Document:

EX-10.2

EXHIBIT
10.2

INDEMNITY AGREEMENT

     THIS INDEMNITY AGREEMENT (this “Agreement”) is made as of                     , 2008, by and
between Centerplate, Inc., a Delaware corporation (the “Company”), and                     
(“Indemnitee”).

RECITALS

     WHEREAS, highly competent persons have become more reluctant to serve publicly-held
corporations as directors or in other capacities unless they are provided with adequate protection
through insurance or adequate indemnification against inordinate risks of claims and actions
against them arising out of their service to and activities on behalf of the corporation.

     WHEREAS, the Board of Directors of the Company (the “Board”) has determined that, in order to
attract and retain qualified individuals, the Company will attempt to maintain on an ongoing basis,
at its sole expense, liability insurance to protect persons serving the Company and its
subsidiaries from certain liabilities. Although the furnishing of such insurance has been a
customary and widespread practice among U.S.-based corporations and other business enterprises, the
Company believes that, given current market conditions and trends, such insurance may be available
to it in the future only at higher premiums and with more exclusions. At the same time, directors,
officers and other persons in service to corporations or business enterprises are being
increasingly subjected to expensive and time-consuming litigation relating to, among other things,
matters that traditionally would have been brought only against the Company or business enterprise
itself. The Restated Certificate of Incorporation (the “Charter”) and Amended and Restated Bylaws
(the “Bylaws”) of the Company require indemnification of the officers and directors of the Company.
Indemnitee may also be entitled to indemnification pursuant to applicable provisions of the
Delaware General Corporation Law (“DGCL”). The Bylaws and the DGCL expressly provide that the
indemnification provisions set forth therein are not exclusive, and thereby contemplate that
contracts may be entered into between the Company and members of the board of directors, officers
and other persons in order to protect such persons against claims and expenses arising from their
services on behalf of the Company.

     WHEREAS, the uncertainties relating to such insurance and to indemnification have increased
the difficulty of attracting and retaining such persons.

     WHEREAS, the Board has determined that the increased difficulty in attracting and retaining
such persons is detrimental to the best interests of the Company’s stockholders and that the
Company should act to assure such persons that there will be increased certainty of such protection
in the future.

     WHEREAS, it is reasonable, prudent and necessary for the Company contractually to obligate
itself to indemnify, hold harmless, exonerate and to advance

 

 

expenses on behalf of, such persons to the fullest extent permitted by applicable law so that
they will serve or continue to serve the Company free from undue concern that they will not be so
protected against liabilities.

     WHEREAS, this Agreement is a supplement to and in furtherance of the Charter and Bylaws of the
Company and any resolutions adopted pursuant thereto, and shall not be deemed a substitute
therefor, nor to diminish or abrogate any rights of Indemnitee thereunder.

     WHEREAS, Indemnitee does not regard the protection available under the Charter, Bylaws and
liability insurance as adequate in the present circumstances, and may not be willing to serve as an
officer or director without adequate protection, and the Company desires Indemnitee to serve in
such capacity.

     NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the
Company and Indemnitee do hereby covenant and agree as follows:

TERMS AND CONDITIONS

1. SERVICES TO THE COMPANY. Indemnitee will agree to serve or to continue to serve as an officer
or director of the Company for so long as Indemnitee is duly elected or appointed or until
Indemnitee tenders his resignation. Nothing contained in this Agreement shall be construed as
giving Indemnitee any right to be retained in the employ of the Company or any of its subsidiaries
or affiliated entities.

2. DEFINITIONS. As used in this Agreement:

     (a) References to “agent” shall mean any individual who is or was a director, officer, or
employee of the Company or a Subsidiary of the Company or other individual authorized by the
Company to act for the Company, to include such individual serving in such capacity as a director,
officer, employee, fiduciary or other official of another corporation, partnership, limited
liability company, joint venture, trust or other Enterprise at the request of, for the convenience
of, or to represent the interests of the Company or a Subsidiary of the Company.

     (b) The terms “Beneficial Owner” and “Beneficial Ownership” shall have the meanings set forth
in Rule 13d-3 promulgated under the Exchange Act (as defined below) as in effect on the date
hereof.

     (c) A “Change in Control” shall be deemed to occur upon the earliest to occur after the date
of this Agreement of any of the following events:

     (i) Acquisition of Stock by Third Party. Any Person (as defined below) is or becomes
the Beneficial Owner, directly or indirectly, of securities of the Company representing
fifteen percent (15%) or more of the combined voting power of the Company’s then
outstanding securities entitled to vote generally in

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the election of directors, unless (1) the change in the relative Beneficial Ownership
of the Company’s securities by any Person results solely from a reduction in the aggregate
number of outstanding shares of securities entitled to vote generally in the election of
directors, or (2) such acquisition was approved in advance by the Continuing Directors (as
defined below) and such acquisition would not constitute a Change in Control under part
(iii) of this definition;

     (ii) Change in Board of Directors. Individuals who, as of the date hereof, constitute
the Board, and any new director whose election by the Board or nomination for election by
the Company’s stockholders was approved by a vote of at least two thirds of the directors
then still in office who were directors on the date hereof or whose nomination for election
was previously so approved (collectively, the “Continuing Directors”), cease for any reason
to constitute at least a majority of the members of the Board;

     (iii) Corporate Transactions. The effective date of a reorganization, merger or
consolidation of the Company (a “Business Combination”), in each case, unless, immediately
following such Business Combination: (1) all or substantially all of the Persons who were
the Beneficial Owners of securities entitled to vote generally in the election of directors
immediately prior to such Business Combination beneficially own, directly or indirectly,
more than 51% of the combined voting power of the then outstanding securities of the
Company entitled to vote generally in the election of directors resulting from such
Business Combination (including, without limitation, a corporation which as a result of
such transaction owns the Company or all or substantially all of the Company’s assets
either directly or through one or more Subsidiaries) in substantially the same proportions
as their ownership, immediately prior to such Business Combination, of the securities
entitled to vote generally in the election of directors; (2) no Person (excluding any
corporation resulting from such Business Combination) is the Beneficial Owner, directly or
indirectly, of 15% or more of the combined voting power of the then outstanding securities
entitled to vote generally in the election of directors of such corporation except to the
extent that such ownership existed prior to such Business Combination; and (3) at least a
majority of the Board of Directors of the corporation resulting from such Business
Combination were Continuing Directors at the time of the execution of the initial
agreement, or of the action of the Board of Directors, providing for such Business
Combination;

     (iv) Liquidation. The approval by the stockholders of the Company of a complete
liquidation of the Company or an agreement or series of agreements for the sale or
disposition by the Company of all or substantially all of the Company’s assets (or, if such
approval is not required, the decision by the Board to proceed with such a liquidation,
sale, or disposition in one transaction or a series of related transactions); or

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     (v) Other Events. There occurs any other event of a nature that would be required to
be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or a response to
any similar item on any similar schedule or form) promulgated under the Exchange Act,
whether or not the Company is then subject to such reporting requirement.

     (d) “Corporate Status” describes the status of an individual who is or was a director,
officer, trustee, general partner, managing member, fiduciary, employee or agent of the Company or
of any other Enterprise that such individual is or was serving at the request of the Company.

     (e) “Delaware Court” shall mean the Court of Chancery of the State of Delaware.

     (f) “Disinterested Director” shall mean a director of the Company who is not and was not a
party to the Proceeding in respect of which indemnification is sought by Indemnitee.

     (g) “Enterprise” shall mean the Company and any other corporation, constituent corporation
(including any constituent of a constituent) absorbed in a consolidation or merger to which the
Company (or any of its wholly owned subsidiaries) is a party, limited liability company,
partnership, joint venture, trust, employee benefit plan or other enterprise of which Indemnitee is
or was serving at the request of the Company as a director, officer, trustee, general partner,
managing member, fiduciary, employee or agent.

     (h) “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended.

     (i) “Expenses” shall include all direct and indirect costs, fees and expenses of any type or
nature whatsoever, including, without limitation, all attorneys’ fees and costs, retainers, court
costs, transcript costs, fees of experts, witness fees, travel expenses, fees of private
investigators and professional advisors, duplicating costs, printing and binding costs, telephone
charges, postage, delivery service fees, fax transmission charges, secretarial services and all
other disbursements, obligations or expenses in connection with prosecuting, defending, preparing
to prosecute or defend, investigating, being or preparing to be a witness in, settlement or appeal
of, or otherwise participating in, a Proceeding, including, without limitation, reasonable
compensation for time spent by the Indemnitee for which he or she is not otherwise compensated by
the Company or any third party. Expenses also shall include Expenses incurred in connection with
any appeal resulting from any Proceeding, including without limitation the principal, premium,
security for, and other costs relating to any cost bond, supersedeas bond, or other appeal bond or
its equivalent. Expenses, however, shall not include amounts paid in settlement by Indemnitee or
the amount of judgments or fines against Indemnitee.

     (j) “Independent Counsel” shall mean a law firm or a member of a law firm with significant
experience in matters of corporation law and neither presently is, nor in the past five years has
been, retained to represent: (i) the Company or Indemnitee in any

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matter material to either such party (other than with respect to matters concerning the
Indemnitee under this Agreement, or of other indemnitees under similar indemnification agreements);
or (ii) any other party to the Proceeding (as defined below) giving rise to a claim for
indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not
include any person who, under the applicable standards of professional conduct then prevailing,
would have a conflict of interest in representing either the Company or Indemnitee in an action to
determine Indemnitee’s rights under this Agreement.

     (k) References to “fines” shall include any excise tax assessed on Indemnitee with respect to
any employee benefit plan; references to “serving at the request of the Company” shall include any
service as a director, officer, employee, agent or fiduciary of the Company which imposes duties
on, or involves services by, such director, officer, employee, agent or fiduciary with respect to
an employee benefit plan, its participants or beneficiaries; and if Indemnitee acted in good faith
and in a manner Indemnitee reasonably believed to be in the best interests of the participants and
beneficiaries of an employee benefit plan, Indemnitee shall be deemed to have acted in a manner
“not opposed to the best interests of the Company” as referred to in this Agreement.

     (l) The term “Person” shall have the meaning as set forth in Sections 13(d) and 14(d) of the
Exchange Act as in effect on the date hereof; provided, however, that “Person” shall exclude: (i)
the Company; (ii) any Subsidiary of the Company; (iii) any employment benefit plan of the Company
or of a Subsidiary or of any corporation owned, directly or indirectly, by the stockholders of the
Company in substantially the same proportions as their ownership of stock of the Company; and (iv)
any trustee or other fiduciary holding securities under an employee benefit plan of the Company or
of a Subsidiary or of a corporation owned directly or indirectly by the stockholders of the Company
in substantially the same proportions as their ownership of stock of the Company.

     (m) A “Potential Change in Control” shall be deemed to have occurred if: (i) the Company
enters into an agreement or arrangement, the consummation of which would result in the occurrence
of a Change in Control; (ii) any Person or the Company publicly announces an intention to take or
consider taking actions which if consummated would constitute a Change in Control; (iii) any Person
who is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company
representing five percent (5%) or more of the combined voting power of the Company’s then
outstanding securities entitled to vote generally in the election of directors increases his
Beneficial Ownership of such securities by five percent (5%) or more over the percentage so owned
by such Person on the date hereof unless such acquisition was approved in advance by the Board; or
(iv) the Board adopts a resolution to the effect that, for purposes of this Agreement, a Potential
Change in Control has occurred.

     (n) The term “Proceeding” shall include any threatened, pending or completed action, suit,
arbitration, mediation, alternate dispute resolution mechanism, investigation, inquiry,
administrative hearing or any other actual, threatened or completed proceeding,

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whether brought in the right of the Company or otherwise and whether of a civil (including
intentional or unintentional tort claims), criminal, administrative or investigative nature, in
which Indemnitee was, is, will or might be involved as a party or otherwise by reason of the fact
that Indemnitee is or was a director, officer, employee or agent of the Company, by reason of any
action (or failure to act) taken by him or of any action (or failure to act) on his part while
acting as a director, officer, employee or agent of the Company, or by reason of the fact that
Indemnitee is or was serving at the request of the Company as a director, officer, trustee, general
partner, managing member, fiduciary, employee or agent of any other Enterprise, in each case
whether or not serving in such capacity at the time any liability or expense is incurred for which
indemnification, reimbursement, or advancement of expenses can be provided under this Agreement.

     (o) The term “Subsidiary,” with respect to any Person, shall mean any corporation or other
entity of which a majority of the voting power of the voting equity securities or equity interest
is owned, directly or indirectly, by that Person.

     (p) In connection with any merger or consolidation, references to the “Company” shall include
not only the resulting or surviving company, but also any constituent company or constituent of a
constituent company, which, if its separate existence had continued, would have had power and
authority to indemnify its directors, officers, employees or agents. The intent of this provision
is that a person who is or was a director of such constituent company after the date hereof or is
or was serving at the request of such constituent company as a director, officer, employee, trustee
or agent of another company, partnership, joint venture, trust, employee benefit plan or other
Enterprise after the date hereof, shall stand in the same position under this Agreement with
respect to the resulting or surviving company as the person would have under this Agreement with
respect to such constituent company if its separate existence had continued.

3. INDEMNITY IN THIRD-PARTY PROCEEDINGS. The Company shall indemnify, hold harmless and exonerate
Indemnitee in accordance with the provisions of this Section 3 if Indemnitee was, is, or is
threatened to be made, a party to or a participant (as a witness or otherwise) in any Proceeding,
other than a Proceeding by or in the right of the Company to procure a judgment in its favor.
Pursuant to this Section 3, Indemnitee shall be indemnified, held harmless and exonerated against
all Expenses, judgments, liabilities, fines, penalties and amounts paid in settlement (including,
without limitation, all interest, assessments and other charges paid or payable in connection with
or in respect of such Expenses, judgments, fines, penalties and amounts paid in settlement)
actually and reasonably incurred by Indemnitee or on his behalf in connection with such Proceeding
or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner Indemnitee
reasonably believed to be in or not opposed to the best interests of the Company and, in the case
of a criminal Proceeding, had no reasonable cause to believe that his conduct was unlawful.

4. INDEMNITY IN PROCEEDINGS BY OR IN THE RIGHT OF THE COMPANY. The Company shall indemnify, hold
harmless and exonerate Indemnitee in accordance with the provisions of this Section 4 if Indemnitee
was, is, or is threatened to

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be made, a party to or a participant (as a witness or otherwise) in any Proceeding by or in the
right of the Company to procure a judgment in its favor. Pursuant to this Section 4, Indemnitee
shall be indemnified, held harmless and exonerated against all Expenses actually and reasonably
incurred by him or on his behalf in connection with such Proceeding or any claim, issue or matter
therein, if Indemnitee acted in good faith and in a manner he or she reasonably believed to be in
or not opposed to the best interests of the Company. No indemnification, hold harmless or
exoneration for Expenses shall be made under this Section 4 in respect of any claim, issue or
matter as to which Indemnitee shall have been finally adjudged by a court to be liable to the
Company, unless and only to the extent that any court in which the Proceeding was brought or the
Delaware Court shall determine upon application that, despite the adjudication of liability but in
view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to
indemnification, to be held harmless or to exoneration.

5. INDEMNIFICATION FOR EXPENSES OF A PARTY WHO IS WHOLLY OR PARTLY SUCCESSFUL. Notwithstanding any
other provisions of this Agreement, to the extent that Indemnitee is a party to (or a participant
in) and is successful, on the merits or otherwise, in any Proceeding or in defense of any claim,
issue or matter therein, in whole or in part, the Company shall indemnify, hold harmless and
exonerate Indemnitee against all Expenses actually and reasonably incurred by him in connection
therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the
merits or otherwise, as to one or more but less than all claims, issues or matters in such
Proceeding, the Company shall indemnify, hold harmless and exonerate Indemnitee against all
Expenses actually and reasonably incurred by him or on his behalf in connection with each
successfully resolved claim, issue or matter. If the Indemnitee is not wholly successful in such
Proceeding, the Company also shall indemnify, hold harmless and exonerate Indemnitee against all
Expenses reasonably incurred in connection with a claim, issue or matter related to any claim,
issue, or matter on which the Indemnitee was successful. For purposes of this Section and without
limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with
or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.

6. INDEMNIFICATION FOR EXPENSES OF A WITNESS. Notwithstanding any other provision of this
Agreement, to the extent that Indemnitee is, by reason of his Corporate Status, a witness in any
Proceeding to which Indemnitee is not a party, he or she shall be indemnified, held harmless and
exonerated against all Expenses actually and reasonably incurred by him or on his behalf in
connection therewith.

7. ADDITIONAL INDEMNIFICATION, AND EXONERATION RIGHTS.

     (a) Notwithstanding any limitation in Sections 3, 4, or 5, the Company shall indemnify, hold
harmless and exonerate Indemnitee if Indemnitee is a party to or threatened to be made a party to
any Proceeding (including a Proceeding by or in the right of the Company to procure a judgment in
its favor) against all Expenses, judgments, fines, penalties and amounts paid in settlement
(including all interest, assessments and other charges paid or payable in connection with or in
respect of such Expenses,

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judgments, fines, penalties and amounts paid in settlement) actually and reasonably incurred
by Indemnitee in connection with the Proceeding. No indemnification, hold harmless or exoneration
rights shall be available under this Section 7(a) on account of Indemnitee’s conduct which
constitutes a breach of Indemnitee’s duty of loyalty to the Company or its stockholders or is an
act or omission not in good faith or which involves intentional misconduct or a knowing violation
of the law.

     (b) Notwithstanding any limitation in Sections 3, 4, 5 or 7(a), the Company shall indemnify,
hold harmless and exonerate Indemnitee if Indemnitee is a party to or threatened to be made a party
to any Proceeding (including a Proceeding by or in the right of the Company to procure a judgment
in its favor) against all Expenses, judgments, fines, penalties and amounts paid in settlement
(including all interest, assessments and other charges paid or payable in connection with or in
respect of such Expenses, judgments, fines, penalties and amounts paid in settlement) actually and
reasonably incurred by Indemnitee in connection with the Proceeding.

8. CONTRIBUTION IN THE EVENT OF JOINT LIABILITY.

     (a) To the fullest extent permissible under applicable law, if the indemnification, hold
harmless and/or exoneration rights provided for in this Agreement are unavailable to Indemnitee in
whole or in part for any reason whatsoever, the Company, in lieu of indemnifying, holding harmless
or exonerating Indemnitee, shall pay, in the first instance, the entire amount incurred by
Indemnitee, whether for judgments, liabilities, fines, penalties, amounts paid or to be paid in
settlement and/or for Expenses, in connection with any Proceeding without requiring Indemnitee to
contribute to such payment, and the Company hereby waives and relinquishes any right of
contribution it may have at any time against Indemnitee.

     (b) The Company shall not enter into any settlement of any Proceeding in which the Company is
jointly liable with Indemnitee (or would be if joined in such Proceeding) unless such settlement
provides for a full and final release of all claims asserted against Indemnitee.

     (c) The Company hereby agrees to fully indemnify, hold harmless and exonerate Indemnitee from
any claims for contribution which may be brought by officers, directors or employees of the Company
other than Indemnitee who may be jointly liable with Indemnitee.

9. EXCLUSIONS. Notwithstanding any provision in this Agreement, the Company shall not be obligated
under this Agreement to make any indemnification, hold harmless or exoneration payment:

     (a) in connection with any claim made against Indemnitee for which payment has actually been
received by or on behalf of Indemnitee under any insurance policy or other indemnity provision,
except with respect to any excess beyond the amount actually

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received under any insurance policy, contract, agreement, other indemnity provision or
otherwise;

     (b) in connection with any claim made against Indemnitee for an accounting of profits made
from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within
the meaning of Section 16(b) of the Exchange Act or similar provisions of state statutory law or
common law; or

     (c) except as otherwise provided in Sections 14(e)-(f) hereof, prior to a Change in Control,
in connection with any Proceeding (or any part of any Proceeding) initiated by Indemnitee,
including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the
Company or its directors, officers, employees or other indemnitees, unless (i) the Board authorized
the Proceeding (or any part of any Proceeding) prior to its initiation, (ii) such payment arises in
connection with any mandatory counterclaim or cross-claim that the Indemnitee asserts against the
Company or its directors, officers, employees or other indemnitees or any affirmative defense
Indemnitee raises, or (iii) the Company provides the indemnification, hold harmless or exoneration
payment, in its sole discretion, pursuant to the powers vested in the Company under applicable law.

10. ADVANCES OF EXPENSES; DEFENSE OF CLAIM.

     (a) Notwithstanding any provision of this Agreement to the contrary, and to the fullest extent
permitted by applicable law, the Company shall advance the Expenses incurred by Indemnitee (or
reasonably expected by Indemnitee to be incurred by Indemnitee within three months) in connection
with any Proceeding within ten (10) days after the receipt by the Company of a statement or
statements requesting such advances from time to time, whether prior to or after final disposition
of any Proceeding. Advances shall be unsecured and interest free. Advances shall be made without
regard to Indemnitee’s ability to repay the Expenses and without regard to Indemnitee’s ultimate
entitlement to be indemnified, held harmless or exonerated under the other provisions of this
Agreement. Advances shall include any and all reasonable Expenses incurred pursuing a Proceeding to
enforce this right of advancement, including Expenses incurred preparing and forwarding statements
to the Company to support the advances claimed. The Indemnitee shall qualify for advances, to the
fullest extent permitted by applicable law, solely upon the execution and delivery to the Company
of an undertaking providing that the Indemnitee undertakes to repay the advance to the extent that
it is ultimately determined that Indemnitee is not entitled to be indemnified by the Company under
the provisions of this Agreement, the Charter, the Bylaws of the Company, applicable law or
otherwise. This Section 10(a) shall not apply to any claim made by Indemnitee for which an
indemnification, hold harmless or exoneration payment is excluded pursuant to Section 9.

     (b) The Company will be entitled to participate in the Proceeding at its own expense.

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     (c) The Company shall not settle any action, claim or Proceeding (in whole or in part) which
would impose any Expense, judgment, fine, penalty or limitation on the Indemnitee without the
Indemnitee’s prior written consent.

11. PROCEDURE FOR NOTIFICATION AND APPLICATION FOR INDEMNIFICATION.

     (a) Indemnitee agrees to notify promptly the Company in writing upon being served with any
summons, citation, subpoena, complaint, indictment, information or other document relating to any
Proceeding or matter which may be subject to indemnification, hold harmless or exoneration rights,
or advancement of Expenses covered hereunder. The failure of Indemnitee to so notify the Company
shall not relieve the Company of any obligation which it may have to the Indemnitee under this
Agreement, or otherwise.

     (b) Indemnitee may deliver to the Company a written application to indemnify, hold harmless or
exonerate Indemnitee in accordance with this Agreement. Such application(s) may be delivered from
time to time and at such time(s) as Indemnitee deems appropriate in Indemnitee’s sole discretion.
Following such a written application for indemnification by Indemnitee, the Indemnitee’s
entitlement to indemnification shall be determined according to Section 12(a) of this Agreement.

12. PROCEDURE UPON APPLICATION FOR INDEMNIFICATION.

     (a) A determination, if required by applicable law, with respect to Indemnitee’s entitlement
to indemnification shall be made in the specific case by one of the following methods, which shall
be at the election of Indemnitee: (i) by a majority vote of the Disinterested Directors, even
though less than a quorum of the Board or (ii) by Independent Counsel in a written opinion to the
Board, a copy of which shall be delivered to Indemnitee. The Company promptly will advise
Indemnitee in writing with respect to any determination that Indemnitee is or is not entitled to
indemnification, including, without limitation, a description of any reason or basis for which
indemnification has been denied. If it is so determined that Indemnitee is entitled to
indemnification, payment to Indemnitee shall be made within ten (10) days after such determination.
Indemnitee shall reasonably cooperate with the Person or Persons making such determination with
respect to Indemnitee’s entitlement to indemnification, including, without limitation, providing to
such Person or Persons upon reasonable advance request any documentation or information which is
not privileged or otherwise protected from disclosure and which is reasonably available to
Indemnitee and reasonably necessary to such determination. Any costs or Expenses (including
attorneys’ fees and disbursements) incurred by Indemnitee in so cooperating with the person,
persons or entity making such determination shall be borne by the Company (irrespective of the
determination as to Indemnitee’s entitlement to indemnification) and the Company hereby indemnifies
and agrees to hold Indemnitee harmless therefrom.

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     (b) In the event the determination of entitlement to indemnification is to be made by
Independent Counsel pursuant to Section 12(a) hereof, the Independent Counsel shall be selected as
provided in this Section 12(b). The Independent Counsel shall be selected by Indemnitee (unless
Indemnitee shall request that such selection be made by the Board), and Indemnitee shall give
written notice to the Company advising it of the identity of the Independent Counsel so selected
and certifying that the Independent Counsel so selected meets the requirements of “Independent
Counsel” as defined in Section 2 of this Agreement. If the Independent Counsel is selected by the
Board, the Company shall give written notice to Indemnitee advising him of the identity of the
Independent Counsel so selected and certifying that the Independent Counsel so selected meets the
requirements of “Independent Counsel” as defined in Section 2 of this Agreement. In either event,
Indemnitee or the Company, as the case may be, may, within ten (10) days after such written notice
of selection shall have been received, deliver to the Company or to Indemnitee, as the case may be,
a written objection to such selection; provided, however, that such objection may be asserted only
on the ground that the Independent Counsel so selected does not meet the requirements of
“Independent Counsel” as defined in Section 2 of this Agreement, and the objection shall set forth
with particularity the factual basis of such assertion. Absent a proper and timely objection, the
person so selected shall act as Independent Counsel. If such written objection is so made and
substantiated, the Independent Counsel so selected may not serve as Independent Counsel unless and
until such objection is withdrawn or a court of competent jurisdiction has determined that such
objection is without merit. If, within twenty (20) days after submission by Indemnitee of a written
request for indemnification pursuant to Section 11(a) hereof, no Independent Counsel shall have
been selected and not objected to, either the Company or Indemnitee may petition the Delaware Court
for resolution of any objection which shall have been made by the Company or Indemnitee to the
other’s selection of Independent Counsel and/or for the appointment as Independent Counsel of a
person selected by the Delaware Court, and the person with respect to whom all objections are so
resolved or the person so appointed shall act as Independent Counsel under Section 12(a) hereof.
Upon the due commencement of any judicial proceeding or arbitration pursuant to Section 14(a) of
this Agreement, Independent Counsel shall be discharged and relieved of any further responsibility
in such capacity (subject to the applicable standards of professional conduct then prevailing).

     (c) The Company agrees to pay the reasonable fees and expenses of Independent Counsel and to
fully indemnify and hold harmless such Independent Counsel against any and all Expenses, claims,
liabilities and damages arising out of or relating to this Agreement or its engagement pursuant
hereto.

     (d) If the Company disputes a portion of the amounts for which indemnification is requested,
the undisputed portion shall be paid and only the disputed portion withheld pending resolution of
any such dispute.

13. PRESUMPTIONS AND EFFECT OF CERTAIN PROCEEDINGS.

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     (a) In making a determination with respect to entitlement to indemnification hereunder, the
Person or Persons making such determination shall presume that Indemnitee is entitled to
indemnification under this Agreement if Indemnitee has submitted a request for indemnification in
accordance with Section 11(b) of this Agreement, and the Company shall have the burden of proof to
overcome that presumption in connection with the making by any Person or Persons of any
determination contrary to that presumption. Neither the failure of the Company (including by its
directors or Independent Counsel) to have made a determination prior to the commencement of any
action pursuant to this Agreement that indemnification is proper in the circumstances because
Indemnitee has met the applicable standard of conduct, nor an actual determination by the Company
(including by its directors or Independent Counsel) that Indemnitee has not met such applicable
standard of conduct, shall be a defense to the action or create a presumption that Indemnitee has
not met the
applicable standard of conduct.

     (b) If the Person or Persons empowered or selected under Section 12 of this Agreement to
determine whether Indemnitee is entitled to indemnification shall not have made a determination
within thirty (30) days after receipt by the Company of the request therefor, the requisite
determination of entitlement to indemnification shall be deemed to have been made and Indemnitee
shall be entitled to such indemnification, absent (i) a misstatement by Indemnitee of a material
fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially
misleading, in connection with the request for indemnification, or (ii) a final judicial
determination that any or all such indemnification is expressly prohibited under applicable law;
provided, however, that such 30-day period may be extended for a reasonable time, not to exceed an
additional fifteen (15) days, if the person, persons or entity making the determination with
respect to entitlement to indemnification in good faith requires such additional time for the
obtaining or evaluating of documentation and/or information relating thereto.

     (c) The termination of any Proceeding or of any claim, issue or matter therein, by judgment,
order, settlement or conviction, or upon a plea of nolo contendere or its equivalent, shall not
(except as otherwise expressly provided in this Agreement) of itself adversely affect the right of
Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and
in a manner which Indemnitee reasonably believed to be in or not opposed to the best interests of
the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to
believe that his conduct was unlawful.

     (d) For purposes of any determination of good faith, Indemnitee shall be deemed to have acted
in good faith if Indemnitee’s action is based on the records or books of account of the Enterprise,
including financial statements, or on information supplied to Indemnitee by the directors or
officers of the Enterprise in the course of their duties, or on the advice of legal counsel for the
Enterprise, its Board, any committee of the Board or any director, or on information or records
given or reports made to the Enterprise, its Board, any committee of the Board or any director, by
an independent certified public accountant or by an appraiser or other expert selected by the
Enterprise, its Board, any

12

 

committee of the Board or any director. The provisions of this Section 13(d) shall not be
deemed to be exclusive or to limit in any way the other circumstances in which the Indemnitee may
be deemed or found to have met the applicable standard of conduct set forth in this Agreement.

     (e) The knowledge and/or actions, or failure to act, of any other director, officer, trustee,
partner, managing member, fiduciary, agent or employee of the Enterprise shall not be imputed to
Indemnitee for purposes of determining the right to indemnification under this Agreement.

14. REMEDIES OF INDEMNITEE.

     (a) In the event that (i) a determination is made pursuant to Section 12 of this Agreement
that Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement of
Expenses, to the fullest extent permitted by applicable law, is not timely made pursuant to Section
10 of this Agreement, (iii) no determination of entitlement to indemnification shall have been made
pursuant to Section 12(a) of this Agreement within thirty (30) days after receipt by the Company of
the request for indemnification, (iv) payment of indemnification is not made pursuant to Section 5,
6, 7 or the last sentence of Section 12(a) of this Agreement within ten (10) days after receipt by
the Company of a written request therefor, (v) a contribution payment is not made in a timely
manner pursuant to Section 8 of this Agreement, (vi) payment of indemnification pursuant to Section
3 or 4 of this Agreement is not made within ten (10) days after a determination has been made that
Indemnitee is entitled to indemnification, or (vii) payment to Indemnitee pursuant to any hold
harmless or exoneration rights under this Agreement or otherwise is not made within ten (10) days
after receipt by the Company of a written request therefor, Indemnitee shall be entitled to an
adjudication by the Delaware Court to such indemnification, hold harmless, exoneration,
contribution or advancement rights. Alternatively, Indemnitee, at his option, may seek an award in
arbitration to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of
the American Arbitration Association. Except as set forth herein, the provisions of Delaware law
(without regard to its conflict of laws rules) shall apply to any such arbitration. The Company
shall not oppose Indemnitee’s right to seek any such adjudication or award in arbitration.

     (b) Upon the occurrence or non-occurrence of any of the events set forth in Section 14(a) of
this Agreement, any judicial proceeding or arbitration commenced pursuant to this Section 14 shall
be conducted in all respects as a de novo trial, or arbitration, on the merits and Indemnitee shall
not be prejudiced by reason of that adverse determination. In any judicial proceeding or
arbitration commenced pursuant to this Section 14, Indemnitee shall be presumed to be entitled to
be indemnified, held harmless, exonerated and to receive advances of Expenses under this Agreement
and the Company shall have the burden of proving Indemnitee is not entitled to be indemnified, held
harmless, exonerated and to receive advances of Expenses, as the case may be, and the Company may
not refer to or introduce into evidence any determination pursuant to Section 12(a) of this
Agreement adverse to Indemnitee for any purpose. If Indemnitee

13

 

commences a judicial proceeding or arbitration pursuant to this Section 14, Indemnitee shall
not be required to reimburse the Company for any advances pursuant to Section 10 until a final
determination is made with respect to Indemnitee’s entitlement to indemnification (as to which all
rights of appeal have been exhausted or lapsed).

     (c) If a determination shall have been made pursuant to Section 12(a) of this Agreement that
Indemnitee is entitled to payment, the Company shall be bound by such determination in any judicial
proceeding or arbitration commenced pursuant to this Section 14, absent (i) a misstatement by
Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s
statement not materially misleading, in connection with the request for indemnification, or (ii) a
prohibition of such indemnification under applicable law.

     (d) The Company shall be precluded from asserting in any judicial proceeding or arbitration
commenced pursuant to this Section 14 that the procedures and presumptions of this Agreement are
not valid, binding and enforceable and shall stipulate in any such court or before any such
arbitrator that the Company is bound by all the provisions of this Agreement.

     (e) The Company shall indemnify and hold harmless Indemnitee to the fullest extent permitted
by law against all Expenses and, if requested by Indemnitee, shall (within ten (10) days after the
Company’s receipt of such written request) pay to Indemnitee, to the fullest extent permitted by
applicable law, all such Expenses which are incurred by Indemnitee in connection with any judicial
proceeding or arbitration brought by Indemnitee (i) in connection with, to enforce his rights
under, or to recover damages for breach of, this Agreement or any other indemnification, hold
harmless, exoneration, advancement or contribution agreement or provision of the Charter or Bylaws
now or hereafter in effect; or (ii) for recovery or advances under any insurance policy maintained
by any person for the benefit of Indemnitee, regardless of the outcome and whether Indemnitee
ultimately is determined to be entitled to such indemnification, hold harmless or exoneration
right, advancement, contribution or insurance recovery, as the case may be (unless such judicial
proceeding or arbitration was not brought by Indemnitee in good faith).

     (f) Interest shall be paid by the Company to Indemnitee at the legal rate under Delaware law
for amounts which the Company indemnifies, holds harmless or exonerates, or is obliged to
indemnify, hold harmless or exonerate for the period commencing with the date on which Indemnitee
pays such amounts for which Indemnitee requested indemnification, to be held harmless, exoneration,
contribution, reimbursement or advancement of any Expenses and ending with the date on which such
payment is made to or on behalf of Indemnitee by the Company.

