Document:

<PAGE>
                                                                  EXECUTION COPY

   AMENDMENT NO. 2 AND LIMITED WAIVER TO AMENDED AND RESTATED CREDIT AGREEMENT

          AMENDMENT NO. 2 AND LIMITED WAIVER TO AMENDED AND RESTATED CREDIT
AGREEMENT (this "Amendment"), dated as of September 14, 2005 among BRIGHTPOINT
NORTH AMERICA L.P., a Delaware limited partnership ("Brightpoint"), and WIRELESS
FULFILLMENT SERVICES LLC, a California limited liability company ("Wireless",
together with Brightpoint, the "Borrowers"), the other Credit Parties signatory
to the hereinafter defined Credit Agreement; GENERAL ELECTRIC CAPITAL
CORPORATION, a Delaware corporation (in its individual capacity, "GE Capital"),
for itself, as Lender, and as Agent for Lenders ("Agent"), and the other Lenders
signatory to the hereinafter defined Credit Agreement.

                              W I T N E S S E T H :

          WHEREAS, the Borrowers, the other Credit Parties, Agent and Lenders
are party to that certain Amended and Restated Credit Agreement, dated as of
March 18, 2004 (as amended, restated, supplemented or otherwise modified from
time to time, the "Credit Agreement");

          WHEREAS, on and subject to the terms and conditions hereof, the
Borrowers and the other Credit Parties have requested that Agent and Lenders,
and Agent and Lenders are willing to, amend certain provisions of the Credit
Agreement, all as set forth herein;

          WHEREAS, on and subject to the terms and conditions hereof, the
Borrowers and the other Credit Parties have requested that Agent and Lenders,
and Agent and Lenders are willing to, grant a limited waiver of certain Defaults
or Events of Default under the Credit Agreement, all as set forth herein; and

          WHEREAS, this Amendment shall constitute a Loan Document and these
Recitals shall be construed as part of this Amendment; capitalized terms used
herein without definition are so used as defined in Annex A to the Credit
Agreement.

          NOW, THEREFORE, in consideration of the premises and the mutual
covenants contained herein, the parties hereto hereby agree as follows:

          1.   Amendments to Credit Agreement. The Credit Agreement shall be
amended as follows:

          (a)  Section 6.6 of the Credit Agreement is hereby amended by (i)
deleting the text "and" immediately preceding clause (b) therein and (ii)
inserting a new clause (c) at the conclusion thereof to read as follows:

               "and (c) Guaranteed Indebtedness incurred for the
               benefit of either (i) Brightpoint Asia Limited BVI, an
               entity organized under the laws of the British Virgin
               Islands ("Brightpoint Asia") or (ii) Brightpoint India
               Private Limited, an entity organized under

<PAGE>

               the laws of India ("Brightpoint India") in the form of
               Letters of Credit in an aggregate amount not to exceed
               $20,000,000"

          (b)  Section 6.14 of the Credit Agreement is hereby amended as
follows:

               (i)  By deleting clause (g) therein in its entirety and
          substituting therefor the following:

               "(g) Borrowers may make intercompany loans and advances
               to BPI ("BPI Intercompany Loans"); provided, that (i)
               if prior to making any such proposed BPI Intercompany
               Loans, (A) (x) there are no Revolving Credit Advances
               outstanding and (y) Borrowers collectively shall have
               Borrowing Availability of at least $35,000,000, then
               such proposed BPI Intercompany Loans may be made in an
               amount up to the amount of Borrowers' cash on hand or
               (B) (x) there are outstanding Revolving Credit Advances
               and (y) Borrowers collectively shall have both Average
               30-Day Borrowing Availability and Borrowing
               Availability of at least $35,000,000 after giving
               effect to any such proposed BPI Intercompany Loans,
               then such proposed BPI Intercompany Loans may be made
               in an amount not to exceed $10,000,000 in the
               aggregate; provided further, that for purposes of the
               $10,000,000 limitation in this clause (g)(i)(B), BPI
               Intercompany Loans shall not include those made
               pursuant to clause (g)(i)(A), (ii) two (2) Business
               Days prior to any such BPI Intercompany Loan the
               applicable Borrower shall have delivered to Agent (A) a
               notice in the form of Exhibit 6.14(b) hereto (a "BPI
               Intercompany Loan Notice") and (B) an updated Borrowing
               Base Certificate calculated as of such date and (iii)
               on the date of any Revolving Credit Advance made under
               this Agreement, to the extent that Borrowers have made
               BPI Intercompany Loans in the period since the delivery
               to Agent of the most recent Borrowing Base Certificate,
               Borrowers shall provide to Agent an updated Borrowing
               Base Certificate calculated as of such date"

               (ii) By inserting in clause (h) the text "(excluding the
          Supplemental Advance)" immediately following the text (A) "Average
          30-Day Borrowing Availability" and (B) "Borrowing Availability", each
          located in subclause (iii) thereof.

          (c)  Annex A to the Credit Agreement is hereby amended as follows:

               (i)  By (i) deleting in the definition of "Brightpoint Borrowing
          Base" therein the text "and" at the conclusion of clause (a) thereof
          and (ii) inserting in such definition the following text immediately
          following clause (b) thereof:

               "and (c) the Supplemental Advance"

                                      -2-
<PAGE>

               (ii) By deleting clause (a) to the definition of "Commitment
          Termination Date" therein in its entirety and substituting therefor
          the following:

               "(a) September 14, 2008"

               (iii) By inserting in the definition of "Letters of Credit"
          therein the text "or BPI, to the extent permitted in Annex B"
          immediately following the text "any Borrower" in both the second and
          third lines thereof.

