Document:

exv4w1

Exhibit 4.1

PARKER DRILLING COMPANY

AND

THE GUARANTORS FROM TIME

TO TIME PARTIES HERETO

$300,000,000

91/8% SENIOR NOTES DUE 2018

 

INDENTURE

Dated as of March 22, 2010

 

 

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

as Trustee

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE
	 	 	1	 
	 
	 	 	 	 
	Section 1.01. Definitions
	 	 	1	 
	Section 1.02. Other Definitions
	 	 	19	 
	Section 1.03. One Class of Securities
	 	 	19	 
	Section 1.04. Trust Indenture Act
	 	 	19	 
	Section 1.05. Rules of Construction
	 	 	20	 
	 
	 	 	 	 
	ARTICLE II THE NOTES
	 	 	20	 
	 
	 	 	 	 
	Section 2.01. Issuance of Additional Notes
	 	 	20	 
	Section 2.02. Payments by Company by Wire Transfer
	 	 	21	 
	Section 2.03. Form and Dating
	 	 	21	 
	Section 2.04. Execution and Authentication
	 	 	21	 
	Section 2.05. Registrar and Paying Agent
	 	 	22	 
	Section 2.06. Paying Agent to Hold Money in Trust
	 	 	22	 
	Section 2.07. Holder Lists
	 	 	23	 
	Section 2.08. Transfer and Exchange
	 	 	23	 
	Section 2.09. Replacement Notes
	 	 	36	 
	Section 2.10. Outstanding Notes
	 	 	37	 
	Section 2.11. Treasury Notes
	 	 	37	 
	Section 2.12. Temporary Notes
	 	 	37	 
	Section 2.13. Cancellation
	 	 	37	 
	Section 2.14. Defaulted Interest
	 	 	38	 
	Section 2.15. CUSIP Numbers
	 	 	38	 
	 
	 	 	 	 
	ARTICLE III REDEMPTION AND PREPAYMENT
	 	 	38	 
	 
	 	 	 	 
	Section 3.01. Notices to Trustee
	 	 	38	 
	Section 3.02. Selection of Notes to Be Redeemed
	 	 	38	 
	Section 3.03. Notice of Redemption
	 	 	39	 
	Section 3.04. Effect of Notice of Redemption
	 	 	40	 
	Section 3.05. Deposit of Redemption Price
	 	 	40	 
	Section 3.06. Notes Redeemed in Part
	 	 	40	 
	Section 3.07. Optional Redemption
	 	 	40	 
	Section 3.08. Mandatory Redemption
	 	 	41	 
	Section 3.09. Offer to Purchase by Application of Excess Proceeds
	 	 	41	 
	 
	 	 	 	 
	ARTICLE IV COVENANTS
	 	 	43	 
	 
	 	 	 	 
	Section 4.01. Payment of Notes
	 	 	43	 
	Section 4.02. Maintenance of Office or Agency
	 	 	43	 
	Section 4.03. Reports
	 	 	44	 
	Section 4.04. Compliance Certificate
	 	 	45	 
	Section 4.05. Taxes
	 	 	45	 
	Section 4.06. Stay, Extension and Usury Laws
	 	 	45	 
	Section 4.07. Restricted Payments
	 	 	46	 

-i-

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 
	 	 	Page	 
	 
	 	 	 	 
	Section 4.08. Dividend and Other Payment Restrictions Affecting Subsidiaries
	 	 	48	 
	Section 4.09. Incurrence of Indebtedness and Issuance of Preferred Stock
	 	 	49	 
	Section 4.10. Asset Sales
	 	 	52	 
	Section 4.11. Transactions with Affiliates
	 	 	53	 
	Section 4.12. Liens
	 	 	54	 
	Section 4.13. Line of Business
	 	 	54	 
	Section 4.14. Corporate Existence
	 	 	54	 
	Section 4.15. Offer to Repurchase Upon Change of Control
	 	 	55	 
	Section 4.16. Limitation on Sale and Leaseback Transactions
	 	 	56	 
	Section 4.17. Payments for Consent
	 	 	56	 
	Section 4.18. Subsidiary Guarantees of Certain Indebtedness
	 	 	57	 
	 
	 	 	 	 
	ARTICLE V SUCCESSORS
	 	 	57	 
	 
	 	 	 	 
	Section 5.01. Merger, Consolidation, or Sale of Assets
	 	 	57	 
	Section 5.02. Successor Corporation Substituted
	 	 	58	 
	 
	 	 	 	 
	ARTICLE VI DEFAULTS AND REMEDIES
	 	 	58	 
	 
	 	 	 	 
	Section 6.01. Events of Default
	 	 	58	 
	Section 6.02. Acceleration
	 	 	59	 
	Section 6.03. Other Remedies
	 	 	60	 
	Section 6.04. Waiver of Past Defaults
	 	 	60	 
	Section 6.05. Control by Majority
	 	 	60	 
	Section 6.06. Limitation on Suits
	 	 	60	 
	Section 6.07. Rights of Holders to Receive Payment
	 	 	61	 
	Section 6.08. Collection Suit by Trustee
	 	 	61	 
	Section 6.09. Trustee May File Proofs of Claim
	 	 	61	 
	Section 6.10. Priorities
	 	 	62	 
	Section 6.11. Undertaking for Costs
	 	 	62	 
	 
	 	 	 	 
	ARTICLE VII TRUSTEE
	 	 	62	 
	 
	 	 	 	 
	Section 7.01. Duties of Trustee
	 	 	62	 
	Section 7.02. Rights of Trustee
	 	 	63	 
	Section 7.03. Individual Rights of Trustee
	 	 	65	 
	Section 7.04. Trustee’s Disclaimer
	 	 	65	 
	Section 7.05. Notice of Defaults
	 	 	65	 
	Section 7.06. Reports by Trustee to Holders of the Notes
	 	 	65	 
	Section 7.07. Compensation and Indemnity
	 	 	65	 
	Section 7.08. Replacement of Trustee
	 	 	66	 
	Section 7.09. Successor Trustee by Merger, etc
	 	 	67	 
	Section 7.10. Eligibility; Disqualification
	 	 	67	 
	Section 7.11. Preferential Collection of Claims Against Company
	 	 	68	 

-ii-

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 
	 	 	Page	 
	 
	 	 	 	 
	ARTICLE VIII LEGAL DEFEASANCE AND COVENANT DEFEASANCE
	 	 	68	 
	 
	 	 	 	 
	Section 8.01. Option to Effect Legal Defeasance or Covenant Defeasance
	 	 	68	 
	Section 8.02. Legal Defeasance and Discharge
	 	 	68	 
	Section 8.03. Covenant Defeasance
	 	 	68	 
	Section 8.04. Conditions to Legal or Covenant Defeasance
	 	 	69	 
	Section 8.05. Deposited Money and Government Securities to be Held in Trust; Other
Miscellaneous Provisions
	 	 	70	 
	Section 8.06. Repayment to Company
	 	 	71	 
	Section 8.07. Reinstatement
	 	 	71	 
	 
	 	 	 	 
	ARTICLE IX AMENDMENT, SUPPLEMENT AND WAIVER
	 	 	71	 
	 
	 	 	 	 
	Section 9.01. Without Consent of Holders
	 	 	71	 
	Section 9.02. With Consent of Holders
	 	 	72	 
	Section 9.03. Compliance with Trust Indenture Act
	 	 	74	 
	Section 9.04. Revocation and Effect of Consents
	 	 	74	 
	Section 9.05. Notation on or Exchange of Notes
	 	 	74	 
	Section 9.06. Trustee to Sign Amendments, etc
	 	 	74	 
	 
	 	 	 	 
	ARTICLE X SATISFACTION AND DISCHARGE
	 	 	74	 
	 
	 	 	 	 
	Section 10.01. Satisfaction and Discharge
	 	 	74	 
	Section 10.02. Deposited Cash and Government Securities
	 	 	75	 
	Section 10.03. Repayment to Company
	 	 	75	 
	Section 10.04. Reinstatement
	 	 	76	 
	 
	 	 	 	 
	ARTICLE XI SUBSIDIARY GUARANTEES
	 	 	76	 
	 
	 	 	 	 
	Section 11.01. Guarantee
	 	 	76	 
	Section 11.02. Subordination on Guarantor Liability
	 	 	77	 
	Section 11.03. Guarantors May Consolidate, etc., on Certain Terms
	 	 	77	 
	Section 11.04. Releases of Subsidiary Guarantee
	 	 	78	 
	Section 11.05. Additional Subsidiary Guarantees
	 	 	79	 
	 
	 	 	 	 
	ARTICLE XII MISCELLANEOUS
	 	 	79	 
	 
	 	 	 	 
	Section 12.01. Trust Indenture Act Controls
	 	 	79	 
	Section 12.02. Notices
	 	 	80	 
	Section 12.03. Communication by Holders with Other Holders
	 	 	80	 
	Section 12.04. Certificate and Opinion as to Conditions Precedent
	 	 	81	 
	Section 12.05. Statements Required in Certificate or Opinion
	 	 	81	 
	Section 12.06. Rules by Trustee and Agents
	 	 	81	 
	Section 12.07. No Personal Liability of Directors, Officers, Employees and
Stockholders
	 	 	81	 
	Section 12.08. Governing Law
	 	 	81	 
	Section 12.09. No Adverse Interpretation of Other Agreements
	 	 	82	 
	Section 12.10. Successors
	 	 	82	 

-iii-

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 
	 	 	Page	 
	Section 12.11. Severability
	 	 	82	 
	Section 12.12. Counterpart Originals
	 	 	82	 
	Section 12.13. Table of Contents, Headings, etc
	 	 	82	 
	Section 12.14. Force Majeure
	 	 	82	 
	Section 12.15. Waiver of Jury Trial
	 	 	82	 
	Section 12.16. U.S.A. Patriot Act
	 	 	82	 

-iv-

 

CROSS-REFERENCE TABLE*

	 	 	 	 	 
	Trust Indenture	 	 	 
	Act Section	 	Indenture Section	 
	310(a)(1)
	 	 	7.10	 
	  (a)(2)
	 	 	7.10	 
	  (a)(3)
	 	 	N.A.	 
	  (a)(4)
	 	 	N.A.	 
	  (a)(5)
	 	 	7.10	 
	  (b)
	 	 	7.10	 
	  (c)
	 	 	N.A.	 
	311(a)
	 	 	7.11	 
	  (b)
	 	 	7.11	 
	  (c)
	 	 	N.A.	 
	312(a)
	 	 	2.07	 
	  (b)
	 	 	12.03	 
	  (c)
	 	 	12.03	 
	313(a)
	 	 	7.06	 
	  (b)(1)
	 	 	12.03	 
	  (b)(2)
	 	 	7.06, 7.07	 
	  (c)
	 	 	7.06, 12.02	 
	  (d)
	 	 	7.06	 
	314(a)
	 	 	4.03, 12.05	 
	  (b)
	 	 	N.A.	 
	  (c)(1)
	 	 	12.04	 
	  (c)(2)
	 	 	12.04	 
	  (c)(3)
	 	 	N.A.	 
	  (d)
	 	 	N.A.	 
	  (e)
	 	 	12.05	 
	  (f)
	 	 	N.A.	 
	315(a)
	 	 	7.01	 
	  (b)
	 	 	7.05, 12.02	 
	  (c)
	 	 	7.01	 
	  (d)
	 	 	7.01	 
	  (e)
	 	 	6.11	 
	316(a) (last sentence)
	 	 	2.11	 
	  (a)(1)(A)
	 	 	6.05	 
	  (a)(1)(B)
	 	 	6.04	 
	  (a)(2)
	 	 	N.A.	 
	  (b)
	 	 	6.07	 
	  (c)
	 	 	2.14	 
	317(a)(1)
	 	 	6.08	 
	  (a)(2)
	 	 	6.09	 
	  (b)
	 	 	2.06	 
	318(a)
	 	 	12.01	 
	  (b)
	 	 	N.A.	 
	  (c)
	 	 	12.01	 

 

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

-v-

 

          INDENTURE, dated as of March 22, 2010, between Parker Drilling Company, a Delaware corporation
(the “Company”), the subsidiary guarantors from time to time parties hereto (collectively, the
“Guarantors”) and The Bank of New York Mellon Trust Company, N.A., a national banking association,
as trustee (the “Trustee”).

          The parties listed above agree as follows for the benefit of each other and for the equal and
ratable benefit of the Holders of the 91/8% Senior Notes due 2018 (the “Initial Notes”) and the 91/8%
Senior Notes due 2018 if and when issued in the Exchange Offer (the “New Notes” and, together with
the Initial Notes, the “Notes”).

ARTICLE I

DEFINITIONS AND INCORPORATION BY REFERENCE

          Section 1.01. Definitions.

          “144A Global Note” means one or more global notes in the form of Exhibit A hereto bearing the
Global Note Legend and the Private Placement Legend and deposited with or on behalf of, and
registered in the name of, the Depositary or its nominee that will represent the aggregate
principal amount of the Notes sold in reliance on Rule 144A.

          “Acquired Debt” means, with respect to any specified Person, (i) Indebtedness of any other
Person existing at the time such other Person is merged with or into or becomes a Restricted
Subsidiary of such specified Person, whether or not such Indebtedness is incurred in connection
with, or in contemplation of, such other Person merging with or into or becoming a Restricted
Subsidiary of such specified Person, and (ii) Indebtedness secured by a Lien encumbering any asset
acquired by such specified Person.

          “Additional Interest” means all additional interest then owing pursuant to Section 5 of the
Registration Rights Agreement.

          “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, means 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 that beneficial ownership of 10% or more of the Voting Stock of a Person shall be
deemed to be control. For purposes of this definition, the terms “controlling,” “controlled by”
and “under common control with” have correlative meanings.

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

          “Applicable Procedures” means, with respect to any transfer or exchange of or for beneficial
interests in any Global Note, the rules and procedures of the Depositary, Euroclear and Clearstream
that apply to such transfer or exchange.

          “Asset Sale” means (i) the sale, lease, conveyance or other disposition of any assets or
rights including by means of a merger, consolidation or similar transaction; provided that
the sale, conveyance or other disposition of all or substantially all of the assets of the

 

 

Company and its Restricted Subsidiaries taken as a whole will be governed by Section 4.15
and/or Section 5.01 hereof and not by Section 4.10 hereof, and (ii) the issuance of Equity
Interests in any of the Company’s Restricted Subsidiaries or the sale of Equity Interests in any of
its Subsidiaries (other than directors’ qualifying shares). Notwithstanding the preceding, the
following items shall not be deemed to be Asset Sales: (i) any single transaction or series of
related transactions that involves assets having a fair market value of less than $5.0 million,
(ii) a transfer of assets between or among the Company and its Restricted Subsidiaries, (iii) an
issuance of Equity Interests by a Restricted Subsidiary to the Company or to another Restricted
Subsidiary, (iv) the sale or lease of equipment, inventory, accounts receivable, services or other
assets in the ordinary course of business or the sale of inventory to any joint venture, in which
the Company owns directly or indirectly at least 50% of the Equity Interests, for resale by such
joint venture to its customers in the ordinary course of business of its business, (v) the sale or
other disposition of cash or Cash Equivalents, (vi) a Restricted Payment or Permitted Investment
that is permitted by Section 4.07 hereof, (vii) dispositions in connection with Permitted Liens,
(viii) the sale of a rig built by the Company or any of its Restricted Subsidiaries for the purpose
of sale to a customer where the sale proceeds are recorded in the Company’s consolidated financial
statements as operating income in accordance with generally accepted accounting principles in the
United States, (ix) sales of damaged, worn-out or obsolete equipment or assets that, in the
Company’s reasonable judgment, are either (A) no longer used or (B) no longer useful in the
business of the Company or its Restricted Subsidiaries, (x) any trade or exchange by the Company or
any Restricted Subsidiary of one or more drilling rigs for one or more other drilling rigs owned or
held by another Person, provided that (A) the fair market value of the drilling rig or rigs
traded or exchanged by the Company or such Restricted Subsidiary (including any cash or Cash
Equivalents to be delivered by the Company or such Restricted Subsidiary) is reasonably equivalent
to the fair market value of the drilling rig or rigs (together with any cash or Cash Equivalents)
to be received by the Company or such Restricted Subsidiary, in each case as determined as provided
in the final paragraph of Section 4.07 hereof and (B) such exchange is approved by a majority of
the disinterested members of the Board of Directors of the Company and (xi) any transfer by the
Company or any Restricted Subsidiary to its customers of drill pipe, tools and associated drilling
equipment utilized in connection with a drilling contract for the employment of a drilling rig in
the ordinary course of business and consistent with past practice.

          “Attributable Debt” in respect of a sale and leaseback transaction means, at the time of
determination, the present value of the obligation of the lessee for net rental payments during the
remaining term of the lease included in such sale and leaseback transaction (including any period
for which such lease has been extended or may, at the option of the lessor, be extended). Such
present value shall be calculated using a discount rate equal to the rate of interest implicit in
such transaction, determined in accordance with GAAP.

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

          “Beneficial Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under
the Exchange Act, except that in calculating the beneficial ownership of any particular “person”
(as that term is used in Sections 13(d) and 14(d) of the Exchange Act), such “person” will be
deemed to have beneficial ownership of all securities that such “person” has the right to acquire
by conversion or exercise of other securities, whether such right is currently

-2-

 

exercisable or is exercisable only upon the occurrence of a subsequent condition. The terms
“Beneficially Owns” and “Beneficially Owned” have correlative meanings.

          “Board of Directors” means (i) with respect to a corporation, the board of directors of the
corporation, (ii) with respect to a partnership, the Board of Directors of the general partner of
the partnership, and (iii) with respect to any other Person, the board or committee of such Person
serving a similar function.

          “Broker-Dealer” has the meaning set forth in the Registration Rights Agreement.

          “Business Day” means each day that is not a Saturday, Sunday or other day on which banking
institutions in New York, New York are authorized or required by law to close.

          “Capital Lease Obligation” means, at the time any determination is to be made, the amount of
the liability in respect of a capital lease that would at that time be required to be capitalized
on a balance sheet in accordance with GAAP.

          “Capital Stock” means (i) in the case of a corporation, corporate stock, (ii) in the case of
an association or business entity, any and all shares, interests, participations, rights or other
equivalents (however designated) of corporate stock, (iii) in the case of a partnership or limited
liability company, partnership or membership interests (whether general or limited) and (iv) any
other interest or participation that confers on a Person the right to receive a share of the
profits and losses of, or distributions of assets of, the issuing Person.

          “Cash Equivalents” means (i) United States dollars, (ii) securities issued or directly and
fully guaranteed or insured by the United States government or any agency or instrumentality of the
United States government (provided that the full faith and credit of the United States is
pledged in support of those securities) having maturities of not more than one year from the date
of acquisition, (iii) certificates of deposit and eurodollar time deposits with maturities of six
months or less from the date of acquisition, bankers’ acceptances with maturities not exceeding six
months and overnight bank deposits, in each case, with any lender party to the Credit Agreement (or
any affiliate of such lender party meeting such requirements) or with any commercial bank organized
under the laws of any country that is a member of the Organization for Economic Cooperation and
Development (or any affiliate of such commercial bank meeting such requirements), having capital
and surplus in excess of $500.0 million and a Thomson Bank Watch Rating of “B” or better; (iv)
repurchase obligations with a term of not more than seven days for underlying securities of the
types described in clauses (ii) and (iii) above entered into with any financial institution meeting
the qualifications specified in clause (iii) above, (v) commercial paper having the highest rating
obtainable from Moody’s Investors Service, Inc. or Standard & Poor’s Rating Services and in each
case maturing within 270 days after the date of acquisition and (vi) money market funds at least
95% of the assets of which constitute Cash Equivalents of the kinds described in clauses (i)
through (v) of this definition.

          “Change of Control” means the occurrence of any of the following: (i) the direct or indirect
sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in
one or a series of related transactions, of all or substantially all of the assets of

-3-

 

the Company and its Restricted Subsidiaries taken as a whole to any “person” (as such term is
used in Sections 13(d) and 14(d) of the Exchange Act), (ii) the adoption of a plan by the
stockholders of the Company relating to the liquidation or dissolution of the Company, (iii) the
consummation of any transaction (including, without limitation, any merger or consolidation) the
result of which is that any “person” (as that term is used in Sections 13(d) and 14(d) under the
Exchange Act), becomes the Beneficial Owner, directly or indirectly, of more than 50% of the voting
power of the Voting Stock of the Company, or (iv) the first day on which a majority of the members
of the Board of Directors of the Company are not Continuing Directors.

          “Clearstream” means Clearstream Banking S.A.

          “Company” means Parker Drilling Company and any and all successors thereto.

          “Consolidated Cash Flow” means, with respect to any specified Person for any period, the
Consolidated Net Income of such Person for such period plus (i) an amount equal to any
extraordinary loss plus any net loss realized by such Person or any of its Subsidiaries in
connection with an Asset Sale, to the extent such losses were deducted in computing such
Consolidated Net Income; plus (ii) provision for taxes based on income or profits of such Person
and its Restricted Subsidiaries for such period, to the extent that such provision for taxes was
deducted in computing such Consolidated Net Income; plus (iii) consolidated interest expense of
such Person and its Restricted Subsidiaries for such period, whether paid or accrued and whether or
not capitalized (including, without limitation, amortization of debt issuance costs and original
issue discount, non-cash interest payments, the interest component of any deferred payment
obligations, the interest component of all payments associated with Capital Lease Obligations,
imputed interest with respect to Attributable Debt, commissions, discounts and other fees and
charges incurred in respect of letter of credit or bankers’ acceptance financings), and net of the
effect of all payments made or received pursuant to Hedging Obligations incurred with respect to
Indebtedness, to the extent that any such expense was deducted in computing such Consolidated Net
Income; plus (iv) depreciation, amortization (including amortization of intangibles but excluding
amortization of prepaid cash expenses that were paid in a prior period) and other non-cash expenses
(including impairment charges recorded in connection with the application of Accounting Standard
Codification Topic 350, “Intangibles—Goodwill and Other” (formerly Financial Accounting Standard
No. 142 “Goodwill and Other Intangibles”) but excluding any such non-cash expense to the extent
that it represents an accrual of or reserve for cash expenses in any future period or amortization
of a prepaid cash expense that was paid in a prior period) of such Person and its Subsidiaries for
such period to the extent that such depreciation, amortization and other non-cash expenses were
deducted in computing such Consolidated Net Income; plus (v) all extraordinary, unusual or
non-recurring items of loss or expense; minus (vi) all extraordinary, unusual or non-recurring
items of gain or revenue; minus (vii) non-cash items increasing such Consolidated Net Income for
such period, other than the accrual of revenue in the ordinary course of business, in each case, on
a consolidated basis and determined in accordance with GAAP. Notwithstanding the foregoing, amounts
in clauses (i), (ii), (iv), (v) and (vi) relating to any Restricted Subsidiary that is not a
Guarantor will be added to Consolidated Net Income to compute Consolidated Cash Flow only to the
extent (and in the same proportion) that the Net Income of such Restricted Subsidiary was included
in calculating Consolidated Net Income and only if a corresponding amount would be permitted at the
date of determination to be paid as a dividend to the Company by such Restricted Subsidiary without
any prior governmental

-4-

 

approval (that has not been obtained) and by operation of the terms of its charter and all
agreements, instruments, judgments, decrees, orders, statutes, rules and governmental regulations
applicable to such Restricted Subsidiary or its stockholders.

          “Consolidated Net Income” means, with respect to any specified Person for any period, the
aggregate of the Net Income of such Person and its Restricted Subsidiaries for such period, on a
consolidated basis determined in accordance with GAAP; provided that (i) the Net Income
(but not loss) of any Person that is not a Restricted Subsidiary or that is accounted for by the
equity method of accounting shall be included only to the extent of the amount of dividends or
distributions paid in cash to the specified Person or a Restricted Subsidiary thereof, (ii) the Net
Income of any Restricted Subsidiary that is not a Guarantor will be excluded to the extent that the
declaration or payment of dividends or similar distributions by that Restricted Subsidiary of that
Net Income is not at the date of determination permitted without any prior governmental approval
(that has not been obtained) or, directly or indirectly, by operation of the terms of its charter
or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation
applicable to that Restricted Subsidiary or its stockholders, and (iii) the cumulative effect of a
change in accounting principles will be excluded.

          “Continuing Directors” means, as of any date of determination, any member of the Board of
Directors of the Company who (i) was a member of such Board of Directors on the date Notes are
first issued under this Indenture or (ii) was nominated for election or elected to such Board of
Directors with the approval of a majority of the Continuing Directors who were members of the Board
of Directors at the time of such nomination or election.

          “Corporate Trust Office of the Trustee” shall be at the address of the Trustee specified in
Section 12.02 hereof or such other address as to which the Trustee may give notice in writing to
the Holders and the Company or the principal corporate trust office of any successor Trustee (or
such other address as such successor Trustee may designate from time to time by notice to the
Holders and the Company).

          “Credit Agreement” means that certain Credit Agreement, dated as of May 15, 2008, as amended,
by and among the Company, the several banks and other financial institutions or entities from time
to time parties thereto, Bank of America, N.A., as administrative agent and L/C issuer, Lehman
Commercial Paper Inc., as syndication agent, and ABN AMRO Bank N.V., as documentation agent,
providing for up to $50.0 million of term loan borrowings and $80.0 million of revolving credit
borrowings, including any related notes, guarantees, collateral documents, instruments and
agreements executed in connection therewith.

          “Credit Facilities” means, one or more debt facilities (including, without limitation, the
Credit Agreement) or commercial paper facilities, in each case with banks or other institutional
lenders providing for revolving credit loans, term loans, receivables financing (including through
the sale of receivables to such lenders or to special purpose entities formed to borrow from such
lenders against such receivables) or letters of credit, including any related notes, guarantees,
collateral documents, instruments and agreements executed in connection therewith, in each case, as
amended, restated, modified, renewed, refunded, replaced or refinanced in whole or in part from
time to time (and whether or not with the original lender or

-5-

 

lenders or another lender or lenders and whether provided under the original Credit Facility
or any other credit or other agreement or indenture).

          “Custodian” means the Trustee, as custodian with respect to the Notes in global form, or any
successor entity thereto.

          “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.

          “Definitive Note” means a certificated Note registered in the name of the Holder thereof and
issued in accordance with Section 2.08 hereof, in the form of Exhibit A hereto except that such
Note shall not bear the Global Note Legend and shall not have the “Schedule of Exchanges of
Interests in the Global Note” attached thereto.

          “Depositary” means, with respect to the Notes issuable or issued in whole or in part in global
form, The Depository Trust Company and any and all successors thereto appointed as depositary
hereunder and having become such pursuant to the applicable provision of this Indenture.

          “Disqualified Stock” means any Capital Stock that, by its terms (or by the terms of any
security into which it is convertible, or for which it is exchangeable, in each case at the option
of the holder of the Capital Stock), or upon the happening of any event, matures or is mandatorily
redeemable, pursuant to a sinking fund obligation or otherwise, or is redeemable at the option of
the holder of the Capital Stock, in whole or in part, on or prior to the date that is 91 days after
the date on which the Notes mature. Notwithstanding the preceding sentence, any Capital Stock that
would constitute Disqualified Stock solely because the holders of the Capital Stock have the right
to require the Company to repurchase such Capital Stock upon the occurrence of a Change of Control
or an Asset Sale shall not constitute Disqualified Stock if the terms of such Capital Stock provide
that the Company may not repurchase or redeem any such Capital Stock pursuant to such provisions
prior to compliance by the Company with the Change of Control Offer and Asset Sale Offer and unless
such repurchase or redemption complies with Section 4.07 hereof.

          “Domestic Subsidiary” means any Restricted Subsidiary of the Company that was formed under the
laws of the United States or any state of the United States or the District of Columbia.

          “Equity Interests” means Capital Stock and all warrants, options or other rights to acquire
Capital Stock (but excluding any debt security that is convertible into, or exchangeable for,
Capital Stock).

          “Equity Offering” means any public or private sale of Capital Stock (other than Disqualified
Stock) made for cash on a primary basis by the Company after the date Notes are first issued.

          “Euroclear” means Euroclear Bank S.A./N.V. (or its successor), as operator of the Euroclear
system.

-6-

 

          “Event of Default” has the meaning specified in Section 6.01.

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

          “Exchange Notes” means the Notes issued in the Exchange Offer pursuant to Section 2.08(f)
hereof.

          “Exchange Offer” has the meaning set forth for such term in the Registration Rights Agreement.

          “Exchange Offer Registration Statement” means the Registration Statement relating to the
Exchange Offer, including the related Prospectus.

          “Excluded Subsidiaries” means (i) any Foreign Subsidiary, (ii) any Domestic Subsidiary owned
by any Foreign Subsidiary, (iii) any Domestic Subsidiary that (a) has no material assets other than
Equity Interests of one or more other Excluded Subsidiaries or (b) substantially all of whose
revenues for the fiscal year most recently ended were generated (or, in the case of a newly-formed
or acquired Subsidiary, are intended by the Company to be generated in the current fiscal year)
from assets, including rigs and equipment, located outside of the United States (including located
outside the territorial waters of the United States) and/or contracts performed primarily outside
of the United States (including performed outside of the territorial waters of the United States);
and (iv) any Subsidiary that is an Immaterial Subsidiary.

          “Existing Indebtedness” means any Indebtedness of the Company and its Restricted Subsidiaries
(other than any other Permitted Debt) in existence on the date Notes are first issued, until such
amounts are repaid.

          “Fixed Charges” means, with respect to any specified Person for any period, the sum, without
duplication, of (i) the consolidated interest expense of such Person and its Restricted
Subsidiaries for such period, whether paid or accrued (including, without limitation, amortization
of debt issuance costs and original issue discount, non-cash interest payments, the interest
component of any deferred payment obligations, the interest component of all payments associated
with Capital Lease Obligations, imputed interest with respect to Attributable Debt, commissions,
discounts and other fees and charges incurred in respect of letter of credit or bankers’ acceptance
financings), and net of the effect of all payments made or received pursuant to Hedging Obligations
incurred with respect to Indebtedness; plus (ii) the consolidated interest of such Person and its
Restricted Subsidiaries that was capitalized during such period; plus (iii) any interest expense on
Indebtedness of another Person that is Guaranteed by such Person or one of its Restricted
Subsidiaries or secured by a Lien on assets of such Person or one of its Restricted Subsidiaries,
whether or not such Guarantee or Lien is called upon; plus (iv) the product of (a) all dividends,
whether paid or accrued and whether or not in cash, on any series of Disqualified Stock or
preferred stock of such Person or any of its Restricted Subsidiaries, other than dividends on
Equity Interests payable solely in Equity Interests of the Company (other than Disqualified Stock)
or to the Company or a Restricted Subsidiary of the Company, times (b) a fraction, the numerator of
which is one and the denominator of which is one minus the then current combined federal, state and
local statutory tax rate of such Person, expressed as a decimal, in each case, on a consolidated
basis and in accordance with GAAP.

-7-

 

          “Fixed Charge Coverage Ratio” means, with respect to any specified Person for any four-quarter
reference period, the ratio of the Consolidated Cash Flow of such Person for such period to the
Fixed Charges of such Person for such period. If the specified Person or any of its Subsidiaries
incurs, assumes, Guarantees, repays, repurchases or redeems any Indebtedness (other than ordinary
working capital borrowings) or issues, repurchases or redeems any Disqualified Stock or preferred
stock subsequent to the commencement of the applicable four-quarter reference period and on or
prior to the date on which the event for which the calculation of the Fixed Charge Coverage Ratio
is made occurs (the “Calculation Date”), then the Fixed Charge Coverage Ratio will be calculated
giving pro forma effect to such incurrence, assumption, Guarantee, repayment, repurchase or
redemption of Indebtedness, or such issuance, repurchase or redemption of Disqualified Stock or
preferred stock, and the use of the proceeds therefrom as if the same had occurred at the beginning
of such period. In addition, for purposes of calculating the Fixed Charge Coverage Ratio:
(i) acquisitions that have been made by the specified Person or any of its Restricted Subsidiaries,
including through mergers or consolidations and including any related financing transactions,
subsequent to the commencement of the applicable four-quarter reference period and on or prior to
the Calculation Date will be given pro forma effect as if they had occurred on the first day of
such period including any pro forma expense and cost reductions that have occurred or are
reasonably expected to occur, in the reasonable judgment of the chief financial officer of the
Company (regardless of whether those expense and cost reductions could then be reflected in pro
forma financial statements in accordance with Regulation S-X promulgated under the Securities Act
or any other regulation or policy of the Commission related thereto); (ii) the Consolidated Cash
Flow attributable to discontinued operations, as determined in accordance with GAAP, and operations
or businesses disposed of prior to the Calculation Date, will be excluded; and (iii) the Fixed
Charges attributable to discontinued operations, as determined in accordance with GAAP, and
operations or businesses disposed of prior to the Calculation Date, will be excluded, but only to
the extent that the obligations giving rise to such Fixed Charges will not be obligations of the
specified Person or any of its Restricted Subsidiaries following the Calculation Date.

          “Foreign Subsidiary” means any Subsidiary that is organized under the laws of a jurisdiction
other than the United States, a State thereof or the District of Columbia.

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

          “Global Note Legend” means the legend set forth in Section 2.08(g)(ii), which is required to
be placed on all Global Notes issued under this Indenture.

          “Global Notes” means, individually and collectively, each of the Restricted Global Note and
the Unrestricted Global Note, in the form of Exhibit A hereto issued in accordance with
Sections 2.03 and 2.08 hereof.

-8-

 

          “Government Securities” means (i) direct obligations of, or obligations guaranteed by, the
United States of America for the payment of which guarantee or obligations the full faith and
credit of the United States of America is pledged and (ii) money market funds at least 95% of the
assets of which constitute Government Securities of the kinds described in clause (i) of this
definition.

          “Guarantee” means a guarantee (other than by endorsement of negotiable instruments for
collection in the ordinary course of business), direct or indirect of all or any part of any
Indebtedness in any manner including, without limitation, by way of a pledge of assets or through
letters of credit or reimbursement agreements in respect thereof.

          “Guarantors” means each of (i) the Company’s Domestic Subsidiaries in existence on the date of
the Indenture that is not an Excluded Subsidiary; (ii) any other subsidiary that executes a
Subsidiary Guarantee in accordance with the provisions of this Indenture; and (iii) their
respective successors and assigns; provided, that any Person constituting a Guarantor as
described above will cease to constitute a Guarantor when its respective Subsidiary Guarantee is
released in accordance with the terms thereof.

          “Hedging Obligations” means, with respect to any specified Person, the obligations of such
Person incurred under (i) interest rate swap agreements, interest rate cap agreements and interest
rate collar agreements; (ii) foreign exchange contracts and currency protection agreements;
(iii) any commodity futures contract, commodity option or other similar agreement or arrangements
and (iv) other similar agreements or arrangement.

          “Holder” means a Person in whose name a Note is registered.

          “Immaterial Subsidiary” means any Subsidiary that had (i) assets having an aggregate book
value, as of the end of the fiscal year most recently ended, not exceeding $1,000,000 and
(ii) Consolidated Net Income not exceeding $1,000,000 for such fiscal year.

          “Indebtedness” means, with respect to any Person, any indebtedness of such Person, whether or
not contingent (i) in respect of borrowed money; (ii) evidenced by bonds, notes, debentures or
similar instruments; (iii) in respect of banker’s acceptances or letters of credit (or
reimbursement agreements in respect thereof) or similar instruments; (iv) representing Capital
Lease Obligations; (v) representing the balance deferred and unpaid of the purchase price of any
property, except any such balance that constitutes an accrued expense or trade payable or
(vi) representing the net obligations of such Person under any Hedging Obligations (the amount of
any such obligations to be equal at any time to the termination value of the agreement or
arrangement giving rise to such obligation that would be payable by such Person at such time), if
and to the extent any of the preceding items (other than letters of credit and Hedging Obligations)
would appear as a liability upon a balance sheet of the specified Person prepared in accordance
with GAAP. In addition, the term “Indebtedness” includes all Indebtedness of others to the extent
secured by a Lien on any asset of the specified Person (whether or not such Indebtedness is assumed
by the specified Person) and, to the extent not otherwise included, the Guarantee by the specified
Person of any indebtedness of any other Person. The amount of any Indebtedness outstanding as of
any date will be (i) the accreted value of the Indebtedness, in the case of any Indebtedness issued
with original issue discount; and (ii) the principal amount of the

-9-

 

Indebtedness, together with any interest on the Indebtedness that is more than 30 days past
due, in the case of any other Indebtedness.

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

          “Indirect Participant” means a Person who holds a beneficial interest in a Global Note through
a Participant.

          “Initial Notes” is defined in the preamble hereto.

