Document:

Exhibit 10.1

 

DIRECTV HOLDINGS LLC

DIRECTV FINANCING CO., INC.

4.750% SENIOR NOTES DUE 2014

5.875% SENIOR NOTES DUE 2019

 

 

INDENTURE

Dated as of September 22, 2009

 

 

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.

as

Trustee

 

 

CROSS-REFERENCE TABLE

 

	
  TIA

  	
   

  	
  Indenture

  
	
  Section

  	
   

  	
  Section

  
	
  303

  	
   

  	
  1.03

  
	
  310(a)(1)

  	
   

  	
  7.10

  
	
  (a)(2)

  	
   

  	
  7.10

  
	
  (a)(3)

  	
   

  	
  N.A.

  
	
  (a)(4)

  	
   

  	
  N.A.

  
	
  (b)

  	
   

  	
  7.10

  
	
  (c)

  	
   

  	
  N.A.

  
	
  311(a)

  	
   

  	
  7.11

  
	
  (b)

  	
   

  	
  7.11

  
	
  (c)

  	
   

  	
  N.A.

  
	
  312(a)

  	
   

  	
  2.05

  
	
  (b)

  	
   

  	
  11.03

  
	
  (c)

  	
   

  	
  11.03

  
	
  313(a)

  	
   

  	
  7.06

  
	
  (b)(1)

  	
   

  	
  7.06

  
	
  (b)(2)

  	
   

  	
  7.07

  
	
  (c)

  	
   

  	
  7.06;
  11.02

  
	
  (d)

  	
   

  	
  7.06

  
	
  314(a)

  	
   

  	
  4.03(a);
  11.05

  
	
  (4)

  	
   

  	
  4.04;
  11.05

  
	
  (b)

  	
   

  	
  N.A.

  
	
  (c)(1)

  	
   

  	
  11.04

  
	
  (c)(2)

  	
   

  	
  11.04

  
	
  (c)(3)

  	
   

  	
  N.A.

  
	
  (d)

  	
   

  	
  N.A.

  
	
  (e)

  	
   

  	
  11.04;
  11.05

  
	
  (f)

  	
   

  	
  N.A.

  
	
  315(a)

  	
   

  	
  7.01(b);
  7.02

  
	
  (b)

  	
   

  	
  7.05;
  11.02

  
	
  (c)

  	
   

  	
  7.01(a)

  
	
  (d)

  	
   

  	
  7.01(c)

  
	
  (e)

  	
   

  	
  6.11

  
	
  316(a) (last
  sentence)

  	
   

  	
  2.09

  
	
  (a)(1)(A)

  	
   

  	
  6.05

  
	
  (a)(1)(B)

  	
   

  	
  6.04

  
	
  (a)(2)

  	
   

  	
  N.A.

  
	
  (b)

  	
   

  	
  6.07

  
	
  (c)

  	
   

  	
  2.13

  
	
  317(a)(1)

  	
   

  	
  6.08

  
	
  (a)(2)

  	
   

  	
  6.09

  
	
  (b)

  	
   

  	
  2.04

  
	
  318(a)

  	
   

  	
  11.01

  
	
  (c)

  	
   

  	
  11.01

  

 

N.A.
means Not Applicable.

Note:  This Cross-Reference Table shall not, for any
purposes, be deemed to be part hereof.

 

 

TABLE OF CONTENTS

 

	
   

  	
   

  	
  Page

  
	
   

  
	
  ARTICLE 1

  
	
   

  
	
  DEFINITIONS AND INCORPORATION BY REFERENCE

  
	
   

  
	
  SECTION 1.01.

  	
  Definitions

  	
  1

  
	
  SECTION 1.02.

  	
  Other Definitions

  	
  13

  
	
  SECTION 1.03.

  	
  Incorporation by Reference of Trust Indenture Act

  	
  13

  
	
  SECTION 1.04.

  	
  Rules of Construction

  	
  14

  
	
  SECTION 1.05.

  	
  Acts of Holders; Record Dates

  	
  14

  
	
   

  	
   

  	
   

  
	
  ARTICLE 2

  
	
   

  	
   

  	
   

  
	
  THE NOTES

  
	
   

  	
   

  	
   

  
	
  SECTION 2.01.

  	
  Form and Dating

  	
  15

  
	
  SECTION 2.02.

  	
  Form of Execution and Authentication

  	
  17

  
	
  SECTION 2.03.

  	
  Registrar and Paying Agent

  	
  18

  
	
  SECTION 2.04.

  	
  Paying Agent To Hold Money in Trust

  	
  18

  
	
  SECTION 2.05.

  	
  Lists of Holders of the Notes

  	
  19

  
	
  SECTION 2.06.

  	
  Transfer and Exchange

  	
  19

  
	
  SECTION 2.07.

  	
  Replacement Notes

  	
  30

  
	
  SECTION 2.08.

  	
  Outstanding Notes

  	
  30

  
	
  SECTION 2.09.

  	
  Treasury Notes

  	
  31

  
	
  SECTION 2.10.

  	
  Temporary Notes

  	
  31

  
	
  SECTION 2.11.

  	
  Cancellation

  	
  31

  
	
  SECTION 2.12.

  	
  Defaulted Interest

  	
  31

  
	
  SECTION 2.13.

  	
  Record Date

  	
  32

  
	
  SECTION 2.14.

  	
  CUSIP Number

  	
  32

  
	
  SECTION 2.15.

  	
  Joint and Several Liability

  	
  32

  
	
   

  	
   

  	
   

  
	
  ARTICLE 3

  
	
   

  	
   

  	
   

  
	
  REDEMPTION

  
	
   

  	
   

  	
   

  
	
  SECTION 3.01.

  	
  Notices to Trustee

  	
  32

  
	
  SECTION 3.02.

  	
  Selection of Notes To Be Redeemed

  	
  32

  
	
  SECTION 3.03.

  	
  Notice of Redemption

  	
  33

  
	
  SECTION 3.04.

  	
  Effect of Notice of Redemption

  	
  34

  
	
  SECTION 3.05.

  	
  Deposit of Redemption Price

  	
  34

  
	
  SECTION 3.06.

  	
  Notes Redeemed in Part

  	
  34

  
	
  SECTION 3.07.

  	
  Optional Redemption

  	
  34

  
				

 

i

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  ARTICLE 4

  
	
   

  
	
  COVENANTS

  
	
   

  	
   

  	
   

  
	
  SECTION 4.01.

  	
  Payment of Notes

  	
  35

  
	
  SECTION 4.02.

  	
  Maintenance of Office or Agency

  	
  35

  
	
  SECTION 4.03.

  	
  Reports

  	
  35

  
	
  SECTION 4.04.

  	
  Compliance Certificate

  	
  36

  
	
  SECTION 4.05.

  	
  Taxes

  	
  37

  
	
  SECTION 4.06.

  	
  Stay, Extension and Usury Laws

  	
  37

  
	
  SECTION 4.07.

  	
  Limitation on Liens

  	
  37

  
	
  SECTION 4.08.

  	
  Additional Subsidiary Guarantees

  	
  37

  
	
  SECTION 4.09.

  	
  Organizational Existence

  	
  37

  
	
  SECTION 4.10.

  	
  Change of Control and Ratings Decline

  	
  38

  
	
  SECTION 4.11.

  	
  Limitation on Sale and Leasebacks

  	
  39

  
	
  SECTION 4.12.

  	
  Limitation on Activities of DIRECTV Financing

  	
  39

  
	
   

  	
   

  	
   

  
	
  ARTICLE 5

  
	
   

  	
   

  	
   

  
	
  SUCCESSORS

  
	
   

  	
   

  	
   

  
	
  SECTION 5.01.

  	
  Merger, Consolidation or Sale of Assets

  	
  40

  
	
  SECTION 5.02.

  	
  Successor Corporation Substituted

  	
  40

  
	
   

  	
   

  	
   

  
	
  ARTICLE 6

  
	
   

  	
   

  	
   

  
	
  DEFAULTS AND REMEDIES

  
	
   

  
	
  SECTION 6.01.

  	
  Events of Default

  	
  41

  
	
  SECTION 6.02.

  	
  Acceleration

  	
  42

  
	
  SECTION 6.03.

  	
  Other Remedies

  	
  43

  
	
  SECTION 6.04.

  	
  Waiver of Past Defaults

  	
  43

  
	
  SECTION 6.05.

  	
  Control by Majority

  	
  43

  
	
  SECTION 6.06.

  	
  Limitation on Suits

  	
  44

  
	
  SECTION 6.07.

  	
  Rights of Holders of Notes To Receive Payment

  	
  44

  
	
  SECTION 6.08.

  	
  Collection Suit by Trustee

  	
  44

  
	
  SECTION 6.09.

  	
  Trustee May File Proofs of Claim

  	
  45

  
	
  SECTION 6.10.

  	
  Priorities

  	
  45

  
	
  SECTION 6.11.

  	
  Undertaking for Costs

  	
  46

  
	
   

  	
   

  	
   

  
	
  ARTICLE 7

  
	
   

  	
   

  	
   

  
	
  TRUSTEE

  
	
   

  	
   

  	
   

  
	
  SECTION 7.01.

  	
  Duties of Trustee

  	
  46

  
	
  SECTION 7.02.

  	
  Rights of Trustee

  	
  47

  
	
  SECTION 7.03.

  	
  Individual Rights of Trustee

  	
  48

  

 

ii

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  SECTION 7.04.

  	
  Trustee’s Disclaimer

  	
  48

  
	
  SECTION 7.05.

  	
  Notice of Defaults

  	
  49

  
	
  SECTION 7.06.

  	
  Reports by Trustee to Holders of the Notes

  	
  49

  
	
  SECTION 7.07.

  	
  Compensation and Indemnity

  	
  49

  
	
  SECTION 7.08.

  	
  Replacement of Trustee

  	
  50

  
	
  SECTION 7.09.

  	
  Successor Trustee by Merger, Etc.

  	
  51

  
	
  SECTION 7.10.

  	
  Eligibility; Disqualification

  	
  51

  
	
  SECTION 7.11.

  	
  Preferential Collection of Claims Against Issuers

  	
  51

  
	
   

  	
   

  	
   

  
	
  ARTICLE 8

  
	
   

  	
   

  	
   

  
	
  DISCHARGE OF INDENTURE; DEFEASANCE

  
	
   

  	
   

  	
   

  
	
  SECTION 8.01.

  	
  Termination of the Issuers’ Obligations

  	
  52

  
	
  SECTION 8.02.

  	
  Option To Effect Legal Defeasance or Covenant Defeasance

  	
  52

  
	
  SECTION 8.03.

  	
  Legal Defeasance and Covenant Discharge

  	
  53

  
	
  SECTION 8.04.

  	
  Covenant Defeasance

  	
  53

  
	
  SECTION 8.05.

  	
  Conditions to Legal or Covenant Defeasance

  	
  54

  
	
  SECTION 8.06.

  	
  Deposited Money and Government Securities To Be Held in
  Trust; Other Miscellaneous Provisions

  	
  55

  
	
  SECTION 8.07.

  	
  Repayment to Issuers

  	
  56

  
	
  SECTION 8.08.

  	
  Reinstatement

  	
  56

  
	
   

  	
   

  	
   

  
	
  ARTICLE 9

  
	
   

  	
   

  	
   

  
	
  AMENDMENT, SUPPLEMENT AND WAIVER

  
	
   

  	
   

  	
   

  
	
  SECTION 9.01.

  	
  Without Consent of Holders of Notes

  	
  56

  
	
  SECTION 9.02.

  	
  With Consent of Holders of Notes

  	
  57

  
	
  SECTION 9.03.

  	
  Compliance with Trust Indenture Act

  	
  58

  
	
  SECTION 9.04.

  	
  Revocation and Effect of Consents

  	
  58

  
	
  SECTION 9.05.

  	
  Notation on or Exchange of Notes

  	
  59

  
	
  SECTION 9.06.

  	
  Trustee To Sign Amendments, Etc.

  	
  59

  
	
   

  	
   

  	
   

  
	
  ARTICLE 10

  
	
   

  	
   

  	
   

  
	
  GUARANTEES

  
	
   

  	
   

  	
   

  
	
  SECTION 10.01.

  	
  Guarantee

  	
  59

  
	
  SECTION 10.02.

  	
  Execution and Delivery of Guarantees

  	
  61

  
	
  SECTION 10.03.

  	
  Releases from Guarantees

  	
  61

  
	
   

  	
   

  	
   

  
	
  ARTICLE 11

  
	
   

  	
   

  	
   

  
	
  MISCELLANEOUS

  
	
   

  	
   

  	
   

  
	
  SECTION 11.01.

  	
  Trust Indenture Act Controls

  	
  63

  

 

iii

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  SECTION 11.02.

  	
  Notices

  	
  63

  
	
  SECTION 11.03.

  	
  Communication by Holders of Notes with Other Holders of
  Notes

  	
  64

  
	
  SECTION 11.04.

  	
  Certificate and Opinion as to Conditions Precedent

  	
  64

  
	
  SECTION 11.05.

  	
  Statements Required in Certificate or Opinion

  	
  65

  
	
  SECTION 11.06.

  	
  Rules by Trustee and Agents

  	
  65

  
	
  SECTION 11.07.

  	
  No Personal Liability of Directors, Owners, Employees,
  Incorporators and Stockholders

  	
  65

  
	
  SECTION 11.08.

  	
  Governing Law

  	
  65

  
	
  SECTION 11.09.

  	
  No Adverse Interpretation of Other Agreements

  	
  66

  
	
  SECTION 11.10.

  	
  Successors

  	
  66

  
	
  SECTION 11.11.

  	
  Severability

  	
  66

  
	
  SECTION 11.12.

  	
  Counterpart Originals

  	
  66

  
	
  SECTION 11.13.

  	
  Table of Contents, Headings, Etc.

  	
  66

  
	
  SECTION 11.14.

  	
  Force Majeure

  	
  66

  
	
  SECTION 11.15.

  	
  Waiver of Jury Trial

  	
  66

  
	
   

  	
   

  	
   

  
	
  EXHIBITS

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  EXHIBIT
  A-1

  	
  FORM OF
  4.750% SENIOR NOTES DUE 2014

  	
   

  
	
  EXHIBIT
  A-2

  	
  FORM OF
  5.875% SENIOR NOTES DUE 2019

  	
   

  
	
  EXHIBIT
  B

  	
  FORM OF
  GUARANTEE

  	
   

  
	
  EXHIBIT C-1

  	
  FORM OF CERTIFICATE OF TRANSFER - 4.750% SENIOR NOTES DUE 2014

  	
   

  
	
  EXHIBIT C-2

  	
  FORM OF CERTIFICATE OF TRANSFER - 5.875% SENIOR NOTES DUE 2019

  	
   

  
	
  EXHIBIT D-1

  	
  FORM OF CERTIFICATE OF EXCHANGE - 4.750% SENIOR NOTES DUE 2014

  	
   

  
	
  EXHIBIT D-2

  	
  FORM OF CERTIFICATE OF EXCHANGE - 5.875% SENIOR NOTES DUE 2019

  	
   

  

 

iv

 

INDENTURE dated as of September 22, 2009 by and
among DIRECTV Holdings LLC (the “Company” or an “Issuer”), a Delaware limited liability company, DIRECTV
Financing Co., Inc. (“DIRECTV Financing”
or an “Issuer” and together with the Company,
the “Issuers”), a Delaware corporation, the
Guarantors (as hereinafter defined) and The Bank of New York Mellon Trust
Corporation, N.A., a national banking association, as trustee (the “Trustee”).

 

The Issuers, the Guarantors and the Trustee agree as
follows for the benefit of each other and for the equal and ratable benefit of
the Holders of the Issuers’ 4.750% Senior Notes due 2014 and the Issuers’
5.875% Senior Notes due 2019.

 

RECITALS

 

The Issuers and the Guarantors have duly authorized
the execution and delivery hereof to provide for the issuance of the Notes and
the Guarantees.

 

All things necessary (i) to make the Notes,
when executed by the Issuers and authenticated and delivered hereunder and duly
issued by the Issuers and delivered hereunder, the valid obligations of the
Issuers, (ii) to make the Guarantees when executed by the Guarantors and delivered
hereunder the valid obligations of the Guarantors, and (iii) to make this
Indenture a valid and legally binding agreement of the Issuers and the
Guarantors, all in accordance with their respective terms, have been done.

 

For and in consideration of the premises and the
purchase of the Notes by the Holders thereof, it is mutually agreed as follows
for the equal and ratable benefit of the Holders of the Notes.

 

ARTICLE 1

 

DEFINITIONS AND INCORPORATION
BY REFERENCE

 

SECTION 1.01.              Definitions.

 

“144A Global Note”
means a global note substantially in the form of Exhibit A-1 (in
the case of the 2014 Notes) hereto or Exhibit A-2 (in the case of
the 2019 Notes) hereto bearing the Global Note Legend and the Private Placement
Legend and deposited with or on behalf of, and registered in the name of, the
Depositary or its nominee that will be issued in a denomination equal to the
outstanding principal amount of the Notes sold in reliance on Rule 144A.

 

“2013 Notes”
means $910 million of 8 3/8% Senior Notes
due 2013 outstanding on the Issue Date issued by the Company and DIRECTV
Financing under an indenture dated as of February 28, 2003.

 

“2014 Notes”
means the Initial 2014 Notes, the Exchange Notes issued in exchange for the
Initial 2014 Notes and any other Notes designated as the 2014 Notes and issued
after the Issue Date in accordance with the fourth paragraph of Section 2.02
hereof, treated as a single class of securities.

 

 

“2015 Notes” means $1,000 million of 6 3/8% Senior Notes due 2015 issued by the Company and
DIRECTV Financing under an indenture dated as of June 15, 2005.

 

“2016 Notes”
means $1,500 million of 7 5/8% Senior Notes due 2016 issued by the Company and DIRECTV Financing
under an indenture dated as of May 14, 2008.

 

“2019 Notes”
means the Initial 2019 Notes, the Exchange Notes issued in exchange for the
Initial 2019 Notes and any other Notes designated as the same 2019 Notes and
issued after the Issue Date in accordance with the fourth paragraph of Section 2.02
hereof, treated as a single class of securities.

 

“Acquired
Debt” means, with respect to any specified Person, Indebtedness of
any other Person existing at the time such other Person merges with or into or
becomes a Subsidiary of such specified Person, or Indebtedness incurred by such
Person in connection with the acquisition of assets, in each case so long as
such Indebtedness was not incurred in connection with, or in contemplation of,
such other Person merging with or into or becoming a Subsidiary of such
specified Person or the acquisition of such assets, as the case may be.

 

“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 purposes of this definition,
“control” (including, with correlative meanings, the terms “controlling,” “controlled
by” and “under common control with”), as used with respect to any Person, shall
mean the possession, directly or indirectly, of the power to direct or cause
the direction of the management or policies of such Person, whether through the
ownership of voting securities, by agreement or otherwise; provided,
however, that no individual, other than
a director of Parent or the Company or their respective Subsidiaries or an
officer of Parent or the Company or their respective Subsidiaries with a policy
making function, shall be deemed an Affiliate of the Company or any of its
Subsidiaries solely by reason of such individual’s employment, position or responsibilities
by or with respect to Parent, the Company or any of their respective Subsidiaries.

 

“Agent” means
any Registrar, Paying Agent or co-registrar.

 

“Applicable Procedures”
means, with respect to any transfer or exchange of or for beneficial interests
in any Global Note, the rules and procedures of the Depositary that apply
to such transfer or exchange.

 

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

 

“Board of Directors”
means (a) with respect to any Person that is a corporation, the board of
directors of such Person or any duly authorized committee thereof and (b) as
to any other Person, the functionally comparable body of such Person or any
duly authorized committee thereof.

 

“Broker-Dealer”
means any broker or dealer registered under the Exchange Act.

 

“Business Day”
means any day other than a Legal Holiday.

 

2

 

“Capital Lease Obligations”
means, as to any Person, the obligations of such Person under a lease that are
required to be classified and accounted for as capital lease obligations under
GAAP and, for purposes of this definition, the amount of such obligations at
the time any determination thereof is to be made shall be the amount of the
liability in respect of a capital lease that would at such time be so required
to be capitalized on a balance sheet in accordance with GAAP.

 

“Capital Stock”
means any and all shares, interests, participations, rights or other equivalents,
however designated, of corporate stock or partnership or membership interests,
whether common or preferred.

 

“Change of Control”
means the occurrence of any one of the following:

 

(1)            the consummation of any transaction
(including without limitation, any merger or consolidation) the result of which
is that any Person (including any “person” (as that term is used in Section 13(d)(3) of
the Exchange Act)) other than a Parent Company becomes the “beneficial owner”
(as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or
indirectly, of more than 50% of the Company’s outstanding Voting Stock,
measured by voting power rather than number of shares;

 

(2)            the first day on which the majority
of the members of the Company’s Board of Directors cease to be Continuing
Directors; or

 

(3)            the adoption of a plan relating to
the liquidation or dissolution of the Company.

 

“Change of Control
Triggering Event” means the occurrence of both a Change of Control
and a Ratings Decline.

 

“Commission” means
the Securities and Exchange Commission.

 

“Communications Act”
means the Communications Act of 1934, as amended.

 

“Comparable
Treasury Issue” means, the United States Treasury security selected
by an Independent Investment Banker as having a maturity comparable to the
remaining term (“Remaining Life”) of a Note being
redeemed that would be utilized, 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 Life of such Note.

 

“Comparable
Treasury Price” means, with respect to any redemption date for any
Note:  (1) the average of the
Reference Treasury Dealer Quotations for that redemption date, after excluding
the highest and lowest of four such Reference Treasury Dealer Quotations; or (2) if
the Trustee obtains fewer than four Reference Treasury Dealer Quotations, the
average of all quotations obtained by the Trustee.

 

“Consolidated Net Tangible
Assets” of any Person means, for any period, the total amount of
assets (less applicable reserves and other properly deductible items) after
deducting (1) all current liabilities and (2) all goodwill, trade
names, trademarks, patents, unamortized debt discount and expense and other
intangibles, all as set forth on the Company’s most recent consolidated balance
sheet and computed in accordance with GAAP.

 

3

 

“Continuing Director”
means, as of any date of determination, any member of the Company’s Board of
Directors who:

 

(1)            was a member of such Board of
Directors on the date hereof; or

 

(2)           was nominated for
election or elected to such Board of Directors with the approval of a majority
of the Continuing Directors who were members of such Board of Directors at the
time of such nomination or election.

 

“Corporate Trust Office of
the Trustee” means the principal office of the Trustee at which any
time its corporate trust business shall be administered, which office at the
date hereof is located at 700 South Flower Street, Suite 500, Los Angeles,
CA 90017, Attention:  Corporate Unit, or
such other address as the Trustee may designate from time to time by notice to
the Holders and the Company, or the principal corporate trust office of any
successor Trustee (or such other address as such successor Trustee may
designate from time to time by notice to the Holders and the Company).

 

“Default” means
any event that is, or with the passage of time or the giving of notice or both
would be, an Event of Default.

 

“Definitive Note”
means a certificated Note registered in the name of the Holder thereof and
issued in accordance with Section 2.06 hereof, substantially in the form
of Exhibit A-1 (in the case of a 2014 Note) hereto or Exhibit A-2
(in the case of a 2019 Note) hereto except that such Note shall not bear the
Global Note Legend and shall not have the “Schedule of Exchanges of Interests
in the Global Note” attached thereto.

 

“Depositary”
means The Depository Trust Company and any and all successors thereto appointed
as depositary hereunder and having become such pursuant to an applicable
provision hereof.

 

“DIRECTV Group”
means The DIRECTV Group, Inc., a Delaware corporation, and its successors.

 

“Domestic Subsidiaries”
shall mean all Subsidiaries incorporated, formed or organized under the laws of
the United States of America, any State thereof or the District of Columbia.

 

“Equity Interests”
means Capital Stock and all warrants, options or other rights to acquire
Capital Stock (but excluding any debt security that is convertible into, or
exchangeable for, Capital Stock).

 

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

 

“Exchange Notes”
means the Notes issued in the Exchange Offer pursuant to Section 2.06(f) hereof
or pursuant to a registered exchange offer for Notes with a Private Placement
Legend issued after the Issue Date.

 

4

 

“Exchange Offer”
has the meaning set forth in the Registration Rights Agreement.

 

“Exchange Offer
Registration Statement” has the meaning set forth in the
Registration Rights Agreement.

 

“Existing Notes”
means the 2013 Notes, the 2015 Notes and the 2016 Notes.

 

“Existing Satellites”
means the following satellites:  DIRECTV
1R, DIRECTV 4S, DIRECTV 5, DIRECTV 7S, DIRECTV 8, DIRECTV 9S, DIRECTV 10,
DIRECTV 11, DIRECTV 12, Spaceway 1 and Spaceway 2.

 

“FCC” means the
Federal Communications Commission.

 

“Fitch” means Fitch Inc., a subsidiary of
Fimalac, S.A., and its successors.

 

“Foreign Currency
Obligations” means, with respect to any Person, the obligations of
such Person pursuant to any foreign exchange contract, currency swap agreement
or other similar agreement or arrangement designed to protect the Company or
any Subsidiary of the Company against fluctuations in currency values.

 

“GAAP” means
United States generally accepted accounting principles 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, which are applicable as of the date of
determination; provided that, except as otherwise specifically provided, all
calculations made for purposes of determining compliance with the terms of the
provisions hereof shall utilize GAAP as in effect on the Issue Date.

 

“Global Note Legend”
means the legend set forth in Section 2.01 hereof, which is required to be
placed on all Global Notes issued under this Indenture.

 

“Global Notes”
means, individually and collectively, each of the Restricted Global Notes and
the Unrestricted Global Notes, substantially in the form of Exhibit A-1
(in the case of a 2014 Note) hereto or Exhibit A-2 (in the case of
a 2019 Note) hereto issued in accordance with Section 2.01 or 2.06 hereof.

 

“guarantee”
means a guarantee (other than by endorsement of negotiable instruments for
collection in the ordinary course of business), direct or indirect, in any
manner (including, without limitation, letters of credit and reimbursement
agreements in respect thereof), of all or any part of any Indebtedness.

 

“Guarantee”
means a guarantee by a Guarantor of the Notes.

 

“Guarantor”
means any Subsidiary of the Company that guarantees the Notes and its successors
and assigns.

 

5

 

“Hedging Obligations”
means, with respect to any Person, the obligations of such Person pursuant to
any arrangement with any other Person, whereby, directly or indirectly, such
Person is entitled to receive from time to time periodic payments calculated by
applying either floating or a fixed rate of interest on a stated notional
amount in exchange for periodic payments made by such other Person calculated
by applying a fixed or a floating rate of interest on the same notional amount
and shall include, without limitation, interest rate swaps, caps, floors, collars
and similar agreements designed to protect such Person against fluctuations in
interest rates.

 

“Holder” means a
Person in whose name a Note is registered.

 

“incur” means,
collectively, either directly or indirectly, create, incur, issue, assume,
guarantee or otherwise become directly or indirectly liable with respect to any
Indebtedness (including Acquired Debt).

 

“Indebtedness”
means, with respect to any Person, any indebtedness of such Person, whether or
not contingent, in respect of borrowed money or evidenced by bonds, notes, debentures
or similar instruments or letters of credit (or reimbursement agreements in
respect thereof) or representing the balance deferred and unpaid of the
purchase price of any property (including pursuant to capital leases) or
representing any Hedging Obligations or Foreign Currency Obligations, except
any such balance that constitutes an accrued expense or trade payable, if and
to the extent any of the foregoing (other than Hedging Obligations or Foreign
Currency Obligations) would appear as a liability upon a balance sheet of such
Person prepared in accordance with GAAP, and also includes the guarantee of
items that would be included within this definition.

 

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

 

“Independent
Investment Banker” means one of the Reference Treasury Dealers, to
be appointed by the Company.

 

“Indirect Participant”
means a Person who holds a beneficial interest in a Global Note through a Participant.

 

“Initial 2014 Notes”
means the $1.0 billion in aggregate principal amount of the Issuers’ 4.750%
Senior Notes due 2014 issued under this Indenture on the Issue Date.

 

“Initial 2019 Notes”
means the $1.0 billion in aggregate principal amount of the Issuers’ 5.875%
Senior Notes due 2019 issued under this Indenture on the Issue Date.

 

“Initial Notes”
means, collectively, the Initial 2014 Notes and the Initial 2019 Notes.

 

“Initial Purchasers”  means, with respect to the Initial Notes, Citigroup Global
Markets Inc., Credit Suisse Securities (USA) LLC, J.P. Morgan Securities Inc.,
Barclays Capital Inc., Mizuho Securities USA Inc. and UBS Securities LLC.

 

“Investment Grade”
means a rating of Baa3 or better by Moody’s (or its equivalent under any
successor rating category of Moody’s); a rating of BBB- or better by S&P
(or its equivalent under any successor rating category of S&P); and a
rating of BBB- or better by Fitch (or its equivalent under any successor rating
category of Fitch).  In the event that
the Company shall select any other Rating Agency, the equivalent of such
ratings by such Rating Agency shall be used.

 

6

 

“Issue Date”
means September 22, 2009, the date of original issuance of the Initial
Notes.

 

“Legal Holiday”
means a Saturday, a Sunday or a day on which banking institutions in the City
of New York or at a place of payment are authorized by law, regulation or
executive order to remain closed.  If a payment
date is a Legal Holiday at a place of payment, payment may be made at that
place on the next succeeding day that is not a Legal Holiday, and no interest
shall accrue for the intervening period.

 

“Liberty Entertainment
Merger” means the mergers contemplated by the Agreement and Plan of
Merger dated May 3, 2009, as amended, by and among The DIRECTV Group, Inc.,
DIRECTV, Liberty Media Corporation, Liberty Entertainment, Inc.  and several wholly-owned Subsidiaries of
DIRECTV.

 

“Letter of Transmittal”
means the letter of transmittal to be prepared by the Company and sent to all
Holders of the Notes for use by such Holders in connection with the Exchange
Offer.

 

“Lien” means,
with respect to any asset, any mortgage, lien, pledge, charge, security interest
or encumbrance of any kind in respect of such asset, whether or not filed,
recorded or otherwise perfected under applicable law (including any conditional
sale or other title retention agreement, any lease in the nature thereof, any
option or other agreement to sell or give a security interest in and any filing
of or agreement to give any financing statement under the Uniform Commercial
Code (or equivalent statute) of any jurisdiction).

 

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

 

“Non-U.S. Person”
means a Person who is not a U.S. Person.

 

“Notes” means,
collectively, the 2014 Notes and the 2019 Notes.

 

“Offering Memorandum”
means the Offering Memorandum, dated September 14, 2009, relating to and
used in connection with the initial offering of the Initial Notes.

 

“Officer” means,
with respect to any Person, the Chairman of the Board, the Chief Executive
Officer, the President, the Chief Operating Officer, the Chief Financial
Officer, the Treasurer, any Assistant Treasurer, Controller, Secretary or any
Vice President of such Person, or any other officer designated by the Board of
Directors serving in a similar capacity.

 

“Officers’ Certificate”
means a certificate signed on behalf of the Company or DIRECTV Financing, as
the case may be, by two Officers of such Person or of such Person’s partner or
managing member, one of whom must be the principal executive officer, principal
financial officer, treasurer or principal accounting officer of such Person or
of such Person’s partner or managing member.

 

“Opinion of Counsel”
means an opinion from legal counsel, who may be an employee of or counsel to
the Company or any Subsidiary of the Company.

 

7

 

“Parent” means
DIRECTV Group and prior to the completion of the Liberty Entertainment Merger,
shall mean Liberty Media Corporation, a Delaware corporation, and, after completion
of the Liberty Entertainment Merger, shall mean DIRECTV, a Delaware
corporation, and their respective successors, in each case together with each Subsidiary
of Parent that beneficially owns any Equity Interests of the Company.

 

“Parent Company”
means each of (a) Parent and (b) any direct or indirect Subsidiary of
Parent that owns any of the Company’s Capital Stock.

 

“Participant”
means, with respect to the Depositary, a Person who has an account with the
Depositary.

