Document:

EX-4.10 Form of Subordinated Indenture

 

Exhibit 4.10

	 	 	 
	 
	 	 
	 

FREESEAS INC.

INDENTURE

Dated as of                     , 20___

[Name of Trustee]

Trustee

	 	 	 
	 
	 	 
	 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page
	ARTICLE I. DEFINITIONS AND INCORPORATION BY REFERENCE
	 	 	1	 
	Section 1.1 Definitions
	 	 	1	 
	Section 1.2 Other Definitions
	 	 	6	 
	Section 1.3 Incorporation by Reference of Trust Indenture Act
	 	 	7	 
	Section 1.4 Rules of Construction
	 	 	7	 
	 
	 	 	 	 
	ARTICLE II. THE SECURITIES
	 	 	8	 
	Section 2.1 Issuable in Series
	 	 	8	 
	Section 2.2 Establishment of Terms of Series of Securities
	 	 	8	 
	Section 2.3 Execution and Authentication
	 	 	10	 
	Section 2.4 Registrar and Paying Agent
	 	 	11	 
	Section 2.5 Paying Agent to Hold Money in Trust
	 	 	11	 
	Section 2.6 Securityholder Lists
	 	 	12	 
	Section 2.7 Transfer and Exchange
	 	 	12	 
	Section 2.8 Mutilated, Destroyed, Lost and Stolen Securities
	 	 	12	 
	Section 2.9 Outstanding Securities
	 	 	13	 
	Section 2.10 Treasury Securities
	 	 	14	 
	Section 2.11 Temporary Securities
	 	 	14	 
	Section 2.12 Cancellation
	 	 	14	 
	Section 2.13 Defaulted Interest
	 	 	14	 
	Section 2.14 Global Securities
	 	 	15	 
	Section 2.15 CUSIP Numbers
	 	 	16	 
	 
	 	 	 	 
	ARTICLE III. REDEMPTION
	 	 	16	 
	Section 3.1 Notice to Trustee
	 	 	16	 
	Section 3.2 Selection of Securities to be Redeemed
	 	 	16	 
	Section 3.3 Notice of Redemption
	 	 	17	 
	Section 3.4 Effect of Notice of Redemption
	 	 	17	 
	Section 3.5 Deposit of Redemption Price
	 	 	17	 
	Section 3.6 Securities Redeemed in Part
	 	 	18	 
	 
	 	 	 	 
	ARTICLE IV. COVENANTS
	 	 	18	 

-i- 

 

TABLE OF CONTENTS
(continued)

	 	 	 	 	 
	 	 	Page
	Section 4.1 Payment of Principal and Interest
	 	 	18	 
	Section 4.2 SEC Reports
	 	 	18	 
	Section 4.3 Compliance Certificate
	 	 	18	 
	Section 4.4 Stay, Extension and Usury Laws
	 	 	18	 
	Section 4.5 Corporate Existence
	 	 	19	 
	Section 4.6 Taxes
	 	 	19	 
	 
	 	 	 	 
	ARTICLE V. SUCCESSORS
	 	 	19	 
	Section 5.1 When Company May Merge, Etc
	 	 	19	 
	Section 5.2 Successor Corporation Substituted
	 	 	20	 
	 
	 	 	 	 
	ARTICLE VI. DEFAULTS AND REMEDIES
	 	 	20	 
	Section 6.1 Events of Default
	 	 	20	 
	Section 6.2 Acceleration of Maturity; Rescission and Annulment
	 	 	21	 
	Section 6.3 Collection of Indebtedness and Suits for Enforcement by Trustee
	 	 	22	 
	Section 6.4 Trustee May File Proofs of Claim
	 	 	22	 
	Section 6.5 Trustee May Enforce Claims Without Possession of Securities
	 	 	23	 
	Section 6.6 Application of Money Collected
	 	 	23	 
	Section 6.7 Limitation on Suits
	 	 	23	 
	Section 6.8 Unconditional Right of Holders to Receive Principal and Interest
	 	 	24	 
	Section 6.9 Restoration of Rights and Remedies
	 	 	24	 
	Section 6.10 Rights and Remedies Cumulative
	 	 	24	 
	Section 6.11 Delay or Omission Not Waiver
	 	 	25	 
	Section 6.12 Control by Holders
	 	 	25	 
	Section 6.13 Waiver of Past Defaults
	 	 	25	 
	Section 6.14 Undertaking for Costs
	 	 	25	 
	 
	 	 	 	 
	ARTICLE VII. TRUSTEE
	 	 	26	 
	Section 7.1 Duties of Trustee
	 	 	26	 
	Section 7.2 Rights of Trustee
	 	 	27	 
	Section 7.3 Individual Rights of Trustee
	 	 	28	 

-ii- 

 

TABLE OF CONTENTS
(continued)

	 	 	 	 	 
	 	 	Page
	Section 7.4 Trustee’s Disclaimer
	 	 	28	 
	Section 7.5 Notice of Defaults
	 	 	28	 
	Section 7.6 Reports by Trustee to Holders
	 	 	29	 
	Section 7.7 Compensation and Indemnity
	 	 	29	 
	Section 7.8 Replacement of Trustee
	 	 	29	 
	Section 7.9 Successor Trustee by Merger, etc.
	 	 	31	 
	Section 7.10 Eligibility; Disqualification
	 	 	31	 
	Section 7.11 Preferential Collection of Claims Against Company
	 	 	31	 
	 
	 	 	 	 
	ARTICLE VIII. SATISFACTION AND DISCHARGE; DEFEASANCE
	 	 	31	 
	Section 8.1 Satisfaction and Discharge of Indenture
	 	 	31	 
	Section 8.2 Application of Trust Funds; Indemnification
	 	 	32	 
	Section 8.3 Legal Defeasance of Securities of any Series
	 	 	33	 
	Section 8.4 Covenant Defeasance
	 	 	34	 
	Section 8.5 Repayment to Company
	 	 	35	 
	 
	 	 	 	 
	ARTICLE IX. AMENDMENTS AND WAIVERS
	 	 	36	 
	Section 9.1 Without Consent of Holders
	 	 	36	 
	Section 9.2 With Consent of Holders
	 	 	36	 
	Section 9.3 Limitations
	 	 	37	 
	Section 9.4 Compliance with Trust Indenture Act
	 	 	37	 
	Section 9.5 Revocation and Effect of Consents
	 	 	38	 
	Section 9.6 Notation on or Exchange of Securities
	 	 	38	 
	Section 9.7 Trustee Protected
	 	 	38	 
	 
	 	 	 	 
	ARTICLE X. SUBORDINATION OF SECURITIES
	 	 	38	 
	Section 10.1 Agreement to Subordinate
	 	 	38	 
	Section 10.2 Distribution on Dissolution, Liquidation and Reorganization;
Subrogation of Securities 
	 	 	39	 
	Section 10.3 No Payment on Securities in Certain Circumstances 
	 	 	40	 
	Section 10.4 Payments on Securities Permitted 
	 	 	42	 
	Section 10.5 Authorization of Holders to Trustee to Effect Subordination 
	 	 	42	 
	Section 10.6 Notices to Trustee 
	 	 	42	 

-iii- 

 

TABLE OF CONTENTS
(continued)

	 	 	 	 	 
	 	 	Page
	Section 10.7 Trustee as Holder of Senior Indebtedness 
	 	 	43	 
	Section 10.8 Modifications of Terms of Senior Indebtedness 
	 	 	43	 
	Section 10.9 Reliance on Judicial Order or Certificate of Liquidating Agent
	 	 	43	 
	Section 10.10 Acceleration of Securities 
	 	 	43	 
	Section 10.11 Subordination May Not be Impaired by the Company 
	 	 	44	 
	Section 10.12 Notice by the Company 
	 	 	44	 
	 
	 	 	 	 
	ARTICLE XI. MISCELLANEOUS
	 	 	44	 
	Section 11.1 Trust Indenture Act Controls
	 	 	44	 
	Section 11.2 Notices
	 	 	44	 
	Section 11.3 Communication by Holders with Other Holders
	 	 	45	 
	Section 11.4 Certificate and opinion as to Conditions Precedent
	 	 	45	 
	Section 11.5 Statements Required in Certificate or opinion
	 	 	45	 
	Section 11.6 Rules by Trustee and Agents
	 	 	46	 
	Section 11.7 Legal Holidays
	 	 	46	 
	Section 11.9 Counterparts
	 	 	46	 
	Section 11.10 Governing Laws
	 	 	46	 
	Section 11.11 No Adverse Interpretation of Other Agreements
	 	 	46	 
	Section 11.12 Successors
	 	 	46	 
	Section 11.13 Severability
	 	 	46	 
	Section 11.14 Table of Contents, Headings, Etc.
	 	 	47	 
	Section 11.15 Securities in a Foreign Currency or in ECU
	 	 	47	 
	Section 11.16 Judgment Currency
	 	 	47	 
	 
	 	 	 	 
	ARTICLE XII. SINKING FUNDS
	 	 	48	 
	Section 12.1 Applicability of Article
	 	 	48	 
	Section 12.2 Satisfaction of Sinking Fund Payments with Securities
	 	 	48	 
	Section 12.3 Redemption of Securities for Sinking Fund
	 	 	49	 

-iv- 

 

     Reconciliation and tie between Trust Indenture Act of 1939 and Indenture, dated as of
                    , 20___.

	 	 	 
	Section 310(a)(1)

	 	 7.10
	(a)(2)

	 	 7.10
	(a)(3)

	 	Not Applicable
	(a)(4)

	 	Not Applicable
	(a)(5)

	 	 7.10
	(b)

	 	 7.10
	Section 311(a)

	 	 7.11
	(b)

	 	 7.11
	(c)

	 	Not Applicable
	Section 312(a)

	 	 2.6
	(b)

	 	 10.3
	(c)

	 	 10.3
	Section 313(a)

	 	 7.6
	(b)(1)

	 	 7.6
	(b)(2)

	 	 7.6
	(c)(1)

	 	 7.6
	(d)

	 	 7.6
	Section 314(a)

	 	 4.2, 10.5
	(b)

	 	Not Applicable
	(c)(1)

	 	 10.4
	(c)(2)

	 	 10.4
	(c)(3)

	 	Not Applicable
	(d)

	 	Not Applicable
	(e)

	 	 10.5
	(f)

	 	Not Applicable
	Section 315(a)

	 	 7.1
	(b)

	 	 7.5
	(c)

	 	 7.1
	(d)

	 	 7.1
	(e)

	 	 6.14
	Section 316(a)

	 	 2.10
	(a)(1)(A)

	 	 6.12
	(a)(1)(B)

	 	 6.12
	(b)

	 	 6.13
	Section 317(a)(1)

	 	 6..8
	(a)(2)

	 	 6.4
	(b)

	 	 2.5
	Section 318(a)

	 	 10.&1

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

v 

 

     Indenture dated as of                     , 20___ between FreeSeas Inc., a company organized under the laws
of the Marshall Islands (the “Company”) and

     [Name of Trustee], a                      (the “Trustee”).

     Each party agrees as follows for the benefit of the other party and for the equal and ratable
benefit of the Holders of the subordinated Securities issued under this Indenture.

ARTICLE I.

DEFINITIONS AND INCORPORATION BY REFERENCE

     Section 1.1 Definitions.

     “Additional Amounts” means any additional amounts which are required hereby or by any
Security, under circumstances specified herein or therein, to be paid by the Company in respect of
certain taxes imposed on Holders specified therein and which are owing to such Holders.

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

     “Agent” means any Registrar, Paying Agent or Service Agent.

     “Authorized Newspaper” means a newspaper in an official language of the country of publication
customarily published at least once a day for at least five days in each calendar week and of
general circulation in the place in connection with which the term is used. If it shall be
impractical in the opinion of the Trustee to make any publication of any notice required hereby in
an Authorized Newspaper, any publication or other notice in lieu thereof that is made or given by
the Trustee shall constitute a sufficient publication of such notice.

     “Bearer” means anyone in possession from time to time of a Bearer Security.

     “Bearer Security” means any Security, including any interest coupon appertaining thereto, that
does not provide for the identification of the Holder thereof.

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

     “Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant
Secretary of the Company to have been adopted by the Board of Directors or pursuant

1

 

to authorization by the Board of Directors and to be in full force and effect on the date of the
certificate and delivered to the Trustee.

     “Business Day” means a day (other than Saturday or Sunday) on which the Depository and banks
in the City of New York, and banks in the city in which the Corporate Trust Office of the Trustee
is located, is open for business.

     “Certificated Securities” means Securities in the form of physical, certificated Securities in
registered form.

     “Company” means the party named as such above until a successor replaces it and thereafter
means the successor.

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

     “Company Request” means a written request signed in the name of the Company by its Chairman of
the Board, a President or a Vice President, and by its Chief Financial Officer, its Secretary or an
Assistant Secretary, and delivered to the Trustee.

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

     “Debt” of any person as of any date means, without duplication, all indebtedness of such
person in respect of borrowed money, including all interest, fees and expenses owed in respect
thereto (whether or not the recourse of the lender is to the whole of the assets of such person or
only to a portion thereof), or evidenced by bonds, notes, debentures or similar instruments.

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

     “Depository” 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 Depository for
such Series by the Company, which Depository shall be a clearing agency registered under the
Exchange Act; and if at any time there is more than one such person, “Depository” as used with
respect to the Securities of any Series shall mean the Depository with respect to the Securities of
such Series.

     “Discount Security” means any Security that provides for an amount less than the stated
principal amount thereof to be due and payable upon declaration of acceleration of the maturity
thereof pursuant to Section 6.2.

     “Dollars” means the currency of the United States of America.

     “ECU” means the European Currency Unit as determined by the Commission of the European Union.

2

 

     “Event of Default” see Section 6.1.

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

     “Foreign Currency” means any currency or currency unit issued by a government other than the
government of the United States of America.

     “Foreign Government Obligations” means with respect to Securities of any Series that are
denominated in a Foreign Currency, (i) direct obligations of the government that issued or caused
to be issued such currency for the payment of which obligations its full faith and credit is
pledged or (ii) obligations of a person controlled or supervised by or acting as an agency or
instrumentality of such government the timely payment of which is unconditionally guaranteed as a
full faith and credit obligation by such government, which, in either case under clauses (i) or
(ii), are not callable or redeemable at the option of the issuer thereof.

     “Global Security” or “Global Securities” means a Security or Securities, as the case may be,
in the form established pursuant to Section 2.2 evidencing all or part of a Series of Securities,
issued to the Depository for such Series or its nominee, and registered in the name of such
Depository or nominee.

     “Holder” or “Securityholder” means a person in whose name a Security is registered or the
holder of a Bearer Security.

     “Indenture” means this Indenture as amended from time to time and shall include the form and
terms of particular Series of Securities established as contemplated hereunder.

     “Interest” with respect to any Discount Security which by its terms bears interest only after
Maturity, means interest payable after Maturity.

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

     “Officer” means the Chairman of the Board, the President, any Vice-President, the Treasurer,
the Secretary, any Assistant Treasurer or any Assistant Secretary of the Company.

     “Officers’ Certificate” means a certificate signed by two Officers, one of whom must be the
Company’s principal executive officer, principal financial officer or principal accounting officer.

     “Opinion of Counsel” means a written opinion of legal counsel who is reasonably acceptable to
the Trustee. Such legal counsel may be an employee of or counsel to the Company.

     “Participants” means those Persons designated as participants by the Depositary.

3

 

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

     “Principal” of a Security means the principal of the Security plus, when appropriate, the
premium, if any, on, and any Additional Amounts in respect of, the Security.

     “Representative ” means the indenture trustee or other trustee, agent, or representative in
respect of any Senior Indebtedness; provided that if, and for so long as, any such indebtedness
lacks such representative, then the Representative for such Senior Indebtedness shall at all times
constitute the holders of a majority in outstanding principal amount of such indebtedness in
respect of any Senior Indebtedness.

     “Responsible Officer” means any officer of the Trustee in its Corporate Trust office and also
means, with respect to a particular corporate trust matter, any other officer to whom any corporate
trust matter is referred because of his or her knowledge of and familiarity with a particular
subject.

     “SEC” means the Securities and Exchange Commission.

     “Security” or “Securities” means the debentures, notes or other debt instruments of the
Company of any Series authenticated and delivered under this Indenture.

     “Series” or “Series of Securities” means each series of debentures, notes or other debt
instruments of the Company created pursuant to Sections 2.1 and 2.2 hereof.

     “Senior Indebtedness ” means the principal of (and premium, if any) and unpaid interest on (a)
indebtedness of the Company or any Subsidiary Guarantor (including indebtedness of others
guaranteed by the Company), whether outstanding on the date hereof or thereafter created, incurred,
assumed or guaranteed, for money borrowed, unless in the instrument creating or evidencing the same
or pursuant to which the same is outstanding it is provided that such indebtedness is not senior or
prior in right of payment to the Securities, and (b) renewals, extensions, modifications and
refundings of any such indebtedness. Notwithstanding the foregoing, “Senior Indebtedness” shall not
include (1) indebtedness evidenced by the Securities outstanding on the date hereof or thereafter
created; (2) indebtedness of the Company or any Subsidiary Guarantor that is expressly subordinated
in right of payment to any Senior Indebtedness of the Company or the Securities; (3) indebtedness
of the Company or any Subsidiary Guarantor that by operation of law is subordinate to any general
unsecured obligations of the Company; (4) indebtedness of the Company or any Subsidiary Guarantor
to the extent incurred in violation of any covenant of this Indenture; (5) any liability for
federal, state or local taxes or other taxes, owed or owing by the Company or any Subsidiary
Guarantor; (6) indebtedness for goods, materials or services purchased in the ordinary course of
business or indebtedness consisting of trade account payables or other current liabilities (other
than the current portion of long-term indebtedness which would constitute Senior Indebtedness but
for the operation of this clause (6)); (7) amounts owed by the Company or any Subsidiary Guarantor
for compensation to employees or for services rendered to the Company or any Subsidiary Guarantor,
(8) indebtedness of the Company or any Subsidiary Guarantor to any Subsidiary or

4

 

any other Affiliate of the Company or any such Affiliate’s Subsidiaries or any Subsidiary
Guarantor, or in the case of indebtedness of any Subsidiary Guarantor, to the Company; (9) any
repurchase, redemption or other Obligation in respect of Disqualified Stock or any rights with
respect thereto; (10) amounts owing under leases and (11) indebtedness which when incurred and
without any respect to any election under Section 111(b) of Title 11 of the United States Code is
without recourse to the Company or any Subsidiary Guarantor.

     “Significant Subsidiary” means (i) any direct or indirect Subsidiary of the Company that would
be a “significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated
pursuant to the Securities Act of 1933, as amended, as such regulation is in effect on the date
hereof, or (ii) any group of direct or indirect Subsidiaries of the Company that, taken together as
a group, would be a “significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X,
promulgated pursuant to the Securities Act of 1933, as amended, as such regulation is in effect on
the date hereof.

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

     “Subsidiary” of any specified person means any corporation of which at least a majority of the
outstanding stock having by the terms thereof ordinary voting power for the election of directors
of such corporation (irrespective of whether or not at the time stock of any other class or classes
of such corporation shall have or might have voting power by reason of the happening of any
contingency) is at the time directly or indirectly owned by such person, or by one or more other
Subsidiaries, or by such person and one or more other Subsidiaries.

     “TIA” means the Trust Indenture Act of 1939 (15 U.S. Code Sections 77aaa-77bbbb) as in effect
on the date of this Indenture; provided, however, that in the event the Trust Indenture Act of 1939
is amended after such date, “TIA” means, to the extent required by any such amendment, the Trust
Indenture Act as so amended.

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

     “U.S. Government Obligations” means securities which 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, and which in the case of (i) and (ii) are not callable
or redeemable at the option of the issuer thereof, and shall also include a depository receipt
issued by a bank or trust company as custodian with respect to any such U.S. Government Obligation
or a specific payment of interest on or principal of any such U.S. Government Obligation held by
such custodian for the account of the holder of a depository receipt, provided

5

 

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 evidenced by such depository receipt.

     “Vessels” means the shipping vessels owned by and registered (or to be owned by and
registered) in the name of the Company or any of its Subsidiaries or operated by the Company or any
of its Subsidiaries pursuant to a lease or other operating agreement constituting a capital lease
obligation, in each case together with all related equipment and any additions or improvements.

     “Wholly Owned Restricted Subsidiary” means a Restricted Subsidiary all of the Equity Interests
of which (other than Equity Interests constituting directors’ qualifying shares or shares required
to be held by foreign nations, in each case to the extent mandated by applicable law) is owned by
the Company or one or more Wholly Owned Restricted Subsidiaries or by the Company and one or more
Wholly Owned Restricted Subsidiaries.

     Section 1.2 Other Definitions.

	 	 	 	 	 
	DEFINED IN TERM	 	SECTION
	“Bankruptcy Law”
	 	 	6.1	 
	“Custodian”
	 	 	6.1	 
	“Event of Default”
	 	 	6.1	 
	“Journal”
	 	 	10.15	 
	“Judgment Currency”
	 	 	10.16	 
	“Legal Holiday”
	 	 	10.7	 
	“mandatory sinking fund payment”
	 	 	11.1	 
	“Market Exchange Rate”
	 	 	10.15	 

6

 

	 	 	 	 	 
	DEFINED IN TERM	 	SECTION
	“New York Banking Day”
	 	 	10.16	 
	“optional sinking fund payment”
	 	 	11.1	 
	“Paying Agent”
	 	 	2.4	 
	“Registrar”
	 	 	2.4	 
	“Required Currency”
	 	 	10.16	 
	“Service Agent”
	 	 	2.4	 
	“successor person”
	 	 	5.1	 

     Section 1.3 Incorporation by Reference of Trust Indenture Act.

     Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by
reference in and made a part of this Indenture. The following TIA terms used in this Indenture have
the following meanings:

     “Commission” means the SEC.

     “indenture securities” means the Securities.

     “indenture security holder” means a Securityholder.

     “indenture to be qualified” means this Indenture.

     “indenture trustee” or “institutional trustee” means the Trustee.

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

     All other terms used in this Indenture that are defined by the TIA, defined by TIA reference
to another statute or defined by SEC rule under the TIA and not otherwise defined herein are used
herein as so defined.

     Section 1.4 Rules of Construction.

     Unless the context otherwise requires:

	 	(a)	 	a term has the meaning assigned to it;
	 
	 	(b)	 	an accounting term not otherwise defined has the meaning assigned to it in
accordance with generally accepted accounting principles;
	 
	 	(c)	 	references to “generally accepted accounting principles” shall mean generally
accepted accounting principles in effect as of the time when and for the period as to
which such accounting principles are to be applied;
	 
	 	(d)	 	“or” is not exclusive;

7

 

	 	(e)	 	words in the singular include the plural, and in the plural include the
singular; and
	 
	 	(f)	 	provisions apply to successive events and transactions.

ARTICLE II.

THE SECURITIES

     Section 2.1 Issuable in Series.

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

     Section 2.2 Establishment of Terms of Series of Securities.

     At or prior to the issuance of any Securities within a Series, the following shall be
established (as to the Series generally, in the case of Subsection 2.2.1 and either as to such
Securities within the Series or as to the Series generally in the case of Subsections 2.2.2 through
2.2.20) by a Board Resolution, a supplemental indenture or an Officers’ Certificate pursuant to
authority granted under a Board Resolution:

          2.2.1 the title, designation, aggregate principal amount and authorized denominations of the
Securities of the Series;

          2.2.2 the price or prices, (expressed as a percentage of the aggregate principal amount
thereof) at which the Securities of the Series will be issued;

          2.2.3 the date or dates on which the principal of the Securities of the Series is payable;

          2.2.4 the rate or rates (which may be fixed or variable) per annum or, if applicable, the
method used to determine such rate or rates (including, but not limited to, any commodity,
commodity index, stock exchange index or financial index) at which the Securities of the Series
shall bear interest, if any, the date or dates from which such interest, if any, shall commence and
be payable and any regular record date for the interest payable on any interest payment date;

          2.2.5 any optional or mandatory sinking fund provisions or conversion or exchangeability
provisions upon which Securities of the Series shall be redeemed or purchased;

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          2.2.6 the date, if any, after which and the price or prices at which the Securities of the
Series may be optionally redeemed or must be mandatorily redeemed and any other terms and
provisions of optional or mandatory provisions;

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

          2.2.8 if other than the full principal amount, the portion of the principal amount of the
Securities of the Series that shall be payable upon declaration of acceleration pursuant to Section
6.2 or provable in bankruptcy;

          2.2.9 any addition to or change in the Events of Default which applies to any Securities of
the Series and any change in the right of the Trustee or the requisite Holders of such Securities
to declare the principal amount thereof due and payable pursuant to Section 6.2;

          2.2.10 the currency or currencies, including composite currencies, in which payments of
principal of, premium or interest, if any, on the Securities of the Series will be payable, if
other than the currency of the United States of America;

          2.2.11 if payments of principal of, premium or interest, if any, on the Securities of the
Series will be payable, at the Company’s election or at the election of any Holder, in a currency
other than that in which the Securities of the Series are stated to be payable, the period or
periods within which, and the terms and conditions upon which, the election may be made;

          2.2.12 if payments of interest, if any, on the Securities of the Series will be payable, at
the Company’s election or at the election of any Holder, in cash or additional securities, and the
terms and conditions upon which the election may be made;

          2.2.13 if denominated in a currency or currencies other than the currency of the United States
of America, the equivalent price of the Securities of the Series in the currency of the United
States of America for purposes of determining the voting rights of Holders of the Securities of the
Series;

          2.2.14 if the amount of payments of principal, premium or interest may be determined with
reference to an index, formula or other method based on a coin or currency other than that in which
the Securities of the Series are stated to be payable, the manner in which the amounts will be
determined;

          2.2.15 any restrictive covenants or other material terms relating to the Securities of the
Series, which may not be inconsistent with the Indenture;

          2.2.16 whether the Securities of the Series will be issued in the form of global securities or
certificates in registered or bearer form;

          2.2.17 any terms with respect to subordination;

          2.2.18 any listing on any securities exchange or quotation system;

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          2.2.19 additional provisions, if any, related to defeasance and discharge of the offered debt
securities; and

          2.2.20 the applicability of any guarantees.

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

     Section 2.3 Execution and Authentication.

     Two Officers shall sign the Securities for the Company by manual or facsimile signature.

     If an Officer whose signature is on a Security no longer holds that office at the time the
Security is authenticated, the Security shall nevertheless be valid.

     A Security shall not be valid until authenticated by the manual signature of the Trustee or an
authenticating agent. The signature shall be conclusive evidence that the Security has been
authenticated under this Indenture.

     The Trustee shall at any time, and from time to time, authenticate Securities for original
issue in the principal amount provided in the Board Resolution, supplemental indenture hereto or
Officers’ Certificate, upon receipt by the Trustee of a Company Order. Such Company Order may
authorize authentication and delivery pursuant to oral or electronic instructions from the Company
or its duly authorized agent or agents, which oral instructions shall be promptly confirmed in
writing. Each Security shall be dated the date of its authentication unless otherwise provided by a
Board Resolution, a supplemental indenture hereto or an Officers’ Certificate.

     The aggregate principal amount of Securities of any Series outstanding at any time may not
exceed any limit upon the maximum principal amount for such Series set forth in the Board
Resolution, supplemental indenture hereto or Officers’ Certificate delivered pursuant to Section
2.2, except as provided in Section 2.8.

     Prior to the issuance of Securities of any Series, the Trustee shall have received and
(subject to Section 7.2) shall be fully protected in relying on: (a) the Board Resolution,
supplemental indenture hereto or Officers, Certificate establishing the form of the Securities of
that Series or of Securities within that Series and the terms of the Securities of that Series or
of Securities within that Series, (b) an Officers’ Certificate complying with Section 11.4, and (c)
an Opinion of Counsel complying with Section 11.4.

     The Trustee shall have the right to decline to authenticate and deliver any Securities of such
Series: (a) if the Trustee, being advised by counsel, determines that such action may not lawfully
be taken; or (b) if the Trustee in good faith by its board of directors or trustees, executive
committee or a trust committee of directors and/or vice-presidents shall determine that

10

 

such action would expose the Trustee to personal liability to Holders of any then outstanding
Series of Securities.

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

     Section 2.4 Registrar and Paying Agent.

     The Company shall maintain, with respect to each Series of Securities, at the place or places
specified with respect to such Series pursuant to Section 2.2, an office or agency where Securities
of such Series may be presented or surrendered for payment (“Paying Agent”), where Securities of
such Series may be surrendered for registration of transfer or exchange (“Registrar”) and where
notices and demands to or upon the Company in respect of the Securities of such Series and this
Indenture may be served (“Service Agent”). The Registrar shall keep a register with respect to each
Series of Securities and to their transfer and exchange. The Company will give prompt written
notice to the Trustee of the name and address, and any change in the name or address, of each
Registrar, Paying Agent or Service Agent. If at any time the Company shall fail to maintain any
such required Registrar, Paying Agent or Service Agent or shall fail to furnish the Trustee with
the name and address thereof, such presentations, surrenders, notices and demands may be made or
served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as
its agent to receive all such presentations, surrenders, notices and demands.

     The Company may also from time to time designate one or more co-registrars, additional paying
agents or additional service agents and may from time to time rescind such designations; provided,
however, that no such designation or rescission shall in any manner relieve the Company of its
obligations to maintain a Registrar, Paying Agent and Service Agent in each place so specified
pursuant to Section 2.2 for Securities of any Series for such purposes. The Company will give
prompt written notice to the Trustee of any such designation or rescission and of any change in the
name or address of any such co-registrar, additional paying agent or additional service agent. The
term “Registrar” includes any co-registrar; the term “Paying Agent” includes any additional paying
agent; and the term “Service Agent” includes any additional service agent.

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

     Section 2.5 Paying Agent to Hold Money in Trust.

     The Company shall require each Paying Agent other than the Trustee to agree in writing that
the Paying Agent will hold in trust, for the benefit of Securityholders of any Series of
Securities, or the Trustee, all money held by the Paying Agent for the payment of principal of or
interest on the Series of Securities, and will notify the Trustee of any default by the Company in

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making any such payment. While any such default continues, the Trustee may require a Paying Agent
to pay all money held by it to the Trustee. The Company at any time may require a Paying Agent to
pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if
other than the Company or a Subsidiary) shall have no further liability for the money. If the
Company or a Subsidiary acts as Paying Agent, it shall segregate and hold in a separate trust fund
for the benefit of Securityholders of any Series of Securities all money held by it as Paying
Agent.

     Section 2.6 Securityholder Lists.

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

     Section 2.7 Transfer and Exchange.

     Where Securities of a Series are presented to the Registrar or a co-registrar with a request
to register a transfer or to exchange them for an equal principal amount of Securities of the same
Series, the Registrar shall register the transfer or make the exchange if its requirements for such
transactions are met. To permit registrations of transfers and exchanges, the Trustee shall
authenticate Securities at the Registrar’s request. No service charge shall be made for any
registration of transfer or exchange (except as otherwise expressly permitted herein), but the
Company may require payment of a sum sufficient to cover any transfer tax or similar governmental
charge payable in connection therewith (other than any such transfer tax or similar governmental
charge payable upon exchanges pursuant to Sections 2.11, 3.6 or 9.6).

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

     Section 2.8 Mutilated, Destroyed, Lost and Stolen Securities.

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

     If there shall be delivered to the Company and the Trustee (i) evidence to their satisfaction
of the destruction, loss or theft of any Security and (ii) such security or indemnity as

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may be required by them to save each of them and any agent of either of them harmless, then, in the
absence of notice to the Company or the Trustee that such Security has been acquired by a bona fide
purchaser, the Company shall execute and upon its request the Trustee shall authenticate and make
available for delivery, in lieu of any such destroyed, lost or stolen Security, a new Security of
the same Series and of like tenor and principal amount and bearing a number not contemporaneously
outstanding.

     In case any such mutilated, destroyed, lost or stolen Security has become or is about to
become due and payable, the Company in its discretion may, instead of issuing a new Security, pay
such Security.

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

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

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

     Section 2.9 Outstanding Securities.

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

     If a Security is replaced pursuant to Section 2.8, it ceases to be outstanding until the
Trustee receives proof satisfactory to it that the replaced Security is held by a bona fide
purchaser.

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

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

     In determining whether the Holders of the requisite principal amount of outstanding Securities
have given any request, demand, authorization, direction, notice, consent or waiver

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hereunder, the principal amount of a Discount Security that shall be deemed to be outstanding for
such purposes shall be the amount of the principal thereof that would be due and payable as of the
date of such determination upon a declaration of acceleration of the Maturity thereof pursuant to
Section 6.2.

     Section 2.10 Treasury Securities.

     In determining whether the Holders of the required principal amount of Securities of a Series
have concurred in any request, demand, authorization, direction, notice, consent or waiver
Securities of a Series owned by the Company or an Affiliate shall be disregarded, except that for
the purposes of determining whether the Trustee shall be protected in relying on any such request,
demand, authorization, direction, notice, consent or waiver only Securities of a Series that the
Trustee knows are so owned shall be so disregarded.

     Section 2.11 Temporary Securities.

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

     Section 2.12 Cancellation.

     The Company at any time may deliver Securities to the Trustee for cancellation. The Registrar
and the Paying Agent shall forward to the Trustee any Securities surrendered to them for
registration of transfer, exchange or payment. The Trustee shall cancel all Securities surrendered
for transfer, exchange, payment, replacement or cancellation and shall destroy such canceled
Securities (subject to the record retention requirement of the Exchange Act) and deliver a
certificate of such destruction to the Company, unless the Company otherwise directs. The Company
may not issue new Securities to replace Securities that it has paid or delivered to the Trustee for
cancellation.

     Section 2.13 Defaulted Interest.

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

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     Section 2.14 Global Securities.

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

          2.14.2 Transfer and Exchange. Notwithstanding any provisions to the contrary contained
in Section 2.7 of the Indenture and in addition thereto, any Global Security shall be exchangeable
pursuant to Section 2.7 of the Indenture for Securities registered in the names of Holders other
than the Depository for such Security or its nominee only if (i) such Depository notifies the
Company that it is unwilling or unable to continue as Depository for such Global Security or if at
any time such Depository ceases to be a clearing agency registered under the Exchange Act, and, in
either case, the Company fails to appoint a successor Depository within 90 days of such event, (ii)
the Company executes and delivers to the Trustee an Officers’ Certificate to the effect that such
Global Security shall be so exchangeable or (iii) an Event of Default with respect to the
Securities represented by such Global Security shall have happened and be continuing. Any Global
Security that is exchangeable pursuant to the preceding sentence shall be exchangeable for
Securities registered in such names as the Depository shall direct in writing in an aggregate
principal amount equal to the principal amount of the Global Security with like tenor and terms.

     Except as provided in this Section 2.14.2, a Global Security may not be transferred except as
a whole by the Depository with respect to such Global Security to a nominee of such Depository, by
a nominee of such Depository to such Depository or another nominee of such Depository or by the
Depository or any such nominee to a successor Depository or a nominee of such a successor
Depository.

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

“This Security is a Global Security within the meaning of the Indenture hereinafter
referred to and is registered in the name of the Depository or a nominee of the
Depository. This Security is exchangeable for Securities registered in the name of a
person other than the Depository or its nominee only in the limited circumstances
described in the Indenture, and may not be transferred except as a whole by the
Depository to a nominee of the Depository, by a nominee of the Depository to the
Depository or another nominee of the Depository or by the Depository or any such
nominee to a successor Depository or a nominee of such a successor Depository.”

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

          2.14.5 Payments. Notwithstanding the other provisions of this Indenture, unless
otherwise specified as contemplated by Section 2.2, payment of the principal of and

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interest, if any, on any Global Security shall be made to the Holder thereof at their
registered office.

          2.14.6 Consents, Declaration and Directions. Except as provided in Section 2.14.5,
the Company, the Trustee and any Agent shall treat a person as the Holder of such principal amount
of outstanding Securities of such Series represented by a Global Security as shall be specified in
a written statement of the Depositary with respect to such Global Security, for purposes of
obtaining any consents, declarations, waivers or directions required to be given by the Holders
pursuant to this Indenture.

     Section 2.15 CUSIP Numbers.

     The Company in issuing the Securities may use “CUSIP” numbers (if then generally in use), and,
if so, the Trustee shall use “CUSIP” numbers in notices of 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 elements of identification printed on the Securities,
and any such redemption shall not be affected by any defect in or omission of such numbers.

ARTICLE III.

REDEMPTION

     Section 3.1 Notice to Trustee.

     The Company may, with respect to any series of Securities, reserve the right to redeem and pay
the Series of Securities or may covenant to redeem and pay the Series of Securities or any part
thereof prior to the Stated Maturity thereof at such time and on such terms as provided for in such
Securities. If a Series of Securities is redeemable and the Company wants or is obligated to redeem
prior to the Stated Maturity thereof all or part of the Series of Securities pursuant to the terms
of such Securities, it shall notify the Trustee of the redemption date and the principal amount of
Series of Securities to be redeemed. The Company shall give the notice at least 45 days before the
redemption date (or such shorter notice as may be acceptable to the Trustee).

     Section 3.2 Selection of Securities to be Redeemed.

     Unless otherwise indicated for a particular Series by a Board Resolution, a supplemental
indenture or an Officers’ Certificate, if less than all the Securities of a Series are to be
redeemed, the Trustee shall select the Securities of the Series to be redeemed in any manner that
the Trustee deems fair and appropriate. The Trustee shall make the selection from Securities of the
Series outstanding not previously called for redemption. The Trustee may select for redemption
portions of the principal of Securities of the Series that have denominations larger than $1,000.
Securities of the Series and portions of them it selects shall be in amounts of $1,000 or whole
multiples of $1,000 or, with respect to Securities of any Series issuable in other denominations
pursuant to Section 2.2.7, the minimum principal denomination for each Series and integral

16

 

multiples thereof. Provisions of this Indenture that apply to Securities of a Series called for
redemption also apply to portions of Securities of that Series called for redemption.

     Section 3.3 Notice of Redemption.

     Unless otherwise indicated for a particular Series by Board Resolution, a supplemental
indenture hereto or an officers’ Certificate, at least 30 days but not more than 60 days before a
redemption date, the Company shall mail a notice of redemption by first-class mail to each Holder
whose Securities are to be redeemed and if any Bearer Securities are outstanding, publish on one
occasion a notice in an Authorized Newspaper.

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

	 	(a)	 	the redemption date;
	 
	 	(b)	 	the redemption price;
	 
	 	(c)	 	the name and address of the Paying Agent;
	 
	 	(d)	 	that Securities of the Series called for redemption must be surrendered to the
Paying Agent to collect the redemption price;
	 
	 	(e)	 	that interest on Securities of the Series called for redemption ceases to
accrue on and after the redemption date; and
	 
	 	(f)	 	any other information as may be required by the terms of the particular Series
or the Securities of a Series being redeemed.

     At the Company’s request, the Trustee shall give the notice of redemption in the Company’s
name and at its expense.

     Section 3.4 Effect of Notice of Redemption.

     Once notice of redemption is mailed or published as provided in Section 3.3, Securities of a
Series called for redemption become due and payable on the redemption date and at the redemption
price. A notice of redemption may not be conditional. Upon surrender to the Paying Agent, such
Securities shall be paid at the redemption price plus accrued interest to the redemption date.

     Section 3.5 Deposit of Redemption Price.

     On or before the redemption date, the Company shall deposit with the Paying Agent money
sufficient to pay the redemption price of and accrued interest, if any, on all Securities to be
redeemed on that date.

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     Section 3.6 Securities Redeemed in Part.

     Upon surrender of a Security that is redeemed in part, the Trustee shall authenticate for the
Holder a new Security of the same Series and the same maturity equal in principal amount to the
unredeemed portion of the Security surrendered.

ARTICLE IV.

COVENANTS

     Section 4.1 Payment of Principal and Interest.

     The Company covenants and agrees for the benefit of the Holders of each Series of Securities
that it will duly and punctually pay the principal of and interest, if any, on the Securities of
that Series in accordance with the terms of such Securities and this Indenture.

     Section 4.2 SEC Reports.

     The Company shall deliver to the Trustee within 15 days after it files them with the SEC
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 SEC may by rules and regulations prescribe) which the
Company is required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act. The
Company also shall comply with the other provisions of TIA Section 314(a).

     Section 4.3 Compliance Certificate.

     The Company shall deliver to the Trustee, within 90 days after the end of each fiscal year of
the Company, an officers certificate signed by two of the Company’s officers stating that a review
of the activities of the Company and its Subsidiaries during the preceding fiscal year has been
made under the supervision of the signing Officers with a view to determining whether the Company
has kept, observed, performed and fulfilled its obligations under this Indenture, and further
stating, as to each such Officer signing such certificate, that to the best of his knowledge the
Company has kept, observed, performed and fulfilled each and every covenant contained in this
Indenture and is not in default in the performance or observance of any of the terms, provisions
and conditions hereof (or, if a Default or Event of Default shall have occurred, describing all
such Defaults or Events of Default of which he may have knowledge).

     The Company will, so long as any of the Securities are outstanding, deliver to the Trustee,
forthwith upon becoming aware of any Default or Event of Default, an Officers’ Certificate
specifying such Default or Event of Default and what action the Company is taking or proposes to
take with respect thereto.

     Section 4.4 Stay, Extension and Usury Laws.

     The Company covenants (to the extent that it may lawfully do so) that it will not at any time
insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any
stay, extension or usury law wherever enacted, now or at any time hereafter in force, which may
affect the covenants or the performance of this Indenture or the Securities; and the Company (to
the extent it may lawfully do so) hereby expressly waives all benefit or advantage

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of any such law and covenants that it will not, by resort to any such law, 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 has been enacted.

     Section 4.5 Corporate Existence.

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

     Section 4.6 Taxes.

     The company shall, and shall cause each of its Significant Subsidiaries to, pay prior to
delinquency all taxes, assessments and governmental levies, except as contested in good faith and
by appropriate proceedings.

ARTICLE V.

SUCCESSORS

     Section 5.1 When Company May Merge, Etc.

     The Company shall not consolidate with or merge into any other person in a transaction in
which we are not the surviving entity, or convey, transfer or lease all or substantially all of its
properties and assets to any person (a “successor person”), unless:

	 	(a)	 	the successor person (if any) is a corporation, partnership, trust or other
entity organized and validly existing under the laws of the Marshall Islands or any
U.S. domestic jurisdiction and expressly assumes the Company’s obligations on the
Securities and under this Indenture and
	 
	 	(b)	 	immediately after giving effect to the transaction, no Default or Event of
Default, shall have occurred and be continuing.

     The Company shall deliver to the Trustee prior to the consummation of the proposed transaction
an Officers’ Certificate to the foregoing effect and an opinion of Counsel stating that the
proposed transaction and such supplemental indenture comply with this Indenture.

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     Section 5.2 Successor Corporation Substituted.

     Upon any consolidation or merger, or any sale, lease, conveyance or other disposition of all
or substantially all of the assets of the Company in accordance with Section 5.1, the successor
corporation formed by such consolidation or into or with which the Company is merged or to which
such sale, lease, conveyance or other disposition is made shall succeed to, and be substituted for,
and may exercise every right and power of, the Company under this Indenture with the same effect as
if such successor person has been named as the Company herein; provided, however, that the
predecessor company in the case of a sale, lease, conveyance or other disposition shall not be
released from the obligation to pay the principal of and interest, if any, on the Securities.

