceases to have any Revolving Credit Exposure.
Accrued facility fees shall be payable in arrears on the last Business Day of March, June,
September and December of each year, commencing on September 30, 2005, on the date(s) on which the
Commitments shall have terminated and the Lenders shall have no further Revolving Credit Exposures,
and on the Maturity Date. All facility fees shall be computed on the basis of a year of 360 days
and shall be payable for the actual number of days elapsed (including the first day but excluding
the last day).

     (b) Utilization Fees. For any day prior to the Commitment Termination Date on which
the Dollar Equivalent of the outstanding principal amount of the Loans and L/C Obligations shall be
greater than or equal to an amount equal to 50% of the total Commitments (and for any day after the
termination of all the Commitments on which any Loans or L/C Obligations shall be outstanding if
the Dollar Equivalent of the outstanding principal amount thereof on the date the Commitments
terminated shall have been greater than or equal to 50% of the total Commitments in effect on such
date) the Borrower shall pay to the Administrative Agent for the account of each Lender a
utilization fee equal to the Applicable Utilization Fee Rate multiplied by the Dollar Equivalent of
aggregate amount of such Lender’s outstanding Loans and applicable Percentage of L/C Obligations on
such day. Accrued and unpaid utilization fees, if any, shall be payable in arrears on the last
Business Day of each March, June,
September and December, on the date(s) on which the Commitments shall have terminated and
there are no Loans or L/C Obligations outstanding, and on the Maturity Date. All utilization fees
shall be computed on the basis of a year of 360 days and shall be payable for the actual number of
days elapsed (including the first day but excluding the last day).

     (c) Letter of Credit Fees. Commencing upon the date of issuance, increase or
extension of any Letter of Credit and thereafter on the last Business Day of each March, June,
September and December, the Borrower shall pay to the Administrative Agent quarterly in advance,
for the period until the next Letter of Credit fee payment date, for the ratable account of the
Lenders, a non-refundable fee payable in Dollars equal to the Applicable Margin multiplied by the
outstanding face amount or increase of such Letter of Credit during such upcoming period calculated
on the basis of a 360 day year and actual days elapsed and based on the then scheduled expiration
date of the Letter of Credit. For any Letter of Credit issued with a face amount in Euros, Pounds,
Australian Dollars, Canadian Dollars, Singapore Dollars or Kroner, the fees shall be converted into
Dollars using the applicable Exchange Rate in effect two (2) Business Days before the issuance date
thereof, and thereafter five (5) Business Days before any fee with respect thereto shall be due and
payable hereunder. In addition, the Borrower shall pay

36

 

to the Issuing Bank solely for the Issuing
Bank’s account, in connection with each Letter of Credit, issuance and administrative fees,
fronting fees and expenses for Letters of Credit as agreed from time to time between the Issuing
Bank and the Borrower.

     (d) Administrative Agent Fees. The Borrower shall pay to the Administrative Agent and
Co-Lead Arrangers the fees from time to time agreed to by the Borrower, the Administrative Agent,
and Co-Lead Arrangers.

     (e) Payment of Fees. All fees payable hereunder shall be paid on the dates due, in
immediately available funds, to the Administrative Agent for distribution, in the case of facility
fees, utilization fees, and Letter of Credit fees (other than issuance and administrative fees
payable to the Issuing Bank), to the Lenders.

     Section 3.2. Place and Application of Payments.

     (a) All payments of principal of and interest on the Loans, Reimbursement Obligations and all
fees and other amounts payable by the Borrower under the Credit Documents shall be made by the
Borrower to the Administrative Agent, for the benefit of the Lenders and the Issuing Bank entitled
to such payments, in immediately available funds on the due date thereof (i) in the case of
payments in U.S. Dollars, no later than 2:00 P.M. in the applicable Administrative Agent’s Account
or such other location as the Administrative Agent may designate in writing to the Borrower, and
(ii) in the case of payments in Euros, Pounds, Australian Dollars, Canadian Dollars, Singapore
Dollars, or Kroner, no later than 11:00 A.M. (at the office of the applicable Administrative
Agent’s Account for payments in such currency) in the applicable Administrative Agent’s Account.
Any payments received by the Administrative Agent from the Borrower after the time specified in the
preceding sentence shall be deemed to have been received on the next Business Day. If the Borrower
does not, or is unable for any reason to, effect payment of a Loan or Reimbursement Obligation to
the Lenders in the
applicable currency or if the Borrower shall default in the payment when due of any payment in
such currency, the Lenders may, at their option, require such payment to be made to the Lenders in
the Dollar Equivalent of such currency determined in accordance with Section 10.19. With respect
to any amount due and payable in Euros, Pounds, Australian Dollars, Canadian Dollars, Singapore
Dollars or Kroner, the Borrower agrees to hold the Lenders harmless from any losses, if any, that
are incurred by the Lenders arising from any change in the value of Dollars in relation to such
currency between the date such payment became due and the date of payment thereof (other than
losses incurred by any Lender due to the gross negligence or willful misconduct of such Lender).
The Administrative Agent will, on the same day each payment is received or deemed to have been
received in accordance with this Section 3.2, cause to be distributed like funds in like currency
to each Lender owed an Obligation for which such payment was received, pro rata based on the
respective amounts of such type of Obligation then owing to each Lender.

     (b) If any payment received by the Administrative Agent under any Credit Document is
insufficient to pay in full all amounts then due and payable to the Administrative Agent and the
Lenders under the Credit Documents, such payment shall be distributed by the Administrative Agent
and applied by the Administrative Agent and the Lenders in the order set

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forth in Section 7.7. In
calculating the amount of Obligations owing each Lender other than for principal and interest on
Loans and Reimbursement Obligations and fees under Section 3.1, the Administrative Agent shall only
be required to include such other Obligations that Lenders have certified to the Administrative
Agent in writing are due to such Lenders.

     Section 3.3. Withholding Taxes.

     (a) Payments Free of Withholding. Except as otherwise required by law and subject to
Section 3.3(b), each payment by the Borrower to any Lender, Issuing Bank or Administrative Agent
under this Agreement or any other Credit Document shall be made without withholding for or on
account of any present or future taxes imposed by or within the jurisdiction in which the Borrower
is incorporated, any jurisdiction from which the Borrower makes any payment, or (in each case) any
political subdivision or taxing authority thereof or therein, excluding, in the case of each
Lender, Issuing Bank and the Administrative Agent, the following taxes:

     (i) taxes imposed on, based upon, or measured by such Lender’s, Issuing Bank’s or the
Administrative Agent’s net income or profits, and branch profits, franchise and similar
taxes imposed on it;

     (ii) taxes imposed on such Lender, Issuing Bank or the Administrative Agent as a result
of a present or former connection between the taxing jurisdiction and such Lender, Issuing
Bank or Administrative Agent, or any affiliate thereof, as the case may be, other than a
connection resulting solely from the transactions contemplated by this Agreement;

     (iii) taxes imposed as a result of the transfer by such Lender, Issuing Bank or
Administrative Agent of its interest in this Agreement or any other Credit Document or a
designation by such Lender, Issuing Bank or the Administrative Agent (other than
pursuant to Section 8.3(c)) of a new Lending Office (other than taxes imposed as a result of
any change in treaty, law or regulation after such transfer of such Lender’s, Issuing Bank’s
or the Administrative Agent’s interest in this Agreement or any other Credit Document or
designation of a new Lending Office);

     (iv) taxes imposed by the United States of America (or any political subdivision
thereof or tax authority therein) upon a Lender, Issuing Bank or Administrative Agent
organized under the laws of a jurisdiction outside of the United States, except to the
extent that such tax is imposed as a result of any change in applicable law, regulation or
treaty (other than any addition of or change in any “anti-treaty shopping,” “limitation of
benefits,” or similar provision applicable to a treaty) after the date hereof, in the case
of each Lender, Issuing Bank or Administrative Agent originally a party hereto or, in the
case of any Purchasing Lender (as defined in Section 10.10) or other Issuing Bank or
Administrative Agent, after the date on which it becomes a Lender, Issuing Bank, or
Administrative Agent, as the case may be; or

     (v) taxes which would not have been imposed but for (a) the failure of any Lender, the
Issuing Bank, or the Administrative Agent, as the case may be, to provide (I)

38

 

the applicable
forms prescribed by the Internal Revenue Service, as required pursuant to Section 3.3(b), or
(II) any other form, certification, documentation or proof which is reasonably requested by
the Borrower, or (b) a determination by a taxing authority or a court of competent
jurisdiction that a form, certification, documentation or other proof provided by such
Lender, Issuing Bank or the Administrative Agent to establish an exemption from such tax,
assessment or other governmental charge is false;

(all such present or future taxes, excluding only the taxes described in the preceding clauses (i)
through (v), being hereinafter referred to as “Indemnified Taxes”). If any such withholding is so
required, the Borrower shall make the withholding, pay the amount withheld to the appropriate
governmental authority before penalties attach thereto or interest accrues thereon and forthwith
pay such additional amount as may be necessary to ensure that the net amount actually received by
each Lender, Issuing Bank and the Administrative Agent is free and clear of such Indemnified Taxes
(including Indemnified Taxes on such additional amount) and is equal to the amount that such

Lender, Issuing Bank or the Administrative Agent (as the case may be) would have received had
withholding of any Indemnified Tax not been made. If the Borrower pays any Indemnified Taxes, or
any penalties or interest in connection therewith, it shall deliver official tax receipts
evidencing the payment or certified copies thereof, or other evidence of payment if such tax
receipts have not yet been received by the Borrower (with such tax receipts to be delivered within
fifteen (15) days after being actually received), to the Lender, Issuing Bank or the Administrative
Agent on whose account such withholding was made (with a copy to the Administrative Agent if not
the recipient of the original) within fifteen (15) days of such payment. If the Administrative
Agent, Issuing Bank or any Lender pays any Indemnified Taxes, or any penalties or interest in
connection therewith, the Borrower shall reimburse the Administrative Agent, Issuing Bank or that
Lender for the payment on demand in the currency in which such payment was made. Such Lender,
Issuing Bank or the Administrative Agent shall make written demand on the Borrower for
reimbursement hereunder no later than ninety (90)
days after the earlier of (i) the date on which such Lender, Issuing Bank or the Administrative
Agent makes payment of the Indemnified Taxes, penalties and interest, and (ii) the date on which
the relevant taxing authority or other governmental authority makes written demand upon such
Lender, Issuing Bank or the Administrative Agent for payment of the Indemnified Taxes, penalties
and interest. Any such demand shall describe in reasonable detail such Indemnified Taxes,
penalties or interest, including the amount thereof if then known to such Lender, Issuing Bank, or
the Administrative Agent, as the case may be. In the event that such Lender, Issuing Bank or the
Administrative Agent fails to give the Borrower timely notice as provided herein, the Borrower
shall not have any obligation to pay such claim for reimbursement.

     (b) U.S. Withholding Tax Exemptions. Upon the written request of the Borrower or the
Administrative Agent, each Lender or Issuing Bank that is not a United States person (as such term
is defined in Section 7701(a)(30) of the Code) shall submit to the Borrower and the Administrative
Agent, promptly after such request, two duly completed and signed copies of either Form W-8BEN or
any successor form (entitling such Lender or Issuing Bank to a complete exemption from withholding
under the Code on all amounts to be received by such Lender or Issuing Bank, including fees,
pursuant to the Credit Documents) or Form W-8ECI or any successor form (relating to all amounts to
be received by such Lender or Issuing Bank, including fees, pursuant to the Credit Documents) of
the United States Internal Revenue Service,

39

 

and any other form of the United States Internal
Revenue Service reasonably necessary to accomplish exemption from withholding obligations or to
facilitate the Administrative Agent’s performance under this Agreement. Thereafter and from time
to time, each such Lender or Issuing Bank shall submit to the Borrower and the Administrative Agent
such additional duly completed and signed copies of such forms (or such successor forms as shall be
adopted from time to time by the relevant United States taxing authorities) as may be required
under then-current United States law or regulations to avoid United States withholding taxes on
payments in respect of all amounts to be received by such Lender or Issuing Bank, including fees,
pursuant to the Credit Documents. Upon the request of the Borrower, each Lender or Issuing Bank
that is a United States person shall submit to the Borrower a certificate to the effect that it is
such a United States person and is exempt from information reporting under Section 6049 of the Code
and backup withholding under Section 3406 of the Code.

     (c) Inability of Lender to Submit Forms. If any Lender or Issuing Bank determines in
good faith, as a result of any change in applicable law, regulation or treaty, or in any official
application or interpretation thereof, that (i) it is unable to submit to the Borrower or
Administrative Agent any form or certificate that such Lender or Issuing Bank is obligated to
submit pursuant to subsection (b) of this Section 3.3, (ii) it is required to withdraw or cancel
any such form or certificate previously submitted, or (iii) any such form or certificate otherwise
becomes ineffective or inaccurate, such Lender or Issuing Bank shall promptly notify the Borrower
and Administrative Agent of such fact, and the Lender or Issuing Bank shall to that extent not be
obligated to provide any such form or certificate and will be entitled to withdraw or cancel any
affected form or certificate, as applicable.

     (d) Refund of Taxes. If any Lender, Issuing Bank or the Administrative Agent becomes
aware that it has received a refund of any Indemnified Tax or any tax referred to in Section 10.3
with respect to which the Borrower has paid any amount pursuant to
this Section
3.3 or Section 10.3, such Lender, Issuing Bank or the Administrative Agent shall pay the
amount of such refund (including any interest received with respect thereto) to the Borrower within
fifteen (15) days after receipt thereof. A Lender, Issuing Bank, or the Administrative Agent shall
provide, at the sole cost and expense of the Borrower, such assistance as the Borrower may
reasonably request in order to obtain such a refund; provided, however, that neither the
Administrative Agent nor any Lender or Issuing Bank shall in any event be required to disclose any
information to the Borrower with respect to the overall tax position of the Administrative Agent,
Issuing Bank, or such Lender.

ARTICLE 4. CONDITIONS PRECEDENT.

     Section 4.1. Initial Borrowing. The obligation of each Lender to advance the initial
Loans hereunder, and of the Issuing Bank to issue the initial Letter of Credit hereunder, on or
after the Initial Availability Date is subject to satisfaction of the following conditions
precedent:

     (a) The Administrative Agent shall have received duly executed counterparts of this Agreement
(including by facsimile or other electronic means) and the following all in form and substance
reasonably satisfactory to the Administrative Agent and Bank of America, N.A., as a

40

 

Syndication
Agent and in sufficient number of signed counterparts, where applicable, to provide one for each
Lender:

     (i) Certificates of Officers. Certificates of the Secretary or an Assistant
Secretary of the Borrower containing specimen signatures of the persons authorized to
execute Credit Documents on the Borrower’s behalf or any other documents provided for herein
or therein, together with (x) copies of resolutions of the Board of Directors or other
appropriate body of the Borrower authorizing the execution and delivery of the Credit
Documents, (y) copies of the Borrower’s memorandum of association and articles of
association and other publicly filed organizational documents in its jurisdiction of
incorporation and bylaws and other governing documents, if any, and (z) a certificate of
incorporation and a certificate of good standing from the appropriate governing agency of
the Borrower’s jurisdiction of incorporation;

     (ii) Regulatory Filings and Approvals. Copies of all necessary governmental
and third party approvals, registrations, and filings in respect of the transactions
contemplated by this Agreement;

     (iii) Insurance Certificate. An insurance certificate dated not more than ten
(10) Business Days prior to the Initial Availability Date from the Borrower describing in
reasonable detail the insurance maintained by the Borrower and its Subsidiaries as required
by this Agreement;

     (iv) Opinions of Counsel. The opinions of (x) Baker Botts LLP, counsel for the
Borrower, in the form of Exhibit 4.1A, (y) William Turcotte, Associate General
Counsel of the Borrower, in the form of Exhibit 4.1B, and (z) Walkers, Cayman
Islands counsel for the Borrower, in the form of Exhibit 4.1C;

     (v) Closing Certificate. Certificate of the President or a Vice President of
the Borrower as to the satisfaction of all conditions set forth in this Section 4.1; and

     (vi) Existing Facility. Evidence that all commitments of the lenders under the
Existing Facility are being terminated, and all amounts then outstanding under the Existing
Facility are being paid in full, simultaneously on or prior to the Initial Availability
Date.

     (b) Each of the representations and warranties of the Borrower and its Subsidiaries set forth
herein and in the other Credit Documents shall be true and correct in all material respects as of
the time of such Borrowing, except to the extent that any such representation or warranty relates
solely to an earlier date, in which case it shall have been true and correct in all material
respects as of such earlier date;

     (c) No Default or Event of Default shall have occurred and be continuing; and

41

 

     (d) Payment of all fees and all expenses incurred through the Effective Date then due and
owing to the Administrative Agent, the Lenders, and the Co-Lead Arrangers pursuant to this
Agreement and as otherwise agreed in writing by the Borrower.

     Section 4.2. All Borrowings. The obligation of each Lender to make any advance of any
Loan, and of the Issuing Bank to issue any Letter of Credit hereunder (including any increase in
the amount of, or extension of the expiration date of, any Letter of Credit) is subject to
satisfaction of the following conditions precedent (but subject to Sections 2.3(c) and 2.12(b)):

     (a) Notices. The Administrative Agent shall have received (i) in the case of any
Loan, the Borrowing Request required by the first sentence of Section 2.3(a), and (ii) in the case
of the issuance, extension or increase of a Letter of Credit, the Issuing Bank and the
Administrative Agent shall have received a duly completed Issuance Request and Application for such
Letter of Credit, as the case may be, meeting the requirements of Section 2.12(b);

     (b) Warranties True and Correct. In the case of any advance, Borrowing, or issuance
or increase of any Letter of Credit that increases the aggregate amount of Loans and L/C
Obligations outstanding after giving effect to such advance, Borrowing or issuance or increase, or
extension of the expiration date of a Letter of Credit, each of the representations and warranties
of the Borrower and its Subsidiaries set forth herein (other than the representations and
warranties set forth in Sections 5.4, 5.10, 5.16 and 5.17) and in the other Credit Documents (other
than those that relate to the representations and warranties set forth in Sections 5.4, 5.10, 5.16
and 5.17) shall be true and correct in all material respects as of the time of such advance,
Borrowing, or issuance or increase of any Letter of Credit, except as a result of the transactions
expressly permitted hereunder or thereunder and except to the extent that any such representation
or warranty relates solely to an earlier date, in which case it shall have been true and
correct in all material respects as of such earlier date;

     (c) No Default. No Default or Event of Default shall have occurred and be continuing
or would occur as a result of any such Borrowing; or

     (d) Regulations U and X. The Borrowing to be made by the Borrower shall not result in
the Borrower or any Lender or Issuing Bank being in non-compliance with or in violation of
Regulation U or X of the Board of Governors of the Federal Reserve System.

Each acceptance by the Borrower of an advance of any Loan or of the issuance of, increase in the
amount of, or extension of the expiration date of, a Letter of Credit shall be deemed to be a
representation and warranty by the Borrower on the date of such acceptance, that all conditions
precedent to such Borrowing set forth in this Section 4.2 and in Section 4.1 with respect to the
initial Borrowings hereunder have (except to the extent waived in accordance with the terms hereof)
been satisfied or fulfilled unless the Borrower gives to the Administrative Agent and the Lenders
written notice to the contrary, in which case none of the Lenders shall be required to fund or
convert such Loans, and the Issuing Bank shall not be required to issue, increase the amount of or
extend the expiration date of such Letter of Credit, unless the Required Lenders shall have
previously waived in writing such non-compliance.

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ARTICLE 5. REPRESENTATIONS AND WARRANTIES.

     The Borrower represents and warrants to each Lender, Issuing Bank and Administrative Agent as
follows:

     Section 5.1. Corporate Organization. The Borrower and each of its material
Subsidiaries: (i) is duly organized and existing in good standing under the laws of the
jurisdiction of its organization; (ii) has all necessary organizational power and authority to own
the property and assets it uses in its business and otherwise to carry on its present business; and
(iii) is duly licensed or qualified and in good standing in each jurisdiction in which the nature
of the business transacted by it or the nature of the property owned or leased by it makes such
licensing or qualification necessary, except where the failure to be so licensed or qualified or to
be in good standing, as the case may be, would not have a Material Adverse Effect.

     Section 5.2. Power and Authority; Validity. The Borrower has the organizational power
and authority to execute, deliver and carry out the terms and provisions of the Credit Documents to
which it is a party and has taken all necessary company action to authorize the execution, delivery
and performance of such Credit Documents. The Borrower has duly executed and delivered each Credit
Document and each such Credit Document constitutes the legal, valid and binding obligation of the
Borrower enforceable against it in accordance with its terms, subject as to enforcement only to
bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement
of creditors’ rights generally and equitable principles.

     Section 5.3. No Violation. Neither the execution, delivery or performance by the
Borrower of the Credit Documents to which it is a party nor compliance by it with the terms and
provisions thereof, nor the consummation by it of the transactions contemplated herein or therein,
will (i) contravene in any material respect any applicable provision of any law, statute, rule or
regulation, or any applicable order, writ, injunction or decree of any court or governmental
instrumentality, (ii) conflict with or result in any breach of any term, covenant, condition or
other provision of, or constitute a default under, or result in the creation or imposition of (or
the obligation to create or impose) any Lien other than any Permitted Lien upon any of the property
or assets of the Borrower or any of its Subsidiaries under, the terms of any material contractual
obligation to which the Borrower or any of its Subsidiaries is a party or by which they or any of
their properties or assets are bound or to which they may be subject, or (iii) violate or conflict
with any provision of the memorandum of association and articles of association, charter, articles
or certificate of incorporation, partnership or limited liability company agreement, by-laws, or
other applicable governance documents of the Borrower or any of its Subsidiaries.

     Section 5.4. Litigation. There are no actions, suits, proceedings or counterclaims
(including, without limitation, derivative or injunctive actions) pending or, to the knowledge of
the Borrower, threatened against the Borrower or any of its Subsidiaries that are reasonably likely
to have a Material Adverse Effect.

     Section 5.5. Use of Proceeds; Margin Regulations.

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     (a) Use of Proceeds. The proceeds of the Loans and the Letters of Credit shall only
be used to refinance the Existing Facility, for permitted investments and acquisitions, and for
capital expenditures and other general corporate purposes of the Borrower and its Subsidiaries.

     (b) Margin Stock. Neither the Borrower nor any of its Subsidiaries is engaged in the
business of extending credit for the purpose of purchasing or carrying margin stock. No proceeds
of the Loans or the Letters of Credit will be used for a purpose which violates Regulations T, U or
X of the Board of Governors of the Federal Reserve System. After application of the proceeds of
the Loans, the issuance of the Letters of Credit, and any acquisitions permitted hereunder, less
than 25% of the assets of each of the Borrower and its Subsidiaries consists of “margin stock” (as
defined in Regulation U of the Board of Governors of the Federal Reserve System).

     Section 5.6. Investment Company Act. Neither the Borrower nor any of its Subsidiaries
is an “investment company” or a company “controlled” by an “investment company,” within the meaning
of the Investment Company Act of 1940, as amended.

     Section 5.7. Public Utility Holding Company Act. Neither the Borrower nor any of its
Subsidiaries is a “holding company,” or a “subsidiary company” of a “holding company,” or an
“affiliate” of a
“holding company” or of a “subsidiary company” of a “holding company,” within the meaning of
the Public Utility Holding Company Act of 1935, as amended.

     Section 5.8. True and Complete Disclosure. All factual information (taken as a whole)
furnished by the Borrower or any of its Subsidiaries in writing to the Administrative Agent or any
Lender in connection with any Credit Document or the Confidential Information Memorandum or any
transaction contemplated therein did not, as of the date such information was furnished (or, if
such information expressly related to a specific date, as of such specific date), contain any
untrue statement of a material fact or omit to state a material fact necessary to make the
statements therein (taken as a whole), in light of the circumstances under which such information
was furnished, not misleading, except for such statements, if any, as have been updated, corrected,
supplemented, superseded or modified pursuant to a written correction or supplement furnished to
the Lenders prior to the date of this Agreement.

     Section 5.9. Financial Statements. The financial statements heretofore delivered to
the Lenders for the Borrower’s fiscal year ending December 31, 2004, and for the Borrower’s fiscal
quarter and year-to-date period ending March 31, 2005, have been prepared in accordance with GAAP
applied on a basis consistent, except as otherwise noted therein, in accordance with GAAP, with the
Borrower’s financial statements for the previous fiscal year. Such annual and quarterly financial
statements fairly present in all material respects on a consolidated basis the financial position
of the Borrower as of the dates thereof, and the results of operations for the periods indicated,
subject in the case of interim financial statements, to normal year-end audit adjustments and
omission of certain footnotes (as permitted by the SEC). As of the Effective Date, the Borrower
and its Subsidiaries, considered as a whole, had no material contingent liabilities or material
Indebtedness required under GAAP to be disclosed in a consolidated balance sheet of the Borrower
that were not included in the financial statements referred to in

44

 

this Section 5.9 or disclosed in
the notes thereto or in writing to the Administrative Agent (with a written request to the
Administrative Agent to distribute such disclosure to the Lenders).

     Section 5.10. No Material Adverse Change. There has occurred no event or effect that
has had or could reasonably be expected to have a Material Adverse Effect.

     Section 5.11. Taxes. The Borrower and its Subsidiaries have filed all required United
States federal income tax returns, and all other material tax returns required to be filed, whether
in the United States or in any foreign jurisdiction, and have paid all governmental taxes, rates,
assessments, fees, charges and levies (collectively, “Taxes”) shown to be due and payable on such
returns or on any assessments made against Borrower and its Subsidiaries or any of their properties
(other than any such assessments, fees, charges or levies that are not more than ninety (90) days
past due, or which can thereafter be paid without penalty, or which are being contested in good
faith by appropriate proceedings and for which reserves have been provided in conformity with GAAP,
or which the failure to pay could not reasonably be expected to have a Material Adverse Effect).

     Section 5.12. Consents. On the Initial Availability Date, all consents and approvals
of, and filings and registrations with, and all other actions of, all governmental agencies,
authorities or instrumentalities required to have been obtained or made by the Borrower in order to
obtain the Loans and Letters of Credit hereunder have been or will have been obtained or made and
are or will be in full force and effect.

     Section 5.13. Insurance. The Borrower and its material Subsidiaries currently
maintain in effect, with responsible insurance companies, insurance against any loss or damage to
all insurable property and assets owned by it, which insurance is of a character and in or in
excess of such amounts as are customarily maintained by companies similarly situated and operating
like property or assets (subject to self-insured retentions and deductibles), and insurance with
respect to employers’ and public and product liability risks (subject to self-insured retentions
and deductibles).

     Section 5.14. Intellectual Property. The Borrower and its Subsidiaries own or hold
valid licenses to use all the patents, trademarks, permits, service marks, and trade names that are
necessary to the operation of the business of the Borrower and its Subsidiaries as presently
conducted, except where the failure to own, or hold valid licenses to use, such patents,
trademarks, permits, service marks, and trade names could not reasonably be expected to have a
Material Adverse Effect.

     Section 5.15. Ownership of Property The Borrower and its Subsidiaries have good
title to or a valid leasehold interest in all of their real property and good title to, or a valid
leasehold interest in, all of their other property, subject to no Liens except Permitted Liens,
except where the failure to have such title or leasehold interest in such property could not
reasonably be expected to have a Material Adverse Effect.

     Section 5.16. Existing Indebtedness. Schedule 5.16 contains a complete and
accurate list of all Indebtedness outstanding as of the Effective Date, with respect to the
Borrower and its

45

 

Subsidiaries, in each case in a principal amount of $20,000,000 (or, if
denominated in a currency other than U.S. Dollars, the Dollar Equivalent of $20,000,000) or more
(other than the Obligations hereunder and Indebtedness permitted by Section 6.11(b) through (j))
and permitted by Section 6.11(a), in each case showing the aggregate principal amount thereof, the
name of the respective borrower and any other entity which directly or indirectly guaranteed such
Indebtedness, and the scheduled payments of such Indebtedness.

     Section 5.17. Existing Liens. Schedule 5.17 contains a complete and accurate
list of all Liens outstanding as of the Effective Date, with respect to the Borrower and its
Subsidiaries where the Indebtedness or other obligations secured by such Lien is in a principal
amount of $20,000,000 (or, if denominated in a currency other than U.S. Dollars, the Dollar
Equivalent of $20,000,000) or more (other than the Liens permitted by Section 6.10(b) through (r)),
and permitted by Section 6.10(a), in each case showing the name of the Person whose assets are
subject to such Lien, the aggregate principal
amount of the Indebtedness secured thereby, and a description of the Agreements or other
instruments creating, granting, or otherwise giving rise to such Lien.

