Document:

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                                                                    EXHIBIT 10.2

                                                               EXECUTION VERSION

                           WAIVER AND AMENDMENT NO. 2

                                       TO

                             NOTE PURCHASE AGREEMENT
                         DATED AS OF SEPTEMBER 30, 2003

                                                             As of June 16, 2006

TO EACH OF THE PERSONS LISTED IN THE ATTACHED SCHEDULE 1
(EACH, A "CURRENT NOTEHOLDER")

Ladies and Gentlemen:

     Crawford & Company, a Georgia corporation (together with its successors and
assigns, the "COMPANY") and Crawford & Company International, Inc., a Georgia
corporation (together with its successors and assigns, the "CO-OBLIGOR" and
together with the Company, the "OBLIGORS") jointly and severally agree with you
as follows:

1.   NOTE ISSUANCE, ETC.

          (a) The Obligors jointly and severally issued and sold $50,000,000
     aggregate principal amount of their joint and several 6.08% Senior
     Guarantied Notes due October 10, 2010 (the "NOTES"), pursuant to that
     certain Note Purchase Agreement dated as of September 30, 2003 by and among
     the Obligors and each of the Current Noteholders, as amended by that
     certain Waiver and Amendment to Note Purchase Agreement, dated as of
     September 30, 2005, by and among the Obligors and each of the Current
     Noteholders (prior to the amendments effected hereby, the "EXISTING
     AGREEMENT" and, immediately after giving effect to such amendments, and as
     may be further amended, restated or otherwise modified from time to time,
     the "AMENDED AGREEMENT").

          (b) The register for the registration and transfer of the Notes
     indicates that the Current Noteholders are currently the holders of the
     entire outstanding principal amount of the Notes.

2.   DEFINED TERMS.

     Capitalized terms used herein and not otherwise defined herein have the

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meanings ascribed to them in the Amended Agreement.

3.   WAIVER.

     COMPANY'S HEADQUARTERS' SALE/LEASEBACK TRANSACTION. With respect to the
Permitted Sale/Leaseback Transaction, and with respect to such proposed
transaction only, the Current Noteholders hereby (i) waive the requirement set
forth in Section 10.4(c)(i) of the Existing Agreement, provided, however, that
the Disposition Value of the property sold in such transaction shall be included
when calculating the aggregate Disposition Value of all Asset Dispositions,
pursuant to Section 10.4(c)(i) and Section 10.4(c)(ii), with respect to any
subsequent Asset Disposition, and (ii) agree that the lease portion of the
Permitted Sale/Leaseback Transaction shall not constitute an "Investment" under
the Amended Agreement.

     The waiver described in this Section 3 supersedes the waiver described in
Section 3.1 of that certain Waiver and Amendment to Note Purchase Agreement,
dated as of September 30, 2005, by and among the Obligors and each of the
Current Noteholders.

4.   AMENDMENTS.

     Subject to Section 6, the Existing Agreement is amended in the manner set
forth below (collectively, the "AMENDMENTS"):

     (A) AMENDMENTS TO SCHEDULE B OF THE EXISTING AGREEMENT. Schedule B of the
Existing Agreement is hereby amended as follows:

          (i) The definition of "Indebtedness" is hereby amended by adding the
     following sentence to the end thereof:

          "Notwithstanding the foregoing, the Permitted Sale/Leaseback
     Transaction shall be excluded from 'sale and leaseback transactions'
     referred to in clause (g); provided, however, if the lease obligations
     under the Permitted Sale/Leaseback Transaction would otherwise be included
     in the definition of Indebtedness, such lease obligations shall not be
     excluded from the definition of Indebtedness."

