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Exhibit 4.6    
    

REGISTRATION RIGHTS AGREEMENT  

 dated as of May 2, 2007  

 among  

 IHS INC.  

 and  

 TAK TENT L LIMITED  

1

   
        REGISTRATION RIGHTS AGREEMENT (this "Agreement") dated as of May 2, 2007 among IHS INC. (the
"Company"), a Delaware corporation, and TAK TENT L LIMITED ("Tak Tent-L"). 

W I T N E S S E T H: 

        WHEREAS,
immediately prior to and immediately after the reorganization (the "Trust Reorganization") of The Thyssen-Bornemisza Continuity
Trust, effective as of the date hereof, Tak Tent-L owned 3,500,000 shares of the Company's Class A Common Stock, par value $0.01 per share ("Class A
Common Stock"); and 

        WHEREAS,
Tak Tent-L desires to obtain certain rights with respect to the registration of its Registrable Securities (as defined below), subject to the terms and conditions
hereof; 

        NOW,
THEREFORE, in consideration of the foregoing, the parties hereto do hereby agree, as follows: 

ARTICLE 1
 DEFINITIONS 

        Section 1.01.    Definitions.    (a) The following terms, as used herein, have the following meanings: 

        "Board" means the board of directors of the Company. 

        "Business Day" means any day except a Saturday, Sunday or other day on which commercial banks in New York City are authorized by law to
close. 

        "Company Registration Expenses" means the fees and expenses incurred by the Company in connection with the performance of the Company's
obligations under this Agreement, including without limitation (i) registration and filing fees and any listing fees for any national securities exchange on which the Registrable Securities are
listed, (ii) fees and expenses of compliance with securities or blue sky laws (including fees and disbursements of counsel in connection with blue sky qualifications of Registrable Securities),
(iii) printing expenses, (iv) fees and disbursements of counsel for the Company and fees and expenses for independent certified public accountants retained by the Company,
(v) fees and expenses of any special experts retained by the Company in connection with such registration and (vi) fees and expenses in connection with any review of underwriting
arrangements by the National Association of Securities Dealers, Inc. 

        "Exchange Act" means the Securities Exchange Act of 1934, as amended. 

        "L Trust" means the trust which immediately after the Trust Reorganization owned, directly or indirectly, all of the outstanding equity
interests in Tak Tent-L. 

        "Holder" means, at any time, Tak Tent-L and any Permitted Transferee if, at such time, such Person then owns Registrable
Securities. 

        "Holder Registration Expenses," with respect to any Participating Holder in a sale of Registrable Securities hereunder, means the fees and
expenses incurred by such Participating Holder in connection with such sale, including without limitation (i) fees and expenses of counsel for such Participating Holder, (ii) broker or
underwriter fees, disbursements, discounts or commissions and transfer taxes, if any, attributable to the sale of Registrable Securities by such Participating Holder and (iii) any other
expenses, other than Company Registration Expenses, that are incident to such Participating Holder's participation in such sale. 

        "Participating Holders" means each Holder selling Registrable Securities hereunder at any given time. 

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        "Permitted Transferee" means (i) any trust, so long as one (or more) of the beneficiaries of the L Trust is the principal
beneficiary (or are the principal beneficiaries) of such trust, (ii) any corporate entity(ies), partnership(s) or other similar entity(ies), that is majority-owned, directly or indirectly, by
the L Trust or any trust referred to in (i) above and (iii) any beneficiary of the L Trust, or any spouse or child (including step or adoptive children) of such beneficiary. 

        "Person" means an individual, corporation, partnership, association, trust or other entity or organization, including a government or
political subdivision or an agency or instrumentality thereof. 

        "Registrable Security" means (x) 1,500,000 shares of Class A Common Stock owned as of the date hereof by Tak
Tent-L, and (y) each security received upon any stock split with respect to or stock dividend on any security referred to in clause (x), in each case (x) and
(y) until the earliest to occur of (i) two years from the date hereof, (ii) a registration statement covering such share of Class A Common Stock or other security having
been declared effective by the SEC or having become effective automatically and such share of Class A Common Stock or other security having been disposed of pursuant to such registration
statement, (iii) such share of Class A Common Stock or other security being eligible for sale under Rule 144(k) or (iv) such share of Class A Common Stock or other
security ceasing to be outstanding. 

        "Registration Expenses" means all Company Registration Expenses and all Holder Registration Expenses, without duplication. 

        "Rule 144" means Rule 144 under the Securities Act, as such Rule may be amended from time to time, or any similar rule or
regulation hereafter adopted by the SEC. 

        "SEC" means the U.S. Securities and Exchange Commission. 

        "Securities Act" means the Securities Act of 1933, as amended. 

        "Shelf Registration Statement" means a shelf registration statement (which shall be an automatic shelf registration statement, as such
term is defined in Rule 405 under the Securities Act, if the Company is then eligible to use an automatic shelf registration statement) filed by the Company with respect to its Class A
Common Stock with the SEC pursuant to Rule 415 under the Securities Act, as such Rule may be amended from time to time, or any similar rule or regulation hereafter adopted by the SEC. 

        "Shelf Takedown" means a registration under the Securities Act of a Holder's Registrable Securities effected as a "shelf takedown" from a
Shelf Registration Statement in accordance with Section 2.01. 

ARTICLE 2
 REGISTRATION RIGHTS 

        Section 2.01. (a) Within
five Business Days of the date of this Agreement, the Company shall file with the SEC a Shelf Registration Statement, or amend or
supplement its existing Shelf Registration Statement, with respect to the Registrable Securities then outstanding (which Shelf Registration Statement may also contemplate sales of shares of
Class A Common Stock held by other shareholders). Not less than one Business Day prior to filing such Shelf Registration Statement or such amendment or supplement, the Company shall furnish to
such Holder copies of such Shelf Registration Statement or amendment or supplement to be filed. The prospectus contained in such Shelf Registration Statement shall contain a Plan of Distribution
section in substantially the form attached hereto as Exhibit A. After the Shelf Registration Statement has become effective, for as long as the Company is eligible to use such Shelf
Registration Statement, any Holder may sell shares of Class A Common Stock ("Shares") pursuant to such Shelf Registration Statement, provided
that such sales must be made prior to the 

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second
anniversary of the date hereof and aggregate sales of Registrable Securities under this Agreement shall not exceed 1,500,000 Shares. 

        (b)   All
Holders may sell an aggregate of 125,000 Registrable Securities in each calendar quarter by providing the Company with one full Business Day's prior notice of such
Holder's intention to sell Registrable Securities, subject to the next sentence. The Company will use reasonable endeavors to respond to any such notice as promptly as practical. If the Company
advises such Holder that it does not intend to exercise its rights under Sections 2.01(d) or (e) or if the Company does not respond to such Holder within such one Business Day period,
such Holder may, subject to Section 2.03(e), proceed to sell Registrable Securities during the next thirty Business Days. Any Holder making a sale of Registrable Securities pursuant to this
Section 2.01(b) will promptly notify the Company in writing of the number of Shares sold. 

        (c)   If
in any calendar quarter any sale by a Holder would result in the aggregate amount of all sales of Registrable Securities made by all Holders in such calendar quarter
exceeding 125,000 Registrable Securities, then any future sales of Registrable Securities by any Holder in such calendar quarter shall be in an amount of not less than 50,000 Registrable Securities
and shall be subject to the following conditions. Any Holder wishing to sell Shares pursuant to this Section 2.01(c) shall give the Company two Business Days' written notice of the proposed
sale (the date on which such notice is given, the "Offer Date"), specifying the number of shares to be sold and offering to sell such Registrable
Securities to the Company at a percentage (the "Applicable Percentage") of the Company's current stock price, such Applicable Percentage to be chosen by
such Holder (for example, 99% of the Company's closing stock price on the New York Stock Exchange). The Company (or any assignee of the Company) shall have the option to notify the Holder in writing
within two Business Days of receipt of such written notice from the Holder that it elects to purchase such Registrable Securities (regardless of whether a Blackout Period (as defined below) could then
be imposed by the Company). If the Company (or any assignee of the Company) notifies the Holder that it elects to purchase such Registrable Securities, then the purchase price for such Registrable
Securities shall be the Applicable Percentage of the closing price per Share on the New York Stock Exchange on the trading day immediately preceding the Offer Date. The closing of the purchase of such
Registrable Securities shall take place within five Business Days of such notice from the Company (or any assignee of the Company); provided that if the
Company notifies the Holder that a Blackout Period is in effect at the time of the Offer Date, such closing shall take place within five Business Days of the termination of such Blackout Period. 

        If
the Company advises such Holder that the Company does not intend to purchase such Registrable Securities, or if the Company does not respond to such Holder within such two Business
Day period, such Holder may, subject to Sections 2.01(d) and 2.01(e) and Section 2.03(e), proceed to sell such Registrable Securities during the next thirty Business Days at a price no
less than the Applicable Percentage of the price of the Company's Shares on the New York Stock Exchange at or about the time of sale; provided that if
the Company notifies the Holder that a Blackout Period is in effect at any time from the Offer Date to the end of such thirty Business Day period, such Blackout Period shall be excluded in calculating
such thirty Business Day Period. Any Holder making a sale or sales of Registrable Securities pursuant to this Section 2.01(c) shall promptly notify the Company of the number of Registrable
Securities sold. 

        Sales
of Registrable Securities pursuant to this Section 2.01(c) shall not count against the 125,000 Registrable Securities quarterly limit provided in Section 2.01(b),
regardless of the calendar quarter in which they occur. 

        (d)   Notwithstanding
paragraphs (b) and (c), the Company shall have the right to preempt any sale of Registrable Securities for a period not to exceed 60 days
(in addition to any subsequent holdback period under Section 2.02) with a primary offering by the Company by delivering written notice (within 

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the
one or two Business Day period specified in Section 2.01(b) or (c), as applicable, after the Company has received a notice of proposed sale from a Holder) to the Holder indicating that the
Company has identified a specific business need and use for the proceeds of the sale of such securities and the Company shall use all commercially reasonable efforts to effect a primary registration
within 60 days of such notice. The Company shall not be entitled to exercise this right more than one time in any 12-month period, and during any preemption pursuant to this
Section 2.01(d), the Company will not permit any other stockholder to sell Shares pursuant to the Shelf Registration Statement or any other registration rights agreement with the Company. 

        (e)   Notwithstanding
paragraphs (b) and (c), if the Company shall furnish to the Holder giving notice of a proposed sale of Shares (within the one or two Business Day
period specified in Section 2.01(b) or (c), as applicable), a certificate signed by an officer of the Company stating that the Company is in possession of material, non-public
information (as determined by the Company in consultation with counsel) and it is not in the best interests of the Company to disclose such information in a registration statement at such time, then
the Holder agrees that it will not make any sale of Registrable Securities until the Company advises the Holder that it is permitted to do so (the period of time during which sales of Registrable
Securities may not be made being referred to as a "Blackout Period"); provided, however, that the
Company may not delay sales by Holders pursuant to this Section 2.01(e) for more than 120 days in any 12-month period. The Company will promptly notify the Holders in writing
as soon as sales of Registrable Securities pursuant to the Shelf Registration Statement may resume. Each Holder agrees to treat all communications received from the Company pursuant to this
Section 2.01(e) in the strictest confidence and shall not disseminate such information. The Company agrees to use reasonable best efforts to keep any such Blackout Period to the minimum number
of days possible, consistent with the Company's best interests as determined by the Company in good faith and in consultation with counsel. The Company further agrees that it will not impose any
Blackout Period on a Holder that is not also imposed upon any other Person with securities issued by the Company with registration rights granted by the Company, and that it will not impose a Blackout
Period unless it informs its executive officers and directors of the existence of restrictions on trading in the Company's securities for the duration of such Blackout Period in a manner consistent
with the Company's past practice. 

        Each
Holder agrees that if the date on which such Holder proposes to make a sale of Registrable Securities is at least 45 calendar days, but fewer than 75 calendar days, after the end of
the Company's fiscal year, and the Securities Act requires the Company to include in the Shelf Registration Statement audited financials as of the end of such fiscal year, the Holder will delay any
sale of Registrable Securities for such period as is reasonably necessary to permit the Company to include therein its required audited financial statements for such fiscal year. The Company agrees to
use reasonable best efforts to minimize the length of any delay. 

        (f)    Each
Holder selling Shares agrees to pay all Holder Registration Expenses in connection with such sales, and the Company agrees to pay all Company Registration Expenses
in connection with such sales. 

        (g)   The
Company hereby warrants and represents that as of the date hereof it is eligible to file automatic shelf registration statements pursuant to
Form S-3 and the rules promulgated under the Securities Act. 

        Section 2.02.    Holdback Agreements.    Each Holder agrees not to offer, sell, contract to sell, pledge, grant
any option to purchase, make any short sale or otherwise dispose of any Registrable Securities (other than as part of a registration effected under this Agreement) beginning on the date of any
preliminary prospectus used in connection with any offering conducted as part of a registration effected by the Company, through the period after the pricing date of such offering equal to the lesser
of (i) such period of time as agreed between the managing underwriter of such offering and the 

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Company
and (ii) 120 days, provided that the holdback agreement of such Holder is on no more onerous terms than any other agreements
entered into by any other Person. Notwithstanding the foregoing, the holdback agreement provided under this Section 2.02 shall not restrict any Holder from transferring Registrable Securities
to any Person who agrees to be bound by the provisions hereof. 

        Section 2.03.    Registration Procedures.    Whenever a Holder makes a sale of Shares in accordance with the
terms of this Agreement; 

        (a)   The
Company will, if requested by such Holder, as expeditiously as possible prepare and file with the SEC a prospectus supplement for such sale. 

        (b)   The
Company will, if requested by such Holder, prior to filing a prospectus supplement, furnish to the requesting Holder copies of such prospectus supplement as proposed
to be filed and provide the Holder with a meaningful opportunity, if practical under the circumstances, to comment on the same, and thereafter the Company will furnish to the Participating Holders
such number of copies of such prospectus supplement and such other documents as such Participating Holders may reasonably request in order to facilitate the disposition of the Registrable Securities
owned by such Participating Holders. 

        (c)   The
Company will promptly notify each Participating Holder of any stop order relating to the Shelf Registration Statement issued or threatened by the SEC and take all
reasonable actions required to prevent the entry of such stop order or to remove it if entered. 

        (d)   The
Company will use its best efforts to (i) register or qualify the Registrable Securities under such other securities or blue sky laws of such jurisdictions in
the United States as any Participating Holder reasonably (in light of such Holder's intended plan of distribution) requests and (ii) cause such Registrable Securities to be registered with or
approved by such other governmental agencies or authorities as may be necessary by virtue of the business and operations of the Company and, subject to the other limitations contained herein, do any
and all other acts and things that may be reasonably necessary or advisable to enable the Participating Holders to consummate the disposition of their Registrable Securities;  provided that the Company
will not be required to (A) qualify generally to do business in any jurisdiction where it would not otherwise be
required to qualify but for this paragraph (d), (B) subject itself to taxation in any such jurisdiction or (C) consent to general service of process in any such jurisdiction. 

        (e)   The
Company will immediately notify each Participating Holder of the occurrence of (i) any request by the SEC or any state securities or blue sky authority for a
supplement or amendment to the Shelf Registration Statement or any prospectus included therein or (ii) an event requiring the preparation of a supplement or amendment to the Shelf Registration
Statement or any prospectus included therein so that such Shelf Registration Statement or prospectus will not contain an untrue statement of a material fact or omit to state any material fact required
to be stated therein or necessary to make the statements therein not misleading and promptly prepare and make available to each Participating Holder any such supplement or amendment. Each
Participating Holder agrees that, upon receipt of any notice from the Company of the happening of any event of the kind described in this paragraph (e), such Participating Holder will forthwith
discontinue disposition of Registrable Securities until such Participating Holder's receipt of the copies of the supplemented or amended Shelf Registration Statement or prospectus contemplated by this
paragraph (e) and, if so directed by the Company, such Participating Holder will deliver to the Company, or destroy, all copies, other than any permanent file copies then in such Participating
Holder's possession, of the most recent prospectus covering such Registrable Securities at the time of receipt of such notice. 

        (f)    The
Company will use its best efforts to comply with all applicable rules and regulations of the SEC, and make available to its stockholders, as soon as reasonably
practicable, an earnings statement covering a period of 12 months, beginning within three months after the effective date of the 

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Shelf
Registration Statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act. 

        (g)   The
Company may require each Participating Holder to furnish in writing to the Company as promptly as practicable such information regarding the distribution of the
Registrable Securities as the Company may from time to time reasonably request and such other information as may be legally required in connection with such registration. The Company agrees that with
respect to a Participating Holder, it shall only include in any registration statement or prospectus (or amendment or supplement thereto), such information regarding such Participating Holder as it
has been provided in writing by or on behalf of such Holder specifically for inclusion in any such document and that the Company shall not amend, alter or change any such information without such
Participating Holder's prior written consent. 

        (h)   The
Company will use its reasonable best efforts to cause all such Registrable Securities to be listed on each securities exchange or quoted on each inter-dealer
quotation system on which the Class A Common Stock is then listed or quoted. 

        (i)    Notwithstanding
anything to the contrary in this Agreement, the Company shall not be required to enter into any agreement with any underwriter or broker-dealer in
connection with any sale of Registrable Securities hereunder, to participate (or cause its directors, employees, advisors or accountants to participate) in any marketing or "due diligence" activities
in connection therewith, or to deliver (or cause to be delivered) any certificates, opinions of counsel or comfort letters in connection therewith. 

        (j)    If
requested by any Participating Holder, the Company will promptly incorporate in a prospectus supplement or post-effective amendment such information
concerning such Participating Holder as such Holder reasonably requests to be included therein and as is appropriate in the reasonable judgment of the Company; in addition, the Company will make all
required filings of such prospectus supplement or post-effective amendment as soon as practicable after being notified of the matters to be incorporated in such prospectus supplement or
post-effective amendment. 

        Section 2.04.    Indemnification by the Company.    The Company agrees in connection with any sale of Shares
made in accordance with the terms of this Agreement, to indemnify and hold harmless each Participating Holder, its officers, directors and agents, and each person, if any, who controls such Holder
within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act from and against any and all losses, claims, damages and liabilities caused by any untrue
statement or alleged untrue statement of a material fact contained in any registration statement or prospectus relating to the Registrable Securities (as amended or supplemented if the Company shall
have furnished any amendments or supplements thereto) or any preliminary prospectus, or caused by any omission or alleged omission to state therein a material fact required to be stated therein or
necessary to make the statements therein not misleading, except insofar as such losses, claims, damages or liabilities are caused by any such untrue statement or omission or alleged untrue statement
or omission based upon information furnished in writing to the Company by such Holder or on such Holder's behalf expressly for use therein; provided
that with respect to any untrue statement or omission or alleged untrue statement or omission, the indemnity agreement contained in this paragraph shall not apply to the extent
that any such loss, claim, damage, liability or expense results from the fact that a current copy of the preliminary prospectus or prospectus (as amended or supplemented, including by any
free-writing prospectus) was not sent or given to the person asserting any such loss, claim, damage, liability or expense at or prior to the time of sale of the Registrable Securities
concerned to such person if it is determined that the Company has provided such current copy of such preliminary prospectus or prospectus (as amended or supplemented, including by any
free-writing prospectus) and it was the responsibility of such Holder to provide such person with such current copy of such preliminary prospectus or prospectus (as amended or
supplemented, including by any free-writing prospectus) and 

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such
current copy would have cured the defect giving rise to such loss, claim, damage, liability or expense. As a condition to including Registrable Securities in any Shelf Takedown, the Company may
require that it shall have received an undertaking reasonably satisfactory to it from any underwriter to indemnify and hold it harmless to the extent customarily provided by underwriters with respect
to similar securities. 

        Section 2.05.    Indemnification by Participating Holders.    Each Participating Holder agrees, severally but
not jointly, to indemnify and hold harmless the Company, its officers, directors and agents and each person, if any, who controls the Company within the meaning of either Section 15 of the
Securities Act or Section 20 of the Exchange Act to the same extent as the foregoing indemnity from the Company to such Holder, but only (i) with respect to information furnished in
writing by such Holder or on such Holder's behalf expressly for use in any registration statement or prospectus relating to the Registrable Securities, or any amendment or supplement thereto,
including any free-writing prospectus, or any preliminary prospectus or (ii) to the extent that any loss, claim, damage, liability or expense described in Section 2.04
results from the fact that a current copy of the preliminary prospectus or prospectus (as amended or supplemented, including by any free-writing prospectus) was not sent or given to the
person asserting any such loss, claim, damage, liability or expense at or prior to the time of sale of the Registrable Securities concerned to such person if it is determined that it was the
responsibility of such Holder to provide such person with such current copy of the preliminary prospectus or prospectus (as amended or supplemented, including by any free-writing
prospectus) and such current copy of the preliminary prospectus or prospectus (as amended or supplemented, including by any free-writing prospectus) would have cured the defect giving rise
to such loss, claim, damage, liability or expense; provided, however, that the aggregate amount which any such Holder shall be required to pay pursuant to this
Section 2.05 shall in no event be greater than the amount of the net proceeds received by such Holder upon the sale of the Registrable Securities giving rise to such loss, claim, damage,
liability or expense. Each such Holder also agrees to indemnify and hold harmless the underwriters of the Registrable Securities, their officers and directors and each person who controls such
underwriters on substantially the same basis as that of the indemnification of the Company provided in this Section. As a condition to including Registrable Securities in any Shelf Takedown, each
Participating Holder may require that it shall have received an undertaking reasonably satisfactory to it from any underwriter to indemnify and hold it harmless to the extent customarily provided by
underwriters with respect to similar securities. 

        Section 2.06.    Conduct of Indemnification Proceedings.    In case any proceeding (including any governmental
investigation) shall be instituted involving any person in respect of which indemnity may be sought pursuant to this Article 2 such person (an "Indemnified
Party") shall as promptly as practicable notify the person against whom such indemnity may be sought (the "Indemnifying Party")
in writing and the Indemnifying Party shall assume the defense thereof, including the employment of counsel reasonably satisfactory to such Indemnified Party, and shall assume the payment of all fees
and expenses; provided that the failure of any Indemnified Party so to notify the Indemnifying Party shall not relieve the Indemnifying Party of its
obligations hereunder except to the extent that the Indemnifying Party is materially prejudiced by such failure to notify. In any such proceeding, any Indemnified Party shall have the right to retain
its own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified Party unless (i) the Indemnifying Party and the Indemnified Party shall have mutually
agreed to the retention of such counsel or (ii) in the reasonable judgment of such Indemnified Party representation of both parties by the same counsel would be inappropriate due to actual or
potential differing interests between them. It is understood that the Indemnifying Party shall not, in connection with any proceeding or related proceedings in the same jurisdiction, be liable for the
reasonable fees and expenses of more than one separate firm of attorneys (in addition to any local counsel) at any time for all such Indemnified Parties, and that all such fees and expenses shall be
reimbursed as they are incurred. In the case of any such separate firm for the Indemnified Parties, such firm shall be designated in writing by the Indemnified Parties. The 

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Indemnifying
Party shall not be liable for any settlement of any proceeding effected without its written consent, but if settled with such consent, or if there be a final judgment for the plaintiff,
the Indemnifying Party shall indemnify and hold harmless such Indemnified Parties from and against any loss or liability (to the extent stated above) by reason of such settlement or judgment. No
Indemnifying Party shall, without the prior written consent of the Indemnified Party, effect any settlement of any pending or threatened proceeding in respect of which any Indemnified Party is or
could have been a party and indemnity could have been sought hereunder by such Indemnified Party, unless such settlement includes an unconditional release of such Indemnified Party from all liability
arising out of such proceeding. 

