Document:

exv4w2

Exhibit 4.2

G-III APPAREL GROUP, LTD.

and

 
 

as Trustee

 

INDENTURE

Dated as of                     , 20     

Subordinated Debt Securities

 

 

 

CROSS-REFERENCE TABLE*

	 	 	 
	Trust Indenture Act Section	 	Indenture Section
	310(a)(1)
	 	6.9
	(a)(2)
	 	6.9
	(a)(3)
	 	Not applicable
	(a)(4)
	 	Not applicable
	(b)
	 	6.8
	(c)
	 	Not applicable
	311(a)
	 	6.13
	(b)
	 	6.13
	(c)
	 	Not applicable
	312(a)
	 	4.1
	(b)
	 	4.2
	(c)
	 	4.2
	313(a)
	 	4.4
	(b)(1)
	 	4.4
	(b)(2)
	 	4.4
	(c)
	 	4.4
	(d)
	 	4.4
	314(a)
	 	4.3
	(b)
	 	Not applicable
	(c)(1)
	 	13.5
	(c)(2)
	 	13.5
	(c)(3)
	 	Not applicable
	(d)
	 	Not applicable
	(e)
	 	13.5
	315(a)
	 	6.1, 6.7
	(b)
	 	5.11
	(c)
	 	6.1
	(d)
	 	6.1
	(e)
	 	5.12
	316(a)(1)(A)
	 	5.9
	(a)(1)(B)
	 	5.10
	(a)(2)
	 	Not applicable
	(b)
	 	5.7
	317(a)(1)
	 	5.2
	(a)(2)
	 	5.4
	(b)
	 	3.5
	318(a)
	 	13.7

 

			
	*	 	Note: This Cross Reference Table shall not, for any
purpose, be deemed to be part of the Indenture.

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page
	ARTICLE ONE DEFINITIONS
	 	 	1	 
	 
	SECTION 1.1 Certain Terms Defined
	 	 	1	 
	 
	ARTICLE TWO SECURITIES
	 	 	6	 
	 
	SECTION 2.1 Forms Generally
	 	 	6	 
	 
	SECTION 2.2 Form of Trustee’s Certificate of Authentication
	 	 	6	 
	 
	SECTION 2.3 Amount Unlimited; Issuable in Series
	 	 	6	 
	 
	SECTION 2.4 Authentication and Delivery of Securities
	 	 	9	 
	 
	SECTION 2.5 Execution of Securities
	 	 	10	 
	 
	SECTION 2.6 Certificate of Authentication
	 	 	11	 
	 
	SECTION 2.7 Denomination and Date of Securities; Payments of Interest
	 	 	11	 
	 
	SECTION 2.8 Registration, Transfer and Exchange
	 	 	12	 
	 
	SECTION 2.9 Mutilated, Defaced, Destroyed, Lost and Stolen Securities
	 	 	14	 
	 
	SECTION 2.10 Cancellation of Securities; Destruction Thereof
	 	 	15	 
	 
	SECTION 2.11 Temporary Securities
	 	 	15	 
	 
	SECTION 2.12 CUSIP Numbers
	 	 	15	 
	 
	ARTICLE THREE COVENANTS OF THE ISSUER
	 	 	16	 
	 
	SECTION 3.1 Payment of Principal and Interest
	 	 	16	 
	 
	SECTION 3.2 Offices for Payments, etc
	 	 	16	 
	 
	SECTION 3.3 Existence
	 	 	16	 
	 
	SECTION 3.4 Appointment to Fill a Vacancy in Office of Trustee
	 	 	16	 
	 
	SECTION 3.5 Paying Agents
	 	 	17	 
	 
	SECTION 3.6 Written Statement to Trustee
	 	 	17	 
	 
	ARTICLE FOUR SECURITYHOLDERS’ LISTS AND REPORTS BY THE ISSUER AND THE TRUSTEE
	 	 	18	 
	 
	SECTION 4.1 Issuer to Furnish Trustee Information as to Names and Addresses of Securityholders
	 	 	18	 
	 
	SECTION 4.2 Preservation and Disclosure of Securityholders’ Lists
	 	 	18	 
	 
	SECTION 4.3 Reports by the Issuer
	 	 	18	 
	 
	SECTION 4.4 Reports by the Trustee
	 	 	18	 
	 
	ARTICLE FIVE REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT
	 	 	19	 
	 
	SECTION 5.1 Event of Default Defined; Acceleration of Maturity; Waiver of Default
	 	 	19	 

i

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 
	 	 	Page
	SECTION 5.2 Collection of Indebtedness by Trustee; Trustee May Prove Debt
	 	 	21	 
	 
	SECTION 5.3 Application of Proceeds
	 	 	23	 
	 
	SECTION 5.4 Suits for Enforcement
	 	 	24	 
	 
	SECTION 5.5 Restoration of Rights on Abandonment of Proceedings
	 	 	24	 
	 
	SECTION 5.6 Limitations on Suits by Securityholders
	 	 	24	 
	 
	SECTION 5.7 Unconditional Right of Securityholders to Institute Certain Suits
	 	 	24	 
	 
	SECTION 5.8 Powers and Remedies Cumulative; Delay or Omission Not Waiver of Default
	 	 	25	 
	 
	SECTION 5.9 Control by Securityholders
	 	 	25	 
	 
	SECTION 5.10 Waiver of Past Defaults
	 	 	25	 
	 
	SECTION 5.11 Trustee to Give Notice of Default, But May Withhold in Certain Circumstances
	 	 	26	 
	 
	SECTION 5.12 Right of Court to Require Filing of Undertaking to Pay Costs
	 	 	26	 
	 
	ARTICLE SIX CONCERNING THE TRUSTEE
	 	 	27	 
	 
	SECTION 6.1 Duties and Responsibilities of the Trustee; During Default; Prior to Default
	 	 	27	 
	 
	SECTION 6.2 Certain Rights of the Trustee 
	 	 	28	 
	 
	SECTION 6.3 Trustee Not Responsible for Recitals, Disposition of Securities or Application of Proceeds Thereof
	 	 	29	 
	 
	SECTION 6.4 Trustee and Agents May Hold Securities; Collections, etc
	 	 	29	 
	 
	SECTION 6.5 Moneys Held by Trustee
	 	 	29	 
	 
	SECTION 6.6 Compensation and Indemnification of Trustee and Its Prior Claim
	 	 	29	 
	 
	SECTION 6.7 Right of Trustee to Rely on Officers’ Certificate, etc
	 	 	30	 
	 
	SECTION 6.8 Conflicting Interests
	 	 	30	 
	 
	SECTION 6.9 Persons Eligible for Appointment as Trustee
	 	 	30	 
	 
	SECTION 6.10 Resignation and Removal; Appointment of Successor Trustee
	 	 	31	 
	 
	SECTION 6.11 Acceptance of Appointment by Successor Trustee
	 	 	32	 
	 
	SECTION 6.12 Merger, Conversion, Consolidation or Succession to Business of Trustee

	 	 	33	 
	 
	SECTION 6.13 Preferential Collection of Claims Against the Issuer
	 	 	33	 

ii

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 
	 	 	Page
	ARTICLE SEVEN CONCERNING THE SECURITYHOLDERS
	 	 	33	 
	 
	SECTION 7.1 Evidence of Action Taken by Securityholders
	 	 	33	 
	 
	SECTION 7.2 Proof of Execution of Instruments and of Holding of Securities
	 	 	34	 
	 
	SECTION 7.3 Holders to be Treated as Owners
	 	 	34	 
	 
	SECTION 7.4 Securities Owned by Issuer Deemed Not Outstanding
	 	 	35	 
	 
	SECTION 7.5 Right of Revocation of Action Taken
	 	 	35	 
	 
	ARTICLE EIGHT SUPPLEMENTAL INDENTURES
	 	 	36	 
	 
	SECTION 8.1 Supplemental Indentures Without Consent of Securityholders
	 	 	36	 
	 
	SECTION 8.2 Supplemental Indentures With Consent of Securityholders
	 	 	37	 
	 
	SECTION 8.3 Effect of Supplemental Indenture
	 	 	38	 
	 
	SECTION 8.4 Documents to Be Given to Trustee
	 	 	38	 
	 
	SECTION 8.5 Notation on Securities in Respect of Supplemental Indentures
	 	 	38	 
	 
	ARTICLE NINE CONSOLIDATION, MERGER, SALE OR CONVEYANCE
	 	 	38	 
	 
	SECTION 9.1 Issuer May Consolidate, etc., on Certain Terms
	 	 	38	 
	 
	SECTION 9.2 Successor Person Substituted
	 	 	38	 
	 
	SECTION 9.3 Opinion of Counsel to Trustee
	 	 	39	 
	 
	ARTICLE TEN SATISFACTION AND DISCHARGE OF INDENTURE; UNCLAIMED MONEYS
	 	 	39	 
	 
	SECTION 10.1 Satisfaction and Discharge of Indenture
	 	 	39	 
	 
	SECTION 10.2 Application by Trustee of Funds Deposited for Payment of Securities
	 	 	40	 
	 
	SECTION 10.3 Repayment of Moneys Held by Paying Agent
	 	 	40	 
	 
	SECTION 10.4 Return of Moneys Held by Trustee and Paying Agent Unclaimed for Three Years
	 	 	40	 
	 
	ARTICLE ELEVEN REDEMPTION OF SECURITIES AND SINKING FUNDS
	 	 	41	 
	 
	SECTION 11.1 Applicability of Article
	 	 	41	 
	 
	SECTION 11.2 Notice of Redemption; Partial Redemptions
	 	 	41	 
	 
	SECTION 11.3 Payment of Securities Called for Redemption
	 	 	42	 
	 
	SECTION 11.4 Exclusion of Certain Securities from Eligibility for Selection for Redemption
	 	 	43	 
	 
	SECTION 11.5 Mandatory and Optional Sinking Funds
	 	 	43	 

iii

 

TABLE OF CONTENTS

(continued)

	 	 	 	 	 
	 	 	Page
	ARTICLE TWELVE DEFEASANCE
	 	 	45	 
	 
	SECTION 12.1 Applicability of Article: Issuer’s Option to Effect Defeasance
	 	 	45	 
	 
	SECTION 12.2 Defeasance and Discharge
	 	 	45	 
	 
	SECTION 12.3 Covenant Defeasance
	 	 	45	 
	 
	SECTION 12.4 Conditions to Defeasance
	 	 	46	 
	 
	ARTICLE THIRTEEN MISCELLANEOUS PROVISIONS
	 	 	47	 
	 
	SECTION 13.1 Incorporators, Stockholders, Officers and Directors of Issuer Exempt from Individual Liability
	 	 	47	 
	 
	SECTION 13.2 Provisions of Indenture for the Sole Benefit of Parties and Securityholders
	 	 	48	 
	 
	SECTION 13.3 Successors and Assigns of Issuer Bound by Indenture
	 	 	48	 
	 
	SECTION 13.4 Notices and Demands on Issuer, Trustee and Securityholders
	 	 	48	 
	 
	SECTION 13.5 Officers’ Certificates and Opinions of Counsel; Statements to Be Contained Therein
	 	 	48	 
	 
	SECTION 13.6 Payments Due on Saturdays, Sundays and Holidays
	 	 	49	 
	 
	SECTION 13.7 Conflict of Any Provision of Indenture with Trust Indenture Act
	 	 	49	 
	 
	SECTION 13.8 New York Law to Govern
	 	 	50	 
	 
	SECTION 13.9 Counterparts
	 	 	50	 
	 
	SECTION 13.10 Effect of Headings
	 	 	50	 
	 
	ARTICLE FOURTEEN SUBORDINATION OF SECURITIES
	 	 	50	 
	 
	SECTION 14.1 Securities Subordinated to Senior Indebtedness
	 	 	50	 
	 
	SECTION 14.2 Subrogation
	 	 	52	 
	 
	SECTION 14.3 Obligation of Issuer Unconditional
	 	 	52	 
	 
	SECTION 14.4 Modification of Terms of Senior Indebtedness
	 	 	53	 
	 
	SECTION 14.5 Effectuation of Subordination by Trustee
	 	 	53	 
	 
	SECTION 14.6 Knowledge of Trustee
	 	 	53	 
	 
	SECTION 14.7 Trustee’s Relation to Senior Indebtedness
	 	 	54	 
	 
	SECTION 14.8 Rights of Holders of Senior Indebtedness Not Impaired
	 	 	54	 
	 
	SECTION 14.9 Certain Conversions Not Deemed Payment
	 	 	54	 
	 
	 	 	 	 
	EXHIBITS

	 
	 	 	 	 
	Exhibit A Form of Security
	 	 	A-1	 

iv

 

          INDENTURE, dated as of    
                 , 20   
  , between G-III APPAREL GROUP, LTD., a Delaware corporation (the “Issuer”), and       
                        
                        
      , as trustee (the
“Trustee”).

W I T N E S S E T H:

          WHEREAS, the Issuer has duly authorized the issue from time to time of its subordinated
debentures, notes and other evidences of indebtedness to be issued in one or more series (the
“Securities”), up to such principal amount or amounts as may from time to time be
authorized in accordance with the terms of this Indenture and to provide, among other things, for
the authentication, delivery and administration thereof, the Issuer has duly authorized the
execution and delivery of this Indenture; and

          WHEREAS, all things necessary to make this Indenture a valid indenture and agreement according
to its terms have been done.

          NOW, THEREFORE, in consideration of the premises and the purchases of the Securities by the
holders thereof, the receipt and sufficiency of which is hereby acknowledged, the Issuer and the
Trustee mutually covenant and agree, for the equal and proportionate benefit of the respective
holders from time to time of the Securities, as follows:

ARTICLE ONE

DEFINITIONS

          SECTION 1.1 Certain Terms Defined. The following terms (except as otherwise expressly
provided or unless the context otherwise clearly requires) for all purposes of this Indenture and
of any indenture supplemental hereto shall have the respective meanings specified in this Section.
All other terms used in this Indenture that are defined in the Trust Indenture Act or the
definitions of which in the Securities Act of 1933 are referred to in the Trust Indenture Act,
including terms defined therein by reference to the Securities Act of 1933 (except as herein
otherwise expressly provided or unless the context otherwise clearly requires), shall have the
meanings assigned to such terms in said Trust Indenture Act and in said Securities Act as in force
at the date of this Indenture. All accounting terms used herein and not expressly defined shall
have the meanings assigned to such terms in accordance with generally accepted accounting
principles, and the term “generally accepted accounting principles” means such accounting
principles as are generally accepted at the time of any computation. The words “herein”, “hereof”
and “hereunder” and other words of similar import refer to this Indenture as a whole and not to any
particular Article, Section or other subdivision. The terms defined in this Article have the
meanings assigned to them in this Article and include the plural as well as the singular.

          “Board of Directors” means either the Board of Directors of the Issuer or any
committee of such Board duly authorized to act hereunder.

          “Business Day” means, with respect to any Security, a day that in the city (or in any
of the cities, if more than one) in which amounts are payable, as specified in the form of

1

 

such Security, is not a day on which banking institutions are authorized by law or regulation
to close.

          “Commission” means the Securities and Exchange Commission, as from time to time
constituted, created under the Securities Exchange Act of 1934, as amended, or if at any time after
the execution and delivery of this Indenture such Commission is not existing and performing the
duties now assigned to it under the Trust Indenture Act, then the body performing such duties on
such date.

          “Corporate Trust Office” means the office of the Trustee at which the corporate trust
business of the Trustee shall, at any particular time, be administered, which office is, at the
date as of which this Indenture is dated, located at                                                             , provided
that for purposes of Section 3.2 of the Indenture such term shall mean the office or agency of the
Trustee located in the Borough of Manhattan, the City of New York, which office is located at
                                                            .

          “Depositary” means, with respect to the Securities of any series issuable or issued in
whole or in part in the form of one or more Global Securities, the Person designated as Depositary
by the Issuer pursuant to Section 2.3 until a successor Depositary shall have become such pursuant
to the applicable provisions hereof, and thereafter “Depositary” shall mean or include each Person
who is then a Depositary hereunder, and if at any time there is more than one such Person,
“Depositary” as used with respect to the Securities of any such series shall mean the Depositary
with respect to the Securities of that series.

          “Designated Senior Indebtedness” means any Senior Indebtedness in which the instrument
creating or evidencing the same or the assumption or guarantee thereof (or related agreements or
documents to which the Issuer is a party) expressly provides that such Senior Indebtedness shall be
“Designated Senior Indebtedness” for purposes of this Indenture.

          “Event of Default” means any event or condition specified as such in Section 5.1.

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

          “Global Security” means a Security evidencing all or a part of a series of Securities,
issued to the Depositary for such series in accordance with Section 2.4, and bearing the legend
prescribed in Section 2.4.

          “Holder,” “holder of securities,” “Securityholder” or other similar
terms mean the registered holder of any Security.

          “Indebtedness” means, with respect to any Person, (i) all obligations, contingent or
otherwise, of such Person (a) for borrowed money (whether or not the recourse of the lender is to
the whole of the assets of such Person or only to a portion thereof), (b) evidenced by a note,
debenture, bond or written instrument (including a purchase money obligation), (c) in respect of
leases of such Person required, in conformity with generally accepted accounting principles, to be
accounted for as capitalized lease obligations on the balance sheet of such Person and all
obligations and other liabilities (contingent or otherwise) under any lease or related document
(including a purchase agreement) in connection with the lease of real property which provides

2

 

that such Person is contractually obligated to purchase or cause a third party to purchase the
leased property and thereby guarantee a minimum residual value of the leased property to the lessor
and the obligations of such Person under such lease or related document to purchase or to cause a
third party to purchase such leased property or (d) in respect of letters of credit (including
reimbursement obligations with respect thereto) or bankers’ acceptances; (ii) all obligations of
others of the type described in clause (i) above or in clause (iii), (iv) or (v) below assumed by
or guaranteed in any manner by such Person or in effect guaranteed by such Person through an
agreement to purchase, contingent or otherwise (and the obligations of such Person under any such
assumptions, guarantees or other such arrangements); (iii) all obligations secured by a mortgage,
pledge, lien, encumbrance, charge or adverse claim affecting title or resulting in an encumbrance
to which the property or assets of such Person are subject, whether or not the obligation secured
thereby shall have been assumed by or shall otherwise be such Person’s legal liability; (iv) to the
extent not otherwise included, all obligations of such Person under interest rate and currency swap
agreements, cap, floor and collar agreements, spot and forward contracts and similar agreements and
arrangements; and (v) all obligations, contingent or otherwise, of such Person under or in respect
of any and all deferrals, renewals, extensions and refundings of, or amendments, modifications or
supplements to, any liability of the kind described in any of the preceding clauses (i), (ii),
(iii) or (iv).

          “Indenture” means this instrument as originally executed and delivered or, if amended
or supplemented as herein provided, as so amended or supplemented or both, and shall include the
forms and terms of particular series of Securities established as contemplated hereunder.

          “Interest” means, when used with respect to non-interest bearing Securities, interest
payable after maturity.

          “Issuer” means (except as otherwise provided in Article Six) G-III Apparel Group,
Ltd., a Delaware corporation, and, subject to the provisions of Article Nine, its successors and
assigns.

          “Officers’ Certificate” means a certificate signed by the chairman of the Board of
Directors or any vice chairman of the Board of Directors or the president or any vice president and
by the treasurer or the secretary or any assistant secretary of the Issuer and delivered to the
Trustee. Each such certificate shall include the statements provided for in Section 13.5.

          “Opinion of Counsel” means an opinion in writing signed by legal counsel, who may be
an employee of or counsel to the Issuer, and who shall be satisfactory to the Trustee. Each such
opinion shall include the statements provided for in Section 13.5, if and to the extent required
hereby.

          “Original issue date” of any Security (or portion thereof) means the earlier of (a)
the date of such Security or (b) the date of any Security (or portion thereof) for which such
Security was issued (directly or indirectly) on registration of transfer, exchange or substitution.

          “Outstanding”, when used with reference to Securities, shall, subject to the
provisions of Section 7.4, mean, as of any particular time, all Securities authenticated and

3

 

delivered by the Trustee under this Indenture, except (a) Securities theretofore cancelled by
the Trustee or delivered to the Trustee for cancellation; (b) Securities, or portions thereof, for
the payment or redemption of which moneys in the necessary amount shall have been deposited in
trust with the Trustee or with any paying agent (other than the Issuer) or shall have been set
aside, segregated and held in trust by the Issuer for the holders of such Securities (if the Issuer
shall act as its own paying agent); provided that if such Securities, or portions thereof, are to
be redeemed prior to the maturity thereof, notice of such redemption shall have been given as
herein provided, or provision satisfactory to the Trustee shall have been made for giving such
notice; (c) Securities in substitution for which other Securities shall have been authenticated and
delivered, or which shall have been paid, pursuant to the terms of Section 2.9 (except with respect
to any such Security as to which proof satisfactory to the Trustee is presented that such Security
is held by a Person in whose hands such Security is a legal, valid and binding obligation of the
Issuer); and (d) except to the extent provided in Sections 12.2 and 12.3, Securities with respect
to which the Issuer has effected defeasance and/or covenant defeasance as provided in Article
Twelve.

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

          “principal”, whenever used with reference to the Securities or any Security or any
portion thereof, shall be deemed to include “and premium, if any.”

          “Record date” has the meaning given in Section 2.7.

          “Responsible Officer” shall mean, when used with respect to the Trustee, any officer
within the corporate trust department of the Trustee, including any vice president, assistant vice
president, assistant secretary, assistant treasurer, trust officer or any other officer of the
Trustee who customarily performs functions similar to those performed by the Persons who at the
time shall be such officers, respectively, or to whom any corporate trust matter is referred
because of such person’s knowledge of and familiarity with the particular subject and who shall
have direct responsibility for the administration of this Indenture.

          “Security” or “Securities” has the meaning stated in the first recital of this
Indenture, or, as the case may be, Securities that have been authenticated and delivered under this
Indenture.

          “Senior Indebtedness” means the principal of, premium, if any, and interest on, rent
payable under, and any other amounts due on or in connection with any and all Indebtedness of the
Issuer (including, without limitation, fees, costs, expenses and any interest accruing after the
filing of a petition initiating any proceeding pursuant to any bankruptcy law, but only to the
extent allowed or permitted to the holder of such Indebtedness against the bankruptcy or other
insolvency estate of the Issuer in such proceeding), whether outstanding on the date of this
Indenture or thereafter created, incurred, assumed, guaranteed or in effect guaranteed by the
Issuer (including all deferrals, renewals, extensions or refundings of, or amendments,
modifications or supplements to the foregoing); provided, however, that Senior Indebtedness does
not include (i) Indebtedness evidenced by the Securities, (ii) Indebtedness of the Issuer to any
Subsidiary of the Issuer except to the extent such Indebtedness is pledged by such Subsidiary

4

 

as security for any Senior Indebtedness, (iii) accounts payable of the Issuer to trade
creditors arising in the ordinary course of business, and (iv) any particular Indebtedness in which
the instrument creating or evidencing the same or the assumption or guarantee thereof expressly
provides that such Indebtedness shall not be senior in right of payment to, or is pari passu with,
or is subordinated or junior to, the Securities.

          “Subsidiary” means (a) any corporation, association or other business entity of which
more than 50% of the total voting power of shares of capital stock entitled (without regard to the
occurrence of any contingency) to vote in the election of directors, managers or trustees thereof
is at the time owned or controlled, directly or indirectly, by the Issuer or one or more of the
other Subsidiaries of the Issuer (or a combination thereof) and (b) any partnership (i) the sole
general partner or the managing general partner of which is the Issuer or a Subsidiary of the
Issuer or (ii) the only general partners of which are the Issuer or of one or more Subsidiaries of
the Issuer (or any combination thereof).

          “Trustee” means the Person identified as “Trustee” in the first paragraph hereof and,
subject to the provisions of Article Six, shall also include any successor trustee.

          “Trust Indenture Act” means the Trust Indenture Act of 1939 as amended by the Trust
Indenture Reform Act of 1990 and in force at the date as of which this Indenture was originally
executed (except as otherwise provided in Sections 8.1 and 8.2 in reference to the Trust Indenture
Act as in force on the date of execution of a supplemental indenture).

          “U.S. Government Obligations” means securities that are (x) direct obligations of the
United States of America for the payment of which its full faith and credit is pledged or (y)
obligations of a Person controlled or supervised by and acting as an agency or instrumentality of
the United States of America the payment of which is unconditionally guaranteed as a full faith and
credit obligation by the United States of America, which, in either case, are not callable or
redeemable at the option of the issuer thereof, and shall also include a depository receipt issued
by a bank (as defined in Section 3(a)(2) of the Securities Act of 1933, as amended) as custodian
with respect to any such U.S. Government Obligation or a specific payment of principal of or
interest on any such U.S. Government Obligation held by such custodian for the account of the
holder of such depository receipt, provided that (except as required by law) such custodian is not
authorized to make any deduction from the amount payable to the holder of such depository receipt
from any amount received by the custodian in respect of the U.S. Government Obligation or the
specific payment of principal of or interest on the U.S. Government Obligation evidenced by such
depository receipt.

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

5

 

ARTICLE TWO

SECURITIES

          SECTION 2.1 Forms Generally. The Securities of each series shall be substantially in
such form (including global form) (not inconsistent with this Indenture) as shall be established by
or pursuant to a resolution of the Board of Directors or in one or more indentures supplemental
hereto, in each case with such appropriate insertions, omissions, substitutions and other
variations as are required or permitted by this Indenture and may have imprinted or otherwise
reproduced thereon such legend or legends, not inconsistent with the provisions of this Indenture,
as may be required to comply with any law or with any rules or regulations pursuant thereto, or
with any rules of any securities exchange or to conform to general usage, all as may be determined
by the officers executing such Securities, as evidenced by their execution of the Securities.

          If any Security of a series is issuable in the form of a Global Security or Securities, each
such Global Security may provide that it shall represent the aggregate amount of Outstanding
Securities from time to time endorsed thereon and may also provide that the aggregate amount of
Outstanding Securities represented thereby may from time to time be reduced to reflect exchanges.
Any endorsement of a Global Security to reflect the amount of Outstanding Securities represented
thereby shall be made by the Trustee and in such manner as shall be specified on such Global
Security. Any instructions by the Issuer with respect to a Global Security, after its initial
issuance, shall be in writing but need not comply with Section 13.5.

          The definitive Securities shall be printed, lithographed or produced in any other manner, all
as determined by the officers executing such Securities, as evidenced by their execution of such
Securities.

          SECTION 2.2 Form of Trustee’s Certificate of Authentication. The Trustee’s
certificate of authentication on all Securities shall be in substantially the following form:

          This is one of the Securities described in the within-mentioned Indenture.

	 	 	 	 	 
	Dated: 	               
                       
                   
                      , as Trustee

 
	 	By:  	 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 

          SECTION 2.3 Amount Unlimited; Issuable in Series. The aggregate principal amount of
securities which may be authenticated and delivered under this Indenture is unlimited.

          The Securities may be issued in one or more series. There shall be established in or pursuant
to a resolution of the Board of Directors and set forth in an Officers’ Certificate, or established
in one or more indentures supplemental hereto, prior to the issuance of Securities of any series:

6

 

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

          (2) the aggregate principal amount of the Securities of the series to be issued;

          (3) the issue price or prices of the Securities of the series to be issued, expressed as a
percentage of the aggregate principal amount of the Securities of the series;

          (4) any limit upon the aggregate principal amount of the Securities of the series that may be
authenticated and delivered under this Indenture (except for Securities authenticated and delivered
upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the series
pursuant to Section 2.8, 2.9, 2.11, 5.3, 8.5 or 12.3);

          (5) the date or dates on which the principal of the Securities of the series is payable, or
the method by which such date or dates will be determined or extended;

          (6) the rate or rates at which the Securities of the series shall bear interest (which may be
fixed or variable), if any, or the method by which such rate or rates shall be determined, the date
or dates from which such interest shall accrue, or the method by which such date or dates shall be
determined, the interest payment dates on which such interest shall be payable and the record dates
for the determination of Holders to whom interest is payable;

          (7) the place or places where the principal and any interest on Securities of the series shall
be payable (if other than as provided in Section 3.2);

          (8) the price or prices at which, the period or periods within which and the terms and
conditions upon which Securities of the series may be redeemed, in whole or in part, at the option
of the Issuer, pursuant to any sinking fund or otherwise;

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

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

          (11) whether the Securities of such series shall be issued in whole or in part in the form of
one or more Global Securities and, in such case, the Depositary for such Global Security or
Securities and whether beneficial owners of interests in any such Global Securities may exchange
such interests for other Securities of such series in the manner provided in Section 2.8, and the
manner and the circumstances under which and the place or places where any such exchanges may occur
if other than in the manner provided in Section 2.8, and any other terms of the series relating to
the global nature of the Securities of such series and the exchange, registration or transfer
thereof and the payment of any principal thereof, or interest thereon;

7

 

          (12) if other than the principal amount thereof, the portion of the principal amount of
Securities of the series which shall be payable upon declaration of acceleration of the maturity
thereof pursuant to Section 5.1 or provable in bankruptcy pursuant to Section 5.2;

          (13) the coin or currency in which the Securities of that series are denominated and, if other
than the coin or currency in which the Securities of that series are denominated, the coin or
currency in which payment of the principal of and/or interest, if any, on the Securities of such
series shall be payable;

          (14) if other than U.S. dollars, the currency, currencies or currency units in which the
principal of, premium, if any, and interest on the Securities of the series is payable, and the
Person who shall serve as Exchange Rate Agent for purposes of making any related calculations of
the Market Exchange Rate;

          (15) if the amounts of payments of principal and, if applicable, premium or interest, on the
Securities of the series may be determined with reference to an index based on a coin or currency
other than that in which the Securities of the series are denominated or by reference to a
commodity, commodity index, stock exchange index or financial index, the manner in which such
amounts shall be determined;

          (16) the provisions, if any, relating to any collateral provided for the Securities;

          (17) the provisions, if any, with respect to amortization;

          (18) any covenants or obligations of the Issuer to the Holders of such Securities or
acceleration provisions in addition to, or modification or deletion of, those set forth herein;

          (19) any Events of Default with respect to the Securities of such series which may be in
addition to, or modification or deletion of, those provided herein,

          (20) the terms and conditions, if any, for conversion into or exchange for shares of common
stock or preferred stock;

          (21) any terms and conditions restricting the declaration of dividends or requiring the
maintenance of any asset ratio or the creation or maintenance of reserves;

          (22) any provisions restricting the incurrence of additional debt or the issuance of
additional securities;

          (23) any depositaries, interest rate calculation agents, exchange rate calculation agents or
other agents;

          (24) whether the Securities are defeasible and any limitations on the applicability of Section
12.2 or 12.3 to the Securities of the series;

          (25) any authenticating or paying agents, transfer agents or registrars, if other than the
Trustee, or any other agents with respect to the Securities of such series;

8

 

          (26) the terms and conditions, if any, upon which the Securities shall be subordinated in
right of payment to the Issuer’s other indebtedness; and

          (27) any other terms of the series (which terms shall not be inconsistent with the provisions
of this Indenture).

          All Securities of any one series shall be substantially identical except as to denomination
and except as may otherwise be provided in or pursuant to such resolution of the Board of Directors
or in any such indenture supplemental hereto. Except as provided in such resolution, the
Securities of any one series need not be issued at the same time and a series may be reopened
without the consent of the Holders, for issuances of additional Securities of such series.

          SECTION 2.4 Authentication and Delivery of Securities. At any time and from time to
time after the execution and delivery of this Indenture, the Issuer may deliver Securities of any
series executed by the Issuer to the Trustee for authentication, and the Trustee shall thereupon
authenticate and deliver such Securities to or upon the written order of the Issuer, signed by both
(a) the chairman of its Board of Directors, or any vice chairman of its Board of Directors, or its
president or any vice president and (b) by its treasurer or any assistant treasurer, without any
further action by the Issuer. If any Security of a series shall be represented by a Global
Security, then, for purposes of this Section and Section 2.11, the notation of the record owner’s
interest therein upon original issuance of such Security shall be deemed to be delivery in
connection with the original issuance of each beneficial owner’s interest in such Global Security.
In authenticating such Securities and accepting the additional responsibilities under this
Indenture in relation to such Securities, the Trustee shall be entitled to receive, and (subject to
Section 6.1) shall be fully protected in relying upon:

          (a) a certified copy of any resolution or resolutions of the Board of Directors authorizing
the action taken pursuant to the resolution or resolutions delivered under clause (b) below;

          (b) a copy of any resolution or resolutions of the Board of Directors relating to such series,
in each case certified by the secretary or an assistant secretary of the Issuer;

          (c) an executed supplemental indenture, if any;

          (d) an Officers’ Certificate setting forth the form and terms of the Securities as required
pursuant to Section 2.1 and 2.3, respectively, and prepared in accordance with Section 13.5; and

          (e) an Opinion of Counsel, prepared in accordance with Section 13.5, which shall state:

     (i) if the form or forms of such Securities have been established by or pursuant to a
resolution or resolutions of the Board of Directors or by a supplemental indenture as
permitted by Section 2.1, that such form or forms have been established in conformity with
the provisions of this Indenture;

9

 

     (ii) if the terms of such Securities have been established by or pursuant to a
resolution or resolutions of the Board of Directors or by a supplemental indenture as
permitted by Section 2.3, that such terms have been established in conformity with the
provisions of this Indenture;

     (iii) that such Securities, when authenticated and delivered by the Trustee and issued
by the Issuer in the manner and subject to any conditions specified in such Opinion of
Counsel, will constitute valid and legally binding obligations of the Issuer enforceable in
accordance with their terms, subject to bankruptcy, insolvency, fraudulent transfer,
reorganization, moratorium and similar laws of general applicability relating to or
affecting creditors’ rights and to general equity principles; and

     (iv) such other matters as the Trustee may reasonably request.

          If the Issuer shall establish pursuant to Section 2.3 that the Securities of a series are to
be issued in whole or in part in the form of one or more Global Securities, then the Issuer shall
execute and the Trustee shall, in accordance with this Section and the authentication order of the
Issuer with respect to such series, authenticate and deliver one or more Global Securities in
temporary or permanent form that shall: (i) represent and be denominated in an aggregate amount
equal to the aggregate principal amount of the Outstanding Securities of such series to be
represented by one or more Global Securities; (ii) be registered in the name of the Depositary for
such Global Security or Securities or the nominee of such Depositary; (iii) be delivered by the
Trustee to such Depositary or pursuant to such Depositary’s instruction; and (iv) bear a legend
substantially to the following effect or in other form satisfactory to the Depositary:

Unless and until it is exchanged in whole or in part for Securities
in definitive form, this Security may not be transferred except as a
whole by the Depositary to a nominee of the Depositary or by a
nominee of the Depositary to the Depositary or another nominee of
the Depositary or by the Depositary or any nominee to a successor
Depositary or a nominee of any successor Depositary.

          Each Depositary designated pursuant to Section 2.3 for a Global Security in registered form
must, at the time of its designation and at all times while it serves as a Depositary, be a
clearing agency registered under the Exchange Act and shall be eligible to serve as such under any
other applicable statute or regulation.

          The Trustee shall have the right to decline to authenticate and deliver any Securities under
this Section if the Trustee, being advised by counsel, determines that such action may not lawfully
be taken by the Issuer or if the Trustee in good faith by its board of directors or board of
trustees, executive committee, or a trust committee of directors or trustees or Responsible
Officers shall determine that such action would expose the Trustee to personal liability to
existing Holders or would affect the Trustee’s rights, duties or immunities under the Securities or
this Indenture.

          SECTION 2.5 Execution of Securities. The Securities shall be signed on behalf of the
Issuer by both (a) the chairman of its Board of Directors or any vice chairman of its Board

10

 

of Directors or its president or any vice president and (b) by its treasurer or any assistant
treasurer or its secretary or any assistant secretary, under its corporate seal, which may, but
need not, be attested. Such signatures may be manual or facsimile. The seal of the Issuer may be
in the form of a facsimile thereof and may be impressed, affixed, imprinted or otherwise reproduced
on the Securities. Typographical and other minor errors or defects in any such reproduction of the
seal or any such signature shall not affect the validity or enforceability of any Security that has
been duly authenticated and delivered by the Trustee.

          In case any officer of the Issuer who shall have signed any of the Securities shall cease to
be such officer before the Security so signed shall be authenticated and delivered by the Trustee
or disposed of by the Issuer, such Security nevertheless may be authenticated and delivered or
disposed of as though the person who signed such Security had not ceased to be such officer of the
Issuer; and any Security may be signed on behalf of the Issuer by such persons as, at the actual
date of the execution of such Security, shall be the proper officers of the Issuer, although at the
date of the execution and delivery of this Indenture any such person was not such an officer.

          SECTION 2.6 Certificate of Authentication. Only such Securities as shall bear thereon
a certificate of authentication substantially in the form hereinbefore recited, executed by the
Trustee by the manual signature of one of its authorized signatories, shall be entitled to the
benefits of this Indenture or be valid or obligatory for any purpose. Such certificate by the
Trustee upon any Security executed by the Issuer shall be conclusive evidence that the Security so
authenticated has been duly authenticated and delivered hereunder and that the holder is entitled
to the benefits of this Indenture.

          SECTION 2.7 Denomination and Date of Securities; Payments of Interest. The Securities
shall be issuable as registered securities without coupons and in denominations as shall be
specified as contemplated by Section 2.3. In the absence of any such specification with respect to
the Securities of any series, the Securities of such series shall be issuable in denominations of
$1,000 and any multiple thereof. The Securities shall be numbered, lettered, or otherwise
distinguished in such manner or in accordance with such plan as the officers of the Issuer
executing the same may determine with the approval of the Trustee as evidenced by the execution and
authentication thereof. Each Security shall be dated the date of its authentication, shall bear
interest, if any, from the date and shall be payable on the dates, in each case, which shall be
specified as contemplated by Section 2.3.

          The Person in whose name any Security of any series is registered at the close of business on
any record date applicable to a particular series with respect to any interest payment date for
such series shall be entitled to receive the interest, if any, payable on such interest payment
date notwithstanding any transfer or exchange of such Security subsequent to the record date and
prior to such interest payment date, except if and to the extent the Issuer shall default in the
payment of the interest due on such interest payment date for such series, in which case such
defaulted interest shall be paid to the Persons in whose names Outstanding Securities for such
series are registered at the close of business on a subsequent record date (which shall be not less
than five Business Days prior to the date of payment of such defaulted interest) established by
notice given by mail by or on behalf of the Issuer to the holders of Securities not less than 15
days preceding such subsequent record date. The term “record date” as used with respect to any

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interest payment date (except a date for payment of defaulted interest) shall mean the date
specified as such in the terms of the Securities of any particular series, or, if no such date is
so specified, if such interest payment date is the first day of a calendar month, the fifteenth day
of the next preceding calendar month or, if such interest payment date is the fifteenth day of a
calendar month, the first day of such calendar month, whether or not such record date is a Business
Day.

          SECTION 2.8 Registration, Transfer and Exchange. With respect to each series of
Securities, the Issuer will cause to be kept at each office or agency to be maintained for that
purpose, as provided in Section 3.2, a register or registers in which, subject to such reasonable
regulations as it may prescribe, it will provide for the registration and transfer thereof as in
this Article provided.

          Such register shall be in written form in the English language or in any other form capable of
being converted into such form within a reasonable time. In the event that such registers are not
maintained by the Trustee, at all reasonable times such register or registers shall be open for
inspection by the Trustee.

          Upon due presentation for registration of transfer of any Security of any series at any such
office or agency to be maintained for that purpose as provided in Section 3.2, the Issuer shall
execute and the Trustee shall authenticate and deliver in the name of the transferee or transferees
a new Security or Securities of the same series, in authorized denominations, for a like aggregate
principal amount.

          Notwithstanding any other provision of this Section, unless and until it is exchanged in whole
or in part for Securities in definitive form, a Global Security representing all or a portion of
the Securities of a series may not be transferred except as a whole by the Depositary for such
series to a nominee of such Depositary or by a nominee of such Depositary to such Depositary or
another nominee of such Depositary or by such Depositary or any such nominee to a successor
Depositary for such series or a nominee of such successor Depositary.

          Any Security or Securities of any series (other than a Global Security, except as set forth
herein) may be exchanged for a Security or Securities of the same series in other authorized
denominations, in an equal aggregate principal amount. Securities of any series to be exchanged
shall be surrendered at any office or agency to be maintained by the Issuer for the purpose as
provided in Section 3.2, and the Issuer shall execute and the Trustee shall authenticate and
deliver in exchange therefor the Security or Securities of the same series which the Securityholder
making the exchange shall be entitled to receive, bearing numbers not contemporaneously
outstanding.

          If at any time the Depositary for the Securities of a series notifies the Issuer that it is
unwilling or unable to continue as Depositary for the Securities of such series or if at any time
the Depositary for the Securities of such series shall no longer be eligible under Section 2.4, the
Issuer shall appoint a successor Depositary with respect to the Securities of such series. If a
successor Depositary for the Securities of such series is not appointed by the Issuer within 90
days after the Issuer receives such notice or becomes aware of such ineligibility, the Issuer’s
election pursuant to Section 2.3(11) shall no longer be effective with respect to the Securities of

12

 

such series and the Issuer will execute, and the Trustee, upon receipt of an order of the
Issuer for the authentication and delivery of definitive Securities of such series, will
authenticate and deliver Securities of such series in definitive form in the aggregate principal
amount equal to the principal amount of the Global Security or Securities representing such series
in exchange for such Global Security or Securities.

          The Issuer may at any time and in its sole discretion determine that the Securities of any
series issued in the form of one or more Global Securities shall no longer be represented by such
Global Security or Securities. In the event of such a determination by the Issuer or if an Event
of Default has occurred and is continuing and the beneficial owners representing a majority in
principal amount of the applicable series of Securities represented by one or more Global
Securities advise the Depositary to cease acting as depositary for such Global Security or
Securities, the Issuer will execute, and the Trustee, upon receipt of an order of the Issuer for
the authentication and delivery of definitive Securities of such series, will authenticate and
deliver Securities of such series in definitive form in an aggregate principal amount equal to the
principal amount of the Global Security or Securities representing such series in exchange for such
Global Security or Securities.

          If specified by the Issuer pursuant to Section 2.3 with respect to a series of Securities, the
Depositary for such series of Securities may surrender a Global Security for such series of
Securities in exchange in whole or in part for the Securities of such series in definitive form on
such terms as are acceptable to Issuer and such Depositary. Thereupon, the Issuer shall execute,
and the Trustee shall authenticate and deliver, without service charge:

          (1) to each Person specified by such Depositary, a new Security or Securities of the same
series, of any authorized denomination as requested by such Person in aggregate principal amount
equal to and in exchange for such Person’s beneficial interest in the Global Security; and

          (2) to such Depositary, a new Global Security in a denomination equal to the difference, if
any, between the principal amount of the surrendered Global Security and the aggregate principal
amount of Securities delivered to Holders thereof.

          Upon the exchange of the Global Security for Securities in definitive form, such Global
Security shall be cancelled by the Trustee. Securities issued in exchange for a Global Security
pursuant to this Section shall be registered in such names and in such authorized denominations as
the Depositary for such Global Security, pursuant to instructions from its direct or indirect
participants or otherwise, shall instruct the Trustee. The Trustee shall deliver such Securities
to the Persons in whose names such Securities are so registered.

          All Securities presented for registration of transfer, exchange, redemption or payment shall
(if so required by the Issuer) be duly endorsed by, or be accompanied by a written instrument or
instruments of transfer in form satisfactory to the Issuer and the Security registrar duly executed
by, the holder or his attorney duly authorized in writing.

13

 

          The Issuer may require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any exchange or registration of transfer of
Securities. No service charge shall be made for any such transaction.