          (ii) the following new definition is hereby added in the appropriate
     alphabetical order:

     ""PERMITTED SALE/LEASEBACK TRANSACTION" means a transaction to be entered
into by the Company after the Closing pursuant to which the Company will sell
its corporate headquarters located at 5620 Glenridge Drive, Atlanta, Georgia,
and contemporaneously lease property to be used as the Company's corporate
headquarters; provided, that (i) such Sale and Leaseback Transaction is

                                        2

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consummated no later than September 30, 2006, (ii) prior to the consummation of
such sale, replacement offices have been leased or purchased, (iii) the Company
receives gross cash proceeds of not less than $8,000,000 in connection with such
sale, (iv) no Default or Event of Default exists immediately prior to such Sale
and Leaseback Transaction or will result after giving effect to such Sale and
Leaseback Transaction and (v) the terms and conditions of the lease of such
property are reasonably acceptable to the Required Holders."

5.   WARRANTIES AND REPRESENTATIONS.

     To induce the Current Noteholders to enter into this Waiver and Amendment
No. 2, the Obligors warrant and represent as follows (it being agreed, however,
that nothing in this Section 5 shall affect any of the warranties and
representations previously made by the Obligors in or pursuant to the Existing
Agreement, and that all of such other warranties and representations, as well as
the warranties and representations in this Section 5, shall survive the
effectiveness of the Amendments):

     5.1. ORGANIZATION; POWER AND AUTHORITY.

     Each Obligor is duly organized, validly existing and in good standing under
the laws of Georgia, and is duly qualified as a foreign corporation and in good
standing in each jurisdiction in which such qualification is required by law,
other than those jurisdictions as to which the failure to be so qualified or in
good standing would not, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect. Each Obligor has the corporate power
and authority to execute and deliver this Waiver and Amendment No. 2 and to
perform the provisions hereof.

     5.2. AUTHORIZATION, ETC.

     This Waiver and Amendment No. 2 has been duly authorized by all necessary
corporate action on the part of each Obligor and constitutes a legal, valid and
binding obligation of each Obligor enforceable against each Obligor, jointly and
severally, in accordance with its terms, except as such enforceability may be
limited by (a) applicable bankruptcy, insolvency, reorganization, moratorium or
other similar laws affecting the enforcement of creditors' rights generally and
(b) general principles of equity (regardless of whether such enforceability is
considered in a proceeding in equity or at law).

     5.3. COMPLIANCE WITH LAWS, OTHER INSTRUMENTS, ETC.

     The execution, delivery and performance by the Obligors of this Waiver and
Amendment No. 2 will not (a) contravene, result in any breach of, or constitute
a default under, or result in the creation of any Lien in respect of any
property of the

                                        3

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Obligors or any Subsidiary of the Company under, any applicable indenture,
mortgage, deed of trust, loan, purchase or credit agreement, lease, corporate
charter or by-laws, or any other applicable agreement or instrument to which the
Company, the Co-Obligor or any Subsidiary of the Company, or any of their
respective properties, may be bound or affected, (b) conflict with or result in
a breach of any of the terms, conditions or provisions of any order, judgment,
decree, or ruling of any court, arbitrator or Governmental Authority applicable
to the Obligors or any Subsidiary of the Company or (c) violate any provision of
any statute or other rule or regulation of any Governmental Authority applicable
to the Obligors or any Subsidiary of the Company.

     5.4. DISCLOSURE OF DEFAULTS.

     After giving effect to this Waiver and Amendment No. 2, no event will have
occurred and no condition will exist which would constitute a Default or an
Event of Default under the Amended Agreement.

     5.5. FULL DISCLOSURE.

     Neither the financial statements and other certificates previously provided
to the Current Noteholders pursuant to the provisions of the Existing Agreement
nor the statements made in this Waiver and Amendment No. 2 nor any other written
statements furnished by or on behalf of the Obligors to the Current Noteholders
in connection with the proposal and negotiation hereof, taken as a whole,
contain any untrue statement of a material fact or omit a material fact
necessary to make the statements contained therein and herein not misleading.

     5.6. NO MATERIAL ADVERSE CHANGE.

     Since December 31, 2005, there has been no change in the financial
condition, operations, business, properties or prospects of the Obligors or any
Subsidiary of the Company except changes that, in the aggregate, could not
reasonably be expected to have a Material Adverse Effect.