 

“Permitted Liens”
means:

 

(a)           Liens securing the Notes
and Liens securing any Guarantee;

 

(b)           Liens securing Purchase
Money Indebtedness; provided that
such Liens do not extend to any assets of the Company or the Company’s Subsidiaries other than the assets so acquired;

 

(c)           Liens to secure
Indebtedness incurred for the purpose of financing all or any part of the purchase
price or cost of instruction or improvement of property, plant or equipment or
the purchase price or construction, improvement or launch of satellites (other
than Existing Satellites) for use in the business of the Company or any Subsidiary
of the Company; provided that such Liens do not
apply to any assets other than the property acquired, constructed or improved
or the satellite constructed, improved or launched (and in the case of any such
satellite, other than any Existing Satellite, the related orbital slots, licenses
and other related assets);

 

(d)           Liens on property of a
Person existing at the time such Person is merged into or consolidated with the
Company or any Subsidiary of the Company; provided that
such Liens were not incurred in connection with, or in contemplation of, such
merger or consolidation, other than in the ordinary course of business;

 

(e)           Liens on property of a
Subsidiary of the Company at the time that it becomes a Subsidiary of the
Company; provided that such Liens were not
incurred in connection with, or contemplation of, such Subsidiary becoming a
Subsidiary of the Company;

 

(f)            Liens on property
existing at the time of acquisition thereof by the Company or any Subsidiary of
the Company; provided that such Liens were not
incurred in connection with, or in contemplation of, such acquisition and do not
extend to any assets of the Company or Subsidiary of the Company other than the
property so acquired;

 

(g)           Liens to secure the
performance of statutory obligations, surety or appeal bonds or performance
bonds, or landlords’, carriers’, warehousemen’s, mechanics’, suppliers’,
materialmen’s or other like Liens, in any case incurred in the ordinary course
of business and with respect to amounts not yet delinquent or being contested
in good faith by appropriate process of law, if a reserve or other appropriate
provision, if any, as is required by GAAP shall have been made therefor;

 

8

 

(h)           Liens existing on the
Issue Date securing Indebtedness existing on the Issue Date or incurred
pursuant to commitments outstanding on the Issue Date;

 

(i)            Liens for taxes,
assessments or governmental charges or claims that are not yet delinquent or
that are being contested in good faith by appropriate proceedings promptly
instituted and diligently concluded; provided that
any reserve or other appropriate provision as shall be required in conformity
with GAAP shall have been made therefor;

 

(j)            any interest or title
of a lessor under any Capital Lease Obligations;

 

(k)           Liens (other than Liens
created or imposed under ERISA) incurred or deposits made by the Company or any
of its Subsidiaries in the ordinary course of business in connection with
workers’ compensation, unemployment insurance and other types of social
security, or to secure the performance of tenders, statutory obligations, bids,
leases, government contracts, performance and return-of-money bonds and other
similar obligations (exclusive of obligations for the payment of borrowed
money);

 

(l)            easements, rights-of-way, covenants, restrictions
(including zoning restrictions), minor defects or irregularities in title and
other similar charges or encumbrances not, in any material respect, impairing
the use of the encumbered property for its intended purposes;

 

(m)          normal and customary rights of setoff upon deposits of cash in favor of
banks or other depository institutions;

 

(n)           Liens not provided for in clauses (a) through (m) above securing
Indebtedness incurred in compliance with the terms hereof so long as the Notes are secured by the assets subject to such Liens on an equal and ratable
basis or on a basis prior to such Liens; provided that
to the extent that such Lien secured Indebtedness that is subordinated to the Notes, such Lien shall be subordinated to and be later in priority than the Notes on the same basis;

 

(o)           extensions,
renewals or refundings of any Liens referred to in clauses (a) through (n) above;
provided that any such extension,
renewal or refunding does not extend to any assets or secure any Indebtedness
not securing or secured by the Liens being extended, renewed or refinanced; and

 

(p)           other
Liens arising in connection with the Company’s and its Subsidiaries’
Indebtedness, in an aggregate principal amount for the Company and its
Subsidiaries together with the amount of Attributable Indebtedness incurred in
connection with Sale and Leaseback Transactions, not exceeding at the time such
Lien is issued, created or assumed 15% of the Company’s Consolidated Net
Tangible Assets.

 

9

 

“Person” means
any individual, corporation, partnership, limited liability company, joint
venture, association, joint-stock company, trust or unincorporated organization
(including any subdivision or ongoing business of any such entity or
substantially all of the assets of any such entity, subdivision or business).

 

“Private
Placement Legend” means the legend set forth in Section 2.01
hereof to be placed on all Notes issued under this Indenture except where
otherwise permitted by the provisions hereof.

 

“Purchase Money
Indebtedness” means (i) Indebtedness incurred (within 365 days
of such purchase) to finance the purchase of any assets (including the purchase
of Equity Interests of Persons that are not Affiliates of the Company or the
Guarantors):  (a) to the extent the
amount of Indebtedness thereunder does not exceed 100% of the purchase cost of
such assets; and (b) so long as such Indebtedness is without recourse to
the Company or any of its Subsidiaries or any of their respective assets, other
than to the assets so purchased; or (ii) Indebtedness which refinances
Indebtedness referred to in clause (i) of this definition; provided that such refinancing satisfies subclauses (a) and
(b) of such clause (i).

 

“QIB” means a “qualified
institutional buyer” as defined in Rule 144A.

 

“Rating Agency”
means each of Moody’s, S&P and Fitch; provided,
that if any of Moody’s, S&P and Fitch ceases to provide rating services to
issuers or investors, the Company may appoint a replacement for such Rating
Agency that is reasonably acceptable to the Trustee.

 

“Ratings Decline” means with respect to a Series of
Notes within 60 days after the earlier of, (i) the occurrence of a Change
of Control or (ii) public notice of the occurrence of a Change of Control
or the intention by the Company or any Parent Company to effect a Change of Control
(which period shall be extended so long as the rating of the Notes is under
publicly announced consideration for a possible downgrade by any of the Rating
Agencies) (the “Trigger Period”), the rating of
such Series of Notes shall be reduced by at least two Rating Agencies and
the Notes of such Series shall be rated below Investment Grade by each of
the Rating Agencies.  Unless at least two
of the three Rating Agencies are providing a rating for the Notes of such series
at the commencement of any Trigger Period, the Notes will be deemed to have had
a Ratings Decline to below Investment Grade by at least two of the three Rating
Agencies during that Trigger Period.

 

“Reference
Treasury Dealer” means four primary U.S. Government securities
dealers to be selected by the Company.

 

“Reference
Treasury Dealer Quotations” means, with respect to each Reference
Treasury Dealer and any redemption date for any Note, the average, as
determined by the Trustee, 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 the Trustee by such Reference Treasury Dealer at 3:00 p.m.,
New York City time, on the third Business Day preceding such redemption date.

 

“Registration Rights
Agreement” means the Registration Rights Agreement for the Initial
Notes, dated as of September 22, 2009, by and among the Issuers, the
Guarantors and the Initial Purchasers, as such agreement may be amended,
modified or supplemented from time to time.

 

10

 

“Regulation S”
means Regulation S promulgated under the Securities Act.

 

“Regulation S Global Note”
means a Global Note of a Series bearing the Private Placement Legend and
deposited with or on behalf of the Depositary and registered in the name of the
Depositary or its nominee, issued in a denomination equal to the outstanding
principal amount of the Notes of such Series issued on a single date and
initially sold in reliance on Rule 903 of Regulation S.

 

“Responsible Officer,”
when used with respect to the Trustee, means any officer within the Corporate
Trust Administration of the Trustee (or any successor group of the Trustee) or
any other officer of the Trustee customarily performing functions similar to
those performed by any of the above designated officers and also means, with
respect to a particular corporate trust matter, any other officer to whom such
matter is referred because of his knowledge of and familiarity with the
particular subject and who shall have direct responsibility for the
administration of this Indenture.

 

“Restricted Definitive Note”
means a Definitive Note bearing the Private Placement Legend.

 

“Restricted Global Note”
means a Global Note bearing the Private Placement Legend.

 

“Restricted Period”
means the 40-day distribution compliance period as defined in Regulation S.

 

“Rule 144”
means Rule 144 promulgated under the Securities Act.

 

“Rule 144A”
means Rule 144A promulgated under the Securities Act.

 

“Rule 903”
means Rule 903 promulgated under the Securities Act.

 

“Rule 904”
means Rule 904 promulgated under the Securities Act.

 

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

 

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

 

“Senior Secured Credit
Facility” means any credit agreement to which the Company and/or one
or more of its Domestic Subsidiaries is party from time to time including
without limitation the credit agreement dated as of April 13, 2005 by and
among the Company, as borrower, the lenders party thereto from time to time,
Bank of America N.A., as administrative agent, and JPMorgan Chase Bank, N.A.,
as syndication agent, together with the related documents thereto (including, without
limitation, any guarantee agreements and security documents), in each case as
such agreements may be amended (including any amendment and restatement
thereof), supplemented or otherwise modified from time to time, including any
agreement exchanging, extending the maturity of, refinancing, renewing,
replacing, substituting or otherwise restructuring, whether in the bank or debt
capital markets (or combination thereof) (including increasing the amount of
available borrowings thereunder or adding Subsidiaries as additional 

 

11

 

borrowers or guarantors
thereunder) all or any portion of the Indebtedness under such agreement or any
successor or replacement agreement and whether by the same or any other agent,
lender or group of lenders.

 

“Series” refers
to all 2014 Notes or all 2019 Notes, as applicable.

 

“Shelf Registration
Statement” means the Shelf Registration Statement as defined in the
Registration Rights Agreement.

 

“Significant Subsidiary”
means any Subsidiary that would be a “significant subsidiary” as defined in Article 1,
Rule 1-02 of Regulation S-X promulgated pursuant to the Securities Act, as
such regulation is in effect on the Issue Date.

 

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

 

“TIA” means the
Trust Indenture Act of 1939 as in effect on the date hereof.

 

“Treasury Rate”
means, at the time of computation, (1) the semi-annual equivalent yield to
maturity of the United States Treasury Securities with a constant maturity (as
compiled and published in the most recent Federal Reserve Statistical Release
H.15(519) which has become publicly available at least two Business Days prior
to the redemption date or, if such Statistical Release is no longer published,
any publicly available source of similar market data) for the maturity
corresponding to the Comparable Treasury Issue; provided,
however, that if no maturity is within
three months before or after the maturity date for the applicable Notes, yields
for the two published maturities most closely corresponding to the Comparable
Treasury Issue will be determined and the Treasury Rate will be interpolated or
extrapolated from those yields on a straight line basis, rounding to the
nearest month; or (2) if that release, or any successor release, is not
published during the week preceding the calculation date or does not contain
such yields, the rate per annum equal to the semiannual 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 that redemption date.  The Treasury Rate will be calculated on the
third Business Day preceding the redemption date.

 

“Trustee” means
the party named as such above until a successor replaces it in accordance with
the applicable provisions hereof and thereafter means the successor serving hereunder.

 

“Unrestricted Definitive Note” means one or more
Definitive Notes that do not bear and are not required to bear the Private
Placement Legend.

 

12

 

“Unrestricted Global Note”
means a permanent Global Note substantially in the form of Exhibit A-1
(in the case of a 2014 Note) hereto and Exhibit A-2 (in the case of
a 2019 Note) hereto that bears the Global Note Legend and that has the “Schedule
of Exchanges of Interests in the Global Note” attached thereto, and that is
deposited with or on behalf of and registered in the name of the Depositary,
representing Notes that do not bear the Private Placement Legend.

 

“U.S. Person”
means a U.S. Person as defined in Rule 902(k) under the Securities
Act.

 

“Voting Stock”
with respect to any Person, means securities of any class of Capital Stock of
such Person entitling the holders thereof (whether at all times or only so long
as no senior class of stock or other relevant equity interest has voting power
by reason of any contingency) to vote in the election of members of the Board
of Directors of such Person.

 

“Wholly Owned Subsidiary”
means, with respect to any Person, any Subsidiary all of the outstanding voting
stock (other than directors’ qualifying shares) of which is owned by such Person,
directly or indirectly.

 

SECTION 1.02.                                         Other
Definitions.

 

	
  Term

  	
   

  	
  Defined

  in Section

  
	
   

  	
   

  	
   

  
	
  “Attributable
  Debt”

  	
   

  	
  4.11

  
	
  “Change
  of Control Offer”

  	
   

  	
  4.10

  
	
  “Change
  of Control Payment”

  	
   

  	
  4.10

  
	
  “Change
  of Control Payment Date”

  	
   

  	
  4.10

  
	
  “Company”

  	
   

  	
  Preamble

  
	
  “Covenant
  Defeasance”

  	
   

  	
  8.04

  
	
  “DTC”

  	
   

  	
  2.01(b)

  
	
  “Event
  of Default”

  	
   

  	
  6.01

  
	
  “Global
  Note Legend

  	
   

  	
  2.01(b)

  
	
  “Issuers”

  	
   

  	
  Preamble

  
	
  “Legal
  Defeasance”

  	
   

  	
  8.03

  
	
  “Paying
  Agent”

  	
   

  	
  2.03

  
	
  “Payment
  Default”

  	
   

  	
  6.01(e)

  
	
  “Private
  Placement Legend”

  	
   

  	
  2.01(c)

  
	
  “Registrar”

  	
   

  	
  2.03

  
	
  “Sale
  and Leaseback Transaction”

  	
   

  	
  4.11

  

 

SECTION 1.03.                                         Incorporation
by Reference of Trust Indenture Act.

 

Whenever this Indenture refers to a provision of the
TIA, the provision is incorporated by reference in and made a part hereof.

 

The following TIA terms used in this Indenture have the following
meanings:

 

“indenture securities”
means the Notes;

 

“indenture security holder”
means a Holder of a Note;

 

13

 

“indenture to be qualified”
means this Indenture;

 

“indenture trustee”  or “institutional trustee”  means the Trustee; and

 

“obligor” on the
Notes means each of the Issuers and any successor obligor upon the Notes.

 

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

 

SECTION 1.04.                                         Rules of
Construction.

 

Unless the context otherwise requires,

 

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

 

(2)          an accounting term
not otherwise defined has the meaning assigned to it in accordance with GAAP;

 

(3)          “or” is not exclusive;

 

(4)          words in the singular
include the plural, and in the plural include the singular; and

 

(5)          provisions apply to
successive events and transactions.

 

SECTION 1.05.                                         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 shall be embodied in and evidenced by one or more instruments of
substantially similar tenor signed 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 Issuers.  Proof of execution of any such instrument or
of a writing appointing any such agent shall be sufficient for any purpose
hereof and conclusive in favor of the Trustee and the Issuers, if made in the
manner provided in this Section 1.05.

 

(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 such Person the execution
thereof.  Where such execution is by a
signer acting in a capacity other than such Person’s individual capacity, such
certificate or affidavit shall also constitute sufficient proof of such Person’s
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.

 

14

 

(c)           The Issuers may, in the circumstances permitted by the
TIA, fix any date as the record date for the purpose of determining the Holders
entitled to give or take any request, demand, authorization, direction, notice,
consent, waiver or other action, or to vote on any action, authorized or permitted
to be given or take by Holders.  If not
set by the Issuers prior to the first solicitation of a Holder made by any
Person in respect of any such action, or, in the case of any such vote, prior
to such vote, the record date for any such action or vote shall be the 30th day
(or, if later, the date of the most recent list of Holders required to be
provided pursuant to Section 2.05 hereof) prior to such first solicitation
or vote, as the case may be.  With regard
to any record date, only the Holders on such date (or their duly designated
proxies) shall be entitled to give or take, or vote on, the relevant action.

 

ARTICLE 2

 

THE NOTES

 

SECTION 2.01.                                                                 Form and
Dating.

 

(a)           The Notes and the Trustee’s certificate of authentication
shall be substantially in the form of Exhibit A-1 (in the case of a
2014 Note) hereto and Exhibit A-2 (in the case of a 2019 Note)
hereto, the terms of which are incorporated in and made a part hereof.  The Notes may have notations, legends or
endorsements approved as to form by the Issuers, and required by law, stock
exchange rule, agreements to which the Issuers are subject or usage.  Each Note shall be dated the date of its
authentication.  The Notes shall be
issuable only in denominations of $2,000 and integral multiples of $1,000 in
excess thereof.

 

(b)           The Notes shall initially be issued in the form of one or
more Global Notes and the Depository Trust Company (“DTC”),
its nominees, and their respective successors, shall act as the Depositary with
respect thereto.  Each Global Note shall (i) be
registered in the name of the Depositary for such Global Note or the nominee of
such Depositary, (ii) shall be delivered by the Trustee to such Depositary
or pursuant to such Depositary’s instructions, and (iii) shall bear a
legend (the “Global Note Legend”) substantially
to the following effect:

 

UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE
ISSUERS OR THEIR AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND
ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF 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.

 

15

 

THIS
NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED
TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY
OR A SUCCESSOR DEPOSITARY.  THIS NOTE IS
NOT EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN
THE DEPOSITARY OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN
THE INDENTURE, AND NO TRANSFER OF THIS NOTE (OTHER THAN A TRANSFER OF THIS NOTE
AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF
THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE
DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH
SUCCESSOR DEPOSITARY) MAY BE REGISTERED EXCEPT IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE.

 

(c)           Except as permitted by Section 2.06(g) hereof,
any Note not registered under the Securities Act shall bear the following
legend (the “Private Placement Legend”) on the
face thereof:

 

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

 

16

 

(D) PURSUANT
TO OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF
REGULATION S UNDER THE SECURITIES ACT, (E) TO AN INSTITUTIONAL “ACCREDITED
INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) UNDER
THE SECURITIES ACT THAT IS AN INSTITUTIONAL ACCREDITED INVESTOR ACQUIRING THE
SECURITY FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF SUCH AN INSTITUTIONAL
ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF THE
SECURITIES OF $250,000, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO OR FOR
OFFER OR SALE IN CONNECTION WITH ANY DISTRIBUTION IN VIOLATION OF THE
SECURITIES ACT, OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT SUBJECT TO THE ISSUERS’ AND THE
TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES
(D), (E) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL,
CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS
LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE
RESTRICTION TERMINATION DATE.

 

The Trustee must refuse to
register any transfer of a Note bearing the Private Placement Legend that would
violate the restrictions described in such legend.

 

SECTION 2.02.                                                                 Form of
Execution and Authentication.

 

An Officer shall sign the Notes for each Issuer by
manual or facsimile signature.

 

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

 

A Note shall not be valid until authenticated by the
manual signature of the Trustee.  The
signature of the Trustee shall be conclusive evidence that the Note has been authenticated
under this Indenture.

 

The Trustee shall authenticate (i) Initial
Notes for original issue on the Issue Date consisting of (x) $1.0 billion
aggregate principal amount of Initial 2014 Notes and (y) $1.0 billion aggregate
principal amount of Initial 2019 Notes, (ii) pursuant to the Exchange
Offer, Exchange Notes from time to time for issue only in exchange for a like
principal amount of Initial Notes of the applicable Series and (iii) additional
Notes of either Series for original issue after the Issue Date (such Notes
to be substantially in the form of Exhibit A-1 (in the case of 2014
Notes) hereto or Exhibit A-2 (in the case of 2019 Notes) hereto) in
an unlimited amount (and if issued with a Private Placement Legend, the same
principal amount of Exchange Notes of the applicable Series in exchange
therefor upon consummation of a registered exchange offer), in each case upon
written orders of the Issuers in the form of an Officers’ Certificate.  Each such Officers’ Certificate shall specify
the amount and Series of Notes to be authenticated, the date on which the
Notes are to be authenticated, whether the Securities are to be Initial Notes,
Exchange Notes or 

 

17

 

Notes issued under clause (iii) of
the preceding sentence and the aggregate principal amount of Notes of such Series outstanding
on the date of authentication, and shall further specify the amount of such
Notes to be issued as a Global Note or Definitive Notes.  Such Notes shall initially be in the form of
one or more Global Notes, which (i) shall represent, and shall be denominated
in an amount equal to the aggregate principal amount of, the Notes to be
issued, (ii) shall be registered in the name of the Depositary for such
Global Note or Notes or its nominee and (iii) shall be delivered by the
Trustee to the Depositary or pursuant to the Depositary’s instruction.  All Notes of a Series issued under this
Indenture shall vote and consent together on all matters as one class and no
Notes of any Series will have the right to vote or consent as a separate
class from any other Notes of such Series on any matter.

 

The Trustee may appoint an authenticating agent
acceptable to the Issuers to authenticate Notes.  Unless limited by the terms of such
appointment, an authenticating agent may authenticate Notes whenever the Trustee
may do so.  Each reference in this
Indenture to authentication by the Trustee includes authentication by such
agent.  An authenticating agent has the
same rights as an Agent to deal with the Issuers or any Affiliate of the
Issuers.

 

SECTION 2.03.                                                                 Registrar and
Paying Agent.

 

The Issuers shall maintain (i) an office or
agency where Notes may be presented for registration of transfer or for
exchange (including any co-registrar, the “Registrar”) and
(ii) an office or agency where Notes may be presented for payment (“Paying Agent”).  The
Registrar shall keep a register of the Notes and of their transfer and
exchange.  The Issuers may appoint one or
more co-registrars and one or more additional paying agents.  The term “Paying Agent” includes any
additional paying agent.  The Issuers may
change any Paying Agent, Registrar or co-registrar without prior notice to any
Holder of a Note.  The Issuers shall
notify the Trustee in writing and the Trustee shall notify the Holders of the
Notes of the name and address of any Agent not a party to this Indenture.  The Issuers may act as Paying Agent,
Registrar or co-registrar.  The Issuers
shall enter into an appropriate agency agreement with any Agent not a party to
this Indenture, which shall incorporate the provisions of the TIA.  The agreement shall implement the provisions
hereof that relate to such Agent.  The
Issuers shall notify the Trustee in writing of the name and address of any such
Agent.  If the Issuers fail to maintain a
Registrar or Paying Agent, or fail to give the foregoing notice, the Trustee
shall act, at the written direction of the Issuers, as such, and shall be
entitled to appropriate compensation in accordance with Section 7.07
hereof.

 

The Issuers initially appoint the Trustee as
Registrar, Paying Agent and agent for service of notices and demands in
connection with the Notes.

 

SECTION 2.04.                                                                 Paying Agent To
Hold Money in Trust.

 

The Issuers shall require each Paying Agent other
than the Trustee to agree in writing that the Paying Agent shall hold in trust
for the benefit of the Holders of the Notes of any Series or the Trustee
all money held by the Paying Agent for the payment of principal of, premium, if
any, and interest on the Notes of such Series, and shall notify the Trustee in
writing of any Default by the Issuers in making any such payment.  While any such Default continues, the Trustee
may require a Paying Agent to pay all money held by it to the Trustee.  The Issuers at any time may require a Paying
Agent to pay all money held by it to the Trustee.  Upon payment over to the Trustee, the Paying
Agent (if other than an Issuer) shall have no further liability for the money
delivered to the Trustee.  If an Issuer
acts as Paying Agent, it shall segregate and hold in a separate trust fund for
the benefit of the Holders of the applicable Series all money held by them
as Paying Agent for such Series.

 

18

 

SECTION 2.05.                                                                 Lists of
Holders of the Notes.

 

The Trustee shall preserve in as current a form as
is reasonably practicable the most recent list available to it of the names and
addresses of Holders of the Notes of each Series and shall otherwise
comply with TIA § 312(a).  If the Trustee
is not the Registrar, the Issuers shall furnish to the Trustee at least seven
Business Days before each interest payment date and at such other times as the
Trustee may request in writing a list in such form and as of such date as the
Trustee may reasonably require of the names and addresses of Holders of the
Notes of each Series, including the aggregate principal amount of the Notes of
such Series held by each thereof, and the Issuers shall otherwise comply
with TIA § 312(a).

 

SECTION 2.06.                                                                 Transfer and
Exchange.

 

(a)                                  Transfer
and Exchange of Global Notes.  A Global Note
may not be transferred as a whole except by the Depositary to a nominee of the
Depositary, by a nominee of the Depositary to the Depositary or to another
nominee of the Depositary, or by the Depositary or any such nominee to a
successor Depositary or a nominee of such successor Depositary.  Beneficial interests in Global Notes will be
exchanged by the Issuers for Definitive Notes of the same Series, subject to
any applicable laws, if (i) requested by a Holder of a beneficial
ownership in the Global Notes or (ii) the Issuers deliver to the Trustee
notice from the Depositary that it is unwilling or unable to continue to act as
Depositary and a successor Depositary is not appointed by the Issuers within 90
days after the date of such written notice from the Depositary.  In any such case, the Issuers will notify the
Trustee in writing that, upon surrender by the Direct Participants and Indirect
Participants of their interest in such Global Note, Certificated Notes of the
same Series will be issued to each Person that such Direct Participants
and Indirect Participants and DTC identify as being the beneficial owner of the
related Notes.  Global Notes also may be
exchanged or replaced, in whole or in part, as provided in Sections 2.07 and
2.10 hereof.  Every Note authenticated
and delivered in exchange for, or in lieu of, a Global Note or any portion
thereof, pursuant to this Section 2.06 or Section 2.07 or 2.10
hereof, shall be authenticated and delivered in the form of, and shall be, a
Global Note of the same Series.  A Global
Note may not be exchanged for another Note other than as provided in this Section 2.06.  However, beneficial interests in a Global
Note may be transferred and exchanged as provided in paragraph (b), (c) or
(f) below.

 

(b)                                 Transfer
and Exchange of Beneficial Interests in the Global Notes.  The transfer and exchange of beneficial
interests in the Global Notes shall be effected through the Depositary, in
accordance with the provisions hereof and the Applicable Procedures.  Beneficial interests in the Restricted Global
Notes shall be subject to restrictions on transfer comparable to those set
forth in this Indenture to the extent required by the Securities Act.  Transfers of beneficial interests in the
Global Notes also shall require compliance with either subparagraph (i) or
(ii) below, as applicable, as well as one or more of the other following
subparagraphs, as applicable:

 

19

 

(i)                                   Transfer
of Beneficial Interests in the Same Global Note.  Beneficial interests in any Restricted Global
Note may be transferred to Persons who take delivery thereof in the form of a
beneficial interest in the same Restricted Global Note in accordance with the
transfer restrictions set forth in the Private Placement Legend; provided, however, that prior to the expiration of the
Restricted Period, no transfer of beneficial interests in a Regulation S Global
Note may be made to a U.S. Person or for the account or benefit of a U.S.
Person (other than an Initial Purchaser) unless permitted by applicable law and
made in compliance with subparagraphs (ii) and (iii) below.  Beneficial interests in any Unrestricted
Global Note may be transferred to Persons who take delivery thereof in the form
of a beneficial interest in an Unrestricted Global Note of the same
Series.  No written orders or
instructions shall be required to be delivered to the Registrar to effect the
transfers described in this subparagraph (i) unless specifically stated
above.

 

(ii)                                All
Other Transfers and Exchanges of Beneficial Interests in Global Notes.  In connection with all transfers and
exchanges of beneficial interests that are not subject to subparagraph (i) above,
the transferor of such beneficial interest must deliver to the Registrar either
(A) (1) a written order from a Participant or an Indirect Participant
given to the Depositary in accordance with the Applicable Procedures directing
the Depositary to credit or cause to be credited a beneficial interest in
another Global Note of the same Series in an amount equal to the
beneficial interest to be transferred or exchanged and (2) instructions
given in accordance with the Applicable Procedures containing information
regarding the Participant account to be credited with such increase or, (B) (1) if
Definitive Notes are at such time permitted to be issued pursuant to this
Indenture, a written order from a Participant or an Indirect Participant given
to the Depositary in accordance with the Applicable Procedures directing the
Depositary to cause to be issued a Definitive Note of the same Series in
an amount equal to the beneficial interest to be transferred or exchanged and (2) instructions
given by the Depositary to the Registrar containing information regarding the
Person in whose name such Definitive Note shall be registered to effect the
transfer or exchange referred to in (1) above.  Upon consummation of an Exchange Offer by the
Issuers in accordance with paragraph (f) below, the requirements of this
subparagraph (ii) shall be deemed to have been satisfied upon receipt by
the Registrar of the instructions contained in the Letter of Transmittal
delivered by the Holder of such beneficial interests in the Restricted Global
Notes.  Upon satisfaction of all of the requirements
for transfer or exchange of beneficial interests in Global Notes contained in
this Indenture and the Notes or otherwise applicable under the Securities Act,
the Trustee shall adjust the principal amount of the relevant Global Note(s) pursuant
to paragraph (h) below.

 

(iii)                             Transfer
of Beneficial Interests to Another Restricted Global Note.  A beneficial interest in any Restricted
Global Note may be transferred to a Person who takes delivery thereof in the
form of a beneficial interest in another Restricted Global Note if the transfer
complies with the requirements of subparagraph (ii) above and the
Registrar receives the following:

 

(A)                              if the
transferee will take delivery in the form of a beneficial interest in the 144A
Global Note, then the transferor must deliver a certificate in the form of Exhibit C-1
(in the case of a 2014 Note) hereto or Exhibit C-2 (in the case of
a 2019 Note) hereto, including the certifications in item (1) thereof; and

 

20

 

(B)                                if the
transferee will take delivery in the form of a beneficial interest in the
Regulation S Global Note, then the transferor must deliver a certificate in the
form of Exhibit C-1 (in the case of a 2014 Note) hereto or Exhibit C-2
(in the case of a 2019 Note) hereto, including the certifications in item (2) thereof.

 

(iv)                            Transfer
and Exchange of Beneficial Interests in a Restricted Global Note for Beneficial
Interests in an Unrestricted Global Note.  A beneficial interest in any Restricted
Global Note may be exchanged by any Holder thereof for a beneficial interest in
an Unrestricted Global Note of the same Series or transferred to a Person
who takes delivery thereof in the form of a beneficial interest in an
Unrestricted Global Note of such Series if the exchange or transfer
complies with the requirements of subparagraph (ii) above and

 

(A)                            such exchange
or transfer is effected pursuant to the Exchange Offer in accordance with the
Registration Rights Agreement and the Holder of the beneficial interest to be
transferred, in the case of an exchange, or the transferee, in the case of a
transfer, certifies in the applicable Letter of Transmittal that it is not (1) a
broker-dealer, (2) a Person participating in the distribution of the Exchange
Notes or (3) a Person who is an “affiliate” (as defined in Rule 144)
of the Issuers;

 

(B)                              such transfer
is effected pursuant to a Shelf Registration Statement in accordance with the
Registration Rights Agreement;

 

(C)                              such transfer
is effected by a Broker-Dealer pursuant to an Exchange Offer Registration
Statement in accordance with the Registration Rights Agreement; or

 

(D)                             the Registrar
receives the following:

 

(y)           if the Holder of
such beneficial interest in a Restricted Global Note proposes to exchange such
beneficial interest for a beneficial interest in an Unrestricted Global Note, a
certificate from such Holder in the form of Exhibit D-1 (in the
case of a 2014 Note) hereto or Exhibit D-2 (in the case of a 2019
Note) hereto, including the certifications in item (1)(a) thereof, or

 

(z)            if the Holder of
such beneficial interest in a Restricted Global Note proposes to transfer such
beneficial interest to a Person who shall take delivery thereof in the form of
a beneficial interest in an Unrestricted Global Note, a certificate from such
Holder in the form of Exhibit C-1 (in the case of a 2014 Note)
hereto or Exhibit C-2 (in the case of a 2019 Note) hereto,
including the certifications in item (4) thereof;

 

21

 

and,
in each such case set forth in this subparagraph (D), if the Registrar so requests
or if the Applicable Procedures so require, an Opinion of Counsel in form
reasonably acceptable to the Registrar to the effect that such exchange or
transfer is in compliance with the Securities Act and that the restrictions on
transfer contained in this Indenture and in the Private Placement Legend are no
longer required in order to maintain compliance with the Securities Act.

 

If any such transfer is effected pursuant to
subparagraph (B) or (D) above at a time when an Unrestricted Global Note
has not yet been issued, the Issuers shall issue and, upon receipt of an
Authentication Order in accordance with Section 2.02 hereof, the Trustee
shall authenticate one or more Unrestricted Global Notes in an aggregate
principal amount equal to the aggregate principal amount of beneficial
interests transferred pursuant to subparagraph (B) or (D) above.

 

Beneficial interests in an Unrestricted Global Note
cannot be exchanged for, or transferred to Persons who take delivery thereof in
the form of, a beneficial interest in a Restricted Global Note.

 

(c)                                  Transfer
or Exchange of Beneficial Interests for Definitive Notes.

 

(i)            Beneficial Interests in
Restricted Global Notes to Restricted Definitive Notes.  If any Holder of a beneficial interest in a Restricted
Global Note proposes to exchange such beneficial interest for a Restricted
Definitive Note or to transfer such beneficial interest to a Person who takes
delivery thereof in the form of a Restricted Definitive Note, then, upon
receipt by the Registrar of the following documentation:

 

(A)                              if the Holder
of such beneficial interest in a Restricted Global Note proposes to exchange
such beneficial interest for a Restricted Definitive Note, a certificate from
such Holder in the form of Exhibit D-1 (in the case of a 2014 Note)
hereto or Exhibit D-2 (in the case of a 2019 Note) hereto,
including the certifications in item (2)(a) thereof;

 

(B)                                if such
beneficial interest is being transferred to a QIB in accordance with Rule 144A
under the Securities Act, a certificate to the effect set forth in Exhibit C-1
(in the case of a 2014 Note) hereto or Exhibit C-2 (in the case of
a 2019 Note) hereto, including the certifications in item (1) thereof;

 

(C)                                if such
beneficial interest is being transferred to a Non-U.S. Person in an offshore
transaction in accordance with Rule 903 or Rule 904 under the
Securities Act, a certificate to the effect set forth in Exhibit C-1
(in the case of a 2014 Note) hereto or Exhibit C-2 (in the case of
a 2019 Note) hereto, including the certifications in item (2) thereof;

 

(D)                               if such
beneficial interest is being transferred pursuant to an exemption from the
registration requirements of the Securities Act in accordance with Rule 144
under the Securities Act, a certificate to the effect set forth in Exhibit C-1
(in the case of a 2014 Note) hereto or Exhibit C-2 (in the case of
a 2019 Note) hereto, including the certifications in item (3)(a) thereof;

 

22

 

(E)                                 if such
beneficial interest is being transferred to the Issuers or any of their
Subsidiaries, a certificate to the effect set forth in Exhibit C-1
(in the case of a 2014 Note) hereto or Exhibit C-2 (in the case of
a 2019 Note) hereto, including the certifications in item (3)(b) thereof;
or

 

(F)                                 if such
beneficial interest is being transferred pursuant to an effective registration
statement under the Securities Act, a certificate to the effect set forth in Exhibit C-1
(in the case of a 2014 Note) hereto or Exhibit C-2 (in the case of
a 2019 Note) hereto, including the certifications in item (3)(c) thereof,

 

the Trustee shall cause the
aggregate principal amount of the applicable Global Note to be reduced
accordingly pursuant to paragraph (h) below, and the Issuers shall execute
and the Trustee shall authenticate and deliver to the Person designated in the
instructions a Restricted Definitive Note of the same Series in the
appropriate principal amount.  Any
Restricted Definitive Note issued in exchange for a beneficial interest in a
Restricted Global Note pursuant to this paragraph (c) shall be registered
in such name or names and in such authorized denomination or denominations as
the Holder of such beneficial interest shall instruct the Registrar through
instructions from the Depositary and the Participant or Indirect
Participant.  The Trustee shall deliver
such Restricted Definitive Notes to the Persons in whose names such Notes are
so registered.  Any Restricted Definitive
Note issued in exchange for a beneficial interest in a Restricted Global Note
pursuant to this subparagraph (i) shall bear the Private Placement Legend
and shall be subject to all restrictions on transfer contained therein.

