Document:

exv4w1

Exhibit 4.1

EXECUTION COPY

 

AK Steel Corporation

as the Company,

AK Steel Holding Corporation,

as the Parent Guarantor

and

U.S. Bank National Association

as Trustee

 

Senior Indenture

Dated as of May 11, 2010

 

 

 

 

TABLE OF CONTENTS

 

	 	 	 	 	 
	 	 	Page	 
	 ARTICLE 1
	 	 	 	 
	Definitions and Incorporation by Reference
	 	 	 	 
	 
	 	 	 	 
	Section 1.01. Definitions.
	 	 	1	 
	Section 1.02. Other Definitions
	 	 	6	 
	Section 1.03. Incorporation by Reference of Trust Indenture Act
	 	 	7	 
	Section 1.04. Rules of Construction
	 	 	7	 
	 
	 	 	 	 
	ARTICLE 2
	 	 	 	 
	The Securities
	 	 	 	 
	 
	 	 	 	 
	Section 2.01. Form and Dating
	 	 	8	 
	Section 2.02. Execution And Authentication
	 	 	8	 
	Section 2.03. Amount Unlimited; Issuable in Series
	 	 	11	 
	Section 2.04. Denomination and Date of Securities; Payments of Interest
	 	 	14	 
	Section 2.05. Registrar and Paying Agent; Agents Generally
	 	 	14	 
	Section 2.06. Paying Agent to Hold Money in Trust
	 	 	15	 
	Section 2.07. Transfer and Exchange
	 	 	16	 
	Section 2.08. Replacement Securities
	 	 	19	 
	Section 2.09. Outstanding Securities
	 	 	20	 
	Section 2.10. Temporary Securities
	 	 	21	 
	Section 2.11. Cancellation
	 	 	21	 
	Section 2.12. CUSIP Numbers
	 	 	22	 
	Section 2.13. Defaulted Interest
	 	 	22	 
	Section 2.14. Series May Include Tranches
	 	 	22	 
	 
	 	 	 	 
	ARTICLE 3
	 	 	 	 
	Redemption
	 	 	 	 
	 
	 	 	 	 
	Section 3.01. Applicability of Article
	 	 	23	 
	Section 3.02. Notice of Redemption; Partial Redemptions
	 	 	23	 
	Section 3.03. Payment of Securities Called for Redemption
	 	 	25	 
	Section 3.04. Exclusion of Certain Securities from Eligibility for Selection for Redemption
	 	 	26	 
	Section 3.05. Mandatory and Optional Sinking Funds
	 	 	26	 
	 
	 	 	 	 
	ARTICLE 4
	 	 	 	 
	Covenants
	 	 	 	 
	 
	 	 	 	 
	Section 4.01. Payment of Securities
	 	 	28	 

i

 

	 	 	 	 	 
	 	 	Page	 
	Section 4.02. Maintenance of Office or Agency
	 	 	29	 
	Section 4.03. Certificate to Trustee
	 	 	30	 
	Section 4.04. Additional Amounts
	 	 	30	 
	Section 4.05. Restrictions on the Activities of the Parent Guarantor
	 	 	31	 
	 
	 	 	 	 
	ARTICLE 5
	 	 	 	 
	Successor Corporation
	 	 	 	 
	 
	 	 	 	 
	Section 5.01. When Company and Parent Guarantor May Merge, Etc
	 	 	31	 
	Section 5.02. Successor Substituted
	 	 	32	 
	 
	 	 	 	 
	ARTICLE 6
	 	 	 	 
	Securityholders’ Lists and Reports By The Company and The Trustee
	 	 	 	 
	 
	 	 	 	 
	Section 6.01. Securityholders’ Lists
	 	 	32	 
	Section 6.02. Preservation of Information;
Communications with Securityholders
	 	 	33	 
	Section 6.03. Reports by the Company
	 	 	33	 
	Section 6.04. Reports by the Trustee
	 	 	33	 
	 
	 	 	 	 
	 ARTICLE 7
	 	 	 	 
	 Default and Remedies
	 	 	 	 
	 
	 	 	 	 
	Section 7.01. Events of Default
	 	 	34	 
	Section 7.02. Acceleration
	 	 	35	 
	Section 7.03. Other Remedies
	 	 	36	 
	Section 7.04. Waiver of Past Defaults
	 	 	37	 
	Section 7.05. Control by Majority
	 	 	37	 
	Section 7.06. Limitation on Suits
	 	 	37	 
	Section 7.07. Rights of Holders to Receive Payment
	 	 	38	 
	Section 7.08. Collection Suit by Trustee
	 	 	38	 
	Section 7.09. Trustee May File Proofs of Claim
	 	 	39	 
	Section 7.10. Application of Proceeds
	 	 	39	 
	Section 7.11. Restoration of Rights and Remedies
	 	 	40	 
	Section 7.12. Undertaking for Costs
	 	 	40	 
	Section 7.13. Rights and Remedies Cumulative
	 	 	40	 
	Section 7.14. Delay or Omission not Waiver
	 	 	41	 
	 
	 	 	 	 
	ARTICLE 8
	 	 	 	 
	Trustee
	 	 	 	 
	 
	 	 	 	 
	Section 8.01. General
	 	 	41	 
	Section 8.02. Certain Rights of Trustee
	 	 	41	 
	Section 8.03. Individual Rights of Trustee
	 	 	43	 
	Section 8.04. Trustee’s Disclaimer
	 	 	43	 
	Section 8.05. Notice of Default
	 	 	44	 

ii

 

	 	 	 	 	 
	 	 	Page	 
	Section 8.06. Reports by Trustee to Holders
	 	 	44	 
	Section 8.07. Compensation and Indemnity
	 	 	44	 
	Section 8.08. Disqualification; Conflicting Interests
	 	 	45	 
	Section 8.09. Corporate Trustee Required; Eligibility
	 	 	45	 
	Section 8.10. Replacement of Trustee
	 	 	46	 
	Section 8.11. Acceptance of Appointment by Successor
	 	 	47	 
	Section 8.12. Successor Trustee By Merger, Etc
	 	 	48	 
	Section 8.13. Eligibility
	 	 	48	 
	Section 8.14. Money Held in Trust
	 	 	48	 
	Section 8.15. Preferential Collection of Claims Against the Company
	 	 	48	 
	 
	 	 	 	 
	 ARTICLE 9
	 	 	 	 
	 Securityholders
	 	 	 	 
	 
	 	 	 	 
	Section 9.01. Evidence of Action by Securityholders
	 	 	48	 
	Section 9.02. Proof of Execution by Securityholders
	 	 	49	 
	Section 9.03. Certain Securities Owned by Company Disregarded
	 	 	49	 
	 
	 	 	 	 
	 ARTICLE 10
	 	 	 	 
	 Satisfaction and Discharge of Indenture; Unclaimed Moneys
	 	 	 	 
	 
	 	 	 	 
	Section 10.01. Satisfaction and Discharge of Indenture
	 	 	50	 
	Section 10.02. Application by Trustee of Funds Deposited for
Payment of Securities
	 	 	51	 
	Section 10.03. Repayment of Moneys Held by Paying Agent
	 	 	51	 
	Section 10.04. Return of Moneys Held by Trustee and Paying
Agent Unclaimed for Two Years
	 	 	51	 
	Section 10.05. Defeasance and Discharge of Indenture
	 	 	52	 
	Section 10.06. Defeasance of Certain Obligations
	 	 	53	 
	Section 10.07. Reinstatement
	 	 	55	 
	Section 10.08. Indemnity
	 	 	55	 
	Section 10.09. Excess Funds
	 	 	55	 
	Section 10.10. Qualifying Trustee
	 	 	55	 
	 
	 	 	 	 
	ARTICLE 11
	 	 	 	 
	Amendments, Supplements and Waivers
	 	 	 	 
	 
	 	 	 	 
	Section 11.01. Without Consent of Holders
	 	 	56	 
	Section 11.02. With Consent of Holders
	 	 	56	 
	Section 11.03. Revocation and Effect of Consent
	 	 	58	 
	Section 11.04. Notation on or Exchange of Securities
	 	 	58	 
	Section 11.05. Trustee to Sign Amendments, Etc
	 	 	59	 
	Section 11.06. Conformity with Trust Indenture Act
	 	 	59	 

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	 	 	Page	 
	 ARTICLE 12
	 	 	 	 
	Parent Security Guarantee
	 	 	 	 
	 
	 	 	 	 
	Section 12.01. The Security Guarantee
	 	 	59	 
	Section 12.02. Guarantee Unconditional, Etc
	 	 	59	 
	Section 12.03. Discharge; Reinstatement
	 	 	60	 
	Section 12.04. Waiver by Parent Guarantor
	 	 	60	 
	Section 12.05. Subrogation and Contribution
	 	 	61	 
	Section 12.06. Stay of Acceleration
	 	 	61	 
	Section 12.07. Execution and Delivery of Parent Guarantee
	 	 	61	 
	 
	 	 	 	 
	ARTICLE 13
	 	 	 	 
	Miscellaneous
	 	 	 	 
	 
	 	 	 	 
	Section 13.01. Trust Indenture Act of 1939
	 	 	61	 
	Section 13.02. Notices
	 	 	61	 
	Section 13.03. Certificate and Opinion as to Conditions Precedent
	 	 	63	 
	Section 13.04. Statements Required in Certificate or Opinion
	 	 	63	 
	Section 13.05. Evidence of Ownership
	 	 	63	 
	Section 13.06. Rules by Trustee, Paying Agent or Registrar
	 	 	64	 
	Section 13.07. Payment Date Other Than a Business Day
	 	 	64	 
	Section 13.08. Governing Law
	 	 	65	 
	Section 13.09. No Adverse Interpretation of Other Agreements
	 	 	65	 
	Section 13.10. Successors
	 	 	65	 
	Section 13.11. Duplicate Originals
	 	 	65	 
	Section 13.12. Separability
	 	 	65	 
	Section 13.13. Table of Contents, Headings, Etc
	 	 	65	 
	Section 13.14. Incorporators, Stockholders, Officers and Directors of
Company Exempt from Individual Liability
	 	 	65	 
	Section 13.15. Judgment Currency
	 	 	65	 
	Section 13.16. Waiver of Jury Trial
	 	 	66	 
	Section 13.17. Force Majeure
	 	 	66	 

iv

 

Cross Reference Table*

	 	 	 
	Section of Trust Indenture Act	 	Section of
	of 1939, as amended	 	Indenture
	310(a)
	 	7.09
	310(b)
	 	7.08
	 
	 	7.10
	310(c)
	 	Inapplicable
	311(a)
	 	7.15
	311(b)
	 	7.15
	311(c)
	 	Inapplicable
	312(a)
	 	6.01
	 
	 	6.02(a)
	312(b)
	 	6.02(b)
	312(c)
	 	6.02(b)
	313(a)
	 	6.04(a)
	313(b)
	 	6.04(b)
	313(c)
	 	6.04(a)
	 
	 	6.04(b)
	313(d)
	 	6.04(b)
	314(a)
	 	6.03
	314(b)
	 	Inapplicable
	314(c)
	 	12.03
	 
	 	12.04
	314(d)
	 	Inapplicable
	314(e)
	 	12.03
	314(f)
	 	Inapplicable
	315(a)
	 	8.01
	315(b)
	 	6.04
	315(c)
	 	8.01
	315(d)
	 	8.01
	315(e)
	 	7.12
	316(a)
	 	7.05, 9.03
	316(b)
	 	7.06
	316(c)
	 	9.01
	317(a)
	 	7.08
	317(b)
	 	2.05
	318(a)
	 	13.01

 

			
	*	 	This Cross-Reference Table does not constitute part of the Indenture and shall not have any
bearing on the interpretation of any of its terms or provisions.

 

     SENIOR INDENTURE, dated as of May 11, 2010, between AK Steel Corporation, a Delaware
corporation, as the Company, AK Steel Holding Corporation, a Delaware corporation, as Parent
Guarantor and U.S. Bank National Association, as Trustee.

RECITALS OF THE COMPANY

     WHEREAS, the Company has duly authorized the issue from time to time of its senior debentures,
notes or other evidences of indebtedness to be issued in one or more series (the “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 thereof, the Company has duly authorized the execution and delivery of this
Indenture;

     WHEREAS, all things necessary to make this Indenture a valid indenture and agreement according
to its terms have been done; and

     WHEREAS, all things necessary to make the Security Guarantees, when executed by the Parent
Guarantor and endorsed on the Securities issued under this Indenture, and authenticated and
delivered hereunder, the valid obligations of the Parent Guarantor, and to make this Indenture a
valid agreement of the Parent Guarantor, in accordance with their and its terms, have been done.

     NOW, THEREFORE:

     In consideration of the premises and the purchases of the Securities by the holders thereof,
the Company, the Parent Guarantor and the Trustee mutually covenant and agree for the equal and
proportionate benefit of the respective holders from time to time of the 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.

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

 

 

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

     “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 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 series of Securities, any day, other than a Saturday
or Sunday, that is neither a legal holiday nor a day on which banking institutions are authorized
or required by law or regulation to close in The City of New York or in the city where the office
or agency for payment on the Securities is maintained pursuant to Section 4.02.

     “Capital Stock” means, with respect to any Person, any and all shares, interests,
participations or other equivalents (however designated, whether voting or non-voting) in equity of
such Person, whether outstanding on the date of this Indenture or issued thereafter, including,
without limitation, all common stock and preferred stock but excluding any convertible or
exchangeable debt securities.

     “Closing Date” means the date on which any series of Securities was originally issued under
this Indenture

     “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 instrument such
Commission is not existing and performing the duties now assigned to it under the Trust Indenture
Act, then the body performing such duties at such time.

     “Company” means the 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” means the office of the Trustee at which the corporate trust business
of the Trustee shall, at any particular time, be administered, which office is, at the date of this
Indenture, located at 425 Walnut Street, Cincinnati, OH 45202.

     “Default” means 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 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

2

 

each Person who is then a Depositary hereunder, and if at any time there is more than one such
Person, “Depositary” as used with respect to the Securities of any such series shall mean the
Depositary with respect to the Registered Global Securities of that series.

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

     “GAAP” means generally accepted accounting principles set forth in the opinions and
pronouncements of the Accounting Principles Board of the American Institute of Certified Public
Accountants and statements and pronouncements of the Financial Accounting Standards Board or in
such other statements by such other entity as have been approved by a significant segment of the
accounting profession which are in effect on the date of this Indenture.

     “Guarantee” means any obligation, contingent or otherwise, of any Person directly or
indirectly guaranteeing any Indebtedness of any other Person and, without limiting the generality
of the foregoing, any obligation, direct or indirect, contingent or otherwise, of such Person (1)
to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness of
such other Person (whether arising by virtue of partnership arrangements, or by agreements to
keep-well, to purchase assets, goods, securities or services (unless such purchase arrangements are
on arm’s-length terms and are entered into in the ordinary course of business), to take-or-pay, or
to maintain financial statement conditions or otherwise) or (2) entered into for purposes of
assuring in any other manner the obligee of such Indebtedness of the payment thereof or to protect
such obligee against loss in respect thereof (in whole or in part); provided that the term
“Guarantee” shall not include endorsements for collection or deposit in the ordinary course of
business. The term “Guarantee” used as a verb has a corresponding meaning.

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

     “Indebtedness” means indebtedness for borrowed money.

     “Indenture” means this Indenture as originally executed and delivered 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 Securities of each series established as contemplated pursuant to Sections 2.01 and 2.03.

     “Officer” means the chairman of the board of directors, the president or chief executive
officer, any executive vice president, any senior vice president,

3

 

any vice president, the chief financial officer, the treasurer or any assistant treasurer, or the
secretary or any assistant secretary.

     “Officers’ Certificate” means a certificate signed in the name of the Company (i) by the
president or chief executive officer, an executive vice president, a senior vice president or a
vice president of the Company, and (ii) by the chief financial officer, the treasurer or any
assistant treasurer, or the secretary or any assistant secretary of the Company, and delivered to
the Trustee. Each such certificate shall comply with Section 314 of the Trust Indenture Act, if
applicable, and include (except as otherwise expressly provided in this Indenture) the statements
provided in Section 13.04, if applicable; provided that if an Officers’ Certificate is required
under the Indenture to be provided by the Parent Guarantor, the term “Company” in this definition
shall be replaced in each case by the term “Parent Guarantor.”

     “Opinion of Counsel” means a written opinion signed by legal counsel, who may be an employee
of or counsel to the Company or the Parent Guarantor, satisfactory to the Trustee. Each such
opinion shall comply with Section 314 of the Trust Indenture Act, if applicable, and include the
statements provided in Section 13.04, if and to the extent required thereby.

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

     “Original Issue Discount Security” means any 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 7.02.

     “Parent Guarantor” means AK Steel Holding Corporation, a Delaware corporation, until a
successor replaces it pursuant to Article 5 of this Indenture and thereafter means the successor.

     “Periodic Offering” means an offering of Securities of a series from time to time, the
specific terms of which 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
Securities.

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

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

4

 

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

     “Responsible Officer” when used with respect to the Trustee, shall mean an officer of the
Trustee in the Corporate Trust Office, having direct responsibility for the administration of this
Indenture, and also, with respect to a particular matter, any other officer to whom such matter is
referred because of such officer’s knowledge of and familiarity with the particular subject.

     “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.

     “Security Guarantee” means a Guarantee of the obligations of the Company under this Indenture
and the Securities.

     “Securities Act” means the Securities Act of 1933, as amended.

     “Significant Subsidiary” means (a) any Restricted Subsidiary of the Parent Guarantor that, at
any time of determination would be a significant subsidiary of Parent Guarantor pursuant to Rule
1-02 of Regulation S-X as in effect on the Closing Date or (b) any group of Restricted Subsidiaries
that, taken together, would be a “Significant Subsidiary” under clause (a).

     “Subsidiary” means with respect to any specified Person, any corporation of which at least a
majority of the outstanding stock having by the terms thereof ordinary voting power for the
election of directors of such corporation (irrespective of whether or not at the time stock of any
other class or classes of such corporation shall have or might have voting power by reason of the
happening of any contingency) is, or other entity of which at least a majority of the common equity
interests are, at the time directly or indirectly owned by that Person, or by one or more other
Subsidiaries of that Person, or by that Person and one or more other Subsidiaries of that Person.

     “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 8 and thereafter shall mean or
include each Person who is then a Trustee hereunder, and if at any time there is more than one such
Person, “Trustee” as used with respect to the Securities of any series shall mean the Trustee with
respect to Securities of that series.

5

 

     “Trust Indenture Act” means the Trust Indenture Act of 1939, as amended (15 U.S. Code §§
77aaa-77bbbb), as it may be amended from time to time.

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

     “U.S. Government Obligations” means securities that are (1) direct obligations of the United
States of America for the payment of which its full faith and credit is pledged or (2) obligations
of a Person controlled or supervised by and acting as an agency or instrumentality of the United
States of America the full and timely payment of which is unconditionally guaranteed as a full
faith and credit obligation by the United States of America, which, in either case, are not
callable or redeemable at the option of the issuer thereof at any time prior to the stated maturity
of the notes, and shall also include a depository receipt issued by a bank or trust company as
custodian with respect to any such U.S. Government Obligation or a specific payment of interest on
or principal of any such U.S. Government Obligation held by such custodian for the account of the
holder of a depository receipt; provided that (except as required by law) such custodian is not
authorized to make any deduction from the amount payable to the holder of such depository receipt
from any amount received by the custodian in respect of the U.S. Government Obligation or the
specific payment of interest on or principal of the U.S. Government Obligation evidenced by such
depository receipt.

     “Yield to Maturity” means, as the context may require, the yield to maturity (i) on a series
of Securities or (ii) if the Securities of a series are issuable from time to time, on a 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 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 Security, and calculated
in accordance with the constant interest method or such other accepted financial practice as is
specified in the terms of such 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	 
	cash transaction
	 	 	8.03	 
	Dollars
	 	 	4.02	 
	Event of Default
	 	 	7.01	 
	Judgment Currency
	 	 	13.15	(a)
	mandatory sinking fund payment
	 	 	Section 3.05	 
	optional sinking fund payment
	 	 	Section 3.05	 

6

 

	 	 	 	 	 
	Term	 	Section	 
	Paying Agent
	 	 	2.05	 
	record date
	 	 	2.04	 
	Registrar
	 	 	2.05	 
	Required Currency
	 	 	13.15	(a)
	Security Register
	 	 	2.05	 
	self-liquidating paper
	 	 	8.03	 
	sinking fund payment date
	 	 	Section 3.05	 
	Surviving Person
	 	 	Section 5.01	 
	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. The following terms used in this Indenture that are defined by the
Trust Indenture Act have the following meanings:

     “indenture securities” means the Securities;

     “indenture security holder” means a Holder or a Securityholder;

     “indenture to be qualified” means this Indenture;

     “indenture trustee” or “institutional trustee” means the Trustee; and

     “obligor” on the indenture securities means the Company or any other obligor on the
Securities.

     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.

     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;

7

 

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

     (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 Securities

     Section 2.01. Form and Dating. The 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 Securities as evidenced by their execution of the Securities. Unless
otherwise so established, Unregistered Securities shall have coupons attached.

     If a separate Security Guarantee by the Parent Guarantor is required by one or more Board
Resolutions or in one or more indentures supplemental hereto, the Security Guarantee by the Parent
Guarantor to be endorsed on the 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 Security Guarantees as evidenced by their execution of the Security
Guarantees.

     Section 2.02. Execution And Authentication. One Officer of the Company shall execute the
Securities and one Officer of the Company shall execute the coupons appertaining thereto for the
Company by facsimile or manual signature in the name and on behalf of the Company. If an Officer
of the Company whose signature is on a Security or coupon appertaining thereto no longer holds that
office at the time the Security is authenticated, the Security and such coupon shall nevertheless
be valid.

