Document:

EX-4.2

 

EXHIBIT
4.2

Rule 144A Global Security

WYNDHAM WORLDWIDE CORPORATION

Form
of 6.00% Senior Notes Due 2016

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

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS
SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED,
TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH
REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH
REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN
BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO
OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION
TERMINATION DATE”) THAT IS TWO YEARS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND
THE LAST DATE ON WHICH THE ISSUER OR ANY AFFILIATE OF THE ISSUER WAS THE OWNER OF THIS
SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY), ONLY (A) TO THE ISSUER, (B) PURSUANT TO A
REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR
SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE
SECURITIES ACT, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS
DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE
ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS
BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES THAT OCCUR OUTSIDE
THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, OR (E)
PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT, SUBJECT TO THE ISSUER’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER,
SALE OR TRANSFER

 

 

PURSUANT TO CLAUSES (D) OR (E) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL,
CERTIFICATION AND/ OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE
REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE.

     THIS SECURITY IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS SECURITY)
OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE
TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (A) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS
MAY BE REQUIRED PURSUANT TO SECTION 2.04 OF THE INDENTURE, (B) THIS SECURITY MAY BE EXCHANGED IN
WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.15(B) OF THE INDENTURE, (C) THIS SECURITY MAY BE
DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.13 OF THE INDENTURE AND (D) EXCEPT
AS OTHERWISE PROVIDED IN SECTION 2.15(B) OF THE INDENTURE, THIS SECURITY MAY BE TRANSFERRED, IN
WHOLE BUT NOT IN PART, ONLY (X) BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, (Y) BY A NOMINEE
OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR (Z) BY THE DEPOSITARY
OR ANY NOMINEE TO A SUCCESSOR DEPOSITARY OR TO A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.

 

 

	 	 	 
	 

	 	CUSIP: 98310WAA6
	 

	 	ISIN: US98310WAA62
	 

	 	COMMON CODE: 027817084

6.00% Senior Notes Due 2016

			
	 	 	 
	No. 1
	 	$798,750,000

WYNDHAM WORLDWIDE CORPORATION

promises to pay to Cede & Co., or registered assigns, the principal sum of seven hundred
ninety-eight million seven hundred fifty thousand United States Dollars ($798,750,000) as such
amount may be adjusted as set forth on the Schedule of Exchanges, Redemptions, Repurchases,
Cancellations and Transfers annexed hereto on December 1, 2016.

Interest Payment Dates: June 1 and December 1, commencing June 1, 2007.

Records Dates: May 15 and November 15.

     IN WITNESS WHEREOF, the parties have caused this instrument to be duly executed.

                                                         WYNDHAM WORLDWIDE CORPORATION

	 	 	 	 	 
	 	 	 
	 	By  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

          This is one of the Notes referred to in the Indenture.

	 	 	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION

 	 
	 	By  	 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 

Dated: December 5, 2006

 

 

Additional Terms of the Notes

WYNDHAM WORLDWIDE CORPORATION

6.00% Senior Notes Due 2016

1. Indenture 

     This Security is one of a duly authorized issue of Securities of the Company, designated as
its 6.00% Senior Notes due 2016 (herein called the “Notes,” which expression includes any further
notes issued as described in Section 9 below and forming a single series therewith), issued and to
be issued under an indenture, dated as of December 5, 2006 (herein called the “Indenture”), between
WYNDHAM WORLDWIDE CORPORATION, a Delaware corporation (such company, and its successors and assigns
under the Indenture hereinafter referred to, being herein called the “Company”), and U.S. BANK
NATIONAL ASSOCIATION, as trustee (the “Trustee”), to which Indenture and all indentures
supplemental thereto relevant to the Notes reference is hereby made for a complete description of
the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee,
the Company and the Holders of the Notes. Capitalized terms used but not defined in this Note shall
have the meanings ascribed to them in the Indenture.

     Each Note is subject to, and qualified by, all such terms as set forth in the Indenture
certain of which are summarized herein and each Holder of a Note is referred to the corresponding
provisions of the Indenture for a complete statement of such terms. To the extent that there is any
inconsistency between the summary provisions set forth in the Notes and the Indenture, the
provisions of the Indenture shall govern.

2. Interest 

     (a) The Company promises to pay interest on the principal amount of this Note at the rate per
annum shown above. The Company will pay interest semi-annually on June 1 and December 1 of each
year, commencing June 1, 2007, to the Holders of record on the immediately preceding May 15 or
November 15 (each a “Record Date”). Interest on the Notes will accrue from the most recent date to
which interest has been paid or, if no interest has been paid, from December 5, 2006. Interest
shall be computed on the basis of a 360-day year of twelve 30-day months.

     The period beginning on, and including, December 5, 2006 and ending on, but excluding, the
next Interest Payment Date thereafter, and each successive six-month period beginning on, and
including, an Interest Payment Date and ending on, but excluding, the next succeeding Interest
Payment Date is herein called an “Interest Period.”

     (b) Additional Interest. The Holder of this Note is entitled to the benefits of a Registration
Rights Agreement, dated as of December 5, 2006, between the Company and the initial purchasers
named therein (the “Registration Agreement”). Capitalized terms used in this paragraph (b) but not
defined herein have the meanings assigned to them in the Registration Agreement. In the event that
neither the Registered Exchange Offer has been consummated nor the Shelf Registration Statement has
been declared effective on or prior to the 360th day following the date of the original issuance of
the Notes (each such event referred to as a

1

 

“Registration Default”), interest (the “Additional
Interest”) shall accrue (in addition to stated interest on the Notes) from and including the date
on which the first such Registration Default shall occur to but excluding the date on which all
Registration Defaults have been cured, at a rate per annum equal to 0.25% of the principal amount
of the Notes; provided, however, that such rate per annum shall increase by 0.25% per annum from
and including the 90th day after the first such Registration Default (and each successive 90th day
thereafter) unless and until all Registration Defaults have been cured; provided further, however,
that in no event shall the Additional Interest accrue at a rate in excess of 1.00% per annum. The
Additional Interest will be payable in cash semi-annually in arrears each June 1 and December 1.

3. Paying Agent, Registrar and Service Agent 

     Initially, the Trustee will act as paying agent, registrar and service agent. The Company may
appoint and change any paying agent, registrar or co-registrar and service agent without notice.
The Company or any of its Subsidiaries may act as paying agent, registrar, co-registrar or service
agent.

4. Defaults and Remedies; Waiver 

     If an Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in
aggregate principal amount of the outstanding Notes, subject to certain limitations, may declare
all the Notes due and payable immediately. In the case of an Event of Default resulting from
certain events of bankruptcy, insolvency or reorganization, the principal of (or such specified
amount) and premium, if any, on all outstanding Notes will become and be immediately due and
payable without any declaration or other act by the Trustee or any Holder of outstanding Notes.

     Holders of Notes may not enforce the Indenture or the Notes except as provided in the
Indenture. The Trustee may refuse to enforce the Indenture or the Notes unless it receives
reasonable indemnification. Subject to certain limitations, Holders of a majority in aggregate
principal amount of the Notes then outstanding may direct the Trustee in its exercise of any trust
or power under the Indenture.

     At any time after the principal of the Notes shall have been so declared due and payable (or
have become immediately due and payable), and before any judgment or decree for the payment of the
moneys due shall have been obtained or entered, the Holders of a majority in aggregate principal
amount of the Notes then outstanding under the Indenture, by written notice to the Company and the
Trustee, may rescind and annul such declaration and its consequences if (i) the Company has paid or
deposited with the Trustee a sum sufficient to pay all matured installments of interest upon all
the Notes and the principal of (and premium, if any, on) any and all Notes that shall have become
due otherwise than by acceleration (with interest upon such principal and premium, if any, and, to
the extent that such payment is enforceable under applicable law, upon overdue installments of
interest, at the rate per annum expressed in the Notes to the date of such payment or deposit) and the amount payable to the Trustee under
Section 7.07 of the Indenture and (ii) any and all existing Events of Default under the Indenture
with respect to the Notes, other than the nonpayment of principal of Notes that shall not have
become due by their terms, shall have been remedied or waived as provided in Section 6.04 of

2

 

the Indenture. No such rescission shall affect any subsequent Default or impair any right consequent
thereto.

     The Holders of a majority in principal amount of the Notes by notice to the Trustee may waive
an existing Default and its consequences except a Default in the payment of the principal amount
of, premium, if any, and accrued and unpaid interest on a Note. When a Default is waived, it is
deemed cured, but no such waiver shall extend to any subsequent or other Default or impair any
consequent right.

5. Amendment 

     In addition to any supplemental indenture otherwise authorized by the Indenture, the Company
and the Trustee may from time to time and at any time enter into supplemental indentures (which
shall conform to the provisions of the Trust Indenture Act as then in effect), without the consent
of any Holder of Notes, for one or more of the following purposes: (i) to evidence the succession
of another person to the Company and the assumption by such successor of the Company’s covenants,
agreements and obligations; (ii) to provide for the issuance of additional Notes in accordance with
the limitations set forth in the Indenture; (iii) to surrender any right or power conferred upon
the Company by the Indenture, to add to the covenants of the Company such further covenants,
restrictions, conditions or provisions for the protection of the Holders of all or any Notes as the
Board of Directors of the Company shall consider to be for the protection of the Holders of such
Notes, and to make the occurrence, or the occurrence and continuance, of a default in respect of
any such additional covenants, restrictions, conditions or provisions a Default or an Event of
Default under the Indenture; provided, however, that with respect to any such
additional covenant, restriction, condition or provision, such amendment may provide for a period
of grace after default, which may be shorter or longer than that allowed in the case of other
Defaults, may provide for an immediate enforcement upon such Default, may limit the remedies
available to the Trustee upon such Default or may limit the right of Holders of a majority in
aggregate principal amount of the Notes to waive such default; (iv) to cure any ambiguity,
omission, defect or inconsistency or correct or supplement any provision contained in the
Indenture, in any supplemental indenture or in any Notes that may be defective or inconsistent with
any other provision contained therein; (v) to convey, transfer, assign, mortgage or pledge any
property to or with the Trustee, or to make such other provisions in regard to matters or questions
arising under the Indenture as shall not adversely affect the interests of any Holders of Notes;
(vi) to modify or amend the Indenture in such a manner as to permit the qualification of the
Indenture or any supplemental indenture thereto under the Trust Indenture Act as then in effect;
(vii) to add or to change any of the provisions of the Indenture to provide that Notes in bearer
form may be registrable as to principal, to change or eliminate any restrictions on the payment of
principal or premium with respect to Notes in registered form or of principal, premium or interest
with respect to Notes in bearer form, or to permit Notes in registered form to be exchanged for
Notes in bearer form, so as to not adversely affect the interests of the Holders or any coupons in
any material respect or permit or facilitate the issuance of Notes in uncertificated form; (viii)
to secure or guarantee the Notes; (ix) to make any change that does not adversely affect the rights of any Holder; (x) to add to, change, or eliminate
any of the provisions of the Indenture with respect to the Notes, so long as any such addition,
change or elimination not otherwise permitted under the Indenture shall (A) neither apply to any
Note created prior to the execution of such supplemental indenture and entitled to the benefit of
such

3

 

provision nor modify the rights of the Holders of any such Note with respect to the benefit of
such provision or (B) become effective only when there is no such Note outstanding; or (xi) to
evidence and provide for the acceptance of appointment by a successor or separate Trustee with
respect to the Notes and to add to or change any of the provisions of the Indenture as shall be
necessary to provide for or facilitate the administration of the Indenture by more than one
Trustee.

     With the written consent (as evidenced as provided in Section 9.02 of the Indenture) of the
Holders of at least a majority in principal amount of the Notes at the time outstanding affected by
such amendment (including consents obtained in connection with a tender offer or exchange offer for
the Notes), the Company and the Trustee, may amend the Indenture without notice to any Holder;
provided that no such amendment shall, without the consent of the Holders of each Note then
outstanding and affected thereby, (i) change the percentage of principal amount of Notes whose
Holders must consent to an amendment, modification, supplement or waiver; (ii) reduce the rate of
or extend the time for payment of interest on any Note; (iii) reduce the principal of or extend the
Stated Maturity of any Note; (iv) reduce the amount payable upon the redemption of any Note or add
redemption provisions to any Note; (v) make any Note payable in money other than that stated in the
Note; or (vi) make any change in the Sections of the Indenture relating to waivers of past Defaults
and the rights of Holders to receive payments, or in the foregoing amendment and waiver provisions.
It shall not be necessary for the consent of the Holders to approve the particular form of any
proposed amendment, but it shall be sufficient if such consent approves the substance thereof.

     Any consent to an amendment or a waiver by the Holder of this Note (unless revoked as provided
in the Indenture) shall be conclusive and binding upon such Holder and upon all future Holders and
owners of this Note and any Notes that may be issued in exchange or substitution hereof,
irrespective of whether or not any notation thereof is made upon this Note or such other Notes. Any
Holder or subsequent Holder may revoke its consent if the Trustee receives the notice of revocation
before the date the amendment or waiver becomes effective. Neither the Company nor any Affiliate of
the Company shall, directly or indirectly, pay or cause to be paid any consideration, whether by
way of interest, fee or otherwise, to any Holder for or as an inducement to any consent, waiver or
amendment of any of the terms or provisions of the Indenture or the Notes unless such consideration
is offered to be paid to all Holders, ratably, that so consent, waive or agree to amend.

6. Obligations Absolute 

     No reference herein to the Indenture and no provision of this Note 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 Note at the place, at the respective times, at
the rate and in the coin or currency herein prescribed.

7. Sinking Fund 

     The Notes will not have the benefit of any sinking fund.

4

 

8. Denominations; Transfer; Exchange 

     The Notes are issuable in registered form without coupons in denominations of $1,000 principal
amount and integral multiples of $1,000 in addition thereto. When Notes are presented to the
Registrar or a co-registrar with a request to register a transfer or to exchange them for an equal
principal amount of Securities of the same Series, the Registrar shall register the transfer or
make the exchange in the manner and subject to the limitations provided in the Indenture, without
payment of any service charge but with payment of a sum sufficient to cover any transfer tax or
other governmental charge that may be imposed in connection with any registration or exchange of
Notes.

     The Company and the Registrar shall not be required (a) to issue, register the transfer of or
exchange any Notes during a period beginning at the opening of business 15 days before the day of
the mailing of a notice of redemption of Notes of that Series selected for redemption and ending at
the close of business on the day of such mailing or (b) to register the transfer or exchange of
Notes of any Series selected, called or being called for redemption as a whole or the portion being
redeemed of any such Securities selected, called or being called for redemption in part.