 

(ii)                                  Beneficial
Interests in Restricted Global Notes to Unrestricted Definitive Notes.  A Holder of a beneficial interest in a
Restricted Global Note may exchange such beneficial interest for an
Unrestricted Definitive Note of the same Series or may transfer such beneficial
interest to a Person who takes delivery thereof in the form of an Unrestricted
Definitive Note of such Series only if

 

(A)                              such exchange
or transfer is effected pursuant to an Exchange Offer in accordance with the
Registration Rights Agreement and the Holder of such beneficial interest, in
the case of an exchange, or the transferee, in the case of a transfer,
certifies in the applicable Letter of Transmittal that it is not (1) a
broker-dealer, (2) a Person participating in the distribution of the
Exchange Notes or (3) a Person who is an “affiliate” (as defined in Rule 144)
of the Issuers;

 

(B)                                such transfer
is effected pursuant to a Shelf Registration Statement in accordance with the
Registration Rights Agreement;

 

(C)                                such transfer
is effected by a Broker-Dealer pursuant to the Exchange Offer Registration
Statement in accordance with the Registration Rights Agreement; or

 

(D)                               the Registrar
receives the following:

 

(y)        if the Holder of such
beneficial interest in a Restricted Global Note proposes to exchange such
beneficial interest for a Definitive Note that does not bear the Private
Placement Legend, a certificate from such Holder in the form of Exhibit D-1
(in the case of a 2014 Note) hereto or Exhibit D-2 (in the case of
a 2019 Note) hereto, including the certifications in item (1)(b) thereof;
or

 

23

 

(z)         if the Holder of such
beneficial interest in a Restricted Global Note proposes to transfer such
beneficial interest to a Person who shall take delivery thereof in the form of
a Definitive Note that does not bear the Private Placement Legend, a certificate
from such Holder in the form of Exhibit C-1 (in the case of a 2014
Note) hereto or Exhibit C-2 (in the case of a 2019 Note) hereto,
including the certifications in item (4) thereof,

 

and,
in each such case set forth in this subparagraph (D), if the Registrar so
requests or if the Applicable Procedures so require, an Opinion of Counsel in
form reasonably acceptable to the Registrar to the effect that such exchange or
transfer is in compliance with the Securities Act and that the restrictions on
transfer contained in this Indenture and in the Private Placement Legend are no
longer required in order to maintain compliance with the Securities Act.

 

If any such transfer is effected pursuant to
subparagraph (B) or (D) above at a time when an Unrestricted Global
Note of the applicable Series has not yet been issued, the Issuers shall
issue and, upon receipt of an Authentication Order in accordance with Section 2.02
hereof, the Trustee shall authenticate one or more Unrestricted Global Notes of
such Series in an aggregate principal amount equal to the aggregate
principal amount of beneficial interests transferred pursuant to subparagraph (B) or
(D) above.

 

(iii)          Beneficial Interests in
Unrestricted Global Notes to Unrestricted Definitive Notes.  If any Holder of a beneficial interest in an
Unrestricted Global Note proposes to exchange such beneficial interest for a
Definitive Note or to transfer such beneficial interest to a Person who takes
delivery thereof in the form of a Definitive Note, then, upon satisfaction of
the conditions set forth in subparagraph (b)(ii) above, the Trustee shall
cause the aggregate principal amount of the applicable Global Note to be
reduced accordingly pursuant to paragraph (h) below, and the Issuers shall
execute and the Trustee shall authenticate and deliver to the Person designated
in the instructions a Definitive Note of such Series in the appropriate
principal amount.  Any Definitive Note
issued in exchange for a beneficial interest pursuant to this subparagraph (c)(iii) shall
be registered in such name or names and in such authorized denomination or
denominations as the Holder of such beneficial interest shall instruct the
Registrar through instructions from the Depositary and the Participant or
Indirect Participant.  The Trustee shall
deliver such Definitive Notes to the Persons in whose names such Notes are so
registered.  Any Definitive Note issued
in exchange for a beneficial interest pursuant to this subparagraph (c)(iii) shall
not bear the Private Placement Legend.

 

(d)                                 Transfer
and Exchange of Definitive Notes for Beneficial Interests.

 

(i)            Restricted Definitive
Notes to Beneficial Interests in Restricted Global Notes.  If any Holder of a Restricted Definitive Note
proposes to exchange such Note for a beneficial interest in a Restricted Global
Note or to transfer such Restricted Definitive Notes to a Person who takes
delivery thereof in the form of a beneficial interest in a Restricted Global
Note, then, upon receipt by the Registrar of the following documentation:

 

24

 

(A)                              if the Holder
of such Restricted Definitive Note proposes to exchange such Note for a
beneficial interest in a Restricted Global Note, a certificate from such Holder
in the form of Exhibit D-1 (in the case of a 2014 Note) hereto or Exhibit D-2
(in the case of a 2019 Note) hereto, including the certifications in item (2)(b) thereof;

 

(B)                                if such
Restricted Definitive Note is being transferred to a QIB in accordance with Rule 144A
under the Securities Act, a certificate to the effect set forth in Exhibit C-1
(in the case of a 2014 Note) hereto or Exhibit C-2 (in the case of
a 2019 Note) hereto, including the certifications in item (1) thereof; or

 

(C)                                if such
Restricted Definitive Note is being transferred to a Non-U.S. Person in an
offshore transaction in accordance with Rule 903 or Rule 904 under
the Securities Act, a certificate to the effect set forth in Exhibit C-1
(in the case of a 2014 Note) hereto or Exhibit C-2 (in the case of
a 2019 Note) hereto, including the certifications in item (2) thereof,

 

the Trustee shall cancel the
Restricted Definitive Note, increase or cause to be increased the aggregate
principal amount of, in the case of clause (A) above, the appropriate
Restricted Global Note of such Series, in the case of clause (B) above,
the 144A Global Note of such Series, and in the case of clause (C) above,
the Regulation S Global Note of such Series.

 

(ii)                                  Restricted
Definitive Notes to Beneficial Interests in Unrestricted Global Notes.  A Holder of a Restricted Definitive Note may
exchange such Note for a beneficial interest in an Unrestricted Global Note of
such Series or transfer such Restricted Definitive Note to a Person who
takes delivery thereof in the form of a beneficial interest in an Unrestricted
Global Note of such Series only if

 

(A)                              such exchange
or transfer is effected pursuant to the Exchange Offer in accordance with the
Registration Rights Agreement and the Holder, in the case of an exchange, or
the transferee, in the case of a transfer, certifies in the applicable Letter
of Transmittal that it is not (1) a broker-dealer, (2) a Person
participating in the distribution of the Exchange Notes or (3) a Person
who is an “affiliate” (as defined in Rule 144) of the Issuers;

 

(B)                                such transfer
is effected pursuant to a Shelf Registration Statement in accordance with the
Registration Rights Agreement;

 

(C)                                such transfer
is effected by a Broker-Dealer pursuant to an Exchange Offer Registration
Statement in accordance with the Registration Rights Agreement; or

 

(D)                               the Registrar
receives the following:

 

(y)                                 if the Holder
of such Definitive Notes proposes to exchange such Notes for a beneficial
interest in the Unrestricted Global Note, a certificate from such Holder in the
form of Exhibit D-1 (in the case of a 2014 Note) hereto or Exhibit D-2
(in the case of a 2019 Note) hereto, including the certifications in item (1)(c) thereof;
or

 

25

 

(z)                                   if the Holder
of such Definitive Notes proposes to transfer such Notes to a Person who shall
take delivery thereof in the form of a beneficial interest in the Unrestricted
Global Note of such Series, a certificate from such Holder in the form of Exhibit C-1
(in the case of a 2014 Note) hereto or Exhibit C-2 (in the case of
a 2019 Note) hereto, including the certifications in item (4) thereof;

 

and,
in each such case set forth in this subparagraph (D), if the Registrar so
requests or if the Applicable Procedures so require, an Opinion of Counsel in
form reasonably acceptable to the Registrar to the effect that such exchange or
transfer is in compliance with the Securities Act and that the restrictions on
transfer contained in this Indenture and in the Private Placement Legend are no
longer required in order to maintain compliance with the Securities Act.

 

Upon satisfaction of the conditions of any of the
subparagraphs in this subparagraph (d)(ii), the Trustee shall cancel the
Definitive Notes and increase or cause to be increased the aggregate principal
amount of the Unrestricted Global Note of such Series.

 

(iii)                               Unrestricted
Definitive Notes to Beneficial Interests in Unrestricted Global Notes.  A Holder of an Unrestricted Definitive Note
may exchange such Note for a beneficial interest in an Unrestricted Global Note
of such Series or transfer such Unrestricted Definitive Notes to a Person
who takes delivery thereof in the form of a beneficial interest in an Unrestricted
Global Note of such Series at any time. 
Upon receipt of a request for such an exchange or transfer, the Trustee
shall cancel the applicable Unrestricted Definitive Note and increase or cause
to be increased the aggregate principal amount of one of the Unrestricted
Global Notes of such Series.

 

If any such exchange or transfer from an
Unrestricted Definitive Note or a Restricted Definitive Note, as the case may
be, to a beneficial interest is effected pursuant to subparagraphs (ii)(B),
(ii)(D) or (iii) above at a time when an Unrestricted Global Note has
not yet been issued, the Issuers shall issue and, upon receipt of an
Authentication Order in accordance with Section 2.02 hereof, the Trustee
shall authenticate one or more Unrestricted Global Notes of the applicable Series in
an aggregate principal amount equal to the principal amount of Unrestricted
Definitive Notes or Restricted Definitive Notes, as the case may be, so
transferred.

 

(e)                                  Transfer
and Exchange of Definitive Notes for Definitive Notes.  Upon request by a Holder of Definitive Notes
and such Holder’s compliance with the provisions of this paragraph (e), the
Registrar shall register the transfer or exchange of Definitive Notes.  Prior to such registration of transfer or
exchange, the requesting Holder shall present or surrender to the Registrar the
Definitive Notes duly endorsed or accompanied by a written instruction of
transfer in form satisfactory to the Registrar duly executed by such Holder or
by its attorney, duly authorized in writing. 
In addition, the requesting Holder shall provide any additional
certifications, documents and information, as applicable, required pursuant to
the following provisions of this paragraph (e).

 

26

 

(i)                                     Restricted
Definitive Notes to Restricted Definitive Notes.  Any Restricted Definitive Note may be
transferred to and registered in the name of a Person who takes delivery
thereof in the form of a Restricted Definitive Note of such Series if the
Registrar receives the following:

 

(A)                              if the transfer
will be made pursuant to Rule 144A under the Securities Act, then the
transferor must deliver a certificate in the form of Exhibit C-1
(in the case of a 2014 Note) hereto or Exhibit C-2 (in the case of
a 2019 Note) hereto, including the certifications in item (1) thereof;

 

(B)                                if the transfer
will be made pursuant to Rule 903 or Rule 904, then the transferor must
deliver a certificate in the form of Exhibit C-1 (in the case of a
2014 Note) hereto or Exhibit C-2 (in the case of a 2019 Note)
hereto, including the certifications in item (2) thereof; and

 

(C)                                if the transfer
will be made pursuant to any other exemption from the registration requirements
of the Securities Act, then the transferor must deliver a certificate in the
form of Exhibit C-1 (in the case of a due 2014 Note) hereto or Exhibit C-2
(in the case of a 2019 Note) hereto, including, if the Registrar so requests, a
certification or Opinion of Counsel in form reasonably acceptable to the
Issuers to the effect that such transfer is in compliance with the Securities
Act.

 

(ii)                                  Restricted
Definitive Notes to Unrestricted Definitive Notes.  Any Restricted Definitive Note may be
exchanged by the Holder thereof for an Unrestricted Definitive Note of such Series or
transferred to a Person or Persons who take delivery thereof in the form of an
Unrestricted Definitive Note of such Series if

 

(A)                              such exchange
or transfer is effected pursuant to an Exchange Offer in accordance with the
Registration Rights Agreement and the Holder, in the case of an exchange, or
the transferee, in the case of a transfer, certifies in the applicable Letter
of Transmittal that it is not (1) a broker-dealer, (2) a Person participating
in the distribution of the Exchange Notes or (3) a Person who is an “affiliate”
(as defined in Rule 144) of the Issuers;

 

(B)                                any such
transfer is effected pursuant to a Shelf Registration Statement in accordance
with the Registration Rights Agreement;

 

(C)                                any such
transfer is effected by a Broker-Dealer pursuant to an Exchange Offer
Registration Statement in accordance with the Registration Rights Agreement; or

 

(D)                               the Registrar
receives the following:

 

(y)                                 if the Holder
of such Restricted Definitive Notes proposes to exchange such Notes for an
Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit D-1
(in the case of a 2014 Note) hereto or Exhibit D-2 (in the case of
a 2019 Note) hereto, including the certifications in item (1)(d) thereof;
or

 

27

 

(z)                                   if the Holder
of such Restricted Definitive Notes proposes to transfer such Notes to a Person
who shall take delivery thereof in the form of an Unrestricted Definitive Note,
a certificate from such Holder in the form of Exhibit C-1 (in the
case of a 2014 Note) hereto or Exhibit C-2 (in the case of a 2019
Note) hereto, including the certifications in item (4) thereof;

 

and,
in each such case set forth in this subparagraph (D), if the Registrar so requests,
an Opinion of Counsel in form reasonably acceptable to the Issuers to the
effect that such exchange or transfer is in compliance with the Securities Act
and that the restrictions on transfer contained in this Indenture and in the Private
Placement Legend are no longer required in order to maintain compliance with
the Securities Act.

 

(iii)                               Unrestricted
Definitive Notes to Unrestricted Definitive Notes.  A Holder of Unrestricted Definitive Notes may
transfer such Notes to a Person who takes delivery thereof in the form of an
Unrestricted Definitive Note of such Series. 
Upon receipt of a request to register such a transfer, the Registrar
shall register the Unrestricted Definitive Notes pursuant to the instructions
from the Holder thereof.

 

(f)                                    Exchange
Offer.  Upon the occurrence of an
Exchange Offer for any Series of Notes in accordance with the Registration
Rights Agreement, the Issuers shall issue and, upon receipt of an Authentication
Order in accordance with Section 2.02 hereof, the Trustee shall authenticate
(i) one or more Unrestricted Global Notes of such Series in an
aggregate principal amount equal to the principal amount of the beneficial
interests in the Restricted Global Notes of such Series tendered for
acceptance by Persons that make the certifications in the applicable Letters of
Transmittal required by Section 2(a) of the Registration Rights
Agreement, and accepted for exchange in an Exchange Offer and (ii) Definitive
Notes of such Series in an aggregate principal amount equal to the
principal amount of the Restricted Definitive Notes of such Series accepted
for exchange in an Exchange Offer.  Concurrently
with the issuance of such Notes, the Trustee shall cause the aggregate
principal amount of the applicable Restricted Global Notes of such Series to
be reduced accordingly, and the Issuers shall execute and the Trustee shall
authenticate and deliver to the Persons designated by the Holders of Restricted
Definitive Notes so accepted Unrestricted Definitive Notes of such Series in
the appropriate principal amount.

 

(g)                                 Legends.  The following legends shall appear on the
face of all Global Notes and Definitive Notes issued under this Indenture
unless specifically stated otherwise in the applicable provisions hereof.

 

(i)                                     Private
Placement Legend.

 

(A)                              Except as
permitted by subparagraph (B) below, each Global Note (other than an
Unrestricted Global Note) and each Definitive Note (and all Notes issued in exchange
therefor or substitution thereof) shall bear the Private Placement Legend.

 

(B)                                Notwithstanding
the foregoing, any Global Note or Definitive Note issued pursuant to
subparagraphs (b)(iv), (c)(ii), (c)(iii), (d)(ii), (d)(iii), (e)(ii), (e)(iii) or
(f) of this Section 2.06 (and all Notes issued in exchange therefor
or substitution thereof) shall not bear the Private Placement Legend.

 

28

 

(ii)                                  Global
Note Legend.  Each Global
Note shall bear the Global Note Legend.

 

(h)                                 Cancellation
and/or Adjustment of Global Notes.  At such time as all beneficial interests in a
particular Global Note have been exchanged for Definitive Notes or a particular
Global Note has been redeemed, repurchased or canceled in whole and not in
part, each such Global Note shall be returned to or retained and canceled by
the Trustee in accordance with Section 2.11 hereof.  At any time prior to such cancellation, if
any beneficial interest in a Global Note is exchanged for or transferred to a
Person who will take delivery thereof in the form of a beneficial interest in
another Global Note or for Definitive Notes, the principal amount of Notes
represented by such Global Note shall be reduced accordingly and an endorsement
shall be made on such Global Note by the Trustee or by the Depositary at the
direction of the Trustee to reflect such reduction; and if the beneficial
interest is being exchanged for or transferred to a Person who will take
delivery thereof in the form of a beneficial interest in another Global Note,
such other Global Note shall be increased accordingly and an endorsement shall
be made on such Global Note by the Trustee or by the Depositary at the
direction of the Trustee to reflect such increase.

 

(i)                                     General
Provisions Relating to Transfers and Exchanges.

 

(i)                                     To permit
registrations of transfers and exchanges, the Issuers shall execute and the
Trustee shall authenticate Global Notes and Definitive Notes upon the Issuers’
order or at the Registrar’s request.

 

(ii)                                  No service
charge shall be made to a Holder of a beneficial interest in a Global Note or
to a Holder of a Definitive Note for any registration of transfer or exchange,
but the Issuers may require payment of a sum sufficient to cover any transfer
tax or similar governmental charge payable in connection therewith (other than
any such transfer taxes or similar governmental charge payable upon exchange or
transfer pursuant to Sections 2.10, 3.06 and 9.05 hereof).

 

(iii)                               The Registrar
shall not be required to register the transfer of or exchange any Note selected
for redemption in whole or in part, except the unredeemed portion of any Note
being redeemed in part.

 

(iv)                              All Global
Notes and Definitive Notes issued upon any registration of transfer or exchange
of Global Notes or Definitive Notes shall be the valid obligations of the
Issuers, evidencing the same debt, and entitled to the same benefits hereof, as
the Global Notes or Definitive Notes surrendered upon such registration of
transfer or exchange.

 

(v)                                 The Issuers
shall not be required (A) to issue, to register the transfer of or to
exchange any Notes of a Series during a period beginning at the opening of
business on a Business Day 15 days before the day of any selection of Notes of
such Series for redemption under Section 3.02 hereof and ending at
the close of business on the day of selection or (B) to register the
transfer of or to exchange any Note so selected for redemption in whole or in
part, except the unredeemed portion of any Note being redeemed in part.

 

29

 

(vi)                              Prior to due
presentment for the registration of a transfer of any Note, the Trustee, any
Agent and the Issuers may deem and treat the Person in whose name any Note is
registered as the absolute owner of such Note for the purpose of receiving payment
of principal of and interest on such Notes and for all other purposes, and none
of the Trustee, any Agent or the Issuers shall be affected by notice to the contrary.

 

(vii)                           The Trustee
shall authenticate Global Notes and Definitive Notes in accordance with the
provisions of Section 2.02 hereof.

 

(viii)                        All
certifications, certificates and Opinions of Counsel required to be submitted
to the Registrar pursuant to this Section 2.06 to effect a registration of
transfer or exchange may be submitted by facsimile.

 

SECTION 2.07.                                         Replacement
Notes.

 

If any mutilated Note is surrendered to the Trustee,
or the Issuers and the Trustee receive evidence to their satisfaction of the
destruction, loss or theft of any Note, the Issuers shall issue and the
Trustee, upon the written order of the Issuers signed by two Officers of each
Issuer, shall authenticate a replacement Note of such Series if the
Trustee’s requirements for replacements of Notes are met.  If required by the Trustee or the Issuers, an
indemnity bond must be supplied by the Holder that is sufficient in the
judgment of the Trustee and the Issuers to protect the Issuers, the Trustee,
any Agent or any authenticating agent from any loss which any of them may
suffer if a Note is replaced.  The
Issuers and the Trustee may charge for its expenses in replacing a Note.

 

Every replacement Note is a joint and several
obligation of the Issuers.

 

SECTION 2.08.                                         Outstanding
Notes.

 

The Notes outstanding at any time of any Series are
all the Notes of such Series authenticated by the Trustee except for those
canceled by it, those delivered to it for cancellation and those described in
this Section 2.08 as not outstanding.

 

If a Note is replaced pursuant to Section 2.07
hereof, it ceases to be outstanding unless the Trustee receives proof
satisfactory to it that the replaced Note is held by a protected purchaser.

 

If the principal amount of any Note is considered
paid under Section 4.01 hereof, it shall cease to be outstanding and
interest on it shall cease to accrue.

 

Subject to Section 2.09 hereof, a Note does not
cease to be outstanding because the Issuers, a Subsidiary of the Issuers or an
Affiliate of the Issuers holds the Note.

 

30

 

SECTION 2.09.                                         Treasury Notes.

 

In determining whether the Holders of the required
principal amount of Notes of any Series have concurred in any direction,
waiver or consent, Notes owned by the Issuers, any Subsidiary of the Issuers or
any Affiliate of the Issuers shall be considered as though not outstanding,
except that for purposes of determining whether the Trustee shall be protected
in relying on any such direction, waiver or consent, only Notes which a
Responsible Officer knows to be so owned shall be so considered.  Notwithstanding the foregoing, Notes that are
to be acquired by the Issuers, any Subsidiary of the Issuers or an Affiliate of
the Issuers pursuant to an exchange offer, tender offer or other agreement
shall not be deemed to be owned by the Issuers, a Subsidiary of the Issuers or
an Affiliate of the Issuers until legal title to such Notes passes to the
Issuers, such Subsidiary or such Affiliate, as the case may be.

 

SECTION 2.10.                                         Temporary
Notes.

 

Until definitive Notes are ready for delivery, the
Issuers may prepare and the Trustee shall authenticate temporary Notes.  Temporary Notes shall be substantially in the
form of definitive Notes but may have variations that the Issuers and the
Trustee consider appropriate for temporary Notes.  Without unreasonable delay, the Issuers shall
prepare and the Trustee, upon receipt of the written order of the Issuers
signed by two Officers of the Issuers, shall authenticate definitive Notes of a
Series in exchange for temporary Notes of such Series.  Until such exchange, temporary Notes of a Series shall
be entitled to the same rights, benefits and privileges as definitive Notes of
such Series.

 

SECTION 2.11.                                         Cancellation.

 

The Issuers at any time may deliver Notes to the
Trustee for cancellation.  The Registrar
and Paying Agent shall forward to the Trustee any Notes surrendered to them for
registration of transfer, exchange or payment. 
The Trustee shall cancel all Notes surrendered for registration of
transfer, exchange, payment, replacement or cancellation and shall dispose of
all canceled Notes in its customary manner (subject to the record retention
requirement of the Exchange Act), unless the Issuers direct canceled Notes to
be returned to them.  The Issuers may not
issue new Notes to replace Notes that they have redeemed or paid or that have
been delivered to the Trustee for cancellation. 
All canceled Notes held by the Trustee shall be disposed of and
certification of their disposal delivered to the Issuers upon their request
therefor, unless by a written order, signed by two Officers of the Issuers, the
Issuers shall direct that canceled Notes be returned to them.

 

SECTION 2.12.                                         Defaulted
Interest.

 

If the Issuers default in a payment of interest on
the Notes of a Series, they shall pay the defaulted interest in any lawful
manner plus, to the extent lawful, interest payable on the defaulted interest,
to the Persons who are Holders of such Series of Notes on a subsequent
special record date, which date shall be at the earliest practicable date but
in all events at least five Business Days prior to the payment date, in each
case at the rate provided in the Notes of such Series.  The Issuers shall, with the consent of the
Trustee, fix or cause to be fixed each such special record date and payment
date.  At least 15 days before the
special record date, the Issuers (or the

 

31

 

Trustee, in the name of and
at the expense of the Issuers) shall mail to Holders of the Notes of the
applicable Series a notice that states the special record date, the
related payment date and the amount of such interest to be paid.

 

SECTION 2.13.                                         Record Date.

 

The record date for purposes of determining the
identity of Holders of the Notes entitled to vote or consent to any action by
vote or consent authorized or permitted under this Indenture shall be
determined as provided for in TIA § 316(c).

 

SECTION 2.14.                                         CUSIP Number.

 

The Issuers in issuing the Notes may use a “CUSIP”
number and, if they do so, the Trustee shall use the CUSIP number in notices of
redemption or exchange as a convenience to Holders; provided
that any such notice may state that no representation is made as to the correctness
or accuracy of the CUSIP number printed in the notice or on the Notes and that
reliance may be placed only on the other identification numbers printed on the
Notes.  The Issuers shall promptly notify
the Trustee in writing of any change in the CUSIP number.

 

SECTION 2.15.                                         Joint and
Several Liability.

 

Except as otherwise expressly provided herein, the
Issuers shall be jointly and severally liable for the performance of all
obligations and covenants under this Indenture and the Notes.

 

ARTICLE 3

 

REDEMPTION

 

SECTION 3.01.                                         Notices to
Trustee.

 

If the Issuers elect to redeem Notes of a Series pursuant
to the optional redemption provisions of Section 3.07 hereof, they shall
furnish to the Trustee, at least 35 days (unless a shorter period is acceptable
to the Trustee) but not more than 60 days before a redemption date, an Officers’
Certificate of the Issuers identifying the Series of Notes to be redeemed
and setting forth (i) the redemption date, (ii) the principal amount
of Notes to be redeemed and (iii) the redemption price.

 

SECTION 3.02.                                         Selection of
Notes To Be Redeemed.

 

(a)                                  If less than
all of the Notes of any Series are to be redeemed at any time in accordance
with Section 3.07 hereof, the selection of Notes of such Series for
redemption shall be made by the Trustee in compliance with the requirements of
the principal national securities exchange, if any, on which the Notes of such Series are
listed, or if the Notes of such Series are not so listed on a pro rata basis, by lot or in accordance with any other
method the Trustee deems fair and appropriate; provided
that no Notes with a principal amount of $2,000 or less shall be redeemed in
part.  In the event of partial redemption
by lot, the particular Notes to be redeemed shall be selected, unless otherwise
provided herein, not less than 30 nor more than 60 days prior to the redemption
date by the Trustee from the outstanding Notes not previously called for redemption.

 

32

 

(b)                                 The Trustee
shall promptly notify the Issuers in writing of the Notes selected for
redemption and, in the case of any Note selected for partial redemption, the
principal amount thereof to be redeemed. 
Notes and portions of them selected shall be in amounts of $2,000 or
whole multiples of $1,000; except that if all of the Notes of a Series of
a Holder are to be redeemed, the entire outstanding amount of Notes held by
such Holder, even if not a multiple of $1,000, shall be redeemed.  Except as provided in the preceding sentence,
provisions hereof that apply to Notes called for redemption also apply to
portions of Notes called for redemption.

 

SECTION 3.03.                                         Notice of
Redemption.

 

At least 30 days but not more than 60 days before a
redemption date, the Company shall mail or cause to be mailed, by first class
mail, a notice of redemption to each Holder whose Notes are to be redeemed at
its registered address.

 

The notice shall identify the Notes to be redeemed and shall state

 

(i)                                     the redemption
date;

 

(ii)                                  the redemption
price;

 

(iii)                               if any Note is
being redeemed in part only, the portion of the principal amount of such Note
to be redeemed and that, after the redemption date upon surrender of such Note,
a new Note or Notes of such Series in principal amount equal to the unredeemed
portion shall be issued in the name of the Holder thereof upon cancellation of
the original Note;

 

(iv)                              the name and
address of the Paying Agent;

 

(v)                                 that Notes
called for redemption must be surrendered to the Paying Agent to collect the
redemption price;

 

(vi)                              that, unless
the Issuers default in making such redemption payment, interest on Notes called
for redemption ceases to accrue on and after the redemption date;

 

(vii)                           the paragraph
of the Notes and/or Section hereof pursuant to which the Notes called for
redemption are being redeemed; and

 

(viii)                        that no
representation is made as to the correctness or accuracy of the CUSIP number,
if any, listed in such notice or printed on such Notes.

 

At the Company’s written request, the Trustee shall
give the notice of redemption in the Company’s name and at its expense; provided that the Company shall have delivered to the Trustee,
at least 35 days (unless a shorter period is acceptable to the Trustee) prior
to the redemption date, an Officers’ Certificate requesting that the Trustee
give such notice and setting forth the information to be stated in such notice
as provided in the preceding paragraph.

 

33

 

SECTION 3.04.                                         Effect of
Notice of Redemption.

 

Once notice of redemption is mailed in accordance
with Section 3.03 hereof, Notes called for redemption become due and
payable on the redemption date at the redemption price.

 

SECTION 3.05.                                         Deposit of
Redemption Price.

 

On or prior to any redemption date, the Company
shall deposit with the Trustee or with the Paying Agent money sufficient to pay
the redemption price of and accrued interest on all Notes to be redeemed on
that date.  The Trustee or the Paying
Agent shall promptly return to the Company any money deposited with the Trustee
or the Paying Agent by the Company in excess of the amounts necessary to pay
the redemption price of, and accrued interest on, all Notes to be redeemed.

 

On and after the redemption date, if the Company
does not default in the payment of the redemption price, interest shall cease
to accrue on the Notes or the portions of Notes called for redemption.  If a Note is redeemed on or after an interest
record date but on or prior to the related interest payment date, then any
accrued and unpaid interest shall be paid to the Person in whose name such Note
was registered at the close of business on such record date.  If any Note called for redemption shall not
be so paid upon surrender for redemption because of the failure of the Company
to comply with the preceding paragraph, interest shall be paid on the unpaid
principal, from the redemption date until such principal is paid, and to the extent
lawful on any interest not paid on such unpaid principal, in each case at the
rate provided in such Notes.

 

SECTION 3.06.                                         Notes Redeemed
in Part.

 

Upon surrender and cancellation of a Note that is
redeemed in part, the Issuers shall issue and the Trustee shall authenticate
for the Holder of such Note at the expense of the Issuers a new Note of such Series equal
in principal amount to the unredeemed portion of the Note surrendered.

 

SECTION 3.07.                                         Optional
Redemption.

 

At any time and from time to time the
Company may redeem all or any portion of the Notes of any Series outstanding
at a redemption price equal to the greater of:

 

(a)                                  100% of the
aggregate principal amount of such Notes to be redeemed, and

 

(b)                                 an amount equal
to the sum of the present values of the remaining scheduled payments of
principal of and interest on such Notes to be redeemed (excluding accrued and unpaid
interest to the redemption date and subject to the right of Holders on the
relevant record date to receive interest due on the relevant interest payment
date) discounted from their scheduled date of payment to the redemption date on
a semi-annual basis (assuming a 360-day year consisting of twelve 30-day
months) using a discount rate equal to the Treasury Rate plus 40 basis points, plus,
in each of the above cases, accrued and unpaid interest, if any, to such
redemption date.

 

34

 

ARTICLE 4

 

COVENANTS

 

SECTION 4.01.                                         Payment of
Notes.

 

(a)                                  The Issuers
shall pay or cause to be paid the principal of, premium, if any, and interest
on the Notes on the dates and in the manner provided in the Notes.  Principal, premium, if any, and interest
shall be considered paid on the date due if the Paying Agent, if other than
either Issuer, holds as of 10:00 a.m. Eastern Time on the due date money
deposited by or on behalf of the Issuers in immediately available funds and
designated for and sufficient to pay all principal, premium, if any, and
interest then due.

 

(b)                                 The Issuers
shall pay interest (including post-petition interest in any proceeding under
any Bankruptcy Law) on overdue principal at the rate equal to the then
applicable interest rate on the applicable Series of Notes to the extent
lawful; they shall pay interest (including post-petition interest in any
proceeding under any Bankruptcy Law) on overdue installments of interest
(without regard to any applicable grace period) at the same rate to the extent
lawful.

 

SECTION 4.02.                                         Maintenance of
Office or Agency.

 

(a)                                  The Issuers
shall maintain an office or agency (which may be an office of the Trustee or an
affiliate of the Trustee, Registrar or co-registrar) where Notes may be surrendered
for registration of transfer or exchange and where notices and demands to or
upon the Issuers in respect of the Notes and this Indenture may be served.  The Issuers shall 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 Issuers
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.

 

(b)                                 The Issuers may
also from time to time designate one or more other offices or agencies where
the Notes may be presented or surrendered for any or all such purposes and may
from time to time rescind such designations; provided,
however, that no such designation or rescission
shall in any manner relieve the Issuers of their obligation to maintain an
office or agency for such purposes.  The
Issuers shall give prompt written notice to the Trustee of any such designation
or rescission and of any change in the location of any such other office or
agency.

 

(c)                                  The Issuers
hereby designate the Corporate Trust Office of the Trustee as one such office
or agency of the Issuers in accordance with Section 2.03 hereof.

 

SECTION 4.03.                                         Reports.

 

(a)                                  Whether or not
required by the rules and regulations of the Commission, so long as any
Notes of a Series are outstanding, the Issuers shall furnish to the
Holders of Notes of such

 

35

 

Series all quarterly and annual
financial information that would be required to be contained in a filing with
the Commission on Forms 10-Q and 10-K if the Issuers were required to file such
forms, including a “Management’s Discussion and Analysis of Financial Condition
and Results of Operations” and, with respect to the annual information only, a
report thereon by the certified public accountants of the Issuers; provided, however, that
to the extent such reports are filed with the Commission and publicly
available, no additional copies need be provided to Holders of the Notes or the
Trustee.  The Issuers shall also comply
with the provisions of TIA §314(a).

 

(b)                                 The Issuers
shall provide the Trustee with a sufficient number of copies of all reports and
other documents and information that the Trustee may be required to deliver to
the Holders of the Notes under this Section 4.03.

 

(c)                                  The Issuers will be
deemed to have satisfied the requirements of paragraph (a) and (b) above
if (i) any Parent files and provides reports, documents and information of
the types otherwise so required, in each case within the applicable time
periods, (ii) such Parent does not have any material assets or liabilities
other than direct or indirect interests in the Issuers, and (iii) the
Issuers are not required to file such reports, documents and information
separately under the applicable rules and regulations of the Commission
(after giving effect to any exemptive relief) because of the filings by such
Parent.

 

SECTION 4.04.                                         Compliance
Certificate.

