Document:

exv4w1

Exhibit 4.1

SANTANDER HOLDINGS USA, INC.

Company

to

DEUTSCHE BANK TRUST COMPANY AMERICAS

Trustee

Senior Debt Indenture

Dated as of April 19, 2011

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page
	 
	PARTIES

	 	 	 	 	1	 
	 
	 	 	 	 	 	 
	RECITALS OF THE COMPANY	 	 	1	 
	 
	 	 	 	 	 	 
	 

	 	ARTICLE ONE	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	DEFINITIONS AND OTHER PROVISIONS

OF GENERAL APPLICATION	 	 	 	 
	 
	 	 	 	 	 	 
	Section 1.01

	 	Definitions
	 	 	1	 
	 

	 	Act
	 	 	2	 
	 

	 	Affiliate
	 	 	2	 
	 

	 	Applicable Procedures
	 	 	2	 
	 

	 	Board of Directors
	 	 	2	 
	 

	 	Board Resolution
	 	 	2	 
	 

	 	Business Day
	 	 	2	 
	 

	 	Capital Stock
	 	 	2	 
	 

	 	Commission
	 	 	2	 
	 

	 	Company
	 	 	2	 
	 

	 	Company Request or Company Order
	 	 	3	 
	 

	 	Corporate Trust Office
	 	 	3	 
	 

	 	corporation
	 	 	3	 
	 

	 	Covenant Defeasance
	 	 	3	 
	 

	 	Defaulted Interest
	 	 	3	 
	 

	 	Defeasance
	 	 	3	 
	 

	 	Depositary
	 	 	3	 
	 

	 	Designated Subsidiary
	 	 	3	 
	 

	 	Event of Default
	 	 	3	 
	 

	 	Exchange Act
	 	 	3	 
	 

	 	Expiration Date
	 	 	3	 
	 

	 	Global Security
	 	 	3	 
	 

	 	Holder
	 	 	3	 
	 

	 	Indenture
	 	 	3	 
	 

	 	Interest Payment Date
	 	 	4	 
	 

	 	Investment Company Act
	 	 	4	 
	 

	 	Maturity
	 	 	4	 
	 

	 	Notice of Default
	 	 	4	 
	 

	 	Officers’ Certificate
	 	 	4	 
	 

	 	Opinion of Counsel
	 	 	4	 
	 

	 	Outstanding
	 	 	4	 
	 

	 	Paying Agent
	 	 	5	 
	 

	 	Person
	 	 	5	 
	 

	 	Place of Payment
	 	 	5	 

NOTE: This table of contents shall not, for any purpose, be deemed to be a part of the Indenture.

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	 	Predecessor Security
	 	 	5	 
	 

	 	Redemption Date
	 	 	5	 
	 

	 	Redemption Price
	 	 	6	 
	 

	 	Regular Record Date
	 	 	6	 
	 

	 	Responsible Officer
	 	 	6	 
	 

	 	Securities
	 	 	6	 
	 

	 	Securities Act
	 	 	6	 
	 

	 	Security Register and Security Registrar
	 	 	6	 
	 

	 	Special Record Date
	 	 	6	 
	 

	 	Stated Maturity
	 	 	6	 
	 

	 	Subsidiary
	 	 	6	 
	 

	 	Trust Indenture Act
	 	 	6	 
	 

	 	Trustee
	 	 	7	 
	 

	 	U.S. Government Obligation
	 	 	7	 
	 

	 	Vice President
	 	 	7	 
	Section 1.02

	 	Compliance Certificates and Opinions
	 	 	7	 
	Section 1.03

	 	Form of Documents Delivered to Trustee
	 	 	7	 
	Section 1.04

	 	Acts of Holders; Record Dates
	 	 	8	 
	Section 1.05

	 	Notices, Etc., to Trustee or Company
	 	 	9	 
	Section 1.06

	 	Notice to Holders; Waiver
	 	 	9	 
	Section 1.07

	 	Conflict with Trust Indenture Act
	 	 	10	 
	Section 1.08

	 	Effect of Headings and Table of Contents
	 	 	10	 
	Section 1.09

	 	Successors and Assigns
	 	 	10	 
	Section 1.10

	 	Separability Clause
	 	 	10	 
	Section 1.11

	 	Benefits of Indenture
	 	 	10	 
	Section 1.12

	 	Governing Law
	 	 	10	 
	Section 1.13

	 	Legal Holidays
	 	 	10	 
	Section 1.14

	 	Waiver of Jury Trial
	 	 	11	 
	Section 1.15

	 	Force Majeure
	 	 	11	 
	 
	 	 	 	 	 	 
	 

	 	ARTICLE TWO	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	SECURITY FORMS	 	 	 	 
	 
	 	 	 	 	 	 
	Section 2.01

	 	Forms Generally
	 	 	11	 
	Section 2.02

	 	Form of Face of Security
	 	 	12	 
	Section 2.03

	 	Form of Reverse of Security
	 	 	13	 
	Section 2.04

	 	Form of Legend for Global Securities
	 	 	16	 
	Section 2.05

	 	Reserved
	 	 	16	 
	Section 2.06

	 	Form of Trustee’s Certificate of Authentication
	 	 	 16	 
	 
	 	 	 	 	 	 
	 

	 	ARTICLE THREE	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	THE SECURITIES	 	 	 	 
	 
	 	 	 	 	 	 
	Section 3.01

	 	Amount Unlimited; Issuable in Series
	 	 	17	 
	Section 3.02

	 	Denominations
	 	 	20	 

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	 	 	 	 	Page
	 

	Section 3.03

	 	Execution, Authentication, Delivery and Dating
	 	 	20	 
	Section 3.04

	 	Temporary Securities
	 	 	21	 
	Section 3.05

	 	Registration, Registration of Transfer and Exchange
	 	 	22	 
	Section 3.06

	 	Mutilated, Destroyed, Lost and Stolen Securities
	 	 	24	 
	Section 3.07

	 	Payment of Interest; Interest Rights Preserved
	 	 	24	 
	Section 3.08

	 	Persons Deemed Owners
	 	 	25	 
	Section 3.09

	 	Cancellation
	 	 	26	 
	Section 3.10

	 	Computation of Interest
	 	 	26	 
	Section 3.11

	 	CUSIP Numbers
	 	 	26	 
	 

	 	ARTICLE FOUR	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	SATISFACTION AND DISCHARGE	 	 	 	 
	 
	 	 	 	 	 	 
	Section 4.01

	 	Satisfaction and Discharge of Indenture
	 	 	26	 
	Section 4.02

	 	Application of Trust Money
	 	 	27	 
	 
	 	 	 	 	 	 
	 

	 	ARTICLE FIVE	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	REMEDIES	 	 	 	 
	 
	 	 	 	 	 	 
	Section 5.01

	 	Events of Default
	 	 	28	 
	Section 5.02

	 	Acceleration of Maturity; Rescission and Annulment
	 	 	29	 
	Section 5.03

	 	Collection of Indebtedness and Suits for Enforcement by Trustee
	 	 	30	 
	Section 5.04

	 	Trustee May File Proofs of Claim
	 	 	31	 
	Section 5.05

	 	Trustee May Enforce Claims Without Possession of Securities
	 	 	31	 
	Section 5.06

	 	Application of Money Collected
	 	 	31	 
	Section 5.07

	 	Limitation on Suits
	 	 	32	 
	Section 5.08

	 	Unconditional Right of Holders to Receive Principal, Premium and
Interest and to Convert
	 	 	32	 
	Section 5.09

	 	Restoration of Rights and Remedies
	 	 	33	 
	Section 5.10

	 	Rights and Remedies Cumulative
	 	 	33	 
	Section 5.11

	 	Delay or Omission Not Waiver
	 	 	33	 
	Section 5.12

	 	Control by Holders
	 	 	33	 
	Section 5.13

	 	Waiver of Past Defaults
	 	 	33	 
	Section 5.14

	 	Undertaking for Costs
	 	 	34	 
	Section 5.15

	 	Waiver of Usury, Stay or Extension Laws
	 	 	34	 
	 
	 	 	 	 	 	 
	 

	 	ARTICLE SIX	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	THE TRUSTEE	 	 	 	 
	 
	 	 	 	 	 	 
	Section 6.01

	 	Certain Duties and Responsibilities
	 	 	34	 
	Section 6.02

	 	Notice of Defaults
	 	 	35	 
	Section 6.03

	 	Certain Rights of Trustee
	 	 	35	 
	Section 6.04

	 	Not Responsible for Recitals or Issuance of Securities
	 	 	36	 

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	 	 	 	 	Page
	 

	Section 6.05

	 	May Hold Securities
	 	 	36	 
	Section 6.06

	 	Money Held in Trust
	 	 	37	 
	Section 6.07

	 	Compensation and Reimbursement
	 	 	37	 
	Section 6.08

	 	Conflicting Interests
	 	 	37	 
	Section 6.09

	 	Corporate Trustee Required; Eligibility
	 	 	38	 
	Section 6.10

	 	Resignation and Removal; Appointment of Successor
	 	 	38	 
	Section 6.11

	 	Acceptance of Appointment by Successor
	 	 	39	 
	Section 6.12

	 	Merger, Conversion, Consolidation or Succession to Business
	 	 	40	 
	Section 6.13

	 	Preferential Collection of Claims Against Company
	 	 	41	 
	 
	 	 	 	 	 	 
	 

	 	ARTICLE SEVEN	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY	 	 	 	 
	 
	 	 	 	 	 	 
	Section 7.01

	 	Company to Furnish Trustee Names and Addresses of Holders
	 	 	41	 
	Section 7.02

	 	Preservation of Information; Communications to Holders
	 	 	41	 
	Section 7.03

	 	Reports by Trustee
	 	 	42	 
	Section 7.04

	 	Reports by Company
	 	 	42	 
	 
	 	 	 	 	 	 
	 

	 	ARTICLE EIGHT	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE	 	 	 	 
	 
	 	 	 	 	 	 
	Section 8.01

	 	Company May Consolidate, Etc., Only on Certain Terms
	 	 	42	 
	Section 8.02

	 	Successor Substituted
	 	 	43	 
	 
	 	 	 	 	 	 
	 

	 	ARTICLE NINE	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	SUPPLEMENTAL INDENTURES	 	 	 	 
	 
	 	 	 	 	 	 
	Section 9.01

	 	Supplemental Indentures Without Consent of Holders
	 	 	43	 
	Section 9.02

	 	Supplemental Indentures With Consent of Holders
	 	 	44	 
	Section 9.03

	 	Execution of Supplemental Indentures
	 	 	45	 
	Section 9.04

	 	Effect of Supplemental Indentures
	 	 	46	 
	Section 9.05

	 	Conformity with Trust Indenture Act
	 	 	46	 
	Section 9.06

	 	Reference in Securities to Supplemental Indentures
	 	 	46	 
	 
	 	 	 	 	 	 
	 

	 	ARTICLE TEN	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	COVENANTS	 	 	 	 
	 
	 	 	 	 	 	 
	Section 10.01

	 	Payment of Principal, Premium and Interest
	 	 	46	 
	Section 10.02

	 	Maintenance of Office or Agency
	 	 	46	 
	Section 10.03

	 	Money for Securities Payments to Be Held in Trust
	 	 	47	 
	Section 10.04

	 	Statement by Officers as to Default
	 	 	48	 
	Section 10.05

	 	Restrictions Upon Sale or Issuance of Voting Capital
Stock of Certain Subsidiaries
	 	 	48	 
	Section 10.06

	 	Waiver of Certain Covenants
	 	 	49	 

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	 	ARTICLE ELEVEN	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	REDEMPTION OF SECURITIES	 	 	 	 
	 
	 	 	 	 	 	 
	Section 11.01

	 	Applicability of Article
	 	 	50	 
	Section 11.02

	 	Election to Redeem; Notice to Trustee
	 	 	50	 
	Section 11.03

	 	Selection by Trustee of Securities to Be Redeemed
	 	 	50	 
	Section 11.04

	 	Notice of Redemption
	 	 	51	 
	Section 11.05

	 	Deposit of Redemption Price
	 	 	51	 
	Section 11.06

	 	Securities Payable on Redemption Date
	 	 	52	 
	Section 11.07

	 	Securities Redeemed in Part
	 	 	52	 
	 
	 	 	 	 	 	 
	 

	 	ARTICLE TWELVE	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	SINKING FUNDS	 	 	 	 
	 
	 	 	 	 	 	 
	Section 12.01

	 	Applicability of Article
	 	 	53	 
	Section 12.02

	 	Satisfaction of Sinking Fund Payments with Securities
	 	 	53	 
	Section 12.03

	 	Redemption of Securities for Sinking Fund
	 	 	53	 
	 
	 	 	 	 	 	 
	 

	 	ARTICLE THIRTEEN	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	DEFEASANCE AND COVENANT DEFEASANCE	 	 	 	 
	 
	 	 	 	 	 	 
	Section 13.01

	 	Company’s Option to Effect Defeasance or Covenant Defeasance
	 	 	54	 
	Section 13.02

	 	Defeasance and Discharge
	 	 	54	 
	Section 13.03

	 	Covenant Defeasance
	 	 	54	 
	Section 13.04

	 	Conditions to Defeasance or Covenant Defeasance
	 	 	55	 
	Section 13.05

	 	Deposited Money and U.S. Government Obligations to Be Held in Trust;
Miscellaneous Provisions
	 	 	56	 
	Section 13.06

	 	Reinstatement
	 	 	57	 
	 
	 	 	 	 	 	 
	 

	 	ARTICLE FOURTEEN	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	RESERVED	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	ARTICLE FIFTEEN	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	REPAYMENT AT THE OPTION OF HOLDERS	 	 	 	 
	 
	 	 	 	 	 	 
	Section 15.01

	 	Applicability of Article
	 	 	57	 
	 
	 	 	 	 	 	 
	SIGNATURES

	 	 	 	 	1	 

-v-

 

SANTANDER HOLDINGS USA, INC.

Certain Sections of this Indenture relating to Sections 310 through 318,

inclusive, of the Trust Indenture Act of 1939:

	 	 	 
	Trust Indenture Act Section	 	Indenture Section
	§ 310(a)(1)
	 	 
	 

	 	6.09 
	(a)(2)

	 	6.09 
	(a)(3)

	 	Not Applicable
	(a)(4)

	 	Not Applicable
	(a)(5)

	 	6.09 
	(b)
 

	 	6.08 

6.10 
	§ 311(a)

	 	 
	 

	 	6.13 
	(b)

	 	6.13 
	§ 312(a)
	 	 
	 

	 	7.01 
	 

	 	7.02 
	(b)

	 	7.02 
	(c)

	 	7.01, 7.02 
	§ 313(a)
	 	 
	 

	 	7.03 
	(b)

	 	7.03 
	(c)

	 	7.03 
	(d)

	 	7.03 
	§ 314(a)
	 	 
	 

	 	7.04 
	(a)(4)

	 	1.01 (Definition of “Officer’s Certificate”)
	 

	 	10.04 
	(b)

	 	Not Applicable
	(c)(1)

	 	1.02 
	(c)(2)

	 	1.02 
	(c)(3)

	 	Not Applicable
	(d)

	 	Not Applicable
	(e)

	 	1.02 
	§ 315(a)
	 	 
	 

	 	6.01 
	(b)

	 	6.02 
	(c)

	 	6.01 
	(d)

	 	6.01 
	(e)

	 	5.14 
	§ 316(a)
	 	 
	 

	 	1.01 (Definition of “Outstanding”)

-vi-

 

	 	 	 
	Trust Indenture Act Section	 	Indenture Section
	(a)(1)(A)

	 	5.02 
	 

	 	5.12 
	(a)(1)(B)

	 	5.13 
	(a)(2)

	 	Not Applicable
	(b)

	 	5.08 
	(c)

	 	1.04 
	§ 317(a)(1)
	 	 
	 

	 	5.03 
	(a)(2)

	 	5.04 
	(b)

	 	10.03 
	§ 318(a)

	 	1.07 

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

-vii-

 

     SENIOR DEBT INDENTURE, dated as of April 19, 2011, among SANTANDER HOLDINGS USA, INC., a
corporation duly organized and existing under the laws of the Commonwealth of Virginia (herein
called the “Company”), having its principal office at 75 State Street, Boston, Massachusetts 02109,
and DEUTSCHE BANK TRUST COMPANY AMERICAS, a New York banking corporation, having a corporate trust
office at 60 Wall Street, 27th Floor, New York, New York 10005, as Trustee (herein called the
“Trustee”).

RECITALS OF THE COMPANY

     The Company has duly authorized the execution and delivery of this Indenture to provide for
the issuance from time to time of its unsecured debentures, notes or other evidences of
indebtedness (herein called the “Securities”), to be issued in one or more series as in this
Indenture provided.

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

     NOW, THEREFORE, THIS INDENTURE WITNESSETH:

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

ARTICLE ONE

DEFINITIONS AND OTHER PROVISIONS

OF GENERAL APPLICATION

Section 1.01 Definitions.

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

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

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

     (3) all accounting terms not otherwise defined herein have the meanings assigned to them in
accordance with generally accepted accounting principles;

     (4) unless the context otherwise requires, any reference to an “Article” or a “Section” refers
to an Article or a Section, as the case may be, of this Indenture; or

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

 

 

     “Act”, when used with respect to any Holder, has the meaning specified in Section 1.04.

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

     “Applicable Procedures” of a Depositary means, with respect to any matter at any time, the
policies and procedures of such Depositary, if any, that are applicable to such matter at such
time.

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

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

     “Business Day”, when used with respect to any Place of Payment, means each Monday, Tuesday,
Wednesday, Thursday and Friday which is not a day on which banking institutions in that Place of
Payment are authorized or obligated by law or executive order to close; provided that, when used
with respect to any Security, “Business Day” may have such other meaning, if any, as may be
specified for such Security as contemplated by Section 3.01.

