Document:

exv4w1

 

Exhibit 4.1

 

WEATHERFORD INTERNATIONAL, INC., as Issuer,

WEATHERFORD INTERNATIONAL LTD., as Guarantor,

AND

DEUTSCHE BANK TRUST COMPANY AMERICAS

Trustee

INDENTURE

DATED AS OF JUNE 18, 2007

 

SENIOR DEBT SECURITIES

 

 

 

WEATHERFORD INTERNATIONAL, INC.

RECONCILIATION AND TIE BETWEEN TRUST INDENTURE ACT OF 1939, AS AMENDED,

AND INDENTURE, DATED AS OF JUNE 18, 2007

	 	 	 	 	 
	TRUST INDENTURE ACT SECTION	 	INDENTURE SECTION	 
	Section 310(a)(1)
	 	 	6.9	 
	(a)(2)
	 	 	6.9	 
	(a)(3)
	 	Not Applicable
	(a)(4)
	 	Not Applicable
	(a)(5)
	 	 	6.9	 
	(b)
	 	 	6.8	 
	 
	Section 311
	 	 	6.13	 
	 
	Section 312(a)
	 	 	7.1, 7.2	(a)
	(b)
	 	 	7.2	(b)
	(c)
	 	 	7.2	(c)
	 
	Section 313(a)
	 	 	7.3	 
	(b)
	 	 	*	 
	(c)
	 	 	*	 
	(d)
	 	 	7.3	 
	 
	Section 314(a)
	 	 	7.4	 
	(a)(4)
	 	 	10.7	 
	(b)
	 	Not Applicable
	(c)(1)
	 	 	1.3	 
	(c)(2)
	 	 	1.3	 
	(c)(3)
	 	Not Applicable
	(d)
	 	Not Applicable
	(e)
	 	 	1.3	 
	 
	Section 315(a)
	 	 	6.1	(a)
	(b)
	 	 	6.2	 
	(c)
	 	 	6.1	(b)
	(d)
	 	 	6.1	(c)
	(d)(1)
	 	 	6.1	(c)(1)
	(d)(2)
	 	 	6.1	(c)(2)
	(d)(3)
	 	 	6.1	(c)(3)
	(e)
	 	 	5.14	 
	 
	Section 316(a)
	 	 	1.1, 1.2	 
	(a)(1)(A)
	 	 	5.2, 5.12	 
	(a)(1)(B)
	 	 	5.13	 
	(a)(2)
	 	Not Applicable
	(b)
	 	 	5.8	 
	(c)
	 	 	1.5	(f)

 

 

	 	 	 	 	 
	TRUST INDENTURE ACT SECTION	 	INDENTURE SECTION	 
	Section 317(a)(1)
	 	 	5.3	 
	(a)(2)
	 	 	5.4	 
	(b)
	 	 	10.3	 
	 
	Section 318(a)
	 	 	1.8	 

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

 

			
	*	 	Deemed included pursuant to Section 318(c) of the Trust Indenture Act

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	PARTIES
	 	 	2	 
	 
	 	 	 	 
	RECITALS OF THE COMPANY:
	 	 	2	 
	 
	 	 	 	 
	ARTICLE ONE DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
	 	 	2	 
	Section 1.1. Definitions
	 	 	2	 
	Section 1.2. Incorporation by Reference of Trust Indenture Act
	 	 	9	 
	Section 1.3. Compliance Certificates and Opinions
	 	 	10	 
	Section 1.4. Form of Documents Delivered to Trustee
	 	 	10	 
	Section 1.5. Acts of Holders; Record Dates
	 	 	11	 
	Section 1.6. Notices, Etc., to Trustee, Company and Guarantor
	 	 	12	 
	Section 1.7. Notice to Holders; Waiver
	 	 	12	 
	Section 1.8. Conflict with Trust Indenture Act
	 	 	13	 
	Section 1.9. Effect of Headings and Table of Contents
	 	 	13	 
	Section 1.10. Successors and Assigns
	 	 	13	 
	Section 1.11. Separability Clause
	 	 	13	 
	Section 1.12. Benefits of Indenture
	 	 	13	 
	Section 1.13. Governing Law
	 	 	13	 
	Section 1.14. Legal Holidays
	 	 	14	 
	Section 1.15. Securities in a Composite Currency, Currency Unit or Foreign Currency
	 	 	14	 
	Section 1.16. Payment in Required Currency; Judgment Currency
	 	 	15	 
	Section 1.17. Language of Notices, Etc.
	 	 	15	 
	Section 1.18. Incorporators, Shareholders, Officers and Directors of the Company and Guarantor
Exempt from Individual Liability
	 	 	15	 
	 
	 	 	 	 
	ARTICLE TWO SECURITY FORMS
	 	 	16	 
	Section 2.1. Forms Generally
	 	 	16	 
	Section 2.2. Form of Face of Security
	 	 	16	 
	Section 2.3. Form of Reverse of Security
	 	 	18	 
	Section 2.4. Global Securities
	 	 	23	 
	Section 2.5. Form of Trustee’s Certificate of Authentication
	 	 	24	 
	 
	 	 	 	 
	ARTICLE THREE THE SECURITIES
	 	 	24	 
	Section 3.1. Amount Unlimited; Issuable in Series
	 	 	24	 
	Section 3.2. Denominations
	 	 	27	 
	Section 3.3. Execution, Authentication, Delivery and Dating
	 	 	27	 
	Section 3.4. Temporary Securities
	 	 	29	 
	Section 3.5. Registration, Registration of Transfer and Exchange
	 	 	29	 
	Section 3.6. Mutilated, Destroyed, Lost and Stolen Securities
	 	 	32	 
	Section 3.7. Payment of Interest; Interest Rights Preserved
	 	 	32	 
	Section 3.8. Persons Deemed Owners
	 	 	33	 
	Section 3.9. Cancellation
	 	 	33	 
	Section 3.10. Computation of Interest
	 	 	34	 
	Section 3.11. CUSIP or CINS Numbers
	 	 	34	 
	 
	 	 	 	 
	ARTICLE FOUR SATISFACTION AND DISCHARGE
	 	 	34	 

i

 

	 	 	 	 	 
	Section 4.1. Satisfaction and Discharge of Indenture
	 	 	34	 
	Section 4.2. Application of Trust Money
	 	 	35	 
	 
	 	 	 	 
	ARTICLE FIVE REMEDIES
	 	 	35	 
	Section 5.1. Events of Default
	 	 	35	 
	Section 5.2. Acceleration of Maturity; Rescission and Annulment
	 	 	36	 
	Section 5.3. Collection of Indebtedness and Suits for Enforcement by Trustee
	 	 	37	 
	Section 5.4. Trustee May File Proofs of Claim
	 	 	38	 
	Section 5.5. Trustee May Enforce Claims Without Possession of Securities
	 	 	38	 
	Section 5.6. Application of Money Collected
	 	 	38	 
	Section 5.7. Limitation on Suits
	 	 	39	 
	Section 5.8. Unconditional Right of Holders to Receive Principal, Premium and Interest
	 	 	39	 
	Section 5.9. Restoration of Rights and Remedies
	 	 	39	 
	Section 5.10. Rights and Remedies Cumulative
	 	 	40	 
	Section 5.11. Delay or Omission Not Waiver
	 	 	40	 
	Section 5.12. Control by Holders
	 	 	40	 
	Section 5.13. Waiver of Past Defaults
	 	 	40	 
	Section 5.14. Undertaking for Costs
	 	 	41	 
	Section 5.15. Waiver of Stay or Extension Laws
	 	 	41	 
	 
	 	 	 	 
	ARTICLE SIX THE TRUSTEE
	 	 	41	 
	Section 6.1. Certain Duties and Responsibilities
	 	 	41	 
	Section 6.2. Notice of Defaults
	 	 	42	 
	Section 6.3. Certain Rights of Trustee
	 	 	43	 
	Section 6.4. Not Responsible for Recitals or Issuance of Securities
	 	 	44	 
	Section 6.5. May Hold Securities
	 	 	44	 
	Section 6.6. Money Held in Trust
	 	 	44	 
	Section 6.7. Compensation and Reimbursement
	 	 	44	 
	Section 6.8. Disqualification; Conflicting Interests
	 	 	45	 
	Section 6.9. Corporate Trustee Required; Eligibility
	 	 	45	 
	Section 6.10. Resignation and Removal; Appointment of Successor
	 	 	45	 
	Section 6.11. Acceptance of Appointment by Successor
	 	 	47	 
	Section 6.12. Merger, Conversion, Consolidation or Succession to Business
	 	 	48	 
	Section 6.13. Preferential Collection of Claims Against Company
	 	 	48	 
	Section 6.14. Appointment of Authenticating Agent
	 	 	48	 
	 
	 	 	 	 
	ARTICLE SEVEN HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY
	 	 	50	 
	Section 7.1. Company to Furnish Trustee Names and Addresses of Holders
	 	 	50	 
	Section 7.2. Preservation of Information; Communications to Holders
	 	 	50	 
	Section 7.3. Reports by Trustee
	 	 	51	 
	Section 7.4. Reports by Guarantor
	 	 	51	 
	 
	 	 	 	 
	ARTICLE EIGHT CONSOLIDATION, AMALGAMATION, MERGER AND SALE
	 	 	52	 
	Section 8.1. Company May Consolidate, Etc., Only on Certain Terms
	 	 	52	 
	Section 8.2. Successor Substituted
	 	 	53	 
	 
	 	 	 	 
	ARTICLE NINE SUPPLEMENTAL INDENTURES
	 	 	53	 
	Section 9.1. Supplemental Indentures Without Consent of Holders
	 	 	53	 

ii

 

	 	 	 	 	 
	Section 9.2. Supplemental Indentures with Consent of Holders
	 	 	54	 
	Section 9.3. Execution of Supplemental Indentures
	 	 	55	 
	Section 9.4. Effect of Supplemental Indentures
	 	 	55	 
	Section 9.5. Conformity with Trust Indenture Act
	 	 	56	 
	Section 9.6. Reference in Securities to Supplemental Indentures
	 	 	56	 
	 
	 	 	 	 
	ARTICLE TEN COVENANTS
	 	 	56	 
	Section 10.1. Payment of Principal, Premium and Interest
	 	 	56	 
	Section 10.2. Maintenance of Office or Agency
	 	 	56	 
	Section 10.3. Money for Securities Payments to Be Held in Trust
	 	 	56	 
	Section 10.4. Existence
	 	 	58	 
	Section 10.5. Limitation on Liens
	 	 	58	 
	Section 10.6. Restriction of Sale-Leaseback Transactions
	 	 	59	 
	Section 10.7. Statement by Officers as to Default
	 	 	60	 
	Section 10.8. Waiver of Certain Covenants
	 	 	60	 
	Section 10.9. Additional Amounts
	 	 	60	 
	 
	 	 	 	 
	ARTICLE ELEVEN REDEMPTION OF SECURITIES
	 	 	61	 
	Section 11.1. Applicability of Article
	 	 	61	 
	Section 11.2. Election to Redeem; Notice to Trustee
	 	 	61	 
	Section 11.3. Selection by Trustee of Securities to Be Redeemed
	 	 	61	 
	Section 11.4. Notice of Redemption
	 	 	62	 
	Section 11.5. Deposit of Redemption Price
	 	 	62	 
	Section 11.6. Securities Payable on Redemption Date
	 	 	63	 
	Section 11.7. Securities Redeemed in Part
	 	 	63	 
	 
	 	 	 	 
	ARTICLE TWELVE SINKING FUNDS
	 	 	63	 
	Section 12.1. Applicability of Article
	 	 	63	 
	Section 12.2. Satisfaction of Sinking Fund Payments with Securities
	 	 	63	 
	Section 12.3. Redemption of Securities for Sinking Fund
	 	 	64	 
	 
	 	 	 	 
	ARTICLE THIRTEEN DEFEASANCE
	 	 	64	 
	Section 13.1. Applicability of Article
	 	 	64	 
	Section 13.2. Legal Defeasance
	 	 	64	 
	Section 13.3. Covenant Defeasance
	 	 	66	 
	Section 13.4. Deposited Money and U.S. Government Obligations to be Held in Trust
	 	 	67	 
	Section 13.5. Repayment to Company; Qualifying Trustee
	 	 	67	 
	 
	 	 	 	 
	ARTICLE FOURTEEN GUARANTEE OF SECURITIES
	 	 	68	 
	Section 14.1. Unconditional Guarantee
	 	 	68	 
	Section 14.2. Execution and Delivery of Notation of Guarantee
	 	 	70	 
	Section 14.3. Reports by Guarantor
	 	 	70	 

NOTE: This table of contents shall not, for any purpose, be deemed to be a part of the
Indenture.

iii

 

PARTIES

     INDENTURE, dated as of June 18, 2007, among WEATHERFORD INTERNATIONAL, INC., a corporation
duly organized and existing under the laws of the State of Delaware (herein called the “Company”),
having an office at 515 Post Oak Blvd., Suite 600, Houston, Texas 77027, WEATHERFORD INTERNATIONAL
LTD., a company duly organized and existing under the laws of Bermuda (herein called the
“Guarantor”), and DEUTSCHE BANK TRUST COMPANY AMERICAS, a New York banking corporation, as Trustee
(the “Trustee”).

RECITALS OF THE COMPANY:

     The Company has duly authorized the execution and delivery of this Indenture to provide for
the issuance from time to time of its unsecured senior debentures, notes or other evidences of
indebtedness (herein called the “Securities”), which may but are not required to be guaranteed by
the Guarantor, to be issued in one or more series as in this Indenture provided. The Guarantor
indirectly owns 100% of the capital stock of the Company.

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

     This Indenture is subject to the provisions of the Trust Indenture Act that are required to be
a part of this Indenture and, to the extent applicable, shall be governed by such provisions.

     NOW, THEREFORE, THIS INDENTURE WITNESSETH:

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

ARTICLE ONE

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

Section 1.1. Definitions.

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

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

     (2) all terms used in this Indenture that are defined in the Trust Indenture Act,
defined by a Trust Indenture Act reference to another statute or defined by a Commission
rule under the Trust Indenture Act have the meanings so assigned to them;

     (3) all accounting terms not otherwise defined herein have the meanings assigned to
them in accordance with GAAP;

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

     (5) the words “Article” and “Section” refer to an Article and Section, respectively, of
this Indenture; and

2

 

     (6) the word “includes” and its derivatives means “includes, but is not limited to” and
corresponding derivative definitions.

     Certain terms, used principally in Article Six, are defined in that Article.

“Act”, when used with respect to any Holder, has the meaning specified in Section 1.5.

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

“Attributable Indebtedness” means, with respect to any Sale-Leaseback Transaction as of any
particular time, the present value (discounted at the rate of interest implicit in the terms of the
lease) of the obligations of the lessee under such lease for net rental payments during the
remaining term of the lease (including any period for which such lease has been extended). “Net
rental payments” under any lease for any period means the sum of the rental and other payments
required to be paid in such period by the lessee thereunder, not including, however, any amounts
required to be paid by such lessee (whether or not designated as rental or additional rental) on
account of maintenance and repairs, insurance, taxes, assessments or similar charges required to be
paid by such lessee thereunder contingent upon the amount of sales or deliveries, maintenance and
repairs, insurance, taxes, assessments or similar charges.

“Authenticating Agent” means any Person authorized by the Trustee to act on behalf of the Trustee
to authenticate Securities.

“Banking Day” means, in respect of any city, any date on which commercial banks are open for
business in that city.

“Bankruptcy Law” means any applicable Federal or State (or, in the case of the Guarantor, Bermuda)
bankruptcy, insolvency, reorganization or other similar law.

“Board of Directors” means either the board of directors of the Company or of the Guarantor, as
applicable, or any duly authorized committee of that board to which the powers of that board have
been lawfully delegated.

“Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant
Secretary of the Company or the Guarantor, the principal financial officer of the Company or the
Guarantor, any other authorized officer of the Company or the Guarantor, or a person duly
authorized by any of them, in each case as applicable, to have been duly adopted by the Board of
Directors and to be in full force and effect on the date of such certification, and delivered to
the Trustee. Where any provision of this Indenture refers to action to be taken pursuant to a Board
Resolution (including the establishment of any series of the Securities and the forms and terms
thereof), such action may be taken by any committee, officer or employee of the Company or the
Guarantor, as applicable, authorized to take such action by the Board of Directors as evidenced by
a Board Resolution.

“Business Day”, when used with respect to any Place of Payment or other location, means, except as
otherwise provided as contemplated by Section 3.1 with respect to any series of Securities, each
Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions in
that Place of Payment or other location are authorized or obligated by law, executive order or
regulation to close.

3

 

“CINS” means CUSIP International Numbering System.

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

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

“Company Request” or “Company Order” means, in the case of the Company, a written request or order
signed in the name of the Company by its Chairman of the Board, its Chief Executive Officer, its
President, any of its Vice Presidents or any other duly authorized officer of the Company or any
person duly authorized by any of them, and delivered to the Trustee and, in the case of the
Guarantor, a written request or order signed in the name of the Guarantor by its Chairman of the
Board, its Chief Executive Officer, its President, any of its Vice Presidents or any other duly
authorized officer of the Guarantor or any person duly authorized by any of them, and delivered to
the Trustee.

“Consolidated Net Worth” means, at any date of determination, the amount of total shareholders’
equity shown in most recent consolidated statement of financial position of the Guarantor.

“Corporate Trust Office” means the office of the Trustee at which at any particular time its
corporate trust business shall be principally administered and which, at the date hereof, is
located at 60 Wall Street, 27th Floor, Mail Stop: NYC60-2710, New York, New York 10005,
Attention: Trust & Securities Services, with a copy to Deutsche Bank National Trust Company, 25
DeForest Avenue, Mail Stop: SUM01-0105, Summit, New Jersey 07901, Attention: Trust & Securities
Services.

“corporation” includes corporations, companies, associations, partnerships, limited partnerships,
limited liability companies, joint-stock companies and trusts.

“covenant defeasance” has the meaning specified in Section 13.3.

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

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

“Debt” means any obligation created or assumed by any Person for the repayment of money borrowed
and any purchase money obligation created or assumed by such Person and any guarantee of the
foregoing.

“Default” means, with respect to a series of Securities, any event that is, or after notice or
lapse of time or both would be, an Event of Default.

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

“defeasance” has the meaning specified in Section 13.2.

“Definitive Security” means a security other than a Global Security or a temporary Security.

4

 

“Depositary” means, with respect to the Securities of any series issuable or issued in whole or in
part in the form of one or more Global Securities, a clearing agency registered under the Exchange
Act that is designated to act as Depositary for such Securities as contemplated by Section 3.1,
until a successor Depositary shall have become such pursuant to the applicable provisions of this
Indenture, and thereafter shall mean or include each Person which is a Depositary hereunder, and if
at any time there is more than one such Person, shall be a collective reference to such Persons.

“Dollar” or “$” means the coin or currency of the United States of America, which at the time of
payment is legal tender for the payment of public and private debts.

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

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

“Foreign Currency” means a currency used by the government of a country other than the United
States of America.

“GAAP” means generally accepted accounting principles in the United States set forth in the
opinions and pronouncements of the Accounting Principles Board of the American Institute of
Certified Public Accountants and statements and pronouncements of the Financial Accounting
Standards Board or in such other statements by such other entity as may be approved by a
significant segment of the accounting profession of the United States, as in effect from time to
time.

“Global Security” means a Security in global form that evidences all or part of a series of
Securities and is authenticated and delivered to, and registered in the name of, the Depositary for
the Securities of such series or its nominee.

“Guarantee” has the meaning specified in Section 14.1.

“Guarantor” means the person named in the first paragraph of this instrument until a successor
guarantor shall have become such pursuant to applicable provisions of this Indenture, and
thereafter “Guarantor” shall mean or include each Person who is then a Guarantor hereunder.

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

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

“Indenture Obligations” has the meaning specified in Section 14.1.

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

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

“Judgment Currency” has the meaning specified in Section 1.16.

5

 

“Lien” means any mortgage, pledge, security interest, charge, lien or other encumbrance of any
kind, whether or not filed, recorded or perfected under applicable law.

“mandatory sinking fund payment” has the meaning specified in Section 12.1.

“Market Exchange Rate” has the meaning specified in Section 1.15.

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

“Notice of Default” means a written notice of the kind specified in Section 5.1(3).

“Officer’s Certificate” means, in the case of the Company, a certificate signed by the Chairman of
the Board, the Chief Executive Officer, the President, any Vice President or any other duly
authorized officer of the Company, or a person duly authorized by any of them, and delivered to the
Trustee and, in the case of the Guarantor, a certificate signed by the Chairman of the Board, the
Chief Executive Officer, the President, any Vice President or any other duly authorized officer of
the Guarantor, or a person duly authorized by any of them, and delivered to the Trustee.

“Opinion of Counsel” means a written opinion of counsel, who may be an employee of or counsel for
the Company or the Guarantor, as the case may be, and who shall be reasonably acceptable to the
Trustee.

“optional sinking fund payment” has the meaning specified in Section 12.1.

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

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

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

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

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

     (iv) Securities, except to the extent provided in Section 13.2 and 13.3, with respect
to which the Company has effected defeasance or covenant defeasance as provided in Article
Thirteen, which defeasance or covenant defeasance then continues in effect;

6

 

provided, however, that in determining whether the Holders of the requisite principal amount of the
Outstanding Securities have given any request, demand, authorization, direction, notice, consent or
waiver hereunder, (A) the principal amount of an Original Issue Discount Security that shall be
deemed to be Outstanding shall be the amount of the principal thereof that would be due and payable
as of the date of such determination upon acceleration of the Maturity thereof on such date
pursuant to Section 5.2, (B) the principal amount of a Security denominated in one or more
currencies or currency units other than U.S. dollars shall be the U.S. dollar equivalent of such
currencies or currency units, determined in the manner provided as contemplated by Section 3.1 on
the date of original issuance of such Security or by Section 1.15, if not otherwise so provided
pursuant to Section 3.1, of the principal amount (or, in the case of an Original Issue Discount
Security, the U.S. dollar equivalent (as so determined) on the date of original issuance of such
Security of the amount determined as provided in Clause (A) above) of such Security, and (C)
Securities owned by the Company, the Guarantor or any other obligor upon the Securities or any
Affiliate of the Company or of such other obligor shall be disregarded and deemed not to be
Outstanding, except that, in determining whether the Trustee shall be protected in relying upon any
such request, demand, authorization, direction, notice, consent or waiver, only Securities which
the Trustee knows to be so owned shall be so disregarded. Securities so owned as described in
Clause (C) of the immediately preceding sentence which have been pledged in good faith may be
regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s
right so to act with respect to such Securities and that the pledgee is not the Company, the
Guarantor or any other obligor upon the Securities or any Affiliate of the Company or of such other
obligor.

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

“Periodic Offering” means an offering of Securities of a series from time to time, the specific
terms of which Securities, including, without limitation, the rate or rates of interest or formula
for determining the rate or rates of interest thereon, if any, the Stated Maturity or Stated
Maturities thereof, the original issue date or dates thereof, the redemption provisions, if any,
with respect thereto, and any other terms specified as contemplated by Section 3.1 with respect
thereto, are to be determined by the Company upon the issuance of such Securities.

“Permitted Liens” means (i) any governmental Lien, mechanics’, materialmen’s, carriers’ or similar
Lien incurred in the ordinary course of business which is not yet due or which is being contested
in good faith by appropriate proceedings and any undetermined Lien which is incidental to
construction; (ii) the right reserved to, or vested in, any municipality or public authority by the
terms of any right, power, franchise, grant, license, permit or by any provision of law, to
purchase or recapture or to designate a purchaser of, any property, (iii) Liens of taxes and
assessments which are (A) for the then current year, (B) not at the time delinquent, or (C)
delinquent but the validity of which is being contested at the time by the Guarantor or any
Subsidiary in good faith; (iv) Liens of, or to secure performance of, leases; (v) any Lien upon, or
deposits of, any assets in favor of any surety company or clerk of court for the purpose of
obtaining indemnity or stay of judicial proceedings; (vi) any Lien upon property or assets acquired
or sold by the Guarantor or any Subsidiary resulting from the exercise of any rights arising out of
defaults or receivables; (vii) any Lien incurred in the ordinary course of business in connection
with workmen’s compensation, unemployment insurance, temporary disability, social security, retiree
health or similar
laws or regulations or to secure obligations imposed by statute or governmental regulations; (viii)
any Lien upon any property or assets in accordance with customary banking practice to secure any
Debt incurred by the Guarantor or any Subsidiary in connection with the exporting of goods to, or
between, or the marketing of goods in, or the importing of goods from, foreign countries; or (ix)
any Lien in favor of the United States of America or any state thereof, or any other country, or
any political subdivision of any of the foregoing, to secure partial, progress, advance, or other
payments pursuant to any contract or statute, or any Lien securing industrial development,
pollution control, or similar revenue bonds.

7

 

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

“Place of Payment”, when used with respect to the Securities of any series, means, unless otherwise
specifically provided for with respect to such series as contemplated by Section 3.1, the office or
agency of the Company in the City of New York and such other place or places where, subject to the
provisions of Section 10.2, the principal of and any premium and interest on the Securities of that
series are payable as contemplated by Section 3.1.

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

“Process Agent” has the meaning specified in Section 1.3.

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

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

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

“Required Currency” has the meaning specified in Section 1.16.

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

“Sale-Leaseback Transaction” means any arrangement with any Person providing for the leasing by the
Guarantor or any Subsidiary, for a period of more than three years, of any real or personal
property, which property has been or is to be sold or transferred by the Guarantor or such
Subsidiary to such Person in contemplation of such leasing.

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

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

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

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

“stock” includes shares.

“Subsidiary” means (i) a corporation more than 50% of the outstanding voting stock of which is
owned, directly or indirectly, by the Guarantor or by one or more other Subsidiaries, or by the
Guarantor and one or more other Subsidiaries or (ii) any partnership or similar business
organization more than 50% of the ownership interests having ordinary voting power of which shall
at the time be so owned. For the purposes of this definition, “voting stock” means capital stock or
equity interests which ordinarily have voting power for the election of directors, whether at all
times or only so long as no senior class of stock has such voting power by reason of any
contingency.

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

“Trust Indenture Act” means the Trust Indenture Act of 1939, as amended, as in force at the date as
of which this instrument was executed, except as provided in Section 9.5; provided, however, that
if the Trust Indenture Act of 1939 is amended after such date, “Trust Indenture Act” means, to the
extent required by any such amendment, the Trust Indenture Act of 1939 as so amended.