          “Interest Payment Date” shall have the meaning set forth in paragraph 1 of each Note and, if
applicable, any Additional Notes.

          “Investments” means, with respect to any Person, all direct or indirect investments by such
Person in other Persons (including Affiliates) in the forms of loans (including Guarantees or other
obligations), advances or capital contributions (excluding (x) commission, travel and similar
advances to officers and employees made in the ordinary course of business and (y) advances to
customers in the ordinary course of business that are recorded as accounts receivable on the
balance sheet of the lender), purchases or other acquisitions for consideration of Indebtedness,
Equity Interests or other securities, together with all items that are or would be classified as
investments on a balance sheet prepared in accordance with GAAP. If the Company or any Subsidiary
of the Company sells or otherwise disposes of any Equity Interests of any direct or indirect
Subsidiary of the Company such that, after giving effect to any such sale or disposition, such
Person is no longer a Subsidiary of the Company, the Company will be deemed to have made an
Investment on the date of any such sale or disposition in an amount equal to the fair market value
of the Equity Interests of and other Investments in such Subsidiary not sold or disposed of in an
amount determined as provided in the final paragraph of Section 4.07 hereof. The acquisition by
the Company or any Subsidiary of the Company of a Person that holds an Investment in a third Person
will be deemed to be an Investment made by the Company or such Subsidiary in such third Person in
an amount equal to the fair market value of the Investment held by the acquired Person in such
third Person on the date of any such acquisition in an amount determined as provided in the final
paragraph of Section 4.07 hereof.

          “Issue Date” means the date the Initial Notes are issued.

          “Letter of Transmittal” means the letter of transmittal, or its electronic equivalent in
accordance with the Applicable Procedures, to be prepared by the Company and sent to all Holders of
the Initial Notes or any Additional Notes for use by such Holders in connection with an Exchange
Offer.

          “Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest
or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise
perfected under applicable law including any conditional sale or other title retention agreement,
any lease in the nature thereof, any option or other agreement to sell or give a security interest
in such asset and any filing of or agreement to give any financing statement under the Uniform
Commercial Code (or equivalent statutes) of any jurisdiction.

-10-

 

          “Net Income” means, with respect to any specified Person, the net income (loss) of such
Person, determined in accordance with GAAP and before any reduction in respect of preferred stock
dividends, excluding, however, (i) any gain (but not loss), other than gains associated with
reimbursements for lost or damaged tools in the ordinary course of business, together with any
related provision for taxes on such gain (but not loss), realized in connection with: (a) any Asset
Sale; or (b) the disposition of any securities by such Person or any of its Subsidiaries or the
extinguishment of any Indebtedness of such Person or any of its Subsidiaries; and (ii) any
extraordinary gain (but not loss), together with any related provision for taxes on such
extraordinary gain (but not loss).

          “Net Proceeds” means the aggregate cash proceeds received by the Company or any of its
Restricted Subsidiaries in respect of any Asset Sale (including, without limitation, any cash
received upon the sale or other disposition of any non-cash consideration received in any Asset
Sale), net of the direct costs relating to such Asset Sale (including, without limitation, legal,
accounting and investment banking fees, and sales commissions) and any relocation expenses incurred
as a result of the Asset Sale, taxes paid or payable as a result of the Asset Sale, in each case
after taking into account any available tax credits or deductions and any tax sharing arrangements,
any amounts required to be applied to the repayment of Senior Debt secured by a Lien on the asset
or assets that were the subject of such Asset Sale and any reserve for adjustment in respect of the
sale price of such asset or assets established in accordance with GAAP.

          “New Notes” is defined in the preamble hereto.

          “Non-Recourse Debt” means Indebtedness (i) as to which neither the Company nor any of its
Restricted Subsidiaries (a) provides credit support of any kind (including any undertaking,
agreement or instrument that would constitute Indebtedness), (b) is directly or indirectly liable
(as a guarantor or otherwise), or (c) is the lender; (ii) no default with respect to which
(including any rights that the holders of the Indebtedness may have to take enforcement action
against an Unrestricted Subsidiary) would permit (upon notice, lapse of time or both) any holder of
any other Indebtedness (other than the Notes) of the Company or any of its Restricted Subsidiaries
to declare a default on such other Indebtedness or cause the payment of the Indebtedness to be
accelerated or payable prior to its stated maturity; and (iii) as to which the lenders have been
notified in writing that they will not have any recourse to the stock or assets of the Company or
any of its Restricted Subsidiaries.

          “Notes” has the meaning assigned to it in the preamble hereto.

          “Obligations” means any principal, premium and Additional Interest, if any, interest
(including interest accruing on or after the filing of any petition in bankruptcy or for
reorganization, whether or not a claim for post-filing interest is allowed in such proceeding),
penalties, fees, charges, expenses, indemnifications, reimbursement obligations, damages,
guarantees, and other liabilities or amounts payable under the documentation governing any
Indebtedness or in respect thereof.

          “Officer” means, with respect to any Person, the Chairman of the Board, the Chief Executive
Officer, the President, the Chief Operating Officer, the Chief Financial Officer, the

-11-

 

Treasurer, any Assistant Treasurer, the Controller, the Secretary or any Vice President of
such Person.

          “Officers’ Certificate” means a certificate signed on behalf of the Company by two Officers of
the Company, one of whom must be the principal executive officer, the principal financial officer,
the treasurer or the principal accounting officer of the Company, that meets the requirements of
Section 12.05 hereof.

          “Opinion of Counsel” means an opinion from legal counsel that meets the requirements of
Section 12.05 hereof. The counsel may be an employee of or internal or other counsel to the
Company or any Subsidiary of the Company.

          “Participant” means, with respect to the Depositary, Euroclear or Clearstream, a Person who
has an account with the Depositary, Euroclear or Clearstream, respectively (and, with respect to
The Depository Trust Company, shall include Euroclear and Clearstream).

          “Permitted Business” means the lines of business conducted by the Company and its Restricted
Subsidiaries on the date hereof and any business incidental or reasonably related thereto or which
is a reasonable extension thereof as determined in good faith by the Company’s Board of Directors.

          “Permitted Investments” means (i) any Investment in the Company or in a Restricted Subsidiary
of the Company; (ii) any Investment in Cash Equivalents; (iii) any Investment by the Company or any
Subsidiary of the Company in a Person, if as a result of such Investment: (a) such Person becomes a
Restricted Subsidiary of the Company; or (b) such Person is merged, consolidated or amalgamated
with or into, or transfers or conveys substantially all of its assets to, or is liquidated into,
the Company or a Restricted Subsidiary of the Company; (iv) any Investment made as a result of the
receipt of non-cash consideration from an Asset Sale that was made pursuant to and in compliance
with the covenant described above under Section 4.10 hereof; (v) any acquisition of assets solely
in exchange for the issuance of Equity Interests (other than Disqualified Stock) of the Company;
(vi) any Investments received (a) in satisfaction of judgments or in compromise of obligations of
trade creditors or customers that were incurred in the ordinary course of business, including
pursuant to any plan of reorganization or similar arrangement upon the bankruptcy or insolvency of
any trade creditor or customer or (b) as a result of a foreclosure by the Company or any of its
Restricted Subsidiaries with respect to any secured Investment in default; (vii) guarantees
(including Subsidiary Guarantees) of Indebtedness permitted under the covenant described above
under Section 4.09 hereof; (viii) Hedging Obligations permitted to be incurred under the covenant
described above under Section 4.09 hereof; (ix) payroll, travel and similar advances to cover
matters that are expected at the time of such advances ultimately to be treated as expenses for
accounting purposes and that are made in the ordinary course of business; (x) loans or advances to
employees made in the ordinary course of business consistent with past practices of the Company or
such Restricted Subsidiary not to exceed $2.0 million at any one time outstanding; (xi) other
Investments in any Person having an aggregate fair market value (measured on the date each such
Investment was made and without giving effect to subsequent changes in value), when taken together
with all other Investments made pursuant to this clause (xi) that are at the time outstanding, not
to exceed $50.0 million.

-12-

 

          “Permitted Liens” means: (i) Liens securing Indebtedness and other obligations under any
Credit Facility permitted to be incurred under this Indenture; (ii) Liens securing the Notes and
Subsidiary Guarantees; (iii) Liens existing on the date Notes are first issued; (iv) Liens in favor
of the Company or the Guarantors; (v) Liens to secure Indebtedness of any Restricted Subsidiaries
that are not Guarantors; provided that the Indebtedness is permitted by the terms of this
Indenture to be incurred; (vi) Liens on property of a Person existing at the time such Person is
merged with or into or consolidated with the Company or any Restricted Subsidiary of the Company or
otherwise becomes a Restricted Subsidiary of the Company; provided that such Liens were in
existence prior to the contemplation of such merger or consolidation or such Person becoming a
Restricted Subsidiary of the Company and do not extend to any assets other than those of such
Person; (vii) Liens on property existing at the time of acquisition of the property by the Company
or any Restricted Subsidiary of the Company; provided that such Liens were in existence
prior to the contemplation of such acquisition and do not extend to any assets other than such
acquired property; (viii) Liens to secure Indebtedness (including Capital Lease Obligations)
permitted by clause (iv) of the second paragraph of Section 4.09 hereof covering only the assets
acquired with such Indebtedness; (ix) Liens securing Permitted Refinancing Indebtedness Incurred to
refinance Indebtedness that was previously so secured; provided that any such Lien is
limited to all or part of the same property or assets (plus improvements, accessions, proceeds or
distributions in respect thereof) that secured or, under the written arrangements under which the
original Lien arose, could secure the Indebtedness being refinanced; (x) Liens on assets of
Unrestricted Subsidiaries that secure Non-Recourse Debt of Unrestricted Subsidiaries; (xi) Liens
securing Hedging Obligations related to Indebtedness permitted under this Indenture; (xii) Liens to
secure the performance of statutory obligations, surety or appeal bonds, performance bonds or other
obligations of a like nature incurred in the ordinary course of business; (xiii) statutory Liens of
landlords and Liens of carriers, warehousemen, mechanics, suppliers, materialmen, repairmen and
other Liens imposed by law incurred in the ordinary course of business for sums not delinquent or
being contested in good faith, if such reserve or other appropriate provision, if any, as shall be
required by GAAP shall have been made in respect thereof; (xiv) Liens incurred or deposits made in
the ordinary course of business in connection with workers’ compensation, unemployment insurance
and other types of social security, or to secure the payment or performance of tenders, statutory
or regulatory obligations, surety and appeal bonds, bids, government contracts and leases,
performance and return of money bonds and other similar obligations (exclusive of obligations for
the payment of borrowed money); (xv) judgment Liens not giving rise to an Event of Default so long
as any appropriate legal proceedings which may have been duly initiated for the review of such
judgment shall not have been finally terminated or the period within which such proceeding may be
initiated shall not have expired; (xvi) Liens upon specific items of inventory or other goods of
any Person securing such Person’s obligations in respect of bankers acceptances issued or created
for the account of such Person to facilitate the purchase, shipment or storage of such inventory or
other goods; (xvii) Liens securing reimbursement obligations with respect to commercial letters of
credit that encumber documents and other property or assets
relating to such letters of credit and
products and proceeds thereof; (xviii) Liens encumbering deposits made to secure obligations
arising from statutory, regulatory, contractual or warranty requirements of the Company or any of
its Restricted Subsidiaries, including rights of offset and set-off; (xix) Liens for taxes,
assessments or governmental charges or claims that are not yet delinquent or that are being
contested in good faith by appropriate proceedings promptly

-13-

 

instituted and diligently conducted; provided that any reserve or other appropriate provision
as is required in conformity with GAAP has been made therefor; and (xx) Liens incurred in the
ordinary course of business of the Company or any Subsidiary of the Company with respect to
obligations that do not exceed $15.0 million at any one time outstanding. Notwithstanding the
foregoing, “Permitted Liens” will not include any Lien described in clause (vi), (vii) or (viii)
above to the extent such Lien applies to any Additional Assets acquired directly or indirectly from
Net Proceeds pursuant to the covenant described under Section 4.10 hereof. For purposes of this
definition, the term “Indebtedness” will be deemed to include interest on such Indebtedness.

          “Permitted Refinancing Indebtedness” means any Indebtedness of the Company or any of its
Subsidiaries issued in exchange for, or the net proceeds of which are used to extend, refinance,
renew, replace, defease or refund other Indebtedness of the Company or any of its Subsidiaries
(other than intercompany Indebtedness); provided that: (i) the principal amount (or
accreted value, if applicable) of such Permitted Refinancing Indebtedness does not exceed the
principal amount (or accreted value, if applicable) of the Indebtedness extended, refinanced,
renewed, replaced, defeased or refunded (plus all accrued interest on the Indebtedness and the
amount of all expenses and premiums incurred in connection therewith); (ii) such Permitted
Refinancing Indebtedness has a final maturity date later than the final maturity date of, and has a
Weighted Average Life to Maturity equal to or greater than the Weighted Average Life to Maturity
of, the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded; (iii) if
the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded is
subordinated in right of payment to the Notes, such Permitted Refinancing Indebtedness is
subordinated in right of payment to, the Notes on terms at least as favorable to the Holders of
Notes as those contained in the documentation governing the Indebtedness being extended,
refinanced, renewed, replaced, defeased or refunded; and (iv) such Permitted Refinancing
Indebtedness is incurred either by (a) the Company or a Guarantor or (b) by the Subsidiary that is
the obligor on the Indebtedness being extended, refinanced, renewed, replaced, defeased or
refunded.

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

          “Private Placement Legend” means the legend set forth in Section 2.08(g)(i) to be placed on
all Notes issued under this Indenture except where otherwise permitted by the provisions of this
Indenture.

          “Prospectus” means the prospectus included in a Registration Statement at the time such
Registration Statement is declared effective, as amended or supplemented by any prospectus
supplement and by all other amendments thereto, including post-effective amendments, and all
material incorporated by reference into such Prospectus.

          “QIB” means a “qualified institutional buyer” as defined in Rule 144A.

-14-

 

          “Registration Rights Agreement” means the Registration Rights Agreement, dated as of the date
hereof, among the Company, the Guarantors, Banc of America Securities LLC, RBS Securities Inc.,
Barclays Capital Inc., Credit Suisse Securities (USA), Inc., Deutsche Bank Securities Inc., HSBC
Securities (USA) Inc., Natixis Bleichroeder LLC and Wells Fargo Securities, LLC and as such
agreement may be amended, modified or supplemented from time to time and, with respect to any
Additional Notes, one or more registration rights agreements among the Company, the Guarantors and
the other parties thereto, as such agreement(s) may be amended, modified or supplemented from time
to time, relating to rights given by the Company to the purchasers of Additional Notes to register
such Additional Notes, or exchange such Additional Notes for registered Notes, under the Securities
Act.

          “Registration Statement” means any registration statement of the Company relating to (a) an
offering of New Notes pursuant to an Exchange Offer or (b) the registration for resale of Transfer
Restricted Securities pursuant to the Shelf Registration Statement, in each case, (i) that is filed
pursuant to the provisions of the Registration Rights Agreement and (ii) including the Prospectus
included therein, all amendments and supplements thereto (including post-effective amendments) and
all exhibits and material incorporated by reference therein.

          “Regular Record Date” for the interest payable on any Interest Payment Date means the
applicable date specified as a “Record Date” on the face of the Note.

          “Regulation S” means Regulation S promulgated under the Securities Act.

          “Regulation S Global Note” means a Global Note in the form of Exhibit A hereto bearing the
Global Note Legend and the Private Placement Legend and deposited with or on behalf of and
registered in the name of the Depositary or its nominee, issued in a denomination equal to the
outstanding principal amount of the Notes initially sold in reliance on Rule 903 of Regulation S.

          “Responsible Officer” when used with respect to the Trustee, means the officer in the
Corporate Trust Office of the Trustee having direct responsibility for the administration of this
Indenture and, for the purposes of Section 7.01(c)(2) and 7.05 shall also mean any other officer of
the Trustee to whom any corporate trust matter is referred because of such Person’s knowledge of
and familiarity with the particular subject matter.

          “Restricted Definitive Note” means a Definitive Note bearing the Private Placement Legend.

          “Restricted Global Note” means a Global Note bearing the Private Placement Legend.

          “Restricted Investment” means an Investment other than a Permitted Investment.

          “Restricted Period” means the 40-day period as defined in Regulation S.

          “Restricted Subsidiary” means any Subsidiary of the Company that is not an Unrestricted
Subsidiary.

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          “Rule 144” means Rule 144 promulgated under the Securities Act.

          “Rule 144A” means Rule 144A promulgated under the Securities Act.

          “Rule 903” means Rule 903 promulgated under the Securities Act.

          “Rule 904” means Rule 904 promulgated under the Securities Act.

          “SEC” means the Securities and Exchange Commission.

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

          “Senior Debt” means (i) all Indebtedness of the Company or any Restricted Subsidiary
outstanding under Credit Facilities and all Hedging Obligations with respect thereto; (ii) any
other Indebtedness of the Company or any Restricted Subsidiary permitted to be incurred under the
terms of this Indenture, unless the instrument under which such Indebtedness is incurred expressly
provides that it is subordinated in right of payment to the Notes or any Subsidiary Guarantee; and
(iii) all Obligations with respect to the items in the preceding clauses (i) and (ii).
Notwithstanding anything to the contrary in the preceding sentence, Senior Debt will not include
(i) any liability for federal, state, local or other taxes owed or owing by the Company; (ii) any
intercompany Indebtedness of the Company or any of its Subsidiaries to the Company or any of its
Affiliates; (iii) any trade payables; or (iv) any Indebtedness that is incurred in violation of
this Indenture.

          “Shelf Registration Statement” means the Shelf Registration Statement as defined in the
Registration Rights Agreement.

          “Significant Subsidiary” means any Restricted Subsidiary that would be a “significant
subsidiary” as defined in Article 1, Rule 1-02(w) of Regulation S-X, promulgated pursuant to the
Securities Act, as such Regulation is in effect on the date hereof; provided that all
Unrestricted Subsidiaries will be excluded from all calculations under Rule 1-02(w) of
Regulation S-X.

          “Specified Amount” means, as of any date, the Consolidated Cash Flow of the Company for the
most recently ended four-quarter period for which financial statements have been filed with the SEC
determined on a pro forma basis after giving effect to all acquisitions or Asset Sales made by the
Company and its Restricted Subsidiaries from the beginning of such four-quarter period through and
including such date of determination (including any related financing transactions) as if such
acquisitions and dispositions had occurred at the beginning of such four-quarter period.

          “Stated Maturity” means, with respect to any installment of interest or principal on any
series of Indebtedness, the date on which the payment of interest or principal was scheduled to be
paid in the original documentation governing such Indebtedness, and shall not include any
contingent obligations to repay, redeem or repurchase any such interest or principal prior to the
date originally scheduled for the payment thereof.

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          “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 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).

          “Subsidiary Guarantee” means any Guarantee by a Guarantor of the Company’s payment Obligations
under this Indenture and on the Notes, executed pursuant to the provisions of this Indenture.

          “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.

          “Total Assets” means the total assets of the Company and its Restricted Subsidiaries on a
consolidated basis determined in accordance with GAAP, as shown on the most recently available
consolidated balance sheet of the Company and its Restricted Subsidiaries.

          “Transfer Restricted Securities” means each Note, until the earliest to occur of (a) the date
on which such Note has been exchanged by a person other than a Broker-Dealer for an Exchange Note
in the Exchange Offer, (b) following the exchange by a Broker-Dealer in the Exchange Offer of such
Note for one or more Exchange Notes, the date on which such Exchange Notes are sold to a purchaser
who receives from such Broker-Dealer on or prior to the date of such sale a copy of the prospectus
contained in the Exchange Offer Registration Statement, (c) the date on which such Note has been
effectively registered under the Securities Act and disposed of in accordance with the Shelf
Registration Statement or (d) the date on which such Note is eligible to be distributed to the
public pursuant to Rule 144 under the Securities Act.

          “Trustee” means the party named as such in the preamble hereto until a successor replaces it
in accordance with the applicable provisions of this Indenture and thereafter means the successor
serving hereunder.

          “Unrestricted Definitive Note” means one or more Definitive Notes that do not bear and are not
required to bear the Private Placement Legend.

          “Unrestricted Global Note” means a permanent Global Note in the form of Exhibit A attached
hereto that bears the Global Note Legend and that has the “Schedule of Exchanges of Interests in
the Global Note” attached thereto, and that is deposited with or on behalf of and registered in the
name of the Depositary, representing Notes that do not bear the Private Placement Legend.

          “Unrestricted Subsidiary” means any Subsidiary of the Company that is designated by the Board
of Directors as an Unrestricted Subsidiary pursuant to a Board Resolution, but only to the extent
that such Subsidiary: (i) has no Indebtedness other than

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Non-Recourse Debt; (ii) is not party to any agreement, contract, arrangement or understanding with
the Company or any Restricted Subsidiary of the Company unless the terms of any such agreement,
contract, arrangement or understanding are no less favorable to the Company or such Restricted
Subsidiary than those that might be obtained at the time from Persons who are not Affiliates of the
Company; (iii) is a Person with respect to which neither the Company nor any of its Restricted
Subsidiaries has any direct or indirect obligation (a) to subscribe for additional Equity Interests
or (b) to maintain or preserve such Person’s financial condition or to cause such Person to achieve
any specified levels of operating results; and (iv) has not guaranteed or otherwise directly or
indirectly provided credit support for any Indebtedness of the Company or any of its Restricted
Subsidiaries. Any designation of a Subsidiary of the Company as an Unrestricted Subsidiary will be
evidenced to the Trustee by filing with the Trustee a certified copy of the Board Resolution giving
effect to such designation and an officers’ certificate certifying that such designation complied
with the preceding conditions and was permitted under Section 4.07 hereof. If, at any time, any
Unrestricted Subsidiary would fail to meet the preceding requirements as an Unrestricted
Subsidiary, it will thereafter cease to be an Unrestricted Subsidiary for purposes of this
Indenture and any Indebtedness of such Subsidiary will be deemed to be incurred by a Restricted
Subsidiary of the Company as of such date and, if such Indebtedness is not permitted to be incurred
as of such date under the covenant described under Section 4.09 hereof, the Company will be in
default of such covenant. The Board of Directors of the Company may at any time designate any
Unrestricted Subsidiary to be a Restricted Subsidiary; provided that such designation will
be deemed to be an incurrence of Indebtedness by a Restricted Subsidiary of the Company of any
outstanding Indebtedness of such Unrestricted Subsidiary and such designation will only be
permitted if (1) such Indebtedness is permitted under Section 4.09 hereof, calculated on a pro
forma basis as if such designation had occurred at the beginning of the four-quarter reference
period and (2) no Default would be in existence following such designation.

          “U.S. Person” means a U.S. person as defined in Rule 902(a) under the Securities Act.

          “Voting Stock” of any Person as of any date means the Capital Stock of such Person that is at
the time entitled to vote in the election of the Board of Directors (or comparable body) of such
Person.

          “Weighted Average Life to Maturity” means when applied to any Indebtedness or Disqualified
Stock or preferred stock of a Guarantor at any date, the number of years obtained by dividing: (i)
the sum of the products obtained by multiplying (a) the amount of each then remaining installment,
sinking fund, serial maturity or other required payments of principal, including payment at final
maturity, in respect of the Indebtedness or redemption or similar payment in respect of the
Disqualified Stock or preferred stock of a Guarantor by (b) the number of years (calculated to the
nearest one-twelfth) that will elapse between such date and the making of such payment; by (ii) the
then outstanding principal amount of such Indebtedness.

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          Section 1.02. Other Definitions.

	 	 	 	 	 
	 	 	Defined in
	Term	 	Section
	“Additional Notes”

	 	 	2.01	 
	“Affiliate Transaction”

	 	 	4.11	 
	“Asset Sale Offer”

	 	 	3.09	 
	“Asset Sale Offer Period”

	 	 	3.09	 
	“Asset Sale Payment Date”

	 	 	3.09	 
	“Authentication Order”

	 	 	2.04	 
	“Change of Control Offer”

	 	 	4.15	 
	“Change of Control Payment”

	 	 	4.15	 
	“Change of Control Payment Date”

	 	 	4.15	 
	“Covenant Defeasance”

	 	 	8.03	 
	“DTC”

	 	 	2.05	 
	“Event of Default”

	 	 	6.01	 
	“Excess Proceeds”

	 	 	4.10	 
	“incur”

	 	 	4.09	 
	“Legal Defeasance”

	 	 	8.02	 
	“New Guarantor”

	 	 	11.05	 
	“Offer Amount”

	 	 	3.09	 
	“Other Indebtedness”

	 	 	11.05	 
	“Paying Agent”

	 	 	2.05	 
	“Payment Default”

	 	 	6.01	 
	“Permitted Debt”

	 	 	4.09	 
	“Registrar”

	 	 	2.05	 
	“Restricted Payments”

	 	 	4.07	 

          Section 1.03. One Class of Securities. The Initial Notes, the New Notes and any
Additional Notes shall vote and consent together on all matters as one class and none of the
Initial Notes, the New Notes or any Additional Notes shall have the right to vote or consent as a
separate class on any matter.

          Section 1.04. 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 Notes;

     “indenture security Holder” means a Holder of a Note;

     “indenture to be qualified” means this Indenture;

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

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     “obligor” on the Notes means the Company and any successor obligor upon the
Notes.

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

     Section 1.05. Rules of Construction. Unless the context otherwise requires:

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

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

     (3) “or” is not exclusive;

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

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

     (6) 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.

ARTICLE II

THE NOTES

          Section 2.01. Issuance of Additional Notes. The Company may, subject to Section 4.09
hereof, issue additional Notes (“Additional Notes”) under this Indenture which will have identical
terms as the Initial Notes issued on the Issue Date other than with respect to the date of
issuance, issue price, first payment of interest and rights under a related Registration Rights
Agreement, if any. The Initial Notes issued on the Issue Date, any Additional Notes and all
Exchange Notes issued in exchange therefor shall be treated as a single class for all purposes
under this Indenture.

          With respect to any Additional Notes, the Company shall set forth in a resolution of the Board
of Directors and an Officers’ Certificate, a copy of each of which shall be delivered to the
Trustee, the following information:

          (a) the aggregate principal amount of such Additional Notes to be authenticated and delivered
pursuant to this Indenture;

          (b) the issue price, the issue date and the CUSIP number of such Additional Notes; and

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          (c) whether such Additional Notes shall be subject to the restrictions on transfer set forth
in Section 2.08 hereof relating to Restricted Global Notes and Restricted Definitive Notes.

          Section 2.02. Payments by Company by Wire Transfer. The Company shall make all
interest, premium, if any, and principal payments by wire transfer to any Holder who shall have
given written directions to the Company to make such payments by wire transfer pursuant to the wire
transfer instructions supplied to the Company by such Holder.

          Section 2.03. Form and Dating. The terms and provisions contained in the Notes shall
constitute, and are hereby expressly made, a part of this Indenture and the Company and the
Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and
provisions and to be bound thereby. However, to the extent any provision of any Note conflicts
with the express provisions of this Indenture, the provisions of this Indenture shall govern and be
controlling. Notes shall be dated the date of their authentication.

          (a) Global Notes.

          Notes issued in global form shall be substantially in the form of Exhibit A attached hereto
(including the Global Note Legend thereon and the “Schedule of Exchanges of Interests in the Global
Note” attached thereto). Notes issued in definitive form shall be substantially in the form of
Exhibit A attached hereto (but without the Global Note Legend thereon and without the “Schedule of
Exchanges of Interests in the Global Note” attached thereto). Each Global Note shall represent
such of the outstanding Notes as shall be specified therein and each shall provide that it shall
represent the aggregate principal amount of outstanding Notes from time to time endorsed thereon
and that the aggregate principal amount of outstanding Notes represented thereby may from time to
time be reduced or increased, as appropriate, to reflect exchanges and redemptions. Any
endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate
principal amount of outstanding Notes represented thereby shall be made by the Trustee or the
Custodian, at the direction of the Trustee, as required by Section 2.08 hereof.

          (b) Euroclear and Clearstream Procedures Applicable.

          The provisions of the “Operating Procedures of the Euroclear System” and “Terms and Conditions
Governing Use of Euroclear” and the “General Terms and Conditions of Clearstream” and “Customer
Handbook” of Clearstream shall be applicable to transfers of beneficial interests in the
Regulation S Global Notes that are held by Participants through Euroclear or Clearstream.

          Section 2.04. Execution and Authentication. An Officer shall sign the Notes for the
Company by manual or facsimile signature.

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

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

          The Trustee shall, upon a written order of the Company signed by an Officer (an
“Authentication Order”), authenticate Notes for original issue up to the aggregate
principal amount stated in paragraph 4 of the Notes. The aggregate principal amount of Notes
outstanding at any time may not exceed such amount except as provided in Section 2.09 hereof.

          The Trustee may appoint an authenticating agent acceptable to the Company to authenticate
Notes. An authenticating agent may authenticate Notes 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 Holders or an Affiliate of
the Company.

          Section 2.05. Registrar and Paying Agent. The Company shall maintain an office or
agency where Notes may be presented for registration of transfer or for exchange and shall appoint
an agent for such purposes (“Registrar”). In addition, the Company shall maintain an
office or agency where Notes may be presented for payment and shall appoint an agent for such
purposes (“Paying Agent”). The Registrar shall keep a register of the Notes and of their
transfer and exchange. The Company may appoint one or more co-registrars and one or more
additional paying agents. The term “Registrar” includes any co-registrar and the term “Paying
Agent” includes any additional paying agent. The Company may change any Paying Agent or Registrar
without notice to any Holder. 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 appoint or maintain
another entity as Registrar or Paying Agent, the Trustee shall act as such. The Company or any of
its Subsidiaries may act as Paying Agent or Registrar.

          The Company initially appoints The Depository Trust Company (“DTC”) to act as
Depositary with respect to the Global Notes.

          The Company initially appoints the Trustee to act as the Registrar and Paying Agent and to act
as Custodian with respect to the Global Notes. The Company has designated the office of The Bank
of New York Mellon, acting on behalf (and for the benefit) of the Trustee, located at 101 Barclay
Street, Floor 21 West, New York, New York 10286, as its office where Notes may be surrendered for
registration of transfer or exchange or for presentation for payment and where notices and demands
to or upon the Company in respect of the Notes may be served.

          Section 2.06. Paying Agent to Hold Money in Trust. The Company shall require each
Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust
for the benefit of Holders or the Trustee all money held by the Paying Agent for the payment of
principal, premium or Additional Interest, if any, or interest on the Notes, and will notify the
Trustee of any default by the Company in making any such payment. While any such default
continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The
Company at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon
payment over to the Trustee, the Paying Agent (if other than the Company or a Subsidiary) shall
have no further liability for the money. If the Company or a Subsidiary acts as

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Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of the
Holders all money held by it as Paying Agent. Upon any bankruptcy or reorganization proceedings
relating to the Company, the Trustee shall serve as Paying Agent for the Notes.

          Section 2.07. Holder 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 all
Holders and shall otherwise comply with TIA § 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 the Holders and the
Company shall otherwise comply with TIA § 312(a).

          Section 2.08. Transfer and Exchange. (a) Transfer and Exchange of Global Notes. A
Global Note may not be transferred as a whole except by the Depositary to a nominee of the
Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the
Depositary, or by the Depositary or any such nominee to a successor Depositary or a nominee of such
successor Depositary. All Global Notes will be exchanged by the Company for Definitive Notes if
(i) the Company delivers to the Trustee notice from the Depositary that it is unwilling or unable
to continue to act as Depositary or that it is no longer a clearing agency registered under the
Exchange Act and, in either case, a successor Depositary is not appointed by the Company within
120 days after the date of such notice from the Depositary, (ii) the Company in its sole discretion
determines that the Global Notes (in whole but not in part) should be exchanged for Definitive
Notes and delivers a written notice to such effect to the Trustee or (iii) there shall have
occurred and be continuing a Default or Event of Default with respect to the Notes. Upon the
occurrence of any of the preceding events in (i), (ii) or (iii) above, Definitive Notes shall be
issued in such names as the Depositary shall instruct the Trustee. Global Notes also may be
exchanged or replaced, in whole or in part, as provided in Sections 2.09 and 2.12 hereof. Except
as specified above, every Note authenticated and delivered in exchange for, or in lieu of, a Global
Note or any portion thereof, pursuant to this Section 2.08 or Sections 2.09 or 2.12 hereof, shall
be authenticated and delivered in the form of, and shall be, a Global Note. A Global Note may not
be exchanged for another Note other than as provided in this Section 2.08(a), however, beneficial
interests in a Global Note may be transferred and exchanged as provided in Section 2.08(b), (c) or
(f) hereof.

          (b) Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer and
exchange of beneficial interests in the Global Notes shall be effected through the Depositary, in
accordance with the provisions of this Indenture and the Applicable Procedures. Beneficial
interests in the Restricted Global Notes shall be subject to restrictions on transfer comparable to
those set forth herein to the extent required by the Securities Act. Transfers of beneficial
interests in the Global Notes also shall require compliance with either subparagraph (i) or (ii)
below, as applicable, as well as one or more of the other following subparagraphs, as applicable:

          (i) Transfer of Beneficial Interests in the Same Global Note. Beneficial
interests in any Restricted Global Note may be transferred to Persons who take delivery
thereof in the form of a beneficial interest in the same Restricted Global Note in
accordance with the transfer restrictions set forth in the Private Placement Legend and

-23-

 

any Applicable Procedures; provided, however, that prior to the
expiration of the Restricted Period, transfers of beneficial interests in the Regulation S
Global Note may not be made to a U.S. Person or for the account or benefit of a U.S. Person
(other than an Initial Purchaser or a “distributor” (as defined in Rule 902(d) of
Regulation S)). Beneficial interests in any Unrestricted Global Note may be transferred to
Persons who take delivery thereof in the form of a beneficial interest in an Unrestricted
Global Note. Except as may be required by Applicable Procedures, no written orders or
instructions shall be required to be delivered to the Registrar to effect the transfers
described in this Section 2.08(b)(i).

          (ii) All Other Transfers and Exchanges of Beneficial Interests in Global Notes.
In connection with all transfers and exchanges of beneficial interests that are not subject
to Section 2.08(b)(i) above, the transferor of such beneficial interest must deliver to the
Registrar either (A) (1) a written order from a Participant or an Indirect Participant given
to the Depositary in accordance with the Applicable Procedures directing the Depositary to
credit or cause to be credited a beneficial interest in another Global Note in an amount
equal to the beneficial interest to be transferred or exchanged and (2) instructions given
in accordance with the Applicable Procedures containing information regarding the
Participant account to be credited with such increase or (B) if permitted under
Section 2.08(a) hereof, (1) a written order from a Participant or an Indirect Participant
given to the Depositary in accordance with the Applicable Procedures directing the
Depositary to cause to be issued a Definitive Note in an amount equal to the beneficial
interest to be transferred or exchanged and (2) instructions given by the Depositary to the
Registrar containing information regarding the Person in whose name such Definitive Note
shall be registered to effect the transfer or exchange referred to in (B)(1) above;
provided that in no event shall Definitive Notes be issued upon the transfer or
exchange of beneficial interests in the Regulation S Global Note prior to (x) the expiration
of the Restricted Period and (y) the receipt by the Registrar of any certificates pursuant
to Rule 903 under the Securities Act. Upon consummation of an Exchange Offer by the Company
in accordance with Section 2.08(f) hereof, the requirements of this Section 2.08(b)(ii)
shall be deemed to have been satisfied upon receipt by the Registrar of the instructions
contained in the Letter of Transmittal delivered by the Holder of such beneficial interests
in the Restricted Global Notes. Upon satisfaction of all of the requirements for transfer
or exchange of beneficial interests in Global Notes contained in this Indenture and the
Notes or otherwise applicable under the Securities Act, the Trustee shall adjust the
principal amount of the relevant Global Note(s) pursuant to Section 2.08(h) hereof.

          (iii) Transfer of Beneficial Interests in a Restricted Global Note to Another
Restricted Global Note. A beneficial interest in any Restricted Global Note may be
transferred to a Person who takes delivery thereof in the form of a beneficial interest in
another Restricted Global Note if the transfer complies with the requirements of
Section 2.08(b)(ii) above and the Registrar receives the following:

          (A) if the transferee will take delivery in the form of a beneficial interest
in the 144A Global Note, then the transferor must deliver a

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certificate in the form of Exhibit B hereto, including the certifications in
item (1) thereof; and

          (B) if the transferee will take delivery in the form of a beneficial interest
in the Regulation S Global Note, then the transferor must deliver a certificate in
the form of Exhibit B hereto, including the certifications in item (2) thereof.