               (iv) By inserting in the definition of "Material Adverse Effect"
          therein the text "(excluding the Supplemental Advance)" immediately
          following the text "Borrowing Availability" in the second sentence
          thereof.

               (v) By inserting in the definition of "Pledge Agreements" therein
          the text ", the BPI Asia Pledge Agreement, the BPI India Pledge
          Agreement" immediately following the text "Wireless Pledge Agreement"
          in the fourth line thereof.

               (vi) By inserting the following definitions in alphabetical order
          therein:

               "BPI Asia" has the meaning ascribed to it in Section
               6.6(c).

               "BPI Asia Pledge Agreement" means the Pledge Agreement
               executed by Brightpoint International (Asia Pacific)
               Pte. Ltd., an entity organized under the laws of
               Singapore, in favor of Agent, on behalf of itself and
               Lenders, pledging 65% (or such higher percentage that
               would not result in material adverse tax consequences)
               of the voting stock and 100% of the non-voting stock,
               if any, of Brightpoint Asia held by it.

               "BPI India" has the meaning ascribed to it in Section
               6.6(c).

               "BPI India Pledge Agreement" means the Pledge Agreement
               executed by Brightpoint Holdings B.V., an entity
               organized under the laws of the Netherlands, in favor
               of Agent, on behalf of itself and Lenders, pledging 65%
               (or such higher percentage that would not result in
               material adverse tax consequences) of the voting stock
               and 100% of the non-voting stock, if any, of
               Brightpoint India held by it.

               "Supplemental Advance" means an advance equal to the
               amount set forth in the table below opposite the
               applicable EBITDA amount of Borrowers and their
               Subsidiaries then in effect for the most recent
               12-month period for which Financial Statements have
               been delivered to Agent pursuant to Annex E hereunder:

                                 -3-
<PAGE>

<TABLE>
<CAPTION>
          ----------------------------------------------------------------------
                          If EBITDA is                   Supplemental Advance
                          ------------                   --------------------
          ----------------------------------------------------------------------
<S>                                                      <C>
          greater than $25 million                            $25 million
          ----------------------------------------------------------------------
          less than and equal to $25 million but
          greater than $22,500,000                            $20 million
          ----------------------------------------------------------------------
          less than and equal to $22,500,000 million,
          but greater than $20 million                        $15 million
          ----------------------------------------------------------------------
          less than and equal to 20 million                        $0
          ----------------------------------------------------------------------
</TABLE>

               provided, that if any Default or Event of Default has
               occurred and is continuing, the Supplemental Advance
               shall be $0 until such time as such Default or Event of
               Default is waived or cured; provided further, that,
               notwithstanding the proviso above, for the three-day
               period following a Default resulting solely from the
               failure to deliver such Financial Statements, in
               addition to any other remedy provided for in this
               Agreement, the Supplemental Advance may be maintained
               at its existing amount in Agent's sole discretion,
               until such time as such Financial Statements shall be
               delivered during such three-day period, whereupon the
               Supplemental Advance shall be determined based on the
               then current EBITDA amount.

          (d)  Annex B to the Credit Agreement is hereby amended as follows:

               (i)  By (A) inserting in clause (a) therein (I) the text "(or, as
          long as Borrowers remain responsible for the payment in full of all
          amounts drawn thereunder and all related fees, costs and expenses and
          to the extent permitted under Section 6.6(c), for the account of BPI)"
          immediately following the text "for such Borrower's account" in the
          third and fourth lines thereof, (II) the text "(or, as permitted
          above, BPI's account)" immediately following the text "for such
          Borrower's account" in the sixth line thereof and (B) by deleting in
          clause (a) therein the text "Twenty-Five Million Dollars
          ($25,000,000)" in the second sentence therein and substituting
          therefor the text "Thirty-Five Million Dollars ($35,000,000)."

               (ii) By (A) inserting in subclause (i) of clause (g) therein the
          text "and BPI" immediately following the text "Borrowers" in the
          second line thereof, (B) inserting in subclause (ii) of clause (g)
          therein the text "and BPI" immediately following each instance the
          text "Borrowers" is located therein and (C) inserting in subclause
          (iii) of clause (g) therein the text "and BPI" immediately following
          each instance the text "Borrowers" is located therein.

          (e)  Annex F to Credit Agreement is hereby amended as follows:

               (i)  By inserting in clause (a) therein the text "(excluding the
          Supplemental Advance)" immediately following the text "Average 30-Day
          Borrowing Availability" in the third line thereof; and

                                      -4-
<PAGE>

               (ii) By inserting in clause (b) therein the text "(excluding the
          Supplemental Advance)" immediately following the text "Average 30-Day
          Borrowing Availability" in the second line thereof.

          (f)  Annex G to the Credit Agreement is hereby amended by inserting
the following text at the conclusion of clause (a) therein:

               "For purposes of this clause (a), the Supplemental
               Advance shall be excluded from the calculation of
               Borrowers' Borrowing Availability."

          (g)  Annex J to the Credit Agreement is hereby deleted in its entirety
and replaced by Annex J attached hereto.

          2.   Limited Waiver. Agent and Lenders hereby waive any Default or
Event of Default under Section 8.1(b) of the Credit Agreement, solely with
respect to Section 6.6 of the Credit Agreement, as a result of the Letter of
Credit issued by a Lender on June 23, 2005 and as amended on August 2, 2005.
Such waivers are only applicable and shall only be effective in the instances
and for the specific purposes of which made or given.

          3.   Representations and Warranties of Credit Parties. In order to
induce Agent and Lenders to enter into this Amendment, each Credit Party hereby
jointly and severally represents and warrants to Agent and Lenders that:

          (a)  Representations and Warranties. After giving effect to this
Amendment, no representation or warranty of any Credit Party contained in the
Credit Agreement or any of the other Loan Documents, including this Amendment,
shall be untrue or incorrect in any material respect as of the date hereof,
except to the extent that such representation or warranty expressly relates to
an earlier date.