          The Issuer shall not be required to exchange or register a transfer of (a) any Securities of
any series for a period of 15 days next preceding the date of selection of Securities of such
series to be redeemed, or (b) any Securities selected, called or being called for redemption
except, in the case of any Security where public notice has been given that such Security is to be
redeemed in part, the portion thereof not so to be redeemed.

          All Securities issued upon any transfer or exchange of Securities shall be valid obligations
of the Issuer, evidencing the same debt, and entitled to the same benefits under this Indenture, as
the Securities surrendered upon such transfer or exchange.

          SECTION 2.9 Mutilated, Defaced, Destroyed, Lost and Stolen Securities. In case any
temporary or definitive Security shall become mutilated, defaced or be destroyed, lost or stolen,
the Issuer in its discretion may execute, and upon the written request of any officer of the
Issuer, the Trustee shall authenticate and deliver, a new Security of the same series, bearing a
number not contemporaneously outstanding, in exchange and substitution for the mutilated or defaced
Security, or in lieu of and substitution for the Security so destroyed, lost or stolen. In every
case the applicant for a substitute Security shall furnish to the Issuer and to the Trustee and any
agent of the Issuer or the Trustee such security or indemnity as may be required by them to
indemnify and defend and to save each of them harmless and, in every case of destruction, loss or
theft, evidence to their satisfaction of the destruction, loss or theft of such Security and of the
ownership thereof.

          Upon the issuance of any substitute Security, the Issuer may require the payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in relation thereto
and any other expenses (including the fees and expenses of the Trustee) connected therewith. In
case any Security which has matured or is about to mature or has been called for redemption in full
shall become mutilated or defaced or be destroyed, lost or stolen, the Issuer may, instead of
issuing a substitute Security, pay or authorize the payment of the same (without surrender thereof
except in the case of a mutilated or defaced Security), if the applicant for such payment shall
furnish to the Issuer and to the Trustee and any agent of the Issuer or the Trustee such security
or indemnity as any of them may require to save each of them harmless, and, in every case of
destruction, loss or theft, the applicant shall also furnish to the Issuer and the Trustee and any
agent of the Issuer or the Trustee evidence to their satisfaction of the destruction, loss or theft
of such Security and of the ownership thereof.

          Every substitute Security of any series issued pursuant to the provisions of this Section by
virtue of the fact that any such Security is destroyed, lost or stolen shall constitute an
additional contractual obligation of the Issuer, whether or not the destroyed, lost or stolen
Security shall be at any time enforceable by anyone and shall be entitled to all the benefits of
(but shall be subject to all the limitations of rights set forth in) this Indenture equally and
proportionately with any and all other Securities of such series duly authenticated and delivered
hereunder. All Securities shall be held and owned upon the express condition that, to the extent
permitted by law, the foregoing provisions are exclusive with respect to the replacement or

14

 

payment of mutilated, defaced or destroyed, lost or stolen Securities and shall preclude any
and all other rights or remedies notwithstanding any law or statute existing or hereafter enacted
to the contrary with respect to the replacement or payment of negotiable instruments or other
securities without their surrender.

          SECTION 2.10 Cancellation of Securities; Destruction Thereof. Unless otherwise
provided with respect to any series of Securities, all Securities surrendered for payment,
redemption, registration of transfer or exchange, or for credit against any payment in respect of a
sinking or analogous fund, if surrendered to the Issuer or any agent of the Issuer or the Trustee,
shall be delivered to the Trustee for cancellation or, if surrendered to the Trustee, shall be
cancelled by it; and no Securities shall be issued in lieu thereof except as expressly permitted by
any of the provisions of this Indenture. The Trustee shall cancel Securities held by it and
deliver a certificate of cancellation to the Issuer at the Issuer’s written direction. If the
Issuer shall acquire any of the Securities, such acquisition shall not operate as a redemption or
satisfaction of the indebtedness represented by such Securities unless and until the same are
delivered to the Trustee for cancellation.

          SECTION 2.11 Temporary Securities. Pending the preparation of a permanent Global
Security or Securities or definitive Securities for any series, the Issuer may execute and the
Trustee shall authenticate and deliver temporary Securities for such series or one or more
temporary Global Securities (printed, lithographed, typewritten or otherwise reproduced, in each
case in form satisfactory to the Trustee). Temporary Securities of any series shall be issuable as
registered Securities without coupons, of any authorized denomination, and substantially in the
form of the definitive Securities or permanent Global Security, as the case may be, of such series
but with such omissions, insertions and variations as may be appropriate for temporary Securities,
all as may be determined by the Issuer with the concurrence of the Trustee. Temporary Securities
may contain such reference to any provisions of this Indenture as may be appropriate. Every
temporary Security shall be executed by the Issuer and be authenticated by the Trustee upon the
same conditions and in substantially the same manner, and with like effect, as the definitive
Securities. Without unreasonable delay, the Issuer shall execute and shall furnish a permanent
Global Security or Securities or definitive Securities of such series and thereupon temporary
Securities of such series may be surrendered in exchange therefor, without charge, at each office
or agency to be maintained by the Issuer for that purpose pursuant to Section 3.2, and the Trustee
shall authenticate and deliver in exchange for such temporary Securities of such series a like
aggregate principal amount of permanent global securities or definitive Securities of the same
series of authorized denominations. Until so exchanged, the temporary Securities of any series
shall be entitled to the same benefits under this Indenture as permanent global securities or
definitive Securities of such series.

          SECTION 2.12 CUSIP Numbers. The Issuer in issuing the Securities may use “CUSIP”
numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP” numbers in notices of
redemption as a convenience to Holders; provided that any such notice may state that no
representation is made as to the correctness of such numbers either as printed on the Securities or
as contained in any notice of a redemption and that reliance may be placed only on the other
identification numbers printed on the Securities, and any such redemption shall not be affected by
any defect in or omission of such numbers. The Issuer will promptly notify the Trustee of any
change in the “CUSIP” numbers.

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ARTICLE THREE

COVENANTS OF THE ISSUER

          SECTION 3.1 Payment of Principal and Interest. The Issuer covenants and agrees for
the benefit of the Holders of each series of Securities that it will duly and punctually pay or
cause to be paid the principal of, and interest on, each of the Securities of such series at the
office or agency of the Issuer maintained for such purpose pursuant to Section 3.2 or at such other
place or places, at the respective times and in the manner provided in such Securities.

          Unless otherwise specified with respect to the Securities of any series in accordance with
Section 2.3, at the option of the Issuer, each installment on any such series may be paid (i) by
mailing a check for such interest, payable to or upon the written order of the Person entitled
thereto pursuant to Section 2.7, to the address of such Person as it appears on the Security
register or (ii) by wire transfer to an account maintained by the payee and located inside the
United States.

          SECTION 3.2 Offices for Payments, etc. So long as any of the Securities remain
outstanding, the Issuer will maintain the following for each series: an office or agency (a) where
the Securities may be presented for payment; (b) where the Securities may be presented for
registration of transfer and for exchange as in this Indenture provided; and (c) where notices and
demands to or upon the Issuer in respect of the Securities or of this Indenture may be served.

          The Issuer will give to the Trustee written notice of the location of any such office or
agency and of any change of location thereof. Unless otherwise specified in accordance with
Section 2.3, the Issuer hereby appoints the Trustee as paying agent and registrar and designates
the corporate trust office of                   
                       
                   , located at
                        
                        
            , as the office to be maintained by it for each such purpose. In
case the Issuer shall fail to so designate or maintain any such office or agency or shall fail to
give such notice of the location or any change in the location thereof, presentations and demands
may be made and notices may be served at the Corporate Trust Office.

          SECTION 3.3 Existence. Subject to Article Nine, the Issuer will do or cause to be
done all things necessary to preserve and keep in full force and effect its existence and the
corporate, partnership or other existence of each Subsidiary of the Issuer in accordance with the
respective organizational documents of the Issuer and each such Subsidiary and the rights (charter
and statutory) and material franchises of the Issuer and its Subsidiaries; provided, however, that
the Issuer shall not be required to preserve any such right or franchise, or the existence of any
Subsidiary, if the Board of Directors or management of the Issuer or such Subsidiary shall
determine that the preservation thereof is no longer desirable in the conduct of business of the
Issuer and its Subsidiaries, taken as a whole.

          SECTION 3.4 Appointment to Fill a Vacancy in Office of Trustee. The Issuer, whenever
necessary to avoid or fill a vacancy in the office of Trustee, will appoint, in the manner provided
in Section 6.10, a Trustee, so that there shall at all times be a Trustee with respect to each
series of Securities hereunder.

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          SECTION 3.5 Paying Agents. Whenever the Issuer shall appoint a paying agent other
than the Trustee with respect to the Securities of any series, it will cause such paying agent to
execute and deliver to the Trustee an instrument in which such agent shall agree with the Trustee,
subject to the provisions of this Section:

          (a) that it will hold all sums received by it as such agent for the payment of the principal
of or interest on the Securities of such series (whether such sums have been paid to it by the
Issuer or by any other obligor on the Securities of such series) in trust for the benefit of the
holders of the Securities of such series or of the Trustee;

          (b) that it will give the Trustee notice of any default by the Issuer (or by any other obligor
on the Securities of such series) to make any payment of the principal of or interest on the
Securities of such series when the same shall be due and payable; and

          (c) at any time during the continuance of such default, upon written request of the Trustee,
forthwith pay to the Trustee all sums so held in trust by such paying agent.

          The Issuer will, on or prior to each due date of the principal of or interest on the
Securities of such series, deposit with the paying agent a sum sufficient to pay such principal or
interest so becoming due, and (unless such paying agent is the Trustee) the Issuer will promptly
notify the Trustee of any failure to take such action.

          If the Issuer shall act as its own paying agent with respect to the Securities of any series,
it will, on or before each due date of the principal of or interest on the Securities of such
series, set aside, segregate and hold in trust for the benefit of the holders of the Securities of
such series a sum sufficient to pay such principal or interest so becoming due. The Issuer will
promptly notify the Trustee of such action.

          Anything in this Section to the contrary notwithstanding, the Issuer may at any time, for the
purpose of obtaining a satisfaction and discharge with respect to one or more or all series of
Securities hereunder, or for any other reason, pay or cause to be paid to the Trustee all sums held
in trust for any such series by the Issuer or any paying agent hereunder, as required by this
Section, such sums to be held by the Trustee upon the trusts herein contained.

          Anything in this Section to the contrary notwithstanding, the agreement to hold sums in trust
as provided in this Section is subject to the provisions of Sections 10.3 and 10.4.

          SECTION 3.6 Written Statement to Trustee. The Issuer will deliver to the Trustee on
or before April 15 in each year, a brief certificate from its principal executive, accounting or
financial officer (which need not comply with Section 13.5), as to his or her knowledge of the
Issuer’s compliance with all conditions and covenants in this Indenture (without regard to any
period of grace or requirement of notice provided under this Indenture).

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ARTICLE FOUR

SECURITYHOLDERS’ LISTS AND REPORTS BY THE

ISSUER AND THE TRUSTEE

          SECTION 4.1 Issuer to Furnish Trustee Information as to Names and Addresses of
Securityholders. The Issuer covenants and agrees that it will furnish or cause to be furnished
to the Trustee a list in such form as the Trustee may reasonably require of the names and addresses
of the holders of the Securities of each series:

          (a) semiannually and not more than 15 days after each record date for the payment of interest
on such Securities, as hereinabove specified, as of such record date and on dates to be determined
pursuant to Section 2.3 for non-interest bearing securities in each year; and

          (b) at such other times as the Trustee may request in writing, within 30 days after receipt by
the Issuer of any such request as of a date not more than 15 days prior to the time such
information is furnished, provided that if and so long as the Trustee shall be the Security
registrar for such series, such list shall not be required to be furnished.

          SECTION 4.2 Preservation and Disclosure of Securityholders’ Lists. (a) The Trustee
shall preserve, in as current a form as is reasonably practicable, all information as to the names
and addresses of the holders of each series of Securities contained in the most recent list
furnished to it as provided in Section 4.1 or maintained by the Trustee in its capacity as Security
registrar for such series, if so acting. The Trustee may destroy any list furnished to it as
provided in Section 4.1 upon receipt of a new list so furnished.

          (b) The rights of Holders of Securities of any series to communicate with other Holders of
Securities of such series with respect to their rights under this Indenture or under the
Securities, and the corresponding rights and duties of the Trustee, shall be as provided by the
Trust Indenture Act.

          (c) Each and every holder of Securities, by receiving and holding the same, agrees with the
Issuer and the Trustee that neither the Issuer nor the Trustee nor any agent of the Issuer or the
Trustee shall be held accountable by reason of the disclosure of any such information as to the
names and addresses of the holders of Securities made pursuant to the Trust Indenture Act.

          SECTION 4.3 Reports by the Issuer. The Issuer shall file with the Trustee and the
Commission, and transmit to Holders, such information, documents and other reports, and such
summaries thereof, as may be required pursuant to the Trust Indenture Act at the times and in the
manner provided pursuant to the Trust Indenture Act; provided that any such information, documents
or reports required to be filed with the Commission pursuant to Section 13 or 15(d) of the Exchange
Act shall be filed with the Trustee within 15 days after the same is so required to be filed with
the Commission.

          SECTION 4.4 Reports by the Trustee. (a) The Trustee shall transmit to Holders and
other persons such reports concerning the Trustee and its actions under this Indenture as may be
required pursuant to the Trust Indenture Act on or before July 15 in each year that such report is
required, such reports to be dated as of the immediately preceding May 15.

          (b) A copy of each such report shall, at the time of such transmission to Securityholders, be
furnished to the Issuer and be filed by the Trustee with each stock exchange

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upon which the Securities of any applicable series are listed and also with the Commission.
The Issuer agrees to notify the Trustee with respect any series when and as the Securities of such
series become admitted to trading on any national securities exchange.

ARTICLE FIVE

REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS

ON EVENT OF DEFAULT

          SECTION 5.1 Event of Default Defined; Acceleration of Maturity; Waiver of Default.
“Event of Default” with respect to Securities of any series, wherever used herein, means
each one of the following events which shall have occurred and be continuing (whatever the reason
for such Event of Default and whether it shall be voluntary or involuntary or be effected by
operation of law or pursuant to any judgment, decree or order of any court or any order, rule or
regulation of any administrative or governmental body):

          (a) default in the payment of any installment of interest upon any of the Securities of such
series as and when the same shall become due and payable, and continuance of such default for a
period of 30 days; or

          (b) default in the payment of all or any part of the principal of any of the Securities of
such series as and when the same shall become due and payable either at maturity, upon redemption,
by declaration or otherwise; or

          (c) default in the payment of all or any part of any sinking fund installment or other similar
obligation as and when the same shall become due and payable by the terms of the Securities of such
series; or

          (d) default in the performance, or breach, of any covenant or warranty of the Issuer in
respect of the Securities of such series (other than a covenant or warranty in respect of the
Securities of such series a default in whose performance or whose breach is elsewhere in this
Section specifically dealt with), and continuance of such default or breach for a period of 90 days
after there has been given, by registered or certified mail, to the Issuer by the Trustee or to the
Issuer and the Trustee by the Holders of at least 25% in principal amount of the Outstanding
Securities of all series affected thereby, a written notice specifying such default or breach and
requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder or, if
there is a judicial or administrative proceeding pending at any time during the above-referenced
90-day period in which one of the disputed issues relates to whether or not there was a default or
breach, for a period of 90 days after the final resolution of whether or not there was a default or
breach; or

          (e) acceleration of indebtedness of the Issuer, under the terms of the instruments evidencing
such indebtedness, aggregating more than $5,000,000 at the time outstanding; or

          (f) judgments for the payment of more than $5,000,000 at the time outstanding rendered against
the Issuer and not discharged within 60 days after such judgment becomes final and nonappealable;
or

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          (g) a court having jurisdiction in the premises shall enter a decree or order for relief in
respect of the Issuer in an involuntary case under any applicable bankruptcy, insolvency or other
similar law now or hereafter in effect, or appointing a receiver, liquidator, assignee, custodian,
trustee or sequestrator (or similar official) of the Issuer or for any substantial part of its
property or ordering the winding up or liquidation of its affairs, and such decree or order shall
remain unstayed and in effect for a period of 60 consecutive days; or

          (h) the Issuer shall commence a voluntary case under any applicable bankruptcy, insolvency or
other similar law now or hereafter in effect, or consent to the entry of an order for relief in an
involuntary case under any such law, or consent to the appointment of or taking possession by a
receiver, liquidator, assignee, custodian, trustee or sequestrator (or similar official) of the
Issuer or for any substantial part of its property, or make any general assignment for the benefit
of creditors; or

          (i) any other Event of Default provided in the supplemental indenture or resolution of the
Board of Directors under which such series of Securities is issued or in the form of Security for
such series.

          If an Event of Default described in clauses (a), (b), (c) or (d) above (if the Event of
Default under clause (d) is with respect to less than all series of Securities then Outstanding)
occurs and is continuing, then, and in each and every such case, unless the principal of all of the
Securities of such series shall have already become due and payable, either the Trustee or the
holders of not less than 25% in aggregate principal amount of the Securities of such series then
outstanding hereunder (each such series voting as a separate class) by notice in writing to the
Issuer (and to the Trustee if given by Securityholders), may declare the entire principal of all
Securities of such series and the interest accrued thereon, if any, to be due and payable
immediately, and upon any such declaration the same shall become immediately due and payable. If
an Event of Default described in clause (d) (if the Event of Default under clause (d) is with
respect to all series of Securities then Outstanding), (e) or (f) occurs and is continuing, then
and in each and every such case, unless the principal of all the Securities shall have already
become due and payable, either the Trustee or the Holders of not less than 25% in aggregate
principal amount of all the Securities then Outstanding hereunder (treated as one class), by notice
in writing to the Issuer (and to the Trustee if given by Securityholders), may declare the entire
principal of all the Securities then outstanding and interest accrued thereon, if any, to be due
and payable immediately, and upon any such declaration the same shall become immediately due and
payable.

          The foregoing provisions, however, are subject to the condition that if, at any time after the
principal of the Securities of any series (or of all the Securities, as the case may be) shall have
been so declared due and payable, and before any judgment or decree for the payment of the moneys
due shall have been obtained or entered as hereinafter provided, the Issuer shall pay or shall
deposit with the Trustee a sum sufficient to pay all matured installments of interest upon all the
Securities of such series (or of all the Securities, as the case may be) and the principal of any
and all Securities of such series (or of all the Securities, as the case may be) which shall have
become due otherwise than by acceleration (with interest upon such principal and, to the extent
that payment of such interest is enforceable under applicable law, on overdue installments of
interest, at the same rate as the rate of interest specified in the Securities of such series to
the date

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of such payment or deposit) and such amount as shall be sufficient to cover reasonable
compensation to the Trustee, its agents, attorneys and counsel, and all other expenses and
liabilities incurred, and all advances made, by the Trustee except as a result of negligence or bad
faith, and if any and all Events of Default under the Indenture, other than the non-payment of the
principal of Securities which shall have become due by acceleration, shall have been cured, waived
or otherwise remedied as provided herein—then and in every such case the holders of a majority in
aggregate principal amount of all the Securities of such series, each series voting as a separate
class (or of all the Securities, as the case may be, voting as a single class) then Outstanding, by
written notice to the Issuer and to the Trustee, may waive all defaults with respect to such series
(or with respect to all the Securities, as the case may be) and rescind and annul such declaration
and its consequences, but no such waiver or rescission and annulment shall extend to or shall
affect any subsequent default or shall impair any right consequent thereon.

          SECTION 5.2 Collection of Indebtedness by Trustee; Trustee May Prove Debt. The Issuer
covenants that (a) in case default shall be made in the payment of any installment of interest on
any of the securities of any series when such interest shall have become due and payable, and such
default shall have continued for a period of 30 days or (b) in case default shall be made in the
payment of all or any part of the principal of any of the Securities of any series when the same
shall have become due and payable, whether upon maturity of the Securities of such series or upon
any redemption or by declaration or otherwise—then, upon demand of the Trustee, the Issuer will pay
to the Trustee for the benefit of the Holders of the Securities of such series the whole amount
that then shall have become due and payable on all Securities of such series for principal or
interest, as the case may be (with interest to the date of such payment upon the overdue principal
and, to the extent that payment of such interest is enforceable under applicable law, on overdue
installments of interest at the same rate as the rate of interest specified in the Securities of
such series); and in addition thereto, such further amount as shall be sufficient to cover the
costs and expenses of collection, including reasonable compensation to the Trustee and each
predecessor Trustee, their respective agents, attorneys and counsel, and any expenses and
liabilities incurred, and all advances made, by the Trustee and each predecessor Trustee except as
a result of its negligence or bad faith.

          Until such demand is made by the Trustee, the Issuer may pay the principal of and interest on
the Securities of any series to the registered holders, whether or not the principal of and
interest on the Securities of such series be overdue.

          In case the Issuer shall fail forthwith to pay such amounts upon such demand, the Trustee, in
its own name and as trustee of an express trust, shall be entitled and empowered to institute any
action or proceedings at law or in equity for the collection of the sums so due and unpaid, and may
prosecute any such action or proceedings to judgment or final decree, and may enforce any such
judgment or final decree against the Issuer or other obligor upon such Securities and collect in
the manner provided by law out of the property of the Issuer or other obligor upon such Securities,
wherever situated, the moneys adjudged or decreed to be payable.

          In case there shall be pending proceedings relative to the Issuer or any other obligor upon
the Securities under Title 11 of the United States Code or any other applicable Federal or state
bankruptcy, insolvency or other similar law, or in case a receiver, assignee or

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trustee in bankruptcy or reorganization, liquidator, sequestrator or similar official shall
have been appointed for or taken possession of the Issuer or its property or such other obligor, or
in case of any other comparable judicial proceedings relative to the Issuer or other obligor upon
the Securities of any series, or to the creditors or property of the Issuer or such other obligor,
the Trustee, irrespective of whether the principal of any Securities shall then be due and payable
as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall
have made any demand pursuant to the provisions of this Section, shall be entitled and empowered,
by intervention in such proceedings or otherwise:

          (a) to file and prove a claim or claims for the whole amount of principal and interest owing
and unpaid in respect of the Securities of any series, and to file such other papers or documents
as may be necessary or advisable in order to have the claims of the Trustee (including any claim
for reasonable compensation to the Trustee and each predecessor Trustee, and their respective
agents, attorneys and counsel, and for reimbursement of all expenses and liabilities incurred, and
all advances made, by the Trustee and each predecessor Trustee, except as a result of negligence or
bad faith) and of the Securityholders allowed in any judicial proceedings relative to the Issuer or
other obligor upon the Securities of any series, or to the creditors or property of the Issuer or
such other obligor;

          (b) unless prohibited by applicable law and regulations, to vote on behalf of the holders of
the Securities of any series in any election of a trustee or a standby trustee in arrangement,
reorganization, liquidation or other bankruptcy or insolvency proceedings or person performing
similar functions in comparable proceedings; and

          (c) to collect and receive any moneys or other property payable or deliverable on any such
claims, and to distribute all amounts received with respect to the claims of the Securityholders
and of the Trustee on their behalf; and any trustee, receiver, or liquidator, custodian or other
similar official is hereby authorized by each of the Securityholders to make payments to the
Trustee, and, in the event that the Trustee shall consent to the making of payments directly to the
Securityholders, to pay to the Trustee such amounts as shall be sufficient to cover reasonable
compensation to the Trustee, each predecessor Trustee and their respective agents, attorneys and
counsel, and all other expenses and liabilities incurred, and all advances made, by the Trustee and
each predecessor Trustee except as a result of negligence or bad faith and all other amounts due to
the Trustee or any predecessor Trustee pursuant to Section 6.6.

          Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to
or vote for or accept or adopt on behalf of any Securityholder any plan of reorganization,
arrangement, adjustment or composition affecting the Securities of any series or the rights of any
Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Securityholder
in any such proceeding except, as aforesaid, to vote for the election of a trustee in bankruptcy or
similar person.

          All rights of action and of asserting claims under this Indenture, or under any of the
Securities, may be enforced by the Trustee without the possession of any of the Securities or the
production thereof on any trial or other proceedings relative thereto, and any such action or
proceedings instituted by the Trustee shall be brought in its own name as trustee of an express

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trust, and any recovery of judgment, subject to the payment of the expenses, disbursements and
compensation of the Trustee, each predecessor Trustee and their respective agents and attorneys,
shall be for the ratable benefit of the holders of the Securities in respect of which such action
was taken.

          In any proceedings brought by the Trustee (and also any proceedings involving the
interpretation of any provision of this Indenture to which the Trustee shall be a party) the
Trustee shall be held to represent all the holders of the Securities in respect to which such
action was taken, and it shall not be necessary to make any holders of such Securities parties to
any such proceedings.

          SECTION 5.3 Application of Proceeds. Any moneys collected by the Trustee pursuant to
this Article in respect of any series shall be applied in the following order at the date or dates
fixed by the Trustee and, in case of the distribution of such moneys on account of principal or
interest, upon presentation of the several Securities in respect of which monies have been
collected and stamping (or otherwise noting) thereon the payment, or issuing Securities of such
series in reduced principal amounts in exchange for the presented Securities of like series if only
partially paid, or upon surrender thereof if fully paid:

          First: To the payment of all amounts due the Trustee under Section 6.6;

          Second: To the payment of any other costs and expenses applicable to such series in respect of
which monies have been collected;

          Third: In case the principal of the Securities of such series in respect of which moneys have
been collected shall not have become and be then due and payable, to the payment of interest on the
Securities of such series in default in the order of the maturity of the installments of such
interest, with interest (to the extent that such interest has been collected by the Trustee) upon
the overdue installments of interest at the same rate as the rate of interest specified in such
Securities, such payments to be made ratably to the persons entitled thereto, without
discrimination or preference;

          Fourth: In case the principal of the Securities of such series in respect of which moneys have
been collected shall have become and shall be then due and payable, to the payment of the whole
amount then owing and unpaid upon all the Securities of such series for principal and interest,
with interest upon the overdue principal, and (to the extent that such interest has been collected
by the Trustee) upon overdue installments of interest at the same rate as the rate of interest
specified in the Securities of such series; and in case such moneys shall be insufficient to pay in
full the whole amount so due and unpaid upon the Securities of such series, then to the payment of
such principal and interest, without preference or priority of principal over interest, or of
interest over principal, or of any installment of interest over any other installment of interest,
or of any Security of such series over any other Security of such series, ratably to the aggregate
of such principal and accrued and unpaid interest; and

          Fifth: To the payment of the remainder, if any, to the Issuer or any other person lawfully
entitled thereto.

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          SECTION 5.4 Suits for Enforcement. In case an Event of Default has occurred, has not
been waived and is continuing, the Trustee may in its discretion proceed to protect and enforce the
rights vested in it by this Indenture by such appropriate judicial proceedings as the Trustee shall
deem most effectual to protect and enforce any of such rights, either at law or in equity or in
bankruptcy or otherwise, whether for the specific enforcement of any covenant or agreement
contained in this Indenture or in aid of the exercise of any power granted in this Indenture or to
enforce any other legal or equitable right vested in the Trustee by this Indenture or by law.

          SECTION 5.5 Restoration of Rights on Abandonment of Proceedings. In case the Trustee
shall have proceeded to enforce any right under this Indenture and such proceedings shall have been
discontinued or abandoned for any reason, or shall have been determined adversely to the Trustee,
then and in every such case the Issuer, the Trustee and the Securityholders shall be restored
respectively to their former positions and rights hereunder, and all rights, remedies and powers of
the Issuer, the Trustee and the Securityholders shall continue as though no such proceedings had
been taken.

          SECTION 5.6 Limitations on Suits by Securityholders. No holder of any Security of any
series shall have any right by virtue or by availing of any provision of this Indenture to
institute any action or proceeding at law or in equity or in bankruptcy or otherwise upon or under
or with respect to this Indenture, or for the appointment of a trustee, receiver, liquidator,
custodian or other similar official or for any other remedy hereunder, unless such holder
previously shall have given to the Trustee written notice of default and of the continuance
thereof, as hereinbefore provided, and unless also the holders of not less than 25% in aggregate
principal amount of the Securities of such series then outstanding shall have made written request
upon the Trustee to institute such action or proceeding in its own name as trustee hereunder and
shall have offered to the Trustee such reasonable indemnity as it may require against the costs,
expenses and liabilities to be incurred therein or thereby and the Trustee for 60 days after its
receipt of such notice, request and offer of indemnity shall have failed to institute any such
action or proceeding and no direction inconsistent with such written request shall have been given
to the Trustee pursuant to Section 5.9; it being understood and intended, and being expressly
covenanted by the taker and Holder of every Security with every other taker and Holder and the
Trustee, that no one or more Holders of Securities of any series shall have any right in any manner
whatever by virtue or by availing of any provision of this Indenture to affect, disturb or
prejudice the rights of any other such Holder of Securities, or to obtain or seek to obtain
priority over or preference to any other such Holder or to enforce any right under this Indenture,
except in the manner herein provided and for the equal, ratable and common benefit of all Holders
of Securities of the applicable series. For the protection and enforcement of the provisions of
this Section, each and every Securityholder and the Trustee shall be entitled to such relief as can
be given either at law or in equity.

          SECTION 5.7 Unconditional Right of Securityholders to Institute Certain Suits.
Notwithstanding any other provision in this Indenture and any provision of any Security, the right
of any Holder of any Security to receive payment of the principal of and interest on such Security
on or after the respective due dates expressed in such Security, or to institute suit for the
enforcement of any such payment on or after such respective dates, shall not be impaired or
affected without the consent of such Holder.

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          SECTION 5.8 Powers and Remedies Cumulative; Delay or Omission Not Waiver of Default.
Except as provided in Section 5.6, no right or remedy herein conferred upon or reserved to the
Trustee or to the Securityholders is intended to be exclusive of any other right or remedy, and
every right and remedy shall, to the extent permitted by law, be cumulative and in addition to
every other right and remedy given hereunder or now or hereafter existing at law or in equity or
otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not
prevent the concurrent assertion or employment of any other appropriate right or remedy.

          No delay or omission of the Trustee or of any Securityholder to exercise any right or power
accruing upon any Event of Default occurring and continuing as aforesaid shall impair any such
right or power or shall be construed to be a waiver of any such Event of Default or an acquiescence
therein; and, subject to Section 5.6, every power and remedy given by this Indenture or by law to
the Trustee or to the Securityholders may be exercised from time to time, and as often as shall be
deemed expedient, by the Trustee or by the Securityholders.

          SECTION 5.9 Control by Securityholders. The Holders of a majority in aggregate
principal amount of the Securities of each series affected (with each series voting as a separate
class) at the time Outstanding shall have the right to direct the time, method, and place of
conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power
conferred on the Trustee with respect to the Securities of such series by this Indenture; provided
that such direction shall not be otherwise than in accordance with law and the provisions of this
Indenture and provided further that (subject to the provisions of Section 6.1) the Trustee shall
have the right to decline to follow any such direction if the Trustee, being advised by counsel,
shall determine that the action or proceeding so directed may not lawfully be taken or if the
Trustee in good faith by its board of directors, the executive committee, or a trust committee of
directors or Responsible Officers of the Trustee shall determine that the action or proceedings so
directed would involve the Trustee in personal liability or if the Trustee in good faith shall so
determine that the actions or forbearances specified in or pursuant to such direction would be
unduly prejudicial to the interests of Holders of the Securities of all series so affected not
joining in the giving of said direction, it being understood that (subject to Section 6.1) the
Trustee shall have no duty to ascertain whether or not such actions or forbearances are unduly
prejudicial to such Holders.

          Nothing in this Indenture shall impair the right of the Trustee in its discretion to take any
action deemed proper by the Trustee and which is not inconsistent with such direction or directions
by Securityholders.

          SECTION 5.10 Waiver of Past Defaults. Prior to the declaration of the acceleration of
the maturity of the Securities of any series as provided in Section 5.1, the Holders of a majority
in aggregate principal amount of the Securities of such series at the time Outstanding may on
behalf of the Holders of all the Securities of such series waive any past default or Event of
Default described in clause (c) of Section 5.1 (or, in the case of an event specified in clause (d)
of Section 5.1 which relates to less than all series of Securities then Outstanding, the Holders of
a majority in aggregate principal amount of the Securities then outstanding affected thereby (each
series voting as a separate class) may waive any such default or Event of Default, or, in the case
of an event specified in clause (d) (if the Event of Default

25

 

under clause (d) relates to all series of Securities then Outstanding), (e) or (f) of Section
5.1, the Holders of Securities of a majority in principal amount of all the Securities then
Outstanding (voting as one class) may waive any such default or Event of Default), and its
consequences except a default in respect of a covenant or provision hereof which cannot be modified
or amended without the consent of the Holder of each Security affected.

          Upon any such waiver, such default shall cease to exist and be deemed to have been cured and
not to have occurred, and any Event of Default arising therefrom shall be deemed to have been
cured, and not to have occurred for every purpose of this Indenture, and the Issuer, the Trustee
and the Holders of the Securities of such series shall be restored to their former positions and
rights hereunder, respectively; but no such waiver shall extend to any subsequent or other default
or Event of Default or impair any right consequent thereon.

          SECTION 5.11 Trustee to Give Notice of Default, But May Withhold in Certain
Circumstances. The Trustee shall transmit to the Securityholders of any series, as the names
and addresses of such Holders appear on the registry books, notice by mail of all defaults which
have occurred with respect to such series, such notice to be transmitted within 90 days after the
occurrence thereof, unless such defaults shall have been cured before the giving of such notice
(the term “default” or “defaults” for the purposes of this Section being hereby defined to mean any
event or condition which is, or with notice or lapse of time or both would become, an Event of
Default); provided that, except in the case of default in the payment of the principal of, interest
on, or any sinking fund installment or other similar obligation with respect to, any of the
Securities of such series, the Trustee shall be protected in withholding such notice if and so long
as the board of directors, the executive committee, or a trust committee of directors or trustees
and/or Responsible Officers of the Trustee in good faith determines that the withholding of such
notice is in the interests of the Securityholders of such series.

          SECTION 5.12 Right of Court to Require Filing of Undertaking to Pay Costs. All
parties to this Indenture agree, and each Holder of any Security by his acceptance thereof shall be
deemed to have agreed, that any court may in its discretion require, in any suit for the
enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any
action taken, suffered or omitted by it as Trustee, the filing by any party litigant in such suit
of an undertaking to pay the costs of such suit, and that such court may in its discretion assess
reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit,
having due regard to the merits and good faith of the claims or defenses made by such party
litigant; but the provisions of this Section shall not apply to any suit instituted by the Trustee,
to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10%
in principal amount of the Outstanding Securities of all series (or, if the matter in issue does
not relate to all series of Securities, then the Holders of 10% in principal amount of the
Outstanding Securities of all series to which such issue relates), treated as a single class, or to
any suit instituted by any Securityholder for the enforcement of the payment of the principal of or
interest on any Security on or after the due date expressed in such Security.

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ARTICLE SIX

CONCERNING THE TRUSTEE

          SECTION 6.1 Duties and Responsibilities of the Trustee; During Default; Prior to
Default. With respect to the Holders of any series of Securities issued hereunder, the
Trustee, prior to the occurrence of an Event of Default with respect to the Securities of a
particular series and after the curing or waiving of all Events of Default which may have occurred
with respect to such series, undertakes to perform such duties and only such duties as are
specifically set forth in this Indenture. In case an Event of Default with respect to the
Securities of a series has occurred (which has not been cured or waived) the Trustee shall exercise
such of the rights and powers vested in it by this Indenture, and use the same degree of care and
skill in their exercise, as a prudent man would exercise or use under the circumstances in the
conduct of his own affairs.

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

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

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

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

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

          (c) the Trustee shall not be liable with respect to any action taken or omitted to be taken by
it in good faith in accordance with the direction of the holders pursuant to Section 5.9 relating
to the time, method and place of conducting any proceeding for any remedy available to the Trustee,
or exercising any trust or power conferred upon the Trustee, under this Indenture.

          None of the provisions contained in this Indenture shall require the Trustee to expend or risk
its own funds or otherwise incur personal financial liability in the performance of any of its
duties or in the exercise of any of its rights or powers, if there shall be reasonable ground for
believing that the repayment of such funds or adequate indemnity against such liability is not
reasonably assured to it.

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          The provisions of this Section 6.1 are in furtherance of and subject to Sections 315 and 316
of the Trust Indenture Act.

          SECTION 6.2 Certain Rights of the Trustee. In furtherance of and subject to the Trust
Indenture Act and subject to Section 6.1:

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

          (b) any request, direction, order or demand of the Issuer mentioned herein shall be
sufficiently evidenced by an Officers’ Certificate (unless other evidence in respect thereof be
herein specifically prescribed); and any resolution of the Board of Directors may be evidenced to
the Trustee by a copy thereof certified by the secretary or an assistant secretary of the Issuer;

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

          (d) the Trustee shall be under no obligation to exercise any of the trusts or powers vested in
it by this Indenture with the request, order or direction of any of the Securityholders pursuant to
the provisions of this Indenture, unless such Securityholders shall have offered to the Trustee
reasonable security or indemnity against the costs, expenses and liabilities which might be
incurred therein or thereby;

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

          (f) prior to the occurrence of an Event of Default hereunder and after the curing or waiving
of all Events of Default, the Trustee shall not be bound to make any investigation into the facts
or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice,
request, consent, order, approval, appraisal, bond, debenture, note, coupon, security, or other
paper or document unless requested in writing to do so by the holders of not less than a majority
in aggregate principal amount of the Securities of all series affected then outstanding; provided
that, if the payment within a reasonable time to the Trustee of the costs, expenses or liabilities
likely to be incurred by it in the making of such investigation is, in the opinion of the Trustee,
not reasonably assured to the Trustee by the security afforded to it by the terms of this
Indenture, the Trustee may require reasonable indemnity against such expenses or liabilities as a
condition to proceeding; the reasonable expenses of every such investigation shall be paid by the
Issuer or, if paid by the Trustee or any predecessor trustee, shall be repaid by the Issuer upon
demand;

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

          (h) In no event shall the Trustee be liable for any consequential loss or damage of any kind
whatsoever (including but not limited to lost profits), even if the Trustee has been advised of the
likelihood of such loss or damage and regardless of the form of action other than any such loss or
damage caused by the Trustee’s willful misconduct or gross negligence. The Trustee shall not be
charged with knowledge of any Default or Event of Default, unless either (1) a Responsible Officer
shall have actual knowledge of such Default or Event of Default or (2) written notice of such
Default or Event of Default shall have been given to a Responsible Officer of the Trustee by the
Issuer or by any holder; and

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

          SECTION 6.3 Trustee Not Responsible for Recitals, Disposition of Securities or Application
of Proceeds Thereof. The recitals contained herein and in the Securities, except the Trustee’s
certificates of authentication, shall be taken as the statements of the Issuer, and the Trustee
assumes no responsibility for the correctness of the same. The Trustee makes no representation as
to the validity or sufficiency of his Indenture or of the Securities. The Trustee shall not be
accountable for the use or application by the Issuer of any of the Securities or of the proceeds
thereof.

          SECTION 6.4 Trustee and Agents May Hold Securities; Collections, etc. The Trustee or
any agent of the Issuer or the Trustee, in its individual or any other capacity, may become the
owner or pledgee of Securities with the same rights it would have if it were not the Trustee or
such agent and, subject to Sections 6.8 and 6.13, if operative, may otherwise deal with the Issuer
and receive, collect, hold and retain collections from the Issuer with the same rights it would
have if it were not the Trustee or such agent.

          SECTION 6.5 Moneys Held by Trustee. Subject to the provisions of Section 10.4 hereof,
all moneys received by the Trustee shall, until used or applied as herein provided, be held in
trust for the purposes for which they were received, but need not be segregated from other funds
except to the extent required by mandatory provisions of law. Neither the Trustee nor any agent of
the Issuer or the Trustee shall be under any liability for interest on any moneys received by it
hereunder.

          SECTION 6.6 Compensation and Indemnification of Trustee and Its Prior Claim. The
Issuer covenants and agrees to pay to the Trustee from time to time, and the Trustee shall be

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entitled to, such compensation (which shall not be limited by any provision of law in regard
to the compensation of a trustee of an express trust) to be agreed to in writing by the Trustee and
the Issuer, and the Issuer covenants and agrees to pay or reimburse the Trustee and each
predecessor Trustee upon its request for all reasonable expenses, disbursements and advances
incurred or made by or on behalf of it in accordance with any of the provisions of this Indenture
(including (i) the reasonable compensation and the expenses and disbursements of its counsel and of
all agents and other persons not regularly in its employ and (ii) interest at the prime rate on any
disbursements and advances made by the Trustee and not paid by the Issuer within 5 days after
receipt of an invoice for such disbursement or advance) except any such expense, disbursement or
advance as may arise from its negligence or bad faith. The Issuer also covenants to indemnify the
Trustee and each predecessor Trustee for, and to hold it harmless against, any loss, liability or
expense incurred without negligence or bad faith on its part, arising out of or in connection with
the acceptance or administration of this Indenture or the trusts hereunder and its duties
hereunder, including the costs and expenses of defending itself against or investigating any claim
of liability in the premises. The obligations of the Issuer under this Section to compensate and
indemnify the Trustee and each predecessor Trustee and to pay or reimburse the Trustee and each
predecessor Trustee for expenses, disbursements and advances shall constitute additional
indebtedness hereunder and shall survive the satisfaction and discharge of this Indenture. Such
additional indebtedness shall be a senior claim to that of the Securities upon all property and
funds held or collected by the Trustee as such, except funds held in trust for the benefit of the
holders of particular Securities, and the Securities are hereby subordinated to such senior claim.
The provisions of this Section shall survive the termination of this Indenture.

          SECTION 6.7 Right of Trustee to Rely on Officers’ Certificate, etc. Subject to
Sections 6.1 and 6.2, whenever in the administration of the trusts of this Indenture the Trustee
shall deem it necessary or desirable that a matter be proved or established prior to taking or
suffering or omitting any action hereunder, such matter (unless other evidence in respect thereof
be herein specifically prescribed) may, in the absence of negligence or bad faith on the part of
the Trustee, be deemed to be conclusively proved and established by an Officers’ Certificate
delivered to the Trustee, and such certificate, in the absence of negligence or bad faith on the
part of the Trustee, shall be full warrant to the Trustee for any action taken, suffered or omitted
by it under the provisions of this Indenture upon the faith thereof.

          SECTION 6.8 Conflicting Interests. If the Trustee has or shall acquire a conflicting
interest within the meaning of the Trust Indenture Act, the Trustee shall either eliminate such
interest or resign, to the extent and in the manner provided by, and subject to the provisions of,
the Trust Indenture Act.

          SECTION 6.9 Persons Eligible for Appointment as Trustee. The Trustee for each series
of Securities hereunder shall at all times be a corporation or banking association having a
combined capital and surplus of at least $50,000,000. If such corporation or banking association
publishes reports of condition at least annually, pursuant to law or to the requirements of the
aforesaid supervising or examining authority, then for the purposes of this Section, the combined
capital and surplus of such corporation shall be deemed to be its combined capital and surplus as
set forth in its most recent report of condition so published. In case at any

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time the Trustee shall cease to be eligible in accordance with the provisions of this Section,
the Trustee shall resign immediately in the manner and with the effect specified in Section 6.10.

