Document:

exv10w3

 

Exhibit 10.3

GENERAL MOTORS CORPORATION

and

THE BANK OF NEW YORK,

Trustee

INDENTURE

Dated as of January 8, 2008

Debt Securities

 

 

TABLE OF CONTENTS*

	 	 	 	 	 
	 	 	Page	 
	ARTICLE ONE. DEFINITIONS
	 	 	2	 
	Section 1.01. Definitions
	 	 	2	 
	Section 1.02. Notice to Securityholders
	 	 	7	 
	 
	 	 	 	 
	ARTICLE TWO. ISSUE, EXECUTION, REGISTRATION AND EXCHANGE OF SECURITIES
	 	 	7	 
	Section 2.01. Amount Unlimited; Issuable in Series 
	 	 	8	 
	Section 2.02. Form of Trustee’s Certificate of Authentication
	 	 	10	 
	Section 2.03. Form, Execution, Authentication, Delivery and Dating of Securities
	 	 	10	 
	Section 2.04. Denominations; Record Date
	 	 	12	 
	Section 2.05. Exchange and Registration of Transfer of Securities
	 	 	13	 
	Section 2.06. Temporary Securities
	 	 	14	 
	Section 2.07. Mutilated, Destroyed, Lost or Stolen Securities
	 	 	15	 
	Section 2.08. Cancellation
	 	 	16	 
	Section 2.09. Computation of Interest
	 	 	16	 
	Section 2.10. Securities in Global Form
	 	 	17	 
	Section 2.11. Medium-Term Securities
	 	 	17	 
	Section 2.12. CUSIP Numbers
	 	 	18	 
	 
	 	 	 	 
	ARTICLE THREE. REDEMPTION OF SECURITIES
	 	 	18	 
	Section 3.01. Redemption of Securities; Applicability of Article
	 	 	18	 
	Section 3.02. Notice of Redemption; Selection of Securities
	 	 	18	 
	Section 3.03. Payment of Securities Called for Redemption
	 	 	20	 
	Section 3.04. Securities Redeemed in Part
	 	 	20	 
	 
	 	 	 	 
	ARTICLE FOUR. PARTICULAR COVENANTS OF THE CORPORATION
	 	 	21	 
	Section 4.01. Payment of Principal, Premium, Interest and Additional Amounts
	 	 	21	 
	Section 4.02. Offices for Notices and Payments, Etc.
	 	 	21	 
	Section 4.03. Provisions as to Paying Agent
	 	 	22	 
	Section 4.04. Luxembourg Publications
	 	 	23	 
	Section 4.05. Statement by Officer as to Compliance
	 	 	23	 
	Section 4.06. Limitation on Liens
	 	 	23	 
	Section 4.07. Limitation on Sale and Lease-Back
	 	 	24	 
	Section 4.08. Definitions Applicable to Sections 4.06 and 4.07
	 	 	25	 
	 
	 	 	 	 
	ARTICLE FIVE. SECURITYHOLDER LISTS AND REPORTS BY THE CORPORATION AND THE TRUSTEE
	 	 	26	 
	Section 5.01. Securityholder Lists
	 	 	26	 
	Section 5.02. Preservation and Disclosure of Lists
	 	 	26	 
	Section 5.03. Reports by the Corporation
	 	 	27	 
	Section 5.04. Reports by the Trustee
	 	 	28	 

 

			
	*	 	The Table of Contents is not part of the Indenture

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	 	 	Page	 
	ARTICLE SIX. REMEDIES ON DEFAULT
	 	 	29	 
	Section 6.01. Events of Default
	 	 	29	 
	Section 6.02. Payment of Securities on Default; Suit Therefor
	 	 	31	 
	Section 6.03. Application of Moneys Collected by Trustee
	 	 	32	 
	Section 6.04. Proceedings by Securityholders
	 	 	33	 
	Section 6.05. Remedies Cumulative and Continuing
	 	 	34	 
	Section 6.06. Direction of Proceedings
	 	 	34	 
	Section 6.07. Notice of Defaults
	 	 	35	 
	Section 6.08. Undertaking to Pay Costs
	 	 	35	 
	 
	 	 	 	 
	ARTICLE SEVEN. CONCERNING THE TRUSTEE
	 	 	36	 
	Section 7.01. Duties and Responsibilities of Trustee
	 	 	36	 
	Section 7.02. Reliance on Documents, Opinions, etc
	 	 	37	 
	Section 7.03. No Responsibility for Recitals, etc 
	 	 	38	 
	Section 7.04. Ownership of Securities or Coupons
	 	 	38	 
	Section 7.05. Moneys to be Held in Trust
	 	 	38	 
	Section 7.06. Compensation, Indemnification and Expenses of Trustee
	 	 	38	 
	Section 7.07. Officers’ Certificate as Evidence
	 	 	39	 
	Section 7.08. Conflicting Interest of Trustee
	 	 	39	 
	Section 7.09. Eligibility of Trustee
	 	 	39	 
	Section 7.10. Resignation or Removal of Trustee
	 	 	40	 
	Section 7.11. Acceptance by Successor Trustee
	 	 	41	 
	Section 7.12. Successor by Merger, etc
	 	 	42	 
	Section 7.13. Limitations on Rights of Trustee as Creditor
	 	 	42	 
	Section 7.14. Preferential Collection of Claims Against Corporation
	 	 	42	 
	Section 7.15. Appointment of Authenticating Agent
	 	 	42	 
	 
	 	 	 	 
	ARTICLE EIGHT. CONCERNING THE SECURITYHOLDERS
	 	 	44	 
	Section 8.01. Action by Securityholders
	 	 	44	 
	Section 8.02. Proof of Execution by Securityholders
	 	 	44	 
	Section 8.03. Who Are Deemed Absolute Owners
	 	 	45	 
	Section 8.04. Corporation-Owned Securities Disregarded
	 	 	45	 
	Section 8.05. Revocation of Consents; Future Securityholders Bound
	 	 	45	 
	Section 8.06. Securities in a Foreign Currency
	 	 	46	 
	 
	 	 	 	 
	ARTICLE NINE. SECURITYHOLDERS’ MEETINGS
	 	 	46	 
	Section 9.01. Purposes of Meetings
	 	 	46	 
	Section 9.02. Call of Meetings by Trustee
	 	 	47	 
	Section 9.03. Call of Meetings by Corporation or Securityholders
	 	 	47	 
	Section 9.04. Qualification for Voting
	 	 	48	 
	Section 9.05. Regulations
	 	 	48	 
	Section 9.06. Voting
	 	 	48	 
	 
	 	 	 	 
	ARTICLE TEN. SUPPLEMENTAL INDENTURES
	 	 	49	 
	Section 10.01. Supplemental Indentures without Consent of Securityholders
	 	 	49	 
	Section 10.02. Supplemental Indentures with Consent of Securityholders
	 	 	50	 
	Section 10.03. Compliance with Trust Indenture Act; Effect of Supplemental Indentures
	 	 	51	 
	Section 10.04. Notation on Securities
	 	 	52	 

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	 	 	Page	 
	ARTICLE ELEVEN. CONSOLIDATION, MERGER, SALE OR CONVEYANCE
	 	 	52	 
	Section 11.01. Corporation May Consolidate, etc. on Certain Terms
	 	 	52	 
	Section 11.02. Successor Corporation Substituted
	 	 	52	 
	Section 11.03. Opinion of Counsel to be Given Trustee
	 	 	53	 
	 
	ARTICLE TWELVE. SATISFACTION AND DISCHARGE OF INDENTURE; UNCLAIMED MONEYS
	 	 	53	 
	Section 12.01. Discharge of Indenture
	 	 	53	 
	Section 12.02. Satisfaction, Discharge and Defeasance of Securities of any Series
	 	 	54	 
	Section 12.03. Deposited Moneys to be Held in Trust by Trustee
	 	 	55	 
	Section 12.04. Paying Agent to Repay Moneys Held
	 	 	56	 
	Section 12.05. Return of Unclaimed Moneys
	 	 	56	 
	 
	 	 	 	 
	ARTICLE THIRTEEN. IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS
	 	 	56	 
	Section 13.01. Indenture and Securities Solely Corporate Obligations
	 	 	56	 
	 
	 	 	 	 
	ARTICLE FOURTEEN. MISCELLANEOUS PROVISIONS
	 	 	57	 
	Section 14.01. Benefits of Indenture Restricted to Parties and Securityholders
	 	 	57	 
	Section 14.02. Provisions Binding on Corporation’s Successors
	 	 	57	 
	Section 14.03. Addresses for Notices, etc
	 	 	57	 
	Section 14.04. Evidence of Compliance with Conditions Precedent
	 	 	57	 
	Section 14.05. Legal Holidays
	 	 	57	 
	Section 14.06. Trust Indenture Act to Control
	 	 	58	 
	Section 14.07. Execution in Counterparts
	 	 	58	 
	Section 14.08. New York Contract
	 	 	58	 
	Section 14.09. Judgment Currency
	 	 	58	 
	Section 14.10. Severability of Provisions
	 	 	59	 
	Section 14.11. Effect of Headings and Table of Contents
	 	 	59	 
	Section 14.12. Benefits of Indenture
	 	 	59	 
	Section 14.13. Corporation Released From Indenture Requirements Under Certain Circumstances
	 	 	59	 
	Section 14.14. Waiver of Jury Trial
	 	 	59	 
	Section 14.15. Force Majeure
	 	 	59	 

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     THIS INDENTURE, dated as of the 8th day of January, 2008 between GENERAL MOTORS CORPORATION, a
corporation duly organized and existing under the laws of the State of Delaware (hereinafter
sometimes called the “Corporation”), party of the first part, and THE BANK OF NEW YORK, a banking
corporation duly incorporated and existing under the laws of the State of New York, as trustee
hereunder (hereinafter sometimes called the “Trustee,” which term shall include any successor
trustee appointed pursuant to Article Seven).

WITNESSETH:

     WHEREAS, the Corporation deems it necessary or appropriate to issue from time to time for its
lawful purposes securities (hereinafter called the “Securities” or, in the singular, “Security”)
evidencing its unsecured indebtedness and has duly authorized the execution and delivery of this
Indenture to provide for the issuance of the Securities in one or more series, unlimited as to
principal amount, to bear such rates of interest, to mature at such time or times and to have such
other provisions as shall be fixed as hereinafter provided; and

     WHEREAS, the Corporation represents that all acts and things necessary to constitute these
presents a valid and legally binding indenture and agreement according to its terms, have been done
and performed, and the execution of this Indenture has in all respects been duly authorized by the
Corporation, and the Corporation, in the exercise of legal rights and power in it vested, is
executing this Indenture;

     NOW, THEREFORE:

     In order to declare the terms and conditions upon which the Securities are authenticated,
issued and received, and in consideration of the premises, of the purchase and acceptance of the
Securities by the Holders thereof and of the sum of one U.S. Dollar to it duly paid by the Trustee
at the execution of these presents, the receipt whereof is hereby acknowledged, the Corporation
covenants and agrees with the Trustee, for the equal and proportionate benefit of the respective
Holders from time to time of the Securities, as follows:

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ARTICLE ONE.

DEFINITIONS.

     SECTION 1.01. Definitions. The terms defined in this Section (except as herein
otherwise expressly provided or unless the context otherwise requires) for all purposes of this
Indenture and of any indenture supplemental hereto shall have the respective meanings specified in
this Section. All other terms used in this Indenture which are defined in the Trust Indenture Act
of 1939 or which are by reference therein defined in the Securities Act of 1933, as amended, shall
have the meanings (except as herein otherwise expressly provided or unless the context otherwise
clearly requires) assigned to such terms in said Trust Indenture Act and in said Securities Act as
in force at the date of this Indenture as originally executed.

     The words “herein,” “hereof” and “hereunder” and other words of similar import refer to this
Indenture as a whole, including the Exhibits to this instrument, and not to any particular article,
Section or other subdivision. Certain terms used wholly or principally within an Article of this
Indenture may be defined in that Article.

     When used with respect to any Security, the words “convert”, “converted” and “conversion” are
intended to refer to the right of the Holder or the Corporation to convert or exchange such
Security into or for securities or other property in accordance with such terms, if any, as may
hereafter be specified for such Security as contemplated by Section 2.01, and these words are not
intended to refer to any right of the Holder or the Corporation to exchange such Security for other
Securities of the same series and like tenor pursuant to Section 2.05, 2.06, 2.07, 3.04 or 10.04 or
another similar provision of this Indenture, unless the context otherwise requires; and references
herein to the terms of any Security that may be converted mean such terms as may be specified for
such Security as contemplated in Section 2.01.

     Additional Amounts:

     The term “Additional Amounts” shall mean any additional amounts which are required by a
Security or by or pursuant to a Board Resolution under circumstances specified therein, to be paid
by the Corporation in respect of certain taxes, assessments or governmental charges imposed on
certain Holders of Securities and which are owing to such Holders of Securities.

     Authorized Newspaper:

     The term “Authorized Newspaper” shall mean a newspaper in an official language of the country
of publication of general circulation in the place in connection with which the term is used. If
it shall be impractical in the opinion of the Trustee to make any publication of any notice
required hereby in an Authorized Newspaper, any publication or other notice in lieu thereof which
is made or given with the approval of the Trustee shall constitute a sufficient publication of such
notice.

     Board of Directors:

     The term “Board of Directors” shall mean the Board of Directors of the Corporation or any
committee established by the Board of Directors.

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     Board Resolution:

     The term “Board Resolution” shall mean a resolution certified by the Secretary or Assistant
Secretary of the Corporation to have been duly adopted by the Board of Directors and to be in full
force and effect on the date of such certification, and delivered to the Trustee.

     Business Day:

     The term “Business Day” shall mean, with respect to any Security, a day (other than a Saturday
or Sunday) that in the city (or in any of the cities, if more than one) in which amounts are
payable as specified on the face of the form of such Security, is neither a legal holiday nor a day
on which banking institutions are authorized or required by law, regulation or executive order to
close.

     Conversion Agent:

     The term “Conversion Agent” shall mean initially The Bank of New York and subsequently, any
other conversion agent appointed by the Corporation from time to time in respect of the Securities.

     Corporate Trust Office:

     “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 date 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 Corporation, 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
Corporation).

     Corporation:

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

     Corporation Order:

     The term “Corporation Order” and “Corporation Request” shall mean any request, order or
confirmation signed by a person designated pursuant to Section 2.03 and delivered to the Trustee.

     Coupon:

     The term “Coupon” shall mean any interest coupon appertaining to a Security.

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     Coupon Security:

     The term “Coupon Security” shall mean any Security authenticated and delivered with one or
more Coupons appertaining thereto.

     Depository:

     The term “Depository” shall mean, with respect to the Securities of any series issuable or
issued in whole or in part in the form of one or more Global Securities, the Person designated as
Depository by the Corporation pursuant to Section 2.01 until a successor Depository shall have
become such pursuant to the applicable provisions of this Indenture, and thereafter “Depository”
shall mean or include each Person who is then a Depository hereunder, and if at any time there is
more than one such Person, “Depository” as used with respect to the Securities of any such series
shall mean the Depository with respect to the Securities of that series.

     Event of Default:

     The term “Event of Default” shall mean any event specified as such in Section 6.01.

     Global Security:

     The term “Global Security” shall mean a Registered Security or an Unregistered Security
evidencing all or part of a series of Securities issued to the Depository for such series in
accordance with Section 2.03.

     Holder:

     The terms “Holder,” “Holder of Securities,” “Securityholder” or other similar terms, shall
mean (a) in the case of any Registered Security, the person in whose name at the time such Security
is registered on the registration books kept for that purpose in accordance with the terms hereof,
and (b) in the case of any Unregistered Security, the bearer of such Security.

     Indenture:

     The term “Indenture” shall mean 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.

     Interest Payment Date:

     The term “Interest Payment Date” when used with respect to any Security, means the stated
maturity of an installment of interest on such Security.

     Issue Date:

     The term “Issue Date” shall mean, with respect to Securities of any tranche, whether evidenced
by a Registered Security or an Unregistered Security, the date such Securities are authenticated
pursuant to Section 2.03.

4

 

     Maturity Date:

     The term “Maturity Date” when used with respect to any Security, shall mean the stated
maturity of the Security.

     Officers’ Certificate:

     The term “Officers’ Certificate” shall mean a certificate signed on behalf of the Corporation
(and without personal liability) by the Chairman of the Board of Directors or any Vice Chairman of
the Board of Directors or the President or any Executive Vice President or any Group Vice President
or any Vice President or the Treasurer or any Assistant Treasurer and by the Secretary or any
Assistant Secretary of the Corporation.

     Opinion of Counsel:

     The term “Opinion of Counsel” shall mean an opinion in writing signed by legal counsel, who
may be an employee of or counsel to the Corporation.

     Original Issue Discount Securities:

     The term “Original Issue Discount Securities” shall mean any Securities which are initially
sold at a discount from the principal amount thereof and which provide upon an Event of Default for
declaration of an amount less than the principal amount thereof to be due and payable upon
acceleration thereof.

     Outstanding:

     The term “outstanding” when used with reference to Securities, shall, subject to the
provisions of Section 7.08 and Section 8.04, mean, as of any particular time, all Securities
authenticated and delivered by the Trustee under this Indenture, except:

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

     (b) Securities, or portions thereof, for the payment or redemption of which moneys in the
necessary amount shall have been deposited in trust with the Trustee or with any paying agent
(other than the Corporation) or shall have been set aside and segregated in trust by the
Corporation (if the Corporation shall act as its own paying agent), provided, that if such
Securities are to be redeemed prior to the maturity thereof, notice of such redemption shall have
been given as in Article Three provided, or provisions satisfactory to the Trustee shall have been
made for giving such notice; and

     (c) Securities in lieu of and in substitution for which other Securities shall have been
authenticated and delivered pursuant to the terms of Article Two, unless proof satisfactory to the
Trustee is presented that any such Securities are held by bona fide Holders in due course.

5

 

     Paying Agent:

     The term “Paying Agent” shall mean initially The Bank of New York, and subsequently, any other
paying agent appointed by the Corporation from time to time in respect of the Securities.

     Person:

     The term “person” shall mean any individual, corporation, limited liability company,
partnership, joint venture, association, joint-stock company, trust or other entity, unincorporated
organization or government or any agency or political subdivision thereof.

     Place of Payment:

     The term “Place of Payment,” when used with respect to the Securities of any series, means the
place or places where the principal of (and premium, if any) and interest, if any, (and Additional
Amounts, if any) on the Securities of that series are payable.

     Registered Security:

     The term “Registered Security” shall mean any Security registered on the Security registration
books of the Corporation.

     Regular Record Date:

     The term “Regular Record Date” for the interest payable on any Interest Payment Date on the
Securities of any series means the date specified for that purpose as contemplated by Sections 2.01
and 2.04.

     Responsible Officer:

     The term “Responsible Officer” means, 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.

     Securities:

     The term “Securities” has the meaning stated in the first recital of this Indenture and more
particularly means any Securities authenticated and delivered under this Indenture.

     Security Register and Security Registrar:

     The term “Security Register” and “Security Registrar” shall have the respective meanings
specified in Section 2.05.

6

 

     Trust Indenture Act of 1939:

     The term “Trust Indenture Act of 1939” shall mean the Trust Indenture Act of 1939, as amended.

     United States:

     The term “United States” shall mean the United States of America (including the States and the
District of Columbia) and its possessions (including the Commonwealth of Puerto Rico, the U.S.
Virgin Islands, Guam, American Samoa, Wake Island and the Northern Mariana Islands).

     Unregistered Security:

     The term “Unregistered Security” shall mean any Security other than a Registered Security.

     U.S. Dollar:

     The term “U.S. Dollar” or “$” means a dollar or other equivalent unit in such coin or currency
of the United States of America as at the time shall be legal tender for the payment of public and
private debts.

     SECTION 1.02. Notice to Securityholders. Except as otherwise expressly provided
herein or in the provisions of any Security, where this Indenture provides for notice to Holders of
Securities of any event, such notice shall be sufficiently given if in writing and mailed, first
class, postage prepaid, to each Holder at such Holder’s address as it appears in the Securities
Register, not later than the latest date, and not earlier than the earliest date prescribed for
such notice.

     Neither the failure to mail such notice, nor any defect in any notice so mailed, to any
particular Holder of a Security shall affect the sufficiency of such notice with respect to other
Holders of Securities.

     In case by reason of the suspension of regular mail service or by reason of any other cause it
shall be impracticable to give such notice by mail, then such notification as shall be made with
the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder.

     Where this Indenture provides for notice in any manner, such notice may be waived in writing
by the person entitled to receive such notice, either before or after the event, and such waiver
shall be the equivalent of such notice. Waivers of notice by Holders of Securities 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.

ARTICLE TWO.

ISSUE, EXECUTION, REGISTRATION AND

EXCHANGE OF SECURITIES.

7

 

     SECTION 2.01. Amount Unlimited; Issuable in Series. The aggregate principal amount of
Securities which may be authenticated and delivered under this Indenture is unlimited.

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

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

     (2) any limit upon the aggregate principal amount of the Securities of the series which may be
authenticated and delivered under this Indenture (except for Securities authenticated and delivered
upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the series
pursuant to Section 2.05, 2.06, 2.07, 3.02 or 10.04);

     (3) the date or dates on which the principal of the Securities of the series is payable, or
the manner by which such date or dates shall be determined or extended;

     (4) the rate or rates, which may be fixed or variable, at which the Securities of the series
shall bear interest, if any, and if the rate or rates are variable, the manner of calculation
thereof, the date or dates from which such interest shall accrue, the Interest Payment Dates on
which such interest shall be payable and, in the case of Registered Securities, the Regular Record
Date for the determination of Holders of such Securities to whom interest is payable on any
Interest Payment Date;

     (5) the place or places (in addition to such place or places specified in this Indenture)
where the principal of (and premium, if any), interest, if any, and Additional Amounts, if any, on
Securities of the series shall be payable;

     (6) the right, if any, of the Corporation to redeem Securities, in whole or in part, at its
option and the period or periods within which, the price or prices at which and the terms and
conditions upon which Securities of the series may be redeemed pursuant to any sinking fund or
otherwise;

     (7) the obligation or the right, if any, of the Corporation to redeem, purchase or repay
Securities of the series pursuant to any mandatory redemption, sinking fund or analogous provisions
or at the option of a Holder thereof and the period or periods within which, the price or prices at
which and the terms and conditions upon which Securities of the series shall be redeemed, purchased
or repaid, in whole or in part, pursuant to such obligation;

     (8) if other than U.S. Dollars, the currency or currencies, in which the Securities of the
series shall be denominated and in which payments of principal of (and premium, if any), interest,
if any, on and any other amounts, if any, payable with respect to such Securities shall or may be
payable; or in the manner in which such currency, currencies or composite currencies will be
determined; and if the principal of (and premium, if any) and interest, if any, on and any other
amounts payable with respect to the Securities of such series are to be payable, at the election of
the Corporation or a Holder thereof, in a currency

8

 

or currencies, including composite currencies,
other than that or those in which the Securities are stated to be payable, the currency or
currencies in which payment of the principal of (and premium, if any) and interest, if any, on and
any other amounts payable with respect to the Securities of such series as to which such election
is made shall be payable, and the periods within which and the terms and conditions upon which such
election is to be made;

     (9) if the amount of principal of and interest on the Securities of the series may be
determined with reference to an index based on a currency or currencies other than that in which
the Securities of the series are denominated, the manner in which such amounts shall be determined;

     (10) the denominations in which Securities of the series shall be issuable, if other than U.S.
$l,000 or integral multiples thereof with respect to Registered Securities and denominations of
U.S. $1,000 and U.S. $5,000 for Unregistered Securities;

     (11) if other than the principal amount thereof, the portion of the principal amount of
Securities of the series which shall be payable upon declaration of acceleration of the maturity
thereof or which the Trustee shall be entitled to claim pursuant to Section 6.02;

     (12) whether the Securities of the series will be issuable as Registered Securities or
Unregistered Securities (with or without Coupons), or both, any restrictions applicable to the
offer, sale or delivery of Unregistered Securities and, if other than as provided for in
Section 2.05, the terms upon which Unregistered Securities of the series may be exchanged for
Registered Securities of such series and vice versa; and whether the Securities of the series shall
be issued in whole or in part in the form of one or more Global Securities and, in such case, the
Depository for such Global Security or Securities and whether any Global Securities of the series
are to be issuable initially in temporary form and whether any Global Securities of the series are
to be issuable in definitive form with or without Coupons and, if so, whether beneficial owners of
interests in any such definitive Global Security may exchange such interests for Securities of such
series and of like tenor of any authorized form and denomination and the circumstances under which
and the place or places where any such exchanges may occur, if other than in the manner provided in
Section 2.05;

     (13) whether and under what circumstances the Corporation will pay Additional Amounts on the
Securities of the series in respect of any tax, assessment or governmental charge withheld or
deducted and, if so, whether the Corporation will have the option to redeem such Securities rather
than pay such Additional Amounts;

     (14) the provisions, if any, for the defeasance of the Securities of the series;

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

     (16) any trustees, depositaries, authenticating and paying agents, transfer agents, registrars
or any other agents with respect to the Security of such series;

9

 

     (17) the securities exchange or exchanges, if any, on which the Securities will be listed;

     (18) the percentage of their principal amount at which the Securities are issued, if less than
100%;

     (19) the terms, if any, on which Holders of Securities may convert or exchange Securities of
the series into any securities of any person;

     (20) if the Securities of the series are to be issued upon the exercise of warrants, the time,
manner and place for such Securities to be authenticated and delivered; and

     (21) any other terms of the series (which terms shall not be inconsistent with the provisions
of this Indenture).