          (iv) Transfer and Exchange of Beneficial Interests in a Restricted Global Note for
Beneficial Interests in an Unrestricted Global Note. A beneficial interest in any
Restricted Global Note may be exchanged by any holder thereof for a beneficial interest in
an Unrestricted Global Note or transferred to a Person who takes delivery thereof in the
form of a beneficial interest in an Unrestricted Global Note only if the exchange or
transfer complies with the requirements of Section 2.08(b)(ii) above and:

          (A) such exchange or transfer is effected pursuant to an Exchange Offer in
accordance with a Registration Rights Agreement and the holder of the beneficial
interest to be transferred, in the case of an exchange, or the transferee, in the
case of a transfer, makes any and all certifications in the applicable Letter of
Transmittal or is deemed to have made such certifications if delivery is made
through the Applicable Procedures as may be required by the Registration Rights
Agreement;

          (B) such transfer is effected pursuant to a Shelf Registration Statement in
accordance with a Registration Rights Agreement;

          (C) such transfer is effected by a participating Broker-Dealer pursuant to an
Exchange Offer Registration Statement in accordance with a Registration Rights
Agreement; or

          (D) the Registrar receives the following:

     (1) if the holder of such beneficial interest in a Restricted Global
Note proposes to exchange such beneficial interest for a beneficial interest
in an Unrestricted Global Note, a certificate from such holder in the form
of Exhibit C hereto, including the certifications in item (1)(a) thereof; or

     (2) if the holder of such beneficial interest in a Restricted Global
Note proposes to transfer such beneficial interest to a Person who shall
take delivery thereof in the form of a beneficial interest in an
Unrestricted Global Note, a certificate from such holder in the form of
Exhibit B hereto, including the certifications in item (4) thereof;

and, in each such case set forth in this subparagraph (D), if the Registrar so
requests, or the Applicable Procedures so require, an Opinion of Counsel in form
reasonably acceptable to the Registrar to the effect that such exchange or transfer
is in compliance with the Securities Act and that the restrictions on transfer

-25-

 

contained herein and in the Private Placement Legend are no longer required in order
to maintain compliance with the Securities Act.

          If any such transfer is effected pursuant to subparagraph (B) or (D) above at a time when an
Unrestricted Global Note has not yet been issued, the Company shall issue and, upon receipt of an
Authentication Order in accordance with Section 2.04 hereof, the Trustee shall authenticate one or
more Unrestricted Global Notes in an aggregate principal amount equal to the aggregate principal
amount of beneficial interests transferred pursuant to subparagraph (B) or (D) above.

          (v) Transfer or Exchange of Beneficial Interests in Unrestricted Global Notes for
Beneficial Interests in Restricted Global Notes Prohibited. Beneficial interests in an
Unrestricted Global Note cannot be exchanged for, or transferred to Persons who take
delivery thereof in the form of, beneficial interests in a Restricted Global Note.

          (c) Transfer or Exchange of Beneficial Interests in Global Notes for Definitive Notes.

          (i) Beneficial Interests in Restricted Global Notes to Restricted Definitive
Notes. Subject to Section 2.08(a) hereof, if any holder of a beneficial interest in a
Restricted Global Note proposes to exchange such beneficial interest for a Restricted
Definitive Note or to transfer such beneficial interest to a Person who takes delivery
thereof in the form of a Restricted Definitive Note, then, upon receipt by the Registrar of
the following documentation:

          (A) if the holder of such beneficial interest in a Restricted Global Note
proposes to exchange such beneficial interest for a Restricted Definitive Note, a
certificate from such holder in the form of Exhibit C hereto, including the
certifications in item (2)(a) thereof;

          (B) if such beneficial interest is being transferred to a QIB in accordance
with Rule 144A under the Securities Act, a certificate to the effect set forth in
Exhibit B hereto, including the certifications in item (1) thereof;

          (C) if such beneficial interest is being transferred to a “non-U.S. Person” (as
defined in Rule 902(k) of Regulation S) in an offshore transaction in accordance
with Rule 903 or Rule 904, a certificate to the effect set forth in Exhibit B
hereto, including the certifications in item (2) thereof;

          (D) if such beneficial interest is being transferred pursuant to an exemption
from the registration requirements of the Securities Act in accordance with Rule 144
under the Securities Act, a certificate to the effect set forth in Exhibit B hereto,
including the certifications in item (3)(a) thereof;

          (E) if such beneficial interest is being transferred to the Company or any of
its Subsidiaries, a certificate to the effect set forth in Exhibit B hereto,
including the certifications in item (3)(b) thereof; or

-26-

 

          (F) if such beneficial interest is being transferred pursuant to an effective
registration statement under the Securities Act, a certificate to the effect set
forth in Exhibit B hereto, including the certifications in item (3)(c) thereof;

the Trustee shall cause the aggregate principal amount of the applicable Global Note to be
reduced accordingly pursuant to Section 2.08(h) hereof, and the Company shall execute and
upon receipt of an Authentication Order in accordance with Section 2.04 hereof, the Trustee
shall authenticate and deliver to the Person designated in the instructions a Definitive
Note in the appropriate principal amount. Any Restricted Definitive Note issued in exchange
for a beneficial interest in a Restricted Global Note pursuant to this Section 2.08(c)(i)
shall be registered in such name or names and in such authorized denomination or
denominations as the holder of such beneficial interest shall instruct the Registrar through
instructions from the Depositary and the Participant or Indirect Participant. The Trustee
shall deliver such Restricted Definitive Notes to the Persons in whose names such Notes are
so registered. Any Restricted Definitive Note issued in exchange for a beneficial interest
in a Restricted Global Note pursuant to this Section 2.08(c)(i) shall bear the Private
Placement Legend and shall be subject to all restrictions on transfer contained therein.

          (ii) Notwithstanding Sections 2.08(c)(i)(A) and (C) hereof, a beneficial interest in
the Regulation S Global Note may not be exchanged for a Definitive Note or transferred to a
Person who takes delivery thereof in the form of a Definitive Note prior to (x) the
expiration of the Restricted Period and (y) the receipt by the Registrar of any certificates
required pursuant to Rule 903(b)(3)(ii)(B) under the Securities Act, except in the case of a
transfer pursuant to an exemption from the registration requirements of the Securities Act
other than Rule 903 or Rule 904.

          (iii) Beneficial Interests in Restricted Global Notes to Unrestricted Definitive
Notes. Subject to Section 2.08(a) hereof, a holder of a beneficial interest in a
Restricted Global Note may exchange such beneficial interest for an Unrestricted Definitive
Note or may transfer such beneficial interest to a Person who takes delivery thereof in the
form of an Unrestricted Definitive Note only if:

          (A) such exchange or transfer is effected pursuant to an Exchange Offer in
accordance with a Registration Rights Agreement and the holder of such beneficial
interest, in the case of an exchange, or the transferee, in the case of a transfer,
makes any and all certifications in the applicable Letter of Transmittal;

          (B) such transfer is effected pursuant to a Shelf Registration Statement in
accordance with a Registration Rights Agreement;

          (C) such transfer is effected by a participating Broker-Dealer pursuant to an
Exchange Offer Registration Statement in accordance with a Registration Rights
Agreement; or

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          (D) the Registrar receives the following:

     (1) if the holder of such beneficial interest in a Restricted Global
Note proposes to exchange such beneficial interest for an Unrestricted
Definitive Note, a certificate from such holder in the form of Exhibit C
hereto, including the certifications in item (1)(b) thereof; or

     (2) if the holder of such beneficial interest in a Restricted Global
Note proposes to transfer such beneficial interest to a Person who shall
take delivery thereof in the form of an Unrestricted Definitive Note, a
certificate from such holder in the form of Exhibit B hereto, including the
certifications in item (4) thereof;

and, in each such case set forth in this subparagraph (D), if the Registrar so
requests, or if the Applicable Procedures so require, an Opinion of Counsel in form
reasonably acceptable to the Registrar to the effect that such exchange or transfer
is in compliance with the Securities Act and that the restrictions on transfer
contained herein and in the Private Placement Legend are no longer required in order
to maintain compliance with the Securities Act.

Upon satisfaction of the conditions of any of the clauses of this Section 2.08(c)(iii), the
Company shall execute, and, upon receipt of an Authentication Order in accordance with
Section 2.04 hereof, the Trustee shall authenticate and deliver to the Person designated in
the instructions an Unrestricted Definitive Note in the appropriate principal amount, and
the Trustee shall cause the aggregate principal amount of the applicable Restricted Global
Note to be reduced in a corresponding amount pursuant to Section 2.08(h) hereof.

          (iv) Beneficial Interests in Unrestricted Global Notes to Unrestricted Definitive
Notes. Subject to Section 2.08(a) hereof, if any holder of a beneficial interest in an
Unrestricted Global Note proposes to exchange such beneficial interest for an Unrestricted
Definitive Note or to transfer such beneficial interest to a Person who takes delivery
thereof in the form of an Unrestricted Definitive Note, then, upon satisfaction of the
applicable conditions set forth in Section 2.08(b)(ii) hereof, the Trustee shall cause the
aggregate principal amount of the applicable Unrestricted Global Note to be reduced
accordingly pursuant to Section 2.08(h) hereof, and the Company shall execute and, upon
receipt of an Authentication Order in accordance with Section 2.04 hereof, the Trustee shall
authenticate and deliver to the person designated in the instructions an Unrestricted
Definitive Note in the appropriate principal amount. Any Unrestricted Definitive Note
issued in exchange for a beneficial interest pursuant to this Section 2.08(c)(iv) shall be
registered in such name or names and in such authorized denomination or denominations as the
holder of such beneficial interest shall instruct the Registrar through instructions from
the Depositary and the Participant or Indirect Participant. The Trustee shall deliver such
Unrestricted Definitive Notes to the Persons in whose names such Notes are so registered.
Any Unrestricted Definitive Note issued in exchange for a beneficial interest pursuant to
this Section 2.08(c)(iv) shall not bear the Private Placement Legend.

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          (d) Transfer and Exchange of Definitive Notes for Beneficial Interests in Global Notes.

          (i) Restricted Definitive Notes to Beneficial Interests in Restricted Global
Notes. If any Holder of a Restricted Definitive Note proposes to exchange such Note for
a beneficial interest in a Restricted Global Note or to transfer such Restricted Definitive
Notes to a Person who takes delivery thereof in the form of a beneficial interest in a
Restricted Global Note, then, upon receipt by the Registrar of the following documentation:

          (A) if the Holder of such Restricted Definitive Note proposes to exchange such
Note for a beneficial interest in a Restricted Global Note, a certificate from such
Holder in the form of Exhibit C hereto, including the certifications in item (2)(b)
thereof;

          (B) if such Restricted Definitive Note is being transferred to a QIB in
accordance with Rule 144A, a certificate to the effect set forth in Exhibit B
hereto, including the certifications in item (1) thereof;

          (C) if such Restricted Definitive Note is being transferred to a “non-U.S.
Person” (as defined in Rule 902(k) of Regulation S) in an offshore transaction in
accordance with Rule 903 or Rule 904, a certificate to the effect set forth in
Exhibit B hereto, including the certifications in item (2) thereof;

          (D) if such Restricted Definitive Note is being transferred pursuant to an
exemption from the registration requirements of the Securities Act in accordance
with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including
the certifications in item 

(3)(a) thereof;

          (E) if such Restricted Definitive Note is being transferred to the Company or
any of its Subsidiaries, a certificate to the effect set forth in Exhibit B hereto,
including the certifications in item (3)(b) thereof; or

          (F) if such Restricted Definitive Note is being transferred pursuant to an
effective registration statement under the Securities Act, a certificate to the
effect set forth in Exhibit B hereto, including the certifications in item (3)(c)
thereof,

the Trustee shall cancel the Restricted Definitive Note, increase or cause to be increased
the aggregate principal amount of, in the case of clause (A) above, the appropriate
Restricted Global Note, in the case of clause (B) above, the 144A Global Note, and in the
case of clause (C) above, the Regulation S Global Note.

          (ii) Restricted Definitive Notes to Beneficial Interests in Unrestricted Global
Notes. A Holder of a Restricted Definitive Note may exchange such Note for a beneficial
interest in an Unrestricted Global Note or transfer such Restricted Definitive Note to a
Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted
Global Note only if:

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          (A) such exchange or transfer is effected pursuant to an Exchange Offer in
accordance with a Registration Rights Agreement and the Holder, in the case of an
exchange, or the transferee, in the case of a transfer, makes any and all
certifications in the applicable Letter of Transmittal;

          (B) such transfer is effected pursuant to a Shelf Registration Statement in
accordance with a Registration Rights Agreement;

          (C) such transfer is effected by a participating Broker-Dealer pursuant to an
Exchange Offer Registration Statement in accordance with a Registration Rights
Agreement; or

          (D) the Registrar receives the following:

     (1) if the Holder of such Restricted Definitive Note proposes to
exchange such Note for a beneficial interest in an Unrestricted Global Note,
a certificate from such Holder in the form of Exhibit C hereto, including
the certifications in item (1)(c) thereof; or

     (2) if the Holder of such Restricted Definitive Note proposes to
transfer such Note to a Person who shall take delivery thereof in the form
of a beneficial interest in an Unrestricted Global Note, a certificate from
such Holder in the form of Exhibit B hereto, including the certifications in
item (4) thereof;

and, in each such case set forth in this subparagraph (D), if the Registrar requests
or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably
acceptable to the Registrar to the effect that such exchange or transfer is in
compliance with the Securities Act and that the restrictions on transfer contained
herein and in the Private Placement Legend are no longer required in order to
maintain compliance with the Securities Act.

     Upon satisfaction of the conditions of any of the subparagraphs in this
Section 2.08(d)(ii), the Trustee shall cancel such Restricted Definitive Note and increase
or cause to be increased the aggregate principal amount of the Unrestricted Global Note.

          (iii) Unrestricted Definitive Notes to Beneficial Interests in Unrestricted Global
Notes. A Holder of an Unrestricted Definitive Note may exchange such Note for a
beneficial interest in an Unrestricted Global Note or transfer such Unrestricted Definitive
Note to a Person who takes delivery thereof in the form of a beneficial interest in an
Unrestricted Global Note at any time. Upon receipt of a request for such an exchange or
transfer, the Trustee shall cancel the applicable Unrestricted Definitive Note and increase
or cause to be increased the aggregate principal amount of one of the Unrestricted Global
Notes.

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          (iv) Transfer or Exchange of Unrestricted Definitive Notes to Beneficial Interests
in Restricted Global Notes Prohibited. An Unrestricted Definitive Note may not be
exchanged for, or transferred to Persons who take delivery thereof in the form of,
beneficial interests in a Restricted Global Note.

          (v) Issuance of Unrestricted Global Notes. If any such exchange or transfer
from a Definitive Note to a beneficial interest in an Unrestricted Global Note is effected
pursuant to subparagraphs (ii)(B), (ii)(D) or (iii) above at a time when an Unrestricted
Global Note has not yet been issued, the Company shall issue and, upon receipt of an
Authentication Order in accordance with Section 2.04 hereof, the Trustee shall authenticate
one or more Unrestricted Global Notes in an aggregate principal amount equal to the
principal amount of Definitive Notes so transferred.

          (e) Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder
of Definitive Notes and such Holder’s compliance with the provisions of this Section 2.08(e), the
Registrar shall register the transfer or exchange of Definitive Notes. Prior to such registration
of transfer or exchange, the requesting Holder shall present or surrender to the Registrar the
Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form
satisfactory to the Registrar duly executed by such Holder or by such Holder’s attorney, duly
authorized in writing. In addition, the requesting Holder shall provide any additional
certifications, documents and information, as applicable, required pursuant to the following
provisions of this Section 2.08(e).

          (i) Restricted Definitive Notes to Restricted Definitive Notes. Any Restricted
Definitive Note may be transferred to and registered in the name of Persons who take
delivery thereof in the form of a Restricted Definitive Note if the Registrar receives the
following:

          (A) if the transfer will be made pursuant to Rule 144A, then the transferor
must deliver a certificate in the form of Exhibit B hereto, including the
certifications in item (1) thereof;

          (B) if the transfer will be made pursuant to Rule 903 or Rule 904, then the
transferor must deliver a certificate in the form of Exhibit B hereto, including the
certifications in item (2) thereof; and

          (C) if the transfer will be made pursuant to any other exemption from the
registration requirements of the Securities Act, then the transferor must deliver a
certificate in the form of Exhibit B hereto, including the certifications,
certificates and Opinion of Counsel required by item (3) thereof, if applicable.

          (ii) Restricted Definitive Notes to Unrestricted Definitive Notes. Any
Restricted Definitive Note may be exchanged by the Holder thereof for an Unrestricted
Definitive Note or transferred to a Person or Persons who take delivery thereof in the form
of an Unrestricted Definitive Note only if:

          (A) such exchange or transfer is effected pursuant to an Exchange Offer in
accordance with a Registration Rights Agreement and the

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Holder, in the case of an exchange, or the transferee, in the case of a
transfer, makes any and all certifications in the applicable Letter of Transmittal;

          (B) any such transfer is effected pursuant to a Shelf Registration Statement in
accordance with a Registration Rights Agreement;

          (C) any such transfer is effected by a participating Broker-Dealer pursuant to
an Exchange Offer Registration Statement in accordance with a Registration Rights
Agreement; or

          (D) the Registrar receives the following:

     (1) if the Holder of such Restricted Definitive Notes proposes to
exchange such Notes for an Unrestricted Definitive Note, a certificate from
such Holder in the form of Exhibit C hereto, including the certifications in
item (1)(d) thereof; or

     (2) if the Holder of such Restricted Definitive Notes proposes to
transfer such Notes to a Person who shall take delivery thereof in the form
of an Unrestricted Definitive Note, a certificate from such Holder in the
form of Exhibit B hereto, including the certifications in item (4) thereof;

and, in each such case set forth in this subparagraph (D), an Opinion of Counsel in
form reasonably acceptable to the Company to the effect that such exchange or
transfer is in compliance with the Securities Act and that the restrictions on
transfer contained herein and in the Private Placement Legend are no longer required
in order to maintain compliance with the Securities Act.

Upon satisfaction of the conditions of any of the clauses of Section 2.08(e)(ii), the
Trustee shall cancel the prior Restricted Definitive Note and the Company shall execute,
and, upon receipt of an Authentication Order in accordance with Section 2.04 hereof, the
Trustee shall authenticate and deliver to the Person designated in the instructions an
Unrestricted Definitive Note in the appropriate principal amount.

          (iii) Unrestricted Definitive Notes to Unrestricted Definitive Notes. A Holder
of Unrestricted Definitive Notes may transfer such Notes to a Person who takes delivery
thereof in the form of an Unrestricted Definitive Note. Upon receipt of a request to
register such a transfer, the Registrar shall register the Unrestricted Definitive Notes
pursuant to the instructions from the Holder thereof.

          (f) Exchange Offer. Upon the occurrence of an Exchange Offer in accordance with a
Registration Rights Agreement, the Company shall issue and, upon receipt of an Authentication Order
in accordance with Section 2.04, the Trustee shall authenticate (i) one or more Unrestricted Global
Notes in an aggregate principal amount equal to the principal amount of the beneficial interests in
the applicable Restricted Global Notes tendered for acceptance by Persons that make any and all
certifications in the applicable Letter of Transmittal or are deemed to have made such
certifications if delivery is made through the Applicable Procedures as may

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be required by such Registration Rights Agreement, and accepted for exchange in the Exchange
Offer and (ii) Unrestricted Definitive Notes in an aggregate principal amount equal to the
principal amount of the Restricted Definitive Notes tendered for acceptance by Persons who made the
foregoing certifications and accepted for exchange in the Exchange Offer. Concurrently with the
issuance of such Notes, the Trustee shall cause the aggregate principal amount of the applicable
Restricted Global Notes to be reduced accordingly, and the Company shall execute and the Trustee
shall authenticate and deliver to the Persons designated by the Holders of Unrestricted Definitive
Notes so accepted Definitive Notes in the appropriate principal amount.

          (g) Legends. The following legends shall appear on the face of all Global Notes and
Definitive Notes issued under this Indenture unless specifically stated otherwise in the applicable
provisions of this Indenture.

          (i) Private Placement Legend.

          (A) Except as permitted by subparagraph (B) below, each Global Note and each
Definitive Note (and all Notes issued in exchange therefor or substitution thereof)
shall bear the legend in substantially the following form.

THE NOTES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF
1933, AS AMENDED (THE “SECURITIES ACT”), OR OTHER SECURITIES LAWS. NEITHER THIS NOTE
NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE RE-OFFERED, SOLD, ASSIGNED,
TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH
REGISTRATION OR UNLESS THE TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. EACH PURCHASER OF THE SECURITY
EVIDENCED HEREBY IS HEREBY NOTIFIED THAT THE SELLER MAY BE RELYING ON THE EXEMPTION
FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A
THEREUNDER. THE HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF (1) REPRESENTS THAT
(A) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE
SECURITIES ACT) OR (B) IT IS NOT A U.S. PERSON AND IS ACQUIRING ITS NOTE IN AN
“OFFSHORE TRANSACTION” PURSUANT TO RULE 904 OF REGULATION S UNDER THE SECURITIES
ACT, (2) AGREES THAT IT WILL NOT PRIOR TO (X) THE DATE WHICH IS ONE YEAR (OR SUCH
SHORTER PERIOD OF TIME AS PERMITTED BY RULE 144(B) UNDER THE SECURITIES ACT OR ANY
SUCCESSOR PROVISION THEREUNDER) AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF
(OR OF ANY PREDECESSOR OF THIS NOTE) OR THE LAST DAY ON WHICH PARKER DRILLING
COMPANY (THE “COMPANY”) OR ANY AFFILIATE OF THE COMPANY WAS THE OWNER OF THIS NOTE
(OR ANY PREDECESSOR OF THIS NOTE) AND (Y) SUCH LATER DATE, IF ANY, AS MAY BE
REQUIRED BY APPLICABLE LAW (THE “RESALE

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RESTRICTION TERMINATION DATE”), OFFER, SELL OR OTHERWISE TRANSFER THIS NOTE EXCEPT
(A) TO THE COMPANY, (B) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED
EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE NOTES ARE ELIGIBLE FOR
RESALE PURSUANT TO RULE 144A, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED
INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) THAT
PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER
TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A,
(D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED
STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT OR (E) PURSUANT
TO ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT AND (3) AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM THIS NOTE IS
TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND; PROVIDED THAT THE
COMPANY, THE TRUSTEE AND THE REGISTRAR SHALL HAVE THE RIGHT PRIOR TO ANY SUCH OFFER,
SALE OR TRANSFER (I) PURSUANT TO CLAUSE (E) TO REQUIRE THE DELIVERY OF AN OPINION OF
COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM AND
(II) IN EACH OF THE FOREGOING CASES, TO REQUIRE THAT A CERTIFICATION OF TRANSFER IN
THE FORM APPEARING ON THE OTHER SIDE OF THE NOTE IS COMPLETED AND DELIVERED BY THIS
TRANSFEROR TO THE TRUSTEE. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE
HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE. AS USED HEREIN, THE TERMS
“OFFSHORE TRANSACTION,” “UNITED STATES” AND “U.S. PERSON” HAVE THE MEANING GIVEN TO
THEM BY REGULATION S UNDER THE SECURITIES ACT.

          (B) Notwithstanding the foregoing, any Global Note or Definitive Note issued
pursuant to subparagraphs (b)(iv), (c)(iii), (c)(iv), 
(d)(ii), (d)(iii), (e)(ii),
(e)(iii) or (f) of this Section 2.08 (and all Notes issued in exchange therefor or
substitution thereof) shall not bear the Private Placement Legend.

          (ii) Global Note Legend. Each Global Note shall bear a legend in substantially
the following form:

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE
MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY,
OR BY ANY SUCH NOMINEE OF THE DEPOSITARY, OR BY THE DEPOSITARY OR NOMINEE OF A SUCCESSOR
DEPOSITARY, OR ANY NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR
DEPOSITARY. TRANSFERS OF THE GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN
PART, TO NOMINEES OF CEDE & CO.,

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OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE, AND TRANSFERS OF PORTIONS OF THE
GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH
IN THE INDENTURE

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

          (h) Cancellation and/or Adjustment of Global Notes.

          At such time as all beneficial interests in a particular Global Note have been exchanged for
Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole
and not in part, each such Global Note shall be returned to or retained and canceled by the Trustee
in accordance with Section 2.13 hereof. At any time prior to such cancellation, if any beneficial
interest in a Global Note is exchanged for or transferred to a Person who will take delivery
thereof in the form of a beneficial interest in another Global Note or for Definitive Notes, the
principal amount of Notes represented by such Global Note shall be reduced accordingly and an
endorsement shall be made on such Global Note by the Trustee or by the Depositary at the direction
of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or
transferred to a Person who will take delivery thereof in the form of a beneficial interest in
another Global Note, such other Global Note shall be increased accordingly and an endorsement shall
be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to
reflect such increase.

          (i) General Provisions Relating to Transfers and Exchanges.

          (i) To permit registrations of transfers and exchanges, the Company shall execute and
the Trustee shall authenticate Global Notes and Definitive Notes upon the Company’s order.

          (ii) No service charge shall be made to a holder of a beneficial interest in a Global
Note or to a Holder of a Definitive Note 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 taxes or
similar governmental charge payable upon exchange or transfer pursuant to Sections 2.12,
3.06, 3.09, 4.10, 4.15 and 9.05).

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          (iii) The Registrar shall not be required to register the transfer of or to exchange
any Note selected for redemption in whole or in part, except the unredeemed portion of any
Note being redeemed in part.

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

          (v) The Registrar shall not be required (A) to issue, to register the transfer of or to
exchange any Notes during a period beginning at the opening of business 15 days before the
day of any selection of Notes for redemption under Section 3.02 hereof and ending at the
close of business on the day of selection or (B) to register the transfer of or to exchange
any Note so selected for redemption in whole or in part, except the unredeemed portion of
any Note being redeemed in part.

          (vi) The Trustee, any Agent and the Company may deem and treat the Person in whose name
any Note is registered as the absolute owner of such Note for the purpose of receiving
payment of principal of and interest on such Notes and for all other purposes, and none of
the Trustee, any Agent or the Company shall be affected by notice to the contrary.

          (vii) The Trustee shall authenticate Global Notes and Definitive Notes in accordance
with the provisions of Section 2.04 hereof.

          (viii) All certifications, certificates and Opinions of Counsel required to be
submitted to the Registrar pursuant to this Section 2.08 to effect a registration of
transfer or exchange may be submitted by facsimile.

          (ix) The Trustee is hereby authorized and directed to enter into a letter of
representation with the Depositary in the form provided by the Company and to act in
accordance with such letter.

          Section 2.09. Replacement Notes. If any mutilated Note is surrendered to the Trustee
or the Company and the Trustee receives evidence to its satisfaction of the destruction, loss or
theft of any Note, the Company shall issue and the Trustee, upon receipt of an Authentication
Order, shall authenticate a replacement Note if the Trustee’s requirements are met. If required by
the Trustee or the Company, an indemnity bond must be supplied by the Holder that is sufficient in
the judgment of the Trustee and the Company to protect the Company, the Trustee, any Agent and any
authenticating agent from any loss that any of them may suffer if a Note is replaced. Each of the
Company and the Trustee may charge for its expenses in replacing a Note.

          Every replacement Note issued in accordance with this Section 2.09 is an additional obligation
of the Company and shall be entitled to all of the benefits of this Indenture equally and
proportionately with all other Notes duly issued hereunder.

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          Section 2.10. Outstanding Notes. The Notes outstanding at any time are all the Notes
authenticated by the Trustee except for those canceled by it, those delivered to it for
cancellation, those reductions in the interest in a Global Note effected by the Trustee in
accordance with the provisions hereof, and those described in this Section as not outstanding.
Except as set forth in Section 2.11 hereof, a Note does not cease to be outstanding because the
Company or an Affiliate of the Company holds the Note; however, Notes held by the Company or a
Subsidiary of the Company shall not be deemed to be outstanding for purposes of Section 3.07(b)
hereof.

          If a Note is replaced pursuant to Section 2.09 hereof, it ceases to be outstanding unless the
Trustee receives proof satisfactory to it that the replaced Note is held by a bona fide purchaser.

          If the principal amount of any Note is considered paid under Section 4.01 hereof, it ceases to
be outstanding and interest on it ceases to accrue.

          If the Paying Agent (other than the Company, a Subsidiary or an Affiliate of any thereof)
holds, on a redemption date or maturity date, money sufficient to pay Notes payable on that date,
then on and after that date such Notes shall be deemed to be no longer outstanding and shall cease
to accrue interest.

          Section 2.11. Treasury Notes. In determining whether the Holders of the required
principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the
Company, or by any Affiliate of the Company, shall be considered as though not outstanding, except
that for the purposes of determining whether the Trustee shall be protected in relying on any such
direction, waiver or consent, only Notes that a Responsible Officer of the Trustee actually knows
are so owned shall be so disregarded.

          Section 2.12. Temporary Notes. Until certificates representing Notes are ready for
delivery, the Company may prepare and the Trustee, upon receipt of an Authentication Order, shall
authenticate temporary Notes. Temporary Notes shall be substantially in the form of certificated
Notes but may have variations that the Company considers appropriate for temporary Notes and as
shall be reasonably acceptable to the Trustee. Without unreasonable delay, the Company shall
prepare and the Trustee shall authenticate definitive Notes in exchange for temporary Notes.

          Holders of temporary Notes shall be entitled to all of the benefits of this Indenture equally
and proportionately with all other Notes duly issued hereunder.

          Section 2.13. Cancellation. The Company at any time may deliver Notes to the Trustee
for cancellation. The Registrar and Paying Agent shall forward to the Trustee any Notes
surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else
shall cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or
cancellation and shall dispose of such canceled Notes (subject to the record retention requirement
of the Exchange Act in its customary manner). The Company may not issue new Notes to replace Notes
that it has paid or that have been delivered to the Trustee for cancellation.

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          Section 2.14. Defaulted Interest. If the Company defaults in a payment of interest on
the Notes, it shall pay the defaulted interest in any lawful manner plus, to the extent lawful,
interest payable on the defaulted interest, to the Persons who are Holders on a subsequent special
record date, in each case at the rate provided in the Notes and in Section 4.01 hereof. The
Company shall notify the Trustee in writing of the amount of defaulted interest proposed to be paid
on each Note and the date of the proposed payment. The Company shall fix or cause to be fixed each
such special record date and payment date; 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 the special record date, the Company (or, upon the written request of the Company, the
Trustee in the name and at the expense of the Company) shall mail or cause to be mailed to Holders
a notice that states the special record date, the related payment date and the amount of such
interest to be paid.

          Section 2.15. CUSIP Numbers. The Company in issuing the Notes may use “CUSIP” numbers
(if then generally in use), and, if so, the Trustee shall use “CUSIP” numbers in notices of
redemption as a convenience to Holders; provided that any such notice may state that no
representation is made as to the correctness of such numbers either as printed on the Notes or as
contained in any notice of a redemption and that reliance may be placed only on the other
identification numbers printed on the Notes, and any such redemption shall not be affected by any
defect in or omission of such numbers. The Company will promptly notify the Trustee of any change
in the “CUSIP” numbers.

ARTICLE III

REDEMPTION AND PREPAYMENT

          Section 3.01. Notices to Trustee. If the Company elects to redeem Notes pursuant to
the optional redemption provisions of Section 3.07 hereof, it shall furnish to the Trustee, at
least 60 days before a redemption date (or such shorter period as allowed by the Trustee), an
Officers’ Certificate setting forth (i) the clause of this Indenture pursuant to which the
redemption shall occur, (ii) the redemption date, (iii) the principal amount of Notes to be
redeemed and (iv) the redemption price.

          Section 3.02. Selection of Notes to Be Redeemed. If less than all of the Notes are to
be redeemed or purchased in an offer to purchase at any time, the Trustee shall select the Notes to
be redeemed or purchased among the Holders of the Notes in compliance with the requirements of the
principal national securities exchange, if any, on which the Notes are listed or, if the Notes are
not so listed, on a pro rata basis, by lot or in accordance with any other method the Trustee
considers fair and appropriate; provided that no Notes of $2,000 or less shall be redeemed
in part. In the event of partial redemption by lot, the particular Notes to be redeemed shall be
selected, unless otherwise provided herein, not less than 30 nor more than 60 days prior to the
redemption date by the Trustee from the outstanding Notes not previously called for redemption,
except that redemption notices may be mailed more than 60 days prior to a redemption date if the
notice is issued in connection with a defeasance of the Notes or a satisfaction and discharge
pursuant to Article 10 hereof.

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          The Trustee shall promptly notify the Company in writing of the Notes selected for redemption
and, in the case of any Note selected for partial redemption, the principal amount thereof to be
redeemed. Notes and portions of Notes selected shall be in amounts of $2,000 or whole multiples of
$1,000; except that if all of the Notes of a Holder are to be redeemed, the entire outstanding
amount of Notes held by such Holder, even if not a multiple of $1,000, shall be redeemed. Except
as provided in the preceding sentence, provisions of this Indenture that apply to Notes called for
redemption also apply to portions of Notes called for redemption, except that redemption notices
may be mailed more than 60 days prior to a redemption date if the notice is issued in connection
with a defeasance of the Notes or a satisfaction and discharge pursuant to Article 10 hereof.
Notices of redemption may not be conditional.

          Section 3.03. Notice of Redemption. Subject to the provisions of Section 3.09 hereof,
at least 30 days but not more than 60 days before a redemption date, the Company shall mail or
cause to be mailed, by first class mail, a notice of redemption to each Holder whose Notes are to
be redeemed at its registered address.

          The notice shall identify the Notes (including CUSIP numbers) to be redeemed and shall state:

          (a) the redemption date;

          (b) the redemption price;

          (c) if any Note is being redeemed in part, the portion of the principal amount of such Note to
be redeemed and that, after the redemption date upon surrender of such Note, a new Note or Notes in
principal amount equal to the unredeemed portion shall be issued upon cancellation of the original
Note;

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

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

          (f) that, unless the Company defaults in making such redemption payment, interest on Notes
called for redemption ceases to accrue on and after the redemption date;

          (g) the paragraph of the Notes and/or Section of this Indenture pursuant to which the Notes
called for redemption are being redeemed; and

          (h) 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 Notes.

          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 60 days prior to the redemption date (or such shorter period as allowed by
the Trustee), an Officers’ Certificate requesting that the Trustee give such notice (in the name
and at the expense of the Company) and setting forth the information to be stated in such notice as
provided in the preceding paragraph.

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          Section 3.04. Effect of Notice of Redemption. Once notice of redemption is mailed in
accordance with Section 3.03 hereof, Notes called for redemption shall become irrevocably due and
payable on the redemption date at the redemption price. A notice of redemption may not be
conditional.

          Section 3.05. Deposit of Redemption Price. One Business Day prior to any redemption
date, the Company shall deposit with the Trustee or with the Paying Agent money sufficient to pay
the redemption price of and, if applicable, accrued interest and Additional Interest, if any, on
all Notes to be redeemed on that date. The Trustee or the Paying Agent shall promptly return to
the Company any money deposited with the Trustee or the Paying Agent by the Company in excess of
the amounts necessary to pay the redemption price of, and accrued interest on, all Notes to be
redeemed.

          If the Company complies with the provisions of the preceding paragraph, on and after the
redemption date, interest shall cease to accrue on the Notes or the portions of Notes called for
redemption. If a Note is redeemed on or after a Regular 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 Note was registered at the close of business on such Regular Record Date. If any Note
called for redemption 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 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 the Notes and in Section 4.01
hereof.

          Section 3.06. Notes Redeemed in Part. Upon surrender of a Note that is redeemed in
part, the Company shall issue and, upon the Company’s written request, the Trustee shall
authenticate for the Holder at the expense of the Company a new Note equal in principal amount to
the unredeemed portion of the Note surrendered.

          Section 3.07. Optional Redemption. (a) Except as set forth in clause (b) of this
Section 3.07, the Company shall not have the option to redeem the Notes pursuant to this
Section 3.07 prior to April 1, 2014. On or after April 1, 2014, the Company may redeem all or part
of the Notes upon not less than 30 nor more than 60 days’ notice, at the redemption prices
(expressed as percentages of principal amount) set forth below plus accrued and unpaid interest and
Additional Interest, if any, thereon to the applicable redemption date, if redeemed during the
twelve-month period beginning on April 1 of the years indicated below:

	 	 	 	 	 
	Year	 	Percentage	 
	2014
	 	 	104.563	%
	2015
	 	 	102.281	%
	2016 and thereafter 
	 	 	100.000	%

          (b) Notwithstanding the foregoing, at any time prior to April 1, 2013, the Company may on any
one or more occasions redeem up to 35% of the aggregate principal amount of Notes (which includes
Additional Notes, if any) originally issued under this Indenture at a redemption price of 109.125%
of the principal amount thereof, plus accrued and unpaid

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interest to the redemption date, with the net cash proceeds of one or more Equity Offerings;
provided that (i) at least 65% of the aggregate principal amount of Notes (which includes
Additional Notes, if any) originally issued remains outstanding immediately after the occurrence of
each such redemption (excluding the Notes held by the Company and its Subsidiaries); and (ii) any
such redemption shall occur within 120 days of the date of the closing of each such Equity
Offering.