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     One Officer of the Parent Guarantor shall execute the Security Guarantees for the Parent
Guarantor by facsimile or manual signature in the name and on behalf of the Parent Guarantor. If
an Officer of the Parent Guarantor whose signature is on a Security Guarantee no longer holds that
office at the time the Security Guarantee is authenticated, the Security Guarantee shall
nevertheless be valid.

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

     A Security and the coupons appertaining thereto shall not be valid until the Trustee or
Authenticating Agent signs, manually or by facsimile, the certificate of authentication on the
Security or on the Security to which such coupon appertains. The signature shall be conclusive
evidence that the Security or the Security to which the coupon appertains 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 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 the Trustee shall thereupon authenticate and deliver such
Securities to or upon the written order of the Company. In authenticating any Securities of a
series, the Trustee shall be entitled to receive prior to the authentication of any Securities of
such series, and (subject to Article 8) 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 Securities of
that series were established;

     (b) an Officers’ Certificate setting forth the form or forms and terms of the
Securities, stating that the form or forms and terms of the Securities of such series have
been, or, in the case of a Periodic Offering, 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 Securities of such series have been, or, in the case of a Periodic Offering,
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 Securities have been duly authorized and, if

9

 

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 and the Parent Guarantor, enforceable against the Company and
the Parent Guarantor 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 covering such other matters
as shall be specified therein and as shall be reasonably requested by the Trustee.

     The Trustee shall not be required to authenticate such Securities if the issue of such
Securities pursuant to this Indenture will affect the Trustee’s own rights, duties or immunities
under the Securities and this Indenture or otherwise in a manner which is not reasonably acceptable
to the Trustee.

     Notwithstanding the provisions of Sections 2.01 and 2.02, if, in connection with a Periodic
Offering, all Securities of a series are not to be originally issued at one time, it shall not be
necessary to deliver the Board Resolution otherwise required pursuant to Section 2.01 or the Board
Resolution and/or executed supplemental indenture, Officers’ Certificate and Opinion of Counsel
otherwise required pursuant to Section 2.02 at or prior to the authentication of each Security of
such series if such documents are delivered at or prior to the authentication upon original
issuance of the first Security of such series to be issued.

     With respect to Securities of a series offered in a Periodic Offering, the Trustee may rely,
as to the authorization by the Company of any of such Securities, the forms and terms thereof and
the legality, validity, binding effect and enforceability thereof, upon the Opinion of Counsel and
the other documents delivered pursuant to Sections 2.01 and 2.02, as applicable, in connection with
the first authentication of Securities of such series.

     If the Company shall establish pursuant to Section 2.03 that the 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 the Trustee shall authenticate and deliver 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 Securities of such series issued in such form and not yet cancelled,
(ii) shall be registered in the name of the Depositary for such Registered Global Security or
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 (unless
provided otherwise in the form of such Security) bear a legend substantially to the following
effect: “Unless and until it is exchanged in whole or in part for Securities in definitive
registered form, this Security may not be transferred except as a whole by the

10

 

Depositary to the 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
Securities that may be authenticated and delivered under this Indenture is unlimited.

     The 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 Board Resolution or one or more indentures
supplemental hereto, prior to the initial issuance of Securities of any series, subject to the last
sentence of this Section 2.03,

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

     (b) any limit upon the aggregate Principal amount of the 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 Securities of that
series (except for Securities authenticated and delivered upon registration of transfer of, or in
exchange for, or in lieu of, or upon redemption of, other Securities of the series pursuant
hereto);

     (c) the date or dates on which the Principal of the 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 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 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,
premium, if any, and any interest on 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 Securities of the series and this Indenture may be served and notice to Holders
may be published;

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     (f) the right, if any, of the Company to redeem 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 Securities of the series may be so redeemed;

     (g) the obligation, if any, of the Company to redeem, purchase or repay Securities of the
series pursuant to any mandatory redemption 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 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 $2,000 and any higher integral multiple of $1,000, the
denominations in which Securities of the series shall be issuable;

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

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

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

     (l) whether the Securities of the series or any portion thereof will be issuable as Registered
Securities (and if so, whether such Securities will be issuable as Registered Global Securities) or
Unregistered Securities (with or without coupons) (and if so, whether such Securities will be
issued in temporary or permanent global form), 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 the Securities of the series may be exchangeable for and/or convertible into the
common stock of the Company or any other security;

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     (n) whether and under what circumstances the Company will pay additional amounts on the
Securities of the series held by a person who is not a U.S. person 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 Securities rather than pay such additional amounts;

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

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

     (q) provisions, if any, for the defeasance of the Securities of the series (including
provisions permitting defeasance of less than all 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 10;

     (r) if the Securities of the series are issuable in whole or in part as one or more Registered
Global Securities or Unregistered Securities in global form, the identity of the Depositary or
common Depositary for such Registered Global Security or Securities or Unregistered Securities in
global form;

     (s) any other Events of Default or covenants with respect to the Securities of the series; and

     (t) any other terms of the Securities of the series (which terms shall not be inconsistent
with the provisions of this Indenture), and any requirement to have Subsidiaries Guarantee the
Securities.

     All 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 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
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.

13

 

     Unless otherwise expressly provided with respect to a series of Securities, the aggregate
principal amount of a series of Securities may be increased and additional Securities of such
series may be issued up to the maximum aggregate principal amount authorized with respect to such
series as increased.

     Section 2.04. Denomination and Date of Securities; Payments of Interest. The 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 Securities of
any series, in denominations of $2,000 and any higher integral multiple of $1,000. The 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.

     Unless otherwise specified with respect to a series of Securities, each Security shall be
dated the date of its authentication. The 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 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 Securities may be presented for registration, registration of transfer or
for exchange (the “Registrar”) and an office or agency where Securities may be presented for
payment (the “Paying Agent”), which shall be in the United States of America. 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.

14

 

     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 Securities or the discharge of this Indenture under Article
10.

     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 or, in the case of Unregistered Securities, 10:00 a.m. New York City time on
the Business Day prior to the due date, of any Principal or interest on any 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
Securities or the Trustee all money held by the Paying Agent for the payment of Principal of,
premium, if any, and interest on such 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, premium, if any, or interest on any
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

15

 

money shall be paid to such Holders or otherwise disposed of as 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
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 Securities are so surrendered
for exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the
Securities which the Holder making the exchange is entitled to receive.

     Upon surrender for registration of transfer of any Registered Security of a series at the
agency of the Company that shall be maintained for that purpose in accordance with Section 2.05 and
upon payment, if the Company shall so require,

16

 

of the charges hereinafter provided, the Company shall execute, and the Trustee shall authenticate
and deliver, in the name of the designated transferee or transferees, one or more new Registered
Securities of the same series, of any authorized denominations and of like tenor and aggregate
Principal amount.

     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
Securities. No service charge shall be made for any such transaction.

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

     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 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, 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
deliver 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.

     The Company may at any time and in its sole discretion and subject to the procedures of the
Depositary 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

17

 

and tenor, will authenticate and deliver, 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, and the Trustee shall authenticate and deliver, without
service charge to the Depositary,

     (a) 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

     (b) 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 (a) 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 Securities to or as directed by the Persons
in whose names such Securities are so registered.

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

18

 

     Notwithstanding anything herein or in the forms or terms of any 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 Securities of any series for a period of 15 days before a selection of such Securities to
be redeemed or (ii) to register the transfer of or exchange any Security selected for redemption in
whole or in part.

     Section 2.08. Replacement Securities. If any mutilated Security or a Security with a
mutilated coupon appertaining to it is surrendered to the Trustee, the Company shall execute, and
the Trustee shall authenticate and deliver, in exchange for such mutilated Security or in exchange
for the Security to which a mutilated coupon appertains, a new Security of the same series and of
like tenor and Principal amount and bearing a number not contemporaneously outstanding, with
coupons corresponding to the coupons, if any, appertaining to such mutilated Security or to the
Security to which such mutilated coupon appertains.

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

     In case any such mutilated, destroyed, lost or stolen Security or coupon has become or is
about to become due and payable, the Company in its discretion may, instead of issuing a new
Security, pay such Security or coupon (without surrender thereof except in the case of a mutilated
Security or coupon) if the applicant for such payment shall furnish to the Company and the Trustee
such security or indemnity as may be required by them to save each of them and any

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agent of any of them harmless, and in the case of destruction, loss or theft, evidence satisfactory
to the Company and the Trustee and any agent of them of the destruction, loss or theft of such
Security and the ownership thereof; provided, however, that the Principal of, premium, if any, and
any interest on Unregistered Securities shall, except as otherwise provided in Section 4.02, be
payable only at an office or agency located outside the United States of America.

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

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

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

     Section 2.09. Outstanding Securities. Securities outstanding at any time are all Securities
that have been authenticated by the Trustee except for those cancelled by it, those delivered to it
for cancellation, those described in this Section as not outstanding and those that have been
defeased pursuant to Section 10.05.

     If a 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 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 Securities money sufficient to
pay Securities payable or to be redeemed or repurchased on that date, then on and after that date
such Securities cease to be outstanding and interest on them shall cease to accrue.

     A Security does not cease to be outstanding because the Company or one of its affiliates holds
such Security, provided, however, that, in determining whether the Holders of the requisite
Principal amount of the outstanding

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Securities have given any request, demand, authorization, direction, notice, consent or waiver
hereunder, 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
Securities as to which a Responsible Officer of the Trustee has received written notice to be so
owned shall be so disregarded. Any 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
pursuant to the terms of its pledge agreement and is free to exercise in its or his discretion the
right to vote such securities, uncontrolled by the Company or by any such affiliate.

     Section 2.10. Temporary Securities. Until definitive Securities of any series are ready for
delivery, the Company may prepare and the Trustee shall authenticate temporary Securities of such
series. Temporary Securities of any series shall be substantially in the form of definitive
Securities of such series but may have insertions, substitutions, omissions and other variations
determined to be appropriate by the Officers of the Company executing the temporary Securities, as
evidenced by their execution of such temporary Securities. If temporary Securities of any series
are issued, the Company will cause definitive Securities of such series to be prepared without
unreasonable delay. After the preparation of definitive Securities of any series, the temporary
Securities of such series shall be exchangeable for definitive Securities of such series and tenor
upon surrender of such temporary 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 Securities of any series the Company shall execute and
the Trustee shall authenticate and deliver in exchange therefor a like Principal amount of
definitive Securities of such series and tenor and authorized denominations. Until so exchanged,
the temporary Securities of any series shall be entitled to the same benefits under this Indenture
as definitive Securities of such series.

     Section 2.11. Cancellation. The Company at any time may deliver to the Trustee for
cancellation any Securities previously authenticated and delivered hereunder which the Company may
have acquired in any manner whatsoever, and may deliver to the Trustee for cancellation any
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 Securities
surrendered to them for transfer, exchange or payment. The Trustee shall cancel and dispose of in
accordance with its customary procedures all Securities surrendered for transfer, exchange, payment
or cancellation and shall deliver a certificate of disposition to the Company. The Company may not
issue new Securities to replace Securities it has paid in full or delivered to the Trustee for
cancellation.

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     Section 2.12. CUSIP Numbers. The Company in issuing the Securities may use “CUSIP” and
“CINS” numbers (if then generally in use), and the Trustee shall use CUSIP numbers or CINS 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
Securities or as contained in any notice of redemption or exchange.

     Section 2.13. Defaulted Interest. If the Company defaults in a payment of interest on the
Registered 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 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 of such Registered Securities 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 Securities may include one or more
tranches (each a “tranche”) of Securities, including Securities issued in a Periodic Offering. The
Securities of different tranches may have one or more different terms, including authentication
dates and public offering prices, but all the 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, sixth and
seventh paragraphs thereof) through 2.04, 2.07, 2.08, 2.10, 3.01 through 3.05, 4.02, 7.01 through
7.14, 10.01 through 10.07, 11.02 and Section 13.07, if any series of Securities includes more than
one tranche, all provisions of such sections applicable to any series of Securities shall be deemed
equally applicable to each tranche of any series of 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 Securities shall also be deemed to provide for and permit such action
to be taken instead only with respect to 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 Securities in the remaining tranches of that series.

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ARTICLE 3

Redemption

     Section 3.01. Applicability of Article. The provisions of this Article shall be applicable
to the Securities of any series that are redeemable before their maturity or to any sinking fund
for the retirement of Securities of a series except as otherwise specified as contemplated by
Section 2.03 for 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 registry books. Notice of redemption to the Holders of Unregistered Securities of any series
to be redeemed as a 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). 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 Security of a series designated for redemption as a whole or in part shall not affect
the validity of the proceedings for the redemption of any other Security of such series.

     The notice of redemption to each such Holder shall specify the Principal amount of each
Security of such series held by such Holder to be redeemed, the CUSIP numbers of the Securities to
be redeemed, the date fixed for redemption, the redemption price, or if not then ascertainable, the
manner of calculation thereof, the place or places of payment, that payment will be made upon
presentation and surrender of such Securities and, in the case of 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 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

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surrender of such Security, a new Security or Securities of such series and tenor in Principal
amount equal to the unredeemed portion thereof will be issued.

     The notice of redemption of 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.

     On or before 10:00 a.m. New York City time on the redemption date or, in the case of
Unregistered Securities, on or before 10:00 a.m. New York City time on the Business Day prior to
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 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 Securities of a series are to be redeemed,
the Company will deliver to the Trustee at least 10 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 that all
such Securities are to be redeemed. If less than all the outstanding 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 Securities to be redeemed. In the case of any
redemption of Securities (a) prior to the expiration of any restriction on such redemption provided
in the terms of such Securities or elsewhere in this Indenture, or (b) pursuant to an election of
the Company which is subject to a condition specified in the terms of such Securities or elsewhere
in this Indenture, the Company shall deliver to the Trustee, prior to the giving of any notice of
redemption to Holders pursuant to this Section, an Officers’ Certificate evidencing compliance with
such restriction or condition.

     If less than all the Securities of a series are to be redeemed, the Trustee shall select, in
compliance with the requirements of the principal national securities exchange, if any, on which
the Securities are listed, or, if the Securities are not listed on a national securities exchange,
by lot or in such manner as it shall deem appropriate and fair, Securities of such series to be
redeemed in whole or in part. Securities may be redeemed in part in Principal amounts equal to
authorized denominations for Securities of such series. The Trustee shall promptly notify the
Company in writing of the Securities of such series selected for redemption and, in the case of any
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

24

 

redemption of Securities shall relate, in the case of any Security redeemed or to be redeemed only
in part, to the portion of the Principal amount of such Security which has been or is to be
redeemed.

     Section 3.03. Payment of Securities Called for Redemption. If notice of redemption has been
given as above provided, the Securities or portions of Securities 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 Securities at the redemption
price, together with interest accrued to such date) interest on the Securities or portions of
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 8.14 and 10.02, such
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 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 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 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 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 registered as such on the relevant record
date subject to the terms and provisions of Sections 2.04 and 2.13 hereof.

     If any 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 Security) borne by such Security.

     If any 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 Security of any series redeemed in part only, the Company shall
execute and the Trustee shall authenticate and deliver to or on the order of the Holder thereof, at
the expense of the Company, a new Security or Securities of such series and tenor (with any
unmatured coupons attached), of

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authorized denominations, in Principal amount equal to the unredeemed portion of the Security so
presented.

     Section 3.04. Exclusion of Certain Securities from Eligibility for Selection for Redemption.
Unless otherwise provided with respect to any series of Securities, 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 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 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 Securities in cash, the Company may at its option (a) deliver to the Trustee Securities
of such series theretofore purchased or otherwise acquired (except through a mandatory sinking fund
payment) by the Company or receive credit for 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 Securities of such series (not previously so credited) redeemed by the Company at the
option of the Company pursuant to the terms of such Securities or through any optional sinking fund
payment. Securities so delivered or credited shall be received or credited by the Trustee at the
sinking fund redemption price specified in such Securities.

     On or before the thirtieth 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
Securities of such series and the basis for such credit, (b) stating that none of the specified
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

26

 

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 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 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 thirtieth day, to deliver such Officer’s Certificate and 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 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 Securities of any series), such cash shall be applied on the next succeeding sinking
fund payment date to the redemption of 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 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 Securities of such series (or portions thereof) so selected. Securities
shall be excluded from eligibility for redemption under this Section if they are identified by
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 Securities of such series to be given in substantially the manner

27

 

provided in Section 3.02 (and with the effect provided in Section 3.03) for the redemption of
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 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 Securities of any particular series (or earlier, if such maturity
is accelerated), which are not held for the payment or redemption of particular Securities of such
series shall be applied, together with other moneys, if necessary, sufficient for the purpose, to
the payment of the Principal of, premium, if any, and interest on, the Securities of such series at
maturity.

     On or before 10:00 a.m. New York City time on each sinking fund payment date or, in the case
of Unregistered Securities, 10:00 a.m. New York City time on the Business Day prior to the 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 Securities to be redeemed on
the next following sinking fund payment date.

     The Trustee shall not redeem or cause to be redeemed any Securities of a series with sinking
fund moneys or mail any notice of redemption of Securities of such series by operation of the
sinking fund during the continuance of a Default in payment of interest on such Securities or of
any Event of Default except that, where the mailing of notice of redemption of any Securities shall
theretofore have been made, the Trustee shall redeem or cause to be redeemed such 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
7 and held for the payment of all such Securities. In case such Event of Default shall have been
waived as provided in Section 7.04 or the Default cured on or before the thirtieth 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
Securities.

ARTICLE 4

Covenants

     Section 4.01. Payment of Securities. The Company shall pay the Principal of, premium, if
any, and interest on the Securities on the dates and in the manner provided in the Securities and
this Indenture. The interest on Securities with coupons attached (together with any additional
amounts payable pursuant to the terms of such Securities) shall be payable only upon presentation
and surrender of the several coupons for such interest installments as are evidenced

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thereby as they severally mature. The interest on any temporary Unregistered Securities (together
with any additional amounts payable pursuant to the terms of such Securities) shall be paid, as to
the installments of interest evidenced by coupons attached thereto, if any, only upon presentation
and surrender thereof, and, as to the other installments of interest, if any, only upon
presentation of such Unregistered Securities for notation thereon of the payment of such interest.
The interest on Registered Securities (together with any additional amounts payable pursuant to the
terms of such Securities) shall be payable only to the Holders thereof (subject to Section 2.04)
and at the option of the Company may be paid by mailing checks for such interest payable to or upon
the written order of such Holders at their last addresses as they appear on the Security Register
of the Company.

     Notwithstanding any provisions of this Indenture and the Securities of any series to the
contrary, if the Company and a Holder of any Registered Security so agree, payments of interest on,
and any portion of the Principal of, such Holder’s Registered Security (other than interest payable
at maturity or on any redemption or repayment date or the final payment of Principal on such
Security) shall be made by the Paying Agent, upon receipt from the Company of immediately available
funds by 11:00 A.M., New York City time (or such other time as may be agreed to between the Company
and the Paying Agent), directly to the Holder of such Security (by Federal funds wire transfer or
otherwise) if the Holder has delivered written instructions to the Trustee 15 days prior to such
payment date requesting that such payment will be so made and designating the bank account to which
such payments shall be so made and in the case of payments of Principal, surrenders the same to the
Trustee in exchange for a Security or Securities aggregating the same Principal amount as the
unredeemed Principal amount of the Securities surrendered. The Trustee shall be entitled to rely
on the last instruction delivered by the Holder pursuant to this Section 4.01 unless a new
instruction is delivered 15 days prior to a payment date. The Company will indemnify and hold each
of the Trustee and any Paying Agent harmless against any loss, liability or expense (including
attorneys’ fees) resulting from any act or omission to act on the part of the Company or any such
Holder in connection with any such agreement or from making any payment in accordance with any such
agreement.

     The Company shall pay interest on overdue Principal, and interest on overdue installments of
interest, to the extent lawful, at the rate per annum specified in the Securities.

     Section 4.02. Maintenance of Office or Agency. The Company will maintain in the United
States of America, an office or agency where Securities may be surrendered for registration of
transfer or exchange or for presentation for payment and where notices and demands to or upon the
Company in respect of the Securities and this Indenture may be served. The Company hereby
initially

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designates the office of U.S. Bank, National Association, as such office or agency of the Company.
The Company will give prompt written notice to the Trustee of the location, and any change in the
location, of such office or agency. If at any time the Company shall fail to maintain any such
required office or agency or shall fail to furnish the Trustee with the address thereof, such
presentations, surrenders, notices and demands may be made or served at the address of the Trustee
set forth in Section 13.02.

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

     Section 4.03. Certificate to Trustee. The Company will furnish to the Trustee annually, on
or before a date not more than 90 days after the end of its fiscal year (which, on the date hereof,
is a calendar year), a brief certificate which certificate shall comply with the requirements of
the Trust Indenture Act (but which need not contain the statements required by Section 13.04) from
its principal executive, financial or accounting officer certifying (a) that a review has been
conducted of the activities of the Company, its Subsidiaries and the Parent Guarantor and their
respective performance under the Indenture and (b) that the Company and the Parent Guarantor have
fulfilled all obligations under the Indenture (such compliance to be determined without regard to
any period of grace or requirement of notice provided under this Indenture) or specifying each such
Default and the nature and status thereof.