“U.S. Person” shall have the meaning assigned to such term in Section 7701(a)(30) of the Internal
Revenue Code of 1986, as amended.

“U.S. Government Obligations” means securities which are (i) direct obligations of the United
States for the payment of which its full faith and credit is pledged, or (ii) obligations of a
Person controlled or supervised by and acting as an agency or instrumentality of the United States,
the payment of which is unconditionally guaranteed as a full faith and credit obligation by the
United States, each of which are not callable or redeemable at the option of the issuer thereof.

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

Section 1.2. Incorporation by Reference of Trust Indenture Act.

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

          “commission” means the Commission.

          “indenture securities” means the Securities.

          “indenture security holder” means a Holder.

          “indenture to be qualified” means this Indenture.

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

          “obligor” on the indenture securities means the Company, the Guarantor (if
applicable) or any other obligor on the indenture securities.

     All terms used in this Indenture that are defined by the Trust Indenture Act, defined by a
Trust Indenture Act reference to another statute or defined by a Commission rule under the Trust
Indenture Act have the meanings so assigned to them.

Section 1.3. Compliance Certificates and Opinions.

     Upon any application or request by the Company or the Guarantor to the Trustee to take any
action under any provision of this Indenture, the Company or the Guarantor, as the case may be,
shall furnish to the Trustee an Officer’s Certificate stating that all conditions precedent, if
any, provided for in this Indenture relating to the proposed action have been complied with and an
Opinion of Counsel stating that in the opinion of such counsel all such conditions precedent, if
any, have been complied with, except that in the case of any such application or request as to
which the furnishing of such documents is specifically required by any provision of this Indenture
relating to such particular application or request, no additional certificate or opinion need be
furnished except as required under Section 314(c) of the Trust Indenture Act.

     Every certificate or opinion with respect to compliance with a condition or covenant provided
for in this Indenture (except for certificates provided for in Section 10.7) shall include

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

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

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

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

Section 1.4. Form of Documents Delivered to Trustee.

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

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

10

 

certificate or opinion of, or representations by, an officer or officers
of the Company or the Guarantor, as the case may be, stating that the information with respect to
such factual matters is in the possession of the Company or the Guarantor, as the case may be,
unless such counsel knows that the certificate or opinion or representations with respect to such
matters are erroneous.

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

Section 1.5. Acts of Holders; Record Dates.

     (a) Any request, demand, authorization, direction, notice, consent, waiver or
other action provided by this Indenture to be given or taken by Holders may be
embodied in and evidenced by one or more instruments of substantially similar tenor
signed (either physically or by means of a facsimile or an electronic transmission,
provided that such electronic transmission is transmitted through the facilities of
a Depositary) by such Holders in person or by an agent duly appointed in writing;
and, except as herein otherwise expressly provided, such action shall become
effective when such instrument or instruments are delivered to the Trustee and,
where it is hereby expressly required, to the Company or the Guarantor. Such
instrument or instruments (and the action embodied therein and evidenced thereby)
are herein sometimes referred to as the “Act” of the Holders signing such instrument
or instruments. Proof of execution of any such instrument or of a writing appointing
any such agent shall be sufficient for any purpose of this Indenture and (subject to
Section 315 of the Trust Indenture Act) conclusive in favor of the Trustee, the
Company and, if applicable, the Guarantor, if made in the manner provided in this
Section.

     (b) The fact and date of the execution by any Person of any such instrument or
writing may be proved by the affidavit of a witness of such execution or by a
certificate of a notary public or other officer authorized by law to take
acknowledgments of deeds, certifying that the individual signing such instrument or
writing acknowledged to him the execution thereof. Where such execution is by a
signer acting in a capacity other than his individual capacity, such certificate or
affidavit shall also constitute sufficient proof of his authority. The fact and date
of the execution of any such instrument or writing, or the authority of the Person
executing the same, may also be proved in any other manner which the Trustee deems
sufficient.

     (c) The ownership, principal amount and serial numbers of Securities held by
any Person, and the date of commencement of such Person’s holding of same, shall be
proved by the Security Register.

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

     (e) Without limiting the foregoing, a Holder entitled to give or take any
action hereunder with regard to any particular Security may do so with regard to all
or any part of the principal amount of such Security or by one or more duly
appointed

11

 

agents each of which may do so pursuant to such appointment with regard to
all or any different part of such principal amount.

     (f) The Company may set any day as the record date for the purpose of
determining the Holders of Outstanding Securities of any series entitled to give or
take any request, demand, authorization, direction, notice, consent, waiver or other
Act provided or permitted by this Indenture to be given or taken by Holders of
Securities of such series, but the Company shall have no obligation to do so. With
regard to any record date set pursuant to this paragraph, the Holders of Outstanding
Securities of the relevant series on such record date (or their duly appointed
agents), and only such Persons, shall be entitled to give or take the relevant
action, whether or not such Holders remain Holders after such record date.

Section 1.6. Notices, Etc., to Trustee, Company and Guarantor.

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

     (1) the Trustee by any Holder, the Guarantor or by the Company shall be sufficient for
every purpose hereunder if made, given, furnished or filed in writing to or with the Trustee
at its Corporate Trust Office, Attention: Trust & Securities Services.

     (2) the Company by the Trustee, the Guarantor or by any Holder shall be sufficient for
every purpose hereunder (unless otherwise herein expressly provided) if in writing and
mailed, first-class postage prepaid, to the Company addressed to it at the address of its
principal office specified in the first paragraph of this instrument to the attention of the
Corporate Secretary, or at any other address previously furnished in writing to the Trustee
by the Company, or

     (3) the Guarantor by the Company, the Trustee or by any Holder shall be sufficient for
every purpose hereunder (unless otherwise herein expressly provided) if in writing and
mailed, first-class postage prepaid, to the Guarantor addressed to 515 Post Oak Blvd., Suite
600, Houston, Texas 77027, Attention: Corporate Secretary, or at any other address
previously furnished in writing to the Trustee by the Guarantor.

Section 1.7. Notice to Holders; Waiver.

     Where this Indenture provides for notice to Holders of any event, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if in writing and mailed,
first-class postage prepaid, to each Holder affected by such event, at his address as it appears in
the Security Register, not later than the latest date, and not earlier than the earliest date,
prescribed for the giving of such notice. In any case where notice to Holders is given by mail,
neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular
Holder shall affect the sufficiency of such notice with respect to other Holders. Any notice
mailed to a Holder in the manner herein prescribed shall be conclusively deemed to have been
received by such Holder, whether or not such Holder actually receives such notice.

     Where this Indenture provides for notice in any manner, such notice may be waived in writing
by the Person entitled to receive such notice, either before or after the event, and such waiver
shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the
Trustee, but such filing shall not be a condition precedent to the validity of any action taken in
reliance upon such waiver.

12

 

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

Section 1.8. Conflict with Trust Indenture Act.

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

Section 1.9. Effect of Headings and Table of Contents.

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

Section 1.10. Successors and Assigns.

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

Section 1.11. Separability Clause.

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

Section 1.12. Benefits of Indenture.

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

Section 1.13. Governing Law.

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

     To the fullest extent permitted by applicable law, each of the Company and the Guarantor
hereby irrevocably submits to the jurisdiction of any Federal or state court located in the Borough
of Manhattan in The City of New York, New York in any suit, action or proceeding based on or
arising out of or relating to this Indenture or any Securities and irrevocably agrees that all
claims in respect of such suit or proceeding may be determined in any such court. Each of the
Company and the Guarantor irrevocably waives, to the fullest extent permitted by law, any objection
which it may have to the laying of the venue of any such suit, action or proceeding brought in an
inconvenient forum. Each of the Company and the Guarantor agrees that final judgment in any such
suit, action or proceeding brought in such a court shall be conclusive and binding and may be
enforced in the courts of Bermuda (or any other courts of any other jurisdiction to which either of
them is subject) by a suit upon such judgment, provided that service of process is effected upon
the Company. Each of the Company and the Guarantor hereby irrevocably

13

 

designates and appoints C T
Corporation System, 111 Eighth Avenue, New York, New York, 10011 (the “Process Agent”) as their
authorized agent for purposes of this Section 1.13, it being understood that the designation and
appointment of the Process Agent as such authorized agent shall become effective immediately
without any further action on the part of the Company or the Guarantor, as the case may be. Each
of the Company and the Guarantor further agrees that, unless otherwise required by law, service of
process upon the Process Agent and written notice of said service to the Company or the Guarantor,
as the case may be, mailed by prepaid registered first class mail or delivered to the Process Agent
at its principal office, shall be deemed in every respect effective service of process upon the
Company or the Guarantor, as the case may be, in any such suit or proceeding. Each of the Company
and the Guarantor further agrees to take any and all action, including the execution and filing of
any and all such documents and instruments as may be necessary, to continue such designation and
appointment of the Process Agent in full force and effect so long as the Company or the Guarantor,
as the case may be, has any outstanding obligations under this Indenture. To the extent the
Company or the Guarantor, as the case may be, has or hereafter may acquire any immunity from
jurisdiction of any court or from any legal process (whether through service of notice, attachment
prior to judgment, attachment in aid of execution, executor or otherwise) with respect to itself or
its property, each of the Company and the Guarantor hereby irrevocably waives such immunity in
respect of its obligations under this Indenture to the extent permitted by law.

Section 1.14. Legal Holidays.

     In any case where any Interest Payment Date, Redemption Date or Stated Maturity of any
Security shall not be a Business Day at any Place of Payment, then (notwithstanding any other
provision of this Indenture or of the Securities or, if applicable, the Guarantee (other than a
provision of the Securities of any series or, if applicable, the Guarantee that specifically states
that such provision shall apply in lieu of this Section 1.14)) payment of interest or principal and
any premium need not be made at such Place of Payment on such date, but may be made on the next
succeeding Business Day at such Place of Payment with the same force and effect as if made on the
Interest Payment Date or Redemption Date, or at the Stated Maturity, provided that no interest
shall accrue for the period from and after such Interest Payment Date, Redemption Date or Stated
Maturity, as the case may be.

Section 1.15. Securities in a Composite Currency, Currency Unit or Foreign Currency.

     Unless otherwise specified in an Officer’s Certificate delivered pursuant to Section 3.1 of
this Indenture with respect to a particular series of Securities, whenever for purposes of this
Indenture any action may be taken by the Holders of a specified percentage in aggregate principal
amount of Securities of all series or all series affected by a particular action at the time
Outstanding and, at such time, there are Outstanding Securities of any series which are denominated
in a coin, currency or currencies other than Dollars (including, but not limited to, any composite
currency, currency units or Foreign Currency), then the principal amount of Securities of such
series which shall be deemed to be Outstanding for the purpose of taking such action shall be that
amount of Dollars that could be obtained for such amount at the Market Exchange Rate. For purposes
of this Section 1.15, the term “Market Exchange Rate” shall mean the noon Dollar buying rate in The
City of New York for cable transfers of such currency or currencies as published by the Federal
Reserve Bank of New York, as of the most recent available date. If such Market Exchange Rate is not
so available for any reason with respect to such currency, the Trustee shall use, in its sole
discretion and without liability on its part, such quotation of the Federal Reserve Bank of New
York as of the most recent available date, or quotations or rates of exchange from one or more
major banks in The City of New York or in the country of issue of the currency in question, which
for purposes of euros shall be Brussels, Belgium, or such other quotations or rates of exchange as
the Trustee shall deem appropriate. The provisions of this paragraph shall apply in determining the
equivalent principal

14

 

amount in respect of Securities of a series denominated in a currency other
than Dollars in connection with any action taken by Holders of Securities pursuant to the terms of
this Indenture.

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

Section 1.16. Payment in Required Currency; Judgment Currency.

     Each of the Company and the Guarantor agrees, to the fullest extent that it may effectively do
so under applicable law, that (a) if for the purpose of obtaining judgment in any court it is
necessary to convert the sum due in respect of the principal of or interest on the Securities of
any series (the “Required Currency”) into a currency in which a judgment will be rendered (the
“Judgment Currency”), the rate of exchange used shall be the rate at which in accordance with
normal banking procedures the Trustee could purchase in The City of New York the Required Currency
with the Judgment Currency on the day on which final unappealable judgment is entered, unless such
day is not a Banking Day, then, to the extent permitted by applicable law, the rate of exchange
used shall be the rate at which in accordance with normal banking procedures the Trustee could
purchase in The City of New York the Required Currency with the Judgment Currency on the Banking
Day next preceding the day on which final unappealable judgment is entered and (b) its obligations
under this Indenture to make payments in the Required Currency (i) shall not be discharged or
satisfied by any tender, or any recovery pursuant to any judgment (whether or not entered in
accordance with subclause (a)), in any currency other than the Required Currency, except to the
extent that such tender or recovery shall result in the actual receipt, by the payee, of the full
amount of the Required Currency expressed to be payable in respect of such payments, (ii) shall be
enforceable as an alternative or additional cause of action for the purpose of recovering in the
Required Currency the amount, if any, by which such actual receipt shall fall short of the full
amount of the Required Currency so expressed to be payable and (iii) shall not be affected by
judgment being obtained for any other sum due under this Indenture.

Section 1.17. Language of Notices, Etc.

     Any request, demand, authorization, direction, notice, consent, waiver or Act required or
permitted under this Indenture shall be in the English language, except that any published notice
may be in an official language of the country of publication.

Section 1.18. Incorporators, Shareholders, Officers and Directors of the Company and Guarantor
Exempt from Individual Liability.

     No recourse under or upon any obligation, covenant or agreement of or contained in this
Indenture or of or contained in any Security or, if applicable, the Guarantee, or for any claim
based thereon or otherwise in respect thereof, or in any Security or, if applicable, Guarantee, or
because of the creation of any indebtedness represented thereby, shall be had against any
incorporator, shareholder, member, officer, manager or director, as such, past, present or future,
of the Company, the Guarantor or any successor Person, either directly or through the Company, the
Guarantor or any successor Person, whether by virtue of any constitution, statute or rule of law,
or by the enforcement of any assessment or penalty or otherwise, it being expressly understood that
all such liability is hereby expressly waived and released as a condition of, and as a part of the
consideration for, the execution of this Indenture and the issue of the Securities.

15

 

ARTICLE TWO

SECURITY FORMS

Section 2.1. Forms Generally.

     The Securities of each series and, if applicable, the notation thereon relating to the
Guarantee, shall be in substantially the form set forth in this Article Two, or in such other form
or forms as shall be established by or pursuant to a Board Resolution or in one or more indentures
supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and
other variations as are required or permitted by this Indenture, and may have such letters, numbers
or other marks of identification and such legends or endorsements placed thereon as may be required
to comply with the rules of any securities exchange or as may, consistently herewith, be determined
by the officers executing such Securities and, if applicable, the Guarantee, as evidenced by their
execution thereof.

     The definitive Securities shall be printed, lithographed or engraved on steel engraved borders
or may be produced in any other manner, all as determined by the officers executing such
Securities, as evidenced by their execution thereof. If the form of Securities of any series is
established by action taken pursuant to a Board Resolution, a copy of an appropriate record of such
action shall be certified by an authorized officer or other authorized person on behalf of the
Company and delivered to the Trustee at or prior to the delivery of the Company Order contemplated
by Section 3.3 for the authentication and delivery of such Securities.

     The forms of Global Securities of any series shall have such provisions and legends as are
customary for Securities of such series in global form, including without limitation any legend
required by the Depositary for the Securities of such series.

Section 2.2. Form of Face of Security.

[If the Security is an Original Issue Discount Security, insert—FOR PURPOSES OF SECTION 1275 OF THE
UNITED STATES INTERNAL REVENUE CODE OF 1986, AS AMENDED, THE AMOUNT OF THE ORIGINAL ISSUE DISCOUNT
IS
             ,
THE ISSUE DATE IS              , 20              [AND] [,] THE YIELD TO MATURITY
IS               [,] [AND THE ORIGINAL ISSUE DISCOUNT FOR THE
SHORT ACCRUAL PERIOD IS              
 AND THE METHOD USED TO DETERMINE THE YIELD THEREFOR IS
              ]]

[Insert any other legend required by the United States Internal Revenue Code or the regulations
thereunder.]

[If a Global Security,—insert legend required by Section 204 of the Indenture] [If applicable,
insert —UNLESS THIS SECURITY 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 SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR 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 SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

WEATHERFORD INTERNATIONAL, INC.

16

 

[TITLE OF SECURITY]

			
	No             
	 	U.S. $             

[CUSIP No. ]

WEATHERFORD INTERNATIONAL, INC., a company duly incorporated under the laws of the State of
Delaware (herein called the “Company”, which term includes any successor or resulting Person under
the Indenture hereinafter referred to), for value received, hereby promises to pay to              .
                     , or registered assigns, the principal sum of
             
                                  
 United States Dollars on
                      [If the Security is to bear interest prior to Maturity,
insert—, and to pay interest thereon from              or from the most recent Interest
Payment Date to which interest has been paid or duly provided for, semi-annually on               and
                     
 in each year, commencing              ,
 at the rate of               % per annum, until the
principal hereof is paid or made available for payment [if applicable, insert—, and at the rate of
___% per annum on any overdue principal and premium and on any installment of interest]. The
interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will,
as provided in such Indenture, be paid to the Person in whose name this Security (or one or more
Predecessor Securities) is registered at the close of business on the Regular Record Date for such
interest, which shall be the              
 or               day (whether or not a Business Day), as the case
may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly
provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may
either be paid to the Person in whose name this Security (or one or more Predecessor Securities) is
registered at the close of business on a Special Record Date for the payment of such Defaulted
Interest to be fixed by the Trustee, notice whereof shall be given to Holders of Securities of this
series not less than 10 days prior to such Special Record Date, or be paid at any time in any other
lawful manner not inconsistent with the requirements of any securities exchange on which the
Securities of this series may be listed, and upon such notice as may be required by such exchange,
all as more fully provided in said Indenture].

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

[If a Global Security, insert—Payment of the principal of (and premium, if any) and [if applicable,
insert—any such] interest on this Security will be made by transfer of immediately available funds
to a bank account in                      designated by the Holder in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of public and private debts
[state other currency].]

[If a Definitive Security, insert—Payment of the principal of (and premium, if any) and [if
applicable, insert—any such] interest on this Security will be made at the office or agency of the
Company maintained for that purpose in                     , in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of public and private
debts] [state other currency] [or subject to any laws or regulations applicable thereto and to the
right of the Company (as provided in the Indenture) to rescind the designation of any such Paying
Agent, at the [main] offices of

17

 

                     in                     , or at such other offices or
agencies as the Company may designate, by [United States Dollar] [state other currency] check drawn
on, or transfer to a [United States Dollar] account maintained by the payee with, a bank in The
City of New York (so long as the applicable Paying Agency has received proper transfer instructions
in writing at least ___days prior to the payment date)] [if applicable, insert—; provided,
however, that payment of interest may be made at the option of the Company by [United States
Dollar] [state other currency] check mailed to the addresses of the Persons entitled thereto as
such addresses shall appear in the Security Register] [or by transfer to a [United States Dollar]
[state other currency] account maintained by the payee with a bank in The City of New York [state
other Place of Payment] (so long as the applicable Paying Agent has received proper transfer
instructions in writing by the Record Date prior to the applicable Interest Payment Date)].]

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

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

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

     Dated:

	 	 	 
	 

	 	WEATHERFORD INTERNATIONAL, INC.
	 
	 

	 	By:                                        

Section 2.3. Form of Reverse of Security.

This Security is one of a duly authorized issue of senior securities of the Company (herein called
the “Securities”), issued and to be issued in one or more series under an Indenture, dated as of
June 18, 2007 (herein called the “Indenture”), between the Company, the Guarantor and Deutsche Bank
Trust Company Americas, as Trustee (herein called the “Trustee”, which term includes any successor
trustee under the Indenture), to which Indenture and all indentures supplemental thereto reference
is hereby made for a statement, of the respective rights, limitations of rights, duties and
immunities thereunder of the Company, the Guarantor, the Trustee and the Holders of the Securities
and of the terms upon which the Securities are, and are to be, authenticated and delivered. As
provided in the Indenture, the Securities may be issued in one or more series, which different
series may be issued in various aggregate principal amounts, may mature at different times, may
bear interest, if any, at different rates, may be subject to different redemption provisions, if
any, may be subject to different sinking, purchase or analogous funds, if any, may be subject to
different covenants and Events of Default and may otherwise vary as in the Indenture provided or
permitted. This Security is one of the series designated on the face hereof [, limited in aggregate
principal amount to $               ].

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This Security is the general, unsecured, senior obligation of the Company [if applicable,
insert—and is guaranteed pursuant to a guarantee (the “Guarantee”) by Weatherford International
Ltd., a Bermuda exempted company (the “Guarantor”). The Guarantee is the general, unsecured,
senior obligation of the Guarantor.]

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

	 	 	 	 	 	 	 
	Year	 	Redemption Price	Year	Redemption Price
	 
	 	 
	 	 
	 	 

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

[If applicable, insert—The Securities of this series are subject to redemption upon not less
than               
nor more than                days’ notice by mail, (1) on                  in any year commencing with
the year
               
and ending with the year                  through operation of the sinking fund for this
series at the Redemption Prices for redemption through operation of the sinking fund (expressed as
percentages of the principal amount) set forth in the table below, and (2) at anytime [on or after
                       
 ], as a whole or in part, at the election of the Company, at the Redemption
Prices for redemption otherwise than through operation of the sinking fund (expressed as
percentages of the principal amount) set forth in the table below: If redeemed during the 12-month
period beginning
                 of the years indicated,

	 	 	 	 	 
	 	 	 	 	Redemption Price for
	 	 	Redemption Price For	 	Redemption Otherwise Than
	 	 	Redemption Through	 	Through Operation of the
	Year	 	Operation of the Sinking Fund	 	Sinking Fund
	 
	 	 
	 	 

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

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

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

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

[If applicable, insert—The Securities of this series are not redeemable prior to Stated Maturity.]

[If the Security is not an Original Issue Discount Security, insert —If an Event of Default with
respect to Securities of this series shall occur and be continuing, the principal of the Securities
of this series may be declared due and payable in the manner and with the effect provided in the
Indenture.]

[If the Security is an Original Issue Discount Security, insert —If an Event of Default with
respect to Securities of this series shall occur and be continuing, an amount of principal of the
Securities of this series may be declared due and payable in the manner and with the effect
provided in the Indenture. Such amount shall be equal to —insert formula for determining the
amount. Upon payment (i) of the amount of
principal so declared due and payable and (ii) of interest on any overdue principal and overdue
interest (in each case to the extent that the payment of such interest shall be legally
enforceable), all of the Company’s obligations in respect of the payment of the principal of and
interest, if any, on the Securities of this series shall terminate.]

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the
modification of the rights and obligations of the Company [If applicable, insert—and the
Guarantor] and the rights of the Holders of the Securities of each series to be affected under the
Indenture at any time by the Company [If applicable, insert—and the Guarantor] and the Trustee with
the consent of the Holders of a majority in principal amount of the Securities at the time
Outstanding of each series to be affected. The Indenture also contains provisions permitting the
Holders of specified percentages in principal amount of the Securities of each series at the time
Outstanding, on behalf of the Holders of all Securities of such series, to waive compliance by the
Company [If applicable, insert—and the Guarantor] with certain provisions of the Indenture and
certain past defaults under the Indenture and their consequences. Any such consent or waiver by the
Holder of this Security shall be conclusive and binding upon such Holder and upon all future
Holders of this Security and of any Security issued upon the registration of transfer

20

 

hereof or in
exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon
this Security.

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

[If a Global Security, insert—This Global Security or portion hereof may not be exchanged for
Definitive Securities of this series except in the limited circumstances provided in the Indenture.
The holders of beneficial interests in this Global Security will not be entitled to receive
physical delivery of Definitive Securities except as described in the Indenture and will not be
considered the Holders thereof for any purpose under the Indenture.]

[If a Definitive Security, insert—As provided in the Indenture and subject to certain limitations
therein set forth, the transfer of this Security is registerable in the Security Register, upon
surrender of this Security for registration of transfer at the office or agency of the Company in
[if applicable, insert—any place where the principal of and any premium and interest on this
Security are payable] [if applicable, insert—The City of New York [, or, subject to any laws or
regulations applicable thereto and to the right of the Company (limited as provided in the
Indenture) to rescind the designation of any such transfer agent, at the [main] offices of
                     in
                     or at such other offices or agencies as the Company may
designate]], duly endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his
attorney duly authorized in writing, and thereupon one or more new Securities of this series and of
like tenor, of authorized denominations and for the same aggregate principal amount, will be issued
to the designated transferee or transferees.]

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

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

Prior to due presentment of this Security for registration of transfer, the Company, [If
applicable, insert—the Guarantor,] the Trustee and any agent of the Company [If applicable,
insert—, the Guarantor] or the Trustee may treat the Person in whose name this Security is
registered as the owner hereof for all purposes, whether or not this Security be overdue, and none
of the Company, [If applicable, insert—the Guarantor,] the Trustee nor any such agent shall be
affected by notice to the contrary.

No recourse under or upon any obligation, covenant or agreement of or contained in the Indenture or
of or contained in any Security, [If applicable, insert—, or the Guarantee endorsed thereon,] or
for any claim based thereon or otherwise in respect thereof, or in any Security [If applicable,
insert—or in the Guarantee], or because of the creation of any indebtedness represented thereby,
shall be had against any incorporator, shareholder, member, officer, manager or director, as such,
past, present or future, of the Company [If applicable, insert—or the Guarantor] or of any
successor Person, either directly or through the Company [If applicable, insert—or the Guarantor]
or any successor Person, whether by virtue of any constitution, statute or rule of law, or by the
enforcement of any assessment, penalty or otherwise; it being

21

 

expressly understood that all such
liability is hereby expressly waived and released by the acceptance hereof and as a condition of,
and as part of the consideration for, the Securities and the execution of the Indenture.

The Indenture provides that the Company [If applicable, insert—and the Guarantor] (a) will be
discharged from any and all obligations in respect of the Securities (except for certain
obligations described in the Indenture), or (b) need not comply with certain restrictive covenants
of the Indenture, in each case if the Company [If applicable, insert—or the Guarantor] deposits,
in trust, with the Trustee money or U.S. Government Obligations (or a combination thereof) which
through the payment of interest thereon and principal thereof in accordance with their terms will
provide money, in an amount sufficient to pay all the principal of and interest on the Securities,
but such money need not be segregated from other funds except to the extent required by law.

Except as otherwise defined herein, all terms used in this Security which are defined in the
Indenture shall have the meanings assigned to them in the Indenture.