          (c) Any redemption pursuant to this Section 3.07 shall be made pursuant to the provisions of
Sections 3.01 through 3.06 hereof.

          (d) If the optional redemption date is on or after a Regular Record Date and on or before the
related Interest Payment Date, the accrued and unpaid interest, if any, will be paid to the Person
in whose name the Note is registered at the close of business on such Regular Record Date, and no
additional interest will be payable to Holders whose Notes will be subject to redemption by the
Company.

          Section 3.08. Mandatory Redemption. Except as set forth in Sections 4.10 and 4.15,
the Company shall not be required to make mandatory redemption or sinking fund payments with
respect to the Notes.

          Section 3.09. Offer to Purchase by Application of Excess Proceeds. If, pursuant to
Section 4.10 hereof, the Company shall be required to commence an offer to all Holders to purchase
Notes (an “Asset Sale Offer”), it shall follow the procedures specified below.

          The Asset Sale Offer shall remain open for a period of at least 20 Business Days following its
commencement and not more than 30 Business Days, except to the extent that a longer period is
required by applicable law (the “Asset Sale Offer Period”). No later than three Business Days
after the termination of the Asset Sale Offer Period (the “Asset Sale Payment Date”), the Company
shall apply all Excess Proceeds to purchase the principal amount of Notes and other pari passu
Indebtedness required to be purchased pursuant to Section 4.10 hereof (the “Offer Amount”) or, if
less than the Offer Amount has been tendered, all Notes and other pari passu Indebtedness tendered
in response to the Asset Sale Offer. Payment for any Notes and other pari passu Indebtedness so
purchased shall be made in the same manner as interest payments are made.

          If the Asset Sale Payment Date is on or after a Regular Record Date and on or before the
related Interest Payment Date, any accrued and unpaid interest and Additional Interest, if any,
shall be paid to the Person in whose name a Note is registered at the close of business on such
Regular Record Date, and no additional interest shall be payable to Holders who tender Notes
pursuant to the Asset Sale Offer.

          Upon the commencement of an Asset Sale Offer, the Company shall send, by first class mail, a
notice to the Trustee and each of the Holders. The notice shall contain all instructions and
materials necessary to enable such Holders to tender Notes pursuant to the Asset Sale Offer. The
Asset Sale Offer shall be made to all Holders. The notice, which shall govern the terms of the
Asset Sale Offer, shall state:

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          (a) that the Asset Sale Offer is being made pursuant to this Section 3.09 and Section 4.10
hereof and the length of time the Asset Sale Offer shall remain open;

          (b) the Offer Amount, the purchase price and the Asset Sale Payment Date;

          (c) that any Note not tendered or accepted for payment shall continue to accrue interest;

          (d) that, unless the Company defaults in making such payment, any Note accepted for payment
pursuant to the Asset Sale Offer shall cease to accrue interest after the Asset Sale Payment Date;

          (e) that Holders electing to have a Note purchased pursuant to an Asset Sale Offer may only
elect to have all of such Note purchased and may not elect to have only a portion of such Note
purchased;

          (f) that Holders electing to have a Note purchased pursuant to any Asset Sale Offer shall be
required to surrender the Note, with the form entitled “Option of Holder to Elect Purchase” on the
reverse of the Note completed, or transfer by book-entry transfer, to the Company, a Depositary, if
appointed by the Company, or a Paying Agent at the address specified in the notice at least three
days before the Asset Sale Payment Date;

          (g) that Holders shall be entitled to withdraw their election if the Company, the Depositary
or the Paying Agent, as the case may be, receives, not later than the expiration of the Asset Sale
Offer Period, facsimile transmission or letter setting forth the name of the Holder, the principal
amount of the Note the Holder delivered for purchase and a statement that such Holder is
withdrawing his election to have such Note purchased;

          (h) that, if the aggregate principal amount of Notes surrendered by Holders exceeds the Offer
Amount or less than all of the Notes tendered pursuant to the Asset Sale Offer are accepted for
payment by the Company for any reason consistent with this Indenture, the Company shall select the
Notes to be purchased on a pro rata basis (with such adjustments as may be deemed appropriate by
the Company so that only Notes in denominations of $2,000, or integral multiples of $1,000 in
excess thereof, shall be purchased); and

          (i) that Holders whose Notes were purchased only in part shall be issued new Notes equal in
principal amount to the unpurchased portion of the Notes surrendered (or transferred by book-entry
transfer).

          On or before the Asset Sale Payment Date, the Company shall, to the extent lawful, accept for
payment, on a pro rata basis to the extent necessary, the Offer Amount of Notes and other pari
passu Indebtedness or portions thereof tendered pursuant to the Asset Sale Offer, or if less than
the Offer Amount has been tendered or less than all of the Notes tendered pursuant to the Asset
Sale Offer are accepted for payment by the Company for any reason consistent with this Indenture,
all Notes and other pari passu Indebtedness tendered or accepted, and shall deliver to the Trustee
an Officers’ Certificate stating that such Notes and other pari passu Indebtedness or portions
thereof were accepted for payment by the Company in accordance with the terms of this Section 3.09.
The Company, the Depositary or the Paying

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Agent, as the case may be, shall promptly (but in any case not later than three Business Days
after the termination of the Asset Sale Offer Period) mail or deliver to each tendering Holder an
amount equal to the purchase price of the Notes properly tendered by such Holder and accepted by
the Company for purchase, and the Company shall promptly issue a new Note, and the Trustee, upon
written request from the Company shall promptly authenticate and mail (or cause to be transferred
by book entity) such new Note to such Holder, in a principal amount equal to any unpurchased
portion of the Note surrendered, if any. Any Note not so accepted shall be promptly mailed or
delivered by the Company to the Holder thereof. The Company shall publicly announce the results of
the Asset Sale Offer on the Asset Sale Payment Date.

          Other than as specifically provided in this Section 3.09, any purchase pursuant to this
Section 3.09 shall be made pursuant to the provisions of Sections 3.01 through 3.06 hereof.

ARTICLE IV

COVENANTS

          Section 4.01. Payment of Notes. The Company shall pay or cause to be paid the
principal of, premium, if any, and interest and Additional Interest, if any, on the Notes on the
dates and in the manner provided in the Notes. Principal, premium, if any, and interest and
Additional Interest, if any, shall be considered paid on the date due if the Paying Agent, if other
than the Company or a Subsidiary thereof, holds as of 10:00 a.m. Eastern Time on the due date money
deposited by the Company in immediately available funds and designated for and sufficient to pay
all principal, premium, if any, and interest and Additional Interest, if any, then due. If the
maturity date of the Notes falls on a day that is not a Business Day, the required payment of
principal, premium, if any, and interest will be made on the next succeeding Business Day as if
made on the date such payment was due, and no interest will accrue on such payment for the period
from and after the maturity date to the date of such payment on the next succeeding Business Day.

          The Company shall pay interest (including post-petition interest in any proceeding under any
Bankruptcy Law) on overdue principal at the rate equal to 1% per annum in excess of the then
applicable interest rate on the Notes to the extent lawful; if applicable, it shall pay interest
(including post-petition interest in any proceeding under any Bankruptcy Law) on overdue
installments of interest and Additional Interest, if any, (without regard to any applicable grace
period) at the same rate to the extent lawful.

          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, Registrar or co-registrar) where Notes may be surrendered
for registration of transfer or for exchange and where notices and demands to or upon the Company
in respect of the Notes 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.

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          The Company may also from time to time designate one or more other offices or agencies where
the Notes may be presented or surrendered for any or all such purposes and may from time to time
rescind such designations; provided, however, that no such designation or
rescission shall in any manner relieve the Company of its obligation to maintain an office or
agency in 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 2.05.

          Section 4.03. Reports. (a) Whether or not required by the rules and regulations of
the SEC, so long as any Notes are outstanding, the Company shall furnish to the Holders and the
Trustee (i) all quarterly and annual financial information that would be required to be contained
in a filing with the SEC on Forms 10-Q and 10-K if the Company were required to file such forms,
including a “Management’s Discussion and Analysis of Financial Condition and Results of Operations”
that describes the financial condition and results of operations of the Company and its
consolidated Subsidiaries and, with respect to the annual information only, a report on the annual
financial statements by the Company’s independent registered public accounting firm and (ii) all
current reports that would be required to be filed with the SEC on Form 8-K if the Company were
required to file such reports, in each case, within the time periods specified in the SEC’s rules
and regulations. In addition, following the consummation of an Exchange Offer, whether or not
required by the rules and regulations of the SEC, the Company shall file a copy of all of the
information and reports referred to in clauses (i) and (ii) with the SEC for public availability
within the time periods specified in the SEC’s rules and regulations (unless the SEC will not
accept such a filing) and make such information available to securities analysts and prospective
investors upon request. The Company shall at all times comply with TIA § 314(a). The Company
intends to file its annual and quarterly financial information with the SEC in electronic form
pursuant to Regulation S-T of the SEC using the SEC’s Electronic Data Gathering, Analysis and
Retrieval (“EDGAR”) system. The Company shall notify the Trustee in the manner prescribed herein
of each such annual and quarterly filing. The Trustee is hereby authorized and directed to access
the EDGAR system for purposes of retrieving the financial information so filed. Compliance with
the foregoing shall constitute delivery by the Company of its financial information to the Trustee
in compliance with the provisions of TIA § 314(a). The Trustee shall have no duty to search for or
obtain any electronic or other filings that the Company makes with the SEC, regardless of whether
such filings are periodic, supplemental or otherwise. 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 conclusively rely exclusively on Officers’
Certificates).

          (b) For so long as any Notes remain outstanding, the Company and the Guarantors shall also
furnish to the Holders and to securities analysts and prospective investors, upon their request,
the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act.

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          Section 4.04. Compliance Certificate. (a) The Company shall deliver to the Trustee,
within 90 days after the end of each fiscal year, an Officers’ Certificate stating that a review of
the activities of the Company and its Subsidiaries during the preceding fiscal year has been made
under the supervision of the signing Officers with a view to determining whether the Company has
kept, observed, performed and fulfilled its obligations under this Indenture, and further stating,
as to each such Officer signing such 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 and is
continuing, 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) So long as not contrary to the then current recommendations of the American Institute of
Certified Public Accountants, the year-end financial statements delivered pursuant to Section 4.03
shall be accompanied by a written statement of the Company’s independent registered public
accounting firm (who shall be a firm of established national reputation) that in connection with
the audit for certification of such financial statements contained in such reports, nothing has
come to their attention that would lead them to believe that the Company has failed to comply with
any provisions of Article 4 or Article 5 hereof insofar as the provisions relate to accounting
matters or, if any such violation has occurred, specifying the nature and period of existence
thereof, it being understood that such accounting firm shall not be liable directly or indirectly
to any Person for any failure to obtain knowledge of any such violation.

          (c) The Company shall, so long as any of the Notes are outstanding, deliver to the Trustee,
forthwith upon any Officer becoming aware of any Default or Event of Default or an event which,
with notice or the lapse of time or both, would constitute an Event of Default, an 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, and shall cause each of its Subsidiaries
to pay, prior to delinquency, all material taxes, assessments, and governmental levies except such
as are contested in good faith and by appropriate proceedings or where the failure to effect such
payment is not adverse in any material respect to the Holders of the Notes.

          Section 4.06. Stay, Extension and Usury Laws. The Company covenants (to the extent
that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner
whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever
enacted, now or at any time hereafter in force, that may affect the covenants or the performance of
this Indenture; and the Company (to the extent that it may lawfully do so) hereby expressly waives
all benefit or advantage of any such law, and covenants that it shall not, by resort to any such
law, hinder, delay or impede the execution of any power herein granted to the Trustee, but

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shall suffer and permit the execution of every such power as though no such law has been
enacted.

          Section 4.07. Restricted Payments. The Company shall not, and shall not permit any of
its Restricted Subsidiaries to, directly or indirectly: (i) declare or pay any dividend or make any
other payment or distribution on account of any Equity Interests of the Company or any of its
Restricted Subsidiaries (including, without limitation, any payment in connection with any merger
or consolidation involving the Company or any of its Restricted Subsidiaries) or to the direct or
indirect holders of any Equity Interests of the Company or any of its Restricted Subsidiaries in
their capacity as such (other than dividends or distributions payable in Equity Interests (other
than Disqualified Stock) of the Company or to the Company or a Restricted Subsidiary of the
Company); (ii) purchase, redeem or otherwise acquire or retire for value (including, without
limitation, in connection with any merger or consolidation involving the Company) any Equity
Interests of the Company or any direct or indirect parent of the Company; (iii) make any payment on
or with respect to, or purchase, redeem, defease or otherwise acquire or retire for value any
Indebtedness that is subordinated to the Notes or the Subsidiary Guarantees, except a payment of
interest or principal at the Stated Maturity thereof; or (iv) make any Restricted Investment (all
such payments and other actions set forth in clauses (i) through (iv) above being collectively
referred to as “Restricted Payments”), unless, at the time of and after giving effect to such
Restricted Payment:

          (a) no Default or Event of Default shall have occurred and be continuing or would occur as a
consequence thereof; and

          (b) the Company would, at the time of such Restricted Payment and after giving pro forma
effect thereto as if such Restricted Payment had been made at the beginning of the applicable
four-quarter period, have been permitted to incur at least $1.00 of additional Indebtedness
pursuant to the Fixed Charge Coverage Ratio test set forth in the first paragraph of Section 4.09
hereof; and

          (c) such Restricted Payment, together with the aggregate amount of all other Restricted
Payments made by the Company and its Restricted Subsidiaries after the Issue Date (excluding
Restricted Payments permitted by clauses (ii), (iii), (iv) and (vi) of the next succeeding
paragraph) is less than, at the date of determination, the sum, without duplication, of (A) 50% of
the Consolidated Net Income of the Company for the period (taken as one accounting period) from the
beginning of the fiscal quarter in which the Notes are first issued to the end of the Company’s
most recently ended fiscal quarter for which internal financial statements are available at the
time of such Restricted Payment (or, if such Consolidated Net Income for such period is a deficit,
less 100% of such deficit), plus (B) 100% of the aggregate net cash proceeds (or the fair market
value of any Permitted Business or assets used or useful in a Permitted Business to the extent
acquired in consideration of Equity Interests (other than Disqualified Stock) of the Company)
received by the Company since the Issue Date as a contribution to its common equity capital or from
the issue or sale of Equity Interests of the Company (other than Disqualified Stock) or from the
issue or sale of convertible or exchangeable Disqualified Stock or convertible or exchangeable debt
securities of the Company that have been converted into or exchanged for such Equity Interests
(other than Equity Interests (or Disqualified Stock or debt securities) sold to a Subsidiary of the
Company), plus (C) to the

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extent that any Restricted Investment that was made after the Issue Date is sold for cash or
otherwise liquidated or repaid for cash, the lesser of (i) the cash return of capital with respect
to such Restricted Investment, including without limitation repayment of principal of any
Restricted Investment constituting a loan or advance (less the cost of disposition, if any) and
(ii) the initial amount of such Restricted Investment, plus (D) to the extent that any Unrestricted
Subsidiary of the Company is redesignated as a Restricted Subsidiary after the Issue Date, the
lesser of (i) the fair market value of the Company’s Investment in such Subsidiary as of the date
of such redesignation or (ii) the aggregate fair market value of the Company’s Investment in such
Subsidiary as of the date on which such Subsidiary was originally designated as an Unrestricted
Subsidiary and all Investments made by the Company or any Restricted Subsidiary in such
Unrestricted Subsidiary that were treated as Restricted Payments since such designation, in each
case as of the date of such Investment.

          The preceding provisions shall not prohibit: (i) the payment of any dividend or distribution
within 60 days after the date of declaration of the dividend or distribution, if at the date of
declaration the dividend payment or distribution within 60 days would have complied with the
provisions of this Indenture; (ii) the redemption, repurchase, retirement, defeasance or other
acquisition of any subordinated Indebtedness of the Company or any Guarantor or of any Equity
Interests of the Company or any of its Restricted Subsidiaries in exchange for, or out of the net
cash proceeds of the substantially concurrent sale (other than to a Subsidiary of the Company) of,
Equity Interests of the Company (other than Disqualified Stock); provided that the amount
of any such net cash proceeds that are utilized for any such redemption, repurchase, retirement,
defeasance or other acquisition shall be excluded from clause (c)(B) of the preceding paragraph;
(iii) the defeasance, redemption, repurchase or other acquisition of subordinated Indebtedness or
Disqualified Stock of the Company or any Guarantor with the net cash proceeds from an incurrence of
Permitted Refinancing Indebtedness; (iv) the payment of any dividend or distribution by a
Restricted Subsidiary of the Company to the holders of its Equity Interests on a pro rata basis;
(v) so long as no Default has occurred and is continuing or would be caused thereby, the
repurchase, redemption or other acquisition or retirement for value of any Equity Interests of the
Company or any Restricted Subsidiary of the Company held by any existing or former employee of the
Company (or any of its Restricted Subsidiaries) pursuant to any equity subscription agreement,
stock option agreement or similar agreement; provided that the aggregate price paid for all
such repurchased, redeemed, acquired or retired Equity Interests may not exceed $5.0 million in any
twelve-month period; (vi) so long as no Default has occurred and is continuing or would be caused
thereby, the declaration and payment of dividends to holders of any class or series of Disqualified
Stock of the Company issued in accordance with the terms of this Indenture to the extent such
dividends are included in the definition of “Fixed Charges”; (vii) the acquisition of Equity
Interests by the Company in connection with the exercise of stock options or stock appreciation
rights by way of cashless exercise or in connection with the satisfaction of withholding tax
obligations; and (viii) so long as no Default has occurred and is continuing or would be caused
thereby, other Restricted Payments in an aggregate amount since the Issue Date not to exceed
$25.0 million.

          The amount of all Restricted Payments (other than cash) will be the fair market value on the
date of the Restricted Payment of the asset(s) or securities proposed to be transferred or issued
by the Company or such Restricted Subsidiary, as the case may be, pursuant to the Restricted
Payment. The fair market value of any assets or securities that are required to be

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valued by this covenant will be determined in good faith by the Board of Directors, whose
resolution with respect thereto will be delivered to the Trustee. The Board of Directors’
determination must be based upon an opinion or appraisal issued by an accounting, appraisal or
investment banking firm of national standing if the fair market value exceeds $20.0 million. Not
later than the date of making any Restricted Payment, the Company will deliver to the Trustee an
Officers’ Certificate stating that such Restricted Payment is permitted and setting forth the basis
upon which the calculations required by this “Restricted Payments” covenant were computed, together
with a copy of any fairness opinion or appraisal required by this Indenture.

          The Board of Directors may designate any Restricted Subsidiary to be an Unrestricted
Subsidiary if that designation would not cause a Default. If a Restricted Subsidiary is designated
as an Unrestricted Subsidiary, the aggregate fair market value of all outstanding Investments owned
by the Company and its Restricted Subsidiaries in the Subsidiary properly designated will be deemed
to be an Investment made as of the time of the designation and will reduce the amount available for
Restricted Payments under the first or second paragraph of this Section 4.07, as determined by the
Company. That designation will only be permitted if the Investment would be permitted at that time
and if the Restricted Subsidiary otherwise meets the definition of an Unrestricted Subsidiary. The
Board of Directors may redesignate any Unrestricted Subsidiary to be a Restricted Subsidiary if the
redesignation would not cause a Default.

          Section 4.08. Dividend and Other Payment Restrictions Affecting Subsidiaries. The
Company shall not, and shall not permit any of its Restricted Subsidiaries to, directly or
indirectly, create or permit to exist or become effective any consensual encumbrance or restriction
on the ability of any Restricted Subsidiary to (i)(a) pay dividends or make any other distributions
on its Capital Stock to the Company or any of its Restricted Subsidiaries, or with respect to any
other interest or participation in, or measured by, its profits, or (b) pay any Indebtedness owed
to the Company or any of its Restricted Subsidiaries, (ii) make loans or advances to the Company or
any of its Restricted Subsidiaries or (iii) transfer any of its properties or assets to the Company
or any of its Restricted Subsidiaries. However, the preceding restrictions will not apply to
encumbrances or restrictions existing under or by reason of (1) agreements governing Existing
Indebtedness and Credit Facilities as in effect on the Issue Date and any amendments,
modifications, restatements, renewals, increases, supplements, refundings, replacements or
refinancings of those agreements, provided that such amendments, modifications,
restatements, renewals, increases, supplements, refundings, replacements or refinancings are no
more restrictive, taken as a whole, with respect to such dividend and other payment restrictions
than those contained in those agreements on the Issue Date, (2) this Indenture, the Notes and the
Subsidiary Guarantees; (3) applicable law or any applicable rule, regulation or order of any court
or governmental authority; (4) any instrument governing Indebtedness or Capital Stock of a Person
acquired by the Company or any of its Restricted Subsidiaries as in effect at the time of such
acquisition (except to the extent such Indebtedness or Capital Stock was incurred in connection
with or in contemplation of such acquisition), which encumbrance or restriction is not applicable
to any Person, or the properties or assets of any Person, other than the Person, or the property or
assets of the Person, so acquired; provided that, in the case of Indebtedness, such
Indebtedness was permitted by the terms of this Indenture to be incurred; (5) customary
non-assignment provisions in any contract or lease entered into in the ordinary course of business
and consistent with past practices; (6) purchase money obligations

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for property acquired in the ordinary course of business that impose restrictions on that
property of the nature described in clause (iii) of this Section 4.08; (7) any agreement for the
sale or other disposition of a Restricted Subsidiary that restricts distributions by that
Restricted Subsidiary pending its sale or other disposition; (8) Permitted Refinancing
Indebtedness; provided that the encumbrances or restrictions contained in the agreements
governing such Permitted Refinancing Indebtedness are no more restrictive, taken as a whole, than
those contained in the agreements governing the Indebtedness being refinanced; (9) Liens securing
Indebtedness otherwise permitted to be incurred under the provisions of Section 4.12 hereof that
limit the right of the debtor to dispose of the assets subject to such Liens; (10) provisions with
respect to the disposition or distribution of assets or property in joint venture agreements, asset
sale agreements, stock sale agreements and other similar agreements entered into in the ordinary
course of business; (11) restrictions on cash or other deposits or net worth imposed by customers
under contracts entered into in the ordinary course of business; and (12) secured Indebtedness
otherwise permitted to be incurred pursuant to the provisions of Section 4.12 hereof that limit the
right of the debtor to dispose of the assets securing the Indebtedness.

          Section 4.09. Incurrence of Indebtedness and Issuance of Preferred Stock. The Company
shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly,
create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable,
contingently or otherwise, with respect to (collectively, “incur”) any Indebtedness (including
Acquired Debt), and the Company shall not issue any Disqualified Stock and shall not permit any of
its Restricted Subsidiaries to issue any shares of preferred stock; provided,
however, that the Company and any Restricted Subsidiary may incur Indebtedness (including
Acquired Debt) and the Company may issue Disqualified Stock, if the Fixed Charge Coverage Ratio for
the Company’s most recently ended four full fiscal quarters for which internal financial statements
are available immediately preceding the date on which such additional Indebtedness is incurred or
such Disqualified Stock is issued would have been at least 2.0 to 1, determined on a pro forma
basis (including a pro forma application of the net proceeds therefrom), as if the additional
Indebtedness had been incurred or Disqualified Stock had been issued, as the case may be, at the
beginning of such four-quarter period.

          The first paragraph of this covenant will not prohibit the incurrence of any of the following
items of Indebtedness (collectively, “Permitted Debt”):

          (i) the incurrence by the Company and any Restricted Subsidiary of Indebtedness and
letters of credit under one or more Credit Facilities in an aggregate principal amount at
any one time outstanding under this clause (i) (with letters of credit being deemed to have
a principal amount equal to the maximum potential liability of the Company and its
Subsidiaries thereunder) not to exceed $200.0 million;

          (ii) the incurrence by the Company and its Restricted Subsidiaries of Existing
Indebtedness;

          (iii) the incurrence by the Company and the Guarantors of Indebtedness represented by
the Notes issued on the Issue Date and the Exchange Notes, including, in each case, the
related Subsidiary Guarantees to be issued pursuant to the registration

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rights agreement and Subsidiary Guarantees of any additional Notes that may be issued
in the future in accordance with this covenant;

          (iv) the incurrence by the Company and any of its Restricted Subsidiaries of
Indebtedness represented by Capital Lease Obligations, mortgage financings or purchase money
obligations, in each case, incurred for the purpose of financing all or any part of the
purchase price or cost of construction or improvement of property, plant or equipment used
in the business of the Company or such Restricted Subsidiary, in an aggregate principal
amount, including all Permitted Refinancing Indebtedness incurred to refund, refinance or
replace any Indebtedness incurred pursuant to this clause (iv), not to exceed $50.0 million
at any time outstanding;

          (v) the incurrence by the Company or any of its Restricted Subsidiaries of Permitted
Refinancing Indebtedness in exchange for, or the net proceeds of which are used to refund,
refinance or replace Indebtedness (other than intercompany Indebtedness) that was permitted
by this Indenture to be incurred under the first paragraph of this covenant or clauses (ii),
(iii), (v) or (xiv) of this paragraph;

          (vi) the incurrence by the Company or any of its Restricted Subsidiaries of
intercompany Indebtedness between or among the Company and any of its Restricted
Subsidiaries; provided that: (a) if the Company or any Guarantor is the obligor on
such Indebtedness, such Indebtedness must be expressly subordinated to the prior payment in
full in cash of all Obligations with respect to the Notes, in the case of the Company, or
the Subsidiary Guarantee, in the case of a Guarantor; and (b) (i) any subsequent issuance or
transfer of Equity Interests that results in any such Indebtedness being held by a Person
other than the Company or a Restricted Subsidiary of the Company and (ii) any sale or other
transfer of any such Indebtedness to a Person that is not either the Company or a Restricted
Subsidiary of the Company will be deemed, in each case, to constitute an incurrence of such
Indebtedness by the Company or a Restricted Subsidiary, as the case may be, that was not
permitted by this clause (vi);

          (vii) the incurrence by the Company or any of its Restricted Subsidiaries of Hedging
Obligations in the normal course of business and not for speculative purposes, designed to
protect the Company or its Restricted Subsidiary against fluctuations in interest rates or
currency exchange rates with respect to Indebtedness incurred or against fluctuations in the
price of commodities used by that entity at the time;

          (viii) the Guarantee by the Company or any of the Guarantors of Indebtedness of the
Company or any Restricted Subsidiary that was permitted to be incurred by another provision
of this covenant; provided that if the Indebtedness that is being Guaranteed is
subordinated in right of payment to the Notes or a Subsidiary Guarantee, then the Guarantee
of that Indebtedness by the Company or the Guarantor shall be subordinated in right of
payment to the Notes or the Guarantor’s Subsidiary Guarantee, as the case may be;

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          (ix) the accrual of interest, the accretion or amortization of original issue discount,
the payment of interest on any Indebtedness in the form of additional Indebtedness with the
same terms, and the payment of dividends on Disqualified Stock in the
form of additional shares of the same class of Disqualified Stock will not be deemed to be an incurrence of
Indebtedness or an issuance of Disqualified Stock for purposes of this covenant;
provided, in each such case, that the amount thereof is included in Fixed Charges of
the Company as accrued;

          (x) the incurrence by the Company’s Unrestricted Subsidiaries of Non-Recourse Debt;
provided that if any such Indebtedness ceases to be Non-Recourse Debt of an
Unrestricted Subsidiary, such event will be deemed to constitute an incurrence of
Indebtedness by a Restricted Subsidiary of the Company that was not permitted by this clause
(x);

          (xi) Indebtedness incurred in respect of workers’ compensation claims, self-insurance
obligations, bid, performance, surety and similar bonds and completion guarantees provided
by the Company or a Restricted Subsidiary in the ordinary course of business;

          (xii) Indebtedness arising from the honoring by a bank or other financial institution
of a check, draft or similar instrument (except in the case of daylight overdrafts) drawn
against insufficient funds in the ordinary course of business;
provided that such
Indebtedness is extinguished within five Business Days of incurrence;

          (xiii) Indebtedness represented by agreements of the Company or a Restricted Subsidiary
providing for indemnification, adjustment of purchase price or similar obligations, in each
case, incurred or assumed in connection with the disposition of any business, assets or
Capital Stock of the Company or any Restricted Subsidiary; provided that the maximum
aggregate liability in respect of all such Indebtedness shall at no time exceed the gross
proceeds actually received by the Company and its Restricted Subsidiaries in connection with
such disposition;

          (xiv) Indebtedness of a Restricted Subsidiary incurred and outstanding on the date on
which such Restricted Subsidiary was acquired by the Company (other than Indebtedness
incurred in connection with, or in contemplation of, such acquisition); provided
that at the time such Restricted Subsidiary is acquired by the Company, the Company would
have been able to incur $1.00 of additional Indebtedness pursuant to the first paragraph of
this covenant after giving effect to the incurrence of such Indebtedness pursuant to this
clause (xiv); and

          (xv) the incurrence by the Company or any of its Restricted Subsidiaries of additional
Indebtedness in an aggregate principal amount (or accreted value, as applicable) at any time
outstanding, including all Permitted Refinancing Indebtedness incurred to refund, refinance
or replace any Indebtedness incurred pursuant to this clause (xv), not to exceed
$40.0 million.

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          For purposes of determining compliance with this Section 4.09, if an item of Indebtedness
(including Acquired Debt) at any time meets the criteria of more than one of the categories of
Permitted Debt described in clauses (i) through (xv) above or is entitled to be incurred pursuant
to the first paragraph of this Section 4.09, the Company will be permitted to classify (and later
reclassify) in whole or in part, in its sole discretion such item of Indebtedness in any manner
that complies with this Section 4.09.

          For purposes of determining compliance with any U.S. dollar-denominated restriction on the
incurrence of Indebtedness, the U.S. dollar-equivalent principal amount of Indebtedness denominated
in a foreign currency will be calculated based on the relevant currency exchange rate in effect on
the date such Indebtedness was incurred, in the case of term Indebtedness, or first committed, in
the case of revolving credit Indebtedness; provided that if such Indebtedness is incurred
to refinance other Indebtedness denominated in the same foreign currency, and such refinancing
would cause the applicable U.S. dollar-denominated restriction to be exceeded if calculated at the
relevant currency exchange rate in effect on the date of such refinancing, the U.S.
dollar-denominated restriction will be deemed not to have been exceeded so long as the principal
amount of the refinancing Indebtedness does not exceed the principal amount of the Indebtedness
being refinanced. Notwithstanding any other provision of this Section 4.09, the maximum amount of
Indebtedness that the Company may incur pursuant to this covenant will not be deemed to be exceeded
solely as a result of fluctuations in the exchange rate of currencies.

          Section 4.10. Asset Sales. The Company shall not, and shall not permit any of its
Restricted Subsidiaries to consummate an Asset Sale unless (i) the Company (or the Restricted
Subsidiary, as the case may be) receives consideration at the time of such Asset Sale at least
equal to the fair market value of the assets or Equity Interests issued or sold or otherwise
disposed of; (ii) the fair market value is determined by (a) an executive officer of the Company if
the value is less than $20.0 million and evidenced by an Officer’s Certificate delivered to the
Trustee or (b) the Company’s Board of Directors if the value is $20.0 million or more and evidenced
by a resolution of such Board of Directors delivered to the Trustee; and (iii) at least 75% of the
consideration received in the Asset Sale by the Company or such Restricted Subsidiary is in the
form of cash or Cash Equivalents or any combination thereof. For purposes of this Section 4.10
each of the following shall be deemed to be cash: (a) any liabilities (as shown on the Company’s or
such Restricted Subsidiary’s most recent balance sheet) of the Company or any Restricted Subsidiary
(other than contingent liabilities and liabilities that are by their terms subordinated to the
Notes or any Subsidiary Guarantee) that are assumed by the transferee of any such assets pursuant
to a customary novation agreement that releases the Company or such Restricted Subsidiary from
further liability and (b) any securities, notes or other obligations received by the Company or
such Restricted Subsidiary from such transferee that are converted by the Company or such
Restricted Subsidiary into cash or Cash Equivalents within 180 days following the closing of such
Asset Sale, to the extent of the cash or Cash Equivalents received in that conversion.

          Within 365 days after the receipt of any Net Proceeds from an Asset Sale, the Company may
apply such Net Proceeds at its option (i) to repay, repurchase, redeem, defease or otherwise
acquire or retire Senior Debt of the Company or any Indebtedness of a Restricted Subsidiary; (ii)
to acquire all or substantially all of the assets of, or a majority of the Voting

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Stock of, another Permitted Business; (iii) to make a capital expenditure in a Permitted
Business; or (iv) to acquire other long-term assets that are used or useful in a Permitted
Business. Pending the final application of any such Net Proceeds, the Company may temporarily
reduce revolving credit borrowings or otherwise invest such Net Proceeds in any manner that is not
prohibited by this Indenture.

          Any Net Proceeds from Asset Sales that are not applied or invested as provided in the
preceding paragraph will constitute “Excess Proceeds.” When the aggregate amount of Excess Proceeds
exceeds $20.0 million, the Company will be required to make an offer (an “Asset Sale Offer”) to all
Holders and to the extent required, to all holders of other Indebtedness of the Company that is
pari passu with the Notes containing provisions similar to those set forth in this Indenture with
respect to offers to purchase or redeem with the proceeds of sales of assets, to purchase the
maximum principal amount of Notes (in integral multiples of $1,000) and such other pari passu
Indebtedness of the Company that may be purchased out of the Excess Proceeds. The offer price in
any Asset Sale Offer will be equal to 100% of the principal amount of Notes and other pari passu
Indebtedness to be purchased or the lesser amount required under agreements governing such other
pari passu Indebtedness, plus accrued and unpaid interest and Additional Interest, if any, to the
date of purchase, and will be payable in cash. If any Excess Proceeds remain after consummation of
an Asset Sale Offer, the Company may use those Excess Proceeds for any purpose not otherwise
prohibited by this Indenture. If the aggregate principal amount of Notes and other pari passu
Indebtedness tendered into such Asset Sale Offer exceeds the amount of Excess Proceeds, the Trustee
will select the Notes and such other pari passu Indebtedness to be purchased on a pro rata basis.
Upon completion of each Asset Sale Offer, the amount of Excess Proceeds will be reset at zero.

          The Company will comply with the requirements of Rule 14e-1 under the Exchange Act and any
other securities laws and regulations thereunder to the extent such laws and regulations are
applicable in connection with the repurchase of Notes pursuant to an Asset Sale Offer. To the
extent that the provisions of any securities laws or regulations conflict with provisions of this
covenant, the Company will comply with the applicable securities laws and regulations and will not
be deemed to have breached its obligations under this covenant by virtue of such conflict.

