Document:

EX-10.3

 

EXHIBIT 10.3

SECOND AMENDMENT TO

THE PHOENIX COMPANIES, INC. NON-QUALIFIED DEFERRED COMPENSATION

AND EXCESS INVESTMENT PLAN

As Amended and Restated Effective January 1, 2004

     The Phoenix Companies, Inc. Non-Qualified Deferred Compensation and Excess Investment Plan, as
amended and restated effective January 1, 2004 (the “Plan”), is further amended, effective July 1,
2007, as follows:

	 	1.	 	The last sentence of Section 2.01 of the Plan is amended and restated to read
as follows:
	 
	 	 	 	In the absence of any such designation, the Beneficiary shall be the Participant’s
spouse or domestic partner (as defined in the Savings and Investment Plan) or, if
there is no spouse or domestic partner, the Participant’s estate.
	 
	 	2.	 	Section 2.21 of the Plan is amended in its entirety to read as follows:
	 
	 	 	 	“Participating Employer” means each corporation that has adopted the Plan with the
consent of the Benefit Plans Committee in accordance with Article X.
	 
	 	3.	 	Article II of the Plan is amended to add the following new definitions in
alphabetical order and shall be renumbered accordingly:
	 
	 	 	 	“Benefit” means the amount equal to the sum of a Participant’s Excess Investment
Benefit and Deferred Compensation Benefit.
	 
	 	 	 	“Excess Investment Plan Election” means a Participant’s election to defer a portion
of Excess Earnings as set forth in Section 4.03.
	 
	 	 	 	“Grandfathered Participant” means a Participant designated as a “Grandfathered
Participant” under the Savings and Investment Plan.
	 
	 	 	 	“Years of Service” means the number of “Years of Service” credited to a Participant,
as defined in the Savings and Investment Plan.
	 
	 	4.	 	Section 4.02(c) of the Plan is amended and restated in its entirety to read as
follows:

	 	(c)	 	For the period from July 1, 2003 through June 30, 2007, and continuing
thereafter for Grandfathered Participants only, for each Plan Year with
respect to which a Participant has a deferral election in effect under this
Plan, a matching Company credit equal to one hundred percent (100%) of such
Participant’s contributions, to the extent that such contributions do not
exceed three percent (3%) of Excess Earnings, plus fifty percent (50%)

 

 

	 	 	 	of such Participant’s contributions, to the extent that such contributions
exceed three percent (3%) but do not exceed five percent (5%) of Excess
Earnings.

	 	5.	 	A new Section 4.02(d) is added to the Plan to read as follows:

	 	(d)	 	Effective July 1, 2007, for each Plan Year (including, for
2007, only the period from July 1, 2007 through December 31, 2007) with respect
to which a Participant, other than a Grandfathered Participant, has a deferral
election in effect under this Plan, a matching Company credit equal to the
amounts set forth below:

	 	 	 	 	 
	Years of Service (determined	 	Percentage Match on First 3%	 	Percentage Match on Next 3%
	in whole years as of January	 	of Excess Earnings Deferred	 	of Excess Earnings Deferred
	1 of each Plan Year)	 	by a Participant (i.e., 1%-3%)	 	by a Participant (i.e., 4%-6%)
	0-4
	 	100%
	 	50%
	5-9
	 	100%
	 	100%
	10-14
	 	100%
	 	150%
	15+
	 	150%
	 	150%

	 	 	 	Notwithstanding anything herein to the contrary, in no event may a Participant
change the deferral election in effect under this Plan for the 2007 Plan Year.
	 
	 	6.	 	The last sentence of Section 6.04 is deleted in its entirety.EX-4.1

 

EXHIBIT
4.1

WYNDHAM WORLDWIDE CORPORATION

INDENTURE

Dated as of December 5, 2006

U.S. BANK NATIONAL ASSOCIATION,

Trustee

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	ARTICLE ONE DEFINITIONS AND INCORPORATION BY REFERENCE
	 	 	1	 
	Section 1.01 Definitions
	 	 	1	 
	Section 1.02 Other Definitions
	 	 	7	 
	Section 1.03 Incorporation by Reference of Trust Indenture Act
	 	 	7	 
	Section 1.04 Rules of Construction. Unless the context otherwise requires:
	 	 	7	 
	 
	 	 	 	 
	ARTICLE TWO THE SECURITIES
	 	 	8	 
	Section 2.01 Issuable in Series
	 	 	8	 
	Section 2.02 Establishment of Terms of Series of Securities
	 	 	8	 
	Section 2.03 Denominations; Provisions for Payment
	 	 	11	 
	Section 2.04 Execution and Authentication
	 	 	11	 
	Section 2.05 Registrar and Paying Agent
	 	 	12	 
	Section 2.06 Paying Agent to Hold Money in Trust
	 	 	13	 
	Section 2.07 Holder Lists
	 	 	13	 
	Section 2.08 Transfer and Exchange
	 	 	14	 
	Section 2.09 Mutilated, Destroyed, Lost and Stolen Securities
	 	 	14	 
	Section 2.10 Outstanding Securities
	 	 	15	 
	Section 2.11 Treasury Securities
	 	 	15	 
	Section 2.12 Temporary Securities
	 	 	16	 
	Section 2.13 Cancellation
	 	 	16	 
	Section 2.14 Defaulted Interest
	 	 	16	 
	Section 2.15 Global Securities
	 	 	16	 
	Section 2.16 CUSIP Numbers
	 	 	19	 
	Section 2.17 Benefits of Indenture
	 	 	19	 
	 
	 	 	 	 
	ARTICLE THREE REDEMPTION AND PREPAYMENT
	 	 	19	 
	Section 3.01 Notices to Trustee
	 	 	19	 
	Section 3.02 Selection of Securities to be Redeemed
	 	 	20	 
	Section 3.03 Notice of Redemption
	 	 	20	 
	Section 3.04 Effect of Notice of Redemption
	 	 	21	 
	Section 3.05 Deposit of Redemption Price
	 	 	21	 
	Section 3.06 Securities Redeemed in Part
	 	 	22	 
	 
	 	 	 	 
	ARTICLE FOUR COVENANTS
	 	 	22	 
	Section 4.01 Payment of Securities
	 	 	22	 
	Section 4.02 SEC Reports
	 	 	22	 
	Section 4.03 Compliance Certificate
	 	 	22	 
	Section 4.04 Further Instruments and Acts
	 	 	22	 
	Section 4.05 Corporate Existence
	 	 	23	 
	Section 4.06 Calculation of Original Issue Discount
	 	 	23	 
	Section 4.07 Limitations on Liens
	 	 	23	 
	Section 4.08 Limitations on Sale and Leaseback Transactions
	 	 	23	 
	Section 4.09 Purchase of Securities Upon a Change of Control
	 	 	24	 

 

 

	 	 	 	 	 
	ARTICLE FIVE SUCCESSOR COMPANIES
	 	 	25	 
	Section 5.01 Merger, Consolidation or Sale of Assets
	 	 	25	 
	Section 5.02 Successor Company Substituted
	 	 	26	 
	 
	 	 	 	 
	ARTICLE SIX DEFAULTS AND REMEDIES
	 	 	26	 
	Section 6.01 Events of Default
	 	 	26	 
	Section 6.02 Acceleration
	 	 	27	 
	Section 6.03 Other Remedies
	 	 	28	 
	Section 6.04 Waiver of Past Defaults
	 	 	29	 
	Section 6.05 Control by Majority
	 	 	29	 
	Section 6.06 Limitation on Suits
	 	 	30	 
	Section 6.07 Rights of Holders to Receive Payment
	 	 	30	 
	Section 6.08 Collection Suit by Trustee
	 	 	30	 
	Section 6.09 Trustee May File Proofs of Claim
	 	 	30	 
	Section 6.10 Priorities
	 	 	31	 
	Section 6.11 Undertaking for Costs
	 	 	31	 
	Section 6.12 Waiver of Stay or Extension Laws
	 	 	31	 
	 
	 	 	 	 
	ARTICLE SEVEN TRUSTEE
	 	 	31	 
	Section 7.01 Duties of Trustee
	 	 	31	 
	Section 7.02 Rights of Trustee
	 	 	33	 
	Section 7.03 Individual Rights of Trustee
	 	 	34	 
	Section 7.04 Trustee’s Disclaimer
	 	 	34	 
	Section 7.05 Notice of Defaults
	 	 	34	 
	Section 7.06 Reports by Trustee to Holder
	 	 	34	 
	Section 7.07 Compensation and Indemnity
	 	 	35	 
	Section 7.08 Replacement of Trustee
	 	 	35	 
	Section 7.09 Successor Trustee by Merger
	 	 	36	 
	Section 7.10 Eligibility; Disqualification
	 	 	36	 
	Section 7.11 Preferential Collection of Claims Against Company
	 	 	37	 
	 
	 	 	 	 
	ARTICLE EIGHT LEGAL DEFEASANCE, COVENANT DEFEASANCE AND SATISFACTION AND DISCHARGE
	 	 	37	 
	Section 8.01 Option to Effect Legal Defeasance or Covenant Defeasance
	 	 	37	 
	Section 8.02 Legal Defeasance and Discharge
	 	 	37	 
	Section 8.03 Covenant Defeasance
	 	 	37	 
	Section 8.04 Conditions to Legal or Covenant Defeasance
	 	 	38	 
	Section 8.05 Deposited Money and Government Securities to be Held in Trust; Other
Miscellaneous Provisions 
	 	 	39	 
	Section 8.06 Repayment to Company
	 	 	40	 
	Section 8.07 Reinstatement
	 	 	40	 
	Section 8.08 Satisfaction and Discharge of Indenture
	 	 	40	 
	 
	 	 	 	 
	ARTICLE NINE AMENDMENTS
	 	 	41	 
	Section 9.01 Without Consent of Holders
	 	 	41	 
	Section 9.02 With Consent of Holders
	 	 	42	 
	Section 9.03 Compliance with Trust Indenture Act
	 	 	43	 

ii

 

	 	 	 	 	 
	Section 9.04 Revocation and Effect of Consents and Waivers
	 	 	43	 
	Section 9.05 Notation on or Exchange of Securities
	 	 	44	 
	Section 9.06 Trustee to Sign Amendments
	 	 	44	 
	Section 9.07 Payment for Consent
	 	 	44	 
	 
	 	 	 	 
	ARTICLE TEN MISCELLANEOUS
	 	 	44	 
	Section 10.01 Trust Indenture Act Controls
	 	 	44	 
	Section 10.02 Notices
	 	 	44	 
	Section 10.03 Communication by Holders with Other Holders
	 	 	45	 
	Section 10.04 Certificate and Opinion as to Conditions Precedent
	 	 	45	 
	Section 10.05 Statements Required in Certificate or Opinion
	 	 	45	 
	Section 10.06 Rules by Trustee, Paying Agent and Registrar
	 	 	46	 
	Section 10.07 Legal Holidays
	 	 	46	 
	Section 10.08 Governing Law
	 	 	46	 
	Section 10.09 No Recourse Against Others
	 	 	46	 
	Section 10.10 Successors
	 	 	46	 
	Section 10.11 Multiple Originals
	 	 	46	 
	Section 10.12 Table of Contents; Headings
	 	 	46	 
	Section 10.13 Severability
	 	 	47	 

iii

 

CROSS-REFERENCE TABLE*

	 	 	 	 	 	 	 
	Trust Indenture Act Section	 	Indenture Section
	310

	 	(a)(1)
	 	 	7.10	 
	 

	 	(a)(2)
	 	 	7.10	 
	 

	 	(a)(3)
	 	Not Applicable

	 

	 	(a)(4)
	 	Not Applicable

	 

	 	(a)(5)
	 	 	7.10	 
	 

	 	(b)
	 	 	7.10	 
	 

	 	(c)
	 	Not Applicable

	311

	 	(a)
	 	 	7.11	 
	 

	 	(b)
	 	 	7.11	 
	 

	 	(c)
	 	Not Applicable

	312

	 	(a)
	 	 	2.07	 
	 

	 	(b)
	 	 	10.03	 
	 

	 	(c)
	 	 	10.03	 
	313

	 	(a)
	 	 	7.06	 
	 

	 	(b)(1)
	 	Not Applicable

	 

	 	(b)(2)
	 	 	7.06	 
	 

	 	(c)
	 	 	7.06	 
	 

	 	(d)
	 	 	7.06	 
	314

	 	(a)
	 	 	4.02;4.03	 
	 

	 	(b)
	 	Not Applicable

	 

	 	(c)(1)
	 	 	10.04	 
	 

	 	(c)(2)
	 	 	10.04	 
	 

	 	(c)(3)
	 	Not Applicable

	 

	 	(d)
	 	Not Applicable

	 

	 	(e)
	 	 	10.05	 
	 

	 	(f)
	 	Not Applicable

	315

	 	(a)
	 	 	7.01	 
	 

	 	(b)
	 	 	7.05	 
	 

	 	(c)
	 	 	7.01	 
	 

	 	(d)
	 	 	7.01	 
	 

	 	(e)
	 	 	6.11	 
	316

	 	(a)(last sentence)
	 	 	2.11	 
	 

	 	(a)(1)(A)
	 	 	6.05	 
	 

	 	(a)(1)(B)
	 	 	6.04	 
	 

	 	(a)(2)
	 	Not Applicable

	 

	 	(b)
	 	 	6.07	 
	 

	 	(c)
	 	 	2.15	 
	317

	 	(a)(1)
	 	 	6.08	 
	 

	 	(a)(2)
	 	 	6.09	 
	 

	 	(b)
	 	 	2.06	 
	318

	 	(a)
	 	 	10.01	 
	 

	 	(b)
	 	Not Applicable

	 

	 	(c)
	 	 	10.01	 

 

			
	*	 	This Cross-Reference Table is not part of the Indenture.

iv

 

     INDENTURE dated as of December 5, 2006, between WYNDHAM WORLDWIDE CORPORATION, a Delaware
corporation, and U.S. BANK NATIONAL ASSOCIATION, a national banking association organized and in
good standing under the laws of the United States, as trustee.