[If a Definitive Security, insert as a separate page—

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto

      
               
                
               
               
               
                
  
(Please Print or Typewrite Name and Address of Assignee)

the within instrument of WEATHERFORD INTERNATIONAL, INC. and does hereby irrevocably constitute and
appoint                      Attorney to transfer said instrument on the books of the within-named
Company, with full power of substitution in the premises.

Please Insert Social Security or Other Identifying Number of Assignee:

	 	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	Dated:                    
	 	 	 	 
	 

	 	 	 	 
	 

	 	(Signature)	 	 

NOTICE: The signature to this assignment must correspond with the name as written upon the face of
the within instrument in every particular, without alteration or enlargement or any change
whatever.]

[If a Security to which Article Fourteen has been made applicable, insert the following Form of
Notation on such Security relating to the Guarantee—

The Guarantor (which term includes any successor Person in such capacity under the Indenture), has
fully, unconditionally and absolutely guaranteed, to the extent set forth in the Indenture and
subject to the provisions in the Indenture, the due and punctual payment of the principal of, and
premium, if any, and interest on the Securities and all other amounts due and payable under the
Indenture and the Securities by the Company.

The obligations of the Guarantor to the Holders of Securities and to the Trustee pursuant to the
Guarantee and the Indenture are expressly set forth in Article Fourteen of the Indenture and
reference is hereby made to the Indenture for the precise terms of the Guarantee.

22

 

	 	 	 	 	 
	 	 	Guarantor:
	 
	 	 	 	 
	 	 	WEATHERFORD INTERNATIONAL LTD.
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 
	 	 	 	]
	 

	 	 	
 	 

Section 2.4. Global Securities.

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

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A
NOMINEE THEREOF. THIS SECURITY MAY NOT BE TRANSFERRED TO, OR REGISTERED OR
EXCHANGED FOR SECURITIES REGISTERED IN THE NAME OF, ANY PERSON OTHER THAN
THE DEPOSITARY OR A NOMINEE THEREOF AND NO SUCH TRANSFER MAY BE REGISTERED,
EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

EVERY SECURITY AUTHENTICATED AND DELIVERED UPON REGISTRATION OF TRANSFER OF,
OR IN EXCHANGE FOR OR IN LIEU OF, THIS SECURITY SHALL BE A GLOBAL SECURITY
SUBJECT TO THE FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES.

     If Securities of a series are issuable in whole or in part in the form of one or more Global
Securities, as specified as contemplated by Section 3.1, then, notwithstanding clause (9) of
Section 3.1 and the provisions of Section 3.2, any Global Security shall represent such of the
Outstanding Securities of such series as shall be specified therein and may provide that it shall
represent the aggregate amount of Outstanding Securities from time to time endorsed thereon and
that the aggregate amount of Outstanding
Securities represented thereby may from time to time be reduced or increased, as the case may be,
to reflect exchanges. Any endorsement of a Global Security to reflect the amount, or any reduction
or increase in the amount, of Outstanding Securities represented thereby shall be made in such
manner and upon instructions given by such Person or Persons as shall be specified therein or in a
Company Order. Subject to the provisions of Sections 3.3, 3.4 and 3.5, the Trustee shall deliver
and redeliver any Global Security in the manner and upon instructions given by the Person or
Persons specified therein or in the applicable Company Order. Any instructions by the Company with
respect to endorsement or delivery or redelivery of a Global Security shall be in a Company Order
(which need not comply with Section 1.3 and need not be accompanied by an Opinion of Counsel).

     The provisions of the last sentence of Section 3.3 shall apply to any Security represented by
a Global Security if such Security was never issued and sold by the Company and the Company
delivers to the Trustee the Global Security together with a Company Order (which need not comply
with Section 1.3 and need not be accompanied by an Opinion of Counsel) with regard to the reduction
or increase, as the case may be, in the principal amount of Securities represented thereby,
together with the written statement contemplated by the last sentence of Section 3.3.

23

 

Section 2.5. Form of Trustee’s Certificate of Authentication.

     The Trustee’s certificate(s) of authentication shall be in substantially the following form:

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

	 	 	 	 	 
	 	 	Deutsche Bank Trust Company Americas,

as Trustee
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Authorized Officer

ARTICLE THREE

THE SECURITIES

Section 3.1. Amount Unlimited; Issuable in Series.

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

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

     (1) the title of the Securities of the series (which shall distinguish the Securities
of the series from all other Securities and which may be part of a series of Securities
previously issued);

     (2) any limit upon the aggregate principal amount of the Securities of the series which
may be authenticated and delivered under this Indenture (except for Securities authenticated
and delivered upon registration of transfer of, or in exchange for, or in lieu of, other
Securities of the series pursuant to Sections 3.4, 3.5, 3.6, 9.6 or 11.7 and except for
any Securities which, pursuant to Section 3.3, are deemed never to have been authenticated
and delivered hereunder);

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

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

     (5) the rate or rates at which the Securities of the series shall bear interest, if
any, or the formula, method or provision pursuant to which such rate or rates are
determined, the date or dates from which such interest shall accrue or the method of
determination thereof, the Interest Payment Dates on which such interest shall be payable
and the Regular Record Date for the interest payable on any Interest Payment Date;

24

 

     (6) the place or places where, subject to the provisions of Section 10.2, the principal
of and any premium and interest on Securities of the series shall be payable, Securities of
the series may be surrendered for registration of transfer, Securities of the series may be
surrendered for exchange and notices, and demands to or upon the Company in respect of the
Securities of the series and this Indenture may be served;

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

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

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

     (10) whether payment of principal of and premium, if any, and interest, if any, on the
Securities of the series shall be without deduction for taxes, assessments or governmental
charges paid by Holders of the series;

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

     (12) if other than the currency of the United States of America, the currency or
currencies, including composite currencies, currency units or Foreign Currency, in which
payment of the principal of and any premium and interest on the Securities of the series
shall be payable, and, if other than as specified in Section 1.15, the manner of determining
the equivalent thereof in the currency of the United States of America for purposes of the
determination of “Outstanding” in Section 1.1;

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

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

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

25

 

and exchanged for Securities registered in the name of, a Person other than the
Depositary for such Global Security or a nominee thereof and in which any such transfer may
be registered;

     (16) any deletions from, modifications of or additions to the Events of Default set
forth in Section 5.1 or the covenants of the Company or the Guarantor set forth in Article
Ten with respect to the Securities of such series;

     (17) whether and under what circumstances the Company will pay additional amounts on
the Securities of the series held by a Person who is not a U.S. person in respect of any
tax, assessment or governmental charge withheld or deducted and, if so, whether the Company
will have the option to redeem the Securities of the series rather than pay such additional
amounts;

     (18) if the Securities of the series are to be issuable in definitive form (whether
upon original issue or upon exchange of a temporary Security of such series) only upon
receipt of certain certificates or other documents or satisfaction of other conditions, the
form and terms of such certificates, documents or conditions;

     (19) if the Securities of the series are to be convertible into or exchangeable for any
other security or property of the Company or the Guarantor, including, without limitation,
securities of another Person held by the Company or the Guarantor or their respective
Affiliates and, if so, the terms thereof;

     (20) if other than as provided in Sections 13.2 and 13.3, the means of defeasance or
covenant defeasance as may be specified for the Securities of the series;

     (21) if other than the Trustee, the identity of the initial Security Registrar and any
initial Paying Agent;

     (22) whether the Securities of the series will be guaranteed pursuant to the Guarantee,
any modifications to the terms of Article Fourteen applicable to the Securities of such
series and the applicability of any other guarantees; and

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

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

     All Securities of any one series need not be issued at the same time and, unless otherwise
provided, a series may be reopened, without the consent of the Holders, for increases in the
aggregate principal amount of such series of Securities and issuances of additional Securities of
such series or for the establishment of additional terms with respect to the Securities of such
series.

     If any of the terms of the series are established by action taken by or pursuant to a Board
Resolution, a copy of an appropriate record of such action shall be certified by an authorized
officer or other authorized person on behalf of the Company and, if applicable, the Guarantor and
delivered to the Trustee at or prior to the delivery of the Officer’s Certificate setting forth, or
providing the manner for determining, the terms of the series.

26

 

     With respect to Securities of a series subject to a Periodic Offering, such Board Resolution
or Officer’s Certificate may provide general terms for Securities of such series and provide either
that the specific terms of particular Securities of such series shall be specified in a Company
Order or that such terms shall be determined by the Company and, if applicable, the Guarantor or
one or more agents thereof designated in an Officer’s Certificate, in accordance with a Company
Order.

Section 3.2. Denominations.

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

Section 3.3. Execution, Authentication, Delivery and Dating.

     The Securities shall be executed on behalf of the Company by its Chairman of the Board, its
Chief Executive Officer, its President, its Chief Financial Officer or any of its Vice Presidents
and need not be attested. The signature of any of these officers on the Securities may be manual
or facsimile. Any Guarantee endorsed on the Securities shall be executed on behalf of the
Guarantor by its Chairman of the Board, its Chief Executive Officer, its President, its Chief
Financial Officer or any of its Vice Presidents and need not be attested. The signature of any of
these officers on any Guarantee may be manual or facsimile.

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

     At any time and from time to time after the execution and delivery of this Indenture, the
Company may deliver Securities of any series executed by the Company to the Trustee for
authentication, together with a Company Order for the authentication and delivery of such
Securities, and the Trustee in accordance with the Company Order shall authenticate and deliver
such Securities; provided, however, that in the case of Securities offered in a Periodic Offering,
the Trustee shall authenticate and deliver such Securities from time to time in accordance with
such other procedures (including, without limitation, the receipt by the Trustee of oral or
electronic instructions from the Company or its duly authorized agents, thereafter promptly
confirmed in writing) acceptable to the Trustee as may be specified by or pursuant to a Company
Order delivered to the Trustee prior to the time of the first authentication of Securities of such
series. If the forms or terms of the Securities of the series have been established in or pursuant
to one or more Board Resolutions as permitted by Sections 2.1 and 3.1, in authenticating such
Securities, and
accepting the additional responsibilities under this Indenture in relation to such Securities, the
Trustee shall be entitled to receive such documents as it may reasonably request. The Trustee shall
also be entitled to receive, and (subject to Section 6.1) shall be fully protected in relying upon,
an Opinion of Counsel stating,

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

     (b) if the terms of such Securities have been, or in the case of Securities of
a series offered in a Periodic Offering will be, established in or pursuant to a
Board

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Resolution as permitted by Section 3.1, that such terms have been, or in the
case of Securities of a series offered in a Periodic Offering will be, established
in conformity with the provisions of this Indenture, subject, in the case of
Securities of a series offered in a Periodic Offering, to any conditions specified
in such Opinion of Counsel; and

     (c) that such Securities when authenticated and delivered by the Trustee and
issued by the Company in the manner and subject to any conditions and assumptions
specified in such Opinion of Counsel, will constitute valid and legally binding
obligations of the Company and, if applicable, the Guarantor, enforceable in
accordance with their terms, subject to the following limitations: (i) bankruptcy,
insolvency, moratorium, reorganization, liquidation, fraudulent conveyance or
transfer and other similar laws of general applicability relating to or affecting
the enforcement of creditors’ rights, or to general equity principles; (ii) the
availability of equitable remedies being subject to the discretion of the court to
which application therefor is made; (iii) with reference to Securities stated to be
payable in a currency other than Dollars said counsel may note that (x) a New York
statute provides that a judgment rendered by a court of the State of New York in
respect of an obligation denominated in any such other currency would be rendered in
such other currency and would be converted into Dollars at the rate of exchange
prevailing on the date of entry of the judgment, and (y) a judgment rendered by a
Federal court sitting in the State of New York in respect of an obligation
denominated in any such other currency may be expressed in Dollars, but said counsel
need express no opinion as to the rate of exchange such Federal court would apply;
and (iv) such other usual and customary matters as shall be specified in such
Opinion of Counsel.

     If such form or forms or terms have been so established, the Trustee shall not be required to
authenticate such Securities if the issue of such Securities pursuant to this Indenture will affect
the Trustee’s own rights, duties or immunities under the Securities and this Indenture or otherwise
in a manner which is not reasonably acceptable to the Trustee.

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

     With respect to Securities of a series offered in a Periodic Offering, the Trustee may rely,
as to the authorization by the Company of any of such Securities, the form or forms and terms
thereof and the legality, validity, binding effect and enforceability thereof, upon the Opinion of
Counsel and the other
documents delivered pursuant to Sections 2.1 and 3.1 and this Section, as applicable, in connection
with the first authentication of Securities of such series.

     Each Security shall be dated the date of its authentication.

     No Security, nor any Guarantee endorsed thereon, shall be entitled to any benefit under this
Indenture or be valid or obligatory for any purpose unless there appears on such Security a
certificate of authentication substantially in the form provided for herein executed by the Trustee
by manual signature of an authorized officer, and such certificate upon any Security shall be
conclusive evidence, and the only evidence, that such Security has been duly authenticated and
delivered hereunder and is entitled to the benefits of this Indenture. Notwithstanding the
foregoing, if any Security shall have been authenticated and delivered hereunder but never issued
and sold by the Company, and the Company shall deliver such

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Security to the Trustee for
cancellation as provided in Section 3.9 for all purposes of this Indenture such Security shall be
deemed never to have been authenticated and delivered hereunder and shall never be entitled to the
benefits of this Indenture.

Section 3.4. Temporary Securities.

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

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

Section 3.5. Registration, Registration of Transfer and Exchange.

     The Company shall cause to be kept at the office or agency of the Company in the Borough of
Manhattan, the City of New York or in any other office or agency of the Company in a Place of
Payment required by Section 10.2 a register (the register maintained in such office being herein
sometimes referred to as the “Security Register”) in which, subject to such reasonable regulations
as it may prescribe, the Company shall provide for the registration of Securities and of transfers
of Securities. The Trustee is hereby appointed as the initial “Security Registrar” for the purpose
of registering Securities and transfers of Securities as herein provided and its corporate trust
office, which, at the date hereof, is located at 60 Wall Street, 27th Floor, Mail Stop:
NYC60-2710, New York, New York 10005, is the initial office or agency in the Borough of Manhattan
where the Securities Register will be maintained. The Company may at any time replace such Security
Registrar, change such office or agency or act as its own Security Registrar. The Company will give
prompt written notice to the Trustee of any change of the Security Registrar or of the location of
such office or agency.

     Upon surrender for registration of transfer of any Security of any series at the office or
agency maintained pursuant to Section 10.2 for such purpose, the Company and, if applicable, the
Guarantor shall execute, and the Trustee shall authenticate and deliver, in the name of the
designated transferee or transferees, one or more new Securities, with an endorsement of the
Guarantee, if applicable, executed by the Guarantor, of the same series and tenor, of any
authorized denominations and of a like aggregate principal amount.

     At the option of the Holder, Securities of any series (except a Global Security) may be
exchanged for other Securities of the same series and tenor, of any authorized denominations and of
a like aggregate principal amount, upon surrender of the Securities to be exchanged at such office
or agency. Whenever any Securities are so surrendered for exchange, the Company and, if applicable,
the Guarantor shall execute and the Trustee shall authenticate and deliver, the Securities, with an
endorsement of the

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Guarantee, if applicable, executed by the Guarantor, which the Holder making the
exchange is entitled to receive.

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

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

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

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

     Notwithstanding any other provisions of this Indenture and except as otherwise specified with
respect to any particular series of Securities as contemplated by Section 3.1, a Global Security
representing all or a portion of the Securities of a series may not be transferred, except as a
whole by the Depositary for such series to a nominee of such Depositary or by a nominee of such
Depositary to such Depositary or another nominee of such Depositary or by such Depositary or any
such nominee to a successor Depositary for such series or a nominee of such successor Depositary.
Every Security authenticated and delivered upon registration of, transfer of, or in exchange for or
in lieu of, a Global Security shall be a Global Security except as provided in the two paragraphs
immediately following.

     If at any time the Depositary for any Securities of a series represented by one or more Global
Securities notifies the Company that it is unwilling or unable to continue as Depositary for such
Securities or if at any time the Depositary for such Securities shall no longer be eligible to
continue as Depositary under Section 1.1 or ceases to be a clearing agency registered under the
Exchange Act, the Company shall appoint a successor Depositary with respect to such Securities. If
a successor Depositary for such
Securities is not appointed by the Company within 90 days after the Company receives such notice or
becomes aware of such ineligibility, the Company’s election pursuant to Section 3.1 that such
Securities be represented by one or more Global Securities shall no longer be effective and the
Company and, if applicable, the Guarantor will execute and the Trustee, upon receipt of a Company
Order for the authentication and delivery of Definitive Securities of such series, will
authenticate and deliver, Securities, with an endorsement of the Guarantee, if applicable, executed
by the Guarantor, of such series in definitive registered form without coupons, in any authorized
denominations, in an aggregate principal amount equal to the principal amount of the Global
Security or Securities representing such Securities in exchange for such Global Security or
Securities registered in the names of such Persons as the Depositary shall direct.

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     The Company may at any time and in its sole discretion determine that the Securities of any
series issued in the form of one or more Global Securities shall no longer be represented by a
Global Security or Securities. In such event the Company and, if applicable, the Guarantor will
execute and the Trustee, upon receipt of a Company Order for the authentication and delivery of the
Definitive Securities of such series, will authenticate and deliver, Securities, with an
endorsement of the Guarantee, if applicable, executed by the Guarantor, of such series in
definitive registered form without coupons, in any authorized denominations, in an aggregate
principal amount equal to the principal amount of the Global Security or Securities representing
such Securities in exchange for such Global Security or Securities registered in the names of such
Persons as the Depositary shall direct.

     If specified by the Company pursuant to Section 3.1 with respect to Securities represented by
a Global Security, the Depositary for such Global Security may surrender such Global Security in
exchange in whole or in part for Securities of the same series and tenor in definitive registered
form on such terms as are acceptable to the Company and such Depositary. Thereupon, the Company
and, if applicable, the Guarantor shall execute, and the Trustee, upon receipt of a Company Order
for the authentication and delivery of Securities in definitive registered form, shall authenticate
and deliver, without service charge,

     (1) to the Person specified by such Depositary a new Security or Securities, with an
endorsement of the Guarantee, if applicable, executed by the Guarantor, of the same series
and tenor, of any authorized denominations as requested by such Person, in an aggregate
principal amount equal to and in exchange for such Person’s beneficial interest in the
Global Security; and

     (2) to such Depositary a new Global Security, with an endorsement of the Guarantee, if
applicable, executed by the Guarantor, in a denomination equal to the difference, if any,
between the principal amount of the surrendered Global Security and the aggregate principal
amount of Securities authenticated and delivered pursuant to clause (1) above.

     Every Person who takes or holds any beneficial interest in a Global Security agrees that:

     (a) the Company, the Guarantor (if applicable) and the Trustee may deal with
the Depositary as sole owner of the Global Security and as the authorized
representative of such Person;

     (b) such Person’s rights in the Global Security shall be exercised only through
the Depositary and shall be limited to those established by law and agreement
between such Person and the Depositary and/or direct and indirect participants of
the Depositary;

     (c) the Depositary and its participants may make book-entry transfers of
beneficial ownership among, and receive and transmit distributions of principal and
interest on the Global Securities to, such Persons in accordance with their own
procedures; and

     (d) none of the Company, the Guarantor (if applicable), the Trustee, nor any
agent of any of them will have any responsibility or liability for any aspect of the
records relating to or payments made on account of beneficial ownership interests of
a Global Security or for maintaining, supervising or reviewing any records relating
to such beneficial ownership interests.

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Section 3.6. Mutilated, Destroyed, Lost and Stolen Securities.

     If any mutilated Security is surrendered to the Trustee, together with, in proper cases, such
security or indemnity as may be required by the Company, the Guarantor (if applicable) or the
Trustee to save each of them and any agent of any of them harmless, the Company shall execute and
the Trustee shall authenticate and deliver in exchange therefor a new Security, with an endorsement
of the Guarantee, if applicable, executed by the Guarantor, of the same series and of like tenor
and principal amount and bearing a number not contemporaneously outstanding.

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

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

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

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

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

Section 3.7. Payment of Interest; Interest Rights Preserved.

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

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

     (1) The Company may elect to make payment of any Defaulted Interest to the Persons in
whose names the Securities of such series (or their respective Predecessor Securities) are
registered at the close of business on a Special Record Date for the payment of such
Defaulted Interest, which shall be fixed in the following manner. The Company shall notify
the Trustee in writing of the amount of Defaulted

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Interest proposed to be paid on each
Security of such series and the date of the proposed payment, and at the same time the
Company shall deposit with the Trustee an amount of money equal to the aggregate amount
proposed to be paid in respect of such Defaulted Interest or shall make arrangements
satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such
money when deposited to be held in trust for the benefit of the Persons entitled to such
Defaulted Interest as in this clause provided. Thereupon, the Trustee shall fix a Special
Record Date for the payment of such Defaulted Interest which shall be not more than 15 days
and not less than 10 days prior to the date of the proposed payment and not less than 10
days after the receipt by the Trustee of the notice of the proposed payment. The Trustee
shall promptly notify the Company of such Special Record Date and, in the name and at the
expense of the Company, shall cause notice of the proposed payment of such Defaulted
Interest and the Special Record Date therefor to be mailed, first-class postage prepaid, to
each Holder of Securities of such series at his address as it appears in the Security
Register, not less than 10 days prior to such Special Record Date. Notice of the proposed
payment of such Defaulted Interest and the Special Record Date therefor having been so
mailed, such Defaulted Interest shall be paid to the Persons in whose names the Securities
of such series (or their respective Predecessor Securities) are registered at the close of
business on such Special Record Date and shall no longer be payable pursuant to the
following clause (2).

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

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

Section 3.8. Persons Deemed Owners.

     Except as otherwise provided as contemplated by Section 3.1 with respect to any series of
Securities, prior to due presentment of a Security for registration of transfer, the Company, the
Trustee and, if applicable, the Guarantor and any agent thereof may treat the Person in whose name
such Security is registered as the owner of such Security for the purpose of receiving payment of
principal of and any premium and (subject to Sections 3.5 and 3.7) any interest on such Security
and for all other purposes whatsoever, whether or not such Security be overdue, and none of the
Company, the Trustee nor, if applicable, the Guarantor nor any agent of any of them shall be
affected by notice to the contrary.

     No holder of any beneficial interest in any Global Security held on its behalf by a Depositary
shall have any rights under this Indenture with respect to such Global Security, and such
Depositary may be treated by the Company, the Trustee, and, if applicable, the Guarantor and any agent thereof as
the owner of such Global Security for all purposes whatsoever.

Section 3.9. Cancellation.

     All Securities surrendered for payment, redemption, registration of transfer or exchange or
for credit against any sinking fund payment shall, if surrendered to any Person other than the
Trustee, be delivered to the Trustee and shall be promptly canceled by it. The Company may at any
time deliver to the Trustee for cancellation any Securities previously authenticated and delivered
hereunder which the

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Company may have acquired in any manner whatsoever, and may deliver to the
Trustee (or to any other Person for delivery to the Trustee) for cancellation any Securities
previously authenticated hereunder which the Company has not issued and sold, and all Securities so
delivered shall be promptly canceled by the Trustee. No Securities shall be authenticated in lieu
of or in exchange for any Securities canceled as provided in this Section, except as expressly
permitted by this Indenture. All canceled Securities held by the Trustee shall be disposed of in
accordance with its customary practices, and the Trustee shall thereafter deliver to the Company a
certificate with respect to such disposition.

Section 3.10. Computation of Interest.

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

Section 3.11. CUSIP or CINS Numbers.

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

ARTICLE FOUR

SATISFACTION AND DISCHARGE

     Section 4.1. Satisfaction and Discharge of Indenture.

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

          (1) either

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

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

     (1) have become due and payable, or

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

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

and the Company, in the case of (1), (2) or (3) above, has deposited or caused to be
deposited with the Trustee as trust funds in trust for such purpose an amount
sufficient to pay and discharge the entire indebtedness on such Securities not
theretofore delivered to the Trustee for cancellation, for principal (and premium,
if any) and interest to the date of such deposit (in the case of Securities which
have become due and payable) or to the Stated Maturity or Redemption Date, as the
case may be;

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

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

Notwithstanding the satisfaction and discharge of this Indenture with respect to the Securities of
any series, (x) the obligations of the Company to the Trustee under Section 6.7, the obligations of
the Trustee to any Authenticating Agent under Section 6.14 and the right of the Trustee to resign
under Section 6.10 shall survive, and (y) if money shall have been deposited with the Trustee
pursuant to subclause (b) of clause (1) of this Section, the obligations of the Company and the
Trustee under Sections 4.2, 6.6 and 10.2 and the last paragraph of Section 10.3 shall survive.

Section 4.2. Application of Trust Money.

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

ARTICLE FIVE

REMEDIES

Section 5.1. Events of Default.

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

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

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

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     (3) default in the performance, or breach, of any covenant or warranty of the Guarantor
or the Company in this Indenture (other than a covenant or warranty a default in whose
performance or whose breach is elsewhere in this Section specifically dealt with or which
has expressly been included in this Indenture solely for the benefit of series of Securities
other than that series), and continuance of such default or breach for a period of 90 days
after there has been given, by registered or certified mail, to the Company by the Trustee
or to the Company and the Trustee by the Holders of at least 25% in principal amount of the
Outstanding Securities of that series a written notice specifying such default or breach and
requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder;
or

     (4) the Guarantor or the Company pursuant to or within the meaning of any Bankruptcy
Law (a) commences a voluntary case, (b) consents to the entry of any order for relief
against it in an involuntary case, (c) consents to the appointment of a Custodian of it or
for all or substantially all of its property, or (d) makes a general assignment for the
benefit of its creditors; or

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

     (6) default in the deposit of any sinking fund payment when due; or

     (7) any other Event of Default provided with respect to Securities of that series in
accordance with Section 3.1.

Section 5.2. Acceleration of Maturity; Rescission and Annulment.

     If an Event of Default with respect to Securities of any series at the time Outstanding occurs
and is continuing, then in every such case the Trustee or the Holders of a specified percentage in
aggregate principal amount of the Outstanding Securities of that series may declare the principal
amount (or, if the Securities of that series are Original Issue Discount Securities, such portion
of the principal amount as may be specified in the terms of that series) of all of the Securities
of that series to be due and payable immediately, by a notice in writing to the Company (and to the
Trustee if given by Holders), and upon any such declaration such principal amount (or specified
amount) shall become immediately due and payable. Notwithstanding the foregoing, if an Event of
Default specified in clause (4) or (5) of Section 5.1 occurs, the Securities of any series at the
time Outstanding shall be due and payable immediately without further action or notice.