          Section 4.11. Transactions with Affiliates. The Company shall not, and shall not
permit any of its Restricted Subsidiaries to, make any payment to, or sell, lease, transfer or
otherwise dispose of any of its properties or assets to, or purchase any property or assets from,
or enter into or make or amend any transaction, contract, agreement, understanding, loan, advance
or guarantee with, or for the benefit of, any Affiliate (each, an “Affiliate Transaction”), unless
(i) such Affiliate Transaction is on terms that are no less favorable to the Company or the
relevant Restricted Subsidiary than those that would have been obtained in a comparable transaction
by the Company or such Restricted Subsidiary with an unrelated Person and (ii) the Company delivers
to the Trustee (a) with respect to any Affiliate Transaction or series of related Affiliate
Transactions involving aggregate consideration in excess of $10.0 million, a resolution of the
Board of Directors of the Company set forth in an Officers’ Certificate certifying that such
Affiliate Transaction complies with this Section 4.11 and that such Affiliate Transaction has been
approved by a majority of the disinterested members of the Board of Directors of the Company and
(b) with respect to any Affiliate Transaction or series of related Affiliate

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Transactions involving aggregate consideration in excess of $20.0 million, an opinion issued
by an accounting, appraisal or investment banking firm of national standing as to the fairness to
the Holders of such Affiliate Transaction from a financial point of view or that the terms of the
Affiliate Transaction are no less favorable to the Company or the relevant Restricted Subsidiary
than terms that would have been obtained in a comparable transaction with an unrelated person or
entity. Notwithstanding the foregoing, the following items shall not be deemed to be Affiliate
Transactions: (i) any employment agreement entered into by the Company or any of its Restricted
Subsidiaries in the ordinary course of business and consistent with past practices, (ii)
transactions between or among the Company and/or its Restricted Subsidiaries, (iii) transactions
with a Person that is an Affiliate of the Company solely because the Company owns an Equity
Interest in, or controls, such Person, (iv) payment of reasonable directors fees to Persons who are
not otherwise Affiliates of the Company, (v) sales of Equity Interests (other than Disqualified
Stock) to Affiliates of the Company, (vi) Restricted Payments that are permitted by Section 4.07
hereof, (vii) any issuance of securities, or other payments, awards or grants in cash, securities
or otherwise pursuant to, or the funding of, employment arrangements or stock option or stock
ownership plans approved by the Board of Directors, (viii) loans or advances to employees in the
ordinary course of business and consistent with past practices, but in any event not to exceed $2.0
million in the aggregate outstanding at any one time, (ix) indemnification agreements with, and
payments made, to officers, directors and employees of the Company or any of its Restricted
Subsidiaries pursuant to charter, bylaw, statutory or contractual provisions, and (x) the
performance of obligations of the Company or any of its Restricted Subsidiaries under the terms of
any agreement to which the Company or any of its Restricted Subsidiaries is a party as of or on the
Issue Date, and any amendments, modifications, supplements, extensions or renewals of those
agreements; provided that the amendments, modifications, supplements, extensions or renewals are no
more disadvantageous, taken as a whole, to the Holders of the Notes than the terms of the
agreements in effect on the Issue Date.

          Section 4.12. Liens. The Company shall not, and shall not permit any of its
Restricted Subsidiaries to, create, incur, assume or otherwise cause or suffer to exist or become
effective any Lien of any kind (other than Permitted Liens) securing Indebtedness, Attributable
Debt or trade payables upon any of their property or assets, now owned or hereafter acquired, or
any income or profits therefrom or assign or convey any right to receive income therefrom, unless
all payments due under this Indenture and the Notes are secured on an equal and ratable basis (or
on a senior basis to, in the case of obligations subordinated in right of payment to the Notes or
Subsidiary Guarantee, as the case may be) with the obligations so secured until such time as such
obligations are no longer secured by a Lien.

          Section 4.13. Line of Business. The Company shall not, and shall not permit any
Restricted Subsidiary to, engage in any business other than Permitted Businesses, except to such
extent that the activity would not be material to the Company and its Subsidiaries taken as a
whole.

          Section 4.14. Corporate Existence. Subject to Article 5 hereof, the Company shall do
or cause to be done all things necessary to preserve and keep in full force and effect (i) its
corporate existence, and the corporate, partnership or other existence of each of its Subsidiaries,
in accordance with the respective organizational documents (as the same may be amended from time to
time) of the Company or any such Subsidiary and (ii) the rights (charter

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and statutory), licenses and franchises of the Company and its Subsidiaries; provided,
however, that the Company shall not be required to preserve any such right, license or
franchise, or the corporate, partnership or other existence of any of its Subsidiaries, if the
Board of Directors of the Company or such Subsidiary, as applicable, shall determine that the
preservation thereof is no longer desirable in the conduct of the business of the Company and its
Subsidiaries, taken as a whole, and that the loss thereof is not adverse in any material respect to
the Holders of the Notes.

          Section 4.15. Offer to Repurchase Upon Change of Control. (a) Upon the occurrence of
a Change of Control, the Company shall make an offer (a “Change of Control Offer”) to each Holder
of Notes to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess
thereof) of such Holder’s Notes at an offer price in cash equal to 101% of the aggregate principal
amount thereof plus accrued and unpaid interest and Additional Interest, if any, thereon, to the
date of purchase (the “Change of Control Payment”). Within 30 days following any Change of
Control, the Company shall mail a notice to each Holder stating: (1) that the Change of Control
Offer is being made pursuant to this Section 4.15 and that all Notes tendered will be accepted for
payment; (2) the purchase price and the purchase date, which shall be no earlier than 30 days and
no later than 60 days from the date such notice is mailed (the “Change of Control Payment Date”);
(3) that any Note not tendered will continue to accrue interest; (4) that, unless the Company
defaults in the payment of the Change of Control Payment, all Notes accepted for payment pursuant
to the Change of Control Offer shall cease to accrue interest after the Change of Control Payment
Date; (5) that Holders electing to have any Notes purchased pursuant to a Change of Control Offer
will be required to surrender the Notes, with the form entitled “Option of Holder to Elect
Purchase” on the reverse of the Notes completed, to the Paying Agent at the address specified in
the notice prior to the close of business on the third Business Day preceding the Change of Control
Payment Date; (6) that Holders will be entitled to withdraw their election if the Paying Agent
receives, not later than the close of business on the second Business Day preceding the Change of
Control Payment Date, a facsimile transmission or letter setting forth the name of the Holder, the
principal amount of Notes delivered for purchase, and a statement that such Holder is withdrawing
his election to have the Notes purchased; and (7) that Holders whose Notes are being purchased only
in part will be issued new Notes equal in principal amount to the unpurchased portion of the Notes
surrendered, which unpurchased portion must be equal to $2,000 in principal amount or an integral
multiple of $1,000 in excess thereof. The Company will comply with the requirements of Rule 14e-1
under the Exchange Act and any other securities laws and regulations thereunder to the extent such
laws and regulations are applicable in connection with the repurchase of Notes as a result of a
Change of Control.

          (b) On the Change of Control Payment Date, the Company will, to the extent lawful, (1) accept
for payment all Notes or portions thereof properly tendered pursuant to the Change of Control
Offer, (2) deposit with the Paying Agent an amount equal to the Change of Control Payment in
respect of all Notes or portions thereof so tendered and (3) deliver or cause to be delivered to
the Trustee the Notes so accepted together with an Officers’ Certificate stating the aggregate
principal amount of Notes or portions thereof being purchased by the Company. The Paying Agent
will promptly mail to each Holder of Notes so tendered the Change of Control Payment for such
Notes, and the Trustee will promptly authenticate and mail (or cause to be transferred by book
entry) to each Holder a new Note equal in principal amount to any unpurchased portion of the Notes
surrendered, if any; provided that each such new Note will be in a principal amount of
$2,000 or an integral multiple of $1,000 in excess thereof. The

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Company will publicly announce the results of the Change of Control Offer on or as soon as
practicable after the Change of Control Payment Date.

          If the Change of Control Payment Date is on or after a Regular Record Date and on or before
the related Interest Payment Date, any accrued and unpaid interest will be paid to the Person in
whose name a Note is registered at the close of business on such Regular Record Date, and no
additional interest will be payable to Holders who tender in the Change of Control Offer.

          The Company shall fix the Change of Control Payment Date no earlier than 30 days and no later
than 60 days after the Change of Control Offer is mailed as set forth above. Prior to complying
with the provisions of the preceding sentence, but in any event within 90 days following a Change
of Control, the Company shall either repay all of its and its Subsidiaries’ outstanding
Indebtedness or obtain the requisite consents, if any, under all agreements governing all such
outstanding Indebtedness to the extent necessary to permit the repurchase of Notes required by this
Section 4.15.

          Notwithstanding the foregoing, the Company shall not be required to make a Change of Control
Offer upon a Change of Control if a third party makes the Change of Control Offer in the manner, at
the times and otherwise in compliance with the requirements set forth in this Section 4.15 and
purchases all Notes validly tendered and not withdrawn under such Change of Control Offer.

          To the extent that the provisions of any securities laws or regulations conflict with
provisions of this Section 4.15, the Company will comply with the applicable securities laws and
regulations and will not be deemed to have breached its obligations under this Section 4.15, by
virtue thereof.

          Section 4.16. Limitation on Sale and Leaseback Transactions. The Company shall not,
and shall not permit any of its Restricted Subsidiaries to, enter into any sale and leaseback
transaction; provided that the Company or any Restricted Subsidiary may enter into a sale
and leaseback transaction if (i) the Company or that Restricted Subsidiary, as applicable, could
have (a) incurred Indebtedness in an amount equal to the Attributable Debt relating to such sale
and leaseback transaction pursuant to Section 4.09 hereof and (b) incurred a Lien to secure such
Indebtedness pursuant to Section 4.12 hereof, (ii) the gross cash proceeds of such sale and
leaseback transaction are at least equal to the fair market value (as determined in good faith by
the Board of Directors and set forth in an Officers’ Certificate delivered to the Trustee) of the
property that is the subject of such sale and leaseback transaction and (iii) the transfer of
assets in such sale and leaseback transaction is permitted by, and the Company or such Restricted
Subsidiary applies the proceeds of such transaction in compliance with, Section 4.10 hereof.

          Section 4.17. Payments for Consent. The Company shall not, and shall not permit any
of its Subsidiaries to, directly or indirectly, pay or cause to be paid any consideration to or for
the benefit of any Holder of Notes for or as an inducement to any consent, waiver or amendment of
any of the terms or provisions of this Indenture or the Notes unless such consideration is offered
to be paid and is paid to all Holders of Notes that consent, waive or

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agree to amend in the time frame set forth in the solicitation documents relating to such
consent, waiver or agreement.

          Section 4.18. Subsidiary Guarantees of Certain Indebtedness. No Restricted Subsidiary
of the Company may guarantee any Indebtedness of the Company, including Indebtedness under any
Credit Facility, unless such Restricted Subsidiary becomes a New Guarantor in accordance with
Section 11.05 of this Agreement.

ARTICLE V

SUCCESSORS

          Section 5.01. Merger, Consolidation, or Sale of Assets. The Company shall not,
directly or indirectly consolidate or merge with or into another Person (whether or not the Company
is the surviving corporation) or sell, assign, transfer, convey or otherwise dispose of all or
substantially all of the properties or assets of the Company and its Restricted Subsidiaries taken
as a whole, in one or more related transactions, to another Person unless (i) either (a) the
Company is the surviving corporation; or (b) the Person formed by or surviving any such
consolidation or merger (if other than the Company) or to which such sale, assignment, transfer,
conveyance or other disposition has been made is a corporation organized or existing under the laws
of the United States, any state of the United States or the District of Columbia; (ii) 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, conveyance or other disposition has been made assumes all
the obligations of the Company under the Notes, this Indenture and the Registration Rights
Agreement pursuant to agreements reasonably satisfactory to the Trustee; (iii) immediately after
such transaction no Default exists; and (iv) immediately after such transaction after giving pro
forma effect thereto and any related financing transactions as if the same had occurred at the
beginning of the applicable four-quarter period, either the Company or the Person formed by or
surviving any such consolidation or merger (if other than the Company), or to which such sale,
assignment, transfer, conveyance or other disposition has been made would be permitted to incur at
least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage Ratio test set forth
in the first paragraph of Section 4.09 hereof or the Fixed Charge Coverage Ratio of the Company or
the surviving Person, as applicable, or of the Person to which such sale, assignment, transfer,
conveyance or other disposition has been made, would not be less than the Fixed Charge Coverage
Ratio of the Company immediately prior to the transaction.

          In addition, the Company may not, directly or indirectly, lease all or substantially all of
its properties or assets, in one or more related transactions, to any other Person.

          Notwithstanding the preceding clause (iv), (a) any Restricted Subsidiary of the Company may
consolidate with, merge into or sell, assign, transfer or convey all or part of its properties and
assets to the Company and (b) the Company may merge with an Affiliate that has no significant
assets or liabilities and was formed solely for the purpose of changing the jurisdiction of
organization of the Company to another state of the United States so long as the amount of the
Company’s Indebtedness and the Indebtedness of the Restricted Subsidiaries is not increased
thereby.

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          Section 5.02. Successor Corporation Substituted. Upon any consolidation or merger, or
any sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all
of the assets of the Company in accordance with Section 5.01 hereof, the Person formed by such
consolidation or into or with which the Company is merged or to which such sale, assignment,
transfer, lease, 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, lease, conveyance or other
disposition, the provisions of this Indenture referring to the “Company” shall refer instead to
such 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 Person had been named as the Company herein;
provided, however, that the Company shall not be relieved from the obligation to
pay the principal of and interest on the Notes except in the case of a sale of all of the Company’s
assets that meets the requirements of Section 5.01 hereof.

ARTICLE VI

DEFAULTS AND REMEDIES

          Section 6.01. Events of Default. Each of the following is an “Event of Default”:

          (a) default for 30 days in the payment when due of interest on, or Additional Interest with
respect to, the Notes;

          (b) default in payment when due of the principal of, or premium, if any, on the Notes;

          (c) failure by the Company or any of its Restricted Subsidiaries to comply with the provisions
of Section 4.15 or Section 5.01 hereof;

          (d) failure by the Company or any of its Restricted Subsidiaries for 30 days after notice to
comply with the provisions of Sections 4.07, 4.09 or 4.10 hereof;

          (e) failure by the Company or any of its Restricted Subsidiaries for 60 days after notice to
comply with any of the other agreements in this Indenture;

          (f) default under any mortgage, indenture or instrument under which there may be issued or by
which there may be secured or evidenced any Indebtedness for money borrowed by the Company or any
of its Restricted Subsidiaries (or the payment of which is guaranteed by the Company or any of its
Restricted Subsidiaries) whether such Indebtedness or guarantee now exists, or is created after the
Issue Date, if that default (i) is caused by a failure to pay principal of, or interest or premium,
if any, on such Indebtedness prior to the expiration of the grace period provided in such
Indebtedness on the date of such default (a “Payment Default”); or (ii) results in the acceleration
of such Indebtedness prior to its Stated Maturity, and, in each case, the principal amount of any
such Indebtedness, together with the principal amount of any other such Indebtedness under which
there has been a Payment Default or the maturity of which has been so accelerated, aggregates
$25.0 million or more;

          (g) failure by the Company or any of its Subsidiaries to pay final judgments aggregating in
excess of $25.0 million, which judgments are not paid, discharged or stayed for a period of
60 days;

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          (h) except as permitted by this Indenture, any Subsidiary Guarantee shall be held in any
judicial proceeding to be unenforceable or invalid or shall cease for any reason (other than in
accordance with the terms of that Guarantee and this Indenture) to be in full force and effect or
any Guarantor, or any Person acting on behalf of any Guarantor, shall deny or disaffirm its
obligations under its Subsidiary Guarantee;

          (i) the Company, pursuant to or within the meaning of Bankruptcy Law:

          (i) commences a voluntary case,

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

          (iii) consents to the appointment of any receiver, trustee, assignee, liquidator,
sequestrator, custodian or similar official of the Company under any Bankruptcy Law or for
all or substantially all of its property,

          (iv) makes a general assignment for the benefit of its creditors, or

          (v) generally is not paying its debts as they become due; and

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

          (i) is for relief in an involuntary case against the Company or any Restricted
Subsidiary that constitutes a Significant Subsidiary or any group of Restricted Subsidiaries
that, taken as a whole, would constitute a Significant Subsidiary;

          (ii) appoints any receiver, trustee, assignee, liquidator, sequestrator, custodian or
similar official of the Company under any Bankruptcy Law or any Restricted Subsidiary that
constitutes a Significant Subsidiary or any group of Restricted Subsidiaries that, taken as
a whole, would constitute a Significant Subsidiary, for all or substantially all of the
property of the Company or any such Restricted Subsidiary; or

          (iii) orders the liquidation of the Company or any Restricted Subsidiary that
constitutes a Significant Subsidiary or any group of Restricted Subsidiaries that, taken as
a whole, would constitute a Significant Subsidiary;

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

          Section 6.02. Acceleration. If any Event of Default (other than an Event of Default
specified in clause (i) or (j) of Section 6.01 hereof) with respect to the Company occurs and is
continuing, either the Trustee or the Holders of at least 25% in principal amount of the then
outstanding Notes may declare all the Notes to be due and payable immediately. Upon any such
declaration, the Notes shall become due and payable immediately. Notwithstanding the foregoing, if
an Event of Default specified in clause (i) or (j) of Section 6.01 hereof occurs with respect to
the Company all outstanding Notes shall become due and payable without further action or notice.
The Holders of a majority in aggregate principal amount of the then

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outstanding Notes by notice to the Trustee may on behalf of all of the Holders rescind an
acceleration and its consequences, if the rescission would not conflict with any judgment or decree
and if all existing Events of Default have been cured or waived.

          Section 6.03. Other Remedies. If an Event of Default occurs and is continuing, the
Trustee may pursue any available remedy to collect the payment of principal, premium and Additional
Interest, if any, and interest on the Notes or to enforce the performance of any provision of the
Notes or this Indenture.

          The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not
produce any of them in the proceeding. A delay or omission by the Trustee or any Holder of a Note
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. Holders of not less than a majority in
aggregate principal amount of the then outstanding Notes by notice to the Trustee may on behalf of
the Holders of all of the Notes waive any existing Default or Event of Default and its consequences
hereunder, except a continuing Default or Event of Default in the payment of the principal of,
premium and Additional Interest, if any, or interest on, the Notes (including in connection with an
offer to purchase) (provided, however, that the Holders of a majority in aggregate
principal amount of the then outstanding Notes may rescind an acceleration and its consequences,
including any related payment default that resulted from such acceleration). Upon any such waiver,
such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to
have been cured for every purpose of this Indenture; but no such waiver shall extend to any
subsequent or other Default or impair any right consequent thereon.

          Section 6.05. Control by Majority. Holders of a majority in principal amount of the
then outstanding Notes may direct the time, method and place of conducting any proceeding for
exercising any remedy 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 or that may
involve the Trustee in personal liability.

          Section 6.06. Limitation on Suits. A Holder of a Note may pursue a remedy with
respect to this Indenture or the Notes only if:

          (a) the Holder of a Note gives to the Trustee written notice of a continuing Event of Default;

          (b) the Holders of at least 25% in aggregate principal amount of the then outstanding Notes
make a written request to the Trustee to pursue the remedy;

          (c) such Holder of a Note or Holders of Notes offer and, if requested, provide to the Trustee
indemnity satisfactory to the Trustee against any loss, liability or expense;

          (d) 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

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          (e) during such 60-day period the Holders of a majority in aggregate principal amount of the
then outstanding Notes do not give the Trustee a direction inconsistent with the request.

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

          Section 6.07. Rights of Holders to Receive Payment. Notwithstanding any other
provision of this Indenture, the right of any Holder of a Note to receive payment of principal,
premium and Additional Interest, if any, and interest on the Note, on or after the respective due
dates expressed in the Note (including in connection with an offer to purchase), or to bring suit
for the enforcement of any such payment on or after such respective dates, shall not be impaired or
affected without the consent of such Holder.

          Section 6.08. Collection Suit by Trustee. If an Event of Default specified in Section
6.01(a) or (b) hereof occurs and is continuing, the Trustee is authorized to recover judgment in
its own name and as trustee of an express trust against the Company for the whole amount of
principal of, premium on and Additional Interest, if any, and interest remaining unpaid on the
Notes and interest on overdue principal and, to the extent lawful, interest and such further amount
as shall be sufficient to cover the costs and expenses of collection, including the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel.

          Section 6.09. Trustee May File Proofs of Claim. The Trustee is authorized to 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 the Holders of the Notes
allowed in any judicial proceedings relative to the Company (or any other obligor upon the Notes),
its creditors or its property and shall be entitled 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 proceeding is hereby authorized by each Holder to make such payments to the
Trustee, and if 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 agents and counsel, and any other amounts due the Trustee under
Section 7.07 hereof. To the extent that the payment of any such compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the
Trustee under Section 7.07 hereof out of the estate in any such proceeding, shall be denied for any
reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and all
distributions, dividends, money, securities and other properties that the Holders may be entitled
to receive in such proceeding whether in liquidation or under any plan of reorganization or
arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to
authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization,
arrangement, adjustment or composition affecting the Notes or the rights of any Holder, or to
authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding.

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

          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;

          Second: to Holders for amounts due and unpaid on the Notes for principal, premium, if any, and
interest, ratably, without preference or priority of any kind, according to the amounts due and
payable on the Notes for principal, premium, if any, and interest, respectively; and

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

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

          Section 6.11. Undertaking for Costs. In any suit for the enforcement of any right or
remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by
it as a Trustee, a court in its discretion may require the filing by any party litigant in the suit
of an undertaking to pay the costs of the suit, and the court in its discretion may assess
reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in
the suit, having due regard to the merits and good faith of the claims or defenses made by the
party litigant. This Section does not apply to a suit by the Trustee, a suit by a Holder of a Note
pursuant to Section 6.07 hereof, or a suit by Holders of more than 10% in principal amount of the
then outstanding Notes.

ARTICLE VII

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
its 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:

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

          (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

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to the requirements of this Indenture. However, the Trustee shall examine the
certificates and opinions which by any provision hereof are specifically required to be
furnished to the Trustee to determine whether or not they substantially 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, 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 shall be under no obligation to exercise any of its rights and
powers under this Indenture at the request of any Holders, unless such Holder shall have offered to
the Trustee 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. Money held in trust by the Trustee need not be
segregated from other funds except to the extent required by law.

          Section 7.02. Rights of Trustee.

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

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

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

          (d) The Trustee shall not be liable for any action it takes or omits to take in good faith
that it believes to be authorized or within the rights or powers conferred upon it by this
Indenture.

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

          (g) The Trustee shall not be bound to make any investigation into the facts or matters stated
in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction,
consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document,
but the Trustee, in its discretion, may make such further inquiry or investigation into such facts
or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or
investigation, it shall be entitled to examine the books, records and premises of the Company,
personally or by agent or attorney at the sole cost of the Company and shall incur no liability or
additional liability of any kind by reason of such inquiry or investigation.

          (h) The Trustee shall not be deemed to have notice of any Default or Event of Default unless a
Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any
event which is in fact such a default is received by the Trustee at the Corporate Trust Office of
the Trustee, and such notice references the Notes and this Indenture.

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

          (j) The Trustee may request that the Company deliver an Officers’ Certificate setting forth
the names of individuals and/or titles of officers authorized at such time to take specific actions
pursuant to this Indenture, which Officers’ Certificate may be signed by any person authorized to
sign an Officers’ Certificate, including any person specified as so authorized in any such
certificates.

          (k) Except in connection with Section 310 or 311 of the TIA, the Trustee will only be charged
with knowledge of its officers assigned to administer corporate trust matters or to whom any matter
concerning the Indenture may be referred.

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          Section 7.03. Individual Rights of Trustee. The Trustee in its individual or any
other capacity may become the owner or pledgee of Notes and may otherwise deal with the Company or
any Affiliate of the Company with the same rights it would have if it were not Trustee. However,
if the Trustee acquires any conflicting interest it must eliminate such conflict within 90 days,
apply to the SEC for permission to continue as trustee or resign. Any Agent may do the same with
like rights and duties. The Trustee is also subject to Sections 7.10 and 7.11 hereof.

          Section 7.04. Trustee’s Disclaimer. The Trustee shall not be responsible for and
makes no representation as to the validity or adequacy of this Indenture or the Notes, it shall not
be accountable for the Company’s use of the proceeds from the Notes or any money paid to the
Company or upon the Company’s direction under any provision of this Indenture, it shall not be
responsible for the use or application of any money received by any Paying Agent other than the
Trustee, and it shall not be responsible for any statement or recital herein or any statement in
the Notes or any other document in connection with the sale of the Notes or pursuant to this
Indenture other than its certificate of authentication.

          Section 7.05. Notice of Defaults. If a Default or Event of Default occurs and is
continuing and if it is actually known to a Responsible Officer of the Trustee, the Trustee shall
mail to Holders 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 of principal of, premium on, or Additional
Interest, if any, or interest on any Note, the Trustee may withhold the notice if and so long as a
committee of its Responsible Officers in good faith determines that withholding the notice is in
the interests of the Holders of the Notes.

          Section 7.06. Reports by Trustee to Holders of the Notes. Within 60 days after each
December 31 beginning with the December 31 following the date of this Indenture, and for so long as
Notes remain outstanding, the Trustee shall mail to the Holders of the Notes a brief report dated
as of such reporting date that complies with TIA § 313(a) (but if no event described in TIA
§ 313(a) has occurred within the twelve months preceding the reporting date, no report need be
transmitted). The Trustee also shall comply with TIA § 313(b)(2). The Trustee shall also transmit
by mail all reports as required by TIA § 313(c).

          A copy of each report at the time of its mailing to the Holders shall be mailed to the Company
and filed with the SEC and each stock exchange on which the Notes are listed, if any, in accordance
with TIA § 313(d). The Company shall promptly notify the Trustee if the Notes are listed on any
stock exchange or delisted therefrom.

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

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          The Company shall indemnify each of the Trustee or any predecessor Trustee and their agents
for, and hold them harmless against any and all losses, liabilities, damages, claims or expenses
including reasonable attorneys’ fees and expenses and taxes (other than taxes based upon, measured
by or determined by the income of the Trustee) incurred by it arising out of or in connection with
the acceptance or administration of its duties under this Indenture, including the costs and
expenses of enforcing this Indenture against the Company (including this Section 7.07) and
defending itself against any claim (whether asserted by the Company or any Holder or any other
person) or liability in connection with the exercise or performance of any of its powers or duties
hereunder, except to the extent any such loss, liability or expense shall have been caused by its
own negligence or bad faith. The Trustee shall notify the Company promptly of any claim of which a
Responsible Officer receives written notice for which it may seek indemnity. Failure by the
Trustee to so notify the Company shall not relieve the Company of its obligations hereunder. 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, which consent shall not be
unreasonably withheld.

          The obligations of the Company under this Section 7.07 shall survive the satisfaction and
discharge of this Indenture and the resignation or removal of the Trustee.

          To secure the Company’s payment obligations in this Section, the Trustee shall have a Lien
prior to the Notes on all money or property held or collected by the Trustee, except that held in
trust to pay principal and interest on particular Notes. Such Lien shall survive the satisfaction
and discharge of this Indenture.

          When the Trustee incurs expenses or renders services after an Event of Default specified in
Section 6.01(i) or (j) hereof occurs, the expenses and the compensation for the services (including
the fees and expenses of its agents and counsel) are intended to constitute expenses of
administration under any Bankruptcy Law.

          The Trustee shall comply with the provisions of TIA § 313(b)(2) to the extent applicable.

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

          The Trustee may resign in writing at any time and be discharged from the trust hereby created
by so notifying the Company. The Holders of a majority in principal amount of the then outstanding
Notes may remove the Trustee by so notifying the Trustee and the Company in writing. The Company
may remove the Trustee if:

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

          (b) the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with
respect to the Trustee under any Bankruptcy Law;

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          (c) a receiver, trustee, assignee, liquidator, sequestrator, custodian or similar officer of
the Company under any Bankruptcy Law or public officer takes charge of the Trustee or its property;
or

          (d) the Trustee becomes incapable of acting.

          If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any
reason, the Company shall promptly appoint a successor Trustee. Within one year after the
successor Trustee takes office, the Holders of a majority in principal amount of the then
outstanding Notes may appoint a successor Trustee to replace the successor Trustee appointed by the
Company.

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

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

          A successor Trustee shall deliver a written acceptance of its appointment to the retiring
Trustee and to the Company. Thereupon, the resignation or removal of the retiring Trustee shall
become effective, and the successor Trustee shall have all the rights, powers and duties of the
Trustee under this Indenture. The successor Trustee shall mail a notice of its succession to
Holders of the Notes. The retiring Trustee shall promptly transfer all property held by it as
Trustee to the successor Trustee, provided all sums owing to the Trustee hereunder have been paid
and subject to the Lien provided for in Section 7.07 hereof. 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.

          Section 7.09. Successor Trustee by Merger, etc. If the Trustee consolidates, merges
or converts into, or transfers all or substantially all of its corporate trust business to, another
corporation that is eligible under Section 7.10, the successor corporation without any further act
shall be the successor Trustee.

          Section 7.10. Eligibility; Disqualification. There shall at all times be a Trustee
hereunder that is a corporation, bank or banking association organized and doing business under the
laws of the United States of America or of any state thereof that is authorized under such laws to
exercise corporate trustee power, that is subject to supervision or examination by federal or state
authorities and that has a combined capital and surplus of at least $100 million as set forth in
its most recent published annual report of condition.

          This Indenture shall always have a Trustee who satisfies the requirements of TIA § 310(a)(1),
(2) and (5). The Trustee is subject to TIA § 310(b). In determining whether the Trustee has a
conflicting interest as defined in Section 310(b) of the TIA with respect to this Indenture or the
Notes, the following shall be deemed to be specifically described in this

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Indenture for purposes of clause (i) of the first proviso contained in Section 310(b)(1) of
the TIA: (1) the indenture, dated as of October 10, 2003, by and among the Company, the subsidiary
guarantors named therein, and the Trustee (as successor to JPMorgan Chase Bank), as trustee, and
(2) the indenture, dated as of July 5, 2007, by and among the Company, the subsidiary guarantors
named therein, and the Trustee, as trustee.

          Section 7.11. Preferential Collection of Claims Against Company. The Trustee is
subject to TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b). A Trustee who
has resigned or been removed shall be subject to TIA § 311(a) to the extent indicated therein.

ARTICLE VIII

LEGAL DEFEASANCE AND COVENANT DEFEASANCE

          Section 8.01. Option to Effect Legal Defeasance or Covenant Defeasance. 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 8.02 or 8.03 hereof be applied to all
outstanding Notes upon compliance with the conditions set forth below in this Article 8.

          Section 8.02. Legal Defeasance and Discharge. Upon the Company’s exercise under
Section 8.01 hereof of the option applicable to this Section 8.02, the Company and each of the
Guarantors shall, subject to the satisfaction of the conditions set forth in Section 8.04 hereof,
be deemed to have been discharged from their obligations with respect to all outstanding Notes
(including the Guarantees) on the date the conditions set forth below are satisfied (hereinafter,
“Legal Defeasance”). For this purpose, Legal Defeasance means that the Company and the Guarantors
shall be deemed to have paid and discharged the entire Indebtedness represented by the outstanding
Notes (including the Guarantees), which shall thereafter be deemed to be “outstanding” only for the
purposes of Section 8.05 hereof and the other Sections of this Indenture referred to in (a) through
(d) below, and to have satisfied all their other obligations under such Notes, the Guarantees 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 Notes
to receive solely from the trust fund described in Section 8.04 hereof, and as more fully set forth
in such Section, payments in respect of the principal of, premium, if any, Additional Interest, if
any, and interest on such Notes 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 obligations in connection
therewith and (d) this Article 8. Subject to compliance with this Article 8, the Company may
exercise its option under this Section 8.02 notwithstanding the prior exercise of its option under
Section 8.03 hereof.

          Section 8.03. Covenant Defeasance. Upon the Company’s exercise under Section 8.01
hereof of the option applicable to this Section 8.03, the Company and the Guarantors shall, subject
to the satisfaction of the conditions set forth in Section 8.04 hereof, be released from each of
their obligations under the covenants contained in Sections 4.07, 4.08, 4.09, 4.10, 4.11, 4.12,
4.13, 4.15, 4.16 and 4.17 hereof, clause (iv) of Section 5.01 hereof and Article XI hereof with
respect to the outstanding Notes on and after the date the conditions set

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forth in Section 8.04 are satisfied (hereinafter, “Covenant Defeasance”), and the Notes 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 being
understood that such Notes shall not be deemed outstanding for accounting purposes). For this
purpose, Covenant Defeasance means that, with respect to the outstanding Notes and Guarantees, the
Company and any Guarantor 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 Notes and Gurantees shall be unaffected
thereby. In addition, upon the Company’s exercise under Section 8.01 hereof of the option
applicable to this Section 8.03 hereof, subject to the satisfaction of the conditions set forth in
Section 8.04 hereof, Sections 6.01(d) through 6.01(f) hereof shall not constitute Events of
Default.

          Section 8.04. Conditions to Legal or Covenant Defeasance. The following shall be the
conditions to the application of either Section 8.02 or 8.03 hereof to the outstanding Notes:

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 Government Securities, or a combination
thereof, in such amounts as will be sufficient, in the opinion of an independent registered public
accounting firm, to pay the principal of, premium, if any, Additional Interest, if any, and
interest on the outstanding Notes on the Stated Maturity or on the applicable redemption date, as
the case may be, and the Company must specify whether the Notes are being defeased to maturity or
to a particular redemption date;

          (b) in the case of an election under Section 8.02 hereof, the Company shall have delivered to
the Trustee an Opinion of Counsel in the United States confirming that (A) the Company has received
from, or there has been published by, the Internal Revenue Service a ruling or (B) since the Issue
Date, 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 Notes 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 8.03 hereof, the Company shall have delivered to
the Trustee an Opinion of Counsel in the United States confirming that the Holders of the
outstanding Notes 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;

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          (d) no Default or Event of Default shall have occurred and be continuing, either (x) on the
date of such deposit (other than a Default or Event of Default resulting from the borrowing of
funds to be applied to such deposit); or (y) insofar as Sections 6.01(g) or 6.01(h) 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 Opinion of Counsel (which may be
subject to customary exceptions) to the effect that after the 91st day following the deposit, the
trust funds will not be subject to the effect of any applicable bankruptcy, insolvency,
reorganization or similar laws affecting creditors’ rights generally;

          (g) 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 the other
creditors of the Company or with the intent of defeating, hindering, delaying or defrauding any
other creditors of the Company or others; and

          (h) 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 8.05. Deposited Money and Government Securities to be Held in Trust; Other
Miscellaneous Provisions. Subject to Section 8.06 hereof, all money and non-callable
Government Securities (including the proceeds thereof) deposited with the Trustee (or other
qualifying trustee, collectively for purposes of this Section 8.05, the “Trustee”) pursuant to
Section 8.04 hereof in respect of the outstanding Notes shall be held in trust and applied by the
Trustee, in accordance with the provisions of such Notes 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 Notes of all sums due and to become due thereon in respect of
principal, premium on, if any, Additional Interest, 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 Government Securities deposited pursuant to Section
8.04 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 Notes.

          Anything in this Article 8 to the contrary notwithstanding, the Trustee shall deliver or pay
to the Company from time to time upon the written request of the Company any money or non-callable
Government Securities held by it as provided in Section 8.04 hereof which, in the opinion of a
nationally recognized firm of independent registered public accounting firm expressed in a written
certification thereof delivered to the Trustee (which may be the opinion delivered under
Section 8.04(a) hereof), are in excess of the amount thereof that would

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then be required to be deposited to effect an equivalent Legal Defeasance or Covenant
Defeasance.

          Section 8.06. 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
on, if any, Additional Interest, if any, or interest on any Note and remaining unclaimed for two
years after such principal, and premium, if any, or interest or Additional Interest, if any, has
become due and payable shall be paid to the Company on its written request or (if then held by the
Company) shall be discharged from such trust; and the Holder of such Note shall thereafter, as an
unsecured creditor, look only to the Company for payment thereof, and all liability of the Trustee
or such Paying Agent with respect to such trust money, and all liability of the Company as trustee
thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before
being required to make any such repayment, may at the expense of the Company cause to be published
once, in 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 8.07. Reinstatement. If the Trustee or Paying Agent is unable to apply any
United States dollars or non-callable Government Securities in accordance with Section 8.02 or 8.03
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 Notes shall be revived and reinstated as though no deposit
had occurred pursuant to Section 8.02 or 8.03 hereof until such time as the Trustee or Paying Agent
is permitted to apply all such money in accordance with Section 8.02 or 8.03 hereof, as the case
may be; provided, however, that, if the Company makes any payment of principal of, premium on, if
any, Additional Interest, if any, or interest on any Note following the reinstatement of its
obligations, the Company shall be subrogated to the rights of the Holders of such Notes to receive
such payment from the money held by the Trustee or Paying Agent.

ARTICLE IX

AMENDMENT, SUPPLEMENT AND WAIVER

          Section 9.01. Without Consent of Holders. Notwithstanding Section 9.02 of this
Indenture, the Company, the Guarantors and the Trustee may amend or supplement this Indenture or
the Notes without the consent of any Holder of a Note:

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

          (b) to provide for uncertificated Notes in addition to or in place of certificated Notes;

          (c) to provide for the assumption of the Company’s obligations to the Holders of the Notes in
the case of a merger or consolidation or sale of all or substantially all of the Company’s assets
pursuant to Article 5 hereof;

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          (d) to make any change that would provide any additional rights or benefits to the Holders of
the Notes or that does not adversely affect the legal rights hereunder of any Holder of the Note;

          (e) to provide for the issuance of Additional Notes pursuant to Section 2.01 hereof;

          (f) to comply with requirements of the SEC in order to effect or maintain the qualification of
this Indenture under the TIA;

          (g) to add any Restricted Subsidiary as an additional Guarantor as provided in Section 11.05
hereof or to evidence the succession of another Person to any Guarantor pursuant to Section 11.03
hereof and the assumption by any such successor of the covenants and agreements of such Guarantor
contained herein and in the Subsidiary Guarantee of such Guarantor; or

          (h) to release a Guarantor from its obligations under this Indenture and its Subsidiary
Guarantee pursuant to Section 11.05.