9. Further Issues 

     The Company may from time to time, without the consent of the Holders of the Notes and in
accordance with the Indenture, create and issue further notes having the same terms and conditions
as the Notes in all respects (or in all respects except for the first payment of interest) so as to
form a single series with the Notes.

10. Optional Redemption 

     The Notes may be redeemed at the Company’s option, upon notice as set forth in the Indenture,
in whole at any time or in part from time to time, at a redemption price equal to the sum of (A)
100% of the aggregate principal amount of the Notes being redeemed, (B) the Make-Whole Amount, if
any, described below and (C) any accrued and unpaid interest on the Notes to the redemption date;
provided that if the date fixed for redemption is a date on or after the Record Date and on
or before the next following Interest Payment Date, then the interest payable on such date shall be
paid to the Holder of record on the relevant Record Date.

     “Make-Whole Amount” means the excess, if any, of (i) the aggregate present value as of the
date of the redemption of the principal being redeemed and the amount of interest (exclusive of
interest accrued to the date of redemption) that would have been payable if redemption had not been
made, determined by discounting, on a semi-annual basis, the remaining principal and interest at
the Reinvestment Rate described below (determined on the third business day preceding the date
fixed for redemption) from the dates on which the principal and interest would have been payable if
the redemption had not been made, to the date of redemption, over (ii) the aggregate principal
amount of such Notes.

     “Reinvestment Rate” means (i) the arithmetic mean of the yields under the heading “Week
Ending” published in the most recent Federal Reserve Statistical Release H.15 under the caption
“Treasury Constant Maturities” for the maturity (rounded to the nearest month)

5

 

corresponding to the
remaining life to maturity, as of the payment date of the principal being redeemed or paid, plus
(ii) 0.25%. If no maturity exactly corresponds to the maturity, yields for the two published
maturities most closely corresponding to the maturity would be so calculated and the Reinvestment
Rate would be interpolated or extrapolated on a straight-line basis, rounding to the nearest month.
The most recent Federal Reserve Statistical Release H.15 published prior to the date of
determination of the Make-Whole Amount will be used for purposes of calculating the Reinvestment
Rate.

     The Make-Whole Amount will be calculated by an independent investment banking institution of
national standing appointed by the Company. If the Company fails to make the appointment at least
30 business days prior to the date of redemption, or if the institution is unwilling or unable to
make the calculation, the calculation will be made by an independent investment banking institution
of national standing appointed by the Trustee.

     If the Reinvestment Rate is not available as described above, the Reinvestment Rate will be
calculated by interpolation or extrapolation of comparable rates selected by the independent
investment banking institution.

     In the case of any partial redemption, selection of the Notes for redemption will be made by
the Trustee in compliance with the requirements of the principal U.S. national securities exchange,
if any, on which the Notes are listed or, if they are not listed on a U.S. national securities
exchange, by lot or by such other method as the Trustee in its sole discretion deems to be fair and
appropriate.

11. Persons Deemed Owners 

     The ownership of Notes shall be proved by the register maintained by the Registrar.

12. No Recourse Against Others 

     A director, officer, employee or shareholder, as such, of any Company shall not have any
liability for any obligations of the Company under the Notes or the Indenture or for any claim
based on, in respect of or by reason of such obligations or their creation. By accepting a Note,
each Holder shall waive and release all such liability. This waiver and release shall be part of
the consideration for the issuance of the Notes.

13. Discharge and Defeasance 

     Subject to certain conditions set forth in the Indenture, the Company at any time may
terminate some or all of its obligations under the Notes and the Indenture if the Company deposits
with the Trustee money and/or U.S. Government Obligations for the payment of principal of, premium,
if any, and interest on the Notes to redemption or maturity, as the case may be.

14. Unclaimed 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, premium, if any, or interest on any Note

6

 

and remaining
unclaimed for two years after such principal, and premium, if any, or interest has become due and
payable shall be paid to the Company on its request or, if then held by the Company, shall be
discharged from such trust. Thereafter the Holder of such Note shall 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.

15. Trustee Dealings with the Company 

     Subject to certain limitations imposed by the Trust Indenture Act, the Trustee in its
individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal
with the Company or its Affiliates with the same rights it would have if it were not Trustee. Any
Paying Agent, Registrar or co-paying agent may do the same with like rights.

16. Abbreviations 

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

17. CUSIP Numbers 

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

18. Rule 144A Information 

     The Company will furnish to Holders of the Notes and to prospective investors, upon request,
any information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act so
long as the Notes are not freely transferable under the Securities Act.

19. Change of Control Offer 

     Upon the occurrence of a Change of Control Triggering Event, unless the Company has exercised
its right to redeem the Notes, each Holder will have the right to require the Company to repurchase
all or any part (equal to $1,000 or an integral multiple thereof) of each Holder’s Notes pursuant
to the offer described below (the “Change of Control Offer”) at a purchase price equal to 101% of
the aggregate principal amount thereof plus accrued and unpaid interest, if any, to the date of
purchase (the “Change of Control Payment”). Within 30 days following any Change of Control
Triggering Event, the Company shall mail a notice to each Holder describing the transaction or
transactions that constitute the Change of Control Triggering Event and
offering to repurchase the Notes on the date specified in the notice, which date will be no
earlier than 30 days and no later than 60 days from the date such notice is mailed (the “Change of

7

 

Control Payment Date”), pursuant to the procedures required by the Indenture and described in such
notice. To the extent that the provisions of any securities laws or regulations conflict with this
provision, the Company will comply with the applicable securities laws and regulations and will not
be deemed to have breached its obligations under this provision by virtue of such conflict.

     On the Change of Control Payment Date, the Company shall, to the extent lawful, (i) accept for
payment all Notes or portions thereof properly tendered pursuant to the Change of Control Offer,
(ii) deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of
all Notes or portions thereof properly tendered and (iii) deliver or cause to be delivered to the
Trustee the Notes properly accepted together with an Officers’ Certificate stating the aggregate
principal amount of Notes or portions thereof being purchased by the Company and the amount to be
paid by the Paying Agent. The Paying Agent shall promptly mail to each Holder of Notes properly
tendered the Change of Control Payment for such Notes, and the Trustee shall promptly authenticate
and mail (or cause to be transferred by book entry) to each Holder a new Note equal in principal
amount to any unpurchased portion of the Notes surrendered by such Holder, if any; in denominations
as set forth in the Indenture. The Company shall publicly announce the results of the Change of
Control Offer on or as soon as practicable after the Change of Control Payment Date. The Company
will not be required to make a Change of Control Offer upon a Change of Control Triggering Event if
a third Person makes the Change of Control Offer in the manner, at the times and otherwise in
compliance with the requirements set forth in this provision applicable to a Change of Control
Offer made by the Company and purchases all Notes properly tendered and not withdrawn under such
Change of Control Offer.

     The Company’s obligation to repurchase Notes pursuant to a Change of Control Offer shall
terminate following a Covenant Defeasance pursuant to Section 8.03 of the Indenture.

     “Below Investment Grade Rating Event” means the Notes are rated below an Investment Grade
Rating by each of the Rating Agencies on any date from the date of the public notice of an
arrangement that could result in a Change of Control until the end of the 60-day period following
public notice of the occurrence of the Change of Control (which 60-day period shall be extended so
long as the rating of the Notes is under publicly announced consideration for possible downgrade by
any of the Rating Agencies).

     “Change of Control” means the occurrence of any of the following: (i) the direct or indirect
sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in
one or a series of related transactions, of all or substantially all of the properties or assets of
the Company and its subsidiaries taken as a whole to any “person” (as that term is used in Section
13(d)(3) of the Exchange Act) other than the Company or one of its subsidiaries; (ii) the adoption
of a plan relating to the liquidation or dissolution of the Company; (iii) the consummation of any
transaction (including, without limitation, any merger or consolidation) the result of which is
that any “person” (as defined above), becomes the beneficial owner, directly or indirectly, of 50%
or more of the total voting power of all shares of the Company’s Capital Stock entitled to vote
generally in elections of directors; or (iv) the first day
on which a majority of the members of the Company’s Board of Directors are not Continuing
Directors.

8

 

     “Change of Control Triggering Event” means the occurrence of both a Change of Control and a
Below Investment Grade Rating Event.

     “Continuing Directors” means, as of any date of determination, any member of the Board of
Directors of the Company who (i) was a member of such Board of Directors on the date of the
Indenture; or (ii) was nominated for election or elected to such Board of Directors with the
approval of a majority of the Continuing Directors who were members of such Board of Directors at
the time of such nomination or election.

     “Investment Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent) by
Moody’s and BBB- (or the equivalent) by S&P.

     “Moody’s” means Moody’s Investors Service, Inc., and its successors.

     “Rating Agencies” means (i) each of Moody’s and S&P; and (ii) if either of Moody’s or S&P
ceases to rate the Notes or fails to make a rating of the Notes publicly available for reasons
outside the Company’s control, a “nationally recognized statistical rating organization” within the
meaning of Rule 15c3-1(c)(2)(vi)(F) under the Exchange Act selected by the Company (as certified by
a Board Resolution) as a replacement agency for Moody’s or S&P, or both, as the case may be.

     “S&P” means Standard & Poor’s Rating Services, a division of The McGraw-Hill Companies, Inc.,
and its successors.

20. Governing Law

     THE INDENTURE AND THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS
OF THE STATE OF NEW YORK BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO
THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

     The Company will furnish to any Holder of Notes upon written request and without charge to the
Holder a copy of the Indenture.

9

 

TRANSFER FORM

     For value received                      hereby sell(s), assign(s) and transfer(s) unto                     
(please insert social security or other identifying number of assignee) the within Note, and hereby
irrevocably constitutes and appoints                      attorney to transfer the said Note on the books
of the Company, with full power of substitution in the premises.

     In connection with any transfer of the within Note prior to the date that is two years after
the date of original issuance of such Note, the undersigned confirms that such Note is being
transferred:

	 	 	 	 	 
	     (1)

	 	o
	 	To Wyndham Worldwide Corporation; or
	 
	 	 	 	 
	     (2)

	 	o
	 	So long as this Note is eligible for resale pursuant to Rule 144A under the Securities
Act, to a person whom the seller reasonably believes is a Qualified Institutional
Buyer within the meaning of Rule 144A, purchasing for its own account or for the
account of a Qualified Institutional Buyer to whom notice is given that the resale,
pledge or other transfer is being made in reliance on Rule 144A; or
	 
	 	 	 	 
	     (3)

	 	o
	 	In an offshore transaction in accordance with Regulation S under the Securities Act; or
	 
	 	 	 	 
	     (4)

	 	o
	 	Pursuant to any exemption from registration under the Securities Act; or
	 
	 	 	 	 
	     (5)

	 	o
	 	Pursuant to an effective Registration Statement under the Securities Act.

     Unless one of the boxes above is checked, the Trustee will refuse to register any of the
within Notes in the name of any person other than the registered Holder thereof (or hereof);
provided, however, that the Trustee may, in its sole discretion, register the
transfer of such Notes if it has received such certifications, legal opinions and/or other
information as the Company has required to confirm that such transfer is being made pursuant to an
exemption from, or in a transaction not subject to, the registration requirements of the Securities
Act of 1933, as amended.

     In addition, if box (3) or (4) is checked, the Holder must furnish to the Trustee
certifications, legal opinions or other information as it or the Company may require to confirm
that such transfer is being made pursuant to an exemption from the registration requirements of the
Securities Act of 1933, as amended.

Dated:___________________

Signature(s)

Signature(s) must be guaranteed by an eligible Guarantor Institution (banks, stock brokers, savings
and loan associations and credit unions) with membership in an approved signature guarantee
medallion program pursuant to Securities and Exchange Commission Rule 17Ad-15.

__________________________

Signature Guarantee

 

 

TO BE COMPLETED BY PURCHASER IF (2) ABOVE IS CHECKED.

     The undersigned represents and warrants that it is purchasing this Note for its own account or
an account with respect to which it exercises sole investment discretion and that it and any such
account is a “qualified institutional buyer” within the meaning of Rule 144A of the Securities Act
of 1933, as amended, and is aware that the sale is being made in reliance on Rule 144A and
acknowledges that it has received such information regarding the Company as the undersigned has
requested pursuant to Rule 144A or has determined not to request such information and that it is
aware that the transferor is relying upon the undersigned’s foregoing representations in order to
claim the exemption from registration provided by Rule 144A.

_________________________

Signature

Dated:__________________

 

 

SCHEDULE OF EXCHANGES, REDEMPTIONS, REPURCHASES

CANCELLATIONS AND TRANSFERS

     The initial principal amount of this Global Note is $798,750,000. The following increases or
decreases in this Global Note have been made:

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Remaining	 	 
	 	 	 	 	 	 	Principal Amount	 	Signature of
	 	 	Amount of	 	Amount of	 	of this Global Note	 	Authorized
	 	 	Decrease in	 	Increase in	 	Following such	 	Signatory or
	Date of Increase or	 	Principal Amount	 	Principal Amount	 	Decrease or	 	Trustee or
	Decrease	 	of this Global Note	 	of this Global Note	 	Increase	 	Custodian
	 
	 	 
	 	 
	 	 
	 	 

 

 

Form of Certificate to be Delivered in Connection with

Transfers Pursuant to Regulation S

U.S. Bank National Association

Attention: Corporate Trust Administration

			
	      Re:	 	Wyndham Worldwide Corporation
6.00% Senior Notes Due 2016 (the “Securities”)

Ladies and Gentlemen:

     In connection with our proposed sale of $                    aggregate principal amount of the
Securities, we confirm that such sale has been effected pursuant to and in accordance with
Regulation S under the United States Securities Act of 1933, as amended (the “Securities Act”),
and, accordingly, we represent that:

     (a) the offer of the Securities was not made to a person in the United States;

     (b) either (i) at the time the buy order was originated, the transferee was outside the United
States or we and any person acting on our behalf reasonably believed that the transferee was
outside the United States or (ii) the transaction was executed in, on or through the facilities of
a designated off-shore securities market and neither we nor any person acting on our behalf knows
that the transaction has been pre-arranged with a buyer in the United States;

     (c) no directed selling efforts have been made in the United States in contravention of the
requirements of Rule 903(b) or Rule 904(b) of Regulation S, as applicable; and

     (d) the transaction is not part of a plan or scheme to evade the registration requirements of
the Securities Act.

     In addition, if the sale is being made during a restricted period, we represent that the sale
is not being made to a United States person or for the account or benefit of a United States
person.

     You and the Company are entitled to rely upon this letter and are irrevocably authorized to
produce this letter or a copy hereof to any interested party in any administrative or legal
proceedings or official inquiry with respect to the matters covered hereby. Terms used in this
certificate have the meanings set forth in Regulation S.

