Document:

exv10w2

 

Exhibit 10.2

EXECUTION COPY

 

$1,470,000,000

FIVE-YEAR CREDIT AGREEMENT

dated as of

November 17, 2006

among

COUNTRYWIDE FINANCIAL CORPORATION,

COUNTRYWIDE HOME LOANS, INC.,

COUNTRYWIDE BANK, N.A.

BARCLAYS BANK PLC,

as Managing Administrative Agent,

BNP PARIBAS,

as Administrative Agent,

ROYAL BANK OF CANADA,

as Syndication Agent,

SOCIÉTÉ
GÉNÉRALE,

as Documentation Agent,

and

The Lenders Party Hereto

 

BARCLAYS CAPITAL and BNP PARIBAS SECURITIES CORP.,

as Joint Bookrunners and Joint Lead Arrangers

 

 

 

Table of Contents

	 	 	 	 	 
	 	 	Page
	ARTICLE I
	 	 	 	 
	 
	 	 	 	 
	Definitions
	 	 	 	 
	 
	 	 	 	 
	SECTION 1.01. Defined Terms
	 	 	1	 
	SECTION 1.02. Classification of Loans and Borrowings
	 	 	15	 
	SECTION 1.03. Terms Generally
	 	 	16	 
	SECTION 1.04. Accounting Terms; GAAP
	 	 	16	 
	ARTICLE II
	 	 	 	 
	 
	 	 	 	 
	The Credits
	 	 	 	 
	 
	 	 	 	 
	SECTION 2.01. Commitments; Increases in Revolving Facility
	 	 	16	 
	SECTION 2.02. Loans and Borrowings
	 	 	17	 
	SECTION 2.03. Requests for Revolving Borrowings
	 	 	17	 
	SECTION 2.04. Competitive Bid Procedure
	 	 	18	 
	SECTION 2.05. Swingline Loans
	 	 	20	 
	SECTION 2.06. Funding of Borrowings
	 	 	21	 
	SECTION 2.07. Interest Elections
	 	 	21	 
	SECTION 2.08. Termination and Reduction of Commitments
	 	 	23	 
	SECTION 2.09. Repayment of Loans; Evidence of Debt
	 	 	23	 
	SECTION 2.10. Prepayment of Loans
	 	 	24	 
	SECTION 2.11. Fees
	 	 	24	 
	SECTION 2.12. Interest
	 	 	25	 
	SECTION 2.13. Alternate Rate of Interest
	 	 	26	 
	SECTION 2.14. Increased Costs
	 	 	27	 
	SECTION 2.15. Break Funding Payments
	 	 	28	 
	SECTION 2.16. Taxes
	 	 	28	 
	SECTION 2.17. Payments Generally; Pro Rata Treatment; Sharing of Set-offs
	 	 	29	 
	SECTION 2.18. Mitigation Obligations; Replacement of Lenders
	 	 	30	 
	 
	 	 	 	 
	ARTICLE III
	 	 	 	 
	 
	 	 	 	 
	Representations and Warranties
	 	 	 	 
	 
	 	 	 	 
	SECTION 3.01. Organization; Powers
	 	 	31	 
	SECTION 3.02. Authorization; Enforceability
	 	 	31	 
	SECTION 3.03. Governmental Approvals; No Conflicts
	 	 	31	 
	SECTION 3.04. Financial Condition; No Material Adverse Change
	 	 	32	 
	SECTION 3.05. Properties
	 	 	32	 
	SECTION 3.06. Litigation and Environmental Matters
	 	 	32	 
	SECTION 3.07. Compliance with Laws and Agreements
	 	 	33	 
	SECTION 3.08. Investment Company Status
	 	 	33	 

i

 

	 	 	 	 	 
	 	 	Page
	SECTION 3.09. Taxes
	 	 	33	 
	SECTION 3.10. ERISA
	 	 	33	 
	SECTION 3.11. Disclosure
	 	 	33	 
	SECTION 3.12. Federal Regulations
	 	 	34	 
	SECTION 3.13. Subsidiaries
	 	 	34	 
	 
	 	 	 	 
	ARTICLE IV
	 	 	 	 
	 
	 	 	 	 
	Conditions
	 	 	 	 
	 
	 	 	 	 
	SECTION 4.01. Effective Date
	 	 	34	 
	SECTION 4.02. Each Credit Event
	 	 	35	 
	 
	 	 	 	 
	ARTICLE V
	 	 	 	 
	 
	 	 	 	 
	Affirmative Covenants
	 	 	 	 
	 
	 	 	 	 
	SECTION 5.01. Financial Statements; Ratings Change and Other Information
	 	 	35	 
	SECTION 5.02. Notices of Material Events
	 	 	38	 
	SECTION 5.03. Existence; Conduct of Business
	 	 	39	 
	SECTION 5.04. Payment of Obligations
	 	 	39	 
	SECTION 5.05. Maintenance of Properties; Insurance
	 	 	39	 
	SECTION 5.06. Hedging Program
	 	 	39	 
	SECTION 5.07. Books and Records; Inspection Rights
	 	 	39	 
	SECTION 5.08. Compliance with Laws and Contractual Obligations
	 	 	39	 
	SECTION 5.09. Environmental Laws
	 	 	39	 
	SECTION 5.10. Use of Proceeds
	 	 	40	 
	SECTION 5.11. Compliance with Regulatory Requirements
	 	 	40	 
	 
	 	 	 	 
	ARTICLE VI
	 	 	 	 
	 
	 	 	 	 
	Financial and Negative Covenants
	 	 	 	 
	 
	 	 	 	 
	SECTION 6.01. Financial Condition Covenants
	 	 	40	 
	SECTION 6.02. Liens
	 	 	40	 
	SECTION 6.03. Fundamental Changes
	 	 	41	 
	SECTION 6.04. Acquisitions
	 	 	41	 
	SECTION 6.05. Restricted Payments
	 	 	41	 
	SECTION 6.06. Indebtedness
	 	 	42	 
	ARTICLE VII
	 	 	 	 
	 
	 	 	 	 
	Events of Default
	 	 	 	 

ii

 

	 	 	 	 	 
	 	 	Page
	ARTICLE VIII
	 	 	 	 
	 
	 	 	 	 
	Guarantee
	 	 	 	 
	 
	 	 	 	 
	SECTION 8.01. Guarantee
	 	 	45	 
	SECTION 8.02. No Subrogation
	 	 	45	 
	SECTION 8.03. Amendments, etc. with respect to the Borrower Obligations
	 	 	46	 
	SECTION 8.04. Guarantee Absolute and Unconditional
	 	 	46	 
	SECTION 8.05. Reinstatement
	 	 	47	 
	SECTION 8.06. Payments
	 	 	47	 
	SECTION 8.07. Independent Obligations
	 	 	47	 
	 
	 	 	 	 
	ARTICLE IX
	 	 	 	 
	 
	 	 	 	 
	The Agents
	 	 	 	 
	 
	 	 	 	 
	SECTION 9.01. Appointment
	 	 	47	 
	SECTION 9.02. Delegation of Duties
	 	 	48	 
	SECTION 9.03. Exculpatory Provisions
	 	 	48	 
	SECTION 9.04. Reliance by Managing Administrative Agent
	 	 	48	 
	SECTION 9.05. Notice of Default
	 	 	49	 
	SECTION 9.06. Non-Reliance on Agents and Other Lenders
	 	 	49	 
	SECTION 9.07. Indemnification
	 	 	49	 
	SECTION 9.08. Agent in Its Individual Capacity
	 	 	50	 
	SECTION 9.09. Successor Managing Administrative Agent
	 	 	50	 
	SECTION 9.10. Documentation Agent, Syndication Agent and Administrative Agent
	 	 	50	 
	 
	 	 	 	 
	ARTICLE X
	 	 	 	 
	 
	 	 	 	 
	Miscellaneous
	 	 	 	 
	 
	 	 	 	 
	SECTION 10.01. Notices
	 	 	50	 
	SECTION 10.02. Waivers; Amendments
	 	 	51	 
	SECTION 10.03. Expenses; Indemnity; Damage Waiver
	 	 	52	 
	SECTION 10.04. Successors and Assigns
	 	 	53	 
	SECTION 10.05. Survival
	 	 	55	 
	SECTION 10.06. Counterparts; Integration; Effectiveness
	 	 	55	 
	SECTION 10.07. Severability
	 	 	56	 
	SECTION 10.08. Right of Setoff
	 	 	56	 
	SECTION 10.09. Governing Law; Jurisdiction; Consent to Service of Process
	 	 	56	 
	SECTION 10.10. WAIVER OF JURY TRIAL
	 	 	57	 
	SECTION 10.11. Headings
	 	 	57	 
	SECTION 10.12. Confidentiality
	 	 	57	 
	SECTION 10.13. USA PATRIOT Act
	 	 	57	 

iii

 

SCHEDULES:

Schedule 2.01 – Commitments

Schedule 2.05 – Swingline Commitments

Schedule 3.06 – Disclosed Matters

Schedule 3.13 – Material Subsidiaries

Schedule 6.02 – Existing Liens

EXHIBITS:

Exhibit A – Form of Closing Certificate

Exhibit B – Form of Assignment and Assumption

Exhibit C – Form of Opinion of Borrower’s Counsel

Exhibit D – Form of New Lender Supplement

Exhibit E – Form of Increased Facility Activation Notice

iv

 

     FIVE-YEAR CREDIT AGREEMENT dated as of November 17, 2006, among COUNTRYWIDE FINANCIAL
CORPORATION, COUNTRYWIDE HOME LOANS, INC., COUNTRYWIDE BANK, N.A.,
SOCIÉTÉ GÉNÉRALE, as
Documentation Agent, ROYAL BANK OF CANADA, as Syndication Agent, the LENDERS party hereto, BNP
PARIBAS, as Administrative Agent, and BARCLAYS BANK PLC, as Managing Administrative Agent.

     WHEREAS, the Borrower has requested $1,470,000,000 in a senior unsecured revolving credit
facility from the Lenders for general corporate purposes; and

     WHEREAS, the Lenders are willing to provide the requested senior unsecured revolving credit
facility on the terms and conditions set forth herein;

     NOW, THEREFORE, the parties hereto hereby agree as follows:

ARTICLE I

Definitions

     SECTION 1.01. Defined Terms. As used in this Agreement, the following terms have the
meanings specified below:

     “364-Day Credit Agreement” means the 364-Day Credit Agreement, dated as of the date
hereof, among CFC, CHL, CB, Barclays Bank PLC, as managing administrative agent, BNP Paribas, as
administrative agent, Royal Bank of Canada, as syndication agent, Société Générale, as
documentation agent, and the lenders party thereto, as amended, supplemented or otherwise modified
from time to time.

     “Adjusted LIBO Rate” means, with respect to any Eurodollar Borrowing for any Interest
Period, an interest rate per annum (rounded upwards, if necessary, to the next 1/16 of 1%) equal to
(a) the LIBO Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate.

     “Administrative Agent” means BNP Paribas, in its capacity as administrative agent for
the Lenders hereunder.

     “Administrative Questionnaire” means an Administrative Questionnaire in a form
supplied by the Managing Administrative Agent.

     “Affiliate” means, with respect to a specified Person, another Person that directly,
or indirectly through one or more intermediaries, Controls or is Controlled by or is under common
Control with the Person specified.

     “Agents” means the Documentation Agent, the Syndication Agent, the Administrative
Agent and the Managing Administrative Agent.

     “Aggregate Available Commitment” means, at any time, the excess, if any of (a) the
Aggregate Commitment over (b) the aggregate principal amount of all Loans then outstanding.

     “Aggregate Commitment” means the aggregate amount of the Lenders’ Commitments.

     “Aggregate Deficit Amount” means, for any Person, at any time, the excess of (i) the
aggregate amount of payment obligations for which such Person is then liable under its Hedge and
Repo

 

 

Transactions with one or more counterparties over (ii) the then aggregate value of the
collateral then securing all such payment obligations.

     “Aggregate Exposure” means, with respect to any Lender at any time, the amount of such
Lender’s Commitment then in effect or, if the Commitments have been terminated, the amount of such
Lender’s Credit Exposure then outstanding.

     “Aggregate Exposure Percentage” means, with respect to any Lender at any time, the
ratio (expressed as a percentage) of such Lender’s Aggregate Exposure at such time to the Aggregate
Exposure of all Lenders at such time.

     “Agreement” means this Five-Year Credit Agreement, as amended, supplemented or
otherwise modified from time to time.

     “Alternate Base Rate” means, for any day, a rate per annum equal to the greater of (a)
the Prime Rate in effect on such day and (b) the Federal Funds Effective Rate in effect on such day
plus 1/2 of 1%. Any change in the Alternate Base Rate due to a change in the Prime Rate or the
Federal Funds Effective Rate shall be effective from and including the effective date of such
change in the Prime Rate or the Federal Funds Effective Rate, respectively.

     “Alternate Base Rate Loans” means Revolving Loans the rate of interest applicable to
which is based upon the Alternate Base Rate.

     “Applicable Percentage” means, with respect to any Lender, the percentage of the total
Commitments represented by such Lender’s Commitment. If the Commitments have terminated or
expired, the Applicable Percentages shall be determined based upon the Commitments most recently in
effect, giving effect to any assignments.

     “Applicable Rate” means, for any day, with respect to any Federal Funds Rate Loan or
Eurodollar Revolving Loan, or with respect to the facility fees and utilization fees payable
hereunder, as the case may be, the applicable rate per annum set forth below (expressed in basis
points) under the caption “Federal Funds Rate Spread”, “Eurodollar Spread”, “Facility Fee Rate” or
“Utilization Fee Rate”, as the case may be, based upon the ratings by Moody’s and S&P,
respectively, applicable on such date to the Index Debt ratings for the relevant Borrower (with the
Facility Fee Rate as applicable to the unused Commitments being determined by reference to the
Index Debt ratings of CFC):

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Utilization
	 	 	Federal Funds	 	 	 	 	 	Facility Fee	 	Fee Rate
	Index
Debt Ratings
	 	Rate Spread	 	Eurodollar Spread	 	Rate	 	(>50%)
	3 A1 from Moody’s
or 3 A+ from S&P
	 	 	18.0	 	 	 	18.0	 	 	 	7.0	 	 	 	5.0	 
	A2 from Moody’s
or A from S&P
	 	 	22.0	 	 	 	22.0	 	 	 	8.0	 	 	 	5.0	 
	A3 from Moody’s
or A- from S&P
	 	 	26.0	 	 	 	26.0	 	 	 	9.0	 	 	 	5.0	 
	Baa1 from Moody’s
or BBB+ from S&P
	 	 	34.0	 	 	 	34.0	 	 	 	11.0	 	 	 	10.0	 
	Baa2 from Moody’s
or BBB from S&P
	 	 	45.0	 	 	 	45.0	 	 	 	15.0	 	 	 	10.0	 
	< Baa2 from Moody’s
and < BBB from S&P
or unrated
	 	 	55.0	 	 	 	55.0	 	 	 	20.0	 	 	 	10.0	 

2

 

For purposes of the foregoing, (i) if either Moody’s or S&P shall not have in effect a rating for
the Index Debt (other than by reason of the circumstances referred to in clause (iii) of this
definition), then the rating assigned by the other rating agency shall be used; (ii) if the ratings
established or deemed to have been established by Moody’s and S&P for the Index Debt shall fall
within different rating levels, the Applicable Rate shall be based on the higher of the two ratings
unless one of the two ratings is two or more rating levels lower than the other, in which case the
Applicable Rate shall be determined by reference to the rating level next below that of the higher
of the two ratings; (iii) if either Moody’s or S&P shall cease to assign a rating to the Index Debt
solely because CFC elects not to participate or otherwise cooperate in the ratings process of such
rating agency, the Applicable Rate shall not be less than that in effect immediately prior to such
rating agency’s rating becoming unavailable; and (iv) if the ratings established or deemed to have
been established by Moody’s and S&P for the Index Debt shall be changed (other than as a result of
a change in the rating system of Moody’s or S&P), such change shall be effective as of the date on
which it is first announced by the applicable rating agency, irrespective of when notice of such
change shall have been furnished by CFC to the Managing Administrative Agent and the Lenders
pursuant to Section 5.02 or otherwise. Each change in the Applicable Rate shall apply during the
period commencing on the effective date of such change and ending on the date immediately preceding
the effective date of the next such change. If the rating system of Moody’s or S&P shall change,
or if either such rating agency shall cease to be in the business of rating corporate debt
obligations, the Borrowers and the Lenders shall negotiate in good faith to amend this definition
to reflect such changed rating system or the unavailability of ratings from such rating agency and,
pending the effectiveness of any such amendment, the Applicable Rate shall be determined by
reference to the rating most recently in effect prior to such change or cessation.

     “Assignment and Assumption” means an assignment and assumption entered into by a
Lender and an assignee (with the consent of any party whose consent is required by Section 10.04),
and accepted by the Managing Administrative Agent, in the form of Exhibit B or any other form
approved by the Managing Administrative Agent.

     “Availability Period” means the period from and including the Effective Date to but
excluding the earlier of the Commitment Termination Date and the date the Commitments are
terminated as provided herein.

     “Board” means the Board of Governors of the Federal Reserve System of the United
States of America.

     “Borrower” means CFC, CHL or CB, as appropriate.

     “Borrowing” means (a) Revolving Loans of the same Type, made, converted or continued
on the same date and, in the case of Eurodollar Loans, as to which a single Interest Period is in
effect, (b) a Competitive Loan or group of Competitive Loans of the same Type made on the same date
and as to which a single Interest Period is in effect or (c) a Swingline Loan.

     “Borrowing Request” means a request by a Borrower for a Revolving Borrowing in
accordance with Section 2.03.

     “Business Day” means any day that is not a Saturday, Sunday or other day on which
commercial banks in New York City are authorized or required by law to remain closed;
provided that,

3

 

when used in connection with a Eurodollar Loan, the term “Business Day” shall also
exclude any day on which banks are not open for dealings in Dollar deposits in the London interbank
market.

     “Capital Lease Obligations” of any Person means the obligations of such Person to pay
rent or other amounts under any lease of (or other arrangement conveying the right to use) real or
personal property, or a combination thereof, which obligations are required to be classified and
accounted for as capital leases on a balance sheet of such Person under GAAP, and the amount of
such obligations shall be the capitalized amount thereof determined in accordance with GAAP.

     “CB” means Countrywide Bank, N.A., a national banking association.

     “CFC” means Countrywide Financial Corporation, a Delaware corporation.

     “Change in Law” means (a) the adoption of any law, rule or regulation after the date
of this Agreement, (b) any change in any law, rule or regulation or in the interpretation or
application thereof by any Governmental Authority after the date of this Agreement or (c)
compliance by any Lender (or, for purposes of Section 2.14(b), by any lending office of such Lender
or by such Lender’s holding company, if any) with any request, guideline or directive (whether or
not having the force of law) of any Governmental Authority made or issued after the date of this
Agreement.

     “Change of Control” means, at any time, (i) any “person” or “group” (as such terms are
used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”)) becomes, or obtain rights (whether by means or warrants, options or otherwise) to become,
the “beneficial owner” (as defined in Rules 13(d)-3 and 13(d)-5 under the Exchange Act), directly
or indirectly, of more than 35% of the outstanding voting stock of CFC or (ii) the board of
directors of CFC shall cease to consist of a majority of Continuing Directors.

     “CHL” means Countrywide Home Loans, Inc., a New York corporation.

     “Class”, when used in reference to any Loan or Borrowing, refers to whether such Loan,
or the Loans comprising such Borrowing, are Revolving Loans, Competitive Loans or Swingline Loans.

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

     “Commitment” means, with respect to each Lender, the commitment of such Lender to make
Revolving Loans and to acquire participations in Swingline Loans hereunder, as such commitment may
be (a) reduced from time to time pursuant to Section 2.08 and (b) reduced or increased from time to
time pursuant to assignments by or to such Lender pursuant to Section 10.04. The initial amount of
each Lender’s Commitment is set forth on Schedule 2.01, or in the Assignment and Assumption
pursuant to which such Lender shall have assumed its Commitment, as applicable. The initial
aggregate amount of the Lenders’ Commitments is $1,470,000,000.

     “Commitment Termination Date” means November 17, 2011.

     “Competitive Bid” means an offer by a Lender to make a Competitive Loan in accordance
with Section 2.04.

     “Competitive Bid Rate” means, with respect to any Competitive Bid, the Margin or the
Fixed Rate, as applicable, offered by the Lender making such Competitive Bid.

4

 

     “Competitive Bid Request” means a request by a Borrower for Competitive Bids in
accordance with Section 2.04.

     “Competitive Loan” means a Loan made pursuant to Section 2.04.

     “Consolidated Net Worth” means, at any date, all amounts that would, in conformity
with GAAP, be included on a consolidated balance sheet of a Person and its subsidiaries under
stockholders’ equity at such date.

     “Continuing Directors” means the directors of CFC on the date hereof and each other
director, if, in each case, such other director’s nomination for election to the board of directors
of CFC is recommended by at least 51% of the then Continuing Directors.

     “Contractual Obligation” means, as to any Person, any provision of any security issued
by such Person or of any agreement, instrument or other undertaking to which such Person is a party
or by which it or any of its property is bound.

     “Control” means the possession, directly or indirectly, of the power to direct or
cause the direction of the management or policies of a Person, whether through the ability to
exercise voting power, by contract or otherwise. “Controlling” and “Controlled”
have meanings correlative thereto.

     “Credit Exposure” means, with respect to any Lender at any time, the sum of the
outstanding principal amount of such Lender’s Revolving Loans and its Swingline Exposure at such
time.

     “Default” means any event or condition which constitutes an Event of Default or which
upon notice, lapse of time or both would, unless cured or waived, become an Event of Default.

     “Disclosed Matters” means the actions, suits and proceedings and the environmental
matters disclosed in Schedule 3.06.

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

     “Effective Date” means the date on which the conditions specified in Section 4.01 are
satisfied (or waived in accordance with Section 10.02), which date is November 17, 2006.

     “Environmental Laws” means all laws, rules, regulations, codes, ordinances, orders,
decrees, judgments, injunctions, notices or binding agreements issued, promulgated or entered into
by any Governmental Authority, relating in any way to the environment, preservation or reclamation
of natural resources, the management, release or threatened release of any Hazardous Material or
health and safety matters.

     “Environmental Liability” means any liability, contingent or otherwise (including any
liability for damages, costs of environmental remediation, fines, penalties or indemnities), of a
Borrower or any Subsidiary directly or indirectly resulting from or based upon (a) violation of any
Environmental Law, (b) the generation, use, handling, transportation, storage, treatment or
disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or
threatened release of any Hazardous Materials into the environment or (e) any contract, agreement
or other consensual arrangement pursuant to which liability is assumed or imposed with respect to
any of the foregoing.

     “Equity Interests” means shares of capital stock, partnership interests, membership
interests in a limited liability company, beneficial interests in a trust or other equity ownership
interests in

5

 

a Person, and any warrants, options or other rights entitling the holder thereof to purchase
or acquire any such equity interest.

     “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from
time to time.

     “ERISA Affiliate” means any trade or business (whether or not incorporated) that,
together with CFC, is treated as a single employer under Section 414(b) or (c) of the Code or,
solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single
employer under Section 414 of the Code.

     “ERISA Event” means (a) any “reportable event”, as defined in Section 4043 of ERISA or
the regulations issued thereunder with respect to a Plan (other than an event for which the 30-day
notice period is waived); (b) the existence with respect to any Plan of an “accumulated funding
deficiency” (as defined in Section 412 of the Code or Section 302 of ERISA), whether or not waived;
(c) the filing pursuant to Section 412(d) of the Code or Section 303(d) of ERISA of an application
for a waiver of the minimum funding standard with respect to any Plan; (d) the incurrence by a
Borrower or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to
the termination of any Plan; (e) the receipt by CFC or any ERISA Affiliate from the PBGC or a plan
administrator of any notice relating to an intention to terminate any Plan or Plans or to appoint a
trustee to administer any Plan; (f) the incurrence by CFC or any of its ERISA Affiliates of any
liability with respect to the withdrawal or partial withdrawal from any Plan or Multiemployer Plan;
or (g) the receipt by CFC or any ERISA Affiliate of any notice, or the receipt by any Multiemployer
Plan from CFC or any ERISA Affiliate of any notice, concerning the imposition of Withdrawal
Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in
reorganization, within the meaning of Title IV of ERISA.

     “Eurodollar”, when used in reference to any Loan or Borrowing, refers to whether such
Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by
reference to the Adjusted LIBO Rate (or, in the case of a Competitive Loan, the LIBO Rate).

     “Eurodollar Tranche” is the collective reference to Eurodollar Loans the then current
Interest Periods with respect to all of which begin on the same date and end on the same later date
(whether or not such Loans shall originally have been made on the same day).

     “Event of Default” has the meaning assigned to such term in Article VII.

     “Excluded Taxes” means, with respect to the Managing Administrative Agent, the
Administrative Agent, any Lender or any other recipient of any payment to be made by or on account
of any obligation of a Borrower hereunder, (a) income or franchise taxes imposed on (or measured
by) its net income by the United States of America, or by the jurisdiction under the laws of which
such recipient is organized or in which its principal office is located or, in the case of any
Lender, in which its applicable lending office is located, (b) any branch profits taxes imposed by
the United States of America or any similar tax imposed by any other jurisdiction in which such
Borrower is located and (c) in the case of a Foreign Lender (other than an assignee pursuant to a
request under Section 2.18(b)), any withholding tax that is imposed on amounts payable to such
Foreign Lender at the time such Foreign Lender becomes a party to this Agreement (or designates a
new lending office) or is attributable to such Foreign Lender’s failure to comply with Section
2.16(e), except to the extent that such Foreign Lender (or its assignor, if any) was entitled, at
the time of designation of a new lending office (or assignment), to receive additional amounts from
such Borrower with respect to such withholding tax pursuant to Section 2.16(a).

6

 

     “Existing Credit Agreement” means the 364-Day Credit Agreement, dated as of May 12,
2004, among CFC, CHL, Royal Bank of Canada, as managing administrative agent, Barclays Bank PLC, as
administrative agent, BNP Paribas, as syndication agent, Lloyds TSB Bank PLC and Société Générale,
as documentation agents, and certain lenders named therein, as amended, supplemented or otherwise
modified from time to time (including, but not limited to, the Termination and Replacement
Agreement dated as of November 19, 2004, the First Amendment dated as of May 11, 2005, the Second
Amendment dated as of November 18, 2005 and the Third Amendment dated as of May 10, 2006).

     “Federal Funds Effective Rate” means, for any day, the weighted average (rounded
upwards, if necessary, to the next 1/100 of 1%) of the rates on overnight Federal funds
transactions with members of the Federal Reserve System arranged by Federal funds brokers, as
published on the next succeeding Business Day by the Federal Reserve Bank of New York, or, if such
rate is not so published for any day that is a Business Day, the average (rounded upwards, if
necessary, to the next 1/100 of 1%) of the quotations for such day for such transactions received
by the Managing Administrative Agent from three Federal funds brokers of recognized standing
selected by it.

     “Federal Funds Rate” means (i) for the first day of a Federal Funds Rate Loan, the
rate per annum which is the average of the rates on the offered side of the Federal Funds market
quoted by three interbank Federal Funds brokers, selected by the Managing Administrative Agent, at
approximately the time the Borrower requests such Loan, and (ii) for each day of such Federal Funds
Rate Loan thereafter, the rate per annum which is the average of the rates on the offered side of
the Federal Funds market quoted by three interbank Federal Funds brokers, selected by the Managing
Administrative Agent, at approximately 3:00 p.m., New York City time, on such day for Dollar
deposits in immediately available funds.

     “Federal Funds Rate Loan” means Revolving Loans whose applicable rate of interest is
based upon the Federal Funds Rate and which are designated as Federal Funds Rate Loans pursuant to
Section 2.03 or 2.07.

     “Financial Officer” means, as to a Borrower, the chief financial officer, principal
accounting officer, treasurer or controller of such Borrower.

     “Fixed Rate” means, with respect to any Competitive Loan (other than a Eurodollar
Competitive Loan), the fixed rate of interest per annum specified by the Lender making or proposing
to make such Competitive Loan in its related Competitive Bid.

     “Fixed Rate Loan” means a Competitive Loan bearing interest at a Fixed Rate.

     “Foreign Lender” means any Lender that is organized under the laws of a jurisdiction
other than the United States of America, any State thereof or the District of Columbia.

     “GAAP” means generally accepted accounting principles in the United States of America.

     “Governmental Authority” means the government of the United States of America, any
other nation or any political subdivision thereof, whether state or local, and any agency,
authority, instrumentality, regulatory body, court, central bank or other entity exercising
executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or
pertaining to government.

     “Guarantee” of or by any Person (the “guarantor”) means any obligation,
contingent or otherwise, of the guarantor guaranteeing or having the economic effect of
guaranteeing any Indebtedness

7

 

or other obligation of any other Person (the “primary obligor”) in any manner, whether
directly or indirectly, and including any obligation of the guarantor, direct or indirect, (a) to
purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or
other obligation or to purchase (or to advance or supply funds for the purchase of) any security
for the payment thereof, (b) to purchase or lease property, securities or services for the purpose
of assuring the owner of such Indebtedness or other obligation of the payment thereof, (c) to
maintain working capital, equity capital or any other financial statement condition or liquidity of
the primary obligor so as to enable the primary obligor to pay such Indebtedness or other
obligation or (d) as an account party in respect of any letter of credit or letter of guaranty
issued to support such Indebtedness or obligation; provided, that the term Guarantee shall
not include endorsements for collection or deposit in the ordinary course of business.

     “Guarantee Obligation” means, as to any Person (the “guaranteeing person”),
any obligation, including a reimbursement, counterindemnity or similar obligation, of the
guaranteeing person that guarantees or in effect guarantees, or which is given to induce the
creation of a separate obligation by another Person (including any bank under any letter of credit)
that guarantees or in effect guarantees, any Indebtedness, leases, dividends or other obligations
(the “primary obligations”) of any other third Person (the “primary obligor”) in
any manner, whether directly or indirectly, including any obligation of the guaranteeing person,
whether or not contingent, (i) to purchase any such primary obligation or any property constituting
direct or indirect security therefor, (ii) to advance or supply funds (1) for the purchase or
payment of any such primary obligation or (2) to maintain working capital or equity capital of the
primary obligor or otherwise to maintain the net worth or solvency of the primary obligor, (iii) to
purchase property, securities or services primarily for the purpose of assuring the owner of any
such primary obligation of the ability of the primary obligor to make payment of such primary
obligation or (iv) otherwise to assure or hold harmless the owner of any such primary obligation
against loss in respect thereof; provided, however, that the term Guarantee
Obligation shall not include endorsements of instruments for deposit or collection in the ordinary
course of business. The amount of any Guarantee Obligation of any guaranteeing person shall be
deemed to be the lower of (a) an amount equal to the stated or determinable amount of the primary
obligation in respect of which such Guarantee Obligation is made and (b) the maximum amount for
which such guaranteeing person may be liable pursuant to the terms of the instrument embodying such
Guarantee Obligation, unless such primary obligation and the maximum amount for which such
guaranteeing person may be liable are not stated or determinable, in which case the amount of such
Guarantee Obligation shall be such guaranteeing person’s maximum reasonably anticipated liability
in respect thereof as determined by the applicable Borrower in good faith.

     “Guaranteed Borrower” has the meaning assigned to such term in Section 8.01.

     “Guarantor” has the meaning assigned to such term in Section 8.01.

     “Hazardous Materials” means all explosive or radioactive substances or wastes and all
hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum
distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas,
infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to
any Environmental Law.

     “Hedge and Repo Transaction” means a transaction consisting of or arising under one or
more of the following: (a) swaps, options, caps, collars, floors and swaptions, including, without
limitation, rate swaps, basis swaps, commodity swaps, equity or equity index swaps, interest rate
options, foreign exchange transactions, forward rate agreements, rate guarantee agreements,
currency swaps, credit default swaps, total rate of return swaps, spread options, and contracts for
differences (including any options with respect to any of the transactions referred to in this
clause (a)); (b) repurchase agreements, reverse purchase agreements, sell buy backs and buy sell
back agreements (each of the foregoing including in respect of mortgage loans), securities lending
and borrowing agreements, other

8

 

agreements for the purchase, sale or loan of securities, group or index securities (including
any interest therein or based on the value thereof), certificates of deposit or bankers’
acceptances (including any option with respect to any of the transactions referred to in this
clause (b)); (c) options of any type, whether with respect to fixed-income securities or interest
rates, and whether included on a national securities exchange, privately negotiated or otherwise
relating to guaranties of settlements of cash or securities by or to securities clearing agencies;
(d) prepaid equity forwards and commodity options or forwards; (e) any other transactions similar
to those referred to in clause (a), (b), (c) or (d) above entered into in the ordinary course of
business of CFC or any subsidiary or to the extent entered into solely by two or more of CFC and
its subsidiaries; (f) any combination of two or more transactions referred to in clause (a), (b),
(c), (d) or (e) above; and (g) any agreement or master agreement (including the supplements thereto
and confirmations thereunder and the terms and conditions incorporated by reference in any and all
of the foregoing) for transactions referred to in clause (a), (b), (c), (d) or (e) above.

     “Hedging Program” means a program for hedging interest rate risks by CFC and its
subsidiaries, which program shall include, without limitation, Hedge and Repo Transactions.

     “Increased Facility Activation Date” means any Business Day on which any Lender shall
execute and deliver to the Managing Administrative Agent an Increased Facility Activation Notice
pursuant to Section 2.01(b).

     “Increased Facility Activation Notice” means a notice substantially in the form of
Exhibit E.

     “Increased Facility Closing Date” means any Business Day designated as such in an
Increased Facility Activation Notice.

     “Indebtedness” of any Person means, without duplication, (a) all obligations of such
Person for borrowed money or with respect to deposits or advances of any kind, (b) all obligations
of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of
such Person upon which interest charges are customarily paid, (d) all obligations of such Person
under conditional sale or other title retention agreements relating to property acquired by such
Person, (e) all obligations of such Person in respect of the deferred purchase price of property or
services (excluding current accounts payable incurred in the ordinary course of business), (f) all
Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing
right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such
Person, whether or not the Indebtedness secured thereby has been assumed, (g) all Guarantees by
such Person of Indebtedness of others, (h) all Capital Lease Obligations of such Person, (i) all
obligations, contingent or otherwise, of such Person as an account party in respect of letters of
credit and letters of guaranty and (j) all obligations, contingent or otherwise, of such Person in
respect of bankers’ acceptances. The Indebtedness of any Person shall include the Indebtedness of
any other entity (including any partnership in which such Person is a general partner) to the
extent such Person is liable therefor as a result of such Person’s ownership interest in or other
relationship with such entity, except to the extent the terms of such Indebtedness provide that
such Person is not liable therefor. “Indebtedness” shall not include obligations under customary
indemnification provisions in agreements relating to the sale or purchase of assets or property.

     “Indemnified Taxes” means Taxes other than Excluded Taxes.

     “Index Debt” means senior, unsecured, long-term indebtedness for borrowed money of the
relevant Borrower that is not guaranteed by any Person (other than, in the case of the Index Debt
of CFC or CHL, CFC or CHL, as applicable) or subject to any other credit enhancement.

9

 

     “Information Memorandum” means the confidential information memorandum dated October
2006 relating to the Borrowers and the Transactions.

     “Interest Election Request” means a request by a Borrower to convert or continue a
Revolving Borrowing in accordance with Section 2.07.

     “Interest Payment Date” means (a) with respect to any Federal Funds Rate Loan or
Alternate Base Rate Loan (other than a Swingline Loan), the last day of each calendar month, (b)
with respect to any Eurodollar Loan, the last day of the Interest Period applicable to the
Borrowing of which such Loan is a part and, in the case of a Eurodollar Borrowing with an Interest
Period of more than one month’s duration, each day prior to the last day of such Interest Period
that occurs at intervals of one month’s duration after the first day of such Interest Period, (c)
with respect to any Fixed Rate Loan, the last day of the Interest Period applicable to the
Borrowing of which such Loan is a part and, in the case of a Fixed Rate Borrowing with an Interest
Period of more than 90 days’ duration (unless otherwise specified in the applicable Competitive Bid
Request), each day prior to the last day of such Interest Period that occurs at intervals of 90
days’ duration after the first day of such Interest Period, and any other dates that are specified
in the applicable Competitive Bid Request as Interest Payment Dates with respect to such Borrowing
and (d) with respect to any Swingline Loan, the day that such Loan is required to be repaid.

     “Interest Period” means (a) with respect to any Eurodollar Borrowing, the period
commencing on the date of such Borrowing and ending on the numerically corresponding day in the
calendar month that is one, two, three or six months thereafter, as the applicable Borrower may
elect, and (b) with respect to any Fixed Rate Borrowing, the period (which shall not be less than
seven days or more than 180 days) commencing on the date of such Borrowing and ending on the date
specified in the applicable Competitive Bid Request; provided, that (i) if any Interest
Period would end on a day other than a Business Day, such Interest Period shall be extended to the
next succeeding Business Day unless, in the case of a Eurodollar Borrowing only, such next
succeeding Business Day would fall in the next calendar month, in which case such Interest Period
shall end on the next preceding Business Day, (ii) any Interest Period pertaining to a Eurodollar
Borrowing that commences on the last Business Day of a calendar month (or on a day for which there
is no numerically corresponding day in the last calendar month of such Interest Period) shall end
on the last Business Day of the last calendar month of such Interest Period and (iii) any Interest
Period that would otherwise end after the Commitment Termination Date shall end on the Commitment
Termination Date. For purposes hereof, the date of a Borrowing initially shall be the date on
which such Borrowing is made and, in the case of a Revolving Borrowing, thereafter shall be the
effective date of the most recent conversion or continuation of such Borrowing.

     “JPM 364-Day Credit Agreement” means the 364-Day Credit Agreement, dated as of May 10,
2006, among CFC, CHL, JPMorgan Chase Bank, N.A., as managing administrative agent, Bank of America,
N.A., as administrative agent, ABN AMRO Bank N.V., as syndication agent, Citibank, N.A. and
Deutsche Bank AG New York Branch, as documentation agents, and the lenders party thereto, as
amended, supplemented or otherwise modified from time to time.

     “JPM Credit Agreements” means the JPM 364-Day Credit Agreement and the JPM Five-Year
Credit Agreement.

     “JPM Five-Year Credit Agreement” means the Five-Year Credit Agreement, dated as of May
10, 2006, among CFC, CHL, JPMorgan Chase Bank, N.A., as managing administrative agent, Bank of
America, N.A., as administrative agent, ABN AMRO Bank N.V., as syndication agent, Citibank, N.A.
and Deutsche Bank AG New York Branch, as documentation agents, and the lenders party thereto, as
amended, supplemented or otherwise modified from time to time.

10

 

     “Lenders” means the Persons listed on Schedule 2.01 and any other Person that shall
have become a party hereto pursuant to an Assignment and Assumption or New Lender Supplement, other
than any such Person that ceases to be a party hereto pursuant to an Assignment and Assumption.
Unless the context otherwise requires, the term “Lenders” includes the Swingline Lenders.

     “LIBO Rate” means, with respect to any Eurodollar Borrowing for any Interest Period,
the rate appearing on Page 3750 of the Telerate Market Service (or on any successor or substitute
page of such Service, or any successor to or substitute for such Service, providing rate quotations
comparable to those currently provided on such page of such Service, as determined by the Managing
Administrative Agent from time to time for purposes of providing quotations of interest rates
applicable to Dollar deposits in the London interbank market) at approximately 11:00 a.m., London
time, two Business Days prior to the commencement of such Interest Period, as the rate for Dollar
deposits with a maturity comparable to such Interest Period. In the event that such rate is not
available at such time for any reason, then the “LIBO Rate” with respect to such Eurodollar
Borrowing for such Interest Period shall be the rate at which Dollar deposits of $5,000,000 and for
a maturity comparable to such Interest Period are offered by the principal London office of the
Managing Administrative Agent in immediately available funds in the London interbank market at
approximately 11:00 a.m., London time, two Business Days prior to the commencement of such Interest
Period.

     “Lien” means, with respect to any asset, (a) any mortgage, deed of trust, lien,
pledge, hypothecation, encumbrance, charge or security interest in, on or of such asset, (b) the
interest of a vendor or a lessor under any conditional sale agreement, capital lease or title
retention agreement (or any financing lease having substantially the same economic effect as any of
the foregoing) relating to such asset and (c) in the case of securities, any purchase option, call
or similar right of a third party with respect to such securities.

     “Loan Documents” means this Agreement and the Notes, if any.

     “Loans” means the loans made by the Lenders to the Borrowers pursuant to this
Agreement.

     “Managing Administrative Agent” means Barclays Bank PLC, in its capacity as managing
administrative agent.

     “Margin” means, with respect to any Competitive Loan bearing interest at a rate based
on the LIBO Rate, the marginal rate of interest, if any, to be added to or subtracted from the LIBO
Rate to determine the rate of interest applicable to such Loan, as specified by the Lender making
such Loan in its related Competitive Bid.

     “Material Adverse Effect” means a material adverse effect on (a) the business, assets,
operations, or condition, financial or otherwise, of CFC, CHL and their Subsidiaries taken as a
whole or, as the case may be, of CB and its Subsidiaries taken as a whole, or (b) the validity or
enforceability of this Agreement or any other Loan Document or the rights or remedies of the
Managing Administrative Agent or the Lenders hereunder or thereunder.

     “Material Indebtedness” means (i) Indebtedness outstanding hereunder or under the
364-Day Credit Agreement, (ii) Indebtedness outstanding under either JPM Credit Agreement and (iii)
any other Indebtedness (other than the Loans), or obligations in respect of one or more Hedge and
Repo Transactions, of any one or more of the Borrower and its Subsidiaries in an aggregate
principal amount exceeding $100,000,000.

11

 

     “Material Subsidiary” means, at any time, as to CFC or CB, each of its Subsidiaries
which (i) is set forth in Schedule 3.13 under the heading “Permanent Material Subsidiaries”, (ii)
individually had revenue in the then most recently ended fiscal year of CFC comprising 5% or more
of the consolidated revenue of CFC and its Subsidiaries for such fiscal year or (iii) is designated
a Material Subsidiary by CFC or CB, as the case may be, in Schedule 3.13 under the heading
“Designated Material Subsidiaries” (as such list of Designated Material Subsidiaries may be
supplemented or modified from time to time after the Effective Date upon written notice to the
Managing Administrative Agent and the Lenders). In no event shall the aggregate revenue of
Subsidiaries of CFC or CB, as the case may be, which are not deemed or designated Material
Subsidiaries in accordance with the preceding sentence for the then most recently ended fiscal year
equal or exceed 20% of the consolidated revenue of CFC and its Subsidiaries for such fiscal year.

     “Moody’s” means Moody’s Investors Service, Inc.

     “Multiemployer Plan” means a multiemployer plan as defined in Section 4001(a)(3) of
ERISA.

     “New Lender” has the meaning set forth in Section 2.01(b).

     “New Lender Supplement” has the meaning set forth in Section 2.01(b).

     “Notes”: the collective reference to any promissory note evidencing Loans.

     “Obligations” means, as to any Borrower, the unpaid principal of and interest on
(including interest accruing after the maturity of the Loans and interest accruing after the filing
of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like
proceeding, relating to such Borrower, whether or not a claim for post-filing or post-petition
interest is allowed in such proceeding) the Loans of such Borrower and all other obligations and
liabilities of such Borrower to the Agents or to any Lender, whether direct or indirect, absolute
or contingent, due or to become due, or now existing or hereafter incurred, which may arise under,
out of, or in connection with, this Agreement, any other Loan Document or any other document made,
delivered or given in connection herewith or therewith, whether on account of principal, interest,
fees, indemnities, costs, expenses (including all fees, charges and disbursements of counsel to the
Agents or to any Lender that are required to be paid by such Borrower pursuant hereto) or
otherwise.