          (b)  Authorization, etc. Each Credit Party has the power and authority
to execute, deliver and perform this Amendment. Each Credit Party has taken all
necessary action (including, without limitation, obtaining approval of its
stockholders, if necessary) to authorize its execution, delivery and performance
of this Amendment. No consent, approval or authorization of, or declaration or
filing with, any Governmental Authority, and no consent of any other Person, is
required in connection with any Credit Party's execution, delivery and
performance of this Amendment, except for those already duly obtained. This
Amendment has been duly executed and delivered by each Credit Party and
constitutes the legal, valid and binding obligation of each Credit Party,
enforceable against it in accordance with its terms. No Credit Party's
execution, delivery or performance of this Amendment conflicts with, or
constitutes a violation or breach of, or constitutes a default under, or results
in the creation or imposition of any Lien upon the property of any Credit Party
by reason of the terms of (i) any contract, mortgage, lease, agreement,
indenture or instrument to which any Credit Party is a party or which is binding
upon it, (ii) any law or regulation or order or decree of any court applicable
to any Credit Party, or (iii) the certificate or articles of incorporation or
by-laws of any Credit Party.

                                      -5-
<PAGE>

          (c)  No Default. No Default or Event of Default has occurred or is
continuing, or would result after giving effect hereto.

          4.   Conditions to Effectiveness. The effectiveness of this Amendment
is expressly conditioned upon the satisfaction, and delivery to Agent (on behalf
of itself and Lenders), of each condition set forth in this Section 4 on or
prior to the date hereof:

          (a)  Amendment. Duly executed originals of this Amendment from each
Credit Party and from the Lenders.

          (b)  Amendment Fee. In addition to any fees referenced to in clause
(c) of Section 8 herein, Borrowers shall pay to Agent, for the benefit of each
of the Lenders a party to this Amendment, an amendment fee in the amount of
$75,000.

          (c)  Assignment Agreements. Duly executed originals of (i) the
Assignment Agreement between Congress Financial Corporation (Central), as
assignor and National City Bank of Indiana, as assignee ("National City"), in
the amount of $11,666,666.67 and (ii) the Assignment Agreement between LaSalle
Business Credit, LLC, as assignor and LaSalle Bank National Association, as
assignee ("LaSalle"), in the amount of $15,555,555.55.

          (d)  Revolving Notes. Duly executed originals of the Revolving Notes
of (i) National City from each Borrower, reflecting the revised Revolving Loan
Commitment of National City and (ii) LaSalle from each Borrower, reflecting the
Revolving Loan Commitment of LaSalle, each dated as of the date hereof.

          (e)  Other Documents. All other agreements, certificates and other
documents as Agent may reasonably request to accomplish the purposes of this
Amendment.

          5.   Post-Closing Obligations. Within 30 Business Days from the
effectiveness of this Amendment, Agent shall have received the following, each
of which shall be on terms and conditions satisfactory to Agent in all respects:

          (a)  BPI Affiliate Pledge Agreements. Duly executed originals of (i)
the BPI Asia Pledge Agreement from Brightpoint International (Asia Pacific) Pte.
Ltd. and (ii) the BPI India Pledge Agreement from Brightpoint Holdings B.V.
(collectively, the "BPI Affiliate Pledge Agreements").

          (b)  Negative Pledge. Duly executed originals of a negative pledge
agreement from BPI Asia whereby BPI Asia will agree not to, and will not permit
any other Person to, create, assume, incur, or suffer to exist any lien, pledge,
charge or encumbrance of any kind on its assets, other than encumbrances created
by any Capital Leases of BPI Asia, involving the incurrence of an aggregate
amount of Capital Lease Obligations of not more than $500,000 outstanding at any
one time for all such encumbrances.

          (c)  Opinions of Counsel. Duly executed originals of local counsel
opinions from each jurisdiction requested by Agent, each addressed to Agent on
behalf of Lenders, each in form and substance reasonably satisfactory to Agent
and its counsel and including, without

                                      -6-
<PAGE>

limitation, opinions regarding (i) the perfection of the liens under the BPI
Affiliate Pledge Agreements and (ii) the enforceability of the BPI Affiliate
Pledge Agreements.

          (d)  HSBC Release Letter. Duly executed originals of a release letter
from HSBC Bank (the "Prior Lender") confirming that (i) all letters of credit
issued or guaranteed by the Prior Lender shall have been indefeasibly cancelled
and returned, with all cash collateral held by Prior Lender in respect of such
letters of credit returned to BPI Asia, (ii) all liens upon any of the property
of BPI Asia in favor of the Prior Lender shall be terminated by the Prior Lender
immediately upon the completion of the actions and payments set forth in this
clause (d) and (iii) all of the fees, expenses and other obligations of BPI Asia
owing to the Prior Lender will be repaid in full.

          (e)  Additional Documentation. Duly executed originals of the
resolutions of the Board of Directors (or other applicable equivalent) of each
of BPI Asia and BPI India, approving and authorizing the execution, delivery and
performance of the BPI Affiliate Pledge Agreements to which it is a party and
the transactions to be consummated in connection therewith, certified as of the
effective date of such BPI Affiliate Pledge Agreements by its corporate
secretary (or other applicable equivalent) as being in full force and effect
without any modification or amendment, and such other agreements, certificates,
and other documents as Agent may reasonably request to effectuate the BPI
Affiliate Pledge Agreements.

          6.   Reference to and Effect on Loan Documents.

          (a)  Ratification. Except as specifically provided in this Amendment,
the Credit Agreement and the other Loan Documents shall remain in full force and
effect and each Credit Party hereby ratifies and confirms each such Loan
Document.