          SECTION 6.10 Resignation and Removal; Appointment of Successor Trustee. (a) The
Trustee, or any trustee or trustees hereafter appointed, may at any time resign with respect to one
or more or all series of Securities by giving written notice of resignation to the Issuer and by
mailing notice thereof by first class mail to Holders of the applicable series of Securities at
their last addresses as they shall appear on the Security register. Upon receiving such notice of
resignation, the Issuer shall promptly appoint a successor trustee or trustees with respect to the
applicable series by written instrument in duplicate, executed by authority of the Board of
Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to
the successor trustee or trustees. If no successor trustee shall have been so appointed with
respect to any series and have accepted appointment within 30 days after the mailing of such notice
of resignation, the resigning trustee may petition any court of competent jurisdiction for the
appointment of a successor trustee, or any Securityholder who has been a bona fide Holder of a
Security or Securities of the applicable series for at least six months may, subject to the
provisions of Section 5.12, on behalf of himself and all others similarly situated, petition any
such court for the appointment of a successor trustee. Such court may thereupon, after such
notice, if any, as it may deem proper and prescribe, appoint a successor trustee.

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

     (i) the Trustee shall fail to comply with the provisions of Section 6.8 with respect to
any series of Securities after written request therefor by the Issuer or by any
Securityholder who has been a bona fide Holder of a Security or Securities of such series
for at least six months; or

     (ii) the Trustee shall cease to be eligible in accordance with the provisions of
Section 6.9 and shall fail to resign after written request therefor by the Issuer or by any
Securityholder; or

     (iii) the Trustee shall become incapable of acting with respect to any series of
Securities, or shall be adjudged a bankrupt or insolvent, or a receiver or liquidator of the
Trustee or of its property shall be appointed, or any public officer shall take charge or
control of the Trustee or of its property or affairs for the purpose of rehabilitation,
conservation or liquidation; or

     (iv) the Issuer shall determine that the Trustee has failed to perform its obligations
under this Indenture in any material respect; then, in any such case, the Issuer may remove
the Trustee with respect to the applicable series of Securities and appoint a successor
trustee for such series by written instrument, in duplicate, executed by order of the Board
of Directors of the Issuer, one copy of which instrument shall be delivered to the Trustee
so removed and one copy to the successor trustee, or, subject to the provisions of Section
5.12, any Securityholder who has been a bona fide Holder of a Security or Securities of such
series for at least six months may on behalf of himself and all others similarly situated,
petition any court of competent jurisdiction for the removal of the Trustee and the
appointment of a successor trustee with respect to such series.

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Such court may thereupon, after such notice, if any, as it may deem proper and
prescribe, remove the Trustee and appoint a successor trustee. If no successor trustee
shall have been appointed with respect to any series and have accepted appointment within 30
days after a notice of removal has been given, the removed trustee may petition a court of
competent jurisdiction for the appointment of a successor trustee.

          (c) The Holders of a majority in aggregate principal amount of the Securities of each series
at the time outstanding may at any time remove the Trustee with respect to Securities of such
series and appoint a successor trustee with respect to the Securities of such series by delivering
to the Trustee so removed, to the successor trustee so appointed and to the Issuer the evidence
provided for in Section 7.1 of the action in that regard taken by the Securityholders.

          (d) Any resignation or removal of the Trustee with respect to any series and any appointment
of a successor trustee with respect to such series pursuant to any of the provisions of this
Section 6.10 shall become effective upon acceptance of appointment by the successor trustee as
provided in Section 6.11.

          SECTION 6.11 Acceptance of Appointment by Successor Trustee. Any successor trustee
appointed as provided in Section 6.10 shall execute and deliver to the Issuer and to its
predecessor trustee an instrument accepting such appointment hereunder, and thereupon the
resignation or removal of the predecessor trustee with respect to all or any applicable series
shall become effective and such successor trustee, without any further act, deed or conveyance,
shall become vested with all rights, powers, duties and obligations with respect to such series of
its predecessor hereunder, with like effect as if originally named as trustee for such series
hereunder; but, nevertheless, on the written request of the Issuer or of the successor trustee,
upon payment of its charges then unpaid, the trustee ceasing to act shall, subject to Section 10.4,
pay over to the successor trustee all moneys at the time held by it hereunder and shall execute and
deliver an instrument transferring to such successor trustee all such rights, powers, duties and
obligations. Upon request of any such successor trustee, the Issuer shall execute any and all
instruments in writing for more fully and certainly vesting in and confirming to such successor
trustee all such rights and powers.

          Any trustee ceasing to act shall, nevertheless, retain a prior claim upon all property or
funds held or collected by such trustee to secure any amounts then due it pursuant to the
provisions of Section 6.6.

          If a successor trustee is appointed with respect to the Securities of one or more (but not
all) series, the Issuer, the predecessor trustee and each successor trustee with respect to the
Securities of any applicable series shall execute and deliver an indenture supplemental hereto
which shall contain such provisions as shall be deemed necessary or desirable to confirm that all
the rights, powers, trusts and duties of the predecessor trustee with respect to the Securities of
any series as to which the predecessor trustee is not retiring shall continue to be vested in the
predecessor trustee, and shall add to or change any of the provisions of this Indenture as shall be
necessary to provide for or facilitate the administration of the trusts hereunder by more than one
trustee, it being understood that nothing herein or in such supplemental indenture shall constitute

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such trustees co-trustees of the same trust and that each such trustee shall be trustee of a
trust or trusts under separate indentures.

          No successor trustee with respect to any series of Securities shall accept appointment as
provided in this Section 6.11 unless at the time of such acceptance such successor trustee shall be
qualified under the provisions of Section 6.8 and eligible under the provisions of Section 6.9.

          Upon acceptance of appointment by any successor trustee as provided in this Section 6.11, the
Issuer shall mail notice thereof by first class mail to the Holders of Securities of any series for
which such successor trustee is acting as trustee at their last addresses as they shall appear in
the Security register. If the acceptance of appointment is substantially contemporaneous with the
resignation, then the notice called for by the preceding sentence may be combined with the notice
called for by Section 6.10. If the Issuer fails to mail such notice within ten days after
acceptance of appointment by the successor trustee, the successor trustee shall cause such notice
to be mailed at the expense of the Issuer.

          SECTION 6.12 Merger, Conversion, Consolidation or Succession to Business of Trustee.
Any corporation or banking association into which the Trustee may be merged or converted or with
which it may be consolidated, or any corporation or banking association resulting from any merger,
conversion or consolidation to which the Trustee shall be a party, or any corporation or banking
association succeeding to all or substantially all of the corporate trust business of the Trustee,
shall be the successor of the Trustee hereunder, provided that such corporation or banking
association shall be qualified under the provisions of Section 6.8 and eligible under the
provisions of Section 6.9, without the execution or filing of any paper or any further act on the
part of any of the parties hereto, anything herein to the contrary notwithstanding. In case at the
time such successor to the Trustee shall succeed to the trusts created by this Indenture any of the
Securities of any series shall have been authenticated but not delivered, any such successor to the
Trustee may adopt the certificate of authentication of any predecessor Trustee and deliver such
Securities so authenticated; and, in case at that time any of the Securities of any series shall
not have been authenticated, any successor to the Trustee may authenticate such Securities either
in the name of any predecessor hereunder or in the name of the successor Trustee; and in all such
cases such certificate shall have the full force which it is anywhere in the Securities of such
series or in this Indenture provided that the certificate of the Trustee shall have; provided, that
the right to adopt the certificate of authentication of any predecessor Trustee or to authenticate
Securities of any series in the name of any predecessor Trustee shall apply only to its successor
or successors by merger, conversion or consolidation.

          SECTION 6.13 Preferential Collection of Claims Against the Issuer. The Trustee shall
comply with the provisions of Section 311 of the Trust Indenture Act.

ARTICLE SEVEN

CONCERNING THE SECURITYHOLDERS

          SECTION 7.1 Evidence of Action Taken by Securityholders. Any request, demand,
authorization, direction, notice, consent, waiver or other action provided by this

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Indenture to be given or taken by a specified percentage in principal amount of the
Securityholders of any or all series may be embodied in and evidenced by one or more instruments of
substantially similar tenor signed by such specified percentage of Securityholders in person or by
agent duly appointed in writing; and, except as herein otherwise expressly provided, such action
shall become effective when such instrument or instruments are delivered to the Trustee. Proof of
execution of any instrument or of a writing appointing any such agent shall be sufficient for any
purpose of this Indenture and (subject to Sections 6.1 and 6.2) conclusive in favor of the Trustee
and the Issuer, if made in the manner provided in this Article.

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

          If any Security of a series is issuable in the form of a Global Security or Securities, the
Depositary therefor may grant proxies and otherwise authorize participants to give or take any
request, demand, authorization, direction, notice, consent, waiver or other action which the Holder
of such Security is entitled to grant or take under this Indenture.

          SECTION 7.2 Proof of Execution of Instruments and of Holding of Securities. Subject
to Sections 6.1 and 6.2, the execution of any instrument by a Securityholder or his agent or proxy
may be proved in accordance with such reasonable rules and regulations as may be prescribed by the
Trustee or in such manner as shall be satisfactory to the Trustee. The holding of Securities shall
be proved by the Security register or by a certificate of the registrar thereof.

          SECTION 7.3 Holders to be Treated as Owners. The Issuer, the Trustee and any agent of
the Issuer or the Trustee may deem and treat the Person in whose name any Security shall be
registered upon the Security register for such series as the absolute owner of such Security
(whether or not such Security shall be overdue and notwithstanding any notation of ownership or
other writing thereon) for the purpose of receiving payment of or on account of the principal of
and, subject to the provisions of this Indenture, interest on such Security and for all other
purposes; and neither the Issuer nor the Trustee nor any agent of the Issuer or the Trustee shall
be affected by any notice to the contrary. All such payments so made to any such Person, or upon
his order, shall be valid, and, to the extent of the sum or sums so paid, effectual to satisfy and
discharge the liability for moneys payable upon any such Security.

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          None of the Issuer, the Trustee any paying agent, or the Security Registrar will have any
responsibility or liability for any aspect of the records relating to or payments made on account
of beneficial ownership interests of a Global Security or for maintaining, supervising or reviewing
any records relating to such beneficial ownership interests.

          SECTION 7.4 Securities Owned by Issuer Deemed Not Outstanding. In determining whether
the Holders of the requisite aggregate principal amount of Outstanding Securities of any or all
series have concurred in any direction, consent or waiver under this Indenture, Securities which
are owned by the Issuer or any other obligor on the Securities with respect to which such
determination is being made or by any Person directly or indirectly controlling or controlled by or
under direct or indirect common control with the Issuer or any other obligor on the Securities with
respect to which such determination is being made shall be disregarded and deemed not to be
Outstanding for the purpose of any such determination, except that for the purpose of determining
whether the Trustee shall be protected in relying on any such direction, consent or waiver only
Securities which the Trustee knows are so owned shall be so disregarded. Securities so owned which
have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the
satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and that
the pledgee is not the Issuer or any other obligor upon the Securities or any Person directly or
indirectly controlling or controlled by or under direct or indirect common control with the Issuer
or any other obligor on the Securities. In case of a dispute as to such right, the advice of
counsel shall be full protection in respect of any decision made by the Trustee in accordance with
such advice. Upon request of the Trustee, the Issuer shall furnish to the Trustee promptly an
Officers’ Certificate listing and identifying all Securities, if any, known by the Issuer to be
owned or held by or for the account of any of the above-described Persons; and, subject to Sections
6.1 and 6.2, the Trustee shall be entitled to accept such Officers’ Certificate as conclusive
evidence of the facts therein set forth and of the fact that all Securities not listed therein are
Outstanding for the purpose of any such determination.

          SECTION 7.5 Right of Revocation of Action Taken. At any time prior to (but not after)
the evidencing to the Trustee, as provided in Section 7.1, of the taking of any action by the
Holders of the percentage in aggregate principal amount of the Securities of any or all series, as
the case may be, specified in this Indenture in connection with such action, any Holder of a
Security the serial number of which is shown by the evidence to be included among the serial
numbers of the Securities the Holders of which have consented to such action may, by filing written
notice at the Corporate Trust Office and upon proof of holding as provided in this Article, revoke
such action so far as concerns such Security. Except as aforesaid any such action taken by the
Holder of any Security shall be conclusive and binding upon such Holder and upon all future Holders
and owners of such Security and of any Securities issued in exchange or substitution therefor,
irrespective of whether or not any notation in regard thereto is made upon any such Security. Any
action taken by the Holders of the percentage in aggregate principal amount of the Securities of
any or all series, as the case may be, specified in this Indenture in connection with such action
shall be conclusively binding upon the Issuer, the Trustee and the Holders of all the Securities
affected by such action.

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ARTICLE EIGHT

SUPPLEMENTAL INDENTURES

          SECTION 8.1 Supplemental Indentures Without Consent of Securityholders. The Issuer,
when authorized by a resolution of its Board of Directors, and the Trustee may from time to time
and at any time enter into an indenture or indentures supplemental hereto (which shall conform to
the provisions of the Trust Indenture Act as in force at the date of the execution thereof) for one
or more of the following purposes:

          (a) to convey, transfer, assign, mortgage or pledge to the Trustee as security for the
Securities of one or more series any property or assets;

          (b) to evidence the succession of another Person to the Issuer, or successive successions, and
the assumption by the successor Person of the covenants, agreements and obligations of the Issuer
pursuant to Article Nine;

          (c) to add to the covenants of the Issuer such further covenants, restrictions, conditions or
provisions as its Board of Directors and the Trustee shall consider to be for the protection of the
Holders of Securities, and to make the occurrence, or the occurrence and continuance, of a default
in any such additional covenants, restrictions, conditions or provisions an Event of Default
permitting the enforcement of all or any of the several remedies provided in this Indenture as
herein set forth; provided, that in respect of any such additional covenant, restriction, condition
or provision such supplemental indenture may provide for a particular period of grace after default
(which period may be shorter or longer than that allowed in the case of other defaults) or may
provide for an immediate enforcement upon such an Event of Default or may limit the remedies
available to the Trustee upon such an Event of Default or may limit the right of the Holders of a
majority in aggregate principal amount of the Securities of such series to waive such an Event of
Default;

          (d) to cure any ambiguity or to correct or supplement any provision contained herein or in any
supplemental indenture which may be defective or inconsistent with any other provision contained
herein or in any supplemental indenture; or to make such other provisions in regard to matters or
questions arising under this Indenture or under any supplemental indenture as the Board of
Directors may deem necessary or desirable and which shall not adversely affect the interests of the
Holders of the Securities;

          (e) to establish the form or terms of Securities of any series as permitted by Sections 2.1
and 2.3, including, without limitation, any terms relating to the issuance, exchange, registration
or transfer of Securities issued in whole or in part in the form of one or more global Securities
and the payment of any principal thereof, or interest or premium, if any, thereon; and

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

          The Trustee is hereby authorized to join with the Issuer in the execution of any such
supplemental indenture, to make any further appropriate agreements and stipulations which may be
therein contained and to accept the conveyance, transfer, assignment, mortgage or pledge

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of any property thereunder, but the Trustee shall not be obligated to enter into any such
supplemental indenture which affects the Trustee’s own rights, duties or immunities under this
Indenture or otherwise.

          Any supplemental indenture authorized by the provisions of this Section may be executed
without the consent of the Holders of any of the Securities at the time outstanding,
notwithstanding any of the provisions of Section 8.2.

          SECTION 8.2 Supplemental Indentures With Consent of Securityholders. With the consent
(evidenced as provided in Article Seven) of the Holders of not less than a majority in aggregate
principal amount of the Securities at the time outstanding of all series affected by such
supplemental indenture (voting as one class), the Issuer, when authorized by a resolution of its
Board of Directors, and the Trustee may, from time to time and at any time, enter into an indenture
or indentures supplemental hereto (which shall conform to the provisions of the Trust Indenture Act
as in force at the date of execution thereof) for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions of this Indenture or of any
supplemental indenture or of modifying in any manner the rights of the Holders of the Securities of
each such series; provided, that no such supplemental indenture shall (a) change the final maturity
of any Security, or reduce the principal amount thereof, or reduce the rate or extend the time of
payment of interest thereon, or reduce any amount payable on redemption thereof or reduce the
amount of the principal of an Original Issue Discount Security that could be due and payable upon
an acceleration of the maturity thereof pursuant to Section 5.1 or the amount thereof provable in
bankruptcy pursuant to Section 5.2, or impair or affect the right of any Securityholder to
institute suit for the payment thereof or, if the Securities provide therefor, any right of
repayment at the option of the Securityholder without the consent of the Holder of each Security so
affected, or (b) reduce the aforesaid percentage of Securities of any series, the consent of the
Holders of which is required for any such supplemental indenture, without the consent of the
Holders of each Security so affected.

          Upon the request of the Issuer, accompanied by a copy of a resolution of the Board of
Directors certified by the secretary or an assistant secretary of the Issuer authorizing the
execution of any such supplemental indenture, and upon the filing with the Trustee of evidence of
the consent of Securityholders as aforesaid and other documents, if any, required by Section 7.1,
the Trustee shall join with the Issuer in the execution of such supplemental indenture unless such
supplemental indenture affects the Trustee’s own rights, duties or immunities under this Indenture
or otherwise, in which case the Trustee may in its discretion, but shall not be obligated to, enter
into such supplemental indenture.

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

          Promptly after the execution by the Issuer and the Trustee of any supplemental indenture
pursuant to the provisions of this Section, the Issuer shall mail a notice thereof by first class
mail to the Holders of Securities of each series affected thereby at their addresses as they shall
appear on the registry books of the Issuer, setting forth in general terms the substance of

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such supplemental indenture. Any failure of the Issuer to mail such notice, or any defect
therein, shall not, however, in any way impair or affect the validity of any such supplemental
indenture.

          SECTION 8.3 Effect of Supplemental Indenture. Upon the execution of any supplemental
indenture pursuant to the provisions hereof, this Indenture shall be and be deemed to be modified
and amended in accordance therewith and the respective rights, limitations of rights, obligations,
duties and immunities under this Indenture of the Trustee, the Issuer and the Holders of Securities
of each series affected thereby shall thereafter be determined, exercised and enforced hereunder
subject in all respects to such modifications and amendments, and all the terms and conditions of
any such supplemental indenture shall be and be deemed to be part of the terms and conditions of
this Indenture for any and all purposes.

          SECTION 8.4 Documents to Be Given to Trustee. The Trustee, subject to the provisions
to Sections 6.1 and 6.2, shall be provided an Officers’ Certificate and an Opinion of Counsel as
conclusive evidence that any supplemental indenture executed pursuant to this Article Eight
complies with the applicable provisions of this Indenture and is authorized or permitted by this
Indenture.

          SECTION 8.5 Notation on Securities in Respect of Supplemental Indentures. Securities
of any series authenticated and delivered after the execution of any supplemental indenture
pursuant to the provisions of this Article may bear a notation in form approved by the Trustee for
such series as to any matter provided for by such supplemental indenture. If the Issuer or the
Trustee shall so determine, new Securities of any series so modified as to conform, in the opinion
of the Trustee and the Board of Directors, to any modification of this Indenture contained in any
such supplemental indenture may be prepared and executed by the Issuer, authenticated by the
Trustee and delivered in exchange for the Securities of such series then outstanding.

ARTICLE NINE

CONSOLIDATION, MERGER, SALE OR CONVEYANCE

          SECTION 9.1 Issuer May Consolidate, etc., on Certain Terms. The Issuer covenants that
it will not merge or consolidate with any other Person or sell or convey all or substantially all
of its assets to any Person, unless (i) either the Issuer shall be the continuing Person, or the
successor Person or the Person which acquires by sale or conveyance substantially all of the assets
of the Issuer (if other than the Issuer) shall be a Person organized under the laws of the United
States of America or any State thereof and shall expressly assume the due and punctual payment of
the principal of and interest on all the Securities, according to their tenor, and the due and
punctual performance and observance of all of the covenants and conditions of this Indenture to be
performed or observed by the Issuer, by supplemental indenture satisfactory to the Trustee,
executed and delivered to the Trustee by such Person, and (ii) the Issuer or such successor Person,
as the case may be, shall not, immediately after such merger or consolidation, or such sale or
conveyance, be in default in the performance of any such covenant or condition.

          SECTION 9.2 Successor Person Substituted. In case of any such consolidation, merger,
sale or conveyance, and following such an assumption by the successor Person, such

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successor Person shall succeed to and be substituted for the Issuer, with the same effect as
if it had been named herein.

          Such successor Person may cause to be signed, and may issue either in its own name or in the
name of the Issuer prior to such succession any or all of the Securities issuable hereunder which
theretofore shall not have been signed by the Issuer and delivered to the Trustee; and, upon the
order of such successor Person instead of the Issuer and subject to all the terms, conditions and
limitations in this Indenture prescribed, the Trustee shall authenticate and shall deliver any
Securities which previously shall have been signed and delivered by the officers of the Issuer to
the Trustee for authentication, and any Securities which such successor Person thereafter shall
cause to be signed and delivered to the Trustee for that purpose. All of the Securities so issued
shall in all respects have the same legal rank and benefit under this Indenture as the Securities
theretofore or thereafter issued in accordance with the terms of this Indenture as though all of
such Securities had been issued at the date of the execution hereof.

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

          In the event of any such sale or conveyance (other than a conveyance by way of lease) the
Issuer or any successor Person which shall theretofore have become such in the manner described in
this Article shall be discharged from all obligations and covenants under this Indenture and the
Securities and may be liquidated and dissolved.

          SECTION 9.3 Opinion of Counsel to Trustee. The Trustee, subject to the provisions of
Sections 6.1 and 6.2, shall be provided an Opinion of Counsel and an Officer’s Certificate,
prepared in accordance with Section 13.5, as conclusive evidence that any such consolidation,
merger, sale, lease or conveyance, and any such assumption, and any such liquidation or
dissolution, complies with the applicable provisions of this Indenture.

ARTICLE TEN

SATISFACTION AND DISCHARGE OF INDENTURE;

UNCLAIMED MONEYS

          SECTION 10.1 Satisfaction and Discharge of Indenture. If at any time (a) the Issuer
shall have paid or caused to be paid the principal of and interest on all the Securities of any
series outstanding hereunder (other than Securities which have been destroyed, lost or stolen and
which have been replaced or paid as provided in Section 2.9) as and when the same shall have become
due and payable, or (b) the Issuer shall have delivered to the Trustee for cancellation all
Securities of any series theretofore authenticated (other than any Securities of such series which
shall have been destroyed, lost or stolen and which shall have been replaced or paid as provided in
Section 2.9) or (c) (i) all the securities of such series not theretofore delivered to the Trustee
for cancellation shall have become due and payable, or are by their terms to become due and payable
within one year or are to be called for redemption within one year under arrangements satisfactory
to the Trustee for the giving of notice of redemption, and (ii) the Issuer shall have irrevocably
deposited or caused to be deposited with the Trustee as trust funds the

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entire amount in cash (other than moneys repaid by the Trustee or any paying agent to the
Issuer in accordance with Section 10.4) sufficient to pay at maturity or upon redemption all
Securities of such series (other than any Securities of such series which shall have been
destroyed, lost or stolen and which shall have been replaced or paid as provided in Section 2.9)
not theretofore delivered to the Trustee for cancellation, including principal and interest due or
to become due to such date of maturity as the case may be, and if, in any such case, the Issuer
shall also pay or cause to be paid all other sums payable hereunder by the Issuer with respect to
Securities of such series, then this Indenture shall cease to be of further effect with respect to
Securities of such series (except as to (i) rights of registration of transfer and exchange, and
the Issuer’s right of optional redemption, (ii) substitution of mutilated, defaced, destroyed, lost
or stolen Securities, (iii) rights of holders to receive payments of principal thereof and interest
thereon and remaining rights of the holders to receive mandatory sinking fund payments, if any,
(iv) the rights, obligations and immunities of the Trustee hereunder and (v) the rights of the
Securityholders of such series as beneficiaries hereof with respect to the property so deposited
with the Trustee payable to all or any of them), and the Trustee, on demand of the Issuer
accompanied by an Officers’ Certificate and an Opinion of Counsel and at the cost and expense of
the Issuer, shall execute proper instruments acknowledging such satisfaction of and discharging
this Indenture with respect to such series; provided, that the rights of Holders of the Securities
to receive amounts in respect of principal of and interest on the Securities held by them shall not
be delayed longer than required by then-applicable mandatory rules or policies of any securities
exchange upon which the Securities are listed. The Issuer agrees to reimburse the Trustee for any
costs or expenses thereafter reasonably and properly incurred and to compensate the Trustee for any
services thereafter reasonably and properly rendered by the Trustee in connection with this
Indenture or the Securities of such series.

          SECTION 10.2 Application by Trustee of Funds Deposited for Payment of Securities.
Subject to Section 10.4, all moneys deposited with the Trustee pursuant to Section 10.1, all money
and U.S. Government Obligations deposited with the Trustee pursuant to Section 12.4 and all money
received by the Trustee in respect of U.S. Government Obligations deposited with the Trustee
pursuant to Section 12.4 shall be held in trust and applied by it to the payment, either directly
or through any paying agent (including the Issuer acting as its own paying agent), to the Holders
of the particular Securities of such series for the payment or redemption of which such moneys have
been deposited with the Trustee, of all sums due and to become due thereon for principal and
interest or to make mandatory sinking fund payments or analogous payments as contemplated by
Section 12.4; but such money need not be segregated from other funds except to the extent required
by law.

          SECTION 10.3 Repayment of Moneys Held by Paying Agent. In connection with the
satisfaction and discharge of this Indenture with respect to Securities of any series, all moneys
then held by any paying agent under the provisions of this Indenture with respect to such series of
Securities shall, upon demand of the Issuer, be repaid to it or paid to the Trustee and thereupon
such paying agent shall be released from all further liability with respect to such moneys.

          SECTION 10.4 Return of Moneys Held by Trustee and Paying Agent Unclaimed for Three
Years. Any moneys deposited with or paid to the Trustee or any paying agent for the payment of
the principal of or interest on any Security of any series and not applied but

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remaining unclaimed for three years after the date upon which such principal or interest shall
have become due and payable, shall, upon the written request of the Issuer and unless otherwise
required by mandatory provisions of applicable escheat or abandoned or unclaimed property law, be
repaid to the Issuer by the Trustee for such series or such paying agent, and the Holder of the
Security of such series shall, unless otherwise required by mandatory provisions of applicable
escheat or abandoned or unclaimed property laws, thereafter look only to the Issuer for any payment
which such Holder may be entitled to collect, and all liability of the Trustee or any paying agent
with respect to such moneys shall thereupon cease.

ARTICLE ELEVEN

REDEMPTION OF SECURITIES AND SINKING FUNDS

          SECTION 11.1 Applicability of Article. The provisions of this Article shall be
applicable to the Securities of any series which are redeemable before their maturity or to any
sinking fund for the retirement of Securities of a series except as otherwise specified as
contemplated by Section 2.3 for Securities of such series.

          SECTION 11.2 Notice of Redemption; Partial Redemptions. Notice of redemption to the
Holders of Securities of any series to be redeemed as a whole or in part at the option of the
Issuer shall be given by mailing notice of such redemption by first class mail, postage prepaid, at
least 30 days and not more than 60 days prior to the date fixed for redemption to such Holders of
Securities of such series at their last addresses as they shall appear upon the registry books.
Any notice which is mailed in the manner herein provided shall be conclusively presumed to have
been duly given, whether or not the Holder receives the notice. Failure to give notice by mail, or
any defect in the notice, to the Holder of any Security of a series designated for redemption as a
whole or in part shall not affect the validity of the proceedings for the redemption of any other
Security of such series.

          The notice of redemption to each such Holder shall specify the principal amount of each
Security of such series held by such Holder to be redeemed, the date fixed for redemption, the
redemption price, the place or places of payment, that payment will be made upon presentation and
surrender of such Securities, that such redemption is pursuant to the mandatory or optional sinking
fund, or both, if such be the case, that interest accrued to the date fixed for redemption will be
paid as specified in such notice and that on and after said date interest thereon or on the
portions thereof to be redeemed will cease to accrue. In case any Security of a series is to be
redeemed in part only the notice of redemption shall state the serial number of the Security and
the portion of the principal amount thereof to be redeemed and shall state that on and after the
date fixed for redemption, upon surrender of such Security, a new Security or Securities of such
series in principal amount equal to the unredeemed portion thereof will be issued.

          The notice of redemption of Securities of any series to be redeemed at the option of the
Issuer shall be given by the Issuer or, at the Issuer’s request, by the Trustee in the name and at
the expense of the Issuer.

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          At least one Business Day prior to the redemption date specified in the notice of redemption
given as provided in this Section, the Issuer will deposit with the Trustee or with one or more
paying agents (or, if the Issuer is acting as its own paying agent, set aside, segregate and hold
in trust as provided in Section 3.4) an amount of money sufficient to redeem on the redemption date
all the Securities of such series so called for redemption at the appropriate redemption price,
together with accrued interest to the date fixed for redemption. If less than all the outstanding
Securities of a series are to be redeemed, the Issuer will deliver to the Trustee at least 70 days
(or shorter period satisfactory to the Trustee) prior to the date fixed for redemption an Officers’
Certificate stating the aggregate principal amount of Securities to be redeemed.

          If less than all the Securities of a series are to be redeemed, the Trustee shall select, in
such manner as it shall deem appropriate and fair, Securities of such series to be redeemed in
whole or in part. Securities may be redeemed in part in multiples equal to the minimum authorized
denomination for Securities of such series or any multiple thereof. The Trustee shall promptly
notify the Issuer in writing of the serial numbers of the Securities of such series selected for
redemption and, in the case of any Securities of such series selected for partial redemption, the
principal amount thereof to be redeemed.

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

          SECTION 11.3 Payment of Securities Called for Redemption. If notice of redemption had
been given as above provided, the Securities or portions of Securities specified in such notice
shall become due and payable on the date and at the place stated in such notice at the applicable
redemption price, together with interest accrued to the date fixed for redemption, and on and after
said date (unless the Issuer shall default in the payment of such Securities at the redemption
price, together with interest accrued to said date) interest on the Securities or portions of
Securities so called for redemption shall cease to accrue and, except as provided in Sections 6.5
and 10.4, such Securities shall cease from and after the date fixed for redemption to be entitled
to any benefit or security under this Indenture, and the Holders thereof shall have no right in
respect of such Securities except the right to receive the redemption price thereof and unpaid
interest to the date fixed for redemption. On presentation and surrender of such Securities at a
place of payment specified in said notice, said Securities or the specified portions thereof shall
be paid and redeemed by the Issuer at the applicable redemption price, together with interest
accrued thereon to the date fixed for redemption; provided that any semiannual payment of interest
becoming due on the date fixed for redemption shall be payable to the Holders of such Securities
registered as such on the relevant record date subject to the terms and provisions of Section 2.7
hereof.

          If any Security called for redemption shall not be so paid upon surrender thereof for
redemption, the principal shall, until paid or duly provided for, bear interest from the date fixed
for redemption at the rate of interest borne by the Security.

          Upon presentation of any Security redeemed in part only, the Issuer shall execute and the
Trustee shall authenticate and deliver to or on the order of the Holder thereof, at the

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expense of the Issuer, a new Security or Securities of such series, of authorized
denominations, in principal amount equal to the unredeemed portion of the Security so presented.

          SECTION 11.4 Exclusion of Certain Securities from Eligibility for Selection for
Redemption. Securities shall be excluded from eligibility for selection for redemption if they
are identified by registration and certificate number in a written statement signed by an
authorized officer of the Issuer and delivered to the Trustee at least 40 days (or shorter period
satisfactory to the Trustee) prior to the last date on which notice of redemption may be given as
being owned of record and beneficially by, and not pledged or hypothecated by either (a) the Issuer
or (b) an entity specifically identified in such written statement directly or indirectly
controlling or controlled by or under direct or indirect common control with the Issuer.

          SECTION 11.5 Mandatory and Optional Sinking Funds. The minimum amount of any sinking
fund payment provided for by the terms of Securities of any series is herein referred to as a
“mandatory sinking fund payment”, and any payment in excess of such minimum amount provided for by
the terms of Securities of any series is herein referred to as an “optional sinking fund payment.”
The date on which a sinking fund payment is to be made is herein referred to as the “sinking fund
payment date.”

          In lieu of making all or any part of any mandatory sinking fund payment with respect to any
series of Securities in cash, the Issuer may at its option (a) deliver to the Trustee Securities of
such series theretofore purchased or otherwise acquired (except upon redemption pursuant to the
mandatory sinking fund) by the Issuer or receive credit for Securities of such series (not
previously so credited) theretofore purchased or otherwise acquired (except as aforesaid) by the
Issuer and delivered to the Trustee for cancellation pursuant to Section 2.10, (b) receive credit
for optional or mandatory sinking fund payments (not previously so credited) made pursuant to this
Section, or (c) receive credit for Securities of such series (not previously so credited) redeemed
by the Issuer through any optional redemption provision contained in the terms of such series.
Securities so delivered or credited shall be received or credited by the Trustee at the sinking
fund redemption price specified in such Securities.

          On or before the sixtieth day (or shorter period satisfactory to the Trustee) next preceding
each sinking fund payment date for any series, the Issuer will deliver to the Trustee a written
statement (which need not contain the statements required by Section 13.5) signed by an authorized
officer of the Issuer (a) specifying the portion of the mandatory sinking fund payment to be
satisfied by payment of cash and the portion to be satisfied by credit of Securities of such
series, (b) stating that none of the Securities of such series has theretofore been so credited,
(c) stating that no defaults in the payment of interest or Events of Default with respect to such
series have occurred (which have not been waived or cured) and are continuing and (d) stating
whether or not the Issuer intends to exercise its right to make an optional sinking fund payment
with respect to such series and, if so, specifying the amount of such optional sinking fund payment
which the Issuer intends to pay on or before the next succeeding sinking fund payment date. Any
Securities of such series to be credited and required to be delivered to the Trustee in order for
the Issuer to be entitled to credit therefor as aforesaid which have not heretofore been delivered
to the Trustee shall be delivered for cancellation pursuant to Section 2.10 to the Trustee with
such written statement (or reasonably promptly thereafter if acceptable to the Trustee). Such
written statement shall be irrevocable and upon its receipt by the Trustee the Issuer shall

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become unconditionally obligated to make all the cash payments or payments therein referred
to, if any, on or before the next succeeding sinking fund payment date. Failure of the Issuer, on
or before any such sixtieth day, to deliver such written statement and Securities specified in this
paragraph, if any, shall not constitute a default but shall constitute, on and as of such date, the
irrevocable election of the Issuer (i) that the mandatory sinking fund payment for such series due
on the next succeeding sinking fund payment date shall be paid entirely in cash without the option
to deliver or credit Securities of such series in respect thereof and (ii) that the Issuer will
make no optional sinking fund payment with respect to such series as provided in this Section.

          If the sinking fund payment or payments (mandatory or optional or both) to be made in cash on
the next succeeding sinking fund payment date plus any unused balance of any preceding sinking fund
payments made in cash shall exceed $50,000 (or a lesser sum if the Issuer shall so request) with
respect to the Securities of any particular series, such cash shall be applied on the next
succeeding sinking fund payment date to the redemption of Securities of such series at the sinking
fund redemption price together with accrued interest to the date fixed for redemption. If such
amount shall be $50,000 or less and the Issuer makes no such request then it shall be carried over
until a sum in excess of $50,000 is available. The Trustee shall select, in the manner provided in
Section 11.2, for redemption on such sinking fund payment date a sufficient principal amount of
Securities of such series to absorb said cash, as nearly as may be, and shall (if requested in
writing by the Issuer) inform the Issuer of the serial numbers of the Securities of such series (or
portions thereof) so selected. Securities of any series which are (a) owned by the Issuer or an
entity known by the Trustee to be directly or indirectly controlling or controlled by or under
direct or indirect common control with the Issuer, as shown by the Security register, and not known
to the Trustee to have been pledged or hypothecated by the Issuer or any such entity or (b)
identified in an Officers’ Certificate delivered to the Trustee at least 60 days prior to the
sinking fund payment date as being beneficially owned by, and not pledged or hypothecated by, the
Issuer or an entity directly or indirectly controlling or controlled by or under direct or indirect
common control with the Issuer shall be excluded from Securities of such series eligible for
selection for redemption. The Trustee, in the name and at the expense of the Issuer (or the
Issuer, if it shall so request the Trustee in writing) shall cause notice of redemption of the
Securities of such series to be given in substantially the manner provided in Section 11.2 (and
with the effect provided in Section 11.3) for the redemption of Securities of such series in part
at the option of the Issuer. The amount of any sinking fund payments not so applied or allocated
to the redemption of Securities of such series shall be added to the next cash sinking fund payment
for such series and, together with such payment, shall be applied in accordance with the provisions
of this Section. Any and all sinking fund moneys held on the stated maturity date of the
Securities of any particular series (or earlier, if such maturity is accelerated), which are not
held for the payment or redemption of particular Securities of such series shall be applied,
together with other moneys, if necessary, sufficient for the purpose, to the payment of the
principal of, and interest on, the Securities of such series at maturity.

          At least one Business Day before each sinking fund payment date, the Issuer shall pay to the
Trustee in cash or shall otherwise provide for the payment of all interest accrued to the date
fixed for redemption on Securities to be redeemed on such sinking fund payment date.

          The Trustee shall not redeem or cause to be redeemed any Securities of a series with sinking
fund moneys or mail any notice of redemption of Securities for such series by

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operation of the sinking fund during the continuance of a default in payment of interest on
such Securities or of any Event of Default except that, where the mailing of notice of redemption
of any Securities shall theretofore have been made, the Trustee shall redeem or cause to be
redeemed such Securities, provided that it shall have received from the Issuer a sum sufficient for
such redemption. Except as aforesaid, any moneys in the sinking fund for such series at the time
when any such default or Event of Default shall occur, and any moneys thereafter paid into the
sinking fund, shall, during the continuance of such default or Event of Default, be deemed to have
been collected under Article Five and held for the payment of all such Securities. In case such
Event of Default shall have been waived as provided in Section 5.10 or the default cured on or
before the sixtieth day preceding the sinking fund payment date in any year, such moneys shall
thereafter be applied on the next succeeding sinking fund payment date in accordance with this
Section to the redemption of such Securities.

ARTICLE TWELVE

DEFEASANCE

          SECTION 12.1 Applicability of Article: Issuer’s Option to Effect Defeasance. Except
to the extent otherwise provided pursuant to Section 2.3 in respect of either or both of (a)
defeasance of the Securities of a series under Section 12.2 or (b) covenant defeasance of the
Securities of a series under Section 12.3, then the provisions of such Section or Sections, as the
case may be, together with the other provisions of this Article Twelve, shall be applicable to the
Securities of such series, and the Issuer may at its option by resolution of the Board of
Directors, at any time, with respect to the Securities of such series, elect to have either Section
12.2 (if applicable) or Section 12.3 (if applicable) be applied to the Outstanding Securities of
such series upon compliance with the conditions set forth below in this Article Twelve.

          SECTION 12.2 Defeasance and Discharge. Upon the Issuer’s exercise of the above option
applicable to this Section, the Issuer shall be deemed to have been discharged from its obligations
with respect to the Outstanding Securities of such series on the date the conditions set forth
below are satisfied (hereinafter, “defeasance”). For this purpose, such defeasance means that the
Issuer shall be deemed to have paid and discharged the entire indebtedness represented by the
Outstanding Securities of such series and to have satisfied all its other obligations under such
Securities and this Indenture insofar as such Securities are concerned (and the Trustee, at the
expense of the Issuer, shall execute proper instruments acknowledging the same), except for the
following which shall survive until otherwise terminated or discharged hereunder: (A) the rights of
Holders of Outstanding Securities of such series to receive solely from the trust fund described in
Section 12.4 and as more fully set forth in such Section, payments in respect of the principal of
and interest on such Securities when such payments are due, (B) the Issuer’s obligations with
respect to such Securities under Sections 2.8, 2.9, 2.11, 3.2 and 3.4, (C) the rights, powers,
trusts, duties, and immunities of the Trustee hereunder and (D) this Article Twelve. Subject to
compliance with this Article Twelve, the Issuer may exercise its option under this Section 12.2
notwithstanding the prior exercise of its options under Section 12.3 with respect to Securities of
such series.

          SECTION 12.3 Covenant Defeasance. Upon the Issuer’s exercise of the above option
applicable to this Section, the Issuer shall be released from its obligations under covenants

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which may be specified in respect of such Securities pursuant to Section 2.3(18) with respect
to the Outstanding Securities of such series on and after the date the conditions set forth below
are satisfied (hereinafter, “covenant defeasance”). For this purpose, such covenant defeasance
means that, with respect to the Outstanding Securities of such series, the Issuer may omit to
comply with and shall have no liability in respect of any term, condition or limitation set forth
in any such Section, whether directly or indirectly by reason of any reference elsewhere herein to
any such Section or by reason of any reference in any such Section to any other provision herein or
in any other document, but the remainder of this Indenture and such Securities shall be unaffected
thereby.

          SECTION 12.4 Conditions to Defeasance. The following shall be the conditions to
application of either Section 12.2 or Section 12.3 to the Outstanding Securities of such series:

          (a) The Issuer shall irrevocably have deposited or caused to be deposited with the Trustee (or
another trustee satisfying the requirements of Section 6.9 who shall agree to comply with the
provisions of this Article Twelve applicable to it) as trust funds in trust for the purpose of
making the following payments, specifically pledged as security for, and dedicated solely to, the
benefit of the Holders of such Securities, (i) money in an amount, or (ii) U.S. Government
Obligations which through the scheduled payment of principal and interest in respect thereof in
accordance with their terms will provide, not later than one day before the due date of any payment
referred to in this subparagraph (a) money in an amount, or (iii) a combination thereof,
sufficient, in the opinion of a nationally recognized firm of independent public accountants
expressed in a written certification thereof delivered to the Trustee, to pay and discharge, and
which shall be applied by the Trustee (or other qualifying trustee) to pay and discharge, (A) the
principal of and each installment of principal of and interest on the Outstanding Securities of
such series on the date that such principal or installment of principal or interest is due and
payable and (B) any mandatory sinking fund payments or analogous payments applicable to the
Outstanding Securities of such series on the day on which such payments are due and payable in
accordance with the terms of this Indenture and of such Securities.

          (b) No Event of Default or event with which notice or lapse of time or both would become an
Event of Default with respect to the Securities of such series shall have occurred and be
continuing on the date of such deposit or, at any time during the period ending on the 91st day
after the date of such deposit or, if longer, ending on the day following the expiration of the
longest preference period applicable to the Issuer under any applicable bankruptcy, insolvency or
similar law in respect of such deposit (it being understood that this condition shall not be deemed
satisfied until the expiration of such period).

          (c) Such defeasance or covenant defeasance shall not cause the Trustee for the Securities of
such series to have a conflicting interest as defined in Section 6.8 and for purposes of the Trust
Indenture Act with respect to any securities of the Issuer.

          (d) Such defeasance or covenant defeasance shall not result in a breach or violation of, or
constitute a default under, this Indenture or any other agreement or instrument to which the Issuer
is a party or by which it is bound.

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          (e) Such defeasance or covenant defeasance shall not cause any Securities of such series then
listed on any registered national securities exchange under the Exchange Act to be delisted.

          (f) In the case of an election under Section 12.2, the Issuer shall have delivered to the
Trustee an Opinion of Counsel stating that (x) the Issuer has received from, or there has been
published by, the Internal Revenue Service a ruling, or (y) since the date of this Indenture there
has been a change in the applicable Federal income tax law, in either case to the effect that, and
based thereon such opinion shall confirm that, the Holders of the Outstanding Securities of such
series will not recognize income, gain or loss for Federal income tax purposes as a result of such
defeasance and will be subject to Federal income tax on the same amounts, in the same manner and at
the same time as would have been the case if such defeasance had not occurred.