     “OCC” means the Office of the Comptroller of the Currency of the United States of
America or any successor federal bank regulatory authority.

     “Other Taxes” means any and all present or future stamp or documentary taxes or any
other excise or property taxes, charges or similar levies arising from any payment made hereunder
or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement.

     “OTS” means the Office of Thrift Supervision or any successor federal regulator of
federally chartered and state-chartered savings associations, their subsidiaries, and their
registered savings and loan holding companies.

     “Participant” has the meaning set forth in Section 10.04.

     “PBGC” means the Pension Benefit Guaranty Corporation referred to and defined in ERISA
and any successor entity performing similar functions.

12

 

     “Permitted Encumbrances” means:

     (a) Liens imposed by law for taxes that are not yet due or are being contested in
compliance with Section 5.04;

     (b) carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s and other like
Liens imposed by law, arising in the ordinary course of business and securing obligations
that are not overdue by more than 30 days or are being contested in compliance with Section
5.04;

     (c) pledges and deposits made in the ordinary course of business in compliance with
workers’ compensation, unemployment insurance and other social security laws or regulations;

     (d) deposits to secure the performance of bids, trade contracts, leases, statutory
obligations, surety and appeal bonds, performance bonds and other obligations of a like
nature, in each case in the ordinary course of business;

     (e) judgment liens in respect of judgments that do not constitute an Event of Default
under clause (k) of Article VII; provided that such liens shall not secure any
judgments of more than $100,000,000 in the aggregate for more than 60 days;

     (f) easements, zoning restrictions, rights-of-way and similar encumbrances on real
property imposed by law or arising in the ordinary course of business that do not secure any
monetary obligations and do not materially detract from the value of the affected property
or interfere with the ordinary conduct of business of a Borrower or any Subsidiary thereof;

     (g) any Lien on any property or asset of a Borrower or any Subsidiary thereof existing
on the date hereof and set forth in Schedule 6.03; provided that (i) such Lien shall
not apply to any other property or asset of such Borrower or any Subsidiary thereof and (ii)
such Lien shall secure only those obligations which it secures on the date hereof and
extensions, renewals and replacements thereof that do not increase the outstanding principal
amount thereof;

     (h) any Lien existing on any property or asset prior to the acquisition thereof by a
Borrower or any Subsidiary thereof or existing on any property or asset of any Person that
becomes a Subsidiary after the date hereof prior to the time such Person becomes a
Subsidiary; provided that (i) such Lien is not created in contemplation of or in
connection with such acquisition or such Person becoming a Subsidiary, as the case may be,
(ii) such Lien shall not apply to any other property or assets of such Borrower or any
Subsidiary thereof and (iii) such Lien shall secure only those obligations which it secures
on the date of such acquisition or the date such Person becomes a Subsidiary, as the case
may be and extensions, renewals and replacements thereof that do not increase the
outstanding principal amount thereof; and

     (i) Liens on fixed or capital assets acquired, constructed or improved by a Borrower or
any Subsidiary thereof, provided that (i) such security interests and the Indebtedness
secured thereby are incurred prior to or within 90 days after such acquisition or the
completion of such construction or improvement, (ii) the Indebtedness secured thereby does
not exceed the cost of acquiring, constructing or improving such fixed or capital assets and
(iii) such security interests shall not apply to any other property or assets of such
Borrower or any Subsidiary thereof.

     “Person” means any natural person, corporation, limited liability company, trust,
joint venture, association, company, partnership, Governmental Authority or other entity.

13

 

     “Plan” means any employee pension benefit plan (other than a Multiemployer Plan)
subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA,
and in respect of which a Borrower or any ERISA Affiliate is (or, if such plan were terminated,
would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of
ERISA.

     “Prime Rate” means the rate of interest per annum publicly announced from time to time
by Barclays Bank PLC as its prime rate in effect at its principal office in New York City; each
change in the Prime Rate shall be effective from and including the date such change is publicly
announced as being effective.

     “Register” has the meaning set forth in Section 10.04.

     “Related Parties” means, with respect to any specified Person, such Person’s
Affiliates and the respective directors, officers, employees, agents and advisors of such Person
and such Person’s Affiliates.

     “Required Lenders” means, at any time, Lenders having Credit Exposures and unused
Commitments representing more than 50% of the sum of the total Credit Exposures and unused
Commitments at such time; provided that, for purposes of declaring the Loans to be due and
payable pursuant to Article VII, and for all purposes after the Loans become due and payable
pursuant to Article VII and/or the Commitments expire or terminate, the outstanding Competitive
Loans of the Lenders shall be included in their respective Credit Exposures in determining the
Required Lenders.

     “Restricted Payment” means any dividend or other distribution (whether in cash,
securities or other property) with respect to any Equity Interests in a Borrower or any Subsidiary
thereof, or any payment (whether in cash, securities or other property), including any sinking fund
or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation
or termination of any such Equity Interests in such Borrower or any option, warrant or other right
to acquire any such Equity Interests in such Borrower.

     “Revolving Loan” means a Loan made pursuant to Section 2.03.

     “S&P” means Standard & Poor’s.

     “SEC” means the Securities and Exchange Commissions, any successor thereto and any
analogous Governmental Authority.

     “Specified MSR Liens” means (i) Liens on mortgage servicing rights securing secured
lines of credit for, warehouse financings of, or repurchase transactions involving, the whole
mortgage loans to which such mortgage servicing rights relate and (ii) Liens on mortgage servicing
rights following sales or securitizations of the mortgage loans to which such mortgage servicing
rights relate where such Liens are intended to benefit the investors in the event such sales or
securitizations are not “true sale” transactions.

     “Statutory Reserve Rate” means a fraction (expressed as a decimal), the numerator of
which is the number one and the denominator of which is the number one minus the aggregate of the
maximum reserve percentages (including any marginal, special, emergency or supplemental reserves)
expressed as a decimal established by the Board to which the Managing Administrative Agent is
subject with respect to the Adjusted LIBO Rate, for eurocurrency funding (currently referred to as
“Eurocurrency Liabilities” in Regulation D of the Board). Such reserve percentages shall include
those imposed pursuant to such Regulation D. Eurodollar Loans shall be deemed to constitute
eurocurrency funding and

14

 

to be subject to such reserve requirements without benefit of or credit for proration,
exemptions or offsets that may be available from time to time to any Lender under such Regulation D
or any comparable regulation. The Statutory Reserve Rate shall be adjusted automatically on and as
of the effective date of any change in any such reserve percentage.

     “subsidiary” means, with respect to any Person (the “parent”) at any date, any
corporation, limited liability company, partnership, association or other entity the accounts of
which would be consolidated with those of the parent in the parent’s consolidated financial
statements if such financial statements were prepared in accordance with GAAP as of such date, as
well as any other corporation, limited liability company, partnership, association or other entity
(a) of which securities or other ownership interests representing more than 50% of the equity or
more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the
general partnership interests are, as of such date, owned, controlled or held, or (b) that is, as
of such date, otherwise Controlled, by the parent or one or more subsidiaries of the parent or by
the parent and one or more subsidiaries of the parent. Unless the context requires otherwise,
“Subsidiary” shall refer to any subsidiary of CFC (including any subsidiary of CFC that is
also a subsidiary of CB).

     “Swingline Commitment” means, with respect to each Swingline Lender, the commitment of
such Swingline Lender to make Swingline Loans. The initial amount of each Swingline Lender’s
Swingline Commitment is set forth in Schedule 2.05.

     “Swingline Exposure” means, at any time, the aggregate principal amount of all
Swingline Loans outstanding at such time. The Swingline Exposure of any Lender at any time shall
be its Applicable Percentage of the total Swingline Exposure at such time.

     “Swingline Lender” means each Lender having a Swingline Commitment set forth in
Schedule 2.05 (as such Schedule may be amended and supplemented from time to time upon the consent
of the Borrowers and the applicable Lender and notice to the Managing Administrative Agent), in its
capacity as a lender of Swingline Loans hereunder.

     “Swingline Loan” means a Loan made pursuant to Section 2.05.

     “Taxes” means any and all present or future taxes, levies, imposts, duties,
deductions, charges or withholdings imposed by any Governmental Authority.

     “Transactions” means the execution, delivery and performance by CFC, CHL and CB of
this Agreement and the other Loan Documents, the borrowing of Loans and the use of the proceeds
thereof by CFC, CHL and CB.

     “Type”, when used in reference to any Loan or Borrowing, refers to whether the rate of
interest on such Loan, or on the Loans comprising such Borrowing, is determined by reference to the
Adjusted LIBO Rate, the Federal Funds Rate, the Alternate Base Rate or, in the case of a
Competitive Loan or Borrowing, the LIBO Rate or a Fixed Rate.

     “Withdrawal Liability” means liability to a Multiemployer Plan as a result of a
complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of
Subtitle E of Title IV of ERISA.

     SECTION 1.02. Classification of Loans and Borrowings. For purposes of this Agreement, Loans may be classified and referred to by Class
(e.g., a “Revolving Loan”) or by Type (e.g., a “Eurodollar Loan”) or by Class and
Type (e.g., a “Eurodollar Revolving Loan”). Borrowings also may

15

 

 be classified and referred
to by Class (e.g., a “Revolving Borrowing”) or by Type (e.g., a “Eurodollar
Borrowing”) or by Class and Type (e.g., a
“Eurodollar Revolving Borrowing”). 

     SECTION 1.03. Terms Generally. The definitions of terms herein shall apply equally to
the singular and plural forms of the terms defined. Whenever the context may require, any pronoun
shall include the corresponding masculine, feminine and neuter forms. The words “include”,
“includes” and “including” shall be deemed to be followed by the phrase “without limitation”. The
word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the
context requires otherwise (a) any definition of or reference to any agreement, instrument or other
document herein shall be construed as referring to such agreement, instrument or other document as
from time to time amended, supplemented or otherwise modified (subject to any restrictions on such
amendments, supplements or modifications set forth herein), (b) any reference herein to any Person
shall be construed to include such Person’s successors and assigns, (c) the words “herein”,
“hereof” and “hereunder”, and words of similar import, shall be construed to refer to this
Agreement in its entirety and not to any particular provision hereof, (d) all references herein to
Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of,
and Exhibits and Schedules to, this Agreement and (e) the words “asset” and “property” shall be
construed to have the same meaning and effect and to refer to any and all tangible and intangible
assets and properties, including cash, securities, accounts and contract rights.

     SECTION 1.04. Accounting Terms; GAAP. Except as otherwise expressly provided herein,
all terms of an accounting or financial nature shall be construed in accordance with GAAP, as in
effect from time to time; provided that, if CFC notifies the Managing Administrative Agent
that a Borrower requests an amendment to any provision hereof to eliminate the effect of any change
occurring after the date hereof in GAAP or in the application thereof on the operation of such
provision (or if the Managing Administrative Agent notifies CFC that the Required Lenders request
an amendment to any provision hereof for such purpose), regardless of whether any such notice is
given before or after such change in GAAP or in the application thereof, then such provision shall
be interpreted on the basis of GAAP as in effect and applied immediately before such change shall
have become effective until such notice shall have been withdrawn or such provision amended in
accordance herewith.

ARTICLE II

The Credits

     SECTION 2.01. Commitments; Increases in Revolving Facility. (a) Subject to the terms
and conditions set forth herein, each Lender agrees to make Revolving Loans to the Borrowers from
time to time during the Availability Period in an aggregate principal amount that will not result
in (i) such Lender’s Credit Exposure exceeding such Lender’s Commitment or (ii) the sum of the
total Credit Exposures plus the aggregate principal amount of outstanding Competitive Loans
exceeding the total Commitments. Within the foregoing limits and subject to the terms and
conditions set forth herein, a Borrower may borrow, prepay and reborrow Revolving Loans.

     (b) The Borrowers and any one or more Lenders (including New Lenders) may from time to time
agree that such Lenders shall make, obtain or increase the amount of their Commitments by executing
and delivering to the Managing Administrative Agent an Increased Facility Activation Notice
specifying (i) the amount of such increase and (ii) the applicable Increased Facility Closing Date.
Notwithstanding the foregoing, without the consent of the Required Lenders, (x) in no event shall
the aggregate amount of the Commitments exceed $1,820,000,000 and (y) each increase effected
pursuant to this paragraph shall be in a minimum amount of at least $50,000,000 (or, if less, the
unused portion of the amount in clause (x) above). No Lender shall have any obligation to
participate in any increase described in this paragraph unless it agrees to do so in its sole
discretion. Any additional bank, financial institution

16

 

or other entity which, with the consent of
the Borrowers and the Managing Administrative Agent (which consent shall not be unreasonably
withheld), elects to become a “Lender” under this Agreement in connection with any transaction
described in this Section 2.01(b) shall execute a New Lender Supplement (each, a “New Lender
Supplement”), substantially in the form of Exhibit D, whereupon such bank, financial
institution
or other entity (a “New Lender”) shall become a Lender for all purposes and to
the same extent as if originally a party hereto and shall be bound by and entitled to the benefits
of this Agreement.

     SECTION 2.02. Loans and Borrowings. (a) Each Revolving Loan shall be made as part of
a Borrowing consisting of Revolving Loans made by the Lenders ratably in accordance with their
respective Commitments. Each Competitive Loan shall be made in accordance with the procedures set
forth in Section 2.04. The failure of any Lender to make any Loan required to be made by it shall
not relieve any other Lender of its obligations hereunder; provided that the Commitments
and Competitive Bids of the Lenders are several and no Lender shall be responsible for any other
Lender’s failure to make Loans as required.

     (b) Subject to Section 2.13, each Revolving Borrowing shall be comprised entirely of Federal
Funds Rate Loans or Eurodollar Loans as the relevant Borrower may request in accordance herewith.
Subject to Section 2.13, each Competitive Borrowing shall be comprised entirely of Eurodollar Loans
or Fixed Rate Loans as the relevant Borrower may request in accordance herewith. Subject to
Section 2.12(d), each Swingline Loan shall bear interest in a manner and for a period to be agreed
upon by the relevant Borrower and the applicable Swingline Lender, provided that in the
event such Borrower requests a Swingline Loan and does not agree upon a period and interest rate
with the applicable Swingline Lender with respect thereto, such Swingline Loan shall be a Federal
Funds Rate Loan. Each Lender at its option may make any Eurodollar Loan by causing any domestic or
foreign branch or Affiliate of such Lender to make such Loan; provided that any exercise of
such option shall not affect the obligation of the relevant Borrower to repay such Loan in
accordance with the terms of this Agreement.

     (c) At the commencement of each Interest Period for any Eurodollar Revolving Borrowing, such
Borrowing shall be in an aggregate amount that is an integral multiple of $25,000,000 and not less
than $25,000,000. At the time that each Federal Funds Rate Revolving Borrowing is made, such
Borrowing shall be in an aggregate amount that is an integral multiple of $25,000,000 and not less
than $25,000,000; provided that a Federal Funds Rate Revolving Borrowing may be in an
aggregate amount that is equal to the entire unused balance of the total Commitments. Each
Competitive Borrowing shall be in an aggregate amount that is an integral multiple of $25,000,000
and not less than $25,000,000. Each Swingline Loan shall be in an amount that is an integral
multiple of $5,000,000 and not less than $5,000,000. Borrowings of more than one Type and Class
may be outstanding at the same time; provided that there shall not at any time be more than
a total of six Eurodollar Revolving Borrowings outstanding.

     (d) Notwithstanding any other provision of this Agreement, a Borrower shall not be entitled to
request, or to elect to convert or continue, any Borrowing if the Interest Period requested with
respect thereto would end after the Commitment Termination Date.

     SECTION 2.03. Requests for Revolving Borrowings. To request a Revolving Borrowing, a
Borrower shall notify the Managing Administrative Agent of such request by telephone (a) in the
case of a Eurodollar Revolving Borrowing, not later than 12:00 noon, New York City time, three
Business Days before the date of the proposed Borrowing or (b) in the case of a Federal Funds Rate
Revolving Borrowing, not later than 12:00 noon, New York City time, on the date of the proposed
Borrowing. A Borrower may request that more than one Revolving Borrowing be made on the same day.
Each such telephonic Borrowing Request shall be irrevocable and shall be confirmed promptly by hand
delivery or telecopy to the Managing Administrative Agent of a written Borrowing Request in a form

17

 

approved by the Managing Administrative Agent and signed by the relevant Borrower. Each such
telephonic and written Borrowing Request shall specify the following information in compliance with
Section 2.02:

	 	(i)	 	the Borrower;
	 
	 	(ii)	 	the aggregate amount of the requested Borrowing;
	 
	 	(iii)	 	the date of such Borrowing, which shall be a Business
Day;
	 
	 	(iv)	 	whether such Borrowing is to be a Federal Funds Rate
Revolving Borrowing or a Eurodollar Revolving Borrowing;
	 
	 	(v)	 	in the case of a Eurodollar Revolving Borrowing, the
initial Interest Period to be applicable thereto, which shall be a
period contemplated by the definition of the term “Interest Period”;
and
	 
	 	(vi)	 	the location and number of such Borrower’s account to
which funds are to be disbursed, which shall comply with the
requirements of Section 2.06.

If no election as to the Type of Revolving Borrowing is specified, then the requested Revolving
Borrowing shall be a Federal Funds Rate Borrowing. If no Interest Period is specified with respect
to any requested Eurodollar Revolving Borrowing, then the applicable Borrower shall be deemed to
have selected an Interest Period of one month’s duration. Promptly following receipt of a
Borrowing Request in accordance with this Section, the Managing Administrative Agent shall advise
each Lender of the details thereof and of the amount of such Lender’s Loan to be made as part of
the requested Borrowing.

     SECTION 2.04. Competitive Bid Procedure. (a) Subject to the terms and conditions set
forth herein, from time to time during the Availability Period a Borrower may request Competitive
Bids and may (but shall not have any obligation to) accept Competitive Bids and borrow Competitive
Loans; provided that the sum of the total Credit Exposures plus the aggregate principal
amount of outstanding Competitive Loans to all the Borrowers at any time shall not exceed the total
Commitments. To request Competitive Bids, a Borrower shall notify the Managing Administrative
Agent of such request by telephone, in the case of a Eurodollar Competitive Borrowing, not later
than 12:00 noon, New York City time, four Business Days before the date of the proposed Borrowing
and, in the case of a Fixed Rate Borrowing, not later than 10:00 a.m., New York
City time, one Business Day before the date of the proposed Borrowing; provided that a
Borrower may submit up to (but not more than) three Competitive Bid Requests on the same day, but a
Competitive Bid Request shall not be made within five Business Days after the date of any previous
Competitive Bid Request, unless any and all such previous Competitive Bid Requests shall have been
withdrawn or all Competitive Bids received in response thereto rejected. Each such telephonic
Competitive Bid Request shall be confirmed promptly by hand delivery or telecopy to the Managing
Administrative Agent of a written Competitive Bid Request in a form approved by the Managing
Administrative Agent and signed by the relevant Borrower. Each such telephonic and written
Competitive Bid Request shall specify the following information in compliance with Section 2.02:

	 	(i)	 	The Borrower;
	 
	 	(ii)	 	the aggregate amount of the requested Borrowing;
	 
	 	(iii)	 	the date of such Borrowing, which shall be a Business Day;

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	 	(iv)	 	whether such Borrowing is to be a Eurodollar Competitive
Borrowing or a Fixed Rate Borrowing;
	 
	 	(v)	 	the Interest Period to be applicable to such Borrowing, which
shall be a period contemplated by the definition of the term “Interest Period”;
and
	 
	 	(vi)	 	the location and number of such Borrower’s account to which
funds are to be disbursed, which shall comply with the requirements of Section
2.06.

Promptly following receipt of a Competitive Bid Request in accordance with this Section, the
Managing Administrative Agent shall notify the Lenders of the details thereof by telecopy, inviting
the Lenders to submit Competitive Bids.

     (b) Each Lender may (but shall not have any obligation to) make one or more Competitive Bids
to a Borrower in response to a Competitive Bid Request. Each Competitive Bid by a Lender must be
in a form approved by the Managing Administrative Agent and must be received by the Managing
Administrative Agent by telecopy, in the case of a Eurodollar Competitive Borrowing, not later than
9:30 a.m., New York City time, three Business Days before the proposed date of such Competitive
Borrowing, and in the case of a Fixed Rate Borrowing, not later than 9:30 a.m., New York City time,
on the proposed date of such Competitive Borrowing. Competitive Bids that do not conform
substantially to the form approved by the Managing Administrative Agent may be rejected by the
Managing Administrative Agent, and the Managing Administrative Agent shall notify the applicable
Lender as promptly as practicable. Each Competitive Bid shall specify (i) the principal amount
(which shall be a minimum of $5,000,000 and an integral multiple of $1,000,000 and which may equal
the entire principal amount of the Competitive Borrowing requested by such Borrower) of the
Competitive Loan or Loans that the applicable Lender is willing to make, (ii) the Competitive Bid
Rate or Rates at which the applicable Lender is prepared to make such Loan or Loans (expressed as a
percentage rate per annum in the form of a decimal to no more than four decimal places) and (iii)
the Interest Period applicable to each such Loan and the last day thereof.

     (c) The Managing Administrative Agent shall promptly notify the relevant Borrower by telecopy
of the Competitive Bid Rate and the principal amount specified in each Competitive Bid and the
identity of the Lender that shall have made such Competitive Bid.

     (d) Subject only to the provisions of this paragraph, the relevant Borrower may accept or
reject any Competitive Bid. Such Borrower shall notify the Managing Administrative Agent by
telephone, confirmed by telecopy in a form approved by the Managing Administrative Agent, whether
and to what extent it has decided to accept or reject each Competitive Bid, in the case of a
Eurodollar Competitive Borrowing, not later than 10:30 a.m., New York City time, three Business
Days before the date of the proposed Competitive Borrowing, and in the case of a Fixed Rate
Borrowing, not later than 10:30 a.m., New York City time, on the proposed date of the Competitive
Borrowing; provided that (i) the failure of such Borrower to give such notice shall be
deemed to be a rejection of each Competitive Bid, (ii) such Borrower shall not accept a Competitive
Bid made at a particular Competitive Bid Rate if such Borrower rejects a Competitive Bid made at a
lower Competitive Bid Rate, (iii) the aggregate amount of the Competitive Bids accepted by such
Borrower shall not exceed the aggregate amount of the requested Competitive Borrowing specified in
the related Competitive Bid Request, (iv) to the extent necessary to comply with clause (iii)
above, such Borrower may accept Competitive Bids at the same Competitive Bid Rate in part, which
acceptance, in the case of multiple Competitive Bids at such Competitive Bid Rate, shall be made
pro rata in accordance with the amount of each such Competitive Bid, and (v) except pursuant to
clause (iv) above, no Competitive Bid shall be accepted for a Competitive Loan unless such
Competitive Loan is in a minimum principal amount of $5,000,000 and an integral

19

 

multiple of
$5,000,000; provided further that if a Competitive Loan must be in an amount less
than $5,000,000 because of the provisions of clause (iv) above, such Competitive Loan may be for a
minimum of $1,000,000 or any integral multiple thereof, and in calculating the pro rata allocation
of acceptances of portions of multiple Competitive Bids at a particular Competitive Bid Rate
pursuant to clause (iv) the amounts shall be rounded to integral multiples of $1,000,000 in a
manner determined by the relevant Borrower. A notice given by such Borrower pursuant to this
paragraph shall be irrevocable.

     (e) The Managing Administrative Agent shall promptly notify each bidding Lender by telecopy
whether or not its Competitive Bid has been accepted (and, if so, the amount and Competitive Bid
Rate so accepted), and each successful bidder will thereupon become bound, subject to the terms and
conditions hereof, to make the Competitive Loan in respect of which its Competitive Bid has been
accepted.

     (f) If the Managing Administrative Agent shall elect to submit a Competitive Bid in its
capacity as a Lender, it shall submit such Competitive Bid directly to the relevant Borrower at
least one quarter of an hour earlier than the time by which the other Lenders are required to
submit their Competitive Bids to the Managing Administrative Agent pursuant to paragraph (b) of
this Section.

     SECTION 2.05. Swingline Loans. (a) Subject to the terms and conditions set forth
herein, each Swingline Lender agrees to make Swingline Loans to a Borrower from time to time during
the Availability Period, in an aggregate principal amount at any time outstanding that will not
result in (i) the aggregate principal amount of its outstanding Swingline Loans exceeding its
Swingline Commitment or (ii) the sum of the total Credit Exposures plus the aggregate principal
amount of outstanding Competitive Loans exceeding the total Commitments; provided that no
Swingline Lender shall be required to make a Swingline Loan to refinance any outstanding Swingline
Loan. Within the foregoing limits and subject to the terms and conditions set forth herein, a
Borrower may borrow, prepay and reborrow Swingline Loans.

     (b) To request a Swingline Loan, a Borrower shall notify the applicable Swingline Lender of
such request by telephone (confirmed by telecopy), not later than 2:00 p.m., New York City time, on
the day of a proposed Swingline Loan. Each such notice shall be irrevocable and shall specify the
requested date (which shall be a Business Day), the requested maturity date (which date shall be a
Business Day and a day not later than the earlier of the Commitment Termination Date and the tenth
Business Day after the date such Swingline Loan is to be made) and amount of the requested
Swingline Loan. Such Swingline Lender will determine with the relevant Borrower, as provided in
Section 2.12(e), the interest rate to be applicable to such Swingline Loan and will then promptly
advise the Managing Administrative Agent of any such Swingline Loan. The applicable Swingline
Lender shall make each Swingline Loan available to such Borrower by 3:00 p.m., New York City time,
on the requested date of such Swingline Loan.

     (c) Any Swingline Lender may, by written notice given to the Managing Administrative Agent not
later than 10:00 a.m., New York City time, on any Business Day on or after the maturity date of any
of its Swingline Loans, require the Lenders to acquire participations on such Business Day in all
or a portion of such Swingline Loan. Such notice shall specify the aggregate amount of Swingline
Loans in which Lenders will participate. Promptly upon receipt of such notice, the Managing
Administrative Agent will give notice thereof to each Lender, specifying in such notice such
Lender’s Applicable Percentage of such Swingline Loan or Loans. Each Lender hereby absolutely and
unconditionally agrees, upon receipt of notice as provided above, to pay to the Managing
Administrative Agent, for the account of the applicable Swingline Lender, such Lender’s Applicable
Percentage of such Swingline Loan or Loans. Each Lender acknowledges and agrees that its
obligation to acquire participations in Swingline Loans pursuant to this paragraph is absolute and
unconditional and shall not

20

 

be affected by any circumstance whatsoever, including the occurrence
and continuance of a Default or Event of Default or reduction or termination of the Commitments,
and that each such payment shall be made without any offset, abatement, withholding or reduction
whatsoever. Each Lender shall comply with its obligation under this paragraph by wire transfer of
immediately available funds, in the same manner as provided in Section 2.06 with respect to Loans
made by such Lender (and Section 2.06 shall apply, mutatis mutandis, to the payment
obligations of the Lenders), and the Managing Administrative Agent shall promptly pay to the
applicable Swingline Lender the amounts so received by it from the Lenders. The Managing
Administrative Agent shall notify the relevant Borrower of any participations in any Swingline Loan
acquired pursuant to this paragraph, and thereafter payments in respect of such Swingline Loan
shall be made to the Managing Administrative Agent and not to the applicable Swingline Lender. Any
amounts received by a Swingline Lender from a Borrower (or other party on behalf of such Borrower)
in respect of a Swingline Loan after receipt by such Swingline Lender of the proceeds of a sale of
participations therein shall be promptly remitted to the Managing Administrative Agent; any such
amounts received by the Managing Administrative Agent shall be promptly remitted by the Managing
Administrative Agent to the Lenders that shall have made their payments pursuant to this paragraph
and to the applicable Swingline Lender, as their interests may appear; provided that any
such payment so remitted shall be repaid to the Swingline Lender or to the Managing Administrative
Agent, as applicable, if and to the extent such payment is required to be refunded to the relevant
Borrower for any reason. The purchase of participations in a Swingline Loan pursuant to this
paragraph shall not relieve any Borrower of any default in the payment thereof.

     SECTION 2.06. Funding of Borrowings. (a) Each Lender shall make each Loan to be made
by it hereunder on the proposed date thereof by wire transfer of immediately available funds by
3:00 p.m., New York City time, to the account of the Managing Administrative Agent most recently
designated by it for such purpose by notice to the Lenders; provided that Swingline Loans
shall be made as provided in Section 2.05. The Managing Administrative Agent will make such Loans
available to the relevant Borrower by promptly crediting the amounts so received, in like funds, to
an account of such Borrower maintained with the Managing Administrative Agent in New York City and
designated by such Borrower in the applicable Borrowing Request or Competitive Bid Request.

     (b) Unless the Managing Administrative Agent shall have received notice from a Lender prior to
the proposed date of any Borrowing that such Lender will not make available to the Managing
Administrative Agent such Lender’s share of such Borrowing, the Managing Administrative Agent may
assume that such Lender has made such share available on such date in accordance with paragraph (a)
of this Section and may, in reliance upon such assumption, make available to the relevant Borrower
a corresponding amount. In such event, if a Lender has not in fact made its share of the
applicable Borrowing available to the Managing Administrative Agent, then the applicable Lender and
such Borrower severally agree to pay to the Managing Administrative Agent forthwith on demand such
corresponding amount with interest thereon, for each day from and including the date such amount is
made available to such Borrower to but excluding the date of payment to the Managing Administrative
Agent, at (i) in the case of such Lender, the greater of the Federal Funds Rate and a rate
determined by the Managing Administrative Agent in accordance with banking industry rules on
interbank compensation or (ii) in the case of such Borrower, the Federal Funds Rate plus the
Applicable Rate. If such Lender pays such amount to the Managing Administrative Agent, then such
amount shall constitute such Lender’s Loan included in such Borrowing as of the date of such
Borrowing.

     SECTION 2.07. Interest Elections. (a) Each Revolving Borrowing initially shall be of
the Type specified in the applicable Borrowing Request and, in the case of a Eurodollar Revolving
Borrowing, shall have an initial Interest Period as specified in such Borrowing Request.
Thereafter, a Borrower may elect to convert such Borrowing to a different Type or to continue such
Borrowing and, in the case of a Eurodollar Revolving Borrowing, may elect Interest Periods
therefor, all as provided in this

21

 

Section. Such Borrower may elect different options with respect
to different portions of the affected Borrowing, in which case each such portion shall be allocated
ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans comprising
each such portion shall be considered a separate Borrowing. This Section shall not apply to
Competitive Borrowings or Swingline Borrowings, which may not be converted or continued.

     (b) To make an election pursuant to this Section, the relevant Borrower shall notify the
Managing Administrative Agent of such election by telephone by the time that a Borrowing Request
would be required under Section 2.03 if such Borrower were requesting a Revolving Borrowing of the
Type resulting from such election to be made on the effective date of such election. Each such
telephonic Interest Election Request shall be irrevocable and shall be confirmed promptly by hand
delivery or telecopy to the Managing Administrative Agent of a written Interest Election Request in
a form approved by the Managing Administrative Agent and signed by the relevant Borrower.

     (c) Each telephonic and written Interest Election Request shall specify the following
information in compliance with Section 2.02:

     (i) the Borrowing to which such Interest Election Request applies and, if different
options are being elected with respect to different portions thereof, the portions thereof
to be allocated to each resulting Borrowing (in which case the information to be specified
pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing);

     (ii) the effective date of the election made pursuant to such Interest Election
Request, which shall be a Business Day;

     (iii) whether the resulting Borrowing is to be a Federal Funds Rate Borrowing or a
Eurodollar Borrowing; and

     (iv) if the resulting Borrowing is a Eurodollar Borrowing, the Interest Period to be
applicable thereto after giving effect to such election, which shall be a period
contemplated by the definition of the term “Interest Period”.

If any such Interest Election Request requests a Eurodollar Borrowing but does not specify an
Interest Period, then the relevant Borrower shall be deemed to have selected an Interest Period of
one month’s duration.

     (d) Promptly following receipt of an Interest Election Request, the Managing Administrative
Agent shall advise each Lender of the details thereof and of such Lender’s portion of each
resulting Borrowing.

     (e) If the relevant Borrower fails to deliver a timely Interest Election Request with respect
to a Eurodollar Revolving Borrowing prior to the end of the Interest Period applicable thereto,
then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such
Borrowing shall be converted to a Federal Funds Rate Borrowing. Notwithstanding any contrary
provision hereof, if an Event of Default has occurred and is continuing and the Managing
Administrative Agent, at the request of the Required Lenders, so notifies such Borrower, then, so
long as an Event of Default is continuing (i) no outstanding Revolving Borrowing may be converted
to or continued as a Eurodollar Borrowing and (ii) unless repaid, each Eurodollar Revolving
Borrowing shall be converted to an Alternate Base Rate Borrowing at the end of the Interest Period
applicable thereto.

22

 

     SECTION 2.08. Termination and Reduction of Commitments. (a) Unless previously
terminated, the Commitments shall terminate on the Commitment Termination Date.

     (b) The Borrowers may at any time terminate, or from time to time reduce, the Commitments;
provided that (i) each reduction of the Commitments shall be in an amount that is an
integral multiple of $25,000,000 and not less than $25,000,000 and (ii) the Borrowers shall not
terminate or reduce the Commitments if, after giving effect to any concurrent prepayment of the
Loans in accordance with Section 2.10, the sum of the Credit Exposures plus the aggregate principal
amount of outstanding Competitive Loans would exceed the total Commitments. The Borrowers may at
any time terminate, or from time to time reduce, the Swingline Commitments of one or more Swingline
Lenders without any reduction or termination of the Commitments; provided that (i) each
reduction of any Swingline Commitment shall be in an amount that is an integral multiple of
$25,000,000 and not less than $25,000,000 and (ii) the Borrowers shall not terminate or reduce the
Swingline Commitment of any Swingline Lender if, after giving effect to such termination or
reduction, the sum of the outstanding Swingline Loans of such Swingline Lender would exceed its
Swingline Commitment.

     (c) The Borrowers shall notify the Managing Administrative Agent of any election to terminate
or reduce the Commitments under paragraph (b) of this Section at least three Business Days prior to
the effective date of such termination or reduction, specifying such election and the effective
date thereof. Promptly following receipt of any notice, the Managing Administrative Agent shall
advise the Lenders of the contents thereof. Each notice delivered by the Borrowers pursuant to
this Section shall be irrevocable; provided that a notice of termination of the Commitments
delivered by the Borrowers may state that such notice is conditioned upon the effectiveness of
other credit facilities, in which case such notice may be revoked by the Borrowers (by notice to
the Managing Administrative Agent on or prior to the specified effective date) if such condition is
not satisfied. Any termination or reduction of the Commitments shall be permanent. Each reduction
of the Commitments shall be made ratably among the Lenders in accordance with their respective
Commitments.

     (d) Upon the occurrence of a Change of Control with respect to CFC, the Managing
Administrative Agent, at the request of the Required Lenders, may, by notice to the Borrowers,
terminate the Commitments, such termination to be effective as of the date set forth in such notice
for the termination of the Commitments but in no event earlier than one Business Day following the
date such notice was delivered to the Borrowers.

     SECTION 2.09. Repayment of Loans; Evidence of Debt. (a) Each Borrower hereby
unconditionally promises to pay (i) to the Managing Administrative Agent for the account of each
Lender the then unpaid principal amount of each Revolving Loan with respect to such Borrower, on
the Commitment Termination Date or on the Business Day specified in any notice delivered by the
Managing Administrative Agent referred to in Section 2.08(d), (ii) to the Managing Administrative
Agent for the account of each applicable Lender the then unpaid principal amount of each
Competitive Loan with respect to such Borrower, on the last day of the Interest Period applicable
to such Loan and (iii) to each Swingline Lender the then unpaid principal amount of any Swingline
Loan with respect to such Borrower, owing to such Swingline Lender on the maturity date applicable
to such Swingline Loan. Upon receipt of any payment or prepayment by a Swingline Lender from the
relevant Borrower on account of the principal amount of a Swingline Loan, such Swingline Lender
shall provide written notice to the Managing Administrative Agent of the date and amount of such
payment or prepayment. It is understood that (x) the Commitments shall automatically terminate on
the Commitment Termination Date and (y) no maturity date for any Competitive Loan or Swingline Loan
may extend beyond the Commitment Termination Date.

23

 

          (b) Each Lender shall maintain in accordance with its usual practice an account or accounts
evidencing the indebtedness of each Borrower to such Lender resulting from each Loan made by such
Lender, including the amounts of principal and interest payable and paid to such Lender from time
to time hereunder.

          (c) The Managing Administrative Agent shall maintain accounts in which it shall record (i) the
amount of each Loan made hereunder, the Class and Type thereof and the Interest Period applicable
thereto, (ii) the amount of any principal or interest due and payable or to become due and payable
from each Borrower to each Lender hereunder and (iii) the amount of any sum received by the
Managing Administrative Agent hereunder for the account of the Lenders and each Lender’s share
thereof.

          (d) The entries made in the accounts maintained pursuant to paragraph (b) or (c) of this
Section shall be prima facie evidence of the existence and amounts of the
obligations recorded therein; provided that the failure of any Lender or the Managing
Administrative Agent to maintain such accounts or any error therein shall not in any manner affect
the obligation of a Borrower to repay its Loans in accordance with the terms of this Agreement.

          (e) Any Lender may request that Loans made by it be evidenced by a promissory note. In such
event, each relevant Borrower shall prepare, execute and deliver to such Lender a promissory note
payable to the order of such Lender (or, if requested by such Lender, to such Lender and its
registered assigns) and in a form approved by the Managing Administrative Agent. Thereafter, the
Loans evidenced by such promissory note and interest thereon shall at all times (including after
assignment pursuant to Section 10.04) be represented by one or more promissory notes in such form
payable to the order of the payee named therein (or, if such promissory note is a registered note,
to such payee and its registered assigns).

          SECTION 2.10. Prepayment of Loans. (a) A Borrower shall have the right at any time and from time to time to prepay any
Borrowing in whole or in part, subject to prior notice in accordance with paragraph (b) of this
Section.

          (b) A Borrower shall notify the Managing Administrative Agent (and, in the case of prepayment
of a Swingline Loan or Competitive Loan, the applicable Swingline Lender or the applicable Lender,
respectively) by telephone (confirmed by telecopy) of any prepayment hereunder (i) in the case of
prepayment of a Eurodollar Revolving Borrowing, not later than 12:00 noon, New York City time,
three Business Days before the date of prepayment or (ii) in the case of prepayment of a Federal
Funds Rate Revolving Borrowing, an Alternate Base Rate Revolving Borrowing, a Fixed Rate Borrowing
or a Swingline Loan, not later than 12:00 noon, New York City time, on the date of prepayment.
Each such notice shall be irrevocable and shall specify the prepayment date and the principal
amount of each Borrowing or portion thereof to be prepaid; provided that, if a notice of
prepayment is given in connection with a conditional notice of termination of the Commitments as
contemplated by Section 2.08, then such notice of prepayment may be revoked if such notice of
termination is revoked in accordance with Section 2.08. Promptly following receipt of any such
notice relating to a Revolving Borrowing, the Managing Administrative Agent shall advise the
Lenders of the contents thereof. Each partial prepayment of any Revolving Borrowing shall be in
an amount that would be permitted in the case of an advance of a Revolving Borrowing of the same
Type as provided in Section 2.02. Each prepayment of a Revolving Borrowing shall be applied
ratably to the Loans included in the prepaid Borrowing. Prepayments shall be accompanied by
accrued interest to the extent required by Section 2.12.

          SECTION 2.11. Fees. (a) Each Borrower agrees to pay to the Managing Administrative
Agent for the account of each Lender a facility fee, it being specified that (i) the portion of

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the
facility fee payable on account of the used amount of the Commitments shall be paid by each
Borrower proportionally to the amount used by each of them under this Agreement on each day, and
(ii) the portion of the facility fee payable on account of the unused amount of the Commitments on
each day shall be paid by CFC. Facility fees shall accrue at the Applicable Rate on the daily
amount of the Commitment of such Lender (whether used or unused) during the period from and
including the date hereof to but excluding the date on which such Commitment terminates;
provided that, if such Lender continues to have any outstanding Loans after its Commitment
terminates, then such facility fee shall continue to accrue on the daily amount of such Lender’s
Loans from and including the date on which its Commitment terminates to but excluding the date on
which such Lender ceases to have any Loans outstanding. Facility fees accrued through and
including the last day of March, June, September and December of each year shall be payable on the
third Business Day following such last day, commencing on the first such date to occur after the
date hereof; provided that all such fees shall be payable on the date on which the
Commitments terminate and any such fees accruing after the date on which the Commitments terminate
shall be payable on demand. All facility fees shall be computed on the basis of a year of 360 days
and shall be payable for the actual number of days elapsed (including the first day but excluding
the last day).

          (b) During the Availability Period, each Borrower agrees to pay to the Managing Administrative
Agent for the account of each Lender a utilization fee at the Applicable Rate on the aggregate
amount of the Revolving Loans under this Agreement outstanding with respect to such Borrower, on
each day during the quarter for which such fee is to be paid; provided, that no such fee
shall be required to be paid with respect to any day on which the aggregate amount of the Revolving
Loans, Swingline Loans and Competitive Loans then outstanding under this Agreement does not exceed
50% of the aggregate Commitments of the Lenders then in effect under this Agreement. Such
utilization fee, to the extent payable, shall be payable quarterly in arrears on the last day of
each March, June, September and December, commencing on December 31, 2006 and on the Commitment
Termination Date (or, in any case, any earlier date on which all amounts outstanding hereunder
shall become due and payable by
acceleration or otherwise). All utilization fees shall be computed on the basis of a year of
360 days and shall be payable for the actual number of days elapsed (including the first day but
excluding the last day).

          (c) Each Borrower agrees to pay to the Managing Administrative Agent, for its own account,
fees payable in the amounts and at the times separately agreed upon between such Borrower and the
Managing Administrative Agent.

          (d) All fees payable hereunder shall be paid on the dates due, in immediately available funds,
to the Managing Administrative Agent for distribution, in the case of facility fees and utilization
fees, to the Lenders. Fees paid shall not be refundable under any circumstances.

          SECTION 2.12. Interest. (a) The Loans comprising each Federal Funds Rate Borrowing
shall bear interest at the Federal Funds Rate plus the Applicable Rate.

          (b) The Loans comprising each Alternate Base Rate Borrowing shall bear interest at the
Alternate Base Rate.

          (c) The Loans comprising each Eurodollar Borrowing shall bear interest (i) in the case of a
Eurodollar Revolving Loan, at the Adjusted LIBO Rate for the Interest Period in effect for such
Borrowing plus the Applicable Rate, or (ii) in the case of a Eurodollar Competitive Loan, at the
LIBO Rate for the Interest Period in effect for such Borrowing plus (or minus, as applicable) the
Margin applicable to such Loan.

25

 

          (d) Each Fixed Rate Loan shall bear interest at the Fixed Rate applicable to such Loan.

          (e) Each Swingline Loan shall bear interest in a manner to be agreed upon by the relevant
Borrower and the applicable Swingline Lender, provided that (i) in the event such Borrower
requests a Swingline Loan and does not agree upon an interest rate with such Swingline Lender with
respect thereto, such Swingline Loan shall bear interest at the Federal Funds Rate plus the
Applicable Rate and (ii) from and after the maturity date of such Swingline Loan, such Swingline
Loan (or participated portion thereof) shall bear interest at the Alternate Base Rate.