          (b)  No Waiver. Except as specifically provided in this Amendment, the
execution, delivery and effectiveness of this Amendment shall not operate as a
waiver or forbearance of any right, power or remedy of Agent or any Lender under
the Credit Agreement or any of the other Loan Documents, or constitute a
consent, waiver or modification with respect to any provision of the Credit
Agreement or any of the other Loan Documents. Upon the effectiveness of this
Amendment each reference in (a) the Credit Agreement to "this Agreement,"
"hereunder," "hereof," or words of similar import and (b) any other Loan
Document to "the Agreement" shall, in each case and except as otherwise
specifically stated therein, mean and be a reference to the Credit Agreement as
amended hereby.

          7.   Affirmation of Guarantors. By its signature set forth below, each
Guarantor hereby confirms to Agent and Lenders that, after giving effect to the
foregoing Amendment and the transactions contemplated thereby, the Guaranty of
such Guarantor and each other Loan Document to which such Guarantor is a party
continues in full force and effect and is the legal, valid and binding
obligation of such Guarantor, enforceable against such Guarantor in accordance
with its terms, except as enforceability may be limited by applicable
bankruptcy, insolvency, or similar laws affecting the enforcement of creditors'
rights generally or by equitable principles relating to enforceability.

                                      -7-
<PAGE>

          8.   Miscellaneous.

          (a)  Successors and Assigns. This Amendment shall be binding on and
shall inure to the benefit of the Credit Parties, Agent and Lenders and their
respective successors and assigns, except as otherwise provided herein. No
Credit Party may assign, transfer, hypothecate or otherwise convey its rights,
benefits, obligations or duties hereunder without the prior express written
consent of Agent and Lenders. The terms and provisions of this Amendment are for
the purpose of defining the relative rights and obligations of the Credit
Parties, Agent and Lenders with respect to the transactions contemplated hereby
and there shall be no third party beneficiaries of any of the terms and
provisions of this Amendment.

          (b)  Entire Agreement. This Amendment, including all schedules and
other documents attached hereto or incorporated by reference herein or delivered
in connection herewith, constitutes the entire agreement of the parties with
respect to the subject matter hereof and supersedes all other understandings,
oral or written, with respect to the subject matter hereof.

          (c)  Fees and Expenses. As provided in Section 11.3 of the Credit
Agreement, the Borrowers agree to pay on demand all fees, costs and expenses
incurred by Agent in connection with the preparation, execution and delivery of
this Amendment.

          (d)  Headings. Section headings in this Amendment are included herein
for convenience of reference only and shall not constitute a part of this
Amendment for any other purpose.

          (e)  Severability. Wherever possible, each provision of this Amendment
shall be interpreted in such a manner as to be effective and valid under
applicable law, but if any provision of this Amendment shall be prohibited by or
invalid under applicable law, such provision shall be ineffective to the extent
of such prohibition or invalidity, without invalidating the remainder of such
provision or the remaining provisions of this Amendment.

          (f)  Conflict of Terms. Except as otherwise provided in this
Amendment, if any provision contained in this Amendment is in conflict with, or
inconsistent with, any provision in any of the other Loan Documents, the
provision contained in this Amendment shall govern and control.

          (g)  Counterparts. This Amendment may be executed in any number of
separate counterparts, each of which shall collectively and separately
constitute one agreement. Delivery of an executed signature page to this
Amendment by telecopy shall be effective as delivery of a manually executed
signature page to this Amendment.

          (h)  Incorporation of Credit Agreement. The provisions contained in
Sections 11.9 and 11.13 of the Credit Agreement are incorporated herein by
reference to the same extent as if reproduced herein in their entirety, except
with reference to this Amendment rather than the Credit Agreement.

          (i)  Acknowledgment. Each Credit Party hereby acknowledges its status
as a Credit Party and affirms its obligations under the Credit Agreement and
represents and warrants that there are no liabilities, claims, suits, debts,
liens, losses, causes of action, demands, rights,

                                      -8-
<PAGE>

damages or costs, or expenses of any kind, character or nature whatsoever, known
or unknown, fixed or contingent (collectively, the "Claims"), which any Credit
Party may have or claim to have against Agent or any Lender, or any of their
respective affiliates, agents, employees, officers, directors, representatives,
attorneys, successors and assigns (collectively, the "Lender Released Parties"),
which might arise out of or be connected with any act of commission or omission
of the Lender Released Parties existing or occurring on or prior to the date of
this Amendment, including, without limitation, any Claims arising with respect
to the Obligations or any Loan Documents. In furtherance of the foregoing, each
Credit Party hereby releases, acquits and forever discharges the Lender Released
Parties from any and all Claims that any Credit Party may have or claim to have,
relating to or arising out of or in connection with the Obligations or any Loan
Documents or any other agreement or transaction contemplated thereby or any
action taken in connection therewith from the beginning of time up to and
including the date of the execution and delivery of this Amendment. Each Credit
Party further agrees forever to refrain from commencing, instituting or
prosecuting any lawsuit, action or other proceeding against any Lender Released
Parties with respect to any and all Claims which might arise out of or be
connected with any act of commission or omission of the Lender Released Parties
existing or occurring on or prior to the date of this Amendment, including,
without limitation, any Claims arising with respect to the Obligations or any
Loan Documents.

                            [signature pages follow]

                                      -9-
<PAGE>

               IN WITNESS WHEREOF, this Amendment has been duly executed and
delivered as of the day and year first above written.

                                        BRIGHTPOINT NORTH AMERICA L.P.

