Document:

EX-4.1

Exhibit 4.1

EXECUTION VERSION

GAYLORD ENTERTAINMENT COMPANY

as Issuer

and

CCK HOLDINGS, LLC

CORPORATE MAGIC, INC.

COUNTRY MUSIC TELEVISION INTERNATIONAL, INC.

GAYLORD CREATIVE GROUP, INC.

GAYLORD DESTIN RESORTS, LLC

GAYLORD FINANCE, INC.

GAYLORD HOTELS, INC.

GAYLORD INVESTMENTS, INC.

GAYLORD NATIONAL, LLC

GAYLORD PROGRAM SERVICES, INC.

GRAND OLE OPRY, LLC

GRAND OLE OPRY TOURS, INC.

OLH, G.P.

OLH HOLDINGS, LLC

OPRYLAND ATTRACTIONS, LLC

OPRYLAND HOSPITALITY, LLC

OPRYLAND HOTEL-FLORIDA LIMITED PARTNERSHIP

OPRYLAND HOTEL NASHVILLE, LLC

OPRYLAND HOTEL-TEXAS, LLC

OPRYLAND HOTEL-TEXAS LIMITED PARTNERSHIP

OPRYLAND PRODUCTIONS, INC.

OPRYLAND THEATRICALS, INC.

WILDHORSE SALOON ENTERTAINMENT VENTURES, INC.

as Initial Subsidiary Guarantors

and

U.S. BANK NATIONAL ASSOCIATION

as Trustee

 

INDENTURE

Dated as of September 29, 2009

 

3.75% Convertible Senior Notes due 2014

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page
	 
	 	 	 	 
	ARTICLE 1 Definitions and Incorporation by Reference
	 	 	1	 
	 
	 	 	 	 
	SECTION 1.01. Definitions
	 	 	1	 
	SECTION 1.02. Incorporation by Reference of Trust Indenture Act

	 	 	9	 
	SECTION 1.03. Rules of Construction
	 	 	9	 
	 
	 	 	 	 
	ARTICLE 2 The Notes
	 	 	10	 
	 
	 	 	 	 
	SECTION 2.01. Designation, Amount and Issuance of Notes
	 	 	10	 
	SECTION 2.02. Form of the Notes
	 	 	10	 
	SECTION 2.03. Date and Denomination of Notes; Payment at Maturity;
Payment of Interest
	 	 	10	 
	SECTION 2.04. Execution and Authentication
	 	 	11	 
	SECTION 2.05. Registrar and Paying Agent
	 	 	12	 
	SECTION 2.06. Paying Agent to Hold Money in Trust
	 	 	12	 
	SECTION 2.07. Noteholder Lists
	 	 	12	 
	SECTION 2.08. Exchange and Registration of Transfer of Notes;
Restrictions on Transfer
	 	 	12	 
	SECTION 2.09. Replacement Notes
	 	 	15	 
	SECTION 2.10. Outstanding Notes
	 	 	16	 
	SECTION 2.11. Temporary Notes
	 	 	16	 
	SECTION 2.12. Cancellation
	 	 	16	 
	SECTION 2.13. Defaulted Interest
	 	 	17	 
	SECTION 2.14. CUSIP and ISIN Numbers
	 	 	17	 
	SECTION 2.15. Automatic Exchange from Restricted Global Note to
Unrestricted Global Note
	 	 	17	 
	 
	 	 	 	 
	ARTICLE 3 Repurchase of Notes
	 	 	18	 
	 
	 	 	 	 
	SECTION 3.01. Repurchase at Option of Holders Upon a Fundamental Change

	 	 	18	 
	SECTION 3.02. Withdrawal of Fundamental Change Repurchase Notice

	 	 	20	 
	SECTION 3.03. Deposit of Fundamental Change Repurchase Price

	 	 	20	 
	SECTION 3.04. Notes Repurchased in Part
	 	 	21	 
	SECTION 3.05. Covenant to Comply with Securities Laws Upon Repurchase of
Notes
	 	 	21	 

ii

 

	 	 	 	 	 
	 	 	Page
	 
	 	 	 	 
	ARTICLE 4 Covenants
	 	 	21	 
	 
	 	 	 	 
	SECTION 4.01. Payment of Notes
	 	 	21	 
	SECTION 4.02. Maintenance of Office or Agency
	 	 	21	 
	SECTION 4.03. Reports; 144A Information
	 	 	22	 
	SECTION 4.04. Existence
	 	 	22	 
	SECTION 4.05. Compliance Certificate
	 	 	22	 
	SECTION 4.06. Further Instruments and Acts
	 	 	22	 
	SECTION 4.07. Additional Interest Notification
	 	 	22	 
	SECTION 4.08. Statement by Officer as to Default
	 	 	23	 
	SECTION 4.09. Waiver of Stay, Extension or Usury Laws
	 	 	23	 
	SECTION 4.10. Covenant Related to NYSE Listing Standards
	 	 	23	 
	SECTION 4.11. Covenant to Comply with Securities Laws Upon Resale of
Notes
	 	 	23	 
	 
	 	 	 	 
	ARTICLE 5 Consolidation, Merger, and Sale of Assets
	 	 	23	 
	 
	 	 	 	 
	SECTION 5.01. When Company May Merge or Transfer Assets
	 	 	23	 
	SECTION 5.02. Successor to Be Substituted
	 	 	24	 
	SECTION 5.03. Opinion of Counsel to Be Given Trustee
	 	 	24	 
	SECTION 5.04. When Subsidiary Guarantors May Merge or Transfer Assets

	 	 	24	 
	SECTION 5.05. Surviving Guarantor to Be Substituted
	 	 	24	 
	 
	 	 	 	 
	ARTICLE 6 Defaults and Remedies
	 	 	25	 
	 
	 	 	 	 
	SECTION 6.01. Events of Default
	 	 	25	 
	SECTION 6.02. Acceleration
	 	 	26	 
	SECTION 6.03. Additional Interest
	 	 	27	 
	SECTION 6.04. Other Remedies
	 	 	28	 
	SECTION 6.05. Waiver of Past Defaults
	 	 	28	 
	SECTION 6.06. Control by Majority
	 	 	28	 
	SECTION 6.07. Limitation on Suits
	 	 	28	 
	SECTION 6.08. Rights of Noteholders to Receive Payment
	 	 	29	 
	SECTION 6.09. Collection Suit by Trustee
	 	 	29	 

iii

 

	 	 	 	 	 
	 	 	Page
	 
	 	 	 	 
	SECTION 6.10. Trustee May File Proofs of Claim
	 	 	29	 
	SECTION 6.11. Priorities
	 	 	29	 
	SECTION 6.12. Undertaking for Costs
	 	 	30	 
	SECTION 6.13. Failure to Comply with Reporting Covenant
	 	 	30	 
	 
	 	 	 	 
	ARTICLE 7 Trustee
	 	 	30	 
	 
	 	 	 	 
	SECTION 7.01. Duties of Trustee
	 	 	30	 
	SECTION 7.02. Rights of Trustee
	 	 	31	 
	SECTION 7.03. Individual Rights of Trustee
	 	 	32	 
	SECTION 7.04. Trustee’s Disclaimer
	 	 	32	 
	SECTION 7.05. Notice of Defaults
	 	 	32	 
	SECTION 7.06. Reports by Trustee to Noteholders
	 	 	33	 
	SECTION 7.07. Compensation and Indemnity
	 	 	33	 
	SECTION 7.08. Replacement of Trustee
	 	 	33	 
	SECTION 7.09. Successor Trustee by Merger
	 	 	34	 
	SECTION 7.10. Eligibility; Disqualification
	 	 	34	 
	SECTION 7.11. Preferential Collection of Claims Against Company

	 	 	34	 
	 
	 	 	 	 
	ARTICLE 8 Discharge of Indenture
	 	 	34	 
	 
	 	 	 	 
	SECTION 8.01. Discharge of Liability on Notes
	 	 	34	 
	SECTION 8.02. Application of Trust Money
	 	 	35	 
	SECTION 8.03. Repayment to Company
	 	 	35	 
	SECTION 8.04. Reinstatement
	 	 	35	 
	 
	 	 	 	 
	ARTICLE 9 Amendments
	 	 	35	 
	 
	 	 	 	 
	SECTION 9.01. Without Consent of Noteholders
	 	 	35	 
	SECTION 9.02. With Consent of Noteholders
	 	 	36	 
	SECTION 9.03. Compliance with Trust Indenture Act
	 	 	37	 
	SECTION 9.04. Revocation and Effect of Consents and Waivers

	 	 	37	 
	SECTION 9.05. Notation on or Exchange of Notes
	 	 	37	 
	SECTION 9.06. Trustee to Sign Amendments
	 	 	37	 

iv

 

	 	 	 	 	 
	 	 	Page
	 
	 	 	 	 
	ARTICLE 10 Conversion of Notes
	 	 	37	 
	 
	 	 	 	 
	SECTION 10.01. Right to Convert
	 	 	37	 
	SECTION 10.02. Conversion Procedures; Settlement Upon Conversion; No
Adjustment for Interest or Dividends; Cash Payments in Lieu of Fractional
Shares
	 	 	39	 
	SECTION 10.03. Increased Conversion Rate Applicable to Securities
Converted in Connection With Make-Whole Fundamental Changes
	 	 	41	 
	SECTION 10.04. Adjustment of Conversion Rate
	 	 	42	 
	SECTION 10.05. Effect of Reclassification, Consolidation, Merger or Sale

	 	 	47	 
	SECTION 10.06. Certain Covenants
	 	 	48	 
	SECTION 10.07. Notice to Holders Prior to Certain Actions
	 	 	48	 
	SECTION 10.08. Shareholder Rights Plans
	 	 	49	 
	SECTION 10.09. Responsibility of Trustee
	 	 	49	 
	 
	 	 	 	 
	ARTICLE 11 Note Guarantees
	 	 	50	 
	 
	 	 	 	 
	SECTION 11.01. Guarantees
	 	 	50	 
	SECTION 11.02. Limitation on Subsidiary Guarantor Liability

	 	 	51	 
	SECTION 11.03. Release of Subsidiary Guarantor
	 	 	51	 
	 
	 	 	 	 
	ARTICLE 12 Miscellaneous
	 	 	52	 
	 
	 	 	 	 
	SECTION 12.01. Trust Indenture Act Controls
	 	 	52	 
	SECTION 12.02. Notices
	 	 	52	 
	SECTION 12.03. Communication by Noteholders with Other Noteholders

	 	 	52	 
	SECTION 12.04. Certificate and Opinion as to Conditions Precedent

	 	 	52	 
	SECTION 12.05. Statements Required in Certificate or Opinion

	 	 	52	 
	SECTION 12.06. When Notes Disregarded
	 	 	53	 
	SECTION 12.07. Rules by Trustee, Paying Agent and Registrar

	 	 	53	 
	SECTION 12.08. Business Day
	 	 	53	 
	SECTION 12.09. GOVERNING LAW
	 	 	53	 
	SECTION 12.10. Successors
	 	 	53	 
	SECTION 12.11. Multiple Originals
	 	 	53	 
	SECTION 12.12. Table of Contents; Headings
	 	 	53	 

v

 

	 	 	 	 	 
	 	 	Page
	 
	 	 	 	 
	SECTION 12.13. Severability Clause
	 	 	53	 
	SECTION 12.14. Calculations
	 	 	53	 

Exhibit A       —       Form of Note

Exhibit B       —       Form of Restrictive Legend for Common Stock Issued Upon Conversion

 vi

 

 

     INDENTURE dated as of September 29, 2009 among GAYLORD ENTERTAINMENT COMPANY, a Delaware
corporation, as issuer (the “Company”), the subsidiaries listed on the signature pages hereto (each
a “Subsidiary Guarantor”) and U.S. BANK NATIONAL ASSOCIATION, a national banking association
organized under the laws of the United States, as trustee (the “Trustee”).

     WHEREAS, the Company has duly authorized the creation of an issue of its 3.75% Convertible
Senior Notes due 2014 (the “Notes”), having the terms, tenor, amount and other provisions
hereinafter set forth, and, to provide therefor, the Company has duly authorized the execution and
delivery of this Indenture; and

     WHEREAS, all things necessary to make the Notes, when the Notes are duly executed by the
Company and authenticated and delivered hereunder and duly issued by the Company, the valid
obligations of the Company, and to make this Indenture a valid and binding agreement of the
Company, in accordance with their and its terms, have been done and performed, and the execution of
this Indenture and the issue hereunder of the Notes have in all respects been duly authorized,

     NOW, THEREFORE, THIS INDENTURE WITNESSETH:

     For and in consideration of the premises and the purchase of the Notes by the holders thereof,
it is mutually covenanted and agreed, for the equal and proportionate benefit of all holders of the
Notes, as follows:

ARTICLE 1

Definitions and Incorporation by Reference

          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 or which are by reference therein defined in the Securities Act (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” means all amounts, if any, payable pursuant to Section 6.03.

     “Additional Shares” has the meaning specified in Section 10.03.

     “Adjustment Event” has the meaning specified in Section 10.04(i).

     “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 Person means the power
to direct 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 2.08(b)(vi).

     “Automatic Exchange” has the meaning specified in Section 2.15.

     “Automatic Exchange Notice” has the meaning specified in Section 2.15.

     “Bankruptcy Law” has the meaning specified in Section 6.01.

1

 

     “Bid Solicitation Agent” means the financial institution appointed by the Company to solicit
bids for the Trading Price of the Notes in accordance with Section 10.01(2). The Bid Solicitation
Agent appointed by the Company shall initially be the Trustee.

     “Board of Directors” means the Board of Directors of the Company or, other than in the case of
the definition of “Continuing Directors,” any committee thereof duly authorized to act on behalf of
such Board.

     “Business Day” has the meaning specified in Section 12.08.

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

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

     “Code” means the Internal Revenue Code of 1986, as amended.

     “Common Stock” means the Common Stock, par value $0.01 per share, of the Company, or such
other capital stock into which the Company’s common stock is reclassified or changed.

     “Company” means the party named as such in this Indenture until a successor replaces it and,
thereafter, means the successor and, for purposes of any provision contained herein and required by
the Trust Indenture Act, each other obligor on the indenture securities.

     “Continuing Director” means a director who either was a member of the Board of Directors on
September 24, 2009 or who becomes a director of the Company subsequent to that date and whose
election, appointment or nomination for election by the shareholders of the Company, 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 Company on
behalf of the entire Board of Directors in which such individual is named as nominee for director.

     “Conversion Agent” means the agency appointed by the Company to which Notes may be presented
for conversion. The Conversion Agent appointed by the Company shall initially be the Trustee.

     “Conversion Date” has the meaning specified in Section 10.02(a).

     “Conversion Notice” has the meaning specified in Section 10.02(a).

     “Conversion Obligation” has the meaning specified in Section 10.01.

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

     “Conversion Rate” has the meaning specified in Section 10.01.

     “Conversion Value,” for every $1,000 principal amount of a Note being converted, means an
amount equal to the sum of the Daily Conversion Values for each of the forty-five (45) Settlement
Period Trading Days in the Settlement Period.

     “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
EP-MN-WS3C, 60 Livingston Avenue, St. Paul, Minnesota 55107-1419, Attention: Corporate Trust
Services or at any other time at such other address as the Trustee may designate from time to time
by notice to the Company.

2

 

     “Current Market Price” means the average of the Last Reported Sale Prices of the Common Stock
over the ten (10) consecutive Trading-Day period ending on the Trading Day immediately preceding
the declaration date for the distribution requiring such computation.

     “Custodian” has the meaning specified in Section 6.01.

     “Daily Conversion Value” for any Settlement Period Trading Day equals 1/45th of (x) the
Conversion Rate in effect on that Settlement Period Trading Day multiplied by (y) the VWAP of the
Common Stock on that Settlement Period Trading Day.

     “Daily Fixed Cash Amount” has the meaning specified in Section 10.02(b).

     “Daily Net Share Settlement Value” means, for any Settlement Period Trading Day, an amount
equal to 1/45th of: (a) the Conversion Rate in effect on such Settlement Period Trading
Day minus (b) the quotient of (x) the Specified Dollar Amount divided by (y) the VWAP of the Common
Stock on such Settlement Period Trading Day; provided, that in no event shall the Daily Net Share
Settlement Value be less than zero.

     “declaration date” and “date of declaration” shall mean, with respect to a distribution by the
Company to all or substantially all of its holders of Common Stock, the date on which the
distribution has been authorized by the Board of Directors under applicable law.

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

     “Defaulted Interest” has the meaning specified in Section 2.13.

     “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.

     “Determination Date” has the meaning specified in Section 10.04(i).

     “Distributed Property” has the meaning specified in Section 10.04(c).

     “DTC” means The Depository Trust Company.

     “Effective Date” has the meaning specified in Section 10.03.

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

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

     “Ex-Dividend Date” means, in respect of a dividend or distribution to holders of Common Stock,
the first date upon which a sale of the Common Stock does not automatically transfer the right to
receive the relevant dividend or distribution from the seller of the Common Stock to its buyer.

     “Expiration Date” has the meaning specified in Section 10.04(e).

     “Expiration Time” has the meaning specified in Section 10.04(e).

     “Fair Market Value” means the amount that a willing buyer would pay to a willing seller in an
arms’ length transaction, as determined by the Board of Directors.

3

 

     “Fundamental Change” shall be deemed to have occurred at such time after the original issuance
of the Notes that any of the following occurs:

     (a) a “person” or “group” within the meaning of Section 13(d) of the Exchange Act,
other than the Company, its Subsidiaries or the employee benefit plans of the Company or any
such Subsidiary of the Company, becomes the direct or indirect “beneficial owner,” as
defined in Rule 13d-3 under the Exchange Act, of the Company’s Voting Equity representing
more than 50% of the voting power of the Company’s outstanding Voting Equity;

     (b) consummation of any share exchange, consolidation or merger of the Company pursuant
to which the Common Stock shall be converted into cash, securities or other property or any
conveyance, transfer, sale, lease or other disposition in one transaction or a series of
transactions of all or substantially all of the consolidated assets of the Company and its
Subsidiaries, taken as a whole, to any Person other than one of the Company’s Subsidiaries;
provided, however, that a transaction where the holders of more than 50% of
all classes of the Company’s Common Equity immediately prior to such transaction own,
directly or indirectly, more than 50% of all classes of Common Equity of the continuing or
surviving corporation or transferee immediately after such event shall not be a Fundamental
Change;

     (c) Continuing Directors cease to constitute at least a majority of the Board of Directors;

     (d) the shareholders of the Company approve any plan or proposal for the liquidation or
dissolution of the Company; or

     (e) the Common Stock (or other common stock into which the Notes are then convertible)
ceases to be quoted or listed on a national securities exchange;

provided, however, that a Fundamental Change as a result of clause (b) above shall
not be deemed to have occurred if at least 95% of the consideration, excluding cash payments for
fractional shares, in the transaction or transactions constituting the Fundamental Change consists
of shares of Publicly Traded Securities, and as a result of such transaction or transactions, the
Notes become convertible into such Publicly Traded Securities in accordance with Section 10.05,
subject to the provisions of Section 10.02.

     For purposes of this definition, whether a “person” is a “beneficial owner” shall be
determined in accordance with Rule 13d-3 under the Exchange Act and “person” includes any syndicate
or group that would be deemed to be a “person” under Section 13(d)(3) of the Exchange Act.

     “Fundamental Change Company Notice” has the meaning specified in Section 3.01(b).

     “Fundamental Change Repurchase Date” has the meaning specified in Section 3.01(a).

     “Fundamental Change Repurchase Expiration Time” has the meaning specified in Section
3.01(a)(1).

     “Fundamental Change Repurchase Notice” has the meaning specified in Section 3.01(a)(1).

     “Fundamental Change Repurchase Price” has the meaning specified in Section 3.01(a).

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

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

     “interest” means, when used with reference to the Notes, any interest payable under the terms
of the Notes, including Defaulted Interest, if any, Additional Interest, if any, and Reporting
Additional Interest, if any.

     “Initial Subsidiary Guarantors” means CCK Holdings, LLC, Corporate Magic, Inc., Country Music
Television International, Inc., Gaylord Creative Group, Inc., Gaylord Destin Resorts, LLC, Gaylord
Finance, Inc.,

4

 

Gaylord Hotels, Inc., Gaylord Investments, Inc., Gaylord National, LLC, Gaylord Program Services,
Inc., Grand Ole Opry, LLC, Grand Ole Opry Tours, Inc., OLH, G.P., OLH Holdings, LLC, Opryland
Attractions, LLC, Opryland Hospitality, LLC, Opryland Hotel-Florida Limited Partnership, Opryland
Hotel Nashville, LLC, Opryland Hotel-Texas, LLC, Opryland Hotel-Texas Limited Partnership, Opryland
Productions, Inc., Opryland Theatricals, Inc., and Wildhorse Saloon Entertainment Ventures, Inc.

     “Interest Payment Date” has the meaning specified in Section 2.03(c).

     “Last Reported Sale Price” of the Common Stock on any date means:

     (a) the closing sale price per share (or if no closing sale price is reported, the
average of the bid and ask prices or, if more than one in either case, the average of the
average bid and the average asked prices) on that date as reported by the principal U.S.
securities exchange on which the Common Stock is traded; or

     (b) if the Common Stock is not listed for trading on the New York Stock Exchange on
that date, the closing sale price per share on that date as reported in composite
transactions for the principal U.S. national or regional securities exchange on which the
Common Stock is traded; or

     (c) if the Common Stock is not listed for trading on a U.S. national or regional
securities exchange, the last quoted bid price for the Common Stock in the over-the-counter
market on that date as reported by Pink Sheets LLC or similar organization; or

     (d) if the Common Stock is not so quoted by Pink Sheets LLC or similar organization,
the average of the mid-point of the last bid and ask prices for the Common Stock on the
relevant date from a nationally recognized independent investment banking firm selected by
the Company for this purpose.

     The Last Reported Sale Price of the Common Stock shall be determined without reference to
extended or after hours trading. If during a period applicable for calculating the Last Reported
Sale Price of the Common Stock an event occurs that requires an adjustment to the Conversion Rate,
the Last Reported Sale Price shall be calculated for such period in a manner determined by the
Company to appropriately reflect the impact of such event on the price of the Common Stock during
such period.

     “Make-Whole Fundamental Change” means any transaction or event that constitutes a Fundamental
Change as described in clauses (a), (b) or (e) of the definition thereof, except that the entire
“provided however” proviso in clause (b) of the definition of Fundamental Change shall be
disregarded and shall not be given effect for purposes of determining whether a transaction or
event is a Make-Whole Fundamental Change.

     “Market Disruption Event” means, if the Common Stock is listed for trading on the New York
Stock Exchange or listed on another U.S. national or regional securities exchange, the occurrence
or existence during the one-half hour period ending on the scheduled close of trading on any
Trading Day of any material 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.

     “Maturity Date” means October 1, 2014.

     “Note Guarantee” means a guarantee of the obligations of the Company pursuant to this
Indenture and the Notes by any Subsidiary Guarantor.

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

     “Notes” means any Notes issued, authenticated and delivered under this Indenture, including
any Global Notes.

5

 

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

     “Officers’ Certificate” means a certificate signed by two Officers. One of the officers
executing an Officers’ Certificate in accordance with Section 4.05 shall be the chief executive
officer, chief financial officer or chief operating officer of the Company.

     “opening of business” means 9:00 a.m. (New York City time).

     “Opinion of Counsel” means a written opinion from legal counsel who is acceptable to the
Trustee. The counsel may be an employee of or counsel to the Company, any Subsidiary Guarantor or
the Trustee.

     “Paying Agent” has the meaning specified in Section 2.05.

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

     “Preferred Stock”, as applied to the Capital Stock of any Person, means Capital Stock of any
class or classes (however designated) that is preferred as to the payment of dividends, or as to
the distribution of assets upon any voluntary or involuntary liquidation or dissolution of such
Person, over shares of Capital Stock of any other class of such Person.

     “protected purchaser” has the meaning specified in Section 2.09.

     “Publicly Traded Securities” means shares of common stock listed on a national securities
exchange, including the New York Stock Exchange, the Nasdaq Global Select Market and the Nasdaq
Global Market, that shall be so listed when issued or exchanged in connection with a Fundamental
Change.

     “Record Date” means, in respect of a dividend or distribution to holders of Common Stock, the
date fixed for determination of holders of Common Stock entitled to receive such dividend or
distribution.

     “Reference Property” has the meaning specified in Section 10.05.

     “Register” has the meaning specified in Section 2.05.

     “Registrar” has the meaning specified in Section 2.05.

     “Regular Record Date” means, with respect to any Interest Payment Date of the Notes, the March
15 and September 15 preceding the applicable April 1 and October 1 Interest Payment Date,
respectively.

     “Reorganization Event” has the meaning specified in Section 10.05.

     “Reporting Additional Interest” has the meaning specified in Section 6.13.

     “Resale Restriction Termination Date” has the meaning specified in Section 2.08(d).

     “Responsible Officer” shall mean, when used with respect to the Trustee, any officer within
the corporate trust department of the Trustee with direct responsibility for the administration of
this Indenture and also means, with respect to a particular corporate trust matter, any other
officer to whom such matter is referred because of such person’s knowledge of or familiarity with
the particular subject.

     “Restricted Common Stock” has the meaning specified in Section 2.15.

6

 

     “Restricted Global Note” has the meaning specified in Section 2.15.

     “Restricted Securities” has the meaning specified in Section 2.08(c).

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

     “Schedule TO” means a Tender Offer Statement under Section 14(d)(1) or 13(e)(1) of the
Exchange Act.

     “Scheduled Trading Day” means any day on which the primary U.S. national securities exchange
or market on which the Common Stock is listed or admitted for trading is scheduled to be open for
trading.

     “SEC” means the Securities and Exchange Commission.

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

     “Settlement Period” means the forty-five (45) consecutive Settlement Period Trading Days:

     (a) with respect to Conversion Dates occurring during the period beginning fifty (50)
Scheduled Trading Days preceding the Maturity Date, beginning on and including the
forty-seventh (47th) Scheduled Trading Day immediately preceding the Maturity
Date; and

     (b) in all other cases, beginning on and including the third (3rd) Trading
Day following the Conversion Date.

     “Settlement Period Market Disruption Event” means:

     (a) a failure by the primary U.S. national securities exchange or market on which the
Common Stock is listed or admitted to trading to open for trading during its regular trading
session; or

     (b) the occurrence or existence prior to 1:00 p.m. on any Trading Day for the Common
Stock of an aggregate one half hour period, of any suspension or limitation imposed on
trading (by reason of movements in price exceeding limits permitted by the stock exchange or
otherwise) in the Common Stock or in any options, contracts or future contracts relating to
the Common Stock.

     “Settlement Period Trading Day” means a day during which:

     (a) trading in the Common Stock generally occurs on the primary U.S. national
securities exchange or market on which the Common Stock is listed or admitted for trading;
and

     (b) there is no Settlement Period Market Disruption Event;

provided, however, that if on any Trading Day the Common Stock is not listed or
quoted on any market, then that Trading Day shall nevertheless be a “Settlement Period Trading Day”
so long as the Company is able to obtain the market value per share of the Common Stock on that
Trading Day from a nationally recognized independent investment banking firm retained for these
purposes by the Company.

     “Significant Subsidiary” means any Subsidiary of the Company that would be a “Significant
Subsidiary” of the Company within the meaning of Rule 1-02(w) under Regulation S-X promulgated by
the SEC.

     “Special Interest Payment Date” has the meaning specified in Section 2.13(a).

     “Special Record Date” has the meaning specified in Section 2.13(a).

     “Specified Dollar Amount” has the meaning specified in Section 10.02(b).

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     “Spin-off” has the meaning specified in Section 10.04(c).

     “Stock Price” means:

     (a) in the case of a Make-Whole Fundamental Change in which holders of the Common Stock
receive only cash as consideration for their shares of Common Stock, the amount of cash paid
per share of the Common Stock in such Make-Whole Fundamental Change; or

     (b) in the case of all other Make-Whole Fundamental Changes, the average of the Last
Reported Sale Prices of Common Stock over the five (5) consecutive Trading-Day period ending
on the Trading Day immediately preceding the Effective Date of such Make-Whole Fundamental
Change.

     “Stock Price Measurement Period” has the meaning specified in Section 10.01(1).

     “Subsidiary” of any Person means any corporation, association, partnership or other business
entity of which more than 50% of the total voting power of shares of Capital Stock or other
interests (including partnership interests) entitled (without regard to the occurrence of any
contingency) to vote in the election of directors, managers or trustees thereof is at the time
owned or controlled, directly or indirectly, by (i) such Person, (ii) such Person and one or more
Subsidiaries of such Person or (iii) one or more Subsidiaries of such Person.

     “Subsidiary Guarantors” means the Initial Subsidiary Guarantors and any other Subsidiary of
the Company which provides a Note Guarantee of the Company’s obligations under the Indenture and
the Notes, until such Note Guarantee is release in accordance with the terms of this Indenture.

     “Successor Company” has the meaning specified in Section 5.01(a).

     “Trading Day” means a day during which:

     (a) the New York Stock Exchange is open for trading, or if the Common Stock is not
listed on the New York Stock Exchange, the principal U.S. national or regional securities
exchange on which the Common Stock is listed is open for trading, or if the Common Stock is
not so listed, any Business Day; and

     (b) there is no Market Disruption Event.

     “Trading Price” per $1,000 principal amount of Notes on any date of determination shall be
calculated based on the average of the secondary market bid quotations obtained by the Bid
Solicitation Agent for $5,000,000 aggregate principal amount of Notes at approximately 3:30 p.m.,
New York City time, on such determination date from three independent nationally recognized
securities dealers selected by the Company and identified in a notice from the Company to the
Trustee; provided that, if only two such bids can reasonably be obtained, then the average of the
two bids shall be used, and if only one such bid can reasonably be obtained, then that one bid
shall be used. If the Bid Solicitation Agent cannot reasonably obtain at least one bid for
$5,000,000 aggregate principal amount of Notes, then the Trading Price per $1,000 principal amount
of Notes shall be deemed to be less than 98% of the product of the Last Reported Sale Price of the
Common Stock and the applicable Conversion Rate.

     “Trading Price Measurement Period” has the meaning specified in Section 10.01(2).

     “Trust Indenture Act” means the Trust Indenture Act of 1939 (15 U.S.C. §§
77aaa-77bbbb), as amended, as in effect on the date of this Indenture.

     “Trust Officer” means any officer within the Corporate Trust Office of the Trustee with direct
responsibility for the administration of this Indenture.

     “Trustee” means the party named as such in this Indenture until a successor replaces it and,
thereafter, means the successor.

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     “Uniform Commercial Code” means the New York Uniform Commercial Code as in effect from time to
time.

     “Unrestricted Common Stock” has the meaning specified in Section 2.15.

     “Unrestricted Global Note” has the meaning specified in Section 2.15.

     “Valuation Period” has the meaning specified in Section 10.04(c).

     “Voting Equity” of any Person means Capital Stock of such Person that is generally entitled to
(i) vote in the election of directors of such Person or (ii) if such Person is not a corporation,
vote or otherwise participate in the selection of the governing body, partners, managers or others
that shall control the management or policies of such Person.

     “VWAP” for the Common Stock means, with respect to any Settlement Period Trading Day during
the Settlement Period, the per share volume-weighted average price of the Common Stock as displayed
under the heading “Bloomberg VWAP” on Bloomberg page GET.N <equity> AQR in respect of the
period from 9:30 a.m. to 4:00 p.m., New York City time, on such Settlement Period Trading Day; or
if such volume-weighted average price is unavailable, the market value per share of the Common
Stock on such Settlement Period Trading Day as determined by a nationally recognized independent
investment banking firm retained for this purpose by the Company.

     “Wholly Owned Subsidiary” means a Subsidiary of the Company, all the Capital Stock of which
(other than directors’ qualifying shares) is owned by the Company or another Wholly Owned
Subsidiary.

          SECTION 1.02. Incorporation by Reference of Trust Indenture Act. This Indenture is
subject to the mandatory provisions of the Trust Indenture Act, which are incorporated by reference
in and made a part of this Indenture. The following Trust Indenture Act terms have the following
meanings:

     “Commission” means the SEC.

     “indenture securities” means the Notes.

     “indenture security holder” means a Noteholder.

     “indenture to be qualified” means this Indenture.

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

     “obligor” on the indenture securities means the Company and each Subsidiary Guarantor and any
other obligor on the indenture securities.

     All other Trust Indenture Act terms used in this Indenture that are defined by the Trust
Indenture Act, defined by Trust Indenture Act reference to another statute or defined by SEC rule
have the meanings assigned to them by such definitions.

          SECTION 1.03. Rules of Construction. Unless the context otherwise requires:

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

     (2) “or” is not exclusive;

     (3) “including” means including without limitation; and

     (4) words in the singular include the plural and words in the plural include the
singular.

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ARTICLE 2

The Notes

          SECTION 2.01. Designation, Amount and Issuance of Notes. The Notes shall be designated
as “3.75% Convertible Senior Notes due 2014.” The Notes shall not exceed the aggregate principal
amount of $360,000,000 (except pursuant to Sections 2.04, 2.11 and 3.03 hereof). Upon the execution
of this Indenture, or from time to time thereafter, Notes may be executed by the Company and
delivered to the Trustee for authentication.

          SECTION 2.02. Form of the Notes. The Notes 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 Notes attached as Exhibit A hereto shall
constitute, and are hereby expressly made, a part of this Indenture and, to the extent applicable,
the Company 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 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 2.08(b), all of the Notes shall be
represented by one or more Notes in global form registered in the name of the Depositary or the
nominee of the Depositary (the “Global Notes”). The transfer and exchange of beneficial interests
in any such Global Notes shall be effected through the Depositary in accordance with this Indenture
and the applicable procedures of the Depositary. Except as provided in Section 2.08(b), beneficial
owners of a Global Note shall not be entitled to have certificates registered in their names, shall
not receive or be entitled to receive physical delivery of certificates in definitive form and
shall not be considered holders of such Global Note.

     Any Global Notes 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 repurchases, conversions, transfers or
exchanges 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 for the Global Note, 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 Notes shall be made to the Depositary
in immediately available funds.

          SECTION 2.03. Date and Denomination of Notes; Payment at Maturity; Payment of
Interest.

          (a) Date and Denomination. The Notes shall be issuable in registered form without
coupons in denominations of $1,000 principal amount and integral multiples thereof. Each Note shall
be dated the date of its authentication and shall bear interest from the date specified on the face
of the form of Notes attached as Exhibit A hereto.

          (b) Payment at Maturity. The Notes shall mature on October 1, 2014, unless earlier
converted or repurchased in accordance with the provisions hereof. On the Maturity Date, each
Holder shall be entitled to receive on such date $1,000 in cash for each $1,000 principal amount of
Notes, together with accrued and unpaid interest to, but not including, the Maturity Date. With
respect to Global Notes, principal and interest shall be paid to the Depositary in immediately
available funds. With respect to any certificated Notes, principal and interest shall be payable
at the Company’s office or agency in New York City, which initially shall be the office or agency
of the Trustee located at 100 Wall Street, Suite 1600, New York, New York 10005, Attention:
Corporate Trust Administration. If the Maturity Date is not a Business Day, payment shall be made
on the next succeeding Business Day, and no additional interest shall be accrue thereon.