        Section 2.07.    Contribution.    If the indemnification provided for in this Article 2 is unavailable
to the Indemnified Parties in respect of any losses, claims, damages or liabilities referred to herein, then each such Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall
contribute to the amount paid or payable by such Indemnified Party as a result of such losses, claims, damages or liabilities, as between the Company on the one hand and each such Holder on the other,
in such proportion as is appropriate to reflect the relative fault of the Company and of each such Holder in connection with such statements or omissions, as well as any other relevant equitable
considerations. The relative fault
of the Company on the one hand and of each such Holder on the other shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the
omission or alleged omission to state a material fact relates to information supplied by such party, and the parties' relative intent, knowledge, access to information and opportunity to correct or
prevent such statement or omission. 

        The
Company and the Holders agree that it would not be just and equitable if contribution pursuant to this Section were determined by pro rata allocation or by any other method of
allocation which does not take account of the equitable considerations referred to in the immediately preceding paragraph. The amount paid or payable by an Indemnified Party as a result of the losses,
claims, damages or liabilities referred to in the immediately preceding paragraph shall be deemed to include, subject to the limitations set forth above, any legal or other expenses reasonably
incurred by such Indemnified Party in connection with investigating or defending any such action or claim. Notwithstanding the provisions of this Section, no Holder shall be required to contribute any
amount in excess of the amount by which the total price at which the Registrable Securities of such Holder were offered to the public exceeds the amount of any damages which such Holder has otherwise
been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f)
of the Securities Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. Each such Holder's obligation to contribute pursuant to this Section
is several in the proportion that the proceeds of the offering received by such Holder bears to the total proceeds of the offering received by all such Holders and not joint. 

        Section 2.08.    Participation Limitations.    No Person may participate in a Shelf Takedown hereunder unless
such Person completes and executes all questionnaires, powers of attorney, indemnities and other documents reasonably required under the provisions of this Agreement in respect of registration rights. 

        Section 2.09.    Other Indemnification.    Indemnification similar to that specified herein (with appropriate
modifications) shall be given by the Company and each Participating Holder with respect to any required registration or other qualification of securities under any federal or state law or regulation
or governmental authority other than the Securities Act. 

        Section 2.10.    Indemnification Payments.    The indemnification and contribution required by
Sections 2.05, 2.06 and 2.07 hereof shall be made by periodic payments of the amount thereof during the course of any investigation or defense, as and when bills are received or any expense,
loss, damage 

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or
liability is incurred; provided that if a final nonappealable determination is made that the party receiving such expense payments was not entitled to such payments pursuant to the provisions of
this agreement, then the party receiving such expense payments shall return such expense payments to the party that made such payments. 

ARTICLE 3
 RULE 144 

        Section 3.01.    Rule 144.    The Company covenants with each Holder until the second anniversary of the
date hereof that it will file any reports required to be filed by it under the Securities Act and the Exchange Act and that it will take such further action as the Holders may reasonably request to
the extent required from time to time to enable the Holders to sell Registrable Securities without registration under the Securities Act within the limitation of the exemptions provided by
Rule 144. Upon the request of any Holder, the Company will deliver to such Holder a written statement as to whether it has complied with such reporting requirements. 

        Notwithstanding
anything in this Agreement to the contrary, a Holder may make unlimited sales pursuant Rule 144 subject to the applicable restrictions thereof. 

ARTICLE 4
 MISCELLANEOUS 

        Section 4.01.    Entire Agreement.    This Agreement constitutes the entire agreement among the parties hereto
and supersedes all other prior agreements and understandings, oral and written, among the parties hereto with respect to the subject matter hereof. 

        Section 4.02.    Binding Effect; Benefit.    This Agreement shall inure to the benefit of and be binding upon
the parties hereto and their respective heirs, successors, assigns and Permitted Transferees. Nothing in this Agreement, expressed or implied, shall confer on any Person other than the parties hereto,
and their respective heirs, successors, assigns and Permitted Transferees, any rights, remedies, obligations or liabilities under or by reason of this Agreement. 

        Section 4.03.    Assignability.    Other than to Permitted Transferees, no party may assign, delegate or
otherwise transfer any of its rights or obligations under this Agreement, directly or indirectly, whether by operation of law or otherwise, without the written consent of the Company, which the
Company may withhold in its sole discretion, and any attempted assignment contrary to the terms hereof shall be null and void. Neither this Agreement nor any provision hereof is intended to confer
upon any Person other than the parties hereto and their Permitted Transferees any rights or remedies hereunder. 

        Prior
to any transfer of rights to a Permitted Transferee, the transferring Holder shall provide the Company with notice of the Permitted Transferee's name and address and the number of
Registrable Securities with respect to which such rights are being transferred. The Permitted Transferee shall assume the obligations of a Holder under this Agreement in a written instrument delivered
to the Company. If, in connection with such transfer, a Holder has transferred all of its Registrable Securities to such Permitted Transferee, then the transferring Holder shall be released from all
liability under this Agreement other than, and solely with regard to, the provisions of Sections 2.01(a), 2.05, 2.07 and 2.09 of this Agreement in connection with any sale of Registrable
Securities in which such Holder was a Participating Holder and any provision hereof obligating such Holder to pay or reimburse the Company for any Registration Expenses incurred prior to such
transfer. 

        Section 4.04.    Amendment; Waiver.    Any provision of this Agreement may be amended or waived if, and only
if, such amendment or waiver is in writing and signed, in the case of an amendment, by each Holder and the Company, or in the case of a waiver, by the party against whom the waiver is to be effective.
No failure or delay by any party in exercising any right, power or privilege hereunder shall 

9

 

operate
as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and
remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by law. 

        Section 4.05.    Notices.    All notices, requests and other communications to any party hereunder shall be in
writing via facsimile or email, 

if
to the Company, to: 

IHS Inc.

15 Inverness Way East

Englewood, CO 80112

Attention: Stephen Green

Fax: 212-850-8540

Email: steve.green@ihs.com 

with
copies to: 

IHS Inc.

15 Inverness Way East

Englewood, CO 80112

Attention: M. Sean Radcliffe

Fax: 303-397-2400

Email: sean.radcliffe@ihs.com

and 

Davis
Polk & Wardwell

450 Lexington Avenue

New York, NY 10017

Attention: Joseph A. Hall

Fax: 212-450-3565

Email: hall@dpw.com 

and
if to Tak Tent-L, to: 

c/o
Jay J. Miller, Esq.

430 E. 57th Street #5D

New York, NY 10022

Fax: 212-758-0624

Email: jmillaw@nyc.rr.com 

or
to such other address or addresses as a party by notice may designate. 

        All
notices, requests and other communications shall be deemed received on the date of receipt by the recipient thereof if received prior to 5 p.m. in the place of receipt and
such day is a business day in the place of receipt. Otherwise, any such notice, request or communication shall be deemed not to have been received until the next succeeding business day in the place
of receipt. Any notice, request or other written communication sent by facsimile transmission shall be confirmed by certified mail, return
receipt requested, posted within one Business Day, or by personal delivery, whether courier or otherwise, made within two Business Days after the date of such facsimile transmission. 

        Each
Permitted Transferee shall provide its address and fax number to the Company in writing. 

        Section 4.06.    Headings.    The headings contained in this Agreement are for convenience only and shall not
affect the meaning or interpretation of this Agreement. 

10

 

        Section 4.07.    Counterparts.    This Agreement may be executed in any number of counterparts, each of which
shall be deemed to be an original and all of which together shall be deemed to be one and the same instrument. 

        Section 4.08.    Applicable Law.    THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW OR CONFLICT OF LAW PROVISION OR RULE (WHETHER OF THE STATE OF NEW YORK OR ANY OTHER JURISDICTION) THAT
WOULD CAUSE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN NEW YORK.

        Section 4.09.    Specific Enforcement.    Each party hereto acknowledges that the remedies at law of the other
parties for a breach or threatened breach of this Agreement would be inadequate and, in recognition of this fact, any party to this Agreement, without posting any bond, and in addition to all other
remedies which may be available, shall be entitled to obtain equitable relief in the form of specific performance, a temporary restraining order, a temporary or permanent injunction or any other
equitable remedy which may then be available. 

        Section 4.10.    Consent to Jurisdiction.    Any suit, action or proceeding seeking to enforce any provision
of, or based on any matter arising out of or in connection with, this Agreement or the transactions contemplated hereby may be brought in the United States District Court for the Southern District of
New York or any other New York State court sitting in New York City, and each of the parties hereby consents to the non-exclusive jurisdiction of such courts (and of the appropriate
appellate courts therefrom) in any such suit, action or proceeding and irrevocably waives, to the fullest extent permitted by law, any objection which it may now or hereafter have to the laying of the
venue of any such suit, action or proceeding in any such court or that any such suit, action or proceeding which is brought in any such court has been brought in an inconvenient forum. Process in any
such suit, action or proceeding may be served on any party anywhere in the world, whether within or without the jurisdiction of any such court. Without limiting the foregoing, each party agrees that
service of process on such party as provided in Section 4.05 shall be deemed effective service of process on such party. 

        Section 4.11.    Changes of Terms, Etc.    In the event that the Company should at any time during the term of
this Agreement (i) enter into a registration rights agreement with Tak Tent F Limited that provides for different terms from the selling stockholder's perspective or (ii) after entering
into any such registration rights agreement with Tak Tent F Limited, amend, alter or change any provisions of, or waive any restrictions, under that agreement, the Company shall promptly advise the
Holder of the same in writing and offer such different terms to the Holder under this Agreement, which different terms the Holder may accept, but if the Holder chooses to accept such different terms
it must accept them in their entirety (including any terms which are disadvantageous from the Holder's point of view). Any such change would be effective immediately upon the Holder's acceptance of
the same. 

11

 

        IN
WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective authorized officers as of the day and year first above written. 

	 	 	IHS INC.
	

 	
 	

By:	

 
	 	 	 	
 Name:

Title:
	

 	
 	
TAK TENT L LIMITED
	

 	
 	

By:	

 
	 	 	 	
 Name:

Title:

12

EXHIBIT A  

PLAN OF DISTRIBUTION  

        We are registering certain shares of our Class A Common Stock, to permit the resale of such Common Shares by the holders of thereof from time to time after
the date of this prospectus. We will not receive any of the proceeds from the sale by the selling stockholders of Common Shares. We will bear all of our fees and expenses incident to our obligation to
register such Common Shares and the selling stockholders will bear all their fees and expenses in connection with the sale of the Common Shares as set forth in the registration rights agreement. 

        The
selling stockholders or their permitted successors may sell all or a portion of the Common Shares beneficially owned by them and offered hereby from time to time directly or through
one or more underwriters, broker-dealers or agents. If the Common Shares are sold through underwriters or broker-dealers, the selling stockholders will be responsible for underwriting discounts or
commissions or agent's commissions. The Common Shares may be sold in one or more transactions at fixed prices, at prevailing market prices at the time of the sale, at varying prices determined at the
time of sale, or at negotiated prices. These sales may be effected in transactions, which may involve crosses or block transactions, 

	•
	on
any national securities exchange or quotation service on which the securities may be listed or quoted at the time of sale;

	•
	in
the over-the-counter market;

	•
	in
transactions otherwise than on these exchanges or systems or in the over-the-counter market;

	•
	through
the writing of options, whether such options are listed on an options exchange or otherwise;

	•
	ordinary
brokerage transactions and transactions in which the broker-dealer solicits purchasers;

	•
	block
trades in which the broker-dealer will attempt to sell the shares as agent but may position and resell a portion of the block as principal to facilitate the
transaction;

	•
	purchases
by a broker-dealer as principal and resale by the broker-dealer for its account;

	•
	an
exchange distribution in accordance with the rules of the applicable exchange;

	•
	privately
negotiated transactions;

	•
	short
sales;

	•
	sales
pursuant to Rule 144;

	•
	broker-dealers
may agree with the selling securityholders to sell a specified number of such shares at a stipulated price per share;

	•
	a
combination of any such methods of sale; and

	•
	any
other method permitted pursuant to applicable law. 

        If
the selling stockholders effect such transactions by selling Common Shares to or through underwriters, broker-dealers or agents, such underwriters, broker-dealers or agents may
receive commissions in the form of discounts, concessions or commissions from the selling stockholders or commissions from purchasers of Common Shares for whom they may act as agent or to whom they
may sell as principal (which discounts, concessions or commissions as to particular underwriters, broker-dealers or agents may be in excess of those customary in the types of transactions involved).
In connection with sales of Common Shares or otherwise, the selling stockholders may enter into hedging transactions with broker-dealers or other financial institutions, which may in turn engage in
short sales of Common Shares in the course of hedging in positions they assume and deliver this prospectus in connection with some or all of those sales and use the Common Shares covered by this
prospectus to 

close
out any short position created in connection with those sales. The selling stockholders may also sell Common Shares short and deliver Common Shares covered by this prospectus to close out short
positions and to return borrowed shares in connection with such short sales. The selling stockholders may also loan or pledge Common Shares to broker-dealers or other financial institutions that in
turn may sell such shares using this prospectus. 

        The
selling stockholders may pledge or grant a security interest in some or all of the Common Shares owned by them, including to support a derivative or hedging position, and, if they
default in the performance of their secured obligations, the pledgees or secured parties may offer and sell the Common Shares from time to time pursuant to this prospectus or any amendment to this
prospectus under Rule 424(b) or other applicable provision of the Securities Act of 1933, as amended, amending, if necessary, the list of selling stockholders to include the pledgee, transferee
or other successors in interest as selling stockholders under this prospectus. The selling stockholders also may transfer and donate Common Shares in other circumstances in which case the transferees,
donees, pledgees or other successors in interest will be the selling beneficial owners for purposes of this prospectus. 

        The
selling stockholders and any broker-dealer participating in the distribution of the Common Shares may be deemed to be "underwriters" within the meaning of the Securities Act, and any
commission paid, or any discounts or concessions allowed to, any such broker-dealer may be deemed to be underwriting commissions or discounts under the Securities Act. 

        Under
the securities laws of some states, the Common Shares may be sold in such states only through registered or licensed brokers or dealers. In addition, in some states Common Shares
may not be sold unless such shares have been registered or qualified for sale in such state or an exemption from registration or qualification is available and is complied with. 

        Any
securities covered by this prospectus that qualify for sale pursuant to Rule 144 of the Securities Act may be sold under Rule 144 or any other available exemption
rather than pursuant to this prospectus. There can be no assurance that any selling stockholder will sell any or all of the Common Shares registered pursuant to the shelf registration statement, of
which this prospectus forms a part. 

        The
selling stockholders and any other person participating in such distribution will be subject to applicable provisions of the Securities Exchange Act of 1934, as amended, and the
rules and regulations thereunder, including, without limitation, Regulation M of the Exchange Act, which may limit the timing of purchases and sales of any of the Common Shares by the selling
stockholders and any other participating person. Regulation M may also restrict the ability of any person engaged in the distribution of the Common Shares to engage in market-making activities
with respect to the Common Shares. All of the foregoing may affect the marketability of the Common Shares and the ability of any person or entity to engage in market-making activities with respect to
the Common Shares. 

        We
will indemnify the selling stockholders against certain liabilities, including certain liabilities under the Securities Act, in accordance with the registration rights agreement, or
the selling stockholders will be entitled to contribution. 

        We
will pay certain expenses of the registration of the Common Shares pursuant to the registration rights agreement including, without limitation, Securities and Exchange Commission
filing fees and expenses of compliance with state securities or "blue sky" laws; provided, however, that a selling stockholder will pay all underwriting discounts and selling commissions, if any. 

        Once
sold under the shelf registration statement of which this prospectus forms a part, the Common Shares will be freely tradable in the hands of persons other than our affiliates. 

QuickLinks

Exhibit 4.6Exhibit 4.6

 

 

 

CVS CAREMARK CORPORATION,
Company

and

THE BANK OF NEW YORK TRUST COMPANY, N.A.,
Trustee

SUBORDINATED INDENTURE

Dated as of [  ]

 

 

 

 

 

 

CROSS-REFERENCE TABLE

 

	
  Trust Indenture

  Act Section

  	
   

  	
  Indenture Section

  
	
   

  	
   

  	
   

  	
   

  
	
  310

  	
  (a)(1)

  	
   

  	
  7.10

  
	
   

  	
  (a)(2)

  	
   

  	
  7.10

  
	
   

  	
  (a)(3)

  	
   

  	
  N/A

  
	
   

  	
  (a)(4)

  	
   

  	
  N/A

  
	
   

  	
  (a)(5)

  	
   

  	
  7.10

  
	
   

  	
  (b)

  	
   

  	
  7.10

  
	
   

  	
  (c)

  	
   

  	
  N/A

  
	
  311

  	
  (a)

  	
   

  	
  7.11

  
	
   

  	
  (b)

  	
   

  	
  7.11

  
	
   

  	
  (c)

  	
   

  	
  N/A

  
	
  312

  	
  (a)

  	
   

  	
  2.05

  
	
   

  	
  (b)

  	
   

  	
  10.03

  
	
   

  	
  (c)

  	
   

  	
  10.03

  
	
  313

  	
  (a)

  	
   

  	
  7.06

  
	
   

  	
  (b)(1)

  	
   

  	
  7.06

  
	
   

  	
  (b)(2)

  	
   

  	
  7.06

  
	
   

  	
  (c)

  	
   

  	
  7.06

  
	
   

  	
  (d)

  	
   

  	
  3.02;
  10.02

  
	
  314

  	
  (a)

  	
   

  	
  4.03;
  4.06

  
	
   

  	
  (b)

  	
   

  	
  N/A

  
	
   

  	
  (c)(1)

  	
   

  	
  N/A

  
	
   

  	
  (c)(2)

  	
   

  	
  N/A

  
	
   

  	
  (c)(3)

  	
   

  	
  N/A

  
	
   

  	
  (d)

  	
   

  	
  N/A

  
	
   

  	
  (e)

  	
   

  	
  N/A

  
	
   

  	
  (f)

  	
   

  	
  N/A

  
	
  315

  	
  (a)

  	
   

  	
  7.01

  
	
   

  	
  (b)

  	
   

  	
  7.05;
  10.02

  
	
   

  	
  (c)

  	
   

  	
  7.01

  
	
   

  	
  (d)

  	
   

  	
  7.01

  
	
   

  	
  (e)

  	
   

  	
  6.11

  
	
  316

  	
  (a)(1)(A)

  	
   

  	
  6.05

  
	
   

  	
  (a)(1)(B)

  	
   

  	
  6.04

  
	
   

  	
  (a)(2)

  	
   

  	
  N/A

  
	
   

  	
  (b)

  	
   

  	
  6.07

  
	
  317

  	
  (a)(1)

  	
   

  	
  6.08

  
	
   

  	
  (a)(2)

  	
   

  	
  6.09

  
	
   

  	
  (b)

  	
   

  	
  2.04

  
	
  318

  	
  (a)

  	
   

  	
  10.01

  
	
   

  	
  (b)

  	
   

  	
  N/A

  
	
   

  	
  (c)

  	
   

  	
  10.01

  

 

Note:  This Cross-Reference Table shall not, for any
purpose, be deemed to be part of the Indenture.

