Document:

exv4waw4

 

EXHIBIT 4.A.4

 

 

TENNESSEE GAS PIPELINE COMPANY

ISSUER

AND

THE CHASE MANHATTAN BANK

TRUSTEE

 

FOURTH SUPPLEMENTAL INDENTURE

DATED AS OF OCTOBER 9, 1998

TO

INDENTURE

DATED AS OF MARCH 4, 1997

 

7% DEBENTURES DUE 2028

 

 

 

 

 

     FOURTH SUPPLEMENTAL INDENTURE, dated as of October 9, 1998 (herein
called the “Fourth Supplemental Indenture”), between TENNESSEE GAS PIPELINE
COMPANY, a Delaware corporation (herein called the “Company”), having its
principal office at 1001 Louisiana Street, Houston, Texas 77002 and THE CHASE
MANHATTAN BANK, a banking corporation duly organized and existing under the
laws of the State of New York, as trustee under the Indenture referred to below
(herein called the “Trustee”).

RECITALS OF THE COMPANY

     WHEREAS, the Company has heretofore executed and delivered to the
Trustee the Indenture, dated as of March 4, 1997 (herein called the “Original
Indenture”), providing for the issuance from time to time of one or more series
of the Company’s unsecured debentures, notes or other evidences of indebtedness
(herein called the “Securities”), the terms of which are to be determined as
set forth in Section 301 of the Original Indenture; and WHEREAS, Section 901 of
the Indenture provides, among other things, that the Company and the Trustee
may enter into indentures supplemental to the Original Indenture for, among
other things, the purpose of setting forth the terms of Securities of any
series; and

     WHEREAS, the Company desires to create a series of the Securities in
an aggregate principal amount of $400,000,000, which series shall be designated
the 7% Debentures Due 2028 (the “Debentures”), and all action on the part of
the Company necessary to authorize the issuance of the Debentures under the
Original Indenture and this Fourth Supplemental Indenture has been duly taken;
and

     WHEREAS, all acts and things necessary to make the Debentures, when
executed by the Company and completed, authenticated and delivered by the
Trustee as provided in the Original Indenture and this Fourth Supplemental
Indenture, the valid and binding obligations of the Company and to constitute
these presents a valid and binding supplemental indenture and agreement
according to its terms, have been done and performed;

     NOW, THEREFORE, THIS FOURTH SUPPLEMENTAL INDENTURE WITNESSETH:

     That in consideration of the premises and the issuance of the
Debentures, the Company covenants and agrees with the Trustee, for the equal

and proportionate benefit of all holders of the Debentures, as follows:

ARTICLE I

TERMS AND ISSUANCE OF 7% DEBENTURES DUE 2028

     Section 1.01 Issue of Debentures. A series of Securities which
shall be designated the “7% Debentures Due 2028” shall be executed,
authenticated and delivered in accordance with the provisions of, and shall in
all respects be subject to, the terms, conditions and covenants of the Original
Indenture, including without limitation the terms set forth in this Fourth
Supplemental Indenture (including the form of Debentures referred to in Section
1.02 hereof). The aggregate

-1-

 

principal amount of Debentures which may be authenticated and delivered under
the Original Indenture shall not, except as permitted by the provisions of the
Original Indenture, exceed $400,000,000. The entire amount of Debentures may
forthwith be executed by the Company and delivered to the Trustee and shall be
authenticated by the Trustee and delivered to or upon the order of the Company
pursuant to Section 303 of the Indenture.

     Section 1.02 Forms of Debentures and Authentication Certificate.
The Debentures initially shall be issuable in the form of one or more Global
Securities. The forms of the Debentures and the Trustee’s certificate of
authentication shall be substantially as set forth on Exhibit A hereto.

ARTICLE II

MISCELLANEOUS

     Section 2.01 Execution as Supplemental Indenture. This Fourth
Supplemental Indenture is executed and shall be construed as an indenture
supplemental to the Original Indenture and, as provided in the Original
Indenture, this Fourth Supplemental Indenture forms a part thereof. Except as
herein expressly otherwise defined, the use of the terms and expressions herein
is in accordance with the definitions, uses and constructions contained in the
Original Indenture.

     Section 2.02 Responsibility for Recitals, Etc. The recitals
herein and in the Debentures (except in the Trustee’s certificate of
authentication) shall be taken as the statements of the Company, and the
Trustee assumes no responsibility for the correctness thereof. The Trustee
makes no representations as to the validity or sufficiency of this Fourth
Supplemental Indenture or of the Debentures. The Trustee shall not be
accountable for the use or application by the Company of the Debentures or of
the proceeds thereof.

     Section 2.03 Provisions Binding on Company’s Successors. All the
covenants, stipulations, promises and agreements in this Fourth Supplemental
Indenture contained by the Company shall bind its successors and assigns
whether so expressed or not.

     Section 2.04 New York Contract. THIS FOURTH SUPPLEMENTAL
INDENTURE AND EACH DEBENTURE SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

     Section 2.05 Execution and Counterparts. This Fourth Supplemental
Indenture may be executed with counterpart signature pages or in any number of
counterparts, each of which shall be an original but such counterparts shall
together constitute but one and the same instrument.

     Section 2.06 Capitalized Terms. Capitalized terms not otherwise
defined in this Fourth Supplemental Indenture shall have the respective

meanings assigned to them in the Original Indenture.

-2-

 

     IN WITNESS WHEREOF, said TENNESSEE GAS PIPELINE COMPANY has caused
this Fourth Supplemental Indenture to be executed in its corporate name by its
Chairman of the Board or its President or one of its Vice Presidents, and said
THE CHASE MANHATTAN BANK has caused this Fourth Supplemental Indenture to be
executed in its corporate name by one of its Second Vice Presidents as of
October 9, 1998.

	 	 	 	 	 
	 	 	TENNESSEE GAS PIPELINE COMPANY
	 
	 	 	 	 
	 

	 	By:
	 	/s/ H. BRENT AUSTIN
	 

	 	 	 	 
	 

	 	 	 	Name: H. Brent Austin
	 

	 	 	 	Title: Executive Vice President
	 
	 	 	 	 
	 	 	THE CHASE MANHATTAN BANK
	 
	 	 	 	 
	 

	 	By:
	 	/s/ R. J. HALLERAN
	 

	 	 	 	 
	 

	 	 	 	Name: R. J. Halleran
	 

	 	 	 	Title: Second Vice President

-3-

 

EXHIBIT A

     THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A
NOMINEE THEREOF. THIS SECURITY MAY NOT BE TRANSFERRED TO, OR REGISTERED OR
EXCHANGED FOR SECURITIES REGISTERED IN THE NAME OF, ANY PERSON OTHER THAN THE
DEPOSITARY OR A NOMINEE THEREOF AND NO SUCH TRANSFER MAY BE REGISTERED, EXCEPT
IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. EVERY SECURITY
AUTHENTICATED AND DELIVERED UPON REGISTRATION OF, TRANSFER OF, OR IN EXCHANGE
FOR OR IN LIEU OF, THIS SECURITY SHALL BE A GLOBAL SECURITY SUBJECT TO THE
FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES.

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

TENNESSEE GAS PIPELINE COMPANY

7% DEBENTURE DUE 2028

			
	NO.
	 	U.S.$
	CUSIP No.     880451AV1	 	 

     TENNESSEE GAS PIPELINE COMPANY, a corporation duly incorporated and
existing under the laws of Delaware (herein called the “Company,” which term
includes any successor Person under the Indenture hereinafter referred to), for
value received, hereby promises to pay to Cede & Co., or registered assigns,
the principal sum of
                                                             United States Dollars
on October 15, 2028, and to pay interest thereon from October 9, 1998, or from
the most recent Interest Payment Date to which interest has been paid or duly
provided for, semi-annually on April 15 and October 15 in each year, commencing
April 15, 1999, at the rate of 7% per annum, until the principal hereof is paid
or made available for payment. The interest so payable, and punctually paid or
duly provided for, on any Interest Payment Date will, as provided in such
Indenture, be paid to the Person in whose name this Security (or one or more
Predecessor Securities) is registered at the close of business on the Regular
Record Date for such interest, which shall be the April 1 or October 1 (whether
or not a Business Day), as the case may be, next preceding such Interest
Payment Date. Any such interest not so punctually paid or duly provided for
shall forthwith cease to be payable to the Holder on such Regular Record Date
and shall either be paid to the Person

A-1

 

in whose name this Security (or one or more Predecessor Securities) is
registered at the close of business on a Special Record Date for the payment of
such Defaulted Interest to be fixed by the Trustee, notice of which shall be
given to Holders of Securities of this series not less than 10 days prior to
such Special Record Date, or be paid at such time in any other lawful manner
not inconsistent with the requirements of any securities exchange on which the
Securities of this series may be listed, and upon such notice as may be
required by such exchange, all as more fully provided in such Indenture.

     Payment of the principal of and premium, if any, and interest on this
Security will be made by transfer of immediately available funds to a bank
account in New York, New York designated by the Holder in such coin or currency
of the United States of America as at the time of payment is legal tender for
payment of public and private debts.

     Reference is hereby made to the further provisions of this Security
set forth on the reverse hereof, which further provisions shall for all

purposes have the same effect as if set forth at this place.

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

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

Dated:

	 	 	 	 	 
	 	 	TENNESSEE GAS PIPELINE COMPANY
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Name:
	 

	 	 	 	Title:

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

	 	 	 	 	 
	 	 	THE CHASE MANHATTAN BANK,
	 

	 	 	 	AS TRUSTEE
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Name:
	 

	 	 	 	Title:

A-2

 

TENNESSEE GAS PIPELINE COMPANY

7% DEBENTURE DUE 2028

     This Security is one of a duly authorized issue of Securities of the
Company (the “Securities”), issued and to be issued in one or more series under
an Indenture dated as of March 4, 1997 (the “Indenture”), between the Company
and The Chase Manhattan Bank, as Trustee (the “Trustee,” which term includes
any successor trustee under the Indenture), to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the
respective rights, limitations of rights, obligations, duties and immunities
thereunder of the Company, the Trustee and the Holders of the Securities and of
the terms upon which the Securities are, and are to be, authenticated and
delivered. As provided in the Indenture, the Securities may be issued in one
or more series, which different series may be issued in various aggregate
principal amounts, may mature at different times, may bear interest, if any, at
different rates, may be subject to different redemption provisions, if any, may
be subject to different sinking, purchase or analogous funds, if any, may be
subject to different covenants and Events of Default and may otherwise vary as
in the Indenture provided or permitted. This Security is one of a series of
Securities designated on the face hereof limited in aggregate principal amount
to U.S. $400,000,000.

     The Securities of this series are redeemable, upon not less than 30
nor more than 60 days’ notice by mail, as a whole or in part, at the option of
the Company at any time at a redemption price equal to the greater of (i) 100%
of the principal amount thereof and (ii) as determined by an Independent
Investment Banker, the sum of the present values of the remaining scheduled
payments of principal and interest thereon discounted to the date of redemption
on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day
months) at the Adjusted Treasury Rate, plus, in each case, accrued and unpaid
interest thereon to the date of redemption, but interest installments whose
Stated Maturity is on or prior to such date of redemption will be payable to
the Holders of such Securities, or one or more Predecessor Securities, of
record at the close of business on the relevant Record Dates referred to on the
face hereof, all as provided in the Indenture.

     “Adjusted Treasury Rate” means, with respect to any Redemption Date,
the rate per annum equal to the semi-annual equivalent yield to maturity of
the Comparable Treasury Issue, assuming a price for the Comparable Treasury
Issue (expressed as a percentage of its principal amount) equal to the
Comparable Treasury Price for such date of redemption, plus 0.40%.

     “Comparable Treasury Issue” means the United States Treasury security
selected by an Independent Investment Banker as having a maturity comparable to
the remaining term of the Debentures to be redeemed that would be utilized, at
the time of selection and in accordance with customary financial practice, in
pricing new issues of corporate debt securities of comparable maturity to the
remaining term of such Debentures.

     “Comparable Treasury Price” means, with respect to any Redemption
Date, (i) the average of the bid and asked prices for the Comparable Treasury
Issue (expressed in each case as a percentage of its principal amount) on the
third business day preceding such date of redemption, as set forth in the daily
statistical release (or any successor release) published by the Federal Reserve
Bank of New York and designated “Composite 3:30 p.m. Quotations for U.S.
Government Securities,” or (ii) if such release (or any successor release) is
not published or does not contain such

A-3

 

prices on such business day, (A) the average of the Reference Treasury Dealer
Quotations for such date of redemption, after excluding the highest and lowest
such Reference Treasury Dealer Quotations, or (B) if the Trustee obtains fewer
than three such Reference Treasury Dealer Quotations, the average of all such
Reference Treasury Dealer Quotations.

     “Independent Investment Banker” means one of the Reference Treasury
Dealers appointed by the Trustee after consultation with the Company.

     “Reference Treasury Dealer” means each of Donaldson, Lufkin & Jenrette
Securities Corporation, Chase Securities Inc. and NationsBanc Montgomery
Securities LLC, and their respective successors; provided, however, that if any
of the foregoing shall not be a primary U.S. Government securities dealer in
New York City (a “Primary Treasury Dealer”), the Company shall substitute
therefor another Primary Treasury Dealer.

