Document:

EX-4.1

 

Exhibit 4.1

EPICEPT CORPORATION

and

THE BANK OF NEW YORK, as Trustee

Indenture

Dated as of __________, 20__

Providing for Issuance of Debt Securities

 

 

TABLE OF CONTENTS

 

	 	 	 	 	 
	 	 	Page
	ARTICLE 1
	Definitions and Other Provisions of General Application
	 
	 	 	 	 
	Section 1.01. Definitions
	 	 	1	 
	Section 1.02. Officers’ Certificates and Opinions
	 	 	9	 
	Section 1.03. Form of Documents Delivered to Trustee
	 	 	10	 
	Section 1.04. Acts of Securityholders
	 	 	10	 
	Section 1.05. Notices, etc., to Trustee and Company
	 	 	12	 
	Section 1.06. Notice To Securityholders; Waiver
	 	 	12	 
	Section 1.07. Conflict with Trust Indenture Act
	 	 	13	 
	Section 1.08. Effect of Headings and Table of Contents
	 	 	13	 
	Section 1.09. Successors and Assigns
	 	 	13	 
	Section 1.10. Separability Clause
	 	 	13	 
	Section 1.11. Benefits Of Indentures
	 	 	13	 
	Section 1.12. Governing Law
	 	 	13	 
	Section 1.13. Counterparts
	 	 	13	 
	Section 1.14. Judgment Currency
	 	 	13	 
	Section 1.15. Legal Holidays
	 	 	14	 
	Section 1.16. Waiver of Jury Trial
	 	 	14	 
	Section 1.17. Force Majeure
	 	 	14	 
	Section 1.18. Facsimile Instructions
	 	 	15	 
	 
	 	 	 	 
	ARTICLE 2
	Security Forms
	 
	 	 	 	 
	Section 2.01. Forms Generally
	 	 	15	 
	Section 2.02. Forms of Securities
	 	 	15	 
	Section 2.03. Securities in Global Form
	 	 	15	 
	Section 2.04. Form of Trustee’s Certificate of Authentication
	 	 	16	 
	 
	 	 	 	 
	ARTICLE 3
	The Securities
	 
	 	 	 	 
	Section 3.01. General Title; General Limitations; Issuable in Series; Terms of Particular Series
	 	 	16	 
	Section 3.02. Denominations and Currency
	 	 	20	 
	Section 3.03. Execution, Authentication and Delivery, and Dating
	 	 	20	 
	Section 3.04. Temporary Securities
	 	 	22	 
	Section 3.05. Registration, Transfer and Exchange
	 	 	23	 
	Section 3.06. Mutilated, Destroyed, Lost and Stolen Securities
	 	 	26	 
	Section 3.07. Payment of Interest; Interest Rights Preserved
	 	 	27	 

 

 

	 	 	 	 	 
	 	 	Page
	Section 3.08. Persons Deemed Owners
	 	 	28	 
	Section 3.09. Cancellation
	 	 	28	 
	Section 3.10. Computation of Interest
	 	 	29	 
	Section 3.11. CUSIP Numbers
	 	 	29	 
	 
	 	 	 	 
	ARTICLE 4
	Satisfaction and Discharge
	 
	 	 	 	 
	Section 4.01. Satisfaction and Discharge of Indenture
	 	 	29	 
	Section 4.02. Discharge and Defeasance
	 	 	31	 
	Section 4.03. Covenant Defeasance
	 	 	31	 
	Section 4.04. Conditions To Defeasance Or Covenant Defeasance
	 	 	32	 
	Section 4.05. Application of Trust Money; Excess Funds
	 	 	34	 
	Section 4.06. Paying Agent to Repay Moneys Held
	 	 	34	 
	Section 4.07. Return of Unclaimed Amounts
	 	 	35	 
	 
	 	 	 	 
	ARTICLE 5
	Remedies
	 
	 	 	 	 
	Section 5.01. Events of Default
	 	 	35	 
	Section 5.02. Acceleration of Maturity; Rescission, and Annulment
	 	 	37	 
	Section 5.03. Collection of Indebtedness and Suits for Enforcement by Trustee
	 	 	38	 
	Section 5.04. Trustee May File Proofs of Claim
	 	 	39	 
	Section 5.05. Trustee May Enforce Claims Without Possession of Securities
	 	 	39	 
	Section 5.06. Application of Money Collected
	 	 	40	 
	Section 5.07. Limitation on Suits
	 	 	40	 
	Section 5.08. Unconditional Right of Securityholders to Receive Principal, Premium, and Interest
	 	 	41	 
	Section 5.09. Restoration of Rights and Remedies
	 	 	41	 
	Section 5.10. Rights and Remedies Cumulative
	 	 	41	 
	Section 5.11. Delay or Omission Not Waiver
	 	 	41	 
	Section 5.12. Control by Securityholders
	 	 	41	 
	Section 5.13. Waiver of Past Defaults
	 	 	42	 
	Section 5.14. Undertaking for Costs
	 	 	42	 
	Section 5.15. Waiver of Stay or Extension Laws
	 	 	43	 
	 
	 	 	 	 
	ARTICLE 6
	The Trustee
	 
	 	 	 	 
	Section 6.01. Certain Duties and Responsibilities of Trustee
	 	 	43	 
	Section 6.02. Notice of Defaults
	 	 	44	 
	Section 6.03. Certain Rights of Trustee
	 	 	45	 
	Section 6.04. Not Responsible for Recitals or Issuance of Securities
	 	 	46	 
	Section 6.05. May Hold Securities
	 	 	46	 
	Section 6.06. Money Held in Trust
	 	 	46	 
	Section 6.07. Compensation and Reimbursement
	 	 	46	 

ii

 

	 	 	 	 	 
	 	 	Page
	Section 6.08. Disqualification; Conflicting Interests
	 	 	47	 
	Section 6.09. Corporate Trustee Required; Eligibility
	 	 	47	 
	Section 6.10. Resignation and Removal; Appointment of Successor
	 	 	48	 
	Section 6.11. Acceptance of Appointment by Successor
	 	 	49	 
	Section 6.12. Merger, Conversion, Consolidation or Succession to Business
	 	 	50	 
	Section 6.13. Preferential Collection of Claims Against Company
	 	 	51	 
	Section 6.14. Appointment of Authenticating Agent
	 	 	51	 
	 
	 	 	 	 
	ARTICLE 7
	Securityholders’ Lists and Reports by Trustee and Company
	 
	 	 	 	 
	Section 7.01. Company to Furnish Trustee Names and Addresses of Securityholders
	 	 	53	 
	Section 7.02. Preservation of Information; Communications to Securityholders
	 	 	53	 
	Section 7.03. Reports by Trustee
	 	 	53	 
	Section 7.04. Reports by Company
	 	 	54	 
	 
	 	 	 	 
	ARTICLE 8
	Consolidation, Merger, Conveyance or Transfer
	 
	 	 	 	 
	Section 8.01. Company May Consolidate, etc., Only on Certain Terms
	 	 	54	 
	Section 8.02. Successor Corporation Substituted
	 	 	55	 
	 
	 	 	 	 
	ARTICLE 9
	Supplemental Indentures
	 
	 	 	 	 
	Section 9.01. Supplemental Indentures Without Consent of Securityholders
	 	 	56	 
	Section 9.02. Supplemental Indentures With Consent of Securityholders
	 	 	57	 
	Section 9.03. Execution of Supplemental Indentures
	 	 	58	 
	Section 9.04. Effect of Supplemental Indentures
	 	 	59	 
	Section 9.05. Conformity With Trust Indenture Act
	 	 	59	 
	Section 9.06. Reference in Securities to Supplemental Indentures
	 	 	59	 
	 
	 	 	 	 
	ARTICLE 10
	Covenants
	 
	 	 	 	 
	Section 10.01. Payment of Principal, Premium and Interest
	 	 	59	 
	Section 10.02. Maintenance of Office or Agency
	 	 	59	 
	Section 10.03. Money or Security Payments to Be Held in Trust
	 	 	60	 
	Section 10.04. Certificate to Trustee
	 	 	61	 
	Section 10.05. Corporate Existence
	 	 	61	 

iii

 

	 	 	 	 	 
	 	 	Page
	 
	 	 	 	 
	ARTICLE 11
	Redemption of Securities
	 
	 	 	 	 
	Section 11.01. Applicability of Article
	 	 	61	 
	Section 11.02. Election to Redeem; Notice to Trustee
	 	 	61	 
	Section 11.03. Selection by Trustee of Securities to be Redeemed
	 	 	61	 
	Section 11.04. Notice of Redemption
	 	 	62	 
	Section 11.05. Deposit of Redemption Price
	 	 	63	 
	Section 11.06. Securities Payable on Redemption Date
	 	 	63	 
	Section 11.07. Securities Redeemed in Part
	 	 	63	 
	Section 11.08. Provisions with Respect to any Sinking Funds
	 	 	64	 
	 
	 	 	 	 
	ARTICLE 12
	Repayment at Option of Holders
	 
	 	 	 	 
	Section 12.01. Applicability of Article
	 	 	65	 
	Section 12.02. Repayment of Securities
	 	 	65	 
	Section 12.03. Exercise of Option
	 	 	66	 
	Section 12.04. When Securities Presented for Repayment Become Due and Payable
	 	 	66	 
	Section 12.05. Securities Repaid in Part
	 	 	66	 
	 
	 	 	 	 
	ARTICLE 13
	Subordination Of Subordinated Securities
	 
	 	 	 	 
	Section 13.01. Agreement To Subordinate
	 	 	66	 
	Section 13.02. Company Not To Make Payments with Respect to Subordinated Securities in Certain Circumstances
	 	 	67	 
	Section 13.03. Securities Subordinated to Prior Payment of All Senior Indebtedness on Dissolution, Liquidation or Reorganization of Company
	 	 	68	 
	Section 13.04. Holders of Subordinated Securities To Be Subrogated to Rights of Holders of Senior Indebtedness
	 	 	69	 
	Section 13.05. Obligation of the Company Unconditional
	 	 	69	 
	Section 13.06. Trustee Entitled To Assume Payments Not Prohibited in Absence of Notice
	 	 	70	 
	Section 13.07. No Fiduciary Duty Of Trustee To Holders Of Senior Indebtedness
	 	 	70	 
	Section 13.08. Subordination Rights Not Impaired by Acts or Omissions of Company or Holders of Senior Indebtedness
	 	 	71	 
	Section 13.09. Holders of Subordinated Securities Authorize Trustee To Effectuate Subordination of Subordinated Securities
	 	 	71	 
	Section 13.10. Right of Trustee To Hold Senior Indebtedness
	 	 	72	 
	Section 13.11. Article 13 Not To Prevent Events of Default
	 	 	72	 
	Section 13.12. Trustee’s Compensation Not Prejudiced
	 	 	72	 

iv

 

     THIS INDENTURE, between EpiCept Corporation, a Delaware corporation (hereinafter called the
“Company”), and The Bank of New York, a New York banking corporation, as trustee (hereinafter
called the “Trustee”), is made and entered into as of this ___day of ___, 20_.

Recitals of the Company

     The Company has duly authorized the execution and delivery of this Indenture to provide for
the issuance of its unsecured debentures, notes, bonds, and other evidences of indebtedness, to be
issued in one or more fully registered series.

     All things necessary to make this Indenture a valid agreement of the Company, in accordance
with its terms, have been done.

Agreements of the Parties

     To set forth or to provide for the establishment of the terms and conditions upon which the
Securities (as hereinafter defined) are and are to be authenticated, issued, and delivered, and in
consideration of the premises thereof, and the purchase of Securities by the Holders (as
hereinafter defined) thereof, it is mutually covenanted and agreed as follows, for the equal and
proportionate benefit of all Holders from time to time of the Securities or of any series thereof,
as the case may be:

ARTICLE 1

Definitions and Other Provisions of General Application

     Section 1.01. Definitions. For all purposes of this Indenture and of any indenture
supplemental hereto, except as otherwise expressly provided or unless the context otherwise
requires:

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

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

     (c) all accounting terms not otherwise defined herein have the meanings assigned to them in
accordance with generally accepted accounting principles (“GAAP”); and

     (d) all references in this instrument to designated “Articles”, “Sections” and other
subdivisions are to the designated Articles, Sections and other

 

 

subdivisions of this instrument as originally executed. 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.

     “Act”, when used with respect to any Securityholder (as hereinafter defined), has the meaning
specified in Section 1.04.

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

     “Authenticating Agent” means any Person authorized by the Trustee to authenticate Securities
of one or more series under Section 6.14.

     “Authentication Order” has the meaning specified in Section 3.03.

     “Board of Directors” means (i) the board of directors of the Company, (ii) any duly authorized
committee of that board, or (iii) any officer, director, or authorized representative of the
Company, in each case duly authorized by such Board to act hereunder.

     “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.

     “Capital Stock” means any class of authorized capital stock of the Company, whether common or
preferred stock, as specified from time to time in the Company’s certificate of incorporation, as
amended and restated, and as in effect from time to time.

     “Capitalized Lease Obligations” means the discounted present value of the rental obligations
of any Person under any lease of any property (whether real, personal or mixed) which, in
accordance with GAAP, is required to be capitalized on the balance sheet of such Person.

     “Chairman” means the Company’s Chairman of the Board.

     “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 on such date.

2

 

     “Company” means EpiCept Corporation, unless and 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”, “Company Order”, and “Company Consent” mean, respectively, a written
request, order, or consent signed in the name of the Company by its Chairman, Chief Executive
Officer, Chief Financial Officer, Senior Vice President, or any Vice President (as hereinafter
defined), or by any other officer or officers of the Company pursuant to an applicable Board
Resolution, and delivered to the Trustee.

     “Corporate Trust Office” means the principal office of the Trustee at which at any time its
corporate trust business shall be administered, which office at the dated hereof is located at 101
Barclay Street, Floor, 8 West, New York, New York 10286, Attention: Corporate Trust
Administration, or such other address as the Trustee may designate from time to time by notice to
the Holders and the Company, or the principal corporate trust office of any successor Trustee (or
such other address as such successor Trustee may designate from time to time by notice to the
Holders and the Company).

     “corporation” means a corporation, association, company, joint-stock company, limited
liability company or business trust.

     “Covenant Defeasance” has the meaning specified in Section 4.03.

     “Defaulted Interest” has the meaning specified in Section 3.07.

     “Defeasance” has the meaning specified in Section 4.02.

     “Depositary” means with respect to the Securities of any series issuable or issued in whole or
in part in global form, the Person designated as Depositary by the Company pursuant to Section
3.01, unless and until a successor Depositary shall have become such pursuant to the applicable
provisions of this Indenture, and thereafter “Depositary” shall mean or include each Person who is
then a Depositary hereunder, and if at any time there is more than one such Person, “Depositary” as
used with respect to the Securities of any such series shall mean the “Depositary” with respect to
the Securities of that series.

     “Equivalent Government Securities” means, in relation to Securities denominated in a currency
other than U.S. dollars, securities of the government that issued the currency in which such
Securities are denominated or securities of government agencies backed by the full faith and credit
of such government.

     “Event of Default” has the meaning specified in Article 5.

     “GAAP” means generally accepted accounting principles set forth in the opinions and
pronouncements of the Accounting Principles Board of the

3

 

American Standards Board or in such other statements by such other entity as have been
approved by a significant segment of the accounting profession.

     “Holder”, “Securityholder” and “Holder of Securities” means a Person in whose name a Security
is registered in the Security Register (as hereinafter defined).

     “Indebtedness” of any Person means (i) any liability of such Person (a) for borrowed money,
(b) evidenced by a note, debenture or similar instrument (including a Purchase Money Obligation or
deferred payment obligation) given in connection with the acquisition of any property or assets
(other than inventory or similar property acquired in the ordinary course of business), including
securities, (c) for the payment of a Capitalized Lease Obligation of such Person or (d) with
respect to the reimbursement of any letter of credit, banker’s acceptance or similar credit
transaction (other than trade letters of credit issued in the ordinary course of business; provided
that the failure to make prompt reimbursement of any trade letter of credit shall be deemed to be
the incurrence of Indebtedness); and (ii) any guarantee by such Person of any liability of others
described in clause (i) above or any obligation of such Person with respect to any liability of
others described in clause (i) above. Indebtedness shall not include deposits at the Company’s
banking and lending Subsidiaries.

     “Indenture” or “this 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 and shall include the terms of any particular series
of Securities established as contemplated by Section 3.01.

     “Interest Payment Date”, when used with respect to any series of Securities, means any date on
which an installment of interest on those Securities is scheduled to be paid.

     “Maturity”, when used with respect to any Security, means the date on which the principal
amount outstanding under such Security or an installment of principal amount outstanding under such
Security becomes due and payable, as therein or herein provided, whether on the Scheduled Maturity
Date (as hereinafter defined), by declaration of acceleration, call for redemption, or otherwise.

     “New York Business Day” means (except, with respect to any particular series of Securities, as
may be otherwise provided in the form of such Securities) any day other than a Saturday or Sunday
that is neither a legal holiday nor a day on which banking institutions are authorized or required
by law, regulation, or executive order to be closed.

4

 

     “Obligations” means any principal, interest, penalties, fees, indemnities and other
obligations and liabilities payable under the documentation governing the applicable Indebtedness.

     “Officers’ Certificate” means a certificate signed by any two of the Chairman, Chief Executive
Officer, Chief Financial Officer, Senior Vice President, any Vice President, the Controller, and
any Assistant Treasurer of the Company, or by any other officer or officers of the Company pursuant
to an applicable Board Resolution, and delivered to the Trustee.

     “Opinion of Counsel” means a written opinion of counsel to the Company, which counsel may be
an employee of the Company or other counsel who shall be reasonably acceptable to the Trustee.

     “Original Issue Discount Security” means any Security which is initially sold at a discount
from the principal amount thereof and the terms of which provide that upon redemption or
acceleration of the Maturity thereof, an amount less than the principal amount thereof would become
due and payable.

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

     (i) such Securities theretofore canceled by the Trustee or delivered by the Company to the
Trustee for cancellation;

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

     (iii) such Securities in exchange for or in lieu of which other Securities have been
authenticated and delivered pursuant to this Indenture, or which shall have been paid, in each
case, pursuant to the terms of Section 3.06 (except with respect to any such Security as to which
proof reasonably satisfactory to the Trustee is presented that such Security is held by a Person in
whose hands such Security is a legal, valid, and binding obligation of the Company).

In determining whether the Holders of the requisite principal amount of such Securities Outstanding
have given any request, demand, authorization, direction, notice, consent or waiver hereunder, the
principal amount of any Original Issue Discount Security that shall be deemed to be Outstanding
shall be the amount of the principal thereof that would be due and payable as of the date of such

5

 

determination upon a declaration of acceleration of the Maturity thereof. In determining whether
the Holders of the requisite principal amount of such Securities Outstanding have given a direction
concerning the time, method, and place of conducting any proceeding for any remedy available to the
Trustee, or concerning the exercise of any trust or power conferred upon the Trustee under this
Indenture, or concerning a consent on behalf of the Holders of any series of Securities to the
waiver of any past default and its consequences, Securities owned by the Company, any other obligor
upon the Securities, or any Affiliate of the Company or such other obligor shall be disregarded and
deemed not to be Outstanding. In determining whether the Trustee shall be protected in relying upon
any such request, demand, authorization, direction, notice, consent, or waiver, only Securities
which a Responsible Officer assigned to the corporate trust department of the Trustee knows to be
owned by the Company or any other obligor upon the Securities or any Affiliate of the Company or
such other obligor shall be so disregarded. 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 to act as owner with respect to such Securities and that the pledgee is not the
Company or any other obligor upon the Securities or any Affiliate of the Company or such other
obligor.

     “Paying Agent” means, with respect to any Securities, any Person appointed by the Company to
distribute amounts payable by the Company on such Securities. If at any time there shall be more
than one such Person, “Paying Agent” as used with respect to the Securities of any particular
series shall mean the Paying Agent with respect to Securities of that series. As of the date of
this Indenture, the Company has appointed The Bank of New York as Paying Agent with respect to all
Securities issuable hereunder.

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

     “Place of Payment” means with respect to any series of Securities issued hereunder the city or
political subdivision so designated with respect to the series of Securities in question in
accordance with the provisions of Section 3.01.

     “Predecessor Securities” of any particular Security means every previous Security evidencing
all or a portion of the same debt as that evidenced by such particular Security; and, for the
purposes of this definition, any Security authenticated and delivered under Section 3.06 in lieu of
a lost, destroyed, mutilated, or stolen Security shall be deemed to evidence the same debt as the
lost, destroyed, mutilated, or stolen Security.

     “Purchase Money Obligations” means Indebtedness evidenced by a note, debenture, bond or other
security or investment (whether or not secured by any lien or other security interest) issued to or
assumed in favor of a vendor as all or part of the purchase price of property acquired by the
Company or any

6

 

Subsidiary; provided, however, that such term shall not include any account payable or any
other Indebtedness incurred, created or assumed in the ordinary course of business in connection
with the obtaining of material, products or services.

     “Record Date” means any date as of which the Holder of a Security will be determined for any
purpose described herein, such determination to be made as of the close of business on such date by
reference to the Security Register.

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

     “Related Person” means any Person who directly or indirectly holds 10% or more of any class of
capital stock of the Company as determined pursuant to Rule 13d-3 under the Securities Exchange Act
of 1934, as amended.

     “Repayment Date”, when used with respect to any Security to be repaid, means the date fixed
for such repayment pursuant to such Security.

     “Repayment Price”, when used with respect to any Security to be repaid, means the price at
which it is to be repaid pursuant to such Security.

     “Responsible Officer” shall mean, when used with respect to the Trustee, any officer within
the corporate trust department of the Trustee, including any vice president, assistant vice
president, assistant secretary, assistant treasurer, trust officer or any other officer of the
Trustee who customarily performs functions similar to those performed by the Persons who at the
time shall be such officers, respectively, or to whom any corporate trust matter is referred
because of such person’s knowledge of and familiarity with the particular subject and who shall
have direct responsibility for the administration of this Indenture.