     Very truly yours,

     TRANSFEREE:__________________________

     BY:____________________________________

 

 

Regulation S Global Security

WYNDHAM WORLDWIDE CORPORATION

Form
of 6.00% Senior Notes Due 2016

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

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS
SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED,
TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH
REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH
REGISTRATION. THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN
BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO
OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION
TERMINATION DATE”) THAT IS 40 DAYS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND
THE LAST DATE ON WHICH THE ISSUER OR ANY AFFILIATE OF THE ISSUER WAS THE OWNER OF THIS
SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY), ONLY (A) TO THE ISSUER, (B) PURSUANT TO A
REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR
SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE
SECURITIES ACT, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS
DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE
ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS
BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES THAT OCCUR OUTSIDE
THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, OR (E)
PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT, SUBJECT TO THE ISSUER’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER,
SALE OR TRANSFER

 

 

PURSUANT TO CLAUSES (D) OR (E) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL,
CERTIFICATION AND/ OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE
REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE. BY
ITS ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON NOR IS IT
PURCHASING FOR THE ACCOUNT OF A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE
TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT.

     THIS SECURITY IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS SECURITY)
OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE
TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (A) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS
MAY BE REQUIRED PURSUANT TO SECTION 2.04 OF THE INDENTURE, (B) THIS SECURITY MAY BE EXCHANGED IN
WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.15(B) OF THE INDENTURE, (C) THIS SECURITY MAY BE
DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.13 OF THE INDENTURE AND (D) EXCEPT
AS OTHERWISE PROVIDED IN SECTION 2.15(B) OF THE INDENTURE, THIS SECURITY MAY BE TRANSFERRED, IN
WHOLE BUT NOT IN PART, ONLY (X) BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, (Y) BY A NOMINEE
OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR (Z) BY THE DEPOSITARY
OR ANY NOMINEE TO A SUCCESSOR DEPOSITARY OR TO A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.

 

 

	 	 	 
	 

	 	CUSIP: U98340AA7
	 

	 	ISIN: USU98340AA79
	 

	 	COMMON CODE: 027833268

6.00% Senior Notes Due 2016

			
	 	 	 
	No. 2
	 	$1,250,000

WYNDHAM WORLDWIDE CORPORATION

promises to pay to Cede & Co., or registered assigns, the principal sum of one million two hundred
fifty thousand United States Dollars ($1,250,000) as such amount may be adjusted as set forth on
the Schedule of Exchanges, Redemptions, Repurchases, Cancellations and Transfers annexed hereto on
December 1, 2016.

Interest Payment Dates: June 1 and December 1, commencing June 1, 2007.

Records Dates: May 15 and November 15.

     IN WITNESS WHEREOF, the parties have caused this instrument to be duly executed.

                                                         WYNDHAM WORLDWIDE CORPORATION

	 	 	 	 	 
	 	 	 
	 	By  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

 

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

          This is one of the Notes referred to in the Indenture.

U.S. BANK NATIONAL ASSOCIATION

	 	 	 	 	 
	 	 	 
	 	By  	
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 

Dated: December 5, 2006

 

 

Additional Terms of the Notes

WYNDHAM WORLDWIDE CORPORATION

6.00% Senior Notes Due 2016

1. Indenture 

     This Security is one of a duly authorized issue of Securities of the Company, designated as
its 6.00% Senior Notes due 2016 (herein called the “Notes,” which expression includes any further
notes issued as described in Section 9 below and forming a single series therewith), issued and to
be issued under an indenture, dated as of December 5, 2006 (herein called the “Indenture”), between
WYNDHAM WORLDWIDE CORPORATION, a Delaware corporation (such company, and its successors and assigns
under the Indenture hereinafter referred to, being herein called the “Company”), and U.S. BANK
NATIONAL ASSOCIATION, as trustee (the “Trustee”), to which Indenture and all indentures
supplemental thereto relevant to the Notes reference is hereby made for a complete description of
the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee,
the Company and the Holders of the Notes. Capitalized terms used but not defined in this Note shall
have the meanings ascribed to them in the Indenture.

     Each Note is subject to, and qualified by, all such terms as set forth in the Indenture
certain of which are summarized herein and each Holder of a Note is referred to the corresponding
provisions of the Indenture for a complete statement of such terms. To the extent that there is any
inconsistency between the summary provisions set forth in the Notes and the Indenture, the
provisions of the Indenture shall govern.

2. Interest 

     (a) The Company promises to pay interest on the principal amount of this Note at the rate per
annum shown above. The Company will pay interest semi-annually on June 1 and December 1 of each
year, commencing June 1, 2007, to the Holders of record on the immediately preceding May 15 or
November 15 (each a “Record Date”). Interest on the Notes will accrue from the most recent date to
which interest has been paid or, if no interest has been paid, from December 5, 2006. Interest
shall be computed on the basis of a 360-day year of twelve 30-day months.

     The period beginning on, and including, December 5, 2006 and ending on, but excluding, the
next Interest Payment Date thereafter, and each successive six-month period beginning on, and
including, an Interest Payment Date and ending on, but excluding, the next succeeding Interest
Payment Date is herein called an “Interest Period.”

     (b) Additional Interest. The Holder of this Note is entitled to the benefits of a Registration
Rights Agreement, dated as of December 5, 2006, between the Company and the initial purchasers
named therein (the “Registration Agreement”). Capitalized terms used in this paragraph (b) but not
defined herein have the meanings assigned to them in the Registration Agreement. In the event that
neither the Registered Exchange Offer has been consummated nor the Shelf Registration Statement has
been declared effective on or prior to the 360th day following the date of the original issuance of
the Notes (each such event referred to as a

1

 

“Registration Default”), interest (the “Additional
Interest”) shall accrue (in addition to stated interest on the Notes) from and including the date
on which the first such Registration Default shall occur to but excluding the date on which all
Registration Defaults have been cured, at a rate per annum equal to 0.25% of the principal amount
of the Notes; provided, however, that such rate per annum shall increase by 0.25% per annum from
and including the 90th day after the first such Registration Default (and each successive 90th day
thereafter) unless and until all Registration Defaults have been cured; provided further, however,
that in no event shall the Additional Interest accrue at a rate in excess of 1.00% per annum. The
Additional Interest will be payable in cash semi-annually in arrears each June 1 and December 1.

3. Paying Agent, Registrar and Service Agent 

     Initially, the Trustee will act as paying agent, registrar and service agent. The Company may
appoint and change any paying agent, registrar or co-registrar and service agent without notice.
The Company or any of its Subsidiaries may act as paying agent, registrar, co-registrar or service
agent.

4. Defaults and Remedies; Waiver 

     If an Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in
aggregate principal amount of the outstanding Notes, subject to certain limitations, may declare
all the Notes due and payable immediately. In the case of an Event of Default resulting from
certain events of bankruptcy, insolvency or reorganization, the principal of (or such specified
amount) and premium, if any, on all outstanding Notes will become and be immediately due and
payable without any declaration or other act by the Trustee or any Holder of outstanding Notes.

     Holders of Notes may not enforce the Indenture or the Notes except as provided in the
Indenture. The Trustee may refuse to enforce the Indenture or the Notes unless it receives
reasonable indemnification. Subject to certain limitations, Holders of a majority in aggregate
principal amount of the Notes then outstanding may direct the Trustee in its exercise of any trust
or power under the Indenture.

     At any time after the principal of the Notes shall have been so declared due and payable (or
have become immediately due and payable), and before any judgment or decree for the payment of the
moneys due shall have been obtained or entered, the Holders of a majority in aggregate principal
amount of the Notes then outstanding under the Indenture, by written notice to the Company and the
Trustee, may rescind and annul such declaration and its consequences if (i) the Company has paid or
deposited with the Trustee a sum sufficient to pay all matured installments of interest upon all
the Notes and the principal of (and premium, if any, on) any and all Notes that shall have become
due otherwise than by acceleration (with interest upon such principal and premium, if any, and, to
the extent that such payment is enforceable under applicable law, upon overdue installments of
interest, at the rate per annum expressed in the Notes to the date of such payment or deposit) and the amount payable to the Trustee under
Section 7.07 of the Indenture and (ii) any and all existing Events of Default under the Indenture
with respect to the Notes, other than the nonpayment of principal of Notes that shall not have
become due by their terms, shall have been remedied or waived as provided in Section 6.04 of

2

 

the Indenture. No such rescission shall affect any subsequent Default or impair any right consequent
thereto.

     The Holders of a majority in principal amount of the Notes by notice to the Trustee may waive
an existing Default and its consequences except a Default in the payment of the principal amount
of, premium, if any, and accrued and unpaid interest on a Note. When a Default is waived, it is
deemed cured, but no such waiver shall extend to any subsequent or other Default or impair any
consequent right.

5. Amendment 

     In addition to any supplemental indenture otherwise authorized by the Indenture, the Company
and the Trustee may from time to time and at any time enter into supplemental indentures (which
shall conform to the provisions of the Trust Indenture Act as then in effect), without the consent
of any Holder of Notes, for one or more of the following purposes: (i) to evidence the succession
of another person to the Company and the assumption by such successor of the Company’s covenants,
agreements and obligations; (ii) to provide for the issuance of additional Notes in accordance with
the limitations set forth in the Indenture; (iii) to surrender any right or power conferred upon
the Company by the Indenture, to add to the covenants of the Company such further covenants,
restrictions, conditions or provisions for the protection of the Holders of all or any Notes as the
Board of Directors of the Company shall consider to be for the protection of the Holders of such
Notes, and to make the occurrence, or the occurrence and continuance, of a default in respect of
any such additional covenants, restrictions, conditions or provisions a Default or an Event of
Default under the Indenture; provided, however, that with respect to any such
additional covenant, restriction, condition or provision, such amendment may provide for a period
of grace after default, which may be shorter or longer than that allowed in the case of other
Defaults, may provide for an immediate enforcement upon such Default, may limit the remedies
available to the Trustee upon such Default or may limit the right of Holders of a majority in
aggregate principal amount of the Notes to waive such default; (iv) to cure any ambiguity,
omission, defect or inconsistency or correct or supplement any provision contained in the
Indenture, in any supplemental indenture or in any Notes that may be defective or inconsistent with
any other provision contained therein; (v) to convey, transfer, assign, mortgage or pledge any
property to or with the Trustee, or to make such other provisions in regard to matters or questions
arising under the Indenture as shall not adversely affect the interests of any Holders of Notes;
(vi) to modify or amend the Indenture in such a manner as to permit the qualification of the
Indenture or any supplemental indenture thereto under the Trust Indenture Act as then in effect;
(vii) to add or to change any of the provisions of the Indenture to provide that Notes in bearer
form may be registrable as to principal, to change or eliminate any restrictions on the payment of
principal or premium with respect to Notes in registered form or of principal, premium or interest
with respect to Notes in bearer form, or to permit Notes in registered form to be exchanged for
Notes in bearer form, so as to not adversely affect the interests of the Holders or any coupons in
any material respect or permit or facilitate the issuance of Notes in uncertificated form; (viii)
to secure or guarantee the Notes; (ix) to make any change that does not adversely affect the rights of any Holder; (x) to add to, change, or eliminate
any of the provisions of the Indenture with respect to the Notes, so long as any such addition,
change or elimination not otherwise permitted under the Indenture shall (A) neither apply to any
Note created prior to the execution of such supplemental indenture and entitled to the benefit of
such

3

 

provision nor modify the rights of the Holders of any such Note with respect to the benefit of
such provision or (B) become effective only when there is no such Note outstanding; or (xi) to
evidence and provide for the acceptance of appointment by a successor or separate Trustee with
respect to the Notes and to add to or change any of the provisions of the Indenture as shall be
necessary to provide for or facilitate the administration of the Indenture by more than one
Trustee.

     With the written consent (as evidenced as provided in Section 9.02 of the Indenture) of the
Holders of at least a majority in principal amount of the Notes at the time outstanding affected by
such amendment (including consents obtained in connection with a tender offer or exchange offer for
the Notes), the Company and the Trustee, may amend the Indenture without notice to any Holder;
provided that no such amendment shall, without the consent of the Holders of each Note then
outstanding and affected thereby, (i) change the percentage of principal amount of Notes whose
Holders must consent to an amendment, modification, supplement or waiver; (ii) reduce the rate of
or extend the time for payment of interest on any Note; (iii) reduce the principal of or extend the
Stated Maturity of any Note; (iv) reduce the amount payable upon the redemption of any Note or add
redemption provisions to any Note; (v) make any Note payable in money other than that stated in the
Note; or (vi) make any change in the Sections of the Indenture relating to waivers of past Defaults
and the rights of Holders to receive payments, or in the foregoing amendment and waiver provisions.
It shall not be necessary for the consent of the Holders to approve the particular form of any
proposed amendment, but it shall be sufficient if such consent approves the substance thereof.

     Any consent to an amendment or a waiver by the Holder of this Note (unless revoked as provided
in the Indenture) shall be conclusive and binding upon such Holder and upon all future Holders and
owners of this Note and any Notes that may be issued in exchange or substitution hereof,
irrespective of whether or not any notation thereof is made upon this Note or such other Notes. Any
Holder or subsequent Holder may revoke its consent if the Trustee receives the notice of revocation
before the date the amendment or waiver becomes effective. Neither the Company nor any Affiliate of
the Company shall, directly or indirectly, pay or cause to be paid any consideration, whether by
way of interest, fee or otherwise, to any Holder for or as an inducement to any consent, waiver or
amendment of any of the terms or provisions of the Indenture or the Notes unless such consideration
is offered to be paid to all Holders, ratably, that so consent, waive or agree to amend.

6. Obligations Absolute 

     No reference herein to the Indenture and no provision of this Note 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 Note at the place, at the respective times, at
the rate and in the coin or currency herein prescribed.

7. Sinking Fund 

     The Notes will not have the benefit of any sinking fund.

4

 

8. Denominations; Transfer; Exchange 

     The Notes are issuable in registered form without coupons in denominations of $1,000 principal
amount and integral multiples of $1,000 in addition thereto. When Notes are presented to the
Registrar or a co-registrar with a request to register a transfer or to exchange them for an equal
principal amount of Securities of the same Series, the Registrar shall register the transfer or
make the exchange in the manner and subject to the limitations provided in the Indenture, without
payment of any service charge but with payment of a sum sufficient to cover any transfer tax or
other governmental charge that may be imposed in connection with any registration or exchange of
Notes.