15. ESTABLISHMENT OF TRUST. In the event of a Potential Change in Control, the Company shall, upon
written request by Indemnitee, create a “Trust” for the benefit of Indemnitee and from time to time
upon written request of Indemnitee shall fund such Trust in an amount sufficient to satisfy any and
all Expenses reasonably anticipated at the

14

 

time of each such request to be incurred in connection with investigating, preparing for,
participating in or defending any Proceedings, and any and all judgments, fines, penalties and
amounts paid in settlement (including all interest, assessments and other charges paid or payable
in connection with or in respect of such judgments, fines penalties and amounts paid in settlement)
in connection with any and all Proceedings from time to time actually paid or claimed, reasonably
anticipated or proposed to be paid. The trustee of the Trust (the “Trustee”) shall be a bank or
trust company or other individual or entity chosen by the Indemnitee and reasonably acceptable to
the Company. Nothing in this Section 15 shall relieve the Company of any of its obligations under
this Agreement. The amount or amounts to be deposited in the Trust pursuant to the foregoing
funding obligation shall be determined by mutual agreement of the Indemnitee and the Company or, if
the Company and the Indemnitee are unable to reach such an agreement, by Independent Counsel
selected in accordance with Section 12(b) of this Agreement. The terms of the Trust shall provide
that, except upon the consent of both the Indemnitee and the Company, (a) the Trust shall not be
revoked or the principal thereof invaded, without the written consent of the Indemnitee; and (b)
upon a Change in Control: (i) the Trustee shall make advances of Expenses, to the fullest extent
permitted by applicable law, within two (2) business days of a request by the Indemnitee and upon
the execution and delivery to the Company of an undertaking providing that the Indemnitee
undertakes to repay the advance to the extent that it is ultimately determined that Indemnitee is
not entitled to be indemnified, held harmless or exonerated by the Company; (ii) the Trust shall
continue to be funded by the Company in accordance with the funding obligations set forth above;
(iii) the Trustee shall promptly pay to the Indemnitee all amounts for which the Indemnitee shall
be entitled to indemnification, or to be held harmless or exonerated pursuant to this Agreement or
otherwise; and (iv) all unexpended funds in such Trust shall revert to the Company upon mutual
agreement by the Indemnitee and the Company or, if the Indemnitee and the Company are unable to
reach such an agreement, by Independent Counsel selected in accordance with Section 12(b) of this
Agreement, that the Indemnitee has been fully indemnified, held harmless and exonerated under the
terms of this Agreement. The Trust shall be governed by Delaware law (without regard to its
conflicts of laws rules) and the Trustee shall consent to the exclusive jurisdiction of the
Delaware Court in accordance with Section 23 of this Agreement.

16. SECURITY. Notwithstanding anything herein to the contrary, to the extent requested by the
Indemnitee and approved by the Board, the Company may at any time and from time to time provide
security to the Indemnitee for the Company’s obligations hereunder through an irrevocable bank line
of credit, funded trust or other collateral. Any such security, once provided to the Indemnitee,
may not be revoked or released without the prior written consent of the Indemnitee.

17. NON-EXCLUSIVITY; SURVIVAL OF RIGHTS; INSURANCE; SUBROGATION.

     (a) The rights of Indemnitee as provided by this Agreement (i) shall not be deemed exclusive
of any other rights to which Indemnitee may at any time be entitled under applicable law, the
Charter, the Bylaws, any agreement, a vote of stockholders or a

15

 

resolution of directors, or otherwise and (ii) shall be enforced and this Agreement shall be
interpreted independently of and without reference to or limitation or constraint (whether
procedural, substantive or otherwise) by any other such rights to which Indemnitee may at any time
be entitled. No amendment, alteration or repeal of this Agreement or of any provision hereof shall
limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or
omitted by such Indemnitee in his Corporate Status prior to such amendment, alteration or repeal.
To the extent that a change in applicable law, whether by statute or judicial decision, permits
greater indemnification, hold harmless or exoneration rights or advancement of Expenses than would
be afforded currently under the Charter, the Bylaws or this Agreement, it is the intent of the
parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by
such change. To the extent that a change in Delaware law, whether by statute or judicial decision,
narrows or limits indemnification or advancement of Expenses that are afforded currently under the
Charter, the Bylaws or this Agreement, it is the intent of the parties hereto that such change,
except to the extent required by applicable law, shall have no effect on this Agreement or the
parties’ rights and obligations hereunder. No right or remedy herein conferred is intended to be
exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in
addition to every other right and remedy given hereunder or now or hereafter existing at law or in
equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise,
shall not prevent the concurrent assertion or employment of any other right or remedy.

     (b) The DGCL, the Charter and the Company’s Bylaws permit the Company to purchase and maintain
insurance or furnish similar protection or make other arrangements including, but not limited to,
providing a trust fund, letter of credit, or surety bond (“Indemnification Arrangements”) on behalf
of Indemnitee against any liability asserted against him or incurred by or on behalf of him or in
such capacity as a director, officer, employee or agent of the Company, or arising out of his
status as such, whether or not the Company would have the power to indemnify him against such
liability under the provisions of this Agreement or under the DGCL, as it may then be in effect.
The purchase, establishment, and maintenance of any such Indemnification Arrangement shall not in
any way limit or affect the rights and obligations of the Company or of the Indemnitee under this
Agreement except as expressly provided herein, and the execution and delivery of this Agreement by
the Company and the Indemnitee shall not in any way limit or affect the rights and obligations of
the Company or the other party or parties thereto under any such Indemnification Arrangement.

     (c) The Company shall maintain directors’ and officers’ insurance programs providing coverage
to Indemnitee for Expenses during the time period Indemnitee serves the Company in a Corporate
Status, and for a period of no less than six (6) years following the conclusion of such service.
If, at the time the Company receives notice from any source of a Proceeding as to which Indemnitee
is a party or a participant (as a witness or otherwise), the Company has director and officer
liability insurance in effect, the Company shall give prompt notice of such Proceeding to the
insurers in accordance with the procedures set forth in the respective policies. The Company shall
thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of the

16

 

Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of
such policies.

     (d) In the event of any payment under this Agreement, the Company shall be subrogated to the
extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers
required and take all action necessary to secure such rights, including execution of such documents
as are necessary to enable the Company to bring suit to enforce such rights.

     (e) The Company’s obligation to indemnify, hold harmless, exonerate or advance Expenses
hereunder to Indemnitee who is or was serving at the request of the Company as a director, officer,
trustee, partner, managing member, fiduciary, employee or agent of any other Enterprise shall be
reduced by any amount Indemnitee has actually received as indemnification, hold harmless or
exoneration payments or advancement of expenses from such Enterprise. Notwithstanding any other
provision of this Agreement to the contrary, (i) Indemnitee shall have no obligation to reduce,
offset, allocate, pursue or apportion any indemnification, hold harmless, exoneration, advancement,
contribution or insurance coverage among multiple parties possessing such duties to Indemnitee
prior to the Company’s satisfaction and performance of all its obligations under this Agreement,
and (ii) the Company shall perform fully its obligations under this Agreement without regard to
whether Indemnitee holds, may pursue or has pursued any indemnification, advancement, hold
harmless, exoneration, contribution or insurance coverage rights against any person or entity other
than the Company.

18. DURATION OF AGREEMENT. All agreements and obligations of the Company contained herein shall
continue during the period Indemnitee serves as a director or officer of the Company or as a
director, officer, trustee, partner, managing member, fiduciary, employee or agent of any other
corporation, partnership, joint venture, trust, employee benefit plan or other Enterprise which
Indemnitee serves at the request of the Company and shall continue thereafter so long as Indemnitee
may be subject to any possible Proceeding (including any rights of appeal thereto and any
Proceeding commenced by Indemnitee pursuant to Section 14 of this Agreement) by reason of his
Corporate Status, whether or not Indemnitee is acting in any such capacity at the time any
liability or expense is incurred for which indemnification can be provided under this Agreement.

19. SEVERABILITY. If any provision or provisions of this Agreement shall be held to be invalid,
illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability
of the remaining provisions of this Agreement (including, without limitation, each portion of any
Section, paragraph or sentence of this Agreement containing any such provision held to be invalid,
illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any
way be affected or impaired thereby and shall remain enforceable to the fullest extent permitted by
law; (b) such provision or provisions shall be deemed reformed to the extent necessary to conform
to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to
the fullest extent possible, the provisions of this Agreement (including, without limitation, each

17

 

portion of any Section, paragraph or sentence of this Agreement containing any such provision held
to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable)
shall be construed so as to give effect to the intent manifested thereby.

20. ENFORCEMENT AND BINDING EFFECT.

     (a) The Company expressly confirms and agrees that it has entered into this Agreement and
assumed the obligations imposed on it hereby in order to encourage Indemnitee to serve and/or
continue to serve as a director, officer or key employee of the Company, and the Company
acknowledges that Indemnitee is relying upon this Agreement in serving as a director, officer or
key employee of the Company.

     (b) Without limiting any of the rights of Indemnitee under the Charter or Bylaws of the
Company as they may be amended from time to time, and except as provided in Section 17(a), this
Agreement constitutes the entire agreement between the parties hereto with respect to the subject
matter hereof and supersedes all prior agreements and understandings, oral, written and implied,
between the parties hereto with respect to the subject matter hereof.

     (c) The rights to be indemnified and to receive contribution and advancement of Expenses
provided by or granted Indemnitee pursuant to this Agreement shall apply to Indemnitee’s service as
an officer, director, employee or agent of the Company prior to the date of this Agreement, as well
as service on or after the date of this Agreement.

     (d) The indemnification, hold harmless, exoneration and advancement of expenses rights
provided by or granted pursuant to this Agreement shall be binding upon and be enforceable by the
parties hereto and their respective successors and assigns (including any direct or indirect
successor by purchase, merger, consolidation or otherwise to all or substantially all of the
business or assets of the Company), shall continue as to an Indemnitee who has ceased to be a
director, officer, employee or agent of the Company or of any other Enterprise, and shall inure to
the benefit of Indemnitee and his or her spouse, assigns, estate, heirs, devisees, executors and
administrators and other legal representatives.

     (e) The Company shall require and cause any successor (whether direct or indirect by purchase,
merger, consolidation or otherwise) to all, substantially all or a substantial part, of the
business and/or assets of the Company, by written agreement in form and substance satisfactory to
the Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to
the same extent that the Company would be required to perform if no such succession had taken
place.

     (f) The Company and Indemnitee agree herein that a monetary remedy for breach of this
Agreement, at some later date, may be inadequate, impracticable and difficult of proof, and further
agree that such breach may cause Indemnitee irreparable harm. Accordingly, the parties hereto agree
that Indemnitee may enforce this Agreement by seeking, among other things, injunctive relief and/or
specific performance hereof, without

18

 

any necessity of showing actual damage or irreparable harm and that by seeking injunctive
relief and/or specific performance, Indemnitee shall not be precluded from seeking or obtaining any
other relief to which Indemnitee may be entitled. The Company and Indemnitee further agree that
Indemnitee shall be entitled to such specific performance and injunctive relief, including
temporary restraining orders, preliminary injunctions and permanent injunctions, without the
necessity of posting bonds or other undertaking in connection therewith. The Company acknowledges
that in the absence of a waiver, a bond or undertaking may be required of Indemnitee by the Court,
and the Company hereby waives any such requirement of such a bond or undertaking.

21. MODIFICATION AND WAIVER. No supplement, modification or amendment of this Agreement shall be
binding unless executed in writing by the parties hereto. No waiver of any of the provisions of
this Agreement shall be deemed or shall constitute a waiver of any other provisions of this
Agreement nor shall any waiver constitute a continuing waiver.

22. NOTICES. All notices, requests, demands and other communications under this Agreement shall be
in writing and shall be deemed to have been duly given (i) if delivered by hand and receipted for
by the party to whom said notice or other communication shall have been directed, or (ii) mailed by
certified or registered mail with postage prepaid, on the third (3rd) business day after the date
on which it is so mailed:

     (a) If to Indemnitee, at the address indicated on the signature page of this Agreement, or
such other address as Indemnitee shall provide in writing to the Company.

     (b) If to the Company, to:

Centerplate, Inc.

c/o General Counsel

2187 Atlantic Street, 6th Floor

Stamford, Connecticut 06902

     or to any other address as may have been furnished to Indemnitee in writing by the
Company.

23. APPLICABLE LAW AND CONSENT TO JURISDICTION. This Agreement and the legal relations among the
parties shall be governed by, and construed and enforced in accordance with, the laws of the State
of Delaware, without regard to its conflict of laws rules. Except with respect to any arbitration
commenced by Indemnitee pursuant to Section 14(a) of this Agreement, the Company and Indemnitee
hereby irrevocably and unconditionally: (a) agree that any action or proceeding arising out of or
in connection with this Agreement shall be brought only in the Delaware Court and not in any other
state or federal court in the United States of America or any court in any other country; (b)
consent to submit to the exclusive jurisdiction of the Delaware Court for

19

 

purposes of any action or proceeding arising out of or in connection with this Agreement; (c)
appoint irrevocably, to the extent such party is not a resident of the State of Delaware, Abrams &
Laster LLP, 20 Montchanin Road, Suite 200, Wilmington, Delaware 19807 as such party’s agent for
acceptance of legal process in connection with any such action or proceeding against such party
with the same legal force and validity as if served upon such party personally within the State of
Delaware; (d) waive any objection to the laying of venue of any such action or proceeding in the
Delaware Court; and (e) waive, and agree not to plead or to make, any claim that any such action or
proceeding brought in the Delaware Court has been brought in an improper or inconvenient forum, or
is subject (in whole or in part) to a jury trial.

24. IDENTICAL COUNTERPARTS. This Agreement may be executed in one or more counterparts, each of
which shall for all purposes be deemed to be an original but all of which together shall constitute
one and the same Agreement. Only one such counterpart signed by the party against whom
enforceability is sought needs to be produced to evidence the existence of this Agreement.

25. MISCELLANEOUS. Use of the masculine pronoun shall be deemed to include usage of the feminine
pronoun where appropriate. The headings of the paragraphs of this Agreement are inserted for
convenience only and shall not be deemed to constitute part of this Agreement or to affect the
construction thereof.

26. PERIOD OF LIMITATIONS. No legal action shall be brought and no cause of action shall be
asserted by or in the right of the Company against Indemnitee, Indemnitee’s spouse, heirs,
executors or personal or legal representatives after the expiration of two years from the date of
accrual of such cause of action, and any claim or cause of action of the Company shall be
extinguished and deemed released unless asserted by the timely filing of a legal action within such
two-year period; provided, however, that if any shorter period of limitations is otherwise
applicable to any such cause of action such shorter period shall govern.

27. ADDITIONAL ACTS. If for the validation of any of the provisions in this Agreement any act,
resolution, approval or other procedure is required, the Company undertakes to cause such act,
resolution, approval or other procedure to be affected or adopted in a manner that will enable the
Company to fulfill its obligations under this Agreement.

[Remainder of page intentionally left blank;

signatures appear on following page]

20

 

     IN WITNESS WHEREOF, the parties hereto have caused this Indemnity Agreement to be signed as of
the day and year first above written.

	 	 	 	 	 	 	 	 	 	 	 
	CENTERPLATE, INC.	 	 	 	INDEMNITEE	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	Name:

	 	 	 	 	 	Name:	 	 	 	 
	Title:

	 	 	 	 	 	Address:	 	 	 	 

21EX-4.1

Exhibit 4.1

EXECUTION VERSION

INDENTURE

among

AMBEV INTERNATIONAL FINANCE CO. LTD.,

as Issuer,

DEUTSCHE BANK TRUST COMPANY AMERICAS,

as Trustee, Calculating Agent, Paying Agent and Authenticating Agent

and

DEUTSCHE BANK LUXEMBOURG S.A.

as Luxembourg Paying Agent and Luxembourg Transfer Agent

Initially Relating to 9.500% Notes due 2017

Dated as of July 24, 2007

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page
	ARTICLE I

	 
	 	 	 	 
	DEFINITIONS AND OTHER PROVISIONS

	OF GENERAL APPLICATION

	 
	 	 	 	 
	SECTION 1.1 Definitions
	 	 	2	 
	SECTION 1.2 Construction
	 	 	12	 
	 
	 	 	 	 
	ARTICLE II

	THE NOTES

	 
	 	 	 	 
	SECTION 2.1 Designation
	 	 	13	 
	SECTION 2.2 Authentication and Delivery of Notes
	 	 	13	 
	SECTION 2.3 Aggregate Amount; Additional Notes
	 	 	14	 
	SECTION 2.4 Form of Trustee’s Authentication
	 	 	14	 
	SECTION 2.5 Form of the Notes
	 	 	15	 
	SECTION 2.6 Maturity of the Notes
	 	 	16	 
	SECTION 2.7 Interest
	 	 	17	 
	SECTION 2.8 Record Date
	 	 	17	 
	SECTION 2.9 Issuance
	 	 	17	 
	SECTION 2.10
Denominations, etc.
	 	 	17	 
	SECTION 2.11 Execution of Notes
	 	 	18	 
	SECTION 2.12 Registration; Restrictions on Transfer and Exchange
	 	 	18	 
	SECTION 2.13 Exchange Offer
	 	 	24	 
	SECTION 2.14 Mutilated, Destroyed, Lost and Stolen Notes
	 	 	25	 
	SECTION 2.15 Payments
	 	 	25	 
	SECTION 2.16 Taxation
	 	 	26	 

i

 

	 	 	 	 	 
	 	 	Page
	SECTION 2.17
Persons Deemed Owners; Etc.
	 	 	29	 
	SECTION 2.18 Cancellation
	 	 	29	 
	SECTION 2.19 Allocation of Principal and Interest
	 	 	29	 
	SECTION 2.20 CUSIP and ISIN Numbers
	 	 	30	 
	SECTION 2.21 Noteholder Lists
	 	 	30	 
	 
	 	 	 	 
	ARTICLE III
	ESTABLISHMENT OF PAYMENT ACCOUNT

	SECTION 3.1 Establishment of Payment Account
	 	 	30	 
	SECTION 3.2 Adjustment of Payment Account
	 	 	30	 
	 
	 	 	 	 
	ARTICLE IV

	REDEMPTION

	 
	 	 	 	 
	SECTION 4.1 Mandatory Redemption
	 	 	31	 
	SECTION 4.2 Optional Redemption in the Event of Change
in Tax Treatment
	 	 	31	 
	SECTION 4.3 Notice of Redemption
	 	 	32	 
	SECTION 4.4 Deposit of Redemption Price
	 	 	32	 
	SECTION 4.5 Notes Payable on Redemption Date
	 	 	32	 
	SECTION 4.6 Open Market Purchases
	 	 	33	 
	 
	 	 	 	 
	ARTICLE V

	GUARANTY

	 
	 	 	 	 
	SECTION 5.1 Guaranty
	 	 	33	 
	SECTION 5.2 Deposits
	 	 	33	 
	 
	 	 	 	 
	ARTICLE VI

	COVENANTS

	 
	 	 	 	 
	SECTION 6.1 Payment of Obligations Under the Notes
and the Indenture
	 	 	33	 
	SECTION 6.2 Performance of Obligations Under the
Transaction Documents
	 	 	34	 
	SECTION 6.3 Maintenance of Books and Records
	 	 	34	 
	SECTION 6.4 Maintenance of Office or Agency
	 	 	34	 

ii

 

	 	 	 	 	 
	 	 	Page
	SECTION 6.5 Ranking
	 	 	34	 
	SECTION 6.6 Notice of Certain Events
	 	 	34	 
	SECTION 6.7 Limitations on the Issuer
	 	 	34	 
	SECTION 6.8 Limitation on Consolidation, Merger, Sale or Conveyance
	 	 	35	 
	SECTION 6.9 Provision of Financial Statements and Reports
	 	 	37	 
	SECTION 6.10 Further Actions
	 	 	37	 
	SECTION 6.11 Available Information
	 	 	37	 
	SECTION 6.12 Appointment to Fill a Vacancy in Office of Trustee
	 	 	38	 
	SECTION 6.13 Payments and Paying Agents
	 	 	38	 
	 
	 	 	 	 
	ARTICLE VII

	EVENTS OF DEFAULT AND REMEDIES

	 
	 	 	 	 
	SECTION 7.1 Events of Default
	 	 	39	 
	SECTION 7.2 Acceleration of Maturity; Rescission and Annulment
	 	 	41	 
	SECTION 7.3 Delay or Omission Not Waiver
	 	 	42	 
	SECTION 7.4 Waiver of Past Defaults
	 	 	42	 
	SECTION 7.5 Trustee May File Proofs of Claim; Appointment of
Trustee as Attorney-in-Fact in Judicial Proceedings
	 	 	42	 
	SECTION 7.6 Trustee May Enforce Claims Without Possession of Notes
	 	 	43	 
	SECTION 7.7 Application of Money Collected
	 	 	43	 
	SECTION 7.8 Limitation on Suits
	 	 	44	 
	SECTION 7.9 Unconditional Right of Noteholders to Receive
Principal and Interest and Other Amounts
	 	 	44	 
	SECTION 7.10 Restoration of Rights and Remedies
	 	 	44	 
	SECTION 7.11 Rights and Remedies Cumulative
	 	 	44	 
	SECTION 7.12 Control by Noteholders
	 	 	45	 
	SECTION 7.13 Undertaking for Costs
	 	 	45	 

iii

 

	 	 	 	 	 
	 	 	Page
	SECTION 7.14 Waiver of Stay or Extension Laws
	 	 	45	 
	 
	 	 	 	 
	ARTICLE VIII

	CONCERNING THE TRUSTEE

	 
	 	 	 	 
	SECTION 8.1 Certain Rights and Duties of Trustee
	 	 	46	 
	SECTION 8.2
Trustee Not Responsible for Recitals; Etc.
	 	 	48	 
	SECTION 8.3 Trustee and Others May Hold Notes
	 	 	48	 
	SECTION 8.4 Moneys Held by Trustee or Paying Agent
	 	 	49	 
	SECTION 8.5 Compensation of the Trustee and its Lien
	 	 	50	 
	SECTION 8.6 Right of Trustee to Rely on Officer’s Certificates and Opinions of Counsel
	 	 	51	 
	SECTION 8.7 Persons Eligible for Appointment as Trustee
	 	 	51	 
	SECTION 8.8 Resignation and Removal of Trustee; Appointment of Successor
	 	 	51	 
	SECTION 8.9 Acceptance of Appointment by Successor Trustee
	 	 	52	 
	SECTION 8.10 Merger, Conversion or Consolidation of Trustee
	 	 	53	 
	SECTION 8.11 Maintenance of Offices and Agencies
	 	 	53	 
	SECTION 8.12 Reports by Trustee
	 	 	55	 
	SECTION 8.13 Trustee Risk
	 	 	56	 
	SECTION 8.14 Appointment of Co-Trustee
	 	 	56	 
	SECTION 8.15 Knowledge of Default
	 	 	57	 
	 
	 	 	 	 
	ARTICLE IX

	CONCERNING THE HOLDERS

	 
	 	 	 	 
	SECTION 9.1 Acts of Noteholders
	 	 	57	 
	SECTION 9.2 Notes Owned by Issuer and Affiliates Deemed Not Outstanding
	 	 	59	 
	 
	 	 	 	 
	ARTICLE X

	HOLDERS’ MEETINGS

	 
	 	 	 	 
	SECTION 10.1 Purposes for Which Noteholders’ Meetings May Be Called
	 	 	59	 
	SECTION 10.2 Trustee, Issuer and Noteholders May Call Meeting
	 	 	59	 

iv

 

	 	 	 	 	 
	 	 	Page
	SECTION 10.3 Persons Entitled to Vote at Meeting
	 	 	60	 
	SECTION 10.4 Determination of Voting Rights; Conduct and Adjournment of Meeting
	 	 	60	 
	SECTION 10.5 Counting Votes and Recording Action of Meeting
	 	 	61	 
	 
	 	 	 	 
	ARTICLE XI

	SUPPLEMENTAL INDENTURES

	 
	 	 	 	 
	SECTION 11.1 Supplemental Indenture with Consent of Noteholders
	 	 	61	 
	SECTION 11.2 Supplemental Indentures Without Consent of Noteholders
	 	 	62	 
	SECTION 11.3 Execution of Supplemental Indentures
	 	 	63	 
	SECTION 11.4 Effect of Supplemental Indentures
	 	 	63	 
	SECTION 11.5 Conformity with Trust Indenture Act
	 	 	63	 
	SECTION 11.6 Reference in Notes to Supplemental Indentures
	 	 	63	 
	 
	 	 	 	 
	ARTICLE XII

	SATISFACTION AND DISCHARGE

	 
	 	 	 	 
	SECTION 12.1 Satisfaction and Discharge of Notes
	 	 	64	 
	SECTION 12.2 Satisfaction and Discharge of Indenture
	 	 	65	 
	SECTION 12.3 Application of Trust Money
	 	 	65	 
	 
	 	 	 	 
	ARTICLE XIII

	DEFEASANCE

	 
	 	 	 	 
	SECTION 13.1 Issuer’s Option to Effect Defeasance or Covenant Defeasance
	 	 	66	 
	SECTION 13.2 Defeasance and Discharge
	 	 	66	 
	SECTION 13.3 Covenant Defeasance
	 	 	66	 
	SECTION 13.4 Conditions to Defeasance or Covenant Defeasance
	 	 	66	 
	SECTION 13.5
Deposited Money and U.S. Government Obligations to Be Held in Trust; Other Miscellaneous Provisions 
	 	 	68	 
	SECTION 13.6 Reinstatement
	 	 	68	 

v

 

	 	 	 	 	 
	ARTICLE XIV

	MISCELLANEOUS

	 	 	Page
	SECTION 14.1 Compliance Certificates and Opinions
	 	 	69	 
	SECTION 14.2 Form of Documents Delivered to Trustee
	 	 	69	 
	SECTION 14.3 Notices, etc. to Trustee
	 	 	70	 
	SECTION 14.4 Notices to Noteholders; Waiver
	 	 	71	 
	SECTION 14.5 Conflict with Trust Indenture Act
	 	 	71	 
	SECTION 14.6 Effect of Headings and Table of Contents
	 	 	72	 
	SECTION 14.7 Successors and Assigns
	 	 	72	 
	SECTION 14.8 Severability Clause
	 	 	72	 
	SECTION 14.9 Benefits of Indenture
	 	 	72	 
	SECTION 14.10 Legal Holidays
	 	 	72	 
	SECTION 14.11 Currency Rate Indemnity
	 	 	73	 
	SECTION 14.12 Communication by Noteholders with other Noteholders
	 	 	73	 
	SECTION 14.13 Governing Law
	 	 	73	 
	SECTION 14.14 Waiver of Jury Trial
	 	 	73	 
	SECTION 14.15 Waiver of Immunity
	 	 	74	 
	SECTION 14.16 Submission to Jurisdiction, etc.
	 	 	74	 
	SECTION 14.17 Execution in Counterparts
	 	 	75	 
	SECTION 14.18 Entire Agreement
	 	 	75	 

	 	 	 
	EXHIBIT A-1

	 	Form of Rule 144A Restricted Global Note
	EXHIBIT A-2

	 	Form of Regulation S Unrestricted Global Note
	EXHIBIT B

	 	Form of Authentication and Delivery Order
	EXHIBIT C

	 	Form of Certificate to be Delivered in Connection with Transfers Pursuant to Regulation S
	EXHIBIT D

	 	Form of Transfer Certificate for Transfer to Qualified Institutional Buyers (QIBs)

vi

 

	 	 	 
	EXHIBIT E

	 	Form of Non-Payment Notice

vii

 

CROSS-REFERENCE TABLE

	 	 	 	 	 
	TIA Section	 	Indenture Section 
	310(a)(1)
	 	 8.7

	 (a)(2)
	 	8.7
	 (a)(3)
	 	8.14
	 (a)(4)
	 	not applicable
	 (a)(5)
	 	8.7
	 (b)
	 	 	8.1(e), 8.8	(b)
	 (c)
	 	not applicable
	 
	 	 	 	 
	311(a)
	 	 	8.3	(b)
	 (b)
	 	 	8.3	(b)
	 (c)
	 	not applicable
	 
	 	 	 	 
	312(a)
	 	 2.21
	 (b)
	 	 14.12
	 (c)
	 	14.12
	 
	 	 	 	 
	313(a)
	 	 8.12
	 (b)
	 	 8.12
	 (c)
	 	8.12
	 (d)
	 	8.12
	 
	 	 	 	 
	314(a)
	 	6.9
	 (b)
	 	not applicable
	 (c)(1)
	 	14.1
	 (c)(2)
	 	14.1
	 (c)(3)
	 	not applicable
	 (d)
	 	not applicable
	 (e)
	 	 14.1
	 
	 	 	 	 
	315(a)
	 	 8.1,8.6
	 (b)
	 	 8.15
	 (c)
	 	 	8.1	(a)
	 (d)
	 	 	8.1	(b)
	 (e)
	 	 7.13
	 
	 	 	 	 
	316(a) (last sentence)
	 	  9.2
	 (a)(1)(A)
	 	 7.12
	 (a)(1)(B)
	 	 7.4
	 (a)(2)
	 	not applicable
	 (b)
	 	 7.9
	 (c)
	 	 9.1(g)
	 
	 	 	 	 
	317(a)(1)
	 	 7.6
	 (a)(2)
	 	 	7.5	(a)
	 (b)
	 	 	6.13,8.11	(e)
	 
	 	 	 	 
	318(a)
	 	 14.5

Note: This Cross-Reference Table shall not, for any purpose, be deemed to be part of this indenture.

viii

 

          INDENTURE (the “Indenture”) dated as of July 24, 2007 among AmBev International
Finance Co. Ltd. (the “Issuer”), a company incorporated with limited liability in the
Cayman Islands (“Cayman Islands”), Deutsche Bank Trust Company Americas, a New York banking
corporation, as trustee (the “Trustee”), as calculating agent (the “Calculating
Agent”) and as Paying Agent in New York (the “Paying Agent”) and Deutsche Bank
Luxembourg S.A. as paying agent and transfer agent in Luxembourg.

W I T N E S S E T H:

          WHEREAS, the Issuer is a wholly-owned subsidiary of Companhia de Bebidas das Américas — AMBEV
(the “Guarantor”), a sociedade anônima organized and existing under the laws of Brazil;

          WHEREAS, the Issuer has duly authorized the issuance of its notes in such principal amount or
amounts as may from time to time be authorized in accordance with the Indenture and is, on the date
hereof, issuing R$300,000,000 of its 9.500% Notes due 2017 under this Indenture (the “Initial
Notes”);

          WHEREAS, the Issuer has duly authorized the execution and delivery of this Indenture to
provide for the issuance of the Initial Notes and the authentication and delivery thereof by the
Trustee;

          WHEREAS, pursuant to the Registration Rights Agreement (the “Registration Rights
Agreement”), dated July 24, 2007 among the Issuer, the Guarantor and certain other parties, the
Issuer and the Guarantor have agreed to register the Initial Notes under the Securities Act and to
effect an exchange offer pursuant to which the Issuer will issue notes registered under the United
Stated Securities Act of 1933, as amended (the “Securities Act”) having identical terms as
the Initial Notes (except for restrictions on transfer) in exchange for the Initial Notes (the
“Exchange Notes”, and collectively with the Initial Notes, the “Notes”);

          WHEREAS, the Guarantor has agreed, pursuant to the Guaranty (as may be amended from time to
time, the “Guaranty”), dated as of the date hereof, between the Trustee and the Guarantor,
to provide Noteholders (as defined herein) with an irrevocable and unconditional guaranty of the
Issuer’s obligations on all Notes issued hereunder; and

          WHEREAS, all things necessary to make the Notes, when executed by the Issuer and authenticated
and delivered by the Trustee as provided in this Indenture, the valid, binding and legal
obligations of the Issuer, and to constitute these presents a valid indenture and agreement
according to its terms, have been done;

          WHEREAS, each of the parties hereto is entering into this Indenture for the benefit of the
other party and for the equal and ratable benefit of the holders of the Notes.

          NOW, THEREFORE, the parties hereto agree as follows:

 

 

ARTICLE I

DEFINITIONS AND OTHER PROVISIONS

OF GENERAL APPLICATION

          SECTION 1.1 Definitions. The following capitalized terms shall have the meanings set
forth below:

          “Act” when used with respect to any Noteholder, has the meaning set forth in Section
9.1.

          “Additional Amounts” has the meaning set forth in Section 2.16(a).

          “Additional Notes” has the meaning set forth in Section 2.3(b).

          “Affiliate” with respect to any Person, means any other Person that, directly or
indirectly, controls, is controlled by or is under common control with such Person; it being
understood that for purposes of this definition, the term “control” (including the terms
“controlling”, “controlled by” and “under common control with”) of a Person shall mean the
possession, direct or indirect, of the power to vote 10% or more of the equity or similar voting
interests of such Person or to direct or cause the direction of the management and policies of such
Person, whether through the ownership of such interests, by contract or otherwise.

          “Applicable Market Rate” means, for any Rate Determination Date, the rate determined
by the Calculation Agent (the “R$ Ptax Rate”) that is equal to the Real/U.S. dollar
exchange rate, expressed as the amount of Reais per one U.S. dollar as reported by the Central Bank
on the SISBACEN Data System under transaction code PTAX800 (“Consultas de Câmbio” or Exchange Rate
Enquiry), Option 5, “Venda” (“Cotações para Contabilidade” or Rates for Accounting Purposes) (or
any successor screen established by the Central Bank), for such Rate Determination Date and which
is available on Bloomberg by typing “BZFXPTAX<INDEX><GO>” or at the Central Bank’s
website at http://www.bcb.gov.br; provided, however, that if the Ptax Rate scheduled to be reported
on any Rate Determination Date is not reported by the Central Bank on such Rate Determination Date,
then the Applicable Market Rate will be BRL12. If the Applicable Market Rate cannot be calculated
as described above, the Calculation Agent will determine the Applicable Market Rate by reference to
the quotations received from three leading Brazilian banks as shall be selected by the Issuer in
its sole discretion (collectively, the “Reference Banks”). The quotations will be
determined in each case for such Rate Determination Date as soon as practicable after it is
determined that the Applicable Market Rate cannot be calculated as described above for such Rate
Determination Date. The Calculation Agent will ask each of the Reference Banks for quotations for
the offered Real/U.S. dollar exchange rate for the sale of U.S. dollars. The Applicable Market
Rate will be the average of the Real/U.S. dollar exchange rates obtained from the Reference Banks.
If only two quotations are obtained, the Applicable Market Rate will then be the average of the
Real/U.S. dollar exchange rates obtained from the Reference Banks. If only one quotation is
obtained, the Applicable Market Rate will be that quotation. Where no such quotations are obtained
from the Reference Banks, if the Issuer determines in its sole discretion that there are one or two
other suitable replacement banks active in the Real/U.S. dollar market, the

2

 

Calculation Agent shall ask such banks to provide such quotations and shall use such
quotations as it receives to determine the Applicable Market Rate (taking an average rate, as set
forth above, if applicable).

          “Applicable Procedures” has the meaning set forth in Section 2.12.

          “Authenticating Agent” means the Person acting as Authenticating Agent hereunder
pursuant to Section 8.11.

          “Authorized Agent” means any Paying Agent, Authenticating Agent, Calculating Agent or
Note Registrar or other agent appointed by the Trustee in accordance with this Indenture to perform
any function that this Indenture authorizes the Trustee or such agent to perform.

          “Authorized Representative” of the Issuer or any other Person means the person or
persons authorized to act on behalf of such entity by its chief executive officer, president, chief
operating officer, chief financial officer or any vice president or its Board of Directors or any
other governing body of such entity.

          “Authorized Signatory” means any officer of the Trustee or any other individual who
shall be duly authorized by appropriate corporate action on the part of the Trustee to authenticate
Notes.

          “Board of Directors” when used with respect to a corporation, means either the board
of directors of such corporation or any committee of that board duly authorized to act for it, and
when used with respect to a limited liability company, partnership or other entity other than a
corporation, any Person or body authorized by the organizational documents or by the voting equity
owners of such entity to act for them, including, in the case of a Brazilian corporation (sociedade
anônima) or limited liability company (sociedade limitada), such corporation’s conselho de
administração and diretoria or such limited liability company’s administrador(es).