     All Securities of any one series shall be substantially identical except (i) as to
denomination, (ii) that Securities of any series may be issuable as either Registered Securities or
Unregistered Securities and (iii) as may otherwise be provided in or pursuant to such Board
Resolution and set forth in such Officers’ Certificate or in any such indenture supplemental
hereto. Not all Securities of any one series need be issued at the same time, and, unless
otherwise provided, a series may be reopened for issuances of additional Securities of such series.

     If any of the terms of the series are established by action taken pursuant to a Board
Resolution, a copy of an appropriate record of such action shall be certified by the Secretary or
any Assistant Secretary of the Corporation and delivered to the Trustee at the same time as or
prior to the delivery of the Officers’ Certificate setting forth the terms of the series.

     SECTION 2.02. Form of Trustee’s Certificate of Authentication. The Trustee’s
certificate of authentication shall be in the following form:

[FORM OF 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,	 	 
	 	 	 	 	 	 	 	 	 	 	 
	Dated:

	 	 
	 	 	 	By:	 	 
	 	 
	 	 	 	 	 	 	Authorized Signatory	 	 

     SECTION 2.03. Form, Execution, Authentication, Delivery and Dating of Securities. The
Securities of each series and the Coupons, if any, to be attached thereto, shall be in the forms
approved from time to time by or pursuant to a Board Resolution, or established in one or more
indentures supplemental hereto, and may have such letters, numbers or other marks of identification
or designation and such legends or endorsements printed, lithographed or engraved thereon as the
Corporation may deem appropriate and as are not inconsistent with the provisions

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of this Indenture,
or as may be required to comply with any law or with any rule or regulation made pursuant thereto
or with any rule or regulation of any securities exchange on which the Securities may be listed, or
to conform to usage.

     Each Security and Coupon, if any, shall be executed on behalf of the Corporation by its
Chairman of the Board of Directors or any Vice Chairman of the Board of Directors or the President
or any Executive Vice President or any Group Vice President or any Vice President or the Treasurer
or any Assistant Treasurer and by the Secretary or any Assistant Secretary, under its Corporate
seal. Such signatures may be the manual or facsimile signatures of the present or any future such
officers. The seal of the Corporation may be in the form of a facsimile thereof and may be
impressed, affixed, imprinted or otherwise reproduced on the Securities.

     Each Security and Coupon bearing the manual or facsimile signatures of individuals who were at
any time the proper officers of the Corporation shall bind the Corporation, notwithstanding that
such individuals or any of them have ceased to hold such offices prior to the authentication and
delivery of such Security, or the Security to which such Coupon appertains. At any time and from
time to time after the execution and delivery of this Indenture, the Corporation may deliver
Securities of any series executed by the Corporation and, in the case of Coupon Securities, having
attached thereto appropriate Coupons, to the Trustee for authentication, together with a
Corporation Order for the authentication and delivery of such Securities, and the Trustee in
accordance with such Corporation Order shall authenticate and deliver such Securities. If the form
or terms of the Securities or Coupons of the series have been established in or pursuant to one or
more Board Resolutions as permitted by this Section and Section 2.01, in authenticating such
Securities, and accepting the additional responsibilities under this Indenture in relation to such
Securities, the Trustee shall be provided with, and (subject to Section 7.01) shall be fully
protected in relying upon, an Opinion of Counsel stating:

     (a) if the form of such Securities or Coupons has been established by or pursuant to Board
Resolution as permitted by Section 2.01, that such form has been established in conformity with the
provisions of this Indenture;

     (b) if the terms of such Securities have been established by or pursuant to Board Resolution
as permitted by Section 2.01, that such terms have been established in conformity with the
provisions of this Indenture; and

     (c) that each such Security and Coupon, when authenticated and delivered by the Trustee and
issued by the Corporation in the manner and subject to any conditions specified in
such Opinion of Counsel, will constitute valid and legally binding obligations of the
Corporation, enforceable in accordance with its terms, subject to bankruptcy, insolvency,
fraudulent transfer, reorganization, moratorium and other laws of general applicability relating to
or affecting the enforcement of creditors’ rights and to general equity principles, whether applied
in a proceeding at law or in equity. If such form or terms has been so established, the Trustee
shall not be required to authenticate such Securities if the issue of such Securities pursuant to
this Indenture will affect the Trustee’s own rights, duties or immunities under the Securities and
the Indenture or otherwise in a manner which is not reasonably acceptable to the Trustee.

     Every Security shall be dated the date of its authentication.

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     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, and such certificate
upon any Security shall be conclusive evidence, and the only evidence, that such Security has been
duly authenticated and delivered hereunder and is entitled to the benefits of this Indenture.
Notwithstanding the foregoing, if any Security shall have been duly authenticated and delivered
hereunder but never issued and sold by the Corporation, and the Corporation shall deliver such
Security to the Trustee for cancellation as provided in Section 2.08 together with a written
statement (which need not comply with Section 14.04 and need not be accompanied by an Opinion of
Counsel) stating that such Security has never been issued and sold by the Corporation, for all
purposes of this Indenture such Security shall be deemed never to have been authenticated and
delivered hereunder and shall never be entitled to the benefits of this Indenture.

     If the Corporation shall establish pursuant to Section 2.01 that the Securities of a series
are to be issued in whole or in part in the form of one or more Global Securities, then the
Corporation shall execute and the Trustee shall in accordance with this Section and the Corporation
Order with respect to such series authenticate and deliver the Global Security or Securities that
(i) shall represent and shall be denominated in an aggregate amount equal to the aggregate
principal amount of outstanding Securities of such series to be represented by the Global Security
or Securities, (ii) shall be registered, if in registered form, in the name of the Depository for
such Global Security or Securities or the nominee of such Depository, and (iii) shall be delivered
by the Trustee to such Depository or pursuant to such Depository’s instructions.

     Each Depository designated pursuant to Section 2.01 for a Global Security in registered form
must, at the time of its designation and at all times while it serves as Depository, be a clearing
agency registered under the Securities Exchange Act of 1934 and any other applicable statute or
regulation.

     SECTION 2.04. Denominations; Record Date. The Securities shall be issuable as
Registered Securities or Unregistered Securities in such denominations as may be specified as
contemplated in Section 2.01. In the absence of any such specification with respect to any series,
such Securities shall be issuable in the denominations contemplated by Section 2.01.

     The term “record date” as used with respect to an Interest Payment Date (except a date for
payment of defaulted interest) shall mean such day or days as shall be specified in the terms of
the Registered Securities of any particular series as contemplated by Section 2.01; provided,
however, that in the absence of any such provisions with respect to any series, such term shall
mean (1) the last day of the calendar month next preceding such Interest Payment Date if such
Interest Payment Date is the fifteenth day of a calendar month; or (2) the fifteenth day of a
calendar month next preceding such Interest Payment Date if such Interest Payment Date is the first
day of the calendar month.

     The person in whose name any Registered Security is registered at the close of business on the
Regular Record Date with respect to an Interest Payment Date shall be entitled to receive the
interest payable and Additional Amounts, if any, payable on such Interest Payment Date

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notwithstanding the cancellation of such Registered Security upon any transfer or exchange thereof
subsequent to such Regular Record Date and prior to such Interest Payment Date; provided, however,
that if and to the extent the Corporation shall default in the payment of the interest and
Additional Amounts, if any, due on such Interest Payment Date, such defaulted interest and
Additional Amounts, if any, shall be paid to the persons in whose names outstanding Registered
Securities are registered on a subsequent record date established by notice given by mail by or on
behalf of the Corporation to the Holders of Securities of the series in default not less than
fifteen days preceding such subsequent record date, such record date to be not less than five days
preceding the date of payment of such defaulted interest.

     SECTION 2.05. Exchange and Registration of Transfer of Securities. Registered
Securities of any series may be exchanged for a like aggregate principal amount of Registered
Securities of other authorized denominations of such series. Registered Securities to be exchanged
shall be surrendered at the office or agency to be designated and maintained by the Corporation for
such purpose in the Borough of Manhattan, The City of New York, in accordance with the provisions
of Section 4.02, and the Corporation shall execute and register and the Trustee shall authenticate
and deliver in exchange therefor the Registered Security or Registered Securities which the Holder
making the exchange shall be entitled to receive.

     If the Securities of any series are issued in both registered and unregistered form, except as
otherwise specified pursuant to Section 2.01, at the option of the Holder thereof, Unregistered
Securities of any series may be exchanged for Registered Securities of such series of any
authorized denominations and of a like aggregate principal amount, upon surrender of such
Unregistered Securities to be exchanged at the agency of the Corporation that shall be maintained
for such purpose in accordance with Section 4.02, with, in the case of Unregistered Securities that
are Coupon Securities, all unmatured Coupons and all matured Coupons in default thereto
appertaining. At the option of the Holder thereof, if Unregistered Securities of any series are
issued in more than one authorized denomination, except as otherwise specified pursuant to
Section 2.01, such Unregistered Securities may be exchanged for Unregistered Securities of such
series of other authorized denominations and of a like aggregate principal amount, upon surrender
of such Unregistered Securities to be exchanged at the agency of the Corporation that shall be
maintained for such purpose in accordance with Section 4.02 or as specified pursuant to
Section 2.01, with, in the case of Unregistered Securities that are Coupon Securities, all
unmatured Coupons and all matured Coupons in default thereto appertaining. Unless otherwise
specified pursuant to Section 2.01, Registered Securities of any series may not be exchanged for
Unregistered Securities of such series. Whenever any Securities are so surrendered for exchange,
the Corporation shall execute, and the Trustee shall authenticate and deliver, the Securities which
the Holder making the exchange is entitled to receive.

     The Corporation (or its designated agent (the “Security Registrar”)) shall keep, at such
office or agency, a Security Register (the “Security Register”) in which, subject to such
reasonable regulations as it may prescribe, the Corporation shall register Securities and shall
register the transfer of Registered Securities as in this Article Two provided. The Security
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 Security Register shall be open for
inspection by the Trustee. Upon due presentment for registration of transfer of any Registered
Security of a particular series at such office or agency, the Corporation shall execute and the

13

 

Corporation or the Security Registrar shall register and the Trustee shall authenticate and deliver
in the name of the transferee or transferees a new Registered Security or Registered Securities of
such series for an equal aggregate principal amount.

     Unregistered Securities (except for any temporary bearer Securities) and Coupons shall be
transferable by delivery.

     All Securities presented for registration of transfer or for exchange, redemption or payment,
as the case may be, shall (if so required by the Corporation or the Trustee) be duly endorsed by,
or be accompanied by a written instrument or instruments of transfer in form satisfactory to the
Corporation and the Trustee duly executed by, the Holder or his attorney duly authorized in
writing.

     No service charge shall be made for any exchange or registration of transfer of Registered
Securities, but the Corporation may require payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection therewith.

     The Corporation shall not be required to exchange or register a transfer of (a) any Registered
Securities of any series for a period of fifteen days next preceding any selection of such
Registered Securities of such series to be redeemed, or (b) any Security of any such series
selected for redemption except in the case of any such series to be redeemed in part, the portion
thereof not to be so redeemed.

     Notwithstanding anything herein or in the terms of any series of Securities to the contrary,
neither the Corporation nor the Trustee (which shall rely on an Officers’ Certificate and an
Opinion of Counsel) shall be required to exchange any Unregistered Security for a Registered
Security if such exchange would result in adverse Federal income tax consequences to the
Corporation (including the inability of the Corporation to deduct from its income, as computed for
Federal income tax purposes, the interest payable on any Securities) under then applicable United
States Federal income tax laws.

     SECTION 2.06. Temporary Securities. Pending the preparation of definitive Securities of any series, the Corporation may execute
and upon receipt of a Corporation Order the Trustee shall authenticate and deliver temporary
Securities of such series (printed or lithographed). Temporary Securities of any series shall be
issuable in any authorized denominations, and in the form approved from time to time by or pursuant
to a Board Resolution but with such omissions, insertions and variations as may be appropriate for
temporary Securities, all as may be determined by the Corporation. Every temporary Security shall
be executed by the Corporation and be authenticated by the Trustee upon the same conditions and in
substantially the same manner, and with like effect, as the definitive Securities. Without
unnecessary delay the Corporation shall execute and shall furnish definitive Securities of such
series and thereupon any or all temporary Registered Securities of such series may be surrendered
in exchange therefor without charge at the office or agency to be designated and maintained by the
Corporation for such purpose in the Borough of Manhattan, The City of New York, in accordance with
the provisions of Section 4.02 and in the case of Unregistered Securities at any agency maintained
by the Corporation for such purpose as specified pursuant to Section 2.01, and the Trustee shall
authenticate and deliver in exchange for such temporary Securities an equal aggregate principal

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amount of definitive Securities of the same series of authorized denominations and in the case of
such Securities that are Coupon Securities, having attached thereto the appropriate Coupons. Until
so exchanged the temporary Securities of any series shall be entitled to the same benefits under
this Indenture as definitive Securities of such series. The provisions of this Section 2.06 are
subject to any restrictions or limitations on the issue and delivery of temporary Unregistered
Securities of any series that may be established pursuant to Section 2.01 (including any provision
that Unregistered Securities of such series initially be issued in the form of a single global
Unregistered Security to be delivered to a depositary or agency of the Corporation located outside
the United States and the procedures pursuant to which definitive Unregistered Securities of such
series would be issued in exchange for such temporary global Unregistered Security).

     SECTION 2.07. Mutilated, Destroyed, Lost or Stolen Securities. In case any temporary
or definitive Security of any series or, in the case of a Coupon Security, any Coupon appertaining
thereto, shall become mutilated or be destroyed, lost or stolen, the Corporation in the case of a
mutilated Security or Coupon shall, and in the case of a lost, stolen or destroyed Security or
Coupon may, in its discretion, execute, and upon receipt of a Corporation Order the Trustee shall
authenticate and deliver, a new Security of the same series as the mutilated, destroyed, lost or
stolen Security or, in the case of a Coupon Security, a new Coupon Security of the same series as
the mutilated, destroyed, lost or stolen Coupon Security or, in the case of a Coupon, a new Coupon
Security of the same series as the Coupon Security to which such mutilated, destroyed, lost or
stolen Coupon appertains, bearing a number not contemporaneously outstanding, in exchange and
substitution for the mutilated Security, or in lieu of and in substitution for the Security so
destroyed, lost or stolen or in exchange for the Coupon Security to which such mutilated,
destroyed, lost or stolen Coupon appertains, with all appurtenant Coupons not destroyed, lost or
stolen. In every case the applicant for a substituted Security or Coupon shall furnish to the
Corporation and to the Trustee such security or indemnity as may be required by them to save each
of them harmless, and, in every case of destruction, loss or theft, the applicant shall also
furnish to the Corporation and to the Trustee evidence to their satisfaction of the destruction,
loss or theft of such Security or Coupon, as the case may be, and of the ownership thereof. The
Trustee may authenticate any such substituted Security and
deliver the same upon the written request or authorization of any officer of the Corporation.
Upon the issuance of any substituted Security or Coupon, the Corporation 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 connected therewith and in addition a further sum not exceeding ten
dollars for each Security so issued in substitution. In case any Security or Coupon which has
matured or is about to mature shall become mutilated or be destroyed, lost or stolen, the
Corporation may, instead of issuing a substituted Security, pay or authorize the payment of the
same (without surrender thereof except in the case of a mutilated Security or Coupon) if the
applicant for such payment shall furnish the Corporation and the Trustee with such security or
indemnity as they may require to save them harmless and, in case of destruction, loss or theft,
evidence to the satisfaction of the Corporation and the Trustee of the destruction, loss or theft
of such Security or Coupon and of the ownership thereof.

     Every substituted Security with, in the case of any such Security that is a Coupon Security,
its Coupons, issued pursuant to the provisions of this Section by virtue of the fact that any
Security or Coupon is destroyed, lost or stolen shall, with respect to such Security or Coupon,
constitute an additional contractual obligation of the Corporation, whether or not the

15

 

destroyed,
lost or stolen Security or Coupon shall be found at any time, and shall be entitled to all the
benefits of this Indenture equally and proportionately with any and all other Securities, and the
Coupons appertaining thereto, duly issued hereunder.

     All Securities and any Coupons appertaining thereto shall be held and owned upon the express
condition that the foregoing provisions are exclusive with respect to the replacement or payment of
mutilated, destroyed, lost or stolen Securities and Coupons appertaining thereto and shall, to the
extent permitted by law, preclude any and all other rights or remedies, notwithstanding any law or
statute existing or hereafter enacted to the contrary with respect to the replacement or payment of
negotiable instruments or other securities without their surrender.

     SECTION 2.08. Cancellation. All Securities surrendered for payment, redemption,
exchange or registration of transfer, and all Coupons surrendered for payment as the case may be,
shall, if surrendered to the Corporation or any agent of the Corporation or of the Trustee, be
delivered to the Trustee and promptly cancelled by it or, if surrendered to the Trustee, be
cancelled by it, and no Securities or Coupons shall be issued in lieu thereof except as expressly
permitted by any of the provisions of this Indenture. The Trustee shall dispose of cancelled
Securities and Coupons in its customary manner and deliver a certificate of destruction to the
Corporation upon its request therefor.

     SECTION 2.09. Computation of Interest. Except as otherwise specified as contemplated
by Section 2.01 for Securities of any series, interest on the Securities of each series shall be
computed on the basis of a 360-day year of twelve 30-day months and interest on the Securities of
each series for any partial period shall be computed on the basis of a 360-day year of twelve
30-day months and the number of days elapsed in any partial month.

     The amount of interest (or amounts deemed to be interest under applicable law) payable or paid
on any Security shall be limited to an amount which shall not exceed the maximum nonusurious rate
of interest allowed by the applicable laws of the State of New York, or any applicable law of the
United States permitting a higher maximum nonusurious rate that preempts such applicable New York
law, which could lawfully be contracted for, taken, reserved, charged or received (the “Maximum
Interest Rate”). If, as a result of any circumstances whatsoever, the Corporation or any other
Person is deemed to have paid interest (or amounts deemed to be interest under applicable law) or
any Holder of a Security is deemed to have contracted for, taken, reserved, charged or received
interest (or amounts deemed to be interest under applicable law), in excess of the Maximum Interest
Rate, then, ipso facto, the obligation to be fulfilled shall be reduced to the limit of validity,
and if under any such circumstance, the Trustee, acting on behalf of the Holders, or any Holder
shall ever receive interest or anything that might be deemed interest under applicable law that
would exceed the Maximum Interest Rate, such amount that would be excessive interest shall be
applied to the reduction of the principal amount owing on the applicable Security or Securities and
not to the payment of interest, or if such excessive interest exceeds the unpaid principal balance
of any such Security or Securities, such excess shall be refunded to the Corporation; provided that
the Corporation and not the Trustee shall be responsible for collecting any such refund from the
Holders. In addition, for purposes of determining whether payments in respect of any Security are
usurious, all sums paid or agreed to be paid with respect to such Security for the use, forbearance
or detention of money shall, to the extent permitted by applicable law, be amortized, prorated,
allocated and spread throughout the full term of such Security.

16

 

     SECTION 2.10. Securities in Global Form. If Securities of a series are issuable in
global form, as specified by Section 2.01, then, notwithstanding clause (9) of Section 2.01 and the
provisions of Section 2.04, such Security shall represent such of the outstanding Securities of
such series as shall be specified therein and may provide that it shall represent the aggregate
amount of outstanding Securities from time to time endorsed thereon and that the aggregate amount
of outstanding Securities represented thereby may from time to time be reduced to reflect
exchanges. 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 by the Trustee
in such manner and upon instructions given by such Person or Persons as shall be specified therein
or in the Corporation Order to be delivered to the Trustee pursuant to Section 2.03 or
Section 2.06. Subject to the provisions of Section 2.03 and, if applicable, Section 2.06, the
Trustee shall deliver and redeliver any Security in definitive global bearer form in the manner and
upon written instructions given by the Person or Persons specified therein or in the applicable
Corporation Order. If a Corporation Order pursuant to Section 2.03 or 2.06 has been, or
simultaneously is, delivered, any instructions by the Corporation with respect to endorsement or
delivery or redelivery of a Security in global form shall be in writing but need not comply with
Section 14.04 and need not be accompanied by an Opinion of Counsel. The beneficial owner of a
Security represented by a definitive Global Security in bearer form may, upon no less than 30 days
written notice to the Trustee, given by the beneficial owner through a Depository, exchange its
interest in such definitive Global Security for a definitive bearer Security or Securities, or a
definitive Registered Security or Securities, of any authorized denomination, subject to the rules
and regulations of such
Depository and its members. No individual definitive bearer Security will be delivered in or
to the United States.

     The provisions of the last sentence of the third to the last paragraph of Section 2.03 shall
apply to any Security represented by a Security in global form if such Security was never issued
and sold by the Corporation and the Corporation delivers to the Trustee the Security in global form
together with written instructions (which need not comply with Section 14.04 and need not be
accompanied by an Opinion of Counsel) with regard to the reduction in the principal amount of
Securities represented thereby, together with the written statement contemplated by the last
sentence of the third to the last paragraph of Section 2.03.

     Unless otherwise specified as contemplated by Section 2.01, payment of principal of and any
premium and any interest on any Security in definitive global form shall be made to the Person or
Persons specified therein.

     SECTION 2.11. Medium-Term Securities. Notwithstanding any contrary provision herein, if all
Securities of a series are not to be originally issued at one time, it shall not be necessary to
deliver the Corporation Order, Officers’ Certificate, supplemental indenture or Opinion of Counsel
otherwise required pursuant to Sections 14.04, 2.01 2.03 and 2.06 at or prior to the time of
authentication of each Security of such series if such documents are delivered at or prior to the
authentication upon original issuance of the first Security of such series to be issued.