          (g) In the case of an election under Section 12.3, the Issuer shall have delivered to the
Trustee an Opinion of Counsel to the effect that the Holders of the Outstanding Securities of such
series will not recognize income, gain or loss for Federal income tax purposes as a result of such
covenant defeasance and will be subject to Federal income tax on the same amounts, in the same
manner and at the same times as would have been the case if such covenant defeasance had not
occurred.

          (h) Such defeasance or covenant defeasance shall be effected in compliance with any additional
terms, conditions or limitations which may be imposed on the Issuer in connection therewith
pursuant to Section 2.3.

          (i) The Issuer shall have delivered to the Trustee an Officers’ Certificate and an Opinion of
Counsel, each stating that all conditions precedent provided for relating to either the defeasance
under Section 12.2 or the covenant defeasance under Section 12.3 (as the case may be) have been
complied with.

          (j) Such defeasance or covenant defeasance shall not result in the trust arising from such
deposit constituting an investment company within the meaning of the Investment Company Act of
1940, as amended, unless such trust shall be registered under such Act or exempt from registration
thereunder.

ARTICLE THIRTEEN

MISCELLANEOUS PROVISIONS

          SECTION 13.1 Incorporators, Stockholders, Officers and Directors of Issuer Exempt
from Individual Liability. No recourse under or upon any obligation, covenant or agreement
contained in this Indenture, or in any Security, or because of any indebtedness evidenced thereby,
shall be had against any incorporator, as such, or against any past, present or future stockholder,
officer or director, as such, of the Issuer or of any successor, either directly or through the
Issuer or any successor, under any rule of law, statute or constitutional provision or by the
enforcement of any assessment or by any legal or equitable proceeding or otherwise, all

47

 

such liability being expressly waived and released by the acceptance of the Securities by the
holders thereof and as part of the consideration for the issue of the Securities.

          SECTION 13.2 Provisions of Indenture for the Sole Benefit of Parties and
Securityholders. Nothing in this Indenture or in the Securities, expressed or implied, shall
give or be construed to give to any person, firm or corporation, other than the parties hereto, any
Paying Agent, and their successors and the Holders of the Securities, any legal or equitable right,
remedy or claim under this Indenture or under any covenant or provision herein contained, all such
covenants and provisions being for the sole benefit of the parties hereto and their successors and
of the Holders of the Securities.

          SECTION 13.3 Successors and Assigns of Issuer Bound by Indenture. All the covenants,
stipulations, promises and agreements in this Indenture contained by or in behalf of the Issuer
shall bind its successors and assigns, whether so expressed or not.

          SECTION 13.4 Notices and Demands on Issuer, Trustee and Securityholders. Any notice
or demand which any provision of this Indenture is required or permitted to be given or served by
the Trustee or by the Holders of Securities to or on the Issuer may be given or served by being
deposited postage prepaid, first class mail (except as otherwise specifically provided herein)
addressed (until another address of the Issuer is filed by the Issuer with the Trustee) to G-III
Apparel Group, Ltd., 512 Seventh Avenue, New York, New York 10018 Attention: Chief Financial
Officer. Any notice, direction, request or demand by the Issuer or any Securityholder to or upon
the Trustee shall be deemed to have been sufficiently given or made, for all purposes, if given or
made at the Corporate Trust Office, when received by the Trustee.

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

          In case, by reason of the suspension of or irregularities in regular mail service, it shall be
impracticable to mail notice to the Issuer and Securityholders when such notice is required to be
given pursuant to any provision of this Indenture, then any manner of giving such notice as shall
be satisfactory to the Trustee shall be deemed to be a sufficient giving of such notice.

          SECTION 13.5 Officers’ Certificates and Opinions of Counsel; Statements to Be Contained
Therein. Upon any application or demand by the Issuer to the Trustee to take any action under
any of the provisions of this Indenture, the Issuer shall furnish to the Trustee an Officers’
Certificate stating that all conditions precedent provided for in this Indenture relating to the
proposed action have been complied with and an Opinion of Counsel stating that in the

48

 

Opinion of such counsel all such conditions precedent have been complied with, except that in
the case of any such application or demand as to which the furnishing of such documents is
specifically required by any provision of this Indenture relating to such particular application or
demand, no additional certificate or opinion need be furnished.

          Each certificate or opinion provided for in this Indenture and delivered to the Trustee with
respect to compliance with a condition or covenant provided for in this Indenture shall include:
(a) a statement that the person making such certificate or opinion has read such covenant or
condition; (b) a brief statement as to the nature and scope of the examination or investigation
upon which the statements or opinions contained in such certificate or opinion are based; (c) a
statement that, in the opinion of such person, he has made such examination or investigation as is
necessary to enable him to express an informed opinion as to whether or not such covenant or
condition has been complied with; and (d) a statement as to whether or not, in the opinion of such
person, such condition or covenant has been complied with.

          Any certificate, statement or opinion of an officer of the Issuer may be based, insofar as it
relates to legal matters, upon a certificate or opinion of or representations by counsel, unless
such officer knows that the certificate or opinion or representations with respect to the matters
upon which his certificate, statement or opinion may be based as aforesaid are erroneous, or in the
exercise of reasonable care should know that the same are erroneous. Any certificate, statement or
opinion of counsel may be based, insofar as it relates to factual matters, information with respect
to which is in the possession of the Issuer, upon the certificate, statement or opinion of or
representations by an officer of officers of the Issuer, unless such counsel knows that the
certificate, statement or opinion or representations with respect to the matters upon which his
certificate, statement or opinion may be based as aforesaid are erroneous, or in the exercise of
reasonable care should know that the same are erroneous.

          Any certificate, statement or opinion of an officer of the Issuer or of counsel may be based,
insofar as it relates to accounting matters, upon a certificate or opinion of or representations by
an accountant or firm of accountants in the employ of the Issuer, unless such officer or counsel,
as the case may be, knows that the certificate or opinion or representations with respect to the
accounting matters upon which his certificate, statement or opinion may be based as aforesaid are
erroneous, or in the exercise of reasonable care should know that the same are erroneous.

          Any certificate or opinion of any independent firm of public accountants filed with the
Trustee shall contain a statement that such firm is independent.

          SECTION 13.6 Payments Due on Saturdays, Sundays and Holidays. If the date of maturity
of interest on or principal of the Securities of any series or the date fixed for redemption or
repayment of any such Security shall not be a Business Day, then payment of interest or principal
need not be made on such date, but may be made on the next succeeding Business Day, with the same
force and effect as if made on the date of maturity or the date fixed for redemption, and no
interest shall accrue for the period after such date.

          SECTION 13.7 Conflict of Any Provision of Indenture with Trust Indenture Act. If any
provision hereof limits, qualifies or conflicts with a provision of the Trust Indenture Act

49

 

that is required under such Act to be a part of and govern this Indenture without such
limitation, qualification or conflict, the latter provision shall control. If any provision of
this Indenture modifies or excludes any provision of the Trust Indenture Act that may be so
modified or excluded, the latter provision shall be deemed to apply to this Indenture as so
modified or excluded, as the case may be.

          SECTION 13.8 New York Law to Govern. This Indenture and each Security shall be deemed
to be a contract under the laws of the State of New York, and for all purposes shall be construed
in accordance with the laws of such State, except as may otherwise be required by mandatory
provisions of law. EACH OF THE ISSUER AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING
ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY.

          SECTION 13.9 Counterparts. This Indenture may be executed in any number of
counterparts, each of which shall be an original; but such counterparts shall together constitute
but one and the same instrument.

          SECTION 13.10 Effect of Headings. The Article and Section headings herein and the
Table of Contents are for convenience only and shall not affect the construction hereof.

ARTICLE FOURTEEN

SUBORDINATION OF SECURITIES

          SECTION 14.1 Securities Subordinated to Senior Indebtedness. The Issuer covenants and
agrees, and each Securityholder, by his acceptance thereof, likewise covenants and agrees, that the
indebtedness represented by the Securities and the payment of the principal of (and premium, if
any) and interest on each and all of the Securities is hereby expressly subordinate and junior, to
the extent and in the manner hereinafter set forth, in right of payment to the prior payment in
full of all Senior Indebtedness.

          (a) Upon any distribution of assets of the Issuer, upon any dissolution, winding up,
liquidation of reorganization of the Issuer, whether in bankruptcy, insolvency, reorganization or
receivership proceedings or upon an assignment for the benefit of creditors or any other marshaling
of the assets and liabilities of the Issuer or otherwise, then the holders of all Senior
Indebtedness shall first be entitled to receive payment of the full amount due thereon in cash or
other consideration satisfactory to the holders of Senior Indebtedness in respect of principal (and
premium, if any) and interest, or provision shall be made for such amount in cash or other
consideration satisfactory to the holders of Senior Indebtedness, before any Securityholder is
entitled to receive any payment or distribution of any character, whether in cash, securities or
other property, on account of the principal of (or premium, if any) or interest on the indebtedness
evidenced by the Securities.

          For purposes of this Article Fourteen, the words, “cash, securities or other property” shall
not be deemed to include shares of stock of the Issuer as reorganized or

50

 

readjusted, or securities of the Issuer or any other corporation provided for by a plan of
reorganization or readjustment, the payment of which is subordinated at least to the extent
provided in this Article Fourteen with respect to the Securities to the payment of all Senior
Indebtedness which may at the time be outstanding; provided that (i) the Senior Indebtedness is
assumed by the new corporation, if any, resulting from any reorganization or readjustment, and (ii)
the rights of the holders of Senior Indebtedness (other than leases which are not assumed by the
Issuer or the new corporation, as the case may be) are not, without the consent of such holders,
altered by such reorganization or readjustment. The consolidation of the Issuer with, or the merger
of the Issuer into, another Person or the liquidation or dissolution of the Issuer following the
conveyance or transfer of its property as an entirety, or substantially as an entirety, to another
Person upon the terms and conditions provided for in Article Nine or similar provisions of the
Securities shall not be deemed a dissolution, winding-up, liquidation or reorganization for the
purposes of this Section 14.1(a) if such other Person shall, as a part of such consolidation,
merger, conveyance or transfer, comply with the conditions stated in Article Nine or similar
provisions of the Securities.

          (b) No payment shall be made by the Issuer with respect to the principal of, premium, if any,
or interest on the Securities or to acquire any of the Securities, if (i) any default in payment of
the principal of or premium, if any, or interest on, rent under, or any other payment obligation
under any Senior Indebtedness occurs and is continuing (a “Payment Default”) beyond any
applicable grace period with respect thereto, unless and until all such payments due in respect of
such Senior Indebtedness have been paid in full in cash or other consideration satisfactory to
holders of Senior Indebtedness or such default shall have been cured or waived or shall have ceased
to exist, (ii) any event of default, other than a Payment Default, with respect to any Designated
Senior Indebtedness occurs and is continuing permitting the holders of such Designated Senior
Indebtedness (or a trustee or other representative on behalf of the holders thereof) to declare
such Designated Senior Indebtedness due and payable prior to the date on which it would otherwise
have become due and payable, and the Trustee receives notice thereof from the Issuer or by any
holders of such Designated Senior Indebtedness (or a trustee or other representative on behalf of
the holders thereof) (the “Payment Blockage Notice”), for a period (the “Payment
Blockage Period”) ending on the earlier of the date on which such event of default shall have
been cured or waived or shall have ceased to exist or 179 days after receipt of the Payment
Blockage Notice, or (iii) any judicial proceeding shall be pending with respect to any such default
in payment or event of default; provided, further, any number of additional Payment Blockage
Periods may be commenced during an existing Payment Blockage Period; provided, however, that no
such additional Payment Blockage Period shall extend beyond the initial Payment Blockage Period.
Notwithstanding anything in the subordination provisions of this Indenture or the Securities to the
contrary, (x) in no event will a Payment Blockage Period extend beyond 179 days from the date of
the Payment Blockage Notice in respect thereof was given and (y) there shall be a period of at
least 181 consecutive days in each 360-day period when no Payment Blockage Period is in effect. No
nonpayment default that existed or was continuing on the date of delivery of any Payment Blockage
Notice to the Trustee shall be the basis for a subsequent payment blockage notice.

          (c) If the maturity of the Securities is accelerated, no payment may be made on the Securities
until all amounts due or to become due on Senior Indebtedness have been paid

51

 

in full in cash or other consideration satisfactory to holders of Senior Indebtedness or until
such acceleration has been cured or waived.

          (d) In the event that, notwithstanding the foregoing provisions of Sections 14.1(a), (b) and
(c), any payment on account of principal of or interest on the Securities shall be made by or on
behalf of the Issuer and received by the Trustee, by any Securityholder or by any paying agent (or,
if the Issuer is acting as its own paying agent, money for any such payment shall be segregated and
held in trust), at a time when such payment is not permitted by any of such provisions, then,
unless and until all Senior Indebtedness (or Designated Senior Indebtedness, in the case of Section
14.1(b)) is paid in full in cash or other consideration satisfactory to the holders thereof, or
such payment is otherwise permitted to be made by the provisions of each of Sections 14.1(a),
14.1(b) and 14.1(c) (subject, in each case, to the provisions of Section 14.6), such payment on
account of principal of or interest on the Securities shall be held in trust for the benefit of,
and shall be immediately paid over to the holders of Senior Indebtedness (or Designated Senior
Indebtedness, in the case of Section 14.1(b)) or their representative or representatives or the
trustee or trustees under any indenture under which any instruments evidencing any of the Senior
Indebtedness (or Designated Senior Indebtedness, in the case of Section 14.1(b)) may have been
issued, as their interests may appear.

          Regardless of anything to the contrary herein, nothing shall prevent (A) any payment by the
Issuer or the Trustee to the Securityholders of amounts in connection with a redemption of
Securities if notice of such redemption has been given to the Trustee or the Securityholders
pursuant to Article Eleven prior to the receipt by the Trustee of a Payment Blockage Notice, or (B)
any payment by the Trustee to the Securityholders of amounts deposited with it pursuant to Article
Ten.

          SECTION 14.2 Subrogation. Subject to the payment in full of all Senior Indebtedness
to which the indebtedness evidenced by the Securities is in the circumstances subordinated as
provided in Section 14.1, the Securityholders (together with the holders of any other indebtedness
of the Issuer which is subordinate in right of payment to the payment in full of all Senior
Indebtedness, which is not subordinate in right of payment to the Securities and which by its terms
grants such right of subrogation to the holders thereof) shall be subrogated to the rights of the
holders of such Senior Indebtedness to receive payments or distributions of cash, property or
securities of the Issuer applicable to such Senior Indebtedness until all amounts owing on the
Securities shall be paid in full, and, as between the Issuer, its creditors other than holders of
such Senior Indebtedness, and the Securityholders, no such payment or distribution made to the
holders of Senior Indebtedness by virtue of this Article which otherwise would have been made to
the Securityholders shall be deemed to be a payment by the Issuer on account of such Senior
Indebtedness, it being understood that the provisions of this Article are and are intended solely
for the purpose of defining the relative rights of the Securityholders, on the one hand, and the
holders of Senior Indebtedness, on the other hand.

          SECTION 14.3 Obligation of Issuer Unconditional. Nothing contained in this Article or
elsewhere in this Indenture or in the Securities is intended to or shall impair, as between the
Issuer, its creditors other than the holders of Senior Indebtedness, and the Securityholders, the
obligation of the Issuer, which is absolute and unconditional, to pay to the Securityholders the
principal of (and premium, if any) and interest on the Securities as and when

52

 

the same shall become due and payable in accordance with their terms, or is intended to or
shall affect the relative rights of the Securityholders and creditors of the Issuer other than the
holders of Senior Indebtedness, nor shall anything herein or therein prevent the Trustee or any
Securityholder from exercising all remedies otherwise permitted by applicable law upon default
under this Indenture, subject to the rights, if any, under this Article of the holders of Senior
Indebtedness in respect of cash, property or securities of the Issuer received upon the exercise of
any such remedy.

          SECTION 14.4 Modification of Terms of Senior Indebtedness. Any renewal or extension
of the time of payment of any Senior Indebtedness or the exercise by the holders of Senior
Indebtedness of any of their rights under any instrument creating or evidencing Senior
Indebtedness, including, without limitation, the waiver of default thereunder, may be made or done
all without notice to or assent from the Securityholders or the Trustee.

          No compromise, alteration, amendment, modification, extension, renewal or other change of, or
waiver, consent or other action in respect of, any liability or obligation under or in respect of,
or of any of the terms, covenants or conditions or any indenture or other instrument under which
any Senior Indebtedness is outstanding or of such Senior Indebtedness, whether or not such release
is in accordance with the provisions of any applicable document, shall in no way alter or affect
any of the provisions of this Article or of the Securities relating to the subordination thereof.

          SECTION 14.5 Effectuation of Subordination by Trustee. Each Securityholder, by his
acceptance thereof, authorizes and directs the Trustee in his or her behalf to take such action as
may be necessary or appropriate to effectuate the subordination provided in this Article and
appoints the Trustee his attorney-in-fact for any and all such purposes.

          Upon any payment or distribution of assets of the Issuer referred to in this Article, the
Trustee and the Securityholders shall be entitled to rely upon any order or decree made by any
court of competent jurisdiction in which any such dissolution, winding up, liquidation or
reorganization proceeding affecting the affairs of the Issuer is pending or upon a certificate of
the trustee in bankruptcy, receiver, assignee for the benefit of creditors, liquidating trustee or
agent or other Person making any payment or distribution, delivered to the Trustee or to the
Securityholders, for the purpose of ascertaining the Persons entitled to participate in such
payment or distribution, and as to the other facts pertinent to the rights of such persons under
this Article, and if such evidence is not furnished, the Trustee may defer any payment to such
Persons pending judicial determination as to the right of such Persons to receive such payment.

          SECTION 14.6 Knowledge of Trustee. Notwithstanding the provisions of this Article or
any other provisions of this Indenture, the Trustee shall not be charged with knowledge of the
existence of any Senior Indebtedness, of any default in payment of principal, premium (if any) or
interest on any Senior Indebtedness, or of any facts which would prohibit the making of any payment
of moneys to or by the Trustee, or the taking of any other action by the Trustee, unless and until
a trust officer of the Trustee having responsibility for the administration of the trust
established by this Indenture shall have received written notice thereof from the Issuer, any
Securityholder, any paying or conversion agent of the Issuer or the holder or representative of any
class of Senior Indebtedness, and, prior to the receipt of any such written

53

 

notice, the Trustee shall be entitled in all respects to assume that no such default or facts
exist; provided, however, that unless on the third Business Day prior to the date upon which by the
terms hereof any such moneys may become payable for any purpose the Trustee shall have received the
notice provided for in this Section 14.6, then, anything herein contained to the contrary
notwithstanding, the Trustee shall have full power and authority to receive such moneys and apply
the same to the purpose for which they were received, and shall not be affected by any notice to
the contrary which may be received by it on or after such date.

          SECTION 14.7 Trustee’s Relation to Senior Indebtedness. The Trustee shall be entitled
to all the rights set forth in this Article with respect to any Senior Indebtedness at the time
held by it, to the same extent as any other holder of Senior Indebtedness and nothing in this
Indenture shall deprive the Trustee of any of its rights as such holder.

          Nothing in this Article shall apply to claims of or payments to the Trustee under or pursuant
to Section 6.6.

          With respect to the holders of Senior Indebtedness, the Trustee undertakes to perform or to
observe only such of its covenants and obligations as are specifically set forth in this Article,
and no implied covenants or obligations with respect to the holders of Senior Indebtedness shall be
read into this Indenture against the Trustee. The Trustee shall not be deemed to owe any fiduciary
duty to the holders of Senior Indebtedness and the Trustee shall not be liable to any holder of
Senior Indebtedness if it shall pay over or deliver to the Securityholders, the Issuer or any other
Person moneys or assets to which any holder of Senior Indebtedness shall be entitled by virtue of
this Article or otherwise.

          SECTION 14.8 Rights of Holders of Senior Indebtedness Not Impaired. No right of any
present or future holder of any Senior Indebtedness to enforce the subordination herein shall at
any time or in any way be prejudiced or impaired by any act or failure to act on the part of the
Issuer or by any noncompliance by the Issuer with the terms, provisions and covenants of this
Indenture, regardless of any knowledge thereof any such Holder may have or be otherwise charged
with.

          SECTION 14.9 Certain Conversions Not Deemed Payment. For the purposes of the
conversion provisions of any series of Securities convertible into or exchangeable for shares of
common stock or other securities of the Issuer or any other Person, (a) the issuance and delivery
of junior securities upon conversion of Securities in accordance with such provisions shall not be
deemed to constitute a payment or distribution on account of the principal of, premium, if any, or
interest on Securities or on account of the purchase or other acquisition of Securities, and (b)
the payment, issuance or delivery of cash (except in satisfaction of fractional shares), property
or securities (other than junior securities) upon conversion of a Security shall be deemed to
constitute payment on account of the principal of, premium, if any, or interest on such Security.
For the purposes of this Section 14.9, the term “junior securities” means (i) shares of any stock
of any class of the Issuer or (ii) securities of the Issuer that are subordinated in right of
payment to all Senior Indebtedness to substantially the same extent as, or to a greater extent
than, the Securities are so subordinated as provided in this Article. Nothing contained in this
Article Fourteen or elsewhere in this Indenture or in the Securities is intended to or shall
impair, as among the Issuer, its creditors (other than holders of Senior Indebtedness) and the

54

 

Securityholders, the right, which is absolute and unconditional, of any Securityholder to
convert such Securities in accordance with the conversion provisions thereof.

55

 

          IN WITNESS WHEREOF, the parties hereto have caused this Indenture, to be duly executed, and
their respective corporate seals to be hereunto affixed and attested, all as of the date first
above written.

	 	 	 	 	 
	 	G-III APPAREL GROUP, LTD.
 	 
	[SEAL]

	 
	 	 	 
	 	By:  	
 	 
	 	Name:  	 	 
	 	Title:  	 	 
	 

	 	 	 	 	 
	 	                   
                       
                            
          , as Trustee

 
	 	By:  	 	 
	 	Name:  	 	 
	 	Title:  	 	 
	 

56

 

EXHIBIT A – FORM OF SECURITY

[FORM OF FACE OF [SECURITY]]

[GLOBAL SECURITY]

          Unless and until this Security is exchanged in whole or in part for Securities in definitive
form, this Security may not be transferred except as a whole by The Depository Trust Company, a New
York corporation (“DTC” or the “Depositary”), to a nominee of DTC or by a nominee of DTC to DTC or
another nominee of DTC or by DTC or any nominee to a successor Depositary or a nominee of any
successor Depositary. Unless this certificate is presented by an authorized representative of DTC
to the Issuer or its agent for registration of transfer, exchange or payment, and any certificate
issued is registered in the name of Cede & Co. or in such other name as is requested by an
authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity as
is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof, Cede &
Co., has an interest herein.

G-III APPAREL GROUP, LTD.

[title of Security]

			
	 	 	 
	Principal Amount $           
         
	 	CUSIP No.                
    

          G-III APPAREL GROUP, LTD., a Delaware corporation (the “Issuer”), for value received, hereby
promises to pay to [Cede & Co.] or registered assigns, at the agency of the Issuer in the City of
New York, New York, the principal sum of                  
                        DOLLARS on                                         , in
immediately available funds in such coin or currency of the United States of America as at the time
of payment shall be legal tender for the payment of public and private debts, and to pay interest,
semiannually on                   
   and                  
    of each year (each, an “Interest Payment
Date”), commencing, on said principal sum at said office or agency, in like coin or currency, at
the rate per annum specified in the title of this [Security], from the most recent Interest Payment
Date to which interest has been paid or, if no interest has been paid, from            
         , until
payment of said principal sum has been made or duly provided for; provided, that payment of
interest may be made at the option of the Issuer by check mailed to the address of the person
entitled thereto as such address shall appear on the [Security] register. The amount of interest
payable on any interest Payment Date shall be computed on the basis of a 360-day year of twelve
30-day months. Each payment of interest in respect of an Interest Payment Date shall include
interest accrued through the day prior to such Interest Payment Date. The interest so payable on
any Interest Payment Date will, subject to certain exceptions provided in the Indenture referred to
on the reverse hereof, be paid to the person in whose name this [Security] is registered at the
close of business on the                
      or                  
   , as the case may be, which shall be a
Business Day next preceding such Interest Payment Date.

A-1

 

          Reference is made to the further provisions of this [Security] set forth on the reverse
hereof. Such further provisions shall for all purposes have the same effect as though fully set
forth at this place.

          This [Security] shall not be valid or become obligatory for any purpose until the certificate
of authentication hereon shall have been signed by the Trustee under the Indenture referred to on
the reverse hereof.

A-2

 

          IN WITNESS WHEREOF, G-III Apparel Group, Ltd. has caused this instrument to be signed by
facsimile by its duly authorized officers and has caused a facsimile of its corporate seal to be
affixed hereunto or imprinted hereon.

	 	 	 	 	 
	 	G-III APPAREL GROUP, LTD.

 	 
	 	By:  	 	 
	 	Name:  	 	 
	 	Title:  	 	 
	 

[SEAL]

	 	 	 	 	 
	 	 	 
	 	By:  	
 	 
	 	Name:  	 	 
	 	Title” 	 
	 

[FORM OF TRUSTEE’S CERTIFICATE OF AUTHENTICATION]

          This is one of the Securities described in the within-mentioned Indenture.

	 	 	 	 	 
	Dated:  	                  
                    
                        
                     
      
, as Trustee
 	 
	 	By:  	 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 

A-3

 

[FORM OF REVERSE OF SECURITY]

G-III APPAREL GROUP, LTD.

[TITLE OF SECURITY]

          This [Security] is one of a duly authorized issue of debentures, notes or other evidence of
indebtedness of the Issuer (hereinafter called the “Securities”) of the series hereinafter
specified, all issued or to be issued under and pursuant to an indenture dated as of           
          ,
20      (herein called the “Indenture”), duly executed and delivered by the Issuer to
                       
                 , as Trustee (herein called
the “Trustee”), to which Indenture and all indentures
supplemental thereto reference is hereby made for a description of the rights, limitations of
rights, obligations, duties and immunities thereunder of the Trustee, the Issuer and the holders of
the Securities. The Securities may be issued in one or more series, which different series may be
issued in various aggregate principal amounts, may mature at different times, may bear interest (if
any) at different rates, may be subject to different redemption provisions (if any), may be subject
to different sinking, purchase or analogous funds (if any) and may otherwise vary as in the
Indenture provided. This [Security] is one of a series designated as the % [Securities] due of the
Issuer, limited in aggregate principal amount to $ (herein called the “[Securities]”).

          [The [Securities] will not be redeemable prior to.][The [Securities] may be redeemed at the
option of the Issuer as a whole, or from time to time in part, in the amount of $ or any multiple
thereof, on any date after and prior to maturity, upon mailing a notice of such redemption not less
than 30 nor more than 60 days prior to the date fixed for redemption to the Holders of [Securities]
at their last registered addresses, all as further provided in the Indenture, at the following
redemption prices (expressed in percentages of the principal amount) together in each case with
accrued interest to the date fixed for redemption:

       
   If redeemed on or before       ,      %, and if redeemed during the twelve-month period
beginning,

	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	Year	 	 	Percentage	 	 	Year	 	 	Percentage	 
	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 
	 	 	 	 	 	 	 	 	 	 
	 	 
	 	 	 	 	 	 	 	 	 	 
	 

and thereafter at 100% of their principal amount.]

          In case an Event of Default with respect to the [Securities] shall have occurred and be
continuing, the principal hereof may be declared, and upon such declaration shall become, due and
payable, in the manner, with the effect and subject to the conditions provided in the Indenture.

A-4

 

          The Indenture contains provisions permitting the Issuer and the Trustee, with the consent of
the Holders of not less than a majority in aggregate principal amount of the Securities at the time
Outstanding (as defined in the Indenture) of all series to be affected (voting as one class),
evidenced as in the Indenture provided, to execute supplemental indentures adding any provisions to
or changing in any manner or eliminating any of the provisions of the Indenture or of any
supplemental indenture or modifying in any manner the rights of the Holders of the Securities of
each such series; provided, however, that no such supplemental indenture shall (i) change the final
maturity of any Security, or reduce the principal amount thereof or any premium thereon, or reduce
the rate or extend the time of payment of any interest thereon, or reduce any amount payable on
redemption thereof or reduce the amount of the principal of an Original Issue Discount Security (as
defined in the Indenture) payable upon acceleration thereof or the amount thereof provable in
bankruptcy, or impair or affect the rights of any Holder to institute suit for the payment thereof,
or, if the Securities provide therefor, any right of repayment at the option of the Holder, without
the consent of the Holder of each Security so affected, or (ii) reduce the aforesaid percentage of
Securities, the Holders of which are required to consent to any such supplemental indenture,
without the consent of the Holder of each Security affected. It is also provided in the Indenture
that, with respect to certain defaults or Events of Default regarding the Securities of any series,
prior to any declaration accelerating the maturity of such Securities, the Holders of a majority in
aggregate principal amount Outstanding of the Securities of such series (or, in the case of certain
defaults or Events of Default, all or certain series of the Securities) may on behalf of the
Holders of all the Securities of such series (or all or certain series of the Securities, as the
case may be) waive any such past default or Event of Default and its consequences. The preceding
sentence shall not, however, apply to a default in the payment of the principal of or premium, if
any, or interest on any of the Securities. Any such consent or waiver by the Holder of this
[Security] (unless revoked as provided in the Indenture) shall be conclusive and binding upon such
Holder and upon all future Holders and owners of this [Security] and any [Securities] which may be
issued in exchange or substitution herefor, irrespective of whether or not any notation thereof is
made upon this [Security] or such other [Securities]. No reference herein to the Indenture and no
provision of this [Security] or of the Indenture shall alter or impair the obligation of the
Issuer, which is absolute and unconditional, to pay the principal of and any premium and interest
on this [Security] in the manner, at the respective times, at the rate and in the coin or currency
herein prescribed.

          The [Securities] are issuable only in registered form, without coupons, in denominations of
$1,000 and any integral multiple thereof, and in book-entry form. The [Securities] may be
represented by one or more Global Securities (each, a “Global [Security]”) deposited with the
Depositary and registered in the name of the nominee of the Depositary, with certain limited
exceptions. So long as the Depositary or any successor Depositary or its nominee is the registered
Holder of a Global [Security], such successor Depositary or such nominee, as the case may be, will
be considered the sole owner or Holder of the [Securities] represented by such Global [Security]
for all purposes under the Indenture and the [Securities]. Beneficial interest in the [Securities]
will be evidenced only by, and transfer thereof will be effected only through, records maintained
by DTC and its participants. Except as provided below, an owner of a beneficial interest in a
Global [Security] will not be entitled to have [Securities] represented by such Global [Security]
registered in such owner’s name, will not receive or be entitled to receive physical delivery of
the [Securities] in certificated form and will not be considered the owner or Holder thereof under
the Indenture.

A-5

 

          No Global [Security] may be transferred except as a whole by such Depositary to a nominee of
such Depositary or by a nominee of such Depositary to such Depositary or another nominee of such
Depositary or by such Depositary or any such nominee to a successor Depositary for such series or a
nominee of such successor Depositary. Global [Securities] are exchangeable for certificated
[Securities] only if (x) the Depositary notifies the Issuer that it is unwilling or unable to
continue as Depositary for such Global [Securities] or if at any time the Depositary ceases to be a
clearing agency registered under the Exchange Act and the Issuer fails within 90 days thereafter to
appoint a successor Depositary, (y) the Issuer in its sole discretion determines that such Global
[Securities] shall be so exchangeable or (z) there shall have occurred and be continuing an Event
of Default or an event which with the giving of notice or lapse of time or both would constitute an
Event of Default with respect to the [Securities] represented by such Global [Securities]. In such
event, the Issuer will issue [Securities] in certificated form in exchange for such Global
[Securities]. In any such instance, an owner of a beneficial interest in the Global [Securities]
will be entitled to physical delivery in certificated form of [Securities] equal in principal
amount to such beneficial interest and to have such [Securities] registered in its name.
[Securities] so issued in certificated form will be issued in denominations of $1,000 or any
integral multiple thereof, and will be issued in registered form only, without coupons.

          The Issuer, the Trustee and any authorized agent of the Issuer or the Trustee may deem and
treat the registered Holder hereof as the absolute owner of this [Security] (whether or not this
[Security] shall be overdue and notwithstanding any notation of ownership or other writing hereon),
for the purpose of receiving payment of, or on account of, the principal hereof and premium, if
any, and subject to the provisions on the face hereof, interest hereon, and for all other purposes,
and neither the Issuer nor the Trustee nor any authorized agent of the Issuer or the Trustee shall
be affected by any notice to the contrary.

          No recourse under or upon any obligation, covenant or agreement of the Issuer in the Indenture
or any indenture supplemental thereto or in any [Security], or because of the creation of any
indebtedness represented thereby, shall be had against incorporator, stockholder, officer or
director, as such, of the Issuer or of any successor Person, either
directly or through the Issuer or any successor Person, under any rule of law, statute or constitutional provision or
by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such
liability being expressly waived and released by the acceptance hereof and as part of the
consideration for the issue hereof.

          The acceptance of this [Security] shall be deemed to constitute the consent and agreement of
the Holder hereof to all of the terms and provisions of the Indenture. Terms used herein which are
defined in the Indenture shall have the respective meanings assigned thereto in the Indentures.

          THE INDENTURE AND THE [SECURITIES] SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES THEREOF.

A-6exv4w1

EXHIBIT 4.1

BRIDGE BANCORP, INC.

AND

WILMINGTON TRUST COMPANY,

AS INDENTURE TRUSTEE

INDENTURE

8.50% CONVERTIBLE SUBORDINATED DEBENTURES DUE 2039

DATED AS OF OCTOBER 23, 2009

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	ARTICLE I — DEFINITIONS
	 	 	2	 
	Section 1.1 Definitions of Terms
	 	 	2	 
	ARTICLE II — ISSUE, DESCRIPTION, TERMS, CONDITIONS REGISTRATION AND EXCHANGE OF THE
DEBENTURES
	 	 	10	 
	Section 2.1 Designation and Principal Amount
	 	 	10	 
	Section 2.2 Maturity
	 	 	11	 
	Section 2.3 Form And Payment
	 	 	11	 
	Section 2.4 [Reserved]
	 	 	11	 
	Section 2.5 Interest
	 	 	12	 
	Section 2.6 Execution and Authentications
	 	 	12	 
	Section 2.7 Registration of Transfer and Exchange
	 	 	13	 
	Section 2.8 Temporary Debentures
	 	 	14	 
	Section 2.9 Mutilated, Destroyed, Lost or Stolen Debentures
	 	 	15	 
	Section 2.10 Cancellation
	 	 	15	 
	Section 2.11 Benefit of Indenture
	 	 	16	 
	Section 2.12 Authenticating Agent
	 	 	16	 
	ARTICLE III — REDEMPTION OF DEBENTURES
	 	 	17	 
	Section 3.1 Redemption
	 	 	17	 
	Section 3.2 Special Event Redemption
	 	 	17	 
	Section 3.3 Optional Redemption by Company
	 	 	17	 
	Section 3.4 Notice of Redemption
	 	 	18	 
	Section 3.5 Payment Upon Redemption
	 	 	19	 
	Section 3.6 No Sinking Fund
	 	 	20	 
	ARTICLE IV — CONVERSION OF DEBENTURES
	 	 	20	 
	Section 4.1 Conversion Rights
	 	 	20	 
	Section 4.2 Conversion Procedures
	 	 	20	 
	Section 4.3 Conversion Ratio Adjustments
	 	 	22	 
	Section 4.4 Reclassification, Consolidation, Merger Or Sale Of Assets
	 	 	26	 
	Section 4.5 Notice of Adjustments of Conversion Ratio
	 	 	27	 
	Section 4.6 Prior Notice of Certain Events
	 	 	27	 
	Section 4.7 Certain Defined Terms
	 	 	28	 
	Section 4.8 Dividend Or Interest Reinvestment Plans
	 	 	28	 
	Section 4.9 Certain Additional Rights
	 	 	29	 
	Section 4.10 Trustee Not Responsible for Determining Conversion Ratio
or Adjustments
	 	 	29	 
	ARTICLE V — EXTENSION OF INTEREST PAYMENT PERIOD
	 	 	30	 
	Section 5.1 Extension of Interest Payment Period
	 	 	30	 
	Section 5.2 Notice of Extension
	 	 	30	 
	Section 5.3 Limitation on Transactions
	 	 	31	 
	ARTICLE VI — PARTICULAR COVENANTS OF THE COMPANY
	 	 	31	 
	Section 6.1 Payment of Principal and Interest
	 	 	31	 
	Section 6.2 Maintenance of Agency
	 	 	32	 
	Section 6.3 Paying Agents
	 	 	32	 
	Section 6.4 Appointment to Fill Vacancy in Office of Trustee
	 	 	33	 

 

 

	 	 	 	 	 
	Section 6.5 Compliance with Consolidation Provisions
	 	 	33	 
	Section 6.6 Limitation on Transactions
	 	 	33	 
	Section 6.7 Covenants as to the Trust
	 	 	34	 
	Section 6.8 Covenants as to Purchases
	 	 	34	 
	Section 6.9 Waiver of Usury, Stay or Extension Laws
	 	 	35	 
	ARTICLE VII — DEBENTUREHOLDERS’ LISTS AND REPORTS BY THE COMPANY AND THE TRUSTEE
	 	 	35	 
	Section 7.1 Company to Furnish Trustee Names and Addresses of
Debentureholders
	 	 	35	 
	Section 7.2 Preservation of Information Communications with
Debentureholders
	 	 	35	 
	Section 7.3 Reports by the Company
	 	 	36	 
	Section 7.4 [Reserved]
	 	 	36	 
	ARTICLE VIII — REMEDIES OF THE TRUSTEE AND DEBENTUREHOLDERS ON EVENT OF DEFAULT
	 	 	36	 
	Section 8.1 Events of Default
	 	 	36	 
	Section 8.2 Collection of Indebtedness and Suits for Enforcement by
Trustee
	 	 	38	 
	Section 8.3 Application of Moneys Collected
	 	 	39	 
	Section 8.4 Limitation on Suits
	 	 	40	 
	Section 8.5 Rights and Remedies Cumulative; Delay or Omission Not
Waiver
	 	 	40	 
	Section 8.6 Control by Debentureholders
	 	 	41	 
	Section 8.7 Undertaking to Pay Costs
	 	 	41	 
	Section 8.8 Direct Action; Right of Set-Off
	 	 	42	 
	ARTICLE IX — FORM OF DEBENTURE AND ORIGINAL ISSUE
	 	 	42	 
	Section 9.1 Form of Debenture
	 	 	42	 
	Section 9.2 Original and Ongoing Issue of Debentures
	 	 	42	 
	ARTICLE X — CONCERNING THE TRUSTEE
	 	 	43	 
	Section 10.1 Certain Duties and Responsibilities of the Trustee
	 	 	43	 
	Section 10.2 Notice of Defaults
	 	 	44	 
	Section 10.3 Certain Rights of Trustee
	 	 	44	 
	Section 10.4 Trustee Not Responsible for Recitals, Etc.
	 	 	46	 
	Section 10.5 May Hold Debentures
	 	 	46	 
	Section 10.6 Moneys Held in Trust
	 	 	47	 
	Section 10.7 Compensation and Reimbursement
	 	 	47	 
	Section 10.8 Reliance on Officers’ Certificate
	 	 	48	 
	Section 10.9 Disqualification: Conflicting Interests
	 	 	48	 
	Section 10.10 Corporate Trustee Required; Eligibility
	 	 	48	 
	Section 10.11 Resignation and Removal; Appointment of Successor
	 	 	48	 
	Section 10.12 Acceptance of Appointment by Successor
	 	 	50	 
	Section 10.14 Preferential Collection of Claims Against the Company
	 	 	51	 
	ARTICLE XI — CONCERNING THE DEBENTUREHOLDERS
	 	 	51	 
	Section 11.1 Evidence of Action by Holders
	 	 	51	 
	Section 11.2 Proof of Execution by Debentureholders
	 	 	52	 
	Section 11.3 Who May Be Deemed Owners
	 	 	52	 
	Section 11.4 Certain Debentures Owned by Company Disregarded
	 	 	52	 
	Section 11.5 Actions Binding on Future Debentureholders
	 	 	53	 

 

 

	 	 	 	 	 
	ARTICLE XII — SUPPLEMENTAL INDENTURES
	 	 	53	 
	Section 12.1 Supplemental Indentures without the Consent of
Debentureholders
	 	 	53	 
	Section 12.2 Supplemental Indentures with Consent of Debentureholders
	 	 	54	 
	Section 12.3 Effect of Supplemental Indentures
	 	 	55	 
	Section 12.4 Debentures Affected by Supplemental Indentures
	 	 	55	 
	Section 12.5 Execution of Supplemental Indentures
	 	 	55	 
	ARTICLE XIII — SUCCESSOR CORPORATION
	 	 	56	 
	Section 13.1 Company May Consolidate, Etc.
	 	 	56	 
	Section 13.2 Successor Corporation Substituted
	 	 	56	 
	Section 13.3 Evidence of Consolidation, Etc. to Trustee
	 	 	57	 
	ARTICLE XIV — SATISFACTION AND DISCHARGE
	 	 	57	 
	Section 14.1 Satisfaction and Discharge of Indenture
	 	 	57	 
	Section 14.2 Discharge of Obligations
	 	 	58	 
	Section 14.3 Deposited Moneys to be Held in Trust
	 	 	58	 
	Section 14.4 Payment of Monies Held by Paying Agents
	 	 	58	 
	Section 14.5 Repayment to Company
	 	 	58	 
	ARTICLE XV — IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS
	 	 	59	 
	Section 15.1 No Recourse
	 	 	59	 
	ARTICLE XVI — MISCELLANEOUS PROVISIONS
	 	 	59	 
	Section 16.1 Effect on Successors and Assigns
	 	 	59	 
	Section 16.2 Actions by Successor
	 	 	59	 
	Section 16.3 Surrender of Company Powers
	 	 	59	 
	Section 16.4 Notices
	 	 	60	 
	Section 16.5 Governing Law
	 	 	60	 
	Section 16.6 Treatment of Debentures as Debt
	 	 	60	 
	Section 16.7 Compliance Certificates and Opinions
	 	 	60	 
	Section 16.8 Payments on Business Days
	 	 	61	 
	Section 16.9 Conflict with Trust Indenture Act
	 	 	61	 
	Section 16.10 Counterparts
	 	 	61	 
	Section 16.11 Separability
	 	 	61	 
	Section 16.12 Assignment
	 	 	61	 
	Section 16.13 Acknowledgment of Rights
	 	 	62	 
	ARTICLE XVII — SUBORDINATION OF DEBENTURES
	 	 	62	 
	Section 17.1 Agreement to Subordinate
	 	 	62	 
	Section 17.2 Default on Senior Debt, Subordinated Debt or Additional
Senior Obligations
	 	 	62	 
	Section 17.3 Liquidation; Dissolution; Bankruptcy
	 	 	63	 
	Section 17.4 Subrogation
	 	 	64	 
	Section 17.5 Trustee to Effectuate Subordination
	 	 	65	 
	Section 17.6 Notice by the Company
	 	 	65	 
	Section 17.7 Rights of the Trustee; Holders of Senior Indebtedness
	 	 	66	 
	Section 17.8 Subordination May Not Be Impaired
	 	 	66	 
	FORM OF DEBENTURE
	 	 	A-1	 

 

 

INDENTURE

     INDENTURE, dated as of October 23, 2009, between BRIDGE BANCORP, INC., a New York corporation
(the Company) and WILMINGTON TRUST COMPANY, a banking corporation duly organized and existing under
the laws of the State of Delaware, as trustee (the “Indenture Trustee”);

RECITALS

     WHEREAS, for its lawful corporate purposes, the Company has duly authorized the execution and
delivery of this Indenture to provide for the issuance of securities to be known as its 8.50%
Convertible Subordinated Debentures due 2039 (hereinafter referred to as the “Debentures”), the
form and substance of such Debentures and the terms, provisions and conditions thereof to be set
forth as provided in this Indenture;

     WHEREAS, Bridge Statutory Capital Trust II, a Delaware statutory trust (the Trust), has
offered to certain accredited investors (as such term is defined in Rule 501(a) under the
Securities Act) up to $15,000,000 aggregate liquidation amount of its Preferred Securities (as
defined herein) and in connection therewith proposes to invest the proceeds from such offering,
together with the proceeds of the issuance and sale by the Trust to the Company of $1,500 aggregate
liquidation amount of its Common Securities (as defined herein), in up to $15,001,500 aggregate
principal amount of the Debentures;

     WHEREAS, the Company has requested that the Trustee execute and deliver this Indenture;

     WHEREAS, all requirements necessary to make this Indenture a valid instrument in accordance
with its terms, and to make the Debentures, when executed by the Company and authenticated and
delivered by the Trustee, the valid obligations of the Company, have been performed, and the
execution and delivery of this Indenture have been duly authorized in all respects;

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

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

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

1

 

ARTICLE I — DEFINITIONS

Section 1.1 Definitions of Terms.