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

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

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

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

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

     (d) all sums paid or advanced by the Trustee hereunder and the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and
counsel; and

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

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

Section 5.3. Collection of Indebtedness and Suits for Enforcement by Trustee.

The Company covenants that if:

     (1) default is made in the payment of any installment of interest on any Security when
such interest becomes due and payable and such default continues for a period of 60 days, or

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

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

     If the Company fails to pay such amounts forthwith upon such demand, the Trustee, in its own
name and as trustee of an express trust, may institute a judicial proceeding for the collection of
the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may
enforce the same against the Company or, if applicable, the Guarantor or any other obligor upon
such Securities and collect
the moneys adjudged or decreed to be payable in the manner provided by law out of the property of
the Company or, if applicable, the Guarantor or any other obligor upon such Securities, wherever
situated.

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

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Section 5.4. Trustee May File Proofs of Claim.

     In case of the pendency of any receivership, insolvency, liquidation, bankruptcy,
reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the
Company or, if applicable, the Guarantor or any other obligor upon the Securities, their property
or their creditors, the Trustee (irrespective of whether the principal of the Securities shall then
be due and payable as therein expressed or by declaration or otherwise and irrespective of whether
the Trustee shall have made any demand on the Company or, if applicable, the Guarantor for the
payment of overdue principal or interest) shall be entitled and empowered, by intervention in such
proceeding or otherwise,

     (i) to file and prove a claim for the whole amount of principal (and premium, if any)
and interest owing and unpaid in respect of the Securities and to file such other papers or
documents as may be necessary or advisable in order to have the claims of the Trustee
(including any claim for the reasonable compensation, expenses, disbursements and advances
of the Trustee, its agents and counsel) and of the Holders allowed in such judicial
proceeding, and

     (ii) to collect and receive any moneys or other property payable or deliverable on any
such claims and to distribute the same;

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official
in any such judicial proceeding is hereby authorized by each Holder to make such payments to the
Trustee and, if the Trustee shall consent to the making of such payments directly to the Holders,
to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under
Section 6.7.

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

Section 5.5. Trustee May Enforce Claims Without Possession of Securities.

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

Section 5.6. Application of Money Collected.

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

     FIRST: To the payment of all amounts due the Trustee under Section 6.7;

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

     THIRD: The balance, if any, to the Company.

Section 5.7. Limitation on Suits.

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

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

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

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

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

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

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

Section 5.8. Unconditional Right of Holders to Receive Principal, Premium and Interest.

     Notwithstanding any other provision in this Indenture, the Holder of any Security shall have
the right, which is absolute and unconditional, to receive payment of the principal of and any
premium and (subject to Sections 3.5 and 3.7) interest on such Security on the Stated Maturity or
Maturities expressed in such Security (or, in the case of redemption, on the Redemption Date) and
to institute suit for the
enforcement of any such payment, and such rights shall not be impaired without the consent of such
Holder.

Section 5.9. Restoration of Rights and Remedies.

     If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy
under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has
been determined adversely to the Trustee or to such Holder, then and in every such case, subject to
any determination in such proceeding, the Company, the Guarantor, the Trustee and the Holders shall
be

39

 

restored severally and respectively to their former positions hereunder and thereafter all
rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had
been instituted.

Section 5.10. Rights and Remedies Cumulative.

     Except as otherwise provided with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Securities in the last paragraph of Section 3.6, no right or remedy
herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of
any other right or remedy, and every right and remedy shall, to the extent permitted by law, be
cumulative and in addition to every other right and remedy given hereunder or now or hereafter
existing at law or in equity or otherwise. The assertion or employment of any right or remedy
hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other
appropriate right or remedy.

Section 5.11. Delay or Omission Not Waiver.

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

Section 5.12. Control by Holders.

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

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

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

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

Section 5.13.
Waiver of Past Defaults.

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

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

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

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

Section 5.14. Undertaking for Costs.

     All parties to this Indenture agree, and each Holder of any Security by his acceptance thereof
shall be deemed to have agreed, that any court may in its discretion require, in any suit for the
enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any
action taken, suffered or omitted by it as Trustee, the filing by any party litigant, other than
the Trustee, in such suit of an undertaking to pay the costs of such suit, and that such court may
in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party
litigant in such suit, having due regard to the merits and good faith of the claims or defenses
made by such party litigant; but (1) the provisions of this Section 5.14 shall not apply to any
suit instituted by the Company, to any suit instituted by the Trustee, to any suit instituted by
any Holder, or group of Holders, holding in the aggregate more than 25% in principal amount of the
Outstanding Securities of any series, or to any suit instituted by any Holder for the enforcement
of the payment of the principal of (or premium, if any) or interest on any Security on or after the
Stated Maturity or Maturities expressed in such Security (or, in the case of redemption, on or
after the Redemption Date).

Section 5.15. Waiver of Stay or Extension Laws.

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

ARTICLE SIX

THE TRUSTEE

Section 6.1. Certain Duties and Responsibilities.

          (a) Except during the continuance of an Event of Default,

     (1) the Trustee undertakes to perform such duties and only such duties
as are specifically set forth in this Indenture and as are provided by the
Trust Indenture Act, and, except for implied covenants or obligations
under the Trust Indenture Act, no implied covenants or obligations shall be
read into this Indenture against the Trustee; and

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

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

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

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

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

     (3) the Trustee shall not be liable with respect to any action taken or
omitted to be taken by it in good faith in accordance with the direction of
the Holders of a majority in principal amount of the Outstanding Securities
of any series, given pursuant to Section 5.12, relating to the time, method
and place of conducting any proceeding for any remedy available to the
Trustee, or exercising any trust or power conferred upon the Trustee, under
this Indenture with respect to the Securities of such series; and

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

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

Section 6.2. Notice of Defaults.

     Within 90 days after the occurrence of any Default hereunder with respect to the Securities of
any series, the Trustee shall transmit by mail to all Holders of Securities of such series, as
their names and addresses appear in the Security Register, notice of such Default hereunder known
to the Trustee, unless
such Default shall have been cured or waived; provided, however, that, except in the case of a
Default in the payment of the principal of or any premium or interest on any Security of such
series or in the payment of any sinking fund installment with respect to Securities of such series,
the Trustee shall be protected in withholding such notice if and so long as the board of directors,
the executive committee or a trust committee of directors and/or Responsible Officers of the
Trustee in good faith determine that the withholding of such notice is in the interest of the
Holders of Securities of such series; and, provided, further, that in the case of any Default of
the character specified in Section 5.1(3) with respect to Securities of such series, no such notice
to Holders shall be given until at least 90 days after the occurrence thereof.

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Section 6.3.
Certain Rights of Trustee.

          Subject to the provisions of Section 6.1:

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

     (b) any request or direction of the Company or the Guarantor mentioned herein
shall be sufficiently evidenced by a Company Request or Company Order (other than
delivery of any Security to the Trustee for authentication and delivery pursuant to
Section 3.3, which shall be sufficiently evidenced as provided therein) and any
resolution of the Board of Directors may be sufficiently evidenced by a Board
Resolution;

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

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

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

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

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

     (h) the Trustee may request that the Company and, if applicable, the Guarantor
deliver an Officer’s Certificate setting forth the names of individuals and/or
titles of officers authorized at such time to take specified actions pursuant to
this

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Indenture, which Officer’s Certificate may be signed by any person authorized
to sign an Officer’s Certificate, including any person specified as so authorized in
any such certificate previously delivered and not superseded; and

     (i) the Trustee shall be entitled to the rights and protections afforded to the
Trustee pursuant to this Article Six in acting as a Paying Agent or Security
Registrar hereunder.

Section 6.4. Not Responsible for Recitals or Issuance of Securities.

     The recitals contained herein and in the Securities, except the Trustee’s certificates of
authentication, shall be taken as the statements of the Company or, if applicable, the Guarantor,
and the Trustee or any Authenticating Agent assumes no responsibility for their correctness.
Neither the Trustee nor any Authenticating Agent makes any representations as to the validity or
sufficiency of this Indenture or of the Securities. The Trustee or any Authenticating Agent shall
not be accountable for the use or application by the Company of Securities or the proceeds thereof.

Section 6.5. May Hold Securities.

     The Trustee, any Authenticating Agent, any Paying Agent, any Security Registrar or any other
agent of the Company or, if applicable, the Guarantor, in its individual or any other capacity, may
become the owner or pledgee of Securities and, subject to Sections 310(b) and 311 of the Trust
Indenture Act and Sections 6.8, 6.9 and 6.13, may otherwise deal with the Company or, if
applicable, the Guarantor with the same rights it would have if it were not Trustee, Authenticating
Agent, Paying Agent, Security Registrar or such other agent.

Section 6.6. Money Held in Trust.

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

Section 6.7. Compensation and Reimbursement.

     The Company agrees:

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

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

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

44

 

against any claim or liability in connection with the exercise
or performance of any of its powers or duties hereunder.

     As security for the performance of the obligations of the Company under this Section the
Trustee shall have a lien prior to the Securities upon all property and funds held or collected by
the Trustee as such, except funds held in trust for the payment of principal of (and premium, if
any) or interest on particular Securities.

     Without limiting any rights available to the Trustee under applicable law, when the Trustee
incurs expenses or renders services in connection with an Event of Default specified in Section
5.1(4) or Section 5.1(5), the expenses (including the reasonable charges and expenses of its
counsel) and the compensation for the services of the Trustee are intended to constitute expenses
of administration under any applicable Bankruptcy Law.

     The provisions of this Section 6.7 shall survive the satisfaction and discharge of this
Indenture and the defeasance of the Securities.

Section 6.8. Disqualification; Conflicting Interests.

     Reference is made to Section 310(b) of the Trust Indenture Act. There shall be excluded from
the operation of Section 310(b)(1) of the Trust Indenture Act this Indenture with respect to the
Securities of more than one series.

Section 6.9. Corporate Trustee Required; Eligibility.

     There shall at all times be a Trustee hereunder which shall be a corporation organized and
doing business under the laws of the United States of America, any State thereof or the District of
Columbia, authorized under such laws to exercise corporate trust powers, having a combined capital
and surplus required by the Trust Indenture Act, subject to supervision or examination by Federal
or State authority. If such corporation publishes reports of condition at least annually, pursuant
to law or to the requirements of said supervising or examining authority, then for the purposes of
this Section, the combined capital and surplus of such corporation shall be deemed to be its
combined capital and surplus as set forth in its most recent report of condition so published. The
Trustee shall not be an obligor upon the Securities or an Affiliate thereof. If at any time the
Trustee shall cease to be eligible in accordance with the provisions of this Section, it shall
resign immediately in the manner and with the effect hereinafter specified in this Article Six.

Section 6.10. Resignation and Removal; Appointment of Successor.

     (a) No resignation or removal of the Trustee and no appointment of a successor
Trustee pursuant to this Article shall become effective until the acceptance of
appointment by the successor Trustee in accordance with the applicable requirements
of Section 6.11.

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

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

     (d) If at any time:

     (1) the Trustee shall fail to comply with Section 310(b) of the Trust
Indenture Act after written request therefor by the Company or by any Holder
who has been a bona fide Holder of a Security for at least six months, or

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

     (3) the Trustee shall become incapable of acting or shall be adjudged a
bankrupt or insolvent or a receiver of the Trustee or of its property shall
be appointed or any public officer shall take charge or control of the
Trustee or of its property or affairs for the purpose of rehabilitation,
conservation or liquidation, then, in any such case, (i) the Company by a
Board Resolution may remove the Trustee with respect to all Securities, or
(ii) subject to Section 5.14, any Holder who has been a bona fide Holder of
a Security for at least six months may, on behalf of himself and all others
similarly situated, petition any court of competent jurisdiction for the
removal of the Trustee with respect to all Securities and the appointment of
a successor Trustee or Trustees.

     (e) If the Trustee shall resign, be removed or become incapable of acting, or
if a vacancy shall occur in the office of Trustee for any cause, with respect to the
Securities of one or more series, the Company, by a Board Resolution, shall promptly
appoint a successor Trustee or Trustees with respect to the Securities of that or
those series (it being understood that any such successor Trustee may be appointed
with respect to the Securities of one or more or all of such series and that at any
time there shall be only one Trustee with respect to the Securities of any
particular series) and shall comply with the applicable requirements of Section
6.11. If, within one year after such resignation, removal or incapability, or the
occurrence of such vacancy, a successor Trustee with respect to the Securities of
any series shall be appointed by Act of the Holders of a majority in principal
amount of the Outstanding Securities of such series delivered to the Company and the
retiring Trustee, the successor Trustee so appointed shall, forthwith upon its
acceptance of such appointment in accordance with the applicable requirements of
Section 6.11, become the successor Trustee with respect to the Securities of such
series and to that extent supersede the successor Trustee appointed by the Company.
If no successor Trustee with respect to the Securities of any series shall have been
so appointed by the Company or the Holders and accepted appointment in the manner
required by Section 6.11, any Holder who has been a bona fide Holder of a Security
of such series for at least six months may, on behalf of himself and all others
similarly situated, petition any court of competent jurisdiction for the
appointment of a successor Trustee with respect to the Securities of such series.

     (f) The Company shall give notice of each resignation and each removal of the
Trustee with respect to the Securities of any series and each appointment of a
successor Trustee with respect to the Securities of any series to all Holders of
Securities of such series in the manner provided in Section 1.7. Each notice shall
include the name

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of the successor Trustee with respect to the Securities of such
series and the address of its Corporate Trust Office.

     (g) If a Trustee is removed with or without cause, all fees and expenses
(including the reasonable fees and expenses of counsel) of the Trustee incurred in
the administration of the trust or in performing of the duties hereunder shall be
paid by the Trustee.

Section 6.11. Acceptance of Appointment by Successor.

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

     (b) In case of the appointment hereunder of a successor Trustee with respect to
the Securities of one or more (but not all) series, the Company, the Guarantor (if
applicable), the retiring Trustee and each successor Trustee with respect to the
Securities of one or more series shall execute and deliver an indenture supplemental
hereto wherein each successor Trustee shall accept such appointment and which (1)
shall contain such provisions as shall be necessary or desirable to transfer and
confirm to, and to vest in, each successor Trustee all the rights, powers, trusts
and duties of the retiring Trustee with respect to the Securities of that or those
series to which the appointment of such successor Trustee relates, (2) if the
retiring Trustee is not retiring with respect to all Securities, shall contain such
provisions as shall be deemed necessary or desirable to confirm that all the rights,
powers, trusts and duties of the retiring Trustee with respect to the Securities of
that or those series as to which the retiring Trustee is not retiring shall continue
to be vested in the retiring Trustee, and (3) shall add to or change any of the
provisions of this Indenture as shall be necessary to provide for or facilitate the
administration of the trusts hereunder by more than one Trustee, it being understood
that nothing herein or in such supplemental indenture shall constitute such Trustees
co-trustees of the same trust and that each such Trustee shall be trustee of a trust
or trusts hereunder separate and apart from any trust or trusts hereunder
administered by any other such Trustee; and upon the execution and delivery of such
supplemental indenture the resignation or removal of the retiring Trustee shall
become effective to the extent provided therein and each such successor Trustee,
without any further act, deed or conveyance, shall become vested with all the
rights, powers, trusts and duties of the
retiring Trustee with respect to the Securities of that or those series to
which the appointment of such successor Trustee relates; but, on request of the
Company, the Guarantor (if applicable) or any successor Trustee, such retiring
Trustee shall duly assign, transfer and deliver to such successor Trustee all
property and money held by such retiring Trustee hereunder with respect to the
Securities of that or those series to which the appointment of such successor
Trustee relates.

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

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

Section 6.12. Merger, Conversion, Consolidation or Succession to Business.

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

     Section 6.13. Preferential Collection of Claims Against Company.

     Reference is made to Section 311 of the Trust Indenture Act. For purposes of Section 311(b) of
the Trust Indenture Act,

     (1) the term “cash transaction” means any transaction in which full payment for goods
or securities sold is made within seven days after delivery of the goods or securities in
currency or in checks or other orders drawn upon banks or bankers acceptances and payable
upon demand;

     (2) the term “self-liquidating paper” means any draft, bill of exchange, acceptance or
obligation which is made, drawn, negotiated or incurred by the Company or, if applicable,
the Guarantor for the purpose of financing the purchase, processing, manufacturing,
shipment, storage or sale of goods, wares or merchandise and which is secured by documents
evidencing title to, possession of, or a lien upon, the goods, wares or merchandise or the
receivables or proceeds arising from the sale of the goods, wares or merchandise previously
constituting the security, provided the security is received by the Trustee simultaneously
with the creation of the creditor relationship with the Company or, if applicable, the
Guarantor arising from the making, drawing, negotiating or incurring of the draft, bill of
exchange, acceptance or obligation.

Section 6.14. Appointment of Authenticating Agent.

     The Trustee may appoint an Authenticating Agent or Agents with respect to one or more series
of Securities which shall be authorized to act on behalf of the Trustee to authenticate Securities
of such series issued upon exchange, registration of transfer or partial redemption thereof or
pursuant to Section 3.6, and Securities so authenticated shall be entitled to the benefits of this
Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee
hereunder. Wherever reference is made in this Indenture to the authentication and delivery of
Securities by the Trustee or the Trustee’s certificate of authentication, such reference shall be
deemed to include authentication and delivery on behalf of

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the Trustee by an Authenticating Agent
and a certificate of authentication executed on behalf of the Trustee by an Authenticating Agent.
Each Authenticating Agent shall be acceptable to the Company and shall at all times be a
corporation organized and doing business under the laws of the United States of America, any State
thereof or the District of Columbia, authorized under such laws to act as Authenticating Agent,
having a combined capital and surplus of not less than $100,000,000 and subject to supervision or
examination by Federal or State authority. If such Authenticating Agent publishes reports of
condition at least annually, pursuant to law or to the requirements of said supervising or
examining authority, then for the purposes of this Section, the combined capital and surplus of
such Authenticating Agent shall be deemed to be its combined capital and surplus as set forth in
its most recent report of condition so published. The Authenticating Agent must agree with the
Trustee, in writing, that the Authenticating Agent will indemnify the Trustee against any loss,
liability or expense incurred by the Trustee and to defend any claim asserted against the Trustee
by reason of any acts or failures to act of the Authenticating Agent. If at any time an
Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section,
such Authenticating Agent shall resign immediately in the manner and with the effect specified in
this Section.

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

     An Authenticating Agent may resign at any time by giving written notice thereof to the Trustee
and to the Company and, if applicable, the Guarantor. The Trustee may at any time terminate the
agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and
to the Company and, if applicable, the Guarantor. Upon receiving such a notice of resignation or
upon such a termination, or in case at any time such Authenticating Agent shall cease to be
eligible in accordance with the provisions of this Section, the Trustee may appoint a successor
Authenticating Agent which shall be acceptable to the Company and, if applicable, the Guarantor and
shall mail written notice of such appointment by first-class mail, postage prepaid, to all Holders
of Securities of the series with respect to which such Authenticating Agent will serve, as their
names and addresses appear in the Security Register. Any successor Authenticating Agent upon
acceptance of its appointment hereunder shall become vested with all the rights, powers and duties
of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent.
No successor Authenticating Agent shall be appointed unless eligible under the provisions of this
Section.

     Except with respect to an Authenticating Agent appointed at the request of the Company or, if
applicable, the Guarantor, the Trustee agrees to pay to each Authenticating Agent from time to time
reasonable compensation for its services under this Section 6.14, and the Trustee shall be entitled
to be reimbursed by the Company or, if applicable, the Guarantor for such payments, subject to the
provisions of Section 6.7.

     If an appointment with respect to one or more series is made pursuant to this Section 6.14,
the Securities of such series may have endorsed thereon, in addition to the Trustee’s certificate
of authentication, an alternate certificate of authentication in the following form:

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

	 	 	 	 	 
	 	Deutsche Bank Trust Company Americas,

As Trustee

 	 
	 	By:  	 	 
	 	 	As Authenticating Agent 	 
	 	 	 	 
	 
	 	 	 
	 	By:  	
 	 
	 	 	Authorized Officer 	 
	 	 	 	 
	 

ARTICLE SEVEN

HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND COMPANY

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

     The Company will furnish or cause to be furnished to the Trustee:

     (a) semi-annually, not more than 15 days after each Regular Record Date for a
series of Securities, a list for such series of Securities, in such form as the
Trustee may reasonably require, of the names and addresses of the Holders of
Securities of such series as of such Regular Record Date, and

     (b) at such other times as the Trustee may request in writing, within 30 days
after the receipt by the Company of any such request, a list of similar form and
content as of a date not more than 15 days prior to the time such list is furnished;
provided, however, that if and so long as the Trustee shall be the Security
Registrar, no such list need be furnished with respect to such series of Securities.

Section 7.2. Preservation of Information; Communications to Holders.

     (a) The Trustee shall preserve, in as current a form as is reasonably
practicable, the names and addresses of Holders contained in the most recent list
furnished to the Trustee as provided in Section 7.1 and the names and addresses of
Holders received by the Trustee in its capacity as Security Registrar. The Trustee
may destroy any list furnished to it as provided in Section 7.1 upon receipt of a
new list so furnished.

     (b) If three or more Holders (herein referred to as “applicants”) apply in
writing to the Trustee, and furnish to the Trustee reasonable proof that each such
applicant has owned a Security for a period of at least six months preceding the
date of such application, and such application states that the applicants desire to
communicate with other Holders with respect to their rights under this Indenture or
under the Securities and is accompanied by a copy of the form of proxy or other
communication which such applicants propose to transmit, then the Trustee shall,
within five business days after the receipt of such application, at its election,
either

     (ii) afford such applicants access to the information preserved at the time by the
Trustee in accordance with Section 7.2(a), or

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     (iii) inform such applicants as to the approximate number of Holders whose names and
addresses appear in the information preserved at the time by the Trustee in accordance with
Section 7.2(a), and as to the approximate cost of mailing to such Holders the form of proxy
or other communication, if any, specified in such application.

     If the Trustee shall elect not to afford such applicants access to such information, the
Trustee shall, upon the written request of such applicants, mail to each Holder whose name and
address appear in the information preserved at the time by the Trustee in accordance with Section
7.2(a) a copy of the form of proxy or other communication which is specified in such request, with
reasonable promptness after a tender to the Trustee of the material to be mailed and of payment, or
provision for the payment, of the reasonable expenses of mailing, unless within five days after
such tender the Trustee shall mail to such applicants and file with the Commission, together with a
copy of the material to be mailed, a written statement to the effect that, in the opinion of the
Trustee, such mailing would be contrary to the best interest of the Holders or would be in
violation of applicable law. Such written statement shall specify the basis of such opinion. If the
Commission, after opportunity for a hearing upon the objections specified in the written statement
so filed, shall enter an order refusing to sustain any of such objections or if, after the entry of
an order sustaining one or more of such objections, the Commission shall find, after notice and
opportunity for hearing, that all the objections so sustained have been met and shall enter an
order so declaring, the Trustee shall mail copies of such material to all such Holders with
reasonable promptness after the entry of such order and the renewal of such tender; otherwise the
Trustee shall be relieved of any obligation or duty to such applicants respecting their
application.

     (a) Every Holder of Securities, by receiving and holding the same, agrees with
the Company, the Guarantor (if applicable) and the Trustee that none of the Company,
the Guarantor (if applicable) nor the Trustee nor any agent of any of them shall be
held accountable by reason of the disclosure of any such information as to the names
and addresses of the Holders in accordance with Section 7.2(b), regardless of the
source from which such information was derived, and that the Trustee shall not be
held accountable by reason of mailing any material pursuant to a request made under
Section 7.2(b).

Section 7.3. Reports by Trustee.

     Any Trustee’s report required pursuant to Section 313(a) of the Trust Indenture Act shall be
dated as of May 15, and shall be transmitted within 60 days after May 15 of each year, commencing
with the year 2008, by mail to all Holders, as their names and addresses appear in the Security
Register. A copy of each such report shall, at the time of such transmission to Holders, be filed
by the Trustee with each stock exchange upon which any Securities are listed, with the Commission
and with the Company. The Company will notify the Trustee when any Securities are listed on any
stock exchange.

Section 7.4. Reports by the Guarantor and the Company.

     The Guarantor and the Company shall:

     (a) file with the Trustee, within 15 days after the Guarantor or the Company is
required to file the same with the Commission, copies of the annual reports and of
the information, documents and other reports (or copies of such portions of any of
the foregoing as the Commission may from time to time by rules and regulations
prescribe)
which the Guarantor or the Company may be required to file with the Commission
pursuant to Section 13 or Section 15(d) of the Exchange Act; or, if the Guarantor or
the Company is not required to file information, documents or reports pursuant to
either of

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said Sections, then it shall file with the Trustee and the Commission, in
accordance with rules and regulations prescribed from time to time by the
Commission, such of the supplementary and periodic information, documents and
reports which may be required pursuant to Section 13 of the Exchange Act in respect
of a security listed and registered on a national securities exchange as may be
prescribed from time to time in such rules and regulations;

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

     (c) transmit by mail to all Holders, as their names and addresses appear in the
Security Register, within 30 days after the filing thereof with the Trustee, such
summaries of any information, documents and reports required to be filed by the
Guarantor and the Company pursuant to clauses (a) and (b) of this Section as may be
required by rules and regulations prescribed from time to time by the Commission.

     The receipt by the Trustee of any reports, documents or information pursuant to (a) and (b) of
this Section 7.4 shall not constitute notice or constructive notice of any information contained in
such reports or documents or determinable from information contained in such reports or documents,
including the Guarantor’s and the Company’s compliance with any covenants hereunder (as to which
the Trustee is entitled to rely exclusively on a certificate pursuant to Section 10.7 hereof).

ARTICLE EIGHT

CONSOLIDATION, AMALGAMATION, MERGER AND SALE

Section 8.1. Company May Consolidate, Etc., Only on Certain Terms.