17

 

     An Officers’ Certificate or supplemental indenture, delivered pursuant to this Section 2.11 in
the circumstances set forth in the preceding paragraph may provide that Securities which are the
subject thereof will be authenticated and delivered by the Trustee on original issue from time to
time upon the written order of persons designated in such Officers’ Certificate or supplemental
indenture and that such persons are authorized to determine, consistent with such Officers’
Certificate or any applicable supplemental indenture such terms and conditions of said Securities
as are specified in such Officers’ Certificate or supplemental indenture, provided that the
foregoing procedure is acceptable to the Trustee.

     SECTION 2.12. CUSIP Numbers. The Corporation in issuing the Securities may use
“CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP” numbers in
notices of redemption as a convenience to Holders; 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 Corporation will promptly notify the Trustee of any
change in the “CUSIP” numbers.

ARTICLE THREE.

REDEMPTION OF SECURITIES

     SECTION 3.01. Redemption of Securities; Applicability of Article. Redemption of Securities of any series as permitted or required by the terms thereof shall
be made in accordance with such terms and this Article; provided, however, that if any provision of
any series of Securities shall conflict with any provision of this Article, the provision of such
series of Securities shall govern.

     The notice date for a redemption of Securities shall mean the date on which notice of such
redemption is given in accordance with the provisions of Section 3.02 hereof.

     SECTION 3.02. Notice of Redemption; Selection of Securities. The election of the
Corporation to redeem any Securities shall be evidenced by an Officers’ Certificate. In case the
Corporation shall desire to exercise the right to redeem all, or, as the case may be, any part of a
series of Securities pursuant to the terms and provisions applicable to such series, it shall fix a
date for redemption and shall mail a notice of such redemption at least thirty and not more than
sixty days prior to the date fixed for redemption (unless a different maximum or minimum number of
days is specified in the Securities of such series) to the Holders of the Securities of such series
which are Registered Securities to be redeemed as a whole or in part at their last addresses as the
same appear on the Security Register, provided that if the Trustee is asked to give the notice it
shall be given at least 15 days prior notice to the giving of the notice of redemption. Such
mailing shall be by prepaid first class mail. Any notice which is mailed in the manner herein
provided shall be conclusively presumed to have been duly given, whether or not the Holder shall
have received such notice. In any case, failure to give notice by mail, or any defect in the notice
to the Holder of any Security of a series designated for redemption as a whole or in part shall not
affect the validity of the proceedings for the redemption of any other Security of such series.

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     Notice of redemption to the Holders of Unregistered Securities to be redeemed as a whole or in
part, who have filed their names and addresses with the Trustee as described in Section 313(c) of
the Trust Indenture Act of 1939, shall be given by mailing notice of such redemption, by first
class mail, postage prepaid, at least thirty days and not more than sixty days prior to the date
fixed for redemption, to such Holders at such addresses as were so furnished to the Trustee (and,
in the case of any such notice given by the Corporation, the Trustee shall make such information
available to the Corporation for such purpose). Notice of redemption to any other Holder of an
Unregistered Security of such series shall be published in an Authorized Newspaper in the Borough
of Manhattan, The City of New York and in an Authorized Newspaper in London (and, if required by
Section 4.04, in an Authorized Newspaper in Luxembourg), in each case, once in each of two
successive calendar weeks, the first publication to be not less than thirty nor more than sixty
days prior to the date fixed for redemption. Any notice which is mailed in the manner herein
provided shall be conclusively presumed to have been duly given, whether or not the Holder shall
have received such notice. In any case, failure to give notice by mail, or any defect in the notice
to the Holder of any Security of a series designated for redemption as a whole or in part shall not
affect the validity of the proceedings for the redemption of any other Security of such series.

     Each such notice of redemption shall specify the provisions of such Securities under which
such redemption is made, that the conditions precedent, if any, to such redemption have occurred,
shall describe the same and the date fixed for redemption, the redemption price at
which such Securities are to be redeemed, the Place of Payment, that payment will be made upon
presentation and surrender of such Securities and, in the case of Coupon Securities, of all Coupons
appertaining thereto maturing after the date fixed for redemption, that interest and Additional
Amounts, if any, accrued to the date fixed for redemption will be paid as specified in said notice,
and that on and after said date interest, if any, thereon or on the portions thereof to be redeemed
will cease to accrue. If less than all of the Securities of a series are to be redeemed, any notice
of redemption published in an Authorized Newspaper shall specify the numbers of the Securities to
be redeemed and, if applicable, the CUSIP numbers thereof. In case any Security is to be redeemed
in part only, the notice of redemption shall state the portion of the principal amount thereof to
be redeemed and shall state that upon surrender of such Security, a new Security or Securities in
principal amount equal to the unredeemed portion thereof will be issued of the same series. In case
any Security is convertible, the notice of redemption shall state the terms of conversion, the date
on which the right to convert the Security to be redeemed will terminate and the place or places
where such Security may be surrendered for conversion.

     At least one Business Day prior to the redemption date specified in the notice of redemption
given for Unregistered Securities as provided in this Section and on or prior to the redemption
date specified in the notice of redemption given for all Securities other than Unregistered
Securities, the Corporation will deposit in trust with the Trustee or with one or more paying
agents an amount of money sufficient to redeem on the redemption date all the Securities or
portions of Securities so called for redemption, other than any Securities called for redemption on
the redemption date which have been converted prior to the date of such deposit, at the appropriate
redemption price, together with interest, if any, and Additional Amounts, if any, accrued to the
date fixed for redemption.

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     If less than all of the Securities of a series are to be redeemed, the Trustee shall select,
pro rata or by lot or in such other manner as it shall deem reasonable and fair, the numbers of the
Securities to be redeemed in whole or in part.

     Unless otherwise specified as contemplated by Section 2.01, if any Security selected for
partial redemption is converted in part before termination of the conversion right with respect to
the portion of the Security so selected, the converted portion of such Security shall be deemed (so
far as may be) to be the portion selected for redemption. Securities which have been converted
during a selection of Securities to be redeemed shall be treated by the Trustee as outstanding for
the purpose of such selection.

     If any Security called for redemption is converted, any money deposited with the Trustee or
with any paying agent or so segregated and held in trust for the redemption of such Security shall
(subject to any right of the Holder of such Security or any predecessor Security to receive
interest as provided in the last paragraph of Section 4.01 or in the terms of such Security) be
paid to the Corporation upon its request or, if then held by the Corporation, shall be discharged
from such trust.

     SECTION 3.03. Payment of Securities Called for Redemption. If notice of redemption
has been given as above provided, the Securities or portions of Securities with respect to which
such notice has been given shall become due and payable on the
date and at the Place of Payment stated in such notice at the applicable redemption price,
together with interest, if any (and Additional Amounts, if any), accrued to the date fixed for
redemption, and on and after said date (unless the Corporation shall default in the payment of such
Securities at the redemption price, together with interest, if any, and Additional Amounts, if any,
accrued to said date) interest on the Securities or portions of Securities so called for redemption
shall cease to accrue. On presentation and surrender of such Securities subject to redemption at
said Place of Payment in said notice specified, the said Securities or the specified portions
thereof shall be paid and redeemed by the Corporation at the applicable redemption price, together
with interest, if any, and Additional Amounts, if any, accrued thereon to the date fixed for
redemption. Interest, if any (and Additional Amounts, if any), maturing on or prior to the date
fixed for redemption shall continue to be payable (but without interest thereon unless the
Corporation shall default in payment thereof) in the case of Coupon Securities to the bearers of
the Coupons for such interest upon surrender thereof, and in the case of Registered Securities to
the Holders thereof registered as such on the Security Register on the relevant record date subject
to the terms and provisions of Section 2.04. At the option of the Corporation payment may be made
by check to (or to the order of) the Holders of the Securities or other persons entitled thereto
against presentation and surrender of such Securities.

     If any Coupon Security surrendered for redemption shall not be accompanied by all appurtenant
Coupons maturing after the date fixed for redemption, the surrender of such missing Coupon or
Coupons may be waived by the Corporation and the Trustee, if there be furnished to each of them
such security or indemnity as they may require to save each of them harmless.

     SECTION 3.04. Securities Redeemed in Part. Upon presentation of any Security redeemed
in part only, the Corporation shall execute and the Trustee shall authenticate and deliver to the
Holder thereof, at the expense of the Corporation, a new Security or Securities, of authorized
denominations, in aggregate principal amount equal to the unredeemed portion of the Security so
presented of the same series.

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ARTICLE FOUR.

PARTICULAR COVENANTS OF THE CORPORATION

     SECTION 4.01. Payment of Principal, Premium, Interest and Additional Amounts. The
Corporation will duly and punctually pay or cause to be paid the principal of (and premium, if
any), interest, if any, and Additional Amounts, if any, on each of the Securities at the place, at
the respective times and in the manner provided in the terms of the Securities and in this
Indenture. The interest on Coupon Securities (together with any Additional Amounts) shall be
payable only upon presentation and surrender of the several Coupons for such interest installments
as are evidenced thereby as they severally mature. The interest, if any, on any temporary bearer
Securities (together with any Additional Amounts) shall be paid, as to the installments of interest
evidenced by Coupons attached thereto, if any, only upon presentation and surrender thereof, and,
as to the other installments of interest, if any, only upon presentation of such Securities for
notation thereon of the payment of such interest. The interest on Registered Securities (together
with any Additional Amounts) shall be payable only to the Holders thereof and at the option of the
Corporation may be paid by (i) mailing checks for such
interest payable to or upon the order of such Holders at their last addresses as they appear
on the Security Register for such Securities or (ii) wire transfer of immediately available funds,
but only if the Trustee has received wire transfer instructions in writing on or before the date
and time such moneys are to be paid to the Holders of the Securities in accordance with the terms
thereof.

     SECTION 4.02. Offices for Notices and Payments, Etc.. As long as any of the
Securities of a series remain outstanding, the Corporation will designate and maintain, in the
Borough of Manhattan, The City of New York, an office or agency where the Registered Securities of
such series may be presented for registration of transfer or exchange or for conversion as in this
Indenture provided, an office or agency where notices and demands to or upon the Corporation in
respect of the Securities of such series or of this Indenture may be served, and an office or
agency where the Securities of such series may be presented for payment. The Corporation will give
to the Trustee notice of the location of each such office or agency and of any change in the
location thereof. In case the Corporation shall fail to maintain any such office or agency in the
Borough of Manhattan, The City of New York, or shall fail to give such notice of the location or of
any change in the location thereof, presentations may be made and notices and demands may be served
at the corporate trust office of the Trustee in the Borough of Manhattan, The City of New York, and
the Corporation hereby appoints the Trustee as its agent to receive all such presentations, notices
and demands.

     If Unregistered Securities of any series are outstanding, the Corporation will maintain or
cause the Trustee to maintain one or more agencies in a city or cities located outside the United
States (including any city in which such an agency is required to be maintained under the rules of
any stock exchange on which the Securities of such series are listed) where such Unregistered
Securities, and Coupons, if any, appertaining thereto may be presented for payment. No payment on
any Unregistered Security or Coupon will be made upon presentation of such Unregistered Security or
Coupon at an agency of the Corporation within the United States nor will any payment be made by
transfer to an account in, or by mail to an address in, the United

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States, except, at the option of
the Corporation, if the Corporation shall have determined that, pursuant to applicable United
States laws and regulations then in effect such payment can be made without adverse tax
consequences to the Corporation. Notwithstanding the foregoing, payments in U.S. Dollars with
respect to Unregistered Securities of any series and Coupons appertaining thereto which are payable
in U.S. Dollars may be made at an agency of the Corporation maintained in the Borough of Manhattan,
The City of New York if such payment in U.S. Dollars at each agency maintained by the Corporation
outside the United States for payment on such Unregistered Securities is illegal or effectively
precluded by exchange controls or other similar restrictions.

     The Corporation hereby initially designates The Bank of New York, located at its Corporate
Trust Office as the Security Registrar and as the office or agency of the Corporation in the
Borough of Manhattan, The City of New York, where the Securities may be presented for payment and,
in the case of Registered Securities, for registration of transfer and for exchange as in this
Indenture provided and where notices and demands to or upon the Corporation in respect of the
Securities of any series or of this Indenture may be served.

     SECTION 4.03. Provisions as to Paying Agent.

     (a) Whenever the Corporation shall appoint a paying agent other than the Trustee with respect
to the Securities of any series, it will cause such paying agent to execute and deliver to the
Trustee an instrument in which such agent shall agree with the Trustee, subject to the provisions
of this Section:

          (1) that it will hold sums held by it as such agent for the payment of the principal of (and
premium, if any), interest, if any, or Additional Amounts, if any, on the Securities of such series
in trust for the benefit of the Holders of the Securities of such series, or Coupons appertaining
thereto, as the case may be, entitled thereto and will notify the Trustee of the receipt of sums to
be so held,

          (2) that it will give the Trustee notice of any failure by the Corporation (or by any other
obligor on the Securities of such series) to make any payment of the principal of (or premium, if
any), interest, if any, or Additional Amounts, if any, on the Securities of such series when the
same shall be due and payable, and

          (3) at any time during the continuance of any such default, upon the written request of the
Trustee, forthwith pay to the Trustee all sums so held in trust by such paying agent.

     (b) If the Corporation shall act as its own paying agent, it will, on or before each due date
of the principal of (and premium, if any), interest, if any, or Additional Amounts, if any, on the
Securities of any series set aside, segregate and hold in trust for the benefit of the Holders of
the Securities of such series entitled thereto a sum sufficient to pay such principal (and premium
if any), interest, if any, or Additional Amounts, if any, so becoming due. The Corporation will
promptly notify the Trustee of any failure to take such action.

     (c) Anything in this Section to the contrary notwithstanding, the Corporation may, at any
time, for the purpose of obtaining a satisfaction and discharge with respect to one or more or all
series of Securities hereunder, or for any other reason, pay or cause to be paid to the Trustee

 all
sums held in trust for such series by it or any paying agent hereunder as required by this Section,
such sums to be held by the Trustee upon the trusts herein contained.

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     (d) Anything in this Section to the contrary notwithstanding, the agreement to hold sums in
trust as provided in this Section is subject to the provisions of Sections 12.03, 12.04 and 12.05.

     SECTION 4.04. Luxembourg Publications. In the event of the publication of any notice
pursuant to Section 3.02, 6.07, 7.10, 7.11, 9.02, 10.02 or 12.05, the party making such publication
shall also, to the extent that notice is required so to be given to Holders of Securities of any
series by applicable Luxembourg law or stock exchange regulation, make a similar publication the
same number of times in Luxembourg.

     SECTION 4.05. Statement by Officer as to Compliance. On or before April 1, 2008, and
on or before April 1 in each year thereafter, the Corporation will deliver to the Trustee a brief
certificate of the Corporation’s principal executive officer, principal financial officer or
principal accounting officer as to such officer’s knowledge of the Corporation’s compliance with
all conditions and covenants under this Indenture (such compliance to be determined without regard
to any period of grace or requirement of notice provided under this Indenture), as required by
Section 314(a)(4) of the Trust Indenture Act of 1939.

     SECTION 4.06. Limitation on Liens. For the benefit of the Securities, the Corporation
will not, nor will it permit any Manufacturing Subsidiary to, issue or assume any Debt secured by a
Mortgage upon any Principal Domestic Manufacturing Property of the Corporation or any Manufacturing
Subsidiary or upon any shares of stock or indebtedness of any Manufacturing Subsidiary (whether
such Principal Domestic Manufacturing Property, shares of stock or indebtedness are now owned or
hereafter acquired) without in any such case effectively providing concurrently with the issuance
or assumption of any such Debt that the Securities (together with, if the Corporation shall so
determine, any other indebtedness of the Corporation or such Manufacturing Subsidiary ranking
equally with the Securities and then existing or thereafter created) shall be secured equally and
ratably with such Debt, unless the aggregate amount of Debt issued or assumed and so secured by
Mortgages, together with all other Debt of the Corporation and its Manufacturing Subsidiaries which
(if originally issued or assumed at such time) would otherwise be subject to the foregoing
restrictions, but not including Debt permitted to be secured under clauses (i) through (vi) of the
immediately following paragraph, does not at the time exceed 20% of the stockholders’ equity of the
Corporation and its consolidated subsidiaries, as determined in accordance with generally accepted
accounting principles and shown on the audited consolidated balance sheet contained in the latest
published annual report to the stockholders of the Corporation.

     The above restrictions shall not apply to Debt secured by (i) Mortgages on property, shares of stock or indebtedness of any
corporation or other entity existing at the time such corporation or other entity becomes a Manufacturing Subsidiary; (ii)
Mortgages on property existing at the time of acquisition of such property by the Corporation or a Manufacturing Subsidiary, or
Mortgages to secure the payment of all or any part of the purchase price of such property upon the acquisition of such property by the
Corporation or a Manufacturing Subsidiary or to secure any Debt incurred prior to, at the time of, or within 180 days after, the later of the

23

 

date of acquisition of such property and the date such property is placed in service, for the
purpose of financing all or any part of the purchase price thereof, or Mortgages to secure any Debt
incurred for the purpose of financing the cost to the Corporation or a Manufacturing Subsidiary of
improvements to such acquired property; (iii) Mortgages securing Debt of a Manufacturing Subsidiary
owing to the Corporation or to another Subsidiary; (iv) Mortgages on property of a corporation or
other entity existing at the time such corporation or other entity is merged or consolidated with
the Corporation or a Manufacturing Subsidiary or at the time of a sale, lease or other disposition
of the properties of a corporation or other entity as an entirety or substantially as an entirety
to the Corporation or a Manufacturing Subsidiary; (v) Mortgages on property of the Corporation or a
Manufacturing Subsidiary in favor of the United States of America or any State thereof, or any
department, agency or instrumentality or political subdivision of the United States of America or
any State thereof, or in favor of any other country, or any political subdivision thereof, to
secure partial, progress, advance or other payments pursuant to any contract or statute or to
secure any indebtedness incurred for the purpose of financing all or any part of the purchase price
or the cost of construction of the property subject to such Mortgages; or (vi) any extension,
renewal or replacement (or successive extensions, renewals or replacements) in whole or in part of
any Mortgage referred to in the foregoing clauses (i) to (v), inclusively; provided, however, that
the principal amount of Debt secured thereby shall not exceed by more than 115% the principal
amount of Debt so secured at the time of such extension, renewal or replacement and that such
extension, renewal or replacement shall be limited to all or a part of the property which secured
the Mortgage so extended, renewed or replaced (plus improvements on such property).

     SECTION
4.07. Limitation on Sale and Lease-Back. For the benefit of the Securities, the Corporation will not, nor will it permit any
Manufacturing Subsidiary to, enter into any arrangement with any person providing for the leasing
by the Corporation or any Manufacturing Subsidiary of any Principal Domestic Manufacturing Property
owned by the Corporation or any Manufacturing Subsidiary on the date that the Securities are
originally issued (except for temporary leases for a term of not more than five years and except
for leases between the Corporation and a Manufacturing Subsidiary or between Manufacturing
Subsidiaries), which property has been or is to be sold or transferred by the Corporation or such
Manufacturing Subsidiary to such person, unless either (i) the Corporation or such Manufacturing
Subsidiary would be entitled, pursuant to the provisions of the covenant on limitation on liens
described above, to issue, assume, extend, renew or replace Debt secured by a Mortgage upon such
property equal in amount to the Attributable Debt in respect of such arrangement without equally
and ratably securing the Securities; provided, however, that from and after the date on which such
arrangement becomes effective the Attributable Debt in respect of such arrangement shall be deemed
for all purposes under the covenant on limitation on liens described in Section 4.06 and this
covenant on limitation on sale and lease-back to be Debt subject to the provisions of the covenant
on limitation on liens described above (which provisions include the exceptions set forth in
clauses (i) through (vi) of such covenant), or (ii) the Corporation shall apply an amount in cash
equal to the Attributable Debt in respect of such arrangement to the retirement (other than any
mandatory retirement or by way of payment at maturity), within 180 days of the effective date of
any such arrangement, of Debt of the Corporation or any Manufacturing Subsidiary (other than Debt
owned by the Corporation or any Manufacturing Subsidiary) which by its terms matures at or is
extendible or
renewable at the option of the obligor to a date more than twelve months after the date of the
creation of such Debt.

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     SECTION 4.08. Definitions Applicable to Sections 4.06 and 4.07. The following definitions shall be applicable to the covenants contained in Sections 4.06
and 4.07 hereof:

     (a) “Attributable Debt” means, at the time of determination as to any lease, the present value
(discounted at the actual rate, if stated, or, if no rate is stated, the implicit rate of interest
of such lease transaction as determined by the chairman, president, any vice chairman, any vice
president, the treasurer or any assistant treasurer of the Corporation), calculated using the
interval of scheduled rental payments under such lease, of the obligation of the lessee for net
rental payments during the remaining term of such lease (excluding any subsequent renewal or other
extension options held by the lessee). The term “net rental payments” means, with respect to any
lease for any period, the sum of the rental and other payments required to be paid in such period
by the lessee thereunder, but not including, however, any amounts required to be paid by such
lessee (whether or not designated as rental or additional rental) on account of maintenance and
repairs, insurance, taxes, assessments, water rates, indemnities or similar charges required to be
paid by such lessee thereunder or any amounts required to be paid by such lessee thereunder
contingent upon the amount of sales, earnings or profits or of maintenance and repairs, insurance,
taxes, assessments, water rates, indemnities or similar charges; provided, however, that, in the
case of any lease which is terminable by the lessee upon the payment of a penalty in an amount
which is less than the total discounted net rental payments required to be paid from the later of
the first date upon which such lease may be so terminated and the date of the determination of net
rental payments, “net rental payments” shall include the then current amount of such penalty from
the later of such two dates, and shall exclude the rental payments relating to the remaining period
of the lease commencing with the later of such two dates.

     (b) “Debt” means notes, bonds, debentures or other similar evidences of indebtedness for money
borrowed.

     (c) “Manufacturing Subsidiary” means any Subsidiary (A) substantially all the property of
which is located within the continental United States of America, (B) which owns a Principal
Domestic Manufacturing Property and (C) in which the Corporation’s investment, direct or indirect
and whether in the form of equity, debt, advances or otherwise, is in excess of U.S. $2,500,000,000
as shown on the books of the Corporation as of the end of the fiscal year immediately preceding the
date of determination; provided, however, that “Manufacturing Subsidiary” shall not include GMAC,
LLC and its Subsidiaries (or any corporate successor of any of them) or any other Subsidiary which
is principally engaged in leasing or in financing installment receivables or otherwise providing
financial or insurance services to the Corporation or others or which is principally engaged in
financing the Corporation’s operations outside the continental United States of America.

     (d) “Mortgage” means any mortgage, pledge, lien, security interest, conditional sale or other
title retention agreement or other similar encumbrance.

     (e) “Principal Domestic Manufacturing Property” means any manufacturing plant or facility
owned by the Corporation or any Manufacturing Subsidiary which is located within the continental
United States of America and, in the opinion of the Board of Directors, is of material importance
to the total business conducted by the Corporation and its consolidated affiliates as an entity.

25

 

     (f) “Subsidiary” means any corporation or other entity of which at least a majority of the
outstanding stock or other beneficial interests having by the terms thereof ordinary voting power
to elect a majority of the board of directors or other governing body of such corporation or other
entity (irrespective of whether or not at the time stock or other beneficial interests of any other
class or classes of such corporation or other entity shall have or might have voting power by
reason of the happening of any contingency) is at the time owned by the Corporation, or by one or
more Subsidiaries, or by the Corporation and one or more Subsidiaries.