ARTICLE VI.

DEFAULTS AND REMEDIES

     Section 6.1 Events of Default.

     “Event of Default,” wherever used herein with respect to securities of any Series, means any
one of the following events, unless in the establishing Board Resolution, supplemental indenture or
Officers’ Certificate, it is provided that such Series shall not have the benefit of said Event of
Default:

	 	(a)	 	default in the payment of any interest on any Security of that Series when it
becomes due and payable, and continuance of such default for a period of 30 days
(unless the entire amount of such payment is deposited by the Company with the Trustee
or with a Paying Agent prior to the expiration of such period of 30 days); or
	 
	 	(b)	 	default in the payment of the principal of any Security of that Series at its
Maturity; or
	 
	 	(c)	 	default in the deposit of any sinking fund payment, when and as due in respect
of any Security of that Series; or
	 
	 	(d)	 	default in the performance or breach of any covenant of the Company in this
Indenture, which default continues uncured for a period of 60 days after there has been
given, by registered or certified mail, to the Company by the Trustee or to the Company
and the Trustee by the Holders of at least 25% in principal amount of the outstanding
Securities of that Series a written notice specifying such default or breach and
requiring it to be remedied and stating that such notice is a “Notice of Default”
hereunder; or
	 
	 	(e)	 	a default under any Debt of the Company (including a default with respect to
Securities of any Series other than that Series) or any Subsidiary, whether such Debt
now exists or shall hereafter be created, if (A) such default results from the failure
to pay any such Debt when it becomes due and (B) such Debt is not discharged or such
acceleration is not rescinded or annulled within 30 days after written notice to the
Company by the holder or holders of such Debt in the

20

 

	 	 	 	manner provided for in the applicable debt instrument; provided, that if the default
with respect to such Debt is remedied or cured by the Company or waived by the
holders of such Debt before entry of judgment in favor of the relevant trustee, then
the Event of Default under this Indenture will be deemed likewise to have been
remedied, cured or waived; or
	 
	 	(f)	 	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,
	 
	 	(iv)	 	makes a general assignment for the benefit of its creditors, or
	 
	 	(v)	 	generally is unable to pay its debts as the same become due; or

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

	 	(i)	 	is for relief against the Company or any of its Significant
Subsidiaries in an involuntary case,
	 
	 	(ii)	 	appoints a Custodian of the Company or any of its Significant
Subsidiaries or for all or substantially all of its property, or
	 
	 	(iii)	 	orders the liquidation of the Company or any of its
Significant Subsidiaries, and the order or decree remains unstayed and in
effect for 60 days; or

	 	(h)	 	any other Event of Default provided with respect to Securities of that Series,
which is specified in a Board Resolution, a supplemental indenture hereto or an
Officers’ Certificate, in accordance with Section 2.2.18.

     No Event of Default with respect to a particular Series of Securities (except with respect to
subsections (f) and (g) above) necessarily constitutes an Event of Default with respect to any
other Series of Securities.

     The term “Bankruptcy Law” means title 11, U.S. Code or any similar Federal or State law for
the relief of debtors. The term “Custodian” means any receiver, trustee, assignee, liquidator or
similar official under any Bankruptcy Law.

     Section 6.2 Acceleration of Maturity; Rescission and Annulment.

     If an Event of Default with respect to Securities of any Series at the time outstanding occurs
and is continuing, then in every such case the Trustee or the Holders of not less than 25%

21

 

in principal amount of the outstanding Securities of that Series may declare the principal amount
(or, if any Securities of that Series are Discount Securities, such portion of the principal amount
as may be specified in the terms of such Securities) of and accrued and unpaid interest, if any, on
all of the Securities of that Series to be due and payable immediately, by a notice in writing to
the Company (and to the Trustee if given by Holders), and upon any such declaration such principal
amount (or specified amount) and accrued and unpaid interest, if any, shall become immediately due
and payable.

     The Holders of not less than a majority in principal amount of the outstanding Securities of
that Series, by written notice to the Trustee, may rescind any declaration of acceleration of such
Securities of that Series and its consequences if all existing Events of Default (other than the
nonpayment of principal of or interest on such Securities that shall have become due by such
declaration) shall have been cured or waived.

     Section 6.3 Collection of Indebtedness and Suits for Enforcement by Trustee.

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

     Section 6.4 Trustee May File Proofs of Claim.

     In case of the pendency of any receivership, insolvency, liquidation, bankruptcy,
reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the
Company or any other obligor upon the Securities or the property of the Company or of such other
obligor or their creditors, the Trustee (irrespective of whether the principal of the 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 on the Company for the payment of overdue
principal or interest) shall be entitled and empowered, by intervention in such proceeding or
otherwise,

	 	(a)	 	to file and prove a claim for the whole amount of principal and interest owing
and unpaid in respect of the Securities 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 the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel) and of the Holders allowed in such judicial
proceeding, and
	 
	 	(b)	 	to collect and receive any moneys or other property payable or deliverable on
any such claims and to distribute the same,

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official
in any such judicial proceeding is hereby authorized by each Holder to make such payments to the
Trustee and, in the event that the Trustee shall consent to the making of such payments directly

22

 

to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the
Trustee under Section 7.7.

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

     Section 6.5 Trustee May Enforce Claims Without Possession of Securities.

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

     Section 6.6 Application of Money Collected.

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

and

	 	 	 	 	 
	 

	 	First:
	 	To the payment of all amounts due the Trustee under Section 7.7;
	 
	 	 	 	 
	 

	 	Second:
	 	To Holders of Senior Indebtedness to the extent required by Article Ten;
	 
	 	 	 	 
	 

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

	 	Fourth:
	 	To the Company.

     Section 6.7 Limitation on Suits.

     No Holder of any Security of any Series shall have any right to institute any proceeding,
judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or
trustee, or for any other remedy hereunder, unless

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

23

 

	 	(b)	 	the Holders of not less than 25% in principal amount of the outstanding
Securities of that Series shall have made written request to the Trustee to institute
proceedings in respect of such Event of Default in its own name as Trustee hereunder;
	 
	 	(c)	 	such Holder or Holders have offered to the Trustee reasonable indemnity against
the costs, expenses and liabilities to be incurred in compliance with such request;
	 
	 	(d)	 	the Trustee for 60 days after its receipt of such notice, request and offer of
indemnity has failed to institute any such proceeding; and
	 
	 	(e)	 	no direction inconsistent with such written request has been given to the
Trustee during such 60-day period by the Holders of a majority in principal amount of
the outstanding Securities of that Series;

it being understood and intended that no one or more of such Holders shall have any right in any
manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb
or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or
preference over any other of such Holders or to enforce any right under this Indenture, except in
the manner herein provided and for the equal and ratable benefit of all such Holders.

     Section 6.8 Unconditional Right of Holders to Receive Principal and Interest.

     Notwithstanding any other provision in this Indenture, the Holder of any Security shall have
the right, which is absolute and Unconditional, to receive payment of the principal of and
interest, if any, on such Security on the Stated Maturity or Stated Maturities expressed in such
Security (or, in the case of redemption, on the redemption date) and to institute suit for the
enforcement of any such payment, and such rights shall not be impaired without the consent of such
Holder.

     Section 6.9 Restoration of Rights and Remedies.

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

     Section 6.10 Rights and Remedies Cumulative.

     Except as otherwise provided with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Securities in Section 2.8, no right or remedy herein conferred upon or
reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy,
and every right and remedy shall, to the extent permitted by law, be cumulative and in addition to
every other right and remedy given hereunder or now or hereafter existing at law or in equity

24

 

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

     Section 6.11 Delay or Omission Not Waiver.

     No delay or omission of the Trustee or of any Holder of any Securities to exercise any right
or remedy accruing upon any Event of Default shall impair any such right or remedy or constitute a
waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by
this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as
often as may be deemed expedient, by the Trustee or by the Holders, as the case may be.

     Section 6.12 Control by Holders.

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

	 	(a)	 	such direction shall not be in conflict with any rule of law or with this
Indenture,
	 
	 	(b)	 	the Trustee may take any other action deemed proper b)o Trustee which is not
inconsistent with such direction, and
	 
	 	(c)	 	subject to the provisions of Section 6.1, the Trustee shall have the right to
decline to follow any such direction if the Trustee in good faith shall, by a
Responsible Officer of the Trustee, determine that the proceeding so directed would
involve the Trustee in personal liability.

     Section 6.13 Waiver of Past Defaults.

     The Holders of not less than a majority in principal amount of the outstanding Securities of
any Series may on behalf of the Holders of all the Securities of such Series waive any past Default
hereunder with respect to such Series and its consequences, except a Default in the payment of the
principal of or interest on any Security of such Series (provided, however, that the Holders of a
majority in principal amount of the outstanding Securities of any Series may rescind an
acceleration and its consequences, including any related payment default that resulted from such
acceleration). Upon any such waiver, such Default shall cease to exist, and any Event of Default
arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no
such waiver shall extend to any subsequent or other Default or impair any right consequent thereon.

     Section 6.14 Undertaking for 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

25

 

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 Company, 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 any Series, or to any suit instituted by any Holder for the enforcement
of the payment of the principal of or interest on any Security on or after the Stated Maturity or
Stated Maturities expressed in such Security (or, in the case of redemption, on the redemption
date).

ARTICLE VII.

TRUSTEE

     Section 7.1 Duties of Trustee.

	 	(a)	 	If an Event of Default has occurred and is continuing, the Trustee shall
exercise the rights and powers vested in it by this Indenture and use the same degree
of care and skill in their exercise as a prudent man would exercise or use under the
circumstances in the conduct of his own affairs.
	 
	 	(b)	 	Except during the continuance of an Event of Default:

	 	(i)	 	The Trustee need perform only those duties that are
specifically set forth in this Indenture and no others.
	 
	 	(ii)	 	In the absence of bad faith on its part, the Trustee may
conclusively rely, as to the truth of the statements and the correctness of the
opinions expressed therein, upon officers’ Certificates or Opinions of Counsel
furnished to the Trustee and conforming to the requirements of this Indenture;
however, in the case of any such officers’ Certificates or opinions of Counsel
which by any provisions hereof are specifically required to be furnished to the
Trustee, the Trustee shall examine such officers’ Certificates and opinions of
Counsel to determine whether or not they conform to the requirements of this
Indenture.

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

	 	(i)	 	This paragraph does not limit the effect of paragraph (b) of
	 
	 	(ii)	 	The Trustee shall not be liable for any error of judgment made
in good faith by a Responsible officer, unless it is proved that the Trustee
was negligent in ascertaining the pertinent facts.

26

 

	 	(iii)	 	The Trustee shall not be liable with respect to any action
taken, suffered or omitted to be taken by it with respect to Securities of any
Series in good faith in accordance with the direction of the Holders of a
majority in principal amount of the outstanding Securities of such Series
relating to the time, method and place of conducting any proceeding for any
remedy available to the Trustee, or exercising any trust or power conferred
upon the Trustee, under this Indenture with respect to the Securities of such
Series.

	 	(d)	 	Every provision of this Indenture that in any way relates to the Trustee is
subject to paragraph (a), (b) and (c) of this Section.
	 
	 	(e)	 	The Trustee may refuse to perform any duty or exercise any right or power
unless it receives indemnity satisfactory to it against any loss, liability or expense.
	 
	 	(f)	 	The Trustee shall not be liable for interest on any money received by it except
as the Trustee may agree in writing with the Company. Money held in trust by the
Trustee need not be segregated from other funds except to the extent required by law.
	 
	 	(g)	 	No provision of this Indenture shall require the Trustee to risk its own funds
or otherwise incur any financial liability in the performance of any of its duties, or
in the exercise of any of its rights or powers, if it shall have reasonable grounds for
believing that repayment of such funds or adequate indemnity against such risk is not
reasonably assured to it.
	 
	 	(h)	 	The Paying Agent, the Registrar and any authenticating agent shall be entitled
to the protections, immunities and standard of care as are set forth in paragraphs (a),
(b) and (c) of this Section with respect to the Trustee.

     Section 7.2 Rights of Trustee.

	 	(a)	 	The Trustee may rely on and shall be protected in acting or refraining from
acting as a result of its reasonable belief that any document was genuine and had been
signed or presented by the proper person. The Trustee need not investigate any fact or
matter stated in the document.
	 
	 	(b)	 	Before the Trustee acts or refrains from acting, it may require an Officers’
Certificate or an Opinion of Counsel. The Trustee shall not be liable for any action it
takes or omits to take in good faith in reliance on such Officers’ Certificate or
opinion of Counsel.
	 
	 	(c)	 	The Trustee may act through agents and shall not be responsible for the
misconduct or negligence of any agent appointed with due care; provided that such agent
agree as a condition to its engagement that it shall be responsible to the Company for
its own misconduct or negligence. No Depository shall be deemed

27

 

	 	 	 	an agent of the Trustee and the Trustee shall not be responsible for any act or
omission by any Depository.
	 
	 	(d)	 	The Trustee shall not be liable for any action it takes or omits to take in
good faith which it believes to be authorized or within its rights or powers.
	 
	 	(e)	 	The Trustee may consult with counsel and the advice of such counsel or any
opinion of Counsel shall be full and complete authorization and protection in respect
of any action taken, suffered or omitted by it hereunder in good faith and in reliance
thereon.
	 
	 	(f)	 	The Trustee shall be under no obligation to exercise any of the rights or
powers vested in it by this Indenture at the request or direction of any of the Holders
of Securities unless such Holders shall have offered to the Trustee reasonable security
or indemnity against the costs, expenses and liabilities which might be incurred by it
in compliance with such request or direction.

     Section 7.3 Individual Rights of Trustee.

     The Trustee in its individual or any other capacity may become the owner or pledgee of
securities and may otherwise deal with the Company or an Affiliate with the same rights it would
have if it were not Trustee. Any Agent may do the same with like rights. The Trustee is also
subject to Sections 7.10 and 7.11.

     Section 7.4 Trustee’s Disclaimer.

     The Trustee makes no representation as to the validity or adequacy of this Indenture or the
Securities, it shall not be accountable for the Company’s use of the proceeds from the Securities,
and it shall not be responsible for any statement in the Securities other than its authentication.

     Section 7.5 Notice of Defaults.

     If a Default or Event of Default occurs and is continuing with respect to the Securities of
any Series and if it is known to a Responsible Officer of the Trustee, the Trustee shall mail to
each Securityholder of the Securities of that Series and, if any Bearer Securities are outstanding,
publish on one occasion in an Authorized Newspaper, notice of a Default or Event of Default within
90 days after it occurs or, if later, after a Responsible Officer of the Trustee has knowledge of
such Default or Event of Default. Except in the case of a Default or Event of Default in payment of
principal of or interest on any Security of any Series, the Trustee may withhold the notice if and
so long as its corporate trust committee or a committee of its Responsible Officers in good faith
determines that withholding the notice is in the interests of Securityholders of that Series.

28

 

     Section 7.6 Reports by Trustee to Holders.

     Within 60 days after May 15 in each year, the Trustee shall transmit by mail to all
Securityholders, as their names and addresses appear on the register kept by the Registrar and, if
any Bearer Securities are outstanding, publish in an Authorized Newspaper, a brief report dated as
of such May 15, in accordance with, and to the extent required under, TIA Section 313.

     A copy of each report at the time of its mailing to Securityholders of any Series shall be
filed with the SEC and each stock exchange on which the Securities of that Series are listed. The
Company shall promptly notify the Trustee when Securities of any Series are listed on any stock
exchange.

     Section 7.7 Compensation and Indemnity.

     The Company shall pay to the Trustee from time to time reasonable compensation for its
services. The Trustee’s compensation shall not be limited by any law on compensation of a trustee
of an express trust. The Company shall reimburse the Trustee upon request for all reasonable
out-of-pocket expenses incurred by it. Such expenses shall include the reasonable compensation and
expenses of the Trustee’s agents and counsel.

     The Company shall indemnify the Trustee (including the cost of defending itself) against any
loss, liability or expense incurred by it except as set forth in the next paragraph in the
performance of its duties under this Indenture as Trustee or Agent. The Trustee shall notify the
Company promptly of any claim for which it may seek indemnity. The Company shall defend the claim
and the Trustee shall cooperate in the defense. The Trustee may have separate counsel and the
Company shall pay the reasonable fees and expenses of such counsel. The Company need not pay for
any settlement made without its consent, which consent shall not be unreasonably withheld. This
indemnification shall apply to officers, directors, employees, shareholders and agents of the
Trustee.

     The Company need not reimburse any expense or indemnify against any loss liability incurred by
the Trustee or by any officer, director, employee, shareholder or agent of the Trustee through
negligence or bad faith.

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

     When the Trustee incurs expenses or renders services after an Event of Default specified in
Section 6.1(f) or (g) occurs, the expenses and the compensation for the services are intended to
constitute expenses of administration under any Bankruptcy Law.

     Section 7.8 Replacement of Trustee.

     A resignation or removal of the Trustee and appointment of a successor Trustee shall become
effective only upon the successor Trustee’s acceptance of appointment as provided in this Section.

29

 

     The Trustee may resign with respect to the Securities of one or more Series by so notifying
the Company. The Holders of a majority in principal amount of the Securities of any Series may
remove the Trustee with respect to that Series by so notifying the Trustee and the Company. The
Company may remove the Trustee with respect to Securities of one or more Series if:

	 	(a)	 	the Trustee fails to comply with Section 7.10;
	 
	 	(b)	 	the Trustee is adjudged a bankrupt or an insolvent or an order for relief is
entered with respect to the Trustee under any Bankruptcy Law;
	 
	 	(c)	 	a Custodian or public officer takes charge of the Trustee or its property; or
	 
	 	(d)	 	the Trustee becomes incapable of acting.

     If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any
reason, the Company shall promptly appoint a successor Trustee. Within one year after the successor
Trustee takes office, the Holders of a majority in principal amount of the then outstanding
Securities may appoint a successor Trustee to replace the successor Trustee appointed by the
Company.

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

     If the Trustee with respect to the Securities of any one or more Series fails to comply with
Section 7.10, any Securityholder of the applicable Series may petition any court of competent
jurisdiction for the removal of the Trustee and the appointment of a successor Trustee.

     A successor Trustee shall deliver a written acceptance of its appointment to the retiring
Trustee and to the Company. Immediately after that, the retiring Trustee shall transfer all
property held by it as Trustee to the successor Trustee subject to the lien provided for in Section
7.7, the resignation or removal of the retiring Trustee shall become effective, and the successor
Trustee shall have all the rights, powers and duties of the Trustee with respect to each Series of
Securities for which it is acting as Trustee under this Indenture. A successor Trustee shall mail a
notice of its succession to each Securityholder of each such Series and, if any Bearer Securities
are outstanding, publish such notice on one occasion in an Authorized Newspaper. Notwithstanding
replacement of the Trustee pursuant to this Section 7.8, the Company’s obligations under Section
7.7 hereof shall continue for the benefit of the retiring trustee with respect to expenses and
liabilities incurred by it prior to such replacement.

30

 

     Section 7.9 Successor Trustee by Merger, etc.

     If the Trustee consolidates with, merges or converts into, or transfers all or substantially
all of its corporate trust business to, another corporation, the successor corporation without any
further act shall be the successor Trustee.

     Section 7.10 Eligibility; Disqualification.

     This Indenture shall always have a Trustee who satisfies the requirements of TIA Section
310(a)(1), (2) and (5). The Trustee shall always have a combined capital and surplus of at least
$25,000,000 as set forth in its most recent published annual report of condition. The Trustee shall
comply with TIA Section 310(b).

     Section 7.11 Preferential Collection of Claims Against Company.

     The Trustee is subject to TIA Section 311(a), excluding any creditor relationship listed in
TIA Section 311(b). A Trustee who has resigned or been removed shall be subject to TTA Section
311(a) to the extent indicated.

ARTICLE VIII.

SATISFACTION AND DISCHARGE; DEFEASANCE

     Section 8.1 Satisfaction and Discharge of Indenture.

     This Indenture shall upon Company Order cease to be of further effect (except as hereinafter
provided in this Section 8.1), and the Trustee, at the expense of the Company, shall execute proper
instruments acknowledging satisfaction and discharge of this Indenture, when

	 	(a)	 	either

	 	(i)	 	all Securities theretofore authenticated and delivered (other
than Securities that have been destroyed, lost or stolen and that have been
replaced or paid) have been delivered to the Trustee for cancellation; or
	 
	 	(ii)	 	all such Securities not theretofore delivered to the Trustee
for cancellation have become due and payable, or

	 	(1)	 	have become due and payable, or
	 
	 	(2)	 	will become due and payable at their Stated
Maturity within one year, or
	 
	 	(3)	 	are to be called for redemption within one year
under arrangements satisfactory to the Trustee for the giving of notice
of redemption by the Trustee in the name, and at the expense, of the
Company, or
	 
	 	(4)	 	are deemed paid and discharged pursuant to
section 8.3, as applicable;

31

 

	 	 	 	and the Company, in the case of (1), (2) or (3) above, has deposited or caused to be
deposited with the Trustee as trust funds in trust an amount sufficient for the
purpose of paying and discharging the entire indebtedness on such Securities not
theretofore delivered to the Trustee for cancellation, for principal and interest to
the date of such deposit (in the case of Securities which have become due and
payable on or prior to the date of such deposit) or to the Stated Maturity or
redemption date, as the case may be;
	 
	 	(b)	 	the Company has paid or caused to be paid all other sums payable hereunder by
the Company; and
	 
	 	(c)	 	the Company has delivered to the Trustee an Officers’ Certificate and an
opinion of Counsel, each stating that all conditions precedent herein provided for
relating to the satisfaction and discharge of this Indenture have been complied with.

     Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the
Company to the Trustee under Section 7.7, and, if money shall have been deposited with the Trustee
pursuant to clause (a) of this Section, the provisions of Sections 2.4, 2.7, 2.8, 8.1 8.2 and 8.5
shall survive.

     Section 8.2 Application of Trust Funds; Indemnification.

	 	(a)	 	Subject to the provisions of Section 8.5, all money deposited with the Trustee
pursuant to Section 8.1, all money and U.S. Government Obligations or Foreign
Government Obligations deposited with the Trustee pursuant to Section 8.3 or 8.4 and
all money received by the Trustee in respect of U.S. Government Obligations or Foreign
Government Obligations deposited with the Trustee pursuant to Section 8.3 or 8.4, shall
be held in trust and applied by it, in accordance with the provisions of the Securities
and this Indenture, to the payment, either directly or through any Paying Agent
(including the Company acting as its own Paying Agent) as the Trustee may determine, to
the persons entitled thereto, of the principal and interest for whose payment such
money has been deposited with or received by the Trustee or to make mandatory sinking
fund payments or analogous payments as contemplated by Sections 8.3 or 8.4.
	 
	 	(b)	 	The Company shall pay and shall indemnify the Trustee against any tax, fee or
other charge imposed on or assessed against U.S. Government obligations or Foreign
Government Obligations deposited pursuant to Sections 8.3 or 8.4 or the interest and
principal received in respect of such obligations other than any payable by or on
behalf of Holders.
	 
	 	(c)	 	The Trustee shall deliver or pay to the Company from time to time upon Company
Request any U.S. Government obligations or Foreign Government obligations or money held
by it as provided in Sections 8.3 or 8.4 which, in the opinion of a nationally
recognized firm of independent certified public accountants expressed in a written
certification thereof delivered to the Trustee, are then in excess of the amount
thereof which then would have been required to

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	 	 	 	be deposited for the purpose for which such U.S. Government Obligations or Foreign
Government Obligations or money were deposited or received. This provision shall not
authorize the sale by the Trustee of any U.S. Government Obligations or Foreign
Government Obligations held under this Indenture.

     Section 8.3 Legal Defeasance of Securities of any Series.

     Unless this Section 8.3 is otherwise specified, pursuant to Section 2.2-20, to be inapplicable
to Securities of any Series, the Company shall be deemed to have paid and discharged the entire
indebtedness on all the outstanding Securities of such Series on the 91st day after the date of the
deposit referred to in subparagraph (d) hereof, and the provisions of this Indenture, as it relates
to such outstanding Securities of such Series, shall no longer be in effect (and the Trustee, at
the expense of the company, shall, at Company Request, execute proper instruments acknowledging the
same), except as to:

	 	(a)	 	the rights of Holders of Securities of such Series to receive, from the trust
funds described in subparagraph (d) hereof, (i) payment of the principal of and each
installment of principal of and interest on the outstanding Securities of such Series
on the Stated Maturity of such principal or installment of principal or interest and
(ii) the benefit of any mandatory sinking fund payments applicable to the Securities of
such Series on the day on which such payments are due and payable in accordance with
the terms of this Indenture and the Securities of such Series;
	 
	 	(b)	 	the provisions of Sections 2.4, 2.7, 2.8, 8.2, 8.3 and 8.5;
	 
	 	(c)	 	the rights, powers, trust and immunities of the Trustee hereunder; provided
that, the following conditions shall have been satisfied;
	 
	 	(d)	 	the Company shall have deposited or caused to be deposited irrevocably with
the Trustee 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 W in the case of Securities of such Series denominated in Dollars,
cash in Dollars (or such other money or currencies as shall then be legal tender in the
United States) and/or U.S. Government Obligations, or (ii) in the case of Securities of
such Series denominated in a Foreign Currency (other than a composite currency), money
and/or Foreign Government obligations, which through the payment of interest and
principal in respect thereof, in accordance with their terms, will provide (and without
reinvestment and assuming no tax liability will be imposed on such Trustee), not later
than one day before the due date of any payment of money, an amount in cash,
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 each installment of principal (including mandatory sinking fund or
analogous payments) of and interest, if any, on all the Securities of such Series on
the dates such installments of interest or principal are due;

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	 	(e)	 	such deposit will not result in a breach or violation of, or constitute a
default under, this Indenture or any other agreement or instrument to which the Company
is a party or by which it is bound;
	 
	 	(f)	 	no Default or Event of Default with respect to the Securities of such Series
shall have occurred and be continuing on the date of such deposit or during the period
ending on the 91st day after such date;
	 
	 	(g)	 	the Company shall have delivered to the Trustee an officers’ Certificate and an
opinion of Counsel to the effect that (i) the Company has received from, or there has
been published by, the Internal Revenue Service a ruling, or (ii) since the date of
execution 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 of Counsel
shall confirm that, the Holders of the Securities of such Series will not recognize
income, gain or loss for Federal income tax purposes as a result of such deposit,
defeasance and discharge and will be subject to Federal income tax on the same amount
and in the same manner and at the same times as would have been the case if such
deposit, defeasance and discharge had not occurred;
	 
	 	(h)	 	the Company shall have delivered to the Trustee an Officers’ Certificate
stating that the deposit was not made by the Company with the intent of preferring the
Holders of the Securities of such Series over any other creditors of the company or
with the intent of defeating, hindering, delaying or defrauding any other creditors of
the Company;
	 
	 	(i)	 	such deposit shall not result in the trust arising from such deposit
constituting an investment company (as defined in the Investment Company Act of 1940,
as amended), or such trust shall be qualified under such Act or exempt from regulation
thereunder; and
	 
	 	(j)	 	the Company shall have delivered to the Trustee an officers’ Certificate and an
opinion of Counsel, each stating that all conditions precedent provided for relating to
the defeasance contemplated by this Section have been complied with.

     Section 8.4 Covenant Defeasance.

     Unless this Section 8.4 is otherwise specified pursuant to Section 2.2.20 to be inapplicable
to Securities of any Series, on and after the 91st day after the date of the deposit referred to in
subparagraph (a) hereof, the Company may omit to comply with any term, provision or condition set
forth under Sections 4.2, 4.3, 4.4, 4.5, 4.6, and 5.1 as well as any additional covenants contained
in a supplemental indenture hereto for a particular Series of Securities or a Board Resolution or
an Officers’ Certificate delivered pursuant to Section 2.2.20 (and the failure to comply with any
such covenants shall not constitute a Default or Event of Default under Section 6.1) and the
occurrence of any event described in clause (e) of Section 6.1 shall not constitute a Default or
Event of Default hereunder, with respect to the Securities of such Series, provided that the
following conditions shall have been satisfied:

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	 	(a)	 	With reference to this Section 8.4, the Company has deposited or caused to be
irrevocably deposited (except as provided in Section 8.2(c)) with the Trustee as trust
funds in trust, specifically pledged as security for, and dedicated solely to, the
benefit of the Holders of such Securities (i) in the case of Securities of such Series
denominated in Dollars, cash in Dollars (or such other money or currencies as shall
then be legal tender in the United States) and/or U.S. Government obligations, or (ii)
in the case of Securities of such Series denominated in a Foreign Currency (other than
a composite currency), money and/or Foreign Government obligations, which through the
payment of interest and principal in respect thereof, in accordance with their terms,
will provide (and without reinvestment and assuming no tax liability will be imposed on
such Trustee), not later than one day before the due date of any payment of money, an
amount in cash, sufficient, in the opinion of a nationally recognized firm of
independent certified public accountants expressed in a written certification thereof
delivered to the Trustee, to pay principal and interest, if any, on and any mandatory
sinking fund in respect of the Securities of such Series on the dates such installments
of interest or principal are due;
	 
	 	(b)	 	Such deposit will not result in a breach or violation of, or constitute a
default under, this Indenture or any other agreement or instrument to which the Company
is a party or by which it is bound;
	 
	 	(c)	 	No Default or Event of Default with respect to the Securities of such Series
shall have occurred and be continuing on the date of such deposit or during the period
ending on the 91st day after such date;
	 
	 	(d)	 	the company shall have delivered to the Trustee an opinion of Counsel
confirming that Holders of the Securities of such Series will not recognize income,
gain or loss for federal income tax purposes as a result of such deposit and 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 deposit and defeasance had not
occurred;
	 
	 	(e)	 	the Company shall have delivered to the Trustee an officers’ Certificate
stating the deposit was not made by the Company with the intent of preferring the
Holders of the Securities of such Series over any other creditors of the Company or
with the intent of defeating, hindering, delaying or defrauding any other creditors of
the Company; and
	 
	 	(f)	 	The Company shall have delivered to the Trustee an officers’ Certificate and an
opinion of Counsel, each stating that all conditions precedent herein provided for
relating to the defeasance contemplated by this Section have been complied with.

     Section 8.5 Repayment to Company.

     The Trustee and the Paying Agent shall pay to the Company upon request any money held by them
for the payment of principal and interest that remains unclaimed for two years.

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After that, Securityholders entitled to the money must look to the Company for payment as general
creditors unless an applicable abandoned property law designates another person.

ARTICLE IX.

AMENDMENTS AND WAIVERS

     Section 9.1 Without Consent of Holders.

     The Company and the Trustee may amend or supplement this Indenture or the Securities of one or
more Series without the consent of any Securityholder:

	 	(a)	 	to cure any ambiguity, defect or inconsistency;
	 
	 	(b)	 	to comply with Article V;
	 
	 	(c)	 	to provide for uncertificated Securities in addition to or in place of
certificated Securities;
	 
	 	(d)	 	to make any change that does not adversely affect the rights of any
Securityholder;
	 
	 	(e)	 	to provide for the issuance of and establish the form and terms and conditions
of Securities of any Series as permitted by this Indenture;
	 
	 	(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; or
	 
	 	(g)	 	to comply with requirements of the SEC in order to effect or maintain the
qualification of this Indenture under the TIA.

     Section 9.2 With Consent of Holders.

     The Company and the Trustee may enter into a supplemental indenture with the written consent
of the Holders of at least a majority in principal amount of the outstanding Securities of all
Series affected by such supplemental indenture, taken together as one class (including consents
obtained in connection with a tender offer or exchange offer for the Securities of such Series),
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 Securityholders of each such Series. Except as provided in Section 6.13, the Holders
of at least a majority in principal amount of the outstanding Securities of all Series affected by
such waiver by notice to the Trustee, taken together as one class (including consents obtained in
connection with a tender offer or exchange offer for the Securities of such Series)

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may waive
compliance by the Company with any provision of this Indenture or the Securities with respect to
such Series.

     It shall not be necessary for the consent of the Holders of Securities under this Section 9.2
to approve the particular form of any proposed supplemental indenture or waiver, but it shall be
sufficient if such consent approves the substance thereof. After a supplemental indenture or waiver
under this section becomes effective, the Company shall mail to the Holders of Securities affected
thereby and, if any Bearer Securities affected thereby are outstanding, publish on one occasion in
an Authorized Newspaper, a notice briefly describing the supplemental indenture or waiver. Any
failure by the Company to mail or publish such notice, or any defect therein, shall not, however,
in any way impair or affect the validity of any such supplemental indenture or waiver.

     Section 9.3 Limitations.

     Without the consent of each Securityholder affected, an amendment or waiver may not:

	 	(a)	 	change the amount of Securities whose Holders must consent to an amendment,
supplement or waiver;
	 
	 	(b)	 	reduce the rate of or change the interest payment time on any Security or alter
the redemption provisions with respect thereto (other than the provisions relating to
Sections 4.10 and 4.17, other than any alteration to any such Section which would not
materially adversely affect the legal rights of any Holder under this Indenture) or the
price at which the Company is required to offer to purchase the Securities;
	 
	 	(c)	 	reduce the principal or change the Stated Maturity of any Security or reduce
the amount of, or postpone the date fixed for, the payment of any sinking fund or
analogous obligation;
	 
	 	(d)	 	reduce the principal amount of Discount Securities payable upon acceleration of
the maturity thereof;
	 
	 	(e)	 	waive a Default or Event of Default in the payment of the principal of or
interest, if any, on any Security (except a rescission of acceleration of the
Securities of any Series by the Holders of at least a majority in principal amount of
the outstanding Securities of such Series and a waiver of the payment default that
resulted from such acceleration);
	 
	 	(f)	 	make the principal of or interest, if any, on any Security payable in any
currency other than that stated in the Security;
	 
	 	(g)	 	make any change in Sections 6.8, 6.13, 9.3 (this sentence), 10.15 or 10.16; or
	 
	 	(h)	 	waive a redemption payment with respect to any Security or change any of the
provisions with respect to the redemption of any Securities.

     Section 9.4 Compliance with Trust Indenture Act.

     Every amendment to this Indenture or the Securities of one or more Series shall be set forth
in a supplemental indenture hereto that complies with the TIA as then in effect.

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     Section 9.5 Revocation and Effect of Consents.

     Until an amendment or waiver becomes effective, a consent to it by a Holder of a Security is a
continuing consent by the Holder and every subsequent Holder of a Security or portion of a Security
that evidences the same debt as the consenting Holder’s Security, even if notation of the consent
is not made on any Security. However, any such Holder or subsequent Holder may revoke the consent
as to his Security or portion of a Security if the Trustee receives the notice of revocation before
the date the amendment or waiver becomes effective.

     Any amendment or waiver once effective shall bind every Securityholder of each Series affected
by such amendment or waiver unless it is of the type described in any of clauses (a) through (g) of
Section 9.3. in that case, the amendment or waiver shall bind each Holder of a Security who has
consented to it and every subsequent Holder of a Security or portion of a Security that evidences
the same debt as the consenting Holder’s Security.

     Section 9.6 Notation on or Exchange of Securities.

     The Trustee may place an appropriate notation about an amendment or waiver on any Security of
any Series thereafter authenticated. The Company in exchange for Securities of that Series may
issue and the Trustee shall authenticate upon request new Securities of that Series that reflect
the amendment or waiver.

     Section 9.7 Trustee Protected.

     In executing, or accepting the additional trusts created by, any supplemental indenture
permitted by this Article or the modifications thereby of the trusts created by this Indenture, the
Trustee shall be entitled to receive, and (subject to Section 7.1) shall be fully protected in
relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is
authorized or permitted by this Indenture. The Trustee shall sign all supplemental indentures,
except that the Trustee need not sign any supplemental indenture that adversely affects its rights.

ARTICLE X.

SUBORDINATION OF SECURITIES

     Section 10.1 Agreement to Subordinate.

          10.1.1 The Company agrees, and each Holder of Securities by accepting a Security agrees, that
payment of principal of (and premium, if any) interest, if any, and additional interest, if any, on
(or any other obligations relating to) the Securities is subordinated in right of payment, to the
extent and in the manner provided in this Article Ten, to the prior payment in full in cash of all
Senior Indebtedness of the Company (whether outstanding on the date of this Indenture or thereafter
created, incurred, assumed or guaranteed), and that the subordination is for the benefit of the
holders of Senior Indebtedness.

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          10.1.2 This Article Ten shall constitute a continuing offer to all Persons who become holders
of, or continue to hold, Senior Indebtedness, and such provisions are made for
the benefit of the holders of Senior Indebtedness, and such holders are obligees hereunder and
any one or more of them may enforce such provisions.

     Section 10.2 Distribution on Dissolution, Liquidation and Reorganization; Subrogation of
Securities . 

          10.2.1 The holders of Senior Indebtedness of the Company shall be entitled to receive payment
in full in cash of all payments of principal of (and premium, if any) interest, if any, and
additional interest, if any, due in respect of Senior Indebtedness of the Company (including
interest after the commencement of any bankruptcy proceeding at the rate specified in the
applicable Senior Indebtedness of the Company) before the Holders of the Securities shall be
entitled to receive any payment with respect to (or any other obligations relating to) the
Securities or any distribution of assets or proceeds in the event of any distribution to creditors
of the Company in connection with:

	 	(a)	 	any liquidation or dissolution of the Company, whether voluntary or
involuntary;
	 
	 	(b)	 	any bankruptcy, reorganization, insolvency, receivership or similar proceeding
relating to the Company or its property, whether voluntary or involuntary;
	 
	 	(c)	 	any assignment for the benefit of creditors; or
	 
	 	(d)	 	any marshaling of the Company’s assets and liabilities.

               10.2.2 The Company shall give prompt written notice to the Trustee of the occurrence of any
event described in Subsection10.2.1.

               10.2.3 If the Trustee or any Holder of the Securities receives a payment in respect of the
Securities when:

	 	(a)	 	the payment is prohibited by this Article Ten; and
	 
	 	(b)	 	the Trustee or the Holder of the Securities has actual knowledge that the
payment is prohibited;

then the Trustee or the Holder of the Securities, as the case may be, shall hold the payment in
trust for the benefit of the holders of Senior Indebtedness of the Company and shall deliver notice
thereof to the agent or Representative of the holders of Senior Indebtedness. Upon the proper
written request of the agent or representative of the holders of Senior Indebtedness of the
Company, the Trustee or the Holder of Securities, as the case may be, shall deliver the amounts in
trust to the holders of Senior Indebtedness of the Company or their proper representative.

               10.2.4 After all Senior Indebtedness is paid in full and until the Securities are paid in
full, the Holders of the Securities shall be subrogated to the rights of the holders of Senior
Indebtedness to receive distributions applicable to Senior Indebtedness to the extent that

39

 

distributions otherwise payable to the Holders of the Securities have been applied to the payment
of Senior Indebtedness. A distribution made under this Article Ten to holders of Senior
Indebtedness that otherwise would have been made to Holders of Securities is not, as between
the Company and Holders of Securities, a payment by the Company on the Securities. It is understood
that the provisions of this Article Ten define the relative rights of the Holders of the Securities
and the holders of the Senior Indebtedness. Nothing in this Indenture shall impair, as between the
Company and the Holders of the Securities, the obligation of the Company, which is unconditional
and absolute, to pay principal of (and premium, if any) and interest, if any, on the Securities in
accordance with their terms, or to affect the relative rights of the Holders of the Securities and
creditors of the Company other than their rights in relation to the holders of Senior Indebtedness,
nor shall anything herein or in the Securities prevent the Trustee or the Holder of any Security
from exercising its available remedies upon a Default or Event of Default, subject to the rights of
the holders and owners of Senior Indebtedness to receive distributions and payments otherwise
payable to Holders of Securities. Upon any payment or distribution of assets of the Company
referred to in this Article Ten, the Trustee and the Holders of the Securities shall be entitled to
rely upon any order or decree made by any court of competent jurisdiction or upon any certificate
of such Representative or of the liquidating trustee or agent or other person making any
distribution to the Trustee or to the Holders of the Securities for the purpose of ascertaining the
Persons entitled to participate in such distribution, the holders of Senior Indebtedness and other
indebtedness of the Company, the amount thereof or payable thereon, the amount or amounts paid or
distributed thereon and all other facts pertinent thereto or to this Article Ten.

          10.2.5 (e) With respect to the holders of Senior Indebtedness, the Trustee undertakes to
perform only such obligations on the part of the Trustee as are specifically set forth in this
Article Ten, 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 shall not be liable to any such
holders if the Trustee shall mistakenly pay over or distribute to or on behalf of Holders of
Securities or the Company or any other Person moneys or assets to which any holder of Senior
Indebtedness shall be entitled by virtue of this Article Ten, except if such payment is made as a
result of the willful misconduct or gross negligence of the Trustee.

          10.2.6 Each Holder of Securities, by the Holder’s acceptance thereof, authorizes and directs
the Trustee on such Holder of Securities behalf to take such action as may be necessary or
appropriate to effectuate the subordination as provided in this Article Ten, and appoints the
Trustee to act as such Holder of Securities’ attorney-in-fact for any and all such purposes. If the
Trustee does not file a proper proof of claim or proof of debt in the form required in any
proceeding referred to above at least 30 days before the expiration of the time to file such claim
in such proceeding, then the holder of any Senior Indebtedness is hereby authorized to file an
appropriate claim or claims for or on behalf of such Holder of Securities.

     Section 10.3 No Payment on Securities in Certain Circumstances .

          10.3.1 Except as otherwise specified herein,

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	 	(a)	 	Upon the maturity of any Senior Indebtedness by lapse of time, acceleration
(unless waived, rescinded or annulled) or otherwise, or upon any payment default (with
or without the giving of notice or lapse of time or both, in accordance with the terms
of the instrument governing such Senior Indebtedness, and without any waiver or
forgiveness) with respect to any Senior Indebtedness, all amounts payable thereon shall
first be paid in full, or such Senior Indebtedness, before any payment is made,
directly or indirectly by set off or otherwise, on account of principal of, or interest
on, the Securities of such series or to acquire any of the Securities of such series or
on account of the redemption provisions of the Securities of such series.
	 
	 	(b)	 	Upon a default with respect to any Senior Indebtedness (other than under
circumstances when the terms of clause (1) of this Section are applicable), as such
default is defined therein or in the instrument under which it is outstanding,
permitting the holders to accelerate the maturity thereof, upon written notice thereof
given to the Company and the Trustee by or on behalf of holders of such Senior
Indebtedness (“Default Notice”), then, unless and until such default shall have been
cured or waived by the holders of such Senior Indebtedness or shall have ceased to
exist, no direct or indirect payment shall be made by the Company with respect to the
principal of, or interest on, the Securities of such series and the coupons, if any,
appertaining thereto or to acquire any of such Securities or on account of the
redemption provisions of the Securities of such series and the coupons, if any,
appertaining thereto; provided , that this clause (2) shall not prevent the making of
any payment (which is not otherwise prohibited by clause (1) of this Section) for more
than 179 days after the Default Notice shall have been given unless the Senior
Indebtedness in respect of which such event of default exists has been declared due and
payable in its entirety, in which case no such payment may be made until such
acceleration has been rescinded or annulled or such Senior Indebtedness has been paid
in full.
	 