          (f) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or
other amount payable by a Borrower hereunder is not paid when due, whether at stated maturity, upon
acceleration or otherwise, such overdue amount shall bear interest, after as well as before
judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2% plus
the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section
or (ii) in the case of any other amount, 2% plus the Alternate Base Rate.

          (g) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date
for such Loan and, in the case of Revolving Loans, upon termination of the Commitments;
provided that (i) interest accrued pursuant to paragraph (d) of this Section shall be
payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a
prepayment of a Federal Funds Rate Loan prior to the end of the Availability Period), accrued
interest on the principal amount repaid or prepaid shall be payable on the date of such repayment
or prepayment and (iii) in the event of any conversion of any Eurodollar Revolving Loan prior to
the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on
the effective date of such conversion.

          (h) All interest hereunder shall be computed on the basis of a year of 360 days, except that
interest computed by reference to the Alternate Base Rate at times when the Alternate Base Rate is
based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap
year), and in each case shall be payable for the actual number of days elapsed (including the first
day but excluding the last day). The applicable Alternate Base Rate, Adjusted LIBO Rate or LIBO
Rate shall be determined by the Managing Administrative Agent, and such determination shall be
conclusive absent manifest error.

          SECTION 2.13. Alternate Rate of Interest. If prior to the commencement of any
Interest Period for a Eurodollar Borrowing:

     (a) the Managing Administrative Agent determines (which
determination shall be conclusive absent manifest error) that adequate
and reasonable means do not exist for ascertaining the Adjusted LIBO
Rate or the LIBO Rate, as applicable, for such Interest Period; or

     (b) the Managing Administrative Agent is advised by the Required
Lenders (or, in the case of a Eurodollar Competitive Loan, the Lender
that is required to make such Loan) that the Adjusted LIBO Rate or the
LIBO Rate, as applicable, for such Interest Period will not adequately
and fairly reflect the cost to such Lenders (or Lender) of making or
maintaining their Loans (or its Loan) included in such Borrowing for
such Interest Period;

then the Managing Administrative Agent shall give notice thereof to the Borrowers and the Lenders
by telephone or telecopy as promptly as practicable thereafter and, until the Managing
Administrative Agent

26

 

notifies the Borrowers and the Lenders that the circumstances giving rise to
such notice no longer exist, (i) any Interest Election Request that requests the conversion of any
Revolving Borrowing to, or continuation of any Revolving Borrowing as, a Eurodollar Borrowing shall
be ineffective and such Revolving Borrowing shall be a Federal Funds Rate Revolving Borrowing, (ii)
if any Borrowing Request requests a Eurodollar Revolving Borrowing, such Borrowing shall be made as
a Federal Funds Rate Revolving Borrowing and (iii) any request by a Borrower for a Eurodollar
Competitive Borrowing shall be ineffective; provided that if the circumstances giving rise
to such notice do not affect all the Lenders, then requests by a Borrower for Eurodollar
Competitive Borrowings may be made to Lenders that are not affected thereby.

          SECTION 2.14. Increased Costs. (a) If any Change in Law shall:

     (i) impose, modify or deem applicable any reserve, special deposit or similar
requirement against assets of, deposits with or for the account of, or credit extended by,
any Lender (except any such reserve requirement reflected in the Adjusted LIBO Rate); or

     (ii) impose on any Lender or the London interbank market any other condition affecting
this Agreement or Eurodollar Loans or Fixed Rate Loans made by such Lender;

and the result of any of the foregoing shall be to increase the cost to such Lender of making or
maintaining any Eurodollar Loan or Fixed Rate Loan (or of maintaining its obligation to make any
such Loan) or to increase the cost to such Lender or to reduce the amount of any sum received or
receivable by such Lender hereunder (whether of principal, interest or otherwise), then the
relevant Borrower will pay to
such Lender such additional amount or amounts as will compensate such Lender for such additional
costs incurred or reduction suffered.

          (b) If any Lender reasonably determines that any Change in Law regarding capital requirements
has or would have the effect of reducing the rate of return on such Lender’s capital or on the
capital of such Lender’s holding company, if any, as a consequence of this Agreement or the Loans
made by such Lender to a level below that which such Lender or such Lender’s holding company could
have achieved but for such Change in Law (taking into consideration such Lender’s policies and the
policies of such Lender’s holding company with respect to capital adequacy), then from time to time
the relevant Borrower (or, if the same is with respect to unused Commitments, CFC) will pay to such
Lender such additional amount or amounts as will compensate such Lender or such Lender’s holding
company for any such reduction suffered.

          (c) A certificate of a Lender setting forth the amount or amounts necessary to compensate such
Lender or its holding company, as the case may be, as specified in paragraph (a) or (b) of this
Section shall be delivered to each Borrower and shall be conclusive absent manifest error. Each
Borrower shall pay such Lender the amount shown as due on any such certificate within 10 days after
receipt thereof.

          (d) Failure or delay on the part of any Lender to demand compensation pursuant to this Section
shall not constitute a waiver of such Lender’s right to demand such compensation; provided
that a Borrower shall not be required to compensate a Lender pursuant to this Section for any
increased costs or reductions incurred more than 270 days prior to the date that such Lender
notifies such Borrower of the Change in Law giving rise to such increased costs or reductions and
of such Lender’s intention to claim compensation therefor; provided further that,
if the Change in Law giving rise to such increased costs or reductions is retroactive, then the
270-day period referred to above shall be extended to include the period of retroactive effect
thereof.

27

 

          (e) Notwithstanding the foregoing provisions of this Section, a Lender shall not be entitled
to compensation pursuant to this Section in respect of any Competitive Loan if the Change in Law
that would otherwise entitle it to such compensation shall have been publicly announced prior to
submission of the Competitive Bid pursuant to which such Loan was made.

          SECTION 2.15. Break Funding Payments. In the event of (a) the payment of any
principal of any Eurodollar Loan or Fixed Rate Loan other than on the last day of an Interest
Period applicable thereto (including as a result of an Event of Default), (b) the conversion of any
Eurodollar Loan other than on the last day of the Interest Period applicable thereto, (c) the
failure to borrow, convert, continue or prepay any Eurodollar Loan or Fixed Rate Loan on the date
specified in any notice delivered pursuant hereto (regardless of whether such notice may be revoked
under Section 2.10(b) and is revoked in accordance therewith), (d) the failure to borrow any
Competitive Loan after accepting the Competitive Bid to make such Loan, or (e) the assignment of
any Eurodollar Loan or Fixed Rate Loan other than on the last day of the Interest Period applicable
thereto as a result of a request by a Borrower pursuant to Section 2.18, then, in any such event,
the relevant Borrower shall compensate each Lender for the loss, cost and expense attributable to
such event. In the case of a Eurodollar Loan, such loss, cost or expense to any Lender shall be
deemed to include an amount determined by such Lender to be the excess, if any, of (i) the amount
of interest which would have accrued on the principal amount of such Loan had such event not
occurred, at the Adjusted LIBO Rate that would have been applicable to such Loan, for the period
from the date of such event to the last day of the then current Interest Period therefor (or, in
the case of a failure to borrow, convert or continue, for the period that would have been the
Interest Period for such Loan), over (ii) the amount of interest
which would accrue on such principal amount for such period at the interest rate which such
Lender would bid were it to bid, at the commencement of such period, for Dollar deposits of a
comparable amount and period from other banks in the eurodollar market. A certificate of any
Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this
Section shall be delivered to the relevant Borrower and shall be conclusive absent manifest error.
Such Borrower shall pay such Lender the amount shown as due on any such certificate within 10 days
after receipt thereof.

          SECTION 2.16. Taxes. (a) Any and all payments by or on account of any obligation of
each Borrower hereunder shall be made free and clear of and without deduction for any Indemnified
Taxes or Other Taxes; provided that if a Borrower shall be required to deduct any
Indemnified Taxes or Other Taxes from such payments, then (i) the sum payable shall be increased as
necessary so that after making all required deductions (including deductions applicable to
additional sums payable under this Section) the Managing Administrative Agent or affected Lender
(as the case may be) receives an amount equal to the sum it would have received had no such
deductions been made, (ii) such Borrower shall make such deductions and (iii) such Borrower shall
pay the full amount deducted to the relevant Governmental Authority in accordance with applicable
law.

          (b) In addition, the relevant Borrower shall pay any Other Taxes to the relevant Governmental
Authority in accordance with applicable law.

          (c) Each Borrower shall indemnify the Managing Administrative Agent and each Lender, within 10
days after written demand therefor, for the full amount of any Indemnified Taxes or Other Taxes
paid by the Managing Administrative Agent or such Lender, as the case may be, on or with respect to
any payment by or on account of any obligation of such Borrower hereunder (including Indemnified
Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section)
and any penalties, interest and reasonable expenses arising therefrom or with respect thereto,
whether or not such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted
by the relevant Governmental Authority. A certificate as to the amount of such payment or
liability

28

 

delivered to such Borrower by a Lender, or by the Managing Administrative Agent on its
own behalf or on behalf of a Lender, shall be conclusive absent manifest error.

          (d) As soon as practicable after any payment of Indemnified Taxes or Other Taxes by a Borrower
to a Governmental Authority, such Borrower shall deliver to the Managing Administrative Agent the
original or a certified copy of a receipt issued by such Governmental Authority evidencing such
payment, a copy of the return reporting such payment or other evidence of such payment reasonably
satisfactory to the Managing Administrative Agent.

          (e) Any Foreign Lender that is entitled to an exemption from or reduction of withholding tax
under the law of the jurisdiction in which a Borrower is located, or any treaty to which such
jurisdiction is a party, with respect to payments under this Agreement shall deliver to such
Borrower (with a copy to the Managing Administrative Agent), at the time or times prescribed by
applicable law, such properly completed and executed documentation prescribed by applicable law or
reasonably requested by such Borrower as will permit such payments to be made without withholding
or at a reduced rate.

          (f) If the Managing Administrative Agent or a Lender determines, in its sole discretion, that
it has received a refund of any Taxes or Other Taxes as to which it has been indemnified by a
Borrower or with respect to which a Borrower has paid additional amounts pursuant to this Section
2.16, it shall pay over such refund to such Borrower (but only to the extent of indemnity payments
made, or additional amounts paid, by such Borrower under this Section 2.16 with respect to the Taxes
or Other Taxes giving rise to such refund), net of all out-of-pocket expenses of the Managing
Administrative Agent or such Lender and without interest (other than any interest paid by the
relevant Governmental Authority with respect to such refund); provided, that such Borrower, upon
the request of the Managing Administrative Agent or such Lender, agrees to repay the amount paid
over to such Borrower (plus any penalties, interest or other charges imposed by the relevant
Governmental Authority) to the Managing Administrative Agent or such Lender in the event the
Managing Administrative Agent or such Lender is required to repay such refund to such Governmental
Authority. This Section shall not be construed to require the Managing Administrative Agent or any
Lender to make available its tax returns (or any other information relating to its taxes which it
deems confidential) to a Borrower or any other Person.

          SECTION 2.17. Payments Generally; Pro Rata Treatment; Sharing of Set-offs. (a) Each
Borrower shall make each payment required to be made by it hereunder (whether of principal,
interest, fees or of amounts payable under Section 2.14, 2.15 or 2.16, or otherwise) prior to 12:00
noon, New York City time, on the date when due, in immediately available funds, without set-off or
counterclaim. Any amounts received after such time on any date may, in the discretion of the
Managing Administrative Agent, be deemed to have been received on the next succeeding Business Day
for purposes of calculating interest thereon. All such payments shall be made to the Managing
Administrative Agent at its offices at 200 Park Avenue, New York, New York, except payments to be
made directly to Swingline Lenders as expressly provided herein and except that payments pursuant
to Sections 2.14, 2.15, 2.16 and 10.03 shall be made directly to the Persons entitled thereto. The
Managing Administrative Agent shall distribute any such payments received by it for the account of
any other Person to the appropriate recipient promptly following receipt thereof. Each payment
(including each prepayment) on account of principal of and interest on the Revolving Loans shall be
made pro rata according to the respective outstanding principal amounts of the
Revolving Loans then held by the Lenders. If any payment hereunder shall be due on a day that is
not a Business Day, the date for payment shall be extended to the next succeeding Business Day,
and, in the case of any payment accruing interest, interest thereon shall be payable for the period
of such extension. All payments hereunder shall be made in Dollars.

29

 

          (b) If any Lender shall, by exercising any right of set-off or counterclaim or otherwise,
obtain payment in respect of any principal of or interest on any of its Revolving Loans or
Swingline Loans resulting in such Lender receiving payment of a greater proportion of the aggregate
amount of its Revolving Loans and Swingline Loans and accrued interest thereon than the proportion
received by any other Lender, then the Lender receiving such greater proportion shall purchase (for
cash at face value) participations in the Revolving Loans and participations in Swingline Loans of
other Lenders to the extent necessary so that the benefit of all such payments shall be shared by
the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on
their respective Revolving Loans and participations in Swingline Loans; provided that (i)
if any such participations are purchased and all or any portion of the payment giving rise thereto
is recovered, such participations shall be rescinded and the purchase price restored to the extent
of such recovery, without interest, and (ii) the provisions of this paragraph shall not be
construed to apply to any payment made by a Borrower pursuant to and in accordance with the express
terms of this Agreement or any payment obtained by a Lender as consideration for the assignment of
or sale of a participation in any of its Loans to any assignee or participant, other than to a
Borrower or any Subsidiary or Affiliate thereof (as to which the provisions of this paragraph shall
apply). Each Borrower consents to the foregoing and agrees, to the extent it may effectively do so
under applicable law, that any Lender acquiring a participation pursuant to the foregoing
arrangements may exercise against such Borrower rights of set-off and counterclaim with respect to
such participation as fully as if such Lender were a direct creditor of such Borrower in the amount
of such participation.

          (c) Unless the Managing Administrative Agent shall have received notice from the relevant
Borrower prior to the date on which any payment is due to the Managing Administrative Agent for the
account of the Lenders hereunder that such Borrower will not make such payment, the Managing
Administrative Agent may assume that such Borrower has made such payment on such date in accordance
herewith and may, in reliance upon such assumption, distribute to the Lenders the amount due. In
such event, if such Borrower has not in fact made such payment, then each of the Lenders severally
agrees to repay to the Managing Administrative Agent forthwith on demand the amount so distributed
to such Lender with interest thereon, for each day from and including the date such amount is
distributed to it to but excluding the date of payment to the Managing Administrative Agent, at the
greater of the Federal Funds Rate and a rate determined by the Managing Administrative Agent in
accordance with banking industry rules on interbank compensation.

          (d) If any Lender shall fail to make any payment required to be made by it pursuant to Section
2.05(c), 2.06(b) or 2.17(c), then the Managing Administrative Agent may, in its discretion
(notwithstanding any contrary provision hereof), apply any amounts thereafter received by the
Managing Administrative Agent for the account of such Lender to satisfy such Lender’s obligations
under such Sections until all such unsatisfied obligations are fully paid.

          SECTION 2.18. Mitigation Obligations; Replacement of Lenders. (a) If any Lender
requests compensation under Section 2.14, or if any Borrower is required to pay any additional
amount to any Lender or any Governmental Authority for the account of any Lender pursuant to
Section 2.16, then such Lender shall use reasonable efforts to designate a different lending office
for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to
another of its offices, branches or affiliates, if, in the judgment of such Lender, such
designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 2.14 or
2.16, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed
cost or expense and would not otherwise be disadvantageous to such Lender. Each Borrower hereby
agrees to pay all reasonable costs and expenses incurred by any Lender and attributable to such
Borrower in connection with any such designation or assignment.

30

 

          (b) If any Lender requests compensation under Section 2.14, or if any Borrower is required to
pay any additional amount to any Lender or any Governmental Authority for the account of any Lender
pursuant to Section 2.16, or if any Lender defaults in its obligation to fund Loans hereunder, then
the relevant Borrower may, at its sole expense and effort, upon notice to such Lender and the
Managing Administrative Agent, require such Lender to assign and delegate, without recourse (in
accordance with and subject to the restrictions contained in Section 10.04), all its interests,
rights and obligations under this Agreement (other than any outstanding Competitive Loans held by
it) to an assignee that shall assume such obligations (which assignee may be another Lender, if a
Lender accepts such assignment); provided that (i) such Borrower shall have received the
prior written consent of the Managing Administrative Agent, which consent shall not unreasonably be
withheld, (ii) such Lender shall have received payment of an amount equal to the outstanding
principal of its Loans (other than Competitive Loans) and participations in Swingline Loans,
accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from the
assignee (to the extent of such outstanding principal and accrued interest and fees) or the
relevant Borrower (in the case of all other amounts) and (iii) in the case of any such assignment
resulting from a claim for compensation under Section 2.14 or payments required to be made pursuant
to Section 2.16, such assignment will result in a reduction in such compensation or payments. A
Lender shall not be required to make any such assignment and delegation if, prior thereto, as a
result of a waiver by such Lender of its claims under Section 2.14 or 2.16 or otherwise, the
circumstances entitling the relevant Borrower to require such assignment and delegation cease to
apply.

ARTICLE III

Representations and Warranties

          CFC represents and warrants to the Lenders, as to itself and (where applicable) its
Subsidiaries, and CB represents and warrants to the Lenders, as to itself and (where applicable)
its Subsidiaries, that:

          SECTION 3.01. Organization; Powers. Each of CFC and CB and any of their respective
Material Subsidiaries is duly organized, validly existing and in good standing under the laws of
the jurisdiction of its organization, has all requisite power and authority to carry on its
business as now conducted and, except where the failure to do so, individually or in the aggregate,
could not reasonably be expected to result in a Material Adverse Effect, is qualified to do
business in, and is in good standing in, every jurisdiction where such qualification is required.

          SECTION 3.02. Authorization; Enforceability. The Transactions are within CFC’s, CHL’s
and CB’s corporate powers and have been duly authorized by all necessary corporate and, if
required, stockholder action. This Agreement has been duly executed and delivered by each of CFC,
CHL and CB and each of this Agreement and, when executed and delivered, each of the other Loan
Documents constitutes a legal, valid and binding obligation of each of CFC, CHL and CB, enforceable
in accordance with its terms, subject to applicable bankruptcy, insolvency, reorganization,
moratorium or other laws affecting creditors’ rights generally and subject to general principles of
equity, regardless of whether considered in a proceeding in equity or at law.

          SECTION 3.03. Governmental Approvals; No Conflicts. The Transactions (a) do not
require any consent or approval of, registration or filing with, or any other action by, any
Governmental Authority, except such as have been obtained or made and are in full force and effect,
(b) will not violate any applicable law or regulation or the charter, by-laws or other
organizational documents of CFC or CB or any of their respective Subsidiaries or any order of any
Governmental Authority, (c) will not violate or result in a default under any indenture, agreement
or other instrument binding upon CFC, or CB or any of their respective Subsidiaries or its assets,
or give rise to a right thereunder to require any payment to be

31

 

made by CFC or CB or any of their
respective Subsidiaries, and (d) will not result in the creation or imposition of any Lien on any
asset of CFC, or CB or any of their respective Subsidiaries.

          SECTION 3.04. Financial Condition; No Material Adverse Change. (a) CFC has
heretofore furnished to the Lenders its consolidated and consolidating balance sheet and statements
of income, changes in stockholders equity and cash flows (i) as of and for the fiscal years ended
December 31, 2004 and December 31, 2005, in the case of such consolidated statements, reported on
by KPMG LLP, independent public accountants, and (ii) (except for the consolidated and
consolidating statements of changes in stockholders equity) as of and for the fiscal quarter and
the portion of the fiscal year ended September 30, 2006, certified by its chief financial officer.
Such financial statements present fairly, in all material respects, the financial condition and
results of operations and cash flows of CFC and its consolidated subsidiaries as of such dates and
for such periods
in accordance with GAAP, subject to year-end adjustments and the absence of footnotes in the
case of the statements referred to in clause (ii) above.

          (b) CB has heretofore furnished to the Lenders its consolidated balance sheet and statements
of income, changes in stockholders equity and cash flows (i) as of and for the fiscal years ended
December 31, 2004 and December 31, 2005, reported on by KPMG LLP, independent public accountants,
and (ii) (except for the consolidated statements of changes in stockholders equity) as of and for
the fiscal quarter and the portion of the fiscal year ended September 30, 2006, certified by its
chief financial officer. Such financial statements present fairly, in all material respects, the
financial condition and results of operations and cash flows of CB and its consolidated
subsidiaries as of such dates and for such periods in accordance with GAAP, subject to year-end
adjustments and the absence of footnotes in the case of the statements referred to in clause (ii)
above.

          (c) Since December 31, 2005, there has been no material adverse change in the business,
assets, operations or condition, financial or otherwise, of CFC and its Subsidiaries, taken as a
whole, or CB and its Subsidiaries, taken as a whole.

          SECTION 3.05. Properties. (a) Each of CFC and CB and any of their respective
Subsidiaries has good title to, or valid leasehold interests in, all its real and personal property
material to its business, except for minor defects in title that do not interfere with its ability
to conduct its business as currently conducted or to utilize such properties for their intended
purposes. None of such property is subject to any Lien except as permitted by Section 6.02.

          (b) Each of CFC and CB and any of their respective Subsidiaries owns, or is licensed to use,
all trademarks, tradenames, copyrights, patents and other intellectual property material to its
business, and the use thereof by CFC and CB and any of their respective Subsidiaries does not
infringe upon the rights of any other Person, except for any such infringements that, individually
or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect.

          SECTION 3.06. Litigation and Environmental Matters. (a) There are no actions, suits,
investigations or proceedings by or before any arbitrator or Governmental Authority pending against
or, to the knowledge of CFC or CB, as the case may be, threatened against or affecting CFC or CB or
any of their respective Subsidiaries which (i) are reasonably likely, individually or in the
aggregate, to result in a Material Adverse Effect (other than the Disclosed Matters) or (ii)
involve this Agreement, any of the other Loan Documents or the Transactions.

          (b) Except for the Disclosed Matters and except with respect to any other matters that,
individually or in the aggregate, could not reasonably be expected to result in a Material Adverse
Effect, neither CFC nor CB nor any of their respective Subsidiaries (i) has failed to comply with
any

32

 

Environmental Law or to obtain, maintain or comply with any permit, license or other approval
required under any Environmental Law, (ii) has become subject to any Environmental Liability, (iii)
has received notice of any claim with respect to any Environmental Liability or (iv) knows of any
basis for any Environmental Liability.

          (c) Since the date of this Agreement, there has been no change in the status of the Disclosed
Matters that, individually or in the aggregate, has resulted in, or materially increased the
likelihood of, a Material Adverse Effect.

          SECTION 3.07. Compliance with Laws and Agreements. Each of CFC and CB and any of
their respective Subsidiaries is in compliance with all laws, regulations and orders of any
Governmental Authority applicable to it or its property and all indentures, agreements and other
instruments binding upon it or its property, except where the failure to do so, individually or in
the aggregate, could not reasonably be expected to result in a Material Adverse Effect. No Default
or Event of Default has occurred and is continuing.

          SECTION 3.08. Investment Company Status. Neither CFC nor CB nor any of their
respective Subsidiaries is an “investment company” as defined in, or subject to regulation under,
the Investment Company Act of 1940.

          SECTION 3.09. Taxes. Each of CFC and CB and any of their respective Subsidiaries has
timely filed or caused to be filed all Tax returns and reports required to have been filed and has
paid or caused to be paid all Taxes required to have been paid by it, except (a) Taxes that are
being contested in good faith by appropriate proceedings and for which CFC or CB or any of their
respective Subsidiaries, as applicable, has set aside on its books adequate reserves to the extent
required by GAAP or (b) to the extent that the failure to do so could not reasonably be expected to
result in a Material Adverse Effect.

          SECTION 3.10. ERISA. No ERISA Event has occurred or is reasonably expected to occur
that, when taken together with all other such ERISA Events for which liability is reasonably
expected to occur, could reasonably be expected to result in a Material Adverse Effect. The
present value of all accumulated benefit obligations under each Plan (based on the assumptions used
for purposes of Statement of Financial Accounting Standards No. 87) did not, as of the date of the
most recent financial statements reflecting such amounts, exceed by more than $150,000,000 the fair
market value of the assets of such Plan, and the present value of all accumulated benefit
obligations of all underfunded Plans (based on the assumptions used for purposes of Statement of
Financial Accounting Standards No. 87) did not, as of the date of the most recent financial
statements reflecting such amounts, exceed by more than $150,000,000 the fair market value of the
assets of all such underfunded Plans.

          SECTION 3.11. Disclosure. Each of CFC, CHL and CB has disclosed to the Lenders all
agreements, instruments and corporate or other restrictions to which it or any of its subsidiaries
is subject, and all other matters known to it, that, individually or in the aggregate, could
reasonably be expected to result in a Material Adverse Effect. Neither the Information Memorandum
nor any of the other reports, financial statements, certificates or other information furnished by
or on behalf of CFC, CHL or CB to the Managing Administrative Agent or any Lender in connection
with the negotiation of this Agreement or delivered hereunder (as modified or supplemented by other
information so furnished) contains any material misstatement of fact or omits to state any material
fact necessary to make the statements therein, in the light of the circumstances under which they
were made, not misleading; provided that, with respect to projected financial information,
each of CFC, CHL and CB represents only that such information was prepared in good faith based upon
assumptions believed to be reasonable at the time.

33

 

          SECTION 3.12. Federal Regulations. No part of the proceeds of any Loans will be used for “buying” or “carrying” any “margin
stock” within the respective meanings of each of the quoted terms under Regulation U of the Board
as now and from time to time hereafter in effect or for any purpose that violates the provisions of
the Regulations of the Board. If requested by any Lender or the Managing Administrative Agent,
each Borrower will furnish to the Managing Administrative Agent and each Lender a statement to the
foregoing effect in conformity with the requirements of FR Form G-3 or FR Form U-1, as applicable,
referred to in Regulation U of the Board.

          SECTION 3.13. Subsidiaries. Except as disclosed to the Managing Administrative Agent
by CFC or CB in writing from time to time after the Effective Date, (a) Schedule 3.13 sets forth
the name and jurisdiction of incorporation of each Material Subsidiary and, as to each such
Material Subsidiary, the percentage of each class of Equity Interests owned by it and (b) there are
no outstanding subscriptions, options, warrants, calls, rights or other agreements or commitments
(other than stock options granted to employees or directors and directors’ qualifying shares) of
any nature relating to any Equity Interests of CFC or CHL or any Material Subsidiary, except as
created by the Loan Documents.

ARTICLE IV

Conditions

          SECTION 4.01. Effective Date. The obligations of the Lenders to make Loans hereunder
shall not become effective until the date on which each of the following conditions is satisfied
(or waived in accordance with Section 10.02):

     (a) The Managing Administrative Agent (or its counsel) shall have
received from each party hereto either (i) a counterpart of this
Agreement signed on behalf of such party or (ii) written evidence
satisfactory to the Managing Administrative Agent (which may include
telecopy transmission of a signed signature page of this Agreement)
that such party has signed a counterpart of this Agreement.

     (b) The Managing Administrative Agent shall have received a
favorable written opinions (addressed to the Managing Administrative
Agent and the Lenders and dated the Effective Date) of counsel to CFC,
CHL and CB, substantially in the form of Exhibit C, and covering such
other matters relating to CFC, CHL, CB, this Agreement, the other Loan
Documents or the Transactions as the Required Lenders shall reasonably
request.

     (c) The Managing Administrative Agent shall have received a
closing certificate in the form of Exhibit A from each of CFC, CHL and
CB and such other documents and certificates as the Managing
Administrative Agent or its counsel may reasonably request relating to
the organization, existence and good standing of CFC, CHL and CB, the
authorization of the Transactions and any other legal matters relating
to CFC, CHL and CB, this Agreement, the other Loan Documents or the
Transactions, all in form and substance satisfactory to the
Managing Administrative Agent and its counsel.

     (d) The Managing Administrative Agent shall have received evidence
satisfactory to it that the Existing Credit Agreement and the

34

 

commitments thereunder shall be terminated concurrently with the
effectiveness of this Agreement and all amounts thereunder (including
accrued interest and fees) shall be paid in full and that the 364-Day
Credit Agreement is effective.

     (e) The Managing Administrative Agent, the Administrative Agent
and the Lenders shall have received all fees and other amounts due and
payable to such parties on or prior to the Effective Date, including,
to the extent invoiced, reimbursement or payment of all out-of-pocket
expenses required to be reimbursed or paid by any Borrower hereunder.

The Managing Administrative Agent shall notify the Borrowers and the Lenders of the Effective Date,
and such notice shall be conclusive and binding. The obligations of the Lenders to make Loans
hereunder shall not become effective unless each of the foregoing conditions is satisfied (or
waived pursuant to Section 10.02) at or prior to 3:00 p.m., New York City time, on November 17,
2006 (and, in the event such conditions are not so satisfied or waived, the Commitments shall
terminate at such time). Notwithstanding the foregoing, it is agreed that to the extent that the
opinion with respect to CB or any of the documents or certificates with respect to it to be
delivered pursuant to paragraph (b) or (c) above has not been received by such time on November 17,
2006, the Effective Date shall nonetheless occur and it shall be a condition to the first Borrowing
by CB hereunder that each such opinion, document and certificate have been delivered prior thereto.

          SECTION 4.02. Each Credit Event. The obligation of each Lender to make a Loan on the
occasion of any Borrowing is subject to the satisfaction of the following conditions:

     (a) The representations and warranties of the relevant Borrower
set forth in this Agreement (other than the representations and
warranties set forth in Sections 3.04(c) and 3.06(a) for Borrowings
after the Effective Date) shall be true and correct on and as of the
date of such Borrowing.

     (b) At the time of and immediately after giving effect to such
Borrowing, no Default or Event of Default shall have occurred and be
continuing with respect to any Borrower.

Each Borrowing shall be deemed to constitute a representation and warranty by the relevant Borrower
on the date thereof as to the matters specified in paragraphs (a) and (b) of this Section.

ARTICLE V

Affirmative Covenants

          Until the Commitments have expired or been terminated and the principal of and interest on
each Loan and all fees payable hereunder shall have been paid in full, each of CFC (with respect to
CFC and (where applicable) its Subsidiaries) and CB (with respect to CB and (where applicable)
its Subsidiaries) covenants and agrees with the Lenders that:

          SECTION 5.01. Financial Statements; Ratings Change and Other Information. (a) CFC
will furnish to the Managing Administrative Agent and each Lender:

     (i) within 90 days after the end of each fiscal year of CFC,

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     (A) the audited consolidated balance sheet and related
statements of earnings, changes in stockholders’ equity and cash
flows of CFC and its subsidiaries as of the end of and for such year,
setting forth the figures as of the end of and for the previous
fiscal year in comparative form, which consolidated financial
statements shall be reported on by KPMG LLP or other independent
public accountants of recognized national standing (without a “going
concern” or like qualification or exception and without any
qualification or exception as to the scope of such audit) to the
effect that such consolidated financial statements present fairly in
all material respects the financial condition and results of
operations of CFC and its Subsidiaries on a consolidated basis in
accordance with GAAP consistently applied; and

     (B) the unaudited consolidating balance sheet and related
statement of earnings of CFC and its Subsidiaries as of the end of
and for such year, certified by one of its Financial Officers as
presenting fairly in all material respects the financial condition
and results of operations of CFC and its Subsidiaries on a
consolidating basis in accordance with GAAP consistently applied,
subject to the absence of footnotes;

     (ii) within 45 days after the end of each of the first three fiscal
quarters of each fiscal year of CFC,

     (A) the consolidated balance sheet and related statements of
earnings and cash flows of CFC and its Subsidiaries as of the end of
and for such fiscal quarter and the then elapsed portion of the
fiscal year, setting forth in the case of CFC and its Subsidiaries
the figures for the corresponding period or periods of (or, in the
case of the balance sheet, as of the end of) the previous fiscal year
in comparative form, all certified by one of its Financial Officers
as presenting fairly in all material respects the financial condition
and results of operations of CFC and its Subsidiaries on a
consolidated basis in accordance with GAAP consistently applied,
subject to normal year-end audit adjustments and the absence of
footnotes; and

     (B) the consolidating balance sheet and related statement of
earnings of CFC and its Subsidiaries as of the end and for such
fiscal quarter and the then elapsed portion of the fiscal year,
certified by one of its Financial Officers as presenting fairly in
all material respects the financial condition and results of
operations of CFC and its Subsidiaries on a consolidating basis in
accordance with GAAP consistently applied,
subject to normal year-end audit adjustments and the absence of
footnotes;

     (iii) concurrently with any delivery of financial statements under
clause (i), or (ii) above, a certificate of a Financial Officer of CFC (i)
certifying as to whether a Default or Event of Default with respect to CFC
or CHL has occurred and, if such Default or Event of Default has occurred,
specifying the details thereof and any action taken or proposed to be taken
with respect thereto, (ii) setting forth the Consolidated Net Worth of CFC
and the respective requirements of Section 6.01 therefor and (iii) stating
whether any change in GAAP or in the

36

 

application thereof has occurred since
the date of the audited financial statements referred to in Section 3.04
and, if any such change has occurred, specifying the effect of such change
on the financial statements accompanying such certificate.

          (b) CB will furnish to the Managing Administrative Agent and each Lender:

     (i) within 90 days after the end of each fiscal year of CB,

     (A) the audited consolidated balance sheet and related statements of
earnings and cash flows of CB and its subsidiaries as of the end of and for
such year, setting forth the figures as of the end of and for the previous
fiscal year in comparative form, which consolidated financial statements
shall be reported on by KPMG LLP or other independent public accountants of
recognized national standing (without a “going concern” or like
qualification or exception and without any qualification or exception as to
the scope of such audit) to the effect that such consolidated financial
statements present fairly in all material respects the financial condition
and results of operations of CB and its Subsidiaries on a consolidated basis
in accordance with GAAP consistently applied; and

     (B) the unaudited call reports of CB and its Subsidiaries as of the
end of and for such year;

     (ii) within 45 days after the end of each of the first three fiscal
quarters of each fiscal year of CB,

     (A) the consolidated balance sheet and related statements of earnings
and cash flows of CB and its Subsidiaries as of the end of and for such
fiscal quarter and the then elapsed portion of the fiscal year, setting
forth in the case of CB and its Subsidiaries the figures for the
corresponding period or periods of (or, in the case of the balance sheet, as
of the end of) the previous fiscal year in comparative form, all certified
by one of its Financial Officers as presenting fairly in all material
respects the financial condition and results of operations of CB and its
Subsidiaries on a consolidated basis in accordance with GAAP consistently
applied, subject to normal year-end audit adjustments and the absence of
footnotes; and

     (B) the call reports of CB and its Subsidiaries as of the end and for
such fiscal quarter and the then elapsed portion of the fiscal year;

     (iii) concurrently with any delivery of financial statements under
clause (i), or (ii) above, a certificate of a Financial Officer of CB
certifying as to
whether a Default or Event of Default with respect to CB has occurred and,
if such Default or Event of Default has occurred, specifying the details
thereof and any action taken or proposed to be taken with respect thereto.

          (c) Each of CFC and CB, as relevant, will furnish to the Managing Administrative
Agent and each Lender:

     (i) promptly after the same become publicly available, copies of all
periodic and current reports filed on Forms 10-K, 10-Q and 8-K (or successor
forms), all proxy statements and all registration statements (other than
those filed

37

 

on Form S-8) filed by it or any of its Subsidiaries with the SEC
or with any national securities exchange, or distributed by CFC (or, in the
event that CB has public shareholders, CB) to its respective shareholders
generally, as the case may be;

     (ii) promptly after Moody’s or S&P shall have announced a change in
the rating established or deemed to have been established for the Index
Debt, written notice of such rating change; and

     (iii) promptly following any request therefor, such other information
regarding the operations, business affairs and financial condition of CFC or
CB or any of its Subsidiaries, or compliance with the terms of this
Agreement or any of the other Loan Documents, as the Managing Administrative
Agent or any Lender may reasonably request.

Any delivery required to be made pursuant to Section 5.01(a)(i) and (ii), Section 5.01(b)(i) and
(ii), and Section 5.01(c)(i), and any notice required to be given pursuant to Section 5.01(a)(iii)
and Section 5.01(c)(ii) shall be deemed to have been made or given on the date on which CFC or CB,
as applicable, posts such delivery, or posts a press release or SEC filing containing the
information required by such notice, on the Internet at the website
of CFC, or when such
delivery is posted on the SEC’s website on the Internet at www.sec.gov; provided that with
respect to any delivery required to be made pursuant to Section 5.01(a)(i) and (ii) and Section
5.01(b)(i) and (ii), CFC or CB, as applicable, shall have given notice (including
electronic notice) of any such posting to the Lenders, which notice shall include a link to the
applicable website to which such posting was made; provided, further, that
CFC or CB, as applicable, shall deliver paper copies of any delivery referred to in
Section 5.01(a)(i) and (ii) and Section 5.01(b)(i) and (ii) to any Lender that requests it, to
deliver such paper copies until notice to cease delivering such paper copies is given by such
Lender.

          SECTION 5.02. Notices of Material Events. Each of CFC and CB will furnish to the
Managing Administrative Agent and each Lender prompt written notice of the following as to itself
and (where applicable) its Subsidiaries:

     (a) the occurrence of any Default or Event of Default;

     (b) the filing or commencement of any action, suit or proceeding
by or before any arbitrator or Governmental Authority against or
affecting CFC, CHL, CB or any Affiliate thereof that, if adversely
determined, could reasonably be expected to result in a Material
Adverse Effect;

     (c) the occurrence of any ERISA Event that, alone or together with
any other ERISA Events that have occurred, could reasonably be expected
to result in liability of the Borrowers and their subsidiaries in an
aggregate amount exceeding $100,000,000;

     (d) notice from any rating agency concerning a negative change in
any credit rating previously accorded to CFC, CHL or CB by such rating
agency or informing CFC, CHL or CB that it has been placed on negative
credit watch; and

     (e) any other development that results in, or could reasonably be
expected to result in, a Material Adverse Effect.

38

 

Each notice delivered under this Section shall set forth the details of the event or development
requiring such notice and any action taken or proposed to be taken with respect thereto.

          SECTION 5.03. Existence; Conduct of Business. Each of CFC and CB will, and will cause
each of its Material Subsidiaries to, do or cause to be done all things necessary to preserve,
renew and keep in full force and effect its legal existence and the rights, licenses, permits,
privileges and franchises material to the conduct of its business; provided that the
foregoing shall not prohibit any merger, consolidation, liquidation or dissolution permitted under
Section 6.03 and shall not prohibit CB from converting to a Federal savings bank regulated by OTS.

          SECTION 5.04. Payment of Obligations. Each of CFC and CB will, and will cause each of
its Subsidiaries to, pay its obligations, including Tax liabilities, that, if not paid, could
result in a Material Adverse Effect before the same shall become delinquent or in default, except
where (a) the validity or amount thereof is being contested in good faith by appropriate
proceedings, (b) CFC or CB or such Subsidiary has set aside on its books adequate reserves with
respect thereto in accordance with GAAP and (c) the failure to make payment pending such contest
could not reasonably be expected to result in a Material Adverse Effect.

          SECTION 5.05. Maintenance of Properties; Insurance. Each of CFC and CB will, and will
cause each of its Subsidiaries to, (a) keep and maintain all property material to the conduct of
its business in good working order and condition, ordinary wear and tear excepted, and (b)
maintain, with financially sound and reputable insurance companies, insurance in such amounts and
against such risks as are customarily maintained by companies engaged in the same or similar
businesses operating in the same or similar locations.

          SECTION 5.06. Hedging Program. CFC will maintain at all times a Hedging Program for
CFC and its Subsidiaries consistent with their Hedging Program in effect at and as of the Effective
Date with such changes thereto as CFC reasonably deems appropriate for the conduct of its ongoing
business.

          SECTION 5.07. Books and Records; Inspection Rights. Each of CFC and CB will, and will cause each of its Subsidiaries to, keep proper books of
record and account in which full, true and correct entries are made of all dealings and
transactions in relation to its business and activities. Each of CFC and CB will, and will cause
each of its Subsidiaries to, permit any representatives designated by the Managing Administrative
Agent or any Lender, upon reasonable prior notice, to visit and inspect its properties, to examine
and make extracts from its books and records, and to discuss its affairs, finances and condition
with its officers and independent accountants, all at such reasonable times and as often as
reasonably requested.

          SECTION 5.08. Compliance with Laws and Contractual Obligations. Each of CFC and CB
will, and will cause each of its Subsidiaries to, comply with all Contractual Obligations and all
laws, rules, regulations and orders of any Governmental Authority applicable to it or its property,
except where the failure to do so, individually or in the aggregate, could not reasonably be
expected to result in a Material Adverse Effect.

          SECTION 5.09. Environmental Laws. Each of CFC and CB will, and will cause each of its
Subsidiaries to:

          (a) Comply in all material respects with, and ensure compliance in all material respects by
all tenants and subtenants, if any, with, all applicable Environmental Laws, and obtain and comply
in all material respects with and maintain, and ensure that all tenants and subtenants obtain and

39

 

comply in all material respects with and maintain, any and all licenses, approvals, notifications,
registrations or permits required by applicable Environmental Laws; and

          (b) Conduct and complete all investigations, studies, sampling and testing, and all remedial,
removal and other actions required under Environmental Laws and promptly comply in all material
respects with all lawful orders and directives of all Governmental Authorities regarding
Environmental Laws.

          SECTION 5.10. Use of Proceeds. The proceeds of each of the Loans will be used only
for the general corporate purposes of the applicable Borrower. No part of the proceeds of any Loan
will be used, whether directly or indirectly, for any purpose that entails a violation of any of
the Regulations of the Board, including Regulations T, U and X.

          SECTION 5.11. Compliance with Regulatory Requirements. Each of CFC and CB will, and
will cause each of its Subsidiaries which is a regulated bank to, comply with all minimum capital
ratios and guidelines, including, without limitation, risk-based capital guidelines and capital
leverage regulations applicable to it (as may from time to time be prescribed, by regulation or
enforceable order of the Board, the OCC, the OTS or other federal or state regulatory authorities
having jurisdiction over such Person), and within such ratios and guidelines, to the extent the
same may be applicable to it, be “adequately capitalized”. CFC will cause each of its Subsidiaries
which is a registered broker-dealer to comply with all material rules and regulations of the SEC,
the New York Stock Exchange and the National Association of Securities Dealers applicable to it
(including such rules and regulations dealing with net capital requirements).

ARTICLE VI

Financial and Negative Covenants

          Until the Commitments have expired or terminated and the principal of and interest on each
Loan and all fees payable hereunder have been paid in full, each of CFC (as to itself and (where
applicable) its Subsidiaries) and CB (as to itself and (where applicable) its Subsidiaries)
covenants and agrees with the Lenders that:

          SECTION 6.01. Financial Condition Covenants(a) . CFC will not have a Consolidated Net
Worth at any time of less than $7,680,000,000.

          SECTION 6.02. Liens. Each of CFC and CB will not, and will not permit any of its
Subsidiaries to, create, incur, assume or permit to exist any Lien on any property or asset now
owned or hereafter acquired by it, or assign or sell any income or revenues (including accounts
receivable) or rights in respect of any thereof, except:

     (a) Permitted Encumbrances;

     (b) Specified MSR Liens; and

     (c) Liens not otherwise permitted by this Section which are incurred by CFC and its
Subsidiaries or CB and its Subsidiaries in the ordinary course of their hedging, financing
and securitization activities (including, in the case of CB, Liens incurred in connection
with borrowings by it from any Federal Home Loan Bank and, in the case of any of them, other
Liens incurred in connection with any type of hedging, financing or securitization
transaction undertaken in the ordinary course which reflects or represents an evolution or
extension of the

40

 

practices conducted on the date hereof by entities similar to CFC and its
Subsidiaries or CB and its Subsidiaries, as the case may be);

provided that in no event shall any Lien permitted pursuant to paragraph (a) or (c) above
(other than Permitted Encumbrances described in clauses (a), (b) or (e) of the definition thereof)
encumber mortgage servicing rights, intercompany advances or stock and other equity interests
issued by Subsidiaries of CFC or CB, as the case may be.