ARTICLE FIVE.

SECURITYHOLDER LISTS AND REPORTS BY THE

CORPORATION AND THE TRUSTEE

     SECTION 5.01. Securityholder Lists. The Corporation covenants and agrees that it will furnish or cause to be furnished to the
Trustee with respect to the Securities of each series:

     (a) semiannually, not later than each Interest Payment Date (in the case of any series having
semiannual Interest Payment Dates) or not later than the dates determined pursuant to Section 2.01
(in the case of any series not having semiannual Interest Payment Dates) a list, in such form as
the Trustee may reasonably require, of the names and addresses of the Holders of Securities of such
series as of the Regular Record Date (or as of such other date as may be determined pursuant to
Section 2.01 for such series) therefor, and

     (b) at such other times as the Trustee may request in writing, within thirty days after
receipt by the Corporation of any such request, a list in such form as the Trustee may reasonably
require of the names and addresses of the Holders of Securities of a particular series specified by
the Trustee as of a date not more than fifteen days prior to the time such information is
furnished; provided, however, that if and so long as the Trustee shall be the Security Registrar
any such list shall exclude names and addresses received by the Trustee in its capacity as Security
Registrar, and if and so long as all of the Securities of any series are Registered Securities,
such list shall not be required to be furnished.

     SECTION 5.02. Preservation and Disclosure of Lists.

     (a) The Trustee shall preserve, in as current a form as is reasonably practicable, all
information as to the names and addresses of the Holders of each series of Securities (i) contained
in the most recent list furnished to it as provided in Section 5.01, (ii) received by the Trustee
in its capacity as Security Registrar or a paying agent, or (iii) filed with it within the
preceding two years pursuant to Section 313(c) of the Trust Indenture Act of 1939. The Trustee
may destroy any list furnished to it as provided in Section 5.01 upon receipt of a new list so
furnished.

     (b) In case three or more Holders of Securities (hereinafter referred to as “applicants”)
apply in writing to the Trustee and furnish to the Trustee reasonable proof that each such
applicant has owned a Security of such series for a period of at least six months preceding the
date of such application, and such application states that the applicants’ desire to communicate
with other Holders of Securities of a particular series (in which case the applicants must hold
Securities of such series) or with Holders of all Securities with respect to their rights

26

 

under
this Indenture or under such Securities and it is accompanied by a copy of the form of proxy or
other communication which such applicants propose to transmit, then the Trustee shall, within five
Business Days after the receipt of such application, at its election, either:

          (1) afford to such applicants access to the information preserved at the time by the Trustee
in accordance with the provisions of subsection (a) of this Section, or

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

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

     (c) Each and every Holder of Securities, by receiving and holding the same, agrees with the
Corporation and the Trustee that neither the Corporation nor the Trustee nor any agent of the
Corporation or of 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
the provisions of subsection (b) of this Section, 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 said subsection (b).

     SECTION 5.03. Reports by the Corporation. The Corporation covenants:

     (a) to file with the Trustee within fifteen days after the Corporation has filed the same with
the Securities and Exchange 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

27

 

said Commission
may from time to time by rules and regulations prescribe) which the Corporation may be required to
file with said Commission pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of
1934; or, if the Corporation is not required to file information, documents or reports pursuant to
either of such sections, then to file with the Trustee and said Commission, in accordance with
rules and regulations prescribed from time to time by said 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. The
annual reports, information, documents and other reports that the Corporation files with the
Commission via the EDGAR filing system (or any successor system thereto) or otherwise makes widely
available via electronic means shall be deemed to be filed with the Trustee in compliance with the
provisions of this Section 5.03.

     (b) to file with the Trustee and the Securities and Exchange Commission, in accordance with
the rules and regulations prescribed from time to time by said Commission, such additional
information, documents, and reports with respect to compliance by the Corporation with the
conditions and covenants provided for in this Indenture as may be required from time to time by
such rules and regulations;

     (c) to transmit by mail to all the Holders of Securities of each series, as the names and
addresses of such Holders appear on the Security Register, within thirty days after the filing
thereof with the Trustee, such summaries of any information, documents and reports required to be
filed by the Corporation with respect to each such series pursuant to subsections (a) and (b) of
this Section as may be required by rules and regulations prescribed from time to time by the
Securities and Exchange Commission; and

     (d) If Unregistered Securities of any series are outstanding, to file with the listing agent
of the Corporation with respect to such series such documents and reports of the Corporation as may
be required from time to time by the rules and regulations of any stock exchange on which such
Unregistered Securities are listed.

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

     SECTION 5.04. Reports by the Trustee.

     (a) On or before August 1, 2008 and on or before August 1 of each year thereafter, so long as
any Securities of any series are outstanding hereunder, the Trustee shall transmit to the Holders
of Securities of such series, in the manner provided by Section 313(c) of the Trust Indenture Act
of 1939, a brief report dated as of the preceding May 15, as may be required by Sections 313(a) and
(b) of the Trust Indenture Act of 1939.

28

 

     (b) A copy of each such report shall, at the time of such transmission to Holders of
Securities of a particular series, be filed by the Trustee with each stock exchange upon which the
Securities of such series are listed and also with the Securities and Exchange Commission. The
Corporation agrees to notify the Trustee when and as the Securities of any series become listed on
any stock exchange or delisted therefrom.

ARTICLE SIX.

REMEDIES ON DEFAULT

     SECTION 6.01. Events of Default. In case one or more of the following Events of Default with respect to a particular series
of Securities shall have occurred and be continuing, that is to say:

     (a) default in the payment of the principal of (or premium, if any, on) any of the Securities
of such series as and when the same shall become due and payable either at maturity, upon
redemption, by declaration or otherwise; or

     (b) default in the payment of any installment of interest, if any, or in the payment of any
Additional Amounts upon any of the Securities of such series as and when the same shall become due
and payable, and continuance of such default for a period of thirty days; or

     (c) failure on the part of the Corporation duly to observe or perform any other of the
covenants or agreements on the part of the Corporation applicable to such series of the Securities
or contained in this Indenture for a period of ninety days after the date on which written notice
of such failure, requiring the Corporation to remedy the same, shall have been given to the
Corporation by the Trustee, or to the Corporation and the Trustee by the Holders of at least
twenty-five percent in aggregate principal amount of the Securities of such series at the time
outstanding; or

     (d) a court having jurisdiction in the premises shall enter a decree or order for relief in
respect of the Corporation in an involuntary case under any applicable bankruptcy, insolvency or
other similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee,
custodian, trustee, sequestrator (or similar official) of the Corporation or for any substantial
part of its property, or ordering the winding-up or liquidation of its affairs and such decree or
order shall remain unstayed and in effect for a period of ninety days; or

     (e) the Corporation shall commence a voluntary case under any applicable bankruptcy,
insolvency or other similar law now or hereafter in effect, or shall consent to the entry of an
order for relief in an involuntary case under any such law, or shall consent to the appointment of
or taking possession by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or
similar official) of the Corporation or for any substantial part of its property, or shall make any
general assignment for the benefit of creditors.

     If an Event of Default described in clause (a), (b) or (c) shall have occurred and be
continuing, and in each and every such case, unless the principal amount of all the Securities of
such series shall have already become due and payable, either the Trustee or the Holders of not
less than twenty-five percent in aggregate principal amount of the Securities of all series
affected thereby then outstanding hereunder, by notice in writing to the Corporation (and to the
Trustee if

29

 

given by Holders of such Securities) may declare the principal amount of all the
Securities (or, with respect to Original Issue Discount Securities, such lesser amount as may be
specified in the terms of such Securities) of the series affected thereby 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 contained to the contrary
notwithstanding, or, if an Event of Default described in clause (d) or (e) shall have occurred and
be continuing, and in each and every such case, either the Trustee or the Holders of not less than
twenty-five per cent in aggregate principal amount of all the Securities then outstanding hereunder
(voting as one class), by notice in writing to the Corporation (and to the Trustee if given by
Holders of Securities), may declare the principal of all the Securities not already due and payable
(or, with respect to Original Issue Discount Securities, such lesser amount as may be specified in
the terms of such Securities) to be due and payable immediately, and upon any such declaration the
same shall become and shall be immediately due and payable, any provision in this Indenture or in
the Securities to the contrary notwithstanding. The foregoing provisions, however, are subject to
the conditions that if, at any time after the principal of the Securities of any one or more or all
series, as the case may be, shall have been so declared due and payable, and before any judgment or
decree for the payment of the moneys due shall have been obtained or entered as hereinafter
provided, the Corporation shall pay or shall deposit with the Trustee a sum sufficient to pay all
matured installments of interest, if any, and all Additional Amounts, if any, due upon all the
Securities of such series or of all the Securities, as the case may be, and the principal of (and
premium, if any, on) all Securities of such series or of all the Securities, as the case may be
(or, with respect to Original Issue Discount Securities, such lesser amount as may be specified in
the terms of such Securities), which shall have become due otherwise than by acceleration (with
interest, if any, upon such principal and premium, if any, and, to the extent that payment of such
interest is enforceable under applicable law, on overdue installments of interest and Additional
Amounts, if any, at the same rate as the rate of interest specified in the Securities of such
series, as the case may be (or, with respect to Original Issue Discount Securities at the rate
specified in the terms of such Securities for interest on overdue principal thereof upon maturity,
redemption or acceleration of such series, as the case may be), to the date of such payment or
deposit), and such amount as shall be payable to the Trustee pursuant to Section 7.06, and any and
all defaults under the Indenture shall have been remedied, then and in every such case the Holders
of a majority in aggregate principal amount of the Securities of such series (or of all the
Securities, as the case may be) then outstanding, by written notice to the Corporation and to the
Trustee, may waive all defaults with respect to that series or with respect to all Securities, as
the case may be and rescind and annul such declaration and its consequences;
but no such waiver or rescission and annulment shall extend to or shall affect any subsequent
default or shall impair any right consequent thereon. If the principal of all Securities shall
have been declared to be payable pursuant to this Section 6.01, in determining whether the Holders
of a majority in aggregate principal amount thereof have waived all defaults and rescinded and
annulled such declaration, all series of Securities shall be treated as a single class and the
principal amount of Original Issue Discount Securities shall be deemed to be the amount declared
payable under the terms applicable to such Original Issue Discount Securities.

     In case the Trustee shall have proceeded to enforce any right under this Indenture and such
proceedings shall have been discontinued or abandoned because of such rescission and annulment or
for any other reason or shall have been determined adversely to the Trustee, then and in every such
case the Corporation, Trustee and the Holders of Securities, as the case may

30

 

be, shall be restored respectively to their former positions and rights hereunder, and all rights, remedies and powers of
the Corporation, the Trustee and the Holders of Securities, as the case may be, shall continue as
though no such proceedings had been taken.

     SECTION 6.02. Payment of Securities on Default; Suit Therefor. The Corporation covenants that (1) in case default shall be made in the payment of any
installment of interest, if any, on any of the Securities of any series or any Additional Amounts
in payable respect of any of the Securities of any series, as and when the same shall become due
and payable, and such default shall have continued for a period of thirty days or (2) in case
default shall be made in the payment of the principal of (or premium, if any, on) any of the
Securities of any series, as and when the same shall have become due and payable, whether upon
maturity of such series or upon redemption or upon declaration or otherwise, then upon demand of
the Trustee, the Corporation will pay to the Trustee, for the benefit of the Holders of the
Securities of such series, and the Coupons, if any, appertaining to such Securities, the whole
amount that then shall have become due and payable on all such Securities of such series and such
Coupons, for principal (and premium, if any) or interest, if any, or Additional Amounts, if any, as
the case may be, with interest upon the overdue principal (and premium, if any) and (to the extent
that payment of such interest is enforceable under applicable law) upon overdue installments of
interest, if any, and Additional Amounts, if any, at the same rate as the rate of interest
specified in the Securities of such series (or, with respect to Original Issue Discount Securities,
at the rate specified in the terms of such Securities for interest on overdue principal thereof
upon maturity, redemption or acceleration); and, in addition thereto, such further amounts as shall
be payable pursuant to Section 7.06.

     In case the Corporation shall fail forthwith to pay such amounts upon such demand, the
Trustee, in its own name and as trustee of an express trust, shall be entitled and empowered to
institute any action or proceedings at law or in equity for the collection of the sums so due and
unpaid, and may prosecute any such action or proceedings to judgment or final decree, and may
enforce any such judgment or final decree against the Corporation or other obligor upon such
Securities and collect in the manner provided by law out of the property of the Corporation or
other obligor upon such Securities wherever situated the moneys adjudged or decreed to be payable.

     In case there shall be pending proceedings for the bankruptcy or for the reorganization of the
Corporation or any other obligor upon Securities of any series under Title 11 of the United States
Code or any other applicable law, or in case a receiver or trustee shall have been appointed for
the property of the Corporation or such other obligor, or in case of any other judicial proceedings
relative to the Corporation or such other obligor, or to the creditors or property of the
Corporation or such other obligor, the Trustee, irrespective of whether the principal of the
Securities of such series 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 pursuant to the
provisions of this Section, shall be entitled and empowered, by intervention in such proceedings or
otherwise, to file and prove a claim or claims 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 that series), and premium, if any, interest, if any, and Additional Amounts, if any,
owing and unpaid in respect of the Securities of such series, and to file such other papers or
documents as may be necessary or advisable in order to have the claims of the

31

 

Trustee under Section
7.06 and of the Holders of the Securities and Coupons of such series allowed in any such judicial
proceedings relative to the Corporation or other obligor upon the Securities of such series, or to
the creditors or property of the Corporation or such other obligor, and to collect and receive any
moneys or other property payable or deliverable on any such claims, and to distribute all amounts
received with respect to the claims of the Securityholders of such series and of the Trustee on
their behalf; and any receiver, assignee or trustee in bankruptcy or reorganization is hereby
authorized by each of the Holders of the Securities and Coupons of such series to make payments to
the Trustee and, in the event that the Trustee shall consent to the making of payments directly to
the Securityholders of such series, to pay to the Trustee such amount as shall be sufficient to
cover reasonable compensation to the Trustee, its agents, attorneys and counsel, and all other
reasonable expenses and liabilities incurred, and all advances made, by the Trustee except as a
result of its negligence or bad faith.

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

     All rights of action and of asserting claims under this Indenture, or under any of the
Securities, may be enforced by the Trustee without the possession of any of the Securities or
Coupons appertaining to such Securities, or the production thereof on any trial or other
proceedings relative thereto, and any such action or proceedings instituted by the Trustee shall be
brought in its own name and as trustee of an express trust, and any recovery of judgment shall be
for the ratable benefit of the Holders of the Securities or Coupons appertaining thereto.

     In case of a default hereunder the Trustee may in its discretion proceed to protect and
enforce the rights vested in it by this Indenture by such appropriate judicial proceedings as the
Trustee shall deem most effectual to protect and enforce any of such rights, either at law or in
equity or in bankruptcy or otherwise, whether for the specific enforcement of any covenant or
agreement contained in this Indenture or in aid of the exercise of any power granted in this
Indenture, or to enforce any other legal or equitable right vested in the Trustee by this Indenture
or by law.

     SECTION 6.03. Application of Moneys Collected by Trustee. Any moneys collected by the Trustee pursuant to Section 6.02 shall be applied in the order
following, at the date or dates fixed by the Trustee and, in case of the distribution of such
moneys on account of principal (or premium, if any) or interest, if any, upon presentation of the
several Securities and Coupons in respect of which moneys have been collected, and stamping thereon
the payment, if only partially paid, and upon surrender thereof, if fully paid:

     FIRST: To the payment of the amounts payable to the Trustee pursuant to Section 7.06;

     SECOND: In case the principal of the Securities in respect of which moneys have been
collected shall not have become due, to the payment of interest, if any, and Additional Amounts, if
any, on the Securities of such series in the order of the maturity of the installments of such
interest, with interest (to the extent that such interest has been collected by the Trustee) upon
the overdue installments of interest at the same rate as the rate of interest, if any, and

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Additional Amounts, if any, specified in the Securities of such series (or, with respect to
Original Issue Discount Securities, at the rate specified in the terms of such Securities for
interest on overdue principal thereof upon maturity, redemption or acceleration), such payments to
be made ratably to the persons entitled thereto, without discrimination or preference;

     THIRD: In case the principal of the Securities in respect of which moneys have been collected
shall have become due, by declaration or otherwise, to the payment of the whole amount then owing
and unpaid upon the Securities of such series for principal (and premium, if any), interest, if
any, and Additional Amounts, if any, and (to the extent that such interest has been collected by
the Trustee) upon overdue installments of interest, if any, and Additional Amounts, if any, at the
same rate as the rate of interest specified in the Securities of such series (or, with respect to
Original Issue Discount Securities, at the rate specified in the terms of such Securities for
interest on overdue principal thereof upon maturity, redemption or acceleration); and in case such
moneys shall be insufficient to pay in full the whole amount so due and unpaid upon the Securities
of such series, then to the payment of such principal (and premium, if any), interest, if any, and
Additional Amounts, if any, without preference or priority of principal (and premium, if any), over
interest, if any, and Additional Amounts, if any, or of interest, if any, and Additional Amounts,
if any, over principal (and premium, if any), or of any installment of interest, if any, or
Additional Amounts, if any, over any other installment of interest, if any, or Additional Amounts,
if any, or of any Security of such series over any other Security of such series, ratably to the
aggregate of such principal (and premium, if any), and accrued and unpaid interest, if any, and
Additional Amounts, if any; and

     FOURTH: To the Corporation.

     SECTION 6.04. Proceedings by Securityholders. No Holder of any Security of any series or of any Coupon appertaining thereto shall have
any right by virtue or by availing of any provision of this Indenture to institute any action or
proceedings at law or in equity or in bankruptcy or otherwise, upon or under or with respect to
this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder,
unless such Holder previously shall have given to the Trustee written notice of default and of the
continuance thereof, as hereinbefore provided, and unless also the Holders of not less than
twenty-five percent in aggregate principal amount of the Securities of such series then outstanding
or, in the case of any Event of Default described in clause (d) or (e) of Section 6.01, twenty-five
per cent in aggregate principal amount of all the Securities at the time outstanding (voting as one
class) shall have made written request upon the Trustee to institute such action or proceedings in
its own name as trustee hereunder and shall have offered to the Trustee such indemnity satisfactory
to it as it may require against the costs, expenses and liabilities to be incurred therein or
thereby, and the Trustee for sixty days after its receipt of such notice, request and offer of
indemnity shall have failed to institute any such action or proceedings and no direction
inconsistent with such written request shall have been given to the Trustee pursuant to
Section 6.06; it being understood and intended, and being expressly covenanted by the taker and
Holder of every Security with every other taker and Holder and the Trustee, that no one or more
Holders of Securities or Coupons appertaining to such Securities shall have any right in any manner
whatever by virtue of or by availing himself of any provision of this Indenture to affect, disturb
or prejudice the rights of any other Holder of Securities or Coupons appertaining to such
Securities, or to obtain or seek to obtain priority over or preference to any other such Holder or
to enforce any right under this

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Indenture, except in the manner herein provided and for the equal,
ratable and common benefit of all Holders of Securities and Coupons. For the protection and
enforcement of the provisions of this Section, each and every Securityholder and the Trustee shall
be entitled to such relief as can be given either at law or in equity.

     Notwithstanding any other provisions in this Indenture, however, the right of any Holder of
any Security to receive payment of the principal of (and premium, if any) and interest, if any, and
Additional Amounts, if any, on such Security or Coupon, on or after the respective due dates
expressed in such Security or Coupon, or to institute suit for the enforcement of any such payment
on or after such respective dates, shall not be impaired or affected without the consent of such
Holder. With respect to Original Issue Discount Securities, principal shall mean such amount as
shall be due and payable as specified in the terms of such Securities.

     SECTION 6.05. Remedies Cumulative and Continuing. All powers and remedies given by this Article Six to the Trustee or to the Holders of
Securities or Coupons shall, to the extent permitted by law, be deemed cumulative and not exclusive
of any thereof or of any other powers and remedies available to the Trustee or the Holders of
Securities or Coupons, by judicial proceedings or otherwise, to enforce the performance or
observance of the covenants and agreements contained in this Indenture, and no delay or omission of
the Trustee or of any Holder of any of the Securities or Coupons to exercise any right or power
accruing upon any default occurring and continuing as aforesaid shall impair any such right or
power or shall be construed to be a waiver of any such default or an acquiescence therein; and,
subject to the provisions of Section 6.04, every power and remedy given by this Article Six or by
law to the Trustee or to the Holders of Securities or Coupons may be exercised from time to time,
and as often as shall be deemed expedient, by the Trustee or by the Holders of Securities or
Coupons, as the case may be.

     SECTION 6.06. Direction of Proceedings. The Holders of a majority in aggregate principal amount of the Securities of any or all
series affected (voting as one class) at the time outstanding 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; provided, however, that (i) such direction
shall not be in conflict with any rule of law or with this Indenture, (ii) the Trustee may take any
other action deemed proper by the Trustee which is not inconsistent with such direction and (iii)
the Trustee shall have the right to decline to follow any such direction if the Trustee, being
advised by counsel, determines that the action or proceedings so directed would be prejudicial to
the Holders not joining in such direction or may not lawfully be taken or if the Trustee in good
faith by its Responsible Officers shall determine that the action or proceedings so directed would
potentially involve the Trustee in personal liability.

     Prior to any declaration accelerating the maturity of the Securities of any series, the
Holders of a majority in aggregate principal amount of the Securities of such series at the time
outstanding may on behalf of the Holders of all of the Securities of such series waive any past
default or Event of Default hereunder and its consequences except a default in the payment of
principal of (premium, if any) or interest, if any, or Additional Amounts, if any, on any
Securities of such series or in respect of a covenant or provision hereof which may not be modified
or amended without the consent of the Holders of each outstanding Security of such

34

 

series affected.
Upon any such waiver the Corporation, the Trustee and the Holders of the Securities of such series
shall be restored to their former positions and rights hereunder, respectively; but no such waiver
shall extend to any subsequent or other default or Event of Default or impair any right consequent
thereon. Whenever any default or Event of Default hereunder shall have been waived as permitted by
this Section 6.06, said default or Event of Default shall for all purposes of the Securities of
such series and this Indenture be deemed to have been cured and to be not continuing.

     SECTION 6.07. Notice of Defaults. The Trustee shall, within ninety days after the occurrence of a default with respect to the
Securities of any series, give notice of all defaults with respect to that series known to a
Responsible Officer of the Trustee (i) if any Unregistered Securities of that series are then
outstanding, to the Holders thereof, by publication at least once in an Authorized Newspaper in the
Borough of Manhattan, The City of New York and at least once in an Authorized Newspaper in London
(and, if required by Section 4.04, at least once in an Authorized Newspaper in Luxembourg), (ii) if
any Unregistered Securities of that series are then outstanding, to all Holders thereof who have
filed their names and addresses with the Trustee as described in Section 313(c) of the Trust
Indenture Act of 1939, by mailing such notice to such Holders at such addresses and (iii) to all
Holders of then outstanding Registered Securities of that series, by mailing such notice to such
Holders at their addresses as they shall appear on the Security Register, unless in each case such
defaults shall have been cured before the mailing or publication of such notice (the term
“defaults” for the purpose of this Section being hereby defined to be the events specified in
Sections 6.01(a), (b), (c), (d) and (e) and any additional events specified in the terms of any
series of Securities pursuant to Section 2.01, not including periods of grace, if any, provided for
therein, and irrespective of the giving of written notice specified in Section 6.01(c) or in the
terms of any Securities established pursuant to Section 2.01); and provided that, except in the
case of default in the payment of the principal of
(premium, if any), interest, if any, or Additional Amounts, if any, on any of the Securities
of such series, the Trustee shall be protected in withholding such notice if and so long as a
Responsible Officer of the Trustee in good faith determines that the withholding of such notice is
in the interests of the Holders of the Securities of such series.