	 	(c)	 	If, notwithstanding the foregoing provisions of this Section, any payment on
account of principal of, or interest on, the Securities of such series or of any coupon
appertaining thereto shall be received by the Trustee, by and Holder or by any Paying
Agent (or, if the Company is acting as its own Paying Agent, money for any such payment
is segregated and held in trust), then, unless and until such payment is no longer
prohibited by this Section, such payment (subject to the provisions of Section 10.3)
shall be held in trust for the benefit of the holders of Senior Indebtedness and, upon
notice to the Trustee or such Paying Agent from the representative of the holders of
the Senior Indebtedness and pursuant to the directions of such representative, shall be
paid over or delivered to the holders of Senior Indebtedness or their
representative(s), ratably according to the aggregate amount remaining unpaid on
account of the principal of and interest on the Senior Indebtedness held or represented
by each, for application to the payment or prepayment of all Senior Indebtedness
remaining unpaid to the extent necessary to pay all Senior Indebtedness in full in
accordance with its terms, after giving effect to any concurrent payment or
distribution or provision therefor to or for the

41

 

	 	 	 	holders of Senior Indebtedness. Promptly after becoming aware thereof, the Company
shall give written notice to the Trustee of any event prohibiting payments on
account of principal of, or interest on, the Securities of any series and any
coupons appertaining thereto and, in such event, shall provide to the Trustee, in
the form of an Officers’ Certificate, the names and addresses of the holders of such
Senior Indebtedness and their representative(s), if any, the amount of the Senior
Indebtedness held by each such holder, any information necessary to calculate the
daily or other increase in Senior Indebtedness held by such holders and any other
information which the Trustee may reasonably request to comply with this Article.
Subject to the provisions of Section 10.2 hereof, in the event that the Trustee or
the Paying Agent reasonably determines that additional evidence is required with
respect to any person as a holder of Senior Indebtedness to participate in any
payment or distribution pursuant to this Article, the Trustee or the Paying Agent,
as the case may be, may request that such person furnish evidence reasonable to it
as to the extent such person is entitled to participate in such payment or
distribution and as to other facts pertinent to the rights of such persons under
this Article and if such evidence is not furnished, the Trustee or the Paying Agent,
as the case may be, may defer any payment to such person pending judicial
determination as to the right of such person to receive such payment.

     Section 10.4 Payments on Securities Permitted .

               10.4.1 Nothing contained in this Indenture or in any of the Securities shall,

	 	(a)	 	affect the obligation of the Company to make, or prevent the Company from
making, at any time except as provided in Sections 10.2 and 10.3, payments of principal
of (or premium, if any) or interest, if any, on the Securities, or
	 
	 	(b)	 	prevent the application by the Trustee of any moneys deposited with it
hereunder to the payment of or on account of the principal of (or premium, if any) or
interest, if any, on the Securities, unless the Trustee shall have received at its
Corporate Trust Office written notice of any event prohibiting the making of such
payment at least five Business Days prior to the date fixed for such payment.

     Section 10.5 Authorization of Holders to Trustee to Effect Subordination . 

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

     Section 10.6 Notices to Trustee .

     Notwithstanding the provisions of this Article Ten or any other provisions of this Indenture,
the Trustee or any Paying Agent (other than the Company) shall not be charged with knowledge of the
existence of any facts that would prohibit the making of any payment or distribution by the Trustee
or such Paying Agent, and the Trustee and the Paying Agent may

42

 

continue to make payments on the Securities, unless the Trustee or such Paying Agent shall have
received (in the case of the Trustee, at its Corporate Trust Office), at least five Business Days
prior to the date of such payment, written notice of facts that would cause the payment of
principal of (and premium, if any) interest, if any, and additional interest, if any, with respect
to the Securities to violate this Article Ten. Only the Company or a Representative may give
notice. Nothing in this Article Ten shall impair the claims of, or payments to, the Trustee.

     Section 10.7 Trustee as Holder of Senior Indebtedness . 

          10.7.1 The Trustee in its individual capacity or in any other capacity may hold Senior
Indebtedness with the same rights it would have if it were not Trustee.

          10.7.2 Nothing in this Article Ten shall apply to claims of, or payments to, the Trustee.

     Section 10.8 Modifications 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 Holders of the Securities 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 of 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 any way alter or
affect any of the provisions of this Article Ten or of the Securities relating to the subordination
thereof.

     Section 10.9 Reliance on Judicial Order or Certificate of Liquidating Agent . 

          10.9.1 Whenever a distribution is to be made or a notice given to holders of Senior
Indebtedness, the distribution may be made and the notice given to their Representative.

          10.9.2 Upon any payment or distribution of assets of the Company referred to in this Article
Ten, the Trustee and the Holders of the Securities shall be entitled to rely upon any order or
decree made by any court of competent jurisdiction or upon any certificate of such Representative
or the liquidating trustee or agent or other person making any distribution to the Trustee or to
the Holders of Securities, for the purpose of ascertaining the persons entitled to participate in
such distribution, the holders of Senior Indebtedness and other indebtedness of the Company, the
amount thereof or payable thereon, the amount or amounts paid or distributed thereon and all other
facts pertinent thereto or to this Article Ten.

     Section 10.10 Acceleration of Securities . 

     The Company shall promptly notify holders of its Senior Indebtedness and any agent or
representative with respect to such Senior Indebtedness if payment of the Securities is accelerated
because of an Event of Default.

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     Section 10.11 Subordination May Not be Impaired by the Company . 

     No right of any holder of Senior Indebtedness to enforce the subordination of the indebtedness
evidenced by the Securities shall be impaired by any act or failure to act by the Company or any
Holder of Securities or by the failure of the Company or any Holder of Securities to comply with
this Indenture.

     Section 10.12 Notice by the Company . 

     The Company shall promptly notify the Trustee and the Paying Agent in writing of any facts
known to the Company that would cause a payment of any principal of (and premium, if any) interest,
if any, and additional interest, if any, with respect to the Securities to violate this Article
Ten, but failure to give such notice shall not affect the subordination of the Securities to the
Senior Indebtedness as provided in this Article Ten.

ARTICLE XI.

MISCELLANEOUS

     Section 11.1 Trust Indenture Act Controls.

     If any provision of this Indenture limits, qualifies, or conflicts with another provision
which is required or deemed to be included in this Indenture by the TIA, such required or deemed
provision shall control.

     Section 11.2 Notices.

     Any notice or communication by the Company or the Trustee to the other is duly given if in
writing and delivered in person or mailed by first-class mail:

if to the Company:

FreeSeas Inc.

89 Akti Miaouli Street & 4 Mavrokordatou Street

Piraeus, Greece 185 38

if to the Trustee:

[Name of Trustee]

[Address]

Attention:

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

     Any notice or communication to a Securityholder shall be mailed by first-class mail to his
address shown on the register kept by the Registrar and, if any Bearer Securities are outstanding,
published in an Authorized Newspaper. Failure to mail a notice or communication to a

44

 

Securityholder of any Series or any defect in it shall not affect its sufficiency with respect to
other Securityholders of that or any other Series.

     If a notice or communication is mailed or published in the manner provided above, within the
time prescribed, it is duly given, whether or not the Securityholder receives it.

     If the company mails a notice or communication to Securityholders, it mail a copy to the
Trustee and each Agent at the same time.

     Section 11.3 Communication by Holders with Other Holders.

     Securityholders of any Series may communicate pursuant to TIA Section 312(b) with other
Securityholders of that Series or any other Series with respect to their rights under this
Indenture or the Securities of that Series or all Series. The Company, the Trustee, the Registrar
and anyone else shall have the protection of TIA Section 312(c).

     Section 11.4 Certificate and opinion as to Conditions Precedent.

     Upon any request or application by the Company to the Trustee to take any action under this
Indenture, the Company shall furnish to the Trustee:

	 	(a)	 	an Officers’ Certificate stating that, in the opinion of the signers, all
conditions precedent, if any, provided for in this Indenture relating to the proposed
action have been complied with; and
	 
	 	(b)	 	an opinion of Counsel stating that, in the opinion of counsel, all such
conditions precedent have been complied with.

     Section 11.5 Statements Required in Certificate or opinion.

     Each certificate or opinion with respect to compliance with a condition or covenant provided
for in this Indenture (other than a certificate provided pursuant to TIA Section 314(a)(4)) shall
comply with the provisions of TIA Section 314(e) and 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.

45

 

     Section 11.6 Rules by Trustee and Agents.

     The Trustee may make reasonable rules for action by or a meeting of Securityholders of one or
more Series. Any Agent may make reasonable rules and set reasonable requirements for its functions.

     Section 11.7 Legal Holidays.

     Unless otherwise provided by Board Resolution, officers’ Certificate or supplemental indenture
for a particular Series, a “Legal Holiday” is any day that is not a Business Day. If a payment date
is a Legal Holiday at a place of payment, payment may be made at that place on the next succeeding
day that is not a Legal Holiday, and no interest shall accrue for the intervening period.

     Section 11.8 No Recourse Against Others.

     A director, officer, employee or stockholder, as such, of the Company shall not have any
liability for any obligations of the Company under the Securities or the Indenture or for any claim
based on, in respect of or by reason of such obligations or their creation. Each Securityholder by
accepting a Security waives and releases all such liability. The waiver and release are part of the
consideration for the issue of the Securities.

     Section 11.9 Counterparts.

     This Indenture may be executed in any number of counterparts and by the parties hereto in
separate counterparts, each of which when so executed shall be deemed to be an original and all of
which taken together shall constitute one and the same agreement.

     Section 11.10 Governing Laws.

THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW
YORK EXCLUDING (TO THE GREATEST EXTENT POSSIBLE) ANY RULE OF LAW THAT WOULD CAUSE
THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF NEW YORK.

     Section 11.11 No Adverse Interpretation of Other Agreements.

     This Indenture may not be used to interpret another indenture, loan or debt agreement of the
Company or a Subsidiary. Any such indenture, loan or debt agreement may not be used to interpret
this Indenture.

     Section 11.12 Successors.

     All agreements of the Company in this Indenture and the Securities shall bind its successor.
All agreements of the Trustee in this Indenture shall bind its successor.

     Section 11.13 Severability.

46

 

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

     Section 11.14 Table of Contents, Headings, Etc.

     The Table of Contents, Cross Reference Table, and headings of the Articles and Sections of
this Indenture have been inserted for convenience of reference only, are not to be considered a
part hereof, and shall in no way modify or restrict any of the terms or provisions hereof.

     Section 11.15 Securities in a Foreign Currency or in ECU.

     Unless otherwise specified in a Board Resolution, a supplemental indenture hereto or an
Officers’ Certificate delivered pursuant to Section 2.2 of this Indenture with respect to a
particular Series of Securities, whenever for purposes of this Indenture any action may be taken by
the Holders of a specified percentage in aggregate principal amount of Securities of all Series or
all Series affected by a particular action at the time outstanding and, at such time, there are
outstanding Securities of any Series which are denominated in a coin or currency other than Dollars
(including ECUs), then the principal amount of Securities of such Series which shall be deemed to
be outstanding for the purpose of taking such action shall be that amount of Dollars that could be
obtained for such amount at the Market Exchange Rate at such time. For purposes of this Section
11.15, “Market Exchange Rate” shall mean the noon Dollar buying rate in New York City for cable
transfers of that currency as published by the Federal Reserve Bank of New York; provided, however,
in the case of ECUs, Market Exchange Rate shall mean the rate of exchange determined by the
Commission of the European Union (or any successor thereto) as published in the Official Journal of
the European union (such publication or any successor publication, the “Journal”). If such Market
Exchange Rate is not available for any reason with respect to such currency, the Trustee shall use,
in its sole discretion and without liability on its part, such quotation of the Federal Reserve
Bank of New York or, in the case of ECUs, the rate of exchange as published in the Journal, as of
the most recent available date, or quotations or, in the case of ECUs, rates of exchange from one
or more major banks in The City of New York or in the country of issue of the currency in question
or, in the case of ECUs, in Luxembourg or such other quotations or, in the case of ECUs, rates of
exchange as the Trustee, upon consultation with the Company, shall deem appropriate. The provisions
of this paragraph shall apply in determining the equivalent principal amount in respect of
Securities of a Series denominated in currency other than Dollars in connection with any action
taken by Holders of Securities pursuant to the terms of this Indenture.

     All decisions and determinations of the Trustee regarding the Market Exchange Rate or any
alternative determination provided for in the preceding paragraph shall be in its sole discretion
and shall, in the absence of manifest error, be conclusive to the extent permitted by law for all
purposes and irrevocably binding upon the Company and all Holders.

     Section 11.16 Judgment Currency.

     The Company agrees, to the fullest extent that it may effectively do so under applicable law,
that (a) if for the purpose of obtaining judgment in any court it is necessary to convert the

47

 

sum due in respect of the principal of or interest or other amount on the Securities of any Series
(the “Required Currency”) into a currency in which a judgment will be rendered (the “Judgment
Currency”), the rate of exchange used shall be the rate at which in accordance with normal banking
procedures the Trustee could purchase in The City of New York the Required Currency with the
Judgment Currency on the day on which final unappealable judgment is entered, unless such day is
not a New York Banking Day, then, the rate of exchange used shall be the rate at which in
accordance with normal banking procedures the Trustee could purchase in The City of New York the
Required Currency with the Judgment Currency on the New York Banking Day preceding the day on which
final unappealable judgment is entered and (b) its obligations under this Indenture to make
payments in the Required Currency (i) shall not be discharged or satisfied by any tender, any
recovery pursuant to any judgment (whether or not entered in accordance with subsection (a)), in
any currency other than the Required Currency, except to the extent that such tender or recovery
shall result in the actual receipt, by the payee, of the full amount of the Required Currency
expressed to be payable in respect of such payments, (ii) shall be enforceable as an alternative or
additional cause of action for the purpose of recovering in the Required Currency the amount, if
any, by which such actual receipt shall fall short of the full amount of the Required Currency so
expressed to be payable, and (iii) shall not be affected by judgment being obtained for any other
sum due under this Indenture. For purposes of the foregoing, “New York Banking Day” means any day
except a Saturday, Sunday or a legal holiday in The City of New York on which banking institutions
are authorized or required by law, regulation or executive order to close.

ARTICLE XII.

SINKING FUNDS

     Section 12.1 Applicability of Article.

     The provisions of this Article shall be applicable to any sinking fund for the retirement of
the Securities of a Series, except as otherwise permitted or required by any form of Security of
such Series issued pursuant to this Indenture.

     The minimum amount of any sinking fund payment provided for by the terms of the Securities of
any Series is herein referred to as a “mandatory sinking fund payment” and any other amount
provided for by the terms of Securities of such Series is herein referred to as an “optional
sinking fund payment.” If provided for by the terms of Securities of any Series, the cash amount of
any sinking fund payment may be subject to reduction as provided in Section 11.2. Each sinking fund
payment shall be applied to the redemption of Securities of any Series as provided for by the terms
of the securities of such Series.

     Section 12.2 Satisfaction of Sinking Fund Payments with Securities.

     The Company may, in satisfaction of all or any part of any sinking fund payment with respect
to the Securities of any Series to be made pursuant to the terms of such Securities (1) deliver
outstanding Securities of such Series to which such sinking fund payment is applicable (other than
any of such Securities previously called for mandatory sinking fund redemption) and (2) apply as
credit Securities of such Series to which such sinking fund payment is applicable

48

 

and which have been redeemed either at the election of the Company pursuant to the terms of such
Series of Securities (except pursuant to any mandatory sinking fund) or through the application of
permitted optional sinking fund payments or other optional redemptions pursuant to the terms of
such Securities, provided that such Securities have not been previously so credited. Such
Securities shall be received by the Trustee, together with an Officers’ Certificate with respect
thereto, not later than 15 days prior to the date on which the Trustee begins the process of
selecting Securities for redemption, and shall be credited for such purpose by the Trustee at the
price specified in such Securities for redemption through operation of the sinking fund and the
amount of such sinking fund payment shall be reduced accordingly. If as a result of the delivery or
credit of Securities in lieu of cash payments pursuant to this Section 11.2, the principal amount
of Securities of such Series to be redeemed in order to exhaust the aforesaid cash payment shall be
less than $100,000, the Trustee need not call Securities of such Series for redemption, except upon
receipt of a Company Order that such action be taken, and such cash payment shall be held by the
Trustee or a Paying Agent and applied to the next succeeding sinking fund payment, provided,
however, that the Trustee or such Paying Agent shall from time to time upon receipt of a Company
Order pay over and deliver to the Company any cash payment so being held by the Trustee or such
Paying Agent upon delivery by the Company to the Trustee of Securities of that Series purchased by
the Company having an unpaid principal amount equal to the cash payment required to be released to
the Company.

     Section 12.3 Redemption of Securities for Sinking Fund.

     Not less than 45 days (unless otherwise indicated in the Board Resolution, supplemental
indenture hereto or Officers’ Certificate in respect of a particular Series of Securities) prior to
each sinking fund payment date for any Series of Securities, the Company will deliver to the
Trustee an Officers’ Certificate specifying the amount of the next ensuing mandatory sinking fund
payment for that Series pursuant to the terms of that Series, the portion thereof, if any, which is
to be satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by
delivering and crediting of Securities of that Series pursuant to Section 11.2., and the optional
amount, if any, to be added in cash to the next ensuing mandatory sinking fund payment, and the
Company shall thereupon be obligated to pay the amount therein specified. Not less than 30 days
(unless otherwise indicated in the Board Resolution, Officers’ Certificate or supplemental
indenture in respect of a particular Series of Securities) before each such sinking fund payment
date the Trustee shall select the Securities to be redeemed upon such sinking fund payment date in
the manner specified in Section 3.2 and cause notice of the redemption thereof to be given in the
name of and at the expense of the Company in the manner provided in Section 3.3. Such notice having
been duly given, the redemption of such Securities shall stated in Sections 3.4, 3.5 and 3.6.

49

 

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

	 	 	 	 	 
	 	FreeSeas Inc.	 
	 	 	 
	 	By:  	                                       /s/ [TBD]
 	 
	 	 	Name:  	[TBD] 	 
	 	 	Its:  [Chief Accounting Officer and Company
Secretary 	 
	 

	 	 	 	 	 
	[Name of Trustee]	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

	 	 
	Name:
	 	 	 	 
	 

	 	 	 	 
	Its:
	 	 	 	 
	 

	 	 	 	 

50EX-4.1 INDENTURE

 

EXHIBIT 4.1

 

MPT OPERATING PARTNERSHIP, L.P., as Issuer

MEDICAL PROPERTIES TRUST, INC., as Guarantor

WILMINGTON TRUST COMPANY, as Trustee

 

INDENTURE

Dated as of

March 26, 2008

 

9.25% Exchangeable Senior Notes due 2013

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	PAGE	 
	ARTICLE 1
	 	 	 	 
	DEFINITIONS
	 	 	 	 
	 
	 	 	 	 	 	 
	Section 1.01.
	 	Definitions	 	 	1	 
	 
	 	 	 	 	 	 
	ARTICLE 2
	 	 	 	 
	ISSUE, DESCRIPTION, EXECUTION, REGISTRATION AND EXCHANGE OF NOTES
	 	 	 	 
	 
	 	 	 	 	 	 
	Section 2.01.
	 	Designation Amount and Issue of Notes	 	 	10	 
	Section 2.02.
	 	Form of Notes	 	 	10	 
	Section 2.03.
	 	Date and Denomination of Notes; Payments of Interest	 	 	11	 
	Section 2.04.
	 	Execution of Notes	 	 	13	 
	Section 2.05.
	 	Exchange and Registration of Transfer of Notes; Restrictions on Transfer	 	 	13	 
	Section 2.06.
	 	Mutilated, Destroyed, Lost or Stolen Notes	 	 	18	 
	Section 2.07.
	 	Temporary Notes	 	 	19	 
	Section 2.08.
	 	Cancellation of Notes	 	 	19	 
	Section 2.09.
	 	CUSIP Numbers	 	 	20	 
	 
	 	 	 	 	 	 
	ARTICLE 3
	 	 	 	 
	REDEMPTION AND REPURCHASE OF NOTES
	 	 	 	 
	 
	 	 	 	 	 	 
	Section 3.01.
	 	Redemption of Notes	 	 	20	 
	Section 3.02.
	 	Notice of Optional Redemption; Selection of Notes	 	 	20	 
	Section 3.03.
	 	Payment of Notes Called for Redemption by the Issuer	 	 	22	 
	Section 3.04.
	 	Sinking Fund	 	 	22	 
	Section 3.05.
	 	Repurchase at Option of Holders Upon a Designated Event	 	 	22	 
	Section 3.06.
	 	[Reserved]	 	 	24	 
	Section 3.07.
	 	Issuer Repurchase Notice	 	 	24	 
	Section 3.08.
	 	Effect of Designated Event Repurchase Notice; Withdrawal	 	 	26	 
	Section 3.09.
	 	Deposit of Repurchase Price	 	 	27	 
	Section 3.10.
	 	Notes Repurchased in Part	 	 	27	 
	Section 3.11.
	 	Repayment to the Issuer	 	 	27	 
	 
	 	 	 	 	 	 
	ARTICLE 4
	 	 	 	 
	PARTICULAR COVENANTS OF THE ISSUER
	 	 	 	 
	 
	 	 	 	 	 	 
	Section 4.01.
	 	Payment of Principal, Premium and Interest	 	 	27	 
	Section 4.02.
	 	Maintenance of Office or Agency	 	 	27	 
	Section 4.03.
	 	Appointments to Fill Vacancies in Trustee's Office	 	 	28	 
	Section 4.04.
	 	Provisions as to Paying Agent	 	 	28	 
	Section 4.05.
	 	Existence	 	 	29	 
	Section 4.06.
	 	[Reserved]	 	 	29	 

 

 

	 	 	 	 	 	 	 
	 	 	 	 	PAGE	 
	Section 4.07.
	 	Stay, Extension and Usury Laws	 	 	29	 
	Section 4.08.
	 	Compliance Certificate	 	 	30	 
	Section 4.09.
	 	Additional Interest Notice	 	 	30	 
	 
	 	 	 	 	 	 
	ARTICLE 5
	 	 	 	 
	NOTEHOLDERS’ LISTS AND REPORTS BY THE ISSUER AND THE TRUSTEE
	 	 	 	 
	 
	 	 	 	 	 	 
	Section 5.01.
	 	Noteholders’ Lists	 	 	30	 
	Section 5.02.
	 	Preservation and Disclosure of Lists	 	 	31	 
	Section 5.03.
	 	Reports by Trustee	 	 	31	 
	Section 5.04.
	 	Reports by Issuer	 	 	31	 
	 
	 	 	 	 	 	 
	ARTICLE 6
	 	 	 	 
	REMEDIES OF THE TRUSTEE AND NOTEHOLDERS ON AN EVENT OF DEFAULT
	 	 	 	 
	 
	 	 	 	 	 	 
	Section 6.01.
	 	Events of Default	 	 	32	 
	Section 6.02.
	 	Payments of Notes on Default; Suit Therefor	 	 	35	 
	Section 6.03.
	 	Application of Monies Collected by Trustee	 	 	36	 
	Section 6.04.
	 	Proceedings by Noteholders	 	 	37	 
	Section 6.05.
	 	Proceedings by Trustee	 	 	37	 
	Section 6.06.
	 	Remedies Cumulative and Continuing	 	 	38	 
	Section 6.07.
	 	Direction of Proceedings and Waiver of Defaults by Majority of Noteholders	 	 	38	 
	Section 6.08.
	 	Undertaking to Pay Costs	 	 	38	 
	 
	 	 	 	 	 	 
	ARTICLE 7
	 	 	 	 
	THE TRUSTEE
	 	 	 	 
	 
	 	 	 	 	 	 
	Section 7.01.
	 	Notice of Defaults	 	 	39	 
	Section 7.02.
	 	Certain Rights of Trustee	 	 	39	 
	Section 7.03.
	 	Not Responsible for Recitals or Issuance of Notes	 	 	41	 
	Section 7.04.
	 	May Hold Notes and Common Stock	 	 	41	 
	Section 7.05.
	 	Money Held in Trust	 	 	41	 
	Section 7.06.
	 	Compensation and Reimbursement	 	 	41	 
	Section 7.07.
	 	Corporate Trustee Required; Eligibility; Conflicting Interests	 	 	42	 
	Section 7.08.
	 	Resignation and Removal; Appointment of Successor	 	 	42	 
	Section 7.09.
	 	Acceptance of Appointment By Successor	 	 	44	 
	Section 7.10.
	 	Merger, Conversion, Consolidation or Succession to Business	 	 	45	 
	Section 7.11.
	 	Appointment of Authenticating Agent	 	 	45	 
	Section 7.12.
	 	Certain Duties and Responsibilities of the Trustee	 	 	46	 
	 
	 	 	 	 	 	 
	ARTICLE 8
	 	 	 	 
	THE NOTEHOLDERS
	 	 	 	 
	 
	 	 	 	 	 	 
	Section 8.01.
	 	Action by Noteholders	 	 	47	 
	Section 8.02.
	 	Proof of Execution by Noteholders	 	 	48	 
	Section 8.03.
	 	Absolute Owners	 	 	48	 
	Section 8.04.
	 	Issuer-owned Notes Disregarded	 	 	48	 

ii  

 

	 	 	 	 	 	 	 
	 	 	 	 	PAGE	 
	Section 8.05.
	 	Revocation of Consents; Future Holders Bound	 	 	49	 
	 
	 	 	 	 	 	 
	ARTICLE 9
	 	 	 	 
	SUPPLEMENTAL INDENTURES
	 	 	 	 
	 
	 	 	 	 	 	 
	Section 9.01.
	 	Supplemental Indentures Without Consent of Noteholders	 	 	49	 
	Section 9.02.
	 	Supplemental Indenture With Consent of Noteholders	 	 	50	 
	Section 9.03.
	 	Effect of Supplemental Indenture	 	 	51	 
	Section 9.04.
	 	Notation on Notes	 	 	52	 
	Section 9.05.
	 	Evidence of Compliance of Supplemental Indenture to Be Furnished to Trustee	 	 	52	 
	 
	 	 	 	 	 	 
	ARTICLE 10
	 	 	 	 
	CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE
	 	 	 	 
	 
	 	 	 	 	 	 
	Section 10.01.
	 	Issuer May Consolidate on Certain Terms	 	 	52	 
	Section 10.02.
	 	Issuer Successor to Be Substituted	 	 	53	 
	Section 10.03.
	 	Guarantor May Consolidate on Certain Terms	 	 	53	 
	Section 10.04.
	 	Guarantor Successor to Be Substituted	 	 	54	 
	 
	 	 	 	 	 	 
	ARTICLE 11
	 	 	 	 
	SATISFACTION AND DISCHARGE OF INDENTURE
	 	 	 	 
	 
	 	 	 	 	 	 
	Section 11.01.
	 	Satisfaction and Discharge of Indenture	 	 	54	 
	Section 11.02.
	 	Application of Trust Funds	 	 	55	 
	Section 11.03.
	 	Paying Agent to Repay Monies Held	 	 	55	 
	Section 11.04.
	 	Return of Unclaimed Monies	 	 	55	 
	Section 11.05.
	 	Reinstatement	 	 	56	 
	 
	 	 	 	 	 	 
	ARTICLE 12
	 	 	 	 
	IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS
	 	 	 	 
	 
	 	 	 	 	 	 
	Section 12.01.
	 	Indenture and Notes Solely Corporate Obligations	 	 	56	 
	 
	 	 	 	 	 	 
	ARTICLE 13
	 	 	 	 
	EXCHANGE OF NOTES
	 	 	 	 
	 
	 	 	 	 	 	 
	Section 13.01.
	 	Right to Exchange	 	 	56	 
	Section 13.02.
	 	Exercise of Exchange Right; No Adjustment for Interest or Dividends	 	 	60	 
	Section 13.03.
	 	Cash Payments in Lieu of Fractional Shares	 	 	62	 
	Section 13.04.
	 	Exchange Rate	 	 	62	 
	Section 13.05.
	 	Adjustment of Exchange Rate	 	 	63	 
	Section 13.06.
	 	Taxes on Shares Issued	 	 	70	 
	Section 13.07.
	 	Reservation of Shares, Shares to Be Fully Paid; Compliance with	 	 	70	 
	 
	 	Governmental Requirements; Listing of Common Stock	 	 	 	 
	Section 13.08.
	 	Responsibility of Trustee	 	 	71	 
	Section 13.09.
	 	Notice to Holders Prior to Certain Actions	 	 	71	 
	Section 13.10.
	 	Settlement upon Exchange	 	 	72	 

iii  

 

	 	 	 	 	 	 	 
	 	 	 	 	PAGE	 
	Section 13.11.
	 	Exchange Rate Adjustment After Certain Designated Events	 	 	73	 
	Section 13.12.
	 	Calculations in Respect of Notes	 	 	74	 
	 
	 	 	 	 	 	 
	ARTICLE 14
	 	 	 	 
	MEETINGS OF HOLDERS OF NOTES
	 	 	 	 
	 
	 	 	 	 	 	 
	Section 14.01.
	 	Purposes for Which Meetings May Be Called	 	 	75	 
	Section 14.02.
	 	Call, Notice and Place of Meetings	 	 	75	 
	Section 14.03.
	 	Persons Entitled to Vote at Meetings	 	 	75	 
	Section 14.04.
	 	Quorum; Action	 	 	75	 
	Section 14.05.
	 	Determination of Voting Rights; Conduct and Adjournment of Meetings	 	 	76	 
	Section 14.06.
	 	Counting Votes and Recording Action of Meetings	 	 	77	 
	 
	 	 	 	 	 	 
	ARTICLE 15
	 	 	 	 
	GUARANTEE
	 	 	 	 
	 
	 	 	 	 	 	 
	Section 15.01.
	 	Guarantee	 	 	77	 
	Section 15.02.
	 	Execution and Delivery of Guarantee	 	 	79	 
	Section 15.03.
	 	Limitation of Guarantor’s Liability; Certain Bankruptcy Events	 	 	79	 
	Section 15.04.
	 	Application of Certain Terms and Provisions to the Guarantor	 	 	80	 
	 
	 	 	 	 	 	 
	ARTICLE 16
	 	 	 	 
	MISCELLANEOUS PROVISIONS
	 	 	 	 
	 
	 	 	 	 	 	 
	Section 16.01.
	 	Provisions Binding on Issuer’s and Guarantor’s Successors	 	 	80	 
	Section 16.02.
	 	Official Acts by Successor Corporation	 	 	80	 
	Section 16.03.
	 	Addresses for Notices, etc	 	 	80	 
	Section 16.04.
	 	Governing Law	 	 	81	 
	Section 16.05.
	 	Evidence of Compliance with Conditions Precedent, Certificates to Trustee	 	 	81	 
	Section 16.06.
	 	Legal Holidays	 	 	82	 
	Section 16.07.
	 	Conflict with Trust Indenture Act	 	 	82	 
	Section 16.08.
	 	No Security Interest Created	 	 	82	 
	Section 16.09.
	 	Benefits of Indenture	 	 	82	 
	Section 16.10.
	 	Table of Contents, Headings, etc	 	 	83	 
	Section 16.11.
	 	Execution in Counterparts	 	 	83	 
	Section 16.12.
	 	Severability	 	 	83	 
	Section 16.13.
	 	No Stockholder Rights for Noteholders	 	 	83	 

			
	 	 	 
	Exhibit A Form of Note
	 	A-1

iv  

 

CROSS-REFERENCE TABLE*

	 	 	 
	Trust Indenture Act Section	 	Indenture Section
	310(a)(1)                                                
	 	7.09
	(a)(2)                                                
	 	7.07
	(a)(3)                                                
	 	7.07
	(a)(4)                                                
	 	N.A.
	(a)(5)                                                
	 	7.07
	(b)                                                
	 	7.08
	(c)                                                
	 	N.A.
	311(a)                                                
	 	N.A.
	(b)                                                
	 	N.A.
	(c)                                                
	 	N.A.
	312(a)                                                
	 	5.01
	(b)                                                
	 	5.02
	(c)                                                
	 	5.02
	313(a)                                                
	 	5.03
	(b)                                                
	 	5.03
	(c)                                                
	 	N.A.
	(d)                                                
	 	5.03
	314(a)                                                
	 	4.09, 5.04
	(b)                                                
	 	N.A.
	(c)(1)                                                
	 	N.A.
	(c)(2)                                                
	 	N.A.
	(c)(3)                                                
	 	N.A.
	(d)                                                
	 	N.A.
	(e)                                                
	 	N.A.
	(f)                                                
	 	N.A.
	315(a)                                                
	 	7.02
	(b)                                                
	 	7.01
	(c)                                                
	 	6.05
	(d)                                                
	 	7.01
	(e)                                                
	 	6.09
	316(a)(1)(A)                                                
	 	6.07
	(a)(1)(B)                                                
	 	6.07
	(a)(2)                                                
	 	N.A.
	(b)                                                
	 	N.A.
	(c)                                                
	 	N.A.
	317(a)(1)                                                
	 	6.02
	(a)(2)                                                
	 	6.02
	(b)                                                
	 	4.04
	318(a)                                                
	 	N.A.

 

			
	N.A. means not applicable.
	 
	*	 	This Cross-Reference Table is not part of the Indenture.

v  

 

INDENTURE

          INDENTURE dated as of March 26, 2008 among MPT Operating Partnership, L.P., a Delaware limited
partnership (hereinafter called the “Issuer”), Medical Properties Trust, Inc., a Maryland
corporation (hereinafter called the “Guarantor”), each having its principal office at 1000 Urban
Center Drive, Suite 501, Birmingham, Alabama 35242, and Wilmington Trust Company, a Delaware
banking corporation, as trustee hereunder (hereinafter called the “Trustee”).

ARTICLE 1

DEFINITIONS

          Section 1.01. Definitions. The terms defined in this Section 1.01 (except as herein otherwise expressly provided
or unless the context otherwise requires) for all purposes of this Indenture and of any indenture
supplemental hereto shall have the respective meanings specified in this Section 1.01. All other
terms used in this Indenture that are defined in the Trust Indenture Act (as defined below) or
which are defined for purposes of the Trust Indenture Act by reference to definitions contained in
the Securities Act (as defined below) (except as herein otherwise expressly provided or unless the
context otherwise requires) shall have the respective 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 Indenture.
The words “herein,” “hereof,” “hereunder” and 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 include the plural as well as the singular.

          “Additional Interest” has the meaning specified in the Registration Rights Agreement (as
defined below).

          “Additional Interest Notice” has the meaning specified in Section 4.09.

          “Additional Notes” has the meaning specified in Section 2.01.

          “Additional Designated Event Shares” has the meaning specified in Section 13.11(a).

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

          “Agent Members” has the meaning specified in Section 2.05(b)(v).

 

 

          “Applicable Exchange Rate” as of any Trading Day, means the Exchange Rate in effect on such
date, after giving effect to any adjustment provided for in Section 13.05 or Section 13.11.

          “Applicable Observation Period” with respect to any Note means the 30 consecutive Trading Day
period beginning on and including the second Trading Day after the Exchange Date relating to such
Note, except that with respect to any Note surrendered for exchange during the period beginning on
January 1, 2013 and ending on the second Business Day prior to the Maturity Date, “Applicable
Observation Period” means the first 30 Trading Days beginning on and including the 32nd Scheduled
Trading Day prior to the Maturity Date.

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

          “Benefited Party” has the meaning specified in Section 15.01.

          “Board of Directors” means the board of directors of the Guarantor or a committee of that
board duly authorized to act hereunder.

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

          “Business Day” means each Monday, Tuesday, Wednesday, Thursday and Friday, other than (i) a
day on which banking institutions in The City of Wilmington or The City of New York are authorized
or obligated by law or executive order to close, or (ii) a day on which the Corporate Trust Office
of the Trustee is authorized or obligated by law or executive order to close.

          “Charter” means the Second Articles of Amendment and Restatement of the Guarantor dated March
29, 2004, as amended to date.

          “close of business” means 5:00 p.m., New York City time.

          “Closing Sale Price” of Common Stock or other capital stock or similar equity interests or
other publicly traded securities on any Trading Day means the closing sale price per share (or, if
no closing sale price is reported, the average of the closing bid and ask prices or, if more than
one in either case, the average of the average closing bid and the average closing ask prices) on
such date as reported on the principal United States securities exchange on which Common Stock or
such other capital stock or similar equity interests or other securities are traded or, if Common
Stock or such other capital stock or similar equity interests or other securities are not listed on
a United States national or regional securities exchange, any United States system of automated
dissemination of quotations of securities prices or an established over-the-counter trading market
in the United States. The Closing Sale Price will be determined without regard to after-hours
trading or extended market making. In the absence of the foregoing, the Issuer will determine the
Closing Sale Price on such basis as it considers appropriate.

 2 

 

          “Commission” means the Securities and Exchange Commission, as from time to time constituted,
created under the Exchange Act, or, if at any time after the execution of this 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 at such time.

          “Common Stock” means all shares of capital stock issued by the Guarantor other than Preferred
Stock. Shares of Common Stock issuable on exchange of Notes shall include only shares of the class
designated as common stock of the Guarantor at the date of this Indenture (namely, the common
stock, par value $0.001) or shares of any class or classes resulting from any reclassification or
reclassifications thereof and which have no preference in respect of dividends or of amounts
payable in the event of any voluntary or involuntary liquidation, dissolution or winding up of the
Guarantor and which are not subject to redemption by the Guarantor; provided that if at any time
there shall be more than one such resulting class, the shares of each such class then so issuable
on exchange shall be substantially in the proportion which the total number of shares of such class
resulting from all such reclassifications bears to the total number of shares of all such classes
resulting from all such reclassifications.

          “Continuing Director” means a director who either was a member of the Board of Directors on
March 20, 2008 or who becomes a member of the Board of Directors subsequent to that date and whose
election, appointment or nomination for election by the Guarantor’s shareholders, is duly approved
by a majority of the Continuing Directors on the Board of Directors at the time of such approval,
either by a specific vote or by approval of the proxy statement issued by the Issuer on behalf of
the entire Board of Directors in which such individual is named as nominee for director.

          “Corporate Trust Office” or other similar term, means the designated office of the Trustee at
which, at any particular time, its corporate trust business as it relates to this Indenture shall
be administered, which office is, at the date as of which this Indenture is dated, located at
Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890-0001, Attention:
Corporate Capital Markets, or at any other time at such other address as the Trustee may designate
from time to time by notice to the Issuer.

          “CUSIP” means the Committee on Uniform Securities Identification Procedures.

          “Custodian” means Wilmington Trust Company, as custodian with respect to the Notes in global
form, or any successor entity thereto.

          “Daily Exchange Value” means, for each of the 30 consecutive Trading Days during the
Applicable Observation Period, one- thirtieth of the product of (i) the Applicable Exchange Rate
and (ii) the Daily VWAP of shares of Common Stock on such Trading Day.

          “Daily Settlement Amount” for each of the 30 Trading Days during the Applicable Observation
Period, shall consist of: (i) cash equal to the lesser of (x) one-thirtieth of $1,000 and (y) the
Daily Exchange Value on such Trading Day; and (ii) to the extent the Daily Exchange Value on such
Trading Day exceeds one- thirtieth of $1,000, a number of shares of Common Stock equal to (x) the
difference between the Daily Exchange Value on such Trading Day and one- thirtieth of $1,000,
divided by (y) the Daily VWAP for such Trading Day.

 3 

 

          “Daily VWAP” means, for each of the 30 consecutive Trading Days during the Applicable
Observation Period, the per share volume-weighted average price as displayed under the heading
“Bloomberg VWAP” on Bloomberg page “MPW <equity> AQR” (or its equivalent successor if such
page is not available) in respect of the period from the scheduled open of the primary exchange or
market on which the Common Stock is listed or traded to the scheduled close of such exchange or
market on such Trading Day (or if such volume-weighted average price is unavailable, the market
value of one share of Common Stock on such Trading Day determined, using a volume-weighted average
method, by a nationally recognized independent investment banking firm retained for this purpose by
the Issuer). Daily VWAP will be determined without regard to after hours trading or any other
trading outside of the regular trading session hours.

          “default” means any event that is, or after notice or lapse of time or both would become, an
Event of Default.

          “Defaulted Interest” has the meaning specified in Section 2.03.

          “Depositary” means the clearing agency registered under the Exchange Act that is designated to
act as the depositary for the Global Notes. DTC shall be the initial Depositary, until a successor
shall have been appointed and become such pursuant to the applicable provisions of this Indenture,
and thereafter, “Depositary” shall mean or include such successor.

          “Designated Event” means the occurrence at any time of any of the following events: (1)
consummation of any transaction or event (whether by means of a share exchange or tender offer
applicable to the Common Stock, a liquidation, consolidation, recapitalization, reclassification,
combination or merger of the Guarantor or a sale, lease or other transfer of all or substantially
all of the consolidated assets of the Guarantor) or a series of related transactions or events
pursuant to which all of the outstanding Common Stock is exchanged for, converted into or
constitutes solely the right to receive cash, securities or other property, more than ten percent
(10%) of which consists of cash, securities or other property that is not, or will not be upon
consummation of such transaction, listed on a national securities exchange; (2) any “person” or
“group” (as such terms are used for purposes of Sections 13(d) and 14(d) of the Exchange Act,
whether or not applicable), other than the Guarantor, the Issuer, any majority-owned Subsidiary of
the Guarantor or the Issuer, or any employee benefit plan of the Guarantor, the Issuer or any such
Subsidiary, is or becomes the “beneficial owner,” directly or indirectly, of more than fifty
percent (50%) of the total voting power in the aggregate of all classes of capital stock of the
Guarantor then outstanding and entitled to vote generally in elections of directors (it being
understood and agreed that the ownership of Units will not be deemed to constitute beneficial
ownership of capital stock of the Guarantor); (3) Continuing Directors cease to constitute at least
a majority of the Board of Directors; (4) holders of Common Stock approve any plan or proposal for
liquidation or dissolution of the Issuer or the Guarantor; (5) the Common Stock has ceased to be
listed on a United States national or regional securities exchange for 30 consecutive Trading Days
or (6) the Guarantor (or any successor thereto permitted pursuant to the terms of this Indenture)
ceases to be the general partner of the Issuer or to control the Issuer; provided, however, that
the pro rata distribution by the Guarantor to its stockholders of shares of the Guarantor’s capital
stock or shares of any of the Guarantor’s Subsidiaries (other than the Issuer) will not, in and of
itself, constitute a Designated Event for purposes of this definition.

 4 

 

          For the purposes of this definition, “person” includes any syndicate or group would be deemed
to be a “person” under Section 13(d)(3) of the Exchange Act.

          “Designated Event Repurchase Date” has the meaning specified in Section 3.05(a).

          “DTC” means The Depository Trust Company.

          “Effective Date” has the meaning specified in Section 13.11(b).

          “Event of Default” has the meaning specified in Section 6.01.

          “ex-dividend date” has the meaning specified in Section 13.01(a)(iv).

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

          “Exchange Agent” means the exchange agent appointed by the Issuer to act as set forth in
Article 13, which, initially, shall be the Trustee.

          “Exchange Date” has the meaning specified in Section 13.02.

          “Exchange Notice” has the meaning specified in Section 13.02.

          “Exchange Price” means, on any date of determination, $1,000, divided by the Exchange Rate as
of such date.

          “Exchange Rate” has the meaning specified in Section 13.04.

          “Expiration Time” has the meaning specified in Section 13.05(e).