     The terms defined in this Section 1.1 (except as in this Indenture otherwise expressly
provided) for all purposes of this Indenture and of any indenture supplemental hereto shall have
the respective meanings specified in this Section 1.1 and shall include the plural as well as the
singular. All other terms used in this Indenture that are defined in the Trust Indenture Act, or
that are by reference in the Trust Indenture Act defined in the Securities Act (except as herein
otherwise expressly provided or unless the context otherwise requires), shall have the meanings
assigned to such terms in the Trust Indenture Act and in the Securities Act as in force at the date
of the execution of this instrument. All accounting terms used herein and not expressly defined
shall have the meanings assigned to such terms in accordance with Generally Accepted Accounting
Principles.

     “Accelerated Maturity Date” means if the Company elects to accelerate the Maturity Date in
accordance with Section 2.2(c), the date selected by the Company, which is prior to the Scheduled
Maturity Date, but is after September 30, 2014.

     “Additional Interest” shall have the meaning set forth in Section 2.5(c).

     “Additional Senior Obligations” means all indebtedness of the Company whether incurred on or
prior to the date of this Indenture or thereafter incurred, for claims in respect of derivative
products such as interest and foreign exchange rate contracts, commodity contracts and similar
arrangements; provided, however, that Additional Senior Obligations does not include claims in
respect of Senior Debt or Subordinated Debt or obligations which, by their terms, are expressly
stated to be not superior in right of payment to the Debentures or to rank pari passu in right of
payment with the Debentures. For purposes of this definition, claim shall have the meaning assigned
thereto in Section 101(4) of the United States Bankruptcy Code of 1978, as amended.

     “Administrative Trustees” shall have the meaning set forth in the Trust Agreement.

     “Affiliate” means, with respect to a specified Person, (a) any Person directly or indirectly
owning, controlling or holding with power to vote 10% or more of the outstanding voting securities
or other ownership interests of the specified Person; (b) any Person 10% or more of whose
outstanding voting securities or other ownership interests are directly or indirectly owned,
controlled or held with power to vote by the specified Person; (c) any Person directly or
indirectly controlling, controlled by, or under common control with the specified Person; (d) a
partnership in which the specified Person is a general partner; (e) any officer or director of the
specified Person; and (f) if the specified Person is an individual, any entity of which the
specified Person is an officer, director or general partner.

     “Authenticating Agent” means an authenticating agent with respect to the Debentures appointed
by the Trustee pursuant to Section 2.12.

2

 

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

     “Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant
Secretary of the Company to have been duly adopted by the Company’s Board of Directors, or such
committee of the Board of Directors or of officers of the Company to which authority to act on
behalf of the Board of Directors has been lawfully delegated, and to be in full force and effect on
the date of such certification.

     “Business Day” means, with respect to the Debentures, any day other than a Saturday or a
Sunday or a day on which federal or state banking institutions in the State of New York are
authorized or required by law, executive order or regulation to close, or a day on which the
Corporate Trust Office of the Indenture Trustee or the Property Trustee is closed for business.

     “Capital Treatment Event” means the receipt by the Company and the Trust of an Opinion of
Counsel, rendered by a law firm having a recognized national bank regulatory practice, to the
effect that, as a result of any amendment to, or change (including any announced prospective
change) in, the laws (or any regulations thereunder) of the United States or any political
subdivision thereof or therein, or as a result of any official or administrative pronouncement or
action or judicial decision interpreting or applying such laws or regulations, which amendment or
change is effective or which pronouncement or decision is announced on or after the date of
issuance of the Preferred Securities under the Trust Agreement, there is more than an insubstantial
risk of impairment of the Company’s ability to treat the Preferred Securities (or any substantial
portion thereof) as Tier 1 capital (or the then equivalent thereof), for purposes of the capital
adequacy guidelines of the Federal Reserve, as then in effect and applicable to the Company;
provided, however, that the Trust or the Company shall have requested and received such an Opinion
of Counsel with regard to such matters within a reasonable period of time after the Trust or the
Company shall have become aware of the possible occurrence of any such event; provided, however,
that the inability of the Company to treat all or any portion of the Liquidation Amount of the
Preferred Securities as Tier 1 Capital shall not constitute the basis for a Capital Treatment Event
if such inability results from the Company having cumulative preferred stock, minority interests in
consolidated subsidiaries, or any other class of security or interest which the Federal Reserve now
or may hereafter accord Tier 1 Capital treatment in excess of the amount which may qualify for
treatment as Tier 1 Capital under applicable capital adequacy guidelines of the Federal Reserve;
provided, further, however, that the distribution of Debentures in connection with the dissolution
of the Trust shall not in and of itself constitute a Capital Treatment Event.

     “Change in 1940 Act Law” shall have the meaning set forth in the definition of Investment
Company Event.

     “Closing Price” shall have the meaning set forth in Section 4.7

     “Commission” means the Securities and Exchange Commission.

3

 

     “Common Securities” means undivided beneficial interests in the assets of the Trust which rank
pari passu with the Preferred Securities; provided, however, that upon the occurrence of an Event
of Default, the rights of holders of Common Securities to payment in respect of distributions and
payments upon liquidation, redemption and otherwise are subordinated to the rights of holders of
Preferred Securities.

     “Common Stock” means the common stock, par value $0.01 per share, of the Company.

     “Company” means Bridge Bancorp, Inc., a corporation duly organized and existing under the laws
of the State of New York, and, subject to the provisions of Article XIII, shall also include its
successors and assigns.

     “Compounded Interest” shall have the meaning set forth in Section 5.1.

     “Conversion Agent” means the Person appointed to act on behalf of the holders of the Preferred
Securities in effecting the conversion of Preferred Securities to Debentures and Debentures to
Common Stock as and in the manner set forth in the Trust Agreement and this Indenture, which shall
initially be Wilmington Trust Company.

     “Conversion Price” means $31.00.

     “Conversion Ratio” has the meaning set forth in Section 4.1.

     “Conversion Request” means (a) the irrevocable request to be given by a Debenture holder to
the Conversion Agent directing the Conversion Agent to convert the Debentures into shares of Common
Stock, and (b) the irrevocable request to be given by a holder of Preferred Securities to the
Conversion Agent directing the Conversion Agent to exchange such stock on behalf of such holder.

     “Corporate Trust Office” means the office of the Indenture Trustee and the Property Trustee at
which, at any particular time, such trustee’s corporate trust business shall be principally
administered, which office at the date hereof is located at 1100 North Market Street, Wilmington,
Delaware 19890, Attention: Corporate Trust Administration.

     “Coupon Rate” shall have the meaning set forth in Section 2.5.

     “Current Market Price” has the meaning set forth in Section 4.3(f).

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

     “Debentures” shall have the meaning set forth in the Recitals hereto.

     “Debenture holder”, “holder of Debentures”, “registered holder”, or other similar term, means
the Person or Persons in whose name or names a particular Debenture shall be registered

4

 

on the books of the Company or the Indenture Trustee kept for that purpose in accordance with
the terms of this Indenture.

     “Debenture Issue Date” shall mean, with respect to each Debenture, the date on which such
Debenture was issued by the Company to the Trust or to the Debenture holder thereof.

     “Debenture Register” shall have the meaning set forth in Section 2.7(b).

     “Debenture Registrar” shall have the meaning set forth in Section 2.7(b).

     “Debt” means with respect to any Person, whether recourse is to all or a portion of the assets
of such Person and whether or not contingent, (i) every obligation of such Person for money
borrowed; (ii) every obligation of such Person evidenced by bonds, debentures, notes or other
similar instruments, including obligations incurred in connection with the acquisition of property,
assets or businesses; (iii) every reimbursement obligation of such Person with respect to letters
of credit, bankers’ acceptances or similar facilities issued for the account of such Person; (iv)
every obligation of such Person issued or assumed as the deferred purchase price of property or
services (but excluding trade accounts payable or accrued liabilities arising in the ordinary
course of business); (v) every capital lease obligation of such Person; and (vi) and every
obligation of the type referred to in clauses (i) through (v) of another Person and all dividends
of another Person the payment of which, in either case, such Person has guaranteed or is
responsible or liable for directly or indirectly, as obligor or otherwise.

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

     “Deferred Interest” shall have the meaning set forth in Section 5.1.

     “Direct Action” shall have the meaning set forth in Section 8.8.

     “Dissolution Event” means that as a result of the occurrence and continuation of a Special
Event, the Trust is to be dissolved in accordance with the Trust Agreement and the Debentures held
by the Property Trustee are to be distributed to the holders of the Trust Securities issued by the
Trust pro rata in accordance with the Trust Agreement.

     “Event of Default” means, with respect to the Debentures, any event specified in Section 8.1,
which has continued for the period of time, if any, and after the giving of the notice, if any,
therein designated.

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

     “Extended Interest Payment Period” shall have the meaning set forth in Section 5.1.

     “Federal Reserve” means the Board of Governors of the Federal Reserve System.

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     “Generally Accepted Accounting Principles” means such accounting principles as are generally
accepted at the time of any computation required hereunder as promulgated by the Financial
Accounting Standards Board.

     “Governmental Obligations” means securities that are (i) direct obligations of the United
States of America for the payment of which its full faith and credit is pledged; or (ii)
obligations of a Person controlled or supervised by and acting as an agency or instrumentality of
the United States of America, the payment of which is unconditionally guaranteed as a full faith
and credit obligation by the United States of America that, in either case, are not callable or
redeemable at the option of the issuer thereof, and shall also include a depositary receipt issued
by a bank (as defined in Section 3(a)(2) of the Securities Act) as custodian with respect to any
such Governmental Obligation or a specific payment of principal of or interest on any such
Governmental Obligation held by such custodian for the account of the holder of such depositary
receipt; provided, however, that (except as required by law) such custodian is not authorized to
make any deduction from the amount payable to the holder of such depositary receipt from any amount
received by the custodian in respect of the Governmental Obligation or the specific payment of
principal of or interest on the Governmental Obligation evidenced by such depositary receipt.

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

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

     “Interest Payment Date”, when used with respect to any installment of interest on the
Debentures, shall have the meaning set forth in Section 2.5 or in an indenture supplemental hereto
with respect to the Debentures as the fixed date on which an installment of interest with respect
to the Debentures is due and payable.

     “Investment Company Act”, means the Investment Company Act of 1940.

     “Investment Company Event” means the receipt by the Trust and the Company of an Opinion of
Counsel, rendered by a law firm having a recognized national tax and securities law practice, to
the effect that, as a result of the occurrence of a change in law or regulation or a change in
interpretation or application of law or regulation by any legislative body, court, governmental
agency or regulatory authority (a “Change in 1940 Act Law”), the Trust is or shall be considered an
investment company that is required to be registered under the Investment Company Act, which Change
in 1940 Act Law becomes effective on or after the date of original issuance of the Preferred
Securities under the Trust Agreement; provided, however, that the Trust or the Company shall have
requested and received such an Opinion of Counsel with regard to such matters within a reasonable
period of time after the Trust or the Company shall have become aware of the possible occurrence of
any such event.

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     “Maturity Date” means the date described in Section 2.2 on which the Debentures mature and on
which the principal shall be due and payable together with all accrued and unpaid interest thereon
including Compounded Interest and Additional Interest, if any.

     “Ministerial Action” shall have the meaning set forth in Section 3.2.

     “Officers’ Certificate” means a certificate signed by the President or an Executive Vice
President and by the Chief Financial Officer or the Treasurer or an Assistant Treasurer or the
Secretary or an Assistant Secretary of the Company that is delivered to the Trustee in accordance
with the terms hereof. Each such certificate shall include the statements provided for in Section
16.7, if and to the extent required by the provisions thereof.

     “Opinion of Counsel” means an opinion in writing of independent, outside legal counsel for the
Company that is delivered to the Indenture Trustee and the Company in accordance with the terms
hereof. Each such opinion shall include the statements provided for in Section 16.7, if and to the
extent required by the provisions thereof.

     “Outstanding”, when used in reference to the Debentures, means, subject to the provisions of
Section 11.4, as of any particular time, all Debentures theretofore authenticated and delivered by
the Indenture Trustee under this Indenture, except (a) Debentures theretofore canceled by the
Trustee or any paying agent, or delivered to the Indenture Trustee or any paying agent for
cancellation or that have previously been canceled; (b) Debentures or portions thereof for the
payment or redemption of which moneys or Governmental Obligations in the necessary amount shall
have been deposited in trust with the Indenture Trustee or with any paying agent (other than the
Company) or shall have been set aside and segregated in trust by the Company (if the Company shall
act as its own paying agent); provided, however, that if such Debentures or portions of such
Debentures are to be redeemed prior to the maturity thereof, notice of such redemption shall have
been given as in Article III provided, or provision satisfactory to the Indenture Trustee shall
have been made for giving such notice; and (c) Debentures in lieu of or in substitution for which
other Debentures shall have been authenticated and delivered pursuant to the terms of Section 2.7;
provided, however, that in determining whether the holders of the requisite percentage of
Debentures have given any request, notice, consent or waiver hereunder, Debentures held by the
Company shall not be included; provided, further, that the Indenture Trustee shall be protected in
relying upon any request, notice, consent or waiver unless a Responsible Officer of the Indenture
Trustee shall have actual knowledge that the holder of such Debenture is the Company or an
Affiliate thereof.

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

     “Predecessor Debenture” means every previous Debenture evidencing all or a portion of the same
debt as that evidenced by such particular Debenture; and, for the purposes of this definition, any
Debenture authenticated and delivered under Section 2.9 in lieu of a mutilated, lost, destroyed or
stolen Debenture shall be deemed to evidence the same debt as the mutilated, lost, destroyed or
stolen Debenture.

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     “Preferred Securities” means the 8.50% Cumulative Convertible Trust Preferred Securities
representing undivided beneficial interests in the assets of the Trust which rank pari passu with
Common Securities issued by the Trust; provided, however, that upon the occurrence of an Event of
Default, the rights of holders of Common Securities to payment in respect of distributions and
payments upon liquidation, redemption and otherwise are subordinated to the rights of holders of
Preferred Securities.

     “Preferred Securities Guarantee” means any guarantee that the Company may enter into with the
Trustee or other Persons that operates directly or indirectly for the benefit of holders of
Preferred Securities.

     “Property Trustee” has the meaning set forth in the Trust Agreement.

     “Redemption Price” shall have the meaning set forth in Section 3.2.

     “Responsible Officer” when used with respect to the Indenture Trustee means any officer within
the corporate trust department of the Indenture Trustee with direct responsibility for the
administration of this Indenture, including any managing director, director, vice president, any
assistant vice president, associate, any assistant secretary, assistant treasurer or any other
officer of the Trustee who customarily performs functions similar to those performed by the Persons
who at the time shall be such officers, respectively, or to whom any corporate trust matter is
referred because of his or her knowledge of and familiarity with the particular subject and who
shall have direct responsibility for the administration of this Indenture.

     “Scheduled Maturity Date” means December 31, 2039.

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

     “Senior Debt” means the principal of (and premium, if any) and interest, if any (including
interest accruing on or after the filing of any petition in bankruptcy or for reorganization
relating to the Company whether or not such claim for post-petition interest is allowed in such
proceeding), on Debt, whether incurred on or prior to the date of this Indenture or thereafter
incurred, unless, in the instrument creating or evidencing the same or pursuant to which the same
is outstanding, it is provided that such obligations are not superior in right of payment to the
Debentures or to other Debt which is pari passu with, or subordinated to, the Debentures, provided,
however, that Senior Debt shall not be deemed to include (i) any Debt of the Company which when
incurred and without respect to any election under section 1111(b) of the United States Bankruptcy
Code of 1978, as amended, was without recourse to the Company; (ii) any Debt of the Company owed to
any of its subsidiaries; (iii) Debt owed to any employee of the Company; (iv) Debt which by its
terms is subordinated to trade accounts payable or accrued liabilities arising in the ordinary
course of business to the extent that payments made to the holders of such Debt by the holders of
the Debentures as a result of the subordination provisions of this Indenture would be greater than
they otherwise would have been as a result of any obligation of such holders to pay amounts over to
the obligees on such trade accounts payable or

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accrued liabilities arising in the ordinary course of business as a result of subordination
provisions to which such Debt is subject; and (v) Debt which constitutes Subordinated Debt.

     “Senior Indebtedness” shall have the meaning set forth in Section 17.1.

     “Special Event” means a Tax Event, an Investment Company Event or a Capital Treatment Event.

     “Subordinated Debt” means the principal of (and premium, if any) and interest, if any
(including interest accruing on or after the filing of any petition in bankruptcy or for
reorganization relating to the Company whether or not such claim for post-petition interest is
allowed in such proceeding), on Debt, whether incurred on or prior to the date of this Indenture or
thereafter incurred, which is by its terms expressly provided to be junior and subordinate to
Senior Debt of the Company and on any Debt of the Company under debt securities (and guarantees in
respect of these debt securities) initially issued to any trust, or any trustee or trustees of a
trust, partnership or other entity affiliated with the Company that is, directly or indirectly, a
financing vehicle of the Company in connection with the issuance by that entity of preferred
securities or other securities which are intended to qualify for Tier 1 capital treatment, unless
those debt securities are by their terms convertible into Common Stock of the Company; provided,
however, that Subordinated Debt will not be deemed to include (i) any Debt of the Company which
when incurred and without respect to any election under section 1111(b) of the United States
Bankruptcy Code of 1978, as amended, was without recourse to the Company, (ii) any Debt of the
Company owed to any of its subsidiaries, (iii) any Debt owed to any employee of the Company, (iv)
any Debt which by its terms is subordinated to trade accounts payable or accrued liabilities
arising in the ordinary course of business to the extent that payments made to the holders of such
Debt by the holders of the Subordinated Debentures as a result of the subordination provisions of
the Indenture would be greater than they otherwise would have been as a result of any obligation of
such holders to pay amounts over to the obligees on such trade accounts payable or accrued
liabilities arising in the ordinary course of business as a result of subordination provisions to
which such Debt is subject, and (v) Debt which constitutes Senior Debt.

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

     “Tax Event” means the receipt by the Company and the Trust of an Opinion of Counsel, rendered
by a law firm having a recognized national tax and securities practice, to the effect that, as a
result of any amendment to, or change (including any announced prospective change) in, the laws (or
any regulations thereunder) of the United States or any political subdivision or taxing authority
thereof or therein, or as a result of any official administrative pronouncement or

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judicial decision interpreting or applying such laws or regulations, which amendment or change
is effective or which pronouncement or decision is announced on or after the date of issuance of
the Preferred Securities under the Trust Agreement, there is more than an insubstantial risk that
(i) the Trust is, or shall be within 90 days after the date of such Opinion of Counsel, subject to
United States federal income tax with respect to income received or accrued on the Debentures; (ii)
interest payable by the Company on the Debentures is not, or within 90 days after the date of such
Opinion of Counsel, shall not be, deductible by the Company, in whole or in part, for United States
federal income tax purposes; or (iii) the Trust is, or shall be within 90 days after the date of
such Opinion of Counsel, subject to more than a de minimis amount of other taxes, duties,
assessments or other governmental charges; provided, however, that the Trust or the Company shall
have requested and received such an Opinion of Counsel with regard to such matters within a
reasonable period of time after the Trust or the Company shall have become aware of the possible
occurrence of any of the events described in clauses (i) through (iii) above.

     “Trading Days” has the meaning set forth in Section 4.7.

     “Trust” means Bridge Statutory Capital Trust II, a Delaware statutory trust created pursuant
to the Trust Agreement.

     “Trust Agreement” means the Amended and Restated Trust Agreement of the Trust, dated as of
October 23, 2009, by and among Bridge Bancorp, Inc., Wilmington Trust Company and the
Administrative Trustees named therein.

     “Indenture Trustee” means Wilmington Trust Company as appointed pursuant to this Indenture,
and, subject to the provisions of Article X, shall also include its successors and assigns, and, if
at any time there is more than one Person acting in such capacity hereunder, Trustee shall mean
each such Person.

     “Trust Indenture Act”, means the Trust Indenture Act of 1939, as amended, subject to the
provisions of Sections 12.1, 12.2, and 13.1.

     “Trust Securities” means the Common Securities and Preferred Securities, collectively.

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

ARTICLE II — ISSUE, DESCRIPTION, TERMS, CONDITIONS

REGISTRATION AND EXCHANGE OF THE DEBENTURES

Section 2.1 Designation and Principal Amount.

     There is hereby authorized Debentures designated the 8.50% Convertible Subordinated Debentures
due 2039, limited in aggregate principal amount up to Fifteen Million, One

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Thousand Five Hundred Dollars ($15,001,500), which amount shall be as set forth in any written
order of the Company for the authentication and delivery of Debentures pursuant to Section 2.6.

Section 2.2 Maturity.

     (a) The Maturity Date shall be either:

     (i) the Scheduled Maturity Date; or

     (ii) if the Company elects to accelerate the Maturity Date to be a date prior to the Scheduled
Maturity Date in accordance with Section 2.2(b) and (c), the Accelerated Maturity Date.

     (b) the Company may at any time before the day which is 90 days before the Scheduled Maturity
Date and after September 30, 2014, elect to shorten the Maturity Date only once to the Accelerated
Maturity Date provided that the Company has received the prior approval of, or non-objection from,
the Federal Reserve if then required under applicable capital guidelines, policies or regulations
of the Federal Reserve.

     (c) if the Company elects to accelerate the Maturity Date in accordance with Section 2.2(b),
the Company shall give written notice to the Indenture Trustee and the Trust (unless the Trust is
not the holder of the Debentures, in which case the Indenture Trustee will give notice to the
holders of the Debentures) of the acceleration of the Maturity Date and the Accelerated Maturity
Date at least 30 days and no more than 180 days before the Accelerated Maturity Date; provided,
however that nothing provided in this Section 2.2 shall limit the Company’s rights, as provided in
Article III hereof, to redeem all or a portion of the Debentures at such time or times as the
Company may so determine, or at any time upon the occurrence of a Special Event.

Section 2.3 Form And Payment.

     The Debentures shall be issued in fully registered certificated form without interest coupons.
Principal and interest on the Debentures issued in certificated form shall be payable, the transfer
of such Debentures shall be registrable and such Debentures shall be exchangeable for Debentures
bearing identical terms and provisions at the office or agency of the Indenture Trustee; provided,
however, that payment of interest may be made at the option of the Company by check mailed to the
holder at such address as shall appear in the Debenture Register or by wire transfer to an account
maintained by the holder as specified in the Debenture Register, provided that the holder provides
proper transfer instructions by the regular record date. Notwithstanding the foregoing, so long as
the holder of any Debentures is the Property Trustee, the payment of principal of and interest
(including Compounded Interest and Additional Interest, if any) on such Debentures held by the
Property Trustee shall be made at such place and to such account as may be designated by the
Property Trustee.

Section 2.4 [Intentionally Left Blank].

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Section 2.5 Interest.

     (a) Each Debenture shall bear interest at the rate of 8.50% per annum (the “Coupon Rate”) from
the Debenture Issue Date until the principal thereof becomes due and payable, and on any overdue
principal and (to the extent that payment of such interest is enforceable under applicable law) on
any overdue installment of interest at the Coupon Rate, compounded quarterly, payable (subject to
the provisions of Article V) quarterly in arrears at 10:00 a.m. Eastern time on March 31, June 30,
September 30 and December 31 of each year (each, an “Interest Payment Date”), commencing on
December 31, 2009, to the Person in whose name such Debenture or any Predecessor Debenture is
registered, at the close of business on the regular record date for such interest installment,
which shall be the fifteenth day of the last month of the calendar quarter.

     (b) The amount of interest payable for any period shall be computed on the basis of a 360-day
year of twelve 30-day months. The amount of interest payable for any period shorter than a full
quarterly period for which interest is computed, shall be computed on the basis of the number of
days elapsed in a 360-day year of twelve 30-day months. In the event that any date on which
interest is payable on the Debentures is not a Business Day, then payment of interest payable on
such date shall be made on the next succeeding Business Day (and without any interest or other
payment in respect of any such delay) except that, if such Business Day is in the next succeeding
calendar year, such payment shall be made on the immediately preceding Business Day (and without
any reduction of interest or any other payment in respect of any such acceleration), in each case
with the same force and effect as if made on the date such payment was originally payable.

     (c) If, at any time while the Property Trustee is the holder of any Debentures, the Trust or
the Property Trustee is required to pay any taxes, duties, assessments or governmental charges of
whatever nature (other than withholding taxes) imposed by the United States, or any other taxing
authority, then, in any case, the Company shall pay as additional interest (“Additional Interest”)
on the Debentures held by the Property Trustee, such additional amounts as shall be required so
that the net amounts received and retained by the Trust and the Property Trustee after paying such
taxes, duties, assessments or other governmental charges shall be equal to the amounts the Trust
and the Property Trustee would have received had no such taxes, duties, assessments or other
government charges been imposed.

Section 2.6 Execution and Authentications.

     (a) The Debentures shall be signed on behalf of the Company by its President or one of its
Executive Vice Presidents or Chief Financial Officer or Treasurer, under its corporate seal
attested by its Secretary or one of its Assistant Secretaries. Signatures may be in the form of a
manual or facsimile signature. The Company may use the facsimile signature of any Person who shall
have been a President or Executive Vice President thereof, or of any Person who shall have been a
Secretary or Assistant Secretary thereof, notwithstanding the fact that at the time the Debentures
shall be authenticated and delivered or disposed of such Person shall have ceased to be the
President or a Vice President, or the Secretary or an Assistant Secretary, of the Company (and any
such signature shall be binding on the Company). The seal of the Company may be

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impressed, affixed, imprinted or otherwise reproduced on the Debentures. The Debentures may
contain such notations, legends or endorsements required by law, stock exchange rule or usage. Each
Debenture shall be dated the date of its authentication by the Trustee.

     (b) A Debenture shall not be valid until authenticated manually by an authorized signatory of
the Indenture Trustee, or by an Authenticating Agent. Such signature shall be conclusive evidence
that the Debenture so authenticated has been duly authenticated and delivered hereunder and that
the holder is entitled to the benefits of this Indenture.

     (c) If at any time after the execution and delivery of this Indenture the Trust issues
Preferred Securities, then, simultaneously therewith, the Company shall deliver Debentures, in
aggregate principal amount equal to the sum of (i) the aggregate liquidation amount of such
Preferred Securities plus (ii) one dollar ($1.00) for every $1,000 in aggregate liquidation amount
of such Preferred Securities, executed by the Company to the Indenture Trustee for authentication,
together with a written order of the Company for the authentication and delivery of such Debentures
signed by its President or any Executive Vice President and its Chief Financial Officer or the
Treasurer or any Assistant Treasurer, and the Indenture Trustee in accordance with such written
order shall authenticate and deliver such Debentures.

     (d) In authenticating such Debentures and accepting the additional responsibilities under this
Indenture in relation to such Debentures, the Indenture Trustee shall be entitled to receive, and
(subject to Section 10.1) shall be fully protected in relying upon, an Opinion of Counsel stating
that the form and terms thereof have been established in conformity with the provisions of this
Indenture.

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

Section 2.7 Registration of Transfer and Exchange.

     (a) Debentures may be exchanged upon presentation thereof at the office of the Company at 2200
Montauk Highway, Bridgehampton, New York 11932 or at the office of the Debenture Registrar (as
defined below), for other Debentures and for a like aggregate principal amount in denominations of
integral multiples of $100, upon payment of a sum sufficient to cover any tax or other
governmental charge in relation thereto, all as provided in this Section 2.7. In respect of any
Debentures so surrendered for exchange, the Company shall execute, the Indenture Trustee shall
authenticate and such office or agency shall deliver in exchange therefor the Debenture or
Debentures that the Debentureholder making the exchange shall be entitled to receive, bearing
numbers not contemporaneously outstanding.

     (b) The Company shall keep, or cause to be kept, at its office or at the office of the
Debenture Registrar or such other location designated by the Company a register or registers
(herein referred to as the “Debenture Register”) in which, subject to such reasonable regulations
as the Debenture Registrar may prescribe, the Company shall register the Debentures and the

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transfers of Debentures as in this Article II provided and which at all reasonable times shall
be open for inspection by the Trustee. The registrar for the purpose of registering Debentures and
transfer of Debentures as herein provided shall initially be the Indenture Trustee and thereafter
as may be appointed by the Company as authorized by Board Resolution (the “Debenture Registrar”).
Upon surrender for transfer of any Debenture at the office or agency of the Company designated for
such purpose, the Company shall execute, the Trustee shall authenticate and such office or agency
shall deliver in the name of the transferee or transferees a new Debenture or Debentures for a like
aggregate principal amount. All Debentures presented or surrendered for exchange or registration of
transfer, as provided in this Section 2.7, shall be accompanied (if so required by the Company or
the Debenture Registrar) by a written instrument or instruments of transfer, in form satisfactory
to the Company or the Debenture Registrar, duly executed by the registered holder or by such
holder’s duly authorized attorney in writing.

     (c) No service charge shall be made for any exchange or registration of transfer of
Debentures, or issue of new Debentures in case of partial redemption, but the Company may require
payment of a sum sufficient to cover any tax or other governmental charge in relation thereto,
other than exchanges pursuant to Section 2.8, Section 3.5(b) and Section 12.4 not involving any
transfer in which case the Company shall pay such tax or governmental charge, if any.

     (d) The Company shall not be required (i) to issue, exchange or register the transfer of any
Debentures during a period beginning at the opening of business 15 days before the day of the
mailing of a notice of redemption of less than all the Outstanding Debentures and ending at the
close of business on the day of such mailing; nor (ii) to register the transfer of or to exchange
any Debentures or portions thereof called for redemption.

     (e) Debentures may only be transferred, in whole or in part, in accordance with the terms and
conditions set forth in this Indenture. Any transfer or purported transfer of any Debenture not
made in accordance with this Indenture shall be null and void.

Section 2.8 Temporary Debentures.

     Pending the preparation of definitive Debentures, the Company may execute, and the Indenture
Trustee shall authenticate and deliver, temporary Debentures (printed, lithographed, or
typewritten). Such temporary Debentures shall be substantially in the form of the definitive
Debentures in lieu of which they are issued, but with such omissions, insertions and variations as
may be appropriate for temporary Debentures, all as may be determined by the Company. Every
temporary Debenture shall be executed by the Company and be authenticated by the Indenture Trustee
upon the same conditions and in substantially the same manner, and with like effect, as the
definitive Debentures. Without unnecessary delay the Company shall execute and shall furnish
definitive Debentures and thereupon any or all temporary Debentures may be surrendered in exchange
therefor (without charge to the holders), at the office of the Company or at the office of the
Debenture Registrar and the Indenture Trustee shall authenticate and such office or agency shall
deliver in exchange for such temporary Debentures an equal aggregate principal amount of definitive
Debentures, unless the Company advises the Indenture Trustee to the effect that definitive
Debentures need not be executed and furnished until further notice from the Company.

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Until so exchanged, the temporary Debentures shall be entitled to the same benefits under this
Indenture as definitive Debentures authenticated and delivered hereunder.

Section 2.9 Mutilated, Destroyed, Lost or Stolen Debentures.

     (a) In case any temporary or definitive Debenture shall become mutilated or be destroyed, lost
or stolen, the Company (subject to the next succeeding sentence) shall execute, and upon the
Company’s request the Indenture Trustee (subject as aforesaid) shall authenticate and deliver, a
new Debenture bearing a number not contemporaneously outstanding, in exchange and substitution for
the mutilated Debenture, or in lieu of and in substitution for the Debenture so destroyed, lost,
stolen or mutilated. In every case the applicant for a substituted Debenture shall furnish to the
Company and the Indenture Trustee such security or indemnity as may be required by them to save
each of them harmless, and, in every case of destruction, loss or theft, the applicant shall also
furnish to the Company and the Indenture Trustee evidence to their satisfaction of the destruction,
loss or theft of the applicant’s Debenture and of the ownership thereof. The Indenture Trustee may
authenticate any such substituted Debenture and deliver the same upon the written request or
authorization of the President or any Vice President and the Chief Financial Officer or the
Treasurer or any Assistant Treasurer of the Company. Upon the issuance of any substituted
Debenture, the Company may require the payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in relation thereto and any other expenses (including the
fees and expenses of the Indenture Trustee) connected therewith. In case any Debenture that has
matured or is about to mature shall become mutilated or be destroyed, lost or stolen, the Company
may, instead of issuing a substitute Debenture, pay or authorize the payment of the same (without
surrender thereof except in the case of a mutilated Debenture) if the applicant for such payment
shall furnish to the Company and the Indenture Trustee such security or indemnity as they may
require to save them harmless, and, in case of destruction, loss or theft, evidence to the
satisfaction of the Company and the Indenture Trustee of the destruction, loss or theft of such
Debenture and of the ownership thereof.

     (b) Every replacement Debenture issued pursuant to the provisions of this Section 2.9 shall
constitute an additional contractual obligation of the Company whether or not the mutilated,
destroyed, lost or stolen Debenture shall be found at any time, or be enforceable by anyone, and
shall be entitled to all the benefits of this Indenture equally and proportionately with any and
all other Debentures duly issued hereunder. All Debentures shall be held and owned upon the express
condition that the foregoing provisions are exclusive with respect to the replacement or payment of
mutilated, destroyed, lost or stolen Debentures, and shall preclude (to the extent lawful) any and
all other rights or remedies, notwithstanding any law or statute existing or hereafter enacted to
the contrary with respect to the replacement or payment of negotiable instruments or other
securities without their surrender.

Section 2.10 Cancellation.

     All Debentures surrendered for the purpose of payment, redemption, exchange, conversion or
registration of transfer shall, if surrendered to the Company or any paying agent, be delivered to
the Indenture Trustee for cancellation, or, if surrendered to the Indenture Trustee, shall be
canceled by it, and no Debentures shall be issued in lieu thereof except as expressly

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required or permitted by any of the provisions of this Indenture. On request of the Company at
the time of such surrender, the Indenture Trustee shall deliver to the Company canceled Debentures
held by the Indenture Trustee. In the absence of such request the Indenture Trustee may dispose of
canceled Debentures in accordance with its standard procedures and deliver a certificate of
disposition to the Company. Subject to Section 11.4, if the Company shall otherwise acquire any of
the Debentures, however, such acquisition shall not operate as a redemption or satisfaction of the
indebtedness represented by such Debentures unless and until the same are delivered to the
Indenture Trustee for cancellation.

Section 2.11 Benefit of Indenture.

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

Section 2.12 Authenticating Agent.

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

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

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ARTICLE III — REDEMPTION OF DEBENTURES

Section 3.1 Redemption.

     Subject to the Company having received prior approval of, or non-objection from, the Federal
Reserve, if then required under the applicable capital guidelines, policies or regulations of the
Federal Reserve, the Company may redeem the Debentures issued hereunder on and after the dates set
forth in and in accordance with the terms of this Article III.

Section 3.2 Special Event Redemption.

     Subject to the Company having received the prior approval of, or non-objection from, the
Federal Reserve, if then required under the applicable capital guidelines, policies or regulations
of the Federal Reserve, if a Special Event has occurred and is continuing, then, notwithstanding
Section 3.3(a) but subject to Section 3.3(b), the Company shall have the right upon not less than
30 days’ nor more than 60 days’ notice to the holders of the Debentures to redeem the Debentures,
in whole but not in part, for cash within 180 days following the occurrence of such Special Event
(the 180-Day Period) at a redemption price equal to 100% of the principal amount to be redeemed
plus any accrued and unpaid interest thereon to the date of such redemption (the “Redemption
Price”), provided that if at the time there is available to the Company the opportunity to
eliminate, within the 180-Day Period, a Tax Event by taking some ministerial action, such as filing
a form or making an election, or pursuing some other similar reasonable measure which has no
adverse effect on the Company, the Trust or the holders of the Trust Securities issued by the Trust
(a “Ministerial Action”), the Company shall pursue such Ministerial Action in lieu of redemption,
and, provided further, that the Company shall have no right to redeem the Debentures pursuant to
this Section 3.2 while it is pursuing any Ministerial Action pursuant to its obligations hereunder,
and, provided further, that, if it is determined that the taking of a Ministerial Action would not
eliminate the Tax Event within the 180 Day Period, the Company’s right to redeem the Debentures
pursuant to this Section 3.2 shall be restored and it shall have no further obligations to pursue
the Ministerial Action. The Redemption Price shall be paid prior to 12:00 noon, Eastern time, on
the date of such redemption or such earlier time as the Company determines, provided that the
Company shall deposit with the Trustee an amount sufficient to pay the Redemption Price by 10:00
a.m., Eastern time, on the date such Redemption Price is to be paid.

Section 3.3 Optional Redemption by Company.

     (a) Subject to the provisions of Section 3.3(c), except as otherwise may be specified in this
Indenture, the Company shall have the right to redeem the Debentures, in whole or in part, from
time to time on or after September 30, 2014, at the Redemption Price. Any redemption pursuant to
this Section 3.3(a) shall be made upon not less than 30 days’ nor more than 60 days’ notice to the
holder of the Debentures, at the Redemption Price. If the Debentures are only partially redeemed
pursuant to this Section 3.3(a), the Debentures shall be redeemed pro rata. The Redemption Price
shall be paid prior to 12:00 noon, Eastern time, on the date of such redemption or at such earlier
time as the Company determines provided that the Company shall

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deposit with the Indenture Trustee an amount sufficient to pay the Redemption Price by 10:00
a.m., Eastern time, on the date such Redemption Price is to be paid.

     (b) Subject to the provisions of Section 3.3(c), the Company shall have the right to redeem
Debentures at any time and from time to time in a principal amount equal to the Liquidation Amount
(as defined in the Trust Agreement) of any Preferred Securities purchased and beneficially owned by
the Company, plus an additional principal amount of Debentures equal to the Liquidation Amount (as
defined in the Trust Agreement) of that number of Common Securities that bears the same proportion
to the total number of Common Securities then outstanding as the number of Preferred Securities to
be redeemed bears to the total number of Preferred Securities then outstanding. Such Debentures
shall be redeemed pursuant to this Section 3.3(b) only in exchange for and upon surrender by the
Company to the Property Trustee of the Preferred Securities and the proportionate amount of Common
Securities, whereupon the Property Trustee shall cancel the Preferred Securities and Common
Securities so surrendered and a Like Amount (as defined in the Trust Agreement) of Debentures shall
be extinguished by the Indenture Trustee and shall no longer be deemed Outstanding.

     (c) If a partial redemption of the Debentures would result in the delisting of the Preferred
Securities issued by the Trust from The Nasdaq Global Select Market or any national securities
exchange or other organization in, on or by which the Preferred Securities are then listed, traded
or quoted, the Company shall not be permitted to effect such partial redemption and may only redeem
the Debentures in whole.

Section 3.4 Notice of Redemption.

     (a) Except in the case of a redemption pursuant to Section 3.3(b), in case the Company shall
desire to exercise such right to redeem all or, as the case may be, a portion of the Debentures in
accordance with the right reserved so to do, the Company shall, or shall cause the Indenture
Trustee to upon receipt of 45 days’ written notice from the Company (which notice shall, in the
event of a partial redemption, include a representation to the effect that such partial redemption
will not result in the delisting of the Preferred Securities as described in Section 3.3(c) above),
give notice of such redemption to holders of the Debentures to be redeemed by mailing, first class
postage prepaid, a notice of such redemption not less than 30 days and not more than 60 days before
the date fixed for redemption to such holders at their last addresses as they shall appear upon the
Debenture Register. Any notice that is mailed in the manner herein provided shall be conclusively
presumed to have been duly given, whether or not the registered holder receives the notice. In any
case, failure duly to give such notice to the holder of any Debenture designated for redemption in
whole or in part, or any defect in the notice, shall not affect the validity of the proceedings for
the redemption of any other Debentures. In the case of any redemption of Debentures prior to the
expiration of any restriction on such redemption provided in the terms of such Debentures or
elsewhere in this Indenture, the Company shall furnish the Indenture Trustee with an Officers’
Certificate evidencing compliance with any such restriction. Each such notice of redemption shall
specify the date fixed for redemption and the Redemption Price and shall state that payment of the
applicable Redemption Price shall be made at the office of the Company or at the Corporate Trust
Office, upon presentation and surrender of such Debentures, that interest accrued to the date fixed
for redemption shall be paid as specified

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in said notice and that from and after said date interest shall cease to accrue. If less than
all the Debentures are to be redeemed, the notice to the holders of the Debentures shall specify
the particular Debentures to be redeemed. If the Debentures are to be redeemed in part only, the
notice shall state the portion of the principal amount thereof to be redeemed and shall state that
on and after the redemption date, upon surrender of such Debenture, a new Debenture or Debentures
in principal amount equal to the unredeemed portion thereof shall be issued.

     (b) Except in the case of redemption pursuant to Section 3.3(b), if less than all the
Debentures are to be redeemed, the Company shall give the Indenture Trustee at least 45 days’
notice in advance of the date fixed for redemption as to the aggregate principal amount of
Debentures to be redeemed, and thereupon the Indenture Trustee shall select, pro rata, the portion
or portions (equal to $100 or any integral multiple thereof) of the Debentures to be redeemed and
shall thereafter promptly notify the Company in writing of the numbers of the Debentures to be
redeemed, in whole or in part. The Company may, if and whenever it shall so elect pursuant to the
terms hereof, by delivery of instructions signed on its behalf by its Chairman, its President or
any Vice President, instruct the Indenture Trustee or any paying agent to call all or any part of
the Debentures for redemption and to give notice of redemption in the manner set forth in this
Section 3.4, such notice to be in the name of the Company or its own name as the Indenture Trustee
or such paying agent may deem advisable. In any case in which notice of redemption is to be given
by the Indenture Trustee or any such paying agent, the Company shall deliver or cause to be
delivered to, or permit to remain with, the Indenture Trustee or such paying agent, as the case may
be, such Debenture Register, transfer books or other records, or suitable copies or extracts
therefrom, sufficient to enable the Indenture Trustee or such paying agent to give any notice by
mail that may be required under the provisions of this Section 3.4.

Section 3.5 Payment Upon Redemption.

     (a) If the giving of notice of redemption shall have been completed as above provided, the
Debentures or portions of Debentures to be redeemed specified in such notice shall become due and
payable on the date and at the place stated in such notice at the applicable Redemption Price, and
interest on such Debentures or portions of Debentures shall cease to accrue on and after the date
fixed for redemption, unless the Company shall default in the payment of such Redemption Price with
respect to any such Debenture or portion thereof. On presentation and surrender of such Debentures
on or after the date fixed for redemption at the place of payment specified in the notice, said
Debentures shall be paid and redeemed at the applicable Redemption Price (but if the date fixed for
redemption is an Interest Payment Date, the interest installment payable on such date shall be
payable to the registered holder at the close of business on the applicable record date pursuant to
Section 3.3).

