Document:

exv10w2

 

GUARANTEE

     FOR VALUE RECEIVED, the sufficiency of which is hereby acknowledged, and in connection with
that certain funding agreement (the “Funding Agreement”), entered into by and between Principal
Life Insurance Company, an Iowa insurance company (“Principal Life”), and Principal Life Income
Fundings Trust2006-40, a New York common law trust (the “Trust”), relating to the notes (the
“Notes”) issued by the Trust, Principal Financial Group, Inc., a Delaware corporation and the
indirect parent company of Principal Life (the “Guarantor”), hereby furnishes to the Trust its full
and unconditional guarantee of the Guaranteed Amounts (as hereinafter defined) as follows:

     1. Guarantee.

          (a) The Guarantor hereby fully, irrevocably, absolutely and unconditionally guarantees, as a
guarantee of payment and not merely as a guarantee of collection, immediate payment when due to the
Trust any payments required to be made by Principal Life to the Trust under the Funding Agreement
which shall become due and payable regardless of whether such payment is due at maturity, on an
interest payment date or as a result of redemption or otherwise (the “Scheduled Payments”) but
shall be unpaid by Principal Life (the “Guaranteed Amounts”). Notwithstanding anything to the
contrary contained herein, in no event shall the Guaranteed Amounts exceed the Deposit (as defined
in the Funding Agreement) of the Funding Agreement, plus accrued but unpaid interest and any other
amounts due and owing under the Funding Agreement, less any amounts paid by Principal Life to the
Trust.

          (b) In the event that Principal Life fails to make a Scheduled Payment in full when due (the
“Payment Notice Date”), then the Trust or Citibank, N.A., as indenture trustee for the benefit of
the holders of the Notes (the “Indenture Trustee”), pursuant to the indenture (the “Indenture”)
between the Trust and the Indenture Trustee, may present the Guarantor with notice (each, a
“Payment Notice”) of such failure in writing on or after the Payment Notice Date. The Payment
Notice shall identify (1) the Funding Agreement, (2) the Trust, (3) the Payment Notice Date and (4)
the amount of the Scheduled Payments not paid by Principal Life to the Trust as of the Payment
Notice Date. Upon receipt of such Payment Notice, the Guarantor will immediately pay the
Guaranteed Amounts pursuant to Section 7.

          (c) In the event that, after receipt of a Payment Notice from the Trust, the Guarantor fails
to make immediate payment to the Trust or the Indenture Trustee of the Guaranteed Amounts, then
the Trust and the Indenture Trustee may enforce the obligations of the Guarantor under this
Guarantee, including by immediately bringing suit directly against the Guarantor (without first
bringing suit against Principal Life) for the Guaranteed Amounts not paid to the Trust as of the
Payment Notice Date.

          (d) This Guarantee is an unsecured, unsubordinated and contingent obligation of the Guarantor
and ranks equally with all other unsecured and unsubordinated obligations of the Guarantor.

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     2. Termination. This Guarantee is a continuing and irrevocable guarantee of the
Guaranteed Amounts now or hereafter existing and shall terminate and be of no further force and
effect with respect to the Funding Agreement and the Notes upon the full payment of the Scheduled
Payments or upon the earlier extinguishment of the obligations of Principal Life under the Funding
Agreement.

     3. Amendments. Subject to the trust agreement relating to the Trust and the Indenture, no
provision of this Guarantee may be waived, amended, supplemented or modified, except by a written
instrument executed by the Trust and the Guarantor.

     4. Assignment; Governing Law. This Guarantee shall inure to the benefit of the Trust and its
successors, assigns and pledgees. This Guarantee shall be governed by, and construed in accordance
with, the laws of the State of New York without regard to conflict of law principles.

     5. Notices. All notices given pursuant to this Guarantee shall be in writing, and shall
either be delivered, mailed or telecopied to the locations listed below or at such other address or
to the attention of such other persons as such party shall have designated for such purpose in a
written notice complying as to delivery with the terms of this Section 5. Each such notice shall
be effective (i) if given by telecopy, when transmitted to the applicable number so specified in
this Section 5 (such notice shall also be sent by mail, with first class postage prepaid), (ii) if
given by mail, three days after deposit in the mails with first class postage prepaid, or (iii) if
given by any other means, when actually delivered at such address.

If to the Guarantor:

Principal Financial Group, Inc.

711 High Street

Des Moines, Iowa 50392

Attention: General Counsel

Telephone: (515) 247-5111

Facsimile: (515) 248-3011

With a copy to:

Principal Life Insurance Company

711 High Street

Des Moines, Iowa 50392

Attention: Jim Fifield

Telephone: (515) 248-9196

Facsimile: (866) 496-6527

If to the Trust:

Principal Life Income Fundings Trust (followed by the number of the Trust specified in this Guarantee)

2

 

c/o U.S. Bank Trust National Association

100 Wall Street, 16th Floor

New York, New York 10005

Attention: Thomas E. Tabor

Telephone: (212) 361-6184

Facsimile: (212) 809-5459

With a copy to:

Citibank, N.A.

Citibank Agency and Trust

388 Greenwich Street, 14th Floor

New York, New York 10013

Attention: Nancy Forte

Telephone: (212) 816-5685

Facsimile: (212) 816-5527

     6. Representations and Warranties. The Guarantor represents and warrants that: (i) it is duly
organized and in good standing under the laws of the jurisdiction of its organization and has full
capacity and right to make and perform this Guarantee, and all necessary authority has been
obtained; (ii) this Guarantee constitutes a legal, valid and binding obligation of the Guarantor
enforceable in accordance with its terms, subject to applicable bankruptcy, insolvency and similar
laws affecting creditors’ rights and general principles of equity, regardless of whether
enforcement is sought in a proceeding in equity or at law; (iii) the making and performance of this
Guarantee does not and will not violate the provisions of any applicable law, regulation or order,
and does not and will not result in the breach of, or constitute a default under, any material
agreement, instrument or document to which it is a party or by which it or any of its property may
be bound or affected, except to the extent disclosed in the registration statement registering the
issuance of this Guarantee and the Funding Agreement, as amended, supplemented or modified from
time to time (the “Registration Statement”), and to the extent that any such violation, breach or
default does not result in a material adverse effect on the Guarantor; and (iv) all consents,
approvals, licenses and authorizations of, and filings and registrations with, any governmental
authority required under applicable law and regulations for the making and performance of this
Guarantee have been obtained or made and are in full force and effect, except to the extent
disclosed in the Registration Statement and to the extent that the failure to acquire any such
consent, approval, license, authorization, filing or registration does not result in a material
adverse effect on the Guarantor.

     7. Notice of, and Consent to, Security Interest. The Trust hereby notifies the Guarantor that
it has granted to the Indenture Trustee, on behalf of the holders of the Notes, a security interest
in the Collateral (as defined in the Indenture), including, but not limited to, any and all payment
to be made by the Guarantor to the Trust under this Guarantee. The Trust hereby notifies the
Guarantor that it has collaterally assigned to the Indenture Trustee, for the benefit of the
holders of the Notes, this Guarantee. The Guarantor, by executing this Guarantee, hereby (i)
affirms that it has made or simultaneously will make changes to its books and records to reflect
such security interest and collateral assignment, (ii) consents to the security interest

3

 

granted, and collateral assignment made, by the Trust to the Indenture Trustee of this
Guarantee, (iii) agrees to make all payments due under this Guarantee to the Collection Account (as
defined in the Indenture) or any other account designated in writing to the Guarantor by the
Indenture Trustee and (iv) agrees to comply with all orders of the Indenture Trustee with respect
to this Guarantee without any further consent from the Trust.

     8. WAIVER OF JURY TRIAL; FINAL AGREEMENT. TO THE EXTENT ALLOWED BY APPLICABLE LAW, THE
GUARANTOR WAIVES TRIAL BY JURY WITH RESPECT TO ANY ACTION, CLAIM, SUIT OR PROCEEDING ON OR ARISING
OUT OF THIS GUARANTEE. THIS GUARANTEE REPRESENTS THE FINAL AGREEMENT BETWEEN THE GUARANTOR AND THE
TRUST AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL
AGREEMENTS AMONG SUCH PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG SUCH PARTIES.

	 	 	 
	PRINCIPAL FINANCIAL GROUP, INC.
	 
	 	 
	By:

	 	/s/ Elizabeth D. Swanson
	 

	 	 
	 
	 	 
	Name:

	 	Elizabeth D. Swanson
	 

	 	 
	 
	 	 
	Title:

	 	Counsel
	 

	 	 
	 
	 	 
	Date:	 	The Effective Date (as defined in the Funding Agreement)

Acknowledged and Agreed:

THE PRINCIPAL LIFE INCOME FUNDINGS

TRUST DESIGNATED IN THIS GUARANTEE

	 	 	 
	By:

	 	U.S. Bank Trust National Association,
	 

	 	not in its individual capacity, but solely in its
	 

	 	capacity as trustee
	 
	 	 
	By:

	 	Bankers Trust Company, N.A.,
	 

	 	under Limited Power of Attorney, dated February 16, 2006
	 
	 	 
	By:

	 	/s/ Diana L. Cook
	 

	 	 
	 
	 	 
	Name:

	 	Diana L. Cook
	 

	 	 
	 
	 	 
	Title:

	 	Vice President
	 

	 	 
	 
	 	 
	Date:	 	 The Effective Date (as defined in the Funding Agreement)

4exv10w1

 

EXHIBIT 10.1

 

 

Execution Copy

Sensient Technologies Corporation

U.S.$30,000,000 7.17% Senior Notes, Series 2006—A, due November 28, 2011

U.S.$25,000,000 7.31% Senior Notes, Series 2006—B, due November 28, 2013

€38,669,760 5.78% Senior Notes, Series 2006—C, due November 28, 2011

€19,334,880 5.85% Senior Notes, Series 2006—D, due November 28, 2013

€19,334,880 Floating Rate Senior Notes, Series 2006—E, due November 28, 2011

 

Note Purchase Agreement

 

Dated as of June 27, 2006

 

 

 

 

Table of Contents

(Not a part of the Agreement)

	 	 	 	 	 	 	 
	Section	 	Heading	 	Page	 
	Section 1.
	 	Authorization of Notes	 	 	 1	 
	 
	 	 	 	 	 	 
	Section 2.
	 	Sale and Purchase of Notes	 	 	 4	 
	 
	 	 	 	 	 	 
	Section 3.
	 	Closing	 	 	 5	 
	 
	 	 	 	 	 	 
	Section 4.
	 	Conditions to Closing	 	 	 5	 
	 
	 	 	 	 	 	 
	Section 4.1.
	 	Representations and Warranties	 	 	5	 
	Section 4.2.
	 	Performance; No Default	 	 	5	 
	Section 4.3.
	 	Compliance Certificates	 	 	6	 
	Section 4.4.
	 	Opinions of Counsel	 	 	6	 
	Section 4.5.
	 	Purchase Permitted by Applicable Law, Etc.	 	 	6	 
	Section 4.6.
	 	Sale of Other Notes	 	 	6	 
	Section 4.7.
	 	Payment of Special Counsel Fees	 	 	7	 
	Section 4.8.
	 	Private Placement Number	 	 	7	 
	Section 4.9.
	 	Changes in Corporate Structure	 	 	7	 
	Section 4.10.
	 	Funding Instructions	 	 	7	 
	Section 4.11.
	 	Related Transaction	 	 	7	 
	Section 4.12.
	 	Proceedings and Documents	 	 	7	 
	 
	 	 	 	 	 	 
	Section 5.
	 	Representations and Warranties of the Company	 	 	 7	 
	 
	Section 5.1.
	 	Organization; Power and Authority	 	 	8	 
	Section 5.2.
	 	Authorization, Etc.	 	 	8	 
	Section 5.3.
	 	Disclosure	 	 	8	 
	Section 5.4.
	 	Organization of Subsidiaries; Affiliates	 	 	8	 
	Section 5.5.
	 	Financial Statements; Material Liabilities	 	 	9	 
	Section 5.6.
	 	Compliance with Laws, Other Instruments, Etc.	 	 	9	 
	Section 5.7.
	 	Governmental Authorizations, Etc.	 	 	10	 
	Section 5.8.
	 	Litigation; Observance of Agreements, Statutes and Orders	 	 	10	 
	Section 5.9.
	 	Taxes	 	 	10	 
	Section 5.10.
	 	Title to Property; Leases	 	 	10	 
	Section 5.11.
	 	Licenses, Permits, Etc.	 	 	11	 
	Section 5.12.
	 	Compliance with ERISA	 	 	11	 
	Section 5.13.
	 	Private Offering by the Company	 	 	12	 
	Section 5.14.
	 	Use of Proceeds; Margin Regulations	 	 	12	 
	Section 5.15.
	 	Existing Debt; Future Liens	 	 	12	 
	Section 5.16.
	 	Foreign Assets Control Regulations, Etc.	 	 	13	 
	Section 5.17.
	 	Status under Certain Statutes	 	 	13	 
	Section 5.18.
	 	Environmental Matters	 	 	14	 

-i-

 

	 	 	 	 	 	 	 
	Section	 	Heading	 	Page	 
	Section 6.
	 	Representations of the Purchasers	 	 	14	 
	 
	 	 	 	 	 	 
	Section 6.1.
	 	Purchase for Investment	 	 	14	 
	Section 6.2.
	 	Source of Funds	 	 	14	 
	 
	 	 	 	 	 	 
	Section 7.
	 	Information as to the Company	 	 	16	 
	 
	Section 7.1.
	 	Financial and Business Information	 	 	16	 
	Section 7.2.
	 	Officer’s Certificate	 	 	19	 
	Section 7.3.
	 	Visitation	 	 	20	 
	 
	 	 	 	 	 	 
	Section 8.
	 	Prepayment of the Notes	 	 	20	 
	 
	Section 8.1.
	 	Required Prepayments	 	 	20	 
	Section 8.2.
	 	Optional Prepayments	 	 	20	 
	Section 8.3.
	 	Change in Control	 	 	21	 
	Section 8.4.
	 	Allocation of Partial Prepayments	 	 	24	 
	Section 8.5.
	 	Maturity; Surrender, Etc.	 	 	24	 
	Section 8.6.
	 	Purchase of Notes	 	 	24	 
	Section 8.7.
	 	Make-Whole Amount	 	 	24	 
	Section 8.8.
	 	Swap Breakage Amount	 	 	29	 
	 
	 	 	 	 	 	 
	Section 9.
	 	Affirmative Covenants	 	 	30	 
	 
	Section 9.1.
	 	Compliance with Law	 	 	30	 
	Section 9.2.
	 	Insurance	 	 	31	 
	Section 9.3.
	 	Maintenance of Properties	 	 	31	 
	Section 9.4.
	 	Payment of Taxes and Claims	 	 	31	 
	Section 9.5.
	 	Legal Existence, Etc.	 	 	31	 
	Section 9.6.
	 	Books and Records	 	 	31	 
	 
	 	 	 	 	 	 
	Section 10.
	 	Negative Covenants	 	 	32	 
	 
	Section 10.1.
	 	Consolidated Adjusted Net Worth	 	 	32	 
	Section 10.2.
	 	Limitations on Debt	 	 	32	 
	Section 10.3.
	 	Fixed Charges Coverage Ratio	 	 	33	 
	Section 10.4.
	 	Negative Pledge	 	 	33	 
	Section 10.5.
	 	Mergers, Consolidations, Etc.	 	 	34	 
	Section 10.6.
	 	Sale of Assets	 	 	35	 
	Section 10.7.
	 	Transactions with Affiliates	 	 	36	 
	Section 10.8.
	 	Line of Business	 	 	37	 
	Section 10.9.
	 	Terrorism Sanctions Regulations	 	 	37	 
	 
	 	 	 	 	 	 
	Section 11.
	 	Events of Default	 	 	37	 
	 
	 	 	 	 	 	 
	Section 12.
	 	Remedies on Default, Etc.	 	 	39	 
	 
	 	 	 	 	 	 
	Section 12.1.
	 	Acceleration	 	 	39	 
	Section 12.2.
	 	Other Remedies	 	 	40	 

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	Section	 	Heading	 	Page	 
	Section 12.3.
	 	Rescission	 	 	40	 
	Section 12.4.
	 	No Waivers or Election of Remedies, Expenses, Etc.	 	 	40	 
	 
	 	 	 	 	 	 
	Section 13.
	 	Registration; Exchange; Substitution of Notes	 	 	41	 
	 
	Section 13.1.
	 	Registration of Notes	 	 	41	 
	Section 13.2.
	 	Transfer and Exchange of Notes	 	 	41	 
	Section 13.3.
	 	Replacement of Notes	 	 	41	 
	 
	 	 	 	 	 	 
	Section 14.
	 	Payments on Notes	 	 	42	 
	 
	Section 14.1.
	 	Place of Payment	 	 	42	 
	Section 14.2.
	 	Home Office Payment	 	 	42	 
	 
	 	 	 	 	 	 
	Section 15.
	 	Expenses, Etc.	 	 	43	 
	 
	Section 15.1.
	 	Transaction Expenses	 	 	43	 
	Section 15.2.
	 	Survival	 	 	43	 
	 
	 	 	 	 	 	 
	Section 16.
	 	Survival of Representations and Warranties; Entire Agreement	 	 	43	 
	 
	 	 	 	 	 	 
	Section 17.
	 	Amendment and Waiver	 	 	44	 
	 
	 	 	 	 	 	 
	Section 17.1.
	 	Requirements	 	 	44	 
	Section 17.2.
	 	Solicitation of Holders of Notes	 	 	44	 
	Section 17.3.
	 	Binding Effect, Etc.	 	 	44	 
	Section 17.4.
	 	Notes Held by Company, Etc.	 	 	45	 
	 
	 	 	 	 	 	 
	Section 18.
	 	Notices	 	 	45	 
	 
	 	 	 	 	 	 
	Section 19.
	 	Reproduction of Documents	 	 	45	 
	 
	 	 	 	 	 	 
	Section 20.
	 	Confidential Information	 	 	46	 
	 
	 	 	 	 	 	 
	Section 21.
	 	Substitution of Purchaser	 	 	47	 
	 
	 	 	 	 	 	 
	Section 22.
	 	Miscellaneous	 	 	47	 
	 
	Section 22.1.
	 	Successors and Assigns	 	 	47	 
	Section 22.2.
	 	Payments Due on Non-Business Days	 	 	47	 
	Section 22.3.
	 	Accounting Terms	 	 	47	 
	Section 22.4.
	 	Severability	 	 	48	 
	Section 22.5.
	 	Construction, Etc.	 	 	48	 
	Section 22.6.
	 	Counterparts	 	 	48	 
	Section 22.7.
	 	Governing Law	 	 	48	 
	Section 22.8.
	 	Jurisdiction and Process; Waiver of Jury Trial	 	 	48	 
	Section 22.9.
	 	Obligation to Make Payment in Dollars	 	 	49	 
	 
	 	 	 	 	 	 
	Signature
	 	 	 	 	51	 

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	Schedule A

	 	—
	 	Information Relating to Purchasers
	 
	 	 	 	 
	Schedule B

	 	—
	 	Defined Terms
	 
	 	 	 	 
	Schedule 5.3

	 	—
	 	Disclosure Materials
	 
	 	 	 	 
	Schedule 5.4

	 	—
	 	Subsidiaries of the Company and Ownership of Subsidiary Stock
	 
	 	 	 	 
	Schedule 5.5

	 	—
	 	Financial Statements
	 
	 	 	 	 
	Schedule 5.15

	 	—
	 	Existing Debt
	 
	 	 	 	 
	Schedule 6

	 	—
	 	Existing Investments
	 
	 	 	 	 
	Annex A

	 	—
	 	Debt as of Date of Closing
	 
	 	 	 	 
	Exhibit 1.1(a)

	 	—
	 	Form of 7.17% Senior Note, Series 2006—A, due November 28, 2011
	 
	 	 	 	 
	Exhibit 1.1(b)

	 	—
	 	Form of 7.31% Senior Note, Series 2006—B, due November 28, 2013
	 
	 	 	 	 
	Exhibit 1.1(c)

	 	—
	 	Form of 5.78% Senior Note, Series 2006—C, due November 28, 2011
	 
	 	 	 	 
	Exhibit 1.1(d)

	 	—
	 	Form of 5.85% Senior Note, Series 2006—D, due November 28, 2013
	 
	 	 	 	 
	Exhibit 1.1(e)

	 	—
	 	Form of Floating Rate Senior Note, Series 2006—E, due November 28, 2011
	 
	 	 	 	 
	Exhibit 4.4(a)(i)

	 	—
	 	Form of Opinion of Special Counsel for the Company
	 
	 	 	 	 
	Exhibit 4.4(a)(ii)

	 	—
	 	Form of Opinion of General Counsel for the Company
	 
	 	 	 	 
	Exhibit 4.4(b)

	 	—
	 	Form of Opinion of Special Counsel for the Purchasers

-iv-

 

Sensient Technologies Corporation

777 East Wisconsin Avenue

Milwaukee, Wisconsin 53202-5304

U.S.$30,000,000 7.17% Senior Notes, Series 2006—A, due November 28, 2011

U.S.$25,000,000 7.31% Senior Notes, Series 2006—B, due November 28, 2013

€38,669,760 5.78% Senior Notes, Series 2006—C, due November 28, 2011

€19,334,880 5.85% Senior Notes, Series 2006—D, due November 28, 2013

€19,334,880 Floating Rate Senior Notes, Series 2006—E, due November 28, 2011

Dated as of June 27, 2006

To Each of the Purchasers Listed in 

    Schedule A Hereto:

     Ladies and Gentlemen:

     Sensient Technologies Corporation, a Wisconsin corporation (the “Company”), agrees
with each of the purchasers whose names appear at the end hereof (each, a “Purchaser” and,
collectively, the “Purchasers”) as follows:

Section 1. Authorization of Notes.

          (a) The Company will authorize the issue and sale of (a) U.S. $30,000,000 aggregate principal
amount of its 7.17% Senior Notes, Series 2006—A, due November 28, 2011 (the “Series A Notes”), (b)
U.S. $25,000,000 aggregate principal amount of its 7.31% Senior Notes, Series 2006—B, due November
28, 2013 (the “Series B Notes”), (c) €38,669,760 aggregate principal amount of its 5.78% Senior
Notes, Series 2006—C, due November 28, 2011 (the “Series C Notes”), (d) €19,334,880 aggregate
principal amount of its 5.85% Senior Notes, Series 2006—D, due November 28, 2013 (the “Series D
Notes”), and (e) €19,334,880 aggregate principal amount of its Floating Rate Senior Notes,
Series 2006—E, due November 28, 2011 (the “Series E Notes”; the Series A Notes, Series B Notes,
Series C Notes, Series D Notes and Series E Notes are hereinafter collectively referred to as the
“Notes,” such term to include any such Notes issued in substitution therefor pursuant to Section 13
of this Agreement). The Notes shall be substantially in the form set out in Exhibit
1.1(a), Exhibit 1.1(b), Exhibit 1.1(c), Exhibit 1.1(d) or
Exhibit 1.1(e), as the case may be. Certain capitalized and other terms used in this Agreement are
defined in Schedule B; and references to a “Schedule” or an “Exhibit” are, unless otherwise
specified, to a Schedule or an Exhibit attached to this Agreement.

          (b) The Series A Notes, Series B Notes, Series C Notes and Series D Notes shall bear interest
computed on the basis of a 360-day year of twelve 30-day months) on the unpaid principal amount
thereof from the date of issuance, payable semiannually, on May 28 and November 28 in each year and
on the maturity date of the Notes.

 

 

          (c) (i) Each Series E Note shall bear interest from the date of issue, payable quarterly on
each Series E Interest Payment Date in each year, at a rate per annum (computed on the basis of
actual days elapsed and a year of 360 days) equal to the Adjusted Euribor Rate, as in effect for
the applicable Series E Interest Period until the principal thereof shall become due and payable
and shall bear interest on demand on any overdue principal, on any overdue Series E Breakage
Amounts and on any overdue installment of interest at the Default Rate.

     At least one Business Day before the date of the Closing, the Company will give notice to each
holder of a Series E Note, specifying the Euribor Rate for the Series E Initial Interest Period,
which shall be determined with respect to the date of the Closing as if that date were a Reset
Date, and the resulting Adjusted Euribor Rate for the Series E Initial Interest Period. On each
Reset Date the Company shall determine the Euribor Rate for the Series E Interest Period then
commencing and will give notice (by email or facsimile to such Person as the Calculation Holder may
from time to time specify for such purpose), together with a copy of the appropriate internet page
as specified in the definition of “Euribor Rate” below, to the Calculation Holder specifying the
Euribor Rate as so determined, which shall apply absent manifest error. If the Calculation Holder,
by written notice to the Company (which notice shall be given within five Business Days after the
Reset Date), objects to such determination on the grounds of manifest error, the Euribor Rate as
determined by the Calculation Holder shall be final and binding upon the Company absent manifest
error. Forthwith and in any event within two Business Days after each Reset Date the Company will
give written notice to the holders of the Series E Notes specifying the Euribor Rate and the
resulting Adjusted Euribor Rate on the Series E Notes for the Series E Interest Period commencing
on that Reset Date and within six Business Days after each Reset Date the Company will give written
notice to the holders of the Series E Notes stating whether the Calculation Holder determined (or
confirmed the Company’s determination of) the Euribor Rate for that Series E Interest Period,
unless the Calculation Holder is the sole holder of the Series B Notes, in which case no further
notice is required. If for any reason the Company and the Calculation Holder fail to determine the
Euribor Rate for any Series E Interest Period, the determination of such Euribor Rate by any other
Institutional Investor holder of the Series E Notes (acting in place of a Calculation Holder if
necessary) and specified in a written notice to the Company shall be final and binding upon the
Company and the holders of the Series E Notes absent manifest error, provided that in case more
than one such Institutional Investor holder gives such a written notice and the Euribor Rate in
such notices is not the same rate, such Euribor Rate shall be the rate agreed upon by the Series E
Required Holders as specified in a subsequent notice to the Company (delivered not later than one
Business Day from the date of the later of the notices referred to above), which rate shall be
final and binding as aforesaid absent manifest error.

          (ii) For purposes of determining the applicable interest rate on the Series E Notes, the
following terms have the following meanings (and certain matters will be determined in accordance
with procedures as specified below):

     “Adjusted Euribor Rate” means with respect to any Series E Interest Period a rate per
annum equal to the Euribor Rate for such Interest Period plus 1.90% (190 basis points).

-2-

 

     “Calculation Holder” means, in respect of the Series E Notes, the Institutional
Investor (together with its Affiliates) which holds the highest percentage of outstanding
unpaid principal amount of the Series E Notes at the time outstanding and is willing to
serve in such capacity. In case more than one Institutional Investor (and its respective
Affiliates) holds the highest percentage of outstanding unpaid principal amount of the
Series E Notes, the Calculation Holder for the Series E Notes shall be such Institutional
Investor or Institutional Investors as such holders shall determine between or among
themselves. Metropolitan Life Insurance Company shall act as the Calculation Holder in
respect of the Series E Notes until the Company receives written notice to the contrary.