          “Global Note” has the meaning specified in Section 2.02.

          “Guarantee” means the full and unconditional guarantee provided by the Guarantor in respect of
the Notes as made applicable to the Notes in accordance with the provisions of Article 15 hereof.

          “Guarantee Obligations” has the meaning specified in Section 15.01.

          “Guarantor” means the corporation named as the “Guarantor” in the first paragraph of this
Indenture, and, subject to the provisions of Article 10, shall include its successors and assigns.

          “Indenture” means this instrument as originally executed or, if amended or supplemented as
herein provided, as so amended or supplemented.

          “Initial Notes” has the meaning specified in Section 2.01.

 5 

 

          “Initial Purchasers” means each of UBS Securities LLC, KeyBanc Capital Markets Inc., RBC
Capital Markets Corporation, Deutsche Bank Securities Inc. and J.P. Morgan Securities Inc. (each an
“Initial Purchaser”).

          “interest” means, when used with reference to the Notes, any interest payable under the terms
of the Notes, including Additional Interest, if any, payable under the terms of the Registration
Rights Agreement.

          “Issuer” means the limited partnership named as the “Issuer” in the first paragraph of this
Indenture, and, subject to the provisions of Article 10, shall include its successors and assigns.

          “Issuer Request” and “Issuer Order” mean, respectively, a written request or order (which may
be a standing request or order) signed in the name of the Issuer by the Guarantor by its Chairman
of the Board of Directors, the President or a Vice President, and by its Treasurer, an Assistant
Treasurer, the Secretary or an Assistant Secretary, of the Guarantor, and delivered to the Trustee.

          “Issuer Repurchase Notice” has the meaning specified in Section 3.07(b).

          “Issuer Repurchase Notice Date” has the meaning specified in Section 3.07(a).

          “Make Whole Cap” has the meaning specified in Section 13.11(f)(ii).

          “Make Whole Floor” has the meaning specified in Section 13.11(f)(iii).

          “Market Disruption Event” means the occurrence or existence for more than one half-hour period
in the aggregate on any Scheduled Trading Day for the Common Stock of any suspension or limitation
imposed on trading (by reason of movements in price exceeding limits permitted by the New York
Stock Exchange or otherwise) in the Common Stock or in any options, contracts or future contracts
relating to the Common Stock, and such suspension or limitation occurs or exists at any time before
1:00 p.m. (New York City time) on such day.

          “Maturity Date” means April 1, 2013.

          “Note” or “Notes” means any Note or Notes, as the case may be, authenticated and delivered
under this Indenture, including the Initial Notes, any Additional Notes and any Global Note.

          “Note Register” has the meaning specified in Section 2.05(a).

          “Note Registrar” has the meaning specified in Section 2.05(a).

          “Noteholder” or “Holder” as applied to any Note, or other similar terms (but excluding the
tern “beneficial holder”), means any Person in whose name at the time a particular Note is
registered on the Note Register.

 6 

 

          “Offering Memorandum” means the Issuer’s and the Guarantor’s offering memorandum dated March
20, 2008 relating to the Notes.

          “Officer” means the Chairman of the Board of Directors, the President, one of the Vice
Presidents, the Treasurer, the Assistant Treasurer, the Secretary or an Assistant Secretary of the
Guarantor.

          “Officers’ Certificate,” when used with respect to the Issuer or the Guarantor, means a
certificate signed by the Chairman of the Board of Directors, the President or a Vice President and
by the Treasurer, the Chief Financial Officer, an Assistant Treasurer, the Secretary or an
Assistant Secretary of the Guarantor, and delivered to the Trustee.

          “Opinion of Counsel” means a written opinion of counsel, who may be counsel for the Issuer or
who may be an employee of or other counsel for the Issuer, that shall be satisfactory to the
Trustee and delivered to the Trustee.

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

          (a) Notes theretofore canceled by the Trustee or delivered to the Trustee for cancellation;

          (b) Notes, or portions thereof, for the payment of which (including redemption or repurchase
pursuant to Article 3) money in the necessary amount has been theretofore deposited with the
Trustee or any Paying Agent (other than the Issuer) in trust or set aside and segregated in trust
by the Issuer (if the Issuer shall act as its own Paying Agent) for the Holders of such Notes;
provided however, that, if such Notes are to be redeemed, notice of such redemption has been duly
given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made;

          (c) Notes that have been discharged in accordance with Article 11; and

          (d) Notes that have been paid pursuant to Section 2.06 or in exchange for or in lieu of which
other Notes have been authenticated and delivered pursuant to this Indenture, other than any such
Notes in respect of which there shall have been presented to the Trustee proof satisfactory to it
that such Notes are held by a protected purchaser in whose hands such Notes are valid obligations
of the Issuer;

          provided, however, that in determining whether the Holders of the requisite principal amount of the
outstanding Notes have given any request, demand, authorization, direction, notice, consent or
waiver hereunder or are present at a meeting of Holders for quorum purposes, Notes owned by the
Issuer or any other obligor upon the Notes or any Affiliate of the Issuer or of such other obligor
shall be disregarded and deemed not to be outstanding, except that, in determining whether the
Trustee shall be protected in making such calculation or in relying upon any such request, demand,
authorization, direction, notice, consent or waiver, only Notes that a Responsible Officer of the
Trustee actually knows to be so owned shall be so disregarded. Notes that 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 Notes and that the

 7 

 

pledgee is not the Issuer or any other obligor upon the Notes or any Affiliate of the Issuer or of
such other obligor. 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.

          “Paying Agent” has the meaning specified in Section 2.08.

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

          “PORTAL Market” means The PORTAL Market operated by the Nasdaq Stock Market or any successor
thereto.

          “Predecessor Note” of any particular Note means any previous Note evidencing all or a portion
of the same debt as that evidenced by such particular Note, and, for the purposes of this
definition, any Note authenticated and delivered under Section 2.06 in lieu of a mutilated, lost,
destroyed or stolen Note shall be deemed to evidence the same debt as the mutilated, lost,
destroyed or stolen Note that it replaces.

          “Preferred Stock” means, with respect to any Person, all capital stock issued by such Person
that is entitled to a preference or priority over any other capital stock issued by such Person
with respect to any distribution of such Person’s assets, whether by dividend or upon any voluntary
or involuntary liquidation, dissolution or winding up.

          “premium” means any premium payable under the terms of the Notes.

          “Purchase Agreement” means the Purchase Agreement, dated as of March 20, 2008, among the
Issuer, the Guarantor and the Initial Purchasers.

          “Record Date” has the meaning specified in Section 2.03.

          “Redemption Date” means, with respect to any Note or portion thereof to be redeemed in
accordance with the provisions of Section 3.01 hereof, the date fixed for such redemption in
accordance with the provisions of Section 3.01 hereof.

          “Redemption Price” has the meaning provided in Section 3.01 hereof.

          “Registration Rights Agreement” means the Registration Rights Agreement, dated as of March 26,
2008, among the Issuer, the Guarantor and the Initial Purchasers, as amended from time to time in
accordance with its terms.

          “Responsible Officer” when used with respect to the Trustee, means the chairman or
vice-chairman of the board of directors, the chairman or vice-chairman of the executive committee
of the board of directors, the president, any vice president (whether or not designated by a number
or a word or words added before or after the title “vice president”), the secretary, any assistant
secretary, the treasurer, any assistant treasurer, the cashier, any assistant cashier, any trust
officer or assistant trust officer, the controller or any other officer in the Corporate Trust
Office of the Trustee with direct responsibility for the administration of this

 8 

 

Indenture and also means, with respect to a particular corporate trust matter, any other
officer of the Trustee to whom such matter is referred because of such officer’s knowledge of and
familiarity with the particular subject.

          “Restricted Securities” has the meaning specified in Section 2.05(c).

          “Rule 144A” means Rule 144A as promulgated under the Securities Act as it may be amended from
time to time hereafter.

          “Scheduled Trading Day” means a day that is scheduled to be a Trading Day. “Securities Act”
means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder,
as in effect from time to time.

          “Significant Subsidiary” means any Subsidiary which is a “significant subsidiary” (as defined
in Article I, Rule 1-02 of Regulation S-X, promulgated under the Securities Act) of the Issuer.

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

          “Stock Price” has the meaning specified in Section 13.11(b).

          “Subsidiary” means a Person (other than an individual), a majority of the outstanding voting
stock, partnership interests, membership interests or other equity interest, as the case may be, of
which is owned or controlled, directly or indirectly, by another Person or by one or more other
Subsidiaries of such other Person. For the purposes of this definition, “voting stock” means stock
having voting power for the election of directors, trustees or managers, as the case may be,
whether at all times or only so long as no senior class of stock has such voting power by reason of
any contingency.

          “Trading Day” means a day on which (i) there is no Market Disruption Event and (ii) trading in
securities generally occurs on the New York Stock Exchange or, if the Common Stock is not then
listed on the New York Stock Exchange, on the principal other United States national or regional
securities exchange on which the Common Stock is then listed or, if the Common Stock is not then
listed on a United States national or regional securities exchange, on the principal other market
on which the Common Stock is then traded; provided, however, that if the Common Stock (or other
security for which a Closing Sale Price must be determined) is not so listed or quoted, “Trading
Day” means Business Day.

          “Trading Price” has the meaning specified in Section 13.01(a)(ii).

          “transfer” has the meaning specified in Section 2.05(c).

          “Trust Indenture Act” or “TIA” means the Trust Indenture Act of 1939, as amended, as it was in
force at the date of this Indenture; provided that, in the case of a supplemental indenture
executed pursuant to this Indenture, “Trust Indenture Act” or “TIA”

 9 

 

means the Trust Indenture Act of 1939, as amended, as it was in force at the date of such
supplemental indenture.

          “Trustee” means Wilmington Trust Company, solely in its capacity as Trustee under this
Indenture and not in its individual capacity, and its successors and any corporation resulting from
or surviving any consolidation or merger to which it or its successors may be a party and any
successor trustee at the time serving as successor trustee hereunder.

          “Units” means the limited partnership units of the Issuer.

ARTICLE 2

ISSUE, DESCRIPTION, EXECUTION, REGISTRATION AND EXCHANGE OF NOTES

          Section 2.01. Designation Amount and Issue of Notes. The Notes shall be designated as “9.25% Exchangeable Senior
Notes due 2013.” Upon the execution of this Indenture, and from time to time thereafter, Notes may
be executed by the Issuer and delivered to the Trustee for authentication, and the Trustee shall
thereupon authenticate and deliver Notes upon a written order of the Issuer, such order signed by
one Officer, without any further action by the Issuer hereunder.

          The aggregate principal amount of Notes which may be authenticated and delivered under this
Indenture is unlimited; provided that upon initial issuance (including any issuance upon exercise
of the Initial Purchasers’ option set forth in Section 1(b) of the Purchase Agreement), the
aggregate principal amount of Notes outstanding shall not exceed $75,000,000 (or $86,250,000 if the
Initial Purchasers exercise their option to purchase additional Notes in full as set forth in the
Purchase Agreement), except as provided in Section 2.06. The Issuer may, without the consent of
the Holders of Notes, issue additional Notes (the “Additional Notes”) from time to time in the
future with the same terms and the same CUSIP number as the Notes originally issued under this
Indenture (the “Initial Notes”) in an unlimited principal amount, provided that such Additional
Notes must be part of the same issue as and fungible with the Initial Notes for United States
federal income tax purposes. The Initial Notes and any such Additional Notes will constitute a
single series of debt securities, and in circumstances in which this Indenture provides for the
Holders of Notes to vote or take any action, the Holders of Initial Notes and the Holders of any
such Additional Notes will vote or take that action as a single class.

          Section 2.02. Form of Notes. The Notes, the Guarantee and the Trustee’s certificate of authentication to be borne
by such Notes shall be substantially in the form set forth in Exhibit A hereto. The terms and
provisions contained in the form of Note attached as Exhibit A hereto shall constitute, and are
hereby expressly made, a part of this Indenture and, to the extent applicable, the Issuer and the
Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and
provisions and to be bound thereby.

          Any of the Notes may have such letters, numbers or other marks of identification and such
notations, legends, endorsements or changes as the officers executing the same may approve
(execution thereof to be conclusive evidence of such approval) and as are not inconsistent with the
provisions of this Indenture, or as may be required by the Custodian, the Depositary or by the
Financial Industry Regulatory Authority Inc. in order for the Notes to be

 10 

 

tradable on The PORTAL Market or as may be required for the Notes to be tradable on any other
market developed for trading of securities pursuant to Rule 144A or as may be required to comply
with any applicable law or with any rule or regulation made pursuant thereto or with any rule or
regulation of any securities exchange or automated quotation system on which the Notes may be
listed, or to conform to usage, or to indicate any special limitations or restrictions to which any
particular Notes are subject.

          So long as the Notes are eligible for book-entry settlement with the Depositary, or unless
otherwise required by law, or otherwise contemplated by Section 2.05(b), all of the Notes will be
represented by one or more Notes in global form registered in the name of the Depositary or the
nominee of the Depositary (a “Global Note”). The transfer, redemption, repurchase, exchange, and
all dispositions of beneficial interests in any such Global Note shall be effected through the
Depositary in accordance with this Indenture and the applicable procedures of the Depositary.
Except as provided in Section 2.05(b) beneficial owners of a Global Note shall not be entitled to
have certificates registered in their names, will not receive or be entitled to receive physical
delivery of certificates in definitive form and will not be considered Holders of such Global Note.

          Any Global Note shall represent such of the outstanding Notes as shall be specified therein
and shall provide that it shall represent the aggregate amount of outstanding Notes from time to
time endorsed thereon and that the aggregate amount of outstanding Notes represented thereby may
from time to time be increased or reduced to reflect redemptions, repurchases, exchanges, or
transfers permitted hereby. Any endorsement of a Global Note to reflect the amount of any increase
or decrease in the amount of outstanding Notes represented thereby shall be made by the Trustee or
the Custodian, at the direction of the Trustee, in such manner and upon instructions given by the
Holder of such Notes in accordance with this Indenture. Payment of principal of, interest on and
premium, if any, on any Global Note shall be made to the Holder of such Note.

          So long as any Notes are represented by one or more Global Notes, the parties hereto will be
bound at all times by the applicable procedures of the Depositary with respect to such Notes.

          Section 2.03. Date and Denomination of Notes; Payments of Interest. The Notes shall be issuable in registered
form without coupons in minimum denominations of $1,000 principal amount and in integral multiples
of $1,000 in excess thereof. Each Note shall be dated the date of its authentication and shall bear
interest from the date specified on the face of the Note. Interest on the Notes shall be computed
on the basis of a 360-day year consisting of twelve 30-day months.

          The Person in whose name any Note is registered on the Note Register at the close of business
on any Record Date with respect to any interest payment date shall be entitled to receive the
interest payable on such interest payment date. Notwithstanding the foregoing, any Note or portion
thereof surrendered for exchange during the period from the close of business on the Record Date
for any interest payment to the close of business on the applicable interest payment date must be
accompanied by payment, in immediately available funds or other funds acceptable to the Issuer, of
an amount equal to the interest otherwise payable on such interest

 11 

 

payment date on the principal amount being exchanged; provided, however, that no such payment
need be made (1) if a Holder exchanges its Notes as permitted by Section 13.01(a)(iii) and the
Issuer has specified a Redemption Date that is after a Record Date and on or prior to the Business
Day immediately succeeding the corresponding interest payment date, (2) if a Holder exchanges its
Notes in connection with a Designated Event and the Issuer has specified a Designated Event
Repurchase Date that is after a Record Date and on or prior to the Business Day immediately
succeeding the corresponding interest payment date, (3) with respect to any exchange on or
following the Record Date immediately preceding the Maturity Date, or (4) to the extent of any
Defaulted Interest, if any Defaulted Interest exists at the time of exchange with respect to such
Note. Interest on any Global Note shall be paid by wire transfer of immediately available funds to
the account of the Depositary or its nominee. Payment of the principal and interest on the Notes
not represented by a Global Note will be made at the Corporate Trust Office, or the office
maintained for that purpose by the Issuer in the Borough of Manhattan, The City of New York, New
York, in such coin or currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts; provided, however, that at the option of the
Issuer, payments of interest on the Notes may be made (i) by check mailed to the address of the
Person entitled thereto as such address shall appear in the Note Register or (ii) by wire transfer
to an account maintained by the Person entitled thereto located within the United States.

          If a payment date is not a Business Day, payment shall be made on the next succeeding Business
Day, and no additional interest shall accrue thereon. The term “Record Date” with respect to any
interest payment date shall mean the March 15 or September 15 preceding the applicable April 1 or
October 1 interest payment date, respectively.

          Any interest on any Note that is payable, but is not punctually paid or duly provided for, on
any April 1 or October 1 (herein called “Defaulted Interest”) shall forthwith cease to be payable
to the Noteholder registered as such on the relevant Record Date, and such Defaulted Interest shall
be paid by the Issuer, at its election in each case, as provided in clause (a) or (b) below:

          (a) The Issuer may elect to make payment of any Defaulted Interest to the Persons in whose
names the Notes are registered at the close of business on a special record date for the payment of
such Defaulted Interest, which shall be fixed in the following manner. The Issuer shall notify the
Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Note and the
date of the proposed payment (which shall be not less than twenty (20) calendar days after the
receipt by the Trustee of such notice, unless the Trustee shall consent to an earlier date), and at
the same time the Issuer shall deposit with the Trustee an amount of money equal to the aggregate
amount to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to
the Trustee for such deposit on or prior to the date of the proposed payment, such money when
deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as
in this clause provided. Thereupon the Trustee shall fix a special record date for the payment of
such Defaulted Interest which shall be not more than fifteen (15) calendar days and not less than
ten (10) calendar days prior to the date of the proposed payment, and not less than ten (10)
calendar days after the receipt by the Trustee of the notice of the proposed payment (unless, the
Trustee shall consent to an earlier date). The Trustee shall promptly notify the Issuer of such
special record date and, in the name and at the expense

 12 

 

of the Issuer, shall cause notice of the proposed payment of such Defaulted Interest and the
special record date therefor to be mailed, first-class postage prepaid, to each Holder at its
address as it appears in the Note Register, not less than ten (10) calendar days prior to such
special record date (unless, the Trustee shall consent to an earlier date). Notice of the proposed
payment of such Defaulted Interest and the special record date therefor having been so mailed, such
Defaulted Interest shall be paid to the Persons in whose names the Notes are registered at the
close of business on such special record date and shall no longer be payable pursuant to the
following clause (b) of this Section 2.03.

          (b) The Issuer may make payment of any Defaulted Interest in any other lawful manner not
inconsistent with the requirements of any securities exchange or automated quotation system on
which the Notes may be listed or designated for issuance, and upon such notice as may be required
by such exchange or automated quotation system, if, after notice given by the Issuer to the Trustee
of the proposed payment pursuant to this clause, such manner of payment shall be deemed practicable
by the Trustee.

          Section 2.04. Execution of Notes. The Notes shall be signed in the name and on behalf of the Issuer by the manual
or facsimile signature of an Officer. Only such Notes as shall bear thereon a certificate of
authentication substantially in the form set forth on the form of Note attached as Exhibit A
hereto, executed manually or by facsimile by the Trustee (or an authenticating agent appointed by
the Trustee as provided by Section 7.11), shall be entitled to the benefits of this Indenture or be
valid or obligatory for any purpose. Such certificate by the Trustee (or such an authenticating
agent) upon any Note executed by the Issuer shall be conclusive evidence that the Note so
authenticated has been duly authenticated and delivered hereunder and that the Holder is entitled
to the benefits of this Indenture.

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

          Section 2.05. Exchange and Registration of Transfer of Notes; Restrictions on Transfer. (a) The Trustee shall
cause to be kept at the Corporate Trust Office a register (the register maintained in such office
and in any office or agency of the Issuer designated pursuant to Section 4.02 being herein
sometimes collectively referred to as the “Note Register”) in which, subject to such reasonable
regulations as it may prescribe, the Trustee shall provide for the registration of Notes and of
transfers and exchanges of Notes. The Note Register shall be in written form or in any form capable
of being exchanged into written form within a reasonably prompt period of time. The Trustee is
hereby appointed “Note Registrar” for the purpose of registering Notes and transfers and exchanges
of Notes as herein provided. The Issuer may appoint one or more co-registrars in accordance with
Section 4.02.

          Upon surrender for registration of transfer of any Note to the Note Registrar or any office or
agency maintained by the Issuer pursuant to Section 4.02, and satisfaction of the

 13 

 

requirements for such transfer set forth in this Section 2.05, the Issuer shall execute, and
upon receipt thereof the Trustee shall authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Notes of any authorized denominations and of a like
aggregate principal amount and bearing such restrictive legends as may be required by this
Indenture.

          Notes may be exchanged for other Notes of any authorized denominations and of a like aggregate
principal amount, upon surrender of the Notes to be exchanged at the Corporate Trust Office or any
such office or agency maintained by the Issuer pursuant to Section 4.02. Whenever any Notes are so
surrendered for exchange, the Issuer shall execute, and upon receipt thereof the Trustee shall
authenticate and deliver, the Notes which the Noteholder making the exchange is entitled to receive
bearing registration numbers not contemporaneously outstanding.

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

          All Notes presented or surrendered for registration of transfer or for exchange, redemption,
or repurchase shall (if so required by the Issuer or the Note Registrar) be duly endorsed, or be
accompanied by a written instrument or instruments of transfer in form satisfactory to the Issuer
and the Note Registrar, duly executed by the Noteholder thereof or its attorney duly authorized in
writing.

          No service charge shall be made to any Holder for any registration of transfer or exchange of
Notes, but the Issuer may require payment by the Holder of a sum sufficient to cover any transfer
or similar tax that may be imposed in connection with any registration of transfer or exchange of
Notes.

          In the event of any redemption in part, the Issuer shall not be required to: (i) issue or
register the transfer or exchange of any Note during a period beginning at the opening of business
15 days before any selection of Notes for redemption and ending at the close of business on the
earliest date on which the relevant notice of redemption is deemed to have been given to all
Holders of Notes to be so redeemed, or (ii) register the transfer or exchange of any Note so
selected for redemption, in whole or in part, except the unredeemed portion of any Note being
redeemed in part.

          (b) The following provisions shall apply only to Global Notes:

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

               (ii) Notwithstanding any other provision in this Indenture, no Global Note may
be exchanged in whole or in part for Notes registered, and no transfer of a Global
Note in whole or in part may be registered, in the name of any Person other than the
Depositary or a nominee thereof unless (1) the Depositary (x) has notified the
Issuer that it is unwilling or unable to
continue as Depositary for such Global Note or (y) has ceased to be a clearing
agency registered under

 14 

 

the Exchange Act, and a successor depositary has not been
appointed by the Issuer within ninety (90) calendar days or (2) an Event of Default
has occurred and is continuing. Any Global Note exchanged pursuant to clause (1) or
(2) above shall be so exchanged in whole and not in part. Any Note issued in
exchange for a Global Note or any portion thereof shall be a Global Note; provided
that any such Note so issued that is registered in the name of a Person other than
the Depositary or a nominee thereof shall not be a Global Note.

               (iii) Notes issued in exchange for a Global Note or any portion thereof
pursuant to clause (ii) above shall be issued in definitive, fully registered form,
without interest coupons, shall have an aggregate principal amount equal to that of
such Global Note or portion thereof to be so exchanged, shall be registered in such
names and be in such authorized denominations as the Depositary shall designate and
shall bear any legends required hereunder. Any Global Note to be exchanged in whole
shall be surrendered by the Depositary to the Trustee, as Note Registrar. With
regard to any Global Note to be exchanged in part, either such Global Note shall be
so surrendered for exchange or, if the Trustee is acting as Custodian for the
Depositary or its nominee with respect to such Global Note, the principal amount
thereof shall be reduced, by an amount equal to the portion thereof to be so
exchanged, by means of an appropriate adjustment made on the records of the Trustee.
Upon any such surrender or adjustment, the Trustee shall authenticate and make
available for delivery the Note issuable on such exchange to or upon the written
order of the Depositary or an authorized representative thereof.

               (iv) In the event of the occurrence of any of the events specified in clause
(ii) above, the Issuer will promptly make available to the Trustee a reasonable
supply of certificated Notes in definitive, fully registered form, without interest
coupons.

               (v) Neither any members of, or participants in, the Depositary (“Agent
Members”) nor any other Persons on whose behalf Agent Members may act shall have any
rights under this Indenture with respect to any Global Note registered in the name
of the Depositary or any nominee thereof, and the Depositary or such nominee, as the
case may be, may be treated by the Issuer, the Trustee and any agent of the Issuer
or the Trustee as the absolute owner and Holder of such Global Note for all purposes
whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Issuer,
the Trustee or any agent of the Issuer or the Trustee from giving effect to any
written certification, proxy or other authorization furnished by the Depositary or
such nominee, as the case may be, or impair, as between the Depositary, its Agent
Members and any other Person on whose behalf an Agent Member may act, the operation
of customary practices of such Persons governing the exercise of the rights of a
Holder of any Note.

               (vi) At such time as all interests in a Global Note have been redeemed,
repurchased, exchanged, or canceled for Notes in certificated
form, such Global Note shall, upon receipt thereof, be canceled by the Trustee
in

 15 

 

accordance with standing procedures and instructions existing between the
Depositary and the Custodian. At any time prior to such cancellation, if any
interest in a Global Note is redeemed, repurchased, exchanged, or canceled for Notes
in certificated form, the principal amount of such Global Note shall, in accordance
with the standing procedures and instructions existing between the Depositary and
the Custodian, be appropriately reduced, and an endorsement shall be made on such
Global Note, by the Trustee or the Custodian, at the direction of the Trustee, to
reflect such reduction.

          (c) Every Note (and all securities issued in exchange therefor or in substitution thereof)
that bears or is required under this Section 2.05(c) to bear the legend set forth in this Section
2.05(c) (the “Restricted Notes Legend”), and any Common Stock that bears or is required under this
Section 2.05(c) to bear the Common Stock legend set forth in this Section 2.05(c) (the “Common
Stock Legend”) (collectively, the “Restricted Securities”) shall be subject to the restrictions on
transfer set forth in this Section 2.05(c) (including those set forth in the legends below) unless
such restrictions on transfer shall be waived by written consent of the Issuer, and the Holder of
each such Restricted Security, by such Holder’s acceptance thereof, agrees to be bound by all such
restrictions on transfer. As used in this Section 2.05(c), the term “transfer” means any sale,
pledge, loan, transfer or other disposition whatsoever of any Restricted Security or any interest
therein.

          Until the Maturity Date for the Notes any certificate evidencing a Restricted Security shall
bear a legend in substantially the following form, or unless otherwise agreed by the Issuer in
writing, with written notice thereof to the Trustee:

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND ACCORDINGLY, MAY NOT BE
OFFERED OR SOLD EXCEPT AS SET FORTH IN THE FOLLOWING SENTENCE. BY ITS
ACQUISITION HEREOF, THE HOLDER AGREES THAT IT WILL NOT RESELL OR OTHERWISE
TRANSFER THE SECURITY EVIDENCED HEREBY, EXCEPT (A) TO THE ISSUER, MEDICAL
PROPERTIES TRUST, INC. OR A SUBSIDIARY OF THE ISSUER; OR (B) TO A PERSON THE
SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN
RULE 144A ADOPTED UNDER THE SECURITIES ACT) THAT IS PURCHASING FOR ITS OWN
ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER AND TO
WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE
144A, ALL IN COMPLIANCE WITH RULE 144A (IF AVAILABLE).

          Until the expiration of the holding period applicable to sales thereof under Rule 144A under
the Securities Act (or any successor provision), any stock certificate representing shares of
Common Stock issued upon exchange of any Note shall bear a Common Stock Legend
unless such Common Stock has been sold pursuant to a registration statement that has been

 16 

 

declared effective under the Securities Act (and that continues to be effective at the time of such
transfer) or pursuant to Rule 144 under the Securities Act or any similar provision then in force,
or unless otherwise agreed by the Issuer in writing, with written notice thereof to the Trustee:

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT
OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND ACCORDINGLY, MAY NOT BE
OFFERED OR SOLD EXCEPT AS SET FORTH IN THE FOLLOWING SENTENCE. BY ITS
ACQUISITION IIEREOF, THE HOLDER AGREES (1) THAT IT WILL NOT RESELL OR
OTHERWISE TRANSFER THE SECURITY EVIDENCED HEREBY, EXCEPT (A) TO THE ISSUER
OR A SUBSIDIARY OF THE ISSUER; (B) UNDER A REGISTRATION STATEMENT THAT HAS
BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT; (C) TO A PERSON THE SELLER
REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE
144A ADOPTED UNDER THE SECURITIES ACT) THAT IS PURCHASING FOR ITS OWN
ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER AND TO
WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE
144A, ALL IN COMPLIANCE WITH RULE 144A (IF AVAILABLE); OR (D) UNDER ANY
OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT; AND (2) THAT IT WILL, PRIOR TO ANY TRANSFER OF THIS
SECURITY, FURNISH TO THE TRANSFER AGENT AND THE ISSUER SUCH CERTIFICATIONS,
LEGAL OPINIONS OR OTHER INFORMATION AS MAY BE REQUIRED TO CONFIRM THAT SUCH
TRANSFER IS BEING MADE PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION
NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

          Any such shares of Common Stock as to which such restrictions on transfer shall have expired
in accordance with their terms or as to which the conditions for removal of the Common Stock Legend
set forth therein have been satisfied may, upon surrender of the certificates representing such
shares of Common Stock for exchange in accordance with the procedures of the transfer agent for the
Common Stock, be exchanged for a new certificate or certificates for a like number of shares of
Common Stock, which shall not bear the Common Stock Legend required by this Section 2.05(c).

          (d) By its acceptance of any Note bearing the Restricted Notes Legend, each Holder of such
Note acknowledges the restrictions on transfer of such Note set forth in this Indenture and in the
Restricted Notes Legend and agrees that it will transfer such Note only as provided in this
Indenture and as permitted by applicable law.

 17 

 

          (e) Any Restricted Securities purchased or owned by the Issuer or any Affiliate thereof may
not be resold by the Issuer or such Affiliate unless registered under the Securities Act or resold
pursuant to an exemption from the registration requirements of the Securities Act in a transaction
which results in such Notes or Common Stock, as the case may be, no longer being “restricted
securities” (as defined under Rule 144).

          (f) The Trustee shall have no responsibility or obligation to any Agent Members or any other
Person with respect to the accuracy of the books or records, or the acts or omissions, of the
Depositary or its nominee or of any participant or member thereof, with respect to any ownership
interest in the Notes or with respect to the delivery to any Agent Member or other Person (other
than the Depositary) of any notice (including any notice of redemption) or the payment of any
amount, under or with respect to such Notes. All notices and communications to be given to the
Noteholders and all payments to be made to Noteholders under the Notes shall be given or made only
to or upon the order of the registered Noteholders (which shall be the Depositary or its nominee in
the case of a Global Note). The rights of beneficial owners in any Global Note shall be exercised
only through the Depositary subject to the customary procedures of the Depositary. The Trustee may
rely and shall be fully protected in relying upon information furnished by the Depositary with
respect to its Agent Members.

          The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance
with any restrictions on transfer imposed under this Indenture or under applicable law with respect
to any transfer of any interest in any Note (including any transfers between or among Agent Members
in any Global Note) other than to require delivery of such certificates and other documentation or
evidence as are expressly required by, and to do so if and when expressly required by, the terms of
this Indenture, and to examine the same to determine substantial compliance as to form with the
express requirements hereof.

          Section 2.06. Mutilated, Destroyed, Lost or Stolen Notes. In case any Note shall become mutilated or be
destroyed, lost or stolen, the Issuer in its discretion may execute, and upon its written request
and receipt of such new Note the Trustee or an authenticating agent appointed by the Trustee shall
authenticate and make available for delivery, a new Note, bearing a number not contemporaneously
outstanding, in exchange and substitution for the mutilated Note, or in lieu of and in substitution
for the Note so destroyed, lost or stolen. In every case, the applicant for a substituted Note
shall furnish to the Issuer, to the Trustee and, if applicable, to such authenticating agent such
security or indemnity as may be required by them to save each of them harmless for any loss,
liability, cost or expense caused by or connected with such substitution, and, in every case of
destruction, loss or theft, the applicant shall also furnish to the Issuer, to the Trustee and, if
applicable, to such authenticating agent evidence to their satisfaction of the destruction, loss or
theft of such Note and of the ownership thereof.

          Following receipt by the Trustee or such authenticating agent, as the case may be, of
satisfactory security or indemnity and evidence, as described in the preceding paragraph, the
Trustee or such authenticating agent may authenticate any such substituted Note and make available
for delivery such Note. Upon the issuance of any substituted Note, the Issuer may require the
payment by the Holder of a sum sufficient to cover any tax, assessment or other governmental charge
that may be imposed in relation thereto and any other expenses connected therewith. In case any
Note which has matured or is about to mature or has been called for

 18 

 

redemption or has been properly tendered for repurchase on a Designated Event Repurchase Date
(and not withdrawn) or is to be exchanged pursuant to this Indenture, shall become mutilated or be
destroyed, lost or stolen, the Issuer may, instead of issuing a substitute Note, pay or authorize
the payment of or exchange or authorize the exchange of the same (without surrender thereof except
in the case of a mutilated Note), as the case may be, if the applicant for such payment or exchange
shall furnish to the Issuer, to the Trustee and, if applicable, to such authenticating agent such
security or indemnity as may be required by them to save each of them harmless for any loss,
liability, cost or expense caused by or in connection with such substitution, and, in every case of
destruction, loss or theft, the applicant shall also furnish to the Issuer, the Trustee and, if
applicable, any Paying Agent or Exchange Agent evidence to their satisfaction of the destruction,
loss or theft of such Note and of the ownership thereof.

          Every substitute Note issued pursuant to the provisions of this Section 2.06 by virtue of the
fact that any Note is mutilated, destroyed, lost or stolen shall constitute an additional
contractual obligation of the Issuer, whether or not the mutilated, destroyed, lost or stolen Note
shall be found at any time, and shall be entitled to all the benefits of (but shall be subject to
all the limitations set forth in) this Indenture equally and proportionately with any and all other
Notes duly issued hereunder. To the extent permitted by law, all Notes shall be held and owned upon
the express condition that the foregoing provisions are exclusive with respect to the replacement
or payment or exchange or redemption or repurchase of mutilated, destroyed, lost or stolen Notes
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 or exchange or
redemption or repurchase of negotiable instruments or other securities without their surrender.

          Section 2.07. Temporary Notes. Pending the preparation of Notes in certificated form, the Issuer may execute and
the Trustee or an authenticating agent appointed by the Trustee shall, upon the written request of
the Issuer, authenticate and deliver temporary Notes (printed or lithographed). Temporary Notes
shall be issuable in any authorized denomination, and substantially in the form of the Notes in
certificated form, but with such omissions, insertions and variations as may be appropriate for
temporary Notes, all as may be determined by the Issuer. Every such temporary Note shall be
executed by the Issuer and upon the written request of the Issuer authenticated by the Trustee or
such authenticating agent upon the same conditions and in substantially the same manner, and with
the same effect, as the Notes in certificated form. Without unreasonable delay, the Issuer will
execute and deliver to the Trustee or such authenticating agent Notes in certificated form and
thereupon any or all temporary Notes may be surrendered in exchange therefor, at each office or
agency maintained by the Issuer pursuant to Section 4.02 and, upon receipt of the Certificated
Notes, the Trustee or such authenticating agent shall authenticate and make available for delivery
in exchange for such temporary Notes an equal aggregate principal amount of Notes in certificated
form. Such exchange shall be made by the Issuer at its own expense and without any charge therefor.
Until so exchanged, the temporary Notes shall in all respects be entitled to the same benefits and
subject to the same limitations under this Indenture as Notes in certificated form authenticated
and delivered hereunder.

          Section 2.08. Cancellation of Notes. All Notes surrendered for the purpose of payment, redemption, repurchase,
exchange or registration of transfer shall, if surrendered to the Issuer or any paying agent to
whom Notes may be presented for payment (the “Paying Agent”)

 19 

 

or Exchange Agent, which shall initially be the Trustee, be surrendered to the Trustee and promptly
canceled by it or, if surrendered to the Trustee, shall be promptly canceled by it and no Notes
shall be issued in lieu thereof except as expressly permitted by any of the provisions of this
Indenture. The Trustee shall dispose of such canceled Notes in accordance with its customary
procedures. If the Issuer shall acquire any of the Notes, such acquisition shall not operate as a
redemption, repurchase or satisfaction of the indebtedness represented by such Notes unless and
until the same are delivered to the Trustee for cancellation.

          Section 2.09. CUSIP Numbers. The Issuer in issuing the Notes 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
Noteholders; provided that any such notice may state that no representation is made as to the
correctness of such numbers either as printed on the Notes or as contained in any notice of a
redemption and that reliance may be placed only on the other identification numbers printed on the
Notes, 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.

ARTICLE 3

REDEMPTION AND REPURCHASE OF NOTES

          Section 3.01. Redemption of Notes. (a) The Issuer shall have the right to redeem the Notes for cash, in whole or
in part, if the Issuer determines it is necessary to redeem the Notes in order to preserve the
Guarantor’s status as a real estate investment trust, upon the notice set forth in Section 3.02 at
a redemption price (“Redemption Price”) equal to 100% of the principal amount of the Notes to be
redeemed plus unpaid interest, if any, accrued thereon to, but excluding, the Redemption Date;
provided, however that if the Redemption Date falls after a Record Date and on or prior to the
corresponding interest payment date, the Issuer will pay the full amount of accrued and unpaid
interest, if any, on such interest payment date to the Holder of record at the close of business on
the corresponding Record Date (instead of the Holder surrendering its Notes for redemption) and the
Redemption Price shall be equal to 100% of the principal amount of the Notes to be redeemed. In
connection with any redemption by the Issuer pursuant to this Section 3.01(a), the Issuer shall
provide the Trustee with an Officers’ Certificate evidencing that the Board of Directors has, in
good faith, made the determination that it is necessary to redeem the Notes in order to preserve
the Guarantor’s status as a real estate investment trust.

          (b) The Issuer shall not redeem the Notes pursuant to Section 3.01(a) on any date if the
principal amount of the Notes has been accelerated, and such an acceleration has not been rescinded
or cured on or prior to such date (except in the case of an acceleration resulting from a default
by the Issuer in the payment of the Redemption Price with respect to the Notes to be redeemed).

          Section 3.02. Notice of Optional Redemption; Selection of Notes. In case the Issuer shall desire to exercise the
right to redeem all or, as the case may be, any part of the Notes pursuant to Section 3.01, it
shall fix a date for redemption and it or, at its written request received by the Trustee not fewer
than five (5) Business Days prior (or such shorter period of time as may be acceptable to the
Trustee) to the date the notice of redemption is to be mailed, the Trustee in

 20 

 

the
name of and at the expense of the Issuer, shall mail or cause to be mailed a notice of such
redemption not fewer than thirty (30) calendar days nor more than sixty (60) calendar days prior to
the Redemption Date to each Holder of Notes so to be redeemed in whole or in part at its last
address as the same appears on the Note Register; provided that if the Issuer makes such request of
the Trustee, it shall, together with such request, also give written notice of the Redemption Date
to the Trustee; provided further that the text of the notice shall be prepared by the Issuer,
and the Trustee may rely and shall be fully protected in relying upon such text prepared by the
Issuer.

          Each such notice of redemption shall specify: (i) the aggregate principal amount of Notes to
be redeemed, (ii) the CUSIP number or numbers of the Notes being redeemed, (iii) the Redemption
Date (which shall be a Business Day), (iv) the Redemption Price at which Notes are to be redeemed,
(v) the place or places of payment and that payment will be made upon presentation and surrender of
such Notes, (iv) that interest accrued and unpaid to, but excluding, the Redemption Date will be
paid as specified in said notice, and that on and after said date interest thereon or on the
portion thereof to be redeemed will cease to accrue, (vii) that the Holder has a right to exchange
the Notes called for redemption, (viii) the Exchange Rate on the date of such notice and (ix) the
time and date on which the right to exchange such Notes or portions thereof pursuant to this
Indenture will expire. If fewer than all the Notes are to be redeemed, the notice of redemption
shall identify the Notes to be redeemed (including CUSIP numbers, if any). In case any Note is to
be redeemed in part only, the notice of redemption 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 Note, a new Note or Notes in principal amount equal to the unredeemed portion thereof will be
issued.

          Without limiting the generality of the foregoing, whenever any Notes are to be redeemed, the
Issuer will give the Trustee written notice of the Redemption Date, together with an Officers’
Certificate as to the aggregate principal amount of Notes to be redeemed, not fewer than thirty
(30) calendar days (or such shorter period of time as may be acceptable to the Trustee) prior to
the Redemption Date.

          On or prior to the Redemption Date specified in the notice of redemption given as provided in
this Section 3.02, the Issuer will deposit with the Paying Agent (or, if the Issuer is acting as
its own Paying Agent, set aside, segregate and hold in trust as provided in Section 4.04) an amount
of money in immediately available funds sufficient to redeem on the Redemption Date all the Notes
(or portions thereof) so called for redemption (other than those theretofore surrendered for
exchange) at the appropriate Redemption Price; provided that if such payment is made on the
Redemption Date, it must be received by the Paying Agent by 11:00 a.m., New York City time, on such
date. The Issuer shall be entitled to retain any interest, yield or gain on amounts deposited with
the Paying Agent pursuant to this Section 3.02 in excess of amounts required hereunder to pay the
Redemption Price. If any Note called for redemption is exchanged pursuant hereto prior to such
Redemption Date, any money deposited with the Paying Agent or so segregated and held in trust for
the redemption of such Note shall be paid to the Issuer or, if then held by the Issuer, shall be
discharged from such trust.

          If less than all of the outstanding Notes are to be redeemed, the Trustee as instructed in an
Issuer Order shall select the Notes or portions thereof of the Global Note or the

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Notes in
certificated form to be redeemed (in principal amounts of $1,000 and integral multiples thereof) on
a pro rata basis or by another method that the Trustee deems fair and appropriate or that is
required by the Depositary. If any Note selected for redemption is submitted for exchange in part
after such selection, the portion of such Note submitted for exchange shall be deemed (so far as
may be possible) to be the portion to be selected for redemption. The Notes (or portions thereof)
so selected for redemption shall be deemed duly selected for redemption for all purposes
hereof, notwithstanding that any such Note is submitted for exchange in part before the
mailing of the notice of redemption.

          Upon any redemption of less than all of the outstanding Notes, the Issuer and the Trustee may
(but need not), solely for purposes of determining the pro rata allocation among such Notes that
are unexchanged and outstanding at the time of redemption, treat as outstanding any Notes
surrendered for exchange during the period of fifteen (15) calendar days preceding the mailing of a
notice of redemption and may (but need not) treat as outstanding any Note authenticated and
delivered during such period in exchange for the unexchanged portion of any Note exchanged in part
during such period.