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          (c) Payment of Interest. Interest on the Notes shall accrue at the rate of 3.75% per
annum, from September 29, 2009 until the principal thereof is paid or made available for payment.
Interest shall be payable on April 1 and October 1 of each year (each, an “Interest Payment Date”),
commencing April 1, 2010, to the Person in whose name any Note is registered on the Register at the
close of business on any Regular Record Date with respect to the applicable Interest Payment Date.
Notwithstanding the foregoing, any Notes or portion thereof surrendered for conversion after the
close of business on the Regular Record Date for an Interest Payment Date but prior to the
applicable Interest Payment Date shall be accompanied by payment from the Holder, whether or not
such Holder was the Holder of record on the relevant date, in immediately available funds or other
funds acceptable to the Company, of an amount equal to the interest otherwise payable on such
Interest Payment Date on the principal amount being converted; provided that no such
payment need be made:

     (1) with respect to conversions after the close of business on September 15, 2014;

     (2) with respect to conversions during such period commencing on the date the Company
has given notice of a Fundamental Change pursuant to Section 10.01(4) to, and including, the
second Scheduled Trading Day immediately preceding the corresponding Fundamental Change
Repurchase Date; or

     (3) with respect to any overdue interest, if overdue interest exists at the time of
conversion with respect to such Notes.

     Interest on the Notes shall be computed on the basis of a three-hundred sixty (360)-day year
comprised of twelve (12) thirty (30)-day months. The Company shall pay interest on:

     (i) any Global Notes by wire transfer of immediately available funds to the account of
the Depositary or its nominee;

     (ii) any Notes in certificated form having a principal amount of less than $5,000,000,
by check mailed to the address of the Person entitled thereto as it appears in the Register,
provided, however, that, at maturity, interest will be payable as described in
Section 2.03(b); and

     (iii) any Notes in certificated form having a principal amount of $5,000,000 or more,
by wire transfer in immediately available funds at the election of the holder of such Notes
duly delivered to the trustee at least five (5) Business Days prior to the relevant Interest
Payment Date, provided, however, that, at maturity, interest will be payable as described in
Section 2.03(b).

     If an Interest Payment Date is not a Business Day, payment shall instead be made on the next
succeeding Business Day, and no additional interest shall accrue thereon.

          SECTION 2.04. Execution and Authentication. One Officer shall sign the Notes for the
Company by manual or facsimile signature. If an Officer whose signature is on a Note no longer
holds that office at the time the Trustee authenticates the Note, the Note shall be valid
nevertheless.

     A Note shall not be valid until an authorized signatory of the Trustee manually authenticates
the Note. Upon the written order of the Company signed by an Officer, the Trustee shall
authenticate a Note executed by the Company. The signature of the Trustee on the Note shall be
conclusive evidence that the Note has been duly and validly authenticated under this Indenture. A
Note shall be dated the date of its authentication.

     The Trustee may appoint an authenticating agent reasonably acceptable to the Company to
authenticate the Notes. Any such appointment shall be evidenced by an instrument signed by a Trust
Officer, a copy of which shall be furnished to the Company. Unless limited by the terms of such
appointment, an authenticating agent may authenticate Notes 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 any Registrar, Paying Agent or agent for service of
notices and demands.

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          SECTION 2.05. Registrar and Paying Agent. The Company shall maintain an office or
agency where Notes may be presented for registration of transfer or for exchange (the “Registrar”)
and an office or agency where Notes may be presented for payment (the “Paying Agent”). The
Corporate Trust Office shall be considered as one such office or agency of the Company for each of
the aforesaid purposes. The Registrar shall keep a register of the Notes (the “Register”) and of
their transfer and exchange. The Company may have one or more co-registrars and one or more
additional paying agents. The term “Paying Agent” includes any additional paying agent, and the
term “Registrar” includes any co-registrars. The Company initially appoints the Trustee as (i)
Registrar and Paying Agent in connection with the Notes, (ii) the custodian with respect to the
Global Notes, (iii) Conversion Agent and (iv) Bid Solicitation Agent.

     The Company shall enter into an appropriate agency agreement with any Registrar or Paying
Agent not a party to this Indenture, which shall incorporate the terms of the Trust Indenture Act.
The agreement shall implement the provisions of this Indenture that relate to such agent. The
Company shall notify the Trustee of the name and address of any such agent. If the Company fails to
maintain a Registrar or Paying Agent, the Trustee shall act as such and shall be entitled to
appropriate compensation therefor pursuant to Section 7.07. The Company or any of its domestically
organized Wholly Owned Subsidiaries may act as Paying Agent or Registrar.

     The Company may remove any Registrar or Paying Agent upon written notice to such Registrar or
Paying Agent and to the Trustee; provided, however, that no such removal shall
become effective until (1) acceptance of an appointment by a successor as evidenced by an
appropriate agreement entered into by the Company and such successor Registrar or Paying Agent, as
the case may be, and delivered to the Trustee or (2) notification to the Trustee that the Trustee
shall serve as Registrar or Paying Agent until the appointment of a successor in accordance with
clause (1) above. The Registrar or Paying Agent may resign at any time upon written notice;
provided, however, that the Trustee may resign as Paying Agent or Registrar only if
the Trustee also resigns as Trustee in accordance with Section 7.08.

          SECTION 2.06. Paying Agent to Hold Money in Trust. Prior to each due date of the
principal and interest on any Note, the Company shall deposit with the Paying Agent (or if the
Company or a Subsidiary of the Company is acting as Paying Agent, segregate and hold in trust for
the benefit of the Persons entitled thereto) a sum sufficient to pay such principal and interest
when so becoming due. The Company shall require each Paying Agent (other than the Trustee) to agree
in writing that the Paying Agent shall hold in trust for the benefit of Noteholders or the Trustee
all money held by the Paying Agent for the payment of principal of or interest on the Notes and
shall notify the Trustee of any default by the Company in making any such payment. If the Company
or a Subsidiary of the Company acts as Paying Agent, it shall segregate the money held by it as
Paying Agent and hold it as a separate trust fund. The Company at any time may require a Paying
Agent to pay all money held by it to the Trustee and to account for any funds disbursed by the
Paying Agent. Upon complying with this Section, the Paying Agent shall have no further liability
for the money delivered to the Trustee.

          SECTION 2.07. Noteholder 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
Noteholders and shall otherwise comply with Section 312(a) of the Trust Indenture Act. If the
Trustee is not the Registrar, or to the extent otherwise required under the Trust Indenture Act,
the Company shall furnish, or cause the Registrar to furnish, to the Trustee, in writing at least
five (5) Business 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 Noteholders and the Company shall otherwise comply with Section
312(a) of the Trust Indenture Act.

          SECTION 2.08. Exchange and Registration of Transfer of Notes; Restrictions on
Transfer.

          (a) The Company shall cause to be kept at the Corporate Trust Office the Register in which,
subject to such reasonable regulations as it may prescribe, the Company shall provide for the
registration of Notes and of transfers of Notes. The Register shall be in written form or in any
form capable of being converted into written form within a reasonably prompt period of time.

     Upon surrender for registration of transfer of any Notes to the Registrar or any co-registrar,
and satisfaction of the requirements for such transfer set forth in this Section 2.08, the Company
shall execute, and the Trustee shall

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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 any such office or agency
maintained by the Company pursuant to Section 4.02. Whenever any Notes are so surrendered for
exchange, the Company shall execute, and the Trustee shall authenticate and deliver, the Notes that
the holder 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 Company and each Subsidiary Guarantor, 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, repurchase or
conversion shall (if so required by the Company or the Registrar) be duly endorsed, or be
accompanied by a written instrument or instruments of transfer in form satisfactory to the Company,
and the Notes shall be duly executed by the holder thereof or his 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 Company or the Trustee may require payment by the holder of a sum sufficient to
cover any tax, assessment or other governmental charge that may be imposed in connection with any
registration of transfer or exchange of Notes.

     Neither the Company nor the Trustee nor any Registrar shall be required to exchange, issue or
register a transfer of (a) any Note or portions thereof surrendered for conversion pursuant to
Article 10 or (b) any Note or portions thereof tendered for repurchase (and not withdrawn) pursuant
to Article 3.

     (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 for the Global Notes 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 (A) the Depositary (x) has notified the
Company 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 the Exchange Act,
and, in each case, a successor Depositary has not been appointed by the Company
within ninety (90) calendar days, or (B) the Company, at its option, notifies the
Trustee in writing that it no longer wishes to have all the Notes represented by
Global Notes, subject to the procedures of the Depositary. Any Global Note
exchanged pursuant to this Section 2.08(b)(ii) shall be so exchanged in whole and
not in part.

     (iii) In addition, certificated Notes shall be issued in exchange for
beneficial interests in a Global Note upon request by or on behalf of the Depositary
in accordance with customary procedures following the request of a beneficial owner
seeking to enforce its rights under the Notes or this Indenture, including its
rights following the occurrence of an Event of Default.

     (iv) Notes issued in exchange for a Global Note or any portion thereof pursuant
to clause (ii) or (iii) above shall be issued in definitive, fully registered form,
without interest coupons, shall have an aggregate principal amount equal to that of
such Global Notes 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.

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Any Global Notes to be exchanged shall be surrendered by the Depositary to the
Trustee, as Registrar, provided that pending completion of the exchange of a
Global Note, the Trustee acting as custodian for the Global Notes for the Depositary
or its nominee with respect to such Global Notes, shall reduce the principal amount
thereof, 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 Notes issuable on such exchange to or upon the written order of the
Depositary or an authorized representative thereof.

     (v) In the event of the occurrence of any of the events specified in clause
(ii) above or upon any request described in clause (iii) above, the Company shall
promptly make available to the Trustee a sufficient supply of certificated Notes in
definitive, fully registered form, without interest coupons.

     (vi) Neither any members of, or participants in, the Depositary (the “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 Notes 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 Company, the Trustee and any agent of the Company
or the Trustee as the absolute owner and holder of such Global Notes for all
purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the
Company, the Trustee or any agent of the Company 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 Notes.

     (vii) At such time as all interests in a Global Note have been repurchased,
converted, cancelled or exchanged for Notes in certificated form, such Global Note
shall, upon receipt thereof, be canceled by the Trustee in accordance with standing
procedures and instructions existing between the Depositary and the custodian for
the Global Note. At any time prior to such cancellation, if any interest in a Global
Note is repurchased, converted, cancelled or exchanged 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 for the Global Note, be appropriately reduced, and an endorsement shall be
made on such Global Note, by the Trustee or the custodian for the Global Note, 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 2.08(c) to bear the Restricted Note Legend set forth
in Exhibit A (together with any Common Stock issued upon conversion of the Notes and required to
bear the legend set forth in Exhibit B, collectively, the “Restricted Securities”) shall be subject
to the restrictions on transfer set forth in this Section 2.08(c) (including those set forth in the
Restricted Note Legend in Exhibit A and the legend set forth in Exhibit B) unless such restrictions
on transfer shall be waived by written consent of the Company following receipt of legal advice
supporting the permissibility of the waiver of such transfer restrictions, 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 2.08(c), the term “transfer” means any sale,
pledge, loan, transfer or other disposition whatsoever of any Restricted Security or any interest
therein.

          (d) Until the date (the “Resale Restriction Termination Date”) that is (1) one year after the
last date of the original issuance of the Notes and (2) such later date, if any, as may be required
by applicable laws, any certificate evidencing a Restricted Security shall bear a legend in
substantially the form set forth in Exhibit A, as the Restricted Note Legend (or as set forth in
Exhibit B, in the case of Common Stock issued upon conversion of the Notes), unless such Restricted
Security has been sold pursuant to a registration statement that has been declared effective under
the Securities Act (and which continues to be effective at the time of such transfer) or sold
pursuant to Rule 144 under the Securities Act or any similar provision then in force, or unless
otherwise agreed by the Company in writing as set forth above, with written notice thereof to the
Trustee.

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          (e) In connection with any transfer of the Notes prior to the Resale Restriction Termination
Date, the holder must complete and deliver the form of assignment set forth on the certificate
representing the Note, with the appropriate box checked, to the Trustee (or any successor Trustee,
as applicable).

     Any Notes that are Restricted Securities and as to which such restrictions on transfer shall
have expired in accordance with their terms or as to conditions for removal of the Restricted Note
Legend set forth therein have been satisfied may, upon surrender of such Notes for exchange to the
Registrar in accordance with the provisions of this Section 2.08, be exchanged for a new Note or
Notes, of like tenor and aggregate principal amount, which shall not bear the restrictive legend
required by Section 2.08(c). If such Restricted Security surrendered for exchange is represented by
a Global Note bearing the Restricted Note Legend, the principal amount of the legended Global Notes
shall be reduced by the appropriate principal amount and the principal amount of a Global Note
without a Restricted Note Legend shall be increased by an equal principal amount. If a Global Note
without the Restricted Note Legend is not then outstanding, the Company shall execute and the
Trustee shall authenticate and deliver an unlegended Global Note to the Depositary. The Company
shall notify the Trustee in writing upon the occurrence of the Resale Restriction Termination Date
and, if applicable, promptly after a registration statement with respect to the Notes or any Common
Stock issued upon conversion of the Notes has been declared effective under the Securities Act.

     Any Common Stock issued upon conversion of the Notes as to which such restrictions on transfer
shall have expired in accordance with their terms 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
aggregate number of shares of Common Stock, which shall not bear the restrictive legend required by
Exhibit B.

          (f) Prior to the Resale Restriction Termination Date, any Restricted Securities purchased or
owned by the Company or any Affiliate thereof may not be resold by the Company 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).

     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 or the payment of any amount, under or with respect to such
Notes. All notices and communications to be given to the holders of Notes and all payments to be
made to holders of Notes under the Notes shall be given or made only to or upon the order of the
registered holders of Notes (which shall be the Depositary or its nominee in the case of a Global
Note). The rights of beneficial owners in any Global Notes 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.

          (g) 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 Notes (including any transfers between or among
Agent Members) 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 2.09. Replacement Notes. If a mutilated Note is surrendered to the Registrar
or if the Noteholder of a Note claims that the Note has been lost, destroyed or wrongfully taken,
the Company shall issue and the Trustee shall authenticate a replacement Note if the requirements
of Section 8-405 of the Uniform Commercial Code are met, such that the Noteholder (i) satisfies the
Company or the Trustee within a reasonable time after he has notice of such loss, destruction or
wrongful taking and the Registrar does not register a transfer prior to receiving such
notification, (ii) makes such request to the Company or the Trustee prior to the Note being
acquired by a protected purchaser as defined in Section 8-303 of the Uniform Commercial Code (a
“protected purchaser”) and (iii) satisfies any other reasonable requirements of the Trustee. If
required by the Trustee or the Company, such

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Noteholder shall furnish an indemnity bond sufficient in the judgment of the Trustee to
protect the Company, the Trustee, the Paying Agent and the Registrar from any loss, expense, claim
or liability that any of them may suffer if a Note is replaced and subsequently presented or
claimed for payment. The Company and the Trustee may charge the Noteholder for their expenses in
replacing a Note. In case any Notes which have matured or are about to mature or have been properly
tendered for repurchase on a Fundamental Change Repurchase Date (and not withdrawn), or are to be
converted into Common Stock, shall become mutilated or be destroyed, lost or stolen, the Company
may, instead of issuing substitute Notes, pay or authorize the payment of or convert or authorize
the conversion of the same (without surrender thereof except in the case of a mutilated Notes), as
the case may be, if the applicant for such payment or conversion shall furnish to the Company, 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 Company, the Trustee and, if applicable, any Paying Agent or
Conversion Agent evidence to their satisfaction of the destruction, loss or theft of such Notes and
of the ownership thereof.

     Every replacement Note is an additional obligation of the Company and the Subsidiary
Guarantors.

     The provisions of this Section 2.09 are exclusive and shall preclude (to the extent lawful)
all other rights and remedies with respect to the replacement or payment of mutilated, lost,
destroyed or wrongfully taken Notes.

          SECTION 2.10. Outstanding Notes. Notes outstanding at any time are all Notes
authenticated by the Trustee except for those canceled by it, those delivered to it for
cancellation and those described in this Section as not outstanding. A Note does not cease to be
outstanding because the Company or an Affiliate of the Company holds the Note.

     If a Note is replaced pursuant to Section 2.09, it ceases to be outstanding unless the Trustee
and the Company receive proof satisfactory to them that the replaced Note is held by a protected
purchaser.

     If the Paying Agent segregates and holds in trust, in accordance with this Indenture, on a
Fundamental Change Repurchase Date or Maturity Date money sufficient to pay all principal and
interest payable on that date with respect to the Notes (or portions thereof) to be repurchased or
maturing, as the case may be, and the Paying Agent is not prohibited from paying such money to the
Noteholders on that date pursuant to the terms of this Indenture, then on and after that date such
Notes (or portions thereof) cease to be outstanding and interest on them ceases to accrue.

          SECTION 2.11. Temporary Notes. Pending the preparation of Notes in certificated form,
the Company may execute and the Trustee or an authenticating agent appointed by the Trustee shall,
upon the written request of the Company, 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 Company. Every such
temporary Notes shall be executed by the Company and 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 Company shall 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 Company pursuant to
Section 4.02 and 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 Company 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 2.12. Cancellation. The Company and any Subsidiary Guarantor at any time may
deliver Notes to the Trustee for cancellation. The Registrar and the Paying Agent shall forward to
the Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The
Trustee and no one else shall cancel all Notes surrendered for registration of transfer, exchange,
payment or cancellation and dispose of such

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canceled Notes in accordance with its customary procedures or deliver canceled Notes to the
Company. The Company may not issue new Notes to replace Notes it has paid or delivered to the
Trustee for cancellation. The Trustee shall not authenticate Notes in place of canceled Notes other
than pursuant to the terms of this Indenture.

          SECTION 2.13. Defaulted Interest. Any interest on any Note which is payable, but is
not paid when the same becomes due and payable and such nonpayment continues for a period of thirty
(30) calendar days, shall forthwith cease to be payable to the Holder on the Regular Record Date,
and such defaulted interest and interest (to the extent lawful) on such defaulted interest at the
annual rate borne by the Notes (such defaulted interest and interest thereon herein collectively
called “Defaulted Interest”) shall be paid by the Company at its election, in each case, as
provided in clause (a) or (b) below:

          (a) The Company may elect to make payment of any Defaulted Interest to the Persons in whose
names the Notes (or their respective predecessor Notes) are registered at the close of business on
a Special Record Date (as defined below) for the payment of such Defaulted Interest, which shall be
fixed in the following manner. The Company shall notify the Trustee in writing of the amount of
Defaulted Interest proposed to be paid on each Note and the date (not less than thirty (30)
calendar days after such notice) of the proposed payment (the “Special Interest Payment Date”), and
at the same time the Company shall deposit with the Trustee an amount of money equal to the
aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make
arrangements satisfactory to the Trustee for such deposit 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 record date
(the “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 Special Interest
Payment Date and not less than ten (10) calendar days after the receipt by the Trustee of the
notice of the proposed payment. The Trustee shall promptly notify the Company of such Special
Record Date, and in the name and at the expense of the Company, shall promptly cause notice of the
proposed payment of such Defaulted Interest and the Special Record Date and Special Interest
Payment Date therefor to be given to each Noteholder, not less than ten (10) calendar days prior to
such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special
Record Date and Special Interest Payment Date therefor having been so given, such Defaulted
Interest shall be paid on the Special Interest Payment Date to the Persons in whose names the Notes
(or their respective predecessor 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).

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

          (c) Subject to the foregoing provisions of this Section 2.13, each Note delivered under this
Indenture upon registration of, transfer of or in exchange for or in lieu of any other Note shall
carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other
Note.

          SECTION 2.14. CUSIP and ISIN Numbers. The Company in issuing the Notes may use “CUSIP”
and “ISIN” numbers (if then generally in use) and, if so, the Trustee shall use “CUSIP” and “ISIN”
numbers in notices of repurchase as a convenience to Noteholders; provided,
however, 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
repurchase and that reliance may be placed only on the other identification numbers printed on the
Notes, and any such repurchase shall not be affected by any defect in or omission of such numbers.
The Company shall promptly notify the Trustee in writing of any changes to the CUSIP and ISIN
numbers.

          SECTION 2.15. Automatic Exchange from Restricted Global Note to Unrestricted Global
Note. Beneficial interests in a Global Note or Common Stock issued upon conversion of Notes
that is subject to restrictions set out in Section 2.08(c), as applicable (including the legend set
forth in Exhibit A or Exhibit B, as applicable) (the “Restricted Global Note” or “Restricted Common
Stock”, as applicable), shall be automatically exchanged into beneficial interests in an
unrestricted Global Note or stock certificate representing unrestricted Common Stock, as
applicable, that is no longer subject to the restrictions set out in Section 2.08(c) (including
removal of the legend set forth in Exhibit A or Exhibit B, as applicable) (the “Unrestricted Global
Note” or

17

 

“Unrestricted Common Stock”, as applicable), without any action required by or on behalf of
the Holder (the “Automatic Exchange”). In order to effect such exchange, the Company shall at least
15 days but not more than 30 days prior to the Resale Restriction Termination Date, deliver a
notice of Automatic Exchange (an “Automatic Exchange Notice”) to each Holder at such Holder’s
address appearing in the Note Register or register maintained at the registrar for Common Stock, as
applicable, with a copy to the Trustee or transfer agent for Common Stock, as applicable. The
Automatic Exchange Notice shall identify the Notes or Common Stock, as applicable, subject to the
Automatic Exchange and shall state: (1) the date of the Automatic Exchange; (2) the section of this
Indenture pursuant to which the Automatic Exchange shall occur; (3) the “CUSIP” number of the
Restricted Global Note or Restricted Common Stock, as applicable, from which such Holders’
beneficial interests shall be transferred and (4) the “CUSIP” number of the Unrestricted Global
Note or Unrestricted Common Stock, as applicable, into which such Holders’ beneficial interests
shall be transferred.

     At the Company’s request on no less than 5 days’ prior notice, the Trustee shall deliver, or,
with respect to Common Stock, the Company shall cause the transfer agent to deliver, in the
Company’s name and at its expense, the Automatic Exchange Notice to each Holder at such Holder’s
address appearing in the Note Register or register maintained at the registrar for Common Stock, as
applicable; provided, however, that the Company shall have delivered to the Trustee or transfer
agent, as applicable, a written order of the Company and an Officers’ Certificate requesting that
the Trustee or transfer agent, as applicable, give the Automatic Exchange Notice (in the name and
at the expense of the Company) and setting forth the information to be stated in the Automatic
Exchange Notice as provided in the preceding sentence. As a condition to any such exchange pursuant
to this Section 2.15, the Trustee or transfer agent, as applicable, shall be entitled to receive
from the Company, and rely conclusively without any liability, upon an Officers’ Certificate and an
Opinion of Counsel to the Company, in form and in substance reasonably satisfactory to the Trustee
or transfer agent, as applicable, to the effect that such transfer of beneficial interests to the
Unrestricted Global Note or Unrestricted Common Stock, as applicable, shall be effected in
compliance with the Securities Act. Upon such exchange of beneficial interests pursuant to this
Section 2.15, (i) with respect to the Notes, the Registrar shall reflect on its books and records
the date of such transfer and a decrease and increase, respectively, in the principal amount of the
applicable Restricted Global Note(s) and the Unrestricted Global Note, respectively, equal to the
principal amount of beneficial interests transferred or (ii) with respect to Common Stock, the
registrar for Common Stock shall reflect on its books and records the date of such transfer and a
decrease and increase, respectively, in the number of shares of the applicable Restricted Common
Stock and the Unrestricted Common Stock, respectively, equal to the beneficial interests
transferred. If an Unrestricted Global Note is not then outstanding at the time of the Automatic
Exchange, the Company shall execute and the Trustee shall authenticate and deliver an Unrestricted
Global Note to the Depositary. Following any such transfer pursuant to this Section 2.15, the
relevant Restricted Global Note or Restricted Common Stock, as applicable, shall be cancelled.

ARTICLE 3

Repurchase of Notes

          SECTION 3.01. Repurchase at Option of Holders Upon a Fundamental Change. (a) If there
shall occur a Fundamental Change at any time prior to the Maturity Date, then each Noteholder shall
have the right, at such Holder’s option, to require the Company to repurchase all of such Holder’s
Notes for cash, or any portion of the principal amount thereof that is equal to $1,000 or an
integral multiple thereof, on the date (the “Fundamental Change Repurchase Date”) specified by the
Company that is not less than twenty (20) Business Days and not more than thirty-five (35) Business
Days after the date of the Fundamental Change Company Notice at a repurchase price equal to 100% of
the principal amount thereof, together with accrued and unpaid interest thereon to, but excluding,
the Fundamental Change Repurchase Date (the “Fundamental Change Repurchase Price”). If such
Fundamental Change Repurchase Date falls after a Regular Record Date and on or prior to the
corresponding Interest Payment Date, the Company shall instead pay the principal amount to the
holders of the Notes surrendering the Notes for repurchase pursuant to this Section 3.01, and pay
the full amount of accrued and unpaid interest payable on such Interest Payment Date to the holder
of record on the close of business on the corresponding Regular Record Date. Repurchases of Notes
under this Section 3.01 shall be made, at the option of the holder thereof, upon:

     (1) delivery to the Paying Agent by a Holder of a duly completed notice (the
“Fundamental Change Repurchase Notice”) in the form set forth on the reverse of the Note
prior to the close of business

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on the Business Day immediately preceding the Fundamental Change Repurchase Date (the
“Fundamental Change Repurchase Expiration Time”); and

     (2) delivery or book-entry transfer of the Notes to the Paying Agent at any time after
delivery of the Fundamental Change Repurchase Notice (together with all necessary
endorsements) at the Corporate Trust Office of the Paying Agent in New York City, such
delivery being a condition to receipt by the Holder of the Fundamental Change Repurchase
Price therefor; provided that such Fundamental Change Repurchase Price shall be so
paid pursuant to this Section 3.01 only if the Note so delivered to the Paying Agent shall
conform in all respects to the description thereof in the related Fundamental Change
Repurchase Notice.

     The Fundamental Change Repurchase Notice shall state:

     (1) the certificate numbers, if any, of Notes to be tendered for repurchase, or the
appropriate Depositary information if the Notes in respect of which such Fundamental Change
Repurchase Notice is being submitted is represented by a Global Note;

     (2) the portion of the principal amount of Note to be repurchased, which must be $1,000
or an integral multiple thereof; and

     (3) that the Note is to be repurchased by the Company pursuant to the applicable
provisions of the Notes and this Indenture.

     Any purchase by the Company contemplated pursuant to the provisions of this Section 3.01 shall
be consummated by the delivery of the consideration to be received by the Holder promptly following
the later of the Fundamental Change Repurchase Date and the time of the book-entry transfer or
delivery of the Note.

     All questions as to the validity, eligibility (including time of receipt) and acceptance of
any Notes for repurchase shall be determined by the Company, whose determination shall be final and
binding absent manifest error.

     Notwithstanding anything herein to the contrary, any Noteholder delivering to the Paying Agent
the Fundamental Change Repurchase Notice contemplated by this Section 3.01 shall have the right to
withdraw, in whole or in part, such Fundamental Change Repurchase Notice at any time prior to the
close of business on the Business Day immediately preceding the Fundamental Change Repurchase Date
by delivery of a written notice of withdrawal to the Paying Agent in accordance with Section 3.02
below.

     The Paying Agent shall promptly notify the Company of the receipt by it of any Fundamental
Change Repurchase Notice or written notice of withdrawal thereof.

          (b) On or before the fifteenth (15th) calendar day after the occurrence of a
Fundamental Change, the Company shall mail or cause to be mailed to all Holders of the Notes, and
to beneficial owners as required by applicable law, a notice (the “Fundamental Change Company
Notice”) of the occurrence of the Fundamental Change and of the repurchase right at the option of
the Holders arising as a result thereof. Such mailing shall be by first class mail. The Company
shall also deliver a copy of the Fundamental Change Company Notice to the Trustee, the Paying Agent
and the Conversion Agent. The Company shall also publish a notice containing the information set
forth in the Fundamental Change Company Notice in a newspaper of general circulation in New York
City or publish such information on the Company’s website or through such other public medium as
the Company may use at that time.

     Each Fundamental Change Company Notice shall specify:

     (1) the events causing the Fundamental Change;

     (2) the date of the Fundamental Change;

19

 

     (3) the last date on which a Holder may exercise the repurchase right;

     (4) the Fundamental Change Repurchase Price;

     (5) the Fundamental Change Repurchase Date;

     (6) the name and address of the Paying Agent and the Conversion Agent, if applicable;

     (7) that the Notes are eligible to be converted, the applicable Conversion Rate and any
adjustments to the applicable Conversion Rate resulting from such Fundamental Change
transaction and expected changes in the cash, shares or other property deliverable upon
conversion of the Notes as a result of the occurrence of the Fundamental Change, and the
method the Company has chosen to satisfy its Conversion Obligation, if any;

     (8) that the Notes with respect to which a Fundamental Change Repurchase Notice has
been delivered by a Holder may be converted only if the Holder withdraws the Fundamental
Change Repurchase Notice in accordance with the terms of this Indenture;

     (9) that the Holder must exercise the repurchase right by the Fundamental Change
Repurchase Expiration Time;

     (10) that the Holder shall have the right to withdraw any Notes tendered prior to the
Fundamental Change Repurchase Expiration Time;

     (11) the CUSIP number of the Notes; and

     (12) the procedures that Holders must follow to require the Company to repurchase their
Notes.

No failure of the Company to give the foregoing notices and no defect therein shall limit the
repurchase rights of Noteholders or affect the validity of the proceedings for the repurchase of
the Notes pursuant to this Section 3.01.

          (c) Notwithstanding the foregoing, no Notes may be repurchased by the Company at the option of
the Holders upon a Fundamental Change if there has occurred and is continuing an Event of Default
other than an Event of Default that is cured by the payment of the Fundamental Change Repurchase
Price of the Notes.

          SECTION 3.02. Withdrawal of Fundamental Change Repurchase Notice. A Fundamental Change
Repurchase Notice may be withdrawn by means of a written notice of withdrawal delivered to the
Corporate Trust Office of the Paying Agent in accordance with the Fundamental Change Repurchase
Notice at any time prior to the Fundamental Change Repurchase Expiration Time, specifying:

     (1) the certificate number, if any, of the Note in respect of which such notice of
withdrawal is being submitted, or the appropriate Depositary information if the Note in
respect of which such notice of withdrawal is being submitted is represented by a Global
Note;

     (2) the principal amount of the Note with respect to which such notice of withdrawal is
being submitted; and

     (3) the principal amount, if any, of such Note that remains subject to the original
Fundamental Change Repurchase Notice, which portion must be in principal amounts of $1,000
or multiples of $1,000.

          SECTION 3.03. Deposit of Fundamental Change Repurchase Price. Prior to 10:00 a.m., New
York City time, on the Fundamental Change Repurchase Date, the Company shall deposit with the
Paying Agent or, if the Company or a Subsidiary of the Company is acting as the Paying Agent, shall
segregate and hold in trust as

20

 

provided in Section 2.06, an amount of cash (in immediately available funds if deposited on
the Fundamental Change Repurchase Date), sufficient to pay the aggregate Fundamental Change
Repurchase Price of all the Notes or portions thereof that are to be repurchased as of the
Fundamental Change Repurchase Date.

     If on the Fundamental Change Repurchase Date the Paying Agent holds cash sufficient to pay the
Fundamental Change Repurchase Price of the Notes that Holders have elected to require the Company
to repurchase in accordance with Section 3.01, then, on the Fundamental Change Repurchase Date,
such Notes shall cease to be outstanding, interest shall cease to accrue and all other rights of
the Holders of such Notes shall terminate, other than the right to receive the Fundamental Change
Repurchase Price upon delivery or book-entry transfer of the Notes. This shall be the case whether
or not book-entry transfer of the Notes has been made or the Notes have been delivered to the
Paying Agent.

          SECTION 3.04. Notes Repurchased in Part. Upon presentation of any Notes repurchased
only in part, the Company shall execute and the Trustee shall authenticate and make available for
delivery to the Holder thereof, at the expense of the Company, a new Note or Notes, of any
authorized denomination, in aggregate principal amount equal to the unrepurchased portion of the
Notes presented.

          SECTION 3.05. Covenant to Comply with Securities Laws Upon Repurchase of Notes. The
Company shall, to the extent applicable, comply with the provisions of Rule 13e-4 and any other
tender offer rules under the Exchange Act that may be applicable at the time of the offer to
repurchase the Notes, file the related Schedule TO or any other schedule required in connection
with any offer by the Company to repurchase the Notes and comply with all other federal and state
securities laws in connection with any offer by the Company to repurchase the Notes.

ARTICLE 4

Covenants

          SECTION 4.01. Payment of Notes. The Company shall promptly pay the principal of and
interest on the Notes on the dates and in the manner provided in the Notes and in this Indenture.
Principal and interest shall be considered paid on the date due if on such date the Trustee or the
Paying Agent holds in accordance with this Indenture money sufficient to pay all principal and
interest then due and the Trustee or the Paying Agent, as the case may be, is not prohibited from
paying such money to the Noteholders on that date pursuant to the terms of this Indenture.

     The Company shall pay interest on overdue principal at the rate specified therefor in the
Notes, and it shall pay interest on overdue installments of interest at the same rate to the extent
lawful.

          SECTION 4.02. Maintenance of Office or Agency. The Company shall maintain an office or
agency in the Borough of Manhattan, The City of New York, where the Notes may be surrendered for
registration of transfer or exchange or for presentation for payment or for conversion or
repurchase and where notices and demands to or upon the Company in respect of the Notes and this
Indenture may be served. As of the date of this Indenture, such New York City office is located at
the office of the Trustee located at 100 Wall Street, Suite 1600, New York, New York 10005,
Attention: Corporate Trust Administration and, at any other time, at such other address as the
Trustee may designate from time to time by notice to the Company. The Company shall give prompt
written notice to the Trustee of the location, and any change in the location, of such office or
agency not designated or appointed by the Trustee. If at any time the Company 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 Company 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 Company shall 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.

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     So long as the Trustee is the Registrar, the Trustee agrees to mail, or cause to be mailed,
the notices set forth in Section 7.08. If co-registrars have been appointed in accordance with this
Section, the Trustee shall mail such notices only to the Company and the Noteholders it can
identify from its records.

          SECTION 4.03. Reports; 144A Information.

          (a) The Company shall deliver to the Trustee, within fifteen (15) calendar days after it would
have been required to file them with the SEC, copies of the Company’s annual reports on Form 10-K
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. In the event the Company is at
any time no longer subject to the reporting requirements of Section 13 or 15(d) of the Exchange
Act, the Company shall continue to provide the Trustee with reports containing substantially the
same information as would have been required to be filed with the SEC had it continued to have been
subject to such reporting requirements. In such event, such reports shall be provided at the times
the Company would have been required to provide reports had the Company continued to have been
subject to such reporting requirements. The Company also shall comply with the other provisions of
Section 314(a) of the Trust Indenture Act.

          (b) The Company covenants and agrees that it shall, during any period in which it is not
subject to Section 13 or 15(d) under the Exchange Act, make available to any Holder or beneficial
holder of Notes or any holder of Common Stock issued upon conversion thereof which continue to be
Restricted Securities and any prospective purchaser of Notes or such Common Stock designated by
such holder or beneficial holder, the information required pursuant to Rule 144A(d)(4) under the
Securities Act upon the request of any holder or beneficial holder of the Notes or such Common
Stock, until such time as such securities are not longer “restricted securities” within the meaning
of Rule 144 under the Securities Act.

     Delivery of such reports, information and documents to the Trustee is for information purposes
only and Trustee’s receipt of such shall not constitute constructive notice of any information
contained therein or determinable from information contained therein, including the Company’s
compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely
exclusively on Officers’ Certificates). The Trustee is under no duty to examine such reports,
information or documents to ensure compliance with the provisions of this Indenture or to ascertain
the correctness or otherwise of the information or the statements contained therein. The Trustee is
entitled to assume such compliance and correctness unless a Responsible Officer of the Trustee is
informed otherwise.

          SECTION 4.04. Existence. The Company shall do or cause to be done all things necessary
to preserve and keep in full force and effect its existence and rights (charter and statutory);
provided that the Company shall not be required to preserve any such right if the Company
shall determine that the preservation thereof is no longer desirable in the conduct of the business
of the Company and that the loss thereof is not disadvantageous to the holders of Notes.