          SECTION 6.03. Fundamental Changes. (a) Each of CFC and CB will not, and will not
permit any of its Subsidiaries to, merge into or consolidate with any other Person, or permit any
other Person to merge into or consolidate with it, or sell, transfer, lease or otherwise dispose of
(in one transaction or in a series of transactions) all or substantially all of its assets, or all
or substantially all of the stock of any of its Subsidiaries (in each case, whether now owned or
hereafter acquired), or liquidate or dissolve, except that, if at the time thereof and immediately
after giving effect thereto no Default or Event of Default shall have occurred and be continuing
(i) any Subsidiary may merge into CFC, CHL or CB in a transaction in which CFC, CHL or CB, as
applicable, is the surviving corporation, (ii) any Subsidiary of CFC or CB may merge into any other
subsidiary of CFC or CB, as the case may be, in a transaction in which the surviving entity is a
subsidiary thereof, (iii) any Subsidiary of CFC or CB may sell, transfer, lease or otherwise
dispose of its
assets to CFC or CB, as the case may be, or to a Subsidiary thereof, (iv) any Subsidiary of
CFC or CB may sell, transfer, lease or otherwise dispose of its assets through transactions which
are undertaken in the ordinary course of its business or determined by CFC or CB, as the case may
be, in good faith to be in the best interests of it and its Subsidiaries, (v) any Subsidiary of CFC
or CB (other than CHL) may liquidate or dissolve if CFC or CB, as the case may be, determines in
good faith that such liquidation or dissolution is in the best interests of CFC or CB, as the case
may be, and its Subsidiaries and is not materially disadvantageous to the Lenders and (vi) CFC or
CB or any Subsidiary thereof may merge with a Person that is not a wholly-owned Subsidiary thereof
immediately prior to such merger if (A) permitted by Section 6.04 and (B) in the case of any merger
involving CFC or CHL or CB, CFC or CHL or CB, as applicable, is the surviving corporation.

          (b) Each of CFC and CB will not, and will not permit any of its Subsidiaries to, engage to any
material extent in any business other than businesses of the type conducted by it and its
Subsidiaries on the date of execution of this Agreement and businesses reasonably related thereto.

          SECTION 6.04. Acquisitions. Each of CFC and CB will not, and will not permit any of
its Subsidiaries to, purchase, hold or acquire (including pursuant to any merger with any Person
that was not its wholly-owned Subsidiary prior to such merger) all or a majority of the Equity
Interests or voting Equity Interests of any Person that was not a wholly-owned subsidiary prior
thereto, or purchase or otherwise acquire (in one transaction or a series of transactions) all or
substantially all of the assets of any such Person or all or substantially all of the assets of any
such Person constituting a business unit, unless at the time thereof and immediately after giving
effect thereto, no Default or Event of Default with respect to CFC or CB, as the case may be, shall
have occurred and be continuing.

          SECTION 6.05. Restricted Payments. Each of CFC and CB will not, and will not permit
any of its Subsidiaries to, declare or make, or agree to pay or make, directly or indirectly, any
Restricted Payment if at the date of the declaration thereof (either before or immediately after
giving effect thereto and to the payment thereof) a Default or Event of Default with respect to it
or (as applicable) any of its Subsidiaries shall have occurred and be continuing, except (a) CFC or
CB may declare and pay dividends with respect to its Equity Interests payable solely in additional
shares of its common stock and (b) Subsidiaries of CFC (other than CB to the extent such Default or
Event of Default shall have occurred and be continuing with respect to CB) or CB may declare and
pay dividends to CFC or CB, as the case may be, or another wholly-owned Subsidiary of it.

41

 

          SECTION 6.06. Indebtedness. Each of CFC and CB will not permit any of its
Subsidiaries (other than CHL and CB) which owns mortgage servicing rights to create, issue, incur,
assume, become liable in respect of or suffer to exist Indebtedness (other than Indebtedness owed
to any other Subsidiary) which, together with Indebtedness (other than Indebtedness owed to any
other Subsidiary) of all other such subsidiaries owning mortgage servicing rights, exceeds
$100,000,000 in aggregate principal amount.

ARTICLE VII

Events of Default

          If any of the following events (“Events of Default”) shall occur and be continuing:

     (a) a Borrower shall fail to pay any principal of any Loan made to
it when and as the same shall become due and payable, whether at the
due date thereof or at a date fixed for prepayment thereof (including
as may result from a notice given pursuant to Section 2.08(d)) or
otherwise;

     (b) a Borrower shall fail to pay any interest on any Loan made to
it or any fee or any other amount (other than an amount referred to in
clause (a) of this Article) payable by it under this Agreement or any
of the other Loan Documents, when and as the same shall become due and
payable, and such failure shall continue unremedied until the later of
(i) three Business Days of the date when due and (ii) one Business Day
after the receipt of notice from the Managing Administrative Agent, the
Administrative Agent or any Lender;

     (c) any representation or warranty made or deemed made by or on
behalf of CFC or any of its Subsidiaries, or by or on behalf of CB or
any of its Subsidiaries, in or in connection with this Agreement or any
other Loan Document or any amendment or modification hereof or thereof
or waiver hereunder or thereunder, or in any report, certificate,
financial statement or other document furnished pursuant to or in
connection with this Agreement or any other Loan Document or any
amendment or modification hereof or thereof or waiver hereunder or
thereunder, shall prove to have been inaccurate in any material respect
on or as of the date made or deemed made or furnished;

     (d) CFC or CB shall fail to observe or perform any covenant,
condition or agreement contained in Section 5.02, 5.03 (with respect to
the Borrowers’ existence), 5.10 or 5.11 or in Article VI;

     (e) CFC, CHL or CB shall fail to observe or perform any covenant,
condition or agreement contained in this Agreement or any other Loan
Document (other than those specified in clause (a), (b) or (d) of this
Article), and such failure shall continue unremedied for a period of 30
days after notice thereof from the Managing Administrative Agent to the
relevant Borrower (which notice will be given at the request of any
Lender);

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     (f) CFC, CHL, CB or any of their Subsidiaries shall (i) default in
making any payment of any principal of any Material Indebtedness
(including any Guarantee Obligation, but, solely for purposes of
determining whether there is an Event of Default of CB, excluding the
Material Indebtedness of CFC, CHL or any of their Subsidiaries (other
than CB or any of its Subsidiaries)) on the scheduled or original due
date with respect thereto; or (ii) default in (x) making any payment of
any interest on any such Material Indebtedness beyond the period of
grace, if any, provided in the instrument or agreement under which such
Material Indebtedness was created or (y) the observance or performance
of any other agreement or condition relating to any such Material
Indebtedness or contained in any instrument or agreement evidencing,
securing or relating thereto, or any other event shall occur or
condition exist, the effect of which default or other event or
condition under this clause (ii) is (A) to
cause such Material Indebtedness to become due prior to its stated
maturity or (in the case of any such Indebtedness constituting a
Guarantee Obligation) to become payable and remain unpaid or (B) to
permit, and to have continuously permitted during a period of at least
30 days, the holder or beneficiary of such Material Indebtedness (or a
trustee or agent on behalf of such holder or beneficiary) to cause,
with the giving of notice if required, such Material Indebtedness to
become due prior to its stated maturity or (in the case of any such
Material Indebtedness constituting a Guarantee Obligation) to become
payable and remain unpaid; provided, that this clause (f) shall
not apply to secured Material Indebtedness that becomes due as a result
of the voluntary sale or transfer of the property or assets securing
such Material Indebtedness; provided, further, that for
purposes of this paragraph (f), Material Indebtedness in respect of
Hedge and Repo Transactions shall be deemed to consist of the Aggregate
Deficit Amount.

     (g) an involuntary proceeding shall be commenced or an involuntary
petition shall be filed seeking (i) liquidation, reorganization or
other relief in respect of CFC, CHL, CB or any of the Material
Subsidiaries or its debts, or of a substantial part of its assets,
under any Federal, state or foreign bankruptcy, insolvency,
receivership or similar law now or hereafter in effect or (ii) the
appointment of a receiver, trustee, custodian, sequestrator,
conservator or similar official for CFC, CHL, CB or any of the Material
Subsidiaries of CFC or CB, as the case may be, or for a substantial
part of its assets, and, in any such case, such proceeding or petition
shall continue undismissed for 60 days or an order or decree approving
or ordering any of the foregoing shall be entered;

     (h) CFC, CHL, CB or any of the Material Subsidiaries of CFC or CB,
as the case may be, shall (i) voluntarily commence any proceeding or
file any petition seeking liquidation, reorganization or other relief
under any Federal, state or foreign bankruptcy, insolvency,
receivership or similar law now or hereafter in effect, (ii) consent to
the institution of, or fail to contest in a timely and appropriate
manner, any proceeding or petition described in clause (h) of this
Article, (iii) apply for or consent to the appointment of a receiver,
trustee, custodian, sequestrator, conservator or similar official for
it or for a substantial part of its assets, (iv) file an

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answer
admitting the material allegations of a petition filed against it in
any such proceeding, (v) make a general assignment for the benefit of
creditors or (vi) take any action for the purpose of effecting any of
the foregoing;

     (i) CFC, CHL, CB or any of the Material Subsidiaries of CFC or CB,
as the case may be, shall become unable, admit in writing its inability
or fail generally to pay its debts as they become due;

     (j) one or more judgments for the payment of money in an aggregate
amount in excess of $100,000,000 and not fully covered by insurance
shall be rendered against CFC, CHL, CB or any of their Subsidiaries or
any combination thereof and the same shall remain undischarged for a
period of 60 consecutive days during which execution shall not be
effectively stayed, or any action shall be legally taken by a
judgment creditor to attach or levy upon any assets of CFC, CHL,
CB or any of their Subsidiaries to enforce any such judgment;

     (k) an ERISA Event shall have occurred that, in the opinion of the
Required Lenders, when taken together with all other ERISA Events that
have occurred, could reasonably be expected to result in a Material
Adverse Effect;

     (l) the guarantee contained in Article VIII of this Agreement
shall cease, for any reason, to be in full force and effect or CFC,
CHL, or any Affiliate of CFC or CHL shall so assert;

     (m) CFC shall cease to own, directly or indirectly, 100% of the
outstanding Equity Interests of CHL; or

     (n) 75% of the outstanding Equity Interests of CB shall cease to
be owned by CFC;

then, and in every such event (other than an event described in clause (g) or (h) of this Article)
with respect to CFC (or, as provided for, any Subsidiary of CFC) or with respect to CB (or, as
provided for, any Subsidiary of CB), and at any time thereafter during the continuance of such
event, the Managing Administrative Agent may, and at the request of the Required Lenders shall, by
notice to CFC or CB, as appropriate, take either or both of the following actions, at the same or
different times: (i) terminate the Commitments as they are available to CFC and CHL or to CB, as
the case may be, and thereupon the Commitments to such extent shall terminate immediately, and (ii)
declare the Loans then outstanding to CFC and CHL or to CB, as the case may be, to be due and
payable in whole (or in part, in which case any principal not so declared to be due and payable may
thereafter be declared to be due and payable), and thereupon the principal of the Loans so declared
to be due and payable, together with accrued interest thereon and all fees and other obligations of
CFC and CHL or of CB, as the case may be, accrued hereunder, shall become due and payable
immediately, without presentment, demand, protest or other notice of any kind, all of which are
hereby waived by each Borrower; and in case of any event with respect to CFC or CHL or to CB, as
the case may be, described in clause (g) or (h) of this Article, the Commitments as they are
available to CFC and CHL or to CB, as the case may be, shall automatically terminate and the
principal of the Loans then outstanding to CFC and CHL or to CB, as the case may be, together with
accrued interest thereon and all fees and other obligations of CFC and CHL or of CB, as the case
may be, accrued hereunder, shall automatically become due and payable, without presentment, demand,
protest or other notice of any kind, all of which are hereby waived by the Borrower. For the

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avoidance of doubt, it is understood and agreed by the Lenders that an Event of Default with
respect to CFC or any of its Subsidiaries (other than CB or any of its Subsidiaries) shall not
permit or cause a termination of the Commitments as they are available to CB or permit or cause the
Loans outstanding to CB to be declared to or automatically become due and payable. Clause (n)
shall be considered an Event of Default with respect to both CFC and CB.

ARTICLE VIII

Guarantee

          SECTION 8.01. Guarantee. (a) Each of CFC and CHL (each, a “Guarantor”)
hereby unconditionally and irrevocably guarantees to the Managing Administrative Agent, for the
ratable benefit of the Lenders and
their respective successors, indorsees, transferees and assigns, the prompt and complete
payment and performance by the other (with respect to such Guarantor, the “Guaranteed
Borrower”) when due (whether at the stated maturity, by acceleration or otherwise) of the
Obligations of the Guaranteed Borrower hereunder (with respect to such Guarantor, the “Borrower
Obligations”).

          (b) Anything herein or in any other Loan Document to the contrary notwithstanding, the maximum
liability of each Guarantor hereunder and under the other Loan Documents shall in no event exceed
the amount which can be guaranteed by such Guarantor under applicable federal and state laws
relating to the insolvency of debtors (after giving effect to the right of contribution established
in Section 8.02).

          (c) Each Guarantor agrees that the Borrower Obligations of its Guaranteed Borrower may at any
time and from time to time exceed the amount of the liability of such Guarantor hereunder without
impairing the guarantee contained in this Article VIII or affecting the rights and remedies of the
Managing Administrative Agent or any Lender hereunder.

          (d) The guarantee contained in this Article VIII shall remain in full force and effect until,
subject to reinstatement pursuant to Section 8.05, all the Borrower Obligations of the relevant
Guaranteed Borrower and the obligations of each Guarantor under the guarantee contained in this
Article VIII shall have been satisfied by payment in full and the Commitments shall be terminated,
notwithstanding that from time to time during the term of this Agreement such Guaranteed Borrower
may be free from any Borrower Obligations.

          (e) No payment made by a Guaranteed Borrower, a Guarantor, any other guarantor or any other
Person or received or collected by the Managing Administrative Agent or any Lender from such
Guaranteed Borrower, such Guarantor, any other guarantor or any other Person by virtue of any
action or proceeding or any set-off or appropriation or application at any time or from time to
time in reduction of or in payment of the Borrower Obligations of such Guaranteed Borrower shall be
deemed to modify, reduce, release or otherwise affect the liability of the relevant Guarantor
hereunder which shall, notwithstanding any such payment (other than any payment made by such
Guarantor in respect of the Borrower Obligations of the relevant Guaranteed Borrower or any payment
received or collected from such Guarantor in respect of such Borrower Obligations), remain liable
for the Borrower Obligations of such Guaranteed Borrower up to the maximum liability of such
Guarantor hereunder until, subject to reinstatement pursuant to Section 8.05, the Borrower
Obligations are paid in full and the Commitments are terminated.

          SECTION 8.02. No Subrogation. Notwithstanding any payment made by a Guarantor
hereunder or any set-off or application of funds of such Guarantor by the Managing Administrative
Agent or any Lender, such Guarantor shall not be entitled to be subrogated to any of the rights of
the Managing

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Administrative Agent or any Lender against the Guaranteed Borrower with respect to it
or any guarantee or right of offset held by the Managing Administrative Agent or any Lender for the
payment of the Borrower Obligations of such Guaranteed Borrower, nor shall such Guarantor seek or
be entitled to seek any contribution or reimbursement from such Guaranteed Borrower in respect of
payments made by such Guarantor hereunder, until all amounts owing to the Managing Administrative
Agent and the Lenders on account of the Borrower Obligations of such Guaranteed Borrower are
indefeasibly paid in full and the Commitments are terminated. If any amount shall be paid to such
Guarantor on account of such subrogation rights at any time when all of the Borrower Obligations of
such Guaranteed Borrower shall not have been indefeasibly paid in full, such amount shall be held
by such Guarantor in trust for the Managing Administrative Agent and the Lenders, segregated from
other funds of such Guarantor, and
shall, forthwith upon receipt by such Guarantor, be turned over to the Managing Administrative
Agent in the exact form received by such Guarantor (duly indorsed by such Guarantor to the Managing
Administrative Agent, if required), to be applied against the Borrower Obligations of such
Guaranteed Borrower, whether matured or unmatured, in such order as the Managing Administrative
Agent may determine.

          SECTION 8.03. Amendments, etc. with respect to the Borrower Obligations. Each
Guarantor shall remain obligated hereunder notwithstanding that, without any reservation of rights
against it and without notice to or further assent by it, any demand for payment of any of the
Borrower Obligations of the Guaranteed Borrower with respect to it made by the Managing
Administrative Agent or any Lender may be rescinded by the Managing Administrative Agent or such
Lender and any of such Borrower Obligations continued, and such Borrower Obligations, or the
liability of any other Person upon or for any part thereof, or any guarantee therefor or right of
offset with respect thereto, may, from time to time, in whole or in part, be renewed, extended,
amended, modified, accelerated, compromised, waived, surrendered or released by the Managing
Administrative Agent or any Lender, and this Agreement and the other Loan Documents and any other
documents executed and delivered in connection therewith may be amended, modified, supplemented or
terminated, in whole or in part, as the Managing Administrative Agent (or the Required Lenders or
all Lenders, as the case may be) may deem advisable from time to time, and any guarantee or right
of offset at any time held by the Managing Administrative Agent or any Lender for the payment of
such Borrower Obligations may be sold, exchanged, waived, surrendered or released.

          SECTION 8.04. Guarantee Absolute and Unconditional. Each Guarantor waives any and all
notice of the creation, renewal, extension or accrual of any of the Borrower Obligations of the
Guaranteed Borrower with respect to it and notice of or proof of reliance by the Managing
Administrative Agent or any Lender upon the guarantee contained in this Article VIII or acceptance
of the guarantee contained in this Article VIII; such Borrower Obligations, and any of them, shall
conclusively be deemed to have been created, contracted or incurred, or renewed, extended, amended
or waived, in reliance upon the guarantee contained in this Article VIII; and all dealings between
such Guarantor and such Guaranteed Borrower, on the one hand, and the Managing Administrative Agent
and the Lenders, on the other hand, likewise shall be conclusively presumed to have been had or
consummated in reliance upon the guarantee contained in this Article VIII. Each Guarantor waives
diligence, presentment, protest, demand for payment and notice of default or nonpayment to or upon
the Guaranteed Borrower with respect to it or such Guarantor with respect to the Borrower
Obligations of such Guaranteed Borrower. Each Guarantor understands and agrees that the guarantee
contained in this Article VIII shall be construed as a continuing, absolute and unconditional
guarantee of payment without regard to (a) the validity or enforceability of this Agreement or any
other Loan Document, any of the Borrower Obligations of the Guaranteed Borrower with respect to it
or any other collateral security therefor or guarantee or right of offset with respect thereto at
any time or from time to time held by the Managing Administrative Agent or any Lender, (b) any
defense, set-off or counterclaim (other than a defense of payment or performance) which may at any
time be available to or be asserted by such Guaranteed Borrower or any other Person

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against the
Managing Administrative Agent or any Lender, (c) any change in the corporate existence, structure
or ownership of such Guaranteed Borrower, or any insolvency, bankruptcy, reorganization or other
similar proceeding affecting such Guaranteed Borrower or its assets or any resulting release or
discharge of any such Borrower Obligation, (d) any law, regulation or order of any jurisdiction, or
any other event, affecting any term of any such Borrower Obligation or any Lender’s rights with
respect thereto or (e) any other circumstance whatsoever (with or without notice to or knowledge of
it) which constitutes, or might be construed to constitute, an equitable or legal discharge of such
Guaranteed Borrower for such Borrower Obligations, or of such
Guarantor under the guarantee contained in this Article VIII, in bankruptcy or in any other
instance. When making any demand hereunder or otherwise pursuing its rights and remedies hereunder
against a Guarantor, the Managing Administrative Agent or any Lender may, but shall be under no
obligation to, make a similar demand on or otherwise pursue such rights and remedies as it may have
against any other Person or against any other guarantee for the Borrower Obligations of the
Guaranteed Borrower with respect to such Guarantor or any right of offset with respect thereto, and
any failure by the Managing Administrative Agent or any Lender to make any such demand, to pursue
such other rights or remedies or to collect any payments from any other Person or to realize upon
any such guarantee or to exercise any such right of offset, or any release of any other Person or
any such guarantee or right of offset, shall not relieve such Guarantor of any obligation or
liability hereunder, and shall not impair or affect the rights and remedies, whether express,
implied or available as a matter of law, of the Managing Administrative Agent or any Lender against
such Guarantor. For the purposes hereof “demand” shall include the commencement and continuance of
any legal proceedings.

          SECTION 8.05. Reinstatement. The guarantee contained in this Article VIII shall
continue to be effective, or be reinstated, as the case may be, if at any time payment, or any part
thereof, of any of the Borrower Obligations of a Guaranteed Borrower is rescinded or must otherwise
be restored or returned by the Managing Administrative Agent or any Lender upon the insolvency,
bankruptcy, dissolution, liquidation or reorganization of such Guaranteed Borrower, or upon or as a
result of the appointment of a receiver, intervenor or conservator of, or trustee or similar
officer for, such Guaranteed Borrower or any substantial part of its property, or otherwise, all as
though such payments had not been made.

          SECTION 8.06. Payments. Each Guarantor hereby guarantees that payments hereunder will
be paid to the Managing Administrative Agent without set-off or counterclaim in Dollars at the
office of the Managing Administrative Agent specified in Section 2.17.

          SECTION 8.07. Independent Obligations. The obligations of a Guarantor under the
guarantee contained in this Article VIII are independent of the obligations of the Guaranteed
Borrower with respect to it, and a separate action or actions may be brought and prosecuted against
such Guarantor whether or not such Guaranteed Borrower is joined in any such action or actions.
Each Guarantor waives, to the fullest extent permitted by law, the benefit of any statute of
limitations affecting its liability hereunder or the enforcement thereof.

ARTICLE IX

The Agents

          SECTION 9.01. Appointment. Each Lender hereby irrevocably designates and appoints the
Managing Administrative Agent as the agent of such Lender under this Agreement and the other Loan
Documents, and each Lender irrevocably authorizes the Managing Administrative Agent, in such
capacity, to take such action on its behalf under the provisions of this Agreement and the other
Loan Documents and to exercise such powers and perform such duties as are expressly delegated to
the

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Managing Administrative Agent by the terms of this Agreement and the other Loan Documents,
together with such other powers as are reasonably incidental thereto. Notwithstanding any
provision to the contrary elsewhere in this Agreement, the
Managing Administrative Agent shall not have any duties or responsibilities, except those
expressly set forth herein, or any fiduciary relationship with any Lender, and no implied
covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this
Agreement or any other Loan Document or otherwise exist against the Managing Administrative Agent.

          SECTION 9.02. Delegation of Duties. The Managing Administrative Agent may execute any
of its duties under this Agreement and the other Loan Documents by or through agents or
attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to
such duties. The Managing Administrative Agent shall not be responsible for the negligence or
misconduct of any agents or attorneys-in-fact selected by it with reasonable care.

          SECTION 9.03. Exculpatory Provisions. Neither any Agent nor any of its respective
officers, directors, employees, agents, attorneys-in-fact or affiliates shall be (i) liable for any
action lawfully taken or omitted to be taken by it or such Person under or in connection with this
Agreement or any other Loan Document (except to the extent that any of the foregoing are found by a
final and nonappealable decision of a court of competent jurisdiction to have resulted from its or
such Person’s own gross negligence or willful misconduct) or (ii) responsible in any manner to any
of the Lenders for any recitals, statements, representations or warranties made by any of CFC, CHL,
CB or their Subsidiaries or any officer thereof contained in this Agreement or any other Loan
Document or in any certificate, report, statement or other document referred to or provided for in,
or received by the Agents under or in connection with, this Agreement or any other Loan Document or
for the value, validity, effectiveness, genuineness, enforceability or sufficiency of this
Agreement or any other Loan Document or for any failure of any of CFC, CHL, CB or their
Subsidiaries to perform its obligations hereunder or thereunder. The Agents shall not be under any
obligation to any Lender to ascertain or to inquire as to the observance or performance of any of
the agreements contained in, or conditions of, this Agreement or any other Loan Document, or to
inspect the properties, books or records of any of CFC, CHL, CB or their Subsidiaries.

          SECTION 9.04. Reliance by Managing Administrative Agent. The Managing Administrative
Agent shall be entitled to rely, and shall be fully protected in relying, upon any instrument,
writing, resolution, notice, consent, certificate, affidavit, letter, telecopy, telex or teletype
message, statement, order or other document or conversation believed by it to be genuine and
correct and to have been signed, sent or made by the proper Person or Persons and upon advice and
statements of legal counsel (including counsel to the Borrower), independent accountants and other
experts selected by the Managing Administrative Agent. The Managing Administrative Agent may deem
and treat the payee of any Note as the owner thereof for all purposes unless a written notice of
assignment, negotiation or transfer thereof shall have been filed with the Managing Administrative
Agent. The Managing Administrative Agent shall be fully justified in failing or refusing to take
any action under this Agreement or any other Loan Document unless it shall first receive such
advice or concurrence of the Required Lenders (or, if so specified by this Agreement, all Lenders)
as it deems appropriate or it shall first be indemnified to its satisfaction by the Lenders against
any and all liability and expense that may be incurred by it by reason of taking or continuing to
take any such action (other than any liability or expense which is found by a final and
nonappealable decision of a court of competent jurisdiction to have resulted from its gross
negligence or willful misconduct). The Managing Administrative Agent shall in all cases be fully
protected in acting, or in refraining from acting, under this Agreement and the other Loan
Documents in accordance with a request of the Required Lenders (or, if so specified by this
Agreement, all Lenders), and such request and any action taken or failure to act pursuant
thereto shall be binding upon all the Lenders and all future holders of the Loans.

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          SECTION 9.05. Notice of Default. The Managing Administrative Agent shall not be
deemed to have knowledge or notice of the occurrence of any Default or Event of Default unless the
Managing Administrative Agent has received notice from a Lender or the Borrowers referring to this
Agreement, describing such Default or Event of Default and stating that such notice is a “notice of
default”. In the event that the Managing Administrative Agent receives such a notice, the Managing
Administrative Agent shall give notice thereof to the Lenders. The Managing Administrative Agent
shall take such action with respect to such Default or Event of Default as shall be reasonably
directed by the Required Lenders (or, if so specified by this Agreement, all Lenders);
provided that unless and until the Managing Administrative Agent shall have received such
directions, the Managing Administrative Agent may (but shall not be obligated to) take such action,
or refrain from taking such action, with respect to such Default or Event of Default as it shall
deem advisable in the best interests of the Lenders.

          SECTION 9.06. Non-Reliance on Agents and Other Lenders. Each Lender expressly
acknowledges that neither the Agents nor any of their respective officers, directors, employees,
agents, attorneys-in-fact or affiliates has made any representations or warranties to it and that
no act by any Agent hereafter taken, including any review of the affairs of CFC, CHL, CB or their
Subsidiaries or any affiliate of CFC, CHL, CB or their Subsidiaries, shall be deemed to constitute
any representation or warranty by any Agent to any Lender. Each Lender represents to the Agents
that it has, independently and without reliance upon any Agent or any other Lender, and based on
such documents and information as it has deemed appropriate, made its own appraisal of and
investigation into the business, operations, property, financial and other condition and
creditworthiness of CFC, CHL, CB or their Subsidiaries and their affiliates and made its own
decision to make its Loans hereunder and enter into this Agreement. Each Lender also represents
that it will, independently and without reliance upon any Agent or any other Lender, and based on
such documents and information as it shall deem appropriate at the time, continue to make its own
credit analysis, appraisals and decisions in taking or not taking action under this Agreement and
the other Loan Documents, and to make such investigation as it deems necessary to inform itself as
to the business, operations, property, financial and other condition and creditworthiness of CFC,
CHL, CB and their Subsidiaries and the affiliates of CFC, CHL, CB and their Subsidiaries. Except
for notices, reports and other documents expressly required to be furnished to the Lenders by the
Managing Administrative Agent hereunder, the Managing Administrative Agent shall not have any duty
or responsibility to provide any Lender with any credit or other information concerning the
business, operations, property, condition (financial or otherwise), prospects or creditworthiness
of CFC, CHL, CB and their Subsidiaries or any affiliate of CFC, CHL, CB and their Subsidiaries that
may come into the possession of the Managing Administrative Agent or any of its officers,
directors, employees, agents, attorneys-in-fact or affiliates.

          SECTION 9.07. Indemnification. The Lenders agree to indemnify each Agent in its
capacity as such (to the extent not reimbursed by the Borrowers and without limiting the obligation
of the Borrowers to do so), ratably according to their respective Aggregate Exposure Percentages in
effect on the date on which indemnification is sought under this Section (or, if indemnification is
sought after the date upon which the Commitments shall have terminated and the Loans shall have
been paid in full, ratably in accordance with such Aggregate Exposure Percentages immediately prior
to such date), from and against any and all liabilities, obligations, losses, damages, penalties,
actions, judgments, suits, costs, expenses or
disbursements of any kind whatsoever that may at any time (whether before or after the payment
of the Loans) be imposed on, incurred by or asserted against such Agent in any way relating to or
arising out of, the Commitments, this Agreement, any of the other Loan Documents or any documents
contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby
or any action taken or omitted by such Agent under or in connection with any of the foregoing;
provided that no Lender shall be liable for the payment of any portion of such liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or
disbursements that are found by a final and nonappealable decision of a court of competent
jurisdiction to have resulted from such Agent’s gross

49

 

negligence or willful misconduct. The
agreements in this Section shall survive the payment of the Loans and all other amounts payable
hereunder.

          SECTION 9.08. Agent in Its Individual Capacity. Each Agent and its affiliates may
make loans to, accept deposits from and generally engage in any kind of business with CFC, CHL, CB
and their Subsidiaries as though such Agent were not an Agent. With respect to its Loans made or
renewed by it, each Agent shall have the same rights and powers under this Agreement and the other
Loan Documents as any Lender and may exercise the same as though it were not an Agent, and the
terms “Lender” and “Lenders” shall include each Agent in its individual capacity.

          SECTION 9.09. Successor Managing Administrative Agent. The Managing Administrative
Agent may resign as Managing Administrative Agent upon 10 days’ notice to the Lenders and the
Borrower. If the Managing Administrative Agent shall resign as Managing Administrative Agent under
this Agreement and the other Loan Documents, then the Required Lenders shall appoint from among the
Lenders a successor agent for the Lenders, which successor agent shall (unless an Event of Default
under Article VII(a), VII(b), VII(g) or VII(h) with respect to the Borrowers shall have occurred
and be continuing) be subject to approval by the Borrower (which approval shall not be unreasonably
withheld or delayed), whereupon such successor agent shall succeed to the rights, powers and duties
of the Managing Administrative Agent, and the term “Managing Administrative Agent” shall mean such
successor agent effective upon such appointment and approval, and the former Managing
Administrative Agent’s rights, powers and duties as Managing Administrative Agent shall be
terminated, without any other or further act or deed on the part of such former Managing
Administrative Agent or any of the parties to this Agreement or any holders of the Loans. If no
successor agent has accepted appointment as Managing Administrative Agent by the date that is 10
days following a retiring Managing Administrative Agent’s notice of resignation, the retiring
Managing Administrative Agent’s resignation shall nevertheless thereupon become effective, and the
Lenders shall assume and perform all of the duties of the Managing Administrative Agent hereunder
until such time, if any, as the Required Lenders appoint a successor agent as provided for above.
After any retiring Managing Administrative Agent’s resignation as Managing Administrative Agent,
the provisions of this Article IX shall inure to its benefit as to any actions taken or omitted to
be taken by it while it was Managing Administrative Agent under this Agreement and the other Loan
Documents.

          SECTION 9.10. Documentation Agent, Syndication Agent and Administrative Agent. None
of the Documentation Agent, the Syndication Agent or the Administrative Agent shall have any duties
or responsibilities hereunder in their capacities as such.

ARTICLE X

Miscellaneous

          SECTION 10.01. Notices. (a) Except in the case of notices and other communications
expressly permitted to be given by telephone (and subject to paragraph (b) below), all notices and
other communications provided for herein shall be in writing and shall be delivered by hand or
overnight courier service, mailed by certified or registered mail or sent by telecopy, as follows:

     (i) if to CFC or CHL, to it at 4500 Park Granada, Calabasas, California 91302,
Attention of Chief Financial Officer (Telecopy No. (818) 225-4196), with a copy to the
attention of its Chief Legal Officer (Telecopy No. (818) 225-4055) at the same address;

50

 

     (ii) if to CB, to it at 225 West Hillcrest Drive, Thousand Oaks, California 91360,
Attention of Chief Financial Officer (Telecopy No. (805) 371-6416, with a copy to the
attention of its Corporate Secretary (Telecopy No. (805) 371-6417 at the same address;

     (iii) if to the Managing Administrative Agent, to Barclays Bank PLC., 200 Cedar Knolls
Road, Whippany, New Jersey 07981, Attention: May Wong (Telecopy No. (973) 576-3014, with a
copy to Barclays Bank PLC, 200 Park Avenue, New York, New York 10166, Attention: Trish
Calabro (Telecopy No. (212) 412-7600; and

     (iv) if to any Swingline Lender or any other Lender, to it at its address (or telecopy
number) set forth in its Administrative Questionnaire.

          (b) Notices and other communications to the Lenders hereunder may be delivered or furnished by
electronic communications pursuant to procedures approved by the Managing Administrative Agent;
provided that the foregoing shall not apply to notices pursuant to Article II unless otherwise
agreed by the Managing Administrative Agent and the applicable Lender. The Managing Administrative
Agent or the Borrower may, in its discretion, agree to accept notices and other communications to
it hereunder by electronic communications pursuant to procedures approved by it; provided that
approval of such procedures may be limited to particular notices or communications.

          (c) Any party hereto may change its address or telecopy number for notices and other
communications hereunder by notice to the other parties hereto. All notices and other
communications given to any party hereto in accordance with the provisions of this Agreement shall
be deemed to have been given on the date of receipt.

          SECTION 10.02. Waivers; Amendments. (a) No failure or delay by the Managing
Administrative Agent or any Lender in exercising any right or power hereunder shall operate as a
waiver thereof, nor shall any single or partial exercise of any such right or power, or any
abandonment or discontinuance of steps to enforce such a right or power, preclude any other or
further exercise thereof or the exercise of any other right or power. The rights and remedies of
the Managing Administrative Agent and the Lenders hereunder are cumulative and are not exclusive of
any rights or remedies that they would otherwise have. No waiver of any provision of this
Agreement or consent to any departure by a Borrower therefrom shall in any event be effective
unless the same shall be permitted by paragraph (b) of this Section, and then such waiver or
consent shall be effective only in the specific instance and for the purpose for which given.
Without limiting the generality of the foregoing, the making of a Loan shall not be construed as a
waiver of any Default or Event of Default, regardless of whether the Managing Administrative Agent
or any Lender may have had notice or knowledge of such Default or Event of Default at the time.

          (b) Neither this Agreement nor any other Loan Document nor any provision hereof or thereof may
be waived, amended or modified (other than amendments and modifications made for the sole purpose
of giving effect to any increase in Commitments pursuant to Section 2.01(b) or made to Schedule
2.05 as contemplated by the definition of “Swingline Lender” in Section 1.01) except pursuant to an
agreement or agreements in writing entered into by the Borrowers and the Required Lenders or by the
Borrowers and the Managing Administrative Agent with the consent of the Required Lenders;
provided that no such agreement shall (i) increase the Commitment of any Lender without the
written consent of such Lender, (ii) reduce the principal amount of any Loan or reduce the rate of
interest thereon, or reduce any fees payable hereunder, without the written consent of each Lender
affected thereby, (iii) postpone the scheduled date of payment of the principal amount of any Loan
or any interest thereon, or any fees payable hereunder, or reduce the amount of, waive or excuse
any such payment, or postpone the scheduled date of expiration of any Commitment, without the
written consent of each Lender affected

51

 

thereby, (iv) change Section 2.17 in a manner that would
alter the pro rata sharing of payments required thereby, without the written consent of each
Lender, (v) release any Guarantor from its obligations set forth in Article VIII without the
written consent of each Lender, or (vi) change any of the provisions of this Section or the
definition of “Required Lenders” or any other provision hereof specifying the number or percentage
of Lenders required to waive, amend or modify any rights hereunder or make any determination or
grant any consent hereunder, without the written consent of each Lender; provided
further that no such agreement shall amend, modify or otherwise affect the rights or duties
of the Managing Administrative Agent or any Swingline Lender hereunder without the prior written
consent of the Managing Administrative Agent or such Swingline Lender, as the case may be.

          SECTION 10.03. Expenses; Indemnity; Damage Waiver. (a) CFC and CHL shall pay (i) all
reasonable out-of-pocket expenses incurred by the Managing Administrative Agent, the Administrative
Agent and their respective Affiliates, including the reasonable fees, charges and disbursements of
counsel for the Managing Administrative Agent and the Administrative Agent, in connection with the
syndication of the credit facilities provided for herein, the preparation and administration of
this Agreement or any amendments, modifications or waivers of the provisions hereof (whether or not
the transactions contemplated hereby or thereby shall be consummated) and (ii) all out-of-pocket
expenses incurred by the Managing Administrative Agent, the Administrative Agent or any Lender,
including the fees, charges and disbursements of any counsel for the Managing Administrative Agent,
the Administrative Agent or any Lender, in connection with the enforcement or protection of its
rights in connection with this Agreement and the other Loan Documents, including its rights under
this Section, or in connection with the Loans made hereunder, including all such out-of-pocket
expenses incurred during any workout, restructuring or negotiations in respect of such Loans.

          (b) CFC and CHL (or, to the extent provided below, CB) shall indemnify the Managing
Administrative Agent, the Agents and each Lender, and each Related Party of any of the foregoing
Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee
harmless from, any and all losses, claims, damages, liabilities and related expenses, including the
fees, charges and disbursements of any counsel for any Indemnitee, incurred by or asserted against
any Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery
of this Agreement or any agreement or instrument contemplated hereby, the performance by the
parties hereto of their respective obligations hereunder or the consummation of the Transactions or
any other transactions contemplated hereby, (ii) any Loan or the use of the proceeds thereof, (iii)
any actual or alleged presence or release of Hazardous Materials on or from any property owned or
operated by any Borrower or any of
its subsidiaries, or any Environmental Liability related in any way to any Borrower or any of
its subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding
relating to any of the foregoing, whether based on contract, tort or any other theory and
regardless of whether any Indemnitee is a party thereto; provided that such indemnity shall
not, as to any Indemnitee, be available to the extent that such losses, claims, damages,
liabilities or related expenses are determined by a court of competent jurisdiction by final and
nonappealable judgment to have resulted from the gross negligence or willful misconduct of such
Indemnitee. It is understood that (i) the indemnification obligations under this Section 10.03(b)
to the extent they may reasonably be attributable to the acts or omissions hereunder by CB or any
of its Subsidiaries shall be the responsibility of CB and not CFC and CHL, and (ii) the
indemnification obligations under this Section 10.03(b) to the extent they may reasonably not be
attributable to the acts or omissions hereunder by CB or any of its Subsidiaries shall be the
responsibility of CFC and CHL and not CB.

          (c) To the extent that any Borrower fails to pay any amount required to be paid by it to any
Swingline Lender under paragraph (a) or (b) of this Section, each Lender severally agrees to pay to
the applicable Swingline Lender such Lender’s Applicable Percentage (determined as of the time that
the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount;
provided that

52

 

the unreimbursed expense or indemnified loss, claim, damage, liability or
related expense, as the case may be, was incurred by or asserted against the applicable Swingline
Lender in its capacity as such. To the extent that CFC or CHL fails to pay any amount required to
be paid by it to the Managing Administrative Agent or the Administrative Agent under paragraph (a)
or (b) of this Section, each Lender severally agrees to pay the Managing Administrative Agent or
Administrative Agent in accordance with Section 9.07.

          (d) To the extent permitted by applicable law, each Borrower shall not assert, and hereby
waives, any claim against any Indemnitee, on any theory of liability, for special, indirect,
consequential or punitive damages (as opposed to direct or actual damages) arising out of, in
connection with, or as a result of, this Agreement or any agreement or instrument contemplated
hereby, the Transactions, any Loan or the use of the proceeds thereof.

          (e) All amounts due under this Section shall be payable not later than 10 days after written
demand therefor.

          SECTION 10.04. Successors and Assigns. (a) The provisions of this Agreement shall
be binding upon and inure to the benefit of the parties hereto and their respective successors and
assigns permitted hereby, except that (i) a Borrower may not assign or otherwise transfer any of
its rights or obligations hereunder or under any of the other Loan Documents without the prior
written consent of each Lender (and any attempted assignment or transfer by a Borrower without such
consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or
obligations hereunder except in accordance with this Section. Nothing in this Agreement, expressed
or implied, shall be construed to confer upon any Person (other than the parties hereto, their
respective successors and assigns permitted hereby, Participants (to the extent provided in
paragraph (c) of this Section) and, to the extent expressly contemplated hereby, the Related
Parties of each of the Managing Administrative Agent, the Administrative Agent and the Lenders) any
legal or equitable right, remedy or claim under or by reason of this Agreement.

          (b) (i) Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may assign
to one or more assignees all or a portion of its rights and obligations under this Agreement
(including all or a portion of its Commitment and the Loans at the time owing to it) with the prior
written consent (such consent not to be unreasonably withheld) of:

          (A) CFC, provided that no consent of CFC shall be required for an assignment to
a Lender, an Affiliate of a Lender or, if an Event of Default has occurred and is
continuing, any other assignee; and

          (B) the Managing Administrative Agent and each Swingline Lender, provided that
no consent of the Managing Administrative Agent or any Swingline Lender shall be required
for an assignment of any Commitment to an assignee that is a Lender with a Commitment
immediately prior to giving effect to such assignment.

          (ii) Assignments shall be subject to the following additional conditions:

          (A) except in the case of an assignment to a Lender or an Affiliate of a Lender or an
assignment of the entire remaining amount of the assigning Lender’s Commitment or Loans of
any Class, the amount of the Commitment or Loans of the assigning Lender subject to each
such assignment (determined as of the date the Assignment and Assumption with respect to
such assignment is delivered to the Managing Administrative Agent) shall not be less than
$10,000,000 unless each of CFC and the Managing Administrative Agent otherwise consent,

53

 

provided that no such consent of CFC shall be required if an Event of Default under
Article VII has occurred and is continuing;

          (B) each partial assignment shall be made as an assignment of a proportionate part of
all the assigning Lender’s rights and obligations under this Agreement, provided
that this clause shall not be construed to prohibit the assignment of a proportionate part
of all the assigning Lender’s rights and obligations in respect of Competitive Loans;

          (C) the parties to each assignment shall execute and deliver to the Managing
Administrative Agent an Assignment and Assumption, together with a processing and
recordation fee of $3,500; and

          (D) the assignee, if it shall not be a Lender, shall deliver to the Managing
Administrative Agent an Administrative Questionnaire.