     Section 4.04. Additional Amounts. If the Securities of a series provide for the payment of
additional amounts, at least 10 days prior to the first interest payment date with respect to that
series of Securities and at least 10 days prior to each date of payment of Principal of, premium,
if any, or interest on the Securities of that series if there has been a change with respect to the
matters set forth in the below-mentioned Officers’ Certificate, the Company shall furnish to the
Trustee and the principal paying agent, if other than the Trustee, an Officers’ Certificate
instructing the Trustee and such paying agent whether such payment of Principal of, premium, if
any, or interest on the Securities of that series shall be made to Holders of the Securities of
that series without withholding or deduction for or on account of any tax, assessment or other
governmental charge described in the Securities of that series. If any such withholding or
deduction shall be required, then such Officers’ Certificate shall specify by country the amount,
if any, required to be withheld or deducted on such payments to such Holders and shall certify the
fact that additional amounts will be payable and the amounts so

30

 

payable to each Holder, and the Company shall pay to the Trustee or such paying agent the
additional amounts required to be paid by this Section. The Company covenants to indemnify the
Trustee and any paying agent for, and to hold them harmless against, any loss, liability or expense
reasonably incurred without negligence or bad faith on their part arising out of or in connection
with actions taken or omitted by any of them in reliance on any Officers’ Certificate furnished
pursuant to this Section.

     Whenever in this Indenture there is mentioned, in any context, the payment of the Principal
of, premium, if any, or interest or any other amounts on, or in respect of, any Security of any
series, such mention shall be deemed to include mention of the payment of additional amounts
provided by the terms of such series established hereby or pursuant hereto to the extent that, in
such context, additional amounts are, were or would be payable in respect thereof pursuant to such
terms, and express mention of the payment of additional amounts (if applicable) in any provision
hereof shall not be construed as excluding the payment of additional amounts in those provisions
hereof where such express mention is not made.

     Section 4.05. Restrictions on the Activities of the Parent Guarantor. The Parent Guarantor
(a) shall not engage in any activities or hold any assets other than (i) the issuance of Capital
Stock, (ii) holding 100% of the Capital Stock of the Company and debt securities of the Company
that were held by the Parent Guarantor as of the date of the Indenture and (iii) those activities
incidental to maintaining its status as a public company, and (b) will not incur any liabilities
other than liabilities relating to its Security Guarantee, its Guarantee of any other debt of the
Company, any other Indebtedness it may incur and any other obligations or liabilities incidental to
holding 100% of the Capital Stock of the Company and its liabilities incidental to its status as a
public company; provided that for the purposes of this Section 4.05 only, the term “liabilities”
shall not include any liability for the declaration and payment of dividends on any Capital Stock
of the Parent Guarantor; and provided further that if the Parent Guarantor merges with or into the
Company, this Section 4.05 shall no longer be applicable.

ARTICLE 5

Successor Corporation

     Section 5.01. When Company and Parent Guarantor May Merge, Etc. Neither the Company nor the
Parent Guarantor shall consolidate with, merge with or into, directly or indirectly, or sell,
assign, convey, transfer, lease or otherwise dispose of all or substantially all of its property
and assets (as an entirety or substantially an entirety in one transaction or a series of related
transactions) to any Person or Persons, or permit any Person to merge with or into it, unless:

31

 

	 	a)	 	it shall be the continuing Person, or the Person (if other than it) formed
by such consolidation or into which it is merged or that acquired or leased such
property and assets (the “Surviving Person”), shall be a corporation organized and
validly existing under the laws of the United States of America or any jurisdiction
thereof;
	 
	 	b)	 	the Surviving Person shall expressly assume, by supplemental indentures
which shall be delivered to the Trustee and shall be in form and substance reasonably
satisfactory to the Trustee, all of the Company’s (or the Parent Guarantor’s, as
applicable) obligations under the Securities and this Indenture;
	 
	 	c)	 	immediately after giving effect to such transaction or series of
transactions on a pro forma basis, no Default or Event of Default shall have occurred
and be continuing; and
	 
	 	d)	 	the Company, the Parent Guarantor or the Surviving Person, as applicable,
shall have delivered to the Trustee an Officers’ Certificate and Opinion of Counsel
stating that (y) the transaction or series of transactions and such supplemental
indenture, if any, complies with this Section 5.01, and (z) all conditions precedent
in this Indenture relating to the transaction or series of transactions have been
satisfied.

It is understood that the Parent Guarantor may merge with or into the Company pursuant to this
Section 5.01.

     Section 5.02. Successor Substituted. Upon any consolidation, combination or merger, or any
sale, assignment, conveyance, transfer, lease or other disposition of all or substantially all of
the property and assets of the Company or the Parent Guarantor in accordance with Section 5.01 of
this Indenture, the Surviving Person shall succeed to, and be substituted for, and may exercise
every right and power of, the Company or the Parent Guarantor, as applicable, under this Indenture
with the same effect as if such Surviving Person had been named as the Company or the Parent
Guarantor, as applicable, herein and thereafter the predecessor Person, except in the case of (x) a
lease or (y) any sale, assignment, conveyance, transfer, lease or other disposition to one or more
Subsidiaries of the Company, shall be discharged from all obligations and covenants under this
Indenture and the Securities.

ARTICLE 6

Securityholders’ Lists and Reports By The Company and The Trustee

     Section 6.01. Securityholders’ Lists. The Company will furnish or cause to be furnished to
the Trustee a list in such form as the Trustee may reasonably require of the names and addresses of
the holders of the Securities

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pursuant to Section 312 of the Trust Indenture Act of 1939 (a) semi-annually not more than 15
days after each record date for the payment of semi-annual interest on the Securities, as
hereinabove specified, as of such record date, and (b) at such other times as the Trustee may
request in writing, within thirty days after receipt by the Company of any such request as of a
date not more than 15 days prior to the time such information is furnished.

     Section 6.02. Preservation of Information; Communications with Securityholders.

     (a) The Trustee shall preserve, in as current a form as is reasonably practicable, all
information as to the names and addresses of the holders of Securities contained in the most recent
list furnished to it as provided in Section 6.01 and as to the names and addresses of holders of
Securities received by the Trustee in its capacity as Security Registrar (if acting in such
capacity).

     (b) Securityholders may communicate as provided in Section 312(b) of the Trust Indenture Act
with other Securityholders with respect to their rights under this Indenture or under the
Securities.

     Section 6.03. Reports by the Company.

     (a) So long as any Securities are outstanding, the Company shall file with the Trustee, within
15 days after Parent Guarantor files with the Commission, copies of the annual reports and of the
information, documents and other reports (or copies of such portions of any of the foregoing as the
Commission may from time to time by rules and regulations prescribe) that Parent Guarantor may be
required to file with the Commission pursuant to Section 13 or Section 15(d) of the Exchange Act.
The Company shall be deemed to have complied with the previous sentence to the extent that such
information, documents and reports are filed with the Commission via EDGAR (or any successor
electronic delivery procedure).

     (b) Delivery of such reports, information and documents 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 6.04. Reports by the Trustee.

     (a) Any Trustee’s report required under Section 313(a) of the Trust Indenture Act shall be
transmitted on or before July 15 in each year following the date hereof, so long as any Securities
are outstanding hereunder, and shall be

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dated as of a date convenient to the Trustee no more than 60 nor less than 45 days prior thereto.

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

ARTICLE 7

Default and Remedies

     Section 7.01. Events of Default. An “Event of Default” shall occur with respect to the
Securities of any series if:

     (a) the Company defaults in the payment of the Principal of any Security 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;

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

     (c) the Company defaults in the performance of or breaches any other covenant or agreement in
this Indenture with respect to any Security of such series or in the Securities of such series
(other than a Default specified in clause (a) and (b) above) and such default or breach continues
for a period of 90 consecutive days or more after written notice to the Company by the Trustee or
to the Company and the Trustee by the Holders of 25% or more in aggregate Principal amount of the
Securities of all series affected thereby specifying such default or breach and requiring it to be
remedied and stating that such notice is a “Notice of Default” hereunder;

     (d) there occurs with respect to any issue or issues of Indebtedness of the Company, the
Parent Guarantor or any Significant Subsidiary having an outstanding principal amount of $75
million or more in the aggregate for all such issues of all such Persons, whether such Indebtedness
now exists or shall hereafter be created, (i) an event of default that has caused the holder
thereof to declare such Indebtedness to be due and payable prior to its stated maturity and such
Indebtedness has not been discharged in full or such acceleration has not been rescinded or
annulled within 30 days of such acceleration and/or (ii) the failure to make a principal payment at
the final (but not any interim) fixed maturity and such defaulted payment shall not have been made,
waived or extended within 30 days of such payment default;

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     (e) any final judgment or order (not covered by insurance) for the payment of money in excess
of $75 million in the aggregate for all such final judgments or orders against all such Persons
(treating any deductibles, self-insurance or retention as not so covered) shall be rendered against
the Company, the Parent Guarantor or any Significant Subsidiary and shall not be paid or
discharged, and there shall be any period of 60 consecutive days following entry of the final
judgment or order that causes the aggregate amount for all such final judgments or orders
outstanding and not paid or discharged against all such Persons to exceed $75 million during which
a stay of enforcement of such final judgment or order, by reason of a pending appeal or otherwise,
shall not be in effect;

     (f) a court having jurisdiction in the premises shall enter a decree or order for (i) relief
in respect of the Company, the Parent Guarantor or any Significant Subsidiary in an involuntary
case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect,
(ii) appointment of a receiver, liquidator, assignee, custodian, trustee, sequestrator (or similar
official) of the Company, the Parent Guarantor or any Significant Subsidiary or for all or
substantially all of the property and assets of the Company, the Parent Guarantor or any
Significant Subsidiary or (iii) the winding up or liquidation of the affairs of the Company, the
Parent Guarantor or any Significant Subsidiary, and, in each case, such decree or order shall
remain unstayed and in effect for a period of 60 consecutive days;

     (g) the Company, the Parent Guarantor or any Significant Subsidiary (i) 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, (ii)
consents to the appointment of or taking possession by a receiver, liquidator, assignee, custodian,
trustee, sequestrator or similar official of the Company, the Parent Guarantor or any Significant
Subsidiary or for all or substantially all of the property and assets of the Company, the Parent
Guarantor or any Significant Subsidiary or (iii) effects any general assignment for the benefit of
creditors;

     (h) a Person who provides a Security Guarantee repudiates its obligations under its Security
Guarantee or, except as permitted under the Indenture, any Security Guarantee is determined to be
unenforceable or invalid or shall for any reason cease to be in full force or effect; or

     (i) any other Event of Default established pursuant to Section 2.03 with respect to the
Securities of such series occurs.

     Section 7.02. Acceleration. (a) If an Event of Default (other than as described in clauses
Section 7.01(f) or (g) of Section 7.01 that occurs with respect to the Company) with respect to the
Securities of any series then outstanding

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occurs and is continuing, then, and in each and every
such case, except for any series of Securities the Principal of which shall have already become due
and payable, either the Trustee or the Holders of not less than 25% in aggregate Principal amount
of the Securities of such series then outstanding hereunder by notice in writing to the Company
(and to the Trustee if given by Securityholders), may declare the entire Principal (or, if the
Securities of any such series are Original Issue Discount Securities, such portion of the Principal
amount as may be specified in the terms of such series established pursuant to Section 2.03) of all
Securities of such series, and the interest accrued thereon, if any, to be due and payable
immediately, and upon any such declaration the same shall become immediately due and payable.

     (b) In the event of a declaration of acceleration because an Event of Default set forth in
clause Section 7.01(d) of Section 7.01 has occurred and is continuing, such declaration of
acceleration shall be automatically rescinded and annulled if the event of default triggering such
Event of Default pursuant to clause Section 7.01(d) shall be remedied or cured by the Company, the
Parent Guarantor or the relevant Significant Subsidiary or waived by the holders of the relevant
Indebtedness within 60 days after the declaration of acceleration with respect thereto.

     (c) If an Event of Default described in clause Section 7.01(f) or (g) of Section 7.01 occurs
and is continuing with respect to the Company, then the Principal amount (or, if any Securities are
Original Issue Discount Securities, such portion of the Principal as may be specified in the terms
thereof established pursuant to Section 2.03) of all the Securities then outstanding and interest
accrued thereon, if any, shall be and become immediately due and payable, without any declaration,
notice or other action by any Holder or the Trustee, to the full extent permitted by applicable
law.

     For all purposes under this Indenture, if a portion of the Principal of any Original Issue
Discount Securities shall have been accelerated and declared or become due and payable pursuant to
the provisions hereof, then, from and after such declaration, unless such declaration has been
rescinded and annulled, the Principal amount of such Original Issue Discount Securities shall be
deemed, for all purposes hereunder, to be such portion of the Principal thereof as shall be due and
payable as a result of such acceleration, and payment of such portion of the Principal thereof as
shall be due and payable as a result of such acceleration, together with interest, if any, thereon
and all other amounts owing thereunder, shall constitute payment in full of such Original Issue
Discount Securities.

     Section 7.03. Other Remedies. If a payment default or an Event of Default with respect to
the Securities of any series occurs and is continuing, the Trustee may pursue, in its own name or
as trustee of an express trust, any available remedy by proceeding at law or in equity to collect
the payment of

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Principal of, premium, if any, and interest on the Securities of such series or to
enforce the performance of any provision of the Securities of such series or this Indenture.

     The Trustee may maintain a proceeding even if it does not possess any of the Securities or
does not produce any of them in the proceeding.

     Section 7.04. Waiver of Past Defaults. Subject to Sections 7.02, 7.07 and 11.02, the Holders
of at least a majority in aggregate Principal amount (or, if the Securities are Original Issue
Discount Securities, such portion of the Principal as is then accelerable under Section 7.02) of
the outstanding Securities of each series affected, by notice to the Trustee, may waive all past
Defaults with respect to the Securities of such series and rescind and annul a declaration of
acceleration and its consequences, if (a) all existing Events of Default, other than nonpayment of
Principal of, premium, if any, or interest on any Security as specified in clauses Section 7.01(a)
and Section 7.01(b) of Section 7.01 that have become due solely by such declaration of acceleration
have been cured or waived and (b) the rescission would not conflict with any judgment or decree of
a court of competent jurisdiction. Upon any such waiver, such Default shall cease to exist, and
any Event of Default with respect to the Securities of such series 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 7.05. Control by Majority. Subject to Sections 8.01 and 8.02(e), the Holders of at
least a majority in aggregate Principal amount (or, if any Securities are Original Issue Discount
Securities, such portion of the Principal as is then accelerable under Section 7.02), of the
outstanding Securities of each series affected, determined in accordance with Section 9.03, 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 with respect to the Securities of
such series by this Indenture; provided that the Trustee may refuse to follow any direction that
conflicts with law or this Indenture, that may involve the Trustee in personal liability or that
the Trustee determines in good faith may be unduly prejudicial to the rights of Holders 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 Securities
pursuant to this Section 7.05.

     Section 7.06. Limitation on Suits. No Holder of any Security of any series may institute any
proceeding, judicial or otherwise, with respect to this Indenture or the Securities of such series,
or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless:

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

     (b) the Holders of at least 25% in aggregate Principal amount of outstanding
Securities of all such series affected shall have made written request to the Trustee to institute proceedings in respect of such Event of
Default in its own name as Trustee hereunder;

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

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

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

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

     Section 7.07. Rights of Holders to Receive Payment. Notwithstanding any other provision of
this Indenture, the right of any Holder of a Security to receive payment of Principal of, premium,
if any, or interest, if any, on such Holder’s Security on or after the respective due dates
expressed on such 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 such Holder.

     Section 7.08. Collection Suit by Trustee. If an Event of Default with respect to the
Securities of any series in payment of Principal or interest specified in clause (a) or (b) of
Section 7.01 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 whole amount (or such portion thereof as
specified in the terms established pursuant to Section 2.03 of Original Issue Discount Securities)
of Principal of, premium, if any, and accrued interest remaining unpaid on, together with interest
on overdue Principal of, and, to the extent that payment of such interest is lawful, interest on
overdue installments of interest on, the Securities of such series, in each case at the rate or
Yield to Maturity (in the case of Original Issue Discount Securities) specified in such Securities,
and such further amount as shall be sufficient to cover all amounts owing the Trustee under Section
8.07.

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     Section 7.09. 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 (including any claim for amounts due the Trustee under Section 8.07) and the Holders
allowed in any judicial proceedings relative to the Company (or any other obligor on the
Securities), its creditors or its property and shall be entitled and empowered to collect and
receive any moneys, securities or other property payable or deliverable upon conversion or exchange of the Securities or upon any such claims and to distribute the
same, and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar
official in any such judicial proceeding is hereby authorized by each Holder to make such payments
to the Trustee and, in the event that the Trustee shall consent to the making of such payments
directly to the Holders, to pay to the Trustee any amount due to it under Section 8.07. Nothing
herein contained shall be deemed to empower the Trustee to authorize or consent to, or accept or
adopt on behalf of any Holder, any plan of reorganization, arrangement, adjustment or composition
affecting the Securities or the rights of any Holder thereof, or to authorize the Trustee to vote
in respect of the claim of any Holder in any such proceeding.

     Section 7.10. Application of Proceeds. Any moneys collected by the Trustee pursuant to this
Article in respect of the Securities of any series shall be applied in the following order at the
date or dates fixed by the Trustee and, in case of the distribution of such moneys on account of
Principal or interest, upon presentation of the several Securities and coupons appertaining to such
Securities in respect of which moneys have been collected and noting thereon the payment, or
issuing Securities of such series and tenor in reduced Principal amounts in exchange for the
presented Securities of such series and tenor if only partially paid, or upon surrender thereof if
fully paid:

     FIRST: To the payment of all amounts due the Trustee under Section 8.07 applicable
to the Securities of such series in respect of which moneys have been collected;

     SECOND: In case the Principal of the Securities of such series in respect of which
moneys have been collected shall not have become and be then due and payable, to the
payment of interest on the Securities of such series in default in the order of the
maturity of the installments of such interest, with interest (to the extent that such
interest has been collected by the Trustee) upon the overdue installments of interest at
the same rate as the rate of interest or Yield to Maturity (in the case of Original Issue
Discount Securities) specified in such Securities, such payments to be made ratably to the
persons entitled thereto, without discrimination or preference;

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     THIRD: In case the Principal of the Securities of such series in respect of which
moneys have been collected shall have become and shall be then due and payable, to the
payment of the whole amount then owing and unpaid upon all the Securities of such series
for Principal and interest, with interest upon the overdue Principal, and (to the extent
that such interest has been collected by the Trustee) upon overdue installments of
interest at the same rate as the rate of interest or Yield to Maturity (in the case of
Original Issue Discount Securities) specified in the Securities of such series; and in
case such moneys shall be insufficient to pay in full the whole amount so due and unpaid
upon the Securities of such series, then to the payment of such Principal and interest or Yield to Maturity, without
preference or priority of Principal over interest or Yield to Maturity, or of interest or
Yield to Maturity over Principal, or of any installment of interest over any other
installment of interest, or of any Security of such series over any other Security of such
series, ratably to the aggregate of such Principal and accrued and unpaid interest or
Yield to Maturity; and

     FOURTH: To the payment of the remainder, if any, to the Company or any other person
lawfully entitled thereto.

     Section 7.11. Restoration of Rights and Remedies. If the Trustee or any Holder has
instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding
has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee
or to such Holder, then, and in every such case, subject to any determination in such proceeding,
the Company, the Trustee and the Holders shall be restored to their former positions hereunder and
thereafter all rights and remedies of the Company, Trustee and the Holders shall continue as though
no such proceeding had been instituted.

     Section 7.12. 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
Trustee, in either case in respect to the Securities of any series, a court may require any party
litigant in such suit (other than the Trustee) to file an undertaking to pay the costs of the suit,
and the court may assess reasonable costs, including reasonable attorneys’ fees, against any party
litigant (other than the Trustee) in the suit having due regard to the merits and good faith of the
claims or defenses made by the party litigant. This Section 7.12 does not apply to a suit by a
Holder pursuant to Section 7.07, a suit instituted by the Trustee or a suit by Holders of more than
10% in Principal amount of the outstanding Securities of such series.

     Section 7.13. Rights and Remedies Cumulative. Except as otherwise provided with respect to
the replacement or payment of mutilated, destroyed, lost or wrongfully taken Securities in Section
2.08, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is
intended to be

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exclusive of any other right or remedy, and every right and remedy shall, to the
extent permitted by law, be cumulative and in addition to every other right and remedy given
hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or
employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent
assertion or employment of any other appropriate right or remedy.

     Section 7.14. Delay or Omission not Waiver. No delay or omission of the Trustee or of any
Holder to exercise any right or remedy accruing upon any Event of Default shall impair any such
right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein.
Every right and remedy given by this Article 7 or by law to the Trustee or to the Holders may be
exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders,
as the case may be.

ARTICLE 8

Trustee

     Section 8.01. General. The duties and responsibilities of the Trustee shall be as provided
by the Trust Indenture Act and as set forth herein. Notwithstanding the foregoing, no provision of
this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any
financial liability in the performance of any of its duties hereunder, or in the exercise of any of
its rights or powers, unless it receives indemnity satisfactory to it against any loss, liability
or expense. Whether or not therein expressly so provided, every provision of this Indenture
relating to the conduct or affecting the liability of or affording protection to the Trustee shall
be subject to the provisions of this Article 8.