     “Designated Maturity” means for any Reset Date a period of three months corresponding
to the Series E Interest Period commencing on such Reset Date.

     “Euribor Rate” means for the Series E Initial Interest Period the rate specified in the
notice from the Company given pursuant to Section 1(c)(i), and means for any Reset Date the
rate for deposits in Euros for a period of the Designated Maturity and in a Representative
Amount (if applicable) which appears on the appropriate link under
www.euribor.org/html/download/euribor_2006.txt or for years after 2006, the appropriate link
as of 11:00 a.m., Brussels, Belgium time, on the date that is two TARGET Days
preceding that Reset Date; and if such rate does not appear on www.euribor.org, the rate for
that Reset Date will be the rate at which deposits in Euros are offered in accordance with
the procedures described below, by the Reference Banks to leading banks in the European
interbank market, in each case, at approximately 11:00 a.m., Brussels, Belgium time, on the
day that is two TARGET Days preceding that Reset Date for a period of the
Designated Maturity commencing on that Reset Date and in a Representative Amount. The
Company will request the principal Euro-zone office of each of the Reference Banks to
provide a quotation of its rate. If at least two such quotations are provided, the rate for
that Reset Date will be the arithmetic mean of the quotations. If fewer than two quotations
are provided as requested, the rate for that Reset Date will be the arithmetic mean of the
rates quoted by major banks in Brussels, Belgium selected by the Calculation Holder, at
approximately 11:00 a.m., Brussels, Belgium time, on that Reset Date for loans in Euros to
leading European banks for a period of the Designated Maturity commencing on that Reset Date
and in a Representative Amount.

     “Euro-zone” means the region comprised of member states of the European Union that
adopt the Euro in accordance with the Treaty establishing the European Community (signed in
Rome on March 25, 1957), as amended.

     “Reference Banks” means, in respect of the Series E Notes, four major banks in the
Euro-zone interbank market selected by the Company and reasonably acceptable to the relevant
Calculation Holder.

     “Representative Amount” means an amount that is comparable to the unpaid principal
amount of the Series E Notes at the relevant time.

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     “Reset Date” means the first day of each Interest Period after the Initial Interest
Period.

     “Series E Initial Interest Period” means the period commencing on and including the
date of the Closing and ending on (but excluding) February 28, 2007.

     “Series E Interest Payment Date” means each February 28, May 28, August 28 and November
28 commencing on February 28, 2007.

     “Series E Interest Period” means the Series E Initial Interest Period and thereafter a
period commencing on and including a Reset Date and ending on (but excluding) the next
succeeding Series E Interest Payment Date. Notwithstanding the foregoing, if any Series E
Interest Payment Date is not a TARGET Day, such Series E Interest Period shall be
extended to the next day that is a TARGET Day, and if there is no numerically
corresponding date in the appropriate month, such Series E Interest Period shall end on the
last TARGET Day of such month.

     “Series E Required Holders” means, at any time, the holders of at least 51% in
principal amount of all of the Series E Notes at the time outstanding (exclusive of Series E
Notes then owned by the Company or any of its Affiliates).

     “TARGET” means Trans-European Automated Real-time Gross Settlement Express
Transfer payment system.

     “TARGET Day” means any day on which TARGET is open for the settlement
of payments in Euro.

          (iii) The Company agrees to indemnify each holder of a Series E Note for, and promptly to pay
to each such holder upon written request following delivery of a certificate as to the amount
thereof (which shall be conclusive absent manifest error), any amounts (collectively the “Series E
Breakage Amounts”) required to compensate such holder for any losses, costs or expenses sustained
or incurred by such holder, whether by virtue of the termination of any Swap Contract or otherwise,
as a consequence of (1) any event (including any acceleration of Notes in accordance with Section
12.1 and any prepayment of the Notes pursuant to Section 8.2 or 8.3 hereof) which results in such
holder receiving any amount on account of the principal of or interest on any Series E Note on any
date other than the last day of the Series E Interest Period in effect therefor or (2) the failure
by the Company to pay any amount in respect of a payment or prepayment required to be made
hereunder on the date due in respect of any Series E Note.

Section 2. Sale and Purchase of Notes.

     Subject to the terms and conditions of this Agreement, the Company will issue and sell to each
Purchaser and each Purchaser will purchase from the Company, at the Closing provided for in Section
3, Notes in the principal amount and of the same series specified opposite such Purchaser’s name in
Schedule A at the purchase price of 100% of the principal amount thereof. The Purchasers’
obligations hereunder are several and not joint obligations and no Purchaser

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shall have any liability to any Person for the performance or non-performance of any
obligation by any other Purchaser hereunder.

Section 3. Closing.

     The execution and delivery of this Agreement will be made at the offices of Chapman and Cutler
LLP, 111 W. Monroe Street, Chicago, Illinois 60603, on June 27, 2006 (the “Execution Date”).

     The sale and purchase of the Notes to be purchased by each Purchaser shall occur at the
offices of Chapman and Cutler LLP, 111 West Monroe Street, Chicago, Illinois 60603, at 10:00 a.m.
Chicago time, at a closing (the “Closing”) on November 28, 2006 or on such other Business Day
thereafter on or prior to December 20, 2006 as may be agreed upon by the Company and the
Purchasers. At the Closing, the Company will deliver to each Purchaser the Notes of the series to
be purchased by such Purchaser in the form of a single Note of each series of the Notes so to be
purchased or such greater number of Notes in denominations of at least U.S. $1,000,000 (or its
equivalent in the relevant currency of payment) as such Purchaser may request dated the date of the
Closing and registered in such Purchaser’s name or in the name of its nominee, against delivery by
such Purchaser to the Company or its order of immediately available funds in the amount of the
purchase price therefor by wire transfer of immediately available funds for the account of the
Company to account number 4121091466 at Wells Fargo Bank, N.A., MAC N9305-031, Sixth Street and
Marquette Avenue, Minneapolis, Minnesota 55479, ABA no. 121000248 for credit to the account of the
Company. If at the Closing the Company shall fail to tender such Notes to any Purchaser as
provided above in this Section 3, or any of the conditions specified in Section 4 shall not have
been fulfilled to such Purchaser’s satisfaction, such Purchaser shall, at its election, be relieved
of all further obligations under this Agreement, without thereby waiving any rights such Purchaser
may have by reason of such failure or such nonfulfillment.

Section 4. Conditions to Closing.

     Each Purchaser’s obligation to execute and deliver this Agreement and the obligations of each
Purchaser to purchase and pay for the Notes to be sold to such Purchaser at the Closing is subject
to the fulfillment to such Purchaser’s satisfaction, prior to or at the Closing, of the following
conditions:

     Section 4.1. Representations and Warranties. Except with respect to representations contained
in Section 5 which indicate otherwise, the representations and warranties of the Company in this
Agreement shall be correct on the Execution Date and at the time of the Closing.

     Section 4.2. Performance; No Default. The Company shall have performed and complied with all
agreements and conditions contained in this Agreement required to be performed or complied with by
it prior to or at the Closing, and after giving effect to the issue and sale of the Notes (and the
application of the proceeds thereof as contemplated by Section 5.14), no Default or Event of
Default shall have occurred and be continuing. Neither the

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Company nor any Subsidiary shall have entered into any transaction since the date of the Memorandum
that would have been prohibited by Section 10 had such Section applied since such date.

     Section 4.3. Compliance Certificates.

          (a) Officer’s Certificate. The Company shall have delivered to such Purchaser an Officer’s
Certificate, dated the date of the Closing, certifying that the conditions specified in Sections
4.1, 4.2 and 4.9 have been fulfilled.

          (b) Secretary’s Certificate. The Company shall have delivered to such Purchaser a certificate
of its Secretary or Assistant Secretary, dated the date of the Closing, certifying as to the
resolutions attached thereto and other corporate proceedings relating to the authorization,
execution and delivery of the Notes and this Agreement.

     Section 4.4. Opinions of Counsel. Such Purchaser shall have received opinions in form and
substance satisfactory to such Purchaser, dated the date of the Closing (a)(i) from Debevoise &
Plimpton LLP, special counsel for the Company, covering the matters set forth in Exhibit 4.4(a)(i)
and (ii) from John L. Hammond, Esq., General Counsel for the Company, covering the matters set
forth in Exhibit 4.4(a)(ii) and in each such case covering such other matters incident to the
transactions contemplated hereby as such Purchaser or its counsel may reasonably request (and the
Company hereby instructs its counsel to deliver such opinion to the Purchasers) and (b) from
Chapman and Cutler LLP, the Purchasers’ special counsel in connection with such transactions,
substantially in the form set forth in Exhibit 4.4(b) and covering such other matters incident to
such transactions as such Purchaser may reasonably request.

     Section 4.5. Purchase Permitted by Applicable Law, Etc. On the date of the Closing such
Purchaser’s purchase of Notes shall (a) be permitted by the laws and regulations of each
jurisdiction to which such Purchaser is subject, without recourse to provisions (such as section
1405(a)(8) of the New York Insurance Law) permitting limited investments by insurance companies
without restriction as to the character of the particular investment, (b) not violate any
applicable law or regulation (including, without limitation, Regulation T, U or X of the Board of
Governors of the Federal Reserve System) and (c) not subject such Purchaser to any tax, penalty or
liability under or pursuant to any applicable law or regulation, which law or regulation was not in
effect on the date hereof. If requested by such Purchaser, such Purchaser shall have received an
Officer’s Certificate certifying as to such matters of fact as such Purchaser may reasonably
specify to enable such Purchaser to determine whether such purchase is so permitted.

     Section 4.6. Sale of Other Notes. Contemporaneously with the Closing, the Company shall sell
to each other Purchaser, and each other Purchaser shall purchase, the Notes to be purchased by it
at the Closing as specified in Schedule A.

     Section 4.7. Payment of Special Counsel Fees. Without limiting the provisions of Section
15.1, the Company shall have paid on or before the Execution Date and the date of the Closing the
fees, charges and disbursements of the Purchasers’ special counsel referred to in

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Section 4.4 to the extent reflected in a statement of such counsel rendered to the Company at least
one Business Day prior to each such date.

     Section 4.8. Private Placement Number. A Private Placement Number issued by Standard & Poor’s
CUSIP Service Bureau (in cooperation with the Securities Valuation Office of the National
Association of Insurance Commissioners) shall have been obtained for each series of the Notes.

     Section 4.9. Changes in Corporate Structure. The Company shall not have changed its
jurisdiction of incorporation or organization, as applicable, or been a party to any merger or
consolidation or succeeded to all or any substantial part of the liabilities of any other entity,
at any time following the date of the most recent financial statements referred to in Schedule 5.5.

     Section 4.10. Funding Instructions. At least three Business Days prior to the date of the
Closing, each Purchaser shall have received written instructions signed by a Responsible Officer on
letterhead of the Company confirming the information specified in Section 3 including (a) the name
and address of the transferee bank, (b) such transferee bank’s ABA number and (c) the account name
and number into which the purchase price for the Notes is to be deposited.

     Section 4.11. Related Transaction. On or prior to the date of the Closing, Pacific Life
Insurance Company shall have received evidence reasonably satisfactory to it that the Outstanding
Pacific Life Notes, including interest accrued thereon, have been paid in full as a condition
precedent to its purchase of Notes as set forth on Schedule A.

     Section 4.12. Proceedings and Documents. All corporate and other proceedings in connection
with the transactions contemplated by this Agreement and all documents and instruments incident to
such transactions shall be satisfactory to such Purchaser and its special counsel, and such
Purchaser and its special counsel shall have received all such counterpart originals or certified
or other copies of such documents as such Purchaser or such special counsel may reasonably request.

Section 5. Representations and Warranties of the Company.

     The Company represents and warrants to each Purchaser that:

     Section 5.1. Organization; Power and Authority. The Company is a corporation duly organized,
validly existing and in good standing under the laws of its jurisdiction of incorporation, and is
duly qualified as a foreign corporation and is in good standing in each jurisdiction in which such
qualification is required by law, other than those jurisdictions as to which the failure to be so
qualified or in good standing could not, individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect. The Company has the corporate power and authority to own or
hold under lease the properties it purports to own or hold under lease, to transact the business it
transacts and proposes to transact, to execute and deliver this Agreement and the Notes and to
perform the provisions hereof and thereof.

-7-

 

     Section 5.2. Authorization, Etc. This Agreement and the Notes have been duly authorized by
all necessary corporate action on the part of the Company, and this Agreement constitutes, and upon
execution and delivery thereof each Note will constitute, a legal, valid and binding obligation of
the Company enforceable against the Company in accordance with its terms, except as such
enforceability may be limited by (a) applicable bankruptcy, insolvency, reorganization, moratorium
or other similar laws affecting the enforcement of creditors’ rights generally and (b) general
principles of equity (regardless of whether such enforceability is considered in a proceeding in
equity or at law).

     Section 5.3. Disclosure. The Company, through its agents, KeyBanc Capital Markets and Wells
Fargo Bank, N.A., has delivered to each Purchaser a copy of a Private Placement Memorandum dated
April 2006 (the “Memorandum”), relating to the transactions contemplated hereby. The Memorandum
fairly describes, in all material respects, the general nature of the business and principal
properties of the Company and its Subsidiaries. This Agreement, the Memorandum and the documents,
certificates or other writings delivered to the Purchasers by or on behalf of the Company in
connection with the transactions contemplated hereby and identified in Schedule 5.3, and the
financial statements listed in Schedule 5.5, (this Agreement, the Memorandum and such documents,
certificates or other writings and such financial statements delivered to each Purchaser prior to
June 2, 2006 being referred to, collectively, as the “Disclosure Documents”), taken as a whole, do
not contain any untrue statement of a material fact or omit to state any material fact necessary to
make the statements therein not misleading in light of the circumstances under which they were
made. Since December 31, 2005, there has been no change in the financial condition, operations,
business, properties or prospects of the Company or any Subsidiary except changes that individually
or in the aggregate could not reasonably be expected to have a Material Adverse Effect. There is
no fact known to the Company that could reasonably be expected to have a Material Adverse Effect
that has not been set forth herein or in the Disclosure Documents.

     Section 5.4. Organization of Subsidiaries; Affiliates. (a) Schedule 5.4 contains as of the
Execution Date (except as noted therein) complete and correct lists of (i) the Company’s
Subsidiaries, showing, as to each Subsidiary, the correct name thereof, the jurisdiction of its
organization, and (ii) the Company’s Affiliates, other than Subsidiaries.

          (b) All of the outstanding shares of capital stock or similar equity interests of each
Subsidiary shown in Schedule 5.4 that are owned by the Company and its Subsidiaries have been
validly issued, are fully paid and nonassessable and are owned by the Company or another Subsidiary
free and clear of any Lien (except as otherwise disclosed in Schedule 5.4).

          (c) Each Subsidiary identified in Schedule 5.4 is a corporation or other legal entity duly
organized, validly existing and in good standing under the laws of its jurisdiction of
organization, and is duly qualified as a foreign corporation or other legal entity and is in good
standing in each jurisdiction in which such qualification is required by law, other than those
jurisdictions as to which the failure to be so qualified or in good standing could not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Each
such Subsidiary has the corporate or other power and authority to own or hold under lease the
properties it purports to own or hold under lease and to transact the business it transacts and
proposes to transact.

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          (d) No Subsidiary is a party to, or otherwise subject to, any legal, regulatory, contractual
or other restriction (other than this Agreement, the agreements listed on Schedule 5.4 and
customary limitations imposed by corporate law or similar statutes) restricting the ability of such
Subsidiary to pay dividends out of profits or make any other similar distributions of profits to
the Company or any of its Subsidiaries that owns outstanding shares of capital stock or similar
equity interests of such Subsidiary.

     Section 5.5. Financial Statements; Material Liabilities. The Company has delivered to each
Purchaser copies of the financial statements of the Company and its Subsidiaries listed on Schedule
5.5. All of said financial statements (including in each case the related schedules and notes)
fairly present in all material respects the consolidated financial position of the Company and its
Subsidiaries as of the respective dates specified in such financial statements and the consolidated
results of their operations and cash flows for the respective periods so specified and have been
prepared in accordance with GAAP consistently applied throughout the periods involved except as set
forth in the notes thereto (subject, in the case of any interim financial statements, to normal
year-end adjustments). The Company and its Subsidiaries do not have any Material liabilities that
are not disclosed on such financial statements or otherwise disclosed in the Disclosure Documents.

     Section 5.6. Compliance with Laws, Other Instruments, Etc. The execution, delivery and
performance by the Company of this Agreement and the Notes will not (a) contravene, result in any
breach of, or constitute a default under, or result in the creation of any Lien in respect of any
property of the Company or any Subsidiary under, any indenture, mortgage, deed of trust, loan,
purchase or credit agreement, lease, corporate charter or by-laws, or any other agreement or
instrument to which the Company or any Subsidiary is bound or by which the Company or any
Subsidiary or any of their respective properties may be bound or affected, (b) conflict with or
result in a breach of any of the terms, conditions or provisions of any order, judgment, decree, or
ruling of any court, arbitrator or Governmental Authority applicable to the Company or any
Subsidiary or (c) violate any provision of any statute or other rule or regulation of any
Governmental Authority applicable to the Company or any Subsidiary.

     Section 5.7. Governmental Authorizations, Etc. Except for the filing of a Current Report on
SEC Form 8-K with the SEC with respect to this Agreement and the transactions contemplated hereby,
no consent, approval or authorization of, or registration, filing or declaration with, any
Governmental Authority is required in connection with the execution, delivery or performance by the
Company of this Agreement or the Notes.

     Section 5.8. Litigation; Observance of Agreements, Statutes and Orders. (a) There are no
actions, suits, investigations or proceedings pending or, to the knowledge of the Company,
threatened against or affecting the Company or any Subsidiary or any property of the Company or any
Subsidiary in any court or before any arbitrator of any kind or before or by any Governmental
Authority that, individually or in the aggregate, could reasonably be expected to have a Material
Adverse Effect.

          (b) Neither the Company nor any Subsidiary is in default under any term of any agreement or
instrument to which it is a party or by which it is bound, or any order, judgment,

-9-

 

decree or ruling of any court, arbitrator or Governmental Authority or is in violation of any
applicable law, ordinance, rule or regulation (including without limitation Environmental Laws or
the USA Patriot Act) of any Governmental Authority, which default or violation, individually or in
the aggregate, could reasonably be expected to have a Material Adverse Effect.

     Section 5.9. Taxes. The Company and its Subsidiaries have filed all tax returns that are
required to have been filed in any jurisdiction, and have paid all taxes shown to be due and
payable on such returns and all other taxes and assessments levied upon them or their properties,
assets, income or franchises, to the extent such taxes and assessments have become due and payable
and before they have become delinquent, except for any taxes and assessments (a) the amount of
which is not individually or in the aggregate Material or (b) the amount, applicability or validity
of which is currently being contested in good faith by appropriate proceedings and with respect to
which the Company or a Subsidiary, as the case may be, has established adequate reserves in
accordance with GAAP. The Company knows of no basis for any other tax or assessment that could
reasonably be expected to have a Material Adverse Effect. The charges, accruals and reserves on
the books of the Company and its Subsidiaries in respect of Federal, state or other taxes for all
fiscal periods are adequate. The Federal income tax liabilities of the Company and its
Subsidiaries have been finally determined (whether by reason of completed audits or the statute of
limitations having run) for all fiscal years up to and including the fiscal year ended December 31,
2002.

     Section 5.10. Title to Property; Leases. The Company and its Subsidiaries have good and
sufficient title to their respective properties that individually or in the aggregate are Material,
including all such properties reflected in the most recent audited balance sheet referred to in
Section 5.5 or purported to have been acquired by the Company or any Subsidiary after said date
(except as sold or otherwise disposed of in the ordinary course of business), in each case free and
clear of Liens prohibited by this Agreement. All leases that individually or in the aggregate are
Material are valid and subsisting and are in full force and effect in all material respects.

     Section 5.11. Licenses, Permits, Etc. (a) The Company and its Subsidiaries own or possess all
licenses, permits, franchises, authorizations, patents, copyrights, proprietary software, service
marks, trademarks and trade names, or rights thereto, that individually or in the aggregate are
Material, without known conflict with the rights of others.

          (b) To the best knowledge of the Company, no product of the Company or any of its Subsidiaries
infringes in any Material respect any license, permit, franchise, authorization, patent, copyright,
proprietary software, service mark, trademark, trade name or other right owned by any other Person.

          (c) To the best knowledge of the Company, there is no Material violation by any Person of any
right of the Company or any of its Subsidiaries with respect to any patent, copyright, proprietary
software, service mark, trademark, trade name or other right owned or used by the Company or any of
its Subsidiaries.

     Section 5.12. Compliance with ERISA. (a) The Company and each ERISA Affiliate have operated
and administered each Plan in compliance with all applicable laws except for such

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instances of noncompliance as have not resulted in and could not reasonably be expected to result
in a Material Adverse Effect. Neither the Company nor any ERISA Affiliate has incurred any
liability pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code
relating to employee benefit plans (as defined in section 3 of ERISA), and no event, transaction or
condition has occurred or exists that could reasonably be expected to result in the incurrence of
any such liability by the Company or any ERISA Affiliate, or in the imposition of any Lien on any
of the rights, properties or assets of the Company or any ERISA Affiliate, in either case pursuant
to Title I or IV of ERISA or to such penalty or excise tax provisions or to section 401(a)(29) or
412 of the Code or section 4068 of ERISA, other than such liabilities or Liens as would not be
individually or in the aggregate Material.

          (b) The present value of the aggregate benefit liabilities under each of the Plans subject to
Title IV of ERISA (other than Multiemployer Plans), determined as of the end of such Plan’s most
recently ended plan year on the basis of the actuarial assumptions specified for funding purposes
in such Plan’s most recent actuarial valuation report, did not exceed the aggregate current value
of the assets of such Plan allocable to such benefit liabilities by more than U.S.$5,000,000 in the
case of any single Plan and by more than U.S.$10,000,000 in the aggregate for all Plans. The term
“benefit liabilities” has the meaning specified in Section 4001 of ERISA and the terms “current
value” and “present value” have the meaning specified in section 3 of ERISA.

          (c) The Company and its ERISA Affiliates have not incurred withdrawal liabilities (and are not
subject to contingent withdrawal liabilities) under Section 4201 or 4204 of ERISA in respect of
Multiemployer Plans that individually or in the aggregate are Material.

          (d) The expected post retirement benefit obligation (determined as of the last day of the
Company’s most recently ended fiscal year in accordance with Financial Accounting Standards Board
Statement No. 106, without regard to liabilities attributable to continuation coverage mandated by
Section 4980B of the Code) of the Company and its Subsidiaries is not Material.

          (e) The execution and delivery of this Agreement and the issuance and sale of the Notes
hereunder will not involve any transaction that is subject to the prohibitions of Section 406 of
ERISA or in connection with which a tax could be imposed pursuant to Section 4975(c)(1)(A)-(D) of
the Code. The representation by the Company in the first sentence of this Section 5.12(e) is made
in reliance upon and subject to the accuracy of such Purchaser’s representation in Section 6.2 as
to the sources of the funds used to pay the purchase price of the Notes to be purchased by such
Purchaser.

     Section 5.13. Private Offering by the Company. Neither the Company nor anyone acting on its
behalf has offered the Notes or any similar securities for sale to, or solicited any offer to buy
any of the same from, or otherwise approached or negotiated in respect thereof with, any Person
other than the Purchasers and not more than 40 other Institutional Investors, each of which has
been offered the Notes at a private sale for investment. Neither the Company nor anyone acting on
its behalf has taken, or will take, any action that would subject the issuance or sale of the Notes
to the registration requirements of Section 5 of the Securities Act or to the registration
requirements of any securities or blue sky laws of any applicable jurisdiction.

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     Section 5.14. Use of Proceeds; Margin Regulations. The Company will apply the proceeds of the
sale of the Notes as set forth in Section 4 of the Memorandum. No part of the proceeds from the
sale of the Notes hereunder will be used, directly or indirectly, for the purpose of buying or
carrying any margin stock within the meaning of Regulation U of the Board of Governors of the
Federal Reserve System (12 CFR 221), or for the purpose of buying or carrying or trading in any
securities under such circumstances as to involve the Company in a violation of Regulation X of
said Board (12 CFR 224) or to involve any broker or dealer in a violation of Regulation T of said
Board (12 CFR 220). Margin stock does not constitute more than 2% of the value of the consolidated
assets of the Company and its Subsidiaries and the Company does not have any present intention that
margin stock will constitute more than 2% of the value of such assets. As used in this Section, the
terms “margin stock” and “purpose of buying or carrying” shall have the meanings assigned to them
in said Regulation U.

     Section 5.15. Existing Debt; Future Liens. (a) Schedule 5.15 sets forth a complete and
correct list of all outstanding Debt of the Company and its Subsidiaries as of March 31, 2006
(including a description of the obligors and obligees, principal amount outstanding and collateral
therefor, if any, and Guaranty thereof, if any), since which date there has been no Material change
in the amounts, interest rates, sinking funds, installment payments or maturities of the Debt of
the Company or its Subsidiaries. Neither the Company nor any Subsidiary is in default and no
waiver of default is currently in effect, in the payment of any principal or interest on any Debt
of the Company or such Subsidiary and no event or condition exists with respect to any Debt of the
Company or any Subsidiary that would permit (or that with notice or the lapse of time, or both,
would permit) one or more Persons to cause such Debt to become due and payable before its stated
maturity or before its regularly scheduled dates of payment. Annex A to be attached hereto on the
date of the Closing will correctly describe all outstanding Debt and any Liens secured thereby of
the Company and its Subsidiaries as of September 30, 2006, since which date there has been no
Material change in the amounts, interest rates, sinking funds, installment payments or maturities
of the Debt of the Company or its Subsidiaries. Since the Execution Date, there shall have been no
Material change in the amounts, interest rates, sinking funds, installment payments or maturities
of the Debt of the Company or its Subsidiaries listed on Schedule 5.15.

          (b) Except as disclosed in Schedule 5.15, as of the Execution Date, neither the Company nor
any Subsidiary has agreed or consented to cause or permit in the future (upon the happening of a
contingency or otherwise) any of its property, whether now owned or hereafter acquired, to be
subject to a Lien not permitted by Section 10.4.

          (c) Neither the Company nor any Subsidiary is a party to, or otherwise subject to any
provision contained in, any instrument evidencing Debt of the Company or such Subsidiary, any
agreement relating thereto or any other agreement (including, but not limited to, its charter or
other organizational document) which limits the amount of, or otherwise imposes restrictions on the
incurring of, Debt of the Company or any Subsidiary, except as of the Execution Date as
specifically indicated in Schedule 5.15.

     Section 5.16. Foreign Assets Control Regulations, Etc. (a) Neither the sale of the Notes by
the Company hereunder nor its use of the proceeds thereof will violate the Trading with the

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Enemy Act, as amended, or any of the foreign assets control regulations of the United States
Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) or any enabling legislation or
executive order relating thereto.