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

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

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

     The Indenture permits, with certain exceptions as therein provided,
the amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Securities of each series to be
affected under the Indenture at any time by the Company and the Trustee with
the consent of not less than the Holders of a majority in aggregate principal
amount of the Outstanding Securities of all series to be affected (voting as
one class). The Indenture also contains provisions permitting the Holders of a
majority in aggregate principal amount of the Outstanding Securities of all
affected series (voting as one class), on behalf of the Holders of all
Securities of such series, to waive compliance by the Company with certain
provisions of the Indenture. The Indenture permits, with certain exceptions as
therein provided, the Holders of a majority in aggregate principal amount of
Securities of all affected series then Outstanding (voting as a single class)
to waive past defaults under the Indenture with respect to such Securities and
their consequences. Any such consent or waiver by the Holder of this Security
shall be conclusive and binding upon such Holder and upon all future Holders of
this Security and of any Security issued upon the registration of transfer
hereof or in exchange herefor or in lieu hereof, whether or not notation of
such consent or waiver is made upon this Security.

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

with respect to the Indenture or for the appointment of

A-4

 

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

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

     This Global Security or portion hereof may not be exchanged for
Definitive Securities except in the limited circumstances provided in the

Indenture.

     The holders of beneficial interests in this Global Security will not
be entitled to receive physical delivery of Definitive Securities except as
described in the Indenture and will not be considered the Holders hereof for
any purpose under the Indenture.

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

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

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

     No recourse under or upon any obligation, covenant or agreement of or
contained in the Indenture or of or contained in any Security, or for any claim
based thereon or otherwise in respect thereof, or in any Security, or because
of the creation of any indebtedness represented thereby, shall be had against
any incorporator, stockholder, officer or director, as such, past, present or
future, of the Company or of any successor Person, either directly or through
the Company or any successor Person, whether by virtue of any constitution,
statute or rule of law, or by the enforcement of any assessment, penalty or
otherwise; it being expressly understood that all such liability is hereby

A-5

 

expressly waived and released by the acceptance hereof and as a condition of,
and as part of the consideration for, the Securities and the execution of the
Indenture.

     The Indenture provides that the Company (a) will be discharged from
any and all obligations in respect of the Securities (except for certain
obligations described in the Indenture), or (b) need not comply with certain
restrictive covenants of the Indenture, in each case if the Company deposits,
in trust, with the Trustee money or U.S. Government Obligations (or a
combination thereof) which through the payment of interest thereon and
principal thereof in accordance with their terms will provide money, in an
amount sufficient to pay all the principal of and interest of the Securities,
but such money need not be segregated from other funds except to the extent
required by law.

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

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

A-6exv4w4

 

Exhibit 4.4

FORM OF INDENTURE

PRA
INTERNATIONAL

and

           ,

as Trustee

Guaranteed to the extent set forth therein by the Guarantors named herein.

INDENTURE

dated as of            ,

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	ARTICLE 1 DEFINITIONS AND INCORPORATION BY REFERENCE
	 	 	1	 
	 
	 	 	 	 
	Section 1.01 Certain Definitions
	 	 	1	 
	Section 1.02 Other Definitions
	 	 	4	 
	Section 1.03 Incorporation by Reference of Trust Indenture Act
	 	 	5	 
	Section 1.04 Rules of Construction
	 	 	5	 
	 
	 	 	 	 
	ARTICLE 2 THE SECURITIES
	 	 	6	 
	 
	 	 	 	 
	Section 2.01 Unlimited In Amount, Issuable In Series, Form and Dating
	 	 	6	 
	Section 2.02 Execution and Authentication
	 	 	9	 
	Section 2.03 Registrar and Paying Agent
	 	 	9	 
	Section 2.04 Paying Agent to Hold Money in Trust
	 	 	10	 
	Section 2.05 Securityholder Lists
	 	 	10	 
	Section 2.06 Transfer and Exchange
	 	 	10	 
	Section 2.07 Replacement Securities
	 	 	11	 
	Section 2.08 Outstanding Securities
	 	 	11	 
	Section 2.09 Temporary Securities
	 	 	12	 
	Section 2.10 Cancellation
	 	 	12	 
	Section 2.11 Defaulted Interest
	 	 	12	 
	Section 2.12 Special Record Dates
	 	 	12	 
	Section 2.13 Global Securities
	 	 	13	 
	Section 2.14 CUSIP Numbers
	 	 	14	 
	 
	 	 	 	 
	ARTICLE 3 REDEMPTION
	 	 	14	 
	 
	 	 	 	 
	Section 3.01 Notices to Trustee
	 	 	14	 
	Section 3.02 Selection of Securities to Be Redeemed
	 	 	15	 
	Section 3.03 Notice of Redemption
	 	 	15	 
	Section 3.04 Effect of Notice of Redemption
	 	 	16	 
	Section 3.05 Deposit of Redemption Price
	 	 	16	 
	Section 3.06 Securities Redeemed or Purchased in Part
	 	 	17	 
	 
	 	 	 	 
	ARTICLE 4 COVENANTS
	 	 	17	 
	 
	 	 	 	 
	Section 4.01 Payment of Securities
	 	 	17	 
	Section 4.02 Maintenance of Office or Agency
	 	 	17	 
	Section 4.03 Reports
	 	 	18	 
	Section 4.04 Compliance Certificate
	 	 	18	 
	Section 4.05 Taxes
	 	 	19	 
	Section 4.06 Stay, Extension and Usury Laws
	 	 	19	 
	Section 4.07 Calculation of Original Issue Discount
	 	 	19	 
	 
	 	 	 	 
	ARTICLE 5 SUCCESSORS
	 	 	19	 

i

 

	 	 	 	 	 
	 	 	Page	 
	Section 5.01 When Company May Merge, etc
	 	 	19	 
	Section 5.02 Successor Person Substituted
	 	 	20	 
	 
	 	 	 	 
	ARTICLE 6 DEFAULTS AND REMEDIES
	 	 	20	 
	 
	 	 	 	 
	Section 6.01 Events of Default
	 	 	20	 
	Section 6.02 Acceleration
	 	 	22	 
	Section 6.03 Other Remedies
	 	 	22	 
	Section 6.04 Waiver of Past Defaults
	 	 	22	 
	Section 6.05 Control by Majority
	 	 	23	 
	Section 6.06 Limitation on Suits
	 	 	23	 
	Section 6.07 Rights of Holders to Receive Payment
	 	 	23	 
	Section 6.08 Collection Suit by Trustee
	 	 	24	 
	Section 6.09 Trustee May File Proofs of Claim
	 	 	24	 
	Section 6.10 Priorities
	 	 	24	 
	Section 6.11 Undertaking for Costs
	 	 	25	 
	 
	 	 	 	 
	ARTICLE 7 TRUSTEE
	 	 	25	 
	 
	 	 	 	 
	Section 7.01 Duties of Trustee
	 	 	25	 
	Section 7.02 Rights of Trustee
	 	 	27	 
	Section 7.03 Individual Rights of Trustee
	 	 	27	 
	Section 7.04 Trustee’s Disclaimer
	 	 	28	 
	Section 7.05 Notice of Defaults
	 	 	28	 
	Section 7.06 Reports by Trustee to Holders
	 	 	28	 
	Section 7.07 Compensation and Indemnity
	 	 	28	 
	Section 7.08 Replacement of Trustee
	 	 	29	 
	Section 7.09 Successor Trustee by Merger, etc.
	 	 	30	 
	Section 7.10 Eligibility; Disqualification
	 	 	30	 
	Section 7.11 Preferential Collection of Claims Against Company
	 	 	31	 
	 
	 	 	 	 
	ARTICLE 8 SATISFACTION AND DISCHARGE; DEFEASANCE
	 	 	31	 
	 
	 	 	 	 
	Section 8.01 Satisfaction and Discharge
	 	 	31	 
	Section 8.02 Option to Effect Legal Defeasance or Covenant Defeasance
	 	 	32	 
	Section 8.03 Legal Defeasance and Discharge
	 	 	32	 
	Section 8.04 Covenant Defeasance
	 	 	32	 
	Section 8.05 Conditions to Legal or Covenant Defeasance
	 	 	33	 
	Section 8.06 Deposited Money and Government Securities to be
Held in Trust; Other Miscellaneous Provisions
	 	 	34	 
	Section 8.07 Repayment to Company
	 	 	34	 
	Section 8.08 Reinstatement
	 	 	35	 
	 
	 	 	 	 
	ARTICLE 9 SUPPLEMENTS, AMENDMENTS AND WAIVERS
	 	 	35	 
	 
	 	 	 	 
	Section 9.01 Without Consent of Holders
	 	 	35	 
	Section 9.02 With Consent of Holders
	 	 	36	 
	Section 9.03 Revocation and Effect of Consents
	 	 	37	 

ii

 

	 	 	 	 	 
	 	 	Page	 
	Section 9.04 Notation on or Exchange of Securities
	 	 	37	 
	Section 9.05 Trustee to Sign Amendments, etc
	 	 	38	 
	 
	 	 	 	 
	ARTICLE 10 GUARANTEES
	 	 	38	 
	 
	 	 	 	 
	Section 10.01 Guarantee
	 	 	38	 
	 
	 	 	 	 
	ARTICLE 11 MISCELLANEOUS
	 	 	38	 
	 
	 	 	 	 
	Section 11.01 Indenture Subject to Trust Indenture Act
	 	 	38	 
	Section 11.02 Notices
	 	 	38	 
	Section 11.03 Communication By Holders With Other Holders
	 	 	39	 
	Section 11.04 Certificate and Opinion as to Conditions Precedent
	 	 	39	 
	Section 11.05 Statements Required in Certificate or Opinion
	 	 	40	 
	Section 11.06 Rules by Trustee and Agents
	 	 	40	 
	Section 11.07 Legal Holidays
	 	 	40	 
	Section 11.08 No Recourse Against Others
	 	 	41	 
	Section 11.09 Counterparts
	 	 	41	 
	Section 11.10 Governing Law
	 	 	41	 
	Section 11.11 Submission to Jurisdiction; Service of Process; Waiver of Jury Trial
	 	 	41	 
	Section 11.12 Severability
	 	 	41	 
	Section 11.13 Effect of Headings, Table of Contents, etc.
	 	 	42	 
	Section 11.14 Successors and Assigns
	 	 	42	 
	Section 11.15 No Interpretation of Other Agreements
	 	 	42	 

iii

 

CROSS-REFERENCE TABLE*

	 	 	 	 	 
	Trust Indenture	 	 	 
	Act Section	 	Indenture Section	 
	310(a)(1)
	 	 	7.10	 
	(a)(2)
	 	 	7.10	 
	(a)(3)
	 	 	N.A.	 
	(a)(4)
	 	 	N.A.	 
	(a)(5)
	 	 	7.10	 
	(b)
	 	 	7.03, 7.08; 7.10	 
	(c)
	 	 	N.A.	 
	311(a)
	 	 	7.11	 
	(b)
	 	 	7.11	 
	(c)
	 	 	N.A.	 
	312(a)
	 	 	2.05	 
	(b)
	 	 	11.03	 
	(c)
	 	 	11.03	 
	313(a)
	 	 	7.06	 
	(b)(1)
	 	 	N.A.	 
	(b)(2)
	 	 	7.06	 
	(c)
	 	 	7.06; 11.02	 
	(d)
	 	 	7.06	 
	314(a)
	 	 	4.03; 10.02; 11.05	 
	(b)
	 	 	N.A.	 
	(c)(1)
	 	 	11.04	 
	(c)(2)
	 	 	11.04	 
	(c)(3)
	 	 	N.A.	 
	(d)
	 	 	N.A.	 
	(e)
	 	 	11.05	 
	(f)
	 	 	N.A.	 
	315(a)
	 	7.01(b)(ii), 7.02	 
	(b)
	 	 	7.02, 7.05; 10.02	 
	(c)
	 	 	7.01(a), 7.02	 
	(d)
	 	 	7.01(d), 7.02	 
	(e)
	 	 	6.11	 
	316(a)(last sentence)
	 	 	2.13(f)	 
	(a)(1)(A)
	 	 	6.05	 
	(a)(1)(B)
	 	 	6.04	 
	(a)(2)
	 	 	N.A.	 
	(b)
	 	 	6.07	 
	(c)
	 	 	2.12; 9.03	 
	317(a)(1)
	 	 	6.08	 
	(a)(2)
	 	 	6.09	 
	(b)
	 	 	2.04	 
	318(a)
	 	 	11.01	 
	(b)
	 	 	N.A	 
	(c)
	 	 	11.01	 
	*
	 	 	 	 

 

			
	N.A. means not applicable.
	 
	* This Cross-Reference Table is not part of the Indenture.

 

 

     INDENTURE
dated as of         by and among PRA International, a Delaware corporation (the
“Company”), the guarantors listed on Schedule 1
hereto (herein called the “Guarantors”) and
       , as Trustee (the “Trustee”).

     The Company has duly authorized the execution and delivery of this Indenture to provide for
the issuance from time to time of its debentures, notes or other evidences of indebtedness to be
issued in one or more series (the “Securities”), as herein provided, up to such principal
amount as may from time to time be authorized in or pursuant to one or more resolutions of the
Board of Directors or by supplemental indenture.