          “Board Resolution” means, when used with respect to a corporation, a copy of a
resolution certified by the secretary or an assistant secretary of such corporation to have been
adopted by the Board of Directors of such corporation and to be in full force and effect on the
date of such certification.

          “Brazil” means the Federative Republic of Brazil.

          “Brazilian GAAP” means the generally accepted accounting practices adopted in Brazil
determined in accordance with the Brazilian corporate law.

          “BRL12” means the EMTA BRL Industry Survey Rate (BRL12), which is the final Real/U.S.
dollar specified rate of U.S. dollars, expressed as the amount of Reais per one U.S. dollar,
published on EMTA’s website (www.emta.org) for the Rate Determination Date. BRL12 is calculated by
EMTA (or a service provider EMTA may select in its sole discretion) using the EMTA BRL Industry
Survey Methodology dated as of March 1, 2004, as amended from time to time, pursuant to which (as
of the date of this offering memorandum) EMTA

3

 

conducts a twice-daily survey of up to 15 Brazilian financial institutions that are active
participants in the Real/U.S. dollar spot market, with a required minimum participation of at least
five financial institutions.

          “Business Day” means a day, other than a Saturday or Sunday, on which commercial banks
and foreign exchange markets are open, or not authorized to close, in the City of New York;
provided, however, that solely for the purposes of determining the Applicable Market Rate,
“business day” means a day, other than a Saturday or Sunday, on which commercial banks and foreign
exchange markets are open, or not authorized to close, in the City of São Paulo, Brazil, and the
City of New York.

          “Calculating Agent” means the person named as Calculating Agent in the preamble to
this Indenture and its successors and assigns.

          “Clearstream” means Clearstream Banking, société anonyme.

          “Closing Date” means July 24, 2007, being the date that the Initial Notes are issued
hereunder, representing the initial issuance under this Indenture.

          “Consolidated Net Tangible Assets” means the total amount of assets of the Guarantor
and its consolidated Subsidiaries (less applicable depreciation, amortization and other valuation
reserves), except to the extent resulting from write-ups of capital assets, after deducting
therefrom (i) all current liabilities of the Guarantor and its consolidated Subsidiaries (excluding
intercompany items) and (ii) all goodwill, trade names, trademarks, patents, unamortized debt
discount and expense and other like intangibles, all as set forth on the most recent financial
statements of the Guarantor.

          “Corporate Trust Office” means the principal office of the Trustee or Note Registrar
at which the corporate trust business of the Trustee or Note Registrar, as the case may be, shall
at any particular time be principally administered, which at the time of the execution of this
Indenture is, in each case, located at 60 Wall Street, MS-2710, New York, New York 10005.

          “Covenant Defeasance” has the meaning set forth in Section 13.3.

          “Custodian” has the meaning set forth in Section 2.5(e).

          “CUSIP” means the CUSIP Service Bureau.

          “Default” means an event or condition that, with the giving of notice, the lapse of
time or failure to satisfy certain specified conditions, or any combination thereof, would become
an Event of Default if not cured or remedied.

          “Default Rate” has the meaning set forth in Section 2.7(b).

          “Defeasance” has the meaning set forth in Section 13.2.

          “Denomination Currency” has the meaning set forth in Section 14.11.

4

 

          “Distribution Compliance Period” means, with regard to Notes offered and sold in their
initial distribution outside the United States in reliance on Regulation S, the period of 40
consecutive days beginning on the later of (a) the date on which the Notes are first offered to
persons other than distributors (as defined in Regulation S) in reliance on Regulation S (according
to a written notice to the Trustee by the initial purchasers thereof) and (b) the date on which the
Notes are initially issued, authenticated and sold.

          “Early Tax Redemption” has the meaning set forth in Section 4.2(a).

          “Early Tax Redemption Date” has the meaning set forth in Section 4.2(b).

          “Early Tax Redemption Price” has the meaning set forth in Section 4.2(b).

          “Environmental Laws” means all applicable federal, state and local statutes, rules,
regulations, ordinances, orders, decrees and common law, including any of the forgoing in any
foreign jurisdiction, relating in any manner to contamination, pollution or protection of human
health or the environment.

          “Euroclear” means Euroclear Bank S.A./N.V., as operator of the Euroclear System, N.V.

          “Event of Default” has the meaning set forth in Section 7.1.

          “Exchange Act” means the United States Securities Exchange Act of 1934, as amended and
in effect from time to time.

          “Exchange Global Note” has the meaning set forth in Section 2.5(c).

          “Exchange Notes” has the meaning set forth in the preamble to this Indenture.

          “Exchange Offer” means an offer by the Issuer, pursuant to the Registration Rights
Agreement, to holders of the Initial Notes to issue and deliver to such holders, in exchange for
their Initial Notes, a like aggregate principal amount of Exchange Notes registered under the
Securities Act.

          “Excluded Additional Amounts” has the meaning set forth in Section 2.16(a).

          “Fitch” means Fitch, Inc.

          “Global Note” has the meaning set forth in Section 2.5(c).

          “Governmental Approval” means any authorization, consent, approval, order, license,
franchise, ruling, permit, certification, waiver, exemption, filing or registration by or with any
Governmental Authority (including, without limitation, environmental approvals, zoning variances,
special exceptions and non-conforming uses) relating to the execution, delivery or performance of
any Transaction Document.

5

 

          “Governmental Authority” means any regulatory, administrative or other legal body, any
court, tribunal or authority or any public legal entity or public agency of Brazil or the United
States of America or any other jurisdiction whether created by federal, provincial or local
government, or any other legal entity now existing or hereafter created, or now or hereafter
controlled, directly or indirectly, by any public legal entity or public agency of any of the
foregoing.

          “Grace Period” means, in respect of each Payment Date, the 30 calendar day grace
period for the payment of interest specified in Section 7.1(b) hereto.

          “Guarantor” has the meaning set forth in the preamble to this Indenture.

          “Guaranty” has the meaning set forth in the preamble of this Indenture.

          “Hedge Agreements” means interest rate protection agreements, interest rate swaps, cap
or collar agreements, interest rate future or option contracts, currency swap agreements, currency
future or option contracts and other similar agreements.

          “Indebtedness” of any Person means, without duplication,

     (i) indebtedness of such Person for borrowed money;

     (ii) all obligations issued, undertaken or assumed as the deferred purchase price of
property or services (other than trade accounts payable for which there is no interest due
and payable (other than default interest) according to the terms of such obligations and
which are incurred in the ordinary course of such Person’s business but only if and for so
long as the same remain payable on customary trade terms);

     (iii) all reimbursement or payment obligations of such Person with respect to letters
of credit, bankers’ acceptances, surety bonds and similar instruments, except for
reimbursement or payment obligations with respect to letters of credit (including trade
letters of credit) securing obligations (other than obligations described in (i) above or
(iv), (vii) or (viii) below) entered into in the ordinary course of business of such Person
to the extent such letters of credit are not drawn upon or, if drawn upon, to the extent
such drawing is reimbursed no later than the fifth Business Day following receipt by such
Person of a demand for reimbursement);

     (iv) all obligations of such Person evidenced by notes, bonds, debentures or similar
instruments, including obligations so evidenced incurred in connection with the acquisition
of property, assets or businesses;

     (v) all indebtedness of such Person created or arising under any conditional sale or
other title retention agreement, or incurred as financing, in either case with respect to
property acquired by such Person (even though the rights and remedies of the seller or
lender under such agreement in the event of default are limited to repossession or sale of
such property);

     (vi) all net obligations of such Person with respect to Hedge Agreements;

     (vii) all direct or indirect guaranties in respect of, and all obligations (contingent
or otherwise) of such Person to purchase or otherwise acquire, or otherwise

6

 

assure a creditor against loss in respect of, any indebtedness referred to in clauses
(i) through (vi) above; and

     (viii) all indebtedness referred to in clauses (i) through (vii) above secured by (or
for which the holder of such indebtedness has an existing right, contingent or otherwise, to
be secured by) any Lien upon or in property (including accounts and contract rights) owned
by such Person, even though such Person has not assumed or become liable for the payment of
such indebtedness.

          “Indenture” has the meaning set forth in the preamble to this Indenture.

          “Initial Notes” has the meaning set forth in the preamble to this Indenture.

          “Initial Purchasers” means Citigroup Global Markets Inc. and Credit Suisse Securities
(USA) LLC acting as such pursuant to the Purchase Agreement.

          “Interest Payment Dates” has the meaning set forth in Section 2.7.

          “Interest Period” means the period beginning on an Interest Payment Date and ending on
the day before the next Interest Payment Date.

          “Issuer” has the meaning set forth in the preamble to this Indenture.

          “Issuer Order” means a written request or order signed in the name of the Issuer by
one or more of its Authorized Representatives and, in the case of an Issuer Order given pursuant to
Section 2.2, substantially in the form of Exhibit B.

          “Judgment Currency” has the meaning set forth in Section 14.11.

          “Law” means any constitutional provision, law, statute, rule, regulation, ordinance,
treaty, order, decree, judgment, decision, certificate, holding, injunction, enforceable at law or
in equity, along with the interpretation and administration thereof by any Governmental Authority
charged with the interpretation or administration thereof.

          “Legend” has the meaning set forth in Section 2.12(k).

          “Lien” means any mortgage, pledge, security interest, aval, encumbrance, lien or
charge of any kind (including, without limitation, any conditional sale or other title retention
agreement or lease in the nature thereof or any agreement to give any security interest).

          “Luxembourg Paying Agent” has the meaning set forth in Section 8.11(i).

          “Luxembourg Transfer Agent” has the meaning set forth in Section 8.11(i).

          “Majority Noteholders” means the holders of more than 50% in aggregate principal
amount of the Notes then Outstanding at any time.

          “Material Adverse Effect” means a material adverse effect on (a) the condition
(financial or otherwise), results of operation, or prospects of the Guarantor and its Subsidiaries,

7

 

taken as a whole, (b) the ability of the Issuer to perform its material obligations under this
Indenture or any other Transaction Document, or (c) the rights of the Trustee, acting on behalf of
the holders of the Notes, or such holders, under any of the Transaction Documents.

          “Material Subsidiary” means any direct or indirect Subsidiary of the Guarantor with
total assets of more than U.S.$400,000,000 (or its equivalent in another currency) as set forth on
the consolidated financial statements of the Guarantor as of the end of the most recent fiscal
year.

          “Maturity Date” has the meaning set forth in Section 2.6.

          “Non-U.S. Person” means any person who is not a “U.S. Person” as defined in Regulation
S under the Securities Act.

          “Noteholder” means a Person in whose name a Note is registered in the Note Register.

          “Note Rate” means, for any Interest Period, a rate per annum equal to that set forth
in Section 2.7 hereof, as in effect on the Closing Date without any increase as contemplated in the
Registration Rights Agreement.

          “Note Register” has the meaning set forth in Section 2.12.

          “Note Registrar” means any Person acting as Note Registrar pursuant to Section 2.12.

          “Notes” has the meaning set forth in the preamble to this Indenture.

          “Officer’s Certificate” means a certificate of an Authorized Representative of the
Issuer in compliance with the requirements of Section 14.1.

          “Opinion of Counsel” means a written opinion of United States counsel in compliance
with the requirements of Section 14.1 hereof from any Person either expressly referred to herein or
otherwise reasonably satisfactory to the Trustee which may include, without limitation, counsel for
the Issuer or the Guarantor, whether or not such counsel is an employee of the Issuer or the
Guarantor, as applicable.

          “Outstanding”, when used with respect to Notes or any principal amount thereof, means,
as of the date of determination, all Notes theretofore authenticated and delivered under this
Indenture, except:

     (i) Notes theretofore cancelled by the Trustee or delivered to the Trustee for
cancellation;

     (ii) Notes for which redemption money in the necessary amount has been theretofore
deposited in trust with the Trustee; provided that if such Notes are to be redeemed prior to
the maturity thereof, notice of such redemption has been duly given pursuant to Article III
or provision therefor satisfactory to the Trustee has been made;

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     (iii) Notes or portions thereof deemed to have been paid within the meaning of Section
12.1;

     (iv) Notes as to which defeasance has been effected pursuant to Article XIII; and

     (v) Notes which have been paid pursuant to Section 2.13 or that have been exchanged for
other Notes or Notes in lieu of which other Notes have been authenticated and delivered
pursuant to this Indenture other than any Notes in respect of which there shall have been
presented to the Trustee proof satisfactory to it that such Notes are held by a bona fide
purchaser in whose hands such Notes constitute valid obligations of the Issuer;

provided, however, that in determining whether the Noteholders of the requisite principal amount of
the Outstanding Notes have given any request, demand, authorization, direction, notice, consent or
waiver hereunder, Notes owned by the Issuer, the Guarantor or any of their Subsidiaries or
Affiliates shall be disregarded and deemed not to be Outstanding, except that, in determining
whether the Trustee shall be protected in relying upon any such request, demand, authorization,
direction, notice, consent or waiver, only Notes of which the Trustee knows to be so owned shall be
so disregarded. Notes so owned which have been pledged in good faith may be regarded as
Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right to
act with respect to such Notes and that the pledgee is not the Issuer, the Guarantor or a
Subsidiary thereof or any Affiliate of the Issuer the Guarantor or any Subsidiary thereof.

          “Paying Agent” means the person named as Paying Agent in the preamble to this
Indenture and its successors and assigns.

          “Payment Account” means the account contemplated in Section 3.1 hereof.

          “Payment Date” means any of the Interest Payment Dates, the Maturity Date, or any
other date on which payments on the Notes in respect of principal, interest or other amounts,
including as a result of any acceleration of the Notes, are required to be paid pursuant to this
Indenture and the Notes.

          “Person” means an individual, partnership, corporation, limited liability company,
business trust, joint stock company, trust, unincorporated association, joint venture or any nation
or government, any state, province or other political subdivision thereof, any central bank (or
similar monetary or regulatory authority) thereof, and any entity exercising executive,
legislative, judicial, regulatory or administrative functions of or pertaining to government.

          “Place of Payment”, when used with respect to the Notes, means the office or agency of
the Trustee maintained pursuant to Section 8.11 and such other place or places, if any, where the
principal of and interest on the Notes are payable as specified herein.

          “Predecessor Notes”, with respect to any particular Note, means any previous Note
evidencing all or a portion of the same debt as that evidenced by such particular Note; for the
purposes of this definition, any Note authenticated and delivered under Section 2.14 in lieu of

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a lost, destroyed or stolen Note shall be deemed to evidence the same debt as the lost,
destroyed or stolen Note.

          “Process Agent” has the meaning set forth in Section 14.16(b).

          “Purchase Agreement” means the Purchase Agreement, dated as of July  , 2007 among
the Issuer, the Guarantor and the Initial Purchasers.

          “QIB” means a qualified institutional buyer as defined in Rule 144A under the
Securities Act.

          “Rate Determination Date” means the third Business Day preceding each scheduled
interest or principal payment date or the third Business Day preceding the date on which any
payment is made in respect of the Notes following an acceleration of the maturity of the Notes.

          “Rating Agencies” means S&P and Fitch.

          “Real”, “Reais” or “R$” means the legal currency of Brazil.

          “Record Date” means, with respect to any payment to be made on an Interest Payment
Date, the Business Day that is ten Business Days prior to such Interest Payment Date.

          “Registered Depositary” means The Depository Trust Company, having a principal office
at 55 Water Street, New York, New York 10041-0099, together with any Person succeeding thereto by
merger, consolidation or acquisition of all or substantially all of its assets, including
substantially all of its securities payment and transfer operations.

          “Registration Rights Agreement” has the meaning set forth in the preamble to this
Indenture.

          “Regulation S” means Regulation S promulgated under the Securities Act, as amended and
in effect from time to time.

          “Regulation S Note” means a Note, including a Regulation S Unrestricted Global Note,
required to bear the Restrictive Legend applicable to Regulation S Notes provided for in Exhibit
A-2.

          “Regulation S Unrestricted Global Note” has the meaning set forth in Section 2.5.

          “Responsible Officer”, when used with respect to the Trustee, means any officer in the
Corporate Trust Office (or any successor group of the Trustee) including any managing director,
director, vice president, assistant vice president or any other officer of the Trustee customarily
performing functions similar to those performed by the persons who at the time shall be such
officers, respectively, or to whom any corporate trust matter is referred because of his knowledge
and familiarity with the particular subject and who shall have direct responsibility for the
administration of this Indenture.

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          “Restricted Note” means a Note, including a Rule 144A Restricted Global Note, required
to bear the Restrictive Legend applicable to Restricted Notes provided for in Exhibit A-1.

          “Restrictive Legend ” means the legends required by the forms of Note attached hereto
as Exhibit A-1 and A-2.

          “Rule 144” means Rule 144 promulgated under the Securities Act, as amended and in
effect from time to time.

          “Rule 144A” means Rule 144A promulgated under the Securities Act, as amended and in
effect from time to time.

          “Rule 144A Restricted Global Note” has the meaning set forth in Section 2.5(a) hereof.

          “Securities Act” has the meaning set forth in the preamble to this Indenture.

          “SEC” means the Securities and Exchange Commission.

          “S&P” means Standard & Poor’s.

          “Subsidiary” means, as to any Person, a corporation, company, partnership or other
entity of which shares of stock or other ownership interests having ordinary voting power (other
than stock or such other ownership interests having such power only by reason of the happening of a
contingency) to elect a majority of the Board of Directors (or similar governing body) of such
corporation, company, partnership or other entity are at the time owned, or the management of which
is otherwise controlled, directly or indirectly, through one or more intermediaries, or both, by
such Person. Unless otherwise specified, all references to a “Subsidiary” or to
“Subsidiaries” in this Agreement shall refer to a Subsidiary or Subsidiaries of the
Guarantor.

          “Successor Company” has the meaning set forth in Section 6.8.

          “Tax” has the meaning set forth in Section 2.16(a).

          “Taxing Jurisdiction” has the meaning set forth in Section 2.16(a).

          “Transaction Documents” means, collectively, this Indenture, the Notes, the Guaranty,
the Registration Rights Agreement, the application for listing of the Notes with the Luxembourg
Stock Exchange and the DTC Letter of Representations completed by the Issuer in connection with the
Notes.

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

          “Trustee” means the person named as the “Trustee” in the preamble to this Indenture
and its successors and assigns.

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          “United States” or “U.S.” means the United States of America.

          “U.S. GAAP” means generally accepted accounting principles in effect in the United
States applied on a basis consistent with the principles, methods, procedures and practices
employed in the preparation of the audited financial statements, including, without limitation,
those set forth in the opinions and pronouncements of the Accounting Principles Board of the
American Institute of Certified Public Accountants and statements and pronouncements of the
Financial Accounting Standards Board or in such other statements by such other entity as approved
by a significant segment of the accounting profession.

          SECTION 1.2 Construction. For all purposes of this Indenture (and for all purposes
of any other Transaction Document or any other instrument or agreement that incorporates provisions
of this Indenture by reference), except as otherwise expressly provided or unless the context
otherwise requires:

          (a) the terms defined in this Article have the meanings assigned to them in this Article I,
and include the plural as well as the singular;

          (b) all other terms used herein that are defined in the Trust Indenture Act, either directly
or by reference therein, have the meanings assigned to them therein;

          (c) except as otherwise expressly provided herein, (i) all accounting terms used herein shall
be interpreted, (ii) all financial statements and all certificates and reports as to financial
matters required to be delivered to the Trustee hereunder shall be prepared and (iii) all
calculations made for the purposes of determining compliance with this Indenture shall (except as
otherwise expressly provided herein) be made in accordance with, or by application of, Brazilian GAAP;

          (d) unless otherwise specified, all references in this Indenture (including the Appendices and
Schedules hereto) to designated “Articles”, “Sections” and other subdivisions are to the designated
Articles, Sections and other subdivisions of this Indenture;

          (e) the words “herein”, “hereof” and “hereunder” and other words of similar import refer to
this Indenture as a whole and not to any particular Article, Section or other subdivision;

          (f) unless the context clearly indicates otherwise, pronouns having a masculine or feminine
gender shall be deemed to include the other;

          (g) unless otherwise expressly specified, any agreement, contract or document defined or
referred to herein shall mean such agreement, contract or document as in effect as of the date
hereof, as the same may thereafter be amended, supplemented or otherwise modified from time to time
in accordance with the terms of this Indenture and the other Transaction Documents and shall
include any agreement, contract, instrument or document in substitution or replacement of any of
the foregoing entered into in accordance with the terms of this Indenture and the other Transaction
Documents;

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          (h) any reference to any Person shall include its permitted successors and assigns in
accordance with the terms of this Indenture and the other Transaction Documents including, in the
case of any Governmental Authority, any Person succeeding to its functions and capacities; and

          (i) unless the context clearly requires otherwise, references to “Law” or to any particular
Law shall include Laws or such particular Law as in effect at each, every and any of the times in
question, including any amendments, replacements, supplements, extensions, modifications,
consolidations, restatements, revisions or reenactments thereto or thereof, and whether or not in
effect at the date of this Indenture.

ARTICLE II

THE NOTES

          SECTION 2.1 Designation. (a) There is hereby created a series of “9.500% Notes due 2017”
in the aggregate principal amount of R$300,000,000 which are to be issued pursuant to this
Indenture.

          (b) Each Note shall constitute Indebtedness of the Issuer payable out of the Issuer’s general
assets and properties. The Notes shall be direct unsecured and unsubordinated Indebtedness of the
Issuer and shall at all times rank pari passu among themselves and at least equal in right of
payment with all of the Issuer’s other present and future unsubordinated, unsecured Indebtedness
from time to time outstanding (other than obligations preferred by statute or by operation of law).

          SECTION 2.2 Authentication and Delivery of Notes. (a) Any time and from time to time
after the execution and delivery of this Indenture, the Issuer may deliver Notes executed by the
Issuer to the Trustee for authentication, together with an Issuer Order for the authentication and
delivery of such Notes, and the Trustee shall thereupon authenticate and make available for
delivery such Notes in accordance with such Issuer Order, without any further action by the Issuer.

          (b) No Note shall be secured by or entitled to any benefit under this Indenture or be valid or
obligatory for any purpose unless there appears on such Note a certificate of authentication, in
the form provided for in Section 2.4 hereof, executed by the Trustee by the manual signature of any
Authorized Signatory, and such certificate upon any Notes shall be conclusive evidence, and the
only evidence, that such Note has been duly authenticated and delivered thereunder.

          (c) The Trustee shall have the right to decline to authenticate and deliver the Notes under
this Section 2.2 if the Trustee, after receipt of an Opinion of Counsel, determines that such
action may not lawfully be taken by the Issuer or the Trustee or if the Trustee in good faith by
its Board of Directors, board of trustees, executive committee, a trust committee of directors or
trustees or Responsible Officer shall determine that such action does not comply with the
provisions of this Indenture or any document or instrument delivered in connection

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herewith, or could expose the Trustee to personal liability. Prior to the authentication and
delivery of the Notes, the Trustee shall also receive such other funds, accounts, documents,
certificates, instruments or opinions as may be required thereunder or it may request in order to
provide it with assurances that all action necessary in connection therewith has been taken.

          (d) Notwithstanding the foregoing, if any Note shall have been authenticated and delivered
hereunder but never issued or sold by the Issuer, and the Issuer shall deliver such Note to the
Trustee for cancellation as provided in Section 2.18 together with a written statement (which need
not comply with Section 14.2 and need not be accompanied by an Opinion of Counsel) stating that
such Note has never been issued or sold by the Issuer, for all purposes of this Indenture such Note
shall be deemed never to have been authenticated and delivered hereunder and shall never have been
or be entitled to the benefits hereof.

          SECTION 2.3 Aggregate Amount; Additional Notes. (a) The aggregate principal amount of
Notes that may be authenticated and delivered under this Indenture is unlimited.

          (b) Additional notes of the same series as the Notes (such additional notes being
“Additional Notes”) may be issued from time to time under this Indenture so long as, on the
date of issuance of such Additional Notes: (i) the requirements of Section 2.2 have been complied
with, (ii) no Default or Event of Default shall have occurred and then be continuing or shall occur
as a result of the issuance of such Additional Notes, (iii) such Additional Notes shall rank pari
passu with the Notes referred to in Section 2.1 and shall have equivalent terms and benefits as the
Notes and shall be part of the same series as the Notes except for the original issuance date, (iv)
the Issuer and the Trustee shall have executed and delivered a supplemental indenture to this
Indenture providing for the issuance of such Additional Notes and reflecting such amendments to
this Indenture as may be required to reflect the increase in aggregate principal amount of the
Notes resulting from the issuance of such Additional Notes, (v) the Guarantor and the Trustee shall
have executed and, contemporaneously with the issuance of such Additional Notes, delivered an
amended and restated Guaranty reflecting the increase in the aggregate principal amount of the
Notes resulting from the issuance of such Additional Notes, (vi) in the event that the Issuer and
the Guarantor have not satisfied in full their obligations under the Registration Rights Agreement,
the Issuer, the Guarantor and the Initial Purchasers shall have executed and, contemporaneously
with the issuance of such Additional Notes, delivered an amendment to the Registration Rights
Agreement reflecting the increase in the aggregate principal amount of the Notes resulting from the
issuance of such Additional Notes, and (vii) the Trustee shall have received all such opinions and
other documents as it shall have reasonably requested.

          (c) All Additional Notes issued hereunder will, when issued, be considered Notes for all
purposes hereunder and will be subject to and take benefit of all the terms, conditions and
provisions of this Indenture.

          SECTION 2.4 Form of Trustee’s Authentication. The Trustee’s certificate of authentication
on all Notes shall be in substantially the following form:

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          “This Note is one of the Notes referred to in the within-mentioned Indenture.

	 	 	 	 	 	 	 
	 	 	Deutsche Bank Trust Company Americas,
	 
	 	 	 	 	 	 
	 

	 	   as Trustee
	 	 
	 
	 	 	 	 	 	 
	 	 	By:	 Deutsche Bank National Trust Company
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Authorized Signatory	 	 

          SECTION 2.5 Form of the Notes. (a) Notes offered and sold in reliance on Rule 144A
will be initially represented by one or more, permanent Global Notes (in substantially the form of
Exhibit A-1) in definitive, fully registered book-entry form without interest coupons
(collectively, the “Rule 144A Restricted Global Note”) which will be registered in the name
of a nominee of the Registered Depositary and deposited on behalf of the purchasers of the Notes
represented thereby with a custodian for the Registered Depositary for credit to the respective
accounts of such purchasers (or to such other accounts as they may direct) at the Registered
Depositary. The aggregate principal amount of the Rule 144A Restricted Global Note may from time
to time be increased or decreased by adjustments made on the records of the Note Registrar and the
Registered Depositary as hereinafter provided.

          (b) Notes offered and sold in reliance on Regulation S will be initially represented by one or
more permanent Global Notes without interest coupons (in substantially the form of Exhibit A-2) in
definitive, fully registered book-entry form (collectively, the “Regulation S Unrestricted
Global Note”) which will be registered in the name of a nominee of the Registered Depositary
and deposited on behalf of the purchasers of the Notes represented thereby with a custodian for the
Registered Depositary for credit to the respective accounts of such purchasers (or to such other
accounts as they may direct) at Euroclear or Clearstream. The aggregate principal amount of the
Regulation S Unrestricted Global Note may from time to time be increased or decreased by
adjustments made on the records of the Note Registrar and the Registered Depositary as hereinafter
provided.

          (c) Exchange Notes exchanged for interests in the Rule 144A Restricted Global Note, the
Regulation S Unrestricted Global Note or any Initial Notes in definitive form will be issued in the
form of one or more permanent Global Notes (in substantially the form of Exhibit A-1 or A-2, as
applicable, but without the restrictive legend) in definitive, fully registered book-entry form
(collectively, the “Exchange Global Notes”; and together with the Rule 144A Restricted
Global Note and the Regulation S Unrestricted Global Note, the “Global Notes”), which will
be registered in the name of a nominee of DTC and deposited on behalf of the purchasers of the
Notes represented thereby with a custodian for DTC for credit to the respective accounts of such
purchasers (or such accounts as they may direct).

          (d) The Notes shall be in registered form and may have such letters, numbers or other marks of
identification and such legends or endorsements printed, lithographed, engraved, typewritten or
photocopied thereon as may be required to comply with the rules of any securities exchange upon
which the Notes are to be listed or to conform to any usage in respect thereof, or as may,
consistently herewith, be prescribed by the Board of Directors of the Issuer or by the

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Authorized Representative executing such Notes, such determination by said Authorized
Representative to be evidenced by its signing the Notes.

          (e) The Notes may be issued in the form of (a) definitive Notes under the circumstances
described in Sections 2.12(c), (d) and (e) hereto or (b) one or more Global Notes. Notes issued in
definitive form shall be registered in the name or names of such Persons and for the principal
amounts as the Issuer may request. The Issuer initially appoints the Registered Depositary to act
as depositary for the Global Notes. Notes issued in the form of a Global Note shall be registered
in the name of the Registered Depositary or its nominee. In the event any of the Notes are issued
in a transaction under Rule 144A of the Securities Act, any such Person shall purchase such Notes
in transactions complying with Rule 144A under the Securities Act. The Trustee, as custodian
(“Custodian”), will act as custodian of each Global Note for the Registered Depositary or
appoint a sub-custodian to act in such capacity. So long as the Registered Depositary or its
nominee is the registered owner of the Global Note, it shall be considered the holder of the Notes
represented thereby for all purposes hereunder and under the Global Note. None of the Issuer, the
Trustee or any Paying Agent shall have any responsibility or liability for any aspect of the
records relating to or payments made by the Registered Depositary on account of beneficial
interests in the Global Note. Interests in the Global Note shall be transferred on the Registered
Depositary’s book-entry settlement system.

          (f) At such time as all beneficial interests in a particular Global Note have been exchanged
for Notes in definitive form or a particular Global Note has been redeemed, repurchased or canceled
in whole and not in part, such Global Note shall be returned to or retained and canceled by the
Trustee in accordance with Section 2.18. 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 in the form of Notes in
definitive form, the principal amount of Notes represented by such Global Note shall be reduced
accordingly and an endorsement shall be made on such Global Note by the Trustee or by the
Registered 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 shall
be increased accordingly and an endorsement shall be made on such Global Note by the Trustee or by
the Registered Depositary at the direction of the Trustee to reflect such increase.

          (g) The forms of Notes may have such appropriate insertions, omissions, substitutions and
other variations as are required or permitted by this Indenture and may have such letters, numbers
or other marks of identification and such legends or endorsements placed thereon as may, consistent
herewith, be applicable thereto or determined by officers of the Issuer executing such Notes, as
evidenced by their execution thereof. Any portion of the text of any Note may be set forth on the
reverse thereof, with an appropriate reference thereof on the face of the Note. If the Notes
conflict or are inconsistent with the provisions of the Indenture, then this Indenture shall
control.

          SECTION 2.6 Maturity of the Notes. The Notes shall mature on July 24, 2017 (the
“Maturity Date”).

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          SECTION 2.7 Interest. (a) Interest shall accrue on the Notes at the rate of 9.500%
per annum for each Interest Period (the “Note Rate”), provided that if the Issuer and the
Guarantor shall have failed to have an effective registration statement in respect of the Notes
declared effective by the SEC pursuant to the Registration Rights Agreement prior to November 30,
2008 the Note Rate shall be increased for all purposes hereunder to 10.000% per annum (0.50% above
the interest rate on the Initial Notes at the Closing Date) until such time as such registration
statement shall have been declared effective as contemplated in the Registration Rights Agreement,
in which case the Note Rate shall decrease to the rate stated above. All interest shall be paid by
the Issuer to the Trustee and distributed by the Trustee in accordance with this Indenture
semiannually in arrears on January 24 and July 24 of each year (or if such date is not a Business
Day, the next succeeding Business Day following such day) during which any portion of the Notes
shall be Outstanding (each, an “Interest Payment Date”), commencing on January 24, 2008, to
the Person in whose name a Note is registered at the close of business on the preceding Record
Date. Interest shall be calculated based on a 360-day year of twelve 30-day months.
Notwithstanding anything herein to the contrary, interest on the Notes at the Note Rate shall
continue to accrue in the event such interest is not paid on the scheduled Interest Payment Date or
the Maturity Date (or earlier as contemplated in Section 2.15).

          (b) Upon the occurrence and during the continuation of a Default under Sections 7.1(a) and
(b), (i) interest shall accrue on the Notes at a rate equal to 1.0% per annum above the Note Rate
(the “Default Rate”) and (ii) without giving effect to the applicable grace period, to the
fullest extent permitted by law, interest shall accrue on the amount of any interest, fee,
Additional Amounts, or other amount payable under this Indenture and the Notes that is not paid
when due, from the date such amount was due until such amount shall be paid in full, excluding the
date of payment, at a rate equal to the Default Rate.

          SECTION 2.8 Record Date. The Trustee may treat the Person in whose name any Note is
registered on the applicable Record Date as the Noteholder for all purposes under this Indenture.

          SECTION 2.9 Issuance. The Initial Notes shall be issued only in a transaction exempt
from registration under the Securities Act to (a) Persons and entities that are “qualified
institutional buyers” pursuant to Rule 144A under the Securities Act, and (b) other permitted
Persons or entities pursuant to Regulation S under the Securities Act. The Notes shall be subject
to restrictions on transfer and resale as provided in Section 2.12 hereof.

          SECTION 2.10 Denominations, etc. The Notes shall be issued only in fully registered
form, without coupons and as otherwise provided herein. Notes sold pursuant to both Rule 144A and
Regulation S shall be issued in the form of beneficial interests in one or more Global Notes in
minimum denominations of R$250,000 and integral multiples of R$1,000 in excess thereof. Beneficial
interests in any Global Notes shall be shown on, and transfers thereof shall be effected only
through, the book-entry records maintained by the Registered Depositary and its participants.
Notes issued in physical, certificated form shall not be permitted to be traded through the
facilities of the Registered Depositary, except in connection with a transfer of a Note in
certificated form to a transferee that takes delivery in the form of beneficial interests in a
Global Note pursuant to Rule 144A or Regulation S, as the case may be.

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          SECTION 2.11 Execution of Notes. (a) The Notes shall be executed on behalf of the
Issuer by one of its Authorized Representatives. The signature of any such officers on the Notes
may be manual or facsimile. Notes bearing the manual or facsimile signatures of individuals who
were, at the time such signatures were affixed, the proper officers of the Issuer shall bind the
Issuer, notwithstanding that such individuals or any of them have ceased to hold such offices prior
to the authentication and delivery of such Notes or did not hold such offices at the date of such
Notes.

          (b) Pending the preparation of definitive Notes as contemplated in Section 2.12, the Issuer
may execute, and upon instructions from the Issuer, the Trustee shall authenticate and deliver,
temporary Notes that are printed, lithographed, typewritten, mimeographed or otherwise reproduced,
in any authorized denomination, substantially of the tenor of the definitive Notes in lieu of which
they are issued and with such appropriate insertions, omissions, substitutions and other variations
as the Authorized Representatives executing such Notes may determine, as conclusively evidenced by
their execution of such Notes.