          (b) Neither the Company nor any Subsidiary (i) is a Person described or designated in the
Specially Designated Nationals and Blocked Persons List of the Office of Foreign Assets Control or
in Section 1 of the Anti-Terrorism Order or (ii) engages in any dealings or transactions with any
such Person. The Company and its Subsidiaries are in compliance, in all material respects, with
the USA Patriot Act.

          (c) No part of the proceeds from the sale of the Notes hereunder will be used, directly or
indirectly, for any payments to any governmental official or employee, political party, official of
a political party, candidate for political office, or anyone else acting in an official capacity,
in order to obtain, retain or direct business or obtain any improper advantage, in violation of the
United States Foreign Corrupt Practices Act of 1977, as amended, assuming in all cases that such
Act applies to the Company.

     Section 5.17. Status under Certain Statutes. Neither the Company nor any Subsidiary is
subject to regulation under the Investment Company Act of 1940, as amended, the ICC Termination Act
of 1995, as amended, or the Federal Power Act, as amended.

     Section 5.18. Environmental Matters. (a) Neither the Company nor any Subsidiary has knowledge
of any claim or has received any notice of any claim, and no proceeding has been instituted raising
any claim against the Company or any of its Subsidiaries or any of their respective real properties
now or formerly owned, leased or operated by any of them or other assets, alleging any damage to
the environment or violation of any Environmental Laws, except, in each case, such as could not
reasonably be expected to result in a Material Adverse Effect.

          (b) Neither the Company nor any Subsidiary has knowledge of any facts which would give rise to
any claim, public or private, of violation of Environmental Laws or damage to the environment
emanating from, occurring on or in any way related to real properties now or formerly owned, leased
or operated by any of them or to other assets or their use, except, in each case, such as could not
reasonably be expected to result in a Material Adverse Effect.

          (c) Neither the Company nor any Subsidiary has stored any Hazardous Materials on real
properties now or formerly owned, leased or operated by any of them or has disposed of any
Hazardous Materials in a manner contrary to any Environmental Laws in each case in any manner that
could reasonably be expected to result in a Material Adverse Effect.

          (d) All buildings on all real properties now owned, leased or operated by the Company or any
Subsidiary are in compliance with applicable Environmental Laws, except where failure to comply
could not reasonably be expected to result in a Material Adverse Effect.

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Section 6. Representations of the Purchasers.

     Section 6.1. Purchase for Investment. Each Purchaser severally represents that it is
purchasing the Notes for its own account or for one or more separate accounts maintained by such
Purchaser or for the account of one or more pension or trust funds and not with a view to the
distribution thereof; provided that the disposition of such Purchaser’s or their property shall at
all times be within such Purchaser’s or their control. Each Purchaser understands that the Notes
have not been registered under the Securities Act and may be resold only if registered pursuant to
the provisions of the Securities Act or if an exemption from registration is available, except
under circumstances where neither such registration nor such an exemption is required by law, and
that the Company is not required to register the Notes.

     Section 6.2. Source of Funds. Each Purchaser severally represents that at least one of the
following statements is an accurate representation as to each source of funds (a “Source”) to be
used by such Purchaser to pay the purchase price of the Notes to be purchased by such Purchaser
hereunder:

     (a) the Source is an “insurance company general account” (as the term is defined in the
United States Department of Labor’s Prohibited Transaction Exemption (“PTE”) 95-60) in
respect of which the reserves and liabilities (as defined by the annual statement for life
insurance companies approved by the National Association of Insurance Commissioners (the
“NAIC Annual Statement”)) for the general account contract(s) held by or on behalf of any
employee benefit plan together with the amount of the reserves and liabilities for the
general account contract(s) held by or on behalf of any other employee benefit plans
maintained by the same employer (or affiliate thereof as defined in PTE 95-60) or by the
same employee organization in the general account do not exceed ten percent (10%) of the
total reserves and liabilities of the general account (exclusive of separate account
liabilities) plus surplus as set forth in the NAIC Annual Statement filed with such
Purchaser’s state of domicile; or

     (b) the Source is a separate account that is maintained solely in connection with such
Purchaser’s fixed contractual obligations under which the amounts payable, or credited, to
any employee benefit plan (or its related trust) that has any interest in such separate
account (or to any participant or beneficiary of such plan (including any annuitant)) are
not affected in any manner by the investment performance of the separate account; or

     (c) the Source is either (i) an insurance company pooled separate account, within the
meaning of PTE 90-1, or (ii) a bank collective investment fund, within the meaning of the
PTE 91-38 and, except as have been disclosed by such Purchaser to the Company in writing
pursuant to this clause (c), no employee benefit plan or group of plans maintained by the
same employer or employee organization beneficially owns more than 10% of all assets
allocated to such pooled separate account or collective investment fund; or

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     (d) the Source constitutes assets of an “investment fund” (within the meaning of Part V
of the QPAM Exemption) managed by a “qualified professional asset manager” or “QPAM” (within
the meaning of Part V of the QPAM Exemption), no employee benefit plan’s assets that are
included in such investment fund, when combined with the assets of all other employee
benefit plans established or maintained by the same employer or by an affiliate (within the
meaning of Section V(c)(1) of the QPAM Exemption) of such employer or by the same employee
organization and managed by such QPAM, exceed 20% of the total client assets managed by such
QPAM, the conditions of Part l(c) and (g) of the QPAM Exemption are satisfied, neither the
QPAM nor a Person controlling or controlled by the QPAM (applying the definition of
“control” in Section V(e) of the QPAM Exemption) owns a 5% or more interest in the Company
and (i) the identity of such QPAM and (ii) the names of all employee benefit plans whose
assets are included in such investment fund have been disclosed to the Company in writing
pursuant to this clause (d); or

     (e) the Source constitutes assets of a “plan(s)” (within the meaning of Section IV of
PTE 96-23 (the “INHAM Exemption”)) managed by an “in-house asset manager” or “INHAM” (within
the meaning of Part IV of the INHAM Exemption), the conditions of Part I(a), (g) and (h) of
the INHAM Exemption are satisfied, neither the INHAM nor a Person controlling or controlled
by the INHAM (applying the definition of “control” in Section IV(d) of the INHAM Exemption)
owns a 5% or more interest in the Company and (i) the identity of such INHAM and (ii) the
name(s) of the employee benefit plan(s) whose assets constitute the Source have been
disclosed to the Company in writing pursuant to this clause (e); or

     (f) the Source is a governmental plan; or

     (g) the Source is one or more employee benefit plans, or a separate account or trust
fund comprised of one or more employee benefit plans, each of which has been identified to
the Company in writing pursuant to this clause (g); or

     (h) the Source does not include assets of any employee benefit plan, other than a plan
exempt from the coverage of ERISA.

     As used in this Section 6.2, the terms “employee benefit plan”, “governmental plan”, and
“separate account” shall have the respective meanings assigned to such terms in Section 3 of ERISA.

Section 7. Information as to the Company.

     Section 7.1. Financial and Business Information. The Company shall deliver to each holder of
Notes that is an Institutional Investor:

     (a) Quarterly Statements — within 60 days (or such shorter period as is 15 days greater
than the period applicable to the filing of the Company’s Quarterly Report on Form 10-Q (the
“Form 10-Q”) with the SEC regardless of whether the Company is

-15-

 

subject to the filing requirements thereof) after the end of each quarterly fiscal period in
each fiscal year of the Company (other than the last quarterly fiscal period of each such
fiscal year), duplicate copies of:

     (i) a consolidated balance sheet of the Company and its Subsidiaries as at the
end of such quarter, and

     (ii) consolidated statements of earnings, changes in shareholders’ equity and
cash flows of the Company and its Subsidiaries for such quarter and (in the case of
the second and third quarters) for the portion of the fiscal year ending with such
quarter,

setting forth in each case in comparative form the figures for the corresponding periods in
the previous fiscal year, all in reasonable detail, prepared in accordance with GAAP
applicable to quarterly financial statements generally, and certified by a Senior Financial
Officer as fairly presenting, in all material respects, the financial position of the
companies being reported on and their results of operations and cash flows, subject to
changes resulting from year-end adjustments; provided that delivery within the time period
specified above of copies of the Company’s Form 10-Q prepared in compliance with the
requirements therefor and filed with the SEC shall be deemed to satisfy the requirements of
this Section 7.1(a); and provided, further, that the Company shall be deemed to have made
such delivery of such Form 10-Q if it shall have timely made such Form 10-Q available on
“EDGAR” and on its home page on the worldwide web (at the date of this Agreement located at:
http//www.sensient-tech.com) and shall have given each Purchaser prior notice of such
availability on EDGAR and on its home page in connection with each delivery (such
availability and notice thereof being referred to as “Electronic Delivery”);

     (b) Annual Statements — within 105 days (or such shorter period as is 15 days greater
than the period applicable to the filing of the Company’s Annual Report on Form 10-K (the
“Form 10-K”) with the SEC regardless of whether the Company is subject to the filing
requirements thereof) after the end of each fiscal year of the Company, duplicate copies of,

     (i) a consolidated balance sheet of the Company and its Subsidiaries, as at the
end of such year, and

     (ii) consolidated statements of earnings, changes in shareholders’ equity and
cash flows of the Company and its Subsidiaries, for such year,

setting forth in each case in comparative form the figures for the previous fiscal year, all
in reasonable detail, prepared in accordance with GAAP, and accompanied by:

     (1) an opinion thereon of independent public accountants of recognized
national standing, which opinion shall state that such financial statements
present fairly, in all material respects, the financial position of

-16-

 

the companies being reported upon and their results of operations and cash
flows and have been prepared in conformity with GAAP, and that the
examination of such accountants in connection with such financial statements
has been made in accordance with the standards of the Public Company
Oversight Board (United States), and that such audit provides a reasonable
basis for such opinion in the circumstances, and

     (2) a certificate of such accountants stating that they have reviewed
this Agreement and stating further whether, in making their audit, they have
become aware of any condition or event that then constitutes a Default or an
Event of Default, and, if they are aware that any such condition or event
then exists, specifying the nature and period of the existence thereof (it
being understood that such accountants shall not be liable, directly or
indirectly, for any failure to obtain knowledge of any Default or Event of
Default unless such accountants should have obtained knowledge thereof in
making an audit in accordance with generally accepted auditing standards or
did not make such an audit);

provided that the delivery within the time period specified above of the Company’s Form 10-K
for such fiscal year (together with the Company’s annual report to shareholders, if any,
prepared pursuant to Rule 14a-3 under the Exchange Act) prepared in accordance with the
requirements therefor and filed with the SEC, together with the accountant’s certificate
described in clause (2) above (the “Accountants’ Certificate”), shall be deemed to satisfy
the requirements of this Section 7.1(b); provided, further, that the Company shall be deemed
to have made such delivery of such Form 10-K if it shall have timely made Electronic
Delivery thereof, in which event the Company shall separately deliver, concurrently with
such Electronic Delivery, the Accountants’ Certificate;

     (c) SEC and Other Reports — promptly upon their becoming available, one copy of (i)
each financial statement, report, notice or proxy statement sent by the Company or any
Subsidiary to its principal lending banks as a whole (excluding information sent to such
banks in the ordinary course of administration of a bank facility, such as information
relating to pricing and borrowing availability or to its public securities holders
generally) and (ii) each regular or periodic report, each registration statement (without
exhibits except as expressly requested by such holder), and each prospectus and all
amendments thereto filed by the Company or any Subsidiary with the SEC and of all press
releases and other statements made available generally by the Company or any Subsidiary to
the public concerning developments that are Material;

     (d) Notice of Default or Event of Default — promptly, and in any event within five days
after a Responsible Officer becoming aware of the existence of any Default or Event of
Default or that any Person has given any notice or taken any action with respect to a
claimed default hereunder or that any Person has given any notice or taken any action with
respect to a claimed default of the type referred to in Section 11(f), a written notice
specifying the nature and period of existence thereof and what action the Company is taking
or proposes to take with respect thereto;

-17-

 

     (e) ERISA Matters — promptly, and in any event within five days after a Responsible
Officer becoming aware of any of the following, a written notice setting forth the nature
thereof and the action, if any, that the Company or an ERISA Affiliate proposes to take with
respect thereto:

     (i) with respect to any Plan, any reportable event, as defined in Section
4043(c) of ERISA and the regulations thereunder, for which notice thereof has not
been waived pursuant to such regulations as in effect on the date hereof; or

     (ii) the taking by the PBGC of steps to institute, or the threatening by the
PBGC of the institution of, proceedings under Section 4042 of ERISA for the
termination of, or the appointment of a trustee to administer, any Plan, or the
receipt by the Company or any ERISA Affiliate of a notice from a Multiemployer Plan
that such action has been taken by the PBGC with respect to such Multiemployer Plan;
or

     (iii) any event, transaction or condition that could reasonably result in the
incurrence of any liability by the Company or any ERISA Affiliate pursuant to Title
I or IV of ERISA or the penalty or excise tax provisions of the Code relating to
employee benefit plans, or in the imposition of any Lien on any of the rights,
properties or assets of the Company or any ERISA Affiliate pursuant to Title I or IV
of ERISA or such penalty or excise tax provisions, if such liability or Lien, taken
together with any other such liabilities or Liens then existing, could reasonably be
expected to have a Material Adverse Effect;

     (f) Notices from Governmental Authority — promptly, and in any event within 30 days of
receipt thereof, copies of any notice to the Company or any Subsidiary from any Federal or
state Governmental Authority relating to any order, ruling, statute or other law or
regulation that could reasonably be expected to have a Material Adverse Effect; and

     (g) Requested Information — with reasonable promptness, such other data and information
relating to the business, operations, affairs, financial condition, assets or properties of
the Company or any of its Subsidiaries (including, but without limitation, actual copies of
the Company’s Form 10-Q and Form 10-K) or relating to the ability of the Company to perform
its obligations hereunder and under the Notes as from time to time may be reasonably
requested by any such holder of Notes, including, without limitation, such information as is
required by SEC Rule 144A under the Securities Act to be delivered to any prospective
transferee of the Notes.

     Section 7.2. Officer’s Certificate. Each set of financial statements delivered to a holder of
Notes pursuant to Section 7.1(a) or Section 7.1(b) shall be accompanied by a certificate of a
Senior Financial Officer setting forth (which, in the case of Electronic Delivery of such financial
statements, shall be by separate concurrent delivery of such certificate to each holder of Notes):

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     (a) Covenant Compliance — the information (including detailed calculations) required in
order to establish whether the Company was in compliance with the requirements of Section
10.1 through Section 10.4, inclusive, and Section 10.6 during the quarterly or annual period
covered by the statements then being furnished (including with respect to each such Section,
where applicable, the calculations of the maximum or minimum amount, ratio or percentage, as
the case may be, permissible under the terms of such Sections, and the calculation of the
amount, ratio or percentage then in existence); and

     (b) Event of Default — a statement that such Senior Financial Officer has reviewed the
relevant terms hereof and has made, or caused to be made, under his or her supervision, a
review of the transactions and conditions of the Company and its Subsidiaries from the
beginning of the quarterly or annual period covered by the statements then being furnished
to the date of the certificate and that such review shall not have disclosed the existence
during such period of any condition or event that constitutes a Default or an Event of
Default or, if any such condition or event existed or exists (including, without limitation,
any such event or condition resulting from the failure of the Company or any Subsidiary to
comply with any Environmental Law), specifying the nature and period of existence thereof
and what action the Company shall have taken or proposes to take with respect thereto.

     Section 7.3. Visitation. The Company shall permit the representatives of each holder of Notes
that is an Institutional Investor:

     (a) No Default — if no Default or Event of Default then exists, at the expense of such
holder and upon reasonable prior notice to the Company, to visit the principal executive
office of the Company, to discuss the affairs, finances and accounts of the Company and its
Subsidiaries with the Company’s officers, and (with the consent of the Company, which
consent will not be unreasonably withheld) its independent public accountants, and (with the
consent of the Company, which consent will not be unreasonably withheld) to visit the other
offices and properties of the Company and each Subsidiary, all at such reasonable times and
as often as may be reasonably requested in writing; and

     (b) Default — if a Default or Event of Default then exists, at the expense of the
Company, to visit and inspect any of the offices or properties of the Company or any
Subsidiary, to examine all their respective books of account, records, reports and other
papers, to make copies and extracts therefrom, and to discuss their respective affairs,
finances and accounts with their respective officers and independent public accountants (and
by this provision the Company authorizes said accountants to discuss the affairs, finances
and accounts of the Company and its Subsidiaries), all at such times and as often as may be
requested.

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Section 8. Prepayment of the Notes.

     Section 8.1. Required Prepayments. No regularly scheduled prepayment of the principal of the
Notes of any series is required prior to the final maturity date thereof.

     Section 8.2. Optional Prepayments. (a) Series A, Series B, Series C and Series D Optional
Prepayments. The Company may, at its option, upon notice as provided below, prepay at any time
all, or from time to time any part of, the Series A, Series B, Series C and Series D Notes, in an
amount not less than 5% or such lesser amount as shall be outstanding (but if in the case of a
partial prepayment, then against the Series A, Series B, Series C and Series D Notes in proportion
to the aggregate principal amount outstanding of each such series), determined, in the case of the
Series C and Series D Notes, on the basis of the exchange rate published in The Wall Street Journal
on the second Business Day before the date of the applicable notice of prepayment, at 100% of the
principal amount so prepaid, together with interest accrued thereon to the date of such prepayment,
and the Make-Whole Amount determined for the prepayment date with respect to such principal amount.
The Company will give each holder of Series A, Series B, Series C and Series D Notes written
notice of each optional prepayment under this Section 8.2(a) not less than 30 days and not more
than 60 days prior to the date fixed for such prepayment. Each such notice shall specify such date
(which shall be a Business Day), the aggregate principal amount of the Series A, Series B, Series C
and Series D Notes to be prepaid on such date, the principal amount of each such Note held by such
holder to be prepaid (determined in accordance with Section 8.4), and the interest to be paid on
the prepayment date with respect to such principal amount being prepaid, and shall be accompanied
by a certificate of a Senior Financial Officer as to the estimated Make-Whole Amount due in
connection with such prepayment (calculated as if the date of such notice were the date of the
prepayment), setting forth the details of such computation. Two Business Days prior to such
prepayment, the Company shall deliver to each holder of Series A, Series B, Series C and Series D
Notes a certificate of a Senior Financial Officer specifying the calculation of such Make-Whole
Amount as of the specified prepayment date.

     (b) Series E Optional Prepayments. The Company may, at its option at any time after November
28, 2008, and upon notice as provided below, prepay at any time all, or from time to time any part
of, the Series E Notes, in an amount not less than 5% of the aggregate principal amount of the
Series E Notes then outstanding in the case of a partial prepayment, at 100% of the principal
amount so prepaid, together with interest accrued thereon to the date of such prepayment, but
without Make-Whole Amount or other premium; provided that if any prepayment pursuant to this
Section 8.2(b) is made on any date other than a Series E Interest Payment Date, then and in such
event the Company shall pay the Series E Breakage Amounts of each holder of the Series E Notes
within three Business Days of receipt by the Company from each such holder of a certificate setting
forth the amount of such Series E Breakage Amounts, including the computation of such amount in
reasonable detail. The Company will give each holder of Series E Notes written notice of each
optional prepayment under this Section 8.2(b) not less than 30 days and not more than 60 days prior
to the date fixed for such prepayment. Each such notice shall specify such date, the aggregate
principal amount of the Series E Notes to be prepaid on such date, the principal amount of each
Series E Note held by such holder to be

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prepaid (determined in accordance with Section 8.4), and the interest to be paid on the prepayment
date with respect to such principal amount being prepaid.

     Section 8.3. Change in Control. (a) Notice of Change in Control or Control Event. The
Company will, within five Business Days after any Responsible Officer has knowledge of the
occurrence of any Change in Control or Control Event, give written notice of such Change in Control
or Control Event to each holder of Notes unless notice in respect of such Change in Control (or the
Change in Control contemplated by such Control Event) shall have been given pursuant to
subparagraph (b) of this Section 8.3. If a Change in Control has occurred, such notice shall
contain and constitute an offer to prepay Notes as described in subparagraph (c) of this Section
8.3 and shall be accompanied by the certificate described in subparagraph (g) of this Section 8.3.

     (b) Condition to Company Action. The Company will not take any action that consummates or
finalizes a Change in Control unless (i) at least 30 days prior to such action it shall have given
to each holder of Notes written notice containing and constituting an offer to prepay Notes as
described in subparagraph (c) of this Section 8.3, accompanied by the certificate described in
subparagraph (g) of this Section 8.3, and (ii) contemporaneously with such action, it prepays all
Notes required to be prepaid in accordance with this Section 8.3.

     (c) Offer to Prepay Notes. The offer to prepay Notes contemplated by subparagraphs (a) and
(b) of this Section 8.3 shall be an offer to prepay, in accordance with and subject to this Section
8.3, all, but not less than all, the Notes held by each holder (in this case only, “holder” in
respect of any Note registered in the name of a nominee for a disclosed beneficial owner shall mean
such beneficial owner) on a date specified in such offer (the “Proposed Prepayment Date”). If such
Proposed Prepayment Date is in connection with an offer contemplated by subparagraph (a) of this
Section 8.3, such date shall be not less than 30 days and not more than 120 days after the date of
such offer (if the Proposed Prepayment Date shall not be specified in such offer, the Proposed
Prepayment Date shall be the first Business Day after the 45th day after the date of such offer).

     (d) Acceptance/Rejection. A holder of Notes may accept the offer to prepay made pursuant to
this Section 8.3 by causing a notice of such acceptance to be delivered to the Company not later
than 15 days after receipt by such holder of the most recent offer of prepayment. A failure by a
holder of Notes to respond to an offer to prepay made pursuant to this Section 8.3 shall be deemed
to constitute an acceptance of such offer by such holder.

     (e) Prepayment. Prepayment of the Notes to be prepaid pursuant to this Section 8.3 shall be
at 100% of the principal amount of such Notes, together with interest on such Notes accrued to the
date of prepayment, plus the Make-Whole Amount determined for the prepayment date with respect to
such principal amount; provided that in the case of the Series E Notes, if any prepayment pursuant
to this Section 8.3 is made on a date other than Series E Interest Payment Date, then and in such
event, the Company shall pay the Series E Breakage Amounts of each holder of the Series E Notes
within three Business Days of receipt by the Company from each such holder of a certificate setting
forth such Series E Breakage Amounts, including the

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computation of such amount in reasonable detail. The prepayment shall be made on the Proposed
Prepayment Date except as provided in subparagraph (f) of this Section 8.3.

     (f) Deferral Pending Change in Control. The obligation of the Company to prepay Notes
pursuant to the offers required by subparagraph (c) and accepted in accordance with subparagraph
(d) of this Section 8.3 is subject to the occurrence of the Change in Control in respect of which
such offers and acceptances shall have been made. In the event that such Change in Control has not
occurred on the Proposed Prepayment Date in respect thereof, the prepayment shall be deferred
until, and shall be made on, the date on which such Change in Control occurs. The Company shall
keep each holder of Notes reasonably and timely informed of (i) any such deferral of the date of
prepayment, (ii) the date on which such Change in Control and the prepayment are expected to occur,
and (iii) any determination by the Company that efforts to effect such Change in Control have
ceased or been abandoned (in which case the offers and acceptances made pursuant to this Section
8.3 in respect of such Change in Control shall be deemed rescinded).

     (g) Officer’s Certificate. Each offer to prepay the Notes pursuant to this Section 8.3 shall
be accompanied by a certificate, executed by a Senior Financial Officer of the Company and dated
the date of such offer, specifying: (i) the Proposed Prepayment Date; (ii) that such offer is made
pursuant to this Section 8.3; (iii) the principal amount of each Note offered to be prepaid; (iv)
the estimated Make-Whole Amount, if any, due in connection with such prepayment (calculated as if
the date of such notice were the date of the prepayment), setting forth the details of such
computation; (v) the interest that would be due on each Note offered to be prepaid, accrued to the
Proposed Prepayment Date; (vi) that the conditions of this Section 8.3 have been fulfilled; and
(vii) in reasonable detail, the nature and date or proposed date of the Change in Control.

     (h) Certain Definitions. “Change in Control” shall be deemed to have occurred if any person
(as such term is used in Section 13(d) and Section 14(d)(2) of the Exchange Act as in effect on the
date of the Closing) or related persons constituting a group (as such term is used in Rule 13d-5
under the Exchange Act),

     (i) become the “beneficial owners” (as such term is used in Rule 13d-3 under the
Exchange Act as in effect on the date of the Closing), directly or indirectly, of more than
50% of the total voting power of all classes then outstanding of the Company’s Voting Stock,
or

     (ii) acquire after the date of the Closing (x) the power to elect, appoint or cause the
election or appointment of at least a majority of the members of the board of directors of
the Company, through beneficial ownership of the capital stock of the Company or otherwise,
or (y) all or substantially all of the properties and assets of the Company in a manner
which does not require compliance with Section 10.5(c).

“Control Event” means:

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     (1) the execution by the Company or any of its Subsidiaries or Affiliates of any
agreement or letter of intent with respect to any proposed transaction or event or series of
transactions or events which, individually or in the aggregate, may reasonably be expected
to result in a Change in Control,

     (2) the execution of any written agreement which, when fully performed by the parties
thereto, would result in a Change in Control, or

     (3) the making of any written offer by any person (as such term is used in Section
13(d) and Section 14(d)(2) of the Exchange Act as in effect on the date of the Closing) or
related persons constituting a group (as such term is used in Rule 13d-5 under the Exchange
Act as in effect on the date of the Closing) to the holders of the common stock of the
Company, which offer, if accepted by the requisite number of holders, would result in a
Change in Control.

          (i) All calculations contemplated in this Section 8.3 involving the capital stock of any
Person shall be made with the assumption that all convertible Securities of such Person then
outstanding and all convertible Securities issuable upon the exercise of any warrants, options and
other rights outstanding at such time were converted at such time and that all options, warrants
and similar rights to acquire shares of capital stock of such Person were exercised at such time.

     Section 8.4. Allocation of Partial Prepayments. In the case of each partial prepayment of the
Notes of any series pursuant to Section 8.2, the principal amount of the Notes of such series to be
prepaid shall be allocated among all of the Notes of such series at the time outstanding in
proportion, as nearly as practicable, to the respective unpaid principal amounts thereof not
theretofore called for prepayment. All partial prepayments made pursuant to Section 8.3 shall be
applied only to the Notes of the holders who have elected to participate in such prepayment.

     Section 8.5. Maturity; Surrender, Etc. In the case of each prepayment of Notes of any series
pursuant to this Section 8, the principal amount of each Note of such series to be prepaid shall
mature and become due and payable on the date fixed for such prepayment (which shall be a Business
Day), together with interest on such principal amount accrued to such date,

     (i) and, in the case of any Series A, Series B, Series C or Series D Note, with the
Make-Whole Amount, if any, and

     (ii) in the case of any Series E Note, without any Make-Whole Amount or other premium;
provided that if any prepayment pursuant to this Section 8 is made on a date other than a
Series E Interest Payment Date, then the Company shall pay the Series E Breakage Amounts of
each holder of the Series E Notes within three Business Days of receipt by the Company from
each such holder of a certificate setting forth such Series E Breakage Amounts, including
the computation of such amount in reasonable detail.