     The Company and the Trustee agree as follows for the benefit of each other and for the equal
and ratable benefit of the Holders of the securities issued under this Indenture (the
“Securities”):

ARTICLE ONE

DEFINITIONS AND INCORPORATION BY REFERENCE

     Section 1.01 Definitions.  

     For all purposes under this Indenture and any supplemental indenture hereto, except as
otherwise expressly provided or unless the context otherwise requires, the following terms shall
have the following meanings:

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

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

     “Attributable Debt” means, with regard to a sale and leaseback arrangement of a
Principal Property, an amount equal to the lesser of: (a) the fair market value of the property (as
determined in good faith by the Board of Directors of the Company); or (b) the present value of the
total net amount of rent payments to be made under the lease during its remaining term (including
any period for which such lease has been extended and excluding any unexercised renewal or other
extension options exercisable by the lessee, and excluding amounts on account of maintenance and
repairs, services, taxes and similar charges and contingent rents), discounted at the rate of
interest set forth or implicit in the terms of the lease (or, if not practicable to determine such
rate, the weighted average interest rate per annum borne by the Securities of the applicable Series
then outstanding), compounded semi-annually.

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

     “Below Investment Grade Rating Event” means the Securities are rated below an
Investment Grade Rating by each of the Rating Agencies on any date from the date of the public
notice of an arrangement that could result in a Change of Control until the end of the 60-day
period following public notice of the occurrence of the Change of Control (which 60-day period
shall be extended so long as the rating of the Securities is under publicly announced consideration
for possible downgrade by any of the Rating Agencies).

 

 

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

     “Board Resolution” means a copy of a resolution certified by the Secretary or an
Assistant Secretary of the Company to have been adopted by the Board of Directors or pursuant to
authorization by the Board of Directors and to be in full force and effect on the date of the
certificate and delivered to the Trustee.

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

     “Capital Stock” of any Person means any and all shares, interests, rights to purchase,
warrants, options, participations or other equivalents of or interests in (however designated)
equity of such Person, including any preferred stock, but excluding any debt securities convertible
into such equity.

     “Change of Control” means the occurrence of any of the following: (i) the direct or
indirect sale, transfer, conveyance or other disposition (other than by way of merger or
consolidation), in one or a series of related transactions, of all or substantially all of the
properties or assets of the Company and its subsidiaries taken as a whole to any “person” (as that
term is used in Section 13(d)(3) of the Exchange Act) other than the Company or one of its
subsidiaries; (ii) the adoption of a plan relating to the liquidation or dissolution of the
Company; (iii) the consummation of any transaction (including, without limitation, any merger or
consolidation) the result of which is that any “person” (as defined above), becomes the beneficial
owner, directly or indirectly, of 50% or more of the total voting power of all shares of the
Company’s Capital Stock entitled to vote generally in elections of directors; or (iv) the first day
on which a majority of the members of the Company’s Board of Directors are not Continuing
Directors.

     “Change of Control Triggering Event” means the occurrence of both a Change of Control
and a Below Investment Grade Rating Event.

     “Clearstream” means Clearstream Banking, société anonyme, or any successor thereto.

     “Company” means Wyndham Worldwide Corporation, and any and all successors thereto.

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

     “Consolidated Net Worth” means, as of any date of determination, all items which in
conformity with GAAP would be included under stockholders’ equity on a consolidated balance sheet
of the Company and its Subsidiaries at such date.

     “Continuing Directors” means, as of any date of determination, any member of the Board
of Directors of the Company who (i) was a member of such Board of Directors on the date of this
Indenture; or (ii) was nominated for election or elected to such Board of Directors with the

2

 

approval of a majority of the Continuing Directors who were members of such Board of Directors
at the time of such nomination or election.

     “Corporate Trust Office of the Trustee” shall be the address of the Trustee specified
in Section 10.02 hereof or such other address as to which the Trustee may give notice to
the Company.

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

     “Definitive Security” means a certificated Security registered in the name of the
Holder thereof and issued in accordance with Section 2.08 hereof.

     “Depositary” means, with respect to Securities issuable or issued in whole or in part
in global form, the Person specified pursuant to Section 2.15 hereof as the Depositary with
respect to those Securities, and any and all successors thereto appointed as depositary hereunder
and having become such pursuant to the applicable provision of this Indenture.

     “Dollar” means a dollar or other equivalent unit in such coin or currency of the
United States as at the time shall be legal tender for the payment of public and private debt.

     “Euroclear” means Euroclear Bank S.A./N.V., as operator of the Euroclear System, or
any successor thereto.

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

     “GAAP” means generally accepted accounting principles in the United States of America.

     “Global Security” when used with respect to any Series of Securities issued hereunder,
means a Security which is executed by the Company and authenticated and delivered by the Trustee to
the Depositary or pursuant to the Depositary’s instruction, all in accordance with this Indenture
and an indenture supplemental hereto, if any, or Board Resolution and pursuant to a Company Order,
which shall be registered in the name of the Depositary or its nominee and which shall represent,
and shall be denominated in an amount equal to the aggregate principal amount of, all the
outstanding Securities of such Series or any portion thereof, in either case having the same terms,
including, without limitation, the same original issue date, date or dates on which principal is
due, and interest rate or method of determining interest and which shall bear the legend as
prescribed by Section 2.15(c).

     “Global Security Legend” means the legend set forth in Section 2.15(c), which
is required to be placed on all Global Securities issued under this Indenture.

     “Government Securities” means direct obligations of, or obligations guaranteed by, the
United States of America and the payment for which the United States of America pledges its full
faith and credit.

3

 

     “Holder” means a Person in whose name a Security is registered on the Registrar’s
books.

     “Indebtedness” of any Person means, without duplication, (i) any obligation of such
Person for money borrowed, (ii) any obligation of such Person evidenced by bonds, debentures, notes
or other similar instruments and (iii) any reimbursement obligation of such Person in respect of
letters of credit or other similar instruments which support financial obligations which would
otherwise become Indebtedness.

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

     “Interest Payment Date” when used with respect to any Series of Securities, means the
date specified in such Securities for the payment of any installment of interest on those
Securities.

     “Investment Grade Rating” means a rating equal to or higher than Baa3 (or the
equivalent) by Moody’s and BBB- (or the equivalent) by S&P.

     “Lien” means any pledge, mortgage, lien, encumbrance or other security interest.

     “Maturity,” when used with respect to any Security or installment of principal
thereof, means the date on which the principal of such Security or such 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, notice of option to elect repayment or otherwise.

     “Moody’s” means Moody’s Investors Service, Inc., and its successors.

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

     “Officers’ Certificate” means a certificate signed on behalf of the Company by two
Officers of the Company, one of whom must be the principal executive officer, the principal
financial officer or the principal accounting officer of the Company, that meets the requirements
of Section 10.04 and Section 10.05 hereof.

     “Opinion of Counsel” means an opinion from legal counsel, that meets the requirements
of Section 10.04 and Section 10.05 hereof. The counsel may be an employee of or
counsel to the Company or any Subsidiary of the Company or reasonably acceptable to the Trustee.

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

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

4

 

     “Permitted Liens” means:

     (a) Liens existing on the date Securities are first issued hereunder;

     (b) Liens on any property or any Indebtedness of a Person existing at the time the Person
becomes a Subsidiary of the Company (whether by acquisition, merger or consolidation) which were
not incurred in anticipation thereof;

     (c) Liens in favor of the Company or its Subsidiaries;

     (d) Liens existing at the time of acquisition of the assets encumbered thereby which were not
incurred in anticipation of such acquisition;

     (e) purchase money Liens which secure Indebtedness that does not exceed the cost of the
purchased property;

     (f) Liens on real property acquired after the date on which the Securities are first issued
which secure Indebtedness incurred to acquire such real property or improve such real property so
long as (i) such Indebtedness is incurred on the date of acquisition of such real property or
within 180 days of the acquisition of such real property; (ii) such Liens secure Indebtedness in an
amount no greater than the purchase price or improvement price, as the case may be, of such real
property so acquired; and (iii) such Liens do not extend to or cover any property of the Company or
any Restricted Subsidiary other than the real property so acquired; and

     (g) Extensions, renewals or replacements of any of the foregoing types of Liens; so long as
the principal amount of Indebtedness secured thereby shall not exceed the amount of Indebtedness
existing at the time of such extension, renewal or replacement.

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

     “Principal Property” means an asset or assets owned by the Company or any Restricted
Subsidiary having a gross book value in excess of $50,000,000.

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

     “Registration Rights Agreement” means the registration rights agreement dated December
5, 2006, by and among the Company and the initial purchasers named therein relating to the
Securities.

5

 

     “Responsible Officer” with respect to the Trustee, means any officer of the Trustee
having direct responsibility for the administration of this Indenture, or any other officer of the
Trustee to whom any corporate trust matter is referred because of such Person’s knowledge of and
familiarity with the particular subject.

     “Restricted Subsidiary” means a Subsidiary of the Company (other than a Securitization
Entity) which (i) is owned, directly or indirectly, by the Company or by one or more of its
Subsidiaries, or by the Company and one or more of its Subsidiaries, (ii) is incorporated under the
laws of the United States or a state thereof and (iii) owns a Principal Property.

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

     “SEC” means the Securities and Exchange Commission.

     “Securities” has the meaning assigned to it in the preamble to this Indenture.

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

     “Securitization Entity” means any Subsidiary or other Person engaged solely in the
business of effecting asset securitization transactions and related activities.

     “Series” or “Series of Securities” means each series of debentures, notes or
other debt instruments of the Company created pursuant to Section 2.01 and Section
2.02 hereof.

     “Significant Subsidiary” means any Subsidiary that would be a “Significant Subsidiary”
of the Company within the meaning of Rule 1-02 under Regulation S-X promulgated by the SEC, other
than a Securitization Entity.

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

     “Subsidiary” of any Person means (i) a corporation a majority of the outstanding
voting stock of which is at the time, directly or indirectly, owned by such Person, by one or more
Subsidiaries of such Person, or by such Person and one or more Subsidiaries thereof or (ii) any
other Person (other than a corporation), including, without limitation, a partnership or joint
venture, in which such Person, one or more Subsidiaries thereof, or such Person and one or more
Subsidiaries thereof, directly or indirectly, at the date of determination thereof, has at least
majority ownership interest entitled to vote in the election of directors, managers or trustees
thereof (or other persons performing similar functions).

     “TIA” means the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb), as amended,
and the rules and regulations thereunder as in effect on the date on which this Indenture is
qualified under the TIA, except as provided in Section 9.03.

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

     Section 1.02 Other Definitions. 

	 	 	 	 	 
	Term	 	Defined in Section
	“Change of Control Offer”
	 	 	4.09	 
	“Change of Control Payment”
	 	 	4.09	 
	“Change of Control Payment Date”
	 	 	4.09	 
	“Covenant Defeasance”
	 	 	8.03	 
	“Event of Default”
	 	 	6.01	 
	“Legal Defeasance”
	 	 	8.02	 
	“Legal Holiday”
	 	 	10.07	 
	“Paying Agent”
	 	 	2.05	 
	“Registrar”
	 	 	2.05	 
	“Service Agent”
	 	 	2.05	 
	“Successor Company”
	 	 	5.01	 

     Section 1.03 Incorporation by Reference of Trust Indenture Act. This Indenture is
subject to the mandatory provisions of the TIA, which are incorporated by reference in and made a
part of this Indenture. The following TIA terms used in this Indenture have the following
meanings:

     “indenture securities” means the Securities;

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

     “indenture to be qualified” means this Indenture;

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

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

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

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

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

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

          (3) “or” is not exclusive;

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

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

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

ARTICLE TWO

THE SECURITIES

     Section 2.01 Issuable in Series. The aggregate principal amount of Securities that
may be authenticated and delivered under this Indenture is unlimited. The Securities may be issued
in one or more Series. All Securities of a Series shall be identical except as may be set forth in
a Board Resolution, a supplemental indenture or an Officers’ Certificate detailing the adoption of
the terms thereof pursuant to the authority granted under a Board Resolution. In the case of
Securities of a Series to be issued from time to time, the Board Resolution, supplemental indenture
or Officers’ Certificate may provide for the method by which specified terms (such as interest
rate, maturity date, record date or date from which interest shall accrue) are to be determined.
Securities may differ between Series in respect of any matters.