6.   EFFECTIVENESS OF WAIVER.

     This Waiver and Amendment No. 2 shall become effective as of June 16, 2006
(the "EFFECTIVE DATE"), provided that

     (i) the Company and the Required Holders shall have indicated their written
consent hereto by executing and delivering to each other counterparts hereof;
and

     (ii) each Current Noteholder shall have received a fully executed copy of
that certain Amendment No. 1 to First Amended and Restated Credit Agreement,
dated as of June 16, 2006, among the Obligors, the lenders party thereto, and
SunTrust Bank, as Agent.

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7.   EXPENSES

     Whether or not this Waiver and Amendment No. 2 becomes effective, the
Company will promptly (and in any event within thirty (30) days of receiving any
statement or invoice therefor) pay all reasonable fees, expenses and costs
relating to this Waiver and Amendment No. 2, including, but not limited to, (a)
the cost of reproducing this Waiver and Amendment No. 2 and the other documents
delivered in connection herewith and (b) the reasonable fees and disbursements
of the Current Noteholders' special counsel, Bingham McCutchen LLP, incurred in
connection with the preparation, negotiation and delivery of this Waiver and
Amendment No. 2. Nothing in this Section 7 shall be construed to limit the
Company's obligations under Section 15.1 of the Existing Agreement.

8.   MISCELLANEOUS.

     8.1. EFFECT OF THIS WAIVER AND AMENDMENT NO. 2.

     Except as expressly provided herein:

          (a) no terms and provisions of any agreement are modified or changed
     by this Waiver and Amendment No. 2;

          (b) the terms and provisions of the Existing Agreement and the Notes
     shall continue in full force and effect; and

          (c) each Obligor hereby acknowledges and reaffirms all of its
     obligations and duties under the Amended Agreement and the Notes, and by
     its signature on the Acknowledgment page hereto, each Guarantor hereby
     acknowledges and reaffirms all of its obligations and duties under the
     Guaranty Agreement.

     8.2. GOVERNING LAW.

     This Waiver and Amendment No. 2 shall be construed and enforced in
accordance with, and the rights of the parties shall be governed by, the law of
the State of New York excluding choice-of-law principles of the law of such
State that would require the application of the laws of a jurisdiction other
than such State.

     8.3. DUPLICATE ORIGINALS; EFFECTIVENESS.

     Two or more duplicate originals of this Waiver and Amendment No. 2 may be
signed by the parties, each of which shall be an original but all of which
together shall constitute one and the same instrument. This Waiver and Amendment
No. 2 may be executed in one or more counterparts and shall be effective when at
least one counterpart shall have been executed by each party hereto, and each
set of

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counterparts which, collectively, show execution by each party hereto shall
constitute one duplicate original.

     8.4. SECTION HEADINGS.

     The titles of the sections hereof appear as a matter of convenience only,
do not constitute a part of this Waiver and Amendment No. 2 and shall not affect
the construction hereof.

     8.5. ENTIRE AGREEMENT.

     This Waiver and Amendment No. 2 constitutes the final written expression of
all of the terms hereof and is a complete and exclusive statement of those
terms.

   [Remainder of page intentionally left blank; next page is signature page.]

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     IN WITNESS WHEREOF, the undersigned have caused this Waiver and Amendment
No. 2 to be duly executed and delivered by their respective duly authorized
officers.

                                        CRAWFORD & COMPANY

                                        By: /s/ J. R. Caporaso
                                            ------------------------------------
                                        Name: Joseph R. Caporaso
                                        Title: Senior Vice President & Treasurer

                                        CRAWFORD & COMPANY INTERNATIONAL, INC.

                                        By: /s/ J. R. Caporaso
                                            ------------------------------------
                                        Name: Joseph R. Caporaso
                                        Title: Vice President & Treasurer

    [Signature Page to Waiver and Amendment No. 2 to Note Purchase Agreement]

<PAGE>

CURRENT NOTEHOLDERS:

The foregoing is hereby agreed to as of the date thereof.