ARTICLE 6. COVENANTS.

     The Borrower covenants and agrees that, so long as any Loan, Note, Commitment, or L/C
Obligation is outstanding hereunder, or any other Obligation is due and payable hereunder:

     Section 6.1. Corporate Existence. Each of the Borrower and its material Subsidiaries
will preserve and maintain its organizational existence, except (i) for the dissolution of any
material Subsidiaries whose assets are transferred to the Borrower or any of its Subsidiaries, (ii)
where the failure to preserve, renew or keep in full force and effect the existence of any
Subsidiary could not reasonably be expected to have a Material Adverse Effect, or (iii) as
otherwise expressly permitted in this Agreement.

     Section 6.2. Maintenance. Each of the Borrower and its material Subsidiaries will
maintain, preserve and keep its properties and equipment necessary to the proper conduct of its
business in reasonably good repair, working order and condition (normal wear and tear excepted) and
will from time to time make all reasonably necessary repairs, renewals, replacements, additions and
betterments thereto so that at all times such properties and equipment are reasonably preserved and
maintained, in each case with such exceptions as could not, individually or in the aggregate, be
reasonably expected to have a Material Adverse Effect; provided, however, that nothing in this
Section 6.2 shall prevent the Borrower or any material Subsidiary from discontinuing the operation
or maintenance of any such properties or equipment if such discontinuance is, in the judgment of
the Borrower or any material Subsidiary, as applicable, desirable in the conduct of its business.

     Section 6.3. Taxes. Each of the Borrower and its Subsidiaries will duly pay and
discharge all Taxes upon or against it or its properties within ninety (90) days after becoming due
or, if later, prior to the date on which penalties are imposed for such unpaid Taxes, unless and to
the extent that (i) the same is being contested in good faith and by appropriate proceedings and

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reserves have been established in conformity with GAAP, or (ii) the failure to effect such payment
or discharge could not reasonably be expected to have a Material Adverse Effect.

     Section 6.4. ERISA. Each of the Borrower and its Subsidiaries will timely pay and
discharge all obligations and liabilities arising under ERISA or otherwise with respect to each
Plan of a character which if unpaid or unperformed might result in the imposition of a material
Lien against any properties or assets of the Borrower or any material Subsidiary and will promptly
notify the Administrative Agent upon an officer of the Borrower becoming aware thereof, of (i) the
occurrence of any reportable event (as defined in ERISA) relating to a Plan (other than a
multi-employer plan, as defined in ERISA), so long as the event thereunder could reasonably be
expected to have a Material Adverse Effect, other than any such event with respect to which the
PBGC has waived notice by regulation; (ii) receipt of any notice from PBGC of its intention to seek
termination of any Plan or appointment of a trustee therefor; (iii) Borrower’s or any of its
Subsidiaries’ intention to terminate or withdraw
from any Plan if such termination or withdrawal would result in liability under Title IV of
ERISA, unless such termination or withdrawal could not reasonably be expected to have a Material
Adverse Effect; and (iv) the receipt by the Borrower or its Subsidiaries of notice of the
occurrence of any event that could reasonably be expected to result in the incurrence of any
liability (other than for benefits), fine or penalty to the Borrower and/or to the Borrower’s
Subsidiaries, or any plan amendment that could reasonably be expected to increase the contingent
liability of the Borrower and its Subsidiaries, taken as a whole, in either case in connection with
any post-retirement benefit under a welfare plan (subject to ERISA), unless such event or amendment
could not reasonably be expected to have a Material Adverse Effect. The Borrower will also
promptly notify the Administrative Agent of (i) any material contributions to any Foreign Plan that
have not been made by the required due date for such contribution if such default could reasonably
be expected to have a Material Adverse Effect; (ii) any Foreign Plan that is not funded to the
extent required by the law of the jurisdiction whose law governs such Foreign Plan based on the
actuarial assumptions reasonably used at any time if such underfunding (together with any penalties
likely to result) could reasonably be expected to have a Material Adverse Effect, and (iii) any
material change anticipated to any Foreign Plan that could reasonably be expected to have a
Material Adverse Effect.

     Section 6.5. Insurance. Each of the Borrower and its material Subsidiaries will
maintain or cause to be maintained, with responsible insurance companies, insurance against any
loss or damage to all insurable property and assets owned by it, such insurance to be of a
character and in or in excess of such amounts as are customarily maintained by companies similarly
situated and operating like property or assets (subject to self-insured retentions and deductibles)
and will (subject to self-insured retentions and deductibles) maintain or cause to be maintained
insurance with respect to employers’ and public and product liability risks.

     Section 6.6. Financial Reports and Other Information.

     (a) Periodic Financial Statements and Other Documents. The Borrower, its Subsidiaries
and any SPVs will maintain a system of accounting in such manner as will enable preparation of
financial statements in accordance with GAAP and will furnish to the Lenders and their respective
authorized representatives such information about the business and financial

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condition of the
Borrower, its Subsidiaries and any SPVs as any Lender may reasonably request; and, without any
request, will furnish to the Administrative Agent:

     (i) within sixty (60) days after the end of each of the first three (3) fiscal quarters
of each fiscal year of the Borrower, the consolidated balance sheet of the Borrower and its
Subsidiaries as at the end of such fiscal quarter and the related consolidated statements of
income and retained earnings and of cash flows for such fiscal quarter and for the portion
of the fiscal year ended with the last day of such fiscal quarter, all of which shall be in
reasonable detail or in the form filed with the SEC, and certified by the chief financial
officer of the Borrower that they fairly present the financial condition of the Borrower and
its Subsidiaries as of the dates indicated and the results of their operations and changes
in their cash flows for the periods indicated and that they
have been prepared in accordance with GAAP, in each case, subject to normal year-end
audit adjustments and the omission of any footnotes as permitted by the SEC (publicly filing
the Borrower’s Form 10-Q with the SEC in any event will satisfy the requirements of this
subsection subject to Section 6.6(b) and shall be deemed furnished and delivered on the date
such information has been posted on the SEC website accessible through
http://www.sec.gov/edgar/searchedgar/webusers.htm or such successor webpage of the SEC
thereto));

     (ii) within one hundred twenty (120) days after the end of each fiscal year of the
Borrower, the consolidated balance sheet of the Borrower and its Subsidiaries as at the end
of such fiscal year and the related consolidated statements of income and retained earnings
and of cash flows for such fiscal year and setting forth consolidated comparative figures as
of the end of and for the preceding fiscal year, audited by an independent
nationally-recognized accounting firm and in the form filed with the SEC (publicly filing
the Borrower’s Form 10-K with the SEC in any event will satisfy the requirements of this
subsection subject to Section 6.6(b) and shall be deemed furnished and delivered on the date
such information has been posted on the SEC website accessible through
http://www.sec.gov/edgar/searchedgar/webusers.htm or such successor webpage of the SEC
thereto));

     (iii) commencing with fiscal year 2004, to the extent actually prepared and approved by
the Borrower’s board of directors, a projection of Borrower’s consolidated balance sheet and
consolidated income, retained earnings and cash flows for its current fiscal year showing
such projected budget for each fiscal quarter of the Borrower ending during such year; and

     (iv) within ten (10) days after the sending or filing thereof, copies of all financial
statements, projections, documents and other communications that the Borrower sends to its
stockholders generally or publicly files with the SEC or any similar governmental authority
(and is publicly available); provided that publicly filing such documents with the SEC in
any event will satisfy the requirements of this subsection subject to Section 6.6(b) and
shall be deemed furnished and delivered on the date such information has been posted on the
SEC website accessible through

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http://www.sec.gov/edgar/searchedgar/webusers.htm or such
successor webpage of the SEC thereto.

The Administrative Agent will forward promptly to the Lenders the information provided by the
Borrower pursuant to (i) through (iv) above.

     (b) Compliance Certificates. Within the sixty (60) day or one hundred twenty (120)
day time periods set forth in subsections (i) and (ii) of Section 6.6(a) for furnishing financial
statements, the Borrower shall deliver (i) additional information setting forth calculations
excluding the effects of any SPVs and containing such calculations for any SPVs as reasonably
requested by the Administrative Agent, and (ii) (x) a written certificate signed by the Borrower’s
chief financial officer (or other financial officer of the Borrower), in his or her capacity as
such, to the effect that no Default or Event of Default then exists or, if any such Default or
Event of
Default exists as of the date of such certificate, setting forth a description of such Default
or Event of Default and specifying the action, if any, taken by the Borrower to remedy the same,
and (y) a Compliance Certificate in the form of Exhibit 6.6 showing the Borrower’s
compliance with certain of the covenants set forth herein.

     (c) Reserved.

     (d) Notice of Events Relating to Environmental Laws and Claims. Promptly after any
officer of the Borrower obtains knowledge of any of the following, the Borrower will provide the
Administrative Agent with written notice in reasonable detail of any of the following that,
individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect:

     (i) any pending or threatened Environmental Claim against the Borrower, any of its
Subsidiaries or any SPV or any property owned or operated by the Borrower, any of its
Subsidiaries or any SPV;

     (ii) any condition or occurrence on any property owned or operated by the Borrower, any
of its Subsidiaries or any SPV that results in noncompliance by the Borrower, any of its
Subsidiaries or any SPV with any Environmental Law; and

     (iii) the taking of any material remedial action in response to the actual or alleged
presence of any Hazardous Material on any property owned or operated by the Borrower, any of
its Subsidiaries or any SPV other than in the ordinary course of business.

     (e) Notices of Default, Litigation, Etc. The Borrower will promptly, and in any event
within five (5) Business Days, after an officer of the Borrower has knowledge thereof, give written
notice to the Administrative Agent of (who will in turn provide notice to the Lenders of): (i) the
occurrence of any Default or Event of Default; (ii) any litigation or governmental proceeding of
the type described in Section 5.4; (iii) any circumstance that has had or could reasonably be
expected to have a Material Adverse Effect; (iv) the occurrence of any event which has resulted in
a breach of, or is reasonably expected to result in a breach of, Section 6.16;

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and (v) any notice
received by it, any Subsidiary or any SPV from the holder(s) of Indebtedness of the Borrower, any
Subsidiary or any SPV in an amount which, in the aggregate, exceeds $50,000,000 (or, if denominated
in a currency other than U.S. Dollars, the Dollar Equivalent of $50,000,000), where such notice
states or claims the existence or occurrence of any default or event of default with respect to
such Indebtedness under the terms of any indenture, loan or credit agreement, debenture, note, or
other document evidencing or governing such Indebtedness.

     Section 6.7. Lender Inspection Rights. Upon reasonable notice from the Administrative
Agent or any Lender, the Borrower will permit the Administrative Agent or any Lender (and such
Persons as the Administrative Agent or such Lender may reasonably designate) during normal business
hours at such entity’s sole expense unless a Default or Event of Default shall have occurred and be
continuing, in which event at the Borrower’s expense, to visit and inspect any of the
properties of the Borrower or any of its Subsidiaries, to examine all of their books and records,
to make copies and extracts therefrom, and to discuss their respective affairs, finances and
accounts with their respective officers and independent public accountants (and by this provision
the Borrower authorizes such accountants to discuss with the Administrative Agent and any Lender
(and such Persons as the Administrative Agent or such Lender may reasonably designate) the affairs,
finances and accounts of the Borrower and its Subsidiaries), all as often, and to such extent, as
may be reasonably requested. The chief financial officer of the Borrower and/or his or her
designee shall be afforded the opportunity to be present at any meeting of the Administrative Agent
or the Lenders and such accountants. The Administrative Agent agrees to use reasonable efforts to
minimize, to the extent practicable, the number of separate requests from the Lenders to exercise
their rights under this Section 6.7 and/or Section 6.6 and to coordinate the exercise by the
Lenders of such rights.

     Section 6.8. Conduct of Business. The Borrower and its Subsidiaries will at all times
remain primarily engaged in (i) the contract drilling business, (ii) the provision of services to
the energy industry, (iii) other existing businesses described in the Borrower’s current SEC
reports, or (iv) any related businesses (each a “Permitted Business”).

     Section 6.9. Restrictions on Fundamental Changes. The Borrower shall not merge or
consolidate with any other Person, or cause or permit any dissolution of the Borrower or
liquidation of its assets, or sell, transfer or otherwise dispose of all or substantially all of
the Borrower’s assets, except that:

     (a) The Borrower may merge into, or consolidate with, any other Person if upon the
consummation of any such merger or consolidation the Borrower is the surviving Person to any such
merger or consolidation; and

     (b) The Borrower may sell or transfer all or substantially all of its assets (including stock
in its Subsidiaries) to any Person if such Person is a Subsidiary of the Borrower (or a Person who
will contemporaneously therewith become a Subsidiary of the Borrower);

provided in the case of any transaction described in the preceding clauses (a) and (b), no Default
or Event of Default shall exist immediately prior to, or after giving effect to, such transaction.

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     Section 6.10. Liens. The Borrower and its Subsidiaries shall not create, incur,
assume or suffer to exist any Lien of any kind on any property or asset of any kind of the Borrower
or any Subsidiary, except the following (collectively, the “Permitted Liens”):

     (a) Liens existing on the date hereof (each such Lien, to the extent it secures Indebtedness
or other obligations in an aggregate amount of $20,000,000 (or, if denominated in a currency other
than U.S. Dollars, the Dollar Equivalent of $20,000,000) or more, being described on Schedule
5.17 attached hereto);

     (b) Liens arising in the ordinary course of business by operation of law, deposits, pledges or
other Liens in connection with workers’ compensation, unemployment insurance, old age benefits,
social security obligations, taxes, assessments, public or statutory obligations or other similar
charges, good faith deposits, pledges or other Liens in connection with (or to obtain letters of
credit in connection with) bids, performance, return-of-money or payment bonds, contracts or leases
to which the Borrower or its Subsidiaries are parties or other deposits required to be made in the
ordinary course of business; provided that in each case the obligation secured is not for
Indebtedness for borrowed money and is not overdue or, if overdue, is being contested in good faith
by appropriate proceedings and reserves in conformity with GAAP have been provided therefor;

     (c) mechanics’, workmen’s, materialmen’s, landlords’, carriers’, maritime or other similar
Liens arising in the ordinary course of business (or deposits to obtain the release of such Liens)
related to obligations not overdue for more than thirty (30) days if such Liens arise with respect
to domestic assets and for more than ninety (90) days if such Liens arise with respect to foreign
assets, or, if so overdue, that are being contested in good faith by appropriate proceedings and
reserves in conformity with GAAP have been provided therefor, or if such Liens otherwise could not
reasonably be expected to have a Material Adverse Effect;

     (d) Liens for Taxes not more than ninety (90) days past due or which can thereafter be paid
without penalty or which are being contested in good faith by appropriate proceedings and reserves
in conformity with GAAP have been provided therefor, or if such Liens otherwise could not
reasonably be expected to have a Material Adverse Effect;

     (e) Liens imposed by ERISA (or comparable foreign laws) which are being contested in good
faith by appropriate proceedings and reserves in conformity with GAAP have been provided therefor,
or if such Liens otherwise could not reasonably be expected to have a Material Adverse Effect;

     (f) Liens arising out of judgments or awards against the Borrower or any of its Subsidiaries,
or in connection with surety or appeal bonds or the like in connection with bonding such judgments
or awards, the time for appeal from which or petition for rehearing of which shall not have expired
or for which the Borrower or such Subsidiary shall be prosecuting on appeal or proceeding for
review, and for which it shall have obtained (within thirty (30) days with respect to a judgment or
award rendered in the United States or within sixty (60) days with respect to a judgment or award
rendered in a foreign jurisdiction after entry of such judgment or

51

 

award or expiration of any
previous such stay, as applicable) a stay of execution or the like pending such appeal or
proceeding for review; provided, that the aggregate amount of uninsured or underinsured liabilities
(net of customary deductibles, and including interest, costs, fees and penalties, if any) of the
Borrower and its Subsidiaries secured by such Liens shall not exceed the Dollar Equivalent of
$100,000,000 at any one time outstanding;

     (g) Liens on fixed or capital assets acquired, constructed, improved, altered or repaired by
the Borrower or any Subsidiary and related contracts, intangibles and other assets that are
incidental thereto (including accessions thereto and replacements thereof) or otherwise arise
therefrom; provided that (i) such Liens secure Indebtedness otherwise permitted by this
Agreement, (ii) such Liens and the Indebtedness secured thereby are incurred prior to or
within 365 days after such acquisition or the later of the completion of such construction,
improvement, alteration or repair or the date of commercial operation of the assets constructed,
improved, altered or repaired, (iii) the Indebtedness secured thereby does not exceed the cost of
acquiring, constructing, improving, altering or repairing such fixed or capital assets, as the case
may be, and (iv) such Lien shall not apply to any other property or assets of the Borrower or any
Subsidiary;

     (h) Liens securing Interest Rate Protection Agreements or foreign exchange hedging obligations
incurred in the ordinary course of business and not for speculative purposes;

     (i) Liens on property existing at the time such property is acquired by the Borrower or any
Subsidiary of the Borrower and not created in contemplation of such acquisition (or on repairs,
renewals, replacements, additions, accessions and betterments thereto), and Liens on the assets of
any Person at the time such Person becomes a Subsidiary of the Borrower and not created in
contemplation of such Person becoming a Subsidiary of the Borrower (or on repairs, renewals,
replacements, additions, accessions and betterments thereto;

     (j) any extension, renewal or replacement (or successive extensions, renewals or replacements)
in whole or in part of any Lien referred to in the foregoing subsections (a) through (i), provided,
however, that the principal amount of Indebtedness secured thereby does not exceed the principal
amount secured at the time of such extension, renewal or replacement (other than amounts incurred
to pay costs of such extension, renewal or replacement), and that such extension, renewal or
replacement is limited to the property already subject to the Lien so extended, renewed or replaced
(together with accessions and improvements thereto and replacements thereof);

     (k) rights reserved to or vested in any municipality or governmental, statutory or public
authority by the terms of any right, power, franchise, grant, license or permit, or by any
provision of law, to terminate such right, power, franchise, grant, license or permit or to
purchase, condemn, expropriate or recapture or to designate a purchaser of any of the property of a
Person;

     (l) rights reserved to or vested in any municipality or governmental, statutory or public
authority to control, regulate or use any property of a Person;

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     (m) rights of a common owner of any interest in property held by a Person and such common
owner as tenants in common or through other common ownership;

     (n) encumbrances (other than to secure the payment of Indebtedness), easements, restrictions,
servitudes, permits, conditions, covenants, exceptions or reservations in any property or
rights-of-way of a Person for the purpose of roads, pipelines, transmission lines, transportation
lines, distribution lines, removal of gas, oil, coal, metals, steam, minerals, timber or other
natural resources, and other like purposes, or for the joint or common use of real property,
rights-of-way, facilities or equipment, or defects, irregularity and deficiencies in title of any
property or rights-of-way;

     (o) Liens created by or resulting from zoning, planning and environmental laws and ordinances
and municipal regulations;

     (p) Liens created or evidenced by or resulting from financing statements filed by lessors of
property (but only with respect to the property so leased);

     (q) Liens on property securing Non-recourse Debt;

     (r) Liens on the stock or assets of SPVs;

     (s) other Liens created in connection with securitization programs, if any, of the Borrower
and its Subsidiaries; and

     (t) Liens (not otherwise permitted by this Section 6.10) securing Indebtedness (or other
obligations) not exceeding at the time of incurrence thereof (together with all such other Liens
securing Indebtedness (or other obligations) outstanding pursuant to this clause (t) at such time)
ten percent (10%) of Consolidated Tangible Net Worth.

     Section 6.11. Subsidiary Indebtedness. The Borrower shall not permit its Subsidiaries
to incur, assume or suffer to exist any Indebtedness, except:

     (a) existing Indebtedness outstanding on the Effective Date (such Indebtedness, to the extent
the principal amount thereof is $20,000,000 (or, if denominated in a currency other than U.S.
Dollars, the Dollar Equivalent of $20,000,000) or more, being described on Schedule 5.16
attached hereto), and any subsequent extensions, renewals or refinancings thereof (i) so long as
such Indebtedness is not increased in amount (other than amounts incurred to pay costs of such
extension, renewal or refinancing), the scheduled maturity date thereof (if prior to the Maturity
Date) is not accelerated, the interest rate per annum applicable thereto is not increased, any
scheduled amortization of principal thereunder prior to the Maturity Date is not shortened and the
payments thereunder are not increased, or (ii) such extensions, renewals or refinancings are
otherwise expressly permitted by, and are effected pursuant to, another clause in this Section 6.11
(other than clause (l) hereof);

     (b) Indebtedness under the Credit Documents;

53

 

     (c) intercompany loans and advances to the Borrower or its Subsidiaries, and intercompany
loans and advances from any of such Subsidiaries or SPVs to the Borrower or any other Subsidiaries
of the Borrower;

     (d) Indebtedness under any Interest Rate Protection Agreements and any Currency Rate
Protection Agreements;

     (e) Indebtedness (i) under unsecured lines of credit for overdrafts or for working capital
purposes in foreign countries with financial institutions, and (ii) arising from the honoring by a
bank or other Person of a check, draft or similar instrument inadvertently drawing against
insufficient funds, all such Indebtedness not to exceed the Dollar Equivalent of $200,000,000
in the aggregate at any time outstanding, provided that amounts under overdraft lines of credit or
outstanding as a result of drawings against insufficient funds shall be outstanding for one (1)
Business Day before being included in such aggregate amount;

     (f) Indebtedness of a Person existing at the time such Person becomes a Subsidiary of the
Borrower or is merged with or into the Borrower or any Subsidiary of the Borrower and not incurred
in contemplation of such transaction, and extensions, renewals or refinancings thereof that do not
increase the amount of such Indebtedness (other than amounts included to pay costs of such
extension, renewal or refinancing;

     (g) Indebtedness (i) under Performance Guaranties and Performance Letters of Credit, and (ii)
with respect to letters of credit issued in the ordinary course of business;

     (h) Indebtedness created in connection with securitization programs, if any;

     (i) Indebtedness (not otherwise permitted under any other clause of this Section 6.11) in an
aggregate principal amount outstanding for all Subsidiaries not exceeding at the time of incurrence
thereof (together with all such other Indebtedness outstanding pursuant to this clause (i) at such
time) ten percent (10%) of Consolidated Net Assets (the “Subsidiary Debt Basket Amount”);

     (j) other Indebtedness not otherwise permitted under any other clause of this Section 6.11 so
long as such Subsidiary has in force a Subsidiary Guaranty in substantially the form of Exhibit
6.11, provided that such Subsidiary Guaranty shall contain a provision that such Subsidiary
Guaranty and all obligations thereunder of the Guarantor party thereto shall be terminated upon
delivery to the Administrative Agent by the Borrower of a certificate stating that (x) the
aggregate principal amount of Indebtedness of all Subsidiaries outstanding pursuant to the
preceding clause (i) and this clause (j) is equal to or less than the Subsidiary Debt Basket
Amount, and (y) no Default or Event of Default has occurred and is continuing; and

     (k) extensions, renewals or replacements of Indebtedness permitted by this Section 6.11 that
do not increase the amount of such Indebtedness (other than amounts incurred to pay costs of such
extension, renewal or refinancing).

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     Section 6.12. Use of Property and Facilities; Environmental Laws. The Borrower and
its Subsidiaries shall comply in all material respects with all Environmental Laws applicable to or
affecting the properties or business operations of the Borrower or any Subsidiary of the Borrower,
where the failure to comply could reasonably be expected to have a Material Adverse Effect.

     Section 6.13. Transactions with Affiliates. Except as otherwise specifically
permitted herein, the Borrower and its Subsidiaries shall not (except pursuant to contracts
outstanding as of (i) with respect to the Borrower, the Effective Date or (ii) with respect to any
Subsidiary of the Borrower, the Effective
Date or, if later, the date such Subsidiary first became a Subsidiary of the Borrower) enter
into or engage in any material transaction or arrangement or series of related transactions or
arrangements which in the aggregate would be material with any Controlling Affiliate, including
without limitation, the purchase from, sale to or exchange of property with, any merger or
consolidation with or into, or the rendering of any service by or for, any Controlling Affiliate,
except pursuant to the requirements of the Borrower’s or such Subsidiary’s business and unless such
transaction or arrangement or series of related transactions or arrangements, taken as a whole, are
no less favorable to the Borrower or such Subsidiary (other than a wholly owned Subsidiary) than
would be obtained in an arms’ length transaction with a Person not a Controlling Affiliate.

     Section 6.14. Sale and Leaseback Transactions. The Borrower will not, and will not
permit any of its Subsidiaries to, enter into, assume, or suffer to exist any Sale-Leaseback
Transaction, except any such transaction that may be entered into, assumed or suffered to exist
without violating any other provision of this Agreement, including without limitation, Section
6.16.

     Section 6.15. Compliance with Laws. Without limiting any of the other covenants of
the Borrower in this Article 6, the Borrower and its Subsidiaries shall conduct their business, and
otherwise be, in compliance with all applicable laws, regulations, ordinances and orders of any
governmental or judicial authorities; provided, however, that this Section 6.15 shall not require
the Borrower or any Subsidiary of the Borrower to comply with any such law, regulation, ordinance
or order if (x) it shall be contesting such law, regulation, ordinance or order in good faith by
appropriate proceedings and reserves in conformity with GAAP have been provided therefor, or (y)
the failure to comply therewith could not reasonably be expected to have a Material Adverse Effect.

     Section 6.16. Indebtedness to Total Tangible Capitalization Ratio. The Borrower will
maintain, as of the end of each fiscal quarter of the Borrower, a ratio (expressed as a percentage)
of Consolidated Indebtedness to Total Tangible Capitalization of no greater than 60%.

ARTICLE 7. EVENTS OF DEFAULT AND REMEDIES.

     Section 7.1. Events of Default. Any one or more of the following shall constitute an
Event of Default:

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     (a) default by the Borrower in the payment of any principal amount of any Loan or
Reimbursement Obligation, any interest thereon or any fees payable hereunder, within three (3)
Business Days following the date when due;

     (b) default by the Borrower in the observance or performance of any covenant set forth in
Sections 6.9, 6.10 or 6.16;

     (c) default by the Borrower in the observance or performance of any provision hereof or of any
other Credit Document not mentioned in clauses (a) or (b) above, which is not remedied within
thirty (30) days after notice thereof to the Borrower by the Administrative Agent;

     (d) any representation or warranty made or deemed made herein or in any other Credit Document
by the Borrower or any Subsidiary proves untrue in any material respect as of the date of the
making, or deemed making, thereof;

     (e) (x) Indebtedness in the aggregate principal amount of the Dollar Equivalent of
$100,000,000 of the Borrower and its Subsidiaries (“Material
Indebtedness”) shall (i) not be paid
at maturity (beyond any applicable grace periods), or (ii) be declared to be due and payable or
required to be prepaid, redeemed or repurchased prior to its stated maturity, or (y) any default in
respect of Material Indebtedness shall occur which permits the holders thereof, or any trustees or
agents on their behalf, to accelerate the maturity of such Indebtedness or requires such
Indebtedness to be prepaid, redeemed, or repurchased prior to its stated maturity;

     (f) the Borrower or any Significant Subsidiary (i) has entered involuntarily against it an
order for relief under the United States Bankruptcy Code or a comparable action is taken under any
bankruptcy or insolvency law of another country or political subdivision of such country, (ii)
generally does not pay, or admits its inability generally to pay, its debts as they become due,
(iii) makes a general assignment for the benefit of creditors, (iv) applies for, seeks, consents
to, or acquiesces in, the appointment of a receiver, custodian, trustee, liquidator or similar
official for it or any substantial part of its property under the United States Bankruptcy Code or
under the bankruptcy or insolvency laws of another country or a political subdivision of such
country, (v) institutes any proceeding seeking to have entered against it an order for relief under
the United States Bankruptcy Code or any comparable law, to adjudicate it insolvent, or seeking
dissolution, winding up, liquidation, reorganization, arrangement, adjustment or composition of it
or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of
debtors or fails to file an answer or other pleading denying the material allegations of or
consents to or acquiesces in any such proceeding filed against it, (vi) makes any board of
directors resolution in direct furtherance of any matter described in clauses (i)-(v) above, or
(vii) fails to contest in good faith any appointment or proceeding described in this Section
7.1(f);

     (g) a custodian, receiver, trustee, liquidator or similar official is appointed for the
Borrower or any Significant Subsidiary or any substantial part of its property under the United
States Bankruptcy Code or under the bankruptcy or insolvency laws of another country or a political
subdivision of such country, or a proceeding described in Section 7.1(f)(v) is instituted against
the Borrower or any Significant Subsidiary, and such appointment continues

56

 

undischarged or such
proceeding continues undismissed and unstayed for a period of sixty (60) days (or one hundred
twenty (120) days in the case of any such event occurring outside the United States of America);

     (h) the Borrower or any Subsidiaries of the Borrower fail within thirty (30) days with respect
to any judgments or orders that are rendered in the United States or sixty (60) days with
respect to any judgments or orders that are rendered in foreign jurisdictions (or such earlier
date as any execution on such judgments or orders shall take place) to vacate, pay, bond or
otherwise discharge any judgments or orders for the payment of money the uninsured portion of which
is in excess of the Dollar Equivalent of $100,000,000 in the aggregate and which are not stayed on
appeal or otherwise being appropriately contested in good faith in a manner that stays execution;

     (i) (x) the Borrower or any Subsidiary of the Borrower fails to pay when due an amount that it
is liable to pay to the PBGC or to a Plan under Title IV of ERISA; or a notice of intent to
terminate a Plan having Unfunded Vested Liabilities of the Borrower or any of its Subsidiaries in
excess of the Dollar Equivalent of $100,000,000 (a “Material Plan”) is filed under Title IV of
ERISA; or the PBGC institutes proceedings under Title IV of ERISA to terminate or to cause a
trustee to be appointed to administer any Material Plan or a proceeding is instituted by a
fiduciary of any Material Plan against any Borrower or any Subsidiary to collect any liability
under Section 515 or 4219(c)(5) of ERISA, and in each case such proceeding is not dismissed within
thirty (30) days thereafter; or a condition exists by reason of which the PBGC would be entitled to
obtain a decree adjudicating that any Material Plan must be terminated, and (y) the occurrence of
one or more of the matters in the preceding clause (x) could reasonably be expected to result in
liabilities in excess of the Dollar Equivalent of $100,000,000; or

     (j) any Person or group of Persons acting in concert (as such terms are used in Rule 13d-5
under the Securities Exchange Act of 1934, as amended) shall own, directly or indirectly,
beneficially or of record, securities of the Borrower (or other securities convertible into such
securities) representing fifty percent (50%) or more of the combined voting power of all
outstanding securities of the Borrower entitled to vote in the election of directors, other than
securities having such power only by reason of the happening of a contingency.