     Section 8.02. Certain Rights of Trustee. Subject to Trust Indenture Act Sections 315(a)
through (d):

     (a) the Trustee may rely and shall be protected in acting or refraining from acting
upon any resolution, certificate, Officers’ Certificate, Opinion of Counsel (or both),
statement, instrument, opinion, report, notice, request, direction, consent, order, bond,
debenture, note, other evidence of indebtedness or other paper or document believed by it
to be genuine and to have been signed or presented by the proper person or persons. The
Trustee need not investigate any fact or matter stated in the document, but the Trustee,
in its discretion, may make such further inquiry or investigation into such facts or
matters as it may see fit;

     (b) before the Trustee acts or refrains from acting, it may require an Officers’
Certificate and/or an Opinion of Counsel, which shall conform to Section 13.04 and shall
cover such other matters as the Trustee

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may reasonably request. The Trustee shall not be
liable for any action it takes or omits to take in good faith in reliance on such
certificate or opinion. Subject to Sections 8.01 and 8.02, whenever in the administration
of the trusts of this Indenture the Trustee shall deem it necessary or desirable that a
matter be proved or established prior to taking or suffering or omitting any action
hereunder, such matter (unless other evidence in respect thereof be herein specifically
prescribed) may, in the absence of negligence or bad faith on the part of the Trustee, be
deemed to be conclusively proved and established by an Officers’ Certificate delivered to
the Trustee, and such certificate, in the absence of negligence or bad faith on the part
of the Trustee, shall be full warrant to the Trustee for any action taken, suffered or
omitted by it under the provisions of this Indenture upon the faith thereof;

     (c) the Trustee may act through its attorneys and agents not regularly in its employ
and shall not be responsible for the misconduct or negligence of any agent or attorney
appointed with due care;

     (d) any request, direction, order or demand of the Company mentioned herein shall be
sufficiently evidenced by an Officers’ Certificate (unless other evidence in respect
thereof be herein specifically prescribed); and any Board Resolution may be evidenced to
the Trustee by a copy thereof certified by the Secretary or an Assistant Secretary of the
Company;

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

     (f) the Trustee shall not be liable for any action it takes or omits to take in good
faith that it believes to be authorized or within its rights or powers or for any action
it takes or omits to take in accordance with the direction of the Holders in accordance
with Section 7.05 relating to the time, method and place of conducting any proceeding for
any remedy available to the Trustee, or exercising any trust or power conferred upon the
Trustee, under this Indenture;

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

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     (h) prior to the occurrence of an Event of Default hereunder and after the curing or
waiving of all Events of Default, the Trustee shall not be bound to make any investigation
into the facts or matters stated in any resolution, certificate, Officers’ Certificate,
Opinion of Counsel, Board Resolution, statement, instrument, opinion, report, notice,
request, consent, order, approval, appraisal, bond, debenture, note, coupon, security, or
other paper or document unless requested in writing so to do by the Holders of not less
than a majority in aggregate Principal amount of the Securities of all series affected
then outstanding; provided that, if the payment within a reasonable time to the Trustee of
the costs, expenses or liabilities likely to be incurred by it in the making of such
investigation is, in the opinion of the Trustee, not reasonably assured to the Trustee by
the security afforded to it by the terms of this Indenture, the Trustee may require
reasonable indemnity against such expenses or liabilities as a condition to proceeding.

     Section 8.03. Individual Rights of Trustee. The Trustee, in its individual or any other
capacity, may become the owner or pledgee of Securities and may otherwise deal with the Company or
its Affiliates with the same rights it would have if it were not the Trustee. Any Agent may do the
same with like rights. However, the Trustee is subject to Trust Indenture Act Sections 310(b) and
311. For purposes of Trust Indenture Act Section 311(b)(4) and (6), the following terms shall
mean:

     (a) “cash transaction” means any transaction in which full payment for goods or securities
sold is made within seven days after delivery of the goods or securities in currency or in checks
or other orders drawn upon banks or bankers and payable upon demand; and

     (b) “self-liquidating paper” means any draft, bill of exchange, acceptance or obligation which
is made, drawn, negotiated or incurred by the Company for the purpose of financing the purchase,
processing, manufacturing, shipment, storage or sale of goods, wares or merchandise and which is
secured by documents evidencing title to, possession of, or a lien upon, the goods, wares or
merchandise or the receivables or proceeds arising from the sale of the goods, wares or merchandise
previously constituting the security, provided the security is received by the Trustee
simultaneously with the creation of the creditor relationship with the Company arising from the
making, drawing, negotiating or incurring of the draft, bill of exchange, acceptance or obligation.

     Section 8.04. Trustee’s Disclaimer. The recitals contained herein and in the Securities
(except the Trustee’s certificate of authentication) shall be taken as statements of the Company
and not of the Trustee and the Trustee assumes no responsibility for the correctness of the same.
Neither the Trustee nor any of its agents (a) makes any representation as to the validity or
adequacy of this

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Indenture or the Securities and (b) shall be accountable for the Company’s use or
application of the proceeds from the Securities.

     Section 8.05. Notice of Default. If any Default with respect to the Securities of any series
occurs and is continuing and if such Default is known to the actual knowledge of a Responsible
Officer with the Corporate Trust Department of the Trustee, the Trustee shall give to each Holder
of Securities of such series notice of such Default within 90 days after it occurs to all Holders
of Securities of such series in the manner and to the extent provided in Section 313(c) of the
Trust Indenture Act, unless such Default shall have been cured or waived before the mailing or
publication of such notice; provided, however, that, except in the case of a Default in the payment
of the Principal of, premium, if any, or interest on any Security, the Trustee shall be protected
in withholding such notice if the Trustee in good faith determines that the withholding of such
notice is in the interests of the Holders.

     Section 8.06. Reports by Trustee to Holders. The Trustee shall transmit to Holders such
reports concerning the Trustee and its actions under this Indenture as may be required pursuant to the Trust Indenture Act at the times and in the
manner provided pursuant thereto. If required by Section 313(a) of the Trust Indenture Act, the
Trustee shall, within 60 days after each May 15 following the date of this Indenture, deliver to
Holders a brief report, dated as of such May 15, which complies with the provisions of such Section
313(a).

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

     Section 8.07. Compensation and Indemnity. The Company shall pay to the Trustee such
compensation as shall be agreed upon in writing from time to time for its services. The
compensation of the Trustee shall not be limited by any law on compensation of a Trustee of an
express trust. The Company shall reimburse the Trustee and any predecessor Trustee upon request
for all reasonable out-of-pocket expenses, disbursements and advances incurred or made by the
Trustee or such predecessor Trustee. Such expenses shall include the reasonable compensation and
expenses of the Trustee’s or such predecessor Trustee’s agents, counsel and other persons not
regularly in their employ.

     The Company shall indemnify the Trustee and any predecessor Trustee for, and hold them
harmless against, any loss or liability or expense incurred by them without negligence or bad faith
on their part arising out of or in connection with the acceptance or administration of this
Indenture and the Securities or the issuance of the Securities or of series thereof or the trusts
hereunder and the

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performance of duties under this Indenture and the Securities, including the
costs and expenses of defending themselves against or investigating any claim or liability and of
complying with any process served upon them or any of their officers in connection with the
exercise or performance of any of their powers or duties under this Indenture and the Securities.

     To secure the Company’s payment obligations in this Section 8.07, the Trustee shall have a
lien prior to the Securities on all money or property held or collected by the Trustee, in its
capacity as Trustee, except money or property held in trust to pay Principal of, premium, if any,
and interest on particular Securities.

     The obligations of the Company under this Section to compensate and indemnify the Trustee and
each predecessor Trustee and to pay or reimburse the Trustee and each predecessor Trustee for
expenses, disbursements and advances shall constitute additional indebtedness hereunder and shall
survive the satisfaction and discharge of this Indenture or the rejection or termination of this
Indenture under bankruptcy law. Such additional indebtedness shall be a senior claim to that of
the Securities upon all property and funds held or collected by the Trustee as such, except funds
held in trust for the benefit of the Holders of particular Securities or coupons, and the
Securities are hereby subordinated to such senior claim. Without prejudice to any other rights available to the Trustee under
applicable law, if the Trustee renders services and incurs expenses following an Event of Default
under Section 7.01(f) or Section 7.01(g) hereof, the parties hereto and the holders by their
acceptance of the Securities hereby agree that such expenses are intended to constitute expenses of
administration under any bankruptcy law.

     Section 8.08. Disqualification; Conflicting Interests. If the Trustee has or shall acquire
any “conflicting interest” within the meaning of Section 310(b) of the Trust Indenture Act, the
Trustee and the Company shall in all respects comply with the provisions of Section 310(b) of the
Trust Indenture Act.

     Section 8.09. Corporate Trustee Required; Eligibility. There shall at all times be a Trustee
with respect to the Securities issued hereunder which shall at all times be a corporation organized
and doing business under the laws of the United States or any State or Territory thereof or of the
District of Columbia, or a corporation or other Person permitted to act as trustee by the
Commission, authorized under such laws to exercise corporate trust powers, having a combined
capital and surplus of at least $100,000,000, and subject to supervision or examination by Federal,
State, Territorial, or District of Columbia authority. If such corporation publishes reports of
condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or
examining authority, then for the purposes of this Section 7.09 the combined capital and surplus of
such corporation shall be deemed to be its combined capital and surplus as set forth in its most
recent report of condition so published. The Company may not, nor may

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any Affiliate of the Company, serve as Trustee. In case at any time the Trustee shall cease to be eligible in accordance with the
provisions of this Section 7.10, the Trustee shall resign immediately in the manner and with the
effect specified in Section 7.10.

     Section 8.10. Replacement of Trustee. A resignation or removal of the Trustee as Trustee
with respect to the Securities of any series and appointment of a successor Trustee as Trustee with
respect to the Securities of any series shall become effective only upon the successor Trustee’s
acceptance of appointment as provided in this Section 7.10.

     The Trustee may resign as Trustee with respect to the Securities of any series at any time by
so notifying the Company in writing. The Holders of a majority in Principal amount of the
outstanding Securities of any series may remove the Trustee as Trustee with respect to the
Securities of such series by so notifying the Trustee in writing and may appoint a successor
Trustee with respect thereto with the consent of the Company. The Company may remove the Trustee
as Trustee with respect to the Securities of any series if: (i) the Trustee is no longer eligible
under Section 7.13 of this Indenture; (ii) the Trustee is adjudged a bankrupt or insolvent; (iii) a
receiver or other public officer takes charge of the Trustee or its property; or (iv) the Trustee
becomes incapable of acting.

     If the Trustee resigns or is removed as Trustee with respect to the Securities of any series,
or if a vacancy exists in the office of Trustee with respect to the Securities of any series for
any reason, the Company shall promptly appoint a successor Trustee with respect thereto. Within
one year after the successor Trustee takes office, the Holders of a majority in Principal amount of
the outstanding Securities of such series may appoint a successor Trustee in respect of such
Securities to replace the successor Trustee appointed by the Company. If the successor Trustee
with respect to the Securities of any series does not deliver its written acceptance required by
Section 7.11 within 30 days after the retiring Trustee resigns or is removed, the retiring Trustee,
the Company or the Holders of a majority in Principal amount of the outstanding Securities of such
series may petition any court of competent jurisdiction for the appointment of a successor Trustee
with respect thereto.

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

     Notwithstanding replacement of the Trustee with respect to the Securities of any series
pursuant to this Section 7.10 and Section 7.11, the Company’s obligations under Section 8.07 shall
continue for the benefit of the retiring Trustee.

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     Section 8.11. Acceptance of Appointment by Successor. In case of the appointment hereunder
of a successor Trustee with respect to all Securities, every such successor Trustee so appointed
shall execute, acknowledge and deliver to the Company and to the retiring Trustee an instrument
accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall
become effective and such successor Trustee, without any further act, deed or conveyance, shall
become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on the
request of the Company or the successor Trustee, such retiring Trustee shall, upon payment of its
charges and subject to the lien provided for in Section 8.07, execute and deliver an instrument
transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee
and shall duly assign, transfer and deliver to such successor Trustee all property and money held
by such retiring Trustee hereunder.

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

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

     No successor Trustee shall accept its appointment unless at the time of such acceptance such
successor Trustee shall be eligible under this Article and qualified under Section 310(b) of the
Trust Indenture Act.

     Section 8.12. 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 to, another
corporation or national banking association, the resulting, surviving or transferee corporation or
national banking association without any further act shall be the successor Trustee with the same
effect as if the successor Trustee had been named as the Trustee herein.

     Section 8.13. Eligibility. This Indenture shall always have a Trustee who satisfies the
requirements of Trust Indenture Act Section 310(a). The Trustee shall have a combined capital and
surplus of at least $25,000,000 as set forth in its most recent published annual report of
condition.

     Section 8.14. Money Held in Trust. 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. Money held in trust by
the Trustee need not be segregated from other funds except to the extent required by law and except
for money held in trust under Article 10 of this Indenture.

     Section 8.15. Preferential Collection of Claims Against the Company. The Trustee shall
comply with Section 311(a) of the Trust Indenture Act, excluding any creditor relationship
described in Section 311(b) of the Trust Indenture Act. A Trustee who has resigned or been removed
shall be subject to Section 311(a) of the Trust Indenture Act to the extent included therein.

ARTICLE 9

Securityholders

     Section 9.01. Evidence of Action by Securityholders. Whenever in this Indenture it is
provided that the holders of a majority or specified percentage in aggregate principal amount of
the Securities of a particular series may take any action (including the making of any demand or
request, the giving of any notice, consent or waiver or the taking of any other action), the fact
that at the time of taking any such action the holders of such majority or specified percentage of
that series have joined therein may be evidenced by any instrument or any number of instruments of
similar tenor executed by such holders of Securities of that series in Person or by agent or proxy
appointed in writing.

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

     Section 9.02. Proof of Execution by Securityholders. Subject to the provisions of Section
7.01, proof of the execution of any instrument by a Securityholder (such proof will not require
notarization) or his agent or proxy and proof of the holding by any Person of any of the Securities
shall be sufficient if made in the following manner:

     (a) The fact and date of the execution by any such Person of any instrument may be proved in
any reasonable manner acceptable to the Trustee.

     (b) The ownership of Securities shall be proved by the Security Register of such Securities or
by a certificate of the Security Registrar thereof.

     (c) The Trustee may require such additional proof of any matter referred to in this Section as
it shall deem necessary.

     Section 9.03. Certain Securities Owned by Company Disregarded. In determining whether the
holders of the requisite aggregate principal amount of Securities of a particular series have
concurred in any direction, consent of waiver under this Indenture, the Securities of that series
that are owned by Parent, the Company or any other obligor on the Securities of that series or by
an Affiliate of Parent or the Company shall be disregarded and deemed not to be Outstanding for the
purpose of any such determination, except that for the purpose of determining whether the Trustee
shall be protected in relying on any such direction, consent or waiver, only Securities of such
series that a Responsible Officer of the Trustee knows are so owned shall be so disregarded. The
Securities so owned that have been pledged in good faith may be regarded as Outstanding for the
purposes of

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this Section, if the pledgee shall establish to the satisfaction of the Trustee the
pledgee’s right so to act with respect to such Securities and that the pledgee is not an Affiliate.
In case of a dispute as to such right, any decision by the Trustee taken upon the advice of counsel
shall be full protection to the Trustee. Upon request of the Trustee, the Company shall furnish to
the Trustee promptly an Officer’s Certificate listing and identifying all Securities of a
particular series, if any known by Parent or the Company to be owned or held by or for the account
of any of the above described Persons and, subject to Sections 7.01 and 7.02, the Trustee shall be
entitled to accept such Officer’s Certificate as conclusive evidence of the facts therein set forth
and of the fact that all Securities of such particular series not listed therein are Outstanding
for the purpose of any such determination.

ARTICLE 10

Satisfaction and Discharge of Indenture; Unclaimed Moneys

     Section 10.01. Satisfaction and Discharge of Indenture. If at any time (a)(i) all Securities
of any series issued that have been authenticated and delivered have been delivered by the Company
to the Trustee for cancellation (other than Securities of such series which have been destroyed,
lost or stolen and which have been replaced or paid as provided in Section 2.08); or (ii) all the
Securities of any series issued that have not been delivered by the Company to the Trustee for
cancellation shall have become due and payable, or are by their terms to become due and payable
within one year or are to be called for redemption within one year under arrangements satisfactory
to the Trustee for the giving of notice of redemption by such Trustee in the Company’s name and at
the Company’s expense, the Company shall have irrevocably deposited or caused to be deposited with
the Trustee as trust funds the entire amount in cash (other than moneys repaid by the Trustee or
any paying agent to the Company in accordance with Section 10.04) or U.S. Government Obligations,
maturing as to principal and
interest in such amounts and at such times as will insure (without consideration of the
reinvestment of such interest) the availability of cash, or a combination thereof, sufficient to
pay at maturity or upon redemption all Securities of such series (other than any Securities of such
series which shall have been destroyed, lost or stolen and which shall have been replaced or paid
as provided in Section 2.08) not theretofore delivered to the Trustee for cancellation, including
Principal and interest due or to become due on or prior to such date of maturity or redemption as
the case may be; (b) the Company has paid or caused to be paid all other sums then due and payable
under this Indenture; and (c) the Company has delivered to the Trustee an Officers’ Certificate and
an Opinion of Counsel, each stating that all conditions precedent under this Indenture relating to
the satisfaction and discharge of this Indenture pursuant to this Section 8.01 have been complied
with, then this Indenture shall cease to be of further effect with respect to Securities of such
series (except as to (i) rights of registration of

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transfer and exchange of securities of such series, and the Company’s right of optional redemption, if any, (ii) substitution of mutilated,
defaced, destroyed, lost or stolen Securities, (iii) rights of holders to receive payments of
Principal thereof and interest thereon, upon the original stated due dates therefor (but not upon
acceleration) and remaining rights of the holders to receive mandatory sinking fund payments, if
any, (iv) the rights, obligations and immunities of the Trustee hereunder and (v) the rights of the
Securityholders of such series as beneficiaries hereof with respect to the property so deposited
with the Trustee payable to all or any of them), and the Trustee, on demand of the Company
accompanied by an Officers’ Certificate and an Opinion of Counsel and at the cost and expense of
the Company, shall execute proper instruments acknowledging such satisfaction of and discharging
this Indenture with respect to such series; provided that the rights of Holders of the Securities
to receive amounts in respect of Principal of, premium, if any, and interest on the Securities held
by them shall not be delayed longer than required by then-applicable mandatory rules or policies of
any securities exchange upon which the Securities are listed. The Company agrees to reimburse the
Trustee for any costs or expenses thereafter reasonably and properly incurred and to compensate the
Trustee for any services thereafter reasonably and properly rendered by the Trustee in connection
with this Indenture or the Securities of such series.

     Section 10.02. Application by Trustee of Funds Deposited for Payment of Securities. Subject
to Section 10.04, all moneys (including U.S. Government Obligations and the proceeds thereof)
deposited with the Trustee pursuant to Section 10.01, Section 10.05 or Section 10.06 shall be held
in trust and applied by it to the payment, either directly or through any paying agent to the
Holders of the particular Securities of such series for the payment or redemption of which such
moneys have been deposited with the Trustee, of all sums due and to become due thereon for
Principal and interest; but such money need not be segregated from other funds except to the extent
required by law.

     Section 10.03. Repayment of Moneys Held by Paying Agent. In connection with the satisfaction
and discharge of this Indenture with respect to
Securities of any series, all moneys then held by any paying agent under the provisions of
this Indenture with respect to such series of Securities shall, upon demand of the Company, be
repaid to it or paid to the Trustee and thereupon such paying agent shall be released from all
further liability with respect to such moneys.

     Section 10.04. Return of Moneys Held by Trustee and Paying Agent Unclaimed for Two Years.
Any moneys deposited with or paid to the Trustee or any paying agent for the payment of the
Principal of, premium, if any, or interest on any Security of any series and not applied but
remaining unclaimed for two years after the date upon which such Principal or interest shall have
become due and payable, shall, upon the written request of the Company and unless otherwise

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required by mandatory provisions of applicable escheat or abandoned or unclaimed property law, be
repaid to the Company by the Trustee for such series or such paying agent, and the Holder of the
Security of such series shall, unless otherwise required by mandatory provisions of applicable
escheat or abandoned or unclaimed property laws, thereafter look only to the Company for any
payment which such Holder may be entitled to collect, and all liability of the Trustee or any
paying agent with respect to such moneys shall thereupon cease.