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     From and after such date, unless the Company shall fail to pay such principal amount when so
due and payable, together with the interest and Make-Whole Amount, if any, or the Series E Breakage
Amounts, as the case may be, interest on such principal amount shall cease to accrue. Any Note
paid or prepaid in full shall be surrendered to the Company and cancelled and shall not be
reissued, and no Note shall be issued in lieu of any prepaid principal amount of any Note.

     Section 8.6. Purchase of Notes. The Company will not and will not permit any Affiliate to
purchase, redeem, prepay or otherwise acquire, directly or indirectly, any series of the
outstanding Notes except upon the payment or prepayment of the Notes in accordance with the terms
of this Agreement and the Notes. The Company will promptly cancel all Notes of each series
acquired by it or any Affiliate pursuant to any payment, prepayment or purchase of Notes pursuant
to any provision of this Agreement and no Notes of any series may be issued in substitution or
exchange for any such Notes.

     Section 8.7. Make-Whole Amount. The term “Make-Whole Amount” (y) with respect to each Swapped
Note, means the Swapped Note Make-Whole Amount; and (z) with respect to each Non-Swapped Note, the
Non-Swapped Note Make-Whole Amount.

     (a)(i) For the purposes of determining the Swapped Note Make-Whole Amount, the following terms
have the following meanings:

     “Swap Agreement” means, with respect to any Swapped Note, (a) a cross-currency swap
agreement and annexes and schedules thereto (an “Initial Swap Agreement”) that was entered
into by the original purchaser of such Swapped Note (or any affiliate thereof) in connection
with and with respect to the execution of this Agreement and the issuance, sale and delivery
of such Swapped Note solely for the purpose of hedging such original Purchaser’s currency
and interest rate risk with respect to the scheduled payments by the Company of interest and
principal on such Swapped Note and under which the holder of such Swapped Note will receive
payments from the counterparty thereunder in Dollars and (b) any Replacement Swap Agreement.
As used herein, “Replacement Swap Agreement” means, with respect to any Swapped Note, any
cross-currency swap agreement and annexes and schedules thereto with payment terms and
provisions (other than a reduction in notional amount) identical to those of the Initial
Swap Agreement entered into with respect to such Swapped Note (including, without
limitation, any modification or amendment of any Swap Agreement) that is entered into in
full or partial replacement of such Initial Swap Agreement (or any subsequent Replacement
Swap Agreement) in a notional amount not exceeding the aggregate outstanding principal
amount of such Swapped Note. Any Purchaser that enters into, assumes or terminates an
Initial Swap Agreement or Replacement Swap Agreement shall within a reasonable period of
time thereafter deliver to the Company a copy of the confirmation, assumption or termination
related thereto.

     “Swapped Note Called Notional Amount” means, with respect to any Swapped Note Called
Principal of any Swapped Note, the payment in Dollars that would have been due to the holder
of such Swapped Note under the terms of the Swap Agreement to which

-24-

 

such holder is party attributable to and in exchange for such Swapped Note Called
Principal if the principal of such Swapped Note were not prepaid pursuant to Section 8.2 or
Section 8.3 or had not been declared to be immediately due and payable pursuant to Section
12.1, as the context requires.

     “Swapped Note Called Principal” means, with respect to any Swapped Note, the principal
of such Swapped Note that is to be prepaid pursuant to Section 8.2 or Section 8.3 or has
become or is declared to be immediately due and payable pursuant to Section 12.1, as the
context requires.

     “Swapped Note Discounted Value” means, with respect to the Swapped Note Called Notional
Amount of any Swapped Note, the amount obtained by discounting all Swapped Note Remaining
Scheduled Swap Payments corresponding to the Swapped Note Called Notional Amount of such
Swapped Note from their respective scheduled due dates to the Swapped Note Settlement Date
with respect to such Swapped Note Called Notional Amount, in accordance with accepted
financial practice and at a discount factor (applied on the same periodic basis as that on
which interest on such Swapped Note is payable) equal to the Swapped Note Reinvestment Yield
with respect to such Swapped Note Called Notional Amount.

     “Swapped Note Make-Whole Amount” means, with respect to any Swapped Note, an amount
equal to the excess, if any, of the Swapped Note Discounted Value of the Swapped Note
Remaining Scheduled Swap Payments with respect to the Swapped Note Called Notional Amount
related to such Swapped Note over such Swapped Note Called Notional Amount, provided that
the Swapped Note Make-Whole Amount may in no event be less than zero. Notwithstanding
anything in this Agreement to the contrary, the Swapped Note Make-Whole Amount shall be
payable in Dollars.

     “Swapped Note Reinvestment Yield” means, with respect to the Swapped Note Called
Notional Amount of any Swapped Note, the sum of (x) the Applicable Percentage plus (y) the
yield to maturity implied by (a) the yields reported, as of 10.00 a.m. (New York City time)
on the second Business Day preceding the Swapped Note Settlement Date with respect to such
Swapped Note Called Notional Amount, on the display designated as “Page PX1” on Bloomberg
Financial Markets (or such other display as may replace Page PX1 on the Bloomberg Financial
Markets) for actively traded U.S. Treasury securities having a maturity equal to the Swapped
Note Remaining Average Life of such Swapped Note as of such Swapped Note Settlement Date or
if Page PX1 (or its successor on Bloomberg is unavailable, the Telerate Access Service
Screen which corresponds most closely to Page PX1 for the most recently issued actively
traded U.S. Treasury securities having a maturity equal to the Swapped Note Remaining
Average Life of such Swapped Note as of such Swapped Note Settlement Date or (b) if such
yields are not reported as of such time or the yields reported as of such time are not
ascertainable (including by way of interpolation), the Treasury Constant Maturity Series
Yields reported for the latest day for which such yields have been so reported as of the
second Business Day preceding the Swapped Note Settlement Date with respect to such Swapped
Note Called Notional Amount, in U.S. Federal Reserve Statistical Release H.15

-25-

 

(519) (or any comparable successor publication) for actively traded U.S. Treasury
securities having a constant maturity equal to the Swapped Note Remaining Average Life of
such Swapped Note as of such Swapped Note Settlement Date. Such implied yield will be
determined, if necessary, by (i) converting U.S. Treasury bill quotations to bond-equivalent
yields in accordance with accepted financial practice and (ii) interpolating linearly
between (1) the actively traded U.S. Treasury security with the maturity closest to and
greater than the Swapped Note Remaining Average Life of such Swapped Note and (2) the
actively traded U.S. Treasury security with the maturity closest to and less than such
Swapped Note Remaining Average Life. The Swapped Note Reinvestment Yield shall be rounded
to the number of decimal places as appears in the interest rate of the applicable Swapped
Note.

     “Swapped Note Remaining Average Life” means, with respect to any Swapped Note Called
Principal, the number of years (calculated to the nearest one-twelfth year) obtained by
dividing (a) such Swapped Note Called Principal into (b) the sum of the products obtained by
multiplying (i) the principal component of each Swapped Note Remaining Scheduled Payment
with respect to such Swapped Note Called Principal by (ii) the number of years (calculated
to the nearest one-twelfth year) that will elapse between the Swapped Note Settlement Date
with respect to such Swapped Note Called Principal and the scheduled due date of such
Swapped Note Remaining Scheduled Payment.

     “Swapped Note Remaining Scheduled Swap Payments” means, with respect to the Swapped
Note Called Notional Amount relating to any Swapped Note, the payments due to the holder of
such Swapped Note in Dollars under the terms of the Swap Agreement to which such holder is
party which correspond to all payments of the Swapped Note Called Principal of such Swapped
Note corresponding to such Swapped Note Called Notional Amount and interest on such Swapped
Note Called Principal (other than that portion of the payment due under such Swap Agreement
corresponding to the interest accrued on the Swapped Note Called Principal to the Swapped
Note Settlement Date) that would be due after the Swapped Note Settlement Date assuming that
no payment of such Swapped Note Called Principal were made prior to its scheduled maturity,
provided, that if such Swapped Note Settlement Date is not a date on which interest payments
are due to be made under the terms of such Swapped Note, then the amount of the next
succeeding scheduled interest payment will be reduced by the amount of interest accrued to
such Swapped Note Settlement Date and required to be paid on such Swapped Note Settlement
Date pursuant to Section 8.2, 8.3 or 12.1.

     “Swapped Note Settlement Date” means, with respect to the Swapped Note Called Principal
of any Swapped Note, the date on which such Swapped Note Called Principal is to be prepaid
pursuant to Section 8.2 or Section 8.3 or has become or is declared to be immediately due
and payable pursuant to Section 12.1, as the context requires.

     (ii) Swapped Notes — Currency of Payment. All payments of Make-Whole Amount in respect of any
Swapped Note shall be made in Dollars.

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     (b) For the purposes of determining the Non-Swapped Note Make-Whole Amount, the following
terms have the following meanings:

     “Called Principal” means, with respect to any Non-Swapped Note, the principal of such
Non-Swapped Note that is to be prepaid pursuant to Section 8.2 or Section 8.3 or has become
or is declared to be immediately due and payable pursuant to Section 12.1, as the context
requires.

     “Discounted Value” means, with respect to the Called Principal of any Non-Swapped Note,
the amount obtained by discounting all Remaining Scheduled Payments with respect to such
Called Principal from their respective scheduled due dates to the Settlement Date with
respect to such Called Principal, in accordance with accepted financial practice and at a
discount factor (applied on the same periodic basis as that on which interest on the
Non-Swapped Notes is payable) equal to the Reinvestment Yield with respect to such Called
Principal.

     “Non-Swapped Note Make-Whole Amount” means, with respect to any Non-Swapped Note that
is to be fully or partially prepaid pursuant to Section 8.2 or Section 8.3 or has become or
is declared to be immediately due and payable pursuant to Section 12.1, as the context
requires, an amount equal to the excess, if any, of the Discounted Value of the Remaining
Scheduled Payments (in Dollars) over the amount of such Called Principal (in Dollars);
provided, however, that the Non-Swapped Make-Whole Amount may in no event be less than zero.
Notwithstanding anything in this Agreement to the contrary, the Non-Swapped Note Make-Whole
Amount shall be payable in Dollars.

     “Reinvestment Yield” means, with respect to the Called Principal of any Non-Swapped
Note, the sum of (x) the Applicable Percentage plus (y) the yield to maturity implied by (i)
the yields reported as of 10:00 a.m. (New York City time) on the second Business Day
preceding the Settlement Date with respect to such Called Principal, on the display
designated as “Page PX1” (or such other display as may replace Page PX1 on Bloomberg
Financial Markets (“Bloomberg”) or, if Page PX1 (or its successor screen on Bloomberg) is
unavailable, the Telerate Access Service screen which corresponds most closely to Page PX1
for the most recently issued actively traded U.S. Treasury securities having a maturity
equal to the Remaining Average Life of such Called Principal as of such Settlement Date, or
(ii) if such yields are not reported as of such time or the yields reported as of such time
are not ascertainable (including by way of interpolation), the Treasury Constant Maturity
Series Yields reported, for the latest day for which such yields have been so reported as of
the second Business Day preceding the Settlement Date with respect to such Called Principal,
in Federal Reserve Statistical Release H.15 (519) (or any comparable successor publication)
for actively traded U.S. Treasury securities having a constant maturity equal to the
Remaining Average Life of such Called Principal as of such Settlement Date. Such implied
yield will be determined, if necessary, by (a) converting U.S. Treasury bill quotations to
bond-equivalent yields in accordance with accepted financial practice and (b) interpolating
linearly between (1) the actively traded U.S. Treasury security with the maturity closest to
and greater than such

-27-

 

Remaining Average Life and (2) the actively traded U.S. Treasury security with the
maturity closest to and less than such Remaining Average Life. The Reinvestment Yield shall
be rounded to the number of decimal places as appears in the interest rate of the applicable
Note.

     “Remaining Average Life” means, with respect to any Called Principal, the number of
years (calculated to the nearest one-twelfth year) obtained by dividing (a) such Called
Principal into (b) the sum of the products obtained by multiplying (i) the principal
component of each Remaining Scheduled Payment with respect to such Called Principal by (ii)
the number of years (calculated to the nearest one-twelfth year) that will elapse between
the Settlement Date with respect to such Called Principal and the scheduled due date of such
Remaining Scheduled Payment.

     “Remaining Scheduled Payments” means, with respect to the Called Principal of any
Non-Swapped Note, all payments of such Called Principal and interest thereon that would be
due after the Settlement Date with respect to such Called Principal if no payment of such
Called Principal were made prior to its scheduled due date, provided that if such Settlement
Date is not a date on which interest payments are due to be made under the terms of the
Non-Swapped Notes, then the amount of the next succeeding scheduled interest payment will be
reduced by the amount of interest accrued to such Settlement Date and required to be paid on
such Settlement Date pursuant to Section 8.2, 8.3 or 12.1.

     “Settlement Date” means, with respect to the Called Principal of any Non-Swapped Note,
the date on which such Called Principal is to be prepaid pursuant to Section 8.2 or Section
8.3 or has become or is declared to be immediately due and payable pursuant to Section 12.1,
as the context requires.

     Section 8.8. Swap Breakage Amount. If any Swapped Note is prepaid pursuant to this Section 8
or has become or is declared to be immediately due and payable pursuant to Section 12.1, then (a)
any resulting Net Loss in connection therewith shall be reimbursed to the holder of such Swapped
Note by the Company in Dollars upon any such prepayment or repayment of such Swapped Note and (b)
any resulting Net Gain in connection therewith shall be deducted from the amount paid to the holder
of such Swapped Note by the Company upon any such prepayment or repayment of such Swapped Note and,
to the extent such Net Gain exceeds such amount otherwise payable by the Company to such holder,
such holder shall and agrees to promptly remit such excess to the Company. Any reduction in an
amount paid to any holder of a Swapped Note due to a Net Gain shall first be applied to reduce any
Make-Whole Amount payable to such holder and, to the extent necessary, shall then be applied to all
other amounts owing to such holder after conversion into Euros at the current Euro/Dollar exchange
rate, as determined as of 10:00 a.m. New York time on the day the Swapped Note is prepaid as
indicated on the applicable screen of Bloomberg. Each holder of a Swapped Note shall be
responsible for calculating its own Swap Breakage Amount in Dollars upon the prepayment or
repayment of all or any portion of its Swapped Notes, and such calculation as reported to the
Company in reasonable detail shall be binding on the Company absent demonstrable error.

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     With respect to the holder of a Swapped Note that is prepaid: (a) “Net Loss” shall mean the
amount, if any, by which the Swapped Note Called Notional Amount exceeds the sum of (i) the Swapped
Note Called Principal and (ii) the Swap Breakage Amount received (or paid) by the applicable
holder; and (b) “Net Gain” shall mean the amount, if any, by which the Swapped Note Called Notional
Amount is exceeded by the sum of (i) the Swapped Note Called Principal and (ii) the Swap Breakage
Amount received (or paid) by the applicable holder. For purposes of any determination of any “Net
Loss” or “Net Gain,” the Swapped Note Called Principal shall be determined by the holder by
converting Euros into Dollars at the current Euro/Dollar exchange rate, as determined as of 10:00
a.m. New York time on the day the Swapped Note is prepaid as indicated on the applicable screen of
Bloomberg and any such calculation shall be reported to the Company in reasonable detail and shall
be binding on the Company absent demonstrable error.

     “Swap Breakage Amount” means, with respect to any Swap Agreement associated with any Swapped
Note, in determining the Net Loss or Net Gain, the amount that would be received (in which case the
Swap Breakage Amount shall be positive) or paid (in which case the Swap Breakage Amount shall be
negative) by the holder of such Swapped Note as if such Swap Agreement had terminated, in whole or
in part, as applicable, due to an early termination, which shall be an amount equal to the
“Settlement Amount” as defined by the International Swap and Derivatives Association, Inc.’s
standard 1992 Multicurrency-Cross Border Master Agreement (the “Master Agreement”) where:

     (a) the parties have elected to calculate such amount in accordance with the “Second
Method” payment method (as defined in the Master Agreement) and “Market Quotation” payment
measure (as defined in the Master Agreement), and each party is an “Affected Party”;

     (b) the “Unpaid Amounts” (as defined in the Master Agreement) are equal to zero;

     (c) the Swap Agreement is the only “Terminated Transaction” (as defined in the Master
Agreement);

     (d) the “Early Termination Date” (as defined in the Master Agreement) is the date of
prepayment or acceleration;

     (e) “Automatic Early Termination” (as defined in the Master Agreement) does not apply;

     (f) no election is made in the schedule to the Master Agreement or other amendment is
made to the Master Agreement, other than the election of Second Method and Market Quotation
(based upon the circumstances of such holder); and

     (g) such holder is not subject or entitled to any set-off or similar right with respect
to such Swap Agreement;

and payable in Dollars.

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Section 9. Affirmative Covenants.

     The Company covenants that so long as any of the Notes are outstanding:

     Section 9.1. Compliance with Law. The Company will, and will cause each of its Subsidiaries
to, comply with all laws, ordinances or governmental rules or regulations to which each of them is
subject, including, without limitation, ERISA, the USA Patriot Act and Environmental Laws, and will
obtain and maintain in effect all licenses, certificates, permits, franchises and other
governmental authorizations necessary to the ownership of their respective properties or to the
conduct of their respective businesses, in each case to the extent necessary to ensure that
non-compliance with such laws, ordinances or governmental rules or regulations or failures to
obtain or maintain in effect such licenses, certificates, permits, franchises and other
governmental authorizations could not, individually or in the aggregate, reasonably be expected to
have a Material Adverse Effect.

     Section 9.2. Insurance. The Company will, and will cause each of its Subsidiaries to,
maintain, with financially sound and reputable insurers, insurance with respect to their respective
properties and businesses against such casualties and contingencies, of such types, on such terms
and in such amounts (including deductibles, co-insurance and self-insurance, if adequate reserves
are maintained with respect thereto) as is customary in the case of entities of established
reputations engaged in the same or a similar business and similarly situated.

     Section 9.3. Maintenance of Properties. The Company will, and will cause each of its
Subsidiaries to, maintain and keep, or cause to be maintained and kept, their respective properties
in good repair, working order and condition (other than ordinary wear and tear), so that the
business carried on in connection therewith may be properly conducted at all times; provided that
this Section 9.3 shall not prevent the Company or any Subsidiary from discontinuing the operation
and the maintenance of any of its properties if such discontinuance is desirable in the conduct of
its business and the Company has concluded that such discontinuance could not, individually or in
the aggregate, reasonably be expected to have a Material Adverse Effect.

     Section 9.4. Payment of Taxes and Claims. The Company will, and will cause each of its
Subsidiaries to, file all tax returns required to be filed in any jurisdiction and to pay and
discharge all taxes shown to be due and payable on such returns and all other taxes, assessments,
governmental charges, or levies imposed on them or any of their properties, assets, income or
franchises, to the extent such taxes and assessments have become due and payable and before they
have become delinquent and all claims for which sums have become due and payable that have or might
become a Lien on properties or assets of the Company or any Subsidiary; provided that neither the
Company nor any Subsidiary need pay any such tax or assessment or claims if (a) the amount,
applicability or validity thereof is contested by the Company or such Subsidiary on a timely basis
in good faith and in appropriate proceedings, and the Company or a Subsidiary has established
adequate reserves therefor in accordance with GAAP on the books of the Company or such Subsidiary
or (b) the nonpayment of all such taxes, assessments and claims in the aggregate could not
reasonably be expected to have a Material Adverse Effect.

-30-

 

     Section 9.5. Legal Existence, Etc. Subject to Section 10.5, the Company will at all times
preserve and keep in full force and effect its legal existence. Subject to Sections 10.5 and 10.6,
the Company will at all times preserve and keep in full force and effect the legal existence of
each of its Subsidiaries (unless merged into the Company or a Wholly-owned Subsidiary) and all
rights and franchises of the Company and its Subsidiaries unless, in the good faith judgment of the
Company, the termination of or failure to preserve and keep in full force and effect such legal
existence, right or franchise could not, individually or in the aggregate, have a Material Adverse
Effect.

     Section 9.6. Books and Records. The Company will, and will cause each of its Subsidiaries to,
maintain proper books of record and account in conformity with GAAP and all applicable requirements
of any Governmental Authority having legal or regulatory jurisdiction over the Company, or such
Subsidiary, as the case may be.

Section 10. Negative Covenants.

     The Company covenants that so long as any of the Notes are outstanding:

     Section 10.1. Consolidated Adjusted Net Worth. The Company will at all times keep and
maintain Consolidated Adjusted Net Worth at an amount not less than the sum of (a)
U.S.$505,790,400.00 plus (b) an aggregate amount equal to fifty percent (50%) of Consolidated Net
Earnings (but, in each case, only if a positive number), determined as at the end of each fiscal
quarter of the Company for each completed fiscal quarter commencing with the fiscal quarter ending
December 31, 2006.

     Section 10.2. Limitations on Debt. (a) The Company will not permit the ratio of Consolidated
Total Debt to Consolidated EBITDA for the twelve-month period ending on the last day of each fiscal
quarter of the Company to exceed the following percentages:

	 	 	 
	During the Period	 	Ratio of Consolidated Total Debt
	 	 	to Consolidated EBITDA
	From and including September 30, 2006
through and including June 30, 2007 for
each 

twelve-month period
ending on the
last day of each fiscal quarter of the
Company

	 	3.75 to 1.00
	 
	 	 
	From and including July 1, 2007 and
thereafter for each twelve-month period

ending on the last day of each fiscal
quarter of the Company

	 	3.50 to 1.00

          (b) The Company will not, and will not permit any Subsidiary to, create, issue, assume,
guarantee or otherwise incur or in any manner become liable in respect of any Priority Debt, unless
at the time of creation, issuance, assumption, guarantee or incurrence thereof and after giving
effect thereto and to the application of the proceeds thereof, (i) the aggregate amount of Debt of
the Company and its Subsidiaries secured by any Lien created or incurred within the

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limitations of Section 10.4(h) would not exceed 10% of Consolidated Adjusted Net Worth, and (ii)
the aggregate amount of all Consolidated Priority Debt (including all Debt of the Company and its
Subsidiaries secured by any Lien created or incurred within the limitations of Section 10.4(h))
would not exceed 20% of Consolidated Adjusted Net Worth.

          (c) Any Person which becomes a Subsidiary after the date hereof shall for all purposes of this
Section 10.2 be deemed to have created, assumed or incurred at the time it becomes a Subsidiary all
Debt of such Person existing immediately after it becomes a Subsidiary.

     Section 10.3. Fixed Charges Coverage Ratio. The Company will keep and maintain the ratio of
Consolidated Net Earnings Available for Fixed Charges to Consolidated Fixed Charges for each period
of four consecutive fiscal quarters at not less than 2.00 to 1.00, with the demonstration of
compliance by the Company with this Section 10.3 to be made as at the end of each fiscal quarter.

     Section 10.4. Negative Pledge. The Company will not, and will not permit any of its
Subsidiaries to, create, assume, or suffer to exist any Lien on any asset now owned or hereafter
acquired, except:

     (a) Liens incurred to finance the acquisition of construction of, or for the purpose of
financing its physical plant, office buildings, machinery and equipment used in its business
and not held for sale or lease in the ordinary course of its business, and other fixed
assets not held for use in its business;

     (b) Liens incurred or deposits made in the ordinary course of business in order to
enable it to maintain self-insurance, or to participate in an y fund in connection with
workers’ compensation, unemployment insurance, old-age pensions or other social security, or
to share in any privileges or other benefits available to corporations participating in any
such arrangement, or for any other purpose at any time required by law or regulation
promulgated by any governmental agency or office as a condition to the transaction of any
business or the exercise of any privilege or license, or from depositing its assets with any
surety company or clerk of any court, or in escrow, as collateral in connection with, or in
lieu of, any bond or appeal by it from any judgment or decree against it, or in connection
with any other proceedings in actions at law or in equity by or against it;

     (c) Liens securing any taxes or assessments, governmental charges or levies, if such
taxes or assessments, charges or levies shall not at any time be due and payable or if the
Company shall currently be contesting the validity thereof in good faith and by appropriate
proceedings;

     (d) Liens of any judgments, if such judgments shall not have remained un-discharged or
un-stayed on appeal or otherwise for more than sixty (60) days;

     (e) landlords’, lessors’, carriers’, warehousemen’s, mechanics’, materialmen’s,
repairmen’s, laborers’ or other similar statutory Liens; provided that the Company or any

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of its Subsidiaries, as the case may be, is contesting the validity thereof in good faith
and by appropriate proceedings;

     (f) easements, rights-of-way, restrictions and other similar encumbrances which do not
Materially detract from the value of the property subject thereto or interfere with the
ordinary conduct of its business;

     (g) Liens existing on the Execution Date and securing Debt of the Company and its
Subsidiaries referred to in Schedule 5.15; and

     (h) other Liens created or incurred after the date of the Closing given to secure Debt
of the Company or any Subsidiary in addition to the Liens permitted by the preceding clauses
(a) through (g) hereof; provided that (i) all Debt secured by any such Liens shall have been
incurred within the limitations provided in Section 10.2(b) and (ii) at the time of
creation, issuance, assumption, guarantee or incurrence of the Debt secured by any such Lien
and after giving effect thereto and to the application of the proceeds thereof, no Default
or Event of Default would exist.

     Section 10.5. Mergers, Consolidations, Etc. The Company will not, and will not permit any
Subsidiary to, consolidate with or be a party to a merger with any other Person, or sell, lease or
otherwise dispose of all or substantially all of its assets; provided that:

     (a) any Subsidiary may merge or consolidate with or into the Company or any
Wholly-owned Subsidiary so long as in (i) any merger or consolidation involving the Company,
the Company shall be the surviving or continuing corporation and (ii) in any merger or
consolidation involving a Wholly-owned Subsidiary (and not the Company), the Wholly-owned
Subsidiary shall be the surviving or continuing corporation or limited liability company;

     (b) the Company may consolidate or merge with or into any other corporation if (i) the
corporation which results from such consolidation or merger (the “Surviving Person”) is
organized under the laws of any state of the United States or the District of Columbia, (ii)
the due and punctual payment of the principal of and premium, if any, and interest on all of
the Notes, according to their tenor, and the due and punctual performance and observation of
all of the covenants in the Notes and this Agreement to be performed or observed by the
Company are expressly assumed in writing by the Surviving Person and the Surviving Person
shall furnish to the holders of the Notes an opinion of counsel satisfactory to the Required
Holders to the effect that the instrument of assumption has been duly authorized, executed
and delivered and constitutes the legal, valid and binding contract and agreement of the
Surviving Person enforceable in accordance with its terms, except as enforcement of such
terms may be limited by bankruptcy, insolvency, reorganization, moratorium and similar laws
affecting the enforcement of creditors’ rights generally and by general equitable
principles, and (iii) at the time of such consolidation or merger and immediately after
giving effect thereto, no Default or Event of Default would exist; and

-33-

 

     (c) the Company may sell or otherwise dispose of all or substantially all of its assets
(other than as provided in Section 10.6) to any Person for consideration which represents
the fair market value of such assets (as determined in good faith by the Board of Directors
of the Company) at the time of such sale or other disposition if (i) the acquiring Person
(the “Acquiring Person”) is a corporation organized under the laws of any state of the
United States or the District of Columbia, (ii) the due and punctual payment of the
principal of and premium, if any, and interest on all the Notes, according to their tenor,
and the due and punctual performance and observance of all of the covenants in the Notes and
in this Agreement to be performed or observed by the Company are expressly assumed in
writing by the Acquiring Person and the Acquiring Person shall furnish to the holders of the
Notes an opinion of counsel satisfactory to the Required Holders to the effect that the
instrument of assumption has been duly authorized, executed and delivered and constitutes
the legal, valid and binding contract and agreement of such Acquiring Person enforceable in
accordance with its terms, except as enforcement of such terms may be limited by bankruptcy,
insolvency, reorganization, moratorium and similar laws affecting the enforcement of
creditors’ rights generally and by general equitable principles, and (iii) at the time of
such sale or disposition and immediately after giving effect thereto, no Default or Event of
Default would exist.