     Section 7.2. Non-Bankruptcy Defaults. When any Event of Default (other than those
described in subsections (f) or (g) of Section 7.1 with respect to the Borrower) has occurred and
is continuing, the Administrative Agent shall, by notice to the Borrower: (a) if so directed by the
Required Lenders, terminate the remaining Commitments to the Borrower hereunder on the date stated
in such notice (which may be the date thereof); (b) if so directed by the Required Lenders, declare
the principal of and the accrued interest on all outstanding Loans to be forthwith due and payable
and thereupon all outstanding Loans, including both principal and interest thereon, shall be and
become immediately due and payable together with all other accrued amounts payable under the Credit
Documents without further demand, presentment, protest or notice of any kind, including, but not
limited to, notice of intent to accelerate and notice of acceleration, each of which is expressly
waived by the Borrower; and (c) if so directed by the Required Lenders, demand that the Borrower
immediately pay to the Administrative Agent (to be held by the Administrative Agent pursuant to
Section 7.4) the full amount then available for drawing under each outstanding Letter of Credit,
and the Borrower agrees to immediately make such payment

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and acknowledges and agrees that the
Lenders, the Issuing Bank and the Administrative Agent would not have an adequate remedy at law for
failure by the Borrower to honor any such demand and that the Administrative Agent, for the benefit
of the Lenders and the Issuing Bank, shall have the right to require the Borrower to specifically
perform such undertaking whether or not any drawings or other demands for payment have been made
under any Letter of Credit. The Administrative
Agent, after giving notice to the Borrower pursuant to this Section 7.2, shall also promptly
send a copy of such notice to the other Lenders and the Issuing Bank, but the failure to do so
shall not impair or annul the effect of such notice.

     Section 7.3. Bankruptcy Defaults. When any Event of Default described in subsections
(f) or (g) of Section 7.1 has occurred and is continuing with respect to the Borrower, then all
outstanding Loans shall immediately become due and payable together with all other accrued amounts
payable under the Credit Documents without presentment, demand, protest or notice of any kind, each
of which is expressly waived by the Borrower; and all obligations of the Lenders and the Issuing
Bank to extend further credit pursuant to any of the terms hereof shall immediately terminate and
the Borrower shall immediately pay to the Administrative Agent (to be held by the Administrative
Agent pursuant to Section 7.4) the full amount then available for drawing under all outstanding
Letters of Credit, the Borrower acknowledging that the Lenders, the Issuing Bank, and the
Administrative Agent would not have an adequate remedy at law for failure by the Borrower to honor
any such demand and that the Lenders, the Issuing Bank, and the Administrative Agent shall have the
right to require the Borrower to specifically perform such undertaking whether or not any drawings
or other demands for payment have been made under any of the Letters of Credit.

     Section 7.4. Collateral for Undrawn Letters of Credit.

     (a) If the prepayment of the amount available for drawing under any or all outstanding Letters
of Credit is required under Section 7.2 or 7.3, the Borrower shall forthwith pay the amount
required to be so prepaid, to be held by the Administrative Agent as provided in subsection (b)
below.

     (b) All amounts prepaid pursuant to subsection (a) above shall be held by the Administrative
Agent in a separate collateral account (such account, and the credit balances, properties and any
investments from time to time held therein, and any substitutions for such account, any certificate
of deposit or other instrument evidencing any of the foregoing and all proceeds of and earnings on
any of the foregoing being collectively called the “Collateral Account”) as security for, and for
application to, the reimbursement of any drawing under any Letter of Credit then or thereafter paid
by the Issuing Bank, and to the payment of the unpaid balance of any Loans and all other due and
unpaid Obligations (collectively, the “Collateralized Obligations”). The Collateral Account shall
be held in the name of and subject to the exclusive dominion and control of the Administrative
Agent, for the benefit of the Issuing Bank, the Administrative Agent, and the Lenders, as pledgee
hereunder. If and when required by the Borrower, the Administrative Agent shall invest and
reinvest funds held in the Collateral Account from time to time in Cash Equivalents specified from
time to time by the Borrower, provided that the Administrative Agent is irrevocably authorized to
sell on market terms any investments held in the Collateral Account when and as required to make
payments out of the

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Collateral Account for application to Collateralized Obligations due and owing
from the Borrower to the Issuing Bank, the Administrative Agent, or the Lenders. When and if (A)
(i) the Borrower shall have made payment of all Collateralized Obligations then due and payable,
and
(ii) all relevant preference or other disgorgement periods relating to the receipt of such
payments have passed, or (B) no Default or Event of Default shall be continuing, the Administrative
Agent shall repay to the Borrower any remaining amounts and assets held in the Collateral Account,
provided that if the Collateral Account is being released pursuant to clause (A) and any Letter of
Credit then remains outstanding, the Borrower, prior to or contemporaneously with such release,
shall make arrangements with respect to such outstanding Letters of Credit in the manner described
in the first sentence of Section 2.12. In addition, if the aggregate amount on deposit with the
Collateral Agent exceeds the Collateralized Obligations then existing, then the Administrative
Agent shall release and deliver such excess amount upon the written request of the Borrower.

     Section 7.5. Notice of Default. The Administrative Agent shall give notice to the
Borrower under Section 7.2 promptly upon being requested to do so by the Required Lenders and shall
thereupon notify all the Lenders thereof.

     Section 7.6. Expenses. The Borrower agrees to pay to the Administrative Agent, the
Issuing Bank, and each Lender all reasonable out-of-pocket expenses incurred or paid by the
Administrative Agent, the Issuing Bank, or such Lender, including reasonable attorneys’ fees and
court costs, in connection with any Default or Event of Default hereunder or in connection with the
enforcement of any of the Credit Documents.

     Section 7.7. Distribution and Application of Proceeds. After the occurrence of and
during the continuance of an Event of Default, any payment to the Administrative Agent, the Issuing
Bank, or any Lender hereunder or from the proceeds of the Collateral Account or otherwise shall be
paid to the Administrative Agent to be distributed and applied as follows (unless otherwise agreed
by the Borrower, the Administrative Agent, the Issuing Bank, and all Lenders):

     (a) First, to the payment of any and all reasonable out-of-pocket costs and expenses of the
Administrative Agent, including without limitation, reasonable attorneys’ fees and out-of-pocket
costs and expenses, as provided by this Agreement or by any other Credit Document, incurred in
connection with the collection of such payment or in respect of the enforcement of any rights of
the Administrative Agent, the Issuing Bank, or the Lenders under this Agreement or any other Credit
Document;

     (b) Second, to the payment of any and all reasonable out-of-pocket costs and expenses of the
Issuing Bank and the Lenders, including, without limitation, reasonable attorneys’ fees and
out-of-pocket costs and expenses, as provided by this Agreement or by any other Credit Document,
incurred in connection with the collection of such payment or in respect of the enforcement of any
rights of the Lenders or the Issuing Bank under this Agreement or any other Credit Document, pro
rata in the proportion in which the amount of such costs and expenses unpaid to each Lender or the
Issuing Bank bears to the aggregate amount of the costs

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and expenses unpaid to all Lenders and the
Issuing Bank collectively, until all such fees, costs and expenses have been paid in full;

     (c) Third, to the payment of any due and unpaid fees to the Administrative Agent or any Lender
or Issuing Bank as provided by this Agreement or any other Credit Document, pro rata in the
proportion in which the amount of such fees due and unpaid to the Administrative Agent and each
Lender and Issuing Bank bears to the aggregate amount of the fees due and unpaid to the
Administrative Agent and all Lenders and Issuing Bank collectively, until all such fees have been
paid in full;

     (d) Fourth, to the payment of accrued and unpaid interest on the Loans or the Reimbursement
Obligations to the date of such application, pro rata in the proportion in which the amount of such
interest, accrued and unpaid to each Lender or the Issuing Bank bears to the aggregate amount of
such interest accrued and unpaid to all Lenders and the Issuing Bank collectively, until all such
accrued and unpaid interest has been paid in full;

     (e) Fifth, to the payment of the outstanding due and payable principal amount of each of the
Loans and the amount of the outstanding Reimbursement Obligations (reserving cash collateral for
all undrawn face amounts of any outstanding Letters of Credit (if Section 7.4(a) has not been
complied with)), pro rata in the proportion in which the outstanding principal amount of such Loans
and the amount of such outstanding Reimbursement Obligations owing to each Lender and Issuing Bank,
together (if Section 7.4(a) has not been complied with) with the undrawn face amounts of such
outstanding Letters of Credit, bears to the aggregate amount of all outstanding Loans, outstanding
Reimbursement Obligations and (if Section 7.4(a) has not been complied with) the undrawn face
amounts of all outstanding Letters of Credit. In the event that any such Letters of Credit, or any
portions thereof, expire without being drawn, any cash collateral therefor shall be distributed by
the Administrative Agent until the principal amount of all Loans and Reimbursement Obligations
shall have been paid in full;

     (f) Sixth, to the payment of any other outstanding Obligations then due and payable, pro rata
in the proportion in which the outstanding Obligations owing to each Lender, Issuing Bank and
Administrative Agent bears to the aggregate amount of all such Obligations until all such
Obligations have been paid in full; and

     (g) Seventh, to the Borrower or as the Borrower may direct.

ARTICLE 8.CHANGE IN CIRCUMSTANCES.

     Section 8.1. Change of Law.

     (a) Notwithstanding any other provisions of this Agreement or any Note, if at any time any
change, after the date hereof (or, if later, after the date the Administrative Agent or any Issuing
Bank or Lender becomes the Administrative Agent or an Issuing Bank or Lender), in applicable law or
regulation or in the interpretation thereof makes it unlawful for any Lender to make or maintain
Eurocurrency Loans or to fund any Loans in Euros, Pounds, Australian

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Dollars, Canadian Dollars,
Singapore Dollars, or Kroner, or the Issuing Bank to issue any Letter
of Credit or to provide payment thereunder in Euros, Pounds, Australian Dollars, Canadian
Dollars, Singapore Dollars, or Kroner, such Lender or Issuing Bank, as the case may be, shall
promptly give written notice thereof and of the basis therefor in reasonable detail to the
Borrower, and such Lender’s or Issuing Bank’s obligations to fund affected Eurocurrency Loans or
make, continue or convert such Loans under this Agreement, or to issue any such Letters of Credit,
as the case may be, shall thereupon be suspended until it is no longer unlawful for such Lender to
make or maintain such Loans or issue such Letters of Credit.

     (b) Upon the giving of the notice to Borrower referred to in subsection (a) above in respect
of any such Loan, and provided the Borrower shall not have prepaid such Loan pursuant to Section
2.9, (i) any outstanding such Loan of such Lender shall be automatically converted to a Base Rate
Loan in Dollars on the last day of the Interest Period then applicable thereto or on such earlier
date as required by law, and (ii) such Lender shall make or continue its portion of any requested
Borrowing of such Loan as a Base Rate Loan in U.S. Dollars, which Base Rate Loan shall, for all
other purposes, be considered part of such Borrowing.

     (c) Any Lender or Issuing Bank that has given any notice pursuant to Section 8.1(a) shall,
upon determining that it would no longer be unlawful for it to make such Loans or issue such
Letters of Credit, give prompt written notice thereof to the Borrower and the Administrative Agent,
and upon giving such notice, its obligation to make, allow conversions into and maintain such Loans
or issue such Letters of Credit shall be reinstated.

     Section 8.2. Unavailability of Deposits or Inability to Ascertain LIBOR Rate. If on
or before the first day of any Interest Period for any Borrowing of Eurocurrency Loans the
Administrative Agent determines in good faith (after consultation with the other Lenders) that, due
to changes in circumstances since the date hereof, adequate and fair means do not exist for
determining the LIBOR Rate (including without limitation, the unavailability of matching deposits
in the applicable currency) or such rate will not accurately reflect the cost to the Required
Lenders of funding Eurocurrency Loans in the applicable currency for such Interest Period, the
Administrative Agent shall give written notice (in reasonable detail) of such determination and of
the basis therefor to the Borrower and the Lenders, whereupon until the Administrative Agent
notifies the Borrower and Lenders that the circumstances giving rise to such suspension no longer
exist (which the Administrative Agent shall do promptly after they do not exist), (i) the
obligations of the Lenders to fund Loans in Euro, Pounds, Australian Dollars, Canadian Dollars,
Singapore Dollars, or Kroner, or make, continue or convert Loans as or into such Eurocurrency
Loans, or to convert Base Rate Loans into such Eurocurrency Loans, shall be suspended and (ii) each
Eurocurrency Loan will automatically on the last day of the then existing Interest Period therefor,
convert into a Base Rate Loan in U.S. Dollars.

     Section 8.3. Increased Cost and Reduced Return.

     (a) If, on or after the date hereof, the adoption of or any change in any applicable law, rule
or regulation, or any change in the interpretation or administration thereof by any governmental
authority, central bank or comparable agency charged with the interpretation or
administration thereof, or compliance by any Lender or Issuing Bank (or its applicable Lending

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Office), with any request or directive (whether or not having the force of law) of any such
authority, central bank or comparable agency exercising control over banks or financial
institutions generally issued after the date hereof (or, if later, after the date the
Administrative Agent, Issuing Bank, or Lender becomes the Administrative Agent, Issuing Bank, or
Lender):

     (i) subjects any Lender or Issuing Bank (or its applicable Lending Office) to any tax,
duty or other charge related to any Eurocurrency Loan, Reimbursement Obligation, or its
obligation to advance or maintain Eurocurrency Loans or issue any Letter of Credit, or shall
change the basis of taxation of payments to any Lender or Issuing Bank (or its applicable
Lending Office) of the principal of or interest on its Eurocurrency Loans, Letters of Credit
or Reimbursement Obligation or any participations in any thereof, or any other amounts due
under this Agreement related to its Eurocurrency Loans, Letters of Credit, Reimbursement
Obligations or participations therein, or its obligation to make Eurocurrency Loans, issue
Letters of Credit, or acquire participations therein (except for changes with respect to
taxes that are not Indemnified Taxes pursuant to Section 3.3); or

     (ii) imposes, modifies or deems applicable any reserve, special deposit or similar
requirement (including, without limitation, any such requirement imposed by the Board of
Governors of the Federal Reserve System, but excluding for any Eurocurrency Loan any such
requirement included in an applicable Statutory Reserve Rate) against assets of, deposits
with or for the account of, or credit extended by, any Lender or Issuing Bank (or its
applicable Lending Office) or imposes on any Lender or Issuing Bank (or its Lending Office)
or on the interbank market any other condition affecting its Eurocurrency Loans, Letters of
Credit, any Reimbursement Obligations owed to it, or its participation in any thereof, or
its obligation to advance or maintain Eurocurrency Loans, issue Letters of Credit or
participate in any thereof;

and the result of any of the foregoing is to increase the cost to such Lender or Issuing Bank (or
its applicable Lending Office) of advancing or maintaining any Eurocurrency Loan, issuing or
maintaining a Letter of Credit or participating therein, or to reduce the amount of any sum
received or receivable by such Lender or Issuing Bank (or its applicable Lending Office) in
connection therewith under this Agreement or its Note, by an amount deemed by such Lender or
Issuing Bank to be material, then, subject to Section 8.3(c), from time to time, within thirty (30)
days after receipt of a certificate from such Lender or Issuing Bank (with a copy to the
Administrative Agent) pursuant to subsection (c) below setting forth in reasonable detail such
determination and the basis thereof, the Borrower shall be obligated to pay to such Lender or
Issuing Bank such additional amount or amounts as will compensate such Lender or Issuing Bank for
such increased cost or reduction.

     (b) If, after the date hereof, the Administrative Agent or any Lender or Issuing Bank shall
have reasonably determined that the adoption after the date hereof of any applicable law, rule or
regulation regarding capital adequacy, or any change therein (including, without limitation, any
revision in the Final Risk-Based Capital Guidelines of the Board of Governors of the Federal
Reserve System (12 CFR Part 208, Appendix A; 12 CFR Part 225, Appendix A) or
of the Office of the Comptroller of the Currency (12 CFR Part 3, Appendix A), or in any other

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applicable capital adequacy rules heretofore adopted and issued by any governmental authority), or
any change after the date hereof in the interpretation or administration thereof by any
governmental authority, central bank or comparable agency charged with the interpretation or
administration thereof, or compliance by the Administrative Agent or any Lender or Issuing Bank (or
its applicable Lending Office) with any request or directive regarding capital adequacy (whether or
not having the force of law) of any such authority, central bank or comparable agency, has or would
have the effect of reducing the rate of return on such Lender’s or Issuing Bank’s capital, or on
the capital of any corporation controlling such Lender or Issuing Bank, as a consequence of its
obligations hereunder to a level below that which such Lender or Issuing Bank could have achieved
but for such adoption, change or compliance (taking into consideration such Lender’s or Issuing
Bank’s or its controlling corporation’s policies with respect to capital adequacy in effect
immediately before such adoption, change or compliance) by an amount reasonably deemed by such
Lender or Issuing Bank to be material, then, subject to Section 8.3(c), from time to time, within
thirty (30) days after its receipt of a certificate from such Lender or Issuing Bank (with a copy
to the Administrative Agent) pursuant to subsection (c) below setting forth in reasonable detail
such determination and the basis thereof, the Borrower shall pay to such Lender or Issuing Bank
such additional amount or amounts as will compensate such Lender or Issuing Bank for such reduction
or the Borrower may prepay all Eurocurrency Loans of such Lender or obtain the cancellation of all
such Letters of Credit.

     (c) The Administrative Agent and each Lender and Issuing Bank that determines to seek
compensation or additional interest under this Section 8.3 or Section 2.15 shall give written
notice to the Borrower and, in the case of a Lender or Issuing Bank other than the Administrative
Agent, the Administrative Agent of the circumstances that entitle the Administrative Agent or such
Lender or Issuing Bank to such compensation no later than ninety (90) days after the Administrative
Agent or such Lender or Issuing Bank receives actual notice or obtains actual knowledge of the law,
rule, order or interpretation or occurrence of another event giving rise to a claim hereunder. In
any event the Borrower shall not have any obligation to pay any amount with respect to claims
accruing prior to the ninetieth day preceding such written demand. The Administrative Agent and
each Lender and Issuing Bank shall use reasonable efforts to avoid the need for, or reduce the
amount of, such compensation, additional interest, and any payment under Section 3.3, including,
without limitation, the designation of a different Lending Office, if such action or designation
will not, in the sole judgment of the Administrative Agent or such Lender or Issuing Bank made in
good faith, be otherwise disadvantageous to it; provided that the foregoing shall not in any way
affect the rights of any Lender or Issuing Bank or the obligations of the Borrower under this
Section 8.3 or Section 2.15, and provided further that no Lender or Issuing Bank shall be obligated
to make its Eurocurrency Loans hereunder or fund any amount due in respect of a Letter of Credit at
any office located in the United States of America. A certificate of the Administrative Agent or
any Lender or Issuing Bank, as applicable, claiming compensation or additional interest under this
Section 8.3 or Section 2.15, and setting forth the additional amount or amounts to be paid to it
hereunder and accompanied by a statement prepared by the Administrative Agent or such Lender or
Issuing Bank, as applicable, describing in reasonable detail the calculations thereof shall be
prima facie evidence of the correctness thereof. In determining such amount, such Lender or
Issuing Bank may use any reasonable averaging and attribution methods.

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     Section 8.4. Lending Offices. The Administrative Agent and each Lender and Issuing
Bank may, at its option, elect to make or maintain its Loans and issue its Letters of Credit
hereunder at the Lending Office for each type and/or currency of Loan or Letter of Credit available
hereunder or at such other of its branches, offices or affiliates as it may from time to time elect
and designate in a written notice to the Borrower and the Administrative Agent, provided that,
except in the case of any such transfer to another of its branches, offices or affiliates made at
the request of the Borrower, the Borrower shall not be responsible for the costs arising under
Section 3.3 or 8.3 resulting from any such transfer to the extent not otherwise applicable to such
Lender or Issuing Bank prior to such transfer.

     Section 8.5. Discretion of Lender as to Manner of Funding. Subject to the other
provisions of this Agreement, each Lender and Issuing Bank shall be entitled to fund and maintain
its funding of all or any part of its Loans and Letters of Credit in any manner it sees fit.

     Section 8.6. Substitution of Lender or Issuing Bank. If (a) any Lender or Issuing
Bank has demanded compensation or additional interest or given notice of its intention to demand
compensation or additional interest under Section 8.3 or Section 2.15, (b) the Borrower is required
to pay any additional amount to any Lender or Issuing Bank under Section 2.11, (c) any Lender or
Issuing Bank is unable to submit any form or certificate required under Section 3.3(b) or withdraws
or cancels any previously submitted form with no substitution therefor, (d) any Lender or Issuing
Bank gives notice of any change in law or regulations, or in the interpretation thereof, pursuant
to Section 8.1, (e) any Lender or Issuing Bank has been declared insolvent or a receiver or
conservator has been appointed for a material portion of its assets, business or properties, (f)
any Lender or Issuing Bank shall seek to avoid its obligation to make or maintain Loans or issue
Letters of Credit hereunder for any reason, including, without limitation, reliance upon 12 U.S.C.
§ 1821(e) or (n) (1) (B), (g) any taxes referred to in Section 3.3 have been levied or imposed (or
the Borrower determines in good faith that there is a substantial likelihood that such taxes will
be levied or imposed) so as to require withholding or deductions by the Borrower or payment by the
Borrower of additional amounts to any Lender or Issuing Bank, or other reimbursement or
indemnification of any Lender or Issuing Bank, as a result thereof, (h) any Lender shall decline to
consent to a modification or waiver of the terms of this Agreement or any other Credit Documents
requested by the Borrower, or (i) the Issuing Bank gives notice pursuant to Section 2.12(a)(ii)
that the issuance of the Letter of Credit would violate any legal or regulatory restriction then
applicable to such Issuing Bank, then and in such event, upon request from the Borrower delivered
to such Lender or Issuing Bank, and the Administrative Agent, such Lender shall assign, in
accordance with the provisions of Section 10.10 and an appropriately completed Assignment
Agreement, all of its rights and obligations under the Credit Documents to another Lender or a
commercial banking institution selected by the Borrower and (in the case of a commercial banking
institution) reasonably satisfactory to the Administrative Agent, in consideration for the payments
set forth in such Assignment Agreement and payment by the Borrower to such Lender of all other
amounts which such Lender may be owed pursuant to this Agreement, including, without limitation,
Sections 2.11, 2.15, 3.3, 8.3 and 10.13.

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ARTICLE 9. THE AGENTS AND ISSUING BANK.

     Section 9.1. Appointment and Authorization of Administrative Agent and Other Agents.
Each Lender hereby appoints Citibank, N.A. as the Administrative Agent, Bank of America, N.A., as
the Syndication Agent, and JPMorgan Chase Bank, N.A., The Royal Bank
of Scotland plc and
SunTrust Bank as the Co-Documentation Agents under the Credit Documents and hereby authorizes
the Administrative Agent and such Other Agents to take such action as the Administrative Agent and
such Other Agents on each of its behalf and to exercise such powers under the Credit Documents as
are delegated to the Administrative Agent and the Other Agents, respectively, by the terms thereof,
together with such powers as are reasonably incidental thereto.

     Section 9.2. Rights and Powers. The Administrative Agent and the Other Agents shall
have the same rights and powers under the Credit Documents as any other Lender and may exercise or
refrain from exercising such rights and power as though it were not an Administrative Agent, or an
Other Agent, and the Administrative Agent and the Other Agents and their respective Controlling
Affiliates may accept deposits from, lend money to, and generally engage in any kind of business
with the Borrower or any of its Subsidiaries or Controlling Affiliates as if it were not an
Administrative Agent or an Other Agent under the Credit Documents. The term Lender as used in all
Credit Documents, unless the context otherwise clearly requires, includes the Administrative Agent
and the Other Agents in their respective individual capacities as a Lender.

     Section 9.3. Action by Administrative Agent and the Other Agents. The obligations of
the Administrative Agent and the Other Agents under the Credit Documents are only those expressly
set forth therein. Without limiting the generality of the foregoing, the Administrative Agent
shall not be required to take any action concerning any Default or Event of Default, except as
expressly provided in Sections 7.2 and 7.4. Unless and until the Required Lenders (or, if required
by Section 10.11, all of the Lenders) give such direction (including, without limitation, the
giving of a notice of default as described in Section 7.1(c)), the Administrative Agent may, except
as otherwise expressly provided herein or therein, take or refrain from taking such actions as it
deems appropriate and in the best interest of all the Lenders. In no event, however, shall the
Administrative Agent or the Other Agents be required to take any action in violation of applicable
law or of any provision of any Credit Document, and each of the Administrative Agent and the Other
Agents shall in all cases be fully justified in failing or refusing to act hereunder or under any
other Credit Document unless it first receives any further assurances of its indemnification from
the Lenders that it may require, including prepayment of any related expenses and any other
protection it requires against any and all costs, expenses, and liabilities it may incur in taking
or continuing to take any such action. The Administrative Agent shall be entitled to assume that
no Default or Event of Default, other than non-payment of any scheduled principal or interest
payment due hereunder, exists unless notified in writing to the contrary by a Lender or the
Borrower. In all cases in which the Credit
Documents do not require the Administrative Agent or the Other Agents to take specific action,
the Administrative Agent and each of the Other Agents shall be fully justified in using its
discretion in failing to take or in taking any action thereunder. Any instructions of the Required
Lenders, or of any other group of Lenders called for under specific provisions of the Credit
Documents, shall be binding on all the Lenders and holders of Notes.

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     Section 9.4. Consultation with Experts. Each of the Administrative Agent and the
Other Agents may consult with legal counsel, independent public accountants and other experts
selected by it and shall not be liable for any action taken or omitted to be taken by it in good
faith in accordance with the advice of such counsel, accountants or experts.

