Document:

EX-4.1

Exhibit 4.1

OLD REPUBLIC INTERNATIONAL CORPORATION

to

WILMINGTON TRUST COMPANY

Trustee

Indenture

Dated as of

August 15, 1992

Providing for the Issuance of Debt Securities in Series

 

 

TABLE OF CONTENTS

ARTICLE ONE

Definitions and Other Provisions of General Application

	 	 	 	 	 
	Section 101. Definitions 
	 	 	1	 
	Act
	 	 	2	 
	Affiliate
	 	 	2	 
	Authenticating Agent
	 	 	2	 
	Board of Directors
	 	 	2	 
	Board Resolution
	 	 	2	 
	Business Day
	 	 	2	 
	Commission
	 	 	2	 
	Common Stock
	 	 	3	 
	Company
	 	 	3	 
	Company Request
	 	 	3	 
	Convertible Debt Securities
	 	 	3	 
	Corporate Trust Office
	 	 	3	 
	Corporation
	 	 	3	 
	Debt Security Register
	 	 	3	 
	Debt Securities
	 	 	3	 
	Debt
	 	 	3	 
	Defaulted Interest
	 	 	3	 
	Event of Default
	 	 	3	 
	Holder
	 	 	3	 
	Indenture
	 	 	3	 
	Interest Payment Date
	 	 	4	 
	Maturity
	 	 	4	 
	Officers’ Certificate
	 	 	4	 
	Opinion of Counsel
	 	 	4	 
	Original Issue Discount Security
	 	 	4	 
	Outstanding
	 	 	4	 
	Paying Agent
	 	 	5	 
	Person
	 	 	5	 
	Predecessor Debt Security
	 	 	5	 
	Principal Insurance Subsidiary
	 	 	5	 
	Redemption Date
	 	 	6	 
	Redemption Price
	 	 	6	 
	Regular Record Date
	 	 	6	 
	Responsible Officer
	 	 	6	 
	Senior Indebtedness
	 	 	6	 
	Special Record Date
	 	 	7	 
	Stated Maturity
	 	 	7	 
	Subordinated Debt Securities
	 	 	7	 
	Subsidiary
	 	 	7	 
	Trustee
	 	 	7	 
	Trust Indenture Act
	 	 	7	 
	U.S. Government Obligations
	 	 	7	 
	Vice President
	 	 	8	 
	Yield to Maturity
	 	 	8	 

i

 

	 	 	 	 	 
	Section 102. Compliance Certificates and Opinions
	 	 	8	 
	Section 103. Form of Documents Delivered to Trustee
	 	 	9	 
	Section 104. Acts of Holders
	 	 	9	 
	Section 105. Notices, Etc., to Trustee and Company
	 	 	10	 
	Section 106. Notice to Holders; Waiver
	 	 	11	 
	Section 107. Conflict with Trust Indenture Act
	 	 	11	 
	Section 108. Effect of Headings and Table of Contents
	 	 	11	 
	Section 109. Successors and Assigns
	 	 	11	 
	Section 110. Separability Clause
	 	 	11	 
	Section 111. Benefits of Indenture
	 	 	12	 
	Section 112. Governing Law
	 	 	12	 
	Section 113. Legal Holidays
	 	 	12	 
	 
	 	 	 	 
	ARTICLE TWO

	 
	 	 	 	 
	Debt Security Forms

	 
	 	 	 	 
	Section 201. Forms Generally
	 	 	12	 
	Section 202. Form of Trustee’s Certificate of
Authentication
	 	 	13	 
	Section 203. Form of Conversion Notice
	 	 	13	 
	 
	 	 	 	 
	ARTICLE THREE

	 
	 	 	 	 
	The Debt Securities

	 
	 	 	 	 
	Section 301. Amount; Issuable in Series
	 	 	14	 
	Section 302. Denominations
	 	 	16	 
	Section 303. Execution, Authentication, Delivery and
Dating
	 	 	16	 
	Section 304. Temporary Debt Securities
	 	 	17	 
	Section 305. Registration, Registration of Transfer and
Exchange
	 	 	17	 
	Section 306. Mutilated, Destroyed, Lost and Stolen Debt
Securities
	 	 	18	 
	Section 307. Payment of Interest; Interest Rights
Preserved
	 	 	19	 
	Section 308. Persons Deemed Owners
	 	 	21	 
	Section 309. Cancellation
	 	 	21	 
	Section 310. Computation of Interest
	 	 	22	 
	 
	 	 	 	 
	ARTICLE FOUR

	 
	 	 	 	 
	Satisfaction and Discharge

	 
	 	 	 	 
	Section 401. Satisfaction and Discharge of Indenture
	 	 	22	 
	Section 402. Application of Trust Money
	 	 	23	 
	Section 403. Release of Paying Agent
	 	 	23	 
	Section 404. Unclaimed Moneys
	 	 	23	 
	Section 405. Defeasance
	 	 	24	 
	Section 406. Survival of Obligations
	 	 	25	 

ii

 

	 	 	 	 	 
	ARTICLE FIVE

	 
	 	 	 	 
	Remedies

	 
	 	 	 	 
	Section 501. Events of Default
	 	 	25	 
	Section 502. Acceleration of Maturity; Rescission and
Annulment
	 	 	27	 
	Section 503. Collection of
Indebtedness and Suits for Enforcement by Trustee
	 	 	28	 
	Section 504. Trustee May File Proofs of Claim
	 	 	29	 
	Section 505. Trustee
May Enforce Claims Without Possession of Debt Securities
	 	 	30	 
	Section 506. Application of Money Collected
	 	 	31	 
	Section 507. Limitation on Suits
	 	 	31	 
	Section 508. Unconditional Right of Holders to Receive
Principal, Premium and Interest and to Convert
	 	 	32	 
	Section 509. Restoration of Rights and Remedies
	 	 	32	 
	Section 510. Rights and Remedies Cumulative
	 	 	32	 
	Section 511. Delay or Omission Not Waiver
	 	 	33	 
	Section 512. Control by Holders
	 	 	33	 
	Section 513. Waiver of Past Defaults
	 	 	33	 
	Section 514. Undertaking for Costs
	 	 	34	 
	Section 515. Waiver of Stay or Extension Laws
	 	 	34	 
	 
	 	 	 	 
	ARTICLE SIX

	 
	 	 	 	 
	The Trustee

	 
	 	 	 	 
	Section 601. Certain Duties and Responsibilities
	 	 	35	 
	Section 602. Notice of Defaults
	 	 	36	 
	Section 603. Certain Rights of Trustee
	 	 	36	 
	Section 604. Not Responsible for Recitals or Issuance of
Debt Securities
	 	 	37	 
	Section 605. May Hold Debt Securities
	 	 	38	 
	Section 606. Money Held in Trust
	 	 	38	 
	Section 607. Compensation and Reimbursement
	 	 	38	 
	Section 608. Disqualification; Conflicting Interest
	 	 	39	 
	Section 609. Corporate Trustee Required; Eligibility
	 	 	45	 
	Section 610. Resignation and Removal; Appointment of
Successor
	 	 	46	 
	Section 611. Acceptance of Appointment by Successor
	 	 	47	 
	Section 612. Merger, Conversion, Consolidation or
Succession to Business
	 	 	48	 
	Section 613. Preferential Collection of Claims Against
Company
	 	 	49	 
	Section 614. Appointment of Authenticating Agent
	 	 	53	 

iii

 

	 	 	 	 	 
	 
	 	 	 	 
	ARTICLE SEVEN

	 
	 	 	 	 
	Holders’ Lists and Reports by Trustee and Company

	 
	 	 	 	 
	Section 701. Company to Furnish Trustee Names and
Addresses of Holders
	 	 	55	 
	Section 702. Preservation of Information; Communications
to Holders
	 	 	55	 
	Section 703. Reports by Trustee
	 	 	57	 
	Section 704. Reports by Company
	 	 	58	 
	 
	 	 	 	 
	ARTICLE EIGHT

	 
	 	 	 	 
	Consolidation, Merger, Conveyance, Transfer or Lease

	 
	 	 	 	 
	Section 801. Company May Consolidate, Etc., Only on
Certain Terms
	 	 	59	 
	Section 802. Successor Corporation Substituted
	 	 	60	 
	 
	 	 	 	 
	ARTICLE NINE

	 
	 	 	 	 
	Supplemental Indentures

	 
	 	 	 	 
	Section 901. Supplemental Indentures
Without Consent of Holders
	 	 	60	 
	Section 902. Supplemental Indentures with Consent of
Holders
	 	 	61	 
	Section 903. Execution of Supplemental Indentures
	 	 	62	 
	Section 904. Effect of Supplemental Indentures
	 	 	62	 
	Section 905. Conformity with Trust Indenture Act
	 	 	63	 
	Section 906. Reference in Debt Securities to
Supplemental Indentures
	 	 	63	 
	 
	 	 	 	 
	ARTICLE TEN

	 
	 	 	 	 
	Covenants

	 
	 	 	 	 
	Section 1001. Payment of Principal, Premium and Interest
	 	 	63	 
	Section 1002. Maintenance of Office or Agency
	 	 	63	 
	Section 1003. Money for Debt Security Payments To Be Held
in Trust
	 	 	64	 
	Section 1004. Statement by Officers as to Default
	 	 	65	 
	Section 1005. Limitation on Liens on Stock of Principal
Insurance Subsidiaries
	 	 	66	 
	Section 1006. Limitations on Issue or Disposition of Stock
of Principal Insurance Subsidiaries
	 	 	66	 
	Section 1007. Waiver of Certain Covenants
	 	 	67	 

iv

 

	 	 	 	 	 
	ARTICLE ELEVEN

	 
	 	 	 	 
	Redemption of Debt Securities

	 
	 	 	 	 
	Section 1101. Applicability of Article
	 	 	67	 
	Section 1102. Election to Redeem; Notice to Trustee
	 	 	67	 
	Section 1103. Selection by Trustee of Debt Securities to Be
Redeemed
	 	 	67	 
	Section 1104. Notice of Redemption
	 	 	68	 
	Section 1105. Deposit of Redemption Price
	 	 	69	 
	Section 1106. Debt Securities Payable on Redemption Date
	 	 	69	 
	Section 1107. Debt Securities Redeemed in Part
	 	 	70	 
	 
	 	 	 	 
	ARTICLE TWELVE

	 
	 	 	 	 
	Sinking Fund

	 
	 	 	 	 
	Section 1201. Applicability of Article
	 	 	70	 
	Section 1202. Satisfaction of Sinking Fund Payments with
Debt Securities
	 	 	70	 
	Section 1203. Redemption of Debt Securities for Sinking
Fund
	 	 	71	 
	 
	 	 	 	 
	ARTICLE THIRTEEN

	 
	 	 	 	 
	Convertible Debt Securities

	 
	 	 	 	 
	Section 1301. Applicability of Article
	 	 	72	 
	Section 1302. Manner of Exercise of Conversion Privilege
	 	 	72	 
	Section 1303. Cash Adjustment Upon Conversion
	 	 	74	 
	Section 1304. Adjustment of Conversion Rate
	 	 	75	 
	Section 1305. Company to Give Notice of Adjustment
	 	 	78	 
	Section 1306. Company
to Give Notice of Certain Events
	 	 	79	 
	Section 1307. Reservation of Common Stock
	 	 	80	 
	Section 1308. Taxes on Conversions
	 	 	80	 
	Section 1309. Absence of Preemptive Rights
	 	 	81	 
	Section 1310. Debt Securities Converted
	 	 	81	 
	Section 1311. Effect of Consolidation, Merger or Sale
	 	 	81	 
	Section 1312. Return of Funds
	 	 	82	 
	 
	 	 	 	 
	ARTICLE FOURTEEN

	 
	 	 	 	 
	Subordinated Debt Securities

	 
	 	 	 	 
	Section 1401. Applicability of Article
	 	 	82	 
	Section 1402. No Payment on Subordinated Debt Securities in
Event of Default on Senior Indebtedness
	 	 	83	 
	Section 1403. Distribution on Dissolution, Liquidation and
Reorganization
	 	 	84	 
	Section 1404. Payment to Holders of Senior Indebtedness
	 	 	85	 
	Section 1405. Subrogation
	 	 	86	 

v

 

	 	 	 	 	 
	Section 1406. Payment on Subordinated Debt Securities
Permitted
	 	 	87	 
	Section 1407. Authorization of Holders to Trustee to Effect
Subordination
	 	 	87	 
	Section 1408. Trustee as Holder of Senior Indebtedness
	 	 	88	 
	Section 1409. Notices to Trustee
	 	 	88	 
	Section 1410. No Fiduciary Duty by Trustee to Holders of
Senior Indebtedness
	 	 	88	 
	Section 1411. Paying Agent Treated as Trustee
	 	 	88	 

vi

 

Old Republic International Corporation

Reconciliation and tie between Trust Indenture Act of 1939 and

Indenture, dated as of August 15, 1992

	 	 	 	 	 	 
	Trust Indenture	 	 	 	 	 
	Act Section	 	 	 	Indenture Section
	Section 310
	 	(a) (1)	 	609	 
	 
	 	(a) (2)	 	609	 
	 
	 	(a) (3)	 	Not Applicable
	 
	 	(a) (4)	 	Not Applicable
	 
	 	(b)	 	608	 
	 
	 	 	 	610	 
	 
	 	 	 	 	 
	Section 311
	 	(a)	 	613	 (a)
	 
	 	(b)	 	613	 (b)
	 
	 	(b) (2)	 	703	 (a) (2)
	 
	 	 	 	703	 (b)
	 
	 	 	 	 	 
	Section 312
	 	(a)	 	701	 
	 
	 	 	 	702	 (a)
	 
	 	(b)	 	702	 (b)
	 
	 	(c)	 	702	 (c)
	 
	 	 	 	 	 
	Section 313
	 	(a)	 	703	 (a)
	 
	 	(b)	 	703	 (b)
	 
	 	(c)	 	703	 (a)
	 
	 	 	 	703	 (b)
	 
	 	(d)	 	703	 (c)
	 
	 	 	 	 	 
	Section 314
	 	(a)	 	704	 
	 
	 	(b)	 	Not Applicable
	 
	 	(c) (1)	 	102	 
	 
	 	(c) (2)	 	102	 
	 
	 	(c) (3)	 	Not Applicable
	 
	 	(d)	 	Not Applicable
	 
	 	(e)	 	102	 
	 
	 	 	 	 	 
	Section 315
	 	(a)	 	601	 (a)
	 
	 	(b)	 	602	 
	 
	 	 	 	703	 (a) (6)
	 
	 	(c)	 	601	 (b)
	 
	 	(d)	 	601	 (c)
	 
	 	(d) (1)	 	601	 (a) (1)
	 
	 	(d) (2)	 	601	 (c) (2)
	 
	 	(d) (3)	 	601	 (c) (3)
	 
	 	(e)	 	514	 

vii

 

	 	 	 	 	 	 
	Trust Indenture	 	 	 	 	 
	Act Section	 	 	 	Indenture Section
	Section 316
	 	(a)	 	101	 
	 
	 	(a) (1) (A)	 	502	 
	 
	 	 	 	512	 
	 
	 	(a) (1) (B)	 	513	 
	 
	 	(a) (2)	 	Not Applicable
	 
	 	(b)	 	508	 
	 
	 	 	 	 	 
	Section 317
	 	(a) (1)	 	503	 
	 
	 	(a) (2)	 	504	 
	 
	 	(b)	 	1003	 
	 
	 	 	 	 	 
	Section 318
	 	(a)	 	107	 

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

viii

 

     INDENTURE, dated as of August 15, 1992 between Old Republic International Corporation, a
corporation duly organized and existing under the laws of the State of Delaware (herein called the
“Company”), having its principal executive office at 307 North Michigan Avenue, Chicago, Illinois,
and Wilmington Trust Company, a banking corporation duly organized and existing under the laws of
the State of Delaware, as Trustee (herein called the “Trustee”).

Recitals of the Company

     The Company has duly authorized the creation and the issue from time to time of its Debt Securities
(herein called the “Debt Securities”) to be issued in one or more series of substantially the tenor
and amount hereinafter set forth, and to provide therefor the Company has duly authorized the
execution and delivery of this Indenture.

     All things necessary to make the Debt Securities, when executed by the Company and authenticated
and delivered hereunder and duly issued by the Company, the valid obligations of the Company, and
to make this Indenture a valid agreement of the Company, in accordance with their and its terms,
have been done.

     Now, Therefore, This Indenture Witnesseth:

     For and in consideration of the premises and the purchase of the Debt Securities by the Holders
thereof, it is mutually covenanted and agreed, for the equal and proportionate benefit of all
Holders of the Debt Securities, as follows:

ARTICLE ONE

     Definitions and Other Provisions of General Application

Section 101. Definitions.

     For all purposes of this Indenture, except as otherwise expressly provided or unless the context
otherwise requires:

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

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

(3) all accounting terms not otherwise defined herein have the meanings assigned to them in
accordance with generally accepted accounting principles, and, except as otherwise herein expressly
provided, the term “generally accepted

 

 

accounting principles” with respect to any computation required or permitted hereunder shall mean
such accounting principles as are generally accepted at the date of such computation; and

(4) 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.

     Certain terms, used principally in Article Six, are defined in that Article.

     “Act” when used with respect to any Holder has the meaning specified in Section 104.

     “Affiliate” of any specified Person means any other Person directly or indirectly controlling or
controlled by or under direct or indirect common control with such specified Person. For the
purposes of this definition, “control” when used with respect to any specified Person means the
power to direct the management and policies of such Person, directly or indirectly, whether through
the ownership of voting securities, by contract or otherwise; and the terms “controlling” and
“controlled” have meanings correlative to the foregoing.

     “Authenticating Agent” means any Person authorized by the Trustee to act on behalf of the Trustee
to authenticate Debt Securities.

     “Board of Directors” means either the board of directors of the Company or any duly authorized
committee of that board.

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

     “Business Day” means each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on
which banking institutions in Wilmington, Delaware are authorized or obligated by law or executive
order to close.

     “Commission” means the Securities and Exchange Commission, as from time to time constituted,
created under the Securities Exchange Act of 1934, or, if at any time after the execution of this
instrument such Commission is not existing and performing the duties now assigned to it under the
Trust Indenture Act, then the body performing such duties at such time.

2

 

     “Common Stock” means all shares now or hereafter authorized of the class of the Common Stock, $1.00
par value, of the Company currently authorized and stock of any other class into which such shares
may hereafter have been changed.

     “Company” means the Person named as the “Company” in the first paragraph of this instrument until a
successor corporation shall have become such pursuant to the applicable provisions of this
Indenture, and thereafter “Company” shall mean such successor corporation.

     “Company Request” or “Company Order” means a written
request or order signed in the name of the Company by its Chairman of the Board, a Vice Chairman,
its President, or a Vice President, and by its Treasurer, an Assistant Treasurer, its Secretary or
an Assistant Secretary, and delivered to the Trustee.

     “Convertible Debt Securities” means Debt Securities which are convertible into shares of Common
Stock in accordance with Article Thirteen hereof.

     “Corporate Trust Office” means the principal office of the Trustee in Wilmington, Delaware at which
at any particular time its corporate trust business shall be administered, which office at the date
of this Indenture is located at Rodney Square North, 1100 North Market Street, Wilmington, Delaware
19890.

     “Corporation” includes corporations, associations, companies and business trusts.

     “Debt Security Register” and “Debt Security Registrar” have the respective meanings specified in
Section 305.

     “Debt Securities” has the meaning stated in the first recital of this Indenture and, more
particularly, means any evidences of indebtedness authenticated and designated under this
Indenture.

     “Debt” has the meaning specified in Section 1005.

     “Defaulted Interest” has the meaning specified in Section 307.

     “Event of Default” has the meaning specified in Section 501.

     “Holder” means a Person in whose name a Debt Security is registered in the Debt Security Register.

     “Indenture” means this instrument as originally executed or as it may from time to time be
supplemented or amended by one or more indentures supplemental hereto entered into pursuant to the
applicable provisions hereof.

3

 

     “Interest Payment Date” means the Stated Maturity of an installment of interest on the Debt
Securities.

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

     “Officers’ Certificate” means a certificate signed by the Chairman of the Board, a Vice Chairman of
the Board, the President or a Vice President, and by the Treasurer, an Assistant Treasurer, the
Secretary or an Assistant Secretary, of the Company, and delivered to the Trustee.

     “Opinion of Counsel” means a written opinion of counsel, who may be counsel for the Company, and
who shall be acceptable to the Trustee.

     “Original Issue Discount Security” shall mean any Debt Security which provides for an amount less
than the principal amount thereof to be due and payable upon a declaration of acceleration of the
maturity thereof pursuant to Section 502.

     “Outstanding” when used with respect to Debt Securities, or Debt Securities of any series, means,
as of the date of determination, all such Debt Securities theretofore authenticated and delivered
under this Indenture, except:

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

     (ii) Debt Securities for whose payment or redemption money in the necessary amount has been
theretofore deposited with the Trustee or any Paying Agent (other than the Company) in trust or set
aside and segregated in trust by the Company (if the Company shall act as
its own Paying Agent) for the Holders of such Debt Securities;
provided that, if such Debt
Securities are to be redeemed, notice of such redemption has been duly given pursuant to this
Indenture or provision therefor satisfactory to the Trustee has been made; and

     (iii) Debt Securities in exchange for or in lieu of which other Debt Securities have been
authenticated and delivered pursuant to this Indenture;

     provided,
however, that in determining whether the Holders of the requisite principal
amount of the Outstanding Debt Securities of any or all series have given any request, demand,
authorization, direction, notice, consent or waiver hereunder, Debt Securities of such series owned
by the Company or any other obligor upon the Debt Securities of such series or any Affiliate of the
Company or

4

 

of such other obligor 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 Debt Securities which the Trustee knows
to be so owned shall be so disregarded. Debt Securities 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 so to act with respect to such Debt Securities and that the pledgee is not the
Company or any other obligor upon the Debt Securities or any Affiliate of the Company or of such
other obligor.

     In determining whether the Holders of the requisite principal amount of Outstanding Debt Securities
have given any request, demand, authorization, direction, notice, consent or waiver hereunder, the
principal amount of an Original Issue Discount Security that shall be deemed to be Outstanding for
such purposes shall be the amount of the principal thereof that would be due and payable as of the
date of such determination
upon a declaration of acceleration of the maturity thereof pursuant to Section 502.

