Document:

EX-4.7 SUBORDINATED INDENTURE

EXHIBIT 4.7

INDENTURE

between

PIKE ELECTRIC CORPORATION,

ISSUER,

and

[TRUSTEE],

TRUSTEE

and

GUARANTEED TO THE EXTENT SET FORTH THEREIN

BY THE GUARANTORS NAMED HEREIN

 

SUBORDINATED DEBT SECURITIES

 

DATED AS OF                     

 

 

Table of Contents

	 	 	 	 	 
	 	 	Page
	ARTICLE 1 DEFINITIONS
	 	 	1	 
	Section 1.01 Definitions of Terms
	 	 	1	 
	 
	 	 	 	 
	ARTICLE 2 THE SECURITIES
	 	 	4	 
	Section 2.01 Designation and Terms of Securities
	 	 	4	 
	Section 2.02 Form of Securities and Trustee’s Certificate
	 	 	6	 
	Section 2.03 Denominations: Provisions for Payment
	 	 	7	 
	Section 2.04 Execution and Authentications
	 	 	8	 
	Section 2.05 Registration of Transfer and Exchange
	 	 	9	 
	Section 2.06 Temporary Securities
	 	 	9	 
	Section 2.07 Mutilated, Destroyed, Lost or Stolen Securities
	 	 	10	 
	Section 2.08 Securityholder Lists
	 	 	10	 
	Section 2.09 Cancellation
	 	 	11	 
	Section 2.10 Benefits of Indenture
	 	 	11	 
	Section 2.11 Authenticating Agent
	 	 	11	 
	Section 2.12 Global Securities
	 	 	12	 
	 
	 	 	 	 
	ARTICLE 3 REDEMPTION OF SECURITIES AND SINKING FUND PROVISIONS
	 	 	13	 
	Section 3.01 Redemption
	 	 	13	 
	Section 3.02 Notice of Redemption
	 	 	13	 
	Section 3.03 Payment Upon Redemption
	 	 	14	 
	Section 3.04 Sinking Fund
	 	 	15	 
	Section 3.05 Satisfaction of Sinking Fund Payments with Securities
	 	 	15	 
	Section 3.06 Redemption of Securities for Sinking Fund
	 	 	15	 
	 
	 	 	 	 
	ARTICLE 4 COVENANTS
	 	 	15	 
	Section 4.01 Payment of Principal, Premium and Interest
	 	 	15	 
	Section 4.02 Maintenance of Office or Agency
	 	 	16	 
	Section 4.03 Paying Agents
	 	 	16	 
	Section 4.04 SEC Reports to the Trustee
	 	 	17	 
	Section 4.05 Compliance Certificates
	 	 	17	 
	 
	 	 	 	 
	ARTICLE 5 SUCCESSORS
	 	 	17	 
	Section 5.01 Company May Consolidate, Etc
	 	 	17	 
	Section 5.02 Successor Entity Substituted
	 	 	18	 
	Section 5.03 Evidence of Consolidation, Etc. to Trustee
	 	 	18	 
	 
	 	 	 	 
	ARTICLE 6 REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT
	 	 	19	 
	Section 6.01 Events of Default
	 	 	19	 
	Section 6.02 Collection of Indebtedness and Suits for Enforcement by Trustee
	 	 	20	 
	Section 6.03 Application of Moneys Collected
	 	 	21	 
	Section 6.04 Limitation on Suits
	 	 	22	 
	Section 6.05 Rights and Remedies Cumulative; Delay or Omission Not Waiver
	 	 	22	 
	Section 6.06 Control by Securityholders
	 	 	23	 

i

 

	 	 	 	 	 
	 	 	Page
	Section 6.07 Undertaking to Pay Costs
	 	 	23	 
	 
	 	 	 	 
	ARTICLE 7 CONCERNING THE TRUSTEE
	 	 	24	 
	Section 7.01 Certain Duties and Responsibilities of Trustee
	 	 	24	 
	Section 7.02 Certain Rights of Trustee
	 	 	25	 
	Section 7.03 Trustee’s Disclaimer
	 	 	26	 
	Section 7.04 May Hold Securities
	 	 	26	 
	Section 7.05 Moneys Held in Trust
	 	 	26	 
	Section 7.06 Compensation and Reimbursement
	 	 	26	 
	Section 7.07 Reliance on Officers’ Certificate
	 	 	27	 
	Section 7.08 Disqualification; Conflicting Interests
	 	 	27	 
	Section 7.09 Corporate Trustee Required; Eligibility
	 	 	27	 
	Section 7.10 Resignation and Removal; Appointment of Successor
	 	 	27	 
	Section 7.11 Acceptance of Appointment By Successor
	 	 	29	 
	Section 7.12 Merger, Conversion, Consolidation or Succession to Business
	 	 	30	 
	Section 7.13 Preferential Collection of Claims Against the Company
	 	 	30	 
	Section 7.14 Notice of Default
	 	 	30	 
	Section 7.15 Reports by the Trustee
	 	 	30	 
	 
	 	 	 	 
	ARTICLE 8 CONCERNING THE SECURITYHOLDERS
	 	 	31	 
	Section 8.01 Evidence of Action by Securityholders
	 	 	31	 
	Section 8.02 Proof of Execution by Securityholders
	 	 	31	 
	Section 8.03 Who May be Deemed Owners
	 	 	31	 
	Section 8.04 Certain Securities Owned by Company Disregarded
	 	 	32	 
	Section 8.05 Actions Binding on Future Securityholders
	 	 	32	 
	 
	 	 	 	 
	ARTICLE 9 SUPPLEMENTAL INDENTURES
	 	 	32	 
	Section 9.01 Supplemental Indentures without the Consent of Securityholders
	 	 	32	 
	Section 9.02 Supplemental Indentures with the Consent of Securityholders
	 	 	33	 
	Section 9.03 Effect of Supplemental Indentures
	 	 	34	 
	Section 9.04 Securities Affected by Supplemental Indentures
	 	 	34	 
	Section 9.05 Execution of Supplemental Indentures
	 	 	34	 
	 
	 	 	 	 
	ARTICLE 10 SATISFACTION AND DISCHARGE
	 	 	35	 
	Section 10.01 Satisfaction and Discharge of Indenture
	 	 	35	 
	Section 10.02 Discharge of Obligations
	 	 	35	 
	Section 10.03 Deposited Moneys to be Held in Trust
	 	 	35	 
	Section 10.04 Payment of Moneys Held by Paying Agents
	 	 	36	 
	Section 10.05 Repayment to Company
	 	 	36	 
	 
	 	 	 	 
	ARTICLE 11 IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS
	 	 	36	 
	Section 11.01 No Recourse
	 	 	36	 
	 
	 	 	 	 
	ARTICLE 12 GUARANTEES
	 	 	37	 
	Section 12.01 Guarantee
	 	 	37	 
	 
	 	 	 	 
	ARTICLE 13 MISCELLANEOUS PROVISIONS
	 	 	37	 
	Section 13.01 Effect on Successors and Assigns
	 	 	37	 
	Section 13.02 Actions by Successor
	 	 	37	 

ii

 

	 	 	 	 	 
	 	 	Page
	Section 13.03 Surrender of Company Powers
	 	 	37	 
	Section 13.04 Notices
	 	 	37	 
	Section 13.05 Governing Law
	 	 	38	 
	Section 13.06 Treatment of Securities as Debt
	 	 	38	 
	Section 13.07 Certificates and Opinions as to Conditions Precedent
	 	 	38	 
	Section 13.08 Payments on Business Days
	 	 	38	 
	Section 13.09 Conflict with Trust Indenture Act
	 	 	39	 
	Section 13.10 Counterparts
	 	 	39	 
	Section 13.11 Separability
	 	 	39	 
	 
	 	 	 	 
	ARTICLE 14 SUBORDINATION OF SECURITIES
	 	 	39	 
	Section 14.01 Subordination Terms
	 	 	39	 

 iii

 

 

CROSS-REFERENCE TABLE(1)

	 	 	 
	Section of Trust Indenture Act of 1939, as amended	 	Section of Indenture
	310(a)
	 	7.09
	310(b)
	 	7.08
	 
	 	7.10
	310(c)
	 	Inapplicable
	311(a)
	 	7.13
	311(b)
	 	7.13
	311(c)
	 	Inapplicable
	312(a)
	 	2.08(a)
	 
	 	2.08(b)
	312(b)
	 	2.08(d)
	312(c)
	 	2.08(d)
	313(a)
	 	7.15(a)
	313(b)
	 	7.15(b)
	313(c)
	 	7.15(a)
	 
	 	7.15(b)
	313(d)
	 	7.15(c)
	314(a)
	 	4.04
	 
	 	4.05
	 
	 	13.04
	314(b)
	 	Inapplicable
	314(c)
	 	13.07(a)
	314(d)
	 	Inapplicable
	314(e)
	 	13.07(b)
	314(f)
	 	Inapplicable
	315(a)
	 	7.01(a)
	 
	 	7.01(b)
	315(b)
	 	7.14
	315(c)
	 	7.01
	315(d)
	 	7.01(b)
	315(e)
	 	6.07
	316(a)
	 	6.06
	 
	 	8.04
	316(b)
	 	6.04
	316(c)
	 	8.01
	317(a)
	 	6.02
	317(b)
	 	4.03
	318(a)
	 	13.09

 

			
	(1)	 
	This Cross-Reference Table does not constitute part of the Indenture and shall not have any
bearing on the interpretation of any of its terms or provisions.

 iv

 

 

INDENTURE

     INDENTURE, dated as of                     , ___, among PIKE ELECTRIC CORPORATION, a Delaware
corporation (the “Company”), and                                         , as trustee (the “Trustee”):

     WHEREAS, for its lawful corporate purposes, the Company has duly authorized the execution and
delivery of this Indenture to provide for the issuance of subordinated debt securities (hereinafter
referred to as the “Securities”), in an unlimited aggregate principal amount to be issued from time
to time in one or more series as provided in this Indenture;

     WHEREAS, to provide the terms and conditions upon which the Securities are to be
authenticated, issued and delivered, the Company has duly authorized the execution of this
Indenture; and

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

     NOW, THEREFORE, in consideration of the premises and the purchase of the Securities by the
holders thereof, it is mutually covenanted and agreed as follows for the equal and ratable benefit
of the holders of Securities:

ARTICLE 1

DEFINITIONS

     Section 1.01 Definitions of Terms.

     The terms defined in this Section (except as in this Indenture or any indenture supplemental
hereto otherwise expressly provided or unless the context otherwise requires) for all purposes of
this Indenture and of any indenture supplemental hereto shall have the respective meanings
specified in this Section and shall include the plural as well as the singular. All other terms
used in this Indenture that are defined in the Trust Indenture Act of 1939, as amended, or that are
by reference in such Act defined in the Securities Act of 1933, as amended (except as herein or any
indenture supplemental hereto otherwise expressly provided or unless the context otherwise
requires), shall have the meanings assigned to such terms in said Trust Indenture Act and in said
Securities Act as in force at the date of the execution of this instrument.

     “Authenticating Agent” means an authenticating agent with respect to all or any of the series
of Securities appointed by the Trustee pursuant to Section 2.11.

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

     “Board of Directors” means the Board of Directors of the Company or any duly authorized
committee of such Board.

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

     “Business Day” means, with respect to any series of Securities, any day other than a day on
which federal or state banking institutions in the Borough of Manhattan, the City of New York, or
in the

 

 

city of the Corporate Trust Office of the Trustee, are authorized or obligated by law,
executive order or regulation to close.

     “Certificate” means a certificate signed by any Officer. The Certificate need not comply with
the provisions of Section 13.07.

     “Company” means Pike Electric Corporation, a corporation duly organized and existing under the
laws of the State of Delaware, and, subject to the provisions of Article X, shall also include its
successors and assigns.

     “Corporate Trust Office” means the office of the Trustee at which, at any particular time, its
corporate trust business shall be principally administered, which office at the date hereof is
located at                     .

     “Custodian” means any receiver, trustee, assignee, liquidator or similar official under any
Bankruptcy Law.

     “Default” means any event, act or condition that with notice or lapse of time, or both, would
constitute an Event of Default.

     “Depositary” means, with respect to Securities of any series for which the Company shall
determine that such Securities will be issued as a Global Security, The Depository Trust Company,
New York, New York, another clearing agency, or any successor registered as a clearing agency under
the Exchange Act or other applicable statute or regulation, which, in each case, shall be
designated by the Company pursuant to either Section 2.01 or 2.12.

     “Event of Default” means, with respect to Securities of a particular series, any event
specified in Section 6.01, continued for the period of time, if any, therein designated.

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

     “Global Security” means, with respect to any series of Securities, a Security executed by the
Company and delivered by the Trustee to the Depositary or pursuant to the Depositary’s instruction,
all in accordance with the Indenture, which shall be registered in the name of the Depositary or
its nominee.

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

     “Guarantors” means any Person who guarantees any of the Company’s obligations under the
Indenture or any Securities, in accordance with Article XII.

2

 

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

     “Indenture” means this instrument as originally executed or as it may from time to time be
supplemented or amended by one or more indentures supplemental hereto entered into in accordance
with the terms hereof.

     “Interest Payment Date”, when used with respect to any installment of interest on a Security
of a particular series, means the date specified in such Security or in a Board Resolution or in an
indenture supplemental hereto with respect to such series as the fixed date on which an installment
of interest with respect to Securities of that series is due and payable.

     “Officer” means, with respect to the Company, the chairman of the Board of Directors, a chief
executive officer, a president, a chief financial officer, a chief operating officer, any vice
president, the treasurer, the controller or the secretary or any assistant secretary.

     “Officers’ Certificate” means a certificate signed by any two Officers. Each such certificate
shall include the statements provided for in Section 13.07, if and to the extent required by the
provisions thereof.

     “Opinion of Counsel” means an opinion in writing subject to customary exceptions of legal
counsel, who may be an employee of or counsel for the Company, that is delivered to the Trustee in
accordance with the terms hereof. Each such opinion shall include the statements provided for in
Section 13.07, if and to the extent required by the provisions thereof.

     “Outstanding”, when used with reference to Securities of any series, means, subject to the
provisions of Section 8.04, as of any particular time, all Securities of that series theretofore
authenticated and delivered by the Trustee under this Indenture, except (a) Securities theretofore
canceled by the Trustee or any paying agent, or delivered to the Trustee or any paying agent for
cancellation or that have previously been canceled; (b) Securities or portions thereof for the
payment or redemption of which moneys or Governmental Obligations in the necessary amount shall
have been deposited in trust with the Trustee or with any paying agent (other than the Company) or
shall have been set aside and segregated in trust by the Company (if the Company shall act as its
own paying agent); provided, however, that if such Securities or portions of such Securities are to
be redeemed prior to the maturity thereof, notice of such redemption shall have been given as in
Article III provided, or provision satisfactory to the Trustee shall have been made for giving such
notice; and (c) Securities in lieu of or in substitution for which other Securities shall have been
authenticated and delivered pursuant to the terms of Section 2.07.

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

     “Predecessor Security” of any particular Security means every previous Security evidencing all
or a portion of the same debt as that evidenced by such particular Security; and, for the purposes
of this definition, any Security authenticated and delivered under Section 2.07 in lieu of a lost,
destroyed or stolen Security shall be deemed to evidence the same debt as the lost, destroyed or
stolen Security.

     “Responsible Officer” when used with respect to the Trustee means the chairman of its board of
directors, the chief executive officer, the president, any vice president, the secretary, the
treasurer, any trust officer, any corporate trust officer or any other officer or assistant officer
of the Trustee customarily performing functions similar to those performed by the Persons who at
the time shall be such officers,

3

 

respectively, or to whom any corporate trust matter is referred because of his or her
knowledge of and familiarity with the particular subject.

     “Securities” means the debt Securities authenticated and delivered under this Indenture
(including any guarantees thereof).

     “Securityholder”, “holder of Securities”, “registered holder”, or other similar term, means
the Person or Persons in whose name or names a particular Security shall be registered on the books
of the Company kept for that purpose in accordance with the terms of this Indenture.

     “Security Register” and “Security Registrar” shall have the meanings as set forth in
Section 2.05.

     “Subsidiary” means, with respect to any Person, (i) any corporation, limited liability
company, association or other business entity at least a majority of whose outstanding Voting Stock
shall at the time be owned, directly or indirectly, by such Person or by one or more of its
Subsidiaries or by such Person and one or more of its Subsidiaries, (ii) any general partnership,
joint venture or similar entity, at least a majority of whose outstanding partnership or similar
interests shall at the time be owned by such Person, or by one or more of its Subsidiaries, or by
such Person and one or more of its Subsidiaries and (iii) any limited partnership of which such
Person or any of its Subsidiaries is a general partner.

     “Trustee” means the Person named as Trustee in the opening paragraph, and, subject to the
provisions of Article VII, shall also include its successors and assigns, and, if at any time there
is more than one Person acting in such capacity hereunder, “Trustee” shall mean each such Person.
The term “Trustee” as used with respect to a particular series of the Securities shall mean the
trustee with respect to that series.

     “Trust Indenture Act” means the Trust Indenture Act of 1939, as amended.

     “Voting Stock”, as applied to stock of any Person, means shares, interests, participations or
other equivalents in the equity interest (however designated) in such Person having ordinary voting
power for the election of a majority of the directors (or the equivalent) of such Person, other
than shares, interests, participations or other equivalents having such power only by reason of the
occurrence of a contingency.

ARTICLE 2

THE SECURITIES

     Section 2.01 Designation and Terms of Securities.

          (a) The aggregate principal amount of Securities that may be authenticated and delivered under
this Indenture is unlimited. The Securities may be issued in one or more series up to the
aggregate principal amount of Securities of that series from time to time authorized by or pursuant
to a Board Resolution or pursuant to one or more indentures supplemental hereto. Prior to the
initial issuance of Securities of any series, there shall be established in or pursuant to a Board
Resolution, and set forth in an Officers’ Certificate, or established in one or more indentures
supplemental hereto:

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

               (2) any limit upon the aggregate principal amount of the Securities of that series that may be
authenticated and delivered under this Indenture (except for Securities authenticated

4

 

and delivered upon registration of transfer of, or in exchange for, or in lieu of, other
Securities of that series);

               (3) the date or dates on which the principal of the Securities of the series is payable, any
original issue discount that may apply to the Securities of that series upon their issuance, the
principal amount due at maturity, and the place(s) of payment;

               (4) the rate or rates at which the Securities of the series shall bear interest or the manner
of calculation of such rate or rates, if any;

               (5) the date or dates from which such interest shall accrue, the Interest Payment Dates on
which such interest will be payable or the manner of determination of such Interest Payment Dates,
the place(s) of payment, and the record date for the determination of holders to whom interest is
payable on any such Interest Payment Dates or the manner of determination of such record dates;

               (6) the right, if any, to extend the interest payment periods and the duration of such
extension;

               (7) the period or periods within which, the price or prices at which and the terms and
conditions upon which Securities of the series may be redeemed, in whole or in part, at the option
of the Company;

               (8) the obligation, if any, of the Company to redeem or purchase Securities of the series
pursuant to any sinking fund, mandatory redemption, or analogous provisions (including payments
made in cash in satisfaction of future sinking fund obligations) or at the option of a holder
thereof and the period or periods within which, the price or prices at which, and the terms and
conditions upon which, Securities of the series shall be redeemed or purchased, in whole or in
part, pursuant to such obligation;

               (9) the form and terms of any guarantee of the Securities;

               (10) the form of the Securities of the series including the form of the Certificate of
Authentication for such series;

               (11) if other than denominations of one thousand U.S. dollars ($1,000) or any integral
multiple thereof, the denominations in which the Securities of the series shall be issuable;

               (12) any and all other terms (including terms, to the extent applicable, relating to any
auction or remarketing of the Securities of that series and any security for the obligations of the
Company with respect to such Securities) with respect to such series (which terms shall not be
inconsistent with the terms of this Indenture, as amended by any supplemental indenture) including
any terms which may be required by or advisable under United States laws or regulations or
advisable in connection with the marketing of Securities of that series;

               (13) whether the Securities are issuable as a Global Security and, in such case, the terms and
the identity of the Depositary for such series;

               (14) whether the Securities will be convertible into or exchangeable for shares of common
stock or other securities of the Company or any other Person and, if so, the terms and

5

 

conditions upon which such Securities will be so convertible or exchangeable, including the
conversion or exchange price, as applicable, or how it will be calculated and may be adjusted, any
mandatory or optional (at the Company’s option or the holders’ option) conversion or exchange
features, and the applicable conversion or exchange period;

               (15) if other than the principal amount thereof, the portion of the principal amount of
Securities of the series which shall be payable upon declaration of acceleration of the maturity
thereof pursuant to Section 6.01;

               (16) any additional or different Events of Default or restrictive covenants (which may
include, among other restrictions, restrictions on the Company’s ability or the ability of the
Company’s Subsidiaries to: incur additional indebtedness; issue additional securities; create
liens; pay dividends or make distributions in respect of their capital stock; redeem capital stock;
place restrictions on such Subsidiaries placing restrictions on their ability to pay dividends,
make distributions or transfer assets; make investments or other restricted payments; sell or
otherwise dispose of assets; enter into sale-leaseback transactions; engage in transactions with
stockholders and affiliates; issue or sell stock of their Subsidiaries; or effect a consolidation
or merger) or financial covenants (which may include, among other financial covenants, financial
covenants that require the Company and its Subsidiaries to maintain specified interest coverage,
fixed charge, cash flow-based or asset-based ratios) provided for with respect to the Securities of
the series;

               (17) if other than dollars, the coin or currency in which the Securities of the series are
denominated (including, but not limited to, foreign currency);

               (18) the terms and conditions, if any, upon which the Company shall pay amounts in addition to
the stated interest, premium, if any and principal amounts of the Securities of the series to any
Securityholder that is not a “United States person” for federal tax purposes;

               (19) any restrictions on transfer, sale or assignment of the Securities of the series; and

               (20) the subordination terms of the Securities of the series.

          (b) All Securities of any one series shall be substantially identical except as to
denomination and except as may otherwise be provided in or pursuant to any such Board Resolution or
in any indentures supplemental hereto.

     If any of the terms of the series are established by action taken pursuant to a Board
Resolution of the Company, a copy of an appropriate record of such action shall be certified by the
secretary or an assistant secretary of the Company and delivered to the Trustee at or prior to the
delivery of the Officers’ Certificate of the Company setting forth the terms of the series.

     Securities of any particular series may be issued at various times, with different dates on
which the principal or any installment of principal is payable, with different rates of interest,
if any, or different methods by which rates of interest may be determined, with different dates on
which such interest may be payable and with different redemption dates.

     Section 2.02 Form of Securities and Trustee’s Certificate.

     The Securities of any series and the Trustee’s certificate of authentication to be borne by
such Securities shall be substantially of the tenor and purport as set forth in one or more
indentures

6

 

supplemental hereto or as provided in a Board Resolution, and set forth in an Officers’
Certificate, and they may have such letters, numbers or other marks of identification or
designation and such legends or endorsements printed, lithographed or engraved thereon as the
Company may deem appropriate and as are not inconsistent with the provisions of this Indenture, or
as may be required to comply with any law or with any rule or regulation made pursuant thereto or
with any rule or regulation of any securities exchange on which Securities of that series may be
listed, or to conform to usage.

     Section 2.03 Denominations: Provisions for Payment.

     The Securities shall be issuable as registered Securities and in the denominations of one
thousand U.S. dollars ($1,000) or any integral multiple thereof, subject to Section 2.01(a)(11).
The Securities of a particular series shall bear interest payable on the dates and at the rate
specified with respect to that series. Subject to Section 2.01(a)(17), the principal of and the
interest on the Securities of any series, as well as any premium thereon in case of redemption
thereof prior to maturity, shall be payable in the coin or currency of the United States of America
that at the time is legal tender for public and private debt, at the office or agency of the
Company maintained for that purpose in the Borough of Manhattan, the City and State of New York.
Each Security shall be dated the date of its authentication. Interest on the Securities shall be
computed on the basis of a 360-day year composed of twelve 30-day months.

     The interest installment on any Security that is payable, and is punctually paid or duly
provided for, on any Interest Payment Date for Securities of that series shall be paid to the
Person in whose name said Security (or one or more Predecessor Securities) is registered at the
close of business on the regular record date for such interest installment. In the event that any
Security of a particular series or portion thereof is called for redemption and the redemption date
is subsequent to a regular record date with respect to any Interest Payment Date and prior to such
Interest Payment Date, interest on such Security will be paid upon presentation and surrender of
such Security as provided in Section 3.03.

     Any interest on any Security that is payable, but is not punctually paid or duly provided for,
on any Interest Payment Date for Securities of the same series (herein called “Defaulted Interest”)
shall forthwith cease to be payable to the registered holder on the relevant regular record date by
virtue of having been such holder; and such Defaulted Interest shall be paid by the Company, at its
election, as provided in clause (1) or clause (2) below:

               (1) The Company may make payment of any Defaulted Interest on Securities to the Persons in
whose names such Securities (or their respective Predecessor Securities) are registered at the
close of business on a special record date for the payment of such Defaulted Interest, which shall
be fixed in the following manner: the Company shall notify the Trustee in writing of the amount of
Defaulted Interest proposed to be paid on each such Security and the date of the proposed payment,
and at the same time the Company shall deposit with the Trustee an amount of money equal to the
aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make
arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed
payment, such money when deposited to be held in trust for the benefit of the Persons entitled to
such Defaulted Interest as in this clause provided. Thereupon, the Trustee shall fix a special
record date for the payment of such Defaulted Interest which shall not be more than 15 nor less
than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt
by the Trustee of the notice of the proposed payment. The Trustee shall promptly notify the
Company of such special record date and, in the name and at the expense of the Company, shall cause
notice of the proposed payment of such Defaulted Interest and the special record
date therefor to be mailed, first class postage prepaid, to each Securityholder at his or her
address as it appears in the Security Register (as hereinafter defined), not less than 10 days
prior to such special record date. Notice of the proposed payment of such Defaulted Interest and
the special record date therefor

7

 

having been mailed as aforesaid, such Defaulted Interest shall be
paid to the Persons in whose names such Securities (or their respective Predecessor Securities) are
registered on such special record date.

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

     Unless otherwise set forth in a Board Resolution or one or more indentures supplemental hereto
establishing the terms of any series of Securities pursuant to Section 2.01 hereof, the term
“regular record date” as used in this Section with respect to a series of Securities and any
Interest Payment Date for such series shall mean either the fifteenth day of the month immediately
preceding the month in which an Interest Payment Date established for such series pursuant to
Section 2.01 hereof shall occur, if such Interest Payment Date is the first day of a month, or the
first day of the month in which an Interest Payment Date established for such series pursuant to
Section 2.01 hereof shall occur, if such Interest Payment Date is the fifteenth day of a month,
whether or not such date is a Business Day.

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

     Section 2.04 Execution and Authentications.

     The Securities shall be signed on behalf of the Company by one of its Officers. Signatures
may be in the form of a manual or facsimile signature.

     The Company may use the facsimile signature of any Person who shall have been an Officer,
notwithstanding the fact that at the time the Securities shall be authenticated and delivered or
disposed of such Person shall have ceased to be such an officer of the Company. The Securities may
contain such notations, legends or endorsements required by law, stock exchange rule or usage.
Each Security shall be dated the date of its authentication by the Trustee.

     A Security shall not be valid until authenticated manually by an authorized signatory of the
Trustee, or by an Authenticating Agent. Such signature shall be conclusive evidence that the
Security so authenticated has been duly authenticated and delivered hereunder and that the holder
is entitled to the benefits of this Indenture. At any time and from time to time after the
execution and delivery of this Indenture, the Company may deliver Securities of any series executed
by the Company to the Trustee for authentication, together with a written order of the Company for
the authentication and delivery of such Securities, signed by an Officer, and the Trustee in
accordance with such written order shall authenticate and deliver such Securities.

     In authenticating such Securities and accepting the additional responsibilities under this
Indenture in relation to such Securities, the Trustee shall be entitled to receive, and (subject to
Section 7.01) shall be fully protected in relying upon, an Opinion of Counsel stating that the form
and terms thereof have been established in conformity with the provisions of this Indenture.

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

8

 

     Section 2.05 Registration of Transfer and Exchange.

          (a) Securities of any series may be exchanged upon presentation thereof at the office or
agency of the Company designated for such purpose in the Borough of Manhattan, the City and State
of New York, for other Securities of such series of authorized denominations, and for a like
aggregate principal amount, upon payment of a sum sufficient to cover any tax or other governmental
charge in relation thereto, all as provided in this Section. In respect of any Securities so
surrendered for exchange, the Company shall execute, the Trustee shall authenticate and such office
or agency shall deliver in exchange therefor the Security or Securities of the same series that the
Securityholder making the exchange shall be entitled to receive, bearing numbers not
contemporaneously outstanding.

          (b) The Company shall keep, or cause to be kept, at its office or agency designated for such
purpose in the Borough of Manhattan, the City and State of New York, or such other location
designated by the Company, a register or registers (herein referred to as the “Security Register”)
in which, subject to such reasonable regulations as it may prescribe, the Company shall register
the Securities and the transfers of Securities as in this Article provided and which at all
reasonable times shall be open for inspection by the Trustee. The registrar for the purpose of
registering Securities and transfer of Securities as herein provided shall be appointed as
authorized by Board Resolution (the “Security Registrar”).

     Upon surrender for transfer of any Security at the office or agency of the Company designated
for such purpose, the Company shall execute, the Trustee shall authenticate and such office or
agency shall deliver in the name of the transferee or transferees a new Security or Securities of
the same series as the Security presented for a like aggregate principal amount.

     All Securities presented or surrendered for exchange or registration of transfer, as provided
in this Section, shall be accompanied (if so required by the Company or the Security Registrar) by
a written instrument or instruments of transfer, in form satisfactory to the Company or the
Security Registrar, duly executed by the registered holder or by such holder’s duly authorized
attorney in writing.

          (c) Except as provided pursuant to Section 2.01 pursuant to a Board Resolution, and set forth
in an Officers’ Certificate, or established in one or more indentures supplemental to this
Indenture, no service charge shall be made for any exchange or registration of transfer of
Securities, or issue of new Securities in case of partial redemption of any series, but the Company
may require payment of a sum sufficient to cover any tax or other governmental charge in relation
thereto, other than exchanges pursuant to Section 2.06, Section 3.03(b) and Section 9.04 not
involving any transfer.

          (d) The Company shall not be required (i) to issue, exchange or register the transfer of any
Securities during a period beginning at the opening of business 15 days before the day of the
mailing of a notice of redemption of less than all the Outstanding Securities of the same series
and ending at the close of business on the day of such mailing, nor (ii) to register the transfer
of or exchange any Securities of any series or portions thereof called for redemption, other than
the unredeemed portion of any such Securities being redeemed in part. The provisions of this
Section 2.05 are, with respect to any Global Security, subject to Section 2.12 hereof.

     Section 2.06 Temporary Securities.