          (iii) Subject to acceptance and recording thereof pursuant to paragraph (b)(iv) of this
Section, from and after the effective date specified in each Assignment and Assumption the assignee
thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment
and Assumption, have the rights and obligations of a Lender under this Agreement, and the assigning
Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption,
be released from its obligations under this Agreement (and, in the case of an Assignment and
Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such
Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of
Sections 2.14, 2.15, 2.16 and 10.03). Any assignment or transfer by a Lender of rights or
obligations under this Agreement that does not comply with this Section 10.04 shall be treated for
purposes of this Agreement as a sale by such Lender of a participation in such rights and
obligations in accordance with paragraph (c) of this Section.

          (iv) The Managing Administrative Agent, acting for this purpose as an agent of each Borrower,
shall maintain at one of its offices a copy of each Assignment and Assumption delivered to it and a
register for the recordation of the names and addresses of the Lenders, and the Commitment of, and
principal amount of the Loans owing to, each Lender pursuant to the terms hereof from time to time
(the “Register”). The entries in the Register shall be conclusive, and the Borrowers, the
Managing Administrative Agent, the Administrative Agent and the Lenders may treat each Person whose
name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all
purposes of this
Agreement, notwithstanding notice to the contrary. The Register shall be available for
inspection by any Borrower and any Lender, at any reasonable time and from time to time upon
reasonable prior notice.

          (v) Upon its receipt of a duly completed Assignment and Assumption executed by an assigning
Lender and an assignee, the assignee’s completed Administrative Questionnaire (unless the assignee
shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph
(b)(ii)(C) of this Section and any written consent to such assignment required by paragraph (b)(i)
of this Section, the Managing Administrative Agent shall accept such Assignment and Assumption and
record the information contained therein in the Register. No assignment shall be effective for
purposes of this Agreement unless it has been recorded in the Register as provided in this
paragraph.

          (c) (i) Any Lender may, without the consent of the Borrowers, the Managing Administrative
Agent, the Administrative Agent or the Swingline Lenders, sell participations to one or more banks
or other entities (a “Participant”) in all or a portion of such Lender’s rights and
obligations under this Agreement (including all or a portion of its Commitment and the Loans owing
to it); provided that (A) such Lender’s obligations under this Agreement shall remain
unchanged, (B) such Lender shall remain solely responsible to the other parties hereto for the
performance of such obligations and (C) the

54

 

Borrowers, the Managing Administrative Agent and the
other Lenders shall continue to deal solely and directly with such Lender in connection with such
Lender’s rights and obligations under this Agreement. Any agreement or instrument pursuant to
which a Lender sells such a participation shall provide that such Lender shall retain the sole
right to enforce this Agreement and to approve any amendment, modification or waiver of any
provision of this Agreement; provided that such agreement or instrument may provide that
such Lender will not, without the consent of the Participant, agree to any amendment, modification
or waiver described in the first proviso to Section 10.02(b) that affects such Participant.
Subject to paragraph (c)(ii) of this Section, each Borrower agrees that each Participant shall be
entitled to the benefits of Sections 2.14, 2.15 and 2.16 to the same extent as if it were a Lender
and had acquired its interest by assignment pursuant to paragraph (b) of this Section. To the
extent permitted by law, each Participant also shall be entitled to the benefits of Section 10.08
as though it were a Lender, provided such Participant agrees to be subject to Section 2.17(b) as
though it were a Lender.

          (ii) A Participant shall not be entitled to receive any greater payment under Section 2.14 or
2.16 than the applicable Lender would have been entitled to receive with respect to the
participation sold to such Participant, unless the sale of the participation to such Participant is
made with the Borrower’s prior written consent. A Participant that would be a Foreign Lender if it
were a Lender shall not be entitled to the benefits of Section 2.16 unless each Borrower is
notified of the participation sold to such Participant and such Participant agrees, for the benefit
of any such Borrower, to comply with Section 2.16(e) as though it were a Lender.

          (d) Any Lender may at any time pledge, assign or grant a security interest in all or any
portion of its rights under this Agreement to secure obligations of such Lender, including without
limitation any pledge, assignment or grant to secure obligations to a Federal Reserve Bank, and
this Section shall not apply to any such pledge, assignment or grant of a security interest;
provided that no such pledge, assignment or grant of a security interest shall release a
Lender from any of its obligations hereunder or substitute any such pledge, assignee or grantee for
such Lender as a party hereto.

          SECTION 10.05. Survival. All covenants, agreements, representations and warranties
made by each Borrower herein and in the certificates or other instruments delivered in connection
with or pursuant to this Agreement shall be considered to have been relied upon by the other
parties hereto and shall survive the execution and delivery of this Agreement and the making of any
Loans to it or to any Borrower
guaranteed by it, regardless of any investigation made by any such other party or on its
behalf and notwithstanding that the Managing Administrative Agent or any Lender may have had notice
or knowledge of any Default or Event of Default or incorrect representation or warranty at the time
any credit is extended hereunder, and shall continue in full force and effect as long as the
principal of or any accrued interest on any Loan or any fee or any other amount payable under this
Agreement is outstanding and unpaid and so long as the Commitments have not expired or terminated.
The provisions of Sections 2.14, 2.15, 2.16, 9.03 and 10.03 and Article VIII shall survive and
remain in full force and effect regardless of the consummation of the transactions contemplated
hereby, the repayment of the Loans, the expiration or termination of the Commitments or the
termination of this Agreement or any provision hereof.

          SECTION 10.06. Counterparts; Integration; Effectiveness. This Agreement may be
executed in counterparts (and by different parties hereto on different counterparts), each of which
shall constitute an original, but all of which when taken together shall constitute a single
contract. This Agreement and any separate letter agreements with respect to fees payable to the
Managing Administrative Agent constitute the entire contract among the parties relating to the
subject matter hereof and supersede any and all previous agreements and understandings, oral or
written, relating to the subject matter hereof. Except as provided in Section 4.01, this Agreement
shall become effective when it shall have been executed by the Managing Administrative
Agent and
when the Managing Administrative

55

 

Agent shall have received counterparts hereof which, when taken
together, bear the signatures of each of the other parties hereto, and thereafter shall be binding
upon and inure to the benefit of the parties hereto and their respective successors and assigns.
Delivery of an executed counterpart of a signature page of this Agreement by telecopy shall be
effective as delivery of a manually executed counterpart of this Agreement.

          SECTION 10.07. Severability. Any provision of this Agreement held to be invalid,
illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the
extent of such invalidity, illegality or unenforceability without affecting the validity, legality
and enforceability of the remaining provisions hereof; and the invalidity of a particular provision
in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

          SECTION 10.08. Right of Setoff. If an Event of Default with respect to a Borrower
shall have occurred and be continuing, each Lender and each of its Affiliates is hereby authorized
at any time and from time to time, to the fullest extent permitted by law, to set off and apply any
and all deposits (general or special, time or demand, provisional or final) at any time held and
other obligations at any time owing by such Lender or Affiliate to or for the credit or the account
of such Borrower and any Guarantor thereof against any of and all the obligations of such Borrower
or such Guarantor now or hereafter existing under this Agreement held by such Lender, irrespective
of whether or not such Lender shall have made any demand under this Agreement and although such
obligations may be unmatured. The rights of each Lender under this Section are in addition to
other rights and remedies (including other rights of setoff) which such Lender may have.

          SECTION 10.09. Governing Law; Jurisdiction; Consent to Service of Process. (a) This
Agreement shall be construed in accordance with and governed by the law of the State of New York.

          (b) Each Borrower hereby irrevocably and unconditionally submits, for itself and its property,
to the nonexclusive jurisdiction of the Supreme Court of the State of New York sitting in New York
County and of the United States District Court of the Southern District of New York, and any
appellate court from any thereof, in any action or proceeding arising out of or relating to this
Agreement, or for recognition or enforcement of any judgment, and each of the parties hereto hereby
irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding
may be heard and determined in such New York State or, to the extent permitted by law, in such
Federal court. Each of the parties hereto agrees that a final judgment in any such action or
proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment
or in any other manner provided by law. Nothing in this Agreement shall affect any right that the
Managing Administrative Agent or any Lender may otherwise have to bring any action or proceeding
relating to this Agreement against any Borrower or its properties in the courts of any
jurisdiction.

          (c) Each Borrower hereby irrevocably and unconditionally waives, to the fullest extent it may
legally and effectively do so, any objection which it may now or hereafter have to the laying of
venue of any suit, action or proceeding arising out of or relating to this Agreement in any court
referred to in paragraph (b) of this Section. Each of the parties hereto hereby irrevocably
waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the
maintenance of such action or proceeding in any such court.

          (d) Each party to this Agreement irrevocably consents to service of process in the manner
provided for notices in Section 10.01. Nothing in this Agreement will affect the right of any
party to this Agreement to serve process in any other manner permitted by law.

56

 

          SECTION 10.10. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL
PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS
CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A)
CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY
OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE
FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO
ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS
SECTION.

          SECTION 10.11. Headings. Article and Section headings and the Table of Contents used
herein are for convenience of reference only, are not part of this Agreement and shall not affect
the construction of, or be taken into consideration in interpreting, this Agreement.

          SECTION 10.12. Confidentiality. Each of the Managing Administrative Agent and the
Lenders agrees to maintain the confidentiality of the Information (as defined below), except that
Information may be disclosed (a) to its and its Affiliates’ directors, officers, employees and
agents, including accountants, legal counsel and other advisors (it being understood that the
Persons to whom such disclosure is made will be informed of the confidential nature of such
Information and instructed to keep such Information confidential), (b) to
the extent requested by any regulatory or self-regulatory authority, (c) to the extent
required by applicable laws or regulations (including the regulations of any self-regulatory
organization) or by any subpoena or similar legal process, (d) to any other party to this
Agreement, (e) in connection with the exercise of any remedies hereunder or any suit, action or
proceeding relating to this Agreement or the enforcement of rights hereunder, (f) subject to an
agreement containing provisions substantially the same as those of this Section, to (i) any
assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights
or obligations under this Agreement or (ii) any actual or prospective counterparty (or its
advisors) to any swap or derivative transaction relating to the Borrower and their obligations, (g)
with the consent of the Borrowers or the relevant Borrower or (h) to the extent such Information
(i) becomes publicly available other than as a result of a breach of this Section or (ii) becomes
available to the Managing Administrative Agent or any Lender on a nonconfidential basis from a
source other than a Borrower. For the purposes of this Section, “Information” means all
information received from any Borrower, in connection with the negotiation of or pursuant to this
Agreement, relating to any Borrower or its business, other than any such information that is
available to the Managing Administrative Agent or any Lender on a nonconfidential basis prior to
disclosure by the Borrowers; provided that, in the case of information received from a
Borrower after the date hereof, such information is clearly identified at the time of delivery as
confidential. Any Person required to maintain the confidentiality of Information as provided in
this Section shall be considered to have complied with its obligation to do so if such Person has
exercised the same degree of care to maintain the confidentiality of such Information as such
Person would accord to its own confidential information.

          SECTION 10.13. USA PATRIOT Act. Each Lender hereby notifies each Borrower that
pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law
October 26, 2001)) (the “Act”), it is required to obtain, verify and record information
that identifies such Borrower, which information includes the name and address of such Borrower and
other information that will allow such Lender to identify such Borrower in accordance with the Act.

57

 

          IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their
respective authorized officers as of the day and year first above written.

	 	 	 	 	 
	 	COUNTRYWIDE FINANCIAL CORPORATION

 	 
	 	By  	/s/ Jennifer Sandefur
 	 
	 	 	Name:  	Jennifer Sandefur 	 
	 	 	Title:  	Senior Managing Director & Treasurer 	 
	 
	 	COUNTRYWIDE HOME LOANS, INC.

 	 
	 	By  	/s/ Brad Coburn
 	 
	 	 	Name:  	Brad Coburn 	 
	 	 	Title:  	Managing Director 	 
	 

Signature Page — Five-Year Credit Agreement

 

 

	 	 	 	 	 	 	 
	 	 	COUNTRYWIDE BANK, N.A.
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Craig Naselow

Name: Craig Naselow
	 	 
	 

	 	 	 	Title: MD, Treasurer	 	 

Signature page — Five-Year Credit Agreement

 

 

	 	 	 	 	 	 	 
	 	 	BARCLAYS BANK PLC,
	 	 	as Managing Administrative Agent and as a Lender
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Alison A. McGuigan
	 	 
	 

	 	 	 	Name: Alison A. McGuigan	 	 
	 

	 	 	 	Title: Associate Director	 	 

Signature page — Five-Year Credit Agreement

 

 

	 	 	 	 	 	 	 
	 	 	BNP PARIBAS,
	 	 	as Administrative Agent and as a Lender
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Pierre Nicholas Rogers
	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Pierre Nicholas Rogers	 	 
	 

	 	 	 	Title: Managing Director	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Katherine Wolfe
	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Katherine Wolfe	 	 
	 

	 	 	 	Title: Managing Director	 	 

Signature page — Five-Year Credit Agreement

 

 

	 	 	 	 	 	 	 
	 	 	SOCIÉTÉ GÉNÉRALE,
	 	 	as Documentation Agent and as a Lender
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ William Aishton
	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: William Aishton	 	 
	 

	 	 	 	Title: Vice President	 	 

Signature page — Five-Year Credit Agreement

 

 

	 	 	 	 	 	 	 
	 	 	ROYAL BANK OF CANADA,
	 	 	as Syndication Agent and as a Lender
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Howard Lee
	 	 
	 

	 	 	 	Name: Howard Lee	 	 
	 

	 	 	 	Title: Authorized Signatory	 	 

Signature page — Five-Year Credit Agreement

 

 

	 	 	 	 	 	 	 
	 	 	MERRILL LYNCH BANK USA,
	 	 	as a Lender
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Preston L. Jackson
	 	 
	 

	 	 	 	Name: Preston L. Jackson	 	 
	 

	 	 	 	Title: President	 	 

Signature page — Five-Year Credit Agreement

 

 

	 	 	 	 	 	 	 
	 	 	THE BANK OF NOVA SCOTIA,
	 	 	as a Lender
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ John Morale

Name: John Morale
	 	 
	 

	 	 	 	Title: Industry Head	 	 

Signature page — Five-Year Credit Agreement

 

 

	 	 	 	 	 	 	 
	 	 	BAYERISCHE LANDESBANK, New York Branch
	 	 	as a Lender
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Joseph C. Campagna
	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Joseph C. Campagna	 	 
	 

	 	 	 	Title: Senior Vice President	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Donna M. Quilty
	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Donna M. Quilty	 	 
	 

	 	 	 	Title: Vice President	 	 

Signature page — Five-Year Credit Agreement

 

 

	 	 	 	 	 	 	 
	 	 	COMMONWEALTH BANK OF AUSTRALIA,
	 	 	as a Lender
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Jeff Heazlewood

Name: Jeff Heazlewood
	 	 
	 

	 	 	 	Title: Relationship Executive	 	 

Signature page — Five-Year Credit Agreement

 

 

	 	 	 	 	 	 	 
	 	 	DRESDNER BANK AG, NEW YORK AND GRAND
	 	 	CAYMAN BRANCHES,
	 	 	as a Lender
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Mark van de Griend

Name: Mark van de Griend
	 	 
	 

	 	 	 	Title: Managing Director	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ Brian Haughney	 	 
	 

	 	 	 	Name: Brian Haughney	 	 
	 

	 	 	 	Title: Director	 	 

Signature page — Five-Year Credit Agreement

 

 

	 	 	 	 	 
	 	 	BAYERISCHE HYPO-UND VEREINSBANK AG,
	 	 	as a Lender
	 
	 	 	 	 
	 

	 	By
	 	/s/ Isabel Nunz
	 

	 	 	 	Name: Isabel Nunz
	 

	 	 	 	Title: Director
	 
	 	 	 	 
	 

	 	By
	 	/s/ Joel J. Sahli
	 

	 	 	 	Name: Joel J. Sahli
	 

	 	 	 	Title: Associate Director

Signature
Page — Five-Year Credit Agreeement

 

 

	 	 	 	 	 
	 	 	MIZUHO CORPORATE BANK, LTD.,
	 	 	as a Lender
	 
	 	 	 	 
	 

	 	By
	 	/s/ Takahiko Ueda
	 

	 	 	 	Name: Takahiko Ueda
	 

	 	 	 	Title: Deputy General Manager

Signature
Page — Five-Year Credit Agreeement

 

 

	 	 	 	 	 
	 	 	SANPAOLO IMI S.p.A.,
	 	 	as a Lender
	 
	 	 	 	 
	 

	 	By
	 	/s/ Joshua Koenig
	 

	 	 	 	Name: Joshua Koenig
	 

	 	 	 	Title: V.P.
	 
	 	 	 	 
	 

	 	By
	 	/s/ Renato Carducci
	 

	 	 	 	Name: Renato Carducci
	 

	 	 	 	Title: General Manager

Signature
Page — Five-Year Credit Agreeement

 

 

	 	 	 	 	 
	 	 	TORONTO DOMINION (TEXAS) LLC,
	 	 	as a Lender
	 
	 	 	 	 
	 

	 	By
	 	/s/ Debbi Brito
	 

	 	 	 	Name: Debbi Brito
	 

	 	 	 	Title: Authorized Signatory

Signature
Page — Five-Year Credit Agreeement

 

 

	 	 	 	 	 
	 	 	WESTPAC BANKING CORPORATION,
	 	 	as a Lender
	 
	 	 	 	 
	 

	 	By
	 	/s/ Isaac Rankin
	 

	 	 	 	Name: Isaac Rankin
	 

	 	 	 	Title: Head of Corporate & Institutional
Banking

Signature
Page — Five-Year Credit Agreeement

 

 

	 	 	 	 	 

SCHEDULE 2.01

to Five-Year

Credit Agreement

COMMITMENTS

	 	 	 	 	 
	Lender	 	Commitment	 
	 
	BARCLAYS BANK PLC
	 	$	140,000,000.00	 
	BNP PARIBAS
	 	$	280,000,000.00	 
	ROYAL BANK OF CANADA
	 	$	140,000,000.00	 
	SOCIÉTÉ GÉNÉRALE
	 	$	70,000,000.00	 
	MERRILL LYNCH BANK USA
	 	$	210,000,000.00	 
	THE BANK OF NOVA SCOTIA
	 	$	70,000,000.00	 
	BAYERISCHE LANDESBANK
	 	$	70,000,000.00	 
	COMMONWEALTH BANK OF AUSTRALIA
	 	$	70,000,000.00	 
	DRESDNER BANK AG, NEW YORK AND GRAND CAYMAN BRANCHES
	 	$	70,000,000.00	 
	BAYERISCHE HYPO-UND VEREINSBANK AG
	 	$	70,000,000.00	 
	MIZUHO CORPORATE BANK, LTD.
	 	$	70,000,000.00	 
	SAOPAOLO IMI S.P.A.
	 	$	70,000,000.00	 
	TORONTO DOMINION (TEXAS) LLC
	 	$	70,000,000.00	 
	WESTPAC BANKING CORPORATION
	 	$	70,000,000.00	 
	 
	 	 	 
	TOTAL
	 	$	1,470,000,000.00	 
	 
	 	 	 

 

 

SCHEDULE 2.05

to Five-Year

Credit Agreement

SWINGLINE COMMITMENTS

	 	 	 	 	 
	Lender	 	Commitment	 
	 
	BARCLAYS BANK PLC
	 	$	140,000,000.00	 
	BNP PARIBAS
	 	$	280,000,000.00	 
	ROYAL BANK OF CANADA
	 	$	140,000,000.00	 
	SOCIÉTÉ GÉNÉRALE
	 	$	70,000,000.00	 
	MERRILL LYNCH BANK USA
	 	$	210,000,000.00	 
	 
	 	 	 
	TOTAL
	 	$	840,000,000.00	 
	 
	 	 	 

 

 

SCHEDULE 3.06

to Five-Year

Credit Agreement

DISCLOSED MATTERS

None.

 

 

SCHEDULE 3.13

to Five-Year

Credit Agreement

MATERIAL SUBSIDIARIES

	 	 	 	 	 
	 	 	Jurisdiction of	 	CFC Ownership
	Name	 	Incorporation	 	Interest
	 
	 	 	 	 
	Countrywide Home Loans, Inc.
	 	New York	 	100%
	 
	 	 	 	 
	Countrywide Home Loans Servicing LP
	 	Texas	 	Indirect1
	 
	 	 	 	 
	Balboa Insurance Company
	 	California	 	Indirect2
	 
	 	 	 	 
	Countrywide Bank, National Association
	 	United States	 	Indirect3
	 
	 	 	 	 
	Countrywide Securities Corporation
	 	California	 	Indirect4
	 
	 	 	 	 
	CW Securities Holdings, Inc
	 	Delaware	 	100%

 

			
	1	 	Countrywide LP, Inc. owns 99.9% and Countrywide GP, Inc. owns 0.1% of Countrywide Home
Loans Servicing LP. CHL owns 100% of Countrywide LP, Inc. and 100% of Countrywide GP, Inc.
CFC owns 100% of CHL.
	 
	2	 	Balboa Insurance Group, Inc. (“BIG”) owns 100% of Balboa Insurance Company. CFC owns
100% of BIG.
	 
	3	 	Countrywide Financial Holding Company, Inc. (“CFHC”) owns 100% of Effinity Financial
Corporation, which owns 100% of Countrywide Bank, N.A. CFC owns 100% of CFHC.
	 
	4	 	Countrywide Capital Markets, Inc. (“CCM”) owns 100% of Countrywide Securities
Corporation. CFC owns 100% of CCM.

 

 

SCHEDULE 6.02

to Five-Year

Credit Agreement

EXISTING LIENS

None.

 

 

EXHIBIT A

FORM OF

CLOSING CERTIFICATE

          Pursuant to Section 4.01(c) of the Five-Year Credit Agreement, dated as of November [17], 2006
(the “Credit Agreement”; terms defined therein being used herein as therein defined), among
Countrywide Financial Corporation, Countrywide Home Loans, Inc., Countrywide Bank, N.A., the
Lenders party thereto, the Documentation Agent, Syndication Agent and Administrative Agent named
therein, and Barclays Bank PLC, as Managing Administrative Agent, the undersigned [INSERT TITLE OF
OFFICER] of [INSERT NAME OF LOAN PARTY] (the “Certifying Loan Party”) hereby certifies as
follows:

          1. The representations and warranties of the Certifying Loan Party set forth in each
of the Loan Documents to which it is a party or which are contained in any certificate furnished by
or on behalf of the Certifying Loan Party pursuant to any of the Loan Documents to which it is a
party are true and correct in all material respects on and as of the date hereof with the same
effect as if made on the date hereof, except for representations and warranties expressly stated to
relate to a specific earlier date, in which case such representations and warranties were true and
correct in all material respects as of such earlier date.

          2.                      is the duly elected and qualified Corporate Secretary of the
Certifying Loan Party and the signature set forth for such officer below is such officer’s true and
genuine signature.

          3. No Default or Event of Default has occurred and is continuing as of the date hereof or
after giving effect to the Loans to be made on the date hereof and the use of proceeds thereof.

          4. The conditions precedent set forth in Section 4.01 of the Credit Agreement were satisfied
as of the Closing Date.

          The undersigned Corporate Secretary of the Certifying Loan Party certifies as follows:

          1. There are no liquidation or dissolution proceedings pending or to my knowledge threatened
against the Certifying Loan Party, nor has any other event occurred adversely affecting or
threatening the continued corporate existence of the Certifying Loan Party.

          2. The Certifying Loan Party is a corporation duly incorporated, validly existing and in good
standing under the laws of the jurisdiction of its organization.

          3. Attached hereto as Annex 1 is a true and complete copy of resolutions duly adopted
by the Board of Directors of the Certifying Loan Party on                      ___, 200_; such resolutions have
not in any way been amended, modified, revoked or rescinded, have been in full

 

2

force and effect since their adoption to and including the date hereof and are now in full
force and effect and are the only corporate proceedings of the Certifying Loan Party now in force
relating to or affecting the matters referred to therein.

          4. Attached hereto as Annex 2 is a true and complete copy of the By-Laws of the
Certifying Loan Party as in effect on the date hereof.

          5. Attached hereto as Annex 3 is a true and complete copy of the Certificate of
Incorporation of the Certifying Loan Party as in effect on the date hereof.

          6. The following persons are now duly elected and qualified officers of the Certifying Loan
Party holding the offices indicated next to their respective names below, and the signatures
appearing opposite their respective names below are the true and genuine signatures of such
officers, and each of such officers is duly authorized to execute and deliver on behalf of the
Certifying Loan Party each of the Loan Documents to which it is a party and any certificate or
other document to be delivered by the Certifying Loan Party pursuant to the Loan Documents to which
it is a party:

	 	 	 	 	 
	Name	 	Office	 	Signature
	 
	 	 	 	 
	 
	 	 	 	 
	 

	 	 
	 	 

	 
	 	 	 	 
	 

	 	 
	 	 

	 
	 	 	 	 
	 

	 	 
	 	 

 

3

     IN WITNESS WHEREOF, the undersigned have hereunto set our names as of the date set forth
below.

	 	 	 	 	 

	 
	 

Name:

	 	 

Name:
	 	 
	Title:

	 	Title: Corporate Secretary	 	 

Date: November __, 2006

 

 

ANNEX 1

[Board Resolutions]

 

 

ANNEX 2

[Bylaws]

 

 

ANNEX 3

[Certificate of Incorporation]

 

 

EXHIBIT B

FORM OF

ASSIGNMENT AND ASSUMPTION

          Reference is made to the Five-Year Credit Agreement, dated as of November [17], 2006 (as
amended, supplemented or otherwise modified from time to time, the “Credit Agreement”),
among Countrywide Financial Corporation, Countrywide Home Loans, Inc., Countrywide Bank, N.A., the
Lenders party thereto, the Documentation Agent, Syndication Agent and Administrative Agent named
therein and Barclays Bank PLC, as managing administrative agent for the Lenders (in such capacity,
the “Managing Administrative Agent”). Unless otherwise defined herein, terms defined in
the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement.

          The Assignor identified on Schedule l hereto (the “Assignor”) and the Assignee
identified on Schedule l hereto (the “Assignee”) agree as follows:

          1. The Assignor hereby irrevocably sells and assigns to the Assignee without recourse to the
Assignor, and the Assignee hereby irrevocably purchases and assumes from the Assignor without
recourse to the Assignor, as of the Effective Date (as defined below), the interest described in
Schedule 1 hereto (the “Assigned Interest”) in and to the Assignor’s rights and obligations
under the Credit Agreement in the principal amount set forth on Schedule 1 hereto.

          2. The Assignor (a) makes no representation or warranty and assumes no
responsibility with respect to any statements, warranties or representations made in or in
connection with the Credit Agreement, any other Loan Document or any other instrument or document
furnished pursuant thereto or with respect to the execution, legality, validity, enforceability,
genuineness, sufficiency or value of the Credit Agreement, any other Loan Document or any other
instrument or document furnished pursuant thereto, other than that the Assignor has not created any
adverse claim upon the interest being assigned by it hereunder and that such interest is free and
clear of any such adverse claim and (b) makes no representation or warranty and assumes no
responsibility with respect to the financial condition of the Borrower, any of its Affiliates or
any other obligor or the performance or observance by the Borrower, any of its Affiliates or any
other obligor of any of their respective obligations under the Credit Agreement or any other Loan
Document or any other instrument or document furnished pursuant hereto or thereto.

          3. The Assignee (a) represents and warrants that it is legally authorized to enter
into this Assignment and Assumption; (b) confirms that it has received a copy of the Credit
Agreement, together with copies of the most recent audited financial statements referred to in
Section 3.04 thereof or delivered pursuant to Section 5.01 thereof and such other documents and
information as it has deemed appropriate to make its own credit analysis and decision to enter into
this Assignment and Assumption; (c) agrees that it will, independently and without reliance upon
the Assignor, the Agents or any Lender and based on such documents and information as it

 

 

2

shall deem appropriate at the time, continue to make its own credit decisions in taking or not
taking action under the Credit Agreement, the other Loan Documents or any other instrument or
document furnished pursuant hereto or thereto; (d) appoints and authorizes the Managing
Administrative Agent to take such action as agent on its behalf and to exercise such powers and
discretion under the Credit Agreement, the other Loan Documents or any other instrument or document
furnished pursuant hereto or thereto as are delegated to the Managing Administrative Agent by the
terms thereof, together with such powers as are incidental thereto; and (e) agrees that it will be
bound by the provisions of the Credit Agreement and will perform in accordance with its terms all
the obligations which by the terms of the Credit Agreement are required to be performed by it as a
Lender including, if it is organized under the laws of a jurisdiction outside the United States,
its obligation pursuant to Section 2.16(e) of the Credit Agreement.

          4. The effective date of this Assignment and Assumption shall be the Effective Date
of Assignment described in Schedule 1 hereto (the “Effective Date”). Following the
execution of this Assignment and Assumption, it will be delivered to the Managing Administrative
Agent for acceptance by it and recording by the Managing Administrative Agent pursuant to the
Credit Agreement, effective as of the Effective Date (which shall not, unless otherwise agreed to
by the Managing Administrative Agent, be earlier than five Business Days after the date of such
acceptance and recording by the Managing Administrative Agent).

          5. Upon such acceptance and recording, from and after the Effective Date, the
Managing Administrative Agent shall make all payments in respect of the Assigned Interest
(including payments of principal, interest, fees and other amounts) to the Assignor for amounts
which have accrued to the Effective Date and to the Assignee for amounts which have accrued
subsequent to the Effective Date.

          6. From and after the Effective Date, (a) the Assignee shall be a party to the
Credit Agreement and, to the extent provided in this Assignment and Assumption, have the rights and
obligations of a Lender thereunder and under the other Loan Documents and shall be bound by the
provisions thereof and (b) the Assignor shall, to the extent provided in this Assignment and
Assumption, relinquish its rights (except under Sections 2.14, 2.15, 2.16 and 10.03 of the Credit
Agreement for the period prior to the Effective Date) and be released from its obligations under
the Credit Agreement.

          7. This Assignment and Assumption shall be governed by and construed in accordance with the
laws of the State of New York.

          IN WITNESS WHEREOF, the parties hereto have caused this Assignment and Assumption to be
executed as of the date first above written by their respective duly authorized officers on
Schedule 1 hereto.

 

 

Schedule 1

to Assignment and Assumption with respect to

the Five-Year Credit Agreement, dated as of November [17], 2006,

among Countrywide Financial Corporation, Countrywide Home Loans, Inc.,

Countrywide Bank, N.A., the Lenders party thereto, the Documentation Agent, Syndication

Agent and Administrative Agent named therein and Barclays Bank PLC, as Managing

Administrative Agent

Name of Assignor:                                         

Name of Assignee:                                         

Effective Date of Assignment:                                         

	 	 	 	 	 	 	 	 	 
	 
	Principal Commitment	 	 
	Amount Assigned	 	Commitment Percentage Assigned
	 
	$                                                   	 	                    .                                        %

	 	 	 	 	 	 	 	 
	[Name of Assignee]

 	 	[Name of Assignor]

 	 
	By:  	
 	 	By:  	
 	 
	 	Title:	 	 	Title:	 
	 	 	 	 	 	 	 
	 
	Required Consents (if any):

Barclays Bank PLC, as

Managing Administrative Agent

 	 	 
Countrywide Financial Corporation, as

Borrower
 	 
	By:  	
 	 	By:  	
 	 
	 	Title:	 	 	Title:	 
	 	 	 	 	 	 	 
	 
	[Name of Swingline Lender]

 	 	Countrywide Home Loans, Inc., as Borrower

 	 
	By:  	
 	 	By:  	
 	 
	 	Title:	 	 	Title:	 
	 	 	 	 	 	 	 

 

 

2

	 	 	 	 	 	 	 	 
	 	 	 	 	Countrywide Bank, N.A., as Borrower

 	 
	 	
 	 	By:  	
 	 
	 	 	 	 	Title:	 
	 	 	 	 	 	 	 
	 
	Accepted for Recordation in the Register:

Barclays Bank PLC, as Managing Administrative Agent

 	 	 	 	 	 
	By:  	 	 	 	 	 	 
	 	Title: 	 	 	 	 	 
	 	 	 	 	 	 	 
	 

 

 

EXHIBIT C

FORM OF

OPINION OF BORROWER’S COUNSEL

November ___, 2006

Barclays Bank PLC

as Managing Administrative Agent

200 Park Avenue

New York, New York 10166

and

The Lenders named in the

Credit Agreement referred to below

Gentlemen and Ladies:

     I have acted as counsel to Countrywide Financial Corporation, a Delaware corporation (“CFC”),
and Countrywide Home Loans, Inc., a New York corporation (“CHL”, together with CFC, “Countrywide”),
in connection with the Five-Year Credit Agreement, dated as of November ___, 2006 (the “Credit
Agreement”), among CFC, CHL, Countrywide Bank N.A., the Lenders named therein and Barclays Bank
PLC, as Managing Administrative Agent for the Lenders (in such capacity, the “Managing
Administrative Agent”). Capitalized terms not otherwise defined herein shall have the meanings
ascribed to them in the Credit Agreement.

     In connection with rendering this opinion letter, I, or attorneys working under my direction,
have examined, among other things, originals, certified copies or copies otherwise identified to my
satisfaction as being true copies of the following:

	 	(a)	 	the Credit Agreement; and
	 
	 	(b)	 	the Notes; and
	 
	 	(c)	 	Certified copies of resolutions adopted by the Boards of Directors of CFC on
February 22, 2005 and June 14, 2006 and CHL on November 4, 2005, authorizing the
execution and delivery of the Credit Agreement and the Notes.

     For the purpose of rendering this opinion, I have made such documentary, factual and legal
examinations as I have deemed necessary under the circumstances. As to factual matters, I have
relied upon statements, certificates and other assurances of public officials and of officers and
other representatives of Countrywide, and upon such other certificates as I have deemed
appropriate, which factual matters have not been independently established or verified by me. I
have also assumed, among other things, the genuineness of all signatures, the legal capacity of all

 

 

2

natural persons, the authenticity of all documents submitted to me as originals, and the
conformity to original documents of all documents submitted to me as copies and the authenticity of
the originals of such copied documents.

     On the basis of and subject to the foregoing examination, and in reliance thereon, and subject
to the assumptions, qualifications, exceptions and limitations expressed herein, I am of the
opinion that:

	A.	 	Each of CFC and CHL (a) is duly incorporated, validly existing and in good standing as a
corporation under the laws of the state of its incorporation; and (b) has the corporate power
and authority to execute, deliver and perform its obligations under, and to consummate the
transactions contemplated by, the Credit Agreement and the Notes (the “Transaction
Documents”).
	 
	B.	 	The execution, delivery and performance of the Transaction Documents by Countrywide and the
consummation of the transactions contemplated thereby will not result in a breach of any term
or provision of the Certificate of Incorporation or Bylaws of CFC or CHL, will not violate any
law, rule or regulation binding on CFC or CHL or, to my knowledge, any judgment, order or
decree binding on CFC or CHL, will not conflict with, result in a breach or violation of, or
constitute a default under, the terms of any indenture or other agreement or instrument known
to me to which Countrywide is a party or by which it is bound, which breach, violation or
default would have a material adverse affect on Countrywide, and will not result in or require
the creation or imposition of any Lien on any asset of CFC or CHL.
	 
	C.	 	No consent, approval, authorization or order of any state or federal court or government
agency or body is required for the execution, delivery and performance by Countrywide of the
Transaction Documents, or the consummation of the transactions contemplated by the Transaction
Documents, except for those consents, approvals, authorizations or orders which previously
have been obtained.
	 
	D.	 	Assuming that the Credit Agreement is a valid and legally binding obligation of the Lenders,
each of the Transaction Documents constitutes the valid, legal and binding obligation of
Countrywide enforceable against Countrywide in accordance with its terms.
	 
	E.	 	There is no action, suit, proceeding or investigation pending or, to the best of my
knowledge, threatened against Countrywide which, in my judgment, either in any one instance or
in the aggregate, would draw into question the validity of the Transaction Documents or which
would likely impair materially the ability of Countrywide to perform under the terms of the
Transaction Documents.
	 
	F.	 	Each of the CFC and CHL is not an “investment company” or a company “controlled” by an
“investment company” within the meaning of the Investment Company Act of 1940, as amended.

 

 

3

     The foregoing opinions are subject to the following additional assumptions, exceptions,
qualifications and limitations:

	1.	 	I have assumed that all parties to the Credit Agreement other than Countrywide have all
requisite power and authority to execute, deliver and perform their respective obligations
under the Credit Agreement, and that the Credit Agreement has been duly authorized by all
necessary corporate action on the part of such parties, has been executed and delivered by
such parties and constitutes the legal, valid and binding obligation of such parties.
	 
	2.	 	The enforceability of the Transaction Documents may be limited by the effect of laws relating
to (a) bankruptcy, reorganization, insolvency, moratorium or other similar laws now or
hereafter in effect relating to creditors’ rights generally, including, without limitation,
the effect of statutory or other laws regarding fraudulent conveyances or preferential
transfers, and (b) general principles of equity upon the specific enforceability of any of the
remedies, covenants or other provisions of the Transaction Documents and upon the availability
of injunctive relief or other equitable remedies and the application of principles of equity
(regardless of whether such enforceability is considered in a proceeding in equity or at law)
as such principles relate to, limit or affect the enforcement of creditors’ rights generally
and the discretion of the court before which any proceeding for such enforcement may be
brought.
	 
	3.	 	I express no opinion (i) as to the ability to obtain specific performance, injunctive relief
or other equitable relief (whether sought in a proceeding at law or in equity) as a remedy for
noncompliance with the Transaction Documents, (ii) regarding the rights or remedies available
to any party for violations or breaches of any provisions which are immaterial or for
violations or breaches of any provisions the enforceability of which a court determines would
be unreasonable under the then existing circumstances, (iii) regarding the rights or remedies
available to any party for material violations or breaches which are the proximate result of
actions taken by such party, which actions such party is not entitled to take pursuant to the
relevant agreement or instrument or applicable laws or which otherwise violates applicable
laws, (iv) regarding the rights or remedies available to any party insofar as such party may,
after the date hereof, take discretionary action which is unreasonable or capricious, or is
not taken in good faith or in a commercially reasonable manner, whether or not such action is
permitted under the Loan Documents, and (v) regarding whether strict enforcement of covenants
in the Loan Documents may be obtained absent a showing of damage to the Lenders, the Managing
Administrative Agent, the Administrative Agent, the Syndication Agent, the Documentation
Agent, and the Arrangers or impairment of CFC’s or CHL’s ability to pay.
	 
	4.	 	I express no opinion with respect to the legality, validity, binding nature or enforceability
of any provision of the Transaction Documents to the effect that rights or remedies are not
exclusive, that every right or remedy is cumulative and may be exercised in addition to any
other right or remedy, that the election of some particular remedy does not preclude recourse
to one or more others or that failure to exercise or delay in exercising rights or remedies
will not operate as a waiver of any such right or remedy.

 

 

4

	5.	 	I express no opinion as to the legality, validity, binding nature or enforceability of any
provisions in the Transaction Documents (i) indemnifying a party, to the extent such
provisions may be held unenforceable as contrary to public policy, (ii) insofar as they
provide for the payment or reimbursement of costs and expenses or indemnification for claims,
losses or liabilities if a court or other tribunal were to determine that the amount thereof
was unreasonable, or (iii) regarding a party’s ability to collect attorneys’ fees and costs in
an action involving the Transaction Documents, if such party is not the prevailing party in
such action (I call your attention to the effect of Section 1717 of the California Civil Code
in this regard).
	 
	6.	 	I express no opinion with respect to the legality, validity, binding nature or enforceability
of (i) any broadly stated waivers, including, without limitation, waivers of diligence,
presentment, demand, protest or notice, (ii) any waivers or consents (whether or not
characterized as a waiver or consent in the Transaction Documents) which are found by
California courts to be against public policy, (iii) any waiver or variations of rights of a
debtor, including a guarantor, surety or a subordinating creditor, or duties of a secured
party to the extent such waivers or variations are contrary to the provisions of Section 9602
of the Uniform Commercial Code of the State of California, (iv) any waivers of any statute of
limitations to the extent that such waivers are in excess of four years beyond the statutory
period, (v) any power of attorney granted under the Transaction Documents, or (vi) any rights
of setoff.
	 
	7.	 	My opinion is subject to limitations on the right of a lender to impose penalties,
forfeitures, late payment charges or an increase in interest rate upon delinquency in payment
or the occurrence of a default (“Penalties”) if it is determined that such Penalties do not
bear a reasonable relation to the damage suffered by the lender as a result of such
delinquencies or defaults.
	 
	8.	 	For purposes of the opinion expressed in paragraph D above, I have assumed that the laws of
the State of New York are identical to the laws of the State of California.
	 
	9.	 	The qualification of any opinion or statement herein by the use of the words “to the best of
my knowledge” means that, during the course of my employment by CFC or CHL, as the case may
be, in connection with the Transaction Documents, no information has come to my attention
which gives me actual knowledge of the existence of the matters, actions, proceedings, items,
documents or facts so qualified. However, I have not undertaken any independent investigation
or inquiry to determine the existence of such matters, actions, proceedings, items, documents
or facts and no inference as to my knowledge thereof shall be drawn from the fact of my
employment by any party.
	 
	10.	 	I have assumed, without independent check or certification, that there are no agreements or
understandings among Countrywide, the Lenders, the Managing Administrative Agent and any other
party which would expand, modify or otherwise affect the terms of the documents described
herein or the respective rights or obligations of the parties thereunder.

 

 

5

     I am admitted to practice in the State of California, and except as set forth below, I render
no opinion herein as to matters involving the laws of any jurisdiction other than the State of
California and the Federal laws of the United States of America. Insofar as the opinions expressed
in paragraph A above relate to matters that are governed by the laws of the State of Delaware, I am
generally familiar with the laws of the State of Delaware as they relate to corporate organization,
and for the limited purpose of the opinions set forth in paragraph A above, I do not feel it
necessary to consult with Delaware counsel. Insofar as the opinions expressed in paragraph A above
relate to matters that are governed by the laws of the State of New York, I am generally familiar
with the laws of the State of New York as they relate to corporate organization, and for the
limited purpose of the opinions set forth in paragraph A above, I do not feel it necessary to
consult with New York counsel. This opinion is limited to such laws as they presently exist to
present judicial interpretations thereof and to the facts as they presently exist or are
contemplated by the Transaction Documents.

     In rendering this opinion, I assume no obligation to revise or supplement this opinion should
the present laws of the jurisdictions mentioned herein be changed by legislative actions, judicial
decisions or otherwise. This opinion is rendered as of the date hereof, and I express no opinion
as to, and disclaim any undertaking or obligation to update this opinion in respect of, changes of
circumstances or events which occur subsequent to this date.

     This opinion is solely for your benefit and that of your assigns under the Credit Agreement
and may not be relied on or quoted by any other person without my prior written consent except that
you may furnish copies thereof (1) to any permitted or prospective lenders under the Credit
Agreement (which party, if it becomes a lender shall be entitled to rely hereon), (2) to your
independent auditors and attorneys, (3) upon the request of the state or federal authority or
official having regulatory jurisdiction over you, (4) pursuant to order or legal process of any
court or governmental agency and (5) in connection with any litigation relating to any of the
Transaction Documents or this opinion.

	 	 	 	 	 
	 	Very truly yours,

 	 
	 	  	 	 
	 	 	 	 
	 	 	 	 
	 

 

 

EXHIBIT D

FORM OF

NEW LENDER SUPPLEMENT

          NEW LENDER SUPPLEMENT (this “New Lender Supplement”), dated ___, 200_, to the
Five-Year Credit Agreement, dated as of November [17], 2006, as amended, supplemented or otherwise
modified from time to time (the “Credit Agreement”), among Countrywide Financial
Corporation, Countrywide Home Loans, Inc., Countrywide Bank, N.A., the Lenders party thereto, the
Documentation Agent, Syndication Agent and Administrative Agent named therein and Barclays Bank
PLC, as Managing Administrative Agent.