     “Capital Stock” means, (1) as to shares of a corporation, outstanding shares of stock of any
class, whether now or hereafter authorized, irrespective of whether such class shall be limited to
a fixed sum or percentage in respect of the rights of the holders thereof to participate in
dividends and in the distribution of assets upon the voluntary liquidation, dissolution or winding
up of such corporation, (2) in the case of an association or business entity, any and all shares,
interests, participations, rights or other equivalents (however designated) of corporate stock, (3)
in the case of a partnership or limited liability company, partnership or membership interests
(whether general or limited) and (4) any other interest or participation that confers on a Person
the right to receive a share of the profits and losses of, or distributions of assets of, the
issuing Person.

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

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

-2-

 

     “Company Request” or “Company Order” means a written request or order signed in the name of
the Company by any two of the following: a Chairman of the Board, a Vice Chairman of the Board, a
President, a Vice President, a Treasurer, an Assistant Treasurer, its Secretary or an Assistant
Secretary of the Company, or any other officer or officers of the Company designated in writing by
or pursuant to authority of the Board of Directors of the Company and delivered to the Trustee from
time to time.

     “Corporate Trust Office” means the principal office of the Trustee in New York, New York at
which at any particular time its corporate trust business shall be administered, which at the date
hereof is located at Deutsche Bank Trust Company Americas, Trust & Securities Services, 60 Wall
Street, 27th Floor, New York, New York, or such other addresses as the Trustee may designate from
time to time by notice to the Holders and the Company, or the principal corporate trust office of
any successor Trustee (or such other address as such successor Trustee may designate from time to
time by notice to the Holders and the Company).

     “corporation” means a corporation, association, company (including a limited liability
company), joint-stock company, business trust or other similar entity.

     “Covenant Defeasance” has the meaning specified in Section 13.03.

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

     “Defeasance” has the meaning specified in Section 13.02.

     “Depositary” means, with respect to Securities of any series issuable in whole or in part in
the form of one or more Global Securities, a clearing agency that is designated to act as
Depositary for such Securities as contemplated by Section 3.01.

     “Designated Subsidiary” means each of (i) Sovereign Bank, a federally chartered savings bank,
and (ii) Santander Consumer USA, Inc., an Illinois corporation.

     “Event of Default” has the meaning specified in Section 5.01.

     “Exchange Act” means the Securities Exchange Act of 1934 and any statute successor thereto, in
each case as amended from time to time.

     “Expiration Date” has the meaning specified in Section 1.04.

     “Global Security” means a Security that evidences all or part of the Securities of any series
and bears the legend set forth in Section 2.04 (or such legend as may be specified as contemplated
by Section 3.01 for such Securities).

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

     “Indenture” means this instrument as originally executed and 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, including, for all purposes of this instrument and any such
supplemental indenture, the provisions of the Trust Indenture Act that are deemed to be

-3-

 

a part of
and govern this instrument and any such supplemental indenture, respectively. The term “Indenture”
shall also include the terms of any particular series or specific Securities within a series
established as contemplated by Section 3.01.

     “Interest Payment Date”, when used with respect to any Security, means the Stated Maturity of
an installment of interest on such Security.

     “Investment Company Act” means the Investment Company Act of 1940 and any statute successor
thereto, in each case as amended from time to time.

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

     “Notice of Default” means a written notice of the kind specified in Section 5.01(4).

     “Officers’ Certificate” means a certificate signed by any two of the following: a Chairman of
the Board, a Vice Chairman of the Board, a President, a Vice President, a Treasurer, an Assistant
Treasurer, a Secretary or an Assistant Secretary of the Company, or any other officer or officers
of the Company designated in a writing by or pursuant to authority of the Board of Directors of the
Company and delivered to the Trustee from time to time. One of the officers signing an Officers’
Certificate given pursuant to Section 10.04 shall be the principal executive, financial or
accounting officer of the Company.

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

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

     (1) Securities theretofore canceled by the Trustee or delivered to the Trustee for
cancellation;

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

     (3) Securities as to which Defeasance has been effected pursuant to Section 13.02;

     (4) Securities which have been paid pursuant to Section 3.06 or in exchange for or in lieu of
which other Securities have been authenticated and delivered pursuant to this Indenture, other than
any such Securities in respect of which there shall have been presented to the Trustee proof
satisfactory to it that such Securities are held by a bona fide purchaser in whose hands such
Securities are valid obligations of the Company; and

-4-

 

     (5) Securities as to which any other particular conditions have been satisfied, in each case
as may be provided for such Securities as contemplated in Section 3.01;

provided, however, that in determining whether the Holders of the requisite principal amount of the
Outstanding Securities have given, made or taken any request, demand, authorization, direction,
notice, consent, waiver or other action hereunder as of any date, (A) the principal amount of an
Original Issue Discount Security which shall be deemed to be Outstanding shall be the amount of the
principal thereof which would be due and payable as of such date upon acceleration of the Maturity
thereof to such date pursuant to Section 5.02, (B) if, as of such date, the principal amount
payable at the Stated Maturity of a Security is not determinable, the principal amount of such
Security which shall be deemed to be Outstanding shall be the amount as specified or determined as
contemplated by Section 3.01, (C) the principal amount of a Security denominated in one or more
foreign currencies, composite currencies or currency units which shall be deemed to be Outstanding
shall be the U.S. dollar equivalent, determined as of such date in the manner provided as
contemplated by Section 3.01, of the principal amount of such Security (or, in the case of a
Security described in Clause (A) or (B) above, of the amount determined as provided in such
Clause), and (D) Securities owned by the Company or any other obligor upon the Securities or any
Affiliate of the Company or of such other obligor shall be disregarded and deemed not to be
Outstanding, except that, in determining whether the Trustee shall be protected in relying upon any
such request, demand, authorization, direction, notice, consent, waiver or other action, only
Securities which a Responsible Officer of the Trustee actually knows to be so owned shall be so
disregarded. Securities so owned which have been pledged in good faith may be regarded as
Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to
act with respect to such Securities and that the
pledgee is not the Company or any other obligor upon the Securities or any Affiliate of the Company
or of such other obligor.

     “Paying Agent” means any Person authorized by the Company to pay the principal of or any
premium or interest on any Securities on behalf of the Company.

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

     “Place of Payment”, when used with respect to the Securities of any series and subject to
Section 10.02, means the place or places where the principal of and any premium and interest on the
Securities of that series are payable as specified as contemplated by Section 3.01.

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

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

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

     “Regular Record Date” for the interest payable on any Interest Payment Date on the Securities
of any series means the date specified for that purpose as contemplated by Section 3.01.

     “Responsible Officer”, when used with respect to the Trustee, means any managing director,
director, vice president, any assistant vice president, any trust officer, any assistant trust
officer or any other officer of the Trustee, in each case, within the corporate trust department of
the Trustee who customarily performs functions similar to those performed by the Persons who at the
time shall be such officers, respectively, and also means, with respect to a particular corporate
trust matter, any other officer to whom such matter is referred because of his knowledge of and
familiarity with the particular subject and who shall have direct responsibility for the
administration of this Indenture.

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

     “Securities Act” means the Securities Act of 1933 and any statute successor thereto, in each
case as amended from time to time.

     “Security Register” and “Security Registrar” have the respective meanings specified in Section
3.05.

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

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

     “Subsidiary” of the Company means any Person a majority of the combined voting power of the
total outstanding ownership interests in which is, at the time of determination, beneficially owned
or held, directly or indirectly, by the Company or one or more other Subsidiaries of the Company.
For this purpose, “voting power” means power to vote in an ordinary election of directors (or, in
the case of a Person that is not a corporation, ordinarily to appoint or approve the appointment of
Persons holding similar positions), whether at all times or only as long as no senior class of
ownership interests has such voting power by reason of any contingency.

     “Successor Company” has the meaning specified in Section 8.01.

     “Trust Indenture Act” means the Trust Indenture Act of 1939 as in force at the date as of
which this instrument was executed; provided, however, that in the event the Trust Indenture Act of
1939 is amended after such date, “Trust Indenture Act” means, to the extent required by any such
amendment, the Trust Indenture Act of 1939 as so amended.

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     “Trustee” means the Person named as the “Trustee” in the first paragraph of this instrument
until a successor Trustee shall have become such pursuant to the applicable provisions of this
Indenture, and thereafter “Trustee” shall mean or include each Person who is then a Trustee
hereunder, and if at any time there is more than one such Person, “Trustee” as used with respect to
the Securities of any series shall mean the Trustee with respect to Securities of that series.

     “U.S. Government Obligation” has the meaning specified in Section 13.04.

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

Section 1.02 Compliance Certificates and Opinions.

     Upon any application or request by the Company to the Trustee to take any action under any
provision of this Indenture, the Company shall furnish to the Trustee such certificates and
opinions as may be required under the Trust Indenture Act; provided, however, that no such opinion
shall be required in connection with the issuance of Securities that are part of any series as to
which such an opinion has been furnished. Each such certificate or opinion shall be given in the
form of an Officers’ Certificate, if to be given by officers of the Company, or an Opinion of
Counsel, if to be given by counsel, and shall comply with the requirements of the Trust Indenture
Act and any other requirements set forth in this Indenture.

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

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

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

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

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

Section 1.03 Form of Documents Delivered to Trustee.

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

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

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

Section 1.04 Acts of Holders; Record Dates.

     Any request, demand, authorization, direction, notice, consent, waiver or other action
provided or permitted by this Indenture to be given, made or taken by Holders may be embodied in
and evidenced by one or more instruments of substantially similar tenor signed by such Holders in
person or by agent duly appointed in writing; and, except as herein otherwise expressly provided,
such action shall become effective when such instrument or instruments are delivered to the Trustee
and, where it is hereby expressly required, to the Company. Such instrument or instruments (and
the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of
the Holders signing such instrument or instruments. Proof of execution of any such instrument or
of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and
(subject to Section 6.01) conclusive in favor of the Trustee and the Company, if made in the manner
provided in this Section.

     The fact and date of the execution by any Person of any such instrument or writing may be
proved by the affidavit of a witness of such execution or by a certificate of a notary public or
other officer authorized by law to take acknowledgments of deeds, certifying that the individual
signing such instrument or writing acknowledged to him the execution thereof. Where such execution
is by a signer acting in a capacity other than his individual capacity, such certificate or
affidavit shall also constitute sufficient proof of his authority. The fact and date of the
execution of any such instrument or writing, or the authority of the Person executing the same, may
also be proved in any other manner which the Trustee deems sufficient.

     The ownership of Securities shall be proved by the Security Register.

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

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     The Company may set a record date for purposes of determining the identity of Holders of
Securities of any series entitled to vote or consent to any action by vote or consent authorized or
permitted by Section 5.12 or Section 5.13. Such record date shall be the later of 30 days prior to
the first solicitation of such consent or the date of the most recent list of Holders of such Debt
Securities furnished by the Trustee pursuant to Section 7.01 prior to such solicitation.

     Without limiting the foregoing, a Holder entitled hereunder to take any action hereunder with
regard to any particular Security may do so with regard to all or any part of the principal amount
of such Security or by one or more duly appointed agents each of which may do so pursuant to such
appointment with regard to all or any part of such principal amount.

Section 1.05 Notices, Etc., to Trustee or Company.

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

     (1) the Trustee by any Holder or by the Company shall be sufficient for every purpose
hereunder if made, given, furnished or filed in writing (which may be by facsimile) to or with the
Trustee at its Corporate Trust Office, Attention: Corporates Team Deal Manager - Santander
Holdings USA, or

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

Section 1.06 Notice to Holders; Waiver.

     Where this Indenture provides for notice to Holders of any event, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if, in the case of Global
Securities, in accordance with the applicable procedures of the Depositary, in writing and mailed,
first-class postage prepaid, to each Holder affected by such event, at his address as it appears in
the Security Register, not later than the latest date (if any), and not earlier than the earliest
date (if any), prescribed for the giving of such notice. In any case where notice to Holders is
given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to
any particular Holder shall affect the sufficiency of such notice with respect to other Holders.
Where this Indenture provides for notice in any manner, such notice may be waived in writing by the
Person entitled to receive such notice, either before or after the event, and such waiver shall be
the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but
such filing shall not be a condition precedent to the validity of any action taken in reliance upon
such waiver.

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

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     Where this Indenture provides for notice of any event to a Holder of a Global Security, such
notice shall be sufficiently given if given to the Depositary for such Security (or its designee),
pursuant to its Applicable Procedures, not later than the latest date (if any), and not earlier
than the earliest date (if any), prescribed for the giving of such notice.

Section 1.07 Conflict with Trust Indenture Act.

     If any provision hereof limits, qualifies or conflicts with a provision of the Trust Indenture
Act which is required under such Act to be a part of and govern this Indenture, the latter
provision shall control. If any provision of this Indenture modifies or excludes any provision of
the Trust Indenture Act which may be so modified or excluded, the latter provision shall be deemed
to apply to this Indenture as so modified or to be excluded, as the case may be.

Section 1.08 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 1.09 Successors and Assigns.

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

Section 1.10 Separability Clause.

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

Section 1.11 Benefits of Indenture.

     Nothing in this Indenture or in 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, except as may otherwise be provided
pursuant to Section 3.01 with respect to any specific Securities.

Section 1.12 Governing Law.

     This Indenture and the Securities shall be governed by and construed in accordance with the
law of the State of New York, without regard to principles of conflicts of law.

Section 1.13 Legal Holidays.

     In any case where any Interest Payment Date, Redemption Date or Maturity of any Security, or
any date on which a Holder has the right to convert his Security, shall not be a Business Day at
any Place of Payment, then (notwithstanding any other provision of this Indenture or of the
Securities (other than a provision of any Security which specifically states that such provision
shall apply in lieu of this Section)) payment of interest or principal (and

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premium, if any) of
such Security need not be made at such Place of Payment on such date, but may be made on the next
succeeding Business Day at such Place of Payment with the same force
and effect as if made on the Interest Payment Date or Redemption Date, or at the Maturity, as
the case may be.

Section 1.14 Waiver of Jury Trial.

     EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED
BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR
RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY.

Section 1.15 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. The Trustee shall use reasonable efforts which are consistent with accepted
practices in the banking industry to resume performance as soon as possible.

ARTICLE TWO

SECURITY FORMS

Section 2.01 Forms Generally.

     The Securities of each series shall be in substantially the form set forth in this Article, or
in such other form as shall be established by or pursuant to a Board Resolution of the Company, or
in one or more indentures supplemental hereto, in each case with such appropriate insertions,
omissions, substitutions and other variations as are required or permitted by this Indenture, and
may have such letters, numbers or other marks of identification and such legends or endorsements
placed thereon as may be required to comply with the rules of any securities exchange or Depositary
therefor or as may, consistently herewith, be determined by the officers executing such Securities,
as evidenced by their execution thereof. If the form of Securities of any series is established by
action taken pursuant to a Board Resolution of the Company a copy of an appropriate record of such
action shall be certified by the Secretary or an Assistant Secretary of the Company and delivered
to the Trustee at or prior to the delivery of the Company Order contemplated by Section 3.03 for
the authentication and delivery of such Securities.

     The definitive Securities shall be printed, lithographed or engraved on steel engraved borders
or may be produced in any other manner, all as determined by the officers executing such
Securities, as evidenced by their execution of such Securities.

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Section 2.02 Form of Face of Security.

     [Insert any legend required by the Internal Revenue Code and the regulations thereunder.]

SANTANDER HOLDINGS USA, INC.

Title of Series: _________________________

Title of Securities: _________________________

							
	 	 	 	 	 	 	 
	CUSIP:	 	 	 	$	 	 
	 	 	 	 	 	 
	No.
	 
	 	 	 	 

     SANTANDER HOLDINGS USA, INC., a corporation duly organized and existing under the laws of the
Commonwealth of Virginia (herein called the “Company”, which term includes any successor Person
under the Indenture hereinafter referred to), for value received, hereby promises to pay to                      , or registered assigns, the principal sum of
                     [Dollars] on                      [if the Security is to bear interest prior to Maturity,
insert —, and to pay interest thereon from                      or from the most recent
Interest Payment Date to which interest has been paid or made available for payment, semi-annually
on                      and                      in each year, commencing                     , and at the Maturity thereof, at the rate of         
             % per
annum, until the principal hereof is paid or made available for payment [if applicable, insert —,
provided that any premium, and any such installment of interest, which is overdue shall bear
interest at the rate of                      % per annum (to the extent that the payment
of such interest shall be legally enforceable), from the dates such overdue amounts are due until
they are paid or made available for payment, and such interest on any overdue installment shall be
payable on demand]. The interest so payable, and punctually paid or made available for payment, on
any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name
this Security (or one or more Predecessor Securities) is registered at the close of business on the
Regular Record Date for such interest, which shall be the                      or                      (whether or not a Business Day), as the case may be, next preceding such
Interest Payment Date. Any such interest so payable, but not punctually paid or made available for
payment, on any Interest Payment Date will forthwith cease to be payable to the Holder on such
Regular Record Date and may either be paid to the Person in whose name this Security (or one or
more Predecessor Securities) is registered at the close of business on a Special Record Date for
the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to
Holders of Securities of this series not less than 10 days prior to such Special Record Date, or be
paid in any other lawful manner not inconsistent with the requirements of any securities exchange
on which this Security may be listed, and upon such notice as may be required by such exchange, all
as more fully provided in said Indenture].

     [If the Security is not to bear interest prior to Maturity, insert — The principal of this
Security shall not bear interest except in the case of a default in payment of principal upon
acceleration, upon redemption or at Stated Maturity and in such case the overdue principal and any
overdue premium shall bear interest at the rate of                     % per annum (to
the extent that the payment of such interest shall be legally enforceable), from the dates such
amounts are

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due until they are paid or made available for payment. Interest on any overdue principal or
premium shall be payable on demand.]