     Pending the preparation of definitive Securities of any series, the Company may execute, and
the Trustee shall authenticate and deliver, temporary Securities (printed, lithographed or
typewritten) of any authorized denomination. Such temporary Securities shall be substantially in
the form of the definitive Securities in lieu of which they are issued, but with such omissions,
insertions and variations as may be

9

 

appropriate for temporary Securities, all as may be determined
by the Company. Every temporary Security of any series shall be executed by the Company and be
authenticated by the Trustee upon the same conditions and in substantially the same manner, and
with like effect, as the definitive Securities of such series. Without unnecessary delay, the
Company will execute and will furnish definitive Securities of such series and thereupon any or all
temporary Securities of such series may be surrendered in exchange therefor (without charge to the
holders), at the office or agency of the Company designated for the purpose in the Borough of
Manhattan, the City and State of New York, and the Trustee shall authenticate and such office or
agency shall deliver in exchange for such temporary Securities an equal aggregate principal amount
of definitive Securities of such series, unless the Company advises the Trustee to the effect that
definitive Securities need not be executed and furnished until further notice from the Company.
Until so exchanged, the temporary Securities of such series shall be entitled to the same benefits
under this Indenture as definitive Securities of such series authenticated and delivered hereunder.

     Section 2.07 Mutilated, Destroyed, Lost or Stolen Securities.

     In case any temporary or definitive Security shall become mutilated or be destroyed, lost or
stolen, the Company (subject to the next succeeding sentence) shall execute, and upon the Company’s
request the Trustee (subject as aforesaid) shall authenticate and deliver, a new Security of the
same series, bearing a number not contemporaneously outstanding, in exchange and substitution for
the mutilated Security, or in lieu of and in substitution for the Security so destroyed, lost or
stolen. In every case the applicant for a substituted Security shall furnish to the Company and
the Trustee such security or indemnity as may be required by them to save each of them harmless,
and, in every case of destruction, loss or theft, the applicant shall also furnish to the Company
and the Trustee evidence to their satisfaction of the destruction, loss or theft of the applicant’s
Security and of the ownership thereof. The Trustee may authenticate any such substituted Security
and deliver the same upon the written request or authorization of any officer of the Company. Upon
the issuance of any substituted Security, the Company may require the payment of a sum sufficient
to cover any tax or other governmental charge that may be imposed in relation thereto and any other
expenses (including the fees and expenses of the Trustee) connected therewith.

     In case any Security that has matured or is about to mature shall become mutilated or be
destroyed, lost or stolen, the Company may, instead of issuing a substitute Security, pay or
authorize the payment of the same (without surrender thereof except in the case of a mutilated
Security) if the applicant for such payment shall furnish to the Company and the Trustee such
security or indemnity as they may require to save them harmless, and, in case of destruction, loss
or theft, evidence to the satisfaction of the Company and the Trustee of the destruction, loss or
theft of such Security and of the ownership thereof.

     Every replacement Security issued pursuant to the provisions of this Section shall constitute
an additional contractual obligation of the Company whether or not the mutilated, destroyed, lost
or stolen Security shall be found at any time, or be enforceable by anyone, and shall be entitled
to all the benefits of this Indenture equally and proportionately with any and all other Securities
of the same series duly issued hereunder. All Securities shall be held and owned upon the express
condition that the foregoing provisions are exclusive with respect to the replacement or payment of
mutilated, destroyed, lost or stolen Securities, and shall preclude (to the extent lawful) any and
all other rights or remedies, notwithstanding
any law or statute existing or hereafter enacted to the contrary with respect to the
replacement or payment of negotiable instruments or other securities without their surrender.

     Section 2.08 Securityholder Lists.

          (a) The Company will furnish or cause to be furnished to the Trustee (a) within 15 days after
each regular record date (as defined in Section 2.03) a list, in such form as the Trustee may

10

 

reasonably require, of the names and addresses of the holders of each series of Securities as of
such regular record date, provided that the Company shall not be obligated to furnish or cause to
furnish such list at any time that the list shall not differ in any respect from the most recent
list furnished to the Trustee by the Company and (b) at such other times as the Trustee may request
in writing within 30 days after the receipt by the Company of any such request, a list of similar
form and content as of a date not more than 15 days prior to the time such list is furnished;
provided, however, that, in either case, no such list need be furnished for any series for which
the Trustee shall be the Security Registrar.

          (b) The Trustee shall preserve, in as current a form as is reasonably practicable, all
information as to the names and addresses of the holders of Securities contained in the most recent
list furnished to it as provided in this Section 2.08 and as to the names and addresses of holders
of Securities received by the Trustee in its capacity as Security Registrar (if acting in such
capacity).

          (c) The Trustee may destroy any list furnished to it as provided in this Section 2.08 upon
receipt of a new list so furnished.

          (d) Securityholders may communicate as provided in Section 312(b) of the Trust Indenture Act
with other Securityholders with respect to their rights under this Indenture or under the
Securities, and, in connection with any such communications, the Trustee shall satisfy its
obligations under Section 312(b) of the Trust Indenture Act in accordance with the provisions of
Section 312(b) of the Trust Indenture Act.

     Section 2.09 Cancellation.

     All Securities surrendered for the purpose of payment, redemption, exchange or registration of
transfer shall, if surrendered to the Company or any paying agent, be delivered to the Trustee for
cancellation, or, if surrendered to the Trustee, shall be cancelled by it, and no Securities shall
be issued in lieu thereof except as expressly required or permitted by any of the provisions of
this Indenture. On request of the Company at the time of such surrender, the Trustee shall deliver
to the Company canceled Securities held by the Trustee. In the absence of such request, the
Trustee may dispose of canceled Securities in accordance with its standard procedures and deliver a
certificate of disposition to the Company. If the Company shall otherwise acquire any of the
Securities, however, such acquisition shall not operate as a redemption or satisfaction of the
indebtedness represented by such Securities unless and until the same are delivered to the Trustee
for cancellation.

     Section 2.10 Benefits of Indenture.

     Nothing in this Indenture or in the Securities, express or implied, shall give or be construed
to give to any Person, other than the parties hereto and the holders of the Securities (and, with
respect to the provisions of Article XIV, the holders of any indebtedness of the Company to which
the Securities of any series are subordinated) any legal or equitable right, remedy or claim under
or in respect of this Indenture, or under any covenant, condition or provision herein contained;
all such covenants, conditions and provisions being for the sole benefit of the parties hereto and
of the holders of the Securities (and, with
respect to the provisions of Article XIV, the holders of any indebtedness of the Company to
which the Securities of any series are subordinated).

     Section 2.11 Authenticating Agent.

     So long as any of the Securities of any series remain Outstanding there may be an
Authenticating Agent for any or all such series of Securities which the Trustee shall have the
right to appoint. Said Authenticating Agent shall be authorized to act on behalf of the Trustee to
authenticate Securities of such

11

 

series issued upon exchange, transfer or partial redemption
thereof, and Securities so authenticated shall be entitled to the benefits of this Indenture and
shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. All
references in this Indenture to the authentication of Securities by the Trustee shall be deemed to
include authentication by an Authenticating Agent for such series. Each Authenticating Agent shall
be acceptable to the Company and shall be a corporation that has a combined capital and surplus, as
most recently reported or determined by it, sufficient under the laws of any jurisdiction under
which it is organized or in which it is doing business to conduct a trust business, and that is
otherwise authorized under such laws to conduct such business and is subject to supervision or
examination by federal or state authorities. If at any time any Authenticating Agent shall cease
to be eligible in accordance with these provisions, it shall resign immediately.

     Any Authenticating Agent may at any time resign by giving written notice of resignation to the
Trustee and to the Company. The Trustee may at any time (and upon request by the Company shall)
terminate the agency of any Authenticating Agent by giving written notice of termination to such
Authenticating Agent and to the Company. Upon resignation, termination or cessation of eligibility
of any Authenticating Agent, the Trustee may appoint an eligible successor Authenticating Agent
acceptable to the Company. Any successor Authenticating Agent, upon acceptance of its appointment
hereunder, shall become vested with all the rights, powers and duties of its predecessor hereunder
as if originally named as an Authenticating Agent pursuant hereto.

     Section 2.12 Global Securities.

          (a) If the Company shall establish pursuant to Section 2.01 that the Securities of a
particular series are to be issued as a Global Security, then the Company shall execute and the
Trustee shall, in accordance with Section 2.04, authenticate and deliver a Global Security that
(i) shall represent, and shall be denominated in an amount equal to the aggregate principal amount
of, all of the Outstanding Securities of such series, (ii) shall be registered in the name of the
Depositary or its nominee, (iii) shall be delivered by the Trustee to the Depositary or pursuant to
the Depositary’s instruction, and (iv) shall bear a legend substantially to the following effect:
“Except as otherwise provided in Section 2.12 of the Indenture, this Security may be transferred,
in whole but not in part, only to another nominee of the Depositary or to a successor Depositary or
to a nominee of such successor Depositary.”

          (b) Notwithstanding the provisions of Section 2.05, the Global Security of a series may be
transferred, in whole but not in part and in the manner provided in Section 2.05, only to another
nominee of the Depositary for such series, or to a successor Depositary for such series selected or
approved by the Company or to a nominee of such successor Depositary.

          (c) If at any time the Depositary for a series of the Securities notifies the Company that it
is unwilling or unable to continue as Depositary for such series or if at any time the Depositary
for such series shall no longer be registered or in good standing under the Exchange Act, or other
applicable statute or regulation, and a successor Depositary for such series is not appointed by
the Company within 90 days after the Company receives such notice or becomes aware of such
condition, as the case may be, or if an Event of Default has occurred and is continuing and the
Company has received a request from the
Depositary, this Section 2.12 shall no longer be applicable to the Securities of such series
and the Company will execute, and subject to Section 2.04, the Trustee will authenticate and
deliver the Securities of such series in definitive registered form without coupons, in authorized
denominations, and in an aggregate principal amount equal to the principal amount of the Global
Security of such series in exchange for such Global Security. In addition, the Company may at any
time determine that the Securities of any series shall no longer be represented by a Global
Security and that the provisions of this Section 2.12 shall no longer apply to the Securities of
such series. In such event the Company will execute and, subject to Section 2.04, the Trustee,
upon receipt of an Officers’ Certificate evidencing such

12

 

determination by the Company, will
authenticate and deliver the Securities of such series in definitive registered form without
coupons, in authorized denominations, and in an aggregate principal amount equal to the principal
amount of the Global Security of such series in exchange for such Global Security. Upon the
exchange of the Global Security for such Securities in definitive registered form without coupons,
in authorized denominations, the Global Security shall be canceled by the Trustee. Such Securities
in definitive registered form issued in exchange for the Global Security pursuant to this
Section 2.12(c) shall be registered in such names and in such authorized denominations as the
Depositary, pursuant to instructions from its direct or indirect participants or otherwise, shall
instruct the Trustee. The Trustee shall deliver such Securities to the Depositary for delivery to
the Persons in whose names such Securities are so registered.

          (d) Beneficial owners of part or all of a Global Security are subject to the rules of the
Depository as in effect from time to time. The Company, the Trustee and any Agents shall not be
responsible for any acts or omissions of the Depository, for any Depository records of beneficial
ownership interests or for any transactions between the Depository and beneficial owners.

ARTICLE 3

REDEMPTION OF SECURITIES AND SINKING FUND PROVISIONS

     Section 3.01 Redemption.

     The Company may redeem the Securities of any series issued hereunder on and after the dates
and in accordance with the terms established for such series pursuant to Section 2.01 hereof.

     Section 3.02 Notice of Redemption.

          (a) In case the Company shall desire to exercise such right to redeem all or, as the case may
be, a portion of the Securities of any series in accordance with any right the Company reserved for
itself to do so pursuant to Section 2.01 hereof, the Company shall, or shall cause the Trustee to,
give notice of such redemption to holders of the Securities of such series to be redeemed by
mailing, first class postage prepaid, a notice of such redemption not less than 30 days and not
more than 90 days before the date fixed for redemption of that series to such holders at their last
addresses as they shall appear upon the Security Register, unless a shorter period is specified in
the Securities to be redeemed. Any notice that is mailed in the manner herein provided shall be
conclusively presumed to have been duly given, whether or not the registered holder receives the
notice. In any case, failure duly to give such notice to the holder of any Security of any series
designated for redemption in whole or in part, or any defect in the notice, shall not affect the
validity of the proceedings for the redemption of any other Securities of such series or any other
series. In the case of any redemption of Securities prior to the expiration of any restriction on
such redemption provided in the terms of such Securities or elsewhere in this Indenture, the
Company shall furnish the Trustee with an Officers’ Certificate evidencing compliance with any such
restriction.

     Each such notice of redemption shall specify the date fixed for redemption and the redemption
price at which Securities of that series are to be redeemed, and shall state that payment of the
redemption price of such Securities to be redeemed will be made at the office or agency of the Company in
the Borough of Manhattan, the City and State of New York, upon presentation and surrender of such
Securities, that interest accrued to the date fixed for redemption will be paid as specified in
said notice, that from and after said date interest will cease to accrue and that the redemption is
for a sinking fund, if such is the case. If less than all the Securities of a series are to be
redeemed, the notice to the holders of Securities of that series to be redeemed in part shall
specify the particular Securities to be so redeemed. In addition, if convertible Securities are
included, each such notice shall state the conversion price, the name and address of the conversion
agent, that convertible Securities called for redemption may be

13

 

converted at any time before the
close of business on the Business Day immediately preceding the redemption date (unless the
redemption date is also a record date for an interest payment, in which event they may be converted
at any time through the redemption date), and that holders who want to convert Securities must
satisfy the requirements for conversion set forth in the Securities.

     In case any Security is to be redeemed in part only, the notice that relates to such Security
shall state the portion of the principal amount thereof to be redeemed, and shall state that on and
after the redemption date, upon surrender of such Security, a new Security or Securities of such
series in principal amount equal to the unredeemed portion thereof will be issued.

          (b) If less than all the Securities of a series are to be redeemed, the Company shall give the
Trustee at least 45 days’ notice (unless a shorter notice shall be satisfactory to the Trustee) in
advance of the date fixed for redemption as to the aggregate principal amount of Securities of the
series to be redeemed, and thereupon the Trustee shall select, by lot or in such other manner as it
shall deem appropriate and fair in its discretion and that may provide for the selection of a
portion or portions (equal to one thousand U.S. dollars ($1,000) or any integral multiple thereof)
of the principal amount of such Securities of a denomination larger than $1,000, the Securities to
be redeemed and shall thereafter promptly notify the Company in writing of the numbers of the
Securities to be redeemed, in whole or in part. The Company may, if and whenever it shall so
elect, by delivery of instructions signed on its behalf by an Officer, instruct the Trustee or any
paying agent to call all or any part of the Securities of a particular series for redemption and to
give notice of redemption in the manner set forth in this Section, such notice to be in the name of
the Company or its own name as the Trustee or such paying agent may deem advisable. In any case in
which notice of redemption is to be given by the Trustee or any such paying agent, the Company
shall deliver or cause to be delivered to, or permit to remain with, the Trustee or such paying
agent, as the case may be, such Security Register, transfer books or other records, or suitable
copies or extracts therefrom, sufficient to enable the Trustee or such paying agent to give any
notice by mail that may be required under the provisions of this Section.

     Section 3.03 Payment Upon Redemption.

          (a) If the giving of notice of redemption shall have been completed as above provided, the
Securities or portions of Securities of the series to be redeemed specified in such notice shall
become due and payable on the date and at the place stated in such notice at the applicable
redemption price, together with interest accrued to the date fixed for redemption and interest on
such Securities or portions of Securities shall cease to accrue on and after the date fixed for
redemption, unless the Company shall default in the payment of such redemption price and accrued
interest with respect to any such Security or portion thereof. Securities called for redemption
shall cease to be convertible after the close of business on the Business Day immediately preceding
the redemption date (unless the redemption date is also a record date for an interest payment, in
which event they may be converted through the redemption date), unless the Company shall default in
the payment of such Securities on the redemption date, in which event the Securities shall remain
convertible until paid (together with accrued interest). On presentation and surrender of such
Securities on or after the date fixed for redemption at the place of payment specified in the
notice, said Securities shall be paid and redeemed at the applicable
redemption price for such series, together with interest accrued thereon to the date fixed for
redemption (but if the date fixed for redemption is an interest payment date, the interest
installment payable on such date shall be payable to the registered holder at the close of business
on the applicable record date pursuant to Section 2.03).

          (b) Upon presentation of any Security of such series that is to be redeemed in part only, the
Company shall execute and the Trustee shall authenticate and the office or agency where the
Security is presented shall deliver to the holder thereof, at the expense of the Company, a new
Security of

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the same series of authorized denominations in principal amount equal to the unredeemed
portion of the Security so presented.

     Section 3.04 Sinking Fund.

     The provisions of Sections 3.04, 3.05 and 3.06 shall be applicable to any sinking fund for the
retirement of Securities of a series, except as otherwise specified as contemplated by Section 2.01
for Securities of such series.

     The minimum amount of any sinking fund payment provided for by the terms of Securities of any
series is herein referred to as a “mandatory sinking fund payment,” and any payment in excess of
such minimum amount provided for by the terms of Securities of any series is herein referred to as
an “optional sinking fund payment”. If provided for by the terms of Securities of any series, the
cash amount of any sinking fund payment may be subject to reduction as provided in Section 3.05.
Each sinking fund payment shall be applied to the redemption of Securities of any series as
provided for by the terms of Securities of such series.

     Section 3.05 Satisfaction of Sinking Fund Payments with Securities.

     The Company (i) may deliver Outstanding Securities of a series and (ii) may apply as a credit
Securities of a series that have been redeemed either at the election of the Company pursuant to
the terms of such Securities or through the application of permitted optional sinking fund payments
pursuant to the terms of such Securities, in each case in satisfaction of all or any part of any
sinking fund payment with respect to the Securities of such series required to be made pursuant to
the terms of such Securities as provided for by the terms of such series, provided that such
Securities have not been previously so credited. Such Securities shall be received and credited
for such purpose by the Trustee at the redemption price specified in such Securities for redemption
through operation of the sinking fund and the amount of such sinking fund payment shall be reduced
accordingly.

     Section 3.06 Redemption of Securities for Sinking Fund.

     Not less than 45 days prior to each sinking fund payment date for any series of Securities
(unless a shorter period shall be satisfactory to the Trustee), the Company will deliver to the
Trustee an Officers’ Certificate specifying the amount of the next ensuing sinking fund payment for
that series pursuant to the terms of the series, the portion thereof, if any, that is to be
satisfied by delivering and crediting Securities of that series pursuant to Section 3.05 and the
basis for such credit and will, together with such Officers’ Certificate, deliver to the Trustee
any Securities to be so delivered. Not less than 30 days before each such sinking fund payment
date the Trustee shall select the Securities to be redeemed upon such sinking fund payment date in
the manner specified in Section 3.02 and cause notice of the redemption thereof to be given in the
name of and at the expense of the Company in the manner provided in Section 3.02. Such notice
having been duly given, the redemption of such Securities shall be made upon the terms and in the
manner stated in Section 3.03.

ARTICLE 4

COVENANTS

     Section 4.01 Payment of Principal, Premium and Interest.

     The Company shall pay or cause to be paid the principal of (and premium, if any) and interest
on the Securities of that series at the time and place and in the manner provided herein and
established with respect to such Securities. Payments of principal and of interest on the
Securities may be made at the

15

 

time provided herein and established with respect to such Securities
by U.S. dollar check drawn on and mailed to the address of the Securityholder entitled thereto as
such address shall appear in the Security Register, or by transfer to an account maintained by the
payee with a bank located in the United States. The Company shall pay interest on overdue
principal at the rate borne by the Securities.

     Section 4.02 Maintenance of Office or Agency.

     So long as any series of the Securities remain Outstanding, the Company agrees to maintain an
office or agency in the Borough of Manhattan, the City and State of New York, with respect to each
such series and at such other location or locations as may be designated as provided in this
Section 4.02, where (i) Securities of that series may be presented for payment, (ii) Securities of
that series may be presented as herein above authorized for registration of transfer and exchange,
and (iii) notices and demands to or upon the Company in respect of the Securities of that series
and this Indenture may be given or served, such designation to continue with respect to such office
or agency until the Company shall, by written notice signed by any officer authorized to sign an
Officers’ Certificate and delivered to the Trustee, designate some other office or agency for such
purposes or any of them. 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,
notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the
Company hereby appoints the Trustee as its agent to receive all such presentations, notices and
demands. The Company initially appoints the Corporate Trust Office of the Trustee located in the
Borough of Manhattan, the City of New York as its paying agent with respect to the Securities.

     Section 4.03 Paying Agents.

          (a) If the Company shall appoint one or more paying agents for all or any series of the
Securities, other than the Trustee, the Company will cause each such paying agent to execute and
deliver to the Trustee an instrument in which such agent shall agree with the Trustee, subject to
the provisions of this Section:

               (1) that it will hold all sums held by it as such agent for the payment of the principal of
(and premium, if any) or interest on the Securities of that series (whether such sums have been
paid to it by the Company or by any other obligor of such Securities) in trust for the benefit of
the Persons entitled thereto;

               (2) that it will give the Trustee notice of any failure by the Company (or by any other
obligor of such Securities) to make any payment of the principal of (and premium, if any) or
interest on the Securities of that series when the same shall be due and payable;

               (3) that it will, at any time during the continuance of any failure referred to in the
preceding paragraph (a)(2) above, upon the written request of the Trustee, forthwith pay to the
Trustee all sums so held in trust by such paying agent; and

               (4) that it will perform all other duties of paying agent as set forth in this Indenture.

          (b) If the Company shall act as its own paying agent with respect to any series of the
Securities, it will on or before each due date of the principal of (and premium, if any) or
interest on Securities of that series, set aside, segregate and hold in trust for the benefit of
the Persons entitled thereto a sum sufficient to pay such principal (and premium, if any) or
interest so becoming due on Securities of that series until such sums shall be paid to such Persons
or otherwise disposed of as herein provided and will promptly notify the Trustee of such action, or
any failure (by it or any other obligor on such

16

 

Securities) to take such action. Whenever the
Company shall have one or more paying agents for any series of Securities, it will, prior to each
due date of the principal of (and premium, if any) or interest on any Securities of that series,
deposit with the paying agent a sum sufficient to pay the principal (and premium, if any) or
interest so becoming due, such sum to be held in trust for the benefit of the Persons entitled to
such principal, premium or interest, and (unless such paying agent is the Trustee) the Company will
promptly notify the Trustee of this action or failure so to act.

          (c) Notwithstanding anything in this Section to the contrary, (i) the agreement to hold sums
in trust as provided in this Section is subject to the provisions of Section 10.05, and (ii) the
Company may at any time, for the purpose of obtaining the satisfaction and discharge of this
Indenture or for any other purpose, pay, or direct any paying agent to pay, to the Trustee all sums
held in trust by the Company or such paying agent, such sums to be held by the Trustee upon the
same terms and conditions as those upon which such sums were held by the Company or such paying
agent; and, upon such payment by the Company or any paying agent to the Trustee, the Company or
such paying agent shall be released from all further liability with respect to such money.

     Section 4.04 SEC Reports to the Trustee.

     The Company covenants and agrees to provide a copy to the Trustee, after the Company files the
same with the Securities and Exchange Commission, copies of the annual reports and of the
information, documents and other reports (or copies of such portions of any of the foregoing as the
Securities and Exchange Commission may from time to time by rules and regulations prescribe) that
the Company files with the Securities and Exchange Commission pursuant to Section 13 or
Section 15(d) of the Exchange Act; provided, however, the Company shall not be required to deliver
to the Trustee any materials for which the Company has sought and received confidential treatment
by the SEC.

     Section 4.05 Compliance Certificates.

     The Company shall deliver to the Trustee, within 105 days after the end of each fiscal year of
the Company during which any Securities of any series were outstanding, a brief certificate stating
whether or not the signer knows of any Default or Event of Default that occurred during such fiscal
year. Such certificate shall contain a certification from the principal executive officer,
principal financial officer or principal accounting officer of the Company that a review has been
conducted of the activities of the Company and its Subsidiaries and the Company’s performance under
this Indenture and that the Company has complied with all conditions and covenants under this
Indenture. For purposes of this Section 4.05, such compliance shall be determined without regard
to any period of grace or requirement of notice provided under this Indenture. If the officer of
the Company signing such certificate has knowledge of such a Default or Event of Default, the
certificate shall describe any such Default or Event of Default and its status.

ARTICLE 5

SUCCESSORS

     Section 5.01 Company May Consolidate, Etc.

     Except as provided pursuant to Section 2.01 pursuant to a Board Resolution, and set forth in
an Officers’ Certificate, or established in one or more indentures supplemental to this Indenture,
nothing contained in this Indenture shall prevent any consolidation or merger of the Company with
or into any other Person (whether or not affiliated with the Company) or successive consolidations
or mergers in which the Company or its successor or successors shall be a party or parties, or
shall prevent any sale, conveyance, transfer or other disposition of the property of the Company or
its successor or successors as

17

 

an entirety, or substantially as an entirety, to any other Person
(whether or not affiliated with the Company or its successor or successors) authorized to acquire
and operate the same; provided, however, (a) the Company hereby covenants and agrees that, upon any
such consolidation or merger (in each case, if the Company is not the survivor of such
transaction), sale, conveyance, transfer or other disposition, the due and punctual payment of the
principal of (premium, if any) and interest on all of the Securities of all series in accordance
with the terms of each series, according to their tenor, and the due and punctual performance and
observance of all the covenants and conditions of this Indenture with respect to each series or
established with respect to such series pursuant to Section 2.01 to be kept or performed by the
Company shall be expressly assumed, by supplemental indenture (which shall conform to the
provisions of the Trust Indenture Act, as then in effect) reasonably satisfactory in form to the
Trustee executed and delivered to the Trustee by the entity formed by such consolidation, or into
which the Company shall have been merged, or by the entity which shall have acquired such property
and (b) in the event that the Securities of any series then Outstanding are convertible into or
exchangeable for shares of common stock or other securities of the Company, such entity shall, by
such supplemental indenture, make provision so that the Securityholders of Securities of that
series shall thereafter be entitled to receive upon conversion or exchange of such Securities the
number and kind of securities or property to which a holder of the number of shares of common stock
or other securities of the Company deliverable upon conversion or exchange of those Securities
would have been entitled to receive in exchange therefor in such consolidation, merger, sale,
conveyance, transfer or other disposition had such conversion or exchange occurred immediately
prior to such consolidation, merger, sale, conveyance, transfer or other disposition.

     Section 5.02 Successor Entity Substituted.

          (a) In case of any such consolidation, merger, sale, conveyance, transfer or other disposition
and upon the assumption by the successor entity by supplemental indenture, executed and delivered
to the Trustee and satisfactory in form to the Trustee, of the obligations set forth under
Section 5.01 on all of the Securities of all series Outstanding, such successor entity shall
succeed to and be substituted for the Company with the same effect as if it had been named as the
Company herein, and thereupon the predecessor corporation shall be relieved of all obligations and
covenants under this Indenture and the Securities.

          (b) In case of any such consolidation, merger, sale, conveyance, transfer or other
disposition, such changes in phraseology and form (but not in substance) may be made in the
Securities thereafter to be issued as may be appropriate.

          (c) Nothing contained in this Article shall require any action by the Company in the case of a
consolidation or merger of any Person into the Company where the Company is the survivor of such
transaction, or the acquisition by the Company, by purchase or otherwise, of all or any part of the
property of any other Person (whether or not affiliated with the Company).

     Section 5.03 Evidence of Consolidation, Etc. to Trustee.

     The Trustee, subject to the provisions of Section 7.01, may receive an Officers’ Certificate
or an Opinion of Counsel as conclusive evidence that any such consolidation, merger, sale,
conveyance, transfer or other disposition, and any such assumption, comply with the provisions of
this Article.

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ARTICLE 6

REMEDIES OF THE TRUSTEE AND

SECURITYHOLDERS ON EVENT OF DEFAULT

     Section 6.01 Events of Default.

          (a) Whenever used herein with respect to Securities of a particular series, and subject to any
additional or different Events of Default specified for such series pursuant to Section 2.01(a),
“Event of Default” means any one or more of the following events that has occurred and is
continuing:

               (1) the Company defaults in the payment of any installment of interest upon any of the
Securities of that series, as and when the same shall become due and payable, and such default
continues for a period of 60 days; provided, however, that a valid extension of an interest payment
period by the Company in accordance with the terms of any indenture supplemental hereto shall not
constitute a default in the payment of interest for this purpose;

               (2) the Company defaults in the payment of the principal of (or premium, if any, on) any of
the Securities of that series as and when the same shall become due and payable whether at
maturity, upon redemption, by declaration or otherwise, or in any payment required by any sinking
or analogous fund established with respect to that series; provided, however, that a valid
extension of the maturity of such Securities in accordance with the terms of any indenture
supplemental hereto shall not constitute a default in the payment of principal or premium, if any;

               (3) the Company fails to observe or perform any other of its covenants or agreements with
respect to that series contained in this Indenture or otherwise established with respect to that
series of Securities pursuant to Section 2.01 hereof (other than a covenant or agreement that has
been expressly included in this Indenture solely for the benefit of one or more series of
Securities other than such series) for a period of 60 days after the date on which written notice
of such failure, requiring the same to be remedied and stating that such notice is a “Notice of
Default” hereunder, shall have been given to the Company by the Trustee, by registered or certified
mail, or to the Company and the Trustee by the holders of at least 25% in principal amount of the
Securities of that series at the time Outstanding;

               (4) the Company pursuant to or within the meaning of any 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 a Custodian of it or for all or substantially all of its
property or (iv) makes a general assignment for the benefit of its creditors; or

               (5) a court of competent jurisdiction enters an order under any Bankruptcy Law that (i) is for
relief against the Company in an involuntary case, (ii) appoints a Custodian of the Company for all
or substantially all of its property or (iii) orders the liquidation of the Company, and the order
or decree remains unstayed and in effect for 90 days.

          (b) In each and every such case (other than an Event of Default specified in clause (4) or
clause (5) above), unless the principal of all the Securities of that series shall have already
become due and payable, either the Trustee or the holders of not less than 25% in aggregate principal
amount of the Securities of that series then Outstanding hereunder, by notice in writing to the
Company (and to the Trustee if given by such Securityholders), may declare the principal of (and
premium, if any, on) and accrued and unpaid interest on all the Securities of that series to be due
and payable immediately, and upon any such declaration the same shall become and shall be
immediately due and payable. If an Event of Default specified in clause (4) or clause (5) above
occurs, the principal of and accrued and unpaid

19

 

interest on all the Securities of that series shall
automatically be immediately due and payable without any declaration or other act on the part of
the Trustee or the holders of the Securities.

          (c) At any time after the principal of (and premium, if any, on) and accrued and unpaid
interest on the Securities of that series shall have been so declared due and payable, and before
any judgment or decree for the payment of the moneys due shall have been obtained or entered as
hereinafter provided, the holders of a majority in aggregate principal amount of the Securities of
that series then Outstanding hereunder, by written notice to the Company and the Trustee, may
rescind and annul such declaration and its consequences if: (i) the Company has paid or deposited
with the Trustee a sum sufficient to pay all matured installments of interest upon all the
Securities of that series and the principal of (and premium, if any, on) any and all Securities of
that series that shall have become due otherwise than by acceleration (with interest upon such
principal and premium, if any, and, to the extent that such payment is enforceable under applicable
law, upon overdue installments of interest, at the rate per annum expressed in the Securities of
that series to the date of such payment or deposit) and the amount payable to the Trustee under
Section 7.06, and (ii) any and all Events of Default under the Indenture with respect to such
series, other than the nonpayment of principal on (and premium, if any, on) and accrued and unpaid
interest on Securities of that series that shall not have become due by their terms, shall have
been remedied or waived as provided in Section 6.06.