 

i

 

TABLE OF CONTENTS

 

	
   

  	
  PAGE

  
	
   

  	
   

  
	
  ARTICLE 1

  	
   

  
	
  DEFINITIONS AND
  INCORPORATION BY REFERENCE

  	
   

  
	
   

  	
   

  
	
  Section 1.01. Definitions

  	
  1

  
	
  Section 1.02. Other Definitions

  	
  7

  
	
  Section 1.03. Incorporation by
  Reference of Trust Indenture Act

  	
  7

  
	
  Section 1.04. Rules of Construction

  	
  7

  
	
   

  	
   

  
	
  ARTICLE 2

  	
   

  
	
  THE DEBT SECURITIES

  	
   

  
	
   

  	
   

  
	
  Section 2.01. Form and Dating

  	
  8

  
	
  Section 2.02. Execution and
  Authentication

  	
  8

  
	
  Section 2.03. Amount Unlimited;
  Issuable in Series

  	
  9

  
	
  Section 2.04. Denomination and Date
  of Debt Securities; Payments of Interest

  	
  12

  
	
  Section 2.05. Registrar and Paying
  Agent; Agents Generally

  	
  12

  
	
  Section 2.06. Paying Agent to Hold
  Money in Trust

  	
  13

  
	
  Section 2.07. Transfer and Exchange

  	
  14

  
	
  Section 2.08. Replacement Debt
  Securities

  	
  16

  
	
  Section 2.09. Outstanding Debt
  Securities

  	
  17

  
	
  Section 2.10. Temporary Debt
  Securities

  	
  18

  
	
  Section 2.11. Cancellation

  	
  18

  
	
  Section 2.12. CUSIP Numbers

  	
  18

  
	
  Section 2.13. Defaulted Interest

  	
  18

  
	
  Section 2.14. Series May Include
  Tranches

  	
  19

  
	
  Section 2.15. Computation of
  Interest

  	
  19

  
	
   

  	
   

  
	
  ARTICLE 3

  	
   

  
	
  REDEMPTION

  	
   

  
	
   

  	
   

  
	
  Section 3.01. Applicability of
  Article

  	
  19

  
	
  Section 3.02. Notice of Redemption;
  Partial Redemptions

  	
  19

  
	
  Section 3.03. Payment of Debt
  Securities Called for Redemption

  	
  21

  
	
  Section 3.04. Exclusion of Certain
  Debt Securities from Eligibility for Selection for Redemption

  	
  22

  
	
  Section 3.05. Mandatory and Optional
  Sinking Funds

  	
  22

  

 

ii

 

	
  ARTICLE 4

  	
   

  
	
  COVENANTS

  	
   

  
	
   

  	
   

  
	
  Section 4.01. Payment of Principal,
  Premium and Interest

  	
  24

  
	
  Section 4.02. Maintenance of Office
  or Agency

  	
  25

  
	
  Section 4.03. Reports By The Company

  	
  25

  
	
  Section 4.04. Compliance
  Certificates

  	
  25

  
	
  Section 4.05. Further Instruments
  And Acts

  	
  26

  
	
  Section 4.06. Calculation of Original
  Issue Discount

  	
  26

  
	
   

  	
   

  
	
  ARTICLE 5

  	
   

  
	
  SUCCESSORS

  	
   

  
	
   

  	
   

  
	
  Section 5.01. When the Company May
  Merge, Consolidate or Dispose of Assets

  	
  26

  
	
  Section 5.02. Successor Company
  Substituted

  	
  27

  
	
   

  	
   

  
	
  ARTICLE 6

  	
   

  
	
  DEFAULT AND
  REMEDIES

  	
   

  
	
   

  	
   

  
	
  Section 6.01. Events of Default

  	
  27

  
	
  Section 6.02. Acceleration

  	
  28

  
	
  Section 6.03. Other Remedies

  	
  28

  
	
  Section 6.04. Waiver of Past
  Defaults

  	
  29

  
	
  Section 6.05. Control by Majority

  	
  29

  
	
  Section 6.06. Limitation on Suits

  	
  29

  
	
  Section 6.07. Unconditional Right of
  Holders of Debt Securities to Receive Payment

  	
  30

  
	
  Section 6.08. Collection Suit by
  Trustee

  	
  30

  
	
  Section 6.09. Trustee May File
  Proofs of Claim

  	
  30

  
	
  Section 6.10. Priorities

  	
  30

  
	
  Section 6.11. Undertaking for Costs

  	
  31

  
	
  Section 6.12. Waiver of Stay,
  Extension and Usury Laws

  	
  31

  
	
   

  	
   

  
	
  ARTICLE 7

  	
   

  
	
  TRUSTEE

  	
   

  
	
   

  	
   

  
	
  Section 7.01. Duties of Trustee

  	
  31

  
	
  Section 7.02. Rights of Trustee

  	
  33

  
	
  Section 7.03. Individual Rights of
  Trustee

  	
  34

  
	
  Section 7.04. Trustee’s Disclaimer

  	
  34

  
	
  Section 7.05. Notice of Default

  	
  34

  
	
  Section 7.06. Reports by Trustee to
  Holders of Debt Securities

  	
  34

  
	
  Section 7.07. Compensation and
  Indemnity

  	
  35

  
	
  Section 7.08. Replacement of Trustee

  	
  35

  

 

iii

 

	
  Section 7.09. Successor Trustee by
  Merger, Etc

  	
  36

  
	
  Section 7.10. Eligibility;
  Disqualification

  	
  37

  
	
  Section 7.11. Preferential
  Collection of Claims against the Company

  	
  37

  
	
   

  	
   

  
	
  ARTICLE 8

  	
   

  
	
  DISCHARGE OF
  INDENTURE; DEFEASANCE

  	
   

  
	
   

  	
   

  
	
  Section 8.01. Discharge of Liability
  on Debt Securities; Defeasance

  	
  37

  
	
  Section 8.02. Conditions to
  Defeasance

  	
  38

  
	
  Section 8.03. Application of Trust
  Money

  	
  39

  
	
  Section 8.04. Repayment to the
  Company

  	
  39

  
	
  Section 8.05. Indemnity for
  Government Obligations

  	
  39

  
	
  Section 8.06. Reinstatement

  	
  40

  
	
   

  	
   

  
	
  ARTICLE 9

  	
   

  
	
  AMENDMENT,
  SUPPLEMENT AND WAIVER

  	
   

  
	
   

  	
   

  
	
  Section 9.01. Without Consent of
  Holders of Debt Securities

  	
  40

  
	
  Section 9.02. With Consent of
  Holders of Debt Securities

  	
  41

  
	
  Section 9.03. Compliance with Trust
  Indenture Act

  	
  43

  
	
  Section 9.04. Revocation and Effect
  of Consents and Waivers

  	
  43

  
	
  Section 9.05. Notation On or
  Exchange of Debt Securities

  	
  43

  
	
  Section 9.06. Trustee to Sign
  Amendments, Etc

  	
  44

  
	
   

  	
   

  
	
  ARTICLE 10

  	
   

  
	
  MISCELLANEOUS

  	
   

  
	
   

  	
   

  
	
  Section 10.01. Trust Indenture Act
  Controls

  	
  44

  
	
  Section 10.02. Notices

  	
  44

  
	
  Section 10.03. Communication by
  Holders of Debt Securities with Other Holders of Debt Securities

  	
  45

  
	
  Section 10.04. Certificate and
  Opinion as to Conditions Precedent

  	
  45

  
	
  Section 10.05. Statements Required in
  Certificate or Opinion

  	
  45

  
	
  Section 10.06. Rules by Trustee and
  Agents

  	
  46

  
	
  Section 10.07. No Personal Liability
  of Directors, Officers, Employees, Incorporators And Stockholders

  	
  46

  
	
  Section 10.08. Governing Law

  	
  46

  
	
  Section 10.09. No Adverse
  Interpretation of Other Agreements

  	
  46

  
	
  Section 10.10. Successors

  	
  46

  
	
  Section 10.11. Severability

  	
  46

  
	
  Section 10.12. Counterpart Originals

  	
  47

  
	
  Section 10.13. Table of Contents,
  Headings, Etc

  	
  47

  
	
  Section 10.14. Judgment Currency

  	
  47

  
	
  Section 10.15. Waiver of Jury Trial

  	
  47

  
	
  Section 10.16. Force Majeure

  	
  47

  

 

iv

 

	
  ARTICLE 11

  	
   

  
	
  SUBORDINATION OF
  DEBT SECURITIES

  	
   

  
	
   

  	
   

  
	
  Section 11.01. Agreement to
  Subordinate

  	
  48

  
	
  Section 11.02. Rights of Holders of
  Senior Indebtedness

  	
  48

  
	
  Section 11.03. Debt Securities Subordinated to Prior Payment of all Senior
  Indebtedness on Dissolution, Liquidation or Reorganization of Company

  	
  48

  
	
  Section 11.04. Obligation of the
  Company Unconditional

  	
  49

  
	
  Section 11.05. Trustee Entitled to
  Assume Payments Not Prohibited in Absence of Notice

  	
  50

  
	
  Section 11.06. Application by Trustee
  of Monies Deposited With It

  	
  50

  
	
  Section 11.07. Subordination Rights not
  Impaired by Acts or Omissions of Company or Holders of Senior Indebtedness

  	
  50

  
	
  Section 11.08. Securityholders
  Authorize Trustee to Effectuate Subordination of Securities

  	
  50

  
	
  Section 11.09. Right of Trustee to Hold
  Senior Indebtedness

  	
  51

  
	
  Section 11.10. Article 11 Not to
  Prevent Events of Default

  	
  51

  
	
  Section 11.11. Subrogation

  	
  51

  
	
   

  	
   

  
	
  Exhibit A          Form
  of Debt Security

  	
   

  

 

v

 

INDENTURE, dated as of [                     ], 2007, between CVS
Caremark Corporation (the “Company”), a
corporation duly organized and existing under the laws of the State of
Delaware, and The Bank of New York Trust Company, N.A., a national banking
association, as trustee (the “Trustee”).

 

RECITALS OF THE COMPANY

 

WHEREAS, the Company has duly authorized the
issue from time to time of its debt securities to be issued in one or more
series (the “Debt Securities”) up to such
principal amount or amounts as may from time to time be authorized in
accordance with the terms of this Indenture and to provide, among other things,
for the authentication, delivery and administration of the Debt Securities, the
Company has duly authorized the execution and delivery of this Indenture; and

 

WHEREAS, all things necessary to make this
Indenture a legally valid and binding agreement of the Company according to its
terms have been done;

 

NOW, THEREFORE:

 

In consideration of the premises and the
purchase of the Debt Securities by the holders thereof, the Company and the
Trustee mutually covenant and agree for the equal and proportionate benefit of
the respective holders from time to time of the Debt Securities or of any and
all series thereof and of the coupons, if any, appertaining thereto as follows:

 

ARTICLE 1

DEFINITIONS AND INCORPORATION BY REFERENCE

 

Section 1.01. Definitions.

 

“Agent” means
any Registrar, Paying Agent, transfer agent or Authenticating Agent.

 

“Authorized Newspaper”
means a newspaper (which, in the case of The City of New York, will, if
practicable, be The Wall Street Journal (Eastern Edition) and in the case of
London, will, if practicable, be the Financial Times (London Edition))
published in an official language of the country of publication customarily
published at least once a day for at least five days in each calendar week and
of general circulation in The City of New York or London, as applicable. If it
shall be impractical in the opinion of the Trustee to make any publication of
any notice required hereby in an Authorized Newspaper, any publication or other
notice in lieu thereof which is made or given with the approval of the Trustee
shall constitute a sufficient publication of such notice.

 

“Bankruptcy Law”
means title 11, U.S. Code, or any similar federal or state law for the relief
of debtors.

 

 

“Board Resolution”
means one or more resolutions of the board of directors of the Company or any
authorized committee thereof, certified by the secretary or an assistant
secretary of the Company to have been duly adopted and to be in full force and
effect on the date of certification, and delivered to the Trustee.

 

“Business Day”
means, with respect to any Debt Security, a day that is not a day on which
banking institutions are authorized or required by law or regulation to close,
in the city (or in any of the cities, if more than one) unless otherwise
specified, in which amounts are payable, as specified in the form of such Debt Security
or in the supplemental indenture relating to such Debt Security.

 

“Capital Lease Obligations”
means with respect to any Person any obligation which is required to be
classified and accounted for as a capital lease on the face of a balance sheet
of such Person prepared in accordance with GAAP; the amount of such obligation
shall be the capitalized amount thereof, determined in accordance with GAAP;
and the Stated Maturity thereof shall be the date of the last payment of rent
or any other amount due under such lease prior to the first date upon which
such lease may be terminated by the lessee without payment of a penalty.

 

“Capital Stock”
means, with respect to any Person, any and all shares, interests,
participations or other equivalents (however designated, whether voting or
non-voting) of such Person’s capital stock or equity, including, without
limitation, all Common Stock and Preferred Stock.

 

“Code” means the Internal Revenue Code of 1986,
as amended.

 

“Commission”
means the Securities and Exchange Commission, as from time to time constituted,
created under the Exchange Act or, if at any time after the execution of this
Indenture 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.

 

“Common Stock”
means, with respect to any Person, any and all shares, interests,
participations or other equivalents (however designated, whether voting or
non-voting) of such Person’s common stock, whether now outstanding or issued
after the date of this Indenture, including, without limitation, all series and
classes of such common stock.

 

“Company” means
the party named as such in the first paragraph of this Indenture until a
successor replaces it pursuant to Article 5 of this Indenture and thereafter
means the successor.

 

“Corporate Trust Office of
the Trustee” means the principal office of the Trustee at which at
any time its corporate trust business shall be administered, which office at
the date hereof is located at 222 Berkeley Street, 2nd Floor,
Boston, Massachusetts 02116, Attention: 
Corporate Trust Administration, or such other address as the Trustee may
designate from time to time by notice to the Holders or the Company, or the
principal corporate trust office of any successor Trustee (or such other
address as a

 

2

 

successor Trustee may designate
from time to time by notice to the Holders and the Company).

 

“Debt Securities” means
any of the securities, as defined in the first paragraph of the recitals
hereof, that are authenticated and delivered under this Indenture and, unless
the context indicates otherwise, shall include any coupon appertaining thereto.

 

“Default” means
any Event of Default as defined in Section 6.01 and any event that is, or after
notice or passage of time or both would be, an Event of Default.

 

“Depositary”
means, with respect to the Debt Securities of any series issuable or issued in
the form of one or more Registered Global Securities, the Person designated as
Depositary by the Company pursuant to Section 2.03 until a successor Depositary
shall have become such pursuant to the applicable provisions of this Indenture,
and thereafter “Depositary” shall mean or include
each Person who is then a Depositary hereunder, and if at any time there is more
than one such Person, “Depositary” as
used with respect to the Debt Securities of any such series shall mean the
Depositary with respect to the Registered Global Securities of that series.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended.

 

“GAAP” means
generally accepted accounting principles in the United States of America as in
effect as of the issue date, including those set forth (i) in the opinions and
pronouncements of the Accounting Principles Board of the American Institute of
Certified Public Accountants; (ii) statements and pronouncements of the
Financial Accounting Standards Board; (iii) in such other statements by such
other entity as approved by a significant segment of the accounting profession;
and (iv) the rules and regulations of the Commission governing the inclusion of
financial statements (including pro forma financial statements) in periodic
reports required to be filed pursuant to Section 13 of the Exchange Act,
including opinions and pronouncements in staff accounting bulletins and similar
written statements from the accounting staff of the Commission.

 

“Holder” or “Securityholder” means the registered holder of any Debt Security
with respect to Registered Debt Securities and the bearer of any Unregistered
Security or any coupon appertaining thereto, as the case may be.

 

“Indenture”
means this Indenture as originally executed or as it may be amended or
supplemented from time to time by one or more indentures supplemental to this
Indenture entered into pursuant to the applicable provisions of this Indenture
and shall include the forms and terms of the Debt Securities of each series
established as contemplated pursuant to Sections 2.01 and 2.03.

 

“Officer” means
with respect to any Person, the Chairman of the Board, the Chief Executive
Officer, the President, the Chief Operating Officer, the Chief Financial
Officer, the Treasurer, Controller, Secretary or any Vice President of such
Person.

 

“Officers’ Certificate”
means a certificate signed on behalf of the Company by two Officers of the
Company, complying with Section 10.04 and delivered to the Trustee.

 

3

 

Each such certificate shall
comply with Section 314 of the Trust Indenture Act and include (except as
otherwise expressly provided in this Indenture) the statements provided in Section
10.05.

 

“Opinion of Counsel”
means a written opinion signed by legal counsel, who may be an employee of or
counsel to the Company, and complying with Section 10.04. Each such opinion shall
comply with Section 314 of the Trust Indenture Act and include the statements
provided in Section 10.05, if and to the extent required thereby.

 

“original issue date”
of any Debt Security (or portion thereof) means the earlier of (a) the date of
authentication of such Debt Security or (b) the date of any Debt Security (or
portion thereof) for which such Debt Security was issued (directly or
indirectly) on registration of transfer, exchange or substitution.

 

“Original Issue Discount Debt
Security” means any Debt Security that
provides for an amount less than the principal amount thereof to be due and
payable upon a declaration of acceleration of the maturity thereof pursuant to Section
6.02.

 

“Periodic Offering”
means an offering of Debt Securities of a series from time to time, the
specific terms of which Debt Securities, including, without limitation, the
rate or rates of interest, if any, thereon, the stated maturity or maturities
thereof and the redemption provisions, if any, with respect thereto, are to be
determined by the Company or its agents upon the issuance of such Debt Securities.

 

“Person” means
an individual, a corporation, a partnership, a limited liability company, an
association, a trust or any other entity or organization, including a government
or political subdivision or an agency or instrumentality thereof.

 

“Preferred Stock”
means, with respect to any Person, any and all shares, interests,
participations or other equivalents (however designated, whether voting or
non-voting) of such Person’s preferred or preference stock, whether now
outstanding or issued after the date of the Indenture, including, without
limitation, all series and classes of such preferred or preference stock.

 

“Principal” of a
Debt Security means the principal amount of, and, unless the context indicates
otherwise, includes any premium payable on, the Debt Security.

 

“Registered Global Security”
means a Debt Security evidencing all or a part of a series of Registered
Securities, issued to the Depositary for such series in accordance with Section
2.02, and bearing the legend prescribed in Section 2.02.

 

“Registered Security”
means any Debt Security registered on the Debt Security Register (as defined in
Section 2.05).

 

“Responsible Officer”
means, when used with respect to the Trustee, any officer with the corporate
trust department of the Trustee, including any vice president, assistant vice
president, treasurer, assistant treasurer, or any other officer or assistant
officer of the Trustee customarily performing functions similar to those
performed by the persons who

 

4

 

at the time shall be such
officers, respectively, or to whom any corporate trust 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.

 

“Senior Indebtedness”
means all of the Company’s obligations, whether presently existing or from time
to time hereafter incurred, created assumed or existing, to pay principal,
premium, interest, penalties, fees and any other payment in respect of any of
the following:

 

(i)            all obligations of the Company for
borrowed money, including without limitation, such obligations as are evidenced
by credit agreements, notes, debentures, bonds or other securities or
instruments;

 

(ii)           all Capital Lease Obligations,
Synthetic Lease Obligations and finance lease obligations of the Company;

 

(iii)          all obligations of the Company for
reimbursement on any letter of credit, banker’s acceptance, security purchase
facility or similar credit facility;

 

(iv)          all obligations of the Company issued
or assumed as the deferred purchase price of property or services, including
all obligations under master lease transactions pursuant to which the Company
or any of its Subsidiaries have agreed to be treated as owner of the subject
property for federal income tax purposes (but excluding trade accounts payable
or accrued liabilities arising in the ordinary course of business);

 

(v)           all payment obligations of the
Company under interest rate swap or similar agreements or foreign currency
hedge, exchange or similar agreements at the time of determination, including
any such obligations the Company incurred solely to act as a hedge against
increases in interest rates that may occur under the terms of other outstanding
variable or floating rate indebtedness of the Company

 

(vi)          all obligations of the types referred
to in clauses (i) through (v) above of another Person which the Company has
assumed, endorsed, guaranteed, contingently agreed to purchase or provide funds
for the payment of, or otherwise become liable for, under any agreement;

 

(vii)         all compensation and reimbursement
obligations of the Company pursuant to Section 7.07; and

 

(viii)        all amendments, modifications, renewals,
extensions, refinancings, replacements or refundings by the Company of any such
Senior Indebtedness referred to in clauses (i) through (vii) above (and of any
such amended, modified, renewed, extended, refinanced, refunded or replaced Senior
Indebtedness);

 

subject to, if
provided in the supplemental indenture under which a series of Debt Securities
is issued or in the form of Debt Security for such series, any modifications to
this definition of Senior Indebtedness, including additional obligations that
the Company

 

5

 

may determine
to include within this definition and obligations that may be excluded from
this definition, pursuant to Section 2.03 hereof; and

 

provided,
however, that the following shall not constitute Senior Indebtedness: (A) trade
accounts payable and accrued liabilities arising in the ordinary course of
business or (B) any obligation, amendment, modification, renewal, extension,
refinancing, replacement or refunding that by the terms of the instrument
creating or evidencing it or the assumption or guarantee of it provides that it
is not superior in right of payment and upon liquidation to or is equal in
right of payment and upon liquidation with the Debt Securities.

 

“Stated Maturity”
means with respect to any security the date specified in such security as the
fixed date on which the principal of such security is due and payable,
including pursuant to any mandatory redemption provision (but excluding any
provision providing for the repurchase of such security at the option of the
holder thereof upon the happening of any contingency unless such contingency
has occurred).

 

“Subsidiary” means,
with respect to any Person, any corporation, association or other business
entity of which at least a majority of the outstanding stock, which under
ordinary circumstances (not dependent upon the happening of a contingency) has
voting power to elect a majority of the board of directors of such corporation
(or similar management body), is owned directly or indirectly by such Person or
by one or more Subsidiaries of such Person, or by such Person and one or more
Subsidiaries of such Person.

 

“Synthetic Lease
Obligation” means any synthetic lease, tax retention operating
lease, off-balance sheet loan or similar off-balance sheet financing
arrangement whereby the arrangement is considered borrowed money indebtedness
for tax purposes but is classified as an operating lease or does not otherwise
appear on a balance sheet under GAAP.

 

“Trustee” means
the party named as such in the first paragraph of this Indenture until a
successor replaces it in accordance with the provisions of Article 7 and
thereafter means such successor.

 

“Trust Indenture Act”
means the Trust Indenture Act of 1939, as amended, as it may be amended from
time to time.

 

“Unregistered Security”
means any Debt Security other than a Registered Security.

 

“Yield to Maturity”
means, as the context may require, the yield to maturity (i) on a series of Debt
Securities or (ii) if the Debt Securities of a series are issuable from time to
time, on a Debt Security of such series, calculated at the time of issuance of
such series in the case of clause (i) or at the time of issuance of such Debt Security
of such series in the case of clause (ii), or, if applicable, at the most
recent redetermination of interest on such series or on such Debt Security, and
calculated in accordance with the

 

6

 

constant interest method or
such other accepted financial practice as is specified in the terms of such Debt
Security.

 

Section 1.02. Other Definitions. Each
of the following terms is defined in the section set forth opposite such term:

 

	
  Term

  	
   

  	
  Section

  
	
  Authenticating Agent

  	
   

  	
  2.02

  
	
  Event of Default

  	
   

  	
  6.01

  
	
  Judgment Currency

  	
   

  	
  10.14

  
	
  mandatory sinking fund payment

  	
   

  	
  3.05

  
	
  OID Debt Securities

  	
   

  	
  4.06

  
	
  optional sinking fund payment

  	
   

  	
  3.05

  
	
  Paying Agent

  	
   

  	
  2.05

  
	
  record date

  	
   

  	
  2.04

  
	
  Registrar

  	
   

  	
  2.05

  
	
  Required Currency

  	
   

  	
  10.14

  
	
  Security Register

  	
   

  	
  2.05

  
	
  sinking fund payment date

  	
   

  	
  3.05

  
	
  tranche

  	
   

  	
  2.14

  

 

Section 1.03. Incorporation by
Reference of Trust Indenture Act. Whenever this Indenture refers to
a provision of the Trust Indenture Act, the provision is incorporated by
reference in and made a part of this Indenture.

 

All other terms used in this Indenture that
are defined by the Trust Indenture Act, defined by reference in the Trust
Indenture Act to another statute or defined by a rule of the Commission and not
otherwise defined herein have the meanings assigned to them therein. If any
provision of this Indenture limits, qualifies or conflicts with another
provision hereof that is required to be included in this Indenture by any of
the provisions of the Trust Indenture Act, such required provision shall
control.

 

Section 1.04. Rules of Construction. Unless
the context otherwise requires:

 

(a)           an accounting term
not otherwise defined has the meaning assigned to it in accordance with GAAP;

 

(b)           words in the
singular include the plural, and words in the plural include the singular;

 

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

 

(d)           all references to
Sections or Articles refer to Sections or Articles of this Indenture unless
otherwise indicated; and

 

7

 

(e)           use of masculine,
feminine or neuter pronouns should not be deemed a limitation, and the use of
any such pronouns should be construed to include, where appropriate, the other
pronouns.

 

ARTICLE 2

THE DEBT SECURITIES

 

Section 2.01. Form and Dating. The
Debt Securities of each series shall be substantially in such form or forms
(not inconsistent with this Indenture) as shall be established by or pursuant
to one or more Board Resolutions 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 imprinted or otherwise reproduced thereon such legend or legends or
endorsements, not inconsistent with the provisions of this Indenture, as may be
required to comply with any law, or with any rules of any securities exchange
or usage, all as may be determined by the officers executing such Debt Securities
as evidenced by their execution of the Debt Securities. Unless otherwise so
established, Unregistered Securities shall have coupons attached.