     (b) Upon presentation of any Debenture that is to be redeemed in part only, the Company shall
execute and the Indenture Trustee shall authenticate and the office or agency where the Debenture
is presented shall deliver to the holder thereof, at the expense of the Company, a new Debenture of
authorized denomination in principal amount equal to the unredeemed portion of the Debenture so
presented.

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Section 3.6 No Sinking Fund.

     The Debentures are not entitled to the benefit of any sinking fund.

ARTICLE IV — CONVERSION OF DEBENTURES

Section 4.1 Conversion Rights.

     Subject to and upon compliance with the provisions of this Article IV, the Debentures are
convertible, at the option of the Debentureholder, at any time after October 23, 2009, and on or
before the close of business on the Business Day immediately preceding the date of repayment of
such Debentures, whether at maturity or upon redemption, into fully paid and nonassessable shares
of Common Stock at an initial conversion ratio of 32.2581 shares of Common Stock for each $1,000 in
aggregate principal amount of Debentures, subject to adjustment as described in this Article IV
(the “Conversion Ratio”). A Debentureholder may convert any portion of the principal amount of the
Debentures into that number of fully paid and nonassessable shares of Common Stock obtained by (A)
dividing (1) $1,000 into (2) the aggregate principal amount of the Debentures to be converted, and
(B) multiplying the resulting quotient by the Conversion Ratio; provided, that a Debentureholder
may only convert Debentures in integral multiples of $1,000. In case a Debenture or portion thereof
is called for redemption, such conversion right in respect of the Debenture or portion so called
shall expire at the close of business on the Business Day immediately preceding the corresponding
Maturity Date, unless the Company defaults in making the payment due upon redemption.

Section 4.2 Conversion Procedures.

     (a) To convert all or a portion of the Debentures, the Debentureholder thereof shall deliver
to the Conversion Agent an irrevocable Conversion Request setting forth the principal amount of
Debentures to be converted, together with the name or names, if other than the Debentureholder, in
which the shares of Common Stock should be issued upon conversion and, if such Debentures are in
certificate form, surrender to the Conversion Agent the Debentures to be converted, duly endorsed
or assigned to the Company or in blank, and shall pay any transfer or similar tax. In addition, a
holder of Preferred Securities may exercise its right under the Trust Agreement to exchange such
Preferred Securities for Debentures which shall be converted into Common Stock by delivering to the
Conversion Agent an irrevocable Conversion Request setting forth the information called for by the
preceding sentence and directing the Conversion Agent (i) to exchange such Preferred Security for a
portion of the Debentures held by the Trust (at an exchange rate of $1,000 principal amount of
Debentures for each Preferred Security), and (ii) to immediately convert such Debentures, on behalf
of such Debentureholder, into Common Stock pursuant to this Article IV and, if such Preferred
Securities are in certificate form, surrendering such Preferred Securities, duly endorsed or
assigned to the Company or in blank. So long as any Preferred Securities are outstanding, the Trust
shall not convert any Debentures except pursuant to a Conversion Request delivered to the
Conversion Agent by a holder of Preferred Securities.

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     Interest accruing between Interest Payment Dates shall not be paid on Debentures that are
converted, nor shall any payment, allowance or adjustment be made for accrued and unpaid interest,
whether or not in arrears, on converted Debentures, except that if any Debenture is converted (i)
on or after the regular record date and prior to the subsequent Interest Payment Date, the
Debentureholder shall be required to pay to the Company the interest payable to the Debentureholder
on the subsequent Interest Payment Date prior to receiving the shares of Common Stock, and shall be
entitled to receive the interest payable on the subsequent Interest Payment Date, on the portion of
Debentures to be converted notwithstanding the conversion thereof prior to such Interest Payment
Date, and (ii) during an Extended Interest Payment Period and after notice of redemption with
respect to the Debentures that are to be converted, accrued and unpaid interest through the
Conversion Date of the Debentures shall be distributed to the Holder who converts such Debentures,
which Distribution shall be made on the Redemption Date fixed for redemption. Except as provided in
the immediately preceding sentence, the Company shall not make, or be required to make, any
payment, allowance or adjustment for accumulated and unpaid interest, whether or not in arrears, on
converted Debentures. Such interest shallbe paid to such converting Debentureholder unless the date
of conversion of such Debentures is on or prior to the Interest Payment Date upon which such
Extended Interest Payment Period ends and after the regular record date for such Interest Payment
Date, in which case such interest shall be paid to the person who was the Debentureholder at the
close of business on such regular record date. Except as otherwise set forth above in this
paragraph, in the case of any Debenture which is converted, interest which is payable after the
date of conversion of such Debenture shall not be payable, and the Company shall not make nor be
required to make any other payment, adjustment or allowance with respect to accrued but unpaid
interest (including Additional Interest, if any) on the Debentures being converted, which shall be
deemed to be paid in full. If any Debenture called for redemption is converted, any money deposited
with the Trustee or with any paying agent or so segregated and held in trust for the redemption of
such Debenture shall (subject to any right of the Debentureholder) be paid to the Company upon
Company Request or, if then held by the Company, shall be discharged from such trust.

     Each conversion shall be deemed to have been effected immediately prior to the close of
business on the day on which the Conversion Request was received (the “Conversion Date”) by the
Conversion Agent from the Debentureholder or from a holder of the Preferred Securities effecting a
conversion thereof pursuant to its conversion rights under the Trust Agreement, as the case may be.
The Person or Persons entitled to receive the Common Stock issuable upon such conversion shall be
treated for all purposes as a record holder or holders of such Common Stock as of the Conversion
Date. As promptly as practicable on or after the Conversion Date, the Company shall issue and
deliver at the office of the Conversion Agent, unless otherwise directed by the Debentureholder in
the Conversion Request, a certificate or certificates for the number of full shares of Common Stock
issuable upon such conversion, together with the cash payment, if any, in lieu of any fraction of
any share to the Person or Persons entitled to receive the same. The Conversion Agent shall deliver
such certificate or certificates to each such Person or Persons.

     (b) The Company’s delivery upon conversion of the fixed number of shares of Common Stock into
which the Debentures are convertible (together with the cash payment, if any, in lieu of fractional
shares) shall be deemed to satisfy the Company’s obligation to pay the principal

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amount at maturity of the portion of Debentures so converted and any unpaid interest
(including Additional Interest, if any) accrued on such Debentures at the time of such conversion.

     (c) No fractional shares of Common Stock shall be issued as a result of conversion, but in
lieu thereof, such fractional interest shall be paid in cash (based on the Conversion Price), and
the Conversion Agent in turn shall make such payment to the Debentureholder or the holder of the
Preferred Securities so converted.

     (d) In the event of the conversion of any Debenture in part only, a new Debenture or
Debentures for the unconverted portion thereof shall be issued in the name of the Debentureholder
thereof upon the cancellation thereof in accordance with Section 2.10.

     (e) Any shares of Common Stock issued upon conversion of the Debentures shall be duly
authorized, validly issued, fully paid and nonassessable. The Company shall at all times reserve
and keep available out of its authorized and unissued Common Stock, solely for issuance upon the
conversion of the Debentures, free from any preemptive or other similar rights, such number of
shares of Common Stock as shall from time to time be issuable upon the conversion of all of the
Debentures then outstanding. Notwithstanding the foregoing sentence, the Company shall be entitled
to deliver, upon conversion of Debentures, shares of Common Stock reacquired and held in the
treasury of the Company (in lieu of the issuance of authorized and unissued shares of Common
Stock), so long as any such treasury shares are free and clear of all liens, charges, security
interests or encumbrances.

     (f) In effecting the conversion transactions described in this Section 4.2, the Conversion
Agent is acting as agent of the holders of Preferred Securities (in the exchange of Preferred
Securities for Debentures) and as agent of the Debentureholders (in the conversion of Debentures
into Common Stock), as the case may be, directing it to effect such conversion transactions. The
Conversion Agent is hereby authorized (i) to exchange Preferred Securities for Debentures held by
the Trust from time to time in connection with the conversion of such Preferred Securities in
accordance with this Article IV, and (ii) to convert all or a portion of the Debentures into Common
Stock and thereupon to deliver such shares of Common Stock in accordance with the provisions of
this Article IV and to deliver to the Trust a new Debenture or Debentures for any resulting
unconverted principal amount.

Section 4.3 Conversion Ratio Adjustments.

     The Conversion Ratio shall be subject to adjustment (without duplication) from time to time as
follows:

     (a) In case the Company shall, while any of the Debentures are outstanding, (i) pay a dividend
or make a distribution with respect to its Common Stock in shares of Common Stock, (ii) subdivide
its outstanding shares of Common Stock, (iii) combine its outstanding shares of Common Stock into a
smaller number of shares, or (iv) issue by reclassification of its shares of Common Stock any
shares of capital stock of the Company, then the Conversion Ratio in effect immediately prior to
such action shall be adjusted so that the holders of any Debentures thereafter surrendered for
conversion shall be entitled to receive the number of shares of capital

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stock of the Company which they would have owned immediately following such action had such
Debentures been converted immediately prior thereto. An adjustment made pursuant to this Section
4.3(a) shall become effective immediately after the record date in the case of a dividend or other
distribution and shall become effective immediately after the effective date in case of a
subdivision, combination or reclassification (or immediately after the record date if a record date
shall have been established for such event). If, as a result of an adjustment made pursuant to this
Section 4.3(a), the holder of any Debenture thereafter surrendered for conversion shall become
entitled to receive shares of two or more classes or series of capital stock of the Company, the
Board of Directors (whose determination shall be conclusive and shall be described in a Board
Resolution filed with the Indenture Trustee) shall determine the allocation of the adjusted
Conversion Ratio between or among shares of such classes or series of capital stock.

     (b) In case the Company shall, while any of the Debentures are outstanding, issue rights or
warrants to all holders of its Common Stock entitling them (for a period expiring within 45 days
after the record date mentioned in this Section 4.3(b)) to subscribe for or purchase shares of
Common Stock at a price per share less than the Current Market Price (as defined below) per share
of Common Stock on such record date, then the Conversion Ratio for the Debentures shall be adjusted
so that the same shall equal the ratio determined by multiplying the Conversion Ratio in effect
immediately prior to the date of issuance of such rights or warrants by a fraction of which the
numerator shall be the number of shares of Common Stock outstanding on the date of issuance of such
rights or warrants plus the number of additional shares of Common Stock offered for subscription or
purchase, and of which the denominator shall be the number of shares of Common Stock outstanding on
the date of issuance of such rights or warrants plus the number of shares which the aggregate
offering price of the total number of shares so offered for subscription or purchase would purchase
at such Current Market Price. Such adjustment shall become effective immediately after the record
date for the determination of shareholders entitled to receive such rights or warrants. For the
purposes of this Section 4.3(b), the number of shares of Common Stock at any time outstanding shall
not include shares held in the treasury of the Company. The Company shall not issue any rights or
warrants in respect of the shares of Common Stock held in the treasury of the Company. In case any
rights or warrants referred to in this Section 4.3(b) in respect of which an adjustment shall have
been made shall expire unexercised within 45 days after the same shall have been distributed or
issued by the Company, the Conversion Ratio shall be readjusted at the time of such expiration to
the Conversion Ratio that would have been in effect if no adjustment had been made on account of
the distribution or issuance of such expired rights or warrants.

     (c) Subject to the last sentence of this Section 4.3(c), in case the Company shall, by
dividend or otherwise, distribute to all holders of its Common Stock evidences of its indebtedness,
shares of any class or series of capital stock, cash or assets (including securities, but excluding
any rights or warrants referred to in Section 4.3(b), any dividend or distribution paid exclusively
in cash and any dividend or distribution referred to in Section 4.3(a)), then the Conversion Ratio
shall be increased so that the same shall equal the ratio determined by multiplying the Conversion
Ratio in effect immediately prior to the effectiveness of the Conversion Ratio increase
contemplated by this Section 4.3(c) by a fraction of which the numerator shall be the Current
Market Price per share of Common Stock on the date fixed for the payment of such distribution (the
“Reference Date”), and of which the denominator shall be, the

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Current Market Price per share of the Common Stock on the Reference Date less the fair market
value (as determined in good faith by the Board of Directors, whose determination shall be
conclusive and described in a Board Resolution), on the Reference Date, of the portion of the
evidences of indebtedness, shares of capital stock, cash and assets so distributed applicable to
one share of Common Stock, such increase to become effective immediately prior to the opening of
business on the day following the Reference Date. In the event that such dividend or distribution
is not so paid or made, the Conversion Ratio shall again be adjusted to be the Conversion Ratio
which would then be in effect if such dividend or distribution had not occurred. If the Board of
Directors determines the fair market value of any distribution for purposes of this Section 4.3(c)
by reference to the actual or when issued trading market for any securities comprising such
distribution, it must in doing so consider the prices in such market over the same period used in
computing the Current Market Price per share of Common Stock. For purposes of this Section 4.3(c),
any dividend or distribution that includes shares of Common Stock or rights or warrants to
subscribe for or purchase shares of Common Stock shall be deemed instead to be (1) a dividend or
distribution of the evidences of indebtedness, shares of capital stock, cash or assets other than
such shares of Common Stock or such rights or warrants (making any Conversion Ratio increase
required by this Section 4.3(c)) immediately followed by (2) a dividend or distribution of such
shares of Common Stock or such rights or warrants (making any further Conversion Ratio increase
required by Section 4.3(a) or 4.3 (b)), except (A) the Reference Date of such dividend or
distribution as defined in this Section 4.3(c) shall be substituted as (a) the record date in the
case of a dividend or other distribution, and (b) the record date for the determination of
shareholders entitled to receive such rights or warrants, and (c) the date fixed for such
determination within the meaning of Sections 4.3(a) and 4.3(b), and (B) any shares of Common Stock
included in such dividend or distribution shall not be deemed outstanding for purposes of computing
any adjustment of the Conversion Ratio in Section 4.3(a).

     (d) In case the Company shall pay or make a dividend or other distribution on its Common Stock
exclusively in cash (excluding all cash dividends paid out of the retained earnings of the
Company), then the Conversion Ratio shall be increased so that the same shall equal the ratio
determined by multiplying the Conversion Ratio in effect immediately prior to the effectiveness of
the Conversion Ratio increase contemplated by this Section 4.3(d) by a fraction of which the
numerator shall be the Current Market Price per share of the Common Stock, and of which the
denominator shall be the Current Market Price per share of Common Stock on the date fixed for the
payment of such distribution less the amount of cash so distributed and not excluded as provided
applicable to one share of Common Stock on the date fixed for the payment of such distribution,
such increase to become effective immediately prior to the opening of business on the day following
the date fixed for the payment of such distribution; provided, however, that in the event the
portion of the cash so distributed applicable to one share of Common Stock is equal to or greater
than the Current Market Price per share of the Common Stock on the record date mentioned above, in
lieu of the foregoing adjustment, adequate provision shall be made so that each Debentureholder
shall have the right to receive upon conversion the amount of cash such Debentureholder would have
received had such Debentureholder converted each Debenture immediately prior to the record date for
the distribution of the cash. In the event that such dividend or distribution is not so paid or
made, the Conversion Ratio shall again be adjusted to be the Conversion Ratio which would then be
in effect if such record date had not been fixed.

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     (e) In case a tender or exchange offer (other than an odd-lot offer) made by the Company or
any subsidiary of the Company for all or any portion of the Common Stock shall expire and such
tender or exchange offer shall involve the payment by the Company or such subsidiary of
consideration per share of Common Stock having a fair market value (as determined in good faith by
the Board of Directors, whose determination shall be conclusive and described in a Board
Resolution) at the last time (the “Expiration Time”) tenders or exchanges may be made pursuant to
such tender or exchange offer (as it shall have been amended) that exceeds 110% of the Current
Market Price per share of Common Stock on the Trading Day next succeeding the Expiration Time, then
the Conversion Ratio shall be increased so that the same shall equal the ratio determined by
multiplying the Conversion Ratio in effect immediately prior to the effectiveness of the Conversion
Ratio increase contemplated by this Section 4.3(e) by a fraction of which the numerator shall be
the sum of (x) the fair market value (determined as aforesaid) of the aggregate consideration
payable to shareholders based on the acceptance (up to any maximum specified in the terms of the
tender or exchange offer) of all shares validly tendered or exchanged and not withdrawn as of the
Expiration Time (the shares deemed so accepted, up to any such maximum, being referred to as the
Purchased Shares), and (y) the product of the number of shares of Common Stock outstanding (less
any Purchased Shares) at the Expiration Time and the Current Market Price per share of Common Stock
on the Trading Day next succeeding the Expiration Time, and of which the denominator shall be the
number of shares of Common Stock outstanding (including any tendered or exchanged shares) at the
Expiration Time multiplied by the Current Market Price per share of Common Stock on the Trading Day
next succeeding the Expiration Time, such increase to become effective immediately prior to the
opening of business on the day following the Expiration Time.

     (f) For the purpose of any computation under Sections 4.3(b), (c), (d) or (e), the Current
Market Price per share of Common Stock on any date in question shall be deemed to be the average of
the daily Closing Prices (as defined in Section 4.7) for the five consecutive Trading Days selected
by the Company commencing not more than 20 Trading Days before, and ending not later than the
earlier of the day in question or, if applicable, the day before the ex date (defined below) with
respect to the issuance or distribution requiring such computation; provided, however, that if
another event occurs that would require an adjustment pursuant to Sections 4.3(a) through (e),
inclusive, the Board of Directors may make such adjustments to the Closing Prices during such five
Trading Day period as it deems appropriate to effectuate the intent of the adjustments in this
Section 4.3, in which case any such determination by the Board of Directors shall be set forth in a
Board Resolution and shall be conclusive. For purposes of this Section 4.3(f), the term ex date,
(i) when used with respect to any issuance or distribution, means the first date on which the
Common Stock trades regular way on The Nasdaq Global Select Market or on such successor securities
quotation system as the Common Stock may be listed or in the relevant market from which the Closing
Prices were obtained without the right to receive such issuance or distribution, and (ii) when used
with respect to any tender or exchange offer, means the first date on which the Common Stock trades
regular way on such securities exchange or in such market after the Expiration Time of such offer.

     (g) The Company may make such increases in the Conversion Ratio, in addition to those required
by Sections (a) through (e), as it considers to be advisable to avoid or diminish any income tax to
holders of Common Stock or rights to purchase Common Stock resulting from any

25

 

dividend or distribution of stock (or rights to acquire stock) or from any event treated as
such for income tax purposes. The Company from time to time may increase the Conversion Ratio by
any amount for any period of time if the period is at least 20 days, the increase is irrevocable
during the period, and the Board of Directors shall have made a determination that such increase
would be in the best interest of the Company, which determination shall be conclusive. Whenever the
Conversion Ratio is increased pursuant to the preceding sentence, the Company shall mail to
Debentureholders of record a notice of the increase at least fifteen days prior to the date the
increased Conversion Ratio takes effect, and such notice shall state the increased Conversion Ratio
and the period it shall be in effect.

     (h) No adjustment in the Conversion Ratio shall be required unless such adjustment would
require an increase or decrease of at least 1% in the Conversion Ratio; provided, however, that any
adjustments which by reason of this Section 4.3(h) are not required to be made shall be carried
forward and taken into account in determining whether any subsequent adjustment shall be required.
The adjusted Conversion Ratio will be rounded to four decimal places.

     (i) If any action would require adjustment of the Conversion Ratio pursuant to more than one
of the provisions described above, only one adjustment shall be made and such adjustment shall be
the amount of adjustment that has the highest absolute value to the Debentureholders.

Section 4.4 Reclassification, Consolidation, Merger Or Sale Of Assets.

     In the event that the Company shall be a party to any transaction, including without
limitation (a) any recapitalization or reclassification of the Common Stock (other than a change in
par value, or from par value to no par value, or from no par value to par value, or as a result of
a subdivision or combination of the Common Stock), (b) any consolidation of the Company with, or
merger of the Company into any other Person, any merger of another Person into the Company (other
than a merger which does not result in a reclassification, conversion, exchange or cancellation of
outstanding shares of Common Stock of the Company), (c) any sale, transfer or lease of all or
substantially all of the assets of the Company, or (d) any compulsory share exchange, in each case
pursuant to which the Common Stock is converted into the right to receive other securities, cash or
other property, then lawful provision shall be made as part of the terms of such transaction
whereby the holder of each Debenture then outstanding shall have the right thereafter to convert
each Debenture only into the kind and amount of securities, cash or other property receivable upon
consummation of such transaction by a holder of the number of shares of Common Stock of the Company
into which such Debenture could have been converted immediately prior to such transaction.

     The Company or the Person formed by such consolidation or resulting from such merger or which
acquired such assets or which acquires the shares of the Company, as the case may be, shall make
provision in its certificate or articles of incorporation or other constituent document to
establish such right. Such certificate or articles of incorporation or other constituent document
shall provide for adjustments which, for events subsequent to the effective date of such
certificate or articles of incorporation or other constitution document, shall be as nearly
equivalent as may be practicable to the adjustments provided for in this Article IV. The above
provisions shall similarly apply to successive transactions of the foregoing type.

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Section 4.5 Notice of Adjustments of Conversion Ratio.

     Whenever the Conversion Ratio is adjusted as herein provided:

     (a) The Company shall compute the adjusted or readjusted Conversion Ratio and shall prepare an
Officers’ Certificate setting forth the adjusted Conversion Ratio and showing in reasonable detail
the facts upon which such adjustment is based, and such certificate shall forthwith be filed with
the Indenture Trustee, the Conversion Agent and the transfer agent for the Preferred Securities and
the Debentures; and

     (b) a notice stating that the Conversion Ratio has been adjusted and setting forth the
adjusted Conversion Ratio shall as soon as practicable be mailed by the Company to all record
holders of Preferred Securities and the Debentures at their last addresses as they appear upon the
Securities Register of the Trust (as defined in the Trust Agreement) and the Debenture Register of
the Company.

Section 4.6 Prior Notice of Certain Events.

     In case:

     (a) the Company shall (i) declare any dividend (or any other distribution) on its Common
Stock, other than (A) a dividend payable in shares of Common Stock, or (B) a dividend payable in
cash that would not require an adjustment pursuant to Section 4.3(c) or (d), or (ii) authorize a
tender or exchange offer that would require an adjustment pursuant to Section 4.3(e);

     (b) the Company shall authorize the granting to all holders of Common Stock of rights or
warrants to subscribe for or purchase any shares of stock of any class or series or of any other
rights or warrants;

     (c) of any reclassification of Common Stock (other than a subdivision or combination of the
outstanding Common Stock, or a change in par value, or from par value to no par value, or from no
par value to par value), or of any consolidation or merger to which the Company is a party and for
which approval of any shareholders of the Company shall be required, or the sale or transfer of all
or substantially all of the assets of the Company or of any compulsory share exchange whereby the
Common Stock is converted into other securities, cash or other property; or

     (d) of the voluntary or involuntary dissolution, liquidation or winding up of the Company;

then the Company shall (1) if any Preferred Securities are outstanding, cause to be filed with the
transfer agent for the Preferred Securities, and shall cause to be mailed to the holders of record
of the Preferred Securities, at their last addresses as they shall appear upon the Securities
Register of the Trust (as defined in the Trust Agreement), or (2) shall cause to be mailed to all
Debentureholders at their last addresses as they shall appear in the Debenture Register, at least

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fifteen (15) days prior to the applicable record or effective date hereinafter specified, a notice
stating (x) the date on which a record (if any) is to be taken for the purpose of such dividend,
distribution, rights or warrants or, if a record is not to be taken, the date as of which the
holders of Common Stock of record to be entitled to such dividend, distribution, rights or warrants
are to be determined, or (y) the date on which such reclassification, consolidation, merger, sale,
transfer, share exchange, dissolution, liquidation or winding up is expected to become effective,
and the date as of which it is expected that holders of Common Stock of record shall be entitled to
exchange their shares of Common Stock for securities, cash or other property deliverable upon such
reclassification, consolidation, merger, sale, transfer, share exchange, dissolution, liquidation
or winding up (but no failure to mail such notice or any defect therein or in the mailing thereof
shall affect the validity of the corporate action required to be specified in such notice).

Section 4.7 Certain Defined Terms.

     The following definitions shall apply to terms used in this Article IV:

     (a) Closing Prices of any security on any day shall mean the last reported sale price for such
security on such day or, if no sale takes place on such day, the average of the reported closing
bid and asked prices on such day of such security, in either case as reported on The Nasdaq Global
Select Market or, if such security is not listed, quoted or admitted to trading in, on or by The
Nasdaq Global Select Market, on the principal quotation system or securities exchange on which such
security is listed or admitted to trading or quoted, or, if not listed or admitted to trading or
quoted on any national securities exchange or quotation system, the average of the closing bid and
asked prices of such security in the over-the-counter market on the day in question as reported by
the National Quotation Bureau Incorporated, or a similar generally accepted reporting service, or,
if not so available in such manner, as furnished by any Nasdaq member firm selected from time to
time by the Board of Directors for that purpose or, if not so available in such manner, as
otherwise determined in good faith by the Board of Directors.

     (b) Trading Day shall mean a day on which securities are traded on the national securities
exchange or quotation system used to determine the Closing Price.

Section 4.8 Dividend Or Interest Reinvestment Plans.

     Notwithstanding the foregoing provisions, the issuance of any shares of Common Stock pursuant
to any plan providing for the reinvestment of dividends or interest payable on securities of the
Company and the investment of additional optional amounts in shares of Common Stock under any such
plan, and the issuance of any shares of Common Stock or options or rights to purchase such shares
pursuant to any employee benefit plan or program of the Company or pursuant to any option, warrant,
right or exercisable, exchangeable or convertible security outstanding as of the date the
Debentures were first issued, shall not be deemed to constitute an issuance of Common Stock or
exercisable, exchangeable or convertible securities by the Company to which any of the adjustment
provisions described above shall apply. There also shall be no adjustment of the Conversion Ratio
in case of the issuance of any stock (or securities

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convertible into or exchangeable for stock) of the Company except as specifically described in
this Article IV.

Section 4.9 Certain Additional Rights.

     In case the Company shall, by dividend or otherwise, declare or make a distribution on its
Common Stock referred to in Section 4.3(c) or (d) (including, without limitation, dividends or
distributions referred to in the last sentence of Section 4.3(c)), then the Debentureholders, upon
the conversion thereof subsequent to the close of business on the date fixed for the determination
of shareholders entitled to receive such distribution and prior to the effectiveness of the
Conversion Ratio adjustment in respect of such distribution, also shall be entitled to receive for
each share of Common Stock into which the Debentures are converted, the portion of the shares of
Common Stock, rights, warrants, evidences of indebtedness, shares of capital stock, cash and assets
so distributed applicable to one share of Common Stock; provided, however, that, at the election of
the Company (whose election shall be evidenced by a Board Resolution) with respect to all
Debentureholders so converting, the Company may, in lieu of distributing to such Debentureholder
any portion of such distribution not consisting of cash or securities of the Company, pay such
Debentureholder an amount in cash equal to the fair market value thereof (as determined in good
faith by the Board of Directors, whose determination shall be conclusive and described in a Board
Resolution). If any conversion of Debentures described in the immediately preceding sentence occurs
prior to the payment date for a distribution to holders of Common Stock which the Debentureholders
so converted is entitled to receive in accordance with the immediately preceding sentence, the
Company may elect (such election to be evidenced by a Board Resolution) to distribute to such
Debentureholder a due bill for the shares of Common Stock, rights, warrants, evidences of
indebtedness, shares of capital stock, cash or assets to which such Debentureholder is so entitled,
provided, that such due bill (i) meets any applicable requirements of the principal national
securities quotation system or other market in, on or by which the Common Stock is then traded,
listed or quoted, and (ii) requires payment or delivery of such shares of Common Stock, rights,
warrants, evidences of indebtedness, shares of capital stock, cash or assets no later than the date
of payment or delivery thereof to holders of shares of Common Stock receiving such distribution.

Section 4.10 Trustee Not Responsible for Determining Conversion Ratio or Adjustments.

     Neither the Indenture Trustee nor any Conversion Agent shall at any time be under any duty or
responsibility to any Debentureholder or Securityholder (as defined in the Trust Agreement) to
determine whether any facts exist which may require any adjustment of the Conversion Ratio, or with
respect to the nature or extent of any such adjustment when made, or with respect to the method
employed, or herein or in any supplemental indenture provided to be employed, in making the same.
Neither the Indenture Trustee nor any Conversion Agent shall be accountable with respect to the
validity or value (or the kind of account) of any shares of Common Stock or of any securities or
property, which may at any time be issued or delivered upon the conversion of any Debenture; and
neither the Indenture Trustee nor any Conversion Agent makes any representation with respect
thereto. Neither the Indenture Trustee nor any Conversion Agent shall be responsible for any
failure of the Company to make any cash payment or to issue, transfer or deliver any shares of
Common Stock or stock certificates or other

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securities or property upon the surrender of any Debenture for the purpose of conversion, or,
except as expressly herein provided, to comply with any of the covenants of the Company contained
in Article VI or this Article IV.

ARTICLE V — EXTENSION OF INTEREST PAYMENT PERIOD

Section 5.1 Extension of Interest Payment Period.

     The Company shall have the right, at any time and from time to time during the term of the
Debentures so long as no Event of Default has occurred and is continuing, to defer payments of
interest by extending the interest payment period of such Debentures for a period not exceeding 20
consecutive quarters (the “Extended Interest Payment Period”), during which Extended Interest
Payment Period no interest shall be due and payable; provided, that no Extended Interest Payment
Period may extend beyond the Maturity Date or end on a date other than an Interest Payment Date. To
the extent permitted by applicable law, interest, the payment of which has been deferred because of
the extension of the interest payment period pursuant to this Section 5.1, shall bear interest
thereon at the Coupon Rate compounded quarterly for each quarter of the Extended Interest Payment
Period (“Compounded Interest”). At the end of the Extended Interest Payment Period, the Company
shall calculate (and deliver such calculation to the Indenture Trustee) and pay all interest
accrued and unpaid on the Debentures, including any Additional Interest and Compounded Interest
(together, “Deferred Interest”) that shall be payable to the holders of the Debentures in whose
names the Debentures are registered in the Debenture Register on the first record date after the
end of the Extended Interest Payment Period. Before the termination of any Extended Interest
Payment Period, the Company may further extend such period so long as no Event of Default has
occurred and is continuing, provided that such period together with all such further extensions
thereof shall not exceed 20 consecutive quarters, or extend beyond the Maturity Date of the
Debentures or end on a date other than an Interest Payment Date. Upon the termination of any
Extended Interest Payment Period and upon the payment of all Deferred Interest then due, the
Company may commence a new Extended Interest Payment Period, subject to the foregoing requirements.
No interest shall be due and payable during an Extended Interest Payment Period, except at the end
thereof, but the Company may prepay at any time all or any portion of the interest accrued during
an Extended Interest Payment Period.

Section 5.2 Notice of Extension.

     (a) If the Property Trustee is the only registered holder of the Debentures at the time the
Company selects an Extended Interest Payment Period, the Company shall give written notice to the
Administrative Trustees, the Property Trustee and the Indenture Trustee of its selection of such
Extended Interest Payment Period two Business Days before the earlier of (i) the next succeeding
date on which Distributions (as defined in the Trust Agreement) on the Trust Securities issued by
the Trust are payable; or (ii) the date the Trust is required to give notice of the record date, or
the date such Distributions are payable, to The Nasdaq Global Select Market or other applicable
self-regulatory organization or to holders of the Preferred Securities issued by the Trust, but in
any event at least one Business Day before such record date.

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     (b) If the Property Trustee is not the only registered holder of Debentures at the time the
Company selects an Extended Interest Payment Period, the Company shall give the holders of the
Debentures and the Indenture Trustee written notice of its selection of such Extended Interest
Payment Period at least two Business Days before the earlier of (i) the next succeeding Interest
Payment Date; or (ii) the date the Company is required to give notice of the record or payment date
of such interest payment to The Nasdaq Global Select Market or other applicable self-regulatory
organization or to holders of the Debentures.

     (c) The quarter in which any notice is given pursuant to paragraphs (a) or (b) of this Section
5.2 shall be counted as one of the 20 quarters permitted in the maximum Extended Interest Payment
Period permitted under Section 5.1.

Section 5.3 Limitation on Transactions.

     If (i) the Company shall exercise its right to defer payment of interest as provided in
Section 5.1, or (ii) there shall have occurred and be continuing any Event of Default, then (a) the
Company shall not declare or pay any dividend on, make any distributions with respect to, or
redeem, purchase, acquire or make a liquidation payment with respect to, any of its capital stock
(other than (A) dividends or distributions in common stock of the Company, or any declaration of a
non-cash dividend in connection with the implementation of a shareholder rights plan, or the
issuance of stock under any such plan in the future, or the redemption or repurchase of any such
rights pursuant thereto, (B) purchases of common stock of the Company related to the rights under
any of the Company’s benefit plans for its directors, officers or employees, or (C) as a result of
a reclassification of its capital stock for another class of its capital stock), or allow any of
its Subsidiaries to take any such action with respect to such Subsidiaries’ capital stock (other
than payment of dividends or distributions to the Company; (b) the Company shall not make, or allow
any of its Subsidiaries to make, any payment of interest, principal or premium, if any, or repay,
repurchase or redeem any debt securities issued by the Company which rank pari passu with or junior
to the Debentures; (c) the Company shall not make, or allow any of its Subsidiaries to make, any
guarantee payment with respect to any guarantee by the Company of the debt securities of any
subsidiary of the Company if such guarantee ranks pari passu with or junior to the Debentures;
provided, however, that notwithstanding the foregoing the Company may make payments pursuant to its
obligations under the Preferred Securities Guarantee; and (d) the Company shall not redeem,
purchase or acquire less than all of the outstanding Debentures or any of the Preferred Securities.

ARTICLE VI — PARTICULAR COVENANTS OF THE COMPANY

Section 6.1 Payment of Principal and Interest.

     The Company shall duly and punctually pay or cause to be paid the principal of and interest on
the Debentures at the time and place and in the manner provided herein. Each such payment of the
principal of and interest on the Debentures shall relate only to the Debentures, shall not be
combined with any other payment of the principal of or interest on any other obligation of the
Company, and shall be clearly and unmistakably identified as pertaining to the Debentures.

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Section 6.2 Maintenance of Agency.

     So long as any of the Debentures remain Outstanding, the Company shall maintain, or shall
cause to be maintained, an office at 2200 Montauk Highway, Bridgehampton, New York 11932 and at
such other location or locations as may be designated as provided in this Section 6.2, where (i)
Debentures may be presented for payment; (ii) Debentures may be presented as hereinabove authorized
for registration of transfer, conversion or exchange; and (iii) notices and demands to or upon the
Company in respect of the Debentures and this Indenture may be given or served, such designation to
continue with respect to such office or agency until the Company shall, by written notice signed by
its President or an Executive Vice President and delivered to the Indenture Trustee, designate some
other office or agency for such purposes or any of them. If at any time the Company shall fail to
maintain any such required office or shall fail to furnish the Indenture Trustee with the address
thereof, such presentations, notices and demands (other than service of process) may be made or
served at the Corporate Trust Office of the Indenture Trustee, and the Company hereby appoints the
Indenture Trustee as its agent to receive all such presentations, notices and demands (other than
service of process). The Company hereby appoints Wilmington Trust Company as its agent for service
of process in the State of Delaware. In addition to any such office or agency, the Company may
from time to time designate one or more offices or agencies where the Debentures may be presented
for registration or transfer and for exchange in the manner provided herein, and the Company may
from time to time rescind such designation as the Company may deem desirable or expedient;
provided, however, that no such designation or rescission shall in any manner relieve the Company
of its obligation to maintain an office or agency for the purposes above mentioned. The Company
shall give the Indenture Trustee prompt written notice of any such designation or rescission
thereof.

Section 6.3 Paying Agents.

     (a) The Company shall be the initial paying agent. If the Company shall appoint one or more
paying agents for the Debentures, other than the Indenture Trustee, the Company shall cause each
such paying agent to execute and deliver to the Indenture Trustee an instrument in which such agent
shall agree with the Indenture Trustee, subject to the provisions of this Section 6.3:

     (i) that it shall hold all sums held by it as such agent for the payment of the principal of
or interest on the Debentures (whether such sums have been paid to it by the Company or by any
other obligor of such Debentures) in trust for the benefit of the Persons entitled thereto;

     (ii) that it shall give the Indenture Trustee notice of any failure by the Company (or by any
other obligor of such Debentures) to make any payment of the principal of or interest on the
Debentures when the same shall be due and payable;

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

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

     (b) If the Company shall act as its own paying agent with respect to the Debentures, it shall
on or before each due date of the principal of or interest on such Debentures, set aside, segregate
and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay such
principal or interest so becoming due on Debentures until such sums shall be paid to such Persons
or otherwise disposed of as herein provided and shall promptly notify the Indenture Trustee of such
action, or any failure (by it or any other obligor on such Debentures) to take such action.
Whenever the Company shall have one or more paying agents for the Debentures, it shall, prior to
each due date of the principal of or interest on any Debentures, deposit with the paying agent a
sum sufficient to pay the principal or interest so becoming due, such sum to be held in trust for
the benefit of the Persons entitled to such principal or interest, and (unless such paying agent is
the Indenture Trustee) the Company shall promptly notify the Indenture Trustee of this action or
failure so to act.

     (c) Notwithstanding anything in this Section 6.3 to the contrary, (i) the agreement to hold
sums in trust as provided in this Section 6.3 is subject to the provisions of Section 14.3 and
14.4; and (ii) the Company may at any time, for the purpose of obtaining the satisfaction and
discharge of this Indenture or for any other purpose, pay, or direct any paying agent to pay, to
the Indenture Trustee all sums held in trust by the Company or such paying agent, such sums to be
held by the Indenture Trustee upon the same terms and conditions as those upon which such sums were
held by the Company or such paying agent; and, upon such payment by any paying agent to the
Indenture Trustee, such paying agent shall be released from all further liability with respect to
such money.

Section 6.4 Appointment to Fill Vacancy in Office of Trustee.

     The Company, whenever necessary to avoid or fill a vacancy in the office of Trustee, shall
appoint, in the manner provided in Section 10.11, an Indenture Trustee, so that there shall at all
times be an Indenture Trustee hereunder.

Section 6.5 Compliance with Consolidation Provisions.

     The Company shall not, while any of the Debentures remain outstanding, consolidate with, or
merge into, or merge into itself, or sell or convey all or substantially all of its property to any
other company unless the provisions of Article XIII hereof are complied with.

Section 6.6 Limitation on Transactions.

     If Debentures are issued to the Trust or a trustee of the Trust in connection with the
issuance of Trust Securities by the Trust and (i) there shall have occurred any event that would
constitute an Event of Default; (ii) the Company shall be in default with respect to any of its
obligations under the Preferred Securities Guarantee relating to the Trust; or (iii) the Company
shall have given notice of its election to defer payments of interest on such Debentures by
extending the interest payment period as provided in this Indenture and such period, or any
extension thereof, shall be continuing, then (a) the Company shall not declare or pay any

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dividend on, make any distributions with respect to, or redeem, purchase, acquire or make a
liquidation payment with respect to, any of its capital stock (other than (A) dividends or
distributions in common stock of the Company, or any declaration of a non-cash dividend in
connection with the implementation of a shareholder rights plan, or the issuance of stock under any
such plan in the future, or the redemption or repurchase of any such rights pursuant thereto, (B)
purchases of common stock of the Company related to the rights under any of the Company’s benefit
plans for its directors, officers or employees, or (C) as a result of a reclassification of its
capital stock for another class of its capital stock), or allow any of its Subsidiaries to take any
such action with respect to such Subsidiaries’ capital stock (other than payment of dividends or
distributions to the Company; (b) the Company shall not make, or allow any of its Subsidiaries to
make, any payment of interest, principal or premium, if any, or repay, repurchase or redeem any
debt securities issued by the Company which rank pari passu with or junior to the Debentures; (c)
the Company shall not make, or allow any of its Subsidiaries to make, any guarantee payment with
respect to any guarantee by the Company of the debt securities of any subsidiary of the Company if
such guarantee ranks pari passu with or junior to the Debentures; provided, however, that
notwithstanding the foregoing the Company may make payments pursuant to its obligations under the
Preferred Securities Guarantee; and (d) the Company shall not redeem, purchase or acquire less than
all of the outstanding Debentures or any of the Preferred Securities.

Section 6.7 Covenants as to the Trust.

     For so long as such Trust Securities of the Trust remain outstanding, the Company shall (i)
maintain 100% direct or indirect ownership of the Common Securities of the Trust; provided,
however, that any permitted successor of the Company under this Indenture may succeed to the
Company’s ownership of the Common Securities; (ii) not voluntarily terminate, wind up or liquidate
the Trust, except upon prior approval of, or non-objection from, the Federal Reserve if then so
required under applicable capital guidelines, policies or regulations of the Federal Reserve; (iii)
use its reasonable efforts to cause the Trust (a) to remain a business trust (and to avoid
involuntary termination, winding up or liquidation), except in connection with a distribution of
Debentures, the redemption of all of the Trust Securities of the Trust or certain mergers,
consolidations or amalgamations, each as permitted by the Trust Agreement; and (b) to otherwise
continue not to be treated as an association taxable as a corporation or partnership for United
States federal income tax purposes; (iv) use its reasonable efforts to cause each holder of Trust
Securities to be treated as owning an individual beneficial interest in the Debentures; and (v) to
fulfill all filing and reporting obligations under the Exchange Act, as applicable, to a company
having a class of securities registered under the Exchange Act.

Section 6.8 Covenants as to Purchases.

     Except upon the exercise by the Company of its right to redeem the Debentures pursuant to
Section 3.2 upon the occurrence and continuation of a Special Event or pursuant to Section 3.3(b),
prior to September 30, 2014, the Company shall not purchase any Debentures, in whole or in part,
from the Trust.

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Section 6.9 Waiver of Usury, Stay or Extension Laws.

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

ARTICLE VII — DEBENTUREHOLDERS’ LISTS AND REPORTS

BY THE COMPANY AND THE TRUSTEE

Section 7.1 Company to Furnish Trustee Names and Addresses of Debentureholders.

     The Company shall furnish or cause to be furnished to the Indenture Trustee (a) on a quarterly
basis on each regular record date (as described in Section 2.5) a list, in such form as the
Indenture Trustee may reasonably require, of the names and addresses of the holders of the
Debentures as of such regular record date, provided that the Company shall not be obligated to
furnish or cause to furnish such list at any time that the list shall not differ in any respect
from the most recent list furnished to the Indenture Trustee by the Company (in the event the
Company fails to provide such list on a quarterly basis, the Indenture Trustee shall be entitled to
rely on the most recent list provided by the Company); and (b) at such other times as the Indenture
Trustee may request in writing within 30 days after the receipt by the Company of any such request,
a list of similar form and content as of a date not more than 15 days prior to the time such list
is furnished; provided, however, that, in either case, no such list need be furnished if the
Indenture Trustee shall be the Debenture Registrar.

Section 7.2 Preservation of Information Communications with Debentureholders.

     (a) The Indenture Trustee shall preserve, in as current a form as is reasonably practicable,
all information as to the names and addresses of the holders of Debentures contained in the most
recent list furnished to it as provided in Section 7.1 and as to the names and addresses of holders
of Debentures received by the Indenture Trustee in its capacity as registrar for the Debentures (if
acting in such capacity).

     (b) The Indenture Trustee may destroy any list furnished to it as provided in Section 7.1 upon
receipt of a new list so furnished.