                                          By:   BRIGHTPOINT NORTH AMERICA, INC.,
                                                its general partner

                                        By: /s/ Steven E. Fivel
                                           -------------------------------------
                                        Name:   Steven E. Fivel
                                        Title:  Executive Vice President &
                                                Secretary

                                        WIRELESS FULFILLMENT SERVICES LLC

                                          By:   BRIGHTPOINT, INC., its manager

                                        By: /s/ Steven E. Fivel
                                           -------------------------------------
                                        Name:   Steven E. Fivel
                                        Title:  Executive Vice President,
                                                General Counsel & Secretary

                                        GENERAL ELECTRIC CAPITAL CORPORATION,
                                        as Agent and Lender

                                        By: /s/ Mark Blankstein
                                           -------------------------------------
                                        Title:  Duly Authorized Signatory

                                        LASALLE BANK NATIONAL ASSOCIATION,
                                        as Lender

                                        By: /s/ Bijon Jalaie
                                           -------------------------------------
                                        Name:   Bijon Jalaie
                                             -----------------------------------
                                        Title:  Vice President
                                              ----------------------------------

                                        NATIONAL CITY BANK OF INDIANA, as Lender

                                        By: /s/ David McNeely
                                           -------------------------------------
                                        Name:   David McNeely
                                             -----------------------------------
                                        Title:  Vice President
                                              ----------------------------------

                                      [S-1]

<PAGE>

                  The following Persons are signatories to this Amendment in
their capacity as Credit Parties or Loan Parties and not as Borrowers.

                             BRIGHTPOINT, INC.

                             By: /s/ Steven E. Fivel
                             ---------------------------------------------------
                             Name:  Steven E. Fivel
                             Title: Executive Vice President, General Counsel &
                                    Secretary

                             BRIGHTPOINT NORTH AMERICA, INC.

                             By: /s/ Steven E. Fivel
                             ---------------------------------------------------
                             Name:  Steven E. Fivel
                             Title: Executive Vice President & Secretary

                             WIRELESS FULFILLMENT SERVICES HOLDINGS, INC.

                             By: /s/ Steven E. Fivel
                             ---------------------------------------------------
                             Name:  Steven E. Fivel
                             Title: Executive Vice President & Secretary

                             BRIGHTPOINT INTERNATIONAL LTD.

                             By: /s/ Steven E. Fivel
                             ---------------------------------------------------
                             Name:  Steven E. Fivel
                             Title: Executive Vice President & Secretary

                             BRIGHTPOINT ACTIVATION SERVICES LLC

                                  By:   BRIGHTPOINT NORTH AMERICA L.P., its sole
                                        member and sole manager

                                  By:   Brightpoint North America, Inc., its
                                        general partner

                             By: /s/ Steven E. Fivel
                             ---------------------------------------------------
                             Name:  Steven E. Fivel
                             Title: Executive Vice President & Secretary

                                     [S-2]
<PAGE>

         ANNEX J (FROM ANNEX A - REVOLVING LOAN COMMITMENTS DEFINITION)
                                       TO
                                CREDIT AGREEMENT

<TABLE>
<CAPTION>
               LENDER                          REVOLVING LOAN COMMITMENT
               ------                          -------------------------
<S>                                            <C>
General Electric Capital Corporation            $35,000,000 (including a Swing
                                                Line Commitment of $7,500,000)

LaSalle Bank National Association               $15,555,555.55

National City Bank of Indiana                   $19,444,444.45
                                                --------------

                        TOTAL                   $70,000,000.00
</TABLE>

                                       iexv4w1

 

EXHIBIT 4.1

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

     TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO
NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF
THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH
IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.

	 	 	 	 	 
	No.: 1 

CUSIP No.: 65473Q AQ 6

ISIN No.: US65473QAQ64
	 	 
	 	$450,000,000

5.25% Notes due 2017

          NiSource Finance Corp., an Indiana corporation, promises to pay to Cede & Co, or registered
assigns, the principal sum of Four Hundred Fifty Million Dollars on September 15, 2017.

          Interest Payment Dates: March 15 and September 15

          Record Dates: March 1 and September 1

 

 

          Additional provisions of this Note are set forth on the other side of this Note.

	 	 	 	 	 
	Dated: September 16, 2005
	 	 	 	 
	 	 	NISOURCE FINANCE CORP.
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:
	 	David J. Vajda
	 

	 	Title:
	 	Vice President and Treasurer
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:
	 	Gary W. Pottorff
	 

	 	Title:
	 	Corporate Secretary

TRUSTEE’S CERTIFICATE OF

AUTHENTICATION

This is one of the Notes of the series

referred to in the within-mentioned Indenture.

JPMORGAN CHASE BANK, N.A.

as Trustee

	 	 	 	 	 
	By:

	 	 	 	 
	 	 	 	 	 
	 

	 	Authorized Officer	 	 

 

 

5.25% Notes due 2017

1. Interest

          NiSource Finance Corp., an Indiana corporation (such corporation, and its successors and
assigns under the Indenture hereinafter referred to, being herein called the “Company”), promises
to pay interest on the principal amount of this Note at the rate per annum shown above. The
Company will pay interest semiannually on March 15 and September 15 of each year, commencing March
15, 2006. Interest on the Notes will accrue from the most recent date to which interest has been
paid or, if no interest has been paid, from September 16, 2005. Interest will be computed on the
basis of a 360-day year of twelve 30-day months. The Company will pay interest on overdue
principal and premium at the above rate and will pay interest on overdue installments of interest
at such rate to the extent lawful.

2. Method of Payment

          The Company will pay interest on the Notes (except defaulted interest) to the Persons who are
registered Holders of Notes at the close of business on the March 1 or September 1 next preceding
the Interest Payment Date even if Notes are canceled after the Record Date and on or before the
Interest Payment Date. Holders must surrender Notes to a Paying Agent to collect principal
payments. The Company will pay principal and interest in money of the United States that at the
time of payment is legal tender for payment of public and private debts. Payments in respect of
the Notes represented by a Global Note (including principal, premium, if any, and interest) will be
made by wire transfer of immediately available funds to the accounts specified by The Depository
Trust Company.