     Section 9.5. Indemnification Provisions; Credit Decision. Neither the Administrative
Agent, the Other Agents nor any of their directors, officers, agents, or employees shall be liable
for any action taken or not taken by them in connection with the Credit Documents (i) with the
consent or at the request of the Required Lenders (or, if required by Section 10.11, all of the
Lenders), or (ii) in the absence of their own gross negligence or willful misconduct. Neither the
Administrative Agent, the Other Agents nor any of their directors, officers, agents or employees
shall be responsible for or have any duty to ascertain, inquire into or verify (i) any statement,
warranty or representation made in connection with this Agreement, any other Credit Document or any
Borrowing; (ii) the performance or observance of any of the covenants or agreements of the Borrower
or any Subsidiary contained herein or in any other Credit Document; (iii) the satisfaction of any
condition specified in Article 4, except receipt of items required to be delivered to the
Administrative Agent; or (iv) the validity, effectiveness, genuineness, enforceability, value,
worth or collectability hereof or of any other Credit Document or of any other documents or
writings furnished in connection with any Credit Document; and the Administrative Agent and the
Other Agents make no representation of any kind or character with respect to any such matters
mentioned in this sentence. The Administrative Agent and the Other Agents may execute any of their
duties under any of the Credit Documents by or through employees, agents, and attorneys-in-fact and
shall not be answerable to the Lenders or any other Person for the default or misconduct of any
such agents or attorneys-in-fact selected with reasonable care. The Administrative Agent and the
Other Agents shall not incur any liability by acting in reliance upon any notice, consent,
certificate, other document or statement (whether written or oral) believed by it to be genuine or
to be sent by the proper party or parties. In particular and without limiting any of the
foregoing, the Administrative Agent and the Other Agents shall have no responsibility for
confirming the accuracy of any Compliance Certificate or other document or instrument received by
any of them under the Credit Documents. The Administrative Agent and the Other Agents may treat
the payee of any Note as the holder thereof until written notice of transfer shall have been filed
with such Administrative Agent signed by such owner in form satisfactory to such Administrative
Agent. Each Lender acknowledges that it has independently, and without reliance on the
Administrative Agent, the Other Agents or any other Lender, obtained such information and made such
investigations and inquiries regarding the Borrower and its Subsidiaries as it deems appropriate,
and based upon such information, investigations and inquiries, made its own credit analysis and
decision to extend credit to the Borrower in the manner set forth in the Credit
Documents. It shall be the responsibility of each Lender to keep itself informed about the
creditworthiness and business, properties, assets, liabilities, condition (financial or otherwise)
and prospects of the Borrower and its Subsidiaries, and the Administrative Agent and the Other
Agents shall have no liability whatsoever to any Lender for such matters. The Administrative Agent
and the Other Agents shall have no duty to disclose to the Lenders information that is not required
by any Credit Document to be furnished by the Borrower or any Subsidiaries to such Agent at such
time, but is voluntarily furnished to such Agent (either in their respective capacity as
Administrative Agent or the Other Agents or in their individual capacity).

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     Section 9.6. Indemnity. The Lenders shall ratably, in accordance with their
Percentages, indemnify and hold the Administrative Agent, the Other Agents, and their directors,
officers, employees, agents and representatives harmless from and against any liabilities, losses,
costs or expenses suffered or incurred by it under any Credit Document or in connection with the
transactions contemplated thereby, regardless of when asserted or arising, except to the extent
they are promptly reimbursed for the same by the Borrower and except to the extent that any event
giving rise to a claim was caused by the gross negligence or willful misconduct of the party
seeking to be indemnified. The obligations of the Lenders under this Section 9.6 shall survive
termination of this Agreement.

     Section 9.7. Resignation.

     (a) Resignation of Agents. The Administrative Agent and the Other Agents may resign
at any time and shall resign upon any removal thereof as a Lender pursuant to the terms of this
Agreement upon at least thirty (30) days’ prior written notice to the Lenders and the Borrower.
Any resignation of the Administrative Agent shall not be effective until a replacement therefor is
appointed pursuant to the terms hereof. Upon any such resignation of the Administrative Agent or
any Other Agent, the Required Lenders and, so long as no Event of Default shall then exist, with
the consent of the Borrower (which consent shall not be unreasonably withheld or delayed) shall
have the right to appoint a successor Administrative Agent or Other Agent, as the case may be. If
no successor Administrative Agent or Other Agent, as the case may be, shall have been so appointed
by the Required Lenders and shall have accepted such appointment within thirty (30) days after the
retiring Administrative Agent’s or Other Agent’s giving of notice of resignation, then the retiring
Administrative Agent or Other Agent, as the case may be, may, on behalf of the Lenders and, so long
as no Event of Default shall then exist, with the consent of the Borrower (which consent shall not
be unreasonably withheld or delayed) appoint a successor Administrative Agent or Other Agent, as
the case may be, which shall be any Lender hereunder or any commercial bank organized under the
laws of the United States of America or of any State thereof and having a combined capital and
surplus of at least $1,000,000,000. Upon the acceptance of its appointment as the Administrative
Agent or the Other Agent hereunder, such successor Administrative Agent or Other Agent, as the case
may be, shall thereupon succeed to and become vested with all the rights and duties of the retiring
Administrative Agent or Other Agent, as the case may be, under the Credit Documents, and the
retiring Administrative Agent or Other Agent shall be discharged from its duties and obligations
thereunder. After any retiring Administrative Agent’s or Other Agent’s resignation hereunder as
Administrative Agent or Other Agent, as the case may be, the provisions of this Article 9 and all
protective provisions of the other Credit Documents shall inure to its benefit as
to any actions taken or omitted to be taken by it while it was Administrative Agent or Other
Agent, as the case may be.

     (b) Resignation of Issuing Banks. If at any time an Issuing Bank assigns all of its
Commitment and Loans pursuant to Section 10.10(b), such Issuing Bank may, upon 30 days’ prior
written notice to the Borrower, the Administrative Agent, and the Lenders, resign as Issuing Bank.
In such event, the Borrower may, with the approval of the Administrative Agent and the acceptance
of the duties of an Issuing Bank by the Lender so requested, request that

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another Lender serve as
Issuing Bank under this Agreement; provided, however, that the absence of any successor Issuing
Bank shall not affect the resignation of the resigning Issuing Bank. Any resigning Issuing Bank
shall retain all the rights, powers, privileges and duties of the Issuing Bank under this Agreement
with respect to all Letters of Credit outstanding as of the effective date of its resignation and
all Reimbursement Obligations with respect thereto (including the right to require the Lenders to
make Loans or fund risk participations in Reimbursement Obligations pursuant to Section 2.12).
Upon the appointment of any successor Issuing Bank (i) such successor Issuing Bank shall succeed to
and become vested with all of the rights, powers, privileges and duties of an Issuing Bank under
this Agreement, and (ii) such successor Issuing Bank shall issue Letters of Credit in substitution
for the Letters of Credit, if any, previously issued by the resigning Issuing Bank that are
outstanding at the time of such succession or make other arrangements satisfactory to the resigning
Issuing Bank to effectively assume the obligations of the resigning Issuing Bank with respect to
such Letters of Credit.

     Section 9.8. Sub-Agent. The Sub-Agent has been designated under this Agreement to
carry out certain duties of the Administrative Agent as described herein. The Sub-Agent shall be
subject to each of the obligations in this Agreement to be performed by the Sub-Agent, and each of
the Borrower and the Lenders agrees that the Sub-Agent shall be entitled to exercise each of the
rights and shall be entitled to each of the benefits of the Administrative Agent under this
Agreement as relate to the performance of its obligations hereunder.

ARTICLE 10. MISCELLANEOUS.

     Section 10.1. No Waiver. No delay or failure on the part of the Administrative Agent
or any Lender or Issuing Bank, or on the part of the holder or holders of any Notes, in the
exercise of any power, right or remedy under any Credit Document shall operate as a waiver thereof
or as an acquiescence in any default, nor shall any single or partial exercise thereof preclude any
other or further exercise of any other power, right or remedy. To the fullest extent permitted by
applicable law, the powers, rights and remedies under the Credit Documents of the Administrative
Agent, the Lenders, the Issuing Bank and the holder or holders of any Notes are cumulative to, and
not exclusive of, any powers, rights or remedies any of them would otherwise have.

     Section 10.2. Non-Business Day. Subject to Section 2.4, if any payment of principal
or interest on any portion of any Loan, any Reimbursement Obligation, or any other Obligation shall
fall due on a day which is not a
Business Day, interest or fees (as applicable) at the rate, if any, such portion of any Loan,
any Reimbursement Obligation, or other Obligation bears for the period prior to maturity shall
continue to accrue in the manner set forth herein on such Obligation from the stated due date
thereof to the next succeeding Business Day, on which the same shall instead be payable.

     Section 10.3. Documentary Taxes. The Borrower agrees that it will pay any
documentary, stamp or similar taxes payable with respect to any Credit Document, including interest
and penalties, in the event any such taxes are assessed irrespective of when such assessment is
made, other than any such taxes imposed as a result of any transfer of an interest in a Credit
Document. Each Lender and Issuing Bank that determines to seek compensation under

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this Section
10.3 shall give written notice to the Borrower and, in the case of a Lender or Issuing Bank other
than the Administrative Agent, the Administrative Agent of the circumstances that entitle such
Lender or Issuing Bank to such compensation no later than ninety (90) days after such Lender or
Issuing Bank receives actual notice or obtains actual knowledge of the law, rule, order or
interpretation or occurrence of another event giving rise to a claim hereunder. In any event, the
Borrower shall not have any obligation to pay any amount with respect to claims accruing prior to
the 90th day preceding such written demand.

     Section 10.4. Survival of Representations. All representations and warranties made
herein or in certificates given pursuant hereto shall survive the execution and delivery of this
Agreement and the other Credit Documents, and shall continue in full force and effect with respect
to the date as of which they were made as long as the Borrower has any Obligation hereunder or any
Commitment hereunder is in effect.

     Section 10.5. Survival of Indemnities. All indemnities and all provisions relative to
reimbursement to the Lenders and Issuing Bank of amounts sufficient to protect the yield of the
Lenders and Issuing Bank with respect to the Loans and the L/C Obligations, including, but not
limited to, Section 2.11, Section 2.15, Section 3.3, Section 7.6, Section 8.3, Section 10.3, and
Section 10.13 hereof, shall, subject to Section 8.3(c), survive the termination of this Agreement
and the other Credit Documents and the payment of the Loans and all other Obligations and, with
respect to any Lender or Issuing Bank, any replacement by the Borrower of such Lender pursuant to
the terms hereof, in each case for a period of one (1) year.

     Section 10.6. Setoff. In addition to any rights now or hereafter granted under
applicable law and not by way of limitation of any such rights, upon the occurrence of, and
throughout the continuance of, any Event of Default, each Lender and Issuing Bank and each
subsequent holder of any Note is hereby authorized by the Borrower at any time or from time to
time, without notice to the Borrower or any other Person, any such notice being hereby expressly
waived, to set off and to appropriate and to apply any and all deposits (general or special,
including, but not limited to, Indebtedness evidenced by certificates of deposit, whether matured
or unmatured, but not including trust accounts, and in whatever currency denominated) and any other
Indebtedness at any time owing by that Lender or that subsequent holder to or for the credit or the
account of the Borrower, whether or not
matured, against and on account of the due and unpaid obligations and liabilities of the
Borrower to that Lender or Issuing Bank or that subsequent holder under the Credit Documents,
irrespective of whether or not that Lender or Issuing Bank or that subsequent holder shall have
made any demand hereunder. Each Lender or Issuing Bank shall promptly give notice to the Borrower
of any action taken by it under this Section 10.6, provided that any failure of such Lender or
Issuing Bank to give such notice to the Borrower shall not affect the validity of such setoff.
Each Lender and Issuing Bank agrees with each other Lender and Issuing Bank a party hereto that if
such Lender or Issuing Bank receives and retains any payment, whether by setoff or application of
deposit balances or otherwise, in respect of the Loans or L/C Obligations in excess of its ratable
share of payments on all such Obligations then owed to the Lenders and Issuing Bank hereunder, then
such Lender or Issuing Bank shall purchase for cash at face value, but without recourse, ratably
from each of the other Lenders such amount of the Loans and L/C Obligations and participations
therein held by each such other Lender as shall be necessary to cause such Lender or Issuing Bank
to share such excess payment ratably with all the

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other Lenders; provided, however, that if any
such purchase is made by any Lender or Issuing Bank, and if such excess payment or part thereof is
thereafter recovered from such purchasing Lender or Issuing Bank, the related purchases from the
other Lenders or Issuing Bank shall be rescinded ratably and the purchase price restored as to the
portion of such excess payment so recovered, but without interest.

     Section 10.7. Notices. Except as otherwise specified herein, all notices under the
Credit Documents shall be in writing (including cable, telecopy or telex) and shall be given to a
party hereunder at its address, telecopier number or telex number set forth below or such other
address, telecopier number or telex number as such party may hereafter specify by notice to the
Administrative Agent and the Borrower, given by courier, by United States certified or registered
mail, by telegram or by other telecommunication device capable of creating a written record of such
notice and its receipt. Notices under the Credit Documents to the Lenders shall be addressed to
their respective domestic Lending Offices in the United States at the respective addresses,
telecopier or telex number, or telephone numbers set forth on their applicable Administrative
Questionnaire or, in the case of Persons becoming Lenders pursuant to Assignment Agreements, on
their applicable Assignment Agreements, and to the Borrower, the Administrative Agent, the
Sub-Agent and the Issuing Bank:

	 	 	 
	To the Borrower:

	 	Transocean Inc.
	 

	 	4 Greenway Plaza
	 

	 	Houston, Texas 77046
	 

	 	Attention: Todd Kulp
	 

	 	Telephone No.: (713) 232-7165
	 

	 	Fax No.: (713) 232-7766
	 
	 	 
	With a copy to:
	 	 
	 

	 	Baker Botts LLP
	 

	 	One Shell Plaza
	 

	 	Houston, Texas 77002-4995
	 

	 	Attention: Stephen Krebs
	 

	 	Telephone No. (713) 229-1467
	 

	 	Fax No.: (713) 229-1522
	 
	 	 
	To the Administrative Agent:

	 	Citibank, N.A.
	 

	 	Two Penns Way, Suite 200
	 

	 	New Castle, Delaware 19720
	 

	 	Attention: Bank Loan Syndications
	 

	 	Telecopy Number: (212) 994-0961
	 
	 	 
	With a copy to:

	 	King & Spalding LLP
	 

	 	191 Peachtree Street, N.E.
	 

	 	Atlanta, Georgia 30303
	 

	 	Attention: A.H. Conrad, Jr.
	 

	 	Telecopy Number: (404) 572-5100

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	To the Sub-Agent:

	 	Citibank International plc
	 

	 	4 Harbour Exchange Square
	 

	 	London E14 96E
	 

	 	United Kingdom
	 

	 	Attention: Agency Transaction Services
	 

	 	Telecopy Number: 44-208-636-3825
	 

	 	Attention: Agent Office
	 

	 	Telecopy Number: 44-208-636-3824
	 
	 	 
	To the Issuing Bank:

	 	Bank of America, N.A.
	 

	 	700 Louisiana, 8th Floor
	 

	 	Houston, TX 77002
	 

	 	Attention: Thelma Johnson
	 

	 	Phone (713) 247-7231
	 

	 	Fax (713) 247-7286

Each such notice, request or other communication shall be effective (i) if given by telecopier,
when such telecopy is transmitted to the telecopier number specified in this Section 10.7 or
pursuant to Section 10.10 and a confirmation of receipt of such telecopy has been received by the
sender, (ii) if given by courier, when delivered, (iii) if given by mail, five (5) days after such
communication is deposited in the mail, certified or registered with return receipt requested, or
(iv) if given by any other means, when delivered at the addresses specified in this Section 10.7,
or pursuant to Section 10.10; provided that any notice given pursuant to Article 2 shall be
effective only upon receipt and, provided further, that any notice that but for this proviso would
be effective after the close of business on a Business Day or on a day that is not a Business Day
shall be effective at the opening of business on the next Business Day.

     Section 10.8. Counterparts. This Agreement may be executed in any number of
counterparts, and by the different parties on different counterpart signature pages, each of which
when executed shall be deemed an original, but all such counterparts taken together shall
constitute one and the same Agreement.

     Section 10.9. Successors and Assigns. This Agreement shall be binding upon the
Borrower, each of the Lenders, the Issuing Bank, the Administrative Agent, the Other Agents, and
their respective successors and assigns, and shall inure to the benefit of the Borrower, each of
the Lenders, the Issuing Bank, the Administrative Agent, the Other Agents, and their respective
successors and assigns, including any subsequent holder of any Note; provided, however, the
Borrower may not assign any of its rights or obligations under this Agreement or any other Credit
Document without the written consent of all Lenders, the Issuing Bank, the Administrative Agent and
the Other Agents, and the Administrative Agent and the Other Agents may not assign any of their
respective rights or obligations under this Agreement or any Credit Document except in accordance
with Article 9 and no Lender or Issuing Bank may assign any of its rights or obligations under this
Agreement or any other Credit Document except in accordance with Section 10.10. Any Lender or
Issuing Bank may at any time pledge or assign all or any portion of its rights under this Agreement
and the Notes issued to it (i) to a Federal Reserve Bank to secure extensions of credit by such
Federal Reserve Bank to such Lender, or (ii)

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in the case of any Lender that is a fund comprised in
whole or in part of commercial loans, to a trustee for such fund in support of such Lender’s
obligations to such trustee; provided that no such pledge or assignment shall release a Lender or
Issuing Bank from any of its obligations hereunder or substitute any such Federal Reserve Bank or
such trustee for such Lender as a party hereto and the Borrower, the Administrative Agent and the
other Lenders shall continue to deal solely with such Lender or Issuing Bank in connection with the
rights and obligations of such Lender and Issuing Bank under this Agreement.

     Section 10.10. Sales and Transfers of Borrowing and Notes; Participations in Borrowings
and Notes.

     (a) Any Lender may, upon written notice to the Borrower and the Administrative Agent, at any
time sell to one or more commercial banking or other financial or lending institutions
(“Participants”) participating interests in any Commitment of such Lender hereunder, provided that
no Lender may sell any participating interests (other than in the case of affiliates of such
Lender) in any such Commitment hereunder without also selling to such Participant the appropriate
pro rata share of all such Lender’s Commitment, and provided further that no Lender shall transfer,
grant or assign any participation under which the Participant shall have rights to vote upon or to
consent to any matter to be decided by the Lenders or the Required Lenders hereunder or under any
other Credit Document or to approve any amendment to or waiver of this Agreement or any other
Credit Document except to the extent such amendment or waiver would (i) increase the amount of such
Lender’s Commitment and such increase would affect such Participant, (ii) reduce the principal of,
or interest on, any of such Lender’s Borrowings, or any fees or other amounts payable to such
Lender hereunder and such reduction would affect such Participant, (iii) postpone any date fixed
for any scheduled payment of principal of, or interest on, any of such Lender’s Borrowings, or any
fees or other amounts payable to such Lender hereunder and such postponement would affect such
Participant, or (iv) release any collateral security for any Obligation, except as otherwise
specifically provided in any Credit Document. In the event of any such sale by a Lender of
participating interests to a Participant, such Lender’s obligations under this Agreement to the
other parties to this Agreement shall remain unchanged, such Lender shall remain solely responsible
for the
performance thereof, such Lender shall remain the holder of any such Note for all purposes
under this Agreement, the Borrower and the Administrative Agent shall continue to deal solely and
directly with such Lender in connection with such Lender’s rights and obligations under this
Agreement and such Lender shall retain the sole right to enforce the obligations of the Borrower
under any Credit Document. The Borrower agrees that if amounts outstanding under this Agreement
and the Notes shall have been declared or shall have become due and payable in accordance with
Section 7.2 or 7.3 upon the occurrence of an Event of Default, each Participant shall be deemed to
have the right of setoff in respect of its participating interest in amounts owing under this
Agreement and any Note to the same extent as if the amount of its participating interest were owing
directly to it as a Lender under this Agreement or any Note, provided that such right of setoff
shall be subject to the obligation of such Participant to share with the Lenders, and the Lenders
agree to share with such Participant, as provided in Section 10.6. The Borrower also agrees that
each Participant shall be entitled to the benefits of and have the obligations under Sections 2.11,
2.15, 3.3 and 8.3 with respect to its participation in the Commitments and the Borrowings
outstanding from time to time, provided that no Participant

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shall be entitled to receive any
greater amount pursuant to such Sections than the transferor Lender would have been entitled to
receive in respect of the amount of the participation transferred if no participation had been
transferred and provided, further, that Sections 8.3(c) and 8.6 shall apply to the transferor
Lender with respect to any claim by any Participant pursuant to Section 2.11, 2.15, 3.3 or 8.3 as
fully as if such claim was made by such Lender. Anything herein to the contrary notwithstanding,
the Borrower shall not, at any time, be obligated to pay to any Lender any sum in excess of the sum
the Borrower would have been obligated to pay to such Lender hereunder if such Lender had not sold
any participation in its rights and obligations under this Agreement or any other Credit Document.

     (b) Any Lender may at any time sell to (i) any of such Lender’s affiliates or to any other
Lender or any affiliate thereof that, in each case, is a commercial banking or other financial or
lending institution not subject to Regulation T of the Board of Governors of the Federal Reserve
System and, (ii) with the prior written consent (which shall not be unreasonably withheld or
delayed) of the Administrative Agent, the Issuing Bank and the Borrower, to one or more commercial
banking or other financial or lending institutions not subject to Regulation T of the Board of
Governors of the Federal Reserve System (any of (i) or (ii), a “Purchasing Lender”), all or any
part of its rights and obligations under this Agreement and the other Credit Documents, pursuant to
an Assignment Agreement in the form attached as Exhibit 10.10, executed by such Purchasing
Lender and such transferor Lender (and, in the case of a Purchasing Lender which is not then a
Lender or an affiliate thereof, by the Borrower and the Administrative Agent) and delivered to the
Administrative Agent; provided that each such sale to a Purchasing Lender (other than an existing
Lender) shall be in the Dollar Equivalent amount of $5,000,000 or more, or if in a lesser amount or
if as a result of such sale the sum of the unfunded Commitment of such Lender plus the aggregate
principal amount of such Lender’s Loans and participations in Letters of Credits would be less than
the Dollar Equivalent amount of $5,000,000 (calculated as hereinafter set forth), such sale shall
be of all of such Lender’s rights and obligations under this Agreement and all of the other Credit
Documents payable to it to one Purchasing Lender. Notwithstanding the requirement of the
Borrower’s consent set forth above, but subject to all of the other terms and conditions of this
Section 10.10(b), any Lender may sell to one or more commercial banking or other financial or
lending institutions not subject to Regulation T of the
Board of Governors of the Federal Reserve System, all or any part of their rights and
obligations under this Agreement and the other Credit Documents with only the consent of the
Administrative Agent (which shall not be unreasonably withheld or delayed) if an Event of Default
shall have occurred and be continuing. Upon such execution, delivery and acceptance, from and
after the effective date of the transfer determined pursuant to such Assignment Agreement, (x) the
Purchasing Lender thereunder shall be a party hereto and, to the extent provided in such Assignment
Agreement, have the rights and obligations of a Lender hereunder with a Commitment as set forth
herein and (y) the transferor Lender thereunder shall, to the extent provided in such Assignment
Agreement, be released from its obligations under this Agreement (and, in the case of an Assignment
Agreement covering all or the remaining portion of a transferor Lender’s rights and obligations
under this Agreement, such transferor Lender shall cease to be a party hereto). Such Assignment
Agreement shall be deemed to amend this Agreement to the extent, and only to the extent, necessary
to reflect the addition of such Purchasing Lender and the resulting adjustment of Commitments and
Percentages arising from the purchase by such Purchasing Lender of all or a portion of the rights
and obligations of such

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transferor Lender under this Agreement, the Notes and the other Credit
Documents. On or prior to the effective date of the transfer determined pursuant to such
Assignment Agreement, the Borrower, at its own expense, shall upon reasonable notice from the
Administrative Agent execute and deliver to the Administrative Agent in exchange for any
surrendered Note, a new Note as appropriate to the order of such Purchasing Lender in an amount
equal to the Commitments assumed by it pursuant to such Assignment Agreement, and, if the
transferor Lender has retained a Commitment or Borrowing hereunder, a new Note to the order of the
transferor Lender in an amount equal to the Commitments or Borrowings retained by it hereunder.
Such new Notes shall be dated the Initial Availability Date and shall otherwise be in the form of
the Notes replaced thereby. The Notes surrendered by the transferor Lender shall be returned by
the Administrative Agent to the Borrower marked “cancelled.”

     (c) Upon its receipt of an Assignment Agreement executed by a transferor Lender and a
Purchasing Lender (and, in the case of a Purchasing Lender that is not then a Lender or an
affiliate thereof, by the Administrative Agent and, to the extent required by Section 10.10(b), by
the Borrower), together with payment by the transferor Lender to the Administrative Agent hereunder
of a registration and processing fee of $1,000 (unless the Borrower is replacing such Lender
pursuant to the terms hereof, in which event such fee shall be paid by the Borrower), the
Administrative Agent shall (i) promptly accept such Assignment Agreement, and (ii) on the effective
date of the transfer determined pursuant thereto give notice of such acceptance and recordation to
the Lenders and the Borrower. The Borrower shall not be responsible for such registration and
processing fee or any costs or expenses incurred by any Lender, any Purchasing Lender or the
Administrative Agent in connection with such assignment except as provided above.

     (d) If, pursuant to this Section 10.10 any interest in this Agreement or any Loan or Note is
transferred to any transferee which is organized under the laws of any jurisdiction other than the
United States of America or any State thereof, the transferor Lender shall cause such transferee,
concurrently with the effectiveness of such transfer, (i) to represent to the transferor Lender
(for the benefit of the transferor Lender, the Administrative Agent and the Borrower) that under
applicable law and treaties no taxes will be required to be withheld by the Administrative
Agent, the Borrower or the transferor Lender with respect to any payments to be made to such
transferee in respect of the Loans or the L/C Obligations, (ii) to furnish to the transferor Lender
(and, in the case of any Purchasing Lender, the Administrative Agent and the Borrower) two duly
completed and signed copies of either U.S. Internal Revenue Service Form W-8BEN or U.S. Internal
Revenue Service Form W-8ECI or such successor forms as shall be adopted from time to time by the
relevant United States taxing authorities (wherein such transferee claims entitlement to complete
exemption from U.S. federal withholding tax on all interest payments hereunder), and (iii) to agree
(for the benefit of the transferor Lender, the Administrative Agent and the Borrower) to provide
the transferor Lender (and, in the case of any Purchasing Lender, the Administrative Agent and the
Borrower) new forms as contemplated by Section 3.3(b) upon the expiration or obsolescence of any
previously delivered form and comparable statements in accordance with applicable U.S. laws and
regulations and amendments duly executed and completed by such transferee, and to comply from time
to time with all applicable U.S. laws and regulations with regard to such withholding tax
exemption.

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     (e) Notwithstanding any other provisions of this Section 10.10, no transfer or assignment of
the interests of any Lender hereunder or any grant of participations therein shall be permitted if
such transfer, assignment or grant would require the Borrower to file a registration statement with
the SEC or to qualify the Loans, the Notes or any other Obligations under the securities laws of
any jurisdiction.

     Section 10.11. Amendments, Waivers and Consents. Any provision of the Credit
Documents may be amended or waived if, but only if, such amendment or waiver is in writing and is
signed by (a) the Borrower, (b) the Required Lenders, and (c) if the rights or duties of the
Administrative Agent or the Other Agents are affected thereby, the Administrative Agent or the
Other Agents, as the case may be, provided that:

     (i) no amendment or waiver shall (A) (other than in accordance with Section 2.14)
increase the Revolving Credit Commitment Amount without the consent of all Lenders or
increase any Commitment of any Lender without the consent of such Lender, or (B) (other than
in accordance with Section 2.16) postpone the Commitment Termination Date or Maturity Date
without the consent of all Lenders, or reduce the amount of or postpone the date for any
scheduled payment of any principal of or interest (including, without limitation, any
reduction in the rate of interest unless such reduction is otherwise provided herein) on any
Loan or Reimbursement Obligation or of any fee payable hereunder, without the consent of
each Lender owed any such Obligation, or (C) release any Collateral for any Collateralized
Obligations (other than as provided in accordance with Section 7.4) without the consent of
all Lenders; and

     (ii) no amendment or waiver shall, unless signed by each Lender, change the provisions
of this Section 10.11 or the definition of Required Lenders or the number of Lenders
required to take any action under any other provision of the Credit Documents.