     Section 10.05. Defeasance and Discharge of Indenture. The Company shall be deemed to have
paid and shall be discharged from any and all obligations in respect of the Securities of any
series, after the deposit referred to in clause (i) hereof has been made, and the provisions of
this Indenture shall no longer be in effect with respect to the Securities of such series (and the
Trustee, at the reasonable written request and expense of the Company, shall execute proper
instruments acknowledging the same), except as to: (a) rights of Holders of the Securities of such
series to receive payments of Principal thereof, premium thereto, and interest thereon, upon the
original stated due dates therefor, (b) the Company’s obligations with respect to the issuance of
temporary Securities and the registration of transfer with respect to the Securities of such
series, the Company’s right of optional redemption, substitution of mutilated, defaced, destroyed,
lost or stolen Securities of such series and the maintenance an office or agency for payment for
security payments held in trust pursuant to clause (i) hereof, (c) the rights, obligations and
immunities of the Trustee hereunder, and (d) the defeasance provisions contained in Article 10 of
this Indenture; provided that the following conditions shall have been satisfied:

     (i) with reference to this Section 10.05 the Company irrevocably has deposited or
caused to be deposited with the Trustee (or another qualifying trustee satisfying the
requirements of Section 7.13) as trust funds in trust, for the purposes of making the
following payments, specifically pledged as security for, and dedicated solely to, the
benefits of the Holders of the Securities of such series, (A) money in an amount, (B) U.S.
Government Obligations that through the payment of interest and principal in respect
thereof in accordance with their terms will provide not later than one day before the due
date of any payment referred to in subclause (x) or (y) of this clause (i), or (C) a combination thereof, in each case
sufficient as certified by the chief financial officer of the Company in a written
certification delivered to the Trustee, to pay and discharge, without consideration of
reinvestment and after payment of all federal, state and local taxes or other charges and
assessments in respect thereof, and which shall be applied by the Trustee to pay and
discharge (x) all of the Principal of, premium, if any, and each installment of interest
on the outstanding Securities of such series on the maturity or due dates thereof or if
the Company has made irrevocable arrangements satisfactory to the Trustee for the giving
of notice of redemption by the Trustee, the

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redemption date, as the case may be, and (y) any mandatory sinking fund payments or
analogous payments applicable to the Securities of such series on the day on which such
payments are due and payable in accordance with the terms of Securities of such series and
the Indenture with respect to the Securities of such series;

     (ii) the Company has delivered to the Trustee (A) either (x) an Opinion of Counsel to
the effect that, under then applicable U.S. federal income tax law, Holders of Securities
of such series will not recognize gain or loss for U.S. federal income tax purposes as a
result of the Company’s exercise of its option under this Section 10.05 and will be
subject to U.S. federal income tax on the same amount and in the same manner and at the
same times as would have been the case if such deposit, defeasance and discharge had not
occurred or (y) a ruling directed to the Trustee received from the Internal Revenue
Service to the same effect as the aforementioned Opinion of Counsel and (B) an Opinion of
Counsel to the effect that the creation of the defeasance trust does not violate the
Investment Company Act of 1940, as amended;

     (iii) immediately after giving effect to such deposit on a pro forma basis, no Event
of Default, of event that after the giving of notice or lapse of time or both would become
an Event of Default, and such deposit shall not result in a breach or violation of, or
constitute a default under, any other material agreement or instrument to which the
Company or any of its Subsidiaries is a party or by which the Company or any of its
Subsidiaries is bound;

     (iv) the Company shall have delivered to the Trustee an Officers’ Certificate and an
Opinion of Counsel, each stating that all conditions precedent to the defeasance and
discharge under this Section 10.05 have been complied with; and

     (v) if the Securities of such series are to be redeemed prior to the final maturity
thereof (other than from mandatory sinking fund payments or analogous payments), notice of
such redemption shall have been duly given pursuant to this Indenture or provision
therefor satisfactory to the Trustee shall have been made.

     Section 10.06. Defeasance of Certain Obligations. The Company may omit to comply with any
term, provision or condition set forth in, and this Indenture will no longer be in effect with
respect to, any covenant established pursuant to Section 2.03(s), Section 7.01(d), Section 7.01(e)
and Section 7.01(i) (with respect to any covenants established pursuant to Section 2.03(s))of
Section 7.01 shall be deemed not to constitute a Default or an Event of Default with respect to
Securities of any series, if:

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     (a) with reference to this Section 10.06, the Company has irrevocably deposited or caused to
be deposited with the Trustee (or another qualifying trustee satisfying the requirements of Section
7.13) as trust funds in trust, for the purposes of making the following payments, specifically
pledged as security for, and dedicated solely to, the benefits of the Holders of the Securities of
such series, (i) money in an amount, (ii) U.S. Government Obligations which through the payment of
interest and principal in respect thereof in accordance with their terms will provide not later
than one day before the due date of any payment referred to below in this clause (a), or (iii) a
combination thereof, in each case sufficient as certified by the chief financial officer of the
Company in a written certification delivered to the Trustee, to pay and discharge, without
consideration of reinvestment and after payment of all federal, state and local taxes or other
charges and assessments in respect thereof, and which shall be applied by the Trustee to pay and
discharge all of the Principal of, premium, if any, and each installment of interest on the
outstanding Securities of such series on the maturity or due dates thereof or if the Company has
made irrevocable arrangements satisfactory to the Trustee for the giving of notice of redemption by
the Trustee, the redemption date, as the case may be;

     (b) the Company has delivered to the Trustee an Opinion of Counsel to the effect that the
creation of the defeasance trust does not violate the Investment Company Act of 1940, as amended;

     (c) immediately after giving effect to such deposit on a pro forma basis, no Event of Default,
of event that after the giving of notice or lapse of time or both would become an Event of Default,
and such deposit shall not result in a breach or violation of, or constitute a default under, any
other material agreement or instrument to which the Company or any of its Subsidiaries is a party
or by which the Company or any of its Subsidiaries is bound;

     (d) the Company has delivered to the Trustee an Opinion of Counsel to the effect that Holders
of Securities of such series will not recognize gain or loss for U.S. federal income tax purposes
as a result of the Company’s exercise of its option under this Section 10.06 and will be subject to
U.S. 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;

     (e) the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of
Counsel, each stating that all conditions precedent to the defeasance under this Section have been
complied with; and

     (f) if the Securities of such series are to be redeemed prior to the final maturity thereof
(other than from mandatory sinking fund payments or analogous payments), notice of such redemption
shall have been duly given pursuant to this Indenture or provision therefor satisfactory to the
Trustee shall have been made.

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     Section 10.07. Reinstatement. If the Trustee or paying agent is unable to apply any monies
or U.S. Government Obligations in accordance with Article 10 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
Securities shall be revived and reinstated as though no deposit had occurred pursuant to this
Article until such time as the Trustee or paying agent is permitted to apply all such monies or
U.S. Government Obligations in accordance with Article 10; provided, however, that if the Company
has made any payment of Principal of, premium, if any, or interest on any Securities because of the
reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of
such Securities to receive such payment from the monies or U.S. Government Obligations held by the
Trustee or paying agent.

     Section 10.08. Indemnity. The Company shall pay and indemnify the Trustee (or other
qualifying trustee, collectively for purposes of this Section 10.08 and Section 10.02, the
“Trustee”) against any tax, fee or other charge, imposed on or assessed against the U.S. Government
Obligations deposited pursuant to Section 10.01, 10.05 or 10.06 or the principal or interest
received in respect thereof other than any such tax, fee or other charge which by law is for the
account of the Holders of the Securities and any coupons appertaining thereto.

     Section 10.09. Excess Funds. Anything in this Article 10 to the contrary notwithstanding, the
Trustee shall deliver or pay to the Company from time to time upon request of the Company, any
money or U.S. Government Obligations (or other property and any proceeds therefrom) held by it as
provided in Section 10.01, 10.05 or 10.06 which, in the opinion of a nationally recognized firm of
Independent Public Accountants expressed in a written certification thereof delivered to the
Trustee, are in excess of the amount thereof which would then be required to be deposited to effect
a discharge or defeasance, as applicable, in accordance with this Article 10.

     Section 10.10. Qualifying Trustee. Any trustee appointed pursuant to Section 10.05 or 10.06
for the purpose of holding money or U.S. Government Obligations deposited pursuant to such Sections
shall be appointed under an agreement in form acceptable to the Trustee and shall provide to the
Trustee a certificate, upon which certificate the Trustee shall be entitled to conclusively rely,
that all conditions precedent provided for herein to the related defeasance have been complied
with. In no event shall the Trustee be liable for any acts or omissions of said trustee

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ARTICLE 11

Amendments, Supplements and Waivers

     Section 11.01. Without Consent of Holders. The Company and the Trustee may amend or
supplement this Indenture or the Securities of any series without notice to or the consent of any
Holder:

     (a) to cure any ambiguity, defect or inconsistency in this Indenture; provided that
such amendments or supplements shall not adversely affect the interests of the Holders in
any material respect;

     (b) to comply with Article 5;

     (c) to maintain the qualification of this Indenture under the Trust Indenture Act;

     (d) to evidence and provide for the acceptance of appointment hereunder with respect
to the Securities of any or all series by a successor Trustee and to add to or change any
of the provisions of this Indenture as shall be necessary to provide for or facilitate the
administration of the trusts hereunder by more than one Trustee, pursuant to the
requirements of Section 7.11;

     (e) to provide for the issuance of additional Securities;

     (f) to establish the form or forms or terms of Securities of any series or of the
coupons appertaining to such Securities as permitted by Section 2.03;

     (g) to provide for uncertificated or Unregistered Securities and to make all
appropriate changes for such purpose;

     (h) to make any change that in the good faith opinion of the board of directors of
the Company does not materially and adversely affect the rights of any Holder; or

     (i) to conform any provision to the “Description of Notes” in the offering memorandum
or prospectus for the Securities of such series.

     Section 11.02. With Consent of Holders. Subject to Sections 7.04 and 7.07, without prior
notice to any Holders, the Company and the Trustee may amend this Indenture and the Securities of
any series with the written consent of the Holders of a majority in Principal amount of the
outstanding Securities of each series affected by such amendment, and the Holders of a majority in
Principal amount of the outstanding Securities of each series affected thereby by

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written notice to the Trustee may waive future compliance by the Company with any provision of this Indenture or the
Securities of such series.

     Notwithstanding the provisions of this Section 11.02, without the consent of each Holder
affected thereby, an amendment or waiver, including a waiver pursuant to Section 7.04, may not:

     (a) change the stated maturity of the Principal of, or any installment of interest on, such
Holder’s Security,

     (b) reduce the Principal amount of, or the rate of interest on (including any amount in
respect of original issue discount), such Holder’s Security;

     (c) change the place or currency of payment of the Principal of, premium, if any, or any
installment of interest on, such Holder’s Security;

     (d) impair the right to institute suit for the enforcement of any payment on or after the
stated maturity (or in the case of a redemption, on or after the redemption date) of such Holder’s
Security;

     (e) waive a default in the payment of the Principal of, premium, if any, or interest on, such
Holder’s Security;

     (f) modify any of the provisions of this Section 11.02 requiring the consent of a requisite
number of holders, except to increase any percentage requiring consent or to provide that certain
other provisions of this Indenture cannot be modified or waived without the consent of the Holder
of each outstanding Securities; and

     (g) release any Person who Guarantees the Securities from its Security Guarantee, except as
provided herein; or

     (h) reduce the percentage or aggregate Principal amount of outstanding Securities of the
relevant series the consent of whose Holders is required for any supplemental indenture or for any
waiver of compliance with certain provisions of this Indenture or certain Defaults and their
consequences provided for in this Indenture.

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

57

 

     It shall not be necessary for the consent of any Holder under this Section 11.02 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 11.02 becomes effective, the
Company shall give to the Holders affected thereby a notice briefly describing the amendment,
supplement or waiver. The Company will mail supplemental indentures to Holders upon request. Any
failure of the Company to mail such notice, or any defect therein, shall not, however, in any way
impair or affect the validity of any such supplemental indenture or waiver.

     Section 11.03. Revocation and Effect of Consent. Until an amendment or waiver becomes
effective, a consent to it by a Holder is a continuing consent by the Holder and every subsequent Holder of a Security or portion of a Security that
evidences the same debt as the Security of the consenting Holder, even if notation of the consent
is not made on any Security. However, any such Holder or subsequent Holder may revoke the consent
as to its Security or portion of its Security. Such revocation shall be effective only if the
Trustee receives the notice of revocation before the date the amendment, supplement or waiver
becomes effective. An amendment, supplement or waiver shall become effective with respect to any
Securities affected thereby on receipt by the Trustee of written consents from the requisite
Holders of outstanding Securities affected thereby.

     The Company may, but shall not be obligated to, fix a record date (which may be not less than
five nor more than 60 days prior to the solicitation of consents) for the purpose of determining
the Holders of the Securities of any series affected entitled to consent to any amendment,
supplement or waiver. If a record date is fixed, then, notwithstanding the immediately preceding
paragraph, those Persons who were such Holders at such record date (or their duly designated
proxies) and only those Persons shall be entitled to consent to such amendment, supplement or
waiver or to revoke any consent previously given, whether or not such Persons continue to be such
Holders after such record date. No such consent shall be valid or effective for more than 90 days
after such record date.

     After an amendment, supplement or waiver becomes effective with respect to the Securities of
any series affected thereby, it shall bind every Holder of such Securities unless it is of the type
described in any of clauses (a) through (g) of Section 11.02. In case of an amendment or waiver of
the type described in clauses (a) through (g) of Section 11.02, the amendment or waiver shall bind
each such Holder who has consented to it and every subsequent Holder of a Security that evidences
the same indebtedness as the Security of the consenting Holder.

     Section 11.04. Notation on or Exchange of Securities. If an amendment, supplement or waiver
changes the terms of any Security, the Trustee

58

 

may require the Holder thereof to deliver it to the
Trustee. The Trustee may place an appropriate notation on the Security about the changed terms and
return it to the Holder and the Trustee may place an appropriate notation on any Security of such
series thereafter authenticated. Alternatively, if the Company or the Trustee so determines, the
Company in exchange for the Security shall issue and the Trustee shall authenticate a new Security
of the same series and tenor that reflects the changed terms.

     Section 11.05. Trustee to Sign Amendments, Etc. The Trustee shall be entitled to receive,
and shall be fully protected in relying upon, an Opinion of Counsel stating that the execution of
any amendment, supplement or waiver authorized pursuant to this Article 11 is authorized or
permitted by this Indenture, stating that all requisite consents have been obtained or that no
consents are required and stating that such supplemental indenture constitutes the legal, valid and
binding obligation of the Company, enforceable against the Company in accordance with its terms, subject to customary exceptions. The Trustee may, but shall not be
obligated to, execute any such amendment, supplement or waiver that affects the Trustee’s own
rights, duties or immunities under this Indenture or otherwise.

     Section 11.06. Conformity with Trust Indenture Act. Every supplemental indenture executed
pursuant to this Article 11 shall conform to the requirements of the Trust Indenture Act as then in
effect.

ARTICLE 12

Parent Security Guarantee

     Section 12.01. The Security Guarantee.

     Subject to the provisions of this Article, the Parent Guarantor hereby irrevocably and
unconditionally Guarantees on an unsecured unsubordinated basis, the full and punctual payment
(whether at stated maturity, upon redemption, purchase pursuant to an offer to purchase or
acceleration, or otherwise) of the Principal of, premium, if any, and interest on, and all other
amounts payable under, each Security, and the full and punctual payment of all other amounts
payable by the Company under the Indenture. Upon failure by the Company to pay punctually any such
amount, each Guarantor shall forthwith on demand pay the amount not so paid at the place and in the
manner specified in the Indenture.

     Section 12.02. Guarantee Unconditional, Etc. The obligations of the Parent Guarantor
hereunder are unconditional and absolute and, without limiting the generality of the foregoing,
will not be released, discharged or otherwise affected by

59

 

     (a) any extension, renewal, settlement, compromise, waiver or release in respect of any
obligation of the Company under the Indenture or any Security, by operation of law or otherwise;

     (b) any modification or amendment of or supplement to the Indenture or any Security;

     (c) any change in the corporate existence, structure or ownership of the Company, or any
insolvency, bankruptcy, reorganization or other similar proceeding affecting the Company or its
assets or any resulting release or discharge of any obligation of the Company contained in the
Indenture or any Security;

     (d) the existence of any claim, set-off or other rights which the Parent Guarantor may have at
any time against the Company, the Trustee or any other Person, whether in connection with the
Indenture or any unrelated transactions, provided that nothing herein prevents the assertion of any
such claim by separate suit or compulsory counterclaim;

     (e) any invalidity or unenforceability relating to or against the Company for any reason of
the Indenture or any Security, or any provision of applicable law or regulation purporting to
prohibit the payment by the Company of the Principal of, premium, if any, or interest on any
Security or any other amount payable by the Company under the Indenture; or

     (f) any other act or omission to act or delay of any kind by the Company, the Trustee or any
other Person or any other circumstance whatsoever which might, but for the provisions of this
paragraph, constitute a legal or equitable discharge of or defense to such Guarantor’s obligations
hereunder.

     Section 12.03. Discharge; Reinstatement. Parent Guarantor’s obligations hereunder will
remain in full force and effect until the Principal of, premium, if any, and interest on the
Securities and all other amounts payable by the Company under the Indenture have been paid in full.
If at any time any payment of the Principal of, premium, if any, or interest on any Security or
any other amount payable by the Company under the Indenture is rescinded or must be otherwise
restored or returned upon the insolvency, bankruptcy or reorganization of the Company or otherwise,
the Parent Guarantor’s obligations hereunder with respect to such payment will be reinstated as
though such payment had been due but not made at such time.

     Section 12.04. Waiver by Parent Guarantor. The Parent Guarantor irrevocably waives
acceptance hereof, presentment, demand, protest and any notice not provided for herein, as well as
any requirement that at any time any action be taken by any Person against the Company or any other
Person.

60

 

     Section 12.05. Subrogation and Contribution. Upon making any payment with respect to any
obligation of the Company under this Article, the Parent Guarantor making such payment will be
subrogated to the rights of the payee against the Company with respect to such obligation, provided
that the Parent Guarantor may not enforce either any right of subrogation, or any right to receive
payment in the nature of contribution, or otherwise, from any other Person who Guarantees the
Securities, with respect to such payment so long as any amount payable by the Company hereunder or
under the Securities remains unpaid.

     Section 12.06. Stay of Acceleration. If acceleration of the time for payment of any amount
payable by the Company under the Indenture or the Securities is stayed upon the insolvency,
bankruptcy or reorganization of the Company, all such amounts otherwise subject to acceleration
under the terms of the Indenture are nonetheless payable by the Parent Guarantor hereunder
forthwith on demand by the Trustee or the Holders.

     Section 12.07. Execution and Delivery of Parent Guarantee. The execution by the Parent
Guarantor of the Indenture evidences the Security Guarantee of the Parent Guarantor, whether or not
the person signing as an Officer of the Parent Guarantor still holds that office at the time of authentication of any
Security. The delivery of any Security by the Trustee after authentication constitutes due
delivery of the Security Guarantee set forth in the Indenture on behalf of the Parent Guarantor.

ARTICLE 13

Miscellaneous

     Section 13.01. Trust Indenture Act of 1939. This Indenture shall incorporate and be governed
by the provisions of the Trust Indenture Act that are required to be part of and to govern
indentures qualified under the Trust Indenture Act. If and to the extent that any provision of
this Indenture limits, qualifies or conflicts with the duties imposed by Sections 310 to 317,
inclusive, of the Trust Indenture Act, such imposed duties shall control.

     Section 13.02. Notices. Any notice or communication shall be sufficiently given if written
and (a) if delivered in person when received or (b) if mailed by first class mail 5 days after
mailing, or (c) as between the Company and the Trustee if sent by facsimile transmission, when
transmission is confirmed, in each case addressed as follows:

     if to the Company:

AK Steel Corporation

9227 Centre Pointe Drive

61

 

West Chester, OH 45069

Telecopy: (513) 425-5580

Attention: General Counsel

     if to the Parent Guarantor:

AK Steel Holding Corporation

9227 Centre Pointe Drive

West Chester, OH 45069

Telecopy: (513) 425-5580

Attention: General Counsel

     if to the Trustee:

U.S. Bank National Association

425 Walnut Street

CN-OH-06CT

Cincinnati, OH 45202

Telecopy: (513) 632-5511

Attention: Corporate Trust/Vice President

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

     Any notice or communication shall be sufficiently given to Holders of any Unregistered
Securities by mailing to the Holders thereof who have filed their names and addresses with the
Trustee pursuant to Section 313(c)(2) of the Trust Indenture Act at such addresses as were so
furnished to the Trustee and to Holders of Registered Securities by mailing to such Holders at
their addresses as they shall appear on the Security Register. Notice mailed shall be sufficiently
given if so mailed within the time prescribed. Copies of any such communication or notice to a
Holder shall also be mailed to the Trustee and each Agent at the same time.

     Failure to mail a notice or communication to a Holder or any defect in it shall not affect its
sufficiency with respect to other Holders. Except as otherwise provided in this Indenture, if a
notice or communication is mailed in the manner provided in this Section 13.02, it is duly given,
whether or not the addressee receives it.

     Where this Indenture provides for notice in any manner, such notice may be waived in writing
by the Person entitled to receive such notice, either before or after the event, and such waiver
shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the
Trustee, but such filing shall not be a condition precedent to the validity of any action taken in
reliance upon such waiver.

62

 

     In case it shall be impracticable to give notice as herein contemplated, then such
notification as shall be made with the approval of the Trustee shall constitute a sufficient
notification for every purpose hereunder.

     Section 13.03. 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:

     (a) an Officers’ Certificate stating that, in the opinion of the signers, all
conditions precedent, if any, provided for in this Indenture relating to the proposed
action have been complied with; and

     (b) an Opinion of Counsel stating that, in the opinion of such counsel, all such
conditions precedent have been complied with.

     Section 13.04. Statements Required in Certificate or Opinion. Each certificate or opinion
with respect to compliance with a condition or covenant provided for in this Indenture (other than
the certificate required by Section 4.03) shall include:

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

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

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

     (d) a statement as to whether or not, in the opinion of each such person, such
condition or covenant has been complied with; provided, however, that, with respect to
matters of fact, an Opinion of Counsel may rely on an Officers’ Certificate or
certificates of public officials.

     Section 13.05. Evidence of Ownership. The Company, the Trustee and any agent of the Company
or the Trustee may deem and treat the Holder of any Unregistered Security and the Holder of any
coupon as the absolute owner of such Unregistered Security or coupon (whether or not such
Unregistered Security or coupon shall be overdue) for the purpose of receiving payment thereof or
on account thereof and for all other purposes, and neither the Company, the Trustee, nor any agent
of the Company or the Trustee shall be affected by any notice to the contrary. The fact of the
holding by any Holder of an Unregistered Security, and

63

 

the identifying number of such Security and
the date of his holding the same, may be proved by the production of such Security or by a
certificate executed by any trust company, bank, banker or recognized securities dealer wherever
situated satisfactory to the Trustee, if such certificate shall be deemed by the Trustee to be
satisfactory. Each such certificate shall be dated and shall state that on the date thereof a
Security bearing a specified identifying number was deposited with or exhibited to such trust
company, bank, banker or recognized securities dealer by the person named in such certificate. Any
such certificate may be issued in respect of one or more Unregistered Securities specified therein.
The holding by the person named in any such certificate of any Unregistered Securities specified
therein shall be presumed to continue for a period of one year from the date of such certificate
unless at the time of any determination of such holding (1) another certificate bearing a later
date issued in respect of the same Securities shall be produced or (2) the Security specified in
such certificate shall be produced by some other Person, or (3) the Security specified in such
certificate shall have ceased to be outstanding. Subject to Article 8, the fact and date of the
execution of any such instrument and the amount and numbers of Securities held by the Person so
executing such instrument may also be proven in accordance with such reasonable rules and
regulations as may be prescribed by the Trustee or in any other manner which the Trustee may deem
sufficient.