     No such rescission and annulment shall extend to or shall affect any subsequent default or
impair any right consequent thereon.

          (d) In case the Trustee shall have proceeded to enforce any right with respect to Securities
of that series under this Indenture and such proceedings shall have been discontinued or abandoned
because of such rescission or annulment or for any other reason or shall have been determined
adversely to the Trustee, then and in every such case, subject to any determination in such
proceedings, the Company and the Trustee shall be restored respectively to their former positions
and rights hereunder, and all rights, remedies and powers of the Company and the Trustee shall
continue as though no such proceedings had been taken.

     Section 6.02 Collection of Indebtedness and Suits for Enforcement by Trustee.

          (a) The Company covenants that (i) in case it shall default in the payment of any installment
of interest on any of the Securities of a series, or in any payment required by any sinking or
analogous fund established with respect to that series as and when the same shall have become due
and payable, and such default shall have continued for a period of 90 days, or (ii) in case it
shall default in the payment of the principal of (or premium, if any, on) any of the Securities of
a series when the same shall have become due and payable, whether upon maturity of the Securities
of a series or upon redemption or upon declaration or otherwise then, upon demand of the Trustee,
the Company will pay to the Trustee, for the benefit of the holders of the Securities of that
series, the whole amount that then shall have been become due and payable on all such Securities
for principal (and premium, if any) or interest, or both, as the case may be, with interest upon
the overdue principal (and premium, if any) and (to the extent that payment of such interest is
enforceable under applicable law) upon overdue installments of interest at the rate per annum
expressed in the Securities of that series; and, in addition thereto, such further amount as
shall be sufficient to cover the costs and expenses of collection, and the amount payable to
the Trustee under Section 7.06.

          (b) If the Company shall fail to pay such amounts forthwith upon such demand, the Trustee, in
its own name and as trustee of an express trust, shall be entitled and empowered to institute any
action or proceedings at law or in equity for the collection of the sums so due and unpaid, and may
prosecute any such action or proceeding to judgment or final decree, and may enforce any such
judgment

20

 

or final decree against the Company or other obligor upon the Securities of that series
and collect the moneys adjudged or decreed to be payable in the manner provided by law or equity
out of the property of the Company or other obligor upon the Securities of that series, wherever
situated.

          (c) In case of any receivership, insolvency, liquidation, bankruptcy, reorganization,
readjustment, arrangement, composition or judicial proceedings affecting the Company, or its
creditors or property, the Trustee shall have power to intervene in such proceedings and take any
action therein that may be permitted by the court and shall (except as may be otherwise provided by
law) be entitled to file such proofs of claim and other papers and documents as may be necessary or
advisable in order to have the claims of the Trustee and of the holders of Securities of such
series allowed for the entire amount due and payable by the Company under the Indenture at the date
of institution of such proceedings and for any additional amount that may become due and payable by
the Company after such date, and to collect and receive any moneys or other property payable or
deliverable on any such claim, and to distribute the same after the deduction of the amount payable
to the Trustee under Section 7.06; and any receiver, assignee or trustee in bankruptcy or
reorganization is hereby authorized by each of the holders of Securities of such series to make
such payments to the Trustee, and, in the event that the Trustee shall consent to the making of
such payments directly to such Securityholders, to pay to the Trustee any amount due it under
Section 7.06.

          (d) All rights of action and of asserting claims under this Indenture, or under any of the
terms established with respect to Securities of that series, may be enforced by the Trustee without
the possession of any of such Securities, or the production thereof at any trial or other
proceeding relative thereto, and any such suit or proceeding instituted by the Trustee shall be
brought in its own name as trustee of an express trust, and any recovery of judgment shall, after
provision for payment to the Trustee of any amounts due under Section 7.06, be for the ratable
benefit of the holders of the Securities of such series.

     In case of an Event of Default hereunder, the Trustee may in its discretion proceed to protect
and enforce the rights vested in it by this Indenture by such appropriate judicial proceedings as
the Trustee shall deem most effectual to protect and enforce any of such rights, either at law or
in equity or in bankruptcy or otherwise, whether for the specific enforcement of any covenant or
agreement contained in the Indenture or in aid of the exercise of any power granted in this
Indenture, or to enforce any other legal or equitable right vested in the Trustee by this Indenture
or by law.

     Nothing contained herein shall be deemed to authorize the Trustee to authorize or consent to
or accept or adopt on behalf of any Securityholder any plan of reorganization, arrangement,
adjustment or composition affecting the Securities of that series or the rights of any holder
thereof or to authorize the Trustee to vote in respect of the claim of any Securityholder in any
such proceeding.

     Section 6.03 Application of Moneys Collected.

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

     FIRST: To the payment of reasonable costs and expenses of collection and of all amounts
payable to the Trustee under Section 7.06;

21

 

     SECOND: To the payment of all indebtedness of the Company to which such series of Securities
is subordinated to the extent required by Section 7.06 and Article XIV;

     THIRD: To the payment of the amounts then due and unpaid upon Securities of such series for
principal (and premium, if any) and interest, in respect of which or for the benefit of which such
money has been collected, ratably, without preference or priority of any kind, according to the
amounts due and payable on such Securities for principal (and premium, if any) and interest,
respectively; and

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

     Section 6.04 Limitation on Suits.

     No holder of any Security of any series shall have any right by virtue or by availing of any
provision of this Indenture to institute any suit, action or proceeding in equity or at law upon or
under or with respect to this Indenture or for the appointment of a receiver or trustee, or for any
other remedy hereunder, unless (i) such holder previously shall have given to the Trustee written
notice of an Event of Default and of the continuance thereof with respect to the Securities of such
series specifying such Event of Default, as hereinbefore provided; (ii) the holders of not less
than 25% in aggregate principal amount of the Securities of such series then Outstanding shall have
made written request upon the Trustee to institute such action, suit or proceeding in its own name
as Trustee hereunder; (iii) such holder or holders shall have offered to the Trustee such
reasonable indemnity as it may require against the costs, expenses and liabilities to be incurred
therein or thereby; (iv) the Trustee for 90 days after its receipt of such notice, request and
offer of indemnity, shall have failed to institute any such action, suit or proceeding; and
(v) during such 90 day period, the holders of a majority in principal amount of the Securities of
that series do not give the Trustee a direction inconsistent with the request.

     Subject to the limitation expressed in the preceding paragraph, but notwithstanding any other
provisions of this Indenture, the right of any holder of any Security to receive payment of the
principal of (and premium, if any) and interest on such Security, as therein provided, on or after
the respective due dates expressed in such Security (or in the case of redemption, on the
redemption date), or to institute suit for the enforcement of any such payment on or after such
respective dates or redemption date, shall not be impaired or affected without the consent of such
holder and by accepting a Security hereunder it is expressly understood, intended and covenanted by
the taker and holder of every Security of such series with every other such taker and holder and
the Trustee, that no one or more holders of Securities of such series shall have any right in any
manner whatsoever by virtue or by availing of any provision of this Indenture to affect, disturb or
prejudice the rights of the holders of any other of such Securities, or to obtain or seek to obtain
priority over or preference to any other such holder, or to enforce any right under this Indenture,
except in the manner herein provided and for the equal, ratable and common benefit of all holders
of Securities of such series. For the protection and enforcement of the provisions of this
Section, each and every Securityholder and the Trustee shall be entitled to such relief as can be
given either at law or in equity.

     Section 6.05 Rights and Remedies Cumulative; Delay or Omission Not Waiver.

          (a) Except as otherwise provided in Section 2.07, all powers and remedies given by this
Article to the Trustee or to the Securityholders shall, to the extent permitted by law, be deemed
cumulative and not exclusive of any other powers and remedies available to the Trustee or the
holders of the Securities, by judicial proceedings or otherwise, to enforce the performance or
observance of the covenants and agreements contained in this Indenture or otherwise established
with respect to such Securities.

22

 

          (b) No delay or omission of the Trustee or of any holder of any of the Securities to exercise
any right or power accruing upon any Event of Default occurring and continuing as aforesaid shall
impair any such right or power, or shall be construed to be a waiver of any such default or an
acquiescence therein; and, subject to the provisions of Section 6.04, every power and remedy given
by this Article or by law to the Trustee or the Securityholders may be exercised from time to time,
and as often as shall be deemed expedient, by the Trustee or by the Securityholders.

     Section 6.06 Control by Securityholders.

     The holders of a majority in aggregate principal amount of the Securities of any series at the
time Outstanding, determined in accordance with Section 8.04, shall have the right to direct the
time, method and place of conducting any proceeding for any remedy available to the Trustee, or
exercising any trust or power conferred on the Trustee with respect to such series; provided,
however, that such direction shall not be in conflict with any rule of law or with this Indenture.
Subject to the provisions of Section 7.01, the Trustee shall have the right to decline to follow
any such direction if the Trustee in good faith shall, by a Responsible Officer or officers of the
Trustee, determine that the proceeding so directed, subject to the Trustee’s duties under the Trust
Indenture Act, would involve the Trustee in personal liability or might be unduly prejudicial to
the Securityholders not involved in the proceeding. The holders of a majority in aggregate
principal amount of the Securities of any series at the time Outstanding affected thereby,
determined in accordance with Section 8.04, may on behalf of the holders of all of the Securities
of such series waive any past default in the performance of any of the covenants contained herein
or established pursuant to Section 2.01 with respect to such series and its consequences, except a
default in the payment of the principal of, or premium, if any, or interest on, any of the
Securities of that series as and when the same shall become due by the terms of such Securities
otherwise than by acceleration (unless such default has been cured and a sum sufficient to pay all
matured installments of interest and principal and any premium has been deposited with the Trustee
(in accordance with Section 6.01(c)). Upon any such waiver, the default covered thereby shall be
deemed to be cured for all purposes of this Indenture and the Company, the Trustee and the holders
of the Securities of such series shall be restored to their former positions and rights hereunder,
respectively; but no such waiver shall extend to any subsequent or other default or impair any
right consequent thereon.

     Section 6.07 Undertaking to Pay Costs.

     All parties to this Indenture agree, and each holder of any Securities by such holder’s
acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in
any suit for the enforcement of any right or remedy under this Indenture, or in any suit against
the Trustee for any action taken or omitted by it as Trustee, the filing by any party litigant in
such suit of an undertaking to pay the costs of such suit, and that such court may in its
discretion assess reasonable costs, including reasonable attorneys’ fees, against any party
litigant in such suit, having due regard to the merits and good faith of the claims or defenses
made by such party litigant; but the provisions of this Section shall not apply to any suit
instituted by the Trustee, to any suit instituted by any Securityholder, or group of
Securityholders, holding more than 10% in aggregate principal amount of the Outstanding Securities
of
any series, or to any suit instituted by any Securityholder for the enforcement of the payment
of the principal of (or premium, if any) or interest on any Security of such series, on or after
the respective due dates expressed in such Security or established pursuant to this Indenture.

23

 

ARTICLE 7

CONCERNING THE TRUSTEE

     Section 7.01 Certain Duties and Responsibilities of Trustee.

          (a) The Trustee, prior to the occurrence of an Event of Default with respect to the Securities
of a series and after the curing of all Events of Default with respect to the Securities of that
series that may have occurred, shall undertake to perform with respect to the Securities of such
series such duties and only such duties as are specifically set forth in this Indenture, and no
implied covenants shall be read into this Indenture against the Trustee. Where an Event of Default
with respect to the Securities of a series has occurred (that has not been cured or waived), the
Trustee shall exercise with respect to Securities of that series such of the rights and powers
vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a
prudent man would exercise or use under the circumstances in the conduct of his own affairs.

          (b) No provision of this Indenture shall be construed to relieve the Trustee from liability
for its own negligent action, its own negligent failure to act, or its own willful misconduct,
except that:

               (i) prior to the occurrence of an Event of Default with respect to the Securities of a series
and after the curing or waiving of all such Events of Default with respect to that series that may
have occurred:

                    (A) the duties and obligations of the Trustee shall with respect to the Securities of such
series be determined solely by the express provisions of this Indenture, and the Trustee shall not
be liable with respect to the Securities of such series except for the performance of such duties
and obligations as are specifically set forth in this Indenture, and no implied covenants or
obligations shall be read into this Indenture against the Trustee; and

                    (B) in the absence of bad faith on the part of the Trustee, the Trustee may with respect to
the Securities of such series conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon any certificates or opinions furnished to the
Trustee and conforming to the requirements of this Indenture; but in the case of any such
certificates or opinions that by any provision hereof are specifically required to be furnished to
the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they
conform to the requirements of this Indenture;

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

               (iii) the Trustee shall not be liable with respect to any action taken or omitted to be taken
by it in good faith in accordance with the direction of the holders of not less than a majority in
principal amount of the Securities of any series at the time Outstanding relating to the time,
method and place of conducting any proceeding for any remedy available to the Trustee, or
exercising
any trust or power conferred upon the Trustee under this Indenture with respect to the
Securities of that series; and

               (iv) None of the provisions contained in this Indenture shall require the Trustee to expend or
risk its own funds or otherwise incur personal financial liability in the

24

 

performance of any of its
duties or in the exercise of any of its rights or powers if there is reasonable ground for
believing that the repayment of such funds or liability is not reasonably assured to it under the
terms of this Indenture or adequate indemnity against such risk is not reasonably assured to it.

     Section 7.02 Certain Rights of Trustee. Except as otherwise provided in Section 7.01:

          (a) The Trustee may rely and shall be protected in acting or refraining from acting upon any
resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order,
approval, bond, security or other paper or document believed by it to be genuine and to have been
signed or presented by the proper party or parties;

          (b) Any request, direction, order or demand of the Company mentioned herein shall be
sufficiently evidenced by a Board Resolution or an instrument signed in the name of the Company by
any authorized Officer of the Company (unless other evidence in respect thereof is specifically
prescribed herein);

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

          (d) The Trustee shall be under no obligation to exercise any of the rights or powers vested in
it by this Indenture at the request, order or direction of any of the Securityholders pursuant to
the provisions of this Indenture, unless such Securityholders shall have offered to the Trustee
reasonable security or indemnity against the costs, expenses and liabilities that may be incurred
therein or thereby; nothing contained herein shall, however, relieve the Trustee of the obligation,
upon the occurrence of an Event of Default with respect to a series of the Securities (that has not
been cured or waived), to exercise with respect to Securities of that series such of the rights and
powers vested in it by this Indenture, and to use the same degree of care and skill in their
exercise, as a prudent man would exercise or use under the circumstances in the conduct of his own
affairs;

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

          (f) 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, consent,
order, approval, bond, security, or other papers or documents, unless requested in writing so to do
by the holders of not less than a majority in principal amount of the Outstanding Securities of the
particular series affected thereby (determined as provided in Section 8.04); provided, however,
that if the payment within a reasonable time to the Trustee of the costs, expenses or liabilities
likely to be incurred by it in the making of such investigation is, in the opinion of the Trustee,
not reasonably assured to the Trustee by the security afforded to it by the terms of this
Indenture, the Trustee may require reasonable indemnity against such costs, expenses or liabilities
as a condition to so proceeding. The reasonable expense of every such examination shall be paid by
the Company or, if paid by the Trustee, shall be repaid by the Company upon demand; and

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

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     In addition, the Trustee shall not be deemed to have knowledge of any Default or Event of
Default except (1) any Event of Default occurring pursuant to Sections 6.01(a)(1) and 6.01(a)(2) or
(2) any Default or Event of Default of which the Trustee shall have received written notification
in the manner set forth in this Indenture or a Responsible Officer of the Trustee assigned by the
Trustee to administer its corporate trust matters or to whom a matter concerning the Indenture may
be referred shall have obtained actual knowledge. Delivery of reports, information and documents
to the Trustee under Section 4.04 is for informational purposes only and the information and the
Trustee’s receipt of the foregoing shall not constitute constructive notice of any information
contained therein, or determinable from information contained therein including the Company’s
compliance with any of their covenants thereunder (as to which the Trustee is entitled to rely
exclusively on an Officers’ Certificate).

     Section 7.03 Trustee’s Disclaimer.

     The Trustee shall have no responsibility for the validity or adequacy of this Indenture or the
Securities, it shall not be responsible for any statement in the Securities other than its
authentication, and it shall not be accountable for the use or application by the Company of any of
the Securities or of the proceeds of such Securities, or for the use or application of any moneys
paid over by the Trustee in accordance with any provision of this Indenture or established pursuant
to Section 2.01, or for the use or application of any moneys received by any paying agent other
than the Trustee.

     Section 7.04 May Hold Securities.

     The Trustee or any paying agent or Security Registrar, in its individual or any other
capacity, may become the owner or pledgee of Securities with the same rights it would have if it
were not Trustee, paying agent or Security Registrar.

     Section 7.05 Moneys Held in Trust.

     Subject to the provisions of Section 10.05, all moneys received by the Trustee shall, until
used or applied as herein provided, be held in trust for the purposes for which they were received,
but need not be segregated from other funds except to the extent required by law. The Trustee
shall be under no liability for interest on any moneys received by it hereunder except such as it
may agree with the Company to pay thereon.

     Section 7.06 Compensation and Reimbursement.

          (a) The Company covenants and agrees to pay to the Trustee, and the Trustee shall be entitled
to, such reasonable compensation (which shall not be limited by any provision of law in regard to
the compensation of a trustee of an express trust) as the Company and the Trustee may from time to
time agree in writing, for all services rendered by it in the execution of the trusts hereby
created and in the exercise and performance of any of the powers and duties hereunder of the
Trustee, and, except as otherwise expressly provided herein, the Company will pay or reimburse the
Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made
by the Trustee in accordance with any of the provisions of this Indenture (including the reasonable
compensation and the expenses and disbursements of its counsel and of all Persons not regularly in
its employ), except any such expense, disbursement or advance as may arise from its negligence or
bad faith and except as the Company and
Trustee may from time to time agree in writing. The Company also covenants to indemnify the
Trustee (and its officers, agents, directors and employees) for, and to hold it harmless against,
any loss, liability or expense incurred without negligence or bad faith on the part of the Trustee
and arising out of or in connection with the acceptance or administration of this trust, including
the reasonable costs and expenses of defending itself against any claim of liability in the
premises. Notwithstanding the foregoing, the

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Issuer need not reimburse the Trustee for any expense
or indemnify it against any loss or liability incurred by the Trustee through its negligence or bad
faith.

          (b) The obligations of the Company under this Section to compensate and indemnify the Trustee
and to pay or reimburse the Trustee for reasonable expenses, disbursements and advances shall
constitute indebtedness of the Company to which the Securities are subordinated. Such additional
indebtedness shall be secured by a lien prior to that of the Securities upon all property and funds
held or collected by the Trustee as such, except funds held in trust for the benefit of the holders
of particular Securities.

     Section 7.07 Reliance on Officers’ Certificate.

     Except as otherwise provided in Section 7.01, whenever in the administration of the provisions
of this Indenture the Trustee shall deem it reasonably necessary or desirable that a matter be
proved or established prior to taking or suffering or omitting to take any action hereunder, such
matter (unless other evidence in respect thereof be herein specifically prescribed) may, in the
absence of negligence or bad faith on the part of the Trustee, be deemed to be conclusively proved
and established by an Officers’ Certificate delivered to the Trustee and such certificate, in the
absence of negligence or bad faith on the part of the Trustee, shall be full warrant to the Trustee
for any action taken, suffered or omitted to be taken by it under the provisions of this Indenture
upon the faith thereof.

     Section 7.08 Disqualification; Conflicting Interests.

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

     Section 7.09 Corporate Trustee Required; Eligibility.

     There shall at all times be a Trustee with respect to the Securities issued hereunder which
shall at all times be a corporation organized and doing business under the laws of the United
States of America or any state or territory thereof or of the District of Columbia, or a
corporation or other Person permitted to act as trustee by the Securities and Exchange Commission,
authorized under such laws to exercise corporate trust powers, having a combined capital and
surplus of at least fifty million U.S. dollars ($50,000,000), and subject to supervision or
examination by federal, state, territorial, or District of Columbia authority.

     If such corporation or other Person publishes reports of condition at least annually, pursuant
to law or to the requirements of the aforesaid supervising or examining authority, then for the
purposes of this Section, the combined capital and surplus of such corporation or other Person
shall be deemed to be its combined capital and surplus as set forth in its most recent report of
condition so published. The Company may not, nor may any Person directly or indirectly
controlling, controlled by, or under common control with the Company, serve as Trustee. In case at
any time the Trustee shall cease to be eligible in accordance with the provisions of this Section,
the Trustee shall resign immediately in the manner and with the effect specified in Section 7.10.

     Section 7.10 Resignation and Removal; Appointment of Successor.

          (a) The Trustee or any successor hereafter appointed may at any time resign with respect to
the Securities of one or more series by giving written notice thereof to the Company and by
transmitting notice of resignation by mail, first class postage prepaid, to the Securityholders of
such

27

 

series, as their names and addresses appear upon the Security Register. Upon receiving such
notice of resignation, the Company shall promptly appoint a successor trustee with respect to
Securities of such series by written instrument, in duplicate, executed by order of the Board of
Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to
the successor trustee. If no successor trustee shall have been so appointed and have accepted
appointment within 30 days after the mailing of such notice of resignation, the resigning Trustee
may petition any court of competent jurisdiction for the appointment of a successor trustee with
respect to Securities of such series, or any Securityholder of that series who has been a bona fide
holder of a Security or Securities for at least six months may on behalf of himself and all others
similarly situated, petition any such court for the appointment of a successor trustee. Such court
may thereupon after such notice, if any, as it may deem proper and prescribe, appoint a successor
trustee.

          (b) In case at any time any one of the following shall occur:

               (i) the Trustee shall fail to comply with the provisions of Section 7.08 after written request
therefor by the Company or by any Securityholder who has been a bona fide holder of a Security or
Securities for at least six months; or

               (ii) the Trustee shall cease to be eligible in accordance with the provisions of Section 7.09
and shall fail to resign after written request therefor by the Company or by any such
Securityholder; or

               (iii) the Trustee shall become incapable of acting, or shall be adjudged a bankrupt or
insolvent, or commence a voluntary bankruptcy proceeding, or a receiver of the Trustee or of its
property shall be appointed or consented to, or any public officer shall take charge or control of
the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or
liquidation;

     then, in any such case, the Company may remove the Trustee with respect to all Securities and
appoint a successor trustee by written instrument, in duplicate, executed by order of the Board of
Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy
to the successor trustee, or any Securityholder who has been a bona fide holder of a Security or
Securities for at least six months may, on behalf of that holder and all others similarly situated,
petition any court of competent jurisdiction for the removal of the Trustee and the appointment of
a successor trustee. Such court may thereupon after such notice, if any, as it may deem proper and
prescribe, remove the Trustee and appoint a successor trustee.

          (c) The holders of a majority in aggregate principal amount of the Securities of any series at
the time Outstanding may at any time remove the Trustee with respect to such series by so notifying
the Trustee and the Company and may appoint a successor Trustee for such series with the consent of
the Company.

          (d) Any resignation or removal of the Trustee and appointment of a successor trustee with
respect to the Securities of a series pursuant to any of the provisions of this Section shall
become effective upon acceptance of appointment by the successor trustee as provided in
Section 7.11.

          (e) Any successor trustee appointed pursuant to this Section may be appointed with respect to
the Securities of one or more series or all of such series, and at any time there shall be only one
Trustee with respect to the Securities of any particular series.

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     Section 7.11 Acceptance of Appointment By Successor.

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

          (b) In case of the appointment hereunder of a successor trustee with respect to the Securities
of one or more (but not all) series, the Company, the retiring Trustee and each successor trustee
with respect to the Securities of one or more series shall execute and deliver an indenture
supplemental hereto wherein each successor trustee shall accept such appointment and which
(i) shall contain such provisions as shall be necessary or desirable to transfer and confirm to,
and to vest in, each successor trustee all the rights, powers, trusts and duties of the retiring
Trustee with respect to the Securities of that or those series to which the appointment of such
successor trustee relates, (ii) shall contain such provisions as shall be deemed necessary or
desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with
respect to the Securities of that or those series as to which the retiring Trustee is not retiring
shall continue to be vested in the retiring Trustee, and (iii) shall add to or change any of the
provisions of this Indenture as shall be necessary to provide for or facilitate the administration
of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in
such supplemental indenture shall constitute such Trustees co-trustees of the same trust, that each
such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or
trusts hereunder administered by any other such Trustee and that no Trustee shall be responsible
for any act or failure to act on the part of any other Trustee hereunder; and upon the execution
and delivery of such supplemental indenture the resignation or removal of the retiring Trustee
shall become effective to the extent provided therein, such retiring Trustee shall with respect to
the Securities of that or those series to which the appointment of such successor trustee relates
have no further responsibility for the exercise of rights and powers or for the performance of the
duties and obligations vested in the Trustee under this Indenture, and each such successor trustee,
without any further act, deed or conveyance, shall become vested with all the rights, powers,
trusts and duties of the retiring Trustee with respect to the Securities of that or those series to
which the appointment of such successor trustee relates; but, on request of the Company or any
successor trustee, such retiring Trustee shall duly assign, transfer and deliver to such successor
trustee, to the extent contemplated by such supplemental indenture, the property and money held by
such retiring Trustee hereunder with respect to the Securities of that or those series to which the
appointment of such successor trustee relates.

          (c) Upon request of any such successor trustee, the Company shall execute any and all
instruments for more fully and certainly vesting in and confirming to such successor trustee all
such rights, powers and trusts referred to in paragraph (a) or (b) of this Section, as the case may
be.

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

          (e) Upon acceptance of appointment by a successor trustee as provided in this Section, the
Company shall transmit notice of the succession of such trustee hereunder by mail, first class
postage prepaid, to the Securityholders, as their names and addresses appear upon the Security
Register. If the Company fails to transmit such notice within ten days after acceptance of
appointment by the

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successor trustee, the successor trustee shall cause such notice to be
transmitted at the expense of the Company.

     Section 7.12 Merger, Conversion, Consolidation or Succession to Business.

     Any corporation into which the Trustee may be merged or converted or with which it may be
consolidated, or any corporation resulting from any merger, conversion or consolidation to which
the Trustee shall be a party, or any corporation succeeding to the corporate trust business of the
Trustee, including the administration of the trust created by this Indenture, shall be the
successor of the Trustee hereunder, provided that such corporation shall be qualified under the
provisions of Section 7.08 and eligible under the provisions of Section 7.09, without the execution
or filing of any paper or any further act on the part of any of the parties hereto, anything herein
to the contrary notwithstanding. In case any Securities shall have been authenticated, but not
delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to
such authenticating Trustee may adopt such authentication and deliver the Securities so
authenticated with the same effect as if such successor Trustee had itself authenticated such
Securities.

     Section 7.13 Preferential Collection of Claims Against the Company.

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

     Section 7.14 Notice of Default.

     If any Default or any Event of Default occurs and is continuing and if such Default or Event
of Default is known to the Trustee, the Trustee shall mail to each Securityholder in the manner and
to the extent provided in Section 313(c) of the Trust Indenture Act notice of the Default or Event
of Default within 60 days after it occurs, unless such Default or Event of Default has been cured;
provided, however, that, except in the case of a default in the payment of the principal of (or
premium, if any) or interest on any Security, the Trustee shall be protected in withholding such
notice if and so long as the board of directors, the executive committee or a trust committee of
directors and/or Responsible Officers of the Trustee in good faith determine that the withholding
of such notice is in the interest of the Securityholders.

     Section 7.15 Reports by the Trustee.

          (a) If required by Section 313(a) of the Trust Indenture Act, the Trustee, within sixty
(60) days after each July 1, shall transmit by mail, first class postage prepaid, to the
Securityholders, as their names and addresses appear upon the Security Register, a brief report
dated as of such July 1, which complies with Section 313(a) of the Trust Indenture Act.

          (b) The Trustee shall comply with Section 313(b) and 313(c) of the Trust Indenture Act.

          (c) A copy of each such report shall, at the time of such transmission to Securityholders, be
filed by the Trustee with the Company, with each securities exchange upon which any
Securities are listed (if so listed) and also with the Securities and Exchange Commission.
The Company agrees to notify the Trustee when any Securities become listed on any securities
exchange.

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ARTICLE 8

CONCERNING THE SECURITYHOLDERS

     Section 8.01 Evidence of Action by Securityholders.

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

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

     Section 8.02 Proof of Execution by Securityholders.

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

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

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

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

     Section 8.03 Who May be Deemed Owners.

     Prior to the due presentment for registration of transfer of any Security, the Company, the
Trustee, any paying agent and any Security Registrar may deem and treat the Person in whose name
such Security shall be registered upon the books of the Company as the absolute owner of such
Security (whether or not such Security shall be overdue and notwithstanding any notice of ownership or
writing thereon made by anyone other than the Security Registrar) for the purpose of receiving
payment of or on account of the principal of, premium, if any, and (subject to Section 2.03)
interest on such Security and

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for all other purposes; and neither the Company nor the Trustee nor
any paying agent nor any Security Registrar shall be affected by any notice to the contrary.

     Section 8.04 Certain Securities Owned by Company Disregarded.

     In determining whether the holders of the requisite aggregate principal amount of Securities
of a particular series have concurred in any direction, consent or waiver under this Indenture, the
Securities of that series that are owned by the Company or any other obligor on the Securities of
that series or by any Person directly or indirectly controlling or controlled by or under common
control with the Company or any other obligor on the Securities of that series shall be disregarded
and deemed not to be Outstanding for the purpose of any such determination, except that for the
purpose of determining whether the Trustee shall be protected in relying on any such direction,
consent or waiver, only Securities of such series that the Trustee actually knows are so owned
shall be so disregarded. The Securities so owned that have been pledged in good faith may be
regarded as Outstanding for the purposes of this Section, if the pledgee shall establish to the
satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and that
the pledgee is not a Person directly or indirectly controlling or controlled by or under direct or
indirect common control with the Company or any such other obligor. In case of a dispute as to
such right, any decision by the Trustee taken upon the advice of counsel shall be full protection
to the Trustee.

     Section 8.05 Actions Binding on Future Securityholders.

     At any time prior to (but not after) the evidencing to the Trustee, as provided in
Section 8.01, of the taking of any action by the holders of the majority or percentage in aggregate
principal amount of the Securities of a particular series specified in this Indenture in connection
with such action, any holder of a Security of that series that is shown by the evidence to be
included in the Securities the holders of which have consented to such action may, by filing
written notice with the Trustee, and upon proof of holding as provided in Section 8.02, revoke such
action so far as concerns such Security. Except as aforesaid any such action taken by the holder
of any Security shall be conclusive and binding upon such holder and upon all future holders and
owners of such Security, and of any Security issued in exchange therefor, on registration of
transfer thereof or in place thereof, irrespective of whether or not any notation in regard thereto
is made upon such Security. Any action taken by the holders of the majority or percentage in
aggregate principal amount of the Securities of a particular series specified in this Indenture in
connection with such action shall be conclusively binding upon the Company, the Trustee and the
holders of all the Securities of that series.

ARTICLE 9

SUPPLEMENTAL INDENTURES

     Section 9.01 Supplemental Indentures without the Consent of Securityholders.