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

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

     “Predecessor Debt Security” of any particular Debt Security of any series means every previous Debt
Security of such series evidencing all or a portion of the same debt as that evidenced by such
particular Debt Security of such series; and, for the purposes of this definition, any Debt
Security of any series authenticated and delivered under Section 306 in exchange for or in lieu of
a mutilated, destroyed, lost or stolen Debt Security of such series shall be deemed to evidence the
same debt as the mutilated, destroyed, lost or stolen Debt Security of such series.

     “Principal Insurance Subsidiary” means each of Old Republic Life Insurance Company, Old Republic
Insurance Company, Old Republic Life Insurance Company of New York, Title Insurance Company of
Minnesota, Republic Mortgage Insurance Company, Bituminous Casualty Corporation and Great West
Casualty Company and any successor to all or a principal part of the business or properties of any
thereof.

5

 

     “Redemption Date”, when used with respect to any Debt Security to be redeemed, means the date fixed
for such redemption by or pursuant to this Indenture.

     “Redemption Price”, when used with respect to any Debt Security to be redeemed, means the price at
which it is to be redeemed pursuant to this Indenture.

     “Regular Record Date” for the interest payable on any Interest Payment Date means the date, if any,
specified in the Debt Securities of any series as the record date for determination of Holders to
whom interest is payable on the next succeeding Interest Payment Date.

     “Responsible Officer”, when used with respect to the Trustee, means the chairman or any
vice-chairman of the board of directors, the chairman or any vice-chairman of the executive
committee of the board of directors, the chairman of the trust committee, the president, any vice
president, the secretary, any assistant secretary, the treasurer, any assistant treasurer, any
trust officer, the controller or any assistant controller or any other officer of the Trustee
customarily performing functions similar to those performed by any of the above designated officers
and also means, with respect to a particular corporate trust matter, any other officer to whom such
matter is referred because of his knowledge of and familiarity with the particular subject.

     “Senior Indebtedness” means the principal of, premium, if any, and unpaid interest on the
following, whether outstanding at the date hereof or thereafter incurred or created: (a)
indebtedness of the Company for money borrowed (including purchase-money obligations) evidenced by
notes or other written obligations, (b) indebtedness of the Company evidenced by notes, debentures,
bonds or other securities issued under the provisions of an indenture or similar instrument, (c)
obligations of the Company as lessee under capitalized leases and leases of property made as part
of any sale and leaseback transactions, (d) indebtedness of others of any of the kinds described in
the preceding clauses (a) through (c) assumed or guaranteed by the Company and (e) renewals,
extensions and refundings of, and indebtedness and obligations of a successor corporation issued in
exchange for or in replacement of, indebtedness or obligations of the kinds described in the
preceding clauses (a) through (d), unless in the case of any particular indebtedness, obligation,
renewal, extension or refunding the instrument creating
or evidencing the same or the assumption or guarantee thereof expressly provides that such
indebtedness, obligation, renewal, extension or refunding is not superior in right of payment to
the Subordinated Debt Securities, but Senior Indebtedness shall not include the Subordinated Debt
Securities or any indebtedness, obligation, renewal, extension or refunding as is by its terms

6

 

expressly stated to rank pari passu with the Subordinated Debt Securities.

     “Special Record Date” for the payment of any Defaulted Interest means a date fixed by the Trustee
pursuant to Section 307.

     “Stated Maturity”, when used with respect to any Debt Security or any installment of interest
thereon, means the date specified in such Debt Security as the fixed date on which the principal of
such Debt Security or such installment of interest is due and payable.

     “Subordinated Debt Securities” means Debt Securities which are subordinate in accordance with the
terms of Article Fourteen.

     “Subsidiary” means a corporation more than 50% of the outstanding voting stock of which is owned,
directly or indirectly, by the Company or by one or more other Subsidiaries, or by the Company and
one or more other Subsidiaries. For the purposes of this definition, “voting stock” means stock
which ordinarily has voting power for the election of directors, whether at all times or only so
long as no senior class of stock has such voting power by reason of any contingency.

     “Trustee” means the Person named as the “Trustee” in the first paragraph of this instrument until a
successor Trustee shall have become such pursuant to the applicable provisions of this Indenture,
and thereafter “Trustee” shall mean such successor Trustee.

     “Trust Indenture Act” means the Trust Indenture Act of 1939 as in force at the date as of which
this instrument was executed, except as provided in Section 905.

     “U.S. Government Obligations” means securities which are (i) direct obligations of the United
States of America for the payment of which its full faith and credit is pledged or (ii) obligations
of a person controlled or supervised by and acting as an agency or instrumentality of the United
States of America the timely payment of which is unconditionally guaranteed as a full faith and
credit obligation by the United States of America which, in either case, are not callable or
redeemable at the option of the issuer thereof or otherwise subject to prepayment, and shall also
include a depository receipt issued by a New York Clearing House bank or trust company as custodian
with respect to any such U.S. Government Obligation or a specific payment of interest on or
principal of any such U.S. Government Obligation held by such custodian for the account of the
holder of a depository receipt, provided that (except as required by law) such custodian is
not authorized to make any deduction from the amount payable to the holder of such depository
receipt from any

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amount received by the custodian in respect of the U.S. Government Obligation or the specific
payment of interest on or principal of the U.S. Government Obligation evidenced by such depository
receipt.

     “Vice President”, when used with respect to the Company or the Trustee, means any vice president,
whether or not designated by a number or a word or words added before or after the title “vice
president”.

     “Yield to Maturity” shall mean the yield to maturity, calculated at the time of issuance of a
series of Debt Securities or, if applicable, at the most recent redetermination of interest on such
series, in each case calculated in accordance with accepted financial
practice.

Section 102. Compliance Certificates and Opinions.

     Upon any application or request by the Company or any other obligor upon any series of Debt
Securities to the Trustee to take any action under any provision of this Indenture, the Company or
such other obligor upon such series of the Debt Securities shall furnish to the Trustee an
Officers’ Certificate stating that all conditions precedent, if any, provided for in this Indenture
relating to the proposed action have been complied with and 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 such application or request as to which the furnishing of such 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.

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

(1) a statement that each individual signing such certificate or opinion has read such covenant or
condition and the definitions herein relating thereto;

(2) 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;

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

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

Section 103. Form of Documents Delivered to Trustee.

     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 or covered 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.

     Any certificate or opinion of an officer of the Company 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 in the exercise of reasonable care should know, that the certificate or opinion or
representations with respect to the matters upon which his certificate or opinion is based are
erroneous. Any such certificate or Opinion of Counsel may be based, insofar as it relates to
factual matters, upon a certificate or opinion of, or representations by, an officer or officers of
the Company stating that the information with respect to such factual matters is in the possession
of the Company, unless such counsel knows, or in the exercise of reasonable care should know, that
the certificate or opinion or representations with respect to such matters are erroneous.

     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 104. Acts of Holders.

     (a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided
by this Indenture to be given or taken by Holders may be
embodied in and evidenced by one or more instruments of substantially similar tenor signed by such
Holders in person or by agent duly appointed in writing; and, except as herein otherwise expressly
provided, such action shall become effective when such instrument or instruments are delivered to
the Trustee and, where it is hereby expressly required, to the Company. Such instrument or
instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred
to as the “Act” of the Holders signing such instrument or instruments. Proof of execution of any
such instrument or of a writing appointing any such agent shall be sufficient for any purpose of
this Indenture and (subject to

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Section 601) conclusive in favor of the Trustee and the Company, if made in the manner provided in
this Section.

     (b) The fact and date of the execution by any Person of any such instrument or writing may be
proved by the affidavit of a witness of such execution or by a certificate of a notary public or
other officer authorized by law to take acknowledgments or deeds, certifying that the individual
signing such instrument or writing acknowledged to him the execution thereof. Where such execution
is by a signer acting in a capacity other than his individual capacity, such certificate or
affidavit shall also constitute sufficient proof of his 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 Debt Securities shall be proved by the Debt Security Register or by a
certificate of the Debt Security Registrar.

     (d) Any request, demand, authorization, direction, notice, consent, waiver or other Act of the
Holder of any Debt Security shall bind every future Holder of the same Debt Security and the Holder
of every Debt Security issued upon the registration of transfer thereof or in exchange therefor or
in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee or the
Company in reliance thereon, whether or not notation of such action is made upon such Debt
Security.

Section 105.
Notices, Etc., to Trustee and Company.

     Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders or other
document provided or permitted by this Indenture to be made upon, given or furnished to, or filed
with,

(1) the Trustee by any Holder or by the Company shall be sufficient for every purpose hereunder if
made, given, furnished or filed in writing to or with the Trustee at its Corporate Trust Office,
Attention: Corporate Trust Administration, or

(2) the Company by the Trustee or by any Holder shall be sufficient for every purpose hereunder
(unless otherwise herein expressly provided) if in writing and mailed, first-class postage prepaid,
to the Company addressed to it at the address of its principal office specified in the first
paragraph of this instrument or at any other address previously furnished in writing to the Trustee
by the Company.

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Section 106.
Notice to Holders; Waiver.

     Where this Indenture provides for notice to Holders 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 Holder affected by such event, at his address as it appears in the Debt Security
Register, not later than the latest date, and not earlier than the earliest date, prescribed for
the giving of such notice. In any case where notice to Holders is given by mail, neither the
failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder shall
affect the sufficiency of such notice with respect to other Holders. Where this Indenture provides
for notice in any manner, 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 Holders 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 case by reason of the suspension of regular mail service or by reason of any other cause it
shall be impracticable to give such notice by mail, then such notification as shall be made with
the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder.

Section 107. Conflict with Trust Indenture Act.

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

Section 108. 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 109. Successors and Assigns.

     All covenants and agreements in this Indenture by the Company shall bind its successors and
assigns, whether so expressed or not.

Section 110. Separability Clause.

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

11

 

Section 111. Benefits of Indenture.

     Nothing in this Indenture or in the Debt Securities, express or implied, shall give to any Person,
other than the parties hereto and their successors hereunder, the holders of Senior Indebtedness
and the Holders of Debt Securities, any benefit or any legal or equitable right, remedy or claim
under this Indenture.

Section 112. Governing Law.

     This Indenture and the Debt Securities shall be governed by and construed in accordance with the
laws of the State of New York, provided, however, that the rights, duties and liabilities
of the Trustee shall be governed by and construed in accordance with the laws of the State of
Delaware so long as the Wilmington Trust Company is Trustee.

Section 113. Legal Holidays.

     In any case where any Interest Payment Date, Redemption Date or Stated Maturity of any Debt
Security or the last date on which a Holder has the right to convert his Debt Securities shall not
be a Business Day, then (notwithstanding any other provision of this Indenture or of the Debt
Securities) payment of interest or principal (and premium, if any) or conversion of the Debt
Securities 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 Interest Payment Date or Redemption Date, or at the
Stated Maturity, or on such last day for conversion, provided that no interest shall accrue for the
period from and after such Interest Payment Date, Redemption Date or Stated Maturity, as the case
may be.

ARTICLE TWO

Debt Security Forms

Section 201. Forms Generally.

     The Debt Securities of each series shall be in substantially such form as shall be established by
or pursuant to a resolution or resolutions of the Board of Directors or in one or more indentures
supplemental hereto, in each case with 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 be required to comply with
the rules of any securities exchange or as may, consistently herewith, be determined by the
officers executing such Debt Securities, as evidenced by their execution of the Debt Securities.

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     The definitive Debt Securities shall be printed, lithographed or engraved or produced by any
combination of these methods on steel engraved borders or may be produced in any other manner
permitted by the rules of any securities exchange on which the Debt Securities may be listed, all
as determined by the officers executing such Debt Securities, as evidenced by their execution of
such Debt Securities.

Section 202. Form of Trustee’s Certificate of Authentication.

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

	 	 	 	 	 
	 	Wilmington Trust Company

as Trustee

 	 
	 	By:  	 	 
	 	 	Authorized Signature 	 
	 	 	 	 
	 

Section 203. Form of Conversion Notice.

To Old Republic International Corporation:

     The undersigned owner of this Debt Security hereby irrevocably exercises the option to convert this
Debt Security, or portion hereof (which is $1,000 or an integral multiple thereof) below
designated, into shares of Common Stock of Old Republic International Corporation in accordance
with the terms of the Indenture referred to in this Debt Security, and directs that the shares
issuable and deliverable upon
the conversion, together with any check in payment for fractional shares and any Debt Securities
representing any unconverted principal amount hereof, be issued and delivered to the registered
holder hereof unless a different name has been indicated below. If shares are to be issued in the
name of a person other than the undersigned, the undersigned will pay all transfer taxes payable
with respect thereto.

	 	 	 	 	 	 	 	 	 
	Dated
	 	 	 	 	 	 	 	 
	 

	 	 

	 	 	 	 
	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 

Signature
	 	 

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Fill in for registration of shares of Common Stock and Debt Securities if to be issued otherwise
than to the registered holder.

	 	 	 	 	 
	 

(Name)

	 	Social Security or

Other Taxpayer

Identifying Number	 	 
	 
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	 

(Address)

	 	Principal Amount

to be Converted

(in an integral multiple

of $1,000, if less than all):	 	 
	 
	 	 	 	 
	 

Please print name and address

	 	$                                                         
         
     	 	 
	(including zip code)
	 	 	 	 

ARTICLE THREE

The Debt Securities

Section 301. Amount; Issuable in Series.

     The aggregate principal amount of Debt Securities which may be authenticated and delivered under
this Indenture is unlimited.

     The Debt Securities may be issued in one or more series. There shall be established in or pursuant
to a resolution
or resolutions of the Board of Directors and set forth in an Officers’ Certificate, or established
in one or more indentures supplemental hereto, prior to the initial issuance of Debt Securities of
any series:

     (1) the title of the Debt Securities of the series (which shall distinguish the Debt Securities of
the series from all other Debt Securities);

     (2) any limit upon the aggregate principal amount of the Debt Securities of the series which may
be authenticated and delivered under this Indenture, except for Debt Securities authenticated and
delivered upon registration of transfer of, or in exchange for, or in lieu of, other Debt
Securities of the series pursuant to Section 304, 305, 306, 906, 1107 or 1302;

     (3) the date or dates on which the principal (and premium, if any) of the Debt Securities of the
series is payable;

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     (4) the rate or rates at which the Debt Securities of the series shall bear interest, if any, or
the manner of calculation of such rate or rates, and the date or dates from which such interest
shall accrue;

     (5) the price or prices at which, the period or periods within which and the terms and conditions
upon which Debt Securities of the series may be redeemed in whole or in part, at the option of the
Company pursuant to any sinking fund or otherwise;

     (6) the obligation of the Company to redeem, purchase or repay Debt Securities of the series
pursuant to any sinking fund or analogous provisions;

     (7) the terms and conditions upon which the Debt Securities of the series may be convertible into
Common Stock, including the initial conversion rate, the conversion period and any other provisions
in addition to or in lieu of those set forth in this Indenture;

     (8) whether such Debt Securities shall constitute Subordinated Debt Securities in accordance with
Article Fourteen hereof;

     (9) any other terms of the series (which terms shall not be inconsistent in any material respect
with the provisions of this Indenture unless the terms of this Indenture contemplate that
variations in certain provisions may be established for securities of any series), including any
terms which may be required by or advisable under United States laws or regulations; and

     (10) any trustees, authenticating or paying agents, transfer agents, registrars or any other agents
or depositaries with respect to the Debt Securities of the series.

     All Debt Securities of any one series shall be substantially identical except as to denomination
and except as may otherwise be provided in or pursuant to such resolution or resolutions of the
Board of Directors or in any such indenture supplemental hereto.

     The principal of (and premium, if any) and interest on the Debt Securities shall be payable at the
office or agency of the Company in Wilmington, Delaware maintained for such purpose and at any
other office or agency maintained by the Company for such purpose;
provided, however, that
at the option of the Company, payment of interest may be made by check mailed to the address of the
Person entitled thereto as such address shall appear in the Debt Security Register.

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Section 302. Denominations.

     The Debt Securities shall be issuable only in registered form without coupons and only in
denominations of $1,000 and any integral multiple thereof.

     Any Debt Security or Debt Securities of any series may be exchanged for a Debt Security or
Debt Securities of such series of other authorized denominations, in an equal aggregate principal
amount.

Section 303. Execution, Authentication, Delivery and Dating.

     The Debt Securities shall be executed on behalf of the Company by its Chairman of the Board,
one of its Vice Chairmen, its President, or one of its Vice Presidents, under its corporate seal
reproduced thereon attested by its Treasurer, or one of its Assistant Treasurers or its Secretary
or one of its Assistant Secretaries. The signature of any of these officers on the Debt Securities
may be manual or facsimile.

     Debt Securities bearing the manual or facsimile signatures of individuals who were at any time
the proper officers of the Company shall bind the Company, notwithstanding that such individuals or
any of them have ceased to hold such offices prior to the authentication and delivery of such Debt
Securities or did not hold such offices at the date of such Debt Securities.

     At any time and from time to time after the execution and delivery of this Indenture, the
Company may deliver Debt Securities executed by the Company to the Trustee for authentication,
together with a Company Order for the authentication and delivery of such Debt Securities; and the
Trustee in accordance with such Company Order shall authenticate and deliver such Debt Securities
as in this Indenture provided and not otherwise.

     Each Debt Security shall be dated the date of its authentication.

     No Debt Security shall be entitled to any benefit under this Indenture or be valid or
obligatory for any purpose unless there appears on such Debt Security a certificate of
authentication substantially in the form provided for herein executed by the Trustee by manual
signature, and such certificate upon any Debt Security shall be conclusive evidence, and the only
evidence, that such Debt Security has been duly authenticated and delivered hereunder.

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Section 304. Temporary Debt Securities.

     Pending the preparation of definitive Debt Securities of any series, the Company may execute,
and upon Company Order the Trustee shall authenticate and deliver, temporary Debt Securities of
such series which are printed, lithographed, typewritten, mimeographed or otherwise produced, in
any authorized denomination, substantially of the tenor of the definitive Debt Securities of such
series in lieu of which they are issued and with such appropriate insertions, omissions,
substitutions and other variations as the officers executing such Debt Securities may determine, as
evidenced by their execution of such Debt Securities.

     If temporary Debt Securities of any series are issued, the Company will cause definitive Debt
Securities of such series to be prepared without unreasonable delay. After the preparation of
definitive Debt Securities of any series, the temporary Debt Securities of such series shall be
exchangeable for definitive Debt Securities of such series upon surrender of the temporary Debt
Securities of such series at any office or agency of the Company designated pursuant to Section
1002, without charge to the Holder. Upon surrender for cancellation of any one or more temporary
Debt Securities of any series the Company shall execute and the Trustee shall authenticate and
deliver in exchange therefor a like principal amount of definitive Debt Securities of such series
of authorized denominations. Until so exchanged the temporary Debt Securities of any series shall
in all respects be entitled to the same benefits under this Indenture as definitive Debt Securities
of such series.

Section 305. Registration, Registration of Transfer and Exchange.

     The Company shall cause to be kept at the Corporate Trust Office of the Trustee a register
(the register maintained in such office and in any other office or agency designated pursuant to
Section 1002 being herein sometimes collectively referred to as the “Debt Security Register”) in
which, subject to such reasonable regulations as it may prescribe, the Company shall provide for
the registration of Debt Securities and of transfers of Debt Securities. The Trustee is hereby
appointed “Debt Security Registrar” for the purpose of registering Debt Securities and transfers of
Debt Securities as herein provided.

     Upon surrender for registration of transfer of any Debt Security of any series at an office or
agency of the Company designated pursuant to Section 1002 for such purpose, the Company shall
execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee
or transferees, one or more new Debt Securities of such series of any authorized
denominations, of a like aggregate principal amount.

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     The Company may, at its option, provide for alternative methods or forms for evidencing and
recording the ownership of Debt Securities. As provided in Section 901, the Company may amend the
Indenture to establish such alternative methods or forms.

     At the option of the Holder, Debt Securities of any series may be exchanged for other Debt
Securities of such series of any authorized denominations, of a like aggregate principal amount,
upon surrender of the Debt Securities to be exchanged at such office or agency. Whenever any Debt
Securities are so surrendered for exchange, the Company shall execute, and the Trustee shall
authenticate and deliver, the Debt Securities which the Holder making the exchange is entitled to
receive.

     All Debt Securities issued upon any registration of transfer or exchange of Debt Securities
shall be the valid obligations of the Company, evidencing the same debt, and entitled to the same
benefits under this Indenture, as the Debt Securities surrendered upon such registration of
transfer or exchange.

     Every Debt Security presented or surrendered for registration of transfer or for exchange
shall (if so required by the Company or the Trustee) be duly endorsed, or be accompanied by a
written instrument of transfer in form satisfactory to the Company and the Debt Security Registrar
duly executed, by the Holder thereof or his attorney duly authorized in writing.

     No service charge to the Holder shall be made for any registration of transfer or exchange of
Debt Securities, but the Company may require payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any registration of transfer or exchange
of Debt Securities, other than exchanges pursuant to Section 304, 906, 1107 or 1302 not involving
any transfer.

     The Company shall not be required (i) to issue, register the transfer of or exchange any Debt
Security of a series being redeemed during a period beginning at the opening of business 15 days
before the day of the mailing of a notice of redemption of Debt Securities selected for redemption
under Section 1104 and ending at the close of business on the day of such mailing, or (ii) to
register the transfer of or exchange any Debt Security so selected for redemption in whole or in
part, except the unredeemed portion of any Debt Security being redeemed in part.

Section 306. Mutilated, Destroyed, Lost and Stolen Debt Securities.

     If any mutilated Debt Security is surrendered to the Trustee, the Company shall execute and
the Trustee shall authenticate and deliver in exchange therefor a new Debt Security

18

 

of the same series of like tenor and principal amount and bearing a number not contemporaneously
outstanding. Unless the Trustee, in its discretion, determines that any such mutilated Debt
Security is authentic, such Debt Security shall be treated as destroyed for purposes of this
Section 306.

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

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

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

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

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

Section 307. Payment of Interest; Interest Rights Preserved.

     Interest on any Debt Security which is payable, and is punctually paid or duly provided for,
on any Interest Payment Date shall be paid to the Person in whose name that Debt Security (or one
or more Predecessor Debt Securities) is registered at the close of business on the Regular Record
Date for such interest.