THE PRUDENTIAL INSURANCE COMPANY OF AMERICA

By: /s/ Robert Derrick
    ------------------------------------
Name: Robert Derrick
Title: Vice President

PRUCO LIFE INSURANCE COMPANY

By: /s/ Robert Derrick
    ------------------------------------
Name: Robert Derrick
Title: Assistant Vice President

PRUCO LIFE INSURANCE COMPANY OF NEW JERSEY

By: /s/ Robert Derrick
    ------------------------------------
Name: Robert Derrick
Title: Assistant Vice President

RGA REINSURANCE COMPANY
RELIASTAR LIFE INSURANCE COMPANY

BY: PRUDENTIAL PRIVATE PLACEMENT INVESTORS, L.P.,
    AS INVESTMENT ADVISOR

BY: PRUDENTIAL PRIVATE PLACEMENT INVESTORS, INC.,
    GENERAL PARTNER

By: /s/ Robert Derrick
    ------------------------------------
Name: Robert Derrick
Title: Vice President

    [Signature Page to Waiver and Amendment No. 2 to Note Purchase Agreement]

<PAGE>

                               ACKNOWLEDGMENT PAGE

Each of the undersigned consents to the execution and delivery of this Waiver
and Amendment No. 2 by the Obligors and reaffirms its obligations under the
Guaranty Agreement:

CALESCO, INC.
CRAWFORD & COMPANY OF NEW YORK, INC.
CRAWFORD LEASING SERVICES, INC.
RISK SCIENCES GROUP, INC.
THE PRISM NETWORK, INC.
CRAWFORD & COMPANY HEALTHCARE
   MANAGEMENT, INC.
QIRRA CUSTOM SOFTWARE, INC.
BROCKLEHURST MILLER, INC.
BROCKLEHURST, INC.

By: /s/ J. R. Caporaso
    ------------------------------------
Name: Joseph R. Caporaso
Title: Treasurer

CRAWFORD & COMPANY L.P.

By: Crawford & Company, its General Partner

By: /s/ J. R. Caporaso
    ------------------------------------
Name: Joseph R. Caporaso
Title: Senior Vice President & Treasurer

    [Signature Page to Waiver and Amendment No. 2 to Note Purchase Agreement]

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CRAWFORD & COMPANY EMPLOYMENT
   SERVICES, INC.

By: /s/ Matt C. Wilkinson
    ------------------------------------
Name: Matt C. Wilkinson
Title: President

    [Signature Page to Waiver and Amendment No. 2 to Note Purchase Agreement]

<PAGE>

CRAWFORD & COMPANY OF FLORIDA

By: /s/ Henry Taylor
    ------------------------------------
Name: Henry Taylor
Title: President

    [Signature Page to Waiver and Amendment No. 2 to Note Purchase Agreement]

<PAGE>

CRAWFORD & COMPANY OF ILLINOIS

By: /s/ Joseph P. Rainey
    ------------------------------------
Name: Joseph P. Rainey
Title: President

    [Signature Page to Waiver and Amendment No. 2 to Note Purchase Agreement]

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CRAWFORD & COMPANY OF CALIFORNIA

By: /s/ Jeffrey B. Van Fleet
    ------------------------------------
Name: Jeffrey B. Van Fleet
Title: President

    [Signature Page to Waiver and Amendment No. 2 to Note Purchase Agreement]

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CRAWFORD HEALTHCARE MANAGEMENT
   OF NORFOLK AND BALTIMORE, INC.

By: /s/ William L. Beach
    ------------------------------------
Name: William L. Beach
Title: Vice President

    [Signature Page to Waiver and Amendment No. 2 to Note Purchase Agreement]

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THE GARDEN CITY GROUP, INC.

By: /s/ J. R. Caporaso
    ------------------------------------
Name: Joseph R. Caporaso
Title: Treasurer

    [Signature Page to Waiver and Amendment No. 2 to Note Purchase Agreement]

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CRAWFORD INVESTIGATION SERVICES, INC.