     In addition to any supplemental indenture otherwise authorized by this Indenture, the Company
and the Trustee may from time to time and at any time enter into an indenture or indentures
supplemental hereto (which shall conform to the provisions of the Trust Indenture Act as then in
effect), without the consent of the Securityholders, for one or more of the following purposes:

          (a) to cure any ambiguity, defect, or inconsistency herein or in the Securities of any series;

          (b) to comply with Article X;

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

          (d) to add to the covenants, restrictions, conditions or provisions relating to the Company
for the benefit of the holders of all or any series of Securities (and if such covenants,
restrictions, conditions or provisions are to be for the benefit of less than all series of
Securities, stating that such covenants, restrictions, conditions or provisions are expressly being
included solely for the benefit of such series), to make the occurrence, or the occurrence and the
continuance, of a default in any such additional covenants, restrictions, conditions or provisions
an Event of Default, or to surrender any right or power herein conferred upon the Company;

          (e) to add to, delete from, or revise the conditions, limitations, and restrictions on the
authorized amount, terms, or purposes of issue, authentication, and delivery of Securities, as
herein set forth;

          (f) to make any change that does not adversely affect the rights of any Securityholder in any
material respect;

          (g) to provide for the issuance of and establish the form and terms and conditions of the
Securities of any series as provided in Section 2.01, to establish the form of any certifications
required to be furnished pursuant to the terms of this Indenture or any series of Securities, or to
add to the rights of the holders of any series of Securities;

          (h) to evidence and provide for the acceptance of appointment hereunder by a successor
trustee; or

          (i) to comply with any requirements of the Securities and Exchange Commission or any successor
in connection with the qualification of this Indenture under the Trust Indenture Act.

     The Trustee is hereby authorized to join with the Company in the execution of any such
supplemental 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 any such supplemental
indenture that affects the Trustee’s own rights, duties or immunities under this Indenture or
otherwise.

     Any supplemental indenture authorized by the provisions of this Section may be executed by the
Company and the Trustee without the consent of the holders of any of the Securities at the time
Outstanding, notwithstanding any of the provisions of Section 9.02.

     Section 9.02 Supplemental Indentures with the Consent of Securityholders.

     With the consent (evidenced as provided in Section 8.01) of the holders of not less than a
majority in aggregate principal amount of the Securities of each series affected by such
supplemental indenture or indentures at the time Outstanding (or, with respect to any particular
affected series for which a greater percentage is required pursuant to the Board Resolution or
supplemental indenture setting forth the terms of such series, such greater percentage, if any),
the Company, when authorized by a Board Resolution, and the Trustee may from time to time and at
any time enter into an indenture or indentures supplemental hereto (which shall conform to the
provisions of the Trust Indenture Act as then in effect) for the purpose of adding any provisions
to or changing in any manner or eliminating any of the
provisions of this Indenture or of any supplemental indenture or of modifying in any manner
not covered by Section 9.01 the rights of the holders of the Securities of such series under this
Indenture; provided, however, that no such supplemental indenture shall, without the consent of the
holders of each Security

33

 

then Outstanding and affected thereby, (a) extend the fixed maturity of
any Securities of any series, or reduce the principal amount thereof, or reduce the rate or extend
the time of payment of interest thereon, or reduce any premium payable upon the redemption thereof
or (b) reduce the aforesaid percentage of Securities, the holders of which are required to consent
to any such supplemental indenture.

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

     Section 9.03 Effect of Supplemental Indentures.

     Upon the execution of any supplemental indenture pursuant to the provisions of this Article or
of Section 5.01, this Indenture shall, with respect to such series, be and be deemed to be modified
and amended in accordance therewith and the respective rights, limitations of rights, obligations,
duties and immunities under this Indenture of the Trustee, the Company and the holders of
Securities of the series affected thereby shall thereafter be determined, exercised and enforced
hereunder subject in all respects to such modifications and amendments, and all the terms and
conditions of any such supplemental indenture shall be and be deemed to be part of the terms and
conditions of this Indenture for any and all purposes.

     Section 9.04 Securities Affected by Supplemental Indentures.

     Securities of any series affected by a supplemental indenture, authenticated and delivered
after the execution of such supplemental indenture pursuant to the provisions of this Article or of
Section 5.01, may bear a notation in form approved by the Company, provided such form meets the
requirements of any securities exchange upon which such series may be listed, as to any matter
provided for in such supplemental indenture. If the Company shall so determine, new Securities of
that series so modified as to conform, in the opinion of the Board of Directors, to any
modification of this Indenture contained in any such supplemental indenture may be prepared by the
Company, authenticated by the Trustee and delivered in exchange for the Securities of that series
then Outstanding.

     Section 9.05 Execution of Supplemental Indentures.

     Upon the request of the Company, accompanied by its Board Resolutions authorizing the
execution of any such supplemental indenture, and upon the filing with the Trustee of evidence of
the consent of Securityholders required to consent thereto as aforesaid, the Trustee shall join
with the Company in the execution of such supplemental indenture unless such supplemental indenture
affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which
case the Trustee may in its discretion but shall not be obligated to enter into such supplemental
indenture. The Trustee, subject to the provisions of Section 7.01, may receive an Officers’
Certificate or an Opinion of Counsel as conclusive evidence that any supplemental indenture
executed pursuant to this Article is authorized or permitted by, and conforms to, the terms of this
Article and that it is proper for the Trustee under the provisions of this Article to join in the
execution thereof; provided, however, that such Officers’ Certificate or Opinion of Counsel need
not be provided in connection with the execution of a supplemental indenture that establishes the
terms of a series of Securities pursuant to Section 2.01 hereof.

     Promptly after the execution by the Company and the Trustee of any supplemental indenture
pursuant to the provisions of this Section, the Trustee shall transmit by mail, first class postage
prepaid, a notice, setting forth in general terms the substance of such supplemental indenture, to
the Securityholders
of all series affected thereby as their names and addresses appear upon the Security Register.
Any failure of the Trustee to mail such notice, or any defect therein, shall not, however, in any
way impair or affect the validity of any such supplemental indenture.

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ARTICLE 10

SATISFACTION AND DISCHARGE

     Section 10.01 Satisfaction and Discharge of Indenture.

     If at any time: (a) the Company shall have delivered to the Trustee for cancellation all
Securities of a series theretofore authenticated and not delivered to the Trustee for cancellation
(other than any Securities that shall have been destroyed, lost or stolen and that shall have been
replaced or paid as provided in Section 2.07 and Securities for whose payment money or Governmental
Obligations have theretofore been deposited in trust or segregated and held in trust by the Company
and thereupon repaid to the Company or discharged from such trust, as provided in Section 10.05);
or (b) all such Securities of a particular series not theretofore delivered to the Trustee for
cancellation shall have become due and payable, or are by their terms to become due and payable
within one year or are to be called for redemption within one year under arrangements satisfactory
to the Trustee for the giving of notice of redemption, and the Company shall deposit or cause to be
deposited with the Trustee as trust funds the entire amount in moneys or Governmental Obligations
or a combination thereof, sufficient in the opinion of a nationally recognized firm of independent
public accountants expressed in a written certification thereof delivered to the Trustee, to pay at
maturity or upon redemption all Securities of that series not theretofore delivered to the Trustee
for cancellation, including principal (and premium, if any) and interest due or to become due to
such date of maturity or date fixed for redemption, as the case may be, and if the Company shall
also pay or cause to be paid all other sums payable hereunder with respect to such series by the
Company, then this Indenture shall thereupon cease to be of further effect with respect to such
series except for the provisions of Sections 2.03, 2.05, 2.07, 4.01, 4.02, 4.03 and 7.10, that
shall survive until the date of maturity or redemption date, as the case may be, and Sections 7.06
and 10.05, that shall survive to such date and thereafter, and the Trustee, on demand of the
Company and at the cost and expense of the Company shall execute proper instruments acknowledging
satisfaction of and discharging this Indenture with respect to such series.

     Section 10.02 Discharge of Obligations.

     If at any time all such Securities of a particular series not heretofore delivered to the
Trustee for cancellation or that have not become due and payable as described in Section 10.01
shall have been paid by the Company by depositing irrevocably with the Trustee as trust funds
moneys or an amount of Governmental Obligations sufficient to pay at maturity or upon redemption
all such Securities of that series not theretofore delivered to the Trustee for cancellation,
including principal (and premium, if any) and interest due or to become due to such date of
maturity or date fixed for redemption, as the case may be, and if the Company shall also pay or
cause to be paid all other sums payable hereunder by the Company with respect to such series, then
after the date such moneys or Governmental Obligations, as the case may be, are deposited with the
Trustee the obligations of the Company under this Indenture with respect to such series shall cease
to be of further effect except for the provisions of Sections 2.03, 2.05, 2.07, 4,01, 4.02, 4.03,
7.06, 7.10 and 10.05 hereof that shall survive until such Securities shall mature and be paid.
Thereafter, Sections 7.06 and 10.05 shall survive.

     Section 10.03 Deposited Moneys to be Held in Trust.

     All moneys or Governmental Obligations deposited with the Trustee pursuant to Sections 10.01
or 10.02 shall be held in trust and shall be available for payment as due, either directly or
through any
paying agent (including the Company acting as its own paying agent), to the holders of the
particular series of Securities for the payment or redemption of which such moneys or Governmental
Obligations have been deposited with the Trustee.

35

 

     Section 10.04 Payment of Moneys Held by Paying Agents.

     In connection with the satisfaction and discharge of this Indenture all moneys or Governmental
Obligations then held by any paying agent under the provisions of this Indenture shall, upon demand
of the Company, be paid to the Trustee and thereupon such paying agent shall be released from all
further liability with respect to such moneys or Governmental Obligations.

     Section 10.05 Repayment to Company.

     Any moneys or Governmental Obligations deposited with any paying agent or the Trustee, or then
held by the Company or any Guarantor, in trust for payment of principal of or premium, if any, or
interest on the Securities of a particular series that are not applied but remain unclaimed by the
holders of such Securities for at least two years after the date upon which the principal of (and
premium, if any) or interest on such Securities shall have respectively become due and payable, or
such other shorter period set forth in applicable escheat or abandoned or unclaimed property law,
shall be repaid to the Company on July 31 of each year or upon the Company’s request or (if then
held by the Company) shall be discharged from such trust; and thereupon the paying agent and the
Trustee shall be released from all further liability with respect to such moneys or Governmental
Obligations, and the holder of any of the Securities entitled to receive such payment shall
thereafter, as a general creditor, look only to the Company (or as otherwise provided in the
applicable escheat or abandoned or unclaimed property law) for the payment thereof.

ARTICLE 11

IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS

     Section 11.01 No Recourse.

     No recourse under or upon any obligation, covenant or agreement of this Indenture, or of any
Security, or for any claim based thereon or otherwise in respect thereof, shall be had against any
incorporator, organizer, stockholder, member, officer, manager, director or any person occupying a
position equivalent to the foregoing, past, present or future as such, of the Company or any
Guarantor, or of any predecessor or successor corporation thereof, either directly or through the
Company or any Guarantor, or any such predecessor or successor business entity, whether by virtue
of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or
otherwise; it being expressly understood that this Indenture and the obligations issued hereunder
are solely corporate obligations, and that no such personal liability whatever shall attach to, or
is or shall be incurred by, the incorporators, organizers, stockholders, members, officers,
managers, directors or persons occupying a position equivalent to the foregoing, as such, of the
Company or any Guarantor, or of any predecessor or successor corporation, or any of them, because
of the creation of the indebtedness hereby authorized, or under or by reason of the obligations,
covenants or agreements contained in this Indenture or in any of the Securities or implied
therefrom; and that any and all such personal liability of every name and nature, either at common
law or in equity or by constitution or statute, of, and any and all such rights and claims against,
every such incorporator, organizer, stockholder, member, officer, manager, director or any person
occupying a position equivalent to the foregoing, as such, because of the creation of the
indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements
contained in this Indenture or in any of the Securities or implied therefrom, are hereby expressly
waived and released as a
condition of, and as a consideration for, the execution of this Indenture and the issuance of
such Securities.

36

 

ARTICLE 12

GUARANTEES

     Section 12.01 Guarantee.

     Any series of Securities may be guaranteed by one or more Persons as Guarantor or Guarantors.
The terms and the form of any such guarantee will be established in the manner contemplated by
Section 2.01 for that particular series of Securities and shall be evidenced by one or more written
instruments executed by the Guarantor or Guarantors and delivered to the Trustee. Any Guarantor of
any series of Securities shall also have the obligations of the Company under this Indenture with
respect to such Securities to the extent provided in such guarantee or required by the Trust
Indenture Act.

ARTICLE 13

MISCELLANEOUS PROVISIONS

     Section 13.01 Effect on Successors and Assigns.

     All the covenants, stipulations, promises and agreements in this Indenture made by or on
behalf of the Company shall bind its successors and assigns, whether so expressed or not. All
agreements of the Trustee in this Indenture shall bind its successor.

     Section 13.02 Actions by Successor.

     Any act or proceeding by any provision of this Indenture authorized or required to be done or
performed by any board, committee or officer of the Company shall and may be done and performed
with like force and effect by the corresponding board, committee or officer of any corporation that
shall at the time be the lawful successor of the Company.

     Section 13.03 Surrender of Company Powers.

     The Company by instrument in writing executed by authority of its Board of Directors and
delivered to the Trustee may surrender any of the powers reserved to the Company, and thereupon
such power so surrendered shall terminate both as to the Company and as to any successor
corporation.

     Section 13.04 Notices.

     Except as otherwise expressly provided herein, any notice, request or demand that by any
provision of this Indenture is required or permitted to be given, made or served on the Company,
the Trustee, any Securityholder or any other Person by any one or a combination of the foregoing
must be in writing and will be deemed effectively given on the earliest of the date (i) three
Business Days after such notice is sent by registered U.S. mail, return receipt requested, (ii) one
Business Day after delivery of such notice into the custody and control of an overnight courier
service for next day delivery, (iii) one Business Day after delivery of such notice in person, and
(iv) such notice is received by the receiving Person; in each case to the appropriate address below
(or to such other address as a Person may designate by notice to the Trustee). Any such notice,
election, request or demand shall be given, made or served to the following Person at the following
addresses:

     If to the Issuer and/or any Guarantor, 100 Pike Way, PO Box 868, Mount Airy, NC 27030
Attention: Chief Legal Officer;

     If to the Trustee, to the Corporate Trust Office; and

37

 

     If to a Securityholder, to the address for such Securityholder shown on the register
kept by the Registrar.

     Failure to mail a notice or communication to a Securityholder or any defect in it shall not
affect its sufficiency with respect to other Securityholders. If the Issuer mails a notice or
communication to Securityholders, it shall mail a copy to the Trustee at the same time. Any notice
or communication shall also be mailed to any Person described in Trust Indenture Act Section
313(c), to the extent required by the Trust Indenture Act.

     Section 13.05 Governing Law.

     This Indenture and each Security shall be deemed to be a contract made under the internal laws
of, and for all purposes shall be construed in accordance with the laws of, the State of
                    , except to the extent that the Trust Indenture Act is applicable.

     Section 13.06 Treatment of Securities as Debt.

     It is intended that the Securities will be treated as indebtedness and not as equity for
federal income tax purposes. The provisions of this Indenture shall be interpreted to further this
intention.

     Section 13.07 Certificates and Opinions as to Conditions Precedent.

          (a) Upon any application or demand by the Company to the Trustee to take any action under any
of the provisions of this Indenture, the Company shall furnish to the Trustee an Officers’
Certificate stating that all conditions precedent provided for in this Indenture (other than the
certificate to be delivered pursuant to Section 13.12) relating to the proposed action have been
complied with and an Opinion of Counsel stating that in the opinion of such counsel all such
conditions precedent have been complied with, except that in the case of any such application or
demand as to which the furnishing of such documents is specifically required by any provision of
this Indenture relating to such particular application or demand, no additional certificate or
opinion need be furnished.

          (b) Each certificate or opinion provided for in this Indenture and delivered to the Trustee
with respect to compliance with a condition or covenant in this Indenture shall include (i) a
statement that the Person making such certificate or opinion has read such covenant or condition;
(ii) 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; (iii) a statement
that, in the opinion of such Person, he has made such examination or investigation as is reasonably
necessary to enable him to express an informed opinion as to whether or not such covenant or
condition has been complied with; and (iv) a statement as to whether or not, in the opinion of such
Person, such condition or covenant has been complied with.

     Section 13.08 Payments on Business Days.

     Except as provided pursuant to Section 2.01 pursuant to a Board Resolution, and set forth in
an Officers’ Certificate, or established in one or more indentures supplemental to this Indenture,
in any case where the date of maturity of interest or principal of any Security or the date of
redemption of any
Security shall not be a Business Day, then payment of interest or principal (and premium, if
any) may be made on the next succeeding Business Day with the same force and effect as if made on
the nominal date of maturity or redemption, and no interest shall accrue for the period after such
nominal date.

38

 

     Section 13.09 Conflict with Trust Indenture Act.

     If and to the extent that any provision of this Indenture limits, qualifies or conflicts with
the duties imposed by Sections 310 to 317, inclusive, of the Trust Indenture Act, such imposed
duties shall control.

     Section 13.10 Counterparts.

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

     Section 13.11 Separability.

     In case any one or more of the provisions contained in this Indenture or in the Securities of
any series shall for any reason be held to be invalid, illegal or unenforceable in any respect,
such invalidity, illegality or unenforceability shall not affect any other provisions of this
Indenture or of such Securities, but this Indenture and such Securities shall be construed as if
such invalid or illegal or unenforceable provision had never been contained herein or therein.

ARTICLE 14

SUBORDINATION OF SECURITIES

     Section 14.01 Subordination Terms.

     The payment by the Company of the principal of, premium, if any, and interest on any series of
securities issued hereunder shall be subordinated to the extent specified for such series pursuant
to Section 2.01(a).

39

 

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

	 	 	 	 	 
	 
	 	PIKE ELECTRIC CORPORATION
	 
	 	 
	 	 

	 

	 	By:
	 	 

	 

	 	 
	 	 
	 

	 	Name:
	 	 

	 

	 	 
	 	 
	 

	 	Title:
	 	 

	 

	 	 
	 	 
	 

	 	 
	 	 

	 
	 	[TRUSTEE], as Trustee
	 
	 	 
	 	 

	 

	 	By:
	 	 

	 

	 	 
	 	 
	 

	 	Name:
	 	 

	 

	 	 
	 	 
	 

	 	Title:
	 	 

	 

	 	 
	 	 

[Subordinated Debt Indenture – Signature Page]EX-4.7

Exhibit 4.7

 

 

HORSEHEAD HOLDING CORP.

and

THE GUARANTORS PARTY HERETO

to

[TRUSTEE]

Trustee

 

INDENTURE

 

Dated as of [                                        ]

SENIOR DEBT SECURITIES

 

 

 

 

HORSEHEAD HOLDING CORP.

Certain Sections of this Indenture relating to Sections 310

through 318, inclusive, of the Trust Indenture Act of 1939

	 	 	 
	Trust Indenture Act Section	 	Indenture Section
	Section 310(a)(1)
	 	6.09
	(a)(2)
	 	6.09
	(a)(3)
	 	Not Applicable
	(a)(4)
	 	Not Applicable
	(b)
	 	6.08
	Section 311(a)
	 	6.13
	(b)
	 	6.13
	Section 312(a)
	 	7.01, 7.02
	(b)
	 	7.02
	(c)
	 	7.02
	Section 313(a)
	 	7.03
	(b)
	 	7.03
	(c)
	 	7.03
	(d)
	 	7.03
	Section 314(a)
	 	7.04
	(a)(4)
	 	1.01
	(b)
	 	Not Applicable
	(c)(1)
	 	1.02
	(c)(2)
	 	1.02
	(c)(3)
	 	Not Applicable
	(d)
	 	Not Applicable
	(e)
	 	1.02
	Section 315(a)
	 	6.01
	(b)
	 	6.02
	(c)
	 	6.01
	(d)
	 	6.01
	(e)
	 	5.14
	Section 316(a)
	 	1.01
	(a)(1)(A)
	 	5.02, 5.12
	(a)(1)(B)
	 	5.13
	(a)(2)
	 	Not Applicable
	(b)
	 	5.08
	(c)
	 	1.04
	Section 317(a)(1)
	 	5.03
	(a)(2)
	 	5.04
	(b)
	 	10.03
	Section 318(a)
	 	1.07

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

i

 

Table of Contents

	 	 	 	 	 	 	 
	 	 	 	 	Page
	 
	 	 	 	 	 	 
	ARTICLE I DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	 	 	1	 
	Section 1.01.

	 	Definitions
	 	 	1	 
	Section 1.02.

	 	Compliance Certificates and Opinions
	 	 	8	 
	Section 1.03.

	 	Form of Documents Delivered to Trustee
	 	 	9	 
	Section 1.04.

	 	Acts of Holders; Record Dates
	 	 	9	 
	Section 1.05.

	 	Notices, Etc., to Trustee, Company and Guarantors
	 	 	12	 
	Section 1.06.

	 	Notice to Holders; Waiver
	 	 	12	 
	Section 1.07.

	 	Conflict with Trust Indenture Act
	 	 	13	 
	Section 1.08.

	 	Effect of Headings and Table of Contents
	 	 	13	 
	Section 1.09.

	 	Successors and Assigns
	 	 	13	 
	Section 1.10.

	 	Separability Clause
	 	 	13	 
	Section 1.11.

	 	Benefits of Indenture
	 	 	13	 
	Section 1.12.

	 	Governing Law
	 	 	13	 
	Section 1.13.

	 	Legal Holidays
	 	 	13	 
	Section 1.14.

	 	No Adverse Interpretation of Other Agreements
	 	 	13	 
	Section 1.15.

	 	No Personal Liability of Directors, Officers, Employees and
Stockholders
	 	 	13	 
	Section 1.16.

	 	Language of Notices, Etc.
	 	 	14	 
	Section 1.17.

	 	Force Majeure
	 	 	14	 
	Section 1.18.

	 	Waiver of Jury Trial
	 	 	14	 
	Section 1.19.

	 	U.S.A. Patriot Act
	 	 	14	 
	 
	 	 	 	 	 	 
	ARTICLE II SECURITY FORMS	 	 	14	 
	Section 2.01.

	 	Forms Generally
	 	 	14	 
	Section 2.02.

	 	Form of Face of Security
	 	 	15	 
	Section 2.03.

	 	Form of Reverse of Security
	 	 	17	 
	Section 2.04.

	 	Form of Legend for Global Securities
	 	 	20	 
	Section 2.05.

	 	Form of Trustee’s Certificate of Authentication
	 	 	20	 
	 
	 	 	 	 	 	 
	ARTICLE III THE SECURITIES	 	 	21	 
	Section 3.01.

	 	Amount Unlimited; Issuable in Series
	 	 	21	 
	Section 3.02.

	 	Denominations
	 	 	24	 
	Section 3.03.

	 	Execution, Authentication, Delivery and Dating
	 	 	24	 
	Section 3.04.

	 	Temporary Securities
	 	 	26	 
	Section 3.05.

	 	Registration, Registration of Transfer and Exchange
	 	 	27	 
	Section 3.06.

	 	Mutilated, Destroyed, Lost and Wrongfully Taken Securities
	 	 	29	 
	Section 3.07.

	 	Payment of Interest; Interest Rights Preserved
	 	 	30	 
	Section 3.08.

	 	Persons Deemed Owners
	 	 	31	 
	Section 3.09.

	 	Cancellation
	 	 	31	 
	Section 3.10.

	 	Computation of Interest
	 	 	31	 
	Section 3.11.

	 	CUSIP Numbers
	 	 	31	 

ii

 

	 	 	 	 	 	 	 
	 	 	 	 	Page
	 
	 	 	 	 	 	 
	ARTICLE IV SATISFACTION AND DISCHARGE	 	 	32	 
	Section 4.01.

	 	Satisfaction and Discharge of Indenture
	 	 	32	 
	Section 4.02.

	 	Application of Trust Money
	 	 	33	 
	 
	 	 	 	 	 	 
	ARTICLE V REMEDIES	 	 	33	 
	Section 5.01.

	 	Events of Default
	 	 	33	 
	Section 5.02.

	 	Acceleration of Maturity; Rescission and Annulment
	 	 	35	 
	Section 5.03.

	 	Collection of Indebtedness and Suits for Enforcement by Trustee
	 	 	36	 
	Section 5.04.

	 	Trustee May File Proofs of Claim
	 	 	36	 
	Section 5.05.

	 	Trustee May Enforce Claims Without Possession of Securities
	 	 	37	 
	Section 5.06.

	 	Application of Money Collected
	 	 	37	 
	Section 5.07.

	 	Limitation on Suits
	 	 	37	 
	Section 5.08.

	 	Unconditional Right of Holders to Receive Principal, Premium and Interest and
to Convert
	 	 	38	 
	Section 5.09.

	 	Restoration of Rights and Remedies
	 	 	38	 
	Section 5.10.

	 	Rights and Remedies Cumulative
	 	 	38	 
	Section 5.11.

	 	Delay or Omission Not Waiver
	 	 	39	 
	Section 5.12.

	 	Control by Holders
	 	 	39	 
	Section 5.13.

	 	Waiver of Past Defaults
	 	 	39	 
	Section 5.14.

	 	Undertaking for Costs
	 	 	40	 
	Section 5.15.

	 	Waiver of Usury, Stay or Extension Laws
	 	 	40	 
	 
	 	 	 	 	 	 
	ARTICLE VI THE TRUSTEE	 	 	40	 
	Section 6.01.

	 	Certain Duties and Responsibilities
	 	 	40	 
	Section 6.02.

	 	Notice of Defaults
	 	 	41	 
	Section 6.03.

	 	Certain Rights of Trustee
	 	 	41	 
	Section 6.04.

	 	Not Responsible for Recitals or Issuance of Securities
	 	 	43	 
	Section 6.05.

	 	May Hold Securities
	 	 	43	 
	Section 6.06.

	 	Money Held in Trust
	 	 	43	 
	Section 6.07.

	 	Compensation and Reimbursement
	 	 	43	 
	Section 6.08.

	 	Conflicting Interests
	 	 	44	 
	Section 6.09.

	 	Corporate Trustee Required; Eligibility
	 	 	44	 
	Section 6.10.

	 	Resignation and Removal; Appointment of Successor
	 	 	44	 
	Section 6.11.

	 	Acceptance of Appointment by Successor
	 	 	46	 
	Section 6.12.

	 	Merger, Conversion, Consolidation or Succession to Business
	 	 	47	 
	Section 6.13.

	 	Preferential Collection of Claims Against Company
	 	 	47	 
	Section 6.14.

	 	Appointment of Authenticating Agent
	 	 	47	 
	 
	 	 	 	 	 	 
	ARTICLE VII HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY	 	 	49	 
	Section 7.01.

	 	Company to Furnish Trustee Names and Addresses of Holders
	 	 	49	 
	Section 7.02.

	 	Preservation of Information; Communications to Holders
	 	 	49	 
	Section 7.03.

	 	Reports by Trustee
	 	 	49	 
	Section 7.04.

	 	Reports by Company
	 	 	50	 
	 
	 	 	 	 	 	 
	ARTICLE VIII CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE	 	 	50	 

iii

 

	 	 	 	 	 	 	 
	 	 	 	 	Page
	 
	 	 	 	 	 	 
	Section 8.01.

	 	Company May Consolidate, Etc., Only on Certain Terms
	 	 	50	 
	Section 8.02.

	 	Successor Substituted
	 	 	51	 
	 
	 	 	 	 	 	 
	ARTICLE IX SUPPLEMENTAL INDENTURES	 	 	51	 
	Section 9.01.

	 	Supplemental Indentures Without Consent of Holders
	 	 	51	 
	Section 9.02.

	 	Supplemental Indentures With Consent of Holders
	 	 	52	 
	Section 9.03.

	 	Execution of Supplemental Indentures
	 	 	54	 
	Section 9.04.

	 	Effect of Supplemental Indentures
	 	 	54	 
	Section 9.05.

	 	Conformity with Trust Indenture Act
	 	 	54	 
	Section 9.06.

	 	Reference in Securities to Supplemental Indentures
	 	 	54	 
	 
	 	 	 	 	 	 
	ARTICLE X COVENANTS	 	 	54	 
	Section 10.01.

	 	Payment of Principal, Premium and Interest
	 	 	54	 
	Section 10.02.

	 	Maintenance of Office or Agency
	 	 	55	 
	Section 10.03.

	 	Money for Securities Payments to Be Held in Trust
	 	 	55	 
	Section 10.04.

	 	Corporate Existence
	 	 	56	 
	Section 10.05.

	 	Statement by Officers as to Default
	 	 	56	 
	Section 10.06.

	 	Waiver of Certain Covenants
	 	 	57	 
	Section 10.07.

	 	Calculation of Original Issue Discount
	 	 	57	 
	 
	 	 	 	 	 	 
	ARTICLE XI REDEMPTION OF SECURITIES	 	 	57	 
	Section 11.01.

	 	Applicability of Article
	 	 	57	 
	Section 11.02.

	 	Election to Redeem; Notice to Trustee
	 	 	58	 
	Section 11.03.

	 	Selection by Trustee of Securities to Be Redeemed
	 	 	58	 
	Section 11.04.

	 	Notice of Redemption
	 	 	59	 
	Section 11.05.

	 	Deposit of Redemption Price
	 	 	59	 
	Section 11.06.

	 	Securities Payable on Redemption Date
	 	 	60	 
	Section 11.07.

	 	Securities Redeemed in Part
	 	 	60	 
	 
	 	 	 	 	 	 
	ARTICLE XII SINKING FUNDS	 	 	60	 
	Section 12.01.

	 	Applicability of Article
	 	 	60	 
	Section 12.02.

	 	Satisfaction of Sinking Fund Payments with Securities
	 	 	61	 
	Section 12.03.

	 	Redemption of Securities for Sinking Fund
	 	 	61	 
	 
	 	 	 	 	 	 
	ARTICLE XIII DEFEASANCE AND COVENANT DEFEASANCE	 	 	61	 
	Section 13.01.

	 	Company’s Option to Effect Defeasance or Covenant Defeasance
	 	 	61	 
	Section 13.02.

	 	Defeasance and Discharge
	 	 	62	 
	Section 13.03.

	 	Covenant Defeasance
	 	 	62	 
	Section 13.04.

	 	Conditions to Defeasance or Covenant Defeasance
	 	 	63	 
	Section 13.05.

	 	Deposited Money and U.S. Government Obligations to Be Held in Trust;
Miscellaneous Provisions
	 	 	64	 
	Section 13.06.

	 	Reinstatement
	 	 	65	 
	 
	 	 	 	 	 	 
	ARTICLE XIV GUARANTEES	 	 	65	 
	Section 14.01.

	 	Guarantees
	 	 	65	 

iv

 

	 	 	 	 	 	 	 
	 	 	 	 	Page
	 
	 	 	 	 	 	 
	ARTICLE XV SECURITY	 	 	68	 
	Section 15.01.

	 	Security
	 	 	68	 

v

 

INDENTURE, dated as of [                    ], among HORSEHEAD HOLDING CORP., a corporation duly
organized and existing under the laws of Delaware (herein called the “Company”), having its
principal office at 4955 Steubenville Pike, Suite 405, Pittsburgh, Pennsylvania 15205, the
Guarantors (as defined hereinafter), each having its principal office at 4955 Steubenville Pike,
Suite 405, Pittsburgh, Pennsylvania 15205, and [TRUSTEE], as Trustee (herein called the “Trustee”).