     Payment of the principal of (and premium, if any) and [if applicable, insert — any such]
interest on this Security will be made at the office or agency maintained for that purpose in New
York, New York, in such coin or currency [of the United States of America] as at the time of
payment is legal tender for payment of public and private debts, against surrender of this Security
in the case of any payment due at the Maturity of the principal thereof (other than any payment of
interest that first becomes payable on a day other than an Interest Payment Date); provided,
however, that at the option of the Company, payment of interest may be made by check mailed to the
address of the Person entitled thereto as such address shall appear in the Security Register; and
provided, further, that if this Security is a Global Security, payment may be made pursuant to the
Applicable Procedures of the Depositary as permitted in said Indenture.

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

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

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

	 	 	 	 	 
	 	SANTANDER HOLDINGS USA, INC.

 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Section 2.03 Form of Reverse of Security.

     This Security is one of a duly authorized issue of securities of the Company (herein called
the “Securities”), issued and to be issued in one or more series under a Senior Debt Indenture,
dated as of [_], 2011 (herein called the “Indenture”, which term shall have the meaning assigned to
it in such instrument), between the Company and Deutsche Bank Trust Company Americas, as Trustee
(herein called the “Trustee”, which term includes any successor trustee under the Indenture), and
reference is hereby made to the Indenture for a statement of the respective rights, limitations of
rights, duties and immunities thereunder of the Company, the Trustee and the Holders of the
Securities and of the terms upon which the Securities are, and are to be, authenticated and
delivered. This Security is one of the series designated on the face hereof [if applicable, insert
—, limited in aggregate principal amount to $                     ].

     [If applicable, insert — The Securities of this series are subject to redemption upon not
less than 30 days’ nor more than 60 days’ notice, at any time [if applicable, insert — on or after
                    , 20                      ], as a whole or in part, at the
election of the Company, at the following
Redemption Prices (expressed as percentages of the principal amount): If redeemed [if

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applicable, insert — on or before                      ,                     
%, and if redeemed] during the 12-month period beginning of the years indicated,

	 	 	 	 	 	 	 

	Year
	 	Redemption Price
	 	Year
	 	Redemption Price
	 
	 	 
	 	 
	 	 
	 

and thereafter at a Redemption Price equal to                      % of the principal
amount, together in the case of any such redemption with accrued and unpaid interest to the
Redemption Date, but interest installments whose Stated Maturity is on or prior to such Redemption
Date will be payable to the Holders of such Securities, or one or more Predecessor Securities, of
record at the close of business on the relevant Record Dates referred to on the face hereof, all as
provided in the Indenture.]

     [If the Security is subject to redemption of any kind, insert — In the event of redemption of
this Security in part only, a new Security or Securities of this series and of like tenor for the
unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation
hereof.]

     [If applicable, insert — The Indenture contains provisions for defeasance at any time of the
entire indebtedness of this Security or certain restrictive covenants and Events of Default with
respect to this Security, in each case upon compliance with certain conditions set forth in the
Indenture.]

     The Indenture permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of the Company and the rights of the Holders of the
Securities to be affected under the Indenture at any time by the Company and the Trustee with the
consent of the Holders of a majority in principal amount of all Securities at the time Outstanding
to be affected, considered together as one class for this purpose (such Securities to be affected
may be Securities of the same or different series and, with respect to any series, may comprise
fewer than all the Securities of such series). The Indenture also contains provisions (i)
permitting the Holders of a majority in principal amount of the Securities at the time Outstanding
to be affected under the Indenture, considered together as one class for this purpose (such
affected Securities may be Securities of the same or different series and, with respect to any
particular series, may comprise fewer than all the Securities of such series), on behalf of the
Holders of all Securities so affected, to waive compliance by the Company with certain provisions
of the Indenture and (ii) permitting the Holders of a majority in principal amount of the
Securities at the time Outstanding of any series to be affected under the Indenture (with each such
series considered separately for this purpose), on behalf of the Holders of all Securities of such
series, to waive certain past defaults under the Indenture and their consequences. Any such
consent or waiver by the Holder of this Security shall be conclusive and binding upon such Holder
and upon all future Holders of this Security and of any Security issued upon the registration of
transfer hereof or in exchange therefor or in lieu hereof, whether or not notation of such consent
or waiver is made upon this Security.

     As provided in and subject to the provisions of the Indenture, the Holder of this Security
shall not have the right to institute any proceeding with respect to the Indenture, or for the

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appointment of a receiver or trustee, or for any other remedy thereunder, unless such Holder shall
have previously given the Trustee written notice of a continuing Event of Default with respect to
the Securities of this series, the Holders of not less than 25% in principal amount of the
Securities of this series at the time Outstanding shall have made written request to the Trustee to
institute proceedings in respect of such Event of Default as Trustee and offered the Trustee
indemnity and/or security satisfactory to it, and the Trustee shall not have received from the
Holders of a majority in principal amount of Securities of this series at the time Outstanding a
direction inconsistent with such request, and shall have failed to institute any such proceeding,
for 60 days after receipt of such notice, request and offer of indemnity and/or security. The
foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement
of any payment of principal hereof or any premium or interest hereon on or after the respective due
dates expressed herein.

     If so provided pursuant to the terms of any specific Securities, the above-referenced
provisions of the Indenture regarding the ability of Holders to waive certain defaults, or to
request the Trustee to institute proceedings (or to give the Trustee other directions) in respect
thereof, may be applied differently with regard to such Securities.

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

     As provided in the Indenture and subject to certain limitations therein set forth, the
transfer of this Security is registrable in the Security Register, upon surrender of this Security
for registration of transfer at the office or agency of the Company in any place where the
principal of and any premium and interest on this Security are payable, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the Company and the
Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing,
and thereupon one or more new Securities of this series and of like tenor, of authorized
denominations and for the same aggregate principal amount, will be issued to the designated
transferee or transferees.

     The Securities of this series are issuable only in registered form without coupons in
denominations of $2,000 and integral multiples of $1,000 in excess thereof. As provided in the
Indenture and subject to certain limitations therein set forth, Securities of this series are
exchangeable for a like aggregate principal amount of Securities of this series and of like tenor
of a different authorized denomination, as requested by the Holder surrendering the same.

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

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

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     [If this Security is a Global Security, insert — This Security is a Global Security and is
subject to the provisions of the Indenture relating to Global Securities, including the limitations
in Section 3.05 thereof on transfers and exchanges of Global Securities.]

     This Security and the Indenture shall be governed by and construed in accordance with the laws
of the State of New York, without regard to principles of conflicts of law.

     All terms used in this Security which are defined in the Indenture shall have the meanings
assigned to them in the Indenture.

Section 2.04 Form of Legend for Global Securities.

     Unless otherwise specified as contemplated by Section 3.01 for the Securities evidenced
thereby, every Global Security authenticated and delivered hereunder shall bear a legend in
substantially the following form:

     THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO
AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE
EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE
OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE
THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

Section 2.05 [Reserved]

Section 2.06 Form of Trustee’s Certificate of Authentication.

     The Trustee’s certificates of authentication shall be in substantially the following form:

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

     Dated:

	 	 	 	 	 
	 	Deutsche Bank Trust Company Americas,

As Trustee

 	 
	 	By:  	Deutsche Bank National Trust Company
 	 
	 	 	 	 
	 	By  	
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 

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ARTICLE THREE

THE SECURITIES

Section 3.01 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 of the Company and, subject to Section 3.03, set forth, or determined in the
manner provided, in an Officers’ Certificate of the Company, or established in one or more
indentures supplemental hereto, prior to the issuance of Securities of any series,

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

     (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 3.04, 3.05, 3.06, 9.06 or 11.07 and except for any Securities which, pursuant
to Section 3.03, are deemed never to have been authenticated and delivered hereunder);

     (3) the Person to whom any interest on a Security of the series shall be payable, if other
than the Person in whose name that Security (or one or more Predecessor Securities) is registered
at the close of business on the Regular Record Date for such interest;

     (4) the date or dates on which the principal of any Securities of the series is payable;

     (5) the rate or rates at which any Securities of the series shall bear interest, if any, the
date or dates from which any such interest shall accrue, the Interest Payment Dates on which any
such interest shall be payable and the Regular Record Date for any such interest payable on any
Interest Payment Date;

     (6) the place or places where the principal of and any premium and interest on any Securities
of the series shall be payable and the manner in which any payment may be made;

     (7) the period or periods within which, the price or prices at which and the terms and
conditions upon which any Securities of the series may be redeemed, in whole or in part, at the
option of the Company and, if other than by a Board Resolution, the manner in which any election by
the Company to redeem the Securities shall be evidenced;

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

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     (9) if other than denominations of $2,000 and integral multiples of $1,000 in excess thereof,
the denominations in which any Securities of the series shall be issuable;

     (10) if the amount of principal of or any premium or interest on any Securities of the series
may be determined with reference to an index or pursuant to a formula, the manner in which such
amounts shall be determined;

     (11) if other than the currency of the United States of America, the currency, currencies,
composite currency, composite currencies or currency units in which the principal of or any premium
or interest on any Securities of the series shall be payable and the manner of determining the
equivalent thereof in the currency of the United States of America for any purpose, including for
the purposes of making payment in the currency of the United States of America and applying the
definition of “Outstanding” in Section 1.01;

     (12) if the principal of or any premium or interest on any Securities of the series is to be
payable, at the election of the Company or the Holder thereof, in one or more currencies, composite
currencies or currency units other than that or those in which such Securities are stated to be
payable, the currency, currencies, composite currency, composite currencies or currency units in
which the principal of or any premium or interest on such Securities as to which such election is
made shall be payable (provided that payment in such currency, currencies, composite currency,
composite currencies or currency units is deemed to be reasonably practicable by the Trustee and
any Paying Agent (including the Company acting as its own Paying Agent)), the periods within which
and the terms and conditions upon which such election is to be made and the amount so payable (or
the manner in which such amount shall be determined);

     (13) if other than the entire principal amount thereof, the portion of the principal amount of
any Securities of the series which shall be payable upon declaration of acceleration of the
Maturity thereof pursuant to Section 5.02;

     (14) if the principal amount payable at the Stated Maturity of any Securities of the series
will not be determinable as of any one or more dates prior to the Stated Maturity, the amount which
shall be deemed to be the principal amount of such Securities as of any such date for any purpose
thereunder or hereunder, including the principal amount thereof which shall be due and payable upon
any Maturity other than the Stated Maturity or which shall be deemed to be Outstanding as of any
date prior to the Stated Maturity (or, in any such case, the manner in which such amount deemed to
be the principal amount shall be determined);

     (15) if applicable, that the Securities of the series, in whole or any specified part, shall
be defeasible pursuant to Section 13.02 or Section 13.03 or both such Sections, any provisions to
permit a pledge of obligations other than U.S. Government Obligations (or the establishment of
other arrangements) to satisfy the requirements of Section 13.04(1) for defeasance of such
Securities and, if other than by a Board Resolution, the manner in which any election by the
Company to defease such Securities shall be evidenced;

     (16) if applicable, that any Securities of the series shall be issuable in whole or in part in
the form of one or more Global Securities and, in such case, the respective Depositaries for

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such Global Securities, the form of any legend or legends which shall be borne by any such
Global Security in addition to or in lieu of that set forth in Section 2.04, any addition to,
elimination of or other change in the circumstances set forth in Clause (2) of the last paragraph
of Section 3.05 in which any such Global Security may be exchanged in whole or in part for
Securities registered, and any transfer of such Global Security in whole or in part may be
registered, in the name or names of Persons other than the Depositary for such Global Security or a
nominee thereof and any other provisions governing exchanges or transfers of any such Global
Security;

     (17) any addition to, elimination of or other change in the Events of Default which applies to
any Securities of the series and any change in the right of the Trustee or the requisite Holders of
such Securities to declare the principal amount thereof due and payable pursuant to Section 5.02;

     (18) any addition to, elimination of or other change in the covenants set forth in Article Ten
which applies to any Securities of the series;

     (19) any change in the actions permitted or required under this Indenture to be taken by or on
behalf of the Holders of the Securities of the series, including any such change that permits or
requires any or all such actions to be taken by or on behalf of the Holders of any specific
Securities of the series rather than or in addition to the Holders of all Securities of the series;

     (20) any provisions for subordination of Securities of any series to other indebtedness of the
Company (including Securities of other series);

     (21) any provisions necessary or desirable to permit or facilitate the issuance of warrants
hereunder; and

     (22) any other terms of the series (which terms shall not be inconsistent with the provisions
of this Indenture, except as permitted by Section 9.01(5)).

     All Securities of any one series shall be substantially identical except as to denomination
and except as may otherwise be provided in or pursuant to the Board Resolution referred to above
and (subject to Section 3.03) set forth, or determined in the manner provided, in the Officers’
Certificate of the Company referred to above or in any such indenture supplemental hereto. All
Securities of any one series need not be issued at the same time and, unless otherwise provided, a
series may be reopened for issuances of additional Securities of that series.

     The terms of any Security of a series may differ from the terms of other Securities of the
same series, if and to the extent provided pursuant to this Section 3.01. The matters referenced
in any or all of Clauses (1) through (22) above may be established and set forth or determined as
aforesaid with respect to all or any specific Securities of a series (in each case to the extent
permitted by the Trust Indenture Act).

     If any of the terms of the series are established by action taken pursuant to a Board
Resolution of the Company, a copy of an appropriate record of such action shall be certified by

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the Secretary or an Assistant Secretary of the Company and delivered to the Trustee at or
prior to the delivery of the Officers’ Certificate of the Company setting forth the terms of the
series.

Section 3.02 Denominations.

     The Securities of each series shall be issuable only in registered form without coupons and
only in such denominations as shall be specified as contemplated by Section 3.01. In the absence
of any such specified denomination with respect to the Securities of any series, the Securities of
such series shall be issuable in denominations of $2,000 and integral multiples of $1,000 in excess
thereof.

Section 3.03 Execution, Authentication, Delivery and Dating.

     The Securities shall be executed on behalf of the Company by a Chairman of the Board, a Vice
Chairman of the Board, a President or a Vice President of the Company (or any other officer of the
Company designated in writing by or pursuant to authority of the Board of Directors of the Company
and delivered to the Trustee from time to time). The signature of any of these officers on the
Securities may be manual or facsimile.

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

     At any time and from time to time after the execution and delivery of this Indenture, the
Company may deliver Securities of any series executed by the Company to the Trustee for
authentication, together with a Company Order for the authentication and delivery of such
Securities as contemplated by the Company Order and an Officers’ Certificate and an Opinion of
Counsel in accordance with Section 1.02, and the Trustee in accordance with the Company Order shall
authenticate and deliver such Securities. If the form or terms of the Securities of the series
have been established by or pursuant to one or more Board Resolutions of the Company as permitted
by Sections 2.01 and 3.01, in authenticating such Securities, and accepting the additional
responsibilities under this Indenture in relation to such Securities, the Trustee shall be entitled
to receive, and (subject to Section 6.01) shall be fully protected in relying upon, an Opinion of
Counsel stating,

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

     (2) if the terms of such Securities have been established by or pursuant to a Board Resolution
of the Company as permitted by Section 3.01, that such terms have been established in conformity
with the provisions of this Indenture; and

     (3) that such Securities, when authenticated and delivered by the Trustee and issued by the
Company in the manner and subject to any conditions specified in such Opinion of Counsel, will
constitute valid and legally binding obligations of the Company, enforceable in accordance with
their terms, subject to bankruptcy, insolvency, fraudulent transfer,

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reorganization, moratorium and similar laws of general applicability relating to or affecting
creditors’ rights and to general equity principles.

     If such form or terms have 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 this Indenture or otherwise
in a manner which is not reasonably acceptable to the Trustee.

     Notwithstanding the provisions of Section 3.01 and of the preceding paragraph, if all
Securities of a series are not to be originally issued at one time, it shall not be necessary to
deliver the Officers’ Certificate of the Company otherwise required pursuant to Section 3.01 or the
Company Order and Opinion of Counsel otherwise required pursuant to such preceding paragraph at or
prior to the 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.

     Each Security shall be dated the date of its authentication.

     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. Notwithstanding the foregoing, if any Security shall
have been authenticated and delivered hereunder but never issued and sold by the Company, and the
Company shall deliver such Security to the Trustee for cancellation as provided in Section 3.09,
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.

Section 3.04 Temporary Securities.

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

     If temporary Securities of any series are issued, the Company will cause definitive Securities
of that series to be prepared without unreasonable delay. After the preparation of definitive
Securities of such series, the temporary Securities of such series shall be exchangeable for
definitive Securities of such series upon surrender of the temporary Securities of such series at
the office or agency of the Company in a Place of Payment for that series, without charge to the
Holder. Upon surrender for cancellation of any one or more temporary Securities of any series, the
Company shall execute and the Trustee shall authenticate and deliver in exchange therefor one or
more definitive Securities of the same series, of any authorized denominations

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and of like tenor and aggregate principal amount. Until so exchanged, the temporary
Securities of any series shall in all respects be entitled to the same benefits under this
Indenture as definitive Securities of such series and tenor.

Section 3.05 Registration, Registration of Transfer and Exchange.

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

     Upon surrender for registration of transfer of any Security of a series at the office or
agency of the Company in a Place of Payment for that series, the Company shall execute, and the
Trustee shall authenticate and deliver, in the name of the designated transferee or transferees,
one or more new Securities of the same series, of any authorized denominations and of like tenor
and aggregate principal amount.

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

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

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

     No service charge shall be made for any registration of transfer or exchange of Securities,
but the Company may require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any registration of transfer or exchange of
Securities, other than exchanges pursuant to Section 3.04, 9.06 or 11.07 not involving any
transfer.

     If the Securities of any series (or of any series and specified tenor) are to be redeemed in
part, the Company shall not be required (A) to issue, register the transfer of or exchange any
Securities of that series (or of that series and specified tenor, as the case may be) during a
period beginning at the opening of business 15 days before the day of the mailing of a notice of
redemption of any such Securities selected for redemption under Section 11.03 and ending at the
close of business on the day of such mailing (or during such period as otherwise specified

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pursuant to Section 3.01 for such Securities), or (B) to register the transfer of or exchange
any Security so selected for redemption in whole or in part, except the unredeemed portion of any
Security being redeemed in part.