     (c) Debentureholders may communicate as provided in Section 312(b) of the Trust Indenture Act
with other Debentureholders with respect to their rights under this Indenture or under the
Debentures.

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Section 7.3 Reports by the Company.

     (a) The Company covenants and agrees to file with the Indenture Trustee, within 15 days after
the Company is required to file the same with the Commission, copies of the annual reports and of
the information, documents and other reports (or copies of such portions of any of the foregoing as
the Commission may from time to time by rules and regulations prescribe) that the Company may be
required to file with the Commission pursuant to Section 13 or Section 15(d) of the Exchange Act;
or, if the Company is not required to file information, documents or reports pursuant to either of
such sections, then to file with the Indenture Trustee and the Commission, in accordance with the
rules and regulations prescribed from time to time by the Commission, such of the supplementary and
periodic information, documents and reports that may be required pursuant to Section 13 of the
Exchange Act in respect of a security listed and registered on a national securities exchange as
may be prescribed from time to time in such rules and regulations.

     (b) The Company covenants and agrees to file with the Indenture Trustee and the Commission, in
accordance with the rules and regulations prescribed from time to time by the Commission, such
additional information, documents and reports with respect to compliance by the Company with the
conditions and covenants provided for in this Indenture as may be required from time to time by
such rules and regulations.

     (c) The Company covenants and agrees to transmit by mail, first class postage prepaid, or
reputable overnight delivery service that provides for evidence of receipt, to the
Debentureholders, as their names and addresses appear upon the Debenture Register, within 30 days
after the filing thereof with the Indenture Trustee, such summaries of any information, documents
and reports required to be filed by the Company pursuant to subsections (a) and (b) of this Section
7.3 as may be required by rules and regulations prescribed from time to time by the Commission.

Section 7.4 [Reserved].

ARTICLE VIII — REMEDIES OF THE TRUSTEE AND DEBENTUREHOLDERS

ON EVENT OF DEFAULT

Section 8.1 Events of Default.

     (a) Whenever used herein with respect to the Debentures, Event of Default means any one or
more of the following events that has occurred and is continuing:

          (i) the Company defaults in the payment of any installment of interest upon any of the
Debentures, as and when the same shall become due and payable, and continuance of such default for
a period of 30 days; provided, however, that a valid extension of an interest payment period by the
Company in accordance with the terms of this Indenture shall not constitute a default in the
payment of interest for this purpose;

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          (ii) the Company defaults in the payment of the principal on the Debentures as and when the
same shall become due and payable whether at maturity, upon redemption, by declaration or
otherwise;

          (iii) the Company fails to observe or perform any other of its covenants or agreements with
respect to the Debentures for a period of 90 days after the date on which written notice of such
failure, requiring the same to be remedied and stating that such notice is a Notice of Default
hereunder, shall have been given to the Company by the Indenture Trustee, by registered or
certified mail, or to the Company and the Indenture Trustee by the holders of at least 25% in
principal amount of the Debentures at the time Outstanding;

          (iv) the Company pursuant to or within the meaning of any Bankruptcy Law (i) commences a
voluntary case; (ii) consents to the entry of an order for relief against it in an involuntary
case; (iii) consents to the appointment of a Custodian of it or for all or substantially all of its
property; or (iv) makes a general assignment for the benefit of its creditors;

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

          (vi) the Trust shall have voluntarily or involuntarily dissolved, wound-up its business or
otherwise terminated its existence except in connection with (i) the distribution of Debentures to
holders of Trust Securities in liquidation of their interests in the Trust; (ii) the redemption of
all of the outstanding Trust Securities of the Trust; or (iii) certain mergers, consolidations or
amalgamations, each as permitted by the Trust Agreement.

     (b) In each and every such case referred to in paragraph (i) through (vi) of Section 8.1(a),
unless the principal of all the Debentures shall have already become due and payable, either the
Indenture Trustee or the holders of not less than 25% in aggregate principal amount of the
Debentures then Outstanding hereunder, by notice in writing to the Company (and to the Indenture
Trustee if given by such Debentureholders) may declare the principal of all the Debentures to be
due and payable immediately, and upon any such declaration the same shall become and shall be
immediately due and payable, notwithstanding anything contained in this Indenture or in the
Debentures.

     (c) At any time after the principal of the Debentures shall have been so declared due and
payable, and before any judgment or decree for the payment of the moneys due shall have been
obtained or entered as hereinafter provided, the holders of a majority in aggregate principal
amount of the Debentures then Outstanding hereunder, by written notice to the Company and the
Indenture Trustee, may rescind and annul such declaration and its consequences if: (i) the Company
has paid or deposited with the Indenture Trustee a sum sufficient to pay all matured installments
of interest upon all the Debentures and the principal of any and all Debentures that shall have
become due otherwise than by acceleration (with interest upon such principal, and, to the extent
that such payment is enforceable under applicable law, upon overdue installments of interest, at
the rate per annum expressed in the Debentures to the date of such payment or

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deposit) and the amount payable to the Indenture Trustee under Section 10.7; and (ii) any and
all Events of Default under this Indenture, other than the nonpayment of principal on Debentures
that shall not have become due by their terms, shall have been remedied or waived as provided in
Section 8.6. No such rescission and annulment shall extend to or shall affect any subsequent
default or impair any right consequent thereon.

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

Section 8.2 Collection of Indebtedness and Suits for Enforcement by Trustee.

     (a) The Company covenants that (1) in case it shall default in the payment of any installment
of interest on any of the Debentures, and such default shall have continued for a period of 30
days; or (2) in case it shall default in the payment of the principal of any of the Debentures when
the same shall have become due and payable, whether upon maturity of the Debentures or upon
redemption or upon declaration or otherwise, then, upon demand of the Indenture Trustee, the
Company shall pay to the Indenture Trustee, for the benefit of the holders of the Debentures, the
whole amount that then shall have become due and payable on all such Debentures for principal or
interest, or both, as the case may be, with interest upon the overdue principal and (to the extent
that payment of such interest is enforceable under applicable law and, if the Debentures are held
by the Trust or a trustee of the Trust, without duplication of any other amounts paid by the Trust
or trustee in respect thereof) upon overdue installments of interest at the rate per annum
expressed in the Debentures; and, in addition thereto, such further amount as shall be sufficient
to cover the costs and expenses of collection, and the amount payable to the Indenture Trustee
under Section 10.7.

     (b) If the Company shall fail to pay such amounts set forth in Section 8.2(a) forthwith upon
such demand, the Indenture Trustee, in its own name and as trustee of an express trust, shall be
entitled and empowered to institute any action or proceedings at law or in equity for the
collection of the sums so due and unpaid, and may prosecute any such action or proceeding to
judgment or final decree, and may enforce any such judgment or final decree against the Company or
other obligor upon the Debentures and collect the moneys adjudged or decreed to be payable in the
manner provided by law out of the property of the Company or other obligor upon the Debentures,
wherever situated.

     (c) In case of any receivership, insolvency, liquidation, bankruptcy, reorganization,
readjustment, arrangement, composition or judicial proceedings affecting the Company, the Trust, or
the creditors or property of either, the Indenture Trustee shall have power to intervene in such
proceedings and take any action therein that may be permitted by the court and shall (except as may
be otherwise provided by law) be entitled to file such proofs of claim and other papers and
documents as may be necessary or advisable in order to have the claims of the

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Indenture Trustee and of the holders of the Debentures allowed for the entire amount due and
payable by the Company under this Indenture at the date of institution of such proceedings and for
any additional amount that may become due and payable by the Company after such date, and to
collect and receive any moneys or other property payable or deliverable on any such claim, and to
distribute the same after the deduction of the amount payable to the Indenture Trustee under
Section 10.7; and any receiver, assignee or trustee in bankruptcy or reorganization is hereby
authorized by each of the holders of the Debentures to make such payments to the Indenture Trustee,
and, in the event that the Indenture Trustee shall consent to the making of such payments directly
to such Debentureholders, to pay to the Indenture Trustee any amount due it under Section 10.7.

     (d) All rights of action and of asserting claims under this Indenture, or under any of the
terms established with respect to the Debentures, may be enforced by the Indenture Trustee without
the possession of any of such Debentures, or the production thereof at any trial or other
proceeding relative thereto, and any such suit or proceeding instituted by the Indenture Trustee
shall be brought in its own name as trustee of an express trust, and any recovery of judgment
shall, after provision for payment to the Indenture Trustee of any amounts due under Section 10.7,
be for the ratable benefit of the holders of the Debentures. In case of an Event of Default
hereunder, the Indenture Trustee may in its discretion proceed to protect and enforce the rights
vested in it by this Indenture by such appropriate judicial proceedings as the Indenture Trustee
shall deem most effectual to protect and enforce any of such rights, either at law or in equity or
in bankruptcy or otherwise, whether for the specific enforcement of any covenant or agreement
contained in this Indenture or in aid of the exercise of any power granted in this Indenture, or to
enforce any other legal or equitable right vested in the Indenture Trustee by this Indenture or by
law. Nothing contained herein shall be deemed to authorize the Indenture Trustee to authorize or
consent to or accept or adopt on behalf of any Debentureholder any plan of reorganization,
arrangement, adjustment or composition affecting the Debentures or the rights of any holder thereof
or to authorize the Indenture Trustee to vote in respect of the claim of any Debentureholder in any
such proceeding.

Section 8.3 Application of Moneys Collected.

     Any moneys or other assets collected by the Indenture Trustee pursuant to this Article VIII
with respect to the Debentures shall be applied in the following order, at the date or dates fixed
by the Indenture Trustee and, in case of the distribution of such moneys or other assets on account
of principal or interest, upon presentation of the Debentures, and notation thereon the payment, if
only partially paid, and upon surrender thereof if fully paid:

     FIRST: To the payment of costs and expenses of collection and of all amounts payable to the
Indenture Trustee under Section 10.7;

     SECOND: To the payment of all Senior Indebtedness of the Company if and to the extent required
by Article XVII; and

     THIRD: To the payment of the amounts then due and unpaid upon the Debentures for principal and
interest, in respect of which or for the benefit of which such money has been

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collected, ratably, without preference or priority of any kind, according to the amounts due
and payable on such Debentures for principal and interest, respectively.

Section 8.4 Limitation on Suits.

     (a) Except as set forth in this Indenture, no holder of any Debenture shall have any right by
virtue or by availing of any provision of this Indenture to institute any suit, action or
proceeding in equity or at law upon or under or with respect to this Indenture or for the
appointment of a receiver or trustee, or for any other remedy hereunder, unless (i) such holder
previously shall have given to the Indenture Trustee written notice of an Event of Default and of
the continuance thereof with respect to the Debentures specifying such Event of Default, as
hereinbefore provided; (ii) the holders of not less than 25% in aggregate principal amount of the
Debentures then Outstanding shall have made written request upon the Indenture Trustee to institute
such action, suit or proceeding in its own name as trustee hereunder; (iii) such holder or holders
shall have offered to the Indenture Trustee such reasonable indemnity as it may require against the
costs, expenses and liabilities to be incurred therein or thereby; (iv) the Indenture Trustee for
60 days after its receipt of such notice, request and offer of indemnity, shall have failed to
institute any such action, suit or proceeding; and (v) during such 60 day period, the holders of a
majority in principal amount of the Debentures do not give the Indenture Trustee a direction
inconsistent with the request.

     (b) Notwithstanding anything contained herein to the contrary or any other provisions of this
Indenture, the right of any holder of the Debentures to receive payment of the principal of and
interest on the Debentures, as therein provided, on or after the respective due dates expressed in
such Debenture (or in the case of redemption, on the redemption date), or to institute suit for the
enforcement of any such payment on or after such respective dates or redemption date, shall not be
impaired or affected without the consent of such holder. By accepting a Debenture hereunder it is
expressly understood, intended and covenanted by the taker and holder of every Debenture with every
other such taker and holder and the Indenture Trustee, that no one or more holders of Debentures
shall have any right in any manner whatsoever by virtue or by availing of any provision of this
Indenture to affect, disturb or prejudice the rights of the holders of any other of such
Debentures, or to obtain or seek to obtain priority over or preference to any other such holder, or
to enforce any right under this Indenture, except in the manner herein provided and for the equal,
ratable and common benefit of all holders of Debentures. For the protection and enforcement of the
provisions of this Section 8.4, each and every Debentureholder and the Indenture Trustee shall be
entitled to such relief as can be given either at law or in equity.

Section 8.5 Rights and Remedies Cumulative; Delay or Omission Not Waiver.

     (a) Except as otherwise provided in Section 2.9(b), all powers and remedies given by this
Article VIII to the Indenture Trustee or to the Debentureholders shall, to the extent permitted by
law, be deemed cumulative and not exclusive of any other powers and remedies available to the
Indenture Trustee or the holders of the Debentures, by judicial proceedings or otherwise, to
enforce the performance or observance of the covenants and agreements contained in this Indenture
or otherwise established with respect to such Debentures.

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     (b) No delay or omission of the Indenture Trustee or of any holder of any of the Debentures to
exercise any right or power accruing upon any Event of Default occurring and continuing as
aforesaid shall impair any such right or power, or shall be construed to be a waiver of any such
default or on acquiescence therein; and, subject to the provisions of Section 8.4, every power and
remedy given by this Article VIII or by law to the Indenture Trustee or the Debentureholders may be
exercised from time to time, and as often as shall be deemed expedient, by the Indenture Trustee or
by the Debentureholders.

Section 8.6 Control by Debentureholders.

     The holders of a majority in aggregate principal amount of the Debentures at the time
Outstanding, determined in accordance with Section 11.4, shall have the right to direct the time,
method and place of conducting any proceeding for any remedy available to the Indenture Trustee, or
exercising any trust or power conferred on the Indenture Trustee; provided, however, that such
direction shall not be in conflict with any rule of law or with this Indenture. Subject to the
provisions of Section 10.1, the Indenture Trustee shall have the right to decline to follow any
such direction if the Indenture Trustee in good faith shall, by a Responsible Officer or Officers
of the Indenture Trustee, determine that the proceeding so directed would involve the Indenture
Trustee in personal liability. The holders of a majority in aggregate principal amount of the
Debentures at the time Outstanding affected thereby, determined in accordance with Section 11.4,
may on behalf of the holders of all of the Debentures, waive any past default in the performance of
any of the covenants contained herein and its consequences, except (i) a default in the payment of
the principal of, or interest on, any of the Debentures as and when the same shall become due by
the terms of such Debentures otherwise than by acceleration (unless such default has been cured and
a sum sufficient to pay all matured installments of interest and principal has been deposited with
the Indenture Trustee (in accordance with Section 8.1(c)); (ii) a default in the covenants
contained in Section 6.7; or (iii) in respect of a covenant or provision hereof which cannot be
modified or amended without the consent of the holder of each Outstanding Debenture affected;
provided, however, that if the Debentures are held by the Trust or a trustee of the Trust, such
waiver or modification to such waiver shall not be effective until the holders of a majority in
liquidation preference of Trust Securities of the Trust shall have consented to such waiver or
modification to such waiver; provided further, that if the consent of the holder of each
Outstanding Debenture is required, such waiver shall not be effective until each holder of the
Trust Securities of the Trust shall have consented to such waiver. Upon any such waiver, the
default covered thereby shall be deemed to be cured for all purposes of this Indenture and the
Company, the Indenture Trustee and the holders of the Debentures shall be restored to their former
positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or
other default or impair any right consequent thereon.

Section 8.7 Undertaking to Pay Costs.

     All parties to this Indenture agree, and each holder of any Debentures by such holder’s
acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in
any suit for the enforcement of any right or remedy under this Indenture, or in any suit against
the Indenture Trustee for any action taken or omitted by it as Indenture Trustee, the filing by any
party litigant in such suit of an undertaking to pay the costs of such suit, and that such court
may

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in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any
party litigant in such suit, having due regard to the merits and good faith of the claims or
defenses made by such party litigant; but the provisions of this Section 8.7 shall not apply to any
suit instituted by the Indenture Trustee, to any suit instituted by any Debentureholder or group of
Debentureholders holding more than 10% in aggregate principal amount of the Outstanding Debentures,
or to any suit instituted by any Debentureholder for the enforcement of the payment of the
principal of or interest on the Debentures, on or after the respective due dates expressed in such
Debenture or established pursuant to this Indenture.

Section 8.8 Direct Action; Right of Set-Off

     In the event that an Event of Default has occurred and is continuing and such event is
attributable to the failure of the Company to pay interest on or principal of the Debentures on an
Interest Payment Date or Maturity Date, as applicable, then a holder of Preferred Securities may
institute a legal proceeding directly against the Company for enforcement of payment to such holder
of the principal of or interest on such Debentures having a principal amount equal to the aggregate
Liquidation Amount of the Preferred Securities of such holders (a “Direct Action”). In connection
with such Direct Action, the Company will have a right of set-off under this Indenture to the
extent of any payment actually made by the Company to such holder of the Preferred Securities with
respect to such Direct Action.

ARTICLE IX — FORM OF DEBENTURE AND ORIGINAL ISSUE

Section 9.1 Form of Debenture.

     The Debenture and the Indenture Trustee’s Certificate of Authentication to be endorsed thereon
are to be substantially in the forms contained as Exhibit A to this Indenture, attached
hereto and incorporated herein by reference.

Section 9.2 Original and Ongoing Issue of Debentures.

     Debentures in the aggregate principal amount of up to $15,001,500 may, upon execution of this
Indenture and subject to Section 2.6(c), be executed by the Company and delivered to the Indenture
Trustee for authentication. The Indenture Trustee shall thereupon authenticate and deliver said
Debentures to or upon the written order of the Company, signed by its President, or any Vice
President and its Chief Financial Officer or the Treasurer or an Assistant Treasurer, without any
further action by the Company.

     If at any time after the execution and delivery of this Indenture, the Trust issues any
additional Preferred Securities, then simultaneously with any such issuance, the Company will
deliver additional Debentures executed by the Company to the Indenture Trustee for authentication,
together with a written order of the Company for the authentication and delivery of such Debentures
signed by its President or any Executive Vice President and its Chief Financial Officer or the
Treasurer or any Assistant Treasurer in an amount principal amount equal to (i) the aggregate
liquidation value of the Preferred Securities then issued, plus (ii) one dollar ($1.00) for every
$1,000 in aggregate liquidation value of Preferred Securities then issued,

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and the Indenture Trustee in accordance with such written order shall authenticate and deliver
such Debentures; provided that the aggregate principal amount of any and all such Debentures
delivered to the Indenture Trustee pursuant to this Section 9.2 shall not exceed $15,001,500.

ARTICLE X — CONCERNING THE INDENTURE TRUSTEE

Section 10.1 Certain Duties and Responsibilities of the Indenture Trustee.

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

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

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

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

               (2) in the absence of bad faith on the part of the Indenture Trustee, the Indenture Trustee
may with respect to the Debentures conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon any certificates or opinions furnished to the
Indenture Trustee and conforming to the requirements of this Indenture; but in the case of any such
certificates or opinions that by any provision hereof are specifically required to be furnished to
the Indenture Trustee, the Indenture Trustee shall be under a duty to examine the same to determine
whether or not they conform to the requirements of this Indenture, but need not confirm or
investigate the accuracy of mathematical calculations or other facts stated therein. This Section
10.1(b)(i)(2) shall be in lieu of Section 315(a) of the Trust Indenture Act and such Section 315(a)
is hereby expressly excluded from this Indenture, as permitted by the Trust Indenture Act;

          (ii) the Indenture Trustee shall not be liable for any error of judgment made in good faith by
a Responsible Officer or Responsible Officers of the Indenture Trustee, unless it

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shall be proved that the Indenture Trustee was grossly negligent in ascertaining the pertinent
facts;

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

          (iv) none of the provisions contained in this Indenture shall require the Indenture Trustee to
expend or risk its own funds or otherwise incur personal financial liability in the performance of
any of its duties or in the exercise of any of its rights or powers, if it believes that the
repayment of such funds or liability is not reasonably assured to it under the terms of this
Indenture or that adequate indemnity against such risk is not reasonably assured to it.

Section 10.2 Notice of Defaults.

     Subject to Section 10.3(c), within 90 days after actual knowledge by a Responsible Officer of
the Indenture Trustee of the occurrence of any default hereunder with respect to the Debentures,
the Indenture Trustee shall transmit by mail to all holders of the Debentures, as their names and
addresses appear in the Debenture Register, notice of such default, unless such default shall have
been cured or waived before the giving of such notice; provided, however, that, except in the case
default in the payment of the principal or interest (including any Additional Interest) on any
Debenture, the Indenture Trustee shall be protected in withholding such notice if and so long as
the board of directors, the executive committee or a trust committee of the directors and/or
Responsible Officers of the Indenture Trustee determines in good faith that the withholding of such
notice is in the interests of the holders of such Debentures; and provided, further, that in the
case of any default of the character specified in Section 8.1(a)(iii), no such notice to holders of
Debentures need be sent until at least 30 days after the occurrence thereof. For the purposes of
this Section 10.2, the term default means any event which is, or after notice or lapse of time or
both, would become, an Event of Default with respect to the Debentures.

Section 10.3 Certain Rights of Trustee.

     Except as otherwise provided in Section 10.1:

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

     (b) Any request, direction, order or demand of the Company mentioned herein shall be
sufficiently evidenced by a Board Resolution or an instrument signed in the name of the Company by
its President or any Vice President and by the Secretary or an Assistant Secretary or

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the Treasurer or an Assistant Treasurer thereof (unless other evidence in respect thereof is
specifically prescribed herein);

     (c) The Trustee shall be deemed not to have notice or knowledge of a default or an Event of
Default, other than an Event of Default specified in Section 8.1(a)(i) or (ii), unless and until it
receives written notification of such default or Event of Default from the Company or from holders
of at least 25% of the aggregate principal amount of the Debentures at the time Outstanding and
such notice references the Debentures and this Indenture;

     (d) At the Company’s expense, the Trustee may consult with counsel selected by it and the
written advice of such counsel or any Opinion of Counsel shall be full and complete authorization
and protection in respect of any action taken or suffered or omitted hereunder in good faith and in
reliance thereon;

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

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

     (g) The Indenture Trustee shall not be bound to make any investigation into the facts or
matters stated in any resolution, certificate, statement, instrument, opinion, report, notice,
request, direction, consent, order, approval, bond, debenture, note, other evidence of
indebtedness, security, or other papers or documents, unless requested in writing so to do by the
holders of not less than a majority in principal amount of the Outstanding Debentures (determined
as provided in Section 11.4), but the Indenture Trustee, in its discretion, may make such further
inquiry or investigation into such facts or matters as it may see fit, and, if the Indenture
Trustee shall determine to make such further inquiry or investigation, it shall be entitled to
examine the books, records and premises of the Company, personally or by agent or attorney at the
sole cost of the Company and shall incur no liability or additional liability of any kind by reason
of such inquiry or investigation; provided, however, that if the payment within a reasonable time
to the Indenture Trustee of the costs, expenses or liabilities likely to be incurred by it in the
making of such investigation is, in the opinion of the Indenture Trustee, not reasonably assured to
the Indenture Trustee by the security afforded to it by the terms of this Indenture, the Indenture
Trustee may require reasonable indemnity against such costs, expenses or liabilities as a condition
to so proceeding. The reasonable expense of every such examination

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shall be paid by the Company or, if paid by the Indenture Trustee, shall be repaid by the
Company upon demand; and

     (h) The Indenture Trustee may execute any of the trusts or powers hereunder or perform any
duties hereunder either directly or by or through agents or attorneys and the Indenture Trustee
shall not be responsible for any misconduct or negligence on the part of any agent or attorney
appointed in good faith; and

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

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

Section 10.4 Indenture Trustee Not Responsible for Recitals, Etc.

     (a) The Recitals contained herein and in the Debentures shall be taken as the statements of
the Company, and the Indenture Trustee assumes no responsibility for the correctness of the same.

     (b) The Indenture Trustee makes no representations as to the validity or sufficiency of this
Indenture or of the Debentures.

     (c) The Indenture Trustee shall not be accountable for the use or application by the Company
of any of the Debentures or of the proceeds of such Debentures, or for the use or application of
any moneys paid over by the Indenture Trustee in accordance with any provision of this Indenture,
or for the use or application of any moneys received by any paying agent other than the Indenture
Trustee.

     (d) The Indenture Trustee shall not be responsible for any statement in the private placement
memorandum of the Trust and the Company, dated October 15, 2009, as amended from time to time, with
respect to the Debentures and the Trust Securities, or the determination as to which beneficial
owners are entitled to receive any notices hereunder.

Section 10.5 May Hold Debentures.

     The Indenture Trustee or any paying agent or registrar for the Debentures, in its individual
or any other capacity, may become the owner or pledgee of Debentures or Trust Securities and may
deal with the Company or its Affiliate with the same rights it would have if it were not Indenture
Trustee, paying agent or Debenture Registrar. However, the Indenture Trustee must comply with
Sections 10.9 and 10.10 hereof.

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Section 10.6 Moneys Held in Trust.

     Subject to the provisions of Section 14.5, all moneys received by the Indenture Trustee shall,
until used or applied as herein provided, be held in trust for the purposes for which they were
received, but need not be segregated from other funds except to the extent required by law. The
Indenture Trustee (acting in any capacity hereunder) shall be under no liability for interest on
any moneys received by it hereunder except such as it may agree in writing with the Company to pay
thereon.

Section 10.7 Compensation and Reimbursement.

     (a) The Company covenants and agrees to pay to the Indenture Trustee, and the Indenture
Trustee shall be entitled to, such reasonable compensation (which shall not be limited by any
provision of law in regard to the compensation of a trustee of an express trust), as the Company
and the Indenture Trustee may from time to time agree in writing, for all services rendered by it
in the execution of the trusts hereby created and in the exercise and performance of any of the
powers and duties hereunder of the Indenture Trustee (acting in any capacity hereunder), and,
except as otherwise expressly provided herein, the Company shall pay or reimburse the Indenture
Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made
by the Indenture Trustee in accordance with any of the provisions of this Indenture (including the
reasonable compensation and the expenses, advances and disbursements of its agents or counsel and
of all other Persons not regularly in its employ) except any such expense, disbursement or advance
as may be caused by its gross negligence or bad faith. The Company also covenants to indemnify the
Indenture Trustee and any predecessor Indenture Trustee (and their officers, agents, directors and
employees) for, and to hold them harmless against, any damage, loss, liability, penalty, cost,
claim or expense of any kind or nature whatsoever, including attorney’s fees and expenses, and
taxes (other than taxes based upon, measured by or determined by the income of the Indenture
Trustee or such indemnified party)) incurred without gross negligence or bad faith on the part of
the Indenture Trustee and arising out of or in connection with the acceptance or administration of
this trust, including the costs and expenses of defending itself against any claim (whether
asserted by the Company or any Holder or any other person) or liability in connection with the
exercise or performance of any of its powers or duties hereunder.

     (b) The obligations of the Company under this Section 10.7 to compensate and indemnify the
Indenture Trustee and to pay or reimburse the Trustee for expenses, disbursements and advances
shall constitute additional indebtedness hereunder. Such additional indebtedness shall be secured
by a lien prior to that of the Debentures upon all property and funds held or collected by the
Trustee as such, except funds held in trust to pay the principal amount, plus accrued and unpaid
interest on particular Debentures.

     (c) The Company’s payment obligations pursuant to this Section 10.7 shall survive the
discharge of this indenture and the resignation or removal of the Indenture Trustee. When the
Indenture Trustee incurs expenses after the occurrence of a default specified in Section 8.1(a)(iv)

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or (v), the expenses including the reasonable charges and expenses of its counsel, are
intended to constitute expenses of administration under any Bankruptcy Law.

Section 10.8 Reliance on Officers’ Certificate.

     Except as otherwise provided in Section 10.1, whenever in the administration of the provisions
of this Indenture the Indenture Trustee shall deem it necessary or desirable that a matter be
proved or established prior to taking or suffering or omitting to take any action hereunder, such
matter (unless other evidence in respect thereof be herein specifically prescribed) may, in the
absence of gross negligence or bad faith on the part of the Indenture Trustee, be deemed to be
conclusively proved and established by an Officers’ Certificate delivered to the Indenture Trustee
and such certificate, in the absence of gross negligence or bad faith on the part of the Indenture
Trustee, shall be full warrant to the Indenture Trustee for any action taken, suffered or omitted
to be taken by it under the provisions of this Indenture upon the faith thereof.

Section 10.9 Disqualification: Conflicting Interests.

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

Section 10.10 Corporate Indenture Trustee Required; Eligibility.

     There shall at all times be an Indenture Trustee with respect to the Debentures issued
hereunder which shall at all times be a corporation organized and doing business under the laws of
the United States of America or any state or territory thereof or of the District of Columbia, or a
corporation or other Person permitted to act as trustee by the Commission, authorized under such
laws to exercise corporate trust powers, having a combined capital and surplus of at least
$100,000,000, and subject to supervision or examination by federal, state, territorial, or District
of Columbia authority. If such corporation publishes reports of condition at least annually,
pursuant to law or to the requirements of the aforesaid supervising or examining authority, then
for the purposes of this Section 10.10, the combined capital and surplus of such corporation shall
be deemed to be its combined capital and surplus as set forth in its most recent report of
condition so published. The Company may not, nor may any Person directly or indirectly controlling,
controlled by, or under common control with the Company, serve as Indenture Trustee. In case at any
time the Indenture Trustee shall cease to be eligible in accordance with the provisions of this
Section 10.10, the Indenture Trustee shall resign immediately in the manner and with the effect
specified in Section 10.11. Nothing herein contained shall prevent the Indenture Trustee from
filing with the Commission the application referred to in the penultimate paragraph of Trust
Indenture Act Section 31 0(b).

Section 10.11 Resignation and Removal; Appointment of Successor.

     (a) The Indenture Trustee or any successor hereafter appointed, may at any time resign by
giving written notice thereof to the Company and by transmitting notice of resignation by mail,

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first class postage prepaid, to the Debentureholders, as their names and addresses appear upon
the Debenture Register. Upon receiving such notice of resignation, the Company shall promptly
appoint a successor trustee with respect to Debentures by written instrument, in duplicate,
executed by order of the Board of Directors, one copy of which instrument shall be delivered to the
resigning Indenture Trustee and one copy to the successor trustee. If no successor trustee shall
have been so appointed and have accepted appointment within 30 days after the mailing of such
notice of resignation, the resigning Indenture Trustee may petition any court of competent
jurisdiction at the expense of the Company for the appointment of a successor trustee with respect
to Debentures, or the holders of a majority of the outstanding Debentures may, subject to the
provisions of Sections 10.9 and 10.10, on behalf of themselves and all others similarly situated,
petition any such court at the expense of the Company for the appointment of a successor trustee.
Such court may thereupon after such notice, if any, as it may deem proper and prescribe, appoint a
successor trustee.

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

          (i) the Indenture Trustee shall fail to comply with the provisions of Section 10.9 after
written request therefor by the Company or by any Debentureholder who has been a bona fide holder
of a Debenture or Debentures for at least six months; or

          (ii) the Indenture Trustee shall cease to be eligible in accordance with the provisions of
Section 10.10 and shall fail to resign after written request therefor by the Company or by any such
Debentureholder; or

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

then, in any such case, the Company may remove the Indenture Trustee with respect to all Debentures
and appoint a successor trustee by written instrument, in duplicate, executed by order of the Board
of Directors, one copy of which instrument shall be delivered to the Indenture Trustee so removed
and one copy to the successor trustee, or, subject to the provisions of Sections 10.9 and 10.10,
unless the Indenture Trustee’s duty to resign is stayed as provided herein, any Debentureholder who
has been a bona fide holder of a Debenture or Debentures for at least six months may, on behalf of
that holder and all others similarly situated, petition any court of competent jurisdiction for the
removal of the Indenture Trustee and the appointment of a successor trustee. Such court may
thereupon after such notice, if any, as it may deem proper and prescribe, remove the Indenture
Trustee and appoint a successor trustee.

     (c) The holders of a majority in aggregate principal amount of the Debentures at the time
Outstanding may at any time remove the Indenture Trustee by so notifying the Indenture Trustee and
the Company and may appoint a successor Trustee with the consent of the Company.

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     (d) Any resignation or removal of the Indenture Trustee and appointment of a successor trustee
with respect to the Debentures pursuant to any of the provisions of this Section 10.11 shall become
effective upon acceptance of appointment by the successor trustee as provided in Section 10.12.

     (e) Any successor trustee appointed pursuant to this Section 10.11 may be appointed with
respect to the Debentures, and at any time there shall be only one Trustee with respect to the
Debentures.

Section 10.12 Acceptance of Appointment by Successor.

     (a) In case of the appointment hereunder of a successor trustee with respect to the
Debentures, every successor trustee so appointed shall execute, acknowledge and deliver to the
Company and to the retiring Indenture Trustee an instrument accepting such appointment, and
thereupon the resignation or removal of the retiring Indenture Trustee shall become effective and
such successor trustee, without any further act, deed or conveyance, shall become vested with all
the rights, powers, trusts and duties of the retiring Indenture Trustee; but, on the request of the
Company or the successor trustee, such retiring Indenture Trustee shall, upon payment of its
charges, execute and deliver an instrument transferring to such successor trustee all the rights,
powers, and trusts of the retiring Indenture Trustee and shall duly assign, transfer and deliver to
such successor trustee all property and money held by such retiring Indenture Trustee hereunder
subject to the lien provided for in Section 10.7.

     (b) Upon request of any successor trustee, the Company shall execute any and all instruments
for more fully and certainly vesting in and confirming to such successor trustee all such rights,
powers and trusts referred to in paragraph (a) of this Section 10.12.

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

     (d) Upon acceptance of appointment by a successor trustee as provided in this Section 10.12,
the Company shall transmit notice of the succession of such trustee hereunder by mail, first class
postage prepaid, to the Debentureholders, as their names and addresses appear upon the Debenture
Register. If the Company fails to transmit such notice within ten days after acceptance of
appointment by the successor trustee, the successor trustee shall cause such notice to be
transmitted at the expense of the Company.

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Section 10.13 Merger, Conversion, Consolidation or Succession to Business.

     Any corporation into which the Indenture Trustee may be merged or converted or with which it
may be consolidated, or any corporation resulting from any merger, conversion or consolidation to
which the Indenture Trustee shall be a party, or any corporation succeeding to all or substantially
all the corporate trust business or assets of the Indenture Trustee, shall be the successor of the
Indenture Trustee hereunder, provided that such corporation shall be qualified and eligible under
the provisions of Section 10.10, without the execution or filing of any paper or any further act on
the part of any of the parties hereto, anything herein to the contrary notwithstanding. In case any
Debentures shall have been authenticated, but not delivered, by the Indenture Trustee then in
office, any successor by merger, conversion or consolidation to such authenticating Indenture
Trustee may adopt such authentication and deliver the Debentures so authenticated with the same
effect as if such successor Indenture Trustee had itself authenticated such Debentures.

Section 10.14 Preferential Collection of Claims Against the Company.

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

ARTICLE XI — CONCERNING THE DEBENTUREHOLDERS

Section 11.1 Evidence of Action by Holders.

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

     (b) If the Company shall solicit from the Debentureholders any request, demand, authorization,
direction, notice, consent, waiver or other action, the Company may, at its option, as evidenced by
an Officers’ Certificate, fix in advance a record date for the determination of Debentureholders
entitled to give such request, demand, authorization, direction, notice, consent, waiver or other
action, but the Company shall have no obligation to do so. If such a record date is fixed, such
request, demand, authorization, direction, notice, consent, waiver or other action may be given
before or after the record date, but only the Debentureholders of record at the close of business
on the record date shall be deemed to be Debentureholders for the purposes of determining whether
Debentureholders of the requisite proportion of Outstanding Debentures have authorized or agreed or
consented to such request, demand, authorization, direction, notice, consent, waiver or other
action, and for that purpose the Outstanding Debentures shall be computed as of the record date;
provided, however, that no such authorization, agreement or

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consent by such Debentureholders on the record date shall be deemed effective unless it shall
become effective pursuant to the provisions of this Indenture not later than six months after the
record date.

Section 11.2 Proof of Execution by Debentureholders.

     Subject to the provisions of Section 10.3, proof of the execution of any instrument by a
Debentureholder (such proof shall not require notarization) or such Debentureholder’s agent or
proxy and proof of the holding by any Person of any of the Debentures shall be sufficient if made
in the following manner:

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

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

     (c) The Indenture Trustee may require such additional proof of any matter referred to in this
Section 11.2 as it shall deem necessary.

Section 11.3 Who May Be Deemed Owners.

     Prior to the due presentment for registration of transfer of any Debenture, the Company, the
Indenture Trustee, any paying agent, any Authenticating Agent and any Debenture Registrar may deem
and treat the Person in whose name such Debenture shall be registered upon the books of the Company
as the absolute owner of such Debenture (whether or not such Debenture shall be overdue and
notwithstanding any notice of ownership or writing thereon made by anyone other than the Debenture
Registrar) for the purpose of receiving payment of or on account of the principal of and interest
on such Debenture (subject to Section 2.3) and for all other purposes; and neither the Company nor
the Indenture Trustee nor any paying agent nor any Authenticating Agent nor any Debenture Registrar
shall be affected by any notice to the contrary.

Section 11.4 Certain Debentures Owned by Company Disregarded.

     In determining whether the holders of the requisite aggregate principal amount of Debentures
have concurred in any direction, consent or waiver under this Indenture, the Debentures that are
owned by the Company or any other obligor on the Debentures shall be disregarded and deemed not to
be Outstanding for the purpose of any such determination, except (i) that for the purpose of
determining whether the Indenture Trustee shall be protected in relying on any such direction,
consent or waiver, only Debentures that the Indenture Trustee actually knows are so owned shall be
so disregarded; and (ii) for purposes of this Section 11.4, the Trust shall be deemed not to be
controlled by the Company. The Debentures so owned that have been pledged in good faith may be
regarded as Outstanding for the purposes of this Section 11.4, if the pledgee shall establish to
the satisfaction of the Indenture Trustee the pledgee’s right so to act with respect to such
Debentures and that the pledgee is not a Person directly or indirectly controlling or controlled by
or under direct or indirect common control with the Company or any

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such other obligor. In case of a dispute as to such right, any decision by the Indenture
Trustee taken upon the advice of counsel shall be full protection to the Indenture Trustee.

Section 11.5 Actions Binding on Future Debentureholders.

     At any time prior to (but not after) the evidencing to the Indenture Trustee, as provided in
Section 11.1, of the taking of any action by the holders of the majority or percentage in aggregate
principal amount of the Debentures specified in this Indenture in connection with such action, any
holder of a Debenture that is shown by the evidence to be included in the Debentures the holders of
which have consented to such action may, by filing written notice with the Indenture Trustee, and
upon proof of holding as provided in Section 11.2, revoke such action so far as concerns such
Debenture. Except as aforesaid any such action taken by the holder of any Debenture shall be
conclusive and binding upon such holder and upon all future holders and owners of such Debenture,
and of any Debenture issued in exchange therefor, on registration of transfer thereof or in place
thereof, irrespective of whether or not any notation in regard thereto is made upon such Debenture.
Any action taken by the holders of the majority or percentage in aggregate principal amount of the
Debentures specified in this Indenture in connection with such action shall be conclusively binding
upon the Company, the Indenture Trustee and the holders of all the Debentures.

ARTICLE XII — SUPPLEMENTAL INDENTURES

Section 12.1 Supplemental Indentures without the Consent of Debentureholders.

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

     (a) to cure any ambiguity, omission, defect, or inconsistency herein, or in the Debentures
provided that such modification or amendment does not, in the good faith opinion of the Company’s
Board of Directors, adversely affect the interests of the holders of the Debentures or the
interests of the holders of the Preferred Securities in any material respect;

     (b) to comply with Article XIII;

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

     (d) to add to the covenants of the Company for the benefit of the holders of all or any of the
Debentures or to surrender any right or power herein conferred upon the Company;

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

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     (f) to make any change that, in the good faith opinion of the Company’s Board of Directors and
the Indenture Trustee, does not adversely affect the rights of any Debentureholder or holder of any
Preferred Security in any material respect;

     (g) to provide for the issuance of and establish the form and terms and conditions of the
Debentures, to establish the form of any certifications required to be furnished pursuant to the
terms of this Indenture or of the Debentures, or to add to the rights of the holders of the
Debentures;

     (h) to qualify or maintain the qualification of this Indenture under the Trust Indenture Act;
or

     (i) to evidence a consolidation or merger involving the Company as permitted under Section
13.1.

     The Indenture Trustee is hereby authorized to join with the Company in the execution of any
such supplemental indenture, and to make any further appropriate agreements and stipulations that
may be therein contained, but the Indenture Trustee shall not be obligated to enter into any such
supplemental indenture that affects the Indenture Trustee’s own rights, duties or immunities under
this Indenture or otherwise. Any supplemental indenture authorized by the provisions of this
Section 12.1 may be executed by the Company and the Trustee without the consent of the holders of
any of the Debentures at the time Outstanding, notwithstanding any of the provisions of Section
12.2.

Section 12.2 Supplemental Indentures with Consent of Debentureholders.

     With the consent (evidenced as provided in Section 11.1) of the holders of not less than a
majority in aggregate principal amount of the Debentures at the time Outstanding, the Company, when
authorized by Board Resolutions, and the Indenture Trustee may from time to time and at any time
enter into an indenture or indentures supplemental hereto (which shall conform to the provisions of
the Trust Indenture Act as then in effect) for the purpose of adding any provisions to or changing
in any manner or eliminating any of the provisions of this Indenture or of any supplemental
indenture or of modifying in any manner not covered by Section 12.1 the rights of the holders of
the Debentures under this Indenture; provided, however, that no such supplemental indenture shall
without the consent of the holders of each Debenture then Outstanding and affected thereby, (i)
extend the fixed maturity of any Debentures, reduce the principal amount thereof, reduce the rate
or extend the time of payment of interest thereon, or modify the provisions in Article IV with
respect to the conversion of Outstanding Debentures in a manner adverse to the holders thereof, or
without the consent of the holder of each Debenture so affected; or (ii) reduce the aforesaid
percentage of Debentures, the holders of which are required to consent to any such supplemental
indenture; provided further, that if the Debentures are held by the Trust or a trustee of the
Trust, such supplemental indenture shall not be effective until the holders of a majority in
liquidation preference of Trust Securities of the Trust shall have consented to such supplemental
indenture; provided further, that if the consent of the holder of each Outstanding Debenture is
required, such supplemental indenture shall not be effective until

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each holder of the Trust Securities of the Trust shall have consented to such supplemental
indenture. It shall not be necessary for the consent of the Debentureholders affected thereby under
this Section 12.2 to approve the particular form of any proposed supplemental indenture, but it
shall be sufficient if such consent shall approve the substance thereof.

Section 12.3 Effect of Supplemental Indentures.

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

Section 12.4 Debentures Affected by Supplemental Indentures.

     Debentures affected by a supplemental indenture, authenticated and delivered after the
execution of such supplemental indenture pursuant to the provisions of this Article XII, may bear a
notation in form approved by the Company, provided such form meets the requirements of any exchange
or automated quotation system in, on or by which the Debentures may be traded, listed or quoted, as
to any matter provided for in such supplemental indenture. If the Company shall so determine, new
Debentures so modified as to conform, in the opinion of the Board of Directors of the Company, to
any modification of this Indenture contained in any such supplemental indenture may be prepared by
the Company, authenticated by the Indenture Trustee and delivered in exchange for the Debentures
then Outstanding.

Section 12.5 Execution of Supplemental Indentures.