          (c) Following the issuance of temporary Notes, the Issuer will cause definitive Notes to be
prepared without unreasonable delay. The definitive Notes shall be printed, lithographed or
engraved, or provided by any combination thereof, or in any other manner permitted by the rules and
regulations of any applicable securities exchange, all as determined by the Authorized
Representatives executing such definitive Notes. After the preparation of definitive Notes, the
temporary Notes shall be exchangeable for definitive Notes upon surrender of the temporary Notes at
the office or agency maintained by the Issuer for such purpose pursuant to Section 8.11, without
charge to the Noteholder. Upon surrender for cancellation of any one or more temporary Notes, the
Issuer shall execute, and the Trustee shall authenticate and deliver, in exchange therefor the same
aggregate principal amount of definitive Notes of authorized denominations. Until so exchanged,
the temporary Notes shall in all respects be entitled to the same benefits under this Indenture as
definitive Notes.

          SECTION 2.12 Registration; Restrictions on Transfer and Exchange. (a) The Issuer
shall cause to be kept at the Corporate Trust Office of the Note Registrar a register which,
subject to such reasonable regulations as the Issuer may prescribe, shall provide for the
registration of Notes and for the registration of transfers and exchanges of Notes. This register
and, if there shall be more than one Note Registrar, the combined registers maintained by all such
note registrars, are herein sometimes referred to as the “Note Register”. The Trustee is
hereby appointed the initial Note Registrar for the purpose of registering Notes and transfers and
exchanges of Notes as herein provided. Upon any resignation or removal of the Note Registrar, the
Issuer shall promptly appoint a successor, or in the absence of such appointment, assume the duties
of such Note Registrar. The Issuer may appoint one or more co-registrars.

          (b) If a Person other than the Trustee is appointed by the Issuer as Note Registrar, the
Issuer will give the Trustee prompt written notice of the appointment of a Note Registrar and of
the location, and any change in the location of the Note Register, and the Trustee shall have the
right to inspect the Note Register at all reasonable times and to obtain copies thereof, and the
Trustee shall have the right to rely upon such Note Register as to the names and addresses of the
Noteholders and the principal amounts and numbers of such Notes.

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          (c) Any Global Note deposited with the Registered Depositary shall be exchanged for definitive
Notes, without coupons, and delivered to and registered in the name of Persons named by the
Registered Depositary, rather than to the nominee for the Registered Depositary, if (i) the Issuer
advises the Trustee in writing that the Registered Depositary is no longer willing or able to
discharge properly its responsibilities as Registered Depositary with respect to the Notes and the
Issuer is unable to appoint a qualified successor, or that the Registered Depositary has ceased to
be a clearing agency registered under the Exchange Act, (ii) the Issuer, at its option, elects to
terminate the book-entry system through the Registered Depositary with respect to the Notes and
cause issuance of certificated Notes or (iii) after the occurrence and continuation of an Event of
Default, beneficial owners holding interests representing an aggregate principal amount of Notes of
more than 50% of the Notes represented by the Global Note advise the Trustee through the Registered
Depositary in writing that the continuation of a book-entry system through the Registered
Depositary with respect to the Notes is no longer in such owners’ best interests; provided that in
no event shall a Regulation S Unrestricted Global Note be exchanged for Notes in definitive form
prior to the expiration of the Distribution Compliance Period.

          (d) Upon the occurrence of any of the events in clauses (i) through (iii) of the preceding
paragraph, the Trustee shall, by forwarding any notice received from the Issuer to the Registered
Depositary, be deemed to have notified all Persons who hold a beneficial interest in the Global
Note through participants in the Registered Depositary or indirect participants through
participants in the Registered Depositary of the availability of certificated Notes. Any Global
Note that is transferable to the beneficial owners thereof pursuant to Section 2.12(c) shall be
surrendered by the Registered Depositary to the Note Registrar, to be so transferred, in whole or
from time to time in part, without charge, and the Trustee shall authenticate and deliver, upon
such transfer of each portion of such Global Note, an equal aggregate principal amount of Notes of
authorized denominations. Any portion of a Global Note transferred pursuant to Section 2.12(c) and
this Section 2.12(d) shall be executed, authenticated and delivered only in the denominations
specified in the form of Note and registered in such names as the Registered Depositary shall
direct. Any certificated Note delivered in exchange for an interest in the Rule 144A Restricted
Global Note shall bear the legend regarding transfer restrictions applicable to the Rule 144A
Restricted Global Note set forth on the form of Note attached as Exhibit A-1 hereto. Any Note
delivered in exchange for an interest in the Regulation S Unrestricted Global Note shall bear the
legend regarding transfer restrictions applicable to the Regulation S Unrestricted Global Note set
forth on the form of Note attached as Exhibit A-2 hereto. In the event of the occurrence of any of
the events specified in Section 2.12(c), the Issuer will promptly make available to the Trustee a
reasonable supply of certificated Notes in certificated, fully registered form without interest
coupons.

          (e) Notwithstanding any provisions to the contrary herein, so long as any Global Note remains
outstanding and is held by or on behalf of the Registered Depositary, transfers of such Global
Note, in whole or in part, shall only be made in accordance with this Section 2.12(e) and Section
2.12(d).

     (i) Subject to this Section 2.12(e) and Section 2.12(d), transfers of a Global Note
shall be limited to transfers of such Global Note in whole, or in part, to nominees of the
Registered Depositary or to a successor of the Registered Depositary or such successor’s
nominee.

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     (ii) Transfers of beneficial interests in Global Notes may be effected only through the
book entry system maintained by the Registered Depositary in compliance with applicable
rules and procedures of the Registered Depositary and its direct or indirect participants
(including Euroclear and Clearstream, if applicable), in each case to the extent applicable
to such transaction and in effect from time to time the “Applicable Procedures”).

     (iii) In the event that a Global Note is exchanged for Notes in certificated
registered form without interest coupons pursuant to Section 2.12(d) hereof, such Notes may
be exchanged for one another only in accordance with such procedures as are substantially
consistent with the provisions of clauses (iv) and (v) below (including the certification
requirements) and as may be from time to time adopted by the Issuer and the Trustee.

     (iv) If the owner of a beneficial interest in a Rule 144A Restricted Global Note wishes
at any time to transfer such interest (or portion thereof) to a Non-U.S. Person pursuant to
Regulation S who wishes to hold its interest in the Notes through a beneficial interest in
the Regulation S Unrestricted Global Note, such transfer may be effected only (A) upon
receipt by the Note Registrar of:

     (1) an order given by the Registered Depositary or its authorized
representative directing the Note Registrar to credit or cause to be credited a
beneficial interest in the Regulation S Unrestricted Global Note equal to the
principal amount of the beneficial interest in the Rule 144A Restricted Global
Note to be transferred, and

     (2) a certificate in the form of Exhibit C duly executed by the
transferor, or his attorney duly authorized in writing,

and (B) subject to the Applicable Procedures, the Note Registrar shall increase the
Regulation S Unrestricted Global Note and decrease the Rule 144A Restricted Global Note by
such amount in accordance with the foregoing. Any beneficial interest in the Restricted
Global Note that is transferred to a Person that takes delivery in the form of a beneficial
interest in the Regulation S Global Note will, upon transfer, cease to be an interest in the
Restricted Global Note and will become an interest in the Regulation S Global Note subject
to all transfer restrictions and other procedures applicable to beneficial interests in the
Regulation S Global Note.

     (v) If the owner of an interest in a Regulation S Unrestricted Global Note wishes at
any time to transfer such interest (or any portion thereof) to a Person who wishes to take
delivery thereof in the form of a beneficial interest in the Rule 144A Restricted Global
Note, such transfer may be effected only, (A) upon receipt by the Note Registrar of:

     (1) an order given by the Registered Depositary or its authorized
representative directing the Note Registrar to credit or cause to be credited a
beneficial interest in the Rule 144A Restricted Global Note equal to the

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principal amount of the beneficial interest in the Regulation S
Unrestricted Global Note to be transferred, and

     (2) if such transfer is to occur during (but only during) the Distribution
Compliance Period, a certificate in the form of Exhibit D duly executed by the
transferor or his attorney duly authorized in writing, (accompanied, in the case
of a transfer under an exemption from the registration requirements under the
Securities Act other than pursuant to Rule 144A or Rule 144 under the Securities
Act, by an opinion of counsel stating that such exemption is available to the
transferor), and

(B) in accordance with the Applicable Procedures, the Note Registrar shall increase the Rule
144A Restricted Global Note and decrease the Regulation S Unrestricted Global Note by such
amount in accordance with the foregoing. Any beneficial interest in the Regulation S
Unrestricted Global Note that is transferred to a Person that takes delivery in the form of
a beneficial interest in the Rule 144A Restricted Global Note will, upon transfer, cease to
be an interest in the Regulation S Unrestricted Global Note and will become an interest in
the Rule 144A Restricted Global Note subject to all transfer restrictions and other
procedures applicable to beneficial interest in the Rule 144A Restricted Global Note.

     (vi) If the holder of a Restricted Note (other than a Global Note) wishes at any time
to transfer such Restricted Note (or a portion thereof) to a Person who wishes to take
delivery thereof in the form of a beneficial interest in the Rule 144A Restricted Global
Note or the Regulation S Unrestricted Global Note, such transfer may be effected only, (A)
upon receipt by the Note Registrar of:

     (1) such Restricted Note, duly endorsed as provided herein,

     (2) instructions from such holder directing the Note Registrar to credit
or cause to be credited a beneficial interest in the Rule 144A Restricted Global
Note or Regulation S Unrestricted Global Note equal to the principal amount (or
portion thereof) of such certificated Note to be transferred, and

     (3) a certificate in the form of Exhibit C if the specified account to be
credited with a beneficial interest in the Regulation S Unrestricted Global
Note, or a certificate in the form of Exhibit D if the specified account is to
be credited with a beneficial interest in the Rule 144A Restricted Global Note,
in either case duly executed by the transferor or his attorney duly authorized
in writing, and

(B) subject to the Applicable Procedures of the Registered Depositary, the Note Registrar
shall:

     (1) cancel the Restricted Note delivered to it (and issue a new Note in
respect of any untransferred portion thereof), and

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     (2) increase the Rule 144A Restricted Global Note or the Regulation S
Unrestricted Global Note, as the case may be, in accordance with the foregoing;

     (vii) If the holder of a Regulation S Note (other than a Global Note) wishes to
transfer such Regulation S Note (or a portion thereof) to a Person who wishes to take
delivery thereof in the form of a beneficial interest in the Rule 144A Restricted Global
Note or the Regulation S Unrestricted Global Note, such transfer may be effected only, (A)
upon receipt by the Note Registrar of:

     (1) such Regulation S Note, duly endorsed as provided herein,

     (2) instructions from the holder of such certificated Note directing the
Registrar to credit or cause to be credited a beneficial interest in the Rule
144A Restricted Global Note or the Regulation S Unrestricted Global Note equal
to the principal amount of the certificated Note (or portion thereof) to be
transferred, and

     (3) if the transfer is to occur during (but only during) the Distribution
Compliance Period and the specified account is to be credited with a beneficial
interest in the Rule 144A Restricted Global Note, a certificate in the form of
Exhibit D, or if the specified account is to be credited with a beneficial
interest in the Regulation S Unrestricted Global Note, a certificate in the form
of Exhibit C, in each case, duly executed by the transferor or his attorney duly
authorized in writing,

          and (B) subject to the Applicable Procedures of the Registered Depositary, the Note
Registrar shall:

     (1) cancel the Regulation S Note delivered to it, (and issue a new Note in
respect of any untransferred portion thereof), and

     (2) increase the Rule 144A Restricted Global Note or the Regulation S
Unrestricted Global Note, as the case may be, for such amount in accordance with
the foregoing.

(viii) A beneficial interest in a Rule 144A Restricted Global Note or a Regulation
S Unrestricted Global Note may be exchanged for a Note that is not a Global Note as
provided in Section 2.12(c) and (d); provided that, if such interest is a beneficial
interest in the Restricted Global Note, or if such interest is a beneficial interest
in the Regulation S Unrestricted Global Note and such exchange is to occur during
the Distribution Compliance Period, then such interest shall be exchanged for a
Restricted Note or a Regulation S Note, as the case may be. A Restricted Note or
Regulation S Note that is not a Global Note may be exchanged for a beneficial
interest in a Global Note only if (A) such exchange occurs in connection with
clause (e)(vi) or (vii) above, (B) such Note is a Regulation S Note and such
exchange occurs after the Distribution Compliance Period or (C) such exchange occurs
pursuant to an Exchange Offer or for Exchange Notes

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registered under a shelf registration statement pursuant to the Registration Rights
Agreement.

          (f) After the expiration of the Distribution Compliance Period, at the option of the
Noteholder, beneficial interests in Global Notes may be exchanged in whole or in part for
certificated Notes to be registered in the name of such Noteholder, of authorized denominations and
of like tenor, maturity, interest rate and aggregate principal amount, upon prior written notice to
the Trustee by or on behalf of the Registered Depositary and surrender of the Notes to be exchanged
at any office or agency maintained for such purpose pursuant to Section 8.11. Whenever any Notes
are so surrendered for exchange, the Issuer shall execute, and the Trustee shall authenticate and
make available for delivery, the Notes which the Noteholder making the exchange is entitled to
receive. The Issuer shall execute and deliver to the Trustee, on the Closing Date and from time to
time thereafter, for safekeeping and subsequent authentication, a stock of physical registered
Notes of such quantities as the Issuer, after consultation with the Trustee, determines to be
sufficient to permit the issuance of physical Notes and the exchanges contemplated by this Section.

          (g) Upon surrender for registration of transfer of any Note, together with a written
instrument of transfer satisfactory to the Note Registrar, as the case may be, at an office or
agency of the Issuer appointed in or pursuant to Section 8.11 for such purposes, the Issuer shall
execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee
or transferees, one or more new Notes of any authorized denomination or denominations and of the
same aggregate principal amount. At the option of each Noteholder, Notes may be exchanged for
other Notes of any authorized denomination or denominations and of the same aggregate principal
amount, upon surrender of the Notes to be exchanged at any such office or agency. Whenever any
Notes are so surrendered for exchange, the Issuer shall execute, and the Trustee shall authenticate
and deliver, the Notes that the Noteholder making the exchange is entitled to receive. All Notes
issued upon any registration of transfer or exchange of Notes shall be the valid obligations of the
Issuer, evidencing the same debt, and entitled to the same security and benefits under this
Indenture and the other Transaction Documents, as the Notes surrendered upon such registration of
transfer or exchange.

          (h) Every Note presented or surrendered for registration of transfer or exchange shall be duly
endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Issuer
and the Note Registrar or any transfer agent, duly executed by the Noteholder thereof or such
Noteholder’s attorney duly authorized in writing.

          (i) No service charge shall be required of any Noteholders participating in any transfer or
exchange of Notes in respect of such transfer or exchange, but the Note Registrar may require
payment of a sum sufficient to cover any Tax that may be imposed in connection with any transfer or
exchange of Notes, other than exchanges pursuant to Section 2.12(c), 2.13 or 11.6 not involving any
transfer.

          (j) The Note Registrar shall not be required (x) to issue, register the transfer of or
exchange any Note during a period beginning at the opening of business in the City of New York 15
days before the day of the mailing of a notice of redemption of Notes selected for redemption under
Sections 4.2 and 4.3 and ending at the close of business on the day of such mailing or (y)

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to issue, register the transfer of or exchange any Note so selected for redemption in whole or
in part, except the unredeemed portion of any Note redeemed in part.

          (k) If Notes are issued upon the transfer, exchange or replacement of Notes subject to
restrictions on transfer and bearing the legends set forth on the forms of Note attached hereto as
Exhibit A-1 and Exhibit A-2, setting forth such restrictions (collectively, the “Legend”),
or if a request is made to remove the Legend on a Note, the Notes so issued shall bear the Legend,
or the Legend shall not be removed, as the case may be, unless there is delivered to the Issuer and
the Note Registrar such satisfactory evidence, which shall include an Opinion of Counsel, as may be
reasonably required by the Issuer, that neither the Legend nor the restrictions on transfer set
forth therein are required to ensure that transfers thereof comply with the provisions of Rule
144A, Rule 144 or Regulation S under the Securities Act or that such Notes are not “restricted
securities” within the meaning of Rule 144 under the Securities Act. Upon provision of such
satisfactory evidence, the Trustee, at the direction of the Issuer, shall authenticate and deliver
a Note that does not bear the Legend. If a Legend is removed from the face of a Note and the Note
is subsequently held by an Affiliate of the Issuer, the Legend shall be reinstated.

          (l) None of the Trustee or the Note Registrar shall have any obligation or duty to monitor,
determine or inquire as to compliance with any restrictions on transfer imposed under this
Indenture or under applicable law with respect to any transfer of any interest in any Note
(including transfers between or among participants in the Registered Depositary or beneficial
owners of interest in any Global Note) other than to require delivery of such certificates and
other documentation or evidence as are expressly required by, and to do so if and when expressly
required by the terms of, this Indenture, and to examine the same to determine substantial
compliance as to form with the express requirements hereof.

          SECTION 2.13 Exchange Offer. Upon occurrence of the Exchange Offer in accordance
with the Registration Rights Agreement or the effectiveness of a registration statement pursuant to
the Securities Act, the Issuer will issue, and upon receipt of an Issuer Order in accordance with
Section 2.3 hereof, the Trustee shall authenticate, (a) the Exchange Global Note in a principal
amount equal to the principal amount of the beneficial interests in the Rule 144A Restricted Global
Note and the Regulation S Unrestricted Global Note tendered for exchange in the Exchange Offer or
for exchange for Exchange Notes registered under the registration statement, as the case may be, by
Persons that certify in the applicable letters of transmittal or via the Registered Depositary’s
book-entry system that (i) they are not broker-dealers, (ii) they are not participating in a
distribution of Exchange Notes, and (iii) they are not affiliates (as defined in Rule 144 under the
Securities Act) and (b) Exchange Notes in definitive form in an aggregate principal amount equal to
the principal amount of the Initial Notes in definitive form accepted for exchange in the Exchange
Offer or for exchange for Exchange Notes registered under the registration statement, as the case
may be. Concurrently with the issuance of such Notes, the Trustee shall cause the aggregate
principal amount of the Rule 144A Restricted Global Note and Regulation S Unrestricted Global Note
to be reduced accordingly, and the Issuer shall execute, and the Trustee shall authenticate and
make available for delivery to the Persons designated by the holders of Initial Notes in definitive
form so accepted, Exchange Notes in definitive form in the appropriate principal amount.

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          SECTION 2.14 Mutilated, Destroyed, Lost and Stolen Notes. (a) If (i) any mutilated
or defaced Note is surrendered to the Trustee, or the Issuer and the Note Registrar and the Trustee
receive evidence to their satisfaction of the destruction, loss or theft of any Note, and (ii)
there is delivered to the Issuer, the Note Registrar and the Trustee evidence to their satisfaction
of the ownership and authenticity thereof, and such security or indemnity as may be required by
them to save each of them harmless, then, in the absence of notice to the Issuer, the Note
Registrar or the Trustee that such Note has been acquired by a bona fide purchaser, the Issuer
shall execute and upon the Issuer’s request the Trustee shall authenticate and make available for
delivery, in exchange for or in lieu of any such mutilated, destroyed, lost or stolen Note, a new
Note of like tenor, interest rate and principal amount, bearing a number not then outstanding and
registered in the same manner. If, after the delivery of such new Note, a bona fide purchaser of
the original Note in lieu of which such new Note was issued presents for payment such original
Note, the Issuer and the Trustee shall be entitled to recover such new Note from the Person to whom
it was delivered or any Person taking therefrom, except a bona fide purchaser, and shall be
entitled to recover upon the security or indemnity provided therefor to the extent of any loss,
damage, cost or expenses incurred by the Issuer or the Trustee in connection therewith.

          (b) Notwithstanding the foregoing, in case any such mutilated, destroyed, lost or stolen Note
has become or is about to become due and payable, the Issuer, upon satisfaction of the conditions
set forth in clauses (i) and (ii) of clause (a) hereof may, instead of issuing a new Note, pay such
Note.

          (c) Upon the issuance of any new Note under this Section 2.14, the Issuer may require the
payment of a sum sufficient to cover any Tax that may be imposed in relation thereto and any other
expenses connected therewith.

          (d) Every new Note issued pursuant to this Section 2.14 in lieu of any mutilated, destroyed,
lost or stolen Note shall constitute an original additional contractual obligation of the Issuer,
whether or not the mutilated, destroyed, lost or stolen Note shall be at any time enforceable by
anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately
with any and all other Notes duly issued hereunder.

          (e) The provisions of this Section 2.14 are exclusive and shall preclude (to the extent
lawful) all other rights and remedies with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Notes.

          SECTION 2.15 Payments. (a) All amounts due in respect of principal or interest on
the Notes (including Additional Amounts) will be paid in U.S. dollars, calculated by the
Calculating Agent by translating the Real amounts into U.S. dollars at the Applicable Market Rate
on the applicable Rate Determination Date.

          (b) The Issuer hereby acknowledges and confirms that it is and at all times shall remain
absolutely and unconditionally obligated to pay all amounts due and owing by the Issuer hereunder
and under any other Transaction Document, as the same shall become due and owing. All payments of
principal and interest required to be made by the Issuer hereunder and under the other Transaction
Documents shall be made, pursuant to the terms hereof, by the Issuer to the

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Trustee by 1:00 p.m. (New York time) one Business Day prior to the scheduled date therefor
(which shall include, without limitation, any Payment Date). All such payments to the Trustee
shall be made by the Issuer by depositing immediately available funds in U.S. dollars to the
Payment Account provided for herein.

          (c) So long as any of the Notes remain Outstanding, the Issuer will maintain one or more
agents in New York City to whom (i) the Notes may be presented for payment and (ii) the Notes may
be presented for exchange, transfer, redemption or registration of transfer as provided in this
Indenture. The Issuer may have one or more additional paying agents. Unless otherwise specified,
the Issuer hereby initially designates the Corporate Trust Office as the office to be maintained by
it for each such purpose and where the Note Register will be maintained. If the Issuer shall fail
to so designate or maintain any such office or agency or shall fail to give such notice of the
location or of any change in the location thereof, presentations and demands may be made and
notices may be served at the Corporate Trust Office. Principal or interest on any Note that is
payable, and punctually paid or duly provided for, on any Interest Payment Date or the Maturity
Date (as the same may be extended as provided hereunder) or earlier as provided herein upon any
acceleration of the Notes shall be paid to the Person in whose name that Note (or one or more
Predecessor Notes) is registered at the close of business on the Record Date for such payment.
Payment of principal of and interest on the Notes shall be made at the Place of Payment (or, if
such office is not in the City of New York, at either such office or an office to be maintained in
such city) payable as provided herein. No Notes need be surrendered in order to receive payment of
principal interest or other amounts as provided herein.

          (d) Subject to the foregoing provisions of this Section 2.15, each Note delivered under this
Indenture upon registration of transfer of or in exchange for or in lieu of any other Note shall
carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other
Note.

          SECTION 2.16 Taxation. (a) All payments of or in respect of principal and interest
on the Notes and other amounts, if any, hereunder shall be made free and clear of, and without
withholding or deduction for or on account of, any present or future taxes, duties, assessments or
other governmental charges (or interest on any of the foregoing) of whatsoever nature
(collectively, “Taxes”) imposed, levied, collected, withheld or assessed by, within or on
behalf of Brazil, the Cayman Islands or any political subdivision thereof having power to tax
(“Taxing Jurisdiction”), unless such withholding or deduction is required by law. In that
event, the Issuer shall pay such additional amounts (“Additional Amounts”) as may be
necessary to ensure that the amounts received by the Noteholders or the Trustee, as the case may
be, after such withholding or deduction shall equal the respective amounts of (x) principal and
interest that would have been receivable in respect of the Notes in the case of the Noteholders, or
(y) pursuant to Section 8.5, in the case of the Trustee, in the absence of such withholding or
deduction. The Issuer will not, however, pay any Additional Amounts in connection with any Tax
that is imposed due to any of the following (“Excluded Additional Amounts”):

     (i) the Noteholder or beneficial owner has some connection (present or former) with the
Taxing Jurisdiction other than merely holding the Notes or receiving principal or interest
payments on the Notes (such as citizenship, nationality, residence, domicile, or existence
of a business, a permanent establishment, a dependent agent, a

26

 

place of business or a place of management present or deemed present within the Taxing
Jurisdiction);

     (ii) any tax imposed on, or measured by, net income;

     (iii) the Noteholder or beneficial owner fails to comply with any certification,
identification or other reporting requirements concerning its nationality, residence,
identity or connection with the Taxing Jurisdiction, if (i) such compliance is required by
applicable law, regulation, administrative practice or treaty as a precondition to exemption
from all or a part of the Tax, (ii) the Noteholder or beneficial owner is able to comply
with such requirements without undue hardship and (iii) at least 30 calendar days prior to
the first payment date with respect to which such requirements under the applicable law,
regulation, administrative practice or treaty shall apply, the Issuer has notified all
Noteholders that they will be required to comply with such requirements;

     (iv) the Noteholder fails to present (where presentation is required) its Note within
30 calendar days after the Issuer has made available to the Noteholder a payment of
principal or interest, provided that the Issuer will pay Additional Amounts which such
Noteholder would have been entitled to had the Note owned by such Noteholder been presented
on any day (including the last day) within such 30-day period;

     (v) any estate, inheritance, gift, value added, use or sales taxes or any similar
Taxes;

     (vi) where any Additional Amounts are imposed on a payment on the Notes to an
individual and are required to be made pursuant to Council Directive 2003/48/EC of the
Council of the European Union on the taxation of savings income in the form of interest
payments (or any Directive otherwise implementing the conclusions of the Economic and
Financial Council of Ministers of the member states of the European Union
(“ECONFIN”) Council meetings of November 26 and 27, 2000, December 13, 2001 and
January 31, 2003) or any law implementing or complying with, or introduced in order to
conform to, any such Directive;

     (vii) where the Noteholder or beneficial owner could avoid any Additional Amounts by
requesting that a payment on the Notes be made by, or presenting the relevant Notes for
payment to, another Paying Agent located in a Member State of the European Union; or

     (viii) any combination of the foregoing.

          (b) The Issuer will (i) make such withholding or deduction on its payments of principal and
interest on the Notes as required by the relevant Taxing Jurisdiction and (ii) remit the full
amount withheld or deducted to the relevant taxing authority in accordance with applicable law.
Upon written request from the Trustee, the Issuer will furnish to the Trustee, within five Business
Days after the delivery of such written request, certified copies of Tax receipts or, if such
receipts are not obtainable, documentation reasonably satisfactory to the Trustee evidencing such
payment by the Issuer. Upon written request of the Noteholders to the

27

 

Trustee, copies of such receipts or other documentation, as the case may be, will be made
available to the Noteholders.

          (c) At least 10 Business Days prior to each Interest Payment Date for the Notes, if the
Issuer is obligated to pay Additional Amounts with respect to such payment, the Issuer, as
applicable, will deliver to the Trustee an Officers’ Certificate stating that Additional Amounts
will be payable, the amounts so payable and setting forth such other information as the Trustee
shall reasonably require for tax purposes. The Issuer covenants to indemnify the Trustee and any
other Paying Agents for, and to hold each harmless against, any loss, liability or expense
reasonably incurred without negligence, bad faith or willful misconduct on their part, arising out
of or in connection with actions taken or not taken by any of them in reliance on any certificate
furnished to them pursuant to this paragraph or the failure to furnish any such certificate. The
obligations of the Issuer under the preceding sentence shall survive the resignation or removal of
the Trustee, the Registrar or any Paying Agent. Any certificate required by this Section to be
provided to the Trustee and any other Paying Agent shall be deemed to be duly provided if
telecopied to the Trustee and such other Paying Agent. Upon written request from the Trustee, the
Issuer shall provide the Trustee with documentation evidencing the payment of Taxes in respect of
which the Issuer has paid any Additional Amounts. Copies of such documentation shall be made
available by the Trustee to the Noteholders or the other Paying Agents, as applicable, upon written
request therefor.

          (d) The Issuer will, upon the written request of any Noteholder or beneficial owner of a Note,
indemnify and hold harmless and reimburse such Noteholder for the amount of any Taxes of any nature
imposed by any Taxing Jurisdiction (other than any such Taxes with respect to Excluded Additional
Amounts for which the Noteholder would not have been entitled to receive additional amounts
pursuant to any of the conditions described in Section 2.16(a)) so imposed on, and paid by, such
Noteholder as a result of any payment of principal or interest on the Note, so that the net amount
received by such Noteholder after such reimbursement would not be less than the net amount the
Noteholder would have received if such Taxes would not have been imposed or levied and so paid.

          (e) The Issuer shall promptly pay when due any present or future stamp, administrative, court
or documentary taxes or any other excise or property taxes, charges or similar levies that arise in
a Taxing Jurisdiction from the execution, delivery, enforcement or registration of each Note or any
other document or instrument referred to herein or therein. The Issuer shall indemnify and make
whole the Noteholders for any present or future stamp, court or documentary taxes or any other
excise or property taxes, charges or similar levies payable by the Issuer as provided in this
clause (e) paid by such Noteholders.

          (f) All references in this Indenture to principal, interest, and other amounts payable
hereunder shall be deemed to include references to any Additional Amounts payable under this
Section with respect to such principal, interest, or other amounts. The foregoing obligations
shall survive any termination, defeasance or discharge of the Notes and this Indenture.

          (g) If the Issuer shall at any time be required to pay Additional Amounts to Noteholders
pursuant to the terms of this Indenture, the Issuer will use its reasonable endeavors

28

 

to obtain an exemption from the payment of (or otherwise avoid the obligation to pay) the Tax,
which has resulted in the requirement that it pay such Additional Amounts.

          (h) If the Trustee or a Noteholder is entitled to an exemption from or reduction of Taxes with
respect to payments under this Indenture, the Trustee or such Noteholder (as applicable) shall
provide to the Issuer, as reasonably requested by the Issuer (who shall provide the Trustee or the
Noteholder, as the case may be, the relevant documentation, forms and instructions prescribed by
applicable law), such documentation as will permit payments under this Indenture to be made without
withholding or at a reduced rate; provided, however, if any documentation or form referred to in
this subsection (h) required the disclosure of information that the Trustee or the Noteholder, as
the case may be, reasonably considers to be confidential, the Trustee or such Noteholder shall give
notice thereof to the Issuer and shall not be obligated to include in such documentation or form
such confidential information.

          SECTION 2.17 Persons Deemed Owners; Etc. Subject to Section 2.12, prior to due
presentment of a Note for registration of transfer, the Person in whose name any Note is registered
shall be deemed to be the owner of such Note for the purpose of receiving payment of principal of
and interest on such Note and for all other purposes whatsoever, whether or not such Note be
overdue, regardless of any notice to anyone to the contrary. The Noteholder may grant proxies and
otherwise authorize any Person, including members of, or participants in, the Registered Depositary
and Persons that may hold interests through such members of, or participants in, the Registered
Depositary, to take any action that a Noteholder is entitled to take under this Indenture or the
Notes.

          SECTION 2.18 Cancellation. All Notes surrendered for payment, redemption,
registration of transfer or exchange or deemed lost or stolen shall, if surrendered to any Person
other than the Trustee, be delivered to the Trustee for cancellation and may not be reissued or
sold, unless, in the case of Notes redeemed by the Issuer, the Issuer (i) procures a person who
purchases the Notes to be redeemed on the relevant date of redemption and at the relevant
redemption price (in which event the Notes may be so resold and need not be cancelled) or (ii)
notifies the Trustee in writing on or prior to the relevant date of redemption that the Notes so
redeemed by the Issuer will not be cancelled (in which event the Notes may be held by the Issuer
pending resale as provided in clause (i) above and need not be cancelled). The Issuer may at any
time deliver to the Trustee for cancellation any Notes previously authenticated and delivered
hereunder which the Issuer may have acquired in any manner whatsoever. All Notes so delivered
shall be promptly cancelled by the Trustee. No Notes shall be authenticated in lieu of or in
exchange for any Notes cancelled as provided in this Section, except as expressly permitted by this
Indenture. All cancelled Notes held by the Trustee shall be held by the Trustee in accordance with
its standard retention policy, unless the Issuer shall direct by an Issuer Order that they be
returned to it.

          SECTION 2.19 Allocation of Principal and Interest. Each payment of principal of and
interest on each Note shall be applied, first, to the payment of accrued but unpaid
interest on such Note (as well as any interest on overdue principal or, to the extent permitted by
applicable Law, overdue interest) to the date of such payment, second, to the payment of
the principal amount of and interest on such Note then due (including any overdue installment of

29

 

principal) thereunder, and third, the balance, if any, to the payment of the principal
amount of such Note remaining unpaid.

          SECTION 2.20 CUSIP and ISIN Numbers. The Issuer in issuing the Notes may use CUSIP and
ISIN numbers (if then generally in use), and, if so, the Trustee shall use CUSIP and ISIN numbers
in notices of redemption as a convenience to Noteholders; provided that any such notice may state
that no representation is made as to the correctness of such numbers either as printed on the Notes
or as contained in any notice of a redemption and that reliance may be placed only on the other
identification numbers printed on the Notes, and any such redemption shall not be affected by any
defect in or omission of such numbers. The Issuer will promptly notify the Trustee of any initial
CUSIP and/or ISIN numbers and any change in the CUSIP or ISIN numbers

          SECTION 2.21 Noteholder Lists. The Trustee shall preserve in as current form as is
reasonably practicable the most recent list available to it of the names and addresses of
Noteholders and shall otherwise comply with Section 312(a) of the Trust Indenture Act. If the
Trustee is not the Note Registrar, or to the extent otherwise required under the Trust Indenture
Act, the Issuer shall furnish to the Trustee, in writing at least seven Business Days before each
Interest Payment Date and at such other times as the Trustee may request in writing, a list in such
form and as of such date as the Trustee may reasonably require of the names and addresses of the
Noteholders, and the Issuer shall otherwise comply with Section 312(a) of the Trust Indenture Act.

ARTICLE III

ESTABLISHMENT OF PAYMENT ACCOUNT

          SECTION 3.1 Establishment of Payment Account. On the Closing Date, the Trustee shall
establish and, until the Notes and all accounts due in respect thereof have been paid in full,
maintain a special purpose non-interest bearing trust account (the “Payment Account”) into
which all payments required to be made by the Issuer under or with respect to the Notes shall be
deposited. The Issuer agrees that the Payment Account shall be maintained in the name of the
Trustee and under its sole dominion and control (acting on behalf of the Noteholders) and used
solely to make payments of principal, interest and other amounts from time to time due and owing
on, or with respect to, the Notes. No funds contained in the Payment Account shall be used for any
other purpose or in any manner not expressly provided for herein nor shall the Issuer or any other
Person have an interest therein or amounts on deposit therein.

          SECTION 3.2 Adjustment of Payment Account . The Trustee shall apply all such amounts as
from time to time are on deposit in the Payment Account to all such amounts as are due to the
Noteholders pursuant to this Indenture or otherwise. All such amounts shall be applied ratably,
without preference or priority of any kind among Noteholders, in accordance with this Indenture.