 

(a)                                  The Issuers
shall deliver to the Trustee, within 120 days after the end of each fiscal
year, an Officers’ Certificate of the Issuers stating that a review of the
activities of the Company and its Subsidiaries during the preceding fiscal year
has been made under the supervision of the signing Officers with a view to
determining whether the Issuers and Guarantors have kept, observed, performed
and fulfilled their obligations under this Indenture and further stating, as to
each such Officer signing such certificate, that to the best of his or her
knowledge each such entity has kept, observed, performed and fulfilled each and
every covenant contained in this Indenture and is not in default in the
performance or observance of any of the terms, provisions and conditions
hereof, including, without limitation, a default in the performance or breach
of Section 4.10 hereof (or, if a Default or Event of Default shall have
occurred, describing all such Defaults or Events of Default of which he or she
may have knowledge and what action each is taking or proposes to take with
respect thereto) and that to the best of his or her knowledge no event has
occurred and remains in existence by reason of which payments on account of the
principal of or interest, if any, on the Notes of any Series is prohibited
or if such event has occurred, a description of the event and what action each
is taking or proposes to take with respect thereto.

 

(b)                                 The Issuers
shall, so long as any of the Notes are outstanding, deliver to the Trustee,
forthwith upon any Officer becoming aware of (i) any Default or Event of
Default, or (ii) any default under any Indebtedness referred to in Section 6.01(f) or
(g) hereof, an Officers’ Certificate of the Issuers specifying such
Default, Event of Default or default and what action the Issuers or any of
their Affiliates are taking or propose to take with respect thereto.

 

36

 

SECTION 4.05.                                         Taxes.

 

The Issuers shall pay, and shall cause each of its
Subsidiaries to pay, prior to delinquency, all material taxes, assessments, and
governmental levies except as contested in good faith and by appropriate
proceedings or where the failure to effect such payment is not adverse in any
material respect to the Holders of the Notes.

 

SECTION 4.06.                                         Stay, Extension
and Usury Laws.

 

The Issuers covenant (to the extent that they may
lawfully do so) that they shall not at any time insist upon, plead, or in any
manner whatsoever claim or take the benefit or advantage of, any stay,
extension or usury law wherever enacted, now or at any time hereafter in force,
that may affect the covenants or the performance hereof; and the Issuers (to
the extent that they may lawfully do so) hereby expressly waive all benefit or
advantage of any such law, and covenant that they shall not, by resort to any
such law, hinder, delay or impede the execution of any power herein granted to
the Trustee, but shall suffer and permit the execution of every such power as
though no such law has been enacted.

 

SECTION 4.07.                                         Limitation on
Liens.

 

The Company shall not, and shall not permit any of
its Subsidiaries to, directly or indirectly, create or assume any Indebtedness
for borrowed money that is secured by a Lien on any asset now owned or hereafter
acquired, or on any income or profits therefrom or assign or convey any right
to receive income therefrom, except Permitted Liens.

 

SECTION 4.08.                                         Additional
Subsidiary Guarantees.

 

If any of the Company’s Domestic Subsidiaries,
including any Domestic Subsidiary that the Company or any of its Subsidiaries
may organize, acquire or otherwise invest in after the date of hereof, that is
not a Guarantor guarantees or becomes otherwise obligated under the Senior
Secured Credit Facility or the Existing Notes, then such Domestic Subsidiary
shall (i) execute and deliver to the Trustee a supplemental indenture in
form reasonably satisfactory to the Trustee pursuant to which such Domestic
Subsidiary shall unconditionally guarantee all of the Issuers’ obligations under
the Notes and this Indenture on the terms set forth in Article 10 and (ii) deliver
to the Trustee an Opinion of Counsel that such supplemental indenture has been
duly authorized, executed and delivered by such Domestic Subsidiary and constitutes
a legal, valid, binding and enforceable obligation of such Domestic Subsidiary.  Thereafter, such Domestic Subsidiary shall be
a Guarantor for all purposes hereof; provided, however, that to the extent that a Domestic Subsidiary is
subject to any instrument governing Acquired Debt, as in effect at the time of
acquisition thereof, that prohibits such Domestic Subsidiary from issuing a
Guarantee, such Domestic Subsidiary shall not be required to execute such a
supplemental indenture until it is permitted to issue such Guarantee pursuant
to the terms of such Acquired Debt; provided, further, however, that
any such Guarantee shall be released as provided under Section 10.03
hereof.

 

SECTION 4.09.                                         Organizational
Existence.

 

Subject to Article 5 hereof and the proviso to
this Section 4.09, the Company shall do or cause to be done all things
necessary to preserve and keep in full force and effect (i) its existence

 

37

 

as a limited liability
company and, the corporate, limited liability company, partnership or other
existence of any Subsidiary, in accordance with the respective organizational
documents (as the same may be amended from time to time) of the Company or any
Subsidiary and (ii) the rights (charter and statutory), licenses and
franchises of the Company and its Subsidiaries; provided,
however, that the Company shall not be
required to preserve any such right, license or franchise, or the corporate,
partnership or other existence of any Subsidiary (other than the corporate existence
of DIRECTV Financing) if the Board of Directors of the Company shall determine
that the preservation thereof is no longer desirable in the conduct of the
business of the Company and its Subsidiaries, taken as a whole, and that the
loss thereof is not adverse in any material respect to the Holders of the
Notes.

 

SECTION 4.10.                                         Change of
Control and Ratings Decline.

 

Upon the occurrence of a Change of Control
Triggering Event with respect to a Series of Notes, the Company shall make
an offer (a “Change of Control Offer”) to each
Holder of Notes of such Series to repurchase all or any part (equal to
$1,000 or an integral multiple thereof) of such Holder’s Notes of such Series at
a purchase price equal to 101% of the aggregate principal amount thereof, together
with accrued and unpaid interest thereon to the date of repurchase (the “Change of Control Payment”). 
Within 30 days following any Change of Control Triggering Event, the Company
shall mail a notice to each Holder of Notes of the applicable Series stating:

 

(1)               that the Change of Control
Offer is being made pursuant to this Section 4.10;

 

(2)               the purchase price and the
purchase date, which shall be no earlier than 30 days nor later than
45 days after the date such notice is mailed (the “Change of
Control Payment Date”);

 

(3)               that any Notes not tendered
will continue to accrue interest in accordance with the terms hereof;

 

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

 

(5)               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 Notes delivered for
purchase, and a statement that such Holder is unconditionally withdrawing its
election to have such Notes purchased;

 

(6)               that Holders whose Notes are
being purchased only in part will be issued new Notes of such Series equal
in principal amount to the unpurchased portion of the Notes surrendered, which
unpurchased portion must be equal to $2,000 in principal amount or an integral
multiple of $1,000 in excess thereof, and

 

(7)               any other information
material to such Holder’s decision to tender Notes.

 

38

 

The Company will not be required to make a Change of Control
Offer following a Change of Control Triggering Event if a third party makes a
Change of Control Offer in the manner, at the times and otherwise in compliance
with the requirements set forth above and purchases all Notes validly tendered
and not withdrawn under such Change of Control Offer.  Notwithstanding anything to the contrary
herein, a Change of Control Offer may be made in advance of a Change of Control
Triggering Event, conditional upon such Change of Control, if a definitive
agreement is in place for the Change of Control at the time of making the
Change of Control Offer.

 

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 such laws and regulations are applicable in connection with the
repurchase of the Notes required in the event of a Change of Control Triggering
Event.

 

SECTION 4.11.                                         Limitation
on Sale and Leasebacks.

 

The Company will not, and will not permit
any of its Subsidiaries to, enter into any arrangement with any Person pursuant
to which the Company or any of its Subsidiaries leases any property that has
been or is to be sold or transferred by the Company or its Subsidiaries to such
Person (a “Sale and Leaseback Transaction”), except that a Sale and Leaseback Transaction is
permitted if the Company or such Subsidiary would be entitled to secure the
property to be leased by a Lien (without equally and ratably securing the
outstanding Notes) in an amount equal to the present value of the lease payments
with respect to the term of the lease remaining on the date as of which the
amount is being determined, discounted at the rate of interest set forth or
implicit in the terms of the lease, compounded semi-annually (such amount is
referred to as the “Attributable Debt”).

 

In addition, the following Sale and Leaseback Transactions
shall not be subject to the limitation above and shall not be included in
calculating Attributable Debt for purposes of Section 4.07:

 

(1)                              temporary leases for a
term, including renewals at the option of the lessee, of not more than three
years;

 

(2)                              leases between only the
Company and a Subsidiary of the Company or only between the Company’s Subsidiaries;
and

 

(3)                              leases of property
executed by the time of, or within 18 months after the latest of, the
acquisition, the completion of construction or improvement, or the commencement
of commercial operation of the property.

 

SECTION 4.12.                                         Limitation on
Activities of DIRECTV Financing.

 

DIRECTV Financing may not hold any material assets,
become liable for any material obligations, engage in any trade or business, or
conduct any business activity, other than the issuance of Equity Interests to
the Company or any Wholly Owned Subsidiary of the Company, the incurrence of
Indebtedness as a co-obligor or guarantor of the Notes, the Exchange Notes, if
any, the Senior Secured Credit Facility and any other Indebtedness incurred by
the Company.   Neither the Company nor
any Subsidiary of the Issuer shall engage in any transactions with DIRECTV
Financing in violation of the immediately preceding sentence.

 

39

 

ARTICLE 5

 

SUCCESSORS

 

SECTION 5.01.                                         Merger,
Consolidation or Sale of Assets.

 

The Company shall not consolidate or merge with or
into (whether or not the Company is the surviving entity), or sell, assign,
transfer, lease, convey or otherwise dispose of all or substantially all of its
properties or assets in one or more related transactions to, another Person
unless:

 

(a)                                  the Company is
the surviving Person or the Person formed by or surviving any such
consolidation or merger (if other than the Company) or to which such sale, assignment,
transfer, lease, conveyance or other disposition shall have been made is a corporation,
limited partnership or limited liability company organized or existing under
the laws of the United States, any state thereof or the District of Columbia;

 

(b)                                 the Person
formed by or surviving any such consolidation or merger (if other than the
Company) or the Person to which such sale, assignment, transfer, lease,
conveyance or other disposition shall have been made assumes all the
obligations of the Company pursuant to a supplemental indenture in form
reasonably satisfactory to the Trustee, under the Notes and this Indenture; and

 

(c)                                  immediately
after such transaction, no Default or Event of Default exists.

 

SECTION 5.02.                                         Successor
Corporation Substituted.

 

Upon any consolidation or merger, or any sale,
lease, conveyance or other disposition of all or substantially all of the
assets of the Company in accordance with Section 5.01 hereof, the
successor corporation formed by such consolidation or into or with which the Company
is merged or to which such sale, lease, conveyance or other disposition is made
shall succeed to, and be substituted for (so that from and after the date of
such consolidation, merger, sale, lease, conveyance or other disposition, the
provisions hereof referring to the Company shall refer instead to the successor
corporation and not to the Company), and may exercise every right and power of,
the Company under this Indenture with the same effect as if such successor
Person has been named as the Company herein.

 

40

 

ARTICLE 6

 

DEFAULTS AND REMEDIES

 

SECTION 6.01.                                         Events of
Default.

 

Each of the following constitutes an “Event of
Default” with respect to each Series of Notes:

 

(a)                                  default for 30
days in the payment when due of interest or additional interest, if any, on the
Notes of such Series;

 

(b)                                 default in the
payment when due of principal of or premium, if any, on the Notes of such Series at
maturity, upon repurchase, redemption or otherwise;

 

(c)                                  failure to
comply with the provisions of Section 4.10 or Section 5.01 hereof;

 

(d)                                 default under
any other provision of this Indenture or the Notes of such Series, which
default remains uncured for 60 days after notice from the Trustee or the
Holders of at least 25% of the aggregate principal amount then outstanding of
the Notes of such Series;

 

(e)                                  there shall
occur any (i) default under any mortgage, indenture or instrument under
which there may be issued or by which there may be secured or evidenced any
Indebtedness for money borrowed by the Company and any of its Subsidiaries (or
the payment of which is guaranteed by the Company and any of its Subsidiaries)
other than the Indebtedness evidenced by the Existing Notes, which default is
caused by a failure to pay the principal of such Indebtedness at the final
stated maturity thereof within the grace period provided in such Indebtedness
(a “Payment Default”), and the
principal amount of any such Indebtedness, together with the principal amount
of any other such Indebtedness under which there has been a Payment Default,
aggregates $100 million or more or (ii) “Event of Default”
under and as defined in any indenture governing any of the Existing Notes (but
only for so long as the Existing Notes issued thereunder remain outstanding and
such “Event of Default” has not been cured or waived, in accordance with such indenture)
whether or not any of the Existing Notes have been accelerated in accordance
with the terms of the indentures governing the Existing Notes;

 

(f)                                    default under
any mortgage, indenture or instrument under which there may be issued or by
which there may be secured or evidenced any Indebtedness for money borrowed by
the Company and any of its Subsidiaries (or the payment of which is guaranteed
by the Company or any of its Subsidiaries) other than the Indebtedness evidenced
by the Existing Notes, which default results in the acceleration of such
Indebtedness prior to its express maturity not rescinded or cured within 30
days after such acceleration, and the principal amount of any such
Indebtedness, together with the principal amount of any other such Indebtedness
under which there has been a Payment Default or the maturity of which has been
so accelerated, aggregates $100 million or more;

 

41

 

(g)                                 failure by the
Company and any of its Subsidiaries to pay final judgments (other than any
judgment as to which a reputable insurance company has accepted full liability)
aggregating $100 million or more, which judgments are not stayed within 60 days
after their entry;

 

(h)                                 any Guarantee
of a Significant Subsidiary with respect to the Notes of such Series shall
be held in a judicial proceeding to be unenforceable or invalid or shall cease
for any reason to be in full force and effect, or any Guarantor that qualifies
as a Significant Subsidiary, or any Person acting on behalf of any Guarantor
that qualifies as a Significant Subsidiary, shall deny or disaffirm its
obligations under its Guarantee of such Series of Notes;

 

(i)                                     the Company,
DIRECTV Financing or any Significant Subsidiary of the Company pursuant to or
within the meaning of Bankruptcy Law (i) commences a voluntary case; (ii) consents
to the entry of an order for relief against it in an involuntary case; (iii) consents
to the appointment of a Custodian of it or for all or substantially all of its
property; or (iv) makes a general assignment for the benefit of its
creditors; and

 

(j)                                     a court of
competent jurisdiction enters an order or decree under any Bankruptcy Law
that:  (i) is for relief against the
Company, DIRECTV Financing or any Significant Subsidiary of the Company in an
involuntary case; (ii) appoints a custodian of the Company, DIRECTV
Financing or any Significant Subsidiary of the Company or for all or
substantially all of the property of the Company, DIRECTV Financing or any Significant
Subsidiary of the Company; or (iii) orders the liquidation of the Company,
DIRECTV Financing or any Significant Subsidiary of the Company, and the order
or decree remains unstayed and in effect for 60 consecutive days.

 

SECTION 6.02.                                         Acceleration

 

(a)                                  If an Event of
Default (other than an Event of Default relating to an Issuer specified in
paragraph (i) or (j) of Section 6.01 hereof) occurs and is
continuing, the Trustee by notice to the Issuers or the Holders of at least 25%
of the aggregate principal amount then outstanding of the Notes of any Series by
written notice to the Issuers and the Trustee, may declare all the Notes of
such Series to be due and payable immediately. Notwithstanding the
foregoing, in the case of an Event of Default specified in paragraph (i) or
(j) of Section 6.01 hereof with respect to an Issuer, all outstanding
Notes shall become and be immediately due and payable without further action or
notice.  Holders of the Notes may not
enforce this Indenture or the Notes except as provided in this Indenture. The
Trustee may withhold from Holders of the Notes notice of any continuing Default
or Event of Default (except a Default or Event of Default relating to the payment
of principal or interest) if it determines that withholding notice is in such
Holders’ interest.  The Holders of a
majority in aggregate principal amount of the then outstanding Notes of any Series by
written notice to the Trustee may on behalf of all of the Holders of Notes of
such Series rescind an acceleration and its consequences if the rescission
would not conflict with any judgment or decree and if all existing Events of
Default (except nonpayment of principal, interest or premium that has become
due solely because of the acceleration) have been cured or waived.

 

42

 

(b)                                 In the event the Notes
of any Series are accelerated as a result of an Event of Default specified
in clause 6.01(e)(ii) above, such Event of Default and all consequences
thereof (excluding any resulting payment default, other than as a result of the
acceleration of the Notes of such Series) shall be annulled, waived and
rescinded, automatically and without action by the Trustee or the Holders, if (i) such
rescission would not conflict with any judgment or decree and (ii) within
60 days following the occurrence of such Event of Default:

 

(1)                             the applicable
Existing Notes have been redeemed, repaid or discharged in full;

 

(2)                             the trustee
thereunder or the requisite holders thereof have rescinded or waived the
acceleration, notice or action (as the case may be) giving rise to the Event of
Default; or

 

(3)                             the default
that is the basis for the Event of Default has been cured.

 

(c)                                  All powers of
the Trustee under this Indenture will be subject to applicable provisions of
the Communications Act, including without limitation, the requirements of prior
approval for de facto or de jure transfer
of control or assignment of Title III licenses.

 

SECTION 6.03.                                         Other Remedies.

 

If an Event of Default occurs and is continuing with
respect to a Series of Notes, the Trustee may pursue any available remedy
to collect the payment of principal, premium, if any, and interest on such
Notes or to enforce the performance of any provision of such Notes and this Indenture.

 

The Trustee may maintain a proceeding even if it
does not possess any of the Notes of the applicable Series or does not
produce any of them in the proceeding.  A
delay or omission by the Trustee or any Holder of a Note in exercising any
right or remedy accruing upon an Event of Default shall not impair the right or
remedy or constitute a waiver of or acquiescence in the Event of Default.  All remedies are cumulative to the extent
permitted by law.

 

SECTION 6.04.                                         Waiver of Past
Defaults.

 

Holders of not less than a majority in aggregate
principal amount of Notes of any Series then outstanding, by written
notice to the Trustee, may on behalf of the Holders of all of the Notes of such
Series waive an existing Default or Event of Default and its consequences
under this Indenture, except a continuing Default or Event of Default in the
payment of the principal of, premium, if any, or interest on, the Notes of such
Series.  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 hereof; but no such waiver shall
extend to any subsequent or other Default or impair any right consequent
thereon.

 

SECTION 6.05.                                         Control by
Majority.

 

Holders of a majority in principal amount of the
then outstanding Notes of any Series may direct the time, method and place
of conducting any proceeding for exercising any remedy

 

43

 

available to the Trustee or
exercising any trust or power conferred on it with respect to such Series of
Notes.  However, the Trustee may refuse
to follow any direction that conflicts with the law or this Indenture that the
Trustee determines may be unduly prejudicial to the rights of other Holders of
Notes or that may involve the Trustee in personal liability.

 

SECTION 6.06.                                         Limitation on
Suits.

 

A Holder of a Note of such Series may pursue a remedy with respect
to this Indenture or the Notes of such Series only if

 

(a)                                  the Holder of a
Note of such Series gives to the Trustee written notice of a continuing
Event of Default;

 

(b)                                 the Holders of
at least 25% in principal amount of the then outstanding Notes of such Series make
a written request to the Trustee to pursue the remedy;

 

(c)                                  such Holder of
a Note or Holders of Notes offer and, if requested, provide to the Trustee
indemnity satisfactory to the Trustee against any loss, liability or expense;

 

(d)                                 the Trustee
does not comply with the request within 60 days after receipt of the request
and the offer and, if requested, the provision of indemnity; and

 

(e)                                  during such
60-day period the Holders of a majority in principal amount of the then
outstanding Notes of such Series do not give the Trustee a direction
inconsistent with the request.

 

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

 

SECTION 6.07.                                         Rights of
Holders of Notes To Receive Payment.

 

Notwithstanding any other provision hereof, the right
of any Holder of a Note to receive payment of principal, premium, if any, and
interest on the Note, on or after the respective due dates expressed in the
Note, or to bring suit for the enforcement of any such payment on or after such
respective dates, shall not be impaired or affected without the consent of the
Holder of the Note.

 

SECTION 6.08.                                         Collection Suit
by Trustee.

 

If an Event of Default specified in Section 6.01(a) or
(b) hereof occurs and is continuing with respect to a Series of
Notes, the Trustee is authorized to recover judgment in its own name and as
trustee of an express trust against the Issuers for the whole amount of
principal of, premium, if any, and interest remaining unpaid on such Notes and
interest on overdue principal and, to the extent lawful, interest and 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.

 

44

 

SECTION 6.09.                                         Trustee May File
Proofs of Claim.

 

The Trustee is authorized to file such proofs of
claim and other papers or documents as may be necessary or advisable in order
to have the claims of the Trustee (including any claim for the reasonable compensation,
expenses, disbursements and advances of the Trustee, its agents and counsel)
and the Holders of the Notes allowed in any judicial proceedings relative to
the Issuers (or any other obligor upon the Notes), the Issuers’ creditors or
the Issuers’ property and shall be entitled and empowered to collect, receive
and distribute any money or other property payable or deliverable on any such
claims and any custodian in any such judicial proceeding is hereby authorized
by each Holder of a Note to make such payments to the Trustee, and in the event
that the Trustee shall consent to the making of such payments directly to the
Holders of the Notes, to pay to the Trustee any amount due to it for the
reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel, and any other amounts due the Trustee under Section 7.07
hereof.  To the extent that the payment
of any such compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel, and any other amounts due the Trustee under Section 7.07
hereof out of the estate in any such proceeding, shall be denied for any
reason, payment of the same shall be secured by a Lien on, and shall be paid
out of, any and all distributions, dividends, money, securities and other properties
which the Holders of the Notes may be entitled to receive in such proceeding
whether in liquidation or under any plan of reorganization or arrangement or
otherwise.  Nothing herein contained
shall be deemed to authorize the Trustee to authorize or consent to or accept
or adopt on behalf of any Holder of a Note any plan of reorganization,
arrangement, adjustment or composition affecting the Notes or the rights of any
Holder of a Note thereof, or to authorize the Trustee to vote in respect of the
claim of any Holder of a Note in any such proceeding.

 

SECTION 6.10.                                         Priorities.

 

If the Trustee collects any money pursuant to this Article 6,
it shall pay out the money in the following order:

 

First: 
to the Trustee, its agents and attorneys for amounts due under Section 7.07
hereof, including payment of all compensation, expense and liabilities
incurred, and all advances made, by the Trustee and the costs and expenses of
collection;

 

Second: 
to Holders of Notes for amounts due and unpaid on the Notes for principal,
premium, if any, and interest, ratably, without preference or priority of any
kind, according to the amounts due and payable on the Notes for principal,
premium, if any and interest, respectively; and

 

Third: 
to the Issuers or to such party as a court of competent jurisdiction
shall direct in writing.

 

The Trustee may fix a record date and payment date
for any payment to Holders of Notes.

 

45

 

SECTION 6.11.                                         Undertaking for
Costs.

 

In any suit for the enforcement of any right or
remedy under this Indenture or in any suit against the Trustee for any action
taken or omitted by it as a Trustee, a court in its discretion may require the
filing by any party litigant in the suit of an undertaking to pay the costs of
the suit, and the court in its discretion may assess reasonable costs,
including reasonable attorneys’ fees and expenses, against any party litigant
in the suit, having due regard to the merits and good faith of the claims or
defenses made by the party litigant. 
This Section 6.11 does not apply to a suit by the Trustee, a suit
by a Holder of a Note pursuant to Section 6.07 hereof, or a suit by Holders
of more than 10% in principal amount of the then outstanding Notes pursuant to
this Article 6.

 

ARTICLE 7

 

TRUSTEE

 

SECTION 7.01.                                         Duties of
Trustee.

 

(a)                                  If 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 Person would exercise or use
under the circumstances in the conduct of his or her own affairs.

 

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

 

(i)                                     the duties of
the Trustee shall be determined solely by the express provisions hereof and the
Trustee need perform only those duties that are specifically set forth in this
Indenture and no others, and no implied covenants or obligations shall be read
into this Indenture against the Trustee; and

 

(ii)                                  in the absence of
bad faith on its part, the Trustee may conclusively rely, as to the truth of
the statements and the correctness of the opinions expressed therein, upon
certificates or opinions furnished to the Trustee and conforming to the requirements
hereof.  However, in the case of
certificates or opinions specifically required by any provision hereof to be
furnished to it, the Trustee shall examine the certificates and opinions to
determine whether or not they conform to the requirements hereof.

 

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

 

(i)                                     this paragraph
does not limit the effect of paragraph (b) of this Section 7.01;

 

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

 

46

 

(iii)                               the Trustee
shall not be liable with respect to any action it takes or omits to take in
good faith in accordance with a direction received by it pursuant to Section 6.05
hereof.

 

(d)                                 Whether or not
therein expressly so provided, every provision hereof that in any way relates
to the Trustee is subject to paragraphs (a), (b), and (c) of this Section 7.01.

 

(e)                                  No provision
hereof shall require the Trustee to expend or risk its own funds or incur any
liability.  The Trustee shall be under no
obligation to exercise any of its rights or powers under this Indenture at the
request of any Holders of Notes, unless such Holder shall have offered to the
Trustee security and indemnity satisfactory to the Trustee against any loss,
liability or expense.

 

(f)                                    The Trustee
shall not be liable for interest on any money received by it except as the
Trustee may agree in writing with the Issuers. 
Money held in trust by the Trustee need not be segregated from other
funds except to the extent required by law.

 

SECTION 7.02.                                         Rights of
Trustee.

 

(a)                                  The Trustee may
conclusively rely upon any document (whether in original or facsimile form)
believed by it to be genuine and to have been signed or presented by the proper
Person.  The Trustee need not investigate
any fact or matter stated in the document.

 

(b)                                 Before the
Trustee acts or refrains from acting, it may require an Officers’ Certificate
of the Issuers or an Opinion of Counsel or both.  The Trustee shall not be liable for any action
it takes or omits to take in good faith in reliance on such Officers’ Certificate
or Opinion of Counsel.  The Trustee may
consult with counsel of its selection and the advice of such counsel or any
Opinion of Counsel shall be full and complete authorization and protection from
liability in respect of any action taken, suffered or omitted by it hereunder
in good faith and in reliance thereon.

 

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

 

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

 

(e)                                  Unless
otherwise specifically provided in this Indenture, any demand, request, direction
or notice from an Issuer shall be sufficient if signed by an Officer of such
Issuer.

 

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

 

47

 

(g)                                 Except with
respect to Section 4.01 hereof, the Trustee shall have no duty to inquire
as to the performance of the Issuers’ covenants in Article 4.  In addition, the Trustee shall not be deemed
to have knowledge of any Default or Event of Default except (i) any Event
of Default occurring pursuant to Sections 4.01, 6.01(a) and 6.01(b) hereof
or (ii) any Default or Event of Default of which the Trustee shall have
received written notification or obtained actual knowledge.

 

(h)                                 Delivery of
reports, information and documents to the Trustee under Section 4.03
hereof is for informational purposes only and the Trustee’s receipt of the
foregoing shall not constitute constructive notice of any information contained
therein or determinable from information contained therein, including the
Issuers’ compliance with any of its covenants hereunder (as to which the
Trustee is entitled to rely exclusively on Officers’ Certificates).

 

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

 

(j)                                     The Trustee may
request that the Company deliver a certificate setting forth the names of
individuals and/or titles of officers authorized at such time to take specified
actions pursuant to this Indenture; and

 

(k)                                  In no event
shall the Trustee be responsible or liable for special, indirect, or consequential
loss or damage of any kind whatsoever (including, but not limited to, loss of
profit) irrespective of whether the Trustee has been advised of the likelihood
of such loss or damage and regardless of the form of action.

 

SECTION 7.03.                                         Individual
Rights of Trustee.

 

The Trustee in its individual or any other capacity
may become the owner or pledgee of Notes and may otherwise deal with the
Issuers or any Affiliate of the Issuers with the same rights it would have if
it were not Trustee.  However, in the
event that the Trustee acquires any conflicting interest it must eliminate such
conflict within 90 days, apply to the Commission for permission to continue as
Trustee (if any of the Notes are registered pursuant to the Securities Act), or
resign.  Any Agent may do the same with
like rights and duties.  The Trustee is
also subject to Sections 7.10 and 7.11 hereof.

 

SECTION 7.04.                                         Trustee’s
Disclaimer.

 

(a)                                  The Trustee
shall not be responsible for and makes no representation as to the validity or
adequacy hereof or the Notes, it shall not be accountable for the Issuers’ use
of the proceeds from the Notes or any money paid to the Issuers or upon the
Issuers’ direction under any provision hereof, it shall not be responsible for
the use or application of any money received by any Paying Agent other than the
Trustee, and it shall not be responsible for any statement or recital herein or
any statement in the Notes or any other document in connection with the sale of
the Notes or pursuant to this Indenture other than its certificate of authentication.

 

48

 

(b)                                 The Trustee
shall not be bound to make any investigation into facts or matters stated in
any resolution, certificate, statement, instrument, opinion, report, notice,
request, direction, consent, order, bond, debenture or other paper or document.

 

SECTION 7.05.                                         Notice of
Defaults.

 

If a Default or Event of Default occurs and is
continuing with respect to a Series of Notes and if it is known to a
Responsible Officer of the Trustee, the Trustee shall mail to Holders of Notes
of such Series a notice of the Default or Event of Default within 90 days
after it occurs.  Except in the case of a
Default or Event of Default in payment of principal of, premium, if any, or
interest on any Note, the Trustee may withhold the notice if and so long as a
committee of its Responsible Officers in good faith determines that withholding
the notice is in the interests of the Holders of the Notes.

 

SECTION 7.06.                                         Reports by
Trustee to Holders of the Notes.

 

Within 60 days after each September 15
beginning with the September 15, 2010, the Trustee shall mail to the
Holders of the Notes a brief report dated as of such reporting date that
complies with TIA § 313(a) (but if no event described in TIA § 313(a) has
occurred within the twelve months preceding the reporting date, no report need
be transmitted).  The Trustee also shall
comply with TIA § 313(b).  The Trustee
shall also transmit by mail all reports as required by TIA § 313(c).

 

A copy of each report at the time of its mailing to
the Holders of Notes of any Series shall be mailed to the Issuers and
filed with the Commission and each stock exchange on which any Notes of such Series are
listed.  The Issuers shall promptly
notify the Trustee in writing when any Notes of such Series are listed on
any stock exchange or any delisting thereof.

 

SECTION 7.07.                                         Compensation
and Indemnity.

 

The Issuers shall pay to the Trustee from time to
time reasonable compensation for its acceptance hereof and services
hereunder.  The Trustee’s compensation
shall not be limited by any law on compensation of a trustee of an express
trust.  The Issuers shall reimburse the
Trustee promptly upon request for all reasonable disbursements, advances and
expenses incurred or made by it in addition to the compensation for its
services.  Such expenses shall include
the reasonable compensation, disbursements and expenses of the Trustee’s agents
and counsel.

 

The Issuers, jointly and severally, shall indemnify
the Trustee against any and all losses, liabilities, claims, damages or
expenses incurred by it arising out of or in connection with the acceptance or
administration of its duties under this Indenture, except any such loss,
liability or expense as shall be determined to have been caused by the
negligence, willful misconduct or bad faith of the Trustee.  The Trustee shall notify the Issuers promptly
of any claim for which it may seek indemnity. 
Failure by the Trustee to so notify the Issuers shall not relieve the
Issuers of their obligations hereunder. 
The Issuers shall defend the claim and the Trustee shall cooperate in
the defense.  The Trustee may have
separate counsel and the Issuers shall pay the reasonable fees and expenses of
such counsel.  The Issuers need not pay
for any settlement made without their consent, which consent shall not be
unreasonably withheld.

 

49

 

The obligations of the Issuers under this Section 7.07
shall survive the satisfaction and discharge hereof.

 

To secure the Issuers’ payment obligations in this Section 7.07,
the Trustee shall have a Lien prior to the Notes on all money or property held
or collected by the Trustee, except that held in trust to pay principal and
interest on particular Notes.  Such Lien
shall survive the satisfaction and discharge hereof.

 

When the Trustee incurs expenses or renders services
after an Event of Default specified in Section 6.01(i) or (j) hereof
occurs, the expenses and the compensation for the services (including the fees
and expenses of its agents and counsel) are intended to constitute expenses of
administration under any Bankruptcy Law.

 

SECTION 7.08.                                         Replacement of
Trustee.

 

A resignation or removal of the Trustee and
appointment of a successor Trustee shall become effective only upon the
successor Trustee’s acceptance of appointment as provided in this Section 7.08.

 

The Trustee may resign in writing at any time and be
discharged from the trust hereby created by so notifying the Issuers and
obtaining the prior written approval of the FCC, if so required by the
Communications Act, including Section 310(d) and the rules and
regulations promulgated thereunder.  The
Holders of at least a majority in principal amount of the then outstanding
Notes may remove the Trustee by so notifying the Trustee and the Issuers in writing.  The Issuers may remove the Trustee (subject
to the prior written approval of the FCC, if required by the Communications
Act, including Section 310(d), and the rules and regulations promulgated
thereunder) if:

 

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

 

(b)                                 the Trustee is
adjudged a bankrupt or an insolvent or an order for relief is entered with
respect to the Trustee under any Bankruptcy Law;

 

(c)                                  the Trustee is
no longer in compliance with the foreign ownership provisions of Section 310
of the Communications Act and the rules and regulations promulgated thereunder.

 

(d)                                 a Custodian or
public officer takes charge of the Trustee or its property; or

 

(e)                                  the Trustee
becomes incapable of acting.

 

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

 

If a successor Trustee does not take office within
60 days after the retiring Trustee resigns or is removed, the retiring Trustee,
the Issuers, or the Holders of Notes of at least 10% in principal amount of the
then outstanding Notes may petition at the expense of the Issuers any court of
competent jurisdiction for the appointment of a successor Trustee.

 

50

 

If the Trustee after written request by any Holder
of a Note who has been a Holder of a Note for at least six months fails to
comply with Section 7.10 hereof, such Holder of a Note may petition any
court of competent jurisdiction for the removal of the Trustee and the appointment
of a successor Trustee.