     Section 2.02 Establishment of Terms of Series of Securities. At or prior to the
issuance of any Securities within a Series, the following shall be established (as to the Series
generally, in the case of Section 2.02(a) and either as to such Securities within the
Series or as to the Series generally in the case of Section 2.02(b) through Section
2.02(w)) by a Board Resolution, a supplemental indenture or an Officers’ Certificate pursuant
to authority granted under a Board Resolution:

     (a) the title of the Securities of the Series (which shall distinguish the Securities of that
particular Series from the Securities of any other Series);

     (b) 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);

     (c) the date or dates on which the principal and premium of the Securities of the Series are
payable;

     (d) the rate or rates (which may be fixed or variable) at which the Securities of the Series
shall bear interest, if any, or the method of determining such rate or rates, the date or dates
from which such interest, if any, shall accrue, the Interest Payment Dates on which such interest,
if any, shall be payable or the method by which such dates will be determined, the record dates for

8

 

the determination of Holders thereof to whom such interest is payable (in the case of Securities in
registered form), and the basis upon which such interest will be calculated if other than that of a
360 day year of twelve 30 day months;

     (e) the currency or currencies, including composite currencies in which Securities of the
Series shall be denominated, if other than Dollars, the place or places, if any, in addition to or
instead of the Corporate Trust Office of the Trustee (in the case of Securities in registered form)
or the principal New York office of the Trustee (in the case of Securities in bearer form), where
the principal, premium and interest with respect to Securities of such Series shall be payable or
the method of such payment, if by wire transfer, mail or other means;

     (f) the price or prices at which, the period or periods within 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 or otherwise;

     (g) whether Securities of the Series are to be issued in registered form or bearer form or
both and, if Securities are to be issued in bearer form, whether coupons will be attached to them,
whether Securities of the Series in bearer form may be exchanged for Securities of the Series
issued in registered form, and the circumstances under which and the places at which any such
exchanges, if permitted, may be made;

     (h) if any Securities of the Series are to be issued in bearer form or as one or more Global
Securities representing individual Securities of the Series in bearer form, whether certain
provisions for the payment of additional interest or tax redemptions shall apply; whether interest
with respect to any portion of a temporary Security of the Series in bearer form payable with
respect to any Interest Payment Date prior to the exchange of such temporary Security in bearer
form for definitive Securities of the Series in bearer form shall be paid to any clearing
organization with respect to the portion of such temporary Security in bearer form held for its
account and, in such event, the terms and conditions (including any certification requirements)
upon which any such interest payment received by a clearing organization will be credited to the
Persons entitled to interest payable on such Interest Payment Date; and the terms upon which a
temporary Security in bearer form may be exchanged for one or more definitive Securities of the
Series in bearer form;

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

     (j) the terms, if any, upon which the Securities of the Series may be convertible into or
exchanged for any of the Company’s common stock, preferred stock, other debt securities or warrants
for common stock, preferred stock or other securities of any kind, and the terms and
conditions upon which such conversion or exchange shall be effected, including the initial
conversion or exchange price or rate, the conversion or exchange period and any other additional
provisions;

9

 

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

     (l) if the amount of principal, premium or interest with respect to the Securities of the
Series may be determined with reference to an index or pursuant to a formula, the manner in which
such amounts will be determined;

     (m) if the principal amount payable at the Stated Maturity of Securities of the Series will
not be determinable as of any one or more dates prior to such Stated Maturity, the amount that will
be deemed to be such principal amount as of any such date for any purpose, including the principal
amount thereof which will be due and payable upon any Maturity other than the Stated Maturity and
which will be deemed to be outstanding as of any such date (or, in any such case, the manner in
which such deemed principal amount is to be determined), and if necessary, the manner of
determining the equivalent thereof in Dollars;

     (n) any changes or additions to Article Eight;

     (o) if other than the principal amount thereof, the portion of the principal amount of the
Securities of the Series that shall be payable upon declaration of acceleration of the maturity
thereof pursuant to Section 6.02;

     (p) the terms, if any, of the transfer, mortgage, pledge or assignment as security for the
Securities of the Series of any properties, assets, moneys, proceeds, securities or other
collateral, including whether certain provisions of the TIA are applicable and any corresponding
changes to provisions of this Indenture as then in effect;

     (q) any addition to or 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 Series of
Securities to declare the principal amount of, premium, if any, and interest on such Series of
Securities due and payable pursuant to Section 6.02;

     (r) if the Securities of the Series shall be issued in whole or in part in the form of a
Global Security, the terms and conditions, if any, upon which such Global Security may be exchanged
in whole or in part for other individual Definitive Securities of such Series, the Depositary for
such Global Security and the form of any legend or legends to be borne by any such Global Security
in addition to or in lieu of the Global Securities Legend;

     (s) any Trustee, authenticating agent, Paying Agent, transfer agent, Service Agent or
Registrar;

     (t) the applicability of, and any addition to or change in, the covenants (and the related
definitions) set forth in Articles Four or Five which applies to Securities of the Series;

     (u) with regard to Securities of the Series that do not bear interest, the dates for certain
required reports to the Trustee;

     (v) the terms applicable to Original Issue Discount Securities, including the rate or rates at
which original issue discount will accrue;

10

 

     (w) any other terms of Securities of the Series (which terms shall not be prohibited by the
provisions of this Indenture).

     All Securities of any one Series need not be issued at the same time and may be issued from
time to time, consistent with the terms of this Indenture, if so provided by or pursuant to the
Board Resolution, supplemental indenture or Officers’ Certificate referred to above, and the
authorized principal amount of any Series may be increased to provide for issuances of additional
Securities of such Series, unless otherwise provided in such Board Resolution, supplemental
indenture or Officers’ Certificate.

     Section 2.03 Denominations; Provisions for Payment. The Securities shall be issuable,
except as otherwise provided with respect to any series of Securities pursuant to Section
2.02, as registered Securities in the denominations of one thousand Dollars ($1,000) or any
integral multiple thereof, subject to Section 2.02(e) and Section 2.02(k). The
Securities of any Series shall bear interest payable on the dates and at the rate specified with
respect to that Series. Unless otherwise provided as contemplated by Section 2.02 with
respect to Securities of any Series, 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 Dollars. Such payment shall be made at the office or agency of the Company maintained
for that purpose in New York, New York. Each Security shall be dated the date of its
authentication. Unless otherwise provided as contemplated by Section 2.02, 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.

     Unless otherwise set forth in a Board Resolution, a supplemental indenture or an Officers’
Certificate establishing the terms of any Series of Securities pursuant to Section 2.02
hereof, the term “regular record date” as used in this Section with respect to Securities of any
Series with respect to any Interest Payment Date for such Series shall mean either (i) the
fifteenth day of the month immediately preceding the month in which an Interest Payment Date
established for such series pursuant to Section 2.02 hereof shall occur, if such Interest
Payment Date is the first day of a month or (ii) the first day of the month in which an Interest
Payment Date established for such Series pursuant to Section 2.02 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 Authentication. One or more Officers shall sign the
Securities for the Company by manual or facsimile signature. If an Officer whose signature is on a
Security no longer holds that office at the time the Security is authenticated, the Security shall
nevertheless be valid. A Security shall not be valid until authenticated by the manual signature

11

 

of the Trustee or an authenticating agent. The signature shall be conclusive evidence that the
Security has been authenticated under this Indenture. The Securities may contain such notations,
legends or endorsements required by law, stock exchange rule or usage.

     The Trustee shall at any time, and from time to time, authenticate Securities for original
issue in the principal amount provided in the Board Resolution, supplemental indenture hereto or
Officers’ Certificate, upon receipt by the Trustee of a Company Order. Each Security shall be
dated the date of its authentication.

     The aggregate principal amount of Securities of any Series outstanding at any time may not
exceed any limit upon the maximum principal amount for such Series set forth in the Board
Resolution, supplemental indenture hereto or Officers’ Certificate delivered pursuant to
Section 2.02, except as provided in Section 2.09.

     Prior to the issuance of Securities of any Series, the Trustee shall have received and
(subject to Section 7.02) shall be fully protected in relying on: (a) the Board Resolution,
supplemental indenture hereto or Officers’ Certificate establishing the form of the Securities of
that Series or of Securities within that Series and the terms of the Securities of that Series or
of Securities within that Series, (b) an Officers’ Certificate complying with Section 10.04
and Section 10.05, and (c) an Opinion of Counsel complying with Section 10.04 and
Section 10.05.

     The Trustee shall have the right to decline to authenticate and deliver any Securities of such
Series: (a) if the Trustee, being advised by counsel of its selection, determines that such action
may not lawfully be taken; or (b) if the Trustee in good faith by its board of directors or
trustees, executive committee or a trust committee of directors shall determine that such action
would expose the Trustee to personal liability to Holders of any then outstanding Series of
Securities.

     The Trustee may appoint an authenticating agent acceptable to the Company to authenticate
Securities. An authenticating agent may authenticate Securities whenever the Trustee may do so.
Each reference in this Indenture to authentication by the Trustee includes authentication by such
agent. An authenticating agent has the same rights as an Agent to deal with the Company or an
Affiliate of the Company.

     Section 2.05 Registrar and Paying Agent. So long as Securities of any Series remain
outstanding, the Company agrees to maintain an office or agency in New York, New York (or any other
place or places specified with respect to such Series pursuant to Section 2.02), where
Securities of such Series may be presented or
surrendered for payment (“Paying Agent”), where Securities of such Series may be presented for
registration of transfer or exchange (“Registrar”) and where notices and demands to or upon the
Company in respect of the Securities of such Series and this Indenture may be served (“Service
Agent”). The Registrar shall keep a register with respect to each Series of Securities and to
their transfer and exchange. The Company will give prompt written notice to the Trustee of the
name and address, and any change in the name or address, of each office or agency, Registrar,
Paying Agent or Service Agent. If at any time the Company shall fail to maintain any such required
office or agency, Registrar, Paying Agent or Service Agent or shall fail to furnish the Trustee
with the name and address thereof, such presentations, surrenders, notices and demands may be made
or served at the Corporate Trust

12

 

Office of the Trustee, and the Company 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 co-registrars, additional paying
agents or additional service agents 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 obligations to maintain a Registrar, Paying Agent and Service Agent in
each place so specified pursuant to Section 2.02 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 name or address of any such co-registrar, additional paying
agent or additional service agent. The term “Registrar” includes any co-registrar; the
term “Paying Agent” includes any additional paying agent; and the term “Service
Agent” includes any additional service agent.

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

     Section 2.06 Paying Agent to Hold Money in Trust. The Company shall require each
Paying Agent, other than the Trustee, to agree in writing that the Paying Agent will hold in trust,
for the benefit of Holders of any Series of Securities, or the Trustee, all money held by the
Paying Agent for the payment of principal of or interest on the Series of Securities, and will
promptly notify the Trustee of any default by the Company in making any such payment. While any
such default continues, the Trustee may require a Paying Agent to pay all money held by it to the
Trustee. Notwithstanding anything in this Section to the contrary, (i) the agreement to hold sums
in trust as provided in this Section 2.06 is subject to the provisions of Section
8.06, 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 any Paying Agent to the Trustee, such Paying Agent
(if other than the Company or a Subsidiary) shall be released from all further liability with
respect to the money. If the Company or a Subsidiary of the Company acts as Paying Agent, it shall
segregate and hold in a separate trust fund for the benefit of Holders of any Series of Securities
all money held by it as Paying Agent.

     Section 2.07 Holder Lists. (a) The Trustee shall preserve in as current a form as is
reasonably practicable the most recent list available to it of the names and addresses of Holders
of each Series of Securities and shall otherwise comply with TIA § 312(a). If the Trustee is not
the Registrar, the Company shall furnish to the Trustee at least ten days before each Interest
Payment Date and at such other times as the Trustee may request in writing a list, in such form and
as of such date as the Trustee may reasonably require, of the names and addresses of Holders of
each Series of Securities.

     (b) The Trustee may destroy any list furnished to it as provided in Section 2.07(a)
upon receipt of a new list so furnished.

13

 

     Section 2.08 Transfer and Exchange. When Securities of a Series are presented to the
Registrar or a co-registrar with a request to register a transfer or to exchange them for an equal
principal amount of Securities of the same Series, the Registrar shall register the transfer or
make the exchange if its requirements for such transactions are met. To permit registrations of
transfers and exchanges, the Trustee shall authenticate Securities at the Registrar’s request. No
service charge shall be made for any registration of transfer or exchange (except as otherwise
expressly permitted herein), but the Company or the Trustee may require payment of a sum sufficient
to cover any transfer tax or similar governmental charge payable in connection therewith (other
than any such transfer tax or similar governmental charge payable upon exchanges pursuant to
Section 2.12, Section 3.06 or Section 9.05).

     Neither the Company nor the Registrar shall be required (a) to issue, register the transfer
of, or exchange Securities of any Series during the period beginning at the opening of business
fifteen days immediately preceding the mailing of a notice of redemption of Securities of that
Series selected for redemption and ending at the close of business on the day of such mailing, or
(b) to register the transfer or exchange of Securities of any Series selected, called or being
called for redemption as a whole or the portion being redeemed of any such Securities selected,
called or being called for redemption in part.

     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 Registrar) by a written
instrument or instruments of transfer, in form satisfactory to the Company or the Registrar, duly
executed by the Holder or by such Holder’s duly authorized attorney in writing.

     The provisions of this Section 2.08 are, with respect to any Global Security, subject
to Section 2.15 hereof.

     Section 2.09 Mutilated, Destroyed, Lost and Stolen Securities. If any mutilated
Security is surrendered to the Trustee, the Company shall execute and the Trustee shall
authenticate and deliver in exchange therefor a new Security of the same Series and of like tenor
and principal amount and bearing a number not contemporaneously outstanding.