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ARTICLE IV

REDEMPTION

          SECTION 4.1 Mandatory Redemption. The Issuer shall be required to mandatorily redeem
the Notes on the Maturity Date (or earlier upon any acceleration in accordance with this Indenture)
by making a payment to the Trustee, on behalf of the Noteholders, equal to the principal amount of
the Notes Outstanding together with all accrued but unpaid interest thereon and other amounts then
due and payable under the terms of the Notes and this Indenture.

          SECTION 4.2 Optional Redemption in the Event of Change in Tax Treatment. (a) The
Notes may be redeemed at the election of the Issuer, as a whole, but not in part, in accordance
with this Section 4.2 (the “Early Tax Redemption”) at any time upon the giving of notice as
provided in Section 4.3, if (i) the Issuer certifies to the Trustee immediately prior to the giving
of such notice that it has or will become obligated to pay Additional Amounts as provided or
referred to in Section 2.16 or (ii) the Guarantor has or will become obliged to pay Additional
Amounts in respect of payments due under the Guaranty or direct or indirect payments to the Issuer
made to permit the Issuer to service the Notes reflecting a withholding tax rate in excess of 15%,
in each case as a result of any change in, or amendment to, the laws or regulations of a Taxing
Jurisdiction, or any change in the official application or interpretation of such laws or
regulations (including a determination by a court of competent jurisdiction), which change or
amendment becomes effective on or after the issue date of the Notes and, in any such case, such
obligation cannot be avoided by the Issuer or the Guarantor taking reasonable measures available to
it; provided, however, that no such notice of redemption shall be given within 60 calendar days of
the earliest date on which the Issuer would be obligated to pay such Additional Amounts, if a
payment in respect of the Notes were then due. Prior to the giving of any notice of redemption of
the Notes pursuant to this Section 4.2, the Issuer shall deliver to the Trustee an Officer’s
Certificate, stating that the Issuer is entitled to effect such a redemption pursuant to this
Indenture, and setting forth in reasonable detail a statement of the facts giving rise to such
right of redemption. Concurrently, the Issuer or the Guarantor, as the case may be, will deliver to
the Trustee a written Opinion of Counsel to the effect that the Issuer or the Guarantor, as
applicable, has become obligated to pay such Additional Amounts as a result of a change or
amendment described in this Section 4.2., that the Issuer or the Guarantor cannot avoid payment of
such Additional Amounts by taking reasonable measures available to them and that all Governmental
Approvals necessary for the Issuer to effect such redemption have been obtained and are in full
force and effect or specifying any necessary approvals that have not been obtained.

          (b) In the event the Issuer determines to redeem the Notes as permitted hereunder, the Issuer
shall be required to specify in its notice the proposed date of redemption (the “Early Tax
Redemption Date”) and shall pay to the Trustee (on behalf of the Noteholders) on the Early Tax
Redemption Date an amount equal to the sum of (i) the aggregate principal amount of the Notes that
are then Outstanding, (ii) all accrued but unpaid interest on the Notes at the applicable Note Rate
through and excluding the Early Tax Redemption Date and (iii) all other amounts then due on the
Notes as provided in this Indenture or the Notes (collectively, the “Early Tax 

31

 

Redemption Price”). The Notes shall not be deemed repaid and cancelled unless and
until the Trustee shall have received in the Payment Account the Early Tax Redemption Price.

          (c) For purposes of this Section 4.2 and notwithstanding anything to the contrary under the
terms of this Indenture, the Notes or the Guaranty, any payment made by the Issuer to the Guarantor
with respect to a Note or the Guaranty shall constitute or be deemed to constitute a payment of
other than (i) Additional Amounts or (ii) taxes, duties, assessments or other governmental charges
whatsoever imposed by a Taxing Jurisdiction.

          SECTION 4.3 Notice of Redemption. (a) Notice of redemption contemplated by Section
4.2 shall be given by the Issuer by first-class mail, postage prepaid, mailed not less than 30 nor
more than 60 days prior to the proposed Early Tax Redemption Date to each Noteholder, at its
address appearing in the Note Register. All notices of redemption shall state:

     (i) the proposed date and type of the redemption;

     (ii) the applicable redemption price;

     (iii) the names and addresses of the Paying Agents;

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

     (v) that, once the redemption price has been paid with respect the Notes, interest, if
any, thereon shall cease to accrue from and after said date; and

     (vi) the CUSIP number, if any.

          SECTION 4.4 Deposit of Redemption Price. At least one Business Day prior to any
Early Tax Redemption Date, as the case may be, the Issuer shall deposit with the Trustee an amount
of money sufficient to pay the Early Tax Redemption Price, as applicable, of all the Notes. The
Issuer will cause the bank through which payment on the Notes is to be made to deliver to the
Paying Agent and Trustee by 1:00 p.m. New York time, one Business Day prior to the due date for
such irrevocable confirmation (by facsimile or authenticated Swift MT 100 Message) of its intention
to make such payment. At least one Business Day prior to any Early Tax Redemption Date the Issuer
will provide to the Paying Agent a notice regarding the payment by the Issuer to the Paying Agent
of the Early Tax Redemption Price.

          SECTION 4.5 Notes Payable on Redemption Date. Notice of Early Tax Redemption having
been given as aforesaid, the Notes so to be redeemed shall, on the Early Tax Redemption Date, as
the case may be, become due and payable at the Early Tax Redemption Price therein specified and
from and after such date (unless the Issuer shall default in the payment of the Early Tax
Redemption Price) such Notes shall cease to bear interest. Upon surrender of such Notes for
redemption in accordance with the notice, such Notes shall be paid by the Issuer at the Early Tax
Redemption Price. Installments of interest due on or prior to the Early Tax Redemption Date shall
be payable to the Noteholders registered as such on the relevant Record Dates. If any Note called
for redemption shall not be so paid upon surrender

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thereof for redemption, the principal shall, until paid, bear interest from the Early Tax
Redemption Date at the Note Rate.

          SECTION 4.6 Open Market Purchases. The Issuer and the Guarantor, and each of their
respective Affiliates, may at any time purchase any Notes in the open market or otherwise at any
price; provided that, in determining whether Noteholders holding any requisite principal amount of
Notes have given any request, demand, authorization, direction, notice, consent or waiver
hereunder, Notes owned by the Issuer, the Guarantor and each of their respective Subsidiaries or
Affiliates shall be deemed not Outstanding for purposes thereof. All Notes purchased by the Issuer
or the Guarantor or any of their respective Affiliates may, at the option of the Issuer or the
Guarantor, continue otherwise to be Outstanding or be cancelled.

ARTICLE V

GUARANTY

          SECTION 5.1 Guaranty. The Issuer and the Trustee hereby acknowledge that the purpose
and intent of the Guarantor in providing the Guaranty is to give effect to the agreement of the
Guarantor, from time to time upon the receipt of a specified notice from the Trustee in
substantially the form of Exhibit E to this Indenture that the Issuer has failed to make the
required payments under the Notes and this Indenture, to guarantee the payment of any such amounts
due by the Issuer under the Notes and this Indenture, whether such amounts are in respect of
principal, interest or any other amounts (including Additional Amounts). Each such notice shall be
delivered by the Trustee to the Guarantor no later than 5:00 p.m. (New York time) on the Business
Day prior to each Payment Date to the extent that the Issuer has failed to make any payment
hereunder in accordance with the provisions of Section 2.14(a) hereof by 1:00 p.m. (New York time)
the Business Day before such Payment Date.

          SECTION 5.2 Deposits. The Trustee shall promptly deposit in the Payment Account any funds
it receives from the Guarantor under or pursuant to the Guaranty.

ARTICLE VI

COVENANTS

          For so long as the Notes remain outstanding or any amount remains unpaid on such Notes under
this Indenture, the Issuer will comply with the terms and covenants set forth below (except as
otherwise provided in a duly authorized amendment to this Indenture as provided herein).

          SECTION 6.1 Payment of Obligations Under the Notes and the Indenture. The Issuer
will duly and punctually pay all principal, interest and other amounts (including Additional
Amounts) owed by it.

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          SECTION 6.2 Performance of Obligations Under the Transaction Documents. The Issuer
will agree to duly and punctually perform, comply with and observe all obligations and agreements
to be performed by it under the terms of the Transaction Documents.

          SECTION 6.3 Maintenance of Books and Records. The Issuer shall maintain books,
accounts and records in all material respects in accordance with applicable law.

          SECTION 6.4 Maintenance of Office or Agency. So long as any of the Notes are
Outstanding, the Issuer will maintain in the Borough of Manhattan, The City of New York, an office
or agency where notices to and demands upon the Issuer in respect of this Indenture and the Notes
may be served. Initially this office will be at the offices of CT Corporation System located at
111 Eighth Avenue, New York, New York 10011 and the Issuer will not change the designation of such
office without prior notice to the Trustee and designation of a replacement office in the same
general location. If at any time the Issuer shall fail to maintain any required office or agency or
shall fail to furnish the Trustee with the address thereof, all presentations, surrenders, notices
and demands may be served at the Corporate Trust Office and the Issuer hereby appoints the Trustee
as its agent to receive all such presentations, surrenders, notices and demands.

          SECTION 6.5 Ranking. The Issuer will ensure that the Notes will at all times
constitute general unsecured and unsubordinated obligations of the Issuer and will rank pari passu,
without any preferences among themselves, with all other present and future unsecured and
unsubordinated obligations of the Issuer (other than obligations preferred by statute or by
operation of law).

          SECTION 6.6 Notice of Certain Events. The Issuer will give notice to the Trustee, as
soon as is practicable and in any event within ten calendar days after the Issuer becomes aware, or
should reasonably become aware, of the occurrence of any Default or any Event of Default,
accompanied by an Officer’s Certificate of the Issuer setting forth the details thereof and stating
what action that the Issuer proposes to take with respect thereto.

          SECTION 6.7 Limitations on the Issuer. Issuer will covenant not to, so long as any of
the Notes are outstanding, without the prior consent in writing of the Trustee if so directed by
the holders of not less than 25% of the principal amount of the outstanding notes:

          (a) engage in any business or carry out any activities other than (i) the financing of the
Guarantor and its consolidated Subsidiaries; (ii)  any cash management measures and investments;
(iii) the entering into of any hedging arrangements; (iv) any transaction in the ordinary course of
business of the Issuer which is consistent with items (i), (ii) and (iii) above; and (v) any other
transaction required by applicable law;

          (b) incur any indebtedness for borrowed moneys if following the incurrence of such
indebtedness, the Issuer will be required to register as an “investment company”, under the U.S.
Investment Company Act of 1940, as amended; or

          (c) declare or pay any dividends, make any distribution of its assets, have any subsidiaries
or employees, purchase, own, lease or otherwise acquire any real property, dispose of any part of
any collateral or create any Lien (as defined in the Guaranty) or right of recourse

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in respect thereof in favor of any Person, or consolidate or merge with any other person
(other than as provided in Section 6.8 below).

          SECTION 6.8 Limitation on Consolidation, Merger, Sale or Conveyance. (i) The Issuer
will not, in one or a series of transactions, consolidate or amalgamate with or merge into any
corporation or convey, lease or transfer all or substantially all of its properties, assets or net
sales to any person (other than a Subsidiary of the Guarantor) or permit any Person (other than a
Subsidiary of the Guarantor) to merge with or into it unless:

     (A) either the Issuer is the continuing entity or the Person formed by such
consolidation or into which the Issuer is merged or that acquired or leased such property or
assets of the Issuer (the “Successor Company”) will be a company organized and
validly existing under the laws of Brazil, the Cayman Islands or the United States and shall
assume (jointly and severally with the Issuer unless the Issuer shall have ceased to exist
as part of such merger, consolidation or amalgamation), by a supplemental indenture, or by
operation of law, all of the Issuer’s obligations on the Notes and under this Indenture;

     (B) the Successor Company (jointly and severally with the Issuer unless the Issuer
shall have ceased to exist as a result of such merger, consolidation or amalgamation) agrees
to indemnify each Noteholder against any tax, assessment or governmental charge thereafter
imposed on such Noteholder solely as a consequence of such consolidation, merger,
conveyance, transfer or lease with respect to the payment of principal of, or interest on,
the Notes;

     (C) immediately after giving effect to the transaction, no Event of Default, or Default
has occurred and is continuing; and

     (D) the Issuer has delivered to the Trustee an Officer’s Certificate and an Opinion of
Counsel, each stating that the transaction and the supplemental indenture, if applicable,
comply with this Indenture and that all conditions precedent provided for in this Indenture
and relating to such transaction have been complied with.

          (ii) Notwithstanding anything to the contrary in the foregoing, so long as no Default or Event
of Default under this Indenture or the Notes shall have occurred and be continuing at the time of
such proposed transaction or would result therefrom, the Issuer may merge or consolidate with or
into, or convey, transfer, lease or otherwise dispose of assets to a Subsidiary of the Issuer or
the Guarantor in cases when the Issuer is the surviving entity in such transaction and such
transaction would not have a Material Adverse Effect on the Issuer, it being understood that if the
Issuer is not the surviving entity, the Issuer shall be required to comply with the requirements
set forth in clause (i) above.

          (iii) In case of any such consolidation, merger, sale, transfer, lease or other conveyance,
the Successor Company shall succeed to and be substituted for the Issuer with the same effect as if
it had been named herein as the Issuer. The Successor Company may cause to be signed, and may
issue either in its own name or in the name of the Issuer prior to such succession any or all of
the Notes issuable hereunder that theretofore shall not have been signed

35

 

by the Issuer and delivered to the Trustee; and upon the order of the Successor Company
instead of the Issuer and subject to all the terms, conditions and limitations set forth in this
Indenture, the Trustee shall authenticate and shall deliver any Notes that previously shall have
been signed and delivered by the officer of the Issuer to the Trustee for authentication, and any
Notes that the Successor Company thereafter shall cause to be signed and delivered to the Trustee
for that purpose. All of the Notes issued shall in all respects have the same legal rank and
benefit under this Indenture as though all of such Notes had been issued at the date of the
execution hereof.

          (iv) In case of any such consolidation, merger, sale, transfer, lease or conveyance (as
described in clauses (i) and (ii) above), such changes in phraseology and form (but not in
substance) may be made in the Notes thereafter to be issued as may be appropriate.

          (v) In the event of any such sale or conveyance (other than a conveyance by way of lease) (as
described in clauses (i) and (ii) above), the Issuer shall be discharged from all obligations and
covenants under this Indenture and the Notes thereafter to be issued as may be appropriate.

          (vi) In the event of any such sale or conveyance (other than a conveyance by way of lease) (as
described in clauses (i) and (ii) above), the Issuer shall be discharged from all obligations and
covenants under this Indenture and the Notes to be performed by the Issuer and may be liquidated
and/or dissolved.

          (vii) No Successor Company shall have the right to redeem any Outstanding Notes unless the
Issuer would have been entitled to redeem such Notes pursuant to this Indenture in absence of any
such merger, consolidation, sale, transfer, lease or conveyance permitted herein.

          (viii) The Trustee may rely on the Opinion of Counsel prepared in accordance with this Section
as conclusive evidence that any such consolidation, merger, sale, transfer, lease or other
conveyance, and any such liquidation or dissolution, complies with the applicable provisions of
this Indenture and the Notes.

          (ix) For the purpose of this Section 6.9, the term “Subsidiary” shall also include any
corporation, company, partnership or other entity of which the Guarantor owns shares of stock or
other ownership interests have the ordinary voting power to elect at least 50% of the Board of
Directors (or similar governing body) of such corporation, company, partnership or other entity, or
the Guarantor, directly or indirectly through one or more intermediaries, otherwise shares equal
control of such corporation, company, partnership or other entity with another Person.

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          SECTION 6.9 Provision of Financial Statements and Reports.  (i) In the event the
Issuer shall file any financial statements or reports with the SEC or shall publish or otherwise
make such statements or reports publicly available in the Cayman Islands, Brazil, the United States
or elsewhere, the Issuer shall furnish a copy of such statements or reports to the Trustee within
15 calendar days of the date of filing or the date the information is published or otherwise made
publicly available, as the case may be.

          (ii) The Issuer will provide, together with each of the financial statements delivered
pursuant to above clause (i), an Officer’s Certificate stating that a review of the Issuer’s
activities has been made during the period covered by such financial statements with a view to
determining whether the Issuer has kept, observed, performed and fulfilled its covenants and
agreements under this Indenture and that no Default or Event of Default has occurred during such
period or, if one or more have actually occurred, specifying all such events and what actions have
been taken and will be taken with respect to such Event of Default.

          (iii) The Issuer shall provide to the Trustee such other financial data as the Trustee may
reasonably request to ascertain compliance by the Issuer and its Subsidiaries of their obligations
under this Indenture and the other Transaction Documents.

          (iv) Delivery of such reports, information and documents to the Trustee is for informational
purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any
information contained therein or determinable from information contained therein, including the
Issuer’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to
rely exclusively on Officer’s Certificates).

          SECTION 6.10 Further Actions. The Issuer will, at its own cost and expense, and will
cause its Subsidiaries to, at their own cost and expense, satisfy any condition or take any action
(including the obtaining or effecting of any necessary consent, approval, authorization, exemption,
filing, license, order, recording or registration) at any time required, as may be necessary or as
the Trustee may reasonably request, in accordance with applicable Laws to be taken, fulfilled or
done in order (a) to enable the Issuer to lawfully enter into, exercise its rights and perform and
comply with its obligations under the Notes, this Indenture and the Registration Rights Agreement,
(b) to ensure that the Issuer’s obligations under the Notes, this Indenture and the Registration
Rights Agreement are legally binding and enforceable, (c) to make the Notes, the Indenture and the
Registration Rights Agreement admissible in evidence in the courts of the State of New York, the
Cayman Islands or Brazil, (d) to enable the Trustee to exercise and enforce its rights under and
carry out the terms, provisions and purposes of the Notes, this Indenture and the Registration
Rights Agreement, if any, (e) to take any and all action necessary to preserve the enforceability
of, and maintain the Trustee’s rights hereunder and under the Notes, this Indenture and the
Registration Rights Agreement, if any, including, without limitation, refraining from taking any
action that reasonably can be expected to have a Material Adverse Effect, and (f) to assist the
Trustee in the Trustee’s performance of its obligations under the Notes, this Indenture and the
Registration Rights Agreement, if any; it being understood that the Trustee is not a party to the
Registration Rights Agreement.

          SECTION 6.11 Available Information. For as long as the Notes are “restricted
securities” within the meaning of Rule 144(a)(3) under the Securities Act, the Issuer will, to the

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extent required, furnish to any holder of a Note issued under Rule 144A or to any prospective
purchaser designated by such Noteholder, upon request of such Noteholder, financial and other
information described in paragraph (d)(4) of Rule 144A with respect to the Issuer and the Guarantor
to the extent required in order to permit such Noteholder to comply with Rule 144A (as amended from
time to time and including any successor provision) with respect to any resale of such Note,
unless, at the time of such request, the Issuer is subject to the reporting requirements of Section
13 or Section 15(d) of the Exchange Act or is exempt from such requirements pursuant to Rule
12g3-2(b) under the Exchange Act (as amended from time to time and including any successor
provision) and no such information about the Issuer is otherwise required pursuant to Rule 144A.

          SECTION 6.12 Appointment to Fill a Vacancy in Office of Trustee. The Issuer, whenever
necessary to avoid or fill a vacancy in the office of Trustee, will appoint in the manner provided
in Section 8.8, a successor Trustee, so that there shall at all times be a Trustee with respect to
the Notes.

          SECTION 6.13 Payments and Paying Agents. (a) The Issuer will, at least one Business
Day prior to each due date of the principal of or interest on the Notes or other amounts (including
Additional Amounts), deposit with the Trustee a sum sufficient to pay such principal, interest or
other amounts (including Additional Amounts) so becoming due.

          (b) Whenever the Issuer shall appoint a Paying Agent other than the Trustee with respect to
the Notes, it will cause such Paying Agent to execute and deliver to the Trustee an instrument in
which such agent shall agree with the Trustee, subject to the provisions of this Section:

     (i) that it will hold all sums received by it as such agent for the payment of the
principal of or interest on any Notes (whether such sums have been paid to it by or on
behalf of the Issuer or by any other obligor on the Notes) in trust for the benefit of the
Noteholders or of the Trustee.

     (ii) that it will give the Trustee notice of any failure by the Issuer (or by any other
obligor on the Notes) to make any payment of the principal of or interest on any Notes
(including Additional Amounts) and any other payments to be made by or on behalf of the
Issuer under this Indenture or the Notes when the same shall be due and payable; and

     (iii) that it will pay any such sums so held in trust by it to the Trustee upon the
Trustee’s written request at any time during the continuance of the failure referred to in
clause (ii) above.

          (c) The Trustee shall arrange with all such Paying Agents for the payment, from funds
furnished by the Issuer to the Trustee pursuant to this Indenture, of the principal of and interest
and other amounts due on the Notes (including Additional Amounts) and of the compensation of such
Paying Agents for their services as such.

          (d) If the Issuer shall act as its own Paying Agent (following notice thereof to the Trustee)
with respect to any Notes, it will, on or before each due date of the principal of or

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interest on such Notes, set aside, segregate and hold in trust for the benefit of the
Noteholders of such Notes a sum sufficient to pay such principal or interest (including Additional
Amounts) so becoming due. The Issuer will promptly notify the Trustee of any failure to take
action.

          (e) Anything in this Section 6.13 to the contrary notwithstanding, the Issuer may at any time,
for the purpose of obtaining a satisfaction and discharge with respect to any Notes hereunder, or
for any other reason, pay or cause to be paid to the Trustee all sums held in trust for such Notes
by the Issuer or any Paying Agent hereunder, as required by this Section, such sums to be held by
the Trustee upon the trusts herein contained.

          (f) Anything in this Section 6.13, to the contrary notwithstanding, the agreements to hold
sums in trust as provided in this Section are subject to the provisions of Section 12.3.

ARTICLE VII

EVENTS OF DEFAULT AND REMEDIES

          SECTION 7.1 Events of Default. The following events shall each be an “Event of
Default” under the terms of the Notes and this Indenture:

          (a) The Trustee shall not receive any amount due from the Issuer under the Notes and this
Indenture, from the Guarantor under the Guaranty, in respect of principal on any of the Notes
whether on the Maturity Date, upon redemption or prior to the Maturity Date or otherwise by the
scheduled date therefor;

          (b) The Trustee shall not receive any payment in respect of any interest or other amounts due
on or with respect to the Notes (including Additional Amounts, if any) from the Issuer in
accordance with the terms of the Notes and this Indenture, or from the Guarantor under the
Guaranty, by the scheduled due date therefor and such non-receipt shall continue for a period of 30
calendar days from such scheduled due date;

          (c) The Issuer or the Guarantor, as applicable, shall fail to perform, observe or comply with
any term, covenant, agreement or obligation contained in this Indenture, or any of the Notes, the
Guaranty or the Registration Rights Agreement and such failure (other than any failure to make any
payment contemplated in clause (a) or (b) hereof) is either incapable of remedy or continues for a
period of 60 calendar days (inclusive of any time frame contained in any such term, covenant,
agreement or obligation for compliance thereunder) after written notice of such failure has been
received by the Issuer or the Guarantor from the Trustee;

          (d) (i) The acceleration of any Indebtedness of the Issuer, the Guarantor or any Material
Subsidiary thereof in accordance with the terms of such Indebtedness, unless such acceleration is
at the option of the Issuer, the Guarantor or any Material Subsidiary thereof; or (ii) the Issuer,
the Guarantor or any Material Subsidiary thereof fails to pay any Indebtedness when due, on any
final maturity date or, as the case may be, beyond any applicable grace period; provided, however,
that the aggregate amount of any such Indebtedness falling within (i) and (ii) above (as to which
the time for payment has not been extended by the relevant obligees) equals or exceeds
U.S.$50,000,000 (or its equivalent in another currency);

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          (e) One or more final and non-appealable judgments or final decrees are entered against the
Issuer, the Guarantor or any Material Subsidiary thereof involving in the aggregate a liability
(not theretofore paid or reimbursed by insurance) of U.S.$50,000,000 (or its equivalent in another
currency) or more, and all such judgments or decrees shall not have been vacated, discharged or
stayed within 120 calendar days after the rendering thereof;

          (f) Either the Issuer, the Guarantor or any of their Material Subsidiaries shall commence a
voluntary case or other proceeding seeking liquidation, reorganization, recuperação judicial ou
extradjudicial or other relief with respect to itself or its debts under any bankruptcy, insolvency
or other similar law now or hereafter in effect, or seek the appointment of a trustee, receiver,
administrador, liquidator, custodian or other similar official of it or any substantial part of its
property, or shall consent to any such relief or to the appointment of or taking possession by any
such official in an involuntary case or other proceeding commenced against it, or shall make a
general assignment or conveyance for the benefit of creditors, or shall fail generally to pay its
debts as they become due, or shall take any corporate action to authorize any of the foregoing;

          (g) An involuntary case or other proceeding shall be commenced against either the Issuer, the
Guarantor or any of their Material Subsidiaries seeking liquidation, reorganization or other relief
with respect to it or its debt under any bankruptcy, insolvency or other similar law now or
hereafter in effect or seeking the appointment of a trustee, receiver, administrador, liquidator,
custodian or other similar official of it or any substantial part of its property, and such
involuntary case or other proceeding shall remain undismissed and unstayed for a period of 90 days;
or an order for relief shall be entered against either the Issuer, the Guarantor or any of their
Material Subsidiaries under the bankruptcy laws as now or hereafter in effect;

          (h) Either the Issuer, the Guarantor or any of their Material Subsidiaries shall admit in
writing its inability to pay its debts as and when they fall due or shall become unable to pay its
debts, or shall convene a meeting for the purpose of proposing, or otherwise propose or enter into,
any composition or arrangement with its creditors or any group or class thereof, or anything
analogous to, or having a substantially similar effect to, any of the events specified in this
paragraph (h) or in paragraph (f) or (g) above or (i) below shall occur in any jurisdiction;

          (i) Either the Issuer, the Guarantor or any of their Material Subsidiaries shall cease or
threaten to cease to carry out its business except (i) a winding-up, dissolution or liquidation for
the purpose of and followed by a consolidation, merger, conveyance or transfer or, in the case of a
Material Subsidiary, whereby the undertaking, business and assets of such Material Subsidiary are
transferred to or otherwise vested in the Issuer or the Guarantor, as applicable, or any of their
respective Subsidiaries or Affiliates, or the terms of which shall have been approved by a
resolution of a meeting of the Noteholders or (ii) a voluntary winding-up, dissolution or
liquidation of a Material Subsidiary where there are surplus assets in such Material Subsidiary
attributable to the Issuer or the Guarantor, as applicable, and/or any other subisidiary that it is
either a Material Subsidiary or will become a Material Subsidiary upon such transfer of assets, and
such surplus assets are distributed to the Issuer or the Guarantor, as applicable, and/or such
Subsidiary;

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          (j) Any event occurs that under the laws of the Cayman Islands, Brazil or any political
subdivision thereof has substantially the same effect as any of the events referred to in any of
paragraphs (f), (g), (h), or (i);

          (k) Any of the Notes, this Indenture, the Guaranty or the Registration Rights Agreement, or
any part thereof, shall cease to be in full force and effect or binding and enforceable against the
Issuer or the Guarantor or admissible in evidence in the courts of Brazil, it becomes unlawful for
the Issuer or the Guarantor to perform any material obligation under any of the foregoing, or the
Issuer or the Guarantor shall contest the enforceability of any of the foregoing or deny that it
has liability under any of the foregoing;

          (l) All or a substantial part of the aggregate property and assets of the Issuer or the
Guarantor or any of their Material Subsidiaries shall be condemned, seized or otherwise
appropriated, or custody of such property shall be assumed by any governmental authority or court
or any other Person purporting to act under the authority of the government of any jurisdiction, or
the Issuer or the Guarantor or any of its Material Subsidiaries shall be prevented from exercising
normal control over all or substantial part of such property and such default is not remedied
within 30 calendar days after it occurs; or

          (m) The Guarantor fails to retain at least 100% direct or indirect ownership of the
outstanding voting and economic interests (equity or otherwise) of and in the Issuer.

          SECTION 7.2 Acceleration of Maturity; Rescission and Annulment. (a) If an Event of
Default described in paragraphs (a), (b), (c), (d), (e), (k), (l) or (m) of Section 7.1 occurs and
is continuing with respect to the Notes, then and in each and every such case, unless the principal
of all the Notes shall have already become due and payable, the Trustee shall, upon the request of
Noteholders holding not less than 25% in aggregate principal amount of the Notes then Outstanding
hereunder, by notice in writing to the Issuer (and to the Trustee if given by the Noteholders), may
declare the principal amount of all the Notes then Outstanding and all accrued interest thereon to
be due and payable immediately, and upon any such declaration the same shall become and shall be
immediately due and payable, anything in this Indenture or in the Notes contained to the contrary
notwithstanding. If an Event of Default described in paragraphs (f) (g), (h), (i) or (j) occurs
and is continuing, then and in each and every such case, the principal amount of the Notes then
Outstanding and all accrued interest and other amounts thereon shall, without any notice to the
Issuer or any other act on the part of the Trustee or any Noteholder, become and be accelerated and
immediately due and payable, anything in this Indenture or in the Notes contained to the contrary
notwithstanding.

          (b) At any time after a declaration of acceleration has been made with respect to the Notes
and before a judgment or decree for payment of the money due has been obtained by the Trustee as
hereinafter in this Article provided, the Majority Noteholders, by written notice to the Issuer and
the Trustee, may receive and annul such declaration and its consequences if:

          (i) there shall have been paid to or deposited with the Trustee a sum sufficient to
pay:

     (A) all overdue installments of interest on the
Notes;

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     (B) the principal
of any Notes that have become due other than by such
declaration of acceleration and interest thereon at the respective rates provided in
the Notes for late payments of principal;

     (C) to the extent
that payment of such interest is lawful, interest upon
overdue installments of interest at the respective rates provided in the Notes for
late payments of interest; and

     (D) all sums paid
or advanced by the Trustee hereunder and the reasonable
compensation, expenses, disbursements, and advances of the Trustee, its agents and
counsel; and

     (ii) all Events
of Default, other than the nonpayment of the principal of the Notes
that has become due solely by such acceleration, have been cured or waived as provided in
Section 7.4.

          
(c) No such rescission shall affect any subsequent default or impair any right consequent
thereon.

          
SECTION 7.3 Delay or Omission Not Waiver. No delay or omission of the Trustee or of any
Noteholder to exercise any right or remedy accruing upon any Event of Default shall impair any such
right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein.
Every right and remedy given by this Article or by law to the Trustee or to the Noteholders may be
exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the
Noteholders, as the case may be. No waiver of any Event of Default, whether by the Trustee or by
the Noteholders, shall extend to or shall affect any subsequent Event of Default or shall impair
any remedy or right consequent thereon.

          
SECTION 7.4 Waiver of Past Defaults. (a) The Majority Noteholders may on behalf of the
Noteholders of all the Notes waive any past default hereunder and its consequences, except a
default not theretofore cured:

     (i) in the
payment of the principal of or interest on any Note, or

     (ii) in respect
of a covenant or provision hereof which under Article VI cannot be
modified or amended without the consent of the Noteholder of each Outstanding Note.

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

          
SECTION 7.5 Trustee May File Proofs of Claim; Appointment of Trustee as Attorney-in-Fact in
Judicial Proceedings. (a) In case of pendency in any receivership, insolvency, bankruptcy,
liquidation, readjustment, reorganization or any other judicial proceedings relating to the Issuer
or any obligor on the Notes or the property of the Issuer or of such other obligor or their
creditors, the Trustee (irrespective of whether the principal of the Notes shall then be due and
payable as therein expressed or by declaration or otherwise and

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irrespective of whether the Trustee shall have made any demand on the Issuer for payment of overdue
principal or interest) shall be entitled and empowered by intervention in such proceedings or
otherwise to:

     (i) file and prove a claim for the whole amount of principal and interest owed and
unpaid in respect of the Notes and to file such other papers or documents as may be
necessary and advisable in order to have the claims of the Trustee (including any claim for
the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel and all other amounts due to the Trustee under Section 8.5) and of the
Noteholders allowed in such judicial proceeding; and

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

          (b) In any such event, any receiver, assignee, trustee, liquidator or sequestrator or other
similar official in any such judicial proceeding is hereby authorized by each Noteholder to make
such payment to the Trustee and in the event that the Trustee shall consent to the making of such
payments directly to the Noteholders, to pay to the Trustee any amount due to it for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any
other amounts due to the Trustee under Section 8.5.

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

          SECTION 7.6 Trustee May Enforce Claims Without Possession of Notes. All rights of action
and claims under this Indenture or the Notes may be prosecuted and enforced by the Trustee without
the possession of any of the Notes or the production thereof in any proceeding relating thereto,
and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an
express trust, and any recovery of judgment shall, after provision for the payment of the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agent and
counsel, be for the ratable benefit of the Noteholders.

          SECTION 7.7 Application of Money Collected. Any money collected by the Trustee with
respect to the Notes shall be applied in the following order, at the date or dates fixed by the
Trustee and, in case of the distribution of such money on account of principal or interest, upon
presentation of the Notes and the notation thereon of the payment if only partially paid and upon
surrender thereof if fully paid:

     FIRST: To the payment of all amounts due the Trustee under Section 8.5 hereof.

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

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          SECTION 7.8 Limitation on Suits. No Noteholder shall have any right to institute any
proceeding, judicial or otherwise, with respect to this Indenture or the Notes or for the
appointment of a receiver or trustee, or for any other remedy hereunder, unless:

     (a) such Noteholder has previously given written notice to the Trustee of a continuing
Event of Default with respect to Notes;

     (b) the Noteholders of not less than 25% in aggregate principal amount of the then
Outstanding Notes shall have made written request to the Trustee to institute proceedings in
respect of such Event of Default in its own name as Trustee hereunder;

     (c) such Noteholder or Noteholders have offered to the Trustee adequate security and
indemnity against the costs, expenses and liabilities to be incurred in compliance with such
request;

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

     (e) no direction inconsistent with such written request has been given to the Trustee
during such 60-day period by the Majority Noteholders;

it being understood and intended that no one or more Noteholders shall have any right in any manner
whatsoever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or
prejudice the rights of any other Noteholder, or to obtain or to seek to obtain priority or
preference over any other such Noteholder or to enforce any right under this Indenture, except in
the manner herein provided and for the equal and proportionate benefit of all the Noteholders.

          SECTION 7.9 Unconditional Right of Noteholders to Receive Principal and Interest and Other
Amounts. Notwithstanding any other provisions in this Indenture, the Noteholders shall have
the right, which is absolute and unconditional, to receive payment of the principal of and interest
and other amounts (including Additional Amounts) on such Note on the respective maturities or due
dates expressed in such Note (or, in the case of redemption or repayment, on the Early Tax
Redemption Date or the Maturity Date, as the case may be) and to institute suit for the enforcement
of any such payment, and such right shall not be impaired without the consent of such Noteholder.

          SECTION 7.10 Restoration of Rights and Remedies. If the Trustee or any Noteholder has
instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding
has been discontinued or abandoned for any reason, then and in every such case the Issuer, the
Trustee and the Noteholders shall, subject to any determination in such proceeding, be restored
severally and respectively to their former positions hereunder, and thereafter all rights and
remedies of the Trustee and the Noteholders shall continue as though no such proceeding had been
instituted.