 

A successor Trustee shall deliver a written
acceptance of its appointment to the retiring Trustee and to the Issuers.  Thereupon, the resignation or removal of the
retiring Trustee shall become effective, and the successor Trustee shall have
all the rights, powers and duties of the Trustee under this Indenture.  The successor Trustee shall mail a notice of
its succession to Holders of the Notes. 
The retiring Trustee shall promptly transfer all property held by it as
Trustee to the successor Trustee, provided all sums owing to the Trustee hereunder
have been paid and subject to the Lien provided for in Section 7.07
hereof.  Notwithstanding replacement of
the Trustee pursuant to this Section 7.08, the Issuers’ obligations under Section 7.07
hereof shall continue for the benefit of the retiring Trustee.

 

If a Trustee is removed without cause, all fees and
expenses of the Trustee incurred in the administration of the trust or in the
performance of the duties hereunder shall be paid to the Trustee.

 

SECTION 7.09.                                         Successor
Trustee by Merger, Etc.

 

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

 

SECTION 7.10.                                         Eligibility;
Disqualification.

 

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 or of any state thereof authorized under such laws to
exercise corporate trustee power, shall be subject to supervision or examination
by federal or state authority and shall have a combined capital and surplus of
at least $25 million as set forth in its most recent published annual report of
condition.

 

This Indenture shall always have a Trustee who
satisfies the requirements of TIA § 310(a)(1), (2) and (5).  The Trustee is subject to TIA § 310(b).

 

SECTION 7.11.                                         Preferential
Collection of Claims Against Issuers.

 

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

 

51

 

ARTICLE 8

 

DISCHARGE OF INDENTURE;
DEFEASANCE

 

SECTION 8.01.                                         Termination of
the Issuers’ Obligations.

 

(a)                                  The Issuers may
terminate their Obligations as to all outstanding Notes of any Series, except
those obligations referred to in paragraph (b) of this Section 8.01,
when

 

(1)               either

 

(A)                              all the Notes
of such Series theretofore authenticated and delivered (except lost,
stolen or destroyed Notes which have been replaced or paid and Notes 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) have been delivered to the Trustee for cancellation; or

 

(B)                                all Notes of
such Series not theretofore delivered to the Trustee for cancellation have
become due and payable and the Company has irrevocably deposited or caused to
be deposited with the Trustee funds in an amount sufficient to pay and
discharge the entire Indebtedness on the Notes of such Series not theretofore
delivered to the Trustee for cancellation, for principal of, premium, if any,
and interest on the Notes of such Series to the date of deposit together
with irrevocable instructions from the Company directing the Trustee to apply
such funds to the payment thereof at maturity or redemption, as the case may
be;

 

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

 

(3)               the Company has delivered to
the Trustee an Officers’ Certificate and an Opinion of Counsel stating that all
conditions precedent under this Indenture relating to the satisfaction and
discharge hereof with respect to such Series of Notes have been complied
with; provided, however,  that such counsel may rely, as to matters of fact, on a certificate
or certificates of Officers of the Company.

 

(b)                                 Notwithstanding
paragraph (a) of this Section 8.01, the Issuers’ obligations in
Sections 2.03, 2.04, 2.05, 2.06, 7.07, 7.08, 8.07 and 8.08 hereof shall
survive with respect to such Series of Notes until the Notes of such Series are
no longer outstanding pursuant to Section 2.08 hereof.  After the Notes of such Series are no
longer outstanding, the Issuers’ obligations in Sections 7.07, 7.08, 8.07
and 8.08 hereof shall survive with respect to such Series of Notes such satisfaction
and discharge.

 

SECTION 8.02.                                         Option To
Effect Legal Defeasance or Covenant Defeasance.

 

The Company may, at the option of its Board of
Directors evidenced by a resolution set forth in an Officers’ Certificate, at
any time, with respect to the Notes of any Series, elect to have either Section 8.03
or 8.04 hereof applied to all outstanding Notes of such Series upon compliance
with the conditions set forth below in this Article 8.

 

52

 

SECTION 8.03.                                         Legal
Defeasance and Covenant Discharge.

 

Upon the Company’s exercise under Section 8.02
hereof of the option applicable to this Section 8.03 with respect to a Series of
Notes, the Issuers shall be deemed to have been discharged from their
obligations with respect to all outstanding Notes of such Series on the
date the conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). 
For this purpose, such Legal Defeasance means that the Issuers shall be
deemed to have paid and discharged the entire Indebtedness represented by the
outstanding Notes of the applicable Series, which shall thereafter be deemed to
be “outstanding” only for the purposes of Section 8.06 hereof and the
other Sections hereof referred to in clauses (a) and (b) below, and
to have satisfied all its other obligations under such Series of Notes and
this Indenture (and the Trustee, on demand of and at the expense of the
Issuers, shall execute proper instruments acknowledging the same), except for
the following which shall survive until otherwise terminated or discharged
hereunder:  (a) the rights of
Holders of outstanding Notes of such Series to receive, solely from the
funds deposited with the Trustee in accordance with Sections 8.05 and 8.06
hereof, payments in respect of the principal of, premium, if any, and interest
on such Notes when such payments are due, or on the redemption date, as the
case may be, (b) the Issuers’ obligations with respect to such Series of
Notes under Sections 2.05, 2.07, 2.08, 2.10, 2.11 and 4.02 hereof, (c) the
rights, powers, trusts, duties and immunities of the Trustee hereunder and the
Issuers’ obligations in connection therewith and (d) this Section 8.03.  Subject to compliance with this Article 8,
the Company may exercise its option under this Section 8.03 with respect
to a Series of Notes notwithstanding the prior exercise of its option
under Section 8.04 hereof with respect to the Notes of such Series.

 

SECTION 8.04.                                         Covenant
Defeasance.

 

Upon the Company’s exercise under Section 8.02
hereof of the option applicable to this Section 8.04 with respect to a Series of
Notes, the Company shall be released from its obligations under the covenants
contained in Sections 4.03, 4.04, 4.07, 4.08, 4.10, 4.12 and 5.01 hereof with
respect to the outstanding Notes of such Series on and after the date the
conditions set forth below are satisfied (hereinafter, “Covenant
Defeasance”), and the Notes of such Series shall thereafter be
deemed not “outstanding” for the purposes of any direction, waiver, consent or
declaration 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 (it being understood that such Notes shall not
be deemed outstanding for GAAP).  For
this purpose, such Covenant Defeasance means that, with respect to the
outstanding Notes of the applicable Series, the Issuers may omit to comply with
and shall have no liability in respect of any term, condition or limitation set
forth in any such covenant, whether directly or indirectly, by reason of any
reference elsewhere herein to any such covenant or by reason of any reference
in any such covenant 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 6.01(c) hereof with respect to such Series of
Notes, but, except as specified above, the remainder hereof and such Notes shall
be unaffected thereby.  In addition, upon
the Company’s exercise under Section 8.02 hereof of the option applicable
to this Section 8.04 with respect to a Series of Notes, Sections 6.01(c) through
6.01(h) shall not constitute Events of Default with respect to such Series of
Notes.

 

53

 

SECTION 8.05.                                         Conditions to
Legal or Covenant Defeasance.

 

The following shall be the conditions to the
application of either Section 8.03 or Section 8.04 hereof to the outstanding
Notes of any Series:

 

(a)                                  the Company
shall irrevocably have deposited or caused to be deposited with the Trustee (or
another trustee satisfying the requirements of Section 7.10 hereof who
shall agree to comply with the provisions of this Article 8 applicable to
it) 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 Notes of such Series, (i) cash in U.S. Dollars, (ii) non-callable
Government Securities 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 U.S. Dollars, or
(iii) a combination thereof, in such amounts, as will be sufficient in
each case, in the opinion of a nationally recognized firm of independent public
accountants selected by the Trustee expressed in a written certification
thereof delivered to the Trustee, to pay and discharge and which shall be
applied by the Trustee (or other qualifying trustee) to pay and discharge the
principal of, premium, if any, and interest on the outstanding Notes of such Series on
the stated maturity or on the applicable optional redemption date, as the case
may be;

 

(b)                                 in the case of
an election under Section 8.03 hereof, the Company shall have delivered to
the Trustee an Opinion of Counsel in the United States reasonably satisfactory
to the Trustee confirming that (i) the Company has received from, or there
has been published by, the Internal Revenue Service a ruling or (ii) since
the Issue Date, there has been a change in the applicable federal income tax
law, in each case to the effect that, and based thereon such Opinion of Counsel
shall confirm that, the Holders of the outstanding Notes of such Series will
not recognize income, gain or loss for federal income tax purposes as a result
of such Legal Defeasance and will be subject to federal income tax in the same
amounts, in the same manner and at the same times as would have been the case
if such Legal Defeasance had not occurred;

 

(c)                                  in the case of
an election under Section 8.04 hereof, the Company shall have delivered to
the Trustee an Opinion of Counsel in the United States reasonably acceptable to
the Trustee confirming that the Holders of the outstanding Notes of such Series
will not recognize income, gain or loss for federal income tax purposes as a
result of such Covenant Defeasance and will be subject to federal income tax on
the same amounts, in the same manner and at the same times as would have been
the case if such Covenant Defeasance had not occurred;

 

(d)                                 no Default or
Event of Default with respect to the Notes of such Series shall have
occurred and be continuing on the date of such deposit or, in so far as Section 6.01(i) or
6.01(j) hereof is concerned, at any time in the period ending on the 91st
day after the date of such deposit (it being understood that this condition
shall not be deemed satisfied until the expiration of such period);

 

54

 

(e)           such Legal Defeasance or
Covenant Defeasance shall not result in a breach or violation of, or constitute
a default under, this Indenture or any other material agreement or instrument
to which the Company or any of its Subsidiaries is a party or by which the
Company or any of its Subsidiaries is bound;

 

(f)            the Company shall have
delivered to the Trustee an Officers’ Certificate stating that the deposit made
by the Company pursuant to its election under Section 8.03 or 8.04 hereof
was not made by the Company with the intent of preferring the Holders of the
Notes of the applicable Series over any other creditors of the Company or
with the intent of defeating, hindering, delaying or defrauding any other
creditors of the Company or others; and

 

(g)           the Company shall have
delivered to the Trustee an Officers’ Certificate stating that all conditions
precedent provided for relating to either the Legal Defeasance under Section 8.03
hereof or the Covenant Defeasance under Section 8.04 hereof (as the case
may be) with respect to such Series of Notes have been complied with as
contemplated by this Section 8.05.

 

SECTION 8.06.                      Deposited Money
and Government Securities To Be Held in Trust; Other Miscellaneous Provisions.

 

Subject to Section 8.07 hereof, all money and Government
Securities (including the proceeds thereof) deposited with the Trustee (or
other qualifying trustee, collectively for purposes of this Section 8.06,
the “Trustee”) pursuant to Section 8.05
hereof in respect of the outstanding Notes of any Series shall be held in
trust and applied by the Trustee, in accordance with the provisions of such
Notes and this Indenture, to the payment, either directly or through any Paying
Agent (including an Issuer acting as Paying Agent) as the Trustee may
determine, to the Holders of such Notes of all sums due and to become due
thereon in respect of principal, premium, if any, and interest, but such money
need not be segregated from other funds except to the extent required by law.

 

The Issuers shall pay and indemnify the Trustee
against any tax, fee or other charge imposed on or assessed against the cash or
Government Securities deposited pursuant to Section 8.05 hereof 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 Notes of any Series.

 

Anything in this Article 8 to the contrary
notwithstanding, the Trustee shall deliver or pay to the Company from time to
time upon the request of the Company any money or Government Securities held by
it as provided in Section 8.05 hereof with respect to a Series of
Notes which, 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 opinion delivered under Section 8.05(a) hereof),
are in excess of the amount thereof which would then be required to be
deposited to effect an equivalent Legal Defeasance or Covenant Defeasance with
respect to such Series of Notes.

 

55

 

SECTION 8.07.                      Repayment to
Issuers.

 

Any money deposited with the Trustee or any Paying
Agent, or then held by the Issuers, in trust for the payment of the principal
of, premium, if any, or interest on any Note and remaining unclaimed for two
years after such principal, and premium, if any, or interest has become due and
payable shall be paid to the Issuers on their request or (if then held by the
Issuers) shall be discharged from such trust; and the Holder of such Note shall
thereafter, as a general creditor, look only to the Issuers for payment
thereof, and all liability of the Trustee or such Paying Agent with respect to
such trust money, and all liability of the Issuers as trustees 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 Issuers cause to be published once, in the
New York Times and The Wall Street Journal (national edition), 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 notification or publication, any
unclaimed balance of such money then remaining will be repaid to the Issuers.

 

SECTION 8.08.                      Reinstatement.

 

If the Trustee or Paying Agent is unable to apply
any United States Dollars or Government Notes in accordance with Section 8.03
or 8.04 hereof, as the case may be, by reason of any order or judgment of any
court or governmental authority enjoining, restraining or otherwise prohibiting
such application, then the Issuers’ obligations under this Indenture and the
Notes of the applicable Series shall be revived and reinstated as though
no deposit had occurred pursuant to Section 8.03 or 8.04 hereof until such
time as the Trustee or Paying Agent is permitted to apply all such money in accordance
with Section 8.03 or 8.04 hereof, as the case may be; provided,
however, that, if the Company makes any
payment of principal of, premium, if any, or interest on any Note following the
reinstatement of its obligations, the Company shall be subrogated to the rights
of the Holder of such Note to receive such payment from the money held by the
Trustee or Paying Agent.

 

ARTICLE 9

 

AMENDMENT, SUPPLEMENT AND
WAIVER

 

SECTION 9.01.                      Without Consent
of Holders of Notes.

 

Notwithstanding Section 9.02 hereof, the
Issuers, the Guarantors and the Trustee may amend or supplement this Indenture,
the Notes of any Series and the Guarantees or any amended or supplemental
indenture without the consent of any Holder of a Note:

 

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

 

(b)           to provide for
uncertificated Notes or Guarantees in addition to or in place of certificated
Notes or Guarantees (provided that
the uncertificated Notes are issued in registered form for purposes of Section 163(f) of
the Code, or in a manner such that the uncertificated Notes are described in Section 163(f)(2)(B) of
the Code);

 

56

 

(c)           to provide for the
assumption of the obligations of the Issuers or any Guarantor to the Holders of
the Notes in the case of a merger or consolidation pursuant to Article 5
or Article 10 hereof;

 

(d)           to make any change that
would provide any additional rights or benefits to the Holders of the Notes or
that does not adversely affect the legal rights hereunder of any Holder of the
Notes; or

 

(e)           to comply with requirements
of the Commission in order to effect or maintain the qualification hereof under
the TIA.

 

Upon the request of the Issuers accompanied by a
resolution of the Boards of Directors of each Issuer and a resolution of the
Board of Directors of each Guarantor and upon receipt by the Trustee of the
documents described in Section 11.04 hereof, the Trustee shall join with
the Issuers and the Guarantors in the execution of any amended or supplemental
Indenture authorized or permitted by the terms hereof and shall make any
further appropriate agreements and stipulations which may be therein contained,
but the Trustee shall not be obligated to enter into such amended or supplemental
Indenture which affects its own rights, duties or immunities under this Indenture
or otherwise.

 

SECTION 9.02.                      With Consent of
Holders of Notes.

 

The Issuers, the Guarantors and the Trustee may
amend or supplement this Indenture as it relates to any Series of Notes,
the Notes of any Series or the Guarantees or any amended or supplemental
Indenture with the written consent of the Holders of Notes of at least a
majority of the aggregate principal amount of Notes of such Series then
outstanding (including consents obtained in connection with a tender offer or
exchange offer for such Notes), and any existing Default and its consequences
or compliance with any provision hereof or the Notes of such Series may be
waived with the consent of the Holders of a majority of the aggregate principal
amount of Notes of such Series then outstanding (including consents
obtained in connection with a tender offer or exchange offer for the
Notes).  Notwithstanding the foregoing,
without the consent of each Holder affected, an amendment or waiver may not
(with respect to any Notes held by a non-consenting Holder of Notes):

 

(a)           reduce the aggregate
principal amount of Notes whose Holders must consent to an amendment,
supplement or waiver;

 

(b)           reduce the principal of or
change the fixed maturity of any Note or alter the provisions with respect to
the amount of redemption premium on the Notes;

 

(c)           reduce the rate of or change
the time for payment of interest on any Note;

 

(d)           waive a Default or Event of
Default in the payment of principal of or premium, if any, or interest on the
Notes (except a rescission of acceleration of the Notes by the Holders of at
least a majority in aggregate principal amount of the then outstanding Notes of
such Series and a waiver of the payment default that resulted from such
acceleration);

 

57

 

(e)           make any Note payable in
money other than that stated in the Notes;

 

(f)            make any change in the
provisions hereof relating to waivers of past Defaults or the rights of Holders
of Notes to receive payments of principal of or interest on the Notes;

 

(g)           waive a redemption payment
or mandatory redemption with respect to any Note;

 

(h)           amend, change or modify in
any material respect the obligation of the Company to make and consummate a
Change of Control Offer in the event of a Change of Control Triggering Event
after such Change of Control Triggering Event has occurred; or

 

(i)            make any change in the
foregoing amendment and waiver provisions.

 

Upon the request of the Issuers accompanied by a
resolution of the Boards of Directors of the Issuers and a resolution of the
Board of Directors of each Guarantor, and upon the filing with the Trustee of evidence
satisfactory to the Trustee of the consent of the Holders of Notes as
aforesaid, and upon receipt by the Trustee of the documents described in Section 11.04
hereof, the Trustee shall join with the Issuers and the Guarantors in the execution
of such amended or supplemental Indenture unless such amended or supplemental
Indenture affects the Trustee’s own rights, duties or immunities under this
Indenture or otherwise, in which case the Trustee may in its discretion, but
shall not be obligated to, enter into such amended or supplemental Indenture.

 

It shall not be necessary for the consent of the
Holders of Notes under this Section 9.02 to approve the particular form of
any proposed amendment or waiver, but it shall be sufficient if such consent
approves the substance thereof.

 

After an amendment, supplement or waiver under this Section 9.02
becomes effective, the Issuers shall mail to the Holders of Notes affected
thereby a notice briefly describing the amendment, supplement or waiver.  Any failure of the Issuers to mail such
notice, or any defect therein, shall not, however, in any way impair or affect
the validity of any such amended or supplemental Indenture or waiver.  Subject to Sections 6.04 and 6.07 hereof, the
Holders of a majority in aggregate principal amount of the Notes of a Series then
outstanding may waive compliance with respect to such Series of Notes in a
particular instance by the Issuers with any provision hereof or the Notes.

 

SECTION 9.03.                      Compliance with
Trust Indenture Act.

 

Every amendment or supplement to this Indenture and
the Notes shall be set forth in an amended or supplemental Indenture that
complies with the TIA as then in effect.

 

SECTION 9.04.                      Revocation and
Effect of Consents.

 

Until an amendment, supplement or waiver becomes
effective, a consent to it by a Holder of a Note is a continuing consent by the
Holder of a Note and every subsequent Holder of a Note 

 

58

 

or portion of a Note that
evidences the same debt as the consenting Holder’s Note, even if notation of
the consent is not made on any Note. 
However, any such Holder of a Note or subsequent Holder of a Note may
revoke the consent as to its Note if the Trustee receives written notice of
revocation before the date the waiver, supplement or amendment becomes effective.  An amendment, supplement or waiver becomes
effective in accordance with its terms and thereafter binds every Holder of a
Note.

 

The Issuers may fix a record date for determining
which Holders of the Notes must consent to such amendment, supplement or
waiver.  If the Issuers fix a record
date, the record date shall be fixed at (i) the later of 30 days prior to
the first solicitation of such consent or the date of the most recent list of
Holders of Notes furnished to the Trustee prior to such solicitation pursuant
to Section 2.05 hereof or (ii) such other date as the Issuers shall
designate.

 

SECTION 9.05.                      Notation on or
Exchange of Notes.

 

The Trustee may place an appropriate notation about
an amendment, supplement or waiver on any Note thereafter authenticated.  The Issuers in exchange for all Notes of a Series may
issue and the Trustee shall authenticate new Notes of such Series that
reflect the amendment, supplement or waiver.

 

Failure to make the appropriate notation or issue a
new Note shall not affect the validity and effect of such amendment, supplement
or waiver.

 

SECTION 9.06.                      Trustee To Sign
Amendments, Etc.

 

In executing, or accepting the additional trusts
created by, any supplemental indenture permitted by this Article or the
modification thereby of the trusts created by this Indenture, the Trustee shall
receive, and shall by fully protected in relying upon, an Opinion of Counsel
and an Officers’ Certificate 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.

 

ARTICLE 10

 

GUARANTEES

 

SECTION 10.01.                    Guarantee.

 

Each of the Guarantors (together with any successor
to such Guarantor pursuant to any merger or consolidation, unless such
Guarantor’s Guarantee is released in accordance with Section 10.03
hereof), jointly and severally, hereby unconditionally guarantees to each
Holder of a Note authenticated and delivered by the Trustee and to the Trustee
and its successors and assigns, irrespective of the validity and enforceability
of this Indenture, the Notes or the Obligations of the Issuers hereunder or
thereunder, that

 

59

 

(a)           the principal of, premium,
if any, and interest on the Notes will be promptly paid in full when due,
whether at maturity, by acceleration, redemption or otherwise, and interest on
the overdue principal of and interest on the Notes, if any, if lawful, and all
other obligations of the Issuers to the Holders or the Trustee hereunder or
thereunder will be promptly paid in full or performed, all in accordance with
the terms hereof and thereof; and

 

(b)           in case of any extension of
time of payment or renewal of any Notes or any of such other obligations, that
the same will be promptly paid in full when due or performed in accordance with
the terms of the extension or renewal, whether at stated maturity, by
acceleration or otherwise.  Failing
payment when due of any amount so guaranteed or any performance so guaranteed
for whatever reason, each of the Guarantors, jointly and severally, will be
obligated to pay the same immediately.

 

Each of the Guarantors, jointly and severally,
hereby agrees that its obligations hereunder shall be unconditional,
irrespective of the validity, regularity or enforceability of the Notes or this
Indenture, the absence of any action to enforce the same, any waiver or consent
by any Holder of the Notes with respect to any provisions hereof or thereof,
the recovery of any judgment against the Issuers, any action to enforce the
same or any other circumstance which might otherwise constitute a legal or
equitable discharge or defense of a guarantor.

 

Each of the Guarantors, jointly and severally,
hereby waives diligence, presentment, demand of payment, filing of claims with
a court in the event of insolvency or bankruptcy of the Issuers, any right to
require a proceeding first against the Issuers, protest, notice (except that
the Trustee shall provide at least ten days’ prior written notice to the
Issuers on behalf of the Guarantors before taking any action for which the
Communications Act and/or the FCC rules require such notice and which
right to notice is not waivable by any Guarantor) and all demands whatsoever
and covenant that this Guarantee will not be discharged except by complete
performance of the Obligations guaranteed hereby.  If any Holder or the Trustee is required by
any court or otherwise to return to the Issuers or any Guarantor, or any
Custodian, Trustee, liquidator or other similar official acting in relation to
either the Issuers or any Guarantor, any amount paid by either to the Trustee
or such Holder, this Guarantee, to the extent theretofore discharged, shall be
reinstated in full force and effect.

 

Each of the Guarantors, jointly and severally,
agrees that it shall not be entitled to any right of subrogation in relation to
the Holders in respect of any obligations guaranteed hereby until payment in
full of all obligations guaranteed hereby. 
Each of the Guarantors, jointly and severally, further agrees that, as
between such Guarantor, on the one hand, and the Holders and the Trustee, on
the other hand, (x) the maturity of the Obligations guaranteed hereby may
be accelerated as provided in Article 6 for the purposes of this
Guarantee, notwithstanding any stay, injunction or other prohibition preventing
such acceleration in respect of the obligations guaranteed hereby, and (y) in
the event of any declaration of acceleration of such obligations as provided in
Article 6, such obligations (whether or not due and payable) shall forthwith
become due and payable by each Guarantor for the purpose of this
Guarantee.  Notwithstanding the foregoing,
in the event that any Guarantee would constitute or result in a violation of
any applicable fraudulent conveyance or similar law of any relevant
jurisdiction, the liability of the applicable Guarantor under its Guarantee
shall be reduced to the maximum amount permissible under such fraudulent conveyance
or similar law.

 

60

 

The Guarantors hereby agree as among themselves that
each Guarantor that makes a payment or distribution under a Guarantee shall be
entitled to a pro rata contribution from each
other Guarantor hereunder based on the net assets of each other Guarantor.  The preceding sentence shall in no way affect
the rights of the Holders of Notes to the benefits hereof, the Notes or the
Guarantees.

 

Nothing in this Section 10.01 shall apply to
claims of, or payments to, the Trustee under or pursuant to the provisions of Section 7.07
hereof.  Nothing contained in this Section 10.01
or elsewhere in this Indenture, the Notes or the Guarantees shall impair, as
between any Guarantor and the Holder of any Note, the obligation of such
Guarantor, which is unconditional and absolute, to pay to the Holder thereof
the principal of, premium, if any, and interest on the Notes in accordance with
their terms and the terms of the Guarantee and this Indenture, nor shall
anything herein or therein prevent the Trustee or the Holder of any Note from
exercising all remedies otherwise permitted by applicable law or hereunder or
thereunder upon the occurrence of an Event of Default.

 

SECTION 10.02.                    Execution and
Delivery of Guarantees.

 

To evidence its Guarantee set forth in Section 10.01
hereof, each Guarantor hereby agrees that a notation of such Guarantee
substantially in the form of Exhibit B hereto shall be endorsed by
an officer of such Guarantor on each Note authenticated and delivered by the
Trustee and that this Indenture shall be executed on behalf of such Guarantor
by any of its Officers.  Each of the
Guarantors, jointly and severally, hereby agrees that its Guarantee set forth
in Section 10.01 hereof shall remain in full force and effect notwithstanding
any failure to endorse on each Note a notation of such Guarantee.  If an officer or Officer whose signature is
on this Indenture or on the Guarantee of a Guarantor no longer holds that
office at the time the Trustee authenticates the Note on which the Guarantee of
such Guarantor is endorsed, the Guarantee of such Guarantor shall be valid
nevertheless.  The delivery of any Note
by the Trustee, after the authentication thereof hereunder, shall constitute
due delivery of the Guarantees set forth in this Indenture on behalf of the
Guarantors.

 

SECTION 10.03.                    Merger,
Consolidation or Sale of Assets of Guarantors.

 

Subject to Section 10.05 hereof, a Guarantor
may not, and the Company will not cause or permit any Guarantor to, consolidate
or merge with or into (whether or not such Guarantor is the surviving entity),
or sell, assign, transfer, lease, convey or otherwise dispose of all or substantially
all of its properties or assets in one or more related transactions to, another
Person other than the Company or another Guarantor unless:

 

(a)           such Guarantor is the
surviving Person or the Person formed by or surviving any such consolidation or
merger (if other than such Guarantor) or to which such sale, assignment,
transfer, lease, conveyance or other disposition shall have been made is a
corporation, limited partnership or limited liability company organized or
existing under the laws of the United States, any state thereof or the District
of Columbia;

 

61

 

(b)           the Person formed by or
surviving any such consolidation or merger (if other than such Guarantor) or
the Person to which such sale, assignment, transfer, lease, conveyance or other
disposition shall have been made assumes all the obligations of such Guarantor,
pursuant to a supplemental indenture in form reasonably satisfactory to the
Trustee, under the Notes and this Indenture; and

 

(c)           immediately after such
transaction, no Default or Event of Default exists.

 

Nothing contained in this Indenture shall prevent
any consolidation or merger of a Guarantor with or into the Company or another
Guarantor that is a Wholly Owned Subsidiary of the Company or shall prevent any
sale or conveyance of the property of a Guarantor as an entirety or
substantially as an entirety to the Company or another Guarantor that is a
Wholly Owned Subsidiary of the Company. 
Except as set forth in Articles 4 and 5 hereof, nothing contained in
this Indenture shall prevent any consolidation or merger of a Guarantor with or
into the Company or another Guarantor that is a Subsidiary of the Company or
shall prevent any sale or conveyance of the property of a Guarantor as an
entirety or substantially as an entirety to the Company or another Guarantor
that is a Subsidiary of the Company.

 

SECTION 10.04.                    Successor
Corporation Substituted.

 

Upon any consolidation, merger, sale or conveyance
described in paragraphs (a) through (c) of Section 10.03 hereof,
and upon the assumption by the successor corporation, by supplemental
indenture, executed and delivered to the Trustee and satisfactory in form to
the Trustee, of any Guarantee previously signed by the Guarantor and the due
and punctual performance of all of the covenants and conditions hereof to be
performed by the Guarantor, such successor corporation shall succeed to and be
substituted for the Guarantor with the same effect as if it had been named
herein as a Guarantor.  Such successor
corporation thereupon may cause to be signed any or all of the Guarantees to be
issuable hereunder by such Guarantor and delivered to the Trustee.  All the Guarantees so issued shall in all
respects have the same legal rank and benefit under this Indenture as the
Guarantees theretofore and thereafter issued in accordance with the terms
hereof as though all of such Guarantees had been issued at the date of the
execution of such Guarantee by such Guarantor.

 

SECTION 10.05.                    Releases from
Guarantees.

 

If pursuant to any direct or indirect sale of assets
(including, if applicable, all of the Capital Stock of any Guarantor) or other
disposition by way of merger, consolidation or otherwise, the assets sold
include all or substantially all of the assets of any Guarantor or all of the
Capital Stock of any such Guarantor, then such Guarantor or the Person
acquiring the property (in the event of a sale or other disposition of all or
substantially all of the assets of such a Guarantor) shall be released and
relieved of its obligations under its Guarantee.  In addition, a Guarantor shall be released
and relieved of its obligations under its Guarantee if (1) such Guarantor
is dissolved or liquidated in accordance with the provisions hereof; (2) such
Guarantor no longer guarantees or is otherwise obligated under the Senior
Secured Credit Facility or any of the Existing Notes; or (3) with respect
to a Series of Notes, the Issuers effectively discharge their obligations 

 

62

 

or defease all Notes of such
Series in compliance with the terms of Article 8 hereof.  Upon delivery by the Company to the Trustee
of an Officers’ Certificate and an Opinion of Counsel to the effect that such
sale or other disposition was made by the Company in accordance with the
provisions hereof, if applicable, the Trustee shall execute any documents
pursuant to written direction of the Company in order to evidence the release
of any such Guarantor from its obligations under its Guarantee.  Any such Guarantor not released from its
obligations under its Guarantee shall remain liable for the full amount of
principal of and interest on the Notes and for the other obligations of such
Guarantor under this Indenture as provided in this Article 10.

 

ARTICLE 11

 

MISCELLANEOUS

 

SECTION 11.01.                    Trust Indenture
Act Controls.

 

If any provision hereof limits, qualifies or
conflicts with the duties imposed by TIA § 318(c), the imposed duties shall
control.

 

SECTION 11.02.                    Notices.

 

Any notice or communication by the Issuers, any
Guarantor or the Trustee to the other is duly given if in writing by
hand-delivery, registered first-class mail, next-day air courier or facsimile:

 

If to the Issuers or any Guarantor, to it care of:

 

DIRECTV Holdings LLC

2230 East Imperial Highway

El Segundo, California  90245

Facsimile No.:  (310) 964-0839

Attention:  General Counsel

 

with a copy to:

 

Weil, Gotshal & Manges LLP

767 Fifth Avenue

New York, New York 10153

Attention:  Erika L. Weinberg, Esq.

 

If to the Trustee:

 

The Bank of New York Mellon Trust Company, N.A.

700 South Flower Street, Suite 500 

Los Angeles, CA 90017

Facsimile No.:  (213) 630-6298

Attention:  Corporate Unit

 

63

 

The Issuers, any Guarantor or the Trustee, by notice
to the other, may designate additional or different addresses for subsequent
notices or communications.

 

All notices and communications (other than those
sent to Holders of Notes) shall be deemed to have been duly given:  when delivered by hand, if personally
delivered; five Business Days after being deposited in the mail, postage
prepaid, if mailed; one Business Day after being timely delivered to a next-day
air courier; and when transmission is confirmed, if sent by facsimile.

 

Any notice or communication to a Holder of a Note
shall be mailed by first class mail, certified or registered, return receipt
requested, or by overnight air courier guaranteeing next day delivery to its
address shown on the register kept by the Registrar.  Any notice or communication shall also be so
mailed to any Person described in TIA § 313(c), to the extent required by the
TIA.  Failure to mail a notice or
communication to a Holder of a Note or any defect in it shall not affect its
sufficiency with respect to other Holders of Notes.

 

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

 

If the Issuers mail a notice or communication to
Holders of Notes, they shall mail a copy to the Trustee and each Agent at the
same time.

 

The Trustee agrees to accept and act upon facsimile
and electronic mail transmission (including via pdf.) of written instructions
and/or directions pursuant to this Indenture given by the Issuers, provided, however
that: (i) the Issuers, subsequent to such facsimile or electronic mail
transmission of written instructions and/or directions, shall provide the
originally executed instructions and/or directions to the Trustee in a timely
manner and (ii) such originally executed instructions and/or directions
shall be signed by an authorized “Officer” of the Company (it being understood
that follow-up delivery of original instructions or directions is not necessary
for effective notice to be deemed given by such facsimile or electronic mail
transmission).

 

SECTION 11.03.                    Communication
by Holders of Notes with Other Holders of Notes.

 

Holders of the Notes may communicate pursuant to TIA
§ 312(b) with other Holders of Notes with respect to their rights under
this Indenture or the Notes.  The
Issuers, the Trustee, the Registrar and anyone else shall have the protection
of TIA § 312(c).

 

SECTION 11.04.                    Certificate and
Opinion as to Conditions Precedent.

 

Upon any request or application by the Issuers to
the Trustee to take any action under this Indenture (except in connection with
the original issuance of the Notes), the Issuers shall furnish to the Trustee:

 

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

 

64

 

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

 

SECTION 11.05.                                                     Statements
Required in Certificate or Opinion.