     Each party agrees as follows for the benefit of the other parties and for the equal and
ratable benefit of the Holders of each series of the Securities:

ARTICLE 1

DEFINITIONS AND INCORPORATION

BY REFERENCE

Section 1.01 Certain Definitions.

     “Affiliate” of any specified Person means any other Person directly or indirectly
controlling or controlled by or under direct or indirect common control with such specified Person.
For purposes of this definition, “control,” as used with respect to any Person, shall mean the
possession, directly or indirectly, of the power to direct or cause the direction of the management
or policies of such Person, whether through the ownership of voting securities, by agreement or
otherwise; provided, however, that beneficial ownership of 10% or more of the Voting Securities of
a Person shall be deemed to be a controlling interest in such Person. For purposes of this
definition, the terms “controlling,” “controlled by” and “under common control with” have
correlative meanings.

     “Agent” means any Registrar, Paying Agent, authenticating agent or co-Registrar.

     “Board of Directors” means, with respect to any Person, the board of directors of such
Person (or, if such Person is a limited liability company, the board of managers of such Person) or
similar governing body or any authorized committee thereof.

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

     “Business Day” means any day other than a Legal Holiday.

     “Closing Date” means the date on which the Securities of a particular series were
originally issued under this Indenture.

     “Commission” means the Securities and Exchange Commission.

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     “Company” means the party named as such above until a successor replaces it pursuant
to this Indenture and thereafter means the successor.

     “Company Order” means a written order signed in the name of the Company by two
Officers, one of whom must be the Company’s principal executive officer, principal financial
officer or principal accounting officer and delivered to the Trustee.

     “Company Request” means a written request signed in the name of the Company by its
Chairman of the Board, a President or a Vice President, and by its Treasurer, an Assistant
Treasurer, its Secretary or an Assistant Secretary, and delivered to the Trustee.

     “Corporate Trust Office” shall mean the corporate trust office of the Trustee.

     “Default” means any event that is, or with the passage of time or the giving of notice
or both would be, an Event of Default.

     “Depositary” means, with respect to the Securities of any series issuable or issued in
whole or in part in the form of one or more Global Securities, the person designated as Depositary
for such series by the Company, which Depositary shall be a clearing agency registered under the
Exchange Act; and if at any time there is more than one such person, “Depositary” as used with
respect to the Securities of any series shall mean the Depositary with respect to the Securities of
such 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 applicable to the circumstances as of the Closing Date.

     “Global Security” shall mean a Security issued to evidence all or a part of any series
of Securities that is executed by the Company and authenticated and delivered by the Trustee to a
Depositary or pursuant to such Depositary’s instructions, all in accordance with this Indenture and
pursuant to Section 2.01, which shall be registered as to principal and interest in the name of
such Depositary or its nominee.

     “Guarantee” means a guarantee by any Guarantor of an obligation under this Indenture.

     “Holder” or “Securityholder” means a Person in whose name a Security is
registered in the register of Securities kept by the Registrar.

     “Indenture” means this Indenture, as amended or supplemented from time to time.

     “Interest” when used with respect to an Original Issue Discount Security that by its
terms bears interest only after Maturity, means interest payable after Maturity.

2

 

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

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

     “Officers’ Certificate” means a certificate signed by two or more Officers, one of
whom must be the principal executive officer, principal financial officer or principal accounting
officer of the Company that meets the requirements of Section 11.05 hereof.

     “Opinion of Counsel” means an opinion from legal counsel who is reasonably acceptable
to the Trustee that meets the requirements of Section 11.05 hereof. The counsel may be an
employee of or counsel to the Company or the Trustee.

     “Original Issue Discount Security” means any Security which provides that an amount
less than its principal amount is due and payable upon acceleration after an Event of Default.

     “Person” means any individual, corporation, partnership, joint venture, association,
limited liability company, joint stock company, trust, unincorporated organization or government or
other entity.

     “principal” of a Security means the principal amount due on the Stated Maturity of the
Security plus the premium, if any, on the Security.

     “Securities” means the Securities authenticated and delivered under this Indenture.

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

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

     “Subsidiary” means, with respect to any specified Person: (i) any corporation,
association or other business entity of which more than 50% of the total voting power of shares of
Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the
election of directors, managers or trustees of the corporation, association or other business
entity is at the time owned or controlled, directly or indirectly, by that Person or one or more of
the other Subsidiaries of that Person (or a combination thereof); and (ii) any partnership (a) the
sole general partner or the managing general partner of which is such Person or a Subsidiary of
such Person or (b) the only general partners of which are that Person or one or more Subsidiaries
of that Person (or any combination thereof).

     “TIA” means the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb) as in effect
on the date on which this Indenture is qualified under the TIA provided, however, that in the

3

 

event the TIA is amended after such date, “TIA” means, to the extent required by such
amendment, the Trust Indenture Act, as amended.

     “Trust Officer” when used with respect to the Trustee, means any officer with direct
responsibility for the administration of this Indenture and also means, with respect to a
particular corporate trust matter, any other officer to whom such matter is referred because of his
knowledge of and familiarity with the particular subject.

     “Trustee” means the party named as such above until a successor becomes such pursuant
to this Indenture and thereafter means or includes each party who is then a trustee hereunder, and
if at any time there is more than one such party, “Trustee” as used with respect to the Securities
of any series means the Trustee with respect to Securities of that series. If Trustees with
respect to different series of Securities are trustees under this Indenture, nothing herein shall
constitute the Trustees co-trustees of the same trust, and each Trustee shall be the trustee of a
trust separate and apart from any trust administered by any other Trustee with respect to a
different series of Securities.

     “U.S. Government Obligations” means securities that are (i) direct obligations of the
United States of America for the payment of which its full faith and credit is pledged or (ii)
obligations of a person controlled or supervised by and acting as an agency or instrumentality of
the United States of America, the payment of which is unconditionally guaranteed as a full faith
and credit obligation by the United States of America that is not callable or redeemable at the
option of the issuer thereof, 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 evidenced by such depository receipt.

Section 1.02 Other Definitions.

	 	 	 	 	 
	Term	 	Defined in Section
	“Bankruptcy Law”
	 	 	6.01	 
	“Custodian”
	 	 	6.01	 
	“Event of Default”
	 	 	6.01	 
	“Legal Holiday”
	 	 	11.07	 
	“Paying Agent”
	 	 	2.03	 
	“Place of Payment”
	 	 	2.01	 
	“redemption price”
	 	 	3.03	 
	“Registrar”
	 	 	2.03	 

4

 

Section 1.03 Incorporation by Reference of Trust Indenture Act.

     Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by
reference in and made a part of this Indenture. The following TIA terms used in this Indenture
have the following meanings:

     “indenture securities” means the Securities.

     “indenture securityholder” means a Securityholder.

     “indenture to be qualified” means this Indenture.

     “indenture trustee” or “institutional trustee” means the Trustee.

     “obligor” on the Securities means the Company and any Guarantor and any successor obligor on
the Securities.

     All other terms used in this Indenture that are defined by the TIA, defined by TIA reference
to another statute or defined by Commission rule under the TIA have the meanings so assigned to
them.

Section 1.04 Rules of Construction.

     Unless the context otherwise requires:

          (a) a term has the meaning assigned to it;

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

          (c) “or” is not exclusive;

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

          (e) provisions apply to successive events and transactions; and

          (f) references to sections of or rules under the Securities Act shall be deemed to include
substitute, replacement of successor sections or rules adopted by the SEC from time to time.

5

 

ARTICLE 2

THE SECURITIES

Section 2.01 Unlimited In Amount, Issuable In Series, Form and Dating.

     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. There shall be
established in or pursuant to a Board Resolution or an Officers’ Certificate pursuant to authority
granted under a Board Resolution or established in one or more indentures supplemental hereto,
prior to the issuance of Securities of any series:

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

          (b) any limit upon the aggregate principal amount of Securities of the series that may be
authenticated and delivered under this Indenture (except for Securities authenticated and delivered
upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the series
pursuant to this Article 2);

          (c) the price or prices (expressed as a percentage of the aggregate principal amount thereof)
at which the Securities of the series will be issued;

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

          (e) the rate or rates that may be fixed or variable at which the Securities of the series
shall bear interest, if any, or the manner in which such rate or rates shall be determined, the
date or dates from which such interest shall accrue, the interest payment dates on which such
interest shall be payable and the record dates for the determination of Holders to whom interest is
payable;

          (f) the place or places where the principal of, premium, if any, and any interest, if any, on
Securities of the series shall be payable or the method of such payment, if by wire transfer, mail
or by other means, if other than as provided herein;

          (g) the price or prices at which (if any), the period or periods within which (if any) and the
terms and conditions upon which (if other than as provided herein) Securities of the series may be
redeemed, in whole or in part, at the option, or as an obligation, of the Company;

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

          (i) the dates, if any, on which, and the price or prices at which, the Securities of the
series will be repurchased by the Company at the option of the Holders thereof and other detailed
terms and provisions of such repurchase obligations;

6

 

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

          (k) 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 pursuant to Section 6.02 hereof;

          (l) any addition to, change in or deletion from the covenants set forth in Articles 4 or 5
that applies to Securities of the series;

          (m) any addition to, changes in or deletion from the Events of Default with respect to the
Securities of a particular series and any change in the right of the Trustee or the requisite
Holders of such Securities to declare the principal amount thereof due and payable pursuant to
Section 6.02 hereof;

          (n) the Trustee for the series of Securities;

          (o) the forms of the Securities of the series in bearer or fully registered form (and, if in
fully registered form, whether the Securities will be issuable, in whole or in part, as Global
Securities);

          (p) whether the Securities of the series shall be issued in whole or in part in the form of a
Global Security or Securities; the terms and conditions, if any, upon which such Global Security or
Securities may be exchanged in whole or in part for other individual Securities, and the Depositary
for such Global Security and Securities;

          (q) the provisions, if any, relating to any security provided for the Securities of the
series;

          (r) any other terms of the series (which terms may modify, supplement or delete any provision
of this Indenture with respect to such series; provided, however, that no such term may modify or
delete any provision hereof if imposed by the TIA; and provided, further, that any modification or
deletion of the rights, duties or immunities of the Trustee hereunder shall have been consented to
in writing by the Trustee);

          (s) the terms and conditions, if any, upon which the Securities of the series shall be
exchanged for or converted into other securities of the Company or securities of another person;

          (t) any depositories, interest rate calculation agents or other agents with respect to
Securities of such series if other than those appointed herein;

          (u) whether the Securities rank as senior subordinated Securities or subordinated Securities
or any combination thereof and the terms of any such subordination;

          (v) the form and terms of any guarantee of any Securities of the series;

          (w) the currency of denomination of the debt securities;

7

 

          (x) the designation of the currency, currencies or currency units in which payment of
principal of, premium and interest on the debt securities will be made;

          (y) if payments of principal of, premium or interest on the debt securities will be made in
one or more currencies or currency units other than that or those in which the debt securities are
denominated, the manner in which the exchange rate with respect to these payments will be
determined; and

          (z) the manner in which the amounts of payment of principal of, premium or interest on the
debt securities will be determined, if these amounts may be determined by reference to an index
based on a currency or currencies other than that in which the debt securities are denominated or
designated to be payable or by reference to a commodity, commodity index, stock exchange index or
financial index.

     All Securities of any series shall be substantially identical except as to denomination and
except as may otherwise be provided in or pursuant to such Board Resolution or Officers’
Certificate or in any such indenture supplemental hereto.

     The principal of and any interest on the Securities shall be payable at the office or agency
of the Company designated in the form of Security for the series (each such place herein called the
“Place of Payment”); provided, however, that payment of interest may be made at the option of the
Company by check mailed to the address of the Person entitled thereto as such address shall appear
in the register of Securities referred to in Section 2.03 hereof.

     Each Security shall be in one of the forms approved from time to time by or pursuant to a
Board Resolution or Officers’ Certificate, or established in one or more indentures supplemental
hereto. Prior to the delivery of a Security to the Trustee for authentication in any form approved
by or pursuant to a Board Resolution or Officers’ Certificate, the Company shall deliver to the
Trustee the Board Resolution or Officers’ Certificate by or pursuant to which such form of Security
has been approved, which Board Resolution or Officers’ Certificate shall have attached thereto a
true and correct copy of the form of Security that has been approved by or pursuant thereto.

     The Securities may have notations, legends or endorsements required by law, stock exchange
rule or usage. Each Security shall be dated the date of its authentication.

8

 

Section 2.02 Execution and Authentication.

     One or more Officers shall sign the Securities for the Company by manual or facsimile
signature.

     If an Officer whose signature is on a Security no longer holds that office at the time the
Security is authenticated, the Security shall nevertheless be valid.

     A Security shall not be valid until authenticated by the manual signature of the Trustee. The
signature shall be conclusive evidence that the Security has been authenticated under this
Indenture.

     The Trustee shall authenticate Securities for original issue upon receipt of a Company Order.

     The Trustee may appoint an authenticating agent acceptable to the Company to authenticate
Securities. An 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
agent. An authenticating agent has the same rights as an Agent to deal with the Company or an
Affiliate of the Company.

Section 2.03 Registrar and Paying Agent.