     The Company and, if any Securities of a series to which Article Fourteen has been made
applicable are Outstanding, the Guarantor shall not consolidate or amalgamate with or merge into
any other Person or convey, transfer or lease its properties and assets as, or substantially as, an
entirety to any Person unless:

     (1) the Person formed by such consolidation or amalgamation or into which the Company
or the Guarantor, as the case may be, is merged or the Person which acquires by conveyance
or transfer, or which leases, the properties and assets of the Company or the Guarantor, as
the case may be, as, or substantially as, an entirety shall be a corporation and shall
expressly assume, by an indenture supplemental hereto, executed and delivered to the
Trustee, in form satisfactory to the Trustee, the due and punctual payment of the principal
of and any premium and interest on all the Securities and the performance or observance of
every other covenant of this Indenture on the part of the Company or the Guarantor, as the
case may be, to be performed or observed and shall have expressly provided for conversion
rights in respect of any series of Outstanding Securities with conversion rights;

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

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     (3) the Company or the Guarantor, as the case may be, has delivered to the Trustee an
Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation,
amalgamation, merger, conveyance, sale, transfer or lease and such supplemental indenture,
if any, comply with this Article Eight and that all conditions precedent herein provided for
relating to such transaction have been complied with.

Section 8.2. Successor Substituted.

     Upon any consolidation or amalgamation of the Company or the Guarantor, as the case may be,
with or merger of the Company or the Guarantor, as the case may be, into, any other Person or any
conveyance, transfer or lease of the properties and assets of the Company or the Guarantor, as the
case may be, as, or substantially as, an entirety in accordance with Section 8.1, the successor or
resulting Person formed by or resulting upon such consolidation or amalgamation or into which the
Company or the Guarantor, as the case may be, is merged or to which such conveyance, transfer or
lease is made shall succeed to, and be substituted for, and may exercise every right and power of,
the Company or the Guarantor, as the case may be, under this Indenture with the same effect as if
such successor Person had been named as the Company or the Guarantor, as the case may be, herein,
and thereafter, except in the case of a lease, the predecessor Person shall be relieved of all
obligations and covenants under this Indenture and the Securities and may liquidate and dissolve.

ARTICLE NINE

SUPPLEMENTAL INDENTURES

Section 9.1. Supplemental Indentures Without Consent of Holders.

     Without the consent of any Holders, the Company, when authorized by a Board Resolution, the
Guarantor and the Trustee, at any time and from time to time, may enter into one or more indentures
supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes:

     (1) to evidence the succession of another Person to the Company and the assumption by
any such successor of the covenants of the Company herein and in the Securities; or

     (2) to evidence the succession of another Person to the Guarantor and the assumption by
any such successor of the Guarantee of the Guarantor herein and, to the extent applicable,
endorsed upon any Securities; or

     (3) to add to the covenants of the Company and the Guarantor such further covenants,
restrictions, conditions or provisions as the Company and the Guarantor shall consider to be
appropriate for the benefit of the Holders of all or any series of Securities (and if such
covenants, restrictions, conditions or provisions are to be for the benefit of fewer than
all series of Securities, stating that such covenants are expressly being included solely
for the benefit of such series) or to surrender any right or power herein conferred upon the
Company or the Guarantor and to make the occurrence, or the occurrence and continuance, of a
Default in any such additional covenants, restrictions, conditions or provisions an Event of
Default permitting the enforcement of all or any of the several remedies provided in this
Indenture as herein set forth; provided, that in respect of any such additional covenant,
restriction, condition or provision such supplemental indenture may provide for a particular
period of grace after default (which period
may be shorter or longer than that allowed in the case of other defaults) or may
provide for an immediate enforcement upon such an Event of Default or may limit the remedies
available to the Trustee upon such an Event of Default or may limit the right of the Holders
of a majority in aggregate principal amount of the Securities of such series to waive such
an Event of Default; or

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     (4) to add any additional Defaults or Events of Default in respect of all or any series
of Securities; or

     (5) to add to, change or eliminate any of the provisions of this Indenture to such
extent as shall be necessary to permit or facilitate the issuance of Securities in bearer
form, registrable or not registrable as to principal, and with or without interest coupons;
or

     (6) to change or eliminate any of the provisions of this Indenture, provided that any
such change or elimination shall become effective only when there is no Security Outstanding
of any series created prior to the execution of such supplemental indenture which is
entitled to the benefit of such provision; or

     (7) to secure the Securities of any series pursuant to the requirements of Section 10.5
or otherwise; or

     (8) to establish the form or terms of Securities of any series as permitted by Sections
2.1 and 3.1, including to reopen any series of any Securities as permitted under Section
3.1; or

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

     (10) to cure any ambiguity, to correct or supplement any provision herein which may be
inconsistent with any other provision herein, to comply with any applicable mandatory
provision of law or to make any other provisions with respect to matters or questions
arising under this Indenture which shall not adversely affect the interests of the Holders
of Securities of any series in any material respect; or

     (11) to modify, eliminate or add to the provisions of this Indenture to such extent as
shall be necessary to effect the qualification of this Indenture under the Trust Indenture
Act or under any similar federal statute subsequently enacted, and to add to this Indenture
such other provisions as may be expressly required under the Trust Indenture Act.

     The Trustee is hereby authorized to join with the Company and the Guarantor in the execution
of any such supplemental indenture, to make any further appropriate agreements and stipulations
which may be therein contained and to accept the conveyance, transfer, assignment, mortgage, charge
or pledge of any property thereunder, but the Trustee shall not be obligated to enter into any such
supplemental indenture which affects the Trustee’s own rights, duties or immunities under this
Indenture or otherwise.

Section 9.2. Supplemental Indentures with Consent of Holders.

     With the consent of the Holders of not less than a majority in aggregate principal amount of
the Outstanding Securities of all series affected by such supplemental indenture, by Act of said
Holders
delivered to the Company, the Guarantor and the Trustee, the Company, when authorized by a Board
Resolution, the Guarantor and the Trustee may enter into an indenture or indentures supplemental
hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of
the provisions of this Indenture or of modifying in any manner the rights of the Holders of
Securities of such

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series under this Indenture; provided, however, that no such supplemental
indenture shall, without the consent of the Holder of each Outstanding Security affected thereby,

     (1) change the Stated Maturity of the principal of, or any installment of principal of
or interest on, any Security, or reduce the principal amount thereof or the rate of interest
thereon or any premium payable upon the redemption thereof, or reduce the amount of the
principal of an Original Issue Discount Security that would be due and payable upon a
declaration of acceleration of the Maturity thereof pursuant to Section 5.2, or change any
Place of Payment where, or the coin or currency in which, any Security or any premium or the
interest thereon is payable, or impair the right to institute suit for the enforcement of
any such payment on or after the Stated Maturity thereof (or, in the case of redemption, on
or after the Redemption Date), or

     (2) reduce the percentage in principal amount of the Outstanding Securities of any
series, the consent of whose Holders is required for any such supplemental indenture, or the
consent of whose Holders is required for any waiver (of compliance with certain provisions
of this Indenture or certain defaults hereunder and their consequences) provided for in this
Indenture, or

     (3) modify any of the provisions of this Section 9.2, Section 5.13 or Section 10.8,
except to increase any such percentage or to provide that certain other provisions of this
Indenture cannot be modified or waived without the consent of the Holder of each Outstanding
Security affected thereby, provided, however, that this clause (3) shall not be deemed to
require the consent of any Holder with respect to changes in the references to “the Trustee”
and concomitant changes in this Section, or the deletion of this proviso, in accordance with
the requirements of Sections 6.11(b) and 9.1(9).

     A supplemental indenture which changes or eliminates any covenant or other provision of this
Indenture which has expressly been included solely for the benefit of one or more particular series
of Securities, or which modifies the rights of the Holders of Securities of such series with
respect to such covenant or other provision, shall be deemed not to affect the rights under this
Indenture of the Holders of Securities of any other series.

     It shall not be necessary for any Act of Holders under this Section 9.2 to approve the
particular form of any proposed supplemental indenture, but it shall be sufficient if such Act
shall approve the substance thereof.

Section 9.3. Execution of Supplemental Indentures.

     In executing, or accepting the additional trusts created by, any supplemental indenture
permitted by this Article or the modifications thereby of the trusts created by this Indenture, the
Trustee shall be entitled to receive, and (subject to Section 6.1) shall be fully protected in
relying upon, an Opinion of Counsel stating that the execution of such supplemental indenture is
authorized or permitted by this Indenture. The Trustee may, but shall not be obligated to, enter
into any such supplemental indenture which affects the Trustee’s own rights, duties or immunities
under this Indenture or otherwise.

Section 9.4. Effect of Supplemental Indentures.

     Upon the execution of any supplemental indenture under this Article Nine, this Indenture shall
be modified in accordance therewith, and such supplemental indenture shall form a part of this
Indenture for all purposes; and every Holder of Securities theretofore or thereafter authenticated
and delivered hereunder shall be bound thereby.

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Section 9.5. Conformity with Trust Indenture Act.

     Every supplemental indenture executed pursuant to this Article Nine shall conform to the
requirements of the Trust Indenture Act as then in effect.

Section 9.6. Reference in Securities to Supplemental Indentures.

     Securities of any series authenticated and delivered after the execution of any supplemental
indenture pursuant to this Article Nine may, and shall if required by the Trustee, bear a notation
in form approved by the Trustee as to any matter provided for in such supplemental indenture. If
the Company shall so determine, new Securities of any series so modified as to conform, in the
opinion of the Trustee and the Company, to any such supplemental indenture may be prepared and
executed by the Company and authenticated and delivered by the Trustee in exchange for Outstanding
Securities of such series.

ARTICLE TEN

COVENANTS

Section 10.1. Payment of Principal, Premium and Interest.

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

Section 10.2. Maintenance of Office or Agency.

     The Company will maintain an office or agency where Securities of that series may be presented
or surrendered for payment, where Securities of that series may be surrendered for registration of
transfer or exchange and where notices and demands to or upon the Company in respect of the
Securities of that series and this Indenture may be served. The Company will give prompt written
notice to the Trustee of the location, and any change in the location, of such office or agency. If
at any time the Company shall fail to maintain any such required office or agency or shall fail to
furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands
may be made or served at the Corporate Trust Office of the Trustee.

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

     Except as otherwise specified with respect to a series of Securities as contemplated by
Section 301, the Company hereby initially designates as the Place of Payment for each series of
Securities The City and State of New York, and initially appoints the Trustee at its Corporate
Trust Office as the Company’s office or agency for each such purpose in such city.

Section 10.3. Money for Securities Payments to Be Held in Trust.

     If the Company shall at any time act as its own Paying Agent, with respect to any series of
Securities, it will, on or before each due date of the principal of and any premium or interest on
any of the Securities of that series, segregate and hold in trust for the benefit of the Persons
entitled thereto a sum sufficient to pay the principal and any premium and interest so becoming due
until such sums shall be

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paid to such Persons or otherwise disposed of as herein provided and will
promptly notify the Trustee of its action or failure so to act.

     Whenever the Company shall have one or more Paying Agents for any series of Securities, it
will, prior to each due date of the principal of and any premium or interest on any Securities of
that series, deposit with a Paying Agent a sum sufficient to pay the principal and any premium or
interest so becoming due, such sum to be held in trust for the benefit of the Persons entitled to
such principal, premium or interest, and (unless such Paying Agent is the Trustee) the Company will
promptly notify the Trustee of its action or failure so to act. For purposes of this Section 10.3,
should a due date for principal of and any premium or interest on, or sinking fund payment with
respect to any series of Securities not be on a Business Day, such payment shall be due on the next
Business Day without any interest for the period from the due date until such Business Day.

     The Company will cause each Paying Agent for any series of Securities other than the Trustee
to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the
Trustee, subject to the provisions of this Section, that such Paying Agent will:

     (1) hold all sums held by it for the payment of the principal of and any premium or
interest on Securities of that series in trust for the benefit of the Persons entitled
thereto until such sums shall be paid to such Persons or otherwise disposed of as herein
provided;

     (2) give the Trustee notice of any Default by the Company (or any other obligor upon
the Securities of that series) in the making of any payment of principal and any premium or
interest on the Securities of that series; and

     (3) at any time during the continuance of any such Default, upon the written request of
the Trustee, forthwith pay to the Trustee all sums so held in trust by such Paying Agent.

     The Company and, if applicable, the Guarantor may at any time, for the purpose of obtaining
the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Company Order
direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company or such Paying
Agent, such sums to be held by the Trustee upon the same trusts as those upon which such sums were
held by the Company or such Paying Agent; and, upon such payment by any Paying Agent to the
Trustee, such Paying Agent shall be released from all further liability with respect to such money.

     Subject to any applicable escheat or abandoned property laws, 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 and any premium or interest on any Security of any series and remaining unclaimed for one year
after such principal and any premium or interest has become due and payable shall be paid to the
Company on Company Request, or (if then held by the Company) shall be discharged from such trust;
and the Holder of such Security shall thereafter, as an unsecured general creditor, look only to
the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect
to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease;
provided, however, that the Trustee or such Paying Agent, before being required to make any such
repayment, may at the expense of the Company cause to be published once, in a newspaper published
in the English language, customarily published on each Business Day and of general circulation in
the Borough of Manhattan, The City of New York, notice that such money remains unclaimed and that,
after a date specified therein, which shall not
be less than 30 days from the date of such publication, any unclaimed balance of such money then
remaining will be repaid to the Company.

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Section 10.4. Existence.

     Subject to Article Eight, the Company and, if any Securities of a series to which Article
Fourteen has been made applicable are Outstanding, the Guarantor will do or cause to be done all
things necessary to preserve and keep in full force and effect its existence, rights (charter and
statutory) and franchises; provided, however, that the Company and, if applicable, the Guarantor
shall not be required to preserve any such right or franchise if the Board of Directors shall
determine that the preservation thereof is no longer desirable in the conduct of the business of
the Company or the Guarantor, as the case may be.

Section 10.5. Limitation on Liens.

     The Guarantor will not, nor will it permit any Subsidiary to, create, assume, incur or suffer
to exist any Lien upon any property, whether owned or leased on the date of this Indenture or
thereafter acquired, to secure any Debt of the Company or any other Person (other than the
Securities issued hereunder), without in any such case making effective provision whereby all of
the Securities Outstanding hereunder shall be secured equally and ratably with, or prior to, such
Debt so long as such Debt shall be so secured. This restriction shall not apply to:

     (1) Liens (i) existing on the date any Securities are issued under this Indenture or
(ii) provided for under the terms of agreements existing on such date securing indebtedness
existing on such date;

     (2) Liens on current assets to secure current liabilities;

     (3) Liens on property acquired, constructed, altered or improved by the Guarantor or
any Subsidiary of the Guarantor after the date of this Indenture which are created or
assumed contemporaneously with, or within one year after, such acquisition (or in the case
of property constructed, altered or improved, after the completion and commencement of
commercial operation of such property, whichever is later) to secure or provide for the
payment of any part of the purchase price of such property or the cost of such construction,
alteration or improvement, it being understood that if a commitment for such a financing is
obtained prior to or within such one year period, the applicable Lien shall be deemed to be
included in this clause (3) whether or not such Lien is created within such one year period;
provided that in the case of any such construction, alteration or improvement the Lien shall
not apply to any property theretofore owned by the Guarantor or any Subsidiary of the
Guarantor, other than (i) the property so altered or improved and (i) any theretofore
unimproved real property on which the property so constructed or altered, or the
improvement, is located;

     (4) Liens on any property existing at the time of acquisition thereof (including Liens
on any property acquired from or held by a Person which is consolidated or amalgamated with
or merged with or into the Guarantor or a Subsidiary of the Guarantor) and Liens outstanding
at the time any Person becomes a Subsidiary of the Guarantor that are not incurred in
connection with such entity becoming a Subsidiary of the Guarantor;

     (5) Liens in favor of the Guarantor or any Subsidiary of the Guarantor;

     (6) Liens on any property (i) in favor of the United States, any State thereof, any
foreign country or any department, agency, instrumentality or political subdivision of any
such
jurisdiction, to secure partial, progress, advance or other payments pursuant to any
contract or statute, (ii) securing any indebtedness incurred for the purpose of financing
all or any part of the purchase price or the cost of constructing, installing or improving
the property subject to such

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Liens, including, without limitation, Liens to secure Debt of
the pollution control or industrial revenue bond type, or (iii) securing indebtedness issued
or guaranteed by the United States, any State thereof, any foreign country, or any
department, agency, instrumentality or political subdivision of any such jurisdiction;

     (7) Permitted Liens; and

     (8) any extension, renewal, or replacement (or successive extensions, renewals or
replacements), in whole or in part, of any Lien referred to in any of the foregoing clauses
(1), (2), (3), (4), (5), and (7); provided, however, that the principal amount of Debt
secured thereby shall not exceed the principal amount of Debt so secured at the time of such
extension, renewal or replacement, together with the reasonable costs related to such
extension, renewal or replacement, and that such extension, renewal or replacement shall be
limited to all or a part of the property which secured the Lien so extended, renewed or
replaced (plus improvements on such property).

Notwithstanding the foregoing provisions of this Section 10.5, the Guarantor and any Subsidiary of
the Guarantor may issue, assume or guarantee secured Debt, which would otherwise be subject to the
foregoing restrictions, in an aggregate amount which, together with all other such secured Debt and
together with the aggregate amount of Attributable Indebtedness of the Guarantor and its
Subsidiaries deemed to be outstanding in respect of all Sale-Leaseback Transactions (excluding any
such Sale-Leaseback Transactions the proceeds of which have been applied in accordance with clauses
(a), (b) or (c) of Section 10.6) does not exceed 15% of Consolidated Net Worth, as shown on a
consolidated balance sheet, as of a date not more than 150 days prior to the proposed transaction,
prepared by the Guarantor in accordance with generally accepted accounting principles.

Section 10.6. Restriction of Sale-Leaseback Transactions.

     The Guarantor shall not, and shall not permit any Subsidiary of the Guarantor to, enter into
any Sale-Leaseback Transaction with any Person (other than the Guarantor or a Subsidiary) unless:

     (a) at the time of entering into such Sale-Leaseback Transaction, the Guarantor
or such Subsidiary would be entitled to incur Debt, in a principal amount equal to
the Attributable Indebtedness with respect to such Sale-Leaseback Transaction,
secured by a Lien on the property subject to such Sale-Leaseback Transaction,
pursuant to Section 10.5 without equally and ratably securing the Securities
pursuant to such Section; or

     (b) after the issue date of the Securities and within a period commencing six
months prior to the consummation of such Sale-Leaseback Transaction and ending six
months after the consummation thereof, the Guarantor or such Subsidiary shall have
expended for property used or to be used in the ordinary course of business of the
Guarantor or such Subsidiary (including amounts expended for additions, expansions,
alterations, repairs and improvements thereto) an amount equal to all or a portion
of the net proceeds of such Sale-Leaseback Transaction, and the Guarantor or such
Subsidiary shall have elected to designate such amount as a credit against such
Sale-Leaseback Transaction (with any such amount not being so designated to be
applied as set forth in clause (c) below; or

     (c) during the 12-month period after the effective date of such Sale-Leaseback
Transaction, the Company shall have applied to the voluntary defeasance or
retirement of Securities or any pari passu indebtedness of the Company an amount
equal

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to the net proceeds of the sale or transfer of the real or personal property
leased in such Sale-Leaseback Transaction, which amount shall not be less than the
fair value of such property at the time of entering into such Sale-Leaseback
Transaction (adjusted to reflect the remaining term of the lease and any amount
expended by the Company as set forth in clause (b) above), less an amount equal to
the principal amount of Securities and pari passu indebtedness voluntarily defeased
or retired by the Company within such 12-month period and not designated as a credit
against any other Sale-Leaseback Transaction entered into by the Guarantor or any
Subsidiary of the Guarantor during such period.

Section 10.7. Statement by Officers as to Default.

     Annually, within 150 days after the close of each fiscal year beginning with the first fiscal
year during which one or more series of Securities are Outstanding, the Company and, if any
Securities of a series to which Article Fourteen has been made applicable are Outstanding, the
Guarantor will deliver to the Trustee a brief certificate (which need not include the statements
set forth in Section 1.3) from the principal executive officer, principal financial officer or
principal accounting officer of the Company and, if applicable, the Guarantor as to his or her
knowledge of the Company’s or the Guarantor’s, as the case may be, compliance (without regard to
any period of grace or requirement of notice provided herein) with all conditions and covenants
under the Indenture and, if the Company or the Guarantor, as the case may be, shall be in Default,
specifying all such Defaults and the nature and status thereof of which such officer has knowledge.

Section 10.8. Waiver of Certain Covenants.

     The Company and the Guarantor may omit in any particular instance to comply with any term,
provision or condition set forth in Section 10.4, 10.5 or 10.6 with respect to the Securities of
any series if before the time for such compliance the Holders of at least a majority in aggregate
principal amount of the Outstanding Securities of all affected series (voting as one class) shall,
by Act of such Holders, either waive such compliance in such instance or generally waive compliance
with such term, provision or condition, but no such waiver shall extend to or affect such term,
provision or condition except to the extent so expressly waived, and, until such waiver shall
become effective, the obligations of the Company and the Guarantor, as applicable, and the duties
of the Trustee in respect of any such term, provision or condition shall remain in full force and
effect.

     A waiver which changes or eliminates any term, provision or condition of this Indenture which
has expressly been included solely for the benefit of one or more particular series of Securities,
or which modifies the rights of the Holders of Securities of such series with respect to such term,
provision or condition, shall be deemed not to affect the rights under this Indenture of the
Holders of Securities of any other series.

Section 10.9. Additional Amounts.

     If the Securities of a series provide for the payment of additional amounts (as provided in
Section 3.1(17)), at least 10 days prior to the first Interest Payment Date with respect to that
series of Securities and at least 10 days prior to each date of payment of principal of, premium,
if any, or interest on the Securities of that series if there has been a change with respect to the
matters set forth in the below-mentioned Officer’s Certificate, the Company shall furnish to the
Trustee and the principal Paying Agent, if other than the Trustee, an Officer’s Certificate
instructing the Trustee and such Paying Agent whether
such payment of principal of, premium, if any, or interest on the Securities of that series shall
be made to holders of the Securities of that series without withholding or deduction for or on
account of any tax, assessment or other governmental charge described in the Securities of that
series. If any such

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withholding or deduction shall be required, then such Officer’s Certificate
shall specify by country the amount, if any, required to be withheld or deducted on such payments
to such holders and shall certify the fact that additional amounts will be payable and the amounts
so payable to each holder, and the Company shall pay to the Trustee or such Paying Agent the
additional amounts required to be paid by this Section. The Company covenants to indemnify the
Trustee and any Paying Agent for, and to hold them harmless against, any loss, liability or expense
reasonably incurred without negligence or bad faith on their part arising out of or in connection
with actions taken or omitted by any of them in reliance on any Officer’s Certificate furnished
pursuant to this Section 10.9.

     Whenever in this Indenture there is mentioned, in any context, the payment of the principal of
or any premium, interest or any other amounts on, or in respect of, any Securities of any series,
such mention shall be deemed to include mention of the payment of additional amounts provided by
the terms of such series established hereby or pursuant hereto to the extent that, in such context,
additional amounts are, were or would be payable in respect thereof pursuant to such terms, and
express mention of the payment of additional amounts (if applicable) in any provision hereof shall
not be construed as excluding the payment of additional amounts in those provisions hereof where
such express mention is not made.

ARTICLE ELEVEN

REDEMPTION OF SECURITIES

Section 11.1. Applicability of Article.

     Securities of any series which are redeemable before their Stated Maturity shall be redeemable
in accordance with their terms and (except as otherwise specified as contemplated by Section 3.1
for Securities of any series) in accordance with this Article Eleven.

Section 11.2. Election to Redeem; Notice to Trustee.

     The election of the Company to redeem any Securities shall be evidenced by a Board Resolution.
In case of any redemption at the election of the Company of less than all the Securities of any
series, the Company shall, at least 15 days prior to the last date for the giving of notice of such
redemption (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee of
such Redemption Date and of the principal amount of Securities of such series to be redeemed and,
if applicable, of the tenor of the Securities to be redeemed. In the case of any redemption of
Securities (a) prior to the expiration of any restriction on such redemption provided in the terms
of such Securities or elsewhere in this Indenture or (b) pursuant to an election of the Company
that is subject to a condition specified in the terms of the Securities of the series to be
redeemed, the Company shall furnish the Trustee with an Officer’s Certificate evidencing compliance
with such restriction or condition.

Section 11.3. Selection by Trustee of Securities to Be Redeemed.

     If less than all the Securities of any series are to be redeemed (unless all of the Securities
of such series and of a specified tenor are to be redeemed), the particular Securities to be
redeemed shall be selected not more than 45 days prior to the Redemption Date by the Trustee, from
the Outstanding Securities of such series not previously called for redemption, by such method as
the Trustee shall deem fair and appropriate and which may provide for the selection for redemption
of portions (equal to the minimum authorized denomination for Securities of that series or any
integral multiple thereof) of the
principal amount of Securities of such series of a denomination larger than the minimum authorized
denomination for Securities of that series.

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     The Trustee shall promptly notify the Company in writing of the Securities selected for
redemption and, in the case of any Securities selected for partial redemption, the principal amount
thereof to be redeemed. If the Securities of any series to be redeemed consist of Securities having
different dates on which the principal is payable or different rates of interest, or different
methods by which interest may be determined or have any other different tenor or terms, then the
Company may, by written notice to the Trustee, direct that the Securities of such series to be
redeemed shall be selected from among the groups of such Securities having specified tenor or terms
and the Trustee shall thereafter select the particular Securities to be redeemed in the manner set
forth in the preceding paragraph from among the group of such Securities so specified.

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

Section 11.4. Notice of Redemption.

     Notice of redemption shall be given by first-class mail, postage prepaid, mailed not less than
30 nor more than 60 days prior to the Redemption Date, to each Holder of Securities to be redeemed,
at his address appearing in the Security Register.

     All notices of redemption shall state:

     (1) the Redemption Date,

     (2) the Redemption Price, or if not then ascertainable, the manner of calculation
thereof,

     (3) if less than all the Outstanding Securities of any series are to be redeemed, the
identification (and, in the case of partial redemption, the principal amounts) of the
particular Securities to be redeemed,

     (4) that on the Redemption Date the Redemption Price will become due and payable upon
each such Security to be redeemed and, if applicable, that interest thereon will cease to
accrue on and after said date,

     (5) the place or places where such Securities are to be surrendered for payment of the
Redemption Price, and

     (6) that the redemption is for a sinking fund, if such is the case.

Notice of redemption of Securities to be redeemed at the election of the Company shall be given by
the Company or, at the Company’s request, by the Trustee in the name and at the expense of the
Company.

Section 11.5. Deposit of Redemption Price.

     Prior to any Redemption Date, the Company shall deposit with the Trustee or with a Paying
Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust as
provided in Section 10.3) an amount of money sufficient to pay the Redemption Price of, and (except
if the Redemption Date shall be an Interest Payment Date) accrued interest on, all the Securities which
are to be redeemed on that date.