RECITALS OF THE COMPANY

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

          Each of the Initial Guarantors has duly authorized the execution and delivery of this
Indenture to provide for the guarantee by such Initial Guarantor of such series of Securities as to
which such guarantee has been made applicable as provided herein.

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

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

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

ARTICLE I

DEFINITIONS AND OTHER PROVISIONS

OF GENERAL APPLICATION

          Section 1.01. Definitions. For all purposes of this Indenture, except as otherwise expressly
provided or unless the context otherwise requires:

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

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

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

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

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

 

 

          (6) when used with respect to any Security, the words “convert”, “converted” and “conversion”
are intended to refer to the right of the Holder or the Company to convert or exchange such
Security into or for securities or other property in accordance with such terms, if any, as may
hereafter be specified for such Security as contemplated by Section 3.01, and these words
are not intended to refer to any right of the Holder or the Company to exchange such Security for
other Securities of the same series and like tenor pursuant to Section 3.04, Section
3.05, Section 3.06, Section 9.06 or Section 11.07 or another similar
provision of this Indenture, unless the context otherwise requires; and references herein to the
terms of any Security that may be converted mean such terms as may be specified for such Security
as contemplated in Section 3.01; and

          (7) unless the context otherwise requires, any reference to “duly provided for” and other
words of similar import with respect to any amount or property required to be paid or delivered, as
applicable, shall include, without limitation, having made such amount or property available for
payment or delivery.

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

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

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

          “Authenticating Agent” means, when used with respect to Securities of any series, any Person
authorized by the Trustee to act on behalf of the Trustee to authenticate the Securities of such
series.

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

          “Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant
Secretary of the Company to have been duly adopted by the Board of Directors and to be in full
force and effect on the date of such certification, and delivered to the Trustee. Where any
provision of this Indenture refers to action to be taken pursuant to a Board Resolution (including
the establishment of any series of the Securities and the forms and terms thereof), such action may
be taken by any officer or employee of the Company authorized to take such action by the Board of
Directors as evidenced by a Board Resolution.

          “Business Day”, when used with respect to any Place of Payment, means each Monday, Tuesday,
Wednesday, Thursday and Friday which is not a day on which banking institutions in that Place of
Payment are authorized or obligated by law or executive order to close; provided

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that, when used with respect to any Security, “Business Day” may have such other meaning, if any, as may be
specified for such Security as contemplated by Section 3.01.

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

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

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

          “Corporate Trust Office” means the designated office of the Trustee in [                    ] at which
at any particular time its corporate trust business shall be administered and which, at the date
hereof, is located at [                    
                          
    ], Attention: [                    ] or at such other address as
the Trustee may designate from time to time by notice to the Holders and the Company, or the
principal corporate trust office of any successor Trustee.

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

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

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

          “Defeasance” has the meaning specified in Section 13.02.

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

          “DTC” has the meaning specified in Section 1.04.

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

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

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

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          “GAAP” means, at any time, (i) generally accepted accounting principles set forth in the
opinions and pronouncements of the Accounting Principles Board of the American Institute of
Certified Public Accountants and statements and pronouncements of the Financial Accounting
Standards Board or in such other statements by such other entity as have been approved by a
significant segment of the accounting profession in the United States or (ii) if at such time the
Company is required to prepare its financial statements for reports filed with the Commission under
Section 13 or 15(d) of the Exchange Act pursuant to standards other than those specified in clause
(i) (which may include International Financial Reporting Standards), such other standards, in each
case which are in effect at such time.

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

          “Guarantee” means a guarantee of any Securities by a Guarantor as contemplated by Article
XIV; provided that the term “Guarantee,” when used with respect to any Security or with respect
to the Securities of any series, means a guarantee of such Security or of the Securities of such
series, respectively, by a Guarantor of such Security or of the Securities of such series,
respectively, as contemplated by Article XIV.

          “Guarantor” means each of the Initial Guarantors and any other Person who shall have become a
Guarantor under this Indenture pursuant to Section 9.01 hereof, in each case unless and
until a successor Person shall have become such pursuant to the applicable provisions of this
Indenture, at which time references to such Guarantor shall mean such successor Person; provided
that the term “Guarantor,” when used, with respect to the Securities of any series, means the
Persons who shall from time to time be the guarantors of Securities of such series as contemplated
by Article XIV.

          “Guarantor’s Board of Directors” means, with respect to any Guarantor, either the board of
directors of such Guarantor or any duly authorized committee of that board.

          “Guarantor’s Board Resolution” means, with respect to any Guarantor, a copy of a resolution
certified by the Secretary or an Assistant Secretary of such Guarantor to have been duly adopted by
such Guarantor’s Board of Directors and to be in full force and effect on the date of such
certification, and delivered to the Trustee. Where any provision of this Indenture refers to
action to be taken pursuant to a Guarantor’s Board Resolution, such action may be taken by any
officer or employee of such Guarantor authorized to take such action by such Guarantor’s Board of
Directors as evidenced by a Guarantor’s Board Resolution.

          “Guarantor’s Officers’ Certificate” means, with respect to any Guarantor, a certificate signed
by any two of the following: a Chairman of the Board, a Chief Executive Officer, a President, a
Vice President, a Treasurer, an Assistant Treasurer, a Secretary or an Assistant Secretary of such
Guarantor, or any other officer or officers of such Guarantor designated in a writing by or
pursuant to authority of such Guarantor’s Board of Directors and delivered to the Trustee from time
to time.

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          “Guarantor Request” or “Guarantor Order” means, with respect to any Guarantor, a written
request or order signed in the name of such Guarantor by any two of the following: a Chairman of
the Board, a Chief Executive Officer, a Chief Financial Officer, a President, a Vice President, a
Treasurer, an Assistant Treasurer, its Secretary or an Assistant Secretary of such Guarantor, or
any other officer or officers of such Guarantor designated in writing by or pursuant to authority
of such Guarantor’s Board of Directors and delivered to the Trustee from time to time. In the
event that Guarantor’s Requests relating to the same matter shall be delivered by two or more
Guarantors on the same date, such requests may be combined into a single document, provided that
the requests made by each Guarantor therein shall be several and not joint requests of each such
Guarantor.

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

          “Indenture” means this instrument as originally executed and as it may from time to time be
supplemented or amended by one or more indentures supplemental hereto entered into pursuant to the
applicable provisions hereof, including, for all purposes of this instrument and any such
supplemental indenture, the provisions of the Trust Indenture Act that are deemed to be a part of
and govern this instrument and any such supplemental indenture, respectively. The term “Indenture”
shall also include the terms of any particular series or specific Securities within a series and of
any Guarantees thereof established as contemplated by Section 3.01.

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

          “Initial Guarantor” or “Initial Guarantors” means Horsehead Corporation, a Delaware
corporation, Chestnut Ridge Railroad Corp., a Delaware corporation and Horsehead Metals
Development, LLC, a Delaware limited liability company.

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

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

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

          “Officers’ Certificate” means a certificate signed by any two of the following: a Chairman of
the Board, a Chief Executive Officer, a Chief Financial Officer, a President, a Vice President, a
Treasurer, an Assistant Treasurer, a Secretary or an Assistant Secretary of the Company, or any
other officer or officers of the Company designated in a writing by or pursuant to authority of the
Board of Directors and delivered to the Trustee from time to time.

          “Opinion of Counsel” means a written opinion of counsel, who may be an employee of or counsel
for the Company or a Guarantor.

5

 

          “Original Issue Discount Security” means any Security which provides for an amount less than
the principal amount thereof to be due and payable upon a declaration of acceleration of the
Maturity thereof pursuant to Section 5.02.

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

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

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

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

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

          (5) Securities as to which any property deliverable upon conversion thereof has been delivered
(or such delivery has been duly provided for), or as to which any other particular conditions have
been satisfied, in each case as may be provided for such Securities as contemplated in Section
3.01;

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

6

 

upon any such request, demand, authorization, direction, notice, consent, waiver or other action,
only Securities which a Responsible Officer of the Trustee actually knows to be so owned shall be
so disregarded. Securities so owned which have been pledged in good faith may be regarded as
Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to
act with respect to such Securities and that the pledgee is not the Company or any Guarantor of
such Securities or any other obligor upon the Securities or any Affiliate of the Company or a
Guarantor of the Securities or such other obligor.

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

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

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

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

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

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

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

          “Responsible Officer”, when used with respect to the Trustee, means any officer of the Trustee
within the corporate trust department, including any Vice President, assistant secretary, assistant
treasurer, trust officer or assistant trust officer assigned to the Corporate Trust Office, or any
other officer of the Trustee customarily performing functions similar to those performed by any of
the above designated officers and also means, with respect to a particular corporate trust matter,
any other officer of the Trustee to whom such matter is referred because of his knowledge of and
familiarity with the particular subject, and who shall have direct responsibility for the
administration of this Indenture.

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

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

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

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

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

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

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

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

          “Uniform Commercial Code” means the Uniform Commercial Code in effect in the State of Delaware
or the State of New York, as applicable, in each case as amended from time to time.

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

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

          Section 1.02. Compliance Certificates and Opinions. Upon any application or request by the Company
or a Guarantor to the Trustee to take any action under any provision of this Indenture, the Company
or such Guarantor, as the case may be, shall furnish to the Trustee such certificates and opinions
as may be required under the Trust Indenture Act; provided, however, that no such opinion shall be
required in connection with the issuance of Securities that are part of any series as to which such
an opinion has been furnished. Each such certificate or opinion shall be given in the form of an
Officers’ Certificate, if to be given by an officer of the Company, or a Guarantor’s Officers’
Certificate, if to be given
by an officer of any Guarantor, or an

8

 

Opinion of Counsel, if to be given by counsel, and shall
comply with the requirements of the Trust Indenture Act and any other requirements set forth in
this Indenture.

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

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

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

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

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

          Section 1.03. Form of Documents Delivered to Trustee. In any case where several matters are
required to be certified by, or covered by an opinion of, any specified Person, it is not necessary
that all such matters be certified by, or covered by the opinion of, only one such Person, or that
they be so certified or covered by only one document, but one such Person may certify or give an
opinion with respect to some matters and one or more other such Persons as to other matters, and
any such Person may certify or give an opinion as to such matters in one or several documents.

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

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

          Section 1.04. Acts of Holders; Record Dates. Any request, demand, authorization, direction, notice,
consent, waiver or other action provided or permitted by this Indenture to be given, made or taken
by Holders may be embodied
in and evidenced by one or more instruments of substantially similar tenor signed by such
Holders in person or by an agent or agents duly appointed in writing; and, except as herein
otherwise expressly provided, such action shall become effective when such instrument or
instruments are delivered to the Trustee and, where it

9

 

is hereby expressly required, to the Company
and any Guarantor. Such instrument or instruments (and the action embodied therein and evidenced
thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or
instruments. Proof of execution of any such instrument or of a writing appointing any such agent
shall be sufficient for any purpose of this Indenture and (subject to Section 6.01)
conclusive in favor of the Trustee, the Company and any Guarantor, if made in the manner provided
in this Section.

          Without limiting the generality of this Section, unless otherwise provided in or pursuant to
this Indenture, (i) a Holder, including a Depositary or its nominee that is a Holder of a Global
Security, may give, make or take, by an agent or agents duly appointed in writing, any request,
demand, authorization, direction, notice, consent, waiver or other action provided or permitted in
or pursuant to this Indenture to be given, made or taken by Holders, and a Depositary or its
nominee that is a Holder of a Global Security may duly appoint in writing as its agent or agents
members of, or participants in, such Depositary holding interests in such Global Security in the
records of such Depositary; and (ii) with respect to any Global Security the Depositary for which
is The Depository Trust Company (“DTC”), any consent or other action given, made or taken by an
“agent member” of DTC by electronic means in accordance with the Automated Tender Offer Procedures
system or other Applicable Procedures of, and pursuant to authorization by, DTC shall be deemed to
constitute the “Act” of the Holder of such Global Security, and such Act shall be deemed to have
been delivered to the Company, any Guarantor and the Trustee upon the delivery by DTC of an “
agent’s message” or other notice of such consent or other action having been so given, made or
taken in accordance with the Applicable Procedures of DTC.

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

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

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

          The Company and any Guarantor may set any day as a record date for the purpose of determining
the Holders of Outstanding Securities of any series entitled to give, make or take
any request, demand, authorization, direction, notice, consent, waiver or other action
provided or permitted by this Indenture to be given, made or taken by Holders of Securities of such
series, provided that neither the Company nor such Guarantor may set a record date for, and the
provisions of this paragraph shall not apply with respect to, the giving, making or taking of any

10

 

notice, declaration, request or direction referred to in the next paragraph. If any record date is
set pursuant to this paragraph, the Holders of Outstanding Securities of the relevant series on
such record date, and no other Holders, shall be entitled to give, make or take the relevant
action, whether or not such Holders remain Holders after such record date; provided, however, that
no such action shall be effective hereunder unless given, made or taken on or prior to the
applicable Expiration Date by Holders of the requisite principal amount of Outstanding Securities
of such series on such record date. Nothing in this paragraph shall be construed to prevent the
Company or any Guarantor from setting a new record date for any action for which a record date has
previously been set pursuant to this paragraph (whereupon the record date previously set shall
automatically and with no action by any Person be canceled and of no effect), and nothing in this
paragraph shall be construed to render ineffective any action given, made or taken by Holders of
the requisite principal amount of Outstanding Securities of the relevant series on the date such
action is given, made or taken. Promptly after any record date is set pursuant to this paragraph,
the Company or such Guarantor, as the case may be, at its own expense, shall cause notice of such
record date, the proposed action by Holders and the applicable Expiration Date to be given to the
Trustee in writing and to each Holder of Securities of the relevant series in the manner set forth
in Section 1.05 and Section 1.06.

          The Trustee may set any day as a record date for the purpose of determining the Holders of
Outstanding Securities of any series entitled to join in the giving, making or taking of (i) any
Notice of Default, (ii) any declaration of acceleration referred to in Section 5.02, (iii)
any request to institute proceedings referred to in Section 5.07(2) or (iv) any direction
referred to in Section 5.12, in each case with respect to Securities of such series. If
any record date is set pursuant to this paragraph, the Holders of Outstanding Securities of such
series on such record date, and no other Holders, shall be entitled to give, make or take such
notice, declaration, request or direction, whether or not such Holders remain Holders after such
record date; provided, however, that no such action shall be effective hereunder unless given, made
or taken on or prior to the applicable Expiration Date by Holders of the requisite principal amount
of Outstanding Securities of such series on such record date. Nothing in this paragraph shall be
construed to prevent the Trustee from setting a new record date for any action for which a record
date has previously been set pursuant to this paragraph (whereupon the record date previously set
shall automatically and with no action by any Person be canceled and of no effect), and nothing in
this paragraph shall be construed to render ineffective any action given, made or taken by Holders
of the requisite principal amount of Outstanding Securities of the relevant series on the date such
action is given, made or taken. Promptly after any record date is set pursuant to this paragraph,
the Trustee, at the Company’s expense, shall cause notice of such record date, the proposed action
by Holders and the applicable Expiration Date to be given to the Company and any Guarantor in
writing and to each Holder of Securities of the relevant series in the manner set forth in
Section 1.05 and Section 1.06.

          With respect to any record date set pursuant to this Section, the party hereto which sets such
record date may designate any day as the “Expiration Date” and from time to time may change the
Expiration Date to any earlier or later day; provided that no such change shall be
effective unless notice of the proposed new Expiration Date is given to the other party hereto
in writing, and to each Holder of Securities of the relevant series in the manner set forth in
Section 1.06, on or prior to the existing Expiration Date. If an Expiration Date is not
designated with respect to any record date set pursuant to this Section, the party hereto which set such record date

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shall be deemed to have initially designated the 180th day after such record date
as the Expiration Date with respect thereto, subject to its right to change the Expiration Date to
an earlier day as provided in this paragraph. Notwithstanding the foregoing, no Expiration Date
shall be later than the 180th day after the applicable record date.

          Without limiting the foregoing, a Holder entitled hereunder to give, make or take any action
hereunder with regard to any particular Security may do so, in person or by an agent duly appointed
in writing, with regard to all or any part of the principal amount of such Security.

          Section 1.05. Notices, Etc., to Trustee, Company and Guarantors. Any request, demand,
authorization, direction, notice, consent, waiver or Act of Holders or other document provided or
permitted by this Indenture to be made upon, given or furnished to, or filed with, (1) the Trustee
by any Holder or by the Company or any Guarantor shall be sufficient for every purpose hereunder if
made, given, furnished or filed in writing (which may be by facsimile transmission) to or with the
Trustee at its Corporate Trust Office, at [                                  ],
Attention: [                    ] or
any other address previously furnished in writing to the Company and the Holders by the Trustee or
(2) the Company or a Guarantor by the Trustee or by any Holder shall be sufficient for every
purpose hereunder (unless otherwise herein expressly provided) if in writing and mailed,
first-class postage prepaid, to the Company or such Guarantor, as the case may be, addressed to it
at the address of its principal office specified in the first paragraph of this instrument or at
any other address previously furnished in writing to the Trustee by the Company.

          Section 1.06. Notice to Holders; Waiver. Where this Indenture provides for notice to Holders of any
event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in
writing and mailed, first-class postage prepaid, to each Holder affected by such event, at his
address as it appears in the Security Register, not later than the latest date (if any), and not
earlier than the earliest date (if any), prescribed for the giving of such notice. In any case
where notice to Holders is given by mail, neither the failure to mail such notice, nor any defect
in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice with
respect to other Holders. Where this Indenture provides for notice in any manner, such notice may
be waived in writing by the Person entitled to receive such notice, either before or after the
event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall
be filed with the Trustee, but such filing shall not be a condition precedent to the validity of
any action taken in reliance upon such waiver.

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

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

12

 

          Section 1.07. Conflict with Trust Indenture Act. If any provision hereof limits, qualifies or
conflicts with a provision of the Trust Indenture Act which is required under such Act to be a part
of and govern this Indenture, the latter provision shall control. If any provision of this
Indenture modifies or excludes any provision of the Trust Indenture Act which may be so modified or
excluded, the latter provision shall be deemed to apply to this Indenture as so modified or to be
excluded, as the case may be.

          Section 1.08. Effect of Headings and Table of Contents. The Article and Section headings herein and
the Table of Contents are for convenience only and shall not affect the construction hereof.

          Section 1.09. Successors and Assigns. All covenants and agreements in this Indenture by the Company
and any Guarantor shall bind their respective successors and assigns, whether so expressed or not.

          Section 1.10. Separability Clause. In case any provision in this Indenture or in the Securities
shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the
remaining provisions shall not in any way be affected or impaired thereby.

          Section 1.11. Benefits of Indenture. Nothing in this Indenture or in the Securities, express or
implied, shall give to any Person, other than the parties hereto and their successors hereunder and
the Holders, any benefit or any legal or equitable right, remedy or claim under this Indenture,
except as may otherwise be provided pursuant to Section 3.01 with respect to any Securities
of a particular series or under this Indenture with respect to such Securities.

          Section 1.12. Governing Law. This Indenture, the Guarantees and the Securities and the rights and
obligations of the parties hereto and thereto, including the interpretation, construction, validity
and enforceability thereof, shall be governed by and construed and interpreted in accordance with
the law of the State of New York, without regard to conflicts of laws principles thereof

          Section 1.13. Legal Holidays. In any case where any Interest Payment Date, Redemption Date or
Maturity of any Security, or any date on which a Holder has the right to convert his Security,
shall not be a
Business Day at any Place of Payment, then (notwithstanding any other provision of this
Indenture or of the Securities (other than a provision of any Security which specifically states
that such provision shall apply in lieu of this Section)) payment of interest or principal (and
premium, if any), or conversion of such Security need not be made at such Place of Payment on such
date, but may be made on the next succeeding Business Day at such Place of Payment with the same
force and effect as if made on the Interest Payment Date or Redemption Date, or at the Maturity, or
on such date for conversion, as the case may be.

          Section 1.14. No Adverse Interpretation of Other Agreements. This Indenture may not be used to
interpret any other indenture, loan or other agreement of the Company or any Guarantor or any
Subsidiaries of any thereof or of any other Person. Any such indenture, loan or other agreement
may not be used to interpret this Indenture.

          Section 1.15. No Personal Liability of Directors, Officers, Employees and Stockholders. No past,
present or future director, officer, employee, incorporator or stockholder of the

13

 

Company or any
Guarantor, as such, will have any liability for any obligations of the Company or any Guarantor,
respectively, under the Securities or this Indenture or for any claim based on, in respect of, or
by reason of, such obligations or their creation. Each Holder of Securities by accepting a
Security waives and releases all such liability. The waiver and release are part of the
consideration for issuance of the Securities. The waiver may not be effective to waive liabilities
under the federal securities laws.

          Section 1.16. Language of Notices, Etc. Any request, demand, authorization, direction, notice,
consent, waiver, other action or Act provided or permitted under this Indenture shall be in the
English language, except that any published notice may be in an official language of the country of
publication.

          Section 1.17. Force Majeure. Subject to Section 6.01, in no event shall the Trustee be
responsible or liable for any failure or delay in the performance of its obligations hereunder
arising out of or caused by, directly or indirectly, forces beyond its control, including, without
limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military
disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or
malfunctions of utilities, communications or computer (software and hardware) services; it being
understood that the Trustee shall use reasonable efforts that are consistent with accepted
practices in the banking industry to resume performance as soon as practicable under the
circumstances.

          Section 1.18. Waiver of Jury Trial. EACH OF THE COMPANY, EACH GUARANTOR AND THE TRUSTEE 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 1.19. U.S.A. Patriot Act. The parties hereto acknowledge that in accordance with Section
326 of the U.S.A. Patriot Act, the Trustee, like all financial institutions and in order to help
fight the funding of terrorism and money laundering, is required to obtain, verify, and record
information that identifies each person or legal entity that establishes a relationship or opens an
account with the Trustee. The parties to this Indenture agree that they will provide the Trustee
with such information as it may request in order for the Trustee to satisfy the requirements of the
U.S.A. Patriot Act.

ARTICLE II

SECURITY FORMS

          Section 2.01. Forms Generally. The Securities of each series shall be in substantially the form set
forth in this Article, or in such other form as shall be established by or pursuant to a Board
Resolution or in one or more indentures supplemental hereto, and, if the Securities of such series
are to be guaranteed by the Guarantees of any Guarantor as provided in Section 3.01 and the
terms of such Securities provide for the endorsement thereon or attachment thereto of Guarantees by
such Guarantor, such Guarantees to be endorsed on or attached to such Securities shall be in
substantially such form as shall be established by or pursuant to a Guarantor’s Board Resolution of
such Guarantor or in one or more indentures supplemented hereto, in each case

14

 

with such appropriate
insertions, omissions, substitutions and other variations as are required or permitted by this
Indenture, and may have such letters, numbers or other marks of identification and such legends or
endorsements placed thereon as may be required to comply with the rules of any securities exchange
or Depositary therefor or as may, consistently herewith, be determined by the officers executing
such Securities or Guarantees, respectively, as evidenced by their execution thereof. If the form
of Securities of any series is established by action taken pursuant to a Board Resolution, a copy
of an appropriate record of such action shall be certified by the Secretary or an Assistant
Secretary of the Company and delivered to the Trustee at or prior to the delivery of the Company
Order contemplated by Section 3.03 for the authentication and delivery of such Securities.
If the form of any Guarantees by any Guarantor to be endorsed on Securities of any series is
established by action taken pursuant to a Guarantor’s Board Resolution of such Guarantor, a copy of
an appropriate record of such action shall be certified by the Secretary or an Assistant Secretary
of such Guarantor and delivered to the Trustee at or prior to the delivery of the Guarantor Order
contemplated by Section 3.03 for the authentication and delivery of such Securities with
such Guarantee endorsed thereon. For purposes hereof, a Guarantee that is endorsed on, or
otherwise attached to, a Security shall be deemed “endorsed” on such Security.

          The definitive Securities and any Guarantees endorsed thereon shall be printed, lithographed
or engraved on steel engraved borders or may be produced in any other manner, all as determined by
the officers of the Company executing such Securities or, if such Guarantees by any Guarantor are
executed by such Guarantor, by the officers of such Guarantor executing such Guarantees,
respectively, as evidenced by their execution of such Securities or, if such Guarantees by any
Guarantor are executed by such Guarantor, by the officers of such Guarantor executing such
Guarantees, respectively.

          Anything herein to the contrary notwithstanding, there shall be no requirement that any
Security have endorsed thereon or attached thereto a Guarantee or a notation of a Guarantee, but
such a Guarantee or notation of a Guarantee may be endorsed thereon or attached thereto as
contemplated by this Section 2.01.

          Section 2.02. Form of Face of Security.

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

HORSEHEAD HOLDING CORP.

	 	 	 	 	 	 	 
	No           

	$ 	 	 	 	 	CUSIP No.                

          HORSEHEAD HOLDING CORP., a corporation duly organized and existing under the laws of Delaware
(herein called the “Company”, which term includes any successor Person under the Indenture
hereinafter referred to), for value received, hereby promises to pay to                     , or
registered assigns, the principal sum of                      Dollars on                      [if the Security
is to bear interest prior to Maturity, insert — , and to pay interest thereon from                      or
from the most recent Interest Payment Date to which interest has been paid or duly provided for,
semi-annually on                      and                      in each year, commencing                     , and at the Maturity
thereof, at the rate of                     % per annum, until the principal hereof is paid or made available
for payment [if applicable, insert —, provided

15

 

that any premium, and any such installment of
interest, which is overdue shall bear interest at the rate of                     % per annum (to the extent
that the payment of such interest shall be legally enforceable), from the date such overdue amount
is due until such amount is paid or duly provided for, and such interest on any overdue amount
shall be payable on demand]. The interest so payable, and punctually paid or duly provided for, on
any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name
this Security (or one or more Predecessor Securities) is registered at the close of business on the
Regular Record Date for such interest, which shall be the                      or                      (whether or not
a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest
so payable, but not punctually paid or duly provided for, will forthwith cease to be payable to the
Holder on such Regular Record Date and may either be paid to the Person in whose name this Security
(or one or more Predecessor Securities) is registered at the close of business on a Special Record
Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be
given to Holders of Securities of this series not less than 10 days prior to such Special Record
Date, or be paid in any other lawful manner not inconsistent with the requirements of any
securities exchange on which this Security may be listed, and upon such notice as may be required
by such exchange, all as more fully provided in said Indenture].

          [If the Security is not to bear interest prior to Maturity, insert — The principal of this
Security shall not bear interest except in the case of a default in payment of principal upon
acceleration, upon redemption or at Stated Maturity and in such case the overdue principal and any
overdue premium shall bear interest at the rate of                     % per annum (to the extent that the
payment of such interest shall be legally enforceable), from the dates such amounts are due
until they are paid or made available for payment. Interest on any overdue principal or
premium shall be payable on demand.]

          Payment of the principal of (and premium, if any) and [if applicable, insert — any such]
interest on this Security will be made at the office or agency of the Company maintained for that
purpose in New York, New York, in such coin or currency of the United States of America as at the
time of payment is legal tender for payment of public and private debts, against surrender of this
Security in the case of any payment due at the Maturity of the principal thereof or any payment of
interest becomes payable on a day other than an Interest Payment Date; provided, however, that if
this Security is not a Global Security, (i) payment of interest on an Interest Payment Date will be
made by check mailed to the address of the Person entitled thereto as such address shall appear in
the Security Register; and all other payments will be made by check against surrender of this
Security; (ii) all payments by check will be made in next-day funds (i.e., funds that become
available on the day after the check is cashed); and (iii) notwithstanding clauses (i) and (ii)
above, with respect to any payment of any amount due on this Security, if this Security is in a
denomination of at least $1,000,000 and the Holder hereof at the time of surrender hereof or, in
the case of any payment of interest on any Interest Payment Date, the Holder thereof on the related
Regular Record Date delivers a written request to the Paying Agent to make such payment by wire
transfer at least five Business Days before the date such payment becomes due, together with
appropriate wire transfer instructions specifying an account at a bank in New York, New York, the
Company shall make such payment by wire transfer of immediately available funds to such account at
such bank in New York City, any such wire instructions, once properly given by a Holder as to this
Security, remaining in effect as to such Holder and this Security unless and until new instructions
are given in the manner described

16

 

above and provided further, that notwithstanding anything in the
foregoing to the contrary, if this Security is a Global Security, payment shall be made pursuant to
the Applicable Procedures of the Depositary as permitted in said Indenture. Any interest shall be
computed on the basis of a 360-day year of twelve 30-day months.

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

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

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

	 	 	 	 	 
	HORSEHEAD HOLDING CORP.

 	 	 
	By:  	
 	 	 
	 	Name:  	 	 	 
	 	Title:  	 	 	 
	 

          Section 2.03. Form of Reverse of Security.
This Security is one of a duly authorized issue of senior securities of the Company (herein
called the “Securities”), issued and to be issued in one or more series under an Indenture, dated
as of [                      ] (herein called the “Indenture”, which term shall have the meaning
assigned to it in such instrument), among the Company, the Guarantors and [Trustee], as Trustee
(herein called the “Trustee,” which term includes any successor trustee under the Indenture), and
reference is hereby made to the Indenture for a statement of the respective rights, limitations of
rights, duties and immunities thereunder of the Company, the Guarantors, the Trustee and the
Holders of the Securities and of the terms upon which the Securities are, and are to be,
authenticated and delivered. This Security is one of the series designated on the face hereof [if
applicable, insert — limited in aggregate principal amount to $                    ].

          This Security is the general, [unsecured,] senior obligation of the Company [if applicable,
insert—and is guaranteed pursuant to a guarantee (the “Guarantee”) by [insert name of each
Guarantor] (the “Guarantors”). The Guarantee by each Guarantee is the general, unsecured, senior
obligation of such Guarantor].

          [If applicable, insert — The Securities of this series are subject to redemption upon not
less than 30 days’ nor more than 60 days’ notice, at any time [if applicable, insert — on or after
                    , 20__], as a whole or in part, at the election of the Company, at the following
Redemption Prices (expressed as percentages of the principal amount): If redeemed [if applicable,
insert — on or before                               ,           %, and if redeemed] during the 12-month period beginning
                            of the years indicated,

	 	 	 	 	 	 	 
	Year

	 	Redemption Price
	 	Year
	 	Redemption Price
	 

	 	 
	 	 
	 	 

17

 

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

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

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

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

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

          The Indenture permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of the Company [if applicable, insert—and the
Guarantors] and the rights of the Holders of the Securities to be affected under the Indenture at
any time by the Company [if applicable, insert—and the Guarantors] and the Trustee with the
consent of the Holders of a majority in principal amount (including consents obtained in connection
with a purchase of, or tender offer or exchange offer for, Securities) of all Securities at the
time Outstanding to be affected (considered together as one class for this purpose and such
Securities to be affected potentially being Securities of the same or different series and, with
respect to any series, potentially comprising fewer than all the Securities of such series), except
as may otherwise be provided pursuant to the Indenture for all or any specific Securities of any
series. The Indenture also contains provisions (i) permitting the Holders of a majority in
principal amount (including waivers obtained in connection with a purchase of, or tender offer or
exchange offer for, Securities) of the Securities at the time Outstanding to be affected under the
Indenture (considered together as one class for this purpose and such affected Securities
potentially being Securities of the same or different series and, with respect to any particular
series, potentially comprising fewer than all the Securities of such series), on behalf of

18

 

the
Holders of all Securities so affected, to waive compliance by the Company [if applicable,
insert—and the Guarantors] with certain provisions of the Indenture and (ii) permitting the
Holders of a majority in principal amount (including waivers obtained in connection with a purchase
of, or tender offer or exchange offer for, Securities) of the Securities at the time Outstanding of
any series to be affected under the Indenture (with each such series considered separately for this
purpose), on behalf of the Holders of all Securities of such series, to waive certain past defaults
under the Indenture with respect to such series and their consequences, in the case of Clause (i)
or (ii), except as may otherwise be provided pursuant to the Indenture for all or any specific
Securities of any series. Any such consent or waiver by the Holder of this Security shall be
conclusive and binding upon such Holder and upon all future Holders of this Security and of any
Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof,
whether or not notation of such consent or waiver is made upon this Security.