     If there shall be delivered to the Company and the Trustee (i) evidence to their satisfaction
of the destruction, loss or theft of any Security and (ii) such security or indemnity as may be
required by them to save each of them and any agent of either of them harmless, then, in the
absence of notice to the Company or the Trustee that such Security has been acquired by a protected
purchaser, the Company shall execute and upon its request the Trustee shall authenticate and make
available for delivery, in lieu of any such destroyed, lost or stolen 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 stolen 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 (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 may be required by them to save each of them and any agent of either of them

14

 

harmless, and, in
case of destruction, loss or theft, evidence to their satisfaction of the destruction, loss or
theft of such Security and of the ownership thereof.

     Upon the issuance of any new Security under this Section 2.09, 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 2.09 in lieu of any
destroyed, lost or stolen Security shall constitute an original additional contractual obligation
of the Company, whether or not the destroyed, lost or stolen 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 2.09 are exclusive and shall preclude (to the extent
lawful) any and all other rights and remedies, notwithstanding any law or statute existing or
hereafter enacted to the contrary, with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Securities, negotiable instruments or other securities.

     Section 2.10 Outstanding Securities. The Securities outstanding at any time are all
the Securities authenticated by the Trustee except for those canceled by it, those delivered to it
for cancellation, those reductions in the interest on a Global Security effected by the Trustee in
accordance with the provisions hereof and those described in this Section 2.10 as not
outstanding.

     If a Security is replaced pursuant to Section 2.09, it ceases to be outstanding until
the Trustee receives proof satisfactory to it that the replaced Security is held by a protected
purchaser.

     If the Paying Agent (other than the Company, a Subsidiary of the Company or an Affiliate of
any thereof) holds on the Maturity of Securities of a Series money sufficient to pay such
Securities payable on that date, then on and after that date such Securities of the Series cease to
be outstanding and interest on them ceases to accrue.

     A Security does not cease to be outstanding because the Company or an Affiliate holds the
Security.

     In determining whether the Holders of the requisite principal amount of outstanding Securities
have given any request, demand, authorization, direction, notice, consent or waiver hereunder, the
principal amount of an Original Issue Discount Security that shall be deemed to be outstanding for
such purposes shall be the amount of the principal thereof that would be due and payable as of the
date of such determination upon a declaration of acceleration of the Maturity thereof pursuant to
Section 6.02.

     Section 2.11 Treasury Securities. In determining whether the Holders of the required
principal amount of Securities of a Series have concurred in any request, demand, authorization,
direction, notice, consent or waiver, Securities of a Series owned by the Company or an Affiliate
of the Company shall be disregarded and deemed not to be outstanding, except that for the

15

 

purposes
of determining whether the Trustee shall be protected in relying on any such request, demand,
authorization, direction, notice, consent or waiver only Securities of a Series that a Responsible
Officer of the Trustee actually knows are so owned shall be so disregarded. Subject to the
foregoing, only Securities outstanding at the time shall be considered in any such determination.

     Section 2.12 Temporary Securities. Until Definitive Securities are ready for
delivery, the Company may prepare and the Trustee shall authenticate temporary Securities upon a
Company Order. Temporary Securities shall be substantially in the form of Definitive Securities
but may have variations that the Company considers appropriate for temporary Securities. Without
unreasonable delay, the Company shall prepare and the Trustee upon request shall authenticate
Definitive Securities of the same Series and date of maturity in exchange for temporary Securities.
Until so exchanged, temporary Securities shall have the same rights under this Indenture as the
Definitive Securities.

     Section 2.13 Cancellation. The Company at any time may deliver Securities to the
Trustee for cancellation. The Registrar and the Paying Agent shall forward to the Trustee any
Securities surrendered to them for registration of transfer, exchange or payment. Upon the written
request of the Company, the Trustee shall cancel all Securities surrendered for transfer, exchange,
payment, replacement or cancellation and shall dispose of such canceled Securities according to its
normal operating procedures (subject to the record retention requirement of the Exchange Act) and
deliver a certificate of such disposition to the Company. The Company may not issue new Securities
to replace Securities that it has paid or delivered to the Trustee for cancellation.

     Section 2.14 Defaulted Interest. If the Company defaults in a payment of interest on
a Series of Securities, it shall pay the defaulted interest, plus, to the extent permitted by law,
any interest payable on the defaulted interest, to the persons who are Holders of the Series on a
subsequent special record date. The Company shall fix the record date and payment date. At least
30 days before the record date, the
Company shall mail to the Trustee and to each Holder of the Series a notice that states the
record date, the payment date and the amount of interest to be paid. The Company may pay defaulted
interest in any other lawful manner.

     Section 2.15 Global Securities.

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

     (b) Transfer and Exchange. Notwithstanding any provisions to the contrary contained in
Section 2.08 and in addition thereto, any Global Security shall be exchangeable pursuant to
Section 2.08 for Securities registered in the names of Holders other than the Depositary
for such Security or its nominee only if (i) such Depositary notifies the Company that it is
unwilling or unable to continue as Depositary for such Global Security or if at any time such
Depositary ceases to be a clearing agency registered under the Exchange Act, and, in either case,
the Company fails to appoint a successor Depositary within 90 days of such event, (ii) the Company

16

 

executes and delivers to the Trustee an Officers’ Certificate to the effect that such Global
Security shall be so exchangeable or (iii) an Event of Default with respect to the Securities
represented by such Global Security shall have occurred and be continuing. Any Global Security
that is exchangeable pursuant to the preceding sentence shall be exchangeable for Securities
registered in such names as the Depositary shall direct in writing in an aggregate principal amount
equal to the principal amount of the Global Security with like tenor and terms.

     Except as provided in this Section 2.15(b), a Global Security may only be transferred
in whole but not in part (i) by the Depositary with respect to such Global Security to a nominee of
such Depositary, (ii) by a nominee of such Depositary to such Depositary or another nominee of such
Depositary or (iii) by the Depositary or any such nominee to a successor Depositary or a nominee of
such a successor Depositary.

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

     “THIS SECURITY IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS SECURITY)
OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE
TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (A) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS
MAY BE REQUIRED PURSUANT TO SECTION 2.04 OF THE INDENTURE, (B) THIS SECURITY MAY BE EXCHANGED IN
WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.15(B) OF THE INDENTURE, (C) THIS SECURITY MAY BE
DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.13 OF THE INDENTURE AND (D) EXCEPT
AS OTHERWISE PROVIDED IN SECTION 2.15(B) OF THE INDENTURE, THIS SECURITY MAY BE TRANSFERRED, IN
WHOLE BUT NOT IN PART, ONLY (X) BY THE DEPOSITARY TO A
NOMINEE OF THE DEPOSITARY, (Y) BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER
NOMINEE OF THE DEPOSITARY OR (Z) BY THE DEPOSITARY OR ANY NOMINEE TO A SUCCESSOR DEPOSITARY OR TO A
NOMINEE OF SUCH SUCCESSOR DEPOSITARY.”

     (d) Acts of Holders. (i) Any request, demand, authorization, direction, notice, consent,
waiver or other action provided by this Indenture to be given 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 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 is hereby expressly required, to the Company. Such instrument or
instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred
to as the “Act” of 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 conclusive in favor of the Trustee and the Company, if made in the manner provided in
this Section.

          (ii) 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

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that the individual
signing such instrument or writing acknowledged to such officer the execution thereof. Where such
execution is by a signer acting in a capacity other than such signer’s individual capacity, such
certificate or affidavit shall also constitute sufficient proof of such signer’s 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.

          (iii) The ownership of bearer securities may be proved by the production of such bearer
securities or by a certificate executed by any trust company, bank, banker or other depositary,
wherever situated, if such certificate shall be deemed by the Trustee to be satisfactory, showing
that at the date therein mentioned such Person had on deposit with such depositary, or exhibited to
it, the bearer securities therein described; or such facts may be proved by the certificate or
affidavit of the Person holding such bearer securities, if such certificate or affidavit is deemed
by the Trustee to be satisfactory. The Trustee and the Company may assume that such ownership of
any bearer security continues until (A) another such certificate or affidavit bearing a later date
issued in respect of the same bearer security is produced, (B) such bearer security is produced to
the Trustee by some other Person, (C) such bearer security is surrendered in exchange for a
registered security or (D) such bearer security is no longer outstanding. The ownership of bearer
securities may also be proved in any other manner which the Trustee deems sufficient.

          (iv) The ownership of registered securities shall be proved by the register maintained by the
Registrar.

          (v) 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 in reliance thereon, whether or not notation of such action is made upon
such Security.

          (vi) If the Company shall solicit from the Holders any request, demand, authorization,
direction, notice, consent, waiver or other Act, the Company may, at its option, by or pursuant to
a Board Resolution, fix in advance a record date for the determination of Holders entitled to give
such request, demand, authorization, direction, notice, consent, waiver or other Act, 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 Act may be given before or after such
record date, but only the Holders of record at the close of business on such record date shall be
deemed to be Holders for the purposes of determining whether Holders of the requisite proportion of
outstanding Securities have authorized or agreed or consented to such request, demand,
authorization, direction, notice, consent, waiver or other Act, and for that purpose the
outstanding Securities shall be computed as of such record date; provided that no such
authorization, agreement or consent by the Holders on such 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.

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     The Depositary, as a Holder, may appoint agents and otherwise authorize Participants to give
or take any request, demand, authorization, direction, notice, consent, waiver or other action
which a Holder is entitled to give or take under the Indenture.

     (e) Payments. Notwithstanding the other provisions of this Indenture, unless otherwise
specified as contemplated by Section 2.02, payment of the principal of and interest, if
any, on any Global Security shall be made to the Holder thereof.

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

     Section 2.16 CUSIP Numbers. The Company in issuing the Securities may use “CUSIP” or
“ISIN” numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP” or “ISIN”
numbers in notices of redemption as a convenience to Holders; provided that neither the Company nor
the Trustee shall have any responsibility for any defect in the “CUSIP” or “ISIN” number that
appears on any Security, check, advice of payment or redemption notice, 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 a redemption and that reliance may be placed only on
the other elements of identification printed on the Securities, and any such redemption shall not
be affected by any defect in or omission of such numbers. The Company shall promptly notify the
Trustee in writing of any change in “CUSIP” or “ISIN” numbers.

     Section 2.17 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,
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.

ARTICLE THREE

REDEMPTION AND PREPAYMENT

     Section 3.01 Notices to Trustee. The Company may, with respect to any Series of
Securities, reserve the right to redeem and pay the Series of Securities or may covenant to redeem
and pay the Series of Securities or any part thereof prior to the Stated Maturity thereof at such
time and on such terms as provided for in such Series of Securities. If a Series of Securities is
redeemable and the Company wants or is obligated to redeem prior to the Stated Maturity thereof all
or part of the Series of Securities pursuant to the terms of such Securities, it shall notify the
Trustee in writing of the redemption date and the principal amount of Securities of the Series to
be redeemed and the redemption price. The Company shall give such notice to the Trustee at least
35 but no more that 60 days before the redemption date (or such shorter notice as may be acceptable
to the Trustee).

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     Section 3.02 Selection of Securities to be Redeemed. Unless otherwise indicated for a
particular Series of Securities by a Board Resolution, a supplemental indenture or an Officers’
Certificate, if less than all of the Securities are to be redeemed or purchased in an offer to
purchase at any time, the Trustee shall select the Securities to be redeemed or purchased as
follows:

          (1) if the Securities are listed on any national securities exchange (the Company agrees to
notify the Trustee in writing of any such listing in accordance with Section 7.06 of this
Indenture), in compliance with the requirements of the principal national securities exchange on
which the Securities are listed; or

          (2) if the Securities are not listed on any national securities exchange, on a pro rata basis,
by lot or by such other method as the Trustee shall deem fair and appropriate.

     No Securities of $1,000 of principal amount or less will be redeemed in part. Except as
provided in the preceding sentence, provisions of this Indenture that apply to Securities called
for redemption also apply to portions of Securities called for redemption. The Trustee shall make
the selection at least 30 days but not more than 60 days before the redemption date from
outstanding Securities of a Series not previously called for redemption.

     If any Security is to be redeemed in part only, the notice of redemption that relates to such
Security shall state the portion of the principal amount of that Security to be redeemed. A new
Security in principal amount equal to the unredeemed portion of the original Security presented for
redemption will be issued in the name of the Holder thereof upon cancellation of the original
Security. Securities called for redemption become irrevocably due on the date fixed for redemption
at the applicable redemption price, plus accrued and unpaid interest to the
redemption date. On and after the redemption date, unless the Company defaults in making the
applicable redemption payment, interest ceases to accrue or accrete on Securities or portions of
them called for redemption.

     Section 3.03 Notice of Redemption. Unless otherwise provided for a particular Series
of Securities by a Board Resolution, a supplemental indenture or an Officers’ Certificate, at least
30 days but not more than 60 days before a redemption date, the Company shall mail or cause to be
mailed, by first class mail, a notice of redemption to each Holder whose Securities are to be
redeemed at its registered address.