 

Section 2.02. Execution and
Authentication. The chairman of the board of directors, the president,
the executive vice president or any senior vice president and the treasurer or
any assistant treasurer or the secretary or any assistant secretary shall
execute the Debt Securities (other than coupons) for the Company by facsimile
or manual signature in the name and on behalf of the Company. The seal of the
Company, if any, shall be reproduced on the Debt Securities. If an Officer
whose signature is on a Debt Security no longer holds that office at the time
the Debt Security is authenticated, the Debt Security shall nevertheless be
valid.

 

The Trustee, at the expense of the Company,
may appoint an authenticating agent (the “Authenticating Agent”)
to authenticate Debt Securities (other than coupons). The Authenticating Agent
may authenticate Debt Securities whenever the Trustee may do so. Each reference
in this Indenture to authentication by the Trustee includes authentication by
such Authenticating Agent.

 

A Debt Security (other than coupons) shall
not be valid until the Trustee or Authenticating Agent manually signs the
certificate of authentication on the Debt Security. The signature shall be
conclusive evidence that the Debt Security has been authenticated under this
Indenture.

 

At any time and from time to time after the
execution and delivery of this Indenture, the Company may deliver Debt Securities
of any series having attached thereto appropriate coupons, if any, executed by
the Company to the Trustee for authentication together with the applicable
documents referred to below in this Section, and upon the written order of the
Company the Trustee shall thereupon authenticate and make available for
delivery such Debt Securities to or upon the written order of the Company. In
authenticating any Debt Securities of a series, the Trustee shall be entitled to
receive

 

8

 

prior to the first
authentication of any Debt Securities of such series, and (subject to Article 7)
shall be fully protected in relying upon, unless and until such documents have
been superseded or revoked:

 

(a)           any Board Resolution
and/or executed supplemental indenture referred to in Sections 2.01 and 2.03 by
or pursuant to which the forms and terms of the Debt Securities of that series
were established;

 

(b)           an Officers’
Certificate setting forth the form or forms and terms of the Debt Securities,
stating that the form or forms and terms of the Debt Securities of such series
have been, or will be when established in accordance with such procedures as
shall be referred to therein, established in compliance with this Indenture;
and

 

(c)           an Opinion of
Counsel substantially to the effect that the form or forms and terms of the Debt
Securities of such series have been, or will be when established in accordance
with such procedures as shall be referred to therein, established in compliance
with this Indenture and that the supplemental indenture, to the extent
applicable, and Debt Securities have been duly authorized and, if executed and
authenticated in accordance with the provisions of the Indenture and delivered
to and duly paid for by the purchasers thereof on the date of such opinion,
would be entitled to the benefits of the Indenture and would be valid and
binding obligations of the Company, enforceable against the Company in
accordance with their respective terms, subject to bankruptcy, insolvency,
reorganization, receivership, moratorium and other similar laws affecting
creditors’ rights generally, general principles of equity, and such other
matters as shall be specified therein.

 

If the Company shall establish pursuant to Section
2.03 that the Debt Securities of a series or a portion thereof are to be issued
in the form of one or more Registered Global Securities, then the Company shall
execute and upon the written order of the Company the Trustee shall
authenticate and make available for delivery one or more Registered Global Securities
that (i) shall represent and shall be denominated in an amount equal to the
aggregate principal amount of all of the Debt Securities of such series issued
in such form and not yet canceled, (ii) shall be registered in the name of the
Depositary for such Registered Global Security or Debt Securities or the
nominee of such Depositary, (iii) shall be delivered by the Trustee to such
Depositary or its custodian or pursuant to such Depositary’s instructions and
(iv) shall bear a legend substantially to the following effect:  “Unless and until it is exchanged in whole or
in part for Debt Securities in definitive registered form, this Debt Security
may not be transferred except as a whole by the Depositary to a nominee of the
Depositary or by a nominee of the Depositary to the Depositary or another
nominee of the Depositary or by the Depositary or any such nominee to a
successor Depositary or a nominee of such successor Depositary.”

 

Section 2.03. Amount Unlimited;
Issuable in Series. The aggregate principal amount of Debt Securities
which may be authenticated and delivered under this Indenture is unlimited.

 

9

 

The Debt Securities may be issued in one or
more series and each such series shall rank equally and pari passu with all
other unsecured and unsubordinated debt of the Company. There shall be established
in or pursuant to a Board Resolution or one or more indentures supplemental
hereto, prior to the initial issuance of Debt Securities of any series (subject
to the last sentence of this Section 2.03),

 

(a)           the designation of
the Debt Securities of the series, including CUSIP Numbers which shall
distinguish the Debt Securities of the series from the Debt Securities of all
other series;

 

(b)           any limit upon the
aggregate principal amount of the Debt Securities of the series that may be
authenticated and delivered under this Indenture and any limitation on the
ability of the Company to increase such aggregate principal amount after the
initial issuance of the Debt Securities of that series (except for Debt Securities
authenticated and delivered upon registration of transfer of, or in exchange
for, or in lieu of, or upon redemption of, other Debt Securities of the series
pursuant hereto);

 

(c)           the date or dates on
which the Principal of the Debt Securities of the series is payable (which date
or dates may be fixed or extendible);

 

(d)           the rate or rates
(which may be fixed or variable) per annum at which the Debt Securities of the
series shall bear interest, if any, the date or dates from which such interest
shall accrue, on which such interest shall be payable and (in the case of
Registered Debt Securities) on which a record shall be taken for the
determination of Holders to whom interest is payable and/or the method by which
such rate or rates or date or dates shall be determined;

 

(e)           if other than as
provided in Section 4.02, the place or places where the Principal of and any
interest on Debt Securities of the series shall be payable, any Registered
Securities of the series may be surrendered for exchange, notices, demands to
or upon the Company in respect of the Debt Securities of the series and this
Indenture may be served and notice to Holders may be published;

 

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

 

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

 

(h)           if other than
denominations of $1,000 and any integral multiple thereof, the denominations in
which Debt Securities of the series shall be issuable;

 

10

 

(i)            if other than the
entire principal amount thereof, the portion of the principal amount of Debt Securities
of the series which shall be payable upon declaration of acceleration of the
maturity thereof;

 

(j)            if other than the
coin or currency in which the Debt Securities of the series are denominated,
the coin or currency in which payment of the Principal of or interest on the Debt
Securities of the series shall be payable or if the amount of payments of
Principal of and/or interest on the Debt Securities of the series may be
determined with reference to an index based on a coin or currency other than
that in which the Debt Securities of the series are denominated, the manner in
which such amounts shall be determined;

 

(k)           if payment of the
Principal of and interest on the Debt Securities of the series shall be payable
in currency or currencies other than the currency of the United States, the
manner in which any such currency shall be valued against other currencies in
which any other Debt Securities shall be payable;

 

(l)            whether the Debt Securities
of the series or any portion thereof will be issuable as Registered Securities
(and if so, whether such Debt Securities will be issuable as Registered Global Securities)
or Unregistered Securities (with or without coupons), or any combination of the
foregoing, any restrictions applicable to the offer, sale or delivery of
Unregistered Securities or the payment of interest thereon and, if other than
as provided herein, the terms upon which Unregistered Securities of any series
may be exchanged for Registered Securities of such series and vice versa;

 

(m)          whether and under
what circumstances the Company will pay additional amounts on the Debt Securities
of the series held by non-U.S. persons in respect of any tax, assessment or
governmental charge withheld or deducted and, if so, whether the Company will
have the option to redeem such Debt Securities rather than pay such additional
amounts;

 

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

 

(o)           any trustees,
depositaries, authenticating or paying agents, transfer agents or the registrar
or any other agents with respect to the Debt Securities of the series;

 

(p)           provisions, if any,
for the defeasance of the Debt Securities of the series (including provisions
permitting defeasance of less than all Debt Securities of the series), which
provisions may be in addition to, in substitution for, or in modification of
(or any combination of the foregoing) the provisions of Article 8;

 

(q)           if the Debt Securities
of the series are issuable in whole or in part as one or more Registered Global
Securities, the identity of the Depositary for such Registered Global Security
or Debt Securities;

 

11

 

(r)            any other events of
default or covenants with respect to the Debt Securities of the series; and

 

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

 

All Debt Securities of any one series and coupons,
if any, appertaining thereto shall be substantially identical, except in the
case of Registered Securities as to date and denomination, except in the case
of any Periodic Offering and except as may otherwise be provided by or pursuant
to the Board Resolution referred to above or as set forth in any such indenture
supplemental hereto. All Debt Securities of any one series need not be issued
at the same time and may be issued from time to time, consistent with the terms
of this Indenture, if so provided by or pursuant to such Board Resolution or in
any such indenture supplemental hereto and any forms and terms of Debt Securities
to be issued from time to time may be completed and established from time to
time prior to the issuance thereof by procedures described in such Board
Resolution or supplemental indenture.

 

Section 2.04. Denomination and Date of
Debt Securities; Payments of Interest. The Debt Securities of each
series shall be issuable as Registered Securities or Unregistered Securities in
denominations established as contemplated by Section 2.03 or, if not so
established with respect to Debt Securities of any series, in denominations of
$1,000 and any integral multiple thereof. The Debt Securities of each series
shall be numbered, lettered or otherwise distinguished in such manner or in
accordance with such plan as the Officers of the Company executing the same may
determine, as evidenced by their execution thereof.

 

Each Debt Security shall be dated the date of
its authentication. The Debt Securities of each series shall bear interest, if
any, from the date, and such interest and shall be payable on the dates,
established as contemplated by Section 2.03.

 

The person in whose name any Registered
Security of any series is registered at the close of business on any record
date applicable to a particular series with respect to any interest payment
date for such series shall be entitled to receive the interest, if any, payable
on such interest payment date notwithstanding any transfer or exchange of such
Registered Security subsequent to the record date and prior to such interest
payment date, except if and to the extent the Company shall default in the
payment of the interest due on such interest payment date for such series, in
which case the provisions of Section 2.13 shall apply. The term “record date” as used with respect to any interest payment
date (except a date for payment of defaulted interest) for the Debt Securities
of any series shall mean the date specified as such in the terms of the Registered
Securities of such series established as contemplated by Section 2.03, or, if
no such date is so established, the fifteenth day next preceding such interest
payment date, whether or not such record date is a Business Day.

 

Section 2.05. Registrar and Paying
Agent; Agents Generally. The Company shall maintain an office or
agency where Debt Securities may be presented for

 

12

 

registration, registration of
transfer or exchange (the “Registrar”) and
an office or agency where Debt Securities may be presented for payment (the “Paying Agent”), which shall be in the Borough of Manhattan,
The City of New York. The Company shall cause the Registrar to keep a register
of the Registered Securities and of their registration, transfer and exchange
(the “Security Register”). The Company may
have one or more additional Paying Agents or transfer agents with respect to
any series.

 

The Company shall enter into an appropriate
agency agreement with any Agent not a party to this Indenture. The agreement
shall implement the provisions of this Indenture and the Trust Indenture Act
that relate to such Agent. The Company shall give prompt written notice to the
Trustee of the name and address of any Agent and any change in the name or
address of an Agent. If the Company fails to maintain a Registrar or Paying
Agent, the Trustee shall act as such. The Company may remove any Agent upon
written notice to such Agent and the Trustee; provided that no such removal
shall become effective until (i) the acceptance of an appointment by a
successor Agent to such Agent as evidenced by an appropriate agency agreement
entered into by the Company and such successor Agent and delivered to the
Trustee or (ii) notification to the Trustee that the Trustee shall serve as
such Agent until the appointment of a successor Agent in accordance with clause
(i) of this proviso. The Company or any affiliate of the Company may act as
Paying Agent or Registrar; provided that neither the Company nor an affiliate
of the Company shall act as Paying Agent in connection with the defeasance of
the Debt Securities or the discharge of this Indenture under Article 8.

 

The Company initially appoints the Trustee as
Registrar, Paying Agent and Authenticating Agent. If, at any time, the Trustee
is not the Registrar, the Registrar shall make available to the Trustee ten
days prior to each interest payment date and at such other times as the Trustee
may reasonably request the names and addresses of the Holders as they appear in
the Security Register.

 

Section 2.06. Paying Agent to Hold
Money in Trust. Not later than 10:00 a.m., New York City time, on
each due date of any Principal or interest on any Debt Securities, the Company
shall deposit with the Paying Agent money in immediately available funds
sufficient to pay such Principal or interest. The Company shall require each
Paying Agent other than the Trustee to agree in writing that such Paying Agent
shall hold in trust for the benefit of the Holders of such Debt Securities or
the Trustee all money held by the Paying Agent for the payment of Principal of
and interest on such Debt Securities and shall promptly notify the Trustee of
any default by the Company in making any such payment. The Company at any time
may require a Paying Agent to pay all money held by it to the Trustee and
account for any funds disbursed, and the Trustee may at any time during the
continuance of any payment default, upon written request to a Paying Agent,
require such Paying Agent to pay all money held by it to the Trustee and to
account for any funds disbursed. Upon doing so, the Paying Agent shall have no
further liability for the money so paid over to the Trustee. If the Company or
any affiliate of the Company acts as Paying Agent, it will, on or before each
due date of any Principal of or interest on any Debt Securities, segregate and
hold in a separate trust fund for the benefit of the Holders thereof a sum of
money sufficient to pay such Principal or interest so becoming due until such
sum of money shall be paid to such Holders or otherwise disposed of as

 

13

 

provided in this Indenture, and
will promptly notify the Trustee in writing of its action or failure to act as
required by this Section.

 

Section 2.07. Transfer and Exchange. Unregistered
Securities (except for any temporary global Unregistered Securities) and
coupons (except for coupons attached to any temporary global Unregistered
Securities) shall be transferable by delivery.

 

At the option of the Holder thereof,
Registered Securities of any series (other than a Registered Global Security,
except as set forth below) may be exchanged for a Registered Security or
Registered Securities of such series and tenor having authorized denominations
and an equal aggregate principal amount, upon surrender of such Registered
Securities to be exchanged at the agency of the Company that shall be
maintained for such purpose in accordance with Section 2.05 and upon payment,
if the Company shall so require, of the charges hereinafter provided. If the
Debt Securities of any series are issued in both registered and unregistered
form, except as otherwise established pursuant to Section 2.03, at the option
of the Holder thereof, Unregistered Securities of any series may be exchanged
for Registered Securities of such series and tenor having authorized
denominations and an equal aggregate principal amount, upon surrender of such
Unregistered Securities to be exchanged at the agency of the Company that shall
be maintained for such purpose in accordance with Section 4.02, with, in the
case of Unregistered Securities that have coupons attached, all unmatured
coupons and all matured coupons in default thereto appertaining, and upon
payment, if the Company shall so require, of the charges hereinafter provided. At
the option of the Holder thereof, if Unregistered Securities of any series,
maturity date, interest rate and original issue date are issued in more than
one authorized denomination, except as otherwise established pursuant to Section
2.03, such Unregistered Securities may be exchanged for Unregistered Securities
of such series and tenor having authorized denominations and an equal aggregate
principal amount, upon surrender of such Unregistered Securities to be
exchanged at the agency of the Company that shall be maintained for such
purpose in accordance with Section 4.02, with, in the case of Unregistered
Securities that have coupons attached, all unmatured coupons and all matured
coupons in default thereto appertaining, and upon payment, if the Company shall
so require, of the charges hereinafter provided. Registered Securities of any
series may not be exchanged for Unregistered Securities of such series. Whenever
any Debt Securities are so surrendered for exchange, the Company shall execute,
and the Trustee shall authenticate and make available for delivery, the Debt Securities
which the Holder making the exchange is entitled to receive.

 

All Registered Securities presented for
registration of transfer, exchange, redemption or payment shall be duly
endorsed by, or be accompanied by a written instrument or instruments of
transfer in form satisfactory to the Company and the Trustee duly executed by,
the holder or his attorney duly authorized in writing.

 

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 exchange or registration of transfer of Debt Securities. No
service charge shall be made for any such transaction.

 

14

 

Notwithstanding any other provision of this Section
2.07, unless and until it is exchanged in whole or in part for Debt Securities
in definitive registered form, a Registered Global Security representing all or
a portion of the Debt Securities of a series may not be transferred except as a
whole by the Depositary for such series to a nominee of such Depositary or by a
nominee of such Depositary to such Depositary or another nominee of such
Depositary or by such Depositary or any such nominee to a successor Depositary
for such series or a nominee of such successor Depositary.

 

If at any time the Depositary for any
Registered Global Securities of any series notifies the Company that it is
unwilling or unable to continue as Depositary for such Registered Global Securities
or if at any time the Depositary for such Registered Global Securities shall no
longer be eligible under applicable law, the Company shall appoint a successor
Depositary eligible under applicable law with respect to such Registered Global
Securities. If (i) a successor Depositary eligible under applicable law for
such Registered Global Securities is not appointed by the Company within 90
days after the Company receives such notice or becomes aware of such
ineligibility or (ii) an Event of Default has occurred and is continuing and
the Registrar has received a request from the Depositary for the issuance of
definitive Registered Securities in exchange for Registered Global Securities,
the Company will execute, and the Trustee, upon receipt of the Company’s written
order for the authentication and delivery of definitive Registered Securities
of such series and tenor, will authenticate and make available for delivery
Registered Securities of such series and tenor, in any authorized
denominations, in an aggregate principal amount equal to the principal amount
of such Registered Global Securities, in exchange for such Registered Global Securities
and such Registered Global Securities shall be canceled.

 

The Company may at any time and in its sole
discretion determine that any Registered Global Securities of any series shall
no longer be maintained in global form. In such event the Company will execute,
and the Trustee, upon receipt of the Company’s order for the authentication and
delivery of definitive Registered Securities of such series and tenor, will
authenticate and make available for delivery, Registered Securities of such
series and tenor in any authorized denominations, in an aggregate principal
amount equal to the principal amount of such Registered Global Securities, in
exchange for such Registered Global Securities.

 

Any time the Registered Securities of any
series are not in the form of Registered Global Securities pursuant to the
preceding two paragraphs, the Company agrees to supply the Trustee with a
reasonable supply of certificated Registered Securities without the legend
required by Section 2.02 and the Trustee agrees to hold such Registered
Securities in safekeeping until authenticated and delivered pursuant to the
terms of this Indenture.

 

If established by the Company pursuant to Section
2.03 with respect to any Registered Global Security, the Depositary for such
Registered Global Security may surrender such Registered Global Security in
exchange in whole or in part for Registered Securities of the same series and
tenor in definitive registered form on such terms as are acceptable to the
Company and such Depositary. Thereupon, the Company shall execute,

 

15

 

and upon the written order of
the Company the Trustee shall authenticate and make available for delivery,
without service charge,

 

(i)            to the Person
specified by such Depositary new Registered Securities of the same series and
tenor, of any authorized denominations as requested by such Person, in an
aggregate principal amount equal to and in exchange for such Person’s
beneficial interest in the Registered Global Security; and

 

(ii)           to such Depositary
a new Registered Global Security in a denomination equal to the difference, if
any, between the principal amount of the surrendered Registered Global Security
and the aggregate principal amount of Registered Securities authenticated and
delivered pursuant to clause (i) above.

 

Registered Securities issued in exchange for
a Registered Global Security pursuant to this Section 2.07 shall be registered
in such names and in such authorized denominations as the Depositary for such
Registered Global Security, pursuant to instructions from its direct or
indirect participants or otherwise, shall instruct the Trustee or an agent of
the Company or the Trustee. The Trustee or such agent shall deliver such Debt Securities
to or as directed by the Persons in whose names such Debt Securities are so
registered.

 

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

 

Notwithstanding anything herein or in the
forms or terms of any Debt Securities to the contrary, none of the Company, the
Trustee or any agent of the Company or the Trustee shall be required to
exchange any Unregistered Security for a Registered Security if such exchange
would result in adverse Federal income tax consequences to the Company (such
as, for example, the inability of the Company to deduct from its income, as
computed for Federal income tax purposes, the interest payable on the Unregistered
Securities) under then applicable United States Federal income tax laws. The
Trustee and any such agent shall be entitled to rely on an Officers’
Certificate or an Opinion of Counsel in determining such result.

 

The Registrar shall not be required (i) to
issue, authenticate, register the transfer of or exchange Debt Securities of
any series for a period of 15 days before a selection of such Debt Securities
to be redeemed or (ii) to register the transfer of or exchange any Debt Security
selected for redemption in whole or in part.

 

Section 2.08. Replacement Debt Securities.
If a defaced or mutilated Debt Security of any series is surrendered
to the Trustee or if a Holder claims that its Debt Security of any series has
been lost, destroyed or wrongfully taken, the Company shall issue and upon the
written order of the Company the Trustee shall authenticate a replacement Debt Security
of such series and tenor and principal amount bearing a

 

16

 

number not contemporaneously
outstanding. An indemnity bond must be furnished that is sufficient in the
judgment of both the Trustee and the Company to protect the Company, the
Trustee and any Agent from any loss that any of them may suffer if a Debt Security
is replaced. The Company may charge such Holder for its expenses and the
expenses of the Trustee (including without limitation attorneys’ fees and
expenses) in replacing a Debt Security. In case any such mutilated, defaced,
lost, destroyed or wrongfully taken Debt Security has become or is about to
become due and payable, the Company in its discretion may pay such Debt Security
instead of issuing a new Debt Security in replacement thereof.

 

Every replacement Debt Security is an
additional obligation of the Company and shall be entitled to the benefits of
this Indenture equally and proportionately with any and all other Debt Securities
of such series duly authenticated and delivered hereunder.

 

To the extent permitted by law, the foregoing
provisions of this Section are exclusive with respect to the replacement or
payment of mutilated, destroyed, lost or wrongfully taken Debt Securities.

 

Section 2.09. Outstanding Debt Securities.
Debt Securities outstanding at any time are all Debt Securities that
have been authenticated by the Trustee except for those Debt Securities
canceled by it, those Debt Securities delivered to it for cancellation, those Debt
Securities paid pursuant to Section 2.08 and those Debt Securities described in
this Section as not outstanding.

 

If a Debt Security is replaced pursuant to Section
2.08, it ceases to be outstanding unless and until the Trustee and the Company
receive proof satisfactory to them that the replaced Debt Security is held by a
holder in due course.

 

If the Paying Agent (other than the Company
or an affiliate of the Company) holds on the maturity date or any redemption
date or date for repurchase of the Debt Securities money sufficient to pay Debt
Securities payable or to be redeemed or repurchased on such date, then on and
after such date such Debt Securities shall cease to be outstanding and interest
on them shall cease to accrue.