          SECTION 4.05. Compliance Certificate. The Company and each Subsidiary Guarantor shall
deliver to the Trustee within one-hundred twenty (120) calendar days after the end of each fiscal
year of the Company a certificate of the principal executive officer, principal financial officer
or principal accounting officer of the Company and such Subsidiary Guarantor, stating whether or
not, to the knowledge of such officer, any Default or Event of Default occurred during such period
and if so, describing each Default or Event of Default, its status and the action the Company or
such Subsidiary Guarantor is taking or proposes to take with respect thereto. The Company and each
Subsidiary Guarantor also shall comply with Section 314(a)(4) of the Trust Indenture Act.

          SECTION 4.06. Further Instruments and Acts. The Company and the Subsidiary Guarantors
shall execute and deliver such further instruments and do such further acts as may be reasonably
necessary or proper to carry out more effectively the purpose of this Indenture.

          SECTION 4.07. Additional Interest Notification. If Additional Interest or Reporting
Additional Interest, as applicable, is payable by the Company, the Company shall deliver to the
Trustee an Officers’ Certificate to that effect stating (i) the amount of such Additional Interest
or Reporting Additional Interest, as applicable, that is

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payable and (ii) the date on which such Additional Interest or Reporting Additional Interest,
as applicable, is payable. Unless and until a Trust Officer of the Trustee receives such a
certificate, the Trustee may assume without inquiry that no Additional Interest or Reporting
Additional Interest, as applicable, is payable.

          SECTION 4.08. Statement by Officer as to Default. The Company and the Subsidiary
Guarantors shall deliver to the Trustee, promptly and in any event within ten (10) Business Days
after the Company or such Subsidiary Guarantor becomes aware of the occurrence of any Event of
Default or Default, an Officers’ Certificate setting forth the details of such Event of Default or
Default, its status and the action which the Company or such Subsidiary Guarantor proposes to take
with respect thereto. Except with respect to receipt of Note payments and any Default or Event of
Default information contained in the Officers’ Certificate delivered pursuant to this Section 4.08,
the Trustee shall have no duty to review, ascertain or confirm the Company’s compliance with, or
breach of any representation, warranty or covenant made in this Indenture.

          SECTION 4.09. Waiver of Stay, Extension or Usury Laws. The Company and the Subsidiary
Guarantors covenant (to the extent they may lawfully do so) that they shall not at any time insist
upon, plead, or in any manner whatsoever claim or take benefit or advantage of, any stay, extension
or usury law or other law which would prohibit or forgive the Company or any Subsidiary Guarantor
from paying all or any portion of the principal of or interest on the Notes as contemplated herein,
wherever enacted, now or at any time; the Company and the Subsidiary Guarantors (to the extent they
may lawfully do so) hereby expressly waive all benefit or advantage of any such law, and covenant
that they shall not, resort to any such law, hinder, delay or impede the execution of any power
herein granted to the Trustee, but shall suffer and permit the execution of every such power as
though no such law had been enacted.

          SECTION 4.10. Covenant Related to NYSE Listing Standards. If the Company enters into
any transaction described in Section 10.04 that would result in an increase in the Conversion Rate
above that which would result in the Notes, in the aggregate, becoming convertible into shares of
Common Stock in excess of permitted listing standards under the relevant New York Stock Exchange
rules, the Company shall, if so required by such listing standards, either (at the Company’s
election) (i) prior to entering in such transaction, obtain stockholder approval of such issuances
in excess of such limitations or (ii) after entering into such transaction, if the Company has not
obtained stockholder approval of such issuances in excess of such limitations, deliver cash in lieu
of any shares of Common Stock otherwise deliverable upon future conversions in excess of such
limitations, based on the closing sale price on the Trading Day immediately prior to the date when
such shares would otherwise be required to be delivered to converting Holders.

          SECTION 4.11. Covenant to Comply with Securities Laws Upon Resale of Notes. If the
Company repurchases any Notes and elects to resell such Notes, the Company shall, to the extent
applicable, comply with all federal and state securities laws in connection with any offer by the
Company to resell such Notes and such resold Notes shall have a different CUSIP and ISIN numbers
than the CUSIP and ISIN numbers assigned to the Notes issued on September 29, 2009.

ARTICLE 5

Consolidation, Merger, and Sale of Assets

          SECTION 5.01. When Company May Merge or Transfer Assets. The Company shall not
consolidate with or merge with or into, or sell, convey, transfer or lease all or substantially all
of its properties and assets to, another Person, unless:

          (a) either (i) the Company is the surviving corporation, or (ii) if the Company is not the
surviving corporation, the resulting, surviving or transferee Person (the “Successor Company”) is a
corporation or limited liability company organized and existing under the laws of the United States
of America, any state thereof or the District of Columbia and such Person expressly assumes, by a
supplemental indenture in a form reasonably satisfactory to the Trustee, and a supplemental
agreement, all of the Company’s obligations under the Notes and this Indenture;

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          (b) immediately after giving effect to the transaction described above, no Default or Event of
Default, has occurred and is continuing; and

          (c) the Company has delivered to the Trustee the Officers’ Certificate and Opinion of Counsel
pursuant to Section 5.03.

          SECTION 5.02. Successor to Be Substituted. In case of any such consolidation, merger,
sale, conveyance, transfer or lease in which the Company is not the surviving corporation and upon
the assumption by the Successor Company, by supplemental indenture, executed and delivered to the
Trustee and reasonably satisfactory in form and substance to the Trustee, of the due and punctual
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 of this Indenture to be performed or
satisfied by the Company, such Successor Company shall succeed to, and be substituted for, and may
exercise every right and power of, the Company, with the same effect as if it had been named herein
as the party of this first part, and Gaylord Entertainment Company shall be discharged from its
obligations under the Notes and this Indenture. Such Successor Company thereupon may cause to be
signed, and may issue either in its own name or in the name of Gaylord Entertainment Company any or
all of the Notes, issuable hereunder that theretofore shall not have been signed by the Company and
delivered to the Trustee; and, upon the order of such Successor Company instead of the Company and
subject to all the terms, conditions and limitations in this Indenture prescribed, the Trustee
shall authenticate and shall deliver, or cause to be authenticated and delivered, any Notes that
previously shall have been signed and delivered by the officers of the Company to the Trustee for
authentication, and any Notes that such Successor Company thereafter shall cause to be signed and
delivered to the Trustee for that purpose. All the Notes so issued shall in all respects have the
same legal rank and benefit under this Indenture as the Notes theretofore or thereafter issued in
accordance with the terms of this Indenture as though all of such Notes had been issued at the date
of the execution hereof. In the event of any such consolidation, merger, sale, conveyance, transfer
or lease, upon compliance with this Article 5 the Person named as the “Company” in the first
paragraph of this Indenture or any successor that shall thereafter have become such in the manner
prescribed in this Article 5 may be dissolved, wound up and liquidated at any time thereafter and
such Person shall be discharged from its liabilities as obligor and maker of the Notes and from its
obligations under this Indenture.

          SECTION 5.03. Opinion of Counsel to Be Given Trustee. Prior to execution of any
supplemental indenture pursuant to this Article 5, the Trustee shall receive an Officers’
Certificate and an Opinion of Counsel as conclusive evidence that any such consolidation, merger,
sale, conveyance, transfer or lease and any such assumption complies with the provisions of this
Article 5.

          SECTION 5.04. When Subsidiary Guarantors May Merge or Transfer Assets. Each Subsidiary
Guarantor (other than any Subsidiary Guarantor whose Note Guarantee is to be released in accordance
with the terms of its Note Guarantee and this Indenture in connection with the sale, exchange or
transfer to any Person, other than an Affiliate of the Company, of all of the Capital Stock of such
Subsidiary Guarantor) shall not, and the Company shall not cause or permit any Subsidiary Guarantor
to, consolidate with or merge with or into, any Person other than the Company or any other
Subsidiary Guarantor, unless:

          (a) Such Subsidiary Guarantor shall be the continuing Person, or the Person (if other than
such Subsidiary Guarantor) formed by such consolidation or into which it is merged or that acquired
or leased such property and assets (the “Surviving Guarantor”), shall be a corporation organized
and validly existing under the laws of the United States of America, any State thereof or the
District of Columbia, and shall expressly assume, by a supplemental indenture, executed and
delivered to the Trustee, all of such Subsidiary Guarantor’s obligations under this Indenture and
its Note Guarantee; and

          (b) immediately after giving effect to the transaction described above, no Default or Event of
Default, has occurred and is continuing.

          SECTION 5.05. Surviving Guarantor to Be Substituted. In case of any such
consolidation, merger, sale, conveyance, transfer or lease in which the Subsidiary Guarantor is not
the surviving corporation and upon the assumption by the Surviving Guarantor, by supplemental
indenture, executed and delivered to the Trustee and reasonably satisfactory in form and substance
to the Trustee, of the due and punctual performance and observance of all of the covenants and
conditions of this Indenture and such Subsidiary Guarantor’s Note Guarantee

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to be performed or satisfied by the Subsidiary Guarantor, such Surviving Guarantor shall
succeed to, and except in the case of a lease be substituted for, and may exercise every right and
power of, Subsidiary Guarantor, with the same effect as if it had been named herein as the party of
this first part, and the former Subsidiary Guarantor shall be discharged from its obligations under
this Indenture and its Note Guarantee. In the event of any such consolidation, merger, sale,
conveyance, transfer or lease, upon compliance with this Article 5, a Person named as Subsidiary
Guarantor in this Indenture or any successor that shall thereafter have become such in the manner
prescribed in this Article 5 may be dissolved, wound up and liquidated at any time thereafter and
such Person shall be discharged from its obligations under this Indenture and its Note Guarantee.

ARTICLE 6

Defaults and Remedies

          SECTION 6.01. Events of Default. An “Event of Default” occurs if:

          (a) the Company defaults in any payment of interest (including any Additional Interest, if
any) on any Note when the same becomes due and payable and such default continues for a period of
thirty (30) calendar days;

          (b) the Company defaults in the payment of the principal of any Note when the same becomes due
and payable at its maturity, upon declaration or otherwise or the Company defaults in the payment
of the Fundamental Change Repurchase Price when the same becomes due and payable;

          (c) the Company fails to deliver Common Stock, cash or a combination of the foregoing, as
required pursuant to Article 10 upon the conversion of any Notes, and such failure continues for
five (5) calendar days following the scheduled settlement date for such conversion;

          (d) the Company fails to comply with Article 5;

          (e) the Company fails to provide notice of the anticipated effective date or actual effective
date of a Fundamental Change, Make-Whole Fundamental Change or distributions pursuant to Sections
3.01(b), 10.01(3) or 10.01(4), in each case, on a timely basis as required in this Indenture;

          (f) the Company fails to comply with any term, covenant or agreement contained in the Notes or
this Indenture (other than a covenant or agreement a default in whose performance or whose breach
is elsewhere in this Section 6.01 specifically dealt with) and such failure continues for sixty
(60) calendar days after the written notice specified below is given to the Company;

          (g) default by the Company or any Subsidiary of the Company in the payment of the principal or
interest on any mortgage, agreement or other instrument under which there may be outstanding, or by
which there may be secured or evidenced any debt for money borrowed in excess of $35,000,000 (or
its foreign currency equivalent) in the aggregate of the Company and/or any such Subsidiary of the
Company, whether such debt now exists or shall hereafter be created, resulting in such debt
becoming or being declared due and payable, and such acceleration shall not have been rescinded or
annulled within thirty (30) calendar days after the written notice specified below is given to the
Company;

          (h) any Subsidiary Guarantor repudiates its obligations under its Note Guarantee or, except as
otherwise permitted by this Indenture, any Note Guarantee is determined to be unenforceable or
invalid or shall for any reason cease to be in full force and effect;

          (i) a final judgment for the payment of $35,000,000 (or its foreign currency equivalent) or
more rendered against the Company or any Subsidiary of the Company, which judgment is not fully
covered by insurance or not discharged or stayed within ninety (90) calendar days after (A) the
date on which the right to appeal thereof has expired if no such appeal has commenced or (B) the
date on which all rights to appeal have been extinguished;

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

          (1) commences a voluntary case;

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

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

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

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

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

          (1) is for relief against the Company or any Subsidiary of the Company in an
involuntary case;

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

          (3) orders the winding up or liquidation of the Company or any Subsidiary of the
Company; or

          (4) or any similar relief is granted under any foreign laws and the order or decree
remains unstayed and in effect for sixty (60) calendar days.

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

     The term “Bankruptcy Law” means Title 11, United States Code, or any similar federal
or state law for the relief of debtors. The term “Custodian” means any receiver, trustee, assignee,
liquidator, custodian or similar official under any Bankruptcy Law.

     A Default under clause (f) or (g) of this Section 6.01 is not an Event of Default until the
Trustee or the Noteholders of at least 25% in principal amount of the outstanding Notes notify the
Company of the Default and the Company does not cure such Default within the time specified in
clause (f) or (g) of this Section 6.01, as applicable, after receipt of such notice. Such notice
must specify the Default, demand that it be remedied and state that such notice is a “Notice of
Default”.

          SECTION 6.02. Acceleration. If an Event of Default (other than an Event of Default
specified in Section 6.01(j) or (k) with respect to the Company) occurs and is continuing, the
Trustee by notice to the Company, or the Holders of at least 25% in principal amount of the
outstanding Notes by notice to the Company and the Trustee, may declare the principal of and
accrued but unpaid interest on all the Notes to be due and payable. Upon such a declaration, such
principal and interest shall be due and payable immediately. If an Event of Default specified in
Section 6.01(j) or (k) with respect to the Company occurs, the principal of and accrued and unpaid
interest on all the Notes shall become and be immediately due and payable without any declaration
or other act on the part of the Trustee or any Noteholders.

     At any time after such a declaration of acceleration with respect to the Notes has been made
or occurred and before a judgment or decree for payment of money due has been obtained by the
Trustee, the Holders of a

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majority in principal amount of the Notes, by written notice to the Company, the Subsidiary
Guarantors and the Trustee, may:

          (a) waive by their consent (including, without limitation, consents obtained in connection
with a purchase of, or tender offer or exchange offer for, Notes), an existing Default or Event of
Default and its consequences except (i) a Default or Event of Default in the payment of the
principal of or interest on a Note (including payments pursuant to the required repurchase
provisions on such Note, as set forth in Article 3) when due, (ii) a Default or Event of Default in
the satisfaction of the Company’s Conversion Obligations with respect to a Note or (iii) a Default
or Event of Default in respect of a provision that under Section 9.02 cannot be amended without the
consent of each Holder affected; and

          (b) rescind and annul such declaration and its consequences if:

          (1) the Company has paid or deposited with the Trustee a sum sufficient to pay:

          (i) all overdue interest on all Notes;

          (ii) the principal amount of any Notes which have become due otherwise than by
such declaration of acceleration;

          (iii) interest (to the extent lawful) upon overdue interest or principal (or
Fundamental Change Repurchase Price, if applicable) to the date of such payment or
deposit at the rate prescribed therefor in this Indenture; and

          (iv) all sums paid or advanced by the Trustee under this Indenture and the
reasonable compensation, expenses, disbursements and advances of the Trustee, its
agents and counsel;

          (2) rescission would not conflict with any judgment or decree of a court of competent
jurisdiction; and

          (3) all Events of Default with respect to Notes, other than an Event of Default
described in Section 6.01(a), (b) or (c), or any default that cannot be amended without the
consent of each affected holder, have been cured or waived.

No such waiver or rescission and annulment shall affect any subsequent Default or Event of Default
or impair any right consequent thereon.

          SECTION 6.03. Additional Interest.

          (a) Subject to Section 6.03(d), if, at any time during the six-month period beginning on, and
including, the date which is six months after the date hereof, the Company fails to timely file any
document or report that the Company is required to file with the SEC pursuant to Section 13 or
15(d) of the Exchange Act, as applicable (after giving effect to all applicable grace periods
thereunder and other than current reports on Form 8-K), or the Notes are not otherwise freely
tradable by Holders other than the Company’s Affiliates (as a result of restrictions pursuant to
U.S. securities law or the terms of this Indenture or the Notes), the Company shall (i) pay
Additional Interest on the Notes which shall accrue on the Notes at a rate of 0.50% per annum of
the principal amount of Notes outstanding for each day during such period for which the Company’s
failure to file, or the failure of the Notes to be freely tradable by Holders other than the
Company’s Affiliates, as described above, has occurred and is continuing and (ii) for so long as
the Restricted Note Legend has not been removed in accordance with Section 2.08(d) or 2.15, notify
the Trustee of such late filing promptly, but no later than three Business Days after such failure
to timely file.

          (b) Subject to Section 6.03(d), if, and for so long as, the restrictive legend on the Notes
has not been removed in accordance with Section 2.08(d) or 2.15 or the Notes are not otherwise
freely tradable by Holders other than the Company’s Affiliates as of the 365th day after the last
date of the original issuance of the Notes, the Company shall pay Additional Interest on the Notes
which shall accrue on the Notes at a rate of 0.50%

27

 

per annum of the principal amount of Notes outstanding for each day after the 365th day after
the last date of the original issuance of the Notes until (i) the restrictive legend on the Notes
has been removed in accordance with Section 2.08(d) or 2.15, and (ii) the Notes are otherwise
freely tradable by Holders other than the Company’s Affiliates.

          (c) Additional Interest payable in accordance with Sections 6.03(a) and/or 6.03(b) shall be
payable in arrears on each Interest Payment Date for the Notes following accrual in the same manner
as regular interest on the Notes.

          (d) Notwithstanding the foregoing, if the restrictive legend on the Notes has not been removed
pursuant to Section 2.08(d) or the Notes are not otherwise freely tradable by Holders other than
the Company’s Affiliates (as a result of restrictions pursuant to U.S. securities law or the terms
of this Indenture or the Notes), the Company shall have the right to designate an effective shelf
registration statement for the resale by the Holders of the Notes or holders of any shares of
Common Stock issuable upon conversion of the Notes. Additional Interest shall not accrue for each
day on which such registration statement remains effective and usable by Holders for the resale of
the Notes or any shares of Common Stock. Any such registration shall be effected on terms customary
for convertible securities generally offered in reliance upon Rule 144A under the Securities Act.

          SECTION 6.04. Other Remedies. If an Event of Default occurs and is continuing, the
Trustee may pursue any available remedy to collect the payment of principal of or interest on the
Notes or to enforce the performance of any provision of the Notes or this Indenture.

          The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not
produce any of them in the proceeding. A delay or omission by the Trustee or any Noteholder in
exercising any right or remedy accruing upon an Event of Default shall not impair the right or
remedy or constitute a waiver of or acquiescence in the Event of Default. No remedy is exclusive of
any other remedy. All available remedies are cumulative.

          SECTION 6.05. Waiver of Past Defaults. Subject to Section 6.02, the Holders of a
majority in principal amount of the Notes by written notice to the Trustee may waive an existing
Default or Event of Default and its consequences except:

     (1) a Default or Event of Default under Section 6.01(a) or (b);

     (2) a Default or Event of Default under Section 6.01(c); or

     (3) a Default in respect of a provision that under Section 9.02 cannot be amended
without the consent of each Noteholder affected.

When a Default is waived, it is deemed cured, but no such waiver shall extend to any subsequent or
other Default or impair any consequent right.

          SECTION 6.06. Control by Majority. The Holders of a majority in principal amount of
the Notes may direct the time, method and place of conducting any proceeding for any remedy
available to the Trustee or of exercising any trust or power conferred on the Trustee. However, the
Trustee may refuse to follow any direction that conflicts with law or this Indenture or, subject to
Section 7.01, that the Trustee determines is unduly prejudicial to the rights of other Noteholders
or would involve the Trustee in personal liability or expense for which the Trustee has not
received adequate indemnity as determined by it in good faith; provided, however,
that the Trustee may take any other action deemed proper by the Trustee that is not inconsistent
with such direction. Prior to taking any action hereunder, the Trustee shall be entitled to
indemnity or security reasonably satisfactory to it in its sole discretion against all losses,
liabilities, and expenses caused by taking or not taking such action.

          SECTION 6.07. Limitation on Suits. Except to enforce the right to receive payment of
principal or interest when due, no Noteholder may pursue any remedy with respect to this Indenture
or the Notes unless:

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          (a) such Noteholder has previously given to the Trustee written notice stating that an Event
of Default is continuing;

          (b) the Holders of at least 25% in principal amount of the Notes have made a written request
to the Trustee to pursue the remedy;

          (c) such Noteholder or Noteholders have offered to the Trustee security or indemnity
reasonably satisfactory to it against any loss, liability or expense;

          (d) the Trustee has not complied with such request within sixty (60) calendar days after
receipt of such request and the offer of security or indemnity; and

          (e) the Holders of a majority in principal amount of the Notes have not given the Trustee a
direction that, in the opinion of the Trustee, is inconsistent with the request during such sixty
(60)-calendar day period.

     A Noteholder may not use this Indenture to prejudice the rights of another Noteholder or to
obtain a preference or priority over another Noteholder.

          SECTION 6.08. Rights of Noteholders to Receive Payment. Notwithstanding any other
provision of this Indenture, the right of any Noteholder to receive payment of principal (including
payments pursuant to the required repurchase provisions of the Notes) of and interest on the Notes
held by such Noteholder, on or after the respective due dates expressed in the Notes or in the
event of repurchase, or to bring suit for the enforcement of any such payment on or after such
respective dates, shall not be impaired or affected without the consent of such Noteholder. In
addition, notwithstanding any other provision of this Indenture, the right of any Noteholder to
enforce its rights of conversion in accordance with the provisions of Article 10, on or after the
applicable date for settlement of the Company’s Conversion Obligation, shall not be impaired or
affected without the consent of such Noteholder.

          SECTION 6.09. Collection Suit by Trustee. If an Event of Default specified in Section
6.01(a) or (b) occurs and is continuing, the Trustee may recover judgment in its own name and as
trustee of an express trust against the Company or any Subsidiary Guarantor for the whole amount
then due and owing (together with interest on any unpaid interest to the extent lawful) and the
amounts provided for in Section 7.07.

          SECTION 6.10. Trustee May File Proofs of Claim. The Trustee may file such proofs of
claim and other papers or documents as may be necessary or advisable in order to have the claims of
the Trustee (including any claim for the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and its counsel) and the Noteholders allowed in any judicial
proceedings relative to the Company, its Subsidiaries or its or their respective creditors or
property and, unless prohibited by law or applicable regulations, may be entitled and empowered to
participate as a member of any official committee of creditors appointed in such matter, and may
vote on behalf of the Noteholders in any election of a trustee in bankruptcy or other Person
performing similar functions, and any Custodian in any such judicial proceeding is hereby
authorized by each Noteholder to make payments to the Trustee and, in the event that the Trustee
shall consent to the making of such payments directly to the Noteholders, to pay to the Trustee any
amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and its counsel, and any other amounts due the Trustee under Section 7.07.

          SECTION 6.11. Priorities. If the Trustee collects any money or property pursuant to
this Article 6, it shall pay out the money or property in the following order:

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

     SECOND: to Noteholders for amounts due and unpaid on the Notes for principal (including
payments pursuant to the required repurchase provisions of the Notes) and interest, ratably without
preference or priority of

29

 

any kind, according to the amounts due and payable on the Notes for principal (including
payments pursuant to the required repurchase provisions of the Notes) and interest, respectively;
and

     THIRD: to the Company.

     The Trustee may fix a record date and payment date for any payment to Noteholders pursuant to
this Section 6.11. At least fifteen (15) calendar days before such record date, the Trustee shall
mail to each Noteholder and the Company a notice that states the record date, the payment date and
amount to be paid.

          SECTION 6.12. Undertaking for Costs. In any suit for the enforcement of any right or
remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by
it as Trustee, a court in its discretion may require the filing by any party litigant in the suit
of an undertaking to pay the costs of the suit, and the court in its discretion may assess
reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in
the suit, having due regard to the merits and good faith of the claims or defenses made by the
party litigant. This Section 6.12 does not apply to a suit by the Trustee, a suit by a Noteholder
pursuant to Section 6.08 or a suit by Noteholders of more than 10% in principal amount of the
Notes.

          SECTION 6.13. Failure to Comply with Reporting Covenant. Notwithstanding anything to
the contrary in this Indenture, the sole remedy for an Event of Default relating to the Company’s
failure to perform or observe the covenant in Section 4.03(a) shall for the 90 days after the
occurrence of such an Event of Default consist exclusively of the right to receive additional
interest (the “Reporting Additional Interest”) on the Notes at an annual rate equal to 0.25% of the
principal amount of the Notes; provided that on the ninety-first (91st) day
after the occurrence of such Event of Default, the Reporting Additional Interest shall increase to
an annual rate equal to 0.50% of the principal amount of the Notes. Reporting Additional Interest
shall be payable in the same manner and on the same Interest Payment Dates as the stated interest
payable on the Notes. Reporting Additional Interest shall accrue on all outstanding Notes from,
and including, the date on which an Event of Default relating to a failure by the Company to comply
with its obligations pursuant to Section 4.03(a) first occurs to, but not including, the
one-hundred eighty-first (181st) day thereafter (or such earlier date on which the Event
of Default relating to the Company’s obligations pursuant to Section 4.03(a) shall have been cured
or waived). On such one-hundred eighty-first (181st) day (or earlier, if an Event of
Default relating to the Company’s obligations pursuant to Section 4.03(a) is cured or waived prior
to such one-hundred eighty-first (181st) day), such Reporting Additional Interest shall
cease to accrue and the Notes shall be subject to acceleration as provided in Section 6.02 if such
Event of Default is continuing. For the avoidance of doubt, in the event Additional Interest is
also triggered under Section 6.03, the interest rate applicable to the Notes under such section
shall apply to the Notes under this Section 6.13 and shall constitute the exclusive rate of
additional interest applicable to the Notes under such circumstances.

ARTICLE 7

Trustee

          SECTION 7.01. 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 its
exercise as a prudent person would exercise or use under the circumstances in the conduct of such
person’s own affairs.

          (b) Except during the continuance of an Event of Default:

     (i) the Trustee need only perform such duties as are specifically set forth in
this Indenture and no implied covenants or obligations shall be read into this
Indenture against the Trustee; and

     (ii) in the absence of bad faith on 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.

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However, the Trustee shall examine the certificates and opinions 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 negligent action, its own
negligent failure to act or its own willful misconduct, except that:

     (i) this paragraph does not limit the effect of paragraph (b) of this Section;

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

     (iii) the Trustee shall not be liable with respect to any action it takes or
omits to take in good faith in accordance with a direction received by it pursuant
to Section 6.06.

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

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

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

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

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

          SECTION 7.02. Rights of Trustee.

          (a) The Trustee may rely on any document believed by it to be genuine and to have been signed
or presented by the proper person. The Trustee need not investigate any fact or matter stated in
the document.

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

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

          (d) The Trustee shall not be liable for any action it takes or omits to take in good faith
which it believes to be authorized or within its rights or powers.

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

          (f) The Trustee shall not be bound to make any investigation into the facts or matters stated
in any resolution, certificate, statement, instrument, opinion, report, notice, request, consent,
order, approval, bond,

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debenture, note or other paper or document, but the Trustee, in its discretion, may make such
further inquiry or investigation into such facts or matters as it may see fit.

          (g) The Trustee shall be under no obligation to exercise any of the rights or powers vested in
it by this Indenture at the request, order or direction of any of the Noteholders pursuant to the
provisions of this Indenture, unless such Noteholders shall have offered to the Trustee reasonable
security or indemnity against the costs, expenses and liabilities which may be incurred therein or
thereby.

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

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

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

          (k) The Trustee shall not be required to give any note, bond or surety in respect of the
execution of the trusts and powers under this Indenture.

          (l) The Trustee shall not be responsible or liable for any failure or delay in the performance
of its obligations under this Indenture arising out of or caused, directly or indirectly, by
circumstances beyond its reasonable control, including, without limitation, acts of God;
earthquakes; fire; flood; terrorism; wars and other military disturbances; sabotage; epidemics;
riots; interruptions; loss or malfunction of utilities, computer (hardware or software) or
communication services; accidents; labor disputes; acts of civil or military authorities and
governmental action.

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

          SECTION 7.04. Trustee’s Disclaimer. The Trustee shall not be responsible for and makes
no representation as to the validity or adequacy of this Indenture or the Notes, it shall not be
accountable for the Company’s use of the proceeds from the Notes, and it shall not be responsible
for any statement of the Company or any Subsidiary Guarantor in this Indenture or in any document
issued in connection with the sale of the Notes or in the Notes other than the Trustee’s
certificate of authentication.

          SECTION 7.05. Notice of Defaults.

          (a) The Trustee shall not be deemed to have notice of any Default, other than an Event of
Default under Section 6.01(a), (b) or (c), unless a Trust Officer shall have been advised in
writing that a Default has occurred. No duty imposed upon the Trustee in this Indenture shall be
applicable with respect to any Default of which the Trustee is not deemed to have notice.

          (b) If a Default or Event of Default occurs and is continuing and if it is known to the
Trustee, the Trustee shall mail by first class mail to each Noteholder at the address set forth in
the Register notice of the Default or Event of Default within ninety (90) calendar days after it
occurs.

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          SECTION 7.06. Reports by Trustee to Noteholders. As promptly as practicable after each
October 15 beginning with the October 15 following the date of this Indenture, the Trustee shall
mail to each Holder a brief report dated as of such October 15 that complies with Section 313(a) of
the Trust Indenture Act, if required by such Section 313(a) of the Trust Indenture Act. The Trustee
also shall comply with Section 313(b) of the Trust Indenture Act. The Trustee shall also transmit
by mail all reports required by Section 313(c) of the Trust Indenture Act.

          SECTION 7.07. Compensation and Indemnity. The Company shall pay to the Trustee from
time to time such compensation as the Company and the Trustee shall from time to time agree in
writing. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of
an express trust. The Company shall reimburse the Trustee upon request for all reasonable
out-of-pocket expenses incurred or made by it, including costs of collection, in addition to the
compensation for its services. Such expenses shall include the reasonable compensation and
expenses, disbursements and advances of the Trustee’s agents, counsel, accountants and experts. The
Company shall indemnify the Trustee, and hold it harmless, against any and all loss, liability or
expense (including reasonable attorneys’ fees) incurred by or in connection with the offer and sale
of the Notes or the administration of this trust and the performance of its duties hereunder. The
Trustee shall notify the Company of any claim for which it may seek indemnity promptly upon
obtaining actual knowledge thereof; provided, however, that any failure so to
notify the Company shall not relieve the Company of its indemnity obligations hereunder unless the
failure to notify the Company impairs the Company’s ability to defend such claim. The Company shall
defend the claim and the indemnified party shall provide reasonable cooperation at the Company’s
expense in the defense. Such indemnified parties may have separate counsel and the Company shall
pay the fees and expenses of such counsel; provided, however, that the Company
shall not be required to pay such fees and expenses if it assumes such indemnified parties’ defense
and, in such indemnified parties’ reasonable judgment, there is no conflict of interest between the
Company and such parties in connection with such defense. The Company need not reimburse any
expense or indemnify against any loss, liability or expense incurred by an indemnified party
through such party’s own willful misconduct and negligence. The Company need not pay for any
settlement entered into without its consent.

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

     The Company’s payment obligations pursuant to this Section shall survive the satisfaction or
discharge of this Indenture, any rejection or termination of this Indenture under any bankruptcy
law or the resignation or removal of the Trustee. When the Trustee incurs expenses after the
occurrence of an Event of Default specified in Section 6.01(j) or (k) with respect to the Company,
the expenses are intended to constitute expenses of administration under the Bankruptcy Law.

          SECTION 7.08. Replacement of Trustee. The Trustee may resign at any time by so
notifying the Company. The Holders of a majority in principal amount of the Notes may remove the
Trustee by so notifying the Trustee and may appoint a successor Trustee. The Company shall remove
the Trustee if:

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

          (b) the Trustee is adjudged bankrupt or insolvent;

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

          (d) the Trustee otherwise becomes incapable of acting.

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

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

     If a successor Trustee does not take office within sixty (60) calendar days after the retiring
Trustee resigns or is removed, the retiring Trustee or the holders of 10% in principal amount of
the Notes may petition any court of competent jurisdiction for the appointment of a successor
Trustee.

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

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

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

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

          SECTION 7.10. Eligibility; Disqualification. The Trustee shall at all times satisfy
the requirements of Trust Indenture Act § 310(a). The Trustee shall have a combined capital and
surplus of at least $100,000,000 as set forth in its most recent published annual report of
condition. The Trustee shall comply with Trust Indenture Act § 310(b); provided,
however, that there shall be excluded from the operation of Trust Indenture Act § 310(b)(1)
any indenture or indentures under which other securities or certificates of interest or
participation in other securities of the Company are outstanding if the requirements for such
exclusion set forth in Trust Indenture Act § 310(b)(1) are met.

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

ARTICLE 8

Discharge of Indenture

          SECTION 8.01. Discharge of Liability on Notes.

          (a) When (i) the Company delivers to the Trustee all outstanding Notes (other than Notes
replaced pursuant to Section 2.09) for cancellation or (ii) all outstanding Notes have become due
and payable, whether at maturity or upon a repurchase pursuant to Article 3 hereof, and the Company
irrevocably deposits with the Trustee money sufficient to pay at maturity or upon repurchase all
outstanding Notes, including interest thereon to maturity or such repurchase date (other than Notes
replaced pursuant to Section 2.09), and any shares of Common Stock, cash or a combination of cash
and shares of Common Stock or other property due in respect of converted Notes, and if in each such
case the Company pays all other sums payable hereunder by the Company, then this Indenture shall,
subject to Section 8.01(b), cease to be of further effect. The Trustee shall acknowledge
satisfaction

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and discharge of this Indenture on demand of the Company accompanied by an Officers’
Certificate and an Opinion of Counsel and at the cost and expense of the Company.

          (b) Notwithstanding clause (a) above, the Company’s obligations in Sections 2.05, 2.06, 2.07,
2.08, 2.09, 2.10, 7.07, 7.08 and in this Article 8 shall survive until the Notes have been paid in
full. Thereafter, the Company’s obligations in Sections 7.07, 8.03 and 8.04 shall survive.

          SECTION 8.02. Application of Trust Money. The Trustee shall hold in trust money and
any shares of Common Stock or other property due in respect of converted Notes deposited with it
pursuant to this Article 8. It shall apply the deposited money through the Paying Agent and in
accordance with this Indenture to the payment of principal of and interest on the Notes or, in the
case of any shares of Common Stock or other property due in respect of converted Notes, in
accordance with this Indenture in relation to the conversion of Notes pursuant to the terms hereof.

          SECTION 8.03. Repayment to Company. The Trustee and the Paying Agent shall promptly
turn over to the Company upon request any excess money or securities held by them at any time.

     Subject to any applicable abandoned property law, the Trustee and the Paying Agent shall pay
to the Company upon written request any money held by them for the payment of principal or interest
and any shares of Common Stock or other property due in respect of converted Notes that remains
unclaimed for two years, and, thereafter, Noteholders entitled to the money and/or securities must
look to the Company for payment as general creditors.

          SECTION 8.04. Reinstatement. If the Trustee or Paying Agent is unable to apply any
money or to deliver any shares of Common Stock or other property due in respect of converted Notes
in accordance with this Article 8 by reason of any legal proceeding or by reason of any order or
judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting
such application, the Company’s obligations under this Indenture and the Notes shall be revived and
reinstated as though no deposit had occurred pursuant to this Article 8 until such time as the
Trustee or Paying Agent is permitted to apply all such money and any shares of Common Stock or
other property due in respect of converted Notes in accordance with this Article 8;
provided, however, that, if the Company has made any payment of interest on or
principal of any Notes because of the reinstatement of its obligations, the Company shall be
subrogated to the rights of the Noteholders of such Notes to receive such payment from the money
held by the Trustee or Paying Agent.