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

          No reference herein to the Indenture and no provision of this Security or of the Indenture
shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay
the principal of and any premium and interest on this Security at the times, place and rate, and in
the coin or currency, herein prescribed [if applicable, insert—or alter or impair the obligation
of each Guarantor, which is absolute and unconditional, to pay pursuant to its Guarantee].

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

          The Securities of this series are issuable only in registered form without coupons in
denominations of $1,000 and any integral multiple thereof. As provided in the Indenture and
subject to certain limitations therein set forth, Securities of this series are exchangeable for a
like

19

 

aggregate principal amount of Securities of this series and of like tenor of a different
authorized denomination, as requested by the Holder surrendering the same.

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

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

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

          This Security and the Indenture shall be governed by and construed in accordance with the law
of the State of New York.

          All terms used in this Security which are defined in the Indenture shall have the meanings
assigned to them in the Indenture, without regard to conflicts of laws principles thereof.

          Section 2.04. Form of Legend for Global Securities. Unless otherwise specified as contemplated by
Section 3.01 for the Securities evidenced thereby, every Global Security authenticated and
delivered hereunder shall bear a legend in substantially the following form:

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

          Section 2.05. Form of Trustee’s Certificate of Authentication. The Trustee’s certificates of
authentication shall be in substantially the following form:

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

	 	 	 	 	 
	 	[TRUSTEE], AS TRUSTEE

 	 
	Dated:  	By:  	
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 

20

 

ARTICLE III

THE SECURITIES

          Section 3.01. Amount Unlimited; Issuable in Series. The aggregate principal amount of Securities
which may be authenticated and delivered under this Indenture is unlimited.

          The Securities may be issued in one or more series. There shall be established in or pursuant
to a Board Resolution, and, subject to Section 3.03, set forth, or determined in the manner
provided, in an Officers’ Certificate, or established in one or more indentures supplemental
hereto, prior to the issuance of Securities of any series,

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

          (2) any limit upon the aggregate principal amount of the Securities of the series which may be
authenticated and delivered under this Indenture (except for Securities authenticated and delivered
upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the series
pursuant to Section 3.04, Section 3.05, Section 3.06, Section 9.06
or Section 11.07 and except for any Securities which, pursuant to Section 3.03, are
deemed never to have been authenticated and delivered hereunder);

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

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

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

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

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

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

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

21

 

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

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

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

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

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

          (15) if applicable, that the Securities of the series, in whole or any specified part, shall
not be defeasible pursuant to Section 13.02 or Section 13.03 or both such Sections,
and, if such Securities may be defeased, in whole or in part, pursuant to either or both such
Sections, any provisions to permit a pledge of obligations other than U.S. Government Obligations
(or the establishment of other arrangements) to satisfy the requirements of Section
13.04(1) for defeasance of such Securities and, if other than by a Board Resolution, the manner
in which any election by the Company to defease such Securities shall be evidenced;

          (16) if applicable, that any Securities of the series shall be issuable in whole or in part in
the form of one or more Global Securities and, in such case, the respective Depositaries for such
Global Securities, the form of any legend or legends which shall be borne by any such Global
Security in addition to or in lieu of that set forth in Section 2.04, any addition to,
elimination of or other change in the circumstances set forth in Clause (2) of the penultimate
paragraph of Section 3.05 in which any such Global Security may be exchanged in whole or in
part for Securities registered, and any transfer of such Global Security in whole or in part may be

22

 

registered, in the name or names of Persons other than the Depositary for such Global Security or a
nominee thereof and any other provisions governing exchanges or transfers of any such Global
Security;

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

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

          (19) any provisions necessary to permit or facilitate the issuance, payment or conversion of
any Securities of the series that may be converted into securities or other property other than
Securities of the same series and of like tenor, whether in addition to, or in lieu of, any payment
of principal or other amount and whether at the option of the Company or otherwise;

          (20) if applicable, that Persons other than those specified in Section 1.11 shall have
such benefits, rights, remedies and claims with respect to any Securities of the series or under
this Indenture with respect to such Securities, as and to the extent provided for such Securities;

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

          (22) if the Securities of the series are to be guaranteed by any Guarantors, the names of the
Guarantors of the Securities of the series (which may, but need not, include any or all of the
Initial Guarantors) and the terms of the Guarantees of the Securities of the series, if such terms
differ from those set forth in Section 14.01, and any deletions from, or modifications or
additions to, the provisions of Article XIV or any other provisions of this Indenture in
connection with the Guarantees of the Securities of the series;

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

          (24) whether the Securities of such series are to be secured by any property, assets or other
collateral and, if so, the applicable collateral, any deletions from, or modifications or additions
to, the provisions of Article XV hereof or any other provisions of this Indenture in
connection therewith or in connection with any other instrument or agreement entered into in
connection therewith; and

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

          If the Securities of the series are to be guaranteed by any Guarantor pursuant to Article
XIV, there shall be established in or pursuant to a Guarantor’s Board Resolution of such

23

 

Guarantor and, subject to Section 3.03, set forth, or determined in the manner provided, in
a Guarantor’s Officers’ Certificate of such Guarantor, or established in one or more indentures
supplemental hereto, prior to the issuance of Securities of the series, the terms of the Guarantees
by such Guarantor with respect to the Securities of the series, if such terms differ from those set
forth in Section 14.01.

          All Securities of any one series shall be substantially identical except as to denomination
and except as may otherwise be provided in or pursuant to the Board Resolution referred to above
and (subject to Section 3.03) set forth, or determined in the manner provided, in the
Officers’ Certificate referred to above or in any such indenture supplemental hereto. All
Securities of any one series need not be issued at the same time and, unless otherwise provided
pursuant to this Section 3.01 for any series, after issuance of Securities of such series,
such series may be reopened for issuances of additional Securities of that series.

          The terms of any Security of a series may differ from the terms of other Securities of the
same series, if and to the extent provided pursuant to this Section 3.01. The matters
referenced in any or all of Clauses (1) through (24) above may be established and set forth or
determined as aforesaid with respect to all or any specific Securities of a series (in each case to
the extent permitted by the Trust Indenture Act).

          If any of the terms of the series are established by action taken pursuant to a Board
Resolution, a copy of an appropriate record of such action shall be certified by the Secretary or
an Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery of
the Officers’ Certificate setting forth the terms of the series.

          If any of the terms of the Guarantees by any Guarantor of the Securities of the series are
established by action taken pursuant to a Guarantor’s Board Resolution of such Guarantor, a copy of
an appropriate record of such action shall be certified by the Secretary or an Assistant Secretary
of such Guarantor and delivered to the Trustee at or prior to the delivery of the Guarantor’s
Officers’ Certificate of such Guarantor setting forth the terms of such Guarantees.

          Section 3.02. Denominations. The Securities of each series shall be issuable only in registered
form without coupons and only in such denominations as shall be specified as contemplated by
Section 3.01. In the absence of any such specified denomination with respect to the
Securities of any series, the Securities of such series shall be issuable in denominations of
$1,000 and any integral multiple thereof.

          Section 3.03. Execution, Authentication, Delivery and Dating. The Securities shall be executed on
behalf of the Company by its Chairman of the Board, President or a Vice President of the Company
(or any other officer of the Company designated in writing by or pursuant to authority of the Board
of Directors and delivered to the Trustee from time to time). The signature of any of these
officers on the Securities may be manual or facsimile. If the terms of the Securities of any
series provide that any Guarantee by any Guarantor is to be endorsed on or otherwise attached to, or made part of, Securities of
any series, and if the terms of such Securities provide for the execution of such Guarantee by such
Guarantor (it being understood and agreed that the terms of Securities of any series may, but need
not, provide for the execution of any Guarantee by any Guarantor), such Guarantee shall be executed
on behalf of such Guarantor by

24

 

the Chairman of the Board, President or a Vice President of such Guarantor (or any other officer of such Guarantor designated in writing by or pursuant to authority
of the Guarantor’s Board of Directors and delivered to the Trustee from time to time). The
signature of any of these officers on any Guarantee may be manual or facsimile.

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

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

          (1) if the form of such Securities or any Guarantee by any Guarantor endorsed thereon has been
established by or pursuant to Board Resolution or Guarantor’s Board Resolution of such Guarantor,
as permitted by Section 2.01, that such form has been established in conformity with the
provisions of this Indenture;

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

          (3) that when such Securities with any Guarantees endorsed thereon have been authenticated and
delivered by the Trustee and issued by the Company in the manner and subject to any conditions
specified in such Opinion of Counsel, such Securities and such Guarantee will constitute valid and legally binding obligations of the Company or such Guarantor,
respectively, enforceable in accordance with their terms, subject to bankruptcy, insolvency,
fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating
to or affecting creditors’ rights and to general equity principles and subject to any limitation
with respect to payments in currency other than U.S. dollars.

25

 

           If such form or terms have been so established, the Trustee shall not be required to
authenticate such Securities with any Guarantees endorsed thereon if the issue of such Securities
with any Guarantees endorsed thereon pursuant to this Indenture will affect the Trustee’s own
rights, duties or immunities under the Securities and this Indenture or otherwise in a manner which
is not reasonably acceptable to the Trustee.

          Notwithstanding the provisions of Section 3.01 and of the preceding paragraph, if all
Securities of a series are not to be originally issued at one time, it shall not be necessary to
deliver the Officers’ Certificate or Guarantor’s Officers’ Certificate otherwise required pursuant
to Section 3.01 or the Company Order, any Guarantor Order and Opinion of Counsel otherwise
required pursuant to such preceding paragraph at or prior to the authentication of each Security of
such series if such documents are delivered at or prior to the authentication upon original
issuance of the first Security of such series to be issued.

          Each Security shall be dated the date of its authentication.

          No Security, nor any Guarantee endorsed thereon, shall be entitled to any benefit under this
Indenture or be valid or obligatory for any purpose unless there appears on such Security a
certificate of authentication substantially in the form provided for herein executed by the Trustee
by manual signature, and such certificate upon any Security shall be conclusive evidence, and the
only evidence, that such Security with any Guarantees endorsed thereon has been duly authenticated
and delivered hereunder. Notwithstanding the foregoing, if any Security shall have been
authenticated and delivered hereunder but never issued and sold by the Company, and the Company
shall deliver such Security to the Trustee for cancellation as provided in Section 3.09,
for all purposes of this Indenture such Security shall be deemed never to have been authenticated
and delivered hereunder and shall never be entitled to the benefits of this Indenture.

          Wherever herein it shall provide for the Company to execute, and the Trustee to authenticate
and deliver, Securities of any series, if the terms of such Securities provide for the endorsement
thereon of the Guarantees by any Guarantor, the Company shall cause such Securities so executed by
the Company and authenticated and delivered by the Trustee to have such Guarantees endorsed
thereon, and, if such terms require such Guarantees to be executed by such Guarantor, such
Guarantees to be executed by such Guarantor.

          Section 3.04. Temporary Securities. Pending the preparation of definitive Securities of any series,
the Company may execute, and upon Company Order and, if any Guarantees by a Guarantor are so to be
endorsed on such Securities, a Guarantor Order of such Guarantor, the Trustee shall authenticate
and deliver, temporary Securities which are printed, lithographed, typewritten, mimeographed or
otherwise produced, in any authorized denomination, substantially of the tenor of the definitive
Securities in lieu of which they are issued and with such appropriate insertions, omissions,
substitutions and other variations as the officers executing such Securities or Guarantees,
respectively, may determine, as evidenced by their execution of such Securities or Guarantees,
respectively.

          If temporary Securities of any series are issued, the Company will cause definitive Securities
of that series to be prepared without unreasonable delay. After the preparation of definitive
Securities of such series, the temporary Securities of such series shall be exchangeable

26

 

for definitive Securities of such series upon surrender of the temporary Securities of such series at
the office or agency of the Company in a Place of Payment for that series, without charge to the
Holder. Upon surrender for cancellation of any one or more temporary Securities of any series, the
Company shall execute and the Trustee shall authenticate and deliver in exchange therefor one or
more definitive Securities of the same series, of any authorized denominations and of like tenor
and aggregate principal amount. Until so exchanged, the temporary Securities of any series shall
in all respects be entitled to the same benefits under this Indenture as definitive Securities of
such series and tenor.

          Section 3.05. Registration, Registration of Transfer and Exchange. The Company shall cause to be
kept at each office or agency of the Company designated as a Place of Payment pursuant to the first
paragraph of Section 10.02 a register (the register maintained in each such office or
agency of the Company in a Place of Payment being herein sometimes collectively referred to as the
“Security Register”) in which, subject to such reasonable regulations as it may prescribe, the
Company shall provide for the registration of Securities and of transfers of Securities. [Each
such office or agency//The Trustee] is hereby appointed “Security Registrar” for the purpose of
registering Securities and transfers of Securities as herein provided.

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

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

          All Securities issued upon any registration of transfer or exchange of Securities shall be the
valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under
this Indenture, as the Securities surrendered upon such registration of transfer or exchange.
Every Security presented or surrendered for registration of transfer or for exchange shall (if so
required by the Company, any Guarantor or the Trustee) be duly endorsed, or be accompanied by
a written instrument of transfer in form satisfactory to the Company and the Security
Registrar duly executed, by the Holder thereof or his attorney duly authorized in writing.

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

          If the Securities of any series (or of any series and specified tenor) are to be redeemed in
whole or in part, the Company shall not be required (A) to issue, register the transfer of or

27

 

exchange any Securities of that series (or of that series and specified tenor, as the case may be)
during a period beginning at the opening of business 15 days before the day of mailing of a notice
of redemption of any such Securities under Section 11.03 and ending at the close of
business on the day of such mailing (or during such period as otherwise specified pursuant to
Section 3.01 for such Securities), or (B) to register the transfer of or exchange any
Security so selected for redemption in whole or in part, except the unredeemed portion of any
Security being redeemed in part.

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

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

          (2) Notwithstanding any other provision in this Indenture, and subject to such applicable
provisions, if any, as may be specified as contemplated by Section 3.01, no Global Security
may be exchanged in whole or in part for Securities registered, and no transfer of a Global
Security in whole or in part may be registered, in the name of any Person other than the Depositary
for such Global Security or a nominee thereof unless (A) such Depositary has notified the Company
that it (i) is unwilling or unable to continue as Depositary for such Global Security or (ii) has
ceased to be a clearing agency registered under the Exchange Act, or (B) the Company has executed
and delivered to the Trustee a Company Order stating that such Global Security shall be exchanged
in whole for Securities that are not Global Securities (in which case such exchange shall promptly
be effected by the Trustee). If the Company receives a notice of the kind specified in Clause (A)
above or has delivered a Company Order of the kind specified in Clause (B) above, it may, in its
sole discretion, designate a successor Depositary for such Global Security within 90 days after
receiving such notice or delivery of such order, as the case may be. If the Company designates a
successor Depositary as aforesaid, such Global Security shall promptly be exchanged in whole for
one or more other Global Securities registered in the name of the successor Depositary, whereupon
such designated successor shall be the Depositary for such successor Global Security or Global
Securities and the provisions of Clauses (1), (2), (3) and (4) of this provision shall continue to
apply thereto.

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

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

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           Every Person who takes or holds any beneficial interest in a Global Security agrees that:

          (1) the Company and the Trustee may deal with the Depositary as sole owner of the Global
Security and as the authorized representative of such Person;

          (2) such Person’s rights in the Global Security shall be exercised only through the Depositary
and shall be limited to those established by law and agreement between such Person and the
Depositary and/or direct and indirect participants of the Depositary;

          (3) the Depositary and its participants make book-entry transfers of beneficial ownership
among, and receive and transmit distributions of principal and interest on the Global Securities
to, such Persons in accordance with the Applicable Procedures of the Depositary; and

          (4) none of the Company, the Trustee nor any agent of the Company or the Trustee will have any
responsibility or liability for any aspect of the records relating to or payments made on account
of beneficial ownership interests of a Global Security or for maintaining, supervising or reviewing
any records relating to such beneficial ownership interests.

          Section 3.06. Mutilated, Destroyed, Lost and Wrongfully Taken Securities. If (a) any mutilated
Security is surrendered to the Trustee or (b) both (i) there shall be delivered to the Company and
the Trustee (A) a claim by a Holder as to the destruction, loss or wrongful taking of any Security
of such Holder and a request thereby for a new replacement Security of the same series, and (B)
such indemnity bond as may be required by them to save each of them and any agent of either of them
harmless and (ii) such other reasonable requirements as may be imposed by the Company as permitted
by Section 8-405 of the Uniform Commercial Code have been satisfied, then, in the absence of notice
to the Company or the Trustee that such Security has been acquired by a “protected purchaser”
within the meaning of Section 8-405 of the Uniform Commercial Code, the Company shall execute and
upon its request the Trustee shall authenticate and deliver, in lieu of any such mutilated,
destroyed, lost or wrongfully taken Security, a new Security of the same series and of like tenor
and principal amount and bearing a number not contemporaneously Outstanding. In case any such
mutilated, destroyed, lost or wrongfully taken Security has become or is about to become due and
payable, the Company in its discretion may, instead of issuing a new Security, pay such Security.

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

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

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

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           Section 3.07. Payment of Interest; Interest Rights Preserved. Except as otherwise provided as
contemplated by Section 3.01 with respect to any Securities of a series, interest on any
Security which is payable, and is punctually paid or duly provided for, on any Interest Payment
Date shall be paid to the Person in whose name that Security (or one or more Predecessor
Securities) is registered at the close of business on the Regular Record Date for such interest
(or, if no business is conducted by the Trustee at its Corporate Trust Office on such date, at 5:00
P.M. New York City time on such date).

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

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

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

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

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

          In the case of any Security which is converted after any Regular Record Date and on or prior
to the next succeeding Interest Payment Date (other than any Security whose Maturity is prior to
such Interest Payment Date), interest whose Stated Maturity is on such Interest Payment Date shall
be payable on such Interest Payment Date notwithstanding such conversion, and such interest
(whether or not punctually paid or duly provided for) shall be paid to the Person in whose name
that Security (or one or more Predecessor Securities) is registered at the close of business on
such Regular Record Date. Except as otherwise expressly provided in the immediately preceding
sentence, in the case of any Security which is converted, interest whose Stated Maturity is after
the date of conversion of such Security shall not be payable.

          Notwithstanding the foregoing, the terms of any Security that may be converted may provide
that the provisions of this paragraph do not apply, or apply with such additions, changes or
omissions as may be provided thereby, to such Security.

          Section 3.08. Persons Deemed Owners. Prior to due presentment of a Security for registration of
transfer, the Company, any Guarantor and the Trustee and any agent of the Company, any Guarantor or
the Trustee may treat the Person in whose name such Security is registered as the owner of such
Security for the purpose of receiving payment of principal of and any premium and (subject to
Section 3.07) any interest on such Security and for all other purposes whatsoever, whether
or not such Security be overdue, and neither the Company, any Guarantor, the Trustee nor any agent
of the Company, any Guarantor or the Trustee shall be affected by notice to the contrary.

          Section 3.09. Cancellation. All Securities surrendered for payment, redemption, registration of transfer or exchange or
conversion or for credit against any sinking fund payment shall, if surrendered to any Person other
than the Trustee, be delivered to the Trustee and shall be promptly canceled by it. The Company
may at any time deliver to the Trustee for cancellation any Securities previously authenticated and
delivered hereunder which the Company may have acquired in any manner whatsoever, and may deliver
to the Trustee (or to any other Person for delivery to the Trustee) for cancellation any Securities
previously authenticated hereunder which the Company has not issued and sold, and all Securities so
delivered shall be promptly canceled by the Trustee. No Securities shall be authenticated in lieu
of or in exchange for any Securities canceled as provided in this Section, except as expressly
permitted by this Indenture. All canceled Securities held by the Trustee shall be disposed of in
accordance with the Trustee’s customary procedures.

          Section 3.10. Computation of Interest. Except as otherwise specified as contemplated by Section
3.01 for Securities of any series, interest on the Securities of each series shall be computed
on the basis of a 360-day year of twelve 30-day months.

          Section 3.11. CUSIP Numbers. The Company in issuing the Securities may use CUSIP numbers (if then
generally in use) and, if so, the Trustee shall use CUSIP numbers in notices of

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redemption as a convenience to Holders; provided that any such notice may state that no representation is made as
to the correctness of such numbers either as printed on the Securities or as contained in any
notice of redemption and that reliance may be placed only on the other identification numbers
printed on the Securities. Any such redemption shall not be affected by any defect in or omission
of such CUSIP numbers. The Company shall promptly notify the Trustee in writing of any change in
the CUSIP numbers.

ARTICLE IV

SATISFACTION AND DISCHARGE

          Section 4.01. Satisfaction and Discharge of Indenture. This Indenture shall upon Company Request
cease to be of further effect with respect to the Securities of any series and any Guarantees of
such Securities (except as to any surviving rights of conversion, registration of transfer or
exchange of any such Security expressly provided for herein or in the terms of such Security), and
the Trustee, at the expense of the Company, shall execute proper instruments acknowledging
satisfaction and discharge of this Indenture with respect to such Securities, when

          (1) either

          (A) all such Securities theretofore authenticated and delivered (other than (i)
Securities which have been destroyed, lost or wrongfully taken and which have been replaced
or paid as provided in Section 3.06 and (ii) Securities for whose payment money has
theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the Company or discharged from such trust, as provided in
Section 10.03) have been delivered to the Trustee for cancellation; or

          (B) all such Securities not theretofore delivered to the Trustee for cancellation

	 	(i)	 	have become due and payable, or
	 
	 	(ii)	 	will become due and payable at their Stated
Maturity within one year, or
	 
	 	(iii)	 	are to be called for redemption within one
year under arrangements satisfactory to the Trustee for the giving of
notice of redemption by the Trustee in the name, and at the expense, of
the Company,

          and the Company, in the case of (i), (ii) or (iii) above, has deposited or caused to be
deposited with the Trustee as trust funds in trust for such purpose money in an amount sufficient
to pay and discharge the entire indebtedness on such Securities not theretofore delivered to the
Trustee for cancellation, for principal and any premium and interest to the date of such deposit
(in the case of Securities which have become due and payable) or to the Stated Maturity or
Redemption Date, as the case may be;

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

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

          Notwithstanding the satisfaction and discharge of this Indenture with respect to Securities of
any series, the obligations of the Company to the Trustee under Section 6.07, the
obligations of the Company to any Authenticating Agent under Section 6.14, and, if money
shall have been deposited with the Trustee pursuant to subclause (B) of Clause (1) of this Section
with respect to such Securities, the obligations of the Company of such series under Section
10.02 and the obligations of the Trustee under Section 4.02, Section 6.06 and
the last paragraph of Section 10.03 with respect to such Securities shall survive such
satisfaction and discharge.

          Section 4.02. Application of Trust Money. Subject to the provisions of the last paragraph of
Section 10.03, all money deposited with the Trustee pursuant to Section 4.01 with
respect to Securities of any series shall be held in trust and applied by it, in accordance with
the provisions of such Securities and this Indenture, to the payment, either directly or through
any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may
determine, to the Persons entitled thereto, of the principal and any premium and interest for whose
payment such money has been deposited with the Trustee. All moneys deposited with the Trustee
pursuant to Section 4.01 (and held by it or any Paying Agent) for the payment of Securities
subsequently converted shall be returned to the Company upon Company Request, to the extent
originally deposited by the Company. The Company may direct by a Company Order the investment of any money deposited with the Trustee
pursuant to Section 4.01, without distinction between principal and income, in (1) United
States Treasury Securities with a maturity of one year or less or (2) a money market fund that
invests solely in short term United States Treasury Securities and from time to time the Company
may direct the reinvestment of all or a portion of such money in other securities or funds meeting
the criteria specified in Clause (1) or (2) of this sentence.

ARTICLE V

REMEDIES

          Section 5.01. Events of Default.

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

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

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

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           (3) default in the deposit of any sinking fund payment, when and as due by the terms of a
Security of that series and continuance of such default for a period of 60 days; or

          (4) default in the performance, or breach, of any covenant or warranty of the Company in this
Indenture (other than a covenant or warranty a default in whose performance or whose breach is
elsewhere in this Section specifically dealt with or which has expressly been included in this
Indenture solely for the benefit of series of Securities other than that series), and continuance
of such default or breach for a period of 90 days after there has been given, by registered or
certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of
at least 25% in principal amount of the Outstanding Securities of that series a written notice
specifying such default or breach and requiring it to be remedied and stating that such notice is a
“Notice of Default” hereunder; or

          (5) the entry by a court having jurisdiction in the premises of (A) a decree or order for
relief in respect of the Company in an involuntary case or proceeding under any applicable Federal
or State bankruptcy, insolvency, reorganization or other similar law or (B) a decree or order
adjudging the Company a bankrupt or insolvent, or approving as properly filed a petition seeking
reorganization, arrangement, adjustment or composition of or in respect of the Company under any
applicable Federal or State law, or appointing a custodian, receiver, liquidator, assignee,
trustee, sequestrator or other similar official of the Company or of any substantial part of its
property, or ordering the winding up or liquidation of its affairs, and the continuance of any
such decree or order for relief or any such other decree or order unstayed and in effect for a
period of 90 consecutive days (provided that, if any Person becomes the successor to the Company
pursuant to Article VIII and such Person is organized and validly existing under the law of
a jurisdiction outside the United States, each reference in this Clause (5) to an applicable
Federal or State law of a particular kind shall be deemed to refer to such law or any applicable
comparable law of such non-U.S. jurisdiction, for as long as such Person is the successor to the
Company hereunder and is so organized and existing); or

          (6) the commencement by the Company of a voluntary case or proceeding under any applicable
Federal or State bankruptcy, insolvency, reorganization or other similar law or of any other case
or proceeding to be adjudicated a bankrupt or insolvent, or the consent by it to the entry of a
decree or order for relief in respect of the Company in an involuntary case or proceeding under any
applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or to the
commencement of any bankruptcy or insolvency case or proceeding against it, or the filing by it of
a petition or answer or consent seeking reorganization or relief under any applicable Federal or
State law, or the consent by it to the filing of such petition or to the appointment of or taking
possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar
official of the Company or of any substantial part of its property, or the making by it of an
assignment for the benefit of creditors, or the admission by it in writing of its inability to pay
its debts generally as they become due, or the taking of corporate action by the Company in
furtherance of any such action (provided that, if any Person becomes the successor to the Company
pursuant to Article VIII and such Person is organized and validly existing under the law of
a jurisdiction outside the United States, each reference in this Clause (6) to an applicable
Federal or State law of a particular kind shall be deemed to refer to such law or any applicable
comparable law of such non-U.S. jurisdiction, for as long as such Person is the successor to the
Company hereunder and is so organized and existing); or

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           (7) if Article XIV has been made applicable with respect to such Securities, the
Guarantee of the Securities of such series by any Guarantor shall for any reason cease to be, or
shall for any reason be asserted in writing by such Guarantor or the Company not to be, in full
force and effect and enforceable in accordance with its terms, except to the extent contemplated or
permitted by this Indenture or by the terms of the Securities of such series established pursuant
to Section 3.01; or

          (8) any other Event of Default provided with respect to Securities of that series in
accordance with Section 3.01.

          Section 5.02. Acceleration of Maturity; Rescission and Annulment. Except as may otherwise be
provided pursuant to Section 3.01 for all or any specific Securities of any series, if an
Event of Default (other than an Event of Default specified in Section 5.01(5) or
Section 5.01(6)) with respect to Securities of that series at the time Outstanding occurs
and is continuing, then in every such case the Trustee or the Holders of not less than 25% in
principal amount of the Outstanding Securities of that series may declare the principal amount of
all the Securities of that series (or, in the case of any Security of that series which specifies
an amount to be due and payable thereon upon acceleration of the Maturity thereof, such amount as
may be specified by the terms thereof) to be due and payable immediately, by a notice in writing to the Company and any Guarantor of the Securities of that
series (and to the Trustee if given by Holders), and upon any such declaration such principal
amount (or specified amount) shall become immediately due and payable. Except as may otherwise be
provided pursuant to Section 3.01 for all or any specific Securities of any series, if an
Event of Default specified in Section 5.01(5) or Section 5.01(6) with respect to
Securities of that series at the time Outstanding occurs, the principal amount of all the
Securities of that series (or, in the case of any Security of that series which specifies an amount
to be due and payable thereon upon acceleration of the Maturity thereof, such amount as may be
specified by the terms thereof) shall automatically, and without any declaration or other action on
the part of the Trustee or any Holder, become immediately due and payable.

          Except as may otherwise be provided pursuant to Section 3.01 for all or any specific
Securities of any series, at any time after such a declaration of acceleration with respect to
Securities of that series has been made and before a judgment or decree for payment of the money
due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of a
majority in principal amount of the Outstanding Securities of that series, by written notice to the
Company, any Guarantor of the Securities of that series and the Trustee, may rescind and annul such
declaration and its consequences if

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

          (A) all overdue interest on all Securities of that series,

          (B) the principal of (and premium, if any, on) any Securities of that series which have
become due otherwise than by such declaration of acceleration and any interest thereon at
the rate or rates prescribed therefor in such Securities,

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          (C) to the extent that payment of such interest is lawful, interest upon overdue
interest at the rate or rates prescribed therefor in such Securities, and

          (D) all sums paid or advanced by the Trustee hereunder and the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel; and

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

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

          Section 5.03. Collection of Indebtedness and Suits for Enforcement by Trustee. The Company
covenants that if

          (1) default is made in the payment of any interest on any Security when such interest becomes
due and payable and such default continues for a period of 60 days, or

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

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

          If an Event of Default with respect to Securities of any series occurs and is continuing, the
Trustee may in its discretion proceed to protect and enforce its rights and the rights of the
Holders of Securities of such series by such appropriate judicial proceedings as the Trustee shall
deem most effectual to protect and enforce any such rights, whether for the specific enforcement of
any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein,
or to enforce any other proper remedy.

          Section 5.04. Trustee May File Proofs of Claim. In case of any judicial proceeding relative to the
Company, any Guarantor or any other obligor upon the Securities, their property or their creditors,
the Trustee shall be entitled and empowered, by intervention in such proceeding or otherwise, to
take any and all actions authorized under the Trust Indenture Act in order to have claims of the
Holders and the Trustee allowed in any such proceeding. The Trustee shall be authorized to collect
and receive any moneys or other property payable or deliverable on any such claims and to
distribute the same; and any custodian, receiver, assignee, trustee, liquidator, sequestrator or
other similar official in any such judicial proceeding is hereby authorized by each Holder to make
such payments to the Trustee and, in the event that the Trustee shall consent to the making of such
payments directly to the Holders, to pay to the

36

 

Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any
other amounts due the Trustee under Section 6.07.