 

A Debt Security does not cease to be
outstanding because the Company or one of its affiliates holds such Debt Security,
provided, however, that, in determining
whether the Holders of the requisite principal amount of the outstanding Debt Securities
shall have given any request, demand, 
authorization, direction, notice, consent or waiver  hereunder, Debt Securities owned by the
Company or any affiliate of the Company shall be disregarded and deemed not to
be outstanding, except that, in determining whether the Trustee shall be
protected in relying upon any such request, demand, authorization, direction,
notice, consent or waiver, only Debt Securities as to which a Responsible
Officer of the Trustee has received written notice to be so owned shall be so
disregarded. Any Debt Securities so owned which are pledged by the Company, or
by any affiliate of the Company, as security for loans or other obligations,
otherwise than to another such affiliate of the Company, shall be deemed to be
outstanding, if the pledgee is entitled

 

17

 

pursuant to the terms of its
pledge agreement and is free to exercise in its discretion the right to vote
such Debt Securities, uncontrolled by the Company or by any such affiliate.

 

Section 2.10. Temporary Debt Securities.
Until definitive Debt Securities of any series are ready for
delivery, the Company may prepare and upon the written order of the Company the
Trustee shall authenticate temporary Debt Securities of such series. Temporary Debt
Securities of any series shall be substantially in the form of definitive Debt Securities
of such series but may have insertions, substitutions, omissions and other
variations determined to be appropriate by the Officers executing the temporary
Debt Securities, as evidenced by their execution of such temporary Debt Securities.
If temporary Debt Securities of any series are issued, the Company will cause definitive
Debt Securities of such series to be prepared without unreasonable delay. After
the preparation of definitive Debt Securities of any series, the temporary Debt
Securities of such series shall be exchangeable for definitive Debt Securities
of such series and tenor upon surrender of such temporary Debt Securities at
the office or agency of the Company 
designated for such purpose pursuant to Section 4.02, without charge to
the Holder. Upon surrender for cancellation of any one or more temporary Debt Securities
of any series the Company shall execute and upon the written order of the
Company the Trustee shall authenticate and make available for delivery in
exchange therefor a like principal amount of definitive Debt Securities of such
series and tenor and authorized denominations. Until so exchanged, the
temporary Debt Securities of any series shall be entitled to the same benefits
under this Indenture as definitive Debt Securities of such series.

 

Section 2.11. Cancellation. The
Company at any time may deliver to the Trustee for cancellation any Debt Securities
previously authenticated and delivered hereunder which the Company may have
acquired in any manner whatsoever, and may deliver to the Trustee for
cancellation any Debt Securities previously authenticated hereunder which the
Company has not issued and sold. The Registrar, any transfer agent and the
Paying Agent shall forward to the Trustee any Debt Securities surrendered to
them for transfer, exchange or payment. The Trustee shall cancel all Debt Securities
surrendered for transfer, exchange, payment or cancellation and shall deliver
such canceled Debt Securities to the Company. The Company may not issue new Debt
Securities to replace Debt Securities it has paid in full or delivered to the
Trustee for cancellation.

 

Section 2.12. CUSIP Numbers. The
Company in issuing the Debt Securities may use “CUSIP” and “ISIN” numbers (if
then generally in use), and the Trustee shall use CUSIP numbers or ISIN
numbers, as the case may be, in notices of redemption or exchange as a
convenience to Holders and no representation shall be made as to the
correctness of such  numbers either as
printed on the Debt Securities or as contained 
in any notice of redemption or exchange. The Company shall promptly
notify the Trustee of any change in the CUSIP Numbers.

 

Section 2.13. Defaulted Interest. If
the Company defaults in a payment of interest on the Debt Securities, it shall
pay, or shall deposit with the Paying Agent money in immediately available
funds sufficient to  pay, the defaulted
interest plus (to the extent lawful) any interest payable on the defaulted
interest (as may be specified in the terms

 

18

 

thereof, established pursuant
to Section 2.03) to the Persons who are Holders on a subsequent special record
date, which shall mean the 15th day next preceding the date fixed by the
Company for the payment of defaulted interest, whether or not such day is a
Business Day. At least 15 days before such special record date, the Company
shall mail to each Holder and to the Trustee a notice that states the special
record date, the payment date and the amount of defaulted interest to be paid.

 

Section 2.14. Series May Include
Tranches. A series of Debt Securities may include one or more
tranches (each a “tranche”) of Debt
Securities, including Debt Securities issued in a Periodic Offering. The Debt Securities
of different tranches may have one or more different terms, including
authentication dates and public offering prices, but all the Debt Securities
within each such tranche shall have identical terms, including authentication
date and public offering price. Notwithstanding any other provision of this
Indenture, with respect to Sections 2.02 (other than the fourth paragraph
thereof) through 2.04, 2.07, 2.08, 2.10, 3.01 through 3.05, 4.02, 6.01 through
6.12, 8.01 through 8.06 and 9.02, if any series of Debt Securities includes
more than one tranche, all provisions of such sections applicable to any series
of Debt Securities shall be deemed equally applicable to each tranche of any
series of Debt Securities in the same manner as though originally designated a
series unless otherwise provided with respect to such series or tranche
pursuant to Section 2.03. In particular, and without limiting the scope of the
next preceding sentence, any of the provisions of such sections which provide
for or permit action to be taken with respect to a series of Debt Securities
shall also be deemed to provide for and permit such action to be taken instead
only with respect to Debt Securities of one or more tranches within that series
(and such provisions shall be deemed satisfied thereby), even if no comparable
action is taken with respect to Debt Securities in the remaining tranches of
that series.

 

Section 2.15. Computation of Interest.
Except as otherwise specified pursuant to Section 2.03 for Debt Securities
of any series, interest on the Debt Securities of each series shall be computed
on the basis of a 360-day year of twelve 30-day months.

 

ARTICLE 3

REDEMPTION

 

Section 3.01. Applicability of Article.
The provisions of this Article shall be applicable to the Debt Securities
of any series that are redeemable before their maturity or to any sinking fund
for the retirement of Debt Securities of a series except as otherwise specified
as contemplated by Section 2.03 for Debt Securities of such series.

 

Section 3.02. Notice of Redemption;
Partial Redemptions. Notice of redemption to the Holders of
Registered Securities of any series to be redeemed as a whole or in part at the
option of the Company shall be given by mailing notice of such redemption by
first class mail, postage prepaid, at least 30 days and not more than 60 days
prior to the date fixed for redemption to such Holders of Registered Securities
of such series at their last addresses as they shall appear upon the Security
Register of the Company. Notice of redemption to the Holders of Unregistered
Securities of any series to be redeemed as a

 

19

 

whole or in part, who have
filed their names and addresses with the Trustee pursuant to Section 313(c)(2)
of the Trust Indenture Act, shall be given by mailing notice of such
redemption, by first class mail, postage prepaid, at least 30 days and not more
than 60 days prior to the date fixed for redemption, to such Holders at such
addresses as were so furnished to the Trustee (and, in the case of any such
notice given by the Company, the Trustee shall make such information available
to the Company for such purpose). Notice of redemption to all other Holders of
Unregistered Securities of any series to be redeemed as a whole or in part
shall be published in an Authorized Newspaper in The City of New York and in an
Authorized Newspaper in London, in each case, once in each of three successive
calendar weeks, the first publication to be not less than 30 days nor more than
60 days prior to the date fixed for redemption. Any notice which is mailed or
published in the manner herein provided shall be conclusively presumed to have
been duly given, whether or not the Holder receives the notice. Failure to give
notice by mail, or any defect in the notice to the Holder of any Debt Security
of a series designated for redemption as a whole or in part shall not affect
the validity of the proceedings for the redemption of any other Debt Security
of such series.

 

The notice of redemption to each such Holder
shall specify the principal amount of each Debt Security of such series held by
such Holder to be redeemed, the CUSIP and ISIN numbers of the Debt Securities
to be redeemed, the date fixed for redemption, the redemption price, the place
or places of payment, that payment will be made upon presentation and surrender
of such Debt Securities and, in the case of Debt Securities with coupons
attached thereto, of all coupons appertaining thereto maturing after the date
fixed for redemption, that such redemption is pursuant to the mandatory or
optional sinking fund, or both, if such be the case, that interest accrued to
the date fixed for redemption will be paid as specified in such notice and that
on and after said date interest thereon or on the portions thereof to be
redeemed will cease to accrue. In case any Debt Security of a series is to be
redeemed in part only, the notice of redemption shall state the portion of the
principal amount thereof to be redeemed and shall state that on and after the
date fixed for redemption, upon surrender of such Debt Security, a new Debt Security
or Debt Securities of such series and tenor in principal amount equal to the
unredeemed portion thereof will be issued.

 

The notice of redemption of Debt Securities
of any series to be redeemed at the option of the Company shall be given by the
Company or, at the Company’s request, by the Trustee in the name and at the
expense of the Company; provided however if the Trustee is asked to give the
Notice, the Company will give the Trustee five Business Days prior notice if
such request.

 

On or before 10:00 a.m. New York City time on
the redemption date specified in the notice of redemption given as provided in
this Section, the Company will deposit with the Trustee or with one or more
Paying Agents (or, if the Company is acting as its own Paying Agent, set aside,
segregate and hold in trust as provided in Section 2.06) an amount of money
sufficient to redeem on the redemption date all the Debt Securities of such
series so called for redemption at the appropriate redemption price, together
with accrued interest to the date fixed for redemption. If all of the
outstanding Debt Securities of a series are to be redeemed, the Company will
deliver to the Trustee at least 10 days

 

20

 

prior to the last date on which
notice of redemption may be given to Holders pursuant to the first paragraph of
this Section 3.02 (or such shorter period as shall be acceptable to the
Trustee) an Officers’ Certificate stating that all such Debt Securities are to
be redeemed. If less than all the outstanding Debt Securities of a series are
to be redeemed, the Company will deliver to the Trustee at least 15 days prior
to the last date on which notice of redemption may be given to Holders pursuant
to the first paragraph of this Section 3.02 (or such shorter period as shall be
acceptable to the Trustee) an Officers’ Certificate stating the aggregate
principal amount of such Debt Securities to be redeemed. In case of a
redemption at the election of the Company prior to the expiration of any
restriction on such redemption, the Company shall deliver to the Trustee, prior
to the giving of any notice of redemption to Holders pursuant to this Section,
an Officers’ Certificate stating that such redemption is not prohibited by such
restriction.

 

If less than all the Debt Securities of a
series are to be redeemed, the Trustee shall select, pro rata, by lot or in
such manner as it shall deem appropriate and fair, Debt Securities of such
series to be redeemed in whole or in part. Debt Securities may be redeemed in
part in multiples equal to the minimum authorized denomination for Debt Securities
of such series or any multiple thereof. The Trustee shall promptly notify the
Company in writing of the Debt Securities of such series selected for
redemption and, in the case of any Debt Securities of such series selected for
partial redemption, the principal amount thereof to be redeemed. For all
purposes of this Indenture, unless the context otherwise requires, all
provisions relating to the redemption of Debt Securities shall relate, in the
case of any Debt Security redeemed or to be redeemed only in part, to the
portion of the principal amount of such Debt Security which has been or is to
be redeemed.

 

Section 3.03. Payment of Debt Securities
Called for Redemption. If notice of redemption has been given as
above provided, the Debt Securities or portions of Debt Securities specified in
such notice shall become due and payable on the date and at the place stated in
such notice at the applicable redemption price, together with interest accrued
to the date fixed for redemption, and on and after such date (unless the
Company shall default in the payment of such Debt Securities at the redemption
price, together with interest accrued to such date) interest on the Debt Securities
or portions of Debt Securities so called for redemption shall cease to accrue,
and the unmatured coupons, if any, appertaining thereto shall be void and,
except as provided in Sections 7.11 and 8.05, such Debt Securities shall cease
from and after the date fixed for redemption to be entitled to any benefit
under this Indenture, and the Holders thereof shall have no right in respect of
such Debt Securities except the right to receive the redemption price thereof
and unpaid interest to the date fixed for redemption. On presentation and
surrender of such Debt Securities at a place of payment specified in said
notice, together with all coupons, if any, appertaining thereto maturing after
the date fixed for redemption, said Debt Securities or the specified portions
thereof shall be paid and redeemed by the Company at the applicable redemption
price, together with interest accrued thereon to the date fixed for redemption;
provided that payment of interest
becoming due on or prior to the date fixed for redemption shall be payable in
the case of Debt Securities with coupons attached thereto, to the Holders of
the coupons for such interest upon surrender thereof, and in the case of
Registered Securities, to the Holders of such Registered Securities

 

21

 

registered as such on the
relevant record date subject to the terms and provisions of Sections 2.04 and 2.13
hereof.

 

If any Debt Security called for redemption
shall not be so paid upon surrender thereof for redemption, the Principal
shall, until paid or duly provided for, bear interest from the date fixed for
redemption at the rate of interest or Yield to Maturity (in the case of an
Original Issue Discount Debt Security) borne by such Debt Security.

 

If any Debt Security with coupons attached
thereto is surrendered for redemption and is not accompanied by all appurtenant
coupons maturing after the date fixed for redemption, the surrender of such
missing coupon or coupons may be waived by the Company and the Trustee, if
there be furnished to each of them such security or indemnity as they may
require to save each of them harmless.

 

Upon presentation of any Debt Security of any
series redeemed in part only, the Company shall execute and upon the written
order of the Company the Trustee shall authenticate and make available for
delivery to or on the order of the Holder thereof, at the expense of the
Company, a new Debt Security or Debt Securities of such series and tenor (with
any unmatured coupons attached), of authorized denominations, in principal
amount equal to the unredeemed portion of the Debt Security so presented.

 

Section 3.04. Exclusion of Certain Debt
Securities from Eligibility for Selection for Redemption. Debt  Securities shall be excluded from eligibility for selection
for redemption if they are identified by registration and certificate number in
a written statement signed by an Officer of the Company and delivered to the
Trustee at least 40 days prior to the last date on which notice of redemption
may be given as being owned of record and beneficially by, and not pledged or
hypothecated by either (a) the Company or (b) an entity specifically identified
in such written statement as directly or indirectly controlling or controlled
by or under direct or indirect common control with the Company.

 

Section 3.05. Mandatory and Optional
Sinking Funds. The minimum amount of any sinking fund payment
provided for by the terms of the Debt Securities of any series is herein
referred to as a “mandatory sinking fund
payment,” and any payment in excess of such minimum amount provided
for by the terms of the Debt Securities of any series is herein referred to as
an “optional sinking fund payment.”  The date on which a sinking fund payment is
to be made is herein referred to as the “sinking fund payment date.”

 

In lieu of making all or any part of any
mandatory sinking fund payment with respect to any series of Debt Securities in
cash, the Company may at its option (a) deliver to the Trustee Debt Securities
of such series theretofore purchased or otherwise acquired (except through a
mandatory sinking fund payment) by the Company or receive credit for Debt Securities
of such series (not previously so credited) theretofore purchased or otherwise
acquired (except as aforesaid) by the Company and delivered to the Trustee for
cancellation pursuant to Section 2.11, (b) receive credit for optional sinking
fund payments (not previously so credited) made pursuant to this Section, or
(c) receive credit for Debt Securities of such series (not previously so credited)
redeemed by the Company

 

22

 

through any optional sinking
fund payment. Debt Securities so delivered or credited shall be received or
credited by the Trustee at the sinking fund redemption price specified in such Debt
Securities.

 

On or before the sixtieth day next preceding
each sinking fund payment date for any series, or such shorter period as shall
be acceptable to the Trustee, the Company will deliver to the Trustee an
Officers’ Certificate (a) specifying the portion of the mandatory sinking fund
payment to be satisfied by payment of cash and the portion to be satisfied by
credit of specified Debt Securities of such series and the basis for such
credit, (b) stating that none of the specified Debt Securities of such series
has theretofore been so credited, (c) stating that no defaults in the payment
of interest or Events of Default with respect to such series have occurred
(which have not been waived or cured) and are continuing and (d) stating
whether or not the Company intends to exercise its right to make an optional
sinking fund payment with respect to such series and, if so, specifying the
amount of such optional sinking fund payment which the Company intends to pay
on or before the next succeeding sinking fund payment date. Any Debt Securities
of such series to be credited and required to be delivered to the Trustee in
order for the Company to be entitled to credit therefor as aforesaid which have
not theretofore been delivered to the Trustee shall be delivered for
cancellation pursuant to Section 2.11 to the Trustee with such Officers’
Certificate (or reasonably promptly thereafter if acceptable to the Trustee). Such
Officers’ Certificate shall be irrevocable and upon its receipt by the Trustee
the Company shall become unconditionally obligated to make all the cash
payments or delivery of Debt Securities therein referred to, if any, on or
before the next succeeding sinking fund payment date. Failure of the Company,
on or before any such sixtieth day, to deliver such Officer’s Certificate and Debt
Securities specified in this paragraph, if any, shall not constitute a default
but shall constitute, on and as of such date, the irrevocable election of the
Company (i) that the mandatory sinking fund payment for such series due on the
next succeeding sinking fund payment date shall be paid entirely in cash
without the option to deliver or credit Debt Securities of such series in
respect thereof and (ii) that the Company will make no optional sinking fund
payment with respect to such series as provided in this Section.

 

If the sinking fund payment or payments
(mandatory or optional or both) to be made in cash on the next succeeding
sinking fund payment date plus any unused balance of any preceding sinking fund
payments made in cash shall exceed $50,000 (or a lesser sum if the Company
shall so request with respect to the Debt Securities of any series), such cash
shall be applied on the next succeeding sinking fund payment date to the
redemption of Debt Securities of such series at the sinking fund redemption
price thereof together with accrued interest thereon to the date fixed for
redemption. If such amount shall be $50,000 (or such lesser sum) or less and
the Company makes no such request then it shall be carried over until a sum in
excess of $50,000 (or such lesser sum) is available. The Trustee shall select,
in the manner provided in Section 3.02, for redemption on such sinking fund
payment date a sufficient principal amount of Debt Securities of such series to
absorb said cash, as nearly as may be, and shall (if requested in writing by
the Company) inform the Company of the serial numbers of the Debt Securities of
such series (or portions thereof) so selected. Debt Securities shall be
excluded from eligibility for redemption under this Section if they are
identified by

 

23

 

registration and certificate
number in an Officers’ Certificate delivered to the Trustee at least 60 days
prior to the sinking fund payment date as being owned of record and
beneficially by, and not pledged or hypothecated by either (a) the Company or
(b) an entity specifically identified in such Officers’ Certificate as directly
or indirectly controlling or controlled by or under direct or indirect common
control with the Company. The Trustee, in the name and at the expense of the
Company (or the Company, if it shall so request the Trustee in writing) shall
cause notice of redemption of the Debt Securities of such series to be given in
substantially the manner provided in Section 3.02 (and with the effect provided
in Section 3.03) for the redemption of Debt Securities of such series in part
at the option of the Company. The amount of any sinking fund payments not so
applied or allocated to the redemption of Debt Securities of such series shall
be added to the next cash sinking fund payment for such series and, together
with such payment, shall be applied in accordance with the provisions of this
Section. Any and all sinking fund moneys held on the stated maturity date of
the Debt Securities of any particular series (or earlier, if such maturity is
accelerated), which are not held for the payment or redemption of particular
Debt Securities of such series shall be applied, together with other moneys, if
necessary, sufficient for the purpose, to the payment of the Principal of, and
interest on, the Debt Securities of such series at maturity.

 

On or before 10:00 a.m. New York City time on
each sinking fund payment date, the Company shall pay to the Trustee in cash or
shall otherwise provide for the payment of all interest accrued to the date
fixed for redemption on Debt Securities to be redeemed on the next following
sinking fund payment date.

 

The Trustee shall not redeem or cause to be
redeemed any Debt Securities of a series with sinking fund moneys or mail any
notice of redemption of Debt Securities of such series by operation of the
sinking fund during the continuance of a Default in payment of interest on such
Debt Securities or of any Event of Default except that, where the mailing of
notice of redemption of any Debt Securities shall theretofore have been made,
the Trustee shall redeem or cause to be redeemed such Debt Securities, provided
that it shall have received from the Company a sum sufficient for such
redemption. Except as aforesaid, any moneys in the sinking fund for such series
at the time when any such Default or Event of Default shall occur, and any
moneys thereafter paid into the sinking fund, shall, during the continuance of
such default or Event of Default, be deemed to have been collected under Article
6 and held for the payment of all such Debt Securities. In case such Event of
Default shall have been waived as provided in Section 6.04 or the Default cured
on or before the sixtieth day preceding the sinking fund payment date in any
year, such moneys shall thereafter be applied on the next succeeding sinking
fund payment date in accordance with this Section to the redemption of such Debt
Securities.

 

ARTICLE 4

COVENANTS

 

Section 4.01. Payment of Principal,
Premium and Interest. The Company shall duly and punctually pay the
principal of (and premium, if any) and interest on each series

 

24

 

of Debt Securities in
accordance with the terms of this Indenture and the Debt Securities of such
series. Unless otherwise specified in any series of Debt Securities, interest
on the Debt Securities of each series will be computed on the basis of a
360-day year comprised of twelve 30-day months.

 

Section 4.02. Maintenance of Office or
Agency. The Company shall maintain an office or agency (which may be
an office of the Trustee or an affiliate of the Trustee, Registrar or
co-registrar) where any series of Debt Securities may be surrendered for
registration of transfer or exchange and where notices and demands to or upon
the Company in respect of the Debt Securities of such series and this Indenture
may be served. The Company shall give prompt written notice to the Trustee of
the location, and any change in such location, of such office or agency. If at
any time the Company shall fail to maintain any such required office or agency
or shall fail to furnish the Trustee with the address thereof, such
presentations, surrenders, notices and demands may be made or served at the
Corporate Trust Office of the Trustee.

 

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

 

Section 4.03. Reports By The Company. So
long as the Debt Securities of any series are outstanding, the Company will
file with the Trustee such information, documents and other reports as may be
required to comply with the provisions of Trust Indenture Act § 314(a), provided that (i) any failure of the Company to comply with
this provision shall not constitute a Default or an Event of Default and (ii)
only the Trustee may institute a legal proceeding against the Company to
enforce such delivery obligation.

 

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

 

Section 4.04. Compliance Certificates.
The Company shall deliver to the Trustee, within 120 days after the
end of each fiscal year, beginning December 31, 2007, an Officers’ Certificate
stating that a review of the activities of the Company and its Subsidiaries during
the preceding fiscal year has been made under the supervision of the signing
Officers with a view to determining whether the Company has kept, observed,
performed and fulfilled its obligations under this Indenture, and further
stating, as to each such Officer signing such Officers’ Certificate, that to
the best of his or her knowledge the Company has kept, observed, performed and
fulfilled each covenant contained in this

 

25

 

Indenture and is not in default
in the performance or observance of any of the terms, provisions and conditions
of this Indenture (or, if a Default or Event of Default shall have occurred,
describing all such Defaults or Events of Default of which he or she may have
knowledge and what action each is taking or proposes to take with respect
thereto). The Company shall also comply with Trust Indenture Act § 314(a)(4).

 

Section 4.05. Further Instruments And
Acts. Upon request of the Trustee, or as necessary the Company will
execute and deliver such further instruments and do such further acts as may be
reasonably necessary or proper to carry out more effectively the purpose of
this Indenture.