          Upon the request of the Company accompanied by a resolution of its Board of Directors
authorizing the execution of any such amended or supplemental Indenture, and upon receipt by the
Trustee of the documents described in Section 7.02 hereof, the Trustee shall join with the Company
and the Guarantors in the execution of any amended or supplemental Indenture authorized or
permitted by the terms of this Indenture and to make any further appropriate agreements and
stipulations that may be therein contained, but the Trustee shall not be obligated to enter into
such amended or supplemental Indenture that adversely affects its own rights, duties or immunities
under this Indenture or otherwise.

          Section 9.02. With Consent of Holders. Except as provided below in this Section 9.02,
the Company, the Guarantors and the Trustee may amend or supplement this Indenture (including
Sections 3.09, 4.10 and 4.15 hereof) and the Notes with the consent of the Holders of at least a
majority in principal amount of the Notes then outstanding (including, without limitation, consents
obtained in connection with a purchase of, or tender offer or exchange offer for, the Notes), and,
subject to Sections 6.04 and 6.07 hereof, any existing Default or Event of Default (other than a
Default or Event of Default in the payment of the principal of, premium, if any, Additional
Interest, if any, or interest on the Notes, except a payment default resulting from an acceleration
that has been rescinded) or compliance with any provision of this Indenture or the Notes may be
waived with the consent of the Holders of a majority in aggregate principal amount of the then
outstanding Notes (including, without limitation, consents obtained in connection with a purchase
of, or tender offer or exchange offer for, the Notes). Section 2.10 hereof shall determine which
Notes are considered to be “outstanding” for purposes of this Section 9.02.

          Upon the request of the Company accompanied by a resolution of its Board of Directors
authorizing the execution of any such amended or supplemental Indenture, and upon the filing with
the Trustee of evidence satisfactory to the Trustee of the consent of the Holders as aforesaid, and
upon receipt by the Trustee of the documents described in Section 7.02 hereof, the

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Trustee shall join with the Company and the Guarantors in the execution of such amended or
supplemental Indenture unless such amended or supplemental Indenture directly adversely affects the
Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the
Trustee may in its discretion, but shall not be obligated to, enter into such amended or
supplemental Indenture.

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

          After an amendment, supplement or waiver under this Section becomes effective, the Company
shall mail to the Holders affected thereby a notice briefly describing the amendment, supplement or
waiver. 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 amended or supplemental Indenture or waiver.
Subject to Sections 6.04 and 6.07 hereof, the Holders of a majority in aggregate principal amount
of the Notes then outstanding may waive compliance in a particular instance by the Company with any
provision of this Indenture or the Notes. However, without the consent of each Holder affected, an
amendment, supplement or waiver under this Section 9.02 may not (with respect to any Notes held by
a non-consenting Holder):

          (a) reduce the principal amount of Notes whose Holders must consent to an amendment,
supplement or waiver;

          (b) reduce the principal of or change the fixed maturity of any Note or alter any of the
provisions with respect to the redemption of the Notes except as provided above with respect to
Sections 3.09, 4.10 and 4.15 hereof;

          (c) reduce the rate of or change the time for payment of interest on any Note;

          (d) waive a Default or Event of Default in the payment of principal of, or interest or
premium, if any, Additional Interest, if any, on the Notes (except a rescission of acceleration of
the Notes by the Holders of at least a majority in aggregate principal amount of the then
outstanding Notes and a waiver of the payment default that resulted from such acceleration);

          (e) make any Note payable in money other than that stated in the Notes;

          (f) make any change in the provisions of this Indenture relating to waivers of past Defaults
or the rights of Holders to receive payments of principal of or premium, if any, Additional
Interest, if any, or interest on the Notes;

          (g) waive a redemption payment with respect to any Note (other than a payment required by
Sections 3.09, 4.10 or 4.15 hereof);

          (h) make any change in the ranking or priority of any Note that would adversely affect the
Holder;

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          (i) release any Guarantor from any of its obligations under its Subsidiary Guarantee or this
Indenture, except in accordance with the terms of this Indenture; or

          (j) make any change in the foregoing amendment and waiver provisions.

          Section 9.03. Compliance with Trust Indenture Act. Every amendment or supplement to
this Indenture or the Notes shall be set forth in a amended or supplemental indenture that complies
with the TIA as then in effect.

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

          Section 9.05. Notation on or Exchange of Notes. The Trustee may place an appropriate
notation about an amendment, supplement or waiver on any Note thereafter authenticated. The
Company in exchange for all Notes may issue and the Trustee shall, upon receipt of an
Authentication Order, authenticate new Notes that reflect the amendment, supplement or waiver.

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

          Section 9.06. Trustee to Sign Amendments, etc. The Trustee shall sign any amended or
supplemental Indenture authorized pursuant to this Article 9 if the amendment or supplement does
not adversely affect the rights, duties, liabilities or immunities of the Trustee. The Company may
not sign an amendment or supplemental Indenture until the Board of Directors of the Company
approves it. In executing any amended or supplemental indenture, the Trustee shall be entitled to
receive and (subject to Section 7.01 hereof) shall be fully protected in relying upon an Officers’
Certificate and an Opinion of Counsel stating that the execution of such amended or supplemental
indenture is authorized or permitted by this Indenture.

ARTICLE X

SATISFACTION AND DISCHARGE

          Section 10.01. Satisfaction and Discharge. This Indenture will be discharged and will
cease to be of further effect, except as to surviving rights of registration of transfer or
exchange of the Notes, as to all Notes issued hereunder, when:

          (a) either:

          (i) all Notes that have been authenticated (except lost, stolen or destroyed Notes that
have been replaced or paid and Notes for whose payment money has

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been deposited in trust and is thereafter repaid to the Company) have been delivered to
the Trustee for cancellation; or

          (ii) all Notes that have not been delivered to the Trustee for cancellation (A) have
become due and payable or (B) will become due and payable within one year by reason of the
mailing of a notice of redemption or otherwise 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 Government
Securities, or a combination of cash in U.S. dollars and non-callable Government Securities,
in 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 Additional Interest, if any, and accrued interest to
the date of maturity or redemption;

          (b) no Default or Event of Default has occurred and is continuing on the date of such deposit
or will 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 instrument to which the Company or any of its
Subsidiaries is a party or by which the Company or any of its Subsidiaries is bound;

          (c) the Company or any Guarantor has paid or caused to be paid all other sums payable by it
under this Indenture; and

          (d) the Company has delivered irrevocable instructions to the Trustee under this Indenture to
apply the deposited money toward the payment of the Notes 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.

          Section 10.02. Deposited Cash and Government Securities. Subject to Section 10.03
hereof, all cash and non-callable Government Securities (including the proceeds thereof) deposited
with the Trustee (or other qualifying trustee, collectively for purposes of this Section 10.02, the
“Trustee”) pursuant to Section 10.01 hereof in respect of the outstanding Notes shall be held in
trust and applied by the Trustee, in accordance with the provisions of such Notes 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 Notes of all sums due
and to become due thereon in respect of principal, premium, if any, and interest and Additional
Interest, if any, but such cash and securities need not be segregated from other funds except to
the extent required by law.

          Section 10.03. Repayment to Company. Any cash or non-callable Government Securities
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 or Additional Interest, if any, on, any
Note and remaining unclaimed for two years after such principal, and premium, if any, or interest
or Additional Interest, if any, 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

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Holder shall thereafter, as an unsecured creditor, look only to the Company for payment
thereof, and all liability of the Trustee or such Paying Agent with respect to such cash and
securities, 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 cash and securities 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 cash and securities then remaining will
be repaid to the Company.

          Section 10.04. Reinstatement. If the Trustee or Paying Agent is unable to apply any
United States dollars or non-callable Government Securities in accordance with Sections 10.01 and
10.02, 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 Notes shall be revived and reinstated as though no deposit
had occurred pursuant to Sections 10.01 and 10.02 hereof until such time as the Trustee or Paying
Agent is permitted to apply all such money in accordance with Sections 10.01 and 10.02 hereof, as
the case may be; provided, however, that, if the Company makes any payment of
principal of, premium on, if any, or interest or Additional Interest, if any, on any Note following
the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders
of such Notes to receive such payment from the money held by the Trustee or Paying Agent.

ARTICLE XI

SUBSIDIARY GUARANTEES

          Section 11.01. Guarantee. Subject to this Article 11, each of the Guarantors hereby,
jointly and severally, unconditionally and irrevocably guarantee to each Holder of a Note
authenticated and delivered by the Trustee and to the Trustee and its successors and assigns,
irrespective of the validity and enforceability of this Indenture, the Notes or the obligations of
the Company hereunder or thereunder, that: (a) the principal of, premium or Additional Interest,
if any, and interest on the Notes will be promptly paid in full when due, whether at maturity, by
acceleration, redemption or otherwise, and interest on the overdue principal of, premium and
Additional Interest, if any, and interest on the Notes, if lawful, and all other obligations of the
Company to the Holders or the Trustee hereunder or thereunder will be promptly paid in full or
performed, all in accordance with the terms hereof and thereof and (b) in case of any extension of
time of payment or renewal of any Notes or any of such other obligations, that same will be
promptly paid in full when due or performed in accordance with the terms of the extension or
renewal, whether at stated maturity, by acceleration or otherwise. Failing payment when due of any
amount so guaranteed or any performance so guaranteed for whatever reason, the Guarantors shall be
jointly and severally obligated to pay the same immediately. Each Guarantor agrees that this
Subsidiary Guarantee is a general unsecured obligation of such Guarantor and it is a guarantee of
payment and not a guarantee of collection.

          The Guarantors hereby agree that their obligations hereunder shall be unconditional,
irrespective of the validity, regularity or enforceability of the Notes or this Indenture, the
absence of any action to enforce the same, any waiver or consent by any Holder of

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the Notes with respect to any provisions hereof or thereof, the recovery of any judgment
against the Company, any action to enforce the same or any other circumstance which might otherwise
constitute a legal or equitable discharge or defense of a guarantor. Each Guarantor hereby waives
diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency
or bankruptcy of the Company, any right to require a proceeding first against the Company, protest,
notice and all demands whatsoever and covenants that this Subsidiary Guarantee shall not be
discharged except by complete performance of the obligations contained in the Notes and this
Indenture.

          If any Holder or the Trustee is required by any court or otherwise to return to the Company,
the Guarantors or any custodian, trustee, liquidator or other similar official acting in relation
to either the Company or the Guarantors, any amount paid by the Company or a Guarantor either to
the Trustee or such Holder, this Subsidiary Guarantee, to the extent theretofore discharged, shall
be reinstated in full force and effect.

          Each Guarantor agrees that it shall not be entitled to any right of subrogation in relation to
the Holders in respect of any obligations guaranteed hereby until payment in full of all
obligations guaranteed hereby. Each Guarantor further agrees that, as between the Guarantors, on
the one hand, and the Holders and the Trustee, on the other hand, (x) the maturity of the
obligations guaranteed hereby may be accelerated as provided in Article 6 hereof for the purposes
of this Subsidiary Guarantee, notwithstanding any stay, injunction or other prohibition preventing
such acceleration in respect of the obligations guaranteed hereby, and (y) in the event of any
declaration of acceleration of such obligations as provided in Article 6 hereof, such obligations
(whether or not due and payable) shall forthwith become due and payable by the Guarantors for the
purpose of this Subsidiary Guarantee. The Guarantors shall have the right to seek contribution
from any non-paying Guarantor so long as the exercise of such right does not impair the rights of
the Holders under this Subsidiary Guarantee.

          Section 11.02. Subordination on Guarantor Liability. Each Guarantor, and by its
acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties that
the Subsidiary Guarantee of such Guarantor not constitute a fraudulent transfer or conveyance for
purposes of Bankruptcy Law or federal and state laws relating to fraudulent conveyances or
transfers or the insolvency of debtors to the extent applicable to any Subsidiary Guarantee. To
effectuate the foregoing intention, the Trustee, the Holders and the Guarantors hereby irrevocably
agree that the obligations of such Guarantor will be limited to such maximum amount as will, after
giving effect to such maximum amount and all other contingent and fixed liabilities of such
Guarantor that are relevant under such laws, and after giving effect to any collections from,
rights to receive contribution from or payments made by or on behalf of any other Guarantor in
respect of the obligations of such other Guarantor under this Article 11, result in the obligations
of such Guarantor under its Subsidiary Guarantee not constituting a fraudulent transfer or
conveyance.

          Section 11.03. Guarantors May Consolidate, etc., on Certain Terms. Except as
otherwise provided in Section 11.05, a Guarantor may not sell or otherwise dispose of all or
substantially all of its assets to, or consolidate with or merge with or into (whether or not such
Guarantor is the surviving Person), another Person, other than the Company or another Guarantor,
unless:

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          (a) immediately after giving effect to that transaction, no Default exists; and

          (b) either:

          (i) subject to Section 11.05 hereof, the Person acquiring the property in any such sale
or disposition or the Person formed by or surviving any such consolidation or merger (if
other than a Guarantor or the Company) assumes all the obligations of that Guarantor under
the Notes, this Indenture (including its Subsidiary Guarantee) and the Registration Rights
Agreement on the terms set forth herein or therein pursuant to a supplemental indenture; or

          (ii) the Net Proceeds of such sale or other disposition are applied in accordance with
the applicable provisions of this Indenture.

          In case of any such consolidation, merger, sale or other disposition and upon the assumption
by the successor Person, by supplemental indenture, executed and delivered to the Trustee, of the
Subsidiary Guarantee and the due and punctual performance of all of the covenants and conditions of
this Indenture to be performed by the Guarantor, such successor Person shall succeed to and be
substituted for the Guarantor with the same effect as if it had been named herein as a Guarantor.
All the Subsidiary Guarantees so issued shall in all respects have the same legal rank and benefit
under this Indenture as the Subsidiary Guarantees theretofore and thereafter issued in accordance
with the terms of this Indenture as though all of such Subsidiary Guarantees had been issued at the
date of the execution hereof.

          Except as set forth in Articles 4 and 5 hereof, and notwithstanding clauses (a) and (b) above,
any Guarantor may merge with another Subsidiary that has no significant assets or liabilities and
was incorporated solely for the purpose of reincorporating that Guarantor in another jurisdiction
so long as the amount of the Company’s Indebtedness and the Indebtedness of the Restricted
Subsidiaries is not increased as a result of the merger.

          Section 11.04. Releases of Subsidiary Guarantee. The Subsidiary Guarantee of a
Guarantor will be released and the Guarantor will be relieved of any obligations under the Notes,
this Indenture and the Registration Rights Agreement:

          (a) in connection with any sale or other disposition of all or substantially all of the assets
of that Guarantor (including by way of merger or consolidation) to a Person that is not (either
before or after giving effect to such transaction) a Subsidiary of the Company, if the sale or
other disposition complies with Section 4.10;

          (b) in connection with any sale of such amount of Capital Stock as would result in such
Guarantor no longer being a Subsidiary to a Person that is not (either before or after giving
effect to such transaction) a Subsidiary of the Company, if the sale complies with Section 4.10;

          (c) if the Company designates any Restricted Subsidiary that is a Guarantor as an Unrestricted
Subsidiary in accordance with the applicable provisions of this Indenture;

-78-

 

          (d) if the guarantee by a Guarantor of all other Indebtedness of the Company or any other
Guarantor is released, terminated or discharged, except by, or as a result of, payment under such
guarantee; or

          (e) upon Legal Defeasance or Covenant Defeasance pursuant to Article 8 of this Indenture.

          Upon delivery by the Company to the Trustee of an Officers’ Certificate and an Opinion of
Counsel together to the effect that all conditions precedent set forth in this Section 11.04 to the
release of the Subsidiary Guarantee of a Guarantor have been satisfied, to the extent such
conditions can be satisfied as of such date, the Trustee shall execute any documents reasonably
required in order to evidence the release of any Guarantor from its obligations under its
Subsidiary Guarantee.

          Any Guarantor not released from its obligations under its Subsidiary Guarantee shall remain
liable for the full amount of principal of and interest on the Notes and for the other obligations
of any Guarantor under this Indenture as provided in this Article 11.

          Section 11.05. Additional Subsidiary Guarantees. If any Restricted Subsidiary of the
Company that is not a Guarantor (the “New Guarantor”) guarantees, assumes or in any other manner
becomes liable with respect to Indebtedness of the Company or any Guarantor (the “Other
Indebtedness”), then the New Guarantor shall, within ten Business Days of the date of the New
Guarantor’s guarantee or assumption of the Other Indebtedness, execute and deliver to the Trustee a
supplemental indenture pursuant to which the New Guarantor shall become a Guarantor and guarantee
the obligations of the Company under this Indenture and the Notes; provided that the
foregoing shall not apply to any Subsidiary that has properly been designated as an Unrestricted
Subsidiary in accordance with this Indenture. Concurrently with the execution and delivery of such
supplemental indenture, the Company shall deliver to the Trustee an Opinion of Counsel and an
Officers’ Certificate to the effect that such supplemental indenture has been duly authorized,
executed and delivered by such New Guarantor, and that, subject to the application of bankruptcy,
insolvency, moratorium, fraudulent conveyance or transfer or other similar laws relating to
creditors’ rights generally and to the principles of equity, whether considered in a proceeding at
law or in equity, and other customary exceptions, such New Guarantor’s Subsidiary Guarantee is a
legal, valid and binding obligation of such New Guarantor. Upon the release, termination or
satisfaction of the New Guarantor’s Subsidiary Guarantee or assumption of the Other Indebtedness,
the New Guarantor’s Subsidiary Guarantee shall automatically be released and terminated. Upon
request of the New Guarantor, the Trustee will provide written evidence of such release and
termination.

ARTICLE XII

MISCELLANEOUS

          Section 12.01. Trust Indenture Act Controls. If any provision of this Indenture
limits, qualifies or conflicts with the duties imposed by TIA § 318(c), the imposed duties shall
control.

-79-

 

          Section 12.02. Notices. Any notice or communication by the Company or the Trustee to
the others is duly given if in writing (which may be via facsimile) and delivered in Person or
mailed by first class mail.

If to the Company:

Parker Drilling Company

5 Greenway Plaza, Suite 100

Houston, Texas 77046

Attention: Chief Financial Officer

Facsimile number: (281) 406-2001

Telephone number: (281) 406-2000

With a copy to (which copy shall not constitute notice):

Bracewell & Giuliani LLP

711 Louisiana Street, Suite 2300

Houston, Texas 77002

Attention: William S. Anderson

Facsimile number: (713) 437-5370

If to the Trustee:

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

600 Travis Street, 16th Floor

Houston, Texas 77002

Attention: Corporate Trust Officer

Facsimile number: (713) 483-6954

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

          All notices and communications (other than those sent to Holders) shall be in writing and
shall be deemed to have been duly given when received.

          Any notice or communication to a Holder shall be mailed by first class mail to its address
shown on the register kept by the Registrar. Any notice or communication shall also be so mailed
to any Person described in TIA § 313(c), to the extent required by the TIA. Failure to mail a
notice or communication to a Holder or any defect in it shall not affect its sufficiency with
respect to other Holders.

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

          Section 12.03. Communication by Holders with Other Holders. Holders may communicate
pursuant to TIA § 312(b) with other Holders with respect to their rights under this Indenture or
the Notes. The Company, the Trustee, the Registrar and anyone else shall have the protection of
TIA § 312(c).

-80-

 

          Section 12.04. 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 Section 12.05 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 satisfied; and

          (b) an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee (which
shall include the statements set forth in Section 12.05 hereof) stating that, in the opinion of
such counsel, all such conditions precedent and covenants have been satisfied.

          Section 12.05. 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 a certificate provided pursuant to TIA § 314(a)(4)) shall comply with the provisions of
TIA § 314(e) and shall include:

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

          (b) 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;

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

          (d) a statement as to whether or not, in the opinion of such Person, such condition or
covenant has been satisfied.

          Section 12.06. Rules by Trustee and Agents. The Trustee may make reasonable rules for
action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and
set reasonable requirements for its functions.

          Section 12.07. No Personal Liability of Directors, Officers, Employees and
Stockholders. No past, present or future director, officer, employee, incorporator or
stockholder of the Company or any Guarantor, as such, shall have any liability for any obligations
of the Company or the Guarantors under the Notes, this Indenture, the Subsidiary Guarantees or for
any claim based on, in respect of, or by reason of, such obligations or their creation. Each
Holder by accepting a Note waives and releases all such liability. The waiver and release are part
of the consideration for issuance of the Notes.

          Section 12.08. Governing Law. THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN
AND BE USED TO CONSTRUE THIS INDENTURE AND THE NOTES.

-81-

 

          Section 12.09. No Adverse Interpretation of Other Agreements. This Indenture may not
be used to interpret any other indenture, loan or debt agreement of the Company or its Subsidiaries
or of any other Person. Any such indenture, loan or debt agreement may not be used to interpret
this Indenture.

          Section 12.10. Successors. All agreements of the Company in this Indenture and the
Notes shall bind its successors. All agreements of the Trustee in this Indenture shall bind its
successors.

          Section 12.11. Severability. In case any provision in this Indenture or in the Notes
shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the
remaining provisions shall not in any way be affected or impaired thereby.

          Section 12.12. Counterpart Originals. The parties may sign any number of copies of
this Indenture. Each signed copy shall be an original, but all of them together represent the same
agreement.

          Section 12.13.
Table of Contents, Headings, etc. The Table of Contents,
Cross-Reference Table and Headings of the Articles and Sections of this Indenture have been
inserted for convenience of reference only, are not to be considered a part of this Indenture and
shall in no way modify or restrict any of the terms or provisions hereof.

          Section 12.14. Force Majeure. In no event will the Trustee be responsible or liable
for any failure or delay in the performance of its obligations under this Indenture arising out of
or caused by, directly or indirectly, forces beyond its control, including strikes, work stoppages,
accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural
catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications
or computer (software and hardware) services; it being understood that the Trustee shall use
reasonable efforts that are consistent with accepted practices in the banking industry to resume
performance as soon as practicable under the circumstances.

          Section 12.15. Waiver of Jury Trial. EACH PARTY TO THIS INDENTURE HEREBY WAIVES, TO
THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT
OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS
INDENTURE.

          Section 12.16. U.S.A. Patriot Act. The Trustee hereby notifies the Company and the
Guarantors that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56
(signed into law October 26, 2001)) (the “Act”), it is required to obtain, verify and record
information that identifies the Company and the Guarantors, which information includes the name and
address of the Company and the Guarantors and other information that will allow the Trustee to
identify the Company and the Guarantors in accordance with the Act.

[Signatures on following page]

-82-

 

SIGNATURES

Dated as of March 22, 2010

	 	 	 	 	 
	 	PARKER DRILLING COMPANY

 	 
	 	By:  	/s/ W. Kirk Brassfield
 	 
	 	 	Name:  	W. Kirk Brassfield 	 
	 	 	Title:  	Senior Vice President and

Chief Financial Officer 	 
	 

	 	 	 	 	 
	 	GUARANTORS:

Anachoreta, Inc.

Pardril, Inc.

Parker Aviation, Inc.

Parker Drilling Arctic Operating, Inc.

Parker Drilling Company North America, Inc.

Parker Drilling Company of Niger, Inc.

Parker Drilling Company of Oklahoma, Incorporated

Parker Drilling Company of South America, Inc.

Parker Drilling Offshore Corporation

Parker Drilling Offshore USA, L.L.C.

Parker North America Operations, Inc.

Parker Technology, Inc.

Parker Technology, L.L.C.

Parker Tools, LLC

Parker USA Resources, LLC

Parker-VSE, Inc.

Quail USA, LLC

 	 
	 	By:  	/s/ David W. Tucker
 	 
	 	 	Name:  	David W. Tucker 	 
	 	 	Title:  	Vice President and Treasurer 	 
	 

	 	 	 	 	 
	 	Parker Drilling Management Services, Inc.

 	 
	 	By:  	/s/ David W. Tucker
 	 
	 	 	Name:  	David W. Tucker 	 
	 	 	Title:  	President 	 
	 

Signature Page to Indenture

 

 

	 	 	 	 	 	 	 	 	 
	 	 	PD Management Resources, L.P.	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	Parker Drilling
Management Services, Inc.,

its General Partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ David W. Tucker
 

Name: David W. Tucker

	 	 
	 

	 	 	 	 
	 	
Title:   President
	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Quail Tools, LP 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	Quail USA, LLC, its General Partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ David W. Tucker
	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name: David W. Tucker	 	 
	 

	 	 	 	 	 	Title:   Vice President and Treasurer	 	 

Signature Page to Indenture

 

 

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

	 	By:
	 	/s/ Rafael Martinez
 

	 	 
	 	 	Name: Rafael Martinez	 	 
	 	 	Title: Senior Associate	 	 

Signature Page to Indenture

 

 

EXHIBIT A

CUSIP

[Face of Note]

91/8%
  Senior Notes due 2018

			
	 	 	 
	No. 001
	 	Principal Amount $

PARKER DRILLING COMPANY

promises to pay to CEDE & CO., or registered assigns, the principal sum of DOLLARS
($                    ) on April 1, 2018.

Interest Payment Dates: April 1 and October 1, commencing October 1, 2010

Record Dates: March 15 and September 15

	 	 	 	 	 
	 	Dated:  March 22, 2010

 	 
	 	PARKER DRILLING COMPANY

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

This is one of the Global Notes referred

to in the within-mentioned Indenture:

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

as Trustee

	 	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

Authorized Signatory
	 	 

A-1 

 

[Back of Note]

91/8%
 Senior Notes due 2018

[Insert the Global Note Legend, if applicable, pursuant to the provisions of the Indenture]

[Insert the Private Placement Legend, if applicable, pursuant to the provisions of the Indenture]

          Capitalized terms used herein shall have the meanings assigned to them in the Indenture
referred to below unless otherwise indicated.

          1. Interest. Parker Drilling Company, a Delaware corporation (the “Company”),
promises to pay interest on the principal amount of this Note at 91/8% per annum from March 22, 2010
until maturity and shall pay the Additional Interest, if any, payable pursuant to Section 5 of the
Registration Rights Agreement. The Company will pay interest and Additional Interest, if any,
semi-annually on April 1 and October 1 of each such year, or if any such day is not a Business Day,
on the next succeeding Business Day (each an “Interest Payment Date”). Interest on the Notes will
accrue from the most recent date to which interest has been paid or, if no interest has been paid,
from the date of issuance; provided that if there is no existing Default in the payment of
interest, and if this Note is authenticated between a record date referred to on the face hereof
and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding
Interest Payment Date; provided, further, that the first Interest Payment Date shall be October 1,
2010. The Company shall pay interest (including post-petition interest in any proceeding under any
Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at a rate
that is 1% per annum in excess of the rate then in effect; it shall pay interest (including
post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of
interest and Additional Interest, if any, (without regard to any applicable grace periods) from
time to time on demand at the same rate to the extent lawful. Interest will be computed on the
basis of a 360-day year comprised of twelve 30-day months.

          2. Method of Payment. The Company will pay interest on the Notes (except defaulted
interest) and Additional Interest, if any, to the Persons who are registered Holders at the close
of business on the March 15 or September 15 next preceding the Interest Payment Date, even if such
Notes are canceled after such record date and on or before such Interest Payment Date, except as
provided in Section 2.14 of the Indenture with respect to defaulted interest. The Notes will be
payable as to principal, premium, if any, Additional Interest, if any, and interest at the office
or agency of the Company maintained for such purpose within or without The City and State of New
York, or, at the option of the Company, payment of interest and Additional Interest, if any, may be
made by check mailed to the Holders at their addresses set forth in the register of Holders, and
provided that payment by wire transfer of immediately available funds will be required with
respect to principal of and interest and Additional Interest, if any, and premium on, the Global
Note and all other Notes the Holders of which shall have provided wire transfer instructions to the
Company or the paying agent on or prior to the applicable record date. Such payment shall be 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.

A-2 

 

          3. Paying Agent and Registrar. Initially, The Bank of New York Mellon Trust Company,
N.A., the Trustee under the Indenture, will act as Paying Agent and Registrar. The Company may
change any Paying Agent or Registrar without notice to any Holder. The Company or any of its
Subsidiaries may act in any such capacity.

          4. Indenture. The Company issued the Notes under an Indenture, dated as of March 22,
2010 (the “Indenture”), among the Company, the guarantors party thereto and the Trustee. The terms
of the Notes include those stated in the Indenture and those made part of the Indenture by
reference to the Trust Indenture Act of 1939, as amended (15 U.S. Code §§ 77aaa-77bbbb). The Notes
are subject to all such terms, and Holders are referred to the Indenture and such Act for a
statement of such terms. To the extent any provision of this Note conflicts with the express
provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. The
Notes are obligations of the Company initially in the aggregate principal amount of $300,000,000.
Subject to compliance with Section 2.01 of the Indenture, the Company is permitted to issue
Additional Notes under the Indenture in an unlimited principal amount. Any such Additional Notes
that are actually issued will be treated as issued and outstanding Notes (and as the same class as
the initial Notes) for all purposes of the Indenture, unless the context clearly indicated
otherwise.

          5. Optional Redemption. (a) Except as set forth in subparagraph (b) of this
Paragraph 5, the Company shall not have the option to redeem the Notes prior to April 1, 2014. On
or after April 1, 2014, the Company shall have the option to redeem the Notes, in whole or in part,
upon not less than 30 nor more than 60 days’ notice, at the redemption prices (expressed as
percentages of principal amount) set forth below plus accrued and unpaid interest and Additional
Interest, if any, thereon to the applicable redemption date, if redeemed during the twelve-month
period beginning on April 1 of the years indicated below:

	 	 	 	 	 
	Year	 	Percentage
	2014
	 	 	104.563	%
	2015
	 	 	102.281	%
	2016 and thereafter
	 	 	100.000	%

          (b) Notwithstanding the provisions of subparagraph (a) of this Paragraph 5, at any time prior
to April 1, 2013, the Company may on any one or more occasions redeem up to 35% of the aggregate
principal amount of Notes (which includes Additional Notes, if any) originally issued under the
Indenture at a redemption price of 109.125% of the principal amount thereof, plus accrued and
unpaid interest and Additional Interest, if any, to the redemption date with the net cash proceeds
of one or more Equity Offerings; provided that at least 65% of the aggregate principal
amount of Notes (which includes Additional Notes, if any) originally issued remains outstanding
immediately after the occurrence of each such redemption (excluding Notes held by the Company and
its Subsidiaries); and provided further, that any such redemption shall occur
within 120 days of the date of the closing of each such Equity Offering.

          6. Mandatory Redemption. Except as set forth in paragraph 7 below, the Company shall
not be required to make mandatory redemption or sinking fund payments with respect to the Notes.

A-3 

 

          7. Repurchase at Option of Holder. (a) If there is a Change of Control, the Company
shall be required to make an offer (a “Change of Control Offer”) to repurchase all or any part
(equal to $2,000 or an integral multiple of $1,000 in excess thereof) of each Holder’s Notes at a
purchase price in cash equal to 101% of the aggregate principal amount thereof plus accrued and
unpaid interest and Additional Interest, if any, thereon, to the date of purchase (the “Change of
Control Payment”). Within 30 days following any Change of Control, the Company shall mail a notice
to each Holder setting forth the procedures governing the Change of Control Offer as required by
the Indenture.

          (b) If the Company or a Restricted Subsidiary consummates any Asset Sales, when the aggregate
amount of Excess Proceeds exceeds $20.0 million, the Company shall commence an offer to all Holders
(as “Asset Sale Offer”) pursuant to Section 4.10 of the Indenture to purchase the maximum principal
amount of Notes and such other Indebtedness of the Company that is pari passu with the Notes
containing provisions similar to those set forth in the Indenture with respect to offers to
purchase or redemptions with the proceeds of sales of assets, that may be purchased out of the
Excess Proceeds at an offer price in cash in an amount equal to 100% of the principal amount
thereof plus accrued and unpaid interest and Additional Interest, if any, thereon, to the date
fixed for the closing of such offer, in accordance with the procedures set forth in the Indenture.
To the extent that the aggregate amount of Notes and other indebtedness tendered pursuant to an
Asset Sale Offer is less than the Excess Proceeds, the Company (or such Subsidiary) may use such
deficiency for any purpose not otherwise prohibited by the Indenture. If the aggregate amount of
Notes and other indebtedness surrendered by Holders thereof exceeds the amount of Excess Proceeds,
the Trustee shall select the Notes to be purchased on a pro rata basis. Holders that are the
subject of an offer to purchase will receive an Asset Sale Offer from the Company prior to any
related purchase date and may elect to have such Notes purchased by completing the form entitled
“Option of Holder to Elect Purchase” on the reverse of the Notes.

          8. Notice of Redemption. Notice of redemption will be mailed at least 30 days but not
more than 60 days before the redemption date to each Holder whose Notes are to be redeemed at its
registered address. Notes in denominations larger than $2,000 may be redeemed in part but only in
whole multiples of $1,000, unless all of the Notes held by a Holder are to be redeemed. On and
after the redemption date interest ceases to accrue on Notes or portions thereof called for
redemption.

          9. Denominations, Transfer, Exchange. The Notes are in registered form without
coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. The
transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The
Registrar and the Trustee may require a Holder, among other things, to furnish appropriate
endorsements and transfer documents and the Company may require a Holder to pay any taxes and fees
required by law or permitted by the Indenture. The Company need not exchange or register the
transfer of any Note or portion of a Note selected for redemption, except for the unredeemed
portion of any Note being redeemed in part. Also, the Company need not exchange or register the
transfer of any Notes for a period of 15 days before a selection of Notes to be redeemed or during
the period between a Record Date and the corresponding Interest Payment Date.

A-4 

 

          10. Persons Deemed Owners. The registered Holder of a Note may be treated as its
owner for all purposes.

          11. Amendment, Supplement and Waiver. Subject to certain exceptions, the Indenture or
the Notes may be amended or supplemented with the consent of the Holders of at least a majority in
principal amount of the then outstanding Notes and any existing default or compliance with any
provision of the Indenture or the Notes may be waived with the consent of the Holders of a majority
in aggregate principal amount of the then outstanding Notes (including, without limitation,
consents obtained in connection with a purchase of, or tender offer or exchange offer for, notes).
Without the consent of any Holder of a Note, the Indenture or the Notes may be amended or
supplemented to cure any ambiguity, defect or inconsistency, to provide for uncertificated Notes in
addition to or in place of certificated Notes, to provide for the assumption of the Company’s
obligations to Holders of the Notes in case of a merger or consolidation or sale of all or
substantially all of the Company’s assets, to make any change that would provide any additional
rights or benefits to the Holders of the Notes or that does not adversely affect the legal rights
under the Indenture of any such Holder, to provide for the issuance of additional Notes in
accordance with the provisions set forth in the Indenture or to comply with the requirements of the
SEC in order to effect or maintain the qualification of the Indenture under the Trust Indenture
Act.