          SECTION 7.11 Rights and Remedies Cumulative. Except as otherwise provided in the last
paragraph of Section 2.14, no right or remedy herein conferred upon or reserved to the Trustee or
to the Noteholders is intended to be exclusive of any other right or remedy, and every

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right and remedy shall, to the extent permitted by law, be cumulative and in addition to every
other right and remedy given hereunder or now or hereafter existing at law or in equity or
otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not
prevent the concurrent assertion or employment of any other appropriate right or remedy.

          SECTION 7.12 Control by Noteholders. Subject to Section 316(a) of the Trust Indenture Act,
the Majority Noteholders shall have the right to direct the time, method and place of conducting
any proceeding for any remedy available to the Trustee or exercising any trust or power conferred
on the Trustee with respect to the Notes; provided that:

     (a) the Trustee shall have the right to decline to follow any such direction if the
Trustee, being advised by counsel, determines that the action so directed may not lawfully
be taken or would conflict with this Indenture or if the Trustee in good faith shall, by a
Responsible Officer, determine that the proceedings so directed would involve it in personal
liability or it reasonably believes it will not adequately be indemnified against the costs,
expenses and liabilities which might be incurred by it in complying with its request or be
unjustly prejudicial to the Noteholders not taking part in such direction; and

     (b) the Trustee may take any other action deemed proper by the Trustee that is not
inconsistent with such direction.

          SECTION 7.13 Undertaking for Costs. All parties to this Indenture agree, and each
Noteholder by its acceptance thereof shall be deemed to have agreed, that any court may in its
discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or
in any suit against the Trustee for any action taken or omitted by it as Trustee, the filing by any
party litigant in such suit, in the manner and to the extent provided in the Trust Indenture Act of
an undertaking to pay the costs of such suit, and that such court may in its discretion assess
reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit,
having due regard to the merits and good faith of the claims or defenses made by such party
litigant; but neither the provisions of this Section nor the Trust Indenture Act shall be deemed to
authorize any court to require such an undertaking or to make such assessment in any suit
instituted by the Trustee, to any suit instituted by any Noteholder, or group of Noteholders,
holding in the aggregate more than 10% in principal amount of then Outstanding Notes, or to any
suit instituted by any Noteholder for the enforcement of the payment of the principal of or
interest on any Note on or after the respective maturities expressed in such Note (or, in the case
of redemption or repayment, on or after the applicable redemption date or the Maturity Date (as the
same may be extended as provided hereunder)).

          SECTION 7.14 Waiver of Stay or Extension Laws. The Issuer covenants (to the extent
that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner
whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted,
now or at any time hereafter in force, which may affect the covenants or the performance of this
Indenture; and the Issuer (to the extent that it may lawfully do so) hereby expressly waives all
benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the
execution of any power herein granted to the Trustee, but will suffer and permit the execution of
every such power as though no such law had been enacted.

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ARTICLE VIII

CONCERNING THE TRUSTEE

          SECTION 8.1 Certain Rights and Duties of Trustee. (a) The Trustee, prior to the
occurrence of an Event of Default and after curing or waiving all Events of Default that may have
occurred, undertakes to perform only such duties as are specifically set forth in this Indenture
and no implied covenants or obligations shall be read into this Indenture against the Trustee. In
case an Event of Default has occurred (which has not been cured or waived) and prior to the receipt
of instructions (if any) from the Noteholders, the Trustee shall exercise such of the rights and
powers vested in it by this Indenture, and use the same degree of care and skill in their exercise,
as a prudent person would exercise or use under the circumstances in the conduct of his or her own
affairs.

     (b) Except as otherwise provided in Section 315 of the Trust Indenture Act:

     (i) The Trustee may conclusively rely and shall be fully protected in acting, or
refraining from acting, upon any resolution, certificate, statement, instrument, opinion,
report, notice, request, consent, order, Note, debenture or other paper or document
reasonably believed by it to be genuine and to have been signed or presented by the proper
party or parties; provided that in the case of any such certificates or opinions which by
the provisions hereof are specifically required to be furnished to the Trustee, the Trustee
shall be under a duty to examine the same to determine whether or not they conform to the
requirements of this Indenture but need not verify the contents thereof;

     (ii) Any request, direction, order or demand of the Issuer mentioned herein shall be
sufficiently evidenced by an Officer’s Certificate (unless other evidence in respect thereof
be herein specifically prescribed); and any resolution of the Board of Directors shall be
evidenced to the Trustee by a copy thereof certified by the secretary or an assistant
secretary of the Issuer;

     (iii) The Trustee shall be under no obligation to exercise any of the trusts or powers
vested in it by this Indenture, and may refuse to perform any duty or exercise any such
rights or powers unless it shall have been offered reasonable security or indemnity to its
reasonable satisfaction against the costs, expenses and liabilities which may reasonably be
incurred therein or thereby;

     (iv) The Trustee shall not be liable for any action taken, suffered or omitted by it in
good faith and reasonably believed by it to be authorized or within the discretion or rights
or powers conferred upon it by this Indenture (provided that the Trustee’s conduct does not
constitute negligence or willful misconduct) or with respect to any action it takes or omits
to take in good faith in accordance with a direction received by it from Noteholders holding
a sufficient percentage of Notes to give such direction as permitted by this Indenture;

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     (v) Subject to Section 8.1(a), the Trustee shall not be bound to make any investigation
into the facts or matters stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, consent, order, approval, appraisal, Note, debenture or
other paper or document with respect to the Notes unless requested in writing so to do by
the Majority Noteholders then Outstanding, provided that, if the payment within a reasonable
time to the Trustee of the reasonable costs, expenses or liabilities likely to be incurred
by it in the making of such investigation is, in the opinion of the Trustee, not reasonably
assured to the Trustee by the security afforded to it by the terms of this Indenture, the
Trustee may require indemnity reasonably satisfactory to it against such expenses or
liabilities as a condition to such proceeding. The reasonable expense of every such
investigation shall be paid by the Issuer or, if paid by the Trustee, shall be repaid by the
Issuer upon demand;

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

     (vii) The Trustee shall not be liable for any error of judgment made in good faith by a
Responsible Officers of the Trustee unless it shall be proved that the Trustee was grossly
negligent in ascertaining the pertinent facts or the action or failure to act by such
Responsible Officers was unreasonable.

     (viii) The Trustee shall not be liable with respect to any action taken or omitted to
be taken by it in good faith in accordance with any direction of the Issuer given under this
Indenture, provided that the Trustee’s conduct does not constitute negligence or willful
misconduct;

     (ix) The Trustee shall not be bound to make any investigation into the facts or matters
stated in any resolution, certificate, statement, instrument, opinion, report, notice,
request, consent, entitlement order, approval or other paper or document;

     (x) The Trustee shall have no obligation to invest and reinvest any cash held pursuant
to this Indenture in the absence of timely and specific written investment direction from
the Issuer. In no event shall the Trustee be liable for the selection of investments or for
investment losses incurred thereon. The Trustee shall have no liability in respect of
losses incurred as a result of the liquidation of any investment prior to its stated
maturity or the failure of the Issuer to provide timely written investment direction;

     (xi) The Trustee shall not be deemed to have notice of any Default or Event of Default
unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written
notice of any event which is in fact such a default is received by the Trustee at the
Corporate Trust Office of the Trustee, and such notice references the Notes and this
Indenture; provided, however, that the Trustee shall be deemed to have actual knowledge of
the existence of any Default or Event of Default which has arisen pursuant to the provisions
of Sections 7.1(a) or
(b);

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     (xii) The rights, privileges, protections, immunities and benefits given to the
Trustee, including, without limitation, its right to be indemnified, are extended to, and
shall be enforceable by, the Trustee in each of its capacities hereunder and under the
Guaranty, and each agent, custodian and other Person employed to act hereunder;

     (xiii) The Trustee may request that the Issuer deliver an Officer’s Certificate setting
forth the names of individuals and/or titles of officers authorized at such time to take
specified actions pursuant to this Indenture, which Officer’s Certificate may be signed by
any person authorized to sign an Officer’s Certificate, including any person specified as so
authorized in any such certificate previously delivered and not superseded;

     (xiv) In no event shall the Trustee be liable for any failure or delaying the
performance of its obligations hereunder because of circumstances beyond the Trustee’s
control and without the fault or negligence of the Trustee, including but not limited to,
acts of God, flood, war (whether declared or undeclared), terrorism, fire, riot, embargo,
government action, including any laws, ordinances, regulations, governmental action or the
like which delay, despite all reasonable efforts of the Trustee to prevent it or mitigate
its effects, restrict or prohibit the providing of the services contemplated by this
Indenture.

          (c) None of the provisions contained in this Indenture shall require the Trustee to expend or
risk its own funds or otherwise incur personal financial liability in the performance of any of its
duties or in the exercise of any of its rights or powers, if there shall be a reasonable ground for
believing that the repayment of such funds or indemnity satisfactory to it against such liability
is not reasonably assured to it.

          (d) The Trustee may reasonably request information, including an Officer’s Certificate, from
time to time, as necessary or appropriate in order to ascertain compliance with the requirements of
this Indenture and the Notes and may consult with counsel and the written advice or opinion of
counsel shall be full and complete authorization and protection in respect of any action taken or
omitted by it hereunder in good faith and in accordance with such advice or opinion of counsel.

          (e) If the Trustee has or shall acquire a conflicting interest within the meaning of the Trust
Indenture Act, the Trustee shall either eliminate such interest or resign, to the extent and in the
manner provided by, and subject to the provisions of, the Trust Indenture Act and this Indenture.

          SECTION 8.2 Trustee Not Responsible for Recitals; Etc. The recitals contained herein and
in the Notes, except the Trustee’s certificate of authentication, shall be taken as the statements
of the Issuer and the Trustee assumes no responsibility for the correctness of the same. The
Trustee makes no representations as to the validity or sufficiency of this Indenture or of the
Notes. The Trustee shall not be accountable for the use or application by the Issuer of any of the
Notes or of the proceeds of such Notes.

          SECTION 8.3 Trustee and Others May Hold Notes. (a) The Trustee or any Paying Agent or Note
Registrar or any other Authorized Agent of the Trustee, or any Affiliate

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thereof, in its individual or any other capacity, may become the owner or pledgee of Notes and may
otherwise deal with the Issuer, or any other obligor on the Notes with the same rights it would
have if it were not Trustee, Paying Agent, Note Registrar or such other Authorized Agent.

     (b) The Trustee is subject to Section 311(a) of the Trust Indenture Act, excluding any
creditor relationship listed in Section 311(b) of the Trust Indenture Act. If the Trustee resigns
or is removed, such Trustee shall be subject to Section 311(a) of the Trust Indenture Act to the
extent indicated therein.

          SECTION 8.4 Moneys Held by Trustee or Paying Agent. (a) Whenever the Issuer shall
have one or more Paying Agents, the Issuer will make the payments contemplated by Sections 6.1 and
6.2 by depositing with a Paying Agent an amount sufficient to make such payments, such amount to be
held in trust by the Paying Agent for the benefit of the Persons entitled thereto, and (unless such
Paying Agent is the Trustee) will promptly notify the Trustee of its action or failure so to act.
Each Paying Agent other than the Trustee shall execute and deliver to the Trustee an instrument in
which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, to
the effect that such Paying Agent will:

     (i) hold all amounts held by it for the making of payments in respect of the Notes in
trust for the benefit of the Persons entitled thereto until such amounts shall be paid to
such Persons or otherwise disposed of as herein provided;

     (ii) provide the Trustee notice of any Default by the Issuer in the making of payments
in respect of the Notes; and

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

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

          (c) Any money deposited with the Trustee or any Paying Agent, or then held by the Issuer in
trust for the making of any payment in respect of any Note and remaining unclaimed for two years
after such payment has become due and payable (if then held by the Trustee or any Paying Agent)
shall be paid or returned to the Issuer upon request by the Issuer or (if then held by the Issuer)
shall be discharged from such trust; and Noteholders shall thereafter, as unsecured general
creditors, seek recourse only to the Issuer for payment thereof (unless an applicable abandoned
property law designates another Person), and all liability of the Trustee or such Paying Agent with
respect to such trust money, and all liability of the Issuer, as trustee thereof, shall thereupon
cease; provided that the Trustee or such Paying Agent, before being required to make any such
repayment, may at the expense of the Issuer provide notice to

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Noteholders in the manner set forth in Section 14.13, that such money remains unclaimed and
that, after a date specified therein, which shall not be less than 30 days from the latest date of
mailing, any unclaimed balance of such money then remaining will be repaid or redelivered to the
Issuer.

          SECTION 8.5 Compensation of the Trustee and its Lien. (a) The Issuer covenants and
agrees to pay to the Trustee and to each Authorized Agent (all references in this Section 8.5 to
the Trustee shall be deemed to apply to the Trustee in its capacities as Trustee, and as any or all
Authorized Agents) from time to time, and the Trustee shall be entitled to, reasonable compensation
for all services rendered by it hereunder (which shall be agreed to from time to time by the Issuer
and the Trustee and which shall not be limited by any provision of law in regard to the
compensation of a trustee of an express trust), and, except as herein otherwise expressly provided,
the Issuer will pay or reimburse the Trustee upon its request for all reasonable expenses and
disbursements incurred or made by the Trustee in accordance with any of the provisions of this
Indenture (including the reasonable compensation and the reasonable expenses, advances and
disbursements of its counsel and of all persons not regularly in its employ) except any such
expense or disbursement as may arise from its gross negligence or willful misconduct. The Issuer
also covenants and agrees to indemnify the Trustee and any predecessor Trustee for, defend, and
hold harmless the Trustee and any predecessor Trustee and their officers, directors, employees,
representatives and agents from and against, any loss, liability, claim, damage or expense incurred
without gross negligence or willful misconduct on the part of the Trustee or any of its employees,
officers or agents, arising out of or in connection with the acceptance or administration of the
trust or trusts hereunder and this Indenture, including liability which the Trustee may incur as a
result of failure to withhold, pay or report Taxes and including the costs and expenses of
defending itself against any claim or liability in the premises and including, without limitation,
any loss, liability, claim, damage or expense relating to or arising out of any Environmental Law.
The obligations of the Issuer under this Section shall constitute additional Indebtedness
hereunder. In no event shall the Trustee be liable for special, indirect or consequential loss or
damages whatsoever (including, but not limited to lost profits), even if the Trustee has been
advised of the likelihood of such damage and regardless of the form of action taken.

          (b) The obligations of the Issuer under this Section 8.5 shall survive payment in full of the
Notes, the resignation or removal of the Trustee and the termination of this Indenture.

          (c) When the Trustee or any predecessor Trustee incurs expenses or renders services in
connection with the performance of its obligations hereunder (including its services as Paying
Agent, if so appointed by the Issuer) after an Event of Default occurs, the expenses and
compensation for such services are intended to constitute expenses of administration under
applicable bankruptcy, insolvency or other similar United States federal or state law to the extent
provided in Section 503(b)(5) of the Federal Bankruptcy Code.

          (d) The Trustee shall have a lien prior to the Notes as to all property and funds held by it
hereunder for any amount owing it or any predecessor Trustee pursuant to this Section 8.5, except
with respect to funds held in trust for the benefit of the holders of particular Notes.

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          SECTION 8.6 Right of Trustee to Rely on Officer’s Certificates and Opinions of Counsel.
Before the Trustee acts or refrains from acting with respect to any matter contemplated by this
Indenture, it may require an Officer’s Certificate of the Issuer or an Opinion of Counsel, which
shall conform to the provisions of Section 14.1. The Trustee shall not be liable for any action it
takes or omits to take in good faith in reliance on such certificate or opinion as set forth in
Section 8.1(b)(v).

          SECTION 8.7 Persons Eligible for Appointment as Trustee. There shall at all times be a
Trustee hereunder which shall at all times be a bank which complies with the eligibility
requirements of the Trust Indenture Act, having a combined capital and surplus of at least
$100,000,000 and have a long term unsecured debt rating of at least “A” by S&P and “A” by Fitch (if
rated by Fitch). If such corporation publishes reports of condition at least annually, pursuant to
law or to the requirements of a supervising or examining authority referred to in Section 310(a) of
the Trust Indenture Act, then for the purposes of this Section 8.7, the combined capital and
surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in
its most recent report of condition so published. In case at any time the Trustee shall cease to
be eligible in accordance with this Section 8.7, the Trustee shall resign immediately in the manner
and with the effect specified in Section 8.8.

          SECTION 8.8 Resignation and Removal of Trustee; Appointment of Successor. (a) The
Trustee, or any trustee or trustees hereafter appointed, may at any time resign by giving written
notice to the Issuer and by giving notice of such resignation to the Noteholders in the manner
provided in Section 14.4.

          (b) In case at any time any of the following shall occur with respect to any Notes:

     (i) the Trustee shall fail to comply with the provisions of Section 310(b) of the Trust
Indenture Act, after written request thereafter by the Issuer or by any Noteholder who has
been a bona fide Noteholder for at least six months,

     (ii) the Trustee shall cease to be eligible under Section 8.7 and shall fail to resign
after written request therefore by the Issuer or by any Noteholder, or

     (iii) the Trustee shall become incapable of acting, or shall be adjudged bankrupt or
insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public
officer shall take charge or control of the Trustee or of its property or affairs for the
purpose of rehabilitation, conservation or liquidation;

then, in any such case, (A) the Issuer may remove the Trustee, and appoint a successor trustee by
written instrument, in duplicate, executed by order of the Board of Directors of the Issuer, or (B)
subject to the requirements of Section 315(e) of the Trust Indenture Act, any Noteholder who has
been a bona fide Noteholder for at least six months may, on behalf of himself and all others
similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and
the appointment of a successor Trustee. Such court may thereupon after such notice, if any, as it
may deem proper and prescribe, remove the Trustee and appoint a successor Trustee.

          (c) The Majority Noteholders at the time Outstanding may at any time, with not less than 30
days notice, remove the Trustee and appoint a successor Trustee by delivering to

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the Trustee so removed, to the successor Trustee so appointed and to the Issuer, the evidence
provided for in Section 8.1 of the action taken by the Noteholders, provided that unless a Default
or Event of Default shall have occurred and be continuing, the Issuer shall consent (such consent
not to be unreasonably withheld).

          (d) If the Trustee shall resign, be removed, or become incapable of acting or if a vacancy
shall occur in the office of Trustee with respect to the Notes for any cause, the Issuer shall
promptly appoint a successor Trustee or Trustees by written instrument, in duplicate, executed by
order of the Board of Directors of the Issuer, one copy of which instrument shall be delivered to
the former Trustee and one copy to the successor Trustee. If no successor Trustee shall have been
so appointed and have accepted such appointment pursuant to Section 8.9 within 30 days after the
mailing of such notice of resignation or removal, the former Trustee may, at the Issuer’s expense,
petition any court of competent jurisdiction for the appointment of a successor Trustee, or any
Noteholder who has been a bona fide Noteholder for at least six months may, subject to the
requirements of Section 315(e) of the Trust Indenture Act, on behalf of himself and all others
similarly situated, petition any such court for the appointment of a successor Trustee. Such court
may thereupon after such notice, if any, as it may deem proper and prescribe, appoint a successor
Trustee.

          (e) Any resignation or removal of the Trustee and any appointment of a successor Trustee
pursuant to this Section shall become effective only upon acceptance of appointment by the
successor Trustee as provided in Section 8.9.

          SECTION 8.9 Acceptance of Appointment by Successor Trustee. (a)  Any successor Trustee
appointed under Section 8.8 shall execute, acknowledge and deliver to the Issuer and to its
predecessor Trustee an instrument accepting such appointment hereunder, and thereupon the
resignation or removal of the predecessor Trustee shall become effective and such successor
Trustee, without any further act, deed or conveyance, shall become vested with all the rights,
powers, trusts, duties and obligations of its predecessor Trustee hereunder, with like effect as if
originally named as Trustee herein; but, nevertheless, on the written request of the Issuer, the
Trustee ceasing to act shall, upon payment of any such amounts then due it pursuant to the
provisions of Section 8.5, execute and deliver an instrument transferring to such successor Trustee
all the rights, powers and trusts of the Trustee so ceasing to act, and shall assign, transfer and
deliver to such successor Trustee all property and money as may be held by such Trustee ceasing to
act. Upon request of any such successor Trustee, the Issuer shall execute any and all instruments
in writing for more fully and certainly vesting in and confirming to such successor Trustee all
such rights and powers. Any Trustee ceasing to act shall, nevertheless, retain a lien upon all
property or funds held or collected by such Trustee to secure any amounts then due it pursuant to
Section 8.5.

          (b) No successor Trustee shall accept appointment as provided in this Section 8.9 unless at
the time of such acceptance such successor Trustee shall be eligible under Section 8.7.

          (c) Upon acceptance of appointment by a successor Trustee, the Issuer shall give notice of the
succession of such Trustee hereunder to the Noteholders in the manner provided in Section 14.4. If
the Issuer fails to give such notice within 10 days after acceptance of

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appointment by the successor Trustee, the successor Trustee shall cause such notice to be
given at the expense of the Issuer.

          SECTION 8.10 Merger, Conversion or Consolidation of Trustee. (a) Any Person into which
the Trustee may be merged or converted or with which it may be consolidated, or any corporation
resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or
any Person succeeding to all or substantially all the corporate trust business of the Trustee,
shall be the successor of the Trustee hereunder without the execution or filing of any paper or any
further act on the part of any of the parties hereto; provided that such successor Trustee shall be
qualified under the Trust Indenture Act and eligible under the provisions of Section 8.7 hereof and
Section 310(a) of the Trust Indenture Act.

          (b) In case at the time such successor to the Trustee shall succeed to the trusts created by
this Indenture, any of the Notes shall have been authenticated but not delivered, any such
successor to the Trustee may adopt the certificate of authentication of any predecessor Trustee and
deliver such Notes so authenticated and, in case at that time any of the Notes shall not have been
authenticated, any successor to the Trustee may authenticate such Notes either in the name of any
predecessor hereunder or in the name of the successor trustee, and in such cases such certificate
shall have the same force under the Notes and under this Indenture as if authenticated by such
predecessor Trustee; provided that the certificate of the Trustee shall have provided that the
right to adopt the certificate of authentication of any predecessor Trustee or the authenticated
Notes in the name of any predecessor Trustee shall apply only to its successor or successors by
merger, conversion or consolidation.

          SECTION 8.11 Maintenance of Offices and Agencies. (a) There shall at all times be
maintained in the Borough of Manhattan, The City of New York, and in such other Places of Payment,
if any, as shall be specified for the Notes, an office or agency where Notes may be presented or
surrendered for registration of transfer or exchange and for payment of principal and interest.
Such office shall be initially located at the address set forth in Section 14.3 hereto. Notices
and demands to or upon the Trustee in respect of the Notes or this Indenture may be served at the
Corporate Trust Office. Written notice of the location of each of such other office or agency and
of any change of location thereof shall be given by the Issuer to the Trustee and by the Trustee to
the Noteholders in the manner specified in Section 14.4. In the event that no such office or
agency shall be maintained or no such notice of location or of change of location shall be given,
presentations, surrenders and demands may be made and notices may be served at the Corporate Trust
Office.

          (b) There shall at all times be a Note Registrar and a Paying Agent hereunder. So long as the
Notes are listed on the Luxembourg Stock Exchange there shall at all times be maintained a
Luxembourg Paying Agent and Luxembourg Transfer Agent in Luxembourg. In addition, at any time when
any Notes remain Outstanding, the Trustee may appoint an Authenticating Agent or Agents with
respect to the Notes which shall be authorized to act on behalf of the Trustee to authenticate
Notes issued upon original issuance, exchange, registration of transfer or redemption thereof or
pursuant to Section 2.12, and Notes so authenticated shall be entitled to the benefits of this
Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee
hereunder (it being understood that wherever reference is made in this Indenture to the
authentication and delivery of Notes by the Trustee or the Trustee’s

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certificate of authentication, such reference shall be deemed to include authentication and
delivery on behalf of the Trustee by an Authenticating Agent and a certificate of authentication
executed on behalf of the Trustee by an Authenticating Agent).

          (c) Any Authorized Agent shall be a bank or trust company and (except for any Luxembourg
Paying Agent) shall be a Person (i) organized and doing business under the laws of the United
States or any State thereof, (ii) with a combined capital and surplus of at least $50,000,000,
(iii) authorized under such laws to exercise corporate trust powers, subject to supervision by
United States Federal or state authorities and (iv) be rated at least “A” by S&P and “A” by Fitch.
If such Authorized Agent publishes reports of its condition at least annually, pursuant to law or
to the requirements of the aforesaid supervising or examining authority, then for the purposes of
this Section 8.11, the combined capital and surplus of such Authorized Agent shall be deemed to be
its combined capital and surplus as set forth in its most recent report of condition so published.
If at any time an Authorized Agent shall cease to be eligible in accordance with the provisions of
this Section 8.11, such Authorized Agent shall resign immediately in the manner and with the effect
specified in this Section 8.11.

          (d) The Trustee at its office specified in the first paragraph of this Indenture, is hereby
appointed as Paying Agent and Note Registrar hereunder.

          (e) Any Paying Agent (other than the Trustee) or any Luxembourg Paying Agent from time to time
appointed hereunder shall execute and deliver to the Trustee an instrument in which said Paying
Agent shall agree with the Trustee, subject to the provisions of this Section 8.11, that such
Paying Agent or Luxembourg Paying Agent will:

     (i) hold all sums held by it for the payment of principal of and interest on Notes in
trust for the benefit of the Persons entitled thereto until such sums shall be paid to such
Persons or otherwise disposed of as herein provided;

     (ii) give the Trustee within five days thereafter notice of any Default by any obligor
upon the Notes in the making of any such payment of principal or interest; and

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

          (f) Notwithstanding any other provision of this Indenture, any payment required to be made to
or received or held by the Trustee may, to the extent authorized by written instructions of the
Trustee, be made to or received or held by a Paying Agent in the Borough of Manhattan, The City of
New York, for the account of the Trustee.

          (g) Any Person into which any Authorized Agent may be merged or converted or with which it may
be consolidated, or any Person resulting from any merger, consolidation or conversion to which any
Authorized Agent shall be a party, or any corporation succeeding to all or substantially all of the
corporate trust business of any Authorized Agent, shall be the successor of such Authorized Agent
hereunder, if such successor Person is otherwise eligible under this Section 8.11, without the
execution or filing of any paper or any further act on the part of the parties hereto or such
Authorized Agent or such successor Person.

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          (h) Any Authorized Agent may at any time resign by giving written notice of resignation to the
Trustee and the Issuer. The Issuer may, and at the request of the Trustee shall, at any time,
terminate the agency of any Authorized Agent by giving written notice of such termination to the
Authorized Agent and to the Trustee. Upon the resignation or termination of an Authorized Agent or
in case at any time any such Authorized Agent shall cease to be eligible under this Section 8.11
(when, in either case, no other Authorized Agent performing the functions of such Authorized Agent
shall have been appointed), the Issuer shall promptly appoint one or more qualified successor
Authorized Agents approved by the Trustee to perform the functions of the Authorized Agent which
has resigned or whose agency has been terminated or who shall have ceased to be eligible under this
Section 8.11. The Issuer shall give written notice of any such appointment to all Noteholders as
their names and addresses appear on the Note Register. If a willing successor cannot be found, the
resigning Authorized Agent may petition a court of competent jurisdiction to appoint one.

          (i) The Issuer initially appoints Deutsche Bank Trust Company Americas as Note Registrar,
Calculating Agent and Paying Agent and Deutsche Bank Luxembourg S.A. as paying agent in Luxembourg
(the “Luxembourg Paying Agent”) in connection with the Notes. The Luxembourg Paying Agent
accepts such appointment and hereby agrees and undertakes to comply with the provisions of Section
6.13. The Issuer will appoint Deutsche Bank Luxembourg S.A. as transfer agent (the “Luxembourg
Transfer Agent”) in the event the Notes are issued in definitive registered form.

          (j) So long as the Notes are listed on the Luxembourg Stock Exchange and the rules of such
Exchange so require, the Issuer will maintain a paying agent and transfer agent in Luxembourg. If
the Notes are listed on any other securities exchange, the Issuer will satisfy any requirement at
such securities exchange as to paying agents. So long as the Notes are listed on the Luxembourg
Stock Exchange, any change in the Luxembourg Paying Agent or Luxembourg Transfer Agent shall be
notified to holders of the Notes by publication of notices to the holders of the Securities in
accordance with the provisions of Section 14.4 of this Indenture.

          (k) Copies of all written information provided by the Issuer hereunder, including without
limitation, all such information and financial statements provided to the Trustee under Section 6
hereof, shall be sent by first class mail to the Luxembourg Paying Agent at its offices at Aerogolf
Centre, 1A Hoehenhof, L-1736 Senningerberg, G.D. Luxembourg, or such other address as shall be
designated by the Luxembourg Paying Agent to the Trustee and the Issuer.

          SECTION 8.12 Reports by Trustee. On or before March 15 in every year, so long as any Notes
are Outstanding hereunder, the Trustee shall transmit to the Noteholders specified in Section
313(a) of the Trust Indenture Act a brief report, dated as of the preceding December 31, to the
extent required by Section 313 of the Trust Indenture Act in accordance with the procedures set
forth in said Section. A copy of such report at the time of its mailing to Noteholders shall be
filed with the SEC and each stock exchange, if any, on which the Notes are listed. The Issuer
shall promptly notify the Trustee if the Notes become listed on any stock exchange or any
de-listing thereof, and the Trustee shall comply with Section 313(d) of the Trust Indenture Act.

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          SECTION 8.13 Trustee Risk. None of the provisions contained in this Indenture shall
require the Trustee to expend or risk its own funds or otherwise incur personal financial liability
in the performance of any of its duties or in the exercise of any of its rights or powers, if it
shall have reasonable ground for believing that the repayment of such funds or liability is not
reasonably assured to it. Whether or not expressly provided herein, every provision of this
Indenture relating to the conduct or affecting the liability of or affording protection to the
Trustee shall be subject to Section 8.1 and the requirements of the Trust Indenture Act.

          SECTION 8.14 Appointment of Co-Trustee. (a) It is the purpose of this Indenture that
there shall be no violation of any law of any jurisdiction, denying or restricting the right of
banking corporations or associations to transact business as Trustee in such jurisdiction. It is
recognized that in case of litigation under this Indenture or any Transaction Document, and in
particular in case of the enforcement of any such document on default, or in case the Trustee deems
that by reason of any present or future law of any jurisdiction it may not exercise any of the
powers, rights or remedies herein granted to the Trustee or hold title to the properties, in trust,
as herein granted, or take any other action which may be desirable or necessary in connection
therewith, it may be necessary that the Trustee appoint an additional individual or institution as
a separate or co-trustee. The following provisions of this Section 8.14 are adopted to these ends.

          (b) In the event that the Trustee appoints an additional individual or institution as a
separate or co-trustee, each and every remedy, power, right, claim, demand, cause of action,
immunity, estate, title, interest and lien expressed or intended by this Indenture to be exercised
by or vested in or conveyed to the Trustee with respect thereto shall be exercisable by and vested
in such separate or co-trustee but only to the extent necessary to enable such separate or
co-trustee to exercise such powers, rights and remedies, and every covenant and obligation
necessary to the exercise thereof by such separate or co-trustee shall run to and be enforceable by
either of them.

          (c) Should any instrument in writing be required by the separate trustee or co-trustee so
appointed by the Trustee for more fully and certainly vesting in and confirming to him or it such
properties, rights, powers, trusts, duties and obligations, any and all such instruments in writing
shall, on request, be executed, acknowledged and delivered by the Issuer. In case any separate
trustee or co-trustee, or a successor to either, shall die, become incapable of acting, resign or
be removed, all the estates, properties, rights, powers, trusts, duties and obligations of such
separate trustee or co-trustee, so far as permitted by law, shall vest in and be exercised by the
Trustee until the appointment of a new trustee or successor to such separate trustee or co-trustee.

          (d) Every separate trustee and co-trustee shall, to the extent permitted by law, be appointed
and act subject to the following provisions and conditions:

     (i) all rights, powers, duties and obligations conferred or imposed upon the Trustee
shall be conferred or imposed upon and exercised or performed by the Trustee and such
separate trustee or co-trustee jointly (it being understood that such separate trustee or
co-trustee is not authorized to act separately without the Trustee joining in such act),
except to the extent that under any law of any jurisdiction in which any particular act

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or acts are to be performed the Trustee shall be incompetent or unqualified to perform
such act or acts, in which event such rights, powers, duties and obligations (including the
holding of title to any property or any portion thereof in any such jurisdiction) shall be
exercised and performed singly by such separate trustee or co-trustee, but solely at the
direction of the Trustee;

     (ii) no trustee hereunder shall be personally liable by reason of any act or omission
of any other trustee hereunder;

     (iii) the Trustee may at any time accept the resignation of or remove any separate
trustee or co-trustee. and

     (iv) each co-trustee appointed hereunder shall at all times be a bank that complies
with the eligibility requirements set forth in Section 310(a) of the Trust Indenture Act,
have a combined capital and surplus of U.S.$100,000,000, have its corporate trust office in
the Borough of Manhattan, the city of New York and have a long-term unsecured debt rating of
at least “A2” by Moody’s. If such bank publishes reports of condition at least annually,
pursuant to law or to the requirements of a supervising or examining authority referred to
in Section 301(a) of the Trust Indenture Act, then for the purposes of this subsection, the
combined capital and surplus of such bank shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published.

          SECTION 8.15 Knowledge of Default. If a Default or Event of Default occurs and is
continuing, and if the Trustee has actual knowledge thereof, as determined pursuant to Section
8.1(b)(xi) hereof, the Trustee shall transmit to each Noteholder, in the manner and to the extent
provided in Section 313(c) of the Trust Indenture Act, notice of the Default or Event of Default by
the earlier of 90 days after it occurs or 30 days after the Trustee has knowledge of such Default
or Event of Default.

ARTICLE IX

CONCERNING THE HOLDERS

          SECTION 9.1 Acts of Noteholders. (a) Any request, demand, authorization, direction,
notice, consent, waiver or other action provided by this Indenture to be given or taken by
Noteholders (collectively, an “Act” of such Noteholders, which term also shall refer to the
instruments or record evidencing or embodying the same) may be embodied in and evidenced by one or
more instruments of substantially similar tenor signed by such Noteholders in person or by an agent
duly appointed in writing or, alternatively, may be embodied in and evidenced by the record of
Noteholders voting in favor thereof, either in person or by proxies duly appointed in writing, at
any meeting of Noteholders duly called and held in accordance with the provisions of Article X, or
a combination of such instruments and any such record. Except as herein otherwise expressly
provided, such action shall become effective when such instrument or instruments or record, or
both, are delivered to the Trustee, and when it is specifically required herein, to the Issuer.
Proof of execution of any such instrument or of a writing appointing any such agent shall

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be sufficient for any purpose of this Indenture and (subject to Section 8.1) conclusive in
favor of the Trustee and the Issuer, if made in the manner provided in this Section 9.1. The
record of any meeting of Noteholders shall be proved in the manner provided in Section 10.5.