     The Company shall maintain an office or agency where Securities of a particular series may be
presented for registration of transfer or for exchange (the “Registrar”) and an office or
agency where Securities of that series may be presented for payment (a “Paying Agent”).
The Registrar for a particular series of Securities shall keep a register of the Securities of that
series and of their registration of transfer and exchange. The Company may appoint one or more
co-Registrars and one or more additional paying agents for each series of Securities. The term
“Paying Agent” includes any additional paying agent. The Company may change any Paying Agent,
Registrar or co-Registrar without prior notice to any Securityholder. The Company shall notify the
Trustee in writing of the name and address of any Agent not a party to this Indenture.

     If the Company fails to maintain a Registrar or Paying Agent for any series of Securities, the
Trustee shall act as such. The Company or any of its Affiliates may act as Paying Agent, Registrar
or co-Registrar.

     The Company hereby appoints the Trustee the initial Registrar and Paying Agent for each series
of Securities unless another Registrar or Paying Agent, as the case may be, is appointed prior to
the time Securities of that series are first issued.

9

 

Section 2.04 Paying Agent to Hold Money in Trust.

     Whenever the Company has one or more Paying Agents it will, prior to each due date of the
principal of or interest on, any Securities, deposit with a Paying Agent a sum sufficient to pay
the principal or interest so becoming due, such sum to be held in trust for the benefit of the
Persons entitled to such principal or interest, and (unless such Paying Agent is the Trustee) the
Company will promptly notify the Trustee of its action or failure so to act.

     The Company shall require each Paying Agent other than the Trustee to agree in writing that
such Paying Agent will hold in trust for the benefit of the Securityholders of the particular
series for which it is acting, or the Trustee, all money held by the Paying Agent for the payment
of principal or interest on the Securities of such series, and that such Paying Agent will notify
the Trustee of any Default by the Company or any other obligor of the series of Securities in
making any such payment and at any time during the continuance of any such Default, upon the
written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such
Paying Agent. If the Company or an Affiliate acts as Paying Agent, it shall segregate and hold in
a separate trust fund for the benefit of the Securityholders of the particular series for which it
is acting all money held by it as Paying Agent. The Company at any time may require a Paying Agent
to pay all money held by it to the Trustee. Upon so doing, the Paying Agent (if other than the
Company or an Affiliate of the Company) shall have no further liability for such money. Upon any
bankruptcy or reorganization proceedings relating to the Company, the Trustee shall serve as Paying
Agent for the Securities.

Section 2.05 Securityholder Lists.

     The Trustee shall preserve in as current a form as is reasonably practicable the most recent
list available to it of the names and addresses of Securityholders, separately by series, and shall
otherwise comply with TIA Section 312(a). If the Trustee is not the Registrar, the Company shall
furnish to the Trustee at least seven Business Days before each interest payment date and at such
other times as the Trustee may request in writing, a list in such form and as of such date as the
Trustee may reasonably require of the names and addresses of Securityholders, separately by series,
relating to such interest payment date or request, as the case may be.

Section 2.06 Transfer and Exchange.

     Where Securities of a series are presented to the Registrar or a co-Registrar with a request
to register a transfer or to exchange them for an equal principal amount of Securities of the same
series of other authorized denominations, the Registrar shall register the transfer or make the
exchange if its requirements for such transactions are met. To permit registrations of transfers
and exchanges, the Company shall issue and the Trustee shall authenticate Securities at the
Registrar’s request.

     No service charge shall be made for any registration of transfer or exchange, but the Company
may require payment of a sum sufficient to cover any transfer tax or similar governmental charge
payable in connection therewith (other than any such transfer tax or similar governmental charge
payable upon exchanges pursuant to Sections 2.09, 2.13, 3.06 or 9.04).

10

 

     The Company need not issue, and the Registrar or co-Registrar need not register the transfer
or exchange of, (i) any Security of a particular series during a period beginning at the opening of
business 15 days before the day of any selection of Securities of that series for redemption under
Section 3.02 and ending at the close of business on the day of selection, or (ii) any Security so
selected for redemption in whole or in part, except the unredeemed portion of any Security of that
series being redeemed in part.

Section 2.07 Replacement Securities.

     If a mutilated Security is surrendered to the Trustee or if the Holder of a Security claims
that the Security has been lost, destroyed or wrongfully taken, the Company shall issue and the
Trustee shall authenticate a replacement Security of same series if the Company’s and the Trustee’s
requirements are met. The Trustee or the Company may require an indemnity bond to be furnished
which is sufficient in the judgment of both to protect the Company, the Trustee, and any Agent from
any loss which any of them may suffer if a Security is replaced. The Company or the Trustee may
charge such Holder for its expenses in replacing a Security.

     Every replacement Security is an obligation of the Company and shall be entitled to all the
benefit of the Indenture equally and proportionately with any and all other Securities of the same
series.

Section 2.08 Outstanding Securities.

     The Securities of any series outstanding at any time are all the Securities of that series
authenticated by the Trustee except for those canceled by it, those delivered to it for
cancellation, and those described in this Section as not outstanding.

     If a Security is replaced pursuant to Section 2.07, it ceases to be outstanding unless the
Trustee receives proof satisfactory to it that the replaced Security is held by a protected
purchaser.

     If Securities are considered paid under Section 4.01, they cease to be outstanding and
interest on them ceases to accrue.

     Except as set forth in Section 2.09 hereof, a Security does not cease to be outstanding
because the Company or an Affiliate holds the Security.

     For each series of Original Issue Discount Securities, the principal amount of such Securities
that shall be deemed to be outstanding and used to determine whether the necessary Holders have
given any request, demand, authorization, direction, notice, consent or waiver shall be the
principal amount of such Securities that could be declared to be due and payable upon acceleration
upon an Event of Default as of the date of such determination. When requested by the Trustee, the
Company shall advise the Trustee of such amount, showing its computations in reasonable detail.

11

 

Section 2.09 Temporary Securities.

     Until definitive Securities are ready for delivery, the Company may prepare and the Trustee
shall authenticate temporary Securities upon a Company Order. Temporary Securities shall be
substantially in the form of definitive Securities but may have variations that the Company
considers appropriate for temporary Securities. Without unreasonable delay, the Company shall
prepare and the Trustee shall authenticate definitive Securities in exchange for temporary
Securities.

     Holders of temporary securities shall be entitled to all of the benefits of this Indenture.

Section 2.10 Cancellation.

     The Company at any time may deliver Securities to the Trustee for cancellation. The Registrar
and Paying Agent shall forward to the Trustee any Securities surrendered to them for registration
of transfer, exchange or payment. The Trustee shall cancel all Securities surrendered for
registration of transfer, exchange, payment, replacement or cancellation and shall return such
canceled Securities to the Company at the Company’s written request. The Company may not issue new
Securities to replace Securities that it has paid or that have been delivered to the Trustee for
cancellation.

Section 2.11 Defaulted Interest.

     If the Company fails to make a payment of interest on any series of Securities, the Company
shall pay such defaulted interest plus (to the extent lawful) any interest payable on the defaulted
interest, in any lawful manner. It may elect to pay such defaulted interest, plus any such interest
payable on it, to the Persons who are Holders of such Securities on which the interest is due on a
subsequent special record date. The Company shall notify the Trustee in writing of the amount of
defaulted interest proposed to be paid on each such Security and the date of the proposed payment.
The Company shall fix or cause to be fixed any such record date and payment date for such payment,
provided that no such special record date shall be less than 10 days prior to the related payment
date for such defaulted interest. At least 15 days before any such record date, the Company shall
mail to Securityholders affected thereby a notice that states the record date, payment date, and
amount of such interest to be paid.

Section 2.12 Special Record Dates.

          (a) The Company may, but shall not be obligated to, set a record date for the purpose of
determining the identity of Holders entitled to consent to any supplement, amendment or waiver
permitted by this Indenture. If a record date is fixed, the Holders of Securities of that series
outstanding on such record date, and no other Holders, shall be entitled to consent to such
supplement, amendment or waiver or revoke any consent previously given, whether or not such Holders
remain Holders after such record date. No consent shall be valid or effective for more than 90
days after such record date unless consents from Holders of the principal amount of Securities of
that series required hereunder for such amendment or waiver to be effective shall have also been
given and not revoked within such 90-day period.

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          (b) The Company may, but shall not be obligated to, fix any day as a record date for the
purpose of determining the Holders of any series of Securities entitled to join in the giving or
making of any notice of Default, any declaration of acceleration, any request to institute
proceedings or any other similar direction. If a record date is fixed, the Holders of Securities
of that series outstanding on such record date, and no other Holders, shall be entitled to join in
such notice, declaration, request or direction, whether or not such Holders remain Holders after
such record date; provided, however, that no such action shall be effective hereunder unless taken
on or prior to the date 90 days after such record date.

Section 2.13 Global Securities.

          (a) Terms of Securities. A Board Resolution, a supplemental indenture hereto or an
Officers’ Certificate shall establish whether the Securities of a series shall be issued in whole
or in part in the form of one or more Global Securities and the Depositary for such Global Security
or Securities.

          (b) Transfer and Exchange. Notwithstanding any provisions to the contrary contained
in Section 2.06 of this Indenture and in addition thereto, any Global Security shall be
exchangeable pursuant to Section 2.06 of this Indenture for securities registered in the names of
Holders other than the Depositary for such Security or its nominee only if (i) such Depositary
notifies the Company that it is unwilling or unable to continue as Depositary for such Global
Security or if at any time such Depositary ceases to be a clearing agency registered under the
Exchange Act, and, in either case, the Company fails to appoint a successor Depositary within 90
days of such event or (ii) the Company executes and delivers to the Trustee an Officers’
Certificate to the effect that such Global Security shall be so exchangeable. Any Global Security
that is exchangeable pursuant to the preceding sentence shall be exchangeable for Securities
registered in such names as the Depositary shall direct in writing in an aggregate principal amount
equal to the principal amount of the Global Security with like tenor and terms.

     Except as provided in this paragraph (b) of this Section, a Global Security may not be
transferred except as a whole by the Depositary with respect to such Global Security to a nominee
of such Depositary, by a nominee of such Depositary to such Depositary or another nominee of such
Depositary or by the Depositary or any such nominee to a successor Depositary or a nominee of such
a successor Depositary.

          (c) Legend. Any Global Security issued hereunder shall bear a legend in substantially
the following form:

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

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WRONGFUL inasmuch as the registered owner hereof, Cede & Co. has an
interest herein.”

     “Transfer of this Global Security shall be limited to transfers in
whole, but not in part, to nominees of DTC or to a successor thereof or such
successor’s nominee and limited to transfers made in accordance with the
restrictions set forth in the Indenture referred to herein.”

          (d) Acts of Holders. The Depositary, as a Holder, may appoint agents and otherwise
authorize participants to give or take any request, demand, authorization, direction, notice,
consent, waiver or other action which a Holder is entitled to give or take under this Indenture.

          (e) Payments. Notwithstanding the other provisions of this Indenture, unless
otherwise specified as contemplated by Section 2.01 hereof, payment of the principal of and
interest, if any, on any Global Security shall be made to the Person specified therein.

          (f) Consents, Declaration and Directions. Except as provided in paragraph (e) of this
Section, the Company, the Trustee and any Agent shall treat a Person as the Holder of such
principal amount of outstanding Securities of such series represented by a Global Security as shall
be specified in a written statement of the Depositary with respect to such Global Security, for
purposes of obtaining any consents, declarations or directions required to be given by the Holders
pursuant to this Indenture.

Section 2.14 CUSIP Numbers.

     The Company in issuing any series of Securities may use “CUSIP” numbers (if then generally in
use), and, if so, the Trustee shall use “CUSIP” numbers in notices as a convenience to Holders;
provided that any such notice may state that no representation is made as to the correctness of
such numbers either as printed on such Securities or as contained in any notice and that reliance
may be placed only on the other identification numbers printed on such Securities, and any such
action relating to such notice shall not be affected by any defect in or omission of such numbers
in such notice. The Company shall promptly notify the Trustee of any change in the “CUSIP”
numbers.

ARTICLE 3

REDEMPTION

Section 3.01 Notices to Trustee.

     If the Company elects to redeem Securities of any series pursuant to any optional redemption
provisions thereof, it shall furnish to the Trustee at least 30 days, but not more than 60 days
before a redemption date, an Officer’s Certificate which shall specify (i) the provisions of such
Security or this Indenture pursuant to which the redemption shall occur, (ii) the redemption date,
(iii) the principal amount of Securities of that series to be redeemed and (iv) the redemption
price.

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     If the Company elects to reduce the principal amount of Securities of any series to be
redeemed pursuant to mandatory redemption provisions thereof, it shall notify the Trustee of the
amount of, and the basis for, any such reduction. If the Company elects to credit against any such
mandatory redemption Securities it has not previously delivered to the Trustee for cancellation, it
shall deliver such Securities with such notice.

Section 3.02 Selection of Securities to Be Redeemed.

     If less than all the Securities of any series are to be redeemed, or purchased in an offer to
purchase at any time, the Trustee shall select the Securities of that series to be redeemed or
purchased as follows: (1) if the Securities of such series are listed on any national securities
exchange, in compliance with the requirements of the principal national securities exchange on
which the Securities of that series are listed, or, (2) if the Securities of that series are not
listed on a national securities exchange, on a pro rata basis, by lot or by such other
method as the Trustee deems fair and appropriate. In the event of a partial redemption or purchase
by lot, the particular Securities to be redeemed or purchased will be selected not less than 30 nor
more than 60 days prior to the redemption or purchase date by the Trustee from Securities of that
series outstanding and not previously called for redemption.