     Section 10.6. Sale of Assets. The Company will not, and will not permit any Subsidiary to,
sell, lease, transfer, abandon or otherwise dispose of assets, including, without limitation, by
way of an asset securitization or sale-leaseback transaction (except assets sold in the ordinary
course of business for fair market value and except as provided in Section 10.5(c)); provided that
the foregoing restrictions do not apply to:

     (a) the sale, lease, transfer or other disposition of assets of a Subsidiary to the
Company or a Wholly-owned Subsidiary; or

     (b) the abandonment of assets of the Company or a Subsidiary that are no longer useful
or intended to be used in the operation of the business of the Company and its Subsidiaries,
provided that such abandonment would not, individually or in the aggregate, have a Material
Adverse Effect;

     (c) the sale of assets for cash or other property to a Person or Persons other than an
Affiliate if all of the following conditions are met:

     (i) such assets (valued at net book value) do not, together with all other
assets of the Company and its Subsidiaries previously disposed of during the
twelve-month period then ending (other than in the ordinary course of business),
exceed 10% of Consolidated Total Assets, and such assets (valued at net book value)
do not, together with all other assets of the Company and its Subsidiaries
previously disposed of during the period from the date of this Agreement to and
including the date of the sale of such assets (other than in the ordinary course of
business), exceed 30% of Consolidated Total Assets, in each such case determined as
of the end of the immediately preceding fiscal year;

-34-

 

     (ii) in the opinion of a Senior Financial Officer of the Company, the sale is
for fair value and is in the best interests of the Company; and

     (iii) immediately before and immediately after the consummation of the
transaction and after giving effect thereto, no Default or Event of Default would
exist;

provided, however, that for purposes of the foregoing calculation, there shall not be
included any assets the proceeds of which were or are applied within twelve months of the
date of sale of such assets to either (A) the acquisition of assets useful and intended to
be used in the operation of the business of the Company and its Subsidiaries as described in
Section 10.8 and having a fair market value (as determined in good faith by a Senior
Financial Officer of the Company) at least equal to that of the assets so disposed of or (B)
the prepayment on a pro rata basis of Senior Debt of the Company determined, in the case of
any Senior Debt of the Company denominated in a currency other than Dollars, on the basis of
the exchange rate published in The Wall Street Journal on the second Business Day before the
date of the applicable notice of prepayment. It is understood and agreed by the Company and
the holders of the Notes that if, and only if, any part or portion of any such proceeds are
offered to the prepayment of the Notes as hereinabove provided, then and in such event shall
such proceeds, or part or portion thereof, as the case may be, to the extent accepted as a
prepayment of the Notes by the holders thereof, be prepaid as and to the extent provided in
Section 8.2.

Without limiting the foregoing clause (B), the Company agrees that:

     (x) the timing and manner of any offer of prepayment to the holders of the
Notes shall be in the manner contemplated by Section 8.2; provided that any such
offered prepayment of the Notes pursuant to this Section 10.6 may be in an amount
less than 5% of the aggregate principal amount of the Notes then outstanding and
shall only be at 100% of the principal amount thereof, together with interest
accrued and unpaid thereon to the date of such prepayment, and in no event with a
Make-Whole Amount or other premium;

     (y) any holder of the Notes may decline any offer of prepayment pursuant to the
foregoing clause (b); and

     (z) if such offer is so accepted, the proceeds so offered towards the
prepayment of the Notes and accepted shall be prepaid and applied in the manner
provided in Section 8.2, excepting only that such prepayment shall be at 100% of the
principal amount thereof, together with interest accrued and unpaid thereon to the
date of such prepayment, without payment of Make-Whole Amount or other premium.

To the extent that any holder of the Notes declines such offer of prepayment, the Company
may use the remaining amount of such prepayment so declined for general corporate purposes.

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     Section 10.7. Transactions with Affiliates. The Company will not and will not permit any
Subsidiary to enter into directly or indirectly any transaction or group of related transactions
(including without limitation the purchase, lease, sale or exchange of properties of any kind or
the rendering of any service) with any Affiliate (other than the Company or another Subsidiary),
except in the ordinary course and pursuant to the reasonable requirements of the Company’s or such
Subsidiary’s business and upon fair and reasonable terms no less favorable to the Company or such
Subsidiary than would be obtainable in a comparable arm’s-length transaction with a Person not an
Affiliate.

     Section 10.8. Line of Business. The Company will not and will not permit any Subsidiary to
engage in any business if, as a result, the general nature of the business in which the Company and
its Subsidiaries, taken as a whole, would then be engaged would be substantially changed from the
general nature of the business in which the Company and its Subsidiaries, taken as a whole, are
engaged on the date of this Agreement as described in the Memorandum.

     Section 10.9. Terrorism Sanctions Regulations. The Company will not and will not permit any
Subsidiary to (a) become a Person described or designated in the Specially Designated Nationals and
Blocked Persons List of the Office of Foreign Assets Control or in Section 1 of the Anti-Terrorism
Order or (b) engage in any dealings or transactions with any such Person.

Section 11. Events of Default.

     An “Event of Default” shall exist if any of the following conditions or events shall occur and
be continuing:

     (a) the Company defaults in the payment of any principal or Make-Whole Amount, if any,
on any Note when the same becomes due and payable, whether at maturity or at a date fixed
for prepayment or by declaration or otherwise; or

     (b) the Company defaults in the payment of any interest or Series E Breakage Amounts,
if any, on any Note for more than five Business Days after the same becomes due and payable;
or

     (c) the Company defaults in the performance of or compliance with any term contained in
Section 7.1(d) or Sections 10.1 through 10.6; or

     (d) the Company defaults in the performance of or compliance with any term contained
herein (other than those referred to in Sections 11(a), (b) and (c)) and such default is not
remedied within 30 days after the earlier of (i) a Responsible Officer obtaining actual
knowledge of such default and (ii) the Company receiving written notice of such default from
any holder of a Note (any such written notice to be identified as a “notice of default” and
to refer specifically to this Section 11(d)); or

     (e) any representation or warranty made in writing by or on behalf of the Company or by
any officer of the Company in this Agreement or in any writing furnished

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in connection with the transactions contemplated hereby proves to have been false or
incorrect in any material respect on the date as of which made; or

     (f) (i) the Company or any Subsidiary is in default (as principal or as guarantor or
other surety) in the payment of any principal of or premium or make-whole amount or interest
on any Debt that is outstanding in an aggregate principal amount of at least U.S.$10,000,000
(or its equivalent in the relevant currency of payment) beyond any period of grace provided
with respect thereto, or (ii) the Company or any Subsidiary is in default in the performance
of or compliance with any term of any evidence of any Debt in an aggregate outstanding
principal amount of at least U.S.$10,000,000 (or its equivalent in the relevant currency of
payment) or of any mortgage, indenture or other agreement relating thereto or any other
condition exists, and as a consequence of such default or condition such Debt has become, or
has been declared (or one or more Persons are entitled to declare such Debt to be), due and
payable before its stated maturity or before its regularly scheduled dates of payment, or
(iii) as a consequence of the occurrence or continuation of any event or condition (other
than the passage of time or the right of the holder of Debt to convert such Debt into equity
interests), (1) the Company or any Subsidiary has become obligated to purchase or repay Debt
before its regular maturity or before its regularly scheduled dates of payment in an
aggregate outstanding principal amount of at least U.S.$10,000,000 (or its equivalent in the
relevant currency of payment), or (2) one or more Persons have the right to require the
Company or any Subsidiary so to purchase or repay such Debt; or

     (g) the Company or any Material Subsidiary (i) is generally not paying, or admits in
writing its inability to pay, its debts as they become due, (ii) files, or consents by
answer or otherwise to the filing against it of, a petition for relief or reorganization or
arrangement or any other petition in bankruptcy, for liquidation or to take advantage of any
bankruptcy, insolvency, reorganization, moratorium or other similar law of any jurisdiction,
(iii) makes an assignment for the benefit of its creditors, (iv) consents to the appointment
of a custodian, receiver, trustee or other officer with similar powers with respect to it or
with respect to any substantial part of its property, (v) is adjudicated as insolvent or to
be liquidated, or (vi) takes corporate action for the purpose of any of the foregoing; or

     (h) a court or Governmental Authority of competent jurisdiction enters an order
appointing, without consent by the Company or any of its Material Subsidiaries, a custodian,
receiver, trustee or other officer with similar powers with respect to it or with respect to
any substantial part of its property, or constituting an order for relief or approving a
petition for relief or reorganization or any other petition in bankruptcy or for liquidation
or to take advantage of any bankruptcy or insolvency law of any jurisdiction, or ordering
the dissolution, winding-up or liquidation of the Company or any of its Material
Subsidiaries, or any such petition shall be filed against the Company or any of its Material
Subsidiaries and such petition shall not be dismissed within 60 days; or

     (i) a final judgment or judgments for the payment of money aggregating in excess of
U.S.$10,000,000 (or its equivalent in the relevant currency of payment) are

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rendered against one or more of the Company and its Subsidiaries and which judgments are
not, within 60 days after entry thereof, bonded, discharged or stayed pending appeal, or are
not discharged within 60 days after the expiration of such stay; or

     (j) if (i) any Plan shall fail to satisfy the minimum funding standards of ERISA or the
Code for any plan year or part thereof or a waiver of such standards or extension of any
amortization period is sought or granted under section 412 of the Code, (ii) a notice of
intent to terminate any Plan shall have been or is reasonably expected to be filed with the
PBGC or the PBGC shall have instituted proceedings under ERISA Section 4042 to terminate or
appoint a trustee to administer any Plan or the PBGC shall have notified the Company or any
ERISA Affiliate that a Plan may become a subject of any such proceedings, (iii) the
aggregate “amount of unfunded benefit liabilities” (within the meaning of Section
4001(a)(18) of ERISA) under all Plans, determined in accordance with Title IV of ERISA,
shall exceed U.S.$10,000,000, (iv) the Company or any ERISA Affiliate shall have incurred or
is reasonably expected to incur any liability pursuant to Title I or IV of ERISA or the
penalty or excise tax provisions of the Code relating to employee benefit plans, (v) the
Company or any ERISA Affiliate withdraws from any Multiemployer Plan, or (vi) the Company or
any Subsidiary establishes or amends any employee welfare benefit plan that provides
post-employment welfare benefits in a manner that would increase the liability of the
Company or any Subsidiary thereunder; but only if any such event or events described in
clauses (i) through (vi) above, either individually or together with any other such event or
events, could reasonably be expected to have a Material Adverse Effect.

As used in Section 11(j), the terms “employee benefit plan” and “employee welfare benefit plan”
shall have the respective meanings assigned to such terms in Section 3 of ERISA.

Section 12. Remedies on Default, Etc.

     Section 12.1. Acceleration. (a) If an Event of Default with respect to the Company described
in Section 11(g) or (h) (other than an Event of Default described in clause (i) of Section 11(g) or
described in clause (vi) of Section 11(g) by virtue of the fact that such clause encompasses clause
(i) of Section 11(g)) has occurred, all the Notes then outstanding shall automatically become
immediately due and payable.

          (b) If any other Event of Default has occurred and is continuing, any holder or holders of
more than 51% in principal amount of the Notes at the time outstanding may at any time at its or
their option, by notice or notices to the Company, declare all the Notes then outstanding to be
immediately due and payable.

          (c) If any Event of Default described in Section 11(a) or (b) has occurred and is continuing,
any holder or holders of Notes at the time outstanding affected by such Event of Default may at any
time, at its or their option, by notice or notices to the Company, declare all the Notes held by it
or them to be immediately due and payable.

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     Upon any Notes becoming due and payable under this Section 12.1, whether automatically or by
declaration, such Notes will forthwith mature and the entire unpaid principal amount of such Notes,
plus (i) all accrued and unpaid interest thereon (including, but not limited to, interest accrued
thereon at the Default Rate) and (ii) the sum of the Make-Whole Amount plus Series E Breakage
Amounts, if any, determined in respect of such principal amount (to the full extent permitted by
applicable law), shall all be immediately due and payable, in each and every case without
presentment, demand, protest or further notice, all of which are hereby waived. The Company
acknowledges, and the parties hereto agree, that each holder of a Note has the right to maintain
its investment in the Notes free from repayment by the Company (except as herein specifically
provided for), and that the provision for payment of the sum of the Make-Whole Amount plus Series E
Breakage Amounts, if any, by the Company in the event that the Notes are prepaid or are accelerated
as a result of an Event of Default, is intended to provide compensation for the deprivation of such
right under such circumstances.

     Section 12.2. Other Remedies. If any Default or Event of Default has occurred and is
continuing, and irrespective of whether any Notes have become or have been declared immediately due
and payable under Section 12.1, the holder of any Note at the time outstanding may proceed to
protect and enforce the rights of such holder by an action at law, suit in equity or other
appropriate proceeding, whether for the specific performance of any agreement contained herein or
in any Note, or for an injunction against a violation of any of the terms hereof or thereof, or in
aid of the exercise of any power granted hereby or thereby or by law or otherwise.

     Section 12.3. Rescission. At any time after any Notes have been declared due and payable
pursuant to Section 12.1(b) or (c), the holders of not less than 60% in principal amount of the
Notes then outstanding, by written notice to the Company, may rescind and annul any such
declaration and its consequences if (a) the Company has paid all overdue interest on the Notes, all
principal of and the sum of the Make-Whole Amount plus Series E Breakage Amounts, if any, if any,
on any Notes that are due and payable and are unpaid other than by reason of such declaration, and
all interest on such overdue principal and the sum of the Make-Whole Amount plus Series E Breakage
Amounts, if any, and (to the extent permitted by applicable law) any overdue interest in respect of
the Notes, at the Default Rate, (b) neither the Company nor any other Person shall have paid any
amounts which have become due solely by reason of such declaration, (c) all Events of Default and
Defaults, other than non-payment of amounts that have become due solely by reason of such
declaration, have been cured or have been waived pursuant to Section 17, and (d) no judgment or
decree has been entered for the payment of any monies due pursuant hereto or to the Notes. No
rescission and annulment under this Section 12.3 will extend to or affect any subsequent Event of
Default or Default or impair any right consequent thereon.

     Section 12.4. No Waivers or Election of Remedies, Expenses, Etc. No course of dealing and no
delay on the part of any holder of any Note in exercising any right, power or remedy shall operate
as a waiver thereof or otherwise prejudice such holder’s rights, powers or remedies. No right,
power or remedy conferred by this Agreement or by any Note upon any holder thereof shall be
exclusive of any other right, power or remedy referred to herein or therein or now or hereafter
available at law, in equity, by statute or otherwise. Without limiting the obligations of the
Company under Section 15, the Company will pay to the holder of each Note on demand

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such further amount as shall be sufficient to cover all costs and expenses of such holder incurred
in any enforcement or collection under this Section 12, including, without limitation, reasonable
attorneys’ fees, expenses and disbursements.

Section 13. Registration; Exchange; Substitution of Notes.

     Section 13.1. Registration of Notes. The Company shall keep at its principal executive office
a register for the registration and registration of transfers of Notes. The name and address of
each holder of one or more Notes, each transfer thereof and the name and address of each transferee
of one or more Notes shall be registered in such register. Prior to due presentment for
registration of transfer, the Person in whose name any Note shall be registered shall be deemed and
treated as the owner and holder thereof for all purposes hereof, and the Company shall not be
affected by any notice or knowledge to the contrary. The Company shall give to any holder of a
Note that is an Institutional Investor promptly upon request therefor, a complete and correct copy
of the names and addresses of all registered holders of Notes.

     Section 13.2. Transfer and Exchange of Notes. Upon surrender of any Note to the Company at
the address and to the attention of the designated officer (all as specified in Section 18(iii))
for registration of transfer or exchange (and in the case of a surrender for registration of
transfer accompanied by a written instrument of transfer duly executed by the registered holder of
such Note or such holder’s attorney duly authorized in writing and accompanied by the relevant
name, address and other information for notices of each transferee of such Note or part thereof),
within ten Business Days thereafter, the Company shall execute and deliver, at the Company’s
expense (except as provided below), one or more new Notes (as requested by the holder thereof) in
exchange therefor, of the same series and in an aggregate principal amount equal to the unpaid
principal amount of the surrendered Note. Each such new Note shall be payable to such Person as
such holder may request and shall be substantially in the form of Exhibit 1.1(a), Exhibit 1.1(b),
Exhibit 1.1(c), Exhibit 1.1(d) or Exhibit 1.1(e), as the case may be. Each such new Note shall be
dated and bear interest from the date to which interest shall have been paid on the surrendered
Note or dated the date of the surrendered Note if no interest shall have been paid thereon. The
Company may require payment of a sum sufficient to cover any stamp tax or governmental charge
imposed in respect of any such transfer of Notes. Notes shall not be transferred in denominations
of less than U.S. $1,000,000 (or its equivalent in the relevant currency of payment); provided that
if necessary to enable the registration of transfer by a holder of its entire holding of Notes, one
Note may be in a denomination of less than U.S. $1,000,000 (or its equivalent in the relevant
currency of payment). Any transferee, by its acceptance of a Note registered in its name (or the
name of its nominee), shall be deemed to have made the representation set forth in Section 6.2.

     Section 13.3. Replacement of Notes. Upon receipt by the Company at the address and to the
attention of the designated officer (all as specified in Section 18(iii)) of evidence reasonably
satisfactory to it of the ownership of and the loss, theft, destruction or mutilation of any Note
(which evidence shall be, in the case of an Institutional Investor, notice from such Institutional
Investor of such ownership and such loss, theft, destruction or mutilation), and

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     (a) in the case of loss, theft or destruction, of indemnity reasonably satisfactory to
it (provided that if the holder of such Note is, or is a nominee for, an original Purchaser
or another holder of a Note with a minimum net worth of at least U.S. $100,000,000 or a
Qualified Institutional Buyer, such Person’s own unsecured agreement of indemnity shall be
deemed to be satisfactory), or

     (b) in the case of mutilation, upon surrender and cancellation thereof,

within ten Business Days thereafter, the Company at its own expense shall execute and deliver, in
lieu thereof, a new Note of the same series, dated and bearing interest from the date to which
interest shall have been paid on such lost, stolen, destroyed or mutilated Note or dated the date
of such lost, stolen, destroyed or mutilated Note if no interest shall have been paid thereon.

Section 14. Payments on Notes.

     Section 14.1. Place of Payment. Subject to Section 14.2, payments of principal, Make-Whole
Amount or Series E Breakage Amounts, if any, and interest becoming due and payable on the Notes
shall be made in New York, New York at the principal office of Citibank, N.A. in such jurisdiction.
The Company may at any time, by notice to each holder of a Note, change the place of payment of
the Notes so long as such place of payment shall be either the principal office of the Company in
such jurisdiction or the principal office of a bank or trust company in such jurisdiction.

     Section 14.2. Home Office Payment. So long as any Purchaser or its nominee shall be the
holder of any Note, and notwithstanding anything contained in Section 14.1 or in such Note to the
contrary, the Company will pay all sums becoming due on such Note for principal, Make-Whole Amount
or Series E Breakage Amounts, if any, and interest by the method and at the address specified for
such purpose below such Purchaser’s name in Schedule A or by such other method or at such other
address as such Purchaser shall have from time to time specified to the Company in writing for such
purpose, without the presentation or surrender of such Note or the making of any notation thereon,
except that upon written request of the Company made concurrently with or reasonably promptly after
payment or prepayment in full of any Note, such Purchaser shall surrender such Note for
cancellation, reasonably promptly after any such request, to the Company at its principal executive
office or at the place of payment most recently designated by the Company pursuant to Section 14.1.
The Company will make such payments in immediately available funds, no later than 1:00 p.m. New
York, New York time on the date due. If for any reason whatsoever the Company does not make any
such payment by such 1:00 p.m. transmittal time, such payment shall be deemed to have been made on
the next following Business Day and such payment shall bear interest at the Default Rate set forth
in the Note. Prior to any sale or other disposition of any Note held by a Purchaser or its
nominee, such Purchaser will, at its election, either endorse thereon the amount of principal paid
thereon and the last date to which interest has been paid thereon or surrender such Note to the
Company in exchange for a new Note or Notes of the same series pursuant to Section 13.2. The
Company will afford the benefits of this Section 14.2 to any Institutional Investor that is the
direct or indirect transferee of any Note purchased by a Purchaser under this Agreement and that
has made the same agreement relating to such Note as the Purchasers have made in this Section 14.2.

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Section 15. Expenses, Etc.

     Section 15.1. Transaction Expenses. Whether or not the transactions contemplated hereby are
consummated, the Company will pay all costs and expenses (including reasonable attorneys’ fees of a
special counsel and, if reasonably required by the Required Holders, local or other counsel)
incurred by the Purchasers and each other holder of a Note in connection with such transactions and
in connection with any amendments, waivers or consents under or in respect of this Agreement or the
Notes (whether or not such amendment, waiver or consent becomes effective), including, without
limitation: (a) the costs and expenses incurred in enforcing or defending (or determining whether
or how to enforce or defend) any rights under this Agreement or the Notes or in responding to any
subpoena or other legal process or informal investigative demand issued in connection with this
Agreement or the Notes, or by reason of being a holder of any Note, and (b) the costs and expenses,
including financial advisors’ fees, incurred in connection with the insolvency or bankruptcy of the
Company or any Subsidiary or in connection with any work-out or restructuring of the transactions
contemplated hereby and by the Notes. The Company will pay, and will save each Purchaser and each
other holder of a Note harmless from, all claims in respect of any fees, costs or expenses, if any,
of brokers and finders (other than those, if any, retained by a Purchaser or other holder in
connection with its purchase of the Notes).

     Section 15.2. Survival. The obligations of the Company under this Section 15 will survive the
payment or transfer of any Note, the enforcement, amendment or waiver of any provision of this
Agreement or the Notes, and the termination of this Agreement.

Section 16. Survival of Representations and Warranties; Entire Agreement.

     All representations and warranties contained herein shall survive the execution and delivery
of this Agreement and the Notes, the purchase or transfer by any Purchaser of any Note or portion
thereof or interest therein and the payment of any Note, and may be relied upon by any subsequent
holder of a Note, regardless of any investigation made at any time by or on behalf of such
Purchaser or any other holder of a Note. All statements contained in any certificate or other
instrument delivered by or on behalf of the Company pursuant to this Agreement shall be deemed
representations and warranties of the Company under this Agreement. Subject to the preceding
sentence, this Agreement and the Notes embody the entire agreement and understanding between each
Purchaser and the Company and supersede all prior agreements and understandings relating to the
subject matter hereof.

Section 17. Amendment and Waiver.

     Section 17.1. Requirements. This Agreement and the Notes may be amended, and the observance
of any term hereof or of the Notes may be waived (either retroactively or prospectively), with (and
only with) the written consent of the Company and the Required Holders, except that (a) no
amendment or waiver of any of the provisions of Section 1, 2, 3, 4, 5, 6 or 21 hereof, or any
defined term (as it is used therein), will be effective as to any Purchaser unless consented to by
such Purchaser in writing, and (b) no such amendment or waiver may, without the written consent of
the holder of each Note at the time outstanding affected thereby,

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(i) subject to the provisions of Section 12 relating to acceleration or rescission, change the
amount or time of any prepayment or payment of principal of, or reduce the rate or change the time
of payment or method of computation of interest or of the Make-Whole Amount or Series E Breakage
Amounts on, the Notes, (ii) change the percentage of the principal amount of the Notes the holders
of which are required to consent to any such amendment or waiver, or (iii) amend any of Section 8,
11(a), 11(b), 12, 17 or 20.

     Section 17.2. Solicitation of Holders of Notes.

          (a) Solicitation. The Company will provide each holder of the Notes (irrespective of the
amount or series of Notes then owned by it) with sufficient information, sufficiently far in
advance of the date a decision is required, to enable such holder to make an informed and
considered decision with respect to any proposed amendment, waiver or consent in respect of any of
the provisions hereof or of the Notes. The Company will deliver executed or true and correct
copies of each amendment, waiver or consent effected pursuant to the provisions of this Section 17
to each holder of outstanding Notes promptly following the date on which it is executed and
delivered by, or receives the consent or approval of, the requisite holders of Notes.

          (b) Payment. The Company will not directly or indirectly pay or cause to be paid any
remuneration, whether by way of supplemental or additional interest, fee or otherwise, or grant any
security or provide other credit support, to any holder of Notes of any series as consideration for
or as an inducement to the entering into by any holder of Notes of any waiver or amendment of any
of the terms and provisions hereof unless such remuneration is concurrently paid, or security is
concurrently granted or other credit support concurrently provided, on the same terms, ratably to
each holder of each series of Notes then outstanding even if such holder did not consent to such
waiver or amendment.

     Section 17.3. Binding Effect, Etc. Any amendment or waiver consented to as provided in this
Section 17 applies equally to all holders of each series of Notes and is binding upon them and upon
each future holder of any Note of any series and upon the Company without regard to whether such
Note has been marked to indicate such amendment or waiver. No such amendment or waiver will extend
to or affect any obligation, covenant, agreement, Default or Event of Default not expressly amended
or waived or impair any right consequent thereon. No course of dealing between the Company and the
holder of any Note of any series nor any delay in exercising any rights hereunder or under any Note
of any series shall operate as a waiver of any rights of any holder of such Note. As used herein,
the term “this Agreement” and references thereto shall mean this Agreement as it may from time to
time be amended or supplemented.

     Section 17.4. Notes Held by Company, Etc. Solely for the purpose of determining whether the
holders of the requisite percentage of the aggregate principal amount of Notes then outstanding
approved or consented to any amendment, waiver or consent to be given under this Agreement or the
Notes, or have directed the taking of any action provided herein or in the Notes to be taken upon
the direction of the holders of a specified percentage of the aggregate principal amount of Notes
then outstanding, Notes directly or indirectly owned by the Company or any of its Affiliates shall
be deemed not to be outstanding.

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Section 18. Notices.