          12. Defaults and Remedies. Events of Default include: (i) default for 30 days in the
payment when due of interest on, or Additional Interest with respect to, the Notes; (ii) default in
payment when due of principal of or premium, if any, on the Notes (iii) failure by the Company or
any of its Restricted Subsidiaries to comply with the provisions of Section 4.15 or Section 5.01 of
the Indenture; (iv) failure by the Company or any of its Restricted Subsidiaries for 30 days after
notice to comply with the provisions of Sections 4.07, 4.09 or 4.10 of the Indenture; (v) failure
by the Company or any of its Restricted Subsidiaries for 60 days after notice to comply with any of
the other agreements in the Indenture; (vi) default under any mortgage, indenture or instrument
under which there may be issued or by which there may be secured or evidenced any Indebtedness for
money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is
guaranteed by the Company or any of its Restricted Subsidiaries) whether such Indebtedness or
guarantee now exists, or is created after the Issue Date, if that default (a) is caused by a
failure to pay principal of, or interest or premium, if any, on such Indebtedness prior to the
expiration of the grace period provided in such Indebtedness on the date of such default (a
“Payment Default”); or (b) results in the acceleration of such Indebtedness prior to its Stated
Maturity, and, in each case, the principal amount of any such Indebtedness, together with the
principal amount of any other such Indebtedness under which there has been a Payment Default or the
maturity of which has been so accelerated, aggregates $25.0 million or more; (vii) failure by the
Company or any of its Subsidiaries to pay final judgments aggregating in excess of $25.0 million,
which judgments are not paid, discharged or stayed for a period of 60 days; (viii) except as
permitted by the Indenture, any Subsidiary Guarantee shall be held in any judicial proceeding to be
unenforceable or invalid or shall cease for any reason (other than in accordance with the terms of
that Subsidiary Guarantee and the Indenture) to be in full force and effect or any Guarantor, or
any Person acting on behalf of any Guarantor, shall deny or disaffirm its obligations under its
Subsidiary Guarantee; and (ix) certain events of bankruptcy or insolvency with respect to the
Company or any of its Restricted Subsidiaries. If any Event of Default occurs and is continuing,
the Trustee or the Holders of at

A-5 

 

least 25% in principal amount of the then outstanding Notes may declare all the Notes to be
due and payable immediately. Notwithstanding the foregoing, in the case of an Event of Default
arising from certain events of bankruptcy or insolvency, all outstanding Notes will become due and
payable without further action or notice. Holders may not enforce the Indenture or the Notes
except as provided in the Indenture. Subject to certain limitations, Holders of a majority in
principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust
or power. The Trustee may withhold from Holders of the Notes notice of any continuing Default or
Event of Default (except a Default or Event of Default relating to the payment of principal or
interest) if it determines that withholding notice is in their interest. The Holders of a majority
in aggregate principal amount of the Notes then outstanding by notice to the Trustee may on behalf
of the Holders of all of the Notes waive any existing Default or Event of Default and its
consequences under the Indenture except a continuing Default or Event of Default in the payment of
interest or Additional Interest on or the principal of, the Notes. The Company is required to
deliver to the Trustee annually a statement regarding compliance with the Indenture, and the
Company is required upon becoming aware of any Default or Event of Default, to deliver to the
Trustee a statement specifying such Default or Event of Default.

          13. Trustee Dealings with Company. The Trustee, in its individual or any other
capacity, may make loans to, accept deposits from, and perform services for the Company or its
Affiliates, and may otherwise deal with the Company or its Affiliates, as if it were not the
Trustee.

          14. No Recourse Against Others. A director, officer, employee, incorporator or
stockholder, of the Company, as such, shall not have any liability for any obligations of the
Company under the Notes or the Indenture or for any claim based on, in respect of, or by reason of,
such obligations or their creation. Each Holder by accepting a Note waives and releases all such
liability. The waiver and release are part of the consideration for the issuance of the Notes.

          15. Authentication. This Note shall not be valid until authenticated by the manual
signature of the Trustee or an authenticating agent.

          16. Abbreviations. Customary abbreviations may be used in the name of a Holder or an
assignee, such as: TEN COM (= tenants in common), TEN NET (= tenants by the entireties), JT TEN
(= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and
U/G/M/A (= Uniform Gifts to Minors Act).

          17. CUSIP Numbers. Pursuant to a recommendation promulgated by the Committee on
Uniform Security Identification Procedures, the Company has caused CUSIP numbers to be printed on
the Notes and the Trustee may use CUSIP numbers in notices of redemption as a convenience to
Holders. No representation is made as to the accuracy of such numbers either as printed on the
Notes or as contained in any notice of redemption and reliance may be placed only on the other
identification numbers placed thereon.

A-6 

 

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

Parker Drilling Company

5 Greenway Plaza, Suite 100

Houston, Texas 77046

Attention: General Counsel

A-7 

 

ASSIGNMENT FORM

To assign this Note, fill in the form below: (I) or (we) assign and transfer this Note to

 

(Insert assignee’s soc. or tax I.D. no.)

 

 

 

 

(Print or type assignee’s name, address and zip code)

and irrevocably appoint    
             
             
             
             
              
               
             
         
to transfer this Note on the books of the Company. The agent may substitute another to act for
him.

 

Date:                     

	 	 	 	 	 	 	 
	 

	 	Your Signature:	 	 	 	 
	 

	 	 	 	 

	 	 
	 	 	(Sign exactly as your name appears on the face of this Note)	 	 

Signature Guarantee.

(Participant in a Recognized Signature

Guarantee Medallion Program)

A-8 

 

OPTION OF HOLDER TO ELECT PURCHASE

          If you want to elect to have this Note purchased by the Company pursuant to Section 4.10 or
4.15 of the Indenture, check the box below:

	 	 	 
	[_] Section 4.10
	 	[_] Section 4.15

          If you want to elect to have only part of the Note purchased by the Company pursuant to
Section 4.10 or Section 4.15 of the Indenture, state the amount you elect to have purchased:

$     
               

Date:     
              
         

	 	 	 	 	 	 	 
	 

	 	Your Signature:	 	 	 	 
	 

	 	 	 	 

	 	 
	 	 	(Sign exactly as your name appears on the face of this Note)	 	 

Signature Guarantee.

(Participant in a Recognized Signature

Guarantee Medallion Program)

A-9 

 

SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE1

     The following exchanges of a part of this Global Note for an interest in another Global Note
or for a Definitive Note, or exchanges of a part of another Global Note or Definitive Note for an
interest in this Global Note, have been made:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	Principal	 	 	 	 
	 	 	Amount of	 	 	Amount of	 	 	Amount	 	 	 	 
	 	 	decrease in	 	 	increase	 	 	of this Global	 	 	Signature of	 
	 	 	Principal	 	 	in Principal	 	 	Note	 	 	authorized	 
	 	 	Amount	 	 	Amount	 	 	following such	 	 	officer	 
	Date of	 	of this Global	 	 	of this Global	 	 	decrease (or	 	 	of Trustee or	 
	Exchange	 	Note	 	 	Note	 	 	increase)	 	 	Custodian	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

 

			
	1	 	Insert this table only in a Global Note.

A-10 

 

EXHIBIT B

FORM OF CERTIFICATE OF TRANSFER

Parker Drilling Company

5 Greenway Plaza, Suite 100

Houston, Texas 77046

[Registrar address block]

     Re: 91/8% Senior Notes Due 2018

     Reference is hereby made to the Indenture, dated as of March 22, 2010 (the
“Indenture”), among Parker Drilling Company, as issuer (the “Company”), the
guarantors party thereto and The Bank of New York Mellon Trust Company, N.A., as trustee.
Capitalized terms used but not defined herein shall have the meanings given to them in the
Indenture.

                         , (the “Transferor”) owns and proposes to transfer the Note[s] or
interest in such Note[s] specified in Annex A hereto, in the principal amount of $                     in
such Note[s] or interests (the “Transfer”), to                      (the “Transferee”), as
further specified in Annex A hereto. In connection with the Transfer, the Transferor hereby
certifies that:

     1.
o CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE 144A GLOBAL NOTE OR
A DEFINITIVE NOTE PURSUANT TO RULE 144A. The Transfer is being effected pursuant to and in
accordance with Rule 144A under the United States Securities Act of 1933, as amended (the
“Securities Act”), and accordingly, the Transferor hereby further certifies that the beneficial
interest or Definitive Note is being transferred to a Person that the Transferor reasonably
believed and believes is purchasing the beneficial interest or Definitive Note for its own account,
or for one or more accounts with respect to which such Person exercises sole investment discretion,
and such Person and each such account is a “qualified institutional buyer” within the meaning of
Rule 144A in a transaction meeting the requirements of Rule 144A and such Transfer is in compliance
with any applicable blue sky securities laws of any state of the United States. Upon consummation
of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial
interest or Definitive Note will be subject to the restrictions on transfer enumerated in the
Private Placement Legend printed on the 144A Global Note and/or the Definitive Note and in the
Indenture and the Securities Act.

     2. o CHECK IF TRANSFEREE WILL TAKE DELIVERY OF A BENEFICIAL INTEREST IN THE REGULATION S GLOBAL
NOTE OR A DEFINITIVE NOTE PURSUANT TO REGULATION S. The Transfer is being effected pursuant to and
in accordance with Rule 903 or Rule 904 under the Securities Act and, accordingly, the Transferor
hereby further certifies that (i) the Transfer is not being made to a person in the United States
and (x) at the time the buy order was originated, the Transferee was outside the United States or
such Transferor and any Person acting on its behalf reasonably believed and believes that the
Transferee was outside the United States or (y) the transaction was executed in, on or through the
facilities of a designated offshore securities market and neither such Transferor nor any Person

B-1

 

acting on its behalf knows that the transaction was prearranged with a buyer in the United
States, (ii) no directed selling efforts have been made in contravention of the requirements of
Rule 903(b) or Rule 904(b) of Regulation S under the Securities Act (iii) the transaction is not
part of a plan or scheme to evade the registration requirements of the Securities Act and (iv) if
the proposed transfer is being made prior to the expiration of the Restricted Period, the transfer
is not being made to a U.S. Person or for the account or benefit of a U.S. Person (other than an
Initial Purchaser). Upon consummation of the proposed transfer in accordance with the terms of the
Indenture, the transferred beneficial interest or Definitive Note will be subject to the
restrictions on Transfer enumerated in the Private Placement Legend printed on the Regulation S
Global Note and/or the Definitive Note and in the Indenture and the Securities Act.

     3.
o Check if Transferee will take delivery of a beneficial interest in an Unrestricted Global
Note or of an Unrestricted Definitive Note.

     (a) o CHECK IF TRANSFER IS PURSUANT TO RULE 144. (i) The Transfer is being effected pursuant to
and in accordance with Rule 144 under the Securities Act and in compliance with the transfer
restrictions contained in the Indenture and any applicable blue sky securities laws of any state of
the United States and (ii) the restrictions on transfer contained in the Indenture and the Private
Placement Legend are not required in order to maintain compliance with the Securities Act. Upon
consummation of the proposed Transfer in accordance with the terms of the Indenture, the
transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on
transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on
Restricted Definitive Notes and in the Indenture.

     (b)
o CHECK IF TRANSFER IS PURSUANT TO REGULATION S. (i) The Transfer is being effected pursuant
to and in accordance with Rule 903 or Rule 904 under the Securities Act and in compliance with the
transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any
state of the United States and (ii) the restrictions on transfer contained in the Indenture and the
Private Placement Legend are not required in order to maintain compliance with the Securities Act.
Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the
transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on
transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on
Restricted Definitive Notes and in the Indenture.

     (c) o CHECK IF TRANSFER IS PURSUANT TO OTHER EXEMPTION. (i) The Transfer is being effected
pursuant to and in compliance with an exemption from the registration requirements of the
Securities Act other than Rule 144, Rule 903 or Rule 904 and in compliance with the transfer
restrictions contained in the Indenture and any applicable blue sky securities laws of any State of
the United States and (ii) the restrictions on transfer contained in the Indenture and the Private
Placement Legend are not required in order to maintain compliance with the Securities Act. Upon
consummation of the proposed Transfer in accordance with the terms of the Indenture, the
transferred beneficial interest or Definitive Note will not be subject to the restrictions on
transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes or
Restricted Definitive Notes and in the Indenture.

B-2

 

     This certificate and the statements contained herein are made for your benefit and the benefit
of the Company.

	 	 	 	 	 	 	 
	 	 	 	 	 
	 	 	[Insert Name of Transferor]	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 

Dated:
                    ,          

B-3

 

ANNEX A TO CERTIFICATE OF TRANSFER

4. The Transferor owns and proposes to transfer the following:

[CHECK ONE OF (a) OR (b)]

	 	(a)	 	o a beneficial interest in the :

	 	(i)	 	o 144A Global Note (CUSIP                     ), or
	 
	 	(ii)	 	o Regulation S Global Note (CUSIP                     ), or

	 	(b)	 	o a Restricted Definitive Note.

5. After the Transfer the Transferee will hold:

[CHECK ONE]

	 	ARTICLE XIIIo a beneficial interest in the:

	 	(i)	 	o 144A Global Note (CUSIP                     ), or
	 
	 	(ii)	 	o Regulation S Global Note (CUSIP                     ), or
	 
	 	(iii)	 	o Unrestricted Global Note (CUSIP                     ); or

	 	ARTICLE XIVo a Restricted Definitive Note; or
	 
	 	ARTICLE XVo an Unrestricted Definitive Note,

in accordance with the terms of the Indenture.

B-4

 

EXHIBIT C

FORM OF CERTIFICATE OF EXCHANGE

Parker Drilling Company

5 Greenway Plaza, Suite 100

Houston, Texas 77046

[Registrar address block]*

     Re: 91/8% Senior Notes due 2018

(CUSIP                    )

     Reference is hereby made to the Indenture, dated as of March 22, 2010 (the
“Indenture”), among Parker Drilling Company, as issuer (the “Company”), the
guarantors party thereto and The Bank of New York Mellon Trust Company, N.A., as trustee.
Capitalized terms used but not defined herein shall have the meanings given to them in the
Indenture.

                         , (the “Owner”) owns and proposes to exchange the Note[s] or interest in
such Note[s] specified herein, in the principal amount of $                     in such Note[s] or
interests (the “Exchange”). In connection with the Exchange, the Owner hereby certifies
that:

     1. EXCHANGE OF RESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN A RESTRICTED GLOBAL NOTE
FOR UNRESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN AN UNRESTRICTED GLOBAL NOTE

     (a) o CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE TO
BENEFICIAL INTEREST IN AN UNRESTRICTED GLOBAL NOTE. In connection with the Exchange of the
Owner’s beneficial interest in a Restricted Global Note for a beneficial interest in an
Unrestricted Global Note in an equal principal amount, the Owner hereby certifies (i) the
beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such
Exchange has been effected in compliance with the transfer restrictions applicable to the Global
Notes and pursuant to and in accordance with the United States Securities Act of 1933, as amended
(the “Securities Act”), (iii) the restrictions on transfer contained in the Indenture and
the Private Placement Legend are not required in order to maintain compliance with the Securities
Act and (iv) the beneficial interest in an Unrestricted Global Note is being acquired in compliance
with any applicable blue sky securities laws of any state of the United States.

     (b) o CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE TO
UNRESTRICTED DEFINITIVE NOTE. In connection with the Exchange of the Owner’s beneficial
interest in a Restricted Global Note for an Unrestricted Definitive Note, the Owner hereby
certifies (i) the Definitive Note is being acquired for the Owner’s own account without transfer,
(ii) such Exchange has been effected in

C-1

 

compliance with the transfer restrictions applicable to the Restricted Global Notes and
pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained
in the Indenture and the Private Placement Legend are not required in order to maintain compliance
with the Securities Act and (iv) the Definitive Note is being acquired in compliance with any
applicable blue sky securities laws of any state of the United States.

     (c)
o CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO BENEFICIAL INTEREST IN AN
UNRESTRICTED GLOBAL NOTE. In connection with the Owner’s Exchange of a Restricted Definitive
Note for a beneficial interest in an Unrestricted Global Note, the Owner hereby certifies (i) the
beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such
Exchange has been effected in compliance with the transfer restrictions applicable to Restricted
Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions
on transfer contained in the Indenture and the Private Placement Legend are not required in order
to maintain compliance with the Securities Act and (iv) the beneficial interest is being acquired
in compliance with any applicable blue sky securities laws of any state of the United States.

     (d)
o CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO UNRESTRICTED DEFINITIVE
NOTE. In connection with the Owner’s Exchange of a Restricted Definitive Note for an
Unrestricted Definitive Note, the Owner hereby certifies (i) the Unrestricted Definitive Note is
being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected
in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant
to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the
Indenture and the Private Placement Legend are not required in order to maintain compliance with
the Securities Act and (iv) the Unrestricted Definitive Note is being acquired in compliance with
any applicable blue sky securities laws of any state of the United States.

     2. EXCHANGE OF RESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN RESTRICTED GLOBAL NOTES
FOR RESTRICTED DEFINITIVE NOTES OR BENEFICIAL INTERESTS IN RESTRICTED GLOBAL NOTES

     (a)
o CHECK IF EXCHANGE IS FROM BENEFICIAL INTEREST IN A RESTRICTED GLOBAL NOTE TO
RESTRICTED DEFINITIVE NOTE. In connection with the Exchange of the Owner’s beneficial interest
in a Restricted Global Note for a Restricted Definitive Note with an equal principal amount, the
Owner hereby certifies that the Restricted Definitive Note is being acquired for the Owner’s own
account without transfer. Upon consummation of the proposed Exchange in accordance with the terms
of the Indenture, the Restricted Definitive Note issued will continue to be subject to the
restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted
Definitive Note and in the Indenture and the Securities Act.

     (b)
o CHECK IF EXCHANGE IS FROM RESTRICTED DEFINITIVE NOTE TO BENEFICIAL INTEREST IN A
RESTRICTED GLOBAL NOTE. In connection with the Exchange of the Owner’s Restricted Definitive
Note for a beneficial interest in the [CHECK ONE] 144A Global Note, Regulation S Global Note, with
an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired
for the Owner’s own account without

C-2

 

transfer and (ii) such Exchange has been effected in compliance with the transfer restrictions
applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities
Act, and in compliance with any applicable blue sky securities laws of any state of the United
States. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture,
the beneficial interest issued will be subject to the restrictions on transfer enumerated in the
Private Placement Legend printed on the relevant Restricted Global Note and in the Indenture and
the Securities Act.

     This certificate and the statements contained herein are made for your benefit and the benefit
of the Company.

	 	 	 	 	 	 	 
	 	 	 	 	 
	 	 	[Insert Name of Transferor]	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 

Dated:
                    ,          

C-3exv10w1

Exhibit 10.1

REGISTRATION RIGHTS AGREEMENT

by and among

Parker Drilling Company

the Guarantors

listed herein

and

Banc of America Securities LLC

RBS Securities Inc.

Barclays Capital Inc.

Credit Suisse Securities (USA), Inc.

Deutsche Bank Securities Inc.

HSBC Securities (USA) Inc.

Natixis Bleichroeder LLC

Wells Fargo Securities, LLC

Dated as of March 22, 2010

 

 

REGISTRATION RIGHTS AGREEMENT

This Registration Rights Agreement (this “Agreement”) is made and entered into as of March 22,
2010, by and among Parker Drilling Company, a Delaware corporation (the “Company”), the
subsidiaries listed on Schedule A attached hereto (collectively, the “Guarantors”), and
Banc of America Securities LLC, RBS Securities Inc., Barclays Capital Inc., Credit Suisse
Securities (USA), Inc., Deutsche Bank Securities Inc., HSBC Securities (USA) Inc., Natixis
Bleichroeder LLC and Wells Fargo Securities, LLC (collectively, the “Initial Purchasers”), each of
whom has agreed to purchase the Company’s 9 1/8% Senior Notes due 2018 (the “Initial Notes”) fully
and unconditionally guaranteed by the Guarantors (the “Guarantees”) pursuant to the Purchase
Agreement (as defined below). The Initial Notes and the Guarantees attached thereto are herein
collectively referred to as the “Initial Securities.”

     This Agreement is made pursuant to the Purchase Agreement, dated March 11, 2010 (the “Purchase
Agreement”), among the Company, the Guarantors and the Initial Purchasers (i) for the benefit of
the Initial Purchasers and (ii) for the benefit of the holders from time to time of the Initial
Securities, including the Initial Purchasers. In order to induce the Initial Purchasers to
purchase the Initial Securities, the Company has agreed to provide the registration rights set
forth in this Agreement. The execution and delivery of this Agreement is a condition to the
obligations of the Initial Purchasers set forth in Section 5(f) of the Purchase Agreement.

     The parties hereby agree as follows:

     SECTION 1. Definitions. As used in this Agreement, the following capitalized terms shall have
the following meanings:

     Additional Interest Payment Date: With respect to the Initial Securities, each Interest
Payment Date.

     Broker-Dealer: Any broker or dealer registered under the Exchange Act.

     Business Day: Any day other than a Saturday, Sunday or U.S. federal holiday or a day on which
banking institutions or trust companies located in New York, New York are authorized or obligated
to be closed.

     Closing Date: The date of this Agreement.

     Commission: The Securities and Exchange Commission.

     Consummate: A registered Exchange Offer shall be deemed “Consummated” for purposes of this
Agreement upon the occurrence of (i) the filing and effectiveness under the Securities Act of the
Exchange Offer Registration Statement relating to the Exchange Securities to be issued in the
Exchange Offer, (ii) the maintenance of such Registration Statement continuously effective and the
keeping of the Exchange Offer open for a period not less than the minimum period required pursuant
to Section 3(b) hereof, and (iii) the delivery by the Company to the Registrar under the Indenture
of Exchange Securities in the same aggregate principal amount as the

 

 

aggregate principal amount of Initial Securities that were tendered by Holders thereof
pursuant to the Exchange Offer.

     Effectiveness Target Date: As defined in Section 5 hereof.

     Exchange Act: The Securities Exchange Act of 1934, as amended.

     Exchange Offer: The registration by the Company under the Securities Act of the Exchange
Securities pursuant to a Registration Statement pursuant to which the Company offers the Holders of
all outstanding Transfer Restricted Securities the opportunity to exchange all such outstanding
Transfer Restricted Securities held by such Holders for Exchange Securities in an aggregate
principal amount equal to the aggregate principal amount of the Transfer Restricted Securities
tendered in such exchange offer by such Holders.

     Exchange Offer Registration Statement: The Registration Statement relating to the Exchange
Offer, including the related Prospectus.

     Exempt Resales: The transactions in which the Initial Purchasers propose to sell the Initial
Securities to certain “qualified institutional buyers,” as such term is defined in Rule 144A under
the Securities Act, to certain institutional “accredited investors,” as such term is defined in
Rule 501(a)(1), (2), (3) and (7) of Regulation D under the Securities Act and to certain non-U.S.
persons pursuant to Regulation S under the Securities Act.

     Exchange Securities: The 9 1/8% Senior Notes due 2018, of the same series under the Indenture
as the Initial Securities and the Guarantees attached thereto, to be issued to Holders in exchange
for Transfer Restricted Securities pursuant to this Agreement.

     FINRA: Financial Industry Regulatory Authority, Inc.

     Holders: As defined in Section 2(b) hereof.

     Indemnified Holder: As defined in Section 8(a) hereof.

     Indenture: The Indenture, dated as of March 22, 2010, by and among the Company, the
Guarantors and The Bank of New York Mellon Trust Company, N.A., as trustee (the “Trustee”),
pursuant to which the Initial Securities are to be issued, as such Indenture is amended or
supplemented from time to time in accordance with the terms thereof.

     Initial Purchaser: As defined in the preamble hereto.

     Initial Placement: The issuance and sale by the Company of the Initial Securities to the
Initial Purchasers pursuant to the Purchase Agreement.

     Initial Securities: As defined in the preamble hereto.

     Interest Payment Date: As defined in the Indenture and the Securities.

2

 

     Person: An individual, partnership, corporation, trust or unincorporated organization, or a
government or agency or political subdivision thereof.

     Prospectus: The prospectus included in a Registration Statement, as amended or supplemented
by any prospectus supplement and by all other amendments thereto, including post-effective
amendments, and all material incorporated by reference into such Prospectus.

     Registration Default: As defined in Section 5 hereof.

     Registration Statement: Any registration statement of the Company relating to (a) an offering
of Exchange Securities pursuant to an Exchange Offer or (b) the registration for resale of Transfer
Restricted Securities pursuant to the Shelf Registration Statement, which is filed pursuant to the
provisions of this Agreement, in each case, including the Prospectus included therein, all
amendments and supplements thereto (including post-effective amendments) and all exhibits and
material incorporated by reference therein.

     Securities Act: The Securities Act of 1933, as amended.

     Shelf Filing Deadline: As defined in Section 4(a) hereof.

     Shelf Registration Statement: As defined in Section 4(a) hereof.

     Trust Indenture Act: The Trust Indenture Act of 1939, as amended.

     Transfer Restricted Securities: Each Initial Security, until the earliest to occur of (a) the
date on which such Initial Security is exchanged in the Exchange Offer for an Exchange Security
entitled to be resold to the public by the Holder thereof without complying with the prospectus
delivery requirements of the Securities Act, (b) the date on which such Initial Security has been
effectively registered under the Securities Act and disposed of in accordance with a Shelf
Registration Statement, and (c) the date on which such Initial Security is sold pursuant to Rule
144 under the Securities Act.

     Underwritten Registration or Underwritten Offering: A registration in which securities of the
Company are sold to an underwriter for reoffering to the public.

     SECTION 2. Securities Subject to this Agreement.

     (a) Transfer Restricted Securities. The securities entitled to the benefits of this Agreement
are the Transfer Restricted Securities.

     (b) Holders of Transfer Restricted Securities. A Person is deemed to be a holder of Transfer
Restricted Securities (each, a “Holder”) whenever such Person owns Transfer Restricted Securities.

     SECTION 3. Registered Exchange Offer.

     (a) Unless the Exchange Offer shall not be permissible under applicable law or Commission
policy (after the procedures set forth in Section 6(a) hereof have been complied

3

 

with), each of the Company and the Guarantors shall (i) cause to be filed with the Commission
as soon as practicable after the Closing Date, but in no event later than 90 days after the Closing
Date (or if such 90th day is not a Business Day, the next succeeding Business Day), a Registration
Statement under the Securities Act relating to the Exchange Securities and the Exchange Offer, (ii)
use its commercially reasonable best efforts to cause such Registration Statement to become
effective at the earliest possible time, but in no event later than 180 days after the Closing Date
(or if such 180th day is not a Business Day, the next succeeding Business Day), (iii) in connection
with the foregoing, file (A) all pre-effective amendments to such Registration Statement as may be
necessary in order to cause such Registration Statement to become effective, (B) if applicable, a
post-effective amendment to such Registration Statement pursuant to Rule 430A under the Securities
Act and (C) cause all necessary filings in connection with the registration and qualification of
the Exchange Securities to be made under the state securities or blue sky laws of such
jurisdictions as are necessary to permit Consummation of the Exchange Offer, and (iv) upon the
effectiveness of such Registration Statement, commence the Exchange Offer. The Exchange Offer
shall be on the appropriate form permitting registration of the Exchange Securities to be offered
in exchange for the Transfer Restricted Securities and to permit resales of Initial Securities held
by Broker-Dealers as contemplated by Section 3(c) hereof.

     (b) The Company and the Guarantors shall use their commercially reasonable best efforts to
cause the Exchange Offer Registration Statement to be effective continuously and shall keep the
Exchange Offer open for a period of not less than the minimum period required under applicable
federal and state securities laws to Consummate the Exchange Offer; provided, however, that in no
event shall such period be less than 30 days after the date notice of the Exchange Offer is mailed
to the Holders. The Company shall cause the Exchange Offer to comply with all applicable federal
and state securities laws. No securities other than the Exchange Securities shall be included in
the Exchange Offer Registration Statement. The Company shall use its commercially reasonable best
efforts to cause the Exchange Offer to be Consummated on the earliest practicable date after the
Exchange Offer Registration Statement has become effective, but in no event later than 180 days
after the Closing Date (or if such 180th day is not a Business Day, the next succeeding Business
Day).

     (c) The Company shall indicate in a “Plan of Distribution” section contained in the Prospectus
forming a part of the Exchange Offer Registration Statement that any Broker-Dealer who holds
Initial Securities that are Transfer Restricted Securities and that were acquired for its own
account as a result of market-making activities or other trading activities (other than Transfer
Restricted Securities acquired directly from the Company), may exchange such Initial Securities
pursuant to the Exchange Offer; however, such Broker-Dealer may be deemed to be an “underwriter”
within the meaning of the Securities Act and must, therefore, deliver a prospectus meeting the
requirements of the Securities Act in connection with any resales of the Exchange Securities
received by such Broker-Dealer in the Exchange Offer, which prospectus delivery requirement may be
satisfied by the delivery by such Broker-Dealer of the Prospectus contained in the Exchange Offer
Registration Statement. Such “Plan of Distribution” section shall also contain all other
information with respect to such resales by Broker-Dealers that the Commission may require in order
to permit such resales pursuant thereto, but such “Plan of Distribution” shall not name any such
Broker-Dealer or disclose the amount of Initial Securities held by any such

4

 

Broker-Dealer except to the extent required by the Commission as a result of a change in
policy after the date of this Agreement.

     Each of the Company and the Guarantors shall use its commercially reasonable best efforts to
keep the Exchange Offer Registration Statement continuously effective, supplemented and amended as
required by the provisions of Section 6(c) hereof to the extent necessary to ensure that it is
available for resales of Initial Securities acquired by Broker-Dealers for their own accounts as a
result of market-making activities or other trading activities, and to ensure that it conforms with
the requirements of this Agreement, the Securities Act and the policies, rules and regulations of
the Commission as announced from time to time, for a period ending on the earlier of (i) 180 days
from the date on which the Exchange Offer Registration Statement is declared effective and (ii) the
date on which a Broker-Dealer is no longer required to deliver a prospectus in connection with
market-making or other trading activities.

     The Company shall provide sufficient copies of the latest version of such Prospectus to
Broker-Dealers promptly upon request at any time during such 180-day (or shorter as provided in the
foregoing sentence) period in order to facilitate such resales.

     SECTION 4. Shelf Registration.

     (a) Shelf Registration. If (i) the Company is not required to file an Exchange Offer
Registration Statement or to consummate the Exchange Offer because the Exchange Offer is not
permitted by applicable law or Commission policy (after the procedures set forth in Section 6(a)
hereof have been complied with), (ii) for any reason the Exchange Offer is not Consummated within
180 days after the Closing Date (or if such 180th day is not a Business Day, the next succeeding
Business Day), or (iii) with respect to any Holder of Transfer Restricted Securities (A) such
Holder is prohibited by applicable law or Commission policy from participating in the Exchange
Offer, or (B) such Holder may not resell the Exchange Securities acquired by it in the Exchange
Offer to the public without delivering a prospectus and the Prospectus contained in the Exchange
Offer Registration Statement is not appropriate or available for such resales by such Holder, or
(C) such Holder is a Broker-Dealer and holds Initial Securities acquired directly from the Company
or one of its affiliates, then, upon such Holder’s request, the Company and the Guarantors shall

     (x) use their commercially reasonable best efforts to file or cause to be filed a shelf
registration statement pursuant to Rule 415 under the Securities Act, which may be an
amendment to the Exchange Offer Registration Statement (in either event, the “Shelf
Registration Statement”), on or prior to the earliest to occur of (1) the 30th day after the
date on which the Company determines that it is not required to file the Exchange Offer
Registration Statement (or if such 30th day is not a Business Day, the next
succeeding Business Day), (2) the 30th day after the date on which the Company receives
notice from a Holder of Transfer Restricted Securities as contemplated by clause (iii) above
(or if such 30th day is not a Business Day, the next succeeding Business Day),
and (3) the 180th day after the Closing Date (or if such 180th day is not a Business Day,
the next succeeding Business Day) (such earliest date being the “Shelf Filing Deadline”),
which Shelf Registration Statement shall provide for resales of all Transfer Restricted
Securities

5

 

the Holders of which shall have provided the information required pursuant to Section
4(b) hereof; and

     (y) use their commercially reasonable best efforts to cause such Shelf Registration
Statement to be declared effective by the Commission on or before the 180th day after the
Closing Date (or if such 180th day is not a Business Day, the next succeeding Business Day).

     Each of the Company and the Guarantors shall use its commercially reasonable best efforts to
keep such Shelf Registration Statement continuously effective, supplemented and amended as required
by the provisions of Sections 6(b) and (c) hereof to the extent necessary to ensure that it is
available for resales of Initial Securities by the Holders of Transfer Restricted Securities
entitled to the benefit of this Section 4(a), and to ensure that it conforms with the requirements
of this Agreement, the Securities Act and the policies, rules and regulations of the Commission as
announced from time to time, for a period of at least two years following the effective date of
such Shelf Registration Statement (or shorter period that will terminate when all the Initial
Securities covered by such Shelf Registration Statement have been sold pursuant to such Shelf
Registration Statement).

     (b) Provision by Holders of Certain Information in Connection with the Shelf Registration
Statement. No Holder of Transfer Restricted Securities may include any of its Transfer Restricted
Securities in any Shelf Registration Statement pursuant to this Agreement unless and until such
Holder furnishes to the Company in writing, within 20 Business Days after receipt of a request
therefor, such information as the Company may reasonably request for use in connection with any
Shelf Registration Statement or Prospectus or preliminary Prospectus included therein. Each Holder
as to which any Shelf Registration Statement is being effected agrees to furnish promptly to the
Company all information required to be disclosed in order to make the information previously
furnished to the Company by such Holder not materially misleading.

     SECTION 5. Additional Interest. If (i) any of the Registration Statements required by this
Agreement is not filed with the Commission on or prior to the date specified for such filing in
this Agreement, (ii) any of such Registration Statements has not been declared effective by the
Commission on or prior to the date specified for such effectiveness in this Agreement (the
“Effectiveness Target Date”), (iii) the Exchange Offer has not been Consummated within 30 Business
Days after the Effectiveness Target Date with respect to the Exchange Offer Registration Statement
or (iv) any Registration Statement required by this Agreement is filed and declared effective but
shall thereafter cease to be effective or fail to be usable for its intended purpose without being
succeeded immediately by a post-effective amendment to such Registration Statement that cures such
failure and that is itself immediately declared effective (each such event referred to in clauses
(i) through (iv), a “Registration Default”), the Company hereby agrees that the interest rate borne
by the Transfer Restricted Securities shall be increased by 1.0% per annum. Following the cure of
all Registration Defaults relating to any particular Transfer Restricted Securities, the interest
rate borne by the relevant Transfer Restricted Securities will be reduced to the original interest
rate borne by such Transfer Restricted Securities; provided, however, that, if after any such
reduction in interest rate, a different Registration Default occurs, the interest rate borne by the
relevant Transfer Restricted Securities shall again be increased pursuant to the foregoing
provisions.

6

 

     All obligations of the Company and the Guarantors set forth in the preceding paragraph that
are outstanding with respect to any Transfer Restricted Security at the time such security ceases
to be a Transfer Restricted Security shall survive until such time as all such obligations with
respect to such security shall have been satisfied in full.

     SECTION 6. Registration Procedures.

     (a) Exchange Offer Registration Statement. In connection with the Exchange Offer, the Company
and the Guarantors shall comply with all of the provisions of Section 6(c) hereof, shall use their
commercially reasonable best efforts to effect such exchange to permit the sale of Transfer
Restricted Securities being sold in accordance with the intended method or methods of distribution
thereof, and shall comply with all of the following provisions:

     (i) If in the reasonable opinion of counsel to the Company there is a question as to
whether the Exchange Offer is permitted by applicable law, each of the Company and the
Guarantors hereby agrees to seek a no-action letter or other favorable decision from the
Commission allowing the Company and the Guarantors to Consummate an Exchange Offer for such
Initial Securities. Each of the Company and the Guarantors hereby agrees to pursue the
issuance of such a decision to the Commission staff level but shall not be required to take
commercially unreasonable action to effect a change of Commission policy. Each of the
Company and the Guarantors hereby agrees, however, to (A) participate in telephonic
conferences with the Commission, (B) deliver to the Commission staff an analysis prepared by
counsel to the Company setting forth the legal bases, if any, upon which such counsel has
concluded that such an Exchange Offer should be permitted and (C) diligently pursue a
favorable resolution by the Commission staff of such submission.

     (ii) As a condition to its participation in the Exchange Offer pursuant to the terms of
this Agreement, each Holder of Transfer Restricted Securities shall furnish, upon the
request of the Company, prior to the Consummation thereof, a written representation to the
Company (which may be contained in the letter of transmittal contemplated by the Exchange
Offer Registration Statement) to the effect that (A) it is not an affiliate of the Company,
(B) it is not engaged in, and does not intend to engage in, and has no arrangement or
understanding with any Person to participate in, a distribution of the Exchange Securities
to be issued in the Exchange Offer and (C) it is acquiring the Exchange Securities in its
ordinary course of business. In addition, all such Holders of Transfer Restricted
Securities shall otherwise cooperate in the Company’s preparations for the Exchange Offer.
Each Holder hereby acknowledges and agrees that any Broker-Dealer and any such Holder using
the Exchange Offer to participate in a distribution of the securities to be acquired in the
Exchange Offer (1) could not under Commission policy as in effect on the date of this
Agreement rely on the position of the Commission enunciated in Morgan Stanley and Co.,
Inc. (available June 5, 1991) and Exxon Capital Holdings Corporation (available
May 13, 1988), as interpreted in the Commission’s letter to Shearman & Sterling dated July
2, 1993, and similar no-action letters (which may include any no-action letter obtained
pursuant to clause (i) above), and (2) must comply with the registration and prospectus
delivery requirements of the Securities Act in connection with a secondary resale
transaction and that such a secondary resale transaction should be covered by

7

 

an effective registration statement containing the selling security holder information
required by Item 507 or 508, as applicable, of Regulation S-K if the resales are of Exchange
Securities obtained by such Holder in exchange for Initial Securities acquired by such
Holder directly from the Company.