     The Trustee shall notify the Company promptly in writing of the Securities or portions of
Securities to be called for redemption or purchase and, in the case of any Securities selected for
partial redemption or purchase, the principal amount thereof to be redeemed or purchased. Except
as otherwise provided as to any particular series of Securities, Securities and portions thereof
that the Trustee selects shall be in amounts equal to the minimum authorized denomination for
Securities of the series to be redeemed or purchased or any integral multiple thereof, except that
if all of the Securities of the series are to be redeemed or purchased, the entire outstanding
amount of the Securities of the series held by such Holder, even if not equal to the minimum
authorized denomination for the Securities of that series, shall be redeemed or purchased.
Provisions of this Indenture that apply to Securities called for redemption also apply to portions
of Securities called for redemption.

Section 3.03 Notice of Redemption.

     Except as otherwise provided as to any particular series of Securities, at least 30 days but
not more than 60 days before a redemption date, the Company shall mail a notice of redemption to
each Holder whose Securities are to be redeemed.

     The notice shall identify the Securities of the series to be redeemed and shall state:

               (1) the redemption date;

               (2) the redemption price fixed in accordance with the terms of the Securities of the
series to be redeemed, plus accrued interest, if any, to the date fixed for redemption (the
“redemption price”);

               (3) if any Security is being redeemed in part, the portion of the principal amount of
such Security to be redeemed and that, after the redemption date,

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upon surrender of such Security, a new Security or Securities in principal amount
equal to the unredeemed portion will be issued upon cancellation of the original
Securities;

               (4) the name and address of the Paying Agent;

               (5) that Securities called for redemption must be surrendered to the Paying Agent to
collect the redemption price;

               (6) that, unless the Company defaults in payment of the redemption price, interest on
Securities called for redemption ceases to accrue on and after the redemption date;

               (7) the CUSIP number, if any, of the Securities to be redeemed;

               (8) the paragraph of the Securities and/or the section of the Indenture pursuant to
which the Securities called for redemption are being redeemed; and

               (9) that no representation is made as to the correctness or accuracy of the CUSIP
number, if any, listed in such notice or printed on the Securities.

     At the Company’s request, the Trustee shall give the notice of redemption in the Company’s
name and at its expense, provided, however, that the Company shall have delivered to the Trustee,
at least 45 days prior to the redemption date, an Officers’ Certificate requesting that the Trustee
give such notice and setting forth the information to be stated in such notice as provided in the
preceding paragraph. The notice mailed in the manner herein provided shall be conclusively
presumed to have been duly given whether or not the Holder receives such notice. In any case,
failure to give such notice by mail or any defect in the notice of the Holder of any Security shall
not affect the validity of the proceeding for the redemption of any other Security.

Section 3.04 Effect of Notice of Redemption.

     Except if the giving of a notice of redemption would violate the terms of the Company’s credit
agreement, and subject to the subordination provisions of any series of Securities, once notice of
redemption is mailed in accordance with Section 3.03 hereof, Securities called for redemption
become due and payable on the redemption date for the redemption price. Upon surrender to the
Paying Agent, such Securities will be paid at the Redemption Price.

Section 3.05 Deposit of Redemption Price.

     On or before 10:00 a.m., New York City time, on the redemption or purchase date, the Company
shall deposit with the Trustee or Paying Agent (or, if the Company or any Affiliate is the Paying
Agent, shall segregate and hold in trust) money sufficient to pay the redemption or purchase price
of all Securities called for redemption on that date other than Securities that have previously
been delivered by the Company to the Trustee for cancellation. The Paying Agent shall return to
the Company any money not required for that purpose.

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     If the Company complies with the provisions of the preceding paragraph, on and after the
redemption or purchase date, interest shall cease to accrue on the Securities (or the portions
thereof) called for redemption or purchase. If a Security is redeemed or purchased on or after an
interest record date but on or prior to the related interest payment date, then any accrued and
unpaid interest shall be paid to the Person in whose name such Securities were registered at the
close of business on such record date. If any Securities called for redemption or purchase shall
not be so paid upon surrender for redemption because of the failure of the Company to comply with
the preceding paragraph, interest shall be paid on the unpaid principal, from the redemption or
purchase date until such principal is paid, and to the extent lawful on any interest not paid on
such unpaid principal, in each case at the rate provided in accordance with the terms of the
Securities of the series to be redeemed.

Section 3.06 Securities Redeemed or Purchased in Part.

     Upon surrender of a Security that is redeemed or purchased in part, the Company shall issue
and the Trustee shall authenticate for the Holder at the expense of the Company a new Security of
same series equal in principal amount to the unredeemed or unpurchased portion of the Security
surrendered.

ARTICLE 4

COVENANTS

Section 4.01 Payment of Securities.

     The Company shall pay or cause to be paid the principal of, premium, if any, and interest on
the Securities on the dates and in the manner provided in this Indenture and the Securities.
Principal, premium, if any, and interest shall be considered paid on the date due if the Paying
Agent, if other than the Company or an Affiliate, holds as of 10:00 a.m., New York City time, on
that date immediately available funds designated for and sufficient to pay all principal, premium,
if any, and interest then due.

     To the extent lawful, the Company shall pay interest on overdue principal and overdue
installments of interest at the rate per annum borne by the applicable series of Securities.

Section 4.02 Maintenance of Office or Agency.

     The Company shall maintain in the Borough of Manhattan, The City of New York, an office or
agency (which may be an office of the Trustee or an affiliate of the Trustee or Registrar) where
Securities may be surrendered for registration of transfer or exchange and where notices and
demands to or upon the Company in respect of the Securities and this Indenture may be served. The
Company shall 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 Corporate Trust Office
of the Trustee.

     The Company may also from time to time designate one or more other offices or agencies where
the Securities may be presented or surrendered for any or all such purposes and may from

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time to time rescind such designations; provided, however, that no such designation or
rescission shall in any manner relieve the Company of its obligation to maintain an office or
agency in the Borough of Manhattan, The City of New York for such purposes. The Company shall give
prompt written notice to the Trustee of any such designation or rescission and of any change in the
location of any such other office or agency.

     The Company hereby designates the Corporate Trust Office of the Trustee as one such office or
agency of the Company in accordance with Section 2.03.

Section 4.03 Reports.

     The Company shall deliver to the Trustee within 15 days after it files them 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 by rules and regulations
prescribe) that the Company is required to file with the Commission pursuant to Section 13 or 15(d)
of the Exchange Act; provided, however the Company shall not be required to deliver to the Trustee
any materials for which the Company has sought and received confidential treatment by the
Commission. The Company also shall comply with the other provisions of TIA Section 314(a).

     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 4.04 Compliance Certificate.

          (a) The Company or any Guarantors shall deliver to the Trustee, within 90 days after the end
of each fiscal year of the Company, an Officers’ Certificate stating that a review of the
activities of the Company and its Subsidiaries during the preceding fiscal year has been made under
the supervision of the signing Officers (one of whom shall be the principal executive officer,
principal financial officer or principal accounting officer of the Company) with a view to
determining whether the Company has kept, observed, performed and fulfilled its obligations under
this Indenture, and further stating, as to each such Officer signing such certificate, that to the
best of his or her knowledge the Company has kept, observed, performed and fulfilled each and every
covenant contained in this Indenture and is not in default in the performance or observance of any
of the terms, provisions and conditions of this Indenture (or, if a Default or Event of Default
shall have occurred, describing all such Defaults or Events of Default of which he or she may have
knowledge and what action the Company is taking or proposes to take with respect thereto) and that
to the best of his or her knowledge no event has occurred and remains in existence by reason of
which payments on account of the principal of or interest, if any, on the Notes is prohibited or if
such event has occurred, a description of the event and what action the Company is taking or
proposes to take with respect thereto.

          (b) The Company shall, so long as any of the Securities are outstanding, deliver to the
Trustee, forthwith upon becoming aware of any Default or Event of Default, an

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Officers’ Certificate specifying such Default or Event of Default and what action the Company
is taking or proposes to take with respect thereto.

Section 4.05 Taxes.

     The Company shall pay prior to delinquency, all material taxes, assessments, and governmental
levies except such as are contested in good faith by appropriate proceedings or where the failure
to effect such payment is not adverse in any material respect to the Holders of any Securities.

Section 4.06 Stay, Extension and Usury Laws.

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

Section 4.07 Calculation of Original Issue Discount.

     If, as of the end of any fiscal year of the Company, the Company has any outstanding Original
Issue Discount Securities under the Indenture, the Company shall file with the Trustee promptly
following the end of such fiscal year (i) a written notice specifying the amount of original issue
discount (including daily rates and accrual periods) accrued on such Original Issue Discount
Securities as of the end of such year and (ii) such other specific information relating to such
original issue discount as may then be required under the Internal Revenue Code of 1986, as amended
from time to time.

ARTICLE 5

SUCCESSORS

Section 5.01 When Company May Merge, etc.

     In addition to provisions applicable to a particular series of Securities, the Company shall
not directly or indirectly: (i) consolidate or merge with or into another Person (whether or not
the Company is the surviving Person), or (ii) sell, assign, transfer, lease, convey or otherwise
dispose of all or substantially all of the properties or assets of the Company and its Subsidiaries
in one or more related transactions to any Person unless:

               (1) either (x) the Company is the surviving Person; or (y) the Person formed by or
surviving any such consolidation or merger (if other than the Company) or to which such
sale, assignment, transfer, lease, conveyance or other disposition shall have been made is
a Person organized or existing under the laws of the United States, any state thereof or
the District of Columbia;

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               (2) the Person formed by or surviving any such consolidation or merger (if other than
the Company) or the Person to which such sale, assignment, transfer, lease, conveyance or
other disposition shall have been made assumes (by supplemental indenture reasonably
satisfactory to the Trustee) all the obligations of the Company under the Securities and
this Indenture; and

               (3) immediately after the transaction no Default or Event of Default exists.

     The Company shall deliver to the Trustee on or prior to the consummation of the proposed
transaction an Officers’ Certificate to the foregoing effect and an Opinion of Counsel stating that
the proposed transaction and such supplemental indenture comply with this Indenture.

Section 5.02 Successor Person Substituted.

     Upon any consolidation or merger, or any sale, assignment, transfer, conveyance or other
disposition (other than by lease) of all or substantially all of the assets of the Company in
accordance with Section 5.01 hereof, the successor Person formed by such consolidation or into
which the Company is merged or to which such sale, assignment, transfer, conveyance or other
disposition is made shall succeed to, and be substituted for (so that from and after the date of
such consolidation, merger, sale, conveyance or other disposition, the provisions of this Indenture
referring to the “Company” shall refer instead to the successor Person and not to the Company), and
may exercise every right and power of, the Company under this Indenture with the same effect as if
such successor Person had been named as the Company herein; provided, however, that the predecessor
Company shall not be relieved from the obligation to pay principal of, and interest on, any
Securities except in the case of a sale, assignment, transfer, conveyance or other disposition of
all or substantially all of the Company’s assets that meets the requirements of Section 5.01
hereof.

ARTICLE 6

DEFAULTS AND REMEDIES

Section 6.01 Events of Default.

     An “Event of Default” occurs with respect to Securities of any particular series if,
unless as otherwise provided in the establishing Board Resolution, Officers’ Certificate or
supplemental indenture hereto:

               (1) the Company defaults in the payment of interest on any Security of that series
when the same becomes due and payable and the Default continues for a period of 30 days;

               (2) the Company defaults in the payment, when due, of the principal of, or premium, if
any, on any Security of that series when the same becomes due and payable at Maturity, upon
redemption (including in connection with any offer to purchase under the terms of such
Securities) or otherwise;

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               (3) an Event of Default, as defined in the Securities of that series, occurs and is
continuing, or the Company fails to comply with any of its other agreements in the
Securities of that series or in this Indenture with respect to that series and the Default
continues for the period and after the notice specified below;

               (4) the Company pursuant to or within the meaning of any Bankruptcy Law:

                    (A) commences a voluntary case;

                    (B) consents to the entry of an order for relief against it in an involuntary case;

                    (C) consents to the appointment of a Custodian of it or for all or substantially all
of its property;

                    (D) makes a general assignment for the benefit of its creditors; or

                    (E) admits in writing its inability generally to pay its debts as the same become due.

               (5) a court of competent jurisdiction enters an order or decree under any Bankruptcy
Law that:

                    (A) is for relief against the Company in an involuntary case;

                    (B) appoints a Custodian of the Company or for all or substantially all of its
property; or

                    (C) orders the liquidation of the Company;

     and the order or decree remains unstayed and in effect for 60 days.

               (6) any other Event of Default provided with respect to Securities of that series
which is specified in a Board Resolution, Officers’ Certificate or supplemental indenture
establishing that series of Securities.

     The term “Bankruptcy Law” means Title 11, U.S. Code or any similar federal or state
law for the relief of debtors. The term “Custodian” means any receiver, trustee, assignee,
liquidator or similar official under any Bankruptcy Law.