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

          (1) the redemption date;

          (2) the redemption price or the appropriate method of calculation of the redemption price,
which in each case will include interest accrued and unpaid to the date fixed for redemption;

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

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

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

          (6) that, unless the Company defaults in making such redemption payment, or the Paying Agent
is prohibited from making such payment pursuant to the terms of this Indenture, interest on
Securities (or portion thereof) called for redemption ceases to accrue on and after the redemption
date;

          (7) the paragraph of the Securities and/or provision of this Indenture or any supplemental
indenture pursuant to which the Securities called for redemption are being redeemed;

          (8) the CUSIP or ISIN number, if any, printed on the Securities being redeemed; and

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

     At the Company’s request, the Trustee shall give the notice of redemption in the Company’s
name and at its expense; provided, however, that the Company shall have delivered
to the Trustee, at least 35 days prior to the redemption date, an Officers’ Certificate requesting
that the Trustee give such notice and setting forth the information to be stated in such
notice as required by this Section 3.03.

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

     Failure to give notice or any defect in the notice to any Holder shall not affect the validity
of the notice to any other Holder.

     Section 3.05 Deposit of Redemption Price. Prior to 10:00 a.m. (New York City time) on
the redemption date, the Company shall deposit with the Trustee or with the Paying Agent (or, if
the Company or a Subsidiary of the Company is the Paying Agent, shall segregate and hold in trust)
money sufficient to pay the redemption price of, and accrued interest on, all Securities to be
redeemed on that date. The Trustee or the Paying Agent shall as promptly as practicable return to
the Company any money deposited with the Trustee or the Paying Agent by the Company in excess of
the amounts necessary to pay the redemption price of, and accrued interest on, all Securities to be
redeemed. If such money is then held by the Company in trust and is not required for such purpose
it shall be discharged from such trust.

     If the Company complies with the provisions of the preceding paragraph, on and after the
redemption date, interest shall cease to accrue on the Securities or the portions of Securities
called for redemption. If a Security is redeemed on or after an interest record date but on or
prior to the related interest payment date, then any accrued and unpaid interest shall be paid to
the

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Person in whose name such Security was registered at the close of business on such record date.
If any Security called for redemption shall not be so paid upon surrender for redemption because
of the failure of the Company to comply with the preceding paragraph, interest shall be paid on the
unpaid principal, from the redemption date until such principal is paid, and, to the extent lawful,
on any interest not paid on such unpaid principal, in each case at the rate provided in the
Securities.

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

ARTICLE FOUR

COVENANTS

     Section 4.01 Payment of Securities. The Company covenants and agrees for the benefit of the Holders of each Series of
Securities that it will duly and punctually make all payments in respect of each Series of
Securities on the dates and in the manner provided in such Series of Securities and this Indenture.
Such payments shall be considered made on the date due if on such date the Trustee or the Paying
Agent holds, in accordance with this Indenture, money sufficient to make all payments with respect
to such Securities then due and the Trustee or the Paying Agent, as the case may be, is not
prohibited from paying such money to the Holders on that date pursuant to the terms of this
Indenture.

     Section 4.02 SEC Reports. At any time that the Company is subject to the reporting
requirements of Section 13 or 15(d) of the Exchange Act, so long as any Securities are outstanding,
the Company shall furnish to the Trustee and make available on its website copies of such annual
reports and such information, documents and other reports as are specified in Sections 13 and 15(d)
of the Exchange Act and applicable to a U.S. corporation (and not a foreign private issuer) subject
to such Sections, within 15 days after the date specified for the filing with the SEC of such
information, documents and reports under such Sections.

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

     Section 4.03 Compliance Certificate. The Company shall deliver to the Trustee within
120 days after the end of each fiscal year of the Company an Officers’ Certificate stating whether
or not the signers know of any Default that occurred during such period. If they do, the
certificate shall describe the Default, its status and what action the Company is taking or
proposes to take with respect thereto. The Company also shall comply with TIA § 314(a)(4).

     Section 4.04 Further Instruments and Acts. The Company shall execute and deliver to
the Trustee such further instruments and do such further acts as may be required by applicable

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law or as may be reasonably necessary or proper to carry out more effectively the purpose of this
Indenture.

     Section 4.05 Corporate Existence. Except as permitted in Article Five hereof, the
Company shall do or cause to be done all things necessary to preserve and keep in full force and
effect:

          (1) its corporate existence in accordance with the organizational documents (as the same may
be amended from time to time) of the Company and

          (2) the rights (charter and statutory), licenses and franchises of the Company and its
Significant Subsidiaries; provided, however, that the Company shall not be required
to preserve any such right, license or franchise if the Board of Directors shall determine that the
preservation thereof is no longer desirable in the conduct of the business of the Company and its
Subsidiaries, taken as a whole, and that the loss thereof is not adverse in any material respect to
the Holders of the Securities.

     Section 4.06 Calculation of Original Issue Discount. If applicable to any outstanding
Securities, 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. Such calculation is provided to the Trustee
for informational purposes only and the Trustee has no duty or obligation to take action or
investigate further.

     Section 4.07 Limitations on Liens. (a) The Company shall not, and shall not permit
any of its Restricted Subsidiaries to, directly or indirectly, incur, assume or guarantee any
Indebtedness secured by a Lien on any of its or any of its Subsidiaries’ capital stock, properties
or assets, other than Permitted Liens, unless it has made or will make effective provision whereby
the Securities of each Series will be secured by such Lien equally and ratably with (or prior to)
the Indebtedness of the Company or any Restricted Subsidiary secured by such Lien for so long as
such Indebtedness is secured. Any such Lien created pursuant to this Section 4.07 will be
automatically and unconditionally released and discharged upon the release and discharge of the
Lien to which it relates.

     (b) Notwithstanding paragraph (a) of this Section 4.07, the Company and its Restricted
Subsidiaries may, without securing the Securities of any series, directly or indirectly, incur,
assume or guarantee Indebtedness that would otherwise be subject to paragraph (a) if the sum of (i)
the aggregate of all Indebtedness secured by such Liens and (ii) any Attributable Debt related to
any permitted sale and leaseback arrangement does not at any one time exceed the greater of (i) 25%
of Consolidated Net Worth calculated as of the date of the creation or incurrence of the Lien and
(ii) $300 million.

     Section 4.08 Limitations on Sale and Leaseback Transactions. The Company shall not,
and shall not permit any of its Restricted Subsidiaries to, enter into any arrangement with any
Person to lease a Principal Property (except for any arrangements that exist on the date the

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Securities are issued or that exist at the time any Person that owns a Principal Property becomes a
Restricted Subsidiary) which has been or is to be sold by the Company or the Restricted Subsidiary
to the Person unless:

     (a) the sale and leaseback arrangement involves a lease for a term of not more than three
years;

     (b) the sale and leaseback arrangement is entered into between the Company and a Subsidiary of
the Company or between Subsidiaries of the Company;

     (c) the Company or the Restricted Subsidiary would be entitled to incur Indebtedness secured
by a Lien on the Principal Property at least equal in amount to the Attributable Debt associated
with such Principal Property without having to secure equally and ratably the Securities pursuant
to Section 4.07 hereof;

     (d) the proceeds of the sale and leaseback arrangement are at least equal to the fair market
value (as determined by the Board of Directors of the Company in good faith) of the property and
the Company applies within 180 days after the sale an amount equal to the greater of the net
proceeds of the sale or the Attributable Debt associated with the property to (i) the retirement of
long-term debt for borrowed money that is not subordinated to the Securities and that is not debt
to the Company or a Subsidiary of the Company, or (ii) the purchase or development of other
comparable property; or

     (e) the sale and leaseback arrangement is entered into within 180 days after the initial
acquisition of the Principal Property subject to the sale and leaseback arrangement.

     Section 4.09 Purchase of Securities Upon a Change of Control. Upon the occurrence
of a Change of Control Triggering Event, unless the Company has exercised its right to redeem the
Securities as provided in Article Three, each Holder shall have the right to require the Company to
repurchase all or any part (equal to $1,000 or an integral multiple thereof) of each Holder’s
Securities pursuant to the offer described in this Section 4.09 (the “Change of Control
Offer”) at a purchase price equal to 101% of the aggregate principal amount thereof plus accrued
and unpaid interest, if any, to the date of purchase (the “Change of Control Payment”). Within 30
days following any Change of Control Triggering Event, the Company shall mail a notice to each
Holder describing the transaction or transactions that constitute the Change of Control Triggering
Event and offering to repurchase the Securities on the date specified in the notice, which date
will be no earlier than 30 days and no later than 60 days from the date such notice is mailed (the
“Change of Control Payment Date”), pursuant to the procedures required by this Section 4.09
and described in such notice. To the extent that the provisions of any securities laws or
regulations conflict with this Section 4.09, the Company will comply with the applicable
securities laws and regulations and will not be deemed to have breached its obligations under this
Section 4.09 by virtue of such conflict.

     (b) On the Change of Control Payment Date, the Company shall, to the extent lawful, (i) accept
for payment all Securities or portions thereof properly tendered pursuant to the Change of Control
Offer, (ii) deposit with the Paying Agent an amount equal to the Change of Control Payment in
respect of all Securities or portions thereof properly tendered and (iii) deliver or

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cause to be
delivered to the Trustee the Securities properly accepted together with an Officers’ Certificate
stating the aggregate principal amount of Securities or portions thereof being purchased by the
Company and the amount to be paid by the Paying Agent. The Paying Agent shall promptly mail to each
Holder of Securities properly tendered the Change of Control Payment for such Securities, and the
Trustee shall promptly authenticate and mail (or cause to be transferred by book entry) to each
Holder a new Security equal in principal amount to any
unpurchased portion of the Securities surrendered by such Holder, if any; in denominations as
set forth herein. The Company shall publicly announce the results of the Change of Control Offer on
or as soon as practicable after the Change of Control Payment Date. The Company will not be
required to make a Change of Control Offer upon a Change of Control Triggering Event if a third
Person makes the Change of Control Offer in the manner, at the times and otherwise in compliance
with the requirements set forth in this Section 4.09 applicable to a Change of Control
Offer made by the Company and purchases all Securities properly tendered and not withdrawn under
such Change of Control Offer.

ARTICLE FIVE

SUCCESSOR COMPANIES

     Section 5.01 Merger, Consolidation or Sale of Assets. Unless otherwise provided for a
particular Series of Securities by a Board Resolution, a supplemental indenture or an Officers’
Certificate, the Company shall be permitted to consolidate or merge with another entity or to sell,
convey, assign, transfer, lease or otherwise dispose of all or substantially all of its assets to
another entity, subject to its meeting all of the following conditions:

          (1) either (A) the Company shall be the continuing Person (in the case of a merger) or (B) the
successor Person (if other than the Company) formed by such consolidation or into which the Company
is merged or which acquires by sale, conveyance, assignment, transfer, lease or other disposition
all or substantially all the properties and assets of the Company shall be a corporation,
partnership, limited liability company or trust organized and existing under the laws of the United
States of America or any state thereof and shall expressly assume, by an indenture (or indentures,
if at such time there is more than one Trustee) supplemental hereto, executed by such successor
Person and delivered to the Trustee, in form reasonably satisfactory to the Trustee, the Company’s
obligations for the due and punctual payment of the principal of, any premium and interest on, and
any other amounts with respect to, all Securities then outstanding and the due and punctual
performance and observance of every obligation in this Indenture and the Securities then
outstanding on the part of the Company to be performed or observed;

          (2) immediately after giving effect to such transaction, no Event of Default shall have
occurred and be continuing; and

          (3) the Company or the Successor Person shall have delivered to the Trustee, in form and
substance reasonably satisfactory to the Trustee, an Officers’ Certificate and an Opinion of
Counsel, each stating that such consolidation, amalgamation, merger, sale, conveyance, assignment,
transfer, lease or other disposition and such supplemental indenture comply with this Article Five.

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     Section 5.02 Successor Company Substituted. (a) In case of any such consolidation,
amalgamation, merger, sale, conveyance, assignment, transfer, lease 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 due and punctual payment of the principal of, premium, if any, and interest on
all of the Securities of all series outstanding and the due and punctual performance of all of the
covenants and conditions of this Indenture or established with respect to each series of the
Securities pursuant to Section 2.02 to be performed by the Company with respect to each
series, such successor entity 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 it had been named as the
Company herein, and thereupon the predecessor entity shall be relieved of all obligations and
covenants under this Indenture and the Securities.

     (b) In case of any such consolidation, amalgamation, merger, sale, conveyance, assignment,
transfer, lease 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 Indenture or in any of the Securities shall prevent the Company
from merging into itself or acquiring by purchase or otherwise all or any part of the property of
any other Person (whether or not affiliated with the Company).

ARTICLE SIX

DEFAULTS AND REMEDIES

     Section 6.01 Events of Default. Unless otherwise indicated for a particular Series of
Securities by a Board Resolution, a supplemental indenture hereto, or an Officers’ Certificate,
each of the following constitutes an “Event of Default” with respect to each Series of Securities:

          (1) the Company fails to pay interest (including additional interest, if any) when due on the
Securities of such Series within 30 days of when such amount becomes due and payable;

          (2) the Company fails to pay the principal of or any premium on any Security of such Series
when such amount becomes due and payable, at its maturity, or upon its acceleration or redemption;

          (3) the Company remains in breach of a covenant or warranty in respect of this Indenture or in
the Securities of such Series (other than a covenant included in this Indenture solely for the
benefit of Securities of another Series) for 60 days after the Company receives a written notice of
default; the notice must be sent by either the Trustee or Holders of at least 25% in principal
amount of the outstanding Securities;

          (4) Indebtedness of the Company or any of its Subsidiaries of at least $50,000,000 in
aggregate principal amount is accelerated which acceleration has not been rescinded or annulled
after 30 days notice thereof;

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

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               (A) commences a voluntary case;

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

               (C) consents to the appointment of a Custodian of it or for any substantial part of its
property; or

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

or takes any comparable action under any foreign laws relating to insolvency;

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

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

               (B) appoints a Custodian of the Company or for any substantial part of its property; or

               (C) orders the winding up or liquidation of the Company;

or any similar relief is granted under any foreign laws and the order or decree remains unstayed
and in effect for 60 days; or

          (7) any other Event of Default with respect to Securities of such Series.