ARTICLE 9

Amendments

          SECTION 9.01. Without Consent of Noteholders. The Company, the Subsidiary Guarantors
and the Trustee may amend this Indenture or the Notes without notice to or consent of any
Noteholder:

          (a) to cure any ambiguity, omission, defect or inconsistency;

          (b) to evidence the succession of another corporation or limited liability to the Company and
the assumption by that successor corporation or limited liability company of the Company’s
obligations under this Indenture and the Notes and to provide for the Notes to be converted or
exchanged for Reference Property;

          (c) to evidence the succession of another corporation to any Subsidiary Guarantor and the
assumption by that successor corporation of such Subsidiary Guarantor’s obligations under this
Indenture and the Notes, including a supplemental indenture described in Section 10.05;

          (d) to provide for uncertificated Notes in addition to or in place of certificated Notes;
provided, however, that the uncertificated Notes are issued in registered form for
purposes of Section 163(f) of the Code;

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          (e) to permit or maintain qualification of this Indenture or any supplemental indenture hereto
under the Trust Indenture Act;

          (f) to establish the forms or the terms of the Notes;

          (g) to add guarantees with respect to the Notes;

          (h) to secure the Notes;

          (i) to conform the provisions of this Indenture or the Notes to corresponding provisions
contained in that certain offering memorandum related to the offering of the Notes, dated as of
September 24, 2009;

          (j) to add to the covenants or the Events of Default of the Company for the benefit of the
Noteholders or to surrender any right or power herein conferred upon the Company;

          (k) to make any change that does not adversely affect the rights of any Noteholder; or

          (l) to provide for a successor Trustee.

     After an amendment under this Section becomes effective, the Company shall mail to Noteholders
a notice briefly describing such amendment. The failure to give such notice to all Noteholders, or
any defect therein, shall not impair or affect the validity of an amendment under this Section.

          SECTION 9.02. With Consent of Noteholders. The Company, the Subsidiary Guarantors and
the Trustee may amend this Indenture or the Notes with the written consent of the Holders of at
least a majority in aggregate principal amount of the Notes then outstanding (including without
limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer
for, the Notes), without notice to any other Noteholder. However, without the consent of each
Holder of an outstanding Note affected (in addition to the majority in aggregate principal amount
of the Notes then outstanding (including, without limitation, consents obtained in connection with
a purchase of, or tender offer or exchange offer for, the Notes)), an amendment may not:

          (a) reduce the principal amount of Notes whose Noteholders must consent to an amendment or
waive any past Default;

          (b) reduce the rate of or extend the time for payment of interest on any Note;

          (c) reduce the principal of or extend the Maturity Date of any Note;

          (d) reduce the principal payable upon acceleration of the Maturity Date of any Note;

          (e) make any change that impairs or adversely affect the right of a Holder to convert any
Notes;

          (f) reduce the Fundamental Change Repurchase Price or change the time at which any Notes may
be put by Noteholders for repurchase by the Company in accordance with Article 3, or amend or
modify in any manner adverse to the Noteholders the Company’s obligation to make such payments,
whether through an amendment or waiver of provisions in the covenants, definitions or otherwise;

          (g) make any Note payable in a currency other than that stated in the Note;

          (h) release any Subsidiary Guarantor from its Note Guarantee, except as otherwise provided in
this Indenture;

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          (i) impair the right of any Holder to receive payment of principal of and interest on such
Holder’s Notes on or after the due dates thereof or to institute suit for the enforcement of any
payment on or with respect to such Holder’s Notes; or

          (j) make any change in Section 6.05 or the second sentence of this Section 9.02.

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

     After an amendment under this Section becomes effective, the Company shall mail to Noteholders
a notice briefly describing such amendment. The failure to give such notice to all Noteholders, or
any defect therein, shall not impair or affect the validity of an amendment under this Section.

          SECTION 9.03. Compliance with Trust Indenture Act. Every amendment to this Indenture
or the Notes shall comply with the Trust Indenture Act as then in effect.

          SECTION 9.04. Revocation and Effect of Consents and Waivers. A consent to an amendment
or a waiver by a Noteholder of a Note shall bind the Noteholder and every subsequent Noteholder of
that Note or portion of the Note that evidences the same debt as the consenting Noteholder’s Note,
even if notation of the consent or waiver is not made on the Note. However, any such Noteholder or
subsequent Noteholder may revoke the consent or waiver as to such Noteholder’s Note or portion of
the Note if the Trustee receives the notice of revocation before the date the amendment or waiver
becomes effective. An amendment or waiver becomes effective once both (i) the requisite number of
consents have been received by the Company or the Trustee and (ii) such amendment or waiver has
been executed by the Company and the Trustee.

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

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

          SECTION 9.06. Trustee to Sign Amendments. The Trustee shall sign any amendment
authorized pursuant to this Article 9 if the amendment does not adversely affect the rights,
duties, liabilities or immunities of the Trustee. If it does, the Trustee may but need not sign it.
In signing such amendment the Trustee shall be entitled to receive, and (subject to Sections 7.01
and 7.02) shall be fully protected in relying upon, in addition to the documents required by
Section 11.03, an Officers’ Certificate and an Opinion of Counsel stating that such amendment is
authorized or permitted by this Indenture and that such amendment is the legal, valid and binding
obligation of the Company enforceable against it in accordance with its terms, subject to customary
exceptions, and complies with the provisions hereof (including Section 9.03).

ARTICLE 10

Conversion of Notes

          SECTION 10.01. Right to Convert. Upon compliance with the provisions of this Article
10, a Noteholder shall have the right, at such Holder’s option, to convert all or any portion (if
the portion to be converted

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is $1,000 principal amount or multiple thereof) of such Notes, at any time prior to the close
of business on the second Scheduled Trading Day immediately preceding the Maturity Date at an
initial conversion rate (the “Conversion Rate”) of 36.6972 shares of the Common Stock (subject to
adjustments as provided in Sections 10.03 and 10.04 of this Indenture) per $1,000 principal amount
of Notes (the “Conversion Obligation”) and under the following circumstances:

     (1) Conversion Based on Common Stock Price. During any calendar quarter commencing at
any time after September 30, 2009 and only during such calendar quarter, if the Last
Reported Sale Price for the Common Stock for at least twenty (20) Trading Days during a
period of thirty (30) consecutive Trading Days ending on the last Trading Day of the
preceding calendar quarter (the “Stock Price Measurement Period”) is more than 120% of the
applicable Conversion Price in effect on the last day of such preceding calendar quarter.
Whenever the Notes shall become convertible pursuant to this Section 10.01(1), the Company
shall notify all Noteholders, the Trustee and the Conversion Agent promptly and,
simultaneously with providing such notice, the Company shall issue a press release
containing the relevant information and make this information available on its website;

     (2) Conversion Upon Satisfaction of Trading Price Condition. During the ten (10)
Business Day period after any five (5) consecutive Trading Day period (the “Trading Price
Measurement Period”) in which the Trading Price per $1,000 principal amount of Notes, as
determined following a request by a Holder in accordance with the procedures set forth in
this Section 10.01(2), for each day in the Trading Price Measurement Period was less than
98% of the product of the Last Reported Sale Price of the Common Stock and the applicable
Conversion Rate. In connection with any conversion in accordance with this Section 10.01(2),
the Bid Solicitation Agent shall have no obligation to determine the Trading Price of the
Notes unless requested by the Company; and the Company shall have no obligation to make such
request unless a Holder provides the Company with reasonable evidence that the Trading Price
per $1,000 principal amount of Notes would be less than 98% of the product of the Last
Reported Sale Price of the Common Stock and the applicable Conversion Rate. At such time,
the Company shall instruct the Bid Solicitation Agent to determine the Trading Price of the
Notes beginning on the next Trading Day and on each successive Trading Day until the Trading
Price per $1,000 principal amount of Notes is greater than or equal to 98% of the product of
the Last Reported Sale Price of the Common Stock and the applicable Conversion Rate.
Whenever the Notes shall become convertible pursuant to this Section 10.01(2), the Company
shall notify all Noteholders, the Trustee and the Conversion Agent promptly and,
simultaneously with providing such notice, the Company shall issue a press release
containing the relevant information and make this information available on its website;

     (3) Conversion Upon Specified Distributions to Holders of Common Stock. If the Company
elects to:

     (i) distribute to all or substantially all holders of its Common Stock certain
rights entitling them to purchase, for a period expiring within sixty (60) calendar
days after the date of the distribution, its Common Stock at a price less than the
average of the Last Reported Sale Prices of the Common Stock over the ten (10)
consecutive Trading Day period ending on the Trading Day immediately preceding the
declaration date for such distribution; or

     (ii) distribute to all or substantially all holders of its Common Stock any of
the Company’s assets, its debt securities or certain rights to purchase securities
of the Company, which distribution has a per share value (as determined by the Board
of Directors) exceeding 10% of the Last Reported Sale Price of the Common Stock on
the Trading Day immediately preceding the date of declaration for such distribution,

then, in each case, the Company shall notify all Noteholders, the Trustee and the Conversion
Agent at least fifty-five (55) Business Days prior to the Ex-Dividend Date for such
distribution. Simultaneously with providing such notice, the Company shall issue a press
release containing the relevant information, including, but not limited to, the declaration
date, and make this information available on its website. Once the Company has given such
notice, the Notes may be surrendered for conversion at any time until the earlier of the
close of business on the Business Day immediately prior to such Ex-Dividend Date for such

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distribution or the Company’s announcement that such distribution shall not take place. A
Holder may not convert any of its Notes based on this Section 10.01(3) if such Holder shall
participate in the distribution without conversion as a result of holding the Notes on a
basis equivalent to a holder of a number of shares of Common Stock equal to the principal
amount of such Notes divided by the applicable Conversion Price;

     (4) Conversion Upon a Fundamental Change or a Make-Whole Fundamental Change. In the
event of a Fundamental Change or a Make-Whole Fundamental Change, a Noteholder may surrender
all or a portion of its Notes for conversion at any time beginning on the Business Day
following the effective date of such Fundamental Change or Make-Whole Fundamental Change
until (a) the close of business on the second Scheduled Trading Day immediately preceding
the Fundamental Change Repurchase Date corresponding to such Fundamental Change or (b) the
close of business on the thirty-fifth (35th) Trading Day after the effective date
of the Make-Whole Fundamental Change in the case of a Make-Whole Fundamental Change that is
not a Fundamental Change. The Company shall notify all Noteholders, the Trustee and the
Conversion Agent of the anticipated occurrence of such a Fundamental Change or Make-Whole
Fundamental Change no later than five (5) Business Days prior to the anticipated effective
date of such Fundamental Change or Make-Whole Fundamental Change. Simultaneously with
providing such notice, the Company shall issue a press release containing the relevant
information and make this information available on its website; and

     (5) Conversion During the Period From July 1, 2014 to Maturity. Notwithstanding
anything herein to the contrary, a Noteholder may surrender all or a portion of its Notes
for conversion at any time on or after July 1, 2014 until the close of business on the
second Scheduled Trading Day immediately preceding the Maturity Date.

          SECTION 10.02. Conversion Procedures; Settlement Upon Conversion; No Adjustment for
Interest or Dividends; Cash Payments in Lieu of Fractional Shares.

          (a) In order to exercise the conversion right with respect to any Notes in certificated form,
a Holder must (A) complete and manually sign an irrevocable notice of conversion in the form
entitled “Form of Conversion Notice” attached to the reverse of such certificated Note (or a
facsimile thereof) (a “Conversion Notice”), (B) deliver such Conversion Notice and certificated
Note to the Conversion Agent at the office of the Conversion Agent, (C) to the extent any shares of
Common Stock issuable upon conversion are to be issued in a name other than the Holder’s, furnish
endorsements and transfer documents as may be required by the Conversion Agent, (D) if required
pursuant to Section 10.02(f), pay all transfer or similar taxes or duties and (E) if required
pursuant to Section 2.03(c), pay funds equal to interest payable on the next Interest Payment Date.

     In order to exercise the conversion right with respect to any interest in a Global Note, a
Holder must (A) comply with the Depositary’s procedures for converting a beneficial interest in a
Global Note, (B) to the extent any shares of Common Stock issuable upon conversion are to be issued
in a name other than the Holder’s, furnish endorsements and transfer documents as may be required
by the Conversion Agent and, if required pursuant to Section 10.02(f), pay all transfer or similar
taxes or duties; and (C) if required pursuant to Section 2.03(c), pay funds equal to interest
payable on the next Interest Payment Date.

     The date that the Holder satisfies the foregoing requirements is the “Conversion Date.”

     If a Holder has submitted any Notes for repurchase pursuant to Section 3.01, such Notes may be
converted only if the Holder submits a withdrawal notice in accordance with Section 3.02 prior to
the close of business on the second Scheduled Trading Day immediately preceding the Fundamental
Change Repurchase Date and if such Notes are evidenced by a Global Note, if the Holder complies
with appropriate Depositary procedures.

     A Noteholder is not entitled to any rights of a holder of Common Stock until such Noteholder
has converted its Notes to Common Stock, and only to the extent such Notes are deemed to have been
converted to Common Stock under this Article 10.

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          (b) Except as provided below, the Company may elect to deliver shares of its Common Stock,
cash or a combination of cash and shares of Common Stock in satisfaction of the Company’s
Conversion Obligation.

     The Company shall from time to time make an election with respect to the method it chooses to
satisfy the Conversion Obligation. Such election shall be effective until the Company provides
notice of an election of a different method of settlement. The Company may not elect a different
method of settlement after the sixty-fourth (64th) Scheduled Trading Day preceding the
Maturity Date. The Company shall provide to all Noteholders, the Trustee and the Conversion Agent a
notice of the newly chosen method of settlement and the effective date of such newly chosen method.
Simultaneously with providing such notice, the Company shall issue a press release containing the
relevant information and make this information available on its website.

     If the Company elects to satisfy any portion of its Conversion Obligation by delivering cash,
the Company shall specify in such notice the dollar amount per $1,000 principal amount of the Notes
to be paid in cash (the “Specified Dollar Amount”); provided, however, that the
actual amount of cash due upon conversion, which is expressed as the sum of the Daily Fixed Cash
Amount (as defined below) may be less than the Specified Dollar Amount because the Daily Fixed Cash
Amount shall in no event exceed the Daily Conversion Value.

     As of the date of this Indenture, the Company elects to settle its Conversion Obligation by
delivering a combination of cash and shares of Common Stock with a Specified Dollar Amount equal to
$1,000.

     Settlement (a) in Common Stock only shall occur on the third (3rd) Trading Day
following the final Settlement Period Trading Day of the Settlement Period that would be applicable
if settlement were in cash or a combination of cash and shares of Common Stock, and (b) in cash or
in a combination of cash and Common Stock shall occur on the third (3rd) Trading Day
following the final Settlement Period Trading Day of the applicable Settlement Period.

     Settlement amounts shall be computed as follows:

     (1) if the Company elects to satisfy the entire Conversion Obligation in Common Stock
only, the Company shall deliver to such Holder, for each $1,000 principal amount of Notes
converted, a whole number of shares of Common Stock equal to the Conversion Rate in effect
on the final Settlement Period Trading Day of the Settlement Period that would be applicable
if settlement were in cash or a combination of cash and shares of Common Stock (plus cash in
lieu of fractional shares, if applicable);

     (2) if the Company elects to satisfy the entire Conversion Obligation in cash only, the
Company shall deliver to such Holder, for each $1,000 principal amount of Notes converted,
cash in an amount equal to the Conversion Value; and

     (3) if the Company elects to satisfy the Conversion Obligation in a combination of cash
(excluding any cash paid for fractional shares, if applicable) and Common Stock, the Company
shall deliver to such Holder, for each $1,000 principal amount of Notes converted, a sum
equal to the following for each of the forty-five (45) consecutive Settlement Period Trading
Days during the applicable Settlement Period: (A) 1/45th of the Specified Dollar
Amount or, if lower, the Daily Conversion Value in cash (such lower amount, the “Daily Fixed
Cash Amount”) and (B) a number of shares of Common Stock equal to the sum, for each of the
forty-five (45) Settlement Period Trading Days in the Settlement Period, of the Daily Net
Share Settlement Value (plus cash in lieu of fractional shares if applicable).

          (c) If more than one Note shall be surrendered for conversion at one time by the same Holder,
the Conversion Obligation with respect to such Notes, if any, that shall be payable upon conversion
shall be computed on the basis of the aggregate principal amount of the Notes (or specified
portions thereof to the extent permitted thereby) so surrendered.

          (d) In case any Note shall be surrendered for partial conversion, the Company shall execute
and the Trustee shall authenticate and deliver to or upon the written order of the Holder of the
Note so surrendered,

40

 

without charge to such Holder, a new Note or Notes in authorized denominations in an aggregate
principal amount equal to the unconverted portion of the surrendered Note.

          (e) Upon the conversion of an interest in a Global Note, the Trustee and the Depositary shall
reduce the principal amount of such Global Note in their records.

          (f) The issue of stock certificates on conversions of Notes shall be made without charge to
the converting holder of Notes for any documentary, stamp or similar issue or transfer tax in
respect of the issue thereof. The Company 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 Notes converted, and the Company 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 Company the amount of such tax or shall have established to
the satisfaction of the Company that such tax has been paid. Notwithstanding anything to the
contrary in this paragraph, the converting holder of Notes shall, at the option of the Company or
the Trustee, be required to pay a sum sufficient to cover any tax, assessment or other governmental
charge that may be imposed in connection with any registration of transfer or exchange of Notes.

          (g) Upon conversion, accrued and unpaid interest to the Conversion Date with respect to the
converted Notes shall be deemed to be paid in full rather than cancelled, extinguished or
forfeited.

          (h) If the Company’s Conversion Obligation is satisfied in Common Stock or a combination of
cash and Common Stock, the Noteholder that has converted its Notes (or if such Person designated
another Person to whom such Common Stock shall be issued and delivered, such Person) shall be
treated as a holder of record of such Common Stock as of the close of business on the final
Settlement Period Trading Day of the applicable Settlement Period.

          (i) No fractional shares of Common Stock shall be issued upon conversion of any Note or Notes.
If any fractional shares of Common Stock would be issuable upon the conversion of any Note or
Notes, the Company shall instead deliver cash with respect to the fractional share calculated by
multiplying the daily VWAP of the Common Stock on the final Settlement Period Trading Day of the
applicable Settlement Period, by the fractional amount and rounding the product to the nearest
cent. If the Company has elected to satisfy the entire Conversion Obligation in Common Stock only,
the applicable Settlement Period used to calculate the cash payment under Section 10.02(i) shall be
the Settlement Period that would be applicable if settlement of the Conversion Obligation were in
cash or a combination of cash and shares of Common Stock.

          SECTION 10.03. Increased Conversion Rate Applicable to Securities Converted in Connection
With Make-Whole Fundamental Changes. If a Noteholder elects to convert its Notes at any time
during the period permitted for conversion in the event of a Make-Whole Fundamental Change, the
Conversion Rate applicable to each Note that is surrendered for conversion in accordance with this
Article 10 shall be increased by an additional number of shares of Common Stock (the “Additional
Shares”) as described in this Section 10.03.

     Any conversion shall be deemed to have occurred in connection with a Make-Whole Fundamental
Change only if such Notes are surrendered for conversion at a time when the Notes would be
convertible in light of the occurrence of the Make-Whole Fundamental Change and notwithstanding the
fact that a Note may then be convertible because another condition to conversion has been
satisfied.

     The number of Additional Shares shall be determined by reference to the table below, based on
the date on which such Make-Whole Fundamental Change occurs or becomes effective (the “Effective
Date”) and the Stock Price paid per share for the Common Stock in such Make-Whole Fundamental
Change. The number of Additional Shares set forth in the table below shall be adjusted in the same
manner as and as of any date on which the Conversion Rate is adjusted pursuant to this Article 10.

     The Stock Prices set forth in the first row of the table below (i.e., the column headers)
shall be adjusted as of any date on which the Conversion Rate is adjusted to equal the Stock Prices
applicable immediately prior to such adjustment, multiplied by a fraction, the numerator of which
shall be the Conversion Rate immediately prior to the

41

 

adjustment and the denominator of which shall be the Conversion Rate as so adjusted. The
number of Additional Shares in the table shall be adjusted in the same manner as the Conversion
Rate as set forth in Section 10.04.

     The following table sets forth the number of Additional Shares by which the Conversion Rate
shall be increased based on the Stock Price and Effective Date of the Make-Whole Fundamental
Change:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	Stock Price
	Effective Date	 	$22.39	 	$25.00	 	$27.50	 	$30.00	 	$32.50	 	$35.00	 	$37.50	 	$40.00	 	$42.50	 	$45.00	 	$47.50	 	$50.00	 	$55.00	 	$60.00
	September 29, 2009
	 	 	7.9655	 	 	 	6.1132	 	 	 	4.8032	 	 	 	3.8072	 	 	 	3.0347	 	 	 	2.4239	 	 	 	1.9335	 	 	 	1.5335	 	 	 	1.2028	 	 	 	0.9265	 	 	 	0.6925	 	 	 	0.4929	 	 	 	0.1720	 	 	 	0.0000	 
	October 1, 2010
	 	 	7.9655	 	 	 	6.0756	 	 	 	4.6636	 	 	 	3.6112	 	 	 	2.8103	 	 	 	2.1899	 	 	 	1.7012	 	 	 	1.3096	 	 	 	0.9918	 	 	 	0.7299	 	 	 	0.5116	 	 	 	0.3273	 	 	 	0.0350	 	 	 	0.0000	 
	October 1, 2011
	 	 	7.9655	 	 	 	5.9542	 	 	 	4.4099	 	 	 	3.2869	 	 	 	2.4567	 	 	 	1.8314	 	 	 	1.3533	 	 	 	0.9815	 	 	 	0.6873	 	 	 	0.4508	 	 	 	0.2577	 	 	 	0.0979	 	 	 	0.0000	 	 	 	0.0000	 
	October 1, 2012
	 	 	7.9655	 	 	 	5.6455	 	 	 	3.9295	 	 	 	2.7259	 	 	 	1.8747	 	 	 	1.2642	 	 	 	0.8208	 	 	 	0.4931	 	 	 	0.2460	 	 	 	0.0562	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 
	October 1, 2013
	 	 	7.9655	 	 	 	4.7328	 	 	 	2.8252	 	 	 	1.5885	 	 	 	0.7981	 	 	 	0.2954	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 
	October 1, 2014
	 	 	7.9655	 	 	 	3.2982	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 	 	 	0.0000	 

     provided, however, that:

     (1) if the actual Stock Price is between two Stock Prices listed in the table above
under the column titled “Stock Price,” or if the actual Effective Date of such Make-Whole
Fundamental Change is between two Effective Dates listed in the table above in the row
immediately below the title “Effective Date,” then the number of Additional Shares shall be
determined by the Company by straight-line interpolation between the number of Additional
Shares set forth for the higher and lower Stock Price amounts, and the two Effective Dates,
as applicable, based on a 365-day year;

     (2) (a) if the actual Stock Price is greater than $60.00 per share (subject to
adjustment), then the Conversion Rate shall not be increased, or (b) if the actual Stock
Price is less than $22.39 per share (subject to adjustment), then the Conversion Rate shall
not be increased; and

     (3) Notwithstanding the foregoing, in no event shall the Conversion Rate as adjusted
exceed 44.6627 per $1,000 principal amount of Notes, subject to adjustment in the same
manner as the Conversion Rate pursuant to this Article 10.

          SECTION 10.04. Adjustment of Conversion Rate. The Conversion Rate shall be adjusted
from time to time by the Company as follows:

          (a) If the Company shall issue shares of Common Stock as a dividend or distribution on shares
of Common Stock, or if the Company effects a share split or share combination with respect to
Common Stock, the Conversion Rate shall be adjusted based on the following formula:

               

	 	 	 	 	 
	CR0

	 	=
	 	the Conversion Rate in effect immediately
prior to the open of business on the
Ex-Dividend Date for such dividend or
distribution, or immediately prior to the
open of business on the effective date of
such share split or share combination;
	 
	 	 	 	 
	CR’

	 	=
	 	the Conversion Rate in effect immediately
after the open of business on the
Ex-Dividend Date for such dividend or
distribution or the effective date of such
share split or share combination;

42

 

	 	 	 	 	 
	OS0

	 	=
	 	the number of shares of Common Stock
outstanding immediately prior to the open
of business on the Ex-Dividend Date for
such dividend or distribution or the
effective date of such share split or share
combination; and
	 
	 	 	 	 
	OS’

	 	=
	 	the number of shares of Common Stock
outstanding immediately after the open of
business on the Ex-Dividend Date for such
dividend or distribution or the effective
date of such share split or share
combination.

Any such adjustment pursuant to this Section 10.04(a) shall become effective immediately after (x)
the opening of business on the Business Day following the Ex-Dividend Date for such dividend or
distribution or (y) the effective date of such share split or share combination. If any dividend or
distribution of the type described in this Section 10.04(a) is declared but not so paid or made,
the Conversion Rate shall be readjusted to the Conversion Rate that would then be in effect if such
dividend or distribution had not been declared.

          (b) If the Company shall issue to all or substantially all holders of its Common Stock any
rights or warrants entitling them for a period of not more than sixty (60) calendar days to
subscribe for or purchase shares of the Common Stock, at a price per share less than the Current
Market Price of the Common Stock, the Conversion Rate shall be adjusted based on the following
formula:

               

	 	 	 	 	 
	CR0

	 	=
	 	the Conversion Rate in effect immediately prior to
the open of business on the Ex-Dividend Date for
such issuance;
	 
	 	 	 	 
	CR’

	 	=
	 	the Conversion Rate in effect immediately after
the open of business on the Ex-Dividend Date for
such issuance;
	 
	 	 	 	 
	OS0

	 	=
	 	the number of shares of the Common Stock that are
outstanding immediately prior to the open of
business on the Ex-Dividend Date for such
issuance;
	 
	 	 	 	 
	X

	 	=
	 	the total number of shares of the Common Stock
issuable pursuant to such rights or warrants; and
	 
	 	 	 	 
	Y

	 	=
	 	the number of shares of the Common Stock equal to
the aggregate price payable to exercise such
rights or warrants divided by the Current Market
Price.

Any such adjustment pursuant to this Section 10.04(b) shall become effective on the opening of
business on the Business Day following the Ex-Dividend Date for such issuance. In the event that
such rights or warrants described in this Section 10.04(b) are not so distributed, the Conversion
Rate shall be readjusted to the Conversion Rate that would then be in effect if the Record Date for
such distribution had not occurred. To the extent that such rights or warrants are not exercised
prior to their expiration or shares of the Common Stock are otherwise not delivered pursuant to
such rights or warrants upon the exercise of such rights or warrants, the Conversion Rate shall be
readjusted to the Conversion Rate that would then be in effect had the adjustments made upon the
issuance of such rights or warrants been made on the basis of the delivery of only the number of
shares of the Common Stock actually delivered. In determining the aggregate price payable for such
shares of the Common Stock, there shall be taken into account any consideration received for such
rights or warrants and the value of such consideration if other than cash to be determined by the
Board of Directors.

          (c) If the Company shall distribute shares of its Capital Stock, evidences of its indebtedness
or other of its assets or property other than (v) dividends or distributions covered by Section
10.04(a); (w) rights or warrants covered by Section 10.04(b); (x) dividends or distributions
covered by Section 10.04(d); (y) any dividends and distributions in connection with a
Reorganization Event covered by Section 10.05; and (z) any Spin-Off to which the provisions set
forth below in this Section 10.04(c) shall apply, (any of such shares of Capital Stock,
indebtedness, or other asset or property hereinafter in this Section 10.04(c) called the
“Distributed Property”), to

43

 

all or substantially all holders of its Common Stock, then, in each such case the Conversion
Rate shall be adjusted based on the following formula:

               

	 	 	 	 	 
	CR0

	 	=
	 	the Conversion Rate in effect immediately prior to the open of
business on the Ex-Dividend Date for such distribution;
	 
	 	 	 	 
	CR’

	 	=
	 	the Conversion Rate in effect immediately after the open of
business on the Ex-Dividend Date for such distribution;
	 
	 	 	 	 
	SP0

	 	=
	 	the Current Market Price; and
	 
	 	 	 	 
	FMV

	 	=
	 	the Fair Market Value, as of the open of business on the
Ex-Dividend Date for such distribution, of the Distributed
Property, expressed as an amount per share of the Common Stock.

With respect to an adjustment pursuant to this Section 10.04(c) where there has been a payment of a
dividend or other distribution on the Common Stock of shares of Capital Stock of any class or
series of, or similar equity interest in, a Subsidiary or other business unit of the Company (a
“Spin-Off”), that are, or, when issued, shall be, quoted or listed on the Nasdaq Global Select
Market, Nasdaq Global Market, New York Stock Exchange or any other national or regional securities
exchange or market, the Conversion Rate shall be instead adjusted based on the following formula:

               

	 	 	 	 	 
	CR0

	 	=
	 	the Conversion Rate in effect immediately prior to the end of the Valuation
Period;
	 
	 	 	 	 
	CR’

	 	=
	 	the Conversion Rate in effect immediately after the end of the Valuation
Period;
	 
	 	 	 	 
	FMV0

	 	=
	 	the average of the Last Reported Sale Prices of the Capital Stock or
similar equity interest distributed to holders of the Common Stock
applicable to one share of the Common Stock over the ten (10) consecutive
Trading-Day period commencing on, and including, the Ex-Dividend Date of
the Spin-Off (the “Valuation Period”); and
	 
	 	 	 	 
	MP0

	 	=
	 	the average of the Last Reported Sale Prices of the Common Stock over the
Valuation Period.

Any such adjustment pursuant to this Section 10.04(c) shall be made immediately after the open of
business on the Business Day after the last day of the Valuation Period, but shall be given effect
as of the open of business on the effective date for the Spin-Off. If such dividend or
distribution is not so paid or made, the Conversion Rate shall be readjusted to be the Conversion
Rate that would then be in effect if such dividend or distribution had not been declared.

          (d) If the Company pays any cash dividend or distribution to all or substantially all holders
of its Common Stock, the Conversion Rate shall be adjusted based on the following formula:

               

44

 

	 	 	 	 	 
	CR0

	 	=
	 	the Conversion Rate in effect immediately prior to the open of
business on the Ex-Dividend Date for such dividend or
distribution;
	 
	 	 	 	 
	CR’

	 	=
	 	the Conversion Rate in effect immediately after the Ex-Dividend
Date for such dividend or distribution;
	 
	 	 	 	 
	SP0

	 	=
	 	the Current Market Price; and
	 
	 	 	 	 
	C

	 	=
	 	the amount in cash per share of Common Stock the Company
distributes to holders of its Common Stock.

Any such adjustment pursuant to this Section 10.04(d) shall become effective immediately after the
close of business on the Ex-Dividend Date for such dividend or distribution. If such dividend or
distribution is not so paid or made, the Conversion Rate shall be readjusted to be the Conversion
Rate that would then be in effect if such dividend or distribution had not been declared.

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

               

	 	 	 	 	 
	CR0

	 	=
	 	the Conversion Rate in effect immediately prior to the close of
business on the tenth (10th) Trading Day immediately
following, and including, the Expiration Date;
	 
	 	 	 	 
	CR’

	 	=
	 	the Conversion Rate in effect immediately after the close of business
on the tenth (10th) Trading Day immediately following, and
including, the Expiration Date;
	 
	 	 	 	 
	FMV

	 	=
	 	the Fair Market Value, on the Expiration Date, of the cash and any
other consideration paid or payable for shares validly tendered or
exchanged and not withdrawn as of the Expiration Date;
	 
	 	 	 	 
	OS’

	 	=
	 	the number of shares of Common Stock outstanding immediately after the
last time tenders or exchanges may be made pursuant to such tender
offer or exchange offer (the “Expiration Time”);
	 
	 	 	 	 
	OS0

	 	=
	 	the number of shares of Common Stock outstanding immediately
prior to the Expiration Time; and
	 
	 	 	 	 
	SP’

	 	=
	 	the average of the Last Reported Sale Prices of Common Stock
over the ten (10) consecutive Trading-Day period commencing
on the Trading Day immediately following the Expiration
Date.

Any such adjustment pursuant to this Section 10.04(e) shall become effective immediately prior to
the opening of business on the Trading Day immediately following the Expiration Date. If the
Company or one of its Subsidiaries is obligated to purchase shares of the Common Stock pursuant to
any such tender offer or exchange offer, but the Company or such Subsidiary of the Company is
permanently prevented by applicable law from effecting any or all or any portion of such purchases
or all such purchases are rescinded, the Conversion Rate shall be readjusted to be the Conversion
Rate that would then be in effect if such tender offer or exchange offer had not been made. Except
as set forth in the preceding sentence, if the application of this clause (e) to any tender offer
or exchange offer would

45

 

result in a decrease in the Conversion Rate, no adjustment shall be made for such tender offer or
exchange offer under this Section 10.04(e).

          (f) Except with respect to a Spin-Off, in cases where the Fair Market Value of assets, debt
securities or certain rights, warrants or options to purchase the Company’s securities, or the
amount of the cash dividend or distribution applicable to one share of Common Stock, distributed to
all or substantially all shareholders:

     (1) equals or exceeds the average Last Reported Sale Prices of Common Stock over the
ten (10) consecutive Trading Day period ending on the Trading Day immediately preceding the
declaration date for such distribution, or

     (2) such average Last Reported Sale Prices exceeds the Fair Market Value of such
assets, debt securities or rights, warrants or options, or the amount of cash so distributed
by less than $1.00,

rather than being entitled to an adjustment in the Conversion Rate, the Holder of a Note shall be
entitled to receive upon conversion, in addition to the shares of Common Stock, cash or a
combination of cash and shares of Common Stock, the kind and amount of assets, debt securities or
rights, warrants or options, or cash comprising the distribution, if any, that such Holder would
have received if such Holder had held a number of shares of Common Stock equal to the principal
amount of the Notes held divided by the Conversion Price in effect immediately prior to the Record
Date for determining the shareholders entitled to receive the distribution.

          (g) All calculations and other determinations under this Article 10 shall be made by the
Company and shall be made to the nearest one-ten thousandth (1/10,000th) of a share. No adjustment
pursuant to this Section 10.04 shall be made to the Conversion Rate unless such adjustment would
require a change of at least 1% in the Conversion Rate then in effect at such time. However, any
adjustments that are less than 1% of the Conversion Rate shall be carried forward and taken into
account in any subsequent adjustment, regardless of whether the aggregate adjustment is less than
1% within one year of the first adjustment carried forward, upon a Fundamental Change, upon a
Make-Whole Fundamental Change, upon conversion and on each day beginning with the forty-seventh
(47th) Scheduled Trading Day and ending on and including the second (2nd)
Scheduled Trading Day prior to maturity.

          (h) Whenever the Conversion Rate is adjusted as herein provided, the Company shall issue a
press release containing the relevant information, including, but not limited to, any applicable
declaration date, and make this information available on its website. In addition, the Company
shall promptly file with the Trustee and any Conversion Agent other than the Trustee an Officers’
Certificate setting forth any applicable declaration date and the Conversion Rate after such
adjustment and setting forth a brief statement of the facts requiring such adjustment. Unless and
until a Responsible Officer of the Trustee shall have received such Officers’ Certificate, the
Trustee shall not be deemed to have knowledge of any adjustment of the Conversion Rate and may
assume without inquiry that the last Conversion Rate of which it has knowledge is still in effect.
Promptly after delivery of such certificate, the Company shall prepare a notice of such adjustment
of the Conversion Rate setting forth the adjusted Conversion Rate and the date on which each
adjustment becomes effective and shall mail such notice of such adjustment of the Conversion Rate
to the Holder of each Note at its last address appearing on the Register within twenty (20)
calendar days of the effective date of such adjustment. Failure to deliver such notice shall not
affect the legality or validity of any such adjustment.