     “Scheduled Maturity Date”, when used with respect to any Security, means the date specified in
such Security as the date on which all outstanding principal and interest will be due and payable.

     “Security” or “Securities” means any note or notes, bond or bonds, debenture or debentures, or
any other evidences of indebtedness, as the case may be, of any series authenticated and delivered
from time to time under this Indenture.

     “Security Register” shall have the meaning specified in Section 3.05.

7

 

     “Security Registrar” means the Person who maintains the Security Register, which Person shall
be the Trustee unless and until a successor Security Registrar is appointed by the Company.

     “Senior Indebtedness” means all Obligations of the Company with respect to the following,
whether outstanding at the date of original execution of this Indenture or thereafter incurred,
created or assumed: (a) indebtedness of the Company for money borrowed, including, without
limitation, indebtedness of the Company for money borrowed which is evidenced by notes, debentures,
bonds or other securities issued under the provisions of an indenture or other instrument, and also
including indebtedness represented by Purchase Money Obligations, but only to the extent such
indebtedness is enforceable by a money judgment; (b) guarantees or assumptions by the Company of
indebtedness of others of any of the kinds described in the preceding clause (a); and (c) renewals,
extensions and refundings of, and indebtedness of a successor corporation issued in exchange for or
in replacement of, indebtedness, guarantees and assumptions of the kinds described in the preceding
clause (a) or (b), unless, in the case of any particular indebtedness, obligation, guarantee,
assumption, renewal, extension or refunding, the instrument creating or evidencing the same
expressly provides that such indebtedness, obligation, guarantee, assumption, renewal, extension or
refunding is not superior in right of payment to the Securities; provided that Senior Indebtedness
shall not be deemed to include (1) any indebtedness of the Company to any Subsidiary, (2) any
liability for taxes, (3) any amounts payable or other liabilities to trade creditors arising in the
ordinary course of business, or (4) any indebtedness which is subordinate or junior by its terms to
any other indebtedness of the Company.

     “Special Record Date” for the payment of any Defaulted Interest means a date fixed by the
Trustee pursuant to Section 3.07.

     “Specified Currency” has the meaning specified in Section 3.01.

     “Subordinated Security” means any security issued under this Indenture which is designated as
a Subordinated Security.

     “Subsidiary” of any specified corporation means any entity at least a majority of whose
outstanding Voting Stock shall at the time be owned, directly or indirectly, by the specified
corporation or by one or more of its Subsidiaries, or both.

     “Trust Indenture Act” or “TIA” means the Trust Indenture Act of 1939, as in force as of the
date hereof, except as provided in Section 9.05.

     “Trustee” means the party named as such above until a successor becomes such pursuant to this
Indenture and thereafter means or includes each party who is then a trustee hereunder, and if at
any time there is more than one such party, “Trustee” as used with respect to the Securities of any
series means

8

 

the Trustee with respect to Securities of that series. If Trustees with respect to different
series of Securities are trustees under this Indenture, nothing herein shall constitute the
Trustees co-trustees of the same trust, and each Trustee shall be the trustee of a trust separate
and apart from any trust administered by any other Trustee with respect to a different series of
Securities.

     “U.S. Government Obligations” means (i) securities that are direct obligations of the United
States of America, the payment of which is unconditionally guaranteed by the full faith and credit
of the United States of America and (ii) securities that are obligations of a Person controlled or
supervised by and acting as an agency or instrumentality of the United States of America, the
payment of which is unconditionally guaranteed by the full faith and credit of the United States of
America, and also includes depository receipts issued by a bank or trust company as custodian with
respect to any of the securities described in the preceding clauses (i) and (ii), and any payment
of interest or principal payable under any of the securities described in the preceding clauses (i)
and (ii) that is 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, or from any amount received by
the custodian in respect of such securities, or from any specific payment of interest or principal
payable under the securities 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”.

     “Voting Stock”, as applied to the stock of any corporation, means stock of any class or
classes (however designated), the outstanding shares of which have, by the terms thereof, ordinary
voting power to elect a majority of the members of the board of directors (or other governing body)
of such corporation, other than stock having such power only by reason of the happening of a
contingency.

     Section 1.02. Officers’ Certificates and Opinions. Upon any application or demand by the
Company to the Trustee to take any action under any of the provisions of this Indenture, the
Company shall furnish to the Trustee an Officers’ Certificate stating that all conditions precedent
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 have
been complied with. Each certificate or opinion provided for in this Indenture and delivered to the
Trustee with respect to compliance with a condition or covenant provided for in this Indenture
shall include the following:

     (a) a statement that each individual signing such certificate or opinion has read all
covenants and conditions of this Indenture relating to such proposed action, including the
definitions herein relating thereto;

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

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

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

     Section 1.03. 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 the 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, legal counsel, unless such
officer knows that any such certificate, opinion, or representation is erroneous. Any opinion of
counsel for the Company 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, unless such counsel
knows that any such certificate, opinion, or representation is 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, such
instruments may, but need not, be consolidated and form a single instrument.

     Section 1.04. Acts of Securityholders. (a) Any request, demand, authorization, direction,
notice, consent, waiver, or other action provided by this Indenture to be given or taken by
Securityholders may be embodied in and evidenced by one or more instruments of substantially
similar tenor signed by such Securityholders in person or by an 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 (if expressly required by the applicable
terms of this Indenture) to the Company. If any Securities are denominated in coin or currency
other than that of the United States, then for the purposes of determining whether the Holders of
the requisite principal amount of Securities have taken any action as herein described, the
principal amount of such Securities shall be deemed to be that amount of United

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States dollars that could be obtained for such principal amount on the basis of the spot rate
of exchange into United States dollars for the currency in which such Securities are denominated
(as evidenced to the Trustee by a certificate provided by a financial institution, selected by the
Company, that maintains an active trade in the currency in question, acting as conversion agent) as
of the date of the taking of such action by the Holders of such requisite principal amount is
evidenced to the Trustee as provided in the immediately preceding sentence. Such instrument or
instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred
to as the “Act” of the Securityholders 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 Section 6.01) 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 to such execution or by the certificate of any notary public
or other officer authorized by law to take acknowledgments of deeds, certifying that the individual
signing such instrument or writing acknowledged to him the execution thereof. Where such execution
is by an officer of a corporation or a member of a partnership, on behalf of such corporation or
partnership, 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 Securities shall for all purposes be determined by reference to the
Security Register, as such register shall exist as of the applicable date.

     (d) If the Company shall solicit from the Holders any request, demand, authorization,
direction, notice, consent, waiver or other action, the Company may, at its option, by Board
Resolution, fix in advance a Record Date for the determination of Holders entitled to give such
request, demand, authorization, direction, notice, consent, waiver or other action, but the Company
shall have no obligation to do so. If such Record Date is fixed, such request, demand,
authorization, direction, notice, consent, waiver or other action may be given before or after such
Record Date, but only the Holders of record at the close of business on such Record Date shall be
deemed to be Holders for the purpose of determining whether Holders of the requisite proportion of
Securities Outstanding have authorized or agreed or consented to such request, demand,
authorization, direction, notice, consent, waiver or other action, and for that purpose the
Securities Outstanding shall be computed as of such Record Date; provided that no such
authorization, agreement or consent by the Holders on such Record Date shall be deemed effective
unless it shall become effective pursuant to the provisions of this Indenture not later than six
months after such Record Date.

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

     Section 1.05. Notices, etc., to Trustee and Company. Any request, order, authorization,
direction, consent, waiver, or other action to be taken by the Trustee, the Company, or the
Securityholders hereunder (including any Authentication Order), and any notice to be given to the
Trustee or the Company with respect to any action taken or to be taken by the Trustee, the Company,
or the Securityholders hereunder, shall be sufficient if made in writing and

     (a) (if to be furnished or delivered to or filed with the Trustee by the Company or any
Securityholder) delivered to the Trustee at its Corporate Trust Office, or

     (b) (if to be furnished or delivered to the Company by the Trustee or any Securityholder, and
except as otherwise provided in Section 5.01(d) and, in the case of a request for repayment, except
as specified in the Security carrying the right to repayment) mailed to the Company, first-class
postage prepaid, at its principal office located in Tarrytown, New York, Attention: Chief Financial
Officer, or at any other address hereafter furnished in writing by the Company to the Trustee.

     Section 1.06. Notice To Securityholders; Waiver. Where this Indenture or any Security
provides for notice to Securityholders of any event, such notice shall be sufficiently given
(unless otherwise expressly provided herein or in such Security) if in writing and mailed,
first-class postage prepaid, to each Securityholder affected by such event, at his or her address
as it appears in the Security Register as of the applicable Record Date, not later than the latest
date or earlier than the earliest date prescribed by this Indenture or such Security for the giving
of such notice. In any case where notice to Securityholders is given by mail, neither the failure
to mail such notice nor any defect in any notice so mailed to any particular Securityholder shall
affect the sufficiency of such notice with respect to other Securityholders. Where this Indenture
or any Security 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 Securityholders 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 as a result of a strike, work
stoppage or otherwise, it shall be impractical to mail notice of any event to any Securityholder
when such notice is required to be given pursuant to

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any provision of this Indenture or the applicable Security, then any method of notification as
shall be reasonably satisfactory to the Trustee and the Company shall be deemed to be sufficient
for the giving of such notice.

     Section 1.07. 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 TIA, such required provision shall control.

     Section 1.08. Effect of Headings and Table of Contents. The Article and Section headings
herein and the Table of Contents hereof are for convenience only and shall not affect the
construction of any provision of this Indenture.

     Section 1.09. 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 1.10. Separability Clause. In case any provision in this Indenture or in the
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.

     Section 1.11. Benefits Of Indenture. Nothing in this Indenture or in any Securities, express
or implied, shall give to any Person, other than the parties hereto, their successors hereunder,
the Authenticating Agent, the Security Registrar, any Paying Agent, and the Holders of Securities
(or such of them as may be affected thereby), any benefit or any legal or equitable right, remedy
or claim under this Indenture.

     Section 1.12. Governing Law. This Indenture shall be governed by and construed in accordance
with the laws of the State of New York.

     Section 1.13. Counterparts. This instrument may be executed in any number of counterparts,
each of which when so executed shall be deemed to be an original, but all of which shall together
constitute but one and the same instrument.

     Section 1.14. Judgment Currency. The Company agrees, to the fullest extent that it may
effectively do so under applicable law, that (a) if for the purpose of obtaining judgment in any
court with respect to the Securities of any series it is necessary to convert the sum due in
respect of the principal, premium, if any, or interest, if any, payable with respect to such
Securities into a currency in which a judgment can be rendered (the “Judgment Currency”), the rate
of exchange from the currency in which payments under such Securities is payable (the “Required
Currency”) into the Judgment Currency shall be the highest bid quotation (assuming European-style
quotation — i.e., Required Currency per Judgment Currency) received by the Company from three
recognized foreign exchange dealers in the City of New York for the purchase of the aggregate

13

 

amount of the judgment (as denominated in the Judgment Currency) on the New York Business Day
preceding the date on which a final unappealable judgment is rendered, for settlement on such
payment date, and at which the applicable dealer timely commits to execute a contract, and (b) the
Company’s obligations under this Indenture to make payments in the Required Currency (i) shall not
be discharged or satisfied by any tender, or by any recovery pursuant to any judgment (whether or
not entered in accordance with the preceding clause (a)), in any currency other than the Required
Currency, except to the extent that such tender or recovery shall result in the actual receipt by
the judgment creditor of the full amount of the Required Currency expressed to be payable in
respect of such payments, (ii) shall be enforceable as an alternative or additional cause of action
for the purpose of recovering in the Required Currency the amount, if any, by which such actual
receipt shall fall short of the full amount of the Required Currency so expressed to be payable,
and (iii) shall not be affected by judgment being obtained for any other sum due under this
Indenture.

     Section 1.15. Legal Holidays.

     In any case where any Interest Payment Date, Redemption Date, Repayment Date or Maturity of
any Security shall not be a New York Business Day at any Place of Payment, then (notwithstanding
any other provision of this Indenture or of the Securities) payment of interest or principal (and
premium, if any) need not be made at such Place of Payment on such date, but may be made on the
next succeeding New York Business Day at such Place of Payment with the same force and effect as if
made on the Interest Payment Date, Redemption Date, Repayment Date or at Maturity, provided that no
interest shall accrue for the period from and after such Interest Payment Date, Redemption Date,
Repayment Date or Maturity, as the case may be.

     Section 1.16. Waiver of Jury Trial.

     Each of the Company and the Trustee hereby irrevocably waives, to the fullest extent permitted
by applicable law, any and all right to trial by jury in any legal proceeding arising out of or
relating to this Indenture, the Notes or the Transaction contemplated hereby.

     Section 1.17. Force Majeure.

     In no event shall the Trustee be responsible or liable for any failure or delay in the
performance of its obligations hereunder arising out of or caused by, directly or indirectly,
forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts
of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of
God, and interruptions, loss or malfunctions of utilities, communications or computer (software and
hardware) services; it being understood that the Trustee shall use reasonable efforts which are
consistent with accepted practices in the banking industry to resume performance as soon as
practicable under the circumstances.

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     Section 1.18. Facsimile Instructions

     The Trustee agrees to accept and act upon facsimile transmission of written instructions or
directions pursuant to this Indenture given by the Company, provided, however that: (i) the
Company, subsequent to such facsimile transmission of written instructions or directions, shall
provide the originally executed instructions to the Trustee in a timely manner, and (ii) such
originally executed instructions or directions shall be signed by an authorized officer of the
Company.

ARTICLE 2

Security Forms

     Section 2.01. Forms Generally. The Securities of each series shall have such appropriate
insertions, omissions, substitutions and other variations as are required or permitted by this
Indenture and may have such letters, numbers or other marks of identification and such legends or
endorsements placed thereon, as may be required to comply with the rules of any securities
exchange, or as may, consistently herewith, be determined by the officers executing such
Securities, as evidenced by their execution of the Securities. Any portion of the text of any
Security may be set forth on the reverse thereof, with an appropriate reference thereto on the face
of the Security.

     The definitive Securities, if any, 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, all as determined by the officers executing such
Securities, as evidenced by their execution of such Securities.

     Section 2.02. Forms of Securities. Each Security shall be in one of the forms approved from
time to time by or pursuant to any Board Resolution, or established in one or more indentures
supplemental hereto. Prior to the delivery to the Trustee for authentication of any Security in any
form approved by or pursuant to a Board Resolution, the Company shall deliver to the Trustee a copy
of such Board Resolution, together with a true and correct copy of the form of Security which has
been approved thereby, or, if a Board Resolution authorizes a specific officer or officers to
approve a form of Security, together with a certificate of such officer or officers approving the
form of Security attached thereto, provided, however, that with respect to all Securities issued
pursuant to the same Board Resolution, the required copy of such Board Resolution, together with
the appropriate attachment, need be delivered only once. Any form of Security approved by or
pursuant to a Board Resolution must be reasonably acceptable as to form to the Trustee, such
acceptance to be evidenced by the Trustee’s authentication of Securities in that form.

     Section 2.03. Securities in Global Form. If Securities of a series are issuable in whole or
in part in global form, the global security representing such

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Securities may provide that it shall represent the aggregate amount of Outstanding Securities
from time to time endorsed thereon and may also provide that the aggregate amount of Outstanding
Securities represented thereby may from time to time be reduced to reflect exchanges or increased
to reflect the issuance of additional Securities. Any endorsement of a Security in global form to
reflect the amount (or any increase or decrease in the amount) of Outstanding Securities
represented thereby shall be made in such manner and by such Person or Persons as shall be
specified therein or in the Authentication Order delivered to the Trustee pursuant to Section 3.03
hereof.

     Section 2.04. Form of Trustee’s Certificate of Authentication. The form of Trustee’s
Certificate of Authentication for any Security issued pursuant to this Indenture shall be
substantially as follows:

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

	 	 	 	 	 
	 	The Bank of New York, as Trustee 

 	 
	 	By:  	 	 
	 	 	Authorized Signatory   	 
	 	 	 	 
	 

ARTICLE 3

The Securities

     Section 3.01. General Title; General Limitations; Issuable in Series; Terms of Particular
Series. The aggregate principal amount of Securities that may be authenticated, delivered, and
Outstanding at any time under this Indenture is not limited.

     The Securities may be issued in one or more series in such aggregate principal amount as may
from time to time be authorized by the Board of Directors. All Securities of a series issued under
this Indenture shall in all respects be equally and ratably entitled to the benefits hereof,
without preference, priority, or distinction on account of the actual time of the authentication
and delivery or Scheduled Maturity Date thereof.

     Each series of Securities shall be created either by or pursuant to one or more Board
Resolutions or by one or more indentures supplemental hereto. Any such Board Resolution or
supplemental indenture (or, in the case of a series of Securities created pursuant to a Board
Resolution, any officer or officers authorized by such Board Resolution) shall establish the terms
of any such series

16

 

of Securities, including the following (as and to such extent as may be applicable):

     (1) the title of such series;

     (2) the limit, if any, upon the aggregate principal amount or issue price of the Securities of
such series;

     (3) the issue date or issue dates of the Securities of such series;

     (4) the Scheduled Maturity Date of the Securities of such series;

     (5) the place or places where the principal, premium, if any, interest, if any, and additional
amounts, if any, payable with respect to the Securities of such series shall be payable;

     (6) whether the Securities of such series will be issued at par or at a premium over or a
discount from their face amount;

     (7) the rate or rates (which may be fixed or variable) at which the Securities of such series
shall bear interest, if any, and, if applicable, the method by which such rate or rates may be
determined;

     (8) the date or dates (or the method by which such date or dates may be determined) from which
interest, if any, shall accrue, and the Interest Payment Dates on which such interest shall be
payable;

     (9) the rights, if any, to defer payments of interest on the Securities by extending the
interest payment periods and the duration of such extension;

     (10) the period or periods within which, the Redemption Price(s)or Repayment Price(s) at
which, and any other terms and conditions upon which the Securities of such series may be redeemed
or repaid, in whole or in part, by the Company;

     (11) the obligation, if any, of the Company to redeem, repay, or purchase any of the
Securities of such series pursuant to any sinking fund, mandatory redemption, purchase obligation,
or analogous provision at the option of a Holder thereof, and the period or periods within which,
the Redemption Price(s) or Repayment Price(s) or other price or prices at which, and any other
terms and conditions upon which the Securities of such series shall be redeemed, repaid, or
purchased, in whole or in part, pursuant to such obligation;

     (12) whether the Securities of such series are to be issued in whole or in part in global form
and, if so, the identity of the Depositary for such global security and the terms and conditions,
if any, upon which interests in the Securities represented by such global security may be
exchanged, in whole or in

17

 

part, for the individual Securities represented thereby (if other than as provided in Section
3.05);

     (13) whether such Securities are Subordinated Securities and if so, the provisions for such
subordination if other than the provisions set forth in Article 13;

     (14) the denominations in which the Securities of such series will be issued (which may be any
denomination as set forth in the terms of such Securities) if other than U.S. $1,000 or an integral
multiple thereof;

     (15) whether and under what circumstances additional amounts on the Securities of such series
shall be payable in respect of any taxes, assessments, or other governmental charges withheld or
deducted and, if so, whether the Company will have the option to redeem such Securities rather than
pay such additional amounts;

     (16) the basis upon which interest shall be calculated;

     (17) if the Securities of such series are to be issuable in definitive form (whether upon
original issue or upon exchange of a temporary Security for a definitive Security of such series)
only upon receipt of certain certificates or other documents or upon satisfaction of other
conditions, then the form and terms of such certificates, documents, and/or conditions;

     (18) the exchange or conversion of the Securities of that series, whether or not at the option
of the Holders thereof, for or into new Securities of a different series or for or into any other
securities which may include shares of Capital Stock of the Company or any Subsidiary of the
Company or securities directly or indirectly convertible into or exchangeable for any such shares
or securities of entities unaffiliated with the Company or any Subsidiary of the Company;

     (19) if other than U.S. dollars, the foreign or composite currency or currencies, which shall
be reasonably acceptable to the Trustee, (each such currency a “Specified Currency”) in which the
Securities of such series shall be denominated and in which payments of principal, premium, if any,
interest, if any, or additional amounts, if any, payable with respect to such Securities shall or
may be payable;

     (20) if the principal, premium, if any, interest, if any, or additional amounts, if any,
payable with respect to the Securities of such series are to be payable in any currency other than
that in which the Securities are stated to be payable, which currency shall be reasonably
acceptable to the Trustee, whether at the election of the Company or of a Holder thereof, the
period or periods within which, and the terms and conditions upon which, such election may be made;

     (21) if the amount of any payment of principal, premium, if any, interest, if any, or other
sum payable with respect to the Securities of such series may be

18

 

determined by reference to the relative value of one or more Specified Currencies,
commodities, securities, or instruments, the level of one or more financial or non- financial
indices, or any other designated factors or formulas, the manner in which such amounts shall be
determined;

     (22) the exchange of Securities of such series, at the option of the Holders thereof, for
other Securities of the same series of the same aggregate principal amount of a different
authorized kind or different authorized denomination or denominations, or both;

     (23) the appointment by the Trustee of an Authenticating Agent in one or more places other
than the Corporate Trust Office of the Trustee, with power to act on behalf of the Trustee, and
subject to its direction, in the authentication and delivery of the Securities of such series;

     (24) any trustees, depositaries, paying agents, transfer agents, exchange agents, conversion
agents, registrars, or other agents with respect to the Securities of such series if other than the
Trustee, Paying Agent and Security Registrar named herein;

     (23) the portion of the principal amount of Securities of such series, if other than the
principal amount thereof, that shall be payable upon declaration of acceleration of the Maturity
thereof pursuant to Section 5.02 or provable in bankruptcy pursuant to Section 5.04;

     (25) any Event of Default with respect to the Securities of such series, if not set forth
herein, or any modification of any Event of Default set forth herein with respect to such series;

     (26) any covenant solely for the benefit of the Securities of such series;

     (27) the inapplicability of Section 4.02 and Section 4.03 of this Indenture to the Securities
of such series and if Section 4.03 is applicable, the covenants subject to Covenant Defeasance
under Section 4.03; and

     (28) any other terms not inconsistent with the provisions of this Indenture.