          (b) The fact and date of the execution by any Person of any such instrument or writing may be
proved by the certificate of any public or other officer of any jurisdiction authorized to take
acknowledgments of deeds or administer oaths that the Person executing such instrument acknowledged
to such officer the execution thereof, or by an affidavit of a witness to such execution sworn to
before any such notary or other such officer, and where such execution is by an officer of a
corporation or association or of the Issuer, on behalf of such corporation, association or the
Issuer, such certificate or affidavit shall also constitute sufficient proof of such Person’s
authority. The fact and date of the execution of any such instrument or writing, or the authority
of the Person executing the same, may also be proved in any other manner which the Trustee deems
sufficient.

          (c) The ownership of the Notes, the principal amount and serial numbers of Notes held by any
Person, and the date or dates of holding the same, shall be proved by the Note Register and the
Trustee shall not be affected by notice to the contrary.

          (d) Any act of any Noteholder (i) shall bind the holder of such Note and every future
Noteholder of the same Note and the Noteholder of every Note issued upon the transfer thereof or
the exchange therefore or in lieu thereof, whether or not notation of such action is made upon such
Note and whether or not such Noteholder has given its consent (unless required under this
Indenture) to such Act or was present at any duly held meeting, and (ii) shall be valid
notwithstanding that such Act is taken in connection with the transfer of such Note to any other
Person, including the Issuer or any Affiliate thereof.

          (e) Until such time as written instruments shall have been delivered with respect to the
requisite percentage of principal amount of Notes for the Act contemplated by such instruments, any
such instrument executed and delivered by or on behalf of a Noteholder may be revoked with respect
to any or all of such Notes by written notice by such Noteholder (or its duly appointed agent) or
any subsequent Noteholder (or its duly appointed agent), proven in the manner in which such
instrument was proven unless such instrument is by its terms expressly irrevocable.

          (f) Notes authenticated and delivered after any Act of Noteholders may, and shall if required
by the Issuer, bear a notation in form approved by the Issuer as to any action taken by such Act of
Noteholders. If the Issuer shall so determine, new Notes so modified as to conform, in the opinion
of the Issuer, to such action, may be prepared and executed by the Issuer and authenticated and
delivered by the Trustee in exchange for Outstanding Notes.

          (g) The Issuer may, in the circumstances permitted by the Trust Indenture Act, but shall not
be obligated to, fix a record date for the purpose of determining the Noteholders entitled to sign
any instrument evidencing or embodying an Act of the Noteholders. If a record date is fixed, those
Persons who were Noteholders at such record date (or their duly appointed agents), and only those
Persons, shall be entitled to sign any such instrument evidencing or embodying an Act of
Noteholders or to revoke any such instrument previously signed, whether

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or not such Persons continue to be Noteholders after such record date. No such instrument
shall be valid or effective if signed more than 90 days after such record date, and may be revoked
as provided in paragraph (e) above.

          (h) The Initial Notes and the Exchange Notes shall vote and consent together on all matters as
one class, and none of the Notes, and no tranche of Notes, shall have the right to vote or consent
as a separate class on any matter.

          SECTION 9.2 Notes Owned by Issuer and Affiliates Deemed Not Outstanding. In determining
whether the holders of the requisite aggregate principal amount of Notes have concurred in any
request, demand, authorization, direction, notice, consent and waiver or other act under this
Indenture, Notes which are owned by the Issuer, the Guarantor, or any Affiliate of either of the
foregoing shall be disregarded and deemed not to be Outstanding for the purpose of any such
determination except that for the purposes of determining whether the Trustee shall be protected in
relying on any such direction, consent or waiver, only Notes for which a Responsible Officer of the
Trustee has received written notice of such ownership as conclusively evidenced by the Note
Register shall be so disregarded. The Issuer shall furnish the Trustee, upon its reasonable
request, with a list of such Affiliates. Subject to the provisions of Section 315 of the Trust
Indenture Act, in case of a dispute as to such right, any decision by the Trustee, taken upon the
advice of counsel, shall be full protection to the Trustee.

ARTICLE X

HOLDERS’ MEETINGS

          SECTION 10.1 Purposes for Which Noteholders’ Meetings May Be Called. A meeting of
Noteholders may be called at any time and from time to time pursuant to this Article X for any of
the following purposes:

     (a) to give any notice to the Issuer or to the Trustee, or to give any directions to
the Trustee, or to waive or to consent to the waiving of any default hereunder and its
consequences, or to take any other action authorized to be taken by Noteholders pursuant to
Article VII;

     (b) to remove the Trustee and appoint a successor Trustee pursuant to Article VIII;

     (c) to consent to the execution of an indenture or indentures supplemental hereto
pursuant to Section 11.1; or

     (d) to take any other action authorized to be taken by or on behalf of the holders of
any specified aggregate principal amount of the Notes under any other provision of this
Indenture or under applicable law, including in respect to any action of the Trustee that is
subject to any approval of Noteholders under this Indenture.

          SECTION 10.2 Trustee, Issuer and Noteholders May Call Meeting. The Trustee, the Issuer and
the Noteholders may call a meeting of the Noteholders at any time by giving

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notice thereof as provided in Section 14.4. In case the Issuer, pursuant to a Board Resolution, or
the holders of at least 10% in aggregate principal amount of the Notes then Outstanding shall have
requested the Trustee to call a meeting of Noteholders, by written request setting forth in general
terms the action proposed to be taken at the meeting, and the Trustee shall not have made the
mailing of the notice of such meeting within 20 days after receipt of such request, then the Issuer
or such Noteholders in the amount above specified may determine the time and the place in the
Borough of Manhattan, The City of New York, for such meeting and may call such meeting to take any
action authorized in Section 10.1 by giving notice thereof as provided in Section 14.4. Notice of
every meeting of the Noteholders shall set forth the time and place of such meeting and, in general
terms, the action proposed to be taken at such meeting and shall be given not less than 30 nor more
than 60 days prior to the date fixed for the meeting.

          SECTION 10.3 Persons Entitled to Vote at Meeting. To be entitled to vote at any meeting of
Noteholders a person shall be (a) Noteholder of one or more Notes with respect to which such
meeting is being held or (b) a person appointed by an instrument in writing as proxy for the
Noteholder or Noteholders of such Notes by a Noteholder of one or more such Notes. The only
persons who shall be entitled to be present or to speak at any meeting of Noteholders shall be the
persons entitled to vote at such meeting and their counsel and any representatives of the Trustee
and its counsel and any representatives of the Issuer and its counsel.

          SECTION 10.4 Determination of Voting Rights; Conduct and Adjournment of Meeting. (a)
Notwithstanding any other provisions of this Indenture, the Trustee may make such reasonable
regulations as it may deem advisable for any meeting of Noteholders, in regard to proof of the
holding of Notes and of the appointment of proxies, and in regard to the appointment and duties of
inspectors of votes, the submission and examination of proxies, certificates and other evidence of
the right to vote, and such other matters concerning the conduct of the meeting as it shall think
fit. Such regulations may provide that written instruments appointing proxies, regular on their
face, may be presumed valid and genuine without the proof specified in Section 9.1 or other proof.
Except as otherwise permitted or required by any such regulations, the holding of Notes shall be
proved in the manner specified in Section 9.1 and the appointment of any proxy shall be proved in
the manner specified in said Section 9.1 or by having the signature of the person executing the
proxy witnessed or guaranteed by any bank, banker, trust company or firm satisfactory to the
Trustee.

          (b) The Issuer or the Noteholders calling the meeting, as the case may be, shall appoint a
temporary chairman. A permanent chairman and a permanent secretary of the meeting shall be elected
by vote of the Noteholders of a majority in aggregate principal amount of the Notes represented at
the meeting and entitled to vote.

          (c) Subject to the provisions of Section 9.2, at any meeting each Noteholder proxy shall be
entitled to one vote for each U.S.$1,000 principal amount of Notes held or represented by him;
provided, however, that no vote shall be cast or counted at any meeting in respect of any Note
challenged as not Outstanding and ruled by the chairman of the meeting to be not Outstanding. The
chairman of the meeting shall have no right to vote other than by virtue of Notes held by him or
instruments in writing as aforesaid duly designating him as the person to vote on behalf of other
Noteholders. Any meeting of Noteholders duly called pursuant to Section 10.2 may be adjourned from
time to time, and the meeting may be held as so adjourned

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upon notice as set forth in Section 10.2. At any meeting, the presence of persons holding or
representing Notes with respect to which such meeting is being held in an aggregate principal
amount sufficient to take action upon the business for the transaction of which such meeting was
called shall be necessary to constitute a quorum; but, if less than a quorum be present, the
persons holding or representing a majority of the Notes represented at the meeting may adjourn such
meeting with the same effect, for all intents and purposes, as though a quorum had been present.

          SECTION 10.5 Counting Votes and Recording Action of Meeting. The vote upon any resolution
submitted to any meeting of Noteholders shall be by written ballots on which shall be subscribed
the signatures of the Noteholders or of their representatives by proxy and the serial numbers and
principal amounts of the Notes held or represented by them. The permanent chairman of the meeting
shall appoint two inspectors of votes who shall count all votes cast at the meeting for or against
any resolution and who shall make and file with the secretary of the meeting their verified written
reports in duplicate of all votes cast at the meeting. A record in duplicate of the proceedings of
each meeting of Noteholders shall be prepared by the secretary of the meeting and there shall be
attached to said record the original reports of the inspectors of votes on any vote by ballot taken
thereat and affidavits by one or more persons having knowledge of the facts setting forth a copy of
the notice of the meeting. The record shall show the serial numbers of the Notes voting in favor
of or against any resolution. The record shall be signed and verified by the affidavits of the
permanent chairman and secretary of the meeting and one of the duplicates shall be delivered to the
Issuer and the other to the Trustee to be preserved by the Trustee, the latter to have attached
thereto the ballots voted at the meeting. Any record so signed and verified shall be conclusive
evidence of the matters therein stated.

ARTICLE XI

SUPPLEMENTAL INDENTURES

          SECTION 11.1 Supplemental Indenture with Consent of Noteholders. (a) With the consent of
the Majority Noteholders, the Issuer may, and the Trustee, subject to Sections 11.3 and 11.4,
shall, enter into an indenture or indentures supplemental hereto for the purpose of amending the
provisions of this Indenture; provided, however, that without the consent of the Noteholder of each
Outstanding Note directly affected thereby, no such supplemental indenture shall (with respect to
any Notes held by non-consenting Noteholder of such Notes) cause any of the following:

     (i) change the maturity of any payment of the principal of, or any installment of
interest on, any Note, or reduce the principal amount thereof or the rate of interest
thereon, or change the method of computing the amount of principal thereof or interest
payable thereon on any date or change any place of payment where, or the coin or currency in
which, the principal of or interest (including Additional Amounts) on any Note is payable,
or impair the right of the Noteholders to institute suit for the enforcement of any such
payment on or after the maturity or the date of payment, as the case may be, thereof (or, in
the case of redemption or repayment, on or after the Early Tax Redemption Date or the
Payment Date, as the case may be); or

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     (ii) reduce the percentage in aggregate principal amount of the Outstanding Notes, the
consent of whose holders is required for any such supplemental indenture, or the consent of
whose holders is required for any waiver of compliance with certain provisions of this
Indenture or certain defaults hereunder and their consequences, provided for in this
Indenture; or

     (iii) modify any of the provisions of this Section or Section 7.4, except to increase
any such percentage or to provide that certain other provisions of this Indenture cannot be
modified or waived without the consent of each Noteholder.

          (b) Upon receipt by the Trustee of Board Resolutions and such other documentation as the
Trustee may reasonably require and upon the filing with the Trustee of evidence of the Act of said
Noteholders, the Trustee shall join in the execution of such supplemental indenture or other
instrument, as the case may be, subject to the provisions of Sections 11.3 and 11.4.

          (c) It shall not be necessary for any Act of Noteholders under this Section to approve the
particular form of any proposed supplemental indenture, but it shall be sufficient if such Act
shall approve the substance thereof.

          (d) The Trustee may execute and deliver any amendment to the Guaranty or grant any waiver
thereof with the consent of the majority Noteholders.

          (e) The Issuer shall deliver notice to the Rating Agencies of any indenture or supplemental
indenture or any amendment or waiver to the Guaranty to be executed pursuant to this Section 11.1
prior to the execution of such indenture or supplemental indenture or such amendment or waiver to
the Guaranty.

          SECTION 11.2 Supplemental Indentures Without Consent of Noteholders. Notwithstanding
anything to the contrary provided for in Section 11.1 hereof the Issuer, at any time and from time
to time, may, without the consent of any Noteholders, enter into one or more indentures
supplemental hereto in form satisfactory to the Trustee for any of the following purposes:

     (a) to establish the form and terms of Notes permitted by Sections 2.1 and 2.5; or

     (b) to evidence the succession of another entity to the Issuer and the assumption by
any such successor of the covenants of the Issuer herein contained; or

     (c) to evidence the succession of a new Trustee hereunder pursuant to Section 8.9; or

     (d) to add further covenants of the Issuer and any restrictions, conditions or
provisions as the Board of Directors shall consider to be for the protection of the
Noteholders, and to make the occurrence, or the occurrence and continuance of a default in
any such covenants, restrictions, conditions or provisions an Event of Default permitting
the enforcement of all or any of the several remedies provided in this Indenture as herein
set forth; or

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     (e) to convey, transfer and assign to the Trustee properties or assets to secure the
Notes, and to correct or amplify the description of any property at any time subject to this
Indenture or the Transaction Documents or to assure, convey and confirm unto the Trustee any
property subject or required to be subject to this Indenture or the Transaction Documents;
or

     (f) to modify, eliminate or add to the provisions of this Indenture to such extent as
shall be necessary to qualify it under the Trust Indenture Act, if necessary, or under any
similar United States federal statute hereafter enacted, and to add to this Indenture such
other provisions as may be expressly permitted by the Trust Indenture Act, excluding,
however, the provisions referred to in Section 316(a)(2) of the Trust Indenture Act as in
effect at the date as of which this instrument was executed or any corresponding provision
in any similar United States federal statute hereafter enacted; or

     (g) to permit or facilitate the issuance of Notes in uncertificated form; or

     (h) to cure any ambiguity, to correct or supplement any provision in this Indenture or
the Transaction Documents that may be defective or inconsistent with any other provision
herein, or to make any other provisions with respect to matters or questions arising under
this Indenture, provided such action shall not adversely affect the interest of the
Noteholders in any material respect.

          SECTION 11.3 Execution of Supplemental Indentures. In executing supplemental indentures
permitted by this Article XI or the modifications thereby of the trusts created by this Indenture,
the Trustee shall be entitled to receive, and (subject to Section 8.1) shall be fully protected in
relying upon, an Officer’s Certificate and an Opinion of Counsel stating that the execution of such
supplemental indenture is authorized or permitted by this Indenture and all conditions precedent to
the execution of such supplemental indenture have been met. The Trustee may, but shall not be
obligated to, enter into any supplemental indentures which affect the Trustee’s own rights, duties
or immunities under this Indenture, the Notes or otherwise.

          SECTION 11.4 Effect of Supplemental Indentures. Upon the execution of any supplemental
indenture under this Article XI, this Indenture shall be modified in accordance therewith, and such
supplemental indenture shall form a part of this Indenture for all purposes; and every Noteholder
theretofore or thereafter authenticated and delivered hereunder shall be bound thereby.

          SECTION 11.5 Conformity with Trust Indenture Act. Every supplemental indenture executed
pursuant to this Article XI shall conform to the requirements of the Trust Indenture Act as then in
effect.

          SECTION 11.6 Reference in Notes to Supplemental Indentures. Notes authenticated and
delivered after the execution of any supplemental indenture pursuant to this Article XI may, and
shall if required by the Issuer, bear a notation in form approved by the Issuer as to any matter
provided for in such supplemental indenture; and, in such case, suitable notation may be made upon
Outstanding Notes after proper presentation and demand. If the Issuer shall

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so determine, new Notes so modified as to conform, in the opinion of the Issuer and the Trustee, to
any such supplemental indenture may be prepared and executed by the Issuer and authenticated and
delivered by the Trustee in exchange for Outstanding Notes.

ARTICLE XII

SATISFACTION AND DISCHARGE

          SECTION 12.1 Satisfaction and Discharge of Notes. (a) The Notes shall, on or prior to the
Interest Payment Date with respect to the repayment of principal thereof, be deemed to have been
paid for all purposes of this Indenture, and the entire indebtedness of the Issuer in respect of
this Indenture and the Notes shall be deemed to have been satisfied and discharged, upon
satisfaction of the following conditions:

     (i) the Issuer shall have irrevocably deposited or caused to be deposited with the
Trustee, in trust, money in an amount which shall be sufficient to pay when due the
principal of and interest due and to become due on the Notes on or prior to the Interest
Payment Date with respect to the repayment of principal thereof or upon redemption;

     (ii) if any such deposit of money shall have been made prior to the Interest Payment
Date with respect to the repayment of principal or the Early Tax Redemption Date of such
Notes, as the case may be, the Issuer shall have delivered to the Trustee an Issuer Order
stating that such money shall be held by the Trustee, in trust;

     (iii) in the case of redemption of Notes, the Issuer Order with respect to such
redemption pursuant to Article IV shall have been given to the Trustee; and

     (iv) there shall have been delivered to the Trustee an Opinion of Counsel to the effect
that such satisfaction and discharge of the indebtedness of the Issuer with respect to the
Notes shall not be deemed to be, or result in, a taxable event with respect to the
Noteholders for purposes of United States federal income taxation unless the Trustee shall
have received documentary evidence that each Noteholder either is not subject to, or is
exempt from, United States federal income taxation.

          (b) Upon satisfaction of the aforesaid conditions with respect to the Notes, the Trustee
shall, upon receipt of an Issuer Order, execute proper instruments acknowledging satisfaction and
discharge of the Notes.

          (c) In the event that Notes which shall be deemed to have been paid as provided in this
Section 12.1 do not mature and are not to be redeemed within the 60-day period commencing on the
date of the deposit with the Trustee of moneys, the Issuer shall, as promptly as practicable, give
a notice, in the same manner as a notice of redemption with respect to such Notes, to such
Noteholders to the effect that such Notes are deemed to have been paid and the circumstances
thereof.

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          (d) Notwithstanding the satisfaction and discharge of any Notes as aforesaid, the obligations
of the Issuer and the Trustee in respect of such Notes under Sections 2.12, 2.13, 2.14 and 8.5 and
this Article XII shall survive.

          SECTION 12.2 Satisfaction and Discharge of Indenture. (a) This Indenture shall upon the
Issuer Order cease to be of further effect (except as hereinafter expressly provided), and the
Trustee, at the expense of the Issuer, shall execute proper instruments acknowledging satisfaction
and discharge of this Indenture, when:

     (i) either:

     (x) all Notes theretofore authenticated and delivered (other than (A) Notes
which have been destroyed, lost or stolen and which have been replaced or paid as
provided in Section 2.14 and (B) Notes deemed to have been paid in accordance with
Section 12.1) have been delivered to the Trustee for cancellation; or

     (y) all Notes not theretofore delivered to the Trustee for cancellation shall
be deemed to have been paid in accordance with Section 12.1;

     (ii) all other sums due and payable hereunder have been paid; and

     (iii) the Issuer has delivered to the Trustee an Officer’s Certificate and an Opinion
of Counsel, each stating that all conditions precedent herein provided for relating to the
satisfaction and discharge of this Indenture have been complied with.

          (b) Upon satisfaction of the aforesaid conditions, the Trustee shall, upon receipt of an
Issuer Order, execute proper instruments acknowledging satisfaction and discharge of the Indenture
and take all other action reasonably requested by the Issuer to evidence the termination of any and
all Liens created by or with respect to this Indenture.

          (c) Notwithstanding the satisfaction and discharge of this Indenture as aforesaid, the
obligations of the Issuer and the Trustee under Sections 2.12, 2.13, 2.14 and 8.5 and this
Article XII shall survive.

          (d) Upon satisfaction and discharge of this Indenture as provided in this Section 12.2, the
Trustee shall assign, transfer and turn over to or upon the order of the Issuer, any and all money,
securities and other property then held by the Trustee for the benefit of the Noteholders, other
than money deposited with the Trustee pursuant to Section 12.1(a) and interest and other amounts
earned or received thereon.

          SECTION 12.3 Application of Trust Money. The money deposited with the Trustee pursuant to
Section 12.1 shall not be withdrawn or used for any purpose other than, and shall be held in trust
for, the payment of the principal of and interest on the Notes or portions of principal amount
thereof in respect of which such deposit was made and the payments owed by the Issuer pursuant to
Section 8.5.

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ARTICLE XIII

DEFEASANCE

          SECTION 13.1 Issuer’s Option to Effect Defeasance or Covenant Defeasance. The Issuer
may at its option by a Board Resolution, at any time, elect to have either Section 13.2 or Section
13.3 applied to the Notes upon compliance with the conditions set forth below in this Article XIII.

          SECTION 13.2 Defeasance and Discharge. Upon the Issuer’s exercise of the option
provided in Section 13.1 to have this Section 13.2 applied to all the Notes, the Issuer shall be
deemed to have been discharged from its obligations with respect to the Notes Outstanding on the
date the conditions in Section 13.4 are satisfied (a “Defeasance”). For this purpose, such
Defeasance means that the Issuer shall be deemed to have paid and discharged the entire
indebtedness represented by the Notes and to have satisfied all its other obligations under the
Notes and this Indenture, including the provisions of Article XII (and the Trustee, at the expense
of the Issuer, shall execute proper instruments acknowledging the same) except for the following,
which shall survive until otherwise terminated or discharged hereunder: (a) the rights of such
Noteholders to receive, solely from the trust fund described in Section 13.4 and as more fully set
forth in such Section, payments in respect of the principal of and interest (including any
Additional Amounts) on the Notes when such payments are due, (b) the Issuer’s obligations with
respect to such Notes under Sections 2.12, 2.13, 2.14, 2.15, 2.16, 6.10, 8.4, (c) the rights,
powers, trusts, duties and immunities of the Trustee hereunder and (d) this Article XIII and the
Issuer’s obligations to the Trustee under Section 8.5. Subject to compliance with this Article
XIII, the Issuer may exercise its option under this Section 13.2 notwithstanding the prior exercise
of its option under Section 13.3.

          SECTION 13.3 Covenant Defeasance. Upon the Issuer’s exercise of the option provided
in Section 13.1 to have this Section 13.3 applied to the Notes, (i) the Issuer shall be released
from its obligations under Article VI with respect to the Notes and (ii) the occurrence of an event
with respect to such Notes specified in Article VI (except with respect to Section 7.1(a), (b),
(g), (h), (i), (j) and (k), shall not be deemed to be an Event of Default on and after the date the
conditions set forth in Section 13.4 are satisfied (a “Covenant Defeasance”). For this
purpose, such Covenant Defeasance means that, with respect to the Notes, the Issuer may omit to
comply with and shall have no liability in respect of any term, condition or limitation set forth
in any such Section or clause, whether directly or indirectly by reason of any reference elsewhere
herein to any such Section or clause or by reason of any reference in any such Section or clause to
any other provision herein or in any other document, but the remainder of this Indenture shall be
unaffected thereby.

          SECTION 13.4 Conditions to Defeasance or Covenant Defeasance. The following shall be
the conditions to application of either Section 13.2 or Section 13.3 to the then Outstanding Notes:

          (a) The Issuer shall irrevocably have deposited or caused to be deposited with the Trustee in
trust for the purpose of making the following payments specifically pledged as

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security for, and dedicated solely to, the benefit of the Noteholders, (i) U.S. dollars, or
(ii) U.S. government obligations or (iii) a combination thereof, in an amount which through the
scheduled payment of principal and interest in respect thereof in accordance with their terms will
provide, not later than one day before the due date of any payment, money in an amount, sufficient,
in the opinion of an internationally recognized firm of independent public accountants expressed in
a written certification thereof delivered to the Trustee, to pay and discharge, and which shall be
applied by the Trustee (or other qualifying trustee) to pay and discharge, the principal of and
each installment of interest (including Additional Amounts) on the Notes on the Maturity Date of
such principal of or installment of interest (including Additional Amounts) in accordance with the
terms of this Indenture and the Notes and all amounts owing or to become owing to the Trustee in
accordance with this Indenture.

          (b) In the case of an election under Section 13.2, the Issuer shall have delivered to the
Trustee an Opinion of Counsel stating that (i) the Issuer has received from, or there has been
published by, the U.S. Internal Revenue Service a ruling, or (ii) since the date of this Indenture
there has been a change in the applicable United States Federal income tax law or the
interpretation thereof, in either case to the effect that, and based thereon such opinion shall
confirm that, the Noteholders will not recognize gain or loss for United States federal income tax
purposes as a result of such deposit, defeasance and discharge and will be subject to United States
Federal income tax on the same amount, in the same manner and at the same time as would have been
the case if such deposit, defeasance and discharge had not occurred.

          (c) In the case of an election under Section 13.3, the Issuer shall have delivered to the
Trustee an Opinion of Counsel to the effect that the Noteholders will not recognize gain or loss
for United States federal income tax purposes as a result of such deposit and Covenant Defeasance
and will be subject to United States Federal income tax on the same amount, in the same manner and
at the same time as would have been the case if such deposit and Covenant Defeasance had not
occurred.

          (d) No Default or Event of Default shall have occurred and be continuing on the date of such
deposit or, insofar as subsections 7.1 (i) and (j) inclusive are concerned, at any time during the
period ending on the 121st day after the date of such deposit (it being understood that this
condition shall not be deemed satisfied until the expiration of such period).

          (e) Such Defeasance or Covenant Defeasance shall not (i) cause the Trustee to have a
conflicting interest for the purposes of the Trust Indenture Act with respect to any securities of
the Issuer or (ii) result in a breach or violation of, or constitute a default under, any other
agreement or instrument to which the Issuer is a party or by which it is bound.

          (f) The Issuer shall have delivered to the Trustee an Opinion of Counsel to the effect that
payment of amounts deposited in trust with the Trustee as provided in clause (a) hereof will not be
subject to future taxes, duties, fines, penalties, assessments or other governmental charges
imposed, levied, collected, withheld or assessed by, within or on behalf of a Taxing Jurisdiction,
except to the extent that Additional Amounts in respect thereof shall have been deposited in trust
with the Trustee as provided in clause (a) hereof.

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          (g) The Issuer shall have delivered to the Trustee an Officer’s Certificate and an Opinion of
Counsel each stating that all conditions precedent provided for relating to either the Defeasance
under Section 13.2 or the Covenant Defeasance under Section 13.3, as the case may be, have been
complied with.

          (h) Such Defeasance or Covenant Defeasance shall not result in the trust arising from such
deposit constituting an investment company as defined in the Investment Company Act of 1940, as
amended.

          SECTION 13.5 Deposited Money and U.S. Government Obligations to Be Held in Trust; Other
Miscellaneous Provisions. (a) Subject to the provisions of Section 8.4, all money and U.S.
government obligations (including the proceeds thereof) deposited with the Trustee pursuant to
Section 13.4 in respect of the Notes shall be held in trust and applied by the Trustee, in
accordance with the provisions of the Notes and this Indenture, to the payment, either directly or
through any Paying Agent (including the Issuer acting as its own Paying Agent) as the Trustee may
determine, to the Noteholders, of all sums due and to become due thereon in respect of principal
and interest, but such money need not be segregated from other funds except to the extent required
by law.

          (b) The Issuer shall pay and indemnify the Trustee against any tax, fee or other charge
imposed on or assessed against the money or the U.S. government obligations deposited pursuant to
Section 13.4 or the principal and interest received in respect thereof other than any such tax, fee
or other charge which by law is for the account of the Noteholders.

          (c) Anything in this Article XIII to the contrary notwithstanding, the Trustee shall deliver
or pay to the Issuer from time to time upon request any money or U.S. government obligations held
by it as provided in Section 13.4 which, in the opinion of an internationally recognized firm of
independent public accountants expressed in a written certification thereof delivered to the
Trustee, are in excess of the amount thereof which would then be required to be deposited to effect
an equivalent defeasance or covenant defeasance.

          SECTION 13.6 Reinstatement. If the Trustee or the Paying Agent is unable to apply any
money in accordance with Section 13.2 or 13.3 by reason of any order or judgment of any court or
governmental authority enjoining, restraining or otherwise prohibiting such application, then the
obligations of the Issuer under this Indenture and the Notes shall be revived and reinstated as
though no deposit had occurred pursuant to this Article XIII until such time as the Trustee or
Paying Agent is permitted to apply all such money in accordance with Section 13.2 or 13.3;
provided, however, that if the Issuer makes any payment of principal of or interest on or
Additional Amounts in respect of the Notes following the reinstatement of its obligations, the
Issuer shall be subrogated to the rights of the Noteholders to receive such payment from the money
held by the Trustee or the Paying Agent.

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ARTICLE XIV

MISCELLANEOUS

          SECTION 14.1 Compliance Certificates and Opinions. (a) Except as otherwise expressly
provided by this Indenture, upon any application or request by the Issuer to the Trustee that the
Trustee take any action under any provision of this Indenture, the Issuer shall furnish to the
Trustee an Officer’s Certificate stating that all conditions precedent, if any, provided for in
this Indenture relating to the proposed action have been complied with and, if so requested by the
Trustee, an Opinion of Counsel stating that in the opinion of such counsel all such conditions
precedent, if any, have been complied with, except that in the case of any particular application
or request as to which the furnishing of documents is specifically required by any provision of
this Indenture relating to such particular application or request, no additional certificate or
opinion need be furnished.

          (b) Every certificate or opinion with respect to compliance with a condition or covenant
provided for in this Indenture shall include:

     (i) a statement that each individual signing such certificate or opinion has read such
covenant or condition;

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

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

     (iv) a statement as to whether, in the opinion of each such individual, such condition
or covenant has been complied with.

          (c) With the delivery of this Indenture, the Issuer is furnishing to the Trustee, and from
time to time thereafter may furnish, an Officer’s Certificate identifying and certifying the
incumbency and specimen signatures of the Authorized Representatives. Until the Trustee receives a
subsequent Officer’s Certificate, the Trustee shall be entitled to conclusively rely on the last
such Officer’s Certificate delivered to it for purposes of determining the Authorized
Representatives of the Issuer.

          SECTION 14.2 Form of Documents Delivered to Trustee. (a) In any case where several
matters are required to be certified by, or covered by an opinion of any specified Person, it is
not necessary that all such matters be certified by, or covered by the opinion of, only one such
Person, or that they be so certified by only one document, but one such Person may certify or give
an opinion with respect to some matters and one or more other such Persons as to other matters, and
any such Person may certify or give an opinion as to such matters in one or several documents.

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          (b) Any certificate or opinion of an officer of the Issuer may be based, insofar as it relates
to legal matters, upon a certificate or opinion of, or representations by, counsel, unless such
officer knows or has reason to believe that the certificate or opinion or representations with
respect to the matters upon which such officer’s certificate or opinion is based are erroneous or
otherwise inaccurate. Any such certificate or Opinion of Counsel may be based, insofar as it
relates to factual matters, upon a certificate of, or representations by, an Authorized
Representative of the Issuer stating that the information with respect to such factual matters is
in the possession of the Issuer, unless such counsel knows that the certificate or representations
with respect to such matters are erroneous.

          (c) Any Opinion of Counsel stated to be based on the opinion of other counsel shall be
accompanied by a copy of such other opinion.

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

          SECTION 14.3 Notices, etc. to Trustee. Any Act of Noteholders or other document
required or permitted by this Indenture shall be deemed to have been made or given, as applicable,
only if such notice is in writing and delivered personally, or by registered or certified
first-class United States mail with postage prepaid and return receipt requested, or made, given or
furnished in writing by confirmed telecopy or facsimile transmission, or by prepaid courier service
to the appropriate party as set forth below:

	 	 	 
	Trustee:

	 	Deutsche Bank Trust Company Americas
	 

	 	60 Wall Street
	 

	 	MS-2710
	 

	 	New York, NY 10005
	 

	 	Attn: Trust & Securities Services, Corporates Deal Manager
	 

	 	Fax: (732) 578-4635
	 
	 	 
	Issuer:

	 	AmBev International Finance Co. Ltd.
	 

	 	PO Box 309GT, Ugland House
	 

	 	South Church Street
	 

	 	George Town, Grand Cayman
	 

	 	Cayman Islands
	 
	 	 
	Guarantor :

	 	Companhia de Bebidas das Américas — AmBev
	 

	 	Rua Dr. Renato Paes de Barros,
1017 — 4o. andar
	 

	 	São Paulo, SP — 04530-001
	 

	 	Brazil

Copies of all notices received or given by the Trustee hereunder or under each other Transaction
Documents shall be delivered concurrently with their delivery or promptly after their receipt, as
applicable, (but in any event within one Business Day) hereunder to the Rating Agencies at:

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	 	Standard & Poor’s
	 

	 	55 Water Street
	 

	 	New York, NY 10041
	 

	 	Attention: Diane Audino
	 

	 	     Latin American Structured Finance
	 
	 	 
	 

	 	Fitch, Inc.
	 

	 	55 E. Monroe, Suite 3500
	 

	 	Chicago, IL 60603
	 

	 	Attention: Latin American Structured Surveillance

Any party may change its address by giving notice of such change in the manner set forth herein.
Any notice given to a party by mail or by courier shall be deemed delivered upon receipt thereof
(unless the party refuses to accept delivery, in which case the party shall be deemed to have
accepted delivery upon presentation). Any notice given to a party by telecopy or facsimile
transmission shall be deemed effective on the date it is actually sent to the intended recipient by
confirmed telecopy or facsimile transmission to the telecopier number specified above.

          SECTION 14.4 Notices to Noteholders; Waiver. Where this Indenture provides for notice
to Noteholders of any event, such notice shall be sufficiently given (unless otherwise herein
expressly provided) if in writing and mailed, first-class postage prepaid, to each Noteholder, at
its address as it appears in the Note Register, not later than the latest date, if any, and not
earlier than the earliest date, if any, prescribed for the giving of such notice. For as long as
the Notes are listed on the Luxembourg Stock Exchange the Issuer will publish any changes as to the
identity of the Luxembourg Paying Agent or the Luxembourg Transfer Agent in a leading newspaper in
Luxembourg, which is expected to be d’Wort, or on the website of the Luxembourg Stock Exchange
(www.bourse.lu); or, if such publication is not practicable, in a leading English language daily
newspaper with general circulation in Europe, such newspaper being published on each business day
in morning editions, whether or not it shall be published in Saturday, Sunday or holiday editions.
Where this Indenture provides for notice, such notice may be waived in writing by the Person
entitled to receive such notice, either before or after the event, and such waiver shall be the
equivalent of such notice. Waivers of notice by Noteholders shall be filed with the Trustee, but
such filing shall not be a condition precedent to the validity of any action taken in reliance upon
such waiver. In any case where notice to Noteholders is given by mail, neither the failure to mail
such notice, nor any defect in any notice so mailed, to any particular Noteholder shall affect the
sufficiency of such notice with respect to other Noteholders, and any notice that is mailed in the
manner herein provided shall be conclusively presumed to have been duly given.

          SECTION 14.5 Conflict with Trust Indenture Act. This Indenture is subject to the
provisions of the Trust Indenture Act, that are required to be part of this Indenture and shall, to
the extent applicable, be governed by such provisions, which are incorporated by reference in and
made a part of this Indenture. If any provision hereof limits, qualifies or conflicts with a
provision of the Trust Indenture Act that is required under the Trust Indenture Act to be a part of
and govern this Indenture, the latter provision shall control. If any provision of this Indenture
modifies or excludes any provision of the Trust Indenture Act that may be so modified or excluded,
the latter provision shall be deemed to apply to this Indenture as so modified or to be excluded,
as the case may be.