 

Section 4.06. Calculation of Original
Issue Discount. If any Debt Securities of any series shall be issued
with original issue discount for U.S. federal income tax purposes, then the
Company shall file with the Trustee promptly at the end of each calendar year
in which such Debt Securities (the “OID Debt Securities”)
are outstanding:

 

(i)            a written notice specifying the
amount of original issue discount (including daily rates and accrual periods)
accrued on the outstanding OID Debt Securities as of the end of such year; and

 

(ii)           such other specific information
relating to such original issue discount as may then be relevant under the
Code.

 

ARTICLE 5

SUCCESSORS

 

Section 5.01. When the Company May
Merge, Consolidate or Dispose of Assets. The Company shall not
consolidate with, merge with or into, or sell, convey, transfer, lease or
otherwise dispose of all or substantially all of its property and assets (as an
entirety or substantially as an entirety in one transaction or a series of
related transactions) to, any Person (other than a consolidation with or merger
with or into a Restricted Subsidiary or a sale, conveyance, transfer, lease or
other disposition to a Restricted Subsidiary) or permit any Person to merge
with or into the Company unless:

 

(i)            either (a) the Company shall be the
continuing Person (the “Successor Company”)
or (b) the Successor Company (if other than the Company) formed by such
consolidation or into which the Company is merged or that acquired or leased
such property and assets of the Company shall be a corporation organized and
validly existing under the laws of the United States of America or any
jurisdiction thereof and shall expressly assume, by a supplemental indenture,
executed and delivered to the Trustee, all of the obligations of the Company
under each series of Debt Securities and this Indenture, and the Company shall
have delivered to the Trustee an Opinion of Counsel stating that such
consolidation, merger or transfer and such supplemental indenture complies with
this provision and that all conditions precedent provided for in this Indenture

 

26

 

relating to such transaction have been
complied with and that such supplemental indenture constitutes the legal, valid
and binding obligation of the Company or such successor enforceable against
such entity in accordance with its terms, subject to customary exceptions; and

 

(ii)           the Company shall have delivered to
the Trustee an Officers’ Certificate to the effect that immediately after
giving effect to such transaction, no Default shall have occurred and be
continuing and an opinion of counsel as to the matters set forth in paragraph 5.01(i)
above.

 

Section 5.02. Successor Company Substituted.
The Successor Company shall be the successor to the Company and
shall succeed to, and be substituted for, and may exercise every right and
power of, the Company under this Indenture, but the predecessor Person in the
case of a conveyance, transfer or lease shall not be released from the
obligation to pay the principal of and interest on the Debt Securities.

 

ARTICLE 6

DEFAULT AND REMEDIES

 

Section 6.01. Events of Default. Each
of the following shall constitute an “Event of Default” with respect to each
series of Debt Securities individually:

 

(i)            the Company defaults in the payment
of all or any part of the principal of the Debt Securities of such series when
the same becomes due and payable at maturity, upon acceleration, redemption or
mandatory repurchase, including as a sinking fund installment, or otherwise;

 

(ii)           the Company defaults in the payment
of any interest on the Debt Securities of such series when the same becomes due
and payable, and such default continues for a period of 30 days;

 

(iii)          an involuntary case or other
proceeding shall be commenced against the Company with respect to the Company
or its debts under any bankruptcy, insolvency or other similar law now or
hereafter in effect seeking the appointment or a trustee, receiver, liquidator,
custodian or other similar official of the Company or for any substantial part
of the property and assets of the Company, and such involuntary case or other
proceeding shall remain undismissed and unstayed for a period of 60 days; or an
order for relief shall be entered against the Company under any bankruptcy,
insolvency or other similar law now or hereafter in effect;

 

(iv)          the Company (1) commences a voluntary
case under any applicable bankruptcy, insolvency or other similar law now or
hereafter in effect, or consents to the entry of an order for relief in an
involuntary case under any such law, (2) consents to the appointment of or
taking possession by a receiver, liquidator, assignee, custodian, trustee,
sequestrator or similar official of the

 

27

 

Company or for all or substantially all of
the property and assets of the Company or (3) effects any general assignment
for the benefit of creditors; and

 

(v)           any other Event of Default provided
with respect to Debt Securities of such series.

 

The foregoing will constitute Events of
Default whatever the reason for any such Event of Default and whether it is
voluntary or involuntary or is 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.

 

The Company shall deliver to the Trustee,
within 30 days after the occurrence thereof, an Officers’ Certificate of any
Event of Default pursuant to clause 6.01(iii), clause 6.01(iv) or clause 6.01(v)
and any event which with the giving of notice or the lapse of time would become
an Event of Default, its status and what action the Company is taking or
proposes to take in respect thereof.

 

Section 6.02. Acceleration. If
an Event of Default occurs and is continuing, then, and in each and every such
case, either the Trustee or the Holders of not less than 25% in aggregate
principal amount of the Debt Securities of such series then outstanding by
notice in writing to the Company (and to the Trustee if given by Holders), may
declare the entire outstanding principal amount of all Debt Securities of such
series, and the interest accrued thereon, if any, to be immediately due and
payable (collectively, the “Default Amount”).
Upon such a declaration, the Default Amount shall be due and payable
immediately. Notwithstanding the foregoing, in case of an Event of Default
specified in clause 6.01(iii) or clause 6.01(iv) of Section 6.01 with respect
to a series of Debt Securities, then the principal amount of all the Debt
Securities of such series then outstanding and interest accrued thereon, if
any, shall be and become immediately due and payable, without any notice or
other action by any Holder of the Debt Securities of such series or the Trustee
to the full extent permitted by applicable law. The Holders of a majority in
aggregate principal amount of the then outstanding Debt Securities of such
series by written notice to the Trustee may on behalf of all of the Holders of
the Debt Securities of such series rescind an acceleration and its consequences
if the rescission would not conflict with any judgment or decree and if all
existing Events of Default (except nonpayment of principal, interest or premium
that has become due solely because of the acceleration) have been cured or
waived.

 

Section 6.03. Other Remedies. If
an Event of Default with respect to a series of Debt Securities occurs and is
continuing, the Trustee may pursue any available remedy to collect the payment
of principal, premium, if any, and interest on the Debt Securities of such
series or to enforce the performance of any provision of the Debt Securities of
such series and this Indenture.

 

The Trustee may maintain a proceeding even if
it does not possess any of the Debt Securities of such series or does not
produce any such Debt Securities in the proceeding. A delay or omission by the
Trustee or any Holder of a Debt Security of such series in exercising any right
or remedy accruing upon any Event of Default shall not

 

28

 

impair the right or remedy or
constitute a waiver of or acquiescence in such Event of Default. No remedy
shall be exclusive of any other remedy. All remedies shall be cumulative to the
extent permitted by law.

 

Section 6.04. Waiver of Past Defaults.
Holders of at least a majority in principal amount of the
outstanding Debt Securities of any series, by notice to the Trustee, may waive
an existing Default or Event of Default and its consequences, except (i) a
Default in the payment of principal of or interest on any Debt Securities of
such series as specified in clauses 6.01(i) or 6.01(ii) of Section 6.01 or (ii)
a Default in respect of a covenant or provision that under Section 9.02 cannot
be modified or amended without the consent of the Holder of each outstanding Debt
Security of such series affected. Upon any such waiver, such Default shall
cease to exist with respect to the Debt Securities of such series, 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 Event of Default or impair any right consequent
thereto.

 

Section 6.05. Control by Majority. Holders
of at least a majority in aggregate principal amount of the outstanding Debt
Securities of any series may 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 by this Indenture with respect to the Debt
Securities of such series; provided that the Trustee may refuse to follow any
direction that conflicts with law or this Indenture, that, subject to Section
7.01 may involve the Trustee in personal liability, or that the Trustee
determines in good faith may be prejudicial to the rights of Holders of such
series not joining in the giving of such direction; and provided further that
the Trustee may take any other action it deems proper that is not inconsistent
with any directions received from Holders of Debt Securities of such series
pursuant to this Section 6.05.

 

Section 6.06. Limitation on Suits. No
Holder of any Debt Securities of any series may institute any proceeding,
judicial or otherwise, with respect to this Indenture or the Debt Securities of
such series, or for the appointment of a receiver or trustee, or for any other
remedy under this Indenture, unless:

 

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

 

(ii)           the Holders of at least 25% in
aggregate principal amount of outstanding Debt Securities of such series shall
have made written request to the Trustee to institute proceedings in respect of
such Event of Default in its own name as Trustee under the Indenture;

 

(iii)          such Holder or Holders have offered to
the Trustee indemnity reasonably satisfactory to the Trustee against any costs,
liabilities or expenses to be incurred in compliance with such request;

 

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

 

29

 

(v)           during such 60-day period, the
Holders of a majority in aggregate principal amount of the outstanding Debt
Securities of such series have not given the Trustee a direction that is
inconsistent with such written request.

 

A Holder of Debt Securities of any series may
not use this Indenture to prejudice the rights of another Holder of such series
or to obtain a preference or priority over such other Holder.

 

Section 6.07. Unconditional Right of
Holders of Debt Securities to Receive Payment. Notwithstanding any
other provision of this Indenture, the right of any Holder of a Debt Security
to receive payment of principal, premium, if any, and interest on such Debt Security,
on or after the respective due dates expressed in such Debt Security, or to
bring suit for the enforcement of any such payment on or after such respective
dates, shall not be impaired or affected without the consent of any such Holder
of a Debt Security.

 

Section 6.08. Collection Suit by
Trustee. If an Event of Default specified in Section 6.01(i) or Section
6.01(ii) occurs and is continuing, the Trustee may recover judgment in its own
name and as trustee of an express trust against the Company for the entire
amount then due and owing, plus the amounts provided for in Section 7.07.

 

Section 6.09. Trustee May File Proofs
of Claim. The Trustee may file such proofs of claim and other papers
or documents as may be necessary or advisable in order to have the claims of
the Trustee and the Holders of the Debt Securities allowed in any judicial
proceedings relative to the Company, the Company’s creditors or the Company’s
property, and, unless prohibited by law or applicable regulations, may vote on
behalf of the Holders of Debt Securities in any election of a trustee in
bankruptcy or other Person performing similar functions, and any Custodian in
any such judicial proceeding is hereby authorized by each Holder of a Debt
Security to make payments to the Trustee, and, in the event that the Trustee
shall consent to the making of such payments directly to the Holders of Debt
Securities, to pay to the Trustee any amount due to it for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents
and counsel, and any other amounts due to Trustee under Section 7.07. Nothing
herein contained shall be deemed to authorize the Trustee to authorize or
consent to or accept or adopt on behalf of any Holder of a Debt Security any
plan of reorganization, arrangement, adjustment or composition affecting the Debt
Securities or the rights of any Holder of a Debt Security thereof, or to
authorize the Trustee to vote in respect of the claim of any Holder of a Debt
Security in any such proceeding.

 

Section 6.10. Priorities. If
the Trustee collects any money pursuant to this Article 6, it shall pay out the
money in the following order:

 

(i)            FIRST:  to the Trustee for amounts due to it under Section
7.07;

 

(ii)          SECOND:  to Holders of Debt Securities for amounts due
and unpaid on the Debt Securities for principal, premium, if any, and interest,
ratably, without preference or priority of any kind, according to the amounts
due and

 

30

 

payable on the Debt Securities for principal,
premium, if any, and interest, respectively; and

 

(iii)          THIRD: 
to the Company.

 

The Trustee may fix a record date and payment
date for any payment to Holders of Debt Securities pursuant to this Section
6.10.

 

Section 6.11. 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 or omitted by it as a
Trustee, a court in its discretion may require the filing by any party litigant
in the suit of an undertaking to pay the costs of the suit, and the court in
its discretion may assess reasonable costs, including reasonable attorneys’
fees and expenses, against any party litigant in the suit, having due regard to
the merits and good faith of the claims or defenses made by the party litigant.
This Section 6.11 shall not apply to a suit by the Trustee, a suit by a Holder
of a Debt Security pursuant to Section 6.07, or a suit by Holders of more than
10% in principal amount of the Debt Securities then outstanding.

 

Section 6.12. Waiver of Stay,
Extension and Usury Laws. The Company (to the extent that it may
lawfully do so) shall not at any time insist upon, plead, or in any manner
whatsoever claim or take the benefit or advantage of, any stay, extension or
usury law wherever enacted, now or at any time hereafter in force, that 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 shall not, by resort to any such law, hinder,
delay or impede the execution of any power herein granted to the Trustee, but
shall suffer and permit the execution of every such power as though no such law
had been enacted.

 

ARTICLE 7

TRUSTEE

 

Section 7.01. Duties of Trustee.

 

(a)           If an Event of
Default of which a Responsible Officer of the Trustee has actual knowledge has
occurred and is continuing, the Trustee shall exercise such of the rights and
powers vested in it by this Indenture, and use the same degree of care and
skill in their exercise, as a prudent man would exercise or use under the
circumstances in the conduct of his own affairs.

 

(b)           Except during the
continuance of an Event of Default of which a Responsible Officer of the
Trustee is aware:

 

(i)            the duties of the Trustee shall be
determined solely by the express provisions of this Indenture and the Trustee
need perform only those duties that are specifically set forth in this
Indenture and no others; and

 

31

 

(ii)           in the absence of bad faith on its
part, the Trustee may conclusively rely, as to the truth of the statements and
the correctness of the opinions expressed therein, upon certificates or
opinions furnished to the Trustee and conforming to the requirements of this
Indenture. However, with respect to certificates or opinions specifically
required by any provision hereof to be furnished to it, the Trustee shall
examine the certificates and opinions to determine whether or not they conform
to the requirements of this Indenture (but need not confirm or investigate the
accuracy of the mathematical calculations or other facts stated therein).

 

(c)           The Trustee shall
not be relieved from liabilities for its own negligent action, its own negligent
failure to act, or its own willful misconduct or bad faith, except that:

 

(i)            this paragraph does not limit the
effect of paragraph (b) of this Section 7.01;

 

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

 

(iii)          the Trustee shall not be liable with
respect to any action taken or omitted to be taken by it in good faith in
accordance with a direction received by it pursuant to Section 6.05.

 

(d)           Whether or not
therein expressly so provided, every provision of this Indenture that in any
way relates to the Trustee is subject to paragraph (a), paragraph (b) and
paragraph (c) of this Section 7.01.

 

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

 

(f)            The Trustee shall
not be liable for interest on any money received by it except as the Trustee
may agree in writing with the Company.

 

(g)           Money held in trust
by the Trustee need not be segregated from other funds except to the extent
required by law.

 

(h)           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
7.01 and to the provisions of the Trust Indenture Act.

 

(i)            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

 

32

 

or indemnity satisfactory to
the Trustee against the costs, expenses and liabilities which might be incurred
by it in compliance with such request or direction; and

 

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

 

Section 7.02. Rights of Trustee. Subject
to Trust Indenture Act Sections 315(a) through (d):

 

(a)           The Trustee may
conclusively rely and shall be protected in acting or refraining from acting
upon any document reasonably believed by it to be genuine and to have been
signed or presented by the proper Person. The Trustee need not investigate any
fact or matter stated in any such document.

 

(b)           Before the Trustee
acts or refrains from taking any act, the Trustee may require an Officers’
Certificate or an Opinion of Counsel or both. The Trustee shall not be liable
for any action taken or omitted to be taken by it in good faith in reliance on
such Officers’ Certificate or such Opinion of Counsel.

 

(c)          The Trustee may act
through agents and shall not be responsible for the misconduct or negligence of
any agent; provided, however, that any such agent is appointed by the Trustee
with due care.

 

(d)           The Trustee shall
not be liable for any action taken or omitted to be taken by it in good faith
which it reasonably believes to be authorized or within its rights or powers
conferred upon it by this Indenture; provided, however, that the Trustee’s
conduct does not constitute negligence, willful misconduct or bad faith.

 

(e)           The Trustee may
consult with counsel of its selection, and the advice or opinion of counsel
with respect to legal matters shall be full and complete authorization and
protection from liability in respect to any action taken, omitted or suffered
by the Trustee hereunder in good faith and in accordance with the advice or
opinion of such counsel.

 

(f)            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 Debt Securities and this Indenture.

 

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

 

33

 

(h)           the Trustee may
request that the Company deliver an Officers’ Certificate setting forth the names
of individuals and/or titles of officers authorized at such time to take
specified actions pursuant to this Indenture, which Officers’ Certificate may
be signed by any person authorized to sign an Officers’ Certificate, including
any person specified as so authorized in any such certificate previously
delivered and not superceded.

 

Section 7.03. Individual Rights of
Trustee. The Trustee in its individual or any other capacity may
become the owner or pledgee of Debt Securities and may otherwise deal with the
Company or any Affiliate of the Company with the same rights as it would have
if the Trustee were not the Trustee hereunder. However, in the event the
Trustee acquires any conflicting interest in accordance with the Trust Indenture
Act it must eliminate such conflicting interest within 90 days, apply to the Commission
for permission to continue as Trustee or resign. Any Paying Agent, Registrar or
co-registrar may do the same with like rights. The Trustee shall at all times
remain subject to Section 7.10 and Section 7.11.

 

Section 7.04. Trustee’s Disclaimer. The
Trustee shall not be responsible for and makes no representation as to the
validity or adequacy of this Indenture or the Debt Securities, it shall not be
accountable for the Company’s use of the proceeds of the Debt Securities and it
shall not be responsible for any statement contained herein or any statement
contained in the Debt Securities or any other document in connection with the
sale of the Debt Securities or pursuant to this Indenture other than the
Trustee’s certificates of authentication.

 

Section 7.05. Notice of Default. If
a Default occurs and is continuing with respect to a series of Debt Securities
and if such Default is known to a Responsible Officer of the Trustee, the
Trustee shall mail to each Holder of a Debt Security of such series a notice of
such Default within 90 days (or such shorter period as may be required by
applicable law) after such Default occurs. Except in the case of a Default in
payment of principal of, premium, if any, or interest on any Debt Security, 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 the Debt Securities.

 

Section 7.06. Reports by Trustee to
Holders of Debt Securities. Within 60 days after each May 15,
beginning with May 15 following the date of this Indenture, the Trustee shall
mail to Holders of the Debt Securities a brief report dated as of such
reporting date that complies with Trust Indenture Act § 313(a) to the extent
such a report is required by Trust Indenture Act § 313(a). The Trustee also
shall comply with Trust Indenture Act § 313(b).

 

A copy of each report at the time of its
mailing to the Holders of Debt Securities shall be mailed to the Company and
filed with the Commission and each stock exchange on which the Debt Securities
may be listed. The Company shall promptly notify the Trustee upon the Debt
Securities being listed on any stock exchange and any delisting thereof.

 

34

 

Section 7.07. Compensation and
Indemnity. The Company shall pay to the Trustee from time to time
such compensation as the Company and the Trustee shall agree to in writing from
time to time for the Trustee’s acceptance of this Indenture and its services
hereunder. The Trustee’s compensation shall not be limited by any law on
compensation of a trustee of an express trust. The Company shall reimburse the
Trustee for all reasonable out-of-pocket expenses incurred or made by it in the
course of its services hereunder. Such expenses shall include the reasonable
compensation and expenses, disbursements and advances of the Trustee’s agents,
counsel, accountants and experts.

 

The Company shall indemnify the Trustee and
any predecessor Trustee against any and all loss, liability, claim, damage or
expense, including taxes (other than taxes based upon, measured by or
determined by the income of the Trustee), incurred by it in connection with the
administration of this trust and the performance of its duties under this
Indenture, except any such loss, liability or expense determined to have been
caused by negligence, or willful misconduct of the Trustee.

 

The Trustee shall notify the Company promptly
of any claim for which it may seek indemnity. Failure by the Trustee to so
notify the Company shall not relieve the Company of its obligations hereunder
except to the extent that the Company may be materially prejudiced by such
failure. The Company shall defend the claim and the Trustee shall cooperate in
the defense of such claim. The Trustee may have separate counsel and the
Company shall pay the reasonable fees and expenses of such counsel. The Company
need not reimburse any expense or indemnify against any loss, liability or
expense incurred by the Trustee through the Trustee’s own negligence, willful
misconduct or bad faith. The Company need not pay for any settlement made
without its consent, which consent shall not be unreasonably withheld.

 

The Company’s payment obligations under this Section
7.07 shall survive the satisfaction and discharge of this Indenture.

 

To secure the Company’s payment obligations
under this Section 7.07, the Trustee shall have a Lien prior to the Debt
Securities on all money or property held or collected by the Trustee, except
such money or property that is held by it in trust for the benefit of Holders
of Debt Securities to pay principal and interest on particular Debt Securities.

 

If the Trustee shall incur expenses after the
occurrence of a Default specified in Section 6.01(iii) or Section 6.01(iv),
such expenses (including the reasonable fees and expenses of its agents and
counsel) are intended to constitute expenses of administration under Bankruptcy
Law.

 

The provisions of this Section shall survive
the termination of this Indenture.

 

Section 7.08. Replacement of Trustee. A
resignation or removal of the Trustee and appointment of a successor Trustee
shall become effective only upon the successor Trustee’s acceptance of appointment
as provided in this Section 7.08.

 

35

 

The Trustee may resign at any time and be
discharged from the trust hereby created by so notifying the Company in writing.
The Holders of Debt Securities of not less than a majority in principal amount
of the Debt Securities of any series then outstanding may remove the Trustee by
so notifying the Trustee and the Company in writing. The Company shall remove
the Trustee if:

 

(i)            the Trustee fails to comply with Section
7.10;

 

(ii)           the Trustee is adjudged bankrupt or
insolvent;

 

(iii)          a Custodian or other public officer
takes charge of the Trustee or its property; or

 

(iv)          the Trustee otherwise becomes
incapable of acting.

 

If the Trustee resigns or is removed or if a
vacancy exists in the office of Trustee for any reason (the Trustee in such
event being referred to herein as the retiring Trustee), the Company shall
promptly appoint a successor Trustee. Within one year after the successor
Trustee takes office, the Holders of a majority in principal amount of the then
outstanding Debt Securities may appoint a successor Trustee to replace the
successor Trustee appointed by the Company.

 

If a successor Trustee does not take office
within 30 days after the retiring Trustee resigns or is removed, the retiring
Trustee, the Company or the Holders of Debt Securities of at least 10% in
principal amount of the then outstanding Debt Securities of any series may
petition at the expense of the Company any court of competent jurisdiction for
the appointment of a successor Trustee.

 

If the Trustee after written request by any
Holder of a Debt Security who has been a Holder of a Debt Security for at least
six months fails to comply with Section 7.10, such Holder of a Debt Security
may petition any court of competent jurisdiction for the removal of the Trustee
and the appointment of a successor Trustee.