     Section 10.12. Headings. Section headings used in this Agreement are for reference
only and shall not affect the construction of this Agreement.

     Section 10.13. Legal Fees, Other Costs and Indemnification. The Borrower, upon demand
by the Administrative Agent, agrees to pay the reasonable fees and disbursements of legal counsel
to the Administrative Agent in connection with the preparation and execution of the Credit
Documents (which shall be in an amount agreed in writing by the Borrower), and any amendment,
waiver or consent related thereto, whether or not the transactions contemplated therein are
consummated. The Borrower further agrees to indemnify each Lender, Issuing Bank, the
Administrative Agent, the Other Agents, and their respective directors, officers, employees and
attorneys (collectively, the “Indemnified Parties”), against all losses, claims, damages,
penalties, judgments, liabilities and expenses (including, without limitation, all reasonable
attorneys’ fees and other reasonable expenses of litigation or preparation therefor, whether or
not such Indemnified Party is a party thereto) which any of them may pay or incur as a result of
(a) any action, suit or proceeding by any third party or Governmental Authority against such
Indemnified Party and relating to any Credit Document, the Loans, any Letter of Credit, or the
application or proposed application by any of the Borrower of the proceeds of any Loan or use of
any Letter of Credit, REGARDLESS OF WHETHER SUCH CLAIMS OR ACTIONS ARE

75

 

FOUNDED IN WHOLE OR IN PART
UPON THE ALLEGED SIMPLE OR CONTRIBUTORY NEGLIGENCE OF ANY OF THE INDEMNIFIED PARTIES AND/OR ANY OF
THEIR RESPECTIVE DIRECTORS, OFFICERS, EMPLOYEES OR ATTORNEYS, (b) any investigation of any third
party or any Governmental Authority involving any Lender (as a lender hereunder), Issuing Bank, or
the Administrative Agent or the Other Agents (in such capacity hereunder) and related to any use
made or proposed to be made by the Borrower of the proceeds of any Loan, or use of any Letter of
Credit or any transaction financed or to be financed in whole or in part, directly or indirectly
with the proceeds of any Loan or Letter of Credit, and (c) any investigation of any third party or
any Governmental Authority, litigation or proceeding involving any Lender (as a lender hereunder)
or the Administrative Agent or the Other Agents (in such capacity hereunder) and related to any
environmental cleanup, audit, compliance or other matter relating to any Environmental Law or the
presence of any Hazardous Material (including, without limitation, any losses, liabilities,
damages, injuries, costs, expenses or claims asserted or arising under any Environmental Law) with
respect to the Borrower, regardless of whether caused by, or within the control of, the Borrower;
provided, however, that the Borrower shall not be obligated to indemnify any Indemnified Party for
any of the foregoing arising out of such Indemnified Party’s gross negligence or willful
misconduct, as determined pursuant to a judgment of a court of competent jurisdiction or as
expressly agreed in writing by such Indemnified Party. The Borrower, upon demand by the
Administrative Agent, the Other Agents or a Lender or Issuing Bank at any time, shall reimburse
such Agent or such Lender or Issuing Bank for any reasonable legal or other expenses incurred in
connection with investigating or defending against any of the foregoing, except if the same is
excluded from indemnification pursuant to the provisions of the preceding sentence. Each
Indemnified Party agrees to contest any indemnified claim if requested by the Borrower, in a manner
reasonably directed by the Borrower, with counsel selected by the Indemnified Party and approved by
the Borrower, which approval shall not be unreasonably
withheld or delayed. Any Indemnified Party that proposes or intends to settle or compromise
any such indemnified claim shall give the Borrower written notice of the terms of such settlement
or compromise reasonably in advance of settling or compromising such claim or proceeding and shall
obtain the Borrower’s prior written consent thereto, which consent shall not be unreasonably
withheld or delayed; provided that the Indemnified Party shall not be restricted from settling or
compromising any such claim if the Indemnified Party waives its right to indemnity from the
Borrower in respect of such claim and such settlement or compromise does not materially increase
the Borrower’s liability pursuant to this Section 10.13 to any related party of such Indemnified
Party.

     Section 10.14. Governing Law; Submission to Jurisdiction; Waiver of Jury Trial.

     (A) THIS AGREEMENT AND THE OTHER CREDIT DOCUMENTS, AND THE RIGHTS AND DUTIES OF THE PARTIES
THERETO, SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE INTERNAL LAWS OF THE STATE OF
NEW YORK.

     (B) TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE PARTIES HERETO AGREE THAT ANY
LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS AGREEMENT OR

76

 

ANY
OTHER CREDIT DOCUMENT, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENT (WHETHER VERBAL OR
WRITTEN) OR ACTIONS OF THE ADMINISTRATIVE AGENT, THE OTHER AGENTS, THE LENDERS, THE ISSUING BANK,
OR THE BORROWER MAY BE BROUGHT AND MAINTAINED IN THE COURTS OF THE STATE OF NEW YORK SITTING IN THE
BOROUGH OF MANHATTAN OR THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK. TO
THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE BORROWER HEREBY EXPRESSLY AND IRREVOCABLY
SUBMITS TO THE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK AND THE UNITED STATES DISTRICT
COURT FOR THE SOUTHERN DISTRICT OF NEW YORK FOR THE PURPOSE OF ANY SUCH LITIGATION AS SET FORTH
ABOVE AND IRREVOCABLY AGREES TO BE BOUND BY ANY JUDGMENT RENDERED THEREBY IN CONNECTION WITH SUCH
LITIGATION. THE BORROWER HEREBY IRREVOCABLY DESIGNATES CT CORPORATION SYSTEM, 111 8TH AVENUE, NEW
YORK, NEW YORK 10011, AS THE DESIGNEE, APPOINTEE AND AGENT OF THE BORROWER TO RECEIVE, FOR AND ON
BEHALF OF THE BORROWER, SERVICE OF PROCESS IN SUCH JURISDICTION IN ANY LEGAL ACTION OR PROCEEDING
WITH RESPECT HERETO. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE BORROWER FURTHER
IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS, BY REGISTERED MAIL, POSTAGE PREPAID, OR BY PERSONAL
SERVICE WITHIN OR WITHOUT THE STATE OF NEW YORK. TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, THE BORROWER HEREBY EXPRESSLY AND IRREVOCABLY WAIVES ANY OBJECTION WHICH IT MAY HAVE OR
HEREAFTER MAY HAVE TO THE LAYING OF VENUE OF ANY SUCH LITIGATION BROUGHT IN ANY SUCH COURT
REFERRED TO ABOVE AND ANY CLAIM THAT ANY SUCH LITIGATION HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.
TO THE EXTENT THAT THE BORROWER HAS OR HEREAFTER MAY ACQUIRE ANY IMMUNITY FROM JURISDICTION OF ANY
COURT OR FROM ANY LEGAL PROCESS (WHETHER THROUGH SERVICE OF NOTICE, ATTACHMENT PRIOR TO JUDGMENT,
ATTACHMENT IN AID OF EXECUTION OR OTHERWISE) WITH RESPECT TO ITSELF OR ITS PROPERTY, THE BORROWER
HEREBY IRREVOCABLY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, SUCH IMMUNITY IN
RESPECT OF ITS OBLIGATIONS UNDER THIS AGREEMENT AND THE OTHER CREDIT DOCUMENTS.

     (C) TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY HERETO WAIVES ANY RIGHT TO A
TRIAL BY JURY IN ANY ACTION OR PROCEEDING TO ENFORCE OR DEFEND ANY RIGHTS UNDER THIS AGREEMENT OR
UNDER ANY AMENDMENT, INSTRUMENT, DOCUMENT OR AGREEMENT DELIVERED OR WHICH MAY IN THE FUTURE BE
DELIVERED IN CONNECTION HEREWITH OR ARISING FROM ANY BANKING RELATIONSHIP EXISTING IN CONNECTION
WITH THIS AGREEMENT, AND AGREES THAT ANY SUCH ACTION OR PROCEEDING SHALL BE TRIED BEFORE A COURT
AND NOT BEFORE A JURY.

77

 

     (D) EACH PARTY TO THIS AGREEMENT IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER
PROVIDED FOR NOTICES IN SECTION 10.7. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY
TO THIS AGREEMENT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.

     Section 10.15. Confidentiality. Each of the Agents, Issuing Bank and Lenders agree to
maintain the confidentiality of the Information (as defined below), except that Information may be
disclosed (i) to their respective affiliates and to prospective Purchasing Lenders and Participants
and their respective directors, officers, employees and agents, including accountants, legal
counsel and other advisors who have reason to use such Information in connection with the
evaluation of the transactions contemplated by this Agreement (subject to similar confidentiality
provisions as provided herein) solely for purposes of evaluating such Information, (ii) to the
extent requested by any regulatory authority, (iii) to the extent required by applicable law or
regulation or by any subpoena or similar legal process, (iv) in connection with the exercise of any
remedies hereunder or any proceedings relating to this Agreement or the other Credit Documents, (v)
with the consent of the Borrower, or (vi) to the extent such Information (x) becomes publicly
available other than as a result of a breach of this Section 10.15, or (y) becomes available on a
non-confidential basis from a source other than the Borrower or its affiliates, or the Lenders or
their respective affiliates, excluding any Information from such source which, to the actual
knowledge of the Agent, Issuing Bank or Lender receiving such Information, has been disclosed by
such source in violation of a duty of confidentiality to the Borrower. For purposes hereof,
“Information” means all information
received by the Lenders from the Borrower relating to the Borrower or its business, other than
any such information that is available to the Lenders on a non-confidential basis prior to
disclosure by the Borrower, excluding any Information from a source which, to the actual knowledge
of the Agent, Issuing Bank or Lender receiving such Information, has been disclosed by such source
in violation of a duty of confidentiality to the Borrower. The Lenders shall be considered to have
complied with their respective obligations if they have exercised the same degree of care to
maintain the confidentiality of such Information as they would accord their own confidential
information. Notwithstanding anything herein to the contrary, any party to this Agreement (and any
employee, representative, or other agent of any party to this Agreement) may disclose to any and
all persons, without limitation of any kind, the tax treatment and tax structure of the
transactions contemplated by this Agreement and all materials of any kind (including opinions or
other tax analyses) that are provided to it relating to such tax treatment and tax structure.
However, any such information relating to the tax treatment or tax structure is required to be kept
confidential to the extent necessary to comply with any applicable federal or state securities
laws.

     Section 10.16. Effectiveness. This Agreement shall become effective on the date (the
“Effective Date”) on which the Borrower, the Administrative Agent, and each Lender have signed and
delivered to the Administrative Agent a counterparty signature page hereto (including by facsimile
or other electronic means) or the Administrative Agent has received a facsimile notice that such a
counterpart has been signed and mailed to the Administrative Agent.

78

 

     Section 10.17. Severability. Any provision of this Agreement that is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

     Section 10.18. Currency Conversion. All payments of Obligations under this Agreement,
the Notes or any other Credit Document shall be made in U.S. Dollars, except for Loans funded, or
Reimbursement Obligations with respect to Letters of Credit issued, in Euros, Pounds, Australian
Dollars, Canadian Dollars, Singapore Dollars or Kroner, which shall be repaid, including interest
thereon, in the applicable currency. If any payment of any Obligation, whether through payment by
the Borrower or the proceeds of any collateral, shall be made in a currency other than the currency
required hereunder, such amount shall be converted into the currency required hereunder at the rate
determined by the Administrative Agent or Issuing Bank, as applicable, as the rate quoted by it in
accordance with methods customarily used by such Person for such or similar purposes as the spot
rate for the purchase by such Person of the required currency with the currency of actual payment
through its principal foreign exchange trading office (including, in the case of the Administrative
Agent, the Sub-Agent) at approximately 11:00 A.M. (local time at such office) two Business Days
prior to the effective date of such conversion, provided that the Administrative Agent or Issuing
Bank, as applicable, may obtain such spot rate from another financial institution actively engaged
in foreign currency exchange if the Administrative Agent or Issuing Bank, as applicable, does not
then have a spot rate for the required currency. The
parties hereto hereby agree, to the fullest extent that they may effectively do so under
applicable law, that (i) if for the purposes of obtaining any judgment or award it becomes
necessary to convert from any currency other than the currency required hereunder into the currency
required hereunder any amount in connection with the Obligations, then the conversion shall be made
as provided above on the Business Day before the day on which the judgment or award is given, (ii)
in the event that there is a change in the applicable conversion rate prevailing between the
Business Day before the day on which the judgment or award is given and the date of payment, the
Borrower will pay to the Administrative Agent, for the benefit of the Lenders, such additional
amounts (if any) as may be necessary, and the Administrative Agent, on behalf of the Lenders, will
pay to the Borrower such excess amounts (if any) as result from such change in the rate of
exchange, to assure that the amount paid on such date is the amount in such other currency, which
when converted at the conversion rate described herein on the date of payment, is the amount then
due in the currency required hereunder, and (iii) any amount due from the Borrower under this
Section 10.18 shall be due as a separate debt and shall not be affected by judgment or award being
obtained for any other sum due. For the avoidance of doubt, the parties affirm and agree that
neither the fixing of the conversion rate of Pounds or Kroners against the Euro as a single
currency, in accordance with the applicable treaties establishing the European Economic Community
and the European Union, as the case may be, in each case, as amended from time to time, nor the
conversion of the Obligations under this Agreement from Pounds or Kroners into Euros will be a
reason for early termination or revision of this Agreement or prepayment of any amount due under
this Agreement or create any liability of any party towards any other party for any direct or
consequential loss arising from any of these events. As of the date that Pounds or Kroners are no
longer the lawful currency of the United Kingdom or Norway, as the case may be, all funding and
payment Obligations to be

79

 

made in such affected currency under this Agreement shall be satisfied in
Euros. If, in relation to the currency of any member state of the European Union that adopts the
Euro as its lawful currency, the basis of accrual of interest expressed in this Agreement in
respect of that currency shall be inconsistent with any convention or practice in the London
interbank market for the basis of accrual of interest in respect of the Euro, such expressed basis
shall be replaced by such convention or practice with effect from the date on which such member
state adopts the Euro as its lawful currency; provided that if any Borrowing in the currency of
such member state is outstanding immediately prior to such date, such replacement shall take
effect, with respect to such Borrowing, at the end of the then current Interest Period.

     Section 10.19. Exchange Rates.

     (a) Determination of Exchange Rates. Not later than 2:00 P.M. (London time) on each
Calculation Date, if any LC Obligations are outstanding on such date in a currency other than U.S.
Dollars, the applicable Issuing Bank shall determine the Exchange Rate as of such Calculation Date
for all such LC Obligations outstanding as of such date with respect to all Letters of Credit
issued by such Issuing Bank or its affiliates (the “Issuing Bank Exchange Rate”) and give prompt
notice thereof to the Administrative Agent. No later than 4:00 P.M. (London time) on each such
Calculation Date, (i) the Administrative Agent shall (i) determine the Exchange Rate (other than
the Issuing Bank Exchange Rate, if applicable) as of such Calculation Date with respect to Euros,
Pounds, Australian Dollars, Canadian Dollars, Singapore Dollars and Kroner, and (ii) give notice
thereof, together with notice of the applicable Issuing
Bank Exchange Rate, if applicable, to the Lenders and the Borrower. The Exchange Rates so
determined shall become effective on the first Business Day immediately following the relevant
Calculation Date (a “Reset Date”), shall remain effective until the next succeeding Reset Date, and
shall for all purposes of this Agreement (other than Section 10.18 or any other provision expressly
requiring the use of a current Exchange Rate) be the Exchange Rates employed in determining the
Dollar Equivalent of any amounts of Euros, Pounds, Australian Dollars, Canadian Dollars, Singapore
Dollars or Kroner. Notwithstanding anything contained herein to the contrary, if any Issuing Bank
fails to timely deliver notice of its Issuing Bank Exchange Rate to the Administrative Agent
pursuant to the provisions of this Section 10.19, the Administrative Agent may determine such rate
in accordance with the definition of Exchange Rate and shall have no liability to such Issuing Bank
for such determination.

     (b) Notice of Foreign Currency Loans and Letters of Credit. Not later than 2:00 P.M.
(London time) on each Reset Date and each date on which Loans and/or Letters of Credit denominated
in Euros, Pounds, Australian Dollars, Canadian Dollars, Singapore Dollars and/or Kroner are made or
issued, if any such LC Obligations are outstanding on such date, the applicable Issuing Bank shall
determine its Issuing Bank Exchange Rate as of such date, if applicable, and give prompt notice
thereof to the Administrative Agent. Not later than 5:00 P.M. (New York time) on each Reset Date
and each date on which Loans and/or Letters of Credit denominated in Euros, Pounds, Australian
Dollars, Canadian Dollars, Singapore Dollars and/or Kroner are made or issued, the Administrative
Agent shall (i) determine the Dollar Equivalent of the aggregate principal amounts of the Loans and
L/C Obligations denominated in such currencies (after giving effect to any Loans and/or Letters of
Credit denominated in such currencies being made, issued, repaid, or cancelled or reduced on such
date), (ii) notify the

80

 

Lenders and the Borrower of the results of such determination and (iii)
notify the Issuing Bank, if applicable, that the conditions to issuance set forth in Section
2.12(a) are satisfied.

     Section 10.20. Change in Accounting Principles, Fiscal Year or Tax Laws. If (i) any
change in accounting principles from those used in the preparation of the financial statements of
the Borrower referred to in Section 5.9 is hereafter occasioned by the promulgation of rules,
regulations, pronouncements and opinions by or required by the Financial Accounting Standards Board
or the American Institute of Certified Public Accounts (or successors thereto or agencies with
similar functions), and such change materially affects the calculation of any component of any
financial covenant, standard or term found in this Agreement, or (ii) there is a material change in
federal, state or foreign tax laws which materially affects any of the Borrower and its
Subsidiaries’ ability to comply with the financial covenants, standards or terms found in this
Agreement, the Borrower and the Lenders agree to enter into negotiations in order to amend such
provisions (with the agreement of the Required Lenders or, if required by Section 10.11, all of the
Lenders) so as to equitably reflect such changes with the desired result that the criteria for
evaluating any of the Borrower’s and its Subsidiaries’ financial condition shall be the same after
such changes as if such changes had not been made. Unless and until such provisions have been so
amended, the provisions of this Agreement shall govern.

     Section 10.21. Final Agreement. The Credit Documents constitute the entire
understanding among the Credit Parties, the
Lenders, the Issuing Bank, and the Administrative Agent and supersede all earlier or
contemporaneous agreements, whether written or oral, concerning the subject matter of the Credit
Documents. THIS WRITTEN AGREEMENT TOGETHER WITH THE OTHER CREDIT DOCUMENTS REPRESENTS THE FINAL
AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR
SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE
PARTIES.

     Section 10.22. Officer’s Certificates. It is not intended that any certificate of any
officer or director of the Borrower delivered to the Administrative Agent or any Lender pursuant to
this Agreement shall give rise to any personal liability on the part of such officer or director.

     Section 10.23. Effect of Inclusion of Exceptions. It is not intended that the
specification of any exception to any covenant herein shall imply that the excepted matter would,
but for such exception, be prohibited or required.

     Section 10.24. Patriot Act Notice. Each Lender and the Administrative Agent (for
itself and not on behalf of any Lender) hereby notifies the Borrower that pursuant to the
requirements of the Patriot Act, it is required to obtain, verify and record information that
identifies the Borrower, which information includes the name and address of the Borrower and other
information that will allow such Lender or the Administrative Agent, as applicable, to identify the
Borrower in accordance with the Patriot Act. The Borrower shall provide, to the extent
commercially reasonable, such information and take such actions as are reasonably requested by the
Administrative Agent or any Lenders in order to assist the Administrative Agent and the Lenders in
maintaining compliance with the Patriot Act.

81

 

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and
delivered by their duly authorized officers as of the day and year first above written.

	 	 	 	 	 
	 	 	BORROWER:
	 
	 	 	 	 
	 	 	TRANSOCEAN INC.,

As Borrower
	 
	 	 	 	 
	 

	 	By:	 	/s/ C. Todd Kulp 
	 

	 	 	 	 
	 

	 	Name:	 	C. Todd Kulp 
	 

	 	Title:	 	Vice President and Treasurer 

[SIGNATURE PAGE TO REVOLVING CREDIT AGREEMENT]

 

 

	 	 	 	 	 
	 	 	CITIBANK, N.A.,

As Administrative Agent

and a Lender
	 
	 	 	 	 
	 

	 	By:	 	/s/ Robert H. Malleck 
	 

	 	 	 	 
	 

	 	Name:	 	Robert H. Malleck 
	 

	 	Title:	 	Vice President 

	 	 	 
	COMMITMENT AMOUNT:

	 	$50,000,000.00
	 
	 	 
	PERCENTAGE:

	 	10.00%

[SIGNATURE PAGE TO REVOLVING CREDIT AGREEMENT]

 

 

	 	 	 	 	 
	 	 	BANK OF AMERICA, N.A.,

As Syndication Agent, Issuing Bank and a Lender
	 
	 	 	 	 
	 

	 	By:	 	/s/ Claire M. Liu 
	 

	 	 	 	 
	 

	 	Name:	 	Claire M. Liu 
	 

	 	Title:	 	Senior Vice President 

	 	 	 
	COMMITMENT AMOUNT:

	 	$50,000,000.00
	 
	 	 
	PERCENTAGE:

	 	10.00%

[SIGNATURE PAGE TO REVOLVING CREDIT AGREEMENT]

 

 

	 	 	 	 	 
	 	 	THE ROYAL BANK OF SCOTLAND PLC,

As a Co-Documentation Agent and a Lender
	 
	 	 	 	 
	 

	 	By:	 	/s/ Paul McDonagh 
	 

	 	 	 	 
	 

	 	Name:	 	Paul McDonagh 
	 

	 	Title:	 	Senior Vice President 

	 	 	 
	COMMITMENT AMOUNT:

	 	$38,000,000.00
	 
	 	 
	PERCENTAGE:

	 	7.60%

[SIGNATURE PAGE TO REVOLVING CREDIT AGREEMENT]

 

 

	 	 	 	 	 
	 	 	SUNTRUST BANK,

As a Co-Documentation Agent and a Lender
	 
	 	 	 	 
	 

	 	By:	 	/s/ Joseph M. McCreery 
	 

	 	 	 	 
	 

	 	Name:	 	Joseph M. McCreery 
	 

	 	Title:	 	Vice President 

	 	 	 
	COMMITMENT AMOUNT:

	 	$38,000,000.00
	 
	 	 
	PERCENTAGE:

	 	7.60%

[SIGNATURE PAGE TO REVOLVING CREDIT AGREEMENT]

 

 

	 	 	 	 	 
	 	 	JPMORGAN CHASE BANK, N.A.,

As a Co-Documentation Agent and a Lender
	 
	 	 	 	 
	 

	 	By:	 	/s/ Dianne L. Russell 
	 

	 	 	 	 
	 

	 	Name:	 	Dianne L. Russell 
	 

	 	Title:	 	Vice President 

	 	 	 
	COMMITMENT AMOUNT:

	 	$38,000,000.00
	 
	 	 
	PERCENTAGE:

	 	7.60%

[SIGNATURE PAGE TO REVOLVING CREDIT AGREEMENT]

 

 

	 	 	 	 	 
	 	 	UBS LOAN FINANCE LLC,

As a Lender
	 
	 	 	 	 
	 

	 	By:	 	/s/ Marie A. Haddad 
	 

	 	 	 	 
	 

	 	Name:	 	Marie A. Haddad 
	 

	 	Title:	 	Associate Director Banking Products Services, US 
	 
	 	 	 	 
	 

	 	By:	 	/s/ Barbara Ezell-McMichael 
	 

	 	 	 	 
	 

	 	Name:	 	Barbara Ezell-McMichael 
	 

	 	Title:	 	Associate Director Banking Products Services, US 

	 	 	 
	COMMITMENT AMOUNT:

	 	$32,000,000.00
	 
	 	 
	PERCENTAGE:

	 	6.40%

[SIGNATURE PAGE TO REVOLVING CREDIT AGREEMENT]

 

 

	 	 	 	 	 
	 	 	WELLS FARGO BANK,

N.A.,
As a Lender
	 
	 	 	 	 
	 

	 	By:	 	/s/ William S. Rogers 
	 

	 	 	 	 
	 

	 	Name:	 	William S. Rogers 
	 

	 	Title:	 	Vice President 

	 	 	 
	COMMITMENT AMOUNT:

	 	$32,000,000.00
	 
	 	 
	PERCENTAGE:

	 	6.40%

[SIGNATURE PAGE TO REVOLVING CREDIT AGREEMENT]

 

 

	 	 	 	 	 
	 	 	THE BANK OF NEW YORK,

As a Lender
	 
	 	 	 	 
	 

	 	By:	 	/s/ Peter Keller 
	 

	 	 	 	 
	 

	 	Name:	 	Peter Keller 
	 

	 	Title:	 	Managing Director Energy Division 

	 	 	 
	COMMITMENT AMOUNT:

	 	$24,500,000.00
	 
	 	 
	PERCENTAGE:

	 	4.90%

[SIGNATURE PAGE TO REVOLVING CREDIT AGREEMENT]

 

 

	 	 	 	 	 
	 	 	DnB NOR BANK ASA,

As a Lender
	 
	 	 	 	 
	 

	 	By:	 	/s/ Kevin O’Hara 
	 

	 	 	 	 
	 

	 	Name:	 	Kevin O’Hara 
	 

	 	Title:	 	Vice President 
	 
	 	 	 	 
	 

	 	By:	 	/s/ Sanjiv Nayar 
	 

	 	 	 	 
	 

	 	Name:	 	Sanjiv Nayar 
	 

	 	Title:	 	Senior Vice President 

	 	 	 
	COMMITMENT AMOUNT:

	 	$15,000,000.00
	 
	 	 
	PERCENTAGE:

	 	3.00%

[SIGNATURE PAGE TO REVOLVING CREDIT AGREEMENT]

 

 

	 	 	 	 	 
	 	 	HSBC BANK USA, N.A.