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          As used within the Trust Indenture Act, the following terms have the following meanings:

          “indenture securities” means the Notes,

          “indenture security holder” means a Noteholder,

          “indenture to be qualified” means this Indenture,

          “indenture trustee” or “institutional trustee” means the Trustee, and

          “obligor” on the indenture securities means the Issuer.

          All other Trust Indenture Act terms used in this Indenture that are defined (i) by the Trust
Indenture Act, (ii) by Trust Indenture Act reference to another statute or (iii) by SEC rule under
the Trust Indenture Act have the meanings assigned to them by such definitions.

          SECTION 14.6 Effect of Headings and Table of Contents. The Article and Section
headings herein and the Table of Contents are for convenience only and shall not affect the
construction hereof.

          SECTION 14.7 Successors and Assigns. All covenants, agreements, representations and
warranties in this Indenture by the Trustee and the Issuer shall bind and, to the extent permitted
hereby, shall inure to the benefit of and be enforceable by their respective successors and
assigns, whether so expressed or not.

          SECTION 14.8 Severability Clause. In case any provision in this Indenture or in the
Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the
remaining provisions shall not in any way be affected or impaired thereby.

          SECTION 14.9 Benefits of Indenture. Nothing in this Indenture or in the Notes,
expressed or implied, shall give to any Person, other than the parties hereto and their successors
hereunder and the Noteholders, any benefit or any legal or equitable right, remedy or claim under
this Indenture.

          SECTION 14.10 Legal Holidays. In any case where the Early Tax Redemption Date or any
Interest Payment Date with respect to any Note or of any installment of principal thereof or
payment of interest thereon, or any date on which any defaulted interest is proposed to be paid,
shall not be a Business Day, then (notwithstanding any other provision of this Indenture or such
Note) payment of interest and/or principal need not be made on such date, but may be made on the
next succeeding Business Day with the same force and effect as if made on the Early Tax Redemption
Date or on the Interest Payment Date, or on the date on which the defaulted interest is proposed to
be paid, and, except as provided in any Supplemental Indenture setting forth the terms of such
Note, if such payment is timely made, no interest shall accrue for the period from and after such
Early Tax Redemption Date or Interest Payment Date, or date for the payment of defaulted interest,
as the case may be, to the date of such payment.

72

 

          SECTION 14.11 Currency Rate Indemnity. (a) The Issuer shall (to the extent lawful)
indemnify the Trustee and the Noteholders and keep them indemnified against:

     (i) in the case of nonpayment by the Issuer of any amount due to the Trustee, on behalf
of the Noteholders, under this Indenture any loss or damage incurred by any of them arising
by reason of any variation between the rates of exchange used for the purposes of
calculating the amount due under a judgment or order in respect thereof and those prevailing
at the date of actual payment by the Issuer; and

     (ii) any deficiency arising or resulting from any variation in rates of exchange
between (i) the date as of which the local currency equivalent of the amounts due or
contingently due under this Indenture or in respect of the Notes is calculated for the
purposes of any bankruptcy, insolvency or liquidation of the Issuer, and (ii) the final date
for ascertaining the amount of claims in such bankruptcy, insolvency or liquidation. The
amount of such deficiency shall be deemed not to be increased or reduced by any variation in
rates of exchange occurring between the said final date and the date of any bankruptcy,
insolvency or liquidation or any distribution of assets in connection therewith.

          (b) The Issuer agrees that, if a judgment or order given or made by any court for the payment
of any amount in respect of its obligations hereunder is expressed in a currency (the “Judgment
Currency”) other than U.S. dollars (the “Denomination Currency”), it will indemnify the
relevant Noteholder against any deficiency arising or resulting from any variation in rates of
exchange between the date at which the amount in the Denomination Currency is notionally converted
into the amount in the Judgment Currency for the purposes of such judgment or order and the date of
actual payment thereof.

          (c) The above indemnities shall constitute separate and independent obligations of the Issuer
from its obligations hereunder, will give rise to separate and independent causes of action, will
apply irrespective of any indulgence granted from time to time and will continue in full force and
effect notwithstanding any judgment or the filing of any proof or proofs in any bankruptcy,
insolvency or liquidation of the Issuer for a liquidated sum or sums in respect of amounts due
under this Indenture or the Notes.

          SECTION 14.12 Communication by Noteholders with other Noteholders. Noteholders may
communicate pursuant to Section 312(b) of the Trust Indenture Act with other Noteholders with
respect to their rights under this Indenture and the Notes. The Issuer, the Trustee, the Note
Registrar and anyone else shall have the protection of Section 312(c) of the Trust Indenture Act.

          SECTION 14.13 Governing Law. This Indenture shall be governed by, and construed in
accordance with, the laws of the State of New York.

          SECTION 14.14 Waiver of Jury Trial. THE ISSUER AND THE TRUSTEE HEREBY IRREVOCABLY WAIVE
ALL RIGHTS TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT,
TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS INDENTURE OR THE

73

 

ACTIONS OF THE TRUSTEE IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT HEREOF OR
THEREOF.

     SECTION 14.15 Waiver of Immunity. This Indenture and any other documents delivered
pursuant hereto, and any actions taken hereunder, constitute commercial acts by the Issuer. The
Issuer irrevocably and unconditionally and to the fullest extent permitted by law, waives, and
agrees not to plead or claim, any immunity from jurisdiction of any court or from any legal process
(whether through service or notice, attachment prior to judgment, attachment in aid of execution,
execution or otherwise) for itself of any of its property, assets or revenues wherever located with
respect to its obligations, liabilities or any other matter under or arising out of or in
connection with this Indenture or any document delivered pursuant hereto, in each case for the
benefit of each assigns, it being intended that the foregoing waiver and agreement will be
effective , irrevocable and not subject to withdrawal in any and all jurisdiction, and, without
limiting the generality of the foregoing, agrees that the waivers set forth in this Section 14.15
shall have the fullest scope permitted under the United States Foreign Sovereign Immunities Act of
1976 and are intended to be irrevocable for the purposes of such act.

     SECTION 14.16 Submission to Jurisdiction, etc. (a) The Issuer and the Trustee
irrevocably submit to the non-exclusive jurisdiction of any court of the State of New York or any
United States Federal court sitting in the The City of New York, New York, United States, and any
appellate court from any thereof, in any suit, action or proceeding arising out of this Indenture,
the Notes or any of the other Transaction Documents to which each is or is to be a party, or for
recognition or enforcement of any judgment, and the Issuer and the Trustee hereby irrevocably and
unconditionally agree that all claims in respect of such action or proceeding may be heard and
determined in any such court of the State of New York or, to the extent permitted by law, in such
Federal court . The Issuer and the Trustee irrevocably waive, to the fullest extent permitted by
law, any objection to any suit, action, or proceeding that may be brought in connection with this
Indenture in such courts whether on the grounds of venue, residence or domicile or on the ground
that any such suit, action or proceeding has been brought in an inconvenient forum. The Issuer and
the Trustee agree that final judgment in any such suit, action or proceeding shall be conclusive
and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided
by law. Nothing in this Indenture, the Notes or any other Transaction Documents shall affect any
right that any party may otherwise have to bring any action or proceeding relating to this
Indenture, the Notes or any other Transaction Document in the courts of any jurisdiction.

     (b) The Issuer hereby irrevocably appoints and empowers CT Corporation System, located at 111
Eighth Avenue, New York, New York 10011 as its authorized agent (the “Process Agent”) to
accept and acknowledge for and on its behalf and on behalf of its property service of any and all
legal process, summons, notices and documents which may be served in any such suit, action or
proceeding in any New York State court or United States Federal court sitting in The City of New
York, New York, United States and any appellate court from any thereof, which service may be made
on such designee, appointee and agent in accordance with legal procedures prescribed for such
courts. The Issuer will take any and all action necessary to continue such designation in full
force and effect and to advise the Trustee of any change of address of such Process Agent; should
such Process Agent become unavailable for this purpose for any reason, the Issuer will promptly and
irrevocably designate a new Process Agent within

74

 

New York, New York, which will agree to act as such, with the powers and for the purposes specified
in this subsection (b). The Issuer irrevocably consents and agrees to the service and any and all
legal process, summons, notices and documents out of any of the aforesaid courts in any such
action, suit or proceeding by hand delivery, to it at its address set forth in Section 14.3 or to
any other address of which it shall have given notice pursuant to Section 14.3 or to its Process
Agent. Service upon the Issuer or the Process Agent as provided for herein will, to the fullest
extent permitted by law, constitute valid and effective personal service upon it and the failure of
the Process Agent to give any notice of such service to the Issuer shall not impair or affect in
any way the validity of such service or any judgment rendered in any action or proceeding based
thereon.

          SECTION 14.17 Execution in Counterparts. This Indenture and each amendment, waiver and
consent with respect hereto may be executed in any number of counterparts and by different parties
thereto in separate counterparts, each of which when so executed shall be deemed to be an original,
and all of which taken together shall constitute one and the same agreement. Delivery of an
executed counterpart of a signature page to this Indenture by telecopier shall be effective as
delivery of an original executed counterpart of this Indenture.

          SECTION 14.18 Entire Agreement. This Indenture, together with the Notes, and the Guaranty,
sets forth the entire agreement of the parties hereto with respect to the subject matter hereof.

          SECTION 14.19 USA Patriot Act. The parties hereto acknowledge that in accordance with
Section 326 of the USA Patriot Act, the Trustee, like all financial institutions and to help fight
the funding of terrorism and money laundering, is required to obtain, verify, and record
information that identifies each person or legal entity that establishes a relationship or opens an
account with Deutsche Bank Trust Company Americas. The parties to this Indenture agree that they
will provide the Trustee with such information as it may request in order for the Trustee to
satisfy the requirements of the USA Patriot Act.

75

 

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

	 	 	 	 	 
	 	AMBEV INTERNATIONAL FINANCE CO. LTD.

      as the Issuer

 	 
	 	By:  	/s/
Graham Staley 	 
	 	 	Name:  	Graham Staley 	 
	 	 	Title:  	Director 	 
	 	 	 
	 	By:  	
/s/ Pedro Mariani 	 
	 	 	Name:  	Pedro Mariani 	 
	 	 	Title:  	Director 	 
	 
	 	DEUTSCHE BANK TRUST COMPANY AMERICAS,

      as Trustee, Calculating Agent, Paying Agent and

Authenticating Agent

 	 
	 	By:  	                                              Deutsche Bank National Trust Company
 	 

	 	 	 	 	 
	 	By:  	
/s/ Cynthia J. Powell 	 
	 	 	Name:  	Cynthia J. Powell 	 
	 	 	Title:  	Vice President 	 
	 	 	 
	 	By:  	
/s/ David Contino 	 
	 	 	Name:  	David Contino 	 
	 	 	Title:  	Assistant Vice President 	 
	 
	 	DEUTSCHE BANK LUXEMBOURG S.A.,

     
 as Luxembourg Paying Agent

 	 
	 	By:  	/s/ Cynthia J. Powell 	 
	 	 	Name:  	Cynthia J. Powell 	 
	 	 	Title:  	Vice President 	 
	 	 	 
	 	By:  	
/s/ David Contino 	 
	 	 	Name:  	David Contino 	 
	 	 	Title:  	Assistant Vice President 	 
	 

76

 

EXHIBIT
A-1

FORM OF RULE 144A RESTRICTED GLOBAL NOTE

RULE 144A RESTRICTED GLOBAL NOTE

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

          TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO
DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF
PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE
RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.

          THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS
SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED,
PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH
TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION.

          THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF AGREES TO OFFER, SELL OR OTHERWISE
TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) WHICH IS TWO
YEARS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON WHICH THE ISSUER OR
ANY AFFILIATE OF THE ISSUER WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY),
ONLY (A) TO THE ISSUER, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE
UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO
RULE 144A, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN
RULE 144A UNDER THE SECURITIES ACT, THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A
QUALIFIED INSTITUTIONAL BUYER ,

A-1-1

 

IN A PRINCIPAL AMOUNT OF NOT LESS THAN U.S.$100,000, FOR THE PURCHASER AND FOR EACH SUCH
ACCOUNT, TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D)
PURSUANT TO OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION
S UNDER THE SECURITIES ACT, (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER
AFTER THE RESALE RESTRICTION TERMINATION DATE.

A-1-2

 

AMBEV INTERNATIONAL FINANCE CO. LTD.

9.500% NOTES DUE 2017

Rule 144A Restricted Global Note

	 	 	 	 	 
	No. R-1
	 	 	 	 
	CUSIP No.:

	 	02319L AA3
	 	 
	ISIN No.:

	 	US02319LAA35	 	 
	Common Code:

	 	031259681	 	 

Principal Amount: R$163,500,000

Initial Issuance Date: July 24, 2007

          This Note is one of a duly authorized issue of Notes of AmBev International Finance Co. Ltd.,
a company incorporated with limited liability in the Cayman Islands (the “Issuer”),
designated as its 9.500% Notes due 2017 (the “Notes”), issued in an initial aggregate
principal amount of R$163,500,000 under an indenture (the “Indenture”) dated as of July 24,
2007, among the Issuer, Deutsche Bank Trust Company Americas, as Trustee (the “Trustee”,
which term includes any successor trustee under the Indenture) and Deutsche Bank Luxembourg S.A. as
paying agent in Luxembourg, to which Indenture reference is hereby made for a statement of the
respective rights, limitations of rights, duties, obligations and immunities thereunder of the
Issuer, the Trustee and the Noteholders, and of the terms upon which the Notes are, and are to be,
authenticated and delivered. The obligations of the Issuer under this Note and the Indenture have
been guaranteed by Companhia de Bebidas das Américas - AMBEV (the “Guarantor”) pursuant to
a Guaranty dated as of July 24, 2007 between the Guarantor and the Trustee. All terms used in this
Note which are defined in the Indenture and not otherwise defined herein shall have the meanings
assigned to them in the Indenture.

          The Issuer, for value received, hereby promises to pay to Cede & Co. or registered assigns, as
nominee of The Depository Trust Company (“DTC”) and the holder of record of this Note (the
“Holder” or “Noteholder”), the principal amount specified above in U.S. dollars on
July 24, 2017 (or earlier or later as provided in the Indenture as hereinafter described) upon
presentation and surrender hereof, at the office or agency of the Trustee referred to below.

          The Issuer promises to pay interest on the outstanding principal amount hereof from the
Initial Issuance Date, or from the most recent payment date to which interest has been paid or duly
provided for, semi-annually on January 24 and July 24 of each year (or if such date is not a
Business Day, the next succeeding Business Day following such day), commencing January 24, 2008,
(each an “Interest Payment Date”), at an initial note rate equal to 9.500% per annum.
Principal, interest and other amounts due on this Note on any Interest Payment Date or otherwise
will, as provided in the Indenture, be paid in U.S. dollars to the Person in whose name this Note
(or one or more predecessor Notes) is registered at the close of business on the relevant date for
such payment.

A-1-3

 

          Payment of the principal of and interest and other amounts on this Note will be payable by
wire transfer to a U.S. dollar account maintained by the Holder of this Note as reflected in the
Note Register. In the event the date for any payment of the principal of or interest and other
amounts on any Note is not a Business Day, then payment will be made on the next Business Day with
the same force and effect as if made on the nominal date of any such date for such payment and no
additional interest will accrue on such payment as a result of such payment being made on the next
succeeding Business Day. Interest accrued with respect to this Note shall be calculated based on a
360-day year of twelve 30-day months.

          This Note does not purport to summarize the Indenture and reference is made to the Indenture
for information with respect to interests, rights, benefits, obligations, proceeds, and duties
evidenced hereby.

          The Notes are subject to redemption by the Issuer on the terms and conditions specified in the
Indenture.

          If an Event of Default shall occur and be continuing, the outstanding principal amount of all
the Notes shall become or may be declared due and payable in the manner and with the effect
provided in the Indenture.

          Modifications of the Indenture may be made by the Issuer and the Trustee only to the extent
and in the circumstances permitted by the Indenture.

          The Notes shall be issued only in fully registered form, without coupons. Notes sold pursuant
to both Rule 144A and Regulation S shall be issued in the form of beneficial interests in one or
more global securities in denominations of R$250,000 and integral multiples of R$1,000 in excess
thereof.

          Prior to and at the time of due presentment of this Note for registration of transfer, the
Issuer, the Trustee, the Note Registrar and any agent of the Issuer, the Registrar or the Trustee
may treat the Person in whose name this Note is registered as the owner hereof for all purposes,
whether or not this Note is overdue, and neither the Issuer, the Trustee, the Note Registrar nor
any agent thereof shall be affected by notice to the contrary.

          Unless the certificate of authentication hereon has been duly executed by the Authenticating
Agent by manual signature, this Note shall not be entitled to any benefit under the Indenture, or
be valid or obligatory for any purpose.

          THIS NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW
YORK.

A-1-4

 

          IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed.

	 	 	 	 	 
	 	AMBEV INTERNATIONAL FINANCE CO. LTD.

 	 
	 	By  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

A-1-5

 

	 	 	 	 	 

CERTIFICATE OF AUTHENTICATION

          This is one of the Notes referred to in the within-mentioned Indenture.

	 	 	 	 	 	 	 
	 	 	DEUTSCHE BANK TRUST COMPANY AMERICAS,	 	 
	 	 	  as Trustee	 	 
	 
	 	 	 	 	 	 
	 	 	By: Deutsche Bank National Trust Company	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	Date: July 24, 2007	 	 

A-1-6

 

ASSIGNMENT FORM

For value received

hereby sells, assigns and transfers unto

          (Please insert social security or

          other identifying number of assignee)

          (Please print or type name and address,

          including zip code, of assignee:)

the within Note and does hereby irrevocably constitute and appoint                      Attorney to
transfer the Note on the books of the Note Registrar with full power of substitution in the
premises.

	 	 	 	 	 
	Date:

	 	Your Signature:	 	 
	 

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

A-1-7

 

EXHIBIT A-2

FORM OF REGULATION S UNRESTRICTED GLOBAL NOTE

REGULATION S UNRESTRICTED GLOBAL NOTE

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

          TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO
DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF
PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE
RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.

          THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”), AND ACCORDINGLY, MAY NOT BE OFFERED OR SOLD 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, THE HOLDER (1) REPRESENTS THAT IT IS NOT A U.S. PERSON AND IS
ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION, (2) BY ITS ACCEPTANCE HEREOF AGREES TO OFFER,
SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION
DATE’) WHICH IS TWO YEARS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON
WHICH THE ISSUER OR ANY AFFILIATE OF THE ISSUER WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR
OF SUCH SECURITY), ONLY (A) TO THE ISSUER, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN
DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR
RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON IT REASONABLY
BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS OWN
ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE
TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES THAT OCCUR
OUTSIDE THE UNITED STATES WITHIN THE MEANING OF

A-2-1

 

REGULATION S UNDER THE SECURITIES ACT, OR (E) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. THIS LEGEND WILL BE REMOVED AFTER 40 CONSECUTIVE
DAYS BEGINNING ON AND INCLUDING THE LATER OF (A) THE DAY ON WHICH THE SECURITIES ARE OFFERED TO
PERSONS OTHER THAN DISTRIBUTORS (AS DEFINED IN REGULATION S) AND (B) THE DATE OF THE CLOSING OF THE
ORIGINAL OFFERING. AS USED HEREIN, THE TERMS “OFFSHORE TRANSACTION”, “UNITED STATES” AND “U.S.
PERSON” HAVE THE MEANINGS GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT.

A-2-2

 

AMBEV INTERNATIONAL FINANCE CO. LTD.

9.500% NOTES DUE 2017

REGULATION S UNRESTRICTED GLOBAL NOTE

	 	 	 	 	 
	No. S-1
	 	 	 	 
	CUSIP:

	 	G0253J AA3
	 	 
	ISIN No.:

	 	USG0253JAA37	 	 
	Common Code:

	 	031259673	 	 

Principal Amount: R$ 136,500,000

Initial Issuance Date: July 24, 2007

          This Note is one of a duly authorized issue of Notes of AmBev International Finance Co. Ltd.,
a company incorporated with limited liability in the Cayman Islands (the “Issuer”),
designated as its 9.500% Notes due 2017 (the “Notes”), issued in an initial aggregate
principal amount of R$ 136,500,000 under an indenture (the “Indenture”) dated as of July
24, 2007, among the Issuer, Deutsche Bank Trust Company Americas, as Trustee (the
“Trustee”, which term includes any successor trustee under the Indenture) and Deutsche Bank
Luxembourg S.A. as paying agent in Luxembourg, to which Indenture reference is hereby made for a
statement of the respective rights, limitations of rights, duties, obligations and immunities
thereunder of the Issuer, the Trustee and the Noteholders, and of the terms upon which the Notes
are, and are to be, authenticated and delivered. The obligations of the Issuer under this Note and
the Indenture have been guaranteed by Companhia de Bebidas das Américas-AMBEV (the
“Guarantor”) pursuant to a Guaranty dated as of July 24, 2007 between the Guarantor and the
Trustee. All terms used in this Note which are defined in the Indenture and not otherwise defined
herein shall have the meanings assigned to them in the Indenture.

          The Issuer, for value received, hereby promises to pay to Cede & Co. or registered assigns, as
nominee of The Depository Trust Company (“DTC”) and the holder of record of this Note (the
“Holder” or “Noteholder”), the principal amount specified above in U.S. dollars on
July 24, 2017 (or earlier or later as provided in the Indenture as hereinafter described) upon
presentation and surrender hereof, at the office or agency of the Trustee referred to below.

          The Issuer promises to pay interest on the outstanding principal amount hereof from the
Initial Issuance Date, or from the most recent payment date to which interest has been paid or duly
provided for, semi-annually on January 24 and July 24 of each year (or if such date is not a
Business Day, the next succeeding Business Day following such day), commencing January 24, 2008,
(each an “Interest Payment Date”), at an initial note rate equal to 9.500% per annum.
Principal, interest and other amounts due on this Note on any Interest Payment Date or otherwise
will, as provided in the Indenture, be paid in U.S. dollars to the Person in whose name this Note
(or one or more predecessor Notes) is registered at the close of business on the relevant date for
such payment.

          Payment of the principal of and interest and other amounts on this Note will be payable by
wire transfer to a U.S. dollar account maintained by the Holder of this Note as reflected in the
Note Register. In the event the date for any payment of the principal of or interest

A-2-3

 

and other amounts on any Note is not a Business Day, then payment will be made on the next
Business Day with the same force and effect as if made on the nominal date of any such date for
such payment and no additional interest will accrue on such payment as a result of such payment
being made on the next succeeding Business Day. Interest accrued with respect to this Note shall
be calculated based on a 360-day year of twelve 30-day months.

          This Note does not purport to summarize the Indenture and reference is made to the Indenture
for information with respect to interests, rights, benefits, obligations, proceeds, and duties
evidenced hereby.

          The Notes are subject to redemption by the Issuer on the terms and conditions specified in the
Indenture.

          If an Event of Default shall occur and be continuing, the outstanding principal amount of all
the Notes shall become or may be declared due and payable in the manner and with the effect
provided in the Indenture.

          Modifications of the Indenture may be made by the Issuer and the Trustee only to the extent
and in the circumstances permitted by the Indenture.

          The Notes shall be issued only in fully registered form, without coupons. Notes sold pursuant
to both Rule 144A and Regulation S shall be issued in the form of beneficial interests in one or
more global securities in denominations of R$250,000 and integral multiples of R$1,000 in excess
thereof.

          Prior to and at the time of due presentment of this Note for registration of transfer, the
Issuer, the Trustee, the Note Registrar and any agent of the Issuer, the Registrar or the Trustee
may treat the Person in whose name this Note is registered as the owner hereof for all purposes,
whether or not this Note is overdue, and neither the Issuer, the Trustee, the Note Registrar nor
any agent thereof shall be affected by notice to the contrary.

          Unless the certificate of authentication hereon has been duly executed by the Authenticating
Agent by manual signature, this Note shall not be entitled to any benefit under the Indenture, or
be valid or obligatory for any purpose.

          THIS NOTE SHALL BE CONSTRUED IN ACCORDANCE WITH, AND GOVERNED BY, THE LAWS OF THE STATE OF NEW
YORK.

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          IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed.

	 	 	 	 	 
	 	AMBEV INTERNATIONAL FINANCE CO. LTD.

 	 
	 	By  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

A-2-5

 

	 	 	 	 	 

CERTIFICATE OF AUTHENTICATION

          This is one of the Notes referred to in the within-mentioned Indenture.

	 	 	 	 	 	 	 
	 	 	DEUTSCHE BANK TRUST COMPANY AMERICAS,	 	 
	 	 	  as Trustee	 	 
	 
	 	 	 	 	 	 
	 	 	By: Deutsche Bank National Trust Company	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 

Name:
	 	 
	 

	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 	 	Date: July 24, 2007	 	 

A-2-6

 

ASSIGNMENT FORM

For value received

hereby sells, assigns and transfers unto

          (Please insert social security or

          other identifying number of assignee)

          (Please print or type name and address,

          including zip code, of assignee:)

the within Note and does hereby irrevocably constitute and appoint                      Attorney to
transfer the Note on the books of the Note Registrar with full power of substitution in the
premises.

	 	 	 	 	 
	Date:

	 	Your Signature:	 	 
	 
	 	 	 	 
	 

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

A-2-7

 

EXHIBIT B

FORM OF AUTHENTICATION AND DELIVERY ORDER

Deutsche Bank Trust Company Americas

   as Trustee

60 Wall Street

MS-2710

New York, NY 10005

Ladies and Gentlemen:

          Pursuant to Section 2.2 of the Indenture dated as of July 24, 2007 (the “Indenture”)
by and among AmBev International Finance Co. Ltd., as Issuer, Deutsche Bank Trust Company Americas,
as Trustee and Deutsche Bank Luxembourg S.A. as Luxembourg Paying Agent, you are hereby ordered in
your capacity as Trustee to authenticate R$300,000,000 of the Issuer’s 9.500% Notes due 2017 in the
manner provided in the Indenture in global form and in the amounts of R$163,500,000 in respect of
the Rule 144A Restricted Global Note (CUSIP No. 02319L AA3) and R$136,500,000 in respect of the
Regulation S Unrestricted Global Note (CUSIP No. G0253J AA3) heretofore duly executed by the proper
Authorized Representative of the Issuer and delivered to you as provided in the Indenture and to
hold the Notes in your capacity as custodian for The Depository Trust Company. Capitalized terms
used but not defined herein have the meanings assigned to them in the Indenture.

Date: [  ]

	 	 	 	 	 
	 	AMBEV INTERNATIONAL FINANCE CO. LTD.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

B-1

 

EXHIBIT C

FORM OF CERTIFICATE TO BE DELIVERED IN CONNECTION WITH TRANSFERS

PURSUANT TO REGULATION S

[Date]

Deutsche Bank Trust Company Americas

   as Trustee

60 Wall Street

MS-2710

New York, NY 10005

	 	 	 	 	 	 	 
	 

	Re:	 	 	AmBev International Finance Co. Ltd.
	 	 
	 

	 	 	 	9.500 % Notes due 2017 (the “Notes”)	 	 

Ladies and Gentlemen:

          Reference is hereby made to the Indenture, dated as of July 24, 2007 (as amended and
supplemented from time to time, the “Indenture”), among AmBev International Finance Co. Ltd. (the
“Company”), as issuer, Deutsche Bank Trust Company Americas, as Trustee and Deutsche Bank
Luxembourg S.A. as paying agent in Luxembourg. Capitalized terms used but not defined herein shall
have the meanings given them in the Indenture.

          In connection with our proposed sale of R$        aggregate principal amount of the Notes
[in the case of a transfer of an interest in a Restricted Global Note: , which represent an
interest in a Restricted Global Note beneficially owned by] [in the case of a transfer of a
certificated Note: held in the name of] the undersigned (“Transferor”), we confirm that such sale
has been effected pursuant to and in accordance with Regulation S under the Securities Act of 1933,
as amended (the “Securities Act”), and, accordingly, we represent that:

     (a) the offer of the Notes was not made to a person in the United States;

     (b) either (i) at the time the buy order was originated, the transferee was outside
the United States or we and any person acting on our behalf reasonably believed that the
transferee was outside the United States (within the meaning of Regulation S) or (ii) the
transaction is being executed in, on or through the facilities of a designated off-shore
securities market (within the meaning of Regulation S) and neither we nor any person acting
on our behalf knows that the transaction has been pre-arranged with a buyer in the United
States;

C-1

 

     (c) no directed selling efforts have been made in the United States in contravention of
the requirements of Rule 903(b) or Rule 904(b) of Regulation S, as applicable;

     (d) if the transfer is being effected in accordance with Rule 903 under the Securities
Act, the requirements of Rule 903(b)(2) have been satisfied;

     (e) if the transfer is being effected in accordance with Rule 904 under the Securities
Act, we are not a distributor of the Notes, an affiliate of the Company, an affiliate of any
distributor of the Notes or a person acting on behalf of any of the foregoing;

     (f) if the transfer is being effected in accordance with Rule 904 under the Securities
Act and we are a dealer in Notes or have received a selling concession, fee or other
remuneration in respect of the Notes transferred hereby, and the transfer is to occur during
the Distribution Compliance Period, then the requirements of Rule 904(b)(1) have been
satisfied;

     (g) if the transfer is being effected in accordance with Rule 904 under the Securities
Act and we are an affiliate of the Company or of a distributor solely by virtue of holding a
position as an officer or director of such person, then requirements of Rule 904(b)(2) have
been satisfied;

     (h) the transaction is not part of a plan or scheme to evade the registration
requirements of the Securities Act; and

     (i) we are the beneficial owner of the principal amount of Notes being transferred.

          In addition, if the sale is made during the period ending forty (40) days after the original
issuance of the Notes and the transferee will take delivery in the form of a beneficial interest in
the Regulation S Global Note, such beneficial interest will be held immediately after such transfer
only in or through accounts maintained at the Registered Depositary by Euroclear or Clearstream (or
by agent members acting for the account thereof).

          You and the Company 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.

          Very truly yours,

          [Name of Transferor]

          By:                                        

                                                  

Authorized Signature

C-2

 

EXHIBIT D

FORM OF TRANSFER CERTIFICATE FOR TRANSFER TO

QUALIFIED INSTITUTIONAL BUYERS (QIBS)

[Date]

Deutsche Bank Trust Company Americas

  as Trustee

60 Wall Street

MS-2710

New York, NY 10005

	 	 	 	 	 	 	 
	 

	   Re:
	 	 	AmBev International Finance Co. Ltd.
	 	 
	 

	 	 	 	9.5000% Notes due 2017 (the “Notes”)	 	 

Ladies and Gentlemen:

          Reference is hereby made to the Indenture, dated as of July 24, 2007 (as amended and
supplemented from time to time, the “Indenture”), among AmBev International Finance Co. Ltd. (the
“Company”), as issuer, Deutsche Bank Trust Company Americas, as Trustee and Deutsche Bank
Luxembourg S.A. as paying agent in Luxembourg. Capitalized terms used but not defined herein shall
have the meanings given them in the Indenture.

          This letter relates to R$          aggregate principal amount of Notes [in the case of
a transfer of an interest in a Regulation S Unrestricted Global Note: which represents an interest
in a Regulation S Unrestricted Global Note beneficially owned by] [in the case of a transfer of a
certificated Note: which are held in the name of] the undersigned (the “Transferor”) to effect the
transfer of such Notes in exchange for an equivalent beneficial interest in the Restricted Global
Note.

          In connection with such request, and with respect to such Notes, the Transferor does hereby
certify that such Notes are being transferred in accordance with Rule 144A under the Securities Act
of 1933, as amended (“Rule 144A”), to a transferee that the Transferor reasonably believes is
purchasing the Notes for its own account or an account with respect to which the transferee
exercises sole investment discretion, and the transferee, as well as any such account, is a
“qualified institutional buyer” within the meaning of Rule 144A, in a transaction meeting the
requirements of Rule 144A and in accordance with applicable securities laws of any state of the
United States or any other jurisdiction. The Transferor and any person acting on its behalf have
taken reasonable steps to ensure that the transferee is aware that the Transferor may be relying on
Rule 144A in connection with the transfer.

D-1

 

          You and the Company 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.

          Very truly yours,

          [Name of Transferor]

          By:                                        

           Authorized Signature

D-2

 

EXHIBIT E

FORM OF NON-PAYMENT NOTICE

[Date]

VIA FACSIMILE

AmBev International Finance Co. Ltd.

PO Box 309GT, Ugland House

South Church Street

George Town, Grand Cayman

Cayman Islands

Attention:                                         

AmBev International Finance Co. Ltd.

Dear Sirs:

          Reference is made to that certain Indenture (the “Indenture”) dated July 24, 2007 among AmBev
International Finance Co. Ltd. (the “Company”), Deutsche Bank Trust Company Americas, as trustee
(the “Trustee”) and Deutsche Bank Luxembourg S.A. as paying agent in Luxembourg. Reference is also
made to that certain Guaranty (the “Guaranty”) dated July 24, 2007 between the Trustee and
Companhia de Bebidas das Américas-AMBEV (“AMBEV”) pursuant to which AMBEV has undertaken to provide
the holders of the Company’s 9.500% Notes due 2017 (the “Notes”) with an irrevocable and
unconditional guaranty of the Company’s obligations with respect to the Notes. Capitalized terms
not defined herein shall have the meanings set forth in the Guaranty.

          By this notice, the undersigned, acting on behalf of the holders of the Notes, hereby advises
you as follows:

	 	1.	 	On [date], the Company was obligated to make a payment of
[principal] [interest] [other amounts under the Indenture] in an amount equal
to R$                 in respect of [principal] [interest] [other
amounts due under the Indenture] (the “Overdue Amount”).
	 
	 	2.	 	Pursuant to the Guaranty, you are obligated to immediately pay
the Overdue Amount to the Trustee, on behalf of the holders of the Notes.
	 
	 	3.	 	Pursuant to the Guaranty, you are hereby directed to pay the
Overdue Amount to the Trustee, on behalf of the holders of the Notes, in
respect of your obligations under the Guaranty.

E-1

 

	 	4.	 	You are hereby requested to pay the Overdue Amount to the
Payment Account established under the Indenture (Account No.                     
) immediately upon receipt of this notice.
	 
	 	5.	 	AMBEV is requested to acknowledge receipt of this notice by
countersigning in the space provided below and returning a copy to the same at
the address provided in the Guaranty with a copy by facsimile to the Trustee at
Deutsche Bank Trust Company Americas, 60 Wall Street, MS-2710, New York, New
York 10005 (Attention: [ ]).

	 	 	 	 	 	 	 
	 	 	DEUTSCHE BANK TRUST COMPANY AMERICAS,	 	 
	 	 	  as Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	Deutsche Bank National Trust Company	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 

ACKNOWLEDGED & AGREED

COMPANHIA DE BEBIDAS DAS AMÉRICAS-AMBEV

	 	 	 	 	 
	By:

	 	 	 	 
	 

	 	 

Name:
	 	                                        
	 

	 	Title:	 	 
	 

	 	Date:	 	 

E-2

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