     The Company, the Trustee and any agent of the Company or the Trustee may deem and treat the
person in whose name any Registered Security shall be registered upon the Security Register for
such series as the absolute owner of such Registered Security (whether or not such Registered
Security shall be overdue and notwithstanding any notation of ownership or other writing thereon)
for the purpose of receiving payment of or on account of the Principal of, premium, if any, and,
subject to the provisions of this Indenture, interest on such Registered Security and for all other
purposes; and neither the Company nor the Trustee nor any agent of the Company or the Trustee shall
be affected by any notice to the contrary.

     Section 13.06. Rules by Trustee, Paying Agent or Registrar. The Trustee may make reasonable
rules for action by or at a meeting of Holders. The Paying Agent or Registrar may make reasonable
rules for its functions.

     Section 13.07. Payment Date Other Than a Business Day. Except as otherwise provided with
respect to a series of Securities, if any date for payment of Principal or interest on any Security
shall not be a Business Day at any place of payment, then payment of Principal of, premium, if any,
or interest on such Security, as the case may be, need not be made on such date, but may be made on
the next succeeding Business Day at any place of payment with the same force and effect as if made
on such date and no interest shall accrue in respect of such payment for the period from and after
such date.

64

 

     Section 13.08. Governing Law. The laws of the State of New York shall govern this Indenture
and the Securities.

     Section 13.09. No Adverse Interpretation of Other Agreements. This Indenture may not be used
to interpret another indenture or loan or debt agreement of the Company or any Subsidiary of the
Company. Any such indenture or agreement may not be used to interpret this Indenture.

     Section 13.10. Successors. All agreements of the Company and the Parent Guarantor in this
Indenture and the Securities shall bind their respective successors. All agreements of the Trustee
in this Indenture shall bind its successors.

     Section 13.11. Duplicate Originals. The parties may sign any number of copies of this
Indenture. Each signed copy shall be an original, but all of them together represent the same
agreement.

     Section 13.12. Separability. In case any provision in this Indenture or in the Securities
shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the
remaining provisions shall not in any way be affected or impaired thereby.

     Section 13.13. Table of Contents, Headings, Etc. The Table of Contents and headings of the
Articles and Sections of this Indenture have been
inserted for convenience of reference only, are not to be considered a part hereof and shall
in no way modify or restrict any of the terms and provisions hereof.

     Section 13.14. Incorporators, Stockholders, Officers and Directors of Company Exempt from
Individual Liability. No recourse under or upon any obligation, covenant or agreement contained in
this Indenture or any indenture supplemental hereto, or in any Security or any coupons appertaining
thereto, or because of any Indebtedness evidenced thereby, shall be had against any incorporator,
as such or against any past, present or future stockholder, officer, director, employee or
controlling person, as such, of the Company or of any successor, either directly or through the
Company or any successor, under any rule of law, statute or constitutional provision or by the
enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such
liability being expressly waived and released by the acceptance of the Securities and the coupons
appertaining thereto by the holders thereof and as part of the consideration for the issue of the
Securities and the coupons appertaining thereto.

     Section 13.15. 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, premium, if any, or
interest on the Securities of any series (the “Required Currency”) into a currency in which a
judgment will be

65

 

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, 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 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 13.16. Waiver of Jury Trial. EACH OF THE COMPANY AND THE TRUSTEE IRREVOCABLY WAIVES,
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL
PROCEEDING ARISING OUT OF OR RELATING
TO THIS INDENTURE, THE SECURITIES OR THE TRANSACTIONS CONTEMPLATED HEREBY.

     Section 13.17. Force Majeure. In no event shall the Trustee be responsible or liable for any
failure or delay in the performance of its obligations hereunder arising out of or caused by,
directly or indirectly, forces beyond its control, including, without limitation, strikes, work
stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural
catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications
or computer (software and hardware) services; it being understood that the Trustee shall use
reasonable efforts which are consistent with accepted practices in the banking industry to resume
performance as soon as practicable under the circumstances.

66

 

SIGNATURES

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

	 	 	 	 	 
	 	AK STEEL CORPORATION

as the Company

 	 
	 	By:  	/s/ Albert E. Ferrara, Jr.
 	 
	 	 	Name:  	Albert E. Ferrara, Jr. 	 
	 	 	Title:  	VP, Finance & CFO 	 
	 
	 	

AK STEEL HOLDING CORPORATION

as the Parent Guarantor

 	 
	 	By:  	/s/ Albert E. Ferrara, Jr.
 	 
	 	 	Name:  	Albert E. Ferrara, Jr. 	 
	 	 	Title:  	VP, Finance & CFO 	 
	 
	 	

U.S. BANK NATIONAL ASSOCIATION

as the Trustee

 	 
	 	By:  	/s/ William E. Sicking
 	 
	 	 	Name:  	William E. Sicking 	 
	 	 	Title:  	Vice President & Trust Officerexv4w2

Exhibit 4.2

EXECUTION VERSION

AK Steel Corporation

as the Company

AK Steel Holding Corporation

as the Parent Guarantor

and

U.S. Bank, National Association,

as Trustee

First
Supplemental Indenture

Dated as of May 11, 2010

 

 

TABLE OF CONTENTS

 

	 	 	 	 	 
	 	 	Page	 
	
ARTICLE 1
	Scope of First Supplemental Indenture
	 
	 	 	 	 
	Section 1.01. Scope
	 	 	2	 
	 
	 	 	 	 
	
ARTICLE 2
	Definitions
	 
	 	 	 	 
	Section 2.01. Definitions and Other Provisions of General Application
	 	 	2	 
	Section 2.02. Other Definitions
	 	 	8	 
	 
	 	 	 	 
	
ARTICLE 3
	Form and Terms of the Notes
	 
	 	 	 	 
	Section 3.01. Form and Dating.
	 	 	8	 
	Section 3.02. Terms of the Notes
	 	 	8	 
	 
	 	 	 	 
	
ARTICLE 4.
	Change of Control.
	 
	 	 	 	 
	Section 4.01. Redemption Upon Change Of Control
	 	 	11	 
	 
	 	 	 	 
	
ARTICLE 5
	Covenants
	 
	 	 	 	 
	Section 5.01. Limitation On Liens
	 	 	12	 
	Section 5.02. Limitation On Subsidiary Debt
	 	 	14	 
	Section 5.03. Limitation on Sale and Leaseback
	 	 	16	 
	 
	 	 	 	 
	
ARTICLE 6
	Amendments, Supplements and Waivers
	 
	 	 	 	 
	Section 6.01. In General
	 	 	17	 
	Section 6.02. Additional Provisions
	 	 	17	 
	 
	 	 	 	 
	
ARTICLE 7
	Miscellaneous
	 
	 	 	 	 
	Section 7.01. Trust Indenture Act of 1939
	 	 	17	 
	Section 7.02. Governing Law
	 	 	18	 
	Section 7.03. Duplicate Originals
	 	 	18	 
	Section 7.04. Separability
	 	 	18	 

i

 

	 	 	 	 	 
	 	 	Page	 
	Section 7.05. Ratification
	 	 	18	 
	Section 7.06. Effectiveness
	 	 	18	 
	Section 7.07. Successors
	 	 	18	 
	Section 7.08. Trustee’s Disclaimer
	 	 	18	 
	 
	 	 	 	 
	EXHIBIT A — Form of 7.625% Senior Note due 2020
	 	 	A-1	 
	EXHIBIT B — Form of Supplemental Indenture
	 	 	B-1	 

ii

 

FIRST SUPPLEMENTAL INDENTURE

     FIRST SUPPLEMENTAL INDENTURE (this “First Supplemental Indenture”), dated as of May 11, 2010,
between AK Steel Corporation, a Delaware corporation (the “Company”), AK Steel Holding Corporation,
a Delaware corporation, as Parent Guarantor, and U.S. Bank, National Association, a national
banking association, as trustee (the “Trustee”).

RECITALS OF THE COMPANY

     WHEREAS, the Company, the Parent Guarantor and the Trustee executed and delivered an
Indenture, dated as of May 11, 2010 (the “Base Indenture” and as supplemented by this First
Supplemental Indenture, the “Indenture”), to provide for the issuance by the Company from time to
time of its senior debentures, notes or other evidences of indebtedness (the “Securities”);

     WHEREAS, Sections 2.01, 2.03 and 11.01 of the Base Indenture provide that the Company and the
Parent Guarantor, when authorized by a Board Resolution, and the Trustee, at any time and from time
to time, may enter into one or more indentures supplemental to the Indenture, without the consent
of any Holders, to, among other things, establish the form or terms of Securities of any series as
permitted by the Indenture;

     WHEREAS, the issuance and sale of $400,000,000 aggregate Principal amount of a new series of
the Securities of the Company designated as its 7.625% Senior Notes due 2020 (the “Notes”) have
been authorized by resolutions adopted by the board of directors of the Company and the Parent
Guarantor;

     WHEREAS, the Company desires to issue and sell $400,000,000 aggregate Principal amount of the
Notes as of the date hereof;

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

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

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

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

 

 

     NOW, THEREFORE:

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

ARTICLE 1

Scope of First Supplemental Indenture

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

ARTICLE 2

Definitions

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

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

     (b) the provisions of general application stated in Section 1.04 of the Base Indenture shall
apply to this First Supplemental Indenture, except that the words “herein,” “hereof,” “hereto” and
“hereunder” and other words of similar import refer to this First Supplemental Indenture as a whole
and not to the Base Indenture or any particular Article, Section or other subdivision of the Base
Indenture or this First Supplemental Indenture;

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

     “Attributable Debt,” in respect of any Sale and Leaseback Transaction, means, as of the time
of determination, the total obligation (discounted to present value at the rate per annum equal to
the discount rate which would be applicable to a capital lease obligation with like term in
accordance with GAAP) of the lessee for rental payments (other than amounts required to be paid on
account of

2

 

property taxes, maintenance, repairs, insurance, water rates and other items which do not
constitute payments for property rights) during the remaining portion of the initial term of the
lease included in such Sale and Leaseback Transaction.

     “Board of Directors” means the board of directors of the Parent Guarantor.

     “Change of Control” means such time as:

     (1) the direct or indirect sale, transfer, conveyance or other disposition (other than by way
of merger or consolidation), in one or a series of related transactions, of all or substantially
all of the properties or assets of the Company and its Subsidiaries, taken as a whole, to any
“person” (as that term is used in Section 13(d)(3) of the Exchange Act);

     (2) a “person” or “group” (within the meaning of Sections 13(d) and 14(d)(2) of the Exchange
Act) becomes the ultimate “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act) of
more than 50% of the total voting power of the Voting Stock of the Parent Guarantor on a fully
diluted basis;

     (3) the adoption of a plan relating to the liquidation or dissolution of the Company or the
Parent Guarantor;

     (4) individuals who on the Closing Date constitute the Board of Directors (together with any
new directors whose election by the Board of Directors or whose nomination by the Board of
Directors for election by the Parent Guarantor’s stockholders was approved by a vote of a majority
of the members of the Board of Directors then in office who either were members of the Board of
Directors on the Closing Date or whose election or nomination for election was previously so
approved) cease for any reason to constitute a majority of the members of the Board of Directors
then in office;

     (5) the Company or the Parent Guarantor consolidates with, or merges with or into, any Person,
or any Person consolidates with, or merges with or into the Company or the Parent Guarantor, in any
such event pursuant to a transaction in which any of the outstanding Voting Stock of the Company or
the Parent Guarantor, as the case may be, or such other Person is converted into or exchanged for
cash, securities or other property, other than any such transaction where (A) the Voting Stock of
the Company or the Parent Guarantor outstanding immediately prior to such transaction is converted
into or exchanged for Voting Stock of the surviving or transferee Person constituting a majority of
the outstanding shares of such Voting Stock of such surviving or transferee Person (immediately
after giving effect to such issuance) and (B) immediately after such transaction, no “person” or
“group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act) becomes, directly
or indirectly, the Beneficial Owner

3

 

of 50% or more of the voting power of the Voting Stock of the surviving or transferee Person; or

     (6) the Parent Guarantor fails to own 100% of the Capital Stock of the Company; provided,
however, that it shall not be deemed a Change of Control if the Parent Guarantor merges into the
Company, except that in such case, the Company shall be substituted for the Parent Guarantor for
purposes of this definition of “Change of Control,” and this clause (6) shall no longer be
applicable.

     “Change of Control Repurchase Event” means the occurrence of both a Change of Control and a
Ratings Event.

     “Closing Date” means May 11, 2010.

     “Consolidated Net Tangible Assets” means the total assets of the Parent Guarantor and its
Subsidiaries after deducting therefrom all intangible assets, current liabilities (excluding any
thereof which are by their terms extendible or renewable at the option of the obligor thereon to a
time more than 12 months after the time as of which the amount thereof is being computed) and
minority interests, if any, in any assets of the Subsidiaries, all as would be set forth on the
most recently available quarterly or annual consolidated balance sheet of the Parent Guarantor and
its Subsidiaries, prepared in conformity with GAAP.

     “Foreign Subsidiary” means any Subsidiary that is not organized or existing under the laws of
the United States, any state thereof, the District of Columbia, or any territory thereof.

     “Funded Debt” means all Indebtedness having a maturity of more than 12 months from the date as
of which the determination is made or having a maturity of 12 months or less but by its terms being
renewable or extendable beyond 12 months from such date at the option of the borrower, but
excluding any such Indebtedness owed to the Parent Guarantor or a Subsidiary of the Parent
Guarantor.

     “Guarantor” means the Parent Guarantor and each Subsidiary Guarantor, if any.

     “Investment Grade” means a rating of Baa3 or better by Moody’s (or its equivalent under any
successor Rating Categories of Moody’s), a rating of BBB- or better by S&P (or its equivalent under
any successor Rating Categories of S&P) and the equivalent Investment Grade credit rating from any
additional Rating Agency or Rating Agencies selected by the Company.

     “Moody’s” means Moody’s Investors Service Inc.

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     “Mortgage” means, with respect to any property or assets, any mortgage or deed of trust,
pledge, hypothecation, assignment, security interest, lien, encumbrance, or any other security
arrangement of any kind or nature whatsoever on or with respect to such property or assets
(including any conditional sale or other title retention agreement having substantially the same
economic effect as any of the foregoing).

     “Note Guarantee” means a Guarantee of the obligations of the Company under the Notes and the
Indenture in respect of the Notes.

     “Offer to Purchase” means an offer to purchase Notes by the Company from the Holders of the
Notes commenced by mailing a notice, which will govern the offer, by first class mail to the
Trustee and each Holder of a Note stating:

     (1) that all Notes validly tendered will be accepted for payment on a pro rata basis;

     (2) the Change of Control Payment and the date of purchase of the Notes, which shall be at
least 30 days but not more than 60 days from the date such notice is mailed, other than as may be
required by law (the “Change of Control Payment Date”);

     (3) that any Note not tendered will continue to accrue interest pursuant to its terms;

     (4) that, unless the Company defaults in the payment of the Change of Control Payment, any
Note accepted for payment pursuant to the Offer to Purchase shall cease to accrue interest on and
after the Change of Control Payment Date;

     (5) that Holders of the Notes electing to have a Note purchased pursuant to the Offer to
Purchase will be required to surrender the Note, together with the form entitled “Option of the
Holder to Elect Purchase” on the reverse side of the Note completed, to the Paying Agent at the
address specified in the notice prior to the close of business on the Business Day immediately
preceding the Change of Control Payment Date;

     (6) that Holders of the Notes will be entitled to withdraw their election if the Paying Agent
receives, not later than the close of business on the third Business Day immediately preceding the
Payment Date, a telegram, facsimile transmission or letter setting forth the name of such Holder,
the Principal amount of Notes delivered for purchase and a statement that such Holder is
withdrawing his election to have such Notes purchased; and

     (7) that Holders of the Notes whose Notes are being purchased only in part will be issued new
Notes equal in Principal amount to the unpurchased portion of the Notes surrendered; provided that
each Note purchased and each

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new Note issued shall be in a Principal amount of $2,000 or integral multiples of $1,000 in excess
thereof.

     “Principal Property” means any domestic blast furnace or steel producing facility, or casters
that are part of a plant that includes such a facility, in each case located in the United States,
having a net book value in excess of 1% of Consolidated Net Tangible Assets at the time of
determination.

     “Rating Agency” means (1) each of Moody’s and S&P and (2) if either of Moody’s or S&P ceases
to rate the Notes or fails to make a rating of the Notes publicly available for reasons outside of
the control of the Company, a “nationally recognized statistical rating organization” within the
meaning of Rule 15c3-l(e)(2)(vi)(F) under the Exchange Act, selected by the Company (as certified
by a resolution of the board of directors of the Company) as a replacement agency for Moody’s or
S&P, or both, as the case may be.

     “Rating Category” means (i) with respect to S&P, any of the following categories: BBB, BB, B,
CCC, CC, C and D (or equivalent successor categories); (ii) with respect to Moody’s, any of the
following categories: Baa, Ba, B, Caa, Ca, C and D (or equivalent successor categories); and (iii)
the equivalent of any such category of S&P or Moody’s used by another Rating Agency. In determining
whether the rating of the Notes has decreased by one or more gradations, gradations within Rating
Categories (+ and - for S&P; 1, 2 and 3 for Moody’s; or the equivalent gradations for another
Rating Agency) shall be taken into account (e.g., with respect to S&P, a decline in a rating from
BB+ to BB, as well as from BB- to B+, will constitute a decrease of one gradation).

     “Rating Date” means the date that is 60 days prior to the earlier of (i) a Change of Control
or (ii) public notice of the occurrence of a Change of Control or of the intention by the Company
or the Parent Guarantor, as applicable, to effect a Change of Control.

     “Ratings Event” means the occurrence of the events described in (a) or (b) of this definition
on, or within 60 days after the earlier of, (i) the occurrence of a Change of Control or (ii)
public notice of the occurrence of a Change of Control or the intention by the Company or the
Parent Guarantor, as applicable, to effect a Change of Control (which period shall be extended so
long as the rating of the Notes is under publicly announced consideration for a possible downgrade
by any of the Rating Agencies): (a) if the Notes are rated by both Rating Agencies on the Rating
Date as Investment Grade, the rating of the Notes shall be reduced so that the Notes are rated
below Investment Grade by both Rating Agencies, or (b) if the Notes are rated below Investment
Grade by at least one Rating Agency, the ratings of the Notes by both Rating Agencies shall be
decreased by one or more gradations (including gradations within Rating Categories, as well as
between Rating Categories) and the Notes are then rated below Investment Grade by both Rating
Agencies.

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     Notwithstanding the foregoing, a Ratings Event otherwise arising by virtue of a particular
reduction in rating shall not be deemed to have occurred in respect of a particular Change of
Control (and thus shall not be deemed a Ratings Event for purposes of the definition of Change of
Control Repurchase Event hereunder) if the Rating Agencies making the reduction in rating to which
this definition would otherwise apply do not announce or publicly confirm or inform the Trustee in
writing at its request that the reduction was the result, in whole or in part, of any event or
circumstance comprised of or arising as a result of, or in respect of, the applicable Change of
Control (whether or not the applicable Change of Control shall have occurred at the time of the
Ratings Event).

     “Receivables Facility” means one or more receivables financing facilities, as amended,
supplemented, modified, extended, renewed, restated or refunded from time to time, the obligations
of which are non-recourse (except for customary representations, warranties, covenants and
indemnities made in connection with such facilities) to the Company or any of its Restricted
Subsidiaries (other than a Receivables Subsidiary) pursuant to which the Company or any of its
Restricted Subsidiaries sells their accounts receivable to either (a) a Person that is not a
Restricted Subsidiary or (b) a Receivables Subsidiary that in turn sells its accounts receivable to
a Person that is not a Restricted Subsidiary.

     “Receivables Subsidiary” means any Subsidiary formed for the purpose of, and that solely
engages only in one or more Receivables Facilities or other activities reasonably related thereto.

     “Restricted Subsidiary” means any Subsidiary other than an Unrestricted Subsidiary.

     “S&P” means Standard & Poor’s, a division of The McGraw-Hill Companies, Inc.

     “Sale and Leaseback Transaction” means any arrangement with any Person providing for the
leasing to the Company or any Subsidiary of the Company of any Principal Property, which Principal
Property has been or is to be sold or transferred by the Company or any Subsidiary of the Company
to such Person.

     “Subsidiary Guarantor” means a Subsidiary that Guarantees the Company’s obligations under the
Notes and the Indenture in respect of the Notes.