          (i) In any case in which this Section 10.04 provides that an adjustment shall become effective
immediately after (i) the opening of business on the Business Day following the Ex-Dividend Date
for a dividend or distribution described in Section 10.04(a), (ii) the effective date for a share
split or share combination of the Common Stock described in Section 10.04(a), (iii) the opening of
business on the Business Day following the Ex-Dividend Date for the determination of shareholders
entitled to receive rights or warrants pursuant to Section 10.04(b), (iv) the close of business on
the Ex-Dividend Date for a dividend or distribution described in Section 10.04(d), or (v) the
expiration date for any tender or exchange offer pursuant to Section 10.04(e), (each, a
“Determination Date”), the Company may elect to defer until the occurrence of the applicable
Adjustment Event (x) issuing to the holder of any Notes converted after such Determination Date and
before the occurrence of such Adjustment Event, the additional shares of Common Stock or other
securities issuable upon such conversion by reason of the adjustment required by such Adjustment
Event over and above the Common Stock issuable upon such

46

 

conversion before giving effect to such adjustment and (y) paying to such holder any amount in
cash in lieu of any fractional share pursuant to Section 10.04. For purposes of this Section
10.04(i), the term “Adjustment Event” shall mean:

     (1) in any case referred to in clauses (i) or (iv) hereof, the date any such dividend
or distribution is paid or made;

     (2) in any case referred to in clause (ii) hereof, the occurrence of such event;

     (3) in any case referred to in clause (iii) hereof, the date of expiration of such
rights or warrants; and

     (4) in any case referred to in clause (v) hereof, the date a sale or exchange of Common
Stock pursuant to such tender or exchange offer is consummated and becomes irrevocable.

          (j) Notwithstanding any of the foregoing clauses in this Section 10.04, the applicable
Conversion Rate shall not be adjusted pursuant to this Section 10.04 if the Holders of the Notes
shall participate in the transaction that would otherwise give rise to adjustment pursuant to this
Section 10.04 without conversion of such Holder’s Notes on a basis equivalent to a holder of a
number of shares of Common Stock equal to the principal amount of the Notes held by the Holder
divided by the applicable Conversion Price. In no event shall the Company adjust the Conversion
Rate to the extent that the adjustment would reduce the Conversion Price below the par value per
share of Common Stock. In addition, the applicable Conversion Rate shall not be adjusted:

     (1) upon the issuance of any shares of the Common Stock pursuant to any present or
future plan providing for the reinvestment of dividends or interest payable on the Company’s
securities and the investment of additional optional amounts in shares of the Common Stock
under any plan;

     (2) upon the issuance of any shares of the Common Stock or options or rights to
purchase those shares pursuant to any present or future employee, director or consultant
benefit plan or program of or assumed by the Company or any of the Company’s Subsidiaries;

     (3) upon the issuance of any shares of the Common Stock pursuant to any option,
warrant, right or exercisable, exchangeable or convertible security not outstanding as of
the date the Notes were first issued (unless otherwise provided in this Section 10.04); or

     (4) for a change in the par value of the Common Stock.

          (k) For purposes of this Section 10.04, the number of shares of Common Stock at any time
outstanding shall not include shares held in the treasury of the Company but shall include shares
issuable in respect of scrip certificates issued in lieu of fractions of shares of Common Stock.
The Company shall not pay any dividend or make any distribution on shares of Common Stock held in
the treasury of the Company.

          (l) Whenever any provision of this Article 10 requires a calculation of a number of shares of
Common Stock equal to a sum or an average of Last Reported Sale Prices over a span of multiple
days, the Company shall make appropriate adjustments (determined by the Board of Directors) to
account for any adjustment to the Conversion Rate that becomes effective, or any event requiring an
adjustment to the Conversion Rate where the Ex-Dividend Date of the event occurs, at any time
during the period from which the sum or average is to be calculated.

          SECTION 10.05. Effect of Reclassification, Consolidation, Merger or Sale. If any of
the following events occur:

          (a) any reclassification of the outstanding Common Stock (other than a change in par value or
as a result of a share split or share combination to which Section 10.04(a) applies);

47

 

          (b) any share exchange, consolidation or merger of the Company with or into another Person; or

          (c) any conveyance, transfer, sale, lease or other disposition to any other Person or Persons
of all or substantially all of the Company’s consolidated assets,

and, in either case, the holders of Common Stock received cash, securities or other property (the
“Reference Property”) in exchange for such Common Stock (any such event or transaction, a
“Reorganization Event”), in each case, the Company or the Successor Company, as the case may be,
shall execute with the Trustee a supplemental indenture (which shall comply with the Trust
Indenture Act as in force at the date of execution of such supplemental indenture, if such
supplemental indenture is then required to so comply) providing that such Notes shall, without the
consent of any Noteholder, become convertible based on the type and amount of consideration that a
holder of a number of shares of Common Stock equal to the principal amount of Notes divided by the
Conversion Price shall have received in such Reorganization Event. If the Reorganization Event
causes the Common Stock to be converted into the right to receive more than a single type of
consideration (determined based in part upon any form of shareholder election), the Reference
Property into which the Notes shall be convertible shall be deemed to be the weighted average of
the types and amounts of consideration received by the holders of Common Stock that affirmatively
made such an election. In all cases, the provisions under Section 10.02 shall continue to apply
with respect to the calculation of the Conversion Obligation and the method of settlement. The
Company hereby agrees not to become a party to any such transaction unless its terms are consistent
with the foregoing. Such supplemental indenture shall provide for adjustments which shall be as
nearly equivalent as practicable to the adjustments provided for in this Article 10.

     The Company shall cause notice of the execution of such supplemental indenture to be mailed to
each Noteholder, at the address of such Holder as it appears on the Register of the Notes
maintained by the Registrar, within twenty (20) calendar days after execution thereof. Failure to
deliver such notice shall not affect the legality or validity of such supplemental indenture.

     The above provisions of this Section 10.05 shall similarly apply to successive
reclassifications, consolidations, mergers, conveyances, transfers, sales, leases or other
dispositions.

     If this Section 10.05 applies to any event or occurrence, Section 10.04 shall not apply.

          SECTION 10.06. Certain Covenants.

          (a) The Company shall, prior to the issuance of any Notes hereunder, and from time to time as
may be necessary, reserve out of its authorized but unissued Common Stock or shares of Common Stock
held in treasury, a sufficient number of shares of Common Stock, free of preemptive rights, to
permit the conversion of the Notes.

          (b) The Company covenants that all shares of Common Stock issued upon conversion of Notes
shall be duly and validly issued and fully paid and non-assessable by the Company and free from all
taxes, liens and charges with respect to the issue thereof.

          (c) The Company shall endeavor promptly to comply with all federal and state securities laws
regulating the issuance and delivery of shares of Common Stock upon the conversion of Notes, if
any, and shall cause to have listed or quoted and shall keep listed or quoted all such shares of
Common Stock on each U.S. national securities exchange or automatic quotation system or
over-the-counter or other domestic market on which the Common Stock is then listed or quoted.

          SECTION 10.07. Notice to Holders Prior to Certain Actions. Except where notice is
required pursuant to Section 10.01, in case:

          (a) the Company shall declare a dividend (or any other distribution) on its Common Stock that
would require an adjustment in the Conversion Rate pursuant to Section 10.04; or

48

 

          (b) the Company shall authorize the granting to all or substantially all of the holders of its
Common Stock of rights or warrants to subscribe for or purchase any share of any class or any other
rights or warrants that would require an adjustment in the Conversion Rate pursuant to Section
10.04; or

          (c) of any reclassification of the Common Stock of the Company (other than a share split or
share combination of its outstanding Common Stock, or a change in par value), or of any share
exchange, consolidation or merger to which the Company is a party and for which approval of any
shareholders of the Company is required, or of the conveyance, transfer, sale, lease or other
disposition of all or substantially all of the consolidated assets of the Company; or

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

the Company shall cause to be filed with the Trustee and to be mailed to each Noteholder at his
address appearing on the Register provided for in Section 2.05, as promptly as possible but in any
event at least twenty (20) calendar days prior to the applicable date hereinafter specified, a
notice stating (x) the declaration date of the dividend or other distribution, (y) 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 (z) the date on which
such reclassification, share exchange, consolidation, merger, conveyance, transfer, sale, lease or
other disposition, 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 10.08. Shareholder Rights Plans. If the rights provided for in any rights plan
adopted by the Company have not separated from the shares of Common Stock in accordance with the
provisions of the applicable shareholder rights agreement, upon conversion of Notes, the converting
Holder shall receive, in addition to shares of Common Stock, if any, the rights under the
applicable shareholder rights agreement. If such rights have separated from the Common Stock, the
Conversion Rate shall be adjusted as provided in Section 10.04(c).

          SECTION 10.09. Responsibility of Trustee. The Trustee and any other Conversion Agent
shall not at any time be under any duty or responsibility to any Holder of Notes to determine the
Conversion Rate or whether any facts exist that may require any adjustment (including any increase)
of the Conversion 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 Conversion 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 securities, property or cash that may at any time be issued or
delivered upon the conversion of any Note; and the Trustee and any other Conversion Agent make no
representations with respect thereto. Neither the Trustee nor any Conversion Agent shall be
responsible for any failure of the Company 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 conversion or to comply with any of the duties, responsibilities or covenants of the
Company contained in this Article 10. Without limiting the generality of the foregoing, neither the
Trustee nor any Conversion Agent shall be under any responsibility to determine the correctness of
any provisions contained in any supplemental indenture entered into pursuant to Section 10.05
relating either to the kind or amount of shares of stock or securities or property (including cash)
receivable by Holders of the Notes upon the conversion of their Notes after any event referred to
in such Section 10.05 or to any adjustment to be made with respect thereto, but, subject to the
provisions of Section 9.01, may accept as conclusive evidence of the correctness of any such
provisions, and shall be protected in relying upon, the Officers’ Certificate (which the Company
shall be obligated to file with the Trustee prior to the execution of any such supplemental
indenture) with respect thereto. Neither the Trustee nor the Conversion Agent shall be responsible
for determining whether any event contemplated by Section 10.01 has occurred that makes the Notes
eligible for conversion or no longer eligible therefor until the Company has delivered to the
Trustee and the Conversion Agent the notices referred to in Section 10.01 with respect to the
commencement or termination of such conversion rights, on which notices the Trustee and the
Conversion Agent may conclusively rely, and the Company agrees to deliver such notices to the
Trustee and the Conversion Agent immediately after the occurrence of any such event or at such
other times as shall be provided for in Section 10.01.

49

 

Neither the Trustee nor any other Bid Solicitation Agent shall be responsible for obtaining
secondary market bid quotations, or determining the Trading Price, unless the Company shall have
selected three independent nationally recognized securities dealers from which the Trustee or such
other Bid Solicitation Agent shall obtain such bids, and shall have given the Trustee or such other
Bid Solicitation Agent a notice identifying such securities dealers.

ARTICLE 11

Note Guarantees

          SECTION 11.01. Guarantees.

          (a) Subject to this Article 11, each of the Subsidiary Guarantors hereby, jointly and
severally, and fully and unconditionally, guarantees to each Holder of a Note authenticated and
delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the
validity and enforceability of, this Indenture, the Notes or the obligations of the Company
hereunder or thereunder, that: (1) the principal of, premium, if any, and interest and Additional
Interest, if any, on the Notes shall be promptly paid in full when due, whether at maturity, by
acceleration, redemption or otherwise, and interest on the overdue principal of, premium, if any,
and interest and Additional Interest, if any, on the Notes, if lawful (subject in all cases to any
applicable grace period provided herein), and all other obligations of the Company to the Holders
or the Trustee hereunder or thereunder shall be promptly paid in full or performed, all in
accordance with the terms hereof and thereof; and (2) 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 stated
maturity, by acceleration or otherwise. Failing payment when due of any amount so guaranteed or any
performance so guaranteed for whatever reason, the Subsidiary Guarantors shall be jointly and
severally obligated to pay the same immediately. Each Subsidiary Guarantor agrees that this is a
guarantee of payment and not a guarantee of collection. The delivery of any Note by the Trustee,
after the authentication thereof hereunder, shall constitute due delivery of the Note Guarantee set
forth in this Indenture on behalf of the Subsidiary Guarantors.

          (b) The Subsidiary Guarantors hereby agree that, to the maximum extent permitted under
applicable law, their obligations 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 provisions hereof or
thereof, the recovery of any judgment against the Company, any action to enforce the same or any
other circumstance which might otherwise constitute a legal or equitable discharge or defense of a
Subsidiary Guarantor. Each Subsidiary Guarantor hereby waives diligence, presentment, demand of
payment, filing of claims with a court in the event of insolvency or bankruptcy of the Company, any
right to require a proceeding first against the Company, protest, notice and all demands whatsoever
and covenants that this Note Guarantee shall not be discharged except by complete performance of
the obligations contained in the Notes and this Indenture.

          (c) If any Holder or the Trustee is required by any court or otherwise to return to the
Company, the Subsidiary Guarantors or any custodian, trustee, liquidator or other similar official
acting in relation to any of the Company or the Subsidiary Guarantors, any amount paid by any of
them to the Trustee or such Holder, this Note Guarantee, to the extent theretofore discharged,
shall be reinstated in full force and effect.

          (d) Each Subsidiary Guarantor agrees that it shall not be entitled to any right of subrogation
in relation to the Holders in respect of any obligations guaranteed hereby until payment in full of
all obligations guaranteed hereby. Each Subsidiary Guarantor further agrees that, as between the
Subsidiary Guarantors, on the one hand, and the Holders and the Trustee, on the other hand, (x) the
maturity of the obligations guaranteed hereby may be accelerated as provided in this Indenture for
the purposes of this Note Guarantee, notwithstanding any stay, injunction or other prohibition
preventing such acceleration in respect of the obligations guaranteed hereby, and (y) in the event
of any declaration of acceleration of such obligations as provided in this Indenture, such
obligations (whether or not due and payable) shall forthwith become due and payable by the
Subsidiary Guarantors for the purpose of this Note Guarantee. The Subsidiary Guarantors shall have
the right to seek contribution from any non-paying Subsidiary Guarantor so long as the exercise of
such right does not impair the rights of the Holders under the Note Guarantee.

50

 

          (e) The Company shall not permit any of its Subsidiaries, directly or indirectly, to guarantee
or pledge any assets to secure the payment of any other indebtedness of the Company or any
Subsidiary Guarantor unless such Subsidiary is a Subsidiary Guarantor or simultaneously executes
and delivers a supplemental indenture providing for the guarantee of the payment of the Notes by
such Subsidiary, which guarantee shall be senior to or equal in right with such Subsidiary’s
guarantee of such other indebtedness. Notwithstanding this Section 11.01(e), any Note Guarantee
shall be automatically and unconditionally released and discharged under the circumstances
described under Section 11.03 hereof.

          SECTION 11.02. Limitation on Subsidiary Guarantor Liability. Each Subsidiary
Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it is the intention of
all such parties that the Note Guarantee of such Subsidiary Guarantor not constitute (i) a
fraudulent transfer or conveyance for purposes of any federal or state law to the extent applicable
to its Note Guarantee or (ii) an unlawful distribution under any applicable state law prohibiting
shareholder distributions by an insolvent subsidiary to the extent applicable to its Note
Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and the Subsidiary
Guarantors hereby irrevocably agree that the obligations of such Subsidiary Guarantor shall be
limited to the maximum amount as shall, after giving effect to all other contingent and fixed
liabilities of such Subsidiary Guarantor that are relevant under such laws, and after giving effect
to any collections from, rights to receive contribution from or payments made by or on behalf of
any other Subsidiary Guarantor in respect of the obligations of such other Subsidiary Guarantor
under this Article 11, result in the obligations of such Subsidiary Guarantor under its Note
Guarantee not constituting a fraudulent transfer or conveyance or such an unlawful shareholder
distribution.

          SECTION 11.03. Release of Subsidiary Guarantor.

          (a) Any Subsidiary Guarantor shall be automatically released and relieved of any obligations
under its Note Guarantee:

     (i) in connection with any sale or other disposition of all of the Capital
Stock (or the Capital Stock of any holding company of) such Subsidiary Guarantor to
a Person that is not (either before or after giving effect to such transaction) the
Company or any Subsidiary of the Company; provided, that after giving effect to such
transaction, such Subsidiary Guarantor is released from any liability relating to,
and is no longer a guarantor of, any other indebtedness of the Company or any of its
Subsidiaries;

     (ii) solely in the case of a Note Guarantee created pursuant to the Section
11.01(e), upon the release or discharge of the guarantee which resulted in the
creation of such Note Guarantee pursuant to Section 11.01(e), except a discharge or
release by or as a result of payment under such other guarantee; provided, that such
Subsidiary Guarantor has not guaranteed any other indebtedness of the Company which
would have resulted in an obligation to guarantee the Notes and such other guarantee
has not also been unconditionally released and discharged;

     (iii) at such time when such Subsidiary Guarantor is not a guarantor of any
other indebtedness of the Company;

     (iv) upon satisfaction and discharge of the Notes as provided in Section 8.01;
or

     (v) upon the full and final payment and performance of all of the Company’s
obligations under the Indenture and the Notes.

     Upon delivery by the Company to the Trustee of an Officers’ Certificate and an Opinion of
Counsel to the effect that one of the foregoing requirements has been satisfied and the conditions
to the release of the Subsidiary Guarantor under this Section 11.03 have been met, the Trustee
shall execute any documents reasonably required in order to evidence the release of such Subsidiary
Guarantor from its obligations under its Note Guarantee.

          (b) Any Subsidiary Guarantor not released from its obligations under its Note Guarantee shall
remain liable for the full amount of principal of and interest and Additional Interest, if any, on
the Notes and for the other obligations of any Subsidiary Guarantor under this Indenture as
provided in this Article 11.

51

 

ARTICLE 12

Miscellaneous

          SECTION 12.01. Trust Indenture Act Controls. If any provision of this Indenture
limits, qualifies or conflicts with another provision which is required to be included in this
Indenture by the Trust Indenture Act, the required provision shall control.

          SECTION 12.02. Notices. Any notice or communication shall be in writing and delivered
in person or mailed by first-class mail addressed as follows:

if to the Company:

Gaylord Entertainment Company

One Gaylord Drive

Nashville, Tennessee 32714

Attention: Carter R. Todd, Esq.

if to the Trustee:

U.S. Bank National Association

EP-MN-WS3C

60 Livingston Avenue

St. Paul, Minnesota 55107-1419

Attention: Corporate Trust Services

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

     Any notice or communication mailed to a Noteholder shall be mailed to the Noteholder at the
Noteholder’s address as it appears on the Register of the Registrar and shall be sufficiently given
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 in the
manner provided above, it is duly given, whether or not the addressee receives it.

          SECTION 12.03. Communication by Noteholders with Other Noteholders. Noteholders may
communicate pursuant to Trust Indenture Act § 312(b) with other Noteholders with respect to their
rights under this Indenture or the Notes. The Company, the Trustee, the Registrar and anyone else
shall have the protection of Trust Indenture Act § 312(c).

          SECTION 12.04. Certificate and Opinion as to Conditions Precedent. Upon any request or
application by the Company to the Trustee to take or refrain from taking any action under this
Indenture, the Company shall furnish to the Trustee:

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

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

          SECTION 12.05. Statements Required in Certificate or Opinion. Each certificate or
opinion with respect to compliance with a covenant or condition provided for in this Indenture
shall include:

52

 

          (a) a statement that the individual 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 individual, he has made such examination or
investigation as is necessary to enable him to express an informed opinion as to whether or not
such covenant or condition has been complied with; and

          (d) a statement as to whether or not, in the opinion of such individual, such covenant or
condition has been complied with.

          SECTION 12.06. When Notes Disregarded. In determining whether the Noteholders of the
required principal amount of Notes have concurred in any direction, waiver or consent, Notes owned
by the Company or by any Person directly or indirectly controlling or controlled by or under direct
or indirect common control with the Company shall be disregarded and deemed not to be outstanding,
except that, for the purpose of determining whether the Trustee shall be protected in relying on
any such direction, waiver or consent, only Notes which a Trust Officer of the Trustee knows are so
owned shall be so disregarded. Subject to the foregoing, only Notes outstanding at the time shall
be considered in any such determination.

          SECTION 12.07. Rules by Trustee, Paying Agent and Registrar. The Trustee may make
reasonable rules for action by or a meeting of Noteholders. The Registrar and the Paying Agent may
make reasonable rules for their functions.

          SECTION 12.08. Business Day. A “Business Day” means each Monday, Tuesday, Wednesday,
Thursday and Friday which is not a day on which banking institutions in New York City are
authorized or obligated by law or executive order to close.

          SECTION 12.09. GOVERNING LAW. THIS INDENTURE, THE NOTES AND THE NOTE GUARANTEES SHALL
BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

          SECTION 12.10. Successors. All agreements of the Company in this Indenture and the
Notes shall bind its successors. All agreements of the Trustee in this Indenture shall bind its
successors.

          SECTION 12.11. Multiple Originals. The parties may sign any number of copies of this
Indenture. Each signed copy shall be an original, but all of them together represent the same
agreement. One signed copy is enough to prove this Indenture.

          SECTION 12.12. Table of Contents; Headings. The table of contents, cross-reference
sheet and headings of the Articles and Sections of this Indenture have been inserted for
convenience of reference only, are not intended to be considered a part hereof and shall not modify
or restrict any of the terms or provisions hereof.

          SECTION 12.13. Severability Clause. In case any provision in this Indenture 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 and such provision shall be
ineffective only to the extent of such invalidity, illegality or unenforceability.

          SECTION 12.14. Calculations. Except as otherwise provided herein, the Company shall be
responsible for making all calculations called for under the Indenture and the Notes. The Company
shall make all such calculations in good faith and, absent manifest error, its calculations shall
be final and binding on Holders. The Company upon request shall provide a schedule of its
calculations to each of the Trustee and the Conversion Agent, and each of the Trustee and
Conversion Agent is entitled to rely conclusively upon the accuracy of the Company’s

53

 

calculations without independent verification. The Trustee shall deliver a copy of such
schedule to any Holder upon the request of such Holder.

54

 

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

GAYLORD ENTERTAINMENT COMPANY

	 	 	 	 	 
	 	By:  	/s/ Carter R. Todd	 	 
	 	Name:  	Carter R. Todd 	 	 
	 	Title:  	Executive Vice President, General Counsel and Secretary 	 	 

SUBSIDIARY GUARANTORS:

CCK HOLDINGS, LLC

CORPORATE MAGIC, INC.

COUNTRY MUSIC TELEVISION INTERNATIONAL, INC.

GAYLORD CREATIVE GROUP, INC.

GAYLORD DESTIN RESORTS, LLC

GAYLORD FINANCE, INC.

GAYLORD HOTELS, INC.

GAYLORD INVESTMENTS, INC.

GAYLORD NATIONAL, LLC

GAYLORD PROGRAM SERVICES, INC.

GRAND OLE OPRY, LLC

GRAND OLE OPRY TOURS, INC.

OLH HOLDINGS, LLC

OPRYLAND ATTRACTIONS, LLC

OPRYLAND HOSPITALITY, LLC

OPRYLAND HOTEL NASHVILLE, LLC

OPRYLAND HOTEL-TEXAS, LLC

OPRYLAND PRODUCTIONS, INC.

OPRYLAND THEATRICALS, INC.

WILDHORSE SALOON ENTERTAINMENT VENTURES, INC.

	 	 	 	 	 
	By:  	/s/ Carter R. Todd	 	 
	Name:  	Carter R. Todd 	 	 
	Title:  	Vice President and Secretary
OLH, G.P. 	 	 

By its General Partners:

Gaylord Hotels, Inc., a general partner

	 	 	 	 	 
	By:  	/s/ Carter R. Todd	 	 
	 	Name:  	Carter R. Todd 	 	 
	 	Title:  	Vice President and Secretary 	 	 

OLH Holdings, LLC, a general partner

	 	 	 	 	 
	By:  	/s/ Carter R. Todd	 	 
	 	Name:  	Carter R. Todd 	 	 
	 	Title:  	Vice President and Secretary 	 	 

55

 

OPRYLAND HOTEL-FLORIDA LIMITED PARTNERSHIP

By: Opryland Hospitality, LLC, its general partner

	 	 	 	 	 
	By:  	/s/ Carter R. Todd	 	 
	 	Name:  	Carter R. Todd 	 	 
	 	Title:  	Vice President and Secretary 	 	 

OPRYLAND HOTEL-TEXAS LIMITED PARTNERSHIP

By: Opryland Hospitality, LLC, its general partner

	 	 	 	 	 
	By:  	/s/ Carter R. Todd	 	 
	 	Name:  	Carter R. Todd 	 	 
	 	Title:  	Vice President and Secretary 	 	 

	 	 	 	 	 
	U.S. BANK NATIONAL ASSOCIATION, as Trustee,

 	 	 
	By:  	/s/ Raymond S. Haverstock	 	 
	Name:  	Raymond S. Haverstock	 	 
	Title:  	Vice President	 	 

56

 

EXHIBIT A

[FORM OF FACE OF NOTE]

[Global Note Legend]

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

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

[Restricted Note Legend]

     THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR ANY STATE SECURITIES LAWS AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT
AS SET FORTH IN THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR A BENEFICIAL INTEREST HEREIN,
THE HOLDER AGREES (1) THAT IT SHALL NOT WITHIN SIX MONTHS (OR, IF GAYLORD ENTERTAINMENT COMPANY HAS
NOT SATISFIED THE CURRENT PUBLIC INFORMATION REQUIREMENTS OF RULE 144, ONE YEAR) AFTER THE LAST
DATE OF THE ORIGINAL ISSUANCE OF THE 3.75% CONVERTIBLE SENIOR NOTES DUE 2014 OF GAYLORD
ENTERTAINMENT COMPANY RESELL OR OTHERWISE TRANSFER THE SECURITY EVIDENCED HEREBY OR THE COMMON
STOCK ISSUABLE UPON CONVERSION OF SUCH SECURITY, EXCEPT (A) TO GAYLORD ENTERTAINMENT COMPANY OR ANY
SUBSIDIARY THEREOF; (B) UNDER A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE
SECURITIES ACT AND WHICH CONTINUES TO BE EFFECTIVE AT THE TIME OF TRANSFER; (C) FOR SO LONG AS THE
SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, 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; (2) THAT IT SHALL DELIVER TO EACH PERSON TO WHOM
THE SECURITY EVIDENCED HEREBY IS TRANSFERRED PURSUANT TO CLAUSE (1)(C) ABOVE A NOTICE SUBSTANTIALLY
TO THE EFFECT OF THIS LEGEND; AND (3) THAT IT SHALL, PRIOR TO ANY TRANSFER OF THIS SECURITY WITHIN
SIX MONTHS (OR, IF GAYLORD ENTERTAINMENT COMPANY HAS NOT SATISFIED THE CURRENT PUBLIC INFORMATION
REQUIREMENTS OF RULE 144, ONE YEAR) AFTER THE LAST DATE OF THE ORIGINAL ISSUANCE OF THIS SECURITY,
FURNISH TO THE TRUSTEE AND GAYLORD ENTERTAINMENT COMPANY SUCH CERTIFICATIONS, LEGAL OPINIONS OR
OTHER INFORMATION AS MAY BE REQUIRED PURSUANT TO THE INDENTURE 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.

A-1

 

3.75% Convertible Senior Note due 2014

	 	 	 
	No. R-___

	 	CUSIP No.: 367905 AE6
	 

	 	ISIN No.: US367905AE60

     GAYLORD ENTERTAINMENT COMPANY, a Delaware corporation, promises to pay to [Cede &
Co.]1, or registered assigns, the principal sum of [   ] Million Dollars ($   )
[or such lesser amount as is indicated in the records of the Trustee and DTC]
2, on October 1, 2014, and to pay interest thereon from September 29, 2009, or from the
most recent Interest Payment Date to which interest has been paid or duly provided for,
semi-annually on April 1 and October 1 of each year, commencing April 1, 2010, at the rate of 3.75%
per annum, until the principal hereof is paid or made available for payment or converted. The
interest so payable, and punctually paid or duly provided for, on any Interest Payment Date shall,
as provided in the Indenture, be paid to the Person in whose name this Note (or one or more
predecessor Notes) is registered at 5:00 p.m., New York City time, on the Regular Record Date for
such interest, which shall be March 15 or September 15 (whether or not a Business Day), as the case
may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly
provided for shall forthwith cease to be payable to the Holder on such Regular Record Date and may
either be paid to the Person in whose name this Note (or one or more predecessor Notes) is
registered at 5:00 p.m., New York City time, on a Special Record Date for the payment of such
Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Notes
not more than fifteen (15) calendar days and not less than ten (10) calendar days prior to such
Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the
requirements of any securities exchange on which the Notes may be listed, and upon such notice as
may be required by such exchange, all as more fully provided in the Indenture (as defined on the
reverse hereof).

     Interest on the Notes shall be calculated on the basis of a three-hundred sixty (360)-day
period consisting of twelve (12) thirty (30)-day months. 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
in respect of such payment by virtue of the payment being made on such later date.

     CCK Holdings, LLC, Corporate Magic, Inc., Country Music Television International, Inc.,
Gaylord Creative Group, Inc., Gaylord Destin Resorts, LLC, Gaylord Finance, Inc., Gaylord Hotels,
Inc., Gaylord Investments, Inc., Gaylord National, LLC, Gaylord Program Services, Inc., Grand Ole
Opry, LLC, Grand Ole Opry Tours, Inc., OLH, G.P., OLH Holdings, LLC, Opryland Attractions, LLC,
Opryland Hospitality, LLC, Opryland Hotel-Florida Limited Partnership, Opryland Hotel Nashville,
LLC, Opryland Hotel-Texas, LLC, Opryland Hotel-Texas Limited Partnership, Opryland Productions,
Inc., Opryland Theatricals, Inc., and Wildhorse Saloon Entertainment Ventures, Inc. and any future
Subsidiary Guarantors (collectively, the “Subsidiary Guarantors” which term includes any successors
under the Indenture hereinafter referred to and any Subsidiary that provides a Note Guarantee
pursuant to the Indenture), has fully and unconditionally guaranteed the payment of principal of
and premium if any and interest on the Notes.

     Reference is hereby made to the further provisions of this Note set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at
this place.

 

1 Use bracketed language only if Global Note.

2 Use bracketed language only if Global Note.

     This Note shall be deemed to be a contract made under the laws of the State of New York, and
for all purposes shall be governed by and construed in accordance with the laws of said State.

     Unless the certificate of authentication hereon has been executed by the Trustee referred to
on the reverse hereof by manual signature, this Note shall not be entitled to any benefit under the
Indenture (as defined on the reverse hereof) or be valid or obligatory for any purpose.

	 	 	 
	GAYLORD ENTERTAINMENT COMPANY,
	 	 
	 
	 	 
	 

By:

	 	 

A-2

 

Name:

Title:

TRUSTEE’S CERTIFICATE OF

AUTHENTICATION

U.S. BANK NATIONAL ASSOCIATION,

as Trustee, certifies that this is one of the

Notes referred to in the Indenture.

	 	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

Authorized Signatory
	 	 

A-3

 

[FORM OF REVERSE SIDE OF NOTE]

3.75% Convertible Senior Note due 2014

     GAYLORD ENTERTAINMENT COMPANY, a Delaware corporation (such corporation, and its successors
and assigns under the Indenture hereinafter referred to, being herein called the “Company”), issued
this Note under an Indenture dated as of September 29, 2009, (as it may be amended or supplemented
from time to time in accordance with the terms thereof, the “Indenture”), between the Company and
U.S. Bank National Association, as Trustee, to which reference is hereby made for a statement of
the respective rights, obligations, duties and immunities thereunder of the Trustee, the Company
and the Holders and of the terms upon which the Notes are, and are to be, authorized and delivered.
Except as specifically provided in Section 1(a) hereof, all terms used in this Note which are
defined in the Indenture shall have the meaning assigned to them in the Indenture.

1. Further Provisions Relating to Interest

     (a) Additional Interest. Subject to Section 6.03(d) of the Indenture, if, at any time during
the six-month period beginning on, and including, the date which is six months after the last date
of the original issuance of the Notes, the Company fails to timely file any document or report that
the Company is required to file with the SEC pursuant to Section 13 or 15(d) of the Exchange Act,
as applicable (after giving effect to all applicable grace periods thereunder and other than
current reports on Form 8-K), or the Notes are not otherwise freely tradable by Holders other than
the Company’s Affiliates (as a result of restrictions pursuant to U.S. securities law or the terms
of the Indenture or the Notes), the Company shall pay Additional Interest on the Notes which shall
accrue on the Notes at a rate of 0.50% per annum of the principal amount of Notes outstanding for
each day during such period for which the Company’s failure to file, or the failure of the Notes to
be freely tradable by Holders other than the Company’s Affiliates, as described above, has occurred
and is continuing. Subject to Section 6.03(d) of the Indenture, if, and for so long as, the
restrictive legend on the Notes has not been removed in accordance with Section 2.08(d) or 2.15 of
the Indenture or the Notes are not otherwise freely tradable by Holders other than the Company’s
Affiliates as of the 365th day after the last date of the original issuance of the Notes, the
Company shall pay Additional Interest on the Notes which shall accrue on the Notes at a rate of
0.50% per annum of the principal amount of Notes outstanding for each day after the 365th day after
the last date of the original issuance of the Notes until (i) the restrictive legend on the Notes
has been removed in accordance with Section 2.08(d) or 2.15 of the Indenture, and (ii) the Notes
are otherwise freely tradable by Holders other than the Company’s Affiliates.

     (b) In the event of the Company’s failure to perform or observe the covenant in Section
4.03(a) of the Indenture, the Company shall pay additional interest (the “Reporting Additional
Interest”) on the Notes at an annual rate equal to 0.25% of the principal amount of the Notes;
provided that on the 91st day after the occurrence of such Event of Default, the
Reporting Additional Interest shall increase to an annual rate equal to 0.50% of the principal
amount of the Notes. Reporting Additional Interest shall be payable in the same manner and on the
same Interest Payment Dates as the stated interest payable on the Notes. Reporting Additional
Interest shall accrue on all outstanding Notes from, and including, the date on which an Event of
Default relating to a failure by the Company to comply with its obligations pursuant to Section
4.03(a) of the Indenture first occurs to, but not including, the one-hundred eighty-first
(181st) day thereafter (or such earlier date on which the Event of Default relating to
the Company’s obligations pursuant to Section 4.03(a) of the Indenture shall have been cured or
waived). On such one-hundred eighty-first (181st) day (or earlier, if an Event of
Default relating to the Company’s obligations pursuant to Section 4.03(a) of the Indenture is cured
or waived prior to such one-hundred eighty-first (181st) day), such Reporting Additional
Interest shall cease to accrue and the Notes shall be subject to acceleration as provided in
Section 6.02 of the Indenture if such Event of Default is continuing. For the avoidance of doubt,
in the event Additional Interest is also triggered under Section 6.03 of the Indenture, the
interest rate applicable to the Notes under such section shall apply to the Notes under Section
6.13 of the Indenture and shall constitute the exclusive rate of additional interest applicable to
the Notes under such circumstances.

     (c) Except as otherwise specifically set forth, all references herein to “interest” include
Defaulted Interest, if any, Additional Interest, if any, and Reporting Additional Interest, if any.

A-4

 

1. Method of Payment

     The Company shall pay interest on the Notes (except Defaulted Interest) to the Persons who are
registered holders of Notes at 5:00 p.m., New York City time, on the March 15 and September 15 next
preceding the Interest Payment Date even if Notes are canceled after the record date and on or
before the Interest Payment Date, except as otherwise provided in the Indenture. Holders must
surrender Notes to a Paying Agent to collect principal payments. The Company shall pay principal
and interest in money of the United States of America that at the time of payment is legal tender
for payment of public and private debts.

2. Paying Agent, Registrar, Conversion Agent and Bid Solicitation Agent

     Initially, U.S. Bank National Association, a national banking association organized under the
laws of the United States (the “Trustee”), shall act as Paying Agent, Registrar, Conversion Agent
and Bid Solicitation Agent. The Company may appoint and change any Paying Agent, Registrar or
co-registrar, Conversion Agent or Bid Solicitation Agent without notice. The Company or any of its
domestically incorporated Wholly Owned Subsidiaries may act as Paying Agent, Registrar or
co-registrar.