     The provisions of Clauses (1), (2), (3) and (4) below shall apply only to Global Securities:

     (1) Each Global Security authenticated under this Indenture shall be registered in the name of
the Depositary designated for such Global Security or a nominee thereof and delivered to such
Depositary or a nominee thereof or custodian therefor, and each such Global Security shall
constitute a single Security for all purposes of this Indenture.

     (2) Notwithstanding any other provision in this Indenture, and subject to such applicable
provisions, if any, as may be specified as contemplated by Section 3.01, no Global Security may be
exchanged in whole or in part for Securities registered, and no transfer of a Global Security in
whole or in part may be registered, in the name of any Person other than the Depositary for such
Global Security or a nominee thereof unless (A) such Depositary has notified the Company that it
(i) is unwilling or unable to continue as Depositary for such Global Security or (ii) has ceased to
be a clearing agency registered under the Exchange Act, (B) there shall have occurred and be
continuing an Event of Default with respect to such Global Security and a beneficial holder has
made a written request to the Company for a definitive Security or (C) the Company has executed and
delivered to the Trustee a Company Order stating that such Global Security shall be exchanged in
whole for Securities that are not Global Securities (in which case such exchange shall promptly be
effected by the Trustee). If the Company receives a notice of the kind specified in Clause (A) or
(B) above or has delivered a Company Order of the kind specified in Clause (C) above, it may, in
its sole discretion, designate a successor Depositary for such Global Security within 60 days after
receiving such notice or delivery of such order, as the case may be. If the Company designates a
successor Depositary as aforesaid, such Global Security shall promptly be exchanged in whole for
one or more other Global Securities registered in the name of the successor Depositary, whereupon
such designated successor shall be the Depositary for such successor Global Security or Global
Securities and the provisions of Clauses (1), (2), (3) and (4) of this Section shall continue to
apply thereto.

     (3) Subject to Clause (2) above and to such applicable provisions, if any, as may be specified
as contemplated by Section 3.01, any exchange of a Global Security for other Securities may be made
in whole or in part, and all Securities issued in exchange for a Global Security or any portion
thereof shall be registered in such names as the Depositary for such Global Security shall direct.

     (4) Every Security authenticated and delivered upon registration of transfer of, or in
exchange for or in lieu of, a Global Security or any portion thereof, whether pursuant to this
Section, Section 3.04, 3.06, 9.06 or 11.07 or otherwise, shall be authenticated and delivered in
the form of, and shall be, a Global Security, unless such Security is registered in the name of a
Person other than the Depositary for such Global Security or a nominee thereof.

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Section 3.06 Mutilated, Destroyed, Lost and Stolen Securities.

     If any mutilated Security is surrendered to the Trustee, the Company shall execute and the
Trustee shall authenticate and deliver in exchange therefor a new Security of the same series and
of like tenor and principal amount and bearing a number not contemporaneously outstanding.

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

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

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

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

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

Section 3.07 Payment of Interest; Interest Rights Preserved.

     Except as otherwise provided as contemplated by Section 3.01 with respect to any Securities of
a series, interest on any Security which is payable, and is punctually paid or made available for
payment, on any Interest Payment Date shall be paid to the Person in whose name that Security (or
one or more Predecessor Securities) is registered at the close of business on the Regular Record
Date for such interest (or, if no business is conducted by the Trustee at its Corporate Trust
Office on such date, at 5:00 P.M. New York City time on such date).

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

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     (1) The Company may elect to make payment of any Defaulted Interest payable on any Securities
of a series to the Persons in whose names such Securities (or their respective Predecessor
Securities) are registered at the close of business on a Special Record Date for the payment of
such Defaulted Interest, which shall be fixed in the following manner. The Company shall notify
the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each of such
Securities and the date of the proposed payment, and at the same time the Company shall deposit
with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of
such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit
prior to the date of the proposed payment, such money when deposited to be held in trust for the
benefit of the Persons entitled to such Defaulted Interest as in this Clause provided. Thereupon
the Trustee shall fix a Special Record Date for the payment of such Defaulted Interest which shall
be not more than 15 days and not less than 10 days prior to the date of the proposed payment and
not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The
Trustee shall promptly notify the Company of such Special Record Date and, in the name and at the
expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and
the Special Record Date therefor to be given to each Holder of such Securities in the manner set
forth in Section 1.06, not less than 10 days prior to such Special Record Date. Notice of the
proposed payment of such Defaulted Interest and the Special Record Date therefor having been so
mailed, such Defaulted Interest shall be paid to the Persons in whose names such Securities (or
their respective Predecessor Securities) are registered at the close of business on such Special
Record Date and shall no longer be payable pursuant to the following Clause (2).

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

     Except as may otherwise be provided in this Section 3.07 or as contemplated in Section 3.01
with respect to any Securities of a series, the Person to whom interest shall be payable on any
Security that first becomes payable on a day that is not an Interest Payment Date shall be the
Holder of such Security on the day such interest is paid.

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

Section 3.08 Persons Deemed Owners.

     Prior to due presentment of a Security for registration of transfer, the Company, the Trustee
and any agent of the Company or the Trustee may treat the Person in whose name such Security is
registered as the owner of such Security for the purpose of receiving payment of principal of and
any premium and (subject to Section 3.07) any interest on such Security and for all other purposes
whatsoever, whether or not such Security be overdue, and none of the

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Company, the Trustee or any agent of the Company or the Trustee shall be affected by notice to
the contrary.

Section 3.09 Cancellation.

     All Securities surrendered for payment, redemption, registration of transfer or exchange or
for credit against any sinking fund payment shall, if surrendered to any Person other than the
Trustee, be delivered to the Trustee and shall be promptly canceled by it. The Company may at any
time deliver to the Trustee for cancellation any Securities previously authenticated and delivered
hereunder which the Company may have acquired in any manner whatsoever, and may deliver to the
Trustee (or to any other Person for delivery to the Trustee) for cancellation any Securities
previously authenticated hereunder which the Company has not issued and sold, and all Securities so
delivered shall be promptly canceled by the Trustee. No Securities shall be authenticated in lieu
of or in exchange for any Securities canceled as provided in this Section, except as expressly
permitted by this Indenture. All canceled Securities held by the Trustee shall be disposed of as
directed by a Company Order, in accordance with the Trustee’s customary procedures; provided,
however, that the Trustee shall not be required to destroy such canceled Securities.

Section 3.10 Computation of Interest.

     Except as otherwise specified as contemplated by Section 3.01 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.

Section 3.11 CUSIP Numbers.

     The Company 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 redemption and
that reliance may be placed only on the other identification numbers printed on the Securities.
Any such redemption shall not be affected by any defect in or omission of such numbers.

ARTICLE FOUR

SATISFACTION AND DISCHARGE

Section 4.01 Satisfaction and Discharge of Indenture.

     This Indenture shall upon Company Request with respect to any Security or Series of Security
cease to be of further effect (except as to any surviving rights of registration of transfer or
exchange of any Security expressly provided for herein or in the terms of such Security), and the
Trustee, at the expense of the Company, shall execute proper instruments acknowledging satisfaction
and discharge of this Indenture, when

     (1) either

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	 	(A)	 	all such Securities theretofore authenticated and delivered (other than (i)
Securities which have been destroyed, lost or stolen and which have been replaced or
paid as provided in Section 3.06 and (ii) Securities for whose payment money has
theretofore been deposited in trust or segregated and held in trust by the Company and
thereafter repaid to the Company, or discharged from such trust, as provided in Section
10.03) have been delivered to the Trustee for cancellation; or
	 
	 	(B)	 	all such Securities not theretofore delivered to the Trustee for cancellation

	 	(i)	 	have become due and payable, or
	 
	 	(ii)	 	will become due and payable at their Stated Maturity within one
year, or
	 
	 	(iii)	 	are to be called for redemption within one year under
arrangements satisfactory to the Trustee for the giving of notice of redemption
by the Trustee in the name, and at the expense, of the Company and the Company,
in the case of (i), (ii) or (iii) above, has deposited or caused to be
deposited with the Trustee as trust funds in trust for the purpose money in an
amount sufficient to pay and discharge the entire indebtedness on such
Securities not theretofore delivered to the Trustee for cancellation, for
principal and any premium and interest to the date of such deposit (in the case
of Securities which have become due and payable) or to the Stated Maturity or
Redemption Date, as the case may be;

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

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

     Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the
Company to the Trustee under Section 6.07 and, if money shall have been deposited with the Trustee
pursuant to subclause (B) of Clause (1) of this Section, the obligations of the Trustee under
Section 4.02 and the last paragraph of Section 10.03 shall survive such satisfaction and discharge.

Section 4.02 Application of Trust Money.

     Subject to the provisions of the last paragraph of Section 10.03, all money deposited with the
Trustee pursuant to Section 4.01 shall be held in trust and applied by it, in accordance with the
provisions of the Securities and this Indenture, to the payment, either directly or through any
Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine,
to the Persons entitled thereto, of the principal and any premium and interest for whose payment
such money has been deposited with the Trustee. All money deposited with the Trustee pursuant to
Section 4.01 (and held by it or any Paying Agent) for the payment of Securities subsequently
converted into other property shall be returned to the Company upon

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Company Request, to the extent originally deposited by such party. The Company may direct by
a Company Order the investment of any money deposited with the Trustee pursuant to Section 4.01,
without distinction between principal and income, in (1) United States Treasury Securities with a
maturity of one year or less or (2) a money market fund that invests solely in short term United
States Treasury Securities and from time to time the Company may direct the reinvestment of all or
a portion of such money in other securities or funds meeting the criteria specified in Clause (1)
or (2) of this Section.

ARTICLE FIVE

REMEDIES

Section 5.01 Events of Default.

     Except as may otherwise be provided pursuant to Section 3.01 for all or any specific
Securities of any series, “Event of Default”, wherever used herein with respect to the Securities
of any series, means any one of the following events (whatever the reason for such Event of Default
and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to
any judgment, decree or order of any court or any order, rule or regulation of any administrative
or governmental body):

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

     (2) default in the payment of the principal of or any premium on any Security of that series
at its Maturity; or

     (3) default in the deposit of any sinking fund payment, when and as due by the terms of a
Security of that series; or

     (4) default in the performance, or breach, of any covenant or warranty of the Company in this
Indenture (other than a covenant or warranty a default in whose performance or whose breach is
elsewhere in this Section specifically dealt with or which has expressly been included in this
Indenture solely for the benefit of Securities other than such Security), and continuance of such
default or breach for a period of 60 days after there has been given, by registered or certified
mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of at least
25% in principal amount of the Outstanding Securities of that series a written notice specifying
such default or breach and requiring it to be remedied and stating that such notice is a “Notice of
Default” hereunder; or

     (5) the entry by a court having jurisdiction in the premises of (A) a decree or order for
relief in respect of the Company in an involuntary case or proceeding under any applicable Federal
or State bankruptcy, insolvency, reorganization or other similar law or (B) a decree or order
adjudging the Company a bankrupt or insolvent, or approving as properly filed a petition seeking
reorganization, arrangement, adjustment or composition of or in respect of the Company under any
applicable Federal or State law, or appointing a custodian, receiver, liquidator, assignee,
trustee, sequestrator or other similar official of the Company or of any substantial part of its
property, or ordering the winding up or liquidation of its affairs, and, in the case of (A) or

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(B), the continuance of any such decree or order for relief or any such other decree or order
unstayed and in effect for a period of 60 consecutive days; or

     (6) the commencement by the Company of a voluntary case or proceeding under any applicable
Federal or State bankruptcy, insolvency, reorganization or other similar law or of any other case
or proceeding to be adjudicated a bankrupt or insolvent, or the consent by it to the entry of a
decree or order for relief in respect of the Company in an involuntary case or proceeding under any
applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or to the
commencement of any bankruptcy or insolvency case or proceeding against it, or the filing by it of
a petition or answer or consent seeking reorganization or relief under any applicable Federal or
State law, or the consent by it to the filing of such petition or to the appointment of or taking
possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar
official of the Company or of any substantial part of its property, or the making by it of an
assignment for the benefit of creditors, or the admission by it in writing of its inability to pay
its debts generally as they become due, or the taking of corporate action by the Company in
furtherance of any such action; or

     (7) any other Event of Default provided with respect to any Securities of that series; or

     (8) a default by the Company under any mortgage, indenture or other instrument under which any
debt of the Company shall be outstanding, which default results in the acceleration of the maturity
of such debt, or the failure to pay any such debt at maturity, in an aggregate amount in excess of
$100,000,000 or its foreign currency equivalent at the time.

Section 5.02 Acceleration of Maturity; Rescission and Annulment.

     Except as may otherwise be provided pursuant to Section 3.01 for all or any specific
Securities of any series, if an Event of Default (other than an Event of Default specified in
Section 5.01(5) or 5.01(6)) with respect to the Securities of any series at the time Outstanding
occurs and is continuing, then in every such case the Trustee or the Holders of not less than 25%
in principal amount of the Outstanding Securities of that series may declare the principal amount
of all the Securities of that series (or, in the case of any Security of that series which
specifies an amount to be due and payable thereon upon acceleration of the Maturity thereof, such
amount as may be specified by the terms thereof) to be due and payable immediately, by a notice in
writing to the Company (and to the Trustee if given by Holders), and upon any such declaration such
principal amount (or specified amount) shall become immediately due and payable. Except as may
otherwise be provided pursuant to Section 3.01 for all or any specific Securities of any series, if
an Event of Default specified in Section 5.01(5) or 5.01(6) with respect to the Securities of any
series at the time Outstanding occurs, the principal amount of all the Securities of that series
(or, in the case of any Security of that series which specifies an amount to be due and payable
thereon upon acceleration of the Maturity thereof, such amount as may be specified by the terms
thereof) shall automatically, and without any declaration or other action on the part of the
Trustee or any Holder, become immediately due and payable.

     Except as may otherwise be provided pursuant to Section 3.01 for all or any specific
Securities of any series, at any time after such a declaration of acceleration with respect to the

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Securities of any series has been made and before a judgment or decree for payment of the
money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of
a majority in principal amount of the Outstanding Securities of that series, by written notice to
the Company and the Trustee, may rescind and annul such declaration and its consequences if

     (1) the Company has paid or deposited with the Trustee a sum sufficient to pay

	 	(A)	 	all overdue interest on all Securities of that series,
	 
	 	(B)	 	the principal of (and premium, if any, on) any Securities of that series which
have become due otherwise than by such declaration of acceleration and any interest
thereon at the rate or rates prescribed therefor in such Securities,
	 
	 	(C)	 	to the extent that payment of such interest is lawful, interest upon overdue
interest at the rate or rates prescribed therefor in such Securities, and
	 
	 	(D)	 	all sums paid or advanced by the Trustee hereunder and the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and
counsel; and

     (2) all Events of Default with respect to Securities of that series, other than the
non-payment of the principal of Securities of that series which have become due solely by such
declaration of acceleration, have been cured or waived as provided in Section 5.13.

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

Section 5.03 Collection of Indebtedness and Suits for Enforcement by Trustee.

     The Company covenants that if

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

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

it will, upon demand of the Trustee, pay to it, for the benefit of the Holders of such Securities,
the whole amount then due and payable on such Securities for principal and any premium and interest
and, to the extent that payment of such interest shall be legally enforceable, interest on any
overdue principal and premium and on any overdue interest, at the rate or rates prescribed therefor
in such Securities, and, in addition thereto, such further amount as shall be sufficient to cover
the costs and expenses of collection, including the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel.

     If an Event of Default with respect to Securities of any series occurs and is continuing, the
Trustee may in its discretion proceed to protect and enforce its rights and the rights of the
Holders of Securities of such series by such appropriate judicial proceedings as the Trustee shall
deem necessary to protect and enforce any such rights, whether for the specific enforcement of

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any covenant or agreement in this Indenture or in aid of the exercise of any power granted
herein, or to enforce any other proper remedy.

Section 5.04 Trustee May File Proofs of Claim.

     In case of any judicial proceeding relative to the Company, or any other obligor upon the
Securities, its property or its creditors, the Trustee shall be entitled and empowered, by
intervention in such proceeding or otherwise, to take any and all actions authorized under the
Trust Indenture Act in order to have claims of the Holders and the Trustee allowed in any such
proceeding. In particular, the Trustee shall be authorized to collect and receive any moneys or
other property payable or deliverable on any such claims and to distribute the same; and any
custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any
such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee
and, in the event that the Trustee shall consent to the making of such payments directly to the
Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the
Trustee under Section 6.07.

     No provision of this Indenture 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;
provided, however, that the Trustee may, on behalf of the Holders, vote for the election of a
trustee in bankruptcy or similar official and be a member of a creditors’ or other similar
committee.

Section 5.05 Trustee May Enforce Claims Without Possession of Securities.

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

Section 5.06 Application of Money Collected.

     Any money collected by the Trustee pursuant to this Article shall be applied in the following
order, at the date or dates fixed by the Trustee and, in case of the distribution of such money on
account of principal or any premium or interest, upon presentation of the Securities and the
notation thereon of the payment if only partially paid and upon surrender thereof if fully paid:

     FIRST: To the payment of all amounts due the Trustee under Section 6.07;

     SECOND: To the payment of the amounts then due and unpaid for principal of and any premium
and interest on the Securities in respect of which or for the benefit of which such

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money has been collected, ratably, without preference or priority of any kind, according to
the amounts due and payable on such Securities for principal and any premium and interest,
respectively; and

     THIRD: To the payment of the remainder, if any, to the Company or to whomsoever may be
lawfully entitled to receive the same or as a court of competent jurisdiction may direct.

Section 5.07 Limitation on Suits.