WITNESSETH:

          WHEREAS, the Credit Agreement provides in Section 2.01(b) thereof that any bank, financial
institution or other entity may become a party to the Credit Agreement with the consent of the
Borrower and the Managing Administrative Agent (which consent shall not be unreasonably withheld)
by executing and delivering to the Borrower and the Managing Administrative Agent a supplement to
the Credit Agreement in substantially the form of this New Lender Supplement; and

          WHEREAS, the undersigned now desires to become a party to the Credit Agreement;

          NOW, THEREFORE, the undersigned hereby agrees as follows:

          1. The undersigned agrees to be bound by the provisions of the Credit Agreement, and agrees
that it shall, on the date this New Lender Supplement is accepted by the Borrower and the Managing
Administrative Agent, become a Lender for all purposes of the Credit Agreement to the same extent
as if originally a party thereto, with an incremental Commitment of $_________.

          2. The undersigned (a) represents and warrants that it is legally authorized to enter into
this New Lender Supplement; (b) confirms that it has received a copy of the Credit Agreement,
together with copies of the most recent audited financial statements referred to in Section 3.04
thereof or delivered pursuant to Section 5.01 thereof and such other documents and information as
it has deemed appropriate to make its own credit analysis and decision to enter into this New
Lender Supplement; (c) agrees that it has made and will, independently and without reliance upon
any Agent or any other Lender and based on such documents and information as it shall deem
appropriate at the time, continue to make its own credit decisions in taking or not taking action
under the Credit Agreement, any other Loan Document or any instrument or document furnished
pursuant hereto or thereto; (d) appoints and authorizes the Managing Administrative Agent to take
such action as agent on its behalf and to exercise such powers and discretion under the Credit
Agreement, any other Loan Document or any instrument or document furnished pursuant hereto or
thereto as are delegated to the Managing Administrative Agent by the terms thereof, together with
such powers as are incidental thereto;

 

 

and (e) agrees that it will be bound by the provisions of the Credit Agreement and will
perform in accordance with its terms all the obligations which by the terms of the Credit Agreement
are required to be performed by it as a Lender including, without limitation, if it is organized
under the laws of a jurisdiction outside the United States, its obligation pursuant to Section
2.16(e) of the Credit Agreement.

          3. The address of the undersigned for notices for the purposes of the Credit Agreement is as
follows:

          4. Terms defined in the Credit Agreement shall have their defined meanings when used herein.

 

 

          IN WITNESS WHEREOF, the undersigned has caused this New Lender Supplement to be executed and
delivered by a duly authorized officer on the date first above written.

	 	 	 	 	 
	 	[INSERT NAME OF LENDER]

 	 
	 	By  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	Accepted this _________ day of
__________________, 200_.	 	 
	 
	 	 	 	 
	COUNTRYWIDE FINANCIAL CORPORATION	 	 
	 
	 	 	 	 
	By
	 	 	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 
	 
	 	 	 	 
	COUNTRYWIDE HOME LOANS, INC.	 	 
	 
	 	 	 	 
	By
	 	 	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 
	 
	 	 	 	 
	COUNTRYWIDE BANK, N.A.	 	 
	 
	 	 	 	 
	By
	 	 	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 
	 
	 	 	 	 
	Accepted this ________ day of
__________________, 200_.	 	 
	 
	 	 	 	 
	BARCLAYS BANK PLC, 

as Managing Administrative Agent	 	 
	 
	 	 	 	 
	By
	 	 	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:	 	 

 

 

EXHIBIT E

FORM OF INCREASED FACILITY ACTIVATION NOTICE

	To:	 	BARCLAYS BANK PLC, as Managing Administrative
 Agent under the Credit Agreement referred to below

          Reference is hereby made to the Five-Year Credit Agreement, dated as of November [17], 2006
(as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”),
among Countrywide Financial Corporation, Countrywide Home Loans, Inc. and Countrywide Bank, N.A.
(collectively, the “Borrower”), the Lenders party thereto, the Documentation Agent,
Syndication Agent and Administrative Agent named therein and Barclays Bank PLC, as Managing
Administrative Agent. Terms defined in the Credit Agreement shall have their defined meanings when
used herein.

          This notice is an Increased Facility Activation Notice referred to in the Credit Agreement,
and the Borrower and each of the Lenders party hereto hereby notify you that:

	 	1.	 	Each Lender party hereto agrees to make an incremental Commitment in the amount
set forth opposite such Lender’s name below under the caption “Incremental Commitment
Amount.”
	 
	 	2.	 	The Increased Facility Closing Date is                     , 200     .

          The undersigned Treasurer of the Borrower certifies as follows:

	 	(i)	 	I am the duly elected, qualified and acting Treasurer of the
Borrower.
	 
	 	(ii)	 	I have reviewed the terms of the Credit Agreement and the other
Loan Documents and have made or caused to be made under my supervision, a
review in reasonable detail of the transactions and condition of the Borrower
during the accounting period ended
                    ,
200      [insert most recent
period for which financial statements have been delivered]. Such review did
not disclose the existence during or at the end of the accounting period
covered by the financial statements, and I have no knowledge of the existence,
as of the date of this Certificate, of any Default or Event of Default.

 

 

2

          IN WITNESS WHEREOF, the undersigned have executed this Increased Facility Activation Notice
this ___day of                     , 200     .

	 	 	 	 	 
	 	COUNTRYWIDE FINANCIAL CORPORATION

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	Treasurer 	 
	 
	 	COUNTRYWIDE HOME LOANS, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	Treasurer 	 
	 
	 	COUNTRYWIDE BANK, N.A.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	Treasurer 	 
	 
	Incremental Commitment Amount	 [NAME OF LENDER] 	 
 
	$	 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	CONSENTED TO:

BARCLAYS BANK PLC,

as Managing Administrative Agent

 	 	 
	By:  	 	 	 
	 	 	Name:  	 	 
	 	 	Title:exv4w1

 

Exhibit 4.1

 

COMERICA INCORPORATED

TO

[Name of Trustee],

TRUSTEE

 

SENIOR DEBT SECURITIES

 

INDENTURE

DATED AS OF ___, ___

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	ARTICLE I DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	 	 	1	 
	 
	 	 	 	 	 	 
	     Section 1.1
	 	Definitions	 	 	1	 
	     Section 1.2
	 	Compliance Certificates and Opinions	 	 	7	 
	     Section 1.3
	 	Form of Documents Delivered to Trustee	 	 	7	 
	     Section 1.4
	 	Acts of Holders; Record Dates	 	 	8	 
	     Section 1.5
	 	Notices, Etc., to Trustee and Company	 	 	9	 
	     Section 1.6
	 	Notice to Holders; Waiver	 	 	9	 
	     Section 1.7
	 	Conflict With Trust Indenture Act	 	 	10	 
	     Section 1.8
	 	Effect of Headings and Table of Contents	 	 	10	 
	     Section 1.9
	 	Successors and Assigns	 	 	10	 
	     Section 1.10
	 	Separability Clause	 	 	10	 
	     Section 1.11
	 	Benefits of Indenture	 	 	10	 
	     Section 1.12
	 	Governing Law	 	 	10	 
	     Section 1.13
	 	Legal Holidays	 	 	11	 
	 
	 	 	 	 	 	 
	ARTICLE II SECURITY FORMS	 	 	11	 
	 
	 	 	 	 	 	 
	     Section 2.1
	 	Forms Generally	 	 	11	 
	     Section 2.2
	 	Form of Face of Security	 	 	11	 
	     Section 2.3
	 	Form of Reverse of Security	 	 	13	 
	     Section 2.4
	 	Form of Legend for Global Securities	 	 	18	 
	     Section 2.5
	 	Form of Trustee’s Certificate of Authentication	 	 	18	 
	 
	 	 	 	 	 	 
	ARTICLE III THE SECURITIES	 	 	18	 
	 
	 	 	 	 	 	 
	     Section 3.1
	 	Amount Unlimited; Issuable in Series	 	 	18	 
	     Section 3.2
	 	Denominations	 	 	21	 
	     Section 3.3
	 	Execution, Authentication, Delivery and Dating	 	 	21	 
	     Section 3.4
	 	Temporary Securities	 	 	23	 
	     Section 3.5
	 	Registration, Registration of Transfer and Exchange	 	 	23	 
	     Section 3.6
	 	Mutilated, Destroyed, Lost and Stolen Securities	 	 	25	 
	     Section 3.7
	 	Payment of Interest; Interest Rights Preserved	 	 	25	 
	     Section 3.8
	 	Persons Deemed Owners	 	 	26	 
	     Section 3.9
	 	Cancellation	 	 	27	 
	     Section 3.10
	 	Computation of Interest	 	 	27	 
	 
	 	 	 	 	 	 
	ARTICLE IV SATISFACTION AND DISCHARGE	 	 	27	 
	 
	 	 	 	 	 	 
	     Section 4.1
	 	Satisfaction and Discharge of Indenture	 	 	27	 
	     Section 4.2
	 	Application of Trust Money	 	 	29	 
	 
	 	 	 	 	 	 
	ARTICLE V REMEDIES	 	 	29	 
	 
	 	 	 	 	 	 
	     Section 5.1
	 	Events of Default	 	 	29	 
	     Section 5.2
	 	Acceleration of Maturity; Rescission and Annulment	 	 	30	 

-i-

 

TABLE OF CONTENTS
(continued)

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	     Section 5.3
	 	Collection of Indebtedness and Suits for Enforcement by Trustee	 	 	31	 
	     Section 5.4
	 	Trustee May File Proofs of Claim	 	 	32	 
	     Section 5.5
	 	Trustee May Enforce Claims Without Possession of Securities	 	 	32	 
	     Section 5.6
	 	Application of Money Collected	 	 	32	 
	     Section 5.7
	 	Limitation on Suits	 	 	33	 
	     Section 5.8
	 	Unconditional Right of Holders to Receive Principal, Premium and Interest	 	 	33	 
	     Section 5.9
	 	Restoration of Rights and Remedies	 	 	34	 
	     Section 5.10
	 	Rights and Remedies Cumulative	 	 	34	 
	     Section 5.11
	 	Delay or Omission Not Waiver	 	 	34	 
	     Section 5.12
	 	Control By Holders	 	 	34	 
	     Section 5.13
	 	Waiver of Past Defaults	 	 	35	 
	     Section 5.14
	 	Undertaking for Costs	 	 	35	 
	     Section 5.15
	 	Waiver of Usury, Stay or Extension Laws	 	 	35	 
	 
	 	 	 	 	 	 
	ARTICLE VI THE TRUSTEE	 	 	36	 
	 
	 	 	 	 	 	 
	     Section 6.1
	 	Certain Duties and Responsibilities	 	 	36	 
	     Section 6.2
	 	Notice of Defaults	 	 	36	 
	     Section 6.3
	 	Certain Rights of Trustee	 	 	36	 
	     Section 6.4
	 	Not Responsible for Recitals or Issuance of Securities	 	 	37	 
	     Section 6.5
	 	May Hold Securities	 	 	38	 
	     Section 6.6
	 	Money Held in Trust	 	 	38	 
	     Section 6.7
	 	Compensation and Reimbursement	 	 	38	 
	     Section 6.8
	 	Disqualification; Conflicting Interests	 	 	39	 
	     Section 6.9
	 	Corporate Trustee Required; Eligibility	 	 	39	 
	     Section 6.10
	 	Resignation and Removal; Appointment of Successor	 	 	39	 
	     Section 6.11
	 	Acceptance of Appointment By Successor	 	 	41	 
	     Section 6.12
	 	Merger, Conversion, Consolidation or Succession to Business	 	 	42	 
	     Section 6.13
	 	Preferential Collection of Claims Against Company	 	 	42	 
	     Section 6.14
	 	Appointment of Authenticating Agent	 	 	42	 
	 
	 	 	 	 	 	 
	ARTICLE VII HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY	 	 	43	 
	 
	 	 	 	 	 	 
	     Section 7.1
	 	Company to Furnish Trustee Names and Addresses of Holders	 	 	43	 
	     Section 7.2
	 	Preservation of Information; Communications to Holders	 	 	44	 
	     Section 7.3
	 	Reports by Trustee	 	 	44	 
	     Section 7.4
	 	Reports by Company	 	 	45	 
	 
	 	 	 	 	 	 
	ARTICLE VIII CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE	 	 	45	 
	 
	 	 	 	 	 	 
	     Section 8.1
	 	Company May Consolidate, Etc., Only on Certain Terms	 	 	45	 
	     Section 8.2
	 	Successor Substituted	 	 	46	 

-ii-

 

TABLE OF CONTENTS
(continued)

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	ARTICLE IX SUPPLEMENTAL INDENTURES	 	 	46	 
	 
	 	 	 	 	 	 
	     Section 9.1
	 	Supplemental Indentures Without Consent of Holders	 	 	46	 
	     Section 9.2
	 	Supplemental Indentures With Consent of Holders	 	 	47	 
	     Section 9.3
	 	Execution of Supplemental Indentures	 	 	48	 
	     Section 9.4
	 	Effect of Supplemental Indentures	 	 	48	 
	     Section 9.5
	 	Conformity With Trust Indenture Act	 	 	49	 
	     Section 9.6
	 	Reference in Securities to Supplemental Indentures	 	 	49	 
	 
	 	 	 	 	 	 
	ARTICLE X COVENANTS	 	 	49	 
	 
	 	 	 	 	 	 
	     Section 10.1
	 	Payment of Principal, Premium and Interest	 	 	49	 
	     Section 10.2
	 	Maintenance of Office or Agency	 	 	49	 
	     Section 10.3
	 	Money for Securities Payments to be Held in Trust	 	 	50	 
	     Section 10.4
	 	Statement by Officers as to Default	 	 	51	 
	     Section 10.5
	 	Existence	 	 	51	 
	     Section 10.6
	 	Maintenance of Properties	 	 	51	 
	     Section 10.7
	 	Payment of Taxes and Other Claims	 	 	51	 
	     Section 10.8
	 	Waiver of Certain Covenants	 	 	51	 
	 
	 	 	 	 	 	 
	ARTICLE XI REDEMPTION OF SECURITIES	 	 	52	 
	 
	 	 	 	 	 	 
	     Section 11.1
	 	Applicability of Article	 	 	52	 
	     Section 11.2
	 	Election to Redeem; Notice to Trustee	 	 	52	 
	     Section 11.3
	 	Selection by Trustee of Securities to be Redeemed	 	 	52	 
	     Section 11.4
	 	Notice of Redemption	 	 	53	 
	     Section 11.5
	 	Deposit of Redemption Price	 	 	53	 
	     Section 11.6
	 	Securities Payable on Redemption Date	 	 	53	 
	     Section 11.7
	 	Securities Redeemed in Part	 	 	54	 
	 
	 	 	 	 	 	 
	ARTICLE XII SINKING FUNDS	 	 	54	 
	 
	 	 	 	 	 	 
	     Section 12.1
	 	Applicability of Article	 	 	54	 
	     Section 12.2
	 	Satisfaction of Sinking Fund Payments With Securities	 	 	54	 
	     Section 12.3
	 	Redemption of Securities for Sinking Fund	 	 	55	 
	 
	 	 	 	 	 	 
	ARTICLE XIII DEFEASANCE AND COVENANT DEFEASANCE	 	 	62	 
	 
	 	 	 	 	 	 
	     Section 13.1
	 	Applicability of Article; Company’s Option to Effect Defeasance or Covenant Defeasance	 	 	62	 
	     Section 13.2
	 	Defeasance and Discharge	 	 	63	 
	     Section 13.3
	 	Covenant Defeasance	 	 	63	 
	     Section 13.4
	 	Conditions to Defeasance or Covenant Defeasance	 	 	63	 
	     Section 13.5
	 	Deposited Money and U.S. Government Obligations to be Held in Trust; Other Miscellaneous Provisions	 	 	66	 
	     Section 13.6
	 	Reinstatement	 	 	66	 

-iii-

 

COMERICA INCORPORATED

CERTAIN SECTIONS OF THIS INDENTURE RELATING TO

SECTIONS 310 THROUGH 318, INCLUSIVE, OF THE

TRUST INDENTURE ACT OF 1939:

	 	 	 
	TRUST INDENTURE	 	INDENTURE
	ACT SECTION	 	SECTION
	Section 310 (a)(1)
	 	6.9
	(a)(2)
	 	6.9
	(a)(3)
	 	Not Applicable
	(a)(4)
	 	Not Applicable
	(b)
	 	6.8
	 
	 	6.10
	 
	 	6.13
	Section 311 (a)
	 	6.13
	(b)
	 	6.13
	Section 312 (a)
	 	7.1
	(b)
	 	7.2(a)
	(c)
	 	7.2(b)
	Section 313 (a)
	 	7.3(a)
	(b)
	 	7.3(a)
	(c)
	 	7.3(a)
	(d)
	 	7.3(b)
	Section 314 (a)
	 	7.4
	(a)(4)
	 	1.2
	 
	 	10.4
	(b)
	 	Not Applicable
	(c)(1)
	 	1.2
	(c)(2)
	 	1.2
	(c)(3)
	 	Not Applicable
	(d)
	 	Not Applicable
	(e)
	 	1.2
	Section 315 (a)
	 	6.1
	(b)
	 	6.2
	(c)
	 	6.1
	(d)
	 	6.1
	(d)(1)
	 	6.1
	(d)(2)
	 	6.1
	(d)(3)
	 	6.1
	(e)
	 	5.14
	Section 316 (a)(1)(A)
	 	5.2
	 
	 	5.12
	(a)(1)(B)
	 	5.13
	(a)(2)
	 	Not Applicable
	(b)
	 	5.8
	(c)
	 	1.4(c)
	Section 317 (a)(1)
	 	5.3
	(a)(2)
	 	5.4
	(b)
	 	10.3
	Section 318 (a)
	 	1.7

-iv-

 

     INDENTURE, dated as of •, •, between COMERICA INCORPORATED, a corporation duly organized
and existing under the laws of the State of Delaware (herein called the “Company”), having its
principal office at Comerica Tower at Detroit Center, 500 Woodward Avenue, Detroit, Michigan 48226
and [Name of Trustee], a •, as Trustee (herein called the “Trustee”).

RECITALS OF THE COMPANY

     The Company has duly authorized the execution and delivery of this Indenture to provide for
the issuance from time to time of its unsecured senior debentures, notes or other evidences of
indebtedness (herein called the “Securities”), to be issued in one or more series as in this
Indenture provided.

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

     NOW, THEREFORE, THIS INDENTURE WITNESSETH:

     For and in consideration of the premises and the purchase of the Securities by the Holders
thereof, it is mutually agreed, for the equal and proportionate benefit of all Holders of the
Securities or of series thereof, as follows:

ARTICLE I

DEFINITIONS AND OTHER PROVISIONS

OF GENERAL APPLICATION

SECTION 1.1 DEFINITIONS.

     For all purposes of this Indenture, except as otherwise expressly provided or unless the
context otherwise requires:

     (1) the terms defined in this Article have the meanings assigned to them in this Article and
include the plural as well as the singular;

     (2) all other terms used herein which are defined in the Trust Indenture Act, either directly
or by reference therein, have the meanings assigned to them therein;

     (3) all accounting terms not otherwise defined herein have the meanings assigned to them in
accordance with generally accepted accounting principles, and, except as otherwise herein expressly
provided, the term “generally accepted accounting principles” with respect to any computation
required or permitted hereunder shall mean such accounting principles as are generally accepted at
the date of such computation; and

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

     “Act”, when used with respect to any Holder, has the meaning specified in Section 1.4.

 

 

     “Affiliate” of any specified Person means any other Person directly or indirectly controlling
or controlled by or under direct or indirect common control with such specified Person. For the
purposes of this definition, “control,” when used with respect to any specified Person, means the
power to direct 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.

     “Authenticating Agent” means any Person authorized by the Trustee pursuant to Section 6.14 to
act on behalf of the Trustee to authenticate Securities of one or more series.

     “Authorized Officer” means any officer of the Company designated by a resolution of the Board
of Directors to take certain actions as specified in this Indenture.

     “Board of Directors” means either the board of directors of the Company or any duly authorized
committee of that board.

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

     “Business Day”, when used with respect to any Place of Payment, means each Monday, Tuesday,
Wednesday, Thursday and Friday which is not a day on which banking institutions in that Place of
Payment are authorized or obligated by law or executive order to close.

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

     “Company” means the Person named as the “Company” in the first paragraph of this instrument
until a successor Person shall have become such pursuant to the applicable provisions of this
Indenture, and thereafter “Company” shall mean such successor Person.

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

     “Corporate Trust Office” means the office of the Trustee at which at any particular time its
corporate trust business shall be principally administered, which office as of the date hereof is
located at [Address of Trustee’s Corporate Trust Office], Attention: .

     “Corporation” means a corporation, association, company, joint-stock company or business
trust.

     “Defaulted Interest” has the meaning specified in Section 3.7.

2

 

     “Depositary” means, with respect to the Securities of any series issuable or issued in whole
or in part in the form of one or more Global Securities, the Person designated as Depositary for
such series by the Company pursuant to Section 3.1, which Person shall be a clearing agency
registered under the Exchange Act.

     “Event of Default” has the meaning specified in Section 5.1.

     “Exchange Act” means the Securities Exchange Act of 1934 as it may be amended and any
successor act thereto.

     “Global Security” means a Security bearing the legend prescribed in Section 2.4 evidencing all
or part of a series of Securities, authenticated and delivered to the Depositary for such series or
its nominee, and registered in the name of such Depositary or nominee.

     “Holder” means a Person in whose name a Security is registered in the Security Register.

     “Indenture” means this instrument as originally executed or as it may from time to time be
supplemented or amended by one or more indentures supplemental hereto entered into pursuant to the
applicable provisions hereof, including, for all purposes of this instrument, and any such
supplemental indenture, the provisions of the Trust Indenture Act that are deemed to be a part of
and govern this instrument and any such supplemental indenture, respectively. The term “Indenture”
shall also include the terms of particular series of Securities established as contemplated by
Section 3.1.

     “Interest”, when used with respect to an Original Issue Discount Security which by its terms
bears interest only after Maturity, means interest payable after Maturity.

     “Interest Payment Date”, when used with respect to any Security, means the Stated Maturity of
an installment of interest on such Security.

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

     “Officers’ Certificate” means a certificate signed by the Chairman of the Board, a Vice
Chairman of the Board, the President, the Chief Financial Officer or a Vice President, and by the
Controller, an Assistant Controller, the Secretary or an Assistant Secretary, of the Company, and
delivered to the Trustee. One of the officers signing an Officers’ Certificate given pursuant to
Section 10.4 shall be the principal executive, financial or accounting officer of the Company.

     “Opinion of Counsel” means a written opinion of counsel, who may be counsel for the Company
and who shall be acceptable to the Trustee.

     “Original Issue Discount Security” means any Security which provides for an amount less than
the principal amount thereof to be due and payable upon a declaration of acceleration of the
Maturity thereof pursuant to Section 5.2.

3

 

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

     (i) Securities theretofore cancelled by the Trustee or delivered to the Trustee for
cancellation;

     (ii) Securities for whose payment or redemption money in the necessary amount has been
theretofore deposited with the Trustee or any Paying Agent (other than the Company) in trust
or set aside and segregated in trust by the Company (if the Company shall act as its own
Paying Agent) for the Holders of such Securities; provided that, if such Securities are to
be redeemed, notice of such redemption has been duly given pursuant to this Indenture or
provision therefore satisfactory to the Trustee has been made;

     (iii) Securities which have been paid pursuant to Section 3.6 or in exchange for or in
lieu of which other Securities have been authenticated and delivered pursuant to this
Indenture, other than any such Securities in respect of which there shall have been
presented to the Trustee proof satisfactory to it that such Securities are held by a bona
fide purchaser in whose hands such Securities are valid obligations of the Company; and

     (iv) Securities which have been defeased pursuant to Section 13.2 hereof;

provided, however, that in determining whether the Holders of the requisite principal amount of the
Outstanding Securities have given any request, demand, authorization, direction, notice, consent or
waiver hereunder, (i) the principal amount of an Original Issue Discount Security that shall be
deemed to be Outstanding shall be the amount of the principal thereof that would be due and payable
as of the date of such determination upon acceleration of the Maturity thereof pursuant to Section
5.2, (ii) the principal amount of a Security denominated in one or more foreign currencies or
currency units shall be the U.S. dollar equivalent, determined in the manner provided as
contemplated by Section 3.1 on the date of original issuance of such Security, of the principal
amount (or, in the case of an Original Issue Discount Security, the U.S. dollar equivalent on the
date of original issuance of such Security of the amount determined as provided in (i) above) of
such Security and (iii) Securities owned by the Company or any other obligor upon the Securities or
any Affiliate of the Company or of such other obligor shall be disregarded and deemed not to be
Outstanding, except that, in determining whether the Trustee shall be protected in relying upon any
such request, demand, authorization, direction, notice, consent or waiver, only Securities which a
Responsible Officer of the Trustee knows to be so owned shall be so disregarded. Securities so
owned which have been pledged in good faith may be regarded as Outstanding if the pledgee
establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such
Securities and that the pledgee is not the Company or any other obligor upon the Securities or any
Affiliate of the Company or of such other obligor.

     “Paying Agent” means any Person authorized by the Company to pay the principal of or any
premium or interest on any Securities on behalf of the Company.

4

 

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

     “Place of Payment”, when used with respect to the Securities of any series, means the place or
places where the principal of and any premium and interest on the Securities of that series are
payable as specified as contemplated by Section 3.1.

     “Predecessor Security” of any particular Security means every previous Security evidencing all
or a portion of the same debt as that evidenced by such particular Security; and, for the purposes
of this definition, any Security authenticated and delivered under Section 3.6 in exchange for or
in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to evidence the same
debt as the mutilated, destroyed, lost or stolen Security.

     “Redemption Date”, when used with respect to any Security to be redeemed, means the date fixed
for such redemption by or pursuant to this Indenture.

     “Redemption Price”, when used with respect to any Security to be redeemed, means the price at
which it is to be redeemed pursuant to this Indenture.

     “Regular Record Date” for the interest payable on any Interest Payment Date on the Securities
of any series means the date specified for that purpose as contemplated by Section 3.1.

     “Responsible Officer”, when used with respect to the Trustee, means any officer within the
Corporate Trust Office 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 his knowledge of and familiarity with the particular
subject.

     “Securities” has the meaning stated in the first recital of this Indenture and more
particularly means any Securities authenticated and delivered under this Indenture.

     “Security Register” and “Security Registrar” have the respective meanings specified in Section
3.5.

     “Special Record Date” for the payment of any Defaulted Interest means a date fixed by the
Trustee pursuant to Section 3.7.

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

     “Subsidiary” means a corporation more than 50% of the outstanding voting stock of which is
owned, directly or indirectly, by the Company or by one or more other Subsidiaries, or by the
Company and one or more other Subsidiaries. For the purposes of this definition, “voting stock”
means stock which ordinarily has voting power for the election of directors, whether at all times
or only so long as no senior class of stock has such voting power by reason of any contingency.

5

 

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

     “Trust Indenture Act” means the Trust Indenture Act of 1939 as in force at the date as of
which this instrument was executed; provided, however, that in the event the Trust Indenture Act of
1939 is amended after such date, “Trust Indenture Act” means, to the extent required by any such
amendment, the Trust Indenture Act of 1939 as so amended.

     “Vice President”, when used with respect to the Company or the Trustee, means any vice
president (but shall not include any assistant vice president), whether or not designated by a
number or a word or words added before or after the title “vice president”.

     “Wholly-owned Subsidiary” means any Subsidiary all of whose outstanding voting stock (other
than directors’ qualifying shares) shall at the time be owned by the Company or one or more of its
Wholly-owned Subsidiaries.

SECTION 1.2 COMPLIANCE CERTIFICATES AND OPINIONS.

     Upon any application or request by the Company to the Trustee to take any action under any
provision of this Indenture, the Company shall furnish to the Trustee such certificates and
opinions as may be required under the Trust Indenture Act. Each such certificate or opinion shall
be given in the form of an Officers’ Certificate, if to be given by an officer of the Company, or
an Opinion of Counsel, if to be given by counsel, and shall comply with the requirements of the
Trust Indenture Act and any other requirements set forth in this Indenture.

     Every certificate or opinion (other than the Officers’ Certificate delivered under Section
10.4 hereof) with respect to compliance with a condition or covenant provided for in this Indenture
shall include:

     (1) a statement that each individual signing such certificate or opinion has read such
covenant or condition and the definitions herein relating thereto;

     (2) a brief statement as to the nature and scope of the examination or investigation upon
which the statements or opinions contained in such certificate or opinion are based;

     (3) a statement that, in the opinion of each 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

     (4) a statement as to whether, in the opinion of each such individual, such condition or
covenant has been complied with.

6

 

SECTION 1.3 FORM OF DOCUMENTS DELIVERED TO TRUSTEE.

     In any case where several matters are required to be certified by, or covered by an opinion
of, any specified Person, it is not necessary that all such matters be certified by, or covered by
the opinion of, only one such Person, or that they be so certified or covered by only one document,
but one such Person may certify or give an opinion with respect to some matters and one or more
other such Persons as to other matters, and any such Person may certify or give an opinion as to
such matters in one or several documents.

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

     Where any Person is required to make, give or execute two or more applications, requests,
consents, certificates, statements, opinions or other instruments under this Indenture, they may,
but need not, be consolidated and form one instrument.

SECTION 1.4 ACTS OF HOLDERS; RECORD DATES.

     (a) Any request, demand, authorization, direction, notice, consent, waiver or other action
provided by this Indenture to be given or taken by Holders may be embodied in and evidenced by one
or more instruments of substantially similar tenor signed by such Holders in person or by agent
duly appointed in writing; and, except as herein otherwise expressly provided, such action shall
become effective when such instrument or instruments are delivered to the Trustee and, where it is
hereby expressly required, to the Company. Such instrument or instruments (and the action embodied
therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing
such instrument or instruments. Proof of execution of any such instrument or of a writing
appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to
Section 6.1) conclusive in favor of the Trustee and the Company, if made in the manner provided in
this Section.

     Without limiting the generality of the foregoing, a Holder, including a Depositary that is a
Holder of a Global Security, may make, give or take, by a proxy, or proxies, duly appointed in
writing, any request, demand, authorization, direction, notice, consent, waiver or other action
provided or permitted in this Indenture to be made, given or taken by Holders, and a Depositary
that is a Holder of a Global Security may provide its proxy or proxies to the beneficial owners of
interest in any such Global Security.

     (b) The fact and date of the execution by any Person of any such instrument or writing may be
proved by the affidavit of a witness of such execution or by a certificate of a notary public or
other officer authorized by law to take acknowledgments of deeds, certifying

7

 

that the individual signing such instrument or writing acknowledged to him the execution
thereof. Where such execution is by a signer acting in a capacity other than his individual
capacity, such certificate or affidavit shall also constitute sufficient proof of his authority.
The fact and date of the execution of any such instrument or writing, or the authority of the
Person executing the same, may also be proved in any other manner which the Trustee deems
sufficient.

     (c) The Company may, in the circumstances permitted by the Trust Indenture Act, fix any day as
the record date for the purpose of determining the Holders of Securities of any series entitled to
give or take any request, demand, authorization, direction, notice, consent, waiver or other
action, or to vote on any action, authorized or permitted to be given or taken by Holders of
Securities of such series. If not set by the Company prior to the first solicitation of a Holder of
Securities of such series made by any Person in respect of any such action, or, in the case of any
such vote, prior to such vote, the record date for any such action or vote shall be the 30th day
(or, if later, the date of the most recent list of Holders required to be provided pursuant to
Section 7.1) prior to such first solicitation or vote, as the case may be. With regard to any
record date for action to be taken by the Holders of one or more series of Securities, only the
Holders of Securities of such series on such date (or their duly designated proxies) shall be
entitled to give or take, or vote on, the relevant action.

     (d) The ownership of Securities shall be proved by the Security Register.

     (e) Any request, demand, authorization, direction, notice, consent, waiver or other Act of the
Holder of any Security shall bind every future Holder of the same Security and the Holder of every
Security issued upon the registration of transfer thereof or in exchange therefor or in lieu
thereof in respect of anything done, omitted or suffered to be done by the Trustee or the Company
in reliance thereon, whether or not notation of such action is made upon such Security.

     (f) Without limiting the foregoing, a Holder entitled hereunder to give or take any action
hereunder with regard to any particular Security may do so with regard to all or any part of the
principal amount of such Security or by one or more duly appointed agents each of which may do so
pursuant to such appointment with regard to all or any different part of such principal amount.

SECTION 1.5 NOTICES, ETC., TO TRUSTEE AND COMPANY.

     Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders or
other document provided or permitted by this Indenture to be made upon, given or furnished to, or
filed with,

     (1) the Trustee by any Holder or by the Company shall be sufficient for every purpose
hereunder if made, given, furnished or filed in writing to or with the Trustee at its Corporate
Trust Office, Attention: Institutional Trust Services, with a copy to the office of the Trustee
located at 250 West Huron Road, Suite 220, Cleveland, Ohio 44113, Attention: David Kovach, or

     (2) the Company by the Trustee or by any Holder shall be sufficient for every purpose
hereunder (unless otherwise herein expressly provided) if in writing and mailed, first-class
postage prepaid, to the Company addressed to it at the address of its principal office

8

 

specified in the first paragraph of this instrument or at any other address previously
furnished in writing to the Trustee by the Company, Attention: Chief Financial Officer.

SECTION 1.6 NOTICE TO HOLDERS; WAIVER.

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

     In case by reason of the suspension of regular mail service or by reason of any other cause it
shall be impracticable to give such notice by mail, then such notification as shall be made with
the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder.

SECTION 1.7 CONFLICT WITH TRUST INDENTURE ACT.

     If any provision hereof limits, qualifies or conflicts with a provision of the Trust Indenture
Act that is required thereunder to be a part of and govern this Indenture, the latter provision
shall control. If any provision of this Indenture modifies or excludes any provision of the Trust
Indenture Act that may be so modified or excluded, the latter provision shall be deemed to apply to
this Indenture as so modified or to be excluded, as the case may be.

SECTION 1.8 EFFECT OF HEADINGS AND TABLE OF CONTENTS.

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

SECTION 1.9 SUCCESSORS AND ASSIGNS.

     All covenants and agreements in this Indenture by the Company shall bind its successors and
assigns, whether so expressed or not.

SECTION 1.10 SEPARABILITY CLAUSE.

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

9

 

SECTION 1.11 BENEFITS OF INDENTURE.

     Nothing in this Indenture or in the Securities, express or implied, shall give to any Person,
other than (a) the parties hereto and their successors hereunder and (b) the Holders, any benefit
or any legal or equitable right, remedy or claim under this Indenture.

SECTION 1.12 GOVERNING LAW.

     THIS INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO THE CONFLICTS OF LAW RULES OF SUCH STATE.

SECTION 1.13 LEGAL HOLIDAYS.

     In any case where any Interest Payment Date, Redemption Date or Stated Maturity of any
Security shall not be a Business Day at any Place of Payment, then (notwithstanding any other
provision of this Indenture or of the Securities (other than a provision of the Securities of any
series which specifically states that such provision shall apply in lieu of this Section)) payment
of interest or principal (and premium, if any) need not be made at such Place of Payment on such
date, but may be made on the next succeeding Business Day at such Place of Payment with the same
force and effect as if made on the Interest Payment Date or Redemption Date, or at the Stated
Maturity, provided that no interest shall accrue for the period from and after such Interest
Payment Date, Redemption Date or Stated Maturity, as the case may be.

ARTICLE II

SECURITY FORMS

SECTION 2.1 FORMS GENERALLY.

     The Securities of each series shall be in substantially the form set forth in this Article, or
in such other form as shall be established by or pursuant to a Board Resolution or in one or more
indentures supplemental hereto, in each case with such appropriate insertions, omissions,
substitutions and other variations as are required or permitted by this Indenture, and may have
such letters, numbers or other marks of identification and such legends or endorsements placed
thereon as may be required to comply with the rules of any securities exchange or as may,
consistently herewith, be determined by the officers executing such Securities, as evidenced by
their execution of the Securities. If the form of Securities of any series is established by
action taken pursuant to a Board Resolution, a copy of an appropriate record of such action shall
be certified by the Secretary or an Assistant Secretary of the Company and delivered to the Trustee
at or prior to the delivery of the Company Order contemplated by Section 3.3 for the authentication
and delivery of such Securities.

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

10

 

SECTION 2.2 FORM OF FACE OF SECURITY.

     The face of any series of Securities shall, unless otherwise established by or pursuant to a
Board resolution, be in substantially the form set forth below:

     “THIS SECURITY IS NOT A DEPOSIT AND IS NOT INSURED BY THE FEDERAL DEPOSIT
INSURANCE CORPORATION OR ANY FEDERAL OR OTHER GOVERNMENTAL AGENCY.

     [Insert any legend required by the Internal Revenue Code of 1986, as amended,
and the regulations thereunder.]

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COMERICA INCORPORATED

 

No.                    

     $                    

     Comerica Incorporated, a corporation duly organized and existing under the laws
of the State of Delaware (herein called the “Company”, which term includes any
successor Person under the Indenture hereinafter referred to), for value received,
hereby promises to pay to                     
                    , or registered assigns, the principal sum of
                     Dollars on
                     [if the Security is to bear interest prior to
Maturity, insert —, and to pay interest thereon from                      or from
the most recent Interest Payment Date to which interest has been paid or duly
provided for, semi-annually on                      and                     in each year,
commencing                     , at the rate of                     % per annum, until
the principal hereof is paid or made available for payment [if applicable, insert —
        , and (to the extent that the payment of such interest shall be legally enforceable)
at the rate of                     % per annum on any overdue principal and premium and on any
overdue installment of interest]. The interest so payable, and punctually paid or
duly provided for, on any Interest Payment Date will, as provided in such Indenture,
be paid to the Person in whose name this Security (or one or more Predecessor
Securities) is registered at the close of business on the Regular Record Date for
such interest, which shall be the                      or                     
(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 will
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 Security (or one or more Predecessor
Securities) is registered at the close of business 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 Securities of this series not less than 10 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
Securities of this series may be listed, and upon such notice as may be required by
such exchange, all as more fully provided in said Indenture].

     [If the Security is not to bear interest prior to Maturity, insert — The
principal of this Security shall not bear interest except in the case of a default
in payment of principal upon acceleration, upon redemption or at Stated Maturity and
in such case the overdue principal of this Security shall bear interest at the rate
of                     % per annum (to the extent that the payment of such interest shall be
legally enforceable), which shall accrue from the date of such default in payment to
the date payment of such principal has been made or duly provided

12

 

for. Interest on any overdue principal shall be payable on demand. Any
interest on any overdue principal shall bear interest at the rate of                     % per
annum (to the extent that the payment of such interest shall be legally
enforceable), which shall accrue from the date of such default in payment to the
date payment of such interest has been made or duly provided for, and such interest
shall also be payable on demand.]

     Payment of the principal of (and premium, if any) and [if applicable, insert —
any such] interest on this Security will be made at the office or agency of the
Company maintained for that purpose in the City of New York, in such coin or
currency of [the United States of America] [insert other currency, if applicable] as
at the time of payment is legal tender for payment of public and private debts [if
applicable, insert — ; provided, however, that at the option of the Company payment
of interest may be made by check mailed to the address of the Person entitled
thereto as such address shall appear in the Security Register].

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

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

     IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed
under its corporate seal.

Dated:

	 	 	 	 	 	 	 
	 	 	COMERICA INCORPORATED	 	 
	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 

     Attest:

      

                         

SECTION 2.3 FORM OF REVERSE OF SECURITY.

     The reverse of any series of Securities shall, unless otherwise established by or pursuant to
a Board resolution, be in substantially the form set forth below:

     “This Security is one of a duly authorized issue of securities of the Company
(herein called the “Securities”) issued and to be issued in one or more series under
an Indenture, dated as of •, • (herein called the “Indenture”), between the Company
and [Name of Trustee], as trustee (herein called the “Trustee”,

13

 

which term includes any successor trustee under the Indenture), to which
Indenture and all indentures supplemental thereto reference is hereby made for a
statement of the respective rights, limitations of rights, duties and immunities
thereunder of the Company, the Trustee and the Holders of the Securities and of the
terms upon which the Securities are, and are to be, authenticated and delivered.
This Security is one of the series designated on the face hereof[, limited in
aggregate principal amount to $                    ].

     [If applicable, insert — The Securities of this series are subject to
redemption upon not less than 30 days’ notice by mail, [if applicable, insert — (1)
on                      in any year commencing with the year                      and ending
with the year                      through operation of the sinking fund for this series at a
Redemption Price equal to 100% of the principal amount, and (2)] at any time [on or
after                     , 20___], as a whole or in part, at the election of the
Company, at the following Redemption Prices (expressed as percentages of the
principal amount): If redeemed [on or before                     ,                     %, and if
redeemed] during the 12-month period beginning                      of the years
indicated,

	 	 	 	 	 	 	 
	 	 	REDEMPTION	 	 	 	REDEMPTION
	YEAR	 	PRICE	 	YEAR	 	PRICE
	 	 	 	 	 	 	 

and thereafter at a Redemption Price equal to                     % of the principal amount,
together, in the case of any such redemption, [if applicable, insert — (whether
through operation of the sinking fund or otherwise)] with accrued interest to the
Redemption Date, but interest installments whose Stated Maturity is on or prior to
such Redemption Date will be payable to the Holders of such Securities, or one or
more Predecessor Securities, of record at the close of business on the relevant
Record Dates referred to on the face hereof, all as provided in the Indenture.]

     [If applicable, insert — The Securities of this series are subject to
redemption upon not less than 30 days’ notice by mail (1) on                                           in
any year commencing with the year                      and ending with the year                      through
operation of the sinking fund for this series at the Redemption Prices for
redemption through operation of the sinking fund (expressed as percentages of the
principal amount) set forth in the table below, and (2) at any time [on or after
                    ], as a whole or in part, at the election of the Company, at the
Redemption Prices for redemption otherwise than through operation of the sinking
fund (expressed as percentages of the principal amount) set forth in the table
below: If redeemed during the 12-month period beginning                      of
the years indicated,

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	 	 	 	 	REDEMPTION PRICE FOR
	 	 	REDEMPTION PRICE	 	REDEMPTION OTHERWISE
	 	 	FOR REDEMPTION	 	THAN THROUGH
	 	 	THROUGH OPERATION	 	OPERATION
	YEAR	 	OF THE SINKING FUND	 	OF THE SINKING FUND
	 	 	 	 	 

and thereafter at a Redemption Price equal to                     % of the principal amount,
together, in the case of any such redemption (whether through operation of the
sinking fund or otherwise), with accrued interest to the Redemption Date, but
interest installments whose Stated Maturity is on or prior to such Redemption Date
will be payable to the Holders of such Securities, or one or more Predecessor
Securities, of record at the close of business on the relevant Record Dates referred
to on the face hereof, all as provided in the Indenture.]

     [Notwithstanding the foregoing, the Company may not, prior to
                    , redeem any Securities of this series as contemplated by [Clause
(2) of] the preceding paragraph as a part of, or in anticipation of, any refunding
operation by the application, directly or indirectly, of moneys borrowed having an
interest cost to the Company (calculated in accordance with generally accepted
financial practice) of less than                     % per annum.]