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     Any interest on any Debt Security of any series which is payable, but is not punctually paid
or duly provided for, on any Interest Payment Date (herein called “Defaulted Interest”) shall
forthwith cease to be payable to the Holder on the relevant Regular Record Date by virtue of having
been such Holder, and such Defaulted Interest may be paid by the Company, at its election in each
case, as provided in Clause (1) or (2) below:

     (1) The Company may elect to make payment of any Defaulted Interest to the Persons in
whose names the Debt Securities (or their respective Predecessor Debt Securities) are
registered at the close of business on a Special Record Date for the payment of such
Defaulted Interest, which shall be fixed in the following manner. The Company shall notify
the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Debt
Security of any series and the date of the proposed payment, and at the same time the
Company shall deposit with the Trustee an amount of money equal to the aggregate amount
proposed to be paid in respect of such Defaulted Interest or shall make arrangements
satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such
money when deposited to be held in trust for the benefit of the Persons entitled to such
Defaulted Interest as in this Clause provided. Thereupon the Trustee shall fix a Special
Record Date for the payment of such Defaulted Interest which shall be not more than 15 days
and not less than 10 days prior to the date of the proposed payment and not less than 10
days after the receipt by the Trustee of the notice of the proposed payment. The Trustee
shall promptly notify the Company of such Special Record Date and, in the name and at the
expense of the Company, shall cause notice of the proposed payment of such Defaulted
Interest and the Special Record Date therefor to be mailed, first-class postage prepaid, to
each Holder at his address as it appears in the Debt Security Register, not less than 10
days prior to such Special Record Date. Notice of the proposed payment of such Defaulted
Interest and the Special Record Date therefor having been so mailed, such Defaulted Interest
shall be paid to the Persons in whose names the Debt Securities of such series (or their
respective Predecessor Debt Securities) are registered at the close of business on such
Special Record Date and shall no longer be payable pursuant to the following Clause (2).

     (2) The Company may make payment of any Defaulted Interest in any other lawful manner
not inconsistent with the requirements of any securities
exchange on which the Debt Securities of that series may be listed, and upon such
notice as may be required by such exchange, if, after notice given by the Company to the
Trustee of the proposed payment pursuant to this Clause, such manner of payment shall be
deemed practicable by the Trustee.

20

 

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

     In the case of any Convertible Debt Security which is converted after any Regular Record Date
and on or prior to the next succeeding Interest Payment Date (other than any Convertible Debt
Security whose Maturity is prior to such Interest Payment Date), interest whose Stated Maturity is
on such Interest Payment Date shall be payable on such Interest Payment Date notwithstanding such
conversion, and such interest (whether or not punctually paid or duly provided for) shall be paid
to the Person in whose name that Convertible Debt Security (or one or more Predecessor Convertible
Debt Securities) is registered at the close of business on such Regular Record Date.

Section 308. Persons Deemed Owners.

     Prior to due presentment of a Debt Security for registration of transfer, the Company, the
Trustee and any agent of the Company or the Trustee may treat the Person in whose name such Debt
Security is registered as the owner of such Debt Security for the purpose of receiving payment of
principal of (and premium, if any) and (subject to Section 307) interest on such Debt Security and
for all other purposes whatsoever, whether or not such Debt Security be overdue, and neither the
Company, the Trustee nor any agent of the Company or the Trustee shall be affected by notice to the
contrary.

Section 309. Cancellation.

     All Debt Securities surrendered for payment, redemption, registration of transfer or exchange
or conversion or for credit against any sinking fund payment pursuant to Section 1202 shall, if
surrendered to any Person other than the Trustee, be delivered to the Trustee and shall be promptly
cancelled by it. The Company may at any time deliver to the Trustee for cancellation any Debt
Securities previously authenticated and delivered hereunder which the Company may have acquired in
any manner whatsoever, and all Debt Securities so delivered shall be promptly cancelled by the
Trustee. No Debt Securities shall be authenticated in lieu of or in exchange for any Debt
Securities cancelled as provided in this Section, except as expressly permitted by this Indenture.
All cancelled Debt Securities held by the Trustee shall be disposed of as directed by a Company
Order.

21

 

Section 310. Computation of Interest.

     Interest on the Debt Securities shall be computed on the basis of a 360-day year of
twelve 30-day months.

ARTICLE FOUR

Satisfaction and Discharge

Section 401. Satisfaction and Discharge of Indenture.

     This Indenture shall cease to be of further effect with respect to the Debt Securities of any
series (except as to any surviving rights of conversion, registration of transfer or exchange of
Debt Securities herein expressly provided for), and the Trustee, on demand of and at the expense of
the Company, shall execute proper instruments acknowledging satisfaction and discharge of this
Indenture, when

     (1) either

     (A) all Debt Securities of such series theretofore authenticated and delivered (other
than (i) Debt Securities of such series which have been destroyed, lost or stolen and which
have been replaced or paid as provided in Section 306 and (ii) Debt Securities of such
series for whose payment money has theretofore been deposited in trust or segregated and
held in trust by the Company and thereafter repaid to the Company or discharged from such
trust, as provided in Section 1003) have been delivered to the Trustee for cancellation; or

     (B) all Debt Securities of such series not theretofore delivered to the
Trustee for cancellation

     (i) have become due and payable, or

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

     (iii) are to be called for redemption within one year under arrangements satisfactory
to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the
expense, of the Company,

and the Company, in the case of (i), (ii) or (iii) above, has deposited or caused to be
deposited with the Trustee as trust funds in trust for the purpose an amount sufficient to
pay and discharge the entire
indebtedness on all Debt Securities of such series not theretofore delivered to the Trustee
for cancellation, for principal (and premium, if

22

 

any) and interest to the date of such deposit (in the case of Debt Securities which have
become due and payable) or to the Stated Maturity or Redemption Date, as the case may be;

(2) the Company has paid or caused to be paid all other sums payable hereunder by the
Company with respect to the Debt Securities of such series; and

(3) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of
Counsel, each stating that all conditions precedent herein provided for relating to the
satisfaction and discharge of this Indenture with respect to the Debt Securities of such
series have been complied with.

Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company to
the Trustee under Section 607 and the obligations of the Trustee to any Authenticating Agent under
Section 614 shall survive.

Section 402.
Application of Trust Money.

     All money deposited with the Trustee with respect to Debt Securities of any series pursuant to
Section 401 shall be held in trust and applied by it, in accordance with the provisions of the
particular Debt Securities of such series and this Indenture, to the payment, either directly or
through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may
determine, to the Persons entitled thereto, of the principal (and premium, if any) and interest for
whose payment such money has been deposited with the Trustee.

Section 403.
Release of Paying Agent.

     In connection with the satisfaction and discharge of this Indenture with respect to the Debt
Securities of any or all series, all moneys then held by any Paying Agent under the provisions of
this Indenture with respect to the Debt Securities of such series shall, upon demand of the
Company, be paid to the Trustee and thereupon such Paying Agent shall be released from all further
liability with respect to such moneys.

Section 404. Unclaimed Moneys.

     Any moneys deposited with or paid to the Trustee or any Paying Agent for the payment of the
principal of or interest on any Debt Security of any series and not applied but remaining unclaimed
for six years after the date upon which
such principal or interest shall have become due and payable, shall be repaid to the Company
by the Trustee or such Paying Agent on demand and the Holder of such Debt Security of such series
shall thereafter look only to the Company for any payment which such Holder may be entitled to
collect and all liability of the Trustee or any

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Paying Agent with respect to such moneys shall thereupon cease; provided, however, that the Trustee
or such Paying Agent, before being required to make any such repayment may at the expense of the
Company cause to be published once a week for two successive weeks (in each case on any day of the
week) in a newspaper in the Borough of Manhattan, New York, New York, a notice that said moneys
have not been so applied and that after a date named therein any unclaimed balance of said moneys
then remaining will be returned to the Company. It shall not be necessary for more than one such
publication to be made in the same newspaper.

Section 405. Defeasance.

     Notwithstanding Section 401, the Company shall be deemed to have paid and discharged the
entire indebtedness on all the Debt Securities of any series, the provisions of this Indenture with
respect to Debt Securities of such series (except as to (i) the rights of Holders of such Debt
Securities to receive, from the money and U.S. Government Obligations deposited with the Trustee
pursuant to this Section 405 or the interest and principal received by the Trustee in respect of
such U.S. Government Obligations, payment of the principal of or interest on such Debt Securities
on the Stated Maturity thereof or upon any sinking fund payment date with respect to such Debt
Securities required to be redeemed pursuant to Section 1201, (ii) the Company’s obligations with
respect to such Debt Securities under Sections 305, 306, 1001, 1002 and 1003 and (iii) the rights,
powers, trusts, duties and immunities of the Trustee hereunder and the obligations of the Company
to the Trustee under Section 607) shall no longer be in effect, and the Trustee, at the expense of
the Company, shall, upon the Company’s request, execute proper instruments acknowledging the same,
if:

     (1) the Company has deposited or caused to be deposited with the Trustee irrevocably
(irrespective of whether the conditions in clauses (2), (3) and (4) have been satisfied) as
trust funds in trust for the purpose, with reference to this Section 405, (A) money in an
amount, or (B) U.S. Government Obligations which through the payment of interest and
principal in respect thereof in accordance with their terms will provide not later than one
day before the due date of any payment (referred to below) money in an amount, or (C) a
combination thereof, sufficient, in the opinion of a nationally recognized firm of
independent public accountants expressed in a written certification thereof delivered to the
Trustee, to pay and discharge (i) the principal of and interest on the outstanding Debt
Securities of such series on the Stated Maturity
of such principal or interest and (ii) the sinking fund payments applicable to the Debt
Securities of such series on the day on which such payments are due and payable in
accordance

24

 

with the terms of the Indenture and of the Debt Securities of such series;

     (2) no Event of Default or event which with the giving of notice or lapse of time or
both would become an Event of Default shall have occurred and be continuing on the date of
such deposit and no Event of Default under Section 501(5) or Section 501(6) or event which
with the giving of notice or lapse of time or both would become an Event of Default under
Section 501(5) or Section 501(6) shall have occurred and be continuing on the 61st day
after such date;

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

     (4) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion
of Counsel, each stating that all conditions precedent herein provided for relating to the
satisfaction and discharge of the entire indebtedness on all Debt Securities of such series
have been complied with.

Section 406. Survival of Obligations.

     Notwithstanding the satisfaction and discharge of this Indenture with respect to Debt
Securities of any series (including without limitation under Section 405), the obligations of the
Company in Sections 305, 306, 308, 607, 610, 1001, 1002 and 1003, and the obligations of the
Trustee in Sections 401, 402 and 404, shall survive.

ARTICLE FIVE

Remedies

Section 501. Events of Default.

     “Event of Default” with respect to Debt Securities of any series, wherever used herein, means
any one of the following events (whatever the reasons for such Event of Default and whether it
shall be occasioned by the provisions of Article Fourteen or be voluntary or involuntary or be
effected by operation of law or pursuant to any judgment, decree or order of any court or any
order, rule or regulation of any administrative or governmental body):

     (1) default in the payment of any interest upon any Debt Security of such series when
it becomes due and payable, and continuance of such default for a
period of 30 days; or

25

 

     (2) default in the payment of the principal of (or premium, if any, on) any Debt Security of such
series at its Maturity; or

     (3) default in the deposit of any sinking fund payment with respect to Debt Securities of such
series, when and as due by the terms of Sections 1201 and 1203; or

     (4) default in the performance, or breach, of any covenant or warranty of the Company with
respect to Debt Securities of such series in this Indenture (other than a covenant or warranty a
default in whose performance or whose breach is elsewhere in this Section specifically dealt with),
and continuance of such default or breach for a period of 60 days after there has been given, by
registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by
the Holders of at least 10% in principal amount of the Outstanding Debt Securities of such series
affected thereby a written notice specifying such default or breach and requiring it to be remedied
and stating that such notice is a “Notice of Default” hereunder; or

     (5) if an event of default as defined in any mortgage, indenture or instrument under which
there may be issued, or by which there may be secured or evidenced, any indebtedness for money
borrowed of the Company in excess of $5,000,000, whether such indebtedness now exists or shall
hereafter be created, shall happen and shall result in such indebtedness becoming or being declared
due and payable prior to the date on which it would otherwise become due and payable, and such
acceleration shall not be rescinded or annulled, or such indebtedness shall not have been
discharged, within a period of 10 days after there has been given, by registered or certified mail,
to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 10% in
principal amount of the Outstanding Debt Securities (treated as one class) a written notice
specifying such event of default and requiring the Company to cause such acceleration to be
rescinded or annulled or to cause such indebtedness to be discharged and stating that such notice
is a “Notice of Default” hereunder; provided, however, that if such acceleration shall be rescinded
or annulled or such indebtedness discharged after such 10-day period and prior to acceleration
hereunder, the Event of Default hereunder by reason thereof shall be deemed to have been cured
hereunder without action on the part of the Trustee or the Holders; or

     (6) the entry of a decree or order by a court having jurisdiction in the premises adjudging
the Company a bankrupt or insolvent, or approving as properly filed a

26

 

petition seeking reorganization, arrangement, adjustment or composition of or in respect of
the Company under Federal bankruptcy law or any other applicable Federal or State law, or
appointing a receiver, liquidator, assignee, trustee, sequestrator or other similar
official of the Company or of any substantial part of its property, or ordering the winding
up or liquidation of its affairs, and the continuance of any such decree or order unstayed
and in effect for a period of 60 consecutive days; or

     (7) the institution by the Company of proceedings to be adjudicated a bankrupt or
insolvent, or the consent by it to the institution of bankruptcy or insolvency proceedings
against it, or the filing by it of a petition or answer or consent seeking reorganization
or relief under Federal bankruptcy law or any other applicable Federal or State law, or the
consent by it to the filing of such petition or to the appointment of a receiver,
liquidator, assignee, trustee, sequestrator or similar official of the Company or of any
substantial part of its property, or the making by it of an assignment for the benefit of
creditors, or the admission by it in writing of its inability to pay its debts generally as
they become due, or the taking of corporate action by the Company in furtherance of any
such action.

Section 502. Acceleration of Maturity; Rescission and Annulment.

     If an Event of Default occurs and is continuing, then and in every such case the Trustee or
the Holders of not less than 25% in principal amount of the Outstanding Debt Securities of any
series may declare the principal (or, if the Debt Securities of such series are Original Issue
Discount Securities, such portion of the principal amount as may be specified in the terms of such
series) of all the Debt Securities of such series to be due and payable immediately, by a notice in
writing to the Company (and to the Trustee if given by Holders), and upon any such declaration such
principal (or, if any Debt Securities are Original Issue Discount Securities, such portion of the
principal amount as may be specified in the terms thereof) shall become immediately due and
payable.

     At any time after such a declaration of acceleration has been made and before a judgment or
decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article
provided, the Holders of a majority in principal amount of the Outstanding Debt Securities of such
series, each series treated as a separate class (or all Debt Securities, as the case may be,
treated as one class), by written notice to the Company and the Trustee, may rescind and annul such
declaration and its consequences if

27

 

     (1) the Company has paid or deposited with the Trustee, in accordance and compliance
with the provisions of Article XIV hereof, a sum sufficient to pay:

(A) all overdue installments of interest on all Debt Securities of such series (or
of all Debt Securities as the case may be),

(B) the principal of (and premium, if any, on) any Debt Securities which have become
due otherwise than by such declaration of acceleration and interest thereon at the
rate borne by the Debt Securities of such series (or, Yields to Maturity, in the
case of Original Issue Discount Securities) (or at the respective rates of interest
of all the Debt Securities, as the case may be),

(C) to the extent that payment of such interest is lawful, interest upon overdue
installments of interest at the rate borne by the Debt Securities of such series
(or, Yields to Maturity, in the case of Original Issue Discount Securities) (or at
the respective rates of interest of all the Debt Securities, as the case may be),
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

     (2) all Events of Default, other than the non-payment of the principal of Debt
Securities which have become due solely by such declaration of acceleration, have been cured
and waived as provided in Section 513.

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

Section 503. Collection of Indebtedness and Suits for Enforcement by Trustee.

     The Company and all other obligors upon the Debt Securities of any series covenant that if

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

28

 

     (2) default is made in the payment of the principal of (or premium, if any, on) any
Debt Security of any series at the Maturity thereof,

the Company and such other obligors upon the Debt Securities of such series will, upon demand of
the Trustee, pay to it, for the benefit of the Holders of all Debt Securities of such series, the
whole amount then due and payable on such Debt Securities of such series for principal (and
premium, if any) and interest, with interest upon the overdue principal (and premium, if any) and,
to the extent that payment of such interest shall be legally enforceable, upon overdue installments
of interest, at the rate borne by the Debt Securities (or, Yields to Maturity, in the case of
Original Issue Discount Securities) of such series; and, in addition thereto, such further amount
as shall be sufficient to cover the costs and expenses of collection, including the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel.

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

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

Section 504. Trustee May File Proofs of Claim.

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

29

 

interest) shall be entitled and empowered, by intervention in such proceeding or otherwise,

     (i) to file and prove a claim for the whole amount of principal (and premium, if any)
and interest (or, if the Debt Securities of any series are Original Issue Discount
Securities, such portion of the principal amount as may be specified in the terms of such
series) owing and unpaid in respect of the Debt Securities of any series and to file such
other papers or documents as may be necessary or advisable in order to have the claims of
the Trustee (including any claim for the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel) and of the Holders allowed in such
judicial proceeding, and

     (ii) to vote on behalf of the Holders of any series in any election of any trustee in
bankruptcy or other person performing similar functions, unless prohibited by law or
applicable regulations, and

     (iii) to collect and receive any moneys or other property payable or deliverable on
any such claims and to distribute the same;

and any receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such
judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and,
in the event that the Trustee shall consent to the making of such payments directly to the Holders,
to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under
Section 607.

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

Section 505. Trustee May Enforce Claims Without Possession of Debt Securities.

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

30

 

Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Debt Securities
in respect of which such judgment has been recovered.

Section 506. Application of Money Collected.

     Subject to Article Fourteen, any money collected by the Trustee pursuant to this Article with
respect to the Debt Securities of any series 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 premium, if any) or interest, upon presentation of the Debt Securities and the
notation thereon of the payment if only partially paid and upon surrender thereof if fully paid:

     First: To the payment of all amounts due the Trustee under Section 607; and

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

Section 507. Limitation on Suits.

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

     (1) such Holder has previously given written notice to the Trustee of a continuing
Event of Default;

     (2) the Holders of not less than 25% in principal amount of Outstanding Debt Securities
of such series shall have made written request to the Trustee to institute proceedings in
respect of such Event of Default in its own name as Trustee hereunder;

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

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

31

 

     (5) no direction inconsistent with such written request has been given to the Trustee
during such 60-day period by the Holders of a majority in principal amount of the
Outstanding Debt Securities of such series;

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

			
	Section 508.	 	Unconditional Right of Holders to Receive Principal, Premium and Interest and to Convert.

     Notwithstanding any other provision in this Indenture, the Holder of any Debt Security shall
have the right, which is absolute and unconditional, to receive payment of the principal of (and
premium, if any) and (subject to Section 307) interest on such Debt Securities on the respective
Stated Maturities expressed in such Debt Security (or, in the case of redemption, on the Redemption
Date) and, if such Debt Security is a Convertible Debt Security, to so convert such Convertible
Debt Security in accordance with Article Thirteen and to institute suit for the enforcement of any
such payment and right to convert, and such rights shall not be impaired without the consent of
such Holder.

Section 509. Restoration of Rights and Remedies.

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

Section 510. Rights and Remedies Cumulative.

     No right or remedy herein conferred upon or reserved to the Trustee or to the Holders is
intended to be exclusive of any other right or remedy, and every right and remedy shall, to the
extent permitted by law, be cumulative and in addition to every other right and remedy given
hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or
employment of any right or remedy hereunder, or otherwise, shall

32

 

not prevent the concurrent assertion or employment of any other appropriate right or remedy.

Section 511. Delay or Omission Not Waiver.

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

Section 512. Control by Holders.

     The Holders of a majority in principal amount of the Outstanding Debt Securities of each
series affected (with each series treated as a separate class) 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 Debt Securities of such
series, provided that

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

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

     (3) the Trustee need not follow such direction if doing so would in its reasonable
discretion either involve it in personal liability or be unduly prejudicial to the rights of
Holders of any series so affected not joining in such direction.

Section 513. Waiver of Past Defaults.

     The Holders of not less than a majority in principal amount of the Outstanding Debt Securities
of any series may on behalf of the Holders of all the Debt Securities of such series waive any past
default hereunder and its consequences, except a default

     (1) in the payment of the principal of (or premium, if any) or interest on any Debt
Security, or

     (2) in respect of a covenant or provision hereof which under Article Nine cannot be
modified or amended without the consent of the Holder of each Outstanding Debt Security
affected.

33

 

     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 514. Undertaking for Costs.

     All parties to this Indenture agree, and each Holder of any Debt Security by his acceptance
thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit
for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee
for any action taken, suffered or omitted by it as Trustee, the filing by any party litigant in
such suit of an undertaking to pay the costs of such suit, and that such court may in its
discretion assess reasonable costs, including reasonable attorneys1 fees, against any
party litigant in such suit, having due regard to the merits and good faith of the claims or
defenses made by such party litigant; but the provisions of this Section shall not apply to any
suit instituted by the Company, to any suit instituted by the Trustee, to any suit instituted by
any Holder, or group of Holders, holding in the aggregate more than 10% in principal amount of the
Outstanding Debt Securities of such series, or to any suit instituted by any Holder for the
enforcement of the payment of the principal of (or premium, if any) or interest on any Debt
Security on or after the respective Stated Maturities expressed in such Debt Security (or, in the
case of redemption, on or after the Redemption Date) or for the enforcement of the right to convert
any Debt Security in accordance with Article Thirteen.

Section 515. Waiver of Stay or Extension Laws.

     The Company 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 Company (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 SIX

The Trustee

Section 601. Certain Duties and Responsibilities.

     (a) With respect to the Holders of any series of Debt Securities issued hereunder, except
during the continuance of an Event of Default with respect to the Debt Securities of such
particular series,

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

     (2) in the absence of bad faith on its part, the Trustee may conclusively rely, as to
the truth of the statements and the correctness of the opinions expressed therein, upon
certificates or opinions furnished to the Trustee and conforming to the requirements of this
Indenture; but in the case of any such certificates or opinions which by any provision
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.