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

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

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

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

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

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

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

Section 5.08 Unconditional Right of Holders to Receive Principal, Premium and Interest and to
Convert.

     Notwithstanding any other provision in this Indenture, the Holder of any Security shall have
the right, which is absolute and unconditional, to receive payment of the principal of and any
premium and (subject to Section 3.07) interest on such Security on the respective Stated Maturities
expressed in such Security (or, in the case of redemption, on the Redemption Date), and, if the
terms of such Security so provide, to convert such Security in accordance with its terms, and to
institute suit for the enforcement of any such payment and, if applicable, any such right to
convert, and such rights shall not be impaired without the consent of such Holder.

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Section 5.09 Restoration of Rights and Remedies.

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

Section 5.10 Rights and Remedies Cumulative.

     Except as otherwise provided with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Securities in the last paragraph of Section 3.06, no right or remedy
herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of
any other right or remedy, and every right and remedy shall, to the extent permitted by law, be
cumulative and in addition to every other right and remedy given hereunder or now or hereafter
existing at law or in equity or otherwise. The assertion or employment of any right or remedy
hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other
appropriate right or remedy.

Section 5.11 Delay or Omission Not Waiver.

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

Section 5.12 Control by Holders.

     The Holders of a majority in principal amount of the Outstanding Securities of any series
shall have the right to direct the time, method and place of conducting any proceeding for any
remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with
respect to the Securities of such series, provided that

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

     (2) the Trustee may, but shall not be obligated to, take any other action deemed proper by the
Trustee which is not inconsistent with such direction.

Section 5.13 Waiver of Past Defaults.

     Except as may otherwise be provided pursuant to Section 3.01 for all or any specific
Securities of any series, the Holders of not less than a majority in principal amount of the
Outstanding Securities of any series may on behalf of the Holders of all the Securities of such

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series waive any past default hereunder with respect to such series and its consequences,
except a default

     (1) in the payment of the principal of or any premium or interest on any Security of such
series, or

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

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

Section 5.14 Undertaking for Costs.

     In any suit for the enforcement of any right or remedy under this Indenture, or in any suit
against the Trustee for any action taken, suffered or omitted by it as Trustee, a court may require
any party litigant in such suit to file an undertaking to pay the costs of such suit, and may
assess costs, including reasonable attorneys’ fees and expenses, against any such party litigant,
in the manner and to the extent provided in the Trust Indenture Act; provided that neither this
Section nor the Trust Indenture Act shall be deemed to authorize any court to require such an
undertaking or to make such an assessment in any suit instituted by the Company or the Trustee or,
if applicable, in any suit for the enforcement of the right to convert any Security in accordance
with its terms.

Section 5.15 Waiver of Usury, Stay or Extension Laws.

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

ARTICLE SIX

THE TRUSTEE

Section 6.01 Certain Duties and Responsibilities.

     The duties and responsibilities of the Trustee shall be as provided by the Trust Indenture
Act. Notwithstanding the foregoing, no provision of this Indenture shall require the Trustee to
expend or risk its own funds or otherwise incur any financial liability in the performance of any
of its duties hereunder, or in the exercise of any of its rights or powers, if it shall not have
received indemnity or security satisfactory to it against such risk or liability. Whether or not

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therein expressly so provided, every provision of this Indenture relating to the conduct or
affecting the liability of or affording protection to the Trustee shall be subject to the
provisions of this Section.

Section 6.02 Notice of Defaults.

     If a default occurs and is continuing hereunder with respect to Securities of any series and
is known by a Responsible Officer of the Trustee, the Trustee shall give the Holders of Securities
of such series notice of such default as and to the extent provided by the Trust Indenture Act;
provided, however, that in the case of any default of the character specified in Section 5.01(4)
with respect to Securities of such series, no such notice to Holders shall be given until at least
30 days after the occurrence thereof; provided, further, that in the case of a default in payment
of principal of, premium, if any, or interest on, Securities of any Series, the Trustee may
withhold the notice if and so long as a committee of its Responsible Officers in good faith
determines that withholding the notice is in the interests of the Holders of Securities. For the
purpose of this Section, the term “default” means any event which is, or after notice or lapse of
time or both would become, an Event of Default with respect to Securities of such series.

Section 6.03 Certain Rights of Trustee.

     Subject to the provisions of Section 6.01:

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

     (2) any request or direction of the Company shall be sufficiently evidenced by a Company
Request or Company Order, and any resolution of the Board of Directors of the Company shall be
sufficiently evidenced by a Board Resolution of the Company thereof;

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

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

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

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

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

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

     (9) 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;

     (10) the rights, privileges, protections, immunities and benefits given to the Trustee,
including its rights to be indemnified, are extended to, and shall be enforceable by, the Trustee
in each of its capacities hereunder;

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

     (12) in no event shall the Trustee be responsible or liable for any 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 6.04 Not Responsible for Recitals or Issuance of Securities.

     The recitals contained herein and in the Securities, except the Trustee’s certificates of
authentication, shall be taken as the statements of the Company, and the Trustee does not assume
any responsibility for their correctness. The Trustee makes no representations as to the validity
or sufficiency of this Indenture or of the Securities. The Trustee shall not be accountable for
the use or application by the Company of Securities or the proceeds thereof.

Section 6.05 May Hold Securities.

     The Trustee, any Paying Agent, any Security Registrar or any other agent of the Company, in
its individual or any other capacity, may become the owner or pledgee of Securities

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and, subject to Sections 6.08 and 6.13, may otherwise deal with the Company with the same
rights it would have if it were not Trustee, Paying Agent, Security Registrar or such other agent.

Section 6.06 Money Held in Trust.

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

Section 6.07 Compensation and Reimbursement.

     The Company agrees

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

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

     (3) to indemnify each of the Trustee or any predecessor Trustee and their officers, directors,
employees, representatives and agents for, and to hold them harmless against, any and all
losses, liabilities, damages, claims or expenses including taxes (other than taxes imposed on the
income of the Trustee) incurred without negligence or willful misconduct on its part, arising out
of or in connection with the acceptance or administration of the trust or trusts hereunder,
including the costs and expenses of defending itself against any claim (whether asserted by the
Company, a Holder or any other Person) or liability in connection with the exercise or performance
of any of its powers or duties hereunder or in connection with enforcing the provisions of this
Section.

     When the Trustee incurs expenses or renders services in connection with an Event of Default
specified in Section 5.01(5) or Section 5.01(6), 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.

Section 6.08 Conflicting Interests.

     If the Trustee has or shall acquire a conflicting interest within the meaning of the Trust
Indenture Act, the Trustee shall either eliminate such interest or resign, to the extent and in the
manner provided by, and subject to the provisions of, the Trust Indenture Act and this Indenture.
To the extent permitted by the Trust Indenture Act, the Trustee shall not be deemed to have a

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conflicting interest by virtue of being a trustee under this Indenture with respect to
Securities of more than one series or a trustee under any other indenture, a fiscal agent under any
fiscal agency agreement or a warrant agent under any warrant agreement, of the Company.

Section 6.09 Corporate Trustee Required; Eligibility.

     There shall at all times be one (and only one) Trustee hereunder with respect to the
Securities of each series, which may be Trustee hereunder for Securities of one or more other
series. Each Trustee shall be a Person that is eligible pursuant to the Trust Indenture Act to act
as such, has a combined capital and surplus of at least $50,000,000 and has its Corporate Trust
Office in the Borough of Manhattan, The City of New York. If any such Person publishes reports of
condition at least annually, pursuant to law or to the requirements of its supervising or examining
authority, then for the purposes of this Section and to the extent permitted by the Trust Indenture
Act, the combined capital and surplus of such Person shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published. If at any time the
Trustee with respect to the Securities of any series shall cease to be eligible in accordance with
the provisions of this Section, it shall resign immediately in the manner and with the effect
hereinafter specified in this Article.

Section 6.10 Resignation and Removal; Appointment of Successor.

     No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to
this Article shall become effective until the acceptance of appointment by the successor Trustee in
accordance with the applicable requirements of Section 6.11.

     The Trustee may resign with 30 days’ prior notice with respect to the Securities of one or
more series by giving written notice thereof to the Company. If the instrument of acceptance by a
successor Trustee required by Section 6.11 shall not have been delivered to the Trustee within 60
days after the giving of such notice of resignation, the resigning Trustee may petition, at the
expense of the Company, any court of competent jurisdiction for the appointment of a successor
Trustee with respect to the Securities of such series.

     The Trustee may be removed with 30 days’ prior written notice with respect to the Securities
of any series by Act of the Holders of a majority in principal amount of the Outstanding Securities
of such series, delivered to the Trustee and to the Company. If the instrument of acceptance by a
successor Trustee required by Section 6.11 shall not have been delivered to the Trustee within 30
days after the giving of a notice of removal pursuant to this paragraph, the Trustee being removed
may petition, at the expense of the Company, any court of competent jurisdiction for the
appointment of a successor Trustee with respect to the Securities of such series.

     If at any time:

     (1) the Trustee shall fail to comply with Section 6.08 after written request therefor by the
Company or by any Holder who has been a bona fide Holder of a Security for at least six months, or

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     (2) the Trustee shall cease to be eligible under Section 6.09 and shall fail to resign after
written request therefor by the Company or by any such Holder, or

     (3) the Trustee shall become incapable of acting 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, (A) the Company by a Board Resolution may remove the Trustee with respect
to all Securities, or (B) subject to Section 5.14, any Holder who has been a bona fide Holder of a
Security for at least six months may, on behalf of himself and all others similarly situated,
petition any court of competent jurisdiction for the removal of the Trustee with respect to all
Securities and the appointment of a successor Trustee or Trustees.

     If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall
occur in the office of Trustee for any cause, with respect to the Securities of one or more series,
the Company, by a Board Resolution, shall promptly appoint a successor Trustee or Trustees with
respect to the Securities of that or those series (it being understood that any such successor
Trustee may be appointed with respect to the Securities of one or more or all of such series and
that at any time there shall be only one Trustee with respect to the Securities of any particular
series) and shall comply with the applicable requirements of Section 6.11. If, within one year
after such resignation, removal or incapability, or the occurrence of such vacancy, a successor
Trustee with respect to the Securities of any series shall be appointed by Act of the Holders of a
majority in principal amount of the Outstanding Securities of such series delivered to the Company
and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance
of such appointment in accordance with the applicable requirements of Section 6.11, become the
successor Trustee with respect to the Securities of such series and to that extent supersede the
successor Trustee appointed by the Company. If no successor Trustee with respect to the Securities
of any series shall have been so appointed by the Company or the Holders and accepted appointment
in the manner required by Section 6.11, any Holder who has been a bona fide Holder of a Security of
such series for at least six months may, on behalf of himself and all others similarly situated,
petition any court of competent jurisdiction for the appointment of a successor Trustee with
respect to the Securities of such series.

     The Company shall give notice of each resignation and each removal of the Trustee with respect
to the Securities of any series and each appointment of a successor Trustee with respect to the
Securities of any series to all Holders of Securities of such series in the manner provided in
Section 1.06. Each notice shall include the name of the successor Trustee with respect to the
Securities of such series and the address of its Corporate Trust Office.

Section 6.11 Acceptance of Appointment by Successor.

     In case of the appointment hereunder of a successor Trustee with respect to all Securities,
every such successor Trustee so appointed shall execute, acknowledge and deliver to the Company and
to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or
removal of the retiring Trustee shall become effective and such successor Trustee, without any
further act, deed or conveyance, shall become vested with all the rights,

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powers, trusts and duties of the retiring Trustee; but, on the request of the Company or the
successor Trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an
instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring
Trustee and shall duly assign, transfer and deliver to such successor Trustee all property and
money held by such retiring Trustee hereunder.

     In case of the appointment hereunder of a successor Trustee with respect to the Securities of
one or more (but not all) series, the Company, the retiring Trustee and each successor Trustee with
respect to the Securities of one or more series shall execute and deliver an indenture supplemental
hereto wherein each successor Trustee shall accept such appointment and which (1) shall contain
such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each
successor Trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to
the Securities of that or those series to which the appointment of such successor Trustee relates,
(2) if the retiring Trustee is not retiring with respect to all Securities, shall contain such
provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts
and duties of the retiring Trustee with respect to the Securities of that or those series as to
which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and
(3) shall add to or change any of the provisions of this Indenture as shall be necessary to provide
for or facilitate the administration of the trusts hereunder by more than one Trustee, it being
understood that nothing herein or in such supplemental indenture shall constitute such Trustees
co-trustees of the same trust and that each such Trustee shall be trustee of a trust or trusts
hereunder separate and apart from any trust or trusts hereunder administered by any other such
Trustee; and upon the execution and delivery of such supplemental indenture the resignation or
removal of the retiring Trustee shall become effective to the extent provided therein and each such
successor Trustee, without any further act, deed or conveyance, shall become vested with all the
rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or
those series to which the appointment of such successor Trustee relates; but, on request of the
Company or any successor Trustee, such retiring Trustee shall duly assign, transfer and deliver to
such successor Trustee all property and money held by such retiring Trustee hereunder with respect
to the Securities of that or those series to which the appointment of such successor Trustee
relates.

     Upon request of any such successor Trustee, the Company shall execute any and all instruments
for more fully and certainly vesting in and confirming to such successor Trustee all such rights,
powers and trusts referred to in the first or second preceding paragraph, as the case may be.

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

Section 6.12 Merger, Conversion, Consolidation or Succession to Business.

     Any corporation into which the Trustee may be merged or converted or with which it may be
consolidated, or any corporation resulting from any merger, conversion or consolidation to which
the Trustee shall be a party, or any corporation succeeding to all or substantially all the
corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided
such corporation shall be otherwise qualified and eligible under this Article, without the

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execution or filing of any paper or any further act on the part of any of the parties hereto.
In case any Securities shall have been authenticated, but not delivered, by the Trustee then in
office, any successor by merger, conversion or consolidation to such authenticating Trustee may
adopt such authentication and deliver the Securities so authenticated with the same effect as if
such successor Trustee had itself authenticated such Securities.

Section 6.13 Preferential Collection of Claims Against Company.

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

ARTICLE SEVEN

HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY

Section 7.01 Company to Furnish Trustee Names and Addresses of Holders.

     The Company will furnish or cause to be furnished to the Trustee

     (1) semi-annually, not later than May 15 and November 15 in each year, a list, in such form as
the Trustee may reasonably require, of the names and addresses of the Holders of Securities of each
series as of the immediately preceding May 1 or November 1, as the case may be, and

     (2) at such other times as the Trustee may request in writing, within 30 days after the
receipt by the Company of any such request, a list of similar form and content as of a date not
more than 15 days prior to the time such list is furnished;

excluding from any such list names and addresses received by the Trustee in its capacity as
Security Registrar.

	Section 7.02 Preservation of Information; Communications to Holders.

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

     The rights of Holders to communicate with other Holders with respect to their rights under
this Indenture or under the Securities, and the corresponding rights and privileges of the Trustee,
shall be as provided by the Trust Indenture Act.

     Every Holder of Securities, by receiving and holding the same, agrees with the Company and the
Trustee that none of the Company or the Trustee or any agent of any of them shall be held
accountable by reason of any disclosure of information as to names and addresses of Holders made
pursuant to the Trust Indenture Act.

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Section 7.03 Reports by Trustee.

     The Trustee shall transmit to Holders such reports concerning the Trustee and its actions
under this Indenture as may be required pursuant to the Trust Indenture Act at the times and in the
manner provided pursuant thereto.

     Reports so required to be transmitted at stated intervals of not more than 12 months shall be
transmitted no later than July 1 and shall be dated as of May 1 in each calendar year, commencing
in 2011.

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

Section 7.04 Reports by Company.

     The Company shall file with the Trustee and the Commission, and transmit to Holders, such
information, documents and other reports, and such summaries thereof, as may be required pursuant
to the Trust Indenture Act, if any, at the times and in the manner provided pursuant to such Act;
provided that any such information, documents or reports required to be filed with the Commission
pursuant to Section 13 or 15(d) of the Exchange Act need not be filed with the Trustee until the
15th day after the same are actually filed with the Commission.

ARTICLE EIGHT

CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE

Section 8.01 Company May Consolidate, Etc., Only on Certain Terms.

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

     (1) in case the Company shall consolidate with or merge into another Person or convey,
transfer or lease its properties and assets substantially as an entirety to any Person, the Person
formed by such consolidation or into which the Company is merged or the Person which acquires by
conveyance or transfer, or which leases, the properties and assets of the Company substantially as
an entirety shall be a corporation, partnership or trust, shall be organized and validly existing
under the laws of the United States or any state or political subdivision thereof (the Company or
such Person, as the case may be, being herein called the “Successor Company”) and shall expressly
assume, by an indenture supplemental hereto, executed and delivered to the Trustee, the due and
punctual payment of the principal of and any premium and interest on all the Securities and the
performance or observance of every covenant of this Indenture on the part of the Company to be
performed or observed;

     (2) immediately after giving effect to such transaction and treating any indebtedness which
becomes an obligation of the Successor Company or any Subsidiary of the Successor

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Company as a result of such transaction as having been incurred by the Successor Company or
such Subsidiary at the time of such transaction, no Event of Default, and no event which, after
notice or lapse of time or both, would become an Event of Default, shall have happened and be
continuing; and

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

Section 8.02 Successor Substituted.

     Upon any consolidation of the Company with, or merger of the Company into, any other Person or
any conveyance, transfer or lease of the properties and assets of the Company substantially as an
entirety in accordance with Section 8.01, the Successor Company shall succeed to, and be
substituted for, and may exercise every right and power of, the Company under this Indenture with
the same effect as if such Successor Person had been named as the Company herein, and thereafter,
except in the case of a lease, the predecessor Person shall be relieved of all obligations and
covenants under this Indenture and the Securities.

ARTICLE NINE

SUPPLEMENTAL INDENTURES

Section 9.01 Supplemental Indentures Without Consent of Holders.