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Section 11.6. Securities Payable on Redemption Date.

     Notice of redemption having been given as aforesaid, the Securities so to be redeemed shall,
on the Redemption Date, become due and payable at the Redemption Price therein specified, and from
and after such date (unless the Company shall default in the payment of the Redemption Price and
accrued interest) such Securities shall cease to bear interest. Upon surrender of any such Security
for redemption in accordance with said notice, such Security shall be paid by the Company at the
Redemption Price, together with accrued interest to the Redemption Date; provided, however, that
unless otherwise specified with respect to Securities of any series as contemplated in Section 3.1,
installments of interest whose Stated Maturity is on or prior to the Redemption Date shall be
payable to the Holders of such Securities, or one or more Predecessor Securities, registered as
such at the close of business on the relevant Record Dates according to their terms and the
provisions of Section 3.7.

     If any Security called for redemption shall not be so paid upon surrender thereof for
redemption, the principal (and premium, if any) shall, until paid, bear interest from the
Redemption Date at the rate prescribed therefor in the Security.

Section 11.7. Securities Redeemed in Part.

     Any Security which is to be redeemed only in part shall be surrendered at a Place of Payment
therefor (with, if the Company or the Trustee so requires, due endorsement by, or a written
instrument of transfer in form satisfactory to the Company and the Trustee duly executed by, the
Holder thereof or his attorney duly authorized in writing), and the Company shall execute, and the
Trustee shall authenticate and deliver to the Holder of such Security without service charge, a new
Security or Securities of the same series and tenor, of any authorized denomination as requested by
such Holder, in aggregate principal amount equal to and in exchange for the unredeemed portion of
the principal of the Security so surrendered.

ARTICLE TWELVE

SINKING FUNDS

Section 12.1. Applicability of Article.

     The provisions of this Article Twelve shall be applicable to any sinking fund for the
retirement of Securities of a series except as otherwise specified as contemplated by Section 3.1
for Securities of such series.

     The minimum amount of any sinking fund payment provided for by the terms of Securities of any
series is herein referred to as a “mandatory sinking fund payment”, and any payment in excess of
such minimum amount provided for by the terms of Securities of any series is herein referred to as
an “optional sinking fund payment.” If provided for by the terms of Securities of any series, the
cash amount of any sinking fund payment may be subject to reduction as provided in Section 12.2.
Each sinking fund payment shall be applied to the redemption of Securities of any series as
provided for by the terms of Securities of such series.

Section 12.2. Satisfaction of Sinking Fund Payments with Securities.

     The Company (a) may deliver Outstanding Securities of a series (other than any previously
called for redemption) and (b) may apply as a credit Securities of a series which have been
redeemed either at the election of the Company pursuant to the terms of such Securities or through
the application of permitted optional sinking fund payments pursuant to the terms of such
Securities, in each case in

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satisfaction of all or any part of any sinking fund payment with
respect to the Securities of such series required to be made pursuant to the terms of such
Securities as provided for by the terms of such series; provided that such Securities have not been
previously so credited. Such Securities shall be received and credited for such purpose by the
Trustee at the Redemption Price specified in such Securities for redemption through operation of
the sinking fund and the amount of such sinking fund payment shall be reduced accordingly.

Section 12.3. Redemption of Securities for Sinking Fund.

     Not less than 45 days prior to each sinking fund payment date for any series of Securities
(unless a shorter period shall be satisfactory to the Trustee), the Company will deliver to the
Trustee an Officer’s Certificate specifying the amount of the next ensuing sinking fund payment for
that series pursuant to the terms of that series, the portion thereof, if any, which is to be
satisfied by payment of cash and the portion thereof, if any, which is to be satisfied by
delivering and crediting Securities of that series pursuant to Section 12.2 and stating the basis
for such credit and that such Securities have not been previously so credited, and will also
deliver to the Trustee any Securities to be so delivered. Not less than 30 days before each such
sinking fund payment date the Trustee shall select the Securities to be redeemed upon such sinking
fund payment date in the manner specified in Section 11.3 and cause notice of the redemption
thereof to be given in the name of and at the expense of the Company in the manner provided in
Section 11.4. Such notice having been duly given, the redemption of such Securities shall be made
upon the terms and in the manner stated in Sections 11.6 and 11.7.

ARTICLE THIRTEEN

DEFEASANCE

Section 13.1. Applicability of Article.

     The provisions of this Article shall be applicable to each series of Securities except as
otherwise specified as contemplated by Section 3.1 for Securities of such series.

Section 13.2. Legal Defeasance.

     In addition to discharge of the Indenture pursuant to Section 4.1, the Company shall be deemed
to have paid and discharged the entire indebtedness on all the Securities of such a series on the
91st day after the date of the deposit referred to in clause (1) below (and the Trustee, at the
expense of the Company, shall upon a Company Request execute proper instruments acknowledging
same), and the provisions of this Indenture with respect to the Securities of such series shall no
longer be in effect, except for the following which shall survive until otherwise terminated or
discharged hereunder: (A) the rights of Holders of Outstanding Securities of such series to
receive, solely from the trust fund described in Section 13.4 and as more fully set forth in such
Section, payments in respect of the principal of and any premium and interest on such Securities
when such payments are due, (B) the Company’s obligations with respect to such Securities under
Sections 3.4, 3.5, 3.6, 10.2 and 10.3, (C) the rights, powers, trusts, duties, and immunities of
the Trustee hereunder and (D) this Article Thirteen, if the conditions set forth below are
satisfied (hereinafter, “defeasance”):

     (1) The Company has irrevocably deposited or caused to be deposited with the Trustee
(or another trustee satisfying the requirements of Section 6.9 who shall agree to comply
with the provisions of this Article Thirteen applicable to it) as trust funds in trust
for the purposes of making the following payments, specifically pledged as security for, and
dedicated solely to, the benefit of the Holders of the Securities of such series (i) cash in
an amount, or (ii) in the case of any series of Securities the payments on which may only be
made in legal coin or currency of

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the United States, U.S. Government Obligations which
through the scheduled payment of principal and interest in respect thereof in accordance
with their terms will provide, not later than one day before the due date of any payment,
cash in an amount, or (iii) a combination thereof, sufficient, in the opinion of a
nationally recognized firm of independent public accountants expressed in a written
certification thereof delivered to the Trustee, to pay and discharge (a) the principal of
and any premium and interest on and each installment of principal of and any premium and
interest on the Outstanding Securities of such series on the Stated Maturity of such
principal or installment of principal or interest, as the case may be, or on any Redemption
Date established pursuant to clause (3) below, and (b) any mandatory sinking fund or
analogous payments on the dates on which such payments are due and payable in accordance
with the terms of the Indenture and the Securities of such series;

     (2) The Company has delivered to the Trustee an Opinion of Counsel based on the fact
that (a) the Company has received from, or there has been published by, the Internal Revenue
Service a ruling, or (b) since the date hereof, there has been a change in the applicable
federal income tax law, in either case to the effect that, and such opinion shall confirm
that, the holders of the Securities of such series will not recognize income, gain or loss
for federal income tax purposes as a result of such deposit and defeasance and will be
subject to federal income tax on the same amount and in the same manner and at the same
times, as would have been the case if such deposit and defeasance had not occurred;

     (3) If the Securities are to be redeemed prior to Stated Maturity (other than from
mandatory sinking fund payments or analogous payments), notice of such redemption shall have
been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee
shall have been made;

     (4) No Default or Event of Default shall have occurred and be continuing on the date of
such deposit;

     (5) Such defeasance shall be effected in compliance with any additional terms,
conditions or limitations which may be imposed on the Company in connection therewith
pursuant to Section 3.1; and

     (6) The Company has delivered to the Trustee an Officer’s Certificate and an Opinion of
Counsel, each stating that all conditions precedent provided for relating to the defeasance
contemplated by this provision have been complied with.

For this purpose, such defeasance means that the Company, the Guarantor (if applicable) and any
other obligor upon the Securities of such series shall be deemed to have paid and discharged the
entire debt represented by the Securities of such series, which shall thereafter be deemed to be
“Outstanding” only for the purposes of Section 13.4 and the rights and obligations referred to in
clauses (A) through (D), inclusive, of the first paragraph of this Section 13.2, and to have
satisfied all its other obligations under the Securities of such series and this Indenture insofar
as the Securities of such series are concerned.

     Notwithstanding the foregoing, if an Event of Default specified in Subsection 5.1(4) or
5.1(5), or an event which with lapse of time would become such an Event of Default, shall occur
during the period ending on the 91st day after the date of the deposit referred to in clause (1)
or, if longer, ending on the day
following the expiration of the longest preference period applicable to the Company in respect of
such deposit, then, effective upon such occurrence, the defeasance pursuant to this Section 13.2
and such deposit shall be rescinded and annulled, and the Company, the Guarantor (if applicable),
the Trustee and the Holders of the Securities of such series shall be restored to their former
positions.

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Section 13.3. Covenant Defeasance.

     The Company, the Guarantor (if applicable) and any other obligor, if any, shall be released on
the 91st day after the date of the deposit referred to in clause (1) below from its obligations
under Sections 7.4, 8.1, 10.4, 10.5 and 10.6 with respect to the Securities of any series on and
after the date the conditions set forth below are satisfied (hereinafter, “covenant defeasance”),
and the Securities of such series shall thereafter be deemed to be not “Outstanding” for the
purposes of any request, demand, authorization, direction, notice, waiver, consent or declaration
or other action or Act of Holders (and the consequences of any thereof) in connection with such
covenants, but shall continue to be deemed Outstanding for all other purposes hereunder. For this
purpose, such covenant defeasance means that, with respect to the Securities of such series, the
Company may omit to comply with and shall have no liability in respect of any term, condition or
limitation set forth in any such Section, whether directly or indirectly by reason of any reference
elsewhere herein to such Section or by reason of any reference in such Section to any other
provision herein or in any other document and such omission to comply shall not constitute a
Default or an Event of Default under Section 5.1, but, except as specified above, the remainder of
this Indenture and the Securities of such series shall be unaffected thereby. The following shall
be the conditions to application of this Section 13.3:

     (1) The Company has irrevocably deposited or caused to be deposited with the Trustee
(or another trustee satisfying the requirements of Section 6.9 who shall agree to comply
with the provisions of this Article Thirteen applicable to it) as trust funds in trust for
the purpose of making the following payments, specifically pledged as security for, and
dedicated solely to, the benefit of the Holders of the Securities of such series (i) cash in
an amount, or (ii) in the case of any series of Securities the payments on which may only be
made in legal coin or currency of the United States, U.S. Government Obligations which
through the scheduled payment of principal and interest in respect thereof in accordance
with their terms will provide, not later than one day before the due date of any payment,
cash in an amount, or (iii) a combination thereof, sufficient, in the opinion of a
nationally recognized firm of independent public accounts expressed in a written
certification thereof delivered to the Trustee, to pay and discharge (a) the principal of
and any premium and interest on and each installment of principal of and any premium and
interest on the Outstanding Securities of such series on the Stated Maturity of such
principal or installment of principal or interest, as the case may be, or on any Redemption
Date established pursuant to clause (2) below, and (b) any mandatory sinking fund payments
on the date on which such payments are due and payable in accordance with the terms of the
Indenture and the Securities of such series;

     (2) If the Securities are to be redeemed prior to Stated Maturity (other than from
mandatory sinking fund payments or analogous payments), notice of such redemption shall have
been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee
shall have been made;

     (3) No Event of Default, or an event which with notice or lapse of time or both would
become such an Event of Default, shall have occurred and be continuing on the date of such
deposit;

     (4) The Company shall have delivered to the Trustee an Opinion of Counsel which shall
confirm that the holders of the Securities of such series will not recognize income, gain or
loss for federal income tax purposes as a result of such deposit and covenant defeasance and
will be subject to federal income tax on the same amount and the same manner and at the same
times, as would have been the case if such deposit and covenant defeasance had not occurred;

66

 

     (5) Such defeasance shall be effected in compliance with any additional terms,
conditions or limitations which may be imposed on the Company in connection therewith
pursuant to Section 3.1; and

     (6) The Company shall have delivered to the Trustee an Officer’s Certificate and an
Opinion of Counsel stating that all conditions precedent provided for relating to the
covenant defeasance contemplated by this provision have been complied with.

Notwithstanding the foregoing, if an Event of Default specified in Subsection 5.1(4) or 5.1(5), or
an event which with lapse of time would become such an Event of Default, shall occur during the
period ending on the 91st day after the date of the deposit referred to in clause (1) or, if
longer, ending on the day following the expiration of the longest preference period applicable to
the Company in respect of such deposit, then, effective upon such occurrence, the defeasance
pursuant to this Section 13.3 and such deposit shall be rescinded and annulled, and the Company,
the Guarantor (if applicable), the Trustee and the Holders of the Securities of such series shall
be restored to their former positions.

Section 13.4. Deposited Money and U.S. Government Obligations to be Held in Trust.

     Subject to the provisions of the last paragraph of Section 10.3, all money and U.S. Government
Obligations (including the proceeds thereof) deposited with the Trustee (or other qualifying
trustee — collectively, for purposes of this Section 13.4, the “Trustee”) pursuant to Section 13.2
or 13.3 in respect of the Outstanding Securities of such series shall be held in trust and applied
by the Trustee, in accordance with the provisions of such Securities and this Indenture, to the
payment, either directly or through any Paying Agent (including the Company acting as its own
Paying Agent), to the Holders of such Securities, of all sums due and to become due thereon in
respect of principal and any premium and interest, but such money need not be segregated from other
funds except to the extent required by law.

     The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed
on or assessed against the U.S. Government Obligations deposited pursuant to Section 13.2 or 13.3
or the principal and interest received in respect thereof other than any such tax, fee or other
charge which by law is for the account of the Holders of the Outstanding Securities of such series.

Section 13.5. Repayment to Company; Qualifying Trustee.

     The Trustee and any Paying Agent promptly shall pay or return to the Company upon Company
Request any money and U.S. Government Obligations held by them at any time that, in the opinion of
a nationally recognized firm of independent public accountants expressed in a written certification
thereof delivered to the Trustee (which may be the same certification given at the time of the
deposit pursuant to Section 13.2 or 13.3, as applicable), are not required for the payment of the
principal of and any interest on the Securities of any series for which money or U.S. Government
Obligations have been deposited pursuant to Section 13.2 or 13.3.

     The provisions of the last paragraph of Section 10.3 shall apply to any money held by the
Trustee or any Paying Agent under this Article Thirteen that remains unclaimed for one year after
the Maturity of
any series of Securities for which money or U.S. Government obligations have been deposited
pursuant to Section 13.2 or 13.3.

     Any trustee appointed pursuant to Section 13.2 or 13.3 for the purpose of holding trust funds
deposited pursuant to that Section shall be appointed under an agreement in form acceptable to the
Trustee and shall provide to the Trustee a certificate of such trustee, upon which certificate the
Trustee shall be entitled to conclusively rely, that all conditions precedent provided for herein
to the related

67

 

defeasance or covenant defeasance have been complied with. In no event shall the
Trustee be liable for any acts or omissions of said trustee.

ARTICLE FOURTEEN

GUARANTEE OF SECURITIES

Section 14.1. Unconditional Guarantee.

     For value received, the Guarantor hereby fully, irrevocably, unconditionally and absolutely
guarantees to the Holders of Securities of each series to which this Article Fourteen has been made
applicable as provided in Section 3.1(22) and to the Trustee the due and punctual payment of the
principal of, and premium, if any, and interest on such Securities, and all other amounts due and
payable under this Indenture and such Securities by the Company to the Trustee or such Holders
(including, without limitation, all costs and expenses (including reasonable legal fees and
disbursements) incurred by the Trustee or such Holders in connection with the enforcement of this
Indenture and the Guarantee) (collectively, the “Indenture Obligations”), when and as such
principal, premium, if any, interest, if any, and other amounts shall become due and payable,
whether at the Stated Maturity, upon redemption or by declaration of acceleration or otherwise,
according to the terms of such Securities and this Indenture. The guarantees by the Guarantor set
forth in this Article Fourteen are referred to herein as the “Guarantee.” Without limiting the
generality of the foregoing, the Guarantor’s liability shall extend to all amounts that constitute
part of the Indenture Obligations and would be owed by the Company to the Trustee or such Holders
under this Indenture and such Securities but for the fact that they are unenforceable, reduced,
limited, impaired, suspended or not allowable due to the existence of a bankruptcy, reorganization
or similar proceeding involving the Company.

     Failing payment when due of any amount guaranteed pursuant to the Guarantee, for whatever
reason, the Guarantor will be obligated (to the fullest extent permitted by applicable law) to pay
the same immediately to the Trustee, without set-off or counterclaim or other reduction whatsoever
(whether for taxes, withholding or otherwise). The Guarantee hereunder is intended to be a
general, unsecured, senior obligation of the Guarantor and will rank pari passu in right of payment
with all unsecured indebtedness of the Guarantor that is not, by its terms, expressly subordinated
in right of payment to the Guarantee of the Guarantor. The Guarantor hereby agrees that, to the
fullest extent permitted by applicable law, its obligations hereunder shall be full, irrevocable,
unconditional and absolute, irrespective of the validity, regularity or enforceability of such
Securities, the Guarantee or this Indenture, the absence of any action to enforce the same, any
waiver or consent by any such Holder with respect to any provisions hereof or thereof, the recovery
of any judgment against the Company, any action to enforce the same or any other circumstance which
might otherwise constitute a legal or equitable discharge or defense of the Guarantor. The
Guarantor hereby agrees that in the event of a default in payment of the principal of, or premium,
if any, or interest on such Securities, or any other amounts payable under this Indenture and such
Securities by the Company to the Trustee or the Holders thereof, whether at the Stated Maturity,
upon redemption or by declaration of acceleration or otherwise, legal proceedings may be instituted
by the Trustee on behalf of such Holders or, subject to Section 5.7 hereof, by such Holders, on the
terms and conditions set forth in this Indenture, directly against the Guarantor to enforce the
Guarantee without first proceeding against the Company.

     To the fullest extent permitted by applicable law, the obligations of the Guarantor under this
Article Fourteen shall be as aforesaid full, irrevocable, unconditional and absolute and shall not
be impaired, modified, discharged, released or limited by any occurrence or condition whatsoever,
including, without limitation, (i) any compromise, settlement, release, waiver, renewal, extension,
indulgence or modification of, or any change in, any of the obligations and liabilities of the
Company or the Guarantor contained in any of such Securities or this Indenture, (ii) any
impairment, modification, release or

68

 

limitation of the liability of the Company, the Guarantor or
any of their estates in bankruptcy, or any remedy for the enforcement thereof, resulting from the
operation of any present or future provision of any applicable Bankruptcy Law, as amended, or other
statute or from the decision of any court, (iii) the assertion or exercise by the Trustee or any
such Holder of any rights or remedies under any of such Securities or this Indenture or their delay
in or failure to assert or exercise any such rights or remedies, (iv) the assignment or the
purported assignment of any property as security for any of such Securities, including all or any
part of the rights of the Company or the Guarantor under this Indenture, (v) the extension of the
time for payment by the Company or the Guarantor of any payments or other sums or any part thereof
owing or payable under any of the terms and provisions of any of such Securities or this Indenture
or of the time for performance by the Company or the Guarantor of any other obligations under or
arising out of any such terms and provisions or the extension or the renewal of any thereof, (vi)
the modification or amendment (whether material or otherwise) of any duty, agreement or obligation
of the Company or the Guarantor set forth in this Indenture, (vii) the voluntary or involuntary
liquidation, dissolution, sale or other disposition of all or substantially all of the assets,
marshaling of assets and liabilities, receivership, insolvency, bankruptcy, assignment for the
benefit of creditors, reorganization, arrangement, composition or readjustment, rehabilitation or
relief of, or other similar proceeding affecting, the Company or the Guarantor or any of their
respective assets, or the disaffirmance of any of such Securities, the Guarantee or this Indenture
in any such proceeding, (viii) the release or discharge of the Company or the Guarantor from the
performance or observance of any agreement, covenant, term or condition contained in any of such
instruments by operation of law, (ix) the unenforceability of any of such Securities, the Guarantee
or this Indenture, (x) any change in the name, business, capital structure, corporate existence, or
ownership of the Company or the Guarantor, or (xi) any other circumstance which might otherwise
constitute a defense available to, or a legal or equitable discharge of, a surety or the Guarantor.

     To the fullest extent permitted by applicable law, the Guarantor hereby (i) waives diligence,
presentment, demand of payment, notice of acceptance, filing of claims with a court in the event of
the merger, amalgamation, insolvency, winding up or bankruptcy of the Company or the Guarantor, and
all demands and notices whatsoever, (ii) acknowledges that any agreement, instrument or document
evidencing the Guarantee may be transferred and that the benefit of its obligations hereunder shall
extend to each holder of any agreement, instrument or document evidencing the Guarantee without
notice to them and (iii) covenants that its Guarantee will not be discharged except by complete
performance of the Guarantee. To the fullest extent permitted by applicable law, the Guarantor
further agrees that if at any time all or any part of any payment theretofore applied by any Person
to any Guarantee is, or must be, rescinded or returned for any reason whatsoever, including without
limitation, the insolvency, bankruptcy or reorganization of the Guarantor, such Guarantee shall, to
the extent that such payment is or must be rescinded or returned, be deemed to have continued in
existence notwithstanding such application, and the Guarantee shall continue to be effective or be
reinstated, as the case may be, as though such application had not been made.

     The Guarantor shall be subrogated to all rights of the Holders and the Trustee against the
Company in respect of any amounts paid by the Guarantor pursuant to the provisions of this
Indenture; provided, however, that the Guarantor shall not be entitled to enforce or to receive any
payments arising out of, or based upon, such right of subrogation with respect to any of such
Securities until all of such Securities and the Guarantee shall have been indefeasibly paid in full
or discharged.

     A director, officer, employee or shareholder, as such, of the Guarantor shall not have any
liability for any obligations of the Guarantor under this Indenture or for any claim based on, in
respect of or by reason of such obligations or their creation.

69

 

     To the fullest extent permitted by applicable law, no failure to exercise and no delay in
exercising, on the part of the Trustee or the Holders, any right, power, privilege or remedy under
this Article Fourteen and the Guarantee shall operate as a waiver thereof, nor shall any single or
partial exercise of any rights, power, privilege or remedy preclude any other or further exercise
thereof, or the exercise of any other rights, powers, privileges or remedies. The rights and
remedies herein provided for are cumulative and not exclusive of any rights or remedies provided in
law or equity. Nothing contained in this Article Fourteen shall limit the right of the Trustee or
the Holders to take any action to accelerate the maturity of such Securities pursuant to Article
Five or to pursue any rights or remedies hereunder or under applicable law.

Section 14.2. Execution and Delivery of Notation of Guarantee

     To further evidence the Guarantee, the Guarantor hereby agrees that a notation of such
Guarantee may be endorsed on each Security of a series to which this Article Fourteen has been made
applicable authenticated and delivered by the Trustee and executed by either manual or facsimile
signature of an officer of the Guarantor.

     The Guarantor hereby agrees that its Guarantee of Securities of a series to which this Article
Fourteen has been made applicable shall remain in full force and effect notwithstanding any failure
to endorse on any such Security a notation relating to the Guarantee thereof.

     If an officer of the Guarantor whose signature is on this Indenture or a Security no longer
holds that office at the time the Trustee authenticates such Security or at any time thereafter,
the Guarantor’s Guarantee of such Security shall be valid nevertheless.

     The delivery by the Trustee of any Security of a series to which this Article Fourteen has
been made applicable, after the authentication thereof under this Indenture, shall constitute due
delivery of the Guarantee set forth in this Indenture on behalf of the Guarantor.

     Section 14.3. Reports by Guarantor.

     In addition to the certificates delivered to the Trustee pursuant to Section 10.7, the
Guarantor shall file with the Trustee and the Commission, and transmit to Holders of Outstanding
Securities of each series to which this Article Fourteen has been made applicable, such
information, documents and other reports, and such summaries thereof, as may be required pursuant
to the Trust Indenture Act at the times and in the manner provided pursuant thereto; provided that
any such information, documents or reports required to be filed with the Commission pursuant to
Section 13 or 15(d) of the Exchange Act shall be filed with the Trustee within 15 days after the
same is so required to be filed with the Commission.

     The receipt by the Trustee of any reports, documents or information pursuant to this Section
14.3 shall not constitute notice or constructive notice of any information contained in such
reports or documents or determinable from information contained in such reports or documents.

* * *

70

 

This instrument may be executed in any number of counterparts, each of which so executed shall be
deemed to be an original, but all such counterparts shall together constitute but one and the same
instrument.

[SIGNATURE PAGE FOLLOWS]

71

 

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

	 	 	 	 	 	 	 
	 	 	WEATHERFORD INTERNATIONAL, INC.,

as Issuer	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ BURT M. MARTIN	 	 
	 

	 	Name:
	 	Burt M. Martin	 	 
	 

	 	Title:
	 	Senior Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	The COMMON SEAL of

WEATHERFORD INTERNATIONAL LTD.,

as Guarantor

was hereunto affixed in the presence of	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ BURT M. MARTIN	 	 
	 

	 	Name:
	 	Burt M. Martin	 	 
	 

	 	Title:
	 	Senior Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	DEUTSCHE BANK TRUST COMPANY AMERICAS,

as Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:

Name:
	 	/s/ [Signature illegible]
 

	 	 
	 

	 	Title:	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ [Signature illegible]	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:	 	 	 	 

72exv4w2

 

Exhibit 4.2

 

 

WEATHERFORD INTERNATIONAL, INC.

as Issuer

WEATHERFORD INTERNATIONAL LTD.

and

DEUTSCHE BANK TRUST COMPANY AMERICAS

as Trustee

FIRST SUPPLEMENTAL INDENTURE

Dated as of June 18, 2007

To

INDENTURE

Dated as of June 18, 2007

5.95% SENIOR NOTES DUE 2012

6.35% SENIOR NOTES DUE 2017

6.80% SENIOR NOTES DUE 2037

 

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page
	ARTICLE 1 Relation to Indenture; Definitions
	 	 	1	 
	 
	SECTION 1.01. Relation to Indenture
	 	 	1	 
	SECTION 1.02. Definitions
	 	 	1	 
	SECTION 1.03. General References
	 	 	1	 
	 
	ARTICLE 2 The Series of Securities
	 	 	2	 
	 
	SECTION 2.01. The Form and Title of the Securities
	 	 	2	 
	SECTION 2.02. Amount
	 	 	2	 
	SECTION 2.03. Stated Maturity and Denominations
	 	 	2	 
	SECTION 2.04. Interest and Interest Rates
	 	 	2	 
	SECTION 2.05. Place of Payment
	 	 	2	 
	SECTION 2.06. Optional Redemption
	 	 	2	 
	SECTION 2.07. Global Securities; Restrictions on Transfer and Exchange
	 	 	3	 
	SECTION 2.08. Transfer and Exchange
	 	 	3	 
	SECTION 2.09. Legends
	 	 	4	 
	SECTION 2.10. Unconditional Guarantee
	 	 	5	 
	SECTION 2.11. Registration Rights Agreement
	 	 	6	 
	 
	ARTICLE 3 Other Amendments to Indenture
	 	 	6	 
	 
	SECTION 3.01. Amendments to Indenture
	 	 	6	 
	 
	ARTICLE 4 Miscellaneous
	 	 	9	 
	 
	SECTION 4.01. Certain Trustee Matters
	 	 	9	 
	SECTION 4.02. Continued Effect
	 	 	9	 
	SECTION 4.03. Governing Law
	 	 	9	 
	SECTION 4.04. Counterparts
	 	 	10	 

EXHIBIT

Exhibit A: Form of Note

First Supplemental Indenture

 

 

     FIRST SUPPLEMENTAL INDENTURE dated as of June 18, 2007 (this “First Supplemental Indenture”),
among Weatherford International, Inc., a corporation duly organized and existing under the
laws of the State of Delaware (the “Company”), Weatherford International Ltd., a Bermuda
exempted company (the “Guarantor”), and Deutsche Bank Trust Company Americas, a New York
banking corporation, as trustee under the Indenture referred to below (in such capacity, the
“Trustee”).