     SECTION 6.08. Undertaking to Pay 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 and expenses, 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 Securityholders of any series, or group of such
Securityholders, holding in the aggregate more than ten percent in aggregate principal amount of
all Securities (voting as one class), or to any suit instituted by any Securityholders for the
enforcement of the payment of the principal of (or premium, if any), interest, if any, or
Additional Amounts, if any, on any Security on or after the due date expressed in such Security
(or, in the case of redemption, on or after the redemption date) or for the enforcement of the
right to convert any Security in accordance with its terms.

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ARTICLE SEVEN.

CONCERNING THE TRUSTEE

     SECTION 7.01. Duties and Responsibilities of Trustee. The Trustee, prior to the occurrence of an Event of Default of a particular series and
after the curing of all Events of Default of such series which may have occurred, undertakes to
perform such duties and only such duties as are specifically set forth in this Indenture. In case
an Event of Default with respect to a particular series has occurred (which has not been cured),
the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use
the same degree of care and skill in their exercise, as a prudent man would exercise or use under
the circumstances in the conduct of his own affairs.

     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:

     (a) prior to the occurrence of an Event of Default with respect to a particular series and
after the curing of all Events of Default with respect to such series which may have occurred:

          (1) the duties and obligations of the Trustees with respect to such series shall be determined
solely by the express provisions of this Indenture, and the Trustee shall not be liable except for
the performance of such duties and obligations as are specifically set forth in
this Indenture, and no implied covenants or obligations shall be read into this Indenture
against the Trustee; and

          (2) in the absence of bad faith on the part of the Trustee, the Trustee may conclusively rely,
as to the truth of the statements and the correctness of the opinions expressed therein, upon any
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) the Trustee shall not be liable for any error of judgment made in good faith by a
responsible officer or officers, unless it shall be proved that the Trustee was negligent in
ascertaining the pertinent facts; and

     (c) 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 Securities pursuant to Section
6.06 relating to the time, method and place of conducting any proceeding for any remedy available
to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture.

     No provision of this Indenture shall be construed as requiring the Trustee to expend or risk
its own funds or otherwise to incur any personal financial liability in the performance of any of
its duties hereunder, or in the exercise of any of its rights or powers, if there shall be
reasonable grounds for believing that repayment of such funds or adequate indemnity against such
risk or liability is not reasonably assured to it.

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     SECTION 7.02. Reliance on Documents, Opinions, etc. Subject to the provisions of Section 7.01:

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

     (b) any request, direction, order or demand of the Corporation mentioned herein shall be
sufficiently evidenced by an instrument signed in the name of the Corporation by the Chairman of
the Board of Directors or any Vice Chairman of the Board of Directors or the President or any
Executive Vice President or any Group Vice President or any Vice President or the Treasurer or any
Assistant Treasurer and by the Secretary or any Assistant Secretary of the Corporation; and a Board
Resolution may be evidenced to the Trustee by a copy thereof certified by the Secretary or any
Assistant Secretary of the Corporation;

     (c) 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 or suffered by it hereunder in good
faith and in accordance with such Opinion of Counsel;

     (d) the Trustee shall be under no obligation to exercise any of the rights or powers vested in
it by this Indenture at the request, order or direction of any of the Securityholders, pursuant to
the provisions of this Indenture, unless such Securityholders shall have offered to the Trustee
reasonable security or indemnity satisfactory to it against the costs, expenses, and liabilities
which might be incurred therein or thereby;

     (e) the Trustee shall not be bound to make any investigation into the facts or matters stated
in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction,
consent, order, bond, debenture, note, coupon 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, upon reasonable written notice to the Corporation, to examine the relevant books, records
and premises of the Corporation, personally or by agent or attorney;

     (f) 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, provided, however, that the Trustee
shall be responsible for any misconduct or negligence on the part of any agent or attorney
appointed by it hereunder;

     (g) the Trustee shall not be liable for any action taken by it in good faith and believed by
it to be authorized or within the discretion or rights or powers conferred upon it by this
Indenture;

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     (h) 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;

     (i) 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

     (j) 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.

     SECTION 7.03. No Responsibility for Recitals, etc. The recitals contained herein and in the Securities, other than the Trustee’s certificate
of authentication, shall be taken as the statements of the Corporation, and the Trustee assumes no
responsibility for the correctness of the same. The Trustee makes no representations as to the
validity or sufficiency of this Indenture or of the Securities, provided that the Trustee shall not
be relieved of its duty to authenticate Securities only as authorized by this Indenture. The
Trustee shall not be accountable for the use or application by the Corporation of Securities or the
proceeds thereof.

     SECTION 7.04. Ownership of Securities or Coupons. The Trustee or any agent of the Corporation or of the Trustee, in its individual or any
other capacity, may become the owner or pledgee of Securities or Coupons with the same rights it
would have if it were not Trustee, or an agent of the Corporation or of the Trustee.

     SECTION 7.05. Moneys to be Held in Trust. Subject to the provisions of Sections 12.04 and 12.05 hereof, all moneys received by the
Trustee or any paying agent shall, until used or applied as herein provided, be held in trust for
the purposes for which they were received but need not be segregated from other funds except to the
extent required by law. Neither the Trustee nor any paying agent shall be under any liability for
interest on any moneys received by it hereunder except such as it may agree with the Corporation to
pay thereon. So long as no Event of Default shall have occurred and be continuing, all interest
allowed on any such moneys shall be paid from time to time upon the written order of the
Corporation, signed by the Chairman of the Board of Directors or any Vice Chairman of the Board of
Directors or the President or any Executive Vice President or any Group Vice President or any Vice
President or the Treasurer or any Assistant Treasurer of the Corporation.

     SECTION 7.06. Compensation, Indemnification and Expenses of Trustee. The Corporation covenants and agrees to pay to the Trustee as agreed upon in writing from
time to time, and the Trustee shall be entitled to, reasonable compensation, and, except as
otherwise expressly provided the Corporation will pay or reimburse the Trustee upon its request for
all reasonable out of pocket expenses, disbursements and advances incurred or made by the Trustee
in accordance with any of the provisions of this Indenture (including the reasonable compensation,
expenses and disbursements of its counsel and of all persons not regularly in its employ) except
any such expense, disbursement or advance as shall be determined to have been

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caused by its own
negligence, bad faith or willful misconduct. The Corporation also covenants to indemnify the
Trustee (and any predecessor Trustee) for, and to hold it harmless against, any and all loss,
liability, claim, damage or reasonable expense (including reasonable out of pocket legal fees and
expenses) incurred without negligence, bad faith or willful misconduct on the part of the Trustee,
arising out of or in connection with the acceptance or administration of this trust, including the
reasonable costs and expenses of defending itself against any claim of liability in the premises.
The obligations of the Corporation under this Section to compensate the Trustee and to pay or
reimburse the Trustee for reasonable expenses, disbursements and advances shall constitute
additional indebtedness hereunder. Such additional indebtedness shall be secured by a lien prior
to that of the Securities upon all property and funds held or collected by the Trustee as such,
except funds held in trust for the benefit of the Holders of particular Securities or Coupons.

     When the Trustee incurs expenses or renders services in connection with an Event of Default
specified in Section 6.01(d) or Section 6.01(e), the expenses (including the reasonable charges and
expenses of its counsel) and the compensation for the services are intended to
constitute expenses of administration under any applicable Federal or state bankruptcy,
insolvency or other similar law.

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

     SECTION 7.07. Officers’ Certificate as Evidence. Subject to the provisions of Section 7.01, whenever in the administration of the provisions
of this Indenture the Trustee shall deem it necessary or desirable that a matter be proved or
established prior to taking or suffering any action to be taken hereunder, such matter (unless
other evidence in respect thereof be herein specifically prescribed) may, in the absence of
negligence or bad faith on the part of the Trustee, be deemed to be conclusively proved and
established by an Officers’ Certificate delivered to the Trustee, and such Certificate, in the
absence of negligence or bad faith on the part of the Trustee, shall be full warrant to the Trustee
for any action taken, suffered or omitted by it under the provisions of this Indenture upon the
faith thereof.

     SECTION 7.08. Conflicting Interest of Trustee. The Trustee shall comply with Section 310(b) of the Trust Indenture Act of 1939.

     SECTION 7.09. Eligibility of Trustee. There shall at all times be a trustee hereunder which shall be a corporation organized and
doing business under the laws of the United States or of any State or Territory thereof or of the
District of Columbia, which (a) is authorized under such laws to exercise corporate trust powers
and (b) is subject to supervision or examination by Federal, State, Territorial or District of
Columbia authority and (c) shall have at all times a combined capital and surplus of not less than
twenty-five million dollars. 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 at any time
shall be deemed to be its combined capital and surplus as set forth in its most recent report of
condition so published. In case at any time the Trustee shall cease to be eligible in accordance
with the provisions of this Section, the Trustee shall resign immediately in the manner and with
the effect specified in Section 7.10.

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     SECTION 7.10. Resignation or Removal of Trustee.

     (a) The Trustee, or any trustee or trustees hereafter appointed, may, upon sixty days written
notice to the Corporation, at any time resign with respect to one or more or all series by giving
written notice of resignation to the Corporation (i) if any Unregistered Securities of a series
affected are then outstanding, by giving notice of such resignation to the Holders thereof, by
publication at least once in an Authorized Newspaper in London (and, if required by Section 4.04,
at least once in an Authorized Newspaper in Luxembourg), (ii) if any Unregistered Securities of a
series affected are then outstanding, by mailing notice of such resignation to the
Holders thereof who have filed their names and addresses with the Trustee as described in
Section 313(c) of the Trust Indenture Act of 1939 at such addresses as were so furnished to the
Trustee and (iii) by mailing notice of such resignation to the Holders of then outstanding
Registered Securities of each series affected at their addresses as they shall appear on the
Security Register. Upon receiving such notice of resignation the Corporation shall promptly
appoint a successor trustee with respect to the applicable series by written instrument, in
duplicate, executed by order of the Board of Directors of the Corporation, one copy of which
instrument shall be delivered to the resigning Trustee and one copy to the successor trustee. If
no successor trustee shall have been so appointed and have accepted appointment within sixty days
after the mailing of such notice of resignation to the Securityholders, the resigning Trustee may
petition, at the expense of the Corporation, any court of competent jurisdiction for the
appointment of a successor trustee, or any Securityholder who has been a bona fide Holder of a
Security or Securities of the applicable series for at least six months may, subject to the
provisions of Section 6.08, on behalf of himself and all others similarly situated, petition any
such court for the appointment of a successor trustee. Such court may thereupon, after such
notice, if any, as it may deem proper and prescribe, appoint a successor trustee.

     (b) In case at any time any of the following shall occur:

          (1) the Trustee shall fail to comply with the provisions of subsection (a) of Section 7.08
with respect to any series of Securities after written request therefor by the Corporation or by
any Securityholder who has been a bona fide Holder of a Security or Securities of such series for
at least six months, or

          (2) the Trustee shall cease to be eligible in accordance with the provision of Section 7.09
with respect to any series of Securities and shall fail to resign after written request therefor by
the Corporation or by any such Securityholder, or

          (3) the Trustee shall become incapable of acting with respect to any series of Securities, or
shall be adjudged a bankrupt or insolvent, or a receiver of the Trustee or of its property shall be
appointed, or any public officer shall take charge or control of the Trustee or of its property or
affairs for the purpose of rehabilitation, conservation or liquidation, then, in any such case, the
Corporation may remove the Trustee with respect to the applicable series of Securities and appoint
a successor trustee with respect to such series by written instrument, in duplicate, executed by
order of the Board of Directors of the Corporation, one copy of which instrument shall be delivered
to the Trustee so removed and one copy to the successor trustee, or, subject to the provisions of
Section 6.08, any Securityholder of such series who has been a bona fide Holder of a Security or
Securities of the applicable series for at least six months may, on

40

 

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 such series. Such court may
thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and
appoint a successor trustee.

     (c) The Holders of a majority in aggregate principal amount of the Securities of all series
(voting as one class) at the time outstanding may at any time remove the Trustee with respect to
Securities of all series and appoint a successor trustee with respect to the Securities of all
series.

     (d) Any resignation or removal of the Trustee and any appointment of a successor trustee
pursuant to any of the provisions of this Section shall become effective upon acceptance of
appointment by the successor trustee as provided in Section 7.11.

     SECTION 7.11. Acceptance by Successor Trustee. Any successor trustee appointed as provided in Section 7.10 shall execute, acknowledge and
deliver to the Corporation and to its predecessor trustee an instrument accepting such appointment
hereunder, and thereupon the resignation or removal of the predecessor trustee with respect to all
or any applicable series shall become effective and such successor trustee, without any further
act, deed or conveyance, shall become vested with all the rights, powers, duties and obligations
with respect to such series of its predecessor hereunder, with like effect as if originally named
as trustee herein; but, nevertheless, on the written request of the Corporation or of the successor
trustee, the trustee ceasing to act shall, upon payment of any amounts then due it pursuant to the
provisions of Section 7.06, execute and deliver an instrument transferring to such successor
trustee all the rights and powers of the trustee so ceasing to act. Upon request of any such
successor trustee, the Corporation shall execute any and all instruments in writing in order more
fully and certainly to vest in and confirm to such successor trustee all such rights and powers.
Any trustee ceasing to act shall, nevertheless, retain a lien upon all property or funds held or
collected by such trustee to secure any amounts then due it pursuant to the provisions of Section
7.06.

     In case of the appointment hereunder of a successor trustee with respect to the Securities of
one or more (but not all) series, the Corporation, 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 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 retiring shall
continue to be vested in the predecessor Trustee, and shall add to or change any of the provisions
of this Indenture as shall be necessary to provide for or facilitate the administration of the
trusts hereunder by more than one trustee, it being understood that nothing herein or in such
supplemental indenture shall constitute such trustees co-trustees of the same trust and that each
such trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or
trusts hereunder administered by any other such trustee.

     No successor trustee shall accept appointment as provided in this Section unless at the time
of such acceptance such successor trustee shall be qualified under the provisions of Section 7.08
and eligible under the provisions of Section 7.09.

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     Upon acceptance of appointment by a successor trustee as provided in this Section, the
Corporation shall give notice of the succession of such trustee hereunder (a) if any Unregistered
Securities of a series affected are then outstanding, to the Holders thereof, by publication of
such notice at least once in an Authorized Newspaper in the Borough of Manhattan, The City of New
York and at least once in an Authorized Newspaper in London (and, if required by Section 4.04, at
least once in an Authorized Newspaper in Luxembourg), (b) if any Unregistered Securities of a
series affected are then outstanding, to the Holders thereof who have filed their names and
addresses with the Trustee pursuant to Section 313(c) of the Trust Indenture Act of 1939, by
mailing such notice to such Holders at such addresses as were so furnished to the Trustee (and
the Trustee shall make such information available to the Corporation for such purpose) and (c) to
the Holders of Registered Securities of each series affected, by mailing such notice to such
Holders at their addresses as they shall appear on the Security Register. If the Corporation fails
to mail such notice in the prescribed manner within ten days after the acceptance of appointment by
the successor trustee, the successor trustee shall cause such notice to be so given at the expense
of the Corporation.

     SECTION 7.12. Successor by Merger, etc. Any corporation or other entity into which the Trustee may be merged or converted or with
which it may be consolidated, or any corporation or other entity resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any corporation or other
entity succeeding to the corporate trust business of the Trustee, shall be the successor of the
Trustee hereunder, provided such corporation or other entity shall be qualified under the
provisions of Section 7.08 and eligible under the provisions of Section 7.09, without the execution
or filing of any paper or any further act on the part of any of the parties hereto, anything herein
to the contrary notwithstanding.

     SECTION 7.13. Limitations on Rights of Trustee as Creditor. The Trustee shall comply with Section 311(a) of the Trust Indenture Act of 1939.

     SECTION 7.14. Preferential Collection of Claims Against Corporation. If and when the Trustee shall be or become a creditor of the Corporation (or any obligor
upon the Securities), the Trustee shall be subject to the provisions of the Trust Indenture Act
regarding the collection of claims against the Corporation (or any such other obligor).

     SECTION 7.15. Appointment of Authenticating Agent. The Trustee 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 original issue and upon exchange, registration of transfer or
partial redemption thereof or pursuant to Section 2.07, 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
Corporation 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 Authenticating Agent, having a combined capital and surplus of not less than
twenty-five million dollars and

42

 

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 7.15, 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 7.15, such Authenticating Agent shall resign
immediately in the manner and with the effect specified in this Section 7.15.

     Any corporation into which an Authenticating Agent may be merged or converted or with which it
may be consolidated, or any corporation or other entity resulting from any merger, conversion or
consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to
all or substantially all of the corporate agency or corporate trust business of an Authenticating
Agent shall be the successor Authenticating Agent hereunder, provided such corporation or other
entity shall be otherwise eligible under this Section 7.15, 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 to the Corporation. The Trustee may at any time terminate the agency of an Authenticating
Agent by giving written notice thereof to such Authenticating Agent and to the Corporation. 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
7.15, the Trustee may appoint a successor Authenticating Agent which shall be acceptable to the
Corporation and shall give notice of such appointment to all Holders of Securities of the series
with respect to which such Authenticating Agent will serve. 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 7.15.

     The Corporation agrees to pay to each Authenticating Agent from time to time reasonable
compensation for its services under this Section 7.15.

     If an appointment with respect to one or more series is made pursuant to this Section 7.15,
the Securities of such series may have endorsed thereon, in addition to the Trustee’s certificate
of authentication, an alternative 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,	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Dated:

	 	 	 	 	 	By:	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	     as Authenticating Agent	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	By:	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	     Authorized Signatory	 	 

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ARTICLE EIGHT.

CONCERNING THE SECURITYHOLDERS

     SECTION 8.01. Action by Securityholders. Whenever in this Indenture it is provided that the Holders of a specified percentage in
aggregate principal amount of the Securities of any or all series may take any action (including
the making of any demand or request, the giving of any notice, consent or waiver or the taking of
any other action), the fact that at the time of taking any such action the Holders of such
specified percentage have joined therein may be evidenced (a) by any instrument or any number of
instruments of similar tenor executed by Securityholders in person or by agent or proxy appointed
in writing, or (b) by the record of the Holders of Securities voting in favor thereof at any
meeting of Securityholders duly called and held in accordance with the provisions of Article Nine,
or (c) by a combination of such instrument or instruments and any such record of such a meeting of
Securityholders.

     In determining whether the Holders of a specified percentage in aggregate principal amount of
the Securities have taken any action (including the making of any demand or request, the waiving of
any notice, consent or waiver or the taking of any other action), the principal amount of any
Original Issue Discount Security that may be counted in making such determination and that shall be
deemed to be outstanding for such purposes shall be equal to the amount of the principal thereof
that could be declared to be due and payable upon an Event of Default pursuant to the terms of such
Original Issue Discount Security at the time the taking of such action is evidenced to the Trustee.

     SECTION 8.02. Proof of Execution by Securityholders. Subject to the provisions of Sections 7.01, 7.02 and 9.05, proof of the execution of any
instrument by a Securityholder or its agent or proxy shall be sufficient if made in the following
manner:

     (a) In the case of Holders of Unregistered Securities, the fact and date of the execution by
any such person of any instrument may be proved by the certificate of any notary public or other
officer of any jurisdiction authorized to take acknowledgments of deeds or administer oaths that
the person executing such instruments acknowledged to him the execution thereof or by an affidavit
of a witness to such execution sworn to before any such notary or other such officer. Where such
execution is by or on behalf of any legal entity other than an individual, such certificate or
affidavit shall also constitute sufficient proof of the authority of the person executing the same.
The fact of the holding by any Holder of a Security of any series, and the identifying number of
such Security and the date of his holding the same, may be proved by the production of such
Security or by a certificate executed by any trust company, bank, banker or recognized securities
dealer wherever situated satisfactory to the Trustee, if such certificate shall be deemed by the
Trustee to be satisfactory. Each such certificate shall be dated and shall state that on the date
thereof a Security of such series bearing a specified identifying number was deposited with or
exhibited to such trust company, bank, banker or recognized securities dealer by the person named
in such certificate. Any such certificate may be issued in

44

 

respect of one or more Securities of
one or more series specified therein. The holding by the
person named in any such certificate of any Securities of any series specified therein shall
be presumed to continue for a period of one year from the date of such certificate unless at the
time of any determination of such holding (1) another certificate bearing a later date issued in
respect of the same Securities shall be produced, or (2) the Security of such series specified in
such certificate shall be produced by some other person, or (3) the Security of such series
specified in such certificates shall have ceased to be outstanding. Subject to Sections 7.01, 7.02
and 9.05, the fact and date of the execution of any such instrument and the amount and numbers of
Securities of any series held by the person so executing such instrument and the amount and numbers
of any Security or Securities for such series may also be proven in accordance with such reasonable
rules and regulations as may be prescribed by the Trustee for such series or in any other manner
which the Trustee for such series may deem sufficient.

     (b) In the case of Registered Securities, the ownership of such Securities shall be proved by
the Security Register or by a certificate of the Security Registrar.

     SECTION 8.03. Who Are Deemed Absolute Owners. The Corporation, the Trustee, any paying agent, any transfer agent and any Security
Registrar may treat the Holder of any Unregistered Security and the Holder of any Coupon as the
absolute owner of such Unregistered Security or Coupon (whether or not such Unregistered Security
or Coupon shall be overdue) for the purpose of receiving payment thereof or on account thereof and
for all other purposes and neither the Corporation, the Trustee, any paying agent, any transfer
agent nor any Security Registrar shall be affected by any notice to the contrary. The Corporation,
the Trustee, any paying agent, any transfer agent and any Security Registrar may, subject to
Section 2.04 hereof, treat the person in whose name a Registered Security shall be registered upon
the Security Register as the absolute owner of such Registered Security (whether or not such
Registered Security shall be overdue) for the purpose of receiving payment thereof or on account
thereof and for all other purposes and neither the Corporation, the Trustee, any paying agent, any
transfer agent nor any Security Registrar shall be affected by any notice to the contrary.

     SECTION 8.04. Corporation-Owned Securities Disregarded. In determining whether the Holders of the required aggregate principal amount of Securities
have concurred in any direction, consent or waiver under this Indenture, Securities which are owned
by the Corporation or by any person directly or indirectly controlling or controlled by or under
direct or indirect common control with the Corporation, shall be disregarded and deemed not to be
outstanding for the purpose of any such determination, except that for the purpose of determining
whether the Trustee shall be protected in relying on any such direction, consent or waiver only
Securities which a Responsible Officer of the Trustee actually knows are so owned shall be
disregarded. Securities so owned which have been pledged in good faith may be regarded as
outstanding for the purposes of this Section if the pledgee shall establish to the satisfaction of
the Trustee the pledgee’s right to vote such Securities and that the pledgee is not a person
directly or indirectly controlling or controlled by or under direct or indirect common control with
the Corporation. In the case of a dispute as to such right, any decision by the Trustee taken upon
the advice of counsel shall be full protection to the Trustee.