     Except as may otherwise be provided pursuant to Section 3.01 for all or any specific
Securities of any series, without the consent of any Holders, the Company, when authorized by its
Board Resolutions, and the Trustee, at any time and from time to time, may enter into one or more
indentures supplemental hereto, for any of the following purposes:

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

     (2) to add to the covenants of the Company for the benefit of the Holders of all or any
Securities of any series (and if such covenants are to be for the benefit of less than all
Securities of any series, stating that such covenants are expressly being included solely for the
benefit of such Securities within such series) or to surrender any right or power herein conferred
upon the Company with regard to all or any Securities of any series (and if any such surrender is
to be made with regard to less than all Securities of any series, stating that such surrender is
expressly being made solely with regard to such Securities within such series); or

     (3) to add any additional Events of Default for the benefit of the Holders of all or any
Securities of any series (and if such additional Events of Default are to be for the benefit of
less than all Securities of any series, stating that such additional Events of Default are
expressly being included solely for the benefit of such Securities within such series); or

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     (4) to add to or change any of the provisions of this Indenture to such extent as shall
be necessary to permit or facilitate the issuance of Securities in definitive form, registrable or
not registrable as to principal, and with or without interest coupons, or to permit or facilitate
the issuance of Securities in global form; or

     (5) to add to, change or eliminate any of the provisions of this Indenture in respect of all
or any Securities of any series (and if such addition, change or elimination is to apply with
respect to less than all Securities of any series, stating that it is expressly being made to apply
solely with respect to such Securities within such series), provided that any such addition, change
or elimination (A) shall neither (i) apply to any Security issued prior to the execution of such
supplemental indenture and entitled to the benefit of such provision nor (ii) modify the rights of
the Holder of any such Security with respect to such provision or (B) shall become effective only
when there is no such Security Outstanding; or

     (6) to secure the Securities pursuant to the requirements of Section 8.01(3) or Section 10.05
or otherwise; or

     (7) to establish the form or terms of all or any Securities of any series as permitted by
Sections 2.01 and 3.01; or

     (8) to evidence and provide for the acceptance of appointment hereunder by a successor Trustee
with respect to the Securities of one or more series and to add to or change any of the provisions
of this Indenture as shall be necessary to provide for or facilitate the administration of the
trusts hereunder by more than one Trustee, pursuant to the requirements of Section 6.11; or

     (9) 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 securities or other property other than Securities of the
same series and of like tenor, in order to permit or facilitate the issuance, payment of such
Securities; or

     (10) to cure any ambiguity, to correct or supplement any provision herein which may be
defective or inconsistent with any other provision herein, or to make any other provisions with
respect to matters or questions arising under this Indenture, provided that such action pursuant to
this Clause (10) shall not adversely affect the interests of the Holders of any Securities in any
material respect.

Section 9.02 Supplemental Indentures With Consent of Holders.

     Except as may otherwise be provided pursuant to Section 3.01 for all or any specific
Securities of any series, with the consent of the Holders of a majority in principal amount of all
Outstanding Securities affected by such supplemental indenture, considered together as one class
for this purpose (such affected Securities may be Securities of the same or different series and,
with respect to any series, may comprise fewer than all the Securities of such series), by Act of
said Holders delivered to the Company and the Trustee, the Company, when authorized by its Board
Resolutions, and the Trustee may enter into an indenture or indentures supplemental hereto for the
purpose of adding any provisions to or changing in any manner or eliminating any
of the provisions of this Indenture or of modifying in any manner the rights of the Holders of

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such affected Securities under this Indenture; provided, however, that no such supplemental
indenture shall, without the consent of the Holder of each Outstanding Security affected thereby,

     (1) change the Stated Maturity of the principal of, or any installment of principal of or
interest on, any Security, or reduce the principal amount thereof or the rate of interest thereon
or any premium payable upon the redemption thereof, or reduce the amount of the principal of any
other Security which would be due and payable upon a declaration of acceleration of the Maturity
thereof pursuant to Section 5.02, or permit the Company to redeem any Security if, absent such
supplemental indenture, the Company would not be permitted to do so, or change any Place of Payment
where, or the coin or currency in which, any Security or any premium or interest thereon is
payable, or impair the right to institute suit for the enforcement of any such payment on or after
the Stated Maturity thereof (or, in the case of redemption, on or after the Redemption Date), or

     (2) if any Security provides that the Holder may require the Company to repurchase or convert
such Security, impair such Holder’s right to require repurchase of such Security on the terms
provided therein, or

     (3) reduce the percentage in principal amount of any Outstanding Securities (considered
separately or together as one class, as applicable, and whether comprising the same or different
series or less than all the Securities of a series), the consent of whose Holders is required for
any such supplemental indenture, or the consent of whose Holders is required for any waiver (of
compliance with certain provisions of this Indenture or certain defaults hereunder and their
consequences) provided for in this Indenture, or

     (4) modify any of the provisions of this Section, Section 5.13 or Section 10.06, except to
increase any such percentage or to provide that certain other provisions of this Indenture cannot
be modified or waived without the consent of the Holder of each Outstanding Security affected
thereby; provided, however, that this clause shall not be deemed to require the consent of any
Holder with respect to changes in the references to “the Trustee” and concomitant changes in this
Section and Section 10.06, or the deletion of this proviso, in accordance with the requirements of
Sections 6.11 and 9.01(8).

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

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

Section 9.03 Execution of Supplemental Indentures.

     In executing, or accepting the additional trusts created by, any supplemental indenture
permitted by this Article or the modifications thereby of the trusts created by this Indenture, the
Trustee shall be entitled to receive, and (subject to Section 6.01) shall be fully protected in

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relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is
authorized or permitted by this Indenture. The Trustee may, but shall not be obligated to, enter
into any such supplemental indenture which affects the Trustee’s own rights, duties or immunities
under this Indenture or otherwise.

Section 9.04 Effect of Supplemental Indentures.

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

Section 9.05 Conformity with Trust Indenture Act.

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

Section 9.06 Reference in Securities to Supplemental Indentures.

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

ARTICLE TEN

COVENANTS

Section 10.01 Payment of Principal, Premium and Interest.

     The Company covenants and agrees for the benefit of each series of Securities that it will
duly and punctually pay the principal of and any premium and interest on the Securities of that
series in accordance with the terms of the Securities and this Indenture.

Section 10.02 Maintenance of Office or Agency.

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

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at
the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent
to receive all such presentations, surrenders, notices and demands.

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

     With respect to any Global Security, and except as otherwise may be specified for such Global
Security as contemplated by Section 3.01, the Corporate Trust Office of the Trustee shall be the
Place of Payment where such Global Security may be presented or surrendered for payment or for
registration of transfer or exchange, or where successor Securities may be delivered in exchange
therefor, provided, however, that any such payment, presentation, surrender or delivery effected
pursuant to the Applicable Procedures of the Depositary for such Global Security shall be deemed to
have been effected at the Place of Payment for such Global Security in accordance with the
provisions of this Indenture.

Section 10.03 Money for Securities Payments to Be Held in Trust.

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

     Whenever the Company shall have one or more Paying Agents for any series of Securities, it
will, prior to each due date of the principal of or any premium or interest on any Securities of
that series, deposit (or, if the Company has deposited any trust funds with a trustee pursuant to
Section 13.04(1), cause such trustee to deposit) with a Paying Agent a sum sufficient to pay such
amount, such sum to be held as provided by the Trust Indenture Act, and (unless
such Paying Agent is the Trustee) the Company will promptly notify the Trustee of its action
or failure so to act.

     The Company will cause each Paying Agent for any series of Securities other than the Trustee
to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the
Trustee, subject to the provisions of this Section, that such Paying Agent will (1) comply with the
provisions of the Trust Indenture Act applicable to it as a Paying Agent and (2) during the
continuance of any default by the Company (or any other obligor upon the Securities of that series)
in the making of any payment in respect of the Securities of that series, upon the written request
of the Trustee, forthwith pay to the Trustee all sums held in trust by such Paying Agent for
payment in respect of the Securities of that series.

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

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

Section 10.04 Statement by Officers as to Default.

     The Company will deliver to the Trustee, within 120 days after the end of each fiscal year of
the Company ending after the date hereof, an Officers’ Certificate, stating whether or not to the
best knowledge of the signers thereof the Company is in default in the performance and observance
of any of the terms, provisions and conditions of this Indenture (without regard to any period of
grace or requirement of notice provided hereunder) and, if the Company shall be in default,
specifying all such defaults and the nature and status thereof of which they may have knowledge.

Section 10.05 Restrictions Upon Sale or Issuance of Voting Capital Stock of Certain Subsidiaries.

     The Company will not, and will not permit any Subsidiary to, sell, assign, pledge, transfer or
otherwise dispose of, or permit any Designated Subsidiary to issue, any shares of voting Capital
Stock of, or any securities convertible into voting Capital Stock of, any Designated Subsidiary or
any shares of voting Capital Stock of any Subsidiary owning, directly or indirectly, in whole or in
part, voting Capital Stock of any Designated Subsidiary, except:

     (1) any sale, assignment, pledge, transfer or other disposition or issuance made, in the
minimum amount required by law, to any person for the purpose of the qualification of such person
to serve as a director;

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     (2) any sale, assignment, pledge, transfer or other disposition or issuance if, after giving
effect to such disposition and to the issuance of any shares issuable upon conversion or exchange
of securities convertible or exchangeable into voting Capital Stock, the Company would own directly
or indirectly through other Subsidiaries not less than 80% of the shares of each class of voting
Capital Stock of any Designated Subsidiary;

     (3) any sale, assignment, pledge, transfer or other disposition or issuance made in compliance
with an order or direction of a court or regulatory authority of competent jurisdiction;

     (4) any sale by any Designated Subsidiary of additional shares of voting Capital Stock to its
stockholders at any price, so long as (a) prior to such sale the Company owns, directly or
indirectly, shares of the same class and (b) immediately after such sale, the percentage of the
shares of such class of voting Capital Stock owned by the Company shall not have been reduced; or

     (5) any merger or consolidation of any Designated Subsidiary with any banking institution
organized under the laws of the United States, any state thereof or the District of Columbia, so
long as (i) after giving effect to such merger or consolidation the Company would own, directly or
indirectly through other Subsidiaries, not less than 80% of the shares of each class of voting
Capital Stock of such other banking institution, and (ii) immediately after giving effect thereto
and treating any such resulting bank thereafter as a Designated Subsidiary hereunder, no Event of
Default, and no event which, after notice or lapse of time or both, would become an Event of
Default, shall have happened and be continuing.

Section 10.06 Waiver of Certain Covenants.

     Except as otherwise provided pursuant to Section 3.01 for all or any Securities of any series,
the Company may, with respect to all or any Securities of any series, omit in any particular
instance to comply with any term, provision or condition set forth in any covenant provided
pursuant to Section 3.01(18), 9.01(2) or 9.01(7) for the benefit of the Holders of such Securities
or in Article Eight or Section 10.05 if, before the time for such compliance, the Holders of a
majority in principal amount of all Outstanding Securities affected by such waiver,
considered together as one class for this purpose (such affected Securities may be Securities
of the same or different series and, with respect to any particular series, may comprise fewer than
all the Securities of such series), shall, by Act of such Holders, either waive such compliance in
such instance or generally waive compliance with such term, provision or condition, but no such
waiver shall extend to or affect such term, provision or condition except to the extent so
expressly waived, and, until such waiver shall become effective, the obligations of the Company and
the duties of the Trustee in respect of any such term, provision or condition shall remain in full
force and effect.

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ARTICLE ELEVEN

REDEMPTION OF SECURITIES

Section 11.01 Applicability of Article.

     Securities of any series which are redeemable before their Stated Maturity shall be redeemable
in accordance with their terms and (except as otherwise specified as contemplated by Section 3.01
for such Securities) in accordance with this Article.

Section 11.02 Election to Redeem; Notice to Trustee.

     The election of the Company to redeem any Securities shall be established in or pursuant to a
Board Resolution or in another manner specified as contemplated by Section 3.01 for such
Securities. In case of any redemption at the election of the Company of less than all the
Securities of any series (including any such redemption affecting only a single Security), the
Company shall, at least 60 days prior to the Redemption Date fixed by the Company (unless a shorter
notice shall be satisfactory to the Trustee), notify the Trustee of such Redemption Date, of the
principal amount of Securities of such series to be redeemed and, if applicable, of the tenor of
the Securities to be redeemed. In the case of any redemption of Securities prior to the expiration
of any restriction on such redemption provided in the terms of such Securities or elsewhere in this
Indenture, the Company shall furnish the Trustee with an Officers’ Certificate evidencing
compliance with such restriction.

Section 11.03 Selection by Trustee of Securities to Be Redeemed.

     If less than all the Securities of any series are to be redeemed (unless all the Securities of
such series and of a specified tenor are to be redeemed or unless such redemption affects only a
single Security), the particular Securities to be redeemed shall be selected not more than 60 days
prior to the Redemption Date by the Trustee, from the Outstanding Securities of such series not
previously called for redemption, by such method as the Trustee shall deem fair and appropriate,
and otherwise in accordance with the procedures of the Depositary, and which may provide for the
selection for redemption of a portion of the principal amount of any Security of such series,
provided that the unredeemed portion of the principal amount of any Security shall be in an
authorized denomination (which shall not be less than the minimum authorized denomination) for
such Security. If less than all the Securities of such series and of a specified tenor are to be
redeemed (unless such redemption affects only a single Security), the particular Securities to be
redeemed shall be selected not more than 60 days prior to the Redemption Date by the Trustee, from
the Outstanding Securities of such series and specified tenor not previously called for redemption
in accordance with the preceding sentence.

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

     The provisions of the two preceding paragraphs shall not apply with respect to any redemption
affecting only a single Security, whether such Security is to be redeemed in whole or in part. In
the case of any such redemption in part, the unredeemed portion of the principal

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amount of the
Security shall be in an authorized denomination (which shall not be less than the minimum
authorized denomination) for such Security.

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

Section 11.04 Notice of Redemption.

     Notice of redemption shall be given in accordance with the applicable policies of the
depositary in effect from time to time not less than 30 days nor more than 60 days prior to the
Redemption Date (or within such period as otherwise specified as contemplated by Section 3.01 for
the relevant Securities), to each Holder of Securities to be redeemed, at his address appearing in
the Security Register.

     All notices of redemption shall identify the Securities to be redeemed (including CUSIP
numbers, if any) and shall state:

     (1) the Redemption Date,

     (2) the Redemption Price,

     (3) if less than all the Outstanding Securities of any series consisting of more than a single
Security are to be redeemed, the identification (and, in the case of partial redemption of any such
Securities, the principal amounts) of the particular Securities to be redeemed and, if less than
all the Outstanding Securities of any series consisting of a single Security are to be redeemed,
the principal amount of the particular Security to be redeemed,

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

     (5) the place or places where each such Security is to be surrendered for payment of the
Redemption Price, and

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

     Notice of redemption of Securities to be redeemed at the election of the Company shall be
given by the Company or, at the Company’s request delivered at least ten days prior to the date
such notice is to be given (unless a shorter period shall be acceptable to the Trustee, which
acceptance shall not be unreasonably withheld), by the Trustee in the name and at the expense of
the Company and shall be irrevocable.

Section 11.05 Deposit of Redemption Price.

     Prior to any Redemption Date, the Company shall deposit with the Trustee or with a Paying
Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust

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as
provided in Section 10.03) an amount of money sufficient to pay the Redemption Price of, and
(except if the Redemption Date shall be an Interest Payment Date) accrued interest on, all the
Securities which are to be redeemed on that date, other than any Securities called for redemption
on that date which have been converted prior to the date of such deposit.

     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 3.07 or in the terms of such Security) be
paid to the Company upon Company Request or, if then held by the Company, shall be discharged from
such trust.

Section 11.06 Securities Payable on Redemption Date.

     Notice of redemption having been given as aforesaid, the Securities so to be redeemed shall,
on the Redemption Date, become due and payable at the Redemption Price therein specified, and from
and after such date (unless the Company shall default in the payment of the Redemption Price and
accrued interest) such Securities shall cease to bear interest. Upon surrender of any such
Security for redemption in accordance with said notice, such Security shall be paid by the Company
at the Redemption Price, together with accrued and unpaid interest to the Redemption Date;
provided, however, that, unless otherwise specified as contemplated by Section 3.01, installments
of interest whose Stated Maturity is on or prior to the Redemption Date will be payable to the
Holders of such Securities, or one or more Predecessor Securities, registered as such at the close
of business on the relevant Record Dates according to their terms and the provisions of Section
3.07.

     If any Security called for redemption shall not be so paid upon surrender thereof for
redemption, the principal and any premium shall, until paid, bear interest from the Redemption Date
at the rate prescribed therefor in the Security.

Section 11.07 Securities Redeemed in Part.

     Any Security which is to be redeemed only in part shall be surrendered at a Place of Payment
therefor (with, if the Company or the Trustee so requires, due endorsement by, or a written
instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the
Holder thereof or his attorney duly authorized in writing), and the Company shall execute, and the
Trustee shall authenticate and deliver to the Holder of such Security without service charge, a new
Security or Securities of the same series and of like tenor, of any authorized denomination as
requested by such Holder, in aggregate principal amount equal to and in exchange for the unredeemed
portion of the principal of the Security so surrendered.

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ARTICLE TWELVE

SINKING FUNDS

Section 12.01 Applicability of Article.

     The provisions of this Article shall be applicable to any sinking fund for the retirement of
Securities of any series except as otherwise specified as contemplated by Section 3.01 for such
Securities.

     The minimum amount of any sinking fund payment provided for by the terms of any Securities is
herein referred to as a “mandatory sinking fund payment”, and any payment in excess of such minimum
amount provided for by the terms of such Securities is herein referred to as an “optional sinking
fund payment”. If provided for by the terms of any Securities, the cash amount of any sinking fund
payment may be subject to reduction as provided in Section 12.02. Each sinking fund payment shall
be applied to the redemption of Securities as provided for by the terms of such Securities.