     (b) Shelf Registration Statement. In connection with the Shelf Registration Statement, each
of the Company and the Guarantors shall comply with all the provisions of Section 6(c) hereof and
shall use its best efforts to effect such registration to permit the sale of the Transfer
Restricted Securities being sold in accordance with the intended method or methods of distribution
thereof, and pursuant thereto each of the Company and the Guarantors will as expeditiously as
possible prepare and file with the Commission a Registration Statement relating to the registration
on any appropriate form under the Securities Act, which form shall be available for the sale of the
Transfer Restricted Securities in accordance with the intended method or methods of distribution
thereof.

     (c) General Provisions. In connection with any Registration Statement and any Prospectus
required by this Agreement to permit the sale or resale of Transfer Restricted Securities
(including, without limitation, any Registration Statement and the related Prospectus required to
permit resales of Initial Securities by Broker-Dealers), each of the Company and the Guarantors
shall:

     (i) use its commercially reasonable best efforts to keep such Registration Statement
continuously effective and provide all requisite financial statements including, if required
by the Securities Act or any regulation thereunder, financial statements of the Guarantors
for the period specified in Section 3 or 4 hereof, as applicable; upon the occurrence of any
event that would cause any such Registration Statement or the Prospectus contained therein
(A) to contain a material misstatement or omission or (B) not to be effective and usable for
resale of Transfer Restricted Securities during the period required by this Agreement, the
Company shall file promptly an appropriate amendment to such Registration Statement, in the
case of clause (A), correcting any such misstatement or omission, and, in the case of either
clause (A) or (B), use its commercially reasonable best efforts to cause such amendment to
be declared effective and such Registration Statement and the related Prospectus to become
usable for their intended purpose(s) as soon as practicable thereafter;

     (ii) prepare and file with the Commission such amendments and post-effective amendments
to the applicable Registration Statement as may be necessary to keep the Registration
Statement effective for the applicable period set forth in Section 3 or 4 hereof, as
applicable, or such shorter period as will terminate when all Transfer Restricted Securities
covered by such Registration Statement have been sold; cause the Prospectus to be
supplemented by any required Prospectus supplement, and as so supplemented to be filed
pursuant to Rule 424 under the Securities Act, and to comply fully with the applicable
provisions of Rules 424 and 430A under the Securities Act in a timely manner; and comply
with the provisions of the Securities Act with respect to the disposition of all securities
covered by such Registration Statement during the applicable period in accordance with the
intended method or methods of distribution by the sellers thereof set forth in such
Registration Statement or supplement to the Prospectus;

8

 

     (iii) advise the underwriter(s), if any, and selling Holders promptly and, if requested
by such Persons, to confirm such advice in writing, (A) when the Prospectus or any
Prospectus supplement or post-effective amendment has been filed, and, with respect to any
Registration Statement or any post-effective amendment thereto, when the same has become
effective, (B) of any request by the Commission for amendments to the Registration Statement
or amendments or supplements to the Prospectus or for additional information relating
thereto, (C) of the issuance by the Commission of any stop order suspending the
effectiveness of the Registration Statement under the Securities Act or of the suspension by
any state securities commission of the qualification of the Transfer Restricted Securities
for offering or sale in any jurisdiction, or the initiation of any proceeding for any of the
preceding purposes, (D) of the existence of any fact or the happening of any event that
makes any statement of a material fact made in the Registration Statement, the Prospectus,
any amendment or supplement thereto, or any document incorporated by reference therein
untrue, or that requires the making of any additions to or changes in the Registration
Statement or the Prospectus in order to make the statements therein not misleading. If at
any time the Commission shall issue any stop order suspending the effectiveness of the
Registration Statement, or any state securities commission or other regulatory authority
shall issue an order suspending the qualification or exemption from qualification of the
Transfer Restricted Securities under state securities or blue sky laws, each of the Company
and the Guarantors shall use its commercially reasonable best efforts to obtain the
withdrawal or lifting of such order at the earliest possible time;

     (iv) furnish without charge to each of the Initial Purchasers, each selling Holder
named in any Registration Statement, and each of the underwriter(s), if any, before filing
with the Commission, copies of any Registration Statement or any Prospectus included therein
or any amendments or supplements to any such Registration Statement or Prospectus (including
all documents incorporated by reference after the initial filing of such Registration
Statement), which documents will be subject to the review and comment of such Holders and
underwriter(s) in connection with such sale, if any, for a period of at least five Business
Days, and the Company will not file any such Registration Statement or Prospectus or any
amendment or supplement to any such Registration Statement or Prospectus (including all such
documents incorporated by reference) to which an Initial Purchaser of Transfer Restricted
Securities covered by such Registration Statement or the underwriter(s), if any, shall
reasonably object in writing within five Business Days after the receipt thereof (such
objection to be deemed timely made upon confirmation of telecopy transmission within such
period). The objection of an Initial Purchaser or underwriter, if any, shall be deemed to
be reasonable if such Registration Statement, amendment, Prospectus or supplement, as
applicable, as proposed to be filed, contains a material misstatement or omission;

     (v) promptly prior to the filing of any document that is to be incorporated by
reference into a Registration Statement or Prospectus, provide copies of such document to
the Initial Purchasers, each selling Holder named in any Registration Statement, and to the
underwriter(s), if any, make the Company’s and the Guarantors’ representatives available for
discussion of such document and other customary due diligence matters, and

9

 

include such information in such document prior to the filing thereof as such selling
Holders or underwriter(s), if any, reasonably may request;

     (vi) make available, at reasonable times, for inspection by the Initial Purchasers, the
managing underwriter(s), if any, participating in any disposition pursuant to such
Registration Statement and any attorney or accountant retained by such Initial Purchasers or
any of the underwriter(s), all financial and other records, pertinent corporate documents
and properties of each of the Company and the Guarantors and cause the Company’s and the
Guarantors’ officers, directors and employees to supply all information reasonably requested
by any such Holder, underwriter, attorney or accountant in connection with such Registration
Statement or any post-effective amendment thereto subsequent to the filing thereof and prior
to its effectiveness and to participate in meetings with investors to the extent reasonably
requested by the managing underwriter(s), if any;

     (vii) if requested by any selling Holders or the underwriter(s), if any, promptly
incorporate in any Registration Statement or Prospectus, pursuant to a supplement or
post-effective amendment if necessary, such information as such selling Holders and
underwriter(s), if any, may reasonably request to have included therein, including, without
limitation, information relating to the “Plan of Distribution” of the Transfer Restricted
Securities, information with respect to the principal amount of Transfer Restricted
Securities being sold to such underwriter(s), the purchase price being paid therefor and any
other terms of the offering of the Transfer Restricted Securities to be sold in such
offering; and make all required filings of such Prospectus supplement or post-effective
amendment as soon as practicable after the Company is notified of the matters to be
incorporated in such Prospectus supplement or post-effective amendment;

     (viii) cause the Transfer Restricted Securities covered by the Registration Statement
to be rated with the appropriate rating agencies, if so requested by the Holders of a
majority in aggregate principal amount of Securities covered thereby or the underwriter(s),
if any;

     (ix) furnish to each Initial Purchaser, each selling Holder and each of the
underwriter(s), if any, without charge, at least one copy of the Registration Statement, as
first filed with the Commission, and of each amendment thereto, including financial
statements and schedules, all documents incorporated by reference therein and all exhibits
(including exhibits incorporated therein by reference);

     (x) deliver to each selling Holder and each of the underwriter(s), if any, without
charge, as many copies of the Prospectus (including each preliminary prospectus) and any
amendment or supplement thereto as such Persons reasonably may request; each of the Company
and the Guarantors hereby consents to the use of the Prospectus and any amendment or
supplement thereto by each of the selling Holders and each of the underwriter(s), if any, in
connection with the offering and the sale of the Transfer Restricted Securities covered by
the Prospectus or any amendment or supplement thereto;

     (xi) enter into such agreements (including an underwriting agreement), and make such
representations and warranties, and take all such other actions in connection

10

 

therewith in order to expedite or facilitate the disposition of the Transfer Restricted
Securities pursuant to any Registration Statement contemplated by this Agreement, all to
such extent as may be requested by any Initial Purchaser or by any Holder of Transfer
Restricted Securities or underwriter in connection with any sale or resale pursuant to any
Registration Statement contemplated by this Agreement; and whether or not an underwriting
agreement is entered into and whether or not the registration is an Underwritten
Registration, each of the Company and the Guarantors shall:

     (A) furnish to each Initial Purchaser, each selling Holder and each
underwriter, if any, in such substance and scope as they may request and as are
customarily made by issuers to underwriters in primary underwritten offerings, upon
the date of the Consummation of the Exchange Offer or, if applicable, the
effectiveness of the Shelf Registration Statement:

     (1) a certificate, dated the date of Consummation of the Exchange Offer
or the date of effectiveness of the Shelf Registration Statement, as the
case may be, signed by (y) the President or any Vice President and (z) a
principal financial or accounting officer of each of the Company and the
Guarantors, confirming, as of the date thereof, the matters with respect to
which certificates were delivered under the Purchase Agreement and such
other matters as such parties may reasonably request;

     (2) an opinion, dated the date of Consummation of the Exchange Offer or
the date of effectiveness of the Shelf Registration Statement, as the case
may be, of counsel for the Company and the Guarantors, covering the matters
set forth in Section 5(c) of the Purchase Agreement and such other matter as
such parties may reasonably request, and in any event including a statement
to the effect that such counsel has participated in conferences with
officers and other representatives of the Company and the Guarantors,
representatives of the independent public accountants for the Company and
the Guarantors, representatives of the underwriter(s), if any, and counsel
to the underwriter(s), if any, in connection with the preparation of such
Registration Statement and the related Prospectus and have considered the
matters required to be stated therein and the statements contained therein,
although such counsel has not independently verified the accuracy,
completeness or fairness of such statements; and that such counsel advises
that, on the basis of the foregoing, no facts came to such counsel’s
attention that caused such counsel to believe that the applicable
Registration Statement, at the time such Registration Statement or any
post-effective amendment thereto became effective, and, in the case of the
Exchange Offer Registration Statement, as of the date of Consummation,
contained an untrue statement of a material fact or omitted to state a
material fact required to be stated therein or necessary to make the
statements therein not misleading, or that the Prospectus contained in such
Registration Statement as of its date and, in the case of the opinion dated
the date of Consummation of the Exchange Offer, as of the date of
Consummation, contained an untrue statement of a material fact or omitted to
state a

11

 

material fact necessary in order to make the statements therein not
misleading. Without limiting the foregoing, such counsel may state further
that such counsel assumes no responsibility for, and has not independently
verified, the accuracy, completeness or fairness of the financial
statements, notes and schedules and other financial data included in any
Registration Statement contemplated by this Agreement or the related
Prospectus; and

     (3) a customary comfort letter, dated the date of effectiveness of the
Shelf Registration Statement, from the Company’s independent accountants, in
the customary form and covering matters of the type customarily requested to
be covered in comfort letters by underwriters in connection with primary
underwritten offerings, and covering or affirming the matters set forth in
the comfort letters delivered pursuant to Section 5(a) of the Purchase
Agreement, without exception;

     (B) set forth in full or incorporate by reference in the underwriting
agreement, if any, the indemnification provisions and procedures of Section 8 hereof
with respect to all parties to be indemnified pursuant to said Section; and

     (C) deliver such other documents and certificates as may be reasonably
requested by such parties to evidence compliance with Section 6(c)(xi)(A) hereof and
with any customary conditions contained in the underwriting agreement or other
agreement entered into by the Company or any of the Guarantors pursuant to this
Section 6(c)(xi), if any.

     If at any time the representations and warranties of the Company and the Guarantors
contemplated in Section 6(c)(xi)(A)(1) hereof cease to be true and correct, the Company or
the Guarantors shall so advise the Initial Purchasers and the underwriter(s), if any, and
each selling Holder promptly and, if requested by such Persons, shall confirm such advice in
writing;

     (xii) prior to any public offering of Transfer Restricted Securities, cooperate with
the selling Holders, the underwriter(s), if any, and their respective counsel in connection
with the registration and qualification of the Transfer Restricted Securities under the
state securities or blue sky laws of such jurisdictions as the selling Holders or
underwriter(s), if any, may request and do any and all other acts or things necessary or
advisable to enable the disposition in such jurisdictions of the Transfer Restricted
Securities covered by the Shelf Registration Statement; provided, however, that none of the
Company or the Guarantors shall be required to register or qualify as a foreign corporation
where it is not then so qualified or to take any action that would subject it to the service
of process in suits or to taxation, other than as to matters and transactions relating to
the Registration Statement, in any jurisdiction where it is not then so subject;

     (xiii) shall issue, upon the request of any Holder of Initial Securities covered by the
Shelf Registration Statement, Exchange Securities having an aggregate principal amount equal
to the aggregate principal amount of Initial Securities surrendered to the Company by such
Holder in exchange therefor or being sold by such Holder; such

12

 

Exchange Securities to be registered in the name of such Holder or in the name of the
purchaser(s) of such Securities, as the case may be; in return, the Initial Securities held
by such Holder shall be surrendered to the Company for cancellation;

     (xiv) cooperate with the selling Holders and the underwriter(s), if any, to facilitate
the timely preparation and delivery of certificates representing Transfer Restricted
Securities to be sold and not bearing any restrictive legends; and enable such Transfer
Restricted Securities to be in such denominations and registered in such names as the
Holders or the underwriter(s), if any, may request at least two Business Days prior to any
sale of Transfer Restricted Securities made by such Holders or underwriter(s);

     (xv) use its best efforts to cause the Transfer Restricted Securities covered by the
Registration Statement to be registered with or approved by such other governmental agencies
or authorities as may be necessary to enable the seller or sellers thereof or the
underwriter(s), if any, to consummate the disposition of such Transfer Restricted
Securities, subject to the proviso contained in Section 6(c)(xii) hereof;

     (xvi) if any fact or event contemplated by Section 6(c)(iii)(D) hereof shall exist or
have occurred, prepare a supplement or post-effective amendment to the Registration
Statement or related Prospectus or any document incorporated therein by reference or file
any other required document so that, as thereafter delivered to the purchasers of Transfer
Restricted Securities, the Prospectus will not contain an untrue statement of a material
fact or omit to state any material fact necessary in order to make the statements therein
not misleading;

     (xvii) provide a CUSIP number for all Securities not later than the effective date of
the Registration Statement covering such Securities and provide the Trustee under the
Indenture with printed certificates for such Securities which are in a form eligible for
deposit with the Depository Trust Company and take all other action necessary to ensure that
all such Securities are eligible for deposit with the Depository Trust Company;

     (xviii) cooperate and assist in any filings required to be made with the FINRA and in
the performance of any due diligence investigation by any underwriter (including any
“qualified independent underwriter”) that is required to be retained in accordance with the
rules and regulations of the FINRA;

     (xix) otherwise use its best efforts to comply with all applicable rules and
regulations of the Commission, and make generally available to its security holders, as soon
as practicable, a consolidated earnings statement meeting the requirements of Rule 158
(which need not be audited) for the twelve-month period (A) commencing at the end of any
fiscal quarter in which Transfer Restricted Securities are sold to underwriters in a firm
commitment or best efforts Underwritten Offering or (B) if not sold to underwriters in such
an offering, beginning with the first month of the Company’s first fiscal quarter commencing
after the effective date of the Registration Statement;

     (xx) cause the Indenture to be qualified under the Trust Indenture Act not later than
the effective date of the first Registration Statement required by this Agreement,

13

 

and, in connection therewith, cooperate with the Trustee and the Holders of Securities
to effect such changes to the Indenture as may be required for such Indenture to be so
qualified in accordance with the terms of the Trust Indenture Act; and to execute and use
its best efforts to cause the Trustee to execute, all documents that may be required to
effect such changes and all other forms and documents required to be filed with the
Commission to enable such Indenture to be so qualified in a timely manner;

     (xxi) cause all Securities covered by the Registration Statement to be listed on each
securities exchange or automated quotation system on which similar securities issued by the
Company are then listed if requested by the Holders of a majority in aggregate principal
amount of Initial Securities or the managing underwriter(s), if any; and

     (xxii) provide promptly to each Holder upon request each document filed with the
Commission pursuant to the requirements of Section 13 and Section 15 of the Exchange Act.

     Each Holder agrees by acquisition of a Transfer Restricted Security that, upon receipt of any
notice from the Company of the existence of any fact of the kind described in Section 6(c)(iii)(D)
hereof, such Holder will forthwith discontinue disposition of Transfer Restricted Securities
pursuant to the applicable Registration Statement until such Holder’s receipt of the copies of the
supplemented or amended Prospectus contemplated by Section 6(c)(xvi) hereof, or until it is advised
in writing (the “Advice”) by the Company that the use of the Prospectus may be resumed, and has
received copies of any additional or supplemental filings that are incorporated by reference in the
Prospectus. If so directed by the Company, each Holder will deliver to the Company (at the
Company’s expense) all copies, other than permanent file copies then in such Holder’s possession,
of the Prospectus covering such Transfer Restricted Securities that was current at the time of
receipt of such notice. In the event the Company shall give any such notice, the time period
regarding the effectiveness of such Registration Statement set forth in Section 3 or 4 hereof, as
applicable, shall be extended by the number of days during the period from and including the date
of the giving of such notice pursuant to Section 6(c)(iii)(D) hereof to and including the date when
each selling Holder covered by such Registration Statement shall have received the copies of the
supplemented or amended Prospectus contemplated by Section 6(c)(xvi) hereof or shall have received
the Advice; provided, however, that no such extension shall be taken into account in determining
whether Additional Interest is due pursuant to Section 5 hereof or the amount of such Additional
Interest, it being agreed that the Company’s option to suspend use of a Registration Statement
pursuant to this paragraph shall be treated as a Registration Default for purposes of Section 5
hereof.

     SECTION 7. Registration Expenses.

     (a) All expenses incident to the Company’s and the Guarantors’ performance of or compliance
with this Agreement will be borne by the Company and the Guarantors, jointly and severally,
regardless of whether a Registration Statement becomes effective, including, without limitation:
(i) all registration and filing fees and expenses (including filings made by any Initial Purchaser
or Holder with FINRA (and, if applicable, the fees and expenses of any “qualified independent
underwriter” and its counsel that may be required by the rules and regulations of FINRA)); (ii) all
fees and expenses of compliance with federal securities and state securities or

14

 

blue sky laws; (iii) all expenses of printing (including printing certificates for the
Exchange Securities to be issued in the Exchange Offer and printing of Prospectuses), messenger and
delivery services and telephone; (iv) all fees and disbursements of counsel for the Company, the
Guarantors and, subject to Section 7(b) hereof, the Holders of Transfer Restricted Securities; (v)
all application and filing fees in connection with listing the Exchange Securities on a securities
exchange or automated quotation system pursuant to the requirements thereof; and (vi) all fees and
disbursements of independent certified public accountants of the Company and the Guarantors
(including the expenses of any special audit and comfort letters required by or incident to such
performance).

     Each of the Company and the Guarantors will, in any event, bear its internal expenses
(including, without limitation, all salaries and expenses of its officers and employees performing
legal or accounting duties), the expenses of any annual audit and the fees and expenses of any
Person, including special experts, retained by the Company or the Guarantors.

     (b) In connection with any Registration Statement required by this Agreement (including,
without limitation, the Exchange Offer Registration Statement and the Shelf Registration
Statement), the Company and the Guarantors, jointly and severally, will reimburse the Initial
Purchasers and the Holders of Transfer Restricted Securities being tendered in the Exchange Offer
and/or resold pursuant to the “Plan of Distribution” contained in the Exchange Offer Registration
Statement or registered pursuant to the Shelf Registration Statement, as applicable, for the
reasonable fees and disbursements of not more than one counsel, who shall be Simpson Thacher &
Bartlett LLP or such other counsel as may be chosen by the Holders of a majority in principal
amount of the Transfer Restricted Securities for whose benefit such Registration Statement is being
prepared.

     SECTION 8. Indemnification.

     (a) The Company and the Guarantors, jointly and severally, agree to indemnify and hold
harmless (i) each Holder and (ii) each Person, if any, who controls (within the meaning of Section
15 of the Securities Act or Section 20 of the Exchange Act) any Holder (any of the Persons referred
to in this clause (ii) being hereinafter referred to as a “controlling person”) and (iii) the
respective officers, directors, partners, employees, representatives and agents of any Holder or
any controlling person (any Person referred to in clause (i), (ii) or (iii) may hereinafter be
referred to as an “Indemnified Holder”), to the fullest extent lawful, from and against any and all
losses, claims, damages, liabilities, judgments, actions and expenses (including, without
limitation, and as incurred, reimbursement of all reasonable costs of investigating, preparing,
pursuing, settling, compromising, paying or defending any claim or action, or any investigation or
proceeding by any governmental agency or body, commenced or threatened, including the reasonable
fees and expenses of counsel to any Indemnified Holder), joint or several, directly or indirectly
caused by, related to, based upon, arising out of or in connection with any untrue statement or
alleged untrue statement of a material fact contained in any Registration Statement or Prospectus
(or any amendment or supplement thereto), or any omission or alleged omission to state therein a
material fact required to be stated therein or necessary to make the statements therein not
misleading, except insofar as such losses, claims, damages, liabilities or expenses are caused by
an untrue statement or omission or alleged untrue statement or omission that is made in reliance
upon and in conformity with information relating to any of the Holders furnished in writing to

15

 

the Company by any of the Holders expressly for use therein. This indemnity agreement shall
be in addition to any liability which the Company or any of the Guarantors may otherwise have.

     In case any action or proceeding (including any governmental or regulatory investigation or
proceeding) shall be brought or asserted against any of the Indemnified Holders with respect to
which indemnity may be sought against the Company or the Guarantors, such Indemnified Holder (or
the Indemnified Holder controlled by such controlling person) shall promptly notify the Company and
the Guarantors in writing; provided, however, that the failure to give such notice shall not
relieve any of the Company or the Guarantors of its obligations pursuant to this Agreement. Such
Indemnified Holder shall have the right to employ its own counsel in any such action and the fees
and expenses of such counsel shall be paid, as incurred, by the Company and the Guarantors
(regardless of whether it is ultimately determined that an Indemnified Holder is not entitled to
indemnification hereunder). The Company and the Guarantors shall not, in connection with any one
such action or proceeding or separate but substantially similar or related actions or proceedings
in the same jurisdiction arising out of the same general allegations or circumstances, be liable
for the reasonable fees and expenses of more than one separate firm of attorneys (in addition to
any local counsel) at any time for such Indemnified Holders, which firm shall be designated by the
Holders. The Company and the Guarantors shall be liable for any settlement of any such action or
proceeding effected with the Company’s and the Guarantors’ prior written consent, which consent
shall not be withheld unreasonably, and each of the Company and the Guarantors agrees to indemnify
and hold harmless any Indemnified Holder from and against any loss, claim, damage, liability or
expense by reason of any settlement of any action effected with the written consent of the Company
and the Guarantors. The Company and the Guarantors shall not, without the prior written consent of
each Indemnified Holder, settle or compromise or consent to the entry of judgment in or otherwise
seek to terminate any pending or threatened action, claim, litigation or proceeding in respect of
which indemnification or contribution may be sought hereunder (whether or not any Indemnified
Holder is a party thereto), unless such settlement, compromise, consent or termination includes an
unconditional release of each Indemnified Holder from all liability arising out of such action,
claim, litigation or proceeding.

     (b) Each Holder of Transfer Restricted Securities agrees, severally and not jointly, to
indemnify and hold harmless the Company, the Guarantors and their respective directors and officers
who sign a Registration Statement, and any Person controlling (within the meaning of Section 15 of
the Securities Act or Section 20 of the Exchange Act) the Company or any of the Guarantors, and the
respective officers, directors, partners, employees, representatives and agents of each such
Person, to the same extent as the foregoing indemnity from the Company and the Guarantors to each
of the Indemnified Holders, but only with respect to claims and actions based on information
relating to such Holder furnished in writing by such Holder expressly for use in any Registration
Statement. In case any action or proceeding shall be brought against the Company, the Guarantors
or their respective directors or officers or any such controlling person in respect of which
indemnity may be sought against a Holder of Transfer Restricted Securities, such Holder shall have
the rights and duties given the Company and the Guarantors, and the Company, the Guarantors, their
respective directors and officers and such controlling person shall have the rights and duties
given to each Holder by the preceding paragraph.

     (c) If the indemnification provided for in this Section 8 is unavailable to an indemnified
party under Section 8(a) or (b) hereof (other than by reason of exceptions provided in those

16

 

Sections) in respect of any losses, claims, damages, liabilities, judgments, actions or
expenses referred to therein, then each applicable indemnifying party, in lieu of indemnifying such
indemnified party, shall contribute to the amount paid or payable by such indemnified party as a
result of such losses, claims, damages, liabilities or expenses in such proportion as is
appropriate to reflect the relative benefits received by the Company and the Guarantors, on the one
hand, and the Holders, on the other hand, from the Initial Placement (which in the case of the
Company and the Guarantors shall be deemed to be equal to the total gross proceeds to the Company
and the Guarantors from the Initial Placement), the amount of Additional Interest which did not
become payable as a result of the filing of the Registration Statement resulting in such losses,
claims, damages, liabilities, judgments actions or expenses, and such Registration Statement, or if
such allocation is not permitted by applicable law, the relative fault of the Company and the
Guarantors, on the one hand, and the Holders, on the other hand, in connection with the statements
or omissions which resulted in such losses, claims, damages, liabilities or expenses, as well as
any other relevant equitable considerations. The relative fault of the Company on the one hand and
of the Indemnified Holder on the other shall be determined by reference to, among other things,
whether the untrue or alleged untrue statement of a material fact or the omission or alleged
omission to state a material fact relates to information supplied by the Company or any of the
Guarantors, on the one hand, or the Indemnified Holders, on the other hand, and the parties’
relative intent, knowledge, access to information and opportunity to correct or prevent such
statement or omission. The amount paid or payable by a party as a result of the losses, claims,
damages, liabilities and expenses referred to above shall be deemed to include, subject to the
limitations set forth in the second paragraph of Section 8(a) hereof, any legal or other fees or
expenses reasonably incurred by such party in connection with investigating or defending any action
or claim.

     The Company, the Guarantors and each Holder of Transfer Restricted Securities agree that it
would not be just and equitable if contribution pursuant to this Section 8(c) were determined by
pro rata allocation (even if the Holders were treated as one entity for such purpose) or by any
other method of allocation which does not take account of the equitable considerations referred to
in the immediately preceding paragraph. The amount paid or payable by an indemnified party as a
result of the losses, claims, damages, liabilities or expenses referred to in the immediately
preceding paragraph shall be deemed to include, subject to the limitations set forth above, any
legal or other expenses reasonably incurred by such indemnified party in connection with
investigating or defending any such action or claim. Notwithstanding the provisions of this
Section 8, none of the Holders (and its related Indemnified Holders) shall be required to
contribute, in the aggregate, any amount in excess of the amount by which the total discount
received by such Holder with respect to the Initial Securities exceeds the amount of any damages
which such Holder has otherwise been required to pay by reason of such untrue or alleged untrue
statement or omission or alleged omission. No Person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from
any Person who was not guilty of such fraudulent misrepresentation. The Holders’ obligations to
contribute pursuant to this Section 8(c) are several in proportion to the respective principal
amount of Initial Securities held by each of the Holders hereunder and not joint.

     SECTION 9. Rule 144A and Rule 144. Each of the Company and the Guarantors hereby agrees with
each Holder, for so long as any Transfer Restricted Securities remain outstanding and during any
period in which the Company or such Guarantor (a) is not subject to

17

 

Section 13 or 15(d) of the Exchange Act, to make available to any Holder or beneficial owner
of Transfer Restricted Securities in connection with any sale thereof and any prospective purchaser
of such Transfer Restricted Securities from such Holder or beneficial owner, the information
required by Rule 144A(d)(4) under the Securities Act in order to permit resales of such Transfer
Restricted Securities pursuant to Rule 144A under the Securities Act, and (b) is subject to Section
13 or 15(d) of the Exchange Act, to make all filings required thereby in a timely manner in order
to permit resales of such Transfer Restricted Securities pursuant to Rule 144.

     SECTION 10. Participation in Underwritten Registrations. No Holder may participate in any
Underwritten Registration hereunder unless such Holder (a) agrees to sell such Holder’s Transfer
Restricted Securities on the basis provided in any underwriting arrangements approved by the
Persons entitled hereunder to approve such arrangements and (b) completes and executes all
reasonable questionnaires, powers of attorney, indemnities, underwriting agreements, lock-up
letters and other documents required under the terms of such underwriting arrangements.

     SECTION 11. Selection of Underwriters. The Holders of Transfer Restricted Securities covered
by the Shelf Registration Statement who desire to do so may sell such Transfer Restricted
Securities in an Underwritten Offering. In any such Underwritten Offering, the investment
banker(s) and managing underwriter(s) that will administer such offering will be selected by the
Holders of a majority in aggregate principal amount of the Transfer Restricted Securities included
in such offering; provided, however, that such investment banker(s) and managing underwriter(s)
must be reasonably satisfactory to the Company.

     SECTION 12. Miscellaneous.

     (a) Remedies. Each of the Company and the Guarantors hereby agrees that monetary damages
would not be adequate compensation for any loss incurred by reason of a breach by it of the
provisions of this Agreement and hereby agree to waive the defense in any action for specific
performance that a remedy at law would be adequate.

     (b) No Inconsistent Agreements. Each of the Company and the Guarantors will not on or after
the date of this Agreement enter into any agreement with respect to its securities that is
inconsistent with the rights granted to the Holders in this Agreement or otherwise conflicts with
the provisions hereof. Neither the Company or any of the Guarantors has previously entered into
any agreement granting any registration rights with respect to its securities to any Person. The
rights granted to the Holders hereunder do not in any way conflict with and are not inconsistent
with the rights granted to the holders of the Company’s or any of the Guarantors’ securities under
any agreement in effect on the date hereof.

     (c) Adjustments Affecting the Securities. The Company will not take any action, or permit any
change to occur, with respect to the Securities that would materially and adversely affect the
ability of the Holders to Consummate any Exchange Offer.

     (d) Amendments and Waivers. The provisions of this Agreement may not be amended, modified or
supplemented, and waivers or consents to or departures from the provisions hereof may not be given
unless the Company has (i) in the case of Section 5 hereof and this Section 12(d)(i), obtained the
written consent of Holders of all outstanding Transfer Restricted

18

 

Securities and (ii) in the case of all other provisions hereof, obtained the written consent
of Holders of a majority of the outstanding principal amount of Transfer Restricted Securities
(excluding any Transfer Restricted Securities held by the Company or its Affiliates).
Notwithstanding the foregoing, a waiver or consent to departure from the provisions hereof that
relates exclusively to the rights of Holders whose securities are being tendered pursuant to the
Exchange Offer and that does not affect directly or indirectly the rights of other Holders whose
securities are not being tendered pursuant to such Exchange Offer may be given by the Holders of a
majority of the outstanding principal amount of Transfer Restricted Securities being tendered or
registered; provided, however, that, with respect to any matter that directly or indirectly affects
the rights of any Initial Purchaser hereunder, the Company shall obtain the written consent of each
such Initial Purchaser with respect to which such amendment, qualification, supplement, waiver,
consent or departure is to be effective.

     (e) Notices. All notices and other communications provided for or permitted hereunder shall
be made in writing by hand-delivery, first-class mail (registered or certified, return receipt
requested), telex, telecopier, or air courier guaranteeing overnight delivery:

     (i) if to a Holder, at the address set forth on the records of the Registrar under the
Indenture, with a copy to the Registrar under the Indenture; and

     (ii) if to the Company:

Parker Drilling Company

5 Greenway Plaza, Suite 100

Houston, Texas 77046

Telecopy: 281-406-2331

Attention: Chief Financial Officer

With a copy to (which copy shall not constitute notice):

Bracewell & Giuliani LLP

711 Louisiana Street, Suite 2300

Houston, Texas 77002

Telecopy: 713-437-5370

Attention: William S. Anderson, Esq.

     All such notices and communications 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 answered back, if telexed; when receipt acknowledged, if
telecopied; and on the next Business Day, if timely delivered to an air courier guaranteeing
overnight delivery.

     Copies of all such notices, demands or other communications shall be concurrently delivered by
the Person giving the same to the Trustee at the address specified in the Indenture.

     (f) Successors and Assigns. This Agreement shall inure to the benefit of and be binding upon
the successors and assigns of each of the parties, including, without limitation, and

19

 

without the need for an express assignment, subsequent Holders of Transfer Restricted
Securities; provided, however, that this Agreement shall not inure to the benefit of or be binding
upon a successor or assign of a Holder unless and to the extent such successor or assign acquired
Transfer Restricted Securities from such Holder.

     (g) Counterparts. This Agreement may be executed in any number of counterparts and 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.

     (h) Headings. The headings in this Agreement are for convenience of reference only and shall
not limit or otherwise affect the meaning hereof.

     (i) Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CONFLICTS OF LAW RULES THEREOF.

     (j) Severability. In the event that any one or more of the provisions contained herein, or
the application thereof in any circumstance, is held invalid, illegal or unenforceable, the
validity, legality and enforceability of any such provision in every other respect and of the
remaining provisions contained herein shall not be affected or impaired thereby.

     (k) Entire Agreement. This Agreement is intended by the parties as a final expression of
their agreement and intended to be a complete and exclusive statement of the agreement and
understanding of the parties hereto in respect of the subject matter contained herein. There are
no restrictions, promises, warranties or undertakings, other than those set forth or referred to
herein with respect to the registration rights granted by the Company with respect to the Transfer
Restricted Securities. This Agreement supersedes all prior agreements and understandings between
the parties with respect to such subject matter.

20

 

     IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written
above.

	 	 	 	 	 
	 	PARKER DRILLING COMPANY

 	 
	 	By:  	/s/ W. Kirk Brassfield
 	 
	 	 	Name:  	W. Kirk Brassfield 	 
	 	 	Title:  	Senior Vice President and

Chief Financial Officer 	 

	 	 	 	 	 
	 	GUARANTORS:

Anachoreta, Inc.

Pardril, Inc.

Parker Aviation Inc.

Parker Drilling Arctic Operating, Inc.

Parker Drilling Company North America, Inc.

Parker Drilling Company of Niger

Parker Drilling Company of Oklahoma, Incorporated

Parker Drilling Company of South America, Inc.

Parker Drilling Offshore Corporation

Parker Drilling Offshore USA, L.L.C.

Parker North America Operations, Inc.

Parker Technology, Inc.

Parker Technology, L.L.C.

Parker Tools, LLC

Parker USA Resources, LLC

Parker-VSE, Inc.

Quail USA, LLC

 	 
	 	By:  	/s/ David W. Tucker
 	 
	 	 	Name:  	David W. Tucker 	 
	 	 	Title:  	Vice President and Treasurer 	 
	 
	 	Parker Drilling Management Services, Inc.

 	 
	 	By:  	/s/ David W. Tucker
 	 
	 	 	Name:  	David W. Tucker 	 
	 	 	Title:  	President 	 
	 

21

 

	 	 	 	 	 	 	 	 	 
	 	 	PD Management Resources, L.P.	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	Parker Drilling Management Services, Inc.,

its General Partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ David W. Tucker	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name: David W. Tucker	 	 
	 

	 	 	 	 	 	Title:   President	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Quail Tools, L.P. 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	Quail USA, LLC, its General Partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ David W. Tucker	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name: David W. Tucker	 	 
	 

	 	 	 	 	 	Title:   Vice President and Treasurer	 	 

     The foregoing Registration Rights Agreement is hereby confirmed and accepted as of the date
first above written:

Banc of America Securities LLC

   Acting on behalf of itself

   and as the Representative of

   the several Initial Purchasers

By:     Banc of America Securities LLC

	 	 	 	 	 	 	 
	 

	 	By:	 	/s/ John C. Cokinos	 	 
	 

	 	 	 	 

Name: John C. Cokinos
	 	 
	 

	 	 	 	Title: Managing Director	 	 

22

 

Schedule A

Anachoreta, Inc.

Pardril, Inc.

Parker Aviation Inc.

Parker Drilling Arctic Operating, Inc.

Parker Drilling Company North America, Inc.

Parker Drilling Company of Niger

Parker Drilling Company of Oklahoma, Incorporated

Parker Drilling Company of South America, Inc.

Parker Drilling Management Services, Inc.

Parker Drilling Offshore Corporation

Parker Drilling Offshore USA, L.L.C.

Parker North America Operations, Inc.

Parker Technology, Inc.

Parker Technology, L.L.C.

Parker Tools, LLC

Parker USA Resources, LLC

Parker-VSE, Inc.

PD Management Resources, L.P.

Quail Tools, L.P.

Quail USA, LLC

23

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