     A Default under clause (3) above is not an Event of Default with respect to a particular
series of Securities until the Trustee or the Holders of at least 50% in principal amount of the
then outstanding Securities of that series notify the Company of the Default and the Company does
not cure the Default within 60 days after receipt of the notice. The notice must specify the
Default, demand that it be remedied and state that the notice is a “Notice of Default.” Such

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notice shall be given by the Trustee if so requested in writing by the Holders of 50% of the
principal amount of the then outstanding Securities of that series.

Section 6.02 Acceleration.

     If an Event of Default with respect to Securities of any series (other than an Event of
Default specified in clauses (4) and (5) of Section 6.01) occurs and is continuing, the Trustee by
notice to the Company, or the Holders of at least 50% in principal amount of the then outstanding
Securities of that series by notice to the Company and the Trustee, may, subject to any prior
notice requirements set forth in any supplemental indenture, declare the unpaid principal (or, in
the case of Original Issue Discount Securities, such lesser amount as may be provided for in such
Securities) of and any accrued interest on all the Securities of that series to be due and payable
on the Securities of that series. Upon such declaration the principal (or such lesser amount) and
interest shall be due and payable immediately. If an Event of Default specified in clause (4) or
(5) of Section 6.01 occurs, all of such amount shall become and be immediately due and payable
without any declaration or other act on the part of the Trustee or any Holder. The Holders of a
majority in principal amount of the then outstanding Securities of that series by notice to the
Trustee may rescind an acceleration and its consequences if the rescission would not conflict with
any judgment or decree and if all existing Events of Default with respect to that series have been
cured or waived except nonpayment of principal (or such lesser amount) or interest that has become
due solely because of the acceleration.

Section 6.03 Other Remedies.

     If an Event of Default with respect to Securities of any series occurs and is continuing, the
Trustee may pursue any available remedy to collect the payment of principal or interest on the
Securities of that series or to enforce the performance of any provision of the Securities of that
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. A delay or omission by the Trustee or any
Securityholder in exercising any right or remedy accruing upon an Event of Default shall not impair
the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All
remedies are cumulative to the extent permitted by law.

Section 6.04 Waiver of Past Defaults.

     Subject to Section 6.02, the Holders of not less than a majority in aggregate principal amount
of the then outstanding Securities of any series, by notice to the Trustee, may on behalf of the
Holders of the Securities of that series, waive an existing Default or Event of Default with
respect to that series and its consequences except a continuing Default or Event of Default in the
payment of the principal (including any mandatory sinking fund or like payment) of, premium, if
any, or interest on any Security of that series (including in connection with an offer to
purchase); provided, however, that the Holders of a majority in aggregate principal amount of the
outstanding Securities of any series may rescind an acceleration and its consequences, including
any related payment default that resulted from such acceleration and its consequences, including
any related payment default that resulted from any such acceleration. Upon any such waiver,

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

Section 6.05 Control by Majority.

     The Holders of a majority in principal amount of the then outstanding Securities of any series
may direct the time, method and place of conducting any proceeding for exercising any remedy with
respect to that series available to the Trustee or exercising any trust or power conferred on it.
However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture,
that the Trustee determines may be unduly prejudicial to the rights of other Holders of Securities
of that series, or that may involve the Trustee in personal liability. The Trustee may take any
other action which it deems proper that is not inconsistent with any such direction.
Notwithstanding any provision to the contrary in this Indenture, the Trustee shall not be obligated
to take any action with respect to the provisions of Section 6.02 unless directed to do so pursuant
to this Section 6.05.

Section 6.06 Limitation on Suits.

     A Holder of Securities of any series may not pursue a remedy with respect to this Indenture or
the Securities unless:

               (1) the Holder gives to the Trustee written notice of a continuing Event of Default
with respect to that series;

               (2) the Holders of at least 25% in principal amount of the then outstanding Securities
of that series make a written request to the Trustee to pursue the remedy;

               (3) such Holder or Holders offer, and, if requested, provide to the Trustee indemnity
satisfactory to the Trustee against any loss, liability or expense;

               (4) the Trustee does not comply with the request within 60 days after receipt of the
request and the offer and, if requested, the provision of indemnity; and

               (5) during such 60-day period the Holders of a majority in principal amount of the
then outstanding Securities of that series do not give the Trustee a direction inconsistent
with the request.

     No Holder of any series of Securities may use this Indenture to prejudice the rights of
another Holder of Securities of that series or to obtain a preference or priority over another
Holder of Securities of that series.

Section 6.07 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, premium, if any, and interest on the Security, on or

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after the respective due dates expressed in the Security (including in connection with any
offer to purchase), or to bring suit for the enforcement of any such payment on or after such
respective dates, shall not, except as provided in the subordination provisions, if any, applicable
to such Security, be impaired or affected without the consent of the Holder.

Section 6.08 Collection Suit by Trustee.

     If an Event of Default specified in Section 6.01(1) or (2) hereof occurs and is continuing
with respect to Securities of any series, the Trustee may recover judgment in its own name and as
trustee of an express trust against the Company for the whole amount of principal (or such portion
of the principal as may be specified as due upon acceleration at that time in the terms of that
series of Securities), premium, if any, and interest, remaining unpaid on the Securities of that
series then outstanding, together with (to the extent lawful) interest on overdue principal and
interest, and such further amount as shall be sufficient to cover the costs and, to the extent
lawful, expenses of collection, including the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel and any other amounts due the Trustee under Section
7.07 hereof.

Section 6.09 Trustee May File Proofs of Claim.

     The Trustee may file such proofs of claim and other papers or documents as may be necessary or
advisable in order to have the claims of the Trustee (including any claim for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel and any
other amounts due to the Trustee under Section 7.07 hereof) and the Securityholders 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 to and empowered to collect, receive and distribute
any money or other property payable or deliverable on any such claims, and any custodian in any
such judicial proceedings 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 for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agent and counsel, and any other amounts due the
Trustee under Section 7.07 hereof. Nothing contained herein shall be deemed to authorize the
Trustee to authorize or consent to or accept or adopt on behalf of any Securityholder 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
Securityholder in any such proceeding.

Section 6.10 Priorities.

     If the Trustee collects any money with respect to Securities of any series pursuant to this
Article, it shall pay out the money in the following order:

	 	 	 	 	 
	 

	 	First:
	 	to the Trustee, its agents and attorneys for amounts due under Section 7.07 hereof,
including payment of all compensation, expense and liabilities incurred, and all
advances made, by the Trustee and the costs and expenses of collection;

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	 	Second:
	 	in accordance with the subordination provisions, if any, of the Securities of such
series;
	 
	 	 	 	 
	 

	 	Third:
	 	to Securityholders for amounts due and unpaid on the Securities of such series for
principal, premium, if any, and interest, ratably, without preference or priority of
any kind, according to the amounts due and payable on the Securities of such series for
principal, premium, if any, and interest, respectively; and
	 
	 	 	 	 
	 

	 	Fourth:
	 	to the Company or to such party as a court of competent jurisdiction shall direct.

     The Trustee may fix a record date and payment date for any payment to Holders of Securities of
any series pursuant to this Section. The Trustee shall notify the Company in writing reasonably in
advance of any such record date and payment date.

Section 6.11 Undertaking for Costs.

     In any suit for the enforcement of any right or remedy under this Indenture or in any suit
against the Trustee for any action taken or omitted by it as a Trustee, a court in its discretion
may require the filing by any party litigant in the suit of an undertaking to pay the costs of the
suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’
fees and expenses, against any party litigant in the suit, having due regard to the merits and good
faith of the claims or defense made by the party litigant. This Section does not apply to a suit
by the Trustee, a suit by a Holder pursuant to Section 6.07 hereof or a suit by Holders of more
than 10% in principal amount of the then outstanding Securities of any series.

ARTICLE 7

TRUSTEE

Section 7.01 Duties of Trustee.

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

          (b) Except during the continuance of an Event of Default known to the Trustee:

	 	(i)	 	the duties of the Trustee
shall be determined solely by the express provisions of
this Indenture or the TIA and the Trustee need perform
only those duties that are specifically set forth in
this Indenture or the TIA and no others, and no implied
covenants or obligations shall be read into this
Indenture against the Trustee; and

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

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

	 	(i)	 	this paragraph does not
limit the effect of paragraph (b) of this Section;
	 
	 	(ii)	 	the Trustee shall not be
liable for any error of judgment made in good faith by a
responsible officer of the Trustee, unless it is proved
that the Trustee was negligent in ascertaining the
pertinent facts; and
	 
	 	(iii)	 	the Trustee shall not be
liable with respect to any action it takes or omits to
take in good faith in accordance with a direction
received by it pursuant to Section 6.05 hereof.

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

          (e) No provision of this Indenture shall require the Trustee to expend or risk its own funds
or incur any liability. The Trustee may refuse to perform any duty or exercise any right or power,
including without limitation, the provisions of Section 6.05 hereof, unless it receives security
and indemnity satisfactory to it against any loss, liability or expense.

          (f) The Trustee shall not be liable for interest on any money received by it except as the
Trustee may agree in writing with the Company. Absent written instruction from the Company, the
Trustee shall not be required to invest any such money. Money held in trust by the Trustee need
not be segregated from other funds except to the extent required by law.

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Section 7.02 Rights of Trustee.

     Subject to TIA Section 315(a) through (d):

          (a) The Trustee may conclusively rely on any document believed by it to be genuine and to have
been signed or presented by the proper person. The Trustee shall not be bound to make any
investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note,
other evidence of indebtedness or other paper or document, but the Trustee, in its discretion, may
make such further inquiry or investigation into such facts or matters as it may see fit.

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

          (c) The Trustee may act through agents and shall not be responsible for the misconduct or
negligence of any agent appointed with due care.

          (d) The Trustee shall not be liable for any action it takes or omits to take in good faith
which it believes to be authorized or within its rights or powers under the Indenture, unless the
Trustee’s conduct constitutes negligence.

          (e) Unless otherwise specifically provided in this Indenture, any demand, request, direction
or notice from the Company shall be sufficient if signed by an Officer of the Company.

          (f) The Trustee may consult with counsel of its selection and may rely upon the advice of such
counsel or any Opinion of Counsel.

          (g) The Trustee shall not be deemed to have notice of any Default or Event of Default unless a
Trust Officer of the Trustee has actual knowledge thereof or unless written notice of any event
that is in fact such a default is received by the Trustee at the Corporate Trust Office of the
Trustee, and such notice references the Securities generally or the Securities of a particular
series, as the case may be, and this Indenture.

     (h) The permissive rights of the Trustee to do things enumerated in this Indenture shall not
be construed as duties.

Section 7.03 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 an Affiliate with the same rights it would
have if it were not Trustee. Any Agent may do the same with like rights. However, the Trustee is
subject to TIA Sections 310(b) and 311.

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Section 7.04 Trustee’s Disclaimer.

     The Trustee makes no representation as to the validity or adequacy of this Indenture or the
Securities, it shall not be accountable for the Company’s use of the proceeds from the Securities,
and it shall not be responsible for any statement in the Securities other than its certificate of
authentication.

Section 7.05 Notice of Defaults.

     If a Default or Event of Default with respect to the Securities of any series occurs and is
continuing and if it is known to the Trustee, the Trustee shall mail to all Holders of Securities
of that series a notice of the Default or Event of Default within 90 days after it occurs. Except
in the case of a Default or Event of Default in payment on any such Security, the Trustee may
withhold the notice if and so long as a committee of its Trust Officers in good faith determines
that withholding the notice is in the interests of such Securityholders.

Section 7.06 Reports by Trustee to Holders.

     Within 60 days after May 15 in each year, the Trustee with respect to any series of Securities
shall mail to Holders of Securities of that series as provided in TIA Section 313(c) a brief report
dated as of such May 15 that complies with TIA Section 313(a) (if such report is required by TIA
Section 313(a)). The Trustee shall also comply with TIA Section 313(b)(2).

     A copy of each report at the time of its mailing to Securityholders shall be mailed to the
Company and filed with the Commission and each stock exchange on which any of the Securities are
listed, as required by TIA Section 313(d). The Company shall notify the Trustee when the
Securities are listed on any stock exchange, and of any delisting thereof.

Section 7.07 Compensation and Indemnity.

     The Company shall pay to the Trustee from time to time such compensation as shall be agreed
upon in writing for its services hereunder. The Company shall reimburse the Trustee upon written
request for all reasonable out-of-pocket expenses incurred by it. Such expenses shall include the
reasonable compensation and out-of-pocket expenses of the Trustee’s agents and counsel.

     The Company shall indemnify each of the Trustee or any predecessor Trustee for any loss,
liability, damage, claims or expenses, including taxes (other than taxes based upon, measured by or
determined by the income of the Trustee) incurred by it, without negligence or bad faith on its
part, in connection with the acceptance or administration of this Indenture and its duties
hereunder. The Trustee shall notify the Company promptly of any claim for which it may seek
indemnity. The Company shall defend the claim and the Trustee shall cooperate in the defense. The
Trustee may have separate counsel and the Company shall pay the reasonable fees and expenses of
such counsel. The Company need not pay for any settlement made without its consent.

     To secure the Company’s payment obligations in this Section, the Trustee shall have a lien
prior to the Securities on all money or property held or collected by the Trustee in its

28

 

capacity as Trustee, except money or property held in trust to pay principal and interest on
particular Securities. Such lien will survive the satisfaction and discharge of this Indenture.