3. Guarantee

          NiSource Inc., a Delaware corporation and parent of the Company, will fully and
unconditionally guarantee to each Holder of the Notes and to JPMorgan Chase Bank, N.A. (formerly,
The Chase Manhattan Bank), as Trustee (the “Trustee”) under the Indenture (as defined below) and
its successors all the Obligations of the Company under the Notes, including the due and punctual
payment of the principal of, premium, if any, and interest, if any, on the Notes (the “Security
Guarantee”). The Security Guarantee applies whether the payment is due at Stated Maturity, on an
Interest Payment Date or as a result of acceleration, redemption or otherwise. The Security
Guarantee includes payment of interest on the overdue principal of, premium, if any, and interest,
if any, on the Notes (if lawful) and all other Obligations of the Company under the Indenture. The
Security Guarantee will remain valid even if the Indenture is found to be invalid. NiSource Inc.
is obligated under the Security Guarantee to pay any guaranteed amount immediately after the
Company’s failure to do so.

 

 

4. Paying Agent and Security Registrar

          Initially, the Trustee will act as Paying Agent and Security Registrar. The Company may
appoint and change any Paying Agent or Security Registrar without notice to the Holders. The
Company may act as Paying Agent or Security Registrar.

5. Indenture

          The Company issued the Notes under an Indenture dated as of November 14, 2000, among the
Company, NiSource Inc. and the Trustee (as supplemented, the “Indenture”) and pursuant to an
Officers’ Certificate of the Company dated September 16, 2005 (the “Officer’s Certificate”). The
terms of the Notes include those stated in the Indenture and the Officer’s Certificate and those
made part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S.C. sections
77aaa-77bbbb) as in effect on the date of the Officer’s Certificate (the “Act”). Capitalized terms
used herein and defined in the Indenture but not defined herein have the meanings ascribed thereto
in the Indenture. The Notes are subject to all such terms, and Holders of Notes are referred to
the Indenture and the Act for a statement of those terms.

          The Notes are senior unsecured obligations of the Company. The Notes issued on the Issue Date
will be treated as a single class for all purposes under the Indenture. The Indenture contains
covenants that limit the ability of the Company, NiSource Inc. and their Subsidiaries (other than
Utilities) to incur additional indebtedness and create liens on assets unless the total amount of
all the secured debt would not exceed 10% of Consolidated Net Tangible Assets. These covenants are
subject to important exceptions and qualifications.

6. Optional Redemption

          The Company may redeem all or part of the Notes at any time at its option at a redemption
price equal to the greater of (1) the principal amount of the Notes being redeemed plus accrued
interest to the Redemption Date or (2) the Make-Whole Amount for the Notes being redeemed. For
purposes of this provision:

          “Make-Whole Amount” means the sum, as determined by a Quotation Agent, of the present values
of the principal amount of the Notes to be redeemed, together with scheduled payments of interest
(exclusive of interest to the Redemption Date) from the Redemption Date to the Stated Maturity of
the Notes, in each case discounted to the Redemption Date on a semi-annual basis, assuming a
360-day year consisting of twelve 30-day months, at the Adjusted Treasury Rate, plus accrued
interest on the principal amount of the Notes being redeemed to the Redemption Date.

          “Adjusted Treasury Rate” means, with respect to any Redemption Date, (i) the yield, under the
heading which represents the average for the immediately preceding week, appearing in the most
recently published statistical release designated “H.15 (519)” or any successor publication which
is published weekly by the Board of Governors of the Federal Reserve System and which establishes
yields on actively traded United States Treasury securities adjusted to constant maturity under the
caption “Treasury Constant

 

 

Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if no maturity
is within three months before or after the remaining term of the Notes, yields for the two
published maturities most closely corresponding to the Comparable Treasury Issue shall be
determined and the Adjusted Treasury Rate shall be interpolated or extrapolated from such yields on
a straight line basis, rounding to the nearest month) or (ii) if such release (or any successor
release) is not published during the week preceding the calculation date or does not contain such
yields, the rate per year equal to the semi-annual equivalent yield to maturity of the Comparable
Treasury Issue assuming a price for the Comparable Treasury Issue (expressed as a percentage of its
principal amount) equal to the Comparable Treasury Price for such Redemption Date, in each case
calculated on the third Business Day preceding the Redemption Date, plus 0.25%.

          “Comparable Treasury Issue” means the United States Treasury security selected by the
Quotation Agent as having a maturity comparable to the remaining term from the Redemption Date to
the Stated Maturity of the Notes that would be utilized, at the time of selection and in accordance
with customary financial practice, in pricing new issues of corporate debt securities of comparable
maturity to the remaining term of the Notes.

          “Comparable Treasury Price” means, with respect to any Redemption Date, if clause (ii) of the
definition of Adjusted Treasury Rate is applicable, the average of three, or such lesser number as
is obtained by the Trustee, Reference Treasury Dealer Quotations for such Redemption Date.

          “Quotation Agent” means the Reference Treasury Dealer selected by the Trustee after
consultation with the Company.

          “Reference Treasury Dealer” means a primary U.S. Government securities dealer selected by the
Company.

          “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer
and any Redemption Date, the average, as determined by a Reference Treasury Dealer, of the bid and
asked prices for the Comparable Treasury Issue, expressed in each case as a percentage of its
principal amount, quoted in writing to the Trustee by such Reference Treasury Dealer at 5:00 p.m.,
New York City time, on the third Business Day preceding such Redemption Date.