 

Any successor Trustee shall deliver a written
acceptance of its appointment to the retiring Trustee and to the Company. Thereupon,
the resignation or removal of the retiring Trustee shall become effective, and
the successor Trustee shall have all of the rights, powers and duties of the
Trustee under this Indenture. The successor Trustee shall mail a notice of its
succession to Holders of Debt Securities. The retiring Trustee shall promptly
transfer all property held by it as Trustee to the successor Trustee, subject
to the Lien provided for in Section 7.07. Notwithstanding replacement of the
Trustee pursuant to this Section 7.08, the Company’s obligations under Section
7.07 shall continue for the benefit of the retiring Trustee.

 

Section 7.09. Successor Trustee by
Merger, Etc. If the Trustee consolidates with, merges or converts
into, or transfers all or substantially all of its corporate trust business or
assets to, another corporation or banking association, the resulting, surviving
or transferee entity without any further act shall constitute the successor
Trustee; provided, however, that such entity shall be otherwise qualified and
eligible under this Article 7.

 

36

 

In case at the time such successor or
successors by merger, conversion or consolidation to the Trustee shall succeed
to the trusts created by this Indenture any of the Debt Securities shall have
been authenticated but not delivered, any such successor to the Trustee may
adopt the certificate of authentication of any predecessor Trustee, and deliver
such Debt Securities so authenticated, and in case at that time any of the Debt
Securities shall not have been authenticated, any successor to the Trustee may
authenticate such Debt Securities either in the name of any predecessor
hereunder or in the name of the successor to the Trustee; and in all such cases
such certificates shall have the full force which it is anywhere in the Debt
Securities or in this Indenture provided that the certificate of the Trustee
shall have.

 

Section 7.10. Eligibility;
Disqualification. This Indenture at all times shall have a Trustee
which satisfies the requirements of Trust Indenture Act § 310(a). Trustee shall
be a corporation organized and doing business under the laws of the United
States of America or of any State thereof authorized under such laws to
exercise corporate trustee power, shall be subject to supervision or
examination by federal or state authority and shall have a combined capital and
surplus of at least $50 million as set forth in its most recently published
annual report of condition. The Trustee shall be subject to Trust Indenture Act
§ 310(b).

 

Section 7.11. Preferential Collection
of Claims against the Company. The Trustee shall comply with Trust
Indenture Act § 311(a), excluding any creditor relationship listed in Trust
Indenture Act § 311(b). A Trustee which has resigned or been removed shall be
subject to Trust Indenture Act § 311(a) to the extent indicated therein.

 

ARTICLE 8

DISCHARGE OF INDENTURE; DEFEASANCE

 

Section 8.01. Discharge of Liability
on Debt Securities; Defeasance.

 

(a)           When (i) all Debt
Securities of any series previously authenticated and delivered (other than Debt
Securities replaced pursuant to Section 2.07) have been delivered to the
Trustee for cancellation and the Company has paid all sums payable by it with
respect to that series of Debt Securities under the Indenture, or (ii) (A) the Debt
Securities of any series mature within one year or all of them are to be called
for redemption within one year under arrangements satisfactory to the Trustee
for giving the notice of redemption, (B) the Company irrevocably deposits in
trust with the Trustee, as trust funds solely for the benefit of the Holders of
the Debt Securities of such series for that purpose, money or U.S. Government
Obligations or a combination thereof sufficient (unless such funds consist
solely of money, in the opinion of a nationally recognized firm of independent
public accountants expressed in a written certification thereof delivered to
the Trustee), without consideration of any reinvestment, to pay the principal
of and interest on the Debt Securities of such series (other than Debt
Securities of such series replaced pursuant to Section 2.07) to maturity or
redemption, as the case may be, and to pay all other sums payable by it under
this Indenture, and (C) the Company delivers to the Trustee an Officers’ Certificate
and an Opinion of Counsel, in each case stating that

 

37

 

all conditions precedent provided
for in this Article 8 relating to the satisfaction and discharge of the
Indenture with respect to the Debt Securities of such series have been complied
with, then this Indenture shall, subject to Section 8.01(c), cease to be of
further effect with respect to the Debt Securities of such series. The Trustee
shall acknowledge satisfaction and discharge of this Indenture on demand of the
Company accompanied by an Officers’ Certificate and an Opinion of Counsel and
at the cost and expense of the Company.

 

(b)           Subject to Section
8.01(c) and Section 8.02, the Company at any time may terminate (i) all of the
Company’ obligations under the Debt Securities of any series and this Indenture
(“legal defeasance”); or (ii) its obligations under Section 4.02, Section 4.03,
Section 4.04, Section 4.05 and Section 6.01(v) (“covenant defeasance”). The
Company may exercise its legal defeasance option notwithstanding its prior
exercise of its covenant defeasance option.

 

If the Company exercises its legal defeasance
option, payment of the Debt Securities of any series may not be accelerated
because of an Event of Default.

 

Upon satisfaction of the conditions set forth
herein and at the request of the Company, the Trustee shall acknowledge in
writing the discharge of those obligations of the Company terminated thereby.

 

(c)           Notwithstanding clause
(a) and clause (b) above, the Company’ obligations contained in Section 2.02, Section
2.03, Section 2.04, Section 2.05, Section 2.06, Section 2.07, Section 7.07, Section
7.08 and this Article 8 shall survive until the Debt Securities of such series
have been paid in full. Thereafter, the Company’s obligations contained in Section
7.07, Section 8.04 and Section 8.05 shall survive.

 

Section 8.02. Conditions to
Defeasance. The Company may exercise its legal defeasance option or
its covenant defeasance option only if:

 

(i)            with reference to this Section 8.02,
the Company has irrevocably deposited in trust with the Trustee as trust funds
solely for the benefit of the Holders of the Debt Securities of such series,
for payment of the principal of and interest on the Debt Securities of such
series, money or U. S. Government Obligations or a combination thereof
sufficient (unless such funds consist solely of money, in the opinion of a
nationally recognized firm of independent public accountants expressed in a
written certification thereof delivered to the Trustee) without consideration
of any reinvestment and after payment of all federal, state and local taxes or
other charges and assessments in respect thereof payable by the Trustee, to pay
and discharge the principal of and accrued interest on the outstanding Debt
Securities of such series to maturity or earlier redemption (irrevocably
provided for under arrangements satisfactory to the Trustee), as the case may
be;

 

38

 

(ii)           such deposit will not result in a
breach or violation of, or constitute a default under, this Indenture or any
other material agreement or instrument to which the Company is a party or by
which it is bound;

 

(iii)          no Default with respect to the Debt
Securities of such series shall have occurred and be continuing on the date of
such deposit;

 

(iv)          the Company shall have delivered to
the Trustee an Opinion of Counsel that (1) the Holders of the Debt Securities
of such series will not recognize income, gain or loss for Federal income tax
purposes as a result of the Company’s exercise of its option under this Section
and will be subject to Federal income tax on the same amount and in the same
manner and at the same times as would have been the case if such deposit and
defeasance had not occurred and (2) the Holders of the Debt Securities of such
series have a valid security interest in the trust funds; and

 

(v)           the Company has delivered to the
Trustee an Officers’ Certificate and an Opinion of Counsel, in each case
stating that all conditions precedent herein provided relating to the
defeasance contemplated by this Section have been complied with.

 

In the case of legal defeasance under this Section
8.02 the Opinion of Counsel referred to in clause (iv)(1) above may be replaced
by a ruling directed to the Trustee received from the Internal Revenue Service
to the same effect. Before or after a deposit, the Company may make
arrangements satisfactory to the Trustee for the redemption of the Debt
Securities of such series at a future date in accordance with Article 3.

 

Section 8.03. Application of Trust
Money. The Trustee shall hold in trust money or U.S. Government
Obligations deposited with it pursuant to this Article 8. The Trustee shall
apply the deposited money and the money from U.S. Government Obligations
through the Paying Agent and in accordance with this Indenture to the payment
of principal of, and premium, if any, and interest on, the Debt Securities of
such series.

 

Section 8.04. Repayment to the Company.
The Trustee and the Paying Agent shall promptly turn over to the
Company upon request any excess money or securities held by them at any time.

 

Subject to any applicable abandoned property
law, the Trustee and the Paying Agent shall pay to the Company upon request any
money held by them for the payment of principal or interest that remains
unclaimed for two years, and, thereafter, Holders of Debt Securities of such
series entitled to the money shall look to the Company for payment as general
creditors.

 

Section 8.05. Indemnity for Government
Obligations. The Company shall pay and indemnify the Trustee against
any tax, fee or other charge imposed on or assessed against deposited U.S.
Government Obligations or the principal and interest received on such U.S.
Government Obligations.

 

39

 

Section 8.06. Reinstatement. If
the Trustee or Paying Agent is unable to apply any money or U.S. Government
Obligations in accordance with this Article 8 by reason of any legal proceeding
or by reason of any order or judgment of any court or governmental authority
enjoining, restraining or otherwise prohibiting such application, the Company’s
obligations under this Indenture and the Debt Securities of such series shall
be revived and reinstated as though no deposit had occurred pursuant to this
Article 8 until such time as the Trustee or Paying Agent is permitted to apply
all such money or U.S. Government Obligations in accordance with this Article 8;
provided, however, that, if the Company has made any payment of interest on or
principal of any of the Debt Securities because of the reinstatement of its
obligations, the Company shall be subrogated to the rights of the Holders of
such Debt Securities to receive such payment from the money or U.S. Government
Obligations held by the Trustee or Paying Agent.

 

ARTICLE 9

AMENDMENT, SUPPLEMENT AND WAIVER

 

Section 9.01. Without Consent of
Holders of Debt Securities. The Company and the Trustee may amend or
supplement this Indenture or the Debt Securities of any series without notice
to or the consent of any Holder of a Debt Security of such series:

 

(i)            to cure any ambiguity, defect or
inconsistency in this Indenture; provided that such amendments or supplements
shall not materially and adversely affect the interests of the Holders of the Debt
Securities of such series;

 

(ii)           to provide for the assumption of the
Company’s obligations to the Holders of the Debt Securities of such series in
connection with a consolidation or merger of the Company or the sale,
conveyance, transfer, lease or other disposal of all or substantially all of
the property and assets of the Company pursuant to Article 5;

 

(iii)          to comply with any requirements of the
Commission in connection with the qualification of this Indenture under the Trust
Indenture Act;

 

(iv)          to evidence and provide for the
acceptance of appointment under this Indenture by a successor Trustee;

 

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

 

(vi)          to add any additional Events of
Default (and if such Events of Default are to be for the benefit of less than
all series of Debt Securities, stating that such Events of Default are being
included solely for the benefit of such series)

 

40

 

or to modify any existing Events of Default
in a manner that is not adverse to any Holders of Debt Securities;

 

(vii)         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 Debt Securities in bearer form, registerable or not
registerable as to principal, and with or without interest coupons, or to
permit or facilitate the issuance of Debt Securities in uncertificated form;

 

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

 

(ix)           to make any change that does not
materially and adversely affect the rights of any Holder of the Debt Securities
of such series, provided that any change to
conform the terms of the Debt Securities of such series to the description
contained in this Indenture and any change to conform the terms of the Debt
Securities of such series to the description thereof contained in the prospectus
(as such description may be supplemented or modified by any prospectus supplement
thereto) relating to such series of Debt Securities shall not be deemed to be
adverse to any Holder of such Debt Securities.

 

Upon the request of the Company accompanied
by a resolution of the Board of Directors authorizing the execution of any such
amended or supplemental Indenture, and upon receipt by the Trustee of the
documents described in Section 9.06, the Trustee shall join with the Company in
the execution of any amended or supplemental Indenture authorized or permitted
by the terms of this Indenture and to make any further appropriate agreements
and stipulations which may be contained therein, but the Trustee shall not be
obligated to enter into such amended or supplemental Indenture which adversely
affects its own rights, duties or immunities under this Indenture or otherwise.

 

After an amendment, supplement or waiver
under this Section 9.01 becomes effective, the Company shall mail to the
Holders of Debt Securities of any series affected thereby a notice briefly
describing any such amendment, supplement or waiver. Any failure of the Company
to mail such notice, or any defect therein, shall not in any way impair or
affect the validity of any such amended or supplemental Indenture or waiver. Subject
to Section 6.04 and Section 6.07, the Holders of a majority in aggregate
principal amount of the Debt Securities of such series then outstanding may
waive compliance by the Company in any particular instance with any provision
of this Indenture or the Debt Securities of such series.

 

Section 9.02. With Consent of Holders
of Debt Securities. The Company and the Trustee may amend or
supplement this Indenture, the Debt Securities of any series or any amended or
supplemental Indenture with the written consent of the Holders of Debt
Securities of at least a majority in aggregate principal amount of the Debt
Securities of such series then outstanding, and any existing Default and its
consequences or compliance with any provision of this Indenture or the Debt
Securities of such series may be waived with the consent of the Holders of a
majority in principal amount of the Debt

 

41

 

Securities of
such series then outstanding. However, without the consent of each Holder of a Debt
Security of such series affected, any amendment, supplement or waiver may not:

 

(i)            extend the Stated Maturity of the
principal of, or any installment of interest on, such Holder’s Debt Securities,
or reduce the principal thereof or the rate of interest thereon, or any premium
payable with respect thereto, or change any place or currency of payment where
any Debt Security of such series or any premium or the interest thereon is
payable, or impair the right to institute suit for the enforcement of any such
payment on or after the due date therefor;

 

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

 

(iii)          waive a Default in the payment of
principal of or interest on any Debt Security of such Holder; or

 

(iv)          modify any of the provisions of this
Section, except to increase any such percentage or to provide that certain
other provisions of this Indenture cannot be modified or waived without the
consent of the Holder of each outstanding Debt Security of such series
thereunder affected thereby.

 

Upon the request of the Company accompanied
by a resolution of the Board of Directors authorizing the execution of any such
amended or supplemental Indenture, and upon the filing with the Trustee of
evidence satisfactory with the Trustee of the consent of the Holders of Debt
Securities of such series as aforesaid and upon receipt by the Trustee of the
documents described in Section 9.06, the Trustee shall join with the Company in
the execution of such amended or supplemental Indenture unless such amended or
supplemental Indenture affects the Trustee’s own rights, duties or immunities
under this Indenture or otherwise, in which case the Trustee may in its
discretion, but shall not be obligated to, enter into such amended or
supplemental Indenture.

 

It shall not be necessary for the consent of
the Holders of Debt Securities of such series under this Section 9.02 to
approve the particular form of any proposed amendment, supplement or waiver,
but it shall be sufficient if such consent approves the substance thereof.

 

After an amendment, supplement or waiver
under this Section 9.02 becomes effective, the Company shall mail to the
Holders of Debt Securities of such series affected thereby a notice briefly
describing any such amendment, supplement or waiver. Any failure of the Company
to mail such notice, or any defect therein, shall not in any way impair or
affect the validity of any such amended or supplemental Indenture or waiver.

 

42

 

The Company may, but shall not be obligated
to, fix a record date for the purpose of determining the Persons entitled to
consent to any indenture supplemental hereto. If a record date is fixed, the
Holders on such record date, or their duly designated proxies, and only such
Persons, shall be entitled to consent to such supplemental indenture, whether
or not such Holders remain Holders after such record date; provided, that
unless such consent shall have become effective by virtue of the requisite
percentage having been obtained prior to the date which is 90 days after such
record date, any such consent previously given shall automatically and without
further action by an Holder be cancelled and of no further effect.

 

Section 9.03. Compliance with Trust
Indenture Act. Every amendment or supplement to this Indenture or
the Debt Securities of any series shall be set forth in an amended or
supplemental Indenture that complies with the Trust Indenture Act as then in
effect.

 

Section 9.04. Revocation and Effect of
Consents and Waivers. Until an amendment, supplement or waiver
becomes effective, a consent to such amendment, supplement or waiver by a
Holder of a Debt Security of any series is a continuing and binding consent by
the Holder of a Debt Security of such series and every subsequent Holder of a
Debt Security of such series or portion of a Debt Security of such series that
evidences the same debt as the consenting Holder’s Debt Security, even if a
notation of the consent or waiver is not made on any Debt Security. However,
any such Holder of a Debt Security of such series or subsequent Holder of a
Debt Security of such series may revoke the consent as to its Debt Security if
the Trustee receives written notice of revocation before the date the waiver,
supplement or amendment becomes effective. An amendment, supplement or waiver
shall become effective in accordance with its terms and thereafter shall bind
every Holder of a Debt Security of such series.

 

The Company may, but shall not be obligated
to, fix a record date for the purpose of determining the Holders of Debt
Securities of any series entitled to give their consent or take any other
action described above or required or permitted to be taken pursuant to this
Indenture. If a record date is fixed, then notwithstanding the immediately
preceding paragraph, such Persons which were Holders of Debt Securities of such
series at such record date (or their duly designated proxies), and only such
Persons, shall be entitled to give such consent or to revoke any consent
previously given or to take any such action, whether or not such Persons
continue to be Holders of Debt Securities of such series after such record date.
No such consent shall be valid or effective for more than 120 days after such
record date.

 

Section 9.05. Notation On or Exchange
of Debt Securities. If an amendment or supplement changes the terms
of a Debt Security of any series, the Trustee may require the Holder of such
Debt Security to deliver such Debt Security to the Trustee. The Trustee may
place an appropriate notation on the Debt Security regarding the changed terms
and return it to the Holder of such Debt Security. Alternatively, if the
Company or the Trustee so determines, the Company in exchange for such Debt
Security shall issue and the Trustee shall authenticate a new Debt Security
that reflects such changed terms.

 

43

 

Failure to make the appropriate
notation or to issue a new Debt Security shall not affect the validity of such
amendment or supplement.

 

Section 9.06. Trustee to Sign
Amendments, Etc. The Trustee shall sign any amended or supplemental
Indenture authorized pursuant to this Article 9 if the amendment or supplement
does not adversely affect the rights, duties, liabilities or immunities of the
Trustee. If it does, the Trustee may but need not sign it. In signing such
amendment or supplement the Trustee shall be provided with, and (subject to Section
7.01) shall be fully protected in relying upon, an Officer’s Certificate and an
Opinion of Counsel stating that such amendment or supplement is authorized or
permitted pursuant to this Indenture. The Company shall not sign any amendment
or supplemental Indenture until the Board of Directors approves any such
amendment or supplemental Indenture.

 

ARTICLE 10

MISCELLANEOUS

 

Section 10.01. Trust Indenture Act Controls.
If any provision of this Indenture limits, qualifies or conflicts
with the duties imposed by Trust Indenture Act § 318(c), such imposed duties
shall control.

 

Section 10.02. Notices. Any
notice or communication by the Company or the Trustee to the other is duly
given if in writing and delivered in person or mailed by first class mail
(registered or certified, return receipt requested), telecopier or overnight
air courier guaranteeing next day delivery, to the other’s address:

 

If to the Company:

 

CVS Caremark Corporation

One CVS Drive

Woonsocket, Rhode Island 02895

Telecopier No.: (401) 765-1500

Attention:  General Counsel

 

If to the Trustee:

 

The Bank of New York Trust Company, N.A.

222 Berkeley Street, 2nd Floor

Boston, Massachusetts 02116

Telecopier No: (617) 351-2401

Attention: Corporate Trust Administration

 

The Company or the Trustee, by notice each to
the other may designate additional or different addresses for subsequent
notices or communications.

 

44

 

All notices and communications (other than
those sent to Holders of Debt Securities) shall be deemed to have been duly
given: at the time delivered by hand, if personally delivered; five Business
Days after being deposited in the mail, postage prepaid, if mailed; when
receipt acknowledged, if telecopied; and the next Business Day after timely
delivery to the courier, if sent by overnight air courier guaranteeing next day
delivery.

 

Any notice or communication to a Holder of a Debt
Security shall be mailed by first class mail, certified or registered, return
receipt requested, or by overnight air courier guaranteeing next day delivery
to its address shown on the Securities Register. Any notice or communication
shall also be so mailed to any Person described in Trust Indenture Act §
313(c), to the extent required by the Trust Indenture Act. Failure to mail a
notice or communication to a Holder of a Debt Security or any defect in such
notice shall not affect its sufficiency with respect to other Holders of Debt
Securities.

 

If a notice or communication is mailed in the
manner set forth above within the time prescribed, such notice or communication
shall be deemed to be duly given whether or not the addressee receives it.

 

If the Company mails a notice or
communication to Holders of Debt Securities, it shall mail a copy to the
Trustee and each Agent at the same time.

 

Section 10.03. Communication by Holders
of Debt Securities with Other Holders of Debt Securities. Holders of
Debt Securities pursuant to Trust Indenture Act § 312(b) may communicate with
other Holders of Debt Securities with respect to their rights under this
Indenture or the Debt Securities. The Company, the Trustee, the Registrar, the
Paying Agent and any other Person shall have the protection of Trust Indenture
Act § 312(c).

 

Section 10.04. Certificate and Opinion
as to Conditions Precedent. Upon any request or application by the
Company to the Trustee to take any action under this Indenture, the Company
shall furnish to the Trustee any certificates or opinions required by the Trust
Indenture Act, and:

 

(i)            an Officers’ Certificate in form and
substance reasonably satisfactory to the Trustee stating that, in the opinion
of the signers, all conditions and covenants, if any, provided for in this
Indenture relating to the proposed action have been satisfied; and

 

(ii)           an Opinion of Counsel in form and
substance reasonably satisfactory to the Trustee stating that, in the opinion
of such counsel, all conditions and covenants have been satisfied.

 

Section 10.05. Statements Required in
Certificate or Opinion. Each certificate or opinion with respect to
compliance with a condition or covenant contained in this Indenture shall
include:

 

45

 

(i)            a statement that the Person making
such certificate or opinion has read such condition or covenant;

 

(ii)           a 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;

 

(iii)          a statement that, in the opinion of
such Person, he or she has made such examination or investigation as is
necessary to enable him or her to express an informed opinion as to whether
such condition or covenant has been satisfied; and

 

(iv)          a statement as to whether, in the
opinion of such Person, such condition or covenant has been satisfied.

 

Section 10.06. Rules by Trustee and
Agents. The Trustee may make reasonable rules for action by or at a
meeting of Holders of Debt Securities. The Registrar and Paying Agent may make
reasonable rules and set reasonable requirements for their functions.

 

Section 10.07. No Personal Liability of
Directors, Officers, Employees, Incorporators And Stockholders. No
director, officer, employee, incorporator or stockholder of the Company, as
such, shall have any liability for any obligations of the Company under the Debt
Securities or this Indenture or for any claim based on, in respect of, or by
reason of, such obligations. Each Holder of a Debt Security by accepting a Debt
Security waives and releases all such liability. Such waiver and release form a
part of the consideration for issuance of the Debt Securities.

 

Section 10.08. Governing Law. THIS
INDENTURE AND THE DEBT SECURITIES SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO
APPLICABLE PRINCIPLES OF CONFLICT OF LAW TO THE EXTENT THAT THE APPLICATION OF
THE LAW OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

 

Section 10.09. No Adverse
Interpretation of Other Agreements. This Indenture may not be used
to interpret another indenture, loan or debt agreement of the Company or its
Subsidiaries. Any such indenture, loan or debt agreement may not be used to interpret
this Indenture.