     (b) In case an Event of Default has occurred with respect to the Debt Securities of any series
and is continuing, the Trustee shall exercise such of the rights and powers vested in it by this
Indenture with respect to such series of Debt Securities, and use the same degree of care and skill
in their exercise, as a prudent man would exercise or use under the circumstances in the conduct of
his own affairs.

     (c) No provision of this Indenture shall be construed to relieve the Trustee from liability
for its own negligent action, its own negligent failure to act, or its own wilful misconduct,
except that

     (1) this Subsection shall not be construed to limit the effect of Subsection (a)
of this Section;

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

     (3) 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 the direction of the Holders pursuant to
Section 512 relating to the time, method and place of

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conducting any proceeding for any remedy available to the Trustee, or exercising any trust
or power conferred upon the Trustee, under this Indenture; and

     (4) no provision of this Indenture shall require the Trustee to expend or risk its
own funds or otherwise incur any financial liability in the performance of any of its
duties hereunder, or in the exercise of any of its rights or powers, if it shall have
reasonable grounds for believing that repayment of such funds or adequate indemnity against
such risk or liability is not reasonably assured to it.

     (d) Whether or not therein expressly so provided, every provision of this Indenture relating
to the conduct or affecting the liability of or affording protection to the Trustee shall be
subject to the provisions of this Section.

Section 602. Notice of Defaults.

     Within 90 days after the occurrence of any default hereunder with respect to the Debt
Securities of any series, the Trustee shall transmit by mail to all Holders of such series, as
their names and addresses appear in the Debt Security Register, notice of such default hereunder
known to the Trustee, unless such default shall have been cured or waived; provided,
however, that except in the case of a default in the payment of the principal of (or premium,
if any) or interest on any Debt Security or in the payment of any sinking fund installment with
respect to such series, the Trustee shall be protected in withholding such notice if and so long as
the board of directors, the executive committee or a trust committee of directors or Responsible
Officers of the Trustee in good faith determine that the withholding of such notice is in the
interest of the Holders of such series; and provided, further, that in the case of any
default of the character specified in Section 501(4), no such notice to Holders of any series
affected shall be given until at least 30 days after the occurrence thereof. For the purpose of
this Section, the term “default” means any event which is, or after notice or lapse of time or both
would become, an Event of Default.

     Section 603. Certain Rights of Trustee.

     Except as otherwise provided in Section 601:

     (a) the Trustee may rely and shall be protected in acting or refraining from acting
upon any resolution, certificate, statement, instrument, opinion, report, notice, request,
direction, consent, order, bond, debenture, note or other paper or document believed by it
to be genuine and to have been signed or presented by the proper party or parties;

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     (b) any request or direction of the Company mentioned herein shall be sufficiently
evidenced by a Company Request or Company Order and any resolution of the Board of Directors
may be sufficiently evidenced by a Board Resolution;

     (c) whenever in the administration of this Indenture the Trustee shall deem it
desirable that a matter be proved or established prior to taking, suffering or omitting any
action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may,
in the absence of bad faith on its part, rely upon an Officers’ Certificate;

     (d) the Trustee may consult with counsel and the written advice of such counsel or any
Opinion of Counsel shall be full and complete authorization and protection in respect of any
action taken, suffered or omitted by it hereunder in good faith and in reliance thereon;

     (e) the Trustee shall be under no obligation to exercise any of the rights or powers
vested in it by this Indenture at the request or direction of any of the Holders pursuant to
this Indenture, unless such Holders shall have offered to the Trustee reasonable security or
indemnity against the costs, expenses and liabilities which might be incurred by it in
compliance with such request or direction;

     (f) 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, direction, consent, order, bond, debenture, note or other paper or document, but
the Trustee, in its discretion, may make such further inquiry or investigation into such
facts or matters as it may see fit, and, if the Trustee shall determine to make such further
inquiry or investigation, it shall be entitled to examine the books, records and premises of
the Company, personally or by agent or attorney; and

     (g) the Trustee may execute any of the trusts or powers hereunder or perform any duties
hereunder either directly or by or through agents or attorneys and the Trustee shall not be
responsible for any misconduct or negligence on the part of any agent or attorney appointed
with due care by it hereunder.

Section 604. Not Responsible for Recitals or Issuance of Debt Securities.

     The recitals contained herein and in the Debt Securities, except the Trustee’s certificates of
authentication, shall be taken as the statements of the Company, and the Trustee assumes

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no responsibility for their correctness. The Trustee makes no representations as to the validity
or sufficiency of this Indenture or of the Debt Securities. The Trustee shall not be accountable
for the use or application by the Company of Debt Securities or the proceeds thereof.

Section 605. May Hold Debt Securities.

     The Trustee, any Authenticating Agent, any Paying Agent, any Debt Security Registrar or any
other agent of the Company, in its individual or any other capacity, may become the owner or
pledgee of Debt Securities and, subject to Sections 608 and 613, may otherwise deal with the
Company with the same rights it would have if it were not Trustee, Authenticating Agent, Paying
Agent, Debt Security Registrar or such other agent.

Section 606. Money Held in Trust.

     Money held by the Trustee in trust hereunder need not be segregated from other funds except to
the extent required by law. The Trustee shall be under no liability for interest on any money
received by it hereunder except as otherwise agreed with the Company.

Section 607. Compensation and Reimbursement.

     The Company agrees:

     (1) to pay to the Trustee from time to time reasonable compensation for all services
rendered by it hereunder (which compensation shall not be limited by any provision of law in
regard to the compensation of a trustee of an express trust);

     (2) except as otherwise expressly provided herein, to reimburse the Trustee upon its
request for all reasonable expenses, disbursements and advances incurred or made by the
Trustee in accordance with any provision of this Indenture (including the reasonable
compensation and the expenses and disbursements of its agents and counsel), except any such
expense, disbursement or advance as may be attributable to its negligence or bad faith; and

     (3) to indemnify the Trustee for, and to hold it harmless against, any loss, liability
or expense incurred without negligence or bad faith on its part, arising out of or in
connection with the acceptance or administration of this trust, including the costs and
expenses of defending itself against any claim or liability in connection with the exercise
or performance of any of its powers or duties hereunder.

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     As security for the performance of the obligations of the Company under this Section the
Trustee shall have a lien prior to the Debt Securities upon all property and funds held or
collected by the Trustee as such, except funds held in trust pursuant to Article IV for the payment
of principal of (and premium, if any) or interest on particular Debt Securities.

Section 608. Disqualification; Conflicting Interest.

     (a) If the Trustee has or shall acquire any conflicting interest, as defined in this
Section, it shall, within 90 days after ascertaining that it has such conflicting interest,
and if an Event of Default to which such conflicting interest relates has not been cured or
duly waived or otherwise eliminated before the end of such 90-day period, either eliminate
such conflicting interest or resign in the manner and with the effect hereinafter specified
in this Article.

     (b) In the event that the Trustee shall fail to comply with the provisions of
Subsection (a) of this Section, the Trustee shall, within 10 days after the expiration of
such 90-day period, transmit by mail to all Holders, as their names and addresses appear in
the Debt Security Register, notice of such failure.

     (c) For the purposes of this Section, the Trustee shall be deemed to have a conflicting
interest if an Event of Default occurs with respect to the Debt Securities of any series,
and

     (1) the Trustee is trustee under another indenture under which any other
securities, or certificates of interest or participation in any other securities, of
the Company are outstanding or is Trustee for more than one outstanding series of
securities, under a single indenture of the Company, unless such other indenture is a
collateral trust indenture under which the only collateral consists of Debt
Securities issued under this Indenture, provided that there shall be excluded
from the operation of this paragraph any indenture or indentures under which other
securities, or certificates of interest or participation in other securities, of the
Company are outstanding, if

     (i) this Indenture and such other indenture or indentures (and all series of
securities issuable thereunder) are wholly unsecured and rank equally and such other
indenture or indentures (and such series) are hereafter qualified under the Trust
Indenture Act, unless the Commission shall have found and declared by

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order pursuant to Section 305(b) or Section 307(c) of the Trust Indenture Act that
differences exist between the provisions of this Indenture (or such series) and the
provisions of such other indenture or indentures (or such series) which are so likely to
involve a material conflict of interest as to make it necessary in the public interest or
for the protection of investors to disqualify the Trustee from acting as such under this
Indenture and such other indenture or indentures, or

     (ii) the Company shall have sustained the burden of proving, on application to the
Commission and after opportunity for hearing thereon, that trusteeship under this Indenture
and such other indenture or indentures or under more than one outstanding series under a
single indenture is not so likely to involve a material conflict of interest as to make it
necessary in the public interest or for the protection of investors to disqualify the
Trustee from acting as such under one of such indentures or with respect to such series;

     (2) the Trustee or any of its directors or executive officers is an underwriter for the
Company upon the Debt Securities of any series;

     (3) the Trustee directly or indirectly controls or is directly or indirectly controlled by or
is under direct or indirect common control with an underwriter for the Company upon the Debt
Securities of any series;

     (4) the Trustee or any of its directors or executive officers is a director, officer, partner,
employee, appointee or representative of the Company, or of an underwriter (other than the Trustee
itself) for the Company who is currently engaged in the business of underwriting, except that (i)
one individual may be a director or an executive officer, or both, of the Trustee and a director or
an executive officer, or both, of the Company but may not be at the same time an executive officer
of both the Trustee and the Company; (ii) if and so long as the number of directors of the Trustee
in office is more than nine, one additional individual may be a director or an executive officer,
or both, of the Trustee and a director of the Company; and (iii) the Trustee may be designated by
the Company or by any underwriter for the Company to act in the capacity of transfer agent,
registrar, custodian, paying agent, fiscal agent, escrow agent or depositary, or in any other
similar capacity, or, subject to the provisions of paragraph (1) of this Subsection, to act as
trustee whether under an indenture or otherwise;

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     (5) 10% or more of the voting securities of the Trustee is beneficially owned either by the
Company or by any director, partner or executive officer thereof, or 20% or more of such voting
securities is beneficially owned, collectively, by any two or more of such persons; or 10% or more
of the voting securities of the Trustee is beneficially owned either by an underwriter for the
Company or by any director, partner or executive officer thereof, or is beneficially owned,
collectively, by any two or more such persons;

     (6) the Trustee is the beneficial owner of, or holds as collateral security for an obligation
which is in default (as hereinafter in this Subsection defined), (i) 5% or more of the voting
securities, or 10% or more of any other class of security, of the Company not including the Debt
Securities issued under this Indenture and securities issued under any other indenture under which
the Trustee is also trustee, or (ii) 10% or more of any class of security of an underwriter for the
Company;

     (7) the Trustee is the beneficial owner of, or holds as collateral security for an obligation
which is in default (as hereinafter in this Subsection defined), 5% or more of the voting
securities of any person who, to the knowledge of the Trustee, owns 10% or more of the voting
securities of, or controls directly or indirectly or is under direct or indirect common control
with, the Company;

     (8) the Trustee is the beneficial owner, or holds as collateral security for an obligation
which is in default (as hereinafter in this Subsection defined), 10% or more of any class of
security of any person who, to the knowledge of the Trustee, owns 50% or more of the voting
securities of the Company; or

     (9) the Trustee owns, on the date of default upon the Debt Securities of any series or any
anniversary of such default while such default upon the Debt Securities of such series remains
outstanding, in the capacity of executor, administrator, testamentary or inter vivos trustee,
guardian, committee or conservator, or in any other similar capacity, an aggregate of 25% or more
of the voting securities, or of any class of security, of any person, the beneficial ownership of a
specified percentage of which would have constituted a conflicting interest under paragraph (6),
(7) or (8) of this Subsection. As to any such securities of which the Trustee acquired ownership
through becoming executor, administrator or testamentary trustee of an estate which included them,
the provisions of the preceding sentence shall not apply, for a period of two years from the date
of such acquisition, to the extent that

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such securities included in such estate do not exceed 25% of such voting securities or 25%
of any such class of security. Promptly after the dates of any such default upon the Debt
Securities of such series and annually in each succeeding year that such Debt Securities
remain in default, the Trustee shall make a check of its holdings of such securities in any
of the above-mentioned capacities as of such dates. If the Company fails to make payment
in full of the principal of (or premium, if any) or interest on any of the Debt Securities
when and as the same becomes due and payable, and such failure continues for 30 days
thereafter, the Trustee shall make a prompt check of its holdings of such securities in any
of the above-mentioned capacities as of the date of the expiration of such 30-day period,
and after such date, notwithstanding the foregoing provisions of this paragraph, all such
securities so held by the Trustee, with sole or joint control over such securities vested
in it, shall, but only so long as such failure shall continue, be considered as though
beneficially owned by the Trustee for the purposes of paragraphs (6), (7) and (8) of this
Subsection, or

     (10) except under the circumstances described in paragraphs (1), (3), (4) or
(6) of this Subsection, the Trustee shall become a creditor of the Company.

     For purposes of paragraph (1) of this subsection only, the term “series of securities” or
“series” means a series, class or group of securities issuable under an indenture pursuant to whose
terms holders of one such series may vote to direct the Trustee, or otherwise take action pursuant
to a vote of such holders, separately from holders of another such series, provided, that “series
of securities” or “series” shall not include any series of securities issuable under an indenture
if all such series rank equally and are wholly unsecured. The specification of percentages in
paragraphs (5) to (9), inclusive, of this Subsection shall not be construed as indicating that the
ownership of such percentages of the securities of a person is or is not necessary or sufficient to
constitute direct or indirect control for the purposes of paragraph (3) or (7) of this Subsection.

     For the purposes of paragraphs (6), (7), (8) and (9) of this Subsection only, (i) the terms
“security” and “securities” shall include only such securities as are generally known as corporate
securities, but shall not include any note or other evidence of indebtedness issued to evidence an
obligation to repay moneys lent to a person by one or more banks, trust companies or banking firms,
or any certificate of interest or participation in any such note or evidence of indebtedness; (ii)
an obligation shall be deemed to be “in default” when a default in payment of principal shall have
continued for 30 days or more and shall not

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have been cured; and (iii) the Trustee shall not be deemed to be the owner or holder of (A) any
security which it holds as collateral security, as trustee or otherwise, for an obligation which is
not in default as defined in clause (ii) above, or (B) any security which it holds as collateral
security under this Indenture, irrespective of any default hereunder, or (C) any security which it
holds as agent for collection, or as custodian, escrow agent or depositary, or in any similar
representative capacity.

     (d) For the purposes of this Section:

     (1) The term “underwriter”, when used with reference to the Company, means every person
who, within one year prior to the time as of which the determination is made, has purchased
from the Company with a view to, or has offered or sold for the Company in connection with,
the distribution of any security of the Company outstanding at such time, or has
participated or has had a direct or indirect participation in any such undertaking, or has
participated or has had a participation in the direct or indirect underwriting of any such
undertaking, but such term shall not include a person whose interest was limited to a
commission from an underwriter or dealer not in excess of the usual and customary
distributors’ or sellers’ commission.

     (2) The term “director” means any director of a corporation or any individual
performing similar functions with respect to any organization, whether incorporated or
unincorporated.

     (3) The term “person” means an individual, a corporation, a partnership, an
association, a joint-stock company, a trust, an unincorporated organization or a government
or political subdivision thereof. As used in this paragraph, the term “trust” shall include
only a trust where the interest or interests of the beneficiary or beneficiaries are
evidenced by a security.

     (4) The term “voting security” means any security presently entitling the owner or
holder thereof to vote in the direction or management of the affairs of a person, or any
security issued under or pursuant to any trust, agreement or arrangement whereby a trustee
or trustees or agent or agents for the owner or holder of such security are presently
entitled to vote in the direction or management of the affairs of a person.

     (5) The term “Company” means any obligor upon the Debt Securities.

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     (6) The term “executive officer” means the president, every vice president, every
trust officer, the cashier, the secretary and the treasurer of a corporation, and any
individual customarily performing similar functions with respect to any organization whether
incorporated or unincorporated, but shall not include the chairman of the board of
directors.

     (e) The percentages of voting securities and other securities specified in this Section
shall be calculated in accordance with the following provisions:

     (1) A specified percentage of the voting securities of the Trustee, the Company or any
other person referred to in this Section (each of whom is referred to as a “person” in this
paragraph) means such amount of the outstanding voting securities of such person as entitles
the holder or holders thereof to cast such specified percentage of the aggregate votes which
the holders of all the outstanding voting securities of such person are entitled to cast in
the direction or management of the affairs of such person.

     (2) A specified percentage of a class of securities of a person means such percentage
of the aggregate amount of securities of the class outstanding.

     (3) The term “amount”, when used in regard to securities, means the principal amount if
relating to evidences of indebtedness, the number of shares if relating to capital shares
and the number of units if relating to any other kind of security.

     (4) The term “outstanding” means issued and not held by or for the account of the
issuer. The following securities shall not be deemed outstanding within the meaning of this
definition:

     (i) securities of an issuer held in a sinking fund relating to securities of the
issuer of the same class;

     (ii) securities of an issuer held in a sinking fund relating to another class of
securities of the issuer, if the obligation evidenced by such other class of securities is
not in default as to principal or interest or otherwise;

     (iii) securities pledged by the issuer thereof as security for an obligation of the
issuer not in default as to principal or interest or otherwise; and

     (iv) securities held in escrow if placed in escrow by the issuer thereof;

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     provided,
however, that any voting securities of an issuer shall be deemed
outstanding if any person other than the issuer is entitled to exercise the voting rights
thereof.

     (5) A security shall be deemed to be of the same class as another security if both
securities confer upon the holder or holders thereof substantially the same rights and
privileges; provided, however, that in the case of secured evidences of
indebtedness, all of which are issued under a single indenture, differences in the interest
rates or maturity dates of various series thereof shall not be deemed sufficient to
constitute such series different classes and provided, further, that in the case of
unsecured evidences of indebtedness, differences in the interest rates or maturity dates
thereof shall not be deemed sufficient to constitute them securities of different classes,
whether or not they are issued under a single indenture.

     (f) Except in the case of a default in the payment of the principal of or interest on any
Debt Securities, or in the payment of any sinking or purchase fund installment, the Trustee shall
not be required to resign as provided by this Section if such Trustee shall have sustained the
burden of proving, on application to the Commission and after opportunity for hearing thereon, that
(i) the Event of Default under the Indenture may be cured or waived during a reasonable period and
under the procedures described in such application, and (ii) a stay of the Trustee’s duty to resign
will not be inconsistent with the interests of Holders of the Debt Securities of any series. The
filing of such an application shall automatically stay the performance of the duty to resign until
the Commission orders otherwise. Any resignation of the Trustee shall become effective only upon
the appointment of a successor trustee and such successor’s acceptance of such appointment.

Section 609. Corporate Trustee Required; Eligibility.

     There shall at all times be a Trustee for each series of Debt Securities hereunder which shall
be a corporation organized and doing business under the laws of the United States of America, any
State thereof or the District of Columbia or a corporation or other person permitted to act as
trustee by the Commission, authorized under such laws to exercise corporate trust powers, having a
combined capital and surplus of a least $150,000,000 and subject to supervision or examination by
Federal or State authority. If such corporation publishes reports of condition at least annually,
pursuant to law or to the requirements of said supervising or examining authority, then for the
purposes of this Section, 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

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published. If at any time the Trustee shall cease to be eligible in accordance with the provisions
of this Section, it shall resign immediately in the manner and with the effect hereinafter
specified in this Article.

Section 610.
Resignation and Removal; Appointment of Successor.

     (a) No resignation or removal of the Trustee with respect to any series of Debt Securities and
no appointment of a successor Trustee with respect to any series of Debt Securities pursuant to
this Article shall become effective until the acceptance of appointment by the successor Trustee
under Section 611.

     (b) The Trustee may resign at any time with respect to one or more or all series of Debt
Securities by giving written notice thereof to the Company. If an instrument of acceptance by a
successor Trustee with respect to any series shall not have been delivered to the Trustee within 30
days after the giving of such notice of resignation, the resigning Trustee, at the expense of the
Company, may petition any court of competent jurisdiction for the appointment of a successor
Trustee.

     (c) The Trustee with respect to any series of Debt Securities may be removed at any time by
Act of the Holders of a majority in principal amount of the Outstanding Debt Securities of such
series, delivered to the Trustee and to the Company.

     (d) If at any time:

     (1) the Trustee shall fail to comply with Section 608(a) after written request therefor
by the Company or by any Holder who has been a bona fide Holder of a Debt Security of such
series for a least six months, or

     (2) the Trustee shall cease to be eligible under Section 609 and shall fail to resign
after written request therefor by the Company or by any such Holder, or

     (3) the Trustee shall become incapable of acting with respect to any series of Debt
Securities or shall be adjudged a 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, (i) the Company by a Board Resolution may remove the Trustee with respect
to the applicable series of Debt Securities, or (ii) subject to Section 514, any Holder who has
been a bona fide Holder of a Debt Security of such series for at least six months, may, on behalf
of himself and all others

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similarly situated, petition any court of competent jurisdiction for the removal of the Trustee and
the appointment of a successor Trustee with respect to such series.

     (e) If the Trustee with respect to any series of Debt Securities shall resign, be removed or
become incapable of acting, or if a vacancy shall occur in the office of Trustee with respect to
any series of Debt Securities for any cause, the Company or any other obligor upon the Debt
Securities of such series, by a Board Resolution, shall promptly appoint a successor Trustee with
respect to such series. If, within one year after such resignation, removal or incapability, or
the occurrence of such vacancy, a successor Trustee with respect to such series shall be appointed
by Act of the Holders of a majority in principal amount of the outstanding Debt Securities of such
series delivered to the Company or any other obligor upon the Debt Securities of such series and
the retiring Trustee, the successor Trustee with respect to such series so appointed shall,
forthwith upon its acceptance of such appointment, become the successor Trustee and supersede the
successor Trustee with respect to such series appointed by the Company or any other obligor upon
the Debt Securities. If no successor Trustee with respect to such series shall have been so
appointed by the Company or any other obligor upon the Debt Securities of such series or the
Holders of such series and accepted appointment in the manner hereinafter provided, any Holder who
has been a bona fide Holder of a Debt Security of such series for at least six months may, on
behalf of himself and all others similarly situated, petition any court of competent jurisdiction
for the appointment of a successor Trustee with respect to such series.