7. Notice of Redemption

          If the Company is redeeming less than all the Notes at any time, the Trustee will select the
Notes to be redeemed using a method it considers fair and appropriate. Notice of redemption will
be mailed at least 30 days but not more than 60 days before the Redemption Date to each Holder of
Notes to be redeemed in accordance with Section 106 of the Indenture. Notes in denominations
larger than $1,000 principal amount may be redeemed in part but only in integral multiples of
$1,000. The Company will not know the exact Redemption Price until three Business Days before the
Redemption Date. Therefore, the notice of redemption will only describe how the

 

 

Redemption Price will be calculated. If money sufficient to pay the Redemption Price of and
accrued interest on all Notes (or portions thereof) to be redeemed on the Redemption Date is
deposited with the Paying Agent on or before the Redemption Date and certain other conditions are
satisfied, on and after such Redemption Date interest will cease to accrue on such Notes (or such
portions thereof) called for redemption.

8. Additional Notes

          The Company may, without the consent of the Holders of the Notes, create and issue Additional
Notes ranking equally with the Notes in all respects, including having the same CUSIP number, so
that such Additional Notes shall be consolidated and form a single series with the Notes and shall
have the same terms as to status, redemption or otherwise as the Notes. No Additional Notes may be
issued if an Event of Default has occurred and is continuing with respect to the Notes.

9. Denominations; Transfer; Exchange

          The Notes are in registered form without coupons in denominations of $1,000 principal amount
and integral multiples of $1,000. A Holder may transfer or exchange Notes in accordance with the
Indenture. The Security Registrar may require a Holder, among other things, to furnish appropriate
endorsements or transfer documents and to pay any taxes and fees required by law or permitted by
the Indenture. The Security Registrar need not register the transfer or exchange of any Notes
selected for redemption (except, in the case of a Note to be redeemed in part, the portion of the
Note not to be redeemed) for a period of 15 days before a selection of Notes to be redeemed.

10. Persons Deemed Owners

          The registered Holder of this Note may be treated as the owner of it for all purposes.

11. Unclaimed Money

          If money for the payment of principal or interest remains unclaimed for two years, the Trustee
or Paying Agent shall pay the money back to the Company at its request. After any such payment,
Holders entitled to the money must look only to the Company and not to the Trustee, the Paying
Agent or NiSource Inc., as guarantor, for payment.

12. Satisfaction and Discharge

          Under the Indenture, the Company can terminate its obligations with respect to the Notes not
previously delivered to the Trustee for cancellation when those Notes have become due and payable
or will become due and payable at their Stated Maturity within one year or are to be called for
redemption within one year under arrangements satisfactory to the Trustee for giving notice of
redemption. The Company may terminate its obligations with respect to the Notes by depositing with
the Trustee, as funds in trust dedicated solely for that purpose, an amount sufficient to pay and
discharge

 

 

the entire indebtedness on the Notes. In that case, the Indenture will cease to be of further
effect and the Company’s obligations will be satisfied and discharged with respect to the Notes
(except as to the Company’s obligations to pay all other amounts due under the Indenture and to
provide certain Officers’ Certificates and Opinions of Counsel to the Trustee). At the expense of
the Company, the Trustee will execute proper instruments acknowledging the satisfaction and
discharge.

13. Amendment, Waiver

          Subject to certain exceptions set forth in the Indenture, (i) the Indenture and the Notes may
be amended with the written consent of the Holders of at least a majority in principal amount
outstanding of the Notes and (ii) any default or noncompliance with any provision may be waived
with the written consent of the Holders of a majority in principal amount outstanding of the Notes.
Subject to certain exceptions set forth in the Indenture, without the consent of any Holder, the
Company and the Trustee shall be entitled to amend the Indenture to cure any ambiguity, omission,
defect or inconsistency, or to evidence the succession of another Person as obligor under the
Indenture, or to add to the Company’s or NiSource Inc.’s covenants or to surrender any right or
power conferred on the Company or NiSource Inc. under the Indenture, or to add events of default,
or to secure the Notes, or to evidence or provide for the acceptance or appointment by a successor
Trustee or facilitate the administration of the trusts under the Indenture by more than one
trustee, or to effect assumption by NiSource Inc. or one of its Subsidiaries of the Company’s
obligations under the Indenture, or to conform the Indenture to any amendment of the Trust
Indenture Act.

14. Defaults and Remedies

          Under the Indenture, Events of Default include: (i) default by the Company in the payment of
any interest upon any Note and the continuance of such default for 60 days; (ii) default by the
Company in the payment of principal of or any premium on any Note when due at Stated Maturity, on
redemption, by declaration or otherwise, and the continuance of such default for three Business
Days; (iii) default by the Company or NiSource Inc. in the performance of or breach of any covenant
or warranty in the Indenture and continuance of such default for 90 days after written notice to
the Company or NiSource Inc. from the Trustee or to the Company, NiSource Inc. and the Trustee from
the Holders of at least 33% in principal amount of the Outstanding Notes; (iv) default by the
Company or NiSource Capital Markets, Inc. under any bond, debenture, note or other evidence of
indebtedness for money borrowed by the Company or NiSource Capital Markets, Inc., or the Company or
NiSource Capital Markets, Inc. defaults under any mortgage, indenture or instrument under which
there may be issued, secured or evidenced indebtedness constituting a failure to pay in excess of
$50,000,000 of the principal or interest when due and payable, subject to certain cure rights; (v)
the guarantee by NiSource Inc. ceases to be in full force and effect or is disaffirmed or denied
(other than according to its terms), or is found to be unenforceable or invalid; or (vi) certain
events of bankruptcy, insolvency or reorganization of the Company, NiSource Capital Markets, Inc.
or NiSource Inc. If an Event of Default occurs and is continuing,

 

 

the Trustee or the Holders of at least 33% in principal amount of the Notes may declare all
the Notes to be due and payable immediately.