RECITALS OF THE COMPANY

     WHEREAS, the Company, the Guarantor and the Trustee are parties to an Indenture dated as of
June 18, 2007 (the “Original Indenture”) (the Original Indenture, as supplemented from time to
time, including without limitation pursuant to this First Supplemental Indenture being referred to
herein as the “Indenture”); and

     WHEREAS, under the Original Indenture, a new series of Securities may at any time be
established in accordance with the provisions of the Original Indenture, and the terms of such
series may be established by a supplemental indenture executed by the Company, the Guarantor and by
the Trustee; and

     WHEREAS, the Company and the Guarantor propose to create under the Indenture three new series
of Securities, which will be guaranteed by the Guarantor pursuant to its Guarantees as set forth in
Article Fourteen of the Original Indenture (as made applicable to the Notes, defined herein,
pursuant to this First Supplemental Indenture); and

     WHEREAS, all acts and things necessary to make the Notes, when executed by the Company and
authenticated and delivered by the Trustee as provided in the Original Indenture and this First
Supplemental Indenture, the valid and binding obligations of the Company, to make the Guarantees of
such Notes by the Guarantor the valid and binding obligation of the Guarantor, and to make this
First Supplemental Indenture a valid and binding agreement in accordance with the Original
Indenture, have been done or performed; and

     WHEREAS, the Company and the Guarantor have entered into a Registration Rights Agreement dated
as of June 18, 2007 (the “Registration Rights Agreement”) relating to the Notes and the Guarantees
thereof by the Guarantor, among the Company, the Guarantor and the initial purchasers named therein
(the “Initial Purchasers”);

     NOW, THEREFORE, in consideration of the premises, agreements and obligations set forth herein
and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto hereby agree, for the equal and proportionate benefit of all
Holders of the Notes, as follows:

ARTICLE 1

Relation to Indenture; Definitions

     SECTION 1.01. Relation to Indenture.

     With respect to the Notes and the Guarantees thereof by the Guarantor, this First Supplemental
Indenture constitutes an integral part of the Indenture.

     SECTION 1.02. Definitions.

     For all purposes of this First Supplemental Indenture, capitalized terms used herein and not
otherwise defined herein shall have the meanings assigned thereto in the Original Indenture.

     SECTION 1.03. General References.

     All references in this First Supplemental Indenture to Articles and Sections, unless otherwise
specified, refer to the corresponding Articles and Sections of this First Supplemental Indenture;
and the terms “herein”, “hereof”, “hereunder” and any other word of similar import refers to this
First Supplemental Indenture.

First Supplemental Indenture

 

 

ARTICLE 2

The Series of Securities

     SECTION 2.01. The Form and Title of the Securities.

     There is hereby established three new series of Securities to be issued under the Indenture
and to be designated as the Company’s 5.95% Senior Notes due 2012 (the “2012 Notes”), the Company’s
6.35% Senior Notes due 2017 (the “2017 Notes”) and the Company’s 6.80% Senior Notes due 2037 (the
“2037 Notes” and collectively with the 2012 Notes and the 2017 Notes, the “Notes”). The Notes
shall be substantially in the form attached as Exhibit A hereto, in each case with such
appropriate insertions, omissions, substitutions and other variations as are required or permitted
by the Indenture, and may have such letters, numbers or other marks of identification and such
legends or endorsements placed thereon as the Company may deem appropriate or as may be required or
appropriate to comply with any laws or with any rules made pursuant thereto or with the rules of
any securities exchange or automated quotation system on which the Notes may be listed or traded,
or to conform to general usage, or as may, consistently with the Indenture, be determined by the
officers executing such Notes, as evidenced by their execution thereof.

     The Notes shall be executed, authenticated and delivered in accordance with the provisions of,
and shall in all respects be subject to, the terms, conditions and covenants of the Original
Indenture as supplemented by this First Supplemental Indenture (including the form of Note set
forth as Exhibit A hereto (the terms of which are incorporated in and made a part of this
First Supplemental Indenture for all intents and purposes)).

     SECTION 2.02. Amount.

     The aggregate principal amount of the Notes which may be authenticated and delivered pursuant
hereto is unlimited. The Trustee shall initially authenticate and deliver Notes for original issue
in initial aggregate principal amounts of up to $600,000,000 of the 2012 Notes, up to $600,000,000
of the 2017 Notes and up to $300,000,000 of the 2037 Notes upon delivery to the Trustee of a
Company Order for the authentication and delivery of such Notes. The Company may, from time to
time, without notice to or the consent of the Holders of the Notes, increase the principal amount
of the Notes under the Indenture and issue such increased principal amount (or any portion
thereof), in which case any additional Notes so issued will have the same form and terms (other
than the date of issuance and, under certain circumstances, the date from which interest thereon
will begin to accrue), and will carry the same right to receive accrued and unpaid interest, as the
Notes previously issued, and such additional Notes will form a single series with the Notes
previously issued.

     SECTION 2.03. Stated Maturity and Denominations.

     The Stated Maturity of the 2012 Notes shall be June 15, 2012, of the 2017 Notes shall be June
15, 2017 and of the 2037 Notes shall be June 15, 2037. The Notes are issuable only in registered
form without coupons in denominations of U.S. $2,000 and any integral multiple of $1,000 in excess
thereof.

     SECTION 2.04. Interest and Interest Rates.

     The rate or rates at which the Notes shall bear interest, the date or dates from which such
interest shall accrue, the Interest Payment Dates on which any such interest shall be payable and
the Regular Record Date for any interest payable on any Interest Payment Date, in each case, shall
be as set forth in the form of applicable Note set forth as Exhibits A hereto.

      SECTION 2.05. Place of Payment.

     As long as any Notes are outstanding, the Company shall maintain an office or agency in the
Borough of Manhattan, The City of New York, where Notes may be presented for payment.

     SECTION 2.06. Optional Redemption.

     At its option, the Company may redeem any series of Notes, in whole or in part, in principal
amounts of $1,000 or any integral multiple thereof, at any time or from time to time, at the
applicable redemption price

 

					
	 
	 	2
	 	First Supplemental Indenture

 

 

determined as set forth in the form of Note attached hereto as Exhibit A, in
accordance with the terms set forth in the Note and in accordance with Article Eleven of the
Original Indenture.

     SECTION 2.07. Global Securities; Restrictions on Transfer and Exchange.

     The Notes shall initially be issued in the form of one or more Global Securities. Such Global
Securities (i) shall bear the legends applicable to Global Securities set forth in the Original
Indenture (including without limitation in Section 2.4 thereof), (ii) may be exchanged in whole or
in part for Securities in definitive form upon the terms and subject to the conditions provided in
Section 3.5 of the Original Indenture and in this First Supplemental Indenture and (iii) shall
otherwise be subject to the applicable provisions of the Indenture.

     (1) Rule 144A Global Notes. The Notes offered and sold to “qualified institutional
buyers” (“QIBs” or individually, a “QIB”) (which term shall have the meaning assigned to it
in Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”)) in the
United States of America in reliance on Rule 144A will initially be issued as permanent
Global Securities (the “Rule 144A Global Notes”), without interest coupons, substantially in
the form of Exhibit A hereto. The Rule 144A Global Notes will be duly executed by
the Company, authenticated by the Trustee, deposited with the Trustee (as custodian for The
Depository Trust Company (“DTC”), which shall act as Depository with respect to the Notes
constituting Global Securities) and registered in the name of DTC or a nominee thereof.

     (2) Regulation S Global Notes. Notes offered and sold in Offshore Transactions to
Non-U.S. Persons (each such term to have the meaning assigned to it in Regulation S under
the Securities Act (“Regulation S”)) in reliance on Regulation S will initially be issued as
permanent Global Securities (the “Regulation S Global Notes”), without interest coupons,
substantially in the form of Exhibit A hereto. The Regulation S Global Notes will
be duly executed by the Company, authenticated by the Trustee, deposited with the Trustee
(as custodian for DTC) and registered in the name of DTC or a nominee thereof.

     SECTION 2.08. Transfer and Exchange.

     (1) Transfer and Exchange of Notes in Certificated Form. In addition to the
requirements set forth in Section 3.5 of the Original Indenture, the Notes in certificated
form that are Registrable Securities under the Registration Rights Agreement (the “Transfer
Restricted Securities”) presented or surrendered for registration of transfer or exchange
pursuant to Section 3.5 of the Original Indenture shall be accompanied by the following
additional information and documents, as applicable, upon which the Security Registrar may
conclusively rely:

     (a) if such Transfer Restricted Securities are being delivered to the Security
Registrar by a Holder for registration in the name of such Holder, without transfer,
a certification from such Holder to that effect (in substantially the form of the
Exchange/Transfer Certificate included in Exhibit A hereto); or

     (b) if such Transfer Restricted Securities are being transferred (1) to a QIB
in accordance with Rule 144A under the Securities Act or (2) pursuant to an
exemption from registration in accordance with Rule 144 under the Securities Act
(and based upon an opinion of counsel if the Company or the Trustee so requests) or
(3) pursuant to an effective registration statement under the Securities Act, a
certification to that effect from such holder (in substantially the form of the
Exchange/Transfer Certificate included in Exhibit A hereto); or

     (c) if such Transfer Restricted Securities are being transferred pursuant to an
exemption from registration in accordance with Rule 904 of Regulation S under the
Securities Act, certifications to that effect from such Holder (in substantially the
form of both (i) the Exchange/Transfer Certificate included in Exhibit A
hereto and (ii) the Regulation S Certificate included in Exhibit A hereto)
and an opinion of counsel to that effect if the Company or the Trustee so requests;
or

     (d) if such Transfer Restricted Securities are being transferred in reliance on
and in compliance with another exemption from the registration requirements of the
Securities Act, a certification to that effect from such Holder (in substantially
the form of the Exchange/Transfer

 

					
	 
	 	3
	 	First Supplemental Indenture

 

 

Certificate included in Exhibit A hereto) and an opinion of counsel to
that effect if the Company or the Trustee so requests.

     (2) Transfer and Exchange of Global Notes. The transfer and exchange of the Global
Notes (as defined below) or beneficial interests therein shall be effected through the
Depository, upon the terms and subject to the conditions provided in Section 3.5 of the
Original Indenture and Article 2 of this First Supplemental Indenture (including the
restrictions on transfer set forth therein and herein) and the rules and procedures of the
Depository therefor, which shall include restrictions on transfer comparable to those set
forth therein and herein to the extent required by the Securities Act.

     SECTION 2.09. Legends.

     (1) (i) Except as permitted by the following paragraphs (2) and (3) immediately below,
each certificate evidencing the Rule 144A Global Notes or Regulation S Global Notes (each, a
“Global Note”) or any other Notes in certificated form (and all Notes issued in exchange
therefor or substitution thereof other than the Exchange Notes (as defined below)) shall
bear a legend in substantially the following form:

THIS SECURITY (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION
EXEMPT FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”), AND THIS SECURITY MAY NOT BE OFFERED, SOLD
OR OTHERWISE TRANSFERRED IN THE ABSENCE OF SUCH REGISTRATION OR AN
APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THIS SECURITY IS HEREBY
NOTIFIED THAT THE SELLER OF THIS SECURITY MAY BE RELYING ON THE EXEMPTION
FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A
THEREUNDER.

THE HOLDER OF THIS SECURITY AGREES FOR THE BENEFIT OF THE COMPANY THAT (A)
THIS SECURITY MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY
(I) IN THE UNITED STATES TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS
A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE
SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (II)
TO AN INSTITUTIONAL “ACCREDITED INVESTOR” THAT, PRIOR TO SUCH TRANSFER,
FURNISHES THE TRUSTEE A SIGNED LETTER CONTAINING CERTAIN REPRESENTATIONS AND
AGREEMENTS RELATING TO THE TRANSFER OF THIS NOTE (THE FORM OF WHICH CAN BE
OBTAINED FROM THE TRUSTEE) AND, IF SUCH TRANSFER IS IN RESPECT OF AN
AGGREGATE PRINCIPAL AMOUNT OF NOTES LESS THAN $250,000, AN OPINION OF
COUNSEL ACCEPTABLE TO THE COMPANY THAT SUCH TRANSFER IS IN COMPLIANCE WITH
THE SECURITIES ACT, (III) OUTSIDE THE UNITED STATES IN AN OFFSHORE
TRANSACTION IN ACCORDANCE WITH RULE 903 OR RULE 904 UNDER THE SECURITIES
ACT, (IV) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES
ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE) OR (V) PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN EACH OF CASES
(I) THROUGH (IV) IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY
STATE OF THE UNITED STATES, AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT
HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THIS SECURITY FROM IT OF THE
RESALE RESTRICTIONS REFERRED TO IN (A) ABOVE. IN ANY CASE, THE HOLDER HEREOF
WILL NOT, DIRECTLY OR INDIRECTLY, ENGAGE IN ANY HEDGING TRANSACTIONS WITH
REGARD TO THIS SECURITY EXCEPT AS PERMITTED UNDER THE SECURITIES ACT.

     (ii) Except as permitted by the following paragraphs (2) and (3) immediately below, each
certificate evidencing the Regulation S Global Notes (and all Notes issued in exchange
therefor or substitution thereof other than the Exchange Notes (as defined below)) shall
bear a legend in substantially the following form:

 

					
	 
	 	4
	 	First Supplemental Indenture

 

 

THIS NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN A TRANSACTION
ORIGINALLY EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933,
AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE TRANSFERRED IN THE UNITED
STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, ANY U.S. PERSON EXCEPT
PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT AND ALL APPLICABLE STATE SECURITIES LAWS. TERMS USED ABOVE
HAVE THE MEANINGS GIVEN TO THEM IN REGULATION S UNDER THE SECURITIES ACT.

     (2) Upon any sale or transfer of a Transfer Restricted Security (including any Transfer
Restricted Security represented by a Global Note) pursuant to Rule 144 under the Securities
Act or an effective registration statement under the Securities Act, which effectiveness
shall be certified by the Company to the Trustee and Security Registrar upon which each may
conclusively rely:

     (a) in the case of any Transfer Restricted Security in definitive form, the
Security Registrar shall permit the Holder thereof to exchange such Transfer
Restricted Security for a Note in definitive form that does not bear the legends set
forth in (1) above and rescind any restriction on the transfer of such Transfer
Restricted Security; and

     (b) in the case of any Transfer Restricted Security represented by a Global
Note, such Transfer Restricted Security shall not be required to bear the legends
set forth in (1) above if all other interests in such Global Note have been or are
concurrently being sold or transferred pursuant to Rule 144 under the Securities Act
or pursuant to an effective registration statement under the Securities Act, but
such Transfer Restricted Security shall continue to be subject to the provisions of
Section 3.5 of the Original Indenture and this Section 2.09 of this First
Supplemental Indenture.

     (3) Notwithstanding the foregoing, upon consummation of the Exchange Offer (as defined
in the Registration Rights Agreement), the Company shall issue and, upon receipt of a
Company Order in accordance with Section 3.3 of the Original Indenture, the Trustee shall
authenticate Notes (“Exchange Notes”) in exchange for Notes accepted for exchange in the
Exchange Offer, which Exchange Notes shall be in the form of Note attached hereto as
Exhibit A but shall not bear the legends set forth in (1) above, and the Security
Registrar shall rescind any restriction on the transfer of the Exchange Notes, in each case
unless the Holder of Notes being transferred in the Exchange Offer is either (A) a
broker-dealer tendering Notes acquired directly from the Company, (B) a Person participating
in the Exchange Offer for purposes of distributing the Exchange Notes or (C) a Person who is
an “affiliate” (as defined in Rule 144 under the Securities Act) of the Company. The
Company shall identify to the Trustee such Holders of the Notes in a written certification
signed by an Officer of the Company and, absent receipt of a certificate from the Company to
such effect, the Trustee shall assume that there are no such Holders.

     SECTION 2.10. Unconditional Guarantee.

     Article Fourteen of the Original Indenture (as amended and supplemented by this First
Supplemental Indenture) shall be applicable to the Notes, and accordingly, as more fully set forth
in such Article Fourteen, the Guarantor fully, irrevocably, unconditionally and absolutely
guarantees to the Holders of Notes and to the Trustee the due and punctual payment of the principal
of, and premium, if any, and interest on the Notes, and all other Indenture Obligations, when and
as the same shall become due and payable, whether at the Stated Maturity, upon redemption or by
declaration of acceleration or otherwise.

     To further evidence the Guarantees of the Notes, the Guarantor hereby agrees that a notation
of such Guarantees in substantially in the form attached as Exhibit B hereto, in each case
with such appropriate insertions, omissions, substitutions and other variations as are required or
permitted by the Indenture, shall be endorsed on each Note authenticated and delivered by the
Trustee and executed by either manual or facsimile signature of an officer of the Guarantor. The
Guarantor hereby agrees that its Guarantees of the Notes shall remain in full force and effect
notwithstanding any failure to endorse on any such Notes a notation relating to the Guarantees
thereof.

 

					
	 
	 	5
	 	First Supplemental Indenture

 

 

     SECTION 2.11. Registration Rights Agreement.

     Holders of the Notes shall have the benefit of the Company’s registration obligations with
respect to the Notes, and such Holders shall also have certain obligations to indemnify the Company
under certain circumstances, all as more fully set forth in the Registration Rights Agreement.

ARTICLE 3

Other Amendments to Indenture

     SECTION 3.01. Amendments to Indenture

     The amendments contained in this Section 3.01 shall apply to the Notes only and not to any
other series of Securities issued under the Indenture. Such amendments shall be effective only for
so long as there remain outstanding any Notes.

     (a) Section 7.4 of the Original Indenture is hereby amended, subject to the preamble of this
Section 3.01 and with respect to the Notes only, by (i) deleting the word “and” at the end of
clause (b) of such Section, (ii) deleting the period at the end of clause (c) of such Section and
inserting the word “and” at the end of such clause, and (iii) inserting the following text
immediately after such clause (c):

     (d) for so long as the Notes are not freely transferable under the Securities
Act, furnish to the Holders of Notes and to prospective investors in the Notes, the
information required to be delivered pursuant to Rule 144A(d)(4) under the
Securities Act of 1933, as amended.

     (b) The Original Indenture is hereby amended, subject to the preamble of this Section 3.01 and
with respect to the Notes only, by adding the following as a new Section 10.10 thereto:

Section 10.10 Repurchase at the Option of Holders

     (a) Upon the occurrence of a Change of Control Triggering Event, Holders of
Securities will have the right to require the Company to make an offer (the “Change
of Control Offer”) to repurchase all or any part (equal to $2,000 or an integral
multiple of $1,000 in excess thereof) of their Securities at a purchase price in
cash equal to 101% of the aggregate principal amount of Securities repurchased plus
accrued and unpaid interest, if any, on the Securities repurchased, to the date of
purchase (the “Change of Control Payment”). Within 30 days following any Change of
Control Triggering Event, the Company will mail a notice to each Holder of
Securities describing the transaction or transactions that constitute the Change of
Control Triggering Event and stating:

     (1) that the Change of Control Offer is being made pursuant to this
Section 10.10 and that all Securities tendered will be accepted for payment;

     (2) the purchase price and the purchase date, which shall be no earlier
than 30 days and no later than 60 days from the date such notice is mailed
(the “Change of Control Payment Date”);

     (3) that any Securities not tendered will continue to accrue interest;

     (4) that, unless the Company defaults in the payment of the Change of
Control Payment, all Securities accepted for payment pursuant to the Change
of Control Offer will cease to accrue interest after the Change of Control
Payment Date;

     (5) that Holders electing to have any Securities repurchased pursuant
to a Change of Control Offer will be required to surrender the Securities,
with the form entitled “Option of Holder to Elect Purchase” attached to the
Securities completed, or transfer by book-entry transfer, to the Paying
Agent at the address specified in the notice prior to the close of business
on the third Business Day preceding the Change of Control Payment Date;

 

					
	 
	 	6
	 	First Supplemental Indenture

 

 

     (6) that Holders will be entitled to withdraw their election if the
Paying Agent receives, not later than the close of business on the second
Business Day preceding the Change of Control Payment Date, a telegram,
telex, facsimile, transmission or letter setting forth the name of the
Holder, the principal amount of Securities delivered for purchase, and a
statement that such Holder is withdrawing his election to have the
Securities purchased; and

     (7) that Holders whose Securities are being purchased only in part will
be issued new Securities equal in principal amount to the unpurchased
portion of the Securities surrendered, which unpurchased portion must be
equal to $2,000 in principal amount or in any integral multiple of $1,000 in
excess thereof.

     The Company will comply with the requirements of Rule 14e-1 under the Exchange
Act, and any other securities laws and regulations thereunder to the extent those
laws and regulations are applicable in connection with the repurchase of the
Securities as a result of a Change of Control Triggering Event. To the extent that
the provisions of any securities laws or regulations conflict with the provisions of
this Section 10.10 (or compliance with this Section 10.10 would constitute a
violation of any such laws or regulations), the Company will comply with the
applicable securities laws and regulations and will not be deemed to have breached
its obligations under this Section 10.10 by virtue of such conflicts.

     (b) On or before the Change of Control Payment Date, the Company will be
required, to the extent lawful, to:

     (1) accept for payment all Securities or portions of Securities
properly tendered pursuant to the Change of Control Offer;

     (2) deposit with the Paying Agent an amount equal to the Change of
Control Payment in respect of all Securities or portions of Securities
properly tendered; and

     (3) deliver or cause to be delivered to the Trustee the Securities
properly accepted.

     The Paying Agent will promptly mail (but in any case not later than five days
after the Change of Control Payment Date) to each Holder of Securities properly
tendered the Change of Control Payment for such Securities, and the Trustee will
promptly authenticate and mail (or cause to be transferred by book entry) to each
Holder a new Security equal in principal amount to any unpurchased portion of the
Securities surrendered, if any; provided that each new Security will be in a
principal amount of $2,000 or an integral multiple of $1,000 in excess thereof. The
Company will publicly announce the results of the Change of Control Offer on or as
soon as practicable after the Change of Control Payment Date.

     If Holders of not less than 95% in aggregate principal amount of the
outstanding Securities validly tender and do not withdraw such Securities in a
Change of Control Offer and the Company, or any third party making a Change of
Control Offer in lieu of the Company as described below, purchases all of the
Securities validly tendered and not withdrawn by such Holders, the Company will have
the right, upon not less than 30 nor more than 60 days’ prior notice, given not more
than 30 days following such purchase pursuant to the Change of Control Offer
described above, to redeem all Securities that remain outstanding following such
purchase at a redemption price in cash equal to the applicable Change of Control
Payment plus, to the extent not included in the Change of Control Payment, accrued
and unpaid interest, if any, to the date of redemption.

     (d) Notwithstanding anything to the contrary in this Section 10.10, the Company
will not be required to make a Change of Control Offer upon a Change of Control
Triggering Event if (1) a third party makes the Change of Control Offer in the
manner, at the times and otherwise in compliance with the requirements set forth in
this Section 10.10 and purchases all Securities properly tendered and not withdrawn
under the Change of Control Offer, or (2) notice

 

					
	 
	 	7
	 	First Supplemental Indenture

 

 

of redemption has been given pursuant to Section 11.4 with respect to a redemption
of Securities pursuant to Article Eleven, unless and until there is a default in
payment of the applicable redemption price.

     (e) For purposes of this Section 10.10, the following definitions shall be
applicable:

     (1) “Below Investment Grade Rating Event” means the Securities 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 Securities is under publicly
announced consideration for possible downgrade by either of the Rating
Agencies).

     (2) “Change of Control” means the occurrence of any of the following:
(1) the direct or indirect sale, transfer, conveyance or other disposition
(other than by way of merger, amalgamation or consolidation of the
Guarantor), in one or a series of related transactions, of all or
substantially all of the properties or assets of the Guarantor and its
Subsidiaries taken as a whole to any person (as such term is used in Section
13(d) of the Exchange Act) other than the Guarantor or one of its
Subsidiaries or a Person controlled by the Guarantor or one of its
Subsidiaries; (2) the consummation of any transaction (including, without
limitation, any merger, amalgamation or consolidation) the result of which
is that any person (as such term is used in Section 13(d) of the Exchange
Act) becomes the beneficial owner, directly or indirectly, of more than 50%
of the then outstanding number of the Guarantor’s voting shares (excluding a
Redomestication of the Guarantor); or (3) the first day on which a majority
of the members of the Guarantor’s Board of Directors are not Continuing
Directors.

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

     (4) “Continuing Directors” means, as of any date of determination, any
member of the Board of Directors of the Guarantor who (1) was a member of
such Board of Directors on the date of the issuance of the Securities; or
(2) was nominated for election or appointed 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,
appointment or election (either by a specific vote or by approval of the
Guarantor’s proxy statement in which such member was named as a nominee for
election as a director, without objection to such nomination).

     (5) “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.