     The Company and the Registrar shall not be required (a) to issue, register the transfer of or
exchange any Notes during a period beginning at the opening of business 15 days before the day of
the mailing of a notice of redemption of Notes of that Series selected for redemption and ending at
the close of business on the day of such mailing or (b) to register the transfer or exchange of
Notes of any Series selected, called or being called for redemption as a whole or the portion being
redeemed of any such Securities selected, called or being called for redemption in part.

9. Further Issues 

     The Company may from time to time, without the consent of the Holders of the Notes and in
accordance with the Indenture, create and issue further notes having the same terms and conditions
as the Notes in all respects (or in all respects except for the first payment of interest) so as to
form a single series with the Notes.

10. Optional Redemption 

     The Notes may be redeemed at the Company’s option, upon notice as set forth in the Indenture,
in whole at any time or in part from time to time, at a redemption price equal to the sum of (A)
100% of the aggregate principal amount of the Notes being redeemed, (B) the Make-Whole Amount, if
any, described below and (C) any accrued and unpaid interest on the Notes to the redemption date;
provided that if the date fixed for redemption is a date on or after the Record Date and on
or before the next following Interest Payment Date, then the interest payable on such date shall be
paid to the Holder of record on the relevant Record Date.

     “Make-Whole Amount” means the excess, if any, of (i) the aggregate present value as of the
date of the redemption of the principal being redeemed and the amount of interest (exclusive of
interest accrued to the date of redemption) that would have been payable if redemption had not been
made, determined by discounting, on a semi-annual basis, the remaining principal and interest at
the Reinvestment Rate described below (determined on the third business day preceding the date
fixed for redemption) from the dates on which the principal and interest would have been payable if
the redemption had not been made, to the date of redemption, over (ii) the aggregate principal
amount of such Notes.

     “Reinvestment Rate” means (i) the arithmetic mean of the yields under the heading “Week
Ending” published in the most recent Federal Reserve Statistical Release H.15 under the caption
“Treasury Constant Maturities” for the maturity (rounded to the nearest month)

5

 

corresponding to the
remaining life to maturity, as of the payment date of the principal being redeemed or paid, plus
(ii) 0.25%. If no maturity exactly corresponds to the maturity, yields for the two published
maturities most closely corresponding to the maturity would be so calculated and the Reinvestment
Rate would be interpolated or extrapolated on a straight-line basis, rounding to the nearest month.
The most recent Federal Reserve Statistical Release H.15 published prior to the date of
determination of the Make-Whole Amount will be used for purposes of calculating the Reinvestment
Rate.

     The Make-Whole Amount will be calculated by an independent investment banking institution of
national standing appointed by the Company. If the Company fails to make the appointment at least
30 business days prior to the date of redemption, or if the institution is unwilling or unable to
make the calculation, the calculation will be made by an independent investment banking institution
of national standing appointed by the Trustee.

     If the Reinvestment Rate is not available as described above, the Reinvestment Rate will be
calculated by interpolation or extrapolation of comparable rates selected by the independent
investment banking institution.

     In the case of any partial redemption, selection of the Notes for redemption will be made by
the Trustee in compliance with the requirements of the principal U.S. national securities exchange,
if any, on which the Notes are listed or, if they are not listed on a U.S. national securities
exchange, by lot or by such other method as the Trustee in its sole discretion deems to be fair and
appropriate.

11. Persons Deemed Owners 

     The ownership of Notes shall be proved by the register maintained by the Registrar.

12. No Recourse Against Others 

     A director, officer, employee or shareholder, as such, of any Company shall not have any
liability for any obligations of the Company under the Notes or the Indenture or for any claim
based on, in respect of or by reason of such obligations or their creation. By accepting a Note,
each Holder shall waive and release all such liability. This waiver and release shall be part of
the consideration for the issuance of the Notes.

13. Discharge and Defeasance 

     Subject to certain conditions set forth in the Indenture, the Company at any time may
terminate some or all of its obligations under the Notes and the Indenture if the Company deposits
with the Trustee money and/or U.S. Government Obligations for the payment of principal of, premium,
if any, and interest on the Notes to redemption or maturity, as the case may be.

14. Unclaimed 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, premium, if any, or interest on any Note

6

 

and remaining unclaimed for two years after such principal, and premium, if any, or interest has become due and
payable shall be paid to the Company on its request or, if then held by the Company, shall be
discharged from such trust. Thereafter the Holder of such Note shall 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.

15. Trustee Dealings with the Company 

     Subject to certain limitations imposed by the Trust Indenture Act, the Trustee in its
individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal
with the Company or its Affiliates with the same rights it would have if it were not Trustee. Any
Paying Agent, Registrar or co-paying agent may do the same with like rights.

16. Abbreviations 

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

17. CUSIP Numbers 

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

18. Rule 144A Information 

     The Company will furnish to Holders of the Notes and to prospective investors, upon request,
any information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act so
long as the Notes are not freely transferable under the Securities Act.

19. Change of Control Offer 

     Upon the occurrence of a Change of Control Triggering Event, unless the Company has exercised
its right to redeem the Notes, each Holder will have the right to require the Company to repurchase
all or any part (equal to $1,000 or an integral multiple thereof) of each Holder’s Notes pursuant
to the offer described below (the “Change of Control Offer”) at a purchase price equal to 101% of
the aggregate principal amount thereof plus accrued and unpaid interest, if any, to the date of
purchase (the “Change of Control Payment”). Within 30 days following any Change of Control
Triggering Event, the Company shall mail a notice to each Holder describing the transaction or
transactions that constitute the Change of Control Triggering Event and offering to repurchase the Notes on the date specified in the notice, which date will be no
earlier than 30 days and no later than 60 days from the date such notice is mailed (the “Change of

7

 

Control Payment Date”), pursuant to the procedures required by the Indenture and described in such
notice. To the extent that the provisions of any securities laws or regulations conflict with this
provision, the Company will comply with the applicable securities laws and regulations and will not
be deemed to have breached its obligations under this provision by virtue of such conflict.

     On the Change of Control Payment Date, the Company shall, to the extent lawful, (i) accept for
payment all Notes or portions thereof properly tendered pursuant to the Change of Control Offer,
(ii) deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of
all Notes or portions thereof properly tendered and (iii) deliver or cause to be delivered to the
Trustee the Notes properly accepted together with an Officers’ Certificate stating the aggregate
principal amount of Notes or portions thereof being purchased by the Company and the amount to be
paid by the Paying Agent. The Paying Agent shall promptly mail to each Holder of Notes properly
tendered the Change of Control Payment for such Notes, and the Trustee shall promptly authenticate
and mail (or cause to be transferred by book entry) to each Holder a new Note equal in principal
amount to any unpurchased portion of the Notes surrendered by such Holder, if any; in denominations
as set forth in the Indenture. The Company shall publicly announce the results of the Change of
Control Offer on or as soon as practicable after the Change of Control Payment Date. The Company
will not be required to make a Change of Control Offer upon a Change of Control Triggering Event if
a third Person makes the Change of Control Offer in the manner, at the times and otherwise in
compliance with the requirements set forth in this provision applicable to a Change of Control
Offer made by the Company and purchases all Notes properly tendered and not withdrawn under such
Change of Control Offer.

     The Company’s obligation to repurchase Notes pursuant to a Change of Control Offer shall
terminate following a Covenant Defeasance pursuant to Section 8.03 of the Indenture.

     “Below Investment Grade Rating Event” means the Notes are rated below an Investment Grade
Rating by each of the Rating Agencies on any date from the date of the public notice of an
arrangement that could result in a Change of Control until the end of the 60-day period following
public notice of the occurrence of the Change of Control (which 60-day period shall be extended so
long as the rating of the Notes is under publicly announced consideration for possible downgrade by
any of the Rating Agencies).

     “Change of Control” means the occurrence of any of the following: (i) the direct or indirect
sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in
one or a series of related transactions, of all or substantially all of the properties or assets of
the Company and its subsidiaries taken as a whole to any “person” (as that term is used in Section
13(d)(3) of the Exchange Act) other than the Company or one of its subsidiaries; (ii) the adoption
of a plan relating to the liquidation or dissolution of the Company; (iii) the consummation of any
transaction (including, without limitation, any merger or consolidation) the result of which is
that any “person” (as defined above), becomes the beneficial owner, directly or indirectly, of 50%
or more of the total voting power of all shares of the Company’s Capital Stock entitled to vote
generally in elections of directors; or (iv) the first day
on which a majority of the members of the Company’s Board of Directors are not Continuing
Directors.

8

 

     “Change of Control Triggering Event” means the occurrence of both a Change of Control and a
Below Investment Grade Rating Event.

     “Continuing Directors” means, as of any date of determination, any member of the Board of
Directors of the Company who (i) was a member of such Board of Directors on the date of the
Indenture; or (ii) was nominated for election or elected to such Board of Directors with the
approval of a majority of the Continuing Directors who were members of such Board of Directors at
the time of such nomination or election.

     “Investment Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent) by
Moody’s and BBB- (or the equivalent) by S&P.

     “Moody’s” means Moody’s Investors Service, Inc., and its successors.

     “Rating Agencies” means (i) each of Moody’s and S&P; and (ii) if either of Moody’s or S&P
ceases to rate the Notes or fails to make a rating of the Notes publicly available for reasons
outside the Company’s control, a “nationally recognized statistical rating organization” within the
meaning of Rule 15c3-1(c)(2)(vi)(F) under the Exchange Act selected by the Company (as certified by
a Board Resolution) as a replacement agency for Moody’s or S&P, or both, as the case may be.

     “S&P” means Standard & Poor’s Rating Services, a division of The McGraw-Hill Companies, Inc.,
and its successors.

20. Governing Law

     THE INDENTURE AND THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS
OF THE STATE OF NEW YORK BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO
THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

     The Company will furnish to any Holder of Notes upon written request and without charge to the
Holder a copy of the Indenture.

9

 

TRANSFER FORM

     For value received                      hereby sell(s), assign(s) and transfer(s) unto                     
(please insert social security or other identifying number of assignee) the within Note, and hereby
irrevocably constitutes and appoints                      attorney to transfer the said Note on the books
of the Company, with full power of substitution in the premises.

     In connection with any transfer of the within Note prior to the date that is 40 days after the
date of original issuance of such Note, the undersigned confirms that such Note is being
transferred:

	 	 	 	 	 
	     (6)

	 	o
	 	To Wyndham Worldwide Corporation; or
	 
	 	 	 	 
	     (7)

	 	o
	 	So long as this Note is eligible for resale pursuant to Rule 144A under the Securities
Act, to a person whom the seller reasonably believes is a Qualified Institutional
Buyer within the meaning of Rule 144A, purchasing for its own account or for the
account of a Qualified Institutional Buyer to whom notice is given that the resale,
pledge or other transfer is being made in reliance on Rule 144A; or
	 
	 	 	 	 
	     (8)

	 	o
	 	In an offshore transaction in accordance with Regulation S under the Securities Act; or
	 
	 	 	 	 
	     (9)

	 	o
	 	Pursuant to any exemption from registration under the Securities Act; or
	 
	 	 	 	 
	     (10)

	 	o
	 	Pursuant to an effective Registration Statement under the Securities Act.

     Unless one of the boxes above is checked, the Trustee will refuse to register any of the
within Notes in the name of any person other than the registered Holder thereof (or hereof);
provided, however, that the Trustee may, in its sole discretion, register the
transfer of such Notes if it has received such certifications, legal opinions and/or other
information as the Company has required to confirm that such transfer is being made pursuant to an
exemption from, or in a transaction not subject to, the registration requirements of the Securities
Act of 1933, as amended.

     In addition, if box (3) or (4) is checked, the Holder must furnish to the Trustee
certifications, legal opinions or other information as it or the Company may require to confirm
that such transfer is being made pursuant to an exemption from the registration requirements of the
Securities Act of 1933, as amended.

Dated:___________________

Signature(s)

Signature(s) must be guaranteed by an eligible Guarantor Institution (banks, stock brokers, savings
and loan associations and credit unions) with membership in an approved signature guarantee
medallion program pursuant to Securities and Exchange Commission Rule 17Ad-15.

__________________________
Signature Guarantee

 

 

TO BE COMPLETED BY PURCHASER IF (2) ABOVE IS CHECKED.

     The undersigned represents and warrants that it is purchasing this Note for its own account or
an account with respect to which it exercises sole investment discretion and that it and any such
account is a “qualified institutional buyer” within the meaning of Rule 144A of the Securities Act
of 1933, as amended, and is aware that the sale is being made in reliance on Rule 144A and
acknowledges that it has received such information regarding the Company as the undersigned has
requested pursuant to Rule 144A or has determined not to request such information and that it is
aware that the transferor is relying upon the undersigned’s foregoing representations in order to
claim the exemption from registration provided by Rule 144A.

__________________________
Signature

Dated:__________________

 

 

SCHEDULE OF EXCHANGES, REDEMPTIONS, REPURCHASES

CANCELLATIONS AND TRANSFERS

     The initial principal amount of this Global Note is $1,250,000. The following increases or
decreases in this Global Note have been made:

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Remaining	 	 
	 	 	 	 	 	 	Principal Amount	 	Signature of
	 	 	Amount of	 	Amount of	 	of this Global Note	 	Authorized
	 	 	Decrease in	 	Increase in	 	Following such	 	Signatory or
	Date of Increase or	 	Principal Amount	 	Principal Amount	 	Decrease or	 	Trustee or
	Decrease	 	of this Global Note	 	of this Global Note	 	Increase	 	Custodian
	 
	 	 
	 	 
	 	 
	 	 

 

 

Form of Certificate to be Delivered in Connection with

Transfers Pursuant to Regulation S

U.S. Bank National Association

Attention: Corporate Trust Administration

			
	      Re:	 	Wyndham Worldwide Corporation
6.00% Senior Notes Due 2016 (the “Securities”)

Ladies and Gentlemen:

     In connection with our proposed sale of $                     aggregate principal amount of the
Securities, we confirm that such sale has been effected pursuant to and in accordance with
Regulation S under the United States Securities Act of 1933, as amended (the “Securities Act”),
and, accordingly, we represent that:

     (a) the offer of the Securities was not made to a person in the United States;

     (b) either (i) at the time the buy order was originated, the transferee was outside the United
States or we and any person acting on our behalf reasonably believed that the transferee was
outside the United States or (ii) the transaction was executed in, on or through the facilities of
a designated off-shore securities market and neither we nor any person acting on our behalf knows
that the transaction has been pre-arranged with a buyer in the United States;

     (c) no directed selling efforts have been made in the United States in contravention of the
requirements of Rule 903(b) or Rule 904(b) of Regulation S, as applicable; and

     (d) the transaction is not part of a plan or scheme to evade the registration requirements of
the Securities Act.

     In addition, if the sale is being made during a restricted period, we represent that the sale
is not being made to a United States person or for the account or benefit of a United States
person.