     The foregoing will constitute Events of Default whatever the reason for any such Event of
Default and whether it is voluntary or involuntary or is effected by operation of law or pursuant
to any judgment, decree or order of any court or any order, rule or regulation of any
administrative or governmental body.

     The term “Custodian” means, for the purposes of this Article Six, any receiver, trustee,
assignee, liquidator, custodian or similar official under any Bankruptcy Law.

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

     Section 6.02 Acceleration. (a) Except as provided in Section 6.03(b), if an
Event of Default with respect to any Series of Securities at the time outstanding (other than an
Event of Default specified in Section 6.01(5) or (6)) occurs and is continuing, the
Trustee or the Holders of at least 25% in aggregate principal amount of the outstanding Securities
of that Series by notice to the Company in writing (and to the Trustee, if given by Holders of such
Securities of such Series), may declare the principal amount of (or, in the case of Original Issue
Discount Securities of that Series, the portion thereby specified in the terms of such Security),
premium, if any, and accrued and unpaid interest on all the Securities of that Series to be due and
payable.

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Upon such a declaration, such amounts shall be due and payable immediately. If an Event of Default specified in Section
6.01(5) or (6) occurs, the principal amount of (or, in the case of Original Issue
Discount Securities of that Series, the portion thereby specified in the terms of such Security),
premium, if any, and accrued and unpaid interest on all the Securities of each Series of Securities
shall ipso facto become and be immediately due and payable without any declaration or other act on
the part of the Trustee or any Holder.

     (b) At any time after the principal of the Securities of any Series of Securities shall have
been so declared due and payable (or have become immediately 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 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, and waive such Event of Default, 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 7.07, and (ii) any and all Events of Default under the
Indenture with respect to such Series of Securities, other than the nonpayment of principal (or, in
the case of Original Issue Discount Securities of that Series, the portion thereby specified in the
terms of such Security) of Securities of that Series that shall not have become due by their terms,
shall have been remedied or waived as provided in Section 6.04. No such rescission shall
affect any subsequent Default or impair any right consequent thereto.

     Section 6.03 Other Remedies. (a) Except as provided in Section 6.03(b), if an
Event of Default with respect to any Series of Securities occurs and is continuing, the Trustee may
pursue any available remedy to collect the payment of the principal amount of (or, in the case of
Original Issue Discount Securities of that Series, the portion thereby specified in the terms of
such Security), premium, if any, and accrued and unpaid interest on the Securities of that Series
or to enforce the performance of any provision of the Securities of that Series or this Indenture.

     The Trustee may institute and maintain a suit or legal proceeding even if it does not possess
any of the Securities of a Series or does not produce any of them in the proceeding. A delay or
omission by the Trustee or any Holder in exercising any right or remedy accruing upon an Event of
Default with respect to any Series of Securities shall not impair the right or remedy or constitute
a waiver of or acquiescence in the Event of Default. No remedy is exclusive of any other remedy.
All available remedies are cumulative.

     (b) To the extent elected by the Company, the sole remedy for an Event of Default relating to
the failure to comply with the reporting obligations specified in Section 4.02, and for any
failure to comply with the requirements of § 314(a)(1) of the TIA, shall for the first 60 days
after the occurrence of such an Event of Default consist exclusively of the right to receive
additional interest on the Securities at an annual rate equal to 0.25% of the principal amount of
the Securities. This additional interest will be in addition to any additional interest that
may accrue under the Registration Rights Agreement and will be payable in the same manner as

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additional interest accruing under the Registration Rights Agreement. The additional interest will
accrue on all outstanding Securities from and including the date on which an Event of Default
relating to a failure to comply with the reporting obligations specified in Section 4.02
first occurs to but not including the 60th day thereafter (or such earlier date on which the Event
of Default relating to the reporting obligations shall have been cured or waived). On such 60th
day (or earlier, if the Event of Default relating to the reporting obligations is cured or waived
prior to such 60th day), such additional interest will cease to accrue and, if the Event of Default
relating to the reporting obligations has not been cured or waived prior to such 60th day, the
Securities shall be subject to an acceleration of maturity as provided in Section 6.02(a).
The provisions of this Section 6.03(b) will not affect the rights of Holders in the event
of the occurrence of any other Event of Default and will have no effect on the rights of Holders
under the Registration Rights Agreement; provided, however, that in no event will
the rate of additional interest accruing pursuant to this Section 6.03(b) and the
Registration Rights Agreement at any time exceed 1.00% per annum, in the aggregate. In the event
the Company does not elect to pay additional interest upon an Event of Default in accordance with
this Section 6.03(b), the Securities shall be subject to an acceleration of maturity as
provided in Section 6.02(a).

     If the Company elects to pay additional interest as the sole remedy for an Event of Default
relating to the failure to comply with the reporting obligations specified in Section 4.02,
and for any failure to comply with the requirements of § 314(a)(1) of the TIA in accordance with
this Section 6.03(b), the Company shall notify all Holders and the Trustee and Paying Agent
of such election on or before the close of business on the date on which such Event of Default
first occurs.

     Section 6.04 Waiver of Past Defaults. Subject to Section 6.02, the Holders of
a majority in principal amount of the Securities of any Series by notice to the Trustee may waive
an existing Default and its consequences except (i) a Default in the payment of the principal
amount of (or, in the case of Original Issue Discount Securities of that Series, the portion
thereby specified in the terms of such Security), premium, if any, and accrued and unpaid interest
on a Security of that Series, (ii) a Default arising from the failure to redeem or purchase any
Security of that Series when required pursuant to the terms of this Indenture or (iii) a Default in
respect of a provision that under Section 9.02 cannot be amended without the consent of
each Holder of that Series affected. When a Default is waived, it is deemed cured, but no such
waiver shall extend to any subsequent or other Default or impair any consequent right.

     Section 6.05 Control by Majority. The Holders of a majority in principal amount of
the outstanding Securities of any Series may direct the time, method and place of conducting any
proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on
the Trustee with respect to that Series. However, the Trustee may refuse to follow any direction
that conflicts with law or this Indenture or, subject to Section 7.01, that the Trustee
determines is unduly prejudicial to the rights of any other Holder of that Series or that would
subject the Trustee to personal liability;
provided, however, that the Trustee may take any other action deemed proper by the Trustee
that is not inconsistent with such direction. Prior to taking any action hereunder, the Trustee
shall be entitled to indemnity satisfactory to it against all losses and expenses caused by taking
or not taking such action.

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     Section 6.06 Limitation on Suits. Except to enforce the right to receive payment of
the principal amount of (or, in the case of Original Issue Discount Securities, the portion thereby
specified in the terms of such Security), premium, if any, and accrued and unpaid interest on a
Security of any Series when due, no Holder of a Security of that Series may pursue any remedy with
respect to this Indenture or the Securities of that Series unless:

          (i) the Holder previously gave the Trustee written notice stating that an Event of Default
with respect to that Series is continuing;

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

          (iii) such Holder or Holders of that Series offer to the Trustee indemnity satisfactory to the
Trustee against any loss, liability or expense;

          (iv) the Trustee does not comply with the request within 60 days after receipt of the request
and the offer of security or indemnity; and

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

     A Holder of Securities of any Series may not use this Indenture to prejudice the rights of
another Holder of that Series or to obtain a preference or priority over another Holder of that
Series (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 6.07 Rights of Holders to Receive Payment. Notwithstanding any other
provision of this Indenture, the right of any Holder to receive payment of the principal amount of
(or, in the case of Original Issue Discount Securities, the portion thereby specified in the terms
of such Security), premium, if any, and accrued and unpaid interest on the Securities held by such
Holder, on or after their Maturity, or to bring suit for the enforcement of any such payment on or
after their Maturity, shall not be impaired or affected without the consent of such Holder.

     Section 6.08 Collection Suit by Trustee. If an Event of Default specified in
Section 6.01(1) or Section 6.01(2) occurs and is continuing, the Trustee may
recover judgment in its own name and as trustee of an express trust
against the Company for the whole amount then due and owing (together with interest on any
unpaid interest to the extent lawful) and the amounts provided for in Section 7.07.

     Section 6.09 Trustee May File Proofs of Claim. The Trustee may file such proofs of
claim and other papers or documents as may be necessary or advisable in order to have the claims of
the Trustee and the Holders allowed in any judicial proceedings relative to the Company, its
creditors or its property and, unless prohibited by law or applicable regulations, may vote on
behalf of the Holders in any election of a trustee in bankruptcy or other Person performing similar
functions, and any Custodian in any such judicial proceeding is hereby authorized by each Holder to
make payments to the Trustee and, in the event that the Trustee shall consent to the making of such
payments directly to the Holders, to pay to the Trustee any

30

 

amount due it for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and its counsel, and
any other amounts due the Trustee under Section 7.07.

     Section 6.10 Priorities. If the Trustee collects any money or property pursuant to
this Article Six with respect to any Series of Securities, it shall pay out the money or property
in the following order:

     FIRST: to the Trustee for amounts due under Section 7.07;

     SECOND: to Holders for amounts due and unpaid on the Securities of that Series for the
principal amount of (or, in the case of Original Issue Discount Securities of that Series, the
portion thereby specified in the terms of such Security), premium, if any, and accrued and unpaid
interest, ratably, without preference or priority of any kind, according to the amounts due and
payable on the Securities of that Series for the principal amount of (or, in the case of Original
Issue Discount Securities of that Series, the portion thereby specified in the terms of such
Security), premium, if any, and accrued and unpaid interest, respectively; and

     THIRD: to the Company.

     The Trustee may fix a record date and payment date for any payment to Holders pursuant to this
Section. At least 15 days before such record date, the Trustee shall mail to each Holder and the
Company a notice that states the record date, the payment date and amount to be paid.

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

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

ARTICLE SEVEN

TRUSTEE

     Section 7.01 Duties of Trustee. (a) If an Event of Default has occurred and is
continuing with respect to any Series of Securities, the Trustee shall exercise the rights and
powers vested in it by this Indenture and use the same degree of care and skill in its exercise

31

 

thereof as a prudent Person would exercise or use under the circumstances in the conduct of such
Person’s own affairs.

     (b) Except during the continuance of an Event of Default with respect to any Series of
Securities:

          (1) the Trustee undertakes to perform such duties and only such duties as are specifically set
forth in this Indenture with respect to the Securities of that Series, as modified or supplemented
by a Board Resolution, a supplemental indenture hereto or an Officers’ Certificate and 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, with respect to Securities of
that Series, conclusively rely, as to the truth of the statements and the correctness of the
opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming
to the requirements of this Indenture. However, in the case of any such certificates or opinions
which by any provision hereof are specifically required to be furnished to the Trustee, the Trustee
shall examine the certificates and opinions to determine whether or not they conform to the
requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical
calculations or other facts stated therein).

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

          (1) this paragraph does not limit the effect of paragraph (b) 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 is proved that the Trustee was negligent in ascertaining the
pertinent facts; and

          (3) the Trustee shall not be liable with respect to any action it takes or omits to take in
good faith in accordance with a direction received by it pursuant to Section 6.05.

     (d) Every provision of this Indenture that in any way relates to the Trustee is subject to
paragraphs (a), (b) and (c) of this Section.

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

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

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

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     (h) Every provision of this Indenture relating to the conduct or affecting the liability of or
affording protection to the Trustee shall be subject to the provisions of this Section and to the
provisions of the TIA.

     Section 7.02 Rights of Trustee. (a) The Trustee may conclusively rely on and shall be
fully protected by any document believed by it to be genuine and to have been signed or presented
by the proper Person. The Trustee need not investigate any fact or matter stated in the document.

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

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

     (d) The Trustee shall not be liable for any action it takes or omits to take in good faith
which it believes to be authorized or within its rights or powers; provided,
however, that the Trustee’s conduct does not constitute willful misconduct or gross
negligence.

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

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

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

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

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

     (j) 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,

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direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document,
but the Trustee, in its discretion, may make such further inquiry or investigation into such facts
or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or
investigation, it shall be entitled to examine the books, records and premises of the Company,
personally or by agent or attorney at the sole cost of the Company and shall incur no liability or
additional liability of any kind by reason of such inquiry or investigation.

     (k) 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.

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

     (m) The Trustee may request that the Company deliver a certificate setting forth the names of
individuals or titles of officers authorized at such time to take specified actions pursuant to
this Indenture.

     (n) The permissive rights of the Trustee enumerated herein shall not be construed as duties.

     Section 7.03 Individual Rights of Trustee. The Trustee in its individual or any other
capacity may become the owner or pledgee of Securities and may otherwise deal with the Company or
its Affiliates with the same rights it would have if it were not Trustee. Any Paying Agent,
Registrar or co paying agent may do the same with like rights. However, the Trustee must comply
with Section 7.10 and Section 7.11.