By: /s/ John F. Pflanz
    ------------------------------------
Name: John F. Pflanz
Title: President

    [Signature Page to Waiver and Amendment No. 2 to Note Purchase Agreement]EX-4.1 Form of 6.29% Notes Due 2016

 

GLOBAL GOODRICH NOTE

	 	 	 
	REGISTERED
	 	 
	No. R-1

	 	Principal Amount: $290,753,000

CUSIP: 382388 AR7

     Unless this certificate is presented by an authorized representative of The Depository Trust
Company, a New York corporation (“DTC”), to the issuer or its agent for registration of transfer,
exchange, or payment, and any certificate issued is registered in the name of Cede & Co. or in such
other name as is requested by an authorized representative of DTC (and any payment is made to Cede
& Co. or to such other entity as is requested by an authorized representative of DTC), ANY
TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
inasmuch as the registered owner hereof, Cede & Co., has an interest herein.

GOODRICH CORPORATION

6.29% NOTES DUE 2016

     GOODRICH CORPORATION, a corporation duly organized and existing under the laws of the State of
New York (herein called the “Company”), for value received, hereby promises to pay to Cede & Co.,
or registered assigns, the principal sum of $290,753,000, on July 1, 2016, and to pay interest
thereon semi-annually on January 1 and July 1 (the “Interest Payment Dates”) in each year,
commencing January 1, 2007, at the rate of 6.29 percent per annum until the principal hereof is
paid or made available for payment. Notwithstanding the foregoing, this note (this “Security”)
shall bear interest from the most recent Interest Payment Date to which interest in respect hereof
has been paid or duly provided for, unless (i) the date hereof is such an Interest Payment Date, in
which case from the date hereof, or (ii) no interest has been paid on this Security, in which case
from June 22, 2006; provided, however, that if the Company shall default in the payment of interest
due on the date hereof, then this Security shall bear interest from the next preceding Interest
Payment Date to which Interest has been paid or, if no interest has been paid on this Security,
from June 22, 2006. Notwithstanding the foregoing, if the date hereof is after the December 15 or
June 15 (whether or not a Business Day) (the “Record Date”), as the case may be, next preceding an
Interest Payment Date and before such Interest Payment Date, this Security shall bear interest from
such Interest Payment Date; provided, however, that if the Company shall default in the payment of
interest due on such Interest Payment Date, then this Security shall bear interest from the next
preceding Interest Payment Date to which interest has been paid or, if no interest has been paid on
this Security, from June 22, 2006. The interest so payable, and punctually paid or duly provided
for, on any Interest Payment Date will, subject to certain exceptions provided in the Indenture
referred to on the reverse hereof, be paid to the Person in whose name this Security is registered
at the close of business on the Record Date next preceding such Interest Payment Date.

     Payment of the principal of and any such interest on this Security will be made at the office
or agency of the Company maintained for that purpose in New York City in such coin or currency of
the United States of America as at the time is legal tender for the payment of public and private
debts; provided, however, that at the option of the Company payment of interest may

 

 

be made by check mailed to the address of the Person entitled thereto as such address shall
appear in the Security register.

     Reference is hereby made to the further provisions of this Security set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at
this place.

     Unless the certificate of authentication hereon has been executed by the Trustee referred to
on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under
the Indenture or be valid or obligatory for any purpose.

[The remainder of this page is left blank intentionally.]

2

 

     IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed under its
corporate seal.

	 	 	 	 	 
	DATED:  June 22, 2006 	GOODRICH CORPORATION

 	 
	 	By:  	/s/ Houghton Lewis
 	 
	 	 	Houghton Lewis 	 
	 	 	Vice President and Treasurer 	 
	 

	 	 	 	 	 
	 	Attest:

 	 
	 	By:  	/s/ Sally L. Geib
 	 	 
	 	 	Sally L. Geib 	 
	 	 	Secretary 	 
	 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

	 	 	 	 	 
	 	THE BANK OF NEW YORK TRUST COMPANY, N.A., as Trustee
	 
	 	 	 	 
	 	By:  	/s/ Sean Julien
 	 	 
	 	 	Authorized Officer 	 
	 	 	 	 

3

 

	 	 	 	 	 