3. Sinking Fund

     The Notes are not subject to any sinking fund.

4. Repurchase of Notes at the Option of Noteholders

     Subject to the provisions of the Indenture, upon the occurrence of a Fundamental Change, the
Holder has the right, at such Holder’s option, to require the Company to repurchase all of such
Holder’s Notes or any portion thereof (in principal amounts of $1,000 or multiples thereof) on the
Fundamental Change Repurchase Date at a price equal to 100% of the principal amount of the Notes
such Holder elects to require the Company to repurchase, together with accrued and unpaid interest
to, but excluding, the Fundamental Change Repurchase Date. The Company or, at the written request
of the Company, the Trustee shall mail to all holders of record of the Notes a notice of the
occurrence of a Fundamental Change and of the repurchase right arising as a result thereof on or
before the fifteenth (15th) calendar day after the occurrence of such Fundamental
Change.

5. Conversion

     Subject to the provisions of the Indenture, the Holder hereof has the right, at its option,
during certain periods and upon the occurrence of certain conditions specified in the Indenture and
prior to 5:00 p.m. (New York City time) and on the second Scheduled Trading Day immediately
preceding the Maturity Date, to convert any Notes or portion thereof that is $1,000 or multiples
thereof at a Conversion Rate specified in the Indenture, as adjusted from time to time as provided
in the Indenture, upon surrender of this Note, together with a conversion notice as provided in the
Indenture and this Note, to the Company at the office or agency of the Company maintained for that
purpose in New York City and, unless the shares issuable on conversion are to be issued in the same
name as this Note, duly endorsed by, or accompanied by instruments of transfer in form satisfactory
to the Company duly executed by, the Holder or by its duly authorized attorney. Upon conversion,
the Company shall satisfy its Conversion Obligation in shares of Common Stock, cash or a
combination of cash and shares of Common Stock. The Company may elect, in accordance with the
Indenture, a different settlement method pursuant to the terms of the Indenture. The initial
Conversion Rate shall be 36.6972 shares of Common Stock for each $1,000 principal amount of Notes.
No fractional shares of Common Stock shall be issued upon any conversion, but an adjustment in cash
shall be paid to the Holder, as provided in the Indenture, in respect of any fraction of a share
that would otherwise be issuable upon the surrender of any Note or Notes for conversion. No
adjustment shall be made for dividends or any shares issued upon conversion of such Note except as
provided in the Indenture.

6. Denominations, Transfer, Exchange

     The Notes are in registered form without coupons in denominations of $1,000 and whole
multiples of $1,000. A Noteholder may transfer or exchange Notes in accordance with the Indenture.
Upon any transfer or

A-5

 

exchange, the Registrar and the Trustee may require a Noteholder, among other things, to
furnish appropriate endorsements or transfer documents and to pay any taxes required by law or
permitted by the Indenture.

7. Persons Deemed Owners

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

8. Unclaimed Money

     Subject to any applicable abandoned property law, the Trustee and the Paying Agent shall pay
to the Company upon written request any money held by them for the payment of principal or interest
and any shares of Common Stock or other property due in respect of converted Notes that remains
unclaimed for two years, and, thereafter, Noteholders entitled to the money and/or securities must
look to the Company for payment as general creditors.

9. Amendment, Waiver

     Subject to certain exceptions, the Indenture contains provisions permitting an amendment of
the Indenture or the Notes with the written consent of the Holders of at least a majority in
aggregate principal amount of the then outstanding Notes and the waiver of any Event of Default
(other than with respect to nonpayment, or failure to satisfy the Conversion Obligation, failure to
repurchase any Note when required to do so by the Indenture or in respect of a provision that
cannot be amended without the written consent of each Holder affected) or noncompliance with any
provision with the written consent of the Holders of a majority in aggregate principal amount of
the then outstanding Notes.

     In addition, the Indenture permits an amendment of the Indenture or the Notes without the
consent of any Holder under circumstances specified in the Indenture. The Indenture also permits an
amendment of the Indenture or the Notes only with the consent of any Holder affected thereby under
circumstances specified in the Indenture.

10. Defaults and Remedies

     Except as specified in the Indenture, if an Event of Default occurs (other than an Event of
Default relating to certain events of bankruptcy, insolvency or reorganization of the Company) and
is continuing, the Trustee or the Holders of at least 25% in principal amount of the outstanding
Notes may declare the principal of and accrued but unpaid interest on all the Notes to be due and
payable. If an Event of Default relating to certain events of bankruptcy, insolvency or
reorganization of the Company occurs, the principal of and interest on all the Notes shall become
immediately due and payable without any declaration or other act on the part of the Trustee or any
Noteholders. Under certain circumstances, the holders of a majority in principal amount of the
outstanding Notes may rescind any such acceleration with respect to the Notes and its consequences.

     If an Event of Default occurs and is continuing, the Trustee shall be under no obligation to
exercise any of the rights or powers under the Indenture at the request or direction of any of the
Noteholders unless such Noteholders have offered to the Trustee indemnity or security reasonably
satisfactory to it in its sole discretion against any loss, liability or expense. Subject to
certain exceptions, no Noteholder may pursue any remedy with respect to the Indenture or the Notes
unless (i) such Noteholder has previously given the Trustee notice that an Event of Default is
continuing, (ii) holders of at least 25% in principal amount of the outstanding Notes have
requested the Trustee in writing to pursue the remedy, (iii) such Noteholders have offered the
Trustee security or indemnity reasonably satisfactory to it against any loss, liability or expense,
(iv) the Trustee has not complied with such request within sixty (60) calendar days after the
receipt of the request and the offer of security or indemnity and (v) the holders of a majority in
principal amount of the outstanding Notes have not given the Trustee a direction that, in the
opinion of the Trustee, is inconsistent with such request during such sixty (60)-calendar day
period. Subject to certain restrictions, the Holders of a majority in principal amount of the
outstanding Notes are given the right to direct the time, method and place of conducting any
proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on
the Trustee. The Trustee, however, may refuse to follow any direction that conflicts with law or
the Indenture or that the Trustee determines is unduly prejudicial to the rights of any other

A-6

 

Noteholder or that would involve the Trustee in personal liability or expense for which the
Trustee has not received adequate indemnity as determined by it in good faith. Prior to taking any
action under the Indenture, the Trustee shall be entitled to indemnification satisfactory to it in
its sole discretion against all losses and expenses caused by taking or not taking such action.

     No reference herein to the Indenture and no provision of this Note or of the Indenture shall
impair, as among the Company and the holder of the Notes, the obligation of the Company, which is
absolute and unconditional, to pay the principal of 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.

11. Trustee Dealings with the Company

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

12. Guarantees.

     The Company’s obligations under the Notes are fully and unconditionally guaranteed, jointly
and severally, by the Subsidiary Guarantors.

13. Authentication

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

14. Abbreviations

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

15. GOVERNING LAW

     THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK.

16. CUSIP and ISIN Numbers

     Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification
Procedures, the Company has caused CUSIP and ISIN numbers to be printed on the Notes and has
directed the Trustee to use CUSIP and ISIN numbers in notices of repurchase as a convenience to
Noteholders. No representation is made as to the accuracy of such numbers either as printed on the
Notes or as contained in any notice of repurchase and reliance may be placed only on the other
identification numbers placed thereon.

     The Company shall furnish to any holder of Notes upon written request and without charge to
the holder a copy of the Indenture which has in it the text of this Note.

A-7

 

CONVERSION NOTICE

			
	TO:	 	GAYLORD ENTERTAINMENT COMPANY

U.S. BANK NATIONAL ASSOCIATION, as Trustee

     The undersigned registered owner of this Note hereby irrevocably exercises the option to
convert this Note, or the portion thereof (which is $1,000 or a multiple thereof) below designated
in accordance with the terms of the Indenture referred to in this Note, and directs that the shares
of Common Stock, cash or a combination of cash and shares of Common Stock deliverable or payable
upon such conversion and any Notes representing any unconverted 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 converted are to be issued in the name of a
person other than the undersigned, the undersigned shall 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.

Dated:

	 	 	 
	 

	 	Signature(s)
	 
	 	 
	 

	 	Signature(s) must be guaranteed by an “eligible
guarantor institution” meeting the requirements of
the 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 Registrar in addition to, or in
substitution for, STAMP, all in accordance with the
Securities Exchange Act of 1934, as amended.
	 
	 	 
	 

	 	Signature Guarantee

     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, if any, 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)

A-8

 

Principal amount to be converted (if less

than all):

$ 

Social Security or Other Taxpayer

Identification Number:

NOTICE: The signature on this Conversion Notice must correspond with the name as written upon the
face of the Notes in every particular without alteration or enlargement or any change whatever.

A-9

 

FUNDAMENTAL CHANGE REPURCHASE NOTICE

			
	TO:	 	GAYLORD ENTERTAINMENT COMPANY

U.S. BANK NATIONAL ASSOCIATION, as Trustee

     The undersigned registered owner of this Note hereby irrevocably acknowledges receipt of a
notice from Gaylord Entertainment Company (the “Company”) regarding the right of holders to elect
to require the Company to repurchase the Notes and requests and instructs the Company 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 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 Fundamental Change Repurchase Date 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 Company as of the Fundamental Change Repurchase
Date pursuant to the terms and conditions specified in the Indenture.

Dated:

Signature(s):

NOTICE: The above signatures of the holder(s) hereof must correspond with the name as written upon
the face of the Notes in every particular without alteration or enlargement or any change whatever.

Notes 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:

A-10

 

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 Notes, and hereby irrevocably constitutes and
appoints attorney to transfer said Notes on the books of the Company, with full power of
substitution in the premises.

          In connection with any transfer of the Notes prior to the first anniversary of the last date
of the original issuance of the Notes, the undersigned confirms that such Notes are being
transferred:

	o	 	To Gaylord Entertainment Company or a subsidiary thereof; or
	 
	o	 	To a “qualified institutional buyer” in compliance with Rule 144A under the Securities Act
of 1933, as amended; or
	 
	o	 	Pursuant to and in compliance with Rule 144 under the Securities Act of 1933, as amended; 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;

and unless the Notes has been transferred to Gaylord Entertainment Company or a subsidiary thereof,
the undersigned confirms that such Notes are not being transferred to an “affiliate” of the Company
as defined in Rule 144 under the Securities Act of 1933, as amended.

Unless one of the boxes is checked, the Trustee shall refuse to register any of the Notes evidenced
by this certificate in the name of any person other than the registered holder thereof.

Dated:

	 	 	 
	 

	 	Signature(s)
	 
	 	 
	 

	 	Signature(s) must be guaranteed by an “eligible guarantor
institution” meeting the requirements of the 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 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 Notes in every particular without alteration or enlargement or any change whatever.

A-11

 

EXHIBIT B

FORM OF RESTRICTIVE LEGEND FOR

COMMON STOCK ISSUED UPON CONVERSION3

     THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE 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 SHALL NOT, WITHIN SIX
MONTHS (OR, IF GAYLORD ENTERTAINMENT COMPANY (THE “COMPANY”) HAS NOT SATISFIED THE CURRENT PUBLIC
INFORMATION REQUIREMENTS OF RULE 144, ONE YEAR) AFTER THE LAST DATE OF THE ORIGINAL ISSUANCE OF THE
NOTES UPON THE CONVERSION OF WHICH THIS SECURITY WAS ISSUED, RESELL OR OTHERWISE TRANSFER THE
SECURITY EVIDENCED HEREBY, EXCEPT (A) TO THE COMPANY; (B) UNDER A REGISTRATION STATEMENT THAT HAS
BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT AND WHICH CONTINUES TO BE EFFECTIVE AT THE TIME OF
TRANSFER; OR (C) UNDER ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT; AND (2) AGREES THAT IT SHALL, PRIOR TO ANY TRANSFER OF THIS SECURITY WITHIN SIX
MONTHS (OR, IF THE COMPANY HAS NOT SATISFIED THE CURRENT PUBLIC INFORMATION REQUIREMENTS OF RULE
144, ONE YEAR) AFTER THE LAST DATE OF THE ORIGINAL ISSUANCE OF THE NOTES UPON THE CONVERSION OF
WHICH THIS SECURITY WAS ISSUED, FURNISH TO THE TRANSFER AGENT AND THE COMPANY 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.

     THE SHARES OF COMMON STOCK, PAR VALUE $0.01 PER SHARE, OF THE COMPANY ENTITLE THE HOLDER
THEREOF TO CERTAIN RIGHTS AS SET FORTH IN A RIGHTS AGREEMENT BETWEEN THE COMPANY AND COMPUTERSHARE
TRUST COMPANY, N.A., DATED AS OF AUGUST 12, 2008, AS AMENDED ON MARCH 9, 2009 (THE “RIGHTS
AGREEMENT”), THE TERMS OF WHICH ARE HEREBY INCORPORATED HEREIN BY REFERENCE AND A COPY OF WHICH IS
ON FILE AT THE PRINCIPAL EXECUTIVE OFFICES OF THE COMPANY. UNDER CERTAIN CIRCUMSTANCES, AS SET
FORTH IN THE RIGHTS AGREEMENT, SUCH RIGHTS WILL BE EVIDENCED BY SEPARATE CERTIFICATES AND WILL NO
LONGER BE EVIDENCED BY THE SHARES TO WHICH THIS STATEMENT RELATES. THE COMPANY WILL MAIL (OR CAUSE
THE RIGHTS AGENT TO MAIL) TO THE HOLDER OF SHARES TO WHICH THIS STATEMENT RELATES A COPY OF THE
RIGHTS AGREEMENT WITHOUT CHARGE PROMPTLY AFTER RECEIPT OF A WRITTEN REQUEST THEREFOR. UNDER
CERTAIN CIRCUMSTANCES SET FORTH IN THE RIGHTS AGREEMENT, RIGHTS ISSUED TO AN ACQUIRING PERSON OR
ANY ASSOCIATE OR AFFILIATE THEREOF (AS SUCH TERMS ARE DEFINED IN THE RIGHTS AGREEMENT) MAY BE NULL
AND VOID. THE RIGHTS SHALL NOT BE EXERCISABLE, AND SHALL BE VOID SO LONG AS HELD, BY A HOLDER IN
ANY JURISDICTION WHERE THE REQUISITE QUALIFICATION FOR THE ISSUANCE TO SUCH HOLDER, OR THE EXERCISE
BY SUCH HOLDER OF THE RIGHTS IN SUCH JURISDICTION, SHALL NOT HAVE BEEN OBTAINED OR BE OBTAINABLE.

 

			
	3	 	This legend should be included only if the shares of Common Stock are Restricted
Securities.

A-12EX-10.1

Exhibit 10.1

Execution Version

Gaylord Entertainment Company

and

the Guarantors listed on Schedule II hereto

$300,000,000

3.75% Convertible Senior Notes due 2014

PURCHASE AGREEMENT

September 24, 2009

DEUTSCHE BANK SECURITIES INC.

CITIGROUP GLOBAL MARKETS INC.

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED

WELLS FARGO SECURITIES, LLC

			
	c/o	 	Deutsche Bank Securities Inc.

60 Wall Street

New York, New York 10005

Ladies and Gentlemen:

               Gaylord Entertainment Company, a Delaware corporation (the “Company”), hereby confirms
its agreement with you (the “Initial Purchasers”), as set forth below.

               Section 1. The Securities. Subject to the terms and conditions herein contained, the
Company proposes to issue and sell to the Initial Purchasers named in Schedule I hereto,
for whom you are acting as representatives (the “Representatives”), $300,000,000 aggregate
principal amount of its 3.75% Convertible Senior Notes due 2014 (the “Firm Notes”). The
respective principal amounts of the Firm Notes to be so purchased by the several Initial Purchasers
are set forth opposite their names in Schedule I hereto. In addition, the Company has
granted to the Initial Purchasers an option to purchase up to an additional $60,000,000 in
aggregate principal amount of its 3.75% Convertible Senior Notes due 2014 (the “Optional
Notes” and, together with the Firm Notes, the “Notes”). The Notes are to be issued
under an indenture (the “Indenture”) to be entered into by and among the Company, the
Guarantors listed on Schedule II hereto (collectively, the “Guarantors”) and U.S. Bank
National Association, as Trustee (the “Trustee”) on the Closing Date.

               The Notes will be convertible on the terms, and subject to the conditions, set forth in the
Indenture. As used herein, “Conversion Shares” means the shares of common

 

 

stock, par value $0.01 per share, of the Company (the “Common Stock”) to be received
by the holders of the Notes upon conversion of the Notes pursuant to the terms of the Notes and the
Indenture. In accordance with that certain Amended and Restated Rights Agreement, dated as of
March 9, 2009 (the “Rights Agreement”), by and between the Company and Computershare Trust
Company, N.A., as rights agent, each outstanding share of Common Stock of the Company is
accompanied by one preferred share purchase right (a “Right”); each Right representing the
right to purchase one one-hundredth of a share of Series A Junior Participating Preferred Stock of
the Company upon the terms and subject to the conditions set forth in the Rights Agreement. Until
the Distribution Date (as defined in the Rights Agreement), the Rights trade with, and will be
inseparable from, the Common Stock. Each Conversion Share issued and sold by the Company pursuant
to this Agreement shall be issued together with a Right. In this Agreement, the terms “Conversion
Shares,” and “Common Stock” shall be deemed to include the Right which accompanies each share of
Common Stock.

               The payment of principal of, Additional Interest (as defined in the Indenture), if any, and
interest on the Notes will be fully and unconditionally guaranteed by the Guarantors (each a
“Guarantee” and collectively, the “Guarantees”). The Notes will be offered and
sold to the Initial Purchasers, and resold by the Initial Purchasers, without being registered
under the Securities Act of 1933, as amended (the “Act”), in reliance on exemptions
therefrom and the rules and regulations promulgated under the Act by the Securities and Exchange
Commission (the “Commission”), including the exemption afforded by Rule 144A thereunder
(“Rule 144A”).

               In connection with the sale of the Notes, the Company has prepared a preliminary offering
memorandum dated September 23, 2009 (the “Preliminary Memorandum”) and has prepared a
Pricing Supplement (the “Pricing Supplement”) dated September 24, 2009 setting forth or
including a description of the terms of the Notes and the Guarantees, the terms of the offering of
the Notes and the Guarantees, a description of the Company and any material developments relating
to the Company occurring after the date of the most recent historical financial statements included
therein. As used herein, “Offering Memorandum” shall mean, with respect to any date or
time referred to in this Agreement, the Preliminary Memorandum, as supplemented by the Pricing
Supplement, in the most recent form that has been prepared and delivered by the Company to the
Initial Purchasers in connection with their solicitation of offers to purchase the Notes prior to
the time this Agreement is executed by the parties hereto (the “Time of Execution”).
Promptly after the Time of Execution and in any event no later than the second Business Day
following the Time of Execution, the Company will prepare and deliver to each Initial Purchaser a
Final Memorandum (the “Final Memorandum”), which will consist of the Preliminary Memorandum
with such changes therein as are required to reflect the information contained in the Pricing
Supplement, and from and after the time such Final Memorandum is delivered to each Initial
Purchaser, all references herein to the Offering Memorandum shall be deemed to be a reference to
both the Offering Memorandum and the Final Memorandum. All references in this Agreement to
financial statements and schedules and other information which is “contained,” “included” or
“stated” in the Preliminary Memorandum, the Final Memorandum or the Offering Memorandum shall be
deemed to mean and

2

 

include all financial statements and schedules and other information that is incorporated by
reference in or otherwise deemed to be a part of or included in the Preliminary Memorandum, the
Final Memorandum or the Offering Memorandum, as the case may be; and all references in this
Agreement to amendments or supplements to the Preliminary Memorandum, the Final Memorandum or the
Offering Memorandum shall be deemed to mean and include any document filed under the Securities
Exchange Act of 1934 (the “Exchange Act”) with the Commission after the date of the
Preliminary Memorandum, the Final Memorandum or the Offering Memorandum that is incorporated by
reference in or otherwise deemed to be a part of or included in the Preliminary Memorandum, the
Final Memorandum or the Offering Memorandum, as the case may be. This Agreement, the Indenture,
the Notes, and the Guarantees are referred to herein collectively as the “Operative
Documents.”

     Concurrent with the offering and sale of the Notes by the Company pursuant to the terms of
this Agreement, the Company is offering to sell 6,000,000 shares of Common Stock of the Company (or
up to 6,900,000 shares of Common Stock if the underwriters exercise the over-allotment option in
full) (the “Concurrent Offering”), pursuant to the terms of an underwriting agreement,
dated of even date herewith between the Company and certain of the Underwriters.

               As the Representatives, you have advised the Company (a) that you are authorized to enter into
this Agreement on behalf of the several Initial Purchasers, and (b) that the several Initial
Purchasers are willing, acting severally and not jointly, to purchase the principal amount of Firm
Notes set forth opposite their respective names in Schedule I, plus their pro rata portion
of the Optional Notes if you elect to exercise the over-allotment option in whole or in part for
the accounts of the several Initial Purchasers.

               Section 2. Representations and Warranties. Each of the Company and the Guarantors
represent and warrant to and agree with each of the Initial Purchasers as follows:

          (a) Offering Memorandum. As of the Time of Execution and as of the Closing Date (as defined
in Section 3 below) or the Option Closing Date (as defined in Section 3 below), as the case may be,
the Offering Memorandum does not, and will not, contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements therein, in the light of the
circumstances under which they were made, not misleading, except that the representations and
warranties set forth in this Section 2(a) do not apply to statements or omissions made in reliance
upon and in conformity with information relating to any Initial Purchasers furnished to the Company
in writing by the Initial Purchasers expressly for use in the Offering Memorandum, it being
understood and agreed that the only such information furnished by any Initial Purchaser consists of
the information described as such in Section 13 herein. The documents incorporated, or to be
incorporated, by reference in the Offering Memorandum and the Final Memorandum, at the time filed
with the Commission conformed or will conform, in all material respects to the requirements of the
Exchange Act or the Act, as applicable, and the rules and regulations of the Commission thereunder,
and none of such documents contained or will contain an untrue statement of a material fact or
omitted or will omit to state a material fact required to be stated therein or necessary in order

3

 

to make the statements therein, in the light of the circumstances under which they were made,
not misleading.

          (b) Financial Statements. The historical financial statements of the Company and its
consolidated subsidiaries and the related notes thereto, as amended or superseded as of the date
hereof, included or incorporated by reference in the Offering Memorandum and the Final Memorandum
present fairly in all material respects the consolidated financial position of the Company and its
consolidated subsidiaries as of the dates indicated and the results of their operations for the
periods specified; such financial statements have been prepared in conformity with generally
accepted accounting principles as applied in the United States applied on a consistent basis
throughout the periods involved (except as otherwise disclosed therein). The summary historical
consolidated financial data and the information under the heading “Capitalization” included in the
Offering Memorandum and the Final Memorandum are presented on a basis consistent with that of the
audited financial statements included or incorporated by reference in the Offering Memorandum and
the Final Memorandum.

          (c) No Material Adverse Change. Except as otherwise disclosed in the Offering Memorandum and
the Final Memorandum, subsequent to the respective dates as of which information is given in the
Offering Memorandum and the Final Memorandum: (i) there has been no material adverse change, or
any development that could reasonably be expected to result in a material adverse change, in the
condition, financial or otherwise, or in the earnings, business, operations or prospects, whether
or not arising from transactions in the ordinary course of business, of the Company and its
subsidiaries, considered as one entity (any such change is called a “Material Adverse
Change”); (ii) the Company and its subsidiaries, considered as one entity, have not incurred
any material liability or obligation, indirect, direct or contingent, not in the ordinary course of
business nor entered into any material transaction or agreement not in the ordinary course of
business; and (iii) there has been no dividend or distribution of any kind declared, paid or made
by the Company or, except for dividends paid to the Company or other subsidiaries, any of its
subsidiaries on any class of capital stock or repurchase or redemption by the Company or any of its
subsidiaries of any class of capital stock.

          (d) Organization and Good Standing. Each of the Company and its subsidiaries has been duly
incorporated, organized or formed and is validly existing as a corporation, limited liability
company, limited partnership or general partnership and is in good standing under the laws of the
jurisdiction of its incorporation or organization and has corporate or other power and authority to
own, lease and operate its properties and to conduct its business as described in the Offering
Memorandum and the Final Memorandum and, in the case of the Company and the Guarantors, to enter
into and perform their respective obligations, as the case may be, under this Agreement and the
other Operative Documents.

               Each of the Company and its subsidiaries is duly qualified to transact business as a foreign
corporation, limited liability company or partnership, as applicable, and is in good standing in
each jurisdiction in which such qualification is required, whether by reason of the

4

 

ownership or leasing of property or the conduct of business, except for such jurisdictions
where the failure to so qualify or to be in good standing would not, individually or in the
aggregate, result in a Material Adverse Change. All of the issued and outstanding capital stock or
partnership or other ownership interests of each subsidiary of the Company has been duly authorized
and validly issued, is fully paid and nonassessable (to the extent such concepts are relevant with
respect to such ownership interests) and is owned by the Company directly or through subsidiaries,
free and clear of any security interest, mortgage, pledge, lien, encumbrance or claim except as set
forth in the Offering Memorandum and the Final Memorandum or on Schedule III hereto. The
Company does not own a majority interest in or otherwise control, directly or indirectly, any
corporation, association or other entity other than the subsidiaries listed on Schedule III
hereto.

          (e) Authorized Capital. The authorized share capital of the Company consists of 150,000,000
shares of Common Stock, and 100,000,000 shares of preferred stock, $0.01 par value, of which
(except for subsequent issuances, if any, pursuant to the Company’s stock option plans described in
the Offering Memorandum and the Final Memorandum) 40,979,510 shares of Common Stock are outstanding
and no shares of Preferred Common Stock are outstanding; all the outstanding shares of capital
stock of the Company have been duly and validly authorized and issued and are fully paid and
non-assessable and are not subject to any pre-emptive or similar rights under Delaware law; except
as described in or expressly contemplated by the Offering Memorandum and the Final Memorandum,
there are no outstanding rights (including, without limitation, pre-emptive rights), warrants or
options to acquire from the Company, or instruments convertible into or exchangeable for, any
shares of capital stock or other equity interest in the Company or any of its subsidiaries (other
than Corporate Magic, Inc., a Texas corporation), or any contract, commitment, agreement,
understanding or arrangement of any kind to which the Company or any of its subsidiaries is a party
relating to the issuance of any capital stock of the Company or any such subsidiary, any such
convertible or exchangeable securities or any such rights, warrants or options; the capital stock
of the Company conforms in all material respects to the description thereof contained in the
Offering Memorandum and the Final Memorandum.

          (f) Authorization of the Notes. The Company has all requisite corporate power and authority
to execute, deliver and perform each of its obligations under the Notes. The Notes, when issued,
will be in the form contemplated by the Indenture. The Notes have each been duly and validly
authorized by the Company and, when executed by the Company and authenticated by the Trustee in
accordance with the provisions of the Indenture and, in the case of the Notes, when delivered to
and paid for by the Initial Purchasers in accordance with the terms of this Agreement, will
constitute valid and legally binding obligations of the Company, entitled to the benefits of the
Indenture, and enforceable against the Company in accordance with their terms, except that the
enforcement thereof may be subject to (i) bankruptcy, insolvency, reorganization, moratorium,
fraudulent conveyance or other similar laws now or hereafter in effect relating to creditors’
rights generally, and (ii) general principles of equity and the discretion of the court before
which any proceeding therefor may be brought.

5

 

          (g) Authorization of the Guarantees. The Guarantees have been duly authorized by the
Guarantors and, on the Closing Date, or, if any Optional Notes are being purchased, on the relevant
Option Closing Date, will have been duly executed by the Guarantors and, when the Firm Notes and,
if applicable, the Optional Notes are issued and delivered in the manner provided for in the
Indenture, will constitute valid and binding obligations of the Guarantors, enforceable against the
Guarantors in accordance with their terms, except as enforcement thereof may be subject to (i)
bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or other similar laws now
or hereafter in effect relating to creditors’ rights generally, (ii) general principles of equity
and the discretion of the court before which any proceeding therefor may be brought, and (iii) the
authorization, execution and delivery of the Guarantee of any Guarantor incorporated in the State
of Tennessee may be limited by Tennessee corporate law relating to the adequacy of capital.

          (h) Authorization of the Conversion Shares. The Conversion Shares have been duly authorized
and reserved and, when issued upon conversion of the Notes in accordance with the terms of the
Notes and the Indenture, will be validly issued, fully paid and non-assessable and will conform in
all material respects to the description thereof contained in the Offering Memorandum and the Final
Memorandum, and the issuance of such Conversion Shares will not be subject to any preemptive or
similar rights.

          (i) Authorization of the Indenture. The Company and the Guarantors have all requisite
corporate or other power and authority to execute, deliver and perform their respective obligations
under the Indenture. The Indenture, upon the effectiveness of the Registration Statement, will be
qualified under the Trust Indenture Act of 1939, as amended (the “TIA”). The Indenture has
been duly and validly authorized by the Company and the Guarantors and, when executed and delivered
by the Company and the Guarantors (assuming the due authorization, execution and delivery by the
Trustee), will constitute a valid and legally binding agreement of the Company and the Guarantors,
enforceable against the Company and the Guarantors in accordance with its terms, except that the
enforcement thereof may be subject to (i) bankruptcy, insolvency, reorganization, moratorium,
fraudulent conveyance or other similar laws now or hereafter in effect relating to creditors’
rights generally and (ii) general principles of equity and the discretion of the court before which
any proceeding therefor may be brought, and (iii) the authorization, execution and delivery of the
Guarantee of any Guarantor incorporated in the State of Tennessee may be limited by Tennessee
corporate law relating to the adequacy of capital.

          (j) [Intentionally Omitted.]

          (k) Authorization of the Purchase Agreement. The Company and the Guarantors have all
requisite corporate or other power and authority to execute, deliver and perform their respective
obligations under this Agreement and to consummate the transactions contemplated hereby. This
Agreement and the consummation by the Company and the Guarantors of the transactions contemplated
hereby have been duly and validly authorized by the

6

 

Company and the Guarantors. This Agreement has been duly executed and delivered by the
Company and the Guarantors.

          (l) No Violation or Default. Except with respect to claims disclosed in the Offering
Memorandum and the Final Memorandum, neither the Company nor any of its subsidiaries is (i) in
violation of its charter, by-laws or other constitutive document, or (ii) is in default (or, with
the giving of notice or lapse of time, would be in default) (“Default”) under any indenture,
mortgage, loan or credit agreement, note, contract, franchise, lease or other instrument to which
the Company or any of its subsidiaries is a party or by which it or any of them may be bound
(including, without limitation, the agreements listed in Schedule IV), or to which any of
the property or assets of the Company or any of their respective subsidiaries is subject (each, an
“Existing Instrument”), or (iii) in violation of any law or statute or any judgment, order,
rule or regulation of any court or arbitrator or governmental or regulatory authority, except, in
the case of clauses (ii) and (iii) above, for any such Default or violation that would not,
individually or in the aggregate, result in a Material Adverse Change.

          (m) No Conflicts. The Company’s and each Guarantor’s execution, delivery and performance of
this Agreement and the other Operative Documents and consummation of the transactions contemplated
hereby and thereby and by the Offering Memorandum and the Final Memorandum (i) have been duly
authorized by all necessary corporate or other action and will not result in any violation of the
provisions of the charter, by-laws or other constitutive document of the Company or any of its
subsidiaries, (ii) will not conflict with or constitute a breach of, or Default or a Debt Repayment
Triggering Event (as defined below) under, or result in the creation or imposition of any lien,
charge or encumbrance upon any property or assets of the Company or any of its subsidiaries
pursuant to, or require the consent of any other party to, any Existing Instrument, except for such
conflicts, breaches, Defaults, liens, charges or encumbrances as would not, individually or in the
aggregate, result in a Material Adverse Change, and (iii) assuming the accuracy of the
representations, warranties and covenants of the Initial Purchasers herein, will not result in any
violation of any law, administrative regulation or administrative or court decree applicable to the
Company or any of its subsidiaries. As used herein, a “Debt Repayment Triggering Event” means any
event or condition which gives, or with the giving of notice or lapse of time would give, the
holder of any note, debenture or other evidence of indebtedness (or any person acting on such
holder’s behalf) the right to require the repurchase, redemption or repayment of all or a portion
of such indebtedness by the Company or any of its subsidiaries.

          (n) No Consents Required. No consent, approval, authorization or order of or registration,
application or filing with any court or governmental agency or body, or third party is required on
the part of the Company for the issuance and sale by the Company of the Notes and the issuance of
the Guarantees by the Guarantors to the Initial Purchasers or the consummation by the Company and
the Guarantors of the other transactions contemplated hereby, except (i) such as have been
obtained, (ii) such as may be required under state securities or “Blue Sky” laws in connection with
the purchase and resale of the Notes by the Initial

7

 

Purchasers, and (iii) the application to the New York Stock Exchange (the “NYSE”) to
list the shares of Common Stock issuable upon conversion of the Notes.

          (o) Legal Proceedings. Except as otherwise disclosed in the Offering Memorandum and the Final
Memorandum, there are no legal or governmental actions, suits or proceedings pending or, to the
best of the Company’s knowledge, threatened (i) against or affecting the Company or any of its
subsidiaries, or (ii) which has as the subject thereof any property owned or leased by, the Company
or any of its subsidiaries, and which action, suit or proceeding, if determined adversely to the
Company, or any of its subsidiaries, as the case may be, would reasonably be expected to result in
a Material Adverse Change or adversely affect the consummation of the transactions contemplated by
this Agreement.

          (p) Independent Accountants. Ernst & Young LLP (the “Independent Accountants”), who
have expressed their opinion with respect to the Company’s financial statements (which term as used
in this Agreement includes the related notes thereto) and supporting schedules filed with the
Commission included or incorporated by reference in the Offering Memorandum and the Final
Memorandum are independent public or certified public accountants within the meaning of Regulation
S-X under the Act and the Exchange Act.

          (q) Title to Real and Personal Property. Except as otherwise disclosed in the Offering
Memorandum and the Final Memorandum, the Company and each of its subsidiaries has good and valid
title to all the properties and assets reflected as owned in the financial statements referred to
in Section 1(b) above (or elsewhere in the Offering Memorandum and the Final Memorandum), in each
case free and clear of any security interests, mortgages, liens, encumbrances, claims and other
defects, except as disclosed in the Offering Memorandum and the Final Memorandum or such as do not
materially and adversely affect the value of such property and do not materially interfere with the
use made or proposed to be made of such property by the Company or such subsidiary. The real
property, improvements, equipment and personal property held under lease by the Company or any
subsidiary are held under valid and enforceable leases, with such exceptions as are not material
and do not materially interfere with the use made or proposed to be made of such real property,
improvements, equipment or personal property by the Company or such subsidiary.

          (r) Title to Intellectual Property. Except as otherwise disclosed in the Offering Memorandum
and the Final Memorandum, the Company and its subsidiaries own or possess sufficient trademarks,
trade names, patent rights, copyrights, licenses, approvals, trade secrets and other similar rights
(collectively, “Intellectual Property Rights”) reasonably necessary to conduct their
businesses as now conducted, except where the failure to own or possess such rights would not
reasonably be expected to result in a Material Adverse Change; and the expected expiration of any
of such Intellectual Property Rights would not result in a Material Adverse Change. Neither the
Company nor any of its subsidiaries has received any notice of infringement or conflict with
asserted Intellectual Property Rights of others, which infringement or conflict, if the subject of
an unfavorable decision, would reasonably be expected to result in a Material Adverse Change.