          Holders may not enforce the Indenture or the Notes except as provided in the Indenture. The
Trustee may refuse to enforce the Indenture or the Notes unless it receives indemnity or security
satisfactory to it. Subject to certain limitations, Holders of a majority in principal amount of
the Notes may direct the Trustee in its exercise of any trust or power. The Trustee may withhold
from Holders notice of any continuing default (except a default in payment of principal or
interest) if it determines that withholding notice is in the interest of the Holders.

15. Trustee Dealings with the Company

          Subject to certain limitations imposed by the Act, the Trustee under the Indenture, in its
individual or any other capacity, may become the owner or pledgee of Notes and may otherwise deal
with and collect obligations owed to it by the Company or its Affiliates and may otherwise deal
with the Company or its Affiliates with the same rights it would have if it were not Trustee.

16. No Recourse Against Others

          A director, officer, employee or stockholder, as such, of the Company, NiSource Inc. or the
Trustee shall not have any liability for any obligations of the Company under the Notes or the
Indenture, or any obligations of NiSource Inc. under the Security Guarantee or the Indenture, or
for any claim based on, in respect of or by reason of such obligations or their creation. By
accepting a Note, each Holder waives and releases all such liability. The waiver and release are
part of the consideration for the issue of the Notes and the Security Guarantee.

17. Authentication

          This Note shall not be valid until an authorized signatory of the Trustee (or an
Authenticating Agent) manually signs the certificate of authentication on the other side of this
Note.

18. Abbreviations

          Customary abbreviations may be used in the name of a Holder or an assignee, such as TEN COM
(=tenants in common), TEN ENT (=tenants by the entireties), JT TEN (=joint tenants with rights of
survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to Minors
Act).

19. CUSIP, ISIN and Common Code Numbers

          Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification
Procedures, the Company has caused CUSIP numbers to be printed on the Notes and has directed the
Trustee to use CUSIP numbers in notices of redemption as a convenience to Holders. To the extent
such numbers have been issued,

 

 

the Company has caused ISIN and Common Code numbers to be similarly printed on the Notes and
has similarly instructed the Trustee. No representation is made as to the accuracy of such numbers
either as printed on the Notes or as contained in any notice of redemption and reliance may be
placed only on the other identification numbers placed thereon.

20. Governing Law.

          THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS OF THE STATE
OF NEW YORK, WITHOUT GIVING EFFECT TO CONTRARY CONFLICT OF LAWS OR CHOICE OF LAWS PROVISIONS OF THE
STATE OF NEW YORK OR ANY OTHER JURISDICTION.

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

NiSource Finance Corp.

801 East 86th Avenue

Merrillville, Indiana 46410

Attention:
Corporate Secretary

 

 

ASSIGNMENT FORM

To assign this Note, fill in the form below:

I or we assign and transfer this Note to

 

 

 

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

 

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

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

	 	 	 	 	 	 	 	 	 
	Date:

	 	 	 	 	 	Your Signature:	 	 
	 

	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 

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

	 	must be guaranteed
	 	 	 	 	 	Signature

Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of
the Security Registrar, which requirements include membership or participation in the Security
Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be
determined by the Security Registrar in addition to, or in substitution for, STAMP, all in
accordance with the Securities Exchange Act of 1934, as amended.

 

 

SECURITY GUARANTEE

          NiSource Inc. irrevocably and unconditionally guarantees the Obligations of NiSource Finance
Corp., an Indiana corporation (the “Company”) under the 5.25% Notes due 2017 (the “Notes”) of the
Company, including that (i) the principal of, premium, if any, and interest on the Notes shall be
promptly paid in full when due, whether at Stated Maturity, by acceleration, redemption or
otherwise, and interest on the overdue principal of, premium, if any, and interest on the Notes, if
lawful, and all other Obligations of the Company to the Holders or the Trustee shall be promptly
paid in full or performed, and (ii) in case of any extension of time of payment or renewal of any
Notes or any such other Obligations, that the same will be promptly paid in full when due or
performed in accordance with the terms of the extension or renewal, whether at Stated Maturity, by
acceleration or otherwise. Failing payment when due of any amount so guaranteed or any performance
so guaranteed, NiSource Inc. shall be obligated to pay or perform the same immediately.

          The obligations of NiSource Inc. to the Holders and to the Trustee pursuant to this Security
Guarantee and the Indenture are expressly set forth in Article Fifteen of the Indenture, and
reference is hereby made to such Indenture for the precise terms of this Security Guarantee.

          No stockholder, employee, officer, director or incorporator, as such, past, present or future,
of NiSource Inc. shall have any liability under this Security Guarantee by reason of his or its
status as such stockholder, employee, officer, director or incorporator.

          This Security Guarantee shall remain in full force and effect and continue notwithstanding any
petition filed by or against the Company for liquidation or reorganization.

          This Security Guarantee shall not be valid or obligatory for any purpose until the certificate
of authentication on the Note upon which this Security Guarantee is noted shall have been executed
by the Trustee under the Indenture by the manual signature of one of its authorized officers.

          THE TERMS OF ARTICLE FIFTEEN OF THE INDENTURE ARE INCORPORATED HEREIN BY REFERENCE.

 

          Capitalized terms used herein have the same meanings given in the Indenture unless otherwise
indicated.

	 	 	 	 	 	 	 
	 	 	NISOURCE INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name: David J. Vajda	 	 
	 	 	Title:   Vice President and Treasurer	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Jeffrey W. Grossman	 	 
	 	 	Title:  Vice President and Controller

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