     If all of the Securities issuable by or pursuant to any Board Resolution are not to be issued
at one time, it shall not be necessary to deliver the Officers’ Certificate and Opinion of Counsel
required by Section 3.03 hereof at the time of issuance of each such Security, but such Officers’
Certificate and Opinion of Counsel shall be delivered at or before the time of issuance of the
first such Security.

     If any series of Securities shall be established by action taken pursuant to any Board
Resolution, the execution by the officer or officers authorized by such Board Resolution of an
Authentication Order (as defined in Section 3.03 below)

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with respect to the first Security of such series to be issued, and the delivery of such
Authentication Order to the Trustee at or before the time of issuance of the first Security of such
series, shall constitute a sufficient record of such action. Except as otherwise permitted by
Section 3.03, if all of the Securities of any such series are not to be issued at one time, the
Company shall deliver an Authentication Order with respect to each subsequent issuance of
Securities of such series, but such Authentication Orders may be executed by any authorized officer
or officers of the Company, whether or not such officer or officers would have been authorized to
establish such series pursuant to the aforementioned Board Resolution.

     Unless otherwise provided by or pursuant to the Board Resolution or supplemental indenture
creating such series (i) a series may be reopened for issuances of additional Securities of such
series, and (ii) all Securities of the same series shall be substantially identical, except for the
initial Interest Payment Date, issue price, initial interest accrual date and the amount of the
first interest payment.

     The form of the Securities of each series shall be established in a supplemental indenture or
by or pursuant to the Board Resolution creating such series. The Securities of each series shall be
distinguished from the Securities of each other series in such manner as the Board of Directors or
its authorized representative or representatives may determine.

     Unless otherwise provided with respect to Securities of a particular series, the Securities of
any series may only be issuable in registered form, without coupons.

     Section 3.02. Denominations and Currency. The Securities of each series shall be issuable in
such denominations and currency (such currency to be reasonably acceptable to the Trustee) as shall
be provided in the provisions of this Indenture or by or pursuant to the Board Resolution or
supplemental indenture creating such series. In the absence of any such provisions with respect to
the Securities of any series, the Securities of that series shall be issuable only in fully
registered form in denominations of U.S. $1,000 and any integral multiple thereof.

     Section 3.03. Execution, Authentication and Delivery, and Dating. The Securities shall be
executed on behalf of the Company by any of the Chairman, Chief Executive Officer, Chief Financial
Officer, Senior Vice President or any Vice President of the Company. The signature of any of these
officers on the Securities may be manual or facsimile. Typographical and other minor errors or
defects in any such signature shall not affect the validity or enforceability of any Security that
has been duly authenticated and delivered by the Trustee.

     Unless otherwise provided in the form of Security for any series, all Securities shall be
dated the date of their authentication.

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     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
Securities or did not hold such offices at the date of such Securities.

     At any time and from time to time after the execution and delivery of this Indenture, the
Company may deliver Securities to the Trustee for authentication, together with a Company Order for
authentication and delivery (such Order an “Authentication Order”) with respect to such Securities,
and the Trustee shall, upon receipt of such Authentication Order, in accordance with procedures
reasonably acceptable to the Trustee set forth in the Authentication Order, and subject to the
provisions hereof, authenticate and deliver such Securities to such recipients as may be specified
from time to time pursuant to such Authentication Order. The material terms of such Securities
shall be determinable by reference to such Authentication Order and procedures. In authenticating
such Securities and accepting the additional responsibilities under this Indenture in relation to
such Securities, the Trustee shall be entitled to receive, and (subject to the provisions of
Section 6.01 hereof) shall be fully protected in relying upon:

     (1) an executed supplemental indenture, if any;

     (2) an Officers’ Certificate, certifying as to the authorized form or forms and terms of such
Securities and covering such statements as set forth in Section 1.02 hereof; and

     (3) an Opinion of Counsel (which shall include the statements set forth in Section 1.02
hereof), stating that:

     (a) the form or forms and terms of such Securities have been established by and in
conformity with the provisions of this Indenture; provided that if all such Securities are
not to be issued at the same time, such Opinion of Counsel may state that such terms will
be established in conformity with the provisions of this Indenture, subject to any
conditions specified in such Opinion of Counsel; and

     (b) such Securities, when authenticated and delivered by the Trustee and issued by
the Company in the manner and subject to any conditions specified in such Opinion of
Counsel, will constitute valid and legally binding obligations of the Company, enforceable
in accordance with their terms, subject to bankruptcy, insolvency, moratorium,
reorganization, and other laws of general applicability relating to or affecting the
enforcement of creditors’ rights and to general principles of equity;

provided, however, that if all Securities issuable by or pursuant to a Board Resolution or
supplemental indenture are not to be originally issued at one time, it

21

 

shall not be necessary to deliver the Officers’ Certificate or Opinion of Counsel otherwise
required pursuant to this paragraph at or prior to the time of authentication of each such Security
if such documents are delivered at or prior to the time of authentication upon original issuance of
the first such Security to be issued. After the original issuance of the first such Security to be
issued, any separate request by the Company that the Trustee authenticate such Securities for
original issuance will be deemed to be a certification by the Company that it is in compliance with
all conditions precedent provided for in this Indenture relating to the authentication and delivery
of such Securities.

     The Trustee shall not be required to authenticate such Securities if the issue thereof will
adversely affect the Trustee’s own rights, duties, or immunities under the Securities and this
Indenture.

     If the Company shall establish pursuant to Section 3.01 that Securities of a series may be
issued in whole or in part in global form, then the Company shall execute, and the Trustee shall
(in accordance with this Section 3.03 and the Authentication Order with respect to such series)
authenticate and deliver, one or more Securities in global form that (i) shall represent and shall
be denominated in an aggregate amount equal to the aggregate principal amount of the Outstanding
Securities of such series to be represented by such one or more Securities in global form, (ii)
shall be registered, in the name of the Depositary for such Security or Securities in global form,
or in the name of a nominee of such Depositary, (iii) shall be delivered to such Depositary or
pursuant to such Depositary’s instruction, and (iv) shall bear a legend substantially as follows:
“Unless and until it is exchanged in whole or in part for Securities in certificated form, this
Security may not be transferred except as a whole by the Depositary to a nominee of the Depositary,
or by a nominee of the Depositary to the Depositary or another nominee of the Depositary, or by the
Depositary or any such nominee to a successor Depositary or a nominee of such successor
Depositary.” Each Depositary designated pursuant to Section 3.01 for a Security in global form
must, at the time of its designation and at all times while it serves as Depositary, be a clearing
agency registered under the Securities Exchange Act of 1934 and any other applicable statute or
regulation.

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

     Section 3.04. Temporary Securities. Pending the preparation of definitive Securities of any
series, the Company may execute, and, upon receipt of the documents required by Sections 2.02, 3.01
and 3.03 hereof, together with an Authentication Order, the Trustee shall authenticate and deliver,
temporary Securities of such series that are printed, lithographed, typewritten,

22

 

mimeographed, or otherwise produced, in any authorized denomination, substantially of the
tenor of the definitive Securities in lieu of which they are issued in registered form, without
coupons, and with such appropriate insertions, omissions, substitutions, and other variations as
the officers executing such Securities may determine, as evidenced by their execution of such
Securities. In the case of Securities of any series for which a temporary Security may be issued in
global form, such temporary global security shall represent all of the Outstanding Securities of
such series and tenor.

     Except in the case of temporary Securities in global form, which shall be exchanged in
accordance with the provisions thereof, if temporary Securities of any series are issued, the
Company will cause definitive Securities of such series to be prepared without unreasonable delay.
After the preparation of definitive Securities, the temporary Securities of such series shall be
exchangeable, at the Corporate Trust Office of the Trustee, or at such other office or agency as
may be maintained by the Company in a Place of Payment pursuant to Section 10.02 hereof, for
definitive Securities of such series having identical terms and provisions, upon surrender of the
temporary Securities of such series, at the Company’s own expense and without charge to the Holder;
and upon surrender for cancellation of any one or more temporary Securities of any series, the
Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a like
principal amount of definitive Securities of such series in authorized denominations containing
identical terms and provisions. Unless otherwise specified as contemplated by Section 3.01 with
respect to a temporary Security in global form, until so exchanged, the temporary Securities of
such series shall in all respects be entitled to the same benefits under this Indenture as
definitive Securities of such series.

     Section 3.05. Registration, Transfer and Exchange. With respect to the Securities of each
series, the Trustee shall keep a register (herein sometimes referred to as the “Security Register”)
which shall provide for the registration of Securities of such series, and for transfers of
Securities of such series, in accordance with information to be provided to the Trustee by the
Company, subject to such reasonable regulations as the Trustee may prescribe. Such register shall
be in written form or in any other form capable of being converted into written form within a
reasonable time. At all reasonable times the information contained in such register or registers
shall be available for inspection at the Corporate Trust Office of the Trustee or at such other
office or agency to be maintained by the Company pursuant to Section 10.02 hereof.

     Upon due presentation for registration of transfer of any Security of any series at the
Corporate Trust Office of the Trustee or at any other office or agency maintained by the Company
with respect to that series pursuant to Section 10.02 hereof, the Company shall execute, and the
Trustee shall authenticate and deliver, in the name of the designated transferee or transferees,
one or more new Securities of such series of any authorized denominations, of like aggregate
principal amount, tenor, terms and Scheduled Maturity Date.

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     Any other provision of this Section 3.05 notwithstanding, unless and until it is exchanged in
whole or in part for the individual Securities represented thereby, in definitive form, a Security
in global form representing all or a portion of the Securities of a series may not be transferred
except as a whole by the Depositary for such series to a nominee of such Depositary, or by a
nominee of such Depositary to such Depositary or another nominee of such Depositary, or by such
Depositary or any such nominee to a successor Depositary for such series or a nominee of such
successor Depositary.

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

     If at any time the Depositary for the Securities of a series represented by one or more
Securities in global form notifies the Company that it is unwilling or unable to continue as
Depositary for the Securities of such series, or if at any time the Depositary for the Securities
of such series shall no longer be eligible under Section 3.03 hereof, the Company, by Company
Order, shall appoint a successor Depositary with respect to the Securities of such series. If a
successor Depositary for the Securities of such series is not appointed by the Company within 90
days after the Company receives such notice or becomes aware of such ineligibility, the Company’s
election pursuant to Section 3.01 that such Securities be represented by one or more Securities in
global form shall no longer be effective with respect to the Securities of such series and the
Company will execute, and the Trustee, upon receipt of an Authentication Order for the
authentication and delivery of definitive Securities of such series, will authenticate and deliver
Securities of such series in definitive form, in authorized denominations, in an aggregate
principal amount, and of like terms and tenor, equal to the principal amount of the Security or
Securities in global form representing such series, in exchange for such Security or Securities in
global form.

     The Company may at any time and in its sole discretion and subject to the procedures of the
Depositary determine that individual Securities of any series issued in global form shall no longer
be represented by such Security or Securities in global form. In such event the Company will
execute, and the Trustee, upon receipt of an Authentication Order for the authentication and
delivery of definitive Securities of such series and of the same terms and tenor, will authenticate
and deliver Securities of such series in definitive form, in authorized denominations, and in
aggregate principal amount equal to the principal amount of the Security or Securities in global
form representing such series in exchange for such Security or Securities in global form.

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     If specified by the Company pursuant to Section 3.01 with respect to a series of Securities
issued in global form, the Depositary for such series of Securities may surrender a Security in
global form for such series of Securities in exchange in whole or in part for Securities of such
series in definitive form and of like terms and tenor on such terms as are acceptable to the
Company and such Depositary. Thereupon, the Company shall execute, and the Trustee upon receipt of
an Authentication Order for the authentication and delivery of definitive Securities of such
series, shall authenticate and deliver, without service charge:

     (a) to each Person specified by such Depositary, a new definitive Security or Securities of
the same series and of the same tenor and terms, in authorized denominations, in aggregate
principal amount equal to and in exchange for such Person’s beneficial interest in the Security in
global form; and

     (b) to such Depositary, a new Security in global form in a denomination equal to the
difference, if any, between the principal amount of the surrendered Security in global form and the
aggregate principal amount of the definitive Securities delivered to Holders pursuant to clause (a)
above.

     Upon the exchange of a Security in global form for Securities in definitive form, such
Security in global form shall be canceled by the Trustee, at the written direction of the Company,
or an agent of the Company or the Trustee. Securities issued in definitive form in exchange for a
Security in global form pursuant to this Section 3.05 shall be registered in such names and in such
authorized denominations as the Depositary for such Security in global form, pursuant to
instructions from its direct or indirect participants or otherwise, shall instruct the Trustee or
an agent of the Company or the Trustee in writing. The Trustee or such agent shall deliver such
Securities to or as directed by the Persons in whose names such Securities are so registered or to
the Depositary.

     Whenever any securities are so surrendered for exchange, the Company shall execute, and the
Trustee shall authenticate and deliver, the Securities which the Holder making the exchange is
entitled to receive.

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

     Every Security presented or surrendered for registration of transfer, exchange, redemption or
payment 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 Security Registrar
duly executed by the Holder thereof or his attorney duly authorized in writing.

     Unless otherwise provided in the Security to be transferred or exchanged, no service charge
shall be imposed for any registration of transfer or exchange of

25

 

Securities, but the Company may (unless otherwise provided in such Security) require payment
of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection
with any transfer or exchange of Securities, other than exchanges pursuant to Section 3.04, 3.06,
9.06 and 11.07 hereof not involving any transfer.

     The Company shall not be required to (i) issue, register the transfer of, or exchange any
Security of any series during a period beginning at the opening of business 15 days before the day
of the mailing of a notice of redemption of Securities of such series selected for redemption under
Section 11.03 and ending at the close of business on the date of such mailing, or (ii) register the
transfer of or exchange any Security so selected for redemption in whole or in part, except in the
case of any Security to be redeemed in part, the portion thereof not to be redeemed.

     Section 3.06. Mutilated, Destroyed, Lost and Stolen Securities. If (i) any mutilated
Security is surrendered to the Trustee, or the Company and the Trustee receive evidence to their
satisfaction of the destruction, loss or theft of any Security, and (ii) there is delivered to the
Company and the Trustee such security or indemnity as may be required by them to save each of them
harmless, then, in the absence of notice to the Company or the Trustee that such Security has been
acquired by a bona fide purchaser, the Company may in its discretion execute and upon written
direction of the Company the Trustee shall authenticate and deliver, in exchange for or in lieu of
any such mutilated, destroyed, lost or stolen Security, a new Security of like tenor, terms,
series, Scheduled Maturity Date, and principal amount, bearing a number not contemporaneously
outstanding.

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

     Upon the issuance of any new 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 Security issued pursuant to this Section in lieu of any destroyed, lost or stolen
Security shall constitute an original additional contractual obligation of the Company, whether or
not the destroyed, lost or stolen 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
Securities of the same 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 Securities.

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     Section 3.07. Payment of Interest; Interest Rights Preserved. Interest on any Security which
is payable and is punctually paid or duly provided for on any Interest Payment Date shall, if so
provided in such Security, be paid to the Person in whose name that Security (or one or more
Predecessor Securities) is registered at the close of business on the applicable Record Date,
notwithstanding any transfer or exchange of such Security subsequent to such Record Date and prior
to such Interest Payment Date. (unless such Interest Payment Date is also the date of Maturity of
such Security).

     Any interest on any Security 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 registered Holder on the applicable Record Date by virtue of his having been such
Holder; and, except as hereinafter provided, such Defaulted Interest may be paid by the Company, at
its election in each case, as provided in clause (a) or clause (b) below:

     (a) The Company may elect to make payment of any Defaulted Interest to the Persons in whose
names any such Securities (or their respective Predecessor 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 such Security 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 reasonably 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 nor
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 (such notice to be prepared by the Company) of the proposed payment of such Defaulted
Interest and the Special Record Date therefor to be mailed, first-class postage prepaid, to the
Holder of each such Security at his address as it appears in the 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 mailed as aforesaid, such Defaulted
Interest shall be paid to the Persons in whose names such Securities (or their respective
Predecessor Securities) are registered at the close of business on such Special Record Date and
shall no longer be payable pursuant to the following clause (b).

     (b) 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 such Securities may be
listed, and upon such notice as may be

27

 

required by such exchange, if, after written 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.

     Interest on Securities of any series that bear interest may be paid by mailing a check to the
address of the Person entitled thereto at such address as shall appear in the Securities Register
for such series or by such other means as may be specified in the form of such Security.

     Subject to the foregoing provisions of this Section 3.07 and the provisions of Section 3.05
hereof, each Security delivered under this Indenture upon registration of transfer of or in
exchange for or in lieu of any other Security shall carry the rights to interest accrued and
unpaid, and to accrue, which were carried by such other Security.

     Section 3.08. Persons Deemed Owners. Prior to due presentment of a 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 any Security is registered on the applicable Record Date(s) as the owner of
such Security for the purpose of receiving payment of principal, premium, if any, interest, if any
(subject to Sections 3.05 and 3.07 hereof), and any additional amounts payable with respect to such
Security, and for all other purposes whatsoever, whether or not such 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.

     None of the Company, the Trustee, any Authenticating Agent, any Paying Agent, the Security
Registrar, or any Co-Security Registrar will have any responsibility or liability for any aspect of
the records relating to or payments made on account of beneficial ownership interests of a Security
in global form or for maintaining, supervising or reviewing any records relating to such beneficial
ownership interests and each of them may act or refrain from acting without liability on any
information relating to such records provided by the Depositary.

     Section 3.09. Cancellation. All Securities surrendered for payment, redemption, registration
of transfer, exchange, or credit against a sinking or analogous fund shall, if surrendered to any
Person other than the Trustee, be delivered to the Trustee and, if not already canceled, shall be
promptly canceled by it upon the written request of the Company. The Company may at any time
deliver to the Trustee for cancellation any Securities previously authenticated and delivered
hereunder which the Company may have acquired in any manner whatsoever, and all Securities so
delivered shall be promptly canceled by the Trustee upon the written request of the Company.
Acquisition of such Securities by the Company shall not operate as a redemption or satisfaction of
the indebtedness represented by such Securities unless and until the same are delivered to the
Trustee for cancellation. No Security shall be authenticated in lieu of or in exchange for any
Securities canceled as provided in this Section, except

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as expressly permitted by this Indenture. The Trustee shall dispose of all canceled Securities
in accordance with its customary procedures.

     Section 3.10. Computation of Interest. Unless otherwise provided as contemplated in Section
3.01, interest on the Securities shall be calculated on the basis of a 360-day year of twelve
30-day months.

     Section 3.11. CUSIP Numbers. The Company in issuing any series of the Securities may use
CUSIP numbers, if then generally in use, and thereafter with respect to such series, the Trustee
may use such numbers in any notice of redemption or exchange with respect to such series
provided that any such notice may state that no representation is made as to the
correctness of such numbers either as printed on the Securities or as contained in any notice of a
redemption and that reliance may be placed only on the other identification numbers printed on the
Securities, and any such redemption shall not be affected by any defect in or omission of such
numbers. The Company will promptly notify the Trustee in writing of any change in the CUSIP
numbers.

ARTICLE 4

Satisfaction and Discharge

     Section 4.01. Satisfaction and Discharge of Indenture. This Indenture shall cease to be of
further effect with respect to any series of Securities (except as to any surviving rights of
conversion or transfer or exchange of Securities of such series expressly provided for herein or in
the form of Security for such series), and the Trustee, on demand of and at the expense of the
Company, shall execute proper instruments, in form and substance reasonably satisfactory to the
Trustee, acknowledging satisfaction and discharge of this Indenture as to such series, when

     (a) either

 (i) all Securities of that series theretofore authenticated and delivered (other than
(A) Securities of such series which have been destroyed, lost, or stolen and which have
been replaced or paid as provided in Section 3.06, and (B) 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 4.07) have been delivered to the Trustee canceled or for
cancellation; or

   (ii) all such Securities of that series not theretofore delivered to the Trustee
canceled or for cancellation

     (A) have become due and payable, or

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     (B) will, in accordance with their Scheduled Maturity Date, become due and
payable within one year, or

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

and, in any of the cases described in subparagraphs (A), (B), or (C) above, the Company has
irrevocably deposited or caused to be deposited with the Trustee, as trust funds in trust for the
purpose, (x) an amount in money sufficient, (y) U.S. Government Obligations or Equivalent
Government Securities 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, money sufficient, or (z) a combination of (x) and (y) 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 the entire indebtedness on such Securities
with respect to principal, premium, if any, and interest, if any, to the date of such deposit (in
the case of Securities which have become due and payable), or to the Scheduled Maturity Date or
Redemption Date, as the case may be; provided, however, that if such U.S. Government Obligations or
Equivalent Government Securities are callable or redeemable at the option of the issuer thereof,
the amount of such money, U.S. Government Obligations, and Equivalent Government Securities
deposited with the Trustee must be sufficient to pay and discharge the entire indebtedness referred
to above if such issuer elects to exercise such call or redemption provisions at any time prior to
the Scheduled Maturity Date or Redemption Date, as the case may be. The Company, but not the
Trustee, shall be responsible for monitoring any such call or redemption provision; and

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

     (c) 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 Securities of such series have
been complied with.

     Notwithstanding the satisfaction and discharge of this Indenture with respect to any series of
Securities, the obligations of the Company under paragraph (a) of this Section 4.01 and its
obligations to the Trustee with respect to that series under Section 6.07 shall survive, and the
obligations of the Trustee under Sections 4.05, 4.07 and 10.03 shall survive.

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     Section 4.02. Discharge and Defeasance.