 

Each certificate or opinion with respect to
compliance with a condition or covenant provided for in this Indenture (other
than a certificate provided pursuant to TIA § 314(a)(4)) shall include:

 

(a)                                  a statement
that the Person making such certificate or opinion has read such covenant or
condition;

 

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

 

(c)                                  a statement
that, in the opinion of such Person, he or she 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 satisfied; and

 

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

 

SECTION 11.06.                                                     Rules by
Trustee and Agents.

 

The Trustee may make reasonable rules for
action by or at a meeting of Holders of Notes. 
The Registrar or Paying Agent may make reasonable rules and set
reasonable requirements for its functions.

 

SECTION 11.07.                                                     No Personal
Liability of Directors, Owners, Employees, Incorporators and Stockholders.

 

No director, owner, officer, employee, incorporator
or stockholder of the Issuers, the Guarantors or any of their Affiliates, as
such, shall have any liability for any obligations of the Issuers, the
Guarantors and any of their Affiliates under the Notes, the Guarantees or this
Indenture or for any claim based on, in respect of, or by reason of, such
obligations or their creation.  Each
Holder of the Notes by accepting a Note waives and releases all such liability.  The waiver and release are part of the
consideration for issuance of the Notes. 
Such waiver may not be effective to waive liabilities under the federal
securities laws and it is the view of the Commission that such waiver is
against public policy.

 

SECTION 11.08.                                                     Governing Law.

 

The internal law of the State of New York shall
govern and be used to construe this Indenture, the Notes and the Guarantees
without giving effect to applicable principles of conflicts of law to the
extent that the application of the laws of another jurisdiction would be required
thereby.

 

65

 

SECTION 11.09.                                                     No Adverse
Interpretation of Other Agreements.

 

This Indenture may not be used to interpret another
indenture, loan or debt agreement of the Issuers or any of their respective
Subsidiaries.  Any such indenture, loan
or debt agreement may not be used to interpret this Indenture.

 

SECTION 11.10.                                                     Successors.

 

All agreements of the Issuers and the Guarantors in
this Indenture and the Notes and the Guarantees shall bind the successors of
the Issuers and the Guarantors, respectively. 
All agreements of the Trustee in this Indenture shall bind its
successor.

 

SECTION 11.11.                                                     Severability.

 

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

 

SECTION 11.12.                                                     Counterpart
Originals.

 

The parties may sign any number of copies
hereof.  Each signed copy shall be an
original, but all of them together represent the same agreement.

 

SECTION 11.13.                                                     Table of Contents,
Headings, Etc.

 

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

 

SECTION 11.14.                                                     Force Majeure.

 

In no event shall the Trustee be responsible or
liable for any failure or delay in the performance of its obligations hereunder
arising out of or caused by, directly or indirectly, forces beyond its control,
including, without limitation, strikes, work stoppages, accidents, acts of war
or terrorism, civil or military disturbances, nuclear or natural catastrophes
or acts of God, and interruptions, loss or malfunctions of utilities,
communications or computer (software and hardware) services; it being
understood that the Trustee shall use reasonable efforts which are consistent
with accepted practices in the banking industry to resume performance as soon
as practicable under the circumstances.

 

SECTION 11.15.                                                     Waiver of Jury
Trial.

 

EACH OF THE ISSUERS AND THE TRUSTEE HEREBY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND
ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING
TO THIS INDENTURE, THE NOTES OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

[Signatures on following page]

 

66

 

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

 

	
   

  	
  DIRECTV
  HOLDINGS LLC, as Issuer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  J. William Little

  
	
   

  	
   

  	
  Name:

  	
  J.
  William Little

  
	
   

  	
   

  	
  Title:

  	
  Senior
  Vice President and Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  DIRECTV
  FINANCING CO., INC., as Issuer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  J. William Little

  
	
   

  	
   

  	
  Name:

  	
  J.
  William Little

  
	
   

  	
   

  	
  Title:

  	
  Senior
  Vice President and Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  DIRECTV,
  INC., as Guarantor

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  J. William Little

  
	
   

  	
   

  	
  Name:

  	
  J.
  William Little

  
	
   

  	
   

  	
  Title:

  	
  Senior
  Vice President and Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  DIRECTV
  CUSTOMER SERVICES, INC.,

  
	
   

  	
  as
  Guarantor

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  J. William Little

  
	
   

  	
   

  	
  Name:

  	
  J.
  William Little

  
	
   

  	
   

  	
  Title:

  	
  Senior
  Vice President and Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  DIRECTV
  MERCHANDISING, INC.,

  
	
   

  	
  as
  Guarantor

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  J. William Little

  
	
   

  	
   

  	
  Name:

  	
  J.
  William Little

  
	
   

  	
   

  	
  Title:

  	
  Senior
  Vice President and Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  DIRECTV
  ENTERPRISES, LLC,

  
	
   

  	
  as
  Guarantor

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  J. William Little

  
	
   

  	
   

  	
  Name:

  	
  J.
  William Little

  
	
   

  	
   

  	
  Title:

  	
  Senior
  Vice President and Treasurer

  

 

[Signature Page to Indenture]

 

 

	
   

  	
  DIRECTV
  OPERATIONS, LLC,

  
	
   

  	
  as
  Guarantor

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  J. William Little

  
	
   

  	
   

  	
  Name:

  	
  J.
  William Little

  
	
   

  	
   

  	
  Title:

  	
  Senior
  Vice President and Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  LABC
  PRODUCTIONS, LLC,

  
	
   

  	
  as
  Guarantor

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  J. William Little

  
	
   

  	
   

  	
  Name:

  	
  J.
  William Little

  
	
   

  	
   

  	
  Title:

  	
  Senior
  Vice President and Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  DIRECTV
  HOME SERVICES, LLC,

  
	
   

  	
  as
  Guarantor

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  J. William Little

  
	
   

  	
   

  	
  Name:

  	
  J.
  William Little

  
	
   

  	
   

  	
  Title:

  	
  Senior
  Vice President and Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  DIRECTV
  PROGRAMMING HOLDINGS I, INC.,

  
	
   

  	
  as
  Guarantor

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  J. William Little

  
	
   

  	
   

  	
  Name:

  	
  J.
  William Little

  
	
   

  	
   

  	
  Title:

  	
  Senior
  Vice President and Treasurer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  DIRECTV
  PROGRAMMING HOLDINGS II, INC.,

  
	
   

  	
  as
  Guarantor

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  J. William Little

  
	
   

  	
   

  	
  Name:

  	
  J.
  William Little

  
	
   

  	
   

  	
  Title:

  	
  Senior
  Vice President and Treasurer

  

 

[Signature Page to Indenture]

 

 

	
   

  	
  THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.

  
	
   

  	
  as Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Raymond Torres

  
	
   

  	
   

  	
  Name:

  	
  Raymond Torres

  
	
   

  	
   

  	
  Title:

  	
  Senior Associate

  

 

[Signature Page to Indenture]

 

 

EXHIBIT A-1

 

[Face of 2014 Note]

4.750% Senior Note due 2014

 

Cert.
No.

CUSIP No. [             ]

 

DIRECTV Holdings LLC and

DIRECTV Financing Co., Inc.

 

jointly and severally promise to pay to

 

or its registered assigns

 

the principal sum of

 

Dollars on October 1, 2014

 

Interest Payment Dates:  April 1 and October 1, commencing April 1,
2010.

 

Record Dates: 
March 15 and September 15 (whether or not a Business Day).

 

IN WITNESS WHEREOF, the Issuers have caused this
2014 Note to be duly executed.

 

Dated:

 

	
   

  	
  DIRECTV
  HOLDINGS LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  DIRECTV
  FINANCING CO., INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

 

This
is one of the 2014 Notes referred to in

the within-mentioned Indenture:

 

THE
BANK OF NEW YORK MELLON TRUST COMPANY, N.A. , as Trustee

 

	
  By:

  	
   

  	
   

  
	
   

  	
  Authorized
  Signatory

  	
   

  
	
   

  	
   

  	
   

  
	
  Dated:

  	
   

  	
   

  

 

A-1-1

 

 

(Back of 2014 Note)

 

Capitalized terms used herein have the meanings
assigned to them in the Indenture (as defined below) unless otherwise
indicated.

 

(1)                         Interest.  DIRECTV Holdings LLC, a Delaware limited
liability company (the “Company”) and
DIRECTV Financing Co., Inc., a Delaware corporation (“DIRECTV
Financing” and, together with the Company, the “Issuers”)
jointly and severally promise to pay interest on the principal amount of this
2014 Note at the rate and in the manner specified below.  Interest will accrue at 4.750% per annum and
will be payable semi-annually in cash on each April 1 and October 1,
commencing April 1, 2010, or if any such day is not a Business Day on the
next succeeding Business Day (each, an “Interest Payment Date”)
to Holders of record of the 2014 Notes at the close of business on the
immediately preceding March 15 and September 15, whether or not a
Business Day.  Interest will be computed
on the basis of a 360-day year consisting of twelve 30-day months.  Interest shall accrue from the most recent
date to which interest has been paid or, if no interest has been paid, from the
date of original issuance.  To the extent
lawful, the Issuers shall pay interest on overdue principal at the rate of the
then applicable interest rate on the 2014 Notes; they shall pay interest on
overdue installments of interest (without regard to any applicable grace
periods) at the same rate to the extent lawful. 
In addition, Holders may be entitled to the benefits of certain
provisions of the Registration Rights Agreement.

 

(2)                         Method of Payment.  The Issuers shall pay interest on the 2014
Notes (except defaulted interest) to the Persons who are registered Holders of
2014 Notes at the close of business on the record date next preceding the
Interest Payment Date, even if such 2014 Notes are canceled after such record
date and on or before such Interest Payment Date.  The Holder hereof must surrender this 2014
Note to a Paying Agent to collect principal payments.  The Issuers will pay principal and interest
in money of the United States that at the time of payment is legal tender for
payment of public and private debts.  The
2014 Notes will be payable both as to principal and interest at the office or
agency of the Issuers maintained for such purpose or, at the option of the
Issuers, payment of interest may be made by check mailed to the Holders of 2014
Notes at their respective addresses set forth in the register of Holders of
2014 Notes.  Unless otherwise designated
by the Issuers, the Issuers’ office or agency will be the office of the Trustee
maintained for such purpose.

 

(3)                         Paying Agent and Registrar.  Initially, the Trustee will act as Paying
Agent and Registrar.  The Issuers may
change any Paying Agent, Registrar or co-registrar without prior notice to any
Holder of a 2014 Note.  The Company may
act in any such capacity.

 

(4)                         Indenture.  The Issuers issued the 2014 Notes under an
Indenture, dated as of September 22, 2009 (the “Indenture”),
among the Issuers, the Guarantors and the Trustee.  This is one of an issue of 2014 Notes of the
Issuers issued, or to be issued, under the Indenture.  The Issuers shall be entitled to issue additional
2014 Notes pursuant to Section 2.02 of the Indenture.  All 2014 Notes issued under the Indenture
shall be treated as a single Series of Notes under the Indenture.  The terms of the 2014 Notes include those
stated in the Indenture and those made part of the Indenture by reference to
the Trust Indenture Act of 1939, as amended (15 U.S. Code §§ 77aaa-77bbbb), as
in effect on the date of the Indenture. 
The 2014 Notes are subject to all such terms, and Holders of 2014 Notes
are referred to the Indenture and such act for a statement of such terms.  The terms of the Indenture shall govern any
inconsistencies between the Indenture and the 2014 Notes.  The 2014 Notes are senior unsecured
obligations of the Issuers.

 

A-1-2

 

(5)                         Optional Redemption.  At any time and from time to time the Company
may redeem all or any portion of the 2014 Notes outstanding at a redemption
price equal to the greater of:

 

(a)                                                                100% of the
aggregate principal amount of the 2014 Notes to be redeemed, and

 

(b)                                                               an amount equal
to sum of the present values of the remaining scheduled payments of principal
of and interest on the 2014 Notes to be redeemed (excluding accrued and unpaid
interest to the redemption date and subject to the right of Holders on the
relevant record date to receive interest due on the relevant interest payment
date) discounted from their scheduled date of payment to the redemption date on
a semi-annual basis (assuming a 360-day year consisting of twelve 30-day
months) using a discount rate equal to the Treasury Rate plus 40 basis points,

 

plus, in each of the above cases, accrued and
unpaid interest, if any, to such redemption date.

 

“Treasury Rate”
means, at the time of computation, (1) the semi-annual equivalent yield to
maturity of the United States Treasury Securities with a constant maturity (as
compiled and published in the most recent Federal Reserve Statistical Release
H.15(519) which has become publicly available at least two Business Days prior
to the redemption date or, if such Statistical Release is no longer published,
any publicly available source of similar market data) for the maturity
corresponding to the Comparable Treasury Issue; provided,
however, that if no maturity is within
three months before or after the maturity date for the 2014 Notes, yields for
the two published maturities most closely corresponding to the Comparable
Treasury Issue will be determined and the Treasury Rate will be interpolated or
extrapolated from those yields on a straight line basis, rounding to the
nearest month; or (2) if that release, or any successor release, is not
published during the week preceding the calculation date or does not contain
such yields, the rate per annum equal to the semiannual 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 that redemption date.  The Treasury Rate will be calculated on the
third Business Day preceding the redemption date.

 

(6)                         Repurchase at Option of Holder.  Upon the occurrence of a Change of Control
Triggering Event with respect to the 2014 Notes, the Company shall make an
offer to purchase on the Change of Control Payment Date all outstanding 2014
Notes at a purchase price equal to 101% of the aggregate principal amount
thereof, together with accrued and unpaid interest thereon to the date of
repurchase.  Holders of 2014 Notes that
are subject to an offer to purchase will receive a Change of Control Offer from
the Company prior to any related Change of Control Payment Date and may elect
to have such 2014 Notes purchased by completing the form entitled “Option of
Holder To Elect Purchase” appearing below.

 

(7)                         Notice of Redemption.  Notice of redemption shall be mailed at least
30 days but not more than 60 days before the redemption date to each Holder
whose 2014 Notes are to be

 

A-1-3

 

redeemed at its registered
address.  Notes may be redeemed in part
but only in whole multiples of $2,000, unless all of the 2014 Notes held by a
Holder of  2014 Notes are to be redeemed.  On and after the redemption date, interest
ceases to accrue on 2014 Notes or portions of them called for redemption unless
the Company fails to redeem such 2014 Notes or such portions thereof.

 

(8)        Denominations, Transfer, Exchange.  The 2014 Notes are in registered form without
coupons in denominations of $2,000 and integral multiples of $1,000.  The transfer of 2014 Notes may be registered
and 2014 Notes may be exchanged as provided in the Indenture.  The Registrar and the Trustee may require a
Holder of a 2014 Note, among other things, to furnish appropriate endorsements
and transfer documents and to pay any taxes and fees required by law or
permitted by the Indenture.  The
Registrar need not exchange or register the transfer of any 2014 Note or
portion of a 2014 Note selected for redemption. 
Also, it need not exchange or register the transfer of any 2014 Notes
for a period of 15 days before a selection of 2014 Notes to be redeemed.

 

(9)        Persons Deemed Owners. 
Prior to due presentment to the Trustee for registration of the transfer
of this 2014 Note, the Trustee, any Agent and the Issuers may deem and treat
the Person in whose name this 2014 Note is registered as their absolute owner
for the purpose of receiving payment of principal of, premium, if any, and
interest on this 2014 Note and for all other purposes whatsoever, whether or
not this 2014 Note is overdue, and neither the Trustee, any Agent nor the
Issuers shall be affected by notice to the contrary.  The registered Holder of a 2014 Note shall be
treated as its owner for all purposes.

 

(10)      Amendments, Supplement and Waivers.  Subject to certain exceptions, the Indenture,
the 2014 Notes or the Guarantees or any amended or supplemental indenture with
respect to the 2014 Notes may be amended or supplemented with the written
consent of the Holders of 2014 Notes of at least a majority of the aggregate
principal amount of 2014 Notes then outstanding (including consents obtained in
connection with a tender offer or exchange offer for the 2014 Notes), and any existing
Default and its consequences or compliance with any provision of the Indenture
or the 2014 Notes may be waived with the consent of the Holders of a majority
of the aggregate principal amount of 2014 Notes then outstanding (including
consents obtained in connection with a tender offer or exchange offer for the 2014
Notes).  Notwithstanding the foregoing,
without the consent of each Holder affected, an amendment or waiver may not
(with respect to any 2014 Notes held by a non-consenting Holder of 2014 Notes):
reduce the aggregate principal amount of 2014 Notes whose Holders must consent
to an amendment, supplement or waiver; reduce the principal of or change the
fixed maturity of any 2014 Note or alter the provisions with respect to the
amount of redemption premium on the 2014 Notes; reduce the rate of or change
the time for payment of interest on any 2014 Note; waive a Default or Event of
Default with respect to the 2014 Notes in the payment of principal of or
premium, if any, or interest on the 2014 Notes (except a rescission of
acceleration of the 2014 Notes by the Holders of at least a majority in
aggregate principal amount of the then outstanding 2014 Notes and a waiver of
the payment default that resulted from such acceleration); make any 2014 Note
payable in money other than that stated in the 2014 Notes; make any change in
the provisions of the Indenture relating to waivers of past Defaults or the
rights of Holders of 2014 Notes to receive payments of principal of or interest
on the 2014 Notes; waive a redemption payment or mandatory redemption with
respect to any 2014 Note; amend, change or modify in any material respect the
obligation of the Company to make and consummate a Change of Control Offer in
the event of a Change of 

 

A-1-4

 

Control Triggering Event after
such Change of Control Triggering Event has occurred; or make any change in the
foregoing amendment and waiver provisions. 
Notwithstanding the foregoing, without the consent of any Holder of a
2014 Note, the Indenture, the 2014 Notes or the Guarantees or any amended or
supplemental indenture with respect to the 2014 Notes may be amended or
supplemented to cure any ambiguity, defect or inconsistency; to provide for
uncertificated 2014 Notes or Guarantees in addition to or in place of
certificated 2014 Notes or Guarantees; to provide for the assumption of the
obligations of the Issuers or any Guarantor to the Holders of the 2014 Notes in
case of a merger or consolidation pursuant to Article 5 or Article 10
of the Indenture; to make any change that would provide any additional rights
or benefits to the Holders of the 2014 Notes or that does not adversely affect
the legal rights under the Indenture of any such Holder; or to comply with the
requirements of the Commission in order to effect or maintain the qualification
of the Indenture under the Trust Indenture Act.

 

(11)      Defaults and Remedies. 
Each of the following constitutes an Event of Default with respect to
the 2014 Notes:

 

(a)           default
for 30 days in the payment when due of interest or additional interest, if any,
on the 2014 Notes;

 

(b)           default
in payment when due of principal of or premium, if any, on the 2014 Notes at
maturity, upon repurchase, redemption or otherwise;

 

(c)           failure
to comply with Section 4.10 or 5.01 of the Indenture;

 

(d)           default
under any other provision of the Indenture or the 2014 Notes, which default
remains uncured for 60 days after notice from the Trustee or the Holders of at
least 25% of the aggregate principal amount then outstanding of the 2014 Notes;

 

(e)           there shall occur any (i) default under
any mortgage, indenture or instrument under which there may be issued or by
which there may be secured or evidenced any Indebtedness for money borrowed by
the Company and any of its Subsidiaries (or the payment of which is guaranteed by
the Company and any of its Subsidiaries), other than the Indebtedness evidenced
by the Existing Notes, which default is caused by a failure to pay the principal
of such Indebtedness at the final stated maturity thereof within the grace
period provided in such Indebtedness (a “Payment  Default”), and the principal amount of any such
Indebtedness, together with the principal amount of any other such Indebtedness
under which there has been a Payment Default, aggregates $100 million or more
or (ii) “Event of Default” under and as defined in any indenture
governing any of the Existing Notes (but only for so long as the Existing Notes
issued thereunder remain outstanding and such “Event of Default” has not been
cured or waived, in accordance with such indenture) whether or not any of the
Existing Notes have been accelerated in accordance with the terms of the
indentures governing the Existing Notes;

 

(f)            default
under any mortgage, indenture or instrument under which there may be issued or
by which there may be secured or evidenced any Indebtedness for money borrowed
by the Company and any of its Subsidiaries (or the payment of which is
guaranteed by the Company or any of its Subsidiaries), other than the
Indebtedness evidenced 

 

A-1-5

 

by the Existing Notes, which
default results in the acceleration of such Indebtedness prior to its express
maturity not rescinded or cured within 30 days after such acceleration, and the
principal amount of any such Indebtedness, together with the principal amount
of any other such Indebtedness under which there has been a Payment Default or
the maturity of which has been so accelerated, aggregates $100 million or more;

 

(g)           failure
by the Company and any of its Subsidiaries to pay final judgments (other than
any judgment as to which a reputable insurance company has accepted full liability)
aggregating $100 million or more, which judgments are not stayed within 60 days
after their entry;

 

(h)           any
Guarantee of a Significant Subsidiary with respect to the 2014 Notes shall be
held in a judicial proceeding to be unenforceable or invalid or shall cease for
any reason to be in full force and effect, or any Guarantor that qualifies as a
Significant Subsidiary, or any Person acting on behalf of any Guarantor that
qualifies as a Significant Subsidiary, shall deny or disaffirm its obligations
under its Guarantee of the 2014 Notes;

 

(i)            the
Company, DIRECTV Financing or any Significant Subsidiary of the Company
pursuant to or within the meaning of Bankruptcy Law (i) commences a voluntary
case; (ii) consents to the entry of an order for relief against it in an
involuntary case; (iii) consents to the appointment of a Custodian of it
or for all or substantially all of its property; or (iv) makes a general
assignment for the benefit of its creditors; and

 

(j)            a
court of competent jurisdiction enters an order or decree under any Bankruptcy
Law that: (i) is for relief against the Company, DIRECTV Financing or any
Significant Subsidiary of the Company in an involuntary case; (ii) appoints
a custodian of the Company, DIRECTV Financing or any Significant Subsidiary of
the Company or for all or substantially all of the property of the Company,
DIRECTV Financing or any Significant Subsidiary of the Company; or (iii) orders
the liquidation of the Company, DIRECTV Financing or any Significant Subsidiary
of the Company, and the order or decree remains unstayed and in effect for 60
consecutive days.

 

If an Event of Default (other than an Event of
Default relating to an Issuer specified in clause (i) or (j) above)
occurs and is continuing, the Trustee by notice to the Issuers, or the Holders
of at least 25% of the aggregate principal amount then outstanding of the 2014
Notes by written notice to the Issuers and the Trustee, may declare all the
2014 Notes to be due and payable immediately. 
Notwithstanding the foregoing, in the case of an Event of Default
specified in clause (i) or (j) above with respect to an Issuer, all
outstanding 2014 Notes shall become and immediately be due and payable without
further action or notice.  Holders of the
2014 Notes may not enforce the Indenture or the 2014 Notes except as provided
in the Indenture.  The Trustee may
withhold from Holders of the 2014 Notes notice of any continuing Default or
Event of Default (except a Default or Event of Default relating to the payment
of principal or interest) if it determines that withholding notice is in such
Holders’ interest.

 

In the event the 2014 Notes are accelerated as a result of
an Event of Default specified in clause (e)(ii) above, such Event of
Default and all consequences thereof (excluding any resulting payment default,
other than as a result of the acceleration of the 2014 Notes) shall be
annulled, 

 

A-1-6

 

waived and rescinded, automatically
and without action by the Trustee or the Holders, if (i) such rescission
would not conflict with any judgment or decree and (ii) within 60 days
following the occurrence of such Event of Default:

 

	
  (1)

  	
  the
  applicable Existing Notes have been redeemed, repaid or discharged in full;

  
	
   

  	
   

  
	
  (2)

  	
  the
  Trustee thereunder or the requisite holders thereof have rescinded or waived
  the acceleration, notice or action (as the case may be) giving rise to the
  Event of Default; or

  
	
   

  	
   

  
	
  (3)

  	
  the default that is the basis for
  the Event of Default has been cured.

  

 

The Holders of a majority in aggregate principal
amount of the then outstanding 2014 Notes by written notice to the Trustee may
on behalf of all the Holders of 2014 Notes rescind an acceleration and its
consequences if the rescission would not conflict with any judgment or decree
and if all existing Events of Default (except nonpayment of principal, interest
or premium that has become due solely because of the acceleration) have been
cured or waived.  The Holders of a
majority in aggregate principal amount of the then outstanding 2014 Notes, by
written notice to the Trustee, may on behalf of the Holders of all of the 2014
Notes waive any existing Default or Event of Default and its consequences under
the Indenture, except a continuing Default or Event of Default in the payment
of interest or premium on, or principal of, the 2014 Notes.

 

The Issuers are required to deliver to the Trustee
annually a statement regarding compliance with the Indenture, and the Issuers
are required upon becoming aware of any Default or Event of Default to deliver
to the Trustee a statement specifying such Default or Event of Default.

 

All powers of the Trustee under the Indenture will
be subject to applicable provisions of the Communications Act, including,
without limitation, the requirements of prior approval for de facto or de jure transfer of control or assignment of Title III
licenses.

 

(12)      Trustee Dealings with Issuers.  The Trustee under the Indenture, in its
individual or any other capacity, may make loans to, accept deposits from, and
perform services for the Issuers or their Subsidiaries, and may otherwise deal
with the Issuers or their Subsidiaries, as if it were not Trustee; however, if
the Trustee acquires any conflicting interest it must eliminate such conflict
within 90 days, apply to the Commission for permission to continue as Trustee
or resign.

 

(13)      No Personal Liabilities of Directors, Owners, Employees, Incorporators
and Stockholders.  No
director, owner, officer, employee, incorporator or stockholder of the Issuers,
the Guarantors or any of their Affiliates, as such, shall have any liability
for any obligations of the Issuers, the Guarantors or any of their Affiliates
under this Note, the Guarantees or the Indenture or for any claim based on, in
respect of, or by reason of, such obligations or their creation.  Each Holder of 2014 Notes by accepting a 2014
Note waives and releases all such liability. 
The waiver and release are part of the consideration for issuance of the
2014 Notes.

 

A-1-7

 

(14)      Guarantees.  Payment
of principal and interest (including interest on overdue principal and overdue
interest, if lawful) is unconditionally guaranteed, jointly and severally, by
each of the Guarantors.

 

(15)      Authentication.  This
2014 Note shall not be valid until authenticated by the manual signature of the
Trustee or an authenticating agent.

 

(16)      Abbreviations. 
Customary abbreviations may be used in the name of a Holder of a 2014
Note or an 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 (5 Custodian), and U/G/M/A (= Uniform Gifts to
Minors Act).

 

(17)      CUSIP Numbers. 
Pursuant to a recommendation promulgated by the Committee on Uniform
Note Identification Procedures, the Company has caused CUSIP numbers to be
printed on the 2014 Notes and has directed the Trustee to use CUSIP numbers in
notices of redemption as a convenience to Holders of 2014 Notes.  No representation is made as to the accuracy
of such numbers either as printed on the 2014 Notes or as contained in any
notice of redemption and reliance may be placed only on the other
identification numbers placed thereon.

 

The Company will furnish to any Holder of a 2014
Note upon written request and without charge a copy of the Indenture.  Request may be made to:

 

DIRECTV
Holdings LLC

2230 East Imperial Highway

El Segundo, California  90245

Attention:  Corporate Secretary

 

A-1-8

 

ASSIGNMENT FORM

 

To assign this Note, fill in the form below:  (I) or (we) assign and transfer this
2014 Note to 

 

 

(Insert assignee’s Soc. Sec. or tax I.D. no.)

 

 

(Print or type assignee’s name, address and zip code)

 

and irrevocably appoint
                            
agent to transfer this 2014 Note on the books of the Company.  The agent may substitute another to act for
him.

 

	
  Date:

  	
   

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Your
  Signature:

  	
   

  
	
   

  	
   

  	
  (Sign
  exactly as your name appears on the face of

  this Note)

  
	
  Signature
  Guarantee.

  	
   

  

 

A-1-9

 

OPTION OF HOLDER TO ELECT PURCHASE

 

If you want to elect to have all or any part of this
2014 Note purchased by the Issuers pursuant to Section 4.10 (Change of
Control and Ratings Decline) of the Indenture, check the box below:

 

o      Section 4.10

 

If you want to have only part of the 2014 Note
purchased by the Issuers pursuant to Section 4.10 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)

  
	
  Signature
  Guarantee.

  	
   

  	
   

  
					

 

A-1-10

 

[ATTACHMENT FOR GLOBAL NOTES]

 

SCHEDULE OF EXCHANGES OF INTERESTS IN
THE GLOBAL NOTE

 

The following exchanges of a part of this Global
Note for an interest in another Global Note or for a Definitive Note, or
exchanges of a part of another Global Note or Definitive Note for an interest
in this Global Note, have been made:

 

	
  Date of Exchange

  	
   

  	
  Amount of

  decrease in

  Principal Amount of

  this Global Note

  	
   

  	
  Amount of Increase Principal Amount of

  the Global Note

  	
   

  	
  Principal Amount

  of this Global Note following such

  Decrease (or Increase)

  	
   

  	
  Signature of

  authorized officer

  of Trustee or

  Note Custodian

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

A-1-11

 

EXHIBIT A-2

 

[Face of 2019 Note]

5.875% Senior Note due 2019

 

Cert.
No.

CUSIP No. [             ]

 

DIRECTV Holdings LLC and

DIRECTV Financing Co., Inc.

 

jointly and severally promise to pay to

 

or its registered assigns

 

the principal sum of

 

Dollars on October 1, 2019

 

Interest Payment Dates:  April 1 and October 1, commencing April 1,
2010.

 

Record Dates: 
March 15 and September 15 (whether or not a Business Day).

 

IN WITNESS WHEREOF, the Issuers have caused this
2019 Note to be duly executed.

 

	
  Dated:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  DIRECTV
  HOLDINGS LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  DIRECTV
  FINANCING CO., INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
  This
  is one of the 2019 Notes referred to in

  	
   

  
	
  the
  within-mentioned Indenture:

  	
   

  
	
   

  	
   

  
	
  THE
  BANK OF NEW YORK MELLON TRUST COMPANY, N.A. , as Trustee

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
   

  	
  Authorized
  Signatory

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Dated:

  	
   

  	
   

  	
   

  

 

A-2-1

 

 

(Back
of 2019 Note)

 

Capitalized terms used herein have the meanings assigned to them in the
Indenture (as defined below) unless otherwise indicated.

 

(1)                         Interest.  DIRECTV Holdings LLC, a Delaware limited
liability company (the “Company”) and
DIRECTV Financing Co., Inc., a Delaware corporation (“DIRECTV
Financing” and, together with the Company, the “Issuers”)
jointly and severally promise to pay interest on the principal amount of this
2019 Note at the rate and in the manner specified below.  Interest will accrue at 5.875% per annum and
will be payable semi-annually in cash on each April 1 and October 1,
commencing April 1, 2010, or if any such day is not a Business Day on the
next succeeding Business Day (each, an “Interest Payment Date”)
to Holders of record of the 2019 Notes at the close of business on the
immediately preceding March 15 and September 15, whether or not a
Business Day.  Interest will be computed
on the basis of a 360-day year consisting of twelve 30-day months.  Interest shall accrue from the most recent
date to which interest has been paid or, if no interest has been paid, from the
date of original issuance.  To the extent
lawful, the Issuers shall pay interest on overdue principal at the rate of the
then applicable interest rate on the 2019 Notes; they shall pay interest on
overdue installments of interest (without regard to any applicable grace
periods) at the same rate to the extent lawful. 
In addition, Holders may be entitled to the benefits of certain
provisions of the Registration Rights Agreement.

 

(2)                         Method
of Payment.  The Issuers
shall pay interest on the 2019 Notes (except defaulted interest) to the Persons
who are registered Holders of 2019 Notes at the close of business on the record
date next preceding the Interest Payment Date, even if such 2019 Notes are canceled
after such record date and on or before such Interest Payment Date.  The Holder hereof must surrender this 2019
Note to a Paying Agent to collect principal payments.  The Issuers will pay principal and interest in
money of the United States that at the time of payment is legal tender for
payment of public and private debts.  The
2019 Notes will be payable both as to principal and interest at the office or
agency of the Issuers maintained for such purpose or, at the option of the
Issuers, payment of interest may be made by check mailed to the Holders of 2019
Notes at their respective addresses set forth in the register of Holders of
2019 Notes.  Unless otherwise designated
by the Issuers, the Issuers’ office or agency will be the office of the Trustee
maintained for such purpose.

 

(3)                         Paying
Agent and Registrar.  Initially,
the Trustee will act as Paying Agent and Registrar.  The Issuers may change any Paying Agent,
Registrar or co-registrar without prior notice to any Holder of a 2019
Note.  The Company may act in any such
capacity.

 

(4)                         Indenture.  The Issuers issued the 2019 Notes under an
Indenture, dated as of September 22, 2009 (the “Indenture”),
among the Issuers, the Guarantors and the Trustee.  This is one of an issue of 2019 Notes of the
Issuers issued, or to be issued, under the Indenture.  The Issuers shall be entitled to issue additional
2019 Notes pursuant to Section 2.02 of the Indenture.  All 2019 Notes issued under the Indenture
shall be treated as a single Series of Notes under the Indenture.  The terms of the 2019 Notes include those
stated in the Indenture and those made part of the Indenture by reference to
the Trust Indenture Act of 1939, as amended (15 U.S. Code §§ 77aaa-77bbbb), as
in effect on the date of the Indenture. 
The 2019 Notes are subject to all such terms, and Holders of 2019 Notes
are referred to the Indenture and such act for a statement of such terms.  The terms of the Indenture shall govern any
inconsistencies between the Indenture and the 2019 Notes.  The 2019 Notes are senior unsecured
obligations of the Issuers.