     You and the Company are entitled to rely upon this letter and are irrevocably authorized to
produce this letter or a copy hereof to any interested party in any administrative or legal
proceedings or official inquiry with respect to the matters covered hereby. Terms used in this
certificate have the meanings set forth in Regulation S.

     Very truly yours,

     TRANSFEREE:___________________________

     BY:_____________________________________EX-4.3

 

EXHIBIT
4.3

REGISTRATION RIGHTS AGREEMENT

     THIS REGISTRATION RIGHTS AGREEMENT (the “Agreement”) is made and entered into as of December
5, 2006, by and among WYNDHAM WORLDWIDE CORPORATION, a Delaware corporation (the “Company”) and
CITIGROUP GLOBAL MARKETS INC. and J.P. MORGAN SECURITIES INC., in their respective capacities as
initial purchasers and as representatives of each of the other initial purchasers named in Schedule
A hereto (collectively, the “Initial Purchasers”).

     This Agreement is made pursuant to the Purchase Agreement dated November 30, 2006, by and
among the Company and the Initial Purchasers (the “Purchase Agreement”), which provides for the
sale by the Company to the Initial Purchasers of $800,000,000 aggregate principal amount of the
Company’s 6.00% Senior Notes due 2016 (the “Securities”). In order to induce the Initial
Purchasers to enter into the Purchase Agreement and in satisfaction of a condition to the Initial
Purchasers’ obligations thereunder, the Company has agreed to provide to the Initial Purchasers and
their respective direct and indirect transferees and assigns the registration rights set forth in
this Agreement.

     In consideration of the foregoing, the parties hereto agree as follows:

     1. Definitions. As used in this Agreement, the following capitalized defined terms
shall have the following meanings:

     “1933 Act” shall mean the Securities Act of 1933, as amended from time to time, and the rules
and regulations of the SEC promulgated thereunder.

     “1934 Act” shall mean the Securities Exchange Act of 1934, as amended from time to time, and
the rules and regulations of the SEC promulgated thereunder.

     “Closing Date” shall mean the Closing Date as defined in the Purchase Agreement.

     “Company” shall have the meaning set forth in the preamble and also includes the Company’s
successors.

     “Depositary” shall mean The Depository Trust Company, or any other depositary appointed by the
Company, including any agent thereof; provided, however, that any such depositary must at all times
have an address in the Borough of Manhattan, in The City of New York.

     “Exchange Dates” shall have the meaning set forth in Section 2(a)(ii) hereof.

     “Exchange Offer” shall mean the exchange offer by the Company of Exchange Securities for
Registrable Securities pursuant to Section 2(a) hereof.

     “Exchange Offer Registration” shall mean a registration under the 1933 Act effected pursuant
to Section 2(a) hereof.

 

 

     “Exchange Offer Registration Statement” shall mean an exchange offer registration statement on
Form S-4 covering the Registrable Securities (or, if applicable, on another appropriate form), and
all amendments and supplements to such registration statement, in each case including the
Prospectus contained therein, all exhibits thereto and all material incorporated by reference
therein.

     “Exchange Securities” shall mean the senior notes issued by the Company under the Indenture
containing terms identical to the Securities (except for (i) transfer restrictions which shall not
exist on the senior notes issued and (ii) certain provisions relating to an increase in the stated
rate of interest in connection with rights under this Agreement) to be offered to Holders of
Registrable Securities in exchange for Registrable Securities pursuant to the Exchange Offer. The
Exchange Securities will be issuable in minimum denominations of $2,000 and integral multiples of
$1,000 in excess thereof.

     “Holders” shall mean the Initial Purchasers, for so long as they own any Registrable
Securities, and each of their respective successors, assigns and direct and indirect transferees
who become beneficial owners of Registrable Securities under the Indenture; provided that for
purposes of Section 5 of this Agreement “Holders” shall include Participating Broker-Dealers.

     “Indenture” shall mean the Indenture relating to the Securities dated as of December 5, 2006
between the Company and U.S. Bank National Association, as trustee (the “Trustee”) and as the same
may be amended and supplemented from time to time in accordance with the terms thereof.

     “Initial Purchasers” shall have the meaning set forth in the preamble of this Agreement.

     “Majority Holders” shall mean the Holders of a majority of the aggregate principal amount of
Registrable Securities outstanding; provided that whenever the consent or approval of Holders of a
specified percentage of Registrable Securities is required hereunder, Registrable Securities held
by the Company or any of its affiliates (as such term is defined in Rule 405 under the 1933 Act)
(other than the Initial Purchasers or subsequent holders of Registrable Securities, if such
subsequent holders are deemed to be such affiliates solely by reason of their holding of such
Registrable Securities) shall be disregarded in determining whether such consent or approval was
given by the Holders of such required percentage or amount.

     “NASD” shall mean the National Association of Securities Dealers, Inc.

     “Participating Broker-Dealer” shall have the meaning set forth in Section 3(f).

     “Person” shall mean an individual, partnership, joint venture, limited liability company,
corporation, trust or unincorporated organization, or a government or agency or political
subdivision thereof.

     “Prospectus” shall mean the prospectus included in a Registration Statement, including any
preliminary prospectus, and any such prospectus as amended or supplemented by any prospectus
supplement, including a prospectus supplement with respect to the terms of the offering of any
portion of the Registrable Securities covered by a Shelf Registration Statement,

2

 

and by all other amendments and supplements to a prospectus, including post-effective
amendments, and in each case including all material incorporated by reference therein.

     “Purchase Agreement” shall have the meaning set forth in the preamble of this Agreement.

     “Registrable Securities” shall mean the Securities; provided, however, that the Securities
shall cease to be Registrable Securities when (i) a Registration Statement with respect to such
Securities shall have been declared effective under the 1933 Act and such Securities shall have
been disposed of pursuant to such Registration Statement, (ii) when such Securities are eligible to
be sold pursuant to Rule 144(k) (or any similar provision then in force, but not Rule 144A) under
the 1933 Act, (iii) all the Securities shall have been sold to the public pursuant to Rule 144 (or
any similar provision then in force, but not Rule 144A) under the 1933 Act, (iv) all the Securities
shall have ceased to be outstanding or (v) such Securities have been exchanged for Exchange
Securities upon consummation of the Exchange Offer.

     “Registration Expenses” shall mean any and all expenses incident to performance of or
compliance by the Company with this Agreement, including without limitation: (i) all SEC, stock
exchange or NASD registration and filing fees, (ii) all fees and expenses incurred in connection
with compliance with state or other securities or blue sky laws and compliance with the rules of
the NASD (including reasonable fees and disbursements of not more than one counsel for any
underwriters or Holders (whose counsel shall be selected by the Holders of a majority in aggregate
principal amount of Registrable Securities to be registered in the applicable Registration
Statement) solely in connection with state or other securities or blue sky qualification of any of
the Exchange Securities or Registrable Securities), (iii) all expenses of any Persons in preparing,
printing and distributing any Registration Statement, any Prospectus, any amendments or supplements
thereto, any underwriting agreements, securities sales agreements, certificates representing the
Exchange Securities and other documents relating to the performance of and compliance with this
Agreement, (iv) all rating agency fees, (v) all fees and expenses incurred in connection with the
listing, if any, of any of the Exchange Securities or such Registrable Securities, covered by a
Shelf Registration Statement, as applicable, on any securities exchange or exchanges, (vi) all fees
and disbursements relating to the qualification of the Indenture under applicable securities laws,
(vii) the fees and disbursements of counsel for the Company, (viii) the fees and expenses of a
“qualified independent underwriter” as defined by Conduct Rule 2720 of the NASD (if required by the
NASD rules) in connection with the offering of the Registrable Securities and the reasonable fees
and expenses of its counsel, (ix) the reasonable fees and expenses of the Trustee, any registrar,
any depositary and paying agent, including their respective counsel, and any escrow agent or
custodian, (x) in the case of a Shelf Registration Statement, the reasonable fees and expenses
incurred in connection with such Shelf Registration Statement of one counsel to the Holders chosen
by the Majority Holders in writing, and (xi) the reasonable fees and disbursements of the
independent public accountants of the Company, including the expenses of any special audits or
“comfort” letters required by or incident to the performance of and compliance with this Agreement,
but excluding any and all fees and expenses of advisors or counsel to the underwriters (other than
fees and expenses set forth in clause (ii) above) or the Holders and underwriting discounts and
commissions, brokerage commissions and transfer taxes, if any, relating to the sale or disposition
of Registrable Securities by a Holder but excluding (except as otherwise provided herein) fees of
counsel to the

3

 

underwriters or the Holders and underwriting discounts and commissions and any transfer taxes,
if any, relating to the sale or disposition of Registrable Securities by a Holder.

     “Registration Statement” shall mean any registration statement of the Company relating to any
offering of the Exchange Securities or Registrable Securities pursuant to the provisions of this
Agreement, and all amendments and supplements to any such Registration Statement, including
post-effective amendments, in each case including the Prospectus contained therein, all exhibits
thereto and all material incorporated by reference therein.

     “SEC” shall mean the Securities and Exchange Commission.

     “Shelf Additional Interest Date” shall have the meaning set forth in Section 2(e) hereof.

     “Shelf Registration” shall mean a registration effected pursuant to Section 2(b) hereof.

     “Shelf Registration Statement” shall mean a “shelf” registration statement of the Company
pursuant to the provisions of Section 2(b) of this Agreement which covers all of the Registrable
Securities on an appropriate form under Rule 415 under the 1933 Act, or any similar rule that may
be adopted by the SEC, and all amendments and supplements to such registration statement, including
post-effective amendments, in each case including the Prospectus contained therein, all exhibits
thereto and all material incorporated by reference therein.

     “Staff” shall mean the staff of the SEC.

     “Trustee” shall mean the trustee under the Indenture.

     2. Registration Under the 1933 Act

     (a) Exchange Offer Registration. To the extent not prohibited by any applicable law
or applicable interpretations of the Staff, the Company shall use its reasonable best efforts to
(i) file with the SEC an Exchange Offer Registration Statement covering an offer to the Holders to
exchange all the Registrable Securities for Exchange Securities and (ii) have such Registration
Statement remain effective until 180 days after the last Exchange Date for use by one or more
Participating Broker-Dealers. The Company shall commence the Exchange Offer promptly after the
Exchange Offer Registration Statement is declared effective by the SEC and use its reasonable best
efforts to complete the Exchange Offer not later than 60 days after such effective date, and within
360 days after the Closing Date.

     In connection with the Exchange Offer, the Company shall:

     (i) mail to each Holder a copy of the Prospectus forming part of the Exchange Offer
Registration Statement, together with an appropriate letter of transmittal and related
documents;

     (ii) keep the Exchange Offer open for not less than 20 business days (or longer if
required by applicable federal and state securities laws) after the date notice thereof is
mailed to the Holders (the “Exchange Dates”);

4

 

     (iii) use the services of the Depositary for the Exchange Offer with respect to
Securities evidenced by global certificates;

     (iv) permit Holders to withdraw tendered Registrable Securities at any time prior to
the close of business, New York City time, on the last Exchange Date, by sending to the
institution specified in the notice, a telegram, telex, facsimile transmission or letter
setting forth the name of such Holder, the principal amount of Registrable Securities
delivered for exchange, and a statement that such Holder is withdrawing its election to have
such Securities exchanged; and

     (v) otherwise comply in all material respects with all applicable federal and state
securities laws relating to the Exchange Offer.

     As soon as practicable after the close of the Exchange Offer, the Company shall:

     (i) accept for exchange Registrable Securities duly tendered and not validly withdrawn
pursuant to the Exchange Offer in accordance with the terms of the Exchange Offer
Registration Statement and the letter of transmittal which is an exhibit thereto;

     (ii) deliver, or cause to be delivered, to the Trustee for cancellation all Registrable
Securities so accepted for exchange by the Company; and

     (iii) cause the Trustee promptly to authenticate and deliver Exchange Securities to
each Holder of Registrable Securities equal in principal amount to the principal amount of
the Registrable Securities of such Holder so accepted for exchange.

     Interest on each Exchange Security will accrue from the last date on which interest was paid
on the Registrable Securities surrendered in exchange therefor or, if no interest has been paid on
the Registrable Securities, from the Closing Date. The Exchange Offer shall not be subject to any
conditions, other than (i) that the Exchange Offer, or the making of any exchange by a Holder, does
not violate applicable law or any applicable interpretation of the Staff, (ii) that no action or
proceeding shall have been instituted or threatened in any court or before any governmental agency
with respect to the Exchange Offer which, in the Company’s judgment, would impair the ability of
the Company to proceed with the Exchange Offer, (iii) that no law, rule or regulation or applicable
interpretation of the Staff has been issued or promulgated which, in the good faith determination
of the Company, does not permit the Company to effect the Exchange Offer and (iv) that the Holders
tender the Registrable Securities to the Company in accordance with the Exchange Offer.

     As a condition to participating in the Exchange Offer, each Holder of Registrable Securities
(other than Participating Broker-Dealers) who wishes to exchange such Registrable Securities for
Exchange Securities in the Exchange Offer shall have represented to the Company that (i) it is not
an affiliate (as defined in Rule 405 under the 1933 Act) of the Company or, if it is an affiliate,
it will comply with the registration and prospectus delivery requirements of the 1933 Act, to the
extent applicable, (ii) any Exchange Securities to be received by it will be acquired in the
ordinary course of business, (iii) at the time of the commencement of the Exchange Offer, it has no
arrangement with any Person to participate in the distribution (within the meaning of the 1933 Act)
of the Securities or the Exchange Securities, (iv) it is not acting on behalf of any

5

 

person who could not truthfully make the foregoing representations and (v) it shall have made
such other representations as may be reasonably necessary under applicable SEC rules, regulations
or interpretations to render the use of Form S-4 or another appropriate form under the 1933 Act
available or for the Exchange Offer Registration Statement to be declared effective. To the extent
permitted by law, the Company shall inform the Initial Purchasers of the names and addresses of the
Holders to whom the Exchange Offer is made, and the Initial Purchasers shall have the right to
contact such Holders and otherwise facilitate the tender of Registrable Securities in the Exchange
Offer.