          No provision of this Indenture shall be deemed to authorize the Trustee to authorize or
consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement,
adjustment or composition affecting the Securities or the rights of any Holder thereof or to
authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding;
provided, however, that the Trustee may, on behalf of the Holders, vote for the election of a
trustee in bankruptcy or similar official and be a member of a creditors’ or other similar
committee.

          Section 5.05. Trustee May Enforce Claims Without Possession of Securities. All rights of action and
claims under this Indenture or the Securities may be prosecuted and enforced by the Trustee without
the possession of any of the Securities or the production thereof in any proceeding relating
thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as
trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of
the Securities in respect of which such judgment has been recovered.

          Section 5.06. Application of Money Collected. Any money collected by the Trustee pursuant to this
Article shall be applied in the following order, at the date or dates fixed by the Trustee and, in
case of the distribution of such money on account of principal or any premium or interest, upon
presentation of the Securities and the notation thereon of the payment if only partially paid and
upon surrender thereof if fully paid:

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

          SECOND: To the payment of the amounts then due and unpaid for principal of and any premium
and interest on the Securities in respect of which or for the benefit of which such money has been
collected, ratably, without preference or priority of any kind, according to the amounts due and
payable on such Securities for principal and any premium and interest, respectively; and

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

          Section 5.07. Limitation on Suits. No Holder of any Security of any series shall have any right to
institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the
appointment of a receiver or trustee, or for any other remedy hereunder, unless

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

37

 

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

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

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

          (5) no direction inconsistent with such written request has been given to the Trustee during
such 60-day period by the Holders of a majority in principal amount of the Outstanding Securities
of that series; it being understood and intended that no one or more of such Holders shall have any
right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to
obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any
right under this Indenture, except in the manner herein provided and for the equal and ratable
benefit of all of such Holders (it being understood that the Trustee does not have an affirmative
duty to ascertain whether or not such actions or forbearances are unduly prejudicial to such
Holders).

          Section 5.08. Unconditional Right of Holders to Receive Principal, Premium and Interest and to
Convert. Notwithstanding any other provision in this Indenture, the Holder of any Security
shall have the right, which is absolute and unconditional, to receive payment of the principal of
and any premium and (subject to Section 3.07) interest on such Security on the respective
Stated Maturities expressed in such Security (or, in the case of redemption, on the Redemption
Date), and, if the terms of such Security so provide, to convert such Security in accordance with
its terms, and to institute suit for the enforcement of any such payment and, if applicable, any
such right to convert, and such rights shall not be impaired without the consent of such Holder.

          Section 5.09. Restoration of Rights and Remedies. If the Trustee or any Holder has instituted any
proceeding to enforce any right or remedy under this Indenture and such proceeding has been
discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to
such Holder, then and in every such case, subject to any determination in such proceeding, the
Company, the Trustee and the Holders shall be restored severally and respectively to their former
positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall
continue as though no such proceeding had been instituted.

          Section 5.10. Rights and Remedies Cumulative. Except as otherwise provided with respect to the
replacement or payment of mutilated, destroyed, lost or wrongfully taken Securities in the last
paragraph of Section 3.06, no right or remedy herein conferred upon or reserved to the
Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right
and remedy shall, to the extent permitted by law, be cumulative and in addition to every other
right and remedy given hereunder or now or hereafter existing at law or in equity

38

 

or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the
concurrent assertion or employment of any other appropriate right or remedy.

          Section 5.11. Delay or Omission Not Waiver. No delay or omission of the Trustee or of any Holder of
any Securities to exercise any right or remedy accruing upon any Event of Default shall impair any
such right or remedy or constitute a waiver of any such Event of Default or an acquiescence
therein. Every right and remedy given by this Article or by law to the Trustee or to the Holders
may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by
the Holders, as the case may be.

          Section 5.12. Control by Holders. The Holders of a majority in principal amount of the Outstanding Securities of any series
shall have the right to direct the time, method and place of conducting any proceeding for any
remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with
respect to the Securities of such series, provided that

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

          (2) the Trustee may take any other action deemed proper by the Trustee which is not
inconsistent with such direction; and

          (3) subject to the provisions of Section 6.01, the Trustee shall have the right to
decline to follow any such direction if the Trustee in good faith shall determine that the
proceeding so directed would involve the Trustee in personal liability.

          Section 5.13. Waiver of Past Defaults. Except as may otherwise be provided pursuant to Section
3.01 for all or any specific Securities of any series, the Holders of not less than a majority
in principal amount (including waivers obtained in connection with a purchase of, or tender offer
or exchange offer for, Securities) of the Outstanding Securities of any series to be affected under
this Indenture may on behalf of the Holders of all the Securities of such series waive any past
default hereunder with respect to such series and its consequences, except a default

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

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

          Upon any such waiver with respect to any series, such default shall cease to exist, and any
Event of Default arising therefrom shall be deemed to have been cured, with respect to such series
for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other
default or impair any right consequent thereon. A waiver of any past default and its consequences
given by or on behalf of any Holder of Securities in connection with a purchase of, or tender or
exchange offer for, such Holder’s Securities will not be rendered invalid by such purchase, tender
or exchange.

39

 

           Section 5.14. Undertaking for Costs. In any suit for the enforcement of any right or remedy under
this Indenture, or in any suit against the Trustee for any action taken, suffered or omitted by it
as Trustee, a court may require any party litigant in such suit to file an undertaking to pay the
costs of such suit, and may assess costs, including reasonable attorneys’ fees and expenses,
against any such party litigant, in the manner and to the extent provided in the Trust Indenture
Act; provided that neither this Section nor the Trust Indenture Act shall be deemed to authorize
any court to require such an undertaking or to make such an assessment in any suit instituted by
the Company, any Guarantor or the Trustee or, if applicable, in any suit for the enforcement of the right to convert any
Security in accordance with its terms.

          Section 5.15. Waiver of Usury, Stay or Extension Laws. The Company and each Guarantor covenants (to
the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in
any manner whatsoever claim or take the benefit or advantage of, any usury, stay or extension law
wherever enacted, now or at any time hereafter in force, which may affect the covenants or the
performance of this Indenture; and the Company and each Guarantor (to the extent that it may
lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that
it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but
will suffer and permit the execution of every such power as though no such law had been enacted.

ARTICLE VI

THE TRUSTEE

          Section 6.01. Certain Duties and Responsibilities. (a) Except during the continuance of an Event of
Default,

          (1) the Trustee undertakes to perform such duties and only such duties as are specifically set
forth in this Indenture and as are provided by the Trust Indenture Act, and, except for implied
covenants or obligations under the Trust Indenture Act, no implied covenants or obligations shall
be read into this Indenture against the Trustee; and

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

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

          (c) No provision of this Indenture shall be construed to relieve the Trustee from liability
for its own negligent action, its own negligent failure to act, or its own willful misconduct,
except that

40

 

           (1) this Subsection shall not be construed to limit the effect of the first paragraph of this
Section;

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

          (3) the Trustee shall not be liable with respect to any action taken or omitted to be taken by
it in good faith in accordance with the direction of the Holders of a majority in principal amount
of the Outstanding Securities of any series, determined as provided in Section 5.12,
relating to the time, method and place of conducting any proceeding for any remedy available to the
Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture with
respect to the Securities of such series; and

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

          (d) Whether or not therein expressly so provided, every provision of this Indenture relating
to the conduct or affecting the liability of or affording protection to the Trustee shall be
subject to the provisions of this Section.

          Section 6.02. Notice of Defaults. If a default occurs hereunder with respect to Securities of any
series, the Trustee shall give the Holders of Securities of such series notice of such default as
and to the extent provided by the Trust Indenture Act; provided, however, that in the case of any
default of the character specified in Section 5.01(4) with respect to Securities of such
series, no such notice to Holders shall be given until at least 60 days after the occurrence
thereof. For the purpose of this Section, the term “default” means any event which is, or after
notice or lapse of time or both would become, an Event of Default with respect to Securities of
such series.

          Section 6.03. Certain Rights of Trustee. Subject to the provisions of Section 6.01:

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

          (2) any request or direction of the Company mentioned herein shall be sufficiently evidenced
by a Company Request or Company Order and any request or direction of a Guarantor mentioned herein
shall be sufficiently evidenced by a Guarantor Request or Guarantor Order of such Guarantor, and
any resolution of the Board of Directors shall be sufficiently evidenced by a Board Resolution and
any resolution of a Guarantor’s Board of Directors may be sufficiently evidenced by a Guarantor’s
Board Resolution;

41

 

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

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

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

          (6) the Trustee shall not be bound to make any investigation into the facts or matters stated
in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction,
consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document,
but the Trustee, in its discretion, may make such further inquiry or investigation into such facts
or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or
investigation, it shall be entitled to examine the books, records and premises of the Company and,
if applicable, the Guarantors, 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;

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

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

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

          (10) 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

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of any event which is in fact such a default is received by the Trustee at the Corporate Trust
Office of the Trustee, and such notice references the Securities and this Indenture;

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

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

          (13) the Trustee shall not be required to give any bond or surety in respect of the
performance of its powers and duties hereunder.

          Section 6.04. Not Responsible for Recitals or Issuance of Securities. The recitals contained herein
and in the Securities, except the Trustee’s certificates of authentication, shall be taken as the
statements of the Company, and the Trustee does not assume any responsibility for their
correctness. The Trustee makes no representations as to the validity or sufficiency of this
Indenture or of the Securities. The Trustee shall not be accountable for the use or application by
the Company of Securities or the proceeds thereof.

          Section 6.05. May Hold Securities. The Trustee, any Authenticating Agent, any Paying Agent, any
Security Registrar or any other agent of the Company or any Guarantor, in its individual or any
other capacity, may become the owner or pledgee of Securities and, subject to Section 6.08
and Section 6.13, may otherwise deal with the Company or any Guarantor with the same rights
it would have if it were not Trustee, Authenticating Agent, Paying Agent, Security Registrar or
such other agent.

          Section 6.06. Money Held in Trust. Money held by the Trustee in trust hereunder need not be
segregated from other funds except to the extent required by law. The Trustee shall be under no
liability for interest on any money received by it hereunder except as otherwise agreed in writing
with the Company or any Guarantor.

          Section 6.07. Compensation and Reimbursement.

          The Company agrees:

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

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

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

          As security for the performance of the obligations of the Company under this Section the
Trustee shall have a lien prior to the Securities upon all property and funds held or collected by
the Trustee as such, except funds held in trust for the payment of principal of (and premium, if
any) or interest on Securities.

          Without limiting any rights available to the Trustee under applicable law, when the Trustee
incurs expenses or renders services in connection with an Event of Default specified in Section
5.01(5) or Section 5.01(6), the expenses (including the reasonable charges and expenses
of its counsel) and the compensation for the services are intended to constitute expenses of
administration under any applicable Federal or State bankruptcy, insolvency or other similar law.

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

          Section 6.08. Conflicting Interests. If the Trustee has or shall acquire a conflicting interest
within the meaning of the Trust Indenture Act, the Trustee shall either eliminate such interest or
resign, to the extent and in the manner provided by, and subject to the provisions of, the Trust
Indenture Act and this Indenture. To the extent permitted by the Trust Indenture Act, the Trustee
shall not be deemed to have a conflicting interest by virtue of being a trustee under this
Indenture with respect to Securities of more than one series.

          Section 6.09. Corporate Trustee Required; Eligibility. There shall at all times be one (and only
one) Trustee hereunder with respect to the Securities of each series, which may be Trustee
hereunder for Securities of one or more other series. Each Trustee shall be a Person that is
eligible pursuant to the Trust Indenture Act to act as such, has a combined capital and surplus of
at least $50,000,000 and has its Corporate Trust Office in the continental United States of
America. If any such Person publishes reports of condition at least annually, pursuant to law or
to the requirements of its supervising or examining authority, then for the purposes of this
Section and to the extent permitted by the Trust Indenture Act, the combined capital and surplus of
such Person shall be deemed to be its combined capital and surplus as set forth in its most recent
report of condition so published. If at any time the
Trustee with respect to the Securities of any series shall cease to be eligible in accordance
with the provisions of this Section, it shall resign immediately in the manner and with the effect
hereinafter specified in this Article.

          Section 6.10. Resignation and Removal; Appointment of Successor. No resignation or removal of the
Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective
until the acceptance of appointment by the successor Trustee in accordance with the applicable
requirements of Section 6.11.

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

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

          If at any time:

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

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

          (3) the Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent
or a receiver of the Trustee or of its property shall be appointed or any public officer shall take
charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation,
conservation or liquidation,

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

          If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall
occur in the office of Trustee for any cause, with respect to the Securities of one or more series,
the Company, by a Board Resolution, shall promptly appoint a successor Trustee or
Trustees with respect to the Securities of that or those series (it being understood that any
such successor Trustee may be appointed with respect to the Securities of one or more or all of
such series and that at any time there shall be only one Trustee with respect to the Securities of
any particular series) and shall comply with the applicable requirements of Section 6.11.
If an instrument of acceptance by a successor Trustee shall not have been delivered to the Trustee
within 30 days after the giving of such notice of removal, the Trustee being removed may petition,
at the expense of the Company, any court of competent jurisdiction for the appointment of a
successor Trustee with respect to the Securities of such series. If, within one year after such
resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee with

45

 

respect to the Securities of any series shall be appointed by Act of the Holders of a majority in
principal amount of the Outstanding Securities of such series delivered to the Company and the
retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such
appointment in accordance with the applicable requirements of Section 6.11, become the
successor Trustee with respect to the Securities of such series and to that extent supersede the
successor Trustee appointed by the Company. If no successor Trustee with respect to the Securities
of any series shall have been so appointed by the Company or the Holders and accepted appointment
in the manner required by Section 6.11, any Holder who has been a bona fide Holder of a
Security of such series for at least six months may, on behalf of himself and all others similarly
situated, petition any court of competent jurisdiction for the appointment of a successor Trustee
with respect to the Securities of such series.

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

          Section 6.11. Acceptance of Appointment by Successor. In case of the appointment hereunder of a
successor Trustee with respect to all Securities, every such successor Trustee so appointed shall
execute, acknowledge and deliver to the Company, any Guarantor and to the retiring Trustee an
instrument accepting such appointment, and thereupon the resignation or removal of the retiring
Trustee shall become effective and such successor Trustee, without any further act, deed or
conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring
Trustee; but, on the request of the Company or the successor Trustee, such retiring Trustee shall,
upon payment of its charges, execute and deliver an instrument transferring to such successor
Trustee all the rights, powers and trusts of the retiring Trustee and shall duly assign, transfer
and deliver to such successor Trustee all property and money held by such retiring Trustee
hereunder.

          In case of the appointment hereunder of a successor Trustee with respect to the Securities of
one or more (but not all) series, the Company, any Guarantor, the retiring Trustee and each
successor Trustee with respect to the Securities of one or more series shall execute and deliver an
indenture supplemental hereto wherein each successor Trustee shall accept such appointment and
which (1) shall contain such provisions as shall be necessary or desirable to transfer and confirm
to, and to vest in, each successor Trustee all the rights, powers, trusts and duties of the
retiring Trustee with respect to the Securities of that or those series to which the appointment of
such successor Trustee relates, (2) if the retiring Trustee is not retiring with respect to all
Securities, shall contain such provisions as shall be deemed necessary or desirable to confirm that
all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of
that or those series as to which the retiring Trustee is not retiring shall continue to be vested
in the retiring Trustee, and (3) shall add to or change any of the provisions of this Indenture as
shall be necessary to provide for or facilitate the administration of the trusts hereunder by more
than one Trustee, it being understood that nothing herein or in such supplemental indenture shall
constitute such Trustees co-trustees of the same trust and that each such Trustee shall be trustee
of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered
by any other such Trustee; and upon the execution and delivery of such supplemental indenture

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the
resignation or removal of the retiring Trustee shall become effective to the extent provided
therein and each such successor Trustee, without any further act, deed or conveyance, shall become
vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the
Securities of that or those series to which the appointment of such successor Trustee relates; but,
on request of the Company or any successor Trustee, such retiring Trustee shall duly assign,
transfer and deliver to such successor Trustee all property and money held by such retiring Trustee
hereunder with respect to the Securities of that or those series to which the appointment of such
successor Trustee relates.

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

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

          Section 6.12. Merger, Conversion, Consolidation or Succession to Business. Any corporation into
which the Trustee may be merged or converted or with which it may be consolidated, or any
corporation resulting from any merger, conversion or consolidation to which the Trustee shall be a
party, or any corporation succeeding to all or substantially all the corporate trust business of
the Trustee, shall be the successor of the Trustee hereunder, provided such corporation shall be
otherwise qualified and eligible under this Article, without the execution or filing of any paper
or any further act on the part of any of the parties hereto. In case any Securities shall have
been authenticated, but not delivered, by the Trustee then in office, any successor by merger,
conversion or consolidation to such authenticating Trustee may adopt such authentication and
deliver the Securities so authenticated with the same effect as if such successor Trustee had
itself authenticated such Securities.

          Section 6.13. Preferential Collection of Claims Against Company. If and when the Trustee shall be
or become a creditor of the Company (or any other obligor upon the Securities), the Trustee shall
be subject to the provisions of the Trust Indenture Act regarding the collection of claims against
the Company (or any such other obligor).

          Section 6.14. Appointment of Authenticating Agent. The Trustee may appoint an Authenticating Agent or Agents with respect to any series of
Securities which shall be authorized to act on behalf of the Trustee to authenticate the Securities
of such Series issued upon original issue and upon exchange, registration of transfer, partial
conversion or partial redemption or pursuant to Section 3.06, and Securities of such series
so authenticated shall be entitled to the benefits of this Indenture and shall be valid and
obligatory for all purposes as if authenticated by the Trustee hereunder. Wherever reference is
made in this Indenture to the authentication and delivery of Securities of such series by the
Trustee or the Trustee’s certificate of authentication, such reference shall be deemed to include
authentication and delivery on behalf of the Trustee by an Authenticating Agent so appointed with
respect to such series and a certificate of authentication executed on behalf of the Trustee by an
Authenticating Agent so appointed with respect to such series. Each Authenticating Agent shall be
acceptable to the Company and shall at all times be a corporation organized and doing business
under the laws of the United States of

47

 

America, any State thereof or the District of Columbia,
authorized under such laws to act as Authenticating Agent, having a combined capital and surplus of
not less than $50,000,000 and subject to supervision or examination by Federal or State authority.
If such Authenticating Agent publishes reports of condition at least annually pursuant to law or to
the requirements of said supervising or examining authority, then for the purposes of this Section,
the combined capital and surplus of such Authenticating Agent shall be deemed to be its combined
capital and surplus as set forth in its most recent report of condition so published. If at any
time an Authenticating Agent shall cease to be eligible in accordance with the provisions of this
Section, such Authenticating Agent shall resign immediately in the manner and with the effect
specified in this Section.

          Any corporation into which an Authenticating Agent may be merged or converted or with which it
may be consolidated, or any corporation resulting from any merger, conversion or consolidation to
which such Authenticating Agent shall be a party, or any corporation succeeding to all or
substantially all the corporate agency or corporate trust business of an Authenticating Agent,
shall continue to be an Authenticating Agent, provided such corporation shall be otherwise eligible
under this Section, without the execution or filing of any paper or any further act on the part of
the Trustee, the Company, the Authenticating Agent or such successor corporation. An
Authenticating Agent may resign at any time by giving written notice thereof to the Trustee and to
the Company. The Trustee may at any time terminate the agency of an Authenticating Agent by giving
written notice thereof to such Authenticating Agent and to the Company. Upon receiving such a
notice of resignation or upon such a termination, or in case at any time such Authenticating Agent
shall cease to be eligible in accordance with the provisions of this Section, the Trustee may
appoint a successor Authenticating Agent with respect to any series of Securities which shall be
acceptable to the Company and shall give notice of such appointment to all Holders of Securities of
such series in the manner provided in Section 1.06. Any successor Authenticating Agent
upon acceptance of its appointment hereunder shall become vested with all rights, powers and duties
of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent.
No successor Authenticating Agent shall be appointed unless eligible under the provisions of this
Section.

          The Company agrees to pay to each Authenticating Agent from time to time reasonable
compensation for its services under this Section.

          If an appointment is made pursuant to this Section with respect to Securities of any series,
the Securities of such series may have endorsed thereon, in addition to the Trustee’s certificate
of authentication, an alternate certificate of authentication in the following form:

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

[             
                      ]

	 	 	 	 	 
	 	 	 
	By:  	
 	 	 
	 	As Authenticating Agent 	 	 
	 	 	 	 

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	By:  	
 	 	 
	 	Authorized Signatory 	 	 
	 	 	 	 
	 

ARTICLE VII

HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY

          Section 7.01. Company to Furnish Trustee Names and Addresses of Holders. The Company and any
Guarantor will furnish or cause to be furnished to the Trustee

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

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

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

          Section 7.02. Preservation of Information; Communications to Holders. The Trustee shall preserve,
in as current a form as is reasonably practicable, the names and addresses of Holders contained in
the most recent list furnished to the Trustee as provided in Section 7.01 and the names and
addresses of Holders received by the Trustee in its capacity as Security Registrar. The Trustee
may destroy any list furnished to it as provided in Section 7.01 upon receipt of a new list
so furnished.

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

          Every Holder of Securities, by receiving and holding the same, agrees with the Company, any
Guarantor and the Trustee that neither of the Company nor the Guarantors (if applicable) nor
the Trustee nor any agent of any of them shall be held accountable by reason of any disclosure
of information as to names and addresses of Holders made pursuant to the Trust Indenture Act.

          Section 7.03. Reports by Trustee. The Trustee shall transmit to Holders such reports concerning the
Trustee and its actions under this Indenture as may be required pursuant to the Trust Indenture Act
at the times and in the manner provided pursuant thereto.

          Reports so required to be transmitted at stated intervals of not more than 12 months shall be
transmitted no later than [                         ] and shall be dated as of [                         ] in each calendar year,
commencing in 20[     ].

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

49

 

notify the Trustee in
writing when any Securities are listed on any stock exchange and of any delisting thereof.

          Section 7.04. Reports by Company. The Company and any Guarantor shall file with the Trustee and the
Commission, and transmit to Holders, such information, documents and other reports, and such
summaries thereof, as may be required pursuant to the Trust Indenture Act, if any, at the times and
in the manner provided pursuant to such Act; provided that any such information, documents or
reports required to be filed with the Commission pursuant to Section 13 or 15(d) of the Exchange
Act need not be filed with the Trustee until the 15th day after the same are actually filed with
the Commission. 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 compliance by the Company or any Guarantor with any of their covenants hereunder (as
to which the Trustee is entitled to rely exclusively on Officers’ Certificates or Guarantor’s
Officers’ Certificates, as the case may be).

ARTICLE VIII

CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE

          Section 8.01. Company May Consolidate, Etc., Only on Certain Terms. The Company shall not
consolidate with or merge into any other Person or sell, convey, transfer or lease all or
substantially all its properties and assets to any Person, and the Company shall not permit any
Person to consolidate with or merge into the Company, unless:

          (1) in case the Company shall consolidate with or merge into another Person or sell, convey,
transfer or lease all or substantially all its properties and assets to any Person, the Person
formed by such consolidation or into which the Company is merged or the Person which
acquires by sale, conveyance or transfer, or which leases, all or substantially all the
properties and assets of the Company shall be a corporation, partnership or trust, shall be
organized and validly existing under the laws of the United States, any state thereof or the
District of Columbia and shall expressly assume, by an indenture supplemental hereto, executed and
delivered to the Trustee, in form reasonably satisfactory to the Trustee, the due and punctual
payment of the principal of and any premium and interest on all the Securities and the performance
or observance of every covenant of this Indenture on the part of the Company to be performed or
observed and, for each Security that by its terms provides for conversion, shall have provided for
the right to convert such Security in accordance with its terms;

          (2) immediately after giving effect to such transaction and treating any indebtedness which
becomes an obligation of the Company or any Subsidiary as a result of such transaction as having
been incurred by the Company or such Subsidiary at the time of such transaction, no Event of
Default, and no event which, after notice or lapse of time or both, would become an Event of
Default, shall have happened and be continuing; and

          (3) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of
Counsel, each stating that such consolidation, merger, sale, conveyance, transfer or lease and,

50

 

if
a supplemental indenture is required in connection with such transaction, such supplemental
indenture comply with this Article and that all conditions precedent herein provided for relating
to such transaction have been complied with.

          Section 8.02. Successor Substituted. Upon any consolidation of the Company with, or merger of the
Company into, any other Person or any sale, conveyance, transfer or lease of all or substantially
all the properties and assets of the Company in accordance with Section 8.01, the successor
Person formed by such consolidation or into which the Company is merged or to which such sale,
conveyance, transfer or lease is made shall succeed to, and be substituted for, and may exercise
every right and power of, the Company under this Indenture with the same effect as if such
successor Person had been named as the Company herein, and thereafter, except in the case of a
lease, the predecessor Person shall be relieved of all obligations and covenants under this
Indenture and the Securities.

ARTICLE IX

SUPPLEMENTAL INDENTURES

          Section 9.01. Supplemental Indentures Without Consent of Holders. Except as may otherwise be
provided pursuant to Section 3.01 for all or any specific Securities of any series, without
the consent of any Holders, the Company, when authorized by a Board Resolution, each of the
Guarantors, when authorized by a Guarantor’s Board Resolution of such Guarantor, and the Trustee,
at any time and from time to time, may enter into one or more indentures supplemental hereto, in
form satisfactory to the Trustee, for any of the following purposes:

          (1) to evidence the succession of another Person to the Company or a Guarantor and the
assumption by any such successor of the covenants of the Company or such Guarantor herein and in
the Securities or the Guarantees of such Guarantor, as the case may be; or

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

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

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

51

 

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

          (6) to secure the Securities or any Guarantees; or

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

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

          (9) to add to or change any of the provisions of this Indenture with respect to any Securities
that by their terms may be converted into securities or other property other than Securities of the
same series and of like tenor, in order to permit or facilitate the issuance, payment or conversion
of such Securities; or

          (10) to add any Person as an additional Guarantor under this Indenture, to add additional
Guarantees or additional Guarantors in respect of any Outstanding Securities under this Indenture,
or to evidence the release and discharge of any Guarantor from its obligations under its Guarantees
of any Securities and its obligations under this Indenture in respect of any Securities in
accordance with the terms of this Indenture; or

          (11) to cure any ambiguity, to correct or supplement any provision herein which may be
defective or inconsistent with any other provision herein, or to make any other provisions with
respect to matters or questions arising under this Indenture, provided that such action pursuant to
this Clause (11) shall not adversely affect the interests of the Holders of Securities of any
series in any material respect.

          The Trustee is hereby authorized to join with the Company and the Guarantors in the execution
of any such supplemental indenture, to make any further appropriate agreements and stipulations
which may be therein contained and to accept the conveyance, transfer, assignment, mortgage or
pledge of any property thereunder, but the Trustee shall not be obligated to enter into any such
supplemental indenture which affects the Trustee’s own rights, duties or immunities under this
Indenture or otherwise.

          Section 9.02. Supplemental Indentures With Consent of Holders. Except as may otherwise be provided
pursuant to Section 3.01 for all or any specific Securities of any series or Guarantees
thereof, with the consent of the Holders of a majority in principal amount (including

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consents
obtained in connection with a purchase of, or tender offer or exchange offer for, Securities) of
the Outstanding Securities of all series affected by such supplemental indenture (considered
together as one class for this purpose and such affected Securities potentially being Securities of
the same or different series and, with respect to any series, potentially comprising fewer than all
the Securities of such series), by Act of said Holders delivered to the Company and the Trustee,
the Company, when authorized by a Board Resolution, each of the Guarantors when authorized by a
Guarantor’s Board Resolution of such Guarantor, and the Trustee may enter into an indenture or
indentures supplemental hereto for the purpose of adding any provisions to or changing in any
manner or eliminating any of the provisions of this Indenture or of modifying in any manner the
rights of the Holders of Securities of such series under this Indenture or any Guarantees of such
Securities; provided, however, that no such supplemental indenture shall, without the consent of
the Holder of each Outstanding Security affected thereby (including consents obtained in connection
with a purchase of, or tender offer or exchange offer for, Securities),

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

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

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

          (4) if any Security is guaranteed by the Guarantee of any Grantor, release such Guarantor from
any of its obligations under such Guarantee except in accordance with the terms of this Indenture;
or

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

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concomitant
changes in this Section and Section 10.06, or the deletion of this proviso, in accordance
with the requirements of Section 6.11 and Section 9.01(8).

          A supplemental indenture which changes or eliminates any covenant or other provision of this
Indenture which has expressly been included solely for the benefit of one or more particular
Securities or series of Securities, or which modifies the rights of the Holders of such Securities
or series with respect to such covenant or other provision, shall be deemed not to affect the
rights under this Indenture of the Holders of any other Securities or of any other series, as
applicable. It shall not be necessary for any Act of Holders under this Section to approve the
particular form of any proposed supplemental indenture, but it shall be sufficient if such Act
shall approve the substance thereof. A consent to any indenture supplemental hereto by or on
behalf of any Holder of Securities given in connection with a purchase of, or tender or exchange
offer for, such Holder’s Securities will not be rendered invalid by such purchase, tender or
exchange.

          Section 9.03. Execution of Supplemental Indentures. In executing, or accepting the additional
trusts created by, any supplemental indenture permitted by this Article or the modifications
thereby of the trusts created by this Indenture, the Trustee shall receive, and (subject to
Section 6.01) shall be fully protected in conclusively relying upon, an Opinion of Counsel
and Officers’ Certificate and Guarantor’s Officers’ Certificate, as the case may be, stating that
the execution of such supplemental indenture is authorized or permitted by this Indenture. The
Trustee may, but shall not be obligated to, enter into any such supplemental indenture which
affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise.

          Section 9.04. Effect of Supplemental Indentures. Upon the execution of any supplemental indenture
under this Article, this Indenture shall be modified in accordance therewith, and such supplemental
indenture shall form a part of this Indenture for all purposes; and every Holder of Securities
theretofore or thereafter authenticated and delivered hereunder shall be bound thereby.

          Section 9.05. Conformity with Trust Indenture Act. Every supplemental indenture executed pursuant
to this Article shall conform to the requirements of the Trust Indenture Act.

          Section 9.06. Reference in Securities to Supplemental Indentures. Securities of any series
authenticated and delivered after the execution of any supplemental indenture pursuant to this
Article may, and shall if required by the Trustee, bear a notation in form approved by the Trustee
as to any matter provided for in such supplemental indenture. If the Company shall so determine,
new Securities of any series so modified as to conform, in the opinion of the Trustee and the
Company, to any such supplemental indenture may be prepared and executed by the Company and
authenticated and delivered by the Trustee in exchange for Outstanding Securities of such series.

ARTICLE X

COVENANTS

          Section 10.01. Payment of Principal, Premium and Interest. The Company covenants and agrees for the
benefit of each series of Securities that it will duly and punctually pay the principal

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of and any
premium and interest on the Securities of that series in accordance with the terms of the
Securities and this Indenture.