     (6) “Moody’s” means Moody’s Investors Service, Inc.

     (7) “Rating Agencies” means (1) each of Moody’s and S&P; and (2) if
either of Moody’s or S&P ceases to rate the Securities or fails to make a
rating of the Securities publicly available for reasons outside of 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 resolution of the Company’s Board
of Directors) as a replacement agency for Moody’s or S&P, or both of them,
as the case may be.

     (8) “Redomestication” means:

     (a) any amalgamation, merger, conversion or consolidation of the Guarantor with
or into any other person (as such term is used in Section 13(d) of the Exchange
Act), or of any other person (as such term is used in Section 13(d) of the Exchange
Act) with or into the Guarantor, or the sale or other disposition (other than by
lease) of all or substantially all of the properties or

 

					
	 
	 	8
	 	First Supplemental Indenture

 

 

assets of the Guarantor and its Subsidiaries taken as a whole to any other
person (as such term is used in Section 13(d) of the Exchange Act),

     (b) any continuation, discontinuation, amalgamation, merger, conversion,
consolidation or domestication or similar action with respect to the Guarantor
pursuant to the law of the jurisdiction of its organization and of any other
jurisdiction, or

     (c) the formation of a Person that becomes, as part of the transaction, the
owner of 100% of the voting shares of the Guarantor (the “New Parent”),

if as a result thereof

          (x) in the case of any action specified in clause (a), the entity that
is the surviving, resulting or continuing Person in such merger,
amalgamation, conversion or consolidation, or the transferee in such sale or
other disposition,

          (y) in the case of any action specified in clause (b), the entity that
constituted the Guarantor immediately prior thereto (but disregarding for
this purpose any change in its jurisdiction of organization), or

          (z) in the case of any action specified in clause (c), the New
Parent
(in any such case, the “Surviving Person”) is a corporation or other entity,
validly incorporated or formed and existing in good standing (to the extent
the concept of good standing is applicable) under the laws of Delaware or
another State of the United States or under the laws of the United Kingdom,
The Kingdom of the Netherlands or under the laws of any other jurisdiction,
whose voting shares of each class of capital stock issued and outstanding
immediately following such action, and giving effect thereto, shall be
beneficially owned by the same Persons, in the same percentages, as was such
capital stock or shares of the entity constituting the Guarantor immediately
prior thereto and, if the Surviving Person is the New Parent, the Surviving
Person continues to be owned, directly or indirectly, 100% by Persons who
were shareholders of the Guarantor immediately prior to such transaction.

     (9) “S&P” means Standard & Poor’s Ratings Services, a division of The
McGraw-Hill Companies, Inc.

ARTICLE 4

Miscellaneous

     SECTION 4.01. Certain Trustee Matters.

     The recitals contained herein shall be taken as the statements of the Company and the
Guarantor, and the Trustee assumes no responsibility for their correctness.

     The Trustee makes no representations as to the validity or sufficiency of this First
Supplemental Indenture or the Notes or the proper authorization or the due execution hereof or
thereof by the Company.

     SECTION 4.02. Continued Effect.

     Except as expressly supplemented and amended by this First Supplemental Indenture, the
Original Indenture shall continue in full force and effect in accordance with the provisions
thereof, and the Original Indenture is in all respects hereby ratified and confirmed. This First
Supplemental Indenture and all of its provisions shall be deemed a part of the Original Indenture
in the manner and to the extent herein and therein provided.

     SECTION 4.03. Governing Law.

     This First Supplemental Indenture and the Notes shall be governed by and construed in
accordance with the laws of the State of New York.

 

					
	 
	 	9
	 	First Supplemental Indenture

 

 

     SECTION 4.04. Counterparts.

     This instrument may be executed in any number of counterparts, each of which shall be deemed
to be an original, but all such counterparts shall together constitute but one and the same
instrument.

(Signature Pages Follow)

 

					
	 
	 	10
	 	First Supplemental Indenture

 

 

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

	 	 	 	 	 	 	 
	 	 	WEATHERFORD INTERNATIONAL, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ BURT M. MARTIN	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Burt M. Martin	 	 
	 	 	Title: Senior Vice President	 	 
	 
	 	 	In witness whereof	 	 
	 
	 	 	 	 	 	 
	 	 	The COMMON SEAL of	 	 
	 	 	WEATHERFORD INTERNATIONAL LTD.,	 	 
	 	 	as Guarantor	 	 
	 
	 	 	 	 	 	 
	 	 	was hereunto affixed in the presence of	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ BURT M. MARTIN	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Burt M. Martin	 	 
	 

	 	 	 	Title: Senior Vice President	 	 

First Supplemental Indenture

 

 

	 	 	 	 	 	 	 
	 	 	DEUTSCHE BANK TRUST COMPANY AMERICAS	 	 
	 	 	as Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ [Signature illegible]	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ [Signature illegible]	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

First Supplemental Indenture

 

 

EXHIBIT A

[FORM OF FACE OF NOTE AND/OR EXCHANGE NOTE]

[If a Global Security, insert—THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE
INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE
THEREOF. THIS SECURITY MAY NOT BE TRANSFERRED TO, OR REGISTERED OR EXCHANGED FOR SECURITIES
REGISTERED IN THE NAME OF, ANY PERSON OTHER THAN THE DEPOSITARY OR A NOMINEE THEREOF AND NO SUCH
TRANSFER MAY BE REGISTERED, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.]

[If a Global Security, insert—EVERY SECURITY AUTHENTICATED AND DELIVERED UPON REGISTRATION OF
TRANSFER OF, OR IN EXCHANGE FOR OR IN LIEU OF, THIS SECURITY SHALL BE A GLOBAL SECURITY SUBJECT TO
THE FOREGOING, EXCEPT IN SUCH LIMITED CIRCUMSTANCES.]

[If a Global Security, insert—UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY (“DTC”) (55 WATER STREET, NEW YORK, NEW YORK) TO THE ISSUER OR ITS AGENT
FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO., OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, AND ANY
PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC, ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY
PERSON IS WRONGFUL, INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.]

[If a Rule 144A Restricted Note, insert—THIS SECURITY (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN
A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), AND THIS SECURITY MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE
ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THIS SECURITY
IS HEREBY NOTIFIED THAT THE SELLER OF THIS SECURITY MAY BE RELYING ON THE EXEMPTION FROM THE
PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER.

THE HOLDER OF THIS SECURITY AGREES FOR THE BENEFIT OF THE COMPANY THAT (A) THIS SECURITY MAY BE
OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY (I) IN THE UNITED STATES TO A PERSON WHOM
THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER
THE SECURITIES ACT) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (II) TO AN
INSTITUTIONAL “ACCREDITED INVESTOR” THAT, PRIOR TO SUCH TRANSFER, FURNISHES THE TRUSTEE A SIGNED
LETTER CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS RELATING TO THE TRANSFER OF THIS NOTE (THE
FORM OF WHICH CAN BE OBTAINED FROM THE TRUSTEE) AND, IF SUCH TRANSFER IS IN RESPECT OF AN AGGREGATE
PRINCIPAL AMOUNT OF NOTES LESS THAN $250,000, AN OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY THAT
SUCH TRANSFER IS IN COMPLIANCE WITH THE SECURITIES ACT, (III) OUTSIDE THE UNITED STATES IN AN
OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 903 OR RULE 904 UNDER THE SECURITIES ACT, (IV)
PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER
(IF AVAILABLE) OR (V) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, IN
EACH OF CASES (I) THROUGH (IV) IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF
THE UNITED STATES, AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY
PURCHASER OF THIS SECURITY FROM IT OF THE RESALE RESTRICTIONS REFERRED TO IN (A) ABOVE. IN ANY
CASE, THE HOLDER HEREOF WILL NOT, DIRECTLY OR INDIRECTLY, ENGAGE IN ANY HEDGING TRANSACTIONS WITH
REGARD TO THIS SECURITY EXCEPT AS PERMITTED UNDER THE SECURITIES ACT.]

[If a Regulation S Restricted Note, insert—THIS NOTE (OR ITS PREDECESSOR) WAS ORIGINALLY ISSUED IN
A TRANSACTION ORIGINALLY EXEMPT FROM REGISTRATION UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), AND MAY NOT BE TRANSFERRED IN THE UNITED STATES OR TO, OR FOR THE ACCOUNT
OR BENEFIT OF, ANY U.S. PERSON EXCEPT PURSUANT TO AN AVAILABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND ALL APPLICABLE STATE SECURITIES LAWS. TERMS USED ABOVE HAVE
THE MEANINGS GIVEN TO THEM IN REGULATION S UNDER THE SECURITIES ACT.]

      

					
	 
	 	A-1
	 	First Supplemental Indenture

 

 

WEATHERFORD INTERNATIONAL, INC.

[     ]% Senior Note due [     ]

	 	 	 	 	 
	Rate of Interest	 	Maturity Date	 	Original Issue Date
	[     ]%
	 	June 15, [     ]
	 	June 18, 2007

 

			
	No.                     
	 	U.S.$                    
	 	 	 
	CUSIP No.                     	 	 

     Weatherford International, Inc., a corporation duly organized and existing under the laws of
the State of Delaware (herein called the “Company”), for value received, hereby promises to pay to
Cede & Co. or registered assigns, the principal sum of                      United States
Dollars on the maturity date shown above, and to pay interest thereon, at the annual rate of
interest shown above, from the original issue date shown above or from the most recent Interest
Payment Date (as hereinafter defined) to which interest has been paid or duly provided for, payable
semi-annually on June 15 and December 15 of each year (each, an “Interest Payment Date”) and at
such maturity date, commencing on the first such date after the original issue date hereof, except
that if such original issue date is on or after a Regular Record Date (as defined below) but before
the next Interest Payment Date, interest payments will commence on the second Interest Payment Date
following the original issue date.

     The interest so payable, and punctually paid or duly provided for, on any Interest Payment
Date will, as provided in the Indenture, be paid to the person in whose name this Note is
registered at the close of business on the “Regular Record Date” for any such Interest Payment
Date, which shall be the fifteenth calendar day (whether or not a Business Day) preceding the
applicable Interest Payment Date. Any such interest not so punctually paid or duly provided for,
and any interest payable on such defaulted interest (to the extent lawful), will forthwith cease to
be payable to the Holder on such Regular Record Date and shall be paid to the person in whose name
this Note is registered at the close of business on a special record date for the payment of such
defaulted interest to be fixed by the Company, notice of which shall be given to Holders of Notes
not less than 15 days prior to such special record date. Payment of the principal of and interest
on this Note will be made at the agency of the Company maintained for that purpose in New York, New
York and at any other office or agency maintained by the Company for such purpose, in United States
dollars; provided, however, that, at the option of the Company, payment of interest, other than
interest due on the maturity date shown above, may be made by check mailed to the address of the
person entitled thereto as such address shall appear in the Security Register.

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

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

(Signature Page Follows)

 

					
	 
	 	A-2
	 	First Supplemental Indenture

 

 

     IN WITNESS WHEREOF, Weatherford International, Inc. has caused this instrument to be executed
in its corporate name by the signature of its duly authorized officer.

	 	 	 	 	 	 	 
	 	 	WEATHERFORD INTERNATIONAL, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:	 	 	 	 
	 

	 	 	 	 	 	 

     DATED: June 18, 2007

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

     This is one of the [     ]% Senior Notes due [     ] referred to in the within-mentioned
Indenture.

	 	 	 	 	 	 	 
	 	 	DEUTSCHE BANK TRUST COMPANY AMERICAS,	 	 
	 	 	 	as Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Authorized Signatory	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Authorized Signatory	 	 

 

					
	 
	 	A-3
	 	First Supplemental Indenture

 

 

[REVERSE OF NOTE]

WEATHERFORD INTERNATIONAL, INC.

[     ]% Senior Note due [     ]

     This Note is one of a duly authorized issue of Securities of the Company (which term includes
any successor corporation under the Indenture hereinafter referred to) designated as its [                    ]%
Senior Notes due [                    ] (the “Notes”), issued or to be issued pursuant to an Indenture dated as of
June 18, 2007, between the Company and Deutsche Bank Trust Company Americas, a New York banking
corporation, as Trustee (the “Trustee,” which term includes any successor trustee under such
Indenture), as amended and supplemented by the First Supplemental Indenture thereto dated as of
June 18, 2007 (such Indenture, as so amended and supplemented being referred to herein as the
“Indenture”). The terms of this Note include those stated in the Indenture and those made part of
the Indenture by reference to the Trust Indenture Act of 1939, as amended. Reference is hereby
made to the Indenture and all further supplemental indentures thereto for a statement of the
respective rights, limitation of rights, duties and immunities thereunder of the Company, the
Guarantor, the Trustee and the Holders and of the terms upon which the Notes are, and are to be,
authenticated and delivered.

     As provided in the Indenture, Securities may be issued in one or more series, which different
series may be issued in various aggregate principal amounts, may mature at different times, may
bear interest, if any, at different rates, may be subject to different redemption provisions, if
any, may be subject to different sinking, purchase or analogous funds, if any, may be subject to
different covenants and Events of Default and may otherwise vary as in the Indenture provided or
permitted. This Note is one of the series designated on the face hereof.

     This Note is the general, unsecured, senior obligation of the Company and is guaranteed
pursuant to a guarantee (the “Guarantee”) by Weatherford International Ltd., a Bermuda exempted
company (the “Guarantor”).

     The Notes are subject to redemption upon not less than 30 nor more than 60 days’ notice by
mail, at any time, as a whole or in part, at the election of the Company at a Redemption Price
equal to the greater of: (a) 100% of the principal amount of Securities then outstanding to be
redeemed, plus accrued and unpaid interest thereon to the redemption date; or (b) the sum of the
present values of the remaining scheduled payments of principal and interest on the Securities then
outstanding to be redeemed (not including any portion of such payments of interest accrued as of
the redemption date) discounted to the redemption date on a semi-annual basis (computed based on a
360-day year consisting of twelve 30-day months) at the Adjusted Treasury Rate, plus [___] basis
points (0.[___]%), as calculated by an Independent Investment Banker, plus accrued and unpaid
interest thereon to the redemption date; but interest installments whose Stated Maturity is on or
prior to such Redemption Date will be payable to the Holders of such Securities, or one or more
Predecessor Securities, of record at the close of business on the relevant Record Dates referred to
on the face hereof, all as provided in the Indenture.

     “Adjusted Treasury Rate” means, with respect to any redemption date: (a) the yield, under the
heading which represents the average for the immediately preceding week, appearing in the most
recently published statistical release designated “H.15(519)” or any successor publication which is
published weekly by the Board of Governors of the Federal Reserve System and which establishes
yields on actively traded United States Treasury securities adjusted to constant maturity under the
caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury
Issue (if no maturity is within three months before or after the remaining life, as defined below,
yields for the two published maturities most closely corresponding to the Comparable Treasury Issue
will be determined and the Adjusted Treasury Rate will be interpolated or extrapolated from such
yields on a straight line basis, rounding to the nearest month); or (b) if such release (or any
successor release) is not published during the week preceding the calculation date or does not
contain such yields, the rate per year equal to the semi-annual equivalent yield to maturity of the
Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as
a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption
date. The Adjusted Treasury Rate will be calculated on the third business day preceding the
redemption date.

     “Comparable Treasury Issue” means the United States Treasury security selected by an
Independent Investment Banker as having a maturity comparable to the remaining term of the
Securities to be redeemed that would be used, at the time of selection and in accordance with
customary financial practice, in pricing new issues of corporate debt securities of comparable
maturity to the remaining term of such Securities.

 

					
	 
	 	A-4
	 	First Supplemental Indenture

 

 

     “Comparable Treasury Price” means (1) the average of five Reference Treasury Dealer Quotations
for the redemption date, after excluding the highest and lowest Reference Treasury Dealer
Quotations, or (2) if an Independent Investment Banker obtains fewer than five such Reference
Treasury Dealer Quotations, the average of all such quotations.

     “Independent Investment Banker” means Deutsche Bank Securities Inc., Morgan Stanley & Co.
Incorporated or UBS Securities LLC or any of their respective successors, as designated by us, or
if all such firms are unwilling or unable to serve as such, an independent investment and banking
institution of national standing appointed by the Company.

     “Reference Treasury Dealer” means: (a) Deutsche Bank Securities Inc., Morgan Stanley & Co.
Incorporated and UBS Securities LLC and each of their respective successors; provided that, if any
such Reference Treasury Dealer ceases to be a primary U.S. Government securities dealer in the
United States (Primary Treasury Dealer), the Company will substitute another Primary Treasury
Dealer; and (b) up to two other Primary Treasury Dealer selected by the Company.

     “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer
and any redemption date, the average, as determined by an Independent Investment Banker, of the bid
and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its
principal amount) quoted in writing to an Independent Investment Banker at 5:00 p.m., New York City
time, on the third business day preceding such redemption date.

     In the event of redemption of this Note in part only, a new Security or Securities of this
series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder
hereof upon the cancellation hereof.

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

     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 premium, if any) and interest on this Note at the times, place(s) and rate, and
in the coin or currency, herein prescribed.

     This Global Security or portion hereof may not be exchanged for Definitive Securities of this
series except in the limited circumstances provided in the Indenture. The holders of beneficial
interests in this Global Security will not be entitled to receive physical delivery of Definitive
Securities except as described in the Indenture and will not be considered the Holders thereof for
any purpose under the Indenture.

     The Notes are issuable only in registered form without coupons in denominations of U.S. $2,000
and any integral multiple of $1,000 in excess thereof. As provided in the Indenture and subject to
certain limitations therein set forth, Securities of this series are exchangeable for a like
aggregate principal amount of Securities of this series and of like tenor of a different authorized
denomination, as requested by the Holder surrendering the same.

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

     Prior to due presentment of this Note for registration of transfer, the Company, the Trustee
and any agent of the Company, the Guarantor or the Trustee may treat the Person in whose name this
Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and
none of the Company, the Guarantor, the Trustee nor any such agent shall be affected by notice to
the contrary.

 

					
	 
	 	A-5
	 	First Supplemental Indenture

 

 

     No recourse under or upon any obligation, covenant or agreement of or contained in the
Indenture or of or contained in any Note, or the Guarantee endorsed thereon, or for any claim based
thereon or otherwise in respect thereof, or in any Security or in the Guarantee, or because of the
creation of any indebtedness represented thereby, shall be had against any incorporator,
shareholder, member, officer, manager or director, as such, past, present or future, of the Company
or the Guarantor or of any successor Person, either directly or through the Company or the
Guarantor or any successor Person, whether by virtue of any constitution, statute or rule of law,
or by the enforcement of any assessment, penalty or otherwise; it being expressly understood that
all such liability is hereby expressly waived and released by the acceptance hereof and as a
condition of, and as part of the consideration for, the Notes and the execution of the Indenture.

     The Indenture provides that the Company and the Guarantor (a) will be discharged from any and
all obligations in respect of the Notes (except for certain obligations described in the
Indenture), or (b) need not comply with certain restrictive covenants of the Indenture, in each
case if the Company or the Guarantor deposits, in trust, with the Trustee money or U.S. Government
Obligations (or a combination thereof) which through the payment of interest thereon and principal
thereof in accordance with their terms will provide money, in an amount sufficient to pay all the
principal of and interest on the Notes, but such money need not be segregated from other funds
except to the extent required by law.

     As more fully provided in the Indenture, no Holder may pursue any remedy under the Indenture
unless the Trustee shall have failed to act after notice of an Event of Default and written request
by Holders of at least 25% in principal amount of the Securities of the applicable Series and the
offer to the Trustee of indemnity satisfactory to it; however, such provision does not affect the
right to sue for enforcement of any overdue payment on any Security.

     Except as otherwise defined herein, all terms used in this Note which are defined in the
Indenture shall have the meanings assigned to them in the Indenture.

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

     The Company will furnish to any holder of record of this Note, upon written request, without
charge, a copy of the Indenture. Requests may be made to: Weatherford International, Inc., 515
Post Oak Blvd., Suite 600, Houston, Texas 77027, Attention: Corporate Secretary.

     The Holder of this Note is entitled to the benefits of the Registration Rights Agreement dated
as of June 18, 2007 (the “Registration Rights Agreement”) by and among the Company, the Guarantor
and the initial purchasers named therein, and such Holders shall also have certain obligations to
indemnify the Company and the Guarantor under certain circumstances, all as more fully set forth in
the Registration Rights Agreement. In certain events, the Company shall be required to pay to the
Holder of this Note a special interest premium on this Note, on the terms and subject to the
conditions of the Registration Rights Agreement.

     This Note shall be governed by and construed in accordance with the laws of the State of New
York without regard to principles of conflicts of law.

 

					
	 
	 	A-6
	 	First Supplemental Indenture

 

 

ASSIGNMENT FORM

     FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto
                                                                          (Please Print or Typewrite Name and Address of Assignee) the
within instrument of WEATHERFORD INTERNATIONAL, INC. and does hereby irrevocably constitute and
appoint                                                              Attorney to transfer said instrument on the books of the
within-named Company, with full power of substitution in the premises.

Please Insert Social Security or

Other Identifying Number of Assignee:

	 	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	Dated:

	 	 	 	 	 	  

	 

	 	 

	 	 
	 	(Signature)

Signature Guarantee:                                                                 
                                                                             
                                                  

(Participant in a Recognized Signature

Guaranty Medallion Program)

     NOTICE: The signature to this assignment must correspond with the name as written upon the
face of the within instrument in every particular, without alteration or enlargement or any change
whatever.

A-7First Supplemental Indenture

 

 

OPTION OF HOLDER TO ELECT PURCHASE

     If you want to elect to have this Note purchased by the Company pursuant to Section 10.10 or
11.6 of the Indenture, check the appropriate box below:

	 	 	 	 	 
	 

	 	o Section 10.10
	 	o Section 11.6

     If you want to elect to have only part of the Note purchased by the Company pursuant to
Section 10.10 or Section 11.6 of the Indenture, state the amount you elect to have purchased:

$                    

Date:                                         

	 	 	 
	 

	 	Your Signature:                                                                       
         
	 

	 	(Sign exactly as your name appears on the face of this Note)
	 
	 	 
	 

	 	Tax Identification No.:                                                             

Signature
Guarantee*:                                                             

 

* Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor
acceptable to the Trustee).

A-8First Supplemental Indenture

 

 

EXCHANGE/TRANSFER CERTIFICATE

Re: [___]% Senior Notes due [___] of Weatherford International, Inc. (the “Notes”).

     This
Exchange/Transfer Certificate relates to $___ principal amount of Notes held by
                                         (the “Transferor”).

     The Transferor has requested the Trustee by written order to exchange or register the transfer
of a Note or Notes.

     In connection with such request and in respect of each such Note, the Transferor does hereby
certify that the Transferor is familiar with the Indenture relating to the above-captioned Notes
and that the transfer of this Note does not require registration under the Securities Act (as
defined below) because:**

          Such Note is being acquired for the Transferor’s own account without transfer.

          Such Note is being transferred (i) to a “qualified institutional buyer” (as
defined in Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”)), in
accordance with Rule 144A under the Securities Act or (ii) pursuant to an exemption from
registration in accordance with Rule 904 of Regulation S under the Securities Act (and in the case
of clause (ii), based upon an opinion of counsel if the Company or the Trustee so requests,
together with a certification in substantially the form of the Regulation S Certificate included in
such Note).

          Such Note is being transferred (i) pursuant to an exemption from registration in
accordance with Rule 144 under the Securities Act (and based upon an opinion of counsel if the
Company or the Trustee so requests) or (ii) pursuant to an effective registration statement under
the Securities Act.

          Such Note is being transferred in reliance on and in compliance with another
exemption from the registration requirements of the Securities Act (and based upon an opinion of
counsel if the Company or the Trustee so requests).

	 	 	 	 	 	 	 
	 	 	[INSERT NAME OF TRANSFEROR]	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 	 	Title:	 	 
	 	 	Address:	 	 

Date:                                                                    
             

 

** Check appropriate box.

A-9First Supplemental Indenture

 

 

REGULATION S CERTIFICATE

                                        , _____

DEUTSCHE BANK TRUST COMPANY AMERICAS, as Security Registrar

60 Wall Street, 27th Floor

Mail Stop: NYC60-2710

New York, New York 10005

Attention: Trust & Securities Services

DEUTSCHE BANK NATIONAL TRUST COMPANY

25 DeForest Avenue, Mail Stop: SUM01-0105

Summit, New Jersey 07901

Attention: Trust & Securities Services

Ladies and Gentlemen:

     In connection with our proposed sale of $                                         principal amount of [___]% Senior
Notes due [___] (the “Notes”) of WEATHERFORD INTERNATIONAL, INC. (the “Company”), 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:

	 	(i)	 	the offer of the Notes was not made to a person in the United States of
America;
	 
	 	(ii)	 	at the time the buy order was originated, the transferee was outside the United
States of America or we and any person acting on our behalf reasonably believed that
the transferee was outside the United States of America;
	 
	 	(iii)	 	no directed selling efforts have been made by us in contravention of Rule 903
or Rule 904 of Regulation S under the Securities Act, as applicable;
	 
	 	(iv)	 	the transaction is not part of a plan or scheme to evade the registration
requirements of the Securities Act; and
	 
	 	(v)	 	if the proposed transfer is being made prior to the expiration of the 40-day
distribution compliance period as set forth in Regulation S, the transfer is not being
made to, or for the benefit or account of, a U.S. Person (other than a distributor).

     You and the Company are entitled to rely upon this Regulation S Certificate and you are
irrevocably authorized to produce this Regulation S Certificate 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 but not defined in this Regulation S Certificate have the meanings set
forth in Regulation S under the Securities Act.

	 	 	 	 	 	 	 
	 	 	Very truly yours,	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 	 	[Name]	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 
	 

	 	 	 	Address:	 	 

A-10First Supplemental Indenture

 

 

     [If a Global Security, insert as a separate page—

SCHEDULE OF INCREASES OR DECREASES

IN GLOBAL SECURITY

     The following increases or decreases in this Global Security have been made:

	 	 	 	 	 	 	 	 	 
	 	 	Amount of	 	 	 	Principal Amount of	 	 
	 	 	Decrease in	 	Amount of Increase	 	this Global Security	 	Signature of
	 	 	Principal	 	in Principal Amount	 	following such	 	authorized signatory
	 	 	Amount of this	 	of this	 	decrease	 	of Trustee or
	Date of Exchange	 	Global Security	 	Global Security	 	(or increase)	 	Depository]
	 
	 	 
	 	 
	 	 
	 	 

A-11First Supplemental Indenture

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