     “Unrestricted Subsidiary” means (i) any Foreign Subsidiary, (ii) any Receivables Subsidiary
and (iii) any Subsidiary of the Parent Guarantor created after the Closing Date, at least 10% of
the Voting Stock of which is owned by Persons other than the Parent Guarantor or a Subsidiary
thereof; provided that (a) such Subsidiary does not engage in the business of the Company as conducted on

7

 

the Closing Date (but shall engage in any extension thereof or activities incidental or related thereto) and
(b) in the event (1) any such Subsidiary Guarantees Indebtedness of the Company in an aggregate
amount in excess of $50 million or (2) the Company or any of its Subsidiaries (other than an
Unrestricted Subsidiary) contributes or otherwise transfers (other than a sale for fair market
value) any Principal Property (including shares of stock of a Subsidiary that owns the Principal
Property) or the proceeds of any sale of Principal Property to such Subsidiary, in either case such
Subsidiary shall cease to be an Unrestricted Subsidiary.

     “Voting Stock” means with respect to any Person, Capital Stock of any class or kind ordinarily
having the power to vote for the election of directors, managers or other voting members of the
governing body of such Person.

     Section 2.02. Other Definitions. Each of the following terms is defined in the section set
forth opposite such term:

	 	 	 
	Term	 	Section
	Change of Control Payment.

	 	Section 4.01
	DTC

	 	Section 3.02(r)
	Non-Guarantor Subsidiary Debt

	 	Section 5.02(a)

ARTICLE 3

Form and Terms of the Notes

     Section 3.01. Form and Dating.

     (a) The Notes shall be substantially in the form of Exhibit A attached hereto. The
Notes shall be executed on behalf of the Company by one Officer of the Company. The Notes may have
a legend or legends or endorsements as may be required to comply with any law or with any rules of
any securities exchange or usage. The Notes shall be dated the date of their authentication. The
Notes and any beneficial interest in the Notes shall be in minimum denominations of $2,000 and
integral multiples of $1,000 in excess thereof.

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

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

8

 

     (a) Title. The Notes shall constitute a series of Securities having the title “7.625% Senior
Notes due 2020.”

     (b) Principal Amount. The aggregate Principal amount of the Notes that may be authenticated
and delivered under the Indenture, as amended hereby, shall be $400,000,000 on the Issue Date.
Provided that no Event of Default has occurred and is continuing with respect to the Notes, the
Company may, without notice to or the consent of the Holders, create and issue additional
Securities having the same terms as, and ranking equally and ratably with, the Notes in all
respects and so that such additional Notes will be consolidated and form a single series with, and
have the same terms as to status, redemption or otherwise as, the Notes initially issued.

     (c) Maturity Date. The entire outstanding Principal of the Notes shall be payable on May 15,
2020.

     (d) Interest Rate. The rate at which the Notes shall bear interest shall be 7.625% per annum;
the date from which interest shall accrue on the Notes shall be May 11, 2010 or the most recent
interest payment date to which interest has been paid or duly provided for; the interest payment
dates for the Notes shall be May 15 and November 15 of each year, beginning November 15, 2010; the
interest so payable and punctually paid or duly provided for, on any interest payment date, will be
paid to the Person in whose names the Notes are registered at the close of business on the record
date for such interest, which shall be the May 1 or November 1, as the case may be, immediately
preceding such interest payment date, except that interest payable at maturity will be paid to the
same Persons to whom Principal of the Notes is payable; the interest will be computed on the basis
of a 360-day year consisting of twelve 30-day months.

     (e) Place of Payment of Principal and Interest. Section 4.02 of the Base Indenture shall
apply to the Notes.

     (f) Optional Redemption. The Notes shall be redeemable as specified in the form of Note
attached as Exhibit A hereto, and Article 3 of the Base Indenture shall reply to any such
redemption.

     (g) Mandatory Redemption, Repurchase or Repayment. Except as provided pursuant Article 4, the
Company shall have no other obligation to redeem, purchase or repay the Notes pursuant to any
mandatory redemption, sinking fund or analogous provisions or at the option of a Holder thereof.

     (h) Denomination. The Notes shall be denominated as set forth in the Base Indenture.

9

 

     (i) Acceleration. 100% of the Principal amount of the Notes shall be payable upon declaration
of acceleration of the maturity thereof.

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

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

     (l) Registered Form. The Notes shall be issuable as Registered Global Securities. Section
2.07 of the Base Indenture shall apply to the Notes.

     (m) Exchange or Conversion. The Notes shall not be exchangeable for or convertible into the
common stock of the Company or any other security.

     (n) Additional Amounts. The Company will not pay any additional amounts on the Notes.

     (o) Definitive Form. The Notes may be issued in definitive form pursuant to the terms of the
Base Indenture.

     (p) Trustee. The trustee shall be U.S. Bank, National Association; and the Paying Agent and
Authenticating Agent shall initially be the Trustee.

     (q) Satisfaction and Discharge. Article 10 of the Base Indenture shall apply to the Notes.

     (r) Depositary. The Depositary for any Notes issued as Global Registered Securities shall be
The Depository Trust Company in The City of New York (“DTC”) or any successor Depositary appointed
by the Company within 90 days of the termination of services of DTC (or any successor to DTC).

     (s) Events of Default. Article 7 of the Base Indenture shall apply to the Notes.

     (t) Covenants. The covenants set forth in Article 4 of the Base Indenture and Article 5 of
this First Supplemental Indenture shall apply to the Notes.

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

10

 

ARTICLE 4.

Change of Control. 

     Section 4.01. Redemption Upon Change Of Control. (a) Within 30 days following the date upon
which any Change of Control Repurchase Event occurs, or at the Company’s option, prior to any
Change of Control Repurchase Event but after the public announcement of the pending Change of
Control Repurchase Event, the Company shall commence an Offer to Purchase at a purchase price equal
to 101% of the aggregate Principal amount of the Notes repurchased, plus accrued and unpaid
interest, if any, to the date of repurchase (the “Change of Control Payment”), subject to the
rights of Holders of Notes on
the relevant record date to receive interest due on the relevant interest payment date.

     (b) On the Change of Control Payment Date, the Company will, to the extent lawful:

     (i) accept for payment on a pro rata basis all Notes or portions of Notes properly
tendered pursuant to an Offer to Purchase not validly withdrawn;

     (ii) deposit with the Paying Agent the required payment for all properly tendered
Notes or portions of Notes so accepted; and

     (iii) deliver or cause to be delivered to the Trustee the repurchased Notes or
portions thereof so accepted, accompanied by an Officers’ Certificate stating, among other
things, the aggregate Principal amount of repurchased Notes.

     (c) Following the Change of Control Payment Date:

     (i) the Paying Agent shall promptly mail to the Holders of Notes so accepted payment
in an amount equal to the purchase price, and the Trustee shall promptly authenticate and
mail to such Holders a new Note equal in Principal amount to any unpurchased portion of
the Note surrendered; provided that each Note purchased and each new Note issued shall be
in a Principal amount of $2,000 or integral multiples of $1,000 in excess thereof; and

     (ii) the Company will publicly announce the results of an Offer to Purchase as soon
as practicable after the Change of Control Payment Date.

     (d) The Trustee shall act as the Paying Agent for an Offer to Purchase.

11

 

     (e) The Company will not be required to make an Offer to Purchase upon the occurrence of a
Change of Control Repurchase Event if a third party makes an offer to purchase the Notes in the
manner, at the times and price, and otherwise in compliance with the requirements of the Indenture
applicable to an Offer to Purchase made by the Company and the third party purchases all Notes
validly tendered and not withdrawn in such offer to purchase.

     (f) Notwithstanding anything to the contrary herein, the Company may make an Offer to Purchase
upon the occurrence of a Change of Control Repurchase Event in advance of a Change of Control
Repurchase Event if a definitive agreement is in place for the Change of Control at the time of
making the Offer to Purchase, in which case the notice will state that the Offer to
Purchase is conditioned on the Change of Control Repurchase Event being consummated on or
prior to the Change of Control Payment Date.

     (g) The Company will comply with the requirements of Rule 14e-1 under the Exchange Act and any
other securities laws and regulations thereunder, to the extent those laws and regulations are
applicable, in connection with the repurchase of Notes as a result of a Change of Control
Repurchase Event. To the extent that the provisions of any such securities laws or regulations
conflict with this Section 4.01, the Company will comply with those securities laws and regulations
and will not be deemed to have breached the Company’s obligations under this Section 4.01 by virtue
of any such conflict.

ARTICLE 5

Covenants

     In addition to the covenants set forth in the Base Indenture, the Company agrees for the
benefit of the Holders of the Notes that:

     Section 5.01. Limitation On Liens. (a) So long as any Notes are outstanding, the Parent
Guarantor will not, and will not permit any of its Subsidiaries to, create, incur, issue, assume or
Guarantee any Indebtedness secured by a Mortgage upon (a) any Principal Property of the Company or
any Principal Property of a Subsidiary of the Company or (b) any shares of stock or other equity
interests or Indebtedness of any Subsidiary of the Company that owns a Principal Property (whether
such Principal Property, shares of stock or other equity interests or Indebtedness is now existing
or owned or hereafter created or acquired) or any shares of stock or other equity interests or
Indebtedness of the Company, in each case, without effectively providing concurrently that the
Notes are secured equally and ratably with or, at the Company’s option, prior to such Indebtedness,
so long as such Indebtedness shall be so secured. This restriction does not apply to, and there
shall be excluded from Indebtedness in any computation under such restriction, Indebtedness secured
by:

12

 

     (i) Mortgages on any property or assets existing at the time of the acquisition
thereof by the Company or any of its Subsidiaries and not incurred in contemplation of
such acquisition;

     (ii) Mortgages on property or assets of a Person existing at the time such Person is
merged into or consolidated with the Company or any of its Subsidiaries or at the time of
a sale, lease or other disposition of the properties and assets of such Person (or a
division thereof) as an entirety or substantially as an entirety to the Company or any of
its Subsidiaries; provided that any such Mortgage does not extend to any Principal
Property owned by the Company or any of its Subsidiaries immediately prior to such merger, consolidation, sale, lease or disposition and not incurred in
contemplation of such acquisition;

     (iii) Mortgages on property or assets of a Person existing at the time such Person
becomes a Subsidiary of the Company and not incurred in contemplation of such acquisition;

     (iv) Mortgages in favor of the Company or any Guarantor;

     (v) Mortgages on property or assets (including shares of Capital Stock or
Indebtedness of any Subsidiary formed to acquire, construct, develop or improve such
property) to secure all or part of the cost of acquisition, construction, development or
improvement of such property, or to secure Indebtedness incurred to provide funds for any
such purpose; provided that the commitment of the creditor to extend the credit secured by
any such Mortgage shall have been obtained no later than 360 days after the later of (a)
the completion of the acquisition, construction, development or improvement of such
property or assets or (b) the placing in operation of such property or assets;

     (vi) Mortgages in favor of the United States of America or any State thereof, or any
department, agency or instrumentality or political subdivision thereof, to secure partial,
progress, advance or other payments; and

     (vii) Mortgages existing on the date of the Indenture or any extension, renewal,
replacement or refunding of any Indebtedness secured by a Mortgage existing on the date of
the Indenture or referred to in clauses (i), (ii), (iii) or (v); provided that any such
extension, renewal, replacement or refunding of such Indebtedness shall be created within
360 days of repaying the Indebtedness secured by the Mortgage referred to in clauses (i),
(ii), (iii) or (v) and the principal amount of the Indebtedness secured thereby and not
otherwise authorized by clauses (i), (ii), (iii) or (v) shall not exceed the principal
amount of Indebtedness plus any premium

13

 

or fee payable in connection with any such extension, renewal, replacement or refunding, so secured at the time of such extension,
renewal, replacement or refunding.

     (b) Notwithstanding the restrictions described above, the Parent Guarantor and any of its
Subsidiaries may create, incur, issue, assume or Guarantee Indebtedness secured by Mortgages,
without equally and ratably securing the Notes, if at the time of such creation, incurrence,
issuance, assumption or Guarantee, after giving effect thereto and to the retirement of any
Indebtedness which is concurrently being retired, the aggregate amount of all such Indebtedness
secured by Mortgages which would otherwise be subject to such restrictions (other than any
Indebtedness secured by Mortgages permitted as described in clauses (i) through (vii) of Section 5.01(a)) plus the aggregate amount (without
duplication) of (x) all Non-Guarantor Subsidiary Debt (other than Non-Guarantor Subsidiary Debt
described in clauses (i) through (v) of Section 5.02(a)) and (y) all Attributable Debt of the
Company and any of its Subsidiaries in respect of Sale and Leaseback Transactions (with the
exception of such transactions which are permitted under clauses (i) through (iv) of Section 5.03)
does not exceed 15% of Consolidated Net Tangible Assets.

     Section 5.02. Limitation On Subsidiary Debt. (a) So long as any Notes are outstanding, the
Company will not permit any of its Restricted Subsidiaries that is not a Subsidiary Guarantor to
create, assume, incur, Guarantee or otherwise become liable for or suffer to exist any Indebtedness
(any Indebtedness of a non-Guarantor Subsidiary of the Company, “Non-Guarantor Subsidiary Debt”),
without concurrently Guaranteeing the payment of the Principal of and interest on the Notes on an
unsecured unsubordinated basis. This restriction does not apply to, and there shall be excluded
from Indebtedness in any computation under such restriction, Non-Guarantor Subsidiary Debt
constituting:

     (i) Indebtedness of a Person existing at the time such Person is merged into or
consolidated with any Restricted Subsidiary of the Company or at the time of a sale, lease
or other disposition of the properties and assets of such Person (or a division thereof)
as an entirety or substantially as an entirety to any Restricted Subsidiary of the Company
and is assumed by such Restricted Subsidiary; provided that any Indebtedness was not
incurred in contemplation thereof and is not Guaranteed by any other Subsidiary of the
Company;

     (ii) Indebtedness of a Person existing at the time such Person becomes a Restricted
Subsidiary of the Company; provided that any Indebtedness was not incurred in
contemplation thereof;

     (iii) Indebtedness owed to the Company or any Guarantor;

14

 

     (iv) Indebtedness outstanding on the date of the Indenture or any extension, renewal,
replacement or refunding of any Indebtedness existing on the date of the Indenture or
referred to in clauses (i), (ii) or (iii); provided that any such extension, renewal,
replacement or refunding of such Indebtedness shall be created within 360 days of repaying
the Indebtedness referred to in this clause or clauses (i), (ii) or (iii) above and the
principal amount of the Indebtedness shall not exceed the principal amount of Indebtedness
plus any premium or fee payable in connection with any such extension, renewal,
replacement or refunding, so secured at the time of such extension, renewal, replacement
or refunding; and

     (v) Indebtedness in respect of a Receivables Facility.

     (b) Notwithstanding the limitations on Non-Guarantor Subsidiary Debt described in Section
5.02(a), the Company and any of its Restricted Subsidiaries may create, incur, issue, assume or
Guarantee Non-Guarantor Subsidiary Debt, without Guaranteeing the Notes, if at the time of such
creation, incurrence, issuance, assumption or Guarantee, after giving effect thereto and to the
retirement of any Indebtedness which is concurrently being retired, the aggregate amount of all
such Non-Guarantor Subsidiary Debt which would otherwise be subject to such restrictions (other
than Non-Guarantor Subsidiary Debt which is described in clauses (i) through (v) of Section
5.02(a)) plus the aggregate amount (without duplication) of (x) all Indebtedness secured by
Mortgages (not including any such Indebtedness secured by Mortgages described in clauses (i)
through (vii) of Section 5.01(a)) and (y) all Attributable Debt of the Company and any of its
Subsidiaries in respect of Sale and Leaseback Transactions (with the exception of such transactions
which are permitted under clauses (i) through (iv) of Section 5.03) does not exceed 15% of
Consolidated Net Tangible Assets.

     (c) Any Subsidiary of the Company required to Guarantee the Notes pursuant to Section 5.02(a)
or that chooses to Guarantee the Notes shall (i) execute and deliver to the Trustee a supplemental
indenture substantially in the Form of Exhibit B or otherwise satisfactory to the Trustee
pursuant to which such Subsidiary shall unconditionally Guarantee all of the Company’s obligations
under the Notes and the Indenture in respect of the Notes on the terms set forth in the Indenture
and (ii) deliver to the Trustee an Opinion of Counsel. The execution by each Subsidiary Guarantor
of a supplemental indenture in the form of Exhibit B evidences the Note Guarantee of such
Subsidiary Guarantor, whether or not the person signing as an officer of the Subsidiary Guarantor
still holds that office at the time of authentication of any Note. The delivery of any Note by the
Trustee after authentication constitutes due delivery of the Note Guarantee set forth in the
Indenture on behalf of each Subsidiary Guarantor. The Note Guarantee of a Subsidiary Guarantor
will terminate upon:

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     (i) the release or discharge (other than a discharge through payment thereon) of the
Indebtedness of such Subsidiary that resulted in the obligation to Guarantee the Notes
pursuant to Section 5.02(a);

     (ii) a sale or other disposition (including by way of consolidation or merger) of the
Capital Stock of the Subsidiary such that the Subsidiary is no longer a Subsidiary of the
Parent Guarantor;

     (iii) defeasance or discharge of the Notes, as provided under Article 10 of the Base
Indenture; or

     (iv) if such Subsidiary Guarantor was not required to Guarantee the Notes pursuant to
Section 5.02(a) but did so at its option, then if it requests such release at any time;
provided that after giving effect to such release the Company would be in compliance with the covenant set forth in this
Section 5.02.

Upon delivery by the Company to the Trustee of an Officers’ Certificate and an Opinion of
Counsel, the Trustee will execute any documents reasonably required in order to evidence
the release of the Subsidiary Guarantor from its obligations under its Note Guarantee.

     Section 5.03. Limitation on Sale and Leaseback. (a) So long as any Notes are outstanding,
the Company will not, and will not permit any of its Subsidiaries to, enter into any Sale and
Leaseback Transaction unless:

     (i) the Sale and Leaseback Transaction is solely with the Company or any of its
Subsidiaries;

     (ii) the lease is for a period not in excess of 24 months, including renewals;

     (iii) the Company or such Subsidiary would (at the time of entering into such
arrangement) be entitled as described in clauses (i) through (vii) of Section 5.01(a),
without equally and ratably securing the Notes then outstanding under the Indenture, to
create, incur, issue, assume or guarantee Indebtedness secured by a Mortgage on such
property or assets in the amount of the Attributable Debt arising from such Sale and
Leaseback Transaction;

     (iv) the Company or such Subsidiary, within 360 days after the sale of property or
assets in connection with such Sale and Leaseback Transaction is completed, applies an
amount equal to the greater of (A) the net proceeds of the sale of such Principal Property
or (B) the fair market value of such Principal Property to (1) the retirement of Notes, other

16

 

Funded Debt of the Company ranking on a parity with the Notes or Funded Debt of a
Subsidiary of the Company or (2) the purchase of property or assets used or useful in its
business or to the retirement of long-term indebtedness; or

     (v) the Attributable Debt of the Company and its Subsidiary in respect of such Sale
and Leaseback Transaction and all other Sale and Leaseback Transactions entered into after
the Closing Date (other than any such Sale and Leaseback Transaction as would be permitted
as described in clauses (i) through (iv) of this Section 5.03), plus the aggregate
principal amount (without duplication) of (x) Indebtedness secured by Mortgages then
outstanding (not including any such Indebtedness secured by Mortgages described in clauses
(i) through (vii) of Section 5.01(a)) which do not equally and ratably secure the Notes
(or secure Notes on a basis that is prior to other Indebtedness secured thereby) and (y)
Non-Guarantor Subsidiary Debt (with the exception of Non-Guarantor Subsidiary Debt which
is described in clauses (i) through (v) of Section 5.02(a)), would not exceed 15% of
Consolidated Net Tangible Assets.

ARTICLE 6

Amendments, Supplements and Waivers

     Section 6.01. In General. Article 11 of the Base Indenture will apply to the Notes.

     Section 6.02. Additional Provisions. In addition to the provisions listed in Section 11.02
of the Base Indenture, without the consent of each Holder of the Notes affected thereby, an
amendment or waiver may not:

     (a) change the optional redemption dates or optional redemption prices of the Notes from those
stated under “Optional Redemption” on the reverse of each Note; or

     (b) amend, change or modify the obligation of the Company to make and consummate an Offer to
Purchase under Article 4 after a Change of Control Repurchase Event has occurred, including, in
each case, amending, changing or modifying any definition relating thereto.

ARTICLE 7

Miscellaneous

     Section 7.01. Trust Indenture Act of 1939. This First Supplemental Indenture shall
incorporate and be governed by the provisions of the Trust

17

 

Indenture Act that are required to be
part of and to govern indentures qualified under the Trust Indenture Act.

     Section 7.02. Governing Law. The laws of the State of New York shall govern this First
Supplemental Indenture and the Notes.

     Section 7.03. Duplicate Originals. The parties may sign any number of copies of this First
Supplemental Indenture. Each signed copy shall be an original, but all of them together represent
the same agreement.

     Section 7.04. Separability. In case any provision in this First Supplemental Indenture or
the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of
the remaining provisions shall not in any way be affected or impaired thereby.

     Section 7.05. Ratification. The Base Indenture, as supplemented and amended by this First
Supplemental Indenture, is in all respects ratified and confirmed. The Base Indenture and this
First Supplemental Indenture shall be read, taken and construed as one and the same instrument. All provisions included in this
First Supplemental Indenture supersede any conflicting provisions included in the Base Indenture
unless not permitted by law. The Trustee accepts the trusts created by the Base Indenture, as
supplemented by this First Supplemental Indenture, and agrees to perform the same upon the terms
and conditions of the Base Indenture, as supplemented by this First Supplemental Indenture.

     Section 7.06. Effectiveness. The provisions of this First Supplemental Indenture shall
become effective as of the date hereof.

     Section 7.07. Successors. All agreements of the Company and the Parent Guarantor in this
First Supplemental Indenture shall bind their successors. All agreements of the Trustee in this
First Supplemental Indenture shall bind its successors.