REVERSE OF SECURITY

GOODRICH CORPORATION

6.29% NOTES DUE 2016

     This Security is one of a duly authorized issue of securities of the Company (herein called
the “Securities”) issued and to be issued in one or more series under an Indenture, dated as of May
1, 1991, between the Company and The Bank of New York Trust Company, N.A., as successor trustee
(herein called the “Trustee”) and the Third Supplemental Indenture, dated as of June 22, 2006,
between the Company and the Trustee (collectively, the “Indenture”), to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the respective rights,
limitations of rights, obligations, duties and immunities thereunder of the Company, the Trustee
and the holders of the Securities and of the terms upon which the Securities are, and are to be,
authenticated and delivered. This Security is one of a series designated on the face hereof
limited initially to $290,753,000 in aggregate principal amount. The separate series of Securities
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 redemption provisions (if any),
may be subject to different sinking or purchase funds (if any), may be subject to different
repayment provisions (if any), may be subject to different covenants and Events of Default and may
otherwise vary as provided in the Indenture. The Indenture further provides that the Securities of
a single series may be issued at various times, with different maturity dates, may bear interest,
if any, at different rates, may be subject to different redemption provisions (if any), may be
subject to different sinking or purchase funds (if any) and may be subject to different repayment
provisions (if any).

     Any payment required to be made with respect to this Security on a day that is not a Business
Day need not be made on such day, but may be made on the next succeeding Business Day with the same
force and effect as if made on such day, and no interest shall accrue for the period from and after
such date to the date of payment.

     This Security is redeemable, in whole or in part, at any time from time to time, at the option
of the Company, at a redemption price equal to the greater of (1) 100% of the principal amount of
the Security and (2) the sum of the present values of the remaining scheduled payments of principal
and interest thereon (not including any portion of any payment 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 Treasury Rate plus 25 basis points, plus, in each case,
accrued and unpaid interest thereon to the redemption date.

     “Comparable Treasury Issue” means the United States Treasury security selected by the
Reference Treasury Dealer as having a maturity comparable to the remaining term of the Securities
of the series 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 term of such Securities.

     “Comparable Treasury Price” means, with respect to any redemption date for the Securities of
this series, (i) the average of the Reference Treasury Dealer Quotations for such redemption date,
after excluding the highest and lowest such Reference Treasury Dealer

4

 

Quotations, or (ii) if the Trustee obtains fewer than four Reference Treasury Dealer
Quotations, the average of all Reference Treasury Deal Quotations.

     “Reference Treasury Dealer” means (i) Banc of America Securities LLC, Deutsche Bank Securities
Inc., Calyon Securities (USA) Inc., Harris Nesbitt Corp. and Wachovia Capital Markets, LLC (or
their respective affiliates which are Primary Treasury Dealers(as defined below)) and the
respective successors of each of the foregoing; provided, however, that if any of the foregoing
shall cease to be a primary U.S. Government securities dealer in New York City (a “Primary Treasury
Dealer”), Goodrich will substitute another Primary Treasury Dealer; and (ii) any other Primary
Treasury Dealer selected by Goodrich.

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

     “Treasury Rate” means, with respect to any redemption date for the Securities of this series,
the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury
Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its
principal amount) equal to the Comparable Treasury Price for such redemption date. The Treasury
Rate shall be calculated on the third Business Day preceding the redemption date.

     In the event of redemption of this Security in part only, a new Security or Securities of this
series for the unredeemed portion hereof having the same interest rate and maturity as this
Security will be issued in the name of the holder hereof upon the cancellation hereof.

     Except as set forth above, the Securities of this series will not be redeemable by the Company
prior to maturity and will not be entitled to the benefit of any sinking fund.

     If an Event of Default with respect to Securities of this series shall occur and be
continuing, then the Trustee or the holders of not less than 25% in aggregate principal amount
(calculated as provided in the Indenture) of the Securities of this series then Outstanding may
declare the principal of the Securities of this series and accrued interest thereon, if any, to be
due and payable in the manner and with the effect provided in the Indenture.