     (b) Shelf Registration

     (i) If, because of any change in law or applicable interpretations thereof by the
Staff, the Company is not permitted to effect the Exchange Offer as contemplated by Section
2(a) hereof, (ii) if for any other reason the Exchange Offer is not consummated within 360
days after the Closing Date or (iii) upon the written request of any of the Initial
Purchasers within 90 days following the consummation of the Exchange Offer; provided that
such Initial Purchaser shall hold Registrable Securities that it acquired directly from the
Company and if such Initial Purchaser is not permitted, in the reasonable opinion of counsel
to such Initial Purchaser, pursuant to applicable law or applicable interpretation of the
Staff, to participate in the Exchange Offer, the Company shall, at its cost:

          (A) file with the SEC a Shelf Registration Statement relating to the offer and sale of
the Registrable Securities by the Holders from time to time in accordance with the methods
of distribution elected by the Majority Holders of such Registrable Securities and set forth
in such Shelf Registration Statement;

          (B) use its reasonable best efforts to cause such Shelf Registration Statement to be
declared effective by the SEC as promptly as practicable; provided that, with respect to
Exchange Securities received by a broker-dealer in exchange for any securities that were
acquired by such broker-dealer as a result of market-making or other trading activities, the
Company may, if permitted by current interpretations by the Staff, file a post-effective
amendment to the Exchange Offer Registration Statement containing the information required
by Regulation S-K Items 507 and/or 508, as applicable, in satisfaction of its obligations
under paragraph (A) solely with respect to broker-dealers who acquired their Securities as a
result of market-making or other trading activities, and any such Exchange Offer
Registration Statement, as so amended, shall be referred to herein as, and governed by the
provisions herein applicable to, a Shelf Registration Statement. In the event that the
Company is required to file a Shelf Registration Statement upon the request of any Initial
Purchaser pursuant to clause (iii) above, the Company shall file and use its reasonable best
efforts to have declared effective by the SEC both an Exchange Offer Registration Statement
pursuant to Section 2(a) with respect to all Registrable Securities and a Shelf Registration
Statement (which may be a combined Registration Statement with the Exchange Offer
Registration Statement) with respect to offers and sales of Registrable Securities held by
such Holder or such Initial Purchaser, as applicable, after completion of the Exchange
Offer;

6

 

          (C) use its reasonable best efforts to keep the Shelf Registration Statement
continuously effective, supplemented and amended as required, in order to permit the
Prospectus forming part thereof to be usable by Holders for a period of two years after its
effective date or such shorter period which will terminate when all of the Registrable
Securities covered by the Shelf Registration Statement (i) have been sold pursuant to the
Shelf Registration Statement, (ii) cease to be outstanding or (iii) become eligible for
resale pursuant to Rule 144 under the 1933 Act without volume restrictions; and

          (D) notwithstanding any other provisions hereof, ensure that (i) any Shelf Registration
Statement and any amendment thereto and any Prospectus forming a part thereof and any
supplement thereto complies in all material respects with the 1933 Act and the rules and
regulations thereunder, (ii) any Shelf Registration Statement and any amendment thereto does
not, when it becomes effective, contain an untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the statements
therein not misleading and (iii) any Prospectus forming part of any Shelf Registration
Statement, and any supplement to such Prospectus (as amended or supplemented from time to
time), does not include an untrue statement of a material fact or omit to state a material
fact necessary in order to make the statements, in light of the circumstances under which
they were made, not misleading; provided, however, clauses (ii) and (iii) shall not apply to
any information relating to any Initial Purchaser or any Holder furnished to the Company in
writing by such Initial Purchaser or Holder expressly for use in the Shelf Registration
Statement.

     The Company shall only permit Registrable Securities to be included in the Shelf Registration
Statement.

     The Company further agrees, if necessary, to supplement or amend the Shelf Registration
Statement if reasonably requested by the Majority Holders with respect to information relating to
the Holders and otherwise as required by Section 3(b) below, to use its reasonable best efforts to
cause any such amendment to become effective and such Shelf Registration Statement to become usable
as soon as practicable thereafter and to furnish to the Holders of Registrable Securities copies of
any such supplement or amendment promptly after its being used or filed with the SEC.

     (c) Expenses. The Company shall pay all Registration Expenses in connection with the
registration pursuant to Sections 2(a) and 2(b). Each Holder shall pay all expenses of its counsel
other than as set forth in the preceding sentence, underwriting discounts and commissions and
transfer taxes, if any, relating to the sale or disposition of such Holder’s Registrable Securities
pursuant to a Shelf Registration Statement.

     (d) Effective Registration Statement

     (i) The Company shall be deemed not to have used its reasonable best efforts to cause
the Exchange Offer Registration Statement or the Shelf Registration Statement, as the case
may be, to become, or to remain, effective during the requisite periods set forth herein if
the Company voluntarily takes any action that could reasonably be

7

 

expected to result in any such Registration Statement not being declared effective or
remaining effective or in the Holders of Registrable Securities covered thereby not being
able to exchange or offer and sell such Registrable Securities during that period unless (A)
such action is required by applicable law or (B) such action is taken by the Company in good
faith and for valid business reasons (but not including avoidance of the Company’s
obligations hereunder), including the acquisition or divestiture of assets or a material
corporate transaction or event so long as the Company promptly complies with the
requirements of Section 3(k) hereof, if applicable.

     (ii) An Exchange Offer Registration Statement pursuant to Section 2(a) hereof or a
Shelf Registration Statement pursuant to Section 2(b) hereof shall not be deemed to have
become effective unless it has been declared effective by the SEC or is automatically
effective upon filing with the SEC as provided by Rule 462 under the 1933 Act.

     (iii) During any 365-day period, the Company may suspend the availability of a Shelf
Registration Statement and the use of the related Prospectus, as provided in Section
3(e)(vi) and the last paragraph of Section 3 hereof, for up to four periods of up to 45
consecutive days (except for the consecutive 45-day period immediately prior to maturity of
the Securities), but no more than an aggregate 90 days during any 365-day period, if any
event shall occur (A) as set forth in Section 2(d)(i) or (B) as a result of which it shall
be necessary, in the good faith determination of the board of directors of the Company, to
amend the Shelf Registration Statement or amend or supplement any prospectus or prospectus
supplement thereunder in order that each such document not include any untrue statement of
fact or omit to state a material fact necessary to make the statements therein not
misleading in light of the circumstances under which they were made.

     (e) Increase in Interest Rate. In the event that either the Exchange Offer is not
completed or the Shelf Registration Statement, if required pursuant to Section 2(b)(i) or 2(b)(ii)
hereof, does not become effective on or prior to the date that is 360 days after the Closing Date
(the “Target Registration Date”), the interest rate on the Registrable Securities will be increased
by (i) 0.25% per annum for the first 90-day period commencing immediately following the Target
Registration Date and (ii) an additional 0.25% per annum with respect to each subsequent 90-day
period, in each case until the Exchange Offer is completed or the Shelf Registration Statement, if
required hereby, becomes effective or the Securities become freely tradable under the Securities
Act, up to a maximum increase of 1.00% per annum. In the event that the Company receives a Shelf
Request pursuant to Section 2(b)(iii), and the Shelf Registration Statement required to be filed
thereby has not become effective by the later of the date (x) 360 days after the Closing Date or
(y) 90 days after the delivery of such Shelf Request (such later date, the “Shelf Additional
Interest Date”), then the interest rate on the Registrable Securities will be increased by (i)
0.25% per annum for the first 90-day period payable commencing from one day after the Shelf
Additional Interest Date and (ii) an additional 0.25% per annum with respect to each subsequent
90-day period, in each case until the Shelf Registration Statement becomes effective or the
Securities become freely tradable under the Securities Act, up to a maximum increase of 1.00% per
annum. If the Shelf Registration Statement, if required hereby, has become effective and thereafter
either ceases to be effective or the Prospectus contained

8

 

therein ceases to be usable, in each case whether or not permitted by this Agreement, at any
time during the Shelf Effectiveness Period, and such failure to remain effective or usable exists
for more than 30 days (whether or not consecutive) in any 12-month period, then the interest rate
on the Registrable Securities will be increased by (i) 0.25% per annum for the first 90-day period
commencing immediately following such 30th day, and (ii) an additional 0.25% per annum with respect
to each subsequent 90-day period up to a maximum increase of 1.00% per annum and ending on such
date that the Shelf Registration Statement has again become effective or the Prospectus again
becomes usable. Any event that causes an increase in the interest rate pursuant to this Section 2
is referred to as a “Registration Default.”

     (f) In no event shall the interest rate on the Registrable Securities be increased by more
than 1.00% per annum pursuant to Section 2(e) above.

     (g) Notwithstanding anything to the contrary contained herein, the increased interest rate
described in Section 2(e) above is the sole and exclusive remedy available to Holders due to a
Registration Default, so long as the Company is acting in good faith hereunder, including, without
limitation, with respect to satisfying its obligations.

     3. Registration Procedures. In connection with the obligations of the Company with
respect to the Registration Statements pursuant to Sections 2(a) and 2(b) hereof, the Company shall
as soon as practicable:

     (a) prepare and file with the SEC a Registration Statement on the appropriate form under the
1933 Act, which form (i) shall be selected by the Company, (ii) shall, in the case of a Shelf
Registration Statement, be available for the sale of the Registrable Securities by the selling
Holders thereof and (iii) shall comply as to form in all material respects with the requirements of
the applicable form and include or incorporate by reference all financial statements required by
the SEC to be filed therewith, and use its reasonable best efforts to cause such Registration
Statement to become effective and remain effective in accordance with Section 2 hereof;

     (b) prepare and file with the SEC such amendments and post-effective amendments to each
Registration Statement as may be necessary under applicable law to keep such Registration Statement
effective for the applicable period; cause each Prospectus to be supplemented by any required
prospectus supplement, and as so supplemented to be filed pursuant to Rule 424 under the 1933 Act;
and comply with the provisions of the 1933 Act with respect to the disposition of all Securities
covered by each Registration Statement during the applicable period in accordance with the intended
method or methods of distribution by the selling Holders thereof;

     (c) in the case of a Shelf Registration, (i) notify each Holder of Registrable Securities, at
least 15 days prior to filing, that a Shelf Registration Statement with respect to the Registrable
Securities is being filed and advising such Holders that the distribution of Registrable Securities
will be made in accordance with the method elected by the Majority Holders; (ii) furnish to each
Holder of Registrable Securities, to counsel for the Initial Purchasers, to counsel for the Holders
and to each underwriter of an underwritten offering of Registrable Securities, if any, without
charge, as many copies of each Prospectus, including each preliminary Prospectus, and any amendment
or supplement thereto and such other documents as

9

 

such Holder or underwriter, or their counsel, may reasonably request, including financial
statements and schedules and, if the Holder so reasonably requests, all exhibits (including those
incorporated by reference) in order to facilitate the public sale or other disposition of the
Registrable Securities; and (iii) subject to the last paragraph of this Section 3, hereby consent
to the use of the Prospectus, including each preliminary Prospectus, or any amendment or supplement
thereto by each of the selling Holders of Registrable Securities in connection with the offering
and sale of the Registrable Securities covered by the Prospectus or any amendment or supplement
thereto;

     (d) use its reasonable best efforts to register or qualify the Registrable Securities under
all applicable state securities or “blue sky” laws of such jurisdictions as any Holder of
Registrable Securities covered by a Registration Statement and each underwriter of an underwritten
offering of Registrable Securities shall reasonably request by the time the applicable Registration
Statement is declared effective by the SEC, to cooperate with the Holders in connection with any
filings required to be made with the NASD, keep each such registration or qualification effective
during the period such Registration Statement is required to be effective and do any and all other
acts and things which may be reasonably necessary or advisable to enable such Holder to consummate
the disposition in each such jurisdiction of such Registrable Securities owned by such Holder;
provided, however, that the Company shall not be required to (i) qualify as a foreign corporation
or as a dealer in securities in any jurisdiction where it would not otherwise be required to
qualify but for this Section 3(d) or (ii) take any action which would subject it to general service
of process or taxation in any such jurisdiction;

     (e) in the case of a Shelf Registration, notify each Holder of Registrable Securities and
counsel for such Holders promptly and, if requested by such Holder or counsel, confirm such advice
in writing promptly (i) when a Registration Statement has become effective and when any
post-effective amendments and supplements thereto become effective, (ii) of any request by the SEC
or any state securities authority for post-effective amendments and supplements to a Registration
Statement and Prospectus or for additional information after the Registration Statement has become
effective, (iii) of the issuance by the SEC or any state securities authority of any stop order
suspending the effectiveness of a Registration Statement or the initiation of any proceedings for
that purpose, (iv) if, between the effective date of a Registration Statement and the closing of
any sale of Registrable Securities covered thereby, the representations and warranties of the
Company contained in any underwriting agreement, securities sales agreement or other similar
agreement, if any, relating to such offering cease to be true and correct in all material respects,
(v) of the receipt by the Company of any notification with respect to the suspension of the
qualification of the Registrable Securities for sale in any jurisdiction or the initiation or
threatening of any proceeding for such purpose, (vi) of the happening of any event or the discovery
of any facts during the period a Shelf Registration Statement is effective (including as
contemplated in Section 2(d)(iii) hereof) which (A) is contemplated in Section 2(d)(i) or (B) makes
any statement made in such Shelf Registration Statement or the related Prospectus untrue in any
material respect or which requires the making of any changes in such Shelf Registration Statement
or Prospectus in order to make the statements therein not misleading and (vii) of any determination
by the Company that a post-effective amendment to a Registration Statement would be appropriate;

10

 

     (f) (A) in the case of an Exchange Offer, (i) include in the Exchange Offer Registration
Statement a “Plan of Distribution” section covering the use of the Prospectus included in the
Exchange Offer Registration Statement by broker-dealers who have exchanged their Registrable
Securities for Exchange Securities for the resale of such Exchange Securities, (ii) furnish to each
broker-dealer who desires to participate in the Exchange Offer, without charge, as many copies of
each Prospectus included in the Exchange Offer Registration Statement, including any preliminary
prospectus, and any amendment or supplement thereto, as such broker-dealer may reasonably request,
(iii) include in the Exchange Offer Registration Statement a statement that any broker-dealer who
holds Registrable Securities acquired for its own account as a result of market-making activities
or other trading activities (a “Participating Broker-Dealer”), and who receives Exchange Securities
for Registrable Securities pursuant to the Exchange Offer, may be a statutory underwriter and must
deliver a prospectus meeting the requirements of the 1933 Act in connection with any resale of such
Exchange Securities, (iv) subject to the last paragraph of this Section 3, hereby consent to the
use of the Prospectus forming part of the Exchange Offer Registration Statement or any amendment or
supplement thereto, by any broker-dealer in connection with the sale or transfer of the Exchange
Securities covered by the Prospectus or any amendment or supplement thereto, and (v) include in the
transmittal letter or similar documentation to be executed by an exchange offeree in order to
participate in the Exchange Offer the following provision:

“If the undersigned is not a broker-dealer, the undersigned represents that it is
not engaged in, and does not intend to engage in, a distribution of Exchange
Securities. If the undersigned is a broker-dealer that will receive Exchange
Securities for its own account in exchange for Registrable Securities, it represents
that the Registrable Securities to be exchanged for Exchange Securities were
acquired by it as a result of market-making activities or other trading activities
and acknowledges that it will deliver a prospectus meeting the requirements of the
1933 Act in connection with any resale of such Exchange Securities pursuant to the
Exchange Offer; however, by so acknowledging and by delivering a prospectus, the
undersigned will not be deemed to admit that it is an “underwriter” within the
meaning of the 1933 Act;”

     (B) to the extent any Participating Broker-Dealer participates in the Exchange Offer,
the Company shall use its reasonable best efforts to cause to be delivered at the request of
an entity representing the Participating Broker-Dealers (which entity shall be Citigroup
Global Markets Inc., unless it elects not to act as such representative) any “comfort”
letters with respect to the Prospectus in the form existing on the last Exchange Date and
with respect to each subsequent amendment or supplement, if any, effected during the period
specified in clause (C) below;

     (C) to the extent any Participating Broker-Dealer participates in the Exchange Offer,
the Company shall use its reasonable best efforts to maintain the effectiveness of the
Exchange Offer Registration Statement for a period of 180 days following the closing of the
Exchange Offer or such shorter period which will terminate when the Participating
Broker-Dealers have completed all resales subject to applicable prospectus delivery
requirements; and

11

 

     (D) the Company shall not be required to amend or supplement the Prospectus contained
in the Exchange Offer Registration Statement as would otherwise be contemplated by Section
3(b) hereof, or take any other action as a result of this Section 3(f), for a period
exceeding 180 days after the last Exchange Date (as such period may be extended by the
Company) and Participating Broker-Dealers shall not be authorized by the Company to, and
shall not, deliver such Prospectus after such period in connection with resales contemplated
by this Section 3;

     (g) (i) in the case of an Exchange Offer, furnish counsel for the Initial Purchasers and (ii)
in the case of a Shelf Registration, furnish counsel for the Holders of Registrable Securities
copies of any request by the SEC or any state securities authority for amendments or supplements to
a Registration Statement and Prospectus or for additional information;

     (h) make every reasonable effort to obtain the withdrawal of any order suspending the
effectiveness of a Registration Statement as soon as practicable and provide immediate notice to
each Holder of the withdrawal of any such order;

     (i) in the case of a Shelf Registration, furnish to each Holder of Registrable Securities,
without charge, at least one conformed copy of each Registration Statement and any post-effective
amendment thereto (without documents incorporated therein by reference or exhibits thereto, unless
requested);

     (j) in the case of a Shelf Registration, cooperate with the selling Holders of Registrable
Securities to facilitate the timely preparation and delivery of certificates representing
Registrable Securities to be sold and not bearing any restrictive legends; and cause such
Registrable Securities to be in such denominations (consistent with the provisions of the
Indenture) in a form eligible for deposit with the Depositary and registered in such names as the
selling Holders or the underwriters, if any, may reasonably request in writing at least one
business day prior to the closing of any sale of Registrable Securities;

     (k) in the case of a Shelf Registration, upon the occurrence of any event or the discovery of
any facts, each as contemplated by Section 3(e)(vi) hereof, use its reasonable best efforts to
prepare a supplement or post-effective amendment to a Registration Statement or the related
Prospectus or any document incorporated therein by reference or file any other required document so
that, as thereafter delivered to the purchasers of the Registrable Securities, such Prospectus will
not contain at the time of such delivery any untrue statement of a material fact or omit to state a
material fact necessary to make the statements therein, in light of the circumstances under which
they were made, not misleading. The Company agrees to notify each Holder to suspend use of the
Prospectus as promptly as practicable after the occurrence of such an event, and each Holder hereby
agrees to suspend use of the Prospectus until the Company has amended or supplemented the
Prospectus to correct such misstatement or omission. At such time as such public disclosure is
otherwise made or the Company determines that such disclosure is not necessary, in each case to
correct any misstatement of a material fact or to include any omitted material fact, the Company
agrees promptly to notify each Holder of such determination and to furnish each Holder such numbers
of copies of the Prospectus, as amended or supplemented, as such Holder may reasonably request;

12

 

     (l) obtain CUSIP numbers, ISINs and common codes for all Exchange Securities or Registrable
Securities, as the case may be, not later than the effective date of a Registration Statement, and
provide the Trustee with printed certificates for the Exchange Securities or Registrable
Securities, as the case may be, in a form eligible for deposit with the Depositary;

     (m) (i) cause the Indenture to be qualified under the Trust Indenture Act of 1939, as amended
(the “TIA”), in connection with the registration of the Exchange Securities, or Registrable
Securities, as the case may be, (ii) cooperate with the Trustee and the Holders to effect such
changes to the Indenture as may be required for the Indenture to be so qualified in accordance with
the terms of the TIA and (iii) execute, and use its reasonable best efforts to cause the Trustee to
execute, all documents as may be required to effect such changes, and all other forms and documents
required to be filed with the SEC to enable the Indenture to be so qualified in a timely manner;

     (n) in the case of a Shelf Registration, enter into agreements (including underwriting
agreements) and take all other customary and appropriate actions (including those reasonably
requested by the Majority Holders of the Registrable Securities being sold) in order to expedite or
facilitate the disposition of such Registrable Securities and in such connection, whether or not an
underwriting agreement is entered into and whether or not the registration is an underwritten
registration, in a manner that is reasonable and customary:

     (i) make such representations and warranties to the Holders of such Registrable
Securities and the underwriters, if any, in form, substance and scope as are customarily
made by issuers to underwriters in similar underwritten offerings as may be reasonably
requested by such Holders and underwriters;

     (ii) obtain an opinion of counsel to the Company and updates thereof (which opinion (in
form, scope and substance) shall be reasonably satisfactory to the managing underwriters, if
any, and the Holders of a majority in principal amount of the Registrable Securities being
sold) addressed to each selling Holder and the underwriters, if any, covering the matters
customarily covered in opinions requested in sales of securities or underwritten offerings
and such other matters as may be reasonably requested by such Holders and underwriters;

     (iii) obtain “comfort” letters and updates thereof from the Company’s independent
certified public accountants addressed to the underwriters, if any, and will use reasonable
best efforts to have such letters addressed to the selling Holders of Registrable
Securities, such letters to be in customary form and covering matters of the type
customarily covered in “comfort” letters to underwriters in connection with similar
underwritten offerings;

     (iv) enter into a securities sales agreement with the Holders and an agent of the
Holders providing for, among other things, the appointment of such agent for the selling
Holders for the purpose of soliciting purchases of Registrable Securities, which agreement
shall be in form, substance and scope customary for similar offerings;

13

 

     (v) if an underwriting agreement is entered into in the case of an underwritten
offering, cause the same to set forth indemnification provisions and procedures
substantially equivalent to the indemnification provisions and procedures set forth in
Section 5 hereof with respect to the underwriters and all other parties to be indemnified
pursuant to Section 5 hereof; and

     (vi) deliver such documents and certificates as may be reasonably requested by the
underwriters or the Holders and as are customarily delivered in similar offerings.

     The above shall be done at (i) the effectiveness of such Registration Statement (and, if
appropriate, each post-effective amendment thereto) and (ii) each closing under any underwriting or
similar agreement as and to the extent required thereunder. In the case of any underwritten
offering, the Company shall provide written notice to the Holders of all Registrable Securities of
such underwritten offering at least 30 days prior to the filing of a prospectus supplement for such
underwritten offering. Such notice shall (x) offer each such Holder the right to participate in
such underwritten offering, (y) specify a date, which shall be no earlier than 10 business days
following the date of such notice, by which such Holder must inform the Company of its intent to
participate in such underwritten offering and (z) include the instructions such Holder must follow
in order to participate in such underwritten offering;

     (o) in the case of a Shelf Registration, make available for inspection by representatives of
the Holders of the Registrable Securities and any underwriters participating in any disposition
pursuant to a Shelf Registration Statement and any U.S. counsel or accountant retained by such
Holders or underwriters, all financial and other records, pertinent corporate documents and
properties of the Company reasonably requested by any such Persons, and cause the respective
officers, directors, employees, and any other agents of the Company to supply all information
reasonably requested by any such representative, underwriter, special counsel or accountant in
connection with a Registration Statement; provided that any such records, documents, properties and
such information that is designated in writing by the Company, in good faith, as confidential at
the time of delivery of such records, documents, properties or information shall be kept
confidential by any such representative, underwriter, counsel or accountant and shall be used only
in connection with such Shelf Registration Statement, unless such information has become available
(not in violation of this Agreement) to the public generally or through a third party without an
accompanying obligation of confidentiality, and except that such representative, underwriter,
counsel or accountant shall have no liability, and shall not be in breach of this provision, if
disclosure of such confidential information is made in connection with a court proceeding or
required by law, and the Company shall be entitled to request that such representative,
underwriter, counsel or accountant sign a confidentiality agreement to the foregoing effect. Each
such person will be required to agree that information obtained by it as a result of such
inspections shall be deemed confidential and shall not be used by it as the basis for any market
transactions in the securities of the Company unless and until such is made generally available to
the public through no fault or action of such person. Each selling Holder of such Registrable
Securities will be required to further agree that it will, upon learning that disclosure of
confidential information is necessary, give notice to the Company to allow the Company at its
expense to undertake appropriate action to prevent disclosure of the confidential information;

14

 

     (p) (i) in the case of an Exchange Offer, within a reasonable time prior to the filing of any
Exchange Offer Registration Statement, any Prospectus forming a part thereof, any amendment to an
Exchange Offer Registration Statement or amendment or supplement to a Prospectus, provide copies of
such document to the Initial Purchasers, and make such changes in any such document prior to the
filing thereof as the Initial Purchasers or their counsel may reasonably request; (ii) in the case
of a Shelf Registration, within a reasonable time prior to filing any Shelf Registration Statement,
any Prospectus forming a part thereof, any amendment to such Shelf Registration Statement or
amendment or supplement to such Prospectus, provide copies of such document to the Holders of
Registrable Securities, to the Initial Purchasers, to counsel on behalf of the Holders and to the
underwriter or underwriters of an underwritten offering of Registrable Securities, if any, and make
such changes in any such document prior to the filing thereof as counsel to the Initial Purchasers,
the Holders or any underwriter may reasonably request; and (iii) cause the representatives of the
Company to be available for discussion of such document as shall be reasonably requested by the
Holders of Registrable Securities, the Initial Purchasers on behalf of such Holders or any
underwriter, and shall not at any time make any filing of any such document of which such Holders,
the Initial Purchasers on behalf of such Holders, their counsel or any underwriter shall not have
previously been advised and furnished a copy or to which such Holders, the Initial Purchasers on
behalf of such Holders, their counsel or any underwriter shall reasonably object within a
reasonable time period;

     (q) in the case of a Shelf Registration, use its reasonable best efforts to cause the
Registrable Securities to be rated with the appropriate rating agencies, if so requested by the
Majority Holders or by the underwriter or underwriters of an underwritten offering, unless the
Registrable Securities are already so rated;

     (r) otherwise use its reasonable best efforts to comply with all applicable rules and
regulations of the SEC and make available to its security holders, as soon as reasonably
practicable, an earnings statement covering at least twelve months which shall satisfy the
provisions of Section 11(a) of the 1933 Act and Rule 158 thereunder; and

     (s) cooperate and assist in any filings required to be made with the NASD and in the
performance of any due diligence investigation by any underwriter and its counsel.

     In the case of a Shelf Registration Statement, the Company may (as a condition to such
Holder’s participation in the Shelf Registration) require each Holder of Registrable Securities to
furnish to the Company or its counsel such information regarding such Holder and the proposed
distribution by such Holder of such Registrable Securities, as the Company may from time to time
reasonably request, and agree in writing to be bound by the Agreement, including the
indemnification provisions.

     In the case of a Shelf Registration Statement, each Holder agrees that, upon receipt of any
notice from the Company of the happening of any event or the discovery of any facts, each of the
kind described in Sections 2(d)(i) and 3(e)(ii)-(vii) hereof, such Holder will forthwith
discontinue disposition of Registrable Securities pursuant to a Registration Statement until such
Holder’s receipt of (i) the copies of the supplemented or amended Prospectus contemplated by
Section 3(k) hereof or (ii) written notice from the Company that the Shelf Registration Statement
is once again effective and that no supplement or amendment is required. If so directed by the

15

 

Company, such Holder will deliver to the Company (at the Company’s expense) all copies in its
possession, other than permanent file copies then in such Holder’s possession, of the Prospectus
covering such Registrable Securities current at the time of receipt of such notice.

     If the Company shall give any such notice to suspend the disposition of Registrable Securities
pursuant to a Shelf Registration Statement as a result of the happening of any event or the
discovery of any facts, each of the kind described in Sections 2(d)(i) and 3(e)(vi) hereof, the
Company shall be deemed to have used its reasonable best efforts to keep the Shelf Registration
Statement effective during such period of suspension; provided that (i) such period of suspension
shall not exceed the time periods provided in Section 2(d)(iii) hereof and (ii) the Company shall,
if necessary, use its reasonable best efforts to file and have declared effective (if an amendment)
as soon as practicable an amendment or supplement to the Shelf Registration Statement and shall
extend the period during which the Registration Statement shall be maintained effective pursuant to
this Agreement by the number of days during the period from and including the date of the giving of
such notice to and including the date when the Holders shall have received copies of the
supplemented or amended Prospectus necessary to resume such dispositions.

     4. Underwritten Offerings. If any of the Registrable Securities covered by any Shelf
Registration are to be sold in an underwritten offering, the investment banker or investment
bankers and manager or managers that will manage the offering will be selected by the Majority
Holders of such Registrable Securities included in such offering and shall be reasonably acceptable
to the Company.

     No Holder of Registrable Securities may participate in any underwritten offering hereunder
unless such Holder (a) agrees to sell such Holder’s Registrable Securities on the basis provided in
any underwriting arrangements approved by the Persons entitled hereunder to approve such
arrangements and (b) completes and executes all questionnaires, powers of attorney, indemnities,
underwriting agreements and other documents required under the terms of such underwriting
arrangements.