          Section 10.02. Maintenance of Office or Agency. The Company will maintain in each Place of Payment
for any series of Securities an office or agency where Securities of that series may be presented
or surrendered for payment, where Securities of that series may be surrendered for registration of
transfer or exchange, where Securities may be surrendered for conversion and where notices and
demands to or upon the Company or any Guarantor in respect of the Securities of that series and
this Indenture may be served. The Company will give prompt written notice to the Trustee of the
location, and any change in the location, of such office or agency. If at any time the Company
shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with
the address thereof, such presentations, surrenders, notices and demands may be made or served at
the Corporate Trust Office of the Trustee, and the Company and each Guarantor hereby appoints the
Trustee as its agent to receive all such presentations, surrenders, notices and demands.

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

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

          Section 10.03. Money for Securities Payments to Be Held in Trust. If the Company shall at any time
act as its own Paying Agent with respect to any series of Securities, it will, on or before each
due date of the principal of or any premium or interest on any of the Securities of that series,
segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay
the principal and any premium and interest so becoming due until such sums shall be paid to such
Persons or otherwise disposed of as herein provided and will promptly notify the Trustee of its
action or failure so to act.

          Whenever the Company shall have one or more Paying Agents for any series of Securities, it
will, on or prior to 11:00 A.M., New York City time, on each due date of the principal of or any
premium or interest on any Securities of that series, deposit (or, if the Company has deposited any
trust funds with a trustee pursuant to Section 13.04(1), cause such trustee to deposit)
with a Paying Agent a sum sufficient to pay such amount, such sum to be held

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as provided by the
Trust Indenture Act, and (unless such Paying Agent is the Trustee) the Company will promptly notify
the Trustee of its action or failure so to act.

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

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

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

          Section 10.04. Corporate Existence. Subject to Article VIII, the Company will do or cause to
be done all things necessary to preserve and keep in full force and effect its corporate existence.

          Section 10.05. Statement by Officers as to Default. (a) The Company will deliver to the Trustee,
within 120 days after the end of each fiscal year of the Company ending after the date hereof, an
Officers’ Certificate, one of the signers of which shall be the principal executive officer,
principal financial officer or principal accounting officer of the Company, stating whether or not
to the best knowledge of the signers thereof the Company is in default in the performance and
observance of any of the terms, provisions and conditions of this Indenture

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(without regard to any
period of grace or requirement of notice provided hereunder) and, if the Company shall be in
default, specifying all such defaults and the nature and status thereof of which they may have
knowledge;

          (b) So long as any Securities of a series to which Article XIV has been made
applicable are Outstanding, each Guarantor of such Securities will deliver to the Trustee, within
120 days after the end of each fiscal year of the Company ending after the date hereof, a
Guarantor’s Officers’ Certificate of such Guarantor, stating whether or not to the best knowledge
of the signers thereof such Guarantor is in default in the performance and observance of any of the
terms, provisions and conditions of this Indenture (without regard to any period of grace or
requirement of notice provided hereunder) and, if such Guarantor shall be in default, specifying
all such defaults and the nature and status thereof of which they may have knowledge.

          Section 10.06. Waiver of Certain Covenants. Except as otherwise provided pursuant to Section
3.01 for all or any Securities of any series, the Company may, with respect to all or any
Securities of any series, omit in any particular instance to comply with any term, provision or
condition set forth in Section 10.04 or
in any covenant provided pursuant to Section 3.01(18), Section 9.01(2),
Section 9.01(6) or Section 9.01(7) for the benefit of the Holders of such series or
in Article VIII if, before the time for such compliance, the Holders of a majority in
principal amount (including waivers obtained in connection with a purchase of, or tender offer or
exchange offer for, Securities) of all Outstanding Securities affected by such waiver (considered
together as one class for this purpose and such affected Securities potentially being Securities of
the same or different series and, with respect to any particular series, potentially comprising
fewer than all the Securities of such series) shall, by Act of such Holders, either waive such
compliance in such instance or generally waive compliance with such term, provision or condition,
but no such waiver shall extend to or affect such term, provision or condition except to the extent
so expressly waived, and, until such waiver shall become effective, the obligations of the Company
and the duties of the Trustee in respect of any such term, provision or condition shall remain in
full force and effect. A waiver of compliance given by or on behalf of any Holder of Securities in
connection with a purchase of, or tender or exchange offer for, such Holder’s Securities will not
be rendered invalid by such purchase, tender or exchange.

          Section 10.07. Calculation of Original Issue Discount. The Company shall file with the Trustee
promptly at the end of each calendar year (i) a written notice specifying the amount of original
issue discount (including daily rates and accrual periods) accrued on Outstanding Securities as of
the end of such year and (ii) such other specific information relating to such original issue
discount as may then be relevant under the Internal Revenue Code of 1986, as amended from time to
time.

ARTICLE XI

REDEMPTION OF SECURITIES

          Section 11.01. Applicability of Article. Securities of any series which are redeemable before their
Stated Maturity shall be redeemable in accordance with their terms and (except as otherwise
specified as contemplated by Section 3.01 for such Securities) in accordance with this
Article.

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          Section 11.02. Election to Redeem; Notice to Trustee. The election of the Company to redeem any
Securities shall be established in or pursuant to a Board Resolution or in another manner specified
as contemplated by Section 3.01 for such Securities. In case of any redemption at the
election of the Company of less than all the Securities of any series (including any such
redemption affecting only a single Security), the Company shall, not less than 30 days nor more
than 60 days prior to the Redemption Date fixed by the Company (unless a shorter notice shall be
satisfactory to the Trustee), notify the Trustee of such Redemption Date, of the principal amount
of Securities of such series to be redeemed and, if applicable, of the tenor of the Securities to
be redeemed. In the case of any redemption of Securities (1) prior to the expiration of any
restriction on such redemption provided in the terms of such Securities or elsewhere in this
Indenture, or (2) pursuant to an election of the Company that is subject to a condition specified
in the terms of the Securities of the series to be redeemed,
the Company shall furnish the Trustee with an Officers’ Certificate evidencing compliance with
such restriction or condition.

          Section 11.03. Selection by Trustee of Securities to Be Redeemed. If less than all the Securities of
any series are to be redeemed (unless all the Securities of such series and of a specified tenor
are to be redeemed or unless such redemption affects only a single Security), the particular
Securities to be redeemed shall be selected not more than 40 days prior to the Redemption Date by
the Trustee, from the Outstanding Securities of such series not previously called for redemption,
by such method as the Trustee shall deem fair and appropriate and which may provide for the
selection for redemption of a portion of the principal amount of any Security of such series,
provided that the unredeemed portion of the principal amount of any Security shall be in an
authorized denomination (which shall not be less than the minimum authorized denomination) for such
Security. If less than all the Securities of such series and of a specified tenor are to be
redeemed (unless such redemption affects only a single Security), the particular Securities to be
redeemed shall be selected not more than 40 days prior to the Redemption Date by the Trustee, from
the Outstanding Securities of such series and specified tenor not previously called for redemption
in accordance with the preceding sentence.

          If any Security selected for partial redemption is converted in part before termination of the
conversion right with respect to the portion of the Security so selected, the converted portion of
such Security shall be deemed (so far as it may be) to be the portion selected for redemption.
Securities which have been converted during a selection of Securities to be redeemed shall be
treated by the Trustee as Outstanding for the purpose of such selection.

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

          The provisions of the two preceding paragraphs shall not apply with respect to any redemption
affecting only a single Security, whether such Security is to be redeemed in whole or in part. In
the case of any such redemption in part, the unredeemed portion of the principal amount of the
Security shall be in an authorized denomination (which shall not be less than the minimum
authorized denomination) for such Security.

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

          Section 11.04. Notice of Redemption. Notice of redemption shall be given in the manner provided in
Section 1.06 not less than 30 days nor more than 60 days prior to the Redemption Date (or
within such period as otherwise specified as contemplated by Section 3.01 for the relevant
Securities), to each Holder of Securities to be redeemed, at his address appearing in the Security
Register.

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

          (1) the Redemption Date,

          (2) the Redemption Price,

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

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

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

          (6) for any Securities that by their terms may be converted, the terms of conversion, the date
on which the right to convert the Security to be redeemed will terminate and the place or places
where such Securities may be surrendered for conversion, and

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

          Notice of redemption of Securities to be redeemed at the election of the Company shall be
given by the Company or, at the Company’s written request, by the Trustee in the name and at the
expense of the Company; provided that if the Company requests that the Trustee deliver such notice,
the Company shall, at least fifteen days prior to the date on which the notice of redemption is
required to be sent to each Holder of Securities pursuant to this Section 11.04 (unless a shorter
period shall be agreed to by the Trustee), deliver an Officer’s Certificate requesting that the
Trustee give such notice and setting forth the information to be stated in such notice as provided
in the preceding paragraph.

          Section 11.05. Deposit of Redemption Price. Prior to 11:00 A.M., New York City time, on any
Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent

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

          If any Security called for redemption is converted, any money deposited with the Trustee or
with any Paying Agent or so segregated and held in trust for the redemption of such Security shall
(subject to any right of the Holder of such Security or any Predecessor Security to receive
interest as provided in the last paragraph of Section 3.07 or in the terms of such
Security) be paid to the Company upon Company Request or, if then held by the Company, shall be
discharged from such trust.

          Section 11.06. Securities Payable on Redemption Date. Notice of redemption having been given as
aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and payable
at the Redemption Price therein specified, and from and after such date (unless the Company shall
default in the payment of the Redemption Price and accrued interest) such Securities shall cease to
bear interest. Upon surrender of any such Security for redemption in accordance with said notice,
such Security shall be paid by the Company at the Redemption Price, together with accrued interest
to the Redemption Date; provided, however, that, unless otherwise specified as contemplated
by Section 3.01, installments of interest whose Stated Maturity is on or prior to the
Redemption Date will be payable to the Holders of such Securities, or one or more Predecessor
Securities, registered as such at the close of business on the relevant Record Dates according to
their terms and the provisions of Section 3.07.

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

          Section 11.07. Securities Redeemed in Part. Any Security which is to be redeemed only in part shall
be surrendered at a Place of Payment therefor (with, if the Company or the Trustee so requires, due
endorsement by, or a written instrument of transfer in form satisfactory to the Company and the
Trustee duly executed by, the Holder thereof or his attorney duly authorized in writing), and the
Company shall execute, and the Trustee shall authenticate and deliver to the Holder of such
Security without service charge, a new Security or Securities of the same series and of like tenor,
of any authorized denomination as requested by such Holder, in aggregate principal amount equal to
and in exchange for the unredeemed portion of the principal of the Security so surrendered.

ARTICLE XII

SINKING FUNDS

          Section 12.01. Applicability of Article. The provisions of this Article shall be applicable to any
sinking fund for the retirement of Securities of any series except as otherwise specified as
contemplated by Section 3.01 for such Securities.

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

          Section 12.02. Satisfaction of Sinking Fund Payments with Securities. The Company (1) may deliver
Outstanding Securities of a series (other than any previously called for redemption) and (2) may
apply as a credit Securities of a series which have been converted in accordance with their terms
or which have been redeemed either at the election of the Company pursuant to the terms of such
Securities or through the application of permitted optional sinking fund payments pursuant to the
terms of such Securities, in each case in satisfaction of all or any part of any sinking fund
payment with respect to any Securities of such series required to be made pursuant to the terms of
such Securities as and to the extent provided for by the terms of such Securities; provided that
the Securities to be so credited have not been previously so credited. The Securities to be so
credited shall be received and credited for such purpose by the Trustee at the Redemption Price, as
specified in the Securities so to be redeemed (or at such other prices as may be specified for such
Securities as contemplated in Section 3.01), for redemption through operation of the
sinking fund and the amount of such sinking fund payment shall be reduced accordingly.

          Section 12.03. Redemption of Securities for Sinking Fund. Not less than 45 days (or such shorter
period as shall be satisfactory to the Trustee) prior to each sinking fund payment date for any
Securities, the Company will deliver to the Trustee an Officers’ Certificate specifying the amount
of the next ensuing sinking fund payment for such Securities pursuant to the terms of such
Securities, the portion thereof, if any, which is to be satisfied by payment of cash and the
portion thereof, if any, which is to be satisfied by delivering and crediting Securities pursuant
to Section 12.02 and will also deliver to the Trustee any Securities to be so delivered.
Not less than 30 days prior to each such sinking fund payment date, the Trustee shall select the
Securities to be redeemed upon such sinking fund payment date in the manner specified in
Section 11.03 and cause notice of the redemption thereof to be given in the name of and at
the expense of the Company in the manner provided in Section 11.04. Such notice having
been duly given, the redemption of such Securities shall be made upon the terms and in the manner
stated in Section 11.06 and Section 11.07.

ARTICLE XIII

DEFEASANCE AND COVENANT DEFEASANCE

          Section 13.01. Company’s Option to Effect Defeasance or Covenant Defeasance. Unless otherwise
designated pursuant to Section 3.01(15), the Securities of any series of Securities shall
be subject to defeasance or covenant defeasance pursuant to such Section 13.02 or
Section 13.03, in accordance with any applicable requirements provided pursuant to
Section 3.01 and upon compliance with the conditions set forth below in this Article. The
Company may elect, at its option, at any time, to have Section 13.02 or Section
13.03 applied to any Securities or any series of Securities so subject to defeasance or
covenant defeasance. Any such election shall be

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evidenced by a Board Resolution or in another
manner specified as contemplated by Section 3.01 for such Securities.

          Section 13.02. Defeasance and Discharge. Upon the Company’s exercise of its option (if any) to have
this Section applied to any Securities or any series of Securities, as the case may be, the Company
shall be deemed to have been discharged from its obligations with respect to such Securities as
provided in this Section on and after the date the conditions set forth in Section 13.04
are satisfied (hereinafter called “Defeasance”). For this purpose, such Defeasance means that the
Company and the Guarantors of the Securities shall be deemed to have paid and discharged the entire
indebtedness represented by such Securities and to have satisfied all their other respective
obligations under such Securities and this Indenture insofar as such Securities or such Guarantees
are concerned (and the Trustee, at the expense of the Company, shall execute proper instruments
acknowledging the same), subject to the following which shall survive until otherwise terminated or
discharged hereunder: (1) the rights of Holders of such Securities to receive, solely from the
trust fund described in Section 13.04(1) and as more fully set forth in such Section,
payments in respect of the principal of and any premium and interest on such Securities when
payments are due, (2) the obligations of the Company and the Guarantors of the Securities of such
series with respect to such Securities under Section 3.04, Section 3.05,
Section 3.06, Section 10.02 and Section 10.03, (3) the rights, powers,
trusts, duties and immunities of the Trustee hereunder and (4) this Article. Subject to compliance
with this Article, the Company may exercise its option (if any) to have this Section applied to any
Securities notwithstanding the prior exercise of its option (if any) to have Section 13.03
applied to such Securities. Upon the effectiveness of defeasance with respect to any series of
Securities, each Guarantor of the Securities of such series shall (except as provided in clause (2)
of the next preceding sentence) be automatically and unconditionally released and discharged from
all of its obligations under its Guarantee of the Securities of such series and all of its other
obligations under this Indenture in respect of the Securities of such series, without any action by
the Company, any Guarantor or the Trustee and without the consent of the Holders of any Securities.

          Section 13.03. Covenant Defeasance. Upon the Company’s exercise of its option (if any) to have this
Section applied to any Securities or any series of Securities, as the case may be, (1) the Company
shall be released from its obligations under Section 10.04 and any covenants provided
pursuant to Section 3.01(18), Section 9.01(2), Section 9.01(6) or
Section 9.01(7) for the benefit of the Holders of such Securities, and (2) the occurrence
of any event specified in Section 5.01(4) (with respect to Section 10.04 and any
such covenants provided pursuant to Section 3.01(18), Section 9.01(2), Section
9.01(6) or Section 9.01(7) and Section 5.01(8) shall be deemed not to be or
result in an Event of Default, in each case with respect to such Securities as provided in this
Section on and after the date the conditions set forth in Section 13.04 are satisfied
(hereinafter called “Covenant Defeasance”). For this purpose, such Covenant Defeasance means that,
with respect to such Securities, 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 specified
Section (to the extent so specified in the case of Section 5.01(4)), whether directly or
indirectly by reason of any reference elsewhere herein to any such Section or by reason of any
reference in any such Section to any other provision herein or in any other document, but the
remainder of this Indenture and such Securities and any Guarantees thereof shall be unaffected
thereby.

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          Section 13.04. Conditions to Defeasance or Covenant Defeasance. The following shall be the
conditions to the application of Section 13.02 or Section 13.03 to any Securities
or any series of Securities, as the case may be:

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

          (2) In the event of an election to have Section 13.02 apply to any Securities or any
series of Securities, as the case may be, the Company shall have delivered to the Trustee an
Opinion of Counsel stating that (A) the Company has received from, or there has been published by,
the Internal Revenue Service a ruling or (B) since the date of this instrument, there has been a
change in the applicable Federal income tax law, in either case (A) or (B) to the effect that, and
based thereon such opinion shall confirm that, the Holders of such Securities will not recognize
gain or loss for Federal income tax purposes as a result of the deposit, Defeasance and discharge
to be effected with respect to such Securities and will be subject to Federal income tax on the
same amount, in the same manner and at the same times as would be the case if such deposit,
Defeasance and discharge were not to occur.

          (3) In the event of an election to have Section 13.03 apply to any Securities or any
series of Securities, as the case may be, the Company shall have delivered to the Trustee an

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Opinion of Counsel to the effect that the Holders of such Securities will not recognize gain or
loss for Federal income tax purposes as a result of the deposit and Covenant Defeasance to be
effected with respect to such Securities and will be subject to Federal income tax on the same
amount, in the same manner and at the same times as would be the case if such deposit and Covenant
Defeasance were not to occur.

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

          (5) No event which is, or after notice or lapse of time or both would become, an Event of
Default with respect to such Securities or any other Securities (other than such an event or Event
of Default solely with respect to such Securities resulting from the borrowing of funds to be
applied to such deposit) shall have occurred and be continuing at the time of such deposit.

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

          (7) 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 of such Securities
over the other creditors of the Company or with the intent of defeating, hindering, delaying or
defrauding creditors of the Company.

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

          Section 13.05. Deposited Money and U.S. Government Obligations to Be Held in Trust; Miscellaneous
Provisions. Subject to the provisions of the last paragraph of Section 10.03, all
money and U.S. Government Obligations (including the proceeds thereof) deposited with the Trustee
or other qualifying trustee (solely for purposes of this Section and Section 13.06, the
Trustee and any such other trustee are referred to collectively as the “Trustee”) pursuant to
Section 13.04 in respect of any Securities shall be held in trust and applied by the
Trustee, in accordance with the provisions of such Securities and this Indenture, to the payment,
either directly or through any such Paying Agent (including the Company acting as its own Paying
Agent or any Guarantor of the Securities of the applicable series or any Subsidiary or Affiliate of
the Company or any such Guarantor acting as Paying Agent) as the Trustee may determine, to the
Holders of such Securities, of all sums due and to become due thereon in respect of principal and
any premium and interest, but money and U.S. Government Obligations so held in trust need not be
segregated from other funds except to the extent required by law.

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

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

          Section 13.06. Reinstatement. If the Trustee or the Paying Agent is unable to apply any money in
accordance with this Article with respect to any Securities by reason of any order or judgment of
any court or governmental authority enjoining, restraining or otherwise prohibiting such
application, then the respective obligations under this Indenture and such Securities and, if
applicable, Guarantees of such Securities from which the Company and the applicable Guarantors have
been discharged or released pursuant to Section 13.02 or Section 13.03 shall be
revived and reinstated as though no deposit had occurred pursuant to this Article with respect to
such Securities, until such time as the Trustee or Paying Agent is permitted to apply all money
held in trust pursuant to Section 13.05 with respect to such Securities in accordance with
this Article; provided, however, that if the Company or any Guarantor makes any payment of
principal of or any premium or interest on any such Security following such reinstatement of its
obligations, the Company or such Guarantor, as the case may be, shall be subrogated to the rights
(if any) of the Holders of such Securities to receive such payment from the money so held in trust.

ARTICLE XIV

GUARANTEES

          Section 14.01. Guarantees. Securities of any series that are to be guaranteed by the Guarantees of
any Guarantors shall be guaranteed by such Guarantors as shall be established pursuant to
Section 3.01 with respect to the Securities of such series. The Persons who shall
initially be the Guarantors of the Securities of any such series may, but need not, include any or
all of the Initial Guarantors and may include any and all such other Persons as the Company may
determine; provided that, prior to the authentication and delivery upon original issuance of
Securities that are to be guaranteed by a Person that is not an Initial Guarantor, the Company, the
Trustee and such Person shall enter into a supplemental indenture pursuant to Section 9.01
hereof whereby such Person shall become a Guarantor under this Indenture.

          Securities of any series that are to be guaranteed by the Guarantees of any Guarantors shall
be guaranteed in accordance with the terms of such Guarantees as established pursuant to
Section 3.01 with respect to such Securities and such Guarantees thereof and (except as
otherwise specified as contemplated by Section 3.01 for such Securities and such Guarantees
thereof) in accordance with this Article.

          Each Guarantor of any Security hereby fully and unconditionally guarantees to each Holder of
such Security, and to the Trustee on behalf of such Holder and for itself, the due and punctual
payment of the principal of, and premium, if any, and interest, if any, on such Security when and
as the same shall become due and payable, whether at the Stated Maturity, by declaration of
acceleration, call for redemption or otherwise, and all other amounts owed

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hereunder, all in
accordance with the terms of such Security and of this Indenture. In case of the failure of the
Company punctually to make any such payment, such Guarantor hereby agrees to cause such payment to
be made punctually when and as the same shall become due and payable, whether at the Stated
Maturity or by declaration of acceleration, call for redemption or otherwise, and as if such
payment were made by the Company.

          The Guarantor of any Security hereby agrees that its obligations hereunder shall be absolute
and unconditional irrespective of, and shall be unaffected by, any invalidity, irregularity or
unenforceability of such Security or this Indenture, any failure to enforce the provisions of such
Security or this Indenture, or any waiver, modification or indulgence granted to the Company with
respect thereto, by the Holder of such Security or the Trustee or any other circumstance which may
otherwise constitute a legal or equitable discharge or defense of a surety or guarantor; provided,
however, that, notwithstanding the foregoing, no such waiver, modification or indulgence shall,
without the consent of any Guarantor, increase the principal amount of such Security, or increase
the interest rate thereon, change any redemption provisions thereof (including any change to
increase any premium payable upon redemption thereof) or change the Stated Maturity of any payment
thereon, or increase the principal amount of any Original Issue Discount Security that would be due
and payable upon a declaration of acceleration or the maturity thereof pursuant to Section
5.02 of this Indenture.

          The Guarantor of any Security hereby waives the benefits of diligence, presentment, demand for
payment, any requirement that the Trustee or any of the Holders exhaust any right or take any
action against the Company or any other Person, 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 or notice with respect to any Security or the indebtedness evidenced thereby and
all demands whatsoever, and covenants that its obligations hereunder will not be discharged in
respect of such Security except by complete performance of the obligations of such Guarantor
contained in such Security and in this Indenture. Any Guarantee of any Guarantor hereunder shall
constitute a guaranty of payment and not of collection. The Guarantor of any Security hereby
agrees that, in the event of a default in payment of principal, or premium, if any, or interest, if
any, on such Security, whether at its Stated Maturity, by declaration of acceleration, call for
redemption or otherwise, legal proceedings may be instituted by the Trustee on behalf of, or by,
the Holder of such Security, subject to the terms and conditions set forth in this Indenture,
directly against such Guarantor to enforce the obligation of such Guarantor hereunder without first
proceeding against the Company.

          The obligations of the Guarantor of any Security hereunder with respect to such Security shall
be continuing and irrevocable until the date upon which the entire principal of, premium, if any,
and interest, if any, on such Security has been, or has been deemed pursuant to the provisions of
Article Four of this Indenture to have been, paid in full or otherwise discharged.

          The Guarantor of any Security shall be subrogated to all rights of the Holders of such
Security against the Company in respect of any amounts paid by the Guarantor on account of such
Security pursuant to the provisions of this Indenture; provided, however, that such Guarantor shall
not be entitled to enforce or to receive any payments arising out of, or based upon, such right of
subrogation until the principal of, and premium, if any, and interest, if any, on all Securities
issued hereunder that are due and payable shall have been paid in full.

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          The Guarantee by any Guarantor of any Security shall remain in full force and effect and
continue notwithstanding any petition filed by or against the Company for liquidation or
reorganization, the Company becoming insolvent or making an assignment for the benefit of creditors
or a receiver or trustee being appointed for all or any significant part of the Company’s assets,
and shall, to the fullest extent permitted by law, continue to be effective or reinstated, as the
case may be, if at any time payment of such Security, is, pursuant to applicable law, rescinded or
reduced in amount, or must otherwise be restored or returned by any Holder of such Security,
whether as a “voidable preference,” “fraudulent transfer,” or otherwise, all as though such payment
or performance had not been made. In the event that any payment, or any part thereof, is
rescinded, reduced, restored or returned on a Security, such Security shall, to the fullest extent
permitted by law, be reinstated and deemed paid only by such amount paid and not so rescinded,
reduced, restored or returned.

          No Guarantor shall consolidate with or merge into any other Person or sell, convey or transfer
all or substantially all its properties and assets to any Person, and no Guarantor shall permit any
Person to consolidate with or merge into such Guarantor, in each case in a transaction in which the
successor Person formed by such consolidation or merger or to which such sale, conveyance or
transfer is made is an Affiliate of the Company, and no Guarantor shall lease all or substantially
all its properties and assets to any Person (whether or not such an Affiliate), unless, in any such
case:

          (1) in case such Guarantor shall consolidate with or merge into another Person or sell,
convey, transfer or lease all or substantially all its properties and assets to any Person, the
Person formed by such consolidation or into which such Guarantor is merged or the Person which
acquires by sale, conveyance or transfer, or which leases, all or substantially all the properties
and assets of such Guarantor shall be a corporation, partnership or trust, shall be organized and
validly existing under the laws of the United States, any state thereof or the District of Columbia
and shall expressly assume, by an indenture supplemental hereto, executed and delivered to the
Trustee, in form reasonably satisfactory to the Trustee, the performance or observance of every
covenant of this Indenture and any Guarantees on the part of such Guarantor to be performed or
observed;

          (2) immediately after giving effect to such transaction no Event of Default, and no event
which, after notice or lapse of time or both, would become an Event of Default, shall have happened
and be continuing; and

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

          Upon any consolidation of any Guarantor with, or merger of such Guarantor into, any other
Person or any sale, conveyance, transfer or lease of all or substantially all the properties and
assets of such Guarantor in accordance with this paragraph, the successor Person formed by such
consolidation or into which such Guarantor is merged or to which such sale, conveyance, transfer or
lease is made shall succeed to, and be substituted for, and may exercise every right

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and power of,
such Guarantor under this Indenture with the same effect as if such successor Person had been named
as such Guarantor herein, and thereafter, except in the case of a lease, the predecessor Person
shall be relieved of all obligations and covenants under this Indenture and any Guarantees of such
Guarantor.

          Upon (i) a consolidation or merger of any Guarantor with or into, or a sale, conveyance or
transfer of all or substantially all the properties and assets of any Guarantor to, any other
Person or any consolidation or merger of any Person with or into any Guarantor, in each case in a
transaction in which the successor Person formed by such consolidation or merger or to which such
sale, conveyance or transfer is made is not an Affiliate of the Company or (ii) any sale,
conveyance or transfer (including by way of merger) by the Company or any Subsidiary thereof of all
or substantially all the Capital Stock of any Guarantor to any Person that is not an Affiliate of
the Company, such Guarantor shall be deemed to be automatically and unconditionally released and
discharged from all its obligations under its Guarantees and under this Article XIV without
any further action required on the part of the Trustee or any Holder. The Trustee shall deliver an
appropriate instrument evidencing such release and discharge upon receipt of a Company Request
accompanied by an Officers’ Certificate certifying as to the compliance with this paragraph of
Section 14.01. The Company may, at its option, at any time and from time to time, cause
any Guarantor to be automatically and unconditionally released and discharged from all its
obligations under its Guarantees with respect to Securities of all series guaranteed by Guarantees
of such Guarantor and under this Article XIV upon (i) any conditions for such release
provided with respect to Securities of such series in accordance with Section 3.01 having
been satisfied and (ii) delivery by the Company to the Trustee of a Company Order relating to such
release and discharge. The Trustee shall deliver an appropriate instrument evidencing such release
and discharge upon receipt of a Company Request accompanied by an Officers’ Certificate certifying
as to the compliance with this paragraph of Section 14.01.

          Anything in this Indenture, the Securities or any Guarantee to the contrary notwithstanding,
the obligations of any Guarantor under its Guarantees and this Indenture shall be limited to the
maximum amount as will, after giving effect to all other contingent and fixed liabilities of such
Guarantor, result in the obligations of such Guarantor under its Guarantees and this Indenture not
constituting a fraudulent advance or fraudulent transfer under any Bankruptcy Law, the Uniform
Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal, state or
other law affecting the rights of creditors generally.

          No Guarantee by any Guarantor of any Security, whether or not such Guarantee is or is to be
endorsed thereon, shall be valid and obligatory for any purpose with respect to such Security until
the certificate of authentication on such Security shall have been signed by or on behalf of the
Trustee.

ARTICLE XV

SECURITY

          Section 15.01. Security. If so provided pursuant to Section 3.01 with respect to the
Securities of any series, the Securities of such series may be secured by such property, assets or
other collateral as may be specified in or pursuant to Section 3.01. Any and all terms and
provisions applicable to the security for the Securities of such series shall also be provided in
or

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pursuant to Section 3.01, which may include, without limitation, provisions for the
execution and delivery of such security agreements, pledge agreements, collateral agreements and
other similar or related agreements as the Company may elect and which may provide for the Trustee
to act as collateral agent or in a similar or other capacity. The Trustee shall comply with
Sections 313(a)(5) and (6) and 313(b)(1) of the Trust Indenture Act and the Company shall comply
with Sections 314(b), 314(c) and 314(d) of the Trust Indenture Act, in each case in respect of any
secured Securities that may be outstanding hereunder from time to time.

* * * * *

          This instrument may be executed in any number of counterparts, each of which so executed shall
be deemed to be an original, but all such counterparts shall together constitute but one and the
same instrument. The exchange of copies of this Indenture and of signature pages by facsimile or
PDF transmission shall constitute effective execution and delivery of this Indenture as to the
parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of
the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures
for all purposes.

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

	 	 	 	 	 
	HORSEHEAD HOLDING CORP.

 	 	 
	By:  	 	 	 
	 	Its: 	 	 	 
	 	 	 	 
	 
	HORSEHEAD CORPORATION

 	 	 
	By:  	 	 	 
	 	Its: 	 	 	 
	 	 	 	 
	 
	CHESTNUT RIDGE RAILROAD CORP.

 	 	 
	By:  	 	 	 
	 	Its: 	 	 	 
	 	 	 	 
	 
	HORSEHEAD METALS DEVELOPMENT, LLC

 	 	 
	By:  	HORSEHEAD HOLDING CORP.
 	 	 
	 	Its:  Sole Member 	 	 
	 
	By:  	
 	 	 
	 	Its: 	 	 	 
	 	 	 	 
	 
	[TRUSTEE]

 	 	 
	By:  	 	 	 
	 	Its:

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