     Section 7.04 Trustee’s Disclaimer. The Trustee shall not be responsible for and makes no representation as to the validity or
adequacy of this Indenture or the Securities, it shall not be accountable for the Company’s use of
the proceeds from the Securities, and it shall not be responsible for any statement of the Company
in this Indenture, in the Securities, or in any document executed in connection with the sale of
the Securities, other than those set forth in the Trustee’s certificate of authentication.

     Section 7.05 Notice of Defaults. If a Default with respect to Securities of any
Series occurs and is continuing and if it is actually known to a Responsible Officer of the
Trustee, the Trustee shall mail to each Holder of that Series notice of the Default within 90 days
after it occurs, except that with respect to any Event of Default specified in Section
6.01(3), no such notice shall be given until at least 90 days after the occurrence of such
Default. Except in the case of a default in the payment of the principal of or premium, if any, or
interest on any Security when such amount becomes due and payable, the Trustee may withhold the
notice if and so long as a committee of its Responsible Officers in good faith determines that
withholding the notice is in the interests of Holders.

     Section 7.06 Reports by Trustee to Holder. Unless otherwise specified in the
applicable Board Resolution, supplemental indenture hereto or Officers’ Certificate, as promptly as

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practicable after each May 15 beginning with May 15, 2007, for so long as Securities remain
outstanding, the Trustee shall mail to each Holder a brief report dated as of such reporting date
that complies with § 313(a) of the TIA. The Trustee shall also comply with § 313(b) of the TIA.

     A copy of each report at the time of its mailing to Holders shall be filed with the SEC and
each stock exchange (if any) on which the Securities are listed. The Company agrees to notify
promptly the Trustee in writing whenever the Securities become listed on any stock exchange and of
any delisting thereof.

     Section 7.07 Compensation and Indemnity. The Company shall pay to the Trustee from
time to time such compensation for its services as the Company and the Trustee shall from time to
time agree in writing. The Trustee’s compensation shall not be limited by any law on compensation
of a trustee of an express trust. The Company shall reimburse the Trustee upon request for all
reasonable out-of-pocket expenses incurred or made by it, including costs of collection, in
addition to the compensation for its services. Such expenses shall include the reasonable
compensation and expenses, disbursements and advances of the Trustee’s agents, counsel, accountants
and experts. The Company shall indemnify the Trustee and hold it harmless against any and all
loss, claim, damage, liability or expense (including reasonable attorneys’ fees and expenses)
incurred by or in connection with the administration of this trust and the performance of its
duties hereunder. The Trustee shall notify the Company of any claim for which it may seek
indemnity promptly upon obtaining actual knowledge thereof; provided, however, that any failure so
to notify the Company shall not relieve the Company of its indemnity obligations hereunder. The
Company need not reimburse any expense or indemnify against any loss, liability or expense incurred
by an indemnified party through such party’s own willful misconduct, negligence or bad faith.

     To secure the Company’s payment obligations in this Section 7.07, the Trustee shall
have a lien prior to the Securities on all money or property held or collected by the Trustee other
than money or property held in trust to pay the principal of and interest and any additional
payments on particular Securities.

     The Company’s payment obligations pursuant to this Section 7.07 shall survive the
satisfaction or discharge of this Indenture or the resignation or removal of the Trustee. When the
Trustee incurs expenses after the occurrence of a Default specified in Section 6.01(5) or
(6), the expenses are intended to constitute expenses of administration under the
Bankruptcy Law.

     Section 7.08 Replacement of Trustee. The Trustee may resign at any time with respect
to the Securities of any Series by so notifying the Company. The Holders of a majority in
principal amount of the Securities of any Series may remove the Trustee and may appoint a successor
Trustee with respect to such Series of Securities. The Company shall remove the Trustee if:

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

          (2) the Trustee is adjudged bankrupt or insolvent;

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

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          (4) the Trustee otherwise becomes incapable of acting.

     If the Trustee resigns, is removed by the Company or by the Holders of a majority in principal
amount of the Securities of any Series and such Holders do not reasonably promptly appoint a
successor Trustee or if a vacancy exists in the office of Trustee for any reason (the Trustee in
such event being referred to herein as the retiring Trustee), the Company shall promptly appoint a
successor Trustee.

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

     If a successor Trustee does not take office within 60 days after the retiring Trustee resigns
or is removed, the retiring Trustee or the Holders of 10% in principal amount of the Securities of
that Series may petition, at the expense of the Company, any court of competent jurisdiction for
the appointment of a successor Trustee.

     If the Trustee fails to comply with Section 7.10, any Holder of that Series of
Securities may petition any court of competent jurisdiction for the removal of the Trustee and the
appointment of a successor Trustee.

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

     Section 7.09 Successor Trustee by Merger. If the Trustee consolidates with, merges or
converts into, or transfers all or substantially all its corporate trust business or assets to,
another corporation or banking association, the resulting, surviving or transferee corporation
without any further act shall be the successor Trustee.

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

     Section 7.10 Eligibility; Disqualification. The Trustee shall at all times satisfy
the requirements of TIA § 310(a). The Trustee shall have a combined capital and surplus of at
least $50,000,000 as set forth in its most recent published annual report of condition. The
Trustee shall comply with TIA § 310(b); provided, however, that there shall be excluded from the
operation of TIA § 310(b)(1) any indenture or indentures under which other securities or

36

 

certificates of interest or participation in other securities of the Company are outstanding if the
requirements for such exclusion set forth in TIA § 310(b)(1) are met.

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

ARTICLE EIGHT

LEGAL DEFEASANCE, COVENANT DEFEASANCE AND

SATISFACTION AND DISCHARGE

     Section 8.01 Option to Effect Legal Defeasance or Covenant Defeasance. The Company
may, at the option of its Board of Directors evidenced by a resolution set forth in an Officers’
Certificate, at any time, elect to have either Section 8.02 or Section 8.03 hereof
be applied to all outstanding Securities of any Series upon compliance with the conditions set
forth below in this Article Eight.

     Section 8.02 Legal Defeasance and Discharge. Upon the Company’s exercise under Section 8.01 hereof of the option applicable to
this Section 8.02, the Company shall, subject to the satisfaction of the conditions set
forth in Section 8.04 hereof, be deemed to have been discharged from its obligations with
respect to all outstanding Securities of that Series on the date the conditions set forth below are
satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the
Company shall be deemed to have paid and discharged the entire debt represented by the outstanding
Securities, which shall thereafter be deemed to be “outstanding” only for the purposes of
Section 8.05 hereof and the other Sections of this Indenture referred to in (a) and (b)
below, and to have satisfied all its other obligations under such Securities and this Indenture
(and the Trustee, on demand of and at the expense of the Company, shall execute proper instruments
acknowledging the same), except for the following provisions which shall survive until otherwise
terminated or discharged hereunder:

     (a) the Company’s obligations with respect to such Securities in Section 2.05,
Section 2.06, Section 2.07, Section 2.09 and Section 2.12;

     (b) the rights, powers, trusts, duties and immunities of the Trustee hereunder and the
Company’s obligations in connection therewith (including, but not limited to, the rights of the
Trustee and the duties of the Company under Section 7.07, which shall survive despite the
satisfaction in full of all obligations hereunder); and

     (c) this Article Eight.

     Subject to compliance with this Article Eight, the Company may exercise its option under this
Section 8.02 notwithstanding the prior exercise of its option under Section 8.03
hereof.

     Section 8.03 Covenant Defeasance. Upon the Company’s exercise under Section
8.01 hereof of the option applicable to this Section 8.03 with respect to any Series of
Securities, the Company shall, subject to the satisfaction of the conditions set forth in
Section 8.04 hereof, be released from its obligations under the covenants contained in
Section 4.02, Section 4.07, Section 4.08, Section 4.09 and
Section 5.01 of this Indenture (if applicable to such Series of

37

 

Securities) and any
covenants made applicable to the Series of Securities which are subject to defeasance under the
terms of a Board Resolution, a supplemental indenture hereto or an Officers’ Certificate with
respect to the outstanding Securities of that Series on and after the date the conditions set forth
in Section 8.04 are satisfied (hereinafter, “Covenant Defeasance”), and the Securities of
that Series shall thereafter be deemed not “outstanding” for the purposes of any direction, waiver,
consent or declaration or act of Holders (and the consequences of any thereof) in connection with
such covenants, but shall continue to be deemed “outstanding” for all other purposes hereunder (it
being understood that such Securities shall not be deemed outstanding for accounting purposes).
For this purpose, Covenant Defeasance means that, with respect to the outstanding Securities of
that Series, the Company may omit to comply with and shall have no liability in respect of any
term, condition or limitation set forth in any such covenant, whether directly or indirectly, by
reason of any reference elsewhere herein to any such covenant or by reason of any reference in any
such covenant to any other provision herein or in any other document and such omission to comply
shall not constitute a Default or an Event of Default under Section 6.01 hereof, but,
except as specified above, the remainder of this Indenture and such Securities shall be
unaffected thereby. In addition, upon the Company’s exercise under Section 8.01 hereof of
the option applicable to this Section 8.03 hereof with respect to any Series of Securities,
subject to the satisfaction of the conditions set forth in Section 8.04 hereof, Section
6.01(3) hereof (solely with respect to the covenants described in Section 4.02,
Section 4.07, Section 4.08 and Section 4.09) shall not constitute an Event
of Default with respect to such Securities.

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

     In order to exercise either Legal Defeasance or Covenant Defeasance with respect to any Series
of Securities:

          (1) the Company must irrevocably deposit with the Trustee, in trust, for the benefit of the
Holders of that Series of Securities, cash in Dollars, Government Securities or a combination
thereof in such amounts as will be sufficient in the written opinion of a nationally recognized
firm of independent public accountants, so long as not contrary to the recommendations of the
American Institute of Certified Public Accountants, and delivered to the Trustee, to pay the
principal of, premium, if any, and interest on the outstanding Securities of that Series on the
stated date for payment thereof or on the applicable redemption date, as the case may be;

          (2) in the case of an election under Section 8.02 hereof, the Company shall have
delivered to the Trustee an Opinion of Counsel in the United States reasonably acceptable to the
Trustee confirming that (A) the Company has received from, or there has been published by, the
Internal Revenue Service a ruling, or (B) since the date of this Indenture there has been a change
in the applicable U.S. federal income tax law, in either case to the effect that, and based thereon
such Opinion of Counsel shall confirm that, the Holders of such Series of Securities will not
recognize income, gain or loss for U.S. federal income tax purposes as a result of such Legal
Defeasance and will be subject to U.S. federal income tax on the same amounts, in the same

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manner and at the same times as would have been the case if such Legal Defeasance had not occurred;

          (3) in the case of an election under Section 8.03 hereof, the Company shall have
delivered to the Trustee an Opinion of Counsel in the United States reasonably acceptable to the
Trustee confirming that the Holders of the outstanding Securities of that Series will not recognize
income, gain or loss for U.S. federal income tax purposes as a result of such Covenant Defeasance
and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the
same times as would have been the case if such Covenant Defeasance had not occurred;

          (4) no Default or Event of Default with respect to that Series of Securities shall have
occurred and be continuing either:

               (a) on the date of such deposit (other than a Default or Event of Default with respect to that
Series of Securities resulting from the borrowing of funds to be applied to such deposit); or

               (b) insofar as Section 6.01(5) or Section 6.01(6) hereof are concerned, at any
time in the period ending on the 91st day after the date of deposit; and

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

     Section 8.05 Deposited Money and Government Securities to be Held in Trust; Other
Miscellaneous Provisions. Subject to Section 8.06 hereof, all money and Government
Securities (including the proceeds thereof) deposited with the Trustee (or other qualifying
trustee, collectively for purposes of this Section 8.05, the “Trustee”) pursuant to
Section 8.04 hereof in respect of the outstanding Securities of the Series shall be held in
trust and applied by the Trustee, in accordance with the provisions of such Securities and this
Indenture, to the payment, either directly or through any Paying Agent (including the Company
acting as Paying Agent) as the Trustee may determine, to the Holders of such Securities of all sums
due and to become due thereon in respect of principal, premium, if any, and interest, but such
money need not be segregated from other funds except to the extent required by law.

     The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed
on or assessed against the cash or Government Securities deposited pursuant to Section 8.04
hereof or the principal and interest received in respect thereof other than any such tax, fee or
other charge which by law is for the account of the Holders of the outstanding Securities of that
Series.

     Anything in this Article Eight to the contrary notwithstanding, the Trustee shall deliver or
pay to the Company from time to time upon the request of the Company any money or Government
Securities held by it as provided in Section 8.04 hereof which, in the opinion of a
nationally recognized firm of independent public accountants, so long as not contrary to the
recommendations of the American Institute of Certified Public Accountants, expressed in a written
certification thereof delivered to the Trustee (which may be the opinion delivered under

39

 

Section 8.04(2) hereof), are in excess of the amount thereof that would then be required to
be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance.

     Section 8.06 Repayment to Company. Any money deposited with the Trustee or any Paying
Agent, or then held by the Company, in trust for the payment of the principal of, premium, if any,
or interest on any Security and remaining unclaimed for two years after such principal, and
premium, if any, or interest has become due and payable shall be paid to the Company on its request
or, if then held by the Company, shall be discharged from such trust; and the Holder of such
Security shall thereafter look only to the Company for payment thereof, and all liability of the
Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee
thereof, shall thereupon cease.