     Section 7.08. Trustee’s Disclaimer. The recitals contained herein shall be taken as the
statements of the Company and the Parent Guarantor and the Trustee assumes no responsibility for
their correctness. The Trustee shall not be responsible in any manner whatsoever for or in respect
of the validity or sufficiency of this First Supplemental Indenture, the Notes, any Guarantee or
for or in respect of the recitals contained herein, all of which recitals are made solely by the
Company and the Parent Guarantor.

[Remainder of page intentionally left blank.]

18

 

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

	 	 	 	 	 
	 	AK STEEL CORPORATION

as the Company

 	 
	 	By:  	/s/ Albert E. Ferrara, Jr.
 	 
	 	 	Name:  	Albert E. Ferrara, Jr. 	 
	 	 	Title:  	Vice President, Finance & CFO 	 
	 
	 	AK STEEL HOLDING CORPORATION

as Parent Guarantor

 	 
	 	By:  	/s/ Albert E. Ferrara, Jr.
 	 
	 	 	Name:  	Albert E. Ferrara, Jr. 	 
	 	 	Title:  	Vice President, Finance & CFO 	 
	 

[Signature Page to First Supplemental Indenture]

 

 

	 	 	 	 	 
	 	U.S. BANK, NATIONAL ASSOCIATION,

as Trustee

 	 
	 	By:  	/s/ William E. Sicking
 	 
	 	 	Name:  	William E. Sicking 	 
	 	 	Title:  	Vice President & Trust Officer 	 
	 

[Signature Page to First Supplemental Indenture]

 

 

EXHIBIT A

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

     [THIS NOTE IS A GLOBAL SECURITY AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE
THEREOF. TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO
NOMINEES OF THE DEPOSITORY TRUST COMPANY OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND
TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE
RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.]

7.625% Senior Note due 2020

AK STEEL CORPORATION

			
	 
	 	CUSIP: 001546 AL4
	 
	 	ISIN: US001546AL46
	No. 001
	 	$400,000,000

     AK STEEL CORPORATION, a corporation duly organized and existing under the laws of the State of
Delaware (herein called the “Company,” which term includes any successor corporation under the
Indenture hereinafter referred to on the reverse hereof), for value received, promises to pay to
CEDE & CO., or its registered assigns, the Principal sum of FOUR HUNDRED MILLION DOLLARS
($400,000,000) or such other amount as indicated on the Schedule of Increases and Decreases
attached hereto on May 15, 2020.

A-1

 

     Interest Rate: 7.625% per year

     Interest Payment Dates: May 15 and November 15 of each year, commencing November 15, 2010

     Record Dates: May 1 and November 1

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

     Unless the certificate of authentication hereon has been executed by the Trustee referred to
on the reverse hereof, directly or through an Authenticating Agent, by the manual or facsimile
signature of an authorized Officer, this Note shall not be entitled to any benefit under the
Indenture or be valid or obligatory for any purpose.

A-2

 

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

Dated: May 11, 2010

	 	 	 	 	 
	 	AK STEEL CORPORATION

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

 

 

	 	 	 	 	 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

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

Dated: May 11, 2010

	 	 	 	 	 
	 	U.S. BANK, NATIONAL ASSOCIATION

as the Trustee

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

 

[REVERSE OF NOTE]

7.625% SENIOR NOTE DUE 2020

     Indenture. This Note is one of the 7.625% Senior Notes due 2020 (the “Notes”) of the Company
issued under an Indenture, dated as of May 11, 2010 (the “Base Indenture”), between the Company, AK
Holding Corporation (the “Parent Guarantor”) and U.S. Bank, National Association, as Trustee
(herein called the “Trustee,” which term includes any successor trustee under the Indenture), as
supplemented by the First Supplemental Indenture dated May 11, 2010 (the “First Supplemental
Indenture” and, together with the Base Indenture, the “Indenture”), to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the respective rights,
limitations of rights, duties and immunities thereunder of the Company, the Parent Guarantor, the
Trustee and the Holders of the Notes and of the terms upon which the Notes are, and are to be,
authenticated and delivered. To the extent that the terms of the Indenture and this Note are
inconsistent, the terms of the Indenture shall govern. The aggregate Principal amount of the Notes
that may be authenticated and delivered under the Indenture, as amended hereby, shall be
$400,000,000. The Company may, without notice to or the consent of the Holders, create and issue
additional Securities having the same terms as, and ranking equally and ratably with, the Notes in
all respects and so that such additional Notes will be consolidated and form a single series with,
and have the same terms as to status, redemption or otherwise as, the Notes initially issued. Any
additional Securities that are consolidated and form a single series with the Notes will be issued
for U.S. federal income tax purposes in a “qualified reopening” or with no more than a de minimis
amount of original issue discount.

     Interest. The Company promises to pay interest on the Principal amount of the Notes at the
rate per year described above. Interest on the Notes will accrue from May 11, 2010. Interest on
the Notes will be payable semi-annually on May 15 and November 15 of each year, beginning November
15, 2010. The interest so payable and punctually paid or duly provided for, on any interest payment
date, will be paid to the Person in whose names the Notes are registered at the close of business
on the record date for such interest, which shall be the May 1 or November 1, as the case may be,
preceding such interest payment date, except that interest payable at maturity will be paid to the
same Persons to whom Principal of the Notes is payable. Interest will be computed on the basis of
a 360-day year consisting of twelve 30-day months. The interest period relating to an interest
payment date (including the maturity date) shall be the period from, and including, the most recent
preceding interest payment date (or, in the case of the first interest period, May 11, 2010) to,
but excluding, the relevant interest payment date.

 

 

     All payments on the Notes, including Principal of, premium, if any, and interest on, will be
payable at the Corporate Trust Office of the Trustee, as Paying Agent under the Indenture as set
forth in the Indenture.

     If any interest payment date, maturity date or redemption date of a Note falls on a day that
is not a Business Day, the required payment of Principal and interest may be made on the next
succeeding Business Day as if made on the date that the payment was due and no interest will accrue
on that payment for the period from and after that interest payment date, maturity date or
redemption date as the case may be, to the date of that payment on the next succeeding Business
Day.

     Sinking Fund. The Notes will not be subject to any sinking fund.

     Optional Redemption. (a) At any time prior to May 15, 2015, the Company may redeem the Notes
at its option, in whole at any time or in part, at a redemption price equal to 100% of the
Principal amount of the Notes to be redeemed plus the Applicable Premium, plus accrued and unpaid
interest to the redemption date.

     For the purposes of the preceding paragraph, the following terms shall have the following
definitions:

     “Applicable Premium” means, with respect to any Note on any redemption date, the greater of

	 	(1)	 	1.0% of the Principal amount of such Note, and
	 
	 	(2)	 	the excess, if any of

     (a) the present value at such redemption date of (i) the Redemption Price of such
Note at May 15, 2015 (as set forth in the table below), plus (ii) all required interest
payments due on such Note through May 15, 2015 (excluding accrued and unpaid interest to
the redemption date), computed using a discount rate equal to the Treasury Rate as of such
redemption date plus 50 basis points; over

     (b) the then outstanding Principal amount of such Note.

     “Treasury Rate” means, as of any redemption date, the yield to maturity as of such redemption
date of United States Treasury securities with a constant maturity (as compiled and published in
the most recent Federal Reserve Statistical Release H.15(519) that has become publicly available at
least two business days prior to the redemption date (or, if such Statistical Release is no longer
published, any publicly available source of similar market data)) most nearly equal to the period
from the redemption date to May 15, 2015; provided, however, that if the

 

 

period from the redemption
date to May 15, 2015, is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a
constant maturity of one year will be used.

     (b) At any time on or after May 15, 2015, the Company may redeem the Notes, in whole or in
part, at the Redemption Price for the Notes (expressed as a percentage of Principal amount) set
forth below, plus accrued and unpaid interest to the redemption date, if redeemed during the
twelve-month period commencing on May 15 of the years indicated below:

	 	 	 	 	 
	Year	 	Redemption Price
	2015
	 	 	103.813	%
	2016
	 	 	102.542	%
	2017
	 	 	101.271	%
	2018 and thereafter
	 	 	100.0	%

 

			
	     (c) At any time prior to May 15, 2013, the Company may redeem up to 35% of the Principal
amount of the Notes with the net cash proceeds of one or more sales of the Parent Guarantor’s
common stock (to the extent proceeds are contributed to the Company as equity) at a redemption
price (expressed as a percentage of Principal amount) of 107.625%, plus accrued and unpaid interest
to the redemption date; provided that at least 65% of the aggregate Principal amount of Notes
originally issued on the Closing Date remains outstanding after each such redemption and notice of
any such redemption is mailed within 60 days of each such sale of common stock.
	 
	     (d) No Note of $2,000 Principal amount or less shall be redeemed in part. If any Note is to
be redeemed in part only, the notice of redemption relating to such Note will state the portion of
the Principal amount to be redeemed. A new Note in Principal amount equal to the unredeemed
portion will be issued upon cancellation of the original Note.

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

     The Guarantees. The Notes are fully and unconditionally guaranteed by the Parent Guarantor
and each Subsidiary Guarantor, if any.

     Amendment; Waiver. The Indenture provides that the Company, the Parent Guarantor and the
Trustee may take certain actions to amend the Indenture or the Notes without notice to or the
consent of any Holder of Notes. In addition, the Indenture permits, with certain exceptions as
therein provided, the Company, the Parent Guarantor and the Trustee to otherwise amend the
Indenture or the Notes with the consent of the Holders of a majority in Principal amount of the

 

 

Notes affected by such amendment. However, certain actions of the Company require the consent of
each Holder of outstanding Notes affected thereby.

     The Company may elect in any particular instance not to comply with certain covenants set
forth in the Indenture or the Notes if, before the time for such compliance, the Holders of a
majority in Principal amount of the Notes either waive compliance in that instance or generally
waive compliance with those provisions, but the waiver may not extend to or affect any term,
provision or condition except to the extent expressly so waived, and, until the waiver becomes
effective, the Company’s obligations and the duties of the Trustee in respect of any such provision
will remain in full force and effect.

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

     Registered Form. The Notes will be issued in fully registered form only in minimum
denominations of $2,000 and integral multiples of $1,000 in excess thereof.

     Choice of Law. This Note shall be governed by, and construed in accordance with, the laws of
the State of New York.

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

 

 

ABBREVIATIONS

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

     TEN COM — as tenants in common

     TEN ENT — as tenants by the entireties

     JT TEN — as joint tenants with right of survivorship and not as tenants in common

     UNIF GIFT MIN ACT — _______________Custodian ____________

	 	 	 	 	 

	 

	 	(Cust)	 	 
	 

	 	(Minor)	 	 
	 

	 	Under Uniform Gifts to Minors Act	 	 
	 	 	 	 
	 	 	 	 
	 

	 	

(State)
	 	 

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

 

 

ASSIGNMENT

     FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
_________PLEASE INSERT SOCIAL SECURITY NUMBER OR OTHER IDENTIFYING NUMBER OF
ASSIGNEE

                 
                                

                   
                              

 

 

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

the within Note and all rights thereunder, hereby irrevocably constitutes and appoints

 

 

 

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

	 	 	 	 	 

	Dated:
	 	 	 	 
	 

	 	 

	 	 
 NOTICE:
The signature to this assignment must
correspond with the name as written upon the face
of the within instrument in every particular,
without alteration or enlargement or any change
whatsoever.

 

 

OPTION OF HOLDER TO ELECT PURCHASE

     If you wish to have this Note purchased by the Company pursuant to Article 4 of the First
Supplemental Indenture, check the Box: o

     If you wish to have a portion of this Note purchased by the Company pursuant to Article 4 of
the First Supplemental Indenture, state the Principal amount: $.

     Date:

	 	 	 	 

	Your Signature:
	 	 	 
	 

	 	 
 (Sign
exactly as your name appears on the other side of this Note)	 
	 
	 	 	 
	Signature Guarantee:
	 	 	 
	 

	 	 
 	 

     Signature must be guaranteed by a participant in a recognized signature guaranty medallion
program or other signature guarantor acceptable to the Trustee.

 

 

Schedule I

[Include Schedule I only for a Global Note]

SCHEDULE OF INCREASES OR DECREASES

The initial Principal amount of this Global Note is $400,000,000. The following increases or
decreases in the Principal amount of this Global Note have been made:

	 	 	 	 	 	 	 	 	 

	 
	 	 	 	 	 	Principal Amount of	 	 
	 
	 	 	 	 	 	this Global Note
	 	Signature of
	 
	 	Amount of decrease
	 	Amount of increase
	 	following such
	 	authorized
	 
	 	in Principal Amount
	 	in Principal Amount
	 	increase or
	 	signatory of
	Date
	 	of this Global Note
	 	of this Global Note
	 	decrease
	 	Trustee
	 
	 	 
	 	 
	 	 
	 	 

 

 

EXHIBIT B

FORM OF SUPPLEMENTAL INDENTURE

TO BE DELIVERED BY SUBSIDIARY GUARANTORS

     SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of                     , among
                     (the “Guaranteeing Subsidiary”), a subsidiary of                      (or its permitted
successor), AK Steel Corporation (the “Company”), a corporation organized under the laws of
Delaware, AK Steel Holding Corporation, a Delaware corporation (the “Parent Guarantor”) and U.S.
Bank, National Association, as trustee under the Indenture referred to below (the “Trustee”).

W I T N E S S E T H

     WHEREAS, the Company, the Parent Guarantor and the Trustee executed and delivered an
Indenture, dated as of May 11, 2010 (the “Base Indenture” and as supplemented by the First
Supplemental Indenture dated May 11, 2010 among the Company, the Parent Guarantor and the Trustee,
the “Indenture”), to provide for the issuance by the Company of $400,000,000 aggregate Principal
amount of the Securities of the Company designated as its 7.625% Senior Notes due 2020;

     WHEREAS, the Indenture provides that under certain circumstances a Subsidiary shall execute
and deliver to the Trustee a supplemental indenture pursuant to which the Subsidiary shall
unconditionally Guarantee all of the Company’s obligations under the Notes and the Indenture on the
terms and conditions set forth herein; and

     WHEREAS, pursuant to Section 11.01 of the Base Indenture, the Trustee is authorized to execute
and deliver this Supplemental Indenture.

     NOW THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the receipt of which is hereby acknowledged, the Guaranteeing Subsidiary, the
Company, the Parent Guarantor and the Trustee mutually covenant and agree for the equal and ratable
benefit of Holders as follows:

     1. Capitalized Terms. Capitalized terms used herein without definition shall have the
meanings assigned to them in the Indenture.

     2. Guarantee. The Guaranteeing Subsidiary hereby agrees to become a party to the
Indenture as a Subsidiary Guarantor and shall have all of the rights and be subject to all of the
obligations and agreements of a Subsidiary Guarantor under the Indenture. The Guaranteeing
Subsidiary agrees to be bound

B-1

 

by all of the provisions of the Indenture applicable to a Subsidiary
Guarantor and to perform all of the obligations and agreements as follows:

     (a) Subject to the provisions of this Supplemental Indenture, the Guaranteeing
Subsidiary hereby irrevocably and unconditionally Guarantees on an unsecured
unsubordinated basis, the full and punctual payment (whether at stated maturity, upon
redemption, purchase pursuant to an offer to purchase or acceleration, or otherwise) of
the Principal of, interest on and all other amounts payable under, each Note, and the full
and punctual payment of all other amounts payable by the Company under the Indenture in
respect of the Notes. Upon failure by the Company to pay punctually any such amount, each
Guarantor shall forthwith on demand pay the amount not so paid at the place and in the
manner specified in the Indenture.

     (b) The obligations of each Guaranteeing Subsidiary hereunder are unconditional and
absolute and, without limiting the generality of the foregoing, will not be released,
discharged or otherwise affected by:

	 	i.	 	any extension, renewal, settlement, compromise,
waiver or release in respect of any obligation of the Company under the
Indenture or any Note, by operation of law or otherwise;
	 
	 	ii.	 	any modification or amendment of or supplement to
the Indenture or any Note;
	 
	 	iii.	 	any change in the corporate existence, structure or
ownership of the Company, or any insolvency, bankruptcy, reorganization
or other similar proceeding affecting the Company or its assets or any
resulting release or discharge of any obligation of the Company contained
in the Indenture or any Note;
	 
	 	iv.	 	the existence of any claim, set-off or other rights
which the Guaranteeing Subsidiary may have at any time against the
Company, the Trustee or any other Person, whether in connection with the
Indenture or any unrelated transactions, provided that nothing herein
prevents the assertion of any such claim by separate suit or compulsory
counterclaim;
	 
	 	v.	 	any invalidity or unenforceability relating to or
against the Company for any reason of the Indenture or any Note, or any
provision of applicable law or regulation purporting to prohibit the
payment by the Company of the Principal of or

B-2

 

	 	 	 	interest on any Note or any
other amount payable by the Company under the Indenture; or
	 
	 	vi.	 	any other act or omission to act or delay of any
kind by the Company, the Trustee or any other Person or any other
circumstance whatsoever which might, but for the provisions of this paragraph, constitute a legal or equitable discharge
of or defense to such Guaranteeing Subsidiary’s obligations hereunder.

     (c) Except as otherwise provided in the Indenture, each Guaranteeing Subsidiary’s
obligations hereunder will remain in full force and effect until the Principal of and
interest on the Notes and all other amounts payable by the Company under the Indenture
have been paid in full. If at any time any payment of the Principal of or interest on any
Note or any other amount payable by the Company under the Indenture is rescinded or must
be otherwise restored or returned upon the insolvency, bankruptcy or reorganization of the
Company or otherwise, each Guaranteeing Subsidiary’s obligations hereunder with respect to
such payment will be reinstated as though such payment had been due but not made at such
time.

     (d) Each Guaranteeing Subsidiary irrevocably waives acceptance hereof, presentment,
demand, protest and any notice not provided for herein, as well as any requirement that at
any time any action be taken by any Person against the Company or any other Person.

     (e) Upon making any payment with respect to any obligation of the Company under this
Article, the Guaranteeing Subsidiary making such payment will be subrogated to the rights
of the payee against the Company with respect to such obligation, provided that the
Guaranteeing Subsidiary may not enforce either any right of subrogation, or any right to
receive payment in the nature of contribution, or otherwise, from any other Guarantor,
with respect to such payment so long as any amount payable by the Company hereunder or
under the Notes remains unpaid.

     (f) If acceleration of the time for payment of any amount payable by the Company
under the Indenture or the Notes is stayed upon the insolvency, bankruptcy or
reorganization of the Company, all such amounts otherwise subject to acceleration under
the terms of the Indenture are nonetheless payable by the Guaranteeing Subsidiary
hereunder forthwith on demand by the Trustee or the Holders.

     (g) Notwithstanding anything to the contrary in this Supplemental Indenture, each
Guaranteeing Subsidiary, and by its

B-3

 

acceptance of Notes, each Holder, confirms that it is
the intention of all such parties that the Note Guarantee of such Guaranteeing Subsidiary
not constitute a fraudulent conveyance under applicable fraudulent conveyance provisions
of the United States Bankruptcy Code or any comparable provision of state law. To
effectuate that intention, the Trustee, the Holders and each Guaranteeing Subsidiary
irrevocably agree that the obligations of each Guaranteeing Subsidiary under its Note
Guarantee are limited to the maximum amount that would not render the
Guaranteeing Subsidiary’s obligations subject to avoidance under applicable
fraudulent conveyance provisions of the United States Bankruptcy Code or any comparable
provision of state law.

     3. Notation not Required. Neither the Company nor the Guaranteeing Subsidiary shall
be required to make a notation on the Securities to reflect the Note Guarantee or any release,
termination or discharge thereof.

     4. Governing Law. The laws of the State of New York shall govern this Supplemental
Indenture.

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

     5. Effect of Headings. The Section headings herein are for convenience only and shall
not affect the construction hereof.

     6. The Trustee. The Trustee shall not be responsible in any manner whatsoever for or
in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of
the recitals contained herein, all of which recitals are made solely by the Guaranteeing
Subsidiary, the Company and the Parent Guarantor.

     7. Successors. All agreements of the Guaranteeing Subsidiary in the Indenture, this
Supplemental Indenture and the Note Guarantee shall bind its successors. All agreements of the
Trustee in this Supplemental Indenture shall bind its successors.

     8. No Waiver. Neither a failure nor a delay on the part of either the Trustee or the
Holders in exercising any right, power or privilege under this Supplemental Indenture shall operate
as a waiver thereof, nor shall a single or partial exercise thereof preclude any other or further
exercise of any right, power or privilege. The rights, remedies and benefits of the Trustee and
the Holders herein expressly specified are cumulative and are not exclusive of any other rights,
remedies or benefits which either may have under this Supplemental Indenture at law, in equity, by
statute or otherwise.

B-4

 

     9. Modification. No modification, amendment or waiver of any provision of this
Supplemental Indenture, nor the consent to any departure by the Guaranteeing Subsidiary therefrom,
shall in any event be effective unless the same shall be in writing and signed by the Trustee, and
then such waiver or consent shall be effective only in the specific instance and for the purpose
for which given. No notice to or demand on the Guaranteeing Subsidiary in any case shall entitle
the Guaranteeing Subsidiary to any other or further notice or demand in the same, similar or other
circumstance.

B-5

 

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

	 	 	 	 	 
	 	[Name of Guaranteeing Subsidiary],

as the Guaranteeing Subsidiary

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	U.S. BANK, NATIONAL ASSOCIATION

as the Trustee

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	AK STEEL CORPORATION

as the Company

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	AK STEEL HOLDING CORPORATION

as the Parent Guarantor

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

B-6

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