     The provisions of this Section and Section 4.04 (insofar as relating to this Section) shall
apply to the Securities of each series unless specifically otherwise provided in a Board Resolution
or indenture supplemental hereto provided pursuant to Section 3.01. In addition to discharge of
this Indenture pursuant to Section 4.01, in the case of any series of Securities with respect to
which the exact amount described in subparagraph (a) of Section 4.04 can be determined at the time
of making the deposit referred to in such subparagraph (a), the Company shall be deemed to have
paid and discharged the entire indebtedness on all the Securities of such a series as provided in
this Section on and after the date the conditions set forth in Section 4.04 are satisfied, and the
provisions of this Indenture with respect to the Securities of such series shall no longer be in
effect (except as to (i) rights of registration of transfer and exchange of Securities of such
series, (ii) substitution of mutilated, destroyed, lost or stolen Securities of such series, (iii)
rights of Holders of Securities of such series to receive, solely from the trust fund described in
subparagraph (a) of Section 4.04, payments of principal thereof, premium, if any, and interest, if
any, thereon upon the original stated due dates or upon the Redemption Dates therefor (but not upon
acceleration), and remaining rights of the Holders of Securities of such series to receive
mandatory sinking fund payments, if any, (iv) the rights, obligations, duties and immunities of the
Trustee hereunder (including, but not limited to, Section 6.07 hereof), (v) this Section 4.02,
Section 4.07, Section 10.02 and Section 10.03 and (vi) the rights of the Holders of Securities of
such series as beneficiaries hereof with respect to the property so deposited with the Trustee
payable to all or any of them) (hereinafter called “Defeasance”), and the Trustee at the cost and
expense of the Company, shall execute proper instruments, in form and substance reasonably
satisfactory to the Trustee, acknowledging the same.

     Section 4.03. Covenant Defeasance.

     The provisions of this Section and Section 4.04 (insofar as relating to this Section) shall
apply to the Securities of each series unless specifically otherwise provided in a Board Resolution
or indenture supplemental hereto provided pursuant to Section 3.01. In the case of any series of
Securities with respect to which the exact amount described in subparagraph (a) of Section 4.04 can
be determined at the time of making the deposit referred to in such subparagraph (a), (i) the
Company shall be released from its obligations under any covenants specified in or pursuant to
Section 3.01 as being subject to Covenant Defeasance with respect to such series (except as to (a)
rights of registration of transfer and exchange of Securities of such series and rights under
Section 4.07, Section 10.02 and Section 10.03, (b) substitution of mutilated, destroyed, lost or
stolen Securities of such series, (c) rights of Holders of Securities of such series to receive,
from the Company pursuant to Section 10.01, payments of principal thereof and interest, if any,
thereon upon the original stated due dates or upon the Redemption Dates therefor (but not upon
acceleration), and remaining rights of the Holders of Securities of such series to receive
mandatory sinking fund

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payments, if any, (d) the rights, obligations, duties and immunities of the Trustee hereunder
(including, but not limited to, Section 6.07 hereof) and (e) the rights of the Holders of
Securities of such series as beneficiaries hereof with respect to the property so deposited with
the Trustee payable to all or any of them), and (ii) the occurrence of any event specified in
Section 5.01(d) (with respect to any of the covenants specified in or pursuant to Section 3.01 as
being subject to Covenant Defeasance with respect to such series) shall be deemed not to be or
result in a default or an Event of Default, in each case with respect to the Outstanding Securities
of such series as provided in this Section on and after the date the conditions set forth in
Section 4.04 are satisfied (hereinafter called “Covenant Defeasance”), and the Trustee at the cost
and expense of the Company, shall execute proper instruments, in form and substance reasonably
satisfactory to the Trustee, acknowledging the same. For this purpose, such Covenant Defeasance
means that the Company may omit to comply with and shall have no liability in respect of any term,
condition or limitation set forth in any such covenant (to the extent so specified in the case of
Section 5.01(d)), whether directly or indirectly by reason of any reference elsewhere herein to any
such covenant or by reason of any reference in any such covenant to any other provision herein or
in any other document, but the remainder of this Indenture and the Securities of such series shall
be unaffected thereby.

     Section 4.04. Conditions To Defeasance Or Covenant Defeasance.

     The following shall be the conditions to application of either Section 4.02 or Section 4.03 to
the Outstanding Securities:

     (a) with reference to Section 4.02 or Section 4.03, the Company has irrevocably deposited or
caused to be irrevocably deposited with the Trustee as funds in trust, specifically pledged as
security for, and dedicated solely to, the benefit of the Holders of Securities of such series (i)
money in an amount, or (ii) U.S. Government Obligations or Equivalent Government Securities 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, money in an amount, or
(iii) a combination of (i) and (ii), 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 each installment of principal (including mandatory sinking fund
payments) of, premium, if any, and interest on, the Outstanding Securities of such series on the
dates such installments of interest, premium or principal are due, including upon redemption;
provided, however, that if such U.S. Government Obligations and Equivalent Government Securities
are callable or redeemable at the option of the issuer thereof, the amount of such money, U.S.
Government Obligations, and/or Equivalent Government Securities deposited with the Trustee must be
sufficient to pay and discharge the entire indebtedness referred to above if the issuer of any such
U.S. Government Obligations or Equivalent Government Securities elects to exercise such call or
redemption provisions at any time prior to the Scheduled Maturity Date or Redemption Date of such
Securities, as the

32

 

case may be. The Company, but not the Trustee, shall be responsible for monitoring any such
call or redemption provision.

     (b) in the case of Defeasance under Section 4.02, the Company has delivered to the Trustee an
Opinion of Counsel based on the fact that (x) the Company has received from, or there has been
published by, the Internal Revenue Service a ruling or (y) since the date hereof, there has been a
change in the applicable United States federal income tax law, in either case to the effect that,
and such opinion shall confirm that, the Holders of the Securities of such series will not
recognize income, gain or loss for federal income tax purposes as a result of such deposit,
defeasance and discharge and will be subject to federal income tax on the same amount and in the
same manner and at the same times, as would have been the case if such deposit, Defeasance and
discharge had not occurred;

     (c) in the case of Covenant Defeasance under Section 4.03, the Company has delivered to the
Trustee an Opinion of Counsel to the effect that, and such opinion shall confirm that, the Holders
of the Securities of such series will not recognize income, gain or loss for federal income tax
purposes as a result of such deposit and Covenant Defeasance and will be subject to federal income
tax on the same amount and in the same manner and at the same times, as would have been the case if
such deposit and Covenant Defeasance had not occurred;

     (d) no Event of Default or event which, with notice or lapse of time or both, would become an
Event of Default with respect to the Securities of such series shall have occurred and be
continuing on the date of such deposit, after giving effect to such deposit or, in the case of a
Defeasance under Section 4.02, no Event of Default specified in Section 5.01(e) or Section 5.01(f)
shall have occurred, at any time during the period ending on the 91st day after the date of such
deposit or, if longer, ending on the day following the expiration of the longest preference period
applicable to the Company in respect of such deposit (it being understood that this condition shall
not be deemed satisfied until the expiration of such period);

     (e) such Defeasance or Covenant Defeasance will not cause the Trustee to have a conflicting
interest within the meaning of the TIA, assuming all Securities of a series were in default within
the meaning of the TIA;

     (f) such Defeasance or Covenant Defeasance will not result in a breach or violation of, or
constitute a default under, any agreement or instrument to which the Company is a party or by
which it is bound;

     (g) such Defeasance or Covenant Defeasance will not result in the trust arising from such
deposit constituting an investment company within the meaning of the Investment Company Act of
1940, as amended, unless the trust is registered under such Act or exempt from registration;

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     (h) If the Securities of such series are to be redeemed prior to their Scheduled Maturity Date
(other than from mandatory sinking fund payments or analogous payments), notice of such redemption
shall have been duly given pursuant to this Indenture or provision therefor reasonably satisfactory
to the Trustee shall have been made; and

     (i) the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of
Counsel, each stating that all conditions precedent provided for herein relating to such Defeasance
or Covenant Defeasance, as the case may be, have been complied with.

     Section 4.05. Application of Trust Money; Excess Funds. All money and U.S. Government
Obligations or Equivalent Government Securities (including the proceeds thereof) deposited with the
Trustee pursuant to Section 4.01 or Section 4.04 hereof shall be held in trust and applied by it,
in accordance with the provisions of this Indenture and of the series of Securities in respect of
which it was deposited, 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, premium, if any, and interest, if any, for whose payment such money has
been deposited with the Trustee; but such money need not be segregated from other funds except to
the extent required by law. Funds and securities held pursuant to this Section 4.05 shall not be
subject to the claims of the holders of Senior Indebtedness under Article 13.

     The Company will pay and indemnify the Trustee against any tax, fee or other charge imposed on
or assessed against the cash or U.S. Government Obligations or Equivalent Government Securities
deposited pursuant to Section 4.01 or Section 4.04 hereof or the principal and interest received in
respect thereof other than any such tax, fee or other charge which by law is for the account of the
Holders of the Outstanding Securities.

     Anything in this Article 4 to the contrary notwithstanding, the Trustee shall deliver or pay
to the Company from time to time upon Company Request any money or U.S. Governmental Obligations or
Equivalent Government Securities held by it as provided in Section 4.01 or Section 4.04 which, in
the opinion of a nationally recognized investment bank, appraisal firm or firm of a nationally
recognized firm of independent public accountants expressed in a written certification thereof
delivered to the Trustee, (which may be the opinion delivered under Section 4.01 or Section 4.04,
as applicable), are in excess of the amount thereof that would then be required to be deposited to
effect an equivalent satisfaction and discharge, Covenant Defeasance or Defeasance of the
applicable series.

     Section 4.06. Paying Agent to Repay Moneys Held. Upon the satisfaction and discharge of this
Indenture, all moneys then held by any Paying Agent of the Securities (other than the Trustee)
shall, upon demand of the Company, be repaid

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to it or paid to the Trustee, and thereupon such Paying Agent shall be released from all
further liability with respect to such moneys.

     Section 4.07. Return of Unclaimed Amounts. Any amounts deposited with or paid to the Trustee
or any Paying Agent or then held by the Company, in trust for payment of the principal of, premium,
if any, or interest, if any, on the Securities and not applied but remaining unclaimed by the
Holders of such Securities for two years after the date upon which the principal of, premium, if
any, or interest, if any, on such Securities, as the case may be, shall have become due and
payable, shall be repaid to the Company by the Trustee on Company Request or (if then held by the
Company) shall be discharged from such trust; and the Holder of any of such Securities shall
thereafter look only to the Company for any payment which such Holder may be entitled to collect
(until such time as such unclaimed amounts shall escheat, if at all, to the State of New York) 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. Notwithstanding the foregoing,
the Trustee or 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 printed in the English language and customarily published at least once
a day at least five days in each calendar week and of general circulation in the Borough of
Manhattan, in the City and State of New York, a notice that said amounts have not been so applied
and that after a date named therein any unclaimed balance of said amounts then remaining will be
promptly returned to the Company.

ARTICLE 5

Remedies

     Section 5.01. Events of Default. “Event of Default”, wherever used herein, means with
respect to any series of Securities any one of the following events (whatever the reason for such
Event of Default and whether it shall 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), unless such event is either inapplicable to a particular
series or it is specifically deleted or modified in the manner contemplated by Section 3.01:

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

     (b) default in the payment of the principal amount of (or premium, if any, on) any Security of
such series as and when the same shall become due, either at Maturity, upon redemption, by
declaration, or otherwise; or

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     (c) default in the payment of any sinking or purchase fund or analogous obligation when the
same becomes due by the terms of the Securities of such series and continuance of such default for
a period of 30 days; or

     (d) default in the performance or breach of any covenant or warranty of the Company in this
Indenture in respect of the Securities of such series (other than a covenant or warranty in respect
of the Securities of such series a default in the performance of which or the breach of which is
elsewhere in this Section specifically dealt with), and continuance of such default or breach for a
period of 90 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 25% in the principal
amount of the Outstanding Securities of such series, 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

     (e) the entry of an order for relief against the Company under the Federal Bankruptcy Act by a
court having jurisdiction in the premises or a decree or order by a court having jurisdiction in
the premises adjudging the Company a bankrupt or insolvent under any other applicable Federal or
State law, or the entry of a decree or order approving as properly filed a petition seeking
reorganization, arrangement, adjustment or composition of or in respect of the Company under the
Federal Bankruptcy Code 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 90 consecutive days;
or

     (f) the consent by the Company 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 the Federal Bankruptcy Code or any other applicable Federal or State law, or the consent by
it to the filing of any such petition or to the appointment of a receiver, liquidator, assignee,
trustee, sequestrator (or other 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; or

     (g) any other Event of Default provided for with respect to the Securities of such series in
accordance with Section 3.01.

     A default under any indebtedness of the Company other than the Securities will not constitute
an Event of Default under this Indenture, and a default under one series of Securities will not
constitute a default under any other series of Securities.

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     Section 5.02. Acceleration of Maturity; Rescission, and Annulment. If any Event of Default
described in Section 5.01 above (other than an Event of Default described in Section 5.01(e) and
Section 5.01(f)) shall have occurred and be continuing with respect to any series, then and in each
and every such case, unless the principal of all the Securities of such series shall have already
become due and payable, either the Trustee or the Holders of not less than 25% in aggregate
principal amount of the Securities of such series then Outstanding hereunder, by notice in writing
to the Company (and to the Trustee if given by Holders), may declare the principal amount (or, if
the Securities of such series are Original Issue Discount Securities, such portion of the principal
amount as may be specified in the terms of that series) of all the Securities of such series and
any and all accrued interest thereon to be due and payable immediately, and upon any such
declaration the same shall become and shall be immediately due and payable, any provision of this
Indenture or the Securities of such series to the contrary notwithstanding. If an Event of Default
specified in Section 5.01(e) or Section 5.01(f) occurs, the principal amount of the Securities of
such series and any and all accrued interest thereon shall immediately become and be due and
payable without any declaration or other act on the part of the Trustee or any Holder. No
declaration of acceleration by the Trustee with respect to any series of Securities shall
constitute a declaration of acceleration by the Trustee with respect to any other series of
Securities, and no declaration of acceleration by the Holders of at least 25% in aggregate
principal amount of the Outstanding Securities of any series shall constitute a declaration of
acceleration or other action by any of the Holders of any other series of Securities, in each case
whether or not the Event of Default on which such declaration is based shall have occurred and be
continuing with respect to more than one series of Securities, and whether or not any Holders of
the Securities of any such affected series shall also be Holders of Securities of any other such
affected series.

     At any time after such a declaration of acceleration has been made with respect to the
Securities of any series 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 not less than 25%
in aggregate principal amount of the Outstanding Securities of such series, by written notice to
the Company and the Trustee, may rescind and annul such declaration and its consequences if all
Events of Default with respect to such series of Securities, other than the nonpayment of the
principal of the Securities of such series which have become due solely by such acceleration, have
been cured or waived as provided in Section 5.13, if such cure or waiver does not conflict with any
judgment or decree set forth in Section 5.01(e) and Section 5.01(f) and if all sums paid or
advanced by the Trustee hereunder and the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel have been paid.

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

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     Section 5.03. Collection of Indebtedness and Suits for Enforcement by Trustee. The Company
covenants that if:

     (a) default is made in the payment of any installment of interest on any Security of any
series when such interest becomes due and payable, or

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

     (c) default is made in the payment of any sinking or purchase fund or analogous obligation
when the same becomes due by the terms of the Securities of any series, and

     (d) any such default continues for any period of grace provided in relation to such default
pursuant to Section 5.01,

then, with respect to the Securities of such series, the Company will, upon demand of the Trustee,
pay to it, for the benefit of the Holder of any such Security (or the Holders of any such series in
the case of clause (c) above), the whole amount then due and payable on any such Security (or on
the Securities of any such series in the case of clause (c) above) for principal (and premium, if
any) and interest, if any, with interest (to the extent that payment of such interest shall be
legally enforceable) upon the overdue principal (and premium, if any) and upon overdue installments
of interest, if any, at such rate or rates as may be prescribed therefor by the terms of any such
Security (or of Securities of any such series in the case of clause (c) above); 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 and all other amounts due the Trustee under Section 6.07.

     If the Company 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, and may prosecute such proceeding to judgment or final decree, and may
enforce the same against the Company or any other obligor upon the Securities of such series and
collect the money 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 Securities, wherever situated.

     If an Event of Default with respect to any series of Securities occurs and is continuing, the
Trustee may in its discretion proceed to protect and enforce its rights and the rights of the
Holders of Securities of such series 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.

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     Section 5.04. 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 Securities or the
property of the Company or of such other obligor or their creditors, the Trustee (irrespective of
whether the principal of the 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 for the payment of overdue principal or interest) shall be entitled and empowered, by
intervention in such proceedings or otherwise,

     (a) to file and prove a claim for the whole amount of principal (or, with respect to Original
Issue Discount Securities, such portion of the principal amount as may be specified in the terms of
such Securities), premium, if any, and interest, if any, owing and unpaid in respect of the
Securities, and to file such other papers or documents as may be necessary and advisable in order
to have the claims of the Trustee (including any claim for the reasonable compensation, expenses,
disbursements, and advances of the Trustee, its agents and counsel, and all other amounts due the
Trustee under Section 6.07) and of the Securityholders allowed in such judicial proceedings, and

     (b) 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
Securityholder 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 Securityholders, to pay to the Trustee any
amount due to it for the reasonable compensation, expenses, disbursements and advances of the
Trustee and its agent and counsel, and any other amounts due the Trustee under Section 6.07 hereof.

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

     Section 5.05. Trustee May Enforce Claims Without Possession of Securities. All rights of
action and claims under this Indenture or the Securities of any series may be prosecuted and
enforced by the Trustee without the possession of any of the Securities of such series or the
production thereof in any proceeding relating thereto, and any such proceeding instituted by the
Trustee shall be brought in its own name as trustee of an express trust, and any recovery of
judgment shall, after provision for the payment of the reasonable compensation, expenses,
disbursements and advances of the Trustee and its agents and counsel, be for the ratable benefit of
the Holders of the Securities, of the series in respect of which such judgment has been recovered.

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     Section 5.06. Application of Money Collected. Any money collected by the Trustee with
respect to a series of Securities pursuant to this Article 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, premium, if any, or interest, if any, upon presentation of the Securities of such
series 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 6.07 hereof.

     Second: Subject to Article 13, if applicable, to the payment of the amounts then due and
unpaid upon the Securities of that series for principal, premium, if any, interest, if any, and
additional amounts, if any, in respect of which or for the benefit of which such money has been
collected, ratably, without preference or priority of any kind.

     Section 5.07. Limitation on Suits. No Holder of any 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

     (a) such Holder has previously given written notice to the Trustee of a continuing Event of
Default with respect to Securities of such series;

     (b) the Holders of not less than 25% in principal amount of the Outstanding 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;

     (c) 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;

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

     (e) no direction inconsistent with such written request has been given to the Trustee during
such 60-day period by the Holders of a majority in principal amount of the Outstanding Securities
of such series; it being understood and intended that no one or more Holders of Securities of such
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 of Securities of
such series (it being understood that the Trustee does not have an affirmative duty to ascertain
whether or not such actions or forbearances are prejudicial to such Holders), or to obtain or to
seek to obtain priority or preference over any other such Holders or to enforce any right under
this Indenture, except in

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the manner herein provided and for the equal and proportionate benefit of all the Holders of
all Securities of such series.

     Section 5.08. Unconditional Right of Securityholders to Receive Principal, Premium, and
Interest. Notwithstanding any other provision in this Indenture, the Holder of any Security shall
have the right, which is absolute and unconditional, to receive payment of the principal, premium,
if any, and (subject to Section 3.07) interest, if any, (and additional amounts, if any) on such
Security on or after the respective payment dates expressed in such Security (or, in the case of
redemption or repayment, on the Redemption Date or Repayment Date, as the case may be) and to
institute suit for the enforcement of any such payment on or after such respective date, and such
right shall not be impaired or affected without the consent of such Holder.

     Section 5.09. Restoration of Rights and Remedies. If the Trustee or any Securityholder has
instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding
has been discontinued or abandoned for any reason, then and in every such case the Company, the
Trustee and the Securityholders shall, subject to any determination in such proceeding, be restored
severally and respectively to their former positions hereunder, and thereafter all rights and
remedies of the Trustee and the Securityholders shall continue as though no such proceeding had
been instituted.

     Section 5.10. Rights and Remedies Cumulative. No right or remedy herein conferred upon or
reserved to the Trustee or to the Securityholders is intended to be exclusive of any other right or
remedy, and every right or remedy shall, to the extent permitted by law, be cumulative and in
addition to every other right and remedy given hereunder or now or hereafter existing at law or in
equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise,
shall not prevent the concurrent assertion or employment of any other appropriate right or remedy.

     Section 5.11. Delay or Omission Not Waiver. No delay or omission of the Trustee or of any
Holder of any 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 Securityholders may be exercised from time to time, and as often as may be deemed expedient, by
the Trustee or by the Securityholders, as the case may be.

     Section 5.12. Control by Securityholders. The Holders of a majority in principal amount of
the Outstanding Securities of any series 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 Securities of such series, provided that

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     (a) the Trustee shall have the right to decline to follow any such direction if the Trustee,
being advised by counsel, determines that the action so directed may not lawfully be taken or would
conflict with this Indenture or if the Trustee in good faith shall, by a Responsible Officer,
determine that the proceedings so directed would involve it in personal liability or be unjustly
prejudicial to the Holders not taking part in such direction, and

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

     Section 5.13. Waiver of Past Defaults. The Holders of not less than a majority in principal
amount of the Outstanding Securities of any series may, on behalf of the Holders of all the
Securities of such series, waive any past default hereunder with respect to such series and its
consequences, except a default not theretofore cured:

     (a) in the payment of principal, premium, if any, or interest, if any, on any Security of such
series, or in the payment of any sinking or purchase fund or analogous obligation with respect to
the Securities of such series, or

     (b) in respect of a covenant or provision in this Indenture which, under Article Nine hereof,
cannot be modified or amended without the consent of the Holder of each Outstanding Security of
such series.