     SECTION 8.05. Revocation of Consents; Future Securityholders Bound. At any time prior to the taking of any action by the Holders of the percentage in aggregate
principal amount

45

 

of the Securities specified in this Indenture in connection with such action, any
Holder of a Security the identifying number of which is shown by the evidence to be included in the
Securities the Holders of which have consented to such action may, by filing written notice with
the Trustee at its office and upon proof of holding as provided in Section 8.02, revoke such action
so far as concerns such Security. Except as aforesaid any such action taken by the Holder of any
Security shall be conclusive and binding upon such Holder and upon all future Holders and owners of
such Security and of any Security issued in exchange or substitution therefor irrespective of
whether or not any notation in regard thereto is made upon such Security. Any action taken by the
Holders of the percentage in aggregate principal amount of the Securities specified in this
Indenture in connection with such action shall be conclusively binding upon the Corporation, the
Trustee and the Holders of all the Securities of each series intended to be affected thereby.

     SECTION 8.06. Securities in a Foreign Currency. Unless otherwise specified in an Officers’ Certificate delivered pursuant to Section 2.01
of this Indenture, or in an indenture supplemental hereto, with respect to a particular series of
Securities, on any day when for purposes of this Indenture any action may be taken by the Holders
of a specified percentage in aggregate principal amount of two or more series of outstanding
Securities and, at such time, there are outstanding Securities of at least one such series which
are denominated in a coin or currency other than that of at least one other such series, then the
principal amount of Securities of each such series (other than any such series denominated in U.S.
Dollars) which shall be deemed to be outstanding for the purpose of taking such action shall be
that amount of U.S. Dollars that could be obtained for such amount at the Market Exchange Rate.
For purposes of this Section 8.06, Market Exchange Rate shall mean the noon U.S. Dollar buying rate
for that currency for cable transfers quoted in The City of New York on such day as certified for
customs purposes by the Federal Reserve Bank of New York. If such Market Exchange Rate is not
available for any reason with respect to such currency, the Corporation shall use, in its sole
discretion and without liability on its part, such quotation of the Federal Reserve Bank of New
York, as of the most recent available date. The provisions of this paragraph shall apply in
determining the equivalent number of votes which each Securityholder or proxy shall be entitled to
pursuant to Section 9.05 in respect of Securities of a series denominated in a currency other than
U.S. Dollars.

     All decisions and determinations of the Corporation regarding the Market Exchange Rate shall
be in its sole discretion and shall, in the absence of manifest error, be conclusive for all
purposes and irrevocably binding upon the Corporation and all Holders.

ARTICLE NINE.

SECURITYHOLDERS’ MEETINGS

     SECTION 9.01. Purposes of Meetings. A meeting of Securityholders of any or all series may be called at any time and from time
to time pursuant to the provisions of this Article for any of the following purposes:

          (1) to give any notice to the Corporation or to the Trustee, or to give any directions to the
Trustee, or to waive any default hereunder and its consequences, or to take any other action
authorized to be taken by Securityholders pursuant to any of the provisions of Article Six;

46

 

          (2) to remove the Trustee and appoint a successor trustee pursuant to the provisions of
Article Seven;

          (3) to consent to the execution of an indenture or indentures supplemental hereto pursuant to
the provisions of Section 10.02; or

          (4) to take any other action authorized to be taken by or on behalf of the Holders of any
specified aggregate principal amount of the Securities of any or all series, as the case may be,
under any other provision of this Indenture or under applicable law.

     SECTION 9.02. Call of Meetings by Trustee. The Trustee may at any time call a meeting of Holders of Securities of any or all series to
take any action specified in Section 9.01, to be held at such time and at such place in the Borough
of Manhattan, The City of New York, or in London, as the Trustee shall determine. Notice of every
meeting of the Holders of Securities of any or all series, setting forth the time and place of such
meeting and in general terms the action proposed to be taken at such meeting, shall be given (i) if
any Unregistered Securities of a series that may be affected by the action proposed to be taken at
such meeting are then outstanding, to all Holders thereof, by publication at least twice in an
Authorized Newspaper in the Borough of Manhattan, The City of New York and at least twice in an
Authorized Newspaper in London (and, if required by Section 4.04, at least twice in an Authorized
Newspaper in Luxembourg) prior to the date fixed for the meeting, the first publication, in each
case, to be not less than twenty nor more than one hundred eighty days prior to the date fixed for
the meeting and the last publication to be not more than five days prior to the date fixed for the
meeting, (ii) if any Unregistered Securities of a series that may be affected by the action
proposed to be taken at such meeting are then outstanding, to all Holders thereof who have filed
their names and addresses with the Trustee as described in Section 313(c) of the Trust Indenture
Act of 1939, by mailing such notice to such Holders at such addresses, not less than twenty nor
more than one hundred eighty days prior to the date fixed for the meeting and (iii) to all Holders
of then outstanding Registered Securities of each series that may be affected by the action
proposed to be taken at such meeting, by mailing such notice to such Holders at their addresses as
they shall appear on the Security Register, not less than twenty nor more than one hundred eighty
days prior to the date fixed for the meeting. Failure of any Holder or Holders to receive such
notice or any defect therein shall in no case affect the validity of any action taken at such
meeting. Any meeting of Holders of Securities of all or any series shall be valid without notice
if the Holders of all such Securities outstanding, the Corporation and the Trustee are present in
person or by proxy or shall have waived notice thereof before or after the meeting. The Trustee
may fix, in advance, a date as the record date for determining the Holders
entitled to notice of or to vote at any such meeting at not less than twenty or more than one
hundred eighty days prior to the date fixed for such meeting.

     SECTION 9.03. Call of Meetings by Corporation or Securityholders. In case at any time the Corporation, pursuant to a Board Resolution, or the Holders of at
least ten percent in aggregate principal amount of the Securities of any or all series, as the case
may be, then outstanding, shall have requested the Trustee to call a meeting of Securityholders of
any or all

47

 

series to take any action authorized in Section 9.01, by written request setting forth
in reasonable detail the action proposed to be taken at the meeting, and the Trustee shall not have
mailed or published as provided in Section 9.02, the notice of such meeting within thirty days
after receipt of such request, then the Corporation or the Holders of such Securities in the amount
above specified may determine the time and the place in said Borough of Manhattan or London for
such meeting and may call such meeting to take any action authorized in Section 9.01, by mailing
notice thereof as provided in Section 9.02.

     SECTION 9.04. Qualification for Voting. To be entitled to vote at any meeting of Securityholders a person shall be a Holder of one
or more Securities of a series with respect to which a meeting is being held or a person appointed
by an instrument in writing as proxy by such a Holder. The only persons who shall be entitled to
be present or to speak at any meeting of the Securityholders shall be the persons entitled to vote
at such meeting and their counsel and any representatives of the Trustee and its counsel and any
representatives of the Corporation and its counsel.

     SECTION 9.05. Regulations. Notwithstanding any other provisions of this Indenture, the Trustee may make such
reasonable regulations as it may deem advisable for any meeting of Securityholders, in regard to
proof of the holding of Securities and of the appointment of proxies, and in regard to the
appointment and duties of inspectors of votes, the submission and examination of proxies,
certificates and other evidence of the right to vote, and such other matters concerning the conduct
of the meeting as it shall think fit.

     The Trustee shall, by an instrument in writing, appoint a temporary chairman of the meeting,
unless the meeting shall have been called by the Corporation or by Securityholders as provided in
Section 9.03, in which case the Corporation or the Securityholder calling the meeting, as the case
may be, shall in like manner appoint a temporary chairman. A permanent chairman and a permanent
secretary of the meeting shall be elected by vote of the Holders of a majority in principal amount
of the Securities represented at the meeting and entitled to vote.

     Subject to the provisions of Sections 8.01, 8.04 and 8.06, at any meeting each Securityholder
or proxy shall be entitled to one vote for each U.S. $1,000 principal amount of Securities held or
represented by him; provided, however, that no vote shall be cast or counted at any meeting in
respect of any Security challenged as not outstanding and ruled by the chairman of the meeting not
to be outstanding. The chairman of the meeting shall have no right to vote except as a
Securityholder or proxy. Any meeting of Securityholders duly called pursuant to the
provisions of Section 9.02 or 9.03 may be adjourned from time to time, and the meeting may be
held as so adjourned without further notice.

     SECTION 9.06. Voting. The vote upon any resolution submitted to any meeting of Securityholders shall be by
written ballot on which shall be subscribed the signatures of the Securityholders or proxies and on
which shall be inscribed the identifying number or numbers or to which shall be attached a list of
identifying numbers of the Securities held or represented by them. The permanent chairman of the
meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting for or
against any resolution and who shall make and file with the secretary of the meeting their verified
reports in duplicate of all votes cast at the meeting. A record in duplicate of the proceedings of
each meeting of Securityholders shall be prepared by

48

 

the secretary of the meeting and there shall
be attached to said record the original reports of the inspectors of votes on any vote by ballot
taken thereat and affidavit by one or more persons having knowledge of the facts setting forth a
copy of the notice of the meeting and showing that said notice was mailed as provided in
Section 9.02. The record shall be signed and verified by the permanent chairman and secretary of
the meeting and one of the duplicates shall be delivered to the Corporation and the other to the
Trustee to be preserved by the Trustee, the latter to have attached thereto the ballots voted at
the meeting.

     Any record so signed and verified shall be conclusive evidence of the matters therein stated.

ARTICLE TEN.

SUPPLEMENTAL INDENTURES

     SECTION 10.01. Supplemental Indentures without Consent of Securityholders. The Corporation, when authorized by Board Resolution, and the Trustee may from time to time
and at any time enter into an indenture or indentures supplemental hereto (which shall conform to
the provisions of the Trust Indenture Act of 1939) for one or more of the following purposes:

     (a) to evidence the succession of another corporation or other entity to the Corporation, or
successive successions, and the assumption by any successor corporation or other entity of the
covenants, agreements and obligations of the Corporation pursuant to Article Eleven hereof;

     (b) to add to the covenants of the Corporation such further covenants, restrictions,
conditions or provisions as its Board of Directors and the Trustee shall consider to be for the
protection of the Holders of Securities of any or all series, or the Coupons appertaining to such
Securities, and to make the occurrence, or the occurrence and continuance, of a default in any of
such additional covenants, restrictions, conditions or provisions a default or an Event of Default
with respect to any or all series permitting the enforcement of all or any of the several remedies
provided in this Indenture as herein set forth, with such period of grace, if any, and subject to
such conditions as such supplemental indenture may provide;

     (c) to add or change any of the provisions of this Indenture to such extent as shall be
necessary to permit or facilitate the issuance of Securities of any series in bearer form,
registrable or not registrable as to principal, and with or without interest Coupons, and to
provide for exchangeability of such Securities with Securities issued hereunder in fully registered
form and to make all appropriate changes for such purpose, and to add or change any of the
provisions of this Indenture to such extent as shall be necessary to permit or facilitate the
issuance of uncertificated Securities of any series;

     (d) to cure any ambiguity or mistake contained herein or in any supplemental indenture or in
any Security; or to correct or supplement any provision contained herein or in any supplemental
indenture or in any Security which may be defective or inconsistent with any other provision
contained herein or in any supplemental indenture or in any Security; or to make such other
provisions in regard to matters or questions arising under this Indenture as shall not adversely
affect the interests of the Holders of any series of Securities or any Coupons appertaining to such
Securities;

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     (e) to convey, transfer, assign, mortgage or pledge any property to or with the Trustee;

     (f) to evidence and provide for the acceptance and appointment hereunder by a successor
trustee with respect to the Securities of one or more series and to add or change any 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 7.11;

     (g) to establish the form or terms of Securities of any series as permitted by Sections 2.01
and 2.03;

     (h) to change or eliminate any provision of this Indenture, provided that any such change or
elimination (i) shall become effective only when there is no Security outstanding of any series
created prior to the execution of such supplemental indenture which is entitled to the benefit of
such provision or (ii) shall not apply to any Security outstanding; and

     (i) to add to or change any of the provisions of this Indenture with respect to any Securities
that by their terms may be converted into any securities of any person, in order to permit or
facilitate the issuance, payment or conversion of such Securities.

     The Trustee is hereby authorized to join with the Corporation in the execution of any such
supplemental indenture, to make any further appropriate agreements and stipulations which may be
therein contained and to accept the conveyance, transfer, assignment, mortgage or pledge of any
property thereunder, but the Trustee shall not be obligated to enter into any such supplemental
indenture which adversely affects the Trustee’s own rights, duties or immunities under this
Indenture or otherwise.

     Any supplemental indenture authorized by the provisions of this Section may be executed by the
Corporation and the Trustee without the consent of the Holders of any of the Securities at the time
outstanding, notwithstanding any of the provisions of Section 10.02.

     SECTION 10.02. Supplemental Indentures with Consent of Securityholders. With the consent (evidenced as provided in Section 8.01) of the Holders of not less than a
majority in the aggregate principal amount of the Securities of all series at the time outstanding
affected by such supplemental indenture (voting as one class), the Corporation, when authorized by
a Board Resolution, 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 indentures or
modifying in any manner the rights of the Holders of the Securities of each such series or any
Coupons appertaining to such Securities; provided, however, that no such supplemental indenture
shall (i) change the fixed maturity of any Securities, or reduce the principal amount thereof (or
premium, if any), or reduce the rate or extend the time of payment of any interest or Additional
Amounts thereon or reduce the amount due and payable upon acceleration of the maturity thereof or
the amount provable in bankruptcy, or make the principal of (premium, if any) or interest, if any,
or Additional Amounts, if any, on any Security payable in any coin or

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currency other than that
provided in such Security, (ii) in the case of Securities that are convertible, change in any
manner adverse to the Holders (A) the amounts payable upon the redemption of the Securities, (B)
the dates, if any, on which the Holders have the right to require the Corporation to repurchase the
Securities, or the transactions or events, if any, upon which the Holders have the right to require
the Corporation to repurchase the Securities or the amounts payable upon the repurchase thereof or
(C) the circumstances, if any, under which the Holders have the right to convert the Securities or
the amounts receivable upon conversion thereof (but excluding from operation of this clause (ii)
any adjustment to the conversion rate), (iii) impair the right to institute suit for the
enforcement of any such payment on or after the stated maturity thereof (or, in the case of
redemption, on or after the redemption date therefor) or (iv) reduce the aforesaid percentage of
Securities, the consent of the Holders of which is required for any such supplemental indenture, or
the percentage required for the consent of the Holders pursuant to Section 6.01 to waive defaults,
without the consent of the Holder of each Security so affected.

     Upon the request of the Corporation, accompanied by a copy of a Board Resolution certified by
the Secretary or an Assistant Secretary of the Corporation authorizing the execution of any such
supplemental indenture, and upon the filing with the Trustee of evidence of the consent of
Securityholders as aforesaid, the Trustee shall join with the Corporation in the execution of such
supplemental indenture unless such supplemental indenture affects the Trustee’s own rights, 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.

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

     Promptly after the execution and delivery by the Corporation and the Trustee of any
supplemental indenture pursuant to the provisions of this Section, the Trustee shall give notice of
such supplemental indenture (i) to the Holders of then outstanding Registered Securities of each
series affected thereby, by mailing a notice thereof by first-class mail to such Holders at their
addresses as they shall appear on the Security Register, (ii) if any Unregistered Securities of a
series affected thereby are then outstanding, to the Holders thereof who have filed their names and
addresses with the Trustee as described in Section 313(c) of the Trust Indenture Act of 1939,
by mailing a notice thereof by first-class mail to such Holders at such addresses as were so
furnished to the Trustee and (iii) if any Unregistered Securities of a series affected thereby are
then outstanding, to all Holders thereof, if by publication of a notice thereof at least once in an
Authorized Newspaper in London (and, if required by Section 4.04, at least once in an Authorized
Newspaper in Luxembourg), and in each case such notice shall set forth in general terms the
substance of such supplemental indenture. Any failure of the Corporation to mail or publish such
notice, or any defect therein, shall not, however in any way impair or affect the validity of any
such supplemental indenture.

     SECTION 10.03. Compliance with Trust Indenture Act; Effect of Supplemental Indentures. Any supplemental indenture executed pursuant to the provisions of this Article Ten shall
comply with the Trust Indenture Act of 1939. Upon the execution of any supplemental indenture
pursuant to the provisions of this Article Ten, this Indenture shall be and be deemed to

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be
modified and amended in accordance therewith and the respective rights, limitations of rights,
obligations, duties and immunities under this Indenture of the Trustee, the Corporation and the
Holders of Securities shall thereafter be determined, exercised and enforced hereunder subject in
all respects to such modifications and amendments, and all the terms and conditions of any such
supplemental indenture shall be and be deemed to be part of the terms and conditions of this
Indenture for any and all purposes.

     The Trustee, subject to the provisions of Sections 7.01 and 7.02, will be provided with an
Opinion of Counsel and an Officers’ Certificate each stating that any such supplemental indenture
complies with the provisions of this Article Ten and that the supplemental indenture is authorized
or permitted by this Indenture.

     SECTION 10.04. Notation on Securities. Securities of any series authenticated and delivered after the execution of any
supplemental indenture pursuant to the provision of this Article Ten may bear a notation in form
approved by the Trustee as to any matter provided for in such supplemental indenture. New
Securities of any series so modified as to conform, in the opinion of the Trustee and the Board of
Directors of the Corporation, to any modification of this Indenture contained in any such
supplemental indenture may be prepared by the Corporation, authenticated by the Trustee and
delivered, without charge to the Securityholders, in exchange for the Securities of such series
then outstanding.

ARTICLE ELEVEN.

CONSOLIDATION, MERGER, SALE OR CONVEYANCE

     SECTION 11.01. Corporation May Consolidate, etc. on Certain Terms. The Corporation covenants that it will not merge or consolidate with any other corporation
or other entity or sell or convey all or substantially all of its assets to any person, corporation
or other entity, unless (i) either the Corporation shall be the continuing corporation, or the
successor corporation or other entity (if other than the Corporation) shall be a corporation or
other entity organized and existing under the laws of the United States of America or a state
thereof and such successor corporation or other entity shall expressly assume the due and
punctual payment of the principal of (and premium, if any), interest, if any, and Additional
Amounts, if any, on all the Securities and any Coupons, according to their tenor, and the due and
punctual performance and observance of all of the covenants and conditions of this Indenture to be
performed by the Corporation by supplemental indenture satisfactory to the Trustee, executed and
delivered to the Trustee by such corporation and (ii) the Corporation or such successor corporation
or other entity, as the case may be, shall not, immediately after such merger or consolidation, or
such sale or conveyance, be in default in the performance of any such covenant or condition.

     SECTION 11.02. Successor Corporation Substituted. In case of any such consolidation, merger, sale or conveyance and upon any such assumption
by the successor corporation or other entity, such successor corporation or other entity shall
succeed to and be substituted for the Corporation, with the same effect as if it had been named
herein as the party of the first part. Such successor corporation or other entity thereupon may
cause to be signed, and may issue either in its own name or in the name of General Motors
Corporation, any or all of the Securities, and any Coupons appertaining thereto, issuable hereunder
which theretofore shall not have been signed by the Corporation and delivered to the Trustee; and,
upon the order of such successor

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corporation or other entity, instead of the Corporation, and
subject to all the terms, conditions and limitations in this Indenture prescribed, the Trustee
shall authenticate and shall deliver any Securities or Coupons which previously shall have been
signed and delivered by the officers of the Corporation to the Trustee for authentication, and any
Securities or Coupons which such successor corporation or other entity thereafter shall cause to be
signed and delivered to the Trustee for that purpose. All of the Securities, and any Coupons
appertaining thereto, so issued shall in all respects have the same legal rank and benefit under
this Indenture as the Securities or Coupons theretofore or thereafter issued in accordance with the
terms of this Indenture as though all of such Securities, and any Coupons appertaining thereto, 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 and Coupons thereafter to be issued as
may be appropriate.

     SECTION 11.03. Opinion of Counsel to be Given Trustee. The Trustee, subject to the provisions of Sections 7.01 and 7.02, will be provided with an
Opinion of Counsel as conclusive evidence that any such consolidation, merger, sale or conveyance,
and any such assumption, complies with the provisions of this Article Eleven.

ARTICLE TWELVE.

SATISFACTION AND DISCHARGE OF INDENTURE;

UNCLAIMED MONEYS

     SECTION 12.01. Discharge of Indenture. If at any time (a) the Corporation shall have delivered to the Trustee for cancellation all
Securities of any series theretofore authenticated (other than any Securities of such series and
Coupons appertaining thereto which shall have been destroyed, lost or stolen and which shall
have been replaced or paid as provided in Section 2.07) or (b) all such Securities of such series
and any Coupons appertaining to such Securities not theretofore delivered to the Trustee for
cancellation shall have become due and payable, or are by their terms to become due and payable
within one year or are to be called for redemption within one year under arrangements satisfactory
to the Trustee for the giving of notice of redemption, and the Corporation shall deposit or cause
to be deposited with the Trustee as trust funds the entire amount (other than moneys repaid by the
Trustee or any paying agent to the Corporation in accordance with Sections 12.04 and 12.05)
sufficient to pay at maturity or upon redemption all Securities of such series and all Coupons
appertaining to such Securities not theretofore delivered to the Trustee for cancellation (other
than any Securities of such series and Coupons pertaining thereto that shall have been destroyed,
lost or stolen and that shall have been replaced or paid as provided in Section 2.07), including
principal (and premium, if any), interest, if any, and Additional Amounts, if any, due or to become
due to such date of maturity or date fixed for redemption, as the case may be, and if in either
case the Corporation shall also pay or cause to be paid all other sums payable hereunder by the
Corporation with respect to such series, then this Indenture shall cease to be of further effect
with respect to the Securities of such series or any Coupons appertaining to such Securities, and
the Trustee, on demand of and at the cost and expense of the Corporation and subject to Section
14.04, shall execute proper instruments acknowledging satisfaction of and discharging this
Indenture with respect to the Securities of such series and all Coupons appertaining to such
Securities. The Corporation agrees to

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reimburse the Trustee for any costs or expenses thereafter
reasonably and properly incurred by the Trustee in connection with this Indenture or the Securities
of such series or any Coupons appertaining to such Securities.