     Section 8.07 Reinstatement. If the Trustee or Paying Agent is unable to apply any
Dollars or Government Securities in accordance with Section 8.02 or Section 8.03
hereof, as the case may be, by reason of any order or judgment of any court or governmental
authority enjoining, restraining or otherwise prohibiting such application, then the Company’s
obligations under this Indenture and the Securities shall be revived and reinstated as though no
deposit had occurred pursuant to Section 8.02 or Section 8.03 hereof until such
time as the Trustee or Paying Agent is permitted to apply all such money in accordance with
Section 8.02 or Section 8.03 hereof, as the case may be; provided, however, that,
if the Company makes any payment of principal of, premium, if any, or interest on any Security
following the reinstatement of its obligations, the Company shall be subrogated to the rights of
the Holders of such Securities to receive such payment from the money held by the Trustee or Paying
Agent.

     Section 8.08 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 (other than any Securities that shall have been destroyed, lost or stolen and that
shall have been replaced or paid as provided in Section 2.09 and Securities for whose
payment money and/or Government Securities 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 8.06); 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 must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders of that
Series of Securities, cash in Dollars, Government Securities, or a combination thereof, in such
amounts as will be sufficient, in the opinion of a nationally recognized firm of independent public
accountants, so long as not contrary to the recommendations of the American Institute of Certified
Public Accountants, and 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 of, 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, and shall have delivered
to the Trustee an Opinion of Counsel and an Officers’ Certificate, each stating that all conditions
precedent relating to the satisfaction and discharge of this Indenture with respect to such Series
have been complied with, then this Indenture shall thereupon cease to be of further effect with
respect to such Series except for:

40

 

     (a) the Company’s obligations with respect to such Securities of that Series under Article
Two;

     (b) the Company’s agreements set forth in Section 5.01 and Section 5.02;

     (c) the rights, powers, trusts, duties and immunities of the Trustee hereunder and the
Company’s obligations in connection therewith (including, but not limited to, the rights of the
Trustee and the duties of the Company under Section 7.07, which shall survive despite the
satisfaction in full of all obligations hereunder); and

     (d) this Article Eight,

     each of which shall survive until the Securities of such Series have been paid in full
(thereafter, the Company’s obligations in Section 7.07 only shall survive).

     Upon the Company’s exercise of this Section 8.08, 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 of Securities.

ARTICLE NINE

AMENDMENTS

     Section 9.01 Without Consent of Holders. The Company and the Trustee may amend or
supplement this Indenture or the Securities without the consent of any Holder:

          (1) to evidence the succession of another Person to the Company pursuant to Article Five and
the assumption by such successor of the Company’s covenants, agreements and obligations in this
Indenture and in the Securities;

          (2) to provide for the issuance of additional Securities in accordance with the limitations
set forth herein;

          (3) to surrender any right or power conferred upon the Company by this Indenture, to add to
the covenants of the Company such further covenants, restrictions, conditions or provisions for the
protection of the Holders of all or any Series of Securities as the Board of Directors of the
Company shall consider to be for the protection of the Holders of such Securities, and to make the
occurrence, or the occurrence and continuance, of a default in respect of any such additional
covenants, restrictions, conditions or provisions a Default or an Event of Default under this
Indenture; provided, however, that with respect to any such additional covenant,
restriction, condition or provision, such amendment may provide for a period of grace after
default, which may be shorter or longer than that allowed in the case of other Defaults, may
provide for an immediate enforcement upon such Default, may limit the remedies available to the
Trustee upon such Default or may limit the right of Holders of a majority in aggregate principal
amount of the Securities of any Series to waive such default;

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          (4) to cure any ambiguity, omission, defect or inconsistency or correct or supplement any
provision contained in this Indenture, in any supplemental indenture or in any Securities that may
be defective or inconsistent with any other provision contained therein;

          (5) to convey, transfer, assign, mortgage or pledge any property to or with the Trustee, or to
make such other provisions in regard to matters or questions arising under this Indenture as shall
not adversely affect the interests of any Holders of Securities of any Series;

          (6) to modify or amend this Indenture in such a manner as to permit the qualification of this
Indenture or any supplemental indenture hereto under the TIA as then in effect;

          (7) to add or to change any of the provisions of this Indenture to provide that Securities in
bearer form may be registrable as to principal, to change or eliminate any restrictions on the
payment of principal or premium with respect to Securities in registered form or of principal,
premium or interest with respect to Securities in bearer form, or to permit Securities in
registered form to be exchanged for Securities in bearer form, so as to not adversely affect the
interests of the Holders or any coupons of any Series in any material respect or permit or
facilitate the issuance of Securities of any Series in uncertificated form;

          (8) to secure or guarantee the Securities;

          (9) to make any change that does not adversely affect the rights of any Holder;

          (10) to add to, change, or eliminate any of the provisions of this Indenture with respect to
one or more Series of Securities, so long as any such addition, change or elimination not otherwise
permitted under this Indenture shall (A) neither apply to any Security of any Series created prior
to the execution of such supplemental indenture and entitled to the benefit of such provision nor
modify the rights of the Holders of any such Security with respect to the benefit of such provision
or (B) become effective only when there is no such Security outstanding;

          (11) to evidence and provide for the acceptance of appointment by a successor or separate
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 this Indenture by more than one Trustee; or

          (12) to establish the form or terms of Securities and coupons of any Series pursuant to
Article Two.

     Section 9.02 With Consent of Holders. The Company and the Trustee may amend this
Indenture or the Securities of any Series without notice to any Holder but with the written consent
of the Holders of at least a majority in principal amount of the Securities of each Series then
outstanding (including consents obtained in connection with a tender offer or exchange offer for
the Securities) affected by such amendment. However, without the consent of each Holder affected,
an amendment may not:

          (1) change the maturity of any payment of principal of, or any premium on, or any installment
of interest on any Security;

42

 

          (2) reduce the principal amount of any Security, or the interest thereon, or any premium on
any Security upon redemption or upon repayment at the option of the Holder or add provisions with
respect to the redemption of the Securities;

          (3) change the Company’s obligation to pay additional amounts;

          (4) change any place of payment where, or the currency in which, any Security or any premium
or interest is payable;

          (5) impair the right to sue for the enforcement of any payment on or with respect to any
Security;

          (6) reduce the percentage in principal amount of outstanding Securities required to consent to
any supplemental indenture, any waiver of compliance with provisions of this Indenture or specific
defaults and their consequences provided for in this Indenture, or otherwise modify the sections in
this Indenture relating to these consents;

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

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

          (9) waive a redemption payment with respect to any Security; or

          (10) make any change in Section 6.04 or Section 6.07 hereof or in the
foregoing amendment and waiver provisions.

     It shall not be necessary for the consent of the Holders under this Section to approve the
particular form of any proposed amendment, but it shall be sufficient if such consent approves the
substance thereof. After an amendment under this Section becomes effective, the Company shall mail
to all affected Holders a notice briefly describing such amendment. The failure to give such
notice to all such Holders, or any defect therein, shall not impair or affect the validity of an
amendment under this Section.

     Section 9.03 Compliance with Trust Indenture Act. Every amendment or supplement to
this Indenture or the Securities shall comply with the TIA as then in effect.

     Section 9.04 Revocation and Effect of Consents and Waivers. A consent to an amendment
or a waiver by a Holder of a Security shall bind the Holder and every subsequent Holder of that
Security or portion of the Security that evidences the same debt as the consenting Holder’s
Security, even if notation of the consent or waiver is not made on
the Security. However, any such Holder or subsequent Holder may revoke the consent or waiver
as to such Holder’s Security or portion of the Security if the Trustee receives the notice of
revocation before the date the amendment or waiver

43

 

becomes effective. After an amendment or waiver
becomes effective, it shall bind every Holder. An amendment or waiver becomes effective once both
(i) the requisite number of consents have been received by the Company or the Trustee and (ii) such
amendment or waiver has been executed by the Company and the Trustee.

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

     Section 9.05 Notation on or Exchange of Securities. If an amendment changes the terms
of a Security, the Company may require the Holder of the Security to deliver it to the Trustee.
The Trustee may place an appropriate notation on the Security regarding the changed terms and
return it to the Holder. Alternatively, if the Company or the Trustee so determines, the Company
in exchange for the Security shall issue and the Trustee shall authenticate a new Security that
reflects the changed terms. Failure to make the appropriate notation or to issue a new Security
shall not affect the validity of such amendment.

     Section 9.06 Trustee to Sign Amendments. The Trustee shall sign any amendment
authorized pursuant to this Article Nine if the amendment does not adversely affect the rights,
duties, liabilities or immunities of the Trustee. If it does, the Trustee may but need not sign
it. In signing such amendment the Trustee shall be entitled to receive, and (subject to
Section 7.02) shall be fully protected in relying upon, in addition to the documents
required by Section 10.04, an Officers’ Certificate and an Opinion of Counsel stating that
such amendment is authorized or permitted by this Indenture.

     Section 9.07 Payment for Consent. Neither the Company nor any Affiliate of the
Company shall, directly or indirectly, pay or cause to be paid any consideration, whether by way of
interest, fee or otherwise, to any Holder for or as an inducement to any consent, waiver or
amendment of any of the terms or provisions of this Indenture or the Securities unless such
consideration is offered to be paid to all Holders, ratably, that so consent, waive or agree to
amend in the time frame set forth in solicitation documents relating to such consent, waiver or
agreement.

ARTICLE TEN

MISCELLANEOUS

     Section 10.01 Trust Indenture Act Controls. If any provision of this Indenture limits, qualifies or conflicts with another provision
which is required to be included in this Indenture by the TIA, the required provision shall
control.

     Section 10.02 Notices. Any notice or communication shall be in writing and delivered
in person or mailed by first-class mail addressed as follows:

     If to the Company:

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Seven Sylvan Way

Parsippany, New Jersey 07054

(Fax: (973) 753-6496)

Attention: Legal Department

If to the Trustee:

U.S. Bank National Association

Attn: Corporate Trust Services

100 Wall Street, 16th Floor

New York, New York 10005

(Fax: (212) 361-6153)

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

     Any notice or communication mailed to a Holder shall be mailed to the Holder at the Holder’s
address as it appears on the registration books of the Registrar and shall be sufficiently given if
so mailed within the time prescribed.

     Failure to mail a notice or communication to a Holder or any defect in it shall not affect its
sufficiency with respect to other Holders. If a notice or communication is mailed in the manner
provided above, it is duly given, whether or not the addressee receives it.

     Section 10.03 Communication by Holders with Other Holders. Holders may communicate
pursuant to TIA § 312(b) with other Holders with respect to their rights under this Indenture or
the Securities. The Company, the Trustee, the Registrar and anyone else shall have the protection
of TIA § 312(c).

     Section 10.04 Certificate and Opinion as to Conditions Precedent. Upon any request or
application by the Company to the Trustee to take or refrain from taking any action under this
Indenture, the Company shall furnish to the Trustee:

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

          (2) an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee stating
that, in the opinion of such counsel, all such conditions precedent have been complied with.

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

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

45

 

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

          (3) a statement that, in the opinion of such 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 or not, in the opinion of such individual, such covenant or
condition has been complied with.

     Section 10.06 Rules by Trustee, Paying Agent and Registrar. The Trustee may make
reasonable rules for action by or a meeting of Holders. The Registrar and the Paying Agent may
make reasonable rules for their functions.

     Section 10.07 Legal Holidays. A “Legal Holiday” is a Saturday, Sunday or other day on
which banking institutions in New York State are authorized or required by law to close. If a
payment date is a Legal Holiday, payment shall be made on the next succeeding day that is not a
Legal Holiday, and no interest shall accrue for the intervening period. If a record date is a
Legal Holiday, the record date shall not be affected.

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

     Section 10.09 No Recourse Against Others. A director, officer, employee or shareholder, as such, of any Company shall not have any
liability for any obligations of the Company under the Securities or this Indenture or for any
claim based on, in respect of or by reason of such obligations or their creation. By accepting a
Security, each Holder shall waive and release all such liability. This waiver and release shall be
part of the consideration for the issuance of the Securities.

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

     Section 10.11 Multiple Originals. The parties may sign any number of copies of this
Indenture. Each signed copy shall be an original, but all of them together represent the same
agreement. One signed copy of the Indenture is enough to prove this Indenture.

     Section 10.12 Table of Contents; Headings. The table of contents, cross-reference
sheet and headings of the Articles and Sections of this Indenture have been inserted for
convenience of reference only, are not intended to be considered a part hereof and shall not modify
or restrict any of the terms or provisions hereof.

46

 

     Section 10.13 Severability. If any provision in this Indenture is deemed
unenforceable, it shall not affect the validity or enforceability of any other provision set forth
herein, or of the Indenture as a whole.

47

 

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

WYNDHAM WORLDWIDE CORPORATION

	 	 	 	 	 
	 	

 	 
	 	By:  	/s/ Virginia M. Wilson
 	 
	 	 	Name:  	Virginia M. Wilson 	 
	 	 	Title:  	EVP and CFO 	 
	 
	U.S. BANK NATIONAL ASSOCIATION,

as Trustee

 
	 
	 	By:  	/s/ Paul J. Schmalzel
 	 
	 	 	Name:  	Paul J. Schmalzel 	 
	 	 	Title:  	Vice President

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