8

 

          (s) No Undisclosed Relationships. No relationship, direct or indirect, exists between or
among the Company or any of its subsidiaries, on the one hand, and the directors, officers,
stockholders, customers or suppliers of the Company or any of its subsidiaries, on the other, that
is required by the Act to be described in the Offering Memorandum and the Final Memorandum and that
is not so described in such documents and in the Offering Memorandum.

          (t) Investment Company Act. The Company has been advised of the rules and requirements under
the Investment Company Act of 1940, as amended, and the rules and regulations of the Commission
thereunder (collectively, “Investment Company Act”). The Company is not an “investment
company” or an entity “controlled” by an “investment company” within the meaning of the Investment
Company Act.

          (u) Taxes. The Company and its subsidiaries have filed all necessary federal, state and
foreign income and franchise tax returns or have properly requested extensions thereof and have
paid all taxes required to be paid by any of them and, if due and payable, any related or similar
assessment, fine or penalty levied against any of them except as may be being contested in good
faith and by appropriate proceedings. The Company has made adequate charges, accruals and reserves
in the applicable financial statements referred to in Section 1(b) above in respect of all material
federal, state and foreign income and franchise taxes for all periods as to which the tax liability
of the Company or any of its subsidiaries has not been finally determined.

          (v) Licenses and Permits. Except as otherwise disclosed in the Offering Memorandum and the
Final Memorandum, the Company and each of its subsidiaries possess such valid and current
certificates, authorizations or permits issued by the appropriate state, federal or foreign
regulatory agencies or bodies necessary to conduct their respective businesses, and neither the
Company nor any such subsidiary has received any notice of proceedings relating to the revocation
or modification of, or non-compliance with, any such certificate, authorization or permit which,
singly or in the aggregate, if the subject of an unfavorable decision, ruling or finding, could
result in a Material Adverse Change.

          (w) No Labor Disputes. Except as otherwise disclosed in the Offering Memorandum and the Final
Memorandum, no material labor dispute with the employees of the Company or any of its subsidiaries
exists or, to the best of the Company’s knowledge, is threatened or imminent.

          (x) Compliance with Environmental Laws. Except as otherwise disclosed in the Offering
Memorandum and the Final Memorandum or as would not, individually or in the aggregate, result in a
Material Adverse Change: (i) neither the Company nor any of its subsidiaries is in violation of
any federal, state, local or foreign law or regulation relating to pollution or protection of human
health or the environment (including, without limitation, ambient air, surface water, groundwater,
land surface or subsurface strata) or wildlife, including without limitation, laws and regulations
relating to emissions, discharges, releases or

9

 

threatened releases of chemicals, pollutants, contaminants, wastes, toxic substances,
hazardous substances, petroleum and petroleum products (collectively, “Materials of Environmental
Concern”), or otherwise relating to the manufacture, processing, distribution, use, treatment,
storage, disposal, transport or handling of Materials of Environmental Concern (collectively,
“Environmental Laws”), which violation includes, but is not limited to, noncompliance with any
permits or other governmental authorizations required for the operation of the business of the
Company or its subsidiaries under applicable Environmental Laws, or noncompliance with the terms
and conditions thereof, nor has the Company or any of its subsidiaries received any written
communication, whether from a governmental authority, citizens group, employee or otherwise, that
alleges that the Company or any of its subsidiaries is in violation of any Environmental Law; (ii)
there is no claim, action or cause of action filed with a court or governmental authority, no
investigation with respect to which the Company has received written notice, and no written notice
by any person or entity alleging potential liability for investigatory costs, cleanup costs,
governmental responses costs, natural resources damages, property damages, personal injuries,
attorneys’ fees or penalties arising out of, based on or resulting from the presence, or release
into the environment, of any Material of Environmental Concern at any location owned, leased or
operated by the Company or any of its subsidiaries, now or in the past (collectively,
“Environmental Claims”), pending or, to the best of the Company’s knowledge, threatened
against the Company or any of its subsidiaries or any person or entity whose liability for any
Environmental Claim the Company or any of its subsidiaries has retained or assumed either
contractually or by operation of law; and (iii) to the best of the Company’s knowledge, there are
no past or present actions, activities, circumstances, conditions, events or incidents, including,
without limitation, the release, emission, discharge, presence or disposal of any Material of
Environmental Concern, that reasonably could result in a violation of any Environmental Law or form
the basis of a potential Environmental Claim against the Company or any of its subsidiaries or
against any person or entity whose liability for any Environmental Claim the Company or any of its
subsidiaries has retained or assumed either contractually or by operation of law.

          (y) Periodic Review of Costs of Environmental Compliance. From time to time in the ordinary
course of its business, the Company conducts a review of the effect of Environmental Laws on the
business, operations and properties of the Company and its subsidiaries, in the course of which it
identifies and evaluates associated costs and liabilities (including, without limitation, any
capital or operating expenditures required for clean-up, closure of properties or compliance with
Environmental Laws or any permit, license or approval, any related constraints on operating
activities and any potential liabilities to third parties). On the basis of such review and the
amount of its established reserves, the Company has reasonably concluded that such associated costs
and liabilities would not, individually or in the aggregate, result in a Material Adverse Change,
except to the extent otherwise disclosed in the Offering Memorandum and the Final Memorandum.

          (z) Compliance with ERISA. Except as otherwise disclosed in the Offering Memorandum and the
Final Memorandum, the Company and its subsidiaries and any “employee benefit plan” (as defined
under the Employee Retirement Income Security Act of

10

 

1974, as amended, and the regulations and published interpretations thereunder (collectively,
“ERISA”)) established or maintained by the Company, its subsidiaries or its “ERISA
Affiliates” (as defined below) are in compliance in all material respects with ERISA. “ERISA
Affiliate” means, with respect to the Company or any of its subsidiaries, any member of any
group of organizations described in Section 414 of the Internal Revenue Code of 1986, as amended,
and the regulations and published interpretations thereunder (the “Code”) of which the
Company or any of its subsidiaries is a member. No “reportable event” (as defined under ERISA) has
occurred or is reasonably expected to occur with respect to any “employee benefit plan” established
or maintained by the Company, its subsidiaries or any of its ERISA Affiliates. Except as disclosed
in the Offering Memorandum and Final Memorandum, no “employee benefit plan” established or
maintained by the Company, its subsidiaries or any of its ERISA Affiliates, if such “employee
benefit plan” were terminated, would have any “amount of unfunded benefit liabilities” (as defined
under ERISA) that would be material to the Company, its Subsidiaries or any of its ERISA
Affiliates. Neither the Company, its subsidiaries nor any of its ERISA Affiliates has incurred or
reasonably expects to incur any material liability under (i) Title IV of ERISA with respect to
termination of, or withdrawal from, any “employee benefit plan” or (ii) Sections 412, 4971, 4975 or
4980B of the Code. Each “employee benefit plan” established or maintained by the Company, its
subsidiaries or any of its ERISA Affiliates that is intended to be qualified under Section 401 of
the Code is so qualified and nothing has occurred, whether by action or failure to act, which would
cause the loss of such qualification.

          (aa) Accounting Controls. The Company maintains a system of internal controls over financial
reporting that is sufficient to provide reasonable assurances that: (i) transactions are executed
in accordance with management’s general or specific authorization; (ii) transactions are recorded
as necessary to permit preparation of financial statements in conformity with generally accepted
accounting principles as applied in the United States and to maintain accountability for assets;
(iii) access to assets is permitted only in accordance with management’s general or specific
authorization; and (iv) the recorded accountability for assets is compared with existing assets at
reasonable intervals and appropriate action is taken with respect to any differences.

          (bb) Insurance. Except as otherwise disclosed in the Offering Memorandum and the Final
Memorandum, the Company and its subsidiaries are self-insured or are insured by recognized, and to
our knowledge, financially sound institutions with policies in such amounts and with such
deductibles and covering such risks as are generally deemed adequate and customary for their
businesses including, but not limited to, policies covering real and personal property owned or
leased by the Company and its subsidiaries against theft, damage, destruction, acts of vandalism
and earthquakes. The Company has no reason to believe that it or any subsidiary will not be able
to (i) renew its existing insurance coverage as and when such policies expire or (ii) to obtain
comparable coverage from similar institutions as may be necessary or appropriate to conduct its
business as now conducted and at a cost that would not result in a Material Adverse Change.
Neither of the Company nor any of its

11

 

subsidiaries has been denied any insurance coverage which it has sought or for which it has
applied.

          (cc) No Unlawful Payments. Except as otherwise disclosed in the Offering Memorandum and the
Final Memorandum, neither the Company nor any of its subsidiaries nor, to the best of the Company’s
knowledge, any employee or agent of the Company or any of its subsidiaries, has made any
contribution or other payment to any official of, or candidate for, any federal, state or foreign
office in violation of any law or of the character necessary to be disclosed in the Offering
Memorandum and the Final Memorandum in order to make the statements therein not misleading.

          (dd) No Broker’s Fees. Neither the Company nor any of its subsidiaries is a party to any
contract, agreement or understanding with any person (other than this Agreement) that would give
rise to a valid claim against the Company or any of its subsidiaries or any Initial Purchaser for a
brokerage commission, finder’s fee or like payment in connection with the offering and sale of the
Notes.

          (ee) No Stabilization. None of the Company, the Guarantors or any of their affiliates has
taken or will take, directly or indirectly, any action designed to or that might be reasonably
expected to cause or result in stabilization or manipulation of the price of any security of the
Company to facilitate the sale or resale of the Notes.

          (ff) Sarbanes-Oxley Act. Except with respect to certain non-timely filings of reports
required by Section 16 of the Exchange Act by certain of the Company’s officers and directors, the
Company and, to the best of its knowledge, its officers and directors are in compliance in all
material respects with applicable provisions of the Sarbanes-Oxley Act of 2002 and the rules and
regulations promulgated in connection therewith (the “Sarbanes-Oxley Act”) that are
effective as of the date hereof.

          (gg) Common Stock Exchange Listing. The Company’s Common Stock is registered pursuant to
Section 12(b) of the Exchange Act and is listed on the NYSE, and the Company has taken no action
designed to, or likely to have the effect of, terminating the registration of the Common Stock
under the Exchange Act or delisting the Common Stock from the NYSE, nor has the Company received
any notification that the Commission or the NYSE is contemplating terminating such registration or
listing.

          (hh) Disclosure Controls and Procedures. The Company has established and maintains disclosure
controls and procedures (as such term is defined in Rule 13a-15 under the Exchange Act), which:
(i) are designed to ensure that material information relating to the Company, including its
consolidated subsidiaries, is made known to the Company’s principal executive officer and its
principal financial officer by others within those entities, particularly during the periods in
which the periodic reports required under the Exchange Act are being prepared, (ii) have been
evaluated for effectiveness as of the end of the period covered by the Company’s most recent annual
or quarterly report filed with the Commission, and (iii)

12

 

are effective in all material respects to perform the functions for which they were
established. Based on the evaluation of the Company’s disclosure controls and procedures described
above, the Company is not aware of (a) any significant deficiency in the design or operation of
internal controls which could adversely affect the Company’s ability to record, process, summarize
and report financial data or any material weaknesses in internal controls or (b) any fraud, whether
or not material, that involves management or other employees who have a significant role in the
Company’s internal controls. Since the most recent evaluation of the Company’s disclosure controls
and procedures described above, there have been no significant changes in internal controls or in
other factors that could significantly affect internal controls.

          (ii) No Outstanding Loans or Other Indebtedness. Except as otherwise disclosed in the
Offering Memorandum and the Final Memorandum, there are no outstanding loans, advances (except
normal advances for business expenses in the ordinary course of business) or guarantees or
indebtedness by the Company to or for the benefit of any of the officers or directors of the
Company or any of the members of any of them.

          (jj) Regulations T, U and X. None of the Company, the Subsidiaries or any agent acting on
their behalf has taken or will take any action that might cause this Agreement or the sale of the
Notes to violate Regulation T, U or X of the Board of Governors of the Federal Reserve System, in
each case as in effect, or as the same may hereafter be in effect, on the Closing Date.

          (kk) Descriptions of Documents. The Notes and the Indenture will conform in all material
respects to the descriptions thereof in the Offering Memorandum.

          (ll) No Integration. None of the Company, the Subsidiaries or any of their respective
affiliates (as defined in Rule 501(b) of Regulation D under the Act, (each an “Affiliate”))
has directly, or through any agent, (i) sold, offered for sale, solicited offers to buy or
otherwise negotiated in respect of, any “security” (as defined in the Act) that is or could be
integrated with the sale of the Notes or the Conversion Shares in a manner that would require the
registration under the Act of the Notes or the Conversion Shares or (ii) engaged in any form of
general solicitation or general advertising (as those terms are used in Regulation D under the Act)
in connection with the offering of the Notes or the Conversion Shares or in any manner involving a
public offering within the meaning of Section 4(2) of the Act. The Company has not entered into
any contractual arrangement with respect to the distribution of the Notes or the Conversion Shares
except for this Agreement, and the Company will not enter into any such arrangement except as may
be contemplated thereby.

          (mm) No Registration or Qualification. Assuming the accuracy of the representations and
warranties of the Initial Purchasers in Section 8 hereof, it is not necessary in connection with
the offer, sale and delivery of the Notes to the Initial Purchasers and the conversion of the Notes
into Conversion Shares, in each case in the manner contemplated by this Agreement, the Indenture,
the Offering Memorandum and the Final Memorandum to register

13

 

any of the Notes or the Conversion Shares under the Act or to qualify the Indenture under the
TIA.

               (nn) Rule 144A. No securities of the Company or any of its subsidiaries are of the same class
(within the meaning of Rule 144A under the Act) as the Notes and listed on a national securities
exchange registered under Section 6 of the Exchange Act, or quoted in a U.S. automated inter-dealer
quotation system.

               (oo) Money Laundering Laws. The operations of the Company and its subsidiaries are and have
been conducted at all times in compliance in all material respects with applicable financial
recordkeeping and reporting requirements and the money laundering statutes and the rules and
regulations thereunder and any related or similar rules, regulations or guidelines, issued,
administered or enforced by any governmental agency (collectively, the “Money Laundering Laws”) and
no action, suit or proceeding by or before any court or governmental agency, authority or body or
any arbitrator involving the Company or any of its subsidiaries with respect to the Money
Laundering Laws is pending or, to the knowledge of the Company, threatened.

               (pp) OFAC. None of the Company, any of its subsidiaries or, to the knowledge of the Company,
any director, officer, agent, employee or affiliate of the Company or any of its subsidiaries is
currently subject to any sanctions administered by the Office of Foreign Assets Control of the U.S.
Department of the Treasury (“OFAC”); and the Company will not directly or indirectly use
the proceeds of the offering of the Notes hereunder, or lend, contribute or otherwise make
available such proceeds to any subsidiary, joint venture partner or other person or entity, for the
purpose of financing the activities of any person currently subject to any U.S. sanctions
administered by OFAC.

               Any certificate signed by any officer of the Company or any of its subsidiaries and delivered
to any Initial Purchaser or to counsel for the Initial Purchasers shall be deemed a representation
and warranty by the Company and each of its subsidiaries to each Initial Purchaser as to the
matters covered thereby.

               Section 3. Purchase, Sale and Delivery of the Notes.

          (a) On the basis of the representations, warranties, agreements and covenants herein contained
and subject to the terms and conditions herein set forth, the Company agrees to issue and sell to
the Initial Purchasers, and the Initial Purchasers, acting severally and not jointly, agree to
purchase the Firm Notes in the respective principal amounts set forth on Schedule I hereto
from the Company at 97.625% of their principal amount.

          (b) One or more certificates in definitive form for the Firm Notes that the Initial Purchasers
have agreed to purchase hereunder, and in such denomination or denominations and registered in such
name or names as the Initial Purchasers request upon notice to the Company at least 36 hours prior
to the Closing Date (as defined below), shall be delivered by

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or on behalf of the Company to the Initial Purchasers through the facilities of The Depository
Trust Company in New York, New York, against payment by or on behalf of the Initial Purchasers of
the purchase price therefor by wire transfer (same day funds), to such account or accounts as the
Company shall specify prior to the Closing Date, or by such means as the parties hereto shall agree
prior to the Closing Date. Such delivery of and payment for the Firm Notes shall be made at the
offices of Shearman & Sterling LLP, 525 Market Street, San Francisco, California at 10:00 A.M., New
York time, on September 29, 2009, or at such other place, time or date as the Initial Purchasers,
on the one hand, and the Company, on the other hand, may agree upon, such time and date of delivery
against payment for the Firm Notes being herein referred to as the “Closing Date.” The
Company will make such certificate or certificates for the Firm Notes available for checking and
packaging by the Initial Purchasers at the offices of Deutsche Bank Securities Inc. in New York,
New York, or at such other place as Deutsche Bank Securities Inc. may designate, at least 24 hours
prior to the Closing Date.

          (c) In addition, on the basis of the representations, warranties and agreements herein
contained, and upon the terms but subject to the conditions herein set forth, the Company hereby
grants an option to the several Initial Purchasers to purchase, severally and not jointly, up to
$60,000,000 aggregate principal amount of Optional Notes from the Company at the same price as the
purchase price to be paid by the Initial Purchasers for the Firm Notes. The option granted
hereunder may be exercised at any time and from time to time upon notice by the Representatives to
the Company, which notice may be given at any time within 30 days from the date of this Agreement.
Such notice shall set forth (i) the principal amount (which shall be an integral multiple of $1,000
in aggregate principal amount) of Optional Notes as to which the Initial Purchasers are exercising
the option, (ii) the names and denominations in which the Optional Notes are to be registered and
(iii) the time, date and place at which such Notes will be delivered (which time and date may be
simultaneous with, but not earlier than, the Closing Date; and in such case the term “Closing Date”
shall refer to the time and date of delivery of the Firm Notes and the Optional Notes). Such time
and date of delivery, if subsequent to the Closing Date, is called an “Option Closing Date”
and shall be determined by the Representatives. Such date may be the same as the Closing Date but
not earlier than the Closing Date nor later than 10 business days after the date of such notice.
The principal amount of Optional Notes to be purchased by each Initial Purchaser shall be in the
same proportion to the total number of Optional Notes being purchased as the number of Firm Notes
being purchased by such Initial Purchaser bears to the total principal amount of Firm Notes
(subject to such adjustments to eliminate any principal amount below $1,000). The option with
respect to the Optional Notes granted hereunder may be exercised only to cover over-allotments in
the sale of the Firm Notes by the Initial Purchasers. You, as Representatives of the several
Initial Purchasers, may cancel such option at any time prior to its expiration by giving written
notice of such cancellation to the Company. To the extent, if any, that the option is exercised,
the Representatives shall purchase the Optional Notes as described herein and payment for the
Optional Notes shall be made on the Option Closing Date in Federal (same day funds) through the
facilities of The Depository Trust Company in New York, New York drawn to the order of the Company.

15

 

               Section 4. Offering by the Initial Purchasers. It is understood that the Initial
Purchasers propose to make an offering of the Firm Notes at the price and upon the terms set forth
in the Offering Memorandum as soon as practicable after this Agreement is entered into and as in
the judgment of the Initial Purchasers is advisable. It is further understood that the Initial
Purchasers, acting severally and not jointly, covenant with the Company not to take any action that
would result in the Company being required to file with the Commission a registration statement
with respect to the offering and sale of the Notes that would not be required to be filed by the
Company thereunder, but for the action of the Initial Purchasers.

               Section 5. Covenants of the Company. The Company and each Guarantor covenants and
agrees with each of the Initial Purchasers as follows:

          (a) Amendments and Supplements. Until the later of (i) the completion of the distribution of
the Notes by the Initial Purchasers and (ii) the Closing Date, the Company will not amend or
supplement the Offering Memorandum unless the Initial Purchasers shall previously have been advised
and furnished a copy for a reasonable period of time prior to the proposed amendment or supplement
and as to which the Initial Purchasers shall have given their consent, such consent not to be
unreasonably withheld. The Company will promptly, upon the reasonable request of the Initial
Purchasers or counsel for the Initial Purchasers, make any amendments or supplements to the
Offering Memorandum that may be necessary or advisable in connection with the resale of the Notes
by the Initial Purchasers.

          (b) Delivery of Copies. The Company will deliver to, or upon the order of, the
Representatives, from time to time, without charge (until the earlier of nine months after the date
hereof or the completion of the resale of the Notes by the Initial Purchasers) as many copies of
any Offering Memorandum as the Representatives may reasonably request.

          (c) Ongoing Compliance. The Company will comply with the Act and the Exchange Act, and the
rules and regulations of the Commission thereunder, so as to permit the completion of the
distribution of the Notes as contemplated in this Agreement and the Offering Memorandum. If, at
any time prior to the completion of the distribution by the Initial Purchasers of the Notes, any
event occurs or information becomes known as a result of which the Offering Memorandum as then
amended or supplemented would include any untrue statement of a material fact, or omit to state a
material fact necessary to make the statements therein, in the light of the circumstances under
which they were made, not misleading, or if for any other reason it is necessary at any time to
amend or supplement the Offering Memorandum to comply with applicable law, the Company will
promptly notify the Initial Purchasers thereof and will prepare, at the expense of the Company, an
amendment or supplement to the Offering Memorandum that corrects such statement or omission or
effects such compliance.

          (d) Blue Sky Compliance. The Company will qualify the Notes for offer and sale under the
securities or Blue Sky laws of such jurisdictions as the Representatives shall reasonably request
and will continue such qualifications in effect so long as required for

16

 

distribution of the Notes and Conversion Shares; provided that the Company shall not
be required to (i) qualify as a foreign corporation or other entity or as a dealer in securities in
any such jurisdiction where it would not otherwise be required to so qualify, (ii) file any general
consent to service of process in any such jurisdiction or (iii) subject itself to taxation in any
such jurisdiction if it is not otherwise so subject.

          (e) Clear Market. For a period of 60 days after the date hereof, the Company will not (i)
offer, pledge, announce the intention to sell, sell, contract to sell, sell any option or contract
to purchase, purchase any option or contract to sell, grant any option, right or warrant to
purchase or otherwise transfer or dispose of, directly or indirectly, any shares of Common Stock or
any securities convertible into or exercisable or exchangeable for Common Stock or (ii) enter into
any swap or other agreement that transfers, in whole or in part, any of the economic consequences
of ownership of the Common Stock, whether any such transaction described in clause (i) or (ii)
above is to be settled by delivery of Common Stock or such other securities, in cash or otherwise,
without the prior written consent of the Representatives, such consent not to be unreasonably
withheld, other than (w) the purchase by the Company of call options, and the sale by the Company
of warrants, each in connection with convertible note hedge transactions to be entered into in
connection with the sale of the Notes, and any transactions in the Company’s securities
contemplated by such call options or warrants, (x) the issuance of shares pursuant to the
Concurrent Offering or any stock purchase warrant outstanding on the date hereof, or the issuance
of Series A Junior Preferred Participating Preferred Stock subject to the terms of the Rights
Agreement, (y) as contemplated by this Agreement with respect to the Conversion Shares, and (z) the
grant of awards under, and issuance of any shares of Common Stock issuable upon the exercise of
options or awards granted under, any existing employee and director stock incentive plan described
in the Offering Memorandum and Final Memorandum.

          (f) Reports. So long as the Notes are outstanding, the Company will furnish to the
Representatives, as soon as they are available, copies of all reports or other communications
(financial or other) furnished to holders of the Notes, and copies of any reports and financial
statements furnished to or filed with the Commission or any national securities exchange or
automatic quotation system; provided that the Company need not separately furnish any information
that is publicly available on the Commission’s EDGAR site or the Company’s website.

          (g) Use of Proceeds. The Company will apply the net proceeds from the sale of the Notes as
set forth under “Use of Proceeds” in the Offering Memorandum.

          (h) No Integration. None of the Company or any of its Affiliates will sell, offer for sale or
solicit offers to buy or otherwise negotiate in respect of any “security” (as defined in the Act)
that could be integrated with the sale of the Notes in a manner which would require the
registration under the Act of the Notes.

17

 

          (i) No General Solicitation. The Company will not, and will not permit any of the
Subsidiaries to, engage in any form of general solicitation or general advertising (as those terms
are used in Regulation D under the Act) in connection with the offering of the Notes or in any
manner involving a public offering within the meaning of Section 4(2) of the Act.

          (j) Rule 144A Information. For so long as any of the Notes remain outstanding, the Company
will make available at its expense, upon request, to any holder of such Notes and any prospective
purchasers thereof the information specified in Rule 144A(d)(4) under the Act, unless the Company
is then subject to Section 13 or 15(d) of the Exchange Act.

          (k) PORTAL; DTC. The Company will use its best efforts to (i) permit the Notes to be
designated as PORTAL-eligible securities in accordance with the rules and regulations adopted by
the Financial Industry Regulatory Authority (“FINRA”) relating to trading in the FINRA’s Portal
Market (the “Portal Market”) and (ii) permit the Notes to be eligible for clearance and
settlement through The Depository Trust Company.

          (l) Transfer Agent. The Company shall engage and maintain, at its expense, a registrar and
transfer agent for the Common Stock.

          (m) NYSE Listing. The Company will use its best efforts to effect and maintain the listing of
the Conversion Shares on the NYSE.

          (n) Available Conversion Shares. The Company will keep available at all times, free of
pre-emptive rights, the maximum number of Conversion Shares.

          (o) Conversion Price. Between the date hereof and the Closing Date, the Company will not do
or authorize any act or thing that would result in an adjustment of the conversion price.

          (p) Rule 144 Tolling. For a period of one year following the later of the Closing Date or
Option Closing Date, none of the Company or any of its Affiliates will sell any such Notes.

               Section 6. Expenses. The Company and each Guarantor agrees to pay all costs and
expenses incident to the performance of its obligations under this Agreement, whether or not the
transactions contemplated herein are consummated or this Agreement is terminated pursuant to
Section 12 hereof, including all costs and expenses incident to (i) the printing, word processing
or other production of documents with respect to the transactions contemplated hereby, including
any costs of printing the Preliminary Memorandum and any Offering Memorandum and any amendment or
supplement thereto, and any “Blue Sky” memoranda, (ii) all arrangements relating to the delivery to
the Initial Purchasers of copies of the foregoing documents, (iii) the fees and disbursements of
the counsel, the accountants and any other experts or advisors retained by the Company and the
Guarantors, (iv) preparation

18

 

(including printing), issuance and delivery to the Initial Purchasers of the Notes and the
Guarantees, (v) the qualification of the Notes and the Guarantees under state securities and “Blue
Sky” laws, including filing fees and fees and disbursements of counsel for the Initial Purchasers
relating thereto, (vi) expenses in connection with the “roadshow” and any other meetings with
prospective investors in the Notes, (vii) fees and expenses of the Trustee including fees and
expenses of counsel, (viii) the fees and expenses of any transfer agent or registrar for the Common
Stock; (ix) all expenses and listing fees incurred in connection with the application for quotation
of the Notes on the PORTAL Market; (x) the fees and expenses incurred in connection with the
listing of the Conversion Shares on the NYSE and (xi) any fees charged by investment rating
agencies for the rating of the Notes. The Company shall not, however, be required to pay for any
of the Initial Purchasers’ expenses, except that, if the sale of the Notes provided for herein is
not consummated because any condition to the obligations of the Initial Purchasers set forth in
Section 7 hereof is not satisfied, because this Agreement is terminated or because of any failure,
refusal or inability on the part of the Company to perform all obligations and satisfy all
conditions on their part to be performed or satisfied hereunder (other than solely by reason of a
default by the Initial Purchasers of their obligations hereunder after all conditions hereunder
have been satisfied in accordance herewith), the Company agrees to promptly reimburse the Initial
Purchasers upon demand for all reasonable out-of-pocket expenses (including fees, disbursements and
charges of counsel for the Initial Purchasers) that shall have been incurred by the Initial
Purchasers in connection with the proposed purchase and sale of the Notes.

               Section 7. Conditions of the Initial Purchasers’ Obligations. The several obligations
of the Initial Purchasers to purchase and pay for the Firm Notes on the Closing Date and the
Optional Notes, if any, on the Option Closing Date, as the case may be, are subject to the
accuracy, as of the Time of Execution, the Closing Date or the Option Closing Date, as the case may
be, of the representations and warranties of the Company contained herein, and to the performance
by the Company of its covenants and obligations hereunder and to the following additional
conditions:

          (a) No Downgrade. Subsequent to the execution and delivery of this Agreement, through and
including the Closing Date and, if applicable, the Option Closing Date, (i) no downgrading shall
have occurred in the rating accorded any securities or preferred stock of or guaranteed by the
Company or any of its subsidiaries by any “nationally recognized statistical rating organization”,
as such term is defined by the Commission for purposes of Rule 436(g)(2) under the Act and (ii) no
such organization shall have publicly announced that it has under surveillance or review, or has
changed its outlook with respect to, its rating of any securities or preferred stock of or
guaranteed by the Company or any of its subsidiaries (other than an announcement with positive
implications of a possible upgrading).

          (b) No Material Adverse Change. No event or condition of a type described in Section 2(c)
hereof shall have occurred or shall exist, which event or condition is not described in the
Offering Memorandum (excluding any amendment or supplement thereto) and the Final Memorandum
(excluding any amendment or supplement thereto) and

19

 

the effect of which in the reasonable judgment of the Representatives makes it impracticable
or inadvisable to proceed with the offering, sale or delivery of the Notes on the Closing Date or
the Option Closing Date, as the case may be, on the terms and in the manner contemplated by this
Agreement, the Offering Memorandum and the Final Memorandum.

          (c) Officer’s Certificate. The Representatives shall have received on and as of the Closing
Date or the Option Closing Date, as the case may be, a certificate (i) of the chief financial
officer or chief accounting officer of the Company and one additional senior executive officer of
the Company who is satisfactory to the Representatives (A) confirming that such officers have
carefully reviewed the Offering Memorandum and the Final Memorandum and, to the best knowledge of
such officers, the representations set forth in Section 2(a) hereof are true and correct as of the
Closing Date or the Option Closing Date, as the case may be, (B) confirming that the other
representations and warranties of the Company in this Agreement are true and correct and that the
Company has complied with all agreements and satisfied all conditions on its part to be performed
or satisfied hereunder at or prior to such Closing Date and (C) to the effect set forth in
paragraphs (a) and (b) above.

          (d) Comfort Letters. On the date of this Agreement and on the Closing Date or the Option
Closing Date, as the case may be, the Independent Accountants shall have furnished to the
Representatives, at the request of the Company, letters, dated the respective dates of delivery
thereof and addressed to the Initial Purchasers, in form and substance reasonably satisfactory to
the Representatives, containing statements and information of the type customarily included in
accountants’ “comfort letters” to initial purchasers with respect to the financial statements and
certain financial information contained or incorporated by reference in the Offering Memorandum and
the Final Memorandum; provided, that the letter delivered on the Closing Date or the Option
Closing Date, as the case may be shall use a “cut-off” date no more than three business days prior
to such Closing Date or such Option Closing Date, as the case may be.

          (e) Opinion of Counsel for the Company. (i) Bass, Berry & Sims PLC, counsel for the Company,
shall have furnished to the Representatives, at the request of the Company, their written opinion,
dated the Closing Date or the Option Closing Date, as the case may be, and addressed to the Initial
Purchasers, in form and substance reasonably satisfactory to the Representatives, to the effect set
forth in Annex A hereto, (ii) special counsel to the subsidiaries organized under the laws
of Florida and Maryland shall have furnished to the Representatives, at the request of the Company,
their written opinion, dated the Closing Date or the Option Closing Date, as the case may be, and
addressed to the Initial Purchasers, in form and substance reasonably satisfactory to the
Representatives, to the effect set forth in Annex A1 and (iii) each counsel listed on
Schedule II shall have furnished to the Representatives, at the request of the Company,
their written opinion, dated the Closing Date or the Option Closing Date, as the case may be, and
addressed to the Initial Purchasers, in form and substance reasonably satisfactory to the
Representatives, to the effect set forth in Annex A2 hereto.

20

 

          (f) Opinion of Counsel for the Initial Purchasers. The Representatives shall have received on
and as of the Closing Date or the Option Closing Date, as the case may be, an opinion of Shearman &
Sterling LLP, counsel for the Initial Purchasers, with respect to such matters as the
Representatives may reasonably request, and such counsel shall have received such documents and
information as they may reasonably request to enable them to pass upon such matters.

          (g) Sale Not Enjoined. The sale of the Notes hereunder shall not be enjoined (temporarily or
permanently) on the Closing Date or the Option Closing Date, as the case may be.

          (h) Indenture. On the Closing Date, each of the Company, the Guarantors and the Trustee shall
have executed and delivered the Indenture (including Notes and the Guarantees) and such agreement
shall be in full force and effect at all times from and after the Closing Date.

          (i) No Legal Impediment to Issuance. No action shall have been taken and no statute, rule,
regulation or order shall have been enacted, adopted or issued by any federal, state or foreign
governmental or regulatory authority that would, as of the Closing Date or the Option Closing Date,
as the case may be, prevent the issuance or sale of the Notes; and no injunction or order of any
federal, state or foreign court shall have been issued that would, as of the Closing Date or the
Option Closing Date, as the case may be, prevent the issuance or sale of the Notes.

          (j) Good Standing. The Representatives shall have received on and as of the Closing Date or
the Option Closing Date, as the case may be, satisfactory evidence of the good standing (or
equivalent designation), as the case may be of the Company and its subsidiaries in their respective
jurisdictions of organization and their good standing (or equivalent designation), as the case may
be as foreign entities in such other jurisdictions as the Representatives may reasonably request,
in each case in writing or any standard form of telecommunication from the appropriate governmental
authorities of such jurisdictions.

          (k) Lock-up Agreements. The “lock-up” agreements, each substantially in the form of Annex
B hereto, between you, officers and directors of the Company listed on Schedule V
hereto, relating to sales and certain other dispositions of shares of Common Stock or certain other
securities, delivered to you on or before the date hereof, shall be in full force and effect on the
Closing Date or the Option Closing Date, as the case may be.

          (l) PORTAL Designation. The Notes shall have been designated PORTAL-eligible securities in
accordance with the rules and regulations of the FINRA.

          (m) Conversion Share Listing. The Company shall have caused the Conversion Shares to be
approved for listing, subject to notice of issuance, on the NYSE.

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          (n) Additional Documents. On or prior to the Closing Date or the Option Closing Date, as the
case may be, the Company shall have furnished to the Representatives such further certificate and
documents as the Representatives may reasonably request.

               The opinions and certificates mentioned in this Agreement shall be deemed to be in compliance
with the provisions hereof only if they are in all material respects reasonably satisfactory to the
Representatives and to Shearman & Sterling LLP, counsel for the Initial Purchasers.

               If any of the conditions hereinabove provided for in this Section 7 shall not have been
fulfilled when and as required by this Agreement to be fulfilled, the obligations of the Initial
Purchasers hereunder may be terminated by the Representatives by notifying the Company of such
termination in writing or by facsimile or .pdf form at or prior to the Closing Date or the Option
Closing Date, as the case may be.

               In such event, the Company and the Initial Purchasers shall not be under any obligation to
each other (except to the extent provided in Sections 6 and 9 hereof).

               Section 8. Offering of Notes; Restrictions on Transfer. (a) Each of the Initial
Purchasers agrees with the Company (as to itself only) that (i) it has not and will not solicit
offers for, or offer or sell, the Notes by any form of general solicitation or general advertising
(as those terms are used in Regulation D under the Act) or in any manner involving a public
offering within the meaning of Section 4(2) of the Act; and (ii) it has and will solicit offers for
the Notes only from, and will offer the Notes only to (A) in the case of offers inside the United
States, persons whom the Initial Purchasers reasonably believe to be QIBs or, if any such person is
buying for one or more institutional accounts for which such person is acting as fiduciary or
agent, only when such person has represented to the Initial Purchasers that each such account is a
QIB, to whom notice has been given that such sale or delivery is being made in reliance on Rule
144A, and, in each case, in transactions under Rule 144A and (B) in the case of offers outside the
United States, to persons other than U.S. persons (“non-U.S. purchasers,” which term shall include
dealers or other professional fiduciaries in the United States acting on a discretionary basis for
non-U.S. beneficial owners (other than an estate or trust)); provided, however, that, in the case
of this clause (B), in purchasing such Notes such persons are deemed to have represented and agreed
as provided under the caption “Notice to Investors; Transfer Restrictions” contained in the
Offering Memorandum.