     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 5.14. Undertaking for Costs. All parties to this Indenture agree, and each Holder of
any 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 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 attorneys’ fees, against any
party litigant in such suit, having due regard to the merits and good faith of the claims or
defenses made by such party litigant; but the provisions of this Section shall not apply to any
suit instituted by the Trustee, to any suit instituted by any Securityholder or group of
Securityholders holding in the aggregate more than 10% in principal amount of the Outstanding
Securities of any series to which the suit relates, or to any suit instituted by any Securityholder
for the enforcement of the payment of principal, premium, if any, or interest, if any, on any
Security on or after the respective payment dates expressed in such Security (or, in the case of
redemption or repayment, on or after the Redemption Date or Repayment Date).

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     Section 5.15. 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 (other than any bankruptcy
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.

ARTICLE 6

The Trustee

     Section 6.01. Certain Duties and Responsibilities of Trustee. (a) Except during the
continuance of an Event of Default with respect to any series of Securities,

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

     (ii) in the absence of bad faith on its part, the Trustee may, with respect to
Securities of such series, conclusively rely, as to the truth of the statements and
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 (but need not
confirm or investigate the accuracy of mathematical calculations or other facts stated
therein).

     (b) In case an Event of Default with respect to any series of Securities has occurred and is
continuing, the Trustee shall exercise, with respect to the Securities of such series, such of the
rights and powers vested in it by this Indenture, and use the same degree of care and skill in
their exercise, as a prudent 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 willful misconduct,
except that

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

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     (ii) 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;

     (iii) 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 of not less
than a majority in principal amount of the Outstanding Securities of any series relating
to the time, method, and place of conducting any proceeding for any remedy available to
the Trustee with respect to the Securities of such series, or exercising any trust or
power conferred upon the Trustee, under this Indenture with respect to the Securities of
such series; and

     (iv) 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 6.02. Notice of Defaults. Within 90 days after the occurrence of any default
hereunder with respect to Securities of any series, the Trustee shall transmit by mail to all
Securityholders of such series, as their names and addresses appear in the 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,
premium, if any, or interest, if any, on any Security of such series or in the payment of any
sinking or purchase fund installment or analogous obligation with respect to Securities of 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 and/or Responsible Officers of
the Trustee in good faith determine that the withholding of such notice is in the interests of the
Securityholders of such series and; provided, further, that, in the case of any default of the
character specified in Section 5.01(d) with respect to Securities of such series, no such notice to
Securityholders of such series shall be given until at least 60 days after the occurrence thereof.
For the purpose of this Section, the term “default”, with respect to Securities of any series,
means any event which is, or after notice or lapse of time or both would become, an Event of
Default with respect to Securities of such series.

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     Section 6.03. Certain Rights of Trustee. Except as otherwise provided in Section 6.01 above:

     (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 or other paper or document believed by it to be genuine and to have
been signed or presented by the proper party or parties;

     (b) any request, direction or order 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 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 Securityholders pursuant to this
Indenture, unless such Securityholders shall have offered to the Trustee security or indemnity
reasonably satisfactory to the Trustee 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 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 at the
sole cost of the Company and shall incur no liability or additional liability of any kind by reason
of such inquiry or investigation;

     (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;

     (h) the Trustee shall not be liable for any action taken, suffered, or omitted to be taken by
it in good faith and reasonably believed by it to be

45

 

authorized or within the discretion or rights or powers conferred upon it by this Indenture;

     (i) in no event shall the Trustee be responsible or liable for special, indirect, or
consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit)
irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and
regardless of the form of action;

     (j) the Trustee shall not be deemed to have notice of any Default or Event of Default unless a
Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any
event which is in fact such a default is received by the Trustee at the Corporate Trust Office of
the Trustee, and such notice references the Securities and this Indenture;

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

     (l) the Trustee may request that the Company deliver a certificate setting forth the names of
individuals and/or titles of officers authorized at such time to take specified actions pursuant to
this Indenture.

     Section 6.04. Not Responsible for Recitals or Issuance of Securities. The recitals contained
herein and in the Securities, except the certificates of authentication, shall be taken as the
statements of the Company, and the Trustee assumes no responsibility for their correctness. The
Trustee makes no representations as to the validity or sufficiency of this Indenture or of the
Securities. The Trustee shall not be accountable for the use or application by the Company of
Securities or the proceeds thereof.

     Section 6.05. May Hold Securities. The Trustee or any Paying Agent, Security Registrar, or
other agent of the Company, in its individual or any other capacity, may become the owner or
pledgee of Securities and, subject to Sections 6.08 and 6.13 hereof, may otherwise deal with the
Company with the same rights it would have if it were not Trustee, Paying Agent, Security
Registrar, or such other agent.

     Section 6.06. 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 6.07. Compensation and Reimbursement. The Company covenants and agrees

     (a) to pay the Trustee from time to time, and the Trustee shall be entitled to, such
compensation as the Company and the Trustee shall from time to

46

 

time agree in writing 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);

     (b) 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
reasonable 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

     (c) to indemnify each of the Trustee or any predecessor Trustee and their agents for, and to
hold them harmless against, any and all loss, damage, claims, liability or expense, including taxes
(other than taxes based upon, measured by or determined by the income of the Trustee), arising out
of or in connection with the acceptance or administration of the trust or trusts hereunder,
including the costs and expenses of defending itself against any claim (whether asserted by the
Company, or any Holder or any other Person) or liability in connection with the exercise or
performance of any of its powers or duties hereunder, or in connection with enforcing the
provisions of this Section, except to the extent that such loss, damage, claim, liability or
expense is due to its own negligence or bad faith.

     Without prejudice to any other rights available to the Trustee under applicable law, when the
Trustee incurs expenses or renders services in connection with an Event of Default specified in
Section 5.01(e) and Section 5.01(f) above, such expenses (including the reasonable charges and
expenses of its counsel) and compensation for such services are intended to constitute expenses of
administration under any applicable Federal or State bankruptcy, insolvency, reorganization, or
other similar law.

     The Trustee shall have a lien prior to the Securities upon all property and funds held or
collected by it as such for any amount owing to it or any predecessor Trustee pursuant to this
Section 6.07, except with respect to funds held in trust for the benefit of the Holders of
particular Securities.

     The provisions of this Section shall survive the satisfaction and discharge of this Indenture
and the termination or resignation of the Trustee.

     Section 6.08. Disqualification; Conflicting Interests. If the Trustee has or shall acquire
any conflicting interest within the meaning of the Trust Indenture Act, it shall either eliminate
such interest or resign as Trustee with respect to one or more series of Securities, to the extent
and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and this
Indenture.

     Section 6.09. Corporate Trustee Required; Eligibility. There shall at all times be a Trustee
hereunder with respect to each series of Securities that shall be

47

 

a corporation organized and doing business under the laws of the United States of America or
of any State or Territory thereof or of the District of Columbia, authorized under such laws to
exercise corporate trust powers, having a combined capital and surplus of at least $50,000,000, and
subject to supervision or examination by Federal or State authority and having its principal office
and place of business in the City of New York, if there be such a corporation having its principal
office and place of business in said City and willing to act as Trustee on customary and usual
terms. If such corporation publishes reports of condition at least annually, pursuant to law or to
the requirements of the aforesaid supervising or examining authority, then for the purposes of this
Section, the combined capital and surplus of such corporation shall be deemed to be its combined
capital and surplus as set forth in its most recent report of condition so published. If at any
time the Trustee with respect to any series of Securities 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 6.10. Resignation and Removal; Appointment of Successor. (a) No resignation or
removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall
become effective until the acceptance of appointment by the successor Trustee under Section 6.11.

     (b) The Trustee may resign with respect to any one or more series of Securities at any time by
giving at least 60 days’ written notice thereof to the Company. If an instrument of acceptance by a
successor Trustee shall not have been delivered to the Trustee within 30 days after the giving of
such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction
for the appointment of a successor Trustee.

     (c) The Trustee may be removed with respect to any series of Securities at any time by Act of
the Holders of 66 2/3% in principal amount of the Outstanding Securities of that series, delivered
to the Trustee and to the Company.

     (d) If at any time:

     (i) the Trustee shall fail to comply with Section 6.08 above with respect to any
series of Securities after written request therefor by the Company or by any
Securityholder who has been a bona fide Holder of a Security of that series for at least 6
months, or

     (ii) the Trustee shall cease to be eligible under Section 6.09 above with respect to
any series of Securities and shall fail to resign after written request therefor by the
Company or by any such Securityholder, or

     (iii) the Trustee shall become incapable of acting with respect to any series of
Securities, or

     (iv) the Trustee shall be adjudged a bankrupt or insolvent or a receiver of the
Trustee or of its property shall be appointed or any public

48

 

officer shall take charge or control of the Trustee or of its property or affairs for
the purpose of rehabilitation, conservation or liquidation, then, in any such case (A) the
Company may remove the Trustee, with respect to the series or, in the case of this clause
(iv), with respect to all series, or (B) subject to Section 5.14, any Securityholder who
has been a bona fide Holder of a Security of such series for at least 6 months may, on
behalf of himself and all others similarly situated, petition any court of competent
jurisdiction for the removal of the Trustee and the appointment of a successor Trustee
with respect to the series or, in the case of this clause (iv), with respect to all
series.

     (e) If the Trustee shall resign, be removed or become incapable of acting with respect to any
series of Securities, or if a vacancy shall occur in the office of Trustee with respect to any
series of Securities for any cause, the Company shall promptly appoint a successor Trustee for that
series of Securities. If, within one year after such resignation, removal or incapacity, or the
occurrence of such vacancy, a successor Trustee with respect to such series of Securities shall be
appointed by Act of the Holders of 66 2/3% in principal amount of the Outstanding Securities of
such series delivered to the Company and the retiring Trustee, the successor Trustee so appointed
shall, forthwith upon its acceptance of such appointment, become the successor Trustee with respect
to such series and supersede the successor Trustee appointed by the Company with respect to such
series. If no successor Trustee with respect to such series shall have been so appointed by the
Company or the Securityholders of such series and accepted appointment in the manner hereinafter
provided, any Securityholder who has been bona fide Holder of a Security of that series for at
least 6 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 and each appointment of a successor Trustee with respect to any series by
mailing written notice of such event by first-class mail, postage prepaid, to the Holders of
Securities of that series as their names and addresses appear in the Security Register. Each notice
shall include the name of the successor Trustee and the address of its principal Corporate Trust
Office.

     Section 6.11. Acceptance of Appointment by Successor. Every successor Trustee appointed
hereunder with respect to all series of Securities shall execute, acknowledge and deliver to the
Company and to the predecessor Trustee an instrument accepting such appointment, and thereupon the
resignation or removal of the predecessor Trustee shall become effective, and such successor
Trustee, without any further act, deed or conveyance, shall become vested with all the rights,
powers, trusts and duties of the predecessor Trustee with respect to any such series; but, on
request of the Company or the successor Trustee, such predecessor Trustee shall, upon payment of
its reasonable charges (including, but not limited to, attorneys’ fees and expenses), if any,
execute and deliver an

49

 

instrument, in form and substance reasonably satisfactory to the predecessor Trustee,
transferring to such successor Trustee all the rights, powers and trusts of the predecessor
Trustee, and shall duly assign, transfer and deliver to such successor Trustee all property and
money held by such predecessor Trustee hereunder.

     In case of the appointment hereunder of a successor Trustee with respect to the Securities of
one or more (but not all) series, the Company, the predecessor Trustee and each successor Trustee
with respect to the Securities of any applicable series shall execute and deliver an indenture
supplemental hereto which (1) shall contain such provisions as shall be deemed necessary or
desirable to transfer and to conform to, and to vest in, each successor Trustee all the rights,
powers, trusts and duties of the predecessor Trustee with respect to the Securities of any series
as to which the appointment of such successor Trustee relates and (2) if the predecessor Trustee is
not retiring with respect to all Securities, shall contain such provisions as shall be deemed
necessary or desirable to confirm that all the rights, powers, trusts and duties of the predecessor
Trustee with respect to the Securities of any series as to which the predecessor Trustee is not
being succeeded shall continue to be vested in the predecessor Trustee, and (3) 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 hereunder separate and
apart from any trust or trusts hereunder administered by any other such Trustee; and upon the
execution and delivery of such supplemental indenture the resignation or removal of the retiring
Trustee shall become effective to the extent provided therein and each 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 the Securities of that or those series to
which the appointment of such successor Trustee relates; and, on the written request of the Company
or any successor Trustee, such retiring Trustee shall duly assign, transfer and deliver to such
successor Trustee all property and money held by such retiring Trustee hereunder with respect to
the Securities of that or those series to which the appointment of such successor Trustee relates.

     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 referred to in the first or second preceding paragraph, as the case may be.

     No successor Trustee with respect to any series of Securities shall accept its appointment
unless at the time of such acceptance such successor Trustee shall be qualified and eligible with
respect to that series under this Article.

     Section 6.12. Merger, Conversion, Consolidation or Succession to Business. Any corporation
into which the Trustee may be merged or converted or

50

 

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 of the corporate trust business of the Trustee, shall be the successor of the
Trustee hereunder, provided that 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 Securities shall have been authenticated, but not delivered, by the
Trustee then in office, any successor Trustee by merger, conversion or consolidation to such
authenticating Trustee may adopt such authentication and deliver the Securities so authenticated
with the same effect as if such successor Trustee had itself authenticated such Securities.

     Section 6.13. Preferential Collection of Claims Against Company. If and when the Trustee
shall be or shall become a creditor, of the Company (or of any other obligor upon the Securities),
the Trustee shall be subject to the provisions of the Trust Indenture Act regarding the collection
of claims against the Company (or against any such other obligor, as the case may be).

     Section 6.14. Appointment of Authenticating Agent. At any time when any of the Securities
remain Outstanding the Trustee, with the approval of the Company, may appoint an Authenticating
Agent or Agents with respect to one or more series of Securities which shall be authorized to act
on behalf of the Trustee to authenticate Securities of such series issued upon exchange,
registration of transfer or partial redemption thereof or pursuant to Section 3.06, and 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 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, authorized under such laws to act as an Authenticating Agent, having a combined capital
and surplus of not less than $50,000,000 and, if other than the Company itself, 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 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

51

 

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 at any time by giving written notice thereof to the Trustee
and, if other than the Company, 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, if other
than the Company, 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, with the approval of the Company, may
appoint a successor Authenticating Agent which shall be acceptable to the Company and shall mail
written notice of such appointment by first-class mail, postage prepaid, to all Holders of
Securities of the series with respect to which such Authenticating Agent will serve, as their names
and addresses appear in the 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. No
successor Authenticating Agent shall be appointed unless eligible under the provisions of this
Section.

     The Company agrees to pay to each Authenticating Agent from time to time reasonable
compensation for its services under this Section.

     If an appointment with respect to one or more series is made pursuant to this Section, the
Securities of such series may have endorsed thereon, in addition to the Trustee’s certificate of
authentication, an alternate certificate of authentication in the following form:

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

	 	 	 	 	 	 	 
	 	 	The Bank of New York, as Trustee
	 
	 	 	 	 	 	 
	 

	 	By:
	 	 
	 	 
	 

	 	 	 	As Authenticating Agent	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	 
	 	 
	 

	 	 	 	Authorized Signatory	 	 

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ARTICLE 7

Securityholders’ Lists and Reports by Trustee and Company

     Section 7.01. Company to Furnish Trustee Names and Addresses of Securityholders. The
Company will furnish or cause to be furnished to the Trustee:

     (a) semiannually, not more than 15 days after January 1 and July 1 in each year, in such form
as the Trustee may reasonably require, a list of the names and addresses of the Holders of
Securities of each series as of such date, and

     (b) at such other times as the Trustee may request in writing, within 30 days after the
receipt by the Company 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, provided that if the Trustee shall be
the Security Registrar for such series, such list shall not be required to be furnished.

     Section 7.02. Preservation of Information; Communications to Securityholders. (a) The
Trustee shall preserve, in as current a form as is reasonably practicable, the names and addresses
of Holders of Securities contained in the most recent list furnished to the Trustee as provided in
Section 7.01 and the names and addresses of Holders of Securities received by the Trustee in its
capacity as Security Registrar. The Trustee may destroy any list furnished to it as provided in
Section 7.01 upon receipt of a new list so furnished.

     (b) The rights of Holders to communicate with other Holders with respect to their rights under
this Indenture or under the Securities, and the corresponding rights and privileges of the Trustee
will be as provided in the Trust Indenture Act.

     (c) Every Holder of Securities, by receiving and holding the same, agrees with the Company and
the Trustee that neither the Company nor the Trustee shall be held accountable by reason of the
disclosure of any such information as to the names and addresses of the Holders of Securities in
accordance with Section 7.02(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 7.02(b).

     Section 7.03. Reports by Trustee. (a) The Trustee shall transmit to Holders such reports
concerning the Trustee and its actions under this Indenture as may be required pursuant to the
Trust Indenture Act at the times and in the manner provided pursuant thereto. If required by
Section 313(a) of the Trust Indenture Act, the Trustee shall, within 60 days after each May 15
following the date of this Indenture, deliver to each Holder, as provided in Trust Indenture Act
Section 313(c), a brief report dated as of such May 15, which complies with the provisions of such
Section 313(a).

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     (b) 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 any Securities are listed, with the Commission and
with the Company as required by Trust Indenture Act Section 313(d). The Company will promptly
notify the Trustee, in writing, when any Securities are listed on any stock exchange.

     Section 7.04. Reports by Company. The Company will:

     (a) 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, if the Company
is not required to file information, documents or reports pursuant to either of said Sections, then
it will 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;

     (b) 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; and

     (c) transmit by mail to all Securityholders, as their names and addresses appear in the
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 (a)
and (b) of this Section as may be required by rules and regulations prescribed from time to time by
the Commission.

ARTICLE 8

Consolidation, Merger, Conveyance or Transfer

     Section 8.01. Company May Consolidate, etc., Only on Certain Terms. The Company shall not
consolidate with or merge into any other corporation or convey or transfer all or substantially all
of its properties and assets to any Person, unless:

     (a) either the Company shall be the continuing corporation, or the corporation formed by such
consolidation or into which the Company is merged or the Person which acquires by conveyance or
transfer all or substantially all of

54

 

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

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

     (c) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of
Counsel as conclusive evidence that any such consolidation, merger, conveyance or transfer and any
assumption permitted or required by this Article complies with the provisions of this Article.

     Section 8.02. Successor Corporation Substituted. Upon any consolidation or merger, or any
conveyance or transfer of all or substantially all of the properties and assets of the Company in
accordance with Section 8.01, the successor corporation formed by such consolidation or into which
the Company is merged or the Person to which such conveyance or transfer 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 the
Company shall thereupon be released from all obligations hereunder and under the Securities. Such
successor corporation thereupon may cause to be signed and may issue any or all of the Securities
issuable hereunder which theretofore shall not have been signed by the Company and delivered to the
Trustee; and, upon the order of such successor corporation, instead of the Company, and subject to
all the terms, conditions and limitations in this Indenture prescribed, the Trustee shall
authenticate and shall deliver any Securities which previously shall have been signed and delivered
by the officers of the Company to the Trustee for authentication, and any Securities which such
successor corporation thereafter shall cause to be signed and delivered to the Trustee for that
purpose. All of the Securities so issued shall in all respects have the same legal rank and benefit
under this Indenture as the Securities theretofore or thereafter issued in accordance with the
terms of this Indenture as though all of such Securities had been issued at the date of the
execution hereof.

     In case of any such consolidation, merger, sale or conveyance such changes in phraseology and
form (but not in substance) may be made in the Securities thereafter to be issued as may be
appropriate.

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ARTICLE 9

Supplemental Indentures

     Section 9.01. Supplemental Indentures Without Consent of Securityholders. Without the
consent of the Holders of any Securities, the Company and the Trustee, at any time and from time to
time, may enter into one or more indentures supplemental hereto (which shall conform to the
provisions of the TIA as in force at the date of execution thereof), in form reasonably
satisfactory to the Trustee, for any of the following purposes:

     (a) to evidence the succession of another corporation to the Company, or successive
successions, and the assumption by any such successor of the covenants, agreements and obligations
of the Company pursuant to Article 8 hereof; or

     (b) to add to the covenants of the Company such further covenants, restrictions or conditions
for the protection of the Holders of the Securities of any or all series as the Company and the
Trustee shall consider to be for the protection of the Holders of the Securities of any or all
series or to surrender any right or power herein conferred upon the Company (and if such covenants
or the surrender of such right or power are to be for the benefit of less than all series of
Securities, stating that such covenants are expressly being included or such surrenders are
expressly being made solely for the benefit of one or more specified series); or

     (c) to cure any ambiguity, to correct or supplement any provision herein which may be
inconsistent with any other provision herein or in any supplemental indenture, or to make any other
provisions with respect to matters or questions arising under this Indenture that do not adversely
affect the interests of the Holders of Securities of any series in any material respect; or

     (d) to add to this Indenture such provisions as may be expressly permitted by the TIA,
excluding, however, the provisions referred to in Section 316(a)(2) of the TIA as in effect at the
date as of which this instrument is executed or any corresponding provision in any similar federal
statute hereafter enacted; or

     (e) to add guarantors or co-obligors with respect to any series of Securities; or

     (f) to secure any series of Securities; or

     (g) to establish any form of Security, as provided in Article 2 hereof, and to provide for the
issuance of any series of Securities, as provided in Article 3 hereof, and to set forth the terms
thereof, and/or to add to the rights of the Holders of the Securities of any series; or

     (h) to evidence and provide for the acceptance of appointment by another corporation as a
successor Trustee hereunder with respect to one or more

56

 

series of 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 6.11 hereof; or

     (i) to add any additional Events of Default in respect of the Securities of any or all series
(and if such additional Events of Default are to be in respect of less than all series of
Securities, stating that such Events of Default are expressly being included solely for the benefit
of one or more specified series); or

     (j) to comply with the requirements of the Commission in connection with the qualification of
this Indenture under the TIA; or

     (k) to make any change in any series of Securities that does not adversely affect in any
material respect the interests of the Holders of such Securities.