          Section 3.03. Payment of Notes Called for Redemption by the Issuer . If notice of redemption has
been given as provided in Section 3.02, the Notes or portions of Notes with respect to which such
notice has been given shall, unless exchanged pursuant to the terms hereof, become due and payable
on the Redemption Date and at the place or places stated in such notice at the Redemption Price,
and unless the Issuer shall default in the payment of the Redemption Price, (a) such Notes will
cease to be outstanding and (b) interest on the Notes or portions of Notes so called for redemption
shall cease to accrue on and after the Redemption Date, and all rights of Holders of such Notes
will terminate except the right to receive the Redemption Price (or if the Notes have been
surrendered for exchange, the cash and, if applicable, shares of Common Stock due upon such
exchange) and, after the close of business on the second Business Day immediately preceding the
Redemption Date (unless the Issuer shall default in the payment of the Redemption Price) such Notes
shall cease to be exchangeable pursuant to this Indenture and, except as provided in Section 11.02,
to be entitled to any benefit or security under this Indenture, and the Holders thereof shall have
no right in respect of such Notes except the right to receive the Redemption Price thereof or, if
the Notes have been tendered for exchange, the cash and, if applicable, shares of Common Stock due
upon such exchange. On presentation and surrender of such Notes at place of payment in said notice
specified, such Notes or the specified portions thereof shall be paid and redeemed by the Issuer at
the Redemption Price, together with interest accrued thereon to, but excluding, the Redemption
Date.

          Upon presentation of any Note redeemed in part only, the Issuer shall execute and upon receipt
of such new Note the Trustee shall authenticate and make available for delivery to the Holder
thereof, at the expense of the Issuer, a new Note or Notes, of authorized denominations, in
principal amount equal to the unredeemed portion of the Notes so presented.

          Section 3.04. Sinking Fund . There shall be no sinking fund provided for the Notes.

          Section 3.05. Repurchase at Option of Holders Upon a Designated Event . (a) If there shall occur a
Designated Event at any time prior to the Maturity Date, then each Noteholder

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shall have the right,
at such Holder’s option, to require the Issuer to repurchase all of such Holder’s Notes, or any
portion thereof that is a multiple of $1,000 principal amount, in cash, on a date (the “Designated
Event Repurchase Date”) specified by the Issuer, which may be no earlier than fifteen (15) days and
no later than thirty (30) days after the date of the Issuer Repurchase Notice related to such
Designated Event, at a repurchase price equal to 100% of the principal amount of the Notes being
repurchased, plus accrued and unpaid interest to, but excluding, the Designated Event Repurchase
Date; provided, however, that if the Designated Event Repurchase Date falls
after a Record Date and on or prior to the corresponding interest payment date, the Issuer shall
pay the full amount of accrued and unpaid interest, if any, on such interest payment date to the
Holder of record at the close of business on the corresponding Record Date, and the repurchase
price will be 100% of the principal amount of the Notes to be repurchased.

          (b) On or before the tenth calendar day after the occurrence of a Designated Event, the Issuer
shall give or cause to be given to all Holders of record on the date of the Designated Event (and
to beneficial owners as required by applicable law) an Issuer Repurchase Notice as set forth in
Section 3.07 with respect to such Designated Event. The Issuer shall also deliver a copy of the
Issuer Repurchase Notice to the Trustee and the Paying Agent at such time as it is given to
Noteholders. In addition to the giving of such Issuer Repurchase Notice, the Issuer shall
disseminate a press release through Dow Jones & Company, Inc. or Bloomberg Business News announcing
the occurrence of such Designated Event or publish such information in The Wall Street Journal or
another newspaper of general circulation in The City of New York or on the Guarantor’s website, or
through such other public medium as the Issuer shall deem appropriate at such time.

          No failure of the Issuer to give the foregoing notices and no defect therein shall limit the
Noteholders’ repurchase rights or affect the validity of the proceedings for the repurchase of the
Notes pursuant to this Section 3.05.

          (c) For a Note to be repurchased at the option of the Holder pursuant to this Section 3.05(c),
the Holder must deliver to the Paying Agent, prior to the close of business on the second Business
Day immediately prior to the Designated Event Repurchase Date, (i) a written notice of repurchase
(the “Designated Event Repurchase Notice”) in the form set forth on the reverse of the Note duly
completed specifying (A) (if the Note is certificated) the certificate number of the Note that the
Holder will deliver to be repurchased or (if the Note is represented by a Global Note) that the
relevant Designated Event Repurchase Notice complies with the appropriate Depositary procedures,
(B) the portion of the principal amount of the Note which the Holder will deliver to be
repurchased, which portion must be in principal amounts of $1,000 or an integral multiple of $1,000
(provided that the remaining principal amount of Notes not subject to repurchase must be in an
authorized denomination) and (C) that such Note shall be repurchased as of the Designated Event
Repurchase Date pursuant to the terms and conditions specified in the Note and in this Indenture;
together with (ii) such Notes duly endorsed for transfer (if the Note if certificated) or
book-entry transfer of such Note (if such Note is represented by a Global Note). The delivery of
such Note to the Paying Agent with, or at any time after delivery of, the Designated Event
Repurchase Notice (together with all necessary endorsements) at the office of the Paying Agent
shall be a condition to the receipt by the Holder of the repurchase price therefore; provided,
however, that such repurchase price shall be so paid

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pursuant to this Section 3.05 only if the
Notes so delivered to the Paying Agent shall conform in all respects to the description thereof in
the Designated Event Repurchase Notice. All questions as to the validity, eligibility (including
time of receipt) and acceptance of any Note for repurchase shall be determined by the Issuer, whose
determination shall be final and binding absent manifest error, and the Trustee may rely and shall
be fully protected in relying on such determination by the Issuer.

          (d) The Issuer, if so requested, shall repurchase from the Holder thereof, pursuant to this
Section 3.05, a portion of a Note, if the principal amount of such portion is $1,000 or an integral
multiple of $1,000. Provisions of this Indenture that apply to the repurchase of all of a Note also
apply to the repurchase of such portion of such Note.

          (e) Notwithstanding the foregoing, no Notes may be repurchased by the Issuer pursuant to this
Section 3.05 if the principal amount of the Notes has been accelerated, and such acceleration has
not been rescinded or cured, on or prior to the relevant Repurchase Date (except in the case of an
acceleration resulting from a default by the Issuer in the payment of the repurchase price pursuant
to this Section 3.05 with respect to the Notes to be repurchased).

          (f) The Paying Agent shall promptly notify the Issuer of the receipt by it of any Designated
Event Repurchase Notice or written notice of withdrawal thereof.

          Any repurchase by the Issuer contemplated pursuant to the provisions of this Section 3.05
shall be consummated by the delivery of the consideration to be received by the Holder on the later
of (x) two (2) Business Days following the time of book-entry transfer or delivery of such Note to
the Paying Agent by the Holder thereof in the manner required by this Section 3.05 and (y) the
Designated Event Repurchase Date with respect to such Note (provided the Holder has satisfied the
conditions in this Section 3.05). Payment of the repurchase price on the Designated Event
Repurchase Date for a Note for which a Designated Event Repurchase Notice has been delivered and
not withdrawn is conditioned upon book-entry transfer or delivery of the Notes, together with
necessary endorsements, to the Paying Agent prior to the close of business on the second Business
Day prior to the Designated Event Repurchase Date.

          Section 3.06. [Reserved]

          Section 3.07. Issuer Repurchase Notice . (a) The Issuer Repurchase Notice, as provided in Section
3.07(b), shall be given to Holders in the event of a Designated Event, on or before the tenth
calendar day after the occurrence of such a Designated Event as provided in Section 3.05(b) (the
“Issuer Repurchase Notice Date”).

          (b) In connection with any repurchase of Notes, the Issuer shall, on the applicable Issuer
Repurchase Notice Date, give written notice to Holders (with a copy to the Trustee) setting forth
information specified in this Section (in either case, the “Issuer Repurchase Notice”).

          Each Issuer Repurchase Notice shall:

               (i) state the repurchase price, and the Designated Event Repurchase Date to
which the relevant Issuer Repurchase Notice relates;

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               (ii) state, if applicable, the circumstances constituting the Designated Event;

               (iii) state that Holders must exercise their right to elect to repurchase prior
to the close of business on the second Business Day immediately prior to the
Designated Event Repurchase Date;

               (iv) include a form of Designated Event Repurchase Notice;

               (v) state the name and address of the Trustee, the Paying Agent and, if
applicable, the Exchange Agent;

               (vi) state that Notes must be surrendered to the Paying Agent to collect the
repurchase price;

               (vii) state that a Holder may withdraw its Designated Event Repurchase Notice
at any time prior to the close of business on the second Business Day immediately
prior to the Designated Event Repurchase Date, by delivering a valid written notice
of withdrawal in accordance with Section 3.08;

               (viii) if the Notes are then exchangeable, state that Notes as to which the
Designated Event Repurchase Notice has been given may be exchanged only if the
Designated Event Repurchase Notice is withdrawn in accordance with the terms of this
Indenture;

               (ix) state the amount of interest accrued and unpaid per $1,000 principal
amount of Notes to, but excluding, the Designated Event Repurchase Date;

               (x) state that, unless the Issuer defaults in making payment of the repurchase
price, interest on Notes covered by any Designated Event Repurchase Notice shall
cease to accrue on and after the Designated Event Repurchase Date;

               (xi) state the CUSIP number of the Notes, if CUSIP numbers are then in use; and

               (xii) state the procedures for withdrawing a Designated Event Repurchase
Notice, including a form of notice of withdrawal (as specified in Section 3.08).

          An Issuer Repurchase Notice may be given by the Issuer or, at the Issuer’s Request, the
Trustee shall give such Issuer Repurchase Notice in the Issuer’s name and at the Issuer’s expense;
provided that the text of the Issuer Repurchase Notice shall be prepared by the Issuer, and the
Trustee may rely and shall be fully protected in relying upon such text prepared by the Issuer.

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          If any of the Notes is represented by a Global Note, then the Issuer will modify such Issuer
Repurchase Notice to the extent necessary to accord with the applicable procedures of the
Depositary that apply to the repurchase of Global Notes, and the Trustee may rely and shall be
fully protected in relying upon such text prepared by the Issuer.

          (c) The Issuer will, to the extent applicable, comply with the provisions of Rule 13e-4, Rule
14e-1 (or any successor provision) and other tender offer rules under the Exchange Act that may be
applicable at the time of the repurchase of the Notes, file the related Schedule TO (or any
successor schedule, form or report) under the Exchange Act and comply with all other applicable
federal and state securities laws in connection with the repurchase of the Notes.

          Section 3.08. Effect of Designated Event Repurchase Notice; Withdrawal . Upon receipt by the Paying
Agent of the Designated Event Repurchase Notice, the Holder of the Note in respect of which such
Designated Event Repurchase Notice was given shall (unless such Repurchase Notice is validly
withdrawn in accordance with this Section 3.08) thereafter be entitled to receive solely the
repurchase price with respect to such Note. Such repurchase price shall be paid to such Holder on
the later of (x) two (2) Business Days following the time of book-entry transfer or delivery of
such Note to the Paying Agent by the Holder thereof in the manner required by this Section 3.05 and
(y) the Designated Event Repurchase Date with respect to such Note (provided the Holder has
satisfied the conditions in Section 3.05).

          Notes in respect of which a Designated Event Repurchase Notice has been given by the Holder
thereof may not be exchanged pursuant to Article 13 hereof on or after the date of the delivery of
such Repurchase Notice unless such Designated Event Repurchase Notice has first been validly
withdrawn.

          A Designated Event Repurchase Notice may be withdrawn by means of a written notice of
withdrawal delivered to the office of the Paying Agent at any time prior to the close of business
on the second Business Day immediately prior to the Designated Event Repurchase Date specifying:

          (a) the name of the Holder;

          (b) the certificate number(s) of all withdrawn Notes in certificated form or that the notice
of withdrawal complies with appropriate Depositary procedures with respect to all withdrawn Notes
represented by a Global Note;

          (c) the principal amount of Notes with respect to which such notice of withdrawal is being
submitted, which must be an integral multiple of $1,000; and

          (d) the principal amount of Notes, if any, that remains subject to the original Designated
Event Repurchase Notice and that has been or will be delivered for repurchase by the Issuer.

          If a Designated Event Repurchase Notice is properly withdrawn, the Issuer shall not be
obligated to repurchase the Notes listed in such Repurchase Notice.

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          Section 3.09. Deposit of Repurchase Price . (a) Prior to 11:00 a.m., New York City time, on the
Designated Event Repurchase Date, the Issuer shall deposit with the Paying Agent or, if the Issuer
is acting as the Paying Agent, shall segregate and hold in trust as provided in Section 4.04 an
amount of cash (in immediately available funds if deposited on the Designated Event
Repurchase Date), sufficient to pay the aggregate repurchase price of all the Notes or portions
thereof that are to be repurchased as of the Designated Event Repurchase Date.

          (b) If on the Designated Event Repurchase Date the Paying Agent holds money sufficient to pay
the repurchase price of the Notes that Holders have elected to require the Issuer to repurchase in
accordance with Section 3.05, than, on the Designated Event Repurchase Date such Notes will cease
to be outstanding, interest will cease to accrue and all other rights of the Holders of such Notes
will terminate, other than the right to receive the repurchase price upon delivery or book-entry
transfer of the Note or, if such Notes have been tendered for exchange, the cash and, if
applicable, shares of Common Stock due upon such exchange. This will be the case whether or not
book-entry transfer of the Note has been made or the Note has been delivered to the Paying Agent.

          Section 3.10. Notes Repurchased in Part . Upon presentation of any Note repurchased only in part,
the Issuer shall execute and upon receipt of such new Note or Notes the Trustee shall authenticate
and make available for delivery to the Holder thereof, at the expense of the Issuer, a new Note or
Notes in aggregate principal amount equal to the unrepurchased portion of the Notes presented
(provided that the unrepurchased portion of the Notes must be in an integral multiple of $1,000).

          Section 3.11. Repayment to the Issuer . Subject to Section 11.04, the Paying Agent shall return to
the Issuer any cash that remains unclaimed, together with interest, if any, thereon, held by them
for the payment of the repurchase price; provided that to the extent that the aggregate amount of
cash deposited by the Issuer pursuant to Section 3.09 exceeds the aggregate repurchase price of the
Notes or portions thereof which the Issuer is obligated to repurchase as of the Designated Event
Repurchase Date then, unless otherwise agreed in writing with the Issuer, promptly after the second
Business Day following the Designated Event Repurchase Date the Paying Agent shall return any such
excess to the Issuer, together with interest, if any, thereon.

ARTICLE 4

PARTICULAR COVENANTS OF THE ISSUER

          Section 4.01. Payment of Principal, Premium and Interest . The Issuer covenants and agrees that it
will duly and punctually pay or cause to be paid when due the principal of (including the
Redemption Price upon redemption or the repurchase price upon repurchase, in each case pursuant to
Article 3), and premium, if any, and interest on each of the Notes at the places, at the respective
times and in the manner provided herein and in the Notes.

          Section 4.02. Maintenance of Office or Agency . The Issuer will maintain an office or agency in the
Borough of Manhattan, where the Notes may be surrendered for registration of transfer or exchange
or for presentation for payment or for exchange, redemption or repurchase and where notices and
demands to or upon the Issuer in respect of the Notes and this Indenture may be served; provided,
however, that the Notes may be so surrendered or

27

 

presented instead to the Trustee at the Corporate
Trust office at the Holder’s or Issuer’s option. The Issuer will give prompt written notice to the
Trustee of the location, and any change in the location, of such office or agency. If at any time
the Issuer shall fail to maintain any such required office or
agency or shall fail to furnish the Trustee with the address thereof, such presentations,
surrenders, notices and demands may be made or served at the Corporate Trust Office.

          The Issuer may also from time to time designate co-registrars and one or more offices or
agencies where the Notes may be presented or surrendered for any or all such purposes and may from
time to time rescind such designations. The Issuer will give prompt written notice to the Trustee
of any such designation or rescission and of any change in the location of any such other office or
agency.

          The Issuer hereby initially designates the Trustee as Paying Agent, Note Registrar, Custodian
and Exchange Agent and the Corporate Trust Office shall be considered as one such office or agency
of the Issuer for each of the aforesaid purposes. The provisions of Article 7 of this Indenture
shall also apply to the Trustee in each of its roles as Paying Agent, Note Registrar, Custodian,
and Exchange Agent, respectively.

          So long as the Trustee is the Note Registrar, the Trustee agrees to mail, or cause to be
mailed, at the expense of the Issuer, the notices set forth in Section 7.08(f). If co-registrars
have been appointed in accordance with this Section, the Trustee shall mail such notices only to
the Issuer and the Holders of Notes it can identify from its records.

          Section 4.03. Appointments to Fill Vacancies in Trustee’s Office . The Issuer, whenever necessary
to avoid or fill a vacancy in the capacity of Trustee, will appoint, upon the terms and conditions
and otherwise as provided in Section 7.08, a Trustee, so that there shall at all times be a Trustee
hereunder.

          Section 4.04. Provisions as to Paying Agent . (a) If the Issuer shall appoint a Paying Agent other
than the Trustee, or if the Trustee shall appoint such a Paying Agent, the Issuer 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 4.04:

               (i) that it will hold all sums held by it as such agent for the payment of the
principal of and premium, if any, or interest on the Notes (whether such sums have
been paid to it by the Issuer or by any other obligor on the Notes) in trust for the
benefit of the Holders of the Notes;

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

               (iii) that at any time during the continuance of an Event of Default, upon
request of the Trustee, it will forthwith pay to the Trustee all sums so held in
trust.

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          The Issuer shall, on or before each due date of the principal of, premium, if any, or interest
on the Notes, deposit with the Paying Agent a sum (in funds which are immediately available on the
due date for such payment) sufficient to pay such principal, premium, if any, or interest and
(unless such Paying Agent is the Trustee) the Issuer will promptly notify the Trustee
of any failure to take such action; provided that if such deposit is made on the due date,
such deposit shall be received by the Paying Agent by 11:00 a.m. New York City time, on such date.

          (b) If the Issuer shall act as its own Paying Agent, it will, on or before each due date of
the principal of, premium, if any, or interest on the Notes, set aside, segregate and hold in trust
for the benefit of the Holders of the Notes a sum sufficient to pay such principal, premium, if
any, and interest so becoming due and will promptly notify the Trustee of any failure to take such
action and of any failure by the Issuer (or any other obligor under the Notes) to make any payment
of the principal of, premium, if any, or interest on the Notes when the same shall become due and
payable.

          (c) Anything in this Section 4.04 to the contrary notwithstanding, the Issuer may, at any
time, for the purpose of obtaining a satisfaction and discharge of this Indenture, or for any other
reason, pay or cause to be paid to the Trustee all sums held in trust by the Issuer or any Paying
Agent hereunder as required by this Section 4.04, such sums to be held by the Trustee upon the
trusts herein contained and upon such payment by the Issuer or any Paying Agent to the Trustee, the
Issuer or such Paying Agent shall be released from all further liability with respect to such sums.

          (d) Anything in this Section 4.04 to the contrary notwithstanding, the agreement to hold sums
in trust as provided in this Section 4.04 is subject to Section 11.02 and Section 11.03.

          The Trustee shall not be responsible for the actions of any other Paying Agents (including the
Issuer if acting as its own Paying Agent) and shall have no control of any funds held by such other
Paying Agents.

          Section 4.05. Existence . Subject to Article 10, each of the Issuer and the Guarantor will do or
cause to be done all things necessary to preserve and keep in full force and effect its existence
all material rights and material franchises; provided, however, that neither the Issuer nor the
Guarantor shall be required to preserve any such right or franchise if the Issuer or the Board of
Directors, as applicable, shall determine that the preservation thereof is no longer desirable in
the conduct of the business of the Issuer or the Guarantor, as applicable.

          Section 4.06. [Reserved] .

          Section 4.07. Stay, Extension and Usury Laws . The Issuer and the Guarantor each covenants (to the
extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any
manner whatsoever claim or take the benefit or advantage of, any usury, stay or extension law
wherever enacted, now or at any time hereafter in force, which may affect the covenants or the
performance of this Indenture; and the Issuer and the Guarantor each (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

29

 

granted to the Trustee,
but will suffer and permit the execution of every such power as though no such law had been
enacted.

          Section 4.08. Compliance Certificate . The Issuer and the Guarantor will deliver to the Trustee,
within 120 days after the end of each fiscal year, a brief certificate from the principal executive
officer, principal financial officer or principal accounting officer of the Guarantor as to his or
her knowledge of the Issuer’s and the Guarantor’s compliance with all conditions and covenants
under this Indenture and, in the event of any noncompliance, specifying such noncompliance and the
nature and status thereof. For purposes of this Section 4.08, such compliance shall be determined
without regard to any period of grace or requirement of notice under this Indenture.

          The Issuer will deliver to the Trustee, promptly upon becoming aware of (i) any default in the
performance or observance of any covenant, agreement or condition contained in this Indenture, or
(ii) any Event of Default, an Officers’ Certificate specifying with particularity such default or
Event of Default and further stating what action the Issuer has taken, is taking or proposes to
take with respect thereto.

          Any notice required to be given under this Section 4.08 shall be delivered to a Responsible
Officer of the Trustee at its Corporate Trust Office.

          Section 4.09. Additional Interest Notice . In the event that the Issuer is required to pay
Additional Interest to Holders of Notes pursuant to the Registration Rights Agreement, the Issuer
will provide written notice (“Additional Interest Notice”) to the Trustee of its obligation to pay
Additional Interest no later than fifteen (15) calendar days prior to the proposed interest payment
date for Additional Interest, and the Additional Interest Notice shall set forth the amount of
Additional Interest to be paid by the Issuer on such interest payment date. The Trustee shall not
at any time be under any duty or responsibility to any Holder of Notes to determine the Additional
Interest, or with respect to the nature, extent or calculation of the amount of Additional Interest
when made, or with respect to the method employed in such calculation of the Additional Interest.

ARTICLE 5

NOTEHOLDERS’ LISTS AND REPORTS BY THE ISSUER AND THE TRUSTEE

          Section 5.01. Noteholders’ Lists . The Issuer will furnish or cause to be furnished to the Trustee:

          (a) semiannually, not later than 15 days after the Record Date for interest for the Notes, a
list, in such form as the Trustee may reasonably require, of the names and addresses of the Holders
of Notes as of such Record Date, and

          (b) at such other times as the Trustee may request in writing, within 30 days after the
receipt by the Issuer 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, so long as the Trustee is the Note Registrar, no such list shall be
required to be furnished.

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          Section 5.02. Preservation and Disclosure of Lists . Every Holder of Notes, by receiving and
holding the same, agrees with the Issuer and the Trustee that neither the Issuer nor the Trustee
nor any Authenticating Agent nor any Paying Agent nor any Note Registrar shall be held accountable
by reason of the disclosure of any information as to the names and addresses of the Holders of
Notes in accordance with TIA Section 312, regardless of the source from which such
information was derived, and that the Trustee shall not be held accountable by reason of mailing
any material pursuant to a request made under TIA Section 312(b).

          Section 5.03. Reports by Trustee . The Trustee shall transmit to the Holders of Notes such reports
concerning the Trustee and its actions under this Indenture as may be required by TIA Section 313
at the times and in the manner provided by the TIA, which shall initially be not less than every
twelve months commencing on April 1, 2009 and may be dated as of a date up to 75 days prior to such
transmission. A copy of each such report shall, at the time of such transmission to Holders of
Notes, be filed by the Trustee with each stock exchange, if any, upon which any Notes are listed,
with the Commission and with the Issuer. The Issuer will notify the Trustee when any Notes are
listed on any stock exchange.

          Section 5.04. Reports by Issuer . The Issuer will:

          (a) file with the Trustee, within 15 days after the Issuer 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) which the Issuer may be required to file with the Commission
pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934; or, if the Issuer
is not required to file information, documents or reports pursuant to either of such Sections, then
it will file with the Trustee and the Commission, in accordance with rules and regulations
prescribed from time to time by the Commission, such of the supplementary and periodic information,
documents and reports which may be required pursuant to Section 13 of the Securities Exchange Act
of 1934 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) file with the Trustee and the Commission, in accordance with rules and regulations
prescribed from time to time by the Commission, such additional information, documents and reports
with respect to compliance by the Issuer with the conditions and covenants of this Indenture as may
be required from time to time by such rules and regulations; and

          (c) transmit by mail to the Holders of Notes, within 30 days after the filing thereof with the
Trustee, in the manner and to the extent provided in TIA Section 313(c), such summaries of any
information, documents and reports required to be filed by the Issuer pursuant to paragraphs (a)
and (b) of this Section as may be required by rules and regulations prescribed from time to time by
the Commission.

          (d) until the Maturity Date, provide upon request the information required by Rule 144A(d)(4)
to each Noteholder and to each beneficial owner and prospective purchaser of Notes and of any
shares of Common Stock delivered upon exchange of the Notes, unless such

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information has been
furnished to the Commission pursuant to Section 13 or 15(d) of the Exchange Act.

          (e) be deemed, for purposes of this Section 5.04, to have furnished or delivered reports to
the Trustee and the Noteholders if (i) such reports are filed with the Commission via the EDGAR
filing system, (ii) such reports are currently available, and (iii) the
Issuer electronically delivers to the Trustee a link to the EDGAR filing each time the Issuer
files such a report. Delivery of such reports, information and documents to the Trustee is for
informational purposes only and the Trustee’s receipt of such shall not constitute constructive
notice of any information contained therein or determinable from information contained therein,
including the Issuer’s compliance with any of its covenants hereunder (as to which the Trustee is
entitled to rely exclusively on Officers’ Certificates).

ARTICLE 6

REMEDIES OF THE TRUSTEE AND NOTEHOLDERS ON AN EVENT OF DEFAULT

          Section 6.01. Events of Default . In case one or more of the following (“Events of Default”)
(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) shall have occurred and be
continuing:

          (a) default in the payment of any interest on the Notes when such interest becomes due and
payable, that continues for a period of 30 days;

          (b) default in the payment of the principal of the Notes or any repurchase price or Redemption
Price due with respect to the Notes, when due and payable;

          (c) failure to deliver cash and, if applicable, Common Stock within five (5) days after the
due date upon an exchange of Notes pursuant to Article 13, together with any cash due in lieu of
fractional shares;

          (d) default in the performance, or breach, of any covenant or warranty in this Indenture with
respect to the Notes, and continuance of, and failure to obtain a waiver with respect to, such
default or breach for a period of 60 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 aggregate principal amount of the Notes then outstanding 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;

          (e) default under any bond, debenture, note, mortgage, indenture or instrument under which
there may be issued or by which there may be secured or evidenced any indebtedness for money
borrowed by the Issuer or the Guarantor or by any Subsidiary of the Issuer or of the Guarantor, the
repayment of which the Issuer or the Guarantor has guaranteed or for which the Issuer or the
Guarantor is directly responsible or liable as obligor or guarantor, having an aggregate principal
amount outstanding of at least $10,000,000, whether such indebtedness now exists or shall hereafter
be created, which default shall have resulted in such indebtedness becoming or being declared due
and payable prior to the date on which it would

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otherwise have become due and payable, without such
indebtedness having been discharged, or such acceleration having been rescinded or annulled, within
a period of 15 days after there shall have 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 aggregate
principal amount of the Notes then outstanding a written notice specifying such default and
requiring the Issuer to cause such
indebtedness to be discharged or cause such acceleration to be rescinded or annulled and
stating that such notice is a ‘Notice of Default” hereunder;

          (f) a final judgment for the payment of $10,000,000 or more rendered against the Guarantor or
the Issuer and such amount is not covered by insurance or an indemnity or not discharged or stayed
within 15 days after (i) the date on which the right to appeal thereof has expired if no such
appeal has commenced, or (ii) the date on which all rights to appeal have been extinguished;

          (g) failure by the Guarantor or the Issuer to comply with its obligations under Section 10.01
of this Indenture;

          (h) the Issuer’s failure to issue notice of any event described under Section 13.01(a)(iv) of
this Indenture as required under this Indenture and such failure continues for five days;

          (i) the Issuer’s failure to provide on a timely basis an Issuer Repurchase Notice after the
occurrence of a Designated Event as provided in Section 3.05(b) and Section 3.07(b); or

          (j) the Guarantor, the Issuer, or any of its Significant Subsidiaries pursuant to or under or
within meaning of any Bankruptcy Law:

               (i) commences a voluntary case; or

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

               (iii) consents to the appointment of any receiver, trustee, assignee,
liquidator or other similar official under any Bankruptcy Law of it or for all or
substantially of its property; or

               (iv) makes a general assignment for the benefit of creditors; or

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

               (i) is for relief against the Guarantor, the Issuer or any of its Significant
Subsidiaries in an involuntary case; or

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               (ii) appoints a trustee, receiver, liquidator, custodian or other similar
official of the Guarantor, the Issuer or any of its Significant Subsidiaries or for
all or substantially all of its property; or

               (iii) orders the liquidation of the Guarantor, the Issuer or a Significant
Subsidiary;

and, in each case in this clause (k), the order or decree remains unstayed and in effect for ninety
(90) calendar days;

then, and in each and every such case (other than an Event of Default specified in Section 6.01(j)
and Section 6.01(k) with respect to the Issuer), unless the principal of all of the Notes shall
have already become due and payable, either the Trustee or the Holders of at least twenty-five
percent (25%) in aggregate principal amount of the Notes then outstanding, by notice in writing to
the Issuer and the Guarantor (and to the Trustee if given by Noteholders), may declare the
principal amount of and premium, if any, and interest accrued and unpaid on all the Notes to be
immediately due and payable, and upon any such declaration the same shall be immediately due and
payable.

     Notwithstanding the foregoing, the Issuer may elect that the sole remedy hereunder for an
Event of Default relating to the failure to comply with the reporting obligations to the Trustee
and the SEC, as set forth herein, and for any failure to comply with the requirements of Section
314(a)(1) of the TIA, will, for the 120 days after such failure has become an Event of Default
under Section 6.01(d), consist exclusively of the right to receive additional interest on the notes
at an annual rate equal to 0.50% of the aggregate principal amount of the notes to, but not
including, the 121st day thereafter (or, if applicable, the earlier date on which the Event of
Default relating to the reporting obligations is cured or waived). If the Issuer elects to
exercise the remedy provided by this paragraph, it shall provide the Trustee with written notice on
such election no later than one (1) Business Day after it has received written notice from the
Trustee or any Holder of any Event of Default referenced in this paragraph. Any such additional
interest will be payable in the same manner and on the same dates as the stated interest payable on
the notes, and references herein to “interest” shall include such additional interest. If the
Event of Default is continuing on the 121st day after an Event of Default relating to a failure to
comply with the reporting obligations described above first occurs, the notes will be subject to
acceleration as provided above. The provisions described in this paragraph will not affect the
rights of Holders of Notes in the event of the occurrence of any other Events of Default.

          If an Event of Default specified in Section 6.01(j) or Section 6.01(k) occurs and is
continuing with respect to the Issuer, then the principal amount of and premium, if any, and
interest accrued and unpaid on all the Notes shall be immediately due and payable without any
declaration or other action on the part of the Trustee or any Holder of Notes.

          If, at any time after the principal amount of and premium, if any, and interest on the Notes
shall have been so declared due and payable, and before any judgment or decree for the payment of
the monies due shall have been obtained or entered as hereinafter provided, Holders of a majority
in aggregate principal amount of the Notes then outstanding on behalf of the Holders of all of the
Notes then outstanding, by written notice to the Issuer and to the Trustee,

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may waive all defaults
or Events of Default and rescind and annul such declaration and its consequences, subject in all
respects to Section 6.07, if: (a) all Events of Default, other than the nonpayment of the principal
amount and any accrued and unpaid interest, in each case, that have become due solely because of
such acceleration, have been cured or waived; (b) interest on overdue installments of interest (to
the extent that payment of such interest is lawful) and on overdue principal, which has become due
otherwise than by such declaration of acceleration, has been deposited with the Trustee; and (c)
the Issuer or the Guarantor has paid the Trustee its
reasonable compensation and reimbursed the Trustee for its expenses, disbursements and
advances pursuant to Section 7.06. No such rescission and annulment shall extend to or shall affect
any subsequent default or Event of Default, or shall impair any right consequent thereon.

          In case the Trustee shall have proceeded to enforce any right under this Indenture and such
proceedings shall have been discontinued or abandoned because of such waiver or rescission and
annulment or for any other reason or shall have been determined adversely to the Trustee, then and
in every such case the Issuer, the Holders of Notes, and the Trustee shall be restored respectively
to their several positions and rights hereunder, and all rights, remedies and powers of the Issuer,
the Holders of Notes, and the Trustee shall continue as though no such proceeding had been taken.

          Section 6.02. Payments of Notes on Default; Suit Therefor . The Issuer covenants that in the case
of an Event of Default pursuant to Section 6.01(a) or 6.01(b), upon demand of the Trustee, the
Issuer will pay to the Trustee, for the benefit of the Holders of the Notes, (i) the whole amount
that then shall be due and payable on all such Notes for principal and premium, if any, or
interest, as the case may be, with interest upon the overdue principal and premium, if any, and (to
the extent that payment of such interest is enforceable under applicable law) upon the overdue
installments of accrued and unpaid interest at the rate borne by the Notes from the required
payment date and, (ii) in addition thereto, any amounts due the Trustee under Section 7.06. Until
such demand by the Trustee, the Issuer may pay the principal of and premium, if any, and interest
on the Notes to the registered Holders, whether or not the Notes are 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
actions 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 Issuer or any other obligor on the Notes and collect in the
manner provided by law out of the property of the Issuer or any other obligor on the Notes wherever
situated the monies adjudged or decreed to be payable.

          In case of the pendency of any receivership, insolvency, liquidation, bankruptcy,
reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the
Guarantor, the Issuer or any other obligor upon the Notes or the property of the Guarantor, the
Issuer or of such other obligor or their creditors, the Trustee (irrespective of whether the
principal of the Notes 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 on the Issuer for the
payment of overdue principal (including the Redemption Price or repurchase price upon redemption or
repurchase pursuant to Article 3)) shall be entitled and empowered, by intervention in such
proceeding or otherwise: (i) to file and prove a claim for the whole amount

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of principal (including
the Redemption Price or repurchase price upon redemption or repurchase pursuant to Article 3) and
interest owing and unpaid in respect of the Notes 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 the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and
counsel) and of the Holders of Notes allowed in such judicial proceeding, and (ii) to collect and
receive any moneys or other property payable or deliverable on any such claims and to distribute
the same; and any custodian, receiver, assignee, trustee,
liquidator, sequestrator (or other similar official) in any such judicial proceeding is hereby
authorized by each Holder of Notes to make such payments to the Trustee, and in the event that the
Trustee shall consent to the making of such payments directly to the Holders of Notes, to pay to
the Trustee any amount due to it for the reasonable compensation, expenses, disbursements and
advances of the Trustee and any predecessor Trustee, their agents and counsel, and any other
amounts due the Trustee or any predecessor Trustee under Section 7.06. Nothing herein contained
shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of
any Holder of a Note any plan of reorganization, arrangement, adjustment or composition affecting
the Notes or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of
the claim of any Holder of Notes in any such proceeding; provided, however, that the Trustee may,
on behalf of the Holders of Notes, vote for the election of a trustee in bankruptcy or similar
official and may be a member of the creditors’ committee.

          All rights of action and of asserting claims under this Indenture, or under any of the Notes,
may be enforced by the Trustee without the possession of any of the Notes, or the production
thereof at any trial or other proceeding relative thereto, and any such suit or proceeding
instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any
recovery of judgment shall, after provision for the payment of the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable
benefit of the Holders of the Notes.

          In any proceedings brought by the Trustee (and in 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 Notes, and it shall not be necessary to make any Holders of the
Notes parties to any such proceedings.

          Section 6.03. Application of Monies Collected by Trustee . Any monies collected by the Trustee
pursuant to this Article 6 shall be applied, in the following order, at the date or dates fixed by
the Trustee for the distribution of such monies, upon presentation of the several Notes, and
stamping thereon the payment, if only partially paid, and upon surrender thereof, if fully paid:

          FIRST: To the payment of costs and expenses of collection, including all sums paid or advanced
by the Trustee hereunder and the reasonable compensation, expenses and disbursements of the
Trustee, its agents and counsel all other amounts due the Trustee and any predecessor Trustee under
Section 7.06;

          SECOND: To the payment of the amounts then due and unpaid upon the Notes for principal
(including the Redemption Price or repurchase price upon redemption or repurchase pursuant to
Article 3) and interest, in respect of which or for the benefit of which such money

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has been
collected, ratably, without preference or priority of any kind, according to the aggregate amounts
due and payable on the Notes for principal (including the Redemption Price or repurchase price upon
redemption or repurchase pursuant to Article 3) and interest, respectively; and

          THIRD: To the payment of the remainder, if any, to the Issuer.

          Section 6.04. Proceedings by Noteholders . No Holder of any Note shall have any right by virtue of
or by reference to 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, trustee, liquidator, custodian or other similar official, or for any other remedy
hereunder, except in the case of a default in the payment of principal, premium, if any, or
interest on the Notes, unless (a) such Holder previously shall have given to the Trustee written
notice of an Event of Default and of the continuance thereof, as hereinbefore provided, (b) the
Holders of at least twenty-five percent (25%) in aggregate principal amount of the Notes then
outstanding shall have made written request upon the Trustee to institute such action, suit 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, liabilities or expenses to be incurred
therein or thereby, (c) the Trustee for sixty (60) calendar days after its receipt of such notice,
request and offer of indemnity, shall have failed to institute any such action, suit or proceeding
and (d) no direction inconsistent with such written request shall have been given to the Trustee by
Holders of a majority in aggregate principal amount of Notes then outstanding; it being understood
and intended, and being expressly covenanted by the taker and Holder of every Note with every other
taker and Holder and the Trustee, that no one or more Holders of Notes shall have any right in any
manner whatever by virtue of or by reference to any provision of this Indenture to affect, disturb
or prejudice the rights of any other Holder of Notes, 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 Notes
(except as otherwise provided herein). For the protection and enforcement of this Section 6.04,
each and every Noteholder and the Trustee shall be entitled to such relief as can be given either
at law or in equity.

          Notwithstanding any other provision of this Indenture and any provision of any Note, the right
of any Holder of any Note to receive payment of the principal of (including the Redemption Price or
repurchase price upon redemption or repurchase pursuant to Article 3) and premium, if any, and
accrued interest on such Note, on or after the respective due dates expressed in such Note or in
the event of redemption or repurchase, or to institute suit for the enforcement of any such payment
on or after such respective dates against the Issuer shall not be impaired or affected without the
consent of such Holder.

          Anything contained in this Indenture or the Notes to the contrary notwithstanding, the Holder
of any Note, without the consent of either the Trustee or the Holder of any other Note, in its own
behalf and for its own benefit, may enforce, and may institute and maintain any proceeding suitable
to enforce, its rights of exchange as provided in Article 13.

          Section 6.05. Proceedings by Trustee . If an Event of Default occurs and is continuing, the Trustee
may in its discretion proceed to protect and enforce its rights and the

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rights of the Holders of
Notes by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect
and enforce any such rights, whether for the specific enforcement of any covenant or agreement in
this Indenture or in aid of the exercise of any power granted herein, or to enforce any other
proper remedy.

          Section 6.06. Remedies Cumulative and Continuing . All powers and remedies given by this Article 6
to the Trustee or to the Noteholders shall, to the extent permitted by law, be deemed
cumulative and not exclusive of any thereof or of any other powers and remedies available to the
Trustee or the Holders of the Notes, by judicial proceedings or otherwise, to enforce the
performance or observance of the covenants and agreements contained in this Indenture, and no delay
or omission of the Trustee or of any Holder of any of the Notes to exercise any right or power
accruing upon any default or 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 any
acquiescence therein, and, subject to the provisions of Section 6.04, every power and remedy given
by this Article 6 or by law to the Trustee or to the Noteholders may be exercised from time to
time, and as often as shall be deemed expedient, by the Trustee or by the Noteholders.

          Section 6.07. Direction of Proceedings and Waiver of Defaults by Majority of Noteholders . The
Holders of not less than a majority in aggregate principal amount of the Notes 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;
provided that (a) such direction shall not be in conflict with any rule of law or with this
Indenture, (b) the Trustee may take any other action deemed proper by the Trustee which is not
inconsistent with such direction, and (c) the Trustee need not take any action which might involve
it in personal liability or be unduly prejudicial to the Holders of Notes not joining therein, it
being understood that (subject to Section 7.02) the Trustee shall have no duty to ascertain whether
or not such actions or forbearance are unduly prejudicial to such Holders.

          The Holders of a majority in aggregate principal amount of the Notes at the time outstanding
may, on behalf of the Holders of all of the Notes, waive any past default or Event of Default
hereunder and its consequences except (i) a default in the payment of the principal of (including
the Redemption Price or repurchase price upon redemption or repurchase pursuant to Article 3),
premium, if any, or interest on the Notes, (ii) a failure by the Issuer to exchange any Notes as
required by this Indenture or (iii) a default in respect of a covenant or provisions hereof which
under Article 9 cannot be modified or amended without the consent of the Holders of all Notes then
outstanding or each Note affected thereby.

          Upon any such waiver, such default shall cease to exist, and any Event of Default arising
therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such
waiver shall extend to any subsequent or other default or Event of Default or impair any right
consequent thereon.

          Section 6.08. Undertaking to Pay Costs . All parties to this Indenture agree, and each Holder of
any Note by its 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

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Indenture,
or in any suit against the Trustee for any action taken or omitted by it as Trustee, the filing by
any party litigant in such suit of an undertaking to pay the costs of such suit and that such court
may in its discretion assess reasonable costs, including reasonable attorneys’ fees and expenses,
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; provided that the provisions of this Section 6.08
(to the extent permitted by law) shall not apply to any suit instituted by the Trustee, to any suit
instituted by any Noteholder, or group of Noteholders, holding in the aggregate more than ten
percent in principal amount of the Notes at the time outstanding determined in accordance with
Section 8.04, or to any suit instituted by any Noteholder for the enforcement of the payment of
the principal of (including the Redemption Price or repurchase price upon redemption or repurchase
pursuant to Article 3), or interest on any Note on or after the due date expressed in such Note or
to any suit for the enforcement of the right to exchange any Note in accordance with the provisions
of Article 13.

ARTICLE 7

THE TRUSTEE

          Section 7.01. Notice of Defaults . Within 90 days after the occurrence of any default hereunder,
the Trustee shall transmit in the manner and to the extent provided in TIA Section 313(c), notice
of such default hereunder actually known to a Responsible Officer of the Trustee, unless a
Responsible Officer of the Trustee shall have actual knowledge that such default shall have been
cured or waived; provided, however, that, except in the case of a default in the payment of the
principal of (including the Redemption Price or repurchase price upon redemption or repurchase
pursuant to Article 3) or interest on any Note or a default with respect to the Issuer’s obligation
to deliver, upon exchange, cash and shares of Common Stock, if applicable, the Trustee shall be
protected in withholding such notice if and so long as Responsible Officers of the Trustee in good
faith determine that the withholding of such notice is in the interests of the Holders of the
Notes; and provided further that in the case of any default or breach of the type specified in
Section 6.01(d), no such notice to Holders of Notes shall be given until at least 60 days after the
occurrence thereof.