     The Indenture permits, with certain exceptions as therein provided, the amendment or
supplementing thereof and the modification of the rights and obligations of the Company and the
rights of the holders of the Securities of each series to be affected under the Indenture at any
time by the Company and the Trustee with the consent of the holders of not less than a majority in
aggregate principal amount (calculated as provided in the Indenture) of the Securities at the time
Outstanding of all series to be affected (all such series voting as a single class). The Indenture
also contains provisions permitting the holders of not less than a majority in aggregate principal
amount (calculated as provided in the Indenture) of the Securities of each series at the time
Outstanding, on behalf of the holders of all Securities of such series, to waive certain past
defaults or Events of Default under the Indenture and the consequences of any such defaults or

5

 

Events of Default. 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 of this Security and of any Security issued upon the registration of transfer hereof or in
exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon
this Security.

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

     The Securities of this series are being issued by means of a book-entry system with no
physical distribution of note certificates to be made except as provided in the Indenture. As
provided in the Indenture and subject to certain limitations set forth therein, the transfer of
this Security is registrable in the Security register, upon due presentment of this Security for
registration of transfer at the office or agency of the Company in any place where the principal of
and interest, if any, on this Security are payable, duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Company and the Security registrar duly executed
by, the holder hereof or his attorney duly authorized in writing, and thereupon one or more new
Securities of this series, having the same interest rate and maturity and bearing interest from the
same date as this Security, of any authorized denominations and for the same aggregate principal
amount, will be issued to the designated transferee or transferees.

     The Securities of this series are issuable only in registered form without coupons in
denominations of $1,000 and any integral multiple thereof. As provided in the Indenture and
subject to certain limitations set forth therein, Securities of this series are exchangeable for a
like aggregate principal amount of Securities of this series of a different authorized denomination
having the same interest rate and maturity and bearing interest from the same date as such
Securities, as requested by the holder surrendering the same.

     No service charge shall be made for any such registration of transfer or exchange, but the
Company may require payment of a sum sufficient to cover any tax or other governmental charge
payable in connection therewith.

     Prior to due presentment of this 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 this
Security is registered as the owner hereof for all purposes, whether or not this Security be
overdue and notwithstanding any notation of ownership or other writing thereon, and neither the
Company, the Trustee nor any such agent shall be affected by notice to the contrary. All payments
made to or upon the order of such registered holder, shall, to the extent of the sum or sums paid,
effectually satisfy and discharge liability for monies payable on this Security.

     No recourse for the payment of the principal of or interest, if any, on this Security, or for
any claim based hereon or otherwise in respect hereof, and no recourse under or upon any
obligation, covenant or agreement of the Company in the Indenture or any indenture supplement
thereto or in any Security, or because of the creation of any indebtedness represented thereby,
shall be had against any incorporator, stockholder, official or director, as such, past, present,
or

6

 

future, of the Company or of any successor entity, either directly or through the Company or
any successor corporation, whether by virtue of any constitution, statute or rule of law or by the
enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance
hereof and as part of the consideration for the issue hereof, expressly waived and released.

     The Holders of the Securities are entitled to the benefits of a Registration Rights Agreement,
dated June 22, 2006 between the Company and Banc of America Securities LLC, as the representative
for the several dealer managers, including the receipt of Special Interest upon a Registration
Default (as defined in such agreement). The Company shall make payments of Special Interest in
accordance with the provisions set forth herein for the payment of regular interest.

     All terms used in this Security and not otherwise defined herein which are defined in the
Indenture shall have the meanings assigned to them in the Indenture.

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

7

 

 

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

[PLEASE INSERT SOCIAL SECURITY OR

TAX IDENTIFICATION NUMBER OF ASSIGNEE]

!

!

!

 

 

 

[PLEASE PRINT OR TYPE NAME AND ADDRESS INCLUDING ZIP CODE, OR ASSIGNEE]

the within Security and all rights thereunder, and hereby irrevocably constitutes and appoints                                          attorney
to transfer the within Security on the books kept for registration
thereof, with full power of substitution in the premises.

Dated:                      

			
	NOTICE:	 	
 

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

8

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