     SECTION 12.02. Satisfaction, Discharge and Defeasance of Securities of any Series. If
pursuant to Section 2.01 provision is made for the defeasance of Securities of a series, then the
provisions of this Section 12.02 shall be applicable except as otherwise specified as contemplated
by Section 2.01 for Securities of such series. At the Corporation’s option, either:

     (a) the Corporation shall be deemed to have paid and discharged the entire indebtedness on all
the outstanding Securities of any such series and the Trustee, at the expense of the Corporation,
shall execute proper instruments acknowledging satisfaction and discharge of such indebtedness or

     (b) the Corporation shall cease to be under any obligation to comply with any term, provision,
condition or covenant specified as contemplated by Section 2.01, when

          (1) either

          (A) with respect to all outstanding Securities of such series,

          (i) the Corporation has deposited or caused to be deposited with the Trustee as
trust funds in trust for the purpose an amount (in such currency in which such
outstanding Securities and any related Coupons are then specified as payable at
stated maturity) sufficient to pay and discharge the entire indebtedness of all
outstanding Securities of such series for principal (and
premium, if any), interest, if any, and Additional Amounts, if any, to the
stated maturity or any redemption date as contemplated by the last paragraph of this
Section 12.02, as the case may be; or

          (ii) the Corporation has deposited or caused to be deposited with the Trustee
as obligations in trust for the purpose such amount of direct noncallable
obligations of, or noncallable obligations the payment of principal of and interest
on which is fully guaranteed by, the United States of America, or to the payment of
which obligations or guarantees the full faith and credit of the United States of
America is pledged, maturing as to principal and interest in such amounts and at
such times as will, together with the income to accrue thereon (but without
reinvesting any proceeds thereof), be sufficient to pay and discharge the entire
indebtedness on all outstanding Securities of such series for principal (and
premium, if any), interest, if any, and Additional Amounts, if any, to the stated
maturity or any redemption date as contemplated by the last paragraph of this
Section 12.02, as the case may be; or

          (B) the Corporation has properly fulfilled such other terms and conditions to the
satisfaction and discharge as is specified, as contemplated by Section 2.01, as applicable
to the Securities of such series, and

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          (2) the Corporation has paid or caused to be paid all other sums payable with respect to the
outstanding Securities of such series, and

          (3) The Corporation has delivered to the Trustee an Opinion of Counsel stating that the
Holders of the outstanding Securities and any related Coupons 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 amounts 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; provided
that in the case of a defeasance in Section 11.02(a) above, such opinion must be based either on a
ruling received from or published by the Internal Revenue Service, or a change in applicable
Federal Tax law occurring after the date of this Indenture, and

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

          (5) The Corporation has delivered to the Trustee an Opinion of Counsel substantially to the
effect that, after the ninetieth day following the deposit of trust funds pursuant to this Section,
the trust funds will not be subject to the effect of any applicable bankruptcy, insolvency,
reorganization or similar laws affecting creditors’ rights generally, except that if a court were
to rule under any such law in any case or proceeding that the trust funds remained property of the
Corporation, no opinion is given as to the effect of such laws on the trust funds except the
following: (A) assuming such trust funds remained in the possession of the trustee with whom such
funds were deposited prior to such court ruling to the extent not paid to Holders of such
Securities, such trustee would hold, for the benefit of such Holders, a valid and
perfected security interest in such trust funds that is not avoidable in bankruptcy or
otherwise and (B) such Holders would be entitled to receive adequate protection of their interests
in such trust funds if such trust funds were used.

     Any deposits with the Trustee referred to in Section 12.02(b)(1)(A) above shall be irrevocable
and shall be made under the terms of an escrow trust agreement in form and substance satisfactory
to the Trustee. If any outstanding Securities of such series are to be redeemed prior to their
stated maturity, whether pursuant to any optional redemption provisions or in accordance with any
mandatory sinking fund requirement or otherwise, the applicable escrow trust agreement shall
provide therefor and the Corporation shall make such arrangements as are satisfactory to the
Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of
the Corporation.

     SECTION 12.03. Deposited Moneys to be Held in Trust by Trustee. All moneys deposited
with the Trustee pursuant to Section 12.01 or 12.02 shall be held in trust and applied by it to the
payment, either directly or through any paying agent (including the Corporation acting as its own
paying agent), to the Holders of the particular Securities and of any Coupons appertaining to such
Securities for the payment or redemption of which such moneys have been deposited with the Trustee,
of all sums due and to become due thereon for principal (and premium, if any), interest, if any,
and Additional Amounts, if any. All moneys deposited with the Trustee pursuant to Section 12.01
(and held by it or any paying agent) for the payment of

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Securities subsequently converted shall be
returned to the Corporation upon request by the Corporation. The Trustee is not responsible to
anyone for interest on any deposited funds except as agreed in writing.

     SECTION 12.04. Paying Agent to Repay Moneys Held. In connection with the satisfaction
and discharge of this Indenture with respect to Securities of any series all moneys with respect to
such Securities then held by any paying agent under the provisions of this Indenture shall, upon
demand of the Corporation, be repaid 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 12.05. Return of Unclaimed Moneys. Any moneys deposited with or paid to the
Trustee or any paying agent for the payment of the principal of (and premium, if any), interest, if
any, and Additional Amounts, if any, on any Security and not applied but remaining unclaimed for
two years after the date upon which such principal (and premium, if any), interest, if any, and
Additional Amounts, if any, shall have become due and payable, shall, unless otherwise required by
mandatory provisions of applicable escheat or abandoned or unclaimed property law, be repaid to the
Corporation by the Trustee or such paying agent on demand, and the Holder of such Security or any
Coupon appertaining to such Security shall, unless otherwise required by mandatory provisions of
applicable escheat or abandoned or unclaimed property law, thereafter look only to the Corporation
for any payment which such Holder may be entitled to collect and all liability of the Trustee or
any paying agent with respect to such moneys shall thereupon cease; provided, however, that the
Trustee or such
paying agent, before being required to make any such repayment with respect to moneys
deposited with it for any payment in respect of Unregistered Securities of any series, may at the
expense of the Corporation cause to be published once, in an Authorized Newspaper in the Borough of
Manhattan, The City of New York and once in an Authorized Newspaper in London (and, if required by
Section 4.04, once in an Authorized Newspaper in Luxembourg), notice that such moneys remain and
that, after a date specified therein, which shall not be less than thirty days from the date of
such publication, any unclaimed balance of such money then remaining will be repaid to the
Corporation.

ARTICLE THIRTEEN.

IMMUNITY OF INCORPORATORS, STOCKHOLDERS,

OFFICERS AND DIRECTORS

     SECTION 13.01. Indenture and Securities Solely Corporate Obligations. No recourse
under or upon any obligation, covenant or agreement contained in this Indenture, or in any covenant
or agreement contained in this Indenture or any indenture supplemental hereto, or in any Security,
or because of any indebtedness evidenced thereby, shall be had against any past, present or future
incorporator, stockholder, officer or director, or other applicable principal, as such, of the
Corporation or of any successor corporation or other entity, either directly or through the
Corporation or any successor corporation or other entity, under any rule of law, statute or
constitutional provision or by the enforcement of any assessment or by any legal or equitable
proceeding or otherwise, all such liability being expressly waived and released by the acceptance
of the Securities by the Holders thereof and as part of the consideration for the issue of the
Securities and Coupons.

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ARTICLE FOURTEEN.

MISCELLANEOUS PROVISIONS

     SECTION 14.01. Benefits of Indenture Restricted to Parties and Securityholders.
Nothing in this Indenture or in the Securities or Coupons, expressed or implied, shall give or be
construed to give to any Person, other than the parties hereto and their successors and the Holders
of the Securities or Coupons, any legal or equitable right, remedy or claim under this Indenture or
under any covenant or provision herein contained, all such covenants and provisions being for the
sole benefit of the parties hereto and their successors and of the Holders of the Securities or
Coupons.

     SECTION 14.02. Provisions Binding on Corporation’s Successors. All the covenants,
stipulations, promises and agreements in this Indenture contained by or on behalf of the
Corporation shall bind its successors and assigns, whether so expressed or not.

     SECTION 14.03. Addresses for Notices, etc. Any notice or demand which by any
provision of this Indenture is required or permitted to be given or served by the Trustee or by the
Holders of Securities to or on the Corporation may
be given or served by being deposited postage prepaid first class mail in a post office letter
box addressed (until another address is filed by the Corporation with the Trustee), as follows:
General Motors Corporation, 767 Fifth Avenue, New York, New York 10153. Any notice, direction,
request or demand by any Securityholder to or upon the Trustee shall be deemed to have been
sufficiently given or made, for all purposes, if given or made in writing at its Corporate Trust
Office, which is at the date of this Indenture, 101 Barclay Street, Floor 8W, New York, New York
10286.

     SECTION 14.04. Evidence of Compliance with Conditions Precedent. Upon any application
or demand by the Corporation to the Trustee to take any action under any of the provisions of this
Indenture, the Corporation 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, except that in the case of any such application or
demand as to which the furnishing of such documents is specifically required by any provision of
this Indenture relating to such particular application or demand, no additional certificate or
opinion need be furnished.

     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 (1)
a statement that the person making such certificate or opinion has read such covenant or condition;
(2) a statement that, in the opinion of such person, he has made such examination or investigation
as is necessary to enable him to express an informed opinion as to whether or not such covenant or
condition has been complied with; and (3) 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 and whether or not, in the opinion of such person, such condition or covenant has
been complied with.

     SECTION 14.05. Legal Holidays. In any case where the date of maturity of any
interest, premium or Additional Amounts on or principal of the Securities, the date fixed for
redemption

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of any Securities or any date on which a Holder has the right to convert his Security
shall not be a Business Day in a city where payment thereof is to be made, then payment of any
interest, premium or Additional Amounts on, or principal of such Securities need not be made on
such date in such city but may be made on the next succeeding Business Day with the same force and
effect as if made on the date of maturity or the date fixed for redemption, and no interest shall
accrue for the period after such date.

     SECTION 14.06. Trust Indenture Act to Control. If and to the extent that any
provision of this Indenture limits, qualifies or conflicts with another provision included in this
Indenture by operation of Sections 310 to 317, inclusive, of the Trust Indenture Act of 1939 (an
“incorporated provision”), such incorporated provision shall control.

     SECTION 14.07. Execution in Counterparts . This Indenture may be executed in any number of counterparts, each of which shall be an
original; but such counterparts shall together constitute but one and the same instrument.

     SECTION 14.08. New York Contract. This Indenture and each Security shall be deemed to
be a contract made under the laws of the State of New York, and for all purposes shall be governed
by and construed in accordance with the laws of said State, regardless of the laws that might
otherwise govern under applicable New York principles of conflicts of law and except as may
otherwise be required by mandatory provisions of law. Any claims or proceedings in respect of this
Indenture shall be heard in a federal or state court located in the State of New York.

     SECTION 14.09. Judgment Currency. The Corporation agrees, to the fullest extent that
it may effectively do so under applicable law, that (a) if for the purposes of obtaining judgment
in any court it is necessary to convert the sum due in respect of the principal of or interest on
the Securities of any series (the “Required Currency”) into a currency in which a judgment will be
rendered (the “Judgment Currency”), the rate of exchange used shall be the rate at which in
accordance with normal banking procedures the Trustee could purchase in The City of New York the
Required Currency with the Judgment Currency on the date on which final unappealable judgment is
entered, unless such day is not a New York Banking Day, then, to the extent permitted by applicable
law, the rate of exchange used shall be the rate at which in accordance with normal banking
procedures the Trustee could purchase in The City of New York the Required Currency with the
Judgment Currency on the New York Banking Day preceding the day on which final unappealable
judgment is entered and (b) its obligations under this Indenture to make payments in the Required
Currency (i) shall not be discharged or satisfied by any tender, or any recovery pursuant to any
judgment (whether or not entered in accordance with subsection (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 payee, 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.
For purposes of the foregoing, “New York Banking Day” means any day except a Saturday, Sunday or a
legal holiday in The City of New York or a day on which banking institutions in The City of New
York are authorized or required by law or executive order to close.

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     SECTION 14.10. Severability of Provisions. Any prohibition, invalidity or
unenforceability of any provision of this Indenture in any jurisdiction shall not invalidate or
render unenforceable the remaining provisions hereto in such jurisdiction and shall not invalidate
or render unenforceable such provisions in any other jurisdiction.

     SECTION 14.11. Effect of Headings and Table of Contents. The Article and Section headings herein and the Table of Contents are for convenience only
and shall not affect the construction hereof.

     SECTION 14.12. Benefits of Indenture. Nothing in this Indenture or in the Securities,
express or implied, shall give to any Person, other than the parties hereto and their successors
hereunder and the Holders, any benefit or any legal or equitable right, remedy or claim under this
Indenture.

     SECTION 14.13. Corporation Released From Indenture Requirements Under Certain
Circumstances. Whenever in this Indenture the Corporation shall be required to do or not to do
anything so long as any of the Securities of any series shall be Outstanding, the Corporation
shall, notwithstanding any such provision, not be required to comply with such provisions if it
shall be entitled to have this Indenture satisfied and discharged pursuant to the provisions
hereof, even though in either case the Holders of any of the Securities of that series shall have
failed to present and surrender them for payment pursuant to the terms of this Indenture.

     SECTION 14.14. Waiver of Jury Trial. EACH OF THE CORPORATION 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 SECURITIES OR THE
TRANSACTIONS CONTEMPLATED HEREBY.

     SECTION 14.15. 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.

59

 

     THE BANK OF NEW YORK, the party of the second part, hereby accepts the trusts in this
Indenture declared and provided, upon the terms and conditions hereinabove set forth.

     IN WITNESS WHEREOF, GENERAL MOTORS CORPORATION, the party of the first part, has caused this
Indenture to be signed and acknowledged by the Chairman of the Board of Directors or any Vice
Chairman of the Board of Directors or the President or any Executive Vice President or any Group
Vice President or any Vice President or the Treasurer or any Assistant Treasurer, and THE BANK OF
NEW YORK, the party of the second part, has caused this Indenture to be signed by one of its duly
authorized officers, all as of the day and year first above written.

	 	 	 	 	 
	 	GENERAL MOTORS CORPORATION

 	 
	 	By:  	/s/ Walter G. Borst
 	 
	 	 	 	 
	 	 	 	 
	 
	 	THE BANK OF NEW YORK,

as Trustee

 	 
	 	By:  	/s/ Geovanni Barris
 	 
	 	 	          Authorized Signatory 	 
	 	 	 	 
	 

60exv10w4

 

Exhibit 10.4

First Supplemental Indenture

     FIRST SUPPLEMENTAL INDENTURE, dated as of February 22, 2008, between GENERAL MOTORS
CORPORATION, a corporation duly organized and existing under the laws of the State of Delaware (the
“Corporation”), and THE BANK OF NEW YORK, a banking corporation duly incorporated under the laws of
the State of New York (the “Trustee,” which term shall include any successor trustee appointed
pursuant to Article Seven of the Indenture (as defined below)).

WITNESSETH:

     WHEREAS, the Corporation and the Trustee have heretofore executed and delivered the Indenture,
dated as of January 8, 2008 (the “Indenture”), providing for the issuance from time to time of one
or more series of debt securities evidencing unsecured indebtedness of the Corporation. Terms used
in this First Supplemental Indenture without definition which are defined in the Indenture shall
have the meanings assigned to them in the Indenture.

     WHEREAS, the Corporation contemplates that it will issue, pursuant to the Indenture,
$4,372,500,000 of 6.75% Series U Convertible Senior Debentures due December 31, 2012 (the “Series U
Debentures”).

     WHEREAS, the Corporation desires to supplement the Indenture in contemplation of the issuance
of the Series U Debentures.

     WHEREAS, the Trustee, pursuant to Section 10.01 of the Indenture, is authorized to join with
the Corporation in the execution of any supplemental indenture made pursuant thereto and to make
any further appropriate agreements and stipulations which may be contained therein.

     NOW, THEREFORE, in furtherance of the premises herein, the Corporation and the Trustee hereby
stipulate as follows:

     Section 1. New Section 2.13. A new Section 2.13 shall be added to the Indenture as
follows:

     “SECTION 2.13. Certain Provisions Applicable to Series U Debentures.

     (a) The terms and provisions of this Section 2.13 shall only be applicable to a series of
Securities to be designated as 6.75% Series U Convertible Senior Debentures due December 31, 2012
(the “Series U Debentures”). To the extent any provision contained in this Section 2.13 is
inconsistent with any other provision hereof (including any provision in Section 2.05 of this
Indenture), the provisions of this Section 2.13 shall supercede such other provision of this
Indenture in respect of the Series U Debentures.

     (b) The Trustee is hereby appointed the initial Security Registrar for the purpose of
registering Series U Debentures and transfers of Series U Debentures as herein provided.

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     Upon surrender for registration of transfer of any Series U Debenture to the Security
Registrar or any co-registrar, and satisfaction of the requirements for such transfer set forth in
Section 2.05 and this Section 2.13, the Corporation shall execute, and the Trustee shall
authenticate and deliver, in the name of the designated transferee or transferees, one or more new
Series U Debentures of any authorized denominations and of a like aggregate principal amount and
bearing such restrictive legends as may be required by this Section 2.13.

     Series U Debentures may be exchanged for other Series U Debentures of any authorized
denominations and of a like aggregate principal amount upon surrender of the Series U Debentures to
be exchanged at any such office or agency maintained by the Corporation pursuant to Section 2.05.
Whenever any Series U Debentures are so surrendered for exchange, the Corporation shall execute,
and the Trustee shall authenticate and deliver, the Series U Debentures which the Holder making the
exchange is entitled to receive bearing registration numbers not contemporaneously outstanding.

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

     All Series U Debentures presented or surrendered for registration of transfer or for exchange,
redemption or conversion shall be duly endorsed, or be accompanied by a written instrument or
instruments of transfer in form satisfactory to the Corporation, and such instruments of transfer
shall be duly executed by the Holder thereof or his attorney duly authorized in writing.

          (c) So long as transfers of the Series U Debentures as described in this Section 2.13(c) are
eligible for book-entry settlement with the Depository (and the Corporation hereby agrees to use
its reasonable efforts to make such book-entry settlement available), or unless otherwise required
by law, upon any transfer of all or any principal amount of a certificated Series U Debenture
(other than a Global Series U Security) (as defined below) to a QIB (as defined in Section 2.13(m)
hereof) in accordance with Rule 144A (as defined in Section 2.13(m) hereof), and upon receipt by
the Trustee of the certificated Series U Debenture or Series U Debentures being so transferred,
duly endorsed or accompanied by appropriate instruments of transfer, in form satisfactory to the
Trustee, together with written instructions directing the Trustee to make, or to direct the
Registrar to make, an adjustment on its books and records with respect to a Series U Debenture in
Global Security form registered in the name of the Depository or the nominee of the Depository (a
“Global Series U Security”) to reflect an increase in the aggregate principal amount of Series U
Debentures represented by the Global Series U Security, then: (1) the Trustee shall make an
endorsement on the Global Series U Security to cause the aggregate principal amount of the Series U
Debentures represented by the Global Series U Security to be increased by the portion of the
principal amount of the certificated Series U Debentures to be transferred and shall cancel such
certificated Series U Debenture or Series U Debentures, in accordance with the standing
instructions and procedures of the Depository, (2) the Corporation shall execute a new certificated
Series U Debenture registered in the name of the

2

 

transferor representing the remaining portion (if any) of the principal amount of the old
certificated Series U Debenture not being transferred, and (3) the Trustee shall authenticate and
deliver such new certificated Series U Debenture to the transferor in whose name it is registered.
If no Global Series U Securities are then outstanding or if the issuance of additional Global
Series U Securities is, in the determination of the Corporation, necessary or desirable, the
Corporation shall execute and the Trustee shall authenticate and deliver one or more new Global
Series U Securities. Notwithstanding the foregoing, no Series U Debenture, or portion thereof, in
respect of which the Corporation or an Affiliate of the Corporation holds any beneficial interest
shall be included in such Global Series U Security.

     (d) Upon any sale or transfer of a Series U Debenture that bears or is required to bear the
legends set forth in Section 2.13(i) to an Institutional Accredited Investor (as defined in Section
2.13(m) hereof) (other than pursuant to a registration statement that has been declared effective
under the Securities Act (as defined in Section 2.13(m) hereof) or pursuant to Rule 144 (as defined
below)), the transferor shall, prior to such sale or transfer, furnish to the Corporation and the
Trustee a signed letter from such Institutional Accredited Investor containing representations and
agreements relating to restrictions on transfer substantially in the form set forth in Exhibit A to
this Indenture.

     Upon any transfer of a beneficial interest in a Global Series U Security that bears or is
required to bear the legends set forth in Section 2.13(i) to an Institutional Accredited Investor,
the Trustee shall make an endorsement on the Global Series U Security to reflect a decrease in the
aggregate principal amount of the Series U Debentures represented by such Global Series U Security
and the Corporation shall execute a certificated Series U Debenture or Series U Debentures in
exchange therefor, and the Trustee, upon receipt of such certificated Series U Debenture or Series
U Debentures and the written order of the Corporation, shall authenticate and deliver to the
transferee such certificated Series U Debenture or Series U Debentures.

     (e) Upon any sale or transfer of a Series U Debenture that bears or is required to bear the
legends set forth in Section 2.13(i) to a Person that is neither a QIB nor an Institutional
Accredited Investor (a “Non-QIB/Non-IAI”) (other than pursuant to a registration statement that has
been declared effective under the Securities Act or pursuant to Rule 144), the transferor shall,
prior to such sale or transfer, furnish to the Corporation and the Trustee an opinion of counsel
acceptable to the Corporation and the Trustee that such sale or transfer is in compliance with the
Securities Act.

     Upon any transfer of a beneficial interest in a Global Series U Security that bears or is
required to bear the legends set forth in Section 2.13(i) to a Non-QIB/Non-IAI, the Trustee shall
make an endorsement on the Global Series U Security to reflect a decrease in the aggregate
Principal Amount of the Series U Debentures represented by such Global Series U Security and the
Corporation shall execute a certificated Series U Debenture or Series U Debentures in exchange
therefor, and the Trustee, upon receipt of such certificated Series U Debenture or Series U
Debentures and the written order of the Corporation, shall authenticate and deliver such
certificated Series U Debenture or Series U Debentures.

3

 

     (f) So long as transfers of the Series U Debentures as described in this Section 2.13(f) are
eligible for book-entry settlement with the Depository (and the Corporation hereby agrees to use
its reasonable efforts to make such book-entry settlement available), or unless otherwise required
by law, upon any transfer of a certificated Series U Debenture (other than a Global Series U
Security) pursuant to a registration statement that has been declared effective under the
Securities Act (and which continues to be effective at the time of such transfer) or pursuant to
Rule 144, and upon receipt by the Trustee of the certificated Series U Debenture or Series U
Debentures being so transferred, duly endorsed or accompanied by appropriate instruments of
transfer, in form satisfactory to the Trustee, together with written instructions directing the
Trustee to make, or to direct the Registrar to make, an adjustment on its books and records with
respect to a Global Series U Security to reflect an increase in the aggregate principal amount of
Series U Debentures represented by the Global Series U Security, then: (1) the Trustee shall make
an endorsement on the Global Series U Security to cause the aggregate principal amount of the
Series U Debentures represented by the Global Series U Security to be increased by the portion of
the principal amount of the certificated Series U Debentures to be transferred and shall cancel
such certificated Series U Debenture or Series U Debentures, in accordance with the standing
instructions and procedures of the Depository, (2) the Corporation shall execute a new certificated
Series U Debenture registered in the name of the transferor representing the remaining portion (if
any) of the principal amount of the old certificated Series U Debenture not being transferred, and
(3) the Trustee shall authenticate and deliver such new certificated Series U Debenture to the
transferor in whose name it is registered. If no Global Series U Securities are then outstanding
or if the issuance of additional Global Series U Securities is, in the determination of the
Corporation, necessary or desirable, the Corporation shall execute and the Trustee shall
authenticate and deliver one or more new Global Series U Securities.

     (g) The transfer and exchange of beneficial interests in any Global Series U Security shall be
effected through the Depository in accordance with this Indenture and the procedures of the
Depository therefor. The Trustee shall make appropriate endorsements to reflect increases or
decreases in the principal amounts of any such Global Series U Security to reflect any such
transfers.

     Except as otherwise provided in this Section 2.13, beneficial owners of a Global Series U
Security shall not be entitled to have certificates registered in their names, will not receive or
be entitled to receive physical delivery of certificates in certificated form and will not be
considered Holders of such Global Series U Security.

     (h) Any Global Series U Security may be endorsed with or have incorporated in the text thereof
such legends or recitals or changes not inconsistent with the provisions of this Indenture as may
be required by the Custodian (as defined in Section 2.13(m) hereof), the Depository or by the
National Association of Securities Dealers, Inc. in order for the Series U Debentures to be
tradeable on The Portal Market or as may be required for the Series U Debentures to be tradeable on
any other market developed for trading of securities pursuant to Rule 144A or required to comply
with any applicable law or any regulation thereunder or with the rules and regulations of any
securities exchange or automated quotation system upon which the Series U Debentures may be listed
or traded or to conform with any usage with respect
thereto, or to indicate any special limitations or restrictions to which any particular Series U
Debentures are subject, including a legend in substantially the following form:

4

 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY (THE “DEPOSITARY”, WHICH TERM INCLUDES ANY SUCCESSOR
DEPOSITARY FOR THE CERTIFICATES) TO THE CORPORATION 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 REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITARY (AND ANY PAYMENT HEREIN IS MADE TO CEDE & CO. OR
TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITARY), 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 SERIES U SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE,
BUT NOT IN PART, TO NOMINEES OF CEDE & CO. OR TO A SUCCESSOR THEREOF OR SUCH
SUCCESSOR’S NOMINEE.