     (f) The Company shall give notice of each resignation and each removal of the Trustee with
respect to any series of Debt Securities and each appointment of a successor Trustee with respect
to any series of Debt Securities by mailing written notice of such event by first-class mail,
postage prepaid, to all Holders of such series as their names and addresses appear in the Debt
Security Register. Each notice shall include the name of the successor Trustee with respect to
such Debt Securities and the address of its Corporate Trust Office.

Section 611. Acceptance of Appointment by Successor.

     Every successor Trustee appointed hereunder shall execute, acknowledge and deliver to the
Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the
resignation or removal of the retiring Trustee with respect to all or any applicable series of Debt
Securities shall become effective and such successor Trustee, without any further act, deed or
conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring
Trustee with respect to such Debt Securities; but, on request of the Company or the

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successor Trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an
instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring
Trustee and shall duly assign, transfer and deliver to such successor Trustee all property and
money held by such retiring Trustee hereunder, subject nevertheless to its lien, if any, provided
for in Section 607. Upon request of any such successor Trustee, the Company shall execute any and
all instruments for more fully and certainly vesting in and confirming to such successor Trustee
all such rights, powers and trusts.

     If a successor Trustee is appointed with respect to the Debt Securities of one or more (but
not all) series, the Company, the retiring Trustee and each successor Trustee with respect to the
Debt Securities of any applicable series shall execute and deliver an indenture supplemental hereto
which shall contain such provisions as shall be deemed necessary or desirable to confirm that all
the rights, powers, trusts and duties of the retiring Trustee with respect to the Debt Securities
of any series as to which the Trustee is not retiring shall continue to be vested in such Trustee,
and shall add to or change any of the provisions of this Indenture as shall be necessary to provide
for or facilitate the administration of the trusts hereunder by more than one Trustee, it being
understood that nothing herein or in such supplemental indenture shall constitute such Trustees
co-trustees of the same trust and that each such Trustee shall be Trustee of a trust or trusts
under separate indentures.

     No successor Trustee shall accept its appointment unless at the time of such acceptance such
Trustee shall be qualified and eligible under this Article.

Section 612. Merger, Conversion, Consolidation or Succession to Business.

     Any corporation 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 corporation succeeding to all or substantially all the
corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided
such corporation shall be otherwise qualified and eligible under this Article, without the
execution or filing of any paper or any further act on the part of any of the parties hereto. In
case any Debt Securities of any series shall have been authenticated, but not delivered, by the
Trustee then in office, any successor by merger, conversion or consolidation to such authenticating
Trustee may adopt such authentication and deliver the Debt Securities of such series so
authenticated with the same effect as if such successor Trustee had itself authenticated such Debt
Securities.

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Section 613. Preferential Collection of Claims Against Company.

     (a) Subject to Subsection (b) of this Section, if the Trustee shall be or shall become a creditor,
directly or indirectly, secured or unsecured, of the Company within three months prior to a
default, as defined in Subsection (c) of this Section, or subsequent to such a default, then,
unless and until such default shall be cured, the Trustee shall set apart and hold in a special
account for the benefit of the Trustee individually, the Holders of the Debt Securities and the
holders of other indenture securities, as defined in Subsection (c) of this Section:

     (1) an amount equal to any and all reductions in the amount due and owing upon any claim as such
creditor in respect of principal or interest, effected after the beginning of such three months’
period and valid as against the Company and its other creditors, except any such reduction
resulting from the receipt or disposition of any property described in paragraph (2) of this
Subsection, or from the exercise of any right of set-off which the Trustee could have exercised if
a petition in bankruptcy had been filed by or against the Company upon the date of such default;
and

     (2) all property received by the Trustee in respect of any claims as such creditor, either as
security therefor, or in satisfaction or composition thereof, or otherwise, after the beginning of
such three months’ period, or an amount equal to the proceeds of any such property, if disposed of,
subject, however, to the rights, if any, of the Company and its other creditors in such property or
such proceeds.

Nothing herein contained, however, shall affect the right of the Trustee:

     (A) to retain for its own account (i) payments made on account of any such claim by any Person
(other than the Company) who is liable thereon, and (ii) the proceeds of the bona fide sale of any
such claim by the Trustee to a third Person, and (iii) distributions made in cash, securities or
other property in respect of claims filed against the Company in bankruptcy or receivership or in
proceedings for reorganization pursuant to the Federal Bankruptcy Act or applicable State law;

     (B) to realize, for its own account, upon any property held by it as security for any such claim,
if such property was so held prior to the beginning of such three months’ period;

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     (C) to realize, for its own account, but only to the extent of the claim hereinafter mentioned,
upon any property held by it as security for any such claim, if such claim was created after the
beginning of such three months’ period and such property was received as security therefor
simultaneously with the creation thereof, and if the Trustee shall sustain the burden of proving
that at the time such property was so received the Trustee had no reasonable cause to believe that
a default, as defined in Subsection (c) of this Section, would occur within three months; or

     (D) to receive payment on any claim referred to in paragraph (B) or (C), against the release of
any property held as security for such claim as provided in paragraph (B) or (C), as the case may
be, to the extent of the fair value of such property.

     For the purposes of paragraphs (B), (C) and (D), property substituted after the beginning of such
three months’ period for property held as security at the time of such substitution shall, to the
extent of the fair value of the property released, have the same status as the property released,
and, to the extent that any claim referred to in any of such paragraphs is created in renewal of or
in substitution for or for the purpose of repaying or refunding any pre-existing claim of the
Trustee as such creditor, such claim shall have the same status as such pre-existing claim.

     If the Trustee shall be required to account, the funds and property held in such special account
and the proceeds thereof shall be apportioned among the Trustee, the Holders and the holders of
other indenture securities in such manner that the Trustee, the Holders and the holders of other
indenture securities realize, as a result of payments from such special account and payments of
dividends on claims filed against the Company in bankruptcy or receivership or in proceedings for
reorganization pursuant to the Federal Bankruptcy Act or applicable State law, the same percentage
of their respective claims, figured before crediting to the claim of the Trustee anything on
account of the receipt by it from the Company of the funds and property in such special account and
before crediting to the respective claims of the Trustee and the Holders and the holders of other
indenture securities dividends on claims filed against the Company in bankruptcy or receivership or
in proceedings for reorganization pursuant to the Federal Bankruptcy Act or applicable State law,
but after crediting thereon receipts on account of the indebtedness represented by their respective
claims from all sources other than from such dividends and from the funds and property so held in
such special account. As used in this paragraph, with respect to any claim, the term “dividends”
shall include any distribution with respect to such claim, in bankruptcy or receivership or
proceedings for

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reorganization pursuant to the Federal Bankruptcy Act or applicable State law, whether such
distribution is made in cash, securities or other property, but shall not include any such
distribution with respect to the secured portion, if any, of such claim. The court in which such
bankruptcy, receivership or proceedings for reorganization is pending shall have jurisdiction (i)
to apportion among the Trustee, the Holders and the holders of other indenture securities, in
accordance with the provisions of this paragraph, the funds and property held in such special
account and proceeds thereof, or (ii) in lieu of such apportionment, in whole or in part, to give
to the provisions of this paragraph due consideration in determining the fairness of the
distributions to be made to the Trustee and the Holders and the holders of other indenture
securities with respect to their respective claims, in which event it shall not be necessary to
liquidate or to appraise the value of any securities or other property held in such special account
or as security for any such claim, or to make a specific allocation of such distributions as
between the secured and unsecured portions of such claims, or otherwise to apply the provisions of
this paragraph as a mathematical formula.

     Any Trustee which has resigned or been removed after the beginning of such three months’ period
shall be subject to the provisions of this Subsection as though such resignation or removal had not
occurred. If any Trustee has resigned or been removed prior to the beginning of such three months’
period, it shall be subject to the provisions of this Subsection if and only if the following
conditions exist:

     (i) the receipt of property or reduction of claim, which would have given rise to the obligation
to account, if such Trustee had continued as Trustee, occurred after the beginning of such three
months’ period; and

     (ii) such receipt of property or reduction of claim occurred within three months after such
resignation or removal.

     (b) There shall be excluded from the operation of Subsection (a) of this Section a creditor
relationship arising from:

     (1) the ownership or acquisition of securities issued under any indenture, or any security or
securities having a maturity of one year or more at the time of acquisition by the Trustee;

     (2) advances authorized by a receivership or bankruptcy court of competent jurisdiction or by this
Indenture, for the purpose of preserving any property which shall at any time be subject to the
lien of this Indenture

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or of discharging tax liens or other prior liens or encumbrances thereon, if notice of such
advances and of the circumstances surrounding the making thereof is given to the Holders at the
time and in the manner provided in this Indenture;

     (3) disbursements made in the ordinary course of business in the capacity of trustee under an
indenture, transfer agent, registrar, custodian, paying agent, fiscal agent or depositary, or other
similar capacity;

     (4) an indebtedness created as a result of services rendered or premises rented; or an
indebtedness created as a result of goods or securities sold in a cash transaction, as defined in
Subsection (c) of this Section;

     (5) the ownership of stock or of other securities of a corporation organized under the provisions
of Section 25(a) of the Federal Reserve Act, as amended, which is directly or indirectly a creditor
of the Company; and

     (6) the acquisition, ownership, acceptance or negotiation of any drafts, bills of exchange,
acceptances or obligations which fall within the classification of
self-liquidating paper, as defined in Subsection (c) of this Section.

     (c) For the purposes of this Section only:

     (1) the term “default” means any failure to make payment in full of the principal of or interest
on any of the Debt Securities or upon the other indenture securities when and as such principal or
interest becomes due and payable;

     (2) the term “other indenture securities” means securities upon which the Company is an obligor
outstanding under any other indenture (i) under which the Trustee is also trustee, (ii) which
contains provisions substantially similar to the provisions of this Section, and (iii) under which
a default exists at the time of the apportionment of the funds and property held in such special
account;

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

     (4) the term “self-liquidating paper” means any draft, bill of exchange, acceptance or obligation
which is made, drawn, negotiated or incurred by the Company for the purpose

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of financing the purchase, processing, manufacturing, shipment, storage or sale of goods, wares or
merchandise and which is secured by documents evidencing title to, possession of, or a lien upon,
the goods, wares or merchandise or the receivables or proceeds arising from the sale of the goods,
wares or merchandise previously constituting the security, provided the security is received by the
Trustee simultaneously with the creation of the creditor relationship with the Company arising from
the making, drawing, negotiating or incurring of the draft, bill of exchange, acceptance or
obligation;

     (5) the term “Company” means any obligor upon the Debt Securities; and

     (6) the term “Federal Bankruptcy Act” means the Bankruptcy Act or Title 11 of the United States
Code.

Section 614.
Appointment of Authenticating Agent.

     At any time when any of the Debt Securities of any series remain Outstanding the Trustee may
appoint an Authenticating Agent or Agents which shall be authorized to act on behalf of the Trustee
to authenticate Debt Securities of one or more series issued upon exchange, registration of
transfer or partial redemption thereof or pursuant to Section 306, and Debt Securities 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. Wherever reference is made in this
Indenture to the authentication and delivery of Debt Securities by the Trustee or the Trustee’s
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. Each Authenticating Agent shall be
acceptable to the Company and shall at all times be a corporation organized and doing business
under the laws of the United States of America, any State thereof or the District of Columbia or a
corporation or other person permitted to act as Trustee by the Commission, authorized under such
laws to act as Authenticating Agent, having a combined capital and surplus of not less than
$150,000,000 and subject to supervision or examination by Federal or State authority. If such
Authenticating Agent publishes reports of condition at least annually, pursuant to law or to the
requirements of said supervising or examining authority, then for the purposes of this Section, the
combined capital and surplus of such Authenticating 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 Authenticating Agent shall cease to be eligible in accordance with the provisions of this
Section, such

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Authenticating Agent shall resign immediately in the manner and with the effect specified in this
Section.

     Any corporation into which an Authenticating Agent may be merged or converted or with which it may
be consolidated, or any corporation resulting from any merger, conversion or consolidation to which
such Authenticating Agent shall be a party, or any corporation succeeding to the corporate agency
or corporate trust business of an Authenticating Agent, shall continue to be an Authenticating
Agent, provided such corporation shall be otherwise eligible under this Section, without the
execution or filing of any paper or any further act on the part of the Trustee or the
Authenticating Agent.

     An Authenticating Agent may resign with respect to one or more series of Debt Securities at any
time by giving written notice thereof to the Trustee and to the Company. The Trustee may at any
time terminate the agency of an Authenticating Agent by giving written notice thereof to such
Authenticating Agent and to the Company. Upon receiving such a notice of resignation or upon such a
termination, or in case at any time such Authenticating Agent shall cease to be eligible in
accordance with the provisions of this Section, the Trustee may appoint a successor Authenticating
Agent which shall be reasonably acceptable to the Company and shall mail written notice of such
appointment by first-class mail, postage prepaid, to all Holders of each series affected as their
names and addresses appear in the Debt Security Register. Any successor Authenticating Agent upon
acceptance of its appointment hereunder shall become vested with all the rights, powers and duties
of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent
herein. No successor Authenticating Agent shall be appointed unless eligible under the provisions
of this Section.

     The Trustee agrees to pay to each Authenticating Agent from time to time reasonable compensation
for its services under this Section, and the Trustee shall be entitled to be reimbursed for such
payments, subject to the provisions of Section 607.

     If an appointment is made pursuant to this Section, the Debt Securities of each series affected may
have endorsed thereon, in addition to the Trustee’s certificate of authentication, an alternate
certificate of authentication in the following form:

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     This is one of the Debt Securities of the series designated herein and described in the
within-mentioned Indenture.

	 	 	 	 	 	 	 
	 	 	Wilmington Trust Company

as Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By	 	 	 	 
	 

	 	 	 	 

As Authenticating Agent
	 	 
	 
	 	 	 	 	 	 
	 

	 	By	 	 	 	 
	 

	 	 	 	 

Authorized Signature
	 	 

ARTICLE SEVEN

Holders’ Lists and Reports by Trustee and Company

Section 701.
Company to Furnish Trustee Names and Addresses of Holders.

     The Company and all other obligors upon the Debt Securities will furnish or cause to be furnished
to the Trustee

     (a) semi-annually, not more than 15 days after each Regular Record Date, a list, in such form as
the Trustee may reasonably require, of the names and addresses of the Holders of each series of
Debt Securities as of such Regular Record Date, and

     (b) at such other times as the Trustee may request in writing, within 30 days after the receipt by
the Company or any other obligor upon the Debt Securities of any such request, a list of similar
form and content as of a date not more than 15 days prior to the time such list is furnished;
excluding from any such list names and addresses received by the Trustee in its capacity as
Debt Security Registrar.

Section 702.
Preservation of Information; Communications to Holders.

     (a) The Trustee shall preserve, in as current a form as is reasonably practicable, the names and
addresses of Holders of each series of Debt Securities contained in the most recent list furnished
to the Trustee as provided in Section 701 and the names and addresses of Holders of each series of
Debt Securities received by the Trustee in its capacity as Debt Security Registrar. The Trustee may
destroy any list furnished to it as provided in Section 701 upon receipt of a new list so
furnished.

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     (b) If three or more Holders of any series (herein referred to as “applicants”) apply in writing
to the Trustee, and furnish to the Trustee reasonable proof that each such applicant has owned a
Debt Security of such series for a period of at least six months preceding the date of such
application, and such application states that the applicants desire to communicate with other
Holders of such series or of all series (in which case each applicant need only demonstrate that
such applicant has owned a Debt Security of any series for a period of at least six months
preceding the date of such application) with respect to their rights under this Indenture or under
the Debt Securities and is accompanied by a copy of the form of proxy or other communication which
such applicants propose to transmit, then the Trustee shall, within five business days after the
receipt of such application, at its election, either

     (i) afford such applicants access to the information preserved at the time by the Trustee in
accordance with Section 702(a), or

     (ii) inform such applicants as to the approximate number of Holders of such series or all Debt
Securities, as the case may be, whose names and addresses appear in the information preserved at
the time by the Trustee in accordance with Section 702(a), and as to the approximate cost of
mailing to such Holders the form of proxy or other communication, if any, specified in such
application.

     If the Trustee shall elect not to afford such applicants access to such information, the Trustee
shall, upon the written request of such applicants, mail to each Holder of such series or all Debt
Securities, as the case may be, whose name and address appear in the information preserved at the
time by the Trustee in accordance with Section 702(a) a copy of the form of proxy or other
communication which is specified in such request, with reasonable promptness after a tender to the
Trustee of the material to be mailed and of payment, or provision for the payment, of the
reasonable expenses of mailing, unless within five days after such tender the Trustee shall mail to
such applicants and file with the Commission, together with a copy of the material to be mailed, a
written statement to the effect that, in the opinion of the Trustee, such mailing would be contrary
to the best interest of the Holders of such series or all Debt Securities, as the case may be, or
would be in violation of applicable law. Such written statement shall specify the basis of such
opinion. If the Commission, after opportunity for a hearing upon the objections specified in the
written statement so filed, shall enter an order refusing to sustain any of such objections or if,
after the entry of an order sustaining one or more of such objections, the Commission shall find,
after notice and opportunity for hearing, that all the objections so sustained have been met and
shall enter an order so declaring, the Trustee

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shall mail copies of such material to all such Holders with reasonable promptness after the entry
of such order and the renewal of such tender; otherwise the Trustee shall be relieved of any
obligation or duty to such applicants respecting their application.

     (c) Every Holder of Debt Securities, by receiving and holding the same, agrees with the Company
and the Trustee that neither the Company nor the Trustee nor any agent of either of them shall be
held accountable by reason of the disclosure of any such information as to the names and addresses
of the Holders in accordance with Section 702(b), regardless of the source from which such
information was derived, and that the Trustee shall not be held accountable by reason of mailing
any material pursuant to a request made under Section 702(b).

Section 703. Reports by Trustee.

     (a) Within 60 days after May 15 of each year commencing with the year after the Debt Securities of
any series are issued, the Trustee shall transmit by mail to all Holders of each series, as their
names and addresses appear in the Debt Security Register, a brief report dated as of such May 15
with respect to (but if no such event has occurred within such period, no report need be
transmitted):

     (1) any change to its eligibility under Section 609 and its qualifications under Section 608;

     (2) the character and amount of any advances (and if the Trustee elects so to state, the
circumstances surrounding the making thereof) made by the Trustee (as such) which remain unpaid on
the date of such report, and for the reimbursement of which it claims or may claim a lien or
charge, prior to that of the Debt Securities of any series, on any property or funds held or
collected by it as Trustee, except that the Trustee shall not be required (but may elect) to report
such advances if such advances so remaining unpaid aggregate not more than 1/2 of 1% of the
principal amount of the Debt Securities Outstanding of any series on the date of such report;

     (3) the amount, interest rate and maturity date of all other indebtedness owing by the Company (or
by any other obligor on the Debt Securities) to the Trustee in its individual capacity, on the date
of such report, with a brief description of any property held as collateral security therefor,
except an indebtedness based upon a creditor relationship arising in any manner described in

Section 613(b)(2),(3),(4) or (6);

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     (4) any change in the property and funds, if any, physically in the possession of the Trustee as
such on the date of such report;

     (5) any additional issue of Debt Securities which the Trustee has not previously reported; and

     (6) any action taken by the Trustee in the performance of its duties hereunder which it has not
previously reported and which in its opinion materially affects the Debt Securities, except action
in respect of a default, notice of which has been or is to be withheld by the Trustee in accordance
with Section 602.

     (b) The Trustee shall transmit by mail to all Holders of each series, as their names and addresses
appear in the Debt Security Register, a brief report with respect to the character and amount of
any advances (and if the Trustee elects so to state, the circumstances surrounding the making
thereof) made by the Trustee (as such) since the date of the last report transmitted pursuant to
Subsection (a) of this section (or if no such report has yet been so transmitted, since the date of
execution of this instrument) for the reimbursement of which it claims or may claim a lien or
charge, prior to that of the Debt Securities of such series, on property or funds held or collected
by it as Trustee and which it has not previously reported pursuant to this Subsection, except that
the Trustee shall not be required (but may elect) to report such advances if such advances
remaining unpaid at any time aggregate 10% or less of the principal amount of the Debt Securities
Outstanding of such series at such time, such report to be transmitted within 90 days after such
time.

     (c) A copy of each such report shall, at the time of such transmission to Holders, be filed by the
Trustee with each stock exchange upon which the Debt Securities of any series are listed, with the
Commission and with the Company. The Company will notify the Trustee when the Debt Securities of
any series are listed on any stock exchange.

Section 704. Reports by Company.

     The Company shall:

     (1) file with the Trustee, within 15 days after the Company is required to file the same with the
Commission, copies of the annual reports and of the information, documents and other reports (or
copies of such portions of any of the foregoing as the Commission may from time to time by rules
and regulations prescribe) which the Company may be required to file with the Commission pursuant
to Section 13 or Section 15(d) of the Securities Exchange Act of 1934; or,

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if the Company is not required to file information, documents or reports pursuant to either of said
Sections, then it shall file with the Trustee and the Commission, in accordance with rules and
regulations prescribed from time to time by the Commission, such of the supplementary and periodic
information, documents and reports which may be required pursuant to Section 13 of the Securities
Exchange Act of 1934 in respect of a security listed and registered on a national securities
exchange as may be prescribed from time to time in such rules and regulations;

     (2) file with the Trustee and the Commission, in accordance with rules and regulations prescribed
from time to time by the Commission, such additional information, documents and reports with
respect to compliance by the Company with the conditions and covenants of this Indenture as may be
required from time to time by such rules and regulations;

     (3) transmit by mail to all Holders, as their names and addresses appear in the Debt Security
Register, within 30 days after the filing thereof with the Trustee, such summaries of any
information, documents and reports required to be filed by the Company pursuant to paragraphs (1)
and (2) of this Section as may be required by rules and regulations prescribed from time to time by
the Commission; and

     (4) furnish to the Trustee, not less often than annually, a certificate of the principal
executive officer, principal financial officer or principal accounting officer as to his or her
knowledge of the Company’s compliance with all conditions and covenants under the Indenture
(which
 compliance shall be determined without regard to any period of grace or requirement of notice).