As a Lender
	 
	 	 	 	 
	 

	 	By:	 	/s/ Jose Aldeanueva 
	 

	 	 	 	 
	 

	 	Name:	 	Jose Aldeanueva 
	 

	 	Title:	 	Vice President 

	 	 	 
	COMMITMENT AMOUNT:

	 	$24,500,000.00
	 
	 	 
	PERCENTAGE:

	 	4.90%

[SIGNATURE PAGE TO REVOLVING CREDIT AGREEMENT]

 

 

	 	 	 	 	 
	 	 	THE BANK OF NOVA SCOTIA,

As a Lender
	 
	 	 	 	 
	 

	 	By:	 	/s/ V. Gibson 
	 

	 	 	 	 
	 

	 	Name:	 	V. Gibson 
	 

	 	Title:	 	Assistant Agent 

	 	 	 
	COMMITMENT AMOUNT:

	 	$15,000,000.00
	 
	 	 
	PERCENTAGE:

	 	3.00%

[SIGNATURE PAGE TO REVOLVING CREDIT AGREEMENT]

 

 

	 	 	 	 	 
	 	 	THE BANK OF TOKYO-MITSUBISHI, LTD.,

As a Lender
	 
	 	 	 	 
	 

	 	By:	 	/s/ John McGhee 
	 

	 	 	 	 
	 

	 	Name:	 	John McGhee 
	 

	 	Title:	 	Vice President & Manager 

	 	 	 
	COMMITMENT AMOUNT:

	 	$24,500,000.00
	 
	 	 
	PERCENTAGE:

	 	4.90%

[SIGNATURE PAGE TO REVOLVING CREDIT AGREEMENT]

 

 

	 	 	 	 	 
	 	 	CALYON CORPORATE AND INVESTMENT BANK

As a Lender
	 
	 	 	 	 
	 

	 	By:	 	/s/ Oliver Audemand 
	 

	 	 	 	 
	 

	 	Name:	 	Oliver Audemand 
	 

	 	Title:	 	Managing Director 
	 
	 	 	 	 
	 

	 	By:	 	/s/ Phillippe Soustra 
	 

	 	 	 	 
	 

	 	Name:	 	Phillippe Soustra 
	 

	 	Title:	 	Executive Vice President 

	 	 	 
	COMMITMENT AMOUNT:

	 	$32,000,000.00
	 
	 	 
	PERCENTAGE:

	 	6.40%

[SIGNATURE PAGE TO REVOLVING CREDIT AGREEMENT]

 

 

	 	 	 	 	 
	 	 	WILLIAM STREET
CREDIT CORPORATION,

As a Lender
	 
	 	 	 	 
	 

	 	By:	 	/s/ Manda D’Agata
	 

	 	 	 	 
	 

	 	Name:	 	Manda D’Agata
	 

	 	Title:	 	Assistant Vice President

	 	 	 
	COMMITMENT AMOUNT:

	 	$15,000,000.00
	 
	 	 
	PERCENTAGE:

	 	3.00%

[SIGNATURE PAGE TO REVOLVING CREDIT AGREEMENT]

 

 

	 	 	 	 	 
	 	 	MORGAN STANLEY BANK,

As a Lender
	 
	 	 	 	 
	 

	 	By:	 	/s/ Daniel Twerge
	 

	 	 	 	 
	 

	 	Name:	 	Daniel Twerge
	 

	 	Title:	 	Vice President

	 	 	 
	COMMITMENT AMOUNT:

	 	$32,000,000.00
	 
	 	 
	PERCENTAGE:

	 	6.40%

[SIGNATURE PAGE TO REVOLVING CREDIT AGREEMENT]

 

 

	 	 	 	 	 
	 	 	ING CAPITAL LLC,

As a Lender
	 
	 	 	 	 
	 

	 	By:	 	/s/ Cheryl LaBelle
	 

	 	 	 	 
	 

	 	Name:	 	Cheryl LaBelle
	 

	 	Title:	 	Managing Director

	 	 	 
	COMMITMENT AMOUNT:

	 	$24,500,000.00
	 
	 	 
	PERCENTAGE:

	 	4.90%

[SIGNATURE PAGE TO REVOLVING CREDIT AGREEMENT]

 

 

	 	 	 	 	 
	 	 	CREDIT SUISSE, CAYMAN ISLANDS BRANCH,

As a Lender
	 
	 	 	 	 
	 

	 	By:	 	/s/ Vanessa Gomez
	 

	 	 	 	 
	 

	 	Name:	 	Vanessa Gomez
	 

	 	Title:	 	Vice President
	 
	 	 	 	 
	 

	 	By:	 	/s/ Rianka Mohan
	 

	 	 	 	 
	 

	 	Name:	 	Rianka Mohan
	 

	 	Title:	 	Associate

	 	 	 
	COMMITMENT AMOUNT:

	 	$15,000,000.00
	 
	 	 
	PERCENTAGE:

	 	3.00%

[SIGNATURE PAGE TO REVOLVING CREDIT AGREEMENT]exv4w1

 

Exhibit 4.1

SIXTH SUPPLEMENTAL INDENTURE

     SIXTH SUPPLEMENTAL INDENTURE, dated as of July 11, 2005 (this “Sixth Supplemental Indenture”),
by and among AMB PROPERTY, L.P., a Delaware limited partnership (the “Operating Partnership”), AMB
PROPERTY CORPORATION, a Maryland corporation (the “Parent Guarantor”), and U.S. BANK NATIONAL
ASSOCIATION, a national association organized and existing under the laws of the United States of
America, as successor-in-interest to State Street Bank and Trust Company of California, N.A. (the
“Predecessor Trustee”), as trustee hereunder (the “Trustee”).

R E C I T A L S

     WHEREAS, reference is hereby made to the Indenture dated as of June 30, 1998, by and among the
Operating Partnership, the Parent Guarantor and the Predecessor Trustee (the “Base Indenture”), as
supplemented by that certain First Supplemental Indenture dated as of June 30, 1998, by and among
the Operating Partnership, the Parent Guarantor and the Predecessor Trustee, that certain Second
Supplemental Indenture dated as of June 30, 1998, by and among the Operating Partnership, the
Parent Guarantor and the Predecessor Trustee, that certain Third Supplemental Indenture dated as of
June 30, 1998, by and among the Operating Partnership, the Parent Guarantor and the Predecessor
Trustee, that certain Fourth Supplemental Indenture dated as of August 15, 2000, by and among the
Operating Partnership, the Parent Guarantor and the Predecessor Trustee, and that certain Fifth
Supplemental Indenture dated as of May 7, 2002, by and among the Operating Partnership, the Parent
Guarantor and the Trustee (as so supplemented, and as supplemented by this Sixth Supplemental
Indenture, together, the “Indenture”).

     WHEREAS, pursuant to a Board Resolution or authority granted thereby, the Operating
Partnership has authorized the issuance of $112,491,000 in aggregate principal amount of 5.094%
Notes Due 2015, as a new series of Securities under the Indenture (the “Notes”).

     WHEREAS, the Operating Partnership desires to establish the terms of the Notes in accordance
with Section 301 of the Base Indenture and to establish the form of the Notes in accordance with
Section 201 of the Base Indenture.

     WHEREAS, all things necessary to make this Sixth Supplemental Indenture a valid agreement of
the Operating Partnership and the Parent Guarantor in accordance with the terms of the Base
Indenture have been done.

     NOW THEREFORE, the Operating Partnership and the Trustee hereby deliver this Sixth
Supplemental Indenture as follows:

ARTICLE I.

TERMS

     SECTION 101. TERMS OF NOTES. The following terms relating to the Notes are hereby
established:

          (1) The title of the series of Securities authenticated and delivered under this Sixth
Supplemental Indenture shall be the “5.094% Notes Due 2015.”

 

 

          (2) The limit upon the aggregate principal amount of the Notes that may be authenticated and
delivered under the Indenture (except for Notes authenticated and delivered upon registration of
transfer of or in exchange for or in lieu of other Notes pursuant to Section 304, 305, 306, 906 or
1107 of the Base Indenture) shall be $112,491,000.

          (3) The date on which the principal amount of the Notes shall be payable is June 30, 2015 (the
“Stated Maturity Date”).

          (4) The rate at which the Notes shall bear interest shall be 5.094% per annum, on the basis of
a 360-day year consisting of twelve 30-day months. The date from which such interest shall accrue
shall be July 11, 2005, and shall accrue to but excluding the Stated Maturity Date, until the
principal thereon is paid or duly made available for payment. The Interest Payment Dates on which
such interest will be payable shall be June 30 and December 30 of each year, commencing December
30, 2005. The Regular Record Dates for the interest payable on the Notes on any Interest Payment
Date shall be the 15th calendar day preceding the applicable Interest Payment Date.

          (5) The payment of principal (and premium, if any) and interest on the Notes on any day, if
the Holder of such Notes is The Depository Trust Company, a New York corporation (or its nominee or
other depository, a “Depository”), will be made in accordance with any applicable provisions of
such written agreement between the Operating Partnership, the Trustee and the Depository as may be
in effect from time to time. Otherwise payment of principal (and premium, if any) and interest on
the Notes shall be payable, and Notes may be surrendered for the registration of transfer or
exchange, at the place or places maintained by the Operating Partnership for that purpose, which
shall initially be U.S. Bank National Association, 60 Livingston Street, St. Paul Minnesota 55107,
unless the Holder is notified otherwise; provided, however, that at the option of the Operating
Partnership, interest may be paid by check mailed to the address of the Person entitled thereto as
such address shall appear in the Operating Partnership’s security register or by wire transfer to
an account maintained by the payee located in the United States. Unless the Holder is notified
otherwise, the place where notices or demands to or upon the Operating Partnership in respect of
the Notes and the Indenture may be served shall be U.S. Bank National Association, 60 Livingston
Street, St. Paul Minnesota 55107.

          (6) The Notes shall be redeemable, in whole or in part, at any time before the Stated Maturity
Date at the option of the Operating Partnership. The price to be paid by the Operating Partnership
in connection with any such redemption on the applicable Redemption Date shall be as follows:

     (a) in the event that the Operating Partnership shall redeem any Notes at any
time prior to June 30, 2012, the price to be paid in connection with such
redemption shall be an amount equal to the greater of (i) 100% of the principal
amount thereof and (ii) the sum of the present values of the remaining scheduled
payments of principal and interest thereon (exclusive of interest accrued to such
Redemption Date) discounted to such Redemption Date on a semiannual basis (assuming
a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 25
basis points, plus, in either case, accrued and unpaid interest on the principal
amount being redeemed to, but excluding, such Redemption Date; and

 

 

     (b) in the event that the Operating Partnership shall redeem any Notes on or
after June 30, 2012, the price to be paid in connection with such redemption shall
be equal to 100% of the principal amount of the Notes to be redeemed plus accrued
and unpaid interest on the principal amount being redeemed to, but excluding, such
Redemption Date.

          (7) The Trustee shall initially be the Security Registrar and/or Paying Agent for the Notes.

          (8) The Holders of the Notes shall have no special rights in addition to those provided in the
Indenture.

          (9) The Events of Default and the covenants set forth in the Base Indenture shall be only the
Events of Default and the covenants with respect to the Notes.

          (10) Interest on any Note shall be payable only to the Person in whose name any such Note (or
one or more Predecessor Securities) is registered at the close of business on the Regular Record
Date for such interest.

          (11) The Notes shall not be subordinated to any other Debt of the Operating Partnership and
shall constitute senior unsecured obligations of the Operating Partnership.

     SECTION 102. FORM OF SUBSIDIARY GUARANTEE. The form of the Subsidiary Guarantee which shall
be executed if required pursuant to Section 1013 of the Base Indenture is attached hereto as
EXHIBIT B.

ARTICLE II.

FORM OF NOTES; TRANSFER AND EXCHANGE

     SECTION 201. FORM OF NOTES.

          (1) Notwithstanding any provision in the Base Indenture to the contrary, Notes issued in
global form will be substantially in the form of EXHIBIT A hereto (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
(but without the Global Note Legend thereon and without the “Schedule of Exchanges of Interests in
the Global Note” attached thereto).

          (2) 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 202 hereof. 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 transfers of beneficial
interests in the Regulation S Global that are held by Participants through Euroclear or
Clearstream.

     SECTION 202. TRANSFER AND EXCHANGE. Except as otherwise indicated below, the provisions of
this Section 202 of this Sixth Supplemental Indenture, to the extent inconsistent or conflicting
with the provisions of Section 305 of the Base Indenture, shall control and supersede the
provisions of Section 305 of the Base Indenture.

          (1) 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 Operating Partnership for Definitive Notes if:

               (a) the Operating Partnership 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 Operating Partnership within 120 days after the date of such notice from the Depositary;

               (b) the Operating Partnership 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

               (c) there has occurred and is continuing an Event of Default with respect to the Notes.

     Upon the occurrence of either of the preceding events in (a) or (b) 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 304 and 306 of the Base
Indenture. Every Note authenticated and delivered in exchange for, or in lieu of, a Global Note or
any portion thereof, pursuant to this Section 202 or pursuant to Section 304 or 306 of the Base
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 202(1),
however, beneficial interests in a Global Note may be transferred and exchanged as provided in
Section 202(2) or (3) hereof.

          (2) Transfer and Exchange of Beneficial Interests in 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 (a) or (b) below, as applicable,
as well as one or more of the other following subparagraphs, as applicable:

 

 

               (a) Transfer of Beneficial Interests in 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; provided, however, that prior to the expiration of the
Restricted Period, transfers of beneficial interests in the Regulation S Global Note may
not be made to a U.S. Person or for the account or benefit of a U.S. Person. 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 Security Registrar to effect the transfers described in this
Section 202(2)(a).

               (b) 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 202(2)(a)
above, the transferor of such beneficial interest must deliver to the Security Registrar either:

                    (i) both:

               (A) 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

               (B) instructions given in accordance with the Applicable Procedures containing
information regarding the Participant account to be credited with such increase; or

                    (ii) both:

               (A) 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

               (B) instructions given by the Depositary to the Security Registrar containing
information regarding the Person in whose name such Definitive Note shall be
registered to effect the transfer or exchange referred to in (a) above.

     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 202(7) hereof.

               (c) 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 202(2)(b) above and the Security Registrar
receives the following:

                    (i) if the transferee will take delivery in the form of a beneficial interest in the Domestic
Global Note, then the transferor must deliver (A) a certificate in the form of EXHIBIT D
hereto, including the certifications in item (i) thereof; or (B) a certificate in the form of
EXHIBIT D hereto, including the certifications, certificates and Opinion of Counsel
required by item (3) thereof, as applicable; or

                    (ii) if the transferee will take delivery in the form of a beneficial interest in the
Regulation S Global Note, then the transferor must deliver a certificate in the form of EXHIBIT
D hereto, including the certifications in item (2) thereof; and

               (d) Transfer and Exchange of Beneficial Interests in Restricted Global Note for Beneficial
Interest in 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
202(2)(b) above and:

                    (i) such transfer is effected pursuant to the Shelf Registration Statement in accordance with
the Registration Rights Agreement;

                    (ii) the Security Registrar receives the following:

               (A) 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
C hereto, including the certifications in item (1)(a) thereof; or

               (B) 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 D hereto, including the
certifications in item (4) thereof;

and, in each such case set forth in this subparagraph (ii), if the Security Registrar so
requests or if the Applicable Procedures so require, an Opinion of Counsel in form
reasonably acceptable to the Security 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 (i) or (ii) above at a time when an
Unrestricted Global Note has not yet been issued, the Operating Partnership shall issue and, upon
receipt of an Operating Partnership Request in accordance with Section 303 of the Base Indenture,
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 (i) or (ii) 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.

          (3) Transfer or Exchange of Beneficial Interests for Definitive Notes.

               (a) 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
Security Registrar of the following documentation:

                    (i) if the holder of such beneficial interest in a Restricted Global Note proposes to exchange
such beneficial interest for a Restricted Definitive Note, a certificate from such holder in the
form of EXHIBIT C hereto, including the certifications in item (2)(a) thereof;

                    (ii) if such beneficial interest is being transferred to a QIB in accordance with Rule 144A, a
certificate to the effect set forth in EXHIBIT D hereto, including the certifications in
item (1) thereof;

                    (iii) 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 D hereto, including the certifications in item (2) thereof;

                    (iv) 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 D hereto, including the certifications in item (3)(a) thereof;

                    (v) if such beneficial interest is being transferred to an Institutional Accredited Investor
in reliance on an exemption from the registration requirements of the Securities Act other than
those listed in subparagraphs (i) through (iv) above, a certificate to the effect set forth in
EXHIBIT D hereto, including the certifications, certificates and Opinion of Counsel
required by item (3) thereof, if applicable;

                    (vi) if such beneficial interest is being transferred to the Operating Partnership or any of
its Subsidiaries, a certificate to the effect set forth in EXHIBIT D hereto, including the
certifications in item (3)(b) thereof; or

                    (vii) if such beneficial interest is being transferred pursuant to an effective registration
statement under the Securities Act, a certificate to the effect set forth in EXHIBIT D
hereto, including the certifications in item (3)(c) thereof,

 

 

the Trustee shall cause the aggregate principal amount of the applicable Global Note to be reduced
accordingly pursuant to Section 202(7) hereof, and the Operating Partnership 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 Section 202(3) 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 Security 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 202(3)(a) shall bear the
Private Placement Legend and shall be subject to all restrictions on transfer contained therein.

               (b) 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:

                    (i) such transfer is effected pursuant to the Shelf Registration Statement in accordance with
the Registration Rights Agreement;

                    (ii) the Security Registrar receives the following:

               (A) 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 C hereto, including
the certifications in item (1)(b) thereof; or

               (B) 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 D hereto, including the certifications in
item (4) thereof;

and, in each such case set forth in this subparagraph (ii), if the Security Registrar so
requests or if the Applicable Procedures so require, an Opinion of Counsel in form
reasonably acceptable to the Security 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.

               (c) 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 202(2)(b) hereof, the Trustee will cause the aggregate principal amount of the
applicable Global Note to be reduced accordingly pursuant to Section 202(7) hereof, and the
Operating Partnership 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
202(3)(c) 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
Security 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 202(3)(c) will not bear the Private Placement Legend.

          (4) Transfer and Exchange of Definitive Notes for Beneficial Interests.

               (a) 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 Security Registrar of the following documentation:

                    (i) if the Holder of such Restricted Definitive Note proposes to exchange such Note for a
beneficial interest in a Restricted Global Note, a certificate from such Holder in the form of
EXHIBIT C hereto, including the certifications in item (2)(b) thereof;

                    (ii) 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 D hereto, including the
certifications in item (1) thereof;

                    (iii) 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 D hereto, including the certifications in item
(2) thereof;

                    (iv) 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 D hereto, including the certifications in item (3)(a) thereof;

                    (v) if such Restricted Definitive Note is being transferred to an Institutional Accredited
Investor in reliance on an exemption from the registration requirements of the Securities Act other
than those listed in subparagraphs (i) through (iv) above, a certificate to the effect set forth in
EXHIBIT D hereto, including the certifications, certificates and Opinion of Counsel
required by item (3) thereof, if applicable;

                    (vi) if such Restricted Definitive Note is being transferred to the Operating Partnership or
any of its Subsidiaries, a certificate to the effect set forth in EXHIBIT D hereto,
including the certifications in item (3)(b) thereof; or

                    (vii) if such Restricted Definitive Note is being transferred pursuant to an effective
registration statement under the Securities Act, a certificate to the effect set forth in
EXHIBIT D hereto, including the certifications in item (3)(c) thereof,

 

 

          the Trustee will cancel the Restricted Definitive Note, increase or cause to be
increased the aggregate principal amount of the appropriate Restricted Global Note.

               (b) 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:

                    (i) such transfer is effected pursuant to the Shelf Registration Statement in accordance with
the Registration Rights Agreement;

                    (ii) the Security Registrar receives the following:

               (A) 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 C hereto, including the certifications in
item (1)(c) thereof; or

               (B) 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 D hereto, including the certifications in item (4) thereof;

and, in each such case set forth in this subparagraph (ii), if the Security Registrar so
requests or if the Applicable Procedures so require, an Opinion of Counsel in form
reasonably acceptable to the Security 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 202(4)(b), the
Trustee will cancel the Definitive Notes and increase or cause to be increased the aggregate
principal amount of the Unrestricted Global Note.

               (c) 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 (b)(i) or (b)(ii) above at a time when an Unrestricted Global Note has
not yet been issued, the Operating Partnership will issue and, upon receipt of an Operating
Partnership Request in accordance with Section 303 of the Base Indenture, 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.

          (5) 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 202(5), the
Security 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
Security Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of
transfer in form satisfactory to the Security 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 202(5).

               (a) 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 Security Registrar receives the following:

                    (i) if the transfer will be made pursuant to Rule 144A, then the transferor must deliver a
certificate in the form of EXHIBIT D hereto, including the certifications in item (1)
thereof;

                    (ii) if the transfer will be made pursuant to Rule 903 or Rule 904, then the transfer must
deliver a certificate in the form of EXHIBIT D hereto, including the certifications in item
(2) thereof; or

                    (iii) 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 D hereto, including the certifications, certificates and Opinion of Counsel
required by item (3) thereof, if applicable.

               (b) 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:

                    (i) any such transfer is effected pursuant to the Shelf Registration Statement in accordance
with the Registration Rights Agreement;

                    (ii) the Security Registrar receives the following:

               (A) 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 C hereto, including the certifications in item (1)(d)
thereof; or

               (B) 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 D hereto, including the certifications in item (4) thereof;

and, in each such case set forth in this subparagraph (ii), if the Security Registrar so
requests, an Opinion of Counsel in form reasonably acceptable to the Security 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.

               (c) 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 Security
Registrar shall register the Unrestricted Definitive Notes pursuant to the instructions from the
Holder thereof.

          (6) Legends. The following legends will appear on the face of all Global Notes and Definitive
Notes issued under this Sixth Supplemental Indenture unless specifically stated otherwise in the
applicable provisions of this Sixth Supplemental Indenture.

               (a) Private Placement Legend.

                    (i) Except as permitted by subparagraph (ii) 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 SECURITY HAS NOT BEEN REGISTERED UNDER THE 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 AS SET FORTH IN THE FOLLOWING SENTENCE. BY ITS
ACQUISITION HEREOF (OR OF A BENEFICIAL INTEREST HEREIN) THE HOLDER: (1) REPRESENTS
THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE
SECURITIES ACT) (A “QIB”), (B) IT IS NOT A U.S. PERSON, IS NOT ACQUIRING THIS
SECURITY FOR THE ACCOUNT OR BENEFIT OF A U.S. PERSON AND IS ACQUIRING THIS SECURITY
IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT
OR (C) IT IS AN INSTITUTIONAL “ACCREDITED INVESTOR” (AS DEFINED IN RULE 501(A)(1),
(2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT) (AN “IAI”); (2) AGREES
THAT IT WILL NOT, WITHIN THE TIME PERIOD REFERRED TO UNDER RULE 144(k) (TAKING INTO
ACCOUNT THE PROVISIONS OF RULE 144(d) UNDER THE SECURITIES ACT, IF APPLICABLE)
UNDER THE SECURITIES ACT AS IN EFFECT ON THE DATE OF THE TRANSFER OF THIS SECURITY,
RESELL OR OTHERWISE TRANSFER THIS SECURITY EXCEPT (A) TO THE OPERATING PARTNERSHIP
OR ANY SUBSIDIARY THEREOF, (B) TO A PERSON

 

 

WHOM THE HOLDER REASONABLY BELIEVES IS A QIB PURCHASING FOR ITS OWN ACCOUNT OR FOR
THE ACCOUNT OF A QIB IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, (C)
OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904
UNDER THE SECURITIES ACT, (D) PURSUANT TO THE EXEMPTION FROM REGISTRATION PROVIDED
BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE), (E) TO AN IAI THAT, PRIOR TO
SUCH TRANSFER, FURNISHES TO THE TRUSTEE A SIGNED LETTER CONTAINING CERTAIN
REPRESENTATIONS AND AGREEMENTS RELATING TO THE REGISTRATION OF TRANSFER OF THIS
SECURITY, THE FORM OF WHICH CAN BE OBTAINED FROM THE TRUSTEE, AND AN OPINION OF
COUNSEL ACCEPTABLE TO THE OPERATING PARTNERSHIP THAT SUCH TRANSFER IS IN COMPLIANCE
WITH THE SECURITIES ACT OR (F) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT
UNDER THE SECURITIES ACT, AND, IN EACH CASE, IN ACCORDANCE WITH APPLICABLE STATE
SECURITIES LAWS; AND (3) AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS
SECURITY OR AN INTEREST HEREIN IS TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT
OF THIS LEGEND. IN CONNECTION WITH ANY TRANSFER OF THIS SECURITY OR ANY INTEREST
HEREIN WITHIN THE TIME PERIOD REFERRED TO ABOVE, THE HOLDER MUST CHECK THE
APPROPRIATE BOX SET FORTH IN A CERTIFICATE OF TRANSFER AVAILABLE FROM THE TRUSTEE
RELATING TO THE MANNER OF SUCH TRANSFER AND SUBMIT THIS CERTIFICATE TO THE TRUSTEE.
AS USED HEREIN, THE TERMS “OFFSHORE TRANSACTION,” “UNITED STATES” AND “U.S.
PERSON” HAVE THE MEANINGS GIVEN TO THEM BY RULE 902 OF REGULATION S UNDER THE
SECURITIES ACT. THE INDENTURE CONTAINS A PROVISION REQUIRING THE TRUSTEE TO REFUSE
TO REGISTER ANY TRANSFER OF THIS SECURITY IN VIOLATION OF THE FOREGOING
RESTRICTIONS.

                    (ii) Notwithstanding the foregoing, any Global Note or Definitive Note issued pursuant to
(2)(d), (4)(b), (4)(c), (5)(b), (5)(c) and (6) of Section 202 hereof (and all Notes issued in
exchange therefor or substitution thereof) will not bear the Private Placement Legend.

               (b) Each Global Note will bear a legend in substantially the following form:

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER
REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF.
THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON
OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES
DESCRIBED IN THE INDENTURE AND, UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN
PART FOR SECURITIES IN DEFINITIVE FORM, THIS SECURITY

 

 

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

          (7) Cancellation and 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 309 of the Base
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.

          (8) General Provisions Relating to Transfers and Exchanges.

               (a) To permit registrations of transfers and exchanges, the Operating Partnership will execute
and the Trustee will authenticate Global Notes and Definitive Notes upon receipt of an Operating
Partnership Request in accordance with Section 303 of the Base Indenture or at the Security
Registrar’s request.

               (b) 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 Operating
Partnership 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
Sections 304 and 1107 of the Base Indenture.

               (c) The Security 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.

               (d) 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 Operating Partnership,
evidencing the same debt, and entitled to the same benefits under this Indenture, as the Global
Notes or Definitive Notes surrendered upon such registration of transfer or exchange.

               (e) Neither the Security Registrar nor the Operating Partnership will be required:

                    (i) 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 1102 of the Base Indenture hereof and ending at the close of business on the day of
selection;

                    (ii) 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

                    (iii) to register the transfer of or to exchange a Note between a record date and the next
succeeding Interest Payment Date.

               (f) Prior to due presentment for the registration of a transfer of any Note, the Trustee, any
Paying Agent and the Operating Partnership 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 Paying Agent or
the Operating Partnership shall be affected by notice to the contrary.

               (g) The Trustee will authenticate Global Notes and Definitive Notes in accordance with Section
303 of the Base Indenture of the Indenture.

               (h) All certifications, certificates and Opinions of Counsel required to be submitted to the
Security Registrar pursuant to this Section 202 to effect a registration of transfer or exchange
may be submitted by facsimile.

 

 

ARTICLE III.

MISCELLANEOUS PROVISIONS

     SECTION 301. DEFINITIONS. Except as set forth below, all capitalized terms used but not
defined in this Sixth Supplemental Indenture shall have the meanings ascribed thereto in the
Indenture. Notwithstanding the foregoing, as used in this Sixth Supplemental Indenture, the
following terms shall have the meanings set forth below:

          (1) “Applicable Procedures” means, with respect to any transfer or exchange of or for
beneficial interests in any Global Note, the rules and procedures of the Depositary, Euroclear and
Clearstream that apply to such transfer or exchange.

          (2) “Clearstream” means Clearstream Banking, S.A.

          (3) “Definitive Note” means a certificated Note registered in the name of the Holder thereof
and issued in accordance with Section 201 hereof, substantially in the form of EXHIBIT A
hereto, except that such Note shall not bear the Global Note Legend and shall not have the
“Schedule of Exchanges of Interests in the Global Note” attached thereto.

          (4) “Euroclear” means Euroclear Bank, S.A./N.V., as operator of the Euroclear system.

          (5) “Global Note Legend” means the legend set forth in Section 202(6)(b) hereof, which is
required to be placed on all Global Notes issued under this Indenture.

          (6) “Global Notes” means, individually and collectively, each of the Restricted Global Notes
and the Unrestricted Global Notes deposited with or on behalf of and registered in the name of the
Depository or its nominee, substantially in the form of EXHIBIT A hereto, and that bears
the Global Note Legend and that has the “Schedule of Exchanges of Interests in the Global Note”
attached thereto, issued in accordance with Sections 201 hereof.

          (7) “Indirect Participant” means a Person who holds a beneficial interest in a Global Note
through a Participant.

          (8) “Institutional Accredited Investor” means an institution that is an “accredited investor”
as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act, who are not also QIBs.

          (9) “Non-U.S. Person” means a Person who is not a U.S. Person.

          (10) “Participant” means, with respect to the Depositary, Euroclear or Clearstream, a Person
who has an account with the Depositary, Euroclear or Clearstream, respectively (and, with respect
to DTC, shall include Euroclear and Clearstream).

          (11) “Private Placement Legend” means the legend set forth in Section 202(6)(a) hereof to be
placed on all Notes issued under this Indenture except where otherwise permitted by the provisions
of this Indenture.

          (12) “QIB” means a “qualified institutional buyer” as defined in Rule 144A.

 

 

          (13) “Registration Rights Agreement” means the Registration Rights Agreement, dated as of July
8, 2005, by and the Operating Partnership, the Parent Guarantor and the other parties named on the
signature pages thereof, as such agreement may be amended, modified or supplemented from time to
time.

          (14) “Regulation S Global Note” means a Global Note substantially in the form of EXHIBIT
A hereto bearing the Global Note Legend and the Private Placement Legend and deposited with or
on behalf of and registered in the name of the Depositary or its nominee, issued in a denomination
equal to the outstanding principal amount of the Notes sold in reliance on Rule 903 of Regulation
S.

          (15) “Regulation S” means Regulation S promulgated under the Securities Act.

          (16) “Restricted Definitive Note” means a Definitive Note bearing the Private Placement Legend
that is sold to either Institutional Accredited Investors or QIBs.

          (17) “Restricted Global Note” means a Global Note bearing the Private Placement Legend.