 

Section 10.10. Successors. All
agreements of the Company contained in this Indenture and the Debt Securities
shall bind the Company and its successors. All agreements of the Trustee in
this Indenture shall bind the Trustee and its successors.

 

Section 10.11. Severability. In
case any provision of this Indenture or the Debt Securities shall be invalid,
illegal or unenforceable, the validity, legality and enforceability of the
remaining provisions shall not in any way be affected or impaired thereby.

 

46

 

Section 10.12. Counterpart Originals. The
parties may sign any number of copies of this Indenture. Each such signed copy
shall be deemed to be an original, and all of such signed copies together shall
represent one and the same agreement.

 

Section 10.13. Table of Contents,
Headings, Etc.. The Table of Contents, Cross-Reference Table and
Headings of the Articles and Sections of this Indenture have been inserted for
convenience only, and shall not, for any reason, be deemed to be part of this
Indenture and shall in no way modify or restrict any of the terms or provisions
hereof.

 

Section 10.14. Judgment Currency. The
Company agrees, to the fullest extent that it may effectively do so under applicable
law, that (a) if for the purpose of obtaining judgment in any court it is
necessary to convert the sum due in respect of the Principal of or interest on
the Debt Securities of any series (the “Required Currency”)
into a currency in which a judgment will be rendered (the “Judgment
Currency”), the rate of exchange used shall be the rate at which in
accordance with normal banking procedures the Trustee could purchase in The
City of New York the Required Currency with the Judgment Currency on the day on
which final unappealable judgment is entered, unless such day is not a Business
Day in The City of New York, then, to the extent permitted by applicable law,
the rate of exchange used shall be the rate at which in accordance with normal
banking procedures the Trustee could purchase in The City of New York the
Required Currency with the Judgment Currency on the Business Day in The City of
New York preceding the day on which final unappealable judgment is entered and (b)
its obligations under this Indenture to make payments in the Required Currency (i)
shall not be discharged or satisfied by any tender, or any recovery pursuant to
any judgment (whether or not entered in accordance with subsection (a)), in any
currency other than the Required Currency, except to the extent that such
tender or recovery shall result in the actual receipt, by the payee, of the
full amount of the Required Currency expressed to be payable in respect of such
payments, (ii) shall be enforceable as an alternative or additional cause of
action for the purpose of recovering in the Required Currency the amount, if
any, by which such actual receipt shall fall short of the full amount of the
Required Currency so expressed to be payable and (iii) shall not be affected by
judgment being obtained for any other sum due under this Indenture.

 

Section 10.15. 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 10.16. Force Majeure. In
no event shall the Trustee be responsible or liable for any failure or delay in
the performance of its obligations hereunder arising out of or caused by,
directly or indirectly, forces beyond its control, including, without
limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil
or military disturbances, nuclear or natural catastrophes or acts of God, and
interruptions, loss or malfunctions of utilities, communications or computer
(software and hardware) services; it being understood that the Trustee shall
use reasonable efforts which are consistent with

 

47

 

accepted practices in the
banking industry to resume performance as soon as practicable under the
circumstances.

 

ARTICLE 11

SUBORDINATION OF DEBT SECURITIES

 

Section 11.01. Agreement to Subordinate.
The Company, for itself, its successors and assigns, covenants and
agrees and each Holder of Debt Securities by its acceptance thereof likewise
covenants and agrees that the payment of the principal of, premium, if any, and
interest, if any, on each and all of the Debt Securities (other than Debt
Securities discharged or defeased pursuant to Article 8) is hereby expressly
subordinated and junior in right of payment, to the extent and in the manner
hereinafter set forth, to the prior payment in full, in cash or cash
equivalents, of all Senior Indebtedness. The provisions of this Article shall
constitute a continuing offer to all persons who, in reliance upon such
provisions, become holders of, or continue to hold, Senior Indebtedness, and
such provisions are made for the benefit of the holders of Senior Indebtedness,
and such holders are hereby made obligees hereunder the same as if their names
were written herein as such, and they and/or each of them may proceed to
enforce such provisions

 

Section 11.02. Rights of Holders of
Senior Indebtedness. The holders of all Senior Indebtedness shall
first be entitled to received payment in full in cash or cash equivalents of
the principal thereof, premium, if any, and interest (including any accrued
interest), if any, due thereof before the Holders of any of the Debt Securities
are entitled to receive a payment on account of the principal of, premium, if
any, or interest on the Debt Securities if a default occurs for the payment of
principal, premium, if any, or interest on or other monetary amounts due and
payable on any Senior Indebtedness or any other default having occurred
concerning any Senior Indebtedness, which permits the Holder or Holders of any
Senior Indebtedness to accelerate the maturity of any Senior Indebtedness with
notice or lapse of time, or both. Such an Event of Default must have continued
beyond the period of grace, if any, provided for such Event of Default, and
such Event of Default shall not have been cured or waived or shall not have
ceased to exist.

 

Section 11.03. Debt Securities
Subordinated to Prior Payment of all Senior Indebtedness on Dissolution, Liquidation
or Reorganization of Company. Upon any distribution of assets of the
Company to creditors upon any dissolution, winding up, liquidation or
reorganization, whether voluntary or involuntary, or in bankruptcy, insolvency,
receivership or other proceedings of the Company:

 

(a)           the holders of all
Senior Indebtedness shall first be entitled to receive payment in full in cash
or cash equivalents of the principal thereof, premium, if any, and interest
(including any interest accrued on such Senior Indebtedness subsequent to the
commencement of a bankruptcy, insolvency, receivership or similar proceeding),
if any, due thereon before the Holders of the Debt Securities are entitled to
receive any payment

 

48

 

on account of the principal of,
premium, if any, or interest, if any, on the Debt Securities or any
distribution of any assets or securities;

 

(b)           any payment or
distribution of assets of the Company of any kind or character, whether in
cash, property or securities, to which the Holders of the Debt Securities or
the Trustee would be entitled except for the provisions of this Article 11,
shall be paid by the trustee in bankruptcy, receiver, liquidating trustee,
custodian, assignee, agent or other person making such payment or distribution
directly to the holders of Senior Indebtedness or their representative or
representatives, or to the trustee or trustees under any indenture under which
any instruments evidencing any of such Senior Indebtedness may have been
issued, to the extent necessary to make payment in full of all Senior
Indebtedness remaining unpaid, after giving effect to any concurrent payment or
distribution or provision therefor to the holders of such Senior Indebtedness;

 

(c)           in the event that
notwithstanding the foregoing provisions of this Section 11.03, the Company
shall make any payment to the Trustee on account of the principal of or
premium, if any, or interest, if any, on the Debt Securities, or on account of
any sinking fund, or the Holders of the Debt Securities shall receive any such
payment when such payment is prohibited by this Section 11.03 and before all
amounts payable on, under or in connection with Senior Indebtedness are paid in
full in cash or cash equivalents, then and in such event, such payment (subject
to the provisions of Sections 11.06 and 11.07) shall be held by the Trustee or
the Holders of the Debt Securities, as the case may be, in trust for the
benefit of, and shall be paid over and delivered forthwith to the trustee in
bankruptcy, receiver, liquidating trustee, custodian, assignee, agent or other
person making payment or distribution of assets of the Company for application
to the payment of all Senior Indebtedness remaining unpaid to the extent
necessary to pay all Senior Indebtedness in full in accordance with the terms
of such Senior Indebtedness, after giving effect to any concurrent payment or
distribution or provision therefor to the holders of such Senior Indebtedness.

 

Section 11.04. Obligation of the Company
Unconditional. Nothing contained in this Article 11 or elsewhere in
this Indenture or in the Debt Securities is intended to or shall impair as
between the Company and the Holders of the Debt Securities, the obligation of
the Company, which is absolute and unconditional, to pay to the Holders of the
Debt Securities the principal of, premium, if any, and interest, if any, on the
Debt Securities as and when the same shall become due and payable in accordance
with their terms, or is intended to or shall affect the relative rights of the
Holders of the Debt Securities and creditors of the Company other than the
holders of the Senior Indebtedness, nor shall anything herein or therein
prevent the Trustee or the Holder of any Debt Security from exercising all
remedies otherwise permitted by applicable law upon default under this
Indenture, subject to the rights, if any, under this Article 11 of the holders
of Senior Indebtedness in respect of cash, property, or securities of the
Company received upon the exercise of any such remedy. Upon any distribution of
assets of the Company referred to in this Article 11, the Trustee, subject to
the provisions of Section 7.01, and the Holders of the Debt Securities shall be
entitled to rely upon any order or decree made by any court of competent
jurisdiction in which such liquidation, dissolution, winding up, or
reorganization proceedings are pending, or a certificate of the

 

49

 

liquidating trustee or agent or
other person making any distribution to the Trustee or to the Holders of the
Debt Securities, for the purpose of ascertaining the persons entitled to
participate in such distribution, the holders of the Senior Indebtedness and
other indebtedness of the Company, the amount thereof or payable thereon, the
amount or amounts paid or distributed thereon and all other facts pertinent
thereto or to this Article 11.

 

Section 11.05. Trustee Entitled to Assume
Payments Not Prohibited in Absence of Notice. The Trustee shall not
at any time be charged with knowledge of the existence of any facts which would
prohibit the making of any payment of monies to or by the Trustee, unless and
until a Responsible Officer of the Trustee shall have received written notice
thereof from the Company or from one or more holders of Senior Indebtedness or
from any trustee therefor; and, prior to the receipt of any such written
notice, the Trustee, subject to the provisions of Section 7.01, shall be entitled
to assume conclusively that no such facts exist.

 

Section 11.06. Application by Trustee of
Monies Deposited With It. Anything in this Indenture to the contrary
notwithstanding, any deposit of monies by the Company with the Trustee or any
paying agent (whether or not in trust) for the payment of the principal of or
premium, if any, or interest, if any, on any Securities shall be subject to the
provisions of Sections 11.01, 11.02 and 11.03 except that, if prior to the
date on which by the terms of this Indenture any such monies may become payable
for any purpose (including, without limitation, the payment of either the
principal of or the interest or premium, if any, on any Debt Security) a
Responsible Officer of the Trustee shall not have received with respect to such
monies the notice provided for in Section 11.05, then, anything herein
contained to the contrary notwithstanding, the Trustee shall have full power
and authority to receive such monies and to apply the same to the purpose for
which they were received, and shall not be affected by any notice to the
contrary which may be received by it on or after such date.

 

Section 11.07. Subordination Rights not
Impaired by Acts or Omissions of Company or Holders of Senior Indebtedness. No
right of any present or future holders of any Senior Indebtedness to enforce
subordination as herein provided shall at any time in any way be prejudiced or
impaired by any act or failure to act on the part of the Company or by any act
or failure to act, in good faith, by any such holder, or by any noncompliance
by the Company with the terms, provisions and covenants of this Indenture,
regardless of any knowledge thereof which any such holder may have or be
otherwise charged with.

 

Section 11.08. Securityholders Authorize
Trustee to Effectuate Subordination of Securities. Each Holder of
the Debt Securities by its acceptance thereof authorizes and expressly directs
the Trustee on its behalf to take such action as may be necessary or
appropriate to effectuate the subordination provided in this Article 11 and
appoints the Trustee his attorney-in-fact for such purpose, including, in the
event of any dissolution, winding up, liquidation or reorganization of the
Company (whether in bankruptcy, insolvency or receivership proceedings or upon
an assignment for the benefit of creditors or otherwise) tending towards
liquidation of the business and assets of the Company, the

 

50

 

immediate filing of a claim for
the unpaid balance of its Debt Securities in the form required in said
proceedings and cause said claim to be approved.

 

Section 11.09. Right of Trustee to Hold
Senior Indebtedness. The Trustee shall be entitled to all of the
rights set forth in this Article 11 in respect of any Senior Indebtedness at
any time held by it to the same extent as any other holder of Senior
Indebtedness, and nothing in Section 7.11 or elsewhere in this Indenture shall
be construed to deprive the Trustee of any of its rights as such Holder.

 

Section 11.10. Article 11 Not to Prevent
Events of Default. The failure to make a payment on account of
principal, interest or sinking fund by reason of any provision in this Article
11 shall not be construed as preventing the occurrence of an Event of Default
under Section 6.01.

 

Section 11.11. Subrogation.
Subject to the payment in full of all amounts due in respect of Senior
Indebtedness, the rights of the Holders shall be subrogated to the rights of
the holders of such Senior Indebtedness to receive payments or distributions of
cash, property or securities of the Company, as the case may be, applicable to
such Senior Indebtedness until the principal of (and premium, if any) and
interest on the Debt Securities shall be paid in full; and, for the purposes of
such subrogation, no payments or distributions to the holders of such Senior
Indebtedness of any cash, property or securities to which the Holders or the
Trustee would be entitled except for the provisions of this Article 11, and no
payment over pursuant to the provisions of this Article 11 to or for the
benefit of the holders of such Senior Indebtedness by Holders or the Trustee,
shall, as between the Company, its creditors other than holders of Senior
Indebtedness of the Company, and the Holders, be deemed to be a payment by the
Company to or on account of such Senior Indebtedness. It is understood that the
provisions of this Article 11 are and are intended solely for the purposes of
defining the relative rights of the Holders, on the one hand, and the holders
of such Senior Indebtedness, on the other hand.

 

51

 

SIGNATURES

 

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

 

	
   

  	
   

  	
  CVS CAREMARK CORPORATION, as

  Company

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  [CORPORATE SEAL]

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Attest:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  THE BANK OF NEW YORK TRUST

  COMPANY, N.A., as Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
   

  	
  Title:

  	
   

  
							

 

 

EXHIBIT A

 

[FORM OF FACE OF DEBT SECURITY]

 

[Global Notes Legend]

 

UNLESS THIS CERTIFICATE IS
PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF [THE DEPOSITORY TRUST COMPANY (“DTC”)],
TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT,
AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF [CEDE & CO.] OR
SUCH OTHER NAME AS 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.

 

UNLESS AND UNTIL THIS GLOBAL
NOTE IS EXCHANGED IN WHOLE OR IN PART FOR A GLOBAL NOTE IN DEFINITIVE REGISTERED
FORM, THIS GLOBAL NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY [DTC] TO A
NOMINEE OF [DTC] OR BY A NOMINEE OF [DTC] TO [DTC] OR ANOTHER NOMINEE OF [DTC]
OR BY [DTC] OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH
SUCCESSOR DEPOSITARY.

 

A-1

 

CVS CAREMARK CORPORATION

 

	
  No.

  	
   

  	
   

  	
   

  	
  $

  

CUSIP No.

ISIN No.

 

      % Debt
Securities due           

 

CVS CAREMARK CORPORATION, a Delaware
corporation (such corporation, and its successors and assigns under the
Indenture hereinafter referred to, being herein called the “Company”), for value received promises to pay to                       ,
or registered assigns, the principal sum of                 
Dollars on                       .
If such maturity date is not a Business Day, then payment of principal will be
made on the next succeeding Business Day.

 

Interest Payment Dates:                       
and                       .

 

Record Dates:                       
and                       
immediately preceding each interest payment date.

 

Additional provisions of this Debt Security
are set forth on the reverse side of this Debt Security.

 

[Remainder of page intentionally left blank]

 

A-2

 

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

 

	
   

  	
  CVS CAREMARK CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  

 

 

Dated:                

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

THE BANK OF NEW YORK TRUST COMPANY, N.A.,

 

as Trustee, certifies that this is one of the
Debt Securities referred to

in the Indenture.

 

	
  By

  	
   

  	
   

  	
   

  
	
   

  	
  Authorized
  Signatory

  	
   

  

 

A-3

 

[FORM OF REVERSE SIDE OF DEBT SECURITY]

 

                      %
Debt Securities due                       

 

This Debt
Security is one of a duly authorized series of debt securities of CVS Caremark
Corporation, a Delaware corporation (such corporation, and its successors and
assigns under the Indenture hereinafter referred to, being herein called the “Company”) (herein called the “Debt
Securities”), issued and to be issued in one or more series under an
Indenture, dated as of [                 
], 2007 herein called the “Indenture,”
which term shall have the meaning assigned to it in such instrument), between
the Company and The Bank of New York Trust Company, N.A., 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 Debt Securities and of the terms upon which the Debt Securities are, and
are to be, authenticated and delivered. This Debt Security is one of the series
designated on the face hereof [if applicable, insert —, limited in aggregate
principal amount to $...........].

 

[If
applicable, insert — The Debt Securities of this series are subject to
redemption upon not more than 60 or less than 30 days’ notice by mail, [if
applicable, insert — (1) on ......... in any year commencing with the year
...... and ending with the year ...... through operation of the sinking fund for
this series at a Redemption Price equal to 100% of the principal amount, and
(2)] at any time [on or after .........., 20..], as a whole or in part, at the
election of the Company, at the following Redemption Prices [insert terms
established pursuant to Section 3.01 of the Indenture.]

 

[Notwithstanding
the foregoing, the Company may not, prior to ..........., redeem any Debt
Securities of this series as contemplated by [Clause (2) of] the preceding
paragraph as a part of, or in anticipation of, any refunding operation by the
application, directly or indirectly, of moneys borrowed having an interest cost
to the Company (calculated in accordance with generally accepted financial
practice) of less than .....% per annum.]

 

[The sinking
fund for this series provides for the redemption on .......... in each year
beginning with the year ........ and ending with the year ...... of [not less
than] $....... [(“mandatory sinking fund”)
and not more than $..........] aggregate principal amount of Debt Securities of
this series. [Debt Securities of this series acquired or redeemed by the
Company otherwise than through [mandatory] sinking fund payments may be
credited against subsequent [mandatory] sinking fund payments otherwise
required to be made — in the inverse order in which they

 

A-4

 

become due.]

 

In the event
of redemption of this Debt Security in part only, a new Debt Security or Debt
Securities of this series and of a like tenor for the unredeemed portion hereof
will be issued in the name of the Holder hereof upon the cancellation hereof.

 

The
indebtedness evidenced by this Debt Security is, to the extent provided in the
Indenture, subordinate and subject in right of payment to the prior payment in
full of all Senior Indebtedness, and this Debt Security is issued subject to
the provisions of the Indenture with respect thereto. Each Holder of this Debt
Security, by accepting the same, (a) agrees to and shall be bound by such
provisions, (b) authorizes and directs the Trustee on his or her behalf to take
such actions as may be necessary or appropriate to effectuate the subordination
so provided and (c) appoints the Trustee his or her attorney-in-fact for any
and all such purposes. Each Holder hereof, by his or her acceptance hereof,
waives all notice of the acceptance of the subordination provisions contained
herein and in the Indenture by each holder of Senior Indebtedness, whether now
outstanding or hereafter created, incurred, assumed or guaranteed, and waives
reliance by each such Holder upon said provisions.

 

[If the Debt
Security is not an Original Issue Discount Security,— If an Event of Default
with respect to Debt Securities of this series shall occur and be continuing,
the principal of the Debt Securities of this series may be declared due and
payable in the manner and with the effect provided in the Indenture.]

 

[If the Debt
Security is an Original Issue Discount Security, — If an Event of Default with
respect to Debt Securities of this series shall occur and be continuing, an
amount of principal of the Debt Securities of this series may be declared due
and payable in the manner and with the effect provided in the Indenture. Such
amount shall be equal to — insert formula for determining the amount. Upon
payment (i) of the amount of principal so declared due and payable and (ii) of
interest on any overdue principal, premium and overdue interest (in each case
to the extent that the payment of such interest shall be legally enforceable),
all of the Company’s obligations in respect of the payment of the principal of
and premium and interest, if any, on the Debt Securities of this series shall
terminate.]

 

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

 

The Indenture
permits, with certain exceptions as therein provided, the

 

A-5

 

amendment thereof and the
modification of the rights and obligations of the Company and the rights of the
Holders of the Debt Securities of each series to be affected under the
Indenture at any time by the Company and the Trustee with the consent of the
majority of the Holders of the principal amount of the Debt Securities at the
time outstanding of each series to be affected. The Indenture also contains
provisions permitting the Holders of specified percentages in principal amount
of the Debt Securities of each series at the time outstanding, on behalf of the
Holders of all Debt Securities of such series, to waive compliance by the
Company with certain provisions of the Indenture and certain past defaults
under the Indenture and their consequences. Any such consent or waiver by the
Holder of this Debt Security shall be conclusive and binding upon such Holder
and upon all future Holders of this Debt Security and of any Debt Security
issued upon the registration of transfer hereof or in exchange herefor or in
lieu hereof, whether or not notation of such consent or waiver is made upon
this Debt Security. Subject to certain exceptions set forth in the Indenture,
without the consent of any Holder of a Debt Security, the Company and the
Trustee may amend the Indenture or the Debt Securities to cure any ambiguity,
omission, defect or inconsistency, or to comply with Article 5 of the Indenture
or that does not materially and adversely affect the rights of any Holder of a
Debt Security or to comply with requirements of the Commission in connection
with the qualification of the Indenture under the Trust Indenture Act.

 

No reference
herein to the Indenture and no provision of this Debt 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 Debt 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 Debt Security is registrable in the Security Register, upon
surrender of this Debt 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 Debt Security are payable, duly endorsed by, or accompanied by
a written instrument of transfer in form satisfactory to the Company and the
Registrar duly executed by, the Holder hereof or his attorney duly authorized
in writing, and thereupon one or more new Debt 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 Debt Securities
of this series are issuable only in registered form without coupons in
denominations of $........ and any integral multiple thereof. As provided in
the Indenture and subject to certain limitations therein set forth, Debt Securities
of this series are exchangeable for a like aggregate principal amount of

 

A-6

 

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

 

A-7

 

The Company will furnish to any Holder of a
Debt Security upon written request and without charge to such Holder of a Debt
Security a copy of the Indenture. Requests may be made to:

 

CVS Caremark Corporation

670 White Plains Road, Suite 210

Scarsdale, New York 10583

Attention: Nancy R. Christal

 

Terms defined in the Indenture and not otherwise defined herein are
used herein as therein defined.

 

A-8

 

ASSIGNMENT FORM

 

To assign this Debt Security, complete the form below:

 

I or we assign and transfer this Debt Security to:

 

[Print or type assignee’s name, address and zip code]

 

[Insert assignee’s soc. sec. or tax I.D. No.]

 

and irrevocably appoint                             
as agent to

transfer this Debt Security on the books of CVS

Caremark Corporation. The agent may substitute

another to act for him.

 

 

	
  Date:

  	
   

  	
   

  	
  Your
  Signature:

  	
   

  	
   

  

 

 

Sign exactly as your name appears
on the face of this Debt Security.

 

A-9

 

 

 

CVS CAREMARK CORPORATION

 

as Issuer,

 

 

and

 

 

THE BANK OF NEW YORK TRUST COMPANY, N.A.

 

as Trustee

 

 

 

INDENTURE

 

Dated as of [             ], 2007

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