ARTICLE EIGHT

Consolidation, Merger, Conveyance, Transfer or Lease

Section 801.
Company May Consolidate, Etc., Only on Certain Terms.

     The Company shall not consolidate with or merge into any other corporation or convey or transfer or
lease its properties and assets substantially as an entirety to any Person, unless:

     (1) the corporation formed by such consolidation or into which the Company is merged or the Person
which acquires by conveyance or transfer, or which leases, the properties and assets of the Company
substantially as an

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entirety shall be a corporation organized and existing under the laws of the United States of
America, any State thereof or the District of Columbia and shall expressly assume, by an indenture
supplemental hereto, executed and delivered to the Trustee, in form satisfactory to the Trustee,
the due and punctual payment of the principal of (and premium, if any) and interest on all the Debt
Securities and the performance of every covenant and obligation of this Indenture on the part of
the Company to be performed or observed;

     (2) immediately after giving effect to such transaction, no Event of Default, and no event which,
after notice or lapse of time or both, would become an Event of Default, shall have occurred and be
continuing; and

     (3) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel,
each stating that such consolidation, merger, conveyance, transfer or lease and such supplemental
indenture comply with this Article and that all conditions precedent herein provided for relating
to such transaction have been complied with.

Section 802. Successor Corporation Substituted.

     Upon any consolidation or merger or any conveyance, transfer or lease of the properties and assets
of the Company substantially as an entirety in accordance with Section 801, the successor
corporation formed by such consolidation or into which the Company is merged or to which such
conveyance, transfer or lease is made shall succeed to, and be substituted for, and may exercise
every right and power of, the Company under this Indenture with the same effect as if such
successor corporation had been named as the Company herein, and thereafter, except in the case of a
lease, the predecessor corporation shall be relieved of all obligations and covenants under this
Indenture and the Debt Securities.

ARTICLE NINE

Supplemental Indentures

Section 901. Supplemental Indentures Without Consent of Holders.

     Without the consent of any Holders, the Company, when authorized by a Board Resolution, and the
Trustee, at any time and from time to time, may enter into one or more indentures supplemental
hereto, in form satisfactory to the Trustee, for any of the following purposes:

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     (1) to evidence the succession of another corporation to the Company and the assumption by any
such successor of the covenants of the Company herein and in the Debt Securities; or

     (2) to add to the covenants of the Company for the benefit of the Holders, or to surrender any
right or power herein conferred upon the Company; or

     (3) to make provision with respect to the conversion rights of Holders pursuant to the
requirements of Section 1306; or

     (4) to cure any ambiguity, to correct or supplement any provision herein which may be inconsistent
with any other provision herein, or to make any other provisions with respect to matters or
questions arising under this Indenture which shall not be inconsistent with the provisions of this
Indenture, provided such action shall not adversely affect the interests of the Holders in any
material respect; or

     (5) to establish the form or terms of Debt Securities of any series as permitted by Sections 201
and 301; or

     (6) to provide for alternative methods or forms for evidencing and recording the ownership of Debt
Securities and matters related thereto; or

     (7) to evidence and provide for the acceptance of appointment by another corporation as a
successor Trustee hereunder with respect to one or more series of Debt Securities and to add to or
change any of the provisions of this Indenture as shall be necessary to provide for or facilitate
the administration of the trusts hereunder by more than one Trustee, pursuant to section 611.

Section 902.
Supplemental Indentures with Consent of Holders.

     With the consent of the Holders of not less than a majority in principal amount of the Outstanding
Debt Securities of all series affected by such supplemental indenture (treated as one class), by
Act of said Holders delivered to the Company and the Trustee, the Company, when authorized by a
Board Resolution, and the Trustee may enter into an indenture or indentures supplemental hereto for
the purpose of adding any provisions to or changing in any manner or eliminating any of the
provisions of this Indenture or of modifying in any manner the rights of the Holders of such series
under this Indenture; provided, however, that no such supplemental indenture shall, without the
consent of the Holder of each Outstanding Debt Security affected thereby,

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     (1) change the Stated Maturity of the principal of, or any installment of interest on, any Debt
Security, or reduce the principal amount thereof or the rate of interest thereon or any premium
payable upon the redemption thereof, or change the place of payment where, or the coin or currency
in which, any Debt Security or any premium or the interest thereon is payable, or impair the right
to institute suit for the enforcement of any such payment on or after the Stated Maturity thereof
(or, in the case of redemption, on or after the Redemption Date), or adversely affect the right to
convert any Debt Security as provided in Article Thirteen or modify the provisions of this
Indenture with respect to the subordination of the Debt Securities in a manner adverse to the
Holders, or

     (2) reduce the percentage in principal amount of the outstanding Debt Securities, the consent of
whose Holders is required for any such supplemental indenture, or the consent of whose Holders is
required for such waiver (of compliance with certain provisions of this Indenture or certain
defaults hereunder and their consequences) provided for in this Indenture, or

     (3) modify any of the provisions of this Section, Section 513 or Section 1007, 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 the Holder of each Outstanding Debt Security affected
thereby.

     It shall not be necessary for any Act of Holders 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.

Section 903.
Execution of Supplemental Indentures.

     In executing, or accepting the additional trusts created by, any supplemental indenture permitted
by this Article or the modifications thereby of the trusts created by this Indenture, the Trustee
shall be entitled to receive, and (subject to Section 601) shall be fully protected in relying
upon, an Opinion of Counsel stating that the execution of such supplemental indenture is authorized
or permitted by this Indenture. The Trustee may, but shall not be obligated to, enter into any
such supplemental indenture which affects the Trustee’s own rights, duties or immunities under this
Indenture or otherwise.

Section 904.
Effect of Supplemental Indentures.

     Upon the execution of any supplemental indenture under this Article, this Indenture shall be
modified in accordance

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therewith, and such supplemental indenture shall form a part of this Indenture for all purposes;
and every Holder of Debt Securities of each series affected theretofore or thereafter authenticated
and delivered hereunder shall be bound thereby.

Section 905.
Conformity with Trust Indenture Act.

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

Section 906.
Reference in Debt Securities to Supplemental Indentures.

     Debt Securities authenticated and delivered after the execution of any supplemental indenture
pursuant to this Article may, and shall if required by the Trustee, bear a notation in form
approved by the Trustee as to any matter provided for in such supplemental indenture. If the
Company shall so determine, new Debt Securities of any series so modified, as to conform, in the
opinion of the Trustee and the Board of Directors, to any such supplemental indenture may be
prepared and executed by the Company and authenticated and delivered by the Trustee in exchange for
Outstanding Debt Securities of such series.

ARTICLE TEN

Covenants

Section 1001.
Payment of Principal, Premium and Interest.

     The Company will duly and punctually pay the principal of (and premium, if any) and interest on the
Debt Securities of each series in accordance with the terms of the Debt Securities of such series
and this Indenture.

Section 1002. Maintenance of Office or Agency.

     The Company will maintain in Wilmington, Delaware, an office or agency where Debt Securities may be
presented or surrendered for payment, where Debt Securities may be surrendered for registration of
transfer or exchange, where Debt Securities may be surrendered for conversion and where notices and
demands to or upon the Company in respect of the Debt Securities and this Indenture may be served.
The Company will give prompt written notice to the Trustee of the location, and any change in the
location, of such office or agency. If at any time the Company shall fail to maintain any such
required office or agency or shall fail to furnish the Trustee with the address thereof, such
presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office
of the Trustee, and the

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Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders,
notices and demands.

     The Company may also from time to time designate one or more other offices or agencies (in or
outside Wilmington, Delaware) where the Debt Securities may be presented or surrendered for any or
all such purposes and may from time to time rescind such
designations; provided, however,
that no such designation or rescission shall in any manner relieve the Company of its obligation to
maintain an office or agency in Wilmington, Delaware for such purposes. The Company will give
prompt written notice to the Trustee of any such designation or rescission and of any change in the
location of any such other office or agency.

Section 1003.
Money for Debt Security Payments To Be Held in Trust.

     If the Company shall at any time act as its own Paying Agent with respect to Debt Securities of any
series, it will, on or before each due date of the principal of (and premium, if any) or interest
on any of the Debt Securities of such series, segregate and hold in trust for the benefit of the
Persons entitled thereto a sum sufficient to pay the principal (and premium, if any) or interest so
becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein
provided and will promptly notify the Trustee of its action or failure so to act.

     Whenever the Company shall have one or more Paying Agents with respect to Debt Securities of any
series, it will, prior to each due date of the principal of (and premium, if any) or interest on
any Debt Securities of such series deposit with a Paying Agent of such series a sum sufficient to
pay the principal (and premium, if any) or interest so becoming due, such sum to be held in trust
for the benefit of the Persons entitled to such principal, premium or interest, and (unless such
Paying Agent is the Trustee) the Company will promptly notify the Trustee of its action of failure
so to act.

     The Company will cause each Paying Agent other than the Trustee with respect to Debt Securities of
any series to 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, that such Paying Agent will:

     (1) hold all sums held by it for the payment of the principal of (and premium, if any) or interest
on Debt Securities of such series 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;

     (2) give the Trustee notice of any default by the Company (or any other obligor upon the Debt
Securities of

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such series) in the making of any payment of principal (and premium, if any) or interest; and

     (3) 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.

     The Company may at any time, for the purpose of obtaining the satisfaction and discharge of this
Indenture with respect to one or more or all series of Debt Securities hereunder or for any other
purpose, pay, or by Company Order direct any Paying Agent to pay, to the Trustee all sums held in
trust for any such series by the Company or such Paying Agent, such sums to be held by the Trustee
upon the same trusts as those upon which such sums were held by the Company 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 money.

     Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for
the payment of the principal of (and premium, if any) or interest on any Debt Security of any
series and remaining unclaimed for six years after such principal (and premium, if any) or interest
has become due and payable shall be paid to the Company on Company Request, or (if then held by the
Company) shall be discharged from such trust; and the Holder of such Debt Security of such series
shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof,
and all liability of the Trustee or such Paying Agent with respect to such trust money, and all
liability of the Company as trustee thereof, shall thereupon cease; provided, however, that
the Trustee or such Paying Agent, before being required to make any such repayment, may at the
expense of the Company cause to be published once, in a newspaper published in the English
language, customarily published on each Business Day and of general circulation in New York, New
York, notice that such money remains unclaimed and that, after a date specified therein, which
shall not be less than 30 days from the date of such publication, any unclaimed balance of such
money then remaining will be repaid to the Company.

Section 1004.
Statement by Officers as to Default.

     The Company will deliver to the Trustee, within 120 days after the end of each fiscal year of the
Company ending after the date hereof, an Officers’ Certificate, stating whether or not
to the best knowledge of the signers thereof the Company is in default in the performance and
observance of any of the terms, provisions and conditions of Sections 1001 to 1003, inclusive, and
if the Company shall be in default, specifying all such defaults and the nature and status thereof
of which they may have knowledge.

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	Section 1005.	 	Limitation on Liens on Stock of Principal Insurance Subsidiaries.

     The Company will not, and will not permit any Principal Insurance Subsidiary to, issue, assume or
guarantee any debt for money borrowed (hereinafter in this Section referred to as “Debt”) secured
by a mortgage, security interest, pledge, lien or other encumbrance upon any shares of stock of any
Principal Insurance Subsidiary (whether such shares of stock are now owned or hereafter acquired)
without in any such case effectively providing concurrently with the issuance, assumption or
guarantee of any such Debt that the Debt Securities (together with, if the Company shall so
determine in an Officers’ Certificate, any other indebtedness of or guarantee by the Company
ranking equally with the Debt Securities and then existing or thereafter created) shall be secured
equally and ratably with such Debt.

			
	Section 1006.	 	Limitations on Issue or Disposition of Stock of Principal Insurance
Subsidiaries.

     The Company will not, and will not permit any Principal Insurance Subsidiary to, issue, sell,
assign, transfer or otherwise dispose of, directly or indirectly, any of the capital stock (other
than non-voting, non-convertible preferred stock) of any Principal Insurance Subsidiary (except to
the Company or to one or more wholly-owned subsidiaries or for the purpose of qualifying
directors); provided, however, that this covenant shall not apply if

     (1) the entire capital stock of a Principal Insurance Subsidiary is disposed of in a single
transaction, or in a series of related transactions, for a consideration consisting of cash or
other property which is at least equal to the fair value of such capital stock, as determined by
the Board of Directors; or

     (2) the issuance, sale, assignment, transfer or other disposition is required to comply with the
order of a court or regulatory authority of competent jurisdiction, other than an order issued at
the request of the Company or of one of its Principal Insurance Subsidiaries; or

     (3) after giving effect to the issuance, sale, assignment, transfer or other disposition, the
Company and its Principal Insurance Subsidiaries would own directly or indirectly at least 80% of
the issued and outstanding capital stock of such Principal Insurance Subsidiary and such issuance,
sale, assignment, transfer or other disposition is made for a consideration consisting of cash or
other property which is at least equal to the fair value of such capital stock, as determined by
the Board of Directors.

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Section 1007. Waiver of Certain Covenants.

     The Company may omit in any particular instance to comply with any covenant or condition set forth
in Sections 1005 or 1006, if before or after the time for such compliance the Holders of at least a
majority in principal amount of all Outstanding Debt Securities (treated as one class) shall, by
Act of such Holders, either waive such compliance in such instance or generally waive compliance
with such covenant or condition except to the extent so expressly waived, and, until such waiver
shall become effective, the obligations of the Company and the duties of the Trustee in respect of
any such covenant or condition shall remain in full force and effect.

ARTICLE ELEVEN

Redemption of Debt Securities

Section 1101. Applicability of Article.

     Debt Securities of any series which are redeemable before their stated maturity at the election of
the Company, other than through operation of the sinking fund provided for in Article Twelve, shall
be redeemable in accordance with their terms and (except as otherwise specified as contemplated by
Section 301 for Debt Securities of any series) in accordance with this Article.

Section 1102.
Election to Redeem; Notice to Trustee.

     The election of the Company to redeem any Debt Securities shall be evidenced by a Board Resolution.
In case of any redemption at the election of the Company of less than all the Debt Securities of
any series, the Company shall, at least 60 days prior to the Redemption Date fixed by the Company
and in the case of Redemption at the election of the Company of all Outstanding Debt Securities of
such series, at least 40 days prior to the Redemption Date fixed by the Company (unless in each
case a shorter notice shall be satisfactory to the Trustee), notify the Trustee of such Redemption
Date and of the principal amount of Debt Securities of such series to be redeemed.

Section 1103.
Selection by Trustee of Debt Securities to Be Redeemed.

     If less than all the Debt Securities of any series are to be redeemed, the particular Debt
Securities of such series to be redeemed shall be selected not more than 60 days prior to the
Redemption Date by the Trustee, from the Outstanding Debt Securities not previously called for
redemption, by such method as the Trustee shall deem fair and appropriate and which may provide for
the selection for redemption of portions (equal to

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$1,000 or any integral multiple thereof) of the principal amount of Debt Securities of a
denomination larger than $1,000.

     If any Debt Security selected for partial redemption is converted in part before termination of the
conversion right with respect to the portion of the Debt Security so selected, the converted
portion of such Debt Security shall be deemed (so far as may be) to be the portion selected for
redemption. Debt Securities which have been converted during a selection of Debt Securities to be
redeemed shall be treated by the Trustee as Outstanding for the purpose of such selection.

     The Trustee shall promptly notify the Company and each Debt Security Registrar in writing of the
Debt Securities of such series selected for redemption and, in the case of any Debt Securities of
such series selected for partial redemption, the principal amount thereof to be redeemed.

     For all purposes of this Indenture, unless the context otherwise requires, all provisions relating
to the redemption of Debt Securities of any series shall relate, in the case of any Debt Securities
redeemed or to be redeemed only in part, to the portion of the principal amount of such Debt
Security which has been or is to be redeemed.

Section 1104. Notice of Redemption.

     Notice of redemption shall be given by first-class mail, postage prepaid, mailed not less than 30
nor more than 60 days prior to the Redemption Date, to each Holder of Debt Securities to be
redeemed, at his address appearing in the Debt Security Register.

     All notices of redemption shall state:

     (1) the Redemption Date,

     (2) the Redemption Price,

     (3) if less than all the Outstanding Debt Securities of such series are to be redeemed, the
identification (and, in the case of partial redemption, the principal amounts) of the particular
Debt Securities of such series to be redeemed,

     (4) that on the Redemption Date the Redemption Price will become due and payable upon each such
Debt Security to be redeemed and that interest thereon will cease to accrue on and after said date,

     (5) the conversion price, the date on which the right to convert the principal of the Debt
Securities to be

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redeemed will terminate and the place or places where such Debt Securities may be surrendered for
conversion,

     (6) the place or places where such Debt Securities are to be surrendered for payment of the
Redemption Price, and

     (7) that the redemption is for the sinking fund, if such is the case.

     Notice of redemption of Debt Securities to be redeemed at the election of the Company shall be
given by the Company or, at the Company’s request, by the Trustee in the name and at the expense of
the Company.

Section 1105. Deposit of Redemption Price.

     Prior to any Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent
(or, if the Company is acting as its own Paying Agent, segregate and hold in trust as provided in
Section 1003) an amount of money sufficient to pay the Redemption Price of, and (except if the
Redemption Date shall be an Interest Payment Date) accrued interest on, all the Debt Securities of
any series which are to be redeemed on that date other than any Debt Securities of such series
called for redemption on that date which have been converted prior to the date of such deposit.

     If any Debt Security called for redemption is converted, any money deposited with the Trustee or
with any Paying Agent or so segregated and held in trust for the redemption of such Debt Security
shall (subject to any right of the Holder of such Debt Security or any Predecessor Debt Security to
receive interest as provided in the last paragraph of Section 307) be paid to the Company upon
Company Request or, if then held by the Company, shall be discharged from such trust.

Section 1106. Debt Securities Payable on Redemption Date.

     Notice of redemption having been given as aforesaid, the Debt Securities so to be redeemed shall,
on the Redemption Date, become due and payable at the Redemption Price therein specified, and from
and after such date (unless the Company shall default in the payment of the Redemption Price and
accrued interest) such Debt Securities shall cease to bear interest. Upon surrender of any such
Debt Security for redemption in accordance with said notice, such Debt Security shall be paid by
the Company at the Redemption Price, together with accrued interest to the Redemption Date;
provided, however, that installments of interest whose Stated Maturity is on or prior to
the Redemption Date shall be payable to the Holders of such Debt Securities, or one or more
Predecessor Debt Securities, registered as such at the close of

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business on the relevant Record Dates according to
their terms and the provisions of Section 307.

     If any Debt Security called for redemption shall not be so paid upon surrender thereof for
redemption, the principal (and premium, if any) shall, until paid, bear interest from the
Redemption Date at the rate borne by the Debt Security.

Section 1107.
Debt Securities Redeemed in Part.

     Any Debt Security which is to be redeemed only in part shall be surrendered at an office or agency
of the Company designated for that purpose pursuant to Section 1002 (with, if the Company or the
Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory
to the Company and the Trustee duly executed by, the Holder thereof or his attorney duly authorized
in writing), and the Company shall execute, and the Trustee shall authenticate and deliver to the
Holder of such Debt Security without service charge, a new Debt Security or Debt Securities, of any
authorized denomination as requested by such Holder, in aggregate principal amount equal to and in
exchange for the unredeemed portion of the principal of the Debt Security so surrendered.

ARTICLE TWELVE

Sinking Fund

Section 1201. Applicability of Article.

     The provisions of this Article shall be applicable to any sinking fund for the retirement of Debt
Securities of a series (except as otherwise specified as contemplated by Section 301 for Debt
Securities of any series).

     The minimum amount of any sinking fund payment provided for by the terms of Debt Securities of any
series is herein referred to as a “mandatory sinking fund payment,” and any payment in excess of
such minimum amount provided for by the terms of Securities of any series is herein referred to as
an “optional sinking fund payment.” If provided for by the terms of Debt Securities of any series,
the cash amount of any sinking fund payment may be subject to reduction as provided in Section
1202. Each sinking fund payment shall be applied to the redemption of Debt Securities of any series
as provided for by the terms of the Debt Securities of such series.

Section 1202.
Satisfaction of Sinking Fund Payments with Debt Securities

     The Company (1) may deliver Outstanding Debt Securities of a series (other than Debt Securities
previously called for

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redemption) and (2) may apply as a credit Debt Securities of a series which have been redeemed at
the election of the Company pursuant to the terms of such Debt Securities or through the
application of permitted optional sinking fund payments pursuant to the terms of such Debt
Securities or converted into Common Stock pursuant to the terms of such Debt Securities, in each
case in satisfaction of all or any part of any sinking fund payment with respect to the Debt
Securities of such series required to be made pursuant to the terms of such Debt Securities, as
provided for by the terms of such series provided that such Debt Securities have not been
previously so credited or applied to reduce the amount of any sinking fund payment pursuant to the
second succeeding sentence. Each such Debt Security shall be received and credited for such
purpose by the Trustee at the Redemption Price specified in such Debt Security for redemption
through operation of the sinking fund and the amount of such sinking fund payment shall be reduced
accordingly. The amount of any sinking fund payment in any year with respect to the Debt
Securities of any series shall automatically be reduced by the principal amount of any Debt
Securities of such series called for redemption through the operation of the sinking fund and
converted into Common Stock pursuant to the terms of such Debt Securities on or before the date
fixed for redemption.

Section 1203.
Redemption of Debt Securities for Sinking Fund.

     Not less than 60 days prior to each sinking fund payment date for any series of Debt Securities,
the Company will deliver to the Trustee an Officers’ Certificate specifying the amount of the next
ensuing sinking fund payment for that series pursuant to the terms of that series, the portion
thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any of
that series, which is to be satisfied by delivering and crediting Debt Securities pursuant to
Section 1202 and will also deliver to the Trustee any Debt Securities to be so delivered. Not less
than 30 days before each sinking fund payment date, the Trustee shall select the Debt Securities to
be redeemed upon such sinking fund payment date in the manner specified in Section 1103 and cause
notice of the redemption thereof to be given in the name of and at the expense of the Company in
the manner provided in Section 1104. Such notice having been duly given, the redemption of such
Debt Securities shall be made upon the terms and in the manner stated in Sections 1106 and 1107.

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ARTICLE THIRTEEN

Convertible Debt Securities

Section 1301. Applicability of Article.