     [The sinking fund for this series provides for the redemption on                     
in each year beginning with the year                      and ending with the year                      of
[not less than $                     (“mandatory sinking fund”) and not more than]
$                     aggregate principal amount of Securities of this series. Securities of
this series acquired or redeemed by the Company otherwise than through [mandatory]
sinking fund payments may be credited against subsequent [mandatory] sinking fund
payments otherwise required to be made [in the inverse order in which they become
due].]

     [If the Security is subject to redemption, insert — In the event of redemption
of this Security in part only, a new Security or Securities of this series and of
like tenor for the unredeemed portion hereof will be issued in the name of the
Holder hereof upon the cancellation hereof.]

     [If applicable, insert — The Security is not subject to redemption prior to
maturity.]

     [If applicable, insert — The Indenture contains provisions for defeasance at
any time of [(a)] [the entire indebtedness evidenced by this Security] [and (b)]
[certain restrictive covenants,] [in each case] upon compliance by the Company with
certain conditions set forth therein, which provisions apply to this Security.]

15

 

     [If the Security is not an Original Issue Discount Security, insert — The
principal of this Security may not be declared due and payable upon the occurrence
of an Event of Default, except an Event of Default relating to certain events
involving the bankruptcy, insolvency or reorganization of the Company. If an Event
of Default with respect to Securities of this series relating to certain events
involving the bankruptcy, insolvency or reorganization of the Company shall occur
and be continuing, the principal of the Securities of this series may be declared
due and payable in the manner and with the effect provided in the Indenture.]

     [If the Security is an Original Issue Discount Security, insert — The
principal of this Security may not be declared due and payable upon the occurrence
of an Event of Default, except an Event of Default relating to certain events
involving the bankruptcy, insolvency or reorganization of the Company. If an Event
of Default with respect to Securities of this series relating to certain events
involving the bankruptcy, insolvency or reorganization of the Company shall occur
and be continuing, an amount of principal of the Securities of this series may be
declared due and payable in the manner and with the effect provided in the
Indenture. Such amount shall be equal to — insert formula for determining the
amount. Upon payment [if applicable, insert — (i)] of the amount of principal so
declared due and payable [if applicable, insert — and (ii) of interest on any
overdue principal and overdue interest (in each case to the extent that the payment
of such interest shall be legally enforceable)], all of the Company’s obligations in
respect of the payment of the principal of and interest, if any, on the Securities
of this series shall terminate.]

     The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the Company
and the rights of the Holders of the Securities of each series to be affected under
the Indenture at any time by the Company and the Trustee with the consent of the
Holders of a majority in principal amount of the Securities at the time Outstanding
of each series to be affected. The Indenture also contains provisions permitting
the Holders of specified percentages in principal amount of the Securities of each
series at the time Outstanding, on behalf of the Holders of all Securities of such
series, to waive certain past defaults under the Indenture and their consequences.
Any such consent or waiver by the Holder of this Security shall be conclusive and
binding upon such Holder and upon all future Holders of this Security and of any
Security issued upon the registration of transfer hereof or in exchange herefor or
in lieu hereof, whether or not notation of such consent or waiver is made upon this
Security.

     No reference herein to the Indenture and no provision of this Security or of
the Indenture shall alter or impair the obligation of the Company, which is absolute
and unconditional, to pay the principal of and any premium and interest on this
Security at the times, place and rate, and in the coin or currency, herein
prescribed.

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     As provided in the Indenture and subject to certain limitations therein set
forth, the transfer of this Security is registrable in the Security Register, upon
surrender of this Security for registration of transfer at the office or agency of
the Company in any place where the principal of and any premium and interest on this
Security are payable, duly endorsed by, or accompanied by a written instrument of
transfer in form satisfactory to the Company and the Security Registrar duly
executed by, the Holder hereof or his attorney duly authorized in writing, and
thereupon one or more new Securities of this series and of like tenor, of authorized
denominations and for the same aggregate principal amount, will be issued to the
designated transferee or transferees.

     The Securities of this series are issuable only in registered form without
coupons in denominations of $                     and any integral multiple [of $1,000 in
excess] thereof. As provided in the Indenture and subject to certain limitations
therein set forth, Securities of this series are exchangeable for a like aggregate
principal amount of Securities of this series and of like tenor of a different
authorized denomination, as requested by the Holder surrendering the same.

     No service charge shall be made for any such registration of transfer or
exchange, but the Company may require payment of a sum sufficient to cover any tax
or other governmental charge payable in connection therewith.

     Prior to due presentment of this Security for registration of transfer, the
Company, the Trustee and any agent of the Company or the Trustee may treat the
Person in whose name this Security is registered as the owner hereof for all
purposes, whether or not this Security be overdue, and neither the Company, the
Trustee nor any such agent shall be affected by notice to the contrary.

     All terms used in this Security which are defined in the Indenture shall have
the meanings assigned to them in the Indenture.”

SECTION 2.4 FORM OF LEGEND FOR GLOBAL SECURITIES.

     Any Global Security authenticated and delivered hereunder shall bear a legend in substantially
the following form:

     “This Security is a Global Security within the meaning of the
Indenture hereinafter referred to and is registered in the name of a Depositary
or a nominee thereof. This Security may not be transferred to, or registered or
exchanged for Securities registered in the name of, any Person other than the
Depositary or a nominee thereof or a successor of such Depositary or a nominee of
such successor, and no such transfer may be registered, except in the limited
circumstances described in the Indenture. Every Security authenticated and
delivered upon registration of transfer of, or in exchange for or in lieu of, this
Security shall be a Global Security subject to the foregoing, except in such limited
circumstances.”

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SECTION 2.5 FORM OF TRUSTEE’S CERTIFICATE OF AUTHENTICATION.

     The Trustee’s certificates of authentication shall be in substantially the following form:

     “This is one of the Securities of the series designated therein referred to in
the within-mentioned Indenture.

	 	 	 	 	 	 	 
	 	 	[NAME OF TRUSTEE],	 	 
	 	 	As Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Authorized Signer”	 	 

ARTICLE III

THE SECURITIES

SECTION 3.1 AMOUNT UNLIMITED; ISSUABLE IN SERIES.

     The aggregate principal amount of Securities which may be authenticated and delivered under
this Indenture is unlimited.

     The Securities may be issued in one or more series. There shall be established in or pursuant
to a Board Resolution and, subject to Section 3.3, set forth, or determined in the manner provided,
in an Officers’ Certificate, or established in one or more indentures supplemental hereto, prior to
the issuance of Securities of any series,

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

     (2) any limit upon the aggregate principal amount of the Securities of the series which
may be authenticated and delivered under this Indenture (except for Securities authenticated
and delivered upon registration of transfer of, or in exchange for, or in lieu of, other
Securities of the series pursuant to Section 3.4, 3.5, 3,6, 9.6 or 11.7 and except for any
Securities which, pursuant to Section 3.3, are deemed never to have been authenticated and
delivered hereunder);

     (3) the Person to whom any interest on a Security of the series shall be payable, if
other than the Person in whose name that Security (or one or more Predecessor Securities) is
registered at the close of business on the Regular Record Date for such interest;

     (4) the date or dates on which the principal of the Securities of the series is
payable;

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     (5) the rate or rates at which the Securities of the series shall bear interest, if
any, the date or dates from which such interest shall accrue, the Interest Payment Dates on
which any such interest shall be payable and the Regular Record Date for any interest
payable on any Interest Payment Date;

     (6) the place or places, in addition to the City of New York, where the principal of
and any premium and interest on Securities of the series shall be payable;

     (7) the period or periods within which, the price or prices at which and the terms and
conditions upon which Securities of the series may be redeemed, in whole or in part, at the
option of the Company;

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

     (9) if other than minimum denominations of $250,000 and any integral multiple of $1,000
in excess thereof, the denominations in which Securities of the series shall be issuable;

     (10) the currency, currencies or currency units in which payment of the principal of
and any premium and interest on any Securities of the series shall be payable if other than
the currency of the United States of America and the manner of determining the equivalent
thereof in the currency of the United States of America for purposes of the definition of
“Outstanding” in Section 1.1;

     (11) if the amount of payments of principal of or any premium or interest on any
Securities of the series may be determined with reference to an index or formula, the manner
in which such amounts shall be determined;

     (12) if the principal of or any premium or interest on any Securities of the series is
to be payable, at the election of the Company or a Holder thereof, in one or more currencies
or currency units other than that or those in which the Securities are stated to be payable,
the currency, currencies or currency units in which payment of the principal of and any
premium and interest on Securities of such series as to which such election is made shall be
payable, and the periods within which and the terms and conditions upon which such election
is to be made;

     (13) if other than the principal amount thereof, the portion of the principal amount of
Securities of the series which shall be payable upon declaration of acceleration of the
Maturity thereof pursuant to Section 5.2;

     (14) the application, if any, of either or both of Section 13.2 and Section 13.3 to the
Securities of the series;

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     (15) whether the Securities of the series shall be issuable in whole or in part in the
form of one or more Global Securities and, in such case, the Depositary or Depositaries for
such Global Security or Global Securities and any circumstances other than those set forth
in Section 3.5 in which any such Global Security may be transferred to, and registered and
exchanged for Securities registered in the name of, a Person other than the Depositary for
such Global Security or a nominee thereof;

     (16) if other than as specified in Section 5.1, the Events of Default applicable with
respect to the Securities of the series;

     (17) the Events of Default set forth in Section 5.1 applicable with respect to the
Securities of the series, if fewer than all of the Events of Default set forth in Section
5.1;

     (18) if other than as specified in Section 5.2, the Events of Default the occurrence of
which would permit the declaration of the acceleration of Maturity pursuant to Section 5.2;

     (19) the Events of Default the occurrence of which would permit the declaration of
Maturity pursuant to Section 5.2, if fewer than all of the Events of Default set forth in
Section 5.2;

     (20) any other covenant or warranty included for the benefit of Securities of the
series in addition to (and not inconsistent with) those included in this Indenture for the
benefit of Securities of all series, or any other covenant or warranty included for the
benefit of Securities of the series in lieu of any covenant or warranty included in this
Indenture for the benefit of Securities of all series, or any provision that any covenant or
warranty included in this Indenture for the benefit of Securities of all series shall not be
for the benefit of Securities of such series, or any combination of such covenants,
warranties or provisions;

     (21) any other terms of the series (which terms shall not be inconsistent with the
provisions of this Indenture, except as permitted by Section 9.1(5)).

     All Securities of any one series shall be substantially identical except as to denomination
and except as may otherwise be provided in or pursuant to the Board Resolution referred to above
and (subject to Section 3.3) set forth, or determined in the manner provided, in the Officers’
Certificate referred to above or in any such indenture supplemental hereto.

     Unless otherwise provided with respect to the Securities of any series, at the option of the
Company, interest on the Securities of any series that bears interest may be paid by mailing a
check to the address of the Person entitled thereto as such address shall appear in the Security
Register.

     If any of the terms of the series are established by action taken pursuant to a Board
Resolution, a copy of an appropriate record of such action shall be certified by the Secretary or
an Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery of
the Officers’ Certificate setting forth the terms of the series.

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SECTION 3.2 DENOMINATIONS.

     The Securities of each series shall be issuable in registered form without coupons in such
denominations as shall be specified as contemplated by Section 3.1. In the absence of any such
provisions with respect to the Securities of any series, the Securities of such series shall be
issuable in minimum denominations of $1,000 and any integral multiple of $1,000 in excess thereof.

SECTION 3.3 EXECUTION, AUTHENTICATION, DELIVERY AND DATING.

     The Securities shall be executed on behalf of the Company by its Chairman of the Board, its
Vice Chairman of the Board, its President or one of its Vice Presidents, under its corporate seal
reproduced thereon attested by its Secretary or one of its Assistant Secretaries. The signature of
any of these officers on the Securities may be manual or facsimile.

     Securities bearing the manual or facsimile signatures of individuals who were at any time the
proper officers of the Company shall bind the Company, notwithstanding that such individuals or any
of them have ceased to hold such offices prior to the authentication and delivery of such
Securities or did not hold such offices at the date of such Securities.

     At any time and from time to time after the execution and delivery of this Indenture, the
Company may deliver Securities of any series executed by the Company to the Trustee for
authentication, together with a Company Order for the authentication and delivery of such
Securities, and the Trustee in accordance with the Company Order shall authenticate and deliver
such Securities. If the form or terms of the Securities of the series have been established in or
pursuant to one or more Board Resolutions as permitted by Sections 2.1 and 3.1, in authenticating
such Securities and accepting the additional responsibilities under this Indenture in relation to
such Securities, the Trustee shall be entitled to receive, and (subject to Section 6.1) shall be
fully protected in relying upon, an Opinion of Counsel stating,

     (a) if the form of such Securities has been established by or pursuant to Board Resolution as
permitted by Section 2.1, that such form has been established in conformity with the provisions of
this Indenture;

     (b) if the terms of such Securities (or the manner of determining such terms) have been
established by or pursuant to Board Resolution as permitted by Section 3.1, that such terms (or the
manner of determining such terms) have been established in conformity with the provisions of this
Indenture; and

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

If such form or terms have been so established, the Trustee shall not be required to authenticate
such Securities if the issue of such Securities pursuant to this Indenture will affect the
Trustee’s

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own rights, duties or immunities under the Securities and this Indenture or otherwise in a manner
which is not reasonably acceptable to the Trustee.

     Notwithstanding the provisions of Section 3.1 and of the preceding paragraph, if all
Securities of a series are not to be originally issued at one time, it shall not be necessary to
deliver the Officers’ Certificate otherwise required pursuant to Section 3.1 or the Company Order
and Opinion of Counsel otherwise required pursuant to such preceding paragraph at or prior to the
time of authentication of each Security of such series if such documents are delivered at or prior
to the authentication upon original issuance of the first Security of such series to be issued.

     Each Security shall be dated the date of its authentication.

     No Security shall be entitled to any benefit under this Indenture or be valid or obligatory
for any purpose unless there appears on such Security a certificate of authentication substantially
in the form provided for herein executed by the Trustee by manual signature of an Authorized
Officer, and such certificate upon any Security shall be conclusive evidence, and the only
evidence, that such Security has been duly authenticated and delivered hereunder. Notwithstanding
the foregoing, if any Security shall have been authenticated and delivered hereunder but never
issued and sold by the Company, and the Company shall deliver such Security to the Trustee for
cancellation as provided in Section 3.9, for all purposes of this Indenture such Security shall be
deemed never to have been authenticated and delivered hereunder and shall never be entitled to the
benefits of this Indenture.

SECTION 3.4 TEMPORARY SECURITIES.

     Pending the preparation of definitive Securities of any series, the Company may execute, and
upon Company Order the Trustee shall authenticate and deliver, temporary Securities which are
printed, lithographed, typewritten, mimeographed or otherwise produced, in any authorized
denomination, substantially of the tenor of the definitive Securities in lieu of which they are
issued and with such appropriate insertions, omissions, substitutions and other variations as the
officers executing such Securities may determine, as evidenced by their execution of such
Securities.

     If temporary Securities of any series are issued, the Company will cause definitive Securities
of that series to be prepared without unreasonable delay. After the preparation of definitive
Securities of such series, the temporary Securities of such series shall be exchangeable for
definitive Securities of such series upon surrender of the temporary Securities of such series at
the office or agency of the Company in a Place of Payment for that series, without charge to the
Holder. Upon surrender for cancellation of any one or more temporary Securities of any series, the
Company shall execute and the Trustee shall authenticate and deliver in exchange therefor one or
more definitive Securities of the same series, of any authorized denominations and of a like
aggregate principal amount and tenor. Until so exchanged, the temporary Securities of any series
shall in all respects be entitled to the same benefits under this Indenture as definitive
Securities of such series and tenor.

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SECTION 3.5 REGISTRATION, REGISTRATION OF TRANSFER AND EXCHANGE.

     The Company shall cause to be kept at the Corporate Trust Office of the Trustee a register
(the register maintained in such office being herein sometimes referred to as the “Security
Register”) in which, subject to such reasonable regulations as it may prescribe, the Company shall
provide for the registration of Securities and of transfers of Securities. The Trustee is hereby
appointed “Security Registrar” for the purpose of registering Securities and transfers of
Securities as herein provided.

     Upon surrender for registration of transfer of any Security of any series at the office or
agency in a Place of Payment for that series, the Company shall execute, and the Trustee shall
authenticate and deliver, in the name of the designated transferee or transferees, one or more new
Securities of the same series, of any authorized denominations and of a like aggregate principal
amount and tenor.

     At the option of the Holder, Securities of any series may be exchanged for other Securities of
the same series, of any authorized denominations and of a like aggregate principal amount and
tenor, upon surrender of the Securities to be exchanged at such office or agency. Whenever any
Securities are so surrendered for exchange, the Company shall execute, and the Trustee shall
authenticate and deliver, the Securities which the Holder making the exchange is entitled to
receive.

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

     Every Security presented or surrendered for registration of transfer or for exchange shall (if
so required by the Company or the Trustee) be duly endorsed, or be accompanied by a written
instrument of transfer in form satisfactory to the Company and the Security Registrar duly
executed, by the Holder thereof or his attorney duly authorized in writing.

     No service charge shall be made for any registration of transfer or exchange of Securities,
but the Company or the Trustee may require payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any registration of transfer or exchange
of Securities, other than exchanges pursuant to Section 3.4, 9.6 or 11.7 not involving any
transfer.

     The Company shall not be required (i) to issue, register the transfer of or exchange
Securities of any series during a period beginning at the opening of business 15 days before the
day of the mailing of a notice of redemption of Securities of that series selected for redemption
under Section 11.3 and ending at the close of business on the day of such mailing, or (ii) to
register the transfer of or exchange any Security so selected for redemption in whole or in part,
except the unredeemed portion of any Security being redeemed in part.

     Notwithstanding the foregoing and except as otherwise specified or contemplated by Section
3.1, if at any time the Depositary for the Securities of a series notifies the Company that it is
unwilling or unable to continue as a Depositary for the Securities of such series or if at any time
the Depositary for Securities of a series shall no longer be registered or in good standing

23

 

under the Exchange Act, or other applicable statute or regulation, the Company shall appoint a
successor Depositary with respect to the Securities of such series. If a successor Depositary for
the Securities of such series is not appointed by the Company within 90 days after the Company
receives such notice or becomes aware of such condition, the Company will execute, and the Trustee,
upon Company Request, will authenticate and deliver, Securities of such series in definitive form
in an aggregate principal amount equal to the principal amount of the Global Security or Global
Securities representing Securities of such series in exchange for such Global Security or Global
Securities.

     In the event that the Company at any time and in its sole discretion determines that the
Securities of any series issued in the form of one or more Global Securities shall no longer be
represented by such Global Security or Global Securities, the Company will execute, and the
Trustee, upon Company Request, will authenticate and deliver Securities of such series in
definitive form and in an aggregate principal amount equal to the principal amount of the Global
Security or Global Securities representing such series in exchange for such Global Security or
Global Securities.

     Upon the occurrence in respect of any Global Security of any series of any one or more of the
conditions specified in the preceding two paragraphs or such other conditions as may be specified
as contemplated by Section 3.1 for such series, such Global Security may be exchanged for
Securities registered in the names of, and the transfer of such Global Security may be registered
to, such Persons (including Persons other than the Depositary with respect to such series and its
nominees) as such Depositary shall direct. Notwithstanding any other provision of this Indenture,
any Security authenticated and delivered upon registration of transfer of, or in exchange for, or
in lieu of, any Global Security shall also be a Global Security and shall bear the legend specified
in Section 2.4, except for any Security authenticated and delivered in exchange for, or upon
registration of transfer of, a Global Security pursuant to the preceding sentence.

SECTION 3.6 MUTILATED, DESTROYED, LOST AND STOLEN SECURITIES.

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

     If there shall be delivered to the Company and the Trustee (i) evidence to their satisfaction
of the destruction, loss or theft of any Security and (ii) such security or indemnity as may be
required by them to save each of them and any agent of either of them harmless, then, in the
absence of notice to the Company or the Trustee that such Security has been acquired by a protected
purchaser, the Company shall execute, and the Trustee shall authenticate and deliver, in lieu of
any such destroyed, lost or stolen Security, a new Security of the same series and of like tenor
and principal amount and bearing a number not contemporaneously outstanding.

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

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

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

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

SECTION 3.7 PAYMENT OF INTEREST; INTEREST RIGHTS PRESERVED.

     Except as otherwise provided as contemplated by Section 3.1 with respect to any series of
Securities, interest on any Security which is payable, and is punctually paid or duly provided for,
on any Interest Payment Date shall be paid to the Person in whose name that Security (or one or
more Predecessor Securities) is registered at the close of business on the Regular Record Date for
such interest.

     Any interest on any Security of any series which is payable, but is not punctually paid or
duly provided for, on any Interest Payment Date (herein called “Defaulted Interest”) shall
forthwith cease to be payable to the Holder on the relevant Regular Record Date by virtue of having
been such Holder, and such Defaulted Interest may be paid by the Company, at its election in each
case, as provided in Clause (1) or (2) below:

     (1) The Company may elect to make payment of any Defaulted Interest to the Persons in whose
names the Securities of such series (or their respective Predecessor Securities) are registered at
the close of business on a Special Record Date for the payment of such Defaulted Interest, which
shall be fixed in the following manner. The Company shall notify the Trustee in writing of the
amount of Defaulted Interest proposed to be paid on each Security of such series and the date of
the proposed payment, 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
Special Record Date for the payment of such Defaulted Interest which shall be not more than 15 days
and not less than 10 days prior to the date of the proposed payment and not less than 10 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
cause notice of the proposed payment of such Defaulted Interest and the Special Record Date
therefor to be mailed, first-class postage prepaid, to each Holder of Securities of such series at
his address as it appears in the Security Register, not less than 10 days prior to such Special
Record Date. Notice of the proposed payment of such

25

 

Defaulted Interest and the Special Record Date therefor having been so mailed, such Defaulted
Interest shall be paid to the Persons in whose names the Securities of such series (or their
respective Predecessor Securities) are registered at the close of business on such Special Record
Date and shall no longer be payable pursuant to the following Clause (2).

     (2) The Company may make payment of any Defaulted Interest on the Securities of any series in
any other lawful manner not inconsistent with the requirements of any securities exchange on which
such Securities 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.

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

SECTION 3.8 PERSONS DEEMED OWNERS.

     Prior to due presentment of a Security for registration of transfer, the Company, the Trustee
and any agent of the Company or the Trustee may treat the Person in whose name such Security is
registered as the owner of such Security for the purpose of receiving payment of principal of and
any premium and (subject to Section 3.7) any interest on such Security and for all other purposes
whatsoever, whether or not such Security be overdue, and neither the Company, the Trustee nor any
agent of the Company or the Trustee shall be affected by notice to the contrary.

     No holder of any beneficial interest in any Global Security held on its behalf by a Depositary
shall have any rights under this Indenture with respect to such Global Security, and such
Depositary may be treated by the Company, the Trustee and any agent of the Company or the Trustee
as the owner of such Global Security 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 a
Depositary or impair, as between a Depositary and such holders of beneficial interests, the
operation of customary practices governing the exercise of the rights of the Depositary (or its
nominee) as Holder of any Security.

SECTION 3.9 CANCELLATION.

     All Securities surrendered for payment, redemption, registration of transfer or exchange or
for credit against any sinking fund payment shall, if surrendered to any Person other than the
Trustee, be delivered to the Trustee and shall be promptly cancelled by it. The Company may at any
time deliver to the Trustee for cancellation any Securities previously authenticated and delivered
hereunder which the Company may have acquired in any manner whatsoever, and may deliver to the
Trustee (or to any other Person for delivery to the Trustee) for cancellation any Securities
previously authenticated hereunder which the Company has not issued and sold, and all Securities so
delivered shall be promptly cancelled by the Trustee. No Securities shall be authenticated in lieu
of or in exchange for any Securities cancelled as provided in this Section,

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except as expressly permitted by this Indenture. All cancelled Securities held by the Trustee
shall be disposed of by the Trustee in accordance with its then customary procedures unless
otherwise directed by a Company Order.

SECTION 3.10 COMPUTATION OF INTEREST.

     Except as otherwise specified as contemplated by Section 3.1 for Securities of any series,
interest on the Securities of each series shall be computed on the basis of a 360-day year of
twelve 30-day months.

ARTICLE IV

SATISFACTION AND DISCHARGE

SECTION 4.1 SATISFACTION AND DISCHARGE OF INDENTURE.

     This Indenture shall, upon Company Request, cease to be of further effect (except as to any
surviving rights of registration of transfer or exchange of Securities herein expressly provided
for), and the Trustee, at the expense of the Company, shall execute proper instruments
acknowledging satisfaction and discharge of this Indenture, when

     (1) either

     (A) all Securities theretofore authenticated and delivered (other than (i)
Securities which have been destroyed, lost or stolen and which have been replaced or
paid as provided in Section 3.6 and (ii) Securities for whose payment money has
theretofore been deposited in trust or segregated and held in trust by the Company
and thereafter repaid to the Company or discharged from such trust, as provided in
Section 10.3) have been delivered to the Trustee for cancellation; or

     (B) all such Securities not theretofore delivered to the Trustee for
cancellation

     (i) have become due and payable, or

     (ii) will become due and payable at their Stated Maturity within one
year, or

     (iii) are to be called for redemption within one year under
arrangements satisfactory to the Trustee for the giving of notice of
redemption by the Trustee in the name, and at the expense, of the Company,

and the Company, in the case of (i), (ii) or (iii) above, has deposited or caused to
be deposited with the Trustee as trust funds in trust for the purpose an amount in
the currency in which the Securities are payable, or U.S. Government Obligations,
maturing as to principal and interest at such times as will assure the availability
of cash, sufficient to pay and discharge the entire indebtedness on such Securities

27

 

not theretofore delivered to the Trustee for cancellation, for principal and any
premium and interest to the date of such deposit (in the case of Securities which
have become due and payable) or to the Stated Maturity or Redemption Date, as the
case may be;

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

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

     Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the
Company to the Trustee under Section 6.7, the obligations (if any) of the Trustee to any
Authenticating Agent under Section 6.14 and, if money shall have been deposited with the Trustee
pursuant to subclause (B) of Clause (1) of this Section, the obligations of the Trustee under
Section 4.2 and the last paragraph of Section 10.3 shall survive.

     In the event there are Securities of two or more series hereunder, the Trustee shall be
required to execute an instrument acknowledging satisfaction and discharge of this Indenture only
if requested to do so with respect to Securities of all series as to which it is Trustee and if the
other conditions thereto are met. In the event there are two or more Trustees hereunder, then the
effectiveness of any such instrument shall be conditioned upon receipt of such instruments from all
Trustees hereunder.

SECTION 4.2 APPLICATION OF TRUST MONEY.

     Subject to the provisions of the last paragraph of Section 10.3, all money deposited with the
Trustee pursuant to Section 4.1 shall be held in trust and applied by it, in accordance with the
provisions of the Securities and this Indenture, to the payment, either directly or through any
Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine,
to the Persons entitled thereto, of the principal and any premium and interest for whose payment
such money has been deposited with the Trustee.

ARTICLE V

REMEDIES

SECTION 5.1 EVENTS OF DEFAULT.

     “Event of Default”, wherever used herein with respect to Securities of any series, means any
one of the following events (whatever the reason for such Event of Default, whether it shall be
voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or
order of any court or any order, rule or regulation of any administrative or governmental body):

     (1) default in the payment of any interest upon any Security of that series when it
becomes due and payable, and continuance of such default for a period of 30 days; or

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     (2) default in the payment of the principal of (or premium, if any, on) any Security of
that series at its Maturity; or

     (3) default in the deposit of any sinking fund payment, when and as due by the terms of
a Security of that series; or

     (4) default in the performance, or breach, of any covenant or warranty of the Company
in this Indenture (other than a covenant or warranty a default in whose performance or whose
breach is elsewhere in this Section specifically dealt with or which has expressly been
included in this Indenture solely for the benefit of series of Securities other than that
series), and continuance of such default or breach for a period of 60 days after there has
been given, by registered or certified mail, to the Company by the Trustee or to the Company
and the Trustee by the Holders of at least 25% in principal amount of the Outstanding
Securities of that series a written notice specifying such default or breach and requiring
it to be remedied and stating that such notice is a “Notice of Default” hereunder; or

     (5) the entry by a court or a governmental authority having jurisdiction in the
premises of (A) a decree or order for relief in respect of the Company in an involuntary
case or proceeding under any applicable Federal or State bankruptcy, insolvency,
reorganization or other similar law or (B) a decree or order adjudging the Company a
bankrupt or insolvent, or approving as properly filed a petition seeking reorganization,
arrangement, adjustment or composition of or in respect of the Company under any applicable
Federal or State law, or appointing a custodian, receiver, liquidator, assignee, trustee,
sequestrator or other similar official of the Company or substantially all of its assets or
ordering the winding up or liquidation of the affairs of the Company, and the continuance of
any such decree or order for relief or any such other decree or order unstayed and in effect
for a period of 60 consecutive days; or

     (6) the commencement by the Company of a voluntary case or proceeding under any
applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or
of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by
it to the entry of a decree or order for relief in respect of the Company in an involuntary
case or proceeding under any applicable Federal or State bankruptcy, insolvency,
reorganization or other similar law or to the commencement of any bankruptcy or insolvency
case or proceeding against it, or the filing by it of a petition or answer or consent
seeking reorganization or relief under any applicable Federal or State law, or the consent
by it to the filing of such petition or to the appointment of or taking possession by a
custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official
of the Company or substantially all of its assets; or

     (7) any other Event of Default provided with respect to Securities of that series.

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SECTION 5.2 ACCELERATION OF MATURITY; RESCISSION AND ANNULMENT.

     If an Event of Default specified in Sections 5.1(5) or 5.1(6) with respect to Securities of
any series at the time Outstanding occurs and is continuing, then in every such case the Trustee or
the Holders of not less than 25% in principal amount of the Outstanding Securities of that series
may declare the principal amount (or, if any of the Securities of that series are Original Issue
Discount Securities, such portion of the principal amount of such Securities as may be specified in
the terms thereof) of all of the Securities of that series to be due and payable immediately, by a
notice in writing to the Company (and to the Trustee if given by Holders), and upon any such
declaration such principal amount (or specified amount) shall become immediately due and payable.

     At any time after such a declaration of acceleration with respect to Securities of any series
has been made and before a judgment or decree for payment of the money due has been obtained by the
Trustee as hereinafter in this Article provided, the Holders of a majority in principal amount of
the Outstanding Securities of that series, by written notice to the Company and the Trustee, may
rescind and annul such declaration and its consequences if:

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

     (A) all overdue interest on all Securities of that series,

     (B) the principal of (and premium, if any, on) any Securities of that series
which have become due otherwise than by such declaration of acceleration and any
interest thereon at the rate or rates prescribed therefor in such Securities,

     (C) to the extent that payment of such interest is lawful, interest upon
overdue interest at the rate or rates prescribed therefor in such Securities, and

     (D) all sums paid or advanced by the Trustee hereunder and the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and
counsel, and any other amounts due the Trustee under Section 6.7; and

     (2) all Events of Default with respect to Securities of that series, other than the
non-payment of the principal of Securities of that series which have become due solely by
such declaration of acceleration, have been cured or waived as provided in Section 5.13.

     No such rescission shall affect any subsequent default or impair any right consequent thereon.

SECTION 5.3 COLLECTION OF INDEBTEDNESS AND SUITS FOR ENFORCEMENT BY TRUSTEE.

     The Company covenants that if:

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     (1) default is made in the payment of any interest on any Security when such interest
becomes due and payable and such default continues for a period of 30 days, or

     (2) default is made in the payment of the principal of (or premium, if any, on) any
Security at the Maturity thereof, or

     (3) default is made in the making or satisfaction of any sinking fund payment or
analogous obligation when the same becomes due pursuant to the terms of any Security,

the Company will, upon demand of the Trustee, pay to it, for the benefit of the Holders of such
Securities, the whole amount then due and payable on such Securities for principal and any premium
and interest and, to the extent that payment of such interest shall be legally enforceable,
interest on any overdue principal and premium and on any overdue interest, at the rate or rates
prescribed therefor in such Securities, and, in addition thereto, such further amount as shall be
sufficient to cover the costs and expenses of collection, including the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel.

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

			
	SECTION 5.4	 	TRUSTEE MAY FILE PROOFS OF CLAIM.

     In case of any judicial proceeding relative to the Company (or any other obligor upon the
Securities), its property or its creditors, the Trustee shall be entitled and empowered, by
intervention in such proceeding or otherwise, to take any and all actions authorized under the
Trust Indenture Act in order to have claims of the Holders and the Trustee allowed in any such
proceeding. In particular, the Trustee shall be authorized to collect and receive any moneys or
other property payable or deliverable on any such claims and to distribute the same; and any
custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any
such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee
and, in the event that the Trustee shall consent to the making of such payments directly to the
Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the
Trustee under Section 6.7.

     No provision of this Indenture shall be deemed to authorize the Trustee to authorize or
consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement,
adjustment or composition affecting the Securities or the rights of any Holder thereof or to
authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding;
provided, however, the Trustee may vote on behalf of the Holders for the election of a trustee in
bankruptcy or similar official and may be a member of a creditors’ or other similar committee.

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	SECTION 5.5	 	TRUSTEE MAY ENFORCE CLAIMS WITHOUT POSSESSION OF SECURITIES.

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

     In connection with any filing of any claims pursuant to Section 317(a)(2) of the Trust
Indenture Act, the Trustee shall be entitled (i) to collect and receive any moneys or other
property payable or deliverable on any such claims and to distribute the same, and (ii) unless
prohibited by law or applicable regulation, to vote on behalf of the Holders for the election of a
trustee in bankruptcy or similar official, and any receiver, trustee or similar official in any
proceeding is hereby authorized by each Holder to make such payments to the Trustee and, if the
Trustee consents to the making of such payments directly to the Holders, to pay to the Trustee any
amounts due it for reasonable compensation, expenses, disbursements and advances of the Trustee or
any predecessor Trustee under Section 6.7.

			
	SECTION 5.6	 	APPLICATION OF MONEY COLLECTED.

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

     FIRST: To the payment of all amounts due the Trustee or any predecessor Trustee under Section
6.7; and

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

			
	SECTION 5.7	 	LIMITATION ON SUITS.

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

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

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     (2) the Holders of not less than 25% in principal amount of the Outstanding Securities
of that series shall have made written request to the Trustee to institute proceedings in
respect of such Event of Default in its own name as Trustee hereunder;

     (3) such Holder or Holders have offered to the Trustee reasonable indemnity against the
costs, expenses and liabilities to be incurred in compliance with such request;

     (4) the Trustee for 60 days after its receipt of such notice, request and offer of
indemnity has failed to institute any such proceeding; and

     (5) no direction inconsistent with such written request has been given to the Trustee
during such 60-day period by the Holders of a majority in principal amount of the
Outstanding Securities of that series;

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

			
	SECTION 5.8	 	UNCONDITIONAL RIGHT OF HOLDERS TO RECEIVE PRINCIPAL, PREMIUM AND INTEREST.

     Notwithstanding any other provision in this Indenture, the Holder of any Security shall have
the right, which is absolute and unconditional, to receive payment of the principal of and any
premium and (subject to Section 3.7) any interest on such Security on the Stated Maturity or
Maturities expressed in such Security (or, in the case of redemption, on the Redemption Date), and
to institute suit for the enforcement of any such payment, and such rights shall not be impaired
without the consent of such Holder.

			
	SECTION 5.9	 	RESTORATION OF RIGHTS AND REMEDIES.

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

			
	SECTION 5.10	 	RIGHTS AND REMEDIES CUMULATIVE.

     Except as otherwise provided with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Securities in the last paragraph of Section 3.6, no right or remedy
herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of
any other right or remedy, and every right and remedy shall, to the extent permitted by law, be
cumulative and in addition to every other right and remedy given hereunder or now or hereafter
existing at law or in equity or otherwise. The assertion or employment of any right or remedy

33

 

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

			
	SECTION 5.11	 	DELAY OR OMISSION NOT WAIVER.

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

			
	SECTION 5.12	 	CONTROL BY HOLDERS.

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

     (1) such direction shall not be in conflict with any rule of law or with this
Indenture,

     (2) the Trustee may take any other action deemed proper by the Trustee which is not
inconsistent with such direction, and

     (3) subject to the provisions of Section 6.1, the Trustee shall have the right to
decline to follow any such direction if the Trustee in good faith shall, by a Responsible
Officer or Officers of the Trustee, determine that the proceeding so directed would involve
the Trustee in personal liability.

			
	SECTION 5.13	 	WAIVER OF PAST DEFAULTS.

     The Holders of not less than a majority in principal amount of the Outstanding Securities of
any series may on behalf of the Holders of all the Securities of such series waive any past default
hereunder with respect to such series and its consequences, except a default

     (1) in the payment of the principal of or any premium or interest on any Security of
such series, or

     (2) in respect of a covenant or provision hereof which under Article IX cannot be
modified or amended without the consent of the Holder of each Outstanding Security of such
series affected.

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

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	SECTION 5.14	 	UNDERTAKING FOR COSTS.

     All parties to this Indenture agree, and each Holder of any Securities by his acceptance
thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit
for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee
for any action taken, suffered or omitted by it as Trustee, the filing by any party litigant in
such suit of an undertaking to pay the costs of such suit, and that such court may in its
discretion assess reasonable costs, including reasonable attorneys’ fees, against any party
litigant in such suit, having due regard to the merits and good faith of the claims or defenses
made by such party litigant; but the provisions of this Section 5.14 shall not apply to any suit
instituted by the Company, to any suit instituted by the Trustee, to any suit instituted by any
Holder, or group of Holders, holding in the aggregate more than 10% in principal amount of the
Outstanding Securities of any series, or to any suit instituted by any Holder for the enforcement
of the payment of the principal of (or premium, if any) or interest on any Securities on or after
the Stated Maturity or Maturities expressed in such Securities (or, in the case of redemption, on
or after the Redemption Date).

			
	SECTION 5.15	 	WAIVER OF USURY, STAY OR EXTENSION LAWS.

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

ARTICLE VI

THE TRUSTEE

			
	SECTION 6.1	 	CERTAIN DUTIES AND RESPONSIBILITIES.

     The duties and responsibilities of the Trustee shall be as provided by the Trust Indenture
Act. Notwithstanding the foregoing, no provision of this Indenture shall require the Trustee to
expend or risk its own funds or otherwise incur any financial liability in the performance of any
of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have
reasonable grounds for believing that repayment of such funds or adequate indemnity against such
risk or liability is not reasonably assured to it. Whether or not therein expressly so provided,
every provision of this Indenture relating to the conduct or affecting the liability of or
affording protection to the Trustee shall be subject to the provisions of this Section.

			
	SECTION 6.2	 	NOTICE OF DEFAULTS.

     If a default occurs hereunder with respect to Securities of any series, the Trustee shall give
the Holders of Securities of such series notice of such default as and to the extent provided by
the Trust Indenture Act; provided, however, that in the case of any default of the character
specified in Section 5.1(4) with respect to Securities of such series, no such notice to Holders

35

 

shall be given until at least 30 days after the occurrence thereof. For the purpose of this
Section, the term “default” means any event which is, or after notice or lapse of time or both
would become, an Event of Default with respect to Securities of such series.

			
	SECTION 6.3	 	CERTAIN RIGHTS OF TRUSTEE.

     Subject to the provisions of Section 6.1:

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

     (b) any request or direction of the Company mentioned herein shall be sufficiently
evidenced by a Company Request or Company Order and any resolution of the Board of Directors
may be sufficiently evidenced by a Board Resolution;

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

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

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

     (f) the Trustee shall not be bound to make any investigation into the facts or matters
stated in any resolution, certificate, statement, instrument, opinion, report, notice,
request, direction, consent, order, bond, debenture, note, other evidence of indebtedness 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, and, if the Trustee shall
determine to make such further inquiry or investigation, it shall be entitled to examine the
books, records and premises of the Company, personally or by agent or attorney;

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

36

 

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

     (i) the Trustee shall not be charged with knowledge of any default or Event of Default
with respect to the Securities, unless either (1) a Responsible Officer shall have actual
knowledge of such default or Event of Default or (2) written notice of such default or Event
of Default shall have been given to the Trustee by the Company or by any Holder of the
Securities; and

     (j) the permissive rights of the Trustee enumerated herein shall not be construed as
duties.

			
	SECTION 6.4	 	NOT RESPONSIBLE FOR RECITALS OR ISSUANCE OF SECURITIES.

     The recitals contained herein and in the Securities, except the Trustee’s certificates of
authentication, shall be taken as the statements of the Company, and the Trustee or any
Authenticating Agent assumes no responsibility for their correctness. The Trustee makes no
representations as to the validity or sufficiency of this Indenture or of the Securities. The
Trustee or any Authenticating Agent shall not be accountable for the use or application by the
Company of Securities or the proceeds thereof.

			
	SECTION 6.5	 	MAY HOLD SECURITIES.

     The Trustee, any Authenticating Agent, any Paying Agent, any Security Registrar or any other
agent of the Company, in its individual or any other capacity, may become the owner or pledgee of
Securities and, subject to Sections 6.8 and 6.13, may otherwise deal with the Company with the same
rights it would have if it were not Trustee, Authenticating Agent, Paying Agent, Security Registrar
or such other agent.

			
	SECTION 6.6	 	MONEY HELD IN TRUST.

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

			
	SECTION 6.7	 	COMPENSATION AND REIMBURSEMENT.

     The Company agrees:

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

     (2) except as otherwise expressly provided herein, to reimburse the Trustee upon its
request for all reasonable expenses, disbursements and advances incurred or made by the
Trustee in accordance with any provision of this Indenture (including the reasonable
compensation and the expenses and disbursements of its agents and counsel),

37

 

except any such expense, disbursement or advance as may be attributable to its
negligence or bad faith; and

     (3) to indemnify the Trustee for, and to hold it harmless against, any loss, liability
or expense incurred without negligence or bad faith on its part, arising out of or in
connection with the acceptance or administration of the trust or trusts hereunder, including
the reasonable costs and expenses of defending itself against any claim or liability in
connection with the exercise or performance of any of its powers or duties hereunder.

     To secure the Company’s obligations under this Section, the Trustee shall have a lien prior to
the Securities upon all money or property held or collected by the Trustee in its capacity as
Trustee, except for such money and property which is held in trust to pay principal (and premium,
if any) or interest on particular Securities.

     When the Trustee incurs any expenses or renders any services after the occurrence of an Event
of Default specified in Section 5.1(5) or (6), such expenses and the compensation for such services
are intended to constitute expenses of administration under the United States Bankruptcy Code
(Title 11 of the United States Code) or any similar federal or state law for the relief of debtors.

     The obligations of the Company under this Section to compensate the Trustee, to pay or
reimburse the Trustee for expenses, disbursements and advances and to indemnify and hold harmless
the Trustee shall constitute additional indebtedness hereunder and shall survive the satisfaction
and discharge of this Indenture and the removal and resignation of the Trustee.

			
	SECTION 6.8	 	DISQUALIFICATION; CONFLICTING INTERESTS.

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

			
	SECTION 6.9	 	CORPORATE TRUSTEE REQUIRED; ELIGIBILITY.

     There shall at all times be a Trustee hereunder which shall be a Person that is eligible
pursuant to the Trust Indenture Act to act as such and has a combined capital and surplus of at
least $50,000,000. If such Person publishes reports of condition at least annually, pursuant to law
or to the requirements of said supervising or examining authority, then for the purposes of this
Section, the combined capital and surplus of such Person shall be deemed to be its combined capital
and surplus as set forth in its most recent report of condition so published. If at any time the
Trustee shall cease to be eligible in accordance with the provisions of this Section, it shall
resign immediately in the manner and with the effect hereinafter specified in this Article.