          Section 7.02. Certain Rights of Trustee . Subject to the provisions of TIA Section 315(a) through
315(d):

          (a) the Trustee may rely and shall be protected in acting or refraining from acting upon any
resolution, Officers’ Certificate, Issuer Request, Issuer Order, written request or order of the
Issuer, certificate, statement, instrument, Opinion of Counsel, opinion, report, notice, request,
direction, consent, order, bond, debenture, note, coupon 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 or direction of the Issuer mentioned herein shall be sufficiently evidenced by
an Issuer Request, Issuer Order, or written request or order of the Issuer (other than delivery of
any Note to the Trustee for authentication and delivery pursuant to Sections 2.01 and 2.04 which
shall be sufficiently evidenced as provided therein) and any resolution of the Board of Directors
may be sufficiently evidenced by a Board Resolution;

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

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

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

          (f) the Trustee shall not be bound to make any investigation into the facts or matters stated
in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction,
consent, order, bond, debenture, note, coupon or other paper or document, unless requested in
writing so to do by the Holders of not less than a majority in aggregate principal amount of the
Outstanding Notes; 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 examination
shall be paid by the Holders or, if paid by the Trustee, shall be repaid by the Holders upon
demand. The Trustee, in its discretion, may make such further inquiry or investigation into such
facts or matters as it may see fit, and, if the Trustee shall determine to make such further
inquiry or investigation, it shall be entitled to examine the books, records and premises of the
Issuer, relevant to the facts or matters that are the subject of its inquiry, personally or by
agent or attorney; the Trustee may execute any of the trusts or powers hereunder or perform any
duties hereunder either directly or by or through agents or attorneys and the Trustee shall not be
responsible for any misconduct or negligence on the part of any agent or attorney appointed with
due care by it hereunder;

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

          (h) 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;

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

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          (j) the permissive rights of the Trustee to do things enumerated in this Indenture shall not
be construed as a duty and the Trustee shall not be answerable for other than its negligence or
willful misconduct; and

          (k) except for any event of which a Responsible Officer of the Trustee has “actual knowledge”
and which event, with the giving of notice or the passage of time or both, would constitute an
Event of Default under this Indenture, the Trustee shall not be deemed to have notice of any
default or Event of Default unless specifically notified in writing of such event by the Issuer or
the Holders of not less than 25% in aggregate principal amount of the Notes then outstanding; as
used herein, the term “actual knowledge” means the actual fact or statement of knowing, without any
duty to make any investigation with regard thereto.

          The Trustee shall not be required to expend or risk its own funds or otherwise incur any
financial liability in the performance of any of its duties hereunder, or in the exercise of any of
its rights or powers, if it shall have reasonable grounds for believing that repayment of such
funds or adequate indemnity against such risk or liability is not reasonably assured to it. Except
during the continuance of an Event of Default, the Trustee undertakes to perform only such duties
as are specifically to be performed by it as set forth in this Indenture, and no implied covenants
or obligations shall be read into this Indenture against the Trustee.

          All of the benefits, protections, privileges, immunities, indemnities, and rights under this
Indenture that apply to the Trustee also apply to Wilmington Trust Company in its individual
capacity and in its respective other capacities hereunder (including, without limitation, as Note
Registrar, Paying Agent, Exchange Agent, and Custodian).

          Section 7.03. Not Responsible for Recitals or Issuance of Notes . The recitals contained herein and
in the Notes, except the Trustee’s certificate of authentication shall be taken as the statements
of the Issuer, and neither the Trustee nor any Authenticating Agent assumes any responsibility for
their correctness. The Trustee makes no representations as to the validity or sufficiency of this
Indenture or of the Notes except that the Trustee represents that it is duly authorized to execute
and deliver this Indenture, authenticate the Notes and perform its obligations hereunder. Neither
the Trustee nor any Authenticating Agent shall be accountable for the use or application by the
Issuer of Notes or the proceeds thereof.

          Section 7.04. May Hold Notes and Common Stock . The Trustee, any Paying Agent, Exchange Agent,
Security Registrar, Authenticating Agent or any other agent of the Issuer, in its individual or any
other capacity, may become the owner or pledgee of Notes or Common Stock and, subject to TIA
Sections 310(b) and 311, may otherwise deal with the Issuer and the Guarantor with the same rights
it would have if it were not Trustee, Paying Agent, Exchange Agent, Security Registrar,
Authenticating Agent or such other agent.

          Section 7.05. Money Held in Trust . Money held by the Trustee in trust hereunder need not be
segregated from other funds except to the extent required by law. The Trustee shall be under no
liability for interest on any money received by it hereunder except as otherwise agreed with the
Issuer.

          Section 7.06. Compensation and Reimbursement . The Issuer agrees:

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          (a) to pay to the Trustee from time to time, and the Trustee shall be entitled to, reasonable
compensation for all services rendered by it hereunder (which compensation shall not be limited by
any provision of law in regard to the compensation of a trustee of an express trust);

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

          (c) to indemnify each of the Trustee (including its officers, agents, and employees) and any
predecessor Trustee for, and to hold it harmless against, any loss, liability or expense incurred
without negligence or willful misconduct on its part, arising out of or in connection with the
acceptance or administration of the trust or trusts hereunder, including the costs and expenses of
defending itself against or investigating any claim or liability in connection with the exercise or
performance of any of its powers or duties hereunder.

          When the Trustee incurs expenses or renders services in connection with an Event of Default
specified in Sections 6.01(j) or 6.01(k), the expenses (including the reasonable charges and
expenses of its counsel) and the compensation for the services are intended to constitute expenses
of administration under any applicable federal or state bankruptcy, insolvency or other similar
law.

          As security for the performance of the obligations of the Issuer under this Section, the
Trustee shall have a lien prior to the Notes upon all property and funds held or collected by the
Trustee as such, except funds held in trust for the payment of principal of (including the
Redemption Price or repurchase price upon redemption or repurchase pursuant to Article 3) or
interest on any Notes. The provisions of this Section shall survive the termination of this
Indenture.

          Section 7.07. Corporate Trustee Required; Eligibility; Conflicting Interests . There shall at all
times be a Trustee hereunder which shall be eligible to act as Trustee under TIA Section 310(a)(1)
and shall have a combined capital and surplus of at least $50,000,000. If such corporation
publishes reports of condition at least annually, pursuant to law or the requirements of federal,
state, territorial or District of Columbia 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. Neither the Issuer nor any Person directly or indirectly controlling, controlled by, or
under common control with the Issuer shall serve as Trustee. If at any time the Trustee shall cease
to be eligible in accordance with the provisions of this Section, it shall resign immediately in
the manner and with the effect hereinafter specified in this Article.

          Section 7.08. Resignation and Removal; Appointment of Successor .

          (a) No resignation or removal of the Trustee and no appointment of a successor Trustee
pursuant to this Article shall become effective until the acceptance of

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appointment by the
successor Trustee in accordance with the applicable requirements of Section 7.09.

          (b) The Trustee may resign at any time by giving written notice thereof to the Issuer. If an
instrument of acceptance by a successor Trustee shall not have been delivered to the Trustee within
30 days after the giving of such notice of resignation, the resigning Trustee may petition any
court of competent jurisdiction for the appointment of a successor Trustee.

          (c) The Trustee may be removed at any time by Act of the Holders of a majority in principal
amount of the Outstanding Notes delivered to the Trustee and to the Issuer.

          (d) If at any time:

               (i) the Trustee shall fail to comply with the provisions of TIA Section 310(b)
after written request therefor by the Issuer or by any Holder of a Note who has been
a bona fide Holder of a Note for at least six months, or

               (ii) the Trustee shall cease to be eligible under Section 7.07 and shall fail
to resign after written request therefor by the Issuer or by any Holder of a Note
who has been a bona fide Holder of a Note for at least six months, or

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

then, in any such case, (A) the Issuer by or pursuant to a Board Resolution may remove the Trustee
and appoint a successor Trustee, or (B) subject to TIA Section 315(e), any Holder of a Note who has
been a bona fide Holder of a Note 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 or Trustees.

          (e) If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy
shall occur in the office of Trustee for any cause, the Issuer, by or pursuant to a Board
Resolution, shall promptly appoint a successor Trustee or Trustees. If, within one year after such
resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee shall
be appointed by Act of the Holders of a majority in principal amount of the Outstanding Notes
delivered to the Issuer and the retiring Trustee, the successor Trustee so appointed shall,
forthwith upon its acceptance of such appointment, become the successor Trustee and to that extent
supersede the successor Trustee appointed by the Issuer. If no successor Trustee shall have been so
appointed by the Issuer or the Holders of Notes and accepted appointment in the manner hereinafter
provided, any Holder of a Note who has been a bona fide Holder of a Note for at least six months
may, on behalf of himself and all others similarly situated, petition any court of competent
jurisdiction for the appointment of a successor Trustee. The Trustee shall not be liable for any
actions of a successor Trustee.

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          (f) The Issuer shall give notice of each resignation and each removal of the Trustee and each
appointment of a successor Trustee by mailing or causing to be mailed such notice to the Holders of
Notes as they appear on the Note Register. Each notice shall include the name of the successor
Trustee and the address of its Corporate Trust Office.

          Section 7.09. Acceptance of Appointment By Successor . (a) In case of the appointment hereunder of
a successor Trustee, every such successor Trustee so appointed shall execute, acknowledge and
deliver to the Issuer and to the retiring Trustee an instrument accepting such appointment, and
thereupon the resignation or removal of the retiring Trustee shall become effective and such
successor Trustee, without any further act, deed or conveyance, shall become vested with all the
rights, powers, trusts and duties of the retiring Trustee; but, on request of the
Issuer or the successor Trustee, such retiring Trustee shall, upon payment of its charges, execute
and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts
of the retiring Trustee, and shall duly assign, transfer and deliver to such successor Trustee all
property and money held by such retiring Trustee hereunder, subject nevertheless to its claim, if
any, provided for in Section 7.06.

          (b) In case of the appointment hereunder of a successor Trustee, the Issuer, the retiring
Trustee and each successor Trustee shall execute and deliver an indenture supplemental hereto,
pursuant to Article Nine hereof, wherein each successor Trustee shall accept such appointment and
which (i) shall contain such provisions as shall be necessary or desirable to transfer and confirm
to, and to vest in, each successor Trustee all the rights, powers, trusts and duties of the
retiring Trustee to which the appointment of such successor Trustee relates, (ii) if the retiring
Trustee is not retiring all Notes, shall contain such provisions as shall be deemed necessary or
desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee as to
which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and
(iii) shall add to or change any of the provisions of this Indenture as shall be necessary to
provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it
being understood that nothing herein or in such supplemental indenture shall constitute such
Trustees co-trustees of the same trust and that each such Trustee shall be trustee of a trust or
trusts hereunder separate and apart from any trust or trusts hereunder administered by any other
such Trustee; and upon the execution and delivery of such supplemental indenture the resignation or
removal of the retiring Trustee shall become effective to the extent provided therein and each such
successor Trustee, without any further act, deed or conveyance, shall become vested with all the
rights, powers, trust sand duties of the retiring Trustee to which the appointment of such
successor Trustee relates; but, on request of the Issuer or any successor Trustee, such retiring
Trustee shall duly assign, transfer and deliver to such successor Trustee all property and money
held by such retiring Trustee hereunder to which the appointment of such successor Trustee relates.

          (c) Upon request of any such successor Trustee, the Issuer shall execute any and all
instruments for more fully and certainly vesting in and confirming to such successor Trustee all
such rights, powers and trusts referred to in paragraph (a) or (b) of this Section 7.09, as the
case may be.

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

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          Section 7.10. Merger, Conversion, Consolidation or Succession to Business . Any entity into which
the Trustee may be merged or converted or with which it may be consolidated, or any entity
resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or
any entity succeeding to all or substantially all of the corporate trust business of the Trustee,
shall be the successor of the Trustee hereunder, provided such entity shall be otherwise qualified
and eligible under this Article, without the execution or filing of any paper or any further act on
the part of any of the parties hereto. In case any Notes shall have been authenticated, but not
delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to
such authenticating Trustee may adopt such authentication and deliver the Notes so authenticated
with the same effect as if such successor Trustee had itself
authenticated such Notes. In case any Notes shall not have been authenticated by such predecessor
Trustee, any such successor Trustee may authenticate and deliver such Notes, in either its own name
or that of its predecessor Trustee, with the full force and effect which this Indenture provides
for the certificate of authentication of the Trustee.

          Section 7.11. Appointment of Authenticating Agent . At any time when any of the Notes remain
Outstanding, the Trustee may appoint an Authenticating Agent or Agents which shall be authorized to
act on behalf of the Trustee to authenticate Notes issued upon exchange, registration of transfer
or partial redemption or repayment thereof, and Notes so authenticated shall be entitled to the
benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated
by the Trustee hereunder. Any such appointment shall be evidenced by an instrument in writing
signed by a Responsible Officer of the Trustee, a copy of which instrument shall be promptly
furnished to the Issuer. Wherever reference is made in this Indenture to the authentication and
delivery of Notes by the Trustee or the Trustee’s certificate of authentication, such reference
shall be deemed to include authentication and delivery on behalf of the Trustee by an
Authenticating Agent and a certificate of authentication executed on behalf of the Trustee by an
Authenticating Agent. Each Authenticating Agent shall be acceptable to the Issuer and shall at all
times be a bank or trust company or corporation organized and doing business and in good standing
under the laws of the United States of America or of any state or the District of Columbia,
authorized under such laws to act as Authenticating Agent, having a combined capital and surplus of
not less than $50,000,000 and subject to supervision or examination by Federal or state
authorities. If such Authenticating Agent publishes reports of condition at least annually,
pursuant to law or the requirements of the aforesaid supervising or examining authority, then for
the purposes of this Section, the combined capital and surplus of such Authenticating Agent shall
be deemed to be its combined capital and surplus asset forth in its most recent report of condition
so published. In case at any time an Authenticating Agent shall cease to be eligible in accordance
with the provisions of this Section, such Authenticating Agent shall resign immediately in the
manner and with the effect specified in this Section.

          Any corporation into which an Authenticating Agent may be merged or converted or with which it
may be consolidated, or any corporation resulting from any merger, conversion or consolidation to
which such Authenticating Agent shall be a party, or any corporation succeeding to the corporate
agency or corporate trust business of an Authenticating Agent, shall continue to be an
Authenticating Agent, provided such corporation shall be otherwise eligible under this Section,
without the execution or filing of any paper or further act on the part of the Trustee or the
Authenticating Agent.

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          An Authenticating Agent may at any time resign by giving written notice of resignation to the
Trustee and to the Issuer. The Trustee may at any time terminate the agency of an Authenticating
Agent by giving written notice of termination to such Authenticating Agent and to the Issuer. Upon
receiving such a notice of resignation or upon such a termination, or in case at any time such
Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section,
the Trustee may appoint a successor Authenticating Agent which shall be acceptable to the Issuer
and shall give notice of such appointment to all Holders of Notes by mailing or causing to be
mailed such notice to the Holders of Notes as they appear on the Note Register. Any successor
Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the
rights, powers and duties of its predecessor hereunder, with like
effect as if originally named as an Authenticating Agent herein. No successor Authenticating
Agent shall be appointed unless eligible under the provisions of this Section.

          The Issuer agrees to pay to each Authenticating Agent from time to time reasonable
compensation including reimbursement of its reasonable expenses for its services under this
Section.

          If an appointment is made pursuant to this Section, the Notes may have endorsed thereon, in
addition to or in lieu of the Trustee’s certificate of authentication, an alternate certificate of
authentication substantially in the following form:

          This is one of the Notes designated therein referred to in the within-mentioned Indenture.

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Wilmington Trust Company, as Trustee	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Dated:

	 	 	 	 	 	 	 	By:	 	 	 	 
	 

	 	 

	 	 	 	 	 	 	 	 

as Authenticating Agent
	 	 
	Dated:

	 	 	 	 	 	 	 	By:	 	 	 	 
	 

	 	 

	 	 	 	 	 	 	 	 

Authorized Signatory
	 	 

          Section 7.12. Certain Duties and Responsibilities of the Trustee .

          (a) With respect to the Notes, except during the continuance of an Event of Default with
respect to the Notes:

               (i) the Trustee undertakes to perform such duties and only such duties as are
specifically to be performed by it as 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 its part, the Trustee may conclusively
rely, as to the truth of the statements and the correctness of the opinions
expressed therein, upon certificates or opinions furnished to the Trustee and
conforming to the requirements of this Indenture; but in the case of any such
certificates or opinions which by any provision hereof are specifically required to

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be furnished to the Trustee, the Trustee shall be under a duty to examine the same
to determine whether or not they conform to the requirements of this Indenture, but
shall not be under any duty to verify the contents or accuracy thereof.

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

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

               (i) this Subsection shall not be construed to limit the effect of Subsection
(a) of this Section;

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

               (iii) the Trustee shall not be liable with respect to any action taken or
omitted to be taken by it in good faith in accordance with the direction of the
Holders of a majority in principal amount of the Outstanding Notes 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; and

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

          (d) Whether or not therein expressly so provided, every provision of this Indenture relating
to the conduct or affecting the liability of or affording protection to the Trustee shall be
subject to the provisions of this Section 7.12.

ARTICLE 8

THE NOTEHOLDERS

     Section 8.01. Action by Noteholders . Whenever in this Indenture it is provided that the
Holders of a specified percentage in aggregate principal amount of the Notes 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 specified percentage have joined therein may be evidenced (a) by any instrument or any number
of instruments of similar tenor executed by Noteholders in person or by agent or proxy appointed in
writing, or (b) by the record of the Holders of Notes voting in favor thereof at

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any meeting of
Noteholders, or (c) by a combination of such instrument or instruments and any such record of such
a meeting of Noteholders. Whenever the Issuer or the Trustee solicits the taking of any action by
the Holders of the Notes, the Issuer or the Trustee may fix in advance of such solicitation a date
as the record date for determining Holders entitled to take such action. Notwithstanding Trust
Indenture Act Section 316(c), such record date shall be the record date specified in or pursuant to
such Board Resolution, which shall be a date not earlier than the date 30 days prior to the first
solicitation of Noteholders generally in connection therewith and not later than the date such
solicitation is completed. 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 Noteholders of record at the close of business on such record date shall be deemed to be
Noteholders for the purposes of determining whether Holders of the requisite proportion of
outstanding Notes have authorized or agreed or consented to such request,
demand, authorization, direction, notice, consent, waiver or other act, and for that purpose
the outstanding notes shall be computed as of such record date; provided that no such
authorization, agreement or consent by the Noteholders on such record date shall be deemed
effective unless it shall become effective pursuant to the provisions of this Indenture not later
than eleven months after the record date.

          Section 8.02. Proof of Execution by Noteholders . Subject to the provisions of Sections 7.02 and
7.12, proof of the execution of any instrument by a Noteholder or its agent or proxy shall be
sufficient if made 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 Notes shall
be proved by the registry of such Notes or by a certificate of the Note Registrar.

          Section 8.03. Absolute Owners . The Issuer, the Trustee, any Paying Agent, any exchange agent and
any Note Registrar may deem the Person in whose name such Note shall be registered upon the Note
Register to be, and may treat it as, the absolute owner of such Note (whether or not such Note
shall be overdue and notwithstanding any notation of ownership or other writing thereon made by any
Person other than the Issuer or any Note Registrar) for the purpose of receiving payment of or on
account of the principal of (including the Redemption Price or repurchase price upon redemption or
repurchase pursuant to Article 3), premium, if any, and interest on such Note, for exchange of such
Note and for all other purposes; and neither the Issuer nor the Trustee nor any Paying Agent nor
any exchange agent nor any Note Registrar shall be affected by any notice to the contrary. All such
payments so made to any Holder for the time being, or upon its order, shall be valid, and, to the
extent of the sum or sums so paid, effectual to satisfy and discharge the liability for monies
payable upon any such Note.

          Section 8.04. Issuer-owned Notes Disregarded . In determining whether the Holders of the requisite
aggregate principal amount of Notes have given any request, demand, authorization, direction,
notice, consent or waiver under this Indenture or whether a quorum is present a meeting of
Noteholders, Notes that are owned by the Issuer or any other obligor upon the Notes or any
Affiliate of the Issuer or any other obligor on the Notes shall be disregarded and deemed not to be
outstanding for the purpose of any such determination; provided that for the purposes of
determining whether the Trustee shall be protected in relying on any such direction, consent,
waiver or other action, only Notes which a Responsible Officer of the Trustee actually knows are so
owned shall be so disregarded. Notes so owned which have been pledged in good

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faith may be regarded
as outstanding for the purposes of this Section 8.04 if the pledgee shall establish to the
satisfaction of the Trustee the pledgee’s right to vote such Notes and that the pledgee is not the
Issuer, any other obligor on the Notes or any Affiliate of the Issuer or any such other obligor. In
the case of a dispute as to such right, any decision by the Trustee taken upon the advice of
counsel shall be full protection to the Trustee. Upon request of the Trustee, the Issuer shall
furnish to the Trustee promptly an Officers’ Certificate listing and identifying all Notes, 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 Section 7.12, 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 Notes
not listed therein are outstanding for the purpose of any such determination.

          Section 8.05. Revocation of Consents; Future Holders Bound . At any time prior to (but not after)
the evidencing to the Trustee, as provided in Section 8.01, of the taking of any action by
the Holders of the percentage in aggregate principal amount of the Notes specified in this
Indenture in connection with such action, any Holder of a Note which is shown by the evidence to be
included in the Notes the Holders of which have consented to such action may, by filing written
notice with the Trustee at its Corporate Trust Office and upon proof of holding as provided in
Section 8.02, revoke such action so far as concerns such Note. Except as aforesaid, any such action
taken by the Holder of any Note shall be conclusive and binding upon such Holder and upon all
future Holders and owners of such Note and of any Notes issued in exchange or substitution
therefor, irrespective of whether any notation in regard thereto is made upon such Note or any Note
issued in exchange or substitution therefor.

ARTICLE 9

SUPPLEMENTAL INDENTURES

          Section 9.01. Supplemental Indentures Without Consent of Noteholders . The Issuer, when authorized
by the resolutions of the Board of Directors, the Guarantor and the Trustee may, from time to time,
and at any time enter into an indenture or indentures supplemental without the consent of any
Holder of the Notes hereto for any of the following purposes:

          (a) to evidence a successor to the Issuer as obligor or to the Guarantor as guarantor under
this Indenture;

          (b) to add Events of Default for the benefit of the Holders of the Notes;

          (c) to secure the Notes;

          (d) to provide for the acceptance of appointment of a successor Trustee or facilitate the
administration of the trusts under this Indenture by more than one Trustee;

          (e) to conform the terms of this Indenture or the Notes to the “Description of Notes”
contained in the Offering Memorandum;

          (f) to cure any ambiguity, defect or inconsistency in this Indenture; provided that this
action shall not materially adversely affect the interests of the Holders of the Notes in any
material respect;;

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          (g) to amend or supplement any provisions of this Indenture; provided that no such amendment
or supplement pursuant to this clause (g) shall materially adversely affect the interests of the
Holders of any Notes then outstanding;

          (h) to add to the covenants of the Issuer or the Guarantor for the benefit of the Holders of
the Notes or to surrender any right or power conferred upon the Issuer or the Guarantor in this
Indenture or in the Notes;

          (i) to provide for Global Notes in addition to or in place of Certificated Notes, as provided
in this Indenture;

          (j) to make any changes to comply with the Trust Indenture Act, or any amendment thereto; or

          (k) to modify this Indenture and the Notes to increase the Exchange Rate or reduce the
Exchange Price; provided that the increase or reduction, as the case may be, is in accordance with
the terms of the Notes or will not adversely affect the interests of the Holders of the Notes.

          Upon the written request of the Issuer, accompanied by a copy of the resolutions of the Board
of Directors certified by the Guarantor’s Secretary or Assistant Secretary authorizing the
execution of any supplemental indenture, the Trustee is hereby authorized to join with the Issuer
and the Guarantor in the execution of any such supplemental indenture, to make any further
appropriate agreements and stipulations that may be therein contained and to accept the conveyance,
transfer and assignment of any property thereunder, but the Trustee shall not be obligated to, but
may in its discretion, enter into any supplemental indenture that affects the Trustee’s own rights,
duties or immunities under this Indenture or otherwise.

          Any supplemental indenture authorized by the provisions of this Section 9.01 may be executed
by the Issuer, the Guarantor and the Trustee without the consent of the Holders of any of the Notes
at the time outstanding, notwithstanding any of the provisions of Section 9.02.

          Section 9.02. Supplemental Indenture With Consent of Noteholders . With the consent (evidenced as
provided in Article 8) of the Holders of not less than a majority in aggregate principal amount of
the Notes at the time outstanding, the Issuer, when authorized by the resolutions of the Board of
Directors, the Guarantor and the Trustee may, from time to time and at any time, enter into an
indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing
in any manner or eliminating any of the provisions of this Indenture or any supplemental indenture
or modifying in any manner the rights of the Holders of the Notes; provided that no such
supplemental indenture shall, without the consent of the Holder of each Note so affected:

          (a) change the Maturity Date of the principal of or any installment of interest on the Notes,
reduce the principal amount of, or the rate or amount of interest on, or any premium payable on
redemption of, the Notes, or adversely affect any right of repayment of the Holder of the Notes,
change the place of payment, or the coin or currency, for payment of principal of or interest on
any Note or impair the right to institute suit for the enforcement of any payment on or with
respect to the Notes;

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          (b) reduce the percentage in principal amount of the outstanding Notes necessary to modify or
amend this Indenture as provided in this Section 9.02, to waive compliance with certain provisions
of this Indenture or certain defaults and their consequences provided in this Indenture, or to
reduce the quorum or change voting requirements set forth in this Indenture;

          (c) modify or affect in any manner adverse to the Holders of the Notes the terms and
conditions of the obligations of the Guarantor in respect of the payments of principal and
interest;

          (d) modify any of this Section 9.02 or any of the provisions relating to the waiver of certain
past defaults or certain covenants, except to increase the required percentage to effect the action
or to provide that certain other provisions may not be modified or waived without the consent of
the Holders of the Notes;

          (e) change the ranking of the Notes;

          (f) modify the provisions of Section 3.05 in a manner adverse to the Holders of the Notes,
including the Issuer’s obligation to repurchase the Notes following a Designated Event; or

          (g) adversely affect the rights of Holders of the Notes contained in Section 13.01 of this
Indenture.

          Upon the written request of the Issuer, accompanied by a copy of the resolutions of the Board
of Directors certified by the Guarantor’s Secretary or Assistant Secretary authorizing the
execution of any supplemental indenture, and upon the filing with the Trustee of evidence of the
consent of Noteholders as aforesaid, the Trustee shall join with the Issuer and the Guarantor 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 Noteholders under this Section 9.02 to
approve the particular form of any proposed supplemental indenture, but it shall be sufficient if
such consent shall approve the substance thereof.

     Section 9.03. Effect of Supplemental Indenture. Any supplemental indenture executed pursuant to the provisions of
this Article 9 shall comply with the Trust Indenture Act, as then in effect, provided that this
Section 9.03 shall not require such supplemental indenture or the Trustee to be qualified under the
Trust Indenture Act prior to the time, if ever, such qualification is in fact required under the
terms of the Trust Indenture Act or the Indenture has been qualified under the Trust Indenture Act,
nor shall it constitute any admission or acknowledgment by any party to such supplemental indenture
that any such qualification is required prior to the time, if ever, such qualification is in fact
required under the terms of the Trust Indenture Act or the Indenture has been qualified under the
Trust Indenture
Act. Upon the execution of any supplemental indenture pursuant to the provisions of this Article 9,
this Indenture shall be and be deemed to be modified and amended in accordance therewith and the

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respective rights, limitation of rights, obligations, duties and immunities under this Indenture of
the Trustee, the Issuer and the Holders of Notes shall thereafter be determined, exercised and
enforced hereunder, subject in all respects to such modifications and amendments and all the terms
and conditions of any such supplemental indenture shall be and be deemed to be part of the terms
and conditions of this Indenture for any and all purposes.

          Section 9.04. Notation on Notes. Notes authenticated and delivered after the execution of any supplemental
indenture pursuant to the provisions of this Article 9 may bear a notation in form approved by the
Trustee as to any matter provided for in such supplemental indenture. If the Issuer or the Trustee
shall so determine, new Notes 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, at the Issuer’s expense, be prepared and executed by the Issuer, authenticated by
the Trustee (or an authenticating agent duly appointed by the Trustee pursuant to Section 7.11) and
delivered in exchange for the Notes then outstanding, upon surrender of such Notes then
outstanding.

          Section 9.05. Evidence of Compliance of Supplemental Indenture to Be Furnished to Trustee. Prior to entering into
any supplemental indenture pursuant to this Article 9, the Trustee shall be provided with an
Officers’ Certificate and an Opinion of Counsel as conclusive evidence that any supplemental
indenture executed pursuant hereto complies with the requirements of this Article 9 and is
otherwise authorized or permitted by this Indenture.

ARTICLE 10

CONSOLIDATION, MERGER, SALE, CONVEYANCE AND LEASE

          Section 10.01. Issuer May Consolidate on Certain Terms. Nothing contained in this Indenture or in the Notes shall
prevent any consolidation or merger of the Issuer with or into any other Person or Persons (whether
or not affiliated with the Issuer), or successive consolidations or mergers in which either the
Issuer will be the continuing entity or the Issuer or its successor or successors shall be a party
or parties, or shall prevent any sale, lease or conveyance, of all or substantially all of the
property of the Issuer, to any other Person (whether or not affiliated with the Issuer) so long as
the following conditions are met:

          (a) the Issuer shall be the continuing entity, or the successor entity (if other than the
Issuer) formed by or resulting from any consolidation or merger or which shall have received the
transfer of assets shall expressly assume payment of the principal of and interest on all of the
Notes and the due and punctual performance and observance of all of the covenants and conditions in
this Indenture;

          (b) if as a result of such transaction the Notes become exchangeable into common stock or
other securities issued by a third party, such third party fully and unconditionally guarantees all
obligations under such Notes and this Indenture;

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

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          (d) either the Issuer or the successor Person, as the case may be, shall have delivered to the
Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation,
merger, sale, lease or conveyance and, if a supplemental indenture is required in connection with
such transaction, such supplemental indenture comply with this Article 10 and that all conditions
precedent herein provided for relating to such transaction have been complied with.

          No such consolidation, merger, sale, lease or conveyance shall be permitted by this Section
10.01 unless prior thereto the Guarantor shall have delivered to the Trustee a Guarantor’s
Officers’ Certificate and an Opinion of Counsel, each stating that the Guarantor’s obligations
hereunder shall remain in full force and effect thereafter.

          Section 10.02. Issuer Successor to Be Substituted. Upon any consolidation by the Issuer with or merger of the
Issuer into any other Person or any sale, lease or conveyance of all or substantially all of the
properties and assets of the Issuer to any Person in accordance with Section 10.01, the successor
Person formed by such consolidation or into which the Issuer is merged or to which such sale, lease
or conveyance is made shall succeed to, and be substituted for, and may exercise every right and
power of, the Issuer under this Indenture with the same effect as if such successor Person had been
named as the Issuer herein, and thereafter, except in the case of a lease, the predecessor Person
shall be released from all obligations and covenants under this Indenture and the Notes.

          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 Notes thereafter to be issued as may
be appropriate.

          Section 10.03. Guarantor May Consolidate on Certain Terms. Nothing contained in this Indenture or in the Notes
shall prevent any consolidation or merger of the Guarantor with or into any other Person or Persons
(whether or not affiliated with the Guarantor), or successive consolidations or mergers in which
either the Guarantor will be the continuing entity or the Guarantor or its successor or successors
shall be a party or parties, or shall prevent any sale, lease or conveyance of all or substantially
all of the property of the Guarantor, to any other Person (whether or not affiliated with the
Guarantor) so long as the following conditions are met:

          (a) the Guarantor shall be the continuing entity, or the successor entity (if other than the
Guarantor) formed by or resulting from any consolidation or merger or which shall have received the
transfer of assets shall expressly assume the obligations of the Guarantor under the Guarantee and
the due and punctual performance and observance of all of the covenants and conditions in this
Indenture;

          (b) if as a result of such transaction the Notes become exchangeable into common stock or
other securities issued by a third party, such third party fully and unconditionally guarantees all
obligations under the Notes and this Indenture;

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

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          (d) either the Guarantor or the successor Person, as the case may be, shall have delivered to
the Trustee an Officers’ Certificate, as the case may be, and an Opinion of Counsel, each stating
that such consolidation, merger, sale, lease or conveyance and if a supplemental indenture is
required in connection with such transaction, such supplemental indenture comply with this Article
10 and that all conditions precedent herein provided for relating to such transaction have been
complied with.

          Section 10.04. Guarantor Successor to Be Substituted. Upon any consolidation by the Guarantor with or merger of
the Guarantor into any other Person or any sale, conveyance or lease of all or substantially all of
the properties and assets of the Guarantor to any Person in accordance with Section 10.03, the
successor Person formed by such consolidation or into which the Guarantor is merged or to which
such sale, conveyance or lease is made shall succeed to, and be substituted for, and may exercise
every right and power of, the Guarantor under this Indenture with the same effect as if such
successor Person had been named as the Guarantor herein, and thereafter, except in the case of a
lease, the predecessor Person shall be released from all obligations and covenants under this
Indenture and the Notes.

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

ARTICLE 11

SATISFACTION AND DISCHARGE OF INDENTURE

          Section 11.01. Satisfaction and Discharge of Indenture. This Indenture shall cease to be of further effect (except
as to any surviving rights of exchange or registration of transfer or exchange of the Notes herein
expressly provided for and except as provided below), and the Trustee, upon Issuer Order and demand
of and at the expense of the Issuer, shall execute instruments in form and substance satisfactory
to the Trustee and the Issuer acknowledging satisfaction and discharge of this Indenture when:

          (a) either

               (i) all Notes theretofore authenticated and delivered (other than (A) Notes
which have been destroyed, lost or stolen and which have been replaced or paid as
provided in Section 11.04, and (B) Notes for whose payment money has theretofore
been deposited in trust or segregated and held in trust by the Issuer and thereafter
repaid to the Issuer or discharged from such trust,
as provided in Section 11.04) have been delivered to the Trustee for
cancellation; or

               (ii) all such Notes not theretofore delivered to the Trustee for cancellation
have become due and payable,

and the Issuer has irrevocably (except as provided in the second proviso to Section 11.05)
deposited or caused to be deposited with the Trustee, a Paying Agent or the Exchange Agent (other
than the Issuer or any of its Affiliates), as applicable, as trust funds in trust cash and/or
shares of Common Stock (as applicable under the terms of this Indenture) in an amount

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sufficient to
pay and discharge the entire indebtedness on such Notes not theretofore delivered to the Trustee
for cancellation, for principal (and premium, if any) and interest to the date of such deposit (in
the case of Notes which have become due and payable) or to the Stated Maturity or Redemption Date
or Designated Redemption Date, as the case may be;

          (b) the Issuer has paid or caused to be paid all other sums payable hereunder by the Issuer;
and

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

          Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the
Issuer to the Trustee and any predecessor Trustee under Section 7.06 and, if money shall have been
deposited with and held by the Trustee pursuant to subclause (ii) of clause (a) of this Section
11.01, the provisions of Sections 2.05, 2.06, 2.07 and 3.07 and Article 13 and this Article 11
shall survive until the Notes have been paid in full.

          Notwithstanding the reference to premium under subclause (ii) of clause (a) of this Section
11.01, the Issuer shall not be required to deposit pursuant thereto any premium that would be
payable on the Notes only upon acceleration of the maturity thereof pursuant to Section 6.01.

          Section 11.02. Application of Trust Funds. All money deposited with the Trustee pursuant to Section 11.01 shall be
held in trust and applied by it, in accordance with the provisions of the Notes and this Indenture,
to the payment, either directly or through any Paying Agent (including the Issuer acting as its own
Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal (and
premium, if any), and any interest for whose payment such money has been deposited with or received
by the Trustee, but such money need not be segregated from other funds except to the extent
required by law. All moneys deposited with the Trustee (and held by it or any Paying Agent) for the
payment of Notes subsequently exchanged shall be returned to the Issuer upon request.

          Section 11.03 Paying Agent to Repay Monies Held. Subject to the provisions of Section 11.04 the Trustee or a
Paying Agent shall hold in trust, for the benefit of the Noteholders, all money deposited with it
pursuant to Section 11.01 and shall
apply the deposited money in accordance with this Indenture and the Notes to the payment of the
principal of (including the Redemption Price or repurchase price upon redemption or repurchase
pursuant to Article 3) and interest on the Notes.

          Section 11.04. Return of Unclaimed Monies. The Trustee and each Paying Agent shall pay to the Issuer upon request
any money held by them for the payment of principal or interest that remains unclaimed for two
years after a right to such money has matured; provided, however, that the Trustee or such Paying
Agent, before being required to make any such payment, may, at the expense of the Issuer, either
publish in a newspaper of general circulation in The City of New York, or cause to be mailed to
each Holder entitled to such money, notice that such money remains unclaimed and that after a date
specified therein, which shall be at least

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thirty (30) calendar days from the date of such mailing
or publication, any unclaimed balance of such money then remaining will be repaid to the Issuer.
After payment to the Issuer, Holders entitled to money must look to the Issuer for payment as
general creditors unless an applicable abandoned property law designates another person, and the
Trustee and each Paying Agent shall be relieved of all liability with respect to such money.

          Section 11.05. Reinstatement. If the Trustee or the Paying Agent is unable to apply any money in accordance with
this Article 11 by reason of any order or judgment of any court or governmental authority
enjoining, restraining or otherwise prohibiting such application, the Issuer’s obligations under
this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred
pursuant to this Article 11 until such time as the Trustee or Paying Agent is permitted to apply
all money held in trust with respect to the Notes; provided, however, that if the Issuer makes any
payment of principal of or any premium or interest on any Notes following the reinstatement of its
obligations, the Issuer shall be subrogated to the rights of the Holders of the Notes to receive
such payment from the money so held by the Trustee or Paying Agent in trust; provided, further,
that, if the Issuer’s obligations are revived and reinstated as herein provided, the Trustee or
Paying Agent shall discharge from trust and pay to the Issuer all funds (together with the earnings
thereon, if any) previously deposited therewith pursuant to Section 11.02 and thereupon the Issuer,
the Trustee, any Paying Agent and the holders of the Notes shall be restored severally and
respectively to their former positions hereunder as if no satisfaction and discharge had been
effected.

ARTICLE 12

IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND

DIRECTORS

          Section 12.01. Indenture and Notes Solely Corporate Obligations. Except as otherwise expressly provided in Article
15, no recourse for the payment of the principal of (including the Redemption Price or repurchase
price upon redemption or repurchase pursuant to Article 3) or, premium, if any, or interest on any
Note, or for any claim based thereon or otherwise in respect thereof, and no recourse under or upon
any obligation, covenant or agreement of the Issuer in this Indenture or in any supplemental
indenture or in any Note, or
because of the creation of any indebtedness represented thereby, shall be had against any
incorporator, stockholder, partner, member, manager, employee, agent, officer, director or
subsidiary, as such, past, present or future, of the Guarantor, the Issuer or any of the
Guarantor’s subsidiaries or of any successor thereto, either directly or through the Guarantor, the
Issuer or any of the Guarantor’s subsidiaries or of any successor thereto, 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 all such liability is hereby expressly waived and
released as a condition of, and as a consideration for, the execution of this Indenture and the
issue of the Notes.

ARTICLE 13

EXCHANGE OF NOTES

     Section 13.01. Right to Exchange. (a) Upon compliance with the provisions of this Indenture, on or prior to the
close of business on the second Business Day immediately

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preceding the Maturity Date, the Holder of
any Notes not previously redeemed or repurchased shall have the right, at such Holder’s option, to
exchange its Notes, or any portion thereof which is a multiple of $1,000, into cash and, if
applicable, Common Stock, as provided in Section 13.10, by surrender of such Notes so to be
exchanged in whole or in part, together with any required funds, under the circumstances and in the
manner described in this Article 13. Holders may exchange their Notes at any time on or after
January 1, 2013 until the close of business on the second Business Day immediately preceding the
Maturity Date. In addition, Holders may exchange their Notes at any time prior to January 1, 2013
only upon occurrence of one of the following events:

               (i) Exchange Upon Satisfaction of Market Price Condition. A Holder may
surrender any of its Notes for exchange during any calendar quarter beginning after
June 30, 2008 (and only during such calendar quarter) if the Closing Sale Price of
the Common Stock for at least twenty (20) Trading Days in the period of thirty (30)
consecutive Trading Days ending on the last Trading Day of the preceding calendar
quarter is more than 120% of the Exchange Price per share of Common Stock in effect
on the applicable Trading Day. The Board of Directors will make appropriate
adjustments, in its good faith determination, to account for any adjustment to the
Exchange Rate that becomes effective, or any event requiring an adjustment to the
Exchange Rate where the ex-dividend date of the event occurs, during that thirty
(30) consecutive Trading Day period.

          The Trustee (or other Exchange Agent appointed by the Issuer) shall, on behalf
of the Issuer, determine on a daily basis during the time period specified in this
Section 13.01(a)(i) whether the Notes shall be exchangeable as a result of the
occurrence of an event specified in this clause (i) and, if the Notes shall be so
exchangeable, the Trustee (or other Exchange Agent appointed by the Issuer) shall
promptly deliver to the Issuer and the Trustee (if the Trustee is not the Exchange
Agent) written notice thereof.

               (ii) Exchange Upon Satisfaction of Trading Price Condition. A Holder may
surrender any of its Notes for exchange during the five (5) consecutive Trading Day
period following any five (5) consecutive Trading Days in which the Trading Price
per $1,000 principal amount of Notes (as determined following a reasonable request
by a Holder of the Notes) was less than 98% of the product of the Closing Sale Price
of the Common Stock, multiplied by the Applicable Exchange Rate.

          “Trading Price” of the Notes on any date of determination means the average of
the secondary market bid quotations per $1,000 principal amount of such Notes
obtained by the Trustee for a $2,000,000 principal amount of Notes at approximately
3:30 p.m., New York City time, on such determination date from two independent
nationally recognized securities dealers the Issuer selects, which may include the
Initial Purchasers; provided that if at least two such bids cannot reasonably be
obtained by the Trustee, but one such bid can reasonably be obtained by the Trustee,
then one bid shall be used. If the Trustee cannot

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reasonably obtain at least one bid
for a $2,000,000 principal amount of such Notes from a nationally recognized
securities dealer or, in the Issuer’s reasonable judgment, the bid quotations are
not indicative of the secondary market value of such Notes, then the Trading Price
per $1,000 principal amount of such Notes will be deemed to be less than 98% of the
product of the Closing Sale Price of Common Stock and the Applicable Exchange Rate
on such determination date.

          The Trustee shall have no obligation to determine the Trading Price of the
Notes unless the Issuer shall have requested such determination, and the Issuer
shall have no obligation to make such request unless a Holder provides the Issuer
with reasonable evidence that the Trading Price per $1,000 principal amount of Notes
would be less than 98% of the product of the Closing Sale Price per share of Common
Stock and the Applicable Exchange Rate, whereupon the Issuer shall instruct the
Trustee to determine the Trading Price of the Notes beginning on the next Trading
Day and on each successive Trading Day until the Trading Price is greater than or
equal to 98% of the product of the Closing Sale Price per share of Common Stock and
the Applicable Exchange Rate. If the Issuer does not so instruct the Trustee after a
Holder of Notes provides the Issuer with reasonable evidence that the Trading Price
per $1,000 principal amount of Notes would be less than 98% of the product of the
Closing Sale Price per share of Common Stock and the Applicable Exchange Rate, the
Trading Price of the Notes will be deemed to be less than 98% of the Closing Sale
Price multiplied by the Applicable Exchange Rate on each Trading Day the Issuer
fails to do so.