     (a) Upon the request of the Company, accompanied by its Board Resolutions authorizing the
execution of any such supplemental indenture, and upon the filing with the Indenture Trustee of
evidence of the consent of Debentureholders (or holder of Trust Securities) required to consent
thereto as aforesaid, the Indenture Trustee shall join with the Company in the execution of such
supplemental indenture unless such supplemental indenture affects the Indenture Trustee’s own
rights, duties or immunities under this Indenture or otherwise, in which case the Indenture Trustee
may in its discretion but shall not be obligated to enter into such supplemental indenture. The
Indenture Trustee, subject to the provisions of Sections 10.1 and 10.3, may receive an Opinion of
Counsel reasonably satisfactory to the Indenture Trustee, and at the Company’s expense, as
conclusive evidence that any supplemental indenture executed pursuant to this Article XII is
authorized or permitted by, and conforms to, the terms of this Article XII and that it is proper
for the Indenture Trustee under the provisions of this Article XII to join in the execution
thereof.

     (b) Promptly after the execution by the Company and the Indenture Trustee of any supplemental
indenture pursuant to the provisions of this Section 12.5, the Indenture Trustee

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shall transmit by mail, first class postage prepaid, a notice, setting forth in general terms
the substance of such supplemental indenture, to the Debentureholders as their names and addresses
appear upon the Debenture Register. Any failure of the Indenture Trustee to mail such notice, or
any defect therein, shall not, however, in any way impair or affect the validity of any such
supplemental indenture.

ARTICLE XIII — SUCCESSOR CORPORATION

Section 13.1 Company May Consolidate, Etc.

     Nothing contained in this Indenture or in any of the Debentures shall prevent any
consolidation or merger of the Company with or into any other corporation or corporations (whether
or not affiliated with the Company, as the case may be), or successive consolidations or mergers in
which the Company, as the case may be, or its successor or successors shall be a party or parties,
or shall prevent any sale, conveyance, transfer or other disposition of the property of the
Company, as the case may be, or its successor or successors as an entirety, or substantially as an
entirety, to any other corporation (whether or not affiliated with the Company, as the case may be,
or its successor or successors) authorized to acquire and operate the same; provided, however, the
Company hereby covenants and agrees that, (i) upon any such consolidation, merger, sale,
conveyance, transfer or other disposition, the due and punctual payment, in the case of the
Company, of the principal of and interest on all of the Debentures, according to their tenor and
the due and punctual performance and observance of all the covenants and conditions of this
Indenture to be kept or performed by the Company as the case may be, shall be expressly assumed, by
supplemental indenture (which shall conform to the provisions of the Trust Indenture Act, as then
in effect) satisfactory in form to the Indenture Trustee executed and delivered to the Indenture
Trustee by the entity formed by such consolidation, or into which the Company, as the case may be,
shall have been merged, or by the entity which shall have acquired such property, and the ultimate
parent entity of such successor entity expressly assumes the obligations of the Company under the
related Preferred Securities Guarantee, to the extent the Preferred Securities are then
Outstanding; (ii) the successor Person is organized under the laws of the United States or any
state or the District of Columbia, and (iii) immediately after giving effect thereto, no Event of
Default, and no event which, after notice or lapse of time or both, would become an Event of
Default, shall have occurred and be continuing.

Section 13.2 Successor Corporation Substituted.

     (a) In case of any such consolidation, merger, sale, conveyance, transfer or other disposition
and upon the assumption by the successor corporation, by supplemental indenture, executed and
delivered to the Indenture Trustee and satisfactory in form to the Indenture Trustee, of, in the
case of the Company, the due and punctual payment of the principal of and interest on all of the
Debentures Outstanding and the due and punctual performance of all of the covenants and conditions
of this Indenture to be performed by the Company, as the case may be, such successor corporation
shall succeed to and be substituted for the Company, with the same effect as if it had been named
as the Company herein, and thereupon the predecessor corporation shall be relieved of all
obligations and covenants under this Indenture and the Debentures.

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

     (c) Nothing contained in this Indenture or in any of the Debentures shall prevent the Company
from merging into itself or acquiring by purchase or otherwise all or any part of the property of
any other Person (whether or not affiliated with the Company).

Section 13.3 Evidence of Consolidation, Etc. to Indenture Trustee.

     The Indenture Trustee, subject to the provisions of Section 10.1 and 10.3, may receive an
Opinion of Counsel reasonably satisfactory to the Indenture Trustee, and at the Company’s expense,
as conclusive evidence that any such consolidation, merger, sale, conveyance, transfer or other
disposition, and any such assumption, complies with the provisions of this Article XIII.

ARTICLE XIV — SATISFACTION AND DISCHARGE

Section 14.1 Satisfaction and Discharge of Indenture.

     If at any time: (a) the Company shall have delivered to the Indenture Trustee for cancellation
all Debentures theretofore authenticated (other than any Debentures that shall have been destroyed,
lost or stolen and that shall have been replaced or paid as provided in Section 2.9) and all
Debentures for whose payment money or Governmental Obligations have theretofore been deposited in
trust or segregated and held in trust by the Company (and thereupon repaid to the Company or
discharged from such trust, as provided in Section 14.5); or (b) all such Debentures not
theretofore delivered to the Indenture Trustee for cancellation shall have become due and payable,
or are by their terms to become due and payable within one year or are to be called for redemption
within one year under arrangements satisfactory to the Indenture Trustee for the giving of notice
of redemption, and the Company shall deposit or cause to be deposited with the Indenture Trustee as
trust funds the entire amount in moneys or Governmental Obligations sufficient or a combination
thereof, sufficient in the opinion of a nationally recognized firm of independent public
accountants expressed in a written certification thereof delivered to the Indenture Trustee, to pay
at maturity or upon redemption all Debentures not theretofore delivered to the Indenture Trustee
for cancellation, including principal and interest due or to become due to such date of maturity or
date fixed for redemption, as the case may be, and if the Company shall also pay or cause to be
paid all other sums payable hereunder by the Company; then this Indenture shall thereupon cease to
be of further effect except for the provisions of Sections 2.3, 2.7, 2.9, 6.1, 6.2, 5.3, 10.7 and
10.10, that shall survive until the date of maturity or redemption date, as the case may be, and
Sections 10.7 and 14.5, that shall survive to such date and thereafter, and the Indenture Trustee,
on demand of the Company and at the cost and expense of the Company, shall execute proper
instruments acknowledging satisfaction of and discharging this Indenture.

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Section 14.2 Discharge of Obligations.

     If at any time all Debentures not heretofore delivered to the Indenture Trustee for
cancellation or that have not become due and payable as described in Section 14.1 shall have been
paid by the Company by depositing irrevocably with the Indenture Trustee as trust funds moneys or
an amount of Governmental Obligations sufficient in the opinion of a nationally recognized
certified public accounting firm (selected by, and at the expense of, the Company), to pay at
maturity or upon redemption all Debentures not theretofore delivered to the Indenture Trustee for
cancellation, including principal and interest due or to become due to such date of maturity or
date fixed for redemption, as the case may be, and if the Company shall also pay or cause to be
paid all other sums payable hereunder by the Company, then after the date such moneys or
Governmental Obligations, as the case may be, are deposited with the Indenture Trustee, the
obligations of the Company under this Indenture shall cease to be of further effect except for the
provisions of Sections 2.3, 2.7, 2.9, 6.1, 6.2, 6.3, 10.6, 10.7 and 14.5 hereof that shall survive
until such Debentures shall mature and be paid. Thereafter, Sections 10.7 and 14.5 shall survive.

Section 14.3 Deposited Moneys to be Held in Trust.

     All monies or Governmental Obligations deposited with the Indenture Trustee pursuant to
Sections 14.1 or 14.2 shall be held in trust and shall be available for payment as due, either
directly or through any paying agent (including the Company acting as its own paying agent), to the
holders of the Debentures for the payment or redemption of which such moneys or Governmental
Obligations have been deposited with the Indenture Trustee.

Section 14.4 Payment of Monies Held by Paying Agents.

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

Section 14.5 Repayment to Company.

     Any monies or Governmental Obligations deposited with any paying agent or the Trustee, or then
held by the Company in trust, for payment of principal of or interest on the Debentures that are
not applied but remain unclaimed by the holders of such Debentures for at least two years after the
date upon which the principal of or interest on such Debentures shall have respectively become due
and payable, shall be repaid to the Company, as the case may be, on December 31 of each year or (if
then held by the Company) shall be discharged from such trust; and thereupon the paying agent and
the Trustee shall be released from all further liability with respect to such moneys or
Governmental Obligations, and the holder of any of the Debentures entitled to receive such payment
shall thereafter, as an unsecured general creditor, look only to the Company for the payment
thereof.

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ARTICLE XV — IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS

Section 15.1 No Recourse.

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

ARTICLE XVI — MISCELLANEOUS PROVISIONS

Section 16.1 Effect on Successors and Assigns.

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

Section 16.2 Actions by Successor.

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

Section 16.3 Surrender of Company Powers.

     The Company by instrument in writing executed by appropriate authority of its Board of
Directors and delivered to the Indenture Trustee may surrender any of the powers reserved to the

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Company, and thereupon such power so surrendered shall terminate both as to the Company, as
the case may be, and as to any successor corporation.

Section 16.4 Notices.

     Except as otherwise expressly provided herein any notice or demand that by any provision of
this Indenture is required or permitted to be given or served by the Indenture Trustee or by the
holders of Debentures to or on the Company may be given or served by being deposited first class
postage prepaid in a post- office letterbox addressed (until another address is filed in writing by
the Company with the Indenture Trustee), as follows: Bridge Bancorp, Inc. 2200 Montauk Highway,
Bridgehampton, New York 11932, Attention: Chief Executive Officer. Any notice, election, request or
demand by the Company or any Debentureholder to or upon the Indenture Trustee shall be deemed to
have been sufficiently given or made, for all purposes, if given or made in writing at the
Corporate Trust Office of the Indenture Trustee.

Section 16.5 Governing Law.

     THIS INDENTURE AND EACH DEBENTURE SHALL BE DEEMED TO BE A CONTRACT MADE UNDER THE INTERNAL
LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES AND FOR ALL PURPOSES
SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF SAID STATE.

Section 16.6 Treatment of Debentures as Debt.

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

Section 16.7 Compliance Certificates and Opinions.

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

     (b) Each certificate or opinion of the Company provided for in this Indenture and delivered to
the Indenture Trustee with respect to compliance with a condition or covenant in this Indenture
shall include (1) a statement that the Person making such certificate or opinion has read such
covenant or condition; (2) a brief statement as to the nature and scope of the examination or
investigation upon which the statements or opinions contained in such certificate or opinion are
based; (3) a statement that, in the opinion of such Person, he has made such examination or
investigation as, in the opinion of such Person, is necessary to enable him to

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express an informed opinion as to whether or not such covenant or condition has been complied
with; and (4) a statement as to whether or not, in the opinion of such Person, such condition or
covenant has been complied with; provided, however, that each such certificate shall comply with
the provisions of Section 314 of the Trust Indenture Act.

Section 16.8 Payments on Business Days.

     In any case where the date of maturity of interest or principal of any Debenture or the date
of redemption of any Debenture shall not be a Business Day, then payment of interest or principal
may be made on the next succeeding Business Day (and without any interest or other payment in
respect of any such delay) except that, if such Business Day is in the next succeeding calendar
year, such payment shall be made on the immediately preceding Business Day (and without any
reduction of interest or any other payment in respect of any such delay), in each case with the
same force and effect as if made on the date such payment was originally payable date.

Section 16.9 Conflict with Trust Indenture Act.

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

Section 16.10 Counterparts.

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

Section 16.11 Separability.

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

Section 16.12 Assignment.

     The Company shall have the right at all times to assign any of its respective rights or
obligations under this Indenture to a direct or indirect wholly owned Subsidiary of the Company,
provided that, in the event of any such assignment, the Company shall remain liable for all such
obligations. Subject to the foregoing, this Indenture is binding upon and inures to the benefit of
the parties thereto and their respective successors and assigns. Subject to Section 10.13 and
Article XIII, this Indenture may not otherwise be assigned by the parties thereto.

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Section 16.13 Acknowledgment of Rights.

     The Company acknowledges that, with respect to any Debentures held by the Trust or a trustee
of the Trust, if the Property Trustee fails to enforce its rights under this Indenture as the
holder of the Debentures held as the assets of the Trust, any holder of Preferred Securities may
institute legal proceedings directly against the Company to enforce such Property Trustee’s rights
under this Indenture without first instituting any legal proceedings against such Property Trustee
or any other person or entity. Notwithstanding the foregoing, if an Event of Default has occurred
and is continuing and such event is attributable to the failure of the Company to pay interest or
principal on the Debentures on the date such interest or principal is otherwise payable (or in the
case of redemption, on the redemption date), the Company acknowledges that a holder of Preferred
Securities may directly institute a proceeding for enforcement of payment to such holder of the
principal of or interest on the Debentures having a principal amount equal to the aggregate
liquidation amount of the Preferred Securities of such holder on or after the respective due date
specified in the Debentures.

ARTICLE XVII — SUBORDINATION OF DEBENTURES

Section 17.1 Agreement to Subordinate.

     The Company covenants and agrees, and each holder of Debentures issued hereunder by such
holder’s acceptance thereof likewise covenants and agrees, that all Debentures shall be issued
subject to the provisions of this Article XVII; and each holder of a Debenture, whether upon
original issue or upon transfer or assignment thereof, accepts and agrees to be bound by such
provisions. The payment by the Company of the principal of and interest on all Debentures issued
hereunder shall, to the extent and in the manner hereinafter set forth, be subordinated and junior
in right of payment to the prior payment in full of all Senior Debt, Subordinated Debt and
Additional Senior Obligations (collectively, “Senior Indebtedness”) to the extent provided herein,
whether outstanding at the date of this Indenture or thereafter incurred. No provision of this
Article XVII shall prevent the occurrence of any default or Event of Default hereunder.

Section 17.2 Default on Senior Debt, Subordinated Debt or Additional Senior Obligations.

     In the event and during the continuation of any default by the Company in the payment of
principal, premium, interest or any other payment due on any Senior Indebtedness of the Company, or
in the event that the maturity of any Senior Indebtedness of the Company has been accelerated
because of a default, then, in either case, no payment shall be made by the Company with respect to
the principal (including redemption payments) of or interest on the Debentures. In the event that,
notwithstanding the foregoing, any payment shall be received by the Indenture Trustee when such
payment is prohibited by the preceding sentence of this Section 17.2, such payment shall be held in
trust for the benefit of, and shall be paid over or delivered to, the holders of Senior
Indebtedness or their respective representatives, or to the trustee or trustees under any indenture
pursuant to which any of such Senior Indebtedness may have been issued, as their respective
interests may appear, but only to the extent that the holders of the Senior Indebtedness (or their
representative or representatives or a trustee) notify the Indenture Trustee in writing within 90
days of such payment of the amounts then due and owing on the Senior

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Indebtedness and only the amounts specified in such notice to the Indenture Trustee shall be
paid to the holders of Senior Indebtedness.

Section 17.3 Liquidation; Dissolution; Bankruptcy.

     (a) Upon any payment by the Company or distribution of assets of the Company of any kind or
character, whether in cash, property or securities, to creditors upon any dissolution or winding-up
or liquidation or reorganization of the Company, whether voluntary or involuntary or in bankruptcy,
insolvency, receivership or other proceedings, all amounts due upon all Senior Indebtedness of the
Company shall first be paid in full, or payment thereof provided for in money in accordance with
its terms, before any payment is made by the Company on account of the principal or interest on the
Debentures; and upon any such dissolution or winding-up or liquidation or reorganization, any
payment by the Company, or distribution of assets of the Company of any kind or character, whether
in cash, property or securities, which the holders of the Debentures or the Indenture Trustee would
be entitled to receive from the Company (not including amounts payable to the Trustee under Article
X), except for the provisions of this Article XVII, shall be paid by the Company or by any
receiver, trustee in bankruptcy, liquidating trustee, agent or other Person making such payment or
distribution, or by the holders of the Debentures or by the Indenture Trustee under this Indenture
if received by them or it, directly to the holders of Senior Indebtedness of the Company (pro rata
to such holders on the basis of the respective amounts of Senior Indebtedness held by such holders,
as calculated by the Company) or their representative or representatives, or to the trustee or
trustees under any indenture pursuant to which any instruments evidencing such Senior Indebtedness
may have been issued, as their respective interests may appear, to the extent necessary to pay such
Senior Indebtedness in full, in money or money’s worth, after giving effect to any concurrent
payment or distribution to or for the holders of such Senior Indebtedness, before any payment or
distribution is made to the holders of Debentures or to the Indenture Trustee.

     (b) In the event that, notwithstanding the foregoing, any payment or distribution of assets of
the Company of any kind or character, whether in cash, property or securities, prohibited by the
foregoing, shall be received by the Indenture Trustee before all Senior Indebtedness of the Company
is paid in full, or provision is made for such payment in money in accordance with its terms, such
payment or distribution shall be held in trust for the benefit of and shall be paid over or
delivered to the holders of such Senior Indebtedness or their representative or representatives, or
to the trustee or trustees under any indenture pursuant to which any instruments evidencing such
Senior Indebtedness may have been issued, and their respective interests may appear, as calculated
by the Company, for application to the payment of all Senior Indebtedness of the Company, as the
case may be, remaining unpaid to the extent necessary to pay such Senior Indebtedness in full in
money in accordance with its terms, after giving effect to any concurrent payment or distribution
to or for the benefit of the holders of such Senior Indebtedness.

     (c) For purposes of this Article XVII, the words cash, property or securities shall not be
deemed to include shares of stock of the Company as reorganized or readjusted, or securities of the
Company or any other corporation provided for by a plan of reorganization or readjustment, the
payment of which is subordinated at least to the extent provided in this Article XVII with respect
to the Debentures to the payment of all Senior Indebtedness of the Company, as the case

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may be, that may at the time be outstanding, provided that (i) such Senior Indebtedness is
assumed by the new corporation, if any, resulting from any such reorganization or readjustment; and
(ii) the rights of the holders of such Senior Indebtedness are not, without the consent of such
holders, altered by such reorganization or readjustment. The consolidation of the Company with, or
the merger of the Company into, another corporation or the liquidation or dissolution of the
Company following the conveyance or transfer of its property as an entirety, or substantially as an
entirety, to another corporation upon the terms and conditions provided for in Article XIII shall
not be deemed a dissolution, winding-up, liquidation or reorganization for the purposes of this
Section 17.3 if such other corporation shall, as a part of such consolidation, merger, conveyance
or transfer, comply with the conditions stated in Article XIII. Nothing in this Article XVII shall
apply to claims of, or payments to, the Indenture Trustee under or pursuant to Article X.

Section 17.4 Subrogation.

     (a) Subject to the payment in full of all Senior Indebtedness of the Company, the rights of
the holders of the Debentures shall be subrogated to the rights of the holders of such Senior
Indebtedness to receive payments or distributions of cash, property or securities of the Company,
as the case may be, applicable to such Senior Indebtedness until the principal of and interest on
the Debentures shall be paid in full; and, for the purposes of such subrogation, no payments or
distributions to the holders of such Senior Indebtedness of any cash, property or securities to
which the holders of the Debentures or the Indenture Trustee would be entitled except for the
provisions of this Article XVII, and no payment over pursuant to the provisions of this Article
XVII to or for the benefit of the holders of such Senior Indebtedness by holders of the Debentures
or the Indenture Trustee, shall, as between the Company, its creditors other than holders of Senior
Indebtedness of the Company, and the holders of the Debentures, be deemed to be a payment by the
Company to or on account of such Senior Indebtedness. It is understood that the provisions of this
Article XVII are and are intended solely for the purposes of defining the relative rights of the
holders of the Debentures, on the one hand, and the holders of such Senior Indebtedness on the
other hand.

     (b) Nothing contained in this Article XVII or elsewhere in this Indenture or in the Debentures
is intended to or shall impair, as between the Company, its creditors (other than the holders of
Senior Indebtedness of the Company), and the holders of the Debentures, the obligation of the
Company, which is absolute and unconditional, to pay to the holders of the Debentures the principal
of and interest on the Debentures as and when the same shall become due and payable in accordance
with their terms, or is intended to or shall affect the relative rights of the holders of the
Debentures and creditors of the Company, as the case may be, other than the holders of Senior
Indebtedness of the Company, as the case may be, nor shall anything herein or therein prevent the
Indenture Trustee or the holder of any Debenture from exercising all remedies otherwise permitted
by applicable law upon default under this Indenture, subject to the rights, if any, under this
Article XVII of the holders of such Senior Indebtedness in respect of cash, property or securities
of the Company, as the case may be, received upon the exercise of any such remedy.

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     (c) Upon any payment or distribution of assets of the Company referred to in this Article
XVII, the Indenture Trustee, subject to the provisions of Article X, and the holders of the
Debentures shall be entitled to conclusively rely upon any order or decree made by any court of
competent jurisdiction in which such dissolution, winding-up, liquidation or reorganization
proceedings are pending, or a certificate of the receiver, trustee in bankruptcy, liquidation
trustee, agent or other Person making such payment or distribution, delivered to the Indenture
Trustee or to the holders of the Debentures, for the purposes of ascertaining the Persons entitled
to participate in such distribution, the holders of Senior Indebtedness and other indebtedness of
the Company, as the case may be, the amount thereof or payable thereon, the amount or amounts paid
or distributed thereon and all other facts pertinent thereto or to this Article XVII.

Section 17.5 Indenture Trustee to Effectuate Subordination.

     Each holder of Debentures by such holder’s acceptance thereof authorizes and directs the
Indenture Trustee on such holder’s behalf to take such action as may be necessary or appropriate to
effectuate the subordination provided in this Article XVII and appoints the Indenture Trustee such
holder’s attorney-in-fact for any and all such purposes.

Section 17.6 Notice by the Company.

     (a) The Company shall give prompt written notice to a Responsible Officer of the Indenture
Trustee of any fact known to the Company that would prohibit the making of any payment of monies to
or by the Indenture Trustee in respect of the Debentures pursuant to the provisions of this Article
XVII. Notwithstanding the provisions of this Article XVII or any other provision of this Indenture,
the Indenture Trustee shall not be charged with knowledge of the existence of any facts that would
prohibit the making of any payment of monies to or by the Indenture Trustee in respect of the
Debentures pursuant to the provisions of this Article XVII, unless and until a Responsible Officer
of the Indenture Trustee shall have received written notice thereof from the Company or a holder or
holders of Senior Indebtedness or from any trustee therefor; and before the receipt of any such
written notice, the Indenture Trustee, subject to the provisions of Section 10.1, shall be entitled
in all respects to assume that no such facts exist; provided, however, that if the Indenture
Trustee shall not have received the notice provided for in this Section 17.6 at least two Business
Days prior to the date upon which by the terms hereof any money may become payable for any purpose
(including, without limitation, the payment of the principal of or interest on any Debenture),
then, anything herein contained to the contrary notwithstanding, the Indenture Trustee shall have
full power and authority to receive such money and to apply the same to the purposes for which they
were received, and shall not be affected by any notice to the contrary that may be received by it
within two Business Days prior to such date.

     (b) The Indenture Trustee, subject to the provisions of Sections 10.1 and 10.3, shall be
entitled to conclusively rely on the delivery to it of a written notice by a Person representing
himself to be a holder of Senior Indebtedness of the Company (or a trustee on behalf of such
holder) to establish that such notice has been given by a holder of such Senior Indebtedness or a
trustee on behalf of any such holder or holders. In the event that the Indenture Trustee determines
in good faith that further evidence is required with respect to the right of any Person as a holder
of such Senior Indebtedness to participate in any payment or distribution pursuant to

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this Article XVII, the Trustee may request such Person to furnish evidence to the reasonable
satisfaction of the Trustee as to the amount of such Senior Indebtedness held by such Person, the
extent to which such Person is entitled to participate in such payment or distribution and any
other facts pertinent to the rights of such Person under this Article XVII, and, if such evidence
is not furnished, the Indenture Trustee may defer any payment to such Person pending judicial
determination as to the right of such Person to receive such payment.

Section 17.7 Rights of the Indenture Trustee; Holders of Senior Indebtedness.

     (a) The Indenture Trustee in its individual capacity shall be entitled to all the rights set
forth in this Article XVII in respect of any Senior Indebtedness at any time held by it, to the
same extent as any other holder of Senior Indebtedness, and nothing in this Indenture shall deprive
the Indenture Trustee of any of its rights as such holder. The Indenture Trustee’s right to
compensation, reimbursement of expenses and indemnity as set forth in Article X shall not be
subject to the subordination provisions of this Article XVII.

     (b) With respect to the holders of Senior Indebtedness of the Company, the Indenture Trustee
undertakes to perform or to observe only such of its covenants and obligations as are specifically
set forth in this Article XVII, and no implied covenants or obligations with respect to the holders
of such Senior Indebtedness shall be read into this Indenture against the Indenture Trustee. The
Indenture Trustee shall not be deemed to owe any fiduciary duty to the holders of such Senior
Indebtedness and, subject to the provisions of Section 10.1, the Indenture Trustee shall not be
liable to any holder of such Senior Indebtedness if it shall pay over or deliver to holders of
Debentures, the Company or any other Person money or assets to which any holder of such Senior
Indebtedness shall be entitled by virtue of this Article XVII or otherwise.

Section 17.8 Subordination May Not Be Impaired.

     (a) No right of any present or future holder of any Senior Indebtedness of the Company to
enforce subordination as herein provided shall at any time in any way be prejudiced or impaired by
any act or failure to act on the part of the Company or by any act or failure to act, in good
faith, by any such holder, or by any noncompliance by the Company with the terms, provisions and
covenants of this Indenture, regardless of any knowledge thereof that any such holder may have or
otherwise be charged with.

     (b) Without in any way limiting the generality of the foregoing paragraph, the holders of
Senior Indebtedness of the Company may, at any time and from time to time, without the consent of
or notice to the Indenture Trustee or the holders of the Debentures, without incurring
responsibility to the holders of the Debentures and without impairing or releasing the
subordination provided in this Article XVII or the obligations hereunder of the holders of the
Debentures to the holders of such Senior Indebtedness, do any one or more of the following: (i)
change the manner, place or terms of payment or extend the time of payment of, or renew or alter,
such Senior Indebtedness, or otherwise amend or supplement in any manner such Senior Indebtedness
or any instrument evidencing the same or any agreement under which such Senior Indebtedness is
outstanding; (ii) sell, exchange, release or otherwise deal with any property pledged, mortgaged or
otherwise securing such Senior Indebtedness; (iii) release any Person

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liable in any manner for the collection of such Senior Indebtedness; and (iv) exercise or
refrain from exercising any rights against the Company and any other Person.

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

	 	 	 	 	 
	 	BRIDGE BANCORP, INC.

 	 
	 	By:  	/s/ Kevin M. O’Connor
 	 
	 	 	Name:  	Kevin M. O’Connor 	 
	 	 	Title:  	President and Chief Executive Officer 	 
	 
	 	WILMINGTON TRUST COMPANY,

as Indenture Trustee

 	 
	 	By:  	/s/ Joshua C. Jones
 	 
	 	 	Name:  	Joshua C. Jones 	 
	 	 	Title:  	Financial Services Officer 	 
	 

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EXHIBIT A

(FORM OF FACE OF DEBENTURE)

BRIDGE BANCORP, INC.

8.50% CONVERTIBLE SUBORDINATED DEBENTURE

DUE DECEMBER 31, 2039

			
	 	 	 
	NO. D     -1
	 	$                    

     Bridge Bancorp, Inc., a New York corporation (the Company, which term includes any successor
corporation under the Indenture hereinafter referred to), for value received, hereby promises to
pay to, Wilmington Trust Company, as Property Trustee for Bridge Statutory Capital Trust II, or
registered assigns, the principal sum of [                                                            ] Dollars
($                    ) on
December 31, 2039, (the Stated Maturity), and to pay interest on said principal sum from October
23, 2009, or from the most recent interest payment date (each such date, an “Interest Payment
Date”) to which interest has been paid or duly provided for, quarterly (subject to deferral as set
forth herein) in arrears on the last day of March, June, September and December of each year
commencing December 31, 2009, at the rate of 8.50% per annum until the principal hereof shall have
become due and payable, and on any overdue principal and (without duplication and to the extent
that payment of such interest is enforceable under applicable law) on any overdue installment of
interest at the same rate per annum compounded quarterly. The amount of interest payable on any
Interest Payment Date shall be computed on the basis of a 360-day year of twelve 30-day months. The
amount of interest for any partial period shall be computed on the basis of the number of days
elapsed in a 360-day year of twelve 30-day months. In the event that any date on which interest is
payable on this Debenture is not a business day, then payment of interest payable on such date
shall be made on the next succeeding day that is a business day (and without any interest or other
payment in respect of any such delay) except that, if such business day is in the next succeeding
calendar year, payment of such interest will be made on the immediately preceding business day, in
each case, with the same force and effect as if made on such date. The interest installment so
payable, and punctually paid or duly provided for, on any Interest Payment Date shall, as provided
in the Indenture, be paid to the person in whose name this Debenture (or one or more Predecessor
Debentures, as defined in said Indenture) is registered at the close of business on the regular
record date for such interest installment, which shall be the close of business on the business day
next preceding such Interest Payment Date unless otherwise provided in the Indenture. Any such
interest installment not punctually paid or duly provided for shall forthwith cease to be payable
to the registered holders on such regular record date and may be paid to the Person in whose name
this Debenture (or one or more Predecessor Debentures) is registered at the close of business on a
special record date to be fixed by the Indenture Trustee for the payment of such defaulted
interest, with notice thereof to be

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given to the registered holders of the Debentures not less than 10 days prior to such special
record date, or may be paid at any time in any other lawful manner not inconsistent with the
requirements of any securities exchange or quotation system in, on or by which the Debentures may
be listed, traded or quoted, and upon such notice as may be required by such exchange, all as more
fully provided in the Indenture. The principal of and the interest on this Debenture shall be
payable at the office or agency of the Indenture Trustee maintained for that purpose in any coin or
currency of the United States of America that at the time of payment is legal tender for payment of
public and private debts; provided, however, that payment of interest may be made at the option of
the Company by check mailed to the registered holder at such address as shall appear in the
Debenture Register. Notwithstanding the foregoing, so long as the holder of this Debenture is the
Property Trustee, the payment of the principal of and interest on this Debenture shall be made at
such place and to such account as may be designated by the Indenture Trustee.

     The Stated Maturity may be shortened at any time by the Company to any date not earlier than
September 30, 2014, subject to the Company having received prior approval of, or non-objection
from, the Federal Reserve, if then required under applicable capital guidelines, policies or
regulations of the Federal Reserve.

     The indebtedness evidenced by this Debenture is, to the extent provided in the Indenture,
subordinate and junior in right of payment to the prior payment in full of all Senior Indebtedness,
and this Debenture is issued subject to the provisions of the Indenture with respect thereto. Each
holder of this Debenture, by accepting the same, (a) agrees to and shall be bound by such
provisions; (b) authorizes and directs the Indenture Trustee on his or her behalf to take such
action as may be necessary or appropriate to acknowledge or effectuate the subordination so
provided; and (c) appoints the Indenture Trustee his or her attorney- in-fact for any and all such
purposes. Each holder hereof, by his or her acceptance hereof, hereby waives all notice of the
acceptance of the subordination provisions contained herein and in the Indenture by each holder of
Senior Indebtedness, whether now outstanding or hereafter incurred, and waives reliance by each
such holder upon said provisions.

     This Debenture shall not be entitled to any benefit under the Indenture hereinafter referred
to, be valid or become obligatory for any purpose until the Certificate of Authentication hereon
shall have been signed by or on behalf of the Indenture Trustee.

     The provisions of this Debenture are continued on the reverse side hereof and such continued
provisions shall for all purposes have the same effect as though fully set forth at this place.

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

     Dated October      , 2009

	 	 	 	 	 
	 	BRIDGE BANCORP, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	Kevin M. O’ Connor   	 
	 	 	Title:  	President and Chief Executive Officer 	 
	 

	 	 	 	 	 
	Attest:

 	 
	By:  	 	 
	 	Name:  	 	 
	 	Title:  	 	 

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[FORM OF CERTIFICATE OF AUTHENTICATION]

CERTIFICATE OF AUTHENTICATION

     This is one of the Debentures described in the within-mentioned Indenture.

     Dated: October      , 2009

	 	 	 	 	 
	 	 	 
	 	
 	 
	 	as Trustee or Authentication Agent 	 
	 	 	 
	 

	 	 	 	 	 	 	 
	By 	
 

	 	     
	By 	
 

	 
	 	Authorized Signatory
	 	 	 	 

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[FORM OF REVERSE OF DEBENTURE]

8.50% CONVERTIBLE SUBORDINATED DEBENTURE DUE 2039

(CONTINUED)

     This Debenture is one of the subordinated debentures of the Company (herein sometimes referred
to as the “Debentures”), all issued or to be issued under and pursuant to an Indenture dated as of
October ___, 2009, (the “Indenture”) duly executed and delivered between the Company and Wilmington
Trust Company, as Indenture Trustee (the “Indenture Trustee”), to which Indenture reference is
hereby made for a description of the rights, limitations of rights, obligations, duties and
immunities thereunder of the Indenture Trustee, the Company and the holders of the Debentures. The
Debentures are limited in aggregate principal amount as specified in the Indenture. Capitalized
terms not otherwise defined herein shall have the meanings given them in the Indenture. To the
extent there is any conflict between the provisions of this Debenture and the provisions of the
Indenture, the provisions of the Indenture shall control.

     Because of the occurrence and continuation of a Special Event (as defined in the Indenture),
in certain circumstances, this Debenture may become due and payable at the principal amount
together with any interest accrued thereon (the “Redemption Price”). The Redemption Price shall be
paid prior to 12:00 noon, Eastern Standard Time, on the date of such redemption or at such earlier
time as the Company determines. The Company shall have the right as set forth in the Indenture to
redeem this Debenture at the option of the Company, as set forth in the Indenture, in whole or in
part (i) at any time on or after September 30, 2014, at a Redemption Price equal to 100% of the
principal amount so redeemed plus any accrued but unpaid interest hereon to the date of redemption
(“Optional Redemption”); or (ii) at any time in certain circumstances upon the occurrence of a
Special Event, at a Redemption Price equal to 100% of the principal amount hereof plus any accrued
but unpaid interest hereon, to the date of such redemption. Any redemption pursuant to this
paragraph shall be made upon not less than 30 days, nor more than 60 days, notice, at the
Redemption Price. The Redemption Price shall be paid at the time and in the manner provided
therefor in the Indenture. If the Debentures are only partially redeemed by the Company pursuant to
an Early Redemption or an Optional Redemption, the Debentures shall be redeemed pro rata.

     In the event of redemption of this Debenture in part only, a new Debenture or Debentures for
the unredeemed portion hereof shall be issued in the name of the holder hereof upon the
cancellation hereof.

     In case an Event of Default (as defined in the Indenture) shall have occurred and be
continuing, the principal of all of the Debentures may be declared, and upon such declaration shall
become, due and payable, in the manner, with the effect and subject to the conditions provided in
the Indenture.

     The Indenture contains provisions permitting the Company and the Indenture Trustee, with the
consent of the holders of not less than a majority in aggregate principal amount of the Debentures
at the time Outstanding (as defined in the Indenture) to execute supplemental indentures for the
purpose of adding any provisions to or changing in any manner or eliminating

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any of the provisions of the Indenture or of any supplemental indenture or of modifying in any
manner the rights of the holders of the Debentures; provided, however, that no such supplemental
indenture shall (i) extend the fixed maturity of the Debentures except as provided in the
Indenture, or reduce the principal amount thereof, or reduce the rate or extend the time of payment
of interest thereon, without the consent of the holder of each Debenture so affected; or (ii)
reduce the aforesaid percentage of Debentures, the holders of which are required to consent to any
such supplemental indenture, without the consent of the holders of each Debenture then Outstanding
and affected thereby. The Indenture also contains provisions permitting the holders of a majority
in aggregate principal amount of the Debentures at the time Outstanding, on behalf of all of the
holders of the Debentures, to waive any past default in the performance of any of the covenants
contained in the Indenture, or established pursuant to the Indenture, and its consequences, except
a default in the payment of the principal of or interest on any of the Debentures. Any such consent
or waiver by the registered holder of this Debenture (unless revoked as provided in the Indenture)
shall be conclusive and binding upon such holder and upon all future holders and owners of this
Debenture and of any Debenture issued in exchange herefor or in place hereof (whether by
registration of transfer or otherwise), irrespective of whether or not any notation of such consent
or waiver is made upon this Debenture.

     Any Debentureholder has the right, exercisable at any time after issuance, and on or before
the close of business on the Business Day immediately preceding the date of repayment of the
Debentures, whether at maturity or upon redemption (either at the option of the Company or pursuant
to a Special Event), to convert the principal amount thereof (or any portion thereof that is an
integral multiple of $1,000) into fully paid and nonassessable shares of Common Stock of the
Company at an initial conversion ratio of 32.2581 shares of Common Stock for each $1,000 in
aggregate principal amount of Debentures, subject to adjustment under certain circumstances (the
“Conversion Ratio”). The number of shares of Common Stock issuable upon conversion of a principal
amount of Debentures shall be determined by (A) dividing (1) $1,000 into (2) the aggregate
principal amount of the Debentures to be converted, and (B) multiplying the resulting quotient by
the Conversion Ratio. No fractional shares of Common Stock shall be issued upon conversion and, in
lieu thereof, a cash payment shall be made for any fractional interest, based upon Conversion
Price. The outstanding principal amount of any Debenture shall be reduced by the portion of the
principal amount thereof converted into shares of Common Stock.

     To convert a Debenture, a Debentureholder must (i) complete and sign a Conversion Request
substantially in the form attached hereto, (ii) surrender the Debenture to the Conversion Agent,
(iii) furnish appropriate endorsements or transfer documents if required by the Debenture Registrar
or Conversion Agent, and (iv) pay any transfer or similar tax, if required. If a Conversion Request
is delivered on or after the regular record date and prior to the subsequent Interest Payment Date,
the Debentureholder shall be required to pay to the Company the interest payment to be made on the
subsequent Interest Payment Date, and shall be entitled to receive the interest payable on the
subsequent Interest Payment Date, on the portion of Debentures to be converted notwithstanding the
conversion thereof prior to such Interest Payment Date. Notwithstanding the foregoing, if, during
an Extended Interest Payment Period, a notice of redemption is mailed pursuant to Section 3.4 of
the Indenture and a Debenture is converted after such mailing but prior to the relevant redemption
date, all accrued but unpaid interest (including Additional Payments, if any) through the date of
conversion shall be paid to the Debentureholder

A-6

 

of such Debenture on the redemption date. Except as otherwise provided in the immediately
preceding two sentences, in the case of any Debenture which is converted, interest with a Stated
Maturity which is after the date of conversion of such Debenture shall not be payable, and the
Company shall not make or be required to make any other payment, adjustment or allowance with
respect to accrued but unpaid interest (including Additional Payments, if any) on the Debentures
being converted, which shall be deemed to be paid in full. If any Debenture called for redemption
is converted, any money deposited with the Indenture Trustee or with any Paying Agent or so
segregated and held in trust for the redemption of such Debenture shall be paid to the Company upon
Company request or, if then held by the Company, shall be discharged from such trust.

     No reference herein to the Indenture and no provision of this Debenture or of the Indenture
shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay
the principal and interest on this Debenture at the time and place and at the rate and in the money
herein prescribed.

     Provided certain conditions are met, the Company shall have the right at any time during the
term of the Debentures and from time to time to extend the interest payment period of such
Debentures for up to 20 consecutive quarters (each, an “Extended Interest Payment Period”), at the
end of which period the Company shall pay all interest then accrued and unpaid (together with
interest thereon at the rate specified for the Debentures to the extent that payment of such
interest is enforceable under applicable law). Before the termination of any such Extended Interest
Payment Period, so long as no Event of Default shall have occurred and be continuing, the Company
may further extend such Extended Interest Payment Period, provided that such Extended Interest
Payment Period together with all such further extensions thereof shall not exceed 20 consecutive
quarters, extend beyond the Stated Maturity or end on a date other than an Interest Payment Date.
At the termination of any such Extended Interest Payment Period and upon the payment of all accrued
and unpaid interest and any additional amounts then due and subject to the foregoing conditions,
the Company may commence a new Extended Interest Payment Period.

     As provided in the Indenture and subject to certain limitations therein set forth, this
Debenture is transferable by the registered holder hereof on the Debenture Register of the Company,
upon surrender of this Debenture for registration of transfer at the office or agency of the
Indenture Trustee accompanied by a written instrument or instruments of transfer in form
satisfactory to the Company or the Indenture Trustee duly executed by the registered holder hereof
or his attorney duly authorized in writing, and thereupon one or more new Debentures of authorized
denominations and for the same aggregate principal amount shall be issued to the designated
transferee or transferees. No service charge shall be made for any such transfer, but the Company
may require payment of a sum sufficient to cover any tax or other governmental charge payable in
relation thereto.

     Prior to due presentment for registration of transfer of this Debenture, the Company, the
Indenture Trustee, any paying agent and the Debenture Registrar may deem and treat the registered
holder hereof as the absolute owner hereof (whether or not this Debenture shall be overdue and
notwithstanding any notice of ownership or writing hereon made by anyone other

A-7

 

than the Debenture Registrar) for the purpose of receiving payment of or on account of the
principal hereof and interest due hereon and for all other purposes, and neither the Company nor
the Indenture Trustee nor any paying agent nor any Debenture Registrar shall be affected by any
notice to the contrary.

     No recourse shall be had for the payment of the principal of or the interest on this
Debenture, or for any claim based hereon, or otherwise in respect hereof, or based on or in respect
of the Indenture, against any incorporator, stockholder, officer or director, past, present or
future, as such, of the Company or of any predecessor or successor corporation, whether by virtue
of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or
otherwise, all such liability being, by the acceptance hereof and as part of the consideration for
the issuance hereof, expressly waived and released.

     The Debentures are issuable only in registered form without coupons in denominations of $100
and any integral multiple thereof.

A-8

 

FORM OF CONVERSION REQUEST

To: Bridge Bancorp, Inc.

     The undersigned owner of these Debentures hereby irrevocably elects to convert these
Debentures, or the portion below designated, into Common Stock of the Company (the Common Stock) in
accordance with the terms of the Indenture (the “Indenture”), dated as of October ___, 2009,
between Bridge Bancorp, Inc., and Wilmington Trust Company, as Indenture Trustee.

     The undersigned owner of these Debentures hereby directs the Conversion Agent to convert such
Debentures on behalf of the undersigned, into Common Stock (at the Conversion Ratio specified in
the Indenture). The undersigned owner of these Debentures also hereby notifies the Conversion Agent
that the shares issuable and deliverable upon conversion, together with any check in payment for
fractional shares, should be issued in the name of and delivered to the undersigned, unless a
different name has been indicated in the assignment below. (If shares are to be issued in the name
of a person other than the undersigned, the undersigned shall pay all transfer taxes payable with
respect thereto.)

     Date:
____________________

     Principal Amount of Debentures to be converted ($1,000 or integral multiples thereof): $                    

     If a name or names other than the undersigned, please indicate in the spaces below the name or
names in which the shares of Common Stock are to be issued, along with the address or addresses of
such person or persons:

     (Sign exactly as your name appears on the other side of this Debenture)

     (for conversion only)

     Please print or type name and address, including zip code, and social security or other
identifying number:

     Signature Guarantee:* 

 

			
	*	 	Signature must be guaranteed by an eligible guarantor institution that is a bank,
stockbroker, savings and loan association or credit union meeting the requirements of the
Registrar, which requirements include membership or participation in the Securities Transfer Agents
Medallion Program (STAMP) or such other signature guarantee program as may be determined by the
Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities and
Exchange Act of 1934, as amended.

A-9

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