     Section 9.02. Supplemental Indentures With Consent of Securityholders. With the consent of
the Holders of not less than a majority in principal amount of the Outstanding Securities of each
series affected by such supplemental indenture or indentures, by Act of said Holders delivered to
the Company and the Trustee, the Company and the Trustee may from time to time and at any time
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 any
supplemental indenture or of modifying in any manner the rights of the Holders of the Securities of
each such series under this Indenture; provided, however, that no such supplemental indenture
shall, without the consent of the Holder of each Outstanding Security affected thereby:

     (a) change the Scheduled Maturity Date or the stated payment date of any payment of premium or
interest payable on any Security, or reduce the principal amount thereof, or any amount of interest
or premium payable thereon, or

     (b) change the method of computing the amount of principal of any Security or any interest
payable thereon on any date, or change any Place of Payment where, or the coin or currency in
which, any Security or any payment of premium or interest thereon is payable, or

     (c) impair the right to institute suit for the enforcement of any payment described in clauses
(a) or (b) on or after the same shall become due and payable, whether at Maturity or, in the case
of redemption or repayment, on or after the Redemption Date or the Repayment Date, as the case may
be; or

     (d) change or waive the redemption or repayment provisions of any series; or

     (e) reduce the percentage in principal amount of the Outstanding Securities of any series, the
consent of whose Holders is required for any such

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supplemental indenture, or the consent of whose Holders is required for any waiver of
compliance with certain provisions of this Indenture or certain defaults hereunder and their
consequences, provided for in this Indenture; or

     (f) modify any of the provisions of this Section or Section 5.13, 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 Security affected thereby; provided,
however, that this clause shall not be deemed to require the consent of any Holder with respect to
changes in the references to “the Trustee” and concomitant changes in this Section, or the deletion
of this proviso, in accordance with the requirements of Sections 6.11 and 9.01(h); or

     (g) adversely affect the ranking or priority of any series;

     (h) release any guarantor or co-obligor from any of its obligations under its guarantee of the
Securities or this Indenture, except in compliance with the terms of this Indenture; or

     (i) waive any Event of Default pursuant to Section 5.01(a), Section 5.01(b) or Section 5.01(c)
hereof with respect to such Security.

     A supplemental indenture that changes or eliminates any covenant or other provision of this
Indenture that has expressly been included solely for the benefit of one or more particular series
of Securities, or that modifies the rights of the Holders of Securities of such series with respect
to such covenant or other provision, shall be deemed not to affect the rights under this Indenture
of the Holders of Securities of any other series.

     It shall not be necessary for any Act of Securityholders under this Section 9.02 to approve
the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act
shall approve the substance thereof.

     Section 9.03. Execution of Supplemental Indentures. Upon the written request of the Company
and upon filing with the Trustee of evidence of an Act of Securityholders as aforementioned, the
Trustee shall join with the Company in the execution of such supplemental indenture unless such
supplemental indenture affects the Trustee’s own rights, powers, trusts, duties or immunities under
this Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be
obligated to, enter into such supplemental indenture. 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 6.01) shall be fully protected in relying upon, an Officers’ Certificate
pursuant to Section 1.02 hereof and an Opinion of Counsel pursuant to Section 1.02 hereof, each
setting forth the statements required by Section 1.02 and stating that the execution of such
supplemental indenture is authorized or permitted by this Indenture.

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     Section 9.04. Effect of Supplemental Indentures. Upon the execution of any supplemental
indenture under this Article, this Indenture shall be and be deemed to be modified and amended in
accordance therewith, and such supplemental indenture shall form a part of this Indenture for all
purposes; and the respective rights, limitation of rights, duties, powers, trusts and immunities
under this Indenture of the Trustee, the Company, and every Holder of Securities theretofore or
thereafter authenticated and delivered hereunder shall be determined, exercised and enforced
thereunder to the extent provided therein.

     Section 9.05. Conformity With Trust Indenture Act. Every supplemental indenture executed
pursuant to this Article shall conform to the requirements of the TIA as then in effect.

     Section 9.06. Reference in Securities to Supplemental Indentures. Securities of any series
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 Securities so modified as to conform, in the opinion of the Trustee and the Company, to any
modification of this Indenture contained in any such supplemental indenture may be prepared and
executed by the Company and authenticated and delivered by the Trustee in exchange for Outstanding
Securities.

ARTICLE 10

Covenants

     Section 10.01. Payment of Principal, Premium and Interest. With respect to each series of
Securities, the Company will duly and punctually pay or cause to be paid the principal, premium, if
any, and interest, if any, on such Securities in accordance with their terms and this Indenture,
and will duly comply with all the other terms, agreements and conditions contained in the Indenture
for the benefit of the Securities of such series.

     Section 10.02. Maintenance of Office or Agency. So long as any of the Securities remain
outstanding, the Company will maintain an office or agency in each Place of Payment where
Securities may be presented or surrendered for payment, where Securities may be surrendered for
registration of transfer or exchange, and where notices and demands to or upon the Company in
respect of the Securities and this Indenture may be served. The Company will give prompt written
notice to the Trustee of the location, and of any change in the location, of such office or agency.
If at any time the Company shall fail to maintain such 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 Company hereby appoints the
Trustee its agent to receive all such presentations, surrenders, notices and demands.

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     Section 10.03. Money or Security Payments to Be Held in Trust. If the Company shall at any
time act as its own Paying Agent for any series of Securities, it will, on or before each due date
of the principal, premium, if any, or interest, if any, on any of the Securities of such series,
segregate and hold in trust for the benefit of the Holders of the Securities of such series a sum
sufficient to pay such principal, premium, or interest so becoming due until such sums shall be
paid to such Holders of such Securities or otherwise disposed of as herein provided, and will
promptly notify the Trustee, in writing, of its action or failure so to act.

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

     The Company will cause each Paying Agent other than the Trustee for any series of Securities
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

     (a) hold all sums held by it for the payment of principal, premium, if any, or interest, if
any, on Securities of such series in trust for the benefit of the Holders of the Securities
entitled thereto until such sums shall be paid to such Holders of such Securities or otherwise
disposed of as herein provided;

     (b) give the Trustee written notice of any default by the Company (or any other obligor upon
the Securities of such series) in the making of any such payment of principal, premium, if any, or
interest, if any, on the Securities of such series; and

     (c) 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 any series of Securities or for any other purpose, pay, or by
Company Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company
or such Paying Agent in respect of each and every series of Securities as to which it seeks to
discharge this Indenture or, if for any other purpose, all sums so held in trust by the Company in
respect of all Securities, 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.

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     Section 10.04. Certificate to Trustee. The Company will deliver to the Trustee, within 120
days after the end of each fiscal year of the Company (beginning in 2008), an Officers’
Certificate, one of whose signatories shall be the Company’s principal executive, accounting or
financial officer, stating that in the course of the performance by the signers of their duties as
officers of the Company they would normally have knowledge of any default by the Company in the
performance of any of its covenants, conditions or agreements contained herein (without regard to
any period of grace or requirement of notice provided hereunder), stating whether or not they have
knowledge of any such default and, if so, specifying each such default of which the signers have
knowledge and the nature thereof.

     Section 10.05. Corporate Existence. Subject to Article 8 the Company will do or cause to be
done all things necessary to preserve and keep in full force and effect its corporate existence.

ARTICLE 11

Redemption of Securities

     Section 11.01. Applicability of Article. The Company may reserve the right to redeem and pay
before the Scheduled Maturity Date all or any part of the Securities of any series, either by
optional redemption, sinking or purchase fund or analogous obligation or otherwise, by provision
therefor in the form of Security for such series established and approved pursuant to Section 2.02
and 2.03 or as otherwise provided in Section 3.01, and on such terms as are specified in such form
or in the indenture supplemental hereto with respect to Securities of such series as provided in
Section 3.01. Redemption of Securities of any series shall be made in accordance with the terms of
such Securities and, to the extent that this Article does not conflict with such terms, the
succeeding Sections of this Article.

     Section 11.02. Election to Redeem; Notice to Trustee. In case of any redemption at the
election of the Company, the Company shall, at least 60 days prior to the Redemption Date fixed by
the Company (unless a shorter notice shall be reasonably satisfactory to the Trustee) notify the
Trustee, in writing, of such Redemption Date and of the principal amount of Securities of such
series to be redeemed. In the case of any redemption of Securities (a) prior to the expiration of
any restriction on such redemption provided in the terms of such Securities or elsewhere in this
Indenture, or (b) pursuant to an election of the Company which is subject to a condition specified
in the terms of such Securities or elsewhere in this Indenture, the Company shall furnish the
Trustee with an Officers’ Certificate evidencing compliance with such restriction or condition.

     Section 11.03. Selection by Trustee of Securities to be Redeemed. If fewer than all the
Securities of any series are to be redeemed, the particular Securities to be redeemed shall be
selected not more than 60 days prior to the Redemption Date by the Trustee, from the Outstanding
Securities of such series not previously called for redemption, by such method as the Trustee shall
deem

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fair and appropriate, which may include provision for the selection for redemption of portions
of the principal of Securities of such series of a denomination larger than the minimum authorized
denomination for Securities of that series. Unless otherwise provided in the terms of a particular
series of Securities, the portions of the principal of Securities so selected for partial
redemption shall be equal to the minimum authorized denomination of the Securities of such series,
or an integral multiple thereof, and the principal amount which remains outstanding shall not be
less than the minimum authorized denomination for Securities of such series.

     The Trustee shall promptly notify the Company in writing of the Securities selected for
redemption and, in the case of any Security 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 Securities shall relate, in the case of any Security redeemed or to
be redeemed only in part, to the portion of the principal of such Security which has been or is to
be redeemed.

     Section 11.04. Notice of Redemption. Notice of redemption shall be given by first-class
mail, postage prepaid, mailed not fewer than 30 nor more than 60 days prior to the Redemption Date,
to each Holder of Securities to be redeemed, at his or her address appearing in the Security
Register on the applicable Record Date.

     All notices of redemption shall state:

     (1) the Redemption Date;

     (2) the Redemption Price, or if not then ascertainable, the manner of calculation thereof;

     (3) if fewer than all Outstanding Securities of any series are to be redeemed, the
identification (and, in the case of partial redemption, the respective principal amounts) of the
Securities to be redeemed, from the Holder to whom the notice is given and that on and after the
date fixed for redemption, upon surrender of such Security, a new Security or Securities of the
same series in the aggregate principal amount equal to the unredeemed portion thereof will be
issued in accordance with Section 11.07;

     (4) that on the Redemption Date the Redemption Price will become due and payable upon each
such Security, and that interest, if any, thereon shall cease to accrue from and after said date;

     (5) the place where such Securities are to be surrendered for payment of the Redemption Price,
which shall be the office or agency maintained by the Company in the Place of Payment pursuant to
Section 10.02 hereof; and

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     (6) that the redemption is on account of a sinking or purchase fund, or other analogous
obligation, if that be the case.

     Notice of redemption of 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 (provided such notice is prepared
by the Company) in the name and at the expense of the Company.

     Section 11.05. Deposit of Redemption Price. On or 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 10.03) an amount of money
sufficient to pay the Redemption Price of all the Securities which are to be redeemed on that date.

     Section 11.06. Securities Payable on Redemption Date. Notice of Redemption having been given
as aforesaid, the 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) such Securities shall cease to bear interest.
Upon surrender of such Securities for redemption in accordance with the notice, such Securities
shall be paid by the Company at the Redemption Price. Any installment of interest due and payable
on or prior to the Redemption Date shall be payable to the Holders of such Securities registered as
such on the relevant Record Date according to the terms and the provisions of Section 3.07 above;
unless, with respect to an Interest Payment Date that falls on a Redemption Date, such Securities
provide that interest due on such date is to be paid to the Person to whom principal is payable.

     If any Security called for redemption shall not be so paid upon surrender thereof for
redemption, the principal shall, until paid, bear interest from the Redemption Date at the rate
borne by the Security, or as otherwise provided in such Security.

     Section 11.07. Securities Redeemed in Part. Any Security that is to be redeemed only in part
shall be surrendered at the office or agency maintained by the Company in the Place of Payment
pursuant to Section 10.02 hereof with respect to that series (with, if the Company or the Trustee
so requires, due endorsement by, or a written instrument of transfer in form reasonably
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 Security without service charge and at the expense of the Company, a
new Security or Securities of the same series, tenor, terms and Scheduled Maturity Date, of any
authorized denomination as requested by such Holders in aggregate principal amount equal to and in
exchange for the unredeemed portion of the principal of the Security so surrendered.

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     Section 11.08. Provisions with Respect to any Sinking Funds. Unless the form or terms of any
series of Securities shall provide otherwise, in lieu of making all or any part of any mandatory
sinking fund payment with respect to such series of Securities in cash, the Company may at its
option (a) deliver to the Trustee for cancellation any Securities of such series theretofore
acquired by the Company, or (b) receive credit for any Securities of such series (not previously so
credited) acquired or redeemed by the Company (other than through operation of a mandatory sinking
fund) and theretofore delivered to the Trustee for cancellation, and if it does so then (i)
Securities so delivered or credited shall be credited at the applicable sinking fund Redemption
Price with respect to Securities of such series, and (ii) on or before the 60th day next preceding
each sinking fund Redemption Date with respect to such series of Securities, the Company will
deliver to the Trustee (A) an Officers’ Certificate specifying the portions of such sinking fund
payment to be satisfied by payment of cash and by the delivery or credit of Securities of such
series acquired or redeemed by the Company, and (B) such Securities, to the extent not previously
surrendered. Such Officers’ Certificate shall also state the basis for any such credit and that the
Securities for which the Company elects to receive credit have not been previously so credited and
were not acquired by the Company through operation of the mandatory sinking fund, if any, provided
with respect to such Securities and shall also state that no Event of Default with respect to
Securities of such series has occurred and is continuing. All Securities so delivered to the
Trustee shall be canceled by the Trustee, at the written direction of the Company, and no
Securities shall be authenticated in lieu thereof.

     If the sinking fund payment or payments (mandatory or optional) with respect to any series of
Securities made in cash plus any unused balance of any preceding sinking fund payments with respect
to Securities of such series made in cash shall exceed $50,000 (or a lesser sum if the Company
shall so request), unless otherwise provided by the terms of such series of Securities, that cash
shall be applied by the Trustee on the sinking fund Redemption Date with respect to Securities of
such series next following the date of such payment to the redemption of Securities of such series
at the applicable sinking fund Redemption Price with respect to Securities of such series, together
with accrued interest, if any, to the date fixed for redemption, with the effect provided in
Section 11.06. The Trustee shall select, in the manner provided in Section 11.03, for redemption on
such sinking fund Redemption Date a sufficient principal amount of Securities of such series to
utilize that cash and shall thereupon cause notice of redemption of the Securities of such series
for the sinking fund to be given in the manner provided in Section 11.04 (and with the effect
provided in Section 11.06) for the redemption of Securities in part at the option of the Company.
Any sinking fund moneys not so applied or allocated by the Trustee to the redemption of Securities
of such series shall be added to the next cash sinking fund payment with respect to Securities of
such series received by the Trustee and, together with such payment, shall be applied in accordance
with the provisions of this Section 11.08. Any and all sinking fund moneys with respect to
Securities of any series held by the Trustee at the Maturity of Securities of such series, and not
held for the

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payment or redemption of particular Securities of such series, shall be applied by the
Trustee, together with other moneys, if necessary, to be deposited sufficient for the purpose, to
the payment of the principal of the Securities of such series at Maturity.

     On or before each sinking fund Redemption Date provided with respect to Securities of any
series, the Company shall pay to the Trustee in cash a sum equal to all accrued interest, if any,
to the date fixed for redemption on Securities to be redeemed on such sinking fund Redemption Date
pursuant to this Section 11.08.

     The Trustee shall not redeem any Securities with sinking fund moneys or give any notice of
redemption of Securities by operation of the applicable sinking fund during the continuance of a
default in payment of interest on Securities of such series or of any Event of Default with respect
to such series, except that if the notice of redemption of any Securities shall theretofore have
been mailed in accordance with the provisions hereof, the Trustee shall redeem such Securities if
cash sufficient for that purpose shall be deposited with the Trustee for that purpose in accordance
with the terms of this Article 11. Except as aforesaid, any moneys in the sinking fund with respect
to Securities of any series at the time when any such default or Event of Default with respect to
such series shall occur, and any moneys thereafter paid into such sinking fund shall, during the
continuance of such default or Event of Default with respect to such series, be held as security
for the payment of all Securities of such series; provided, however, that in case such default or
Event of Default with respect to such series shall have been cured or waived as provided herein,
such moneys shall thereafter be applied on the next sinking fund payment date on which such moneys
may be applied pursuant to the provisions of this Section 11.08.

ARTICLE 12

Repayment at Option of Holders

     Section 12.01. Applicability of Article. Repayment of Securities of any series before their
Scheduled Maturity Date at the option of Holders thereof shall be made in accordance with the terms
of such Securities and (except as otherwise specified as contemplated by Section 3.01 for
Securities of any series) in accordance with this Article.

     Section 12.02. Repayment of Securities. Securities of any series subject to repayment in
whole or in part at the option of the Holders thereof will, unless otherwise provided in the terms
of such Securities, be repaid at a price equal to the principal amount thereof, together with
interest thereon accrued to the Repayment Date specified in the terms of such Securities. On or
before the Repayment Date, the Company will 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
10.03) an amount of money sufficient to pay the Repayment Price of all the Securities which are to
be repaid on such date.

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     Section 12.03. Exercise of Option. Securities of any series subject to repayment at the
option of the Holders thereof will contain an “Option to Elect Repayment” form on the reverse of
such Securities. To be repaid at the option of the Holder, any Security so providing for such
repayment, with the “Option to Elect Repayment” form on the reverse of such Security duly completed
by the Holder, must be received by the Company at the Place of Payment therefor specified in the
terms of such Security (or at such other place or places of which the Company shall from time to
time notify the Holders of such Securities) not earlier than 30 days nor later than 15 days prior
to the Repayment Date. If less than the entire principal amount of such Security is to be repaid in
accordance with the terms of such Security, the principal amount of such Security to be repaid, in
increments of $1,000 unless otherwise specified in the terms of such Security, and the denomination
or denominations of the Security or Securities to be issued to the Holder for the portion of the
principal amount of such Security surrendered that is not to be repaid must be specified. The
principal amount of any Security providing for repayment at the option of the Holder thereof may
not be repaid in part, if, following such repayment, the unpaid principal amount of such Security
would be less than the minimum authorized denomination of Securities of the series of which such
Security to be repaid is a part. Except as otherwise may be provided by the terms of any Security
providing for repayment at the option of the Holder thereof, exercise of the repayment option by
the Holder shall be irrevocable unless waived by the Company.

     Section 12.04. When Securities Presented for Repayment Become Due and Payable. If Securities
of any series providing for repayment at the option of the Holders thereof shall have been
surrendered as provided in this Article and as provided by the terms of such Securities, such
Securities or the portions thereof, as the case may be, to be repaid shall become due and payable
and shall be paid by the Company on the Repayment Date therein specified, and on and after such
Repayment Date (unless the Company shall default in the payment of such Securities on such
Repayment Date) interest on such Securities or the portions thereof, as the case may be, shall
cease to accrue.

     Section 12.05. Securities Repaid in Part. Upon surrender of any Security which is to be
repaid in part only, the Company shall execute and the Trustee shall authenticate and deliver to
the Holder of such Security, without service charge and at the expense of the Company, a new
Security or Securities of the same series, tenor, terms and Scheduled Maturity Date, of any
authorized denomination specified by the Holder, in an aggregate principal amount equal to and in
exchange for the portion of the principal of such Security so surrendered which is not to be
repaid.

ARTICLE 13

Subordination Of Subordinated Securities

     Section 13.01. Agreement To Subordinate. The Company covenants and agrees, and each Holder
of any Subordinated Security issued hereunder by his

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acceptance thereof, whether upon original issue or upon transfer or assignment, likewise
covenants and agrees, that the principal of (and premium, if any) and interest on each and all of
the Subordinated Securities issued hereunder are hereby expressly subordinated, to the extent and
in the manner hereinafter set forth, in right of payment to the prior payment in full of all Senior
Indebtedness.

     Section 13.02. Company Not To Make Payments with Respect to Subordinated Securities in
Certain Circumstances.

     Upon the maturity of the principal of any Senior Indebtedness by lapse of time, acceleration
or otherwise, all Obligations thereon shall first be paid in full, or such payment duly provided
for in cash or in a manner reasonably satisfactory to the holders of such Senior Indebtedness,
before any payment is made on account of any Obligations with respect to the Subordinated
Securities or to acquire any of the Subordinated Securities.

     Upon the happening of an event of default (or if any event of default would result upon any
payment with respect to the Subordinated Securities) with respect to any Senior Indebtedness, as
such event of default is defined therein or in the instrument under which it is outstanding,
permitting the holders to accelerate the maturity thereof, and, if the default is other than
default in payment of the principal or interest on such Senior Indebtedness (a “non-payment
default”), upon written notice thereof given to the Company and the Trustee by the holders of such
Senior Indebtedness or their representative or the trustee under the indenture or other agreement
(if any) pursuant to which Senior Indebtedness may have been issued, then, unless and until such
event of default shall have been cured or waived or shall have ceased to exist, no payment shall be
made by the Company of any Obligations with respect to the Subordinated Securities or to acquire
any of the Subordinated Securities; provided, however, that in the event of a non-payment default,
such payment blockage shall not exceed a period of 179 days commencing on the date of receipt by
the Company of written notice of such non-payment default or event of default by a holder of such
Senior Indebtedness or by its representative; provided that during any 360-day period the aggregate
of all payment blockage periods pursuant hereto shall not exceed 179 days and there shall be a
period of at least 181 consecutive days in each 360-day period when no payment blockage period
pursuant hereto is in effect.