     All notices and communications provided for hereunder shall be in writing and sent (a) by
telefacsimile if the sender on the same day sends a confirming copy of such notice by a recognized
overnight delivery service (charges prepaid), or (b) by registered or certified mail with return
receipt requested (postage prepaid), or (c) by a recognized overnight delivery service (with
charges prepaid). Any such notice must be sent:

     (i) if to any Purchaser or its nominee, to such Purchaser or nominee at the address
specified for such communications in Schedule A or at such other address as such Purchaser
or nominee shall have specified to the Company in writing,

     (ii) if to any other holder of any Note, to such holder at such address as such other
holder shall have specified to the Company in writing, or

     (iii) if to the Company, to the Company at its address set forth at the beginning
hereof to the attention of Treasurer, or at such other address as the Company shall have
specified to the holder of each Note in writing.

Notices under this Section 18 will be deemed given only when actually received.

Section 19. Reproduction of Documents.

     This Agreement and all documents relating thereto, including, without limitation, (a)
consents, waivers and modifications that may hereafter be executed, (b) documents received by any
Purchaser at the Closing (except the Notes themselves), and (c) financial statements, certificates
and other information previously or hereafter furnished to any Purchaser, may be reproduced by such
Purchaser by any photographic, photostatic, electronic, digital or other similar process and such
Purchaser may destroy any original document so reproduced. The Company agrees and stipulates that,
to the extent permitted by applicable law, any such reproduction shall be admissible in evidence as
the original itself in any judicial or administrative proceeding (whether or not the original is in
existence and whether or not such reproduction was made by such Purchaser in the regular course of
business) and any enlargement, facsimile or further reproduction of such reproduction shall
likewise be admissible in evidence. This Section 19 shall not prohibit the Company or any other
holder of Notes from contesting any such reproduction to the same extent that it could contest the
original, or from introducing evidence to demonstrate the inaccuracy of any such reproduction.

Section 20. Confidential Information.

     For the purposes of this Section 20, “Confidential Information” means information delivered to
any Purchaser by or on behalf of the Company or any Subsidiary in connection with the transactions
contemplated by or otherwise pursuant to this Agreement that is proprietary in nature and that was
clearly marked or labeled or otherwise adequately identified in writing when received by such
Purchaser as being confidential information of the Company or such Subsidiary; provided that such
term does not include information that (a) was publicly known or

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otherwise known to such Purchaser prior to the time of such disclosure, (b) subsequently
becomes publicly known through no act or omission by such Purchaser or any Person acting on such
Purchaser’s behalf, (c) otherwise becomes known to such Purchaser other than through disclosure by
the Company or any Subsidiary or (d) constitutes financial statements delivered to such Purchaser
under Section 7.1 that are otherwise publicly available. Each Purchaser will maintain the
confidentiality of such Confidential Information in accordance with procedures adopted by such
Purchaser in good faith to protect confidential information of third parties delivered to such
Purchaser; provided that such Purchaser may deliver or disclose Confidential Information to (i) its
directors, trustees, officers, employees, agents, attorneys and affiliates (to the extent such
disclosure reasonably relates to the administration of the investment represented by its Notes),
(ii) its financial advisors and other professional advisors who agree to hold confidential the
Confidential Information substantially in accordance with the terms of this Section 20, (iii) any
other holder of any Note, (iv) any Institutional Investor to which it sells or offers to sell such
Note or any part thereof or any participation therein (if such Person has agreed in writing prior
to its receipt of such Confidential Information to be bound by the provisions of this Section 20),
(v) any Person from which it offers to purchase any security of the Company (if such Person has
agreed in writing prior to its receipt of such Confidential Information to be bound by the
provisions of this Section 20), (vi) any federal or state regulatory authority having jurisdiction
over such Purchaser, (vii) the NAIC or the SVO or, in each case, any similar organization, or any
nationally recognized rating agency that requires access to information about such Purchaser’s
investment portfolio or (viii) any other Person to which such delivery or disclosure may be
necessary or appropriate (w) to effect compliance with any law, rule, regulation or order
applicable to such Purchaser, (x) in response to any subpoena or other legal process, (y) in
connection with any litigation to which such Purchaser is a party or (z) if an Event of Default has
occurred and is continuing, to the extent such Purchaser may reasonably determine such delivery and
disclosure to be necessary or appropriate in the enforcement or for the protection of the rights
and remedies under such Purchaser’s Notes and this Agreement. Each holder of a Note, by its
acceptance of a Note, will be deemed to have agreed to be bound by and to be entitled to the
benefits of this Section 20 as though it were a party to this Agreement. On reasonable request by
the Company in connection with the delivery to any holder of a Note of information required to be
delivered to such holder under this Agreement or requested by such holder (other than a holder that
is a party to this Agreement or its nominee), such holder will enter into an agreement with the
Company embodying the provisions of this Section 20.

Section 21. Substitution of Purchaser.

     Each Purchaser shall have the right to substitute any one of its Affiliates as the purchaser
of the Notes that it has agreed to purchase hereunder, by written notice to the Company, which
notice shall be signed by both such Purchaser and such Affiliate, shall contain such Affiliate’s
agreement to be bound by this Agreement and shall contain a confirmation by such Affiliate of the
accuracy with respect to it of the representations set forth in Section 6. Upon receipt of such
notice, any reference to such Purchaser in this Agreement (other than in this Section 21) shall be
deemed to refer to such Affiliate in lieu of such original Purchaser. In the event that such
Affiliate is so substituted as a Purchaser hereunder and such Affiliate thereafter transfers to
such original Purchaser all of the Notes then held by such Affiliate, upon receipt by the Company
of notice of such transfer, any reference to such Affiliate as a “Purchaser” in this Agreement
(other

-45-

 

than in this Section 21) shall no longer be deemed to refer to such Affiliate, but shall refer
to such original Purchaser, and such original Purchaser shall again have all the rights of an
original holder of the Notes under this Agreement.

Section 22. Miscellaneous.

     Section 22.1. Successors and Assigns. All covenants and other agreements contained in this
Agreement by or on behalf of any of the parties hereto bind and inure to the benefit of their
respective successors and assigns (including, without limitation, any subsequent holder of a Note)
whether so expressed or not.

     Section 22.2. Payments Due on Non-Business Days. Anything in this Agreement or the Notes to
the contrary notwithstanding (but without limiting the requirement in Section 8.4 that the notice
of any optional prepayment specify a Business Day as the date fixed for such prepayment), any
payment of principal of or Make-Whole Amount, Series E Breakage Amounts or interest on any Note
that is due on a date other than a Business Day shall be made on the next succeeding Business Day
without including the additional days elapsed in the computation of the interest payable on such
next succeeding Business Day; provided that if the maturity date of any Note is a date other than a
Business Day, the payment otherwise due on such maturity date shall be made on the next succeeding
Business Day and shall include the additional days elapsed in the computation of interest payable
on such next succeeding Business Day.

     Section 22.3. Accounting Terms. (a) All accounting terms used herein which are not expressly
defined in this Agreement have the meanings respectively given to them in accordance with GAAP.
Except as otherwise specifically provided herein, (i) all computations made pursuant to this
Agreement shall be made in accordance with GAAP and (ii) all financial statements shall be prepared
in accordance with GAAP; provided that in the event of any Accounting Practices Change, then the
Company’s compliance with the covenants set forth in Sections 10.2(a) and 10.3 shall be determined
on the basis of generally accepted accounting principles in effect immediately before giving effect
to the Accounting Practices Change, until such covenants are amended in a manner satisfactory to
the Company and the Required Holders in accordance with clause (b) of this Section 22.3 hereof.

          (b) The Company shall notify the holders of the Notes of any Accounting Practices Change
promptly upon becoming aware of the same. Promptly following such notice, the Company and the
holders of the Notes shall negotiate in good faith in order to effect any adjustments to Sections
10.2(a) and 10.3 necessary to reflect the effects of such Accounting Practices Change.

     Section 22.4. Severability. Any provision of this Agreement that is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of
such prohibition or unenforceability without invalidating the remaining provisions hereof, and any
such prohibition or unenforceability in any jurisdiction shall (to the full extent permitted by
law) not invalidate or render unenforceable such provision in any other jurisdiction.

-46-

 

     Section 22.5. Construction, Etc. Each covenant contained herein shall be construed (absent
express provision to the contrary) as being independent of each other covenant contained herein, so
that compliance with any one covenant shall not (absent such an express contrary provision) be
deemed to excuse compliance with any other covenant. Where any provision herein refers to action
to be taken by any Person, or which such Person is prohibited from taking, such provision shall be
applicable whether such action is taken directly or indirectly by such Person.

     For the avoidance of doubt, all Schedules and Exhibits attached to this Agreement shall be
deemed to be a part hereof.

     Section 22.6. Counterparts. This Agreement may be executed in any number of counterparts,
each of which shall be an original but all of which together shall constitute one instrument. Each
counterpart may consist of a number of copies hereof, each signed by less than all, but together
signed by all, of the parties hereto.

     Section 22.7. Governing Law. This Agreement shall be construed and enforced in accordance
with, and the rights of the parties shall be governed by, the law of the State of New York,
excluding choice-of-law principles of the law of such State that would permit the application of
the laws of a jurisdiction other than such State.

     Section 22.8. Jurisdiction and Process; Waiver of Jury Trial. (a) The Company irrevocably
submits to the non-exclusive jurisdiction of any New York State or federal court sitting in the
Borough of Manhattan, The City of New York, over any suit, action or proceeding arising out of or
relating to this Agreement or the Notes. To the fullest extent permitted by applicable law, the
Company irrevocably waives and agrees not to assert, by way of motion, as a defense or otherwise,
any claim that it is not subject to the jurisdiction of any such court, any objection that it may
now or hereafter have to the laying of the venue of any such suit, action or proceeding brought in
any such court and any claim that any such suit, action or proceeding brought in any such court has
been brought in an inconvenient forum.

     (b) The Company consents to process being served by or on behalf of any holder of Notes in any
suit, action or proceeding of the nature referred to in Section 22.8(a) by mailing a copy thereof
by registered or certified mail (or any substantially similar form of mail), postage prepaid,
return receipt requested, to it at its address specified in Section 18 or at such other address of
which such holder shall then have been notified pursuant to said Section. The Company agrees that
such service upon receipt (i) shall be deemed in every respect effective service of process upon it
in any such suit, action or proceeding and (ii) shall, to the fullest extent permitted by
applicable law, be taken and held to be valid personal service upon and personal delivery to it.
Notices hereunder shall be conclusively presumed received as evidenced by a delivery receipt
furnished by the United States Postal Service or any reputable commercial delivery service.

     (c) Nothing in this Section 22.8 shall affect the right of any holder of a Note to serve
process in any manner permitted by law, or limit any right that the holders of any of the Notes may
have to bring proceedings against the Company in the courts of any appropriate jurisdiction

-47-

 

or to enforce in any lawful manner a judgment obtained in one jurisdiction in any other
jurisdiction.

     (d) The parties hereto hereby waive trial by jury in any action brought on or with respect
to this Agreement, the Notes or any other document executed in connection herewith or
therewith.

     Section 22.9. Obligation to Make Payment in Dollars. (a) Any payment on account of an amount
that is payable hereunder in respect of the Series A or Series B Notes or under the Series A or
Series B Notes, as the case may be, in Dollars which is made to or for the account of any holder of
Series A or Series B Notes in any other currency, whether as a result of any judgment or order or
the enforcement thereof or the realization of any security or the liquidation of the Company, shall
constitute a discharge of the obligation of the Company under this Agreement in respect of the
Series A or Series B Notes or the Series A or Series B Notes, as the case may be, only to the
extent of the amount of Dollars which such holder could purchase in the foreign exchange markets in
London, England, with the amount of such other currency in accordance with normal banking
procedures at the rate of exchange prevailing on the London Banking Day following receipt of the
payment first referred to above. If the amount of Dollars that could be so purchased is less than
the amount of Dollars originally due to such holder, the Company agrees to the fullest extent
permitted by law, to indemnify and save harmless such holder from and against all loss or damage
arising out of or as a result of such deficiency. This indemnity shall, to the fullest extent
permitted by law, constitute an obligation separate and independent from the other obligations
contained in this Agreement in respect of the Series A or Series B Notes or in the Series A or
Series B Notes, as the case may be, shall give rise to a separate and independent cause of action,
shall apply irrespective of any indulgence granted by such holder from time to time and shall
continue in full force and effect notwithstanding any judgment or order for a liquidated sum in
respect of an amount due hereunder in respect of the Series A or Series B Notes or under the Series
A or Series B Notes, as the case may be, or under any judgment or order. As used herein the term
“London Banking Day” shall mean any day other than Saturday or Sunday or a day on which commercial
banks are required or authorized by law to be closed in London, England.

     (b) Any payment on account of an amount that is payable hereunder in respect of the Series C,
Series D or Series E Notes or under the Series C, Series D or Series E Notes, as the case may be,
in Euros which is made to or for the account of any holder of the Series C, Series D or Series E
Notes in any other currency, whether as a result of any judgment or order or the enforcement
thereof or the realization of any security or the liquidation of the Company, shall constitute a
discharge of the obligation of the Company under this Agreement in respect of the Series C, Series
D or Series E Notes or under the Series C, Series D or Series E Notes, as the case may be, only to
the extent of the amount of Euros which such holder could purchase in the foreign exchange markets
in London, England, with the amount of such other currency in accordance with normal banking
procedures at the rate of exchange prevailing on the London Banking Day following receipt of the
payment first referred to above. If the amount of Euros that could be so purchased is less than
the amount of Euros originally due to such holder, the Company agrees to the fullest extent
permitted by law, to indemnify and save harmless such holder from and against all loss or damage
arising out of or as a result of such deficiency. This

-48-

 

indemnity shall, to the fullest extent permitted by law, constitute an obligation separate and
independent from the other obligations contained in this Agreement in respect of the Series C,
Series D or Series E Notes or in the Series C, Series D or Series E Notes, as the case may be,
shall give rise to a separate and independent cause of action, shall apply irrespective of any
indulgence granted by such holder from time to time and shall continue in full force and effect
notwithstanding any judgment or order for a liquidated sum in respect of an amount due hereunder in
respect of the Series C, Series D or Series E Notes or under the Series C, Series D or Series E
Notes, as the case may be, or under any judgment or order. As used herein the term “London Banking
Day” shall mean any day other than Saturday or Sunday or a day on which commercial banks are
required or authorized by law to be closed in London, England.

* * * * *

-49-

 

     If you are in agreement with the foregoing, please sign the form of agreement on a counterpart
of this Agreement and return it to the Company, whereupon this Agreement shall become a binding
agreement between you and the Company.

	 	 	 	 	 
	 	 	Very truly yours,
	 
	 	 	 	 
	 	 	Sensient Technologies Corporation
	 
	 	 	 	 
	 

	 	By	 	/s/
	 

	 	 	 	 
	 

	 	 	 	[Title]

-50-

 

This
Agreement is hereby accepted and agreed to 

as of the date thereof.

	 	 	 	 	 
	 	 	Allstate Life Insurance Company
	 
	 	 	 	 
	 

	 	By	 	/s/ 
	 

	 	 	 	 
	 

	 	 	 	Name:
	 

	 	 	 	Title:
	 

	 	By	 	/s/ 
	 

	 	 	 	 
	 

	 	 	 	Name:
	 

	 	 	 	Title:

-51-

 

This
Agreement is hereby accepted and agreed to 

as of the date thereof.

	 	 	 	 	 
	 	 	Pacific Life Insurance Company

(Nominee: Mac & Co)
	 
	 	 	 	 
	 

	 	By	 	/s/
	 

	 	 	 	 
	 

	 	 	 	Name:
	 

	 	 	 	Title:
	 
	 	 	 	 
	 

	 	By	 	/s/
	 

	 	 	 	 
	 

	 	 	 	Name:
	 

	 	 	 	Title:

-52-

 

This
Agreement is hereby accepted and agreed to 

as of the date thereof.

	 	 	 	 	 	 	 
	 	 	First Penn-Pacific Life Insurance Company
	 
	 	 	 	 	 	 
	 	 	By:	 	Delaware Investment Advisers, a series of

Delaware Management Business Trust,

Attorney-In-Fact
	 
	 	 	 	 	 	 
	 

	 	 	 	By	 	/s/
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:
	 

	 	 	 	 	 	Title:

-53-

 

This
Agreement is hereby accepted and agreed to 

as of the date thereof.

	 	 	 	 	 	 	 
	 	 	Jefferson Pilot Financial Insurance Company
	 
	 	 	 	 	 	 
	 	 	By:	 	Delaware Investment Advisers, a series of

Delaware Management Business Trust,

Attorney-In-Fact
	 
	 	 	 	 	 	 
	 

	 	 	 	By	 	/s/
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:
	 

	 	 	 	 	 	Title:

-54-

 

This
Agreement is hereby accepted and agreed to 

as of the date thereof.

	 	 	 	 	 	 	 	 	 
	 	 	Jefferson-Pilot Life Insurance Company	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	Delaware Investment Advisers, a series of

Delaware Management Business Trust,

Attorney-In-Fact
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By	 	/s/	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:	 	 
	 

	 	 	 	 	 	Title:	 	 

-55-

 

This
Agreement is hereby accepted and agreed to 

as of the date thereof.

	 	 	 	 	 	 	 
	 	 	ING USA Annuity and Life Insurance

  Company

Security Life of Denver Insurance

  Company

ING Life Insurance and Annuity Company

Reliastar Life Insurance Company
	 
	 	 	 	 	 	 
	 	 	By:	 	ING Investment Management LLC,

  as Agent
	 
	 	 	 	 	 	 
	 

	 	 	 	By	 	/s/
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:
	 

	 	 	 	 	 	Title:

-56-

 

This
Agreement is hereby accepted and agreed to 

as of the date thereof.

	 	 	 	 	 
	 	 	First Colony Life Insurance Company
	 
	 	 	 	 
	 

	 	By	 	/s/
	 

	 	 	 	 
	 

	 	 	 	Name:
	 

	 	 	 	Title:

-57-

 

This
Agreement is hereby accepted and agreed to 

as of the date thereof.

	 	 	 	 	 
	 	 	Metropolitan Life Insurance Company
	 
	 	 	 	 
	 

	 	By	 	/s/
	 

	 	 	 	 
	 

	 	 	 	Name:
	 

	 	 	 	Title:

-58-

 

Information Relating to Purchasers

	 	 	 	 	 
	 	 	 	 	Principal Amount of
	Name and Address of Purchaser	 	Series	 	Notes to Be Purchased
	Allstate Life Insurance Company
	 	 	 	Separate Notes in the
	c/o Allstate Investments LLC
	 	 	 	following amounts:
	Attention: Private Placements Department
	 	 	 	 
	3075 Sanders Road, STE G5D
	 	C	 	€$5,000,000
	Northbrook, Illinois 60062-7127
	 	C	 	€$5,000,000
	Telephone: (847) 402-7117
	 	C	 	€$5,000,000
	Telecopy: (847) 402-3092
	 	C	 	€$5,000,000
	 
	 	C	 	€$5,000,000

Payments

All payments by Fedwire transfer of immediately available funds or ACH Payment, identifying the
name of the Issuer, the Private Placement Number and the payment as principal, interest or premium,
in the format as follows:

[Note: All
account and TIN information redacted in Schedule A]

Notices

All notices of scheduled payments and written confirmations of each such wire transfer to be sent
to:

Allstate Investments LLC

Investment Operations—Private Placements

3075 Sanders Road, STE G4A

Northbrook, Illinois 60062-7127

Telephone: (847) 402-6672 Private Placements

Telecopy: (847) 326-7032

Email: PrivateIOD@allstate.com

Schedule A

(to Note Purchase Agreement)

 

 

All financial reports, compliance certificates and all other written communications, including
notice of prepayments to be sent by email (PrivateCompliance@allstate.com) or hard copy to:

Allstate Investments LLC

Private Placements Department

3075 Sanders Road, STE G5D

Northbrook, Illinois 60062-7127

Telephone: (847) 402-7117

Telecopy: (847) 402-3092

Name of Nominee in which Notes are to be issued: None

Taxpayer I.D. Number:

A-2

 

	 	 	 	 	 
	 	 	 	 	Principal Amount of
	Name and Address of Purchaser	 	Series	 	Notes to Be Purchased
	Pacific Life Insurance Company
	 	 	 	Separate Notes in the
	700 Newport Center Drive
	 	 	 	following amounts:
	Newport Beach, California 92660-6397
	 	 	 	 
	Attention: Securities Department
	 	A	 	U.S.$3,000,000
	Fax Number: (949) 219-5406
	 	A	 	U.S.$3,000,000
	 
	 	A	 	U.S.$1,000,000
	 
	 	A	 	U.S.$1,000,000
	 
	 	A	 	U.S.$1,000,000
	 
	 	A	 	U.S.$1,000,000

Payments

All payments on or in respect of the Notes to be by bank wire transfer of Federal or other
immediately available funds to:

Notices

All notices and communications to be addressed as first provided above, except notices with respect
to payments and written confirmation of each such payment, to be addressed:

Mellon Trust

Attention: Pacific Life Accounting Team

Three Mellon Bank Center

AIM #153-3610

Pittsburgh, Pennsylvania 15259

Fax Number: (412) 236-7529

and

Pacific Life Insurance Company

Attention: Securities Administration – Cash Team

700 Newport Center Drive

Newport Beach, California 92660-6397

Fax Number: (949) 640-4013

A-3

 

All other communications to be addressed to:

Pacific Life Insurance Company

Attention: Securities Department

700 Newport Drive

Newport Beach, CA 92660-6397

Fax Number: (949) 219-5406

Name of Nominee in which Notes are to be issued: Mac & Co.

General Taxpayer I.D. Number:

A-4

 

	 	 	 	 	 
	 	 	 	 	Principal Amount of
	Name and Address of Purchaser	 	Series	 	Notes to Be Purchased
	First Penn-Pacific Life Insurance Company
	 	B	 	U.S.$4,000,000
	c/o Delaware Investment Advisers
	 	 	 	 
	2005 Market Street, 40th Floor
	 	 	 	 
	Philadelphia, Pennsylvania 19103
	 	 	 	 
	Attention: Fixed Income/Private Placements
	 	 	 	 
	Telefacsimile: (215) 255-1296 Private Placements
	 	 	 	 

Payments

All payments on or in respect of the Notes to be by bank wire transfer of Federal or other
immediately available funds (identifying each payment as “Sensient Technologies Corporation, 7.31%
Senior Notes, Series 2006-B, due 2013, PPN 81725T C* 9, principal, premium or interest”) to:

Notices

All notices and communications, including notices with respect to payments and written confirmation
of each such payment, to be addressed to:

Delaware Investment Advisers

2005 Market Street, 40th Floor

Philadelphia, Pennsylvania 19103

Attention: Fixed Income/Private Placements

Facsimile: (215) 255-1296 — Private Placements

and

Lincoln Financial Group

1300 South Clinton Street, Mail Stop 2H-17

Fort Wayne, Indiana 46802

Attention: K. Estep — Investment Accounting

Facsimile: (260) 455-2622 — Investment Accounting

A-5

 

With duplicate notices with respect to payments to:

The Northern Trust Company

801 South Canal Street

Income Collections C-4S

Chicago, Illinois 60607

Attention: Viola Nash / Oscell Owens

Facsimile: (312) 630-8179

Reference Account: 26-27448 for First Penn-Pacific Life Ins. Co. & PPN

Name of Nominee in which Notes are to be issued: None

Taxpayer I.D. Number:

A-6

 

	 	 	 	 	 
	 	 	 	 	Principal Amount of
	Name and Address of Purchaser	 	Series	 	Notes to Be Purchased
	Jefferson Pilot Financial Insurance
	 	B	 	U.S.$5,000,000
	Company
	 	 	 	 
	100 North Greene Street
	 	 	 	 
	Greensboro, North Carolina 27401
	 	 	 	 

Payments

All payments on or in respect of the Notes to be by bank wire transfer of Federal or other
immediately available funds (identifying each payment as “Sensient Technologies Corporation, 7.31%
Senior Notes, Series B, due 2013, PPN 81725T C* 9, principal, premium or interest”) to:

Notices

All notices with respect to payments and written confirmation of each such payment, to be
addressed:

The Bank of New York

P. O. Box 19266

Newark, New Jersey 07195

Attention: Private Placement P&I Department

Reference: Account Name and PPN/CUSIP#

All notices and communications, including notices with respect to payments and written confirmation
of each such payment, to be addressed:

Delaware Investment Advisers

2005 Market Street, 40th Floor

Philadelphia, Pennsylvania 19103

Attention: Fixed Income Private Placements

Fax: (215) 255-1296 (Private Placements)

A-7

 

and

Jefferson Pilot Financial Insurance Company

100 North Greene Street

Greensboro, North Carolina 27401

Attention: Securities Administration

Fax: (336) 691-3717

and

Lincoln Financial Group

1300 South Clinton Street, Mail Stop 2H-17

Fort Wayne, Indiana 46802

Attention: K. Estep — Investment Accounting

Fax: (260) 455-2622 (Inv. Accounting)

Name of Nominee in which Notes are to be issued: None

Taxpayer I.D. Number:

A-8

 

	 	 	 	 	 
	 	 	 	 	Principal Amount of
	Name and Address of Purchaser	 	Series	 	Notes to Be Purchased
	Jefferson-Pilot Life Insurance Company
	 	B	 	U.S.$6,000,000
	100 North Greene Street
	 	 	 	 
	Greensboro, North Carolina 27401
	 	 	 	 

Payments

All payments on or in respect of the Notes to be by bank wire transfer of Federal or other
immediately available funds (identifying each payment as “Sensient Technologies Corporation, 7.31%
Senior Notes, Series B, due 2013, PPN 81725T C* 9, principal, premium or interest”) to:

Notices

All notices with respect to payments and written confirmation of each such payment, to be
addressed:

The Bank of New York

P. O. Box 19266

Newark, New Jersey 07195

Attention: Private Placement P&I Department

Reference: Account Name and PPN

All notices and communications, including notices with respect to payments and written confirmation
of each such payment, to be addressed:

Delaware Investment Advisers

2005 Market Street, 40th Floor

Philadelphia, Pennsylvania 19103

Attention: Fixed Income Private Placements

Fax: (215) 255-1296 (Private Placements)

A-9

 

and

Jefferson-Pilot Life Insurance Company

100 North Greene Street

Greensboro, North Carolina 27401

Attention: Securities Administration

Fax: (336) 691-3717

and

Lincoln Financial Group

1300 South Clinton Street, Mail Stop 2H-17

Fort Wayne, Indiana 46802

Attention: K. Estep — Investment Accounting

Fax: (260) 455-2622 (Inv. Accounting)

Name of Nominee in which Notes are to be issued: None

Taxpayer I.D. Number:

A-10

 

	 	 	 	 	 
	 	 	 	 	Principal Amount of
	Name and Address of Purchaser	 	Series	 	Notes to Be Purchased
	ING USA Annuity and Life Insurance
	 	 	 	Separate Notes in the
	Company
	 	 	 	following amounts:
	c/o ING Investment Management LLC
	 	A	 	U.S.$4,000,000
	5780 Powers Ferry Road NW, Suite 300
	 	A	 	U.S.$2,000,000
	Atlanta, Georgia 30327-4349
	 	B	 	U.S.$6,000,000
	Attention: Private Placements
	 	 	 	 