     Debt Securities of any series which are convertible into Common Stock at the option of the Holder
shall be convertible in accordance with their terms and (except as otherwise specified as
contemplated by Section 301 for Convertible Debt Securities of any series) in accordance with this
Article. Each reference in this Article to a “Convertible Debt Security” or the “Convertible Debt
Securities” refers to the Debt Securities of the particular series that are convertible into Common
Stock. If more than one series of Convertible Debt Securities with conversion privileges are
outstanding at any time, the provisions of this Article shall be applied separately to each such
series.

     A Holder of a Convertible Debt Security of any series may convert it into Common Stock, at any time
during the period specified on the Convertible Debt Securities of that series, at the conversion
price or conversion rate in effect on the conversion date, except that, with respect to any
Convertible Debt Security (or portion thereof) called for redemption, such right shall terminate at
the close of business on the Redemption Date (or such other day as may be specified as contemplated
by Section 301 for Convertible Debt Securities of such series), unless the Company shall default in
payment of the amount due upon redemption thereof.

     The initial conversion price or conversion rate in respect of a series of Convertible Debt
Securities shall be as specified on the Convertible Debt Securities of that series. The conversion
price or conversion rate will be subject to adjustment on the terms set forth in Section 13.04 or
such other or different terms, if any, as may be specified as contemplated by Section 301 for
Convertible Debt Securities of such series.

     A Holder may convert any Convertible Debt Security in full and may convert a portion of a
Convertible Debt Security if the portion to be converted and the remaining portion of such
Convertible Debt Security are in denominations of $1,000. Provisions of this Indenture that apply
to conversion of all of a Convertible Debt Security also apply to conversion of a portion of it.

Section 1302. Manner of Exercise of Conversion Privilege.

     In order to exercise the conversion privilege, the Holder of any Convertible Debt Security of any
series to be converted shall surrender such Convertible Debt Security during normal business hours
to the office or agency to be maintained by the Company in

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accordance with Section 1002, accompanied by written notice to the Company at said office or agency
that the Holder elects to convert such Convertible Debt Security or, if less than the entire
principal amount of the Convertible Debt Security is to be converted, the portion thereof to be
converted, and by transfer tax stamps or funds therefor, if required pursuant to Section 1308.
Such notice shall also state the name or names (with address and tax identification number) in
which the certificate or certificates for shares of Common Stock issuable upon such conversion
shall be issued. Convertible Debt Securities surrendered for conversion shall be accompanied by
proper assignments thereof to the Company or in blank for transfer. Convertible Debt Securities
surrendered for conversion during the period from the close of business on any Regular Record Date
next preceding any Interest Payment Date to the opening of business on such Interest Payment Date
shall (except in the case of Convertible Debt Securities or portions thereof which have been called
for redemption on a Redemption Date during such period) be accompanied by payment in New York
Clearing House funds or other funds acceptable to the Company of an amount equal to the amount of
interest payable on such Interest Payment Date on the principal amount of Convertible Debt
Securities being surrendered for conversion. As promptly as practicable after the surrender for
conversion of such Convertible Debt Security as aforesaid and the payment in cash of any amount
required by the provisions of Section 1308, the Company shall deliver or cause to be delivered at
said office or agency to or upon the written order of such Holder certificates representing the
number of full shares of Common Stock issuable upon the conversion of such Convertible Debt
Security (or specified portion thereof), issued in such name or names as such Holder may direct.
Such conversion shall be deemed to have been effected immediately prior to the close of business on
the date such Convertible Debt Security shall have been surrendered as aforesaid, and all rights of
the Holder of such Convertible Debt Security as such Holder shall cease at such time and the person
or persons in whose name or names the certificates for shares of Common Stock are to be issued
shall be treated for all purposes as having become the holder or holders of record of the shares
represented thereby at such time and such conversion shall be at the conversion rate with respect
to the Convertible Debt Securities of such series in effect at such time; provided that any
such surrender and payment on any date when the stock transfer books of the Company shall be closed
shall constitute the person or persons in whose name or names the certificates for such shares of
Common Stock are to be issued as the record holder or holders thereof for all purposes immediately
prior to the close of business on the next succeeding day on which such stock transfer books are
opened and such conversion shall be at the conversion rate with respect to the Convertible Debt
Securities of such series in effect at such time on such succeeding day.

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     If the last day for the exercise of the conversion right shall be other than a business day, then
such conversion right may be exercised on the next succeeding business day.

     Except as provided in the fourth sentence of the first paragraph of this Section and subject to the
fourth paragraph of Section 307, no adjustments or payments in respect of any interest accrued on
the Convertible Debt Securities surrendered for conversion or any dividend on the Common Stock
issued upon conversion shall be made upon the conversion of any Convertible Debt Security;
provided, however, that if the Convertible Debt Securities of any series shall be converted
subsequent to the Regular Record Date preceding an Interest Payment Date but on or prior to such
Regular Payment Date, the registered Holder of such Convertible Debt Security at the close of
business on such Record Date shall be entitled to receive the interest payable on such Convertible
Debt Security on such Interest Payment Date notwithstanding the conversion thereof or the Company’s
default in payment of the interest due on such Interest Payment Date.

     In case any Convertible Debt Security of any series is converted in part only, upon such conversion
the Company shall execute and the Trustee shall authenticate and deliver to the Holder thereof, at
the expense of the Company, a new Convertible Debt Security or Convertible Debt Securities of such
series of authorized denominations in principal amount equal to the unconverted portion of such
Convertible Debt Security.

Section 1303. Cash Adjustment Upon Conversion.

     No fractional shares of stock shall be issued upon conversions of Convertible Debt Securities. If
more than one Convertible Debt Security of any series shall be surrendered for conversion at one
time by the same Holder, the number of full shares that shall be issuable upon conversion thereof
shall be computed on the basis of the aggregate principal amount of the Convertible Debt Securities
of such series (or specified portions thereof to the extent permitted hereby) so surrendered. If
any fractional interest in a share of Common Stock would, except for the provisions of this Section
1303, be deliverable upon conversion of any Convertible Debt Security or Convertible Debt
Securities or specified portions thereof, the Company shall, in lieu of delivering the fractional
share therefor, adjust such fractional interest by payment to the Holder of such surrendered
Convertible Debt Security or Convertible Debt Securities of an amount in cash equal (computed to
the nearest cent) to the current market value of such fractional interest, computed on the basis of
the closing price of the Common Stock (determined as provided in Paragraph D of Section 1304) on
the business day which next precedes the day of conversion.

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Section 1304.
Adjustment of Conversion Rate.

     The conversion rate in effect at any time shall be subject to adjustment as follows:

     A. In case the Company shall (i) pay a dividend or make
a distribution in shares of its capital stock (whether shares of Common Stock or of capital stock of any other
class), (ii) subdivide its outstanding shares of Common
Stock, (iii) combine its outstanding shares of Common Stock
into a smaller number of shares or (iv) issue by
reclassification of its shares of Common Stock any shares of
capital stock of the Company, the conversion privilege and
the conversion rate in effect immediately prior to such
action shall be adjusted so that the Holder of any
Convertible Debt Security thereafter surrendered for
conversion shall be entitled to receive the number of shares
of capital stock of the Company which he would have owned
immediately following such action had such Convertible Debt
Security been converted immediately prior thereto. An
adjustment made pursuant to this Paragraph A shall become
effective retroactively immediately after the record date in
the case of a dividend or distribution and shall become
effective immediately after the effective date in the case
of a subdivision, combination or reclassification. If, as a
result of an adjustment made pursuant to this Paragraph A,
the holder of any Convertible Debt Security thereafter
surrendered for conversion shall become entitled to receive
shares of two or more classes of capital stock of the
Company, the Board of Directors (whose determination shall
be conclusive) shall determine the allocation of the
adjusted conversion rate between or among shares of such
classes of capital stock.

     B. In case the Company shall issue rights or warrants
to all holders of its Common Stock entitling them (for a
period expiring within 45 days after the record date
mentioned below) to subscribe for or purchase shares of
Common Stock at a price per share less than the current
market price per share (as determined pursuant to Paragraph
D below) on the record date mentioned below, the conversion
rate shall be adjusted so that the same shall equal the rate
determined by multiplying the conversion rate in effect
immediately prior to the date of issuance of such rights or
warrants by a fraction of which the numerator shall be the
number of shares of Common Stock outstanding on the date of
issuance of such rights or warrants plus the number of
additional shares of Common Stock offered for subscription
or purchase, and of which the denominator shall be the
number of shares of Common Stock outstanding on the date of
issuance of such rights or warrants plus the number of shares which the aggregate offering price of the total

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number of shares so offered would purchase at such current market price. Such adjustment shall
become effective retroactively immediately after the record date for the determination of
stockholders entitled to receive such rights or warrants.

     C. In case the Company shall distribute to all holders
of its Common Stock evidences of its indebtedness or assets
(excluding any cash dividend paid from retained earnings of
the Company) or rights or warrants to subscribe to
securities of the Company (excluding those referred to in
Paragraph B above), then in each such case the conversion
rate shall be adjusted so that the same shall equal the rate
determined by multiplying the conversion rate in effect
immediately prior to the date of such distribution by a
fraction of which the numerator shall be the current market
price per share (determined as provided in Paragraph D
below) of the Common Stock on the record date mentioned
below, and of which the denominator shall be such current
market price per share of Common Stock less the then fair
market value (as determined by the Board of Directors of the
Company, whose determination shall be conclusive) of the
portion of the assets or evidences of indebtedness so
distributed or of such subscription rights or warrants
applicable to one share of Common Stock. Such adjustment
shall become effective retroactively immediately after the
record date for the determination of stockholders entitled
to receive such distribution.

     D. For the purpose of any computation under Paragraphs
B and C above, the current market price per share of Common
Stock on any date shall be deemed to be the average of the
daily closing prices for 30 consecutive business days
commencing 45 business days before the day in question. The
closing price for each day shall be the last reported sales
price regular way on the New York Stock Exchange, or, if not
reported for such Exchange, on the Composite Tape, or, in
case no such reported sale takes place on such day, the
average of the reported closing bid and asked quotations on
the New York Stock Exchange, or, if the Common Stock is not
listed on such Exchange or no such quotations are available,
the average of the high bid and low asked quotations in the
over-the-counter market as reported by National Quotation
Bureau, Incorporated, or similar organization, or, if no
such quotations are available, the fair market price as
determined by the Company (whose determination shall be
conclusive).

     E. In any case in which this Section 1304 shall require
that an adjustment be made retroactively immediately
following a record date, the Company may elect to defer (but
only until five business days following the mailing by the

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Company of the certificate of independent public accountants described in Section 1305 below)
issuing to the holder of any share converted after such record date (i) the shares of Common Stock
and other capital stock of the Company issuable upon such conversion over and above (ii) the shares
of Common Stock and other capital stock of the Company issuable upon such conversion only on the
basis of the conversion rate prior to adjustment.

     F. In the case of either (a) any consolidation or
merger to which the Company is a party, other than a
consolidation or a merger in which consolidation or merger
the Company is a continuing corporation and which does not
result in any reclassification of, or change (other than a
change in par value or from par value to no par value or
from no par value to par value, or as a result of a
subdivision or combination) in, outstanding shares of the
Common Stock, or (b) any sale or conveyance to another
corporation of the property of the Company as an entirety or
substantially as an entirety; then the Holder of each
Outstanding Convertible Debt Security shall have the right
to convert such Convertible Debt Security into the kind and
amount of shares of stock and other securities and property
receivable upon such consolidation, merger, sale or
conveyance by a holder of the number of shares of Common
Stock issuable upon conversion of such Convertible Debt
Security immediately prior to such consolidation, merger,
sale or conveyance, subject to adjustments which shall be as
nearly equivalent as may be practicable to the adjustments
provided for in this Section 1304. The provisions of this
Paragraph F shall similarly apply to successive
consolidations, mergers, sales or conveyances.

     G. No adjustment in the conversion rate shall be
required unless such adjustment would require an increase or
decrease of at least 1% in such rate; provided, however,
that any adjustments which by reason of this Paragraph G are
not required to be made shall be carried forward and taken
into account in any subsequent adjustment; and, provided, further, that adjustment shall be required and made in
accordance with the provisions of this Section 1304 (other
than this Paragraph G) not later than such time as may be
required in order to preserve the tax-free nature of a
distribution to the holders of shares of Common Stock. All
calculations under this Section 1304 shall be made to the
nearest cent or to the nearest one-hundredth of a share, as
the case may be. Anything in this Section 1304 to the
contrary notwithstanding, the Company shall be entitled to
make such reductions in the conversion rate in addition to
those required by this Section 1304 as it in its discretion
shall determine to be advisable in order that any stock
dividends, subdivision of shares, distribution of rights to

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purchase stock or securities, or distribution of securities convertible into or
exchangeable for stock hereafter made by the Company to its stockholders shall not be
taxable.

     H. The term “Common Stock” for the purposes of this Article Thirteen shall mean the
Company’s Common Stock, par value $1.00 per share, as the same existed on the date hereof or
any other class of stock resulting from successive changes or reclassifications of such
Common Stock consisting solely of changes in par value, or from par value to no par value,
or from no par value to par value. In the event that at any time as a result of an
adjustment made pursuant to Paragraph A above, the Holder of any Convertible Debt Security
of any series thereafter surrendered for conversion shall become entitled to receive any shares of the Company other than shares of its Common Stock, thereafter the conversion rate
of such other shares so receivable upon conversion of any Convertible Debt Security of such
series shall be subject to adjustment from time to time in a manner and on terms as nearly
equivalent as practicable to the provisions with respect to Common Stock contained in
Paragraphs A through G above, and the provisions of Sections 1301 through 1303 and Sections
1305 through 1309 with respect to the Common Stock shall apply on like or similar terms to
any such other shares.

     I. Before taking any action which would cause an adjustment reducing the conversion
rate below the then par value of the Common Stock, the Company will take any corporate
action which may, in the opinion of its counsel, be necessary in order that the Company may
validly and legally issue fully paid and non-assessable shares of Common Stock at the
conversion rate as so adjusted.

Section 1305.
Company to Give Notice of Adjustment.

     Whenever the conversion rate is adjusted as herein provided:

     (a) the Company shall promptly file with the Trustee a
certificate of a firm of independent public accountants
selected by the Board of Directors (who may be the regular
accountants employed by the Company) setting forth the
conversion rate after such adjustment and setting forth a
brief statement of the facts requiring such adjustment,
which certificate shall be conclusive evidence of the
correctness of such adjustment, and such certificate shall
forthwith be filed at the office or agency maintained for
the purpose of conversion of Convertible Debt Securities
pursuant to Section 1002; and

     (b) a notice stating that the conversion rate has been adjusted and setting forth the adjusted conversion rate

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shall forthwith be required, and as soon as practicable after it is required, such notice
shall be mailed by the Company to the Holders of the Convertible Debt Securities at their
last address as they shall appear upon the Debt Security Register provided for in Section
305; provided, however, that if within ten days after the mailing of
such a notice, an additional notice is required, such additional notice shall be deemed to
be required pursuant to this clause (b) as of the opening of business on the tenth day after
such mailing and shall set forth the conversion rate as adjusted at such opening of
business, and upon the mailing of such additional notice no other notice need be given of
any adjustment in the conversion rate occurring at or prior to such opening of business and
after the time that the next preceding notice given by mailing became required.

Section 1306. Company to Give Notice of Certain Events.

     In case:

     (i) the Company shall take any action which would require an adjustment in the
conversion rate pursuant to Section 1304; or

     (ii) the Company shall authorize the granting to the holders of its Common Stock of
rights or warrants to subscribe for or purchase any shares of stock of any class or of any
other rights and notice thereof shall be given to holders of Common Stock; or

     (iii)
there shall be any capital reorganization or reclassification of the Common Stock
(other than a subdivision or combination of the outstanding Common Stock and other than a
change in par value or from par value to no par value or from no par value to par value of
the Common Stock), or any consolidation or merger to which the Company is a party and for which
approval of any stockholders of the Company is required, or any sale or transfer of all or
substantially all of the assets of the Company; or

     (iv) there shall be a voluntary or involuntary dissolution, liquidation or
winding up of the Company,

then the Company shall cause to be filed at the office or agency maintained for the purpose
of conversion of Convertible Debt Securities pursuant to Section 1002, and shall cause to be
mailed, first class postage prepaid, to the Holders of Convertible Debt Securities at their
last addresses as they shall appear upon the Debt Security Register provided for in Section
305, at least 10 days prior to the applicable date hereinafter specified, a notice setting
forth (x) the date on which a record is to be taken

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for the purpose of any distribution or grant to holders of Common Stock, or, if a record is
not to be taken, the date as of which the holders of Common Stock of record to be entitled
to such distribution or grant are to be determined or (y) the date on which such
reorganization, reclassification, consolidation, merger, sale, transfer, dissolution,
liquidation or winding up is expected to become effective, and the date as of which it is
expected that holders of Common Stock of record shall be entitled to exchange their shares
of Common Stock for securities or other property deliverable upon such reorganization,
reclassification, consolidation, merger, sale, transfer, dissolution, liquidation or
winding up. Failure to give such notice or any defect therein shall not affect the
legality or validity of the proceedings described in clauses (i) through (iv) of this
Section 1306. If at the time the Trustee shall not be the conversion agent, a copy of such
notice shall also forthwith be filed by the Company with the Trustee.

Section 1307. Reservation of Common Stock.

     The Company covenants that it will at all times reserve and keep available, solely for the
purpose of issue upon conversion of Convertible Debt Securities, such number of shares of Common
Stock as shall be issuable upon the conversion of all Outstanding Convertible Debt Securities;
provided that nothing contained herein shall be construed to preclude the Company from satisfying
its obligations in respect of the conversion of the Convertible Debt Securities by delivery of
purchased shares of Common Stock which are held in the treasury of the Company. For the purpose of
this Section 1307, the full number of shares of Common Stock issuable upon the conversion of all
Outstanding Convertible Debt Securities shall be computed as if at the time of computation of such
number of shares of Common Stock all Outstanding Convertible Debt Securities were held by a single
Holder. The Company covenants that if any shares of Common Stock required to be reserved for
issuance upon conversion of Convertible Debt Securities hereunder require registration with or
approval of any governmental authority under any Federal or state law before such shares may be
issued upon conversions, the Company will cause such shares to be duly registered or approved, as
the case may be. The Company will endeavor to list the shares of Common Stock required to be
delivered upon conversion of Convertible Debt Securities prior to such delivery upon each national
securities exchange upon which the outstanding Common Stock is listed at the time of such delivery.

Section 1308.
Taxes on Conversions.

     The issuance of certificates for shares of Common Stock on conversion of Convertible. Debt
Securities pursuant hereto shall

80

 

be made without charge for any stamp or other similar tax in respect of such issuance. However, if
any such certificate is to be issued in a name other than that of the Holder of the Convertible
Debt Security or Convertible Debt Securities to be converted, the person or persons requesting the
issuance thereof shall pay to the Company the amount of any tax which may be payable in respect of
any transfer involved in such issuance or shall establish to the satisfaction of the Company that
such tax has been paid.

Section 1309. Absence of Preemptive Rights.

     The Company covenants that all authorized but unissued shares of Common Stock which may at any
time be reserved pursuant to Section 1307 for issuance upon conversions of Convertible Debt
Securities will be free from preemptive rights and duly and validly authorized for issuance upon
such conversions, and that all shares of Common Stock which may at any time be issued upon
conversions of Convertible Debt Securities in accordance with the terms of this Indenture will upon
such issuance be free from preemptive rights, duly and validly authorized and issued, fully paid
and non-assessable.

     Simultaneously with the delivery of Convertible Debt Securities of any series to the Trustee
for authentication pursuant to Section 303 the Company shall deliver to the Trustee an Opinion of
Counsel to the effect that the shares of Common Stock which have initially been reserved pursuant
to Section 1307 for issuance upon conversions of Convertible Debt Securities of such series are
free from preemptive rights and duly and validly authorized for issuance upon such conversions; and
within ten business days after the Company shall thereafter, at any time or from time to time, take
action to reserve additional or other shares of Common Stock pursuant to Section 1307 for issuance
upon conversions of Convertible Debt Securities of such series, the Company shall deliver to the
Trustee an Opinion of Counsel to the effect that such additional or other shares of Common Stock
are free from preemptive rights and have been duly and validly authorized for issuance upon such
conversions and will upon such issue be fully paid and non-assessable.

Section 1310. Debt Securities Converted.

     All Convertible Debt Securities delivered for conversion shall be delivered to the Trustee to
be cancelled by or at the direction of the Trustee, which shall dispose of the same as provided in
Section 309.

Section 1311.
Effect of Consolidation, Merger or Sale.

     In case of any consolidation or merger of the Company with or into any other corporation
(other than a consolidation or

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merger in which the Company is the continuing corporation), or in case of any sale or transfer of
all or substantially all the assets of the Company, the corporation formed by such consolidation or
the corporation into which the Company shall have been merged or the corporation which shall have
acquired such assets, as the case may be, shall execute and deliver to the Trustee a supplemental
indenture providing that the holder of each Convertible Debt Security then outstanding shall have
the right thereafter to convert such Convertible Debt Security as provided in Paragraph F of
Section 1304. Such supplemental indenture shall provide for adjustments which, for events
subsequent to the effective date of such supplemental indenture, shall be as nearly equivalent as
may be practicable to the adjustments provided for in this Article Thirteen. The provisions of
this Section 1311 shall similarly apply to successive consolidations, mergers, sales or transfers.

Section 1312. Return of Funds.

     Notwithstanding anything else in this Article Thirteen, any funds which at anytime shall have
been deposited by the Company or on its behalf with any paying agent for the purpose of paying
interest on or the redemption price of any of the Convertible Debt Securities and which shall not
be required for such purposes because of the conversion of such Convertible Debt Securities (or a
specified portion thereof), upon delivery to the paying agent of evidence satisfactory to it of
such conversion, after such conversion shall be repaid to the Company by the paying agent.

ARTICLE FOURTEEN

Subordinated Debt Securities

Section 1401. Applicability of Article.