     In the event that, notwithstanding the provisions of this Section 13.02, the Company shall
make any payment to the Trustee or the Holders on account of any Obligations with respect to the
Subordinated Securities, after the happening of a default in payment of the principal of Senior
Indebtedness or an event of default in respect of the payment of interest on Senior Indebtedness or
after receipt by the Company and the Trustee of written notice as provided in this Section 13.02 of
an event of default with respect to any Senior Indebtedness, then, unless and until such default or
event of default shall have been cured or waived or shall have ceased to exist, such payment
(subject to the provisions of Sections 13.06 and 13.07) shall be held by the Trustee or Holders, as
the case may be, in trust for the

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benefit of, and shall be paid over and delivered to, the holders of Senior Indebtedness (pro
rata as to each of such holders on the basis of the respective amounts of Senior Indebtedness held
by them) or their representative or the trustee under the indenture or other agreement (if any)
pursuant to which 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 its terms, after giving effect
to any concurrent payment or distribution or provision therefor to the holders of Senior
Indebtedness. The Company shall give prompt written notice to the Trustee of any default under any
Senior Indebtedness or under any agreement pursuant to which Senior Indebtedness may have been
issued. Notwithstanding the foregoing, the provisions of this Section 13.02 shall not apply to the
fees and expenses due to the Trustee pursuant to Section 6.07 hereof, which fees and expenses shall
be paid directly to the Trustee.

     Section 13.03. Securities Subordinated to Prior Payment of All Senior Indebtedness on
Dissolution, Liquidation or Reorganization of Company.

     Upon any distribution of assets of the Company upon any dissolution, winding up, liquidation
or reorganization of the Company (whether in bankruptcy, insolvency or receivership proceedings or
upon an assignment for the benefit of creditors or otherwise):

     (a) the holders of all Senior Indebtedness shall first be entitled to receive payment in full
of all Obligations due thereon (including without limitation interest accruing after the
commencement of any such proceeding at the rate specified in the respective Senior Indebtedness)
before the Holders of the Subordinated Securities are entitled to receive any payment on account of
any Obligations with respect to the Subordinated Securities;

     (b) any payment or distribution of assets of the Company of any kind or character, whether in
cash, property or securities, to which the Holders of the Subordinated Securities or the Trustee on
behalf of the Holders of the Subordinated Securities would be entitled except for the provisions of
this Article 13 shall be paid by the liquidating trustee or agent or other person making such
payment or distribution directly to the holders of Senior Indebtedness or their representative, or
to the trustee under any indenture under which Senior Indebtedness may have been issued, to the
extent necessary to make payment in full of all Senior Indebtedness remaining unpaid, after giving
effect to any concurrent payment or distribution or provision therefor to the holders of such
Senior Indebtedness; and

     (c) in the event that notwithstanding the foregoing provisions of this Section 13.03, any
payment or distribution of assets 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
Securities on account of any Obligations with respect to the Subordinated Securities before all
Senior

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Indebtedness is paid in full, or effective provision made for its payment, such payment or
distribution (subject to the provisions of Section 13.06 and 13.07) shall be received and held in
trust for and shall be paid over to the holders of the Senior Indebtedness remaining unpaid or
unprovided for or their representative, or to the trustee under any indenture under which Senior
Indebtedness may have been issued, for application to the payment of such Senior Indebtedness until
all such Senior Indebtedness shall have been paid in full, after giving effect to any concurrent
payment or distribution or provision therefor to the holders of such Senior Indebtedness.

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

     Section 13.04. Holders of Subordinated Securities To Be Subrogated to Rights of Holders of
Senior Indebtedness.

     Subject to the payment in full of all Senior Indebtedness, the Holders of the Subordinated
Securities shall be subrogated to the rights of the holders of Senior Indebtedness to receive
payments or distributions of assets of the Company applicable to the Senior Indebtedness until all
amounts owing on the Subordinated Securities shall be paid in full, and for the purpose of such
subrogation no payments or distributions to the holders of the Senior Indebtedness by or on behalf
of the Company or by or on behalf of the Holders of the Subordinated Securities by virtue of this
Article 13 which otherwise would have been made to the Holders of the Subordinated Securities
shall, as between the Company and the Holders of the Subordinated Securities, be deemed to be
payment by the Company to or on account of the Senior Indebtedness, it being understood that the
provisions of this Article 13 are and are intended solely for the purpose of defining the relative
rights of the Holders of the Subordinated Securities, on the one hand, and the holders of the
Senior Indebtedness, on the other hand.

     Section 13.05. Obligation of the Company Unconditional.

     Nothing contained in this Article 13 or elsewhere in this Indenture or in any Subordinated
Security is intended to or shall impair, as between the Company and the Holders of the Subordinated
Securities, the obligation of the Company, which is absolute and unconditional, to pay to the
Holders of the Subordinated Securities the principal of (and premium, if any) and interest on the
Subordinated 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
Securities and creditors of the Company other than the holders of the Senior Indebtedness, nor
shall anything herein or therein prevent the Trustee or the Holder of any Subordinated Security
from exercising all remedies otherwise permitted by applicable law upon an Event of Default under
this Indenture, subject to the rights, if any, under this Article 13 of the holders of Senior
Indebtedness in respect of cash, property or securities of the

69

 

Company received upon the exercise of any such remedy. Upon any distribution of assets of the
Company referred to in this Article 13, the Trustee, subject to the provisions of Sections 6.01 and
6.03, and the Holders of the Subordinated Securities shall be entitled to conclusively rely upon
any order or decree made by any court of competent jurisdiction in which such insolvency,
bankruptcy, dissolution, winding up, liquidation, reorganization or similar proceedings are
pending, or a certificate of the trustee in bankruptcy, liquidating trustee, custodian, receiver or
agent or other person making any distribution to the Trustee or to the Holders of the Subordinated
Securities, for the purpose of ascertaining the persons entitled to participate in such
distribution, the holders of the Senior Indebtedness and other indebtedness of the Company, the
amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other
facts pertinent thereto or to this Article 13.

     Section 13.06. Trustee Entitled To Assume Payments Not Prohibited in Absence of Notice.

     The Trustee shall not at any time be charged with knowledge of the existence of any facts
which would prohibit the making of any payment to or by the Trustee, unless a Responsible Officer
shall have received at its corporate trust department timely written notice thereof from the
Company or from one or more holders of Senior Indebtedness or from any trustee thereof or
representative therefor; and, prior to the receipt of any such written notice, the Trustee, subject
to the provisions of Article Six, shall be entitled to assume conclusively that no such facts
exist. The Trustee shall be entitled to conclusively rely on the delivery to a Responsible Officer
of a timely written notice by a person representing himself to be a holder of Senior Indebtedness
(or a trustee or representative on behalf of such holder) to establish that such notice has been
given by a holder of Senior Indebtedness or a trustee on behalf of any such holder or holders. 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 pursuant to this Article 13, 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, the extent to which such person is entitled to participate in such payment or distribution
and any other facts pertinent to the rights of such person under this Article 13, 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 13.07. No Fiduciary Duty Of Trustee To Holders Of Senior Indebtedness.

     Except as provided in Section 4.05, any deposit of monies by the Company with the Trustee or
any Paying Agent (whether or not in trust) for the payment of the principal of (or premium, if any)
or interest on any Subordinated Securities shall be subject to the provisions of Sections 13.01,
13.02, 13.03 and

70

 

     13.04 except that, if prior to the third New York Business Day prior to the date on which by
the terms of this Indenture any such monies may become payable for any purpose (including, without
limitation, the payment of either the principal of (or premium, if any) or the interest on any
Subordinated Security) the Trustee or, in the case of any such deposit of monies with a Paying
Agent, the Paying Agent shall not have received with respect to such monies the notice provided for
in Section 13.06, then the Trustee or such Paying Agent, as the case may be, shall have full power
and authority to receive such monies and to apply the same to the purpose for which they were
received, and shall not be affected by any notice to the contrary which may be received by it on or
after such third New York Business Day.

     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 the Trustee shall in good faith
mistakenly pay over or distribute to Holders of Securities or to the Company or to any other person
cash, property or securities to which any holders of Senior Indebtedness shall be entitled by
virtue of this Article or otherwise. With respect to the holders of Senior Indebtedness, the
Trustee undertakes to perform or to observe only such of its covenants or obligations as are
specifically set forth in this Article and no implied covenants or obligations with respect to
holders of Senior Indebtedness shall be read into this Indenture against the Trustee.

     Section 13.08. Subordination Rights Not Impaired by Acts or Omissions of Company or Holders
of Senior Indebtedness.

     No right of any present or future holders of any Senior Indebtedness to enforce subordination
as provided herein shall at any time in any way be prejudiced or impaired by any act or failure to
act on the part of the Company or by any act or failure to act, in good faith, by any such holder,
or by any noncompliance by the Company with the terms of this Indenture, regardless of any
knowledge thereof which any such holder may have or be otherwise charged with.

     Section 13.09. Holders of Subordinated Securities Authorize Trustee To Effectuate
Subordination of Subordinated Securities.

     Each Holder of the Subordinated Securities by his acceptance thereof authorizes and expressly
directs the Trustee on his behalf to take such action as may be necessary or appropriate to
effectuate the subordination provided in this Article 13 and appoints the Trustee his
attorney-in-fact for such purpose, including, in the event of any dissolution, winding up,
liquidation or reorganization of the Company (whether in bankruptcy, insolvency or receivership
proceedings or upon an assignment for the benefit of creditors or otherwise) tending towards
liquidation of the business and assets of the Company, the immediate filing of a claim for the
unpaid balance of its or his Subordinated Securities in the form required in said proceedings and
the causing of said claim

71

 

to be approved. If the Trustee does not file a proper claim or proof of debt in the form
required in such proceeding prior to 30 days before the expiration of the time to file such claims,
then the holders of Senior Indebtedness are hereby authorized to have the right to file and are
hereby authorized to file an appropriate claim for and on behalf of the Holders of said
Subordinated Securities.

     Section 13.10. Right of Trustee To Hold Senior Indebtedness.

     The Trustee shall be entitled to all of the rights set forth in this Article 13 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 this Indenture shall be construed to deprive the Trustee of any of its
rights as such holder.

     Section 13.11. Article 13 Not To Prevent Events of Default.

     The failure to make a payment on account of principal of (or premium, if any) or interest by
reason of any provision in this Article 13 shall not be construed as preventing the occurrence of
an Event of Default under Section 5.01.

     Section 13.12. Trustee’s Compensation Not Prejudiced.

     Nothing in this Article 13 will apply to amounts due to the Trustee pursuant to other Sections
in this Indenture.

72

 

IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed; all as of
the day and year first above written.

	 	 	 	 	 	 	 
	 	 	 	 	EpiCept Corporation
	 
	 	 	 	 	 	 
	 

	 	 	 	By:
	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:
	 

	 	 	 	 	 	Title:
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Attest:	 	 	 	 
	 
	 	 	 	 	 	 
	By:

	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	The Bank of New York, as Trustee
	 
	 	 	 	 	 	 
	 

	 	 	 	By:
	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:
	 

	 	 	 	 	 	Title:

73exv4w3

 

Exhibit 4.3

 

 

ENTERPRISE PRODUCTS OPERATING LLC

AS ISSUER,

ENTERPRISE PRODUCTS PARTNERS L.P.

AS PARENT GUARANTOR,

and

WELLS FARGO BANK,

NATIONAL ASSOCIATION,

AS TRUSTEE

 

ELEVENTH SUPPLEMENTAL INDENTURE

Dated as of September 4, 2007

to

Indenture dated as of October 4, 2004

 

$800,000,000

6.300% Senior Notes due 2017

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Page	 
	 	 	 	 	 	 	 	 	 
	ARTICLE I

	 	 	 	 	 	 	 	 	 
	THE NOTES

	 	 	 	 	 	 	 	 	 
	SECTION 1.1	 	Form
	 	 	2	 
	SECTION 1.2	 	Title, Amount and Payment of Principal and Interest
	 	 	2	 
	SECTION 1.3	 	Registrar and Paying Agent
	 	 	3	 
	SECTION 1.4	 	Transfer and Exchange
	 	 	3	 
	SECTION 1.5	 	Guarantee of the Notes
	 	 	3	 
	SECTION 1.6	 	Defeasance and Discharge
	 	 	3	 
	SECTION 1.7	 	Amendment to Section 4.12 of the Original Indenture
	 	 	3	 
	SECTION 1.8	 	Amendment to Section 4.13 of the Original Indenture
	 	 	4	 
	 	 	 	 	 	 	 	 	 
	ARTICLE II

	 	 	 	 	 	 	 	 	 
	REDEMPTION

	 	 	 	 	 	 	 	 	 
	SECTION 2.1	 	Redemption
	 	 	4	 
	 	 	 	 	 	 	 	 	 
	ARTICLE III

	 	 	 	 	 	 	 	 	 
	MISCELLANEOUS PROVISIONS

	 	 	 	 	 	 	 	 	 
	SECTION 3.1	 	Table of Contents, Headings, etc.
	 	 	4	 
	SECTION 3.2	 	Counterpart Originals
	 	 	4	 
	SECTION 3.3	 	Governing Law
	 	 	5	 
	 	 	 	 	 	 	 	 	 
	Exhibit A	 	Form of Note
	 	 	A-1	 

i

 

     THIS ELEVENTH SUPPLEMENTAL INDENTURE dated as of September 4, 2007, is among Enterprise
Products Operating LLC, a Texas limited liability company (the “Issuer”), Enterprise Products
Partners L.P., a Delaware limited partnership (the “Parent Guarantor”), and Wells Fargo Bank,
National Association, a national banking association, as trustee (the “Trustee”). Each capitalized
term used but not defined in this Eleventh Supplemental Indenture shall have the meaning assigned
to such term in the Original Indenture (as defined below).

RECITALS:

     WHEREAS, Enterprise Products Operating L.P. and the Parent Guarantor have executed and
delivered to the Trustee an Indenture, dated as of October 4, 2004 (the “Original Indenture”),
providing for the issuance by Enterprise Products Operating L.P. from time to time of its
debentures, notes, bonds or other evidences of indebtedness, issued and to be issued in one or more
series unlimited as to principal amount (the “Debt Securities”), and the guarantee by each
Guarantor of the Debt Securities (the “Guarantee”); and

     WHEREAS, the Issuer and the Parent Guarantor have executed and delivered to the Trustee a
Tenth Supplemental Indenture, dated as of June 30, 2007, providing for the Issuer as the successor
issuer (the Original Indenture together with the Tenth Supplemental Indenture, the “Base
Indenture”); and

     WHEREAS, on or before the date hereof the Issuer has issued several series of Debt Securities
pursuant to previous supplements to the Original Indenture;

     WHEREAS, the Issuer has duly authorized and desires to cause to be issued pursuant to the Base
Indenture and this Eleventh Supplemental Indenture a new series of Debt Securities designated the
“6.300% Senior Notes due 2017” (the “Notes”), all of such Notes to be guaranteed by the Parent
Guarantor as provided in Article XIV of the Original Indenture;

     WHEREAS, the Issuer desires to cause the issuance of the Notes pursuant to Sections 2.01 and
2.03 of the Original Indenture, which sections permit the execution of indentures supplemental
thereto to establish the form and terms of Debt Securities of any series;

     WHEREAS, pursuant to Section 9.01 of the Original Indenture, the Issuer and the Parent
Guarantor have requested that the Trustee join in the execution of this Eleventh Supplemental
Indenture to establish the form and terms of the Notes;

     WHEREAS, all things necessary have been done to make the Notes, when executed by the Issuer
and authenticated and delivered hereunder and under the Original Indenture and duly issued by the
Issuer, and the Guarantee of the Parent Guarantor, when the Notes are duly issued by the Issuer,
the valid obligations of the Issuer and the Parent Guarantor, respectively, and to make this
Eleventh Supplemental Indenture a valid agreement of the Issuer and the Parent Guarantor
enforceable in accordance with its terms.

     NOW, THEREFORE, the Issuer, the Parent Guarantor and the Trustee hereby agree that the
following provisions shall supplement the Base Indenture:

 

 

ARTICLE I

THE NOTES

     SECTION 1.1 Form.

     The Notes and the Trustee’s certificate of authentication shall be substantially in the form
of Exhibit A to this Eleventh Supplemental Indenture, which is hereby incorporated into
this Eleventh Supplemental Indenture. The terms and provisions contained in the Notes shall
constitute, and are hereby expressly made, a part of this Eleventh Supplemental Indenture and to
the extent applicable, the Issuer, the Parent Guarantor and the Trustee, by their execution and
delivery of this Eleventh Supplemental Indenture, expressly agree to such terms and provisions and
to be bound thereby.

     The Notes shall be issued only as Registered Securities. The Notes shall be issued upon
original issuance in whole in the form of one or more Global Securities (the “Book-Entry Notes”).
Each Book-Entry Note shall represent such of the Outstanding Notes as shall be specified therein
and shall provide that it shall represent the aggregate amount of Outstanding Notes from time to
time endorsed thereon and that the aggregate amount of Outstanding Notes represented thereby may
from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions.
Any endorsement of a Book-Entry Note to reflect the amount, or any increase or decrease in the
amount, of Outstanding Notes represented thereby shall be made by the Trustee in accordance with
written instructions or such other written form of instructions as is customary for the Depositary,
from the Depositary or its nominee on behalf of any Person having a beneficial interest in the
Book-Entry Note.

     The Issuer initially appoints The Depository Trust Company (“DTC”) to act as Depositary with
respect to the Book-Entry Notes.

     SECTION 1.2 Title, Amount and Payment of Principal and Interest.

     The Notes shall be entitled the “6.300% Senior Notes due 2017.” The Trustee shall authenticate
and deliver (i) the Notes for original issue on the date hereof (the “Original Notes”) in the
aggregate principal amount of $800 million and (ii) additional Notes for original issue from time
to time after the date hereof in such principal amounts as may be specified in the Company Order
described in this sentence, provided that no such additional Notes may be issued at a price that
would cause such Notes to have “original issue discount” within the meaning of the Internal Revenue
Code of 1986, as amended, in each case upon a Company Order for the authentication and delivery
thereof and satisfaction of the other provisions of Section 2.05 of the Original Indenture. Such
order shall specify the amount of the Notes to be authenticated, the date on which the original
issue of Notes is to be authenticated, and the name or names of the initial Holder or Holders. The
aggregate principal amount of Notes that may be outstanding at any time may not exceed $800 million
plus such additional principal amounts as may be issued and authenticated pursuant to clause (ii)
of this paragraph (except as provided in Section 2.09 of the Original Indenture).

     The principal amount of each Note shall be payable on September 15, 2017. Each Note shall
bear interest from the date of original issuance, or the most recent date to which interest has

2

 

been paid, at the fixed rate of 6.300% per annum. The dates on which interest on the Notes shall
be payable shall be March 15 and September 15 of each year, commencing March 15, 2008 in the case
of the Original Notes (the “Interest Payment Dates”). The regular record date for interest payable
on the Notes on any Interest Payment Date shall be March 1 or September 1 (the “Regular Record
Date”), as the case may be, next preceding such Interest Payment Date.

     Payments of principal of, premium, if any, and interest due on the Notes representing
Book-Entry Notes on any Interest Payment Date or at maturity will be made available to the Trustee
by 11:00 a.m., New York City time, on such date, unless such date falls on a day which is not a
Business Day, in which case such payments will be made available to the Trustee by 11:00 a.m., New
York City time, on the next Business Day. As soon as possible thereafter, the Trustee will make
such payments to the Depositary.

     SECTION 1.3 Registrar and Paying Agent.

     The Issuer initially appoints the Trustee as Registrar and paying agent with respect to the
Notes. The office or agency in the City and State of New York where Notes may be presented for
registration of transfer or exchange and the Place of Payment for the Notes shall initially be
Wells Fargo Corporate Trust, c/o DTC, 1st Floor, TADS Department, 55 Water Street, New York, New
York 10041.

     SECTION 1.4 Transfer and Exchange.

     The transfer and exchange of Book-Entry Notes or beneficial interests therein shall be
effected through the Depositary, in accordance with Section 2.15 of the Original Indenture and the
rules and procedures of the Depositary therefore.

     SECTION 1.5 Guarantee of the Notes.

     In accordance with Article XIV of the Original Indenture, the Notes will be fully,
unconditionally and absolutely guaranteed on an unsecured, unsubordinated basis by the Parent
Guarantor. Initially, there will be no Subsidiary Guarantors.

     SECTION 1.6 Defeasance and Discharge.

     The Notes shall be subject to satisfaction and discharge and to both legal defeasance and
covenant defeasance as contemplated by Article XI of the Original Indenture.

     SECTION 1.7 Amendment to Section 4.12 of the Original Indenture.

     The last paragraph of Section 4.12 of the Original Indenture is hereby amended and restated in
relation solely to the Notes to read as follows:

     “Notwithstanding the foregoing provisions of this Section, the Parent Guarantor may, and may
permit any Subsidiary to, effect any Sale/Leaseback Transaction that is not excepted by clauses (a)
through (d), inclusive, of this Section, provided that the Attributable Indebtedness from such
Sale/Leaseback Transaction, together with the aggregate principal amount of all other such
Attributable Indebtedness deemed to be outstanding and all outstanding Indebtedness (other

3

 

than the
Debt Securities) secured by liens, other than Permitted Liens, upon Principal Properties or upon
any capital stock of any Restricted Subsidiary, do not exceed 10% of Consolidated Net Tangible
Assets.”

     SECTION 1.8 Amendment to Section 4.13 of the Original Indenture.

     The last sentence of Section 4.13 of the Original Indenture is hereby amended and restated in
relation solely to the Notes to read as follows:

     “Notwithstanding the foregoing, the Parent Guarantor may, and may permit any Subsidiary to,
create, assume, incur or suffer to exist any lien, other than a Permitted Lien, upon any Principal
Property or upon any capital stock of any Restricted Subsidiary to secure Indebtedness of the
Parent Guarantor, the Company or any other Person (other than the Debt Securities), without in any
such case making effective provision whereby all the Debt Securities Outstanding under this
Indenture are secured equally and ratably with, or prior to, such Indebtedness so long as such
Indebtedness is secured; provided that the aggregate principal amount of all Indebtedness then
outstanding secured by such lien and all similar liens, together with the aggregate amount of
Attributable Indebtedness deemed to be outstanding in respect of all Sale/Leaseback Transactions
(exclusive of any such Sale/Leaseback Transactions otherwise permitted under clauses (a) through
(d) of Section 4.12), does not exceed 10% of Consolidated Net Tangible Assets.”