	Fax Number: (770) 690-5057
	 	 	 	 

Payments

All payments on account of Notes held by such purchaser shall be made by wire transfer of
immediately available funds for credit to:

Notices

All notices with respect to payments and written confirmation of each such payment to be addressed:

ING Investment Management LLC

5780 Powers Ferry Road, NW, Suite 300

Atlanta, Georgia 30327-4349

Attention: Operations/Settlements

Fax Number: (770) 690-4886

All other notices and communications to be addressed:

ING Investment Management LLC

100 Washington Avenue South, Suite 1635

Minneapolis, MN 55401-2121

Attention: Private Placements

Fax Number: (612) 372-5368

A-11

 

with copy to:

ING Investment Management LLC

5780 Powers Ferry Road, NW, Suite 300

Atlanta, Georgia 30327-4349

Attention: Private Placements

Fax Number: (770) 690-5057

Name of Nominee in which Notes are to be issued: None

Taxpayer I.D. Number:

A-12

 

	 	 	 	 	 
	 	 	 	 	Principal Amount of
	Name and Address of Purchaser	 	Series	 	Notes to Be Purchased
	ING Life Insurance and Annuity Company
	 	B	 	U.S.$7,000,000
	c/o ING Investment Management LLC
	 	 	 	 
	5780 Powers Ferry Road NW, Suite 300
	 	 	 	 
	Atlanta, Georgia 30327-4349
	 	 	 	 
	Attention: Private Placements
	 	 	 	 
	Fax Number: (770) 690-5057
	 	 	 	 

Payments

All payments on account of Notes held by such purchaser shall be made by wire transfer of
immediately available funds for credit to:

Notices

All notices with respect to payments and written confirmation of each such payment to be addressed:

ING Investment Management LLC

5780 Powers Ferry Road, NW, Suite 300

Atlanta, Georgia 30327-4349

Attention: Operations/Settlements

Fax Number: (770) 690-4886

All other notices and communications to be addressed:

ING Investment Management LLC

100 Washington Avenue South, Suite 1635

Minneapolis, MN 55401-2121

Attention: Private Placements

Fax Number: (612) 372-5368

A-13

 

with copy to:

ING Investment Management LLC

5780 Powers Ferry Road, NW, Suite 300

Atlanta, Georgia 30327-4349

Attention: Private Placements

Fax Number: (770) 690-5057

Name of Nominee in which Notes are to be issued: None

Taxpayer I.D. Number:

A-14

 

	 	 	 	 	 
	 	 	 	 	Principal Amount of
	Name and Address of Purchaser	 	Series	 	Notes to Be Purchased
	Security Life of Denver Insurance
	 	 	 	Separate Notes in the
	Company
	 	 	 	following amounts:
	c/o ING Investment Management LLC
	 	A	 	U.S.$2,000,000
	5780 Powers Ferry Road NW, Suite 300
	 	B	 	U.S.$1,000,000
	Atlanta, Georgia 30327-4349
	 	 	 	 
	Attention: Private Placements
	 	 	 	 
	Fax Number: (770) 690-5057
	 	 	 	 

Payments

All payments on account of Notes held by such purchaser shall be made by wire transfer of
immediately available funds for credit to:

Notices

All notices with respect to payments and written confirmation of each such payment to be addressed:

ING Investment Management LLC

5780 Powers Ferry Road NW, Suite 300

Atlanta, Georgia 30327-4349

Attention: Operations/Settlements

Fax Number: (770) 690-4886

All other notices and communications to be addressed:

ING Investment Management LLC

100 Washington Avenue South, Suite 1635

Minneapolis, MN 55401-2121

Attention: Private Placements

Fax Number: (612) 372-5368

A-15

 

with copy to:

ING Investment Management LLC

5780 Powers Ferry Road, NW, Suite 300

Atlanta, Georgia 30327-4349

Attention: Private Placements

Fax Number: (770) 690-5057

Name of Nominee in which Notes are to be issued: None

Taxpayer I.D. Number:

A-16

 

	 	 	 	 	 
	 	 	 	 	Principal Amount of
	Name and Address of Purchaser	 	Series	 	Notes to Be Purchased
	ReliaStar Life Insurance Company
	 	 	 	Separate Notes in the
	c/o ING Investment Management LLC
	 	 	 	following amounts:
	5780 Powers Ferry Road, NW, Suite 300
	 	A	 	U.S.$2,000,000
	Atlanta, Georgia 30327-4349
	 	B	 	U.S.$1,000,000
	Attention: Private Placements
	 	 	 	 
	Fax Number: (770) 690-5057
	 	 	 	 

Payments

All payments on account of Notes held by such purchaser shall be made by wire transfer of
immediately available funds for credit to:

Notices

All notices with respect to payments and written confirmation of each such payment to be addressed:

ING Investment Management LLC

5780 Powers Ferry Road NW, Suite 300

Atlanta, Georgia 30327-4349

Attention: Operations/Settlements

Fax Number: (770) 690-4886

All other notices and communications to be addressed:

ING Investment Management LLC

100 Washington Avenue South, Suite 1635

Minneapolis, MN 55401-2121

Attention: Private Placements

Fax Number: (612) 372-5368

A-17

 

with copy to:

ING Investment Management LLC

5780 Powers Ferry Road, NW, Suite 300

Atlanta, Georgia 30327-4349

Attention: Private Placements

Fax Number: (770) 690-5057

Name of Nominee in which Notes are to be issued: None

Taxpayer I.D. Number:

A-18

 

	 	 	 	 	 
	 	 	 	 	Principal Amount of
	Name and Address of Purchaser	 	Series	 	Notes to Be Purchased
	First Colony Life Insurance Company
	 	A	 	U.S.$5,000,000
	c/o Genworth Financial
	 	 	 	 
	Account: First Colony Life Insurance Company
	 	 	 	 
	601 Union Street, Suite 2200
	 	 	 	 
	Seattle, Washington 98101
	 	 	 	 
	Attention: Private Placements
	 	 	 	 
	Fax Number: (206) 516-4578
	 	 	 	 

Payments

All payments on or in respect of the Notes to be by bank wire transfer of Federal or other
immediately available funds (identifying each payment to:

Notices

All notices and communications including original note agreement, conformed copy of the note
agreement, amendment requests, financial statements and other general information to be addressed
as follows:

Genworth Financial

Account: First Colony Life Insurance Company

601 Union Street, Suite 2200

Seattle, WA 98101

Attn: Private Placements

Telephone No: (206) 516-4515

Fax No: (206) 516-4578

If available, an electronic copy is additional requested. Please send to the following e-mail
address: GNW.privateplacements@genworth.com

A-19

 

Notices with respect to payments and written confirmation of each such payment, including interest
payments, redemptions, premiums, make wholes and fees should be addressed as first provided above
with additional copies addressed to the following:

	 	 	 
	State Street

	 	Hare & Co.
	Account: First Colony Life Insurance

	 	The Bank of New York
	Company

	 	Income Collection Department
	801 Pennsylvania

	 	P.O. Box 11203
	Kansas City, MO 64105

	 	New York, NY 10286
	Attn: Tammy Karn

	 	Attn: PP P&I Department
	Telephone No.: (816) 871-9286

	 	Ref: First Colony Life Insurance Company,
	Fax No.: (816) 691-5593

	 	Account #127679, PPN & Security Description
	geam@statestreetkc.com (preferred delivery method)

	 	P&I Contact: Anthony Largo — (718) 315-3022
	 
	 	 
	Taxpayer I.D. Number:
	 	 
	 
	 	 
	Name of Nominee in which Notes are to be issued: HARE & CO.

A-20

 

	 	 	 	 	 
	 	 	 	 	Principal Amount of
	Name and Address of Purchaser	 	Series	 	Notes to Be Purchased
	Metropolitan Life Insurance Company
	 	 	 	Separate Notes in the
	1 MetLife Plaza
	 	 	 	following amounts:
	27-01 Queens Plaza North
	 	C	 	€19,334,880
	Long Island City, New York 11101
	 	D	 	€19,334,880
	 
	 	E	 	€19,334,880

Payments

     All scheduled payments of principal and interest by wire transfer of immediately available funds
to:

Notices

All notices and communications:

Metropolitan Life Insurance Company

Investments, Private Placements

P. O. Box 1902

10 Park Avenue

Morristown, New Jersey 07962-1902

Attention: Director

Fax Number: (973) 355-4250

A-21

 

With a copy (OTHER than with respect to deliveries of financial statements) to:

Metropolitan Life Insurance Company

P. O. Box 1902

10 Park Avenue

Morristown, New Jersey 07962-1902

Attention: Chief Counsel — Securities Investments (PRIV)

Fax Number: (973) 355-4338

Name of Nominee in which Notes are to be issued: None

Taxpayer I.D. Number:

A-22

 

Defined Terms

     As used herein, the following terms have the respective meanings set forth below or set forth
in the Section hereof following such term:

     “Accountants’ Certificate” is defined in Section 7.1.

     “Accounting Practices Change” means any change in the Company’s accounting practices that is
permitted or required under the standards of the Financial Accounting Standards Board.

     “Acquiring Person” is defined in Section 10.5(c).

     “Adjusted EURIBOR Rate” is defined in Section 1(c)(ii).

     “Affiliate” means, at any time, and with respect to any Person, any other Person that at such
time directly or indirectly through one or more intermediaries Controls, or is Controlled by, or is
under common Control with, such first Person, and with respect to the Company, shall include any
Person beneficially owning or holding, directly or indirectly, 10% or more of any class of voting
or equity interests of the Company or any Subsidiary or any corporation of which the Company and
its Subsidiaries beneficially own or hold, in the aggregate, directly or indirectly, 10% or more of
any class of voting or equity interests. As used in this definition, “Control” means the
possession, directly or indirectly, of the power to direct or cause the direction of the management
and policies of a Person, whether through the ownership of voting securities, by contract or
otherwise. Unless the context otherwise clearly requires, any reference to an “Affiliate” is a
reference to an Affiliate of the Company.

     “Anti-Terrorism Order” means Executive Order No. 13,224 of September 24, 2001, Blocking
Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit or Support
Terrorism, 66 U.S. Fed. Reg. 49,079 (2001), as amended.

     “Applicable Percentage” in the case of any prepayment of any Swapped Note or Non-Swapped Note
pursuant to Section 8.3 means 1.00% (100 basis points) and in the case of a computation of the
Make-Whole Amount for any purpose means 0.50% (50 basis points).

     “Business Day” means (a) for the purposes of Section 8.7 only, any day other than a Saturday,
a Sunday or a day on which commercial banks in New York City are required or authorized to be
closed, and (b) for the purposes of any other provision of this Agreement, any day other than a
Saturday, a Sunday or a day on which commercial banks in New York, New York or Milwaukee, Wisconsin
are required or authorized to be closed.

     “Calculation Holder” is defined in Section 1(c)(ii).

     “Capital Lease” means, at any time, a lease with respect to which the lessee is required
concurrently to recognize the acquisition of an asset and the incurrence of a liability in
accordance with GAAP.

Schedule B

(to Note Purchase Agreement)

 

 

     “Closing” is defined in Section 3.

     “Code” means the Internal Revenue Code of 1986, as amended from time to time, and the rules
and regulations promulgated thereunder from time to time.

     “Company” means Sensient Technologies Corporation, a Wisconsin corporation, or any successor
that becomes such in the manner prescribed in Section 10.5.

     “Confidential Information” is defined in Section 20.

     “Consolidated Adjusted Net Worth” means, as of the date of any determination thereof the
aggregate amount of the capital stock accounts (net of treasury stock, at cost) (a) plus (or minus
in the case of a deficit) the surplus in retained earnings of the Company and its Subsidiaries as
determined in accordance with GAAP, and (b) minus all Investments of the Company and its
Subsidiaries other than those specified in clauses (a) through (j) of the definition of Permitted
Investments.

     “Consolidated EBITDA” for any period means the sum of (a) Consolidated Net Earnings during
such period plus (to the extent deducted in determining Consolidated Net Earnings) (b) all
provisions for any Federal, state, local or foreign income taxes made by the Company and its
Subsidiaries during such period, (c) all provisions for depreciation and amortization (other than
amortization of debt discount) made by the Company and its Subsidiaries during such period, and (d)
Consolidated Interest Expense during such period, but in any event excluding, to the extent
included in determining Consolidated Net Earnings, non-operating gains and losses (including
extraordinary or unusual gains and losses, gains and losses from the discontinuance of operations,
gains and losses arising from the sale of assets, other than in the ordinary course of business,
and other non-recurring gains and losses).

     “Consolidated Fixed Charges” for any period means on a consolidated basis the sum of (a) all
Rentals (other than Rentals on Capital Leases) payable during such period by the Company and its
Subsidiaries, and (b) all Interest Expense on all Debt of the Company and its Subsidiaries payable
during such period.

     “Consolidated Interest Expense” means all Interest Expense of the Company and its Subsidiaries
for any period after eliminating intercompany items.

     “Consolidated Net Earnings” for any period means the net earnings (or loss) of the Company and
its Subsidiaries determined on a consolidated basis in accordance with GAAP, after eliminating (a)
all offsetting debits and credits between the Company and its Subsidiaries, (b) any extraordinary
gains or losses, (c) any equity interest of the Company in the unremitted earnings of any Person
which is not a Subsidiary, (d) the net earnings of any Subsidiary to the extent the dividends or
distributions of such net earnings are not at the date of determination permitted by the terms of
its charter or any agreement, instrument, judgment, decree, order, statute, rule or other
regulation and (e) all other items required to be eliminated in the course of the preparation of
consolidated financial statements of the Company and its Subsidiaries in accordance with GAAP.

B-2

 

     “Consolidated Net Earnings Available for Fixed Charges” for any period means the sum of (a)
Consolidated Net Earnings during such period plus (to the extent deducted in determining
Consolidated Net Earnings), (b) all provisions for any Federal, state or other income taxes made by
the Company and its Subsidiaries during such period, and (c) Consolidated Fixed Charges during such
period.

     “Consolidated Priority Debt” means all Priority Debt of the Company and its Subsidiaries
determined on a consolidated basis eliminating inter-company items.

     “Consolidated Total Assets” means as at the date of any determination thereof, total assets of
the Company and its Subsidiaries determined on a consolidated basis in accordance with GAAP.

     “Consolidated Total Debt” means all Debt of the Company and its Subsidiaries determined on a
consolidated basis eliminating inter-company items.

     “Debt” with respect to any Person means, at any time, without duplication,

     (a) its liabilities for borrowed money;

     (b) its liabilities for the deferred purchase price of property acquired by such Person
(excluding accounts payable arising in the ordinary course of business but including all
liabilities created or arising under any conditional sale or other title retention agreement
with respect to any such property);

     (c) (i) all liabilities appearing on its balance sheet in accordance with GAAP in
respect of Capital Leases and (ii) all liabilities which would appear on its balance sheet
in accordance with GAAP in respect of Synthetic Leases assuming such Synthetic Leases were
accounted for as Capital Leases;

     (d) all liabilities for borrowed money secured by any Lien with respect to any property
owned by such Person (whether or not it has assumed or otherwise become liable for such
liabilities);

     (e) all its liabilities in respect of letters of credit or instruments serving a
similar function issued or accepted for its account by banks and other financial
institutions (whether or not representing obligations for borrowed money);

     (f) the aggregate Swap Termination Value of all Swap Contracts of such Person; and

     (g) any Guaranty of such Person with respect to liabilities of a type described in any
of clauses (a) through (f) hereof.

B-3

 

Debt of any Person shall include all obligations of such Person of the character described in
clauses (a) through (g) to the extent such Person remains legally liable in respect thereof,
notwithstanding that any such obligation is deemed to be extinguished under GAAP.

     “Default” means an event or condition the occurrence or existence of which would, with the
lapse of time or the giving of notice or both, become an Event of Default.

     “Default Rate” means with respect to “Series A Notes, Series B Notes, Series C Notes and
Series D Notes, that rate of interest that is the greater of (a)(i) 2% per annum above the rate of
interest stated in clause (a) of the first paragraph of the Notes of such series or (ii) 2% over
the rate of interest publicly announced by Citibank, N.A. in New York, New York as its “base” or
“prime” rate for U.S. Dollars in the case of the Series A Notes and Series B Notes and announced by
Barclays Bank PLC in London, England as its “base” or “prime” rate for Euros in the case of the
Series C Notes and the Series D Notes and (b)(i) 2% per annum above the from time to time Adjusted
Euribor Rate or (ii) 2% over the rate of interest publicly announced by Barclay’s Bank PLC in
London, England, as its “base” or “prime” rate for Euros in the case of the Series E Notes.

     “Designated Maturity” is defined in Section 1(c)(ii).

     “Disclosure Documents” is defined in Section 5.3.

     “Dollars” or “$” means lawful money of the United States of America.

     “Electronic Delivery” is defined in Section 7.1(a).

     “Environmental Laws” means any and all Federal, state, local, and foreign statutes, laws,
regulations, ordinances, rules, judgments, orders, decrees, permits, concessions, grants,
franchises, licenses, agreements or governmental restrictions relating to pollution and the
protection of the environment or the release of any materials into the environment, including but
not limited to those related to Hazardous Materials.

     “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to
time, and the rules and regulations promulgated thereunder from time to time in effect.

     “ERISA Affiliate” means any trade or business (whether or not incorporated) that is treated as
a single employer together with the Company under Section 414 of the Code.

     “Euro” or “€” means the unit of single currency defined in Council Regulation (EC) No
1103/97 of June 17, 1997.

     “Euribor Rate” is defined in Section 1(c)(ii).

     “Euro-zone” is defined in Section 1(c)(ii).

B-4

 

     “Event of Default” is defined in Section 11.

     “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, and
the rules and regulations promulgated thereunder from time to time in effect.

     “Execution Date” is defined in Section 3.

     “Foreign Subsidiary” is defined in clause (j) of the definition of “Permitted Investments”.

     “Form 10-K” is defined in Section 7.1(b).

     “Form 10-Q” is defined in Section 7.1(a).

     “GAAP” means generally accepted accounting principles as in effect from time to time in the
United States of America.

“Governmental Authority” means

     (a) the government of

     (i) the United States of America or any State or other political subdivision
thereof, or

     (ii) any other jurisdiction in which the Company or any Subsidiary conducts all
or any part of its business, or which asserts jurisdiction over any properties of
the Company or any Subsidiary, or

     (b) any entity exercising executive, legislative, judicial, regulatory or
administrative functions of, or pertaining to, any such government.

     “Guaranty” means, with respect to any Person, any obligation (except the endorsement in the
ordinary course of business of negotiable instruments for deposit or collection) of such Person
guaranteeing or in effect guaranteeing any Debt, dividend or other obligation of any other Person
in any manner, whether directly or indirectly, including (without limitation) obligations incurred
through an agreement, contingent or otherwise, by such Person:

     (a) to purchase such Debt or obligation or any property constituting security therefor;

     (b) to advance or supply funds (i) for the purchase or payment of such Debt or
obligation, or (ii) to maintain any working capital or other balance sheet condition or any
income statement condition of any other Person or otherwise to advance or make available
funds for the purchase or payment of such Debt or obligation;

B-5

 

     (c) to lease properties or to purchase properties or services primarily for the purpose
of assuring the owner of such Debt or obligation of the ability of any other Person to make
payment of the Debt or obligation; or

     (d) otherwise to assure the owner of such Debt or obligation against loss in respect
thereof.

In any computation of the Debt or other liabilities of the obligor under any Guaranty, the Debt or
other obligations that are the subject of such Guaranty shall be assumed to be direct obligations
of such obligor.

     “Hazardous Material” means any and all pollutants, toxic or hazardous wastes or any other
substances, including all substances listed in or regulated in any Environmental law that might
pose a hazard to health and safety, the removal of which may be required or the generation,
manufacture, refining, production, processing, treatment, storage, handling, transportation,
transfer, use, disposal, release, discharge, spillage, seepage, or filtration of which is or shall
be restricted, regulated, prohibited or penalized by any applicable law including, but not limited
to, asbestos, urea formaldehyde foam insulation, polychlorinated biphenyls, petroleum, petroleum
products, lead based paint, radon gas or similar restricted, prohibited or penalized substances.

     “holder” means, with respect to any Note, the Person in whose name such Note is registered in
the register maintained by the Company pursuant to Section 13.1.

     “Institutional Investor” means (a) any purchaser of a Note, (b) any holder of a Note holding
(together with one or more of its affiliates) more than 5% of the aggregate principal amount of the
Notes then outstanding, (c) any bank, trust company, savings and loan association or other
financial institution, any pension plan, any investment company, any insurance company, any broker
or dealer, or any other similar financial institution or entity, regardless of legal form, and (d)
any Related Fund of any holder of any Note.

     “Interest Expense” of the Company and its Subsidiaries for any period means all interest
(including the interest component on Rentals on Capital Leases) and all amortization of debt
discount and expense on any particular Debt (including, without limitation, payment-in-kind, zero
coupon and other like Securities) for which such calculations are being made. Computations of
Interest Expense on a pro forma basis for Debt having a variable interest rate shall be calculated
at the rate in effect on the date of any determination.

     “Investments” means all investments, in cash or by delivery of property, made directly or
indirectly in any property or assets or in any Person, whether by acquisition of shares of capital
stock, Debt or other obligations or Securities or by loan, advance, capital contribution or
otherwise.

     “Lien” means, with respect to any Person, any mortgage, lien, pledge, charge, security
interest or other encumbrance, or any interest or title of any vendor, lessor, lender or other
secured party to or of such Person under any conditional sale or other title retention agreement or

B-6

 

Capital Lease, upon or with respect to any property or asset of such Person (including in the
case of stock, stockholder agreements, voting trust agreements and all similar arrangements).

     “Make-Whole Amount” is defined in Section 8.7.

     “Material” means material in relation to the business, operations, affairs, financial
condition, assets or properties of the Company and its Subsidiaries taken as a whole.

     “Material Adverse Effect” means a material adverse effect on (a) the business, operations,
affairs, financial condition, assets or properties of the Company and its Subsidiaries taken as a
whole, or (b) the ability of the Company to perform its obligations under this Agreement and the
Notes, or (c) the validity or enforceability of this Agreement or the Notes.

     “Material Subsidiary” means any Subsidiary of the Company accounting for (a) at least 10% of
the Consolidated Net Earnings (determined in accordance with GAAP) of the Company during either one
of the two fiscal years immediately preceding the date of any determination hereof or (b) at least
10% of the Consolidated Total Assets of the Company during either one of the two fiscal years
immediately preceding the date of any determination hereof.

     “Memorandum” is defined in Section 5.3.

     “Moody’s Investors Service” means Moody’s Investors Service, Inc. and any successor thereto.

     “Multiemployer Plan” means any Plan that is a “multiemployer plan” (as such term is defined in
section 4001(a)(3) of ERISA).

     “NAIC” means the National Association of Insurance Commissioners or any successor thereto.

     “Non-Swapped Note” means any Note other than a Swapped Note.

     “Notes” is defined in Section 1.

     “Officer’s Certificate” means a certificate of a Senior Financial Officer or of any other
officer of the Company whose responsibilities extend to the subject matter of such certificate.

     “Outstanding Pacific Life Notes” means the following Notes of the Company: (a) the $5,000,000
aggregate principal amount 5.85% Series A Senior Note due November 29, 2006 (identifying no. RA-1)
payable to MAC & CO., (b) the $5,000,000 aggregate principal amount 5.85% Series A Senior Note due
November 29, 2006 (identifying no. RA-2) payable to MAC & CO., (c) the $5,000,000 aggregate
principal amount 5.85% Series A Senior Note due November 29, 2006 (identifying no. RA-3) payable to
MAC & CO., (d) the €22,389,218 aggregate principal amount 5.63% Series B Senior Note due
November 29, 2006 (identifying no. RB-1) payable to MAC & CO., (e) the €11,194,448 aggregate
principal amount 5.63% Series B Senior Note due November 29, 2006 (identifying no. RB-2) payable to
MAC & CO.,

B-7

 

and (f) the €3,358,334 aggregate principal amount 5.63% Series B Senior Note due November
29, 2006 (identifying no. RB-3) payable to MAC & CO.

     “PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA or any
successor thereto.

     “Permitted Investments” means:

     (a) Investments by the Company and its Subsidiaries in and to Subsidiaries, including
any Investment in a Person which, after giving effect to such Investment, will become a
Subsidiary;

     (b) Investments in property or assets to be used in the ordinary course of the business
of the Company and its Subsidiaries as described in Section 10.8 of this Agreement;

     (c) Investments of the Company existing as of the date of the Closing and described on
Schedule 6 hereto;

     (d) Investments in commercial paper of corporations organized under the laws of the
United States or any state thereof maturing in 270 days or less from the date of issuance
which, at the time of acquisition by the Company or any Subsidiary, is accorded a rating of
“A-1” by Standard & Poor’s Ratings Group or “P-1” by Moody’s Investors Service;

     (e) Investments in direct obligations of the United States of America or any agency or
instrumentality of the United States of America, the payment or guarantee of which
constitutes a full faith and credit obligation of the United States of America, in either
case, maturing within twelve months from the date of acquisition thereof;

     (f) Investments in certificates of deposit and time deposits maturing within one year
from the date of issuance thereof, either (1) issued by a bank or trust company organized
under the laws of the United States or any State thereof, Canada or any Province thereof, or
any other Permitted Jurisdiction, having in each such case capital, surplus and undivided
profits aggregating at least U.S.$100,000,000 (or the equivalent under local currency);
provided that at the time of acquisition thereof by the Company or a Subsidiary, the senior
unsecured long-term debt of such bank or trust company or of the holding company of such
bank or trust company is rated “A1” or better by Standard & Poor’s Ratings Group, or “P1” or
better by Moody’s Investors Service, or (2) issued by any bank or trust company organized
under the laws of the United States or any state thereof to the extent that such Investments
are fully insured by the Federal Depository Insurance Corporation;

     (g) Investments in repurchase agreements with respect to any Security described in
clause (e) of this definition entered into with a depository institution or trust company
acting as principal described in clause (f) of this definition if such repurchase

B-8

 

agreements are by their terms to be performed by the repurchase obligor and such repurchase
agreements are deposited with a bank or trust company of the type described in clause (f) of
this definition;

     (h) Investments in (1) variable rate demand notes of any state of the United States or
any municipality organized under the laws of any state of the United States or any political
subdivision thereof which, at the time of acquisition by the Company, are accorded either of
the two highest ratings by Standard & Poor’s Ratings Group or Moody’s Investors Service,
Inc.; provided that in each such case, such notes permit the Company to require the issuer
thereof to repurchase such notes within not more than twelve (12) months from the date of
acquisition thereof by the Company, and (2) notes of any state of the United States or any
municipality thereof organized under the laws of any state of the United States or any
political subdivision thereof which are provided unconditional credit support by, and are
unconditionably putable within a period not to exceed one year from the date of acquisition
thereof by the Company to financial institutions rated “A” or better by Standard & Poor’s
Ratings Group or Moody’s Investors Service;

     (i) Investments in (1) preferred stocks which, at the date of acquisition by the
Company or any Subsidiary, are accorded one of the three highest ratings by Standard &
Poor’s Ratings Group or Moody’s Investors Services, Inc. or (2) adjustable rate preferred
stock funds rated “A-” or better by Standard & Poor’s Ratings Group or “A-3” or better by
Moody’s Investors Service;

     (j) Investments by Subsidiaries of the Company organized under any jurisdiction other
than any state of the United States or the District of Columbia (in each such case a
“Foreign Subsidiary”) in direct obligations of the country in which such Foreign Subsidiary
is organized, in each such case maturing within twelve (12) months from the date of
acquisition thereof by such Foreign Subsidiary; and

     (k) Investments of the Company not described in the foregoing clauses (a) through (j);
provided that the aggregate amount of all such Investments shall not at any time exceed the
greater of (1) U.S. $50,000,000 or (2) 10% of the aggregate amount of the capital stock
accounts (net of treasury stock, at cost) plus or (minus in the case of a deficit) the
surplus and retained earnings of the Company as determined in accordance with GAAP as at the
time of the making of any such Investment.