     5. Indemnification and Contribution

     (a) The Company agrees to indemnify and hold harmless each Initial Purchaser, each Holder,
their respective affiliates, directors, officers, employees and agents, and each Person, if any,
who controls any Initial Purchaser or any Holder within the meaning of either Section 15 of the
1933 Act or Section 20 of the 1934 Act, from and against any and all losses, claims, damages and
liabilities (including, without limitation, any legal or other expenses reasonably incurred by the
Initial Purchaser, any Holder or any such controlling or affiliated Person in connection with
defending or investigating any such action or claim) caused by any untrue statement or alleged
untrue statement of a material fact contained in any Registration Statement or any amendment
thereof, pursuant to which Exchange Securities or Registrable Securities were registered under the
1933 Act, including all documents incorporated therein by reference, or caused by any omission or
alleged omission to state therein a material fact required to be stated therein or necessary to
make the statements therein not misleading, or caused by any untrue statement or alleged untrue
statement of a material fact contained in any Prospectus (as amended or supplemented if the Company
shall have furnished any amendments or supplements thereto), or caused by any omission or alleged
omission to state therein a material fact necessary to make the

16

 

statements therein in light of the circumstances under which they were made not misleading,
except insofar as such losses, claims, damages or liabilities are caused by any such untrue
statement or omission or alleged untrue statement or omission based upon information relating to
any Initial Purchaser or any Holder furnished to the Company in writing by such Initial Purchaser
or by or relating to any Holder or underwriter who participates in an offering of Registrable
Securities, in each case expressly for use therein.

     (b) Each Holder agrees, severally and not jointly, to indemnify and hold harmless the Company,
each Initial Purchaser, each underwriter who participates in an offering of Registrable Securities,
and the other selling Holders, and each of their respective affiliates, directors and officers
(including, without limitation, each director and officer of the Company who signed the
Registration Statement), employees and agents, and each Person, if any, who controls the Company,
any Initial Purchaser, any underwriter or any other selling Holder within the meaning of either
Section 15 of the 1933 Act or Section 20 of the 1934 Act from and against any and all losses,
claims, damages and liabilities (including, without limitation, any legal or other expenses
described in the indemnity contained in Section 5(a), as incurred), but only with reference to
information relating to such Holder furnished to the Company in writing by such Holder expressly
for use in any Registration Statement or any amendment thereof or any Prospectus or any amendments
or supplements thereto.

     (c) In case any proceeding (including any governmental investigation) shall be instituted
involving any Person in respect of which indemnity may be sought pursuant to either paragraph (a)
or paragraph (b) above, such Person (the “indemnified party”) shall promptly notify the person
against whom such indemnity may be sought (the “indemnifying party”) in writing (but the failure to
so notify the indemnifying party will not relieve it from any liability which it may have to any
indemnified party except to the extent it is materially prejudiced or harmed) and the indemnifying
party, upon request of the indemnified party, shall retain counsel reasonably satisfactory to the
indemnified party to represent the indemnified party and any others the indemnifying party may
designate in such proceeding and shall pay the fees and disbursements of such counsel related to
such proceeding. In any such proceeding, any indemnified party shall have the right to retain its
own counsel, but the fees and expenses of such counsel shall be at the expense of such indemnified
party unless (i) the indemnifying party and the indemnified party shall have mutually agreed to the
contrary; (ii) the indemnifying party has failed within a reasonable time to retain counsel
reasonably satisfactory to the indemnified party; (iii) the indemnified party shall have reasonably
concluded that there may be legal defenses available to it that are different from or in addition
to those available to the indemnifying party; or (iv) the named parties in any such proceeding
(including any impleaded parties) include both the indemnifying party and the indemnified party and
representation of both parties by the same counsel would be inappropriate due to actual or
potential differing interests between them. It is understood that the indemnifying party shall
not, in respect of the legal expenses of any indemnified party in connection with any proceeding or
related proceedings in the same jurisdiction, be liable for (a) the fees and expenses of more than
one separate firm (in addition to any local counsel) for the Initial Purchasers and all Persons, if
any, who control any Initial Purchaser within the meaning of either Section 15 of the 1933 Act or
Section 20 of the 1934 Act, (b) the fees and expenses of more than one separate firm (in addition
to any local counsel) for the Company, its directors, its officers who sign the Registration
Statement and all Persons, if any, who control the Company within the meaning of either such
Section and (c) the fees and

17

 

expenses of more than one separate firm (in addition to any local counsel) for all Holders and
all Persons, if any, who control any Holders within the meaning of either such Section, and that
all such fees and expenses shall be reimbursed as they are incurred. In the case of any such
separate firm for the Initial Purchasers and such control Persons of the Initial Purchasers, such
firm shall be designated in writing by Citigroup Global Markets Inc. In the case of any such
separate firm for the Holders and such Persons who control Holders, such firm shall be designated
in writing by the Majority Holders. In all other cases, such firm shall be designated in writing
by the Company. The indemnifying party shall not be liable for any settlement of any proceeding
effected without its written consent, but if settled with such consent or if there is a final
judgment for the plaintiff, the indemnifying party agrees to indemnify the indemnified party from
and against any loss or liability by reason of such settlement or judgment. Notwithstanding the
foregoing sentence, if at any time an indemnified party shall have requested an indemnifying party
to reimburse the indemnified party for fees and expenses of counsel as contemplated by the second
and third sentences of this paragraph, the indemnifying party agrees that it shall be liable for
any settlement of any proceeding effected without its written consent if (i) such settlement is
entered into more than 30 days after receipt by such indemnifying party of the aforesaid request
and (ii) such indemnifying party shall not have reimbursed the indemnified party in accordance with
such request prior to the date of such settlement. No indemnifying party shall, without the prior
written consent of the indemnified party, which consent shall not be unreasonably withheld, effect
any settlement of any pending or threatened proceeding in respect of which any indemnified party is
or could have been a party and indemnity could have been sought hereunder by such indemnified
party, unless such settlement (i) includes an unconditional release of such indemnified party from
all liability on claims that are the subject matter of such proceeding and (ii) does not include a
statement as to an admission of fault, culpability or failure to act by or on behalf of any
indemnified party.

     (d) If the indemnification provided for in paragraph (a) or paragraph (b) of this Section 5 is
unavailable to an indemnified party or insufficient in respect of any losses, claims, damages or
liabilities referred to therein, then each indemnifying party under such paragraph, in lieu of
indemnifying such indemnified party thereunder, shall contribute to the amount paid or payable by
such indemnified party as a result of such losses, claims, damages or liabilities in such
proportion as is appropriate to reflect the relative fault of the indemnifying party or parties on
the one hand and of the indemnified party or parties on the other hand in connection with the
statements or omissions that resulted in such losses, claims, damages or liabilities, as well as
any other relevant equitable considerations. The relative fault of such indemnifying party or
parties on the one hand and the indemnified party or parties on the other hand shall be determined
by reference to, among other things, whether the untrue or alleged untrue statement of a material
fact or the omission or alleged omission to state a material fact relates to information supplied
by such indemnifying party or parties or such indemnified party or parties, and the parties’
relative intent, knowledge, access to information and opportunity to correct or prevent such
statement or omission.

     (e) The Company, the Initial Purchasers, and each Holder of Registrable Securities agree that
it would not be just or equitable if contribution pursuant to this Section 5 were determined by pro
rata allocation (even if the Initial Purchasers were treated as one entity for such purpose) or by
any other method of allocation that does not take account of the equitable considerations referred
to in paragraph (d) above. The amount paid or payable by an

18

 

indemnified party as a result of the losses, claims, damages and liabilities referred to in
paragraph (d) above shall be deemed to include, subject to the limitations set forth above, any
legal or other expenses reasonably incurred by such indemnified party in connection with
investigating or defending any such action or claim. Notwithstanding the provisions of this
Section 5, no Holder shall be required to indemnify or contribute any amount in excess of the
amount by which the total price at which Registrable Securities were sold by such Holder exceeds
the amount of any damages that such Holder has otherwise been required to pay by reason of such
untrue or alleged untrue statement or omission or alleged omission. No Person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the 1933 Act) shall be entitled to
contribution from any Person who was not guilty of such fraudulent misrepresentation. For purposes
of this Section 5, each Person, if any, who controls an Initial Purchaser or Holder within the
meaning of Section 15 of the 1933 Act or Section 20 of the 1934 Act shall have the same rights to
contribution as such Initial Purchaser or Holder. The remedies provided for in this Section 5 are
not exclusive and shall not limit any rights or remedies which may otherwise be available to any
indemnified party at law or in equity.

     The indemnity and contribution provisions contained in this Section 5 shall remain operative
and in full force and effect regardless of (i) any termination of this Agreement, (ii) any
investigation made by or on behalf of any Initial Purchaser or any Holder, or any Person
controlling any Initial Purchaser or any Holder, or by or on behalf of the Company, its officers or
directors or any Person controlling the Company, (iii) acceptance of any of the Exchange Securities
and (iv) any sale of Registrable Securities pursuant to a Shelf Registration Statement.

     6. Miscellaneous.

     (a) Rule 144 and Rule 144A. If at any time the Company is no longer subject to the
reporting requirements under the 1934 Act, the Company will upon the request of any Holder of
Registrable Securities (i) make publicly available or cause to be made publicly available such
information as is necessary to permit sales pursuant to Rule 144 under the 1933 Act, (ii) deliver
or cause to be delivered such information to a prospective purchaser as is necessary to permit
sales pursuant to Rule 144A under the 1933 Act, and (iii) take such further action that is
reasonable in the circumstances, in each case, to the extent required from time to time to enable
such Holder to sell its Registrable Securities without registration under the 1933 Act within the
limitation of the exemptions provided by (x) Rule 144 under the 1933 Act, as such Rule may be
amended from time to time, (y) Rule 144A under the 1933 Act, as such Rule may be amended from time
to time, or (z) any similar rules or regulations hereafter adopted by the SEC; provided, however,
the Company will be deemed to have satisfied its obligations under clauses (i) and (ii) above to
the extent such information has been filed by the Company with the SEC via the EDGAR filing system
and such reports are publicly available.

     (b) No Inconsistent Agreements. The Company has not entered into nor will the Company
on or after the date of this Agreement enter into any agreement which is inconsistent with the
rights granted to the Holders of Registrable Securities in this Agreement or otherwise conflicts
with the provisions hereof. The rights granted to the Holders hereunder do not in any way conflict
with and are not inconsistent with the rights granted to the holders of the Company’s other issued
and outstanding securities under any such agreements.

19

 

     (c) Amendments and Waivers. The provisions of this Agreement, including the
provisions of this sentence, may not be amended, modified or supplemented, and waivers or consents
to departures from the material provisions hereof may not be given unless the Company has obtained
the written consent of the Majority Holders of the outstanding Registrable Securities affected by
such amendment, modification, supplement, waiver or departure.

     (d) Notices. All notices and other communications provided for or permitted hereunder
shall be made in writing by hand-delivery, registered first-class mail, telecopier, or any courier
guaranteeing overnight delivery (i) if to a Holder (other than an Initial Purchaser), at the most
current address set forth on the records of the Registrar under the Indenture, (ii) if to an
Initial Purchaser, at the most current address given by such Initial Purchaser to the Company by
means of a notice given in accordance with the provisions of this Section 6(d), which address
initially is the address set forth in the Purchase Agreement and (iii) if to the Company, initially
at the address set forth in the Purchase Agreement and thereafter at such other address, notice of
which is given in accordance with the provisions of this Section 6(d).

     All such notices and communications shall be deemed to have been duly given: at the time
delivered by hand, if personally delivered; five business days after being deposited in the mail,
postage prepaid, if mailed; when receipt is acknowledged, if telecopied; and on the next business
day if timely delivered to an air courier guaranteeing overnight delivery.

     Copies of all such notices, demands, or other communications shall be concurrently delivered
by the Person giving the same to the Trustee, at the address specified in the Indenture.

     (e) Successors and Assigns. This Agreement shall inure to the benefit of and be
binding upon the successors, assigns and transferees of each of the parties, including, without
limitation and without the need for an express assignment, subsequent Holders; provided that
nothing herein shall be deemed to permit any assignment, transfer or other disposition of
Registrable Securities in violation of the terms hereof or of the Purchase Agreement or the
Indenture. If any transferee of any Holder shall acquire Registrable Securities, in any manner,
whether by operation of law or otherwise, such Registrable Securities shall be held subject to all
of the terms of this Agreement, and by taking and holding such Registrable Securities, such Person
shall be conclusively deemed to have agreed to be bound by and to perform all of the terms and
provisions of this Agreement, including the restrictions on resale set forth in this Agreement and,
if applicable, the Purchase Agreement, and such Person shall be entitled to receive the benefits
hereof.

     (f) Third Party Beneficiary. The Holders shall be third party beneficiaries to the
agreements made hereunder between the Company, on the one hand, and the Initial Purchasers, on the
other hand, and shall have the right to enforce such agreements directly to the extent they deem
such enforcement necessary or advisable to protect their rights or the rights of Holders hereunder.

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

20

 

     (h) Headings. The headings in this Agreement are for convenience of reference only
and shall not limit or otherwise affect the meaning hereof.

     (i) GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE CONFLICTS OF LAW PROVISIONS THEREOF
THAT WOULD APPLY THE LAWS OF ANOTHER JURISDICTION.

     (j) Severability. In the event that any one or more of the provisions contained
herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable,
the validity, legality and enforceability of any such provision in every other respect and of the
remaining provisions contained herein shall not be affected or impaired thereby.

21

 

     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first
written above.

	 	 	 	 	 
	 	WYNDHAM WORLDWIDE CORPORATION 

 	 
	 	By:  	/s/ Virginia M. Wilson
 	 
	 	 	Name:  	Virginia M. Wilson 	 
	 	 	Title:  	EVP and CFO 	 
	 

	 	 	 	 	 
	 	Confirmed and Accepted,

     as of the date first above written:

CITIGROUP GLOBAL MARKETS INC. 

J.P. MORGAN SECURITIES INC.

By: Citigroup Global Markets Inc.

 	 
	 	By:  	/s/ Brian D. Bednarski
 	 
	 	 	Name:  	Brian D. Bednarski 	 
	 	 	Title:  	Director 	 
	 
	 	By: J.P. Morgan Securities Inc.

 	 
	 	By:  	/s/ Stephen L. Sheiner
 	 
	 	 	Name:  	Stephen L. Sheiner 	 
	 	 	Title:  	Vice President 	 
	 

For themselves and the other Initial Purchasers

named in Schedule A to this Agreement.

 

SCHEDULE A

INITIAL PURCHASERS

Citigroup Global Markets Inc.

J.P. Morgan Securities Inc.

Credit Suisse Securities (USA) LLC

Greenwich Capital Markets, Inc.

Banc of America Securities LLC

Barclays Capital Inc.

Mitsubishi UFJ Securities International plc

Scotia Capital (USA) Inc.

Blaylock & Company, Inc.

Calyon Securities (USA) Inc.

Mizuho International plc

SunTrust Capital Markets, Inc.

Wachovia Capital Markets, LLC

Wells Fargo Securities, LLC

A-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00116-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00116-of-00352.parquet"}]]