ARTICLE II

REDEMPTION

     SECTION 2.1 Redemption.

     The Issuer shall have no obligation to redeem, purchase or repay the Notes pursuant to any
mandatory redemption, sinking fund or analogous provisions or at the option of a Holder thereof.
The Issuer, at its option, may redeem the Notes in accordance with the provisions of paragraph 5 of
the Notes and Article III of the Original Indenture.

ARTICLE III

MISCELLANEOUS PROVISIONS

     SECTION 3.1 Table of Contents, Headings, etc.

     The table of contents and headings of the Articles and Sections of this Eleventh Supplemental
Indenture have been inserted for convenience of reference only, are not to be considered a part
hereof and shall in no way modify or restrict any of the terms or provisions hereof.

     SECTION 3.2 Counterpart Originals.

     The parties may sign any number of copies of this Eleventh Supplemental Indenture. Each
signed copy shall be an original, but all of them together represent the same agreement.

4

 

     SECTION 3.3 Governing Law.

     THIS ELEVENTH SUPPLEMENTAL INDENTURE AND THE NOTES SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

5

 

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

	 	 	 	 	 
	 	ENTERPRISE PRODUCTS OPERATING LLC,

as Issuer

 	 
	 	By:  	Enterprise Products OLPGP, Inc.
 	 
	 	 	its sole manager 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	                                 /s/ W. Randall Fowler
 	 
	 	 	Name:  	W. Randall Fowler 	 
	 	 	Title:  	Executive Vice President and
Chief Financial Officer 	 
	 

	 	 	 	 	 
	 	ENTERPRISE PRODUCTS PARTNERS L.P.,

as Parent Guarantor

 	 
	 	By:  	Enterprise Products GP, LLC
 	 
	 	 	its General Partner 	 
	 	 	 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	                            /s/ W. Randall Fowler
 	 
	 	 	Name:  	W. Randall Fowler 	 
	 	 	Title:  	Executive Vice President and
Chief Financial Officer 	 
	 

	 	 	 	 	 
	 	WELLS FARGO BANK,

NATIONAL ASSOCIATION,

as Trustee

 	 
	 	By:  	/s/ Patrick T. Giordano
 	 
	 	 	Name:  	Patrick T. Giordano 	 
	 	 	Title:  	Vice President 	 
	 

Eleventh Supplemental Indenture Signature Page

6

 

Exhibit A

FORM OF NOTE

[FACE OF SECURITY]

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY (“DTC”) (55 WATER STREET, NEW YORK, NEW YORK 10041) TO THE COMPANY OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME
OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND
ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.]*

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

		
	 	Principal Amount

No. _____

$___________, [which amount may be

increased or decreased by the Schedule

of Increases and Decreases in Global Security attached hereto. ]*

ENTERPRISE PRODUCTS OPERATING LLC

6.300% SENIOR NOTE DUE 2017

CUSIP ___________

     ENTERPRISE PRODUCTS OPERATING LLC, a Texas limited liability company (the “Company,” which
term includes any successor under the Indenture hereinafter referred to), for value received,
hereby promises to pay to [Cede & Co.]* or its registered assigns, the principal sum of
                                                             ($                     U.S. dollars, [or such greater or lesser principal sum as is shown
on the attached Schedule of Increases and Decreases in Global Security]*, on September
15, 2017 in such coin and currency of the United States of America as at the time of payment shall
be legal tender for the payment of public and private debts, and to pay interest at an annual rate
of 6.300% payable on March 15 and September 15 of each year, to the person in

 

			
	*	 	To be included in a Book-Entry Note.

A-1 

 

whose name the Security (as defined on the reverse side of this security) is registered at the
close of business on the record date for such interest, which shall be the preceding March 1 and
September 1 (each, a “Regular Record Date”), respectively, payable commencing on March 15, 2008,
with interest accruing from September 4, 2007, or the most recent date to which interest shall have
been paid.

     Reference is made to the further provisions of this Security set forth on the reverse hereof.
Such further provisions shall for all purposes have the same effect as though fully set forth at
this place.

     The statements in the legends set forth in this Security are an integral part of the terms of
this Security and by acceptance hereof the Holder of this Security agrees to be subject to, and
bound by, the terms and provisions set forth in each such legend.

     This Security is issued in respect of a series of Debt Securities of an initial aggregate of
$800 million in principal amount designated as the 6.300% Senior Notes due 2017 of the Company and
is governed by the Indenture dated as of October 4, 2004 (the “Original Indenture”), duly executed
and delivered by the Company, as issuer, and Enterprise Products Partners L.P., as parent guarantor
(the “Parent Guarantor”), to Wells Fargo Bank, National Association, as trustee (the “Trustee”), as
supplemented by the Tenth Supplemental Indenture, dated as of June 30, 2007, providing for the
Company as the successor issuer (the “Tenth Supplemental Indenture”), and the Eleventh Supplemental
Indenture dated as of September 4, 2007, duly executed by the Company, the Parent Guarantor and the
Trustee (the “Eleventh Supplemental Indenture”, and together with the Original Indenture and the
Tenth Supplemental Indenture dated as of June 30, 2007, the “Indenture”). The terms of the
Indenture are incorporated herein by reference. This Security shall in all respects be entitled to
the same benefits as definitive Debt Securities under the Indenture.

     If and to the extent any provision of the Indenture limits, qualifies or conflicts with any
other provision of the Indenture that is required to be included in the Indenture or is deemed
applicable to the Indenture by virtue of the provisions of the Trust Indenture Act of 1939, as
amended (the “TIA”), such required provision shall control.

     The Company hereby irrevocably undertakes to the Holder hereof to exchange this Security in
accordance with the terms of the Indenture without charge.

     This Security shall not be valid or become obligatory for any purpose until the Trustee’s
Certificate of Authentication hereon shall have been manually signed by the Trustee under the
Indenture.

A-2 

 

     IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed by its sole
manager.

Dated: ___

	 	 	 	 	 
	 	ENTERPRISE PRODUCTS OPERATING LLC

 	 
	 	By:  	Enterprise Products OLPGP, Inc.
 	 
	 	 	its sole manager 	 
	 	 	 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION:

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

	 	 	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Trustee

 	 
	 	By:  	 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 

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[REVERSE OF SECURITY]

ENTERPRISE PRODUCTS OPERATING LLC

6.300% SENIOR NOTE DUE 2017

     This Security is one of a duly authorized issue of debentures, notes or other evidences of
indebtedness of the Company (the “Debt Securities”) of the series hereinafter specified, all issued
or to be issued under and pursuant to the Indenture, to which Indenture reference is hereby made
for a description of the rights, limitations of rights, obligations, duties and immunities
thereunder of the Trustee, the Company, the Parent Guarantor and the Holders of the Debt
Securities. The Debt Securities may be issued in one or more series, which different series may be
issued in various aggregate principal amounts, may mature at different times, may bear interest (if
any) at different rates, may be subject to different sinking, purchase or analogous funds (if any)
and may otherwise vary as provided in the Indenture. This Security is one of a series designated
as the 6.300% Senior Notes due 2017 of the Company, in initial aggregate principal amount of $800
million (the “Securities”).

1. Interest.

     The Company promises to pay interest on the principal amount of this Security at the rate of
6.300% per annum.

     The Company will pay interest semi-annually on March 15 and September 15 of each year (each an
“Interest Payment Date”), commencing March 15, 2008. Interest on the Securities will accrue from
the most recent date to which interest has been paid or, if no interest has been paid on the
Securities, from September 4, 2007. Interest will be computed on the basis of a 360-day year
consisting of twelve 30-day months. The Company shall pay interest (including post-petition
interest in any proceeding under any applicable bankruptcy laws) on overdue installments of
interest (without regard to any applicable grace period) and on overdue principal and premium, if
any, from time to time on demand at the same rate per annum, in each case to the extent lawful.

2. Method of Payment.

     The Company shall pay interest on the Securities (except Defaulted Interest) to the persons
who are the registered Holders at the close of business on the Regular Record Date immediately
preceding the Interest Payment Date. Any such interest not so punctually paid or duly provided for
(“Defaulted Interest”) may be paid to the persons who are registered Holders at the close of
business on a special record date for the payment of such Defaulted Interest, or in any other
lawful manner not inconsistent with the requirements of any securities exchange on which such
Securities may then be listed if such manner of payment shall be deemed practicable by the Trustee,
as more fully provided in the Indenture. The Company shall pay principal, premium, if any, and
interest in such coin or currency of the United States of America as at the time of payment shall
be legal tender for payment of public and private debts. Payments in respect of a Global Security
(including principal, premium, if any, and interest) will be made by wire transfer of immediately
available funds to the accounts specified by the Depositary. Payments in respect of Securities in
definitive form (including principal, premium, if any, and

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interest) will be made at the office or agency of the Company maintained for such purpose
within The City of New York, which initially will be Wells Fargo Corporate Trust, c/o DTC, 1st
Floor, TADS Department, 55 Water Street, New York, New York 10041, or, at the option of the
Company, payment of interest may be made by check mailed to the Holders on the relevant record date
at their addresses set forth in the Debt Security Register of Holders or at the option of the
Holder, payment of interest on Securities in definitive form will be made by wire transfer of
immediately available funds to any account maintained in the United States, provided such Holder
has requested such method of payment and provided timely wire transfer instructions to the paying
agent. The Holder must surrender this Security to a paying agent to collect payment of principal.

3. Paying Agent and Registrar.

     Initially, Wells Fargo Bank, National Association will act as paying agent and Registrar. The
Company may change any paying agent or Registrar at any time upon notice to the Trustee and the
Holders. The Company may act as paying agent.

4. Indenture.

     This Security is one of a duly authorized issue of Debt Securities of the Company issued and
to be issued in one or more series under the Indenture.

     Capitalized terms herein are used as defined in the Indenture unless otherwise defined herein.
The terms of the Securities include those stated in the Original Indenture, those made part of the
Indenture by reference to the TIA, as in effect on the date of the Original Indenture, and those
terms stated in the Eleventh Supplemental Indenture. The Securities are subject to all such terms,
and Holders of Securities are referred to the Original Indenture, the Eleventh Supplemental
Indenture and the TIA for a statement of them. The Securities of this series are general unsecured
obligations of the Company limited to an initial aggregate principal amount of $800 million;
provided, however, that the authorized aggregate principal amount of such series may be increased
from time to time as provided in the Eleventh Supplemental Indenture.

5. Optional Redemption.

     The Securities are redeemable, at the option of the Company, at any time in whole, or from
time to time in part, at a redemption price (the “Make-Whole Price”) equal to the greater of: (i)
100% of the principal amount of the Securities to be redeemed; or (ii) the sum of the present
values of the remaining scheduled payments of principal and interest (at the rate in effect on the
date of calculation of the redemption price) on the Securities to be redeemed (exclusive of
interest accrued to the Redemption Date) discounted to the Redemption Date on a semi-annual basis
(assuming a 360-day year consisting of twelve 30-day months) at the applicable Treasury Yield plus
25 basis points; plus, in either case, accrued interest to the Redemption Date.

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     The actual Make-Whole Price, calculated as provided above, shall be calculated and certified
to the Trustee and the Company by the Independent Investment Banker. For purposes of determining
the Make-Whole Price, the following definitions are applicable:

     “Treasury Yield” means, with respect to any Redemption Date applicable to the Securities, the
rate per annum equal to the semi-annual equivalent yield to maturity (computed as of the third
Business Day immediately preceding such Redemption Date) of the Comparable Treasury Issue, assuming
a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal
to the applicable Comparable Treasury Price for the Redemption Date.

     “Comparable Treasury Issue” means the United States Treasury security selected by the
Independent Investment Banker as having a maturity comparable to the remaining term of the
Securities to be redeemed that would be utilized, at the time of selection and in accordance with
customary financial practice, in pricing new issues of corporate debt securities of comparable
maturity to the remaining terms of the Securities to be redeemed; provided, however, that if no
maturity is within three months before or after the maturity date for the Securities, yields for
the two published maturities most closely corresponding to such United States Treasury security
will be determined and the treasury rate will be interpolated or extrapolated from those yields on
a straight line basis rounding to the nearest month.

     “Independent Investment Banker” means either Citigroup Global Markets, Inc., Banc of America
Securities LLC or Greenwich Capital Markets, Inc., and their respective successors, or, if no such
firm is willing and able to select the applicable Comparable Treasury Issue, an independent
investment banking institution of national standing appointed by the Trustee and reasonably
acceptable to the Company.

     “Comparable Treasury Price” means, with respect to any Redemption Date, (a) the average of
four Reference Treasury Dealer Quotations for the Redemption Date, after excluding the highest and
lowest Reference Treasury Dealer Quotations, or (b) if the Independent Investment Banker obtains
fewer than four Reference Treasury Dealer Quotations, the average of all such quotations.

     “Reference Treasury Dealer” means (a) Citigroup Global Markets, Inc., Banc of America
Securities LLC and Greenwich Capital Markets, Inc., and their respective successors, and (b) one
other primary U.S. government securities dealer in New York City selected by the Independent
Investment Banker (each, a “Primary Treasury Dealer”); provided, however, that if either of the
foregoing shall cease to be a Primary Treasury Dealer, the Company will substitute therefor another
Primary Treasury Dealer.

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

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     Except as set forth above, the Securities will not be redeemable prior to their Stated
Maturity and will not be entitled to the benefit of any sinking fund.

     Securities called for optional redemption become due on the Redemption Date. Notices of
optional redemption will be mailed at least 30 but not more than 60 days before the Redemption Date
to each Holder of the Securities to be redeemed at its registered address. The notice of optional
redemption for the Securities will state, among other things, the amount of Securities to be
redeemed, the Redemption Date, the method of calculating such redemption price and the place(s)
that payment will be made upon presentation and surrender of Securities to be redeemed. Unless the
Company defaults in payment of the redemption price, interest will cease to accrue on the
Redemption Date with respect to any Securities that have been called for optional redemption. If
less than all the Securities are redeemed at any time, the Trustee will select the Securities to be
redeemed on a pro rata basis or by any other method the Trustee deems fair and appropriate.

     The Securities may be redeemed in part in multiplies of $1,000 only. Any such redemption will
also comply with Article III of the Indenture.

6. Denominations; Transfer; Exchange.

     The Securities are to be issued in registered form, without coupons, in denominations of
$1,000 and integral multiples of $1,000 in excess thereof. A Holder may register the transfer of,
or exchange, Securities in accordance with the Indenture. The Registrar may require a Holder,
among other things, to furnish appropriate endorsements and transfer documents and to pay any taxes
and fees required by law or permitted by the Indenture.

7. Person Deemed Owners.

     The registered Holder of a Security may be treated as the owner of it for all purposes.

8. Amendment; Supplement; Waiver.

     Subject to certain exceptions, the Indenture may be amended or supplemented, and any existing
Event of Default or compliance with any provision may be waived, with the consent of the Holders of
a majority in principal amount of the Outstanding Debt Securities of each series affected. Without
consent of any Holder of a Security, the parties thereto may amend or supplement the Indenture to,
among other things, cure any ambiguity or omission, to correct any defect or inconsistency, or to
make any other change that does not adversely affect the rights of any Holder of a Security. Any
such consent or waiver by the Holder of this Security (unless revoked as provided in the Indenture)
shall be conclusive and binding upon such Holder and upon all future Holders and owners of this
Security and any Securities which may be issued in exchange or substitution herefor, irrespective
of whether or not any notation thereof is made upon this Security or such other Securities.

9. Defaults and Remedies.

     Certain events of bankruptcy or insolvency are Events of Default that will result in the
principal amount of the Securities, together with premium, if any, and accrued and unpaid

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interest thereon, becoming due and payable immediately upon the occurrence of such Events of
Default. If any other Event of Default with respect to the Securities occurs and is continuing,
then in every such case the Trustee or the Holders of not less than 25% in aggregate principal
amount of the Securities then Outstanding may declare the principal amount of all the Securities,
together with premium, if any, and accrued and unpaid interest thereon, to be due and payable
immediately in the manner and with the effect provided in the Indenture. Notwithstanding the
preceding sentence, however, if at any time after such a declaration of acceleration has been made,
the Holders of a majority in principal amount of the Outstanding Securities, by written notice to
the Trustee, may rescind such declaration and annul its consequences if the rescission would not
conflict with any judgment or decree of a court already rendered and if all Events of Default with
respect to the Securities, other than the nonpayment of the principal, premium, if any, or interest
which has become due solely by such declaration acceleration, shall have been cured or shall have
been waived. No such rescission shall affect any subsequent default or shall impair any right
consequent thereon. Holders of Securities may not enforce the Indenture or the Securities except
as provided in the Indenture. The Trustee may require indemnity or security satisfactory to it
before it enforces the Indenture or the Securities. Subject to certain limitations, Holders of a
majority in aggregate principal amount of the Securities then Outstanding may direct the Trustee in
its exercise of any trust or power with respect to the Securities.

10. Trustee Dealings with Company.

     The Trustee under the Indenture, in its individual or any other capacity, may make loans to,
accept deposits from, and perform services for the Company or its Affiliates or any subsidiary of
the Company’s Affiliates, and may otherwise deal with the Company or its Affiliates as if it were
not the Trustee.

11. Authentication.

     This Security shall not be valid until the Trustee signs the certificate of authentication on
the other side of this Security.

12. Abbreviations and Defined Terms.

     Customary abbreviations may be used in the name of a Holder of a Security or an assignee, such
as: TEN COM (tenant in common), TEN ENT (tenants by the entireties), JT TEN (joint tenants with
right of survivorship and not as tenants in common), CUST (Custodian), and U/G/M/A (Uniform Gifts
to Minors Act).

13. CUSIP Numbers.

     Pursuant to a recommendation promulgated by the Committee on Uniform Note Identification
Procedures, the Company has caused CUSIP numbers to be printed on the Securities as a convenience
to the Holders of the Securities. No representation is made as to the accuracy of such number as
printed on the Securities and reliance may be placed only on the other identification numbers
printed hereon.

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14. Absolute Obligation.

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

15. No Recourse.

     The General Partner and the general partner of the Parent Guarantor and their respective
directors, officers, employees and members, as such, shall have no liability for any obligations of
any Guarantor or the Issuer under the Securities, the Indenture or any Guarantee or for any claim
based on, in respect of, or by reason of, such obligations or their creation. Each Holder by
accepting the Securities waives and releases all such liability. The waiver and release are part
of the consideration for issuance of the Securities.

16. Governing Law.

     This Security shall be construed in accordance with and governed by the laws of the State of
New York.

17. Guarantee.

     The Securities are fully and unconditionally guaranteed on an unsecured, unsubordinated basis
by the Parent Guarantor as set forth in Article XIV of the Indenture, as noted in the Notation of
Guarantee to this Security, and under certain circumstances set forth in the Original Indenture one
or more Subsidiaries of the Parent Guarantor may be required to join in such guarantee.

18. Reliance.

     The Holder, by accepting this Security, acknowledges and affirms that (i) it has purchased the
Security in reliance upon the separateness of Parent Guarantor and the general partner of Parent
Guarantor from each other and from any other Persons, including EPCO, Inc., and (ii) Parent
Guarantor and the general partner of Parent Guarantor have assets and liabilities that are separate
from those of other Persons, including EPCO, Inc.

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NOTATION OF GUARANTEE

     The Parent Guarantor (which term includes any successor Person under the Indenture), has
fully, unconditionally and absolutely guaranteed, to the extent set forth in the Indenture and
subject to the provisions in the Indenture, the due and punctual payment of the principal of, and
premium, if any, and interest on the Securities and all other amounts due and payable under the
Indenture and the Securities by the Company.

     The obligations of the Parent Guarantor to the Holders of Securities and to the Trustee
pursuant to its Guarantee and the Indenture are expressly set forth in Article XIV of the Indenture
and reference is hereby made to the Indenture for the precise terms of the Guarantee.

	 	 	 	 	 
	 	ENTERPRISE PRODUCTS PARTNERS L.P.

 	 
	 	By:  	Enterprise Products GP, LLC,
 	 
	 	 	its General Partner 	 
	 

	 	 	 	 	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

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ABBREVIATIONS

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

	 	 	 	 	 	 	 
	TEN COM

	—	as tenants in common
	 	UNIF GIFT MIN ACT —	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	(Cust.)
	 
	 	 	 	 	 	 
	TEN ENT

	—	as tenants by entireties	 	Custodian for:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	(Minor)
	 
	 	 	 	under Uniform Gifts to	 	 
	JT TEN

	—	as joint tenants with right of	 	Minors Act of	 	 
	 
	 	 	 	 	 	 
	 

	 	 survivorship and  not as
tenants in common
	 	 	 	(State)

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

 

ASSIGNMENT

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

PLEASE INSERT SOCIAL SECURITY OR OTHER

          IDENTIFYING NUMBER OF ASSIGNEE

 

 

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

 

 

the within Security and all rights thereunder, hereby irrevocably constituting and appointing

 

to transfer said Security on the books of the Company, with full power of substitution in the
premises.

 

					
	Dated	 	 	 	 
	 
	 	 
	 	 
	 
	 	 	 	Registered Holder

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SCHEDULE OF INCREASES OR DECREASES

IN GLOBAL SECURITY*

     The following increases or decreases in this Global Security have been made:

	 	 	 	 	 	 	 	 	 
	 	 	Amount of	 	Amount of	 	Principal Amount	 	 
	 	 	Decrease in	 	Increase in	 	of this Global	 	Signature of
	 	 	Principal	 	Principal	 	Security following	 	authorized officer
	 	 	Amount of this	 	Amount of this	 	such decrease	 	of Trustee or
	Date of Exchange	 	Global Security	 	Global Security	 	(or increase)	 	Depositary
	 
	 	 	 	 	 	 	 	 

 

			
	*	 	 To be included in a Book-Entry Note.

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