     If the Trustee incurs expenses or renders services after an Event of Default specified in
Section 6.01(4) or (5) hereof occurs, the expenses and the compensation for the services will be
intended to constitute expenses of administration under any applicable Bankruptcy Law.

     This Section 7.07 shall survive the resignation or removal of the Trustee and the termination
of this Indenture.

Section 7.08 Replacement of Trustee.

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

     The Trustee may resign with respect to one or more or all series of Securities by so notifying
the Company in writing. The Holders of a majority in principal amount of the then outstanding
Securities of any series may remove the Trustee as to that series by so notifying the Trustee in
writing and may appoint a successor Trustee with the Company’s consent. The Company may remove the
Trustee with respect to one or more or all series of Securities if:

               (1) the Trustee fails to comply with Section 7.10 hereof;

               (2) the Trustee is adjudged a bankrupt or an insolvent;

               (3) a receiver or other public officer takes charge of the Trustee or its property; or

               (4) the Trustee becomes incapable of acting.

     If, as to any series of Securities, the Trustee resigns or is removed or if a vacancy exists
in the office of Trustee for any reason, the Company shall promptly appoint a successor Trustee for
that series. Within one year after the successor Trustee with respect to any series takes office,
the Holders of a majority in principal amount of the then outstanding Securities of that series may
appoint a successor Trustee to replace the successor Trustee appointed by the Company. If a
successor Trustee as to a particular series does not take office within 60 days after the retiring
Trustee resigns or is removed, the retiring Trustee, the Company or the Holders of at least 10% in
principal amount of the then outstanding Securities of that series may petition any court of
competent jurisdiction for the appointment of a successor Trustee.

     If the Trustee fails to comply with Section 7.10 hereof with respect to any series, any Holder
of Securities of that series who satisfies the requirements of TIA Section 310(b) may petition any
court of competent jurisdiction for the removal of the Trustee and the appointment of a successor
Trustee for that series.

     A successor Trustee as to any series of Securities shall deliver a written acceptance of its
appointment to the retiring Trustee and to the Company. Immediately after that, the retiring

29

 

Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee
(subject to the lien provided for in Section 7.07 hereof), the resignation or removal of the
retiring Trustee shall become effective, and the successor Trustee shall have all the rights,
powers and duties of the Trustee under this Indenture as to that series. The successor Trustee
shall mail a notice of its succession to the Holders of Securities of that series.

     Notwithstanding replacement of the Trustee pursuant to this Section 7.08, the Company’s
obligations under Section 7.07 hereof shall continue for the benefit of the retiring trustee.

     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 that (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) shall contain such provisions as shall be 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 or desirable to provide for or facilitate the administration of the trusts hereunder
by more than one Trustee; provided, however, that nothing herein or in such supplemental Indenture
shall constitute such Trustee co-trustees of the same trust and that each such Trustee shall be
trustee of a trust hereunder separate and apart from any trust hereunder administered by any other
such Trustee.

     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.

Section 7.09 Successor Trustee by Merger, etc.

     If the Trustee as to any series of Securities consolidates, merges or converts into, or
transfers all or substantially all of its corporate trust business to, another corporation, the
successor corporation without any further act shall be the successor Trustee as to that series.

Section 7.10 Eligibility; Disqualification.

     Each series of Securities shall always have a Trustee who satisfies the requirements of TIA
Section 310(a)(1), (2) and (5). The Trustee as to any series of Securities shall always have a
combined capital and surplus of at least $25,000,000 as set forth in its most recent published
annual report of condition. The Trustee is subject to TIA Section 310(b).

30

 

Section 7.11 Preferential Collection of Claims Against Company.

     The Trustee is subject to TIA Section 311(a), excluding any creditor relationship listed in
TIA Section 311(b). A Trustee who has resigned or been removed shall be subject to TIA Section
311(a) to the extent indicated therein.

ARTICLE 8

SATISFACTION AND DISCHARGE; DEFEASANCE

Section 8.01 Satisfaction and Discharge.

     This Indenture will be discharged and will cease to be of further effect with respect to any
series of Securities issued hereunder, when:

	(1)	 	either:

	 	(a)	 	all Securities of such series that have been authenticated (except lost, stolen
or destroyed Securities that have been replaced or paid and Notes for whose payment
money has theretofore been deposited in trust and thereafter repaid to the Company)
have been delivered to the Trustee for cancellation; or
	 
	 	(b)	 	all Securities of such series that have not been delivered to the Trustee for
cancellation have become due and payable by reason of the making of a notice of
redemption or otherwise or will become due and payable within one year and the Company
or any Guarantor has irrevocably deposited or caused to be deposited with the Trustee
as trust funds in trust solely for the benefit of the Holders, cash in U.S. dollars,
non-callable U.S. Government Obligations, or a combination thereof, in such amounts as
will be sufficient without consideration of any reinvestment of interest, to pay and
discharge the entire indebtedness on the Notes not delivered to the Trustee for
cancellation for principal, premium and accrued interest to the date of Maturity or
redemption:

	(2)	 	no Default or Event of Default with respect to such series of Securities shall have occurred
and be continuing on the date of such deposit or shall occur as a result of such deposit and
such deposit will not result in a breach or violation of, or constitute a default under, any
other material instrument to which the Company or any Guarantor is a party to or by which the
Company or any Guarantor is bound;
	 
	(3)	 	the Company or any Guarantor has paid or caused to be paid all sums payable by it under this
Indenture with respect to such series of Securities; and
	 
	(4)	 	the Company has delivered irrevocable instructions to the Trustee under this Indenture to
apply the deposited money toward the payment of the Securities of such series at Maturity or
the redemption date, as the case may be.

     In addition, the Company must deliver an Officers’ Certificate and an Opinion of Counsel to the
Trustee stating that all conditions precedent to satisfaction and discharge have been satisfied.

31

 

          Notwithstanding, the satisfaction and discharge of this Indenture with respect to a series of
Securities, if money shall have been deposited with the Trustee pursuant to subclause (b) of clause
(1) of this Section, the provisions of Section 8.06 shall survive.

Section 8.02 Option to Effect Legal Defeasance or Covenant Defeasance.

     Unless Section 8.03 or 8.04 is otherwise specified to be inapplicable to Securities of a
series, the Company may, at the option of its Board of Directors evidenced by a resolution set
forth in an Officers’ Certificate, at any time, elect to have either Section 8.03 or 8.04 hereof be
applied to all outstanding Securities of any such series upon compliance with the conditions set
forth below in this Article Eight.

Section 8.03 Legal Defeasance and Discharge.

     Upon the Company’s exercise under Section 8.02 hereof of the option applicable to this Section
8.03, the Company and any Guarantor shall, subject to the satisfaction of the conditions set forth
in Section 8.05 hereof, be deemed to have been discharged from their respective obligations with
respect to all outstanding Securities of any series on the date the conditions set forth below are
satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the
Company and any Guarantor shall be deemed to have paid and discharged the entire Indebtedness
represented by the outstanding Securities of a series, which shall thereafter be deemed to be
“outstanding” only for the purposes of Section 8.06 hereof and the other Sections of this Indenture
referred to in (a) and (b) below, and to have satisfied all its other obligations under such
Securities and this Indenture (and the Trustee, on demand of and at the expense of the Company,
shall execute proper instruments acknowledging the same), except for the following provisions which
shall survive until otherwise terminated or discharged hereunder: (a) the rights of Holders of
outstanding Securities to receive solely from the trust fund described in Section 8.05 hereof, and
as more fully set forth in such Section, payments in respect of the principal of, premium and
interest on such Securities when such payments are due, (b) the Company’s obligations with respect
to such Notes under Article 2 and Section 4.02 hereof, (c) the rights, powers, trusts, duties and
immunities of the Trustee hereunder and the Company’s or any Guarantors’ obligations in connection
therewith and (d) this Article Eight. Subject to compliance with this Article Eight, the Company
may exercise its option under this Section 8.03 notwithstanding the prior exercise of its option
under Section 8.04 hereof.

Section 8.04 Covenant Defeasance.

     Upon the Company’s exercise under Section 8.02 hereof of the option applicable to this Section
8.04, the Company or any Guarantors shall, subject to the satisfaction of the conditions set forth
in Section 8.05 hereof, be released from their respective obligations under the covenants contained
in Sections 4.03, 4.04, 4.05, 4.06, and 4.07, and Section 5.01 hereof with respect to the
outstanding Securities of any series on and after the date the conditions set forth in Section 8.05
are satisfied (hereinafter, “Covenant Defeasance”), and the Securities of such series shall
thereafter be deemed not “outstanding” for the purposes of any direction, waiver, consent or
declaration or act of Holders (and the consequences of any thereof) in connection with such
covenants, but shall continue to be deemed “outstanding” for all other purposes hereunder (it

32

 

being understood that such Securities shall not be deemed outstanding for accounting
purposes). For this purpose, Covenant Defeasance means that, with respect to the outstanding
Securities of any series, the Company or any Guarantors may omit to comply with and shall have no
liability in respect of any term, condition or limitation set forth in any such covenant, whether
directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by
reason of any reference in any such covenant to any other provision herein or in any other document
and such omission to comply shall not constitute a Default or an Event of Default under Section
6.01 hereof, but, except as specified above, the remainder of this Indenture and such Securities
shall be unaffected thereby. In addition, upon the Company’s exercise under Section 8.02 hereof of
the option applicable to this Section 8.04 hereof, subject to the satisfaction of the conditions
set forth in Section 8.05 hereof, Sections 6.01(3) through 6.01(6) hereof shall not constitute
Events of Default.

Section 8.05 Conditions to Legal or Covenant Defeasance.

     The following shall be the conditions to the application of either Section 8.03 or 8.04 hereof
to the outstanding Securities of any series. In order to exercise either Legal Defeasance or
Covenant Defeasance:

     (a) the Company must irrevocably deposit with the Trustee, in trust, for the benefit of the
Holders, cash in United States dollars, non-callable U.S. Government Obligations, or a combination
thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized firm of
independent public accountants, to pay the principal of, premium and interest on the outstanding
Securities on the stated date for payment thereof or on the applicable redemption date, as the case
may be;

     (b) in the case of an election under Section 8.03 hereof, the Company shall have delivered to
the Trustee an Opinion of Counsel in the United States reasonably acceptable to the Trustee
confirming that (A) the Company has received from, or there has been published by, the Internal
Revenue Service a ruling or (B) since the date hereof, there has been a change in the applicable
federal income tax law, in either case to the effect that, and based thereon such Opinion of
Counsel shall confirm that, the Holders of the outstanding Securities will not recognize income,
gain or loss for federal income tax purposes as a result of such Legal Defeasance and will be
subject to federal income tax on the same amounts, in the same manner and at the same times as
would have been the case if such Legal Defeasance had not occurred;

     (c) in the case of an election under Section 8.04 hereof, the Company shall have delivered to
the Trustee an Opinion of Counsel in the United States reasonably acceptable to the Trustee
confirming that the Holders of the outstanding Securities will not recognize income, gain or loss
for federal income tax purposes as a result of such Covenant Defeasance and will be subject to
federal income tax on the same amounts, in the same manner and at the same times as would have been
the case if such Covenant Defeasance had not occurred;

     (d) no Default or Event of Default shall have occurred and be continuing on the date of such
deposit (other than a Default or Event of Default resulting from the incurrence of Indebtedness all
or a portion of the proceeds of which will be used to defease the Securities pursuant to this
Article Eight concurrently with such incurrence) or insofar as Sections 6.01(4) or

33

 

6.01(5) hereof is concerned, at any time in the period ending on the 91st day after the date
of deposit;

     (e) such Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of,
or constitute a default under, any material agreement or instrument (other than this Indenture) to
which the Company or any of its Subsidiaries is a party or by which the Company or any of its
Subsidiaries is bound;

     (f) the Company shall have delivered to the Trustee an Officers’ Certificate stating that the
deposit was not made by the Company with the intent of preferring the Holders over any other
creditors of the Company or with the intent of defeating, hindering, delaying or defrauding any
other creditors of the Company; and

     (g) the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of
Counsel, each stating that all conditions precedent provided for or relating to the Legal
Defeasance or the Covenant Defeasance have been complied with.

Section 8.06 Deposited Money and Government Securities to be Held in Trust; Other
Miscellaneous Provisions.

     Subject to Section 8.07 hereof, all money and non-callable U.S. Government Obligations
(including the proceeds thereof) deposited with the Trustee (or other qualifying trustee,
collectively for purposes of this Section 8.06, the “Trustee”) pursuant to Section 8.01 or Section
8.05 hereof in respect of the outstanding Securities shall be held in trust and applied by the
Trustee, in accordance with the provisions of such Securities and this Indenture, to the payment,
either directly or through any Paying Agent (including the Company acting as Paying Agent) as the
Trustee may determine, to the Holders of such Securities of all sums due and to become due thereon
in respect of principal, premium, if any, and interest, but such money need not be segregated from
other funds except to the extent required by law.

     The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed
on or assessed against the cash or non-callable U.S. Government Obligations deposited pursuant to
Section 8.05 hereof or the principal and interest received in respect thereof other than any such
tax, fee or other charge which by law is for the account of the Holders of the outstanding
Securities.