               Section 9. Indemnification and Contribution. (a) Each of the Company and the
Guarantors agrees to indemnify and hold harmless each Initial Purchaser and each person, if any,
who controls any Initial Purchaser within the meaning of Section 15 of the Act or Section 20 of the
Exchange Act against any losses, claims, damages or liabilities to which any Initial Purchaser or
such controlling person may become subject under the Act, the Exchange Act or otherwise, insofar as
any such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are
based upon the following:

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     (i) any untrue statement or alleged untrue statement of any material fact contained in
any Offering Memorandum or any amendment or supplement thereto; or

     (ii) the omission or alleged omission to state, in any Offering Memorandum or any
amendment or supplement thereto, a material fact required to be stated therein or necessary
to make the statements therein, in light of the circumstances under which they were made,
not misleading;

and will reimburse, as incurred, the Initial Purchasers and each such controlling person for any
reasonable legal or other expenses incurred by the Initial Purchasers or such controlling person
in connection with investigating, defending against or appearing as a third-party witness in
connection with any such loss, claim, damage, liability or action; provided, however, the Company
and the Guarantors will not be liable in any such case to the extent that any such loss, claim,
damage, or liability arises out of or is based upon any untrue statement or alleged untrue
statement or omission or alleged omission made in any Offering Memorandum or any amendment or
supplement thereto in reliance upon and in conformity with written information concerning the
Initial Purchasers furnished to the Company by the Initial Purchasers through the Representatives
specifically for use therein. The indemnity provided for in this Section 9 will be in addition to
any liability that the Company may otherwise have to the indemnified parties. The Company shall
not be liable under this Section 9 for any settlement of any claim or action effected without its
prior written consent, which shall not be unreasonably withheld.

               (b) Each Initial Purchaser, severally and not jointly, agrees to indemnify and hold harmless
the Company, its directors, its officers and each person, if any, who controls the Company within
the meaning of Section 15 of the Act or Section 20 of the Exchange Act against any losses, claims,
damages or liabilities to which the Company or any such director, officer or controlling person may
become subject under the Act, the Exchange Act or otherwise, insofar as such losses, claims,
damages or liabilities (or actions in respect thereof) arise out of or are based upon (i) any
untrue statement or alleged untrue statement of any material fact contained in any Offering
Memorandum or any amendment or supplement thereto, or (ii) the omission or the alleged omission to
state therein a material fact required to be stated in any Memorandum or any amendment or
supplement thereto, or necessary to make the statements therein in light of the circumstances under
which they were made, not misleading, in each case to the extent, but only to the extent, that such
untrue statement or alleged untrue statement or omission or alleged omission was made in reliance
upon and in conformity with written information concerning such Initial Purchaser, furnished to the
Company by the Initial Purchasers through the Representatives, specifically for use therein; it
being understood and agreed that the only such information furnished by any Initial Purchaser
consists of the information described as such in Section 13 herein, and subject to the limitation
set forth immediately preceding this clause, will reimburse, as incurred, any reasonable legal or
other expenses incurred by the Company or any such director, officer or controlling person in
connection with investigating or defending against or appearing as a third party witness in
connection with any such loss, claim, damage, liability or action in respect thereof. The
indemnity

23

 

provided for in this Section 9 will be in addition to any liability that the Initial Purchasers
may otherwise have to the indemnified parties. The Initial Purchasers shall not be liable under
this Section 9 for any settlement of any claim or action effected without their consent, which
shall not be unreasonably withheld.

               (c) Promptly after receipt by an indemnified party under this Section 9 of notice of the
commencement of any action, such indemnified party will, if a claim in respect thereof is to be
made against an indemnifying party under this Section 9, notify the indemnifying party in writing
of the commencement thereof, but the omission so to notify the indemnifying party will not relieve
it from any liability which it may have to any indemnified party for contribution or otherwise than
under the indemnity agreement contained in this Section 9 or to the extent it is not prejudiced as
a proximate result of such failure. In case any such action is brought against any indemnified
party and such indemnified party seeks or intends to seek indemnity from an indemnifying party, the
indemnifying party will be entitled to participate in and, to the extent that it shall elect,
jointly with all other indemnifying parties similarly notified, by written notice delivered to the
indemnified party promptly after receiving the aforesaid notice from such indemnified party, to
assume the defense thereof with counsel reasonably satisfactory to such indemnified party;
provided, however, if the defendants in any such action include both the indemnified party and the
indemnifying party and the indemnified party shall have reasonably concluded that a conflict may
arise between the positions of the indemnifying party and the indemnified party in conducting the
defense of any such action or that there may be legal defenses available to it and/or other
indemnified parties which are different from or additional to those available to the indemnifying
party, the indemnified party or parties shall have the right to select separate counsel reasonably
satisfactory to the indemnifying party to assume such legal defenses and to otherwise participate
in the defense of such action on behalf of such indemnified party or parties. Upon receipt of
notice from the indemnifying party to such indemnified party of such indemnifying party’s election
so to assume the defense of such action and approval by the indemnified party of counsel, the
indemnifying party will not be liable to such indemnified party under this Section 9 for any legal
or other expenses, other than reasonable costs of investigation, subsequently incurred by such
indemnified party in connection with the defense thereof unless (i) the indemnified party shall
have employed separate counsel in accordance with the proviso to the next preceding sentence (it
being understood, however, that the indemnifying party shall not be liable for the expenses of more
than one separate counsel (together with local counsel), approved by the indemnifying party (the
Initial Purchasers in the case of Section 9), representing the indemnified parties who are parties
to such action) or (ii) the indemnifying party shall not have employed counsel reasonably
satisfactory to the indemnified party to represent the indemnified party within a reasonable time
after notice of commencement of the action, in each of which cases the fees and expenses of counsel
reasonably incurred shall be at the expense of the indemnifying party.

               (d) The indemnifying party under this Section 9 shall not be liable for any settlement of any
proceeding effected without its written consent, but if settled with such consent or if there be a
final judgment for the plaintiff, the indemnifying party agrees to

24

 

indemnify the indemnified party against any loss, claim, damage, liability or expense by reason of
such settlement or judgment. Notwithstanding the foregoing sentence, if at any time an indemnified
party shall have requested an indemnifying party to reimburse the indemnified party for fees and
expenses of counsel as contemplated by Section 9 hereof, the indemnifying party agrees that it
shall be liable for any settlement of any proceeding effected without its written consent (i) if
such settlement is entered into more than 45 days after receipt by such indemnifying party of the
aforesaid request, (ii) such indemnifying party shall have received notice of the terms of such
settlement at least 45 days prior to such settlement being entered into and (iii) such indemnifying
party shall not have reimbursed the indemnified party in accordance with such request prior to the
date of such settlement. No indemnifying party shall, without the prior written consent of the
indemnified party, effect any settlement, compromise or consent to the entry of judgment in any
pending or threatened action, suit or proceeding in respect of which any indemnified party is or
could have been a party and indemnity was or could have been sought hereunder by such indemnified
party, unless such settlement, compromise or consent includes an unconditional release of such
indemnified party from all liability on claims that are the subject matter of such action, suit or
proceeding.

               (e) In circumstances in which the indemnity agreement provided for in the preceding paragraphs
of this Section 9 is unavailable to, or insufficient to hold harmless, an indemnified party in
respect of any losses, claims, damages or liabilities (or actions in respect thereof), each
indemnifying party, in order to provide for just and equitable contribution, shall contribute to
the amount paid or payable by such indemnified party as a result of such losses, claims, damages or
liabilities (or actions in respect thereof) in such proportion as is appropriate to reflect (i) the
relative benefits received by the indemnifying party or parties on the one hand and the indemnified
party on the other from the offering of the Notes or (ii) if the allocation provided by the
foregoing clause (i) is not permitted by applicable law, not only such relative benefits but also
the relative fault of the indemnifying party or parties on the one hand and the indemnified party
on the other in connection with the statements or omissions or alleged statements or omissions that
resulted in such losses, claims, damages or liabilities (or actions in respect thereof). The
relative benefits received by the Company on the one hand and any Initial Purchaser on the other
shall be deemed to be in the same proportion as the total proceeds from the offering (before
deducting expenses) received by the Company bear to the total discounts and commissions received by
such Initial Purchaser. The relative fault of the parties shall be determined by reference to,
among other things, whether the untrue or alleged untrue statement of a material fact or the
omission or alleged omission to state a material fact relates to information supplied by the
Company on the one hand, or such Initial Purchaser on the other, the parties’ relative intent,
knowledge, access to information and opportunity to correct or prevent such statement or omission
or alleged statement or omission, and any other equitable considerations appropriate in the
circumstances. The Company and the Initial Purchasers agree that it would not be equitable if the
amount of such contribution were determined by pro rata or per capita allocation or by any other
method of allocation that does not take into account the equitable considerations referred to in
the first sentence of this paragraph (e). Notwithstanding any other provision of this paragraph
(e), no Initial Purchaser

25

 

shall be obligated to make contributions hereunder that in the aggregate exceed the total discounts,
commissions and other compensation received by such Initial Purchaser under this Agreement, less
the aggregate amount of any damages that such Initial Purchaser has otherwise been required to pay
by reason of the untrue or alleged untrue statements or the omissions or alleged omissions to state
a material fact, and no person guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the Act) shall be entitled to contribution from any person who was not guilty of
such fraudulent misrepresentation. For purposes of this paragraph (e), each person, if any, who
controls an Initial Purchaser within the meaning of Section 15 of the Act or Section 20 of the
Exchange Act shall have the same rights to contribution as the Initial Purchasers, and each
director of the Company, each officer of the Company and each person, if any, who controls the
Company within the meaning of Section 15 of the Act or Section 20 of the Exchange Act, shall have
the same rights to contribution as the Company.

     Section 10. Default by Initial Purchasers.

     If any one or more of the Initial Purchasers listed in Schedule I shall fail or refuse
to purchase the Notes that it or they have agreed to purchase hereunder on the Closing Date or the
Option Closing Date, as the case may be, and the aggregate number of Notes which such defaulting
Initial Purchaser or Initial Purchasers agreed but failed or refused to purchase does not exceed
10% of the aggregate number of the Notes to be purchased on such date, then the other Initial
Purchasers listed in Schedule I shall be obligated, severally, in the proportions that the
number of Notes set forth opposite their respective names in Schedule I bears to the
aggregate number of Notes set forth opposite the names of all such non-defaulting Initial
Purchasers in such Schedule I, or in such other proportions as may be specified by the
Initial Purchasers with the consent of the non-defaulting Initial Purchasers, to purchase the Notes
which such defaulting Initial Purchaser or Initial Purchasers agreed but failed or refused to
purchase on such date. If any one or more of the Initial Purchasers shall fail or refuse to
purchase Notes and the aggregate number of Notes with respect to which such default occurs exceeds
10% of the aggregate number of Notes to be purchased on the Closing Date or the Option Closing
Date, as the case may be, and arrangements satisfactory to the non-defaulting Initial Purchasers
and the Company for the purchase of such Notes are not made within 36 hours after such default,
this Agreement shall terminate without liability of any party to any other party except that the
provisions of Section 6 and Section 9 shall at all times be effective and shall survive such
termination. In any such case either the Initial Purchasers or the Company shall have the right to
postpone the Closing Date or the Option Closing Date, as the case may be, but in no event for
longer than seven days in order that the required changes, if any, to the Offering Memorandum or
the Final Memorandum or any other documents or arrangements may be effected.

               As used in this Agreement, the term “Initial Purchaser” shall be deemed to include any person
substituted for a defaulting Initial Purchaser under this Section 10. Any action taken under this
Section 10 shall not relieve any defaulting Initial Purchaser from liability in respect of any
default of such Initial Purchaser under this Agreement.

26

 

               Section 11. Survival Clause. The respective representations, warranties, agreements,
covenants, indemnities and other statements of the Company and each Guarantor, their respective
officers and the Initial Purchasers set forth in this Agreement or made by or on behalf of them
pursuant to this Agreement shall remain in full force and effect, regardless of (i) any
investigation made by or on behalf of the Company, any Guarantor, any of its or their officers or
directors, the Initial Purchasers or any controlling person referred to in Section 9 hereof and
(ii) delivery of and payment for the Notes. The respective agreements, covenants, indemnities and
other statements set forth in Sections 6, 9, 11 and 16 hereof shall remain in full force and
effect, regardless of any termination or cancellation of this Agreement.

               Section 12. Termination. Prior to the Closing Date or any Option Closing Date (if
different from the Closing Date and then only as to the Optional Notes), this Agreement may be
terminated by the Initial Purchasers by notice given to the Company if at any time (i) trading or
quotation in the Company’s securities shall have been suspended by the Commission or by the New
York Stock Exchange, or trading in securities generally on either the Nasdaq Stock Market, American
Stock Exchange or the New York Stock Exchange shall have been suspended or limited, or minimum or
maximum prices shall have been generally established on any of such stock exchanges by the
Commission or the FINRA; (ii) a general banking moratorium shall have been declared by any of
federal or New York authorities; (iii) there shall have occurred any outbreak or escalation of
hostilities or declaration of war or national emergency or other national or international crisis
or calamity, or any change in the United States financial markets, as in the judgment of the
Initial Purchasers is material and adverse and makes it impracticable to market the Notes in the
manner and on the terms described in the Offering Memorandum or to enforce contracts for the sale
of securities; (iv) there shall have occurred any Material Adverse Change; or (v) any securities of
the Company shall have been downgraded by any nationally recognized statistical rating organization
(as defined for purposes of Rule 436(g) under the Exchange Act) or any such organization shall have
publicly announced that it has under surveillance or review, or has changed its outlook with
respect to, its ratings of any securities of the Company (other than an announcement with positive
implications of a possible upgrading). Any termination pursuant to this Section 12 shall be
without liability on the part of (a) the Company to any Initial Purchaser, except that the Company
shall be obligated to reimburse the expenses of the Initial Purchasers pursuant to Section 6
hereof, (b) any Initial Purchaser to the Company, or (c) of any party hereto except as provided in
Section 11 hereof.

               Section 13. Information Supplied by the Initial Purchasers. The statements set forth
in the last paragraph on the front cover page (as such paragraph is supplemented by the Pricing
Supplement) and in paragraphs 19, 20, 21 and 22 relating to stabilization transactions under the
heading “Plan of Distribution” in the Offering Memorandum (to the extent such statements relate to
the Initial Purchasers) constitute the only information furnished by the Initial Purchasers to the
Company for the purposes of Sections 2(a) and 9 hereof.

27

 

               Section 14. Notices. All communications hereunder shall be in writing and, if sent to
the Initial Purchasers, shall be mailed or delivered to (i) Deutsche Bank Securities Inc., 60 Wall
Street, New York, New York 10005, (fax: (212) 797-4564); Attention: Corporate Finance Department;
if sent to the Company, shall be mailed or delivered to the Company at One Gaylord Drive,
Nashville, Tennessee 37214, (fax: (615) 316-6544); Attention: Carter R. Todd, Esq.; with a copy to
Bass, Berry & Sims PLC, 315 Deaderick Street, Suite 2700, Nashville, Tennessee 37238 (fax: (615)
742-2775); Attention: F. Mitchell Walker, Jr. Facsimile or pdf. notices shall be followed by
another permissible form of notice.

               All such notices and communications shall be deemed to have been duly given: when delivered
by hand, if personally delivered; five business days after being deposited in the mail, postage
prepaid, if mailed; and one business day after being timely delivered to a next-day air courier.

               Section 15. Successors. This Agreement shall inure to the benefit of and be binding
upon the Initial Purchasers, the Company and their respective successors and legal representatives,
and nothing expressed or mentioned in this Agreement is intended or shall be construed to give any
other person any legal or equitable right, remedy or claim under or in respect of this Agreement,
or any provisions herein contained; this Agreement and all conditions and provisions hereof being
intended to be and being for the sole and exclusive benefit of such persons and for the benefit of
no other person except that (i) the indemnities of the Company contained in Section 9 of this
Agreement shall also be for the benefit of any person or persons who control the Initial Purchasers
within the meaning of Section 15 of the Act or Section 20 of the Exchange Act and (ii) the
indemnities of the Initial Purchasers contained in Section 9 of this Agreement shall also be for
the benefit of the directors of the Company, its officers and any person or persons who control the
Company within the meaning of Section 15 of the Act or Section 20 of the Exchange Act. No
purchaser of Notes from the Initial Purchasers will be deemed a successor because of such purchase.

               Section 16. APPLICABLE LAW. THE VALIDITY AND INTERPRETATION OF THIS AGREEMENT, AND
THE TERMS AND CONDITIONS SET FORTH HEREIN SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED WHOLLY THEREIN,
WITHOUT GIVING EFFECT TO ANY PROVISIONS THEREOF RELATING TO CONFLICTS OF LAW.

               Section 17. No Advisory or Fiduciary Responsibility. Each of the Company and the
Guarantors acknowledge and agree that (i) the purchase and sale of the Notes pursuant to this
Agreement is an arm’s-length commercial transaction between the Company and the Guarantors, on the
one hand, and the Initial Purchasers, on the other, (ii) in connection therewith and with the
process leading to such transaction each Initial Purchaser is acting solely as a principal and not
the agent or fiduciary of the Company or any Guarantor, (iii) no Initial Purchaser has assumed an
advisory or fiduciary responsibility in favor of the Company

28

 

or any Guarantor with respect to the offering contemplated hereby or the process leading
thereto (irrespective of whether such Initial Purchaser has advised or is currently advising the
Company or such Guarantor on other matters) or any other obligation to the Company or any Guarantor
except the obligations expressly set forth in this Agreement and (iv) the Company and the
Guarantors have consulted their own legal and financial advisors to the extent they deemed
appropriate. Each of the Company and the Guarantors agree that they will not claim that any
Initial Purchaser has rendered advisory services of any nature or respect, or owes a fiduciary or
similar duty to the Company or any Guarantor, in connection with such transaction or the process
leading thereto.

               Section 18. Internet Document Service. The Company hereby agrees that the Initial
Purchasers may provide copies of the Preliminary Memorandum and Final Memorandum and any other
agreement or document relating to the offer and sale of the Notes, including, without limitation,
the Indenture, to Xtract Research LLC (“Xtract”) following the Closing Date for inclusion
in an online research service sponsored by Xtract, access to which is restricted to “qualified
institutional buyers” (as defined in Rule 144A under the Act).

               Section 19. Counterparts. This Agreement may be executed in two or more counterparts,
each of which shall be deemed an original, but all of which together shall constitute one and the
same instrument. A facsimile signature or .pdf signature shall constitute an original signature
for all purposes. The section headings in this Agreement have been inserted as a matter of
convenience of reference and are not a part of this Agreement.

[SIGNATURE PAGE FOLLOWS]

29

 

     If the foregoing correctly sets forth our understanding, please indicate your acceptance
thereof in the space provided below for that purpose, whereupon this letter shall constitute a
binding agreement between the Company and the Initial Purchasers.

	 	 	 	 	 
	 	Very truly yours,

GAYLORD ENTERTAINMENT COMPANY

 	 
	 	By:  	/s/ Carter R. Todd
 	 
	 	 	Name:  	Carter R. Todd 	 
	 	 	Title:  	Executive Vice President, General

Counsel and Secretary 	 
	 
	 	SUBSIDIARY GUARANTORS:

CCK HOLDINGS,
LLC
 CORPORATE MAGIC, INC.
COUNTRY MUSIC TELEVISION INTERNATIONAL, INC.

GAYLORD CREATIVE GROUP, INC.
GAYLORD DESTIN RESORTS, LLC
GAYLORD FINANCE, INC.
GAYLORD HOTELS, INC.
GAYLORD INVESTMENTS, INC.
GAYLORD NATIONAL, LLC
GAYLORD PROGRAM SERVICES, INC.
GRAND OLE OPRY, LLC
GRAND OLE OPRY TOURS, INC.
OLH HOLDINGS, LLC
OPRYLAND ATTRACTIONS, LLC
OPRYLAND HOSPITALITY, LLC
OPRYLAND HOTEL NASHV
ILLE, LLC
OPRYLAND HOTEL-TEXAS, LLC
OPRYLAND PRODUCTIONS, INC.

OPRYLAND THEATRICALS, INC.
WILDHORSE SALOON ENTERTAINMENT VENTURES, INC.

 	 
	 	 	 
	 	 	 
	 	 	 
	 

Purchase Agreement — Gaylord Entertainment Company

 

 

	 	 	 	 	 
	 	 	 
	 	By:  	                 /s/ Carter R. Todd
 	 
	 	 	Name:  	Carter R. Todd 	 
	 	 	Title:  	Vice President and Secretary 	 
	 

	 	 	 	 	 
	 	OLH, G.P.

By its General Partners:

Gaylord Hotels, Inc., a general partner

 	 
	 	By:  	                                                /s/ Carter R. Todd
 	 
	 	 	Name:  	Carter R. Todd 	 
	 	 	Title:  	Vice President and Secretary 	 
	 
	 	OLH Holdings, LLC, a general partner

 	 
	 	By:  	/s/ Carter R. Todd
 	 
	 	 	Name:  	Carter R. Todd 	 
	 	 	Title:  	Vice President and Secretary 	 
	 
	 	OPRYLAND HOTEL-FLORIDA LIMITED PARTNERSHIP

 	 
	 	By:  	Opryland Hospitality, LLC, its general partner
 	 
	 	 	 	 
	 	By:  	                                                /s/ Carter R. Todd
 	 
	 	 	Name:  	Carter R. Todd 	 
	 	 	Title:  	Vice President and Secretary 	 
	 
	 	OPRYLAND HOTEL-TEXAS LIMITED PARTNERSHIP

 	 
	 	By:  	Opryland Hospitality, LLC, its general partner
 	 
	 	 	 	 
	 	By:  	                                                /s/ Carter R. Todd
 	 
	 	 	Name:  	Carter R. Todd 	 
	 	 	Title:  	Vice President and Secretary 	 
	 

Purchase Agreement — Gaylord Entertainment Company

 

 

	 	 	 	 	 
	The foregoing Agreement is hereby confirmed

and accepted as of the date first above written.	 	 
	 
	 	 	 	 
	DEUTSCHE BANK SECURITIES INC.	 	 
	 
	 	 	 	 
	By:

	 	/s/ Donald Sung
 

Name: Donald Sung
	 	 
	 

	 	Title: Managing Director	 	 
	 
	 	 	 	 
	By:

	 	/s/ Jeremy Fox	 	 
	 

	 	 	 	 
	 

	 	Name: Jeremy Fox	 	 
	 

	 	Title: Managing Director	 	 

Purchase Agreement — Gaylord Entertainment Company

 

 

SCHEDULE I

Schedule of Initial Purchasers

	 	 	 	 	 
	Initial Purchaser	 	Principal Amount of Notes	 
	Deutsche Bank Securities Inc.
	 	$	102,000,000	 
	Citigroup Global Markets Inc.
	 	$	51,000,000	 
	Merrill Lynch, Pierce, Fenner & Smith Incorporated
	 	$	51,000,000	 
	Wells Fargo Securities, LLC
	 	$	51,000,000	 
	Calyon Securities (USA) Inc.
	 	$	11,250,000	 
	KeyBanc Capital Markets Inc.
	 	$	11,250,000	 
	Raymond James & Associates, Inc.
	 	$	11,250,000	 
	U.S. Bancorp Investments, Inc.
	 	$	11,250,000	 
	 
	 	 	 	 
	 
	 	 	 
	Total
	 	$	300,000,000	 
	 
	 	 	 

Schedule I

 

 

SCHEDULE II

List of Guarantors

	 	 	 
	1.

	 	CCK Holdings, LLC
	2.

	 	Corporate Magic, Inc.
	3.

	 	Country Music Television International, Inc.
	4.

	 	Gaylord Creative Group, Inc.
	5.

	 	Gaylord Destin Resorts, LLC
	6.

	 	Gaylord Finance, Inc.
	7.

	 	Gaylord Hotels, Inc.
	8.

	 	Gaylord Investments, Inc.
	9.

	 	Gaylord National, LLC
	10.

	 	Gaylord Program Services, Inc.
	11.

	 	Grand Ole Opry, LLC
	12.

	 	Grand Ole Opry Tours, Inc.
	13.

	 	OLH, G.P.
	14.

	 	OLH Holdings, LLC
	15.

	 	Opryland Attractions, LLC
	16.

	 	Opryland Hospitality, LLC
	17.

	 	Opryland Hotel-Florida Limited Partnership
	18.

	 	Opryland Hotel Nashville, LLC
	19.

	 	Opryland Hotel-Texas, LLC
	20.

	 	Opryland Hotel-Texas Limited Partnership
	21.

	 	Opryland Productions, Inc.
	22.

	 	Opryland Theatricals, Inc.
	23.

	 	Wildhorse Saloon Entertainment Ventures, Inc.

Counsel will provide opinions for the following Guarantors:

	 	 	 	 	 
	 	 	Jurisdiction	 	 
	Guarantor	 	of Incorporation	 	Counsel
	1. Country Music Television
International, Inc.

	 	Delaware
	 	Bass, Berry & Sims PLC
	 
	 	 	 	 
	2. Gaylord Hotels, Inc.

	 	Delaware
	 	Bass, Berry & Sims PLC
	 
	 	 	 	 
	3. Gaylord National, LLC

	 	Maryland
	 	Joseph, Greenwald & Laake, P.A.
	 
	 	 	 	 
	4. Grand Ole Opry, LLC

	 	Delaware
	 	Bass, Berry & Sims PLC
	 
	 	 	 	 
	5. OLH, G.P.

	 	Tennessee
	 	Bass, Berry & Sims PLC

Schedule II

 

 

	 	 	 	 	 
	 	 	Jurisdiction	 	 
	Guarantor	 	of Incorporation	 	Counsel
	6. Opryland Hospitality, LLC

	 	Tennessee
	 	Bass, Berry & Sims PLC
	 
	 	 	 	 
	7. Opryland Hotel-Florida Limited
Partnership

	 	Florida
	 	Foley & Lardner LLP
	 
	 	 	 	 
	8. Opryland Hotel Nashville, LLC

	 	Delaware
	 	Bass, Berry & Sims PLC
	 
	 	 	 	 
	9. Opryland Hotel-Texas, LLC

	 	Delaware
	 	Bass, Berry & Sims PLC
	 
	 	 	 	 
	10. Opryland Hotel-Texas Limited Partnership

	 	Delaware
	 	Bass, Berry & Sims PLC

Schedule II

 

 

SCHEDULE III

List of the Company’s Subsidiaries

	 	 	 	 	 
	Subsidiary Name	 	Jurisdiction of Organization	 	Pledged under Credit Agreement
	CCK Holdings, LLC

	 	Delaware	 	 
	Corporate Magic, Inc.

	 	Texas	 	 
	Country Music Television International, Inc.

	 	Delaware	 	 
	Gaylord Creative Group, Inc.

	 	Delaware	 	 
	Gaylord Destin Resorts, LLC

	 	Delaware	 	 
	Gaylord Digital, Inc.

	 	Delaware	 	 
	Gaylord Finance, Inc.

	 	Delaware	 	 
	Gaylord Hotels, Inc.

	 	Delaware	 	 
	Gaylord Investments, Inc.

	 	Delaware	 	 
	Gaylord Mesa, LLC

	 	Delaware	 	 
	Gaylord Mesa Convention Center, LLC

	 	Delaware	 	 
	Gaylord National, LLC

	 	Maryland
	 	X
	Gaylord Program Services, Inc.

	 	Delaware	 	 
	Gaylord Services, LLC

	 	Florida	 	 
	Grand Ole Opry, LLC

	 	Delaware	 	 
	Grand Ole Opry Tours, Inc.

	 	Tennessee	 	 
	OLH, G.P.

	 	Tennessee	 	 
	OLH Holdings, LLC

	 	Delaware	 	 
	Opryland Attractions, LLC

	 	Delaware	 	 
	Opryland Hospitality, LLC

	 	Tennessee	 	 
	Opryland Hotel Nashville, LLC

	 	Delaware
	 	X
	Opryland Hotel—Florida Limited Partnership

	 	Florida
	 	X
	Opryland Hotel—Texas Limited Partnership

	 	Delaware
	 	X
	Opryland Hotel—Texas, LLC

	 	Delaware	 	 
	Opryland Productions, Inc.

	 	Tennessee	 	 
	Opryland Theatricals, Inc.

	 	Delaware	 	 
	Wildhorse Saloon Entertainment Ventures, Inc.

	 	Tennessee	 	 

Schedule II

 

 

SCHEDULE IV

List of Debt Instruments

Indenture, dated as of November 12, 2003, by and between the Company, certain of its subsidiaries
and U.S. Bank National Association, as Trustee, providing for the issuance of the Company 8% Senior
Notes Due 2013 (the “8% Senior Notes”).

First Supplemental Indenture, dated as of November 20, 2003, by and between the Company, certain of
its subsidiaries and U.S. Bank National Association, as Trustee relating to the 8% Senior Notes.

Second Supplemental Indenture, dated as of November 29, 2004, by and between the Company, certain
of its subsidiaries and U.S. Bank National Association, as Trustee, relating to the 8% Senior
Notes.

Third Supplemental Indenture, dated as of December 30, 2004, by and between the Company, certain of
its subsidiaries and U.S. Bank National Association, as Trustee, relating to the 8% Senior Notes.

Fourth Supplemental Indenture, dated as of June 16, 2005, by and between the Company, certain of
its subsidiaries and U.S. Bank National Association, as Trustee, relating to the 8% Senior Notes.

Fifth Supplemental Indenture, dated as of January 12, 2007, by and between the Company, certain of
its subsidiaries and U.S. Bank National Association, as Trustee, relating to the 8% Senior Notes.

Indenture, dated as of November 30, 2004, by and between the Company, certain of its subsidiaries
and U.S. Bank National Association, as Trustee, providing for the issuance of the Company’s 6.75%
Senior Notes Due 2014 (the “6.75% Senior Notes”).

First Supplemental Indenture, dated as of December 30, 2004, by and between the Company, certain of
its subsidiaries and U.S. Bank National Association, as Trustee, relating to the 6.75% Senior
Notes.

Second Supplemental Indenture, dated as of June 16, 2005, by and between the Company, certain of
its subsidiaries and U.S. Bank National Association, as Trustee, relating to the 6.75% Senior
Notes.

Third Supplemental Indenture, dated as of January 12, 2007, by and between the Company, certain of
its subsidiaries and U.S. Bank National Association, as Trustee, relating to the 6.75% Senior
Notes.

Schedule IV

 

 

Second Amended and Restated Credit Agreement, dated as of July 25, 2008, by and among the Company,
certain subsidiaries of the Company party thereto, as guarantors, the lenders party thereto and
Bank of America, N.A., as Administrative Agent.

Schedule IV

 

 

SCHEDULE V

List of Directors and Officers Subject to Lock-Up Agreements

Glenn Angiolillo

Michael J. Bender

Stephen G. Buchanan

Roderick Connor

Mark Fioravanti

Kemp L. Gallineau

E. K. Gaylord II

D. Ralph Horn

John A. Imaizumi

David W. Johnson

David C. Kloeppel

Ellen Levine

Richard A. Maradik

Robert S. Prather, Jr.

Colin V. Reed

Michael D. Rose

Michael I. Roth

Robert B. Rowling

Carter R. Todd

Bennett D. Westbrook

Schedule V

 

 

ANNEX A

Form of Opinion of Bass Berry & Sims PLC, Counsel for the Company

 

 

ANNEX A1

Form of Opinion of Florida Counsel for the Company

 

 

ANNEX A2

Form of Opinion of Local Counsel for the Company

 

 

 

ANNEX B

Lock-Up Agreement

September __, 2009

Gaylord Entertainment Company

Deutsche Bank Securities Inc.

Citigroup Global Markets Inc.

Merrill Lynch, Pierce, Fenner & Smith Incorporated

Wells Fargo Securities, LLC

			
	As	 	Representatives of the

Several Initial Purchasers

c/o Deutsche Bank Securities Inc.

60 Wall Street, 4th Floor

New York, New York 10005

Re: Gaylord Entertainment Company

Ladies and Gentlemen:

     The undersigned understands that you, as Representatives of the several Initial Purchasers,
propose to enter into an Purchase Agreement (the “Purchase Agreement”) with Gaylord Entertainment
Company, a Delaware corporation (the “Company”), and the Guarantors named in Schedule II to
the Purchase Agreement, providing for the offering (the “Offering”) by the several Initial
Purchasers named in Schedule I to the Purchase Agreement (the “Initial Purchasers”), of the
Company’s Convertible Senior Notes due 2014 (the “Notes”). The Notes will be convertible into the
Company’s common stock, $0.01 par value (the “Common Stock”), under certain circumstances.
Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the
Purchase Agreement.

     In consideration of the Initial Purchasers’ agreement to purchase and make the Offering of the
Notes, and for other good and valuable consideration receipt of which is hereby acknowledged, the
undersigned hereby agrees that, without the prior written consent of the Representatives on behalf
of the Initial Purchasers, the undersigned will not, during the period ending 60 days after the
date of the final offering memorandum relating to the Offering (the “Memorandum”), (1) offer,
pledge, announce the intention to sell, sell, contract to sell, sell

Annex B

 

any option or contract to purchase, purchase any option or contract to sell, grant any option,
right or warrant to purchase, or otherwise transfer or dispose of, directly or indirectly, any
shares of Common Stock or any securities convertible into or exercisable or exchangeable for Common
Stock (including without limitation, Common Stock which may be deemed to be beneficially owned by
the undersigned in accordance with the rules and regulations of the Securities and Exchange
Commission and securities which may be issued upon exercise of a stock option or warrant) (other
than (x) in connection with the Offering, (y) pursuant to a 10b5-1 trading plan in existence on the
date hereof and (z) shares transferred to or cancelled by the Company upon exercise or vesting of
stock incentive awards for the payment of any exercise price or tax withholding obligations) or (2)
enter into any swap or other agreement that transfers, in whole or in part, any of the economic
consequences of ownership of the Common Stock, whether any such transaction described in clause (1)
or (2) above is to be settled by delivery of Common Stock or such other securities, in cash or
otherwise. In addition, the undersigned agrees that, without the prior written consent of Deutsche
Bank Securities Inc. on behalf of the Initial Purchasers, it will not, during the period ending 60
days after the date of the Memorandum, make any demand for or exercise any right with respect to,
the registration of any shares of Common Stock or any security convertible into or exercisable or
exchangeable for Common Stock.

     In furtherance of the foregoing, the Company, and any duly appointed transfer agent for the
registration or transfer of the securities described herein, are hereby authorized to decline to
make any transfer of securities if such transfer would constitute a violation or breach of this
Letter Agreement.

     The undersigned hereby represents and warrants that the undersigned has full power and
authority to enter into this Letter Agreement. All authority herein conferred or agreed to be
conferred and any obligations of the undersigned shall be binding upon the successors, assigns,
heirs or personal representatives of the undersigned.

     The undersigned understands that, if the Purchase Agreement does not become effective, or if
the Purchase Agreement (other than the provisions thereof which survive termination) shall
terminate or be terminated prior to payment for and delivery of the Notes to be sold thereunder,
the undersigned shall be released from all obligations under this Letter Agreement.

     The undersigned understands that the Initial Purchasers are entering into the Purchase
Agreement and proceeding with the Offering in reliance upon this Letter Agreement.

[SIGNATURE PAGE FOLLOWS]

Annex B

 

     This lock-up agreement shall be governed by and construed in accordance with the laws of the
State of New York, without regard to the conflict of laws principles thereof.

	 	 	 	 	 
	 	Very truly yours,

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

(b)

Annex B

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