          (18) “Restricted Period” means the 40-day distribution compliance period as defined in
Regulation S. 

          (19) “Rule 144” means Rule 144 promulgated under the Securities Act.

          (20) “Rule 144A” means Rule 144A promulgated under the Securities Act.

          (21) “Rule 903” means Rule 903 promulgated under the Securities Act.

          (22) “Rule 904” means Rule 904 promulgated under the Securities Act.

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

          (24) “Shelf Registration Statement” means the Shelf Registration Statement as defined in the
Registration Rights Agreement.

          (25) “U.S. Person” means a U.S. Person as defined in Rule 902(k) promulgated under the
Securities Act.

          (26) “Unrestricted Definitive Note” means a Definitive Note that does not bear and is not
required to bear the Private Placement Legend.

          (27) “Unrestricted Global Note” means a Global Note that does not bear and is not required to
bear the Private Placement Legend.

     SECTION 302. EFFECTIVENESS. Upon the execution of this Sixth Supplemental Indenture, the
Indenture shall be modified in accordance therewith and this Sixth Supplemental Indenture shall
form a part of the Indenture for all purposes; and every Holder of Securities theretofore
authenticated and delivered under the Indenture shall be bound thereby.

 

 

     SECTION 303. CONFIRMATION. The Indenture, as heretofore supplemented and amended by this
Sixth Supplemental Indenture, is in all respects ratified and confirmed, and the Indenture, this
Sixth Supplemental Indenture and all indentures supplemental thereto shall be read, taken and
construed as one and the same instrument.

     SECTION 304. GOVERNING LAW. This Sixth Supplemental Indenture, the Indenture and the Notes
shall be governed by and construed in accordance with the internal laws of the State of New York.

     SECTION 305. SEVERABILITY. In case any provision in this Sixth Supplemental Indenture shall
for any reason be held to be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

     SECTION 306. COUNTERPARTS. This Sixth Supplemental Indenture may be executed in any number of
counterparts each of which shall be an original, but such counterparts shall together constitute
but one and the same instrument.

     SECTION 307. SUCCESSORS AND ASSIGNS. All covenants and agreements in this Sixth Supplemental
Indenture by the parties hereto shall bind their respective successors and assigns and inure to the
benefit of their respective successors and assigns, whether so expressed or not.

     SECTION 308. HEADINGS. The headings used for Articles and Sections herein are for convenience
only and shall not affect the construction hereof.

[Intentionally Left Blank]

 

 

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

	 	 	 	 	 	 	 
	 	 	AMB PROPERTY, L.P.
	 
	 	 	 	 	 	 
	 

	 	By:
	 	AMB Property Corporation, its

General Partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	     /s/ Michael A. Coke	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Michael A. Coke	 	 
	 

	 	 	 	Executive Vice President and	 	 
	 

	 	 	 	Chief Financial Officer	 	 
	 
	 	 	 	 	 	 
	 	 	AMB PROPERTY CORPORATION
	 
	 	 	 	 	 	 
	 

	 	By:
	 	     /s/ Michael A. Coke	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Michael A. Coke	 	 
	 

	 	 	 	Executive Vice President and	 	 
	 

	 	 	 	Chief Financial Officer	 	 

	 	 	 	 	 	 	 
	 

	 	 	 	U.S. BANK NATIONAL ASSOCIATION	 	 
	 
	 	 	 	 	 	 
	By:

	 	 	 	/s/ Bradley E. Scarbrough	 	 
	 	 	 	 	 
	 

	 	 	 	Name: Bradley E. Scarbrough	 	 
	 

	 	 	 	Title: Vice President, Corporate Trust Services	 	 

 

 

EXHIBIT A

[FORM OF GLOBAL NOTE]

     THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE
THEREOF. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A
PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES
DESCRIBED IN THE INDENTURE AND, UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN
PART FOR SECURITIES IN DEFINITIVE FORM, THIS SECURITY 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 SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”) TO THE OPERATING
PARTNERSHIP (AS DEFINED BELOW) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE
OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN
SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY
PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED
OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

     THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE 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 AS SET FORTH IN THE FOLLOWING
SENTENCE. BY ITS ACQUISITION HEREOF (OR OF A BENEFICIAL INTEREST HEREIN) THE
HOLDER: (1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS
DEFINED IN RULE 144A UNDER THE SECURITIES ACT) (A “QIB”), (B) IT IS NOT A U.S.
PERSON, IS NOT ACQUIRING THIS SECURITY FOR THE ACCOUNT OR BENEFIT OF A U.S. PERSON
AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH
REGULATION S UNDER THE SECURITIES ACT OR (C) IT IS AN INSTITUTIONAL “ACCREDITED
INVESTOR” (AS DEFINED IN RULE 501(A)(1), (2), (3) OR (7) OF REGULATION D UNDER THE
SECURITIES ACT) (AN “IAI”); (2) AGREES THAT IT WILL NOT, WITHIN THE TIME PERIOD
REFERRED TO UNDER RULE 144(k) (TAKING INTO ACCOUNT THE PROVISIONS OF RULE 144(d)
UNDER

 

 

THE SECURITIES ACT, IF APPLICABLE) UNDER THE
SECURITIES ACT AS IN EFFECT ON THE DATE OF THE
TRANSFER OF THIS SECURITY, RESELL OR OTHERWISE
TRANSFER THIS SECURITY EXCEPT (A) TO THE OPERATING
PARTNERSHIP OR ANY SUBSIDIARY THEREOF, (B) TO A
PERSON WHOM THE HOLDER REASONABLY BELIEVES IS A QIB
PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT
OF A QIB IN COMPLIANCE WITH RULE 144A UNDER THE
SECURITIES ACT, (C) OUTSIDE THE UNITED STATES IN AN
OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904
UNDER THE SECURITIES ACT, (D) PURSUANT TO THE
EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144
UNDER THE SECURITIES ACT (IF AVAILABLE), (E) TO AN
IAI THAT, PRIOR TO SUCH TRANSFER, FURNISHES TO THE
TRUSTEE A SIGNED LETTER CONTAINING CERTAIN
REPRESENTATIONS AND AGREEMENTS RELATING TO THE
REGISTRATION OF TRANSFER OF THIS SECURITY, THE FORM
OF WHICH LETTER CAN BE OBTAINED FROM THE TRUSTEE,
AND AN OPINION OF COUNSEL ACCEPTABLE TO THE
OPERATING PARTNERSHIP THAT SUCH TRANSFER IS IN
COMPLIANCE WITH THE SECURITIES ACT OR (F) PURSUANT
TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
SECURITIES ACT, AND, IN EACH CASE, IN ACCORDANCE
WITH APPLICABLE STATE SECURITIES LAWS; AND (3)
AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM
THIS SECURITY OR AN INTEREST HEREIN IS TRANSFERRED
A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS
LEGEND. IN CONNECTION WITH ANY TRANSFER OF THIS
SECURITY OR ANY INTEREST HEREIN WITHIN THE TIME
PERIOD REFERRED TO ABOVE, THE HOLDER MUST CHECK THE
APPROPRIATE BOX SET FORTH IN A CERTIFICATE OF
TRANSFER AVAILABLE FROM THE TRUSTEE RELATING TO THE
MANNER OF SUCH TRANSFER AND SUBMIT THIS CERTIFICATE
TO THE TRUSTEE. AS USED HEREIN, THE TERMS
“OFFSHORE TRANSACTION,” “UNITED STATES” AND “U.S.
PERSON” HAVE THE MEANINGS GIVEN TO THEM BY RULE 902
OF REGULATION S UNDER THE SECURITIES ACT. THE
INDENTURE CONTAINS A PROVISION REQUIRING THE
TRUSTEE TO REFUSE TO REGISTER ANY TRANSFER OF THIS
SECURITY IN VIOLATION OF THE FOREGOING
RESTRICTIONS.

 

 

	 	 	 
	No.:

	 	CUSIP No.:

 

AMB PROPERTY, L.P.

 

5.094% Notes Due 2015

(U.S. $_________ Aggregate Principal Amount)

 

     AMB PROPERTY, L.P., a Delaware limited partnership (the “Operating Partnership,” which term
includes any successor under the Indenture referred to below), for value received hereby promises
to pay to ___, or registered assigns, the aggregate principal amount then shown on
Schedule A hereto on June 30, 2015 (the “Stated Maturity Date”), and to pay interest
thereon from July 11, 2005, semiannually on June 30 and December 30 of each year (each, an
“Interest Payment Date”), commencing with December 30, 2005, to but excluding the Stated Maturity
Date at the rate of 5.094% per annum until the principal hereof is paid or duly made available for
payment.

     Interest on the 5.094% Notes Due 2015 (the “Notes”)shall be calculated on the basis of
a 360-day year consisting of twelve 30-day months. The interest so payable and punctually paid or
duly provided for on any Interest Payment Date shall, as provided in such Indenture, be paid to the
Person in whose name this Note (or one or more Predecessor Securities) is registered at the close
of business on the Regular Record Date for such interest, which shall be the May 31 or November 30
(whether or not a Business Day), as the case may be, immediately preceding such Interest Payment
Date. Any such interest which is payable, but is not punctually paid or duly provided for, on any
Interest Payment Date shall forthwith cease to be payable to the registered Holder hereof on the
relevant Regular Record Date by virtue of having been such Holder, and may be paid to the Person in
whose name this Note (or one or more Predecessor Securities) is registered at the close of business
on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee,
notice whereof shall be given to the Holder of this Note not less than 10 days prior to such
Special Record Date, or may be paid at any time in any other lawful manner not inconsistent with
the requirements of any securities exchange on which the Notes may be listed, and upon such notice
as may be required by such exchange, all as more fully provided in such Indenture.

     Payment of the principal of (and premium, if any), and the interest on the Notes shall be made
at the office or agency of the Operating Partnership maintained for that purpose, in such coin or
currency of the United States of America as at the time of payment is legal tender for payment of
public and private debts; provided, however, that, at the option of the Operating Partnership,
interest may be paid by check mailed to the address of the Person entitled thereto as such address
shall appear in the Security Register or by wire transfer to an account maintained by the payee
located in the United States of America.

     This Note is one of a duly authorized issue of Securities of the Operating Partnership issued
and to be issued under an Indenture dated as of June 30, 1998, by and among the Operating
Partnership, AMB Property Corporation, a Maryland corporation (the “Guarantor”), and State Street
Bank and Trust Company of California, N.A., a national banking association organized and

 

 

existing under the laws of the United States of America (the “Predecessor Trustee”), as
trustee thereunder, as supplemented by the First Supplemental Indenture dated as of June 30, 1998,
by and among the Operating Partnership, the Guarantor and the Predecessor Trustee, the Second
Supplemental Indenture dated as of June 30, 1998, by and among the Operating Partnership, the
Guarantor and the Predecessor Trustee, the Third Supplemental Indenture dated as of June 30, 1998,
by and among the Operating Partnership, the Guarantor and the Predecessor Trustee, the Fourth
Supplemental Indenture dated as of August 15, 2000, by and among the Operating Partnership, the
Guarantor and the Predecessor Trustee, the Fifth Supplemental Indenture dated as of May 7, 2002, by
and among the Operating Partnership, the Guarantor and the Predecessor Trustee, and the Sixth
Supplemental Indenture dated as of July 11, 2005, by and among the Operating Partnership, the
Guarantor and U.S. Bank National Association, a national banking association organized and existing
under the laws of the United States of America, as successor-in-interest to the Predecessor
Trustee, as trustee thereunder (as so supplemented, together, the “Indenture”), to which such
Indenture and all indentures supplemental thereto reference is hereby made for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of the Operating
Partnership, the Trustee and the Holders, and the terms upon which the Notes shall be authenticated
and delivered.

[Intentionally Left Blank]

 

 

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

Dated:

	 	 	 	 	 
	 

	 	 	 	   AMB PROPERTY, L.P.
	 
	 	 	 	 
	 

	 	By:
	 	   AMB PROPERTY CORPORATION,

          as General Partner
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	   Name: Michael A. Coke
	 

	 	 	 	   Title: Executive Vice President and Chief Financial Officer

Attest:

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

	 	 	 	 	 
	 

	 	U.S. BANK NATIONAL	 	 
	 

	 	     ASSOCIATION, as Trustee	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title: Authorized Signatory	 	 

 

 

[REVERSE OF NOTE]

     The Notes shall be limited in aggregate principal amount to $________.

     If an Event of Default with respect to the Notes shall occur and be continuing, the principal
of the Notes may be declared due and payable in the manner and with the effect provided in the
indenture.

     The Indenture and the Notes may be amended as set forth in the Indenture.

     Subject to and in accordance with the provisions of the Indenture, the Notes shall be
redeemable, in whole or in part, at any time before the Stated Maturity Date at the option of the
Operating Partnership. The price to be paid by the Operating Partnership in connection with any
such redemption on the applicable Redemption Date shall be as follows: (a) in the event that the
Operating Partnership shall redeem any Notes at any time prior to June 30, 2012, the price to be
paid in connection with such redemption shall be an amount equal to the greater of (i) 100% of the
principal amount thereof and (ii) the sum of the present values of the remaining scheduled payments
of principal and interest thereon (exclusive of interest accrued to such Redemption Date)
discounted to such Redemption Date on a semiannual basis (assuming a 360-day year consisting of
twelve 30-day months) at the Treasury Rate plus 25 basis points, plus, in either case, accrued and
unpaid interest on the principal amount being redeemed to, but excluding, such Redemption Date; (b)
in the event that the Operating Partnership shall redeem any Notes on or after June 30, 2012, the
price to be paid in connection with such redemption shall be equal to 100% of the principal amount
of the Notes to be redeemed plus accrued and unpaid interest on the principal amount being redeemed
to, but excluding, such Redemption Date.

     No reference herein to the Indenture and no provision of the Notes or of the Indenture shall
alter or impair the obligation of the Operating Partnership, which is absolute and unconditional,
to pay the principal of and interest on the Notes, at the time, place and rate, and in the coin or
currency, herein and in the Indenture prescribed.

     Subject to and in accordance with the provisions of the Indenture, the transfer of the Notes
may be registered on the Security Register upon surrender of any such Note for registration of
transfer at the office or agency of the Operating Partnership maintained for the purpose in any
place where the principal of and interest on the Notes are payable, duly endorsed, or accompanied
by a written instrument of transfer in form satisfactory to the Operating Partnership and the
Security Registrar duly executed by the Holder hereof or by his attorney duly authorized in
writing, and thereupon one or more new Notes, of authorized denominations and for the same
aggregate principal amount, shall be issued to the designated transferee or transferees. The Notes
shall be issuable only in registered form without coupons in the denominations of $1,000 and
integral multiples of $1,000.

     Subject to and in accordance with the provisions of the Indenture, the Notes shall be
exchangeable for a like aggregate principal amount of Notes of authorized denominations as
requested by the Holders surrendering the same. No service charge shall be made for any such
registration of transfer or exchange, but the Operating Partnership may require payment of a sum
sufficient to cover any tax or other governmental charge payable in connection therewith, other
than in certain cases provided in the Indenture. Prior to due presentment of any Notes for

 

 

registration of transfer, the Operating Partnership, the Trustee and any agent of the
Operating Partnership or the Trustee may treat the Person in whose name such Note is registered as
the owner hereof for all purposes, whether or not the Notes are overdue, and neither the Operating
Partnership, the Trustee nor any such agent shall be affected by notice to the contrary.

     Subject to and in accordance with the provisions of the Indenture, the Indenture contains
provisions whereby (i) the Operating Partnership may be discharged from its obligations with
respect to the Notes (subject to certain exceptions) or (ii) the Operating Partnership may be
released from its obligations under specified covenants and agreements in the Indenture, in each
case if the Operating Partnership irrevocably deposits with the Trustee money or Government
Obligations sufficient to pay and discharge the entire indebtedness on all Notes, and satisfies
certain other conditions, all as more fully provided in the Indenture.

     THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE
OF NEW YORK. Capitalized terms used in this Note which are not defined herein shall have the
meanings assigned to them in the Indenture.

     Unless the certificate of authentication hereon has been executed by or on behalf of the
Trustee under the Indenture by the manual signature of one of its authorized signatories, this Note
shall not be entitled to any benefits under the Indenture or be valid or obligatory for any
purpose.

[Intentionally Left Blank]

 

 

PARENT GUARANTEE

     FOR VALUE RECEIVED, the undersigned hereby, jointly and severally with the Subsidiary
Guarantors, if any, unconditionally guarantees to the Holder of the accompanying 5.094% Notes Due
2015 (the “Notes”) issued by AMB Property, L.P. (the “Operating Partnership”) under an Indenture
dated as of June 30, 1998 (together with the Sixth Supplemental Indenture thereto, the “Indenture”)
among the Operating Partnership, AMB Property Corporation, and U.S. Bank National Association, as
successor trustee to State Street Bank and Trust Company of California, N.A., as trustee (the
“Trustee”), (a) the full and prompt payment of the principal of and premium, if any, on such Notes
when and as the same shall become due and payable, whether on the Stated Maturity Date, by
acceleration, by redemption, repurchase or otherwise, and (b) the full and prompt payment of the
interest on such Notes when and as the same shall become due and payable, according to the terms of
such Notes and of the Indenture. In case of the failure of the Operating Partnership punctually to
pay any such principal, premium or interest, the undersigned hereby agrees to cause any such
payment to be made punctually when and as the same shall become due and payable, whether on the
Stated Maturity Date, upon acceleration, by redemption, repayment or otherwise, and as if such
payment were made by the Operating Partnership. The undersigned hereby agrees, jointly and
severally with the Subsidiary Guarantors, if any, that its obligations hereunder shall be as
principal and not merely as surety, and shall be absolute and unconditional, and shall not be
affected, modified or impaired by the following: (a) the failure to give notice to the Guarantors
of the occurrence of an Event of Default under the Indenture; (b) the waiver, surrender,
compromise, settlement, release or termination of the payment, performance or observance by the
Operating Partnership or the Guarantors of any or all of the obligations, covenants or agreements
of either of them contained in the Indenture or the Notes; (c) the acceleration, extension or any
other changes in the time for payment of any principal of or interest or any premium on any Notes
or for any other payment under the Indenture or of the time for performance of any other
obligations, covenants or agreements under or arising out of the Indenture or the Notes; (d) the
modification or amendment (whether material or otherwise) of any obligation, covenant or agreement
set forth in the Indenture or the Notes; (e) the taking or the omission of any of the actions
referred to in the Indenture and in any of the actions under the Notes; (f) any failure, omission,
delay or lack on the part of the Trustee to enforce, assert or exercise any right, power or remedy
conferred on the Trustee in the Indenture, or any other action or acts on the part of the Trustee
or any of the Holders from time to time of the Notes; (g) the voluntary or involuntary liquidation,
dissolution, sale or other disposition of all or substantially all the assets, marshaling of assets
and liabilities, receivership, insolvency, bankruptcy, assignment for the benefit of creditors,
reorganization, arrangement, composition with creditors or readjustment of, or other similar
proceedings affecting the Guarantors or the Operating Partnership or any of the assets of any of
them, or any allegation or contest of the validity of the Parent Guarantee in any such proceeding;
(h) to the extent permitted by law, the release or discharge by operation of law of the Guarantors
from the performance or observance of any obligation, covenant or agreement contained in the
Indenture; (i) to the extent permitted by law, the release or discharge by operation of law of the
Operating Partnership from the performance or observance of any obligation, covenant or agreement
contained in the Indenture; (j) the default or failure of the Operating Partnership or the Trustee
fully to perform any of its obligations set forth in the Indenture or the Notes; (k) the
invalidity, irregularity or unenforceability of the Indenture or the Notes or any part of any
thereof; (l) any judicial or governmental action affecting the Operating Partnership or any Notes
or consent or indulgence granted by the Operating Partnership by the Holders or by the Trustee; or
(m) the recovery of any

 

 

judgment against the Operating Partnership or any action to enforce the same or any other
circumstance which might constitute a legal or equitable discharge of a surety or guarantor. The
undersigned hereby waives diligence, presentment, demand of payment, filing of claims with a court
in the event of merger, sale, lease or conveyance of all or substantially all of its assets,
insolvency or bankruptcy of the Operating Partnership, any right to require a proceeding first
against the Operating Partnership, protest or notice with respect to such Notice or the
indebtedness evidenced thereby and all demands whatsoever, and covenants that this Parent Guarantee
will not be discharged except by complete performance of the obligations contained in such Notes
and in this Parent Guarantee.

     No reference herein to such Indenture and no provision of this Parent Guarantee or of such
Indenture shall alter or impair the guarantee of the undersigned, which is absolute and
unconditional, of the full and prompt payment of the principal of and premium, if any, and interest
on the Notes.

     THIS PARENT GUARANTEE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS
OF THE STATE OF NEW YORK.

     This Parent Guarantee shall not be valid or obligatory for any purpose until the certificate
of authentication on the Notes shall have been executed by the Trustee under the Indenture referred
to above by the manual signature of one of its authorized officers. The validity and enforceability
of this Parent Guarantee shall not be affected by the fact that it is not affixed to any particular
Notes.

     An Event of Default under the Indenture or the Notes shall constitute an event of default
under this Parent Guarantee, and shall entitle the Holders of Notes to accelerate the obligations
of the undersigned hereunder in the same manner and to the same extent as the obligations of the
Operating Partnership.

     Notwithstanding any other provision of this Parent Guarantee to the contrary, the undersigned
hereby waives any claims or other rights which it may now have or hereafter acquire against any
other Guarantor or the Operating Partnership that arise from the existence or performance of its
obligations under this Parent Guarantee (all such claims and rights are referred to as “Guarantor’s
Conditional Rights”), including, without limitation, any right of subrogation, reimbursement,
exoneration, contribution, or indemnification, any right to participate in any claim or remedy
against any Guarantor or the Operating Partnership, whether or not such claim, remedy or right
arises in equity or under contract, statute or common law, by any payment made hereunder or
otherwise, including without limitation, the right to take or receive from any Guarantor or the
Operating Partnership, directly or indirectly, in cash or other property or by setoff or in any
other manner, payment or security on account of such claim or other rights. The undersigned hereby
agrees not to exercise any rights which may be acquired by way of contribution under this Parent
Guarantee or any other agreement, by any payment made hereunder or otherwise, including, without
limitation, the right to take or receive from any other guarantor, directly or indirectly, in cash
or other property or by setoff or in any other manner, payment or security on account of such
contribution rights. If, notwithstanding the foregoing provisions, any amount shall be paid to the
undersigned on account of the Guarantor’s Conditional Rights and either (i) such amount is paid to
such undersigned party at any time when the indebtedness shall not have been paid or performed in
full, or (ii) regardless of when such

 

 

amount is paid to such undersigned party, any payment made by any Guarantor or the Operating
Partnership to a Holder that is at any time determined to be a Preferential Payment (as defined
below), then such amount paid to the undersigned shall be held in trust for the benefit of such
Holder and shall forthwith be paid such Holder to be credited and applied upon the indebtedness,
whether matured or unmatured. Any such payment is herein referred to as a “Preferential Payment” to
the extent any Guarantor or the Operating Partnership makes any payment to Holder in connection
with the Note, and any or all of such payment is subsequently invalidated, declared to be
fraudulent or preferential, set aside or required to be repaid or paid over to a trustee, receiver
or any other entity, whether under any bankruptcy act or otherwise.

     To the extent that any of the provisions of the immediately preceding paragraph shall not be
enforceable, the undersigned agrees that until such time as the indebtedness has been paid and
performed in full and the period of time has expired during which any payment made by the Operating
Partnership or the undersigned to a Holder may be determined to be a Preferential Payment,
Guarantor’s Conditional Rights to the extent not validly waived shall be subordinate to Holders’
right to full payment and performance of the indebtedness and the undersigned shall not enforce any
of Guarantor’s Conditional Rights until such time as the indebtedness has been paid and performed
in full and the period of time has expired during which any payment made by any Guarantor, the
Operating Partnership or the undersigned to Holders may be determined to be a Preferential Payment.

     The obligations of the undersigned to the Holders of the Notes and to the Trustee pursuant to
this Parent Guarantee and the Indenture are expressly set forth in Article 14 of the Indenture and
reference is hereby made to the Indenture for the precise terms of this Parent Guarantee and all of
the other provisions of the Indenture to which this Parent Guarantee relates.

     Capitalized terms used in this Parent Guarantee which are not defined herein shall have the
meanings assigned to them in the Indenture.

[Intentionally Left Blank]

 

 

     IN WITNESS WHEREOF, the undersigned has caused this Parent Guarantee to be duly executed.

Dated:

	 	 	 	 	 
	 	 	AMB PROPERTY CORPORATION
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Name: Michael A. Coke
	 

	 	 	 	Title: Executive Vice President and
          
Chief Financial Officer

 

 

FORM OF ASSIGNMENT

     FOR VALUE RECEIVED, the undersigned registered Holder hereby sell(s), assign(s) and
transfer(s) the Notes all as set forth below:

	 
	SOCIAL SECURITY /

	OTHER IDENTIFYING

	NUMBER OF ASSIGNEE:

	 

	NAME / ADDRESS OF

	ASSIGNEE:

	 

	ATTORNEY-IN-FACT OF

ASSIGNOR:

	 

	DATE:

     Please note that the signature to this assignment must correspond with the name as it appears
upon the face of the within Note in every particular, without alteration or enlargement or any
change whatever.

 

 

ABBREVIATIONS

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

regulations:

	 	 	 
	TEN COM:

	 	Tenants in common
	 
	 	 
	 

	 	______Custodian______Under Uniform Gifts to Minors Act ______
	UNIF GIFT MIN ACT:

	 	(State)
	 
	 	 
	TEN ENT:

	 	Tenants by the entireties
	 
	 	 
	JT TEN:

	 	Joint tenants with right of survivorship, not as tenants in common

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

 

 

Schedule A

Schedule of Exchanges of Interests in the Global Note

The following exchanges of a part of this Global Note for an interest in another Global Note
or for a Definitive Note, or exchanges of a part of another Global Note or Definitive Note for an
interest in this Global Note, have been made:

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Principal Amount of	 	 
	 	 	 	 	 	 	this Global Note	 	 
	 	 	Amount of Decrease in	Amount of Increase in	Following such	 	Signature of
	 	 	Principal Amount of	 	Principal Amount of	 	Decrease	 	Authorized Officer of
	Date of Exchange	 	this Global Note	 	this Global Note	 	(or Increase)	 	Trustee or Custodian

 

 

EXHIBIT B

[FORM OF SUBSIDIARY GUARANTEE]

     FOR VALUE RECEIVED, the undersigned hereby jointly and severally with the Parent Guarantor
pursuant to the Parent Guarantee and any other Subsidiary Guarantors under their respective
Subsidiary Guarantees, unconditionally guarantees to the Holder of the accompanying 5.094% Notes
Due 2015 (the “Notes”), issued by AMB Property, L.P. (the “Operating Partnership”) under an
Indenture dated as of June 30, 1998, by and among the Operating Partnership, the Parent Guarantor
and the Predecessor Trustee, as supplemented by that certain First Supplemental Indenture dated as
of June 30, 1998, by and among the Operating Partnership, the Parent Guarantor and the Predecessor
Trustee, that Second Supplemental Indenture dated as of June 30, 1998, by and among the Operating
Partnership, the Parent Guarantor and the Predecessor Trustee, that certain Third Supplemental
Indenture dated as of June 30, 1998, by and among the Operating Partnership, the Parent Guarantor
and the Predecessor Trustee, that certain Fourth Supplemental Indenture dated as of August 15,
2000, by and among the Operating Partnership, the Parent Guarantor and the Predecessor Trustee, and
that certain Fifth Supplemental Indenture dated as of May 7, 2002, by and among the Operating
Partnership, the Parent Guarantor and the Trustee (as so supplemented, and as supplemented by the
Sixth Supplemental Indenture, together, the “Indenture”), (a) the full and prompt payment of the
principal of and premium, if any, on such Notes when and as the same shall become due and payable,
whether at the Stated Maturity Date (as defined in the Notes), by acceleration, by redemption,
repurchase or otherwise, and (b) the full and prompt payment of the interest on such Notes when and
as the same shall become due and payable, according to the terms of such Notes and of the
Indenture. In case of the failure of the Operating Partnership punctually to pay any such
principal, premium or interest, the undersigned hereby agrees to cause any such payment to be made
punctually when and as the same shall become due and payable, whether at the Stated Maturity Date,
upon acceleration, by redemption or repayment or otherwise, and as if such payment were made by the
Operating Partnership. The undersigned hereby agrees, jointly and severally with the Parent
Guarantor pursuant to the Parent Guarantee and any other Subsidiary Guarantors under their
respective Subsidiary Guarantees, that its obligations hereunder shall be as principal and not
merely as surety, and shall be absolute and unconditional, and shall not be affected, modified or
impaired by the following: (a) the failure to give notice to the Guarantors of the occurrence of
an Event of Default under the Indenture; (b) the waiver, surrender, compromise, settlement, release
or termination of the payment, performance or observance by the Operating Partnership or the
Guarantors of any or all of the obligations, covenants or agreements of any of them contained in
the Indenture or any Notes; (c) the acceleration, extension or any other changes in the time for
payment of any principal of or interest or any premium on any Notes or for any other payment under
the Indenture or of the time for performance of any other obligations, covenants or agreements
under or arising out of the Indenture or any Notes; (d) the modification or amendment (whether
material or otherwise) of any obligation, covenant or agreement set forth in the Indenture or any
Notes; (e) the taking or the omission of any of the actions referred to in the Indenture and in any
of the actions under any Notes; (f) any failure, omission, delay or lack on the part of the Trustee
to enforce, assert or exercise any right, power or remedy conferred on the Trustee in the
Indenture, or any other action or acts on the part of the Trustee or any of the Holders from time
to time of any Notes; (g) the voluntary or involuntary liquidation, dissolution, sale or other
disposition of all or substantially all the assets, marshaling of assets and liabilities,
receivership, insolvency, bankruptcy, assignment for the benefit of creditors, reorganization,

 

 

arrangement, composition with creditors or readjustment of, or other similar proceedings
affecting the Guarantors or the Operating Partnership or any of the assets of any of them, or any
allegation or contest of the validity of this Subsidiary Guarantee in any such proceeding; (h) to
the extent permitted by law, the release or discharge by operation of law of the Guarantors from
the performance or observance of any obligation, covenant or agreement contained in the Indenture;
(i) to the extent permitted by law, the release or discharge by operation of law of the Operating
Partnership from the performance or observance of any obligation, covenant or agreement contained
in the Indenture; (j) the default or failure of the Operating Partnership Trustee fully to perform
any of its obligations set forth in the Indenture or any Notes; (k) the invalidity, irregularity or
unenforceability of the Indenture or any Notes or any part of any thereof; (l) any judicial or
governmental action affecting the Operating Partnership or any Notes or consent or indulgence
granted to the Operating Partnership by the Holders or by the Trustee; or (m) the recovery of any
judgment against the Operating Partnership or any action to enforce the same or any other
circumstance which might constitute a legal or equitable discharge of a surety or guarantor. The
undersigned hereby waives diligence, presentment, demand of payment, filing of claims with a court
in the event of merger, sale, lease or conveyance of all or substantially all of its assets,
insolvency or bankruptcy of any Guarantor or the Operating Partnership, any right to require a
proceeding first against any other Guarantor or the Operating Partnership, protest or notice with
respect to such Notes or the indebtedness evidenced thereby and all demands whatsoever, and
covenants that this Subsidiary Guarantee will not be discharged except by complete performance of
the obligations contained in such Notes and in this Subsidiary Guarantee.