     Anything in this Article Eight to the contrary notwithstanding, the Trustee shall deliver or
pay to the Company from time to time upon the request of the Company any money or non-callable U.S.
Government Obligations held by it as provided in Section 8.05 hereof which, in the opinion of a
nationally recognized firm of independent public accountants expressed in a written certification
thereof delivered to the Trustee (which may be the opinion delivered under Section 8.05(a) hereof),
are in excess of the amount thereof that would then be required to be deposited to effect an
equivalent Legal Defeasance or Covenant Defeasance.

Section 8.07 Repayment to Company.

     Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in
trust for the payment of the principal of, premium, if any, or interest on any

34

 

Securities and remaining unclaimed for two years after such principal, and premium, if any, or
interest has become due and payable shall be paid to the Company on its request or (if then held by
the Company) shall be discharged from such trust; and the Holder of such Securities shall
thereafter look only to the Company for payment thereof, and all liability of the Trustee or such
Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof,
shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being
required to make any such repayment, may at the expense of the Company cause to be published once,
in the New York Times and The Wall Street Journal (national edition), notice that such money
remains unclaimed and that, after a date specified therein, which shall not be less than 30 days
from the date of such notification or publication, any unclaimed balance of such money then
remaining will be repaid to the Company.

Section 8.08 Reinstatement.

     If the Trustee or Paying Agent is unable to apply any United States dollars or non-callable
U.S. Government Securities in accordance with Section 8.03 or 8.04 hereof, as the case may be, by
reason of any order or judgment of any court or governmental authority enjoining, restraining or
otherwise prohibiting such application, then the Company’s obligations under this Indenture and the
Securities shall be revived and reinstated as though no deposit had occurred pursuant to Section
8.03 or 8.04 hereof until such time as the Trustee or Paying Agent is permitted to apply all such
money in accordance with Section 8.03 or 8.04 hereof, as the case may be; provided, however, that,
if the Company makes any payment of principal of, premium, if any, or interest on any Securities
following 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 money held by the Trustee or Paying
Agent.

ARTICLE 9

SUPPLEMENTS, AMENDMENTS AND WAIVERS

Section 9.01 Without Consent of Holders.

     The Company and the Trustee as to any series of Securities may supplement or amend this
Indenture or the Securities without notice to or the consent of any Securityholder:

               (1) to cure any ambiguity, defect or inconsistency;

               (2) to comply with Article 5;

               (3) to comply with any requirements of the Commission in connection with the
qualification of this Indenture under the TIA;

               (4) to provide for uncertificated Securities in addition to or in place of
certificated Securities;

               (5) to add to, change or eliminate any of the provisions of this Indenture in respect
of one or more series of Securities, provided, however, that any such addition, change or
elimination (A) shall neither (i) apply to any Security of any series created prior to the
execution of such supplemental indenture and entitled to the benefit

35

 

of such provision nor (ii) modify the rights of the Holder of any such Security with
respect to such provision or (B) shall become effective only when there is no outstanding
Security of any series created prior to the execution of such supplemental indenture and
entitled to the benefit of such provision;

               (6) to make any change that does not adversely affect in any material respect the
interests of the Securityholders of any series; or

               (7) to establish additional series of Securities as permitted by Section 2.01 hereof.

Section 9.02 With Consent of Holders.

     Subject to Section 6.07, the Company and the Trustee as to any series of Securities may amend
this Indenture or the Securities of that series with the written consent of the Holders of a
majority in principal amount of the then outstanding Securities of each series affected by the
amendment, with each such series voting as a separate class. The Holders of a majority in
principal amount of the then outstanding Securities of any series may also waive compliance in a
particular instance by the Company with any provision of this Indenture with respect to that series
or the Securities of that series; provided, however, that without the consent of each
Securityholder affected, an amendment or waiver may not:

               (1) reduce the percentage of the principal amount of Securities whose Holders must
consent to an amendment or waiver;

               (2) reduce the amount of, or postpone the date fixed for, the payment of any sinking
fund or analogous provision;

               (3) reduce the rate of, or change the time for payment of interest on, any Security;

               (4) reduce the principal of or change the fixed Maturity of any Security or waive a
redemption payment or alter the redemption provisions with respect thereto;

               (5) make any Security payable in money other than that stated in the Security
(including defaulted interest);

               (6) reduce the principal amount of Original Issue Discount Securities payable upon
acceleration of the Maturity thereof;

               (7) make any change in Section 6.04, 6.07 or this Section 9.02; or

               (8) waive a default in the payment of the principal of, or interest on, any Security,
except to the extent otherwise provided for in Section 6.02 hereof.

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     An amendment or waiver under this Section that waives, changes or eliminates any covenant or
other provision of this Indenture that has expressly been included solely for the benefit of one or
more particular series of Securities, or that modifies the rights of the Holders of Securities of
such series with respect to such covenant or other provision, shall be deemed not to affect the
rights under this Indenture of the Holders of Securities of any other series.

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

     The Company shall 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 9.03 Revocation and Effect of Consents.

     Until an amendment or waiver becomes effective, a consent to it by a Holder of a Security 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 consenting Holder’s Security, even if notation of the consent
is not made on any Security; provided, however, any such Holder or subsequent Holder may revoke the
consent as to his Security or portion of a Security if the Trustee receives the written notice of
revocation before the date on which the amendment, supplement or waiver becomes effective. An
amendment, supplement or waiver shall become effective in accordance with its terms and thereafter
shall bind every Holder of Securities of that series.

Section 9.04 Notation on or Exchange of Securities.

     If an amendment, supplement or waiver changes the terms of a Security: (a) the Trustee may
require the Holder of the Security to deliver it to the Trustee, the Trustee may, at the written
direction of the Company and at the Company’s expense, 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 thereafter authenticated; or (b) 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 that reflects the changed terms.

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

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Section 9.05 Trustee to Sign Amendments, etc.

     Subject to the preceding sentence, the Trustee shall sign any amendment or supplemental
Indenture if the same does not adversely affect the rights, duties, liabilities or immunities of
the Trustee. The Trustee may, but shall not be obligated to, execute any such amendment,
supplement or waiver that affects the Trustee’s own rights, duties, liabilities or immunities under
this Indenture or otherwise. The Company may not sign an amendment or supplemental Indenture until
the Board of Directors approves it. In executing any amended or supplemental Indenture, the
Trustee shall be entitled to receive and (subject to Section 7.01) shall be fully protected in
relying upon, in addition to the documents required by Section 11.04 hereof, an Officer’s
Certificate and an Opinion of Counsel stating that the execution of such amended or supplemental
Indenture is authorized or permitted by this Indenture.

ARTICLE 10

GUARANTEES

Section 10.01 Guarantee.

     Any series of Securities may be guaranteed by one or more of the Guarantors. The terms and
the form of any such Guarantee will be established in the manner contemplated by Section 2.01 for
that particular series of Securities.

ARTICLE 11

MISCELLANEOUS

Section 11.01 Indenture Subject to Trust Indenture Act.

     This Indenture is subject to the provisions of the TIA that are required to be part of this
Indenture, and shall, to the extent applicable, be governed by such provisions.

Section 11.02 Notices.

     Any notice or communication is duly given if in writing and delivered in person or sent by
first-class mail (registered or certified, return receipt requested), telecopier or overnight air
courier guaranteeing next-day delivery, addressed as follows:

If to the Company and/or any Guarantor:

PRA International

12120 Sunset Hills Road, Suite 600

Reston, Virginia 20190

Attention: Spiro Fotopoulos

Telephone: (703) 464-6300

Facsimile: (703) 464-6301

with a copy to:

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Latham & Watkins LLP

555 Eleventh Street, N.W., Suite 1000

Washington, D.C. 20004

Attention: Joel H. Trotter

Telephone: (202) 637-2200

Facsimile: (202) 637-2201

If to the Trustee:

Attention:

Telephone:

Facsimile:

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

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

     Any notice or communication to a Securityholder shall be mailed by first-class mail, certified
or registered, return receipt requested, or by overnight air courier guaranteeing next day delivery
to his address shown on the register kept by the Registrar. Failure to mail a notice or
communication to a Security holder or any defect in it shall not affect its sufficiency with
respect to other Securityholders. If the Company mails a notice or communication to
Securityholders, it shall mail a copy to the Trustee at the same time. Any notice or communication
shall also be mailed to any Person described in TIA §313(c), to the extent required by the TIA.

     If a notice or communication is mailed in the manner provided above within the time
prescribed, it is duly given, whether or not the addressee receives it.

Section 11.03 Communication By Holders With Other Holders.

     Holders may communicate pursuant to TIA Section 312(b) with other Holders with respect to
their rights under this Indenture or the Securities. The Company, the Trustee, the Registrar and
anyone else shall have the protection of TIA Section 312(c).

Section 11.04 Certificate and Opinion as to Conditions Precedent.

     Upon any request or application by the Company to the Trustee to take any action under this
Indenture, the Company shall furnish to the Trustee:

          (a) an Officers’ Certificate, in form and substance reasonably satisfactory to the Trustee
(which shall include the statements set forth in

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Section 11.05 hereof) stating that, in the opinion
of the signers, all conditions precedent and covenants, if any, provided for in this Indenture
relating to the proposed action have been complied with; and

          (b) an Opinion of Counsel, in form and substance reasonably satisfactory to the Trustee (which
shall include the statements set forth in Section 11.05 hereof) stating that, in the opinion of
such counsel, such action is authorized or permitted by this Indenture and that all such conditions
precedent have been complied with.

Section 11.05 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 provided pursuant to TIA §314(a)(4) shall
include:

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

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

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

               (4) a statement as to whether or not, in the opinion of 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 officer’s certificate or certificates of public
officials.

Section 11.06 Rules by Trustee and Agents.

     The Trustee as to Securities of any series may make reasonable rules for action by or at a
meeting of Holders of Securities of that series. The Registrar and any Paying Agent or
Authenticating Agent may make reasonable rules and set reasonable requirements for their functions.

Section 11.07 Legal Holidays.

     A “Legal Holiday” is a Saturday, a Sunday or a day on which banking institutions in
the City of New York, New York or at a place of payment are authorized by law, regulation or
executive order to remain closed. If a payment date is a Legal Holiday at a place of payment,
payment may be made at that place on the next succeeding day that is not a Legal Holiday, and no
interest shall accrue for the intervening period.

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Section 11.08 No Recourse Against Others.

     No past, present or future director, officer, employee, manager, securityholder or
incorporator, as such, of the Company or any successor Person shall have any liability for any
obligations of the Company or any Guarantor under any series of Securities, any guarantees thereof,
or the Indenture or for any claim based on, in respect of, or by reason of such obligations or
their creation. Each Securityholder by accepting a Security waives and releases all such
liability. The waiver and release are part of the consideration of issuance of the Securities.

Section 11.09 Counterparts.

     This Indenture may be executed by the parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken together shall constitute
one and the same agreement.

Section 11.10 Governing Law.

     The internal laws of the State of New York shall govern and be used to construe this Indenture
and the Securities (including any guarantees thereof), without giving effect to the applicable
principles of conflicts of laws to the extent that the application of the laws of another
jurisdiction would be required thereby.

Section 11.11 Submission to Jurisdiction; Service of Process; Waiver of Jury Trial

     Each party hereto hereby submits to the nonexclusive jurisdiction of the United States
District Court for the Southern District of New York and of any New York State Court sitting in New
York City for purposes of all legal proceedings arising out of or relating to this Indenture, the
Securities (including any guarantee thereof) or the transactions contemplated hereby and thereby.
Each party hereto irrevocably waives, to the fullest extent permitted by law, any objection which
it may now or hereafter have to the laying of the venue of any such proceeding brought in such a
court and any claim that any such proceeding brought in such a court has been brought in an
inconvenient forum. Process in any such suit, action or proceeding may be served on any party
anywhere in the world, whether within or without the State of New York. Without limiting the
foregoing, the parties agree that service of process upon such party at the address referred to in
Section 11.02, together with written notice of such service to such party, shall be deemed
effective service of process upon such party. Each of the parties hereto irrevocably waives any
and all rights to trial by jury in any legal proceeding arising out of or relating to this
Indenture, the Securities (including any guarantee thereof) or the transactions contemplated hereby
and thereby.

Section 11.12 Severability.

     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.

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Section 11.13 Effect of Headings, Table of Contents, etc.

     The Article and Section headings herein and the table of contents are for convenience only and
shall not affect the construction hereof.

Section 11.14 Successors and Assigns.

     All covenants and agreements of the Company in this Indenture and the Securities shall bind
its successors and assigns. All agreements of the Trustee in this Indenture shall bind its
successor. All agreements of any Guarantor in this Indenture shall bind its successors, except as
otherwise provided by the terms hereof.

Section 11.15 No Interpretation of Other Agreements.

     This Indenture may not be used to interpret another indenture, loan or debt agreement of the
Company or any Subsidiary or of any Person. Any such indenture, loan or debt agreement may not be
used to interpret this Indenture.

[Signature Page Follows]

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

	 	 	 	 	 
	 	Issuer:

PRA INTERNATIONAL

 	 
	 	By:  	 	 
	 	 	Name:  	Patrick K. Donnelly	 
	 	 	Title:  	President and Chief Executive Officer 	 

 

 

	 	 	 	 	 

	 	 	Guarantors:

 

 

Trustee:

 

 

     Schedule 1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00098-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00098-of-00352.parquet"}]]