			
	SECTION 6.10	 	RESIGNATION AND REMOVAL; APPOINTMENT OF SUCCESSOR.

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

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appointment by the successor Trustee in accordance with the applicable requirements of
Section 6.11.

     (b) The Trustee may resign at any time with respect to the Securities of one or more
series by giving written notice thereof to the Company. If the instrument of acceptance by a
successor Trustee required by Section 6.11 shall not have been delivered to the Trustee
within 30 days after the giving of such notice of resignation, the resigning Trustee may
petition any court of competent jurisdiction for the appointment of a successor Trustee with
respect to the Securities of such series.

     (c) The Trustee may be removed at any time with respect to the Securities of any series
by Act of the Holders of a majority in principal amount of the Outstanding Securities of
such series, delivered to the Trustee and to the Company.

     (d) If at any time:

     (1) the Trustee shall fail to comply with Section 6.8 after written request
therefor by the Company or by any Holder who has been a bona fide Holder of a
Security for at least six months, or

     (2) the Trustee shall cease to be eligible under Section 6.9 and shall fail to
resign after written request therefor by the Company or by any such Holder, or

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

then, in any such case, (i) the Company by a Board Resolution may remove the Trustee with
respect to all securities, or (ii) subject to Section 5.14, any Holder who has been a bona
fide Holder of a Security for at least six months may, on behalf of himself and all others
similarly situated, petition any court of competent jurisdiction for the removal of the
Trustee with respect to all Securities and the appointment of a successor Trustee or
Trustees.

          (e) If the Trustee shall resign, be removed or become incapable of acting, or if a
vacancy shall occur in the office of Trustee for any cause, with respect to the Securities
of one or more series, the Company, by a Board Resolution, shall promptly appoint a
successor Trustee or Trustees with respect to the Securities of that or those series (it
being understood that any such successor Trustee may be appointed with respect to the
Securities of one or more or all of such series and that at any time there shall be only one
Trustee with respect to the Securities of any particular series) and shall comply with the
applicable requirements of Section 6.11. If, within one year after such resignation,
removal or incapability, or the occurrence of such vacancy, a successor Trustee with respect
to the Securities of any Series shall be appointed by Act of the Holders of a majority in
principal amount of the Outstanding Securities of such series delivered to the Company and
the retiring Trustee, the successor Trustee so appointed shall, forthwith

39

 

upon its acceptance of such appointment in accordance with the applicable requirements
of Section 6.11, become the successor Trustee with respect to the Securities of such series
and to that extent supersede the successor Trustee appointed by the Company. If no successor
Trustee with respect to the Securities of any Series shall have been so appointed by the
Company or the Holders and accepted appointment in the manner required by Section 6.11, any
Holder who has been a bona fide Holder of a Security of such series for at least six months
may, on behalf of himself and all others similarly situated, petition any court of competent
jurisdiction for the appointment of a successor Trustee with respect to the Securities of
such series.

     (f) The Company shall give notice of each resignation and each removal of the Trustee
with respect to the Securities of any series and each appointment of a successor Trustee
with respect to the Securities of any series to all Holders of Securities of such series in
the manner provided in Section 1.6. Each notice shall include the name of the successor
Trustee with respect to the Securities of such series and the address of its Corporate Trust
Office.

			
	SECTION 6.11	 	ACCEPTANCE OF APPOINTMENT BY SUCCESSOR.

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

     (b) In case of the appointment hereunder of a successor Trustee with respect to the
Securities of one or more (but not all) series, the Company, the retiring Trustee and each
successor Trustee with respect to the Securities of one or more series shall execute and
deliver an indenture supplemental hereto wherein each successor Trustee shall accept such
appointment and which (1) shall contain such provisions as shall be necessary or desirable
to transfer and confirm to, and to vest in, each successor Trustee all the rights, powers,
trusts and duties of the retiring Trustee with respect to the Securities of that or those
series to which the appointment of such successor Trustee relates, (2) if the retiring
Trustee is not retiring with respect to all Securities, shall contain such provisions as
shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and
duties of the retiring Trustee with respect to the Securities of that or those series as to
which the retiring Trustee is not retiring shall continue to be vested in the retiring
Trustee, and (3) shall add to or change any of the provisions of this Indenture as shall be
necessary to provide for or facilitate the administration of the trusts hereunder by more
than one Trustee, it being understood that nothing herein or in such supplemental indenture
shall constitute such Trustees co-trustees of the same trust and that each such Trustee
shall be

40

 

trustee of a trust or trusts hereunder separate and apart from any trust or trusts
hereunder administered by any other such Trustee; and upon the execution and delivery of
such supplemental indenture the resignation or removal of the retiring Trustee shall become
effective to the extent provided therein and each such successor Trustee, without any
further act, deed or conveyance, shall become vested with all the rights, powers, trusts and
duties of the retiring Trustee with respect to the Securities of that or those series to
which the appointment of such successor Trustee relates; but, on request of the Company or
any successor Trustee, such retiring Trustee shall duly assign, transfer and deliver to such
successor Trustee all property and money held by such retiring Trustee hereunder with
respect to the Securities of that or those series to which the appointment of such successor
Trustee relates.

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

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

			
	SECTION 6.12	 	MERGER, CONVERSION, CONSOLIDATION OR SUCCESSION TO BUSINESS.

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

			
	SECTION 6.13	 	PREFERENTIAL COLLECTION OF CLAIMS AGAINST COMPANY.

     If and when the Trustee shall be or become a creditor of the Company (or any other obligor
upon the Securities), the Trustee shall be subject to the provisions of the Trust Indenture Act
regarding the collection of claims against the Company (or any such other obligor).

			
	SECTION 6.14	 	APPOINTMENT OF AUTHENTICATING AGENT.

     The Trustee may appoint an Authenticating Agent or Agents (which may be an affiliate of the
Company) with respect to one or more series of Securities which shall be authorized to act on
behalf of the Trustee to authenticate Securities of such series issued upon original issue and upon
exchange, registration of transfer or partial redemption thereof or pursuant to Section 3.6, and
Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid
and obligatory for all purposes as if authenticated by the Trustee hereunder. Wherever reference

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is made in this Indenture to the authentication and delivery of Securities by the Trustee or
the Trustee’s certificate of authentication, such reference shall be deemed to include
authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate
of authentication executed on behalf of the Trustee by an Authenticating Agent. Each Authenticating
Agent shall be acceptable to the Company and shall at all times be a corporation organized and
doing business under the laws of the United States of America, any State thereof or the District of
Columbia, authorized under such laws to act as Authenticating Agent, having a combined capital and
surplus of not less than $50,000,000 and subject to supervision or examination by Federal or State
authority. If such Authenticating Agent publishes reports of condition at least annually, pursuant
to law or to the requirements of said supervising or examining authority, then for the purposes of
this Section, the combined capital and surplus of such Authenticating Agent shall be deemed to be
its combined capital and surplus as set forth in its most recent report of condition so published.
If at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions
of this Section, such Authenticating Agent shall resign immediately in the manner and with the
effect specified in this Section.

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

     An Authenticating Agent may resign at any time by giving written notice thereof to the Trustee
and to the Company. The Trustee may at any time terminate the agency of an Authenticating Agent by
giving written notice thereof to such Authenticating Agent and to the Company. Upon receiving such
a notice of resignation or upon such a termination, or in case at any time such Authenticating
Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee may
appoint a successor Authenticating Agent which shall be acceptable to the Company and shall mail
written notice of such appointment by first-class mail, postage prepaid, to all Holders of
Securities of the series with respect to which such Authenticating Agent will serve, as their names
and addresses appear in the Security Register. Any successor Authenticating Agent upon acceptance
of its appointment hereunder shall become vested with all the rights, powers and duties of its
predecessor hereunder, with like effect as if originally named as an Authenticating Agent. No
successor Authenticating Agent shall be appointed unless eligible under the provisions of this
Section.

     The Company agrees to pay to each Authenticating Agent from time to time reasonable
compensation for its services under this Section.

     If an appointment with respect to one or more series is made pursuant to this Section, the
Securities of such series may have endorsed thereon, in addition to the Trustee’s certificate of
authentication, an alternative certificate of authentication in the following form:

     “This is one of the Securities of the series designated therein referred to in
the within-mentioned Indenture.

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	 	 	[NAME OF TRUSTEE],	 	 
	 	 	As Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

As Authenticating Agent
	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Authorized Officer”
	 	 

ARTICLE VII

HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY

			
	SECTION 7.1	 	COMPANY TO FURNISH TRUSTEE NAMES AND ADDRESSES OF HOLDERS.

     The Company will furnish or cause to be furnished to the Trustee:

     (a) semi-annually, not later than May 1 and November 1 in each year, a list for each
series, in such form as the Trustee may reasonably require, of the names and addresses of
the Holders of Securities of such series as of the preceding April 15 or October 15, as the
case may be, and

     (b) at such other times as the Trustee may request in writing, within 30 days after the
receipt by the Company of any such request, a list of similar form and content as of a date
not more than 15 days prior to the time such list is furnished;

provided, however, that so long as the Trustee is the Security Registrar no such list need be
furnished.

			
	SECTION 7.2	 	PRESERVATION OF INFORMATION; COMMUNICATIONS TO HOLDERS.

     (a) The Trustee shall preserve, in as current a form as is reasonably practicable, the
names and addresses of Holders contained in the most recent list furnished to the Trustee as
provided in Section 7.1 and the names and addresses of Holders received by the Trustee in
its capacity as Security Registrar. The Trustee may destroy any list furnished to it as
provided in Section 7.1 upon receipt of a new list so furnished.

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

     (c) Every Holder of Securities, by receiving and holding the same, agrees with the
Company and the Trustee that neither the Company nor the Trustee nor any agent of either of
them shall be held accountable by reason of any disclosure of information as to names and
addresses of Holders made pursuant to the Trust Indenture Act.

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	SECTION 7.3	 	REPORTS BY TRUSTEE.

     (a) The Trustee shall transmit to Holders such reports concerning the Trustee and its
actions under this Indenture as may be required pursuant to the Trust Indenture Act at the
times and in the manner provided pursuant thereto. To the extent that any such report is
required by the Trust Indenture Act with respect to any 12-month period, such report shall
cover the 12-month period ending March 15 and shall be transmitted by the next succeeding
March 15.

     (b) A copy of each such report shall, at the time of such transmission to Holders, be
filed by the Trustee with each stock exchange upon which any Securities are listed, with the
Commission and with the Company. The Company will notify the Trustee when any Securities are
listed on any stock exchange.

			
	SECTION 7.4	 	REPORTS BY COMPANY.

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

ARTICLE VIII

CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE

			
	SECTION 8.1	 	COMPANY MAY CONSOLIDATE, ETC., ONLY ON CERTAIN TERMS.

     The Company shall not consolidate with or merge into any other Person or convey, transfer or
lease its properties and assets substantially as an entirety to any Person, and the Company shall
not permit any Person to consolidate with or merge into the Company or convey, transfer or lease
its properties and assets substantially as an entirety to the Company, unless:

     (1) in case the Company shall consolidate with or merge into another Person or convey,
transfer or lease its properties and assets substantially as an entirety to any Person, the
Person formed by such consolidation or into which the Company is merged or the Person which
acquires by conveyance or transfer, or which leases, the properties and assets of the
Company substantially as an entirety shall be a corporation and shall expressly assume, by
an indenture supplemental hereto, executed and delivered to the Trustee, in form
satisfactory to the Trustee, the due and punctual payment of the principal of and any
premium and interest on all the Securities and the performance or observance of every
covenant of this Indenture on the part of the Company to be performed or observed;

     (2) immediately after giving effect to such transaction and treating any indebtedness
which becomes an obligation of the Company or a Subsidiary as a result of such transaction
as having been incurred by the Company or such Subsidiary at the time

44

 

of such transaction, no Event of Default, and no event which, after notice or lapse of
time or both, would become an Event of Default, shall have happened and be continuing; and

     (3) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of
Counsel, each stating that such consolidation, merger, conveyance, transfer or lease and, if
a supplemental indenture is required in connection with such transaction, such supplemental
indenture comply with this Article and that all conditions precedent herein provided for
relating to such transaction have been complied with;

provided, however, the Company may, without the consent of the Holder or Holders of any series of
Securities, convey or transfer its assets substantially as an entirety to any Person in connection
with a transfer that is assisted or sponsored by a Federal bank regulatory authority, and in such
case the Company’s obligations under the Indenture need not be assumed by the entity acquiring such
assets.

			
	SECTION 8.2	 	SUCCESSOR SUBSTITUTED.

     Upon any consolidation of the Company with, or merger of the Company into, any other Person or
any conveyance, transfer or lease of the properties and assets of the Company substantially as an
entirety in accordance with Section 8.1, the successor Person formed by such consolidation or into
which the Company is merged or to which such conveyance, transfer or lease is made shall succeed
to, and be substituted for, and may exercise every right and power of, the Company under this
Indenture with the same effect as if such successor Person had been named as the Company herein,
and thereafter, except in the case of a lease, the predecessor Person shall be relieved of all
obligations and covenants under this Indenture and the Securities.

ARTICLE IX

SUPPLEMENTAL INDENTURES

			
	SECTION 9.1	 	SUPPLEMENTAL INDENTURES WITHOUT CONSENT OF HOLDERS.

     Without the consent of any Holders, the Company, when authorized by a Board Resolution, and
the Trustee, at any time and from time to time, may enter into one or more indentures supplemental
hereto, in form satisfactory to the Trustee, for any of the following purposes:

     (1) to evidence the succession of another Person to the Company and the assumption by
any such successor of the covenants of the Company herein and in the Securities; or

     (2) to add to the covenants of the Company for the benefit of the Holders of all or any
series of Securities (and if such covenants are to be for the benefit of less than all
series of Securities, stating that such covenants are expressly being included solely for
the benefit of such series) or to surrender any right or power herein conferred upon the
Company; or

     (3) to add any additional Events of Default; or

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     (4) to add to or change any of the provisions of this Indenture to such extent as shall
be necessary to permit or facilitate the issuance of Securities in bearer form, registrable
or not registrable as to principal, and with or without interest coupons, or to permit or
facilitate the issuance of Securities in uncertificated form; or

     (5) to add to, change or eliminate any of the provisions of this Indenture in respect
of one or more series of Securities, provided that any such addition, change or elimination
(i) shall neither (A) apply to any Security of any series created prior to the execution of
such supplemental indenture and entitled to the benefit of such provision nor (B) modify the
rights of the Holder of any such Security with respect to such provision or (ii) shall
become effective only when there is no such Security Outstanding; or

     (6) to secure the Securities; or

     (7) to establish the form or terms of Securities of any series as permitted by Sections
2.1 and 3.1; or

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

     (9) to provide that Securities of any Series may be convertible into other securities
or other property and to set forth the terms and conditions of conversion of any such
convertible Securities; or

     (10) to cure any ambiguity, to correct or supplement any provision herein which may be
inconsistent with any other provision herein, or to make any other provisions with respect
to matters or questions arising under this Indenture, provided that such action pursuant to
this clause (10) shall not adversely affect the interests of the Holders of Securities of
any series in any material respect.

			
	SECTION 9.2	 	SUPPLEMENTAL INDENTURES WITH CONSENT OF HOLDERS.

     With the consent of the Holders of not less than a majority in principal amount of the
Outstanding Securities of each series affected by such supplemental indenture, by Act of said
Holders delivered to the Company and the Trustee, the Company, when authorized by a Board
Resolution, and the Trustee may enter into an indenture or indentures supplemental hereto for the
purpose of adding any provisions to or changing in any manner or eliminating any of the provisions
of this Indenture or of modifying in any manner the rights of the Holders of Securities of such
series under this Indenture; provided, however, that no such supplemental indenture shall, without
the consent of the Holder of each Outstanding Security affected thereby,

     (1) change the Stated Maturity of the principal of, or any installment of principal of
or interest on, any Security, or reduce the principal amount thereof or the rate of interest
thereon or any premium payable upon the redemption thereof, or reduce the amount of the
principal of an Original Issue Discount Security that would be due and

46

 

payable upon a declaration of acceleration of the Maturity thereof pursuant to Section
5.2, or adversely affect any right of repayment at the option of the Holder of any Security,
or reduce the amount of, or postpone the date fixed for, the payment of any sinking fund
payment or analogous obligation, or change the coin or currency in which, any Security or
any premium or interest thereon is payable, or impair the right to institute suit for the
enforcement of any such payment on or after the Stated Maturity thereof (or, in the case of
redemption, on or after the Redemption Date), or

     (2) reduce the percentage in principal amount of the Outstanding Securities of any
series, the consent of whose Holders is required for any such supplemental indenture, or the
consent of whose Holders is required for any waiver of certain defaults hereunder and their
consequences provided for in this Indenture, or

     (3) modify any of the provisions of this Section, Section 5.13 or Section 10.8, except
to increase any such percentage referred to herein or therein or to provide that certain
other provisions of this Indenture cannot be modified or waived without the consent of the
Holder of each Outstanding Security affected thereby, provided, however, that this clause
shall not be deemed to require the consent of any Holder with respect to changes in the
references to “the Trustee” and concomitant changes in this Section, or the deletion of this
proviso, in accordance with the requirements of Sections 6.11(b) and 9.1(8).

A supplemental indenture which changes or eliminates any covenant or other provision of this
Indenture which has expressly been included solely for the benefit of one or more particular series
of Securities, or which modifies the rights of the Holders of Securities of such series with
respect to such covenant or other provision, shall be deemed not to affect the rights under this
Indenture of the Holders of Securities of any other series.

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

			
	SECTION 9.3	 	EXECUTION OF SUPPLEMENTAL INDENTURES.

     In executing, or accepting the additional trusts created by, any supplemental indenture
permitted by this Article or the modifications thereby of the trusts created by this Indenture, the
Trustee shall be entitled to receive, in addition to the documents required by Section 1.2, and
(subject to Section 6.1) shall be fully protected in relying upon, an Opinion of Counsel stating
that the execution of such supplemental indenture is authorized or permitted by this Indenture. The
Trustee may, but shall not be obligated to, enter into any such supplemental indenture which
affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise.

			
	SECTION 9.4	 	EFFECT OF SUPPLEMENTAL INDENTURES.

     Upon the execution of any supplemental indenture under this Article, this Indenture shall be
modified in accordance therewith, and such supplemental indenture shall form a part of this
Indenture for all purposes; and every Holder of Securities theretofore or thereafter authenticated
and delivered hereunder shall be bound thereby.

47

 

			
	SECTION 9.5	 	CONFORMITY WITH TRUST INDENTURE ACT.

     Every supplemental indenture executed pursuant to this Article shall conform to the
requirements of the Trust Indenture Act.

			
	SECTION 9.6	 	REFERENCE IN SECURITIES TO SUPPLEMENTAL INDENTURES.

     Securities of any series authenticated and delivered after the execution of any supplemental
indenture pursuant to this Article may, and shall, if required by the Trustee, bear a notation in
form approved by the Trustee as to any matter provided for in such supplemental indenture. If the
Company shall so determine, new Securities of any series so modified as to conform, in the opinion
of the Trustee and the Company, to any such supplemental indenture may be prepared and executed by
the Company and authenticated and delivered by the Trustee in exchange for Outstanding Securities
of such series.

ARTICLE X

COVENANTS

			
	SECTION 10.1	 	PAYMENT OF PRINCIPAL, PREMIUM AND INTEREST.

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

			
	SECTION 10.2	 	MAINTENANCE OF OFFICE OR AGENCY.

     The Company will maintain in each Place of Payment for any series of Securities an office or
agency where Securities of that series may be presented or surrendered for payment, where
Securities of that series may be surrendered for registration of transfer or exchange and where
notices and demands to or upon the Company in respect of the Securities of that series and this
Indenture may be served. The Company will give prompt written notice to the Trustee of the
location, and any change in the location, of such office or agency. If at any time the 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 of the Trustee, and the Company hereby appoints the Trustee as its agent
to receive all such presentations, surrenders, notices and demands.

     The Company may also from time to time designate one or more other offices or agencies where
the Securities of one or more series may be presented or surrendered for any or all such purposes
and may from time to time rescind such designations; provided, however, that no such designation or
rescission shall in any manner relieve the Company of its obligation to maintain an office or
agency in each Place of Payment for Securities of any series for such purposes. The Company will
give prompt written notice to the Trustee of any such designation or rescission and of any change
in the location of any such other office or agency.

48

 

			
	SECTION 10.3	 	MONEY FOR SECURITIES PAYMENTS TO BE HELD IN TRUST.

     If the Company shall at any time act as its own Paying Agent with respect to any series of
Securities, it will, on or before each due date of the principal of or any premium or interest on
any of the Securities of that series, segregate and hold in trust for the benefit of the Persons
entitled thereto a sum sufficient to pay the principal and any premium and interest so becoming due
until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will
promptly notify the Trustee of its action or failure to act.

     Whenever the Company shall have one or more Paying Agents for any series of Securities, it
will, prior to each due date of the principal of or any premium or interest on any Securities of
that series, deposit with a Paying Agent a sum sufficient to pay such amount, such sum to be held
as provided by the Trust Indenture Act, and (unless such Paying Agent is the Trustee) the Company
will promptly notify the Trustee of its action or failure to act.

     The Company will cause each Paying Agent for any series of Securities other than the Trustee
to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the
Trustee, subject to the provisions of this Section, that such Paying Agent will (i) comply with the
provisions of the Trust Indenture Act applicable to it as a Paying Agent and (ii) during the
continuance of any default by the Company (or any other obligor upon the Securities of that series)
in the making of any payment in respect of the Securities of that series, and upon the written
request of the Trustee, forthwith pay to the Trustee all sums held in trust by such Paying Agent
for payment in respect of the Securities of that series.

     The Company may at any time, for the purpose of obtaining the satisfaction and discharge of
this Indenture or for any other purpose, pay, or by Company Order direct any Paying Agent to pay,
to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held by
the Trustee upon the same trusts as those upon which such sums were held by the Company or such
Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be
released from all further liability with respect to such money.

     Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in
trust for the payment of the principal of or any premium or interest on any Security of any series
and remaining unclaimed for two years after such principal, premium or interest has become due and
payable shall be paid to the Company on Company Request, or (if then held by the Company) shall be
discharged from such trust; and the Holder of such Security shall thereafter, as an unsecured
general creditor, look only to the Company for payment thereof, and all liability of the Trustee or
such Paying Agent with respect to such trust money, and all liability of the Company as trustee
thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before
being required to make any such repayment, may at the expense of the Company cause to be published
once, in a newspaper published in the English language, customarily published on each Business Day
and of general circulation in the City of New York, notice that such money remains unclaimed and
that, after a date specified therein, which shall not be less than 30 days from the date of such
publication, any unclaimed balance of such money then remaining will be repaid to the Company.

49

 

			
	SECTION 10.4	 	STATEMENT BY OFFICERS AS TO DEFAULT.

     The Company will deliver to the Trustee, within 120 days after the end of each fiscal year of
the Company ending after the date hereof, an Officers’ Certificate (one of the signers of which
shall be the principal executive officer, principal financial officer or principal accounting
officer of the Company), stating whether or not to the best knowledge of the signers thereof the
Company is in default in the performance and observance of any of the terms, provisions and
conditions of this Indenture (without regard to any period of grace or requirement of notice
provided hereunder) and, if the Company shall be in default, specifying all such defaults and the
nature and status thereof of which they may have knowledge.

			
	SECTION 10.5	 	EXISTENCE.

     Subject to Article VIII, the Company will do or cause to be done all things necessary to
preserve and keep in full force and effect its existence, rights (charter and statutory) and
franchises; provided, however, that the Company shall not be required to preserve any such right or
franchise if the Board of Directors shall determine that the preservation thereof is no longer
desirable in the conduct of the business of the Company and that the loss thereof is not and is not
reasonably likely to be disadvantageous in any material respect to the Holders.

			
	SECTION 10.6	 	MAINTENANCE OF PROPERTIES.

     The Company will cause all properties used or useful in the conduct of its business or the
business of any Subsidiary to be maintained and kept in good condition, repair and working order
and supplied with all necessary equipment and will cause to be made all necessary repairs,
renewals, replacements, betterments and improvements thereof, all as in the judgment of the Company
may be necessary so that the business carried on in connection therewith may be properly and
advantageously conducted at all times; provided, however, that nothing in this Section shall
prevent the Company from discontinuing the operation or maintenance of any of such properties if
such discontinuance is, in the judgment of the Company, desirable in the conduct of its business or
the business of any Subsidiary and not disadvantageous in any material respect to the Holders.

			
	SECTION 10.7	 	PAYMENT OF TAXES AND OTHER CLAIMS.

     The Company will pay or discharge or cause to be paid or discharged, before the same shall
become delinquent, (1) all taxes, assessments and governmental charges levied or imposed upon the
Company or any Subsidiary or upon the income, profits or property of the Company or any Subsidiary,
and (2) all lawful claims for labor, materials and supplies which, if unpaid, might by law become a
lien upon the property of the Company or any Subsidiary; provided, however, that the Company shall
not be required to pay or discharge or cause to be paid or discharged any such tax, assessment,
charge or claim whose amount, applicability or validity is being contested in good faith by
appropriate proceedings and for which adequate provision is made.

			
	SECTION 10.8	 	WAIVER OF CERTAIN COVENANTS.

     The Company may omit in any particular instance to comply with any term, provision or
condition set forth in Sections 10.5 to 10.7, inclusive, with respect to the Securities of any
series

50

 

if before the time for such compliance the Holders of a majority in principal amount of the
Outstanding Securities of such series shall, by act of such Holders, either waive such compliance
in such instance or generally waive compliance with such term, provision or condition, but no such
waiver shall extend to or affect such term, provision or condition except to the extent so
expressly waived, and, until such waiver shall become effective, the obligations of the Company and
the duties of the Trustee in respect of any such term, provision or condition shall remain in full
force and effect.

ARTICLE XI

REDEMPTION OF SECURITIES

			
	SECTION 11.1	 	APPLICABILITY OF ARTICLE.

     Securities of any series which are redeemable before their Stated Maturity shall be redeemable
in accordance with their terms and (except as otherwise specified as contemplated by Section 3.1
for Securities of any series) in accordance with this Article.

			
	SECTION 11.2	 	ELECTION TO REDEEM; NOTICE TO TRUSTEE.

     The election of the Company to redeem any Securities shall be evidenced by a Board Resolution.
In case of any redemption at the election of the Company of less than all the Securities of any
series, the Company shall, at least 60 days prior to the Redemption Date fixed by the Company
(unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee of such
Redemption Date, of the principal amount of Securities of such series to be redeemed and, if
applicable, of the tenor of the Securities to be redeemed. In the case of any redemption of
Securities prior to the expiration of any restriction on such redemption provided in the terms of
such Securities or elsewhere in this Indenture, the Company shall furnish the Trustee with an
Officers’ Certificate evidencing compliance with such restriction.

			
	SECTION 11.3	 	SELECTION BY TRUSTEE OF SECURITIES TO BE REDEEMED.

     If less than all the Securities of any series are to be redeemed (unless all of the Securities
of such series and of a specified tenor are to be redeemed), the particular Securities to be
redeemed shall be selected not more than 60 days prior to the Redemption Date by the Trustee, from
the Outstanding Securities of such series not previously called for redemption, by such method as
the Trustee shall deem fair and appropriate and which may provide for the selection for redemption
of portions (equal to the minimum authorized denomination for Securities of that series or any
integral multiple thereof) of the principal amount of Securities of such series of a denomination
larger than the minimum authorized denomination for Securities of that series. If less than all of
the Securities of such series and of a specified tenor are to be redeemed, the particular
Securities to be redeemed shall be selected not more than 60 days prior to the Redemption Date by
the Trustee, from the Outstanding Securities of such series and specified tenor not previously
called for redemption in accordance with the preceding sentence.

     The Trustee shall promptly notify the Company in writing of the Securities selected for
redemption and, in the case of any Securities selected for partial redemption, the principal amount
thereof to be redeemed.

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

			
	SECTION 11.4	 	NOTICE OF REDEMPTION.

     Notice of redemption shall be given by first-class mail, postage prepaid, mailed not less than
30 nor more than 60 days prior to the Redemption Date, to each Holder of Securities to be redeemed,
at his address appearing in the Security Register.

     All notices of redemption shall state:

     (1) the Redemption Date,

     (2) the Redemption Price and accrued interest, if any,

     (3) if less than all the Outstanding Securities of any series are to be redeemed, the
identification (and, in the case of partial redemption of any Securities, the principal
amounts) of the particular Securities to be redeemed,

     (4) that on the Redemption Date the Redemption Price and accrued interest, if any, will
become due and payable upon each such Security to be redeemed and, if applicable, that
interest thereon will cease to accrue on and after said date,

     (5) the place or places where such Securities are to be surrendered for payment of the
Redemption Price and accrued interest, if any,

     (6) that the redemption is for a sinking fund, if such is the case, and

     (7) the CUSIP numbers, if any, of the Securities to be redeemed.

     Notice of redemption of Securities to be redeemed at the election of the Company shall be
given by the Company or, at the Company’s request, by the Trustee in the name and at the expense of
the Company and shall be irrevocable.

			
	SECTION 11.5	 	DEPOSIT OF REDEMPTION PRICE.

     Prior to 10:00 a.m., New York City Time, on any Redemption Date, the Company shall deposit
with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent,
segregate and hold in trust as provided in Section 10.3) an amount of money sufficient to pay the
Redemption Price of, and (except if the Redemption Date shall be an Interest Payment Date) accrued
interest on, all the Securities which are to be redeemed on that date.

			
	SECTION 11.6	 	SECURITIES PAYABLE ON REDEMPTION DATE.

     Notice of redemption having been given as aforesaid, the Securities so to be redeemed shall,
on the Redemption Date, become due and payable at the Redemption Price therein

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specified, and from and after such date (unless the Company shall default in the payment of
the Redemption Price and accrued interest) such Securities shall cease to bear interest. Upon
surrender of any such Security for redemption in accordance with said notice, such Security shall
be paid by the Company at the Redemption Price, together with accrued interest to the Redemption
Date; provided, however, that, unless otherwise specified as contemplated by Section 3.1,
installments of interest whose Stated Maturity is on or prior to the Redemption Date shall be
payable to the Holders of such Securities, or one or more Predecessor Securities, registered as
such at the close of business on the relevant Record Dates according to their terms and the
provisions of Section 3.7.

     If any Security called for redemption shall not be so paid upon surrender thereof for
redemption, the principal and any premium shall, until paid, bear interest from the Redemption Date
at the rate prescribed therefor in the Security.

			
	SECTION 11.7	 	SECURITIES REDEEMED IN PART.

     Any Security which is to be redeemed only in part shall be surrendered at a Place of Payment
therefor (with, if the Company or the Trustee so requires, due endorsement by, or a written
instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the
Holder thereof or his attorney duly authorized in writing), and the Company shall execute, and the
Trustee shall authenticate and deliver to the Holder of such Security without service charge, a new
Security or Securities of the same series and of like tenor, of any authorized denomination as
requested by such Holder, in aggregate principal amount equal to and in exchange for the unredeemed
portion of the principal of the Security so surrendered.

ARTICLE XII

SINKING FUNDS

			
	SECTION 12.1	 	APPLICABILITY OF ARTICLE.

     The provisions of this Article shall be applicable to any sinking fund for the retirement of
Securities of a series except as otherwise specified as contemplated by Section 3.1 for Securities
of such series.

     The minimum amount of any sinking fund payment provided for by the terms of Securities of any
series is herein referred to as a “mandatory sinking fund payment”, and any payment in excess of
such minimum amount provided for by the terms of Securities of any series is herein referred to as
an “optional sinking fund payment”. If provided for by the terms of Securities of any series, the
cash amount of any sinking fund payment may be subject to reduction as provided in Section 12.2.
Each sinking fund payment shall be applied to the redemption of Securities of any series as
provided for by the terms of Securities of such series.

			
	SECTION 12.2	 	SATISFACTION OF SINKING FUND PAYMENTS WITH SECURITIES.

     The Company (1) may deliver Securities of a series (other than any previously called for
redemption) and (2) may apply as a credit Securities of a series which theretofore have been
redeemed or otherwise acquired by the Company either at the election of the Company pursuant to the
terms of such Securities or through the application of permitted optional sinking fund

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payments pursuant to the terms of such Securities, in each case in satisfaction of all or any
part of any sinking fund payment with respect to the Securities of such series required to be made
pursuant to the terms of such Securities as provided for by the terms of such series; provided that
such Securities have not been previously so credited. Such Securities shall be received and
credited for such purpose by the Trustee at the Redemption Price specified in such Securities for
redemption through operation of the sinking fund and the amount of such sinking fund payment shall
be reduced accordingly.

			
	SECTION 12.3	 	REDEMPTION OF SECURITIES FOR SINKING FUND.

     Not less than 90 days prior to each sinking fund payment date for any series of Securities,
the Company will deliver to the Trustee an Officers’ Certificate specifying the amount of the next
ensuing sinking fund payment for that series pursuant to the terms of that series, the portion
thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any, which
is to be satisfied by delivering and crediting Securities of that series pursuant to Section 12.2
and the basis for such credit and will also deliver to the Trustee any Securities to be so
delivered. Not less than 30 days before each such sinking fund payment date the Trustee shall
select the Securities to be redeemed upon such sinking fund payment date in the manner specified in
Section 11.3 and cause notice of the redemption thereof to be given in the name of and at the
expense of the Company in the manner provided in Section 11.4. Such notice having been duly given,
the redemption of such Securities shall be made upon the terms and in the manner stated in Sections
11.6 and 11.7.

ARTICLE XIII

DEFEASANCE AND COVENANT DEFEASANCE

			
	SECTION 13.1	 	APPLICABILITY OF ARTICLE; COMPANY’S OPTION TO EFFECT DEFEASANCE OR COVENANT
DEFEASANCE.

     If pursuant to Section 3.1 provision is made for either or both of (a) defeasance of the
Securities of a series under Section 13.2 or (b) covenant defeasance of the Securities of a series
under Section 13.3, then the provisions of such Section or Sections, as the case may be, together
with the other provisions of this Article XIII, shall be applicable to the Securities of such
series, and the Company may at its option by Board Resolution, at any time, with respect to the
Securities of such series, elect to have either Section 13.2 (if applicable) or Section 13.3 (if
applicable) be applied to the Outstanding Securities of such series upon compliance with the
conditions set forth below in this Article XIII.

			
	SECTION 13.2	 	DEFEASANCE AND DISCHARGE.

     Upon the Company’s exercise of the above option applicable to this Section, the Company shall
be deemed to have been discharged from its obligations with respect to the Outstanding Securities
of such series on and after the date the conditions precedent set forth below are satisfied
(hereinafter, “defeasance”). For this purpose, such defeasance means that the Company shall be
deemed to have paid and discharged the entire indebtedness represented by the Outstanding
Securities of such series and to have satisfied all its other obligations under such

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Securities and this Indenture, insofar as such Securities are concerned (and the Trustee, at
the expense of the Company, shall execute proper instruments acknowledging the same), except for
the following which shall survive until otherwise terminated or discharged hereunder: (A) the
rights of Holders of outstanding Securities of such series to receive, solely from the trust fund
described in Section 13.4 as more fully set forth in such Section, payments of the principal of
(and premium, if any) and interest on such Securities when such payments are due, (B) the Company’s
obligations with respect to such Securities under Sections 3.4, 3.5, 3.6, 10.2 and 10.3 and such
obligations as shall be ancillary thereto, (C) the rights, powers, trusts, duties, immunities and
other provisions in respect of the Trustee hereunder and (D) this Article XIII. Subject to
compliance with this Article XIII, the Company may exercise its option under this Section 13.2
notwithstanding the prior exercise of its option under Section 13.3 with respect to the Securities
of such series. Following a defeasance, payment of the Securities of such series may not be
accelerated because of an Event of Default.

			
	SECTION 13.3	 	COVENANT DEFEASANCE.

     Upon the Company’s exercise of the above option applicable to this Section and after the date
the conditions set forth below are satisfied (hereinafter, “covenant defeasance”), the Company
shall be released from its obligations under any covenant applicable to such Securities that is
determined pursuant to Section 3.1 to be subject to this provision, and the occurrence of an event
specified in Section 5.1(4) (with respect to any Section applicable to such Securities that are
determined pursuant to Section 3.1 to be subject to this provision) shall not be deemed to be an
Event of Default with respect to the outstanding Securities of such series. For this purpose, such
covenant defeasance means that, with respect to the Outstanding Securities of such series, the
Company may omit to comply with and shall have no liability in respect of any term, condition or
limitation set forth in any such Section whether directly or indirectly by reason of any reference
elsewhere herein to any such Section or by reason of any reference in any such Section to any other
provision herein or in any other document, but the remainder of this Indenture and such Securities
shall be unaffected thereby.

			
	SECTION 13.4	 	CONDITIONS TO DEFEASANCE OR COVENANT DEFEASANCE.

     The following shall be the conditions precedent to application of either Section 13.2 or
Section 13.3 to the Outstanding Securities of such series:

     (1) The Company shall irrevocably have deposited or caused to be deposited with the
Trustee as trust funds in trust for the purpose of making the following payments,
specifically pledged as security for, and dedicated solely to, the benefit of the Holders of
such Securities, (A) money in an amount, or (B) U.S. Government Obligations which through
the scheduled payment of principal and interest in respect thereof in accordance with their
terms will provide, not later than one day before the due date of any payment, money in an
amount, or (C) a combination thereof, sufficient, without reinvestment, in the opinion of a
nationally recognized firm of independent public accountants expressed in a written
certification thereof delivered to the Trustee, to pay and discharge, and which shall be
applied by the Trustee to pay and discharge, the principal of (and premium, if any) and
interest on the Outstanding Securities of such series on the Maturity of such principal,
premium, if any, or interest and any mandatory sinking fund payments or

55

 

analogous payments applicable to the Outstanding Securities of such series on the due
dates thereof. Before such a deposit the Company may make arrangements satisfactory to the
Trustee for the redemption of Securities at a future date or dates in accordance with
Article XI, which shall be given effect in applying the foregoing. For this purpose, “U.S.
Government Obligations” means securities that are (x) direct obligations of the United
States of America for the payment of which its full faith and credit is pledged or (y)
obligations of a Person controlled or supervised by and acting as an agency or
instrumentality of the United States of America the payment of which is unconditionally
guaranteed as a full faith and credit obligation by the United States of America, which, in
either case, are not callable or redeemable at the option of the issuer thereof, and shall
also include a depository receipt issued by a bank (as defined in Section 3(a)(2) of the
Securities Act of 1933, as amended) as custodian with respect to any such U.S. Government
Obligation or a specific payment of principal of or interest on any such U.S. Government
Obligation held by such custodian for the account of the holder of such depository receipt,
provided that (except as required by law) such custodian is not authorized to make any
deduction from the amount payable to the holder of such depository receipt from any amount
received by the custodian in respect of the U.S. Government Obligation or the specific
payment of principal of or interest on the U.S. Government Obligation evidenced by such
depository receipt.

     (2) No Event of Default or event which with notice or lapse of time or both would
become an Event of Default with respect to the Securities of such series shall have occurred
and be continuing (A) on the date of such deposit or (B) insofar as subsections 5.1(5) and
(6) are concerned, at any time during the period ending on the 123rd day after the date of
such deposit or, if longer, ending on the day following the expiration of the longest
preference period applicable to the Company in respect of such deposit (it being understood
that the condition in this Clause (B) shall not be deemed satisfied until the expiration of
such period).

     (3) Such defeasance or covenant defeasance shall not (A) cause the Trustee for the
Securities of such series to have a conflicting interest as defined in Section 6.8 or for
purposes of the Trust Indenture Act with respect to any securities of the Company or (B)
result in the trust arising from such deposit to constitute, unless it is qualified as, a
regulated investment company under the Investment Company Act of 1940, as amended.

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

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

     (6) In the case of an election under Section 13.2, the Company shall have delivered to
the Trustee an Opinion of Counsel stating that (x) the Company has received from, or there
has been published by, the Internal Revenue Service a ruling, or (y) since the date of this
Indenture there has been a change in the applicable Federal income tax

56

 

law, in either case to the effect that, and based thereon such opinion shall confirm
that, the Holders of the Outstanding Securities of such series will not recognize income,
gain or loss for Federal income tax purposes as a result of such defeasance and will be
subject to Federal income tax on the same amounts, in the same manner and at the same times
as would have been the case if such defeasance had not occurred.

     (7) In the case of an election under Section 13.3, the Company shall have delivered to
the Trustee an opinion of Counsel to the effect that the Holders of the Outstanding
Securities of such series will not recognize income, gain or loss for Federal income tax
purposes as a result of such covenant defeasance and will be subject to Federal income tax
on the same amounts, in the same manner and at the same times as would have been the case if
such covenant defeasance had not occurred.

     (8) Such defeasance or covenant defeasance shall be effected in compliance with any
additional terms, conditions or limitations which may be imposed on the Company in
connection therewith pursuant to Section 3.1.

     (9) The Company shall have delivered to the Trustee an Officers’ Certificate and an
Opinion of Counsel, each stating that all conditions precedent provided for relating to
either the defeasance under Section 13.2 or the covenant defeasance under Section 13.3 (as
the case may be) have been complied with.

			
	SECTION 13.5	 	DEPOSITED MONEY AND U.S. GOVERNMENT OBLIGATIONS TO BE HELD IN TRUST; OTHER
MISCELLANEOUS PROVISIONS.

     Subject to the provisions of the last paragraph of Section 10.3, all money and U.S. Government
Obligations (including the proceeds thereof) deposited with the Trustee pursuant to Section 13.4 in
respect of the Outstanding Securities of such series shall be held in trust and applied by the
Trustee, in accordance with the provisions of such Securities and this Indenture, to the payment,
either directly or through any Paying Agent (but not including the Company acting as its own Paying
Agent) as the Trustee may determine, to the Holders of such Securities, of all sums due and to
become due thereon in respect of principal (and premium, if any) and interest, but such money need
not be segregated from other funds except to the extent required by law.

     The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed
on or assessed against the money or U.S. Government Obligations deposited pursuant to Section 13.4
or the principal and interest received in respect thereof.

     Anything herein to the contrary notwithstanding, the Trustee shall deliver or pay to the
Company from time to time upon Company Request any money or U.S. Government Obligations held by it
as provided in Section 13.4 which, in the opinion of a nationally recognized firm of independent
public accountants expressed in a written certification thereof delivered to the Trustee, are in
excess of the amount thereof which would then be required to be deposited to effect an equivalent
defeasance or covenant defeasance.

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	SECTION 13.6	 	REINSTATEMENT.

     If the Trustee or the Paying Agent is unable to apply any money in accordance with Section
13.5 by reason of any order or judgment of any court or governmental authority enjoining,
restraining or otherwise prohibiting such application, then the Company’s obligations under the
Securities of such series shall be revived and reinstated as though no deposit had occurred
pursuant to this Article XIII until such time as the Trustee or Paying Agent is permitted to apply
all such money in accordance with Section 13.5; provided, however, that if the Company makes any
payment of principal of (and premium, if any) or interest on any such Security following the
reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of
such Securities to receive such payment from the money held by the Trustee or the Paying Agent.

*       *       *       *      *

     This instrument may be executed in any number of counterparts, each of which so executed shall
be deemed to be an original, but all such counterparts shall together constitute but one and the
same instrument.

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

	 	 	 	 	 	 	 
	 	 	COMERICA INCORPORATED	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	ATTEST
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	By:                                                            
	 	 	 	 	 	 
	Title:                                                            
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	[NAME OF TRUSTEE],	 	 
	 	 	As Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 

59

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