     Debt Securities of any series, the indebtedness evidenced thereby and the payment of the
principal thereof, premium, if any, sinking fund requirements therefor, if any, and interest
thereon which are subordinate and subject in right of payment, to the prior payment in full of all
Senior Indebtedness shall be subordinate in accordance with the terms of the Debt Securities of
such series and (except as otherwise specified as contemplated by Section 301 for Debt Securities
of any series) in accordance with this Article (such subordinated Debt Securities in this Article
Fourteen referred to as “Subordinated Debt Securities”). The Company covenants and agrees, and each
Holder of Subordinated Debt Securities of such series, by his acceptance thereof, likewise
covenants and agrees, that the indebtedness evidenced by the Subordinated Debt Securities of such
series and the payment of the principal thereof, premium, if any, sinking fund requirements
therefor, if any, and interest thereon shall be

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subordinate and subject in right of payment, to the prior payment in full of all Senior
Indebtedness in accordance with the terms of the Subordinated Debt Securities of such series and
(except as otherwise specified as contemplated by Section 301 for Subordinated Debt Securities of
any series) in accordance with this Article. Each reference in this Article to a “Subordinated
Debt Security” or the “Subordinated Debt Securities” refers to the Subordinated Debt Securities of
the particular series that is subordinate to the Senior Indebtedness. If more than one series of
Subordinated Debt Securities which are subordinate to the Senior Indebtedness are outstanding at
any time, the provisions of this Article shall be applied separately to each such series.

Section 1402.
No Payment on Subordinated Debt Securities in Event of Default on Senior
Indebtedness.

     The Company shall not make any payment on account of the principal of, or sinking fund for, if
any, or premium, if any, or interest on the Subordinated Debt Securities if, at the time thereof or
immediately after giving effect thereto, there exists (and has not been waived) any default in the
payment of principal of, premium, if any, or interest on any Senior Indebtedness or any event of
default with respect to any Senior Indebtedness as defined therein (after giving effect to any
grace period provided for therein) or in any agreement pursuant to which any Senior Indebtedness is
issued and the default is the subject of a judicial proceeding or the Company receives notice of
the default from the Trustee or any holder of Senior Indebtedness or any trustee therefor;
provided, however, that the foregoing shall not prevent a sinking fund payment in respect
of the Subordinated Debt Securities of any series made by the taking of a credit for Subordinated
Debt Securities of such series properly acquired prior to the happening of such default or event of
default or for Subordinated Debt Securities of such series converted into Common Stock pursuant to
Article Thirteen; and provided, further, that in the event the Subordinated Debt Securities
of any series have been declared due and payable pursuant to Section 502, the provisions of the
next succeeding paragraph of this Section 1402 shall be applicable.

     In the event that any Event of Default as defined in Section 501 shall occur (under such
circumstances that the provisions of Section 1403 are not applicable) and as a result the
Subordinated Debt Securities of any series then outstanding are declared due and payable pursuant
to Section 502, and such declaration shall not have been rescinded or annulled, the Company shall
promptly cause notice thereof to be mailed to all holders of Senior Indebtedness whose names and
addresses are known to the Company (and not later than said mailing date shall also cause notice
thereof to be published at least once in a newspaper printed in the English language, customarily
published at least once on each full business day, and of general circulation in New York, New

83

 

York), and the Company shall not make any payment on account of the principal of, or sinking fund
(except by the taking of a credit for Subordinated Debt Securities properly acquired prior to such
Event of Default or Subordinated Debt Securities converted into Common Stock pursuant to Article
Thirteen) for, or premium, if any, or interest on any Subordinated Debt Securities, unless at least
120 days shall have elapsed after said declaration and unless all principal of, premium, if any,
and interest on Senior Indebtedness due at the time of such payment (whether by acceleration of the
maturity thereof or otherwise) shall first be paid in full.

     The Company shall give prompt written notice to the Trustee of the existence of any of the
conditions described in this Section 1402.

Section 1403.
Distribution on Dissolution. Liquidation and Reorganization.

     In the event of any payment or distribution of assets or securities of the Company of any kind
or character, whether in cash, property or securities, to creditors upon any dissolution or winding
up or total or partial liquidation or reorganization of the Company, whether voluntary or
involuntary and whether in bankruptcy, insolvency or receivership proceedings, or upon an
assignment for the benefit of creditors or any other marshaling of the assets and liabilities of
the Company, or upon other proceedings:

     (a) all principal of, premium, if any, and interest
due on all Senior Indebtedness shall first be paid in full,
or due provision made for such payment, in accordance with
the terms of such Senior Indebtedness, before any payment is
made on account of the principal of, sinking fund, if any,
premium, if any, or interest on the indebtedness evidenced
by the Subordinated Debt Securities, or before the holders
of the Subordinated Debt Securities shall be entitled to
retain any assets so paid or distributed in respect thereof;
and

     (b) any payment or distribution of assets or
securities of the Company of any kind or character, whether
in cash, property or securities (other than securities of
the Company as reorganized or readjusted or securities of
the Company or any other corporation provided for by a plan
of reorganization or readjustment, which are in any such
case subordinated to Senior Indebtedness to the same extent
as the Subordinated Debt Securities), to which the Holders
of the Subordinated Debt Securities or the Trustee for their
benefit would be entitled except for the provisions of this
Section 1403, shall be paid or delivered by the Company or
any receiver, trustee in bankruptcy, liquidating trustee,

84

 

agent or other person making such payment or distribution directly to the Holders of Senior
Indebtedness (pro rata to each such holder on the basis of the respective amount of Senior
Indebtedness held by such holder) or their representative or representatives or the trustee
or trustees under any indenture pursuant to which any instruments evidencing any Senior
Indebtedness may have been issued, as their respective interests may appear, for
application to the payment of all Senior Indebtedness remaining unpaid to the extent
necessary to pay all Senior Indebtedness in full in accordance with the terms of such
Senior Indebtedness, after giving effect to any concurrent payment or distribution to or
for the Holders of Senior Indebtedness, before any payment or distribution is made to the
Holders of the Subordinated Debt Securities.

The Company shall give prompt written notice to the Trustee of any dissolution, winding up,
liquidation or reorganization of the Company within the meaning of Section 1403.

Section 1404. Payment to Holders of Senior Indebtedness.

     Subject to the provisions of Section 1406, in the event that, notwithstanding the provisions
of Section 1402 or Section 1403, any payment or distribution of assets or securities of the Company
of any kind or character, whether in cash, property or securities shall be received by the Trustee
or the Holders of the Subordinated Debt Securities (i) from the Company in violation of such
provisions, or (ii) from any other person under such circumstances that such payment would, if made
directly by the Company, be in violation of such provisions, such payment or distribution shall
immediately be paid over by the Trustee or such holders to the holders of Senior Indebtedness or
their representative or representatives, or to the trustee or trustees under any indenture under
which any instrument evidencing any of such Senior Indebtedness may have been issued, ratably
according to the aggregate amounts then due on account of the principal of, premium, if any, and
interest on such Senior Indebtedness (after giving effect to any concurrent payment or distribution
to the holders of such Senior Indebtedness), to the extent necessary to pay in full all such
amounts then due.

     Upon any payment or distribution of assets or securities of the Company referred to in
Sections 1402 and 1403, the Trustee and the Holders of the Subordinated Debt Securities shall be
entitled to rely upon any order or decree of a court of competent jurisdiction, or upon any
certificate of any liquidating trustee or agent or other person making any payment or distribution
to the Trustee or to the Holders of the Subordinated Debt Securities, for the purpose of
ascertaining the persons entitled to participate in such payment or distribution, the holders of
the Senior Indebtedness, the amount thereof or payment thereon,

85

 

the amount or amounts paid or distributed thereon and all other facts pertinent thereto or to this
Article Fourteen. In the event that the Trustee determines, in good faith, that further evidence
is required with respect to the right of any person as a holder of Senior Indebtedness to
participate in any payment or distribution referred to in Sections 1402 and 1403, the Trustee may
request such person to furnish evidence to the reasonable satisfaction of the Trustee as to the
amount of Senior Indebtedness held by such person, as to the extent to which such person is
entitled to participation in such payment or distribution, and as to other facts pertinent to the
rights of such person under Sections 1402 and 1403, and if such evidence is not furnished, the
Trustee may defer any payment to such person pending judicial determination as to the right of such
person to receive such payment.

Section 1405. Subrogation.

     Subject to the payment in full of all amounts then due (whether by acceleration of the
maturity thereof or otherwise) on account of the principal of, premium, if any, and interest on all
Senior Indebtedness at the time outstanding, the Holders of the Subordinated Debt Securities shall
be subrogated to the rights of each holder of Senior Indebtedness (to the extent of the payments or
distributions made to such holder pursuant to the provisions of Sections 1402, 1403 and 1404) to
receive payments or distributions of assets or securities of the Company applicable to the Senior
Indebtedness until the Subordinated Debt Securities shall be paid in full, and each holder of
Senior Indebtedness by the act of accepting such payments or distributions pursuant to the
provisions of Sections 1402, 1403 and 1404 shall be deemed to have agreed to the subrogation
aforesaid. No payments or distributions of assets or securities of the Company applicable to Senior
Indebtedness which the Holders of the Subordinated Debt Securities receive by reason of their being
subrogated to the rights of the holders of such Senior Indebtedness pursuant to the provisions of
Sections 1402, 1403 and 1404 shall, as between the Company, its creditors other than the holders of
Senior Indebtedness, and the Holders of the Subordinated Debt Securities, be deemed to be a payment
by the Company on account of the Subordinated Debt Securities, it being understood that the
provisions of this Article Fourteen are intended solely for the purpose of defining the relative
rights of the Holders of the Subordinated Debt Securities, on the one hand, and the holders of the
Senior Indebtedness, on the other hand, and nothing contained in this Article Fourteen or elsewhere
in this Indenture, or in the Subordinated Debt Securities, is intended to or shall impair, as
between the Company, its creditors other than the holders of Senior Indebtedness, and the Holders
of the Subordinated Debt Securities, the obligation of the Company, which is absolute and
unconditional, to pay to the Holders of the Subordinated Debt Securities the principal of, premium,
if any, and interest on the

86

 

Subordinated Debt Securities, as and when the same shall become due and payable in accordance with
their terms, or is intended to or shall affect the relative rights of the Holders of the
Subordinated Debt Securities and creditors of the Company other than the holders of Senior
Indebtedness, nor shall anything herein or therein prevent the Trustee or the Holder of any
Subordinated Debt Securities from exercising all remedies otherwise permitted by applicable law
upon default under this Indenture, subject to the rights, if any, under this Article Fourteen of
the holders of Senior Indebtedness in respect of cash, property or securities of the Company
received upon the exercise of any such remedy.

Section 1406.
Payment on Subordinated Debt Securities Permitted.

     Nothing contained in this Article Fourteen or elsewhere in this Indenture, or in any of the
Subordinated Debt Securities, shall prevent the Company from making payment of the principal of,
sinking fund for, if any, premium, if any, or interest on the Subordinated Debt Securities, at any
time, except under the conditions described in Section 1402 and except during the pendency of any
dissolution, winding up, liquidation or reorganization of the Company within the meaning of Section
1403. Nothing contained in this Article Fourteen or elsewhere in this Indenture, or in any of the
Subordinated Debt Securities, shall prevent the application by the Trustee of any moneys deposited
with it hereunder for the purpose, to the payment of or on account of the principal of, sinking
fund for, if any, or premium, if any, or interest on the Subordinated Debt Securities, unless,
prior to the business day next preceding the date upon which such principal sinking fund payment or
premium shall have become payable, or, in the case of any payment of or on account of interest
unless, prior to two Business Days before the date upon which such interest shall have become
payable, the Trustee shall have received written notice, directed to it at its Corporate Trust
Office, from the Company or any holder of Senior Indebtedness of any trustee therefor of the
existence of any of the conditions described in Section 1402 or of any dissolution, winding up,
liquidation or reorganization of the Company within the meaning of Section 1403.

Section 1407. Authorization of Holders to Trustee to Effect Subordination.

     Each Holder of Subordinated Debt Securities by his acceptance thereof authorizes and directs
the Trustee in his behalf to take such action as may be necessary or appropriate to effectuate, as
between the Holders of the Subordinated Debt Securities and the holders of Senior Indebtedness, the
subordination provided in this Article Fourteen and appoints the Trustee his attorney-in-fact for
any and all such purposes.

87

 

Section 1408.
Trustee as Holder of Senior Indebtedness.

     The Trustee shall be entitled to all the rights set forth in this Article Fourteen in respect
of any Senior Indebtedness at any time held by it, to the same extent as any other holder of Senior
Indebtedness, and nothing in Section 613 or elsewhere in this Indenture shall deprive or be
construed to deprive the Trustee of its rights as such holder.

Section 1409.
Notices to Trustee.

     Notwithstanding the provisions of this Article Fourteen or any other provisions of this
Indenture, the Trustee shall not be charged with the knowledge of the existence of any Senior
Indebtedness or of any facts which would prohibit the making of any payment of moneys to or by the
Trustee, unless and until the Trustee shall have received written notice thereof, directed to it at
its Corporate Trust Office, from the Company or any holder of Senior Indebtedness or any trustee
thereof.

Section 1410.
No Fiduciary Duty by Trustee to Holders of Senior Indebtedness.

     The Trustee shall not be deemed to owe any fiduciary duty to the holders of Senior
Indebtedness and shall not be liable to any such holders if it shall mistakenly pay over or
distribute to Holders of Subordinated Debt Securities or the Company or any other person moneys or
assets to which any holders of Senior Indebtedness shall be entitled by virtue of this Article
Fourteen or otherwise.

Section 1411.
Paving Agent Treated as Trustee.

     In case at any time any Paying Agent other than the Trustee shall have been appointed by the
Company and be then acting hereunder, the term “Trustee” as used in this Article Fourteen shall in
such case (unless the context shall otherwise require) be construed as extending to and including
such Paying Agent within its meaning as fully for all intents and purposes as if such Paying Agent
were named in this Article Fourteen in place of the Trustee.

* * * * *

     This instrument may be executed in any number of counterparts, each of which so executed shall
be deemed to be an original, but all such counterparts shall together constitute but one and the
same instrument.

88

 

     In Witness Whereof, the parties hereto have caused this Indenture to be duly executed, and
their respective corporate seals to be hereunto affixed and attested, all as of the day and year
first above written.

	 	 	 	 	 
	 	OLD REPUBLIC INTERNATIONAL

              CORPORATION
 	 
	 	By  	/s/ [ILLIGIBLE] 	 
	 	 	     President	 
	 	 	 	 
	 	WILMINGTON TRUST COMPANY
as Trustee
 	 
	 	By  	/s/ [ILLIGIBLE] 	 
	 	 	     Vice President 	 
	 	 	 	 

89

 

	 	 	 	 	 

	 	 	 
	State of Illinois
	 	 
	 
	 	ss:
	County of Cook
	 	 

     On the 15th day of August, 1992, before me personally came
A. C. Zucaro, to me known, who, being by me duly sworn, did
depose and say that he is President of Old Republic International Corporation, one of the
corporations described in and which executed the foregoing instrument; that he knows the seal of
said corporation; that the seal affixed to said instrument is such corporate seal; that it was so
affixed by authority of the Board of Directors of said corporation, and that he signed his name
thereto by like authority.

	 	 	 	 	 
	 	
“OFFICIAL SEAL”

CATHERINE M. GIBLIN

NOTARY PUBLIC, STATE OF ILLINOIS

MY COMMISSION EXPIRES 12/24/95
	 	
/s/ Catherine M. Giblin
	 

	 	 	 
	State of Delaware
	 	 
	 
	 	ss:
	County of New Castle
	 	 

     On
the 24th day of August, 1992 before me personally came Emmett R.
Harmon, to me known, who, being by me duly sworn, did depose and say that he is Vice President of Wilmington Trust Company, one of the corporations
described in and which executed the foregoing instrument; that he knows the seal of said
corporation; that the seal affixed to said instrument is such corporate seal; that it was so
affixed by authority of the Board of Directors of said corporation, and that he signed his name
thereto by like authority.

	 	 	 	 	 
	 	 	 	/s/ Sonya F. Allen	 
	 	 
	 	 	 
	 
	 	 	 	SONYA F. ALLEN

NOTARY PUBLIC

My Commission expires May 30, 1994	 

90EX-10.1

Exhibit 10.1

FIRST AMENDMENT TO

AMENDED AND RESTATED EMPLOYMENT AGREEMENT

     THIS FIRST AMENDMENT TO AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this “Amendment”) is
entered into as of the 21st day of April, 2009, by and between MYERS INDUSTRIES, INC.,
an Ohio corporation (the “Company”), and JOHN C. ORR (the “Executive”).

WITNESSETH:

     WHEREAS, the Company and the Executive (collectively “the Parties”) entered into that certain
Amended and Restated Employment Agreement, effective June 1, 2008 (the “Existing Agreement”) and
desire to amend the Existing Agreement as hereinafter set forth.

     NOW, THEREFORE, the Company and the Executive agree as follows:

     1. For purposes of this Amendment, unless otherwise set forth in this Amendment, all defined
terms shall have the meanings set forth in the Existing Agreement.

     2. Section 5(j) of the Existing Agreement is hereby deleted in its entirety and replaced with
the following provision:

	 	“(j) 	 	Each year during the Employment Term, at the customary time for
granting stock options (i.e., each September commencing with September 2008),
the Executive will be granted the option to purchase shares of the Company’s
common stock. The value of each such annual grant during the Employment Term
shall be not less than One Million Dollars ($1,000,000.00) determined on the
basis of a Black-Scholes valuation or other measure utilized by the
Compensation Committee which measure is in general use at the time of such
grant by public companies in the United States of America for such purpose.
The terms of such options shall be as set forth in option agreements evidencing
such grants, which option agreements will contain the following provisions:

	 	(i)	 	a ten (10) year term, subject to early
termination as provided in Subsection 5(j)(iii) below and, subject to
Subsection 8(a)(ii), in connection with a Change in Control, with an
exercise price equal to the fair market value of the Company’s common
stock on the date of grant; provided, however, that any grants made
pursuant to this Subsection 5(j) after April 21, 2009 will be at an
exercise price equal to one hundred twenty five percent (125%) of the
fair market value of the Company’s common stock on the date of grant;
	 
	 	(ii)	 	becoming exercisable (i.e., vesting) ratably in
three (3) equal annual installments over a three (3) year period
following the date of grant (i.e., one-third (1/3) annually), provided
that the Executive 

 

 

	 	 	 	is employed by the Company on the applicable vesting date; provided
further that all of such options shall become exercisable in full in
the event of the termination of the Executive’s employment by reason
of his death or Disability, by the Company not for Cause or by the
Executive for Good Reason and;
	 
	 	(iii)	 	notwithstanding (i) above, the options will
automatically terminate, to the extent not exercised, as follows:

(A) immediately upon involuntary termination for Cause;

(B) six (6) months following a voluntary termination without Good
Reason (provided, however, such six (6) month period
will not extend the ten (10) year term of the option); or

(C) twelve (12) months following such termination of employment for
any reason other than an involuntary termination for Cause or a
voluntary termination without Good Reason (provided, however, such
twelve (12) month period will not extend the ten (10) year term of
the option).

	 	 	 	The parties acknowledge that the Company does not have sufficient shares of
Company common stock available under the 1999 Plan to satisfy the
requirement of this Subsection 5(j). In order to satisfy the requirement of
this Subsection 5(j), the Company will adopt a new equity incentive plan by
September 2008 (the “2008 Plan”), shall submit the 2008 Plan to its
stockholders at the first annual meeting of stockholders following adoption
of the 2008 Plan with a recommendation that the 2008 Plan be approved, and
grant the options described under Subsection 5(j) under the 2008 Plan
conditioned upon stockholder approval of the 2008 Plan. If the Company is
unable to grant options to the Executive as provided herein because of the
failure to approve the 2008 Plan (or any successor plan), then
(1) the Executive and the Compensation Committee shall negotiate in good
faith mutually acceptable alternative compensation to replace the options to
be granted pursuant to this Subsection 5(j), and (2) if the Executive and
the Compensation Committee fail to reach agreement on mutually acceptable
alternative compensation within sixty (60) days following the stockholders’
rejection of the 2008 Plan (or any successor plan), then such failure will
constitute “Good Reason”.”

     3. Except as expressly set forth in this Amendment, all terms and provisions of the Existing
Agreement shall remain in full force and effect.

     4. This Amendment shall be binding upon and inure to the benefit of the parties to this
Agreement and their respective successors, heirs (in the case of the Executive) and permitted
assigns.

 

 

     5. Any provision of the Existing Agreement as modified by this Amendment that is prohibited or
unenforceable shall be ineffective to the extent, but only to the extent, of such prohibition or
unenforceability without invalidating the remaining portions hereof and such remaining portions of
the Existing Agreement as modified by this Amendment shall continue to be in full force and effect.
In the event that any provision of the Existing Agreement as modified by this Amendment shall be
determined to be invalid or unenforceable, the Parties will negotiate in good faith to replace such
provision with another provision that will be valid or enforceable and that is as close as
practicable to the provisions held invalid or unenforceable.

     6. The Existing Agreement as modified by this Amendment contains the entire agreement between
the Parties with respect to the employment of the Executive by the Company and supersedes all prior
and contemporaneous agreements, representations, and understandings of the Parties, whether oral or
written. No modification, amendment, or waiver of any of the provisions of the Existing Agreement
or this Amendment shall be effective unless in writing, specifically referring hereto, and signed
by both Parties.

     7. This Amendment has been made in, and shall be governed and construed in accordance with the
laws of, the State of Ohio. The Parties agree that neither this Amendment nor the Existing
Agreement as modified by this Amendment is an “employee benefit plan” or part of an “employee
benefit plan” which is subject to the provisions of the Employee Retirement Income Security Act of
1974, as amended. This Amendment shall be interpreted and enforced in accordance with the terms
set forth in the Existing Agreement.

     IN WITNESS WHEREOF, the Company and the Executive have executed this Agreement as of the day
and year first above written.

	 	 	 	 	 
	 	MYERS INDUSTRIES, INC.

(the “Company”)

 	 
	 	By:  	/s/ Jon H. Outcalt
 	 
	 	 	Name:  	Jon H. Outcalt 	 
	 	 	Title:  	Chairman of the Compensation Committee 	 
	 
	 	 	 
	 	                                                   /s/ John C. Orr
 	 
	 	JOHN C. ORR 	 
	 	(the “Executive”)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00157-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00157-of-00352.parquet"}]]