 

A-2-2

 

(5)                         Optional
Redemption.  At any time
and from time to time the Company may redeem all or any portion of the 2019
Notes outstanding at a redemption price equal to the greater of:

 

(a)                                100% of the aggregate
principal amount of the 2019 Notes to be redeemed, and

 

(b)                               an amount equal to sum of
the present values of the remaining scheduled payments of principal of and interest
on the 2019 Notes to be redeemed (excluding accrued and unpaid interest to the
redemption date and subject to the right of holders on the relevant record date
to receive interest due on the relevant interest payment date) discounted from
their scheduled date of payment to the redemption date on a semi-annual basis
(assuming a 360-day year consisting of twelve 30-day months) using a discount
rate equal to the Treasury Rate plus 40 basis points,

 

plus, in each of the above cases, accrued and unpaid interest, if any,
to such redemption date.

 

“Treasury Rate” means, at the time of
computation, (1) the semi-annual equivalent yield to maturity of the
United States Treasury Securities with a constant maturity (as compiled and
published in the most recent Federal Reserve Statistical Release H.15(519)
which has become publicly available at least two Business Days prior to the
redemption date or, if such Statistical Release is no longer published, any
publicly available source of similar market data) for the maturity
corresponding to the Comparable Treasury Issue; provided,
however, that if no maturity is within
three months before or after the maturity date for the 2019 Notes, yields for
the two published maturities most closely corresponding to the Comparable Treasury
Issue will be determined and the Treasury Rate will be interpolated or
extrapolated from those yields on a straight line basis, rounding to the
nearest month; or (2) if that release, or any successor release, is not
published during the week preceding the calculation date or does not contain
such yields, the rate per annum equal to the semiannual 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 that redemption date.  The Treasury Rate will be calculated on the
third Business Day preceding the redemption date.

 

(6)                         Repurchase
at Option of Holder.  Upon the
occurrence of a Change of Control Triggering Event with respect to the 2019
Notes, the Company shall make an offer to purchase on the Change of Control
Payment Date all outstanding 2019 Notes at a purchase price equal to 101% of
the aggregate principal amount thereof, together with accrued and unpaid
interest thereon to the date of repurchase. 
Holders of 2019 Notes that are subject to an offer to purchase will receive
a Change of Control Offer from the Company prior to any related Change of
Control Payment Date and may elect to have such 2019 Notes purchased by
completing the form entitled “Option of Holder To Elect Purchase” appearing below.

 

A-2-3

 

(7)                         Notice
of Redemption.  Notice of
redemption shall be mailed at least 30 days but not more than 60 days before
the redemption date to each Holder whose 2019 Notes are to be redeemed at its
registered address.  Notes may be
redeemed in part but only in whole multiples of $2,000, unless all of the 2019
Notes held by a Holder of 2019 Notes are to be redeemed.  On and after the redemption date, interest
ceases to accrue on 2019 Notes or portions of them called for redemption unless
the Company fails to redeem such 2019 Notes or such portions thereof.

 

(8)                         Denominations,
Transfer, Exchange.  The 2019
Notes are in registered form without coupons in denominations of $2,000 and
integral multiples of $1,000.  The
transfer of 2019 Notes may be registered and 2019 Notes may be exchanged as
provided in the Indenture.  The Registrar
and the Trustee may require a Holder of a 2019 Note, among other things, to
furnish appropriate endorsements and transfer documents and to pay any taxes
and fees required by law or permitted by the Indenture.  The Registrar need not exchange or register
the transfer of any 2019 Note or portion of a 2019 Note selected for
redemption.  Also, it need not exchange
or register the transfer of any 2019 Notes for a period of 15 days before a
selection of 2019 Notes to be redeemed.

 

(9)                         Persons
Deemed Owners.  Prior to
due presentment to the Trustee for registration of the transfer of this 2019
Note, the Trustee, any Agent and the Issuers may deem and treat the Person in
whose name this 2019 Note is registered as their absolute owner for the purpose
of receiving payment of principal of, premium, if any, and interest on this
2019 Note and for all other purposes whatsoever, whether or not this 2019 Note
is overdue, and neither the Trustee, any Agent nor the Issuers shall be
affected by notice to the contrary.  The
registered Holder of a 2019 Note shall be treated as its owner for all
purposes.

 

(10)                   Amendments,
Supplement and Waivers. 
Subject to certain exceptions, the Indenture, the 2019 Notes or the
Guarantees or any amended or supplemental indenture with respect to the 2019
Notes may be amended or supplemented with the written consent of the Holders of
2019 Notes of at least a majority of the aggregate principal amount of 2019
Notes then outstanding (including consents obtained in connection with a tender
offer or exchange offer for the 2019 Notes), and any existing Default and its
consequences or compliance with any provision hereof or the 2019 Notes may be
waived with the consent of the Holders of a majority of the aggregate principal
amount of 2019 Notes then outstanding (including consents obtained in connection
with a tender offer or exchange offer for the 2019 Notes).  Notwithstanding the foregoing, without the
consent of each Holder affected, an amendment or waiver may not (with respect
to any 2019 Notes held by a non-consenting Holder of 2019 Notes): reduce the
aggregate principal amount of 2019 Notes whose Holders must consent to an
amendment, supplement or waiver; reduce the principal of or change the fixed
maturity of any 2019 Note or alter the provisions with respect to the amount of
redemption premium on the 2019 Notes; reduce the rate of or change the time for
payment of interest on any 2019 Note; waive a Default or Event of Default with
respect to the 2019 Notes in the payment of principal of or premium, if any, or
interest on the 2019 Notes (except a rescission of acceleration of the 2019
Notes by the Holders of at least a majority in aggregate principal amount of
the then outstanding 2019 Notes and a waiver of the payment default that
resulted from such acceleration); make any 2019 Note payable in money other
than that stated in the 2019 Notes; make any change in the provisions to the
Indenture relating to waivers of past Defaults or the rights of Holders of 2019
Notes to receive payments of principal of or interest on the 2019 Notes; waive
a redemption payment or mandatory redemption with respect to any 2019 Note;
amend, change or modify in any material respect the obligation of the Company
to make and consummate a Change of Control Offer in the event of a Change of Control

 

A-2-4

 

Triggering Event after such Change of Control
Triggering Event has occurred; or make any change in the foregoing amendment
and waiver provisions.  Notwithstanding
the foregoing, without the consent of any Holder of a 2019 Note, the Indenture,
the 2019 Notes or the Guarantees or any amended or supplemental indenture with
respect to the 2019 Notes may be amended or supplemented to cure any ambiguity,
defect or inconsistency; to provide for uncertificated 2019 Notes or Guarantees
in addition to or in place of certificated 2019 Notes or Guarantees; to provide
for the assumption of the obligations of the Issuers or any Guarantor to the
Holders of the 2019 Notes in case of a merger or consolidation pursuant to Article 5
or Article 10 of the Indenture; to make any change that would provide any
additional rights or benefits to the Holders of the 2019 Notes or that does not
adversely affect the legal rights under the Indenture of any such Holder; or to
comply with the requirements of the Commission in order to effect or maintain
the qualification of the Indenture under the Trust Indenture Act.

 

(11)                   Defaults
and Remedies.  Each of the
following constitutes an Event of Default with respect to the 2019 Notes:

 

(a)                                  default for 30
days in the payment when due of interest or additional interest, if any, on the
2019 Notes;

 

(b)                                 default in
payment when due of principal of or premium, if any, on the 2019 Notes at
maturity, upon repurchase, redemption or otherwise;

 

(c)                                  failure to
comply with Section 4.10 or 5.01 of the Indenture;

 

(d)                                 default under
any other provision of the Indenture or the 2019 Notes, which default remains
uncured for 60 days after notice from the Trustee or the Holders of at least
25% of the aggregate principal amount then outstanding of the 2019 Notes;

 

(e)                                  there shall occur any (i) default under
any mortgage, indenture or instrument under which there may be issued or by
which there may be secured or evidenced any Indebtedness for money borrowed by
the Company and any of its Subsidiaries (or the payment of which is guaranteed
by the Company and any of its Subsidiaries), other than the Indebtedness evidenced
by the Existing Notes, which default is caused by a failure to pay the principal
of such Indebtedness at the final stated maturity thereof within the grace
period provided in such Indebtedness (a “Payment  Default”), and the principal amount of any such
Indebtedness, together with the principal amount of any other such Indebtedness
under which there has been a Payment Default, aggregates $100 million or more
or (ii) “Event of Default” under and as defined in any indenture
governing any of the Existing Notes (but only for so long as the Existing Notes
issued thereunder remain outstanding and such “Event of Default” has not been
cured or waived, in accordance with such indenture) whether or not any of the
Existing Notes have been accelerated in accordance with the terms of the
indentures governing the Existing Notes;

 

(f)                                    default under
any mortgage, indenture or instrument under which there may be issued or by
which there may be secured or evidenced any Indebtedness for money borrowed by
the Company and any of its Subsidiaries (or the payment of which is guaranteed
by the Company or any of its Subsidiaries), other than the Indebtedness evidenced

 

A-2-5

 

by the Existing Notes, which default results
in the acceleration of such Indebtedness prior to its express maturity not
rescinded or cured within 30 days after such acceleration, and the principal
amount of any such Indebtedness, together with the principal amount of any
other such Indebtedness under which there has been a Payment Default or the
maturity of which has been so accelerated, aggregates $100 million or more;

 

(g)                                 failure by the
Company and any of its Subsidiaries to pay final judgments (other than any
judgment as to which a reputable insurance company has accepted full liability)
aggregating $100 million or more, which judgments are not stayed within 60 days
after their entry;

 

(h)                                 any Guarantee
of a Significant Subsidiary with respect to the 2019 Notes shall be held in a
judicial proceeding to be unenforceable or invalid or shall cease for any
reason to be in full force and effect, or any Guarantor that qualifies as a
Significant Subsidiary, or any Person acting on behalf of any Guarantor that
qualifies as a Significant Subsidiary, shall deny or disaffirm its obligations
under its Guarantee of the 2019 Notes;

 

(i)                                     the Company,
DIRECTV Financing or any Significant Subsidiary of the Company pursuant to or
within the meaning of Bankruptcy Law (i) commences a voluntary case; (ii) consents
to the entry of an order for relief against it in an involuntary case; (iii) consents
to the appointment of a Custodian of it or for all or substantially all of its
property; or (iv) makes a general assignment for the benefit of its
creditors; and

 

(j)                                     a court of
competent jurisdiction enters an order or decree under any Bankruptcy Law that:
(i) is for relief against the Company, DIRECTV Financing or any
Significant Subsidiary of the Company in an involuntary case; (ii) appoints
a custodian of the Company, DIRECTV Financing or any Significant Subsidiary of
the Company or for all or substantially all of the property of the Company,
DIRECTV Financing or any Significant Subsidiary of the Company; or (iii) orders
the liquidation of the Company, DIRECTV Financing or any Significant Subsidiary
of the Company, and the order or decree remains unstayed and in effect for 60
consecutive days.

 

If an Event of Default (other than an Event of Default relating to an
Issuer specified in clause (i) or (j) above) occurs and is
continuing, the Trustee by notice to the Issuers, or the Holders of at least
25% of the aggregate principal amount then outstanding of the 2019 Notes by written
notice to the Issuers and the Trustee, may declare all the 2019 Notes to be due
and payable immediately.  Notwithstanding
the foregoing, in the case of an Event of Default specified in clause (i) or
(j) above with respect to an Issuer, all outstanding 2019 Notes shall
become and immediately be due and payable without further action or
notice.  Holders of the 2019 Notes may
not enforce the Indenture or the 2019 Notes except as provided in the
Indenture.  The Trustee may withhold from
Holders of the 2019 Notes notice of any continuing Default or Event of Default
(except a Default or Event of Default relating to the payment of principal or
interest) if it determines that withholding notice is in such Holders’ interest.

 

In the event the 2019 Notes are accelerated as a result of an Event of Default
specified in clause (e)(ii) above, such Event of Default and all
consequences thereof (excluding any resulting payment default, other than as a
result of the acceleration of the 2019 Notes) shall be annulled, 

 

A-2-6

 

waived and rescinded, automatically and without action by
the Trustee or the Holders, if (i) such rescission would not conflict with
any judgment or decree and (ii) within 60 days following the occurrence of
such Event of Default:

 

(1)                                 the applicable Existing
Notes have been redeemed, repaid or discharged in full;

 

(2)                                 the Trustee thereunder
or the requisite holders thereof have rescinded or waived the acceleration,
notice or action (as the case may be) giving rise to the Event of Default; or

 

(3)                                 the default that is the
basis for the Event of Default has been cured.

 

The Holders of a majority in aggregate principal amount of the then
outstanding 2019 Notes by written notice to the Trustee may on behalf of all
the Holders of 2019 Notes rescind an acceleration and its consequences if the
rescission would not conflict with any judgment or decree and if all existing
Events of Default (except nonpayment of principal, interest or premium that has
become due solely because of the acceleration) have been cured or waived.  The Holders of a majority in aggregate
principal amount of the then outstanding 2019 Notes, by written notice to the
Trustee, may on behalf of the Holders of all of the 2019 Notes waive any
existing Default or Event of Default and its consequences under the Indenture,
except a continuing Default or Event of Default in the payment of interest or
premium on, or principal of, the 2019 Notes.

 

The Issuers are required to deliver to the Trustee annually a statement
regarding compliance with the Indenture, and the Issuers are required upon becoming
aware of any Default or Event of Default to deliver to the Trustee a statement
specifying such Default or Event of Default.

 

All powers of the Trustee under the Indenture will be subject to
applicable provisions of the Communications Act, including, without limitation,
the requirements of prior approval for de
facto or de jure transfer
of control or assignment of Title III licenses.

 

(12)                   Trustee
Dealings with Issuers.  The
Trustee under the Indenture, in its individual or any other capacity, may make
loans to, accept deposits from, and perform services for the Issuers or their
Subsidiaries, and may otherwise deal with the Issuers or their Subsidiaries, as
if it were not Trustee; however, if the Trustee acquires any conflicting
interest it must eliminate such conflict within 90 days, apply to the
Commission for permission to continue as Trustee or resign.

 

(13)                   No
Personal Liabilities of Directors, Owners, Employees, Incorporators and
Stockholders.  No
director, owner, officer, employee, incorporator or stockholder of the Issuers,
the Guarantors or any of their Affiliates, as such, shall have any liability
for any obligations of the Issuers, the Guarantors or any of their Affiliates
under this Note, the Guarantees or the Indenture or for any claim based on, in
respect of, or by reason of, such obligations or their creation.  Each Holder of 2019 Notes by accepting a 2019
Note waives and releases all such liability. 
The waiver and release are part of the consideration for issuance of the
2019 Notes.

 

A-2-7

 

(14)                   Guarantees.  Payment of principal and interest (including
interest on overdue principal and overdue interest, if lawful) is
unconditionally guaranteed, jointly and severally, by each of the Guarantors.

 

(15)                   Authentication.  This 2019 Note shall not be valid until
authenticated by the manual signature of the Trustee or an authenticating
agent.

 

(16)                   Abbreviations.  Customary abbreviations may be used in the
name of a Holder of a 2019 Note or an 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 (5 Custodian), and
U/G/M/A (= Uniform Gifts to Minors Act).

 

(17)                   CUSIP
Numbers.  Pursuant to a recommendation
promulgated by the Committee on Uniform Note Identification Procedures, the
Company has caused CUSIP numbers to be printed on the 2019 Notes and has
directed the Trustee to use CUSIP numbers in notices of redemption as a
convenience to Holders of 2019 Notes.  No
representation is made as to the accuracy of such numbers either as printed on
the 2019 Notes or as contained in any notice of redemption and reliance may be
placed only on the other identification numbers placed thereon.

 

The Company will furnish to any Holder of a 2019 Note upon written
request and without charge a copy of the Indenture.  Request may be made to:

 

DIRECTV Holdings LLC

2230 East Imperial Highway

El Segundo, California  90245

Attention:  Corporate Secretary

 

A-2-8

 

ASSIGNMENT FORM

 

To assign this Note, fill in the form below:  (I) or (we) assign and transfer this
2019 Note to

 

	
   

  
	
  (Insert
  assignee’s Soc. Sec. or tax I.D. no.)

  

 

	
   

  
	
  (Print
  or type assignee’s name, address and zip code)

  

 

and irrevocably appoint
                            
agent to transfer this 2019 Note on the books of the Company.  The agent may substitute another to act for
him.

 

	
  Date:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Your Signature:

  	
   

  
	
   

  	
   

  	
   

  	
  (Sign exactly as your name
  appears on the face of

  
	
   

  	
   

  	
   

  	
  this Note)

  
	
  Signature Guarantee.

  	
   

  	
   

  

 

A-2-9

 

OPTION OF HOLDER TO ELECT
PURCHASE

 

If you want to elect to have all or any part of this 2019 Note
purchased by the Issuers pursuant to Section 4.10 (Change of Control and
Ratings Decline) of the Indenture, check the box below:

 

o                            Section 4.10

 

If you want to have only part of the 2019 Note purchased by the Issuers
pursuant to Section 4.10 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)

  
	
  Signature Guarantee.

  	
   

  	
   

  

 

A-2-10

 

[ATTACHMENT FOR GLOBAL NOTES]

 

SCHEDULE OF EXCHANGES OF
INTERESTS IN THE GLOBAL NOTE

 

The following exchanges of a part of this Global Note for an interest
in another Global Note or for a Definitive Note, or exchanges of a part of
another Global Note or Definitive Note for an interest in this Global Note,
have been made:

 

	
  Date of Exchange

  	
   

  	
  Amount of

  decrease in

  Principal Amount of

  this Global Note

  	
   

  	
  Amount of Increase

  Principal Amount of

  the Global Note

  	
   

  	
  Principal Amount

  of this Global Note

  following such

  Decrease (or Increase)

  	
   

  	
  Signature of

  authorized officer

  of Trustee or

  Note Custodian

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

A-2-11

 

EXHIBIT
B

 

FORM OF GUARANTEE

 

[Name of Guarantor] and its successors under the
Indenture, jointly and severally with any other Guarantors, hereby irrevocably
and unconditionally (i) guarantee the due and punctual payment of the
principal of, premium, if any, and interest on the Notes, whether at maturity,
by acceleration, redemption or otherwise, the due and punctual payment of
interest on the overdue principal of and interest, if any, on the Notes, to the
extent lawful, and the due and punctual performance of all other obligations of
DIRECTV Holdings LLC and DIRECTV Financing Co., Inc. (together the “Issuers”) to the Holders or the Trustee all in accordance
with the terms set forth in Article 10 of the Indenture and (ii) in
case of any extension of time of payment or renewal of any Notes or any of such
other obligations, guarantee that the same will be promptly paid in full when
due or performed in accordance with the terms of the extension or renewal,
whether at stated maturity, by acceleration or otherwise.  Capitalized terms used herein have the
meanings assigned to them in the Indenture unless otherwise indicated.

 

No director, owner, officer, employee, incorporator
or stockholder of any Guarantor or any of its Affiliates, as such, shall have
any liability for any obligations of such Guarantor or any of its Affiliates
under this guarantee by reason of his or its status as such.  This Guarantee shall be binding upon each
Guarantor and its successors and assigns and shall inure to the benefit of the
successors and assigns of the Trustee and the Holders and, in the event of any
transfer or assignment of rights by any Holder or the Trustee, the rights and
privileges herein conferred upon that party shall automatically extend to and
be vested in such transferee or assignee, all subject to the terms and conditions
hereof.

 

This Guarantee shall not be valid or obligatory for any purpose until
the certificate of authentication on the Note upon which this Guarantee is
noted shall have been executed by the Trustee under the Indenture by the manual
signature of one of its authorized officers.

 

THE TERMS OF ARTICLE 10 OF THE INDENTURE ARE INCORPORATED HEREIN BY REFERENCE.

 

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

 

	
   

  	
  [NAME OF GUARANTOR]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  

 

B-1

 

EXHIBIT
C-1

 

FORM OF CERTIFICATE OF
TRANSFER

 

DIRECTV Holdings LLC

DIRECTV Financing Co., Inc.

2230 East Imperial Highway

El Segundo, California  92405

 

The Bank of New York Mellon Trust Company,
N.A.

700 South Flower Street, Suite 500 

Los Angeles, CA 90017

Attn:  Corporate Unit

 

Re:  4.750%
Senior Notes due 2014

 

Reference is hereby made to the Indenture, dated as of September 22,
2009 (the “Indenture”), among DIRECTV Holdings LLC
and DIRECTV Financing Co., Inc., as co-issuers (the “Issuers”),
the Guarantors named therein and The Bank of New York Mellon Trust Company,
N.A., as trustee.  Capitalized terms used
but not defined herein shall have the meanings given to them in the Indenture.

 

(the “Transferor”)
owns and proposes to transfer the Note[s] or interest in such Note[s] specified
in Annex A hereto, in the principal amount of
$         in such Note[s] or interests
(the “Transfer”), to                     
(the “Transferee”), as further specified in
Annex A hereto.  In connection with the
Transfer, the Transferor hereby certifies that:

 

[CHECK
ALL THAT APPLY]

 

	
  1.

  	
  o

  	
  Check if Transferee will take delivery of a
  beneficial interest in the 144A Global Note or a Definitive Note Pursuant to
  Rule 144A. The Transfer is being effected pursuant to and
  in accordance with Rule 144A under the United States Securities Act of
  1933, as amended (the “Securities Act”),
  and, accordingly, the Transferor hereby further certifies that the beneficial
  interest or Definitive Note is being transferred to a Person that the
  Transferor reasonably believed and believes is purchasing the beneficial
  interest or Definitive Note for its own account, or for one or more accounts
  with respect to which such Person exercises sole investment discretion, and
  such Person and each such account is a “qualified institutional buyer” within
  the meaning of Rule 144A in a transaction meeting the requirements of
  Rule 144A and such Transfer is in compliance with any applicable blue
  sky securities laws of any state of the United States. Upon consummation of
  the proposed Transfer in accordance with the terms of the Indenture, the
  transferred beneficial interest or Definitive Note will be subject to the
  restrictions on transfer enumerated in the Private Placement Legend printed
  on the 144A Global Note and/or the Definitive Note and in the Indenture and
  the Securities Act.

  

 

C-1-1

 

	
  2.

  	
  o

  	
  Check if Transferee will take
  delivery of a beneficial interest in the Regulation S Global Note or a
  Definitive Note pursuant to Regulation S. The Transfer is being
  effected pursuant to and in accordance with Rule 903 or Rule 904 under
  the Securities Act and, accordingly, the Transferor hereby further certifies
  that (i) the Transfer is not being made to a Person in the United States
  and (x) at the time the buy order was originated, the Transferee was
  outside the United States or such Transferor and any Person acting on its
  behalf reasonably believed and believes that the Transferee was outside the
  United States or (y) the transaction was executed in, on or through the
  facilities of a designated offshore securities market and neither such
  Transferor nor any Person acting on its behalf knows that the transaction was
  prearranged with a buyer in the United States, (ii) no directed selling
  efforts have been made in contravention of the requirements of
  Rule 903(b) or Rule 904(b) of Regulation S under the
  Securities Act, (iii) the transaction is not part of a plan or scheme to
  evade the registration requirements of the Securities Act and (iv) if
  the proposed transfer is being made prior to the expiration of the Restricted
  Period, the transfer is not being made to a U.S. Person or for the account or
  benefit of a U.S. Person (other than an Initial Purchaser). Upon consummation
  of the proposed transfer in accordance with the terms of the Indenture, the
  transferred beneficial interest or Definitive Note will be subject to the restrictions
  on Transfer enumerated in the Private Placement Legend printed on the
  Regulation S Global Note and/or the Definitive Note and in the Indenture and
  the Securities Act.

  
	
   

  	
   

  	
   

  
	
  3.

  	
  o

  	
  Check and complete if Transferee will take
  delivery of a beneficial interest in a Definitive Note pursuant to any
  provision of the Securities Act other than Rule 144A or Regulation S. The
  Transfer is being effected in compliance with the transfer restrictions
  applicable to beneficial interests in Restricted Global Notes and Restricted
  Definitive Notes and pursuant to and in accordance with the Securities Act
  and any applicable blue sky securities laws of any state of the United
  States, and accordingly the Transferor hereby further certifies that (check
  one):

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (a)

  	
  o

  	
  such Transfer is being effected pursuant to and in accordance with Rule 144
  under the Securities Act;

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  or

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (b)

  	
  o

  	
  or such Transfer is being effected to the Issuers or a subsidiary
  thereof;

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  or

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (c)

  	
  o

  	
  such Transfer is being effected pursuant to an effective registration
  statement under the Securities Act and in compliance with the prospectus
  delivery requirements of the Securities Act.

  

 

C-1-2

 

	
  4.

  	
  o

  	
  Check if Transferee will take delivery of a
  beneficial interest in an Unrestricted Global Note or of an Unrestricted
  Definitive Note.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (a)

  	
  o

  	
  Check if Transfer is pursuant to Rule 144.  (i)  The Transfer is being effected
  pursuant to and in accordance with Rule 144 under the Securities Act and
  in compliance with the transfer restrictions contained in the Indenture and
  any applicable blue sky securities laws of any state of the United States and
  (ii) the restrictions on transfer contained in the Indenture and the
  Private Placement Legend are not required in order to maintain compliance
  with the Securities Act.  Upon
  consummation of the proposed Transfer in accordance with the terms of the Indenture,
  the transferred beneficial interest or Definitive Note will no longer be
  subject to the restrictions on transfer enumerated in the Private Placement
  Legend printed on the Restricted Global Notes, on Restricted Definitive Notes
  and in the Indenture.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (b)

  	
  o

  	
  Check if Transfer is Pursuant to Regulation S.  (i)  The Transfer is being effected
  pursuant to and in accordance with Rule 903 or Rule 904 under the
  Securities Act and in compliance with the transfer restrictions contained in
  the Indenture and any applicable blue sky securities laws of any state of the
  United States and (ii) the restrictions on transfer contained in the
  Indenture and the Private Placement Legend are not required in order to
  maintain compliance with the Securities Act. 
  Upon consummation of the proposed Transfer in accordance with the
  terms of the Indenture, the transferred beneficial interest or Definitive
  Note will no longer be subject to the restrictions on transfer enumerated in
  the Private Placement Legend printed on the Restricted Global Notes, on Restricted
  Definitive Notes and in the Indenture.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (c)

  	
  o

  	
  Check if Transfer is Pursuant to Other Exemption.  (i)  The Transfer is being effected
  pursuant to and in compliance with an exemption from the registration requirements
  of the Securities Act other than Rule 144, Rule 903 or Rule 904
  and in compliance with the transfer restrictions contained in the Indenture
  and any applicable blue sky securities laws of any State of the United States
  and (ii) the restrictions on transfer contained in the Indenture and the
  Private Placement Legend are not required in order to maintain compliance
  with the Securities Act.  Upon
  consummation of the proposed Transfer in accordance with the terms of the
  Indenture, the transferred beneficial interest or Definitive Note will not be
  subject to the restrictions on transfer enumerated in the Private Placement
  Legend printed on the Restricted Global Notes or Restricted Definitive Notes
  and in the Indenture.

  

 

C-1-3

 

This certificate and the statements contained herein are made for your
benefit and the benefit of the Issuers.

 

	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [Insert
  Name of Transferor]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
  Dated:

  	
   

  	
   

  	
   

  
					

 

C-1-4

 

ANNEX A TO CERTIFICATE OF
TRANSFER

 

1.                    The Transferor
owns and proposes to transfer the following:

 

[CHECK ONE OF (a) OR
(b)]

 

(a)                         o                 a beneficial interest in
the:

 

(i)             o             144A Global Note (CUSIP
[               ]),
or

 

(ii)          o             Regulation S Global  (CUSIP [               ])),  or

 

(b)                        o                 a Restricted Definitive
Note.

 

2.                    After the
Transfer the Transferee will hold:

 

[CHECK ONE]

 

(a)                         o                 a beneficial interest in
the:

 

(i)             o             144A Global Note  (CUSIP
[               ]),  or

 

(ii)          o             Regulation S Global Note
(CUSIP [               ]),
or

 

(iii)       o             Unrestricted Global
Note  CUSIP
[               ],  or

 

(b)                        o                 a Restricted Definitive
Note; or

 

(c)                         o                 an Unrestricted Definitive
Note,

 

in accordance with the terms of the Indenture.

 

C-1-5

 

EXHIBIT
C-2

 

FORM OF CERTIFICATE OF
TRANSFER

 

DIRECTV Holdings LLC

DIRECTV Financing Co., Inc.

2230 East Imperial Highway

El Segundo, California  92405

 

The Bank of New York Mellon Trust Company,
N.A.

700 South Flower Street, Suite 500 

Los Angeles, CA 90017

Attn:  Corporate Unit

 

Re:  5.875%
Senior Notes due 2019

 

Reference is hereby made to the Indenture, dated as of September 22,
2009 (the “Indenture”), among DIRECTV Holdings LLC
and DIRECTV Financing Co., Inc., as co-issuers (the “Issuers”),
the Guarantors named therein and The Bank of New York Mellon Trust Company,
N.A., as trustee.  Capitalized terms used
but not defined herein shall have the meanings given to them in the Indenture.

 

(the “Transferor”)
owns and proposes to transfer the Note[s] or interest in such Note[s] specified
in Annex A hereto, in the principal amount of
$         in such Note[s] or interests
(the “Transfer”), to
                    
(the “Transferee”), as further specified in
Annex A hereto.  In connection with the
Transfer, the Transferor hereby certifies that:

 

[CHECK
ALL THAT APPLY]

 

	
  1.

  	
  o

  	
  Check if Transferee will take delivery of a
  beneficial interest in the 144A Global Note or a Definitive Note Pursuant to
  Rule 144A. The Transfer is being effected pursuant to and
  in accordance with Rule 144A under the United States Securities Act of
  1933, as amended (the “Securities Act”),
  and, accordingly, the Transferor hereby further certifies that the beneficial
  interest or Definitive Note is being transferred to a Person that the
  Transferor reasonably believed and believes is purchasing the beneficial
  interest or Definitive Note for its own account, or for one or more accounts
  with respect to which such Person exercises sole investment discretion, and
  such Person and each such account is a “qualified institutional buyer” within
  the meaning of Rule 144A in a transaction meeting the requirements of
  Rule 144A and such Transfer is in compliance with any applicable blue
  sky securities laws of any state of the United States. Upon consummation of
  the proposed Transfer in accordance with the terms of the Indenture, the
  transferred beneficial interest or Definitive Note will be subject to the
  restrictions on transfer enumerated in the Private Placement Legend printed
  on the 144A Global Note and/or the Definitive Note and in the Indenture and
  the Securities Act.

  

 

C-2-1

 

	
  2.

  	
  o

  	
  Check if Transferee will take
  delivery of a beneficial interest in the Regulation S Global Note or a
  Definitive Note pursuant to Regulation S. The Transfer is being
  effected pursuant to and in accordance with Rule 903 or Rule 904 under
  the Securities Act and, accordingly, the Transferor hereby further certifies
  that (i) the Transfer is not being made to a Person in the United States
  and (x) at the time the buy order was originated, the Transferee was
  outside the United States or such Transferor and any Person acting on its
  behalf reasonably believed and believes that the Transferee was outside the
  United States or (y) the transaction was executed in, on or through the
  facilities of a designated offshore securities market and neither such
  Transferor nor any Person acting on its behalf knows that the transaction was
  prearranged with a buyer in the United States, (ii) no directed selling
  efforts have been made in contravention of the requirements of
  Rule 903(b) or Rule 904(b) of Regulation S under the
  Securities Act, (iii) the transaction is not part of a plan or scheme to
  evade the registration requirements of the Securities Act and (iv) if
  the proposed transfer is being made prior to the expiration of the Restricted
  Period, the transfer is not being made to a U.S. Person or for the account or
  benefit of a U.S. Person (other than an Initial Purchaser). Upon consummation
  of the proposed transfer in accordance with the terms of the Indenture, the
  transferred beneficial interest or Definitive Note will be subject to the restrictions
  on Transfer enumerated in the Private Placement Legend printed on the
  Regulation S Global Note and/or the Definitive Note and in the Indenture and
  the Securities Act.

  
	
   

  	
   

  	
   

  
	
  3.

  	
  o

  	
  Check and complete if Transferee will take
  delivery of a beneficial interest in a Definitive Note pursuant to any
  provision of the Securities Act other than Rule 144A or Regulation S. The
  Transfer is being effected in compliance with the transfer restrictions
  applicable to beneficial interests in Restricted Global Notes and Restricted
  Definitive Notes and pursuant to and in accordance with the Securities Act
  and any applicable blue sky securities laws of any state of the United
  States, and accordingly the Transferor hereby further certifies that (check
  one):

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (a)

  	
  o

  	
  such Transfer is being
  effected pursuant to and in accordance with Rule 144 under the
  Securities Act;

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  or

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (b)

  	
  o

  	
  or such Transfer is being
  effected to the Issuers or a subsidiary thereof;

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  or

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (c)

  	
  o

  	
  such Transfer is being
  effected pursuant to an effective registration statement under the Securities
  Act and in compliance with the prospectus delivery requirements of the Securities
  Act.

  

 

C-2-2

 

	
  4.

  	
  o

  	
  Check if Transferee will take
  delivery of a beneficial interest in an Unrestricted Global Note or of an
  Unrestricted Definitive Note.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (a)

  	
  o

  	
  Check if Transfer is pursuant
  to Rule 144. (i)  The Transfer is being effected
  pursuant to and in accordance with Rule 144 under the Securities Act and
  in compliance with the transfer restrictions contained in the Indenture and
  any applicable blue sky securities laws of any state of the United States and
  (ii) the restrictions on transfer contained in the Indenture and the
  Private Placement Legend are not required in order to maintain compliance
  with the Securities Act. Upon consummation of the proposed Transfer in accordance
  with the terms of the Indenture, the transferred beneficial interest or
  Definitive Note will no longer be subject to the restrictions on transfer
  enumerated in the Private Placement Legend printed on the Restricted Global
  Notes, on Restricted Definitive Notes and in the Indenture.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (b)

  	
  o

  	
  Check if Transfer is Pursuant
  to Regulation S. (i)  The Transfer is being effected pursuant
  to and in accordance with Rule 903 or Rule 904 under the Securities
  Act and in compliance with the transfer restrictions contained in the
  Indenture and any applicable blue sky securities laws of any state of the
  United States and (ii) the restrictions on transfer contained in the
  Indenture and the Private Placement Legend are not required in order to
  maintain compliance with the Securities Act. Upon consummation of the proposed
  Transfer in accordance with the terms of the Indenture, the transferred
  beneficial interest or Definitive Note will no longer be subject to the
  restrictions on transfer enumerated in the Private Placement Legend printed
  on the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture.