     (i) Every Series U Debenture that bears or is required under this Section 2.13(i) to bear the
legend set forth in this Section 2.13(i) (together with any stock certificates representing shares
of the Corporation’s common stock, par value $1-2/3 per share (“Common Stock”), issued upon
conversion of the Series U Debentures and required to bear the legend set forth in Section
2.13(k)shall be subject to the restrictions on transfer set forth in this Section 2.13(i)
(including those set forth in the legend set forth below) unless such restrictions on transfer
shall be waived by written consent of the Corporation, and the holder of each such Restricted
Security, by such Holder’s acceptance thereof, agrees to be bound by all such restrictions on
transfer. As used in Sections 2.13(i) and 2.13(k), the term “transfer” encompasses any sale,
pledge, loan, transfer or other disposition whatsoever of any Restricted Security. The Trustee
shall refuse to register any transfer of any Series U Debenture in violation of the restrictions
contained in the legend set forth in this Section 2.13(i).

     Any certificate evidencing a Series U Debenture (and all securities issued in exchange
therefor or substitution thereof, other than Common Stock, if any, issued upon conversion thereof,
which shall bear the legend set forth in Section 2.13(k), if applicable) shall bear a legend in
substantially the following form, unless (1) such Series U Debenture has been sold pursuant to a
registration statement that has been declared effective under the Securities Act (and which
continues to be effective at the time of such transfer), (2) such Series U Debenture has been sold
in compliance with Rule 144, (3) the holding period applicable to sales by non-Affiliates under
Rule 144 has expired or (4) otherwise agreed by the Corporation in writing, with written notice
thereof to the Trustee:

5

 

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF
1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS, AND,
ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT AS SET FORTH IN THE FOLLOWING
SENTENCES. THE SECURITY (OR ITS PREDECESSOR) EVIDENCED HEREBY WAS ORIGINALLY
ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER SECTION 5 OF THE SECURITIES
ACT AND THE SECURITY EVIDENCED HEREBY MAY NOT BE OFFERED, SOLD OR OTHERWISE
TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION
THEREFROM. THE HOLDER OF THE SECURITY EVIDENCED HEREBY AGREES FOR THE BENEFIT OF
THE CORPORATION THAT SUCH SECURITY MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE
TRANSFERRED, ONLY (A) (1) TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A
“QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT)
IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (2) IN A TRANSACTION
MEETING THE REQUIREMENTS OF RULE 144 UNDER THE SECURITIES ACT, (3) TO AN
INSTITUTIONAL “ACCREDITED INVESTOR” (AS DEFINED IN RULE 501(a) (1), (2), (3) OR
(7) UNDER THE SECURITIES ACT (AN “INSTITUTIONAL ACCREDITED INVESTOR”)) IF, PRIOR
TO SUCH TRANSFER, THE HOLDER FURNISHES THE CORPORATION AND THE TRUSTEE (OR A
SUCCESSOR TRUSTEE, AS APPLICABLE) A SIGNED LETTER FROM THE TRANSFEREE CONTAINING
CERTAIN REPRESENTATIONS AND AGREEMENTS (THE FORM OF WHICH CAN BE OBTAINED FROM THE
TRUSTEE OR SUCCESSOR TRUSTEE, AS APPLICABLE), OR (4) IN ACCORDANCE WITH ANOTHER
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT IF, PRIOR TO
SUCH TRANSFER, THE HOLDER FURNISHES THE CORPORATION AND THE TRUSTEE (OR A
SUCCESSOR TRUSTEE, AS APPLICABLE) AN OPINION OF COUNSEL ACCEPTABLE TO THE
CORPORATION AND THE TRUSTEE OR SUCCESSOR TRUSTEE THAT SUCH TRANSFER IS IN
COMPLIANCE WITH THE SECURITIES ACT, (B) TO GENERAL MOTORS CORPORATION OR ANY
SUBSIDIARY THEREOF, (C) FROM LBK, LLC (THE INITIAL HOLDER HEREOF) TO THE NEW VEBA
(AS DEFINED HEREIN) OR (D) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT AND, IN
EACH CASE, IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE
UNITED STATES AND, IN EACH CASE, SUBJECT TO THE TAX-RELATED CERTIFICATION
REQUIREMENTS OF SECTION 8 HEREIN.

WITHOUT THE WRITTEN CONSENT OF THE CORPORATION, THIS SECURITY MAY NOT BE SOLD OR
OTHERWISE TRANSFERRED TO AN AFFILIATE OF THE CORPORATION.

6

 

UNLESS (A) THE HOLDING PERIOD APPLICABLE TO SALES BY NON-AFFILIATES UNDER RULE 144
UNDER THE SECURITIES ACT HAS EXPIRED, (B) SUCH TRANSFER IS BEING MADE PURSUANT TO
AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, (C) THIS SECURITY IS
HELD BY A QUALIFIED INSTITUTIONAL BUYER AND IS BEING TRANSFERRED TO A QUALIFIED
INSTITUTIONAL BUYER OR (D) THIS SECURITY IS BEING TRANSFERRED FROM LBK, LLC (THE
INITIAL HOLDER HEREOF) TO THE NEW VEBA, THE HOLDER MUST, IN CONNECTION WITH ANY
TRANSFER OF THIS SECURITY, CHECK THE APPROPRIATE BOX SET FORTH ON THE ASSIGNMENT
FORM RELATING TO THE MANNER OF SUCH TRANSFER AND SUBMIT SUCH ASSIGNMENT FORM AND
THIS CERTIFICATE TO THE BANK OF NEW YORK AS TRUSTEE (OR A SUCCESSOR TRUSTEE, AS
APPLICABLE).

THE INDENTURE CONTAINS A PROVISION REQUIRING THE TRUSTEE TO REFUSE TO REGISTER ANY
TRANSFER OF ANY SERIES U DEBENTURE IN VIOLATION OF THE FOREGOING RESTRICTIONS.
THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER
FROM IT OF THE SECURITY EVIDENCED HEREBY OF THE RESTRICTIONS ON TRANSFER SET FORTH
IN THIS LEGEND.

     Any Series U Debenture (or security issued in exchange or substitution therefor) as to which
such restrictions on transfer shall have expired in accordance with their terms or as to which the
conditions for removal of the foregoing legend set forth therein have been satisfied may, upon
surrender of such Series U Debenture for exchange to the Security Registrar in accordance with the
provisions of Section 2.05 and this Section 2.13, be exchanged for a new Series U Debenture or
Series U Debentures, of like tenor and aggregate principal amount, which (1) shall not bear the
restrictive legends required by this Section 2.13(i) and (2) need not contain the “Additional
Certifications” section on the Assignment Form attached thereto.

     Notwithstanding any other provisions of this Indenture (other than the provisions set forth in
Section 2.13(d) and Section 2.13(e) and in this Section 2.13(i)), a Global Series U Security may
not be transferred as a whole or in part except by the Depository to a nominee of the Depository or
by a nominee of the Depository to the Depository or another nominee of the Depository or by the
Depository or any such nominee to a successor Depository or a nominee of such successor Depository.

     (j) The Corporation initially appoints The Depository Trust Company to act as Depository with
respect to any Series U Debentures in global form.

     If at any time the Depository for a Global Series U Security notifies the Corporation that it
is unwilling or unable to continue as Depository for such Series U Debenture, the Corporation may
appoint a successor Depository with respect to such Series U Debenture. If a successor Depository
is not appointed by the Corporation within ninety (90) days after the Corporation

7

 

receives such notice, the Corporation will execute, and the Trustee, upon receipt of an
Officers’ Certificate for the authentication and delivery of Series U Debentures, will authenticate
and deliver, Series U Debentures in certificated form, in aggregate principal amount equal to the
principal amount of such Global Series U Security, in exchange for such Global Series U Security.

     If a Series U Debenture in certificated form is issued in exchange for any portion of a Global
Series U Security on or after the close of business at the office or agency where such exchange
occurs on any record date and before the opening of business at such office or agency on the next
succeeding interest payment date, interest will not be payable on such interest payment date in
respect of such certificated Series U Debenture, but will be payable on such interest payment date,
subject to the provisions of the Series U Debenture, only to the Person to whom interest in respect
of such portion of such Global Series U Security is payable in accordance with the provisions of
this Indenture. If a Global Series U Security is issued in exchange for any portion of a
certificated Series U Debenture on or after the close of business at the office or agency where
such exchange occurs on any record date and before the opening of business at such office or agency
on the next succeeding interest payment date, interest will not be payable on such interest payment
date in respect of such Global Series U Security, but will be payable on such interest payment
date, subject to the provisions of the Series U Debenture, only to the Person to whom interest in
respect of such portion of such certificated Series U Debenture is payable in accordance with the
provisions of this Indenture.

     Series U Debentures in certificated form issued in exchange for all or a part of a Global
Series U Security pursuant to this Section 2.13 shall be registered in such names and in such
authorized denominations as the Depository, pursuant to instructions from its direct or indirect
participants or otherwise, shall instruct the Trustee. Upon execution and authentication, the
Trustee shall deliver such Series U Debentures in certificated form to the Persons in whose names
such Series U Debentures in certificated form are so registered.

     At such time as all interests in a Global Series U Security have been redeemed, repurchased,
converted, canceled, exchanged for Series U Debentures in certificated form, or transferred to a
transferee who receives Series U Debentures in certificated form thereof, such Global Series U
Security shall, upon receipt thereof, be canceled by the Trustee in accordance with standing
procedures and instructions existing between the Depository and the Custodian. At any time prior
to such cancellation, if any interest in a Global Series U Security is exchanged for Series U
Debentures in certificated form, redeemed, repurchased, converted, repurchased or canceled, or
transferred to a transferee who receives Series U Debentures in certificated form therefor or any
Series U Debenture in certificated form is exchanged or transferred for part of a Global Series U
Security, the principal amount of such Global Series U Security shall, in accordance with the
standing procedures and instructions existing between the Depository and the Custodian, be
appropriately reduced or increased, as the case may be, and an endorsement shall be made on such
Global Series U Security, by the Trustee or the Custodian, at the direction of the Trustee, to
reflect such reduction or increase.

     (k) Any stock certificate representing Common Stock issued upon conversion of any Series U
Debenture shall bear a legend in substantially the following form, unless (1) such

8

 

Common Stock has been sold pursuant to a registration statement that has been declared
effective under the Securities Act (and which continues to be effective at the time of such
transfer), (2) such Common Stock has been sold in compliance with Rule 144, (3) the holding period
applicable to sales by non-Affiliates under Rule 144 has expired, (4) such Common Stock has been
issued upon conversion of Series U Debentures whose restrictive legends have been removed or are
entitled to be removed in accordance with Section 2.13(i) above or (5) otherwise agreed by the
Corporation in writing, with written notice thereof to the Trustee:

THE COMMON STOCK EVIDENCED HEREBY HAS NOT BEEN REGISTERED UNDER THE UNITED STATES
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES
LAWS, AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT AS SET FORTH IN THE
FOLLOWING SENTENCES. THE SECURITY (OR ITS PREDECESSOR) EVIDENCED HEREBY WAS
ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER SECTION 5 OF THE
SECURITIES ACT AND THE SECURITY EVIDENCED HEREBY MAY NOT BE OFFERED, SOLD OR
OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE
EXEMPTION THEREFROM. THE HOLDER OF THE SECURITY EVIDENCED HEREBY AGREES FOR THE
BENEFIT OF THE CORPORATION THAT SUCH SECURITY MAY BE OFFERED, RESOLD, PLEDGED OR
OTHERWISE TRANSFERRED, ONLY (A) (1) TO A PERSON WHOM THE SELLER REASONABLY
BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE
SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (2) IN A
TRANSACTION MEETING THE REQUIREMENTS OF RULE 144 UNDER THE SECURITIES ACT, (3) TO
AN INSTITUTIONAL “ACCREDITED INVESTOR” (AS DEFINED IN RULE 501(a) (1), (2), (3) OR
(7) UNDER THE SECURITIES ACT (AN “INSTITUTIONAL ACCREDITED INVESTOR”)) IF, PRIOR
TO SUCH TRANSFER, THE HOLDER FURNISHES THE CORPORATION AND COMPUTERSHARE TRUST
COMPANY (OR A SUCCESSOR STOCK TRANSFER AGENT, AS APPLICABLE) A SIGNED LETTER FROM
THE TRANSFEREE CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS (THE FORM OF
WHICH CAN BE OBTAINED FROM COMPUTERSHARE TRUST COMPANY OR SUCH SUCCESSOR STOCK
TRANSFER AGENT, AS APPLICABLE), OR (4) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT IF, PRIOR TO SUCH TRANSFER,
THE HOLDER FURNISHES THE CORPORATION AND COMPUTERSHARE TRUST COMPANY (OR A
SUCCESSOR STOCK TRANSFER AGENT, AS APPLICABLE) AN OPINION OF COUNSEL ACCEPTABLE TO
THE CORPORATION AND COMPUTERSHARE TRUST COMPANY (OR A SUCCESSOR STOCK TRANSFER
AGENT, AS APPLICABLE) THAT SUCH TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT,
(B) TO GENERAL MOTORS CORPORATION OR ANY SUBSIDIARY

9

 

THEREOF, OR (C) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT AND, IN EACH CASE,
IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED
STATES.

WITHOUT THE WRITTEN CONSENT OF THE CORPORATION, THIS SECURITY MAY NOT BE SOLD OR
OTHERWISE TRANSFERRED TO AN AFFILIATE OF THE CORPORATION.

COMPUTERSHARE TRUST COMPANY (OR ANY SUCCESSOR STOCK TRANSFER AGENT) MAY REFUSE TO
REGISTER ANY TRANSFER OF THE SECURITY EVIDENCED HEREBY IN VIOLATION OF THE
FOREGOING RESTRICTIONS. THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED
TO, NOTIFY ANY PURCHASER FROM IT OF THE SECURITY EVIDENCED HEREBY OF THE
RESTRICTIONS ON TRANSFER SET FORTH IN THIS LEGEND.

     Any such Common Stock as to which such restrictions on transfer shall have expired in
accordance with their terms or as to which the conditions for removal of the foregoing legend set
forth therein have been satisfied may, upon surrender of the certificates representing such shares
of Common Stock for exchange in accordance with the procedures of the transfer agent for the Common
Stock, be exchanged for a new certificate or certificates for a like number of shares of Common
Stock, which shall not bear the restrictive legend required by this Section 2.13(k).

     (l) The Trustee shall have no obligation or duty to monitor, determine or inquire as to
compliance with any restrictions on transfer imposed under this Indenture or under applicable law
with respect to any transfer of any interest in any Series U Debenture (including any transfers
between or among Depository participants or beneficial owners of interests in any Global Series U
Security) other than to require delivery of such certificates and other documentation or evidence
as are expressly required by, and to do so if and when expressly required by the terms of, this
Indenture, and to examine the same to determine substantial compliance as to form with the express
requirements hereof. The Trustee shall have no responsibility for the actions or omissions of the
Depository, or the accuracy of the books and records of the Depository.

     (m) For purposes of this Section 2.13, the following terms shall have the following meanings:

     (1) An “Affiliate” of any specified Person means any other Person directly or
indirectly controlling or controlled by or under direct or indirect common control with such
specified Person. For the purposes of this definition, “control,” when used with respect to
any specified Person, means the power to direct or cause the direction of 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.

10

 

     (2) The term “Custodian” means The Bank of New York, as custodian with respect to the
Series U Debentures in global form, or any successor entity thereto.

     (3) The term “Institutional Accredited Investor” means an institutional “accredited
investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act.

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

     (5) The term “Rule 144” means Rule 144 as promulgated under the Securities Act or any
successor rule thereto.

     (6) The term “Rule 144A” means Rule 144A as promulgated under the Securities Act or
any successor rule thereto.

     (7) The term “Securities Act” means the Securities Act of 1933, as amended, and the
rules and regulations promulgated thereunder.

     Section 2. New Exhibit A. A new Exhibit A shall be added to the Indenture in the form
attached as Exhibit A hereto.

     Section 3. Recitals. The recitals contained herein shall be taken as the statements
of the Corporation and the Trustee assumes no responsibility for their correctness. The Trustee
makes no representation as to the validity or sufficiency of this First Supplemental Indenture.

     Section 4. Counterparts. This First Supplemental Indenture may be executed in any
number of counterparts, including by facsimile, each of which shall be an original; but such
counterparts shall together constitute but one and the same instrument.

     Section 5. New York Contract. This First Supplemental Indenture shall be deemed to be
a contract made under the law of the State of New York, and for all purposes shall be governed by
and construed in accordance with the laws of the said State, regardless of the laws that might
otherwise govern under applicable New York principles of conflicts of law and except as may
otherwise be required by mandatory provisions of law. Any claims or proceedings in respect of this
First Supplemental Indenture shall be heard in a federal or state court located in the State of New
York.

*   *   *   *   *

11

 

     IN WITNESS WHEREOF, the parties hereto have caused this First Supplemental Indenture to be
duly executed as of the date first set forth above.

	 	 	 	 	 	 	 
	 	 	GENERAL MOTORS CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Frederick A. Henderson	 	 
	 

	 	Name:

Title:
	 	 

Frederick A. Henderson

Vice Chairman and Chief Financial

Officer
	 	 
	 
	 	 	 	 	 	 
	 	 	THE BANK OF NEW YORK, as Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Sherma Thomas	 	 
	 

	 	Name:
	 	 

Sherma Thomas
	 	 
	 

	 	Title:
	 	Assistant Treasurer	 	 

Signature Page to First Supplemental Indenture

 

 

EXHIBIT A

General Motors Corporation

767 Fifth Avenue

New York, New York 10153

Attention: New York Treasury Office

The Bank of New York

101 Barclay Street

Floor 8 West

New York, New York 10286

Attention: Corporation Trust Administration

Ladies and Gentlemen:

     In connection with our proposed purchase of 6.75% Series U Convertible Senior Debentures due
December 31, 2012 (the “Series U Debentures”) of General Motors Corporation, a Delaware corporation
(the “Corporation”), we confirm that:

     (i) we are an “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7)
under the Securities Act of 1933, as amended (the “Securities Act”), or an entity in which all of
the equity owners are accredited investors within the meaning of Rule 501(a)(1), (2), (3) or (7)
under the Securities Act (an “Institutional Accredited Investor”) and we are able to bear the
economic risk of an investment in the Series U Debentures;

     (ii) (A) any purchase of Series U Debentures by us will be for our own account or for the
account of one or more other Institutional Accredited Investors for each of which we exercise sole
investment discretion (and have the authority to make, and do make, the statements in this letter)
or as fiduciary for the account of one or more trusts, each of which is an Institutional Accredited
Investor and for each of which we exercise sole investment discretion or (B) we are a “bank,”
within the meaning of Section 3(a)(2) of the Securities Act, or a “savings and loan association” or
other institution described in Section 3(a)(5)(A) of the Securities Act that is acquiring Series U
Debentures as fiduciary for the account of one or more institutions for which we exercise sole
investment discretion;

     (iii) in the event that we purchase any Series U Debentures, we will acquire Series U
Debentures having a minimum purchase price of not less than $100,000 for our own account or for any
separate account for which we are acting;

     (iv) we have such knowledge and experience in financial and business matters that we are
capable of evaluating the merits and risks of purchasing Series U Debentures; and

A-1

 

     (v) we are not acquiring Series U Debentures with a view to distribution thereof or with any
present intention of offering or selling Series U Debentures or the Common Stock of the Corporation
issuable upon conversion thereof, except as permitted below; provided that the disposition of our
property and property of any accounts for which we are acting as fiduciary shall remain at all
times within our control.

     We understand that the Series U Debentures are being offered in a transaction not involving
any public offering within the United States within the meaning of the Securities Act and that the
Series U Debentures and the Common Stock of the Corporation issuable upon conversion thereof have
not been registered under the Securities Act, and we agree, on our own behalf and on behalf of each
account for which we acquire any Series U Debentures, that if in the future we decide to resell or
otherwise transfer such Series U Debentures or the Common Stock of the Corporation issuable upon
conversion thereof, such Series U Debentures or Common Stock of the Corporation may be resold or
otherwise transferred only (i) to the Corporation or any subsidiary thereof, (ii) inside the United
States to a person who is a “qualified institutional buyer” (as defined in Rule 144A under the
Securities Act) in a transaction meeting the requirements of Rule 144A, (iii) pursuant to the safe
harbor from registration provided by Rule 144 under the Securities Act (if applicable), (iv) inside
the United States to an Institutional Accredited Investor if, prior to such transfer, we furnish to
the Corporation and the Trustee for the Series U Debentures (or in the case of Common Stock of the
Corporation, the transfer agent therefor) a signed letter from such Institutional Accredited
Investor containing certain representations and agreements relating to the restrictions on transfer
of such securities (the form of which letter can be obtained from the Trustee or the transfer
agent, as the case may be), (v) in accordance with another exemption from the registration
requirements under the Securities Act if, prior to such transfer, we furnish to the Corporation and
the Trustee for the Series U Debentures (or in the case of Common Stock of the Corporation, the
transfer agent therefor) an opinion of counsel acceptable to the Corporation and the Trustee for
the Series U Debentures (or in the case of Common Stock of the Corporation, the transfer agent
therefor) that such sale or transfer is in compliance with the Securities Act, or (vi) pursuant to
a registration statement that has been declared effective under the Securities Act (and which
continues to be effective at the time of such transfer), and in each case, in accordance with any
applicable securities law of any state of the United States and in accordance with the legends set
forth on the Series U Debentures or the Common Stock of the Corporation issuable upon conversion
thereof, as the case may be. We further agree to provide any person purchasing any of the Series U
Debentures or the Common Stock of the Corporation issuable upon conversion thereof (other than
pursuant to clause (iii) or (vi) above) from us a notice advising such purchaser that resales of
such securities are restricted as stated herein. We understand that the Trustee and transfer agent
for the Series U Debentures and the Common Stock of the Corporation will not be required to accept
for registration of transfer any Series U Debentures or any Common Stock of the Corporation issued
upon conversion of the Series U Debentures, except upon presentation of evidence satisfactory to
the Corporation that the foregoing restrictions on transfer have been complied with. We further
understand that any Series U Debentures and any Common Stock of the Corporation issued upon
conversion of the Series U Debentures will be in the form of certificated physical certificates and
that such certificates will bear a legend reflecting the substance of this paragraph other than
certificates transferred pursuant to clause (iii) or (vi) above.

A-2

 

     The Corporation and the Trustee and their respective counsel are entitled to rely upon this
letter and are irrevocably authorized to produce this letter or a copy hereof to any interested
party in any administrative or legal proceeding or official inquiry with respect to the matters
covered hereby.

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

(Name of Purchaser)

	 	 	 	 	 	 	 
	By:
	 	 	 	 	 	 
	 	 	 	 	 
	Name:
	 	 	 	 	 	 
	 	 	 	 	 
	Title:
	 	 	 	 	 	 
	 	 	 	 	 
	Address:
	 	 	 	 	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	 

A-3

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