               (iii) Exchange Upon Notice of Redemption. A Holder may surrender for exchange
any of the Notes called for redemption at any time prior to the close of business on
the second Business Day prior to Redemption Date, even if the Notes are not
otherwise exchangeable at such time. The right to exchange Notes pursuant to this
clause (iii) shall expire after the close of business on the second Business Day
immediately preceding the Redemption Date, unless the Issuer defaults in payment of
the Redemption Price.

               (iv) Exchange Upon Specified Transactions. If the Guarantor elects to: (1)
distribute to all holders of the Common Stock any rights, warrants or options
entitling them for a period of not more than forty five (45) days after the issuance
thereof to subscribe for or purchase Common Stock at an exercise price per share of
Common Stock less than the Closing Sale Price of Common Stock on the Business Day
immediately preceding the time of announcement of such issuance; or (2) distribute
to all holders of Common Stock assets, debt securities or certain rights to purchase
securities of the Issuer or the Guarantor, which distribution (excluding for this
purpose a distribution solely in the form of cash required to preserve the status of
the Guarantor as a real estate investment trust) has a per share value exceeding 10%
of the average of the Closing Sale Prices of the Common Stock for the five (5)
consecutive Trading Days ending on the date immediately preceding the declaration
date of such distribution, the Issuer must notify the Holders of Notes at least
forty (40)

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Scheduled Trading Days prior to the ex-dividend date for such
distribution described in clause (1) or clause (2).

          Following the issuance of such notice, Holders may surrender their Notes for
exchange at any time until the earlier of the close of business on the Business Day
prior to the ex-dividend date or an announcement that such distribution will not
take place; provided, however, that no adjustment to the ability of the Holders of
Notes to exchange their Notes will be made if the Holders of Notes, as a result of
holding the Notes, are entitled to participate at the same time as Common Stock
holders participate in such transaction or distribution as if such Holders of the
Notes held a number shares of Common Stock equal to the Applicable Exchange Rate,
multiplied by the principal amount (expressed in thousands) of Notes held by such
Holder, without having to exchange their Notes. The “ex-dividend date” means, with
respect to any distribution on shares of Common Stock, the first date upon which a
sale of the Common Stock does not automatically transfer the right to receive the
relevant distribution from the seller of the Common Stock to its buyer.

          In addition, (1) if the Guarantor is a party to a share exchange or tender
offer, liquidation, consolidation, recapitalization, reclassification, combination
or merger, or a sale or lease or other transfer of all or substantially all of its
respective properties and assets, or a series of related transactions or events, in
each case pursuant to which all of the outstanding Common Stock would be exchanged
for, converted into or constitute solely the right to receive cash, securities or
other property, or (2) if a Designated Event occurs, a Holder may surrender its
Notes for exchange at any time from and including the date that is forty (40)
Business Days prior to the anticipated effective time of the transaction or event up
to and including thirty-five (35) Business Days after the actual date of such
transaction or event, unless such transaction also constitutes a Designated Event,
in which case the Notes may be surrendered for exchange until the related Designated
Event Repurchase Date. The Issuer will notify Holders of Notes as promptly as
reasonably practicable following the date such transaction or event is
publicly announced (but in no event less than forty (40) Business Days prior to
the effective time of such transaction or event).

          If the Guarantor is a party to a consolidation, merger, binding share exchange,
reclassification or sale or conveyance of all or substantially all of its properties
and assets, in each case pursuant to which all of the Common Stock is exchanged for
cash, securities or other property, then at the effective time of the transaction,
the Daily VWAP, each Daily Settlement Amount and each Daily Exchange Value will be
calculated based on the kind and amount of cash, securities or other property that a
holder of such a number of shares of Common Stock equal to the Applicable Exchange
Rate would have received in such transaction. For purposes of the foregoing, where a
consolidation, merger or binding share exchange involves a
transaction that causes shares of Common Stock to be exchanged into the right to receive more than a single
type of consideration based upon any form of shareholder election, such
consideration will be deemed to be the

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weighted average of the types and amounts of
consideration received by the holders of Common Stock that affirmatively make such
an election.

               (v) Exchange Upon Delisting of the Common Stock. A Holder may surrender for
exchange any of its Notes at any time beginning on the first Business Day after the
Common Stock has ceased to be listed on a U.S. national or regional securities
exchange for thirty (30) consecutive Trading Days.

          (b) Whenever the Notes shall become exchangeable pursuant to this Section 13.01, the Issuer
or, at the Issuer’s Request, the Trustee in the name and at the expense of the Issuer, shall notify
the Holders of the event triggering such exchangeability in the manner provided in Section 16.03,
and the Issuer shall also publicly announce such information and publish it on the Issuer’s
website. Any notice so given shall be conclusively presumed to have been duly given, whether or not
the Holder receives such notice.

          (c) A Note in respect of which a Holder has delivered a Designated Event Repurchase Notice
exercising such Holder’s right to require the Issuer to repurchase such Note pursuant to Section
3.05 may be exchanged only if such Designated Event Repurchase Notice is withdrawn in accordance
with Section 3.08 prior to the close of business on the second Business Day immediately prior to
the Designated Event Repurchase Date, as applicable.

          (d) A Holder of Notes is not entitled to any rights of a Holder of Common Stock until the
close of business on the last Trading Day of the Applicable Observation Period for the exchange in
connection with which it is entitled to receive shares of Common Stock.

          Section 13.02. Exercise of Exchange Right; No Adjustment for Interest or Dividends. In order to exercise the
exchange right with respect to any Note in certificated form, the Issuer must receive at the office
or agency of the Issuer maintained for that purpose in the Borough of Manhattan or, at the option
of such Holder, the Corporate Trust Office, such Note with the
original or facsimile of the form entitled “Exchange Notice” on the reverse thereof, duly completed
and signed manually or by facsimile, together with such Notes duly endorsed for transfer,
accompanied by the funds, if any, required by this Section 13.02. Such notice shall also state the
name or names (with address or addresses) in which the certificate or certificates for shares of
Common Stock that shall be issuable on such exchange shall be issued, and shall be accompanied by
transfer or similar taxes, if required pursuant to Section 13.06.

          To exchange the Notes, a Holder must (a) complete and manually sign the Exchange Notice on the
reverse of the Note (or complete and manually sign a facsimile of such notice) and deliver such
notice to the Exchange Agent at the office maintained by the Exchange Agent for such purpose, (b)
with respect to Notes that are in certificated form, surrender the Notes to the Exchange Agent, (c)
furnish appropriate endorsements and transfer documents if required by the Exchange Agent and (d)
pay any transfer or similar tax, if required. The date on which the Holder satisfies all such
requirements shall be deemed to be the date on which the applicable Notes shall have been tendered
for exchange.

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          Whether the Notes to be exchanged are held in book-entry or certificated form, the Exchange
Notice will require the Holder to certify that it is a qualified institutional buyer within the
meaning of Rule 144A under the Securities Act.

          Notes in respect of which a Holder has delivered a Designated Event Repurchase Notice may be
exchanged only if such notice is withdrawn in accordance with the terms of Section 3.08.

          If the Issuer is required to deliver shares of Common Stock (upon settlement in accordance
with Sections 13.10 and 13.11, if applicable, on the third Business Day immediately following the
last day of the Applicable Observation Period), after satisfaction of the requirements for exchange
set forth above, subject to compliance with any restrictions on transfer if shares issuable on
exchange are to be issued in a name other than that of the Noteholder (as if such transfer were a
transfer of the Note or Notes (or portion thereof) so exchanged), and in accordance with the time
periods set forth in this Article 13, the Issuer shall issue and shall deliver to such Noteholder
at the office or agency maintained by the Issuer for such purpose pursuant to Section 4.02, (i) a
certificate or certificates for the number of full shares of Common Stock (if any) issuable upon
the exchange of such Note or portion thereof as determined by the Issuer in accordance with the
provisions of Sections 13.10 and 13.11 and (ii) a check or cash in respect of any required payments
arising upon such exchange, calculated by the Issuer as provided in Section 13.03. The cash, and,
if applicable, a certificate or certificates for the number of full shares of Common Stock into
which the Notes are exchanged (and cash in lieu of fractional shares) will be delivered to an
exchanging Holder after satisfaction of the requirements for exchange set forth above, in
accordance with this Section 13.02 and Sections 13.10 and, if applicable, 13.11.

          Each exchange shall be deemed to have been effected as to any such Note (or portion thereof)
on the date on which the requirements set forth above in this Section 13.02 have been satisfied as
to such Note (or portion thereof) (the “Exchange Date”), and the Person in whose name any
certificate or certificates for shares of Common Stock shall be issuable upon such exchange shall
be deemed to have become on said date the holder of record of the shares
represented thereby; provided that any such surrender on any date when the stock transfer
books of the Guarantor shall be closed shall constitute the Person in whose name the certificates
are to be issued as the record holder thereof for all purposes on the next succeeding day on which
such stock transfer books are open, but such exchange shall be at the Exchange Rate in effect on
the Exchange Date.

          Any Note or portion thereof surrendered for exchange during the period from the close of
business on the Record Date for any interest payment date to the close of business on the
applicable interest payment date shall be accompanied by payment, in immediately available funds or
other funds acceptable to the Issuer, of an amount equal to the interest otherwise payable on such
interest payment date on the principal amount being exchanged; provided that no such payment need
be made (1) if a Holder exchanges its Notes in connection with a redemption and the Issuer has
specified a Redemption Date that is after a Record Date and on or prior to the Business Day
immediately succeeding the corresponding interest payment date, (2) if a Holder exchanges its Notes
in connection with a Designated Event and the Issuer has specified a Designated Event Repurchase
Date that is after a Record Date and on or prior to the Business

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Day immediately succeeding the
corresponding interest payment date, (3) with respect to any exchange on or following the Record
Date immediately preceding the Maturity Date, or (4) to the extent of any Defaulted Interest, if
any Defaulted Interest exists at the time of exchange with respect to such Note. Except as
otherwise provided above in this Article 13, no payment or other adjustment shall be made for
interest accrued on any Note exchanged or for dividends on any shares issued upon the exchange of
such Note as provided in this Article 13. Notwithstanding the foregoing, in the case of Notes
submitted for exchange in connection with a Designated Event, such Notes shall continue to
represent the right to receive the Additional Designated Event Shares, if any, payable pursuant to
Section 13.11, until such Additional Designated Event Shares are so paid.

          Upon the exchange of an interest in a Global Note, the Trustee (or other Exchange Agent
appointed by the Issuer), or the Custodian at the direction of the Trustee (or other Exchange Agent
appointed by the Issuer), shall make a notation on such Global Note as to the reduction in the
principal amount represented thereby. The Issuer shall notify the Trustee in writing of any
exchanges of Notes effected through any Exchange Agent other than the Trustee.

          Upon the exchange of a Note, the accrued but unpaid interest attributable to the period from
the issue date of the Note to the Exchange Date, with respect to the exchanged Note, shall not be
deemed canceled, extinguished or forfeited, but rather shall be deemed to be paid in full to the
Holder thereof through delivery of cash and, if applicable, shares of Common Stock (together with
the cash payment, if any in lieu of fractional shares) in exchange for the Note being exchanged
pursuant to the provisions hereof.

          In case any Note of a denomination greater than $1,000 shall be surrendered for partial
exchange, and subject to Section 2.04, the Issuer shall execute and upon receipt of such new Note
or Notes the Trustee shall authenticate and deliver to the Holder of the Note so surrendered,
without charge to the Holder, a new Note or Notes in authorized denominations in an aggregate
principal amount equal to the unexchanged portion of the surrendered Note.

          Section 13.03. Cash Payments in Lieu of Fractional Shares. No fractional shares of Common Stock or scrip certificates representing fractional shares shall
be issued upon exchange of Notes. If more than one Note shall be surrendered for exchange at one
time by the same Holder, the number of full shares that shall be issuable upon exchange shall be
computed on the basis of the aggregate principal amount of the Notes (or specified portions thereof
to the extent permitted hereby) so surrendered and the aggregate sum of all Daily Settlement
Amounts for each of the 30 Trading Days during the Applicable Observation Period (and not in
respect of each Daily Settlement Amount nor some portion of the Daily Settlement Amounts for one or
some portion of the 30 Trading Days during the Applicable Observation Period). If any fractional
share of Common Stock would be issuable upon the exchange of any Note or Notes, the Issuer shall
make an adjustment and payment therefor in cash to the Holder of Notes at a price equal to the
Closing Sale Price of Common Stock on the last day of the Applicable Observation Period.

          Section 13.04. Exchange Rate. The initial Exchange Rate for the Notes is 80.8898 shares of Common Stock per each
$1,000 principal amount of the Notes, subject to adjustment as provided in Sections 13.05 and 13.11
(herein called the “Exchange Rate”).

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          Section 13.05. Adjustment of Exchange Rate. The Exchange Rate shall be adjusted from time to time as follows:

          (a) If the Guarantor issues Common Stock as a dividend or distribution on the Common Stock to
all holders of Common Stock, or if the Guarantor effects a share split or share combination, the
Exchange Rate will be adjusted based on the following formula:

ER1 = ER0 x OS1/OS0

     where

ER0 = the Exchange Rate in effect immediately prior to the ex-dividend
date for such dividend or distribution, or the effective date of such share split or
share combination;

ER1 = the new Exchange Rate in effect immediately on and after the
ex-dividend date for such dividend or distribution, or the effective date of such
share split or share combination;

OS0 = the number of shares of Common Stock outstanding immediately prior
to such dividend or distribution, or the effective date of such share split or share
combination; and

OS1 = the number of shares of Common Stock outstanding immediately after
such dividend or distribution, or the effective date of such share split or share
combination.

Any adjustment made pursuant to this paragraph (a) shall become effective as of the open of
business on (x) the ex-dividend date for such dividend or other distribution or (y) the date on
which such split or combination becomes effective, as applicable. If any dividend or distribution
described in this paragraph (a) is declared but not so paid or made, the new Exchange Rate shall be
readjusted to the Exchange Rate that would then be in effect if such dividend or distribution had
not been declared.

          (b) If the Guarantor distributes to all holders of Common Stock any rights, warrants or
options entitling them for a period of not more than 45 days after the date of issuance thereof to
subscribe for or purchase Common Stock, in any case at an exercise price per share of Common Stock
less than the Closing Sale Price of the Common Stock on the Business Day immediately preceding the
time of announcement of such issuance, the Exchange Rate will be adjusted based on the following
formula:

ER1 = ER0 x (OS0+ X)/(OS0+ Y)

     where

ER0 = the Exchange Rate in effect immediately prior to the ex-dividend
date for such distribution;

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ER1 = the new Exchange Rate in effect immediately on and after the
ex-dividend date for such distribution;

OS0 = the number of shares of Common Stock outstanding immediately prior
to the ex-dividend date for such distribution;

X = the aggregate number of shares of Common Stock issuable pursuant to such rights,
warrants or options; and

Y = the number of shares of Common Stock equal to the quotient of (A) the aggregate
price payable to exercise such rights, warrants or options and (B) the average of
the Closing Sale Prices of the Common Stock for the 10 consecutive Trading Days
ending on the Business Day immediately preceding the date of announcement for the
issuance of such rights, warrants or options.

For purposes of this paragraph (b), in determining whether any rights, warrants or options entitle
the holders to subscribe for or purchase Common Stock at less than the applicable Closing Sale
Price of the Common Stock, and in determining the aggregate exercise or conversion price payable
for such Common Stock, there shall be taken into account any consideration received by the
Guarantor for such rights, warrants or options and any amount payable on exercise or conversion
thereof, with the value of such consideration, if other than cash, to be determined by the Board of
Directors. If any right, warrant or option described in this paragraph (b) is not exercised or
converted prior to the expiration of the exercisability or convertibility thereof, the new Exchange
Rate shall be readjusted to the Exchange Rate that would then be in effect if such right, warrant
or option had not been so issued.

          (c) If the Guarantor distributes shares of capital stock, evidences of indebtedness or other
assets or property of the Guarantor to all holders of Common Stock, excluding:

     (A) dividends, distributions, rights, warrants or options referred
to in paragraph (a) or (b) above;

     (B) dividends or distributions paid exclusively in cash; and

     (C) Spin-Offs described below in this paragraph (c),

then the Exchange Rate will be adjusted based on the following formula:

ER1 = ER0 x SP0/(SP0 — FMV)

     where

ER0 = the Exchange Rate in effect immediately prior to the ex-dividend
date for such distribution;

ER1 = the new Exchange Rate in effect immediately on and after the
ex-dividend date for such distribution;

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SP0 = the Closing Sale Price of Common Stock on the Trading Day
immediately preceding the earlier of the record date or the ex-dividend date for
such distribution; and

FMV = the fair market value (as determined in good faith by the Board of Directors)
of the shares of capital stock, evidences of indebtedness, assets or property
distributed with respect to each outstanding share of Common Stock on the earlier of
the record date or the ex-dividend date for such distribution;

provided that if “FMV” with respect to any distribution of shares of capital stock, evidences of
indebtedness or other assets or property of the Guarantor is equal to or greater than
“SP0” with respect to such distribution, then in lieu of the foregoing adjustment,
adequate provision shall be made so that each holder of Notes shall have the right to receive on
the date such shares of capital stock, evidences of indebtedness or other assets or property of the
Guarantor are distributed to holders of Common Stock, for each Note, the amount of shares of
capital stock, evidences of indebtedness or other assets or property of the Guarantor such holder
of Notes would have received had such holder of Notes owned a number of shares of Common Stock
equal to a fraction the numerator of which is the product of the Exchange Rate in effect
immediately prior to the ex-dividend date for such distribution, and the aggregate principal amount
of Notes held by such Holder and the denominator of which is one thousand ($1,000). An adjustment
to the Exchange Rate made pursuant to the immediately preceding paragraph shall become effective on
the ex-dividend date for such distribution.

          If the Guarantor distributes to all holders of Common Stock capital stock of any class or
series, or similar equity interest, of or relating to a subsidiary or other business unit of
the Guarantor (a “Spin-Off”), the Exchange Rate in effect immediately following the 10th
Trading Day from and including the effective date of the Spin-Off will be adjusted based on the
following formula:

ER1 = ER0 x (FMV0+ MP0)/MP0

     where

ER0 = the Exchange Rate in effect on the 10th Trading Day immediately
following, and including, the effective date of the Spin-Off;

ER1 = the new Exchange Rate immediately after the 10th Trading Day
immediately following, and including, the effective date of the Spin-Off;

FMV0 = the average of the Closing Sale Prices of the capital stock or
similar equity interest distributed to holders of Common Stock applicable to one
share of Common Stock over the first 10 consecutive Trading Days after the effective
date of the Spin-Off; and

MP0 = the average of the Closing Sale Prices of the Common Stock over the
first 10 consecutive Trading Days after the effective date of the Spin-Off.

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An adjustment to the Exchange Rate made pursuant to the immediately preceding paragraph will occur
on the 10th Trading Day from and including the effective date of the Spin-Off; provided that in
respect of any exchange within the 10 Trading Days following the effective date of any Spin-Off,
references within this paragraph (c) to 10 Trading Days shall be deemed replaced with such lesser
number of Trading Days as have elapsed between the effective date of such Spin-Off and the Exchange
Date in determining the Applicable Exchange Rate. If any such dividend or distribution described in
this paragraph (c) is declared but not paid or made, the new Exchange Rate shall be readjusted to
be the Exchange Rate that would then be in effect if such dividend or distribution had not been
declared.

          (d) If the Guarantor distributes cash to all or substantially all holders of outstanding
Common Stock (excluding any dividend or distribution in connection with the liquidation,
dissolution or winding up or any regular quarterly cash dividend on the Common Stock to the extent
that the aggregate amount of such regular quarterly cash dividend per share of Common Stock does
not exceed $0.27 for the relevant quarterly period ($0.27 being the “Reference Dividend Amount”)),
the Exchange Rate will be adjusted based on the following formula:

ER1 = ER0 x SP0 /(SP0 — C)

     where

ER0 = the Exchange Rate in effect immediately prior to the ex-dividend
date for such distribution;

ER1 = the new Exchange Rate immediately on and after the ex-dividend date
for such distribution;

SP0 = the Closing Sale Price of Common Stock on the Trading Day
immediately preceding the earlier of the record date or the day prior to the
ex-dividend date for such distribution; and

C = the amount in cash per share that the Guarantor distributes to holders of Common
Stock that exceeds the Reference Dividend Amount;

provided that if “C” with respect to any such cash dividend or distribution is equal to or greater
than “SP0” with respect to any such cash dividend or distribution, then in lieu of the
foregoing adjustment, adequate provision shall be made so that each holder of Notes shall have the
right to receive on the date such cash is distributed to holders of Common Stock, for each Note,
the amount of cash such holder of Notes would have received had such holder of Notes owned a number
of shares of Common Stock equal to a fraction the numerator of which is the product of the Exchange
Rate in effect immediately prior to the ex-dividend date for such dividend or distribution, and the
aggregate principal amount of Notes held by such Holder and the denominator of which is one
thousand ($1,000).

          An adjustment to the Exchange Rate made pursuant to this paragraph (d) shall become effective
on the ex-dividend date for such dividend or distribution. If any dividend or distribution
described in this paragraph (d) is declared but not so paid or made, the new

66

 

Exchange Rate shall be
readjusted to the Exchange Rate that would then be in effect if such dividend or distribution had
not been declared.

          The Reference Dividend amount is subject to adjustment in a manner inversely proportional to
adjustments to the Exchange Rate; provided that no adjustment will be made to the Reference
Dividend amount for any adjustment made to the Exchange Rate under this paragraph (d).

          Notwithstanding the foregoing, if an adjustment is required to be made under this paragraph as
a result of a distribution that is not a quarterly dividend, the Reference Dividend will be deemed
to be zero.

          (e) If the Guarantor or any of its Subsidiaries makes a payment in respect of a tender offer
or exchange offer for Common Stock to the extent that the cash and value of any other consideration
included in the payment per share of Common Stock exceeds the Closing Sale Price of a share of
Common Stock on the Trading Day next succeeding the last date on which tenders or exchanges may be
made pursuant to such tender offer or exchange offer (the “Expiration Time”), the Exchange Rate
will be adjusted based on the following formula:

ER1 = ER0 x (AC + (SP1 x
OS1))/(SP1 x OS0)

     where

ER0 = the Exchange Rate in effect on the Trading Day immediately
following the date such tender offer or exchange offer expires;

ER1 = the Exchange Rate in effect on the second Trading Day immediately
following the date such tender offer or exchange offer expires;

AC = the aggregate value of all cash and any other consideration (as determined by
the Board of Directors) paid or payable for the Common Stock purchased in such
tender or exchange offer;

OS0 = the number of shares of Common Stock outstanding immediately prior
to the date such tender offer or exchange offer expires;

OS1 = the number of shares of Common Stock outstanding immediately after
the date such tender or exchange offer expires (after giving effect to the purchase
or exchange of shares pursuant to such tender offer or exchange offer); and

SP1 = the Closing Sale Price of the Common Stock for the Trading Day next
succeeding the date such tender offer or exchange offer expires.

If the application of the foregoing formula would result in a decrease in the Exchange Rate, no
adjustment to the Exchange Rate will be made. Any adjustment to the Exchange Rate made pursuant to
this paragraph (e) shall become effective on the second day immediately following the Expiration
Time. If the Guarantor or one of its Subsidiaries is obligated to purchase Common Stock pursuant to
any such tender offer or exchange offer but is permanently prevented by

67

 

applicable law from
effecting any such purchase or all such purchases are rescinded, the new Exchange Rate shall be
readjusted to be the Exchange Rate that would be in effect if such tender offer or exchange offer
had not been made.

          (f) [Reserved]

          (g) If the Guarantor has in effect a rights plan while any Notes remain outstanding, Holders
of Notes will receive, upon an exchange of Notes, in addition to Common Stock, if any, rights under
the Guarantor’s stockholder rights agreement unless, prior to exchange, the rights have expired,
terminated or been redeemed or unless the rights have separated from the Common Stock. If the
rights provided for in the rights plan adopted by the Guarantor have separated from the Common
Stock in accordance with the provisions of the applicable stockholder rights agreement so that
Holders of Notes would not be entitled to receive any rights in respect of any shares of Common
Stock delivered upon an exchange of Notes, the Exchange Rate will be adjusted at the time of
separation as if the Guarantor had distributed, to all holders of Common Stock, capital stock,
evidences of indebtedness or other assets or property pursuant to paragraph (c) above, subject to
readjustment upon the subsequent expiration, termination or redemption of the rights.

          In addition to the adjustments pursuant to paragraphs (a) through (e) above, the Issuer may
increase the Exchange Rate in order to avoid or diminish any income tax to holders of Common Stock
resulting from any dividend or distribution of capital stock (or rights to acquire Common Stock) or
from any event permitted as such for income tax purposes. The Issuer may also, from time to time,
to the extent permitted by applicable law, increase the Exchange Rate by any amount for any period
if the Issuer has determined that such increase would be in the best interests of the Issuer or the
Guarantor. If the Issuer makes such determination, it will be
conclusive and the Issuer will mail to Holders of the Notes a notice of the increased Exchange
Rate and the period during which it will be in effect at least fifteen (15) days prior to the date
the increased Exchange Rate takes effect in accordance with applicable law.

          The Issuer shall not make any adjustment to the Exchange Rate if Holders of the Notes
participate in the dividend, distribution or transaction that would otherwise result in an
adjustment to the Exchange Rate at the same time as holders of the Common Stock and as if such
Holders of Notes owned a number of shares of Common Stock equal to a fraction the numerator of
which is the product of the Exchange Rate in effect on the ex-dividend date or effective date for
the relevant dividend, distribution or transaction, and the aggregate principal amount of Notes
held by such Holder and the denominator of which is one thousand ($1,000).

          Notwithstanding anything to the contrary contained herein, in addition to the other events set
forth herein on account of which no adjustment to the Exchange Rate shall be made, the Applicable
Exchange Rate shall not be adjusted for:

               (i) the issuance of any Common Stock pursuant to any present or future plan
providing for the reinvestment of dividends or interest payable on securities of the
Issuer or those of the Guarantor and the investment of additional optional amounts
in the Common Stock under any plan;

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               (ii) the issuance of any the Common Stock or options or rights to purchase
those shares pursuant to any present or future employee, director, trustee or
consultant benefit plan, employee agreement or arrangement or program of the Issuer
or the Guarantor;

               (iii) the issuance of any the Common Stock pursuant to any option, warrant,
right, or exercisable, exchangeable or convertible security outstanding as of the
date the Notes were first issued;

               (iv) a change in the par value of the Common Stock;

               (v) accumulated and unpaid dividends or distributions; and

               (vi) the issuance of Units by the Issuer and the issuance of the Common Stock
or the payment of cash upon redemption thereof.

          No adjustment in the Exchange Rate will be required unless the adjustment would require an
increase or decrease of at least 1% of the Exchange Rate. If the adjustment is not made because the
adjustment does not change the Exchange Rate by at least 1%, then the adjustment that is not made
will be carried forward and taken into account in any future adjustment. All required calculations
will be made to the nearest cent or 1/1000th of a share, as the case may be. Notwithstanding the
foregoing, on each annual anniversary of the first original issuance date of the Notes, and on
January 1, 2013, all adjustments not previously made will be made on such date.

          Whenever the Exchange Rate is adjusted as herein provided, the Guarantor or the Issuer shall
as promptly as reasonably practicable file with the Trustee and any Exchange Agent other than the
Trustee an Officers’ Certificate setting forth the Exchange Rate after such adjustment and setting
forth a brief statement of the facts requiring such adjustment. Promptly after delivery of such
certificate, the Guarantor or the Issuer shall prepare a notice of such adjustment of the Exchange
Rate setting forth the adjusted Exchange Rate and the date on which each adjustment becomes
effective and shall mail such notice of such adjustment of the Exchange Rate to the Holders of the
Notes within 20 Business Days of the Effective Date of such adjustment. Failure to deliver such
notice shall not affect the legality or validity of any such adjustment.

          For purposes of this Section 13.05, the number of shares of Common Stock at any time
outstanding shall not include shares held in the treasury of the Guarantor but shall include shares
issuable in respect of scrip certificates issued in lieu of fractions of shares of Common Stock.

          If any of the following events occur, namely (i) any reclassification or change of the
outstanding Common Stock (other than a subdivision or combination to which Section 13.05(a)
applies), (ii) any consolidation, merger or combination of the Guarantor with another Person, or a
binding share exchange in respect of all of the outstanding Common Stock as a result of which
holders of Common Stock shall be entitled to receive stock, other securities or other property or
assets (including cash) with respect to or in exchange for such the Common

69

 

Stock or (iii) any sale
or conveyance of all or substantially all of the properties and assets of the Guarantor to any
other Person as a result of which holders of Common Stock shall be entitled to receive stock, other
securities or other property or assets (including cash) with respect to or in exchange for such the
Common Stock, then the Guarantor or the successor or purchasing Person, as the case may be, shall
execute with the Trustee (which shall be instructed by an Issuer Order) a supplemental indenture
(which shall comply with the Trust Indenture Act as in force at the date of execution of such
supplemental indenture). Such supplemental indenture shall provide for adjustments which shall be
as nearly equivalent as may be practicable to the adjustments provided for in this Section 13.05.
The Guarantor shall cause notice of the execution of such supplemental indenture to be mailed to
each Holder of Notes within 20 Business Days after execution thereof Failure to deliver such notice
shall not affect the legality or validity of such supplemental indenture. The provisions of this
paragraph shall similarly apply to successive reclassifications, changes, consolidations, mergers,
combinations, sales and conveyances. If the provisions of this paragraph applies to any event or
occurrence, then the provisions of Sections Section 13.05(a) through (g) shall not apply.

          Section 13.06. Taxes on Shares Issued. The issue of stock certificates, if any, on exchange of Notes shall be made
without charge to the exchanging Noteholder for any documentary, stamp or similar issue or transfer
tax in respect of the issue thereof. The Issuer shall not, however, be required to pay any such tax
which may be payable in respect of any transfer involved in the issue and delivery of stock in any
name other than that of the holder of any Note exchanged, and the Issuer shall not be required to
issue or deliver any such stock certificate unless and until the Person or Persons requesting the
issue
thereof shall have paid to the Issuer the amount of such tax or shall have established to the
satisfaction of the Issuer that such tax has been paid.

          Section 13.07. Reservation of Shares, Shares to Be Fully Paid; Compliance with Governmental Requirements; Listing
of Common Stock. The Guarantor shall provide, free from preemptive rights, out of its authorized
but unissued shares or shares held in treasury, sufficient shares of Common Stock to provide for
the exchange of the Notes as required by this Indenture from time to time as such Notes are
presented for exchange.

          The Guarantor covenants that all shares of Common Stock which may be issued upon exchange of
Notes will upon issue be fully paid and non-assessable by the Guarantor and free from all taxes,
liens and charges with respect to the issue thereof.

          The Guarantor covenants that, if any shares of Common Stock to be provided for the purpose of
exchange of Notes hereunder require registration with or approval of any governmental authority
under any federal or state law before such shares may be validly issued upon exchange, the
Guarantor shall, as expeditiously as possible secure such registration or approval, as the case may
be.

          The Guarantor further covenants that, if at any time the Common Stock shall be listed on The
New York Stock Exchange or any other national or regional securities exchange or automated
quotation system, the Guarantor will, if permitted by the rules of such exchange or automated
quotation system, list and keep listed, so long as the Common Stock shall be so listed on such
exchange or automated quotation system, all the Common Stock issuable
upon exchange

70

 

of the Notes;
provided that if the rules of such exchange or automated quotation system permit the Guarantor to
defer the listing of such the Common Stock until the first exchange of the Notes in accordance with
the provisions of this Indenture, the Guarantor covenants to list such the Common Stock issuable
upon exchange of the Notes in accordance with the requirements of such exchange or automated
quotation system at such time.

          Section 13.08 Responsibility of Trustee. The Trustee and any other Exchange Agent shall not at any time be under
any duty or responsibility to determine the Exchange Rate or whether any facts exist which may
require any adjustment of the Exchange Rate, or with respect to the nature or extent or calculation
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. The Trustee and any other
Exchange Agent shall not be accountable with respect to the validity or value (or the kind or
amount) of any shares of Common Stock, or of any capital stock, other securities or other assets or
property, which may at any time be issued or delivered upon the exchange of any Note; and the
Trustee and any other Exchange Agent make no representations with respect thereto. Neither the
Trustee nor any Exchange Agent shall be responsible for any failure of the Issuer to issue,
transfer or deliver any shares of Common Stock or stock certificates or other securities or
property or cash upon the surrender of any Note for the purpose of exchange or to comply with any
of the duties, responsibilities or covenants of the Issuer contained in this Article 13. Without
limiting the generality of the foregoing, neither the Trustee nor any Exchange Agent shall be under
any responsibility to determine the correctness of any provisions contained in any supplemental
indenture entered into pursuant to Section 13.05 relating either to the kind or amount of shares of
capital stock or other securities or other assets or property (including cash) receivable by
Noteholders upon the exchange of their Notes after any event referred to in such Section 13.05 or
to any adjustment to be made with respect thereto, but, subject to the provisions of Section 7.12,
may accept as conclusive evidence of the correctness of any such provisions, and shall be protected
in relying upon, the Officers’ Certificate (which the Issuer shall be obligated to file with the
Trustee prior to the execution of any such supplemental indenture) with respect thereto. The
Trustee shall not at any time be under any duty or responsibility to determine the accuracy of the
method employed in calculating the Trading Price or whether any facts exist which may require any
adjustment of the Trading Price.

          Section 13.09 Notice to Holders Prior to Certain Actions. In case:

          (a) the Guarantor shall declare a dividend (or any other distribution) on the Common Stock
that would require an adjustment in the Exchange Rate pursuant to Section 13.05; or

          (b) the Guarantor shall authorize the granting to the holders of all or substantially all of
the Common Stock of rights or warrants to subscribe for or purchase any share of any class or any
other rights or warrants; or

          (c) of any reclassification or reorganization of the Common Stock (other than a subdivision or
combination of its 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, combination, merger or share
exchange to which the Issuer or the Guarantor is a party and for

71

 

which approval of any stockholders
of the Guarantor is required, or of the sale or transfer of all or substantially all of the assets
of the Guarantor; or

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

the Issuer shall cause to be filed with the Trustee and to be mailed to each holder of Notes at its
address appearing on the Note Register provided for in Section 2.05 of this Indenture, as promptly
as possible but in any event at least ten (10) calendar days prior to the applicable date
hereinafter specified, a notice stating (x) the date on which a record is to be taken for the
purpose of such dividend, distribution or 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 or rights are to be determined, or (y) the date on which such reclassification,
consolidation, merger, sale, transfer, dissolution, liquidation or winding up is expected to become
effective or occur, and the date as of which it is expected that holders of Common Stock of record
shall be entitled to exchange their Common Stock for securities or other property deliverable upon
such reclassification, consolidation, merger, sale, transfer, dissolution, liquidation or winding
up. Failure to give such notice, or any defect therein, shall not affect the legality or validity
of such
dividend, distribution, reclassification, consolidation, merger, sale, transfer, dissolution,
liquidation or winding up.

          Section 13.10. Settlement upon Exchange. (a) Upon exchange of any Notes, subject to Sections 13.01, 13.02 and this
Section 13.10, the Issuer shall satisfy its obligation upon exchange (the “Exchange Obligation”) by
payment and delivery of cash and, if applicable as provided in this Section 13.10, shares of Common
Stock for each $1,000 aggregate principal amount of Notes tendered for exchange in accordance with
their terms.

          (b) Upon exchange of Notes, the Issuer will deliver, in respect of each $1,000 principal
amount of Notes tendered for exchange in accordance with their terns:

               (i) cash and Common Stock, if any, equal to the sum of the Daily Settlement
Amounts for each of the 30 Trading Days during the Applicable Observation Period;
and

               (ii) an amount in cash in lieu of any fractional shares of Common Stock as
provided in Section 13.03.

          (c) The Daily Settlement Amounts for each of the 30 Trading Days during the Applicable
Observation Period and any amount in cash to be delivered in lieu of any fractional shares of
Common Stock will be determined by the Issuer promptly after the end of the Applicable Observation
Period and notified in writing to the Trustee.

          (d) Payment of the cash and, if applicable, shares of Common Stock pursuant to Section
13.10(b) shall be made by the Issuer on the third Business Day immediately following the last day
of the Applicable Observation Period to the holder of a Note surrendered for exchange, or such
holder’s nominee or nominees, and the Issuer shall deliver to the Exchange Agent or to such holder,
or such holder’s nominee or nominees, certificates or a book-entry

72

 

transfer through the Depositary
for the number of full shares of Common Stock, if any, to which such holder shall be entitled as
part of such Exchange Obligation.

          (e) Upon exchange of Notes, the Holder will deliver to the Issuer cash equal to the amount the
Issuer is required to deduct or withhold under applicable law in connection with such exchange;
provided, however, that if the Holder does not deliver such cash, the Issuer may deduct and
withhold from the consideration otherwise deliverable to such Holder the amount required to be
deducted and withheld under applicable law.

          Section 13.11. Exchange Rate Adjustment After Certain Designated Events. (a) Subject to the provisions hereof, if
a Noteholder elects to exchange its Notes in connection with the occurrence of a transaction
described in clause (1) or clause (2) of the definition of Designated Event, the Issuer will
increase the Applicable Exchange Rate for the Notes so surrendered for exchange (the “Additional
Designated Event Shares”) as specified below; provided that the Additional Designated Event Shares
will only be payable as set forth below. An exchange of Notes will be deemed for these purposes to
be “in connection with” such a
Designated Event if the Exchange Notice is received by the Exchange Agent from and after the
Effective Date of the Designated Event until the corresponding Designated Event Repurchase Date.

          (b) The number of Additional Designated Event Shares will be determined by reference to the
table in paragraph (e) below and is based on the earliest of the date on which the Designated Event
transaction becomes effective and the date on which the transaction is publicly announced by us or
the counterparty to such transaction (the “Effective Date”) and the price paid per share of Common
Stock in the relevant Designated Event (in the case of a Designated Event described in the clause
(1) of the definition thereof in which holders of the Common Stock receive only cash), or in the
case of any other Designated Event described in clause (1) or clause (2) of the definition thereof,
the average of the Closing Sale Prices Per share of Common Stock over the ten Trading Day period
ending on the Trading Day preceding the Effective Date of such other Designated Event (the “Stock
Price”).

          (c) The Stock Prices set forth in the first row of the table below shall be adjusted as of any
date on which the Exchange Rate of the Notes is adjusted. The adjusted Stock Prices will equal the
Stock Prices applicable immediately prior to such adjustment, multiplied by a fraction, (i) the
numerator of which is the Exchange Rate immediately prior to the adjustment giving rise to the
Stock Price adjustment and (ii) the denominator of which is the Exchange Rate as so adjusted.

          (d) The number of Additional Designated Event Shares will be adjusted in the same manner and
for the same events as the Exchange Rate is adjusted pursuant to Section 13.05.

          (e) The following table sets forth the Stock Price and number of Additional Designated Event
Shares to be added to the Applicable Exchange Rate per $1,000 principal amount of Notes:

          Stock Price

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	Effective Date	 	$10.75	 	$11.00	 	$12.00	 	$13.00	 	$14.00	 	$15.00	 	$16.00	 	$17.00	 	$18.00	 	$19.00	 	$20.00
	March 26, 2008
	 	12.1335	 	 	 	12.0647	 	 	 	8.0828	 	 	 	5.1981	 	 	 	3.2368	 	 	 	1.9288	 	 	 	1.0778	 	 	 	0.5422	 	 	 	0.2221	 	 	 	0.0525	 	 	 	0.0000	 
	April 2, 2009
	 	 	12.1335	 	 	 	11.6312	 	 	 	7.4580	 	 	 	4.6248	 	 	 	2.7453	 	 	 	1.5309	 	 	 	0.7722	 	 	 	0.3224	 	 	 	0.0854	 	 	 	0.0012	 	 	 	0.0000	 
	April 2, 2010
	 	 	12.1335	 	 	 	10.9394	 	 	 	6.7507	 	 	 	3.9841	 	 	 	2.2183	 	 	 	1.1329	 	 	 	0.4974	 	 	 	0.1570	 	 	 	0.0144	 	 	 	0.0004	 	 	 	0.0000	 
	April 2, 2011
	 	 	12.1335	 	 	 	10.4315	 	 	 	6.0641	 	 	 	3.2983	 	 	 	1.6440	 	 	 	0.7139	 	 	 	0.2343	 	 	 	0.0325	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 
	April 2, 2012
	 	 	12.1335	 	 	 	10.2466	 	 	 	5.0227	 	 	 	2.1997	 	 	 	0.7865	 	 	 	0.1883	 	 	 	0.0080	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 
	April 1, 2013
	 	 	12.1335	 	 	 	10.0193	 	 	 	2.4435	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 

          (f) If the exact Stock Price and Effective Date are not set forth on the table above, then:

               (i) if the Stock Price is between two Stock Prices in the table or the
Effective Date is between two Effective Dates in the table, the Additional
Designated Event Shares will be determined by a straight-line interpolation between
the number of Additional Designated Event Shares set forth for the higher and lower
Stock Prices and the earlier and later Effective Dates, as applicable, based on a
365-day year;

               (ii) if the Stock Price is equal to or in excess of $20.00 per share of Common
Stock (the “Make Whole Cap”) (subject to adjustment as described below) no
additional Designated Event Shares will be added to the Applicable Exchange Rate;
and

               (iii) if the Stock Price is less than $10.75 per share of Common Stock (the
“Make Whole Floor”) (subject to adjustment as described below) no additional
Designated Event Shares will be added to the Applicable Exchange Rate.

          The Make Whole Cap and Make Whole Floor shall be adjusted as of any date on which the Exchange
Rate of the Notes is adjusted pursuant to Section 13.05. The adjusted Make Whole Cap or Make Whole
Floor, as the case may be, shall equal the Make Whole Cap or Make Whole Floor, as the case may be,
applicable immediately prior to such adjustment, multiplied by a fraction, (i) the numerator of
which is the Exchange Rate immediately prior to the adjustment giving rise to the adjustment and
(ii) the denominator of which is the Exchange Rate as so adjusted.

          (g) Notwithstanding anything in this Section 13.11 to the contrary, in no event will the total
number of shares of Common Stock issuable upon exchange of the Notes exceed 93.0233 per $1,000
principal amount of Notes, subject to adjustment in the same manner as the Exchange Rate pursuant
to Section 13.05.

          Section 13.12. Calculations in Respect of Notes. Except as otherwise specifically stated herein or in the Notes,
all calculations to be made in respect of the Notes, including, but not limited to, the Exchange
Price and the Exchange Rate, shall be the obligation of the Issuer. All calculations made by the
Issuer or its agent as contemplated pursuant to the terms hereof and of the Notes shall be made in
good faith and be final and binding on the Notes and the Holders of the Notes absent manifest
error. The Issuer shall provide a schedule of calculations to the Trustee, and the Trustee shall be
entitled to rely upon the accuracy of the calculations by the Issuer without independent
verification. The Trustee shall forward calculations made by the Issuer to any Holder of Notes upon
request.