Section 12.02 Satisfaction of Sinking Fund Payments with Securities.

     The Company (1) may deliver Outstanding Securities of a series (other than any previously
called for redemption) and (2) may apply as a credit Securities of a series which have been
converted in accordance with their terms or which have been redeemed either at the election of the
Company pursuant to the terms of such Securities or through the application of permitted optional
sinking fund payments pursuant to the terms of such Securities, in each case in satisfaction of all
or any part of any sinking fund payment with respect to any Securities of such series required to
be made pursuant to the terms of such Securities as and to the extent provided for by the terms of
such Securities; provided that the Securities to be so credited have not been previously so
credited. The Securities to be so credited shall be received and credited for such purpose by the
Trustee at the Redemption Price, as specified in the Securities so to be redeemed (or at such other
prices as may be specified for such Securities as contemplated in
Section 3.01), for redemption through operation of the sinking fund and the amount of such
sinking fund payment shall be reduced accordingly.

Section 12.03 Redemption of Securities for Sinking Fund.

     Not less than 90 days (or such shorter period as shall be satisfactory to the Trustee) prior
to each sinking fund payment date for any Securities, the Company will deliver to the Trustee an
Officers’ Certificate specifying the amount of the next ensuing sinking fund payment for such
Securities pursuant to the terms of such Securities, the portion thereof, if any, which is to be
satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by
delivering and crediting Securities pursuant to Section 12.02 and will also deliver to the Trustee
any Securities to be so delivered. Not less than 60 days prior to each such sinking fund payment
date, the Trustee shall select the Securities to be redeemed upon such sinking fund payment date in
the manner specified in Section 11.03 and cause notice of the redemption thereof to be given in the
name of and at the expense of the Company in the manner provided in Section 11.04.

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Such notice
having been duly given, the redemption of such Securities shall be made upon the terms and in the
manner stated in Sections 11.06 and 11.07.

ARTICLE THIRTEEN

DEFEASANCE AND COVENANT DEFEASANCE

Section 13.01 Company’s Option to Effect Defeasance or Covenant Defeasance.

     The Company may elect, at its option at any time, to have Section 13.02 or Section 13.03
applied to any Securities or any series of Securities, as the case may be, designated pursuant to
Section 3.01 as being defeasible pursuant to such Section 13.02 or 13.03, in accordance with any
applicable requirements provided pursuant to Section 3.01 and upon compliance with the conditions
set forth below in this Article. Any such election shall be evidenced by a Board Resolution of the
Company or in another manner specified as contemplated by Section 3.01 for such Securities.

Section 13.02 Defeasance and Discharge.

     Upon the Company’s exercise of its option (if any) to have this Section applied to any
Securities or any series of Securities, as the case may be, the Company shall be deemed to have
been discharged from its obligations with respect to such Securities, as provided in this Section
on and after the date the conditions set forth in Section 13.04 are satisfied (hereinafter called
“Defeasance”). For this purpose, such Defeasance means that the Company shall be deemed to have
paid and discharged the entire indebtedness represented by such Securities and to have satisfied
all its other obligations under such Securities and this Indenture insofar as such
Securities are concerned (and the Trustee, at the expense of the Company, shall execute proper
instruments acknowledging the same), subject to the following which shall survive until otherwise
terminated or discharged hereunder: (1) the rights of Holders of such Securities to receive,
solely from the trust fund described in Section 13.04 and as more fully set forth in such Section,
payments in respect of the principal of and any premium and interest on such Securities when
payments are due, (2) the Company’s obligations with respect to such Securities under Sections
3.04, 3.05, 3.06, 10.02, 10.03 and Article Fifteen, (3) the rights, powers, trusts, duties and
immunities of the Trustee hereunder and (4) this Article. Subject to compliance with this Article,
the Company may exercise its option (if any) to have this Section applied to any Securities,
notwithstanding the prior exercise of its option (if any) to have Section 13.03 applied to such
Securities.

Section 13.03 Covenant Defeasance.

     Upon the Company’s exercise of its option (if any) to have this Section applied to any
Securities or any series of Securities, as the case may be, (1) the Company shall be released from
its obligations under, Section 8.01 and Section 10.05, and any covenants provided pursuant to
Section 3.01(18), 9.01(2) or 9.01(7) for the benefit of the Holders of such Securities and (2) the
occurrence of any event specified in Sections 5.01(4) (with respect to any of Section 8.01 and
Section 10.05, and any such covenants provided pursuant to Section 3.01(18), 9.01(2) or 9.01(7))
shall be deemed not to be or result in an Event of Default, in each case with respect to such

-54-

 

Securities as provided in this Section on and after the date the conditions set forth in Section
13.04 are satisfied (hereinafter called “Covenant Defeasance”). For this purpose, such Covenant
Defeasance means that, with respect to such Securities, the Company may omit to comply with, and
the Company shall have no liability in respect of, any term, condition or limitation set forth in
any such specified Section (to the extent so specified in the case of Section 5.01(4)), whether
directly or indirectly by reason of any reference elsewhere herein to any such Section or by reason
of any reference in any such Section to any other provision herein or in any other document, but
the remainder of this Indenture and such Securities shall be unaffected thereby.

Section 13.04 Conditions to Defeasance or Covenant Defeasance.

     The following shall be the conditions to the application of Section 13.02 or Section 13.03 to
any Securities or any series of Securities, as the case may be:

     (1) The Company shall irrevocably have deposited or caused to be deposited with the Trustee
(or another trustee which satisfies the requirements contemplated by Section 6.09 and agrees to
comply with the provisions of this Article applicable to it) as trust funds in trust for the
purpose of making the following payments, specifically pledged as security for, and dedicated
solely to, the benefits of the Holders of such Securities, (A) money in an amount, or (B) U.S.
Government Obligations which through the scheduled payment of principal and interest in respect
thereof in accordance with their terms will provide, not later than one day before the due date of
any payment, money in an amount, or (C) such other obligations or arrangements as may be specified
as contemplated by Section 3.01 with respect to such Securities, or (D) a combination thereof, in
each case sufficient, in the opinion of a nationally recognized firm of independent public
accountants expressed in a written certification thereof delivered to the
Trustee, to pay and discharge, and which shall be applied by the Trustee (or any such other
qualifying trustee) to pay and discharge, the principal of and any premium and interest on such
Securities on the respective Stated Maturities, in accordance with the terms of this Indenture and
such Securities. As used herein, “U.S. Government Obligation” means (x) any security which is (i)
a direct obligation of the United States of America for the payment of which the full faith and
credit of the United States of America is pledged or (ii) an obligation of a Person controlled or
supervised by and acting as an agency or instrumentality of the United States of America the
payment of which is unconditionally guaranteed as a full faith and credit obligation by the United
States of America, which, in either case (i) or (ii), is not callable or redeemable at the option
of the issuer thereof, and (y) any depositary receipt issued by a bank (as defined in Section
3(a)(2) of the Securities Act) as custodian with respect to any U.S. Government Obligation which is
specified in Clause (x) above and held by such bank for the account of the holder of such
depositary receipt, or with respect to any specific payment of principal of or interest on any U.S.
Government Obligation which is so specified and held, provided that (except as required by law)
such custodian is not authorized to make any deduction from the amount payable to the holder of
such depositary receipt from any amount received by the custodian in respect of the U.S. Government
Obligation or the specific payment of principal or interest evidenced by such depositary receipt.

     (2) In the event of an election to have Section 13.02 apply to any Securities or any series of
Securities, as the case may be, the Company shall have delivered to the Trustee an Opinion of
Counsel stating that (A) the Company has received from, or there has been published

-55-

 

by, the
Internal Revenue Service a ruling or (B) since the date of this instrument, there has been a change
in the applicable Federal income tax law, in either case (A) or (B) to the effect that, and based
thereon such opinion shall confirm that, the Holders of such Securities will not recognize gain or
loss for Federal income tax purposes as a result of the deposit, Defeasance and discharge to be
effected with respect to such Securities and will be subject to Federal income tax on the same
amount, in the same manner and at the same times as would be the case if such deposit, Defeasance
and discharge were not to occur.

     (3) In the event of an election to have Section 13.03 apply to any Securities or any series of
Securities, as the case may be, the Company shall have delivered to the Trustee an Opinion of
Counsel to the effect that the Holders of such Securities will not recognize gain or loss for
Federal income tax purposes as a result of the deposit and Covenant Defeasance to be effected with
respect to such Securities and will be subject to Federal income tax on the same amount, in the
same manner and at the same times as would be the case if such deposit and Covenant Defeasance were
not to occur.

     (4) The Company shall have delivered to the Trustee an Officers’ Certificate to the effect
that neither such Securities nor any other Securities of the same series, if then listed on any
securities exchange, will be delisted as a result of such deposit.

     (5) No event which is, or after notice or lapse of time or both would become, an Event of
Default under Sections 5.01(5) and (6) with respect to such Securities shall have occurred.

     (6) Such Defeasance or Covenant Defeasance shall not cause the Trustee to have a conflicting
interest within the meaning of the Trust Indenture Act (assuming all Securities are in default
within the meaning of such Act).

     (7) Such Defeasance or Covenant Defeasance shall not result in a breach or violation of, or
constitute a default under, any other agreement or instrument to which the Company is a party or by
which it is bound.

     (8) The Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of
Counsel, each stating that all conditions precedent with respect to such Defeasance or Covenant
Defeasance have been complied with.

Section 13.05 Deposited Money and U.S. Government Obligations to Be Held in Trust; Miscellaneous
Provisions.

     Subject to the provisions of the last paragraph of Section 10.03, all money and U.S.
Government Obligations (including the proceeds thereof) deposited with the Trustee or other
qualifying trustee (solely for purposes of this Section and Section 13.06, the Trustee and any such
other trustee are referred to collectively as the “Trustee”) pursuant to Section 13.04 in respect
of any Securities shall be held in trust and applied by the Trustee, in accordance with the
provisions of such Securities and this Indenture, to the payment, either directly or through any
such Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may
determine, to the Holders of such Securities, of all sums due and to become due thereon in

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respect
of principal and any premium and interest, but money so held in trust need not be segregated from
other funds except to the extent required by law.

     The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed
on or assessed against the U.S. Government Obligations deposited pursuant to Section 13.04 or the
principal and interest received in respect thereof other than any such tax, fee or other charge
which by law is for the account of the Holders of Outstanding Securities.

     Anything in this Article to the contrary notwithstanding, the Trustee shall deliver or pay to
the Company from time to time upon Company Request any money or U.S. Government Obligations held by
it as provided in Section 13.04 with respect to any Securities which, in the opinion of a
nationally recognized firm of independent public accountants expressed in a written certification
thereof delivered to the Trustee, are in excess of the amount thereof which would then be required
to be deposited to effect the Defeasance or Covenant Defeasance, as the case may be, with respect
to such Securities.

Section 13.06 Reinstatement.

     If the Trustee or the Paying Agent is unable to apply any money in accordance with this
Article with respect to any Securities by reason of any order or judgment of any court or
governmental authority enjoining, restraining or otherwise prohibiting such application, then the
obligations under this Indenture and such Securities from which the Company has been discharged or
released pursuant to Section 13.02 or 13.03 shall be revived and reinstated as
though no deposit had occurred pursuant to this Article with respect to such Securities, until
such time as the Trustee or Paying Agent is permitted to apply all money held in trust pursuant to
Section 13.05 with respect to such Securities in accordance with this Article; provided, however,
that if the Company makes any payment of principal of or any premium or interest on any such
Security following such reinstatement of its obligations, the Company shall be subrogated to the
rights (if any) of the Holders of such Securities to receive such payment from the money so held in
trust.

ARTICLE FOURTEEN

[RESERVED]

ARTICLE FIFTEEN

REPAYMENT AT THE OPTION OF HOLDERS

Section 15.01 Applicability of Article.

     Securities of any series which are repayable at the option of the Holders thereof before their
Stated Maturity shall be repaid in accordance with the terms of the Securities of such series. The
repayment of any principal amount of Securities pursuant to such option of the Holder to require
repayment of Securities before their Stated Maturity, for purposes of Section 3.09, shall not
operate as a payment, redemption or satisfaction of the indebtedness represented by such Securities
unless and until the Company, at its option, shall deliver or surrender the same to the

-57-

 

Trustee
with a Company Order that such Securities be canceled. Notwithstanding anything to the contrary
contained in this Article Fifteen, in connection with any repayment of Securities, the Company may
arrange for the purchase of any Securities by an agreement with one or more investment bankers or
other purchasers to purchase such Securities by paying to the Holders of such Securities on or
before the close of business on the repayment date an amount not less than the repayment price
payable by the Company on repayment of such Securities, and the obligation of the Company to pay
the repayment price of such Securities shall be satisfied and discharged to the extent such payment
is so paid by such purchasers.

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

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

	 	 	 	 	 
	 	SANTANDER HOLDINGS USA, INC.

 	 
	 	By  	/s/ Juan Carlos Alvarez Soto
 	 
	 	 	Name:  	Juan Carlos Alvarez Soto 	 
	 	 	 	 
	 
	 	DEUTSCHE BANK TRUST COMPANY 

AMERICAS, as Trustee

 	 
	 	By:  	Deutsche Bank National Trust Company
 	 
	 	 	 	 
	 	By  	/s/ Cynthia J. Powell	 
	 	 	Name: 	Cynthia J. Powell	 
	 	 	 	 
	 	By  	/s/ Wanda Camacho	 
	 	 	Name: 	Wanda Camacho	 
	 

Signature Page to Indentureexv4w2

Exhibit 4.2

SANTANDER HOLDINGS USA, INC.

Company

to

DEUTSCHE BANK TRUST COMPANY AMERICAS

Trustee

First Supplemental Indenture

SENIOR DEBT SECURITIES

Dated as of April 19, 2011

 

 

TABLE OF CONTENTS

 

	 	 	 	 	 
	 	 	PAGE
	ARTICLE 1

Scope Of First Supplemental Indenture	 	 	 	 
	 
	 	 	 	 
	Section 1.01. Scope
	 	 	1	 
	 
	 	 	 	 
	ARTICLE 2

Definitions	 	 	 	 
	 
	 	 	 	 
	Section 2.01. Definitions and Other Provisions of General Application
	 	 	2	 
	 
	 	 	 	 
	ARTICLE 3

Form And Terms Of The Notes	 	 	 	 
	 
	 	 	 	 
	Section 3.01. Form and Dating
	 	 	2	 
	Section 3.02. Terms of the Notes
	 	 	2	 
	 
	 	 	 	 
	ARTICLE 4

Supplemental Indentures	 	 	 	 
	 
	 	 	 	 
	Section 4.01. Supplemental Indentures
	 	 	3	 
	 
	 	 	 	 
	ARTICLE 5

Miscellaneous	 	 	 	 
	 
	 	 	 	 
	Section 5.01. Trust Indenture Act of 1939
	 	 	4	 
	Section 5.02. Governing Law
	 	 	4	 
	Section 5.03. Duplicate Originals
	 	 	4	 
	Section 5.04. Separability
	 	 	4	 
	Section 5.05. Ratification
	 	 	4	 
	Section 5.06. Effectivenes
	 	 	4	 
	Section 5.07. Successors
	 	 	4	 
	Section 5.08. Trustee’s Disclaimer
	 	 	4	 
	 
	 	 	 	 
	EXHIBIT A — Form of 4.625% Senior Note due 2016
	 	 	A-1	 

i 

 

FIRST SUPPLEMENTAL INDENTURE

     FIRST SUPPLEMENTAL INDENTURE (this “First Supplemental Indenture”), dated as of April 19,
2011, between SANTANDER HOLDINGS USA, INC., a corporation duly organized and existing under the
laws of the Commonwealth of Virginia (the “Company”), having its principal office at 75 State
Street, Boston, Massachusetts 02109, and Deutsche Bank Trust Company Americas, a New York banking
corporation, having a corporate trust office at 60 Wall Street, 27th Floor, New York, New York,
10005, as Trustee (the “Trustee”).

RECITALS OF THE COMPANY

     WHEREAS, the Company and the Trustee executed and delivered an Indenture, dated as of April
19, 2011 (the “Base Indenture” and as supplemented by this First Supplemental Indenture, the
“Indenture”), to provide for the issuance by the Company from time to time of its unsecured
debentures, notes or other evidences of indebtedness (the “Securities”);

     WHEREAS, Sections 2.01, 3.01 and 9.01 of the Base Indenture provide that the Company, when
authorized by a Board Resolution, and the Trustee, at any time and from time to time, may enter
into one or more indentures supplemental to the Indenture, without the consent of any Holders, to,
among other things, establish the terms of Securities of any series as permitted by the Indenture;

     WHEREAS, the issuance and sale of $500,000,000 aggregate principal amount of a new series of
the Securities of the Company designated as its 4.625% Senior Notes due 2016 (the “Notes”) have
been authorized by resolutions adopted by the board of directors of the Company;

     WHEREAS, the Company desires to issue and sell $500,000,000 aggregate principal amount of the
Notes as of the date hereof;

     WHEREAS, the Company desires to establish the terms of the Notes;

     WHEREAS, all things necessary to make this First Supplemental Indenture a legal and binding
supplement to the Base Indenture in accordance with its terms and the terms of the Base Indenture
have been done;

     WHEREAS, the Company has complied with all conditions precedent provided for in the Base
Indenture relating to this First Supplemental Indenture; and

     WHEREAS, the Company has requested that the Trustee execute and deliver this First
Supplemental Indenture.