     “Permitted Jurisdiction” means any member state of the European Union (other than Greece) as
of April 30, 2004.

     “Person” means an individual, partnership, corporation, limited liability company,
association, trust, unincorporated organization, business entity or Governmental Authority.

     “Plan” means an “employee benefit plan” (as defined in section 3(3) of ERISA) subject to Title
I of ERISA that is or, within the preceding five years, has been established or maintained, or to
which contributions are or, within the preceding five years, have been made or

B-9

 

required to be made, by the Company or any ERISA Affiliate or with respect to which the
Company or any ERISA Affiliate may have any liability.

     “Priority Debt” means (a) any Debt of the Company secured by a Lien created or incurred within
the limitations of Section 10.4(h) and (b) any Debt of the Company’s Subsidiaries (other than Debt
of a Subsidiary owing to another Wholly-owned Subsidiary).

     “property” or “properties” means, unless otherwise specifically limited, real or personal
property of any kind, tangible or intangible, choate or inchoate.

     “Proposed Prepayment Date” is defined in Section 8.3(c).

     “Purchaser” is defined in the first paragraph of this Agreement.

     “QPAM Exemption” means Prohibited Transaction Class Exemption 84-14 issued by the United
States Department of Labor.

     “Qualified Institutional Buyer” means any Person who is a “qualified institutional buyer”
within the meaning of such term as set forth in Rule 144A(a)(1) under the Securities Act.

     “Reference Bank” is defined in Section 1(c)(ii).

     “Related Fund” means, with respect to any holder of any Note, any fund or entity that (a)
invests in Securities or bank loans, and (b) is advised or managed by such holder, the same
investment advisor as such holder or by an affiliate of such holder or such investment advisor.

     “Rentals” means and includes as of the date of any determination thereof all fixed payments
(including as such all payments which the lessee is obligated to make to the lessor on termination
of the lease or surrender of the property) payable by the Company or a Subsidiary, as lessee or
sublessee under a lease of real or personal property, but shall be exclusive of any amounts
required to be paid by the Company or a Subsidiary (whether or not designated as rents or
additional rents) on account of maintenance, repairs, insurance, taxes and similar charges. Fixed
rents under any so-called “percentage leases” shall be computed solely on the basis of the minimum
rents, if any, required to be paid by the lessee regardless of sales volume or gross revenues.

     “Replacement Swap Agreement” is defined in Section 8.6.

     “Representative Amount” is defined in Section 1(c)(ii).

     “Required Holders” means, at any time, the holders of at least 51% in principal amount of all
of the Notes at the time outstanding (exclusive of Notes then owned by the Company or any of its
Affiliates). For purposes of calculating the principal amount of any Series C, Series D or Series
E Note held by a Person in connection with the determination of “Required Holders”, the outstanding
principal amount of such Series C, Series D or Series E Note at the time of determination shall be
converted to Dollars at a conversion rate of €1.00 = U.S.$1.2583.

B-10

 

     “Reset Rate” is defined in Section 1(c)(ii).

     “Responsible Officer” means any Senior Financial Officer and any other officer of the Company
with responsibility for the administration of the relevant portion of this Agreement.

     “SEC” shall mean the Securities and Exchange Commission of the United States, or any successor
thereto.

     “Securities Act” means the Securities Act of 1933, as amended from time to time, and the rules
and regulations promulgated thereunder from time to time in effect.

     “Senior Debt” means all Debt of the Company which is not expressed to be subordinate or junior
in rank to any other Debt of the Company.

     “Senior Financial Officer” means the chief financial officer, principal accounting officer,
treasurer or controller of the Company.

     “Series A Notes” is defined in Section 1(a).

     “Series B Notes” is defined in Section 1(a).

     “Series C Notes” is defined in Section 1(a).

     “Series D Notes” is defined in Section 1(a).

     “Series E Breakage Amounts” is defined in Section 1(c)(iii).

     “Series E Initial Interest Period” is defined in Section 1(c)(ii).

     “Series E Interest Period” is defined in Section 1(c)(ii).

     “Series E Interest Payment Date” is defined in Section 1(c)(ii).

     “Series E Interest Payment Dates” is defined in Section 1(c)(ii).

     “Series E Notes” is defined in Section 1(a).

     “Series E Required Holders” is defined in Section 1(c)(ii).

     “Standard & Poor’s Ratings Group” means Standard & Poor’s Ratings Group, a division of The
McGraw-Hill Companies, Inc. and any successor thereto.

     “Subsidiary” means, as to any Person, any other Person in which such first Person or one or
more of its Subsidiaries or such first Person and one or more of its Subsidiaries owns sufficient
equity or voting interests to enable it or them (as a group) ordinarily, in the absence of
contingencies, to elect a majority of the directors (or Persons performing similar functions) of

B-11

 

such second Person, and any partnership or joint venture if more than a 50% interest in the
profits or capital thereof is owned by such Person or one or more of its Subsidiaries or such first
Person and one or more of its Subsidiaries (unless such partnership can and does ordinarily take
major business actions without the prior approval of such Person or one or more of its
Subsidiaries). Unless the context otherwise clearly requires, any reference to a “Subsidiary” is a
reference to a Subsidiary of the Company.

     “Surviving Person” is defined in Section 10.5(b).

     “SVO” means the Securities Valuation Office of the NAIC or any successor to such Office.

     “Swap Breakage Amount” is defined in Section 8.7, as the context may require.

     “Swap Contract” means (a) any and all interest rate swap transactions, basis swap
transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity
swaps, commodity options, forward commodity contracts, equity or equity index swaps or options,
bond or bond price or bond index swaps or options or forward foreign exchange transactions, cap
transactions, floor transactions, currency options, spot contracts or any other similar
transactions or any of the foregoing (including, but without limitation, any options to enter into
any of the foregoing), and (b) any and all transactions of any kind, and the related confirmations,
which are subject to the terms and conditions of, or governed by, any form of master agreement
published by the International Swaps and Derivatives Association, Inc., any International Foreign
Exchange Master Agreement.

     “Swap Termination Value” means, in respect of any one or more Swap Contracts, after taking
into account the effect of any legally enforceable netting agreement relating to such Swap
Contracts, (a) for any date on or after the date such Swap Contracts have been closed out and
termination value(s) determined in accordance therewith, such termination value(s), and (b) for any
date prior to the date referenced in clause (a), the amounts(s) determined as the mark-to-market
values(s) for such Swap Contracts, as determined based upon one or more mid-market or other readily
available quotations provided by any recognized dealer in such Swap Contracts.

     “Swapped Note” means any Series C Note or Series D Note so long as such Series C Note or
Series D Note has not been transferred since the date of the Closing on which such Note was issued
to any Person other than (x) an affiliate of the original Purchaser of such Note or (y) any other
Person that has by novation become a party to a Swap Agreement having the same material economic
terms and conditions as the Swap Agreement to which the transferor is a party in connection with
the transfer of such Note. A “Swapped Note” shall no longer be deemed a “Swapped Note” unless a
Swap Agreement shall be in force in respect thereof.

     “Swapped Note Make-Whole Amount” is defined in Section 8.7.

     “Synthetic Lease” means, at any time, any lease (including leases that may be terminated by
the lessee at any time) of any property (a) that is accounted for as an operating lease under GAAP
and (b) in respect of which the lessee retains or obtains ownership of the property so

B-12

 

leased for U.S. federal income tax purposes, other than any such lease under which such Person
is the lessor.

     “Target” is defined in Section 1(c)(ii).

     “Target Day” is defined in Section 1(c)(ii).

     “USA Patriot Act” means United States Public Law 107-56, Uniting and Strengthening America by
Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA Patriot Act)
Act of 2001, as amended from time to time, and the rules and regulations promulgated thereunder
from time to time in effect.

     “Wholly-owned Subsidiary” means, at any time, any Subsidiary one hundred percent (100%) of all
of the equity interests (except directors’ qualifying shares) and voting interests of which are
owned by any one or more of the Company and the Company’s other Wholly-owned Subsidiaries at such
time.

B-13

 

[Form of Note]

Sensient Technologies Corporation

7.17% Senior Note, Series 2006—A, due November 28, 2011

	 	 	 	 	 
	No.                     

	 	 	 	[Date]
	U.S. $                    

	 	 	 	PPN 81725T B# 6

     For Value Received, the undersigned, Sensient Technologies Corporation
(herein called the “Company”), a corporation organized and existing under the laws of the
State of Wisconsin, hereby promises to pay to                     , or registered assigns, the principal
sum of U.S. $                      (or so much thereof as shall not have been prepaid) on
November 28, 2011, with interest (computed on the basis of a 360-day year of twelve 30-day months)
on the unpaid balance hereof at the rate of (a) 7.17% per annum from the date hereof, payable
semiannually, on the twenty-eighth day of May and November in each year, commencing with the May 28
or November 28 next succeeding the date hereof, until the principal hereof shall have become due
and payable, and (b) to the extent permitted by law, on any overdue payment (including any overdue
prepayment) of principal, any overdue payment of interest and any overdue payment of any Make-Whole
Amount (as defined in the Note Purchase Agreements referred to below, at a rate per annum from time
to time equal to the greater of (i) 9.17% or (ii) 2% over the rate of interest publicly announced
by Citibank, N.A. from time to time in New York, New York as its “base” or “prime” rate, payable
semiannually as aforesaid (or, at the option of the registered holder hereof, on demand).

     Payments of principal of, interest on and any Make-Whole Amount with respect to this Note are
to be made in lawful money of the United States of America at Citibank, N.A. or at such other place
as the Company shall have designated by written notice to the holder of this Note as provided in
the Note Purchase Agreement referred to below.

     This Note is one of a series of Senior Notes, Series 2006—A, due November 28, 2011 (herein
called the “Notes”) issued pursuant to the Note Purchase Agreement, dated as of June 27, 2006 (as
from time to time amended, the “Note Purchase Agreement”), between the Company and the respective
Purchasers named therein and is entitled to the benefits thereof. Each holder of this Note will be
deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in
Section 20 of the Note Purchase Agreement and (ii) made the representation set forth in Section 6.2
of the Note Purchase Agreement. Unless otherwise indicated, capitalized terms used in this Note
shall have the respective meanings ascribed to such terms in the Note Purchase Agreement.

     This Note is a registered Note and, as provided in the Note Purchase Agreement, upon surrender
of this Note for registration of transfer, duly endorsed, or accompanied by a written instrument of
transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized
in writing, a new Note for a like principal amount will be issued to, and registered in the name
of, the transferee. Prior to due presentment for registration of transfer, the

Exhibit 1.1(a)

(to Note Purchase Agreement)

 

 

Company may treat the person in whose name this Note is registered as the owner hereof for the
purpose of receiving payment and for all other purposes, and the Company will not be affected by
any notice to the contrary.

     This Note is subject to optional prepayment, in whole or from time to time in part, at the
times and on the terms specified in the Note Purchase Agreement, but not otherwise.

     If an Event of Default occurs and is continuing, the principal of this Note may be declared or
otherwise become due and payable in the manner, at the price (including any applicable Make-Whole
Amount) and with the effect provided in the Note Purchase Agreement.

     This Note shall be construed and enforced in accordance with, and the rights of the parties
shall be governed by, the law of the State of New York, excluding choice-of-law principles of the
law of such State that would require application of the laws of a jurisdiction other than such
State.

	 	 	 	 	 	 	 
	 	 	Sensient Technologies Corporation
	 
	 	 	 	 	 	 
	 

	 	By	 	 	 	 
	 

	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Title:	 	 
	 

	 	 	 	 	 	 

E-1.1(a)-2

 

 

[Form of Note]

Sensient Technologies Corporation

7.31% Senior Note, Series 2006—B, due November 28, 2013

	 	 	 	 	 
	No.                     

	 	 	 	[Date]
	U.S. $                    

	 	 	 	PPN 81725T C* 9

     For Value Received, the undersigned, Sensient Technologies Corporation
(herein called the “Company”), a corporation organized and existing under the laws of the State of
Wisconsin, hereby promises to pay to                     , or registered assigns, the principal sum of
U.S. $                                         (or so much thereof as shall not have been prepaid) on
November 28, 2013, with interest (computed on the basis of a 360-day year of twelve 30-day months)
on the unpaid balance hereof at the rate of (a) 7.31% per annum from the date hereof, payable
semiannually, on the twenty-eighth day of May and November in each year, commencing with the May 28
or November 28 next succeeding the date hereof, until the principal hereof shall have become due
and payable, and (b) to the extent permitted by law, on any overdue payment (including any overdue
prepayment) of principal, any overdue payment of interest and on such unpaid balance and on any
overdue payment of any Make-Whole Amount (as defined in the Note Purchase Agreements referred to
below, at a rate per annum from time to time equal to the greater of (i) 9.31% or (ii) 2% over the
rate of interest publicly announced by Citibank, N.A. from time to time in New York, New York as
its “base” or “prime” rate, payable semiannually as aforesaid (or, at the option of the registered
holder hereof, on demand).

     Payments of principal of, interest on and any Make-Whole Amount with respect to this Note are
to be made in lawful money of the United States of America at Citibank, N.A. or at such other place
as the Company shall have designated by written notice to the holder of this Note as provided in
the Note Purchase Agreement referred to below.

     This Note is one of a series of Senior Notes, Series 2006—B, due November 28, 2013 (herein
called the “Notes”) issued pursuant to the Note Purchase Agreement, dated as of June 27, 2006 (as
from time to time amended, the “Note Purchase Agreement”), between the Company and the respective
Purchasers named therein and is entitled to the benefits thereof, together with additional series
of Notes from time to time issued thereunder. Each holder of this Note will be deemed, by its
acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 20 of
the Note Purchase Agreement and (ii) made the representation set forth in Section 6.2 of the Note
Purchase Agreement. Unless otherwise indicated, capitalized terms used in this Note shall have the
respective meanings ascribed to such terms in the Note Purchase Agreement.

     This Note is a registered Note and, as provided in the Note Purchase Agreement, upon surrender
of this Note for registration of transfer, duly endorsed, or accompanied by a written instrument of
transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized
in writing, a new Note for a like principal amount will be issued to, and

Exhibit 1.1(b)

(to Note Purchase Agreement)

 

 

registered in the name of, the transferee. Prior to due presentment for registration of
transfer, the Company may treat the person in whose name this Note is registered as the owner
hereof for the purpose of receiving payment and for all other purposes, and the Company will not be
affected by any notice to the contrary.

     This Note is subject to optional prepayment, in whole or from time to time in part, at the
times and on the terms specified in the Note Purchase Agreement, but not otherwise.

     If an Event of Default occurs and is continuing, the principal of this Note may be declared or
otherwise become due and payable in the manner, at the price (including any applicable Make-Whole
Amount) and with the effect provided in the Note Purchase Agreement.

     This Note shall be construed and enforced in accordance with, and the rights of the parties
shall be governed by, the law of the State of New York, excluding choice-of-law principles of the
law of such State that would require application of the laws of a jurisdiction other than such
State.

	 	 	 	 	 	 	 
	 	 	Sensient Technologies Corporation
	 
	 	 	 	 	 	 
	 

	 	By	 	 	 	 
	 

	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Title:	 	 
	 

	 	 	 	 	 	 

E-1.1(b)-2

 

 

 [Form of Note]

Sensient Technologies Corporation

5.78% Senior Note, Series 2006—C, due November 28, 2011

			
	 	 	 
	No.                                         

€                                            
	 	[Date]

PPN 81725T C@ 7

     For Value Received, the undersigned, Sensient Technologies Corporation
(herein called the “Company”), a corporation organized and existing under the laws of the
State of Wisconsin, hereby promises to pay to                     , or registered assigns, the principal
sum of Euro                     (or so much thereof as shall not have been prepaid) on November
28, 2011, with interest (computed on the basis of a 360-day year of twelve 30-day months) on the
unpaid balance hereof at the rate of (a) 5.78% per annum from the date hereof, payable
semiannually, on the twenty-eighth day of May and November in each year, commencing with the May 28
or November 28 next succeeding the date hereof, until the principal hereof shall have become due
and payable, and (b) to the extent permitted by law, on any overdue payment (including any overdue
prepayment) of principal, any overdue payment of interest and any overdue payment of any Make-Whole
Amount (as defined in the Note Purchase Agreements referred to below, at a rate per annum from time
to time equal to the greater of (i) 7.78% or (ii) 2% over the rate of interest publicly announced
by Barclays Bank PLC from time to time in London, England as its “base” or “prime” rate for Euros,
payable semiannually as aforesaid (or, at the option of the registered holder hereof, on demand).

     Payments of principal of, interest on and any Make-Whole Amount with respect to this Note are
to be made in Euros at Barclays Bank PLC or at such other place as the Company shall have
designated by written notice to the holder of this Note as provided in the Note Purchase Agreement
referred to below.

     This Note is one of a series of Senior Notes, Series 2006—C, due November 28, 2011 (herein
called the “Notes”) issued pursuant to the Note Purchase Agreement, dated as of June 27, 2006 (as
from time to time amended, the “Note Purchase Agreement”), between the Company and the respective
Purchasers named therein and is entitled to the benefits thereof. Each holder of this Note will be
deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in
Section 20 of the Note Purchase Agreement and (ii) made the representation set forth in Section 6.2
of the Note Purchase Agreement. Unless otherwise indicated, capitalized terms used in this Note
shall have the respective meanings ascribed to such terms in the Note Purchase Agreement.

     This Note is a registered Note and, as provided in the Note Purchase Agreement, upon surrender
of this Note for registration of transfer, duly endorsed, or accompanied by a written instrument of
transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized
in writing, a new Note for a like principal amount will be issued to, and registered in the name
of, the transferee. Prior to due presentment for registration of transfer, the

Exhibit 1.1(c)

(to Note Purchase Agreement)

 

 

Company may treat the person in whose name this Note is registered as the owner hereof for the
purpose of receiving payment and for all other purposes, and the Company will not be affected by
any notice to the contrary.

     This Note is subject to optional prepayment, in whole or from time to time in part, at the
times and on the terms specified in the Note Purchase Agreement, but not otherwise.

     If an Event of Default occurs and is continuing, the principal of this Note may be declared or
otherwise become due and payable in the manner, at the price (including any applicable Make-Whole
Amount) and with the effect provided in the Note Purchase Agreement.

     This Note shall be construed and enforced in accordance with, and the rights of the parties
shall be governed by, the law of the State of New York, excluding choice-of-law principles of the
law of such State that would require application of the laws of a jurisdiction other than such
State.

	 	 	 	 	 	 	 
	 	 	Sensient Technologies Corporation
	 
	 	 	 	 	 	 
	 

	 	By	 	 	 	 
	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Title:	 	 
	 

	 	 	 	 	 	 

E-1.1(c)-2

 

 

[Form of Note]

Sensient Technologies Corporation

5.85% Senior Note, Series 2006—D, due November 28, 2013

			
	 	 	 
	No.                                         

€                                             
	 	[Date]

PPN 81725T C# 5

     For Value Received, the undersigned, Sensient Technologies Corporation
(herein called the “Company”), a corporation organized and existing under the laws of the State of
Wisconsin, hereby promises to pay to                     , or registered assigns, the principal sum of
Euro                                         (or so much thereof as shall not have been prepaid) on
November 28, 2013, with interest (computed on the basis of a 360-day year of twelve 30-day months)
on the unpaid balance hereof at the rate of (a) 5.85% per annum from the date hereof, payable
semiannually, on the twenty-eighth day of May and November in each year, commencing with the May 28
or November 28 next succeeding the date hereof, until the principal hereof shall have become due
and payable, and (b) to the extent permitted by law, on any overdue payment (including any overdue
prepayment) of principal, any overdue payment of interest and on such unpaid balance and on any
overdue payment of any Make-Whole Amount (as defined in the Note Purchase Agreements referred to
below, at a rate per annum from time to time equal to the greater of (i) 7.85% or (ii) 2% over the
rate of interest publicly announced by Barclays Bank PLC from time to time in London, England as
its “base” or “prime” rate for Euros, payable semiannually as aforesaid (or, at the option of the
registered holder hereof, on demand).

     Payments of principal of, interest on and any Make-Whole Amount with respect to this Note are
to be made in Euros at Barclays Bank PLC or at such other place as the Company shall have
designated by written notice to the holder of this Note as provided in the Note Purchase Agreement
referred to below.

     This Note is one of a series of Senior Notes, Series 2006—D, due November 28, 2013 (herein
called the “Notes”) issued pursuant to the Note Purchase Agreement, dated as of June 27, 2006 (as
from time to time amended, the “Note Purchase Agreement”), between the Company and the respective
Purchasers named therein and is entitled to the benefits thereof, together with additional series
of Notes from time to time issued thereunder. Each holder of this Note will be deemed, by its
acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 20 of
the Note Purchase Agreement and (ii) made the representation set forth in Section 6.2 of the Note
Purchase Agreement. Unless otherwise indicated, capitalized terms used in this Note shall have the
respective meanings ascribed to such terms in the Note Purchase Agreement.

     This Note is a registered Note and, as provided in the Note Purchase Agreement, upon surrender
of this Note for registration of transfer, duly endorsed, or accompanied by a written instrument of
transfer duly executed, by the registered holder hereof or such holder’s attorney

Exhibit 1.1(d)

(to Note Purchase Agreement)

 

 

duly authorized in writing, a new Note for a like principal amount will be issued to, and
registered in the name of, the transferee. Prior to due presentment for registration of transfer,
the Company may treat the person in whose name this Note is registered as the owner hereof for the
purpose of receiving payment and for all other purposes, and the Company will not be affected by
any notice to the contrary.

     This Note is subject to optional prepayment, in whole or from time to time in part, at the
times and on the terms specified in the Note Purchase Agreement, but not otherwise.

     If an Event of Default occurs and is continuing, the principal of this Note may be declared or
otherwise become due and payable in the manner, at the price (including any applicable Make-Whole
Amount) and with the effect provided in the Note Purchase Agreement.

     This Note shall be construed and enforced in accordance with, and the rights of the parties
shall be governed by, the law of the State of New York, excluding choice-of-law principles of the
law of such State that would require application of the laws of a jurisdiction other than such
State.

	 	 	 	 	 	 	 
	 	 	Sensient Technologies Corporation
	 
	 	 	 	 	 	 
	 

	 	By	 	 	 	 
	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Title:	 	 
	 

	 	 	 	 	 	 

E-1.1(d)-2

 

 

[Form of Note]

Sensient Technologies Corporation

Floating Rate Senior Note, Series 2006—E, due November 28, 2011

			
	 	 	 
	No.                                         

€                                             
	 	[Date]

PPN 81725T D* 8

     For Value Received, the undersigned, Sensient Technologies Corporation
(herein called the “Company”), a corporation organized and existing under the laws of the
State of Wisconsin, hereby promises to pay to                     , or registered assigns, the principal
sum of Euro                     (or so much thereof as shall not have been prepaid) on November
28, 2011, with interest (computed on the basis of a 360-day year of twelve 30-day months) on the
unpaid balance hereof at the Adjusted EURIBOR Rate (as defined in the Note Purchase Agreements
referred to below) payable quarterly on the twenty-eighth day of February, May, August and November
in each year, commencing with the February 28, May 28, August 28, or November 28 next succeeding
the date hereof, until the principal hereof shall have become due and payable, and (b) to the
extent permitted by law, on any overdue payment (including any overdue prepayment) of principal,
any overdue payment of interest and any overdue payment of any Series E Breakage Amounts (as
defined in the Note Purchase Agreements referred to below), at a rate per annum from time to time
equal to the greater of (i) 2% over the from time to time Adjusted EURIBOR Rate or (ii) 2% over the
rate of interest publicly announced by Barclays Bank PLC from time to time in London, England as
its “base” or “prime” rate for Euros, payable quarterly as aforesaid (or, at the option of the
registered holder hereof, on demand).

     Payments of principal of, interest on and any Series E Breakage Amounts with respect to this
Note are to be made in Euros at Barclays Bank PLC or at such other place as the Company shall have
designated by written notice to the holder of this Note as provided in the Note Purchase Agreement
referred to below.

     This Note is one of a series of Floating Rate Senior Notes, Series 2006—E, due November 28,
2011 (herein called the “Notes”) issued pursuant to the Note Purchase Agreement, dated as of June
27, 2006 (as from time to time amended, the “Note Purchase Agreement”), between the Company and the
respective Purchasers named therein and is entitled to the benefits thereof. Each holder of this
Note will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions
set forth in Section 20 of the Note Purchase Agreement and (ii) made the representation set forth
in Section 6.2 of the Note Purchase Agreement. Unless otherwise indicated, capitalized terms used
in this Note shall have the respective meanings ascribed to such terms in the Note Purchase
Agreement.

     This Note is a registered Note and, as provided in the Note Purchase Agreement, upon surrender
of this Note for registration of transfer, duly endorsed, or accompanied by a written instrument of
transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized
in writing, a new Note for a like principal amount will be issued to, and

Exhibit 1.1(e)

(to Note Purchase Agreement)

 

 

registered in the name of, the transferee. Prior to due presentment for registration of
transfer, the Company may treat the person in whose name this Note is registered as the owner
hereof for the purpose of receiving payment and for all other purposes, and the Company will not be
affected by any notice to the contrary.

     This Note is subject to optional prepayment, in whole or from time to time in part, at the
times and on the terms specified in the Note Purchase Agreement, but not otherwise.

     If an Event of Default occurs and is continuing, the principal of this Note may be declared or
otherwise become due and payable in the manner, at the price (including any applicable Make-Whole
Amount) and with the effect provided in the Note Purchase Agreement.

     This Note shall be construed and enforced in accordance with, and the rights of the parties
shall be governed by, the law of the State of New York, excluding choice-of-law principles of the
law of such State that would require application of the laws of a jurisdiction other than such
State.

	 	 	 	 	 	 	 
	 	 	Sensient Technologies Corporation
	 
	 	 	 	 	 	 
	 

	 	By	 	 	 	 
	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Title:	 	 
	 

	 	 	 	 	 	 

E-1.1(e)-2

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