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ARTICLE 14

MEETINGS OF HOLDERS OF NOTES

          Section 14.01. Purposes for Which Meetings May Be Called. A meeting of Holders of Notes may be called at any time
and from time to time pursuant to this Article 14 to make, give or take any request, demand,
authorization, direction, notice, consent, waiver or other action provided by this Indenture to be
made, given or taken by Holders of Notes.

          Section 14.02.Call, Notice and Place of Meetings. (a) The Trustee may at any time call a meeting of Holders of
Notes for any purpose specified in Section 14.01, to be held at such time and at such place as the
Trustee shall determine. Notice of every meeting of Holders of Notes, setting forth the time and
the place of such meeting and in
general terms the action proposed to be taken at such meeting, shall be given, in the manner
provided in Section 16.03, not less than 10 nor more than 60 days prior to the date fixed for the
meeting.

          (b) In case at any time the Issuer, pursuant to a Board Resolution, the Guarantor, or the
Holders of at least 25% in principal amount of the outstanding Notes shall have requested the
Trustee to call a meeting of the Holders of Notes for any purpose specified in Section 14.01, by
written request setting forth in reasonable detail the action proposed to be taken at the meeting,
and the Trustee shall not have made the first publication of the notice of such meeting within 20
days after receipt of such request or shall not thereafter proceed to cause the meeting to be held
as provided herein, then the Issuer, the Guarantor or the Holders of Notes in the amount above
specified, as the case may be, may determine the time and the place for such meeting and may call
such meeting for such purposes by giving notice thereof as provided in subsection (a) of this
Section 14.02.

          Section 14.03. Persons Entitled to Vote at Meetings. To be entitled to vote at any meeting of Holders of Notes, a
Person shall be (a) a Holder of one or more outstanding Notes, or (b) a Person appointed by an
instrument in writing as proxy for a Holder or Holders of one or more outstanding Notes by such
Holder or Holders. The only Persons who shall be entitled to be present or to speak at any meeting
of Holders of Notes shall be the Persons entitled to vote at such meeting and their counsel, any
representatives of the Trustee and its counsel and any representatives of the Issuer and the
Guarantor and their respective counsel.

          Section 14.04. Quorum; Action. The Persons entitled to vote a majority in principal amount of the outstanding
Notes shall constitute a quorum for a meeting of Holders of Notes; provided, however, that if any
action is to be taken at such meeting with respect to a consent or waiver which this Indenture
expressly provides may be given by the Holders of not less than a specified percentage in principal
amount of the outstanding Notes, the Persons entitled to vote such specified percentage in
principal amount of the outstanding Notes shall constitute a quorum. In the absence of a quorum
within 30 minutes after the time appointed for any such meeting, the meeting shall, if convened at
the request of Holders of Notes, be dissolved. In any other case the meeting may be adjourned for a
period of not less than 10 days as determined by the chairman of the meeting prior to the
adjournment of such meeting. In the absence of a quorum at the reconvening of any such adjourned
meeting, such adjourned meeting may be further adjourned for a period of not less than 10 days; at
the reconvening of any meeting adjourned or further adjourned for lack of a quorum, the persons
entitled to vote 25% in

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aggregate principal amount of the then outstanding Notes shall constitute a
quorum for the taking of any action set forth in the notice of the original meeting. Notice of the
reconvening of any adjourned meeting shall be given as provided in Section 14.02(a), except that
such notice need be given only once not less than five days prior to the date on which the meeting
is scheduled to be reconvened.

          Except as limited by the proviso to Section 9.02, any resolution presented to a meeting or
adjourned meeting duly reconvened at which a quorum is present as aforesaid may be
adopted by the affirmative vote of the persons entitled to vote a majority in aggregate
principal amount of the outstanding Notes; provided, however, that, except as limited by the
proviso to Section 9.02, any resolution with respect to any request, demand, authorization,
direction, notice, consent, waiver or other action which this Indenture expressly provides may be
made, given or taken by the Holders of a specified percentage, which is less than a majority, in
principal amount of the outstanding Notes maybe adopted at a meeting or an adjourned meeting duly
reconvened and at which a quorum is present as aforesaid by the affirmative vote of the Holders of
such specified percentage in principal amount of the outstanding Notes.

          Any resolution passed or decision taken at any meeting of Holders of Notes duly held in
accordance with this Section 14.04 shall be binding on all the Holders of Notes, whether or not
present or represented at the meeting.

          Notwithstanding the foregoing provisions of this Section 14.04, if any action is to be taken
at a meeting of Holders of Notes with respect to any request, demand, authorization, direction,
notice, consent, waiver or other action that this Indenture expressly provides may be made, given
or taken by the Holders of a specified percentage in principal amount of all outstanding Notes
affected thereby:

               (i) there shall be no minimum quorum requirement for such meeting;

               (ii) the principal amount of the outstanding Notes that vote in favor of such
request, demand, authorization, direction, notice, consent, waiver or other action
shall be taken into account in determining whether such request, demand,
authorization, direction, notice, consent, waiver or other action has been made,
given or taken under this Indenture.

          Section 14.05. Determination of Voting Rights; Conduct and Adjournment of Meetings. (a) Notwithstanding any
provisions of this Indenture, the Trustee may make such reasonable regulations as it may deem
advisable for any meeting of Holders of Notes in regard to proof of the holding of Notes and of the
appointment of proxies and in regard to the appointment and duties of inspectors of votes, the
submission and examination of proxies, certificates and other evidence of the right to vote, and
such other matters concerning the conduct of the meeting as it shall deem appropriate. Except as
otherwise permitted or required by any such regulations, the holding of Notes shall be proved in
the manner specified in Section 8.01 and the appointment of any proxy shall be proved in the manner
specified in Section 8.01 or by having the signature of the Person executing the proxy witnessed or
guaranteed by any trust company, bank or banker authorized by Section 8.01 to certify to the
holding of the Notes. Such regulations may provide

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that written instruments appointing proxies,
regular on their face, may be presumed valid and genuine without the proof specified in Section
8.01 or other proof.

          (b) The Trustee shall, by an instrument in writing appoint a temporary chairman of the
meeting, unless the meeting shall have been called by the Issuer, the Guarantor or by Holders of
Notes as provided in Section 14.02(b), in which case the Issuer, the Guarantor
or the Holders of Notes calling the meeting, as the case may be, shall in like manner appoint
a temporary chairman. A permanent chairman and a permanent secretary of the meeting shall be
elected by vote of the Persons entitled to vote a majority in principal amount of the outstanding
Notes represented at the meeting.

          (c) At any meeting each Holder of such Notes or proxy shall be entitled to one vote for each
$1,000 principal amount of the outstanding Notes held or represented by him; provided, however,
that no vote shall be cast or counted at any meeting in respect of any Note challenged as not
outstanding and ruled by the chairman of the meeting to be not outstanding. The chairman of the
meeting shall have no right to vote, except as a Holder of Notes or proxy.

          (d) Any meeting of Holders of Notes duly called pursuant to Section 14.02 at which a quorum is
present may be adjourned from time to time by Persons entitled to vote a majority in principal
amount of the outstanding Notes represented at the meeting, and the meeting may be held as so
adjourned without further notice.

          Section 14.06. Counting Votes and Recording Action of Meetings. The vote upon any resolution submitted to any
meeting of Holders of Notes shall be by written ballots on which shall be subscribed the signatures
of the Holders of Notes or of their representatives by proxy and the principal amounts and serial
numbers of the outstanding Notes held or represented by them. The permanent chairman of the meeting
shall appoint two inspectors of votes who shall count all votes cast at the meeting for or against
any resolution and who shall make and file with the secretary of the meeting their verified written
reports in duplicate of all votes cast at the meeting. A record, at least in duplicate, of the
proceedings of each meeting of Holders of Notes shall be prepared by the secretary of the meeting
and there shall be attached to said record the original reports of the inspectors of votes on any
vote by ballot taken thereat and affidavits by one or more persons having knowledge of the fact,
setting forth a copy of the notice of the meeting and showing that said notice was given as
provided in Section 14.02 and, if applicable, Section 14.04. Each copy shall be signed and verified
by the affidavits of the permanent chairman and secretary of the meeting and one such copy shall be
delivered to the Issuer and the Guarantor and another to the Trustee to be preserved by the
Trustee, the latter to have attached thereto the ballots voted at the meeting. Any record so signed
and verified shall be conclusive evidence of the matters therein stated.

ARTICLE 15

GUARANTEE

     Section 15.01. Guarantee. By its execution hereof, the Guarantor acknowledges and agrees that it receives
substantial benefits from the Issuer and that the Guarantor is providing its Guarantee for good and
valuable consideration, including, without limitation, such substantial benefits. Accordingly,
subject to the provisions of this Article 15, the Guarantor hereby

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unconditionally guarantees to
each Holder of a Note authenticated and delivered by the Trustee and its successors and assigns
that: (i) the principal of (including the Redemption Price or repurchase price upon redemption or
repurchase pursuant to Article 3), premium, if any, and interest and Additional Interest, if any,
on the Notes
shall be duly and punctually paid in full when due, whether at the Maturity Date, upon
acceleration, upon redemption, upon a repurchase, upon repurchase due to a Designated Event or
otherwise, and interest on overdue principal, premium, if any, Additional Interest, if any, and (to
the extent permitted by law) interest on any interest, if any, on the Notes and all other
obligations of the Issuer to the Holders (including, without limitation, in connection with an
exchange of Notes) or the Trustee hereunder or under the Notes (including fees, expenses or other)
shall be promptly paid in full or performed, all in accordance with the terms hereof, and (ii) in
case of any extension of time of payment or renewal of any Notes or any of such other obligations,
the same shall be promptly paid in full when due or performed in accordance with the terms of the
extension or renewal, whether at the Maturity Date, by acceleration, call for redemption, upon
repurchase, upon repurchase due to a Designated Event or otherwise, subject, however, in the case
of clauses (i) and (ii) above, to the limitations set forth in Section 15.03 hereof (collectively,
the “Guarantee Obligations”).

          Subject to the provisions of this Article 15, the Guarantor hereby agrees that its Guarantee
hereunder shall be unconditional, irrespective of the validity, regularity or enforceability of the
Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by
any Holder of the Notes with respect to any thereof, the entry of any judgment against the Issuer,
any action to enforce the same or any other circumstance which might otherwise constitute a legal
or equitable discharge or defense of the Guarantor. The Guarantor hereby waives and relinquishes:
(a) any right to require the Trustee, the Holders or the Issuer (each, a “Benefited Party”) to
proceed against the Issuer or any other Person or to proceed against or exhaust any security held
by a Benefited Party at any time or to pursue any other remedy in any secured party’s power before
proceeding against the Guarantor; (b) any defense that may arise by reason of the incapacity, lack
of authority, death or disability of any other Person or Persons or the failure of a Benefited
Party to file or enforce a claim against the estate (in administration, bankruptcy or any other
proceeding) of any other Person or Persons; (c) demand, protest and notice of any kind (except as
expressly required by this Indenture), including but not limited to notice of the existence,
creation or incurring of any new or additional indebtedness or obligation or of any action or
non-action on the part of the Guarantor, the Issuer, any Benefited Party, any creditor of the
Guarantor or the Issuer or on the part of any other Person whomsoever in connection with any
obligations the performance of which are hereby guaranteed; (d) any defense based upon an election
of remedies by a Benefited Party, including but not limited to an election to proceed against the
Guarantor for reimbursement; (e) any defense based upon any statute or rule of law which provides
that the obligation of a surety must be neither larger in amount nor in other respects more
burdensome than that of the principal; (f) any defense arising because of a Benefited Party’s
election, in any proceeding instituted under the Bankruptcy Law, of the application of Section
1111(b)(2) of the Bankruptcy Code; and (g) any defense based on any borrowing or grant of a
security interest under Section 364 of the Bankruptcy Code. The Guarantor hereby covenants that,
except as otherwise provided therein, the Guarantee shall not be discharged except by payment in
full of all Guarantee Obligations, including the principal, premium, if any, and interest on the
Notes and all other costs provided for under this Indenture or as provided in Article 7.

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          If any Holder or the Trustee is required by any court or otherwise to return to either the
Issuer or the Guarantor, or any trustee or similar official acting in relation to either the Issuer
or the Guarantor, any amount paid by the Issuer or the Guarantor to the Trustee or such
Holder, the Guarantee, to the extent theretofore discharged, shall be reinstated in full force
and effect. The Guarantor agrees that it shall not be entitled to any right of subrogation in
relation to the Holders in respect of any Guarantee Obligations hereby until payment in full of all
such obligations guaranteed hereby. The Guarantor agrees that, as between it, on the one hand, and
the Holders of Notes and the Trustee, on the other hand, (x) the maturity of the obligations
guaranteed hereby maybe accelerated as provided in Article 6 hereof for the purposes hereof,
notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect
of the Guarantee Obligations, and (y) in the event of any acceleration of such obligations as
provided in Article 6 hereof, such Guarantee Obligations (whether or not due and payable) shall
forthwith become due and payable by the Guarantor for the purpose of the Guarantee.

          Section 15.02. Execution and Delivery of Guarantee. To evidence the Guarantee set forth in Section 15.01 hereof,
the Guarantor agrees that a notation of the Guarantee substantially in the form included in Exhibit
A hereto shall be endorsed on each Note authenticated and delivered by the Trustee and that this
Indenture shall be executed on behalf of the Guarantor by an officer of the Guarantor.

          The Guarantor agrees that the Guarantee set forth in this Article 15 shall remain in full
force and effect and apply to all the Notes notwithstanding any failure to endorse on each Note a
notation of the Guarantee.

          If an officer whose facsimile signature is on a Note or a notation of Guarantee no longer
holds that office at the time the Trustee authenticates the Note on which the Guarantee is
endorsed, the Guarantee shall be valid nevertheless.

          The delivery of any Note by the Trustee, after the authentication thereof hereunder, shall
constitute due delivery of the Guarantee set forth in this Indenture on behalf of the Guarantor.

          Section 15.03. Limitation of Guarantor’s Liability; Certain Bankruptcy Events. (a) The Guarantor, and by its
acceptance hereof each Holder, hereby confirms that it is the intention of all such parties that
the Guarantee Obligations of the Guarantor pursuant to its Guarantee not constitute a fraudulent
transfer or conveyance for purposes of any Bankruptcy Law, the Uniform Fraudulent Conveyance Act,
the Uniform Fraudulent Transfer Act or any similar federal or state law. To effectuate the
foregoing intention, the Holders and the Guarantor hereby irrevocably agree that the Guarantee
Obligations of the Guarantor under this Article 15 shall be limited to the maximum amount as shall,
after giving effect to all other contingent and fixed liabilities of the Guarantor, result in the
Guarantee Obligations of the Guarantor under the Guarantee not constituting a fraudulent transfer
or conveyance.

          (b) The Guarantor hereby covenants and agrees, to the fullest extent that it may do so under
applicable law, that in the event of the insolvency, bankruptcy, dissolution, liquidation or
reorganization of the Issuer, the Guarantor shall not file (or join in any filing of), or otherwise
seek to participate in the filing of, any motion or request seeking to stay or to

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prohibit (even
temporarily) execution on the Guarantee and hereby waives and agrees not to take
the benefit of any such stay of execution, whether under Section 362 or 105 of the Bankruptcy
Law or otherwise.

          Section 15.04. Application of Certain Terms and Provisions to the Guarantor.

          (a) For purposes of any provision of this Indenture which provides for the delivery by the
Guarantor of an Officers’ Certificate and/or an Opinion of Counsel, the definitions of such terms
in Section 1.01 hereof shall apply to the Guarantor as if references therein to the Issuer or the
Guarantor, as applicable, were references to the Guarantor.

          (b) Any request, direction, order or demand which by any provision of this Indenture is to be
made by the Guarantor shall be sufficient if evidenced as described in Section 16.03 hereof as if
references therein to the Issuer were references to the Guarantor.

          (c) Any notice or demand which by any provision of this Indenture is required or permitted to
be given or served by the Trustee or by the Holders of Notes to or on the Guarantor may be given or
served as described in Section 16.03 hereof as if references therein to the Issuer were references
to the Guarantor.

          (d) Upon any demand, request or application by the Guarantor to the Trustee to take any action
under this Indenture, the Guarantor shall furnish to the Trustee such certificates and opinions as
are required in Section 16.05 hereof as if all references therein to the Issuer were references to
the Guarantor.

ARTICLE 16

MISCELLANEOUS PROVISIONS

          Section 16.01. Provisions Binding on Issuer’s and Guarantor’s Successors. All the covenants, stipulations,
promises and agreements by the Issuer or Guarantor contained in this Indenture shall bind their
respective successors and assigns whether so expressed or not.

          Section 16.02. Official Acts by Successor Corporation. 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 Issuer
shall and may be done and performed with like force and effect by the like board, committee or
officer of any Person that shall at the time be the lawful sole successor of the Issuer or
Guarantor.

          Section 16.03. Addresses for Notices, etc. Any notice or demand which by any provision of this Indenture is
required or permitted to be given or served by the Trustee or by the Holders of Notes on the Issuer
or Guarantor shall be in writing and shall be deemed to have been sufficiently given or made, for
all purposes, if given or served by being deposited postage prepaid by registered or certified mail
in a post office letter box, or sent by overnight courier, or sent by telecopier transmission
addressed as follows:

To Issuer:

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MPT Operating Partnership, L.P.

1000 Urban Center Drive, Suite 501

Birmingham, Alabama 35242

Telecopier No.: 205-969-3756

Attention: General Counsel

To Guarantor:

Medical Properties Trust, Inc.

1000 Urban Center Drive, Suite 501

Birmingham, Alabama 35242

Telecopier No.: 205-969-3756

Attention: General Counsel

          Any notice, direction, request or demand hereunder to or upon the Trustee shall be deemed to
have been sufficiently given or made, for all purposes, if given or served by being deposited,
postage prepaid, by registered or certified mail in a post office letter box, or sent by overnight
courier, or sent by facsimile transmission addressed as follows:

Wilmington Trust Company, as Trustee

Rodney Square North

1100 North Market Street

Wilmington, DE 19890-0001

Attention: Corporate Capital Markets

Facsimile No.: 302-636-4145

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

          Any notice or communication mailed to a Noteholder shall be mailed by first class mail,
postage prepaid, at such Noteholder’s address as it appears on the Note Register and shall be
sufficiently given to such Noteholder if so mailed within the time prescribed.

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

          Section 16.04. Governing Law. This Indenture and the Notes shall be governed by, and construed in
accordance with, the laws of the State of New York.

          Section 16.05. Evidence of Compliance with Conditions Precedent, Certificates to Trustee. 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, if any, provided for in this Indenture relating to the proposed action
have been complied with, and, if requested by the Trustee, 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 request as to which the

81

 

furnishing of such documents is specifically required by any provision of this Indenture relating
to such particular application or request, 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:
(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 statement or opinion contained in such certificate or opinion is based; (3) a
statement that, in the opinion of such person, such person has made such examination or
investigation as is necessary to enable such person to express an informed opinion as to whether or
not such covenant or condition has been complied with; and (4) a statement as to whether or not, in
the opinion of such person, such condition or covenant has been complied with; provided, however,
that with respect to matters of fact an Opinion of Counsel may rely on an Officers’ Certificate or
certificates of public officials.

          Section 16.06. Legal Holidays. In any case where any interest payment date, Redemption Date,
Designated Event Repurchase Date, Stated Maturity or maturity date of any Note, or the last date on
which a Holder has the right to exchange a Note, shall not be a Business Day at any place of
payment, then (notwithstanding any other provision of this Indenture or any Note other than a
provision in such Note which specifically states that such provision shall apply in lieu hereof),
payment of interest or principal (and premium, if any) or exchange of such security need not be
made at such place of payment on such date, but may be made on the next succeeding Business Day at
such place of payment with the same force and effect as if made on the interest payment date,
Redemption Date, Designated Event Repurchase Date, Stated Maturity or maturity date, or on such
last day for exchange, provided that no interest shall accrue on the amount so payable for the
period from and after such interest payment date, Redemption Date, Designated Event Repurchase
Date, Stated Maturity or maturity date, as the case may be.

          Section 16.07. Conflict with Trust Indenture Act. If any provision hereof limits, qualifies or
conflicts with another provision hereof which is required or deemed to be included in this
Indenture by any of the provisions of the Trust Indenture Act, such required 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 to be excluded, as the case may be.

          Section 16.08. No Security Interest Created. Nothing in this Indenture or in the Notes, expressed or
implied, shall be construed to constitute a security interest under the Uniform Commercial Code or
similar legislation, as now or hereafter enacted and in effect, in any jurisdiction in which
property of the Issuer or its subsidiaries is located.

          Section 16.09. Benefits of Indenture. Nothing in this Indenture or in the Notes, express or implied,
shall give to any Person, other than the parties hereto, any Paying Agent, any authenticating
agent, any Note Registrar, any Exchange Agent and their successors hereunder and the Holders of
Notes any benefit or any legal or equitable right, remedy or claim under this Indenture.

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          Section 16.10. Table of Contents, Headings, etc. The table of contents and the titles and headings
of the Articles and Sections of this Indenture have been inserted for convenience of reference
only, are not to be considered a part hereof, and shall in no way modify or restrict any of the
terms or provisions hereof.

          Section 1.11. Execution in 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 16.12. Severability. In case any provision in this Indenture or in the Notes shall be
invalid, illegal or unenforceable, then the validity, legality and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby.

          Section 16.13. No Stockholder Rights for Noteholders. Noteholders, as such, will not have any rights
as stockholders of the Guarantor, including, without limitation, voting rights and rights to
receive any dividends or other distributions on the Common Stock.

          Wilmington Trust Company hereby accepts the trusts in this Indenture declared and provided,
upon the terms and conditions herein above set forth.

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          IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed.

	 	 	 	 	 	 	 	 	 
	 	 	MPT OPERATING PARTNERSHIP L.P.
	 
	 	 	 	 	 	 	 	 
	 	 	By: Medical Properties Trust, LLC

Its: General Partner
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	By: Medical Properties Trust, Inc.

Its: Sole Member
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	/s/ Edward K. Aldag, Jr.
 

Name:Edward K. Aldag, Jr.
	 	 
	 

	 	 	 	 	 	Title: Chairman, President & CEO	 	 

	 	 	 	 	 	 	 
	 	 	MEDICAL PROPERTIES TRUST, INC.,

as Guarantor	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Edward K. Aldag, Jr.
 

	 	 
	 

	 	Name:

Title:
	 	Edward K. Aldag, Jr.

Chairman, President & CEO	 	 
	 
	 	 	 	 	 	 
	 	 	WILMINGTON TRUST COMPANY,

as Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Michael H. Wass	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:

Title:
	 	Michael H. Wass

Financial Services Officer	 	 

 

 

EXHIBIT A

[Include only for Global Notes]

[UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (THE “DEPOSITARY,” WHICH TERM INCLUDES ANY SUCCESSOR
DEPOSITARY FOR THE CERTIFICATES) 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 REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY (AND ANY PAYMENT HEREIN IS MADE
TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITARY), 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.]

[Include only for Notes that are Restricted Securities]

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), AND ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT AS SET FORTH IN THE
FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF, THE HOLDER AGREES THAT IT WILL NOT RESELL OR
OTHERWISE TRANSFER THE SECURITY EVIDENCED HEREBY, EXCEPT (A) TO THE ISSUER, MEDICAL PROPERTIES
TRUST, INC. OR A SUBSIDIARY OF THE ISSUER; OR (B) TO A PERSON THE SELLER REASONABLY BELIEVES IS A
QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A ADOPTED UNDER THE SECURITIES ACT) THAT IS
PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER AND TO
WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, ALL IN COMPLIANCE
WITH RULE 144A (IF AVAILABLE).

[Include only for shares of Common Stock that are Restricted Securities]

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), AND ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT AS SET FORTH IN THE
FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF, THE HOLDER AGREES (1) THAT IT WILL NOT RESELL OR
OTHERWISE TRANSFER THE SECURITY EVIDENCED HEREBY, EXCEPT (A) TO THE ISSUER OR A SUBSIDIARY OF THE
ISSUER; (B) UNDER A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES
ACT; (C) TO A PERSON THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED
IN RULE 144A ADOPTED UNDER THE SECURITIES ACT) THAT IS PURCHASING FOR ITS OWN ACCOUNT OR FOR THE
ACCOUNT OF ANOTHER QUALIFIED INSTITUTIONAL BUYER AND TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS

1

 

BEING MADE IN RELIANCE ON RULE 144A, ALL IN COMPLIANCE WITH RULE 144A (IF AVAILABLE); OR (D) UNDER
ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT; AND (2)
THAT IT WILL, PRIOR TO ANY TRANSFER OF THIS SECURITY, FURNISH TO THE TRANSFER AGENT AND THE ISSUER
SUCH CERTIFICATIONS, LEGAL OPINIONS OR OTHER INFORMATION AS MAY BE REQUIRED TO CONFIRM THAT SUCH
TRANSFER IS BEING MADE PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.

[Include for all Notes]

THIS NOTE IS ISSUED WITH ORIGINAL ISSUE DISCOUNT. THE HOLDER OF THIS NOTE MAY CONTACT THE CHIEF
FINANCIAL OFFICER OF THE ISSUER AT 205-969-3755 AFTER THE ISSUANCE OF THIS NOTE FOR THE ISSUE
PRICE, THE AMOUNT OF ORIGINAL ISSUE DISCOUNT, THE ISSUE DATE AND THE YIELD TO MATURITY OF THIS
NOTE.

2

 

MPT OPERATING PARTNERSHIP, L.P.

9.25% EXCHANGEABLE SENIOR NOTES DUE 2013

CUSIP:

$

          MPT Operating Partnership, L.P., a Delaware limited partnership (herein called the “Issuer,”
which term includes any successor corporation under the Indenture referred to on the reverse
hereof), for value received hereby promises to pay to Cede & Co., or its registered assigns, the
principal sum of DOLLARS ($ ), or such lesser amount as is set forth in the
Schedule of Increases or Decreases in Note on the other side of this Note, on April 1, 2013, at the
office or agency of the Issuer maintained for that purpose in accordance with the terms of the
Indenture, 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, semi-annually on
April 1 and October 1 of each year, commencing October 1, 2008, on said principal sum at said
office or agency, in like coin or currency, at the rate per annum of 9.25%, from the April 1 or
October 1, as the case may be, next preceding the date of this Note to which interest has been paid
or duly provided for, unless no interest has been paid or duly provided for on the Notes, in which
case from March 26, 2008 until payment of said principal sum has been made or duly provided for.
Payment of the principal of and interest on the Notes not represented by a Global Note will be made
at the Corporate Trust Office or the office maintained for that purpose in the Borough of
Manhattan, The City of New York, New York, in such coin or currency of the United States of America
as at the time of payment is legal tender for payment of public and private debts; provided,
however, that at the option of the Issuer, payments of interest on the Notes may be made (i) by
check mailed to the address of the Person entitled thereto as such address shall appear in the Note
Register or (ii) by wire transfer to an account maintained by the Person entitled thereto located
within the United States.

          The Issuer promises to pay interest on overdue principal, premium, if any, and (to the extent
that payment of such interest is enforceable under applicable law) interest at the rate borne by
the Notes.

          Reference is made to the further provisions of this Note set forth on the reverse hereof,
including, without limitation, provisions giving the Holder of this Note the right to exchange this
Note into cash and, if applicable, shares of Common Stock, on the terms and subject to the
limitations referred to on the reverse hereof and as more fully specified in the Indenture. Such
further provisions shall for all purposes have the same effect as though fully set forth at this
place.

          This Note shall not be valid or become obligatory for any purpose until the certificate of
authentication hereon shall have been signed manually or by facsimile by the Trustee or a duly
authorized authenticating agent under the Indenture.

3

 

IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed.

Dated:

	 	 	 	 	 	 	 
	 	 	 MPT OPERATING PARTNERSHIP, L.P.	 	 
	 
	 	 	 	 	 	 
	 	 	By: Medical Properties Trust, LLC

Its: General Partner	 	 
	 
	 	 	 	 	 	 
	 	 	By: Medical Properties Trust, Inc.

Its: Sole Member	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:	 	 	 	 

4

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

     This is one of the Notes described in the within-named Indenture.

Dated:

	 	 	 	 	 
	 	WILMINGTON TRUST COMPANY,

     as Trustee

 	 
	 	By:  	 	 
	 	 	Name:
Title:	 

5

 

	 	 	 	 	 

[FORM OF REVERSE SIDE OF NOTE]

MPT OPERATING PARTNERSHIP, L.P.

9.25% EXCHANGEABLE SENIOR NOTES DUE 2013

          This Note is one of a duly authorized issue of Notes of the Issuer, designated as its 9.25%
Exchangeable Senior Notes due 2013 (herein called the “Notes”), issued under and pursuant to an
Indenture dated as of March 26, 2008 (herein called the “Indenture”), among the Issuer, the
Guarantor and Wilmington Trust Company, 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 Notes. Defined terms used but not otherwise defined in this Note
shall have the respective meanings ascribed thereto in the Indenture.

          If an Event of Default (other than an Event of Default specified in Section 6.01(j) or 6.01(k)
of the Indenture with respect to the Issuer) occurs and is continuing, the principal of, premium,
if any, and accrued and unpaid interest on all Notes may be declared to be due and payable by
either the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then
outstanding, and, upon said declaration the same shall be immediately due and payable. If an Event
of Default specified in Section 6.01(j) or 6.01(k) of the Indenture occurs and is continuing with
respect to the Issuer, then the principal of and premium, if any, and interest accrued and unpaid
on all the Notes shall be immediately due and payable without any declaration or other action on
the part of the Trustee or any Holder of Notes.

          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 Notes at the time
outstanding, 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 Notes, subject to exceptions set forth in Section
9.02 of the Indenture. Subject to the provisions of the Indenture, the Holders of not less than a
majority in aggregate principal amount of the Notes at the time outstanding may, on behalf of the
Holders of all of the Notes, waive certain past defaults or Events of Default.

          No reference herein to the Indenture and no provision of this Note or of the Indenture shall
impair, as among the Issuer and the Holder of the Notes, the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of, premium, if any, on and interest on this Note
at the place, at the respective times, at the rate and in the coin or currency herein and in the
Indenture prescribed.

          Interest on the Notes shall be computed on the basis of a 360-day year of twelve 30-day
months.

          The Notes are issuable in fully registered form, without coupons, in minimum denominations of
$1,000 principal amount and in integral multiples of $1,000 in excess thereof At the office or
agency of the Issuer referred to on the face hereof, and in the manner and subject to the
limitations provided in the Indenture, without payment of any service charge but with

6

 

payment of a sum sufficient to cover any tax, assessment or other governmental charge that may
be imposed in connection with any registration or exchange of Notes, Notes may be exchanged for a
like aggregate principal amount of Notes of any other authorized denominations.

          The Issuer shall have the right to redeem the Notes under certain circumstances as set forth
in Section 3.01 of the Indenture.

          The Notes are not subject to redemption through the operation of any sinking fund.

          Upon the occurrence of a Designated Event, Holders of shall have the right to require the
Issuer to repurchase all or a portion of their Notes pursuant to Article 13 of the Indenture.

          Subject to and in compliance with the provisions of the Indenture, the Holder hereof shall
have the right to exchange each $1,000 principal amount of this Note into cash and, if applicable,
shares of Common Stock as provided in Article 13 of the Indenture.

          In the event the Holder surrenders this Note for exchange in connection with certain
Designated Events, the Issuer will increase the Applicable Exchange Rate by the Additional
Designated Event Shares as and when provided in the Indenture.

          Except as expressly provided in Article 15 of the Indenture, no recourse for the payment of
the principal of (including the Redemption Price or repurchase price upon redemption or repurchase
pursuant to Article 3 of the Indenture) or any premium, if any, or interest on this Note, or for
any claim based hereon or otherwise in respect hereof, and no recourse under or upon any
obligation, covenant or agreement of the Issuer in the Indenture or any supplemental indenture or
in this Note, or because of the creation of any indebtedness represented thereby, shall be had
against any incorporator, stockholder, partner, member, manager, employee, agent, officer, director
or subsidiary, as such, past, present or future, of the Guarantor, the Issuer or any of the
Guarantor’s Subsidiaries or of any successor thereto, either directly or through the Guarantor, the
Issuer or any of the Guarantor’s subsidiaries or of any successor thereto, 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 all such liability is hereby expressly waived and
released as a condition of, and as consideration for, the execution of the Indenture and the issue
of this Note.

          In addition to the rights provided to Holders of Notes under the Indenture, Holders shall have
all the rights set forth in the Registration Rights Agreement dated as of March 26, 2008, among the
Issuer, the Guarantor and the Initial Purchasers named therein (the “Registration Rights
Agreement”).

7

 

ABBREVIATIONS

          The following abbreviations, when used in the inscription of the face of this Note, shall be
construed as though they were written out in full according to applicable laws or regulations.

	 	 	 	 	 	 	 
	TEN-COM

	 	as tenants in common
	 	UNIF GIFT MIN ACT —                     
	 

	 	 	 	Custodian                     	 	 
	 
	 	 	 	 	 	 
	TEN-ENT

	 	as tenant by the entireties
	 	(Cust) (Minor)	 	 
	 
	 	 	 	 	 	 
	JT-TEN	 	as joint tenants with right of survivorship and not under
Uniform Gifts to Minors Act	 	 
	 
	 	 	 	 	 	 
	 

	 	as tenants in common
	 	 

(State)
	 	 

Additional abbreviations may also be used though not in the above list.

8

 

GUARANTEE

The Guarantor listed below (hereinafter referred to as the “Guarantor,” which term includes any
successors or assigns under the Indenture, dated the date hereof, among the Guarantor, the Issuer
(defined below) and Wilmington Trust Company, as trustee (the “Indenture”), has irrevocably and
unconditionally guaranteed on a senior basis the Guarantee Obligations (as defined in Section 15.01
of the Indenture), which include (i) the due and punctual payment of the principal of, premium, if
any, and interest and Additional Interest, if any, on the 9.25% Exchangeable Senior Notes due 2013
(the “Notes”) of MPT Operating Partnership, L.P., a Delaware limited partnership (the “Issuer”),
whether at maturity, by acceleration, call for redemption, upon a repurchase or otherwise, the due
and punctual payment of interest on the overdue principal and premium, if any, and (to the extent
permitted by law) interest on any interest on the Notes, and the due and punctual performance of
all other obligations of the Issuer, to the Holders of the Notes or the Trustee all in accordance
with the terms set forth in Article 15 of the Indenture, and (ii) in case of any extension of time
of payment or renewal of any Notes or any such other obligations, that the same shall be promptly
paid in full when due or performed in accordance with the terms of the extension or renewal,
whether at maturity, by acceleration, call for redemption, upon a repurchase or otherwise.

The obligations of the Guarantor to the Holders of the Notes and to the Trustee pursuant to this
Guarantee and the Indenture are expressly set forth in Article 15 of the Indenture and reference is
hereby made to such Indenture for the precise terms of this Guarantee.

The Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a
court in the event of merger or bankruptcy of the Issuer, any right to require a proceeding first
against the Issuer, the benefit of discussion, protest or notice with respect to the Notes and all
demands whatsoever.

This is a continuing Guarantee and shall remain in full force and effect and shall be binding upon
the Guarantor and its successors and assigns until full and final payment of all of the Issuer’s
obligations under the Notes and Indenture or until legally discharged in accordance with the
Indenture and shall inure to the benefit of the successors and assigns of the Trustee and the
Holders of the Notes, and, in the event of any transfer or assignment of rights by any Holder of
the Notes or the Trustee, the rights and privileges herein conferred upon that party shall
automatically extend to and be vested in such transferee or assignee, all subject to the terms and
conditions hereof. This is a Guarantee of payment and performance and not of collectibility.

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

The obligations of the Guarantor under this Guarantee shall be limited to the extent necessary to
insure that it does not constitute a fraudulent conveyance under applicable law.

9

 

THE TERMS OF ARTICLE 15 OF THE INDENTURE ARE INCORPORATED HEREIN BY REFERENCE.

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

10

 

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

Dated:

	 	 	 	 	 
	 	MEDICAL PROPERTIES TRUST, INC.

 	 
	 	By:  	 	 
	 	 	Name:
Title:	 

11

 

	 	 	 	 	 

EXCHANGE NOTICE

TO:      MPT OPERATING PARTNERSHIP, L.P.

         Wilmington Trust Company, as Trustee

          The undersigned registered owner of this Note hereby irrevocably exercises the option to
exchange this Note, or the portion thereof (which is $1,000 or a multiple thereof) below
designated, into cash and, if applicable, shares of Common Stock, in accordance with the terms of
the Indenture referred to in this Note, and directs that the shares of Common Stock, if any,
issuable and deliverable upon such exchange, together with any check in payment for cash, if any,
payable upon exchange or for fractional shares and any Notes representing any unexchanged principal
amount hereof, be issued and delivered to the registered holder hereof unless a different name has
been indicated below. Capitalized terms used herein but not defined shall have the meanings
ascribed to such terms in the Indenture. If shares or any portion of this Note not exchanged are to
be issued in the name of a person other than the undersigned, the undersigned will provide the
appropriate information below and pay all transfer taxes payable with respect thereto. Any amount
required to be paid by the undersigned on account of interest accompanies this Note.

          The undersigned registered owner of this Note hereby certifies that it or the Person on whose
behalf the Notes are being exchanged is a qualified institutional buyer within the meaning of Rule
144A under the Securities Act of 1933, as amended.

Dated:
                                        

	 	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 

Signature(s)
	 	 
	 
	 	 	 	 
	 

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

	 	 	 	 
	 

	 	Signature Guarantee	 	 

12

 

          Fill in the registration of shares of Common Stock, if any, if to be issued, and Notes if to
be delivered, and the person to whom cash and payment for fractional shares is to be made, if to be
made, other than to and in the name of the registered holder:

	 	 	 
	Please print name and address
	 	 
	 
	 	 
	 

(Name)

	 	 
	 
	 	 
	 

(Street Address)
	 	 
	 
	 	 
	 

(City, State and Zip Code)
	 	 
	 
	 	 
	Principal amount to be exchanged

(if less than all):
	 	 
	 
	 	 
	$
 

	 	 
	 
	 	 
	Social Security or Other Taxpayer

Identification Number:
	 	 
	 
	 	 
	 

	 	 

NOTICE: The signature on this Exchange Notice must correspond with the name as written upon the
face of the Note in every particular without alteration or enlargement or any change whatever.

13

 

REPURCHASE NOTICE

TO:     MPT OPERATING PARTNERSHIP, L.P.

         Wilmington Trust Company, as Trustee

          The undersigned registered owner of this Note hereby irrevocably acknowledges receipt of a
notice from MPT Operating Partnership, L.P. (the “Issuer”) regarding the right of Holders to elect
to require the Issuer to repurchase the Notes and requests and instructs the Issuer to repay the
entire principal amount of this Note, or the portion thereof (which is $1,000 or an integral
multiple thereof) below designated, in cash, in accordance with the terms of the Indenture at the
price of 100% of such entire principal amount or portion thereof, together with accrued and unpaid
interest to, but excluding, the Designated Event Repurchase Date, as the case may be, to the
registered holder hereof. Capitalized terms used herein but not defined shall have the meanings
ascribed to such terms in the Indenture. The Notes shall be repurchased by the Issuer as of the
Designated Event Repurchase Date, as the case may be, pursuant to the terms and conditions
specified in the Indenture.

          NOTICE: The signatures of the Holder(s) hereof must correspond with the name as written upon
the face of the Note in every particular without alteration or enlargement or any change whatever.
Note Certificate Number (if applicable):

                                        

          Principal amount to be repurchased (if less than all, must be $1,000 or whole multiples
thereof):                                         

Social Security or Other Taxpayer Identification Number:                                         

Dated:
                                        

	 	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 

Signature(s)
	 	 
	 
	 	 	 	 
	 

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

14

 

	 	 	 	 	 
	 

	 	 

Signature Guarantee
	 	 

15

 

ASSIGNMENT

          For value received                                         hereby sell(s) assign(s) and transfer(s) unto
                                         (Please insert social security or other Taxpayer Identification Number
of assignee) the within Note, and hereby irrevocably constitutes and appoints
                                         attorney to transfer said Note on the books of the Issuer, with full
power of substitution in the premises.

          In connection with any transfer of the Note, the undersigned confirms that such Note is being
transferred:

	 	o	 	To MPT Operating Partnership, L.P., Medical Properties Trust,
Inc. or a subsidiary of MPT Operating Partnership, L.P.; or
	 
	 	o	 	To a “qualified institutional buyer” in compliance with Rule
144A under the Securities Act of 1933, as amended.

Unless one of the boxes is checked, the Trustee will refuse to register any of the Notes evidenced
by this certificate in the name of any person other than the registered holder thereof.

Dated:
                                        

	 	 	 	 	 
	 

	 	 	 	 
	 
	 	 	 	 
	 

	 	 

Signatures
	 	 
	 
	 	 	 	 
	 

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

	 	 	 	 
	 

	 	Signature Guarantee	 	 

NOTICE: The signature on this Assignment must correspond with the name as written upon the face of
the Note in every particular without alteration or enlargement or any change whatever.

16

 

ASSIGNMENT

For value received                                          hereby sell(s) assign(s) and transfer(s) unto
                                         (Please insert social security or other Taxpayer Identification Number
of assignee)                                         shares of Common Stock, and hereby irrevocably constitutes
and appoints                                          attorney to transfer said shares of Common Stock on the books of
the Issuer, with full power of substitution in the premises.

          In connection with any transfer of the shares of Common Stock prior to the expiration of the
holding period applicable to sales thereof under Rule 144(k) under the Securities Act (or any
successor provision) (other than any transfer pursuant to a registration statement that has been
declared effective under the Securities Act), the undersigned confirms that such shares of Common
Stock are being transferred:

	 	o	 	To MPT Operating Partnership, L.P., Medical Properties Trust,
Inc. or a subsidiary of MPT Operating Partnership, L.P.; or
	 
	 	o	 	Pursuant to and in compliance with Rule 144 under the
Securities Act of 1933, as amended; or
	 
	 	o	 	To a person the undersigned reasonably believes is a qualified
institutional buyer that is purchasing for its own account or for the account
of another ‘ qualified institutional buyer and to whom notice is given that the
transfer is being made in reliance on Rule 144A, all in compliance with Rule
144A (if available); or
	 
	 	o	 	Pursuant to a Registration Statement which has been declared
effective under the Securities Act of 1933, as amended, and which continues to
be effective at the time of transfer.

Unless one of the boxes is checked, the Transfer Agent will refuse to register any of the shares of
Common Stock evidenced by this certificate in the name of any person other than the registered
holder thereof.

17

 

[Include Schedule I only for a Global Note]

SCHEDULE OF INCREASES OR DECREASES IN NOTE

          The initial principal amount of this Global Note is            Dollars ($ ). The following
increases or decreases in part of this Note have been made:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Amount of	 	Amount of	 	Principal	 	 
	 	 	 	 	Increase in	 	Decrease in	 	Amount of this	 	 
	 	 	 	 	Principal	 	Principal	 	Note following	 	 
	 	 	 	 	Amount of this	 	Amount of this	 	such Increase or	 	Signature of Authorized
	Date	 	Note	 	Note	 	Decrease	 	Officer of Trustee

18

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