     NOW, THEREFORE:

     For and in consideration of the premises stated herein and the purchase of the Notes by the
Holders thereof, the Company and the Trustee covenant and agree, for the equal and proportionate
benefit of the Holders of the Notes, as follows:

ARTICLE 1

Scope Of First Supplemental Indenture

     Section 1.01. Scope. This First Supplemental Indenture constitutes a supplement to the Base Indenture and
an integral part of the Indenture and shall be read together with the Base Indenture as though all
the provisions thereof are contained in one instrument. Except as expressly amended by the First
Supplemental Indenture, the terms and provisions of the Base Indenture shall remain in full force
and effect. Notwithstanding the foregoing, this First Supplemental Indenture shall only apply to
the Notes.

 

 

ARTICLE 2

Definitions

     Section 2.01. Definitions and Other Provisions of General Application. For all purposes of this First
Supplemental Indenture unless otherwise specified herein:

     (a) all terms used in this First Supplemental Indenture which are not otherwise defined herein
shall have the meanings they are given in the Base Indenture;

     (b) the provisions of general application stated in Sections 1.02 through 1.15 of the Base
Indenture shall apply to this First Supplemental Indenture, except that the words “herein,”
“hereof,” “hereto” and “hereunder” and other words of similar import refer to this First
Supplemental Indenture as a whole and not to the Base Indenture or any particular Article, Section
or other subdivision of the Base Indenture or this First Supplemental Indenture;

     (c) Section 1.01 of the Base Indenture is amended and supplemented, solely with respect to the
Notes, by inserting the following additional defined term in its appropriate alphabetical position:

     “Issue Date” means April 19, 2011.

ARTICLE 3

Form And Terms Of The Notes

     Section 3.01. Form and Dating.

     (a) The Notes and the Certificate of Authentication shall be substantially in the form of
Exhibit A attached hereto. The Notes may have notations, a legend or legends or
endorsements as may be required to comply with any law or with any rules of any securities exchange
or usage. Each Note shall be dated the date of its authentication.

     (b) The terms contained in the Notes shall constitute, and are hereby expressly made, a part
of the Indenture as supplemented by this First Supplemental Indenture and the Company and the
Trustee, by their execution and delivery of this First Supplemental Indenture, expressly agree to
such terms and provisions and to be bound thereby.

     Section 3.02. Terms of the Notes. The following terms relating to the Notes are hereby established:

     (a) Title. The Notes shall constitute a series of Securities having the title “Santander
Holdings USA, Inc. 4.625% Senior Notes due 2016” and the CUSIP number “80282KAA4.”

     (b) Principal Amount. The aggregate principal amount of the Notes that may be authenticated
and delivered under the Indenture, as amended hereby, shall be $500,000,000 on the Issue Date.
Provided that no Event of Default has occurred and is continuing with respect to the Notes, the
Company may, without notice to or the consent of the Holders, create and issue additional
Securities having the same terms as, and ranking equally and ratably with, the Notes in all
respects and so that such additional Notes will be consolidated and form a single series with, and
have the same terms as to status, redemption or otherwise as, the Notes initially issued.

     (c) Person to Whom Interest is Payable. Interest payable, and punctually paid or duly
provided for, on any Interest Payment Date will be paid to the Person in whose name the Notes are
registered at the close of business on the Regular Record Date for such interest, which shall be at
the April 1 or October 1 (whether or not a Business Day), as the case may be, next preceding such
Interest Payment Date. Any such interest not so punctually paid or duly provided for will
forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to
the Person in whose name this Note is registered at the close of business on a Special Record Date

2

 

for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be
given to Holders of Notes of this series not less than 10 days prior to such Special Record Date,
or be paid at any time in any other lawful manner not inconsistent with the requirements of any
securities exchange on which the Notes may be listed and upon such notice as may be required by
such exchange, as provided for in the Base Indenture.

     (d) Maturity Date. The entire outstanding principal of the Notes shall be payable on April
19, 2016.

     (e) Interest. The rate at which the Notes shall bear interest shall be 4.625% per annum; the
date from which interest shall accrue on the Notes shall be April 19, 2011 or the most recent
Interest Payment Date to which interest has been paid or duly provided for; the Interest Payment
Dates for the Notes shall be April 19 and October 19 of each year, beginning October 19, 2011. In
the event that any scheduled Interest Payment Date for the Notes falls on a day that is not a
Business Day, then payment of interest payable on such Interest Payment Date shall be postponed to
the next succeeding day which is a Business Day (and no interest on such payment will accrue for
the period from and after such scheduled Interest Payment Date).

     (f) Place of Payment of Principal and Interest. Payment of the principal of (and premium, if
any) and interest on the Notes will be made at the office or agency of the Company maintained for
that purpose in New York, New York, in such coin or currency of the United States of America as
at the time of payment is legal tender for payment of public and private debts; provided, however,
that at the option of the Company payment of interest may be made by check mailed to the address of
the Person entitled thereto as such address shall appear in the Security Register.

     (g) Redemption. The Notes will not be subject to redemption at the Company’s option at any
time prior to maturity.

     (h) Sinking Fund. There shall be no sinking fund for the Notes.

     (i) Denomination. The Notes shall be in minimum denominations of $2,000 and integral
multiples of $1,000 in excess thereof.

     (j) Currency of the Notes. The Notes shall be denominated, and payment of principal and
interest of the Notes shall be payable in, the currency of the United States of America.

     (k) Currency of Payment. The principal of and interest on the Notes shall be payable in the
currency of the United States of America.

     (l) Defeasance. Article 13 of the Base Indenture shall apply to the Notes.

     (m) Registered Form. The Notes shall be issuable as registered Global Securities, and the
depositary for the Notes shall be the Depository Trust Company in The City of New York (“DTC”) or
any successor depositary appointed by the Company within 90 days of the termination of services of
DTC (or any successor to DTC). Sections 2.04 and 3.05 of the Base Indenture shall apply to the
Notes.

     (n) Covenants. The covenants set forth in Article 10 of the Base Indenture shall apply to the
Notes.

     (o) Additional Terms. Other terms applicable to the Notes are as otherwise provided for
below.

ARTICLE 4

Supplemental Indentures

     Section 4.01. Supplemental Indentures. The following paragraph shall be added to the end of Section 9.01 of
the Base Indenture and shall only apply to the Notes:

     Notwithstanding the foregoing, without the consent of any Holder of Securities, the Company
and the Trustee may amend or supplement the Indenture or the Securities to conform the terms of the
Indenture and the

3

 

Securities to the description of the Securities in the prospectus supplement dated April 14,
2011 relating to the offering of the Securities.

ARTICLE 5

Miscellaneous

     Section 5.01. Trust Indenture Act of 1939. This First Supplemental Indenture shall incorporate and be
governed by the provisions of the Trust Indenture Act that are required to be part of and to govern
indentures qualified under the Trust Indenture Act.

     Section 5.02. Governing Law. This First Supplemental Indenture and the Notes shall be governed by and
construed in accordance with the law of the State of New York, without regard to principles of
conflicts of law.

     Section 5.03. Duplicate Originals. The parties may sign any number of copies of this First Supplemental
Indenture. Each signed copy shall be an original, but all of them together represent the same
agreement.

     Section 5.04. Separability. In case any provision in this First Supplemental Indenture or the Notes shall
be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby.

     Section 5.05. Ratification. The Base Indenture, as supplemented and amended by this First Supplemental
Indenture, is in all respects ratified and confirmed. The Base Indenture and this First
Supplemental Indenture shall be read, taken and construed as one and the same instrument. All
provisions included in this First Supplemental Indenture supersede any conflicting provisions
included in the Base Indenture unless not permitted by law. The Trustee accepts the trusts created
by the Base Indenture, as supplemented by this First Supplemental Indenture, and agrees to perform
the same upon the terms and conditions of the Base Indenture, as supplemented by this First
Supplemental Indenture.

     Section 5.06. Effectiveness. The provisions of this First Supplemental Indenture shall become effective as
of the date hereof.

     Section 5.07. Successors. All agreements of the Company in this First Supplemental Indenture shall bind its
successors. All agreements of the Trustee in this First Supplemental Indenture shall bind its
successors.

     Section 5.08. Trustee’s Disclaimer. The recitals contained herein shall be taken as the statements of the
Company and the Trustee assumes no responsibility for their correctness. The Trustee shall not be
responsible in any manner whatsoever for or in respect of the validity or sufficiency of this First
Supplemental Indenture, the Notes, or for or in respect of the recitals contained herein, all of
which recitals are made solely by the Company.

[Remainder of page intentionally left blank.]

4

 

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

	 	 	 	 	 	 	 	 	 

	Attest	 	 	 	SANTANDER HOLDINGS USA, INC.

as the Company
	 
	 	 	 	 	 	 	 	 
	By:

	 	/s/
Christopher K. Pfirrman	 	 	 	By:	 	/s/
Juan Carlos Alvarez Soto 
	 

	 	 
	 	 	 	 	 	 
	 

	 	Name: Christopher K. Pfirrman
	 	 	 	 	 	Name: Juan Carlos Alvarez Soto
	 

	 	Title: Assistant Secretary
	 	 	 	 	 	Title: Corporate Treasurer

Signature Page to First Supplemental Indenture

 

 

	 	 	 	 	 
	 	DEUTSCHE BANK TRUST COMPANY AMERICAS,
as Trustee

 	 
	 	By:  	Deutsche Bank National Trust Company
 	 
	 	 	 
	 	By:  	/s/ Cynthia J. Powell	 
	 	 	Name: 	Cynthia J. Powell	 
	 	 	Title: 	Vice President	 
	 
	 	By:  	/s/ Wanda Camacho	 
	 	 	Name: 	Wanda Camacho	 
	 	 	Title: 	Vice President	 
	 

Signature Page to First Supplemental Indenture

 

 

EXHIBIT A

[FORM OF NOTE]

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND
IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED
IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART
MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF,
EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

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

THIS SECURITY IS NOT A DEPOSIT AND IS NOT INSURED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION, THE
BANK INSURANCE FUND, THE SAVINGS ASSOCIATION INSURANCE FUND OR ANY OTHER GOVERNMENTAL AGENCY.

SANTANDER HOLDINGS USA, INC.

4.625% Senior Notes due 2016

			
	 	 	 
	CUSIP No. 80282KAA4

ISIN: US80282KAA43

No. 1
	 	

$500,000,000

     Santander Holdings USA, Inc., a corporation duly organized and existing under the laws of the
Commonwealth of Virginia (herein called the “Company”, which term includes any successor Person
under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE &
CO., or registered assigns, the principal sum of $500,000,000 on April 19, 2016, and to pay
interest thereon from April 19, 2011 or from the most recent Interest Payment Date to which
interest has been paid or duly provided for, semi-annually on April 19 and October 19 in each year,
commencing October 19, 2011, and at the Maturity thereof, at the rate of 4.625% per annum, until
the principal hereof is paid or made available for payment, provided that any premium, and any such
installment of interest, which is overdue shall bear interest at the rate of 4.625% per annum (to
the extent that the payment of such interest shall be legally enforceable), from the dates such
overdue amounts are due until they are paid or duly provided for, and such interest on any overdue
installment shall be payable on demand. The interest so payable, and punctually paid or duly
provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the
Person in whose name this Security (or one or more Predecessor Securities) is registered at the
close of business on the Regular Record Date for such interest, which shall be the April 1 or
October 1 (whether or not a Business Day), as the case may be, next preceding such Interest Payment
Date. Any such interest so payable, but not punctually paid or duly provided for will forthwith
cease to be payable to the Holder on such Regular Record Date and may either be paid to the Person
in whose name this Security (or one or more Predecessor Securities) is registered at the close of
business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the
Trustee, notice whereof shall be given to Holders of Securities of this series not less than 10
days prior to such Special Record Date, or be paid at any time in any other lawful manner not
inconsistent with the requirements of any securities exchange on which this Security may be listed,
and upon such notice as may be required by such exchange, all as more fully provided in said
Indenture.

A-1

 

     Payment of the principal of (and premium, if any) and interest on this Security will be made
at the office or agency of the Company maintained for that purpose in New York, New York, which
shall initially be the principal office of the Trustee located therein, in such coin or currency of
the United States of America as at the time of payment is legal tender for payment of public and
private debts, against surrender of this Security in the case of any payment due at the Maturity of
the principal thereof (other than any payment of interest that first becomes payable on a day other
than an Interest Payment Date); provided, however, that at the option of the Company, payment of
interest may be made by check mailed to the address of the Person entitled thereto as such address
shall appear in the Security Register; and provided, further, that if this Security is a Global
Security, payment may be made pursuant to the Applicable Procedures of the Depositary as permitted
in said Indenture.

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

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

[Signature Page Follows]

A-2

 

     IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed.

Dated:

	 	 	 	 	 	 	 	 	 	 

	Attest	 	 	 	SANTANDER HOLDINGS USA, INC.

as the Company
	 
	 	 	 	 	 	 	 	 
	By:

	 	 	 	 	 	By:
	 	 
	 

	 	 
	 	 	 	 	 	 
	 

	 	Name:

Title:
	 	 	 	 	 	Name: 

Title: 

CERTIFICATE OF AUTHENTICATION

     This is one of the Securities of the series designated therein and referred to in the
Indenture referred to hereinafter.

Dated:

	 	 	 	 	 
	 	DEUTSCHE BANK TRUST COMPANY AMERICAS,
as Trustee

 	 
	 	By:  	Deutsche Bank National Trust Company
 	 
	 	 	 
	 	By:  	 	 
	 	 	 	 
	 	 	 	 

A-3

 

	 	 	 	 	 

[Reverse of Security]

     This Security is one of a duly authorized issue of securities of the Company (herein called
the “Securities”), issued and to be issued in one or more series under an Indenture, dated as of
April 19, 2011 (herein called the “Base Indenture”, which term shall have the meaning assigned to
it in such instrument), between the Company and Deutsche Bank Trust Company Americas, as Trustee
(herein called the “Trustee”, which term includes any successor trustee under the Indenture), as
supplemented by a First Supplemental Indenture, dated as of April 19, 2011, between the Company and
the Trustee (herein called the “First Supplemental Indenture” and, together with the Base
Indenture, the “Indenture”), and reference is hereby made to the Indenture for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of the Company, the
Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are
to be, authenticated and delivered. This Security is one of the series designated on the face
hereof, initially limited in aggregate principal amount of $500,000,000.

     The Securities of this series shall not be subject to redemption at any time prior to
maturity. The Securities of this series are not entitled to the benefit of any sinking fund.

     If an Event of Default with respect to Securities of this series shall occur and be
continuing, the principal of the Securities of this series may be declared due and payable in the
manner and with the effect provided in the Indenture.

     The Indenture contains provisions for defeasance at any time of the entire indebtedness of
this Security or certain restrictive covenants and Events of Default with respect to this Security,
in each case upon compliance with certain conditions set forth in the Indenture.

     The Indenture permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of the Company and the rights of the Holders of the
Securities to be affected under the Indenture at any time by the Company and the Trustee with the
consent of the Holders of a majority in principal amount of all Securities at the time Outstanding
to be affected, considered together as one class for this purpose (such Securities to be affected
may be Securities of the same or different series and, with respect to any series, may comprise
fewer than all the Securities of such series). The Indenture also contains provisions (i)
permitting the Holders of a majority in principal amount of the Securities at the time Outstanding
to be affected under the Indenture, considered together as one class for this purpose (such
affected Securities may be Securities of the same or different series and, with respect to any
particular series, may comprise fewer than all the Securities of such series), on behalf of the
Holders of all Securities so affected, to waive compliance by the Company with certain provisions
of the Indenture and (ii) permitting the Holders of a majority in principal amount of the
Securities at the time Outstanding of any series to be affected under the Indenture (with each such
series considered separately for this purpose), on behalf of the Holders of all Securities of such
series, to waive certain past defaults under the Indenture and their consequences. Any such consent
or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon
all future Holders of this Security and of any Security issued upon the registration of transfer
hereof or in exchange therefor or in lieu hereof, whether or not notation of such consent or waiver
is made upon this Security.

     As provided in and subject to the provisions of the Indenture, the Holder of this Security
shall not have the right to institute any proceeding with respect to the Indenture, or for the
appointment of a receiver or trustee, or for any other remedy thereunder, unless such Holder shall
have previously given the Trustee written notice of a continuing Event of Default with respect to
the Securities of this series, the Holders of not less than 25% in principal amount of the
Securities of this series at the time Outstanding shall have made written request to the Trustee to
institute proceedings in respect of such Event of Default as Trustee and offered the Trustee
indemnity and/or security satisfactory to it, and the Trustee shall not have received from the
Holders of a majority in principal amount of Securities of this series at the time Outstanding a
direction inconsistent with such request, and shall have failed to institute any such proceeding,
for 60 days after receipt of such notice, request and offer of indemnity and/or security. The
foregoing shall not apply to any suit instituted by the Holder of this Security for the enforcement
of any payment of principal hereof or any premium or interest hereon on or after the respective due
dates expressed herein.

A-4

 

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

     As provided in the Indenture and subject to certain limitations therein set forth, the
transfer of this Security is registrable in the Security Register, upon surrender of this Security
for registration of transfer at the office or agency of the Company in any place where the
principal of and any premium and interest on this Security are payable, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the Company and the
Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing,
and thereupon one or more new Securities of this series and of like tenor, of authorized
denominations and for the same aggregate principal amount, will be issued to the designated
transferee or transferees.

     The Securities of this series are issuable only in registered form without coupons in
denominations of $2,000 and in integral multiples of $1,000 in excess thereof. As provided in the
Indenture and subject to certain limitations therein set forth, Securities of this series are
exchangeable for a like aggregate principal amount of Securities of this series and of like tenor
of a different authorized denomination, as requested by the Holder surrendering the same.

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

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

     This Security is a Global Security and is subject to the provisions of the Indenture relating
to Global Securities, including the limitations in Section 3.05 thereof on transfers and exchanges
of Global Securities.

     The Indenture and this Security shall be governed by and construed in accordance with the law
of the State of New York, without regard to principles of conflicts of law.

     All terms used in this Security which are defined in the Indenture shall have the meanings
assigned to them in the Indenture.

A-5

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