     No reference herein to such Indenture and no provision of this Subsidiary Guarantee or of such
Indenture shall alter or impair the guarantee of the undersigned, which is absolute and
unconditional, of the full and prompt payment of the principal of and premium, if any, and interest
on the Notes.

     THIS SUBSIDIARY GUARANTEE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL
LAWS OF THE STATE OF NEW YORK.

     The validity and enforceability of this Subsidiary Guarantee shall not be affected by the fact
that it is not affixed to any particular Note.

     An Event of Default under the Indenture or any Notes shall constitute an event of default
under this Subsidiary Guarantee, and shall entitle the Holder of any Notes to accelerate the
obligations of the undersigned hereunder in the same manner and to the same extent as the
obligations of the Operating Partnership.

     Notwithstanding any other provision of this Subsidiary Guarantee to the contrary, the
undersigned hereby waives any claims or other rights which it may now have or hereafter acquire
against any Guarantor or the Operating Partnership that arise from the existence or performance of
its obligations under this Subsidiary Guarantee (all such claims and rights are referred to as
“Guarantor’s Conditional Rights”), including, without limitation, any right of subrogation,
reimbursement, exoneration, contribution, or indemnification, any right to participate in any claim
or remedy against any Guarantor or the Operating Partnership, whether or not such claim, remedy or
right arises in equity or under contract, statute or common law, by any payment made hereunder or
otherwise, including without limitation, the right to take or receive from any

 

 

Guarantor or the Operating Partnership, directly or indirectly, in cash or other property or
by setoff or in any other manner, payment or security on account of such claim or other rights.
The undersigned hereby agrees not to exercise any rights which may be acquired by way of
contribution under this Subsidiary Guarantee or any other agreement, by any payment made hereunder
or otherwise, including, without limitation, the right to take or receive from any other guarantor,
directly or indirectly, in cash or other property or by setoff or in any other manner, payment or
security on account of such contribution rights. If, notwithstanding the foregoing provisions, any
amount shall be paid to the undersigned party on account of any such Guarantor’s Conditional Rights
and either (i) such amount is paid to such undersigned party at any time when the indebtedness
shall not have been paid or performed in full, or (ii) regardless of when such amount is paid to
the undersigned, any payment made by any Guarantor or the Operating Partnership to a Holder that is
at any time determined to be a Preferential Payment (as defined below), then such amount paid to
the undersigned shall be held in trust for the benefit of the Holders and shall forthwith be paid
such Holder to be credited and applied upon the indebtedness, whether matured or unmatured. Any
such payment is herein referred to as a “Preferential Payment” to the extent any Guarantor or the
Operating Partnership makes any payment to Holder in connection with the Notes, and any or all of
such payment is subsequently invalidated, declared to be fraudulent or preferential, set aside or
required to be repaid or paid over to a trustee, receiver or any other entity, whether under any
bankruptcy act or otherwise.

     To the extent that any of the provisions of the immediately preceding paragraph shall not be
enforceable, the undersigned agrees that until such time as the indebtedness has been paid and
performed in full and the period of time has expired during which any payment made by any Guarantor
or the Operating Partnership or the undersigned to a Holder may be determined to be a Preferential
Payment, Guarantor’s Conditional Rights to the extent not validly waived shall be subordinate to
Holders’ right to full payment and performance of the indebtedness and the undersigned shall not
enforce any of its respective portion of the Guarantors’ Conditional Rights until such time as the
indebtedness has been paid and performed in full and the period of time has expired during which
any payment made by any Guarantor or the Operating Partnership or the undersigned to Holders may be
determined to be a Preferential Payment.

     The undersigned’s liability (the “Base Guaranty Liability”) shall be that amount from time to
time equal to the aggregate liability of the undersigned hereunder, but shall be limited to the
lesser of (A) the aggregate amount of the obligation as stated in the second sentence of Section
1401 of the Indenture, and (B) the amount, if any, which would not have (i) rendered the
undersigned “insolvent” (as such term is defined in Section 101(29) of the Federal Bankruptcy Code
and in Section 271 of the Debtor and Creditor Law of the State of New York, as each is in effect at
the date of the Indenture) or (ii) left the undersigned with unreasonably small capital at the time
this Subsidiary Guarantee was entered into, after giving effect to the incurrence of existing Debt
(as defined in the Indenture) immediately prior to such time, provided that, it shall be a
presumption in any lawsuit or other proceeding in which the undersigned is a party that the amount
guaranteed is the amount set forth in (A) above unless a creditor, or representative of creditors
of the undersigned or a trustee in bankruptcy of the undersigned, as debtor in possession,
otherwise proves in such a lawsuit that the aggregate liability of the undersigned is limited to
the amount set forth in (B). In making any determination as to the solvency or sufficiency of
capital of the undersigned in accordance with the previous sentence, the right of the undersigned
to contribution from the other Guarantors, to subrogation and any other rights the undersigned may
have, contractual or otherwise, shall be taken into account.

 

 

     The obligations of the undersigned to the Holder of any Notes and to the Trustee pursuant to
this Subsidiary Guarantee and the Indenture are expressly set forth in Article 14 of the Indenture
and reference is hereby made to the Indenture for the precise terms of the Subsidiary Guarantee and
all of the other provisions of the Indenture to which this Subsidiary Guarantee relates.

     Capitalized terms in this Subsidiary Guarantee which are not defined herein shall have the
meanings assigned to them in the Indenture.

     IN WITNESS WHEREOF, the undersigned has caused this Subsidiary Guarantee to be duly executed.

Dated: .                                        

	 	 	 	 	 
	 	 	[NAME OF SUBSIDIARY]
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 

 

 

EXHIBIT C

[CERTIFICATE OF EXCHANGE]

AMB Property, L.P.

     c/o AMB Property Corporation

Pier One, Bay One

San Francisco, CA 94111

U.S. Bank National Association

Corporate Trust Services

633 West Fifth Street, 24th Floor

Los Angeles, CA 90071

	 	 	 	 	 	 	 
	 	 	Re:	 	AMP Property, L.P. —
	 

	 	 	 	 	 	5.094% Notes Due 2015 (CUSIP No. 00163M AF 1) (the “Notes”)

     REFERENCE IS HEREBY MADE to the Indenture dated as of June 30, 1998, by and among the AMB
Property, L.P., a Delaware limited partnership, AMB Property Corporation, a Maryland corporation
(the “Guarantor”), and State Street Bank and Trust Company of California, N.A., a national banking
association organized and existing under the laws of the United States of America (the “Predecessor
Trustee”), as trustee thereunder, as supplemented by the First Supplemental Indenture dated as of
June 30, 1998, by and among the Operating Partnership, the Guarantor and the Predecessor Trustee,
the Second Supplemental Indenture dated as of June 30, 1998, by and among the Operating
Partnership, the Guarantor and the Predecessor Trustee, the Third Supplemental Indenture dated as
of June 30, 1998, by and among the Operating Partnership, the Guarantor and the Predecessor
Trustee, the Fourth Supplemental Indenture dated as of August 15, 2000, by and among the Operating
Partnership, the Guarantor and the Predecessor Trustee, the Fifth Supplemental Indenture dated as
of May 7, 2002, by and among the Operating Partnership, the Guarantor and the Predecessor Trustee,
and the Sixth Supplemental Indenture dated as of July 11, 2005, by and among the Operating
Partnership, the Guarantor and U.S. Bank National Association, a national banking association
organized and existing under the laws of the United States of America, as successor-in-interest to
the Predecessor Trustee, as trustee thereunder (as so supplemented, together, the “Indenture”).
Unless the context otherwise requires, all capitalized terms used but not defined herein shall have
the meanings given to them in the Indenture.

     [                                        ] (the “Owner”) owns and proposes to exchange the Notes or interest in such
Notes specified herein, in the principal amount of $ [                                        ] in such Notes or interests
(the “Exchange”). In connection with the Exchange, the Owner hereby certifies that:

[CHECK ALL THAT APPLY]

     (1) Exchange of Restricted Definitive Notes or Beneficial Interests in a Restricted Global
Note for Unrestricted Definitive Notes or Beneficial Interests in an Unrestricted Global Note.

 

 

     (a) o Check if Exchange is from beneficial interest in a Restricted
Global Note to beneficial interest in an Unrestricted Global Note. In connection
with the Exchange of the Owner’s beneficial interest in a Restricted Global Note
for a beneficial interest in an Unrestricted Global Note in an equal principal
amount, the Owner hereby certifies (i) the beneficial interest is being acquired
for the Owner’s own account without transfer, (ii) such Exchange has been effected
in compliance with the transfer restrictions applicable to the Global Notes and
pursuant to and in accordance with the Securities Act of 1933, as amended (the
“Securities Act”), (iii) the restrictions on transfer contained in the Indenture
and the Private Placement Legend are not required in order to maintain compliance
with the Securities Act and (iv) the beneficial interest in an Unrestricted Global
Note is being acquired in compliance with any applicable blue sky securities laws
of any state of the United States.

     (b) o Check if Exchange is from beneficial interest in a Restricted
Global Note to Unrestricted Definitive Note. In connection with the Exchange of
the Owner’s beneficial interest in a Restricted Global Note for an Unrestricted
Definitive Note, the Owner hereby certifies (i) the Definitive Note is being
acquired for the Owner’s own account without transfer, (ii) such Exchange has been
effected in compliance with the transfer restrictions applicable to the Restricted
Global Notes and pursuant to and in accordance with the Securities Act, (iii) the
restrictions on transfer contained in the Indenture and the Private Placement
Legend are not required in order to maintain compliance with the Securities Act and
(iv) the Definitive Note is being acquired in compliance with any applicable blue
sky securities laws of any state of the United States.

     (c) o Check if Exchange is from Restricted Definitive Note to beneficial
interest in an Unrestricted Global Note. In connection with the Owner’s Exchange
of a Restricted Definitive Note for a beneficial interest in an Unrestricted Global
Note, the Owner hereby certifies (i) the beneficial interest is being acquired for
the Owner’s own account without transfer, (ii) such Exchange has been effected in
compliance with the transfer restrictions applicable to Restricted Definitive Notes
and pursuant to and in accordance with the Securities Act, (iii) the restrictions
on transfer contained in the Indenture and the Private Placement Legend are not
required in order to maintain compliance with the Securities Act and (iv) the
beneficial interest is being acquired in compliance with any applicable blue sky
securities laws of any state of the United States.

     (d) o Check if Exchange is from Restricted Definitive Note to
Unrestricted Definitive Note. In connection with the Owner’s Exchange of a
Restricted Definitive Note for an Unrestricted Definitive Note, the Owner hereby
certifies (i) the Unrestricted Definitive Note is being acquired for the Owner’s
own account without transfer, (ii) such Exchange has been effected in compliance
with the transfer restrictions applicable to Restricted Definitive Notes and
pursuant to and in accordance with the Securities Act, (iii) the restrictions on
transfer contained in the Indenture and the Private Placement Legend are not
required in order to maintain compliance with the Securities Act and (iv) the

 

 

Unrestricted Definitive Note is being acquired in compliance with any
applicable blue sky securities laws of any state of the United States.

          (2) Exchange of Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes
for Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes.

     (a) o Check if Exchange is from beneficial interest in a Restricted
Global Note to Restricted Definitive Note. In connection with the Exchange of the
Owner’s beneficial interest in a Restricted Global Note for a Restricted Definitive
Note with an equal principal amount, the Owner hereby certifies that the Restricted
Definitive Note is being acquired for the Owner’s own account without transfer.
Upon consummation of the proposed Exchange in accordance with the terms of the
Indenture, the Restricted Definitive Note issued will continue to be subject to the
restrictions on transfer enumerated in the Private Placement Legend printed on the
Restricted Definitive Note and in the Indenture and the Securities Act.

     (b) o Check if Exchange is from Restricted Definitive Note to beneficial
interest in a Restricted Global Note. In connection with the Exchange of the
Owner’s Restricted Definitive Note for a beneficial interest in the [CHECK ONE]
o Domestic Global Note or o Regulation S Global Note with an equal
principal amount, the Owner hereby certifies (i) the beneficial interest is being
acquired for the Owner’s own account without transfer and (ii) such Exchange has
been effected in compliance with the transfer restrictions applicable to the
Restricted Global Notes and pursuant to and in accordance with the Securities Act,
and in compliance with any applicable blue sky securities laws of any state of the
United States. Upon consummation of the proposed Exchange in accordance with the
terms of the Indenture, the beneficial interest issued will be subject to the
restrictions on transfer enumerated in the Private Placement Legend printed on the
relevant Restricted Global Note and in the Indenture and the Securities Act.

     This certificate and the statements contained herein are made for your benefit and the benefit
of the Operating Partnership.

[Insert Name of Owner]

	 	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	   Name:
	 

	 	 	 	   Title:

 

 

EXHIBIT D

[CERTIFICATE OF TRANSFER]

AMB Property, L.P.

     c/o AMB Property Corporation

Pier One, Bay One

San Francisco, CA 94111

U.S. Bank National Association

Corporate Trust Services

633 West Fifth Street, 24th Floor

Los Angeles, CA 90071

	 	 	 	 	 	 	 
	 	 	Re:	 	AMB Property, L.P. —
	 

	 	 	 	 	 	5.094% Notes Due 2015 (CUSIP No. 00163M AF 1) (the “Notes”)

     REFERENCE IS HEREBY MADE to the Indenture dated as of June 30, 1998, by and among the AMB
Property, L.P., a Delaware limited partnership, AMB Property Corporation, a Maryland corporation
(the “Guarantor”), and State Street Bank and Trust Company of California, N.A., a national banking
association organized and existing under the laws of the United States of America (the “Predecessor
Trustee”), as trustee thereunder, as supplemented by the First Supplemental Indenture dated as of
June 30, 1998, by and among the Operating Partnership, the Guarantor and the Predecessor Trustee,
the Second Supplemental Indenture dated as of June 30, 1998, by and among the Operating
Partnership, the Guarantor and the Predecessor Trustee, the Third Supplemental Indenture dated as
of June 30, 1998, by and among the Operating Partnership, the Guarantor and the Predecessor
Trustee, the Fourth Supplemental Indenture dated as of August 15, 2000, by and among the Operating
Partnership, the Guarantor and the Predecessor Trustee, the Fifth Supplemental Indenture dated as
of May 7, 2002, by and among the Operating Partnership, the Guarantor and the Predecessor Trustee,
and the Sixth Supplemental Indenture dated as of July 11, 2005, by and among the Operating
Partnership, the Guarantor and U.S. Bank National Association, a national banking association
organized and existing under the laws of the United States of America, as successor-in-interest to
the Predecessor Trustee, as trustee thereunder (as so supplemented, together, the “Indenture”).
Unless the context otherwise requires, all 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 Notes or interest in
such Notes specified in ADDENDUM D attached hereto, in the principal amount of $
[                                        ] in such Note[s] or interests (the “Transfer”), to [                                        ] (the
“Transferee”), as further specified in ADDENDUM D hereto. In connection with the Transfer,
the Transferor hereby certifies that:

[CHECK ALL THAT APPLY]

     (1) Check if Transferee will take delivery of a beneficial interest in the Domestic Global
Note or a Restricted Definitive Note pursuant to Rule 144A. The Transfer is being effected
pursuant to and in accordance with Rule 144A under the Securities Act of 1933, as

 

 

amended (the “Securities Act”), and, accordingly, the Transferor hereby further certifies that
the beneficial interest or Definitive Note is being transferred to a Person that the Transferor
reasonably believes is purchasing the beneficial 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 in a transaction meeting the requirements of Rule 144A, and such Transfer is in
compliance with any applicable blue sky securities laws of any state of the United States. 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
enumerated in the Private Placement Legend printed on the Domestic Global Note and/or the
Restricted Definitive Note and in the Indenture and the Securities Act.

          (2) o Check if Transferee will take delivery of a beneficial interest in the Regulation
S Global Note or a Restricted Definitive Note pursuant to Regulation S. The Transfer is being
effected pursuant to and in accordance with Rule 903 or Rule 904 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 (x) 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 Transferee was outside the United States or (y) 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 Rule 903(b) or Rule 904(b) 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
Securities Act and (iv) if the proposed transfer is being made prior to the expiration of the
Restricted Period, the transfer is not being made to a U.S. Person or for the account or benefit of
a U.S. Person . 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 enumerated in the Private Placement Legend printed on the Regulation S
Global Note and/or the Restricted Definitive Note and in the Indenture and the Securities Act.

          (3) Check and complete if Transferee will take delivery of a beneficial interest in the
Domestic Global Note or a Restricted Definitive Note pursuant to any provision of the Securities
Act other than Rule 144A or Regulation S. The Transfer is being effected in compliance with the
transfer restrictions applicable to beneficial interests in Restricted Global Notes and Restricted
Definitive Notes and pursuant to and in accordance with the Securities Act and any applicable blue
sky securities laws of any state of the United States, and accordingly the Transferor hereby
further certifies that (check one):

     (a) o such Transfer is being effected pursuant to and in accordance with
Rule 144 under the Notes Act;

OR

     (b) o such Transfer is being effected to the Operating Partnership or a
Subsidiary thereof;

 

 

OR

     (c) o such Transfer is being effected pursuant to an effective
registration statement under the Securities Act and in compliance with the
prospectus delivery requirements of the Securities Act;

OR

     (d) o such Transfer is being effected to an Institutional Accredited
Investor and pursuant to an exemption from the registration requirements of the
Securities Act other than Rule 144A, Rule 144, Rule 903 or Rule 904, and the
Transferor hereby further certifies that it has not engaged in any general
solicitation within the meaning of Regulation D under the Securities Act and the
Transfer complies with the transfer restrictions applicable to beneficial interests
in a Restricted Global Note or Restricted Definitive Notes and the requirements of
the exemption claimed, which certification is supported by (1) a certificate
executed by the Transferee in the form of EXHIBIT E attached to the
Indenture and (2) an Opinion of Counsel provided by the Transferor or the
Transferee (a copy of which the Transferor has attached to this certification), to
the effect that such Transfer is in 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 be subject
to the restrictions on transfer enumerated in the Private Placement Legend printed
on the Domestic Global Note and/or the Restricted Definitive Notes and in the
Indenture and the Securities Act.

          (4) Check if Transferee will take delivery of a beneficial interest in an Unrestricted Global
Note or of an Unrestricted Definitive Note.

     (a) 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 blue sky securities laws of any state of the United States and (ii) the
restrictions on transfer contained in the Indenture and the Private Placement
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 no longer be
subject to the restrictions on transfer enumerated in the Private Placement Legend
printed on the Restricted Global Notes, on Restricted Definitive Notes and in the
Indenture.

     (b) o Check if Transfer is Pursuant to Regulation S. (i) The Transfer
is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the
Securities Act 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
Private Placement 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 no longer be subject to the
restrictions on transfer enumerated in the Private Placement Legend printed on the
Restricted Global Notes, on Restricted Definitive Notes and in the Indenture.

     (c) 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, Rule 903 or
Rule 904 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
Private Placement 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 Private Placement
Legend printed on the Restricted Global Notes or Restricted Definitive Notes and in
the Indenture.

     This certificate and the statements contained herein are made for your benefit and the benefit
of the Operating Partnership.

	 	 	 	 	 
	 

	 	 	 	[Insert Name of Transferor]
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	   Name:
	 

	 	 	 	   Title:
	 

	 	Dated:	 	 

 

 

ADDENDUM D

	 	(1)	 	The Transferor owns and proposes to transfer the following:

[CHECK ONE]

	 	(a)	 	o     a beneficial interest in the:

	 	(i)	 	o     Domestic Global Note (CUSIP ___), or
	 
	 	(ii)	 	o     Regulation S Global Note (CUSIP ___), or

	 	(b)	 	o     Restricted Definitive Note.

	 	(2)	 	After the Transfer the Transferee will hold:

[CHECK ONE]

	 	(a)	 	o     beneficial interest in the:

	 	(i)	 	o     Domestic Global Note (CUSIP ___), or
	 
	 	(ii)	 	o     Regulation S Global Note (CUSIP ___), or
	 
	 	(iii)	 	o    Unrestricted Global Note (CUSIP ___), or

	 	(b)	 	o
    a Restricted Definitive Note, or
	 
	 	(c)	 	o     an Unrestricted Definitive Note,

     in accordance with the terms of the Indenture.

 

 

EXHIBIT E

[INSTITUTIONAL ACCREDITED INVESTOR CERTIFICATE]

AMB Property, L.P.

     c/o AMB Property Corporation

Pier One, Bay One

San Francisco, CA 94111

U.S. Bank National Association

Corporate Trust Services

633 West Fifth Street, 24th Floor

Los Angeles, CA 90071

	 	 	 	 	 	 	 	 	 
	 	 	Re:	 	AMB Property, L.P. —
	 

	 	 	 	 	 	5.094% Notes Due 2015 (CUSIP No. 00163M AF 1) (the “Notes”)	 	 

     REFERENCE IS HEREBY MADE to the Indenture dated as of June 30, 1998, by and among the AMB
Property, L.P., a Delaware limited partnership, AMB Property Corporation, a Maryland corporation
(the “Guarantor”), and State Street Bank and Trust Company of California, N.A., a national banking
association organized and existing under the laws of the United States of America (the “Predecessor
Trustee”), as trustee thereunder, as supplemented by the First Supplemental Indenture dated as of
June 30, 1998, by and among the Operating Partnership, the Guarantor and the Predecessor Trustee,
the Second Supplemental Indenture dated as of June 30, 1998, by and among the Operating
Partnership, the Guarantor and the Predecessor Trustee, the Third Supplemental Indenture dated as
of June 30, 1998, by and among the Operating Partnership, the Guarantor and the Predecessor
Trustee, the Fourth Supplemental Indenture dated as of August 15, 2000, by and among the Operating
Partnership, the Guarantor and the Predecessor Trustee, the Fifth Supplemental Indenture dated as
of May 7, 2002, by and among the Operating Partnership, the Guarantor and the Predecessor Trustee,
and the Sixth Supplemental Indenture dated as of July 11, 2005, by and among the Operating
Partnership, the Guarantor and U.S. Bank National Association, a national banking association
organized and existing under the laws of the United States of America, as successor-in-interest to
the Predecessor Trustee, as trustee thereunder (as so supplemented, together, the “Indenture”).
Unless the context otherwise requires, all capitalized terms used but not defined herein shall have
the meanings given to them in the Indenture.

     In connection with our proposed purchase of $[                                        ] aggregate principal amount of:

	 	(1)	 	o   beneficial interest in a Global Note, or
	 
	 	(2)	 	o   Definitive Note,

we confirm that:

 

 

     (a) We understand that any subsequent transfer of the Notes or any interest
therein is subject to certain restrictions and conditions set forth in the
Indenture and the undersigned agrees to be bound by, and not to resell, pledge or
otherwise transfer the Notes or any interest therein except in compliance with,
such restrictions and conditions and the Securities Act of 1933, as amended (the
“Securities Act”).

     (b) We understand that the offer and sale of the Notes have not been
registered under the Securities Act, and that the Notes and any interest therein
may not be offered or sold except as permitted in the following sentence. We
agree, on our own behalf and on behalf of any accounts for which we are acting as
hereinafter stated, that if we should sell the Notes or any interest therein, we
will do so only (a) to the Operating Partnership or any Subsidiary thereof, (b) in
accordance with Rule 144A under the Securities Act to a “qualified institutional
buyer” (as defined therein), (c) to an institutional “accredited investor” (as
defined below) that, prior to such transfer, furnishes (or has furnished on its
behalf by a U.S. broker-dealer) to you and to the Operating Partnership a signed
letter substantially in the form of this letter and an Opinion of Counsel in form
reasonably acceptable to the Operating Partnership to the effect that such transfer
is in compliance with the Securities Act, (d) outside the United States in
accordance with Rule 904 of Regulation S under the Securities Act, (e) pursuant to
the provisions of Rule 144(k) under the Securities Act or (f) pursuant to an
effective registration statement under the Securities Act, and we further agree to
provide to any Person purchasing the Definitive Note or beneficial interest in a
Global Note from us in a transaction meeting the requirements of clauses (a)
through (f) of this paragraph a notice advising such purchaser that resales thereof
are restricted as stated herein.

     (c) We understand that, on any proposed resale of the Notes or beneficial
interest therein, we will be required to furnish to you and the Operating
Partnership such certifications, legal opinions and other information as you and
the Operating Partnership may reasonably require to confirm that the proposed sale
complies with the foregoing restrictions. We further understand that the Notes
purchased by us will bear a legend to the foregoing effect.

     (d) We are an institutional “accredited investor” (as defined in Rule
501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act) and have such
knowledge and experience in financial and business matters as to be capable of
evaluating the merits and risks of our investment in the Notes, and we and any
accounts for which we are acting are each able to bear the economic risk of our or
its investment.

     (e) We are acquiring the Notes or beneficial interest therein purchased by us
for our own account or for one or more accounts (each of which is an institutional
“accredited investor”) as to each of which we exercise sole investment discretion.

 

 

     You and the Operating Partnership are entitled to rely upon this letter and are irrevocably
authorized to produce this letter or a copy hereof to any interested party in any administrative or
legal proceedings or official inquiry with respect to the matters covered hereby. This certificate
and the statements contained herein are made for your benefit and the benefit of the Operating
Partnership.

	 	 	 	 	 
	 

	 	 	 	[Insert Name of Transferor]
	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	   Name:
	 

	 	 	 	   Title:
	 
	 

	 	Dated:

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