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (c)

  	
  o

  	
  Check if Transfer is
  Pursuant to Other Exemption. (i)  The Transfer is
  being effected pursuant to and in compliance with an exemption from the
  registration requirements of the Securities Act other than Rule 144,
  Rule 903 or Rule 904 and in compliance with the transfer
  restrictions contained in the Indenture and any applicable blue sky
  securities laws of any State of the United States and (ii) the
  restrictions on transfer contained in the Indenture and the Private Placement
  Legend are not required in order to maintain compliance with the Securities
  Act. Upon consummation of the proposed Transfer in accordance with the terms
  of the Indenture, the transferred beneficial interest or Definitive Note will
  not be subject to the restrictions on transfer enumerated in the Private
  Placement Legend printed on the Restricted Global Notes or Restricted
  Definitive Notes and in the Indenture.

  

 

C-2-3

 

This certificate and the statements contained herein are made for your
benefit and the benefit of the Issuers.

 

	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [Insert
  Name of Transferor]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
  Dated:

  	
   

  	
   

  	
   

  
					

 

C-2-4

 

ANNEX A TO CERTIFICATE OF
TRANSFER

 

1.                    The Transferor
owns and proposes to transfer the following:

 

[CHECK ONE OF (a) OR
(b)]

 

(a)                         o                 a beneficial interest in
the:

 

(i)             o             144A Global Note (CUSIP
[               ]),
or

 

(ii)          o             Regulation S Global  (CUSIP
[               ])),  or

 

(b)                        o                 a Restricted Definitive
Note.

 

2.                    After the
Transfer the Transferee will hold:

 

[CHECK ONE]

 

(a)                         o                 a beneficial interest in
the:

 

(i)             o             144A Global Note  (CUSIP
[               ]),  or

 

(ii)          o             Regulation S Global Note
(CUSIP
[               ]),
or

 

(iii)       o             Unrestricted Global
Note  CUSIP
[               ],  or

 

(b)                        o                 a Restricted Definitive
Note; or

 

(c)                         o                 an Unrestricted Definitive
Note,

 

in accordance with the terms of the Indenture.

 

C-2-5

 

EXHIBIT
D-1

 

FORM OF CERTIFICATE OF
EXCHANGE

 

DIRECTV Holdings LLC

DIRECTV Financing Co., Inc.

2230 East Imperial Highway

El Segundo, California   92405

 

The Bank of New York Mellon Trust Company,
N.A.

700 South Flower Street, Suite 500

Los Angeles, CA 90017

Attn:  Corporate Unit

Re:  4.750%
Senior Notes due 2014

 

(CUSIP
[             ])

 

Reference is hereby made to the Indenture, dated as of September 22,
2009 (the “Indenture”), among DIRECTV Holdings LLC
and DIRECTV Financing Co., Inc., as co-issuers (the “Issuers”),
the Guarantors named therein and The Bank of New York Mellon, as trustee.  Capitalized terms used but not defined herein
shall have the meanings given to them in the Indenture.

 

(the “Owner”) owns
and proposes to exchange the Note[s] or interest in such Note[s] specified
herein, in the principal amount of
$                
in such Note[s] or interests (the “Exchange”).  In connection with the Exchange, the Owner hereby
certifies that:

 

1.                              Exchange
of Restricted Definitive Notes or Beneficial Interests in a Restricted Global
Note for Unrestricted Definitive Notes or Beneficial Interests in an Unrestricted
Global Note.

 

(a)                         o                 Check
if Exchange is from beneficial interest in a Restricted Global Note to
beneficial interest in an Unrestricted Global Note.  In connection with the Exchange of the Owner’s
beneficial interest in a Restricted Global Note for a beneficial interest in an
Unrestricted Global Note in an equal principal amount, the Owner hereby
certifies (i) the beneficial interest is being acquired for the Owner’s
own account without transfer, (ii) such Exchange has been effected in
compliance with the transfer restrictions applicable to the Global Notes and
pursuant to and in accordance with the United States Securities Act of 1933, as
amended (the “Securities Act”), (iii) the
restrictions on transfer contained in the Indenture and the Private Placement
Legend are not required in order to maintain compliance with the Securities Act
and (iv) the beneficial interest in an Unrestricted Global Note is being
acquired in compliance with any applicable blue sky securities laws of any
state of the United States.

 

D-1-1

 

(b)                        o                 Check
if Exchange is from beneficial interest in a Restricted Global Note to Unrestricted
Definitive Note.  In
connection with the Exchange of the Owner’s beneficial interest in a Restricted
Global Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the
Definitive Note is being acquired for the Owner’s own account without transfer,
(ii) such Exchange has been effected in compliance with the transfer
restrictions applicable to the Restricted Global Notes and pursuant to and in
accordance with the Securities Act, (iii) the restrictions on transfer
contained in the Indenture and the Private Placement Legend are not required in
order to maintain compliance with the Securities Act and (iv) the
Definitive Note is being acquired in compliance with any applicable blue sky securities
laws of any state of the United States.

 

(c)                         o                 Check
if Exchange is from Restricted Definitive Note to beneficial interest in an
Unrestricted Global Note.  In
connection with the Owner’s Exchange of a Restricted Definitive Note for a
beneficial interest in an Unrestricted Global Note, the Owner hereby certifies (i) the
beneficial interest is being acquired for the Owner’s own account without
transfer, (ii) such Exchange has been effected in compliance with the transfer
restrictions applicable to Restricted Definitive Notes and pursuant to and in
accordance with the Securities Act, (iii) the restrictions on transfer
contained in the Indenture and the Private Placement Legend are not required in
order to maintain compliance with the Securities Act and (iv) the
beneficial interest is being acquired in compliance with any applicable blue
sky securities laws of any state of the United States.

 

(d)                        o                 Check
if Exchange is from Restricted Definitive Note to Unrestricted Definitive Note.  In connection with the Owner’s Exchange of a
Restricted Definitive Note for an Unrestricted Definitive Note, the Owner
hereby certifies (i) the Unrestricted Definitive Note is being acquired
for the Owner’s own account without transfer, (ii) such Exchange has been
effected in compliance with the transfer restrictions applicable to Restricted
Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the
restrictions on transfer contained in the Indenture and the Private Placement
Legend are not required in order to maintain compliance with the Securities Act
and (iv) the Unrestricted Definitive Note is being acquired in compliance
with any applicable blue sky securities laws of any state of the United States.

 

2.                              Exchange
of Restricted Definitive Notes or Beneficial Interests in Restricted Global
Notes for Restricted Definitive Notes or Beneficial Interests in Restricted
Global Notes.

 

(a)                         o                 Check
if Exchange is from beneficial interest in a Restricted Global Note to Restricted
Definitive Note.  In
connection with the Exchange of the Owner’s beneficial interest in a Restricted
Global Note for a Restricted Definitive Note with an equal principal amount,
the Owner hereby certifies that the Restricted Definitive Note is being acquired
for the Owner’s own account without transfer. 
Upon consummation of the proposed Exchange in accordance with the terms
of the Indenture, the Restricted Definitive Note issued will continue to be
subject to the restrictions on transfer enumerated in the Private Placement
Legend printed on the Restricted Definitive Note and in the Indenture and the Securities
Act.

 

(b)                        o                 Check
if Exchange is from Restricted Definitive Note to beneficial interest in a
Restricted Global Note.  In
connection with the Exchange of the Owner’s Restricted Definitive Note for a
beneficial interest in the [CHECK ONE] _ 144A Global Note, _ Regulation S
Global Note with an equal principal amount, the Owner hereby certifies (i) the
beneficial interest 

 

D-1-2

 

is being acquired for the Owner’s own account
without transfer and (ii) such Exchange has been effected in compliance
with the transfer restrictions applicable to the Restricted Global Notes and
pursuant to and in accordance with the Securities Act, and in compliance with
any applicable blue sky securities laws of any state of the United States.  Upon consummation of the proposed Exchange in
accordance with the terms of the Indenture, the beneficial interest issued will
be subject to the restrictions on transfer enumerated in the Private Placement
Legend printed on the relevant Restricted Global Note and in the Indenture and
the Securities Act.

 

This certificate and the statements contained herein are made for your
benefit and the benefit of the Issuers.

 

	
   

  	
   

  
	
   

  	
  [Insert
  Name of Transferor]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
  Dated:

  	
   

  	
   

  	
   

  
					

 

D-1-3

 

EXHIBIT
D-2

 

FORM OF CERTIFICATE OF
EXCHANGE

 

DIRECTV Holdings LLC

DIRECTV Financing Co., Inc.

2230 East Imperial Highway

El Segundo, California   92405

 

The Bank of New York Mellon Trust Company,
N.A.

700 South Flower Street, Suite 500

Los Angeles, CA 90017

Attn:  Corporate Unit

 

Re:  5.875%
Senior Notes due 2019

 

(CUSIP
[             ])

 

Reference is hereby made to the Indenture, dated as of September 22,
2009 (the “Indenture”), among DIRECTV Holdings LLC
and DIRECTV Financing Co., Inc., as co-issuers (the “Issuers”),
the Guarantors named therein and The Bank of New York Mellon, as trustee.  Capitalized terms used but not defined herein
shall have the meanings given to them in the Indenture.

 

(the “Owner”) owns
and proposes to exchange the Note[s] or interest in such Note[s] specified
herein, in the principal amount of
$                
in such Note[s] or interests (the “Exchange”).  In connection with the Exchange, the Owner
hereby certifies that:

 

1.                              Exchange
of Restricted Definitive Notes or Beneficial Interests in a Restricted Global
Note for Unrestricted Definitive Notes or Beneficial Interests in an Unrestricted
Global Note.

 

(a)                         o                 Check
if Exchange is from beneficial interest in a Restricted Global Note to
beneficial interest in an Unrestricted Global Note.  In connection with the Exchange of the Owner’s
beneficial interest in a Restricted Global Note for a beneficial interest in an
Unrestricted Global Note in an equal principal amount, the Owner hereby
certifies (i) the beneficial interest is being acquired for the Owner’s
own account without transfer, (ii) such Exchange has been effected in compliance
with the transfer restrictions applicable to the Global Notes and pursuant to
and in accordance with the United States Securities Act of 1933, as amended
(the “Securities Act”), (iii) the
restrictions on transfer contained in the Indenture and the Private Placement
Legend are not required in order to maintain compliance with the Securities Act
and (iv) the beneficial interest in an Unrestricted Global Note is being
acquired in compliance with any applicable blue sky securities laws of any
state of the United States.

 

D-2-1

 

(b)                        o                 Check
if Exchange is from beneficial interest in a Restricted Global Note to Unrestricted
Definitive Note.  In
connection with the Exchange of the Owner’s beneficial interest in a Restricted
Global Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the
Definitive Note is being acquired for the Owner’s own account without transfer,
(ii) such Exchange has been effected in compliance with the transfer restrictions
applicable to the Restricted Global Notes and pursuant to and in accordance
with the Securities Act, (iii) the restrictions on transfer contained in
the Indenture and the Private Placement Legend are not required in order to
maintain compliance with the Securities Act and (iv) the Definitive Note
is being acquired in compliance with any applicable blue sky securities laws of
any state of the United States.

 

(c)                         o                 Check
if Exchange is from Restricted Definitive Note to beneficial interest in an Unrestricted
Global Note.  In
connection with the Owner’s Exchange of a Restricted Definitive Note for a
beneficial interest in an Unrestricted Global Note, the Owner hereby certifies (i) the
beneficial interest is being acquired for the Owner’s own account without
transfer, (ii) such Exchange has been effected in compliance with the
transfer restrictions applicable to Restricted Definitive Notes and pursuant to
and in accordance with the Securities Act, (iii) the restrictions on
transfer contained in the Indenture and the Private Placement Legend are not required
in order to maintain compliance with the Securities Act and (iv) the
beneficial interest is being acquired in compliance with any applicable blue
sky securities laws of any state of the United States.

 

(d)                        o                 Check
if Exchange is from Restricted Definitive Note to Unrestricted Definitive Note.  In connection with the Owner’s Exchange of a
Restricted Definitive Note for an Unrestricted Definitive Note, the Owner
hereby certifies (i) the Unrestricted Definitive Note is being acquired
for the Owner’s own account without transfer, (ii) such Exchange has been
effected in compliance with the transfer restrictions applicable to Restricted
Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the
restrictions on transfer contained in the Indenture and the Private Placement
Legend are not required in order to maintain compliance with the Securities Act
and (iv) the Unrestricted Definitive Note is being acquired in compliance
with any applicable blue sky securities laws of any state of the United States.

 

2.                              Exchange
of Restricted Definitive Notes or Beneficial Interests in Restricted Global
Notes for Restricted Definitive Notes or Beneficial Interests in Restricted
Global Notes.

 

(a)                         o                 Check
if Exchange is from beneficial interest in a Restricted Global Note to
Restricted Definitive Note.  In connection with the Exchange of the Owner’s
beneficial interest in a Restricted Global Note for a Restricted Definitive
Note with an equal principal amount, the Owner hereby certifies that the Restricted
Definitive Note is being acquired for the Owner’s own account without
transfer.  Upon consummation of the
proposed Exchange in accordance with the terms of the Indenture, the Restricted
Definitive Note issued will continue to be subject to the restrictions on
transfer enumerated in the Private Placement Legend printed on the Restricted
Definitive Note and in the Indenture and the Securities Act.

 

(b)                        o                 Check
if Exchange is from Restricted Definitive Note to beneficial interest in a
Restricted Global Note.  In
connection with the Exchange of the Owner’s Restricted Definitive Note for a
beneficial interest in the [CHECK ONE] _ 144A Global Note, _ Regulation S
Global Note with an equal principal amount, the Owner hereby certifies (i) the
beneficial interest 

 

D-2-2

 

is being acquired for the Owner’s own account
without transfer and (ii) such Exchange has been effected in compliance
with the transfer restrictions applicable to the Restricted Global Notes and
pursuant to and in accordance with the Securities Act, and in compliance with
any applicable blue sky securities laws of any state of the United States.  Upon consummation of the proposed Exchange in
accordance with the terms of the Indenture, the beneficial interest issued will
be subject to the restrictions on transfer enumerated in the Private Placement
Legend printed on the relevant Restricted Global Note and in the Indenture and
the Securities Act.

 

This certificate and the statements contained herein are made for your
benefit and the benefit of the Issuers.

 

	
   

  	
   

  
	
   

  	
  [Insert
  Name of Transferor]

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
  Dated:

  	
   

  	
   

  	
   

  
					

 

D-2-3Exhibit 10.2

	
   

  	
   

  

 

 

REGISTRATION RIGHTS AGREEMENT

 

 

Dated as of September 22, 2009

 

Among

 

DIRECTV HOLDINGS LLC,

DIRECTV FINANCING CO., INC.

 

and

 

THE GUARANTORS NAMED HEREIN,

 

as Issuers,

 

 

and

 

THE INITIAL PURCHASERS NAMED HEREIN,

 

4.750% Senior Notes due 2014

 

 

and

 

 

5.875% Senior Notes due 2019

 

	
   

  	
   

  

 

 

REGISTRATION RIGHTS AGREEMENT

 

This Registration Rights Agreement (this “Agreement”)
is dated as of September 22, 2009, among DIRECTV HOLDINGS LLC, a Delaware
limited liability company (the “Company”), as issuer, DIRECTV FINANCING
CO., INC., a Delaware corporation (“Finance Co.”), as co-issuer, the
other entities listed on the signature pages hereto, as guarantors (the “Guarantors”
and, together with the Company and Finance Co., the “Issuers”), and J.P.
MORGAN SECURITIES INC., CITIGROUP GLOBAL MARKETS, INC. and CREDIT SUISSE
SECURITIES (USA) LLC (collectively, the “Initial Purchasers”).

 

This Agreement is entered into in connection with
the Purchase Agreement, dated as of September 14, 2009, among the Issuers
and the Initial Purchasers (the “Purchase Agreement”), which provides
for, among other things, the sale by the Company and Finance Co. to the Initial
Purchasers of up to (x) $1,000,000,000 aggregate principal amount of the
Company’s and Finance Co.’s 4.750% Senior Notes due 2014 (the “2014 Notes”)
and (y) $1,000,000,000 aggregate principal amount of the Company’s and
Finance Co.’s 5.875% Senior Notes due 2019 (the “2019 Notes” and,
together with the 2014 Notes, the “Notes”), in each case, guaranteed by
the Guarantors (the “Guarantees”) on a senior basis.  The Notes and the Guarantees are collectively
referred to herein as the “Securities.” 
In order to induce the Initial Purchasers to enter into the Purchase
Agreement, the Issuers have agreed to provide the registration rights set forth
in this Agreement for the benefit of the Initial Purchasers and any subsequent
holder or holders of the Securities.  The
execution and delivery of this Agreement is a condition to the Initial
Purchasers’ obligation to purchase the Securities under the Purchase Agreement.

 

The parties hereby agree as follows:

 

1.             Definitions

 

As used in this Agreement, the following terms shall
have the following meanings:

 

2014 Notes:  See the introductory paragraphs hereto.

 

2019 Notes:  See the introductory paragraphs hereto.

 

Additional Interest:  See Section 4(a) hereof.

 

Advice:  See the last paragraph of Section 5
hereof.

 

Applicable Period:  See Section 2(b) hereof.

 

Company:  See the introductory paragraphs hereto.

 

 

Effectiveness Date:  The 220th day after the Issue Date; provided,
however, that with respect to any Shelf Registration, if later than the
220th day after the Issue Date, the Effectiveness Date shall be the 180th day
after the delivery of a Shelf Notice as required pursuant to Section 2(c) hereof;
provided, further, that in the event that applicable law or
interpretations of the staff of the SEC do not permit the Issuers to file a
Registration Statement covering the exchange of the Securities or to complete
the Exchange Offer, the Effectiveness Date shall be extended by 30 days.

 

Effectiveness Period:  See Section 3(a) hereof.

 

Event Date:  See Section 4 hereof.

 

Exchange Act:  The Securities Exchange Act of 1934, as
amended, and the rules and regulations of the SEC promulgated thereunder.

 

Exchange Notes:  See Section 2(a) hereof.

 

Exchange Offer:  See Section 2(a) hereof.

 

Exchange Offer Registration
Statement:  See Section 2(a) hereof.

 

Finance Co.:  See the introductory paragraphs hereto.

 

FINRA:  See Section 5(r) hereof.

 

Guarantees:  See the introductory paragraphs hereto.

 

Guarantors:  See the introductory paragraphs hereto.

 

Holder:  As the context requires, means any holder of
a Registrable Note or Registrable Notes.

 

Indemnified Person:  See Section 7(c) hereof.

 

Indemnifying Person:  See Section 7(c) hereof.

 

Indenture:  The Indenture, dated as of September 22,
2009, by and among the Issuers and The Bank of New York Mellon, as trustee,
pursuant to which the Securities, the Exchange Notes and the Private Exchange
Notes, if any, are being issued, as the same may be amended or supplemented
from time to time in accordance with the terms thereof.

 

Initial Purchasers:  See the introductory paragraphs hereto.

 

2

 

Initial Shelf Registration:  See Section 3(a) hereof.

 

Inspectors:  See Section 5(m) hereof.

 

Issue Date:  September 22, 2009, the date of original
issuance of the Notes.

 

Issuers:  See the introductory paragraphs hereto.

 

Notes:  See the introductory paragraphs hereto.

 

Offering Memorandum:  The final offering memorandum of the Company
and Finance Co., dated September 14, 2009 in respect of the offering of
the Securities.

 

Participant:  See Section 7(a) hereof.

 

Participating Broker-Dealer:  See Section 2(b) hereof.

 

Person:  An individual, trustee, corporation,
partnership, limited liability company, joint stock company, trust,
unincorporated association, union, business association, firm or other legal
entity.

 

Private Exchange:  See Section 2(b) hereof.

 

Private Exchange Notes:  See Section 2(b) hereof.

 

Prospectus:  The prospectus included in any Registration
Statement (including, without limitation, any prospectus subject to completion
and a prospectus that includes any information previously omitted from a prospectus
filed as part of an effective registration statement in reliance upon Rule 430A
promulgated under the Securities Act and any term sheet filed pursuant to Rule 434
under the Securities Act), as amended or supplemented by any prospectus
supplement, and all other amendments and supplements to the Prospectus,
including post-effective amendments, and all material incorporated by reference
or deemed to be incorporated by reference in such Prospectus.

 

Purchase Agreement:  See the introductory paragraphs hereto.

 

Records:  See Section 5(m) hereof.

 

Registrable Notes:  Each Security upon its original issuance and
at all times subsequent thereto, each Exchange Note (and the related Guarantee)
as to which Section 2(c)(iv) hereof is applicable upon original
issuance and at all times subsequent thereto and each Private Exchange Note
(and the related Guarantee) upon original issuance thereof and at all times
subsequent thereto, until (i) a Registration Statement 

 

3

 

(other than, with respect
only to any Exchange Note as to which Section 2(c)(iv) hereof is
applicable, the Exchange Offer Registration Statement) covering such Security,
Exchange Note or Private Exchange Note has been declared effective by the SEC
and such Security, Exchange Note or such Private Exchange Note, as the case may
be, has been disposed of in accordance with such effective Registration
Statement, (ii) such Security has been exchanged pursuant to the Exchange
Offer for an Exchange Note or Exchange Notes that may be resold without
restriction under state and federal securities laws, (iii) such Security,
Exchange Note or Private Exchange Note has been disposed of by a broker-dealer
pursuant to the “Plan of Distribution” contemplated by a Registration Statement
pursuant to which such Security, Exchange Note or Private Exchange Note has
been registered (including delivery of the prospectus contained therein), (iv) such
Security, Exchange Note or Private Exchange Note, as the case may be, ceases to
be outstanding for purposes of the Indenture or (v) the second anniversary
of the later of (x) the Issue Date and (y) the last date on which
such Security was held by the Company or an Affiliate of the Company.

 

Registration Statement:  Any registration statement of the Issuers
that covers any of the Notes, the Exchange Notes or the Private Exchange Notes
filed with the SEC under the Securities Act, including the Prospectus,
amendments and supplements to such registration statement, including
post-effective amendments, all exhibits, and all material incorporated by
reference or deemed to be incorporated by reference in such registration
statement.

 

Rule 144:  Rule 144 promulgated under the
Securities Act, as such Rule may be amended from time to time, or any
similar rule (other than Rule 144A) or regulation hereafter adopted
by the SEC providing for offers and sales of securities made in compliance
therewith resulting in offers and sales by subsequent holders that are not
affiliates of the issuer of such securities being free of the registration and
prospectus delivery requirements of the Securities Act.

 

Rule 144A:  Rule 144A promulgated under the
Securities Act, as such Rule may be amended from time to time, or any
similar rule (other than Rule 144) or regulation hereafter adopted by
the SEC.

 

Rule 415:  Rule 415 promulgated under the
Securities Act, as such Rule may be amended from time to time, or any
similar rule or regulation hereafter adopted by the SEC.

 

SEC:  The Securities and Exchange Commission.

 

Securities:  See the introductory paragraphs hereto.

 

4

 

Securities Act:  The Securities Act of 1933, as amended, and
the rules and regulations of the SEC promulgated thereunder.

 

Shelf Notice:  See Section 2(c) hereof.

 

Shelf Registration:  See Section 3(b) hereof.

 

Subsequent Shelf
Registration:  See Section 3(b) hereof.

 

TIA:  The Trust Indenture Act of 1939, as amended.

 

Trustee:  The trustee under the Indenture and the
trustee (if any) under any indenture governing the Exchange Notes and Private
Exchange Notes.

 

Underwritten registration or
underwritten offering:  A
registration in which securities of one or more of the Issuers are sold to an
underwriter for reoffering to the public.

 

2.             Exchange Offer

 

(a)           To the extent not prohibited
by any applicable law or applicable interpretation of the staff of the SEC, the
Issuers shall use their reasonable best efforts to file with the SEC a
Registration Statement (the “Exchange Offer Registration Statement”) on
an appropriate registration form with respect to a registered offer (the “Exchange
Offer”) to exchange any and all of the Registrable Notes for a like
aggregate principal amount of notes of the Company and Finance Co., guaranteed
by the Guarantors, that are identical in all material respects to the
Securities (the “Exchange Notes”), except that (i) the Exchange
Notes shall contain no restrictive legend thereon and (ii) interest
thereon shall accrue (A) from the latter of (x) the last interest
payment date on which interest was paid on the Security surrendered in exchange
therefor, or (y) if the Security is surrendered for exchange on a date in
a period which includes the record date for an interest payment date to occur
on or after the date of such exchange and as to which interest will be paid,
the date of such interest payment date or (B) if no interest has been paid
on such Security, from the Issue Date, and which are entitled to the benefits
of the Indenture or a trust indenture which is identical in all material respects
to the Indenture (other than such changes to the Indenture or any such trust
indenture as are necessary to comply with the TIA) and which, in either case,
has been qualified under the TIA.  The
Exchange Offer shall comply with all applicable tender offer rules and
regulations under the Exchange Act and other applicable law.  The Issuers shall use their reasonable best
efforts to consummate the Exchange Offer on or prior to the 220th day
after the Issue Date.

 

5

 

Each Holder that participates in the Exchange Offer
will be required, as a condition to its participation in the Exchange Offer, to
represent to the Issuers in writing (which may be contained in the applicable
letter of transmittal) that:

 

(i)            any Exchange
Notes to be received by it will be acquired in the ordinary course of its
business,

 

(ii)           at the time of
the commencement of the Exchange Offer such Holder has no arrangement or
understanding with any Person to participate in the distribution (within the
meaning of the Securities Act) of the Exchange Notes in violation of the
Securities Act,

 

(iii)          such Holder is
not an affiliate (as defined in Rule 405 promulgated under the Securities
Act) of the Issuers,

 

(iv)          if such Holder
is a broker-dealer, that it is not engaged in, and does not intend to engage
in, the distribution of Exchange Notes,

 

(v)           if such Holder
is a Participating Broker-Dealer (as defined below) that will receive Exchange
Notes for its own account in exchange for Securities that were acquired as a
result of market-making or other trading activities, that it will deliver a
prospectus in connection with any resale of such Exchange Notes and

 

(vi)          the Holder is
not acting on behalf of any persons or entities who could not truthfully make
the foregoing representations.

 

Such Holder may also be required to be named
as a selling security holder in the related prospectus and will be required to
make such other representations as may be necessary under applicable SEC rules,
regulations or interpretations to render available the use of Form S-4 or
any other appropriate form under the Securities Act.

 

Upon consummation of the Exchange Offer in
accordance with this Section 2, the provisions of this Agreement shall
continue to apply solely with respect to Registrable Notes that are Private
Exchange Notes, Exchange Notes as to which Section 2(c)(iv) is
applicable and Exchange Notes held by Participating Broker-Dealers, and the
Issuers shall have no further obligation to register Registrable Notes (other
than Private Exchange Notes and other than in respect of any Exchange Notes as
to which clause 2(c)(iv) is applicable) pursuant to Section 3
hereof.

 

No securities other than the Exchange Notes shall be
included in the Exchange Offer Registration Statement.

 

6

 

(b)           The Issuers shall include
within the Prospectus contained in the Exchange Offer Registration Statement a
section entitled “Plan of Distribution,” reasonably acceptable to the Initial
Purchasers, which shall contain a summary statement of the positions taken or
policies made by the staff of the SEC with respect to the potential
“underwriter” status of any broker-dealer that is the beneficial owner (as
defined in Rule 13d-3 under the Exchange Act) of Exchange Notes received
by such broker-dealer in the Exchange Offer (a “Participating Broker-Dealer”),
whether such positions or policies have been publicly disseminated by the staff
of the SEC or such positions or policies represent the prevailing views of the
staff of the SEC.  Such “Plan of
Distribution” section shall also expressly permit, to the extent permitted by
applicable policies and regulations of the SEC, the use of the Prospectus by
all Persons subject to the prospectus delivery requirements of the Securities
Act, including, to the extent permitted by applicable policies and regulations
of the SEC, all Participating Broker-Dealers, and include a statement
describing the means by which Participating Broker-Dealers may resell the
Exchange Notes in compliance with the Securities Act.

 

The Issuers shall use their reasonable best efforts
to keep the Exchange Offer Registration Statement effective and to amend and
supplement the Prospectus contained therein in order to permit such Prospectus
to be lawfully delivered by all Persons subject to the prospectus delivery
requirements of the Securities Act for such period of time as is necessary to
comply with applicable law in connection with any resale of the Exchange Notes
covered thereby; provided, however, that such period shall not be
required to exceed 180 days, or such longer period if extended pursuant to the
last sentence of Section 5(s) (the “Applicable Period”).

 

If, prior to consummation of the Exchange Offer, the
Initial Purchasers hold any Securities acquired by them that have the status of
an unsold allotment in the initial distribution, the Issuers upon the request
of the Initial Purchasers shall simultaneously with the delivery of the
Exchange Notes in the Exchange Offer, issue and deliver to the Initial
Purchasers, in exchange (the “Private Exchange”) for such Securities
held by the Initial Purchasers, a like principal amount of notes (the “Private
Exchange Notes”) of the Company and Finance Co., guaranteed by the
Guarantors, that are identical in all material respects to the Exchange Notes
except for the placement of a restrictive legend on such Private Exchange
Notes.  The Private Exchange Notes shall
be issued pursuant to the same indenture as the Exchange Notes and, if
permissible, bear the same CUSIP number as the Exchange Notes.

 

In connection with the Exchange Offer, the Issuers
shall:

 

(1)           mail, or cause to be mailed, to each Holder of
record entitled to participate in the Exchange Offer a copy of the Prospectus
forming part of the Exchange Offer Registration Statement, together with an
appropriate letter of transmittal and related documents;

 

7

 

(2)           use their reasonable best efforts to keep the
Exchange Offer open for not less than 20 business days after the date that
notice of the Exchange Offer is mailed to Holders (or longer if required by
applicable law);

 

(3)           utilize the services of a depositary for the
Exchange Offer with an address in the Borough of Manhattan, The City of New York;

 

(4)           permit Holders to withdraw tendered Securities at
any time prior to the close of business, New York time, on the last business
day on which the Exchange Offer shall remain open; and

 

(5)           otherwise comply in all material respects with all
applicable laws, rules and regulations.

 

As soon as practicable after the close of the
Exchange Offer and the Private Exchange, if any, the Issuers shall:

 

(1)           accept for exchange all Registrable Notes validly
tendered and not validly withdrawn pursuant to the Exchange Offer and the
Private Exchange, if any;

 

(2)           deliver to the Trustee for cancellation all
Registrable Notes so accepted for exchange; and

 

(3)           direct the Trustee to authenticate and deliver
promptly to each holder of Securities Exchange Notes or Private Exchange Notes,
as the case may be, equal in principal amount to the Securities of such Holder
so accepted for exchange.

 

The Exchange Offer and the Private Exchange shall
not be subject to any conditions, other than that (i) the Exchange Offer
or the Private Exchange, as the case may be, does not violate applicable law or
any applicable interpretation of the staff of the SEC, (ii) no action or
proceeding shall have been instituted or threatened in any court or by any
governmental agency which might materially impair the ability of the Issuers to
proceed with the Exchange Offer or the Private Exchange, (iii) all
governmental approvals shall have been obtained, which approvals the Issuers
deem necessary for the consummation of the Exchange Offer or the Private
Exchange, (iv) there shall not have been any material change, or
development involving a prospective material change, in the business or
financial affairs of the Issuers which, in the reasonable judgment of the
Issuers, would materially impair the Issuers’ ability to consummate the
Exchange Offer or the Private Exchange, and (v) there shall not have been
proposed, adopted or enacted any law, statute, rule or regulation which,
in the reasonable judgment of the Issuers, would materially impair the Issuers’
ability to consummate the Exchange Offer or the Private Exchange or have a
material adverse effect on the Issuers if the Exchange Offer or the Private
Exchange was consummated.  In the event
that the Issuers are unable to consummate the Exchange Offer or the Private
Exchange due to any event listed in clauses (i) through (v) above,
the Issuers shall not be deemed to have breached any covenant under this Section 2.

 

8

 

The Exchange Notes and the Private Exchange Notes
shall be issued under the Indenture or under an indenture identical in all
material respects to the Indenture and which, in either case, has been
qualified under the TIA or is exempt from such qualification and shall provide
that the Exchange Notes shall not be subject to the transfer restrictions set
forth in the Indenture.  The Indenture or
such other indenture shall provide that the Exchange Notes, the Private
Exchange Notes and the Securities shall vote and consent together on all
matters as one class and that none of the Exchange Notes, the Private Exchange
Notes or the Securities will have the right to vote or consent as a separate
class on any matter.

 

(c)           If (i) because of any
change in law or in currently prevailing interpretations of the staff of the
SEC, the Issuers are not permitted to effect the Exchange Offer, (ii) the
Exchange Offer is not consummated within 220 days of the Issue Date, (iii) a
Holder of Private Exchange Notes notifies the Company in writing within 60 days
following the consummation of the Exchange Offer that (A) such Holder is
prohibited by law or SEC policy from participating in the Exchange Offer or (B) such
Holder may not resell the Exchange Notes acquired by it in the Exchange Offer
to the public without delivering a prospectus and the Prospectus contained in
the Exchange Offer Registration Statement is not appropriate or available for
such resales by such Holder or (C) such Holder is a Participating
Broker-Dealer and holds Securities acquired directly from the Company or any of
its affiliates (as defined in Rule 405 promulgated under the Securities
Act), or (iv) in the case of any Holder that participates in the Exchange
Offer, such Holder does not receive 
Exchange Notes on the date of the exchange that may be sold without
restriction under state and federal securities laws (other than due solely to
the status of such Holder as an affiliate of one of the Issuers within the
meaning of the Securities Act), then in the case of each of clauses (i) to
and including (iv) of this sentence, the Issuers shall promptly deliver to
the Holders and the trustee written notice thereof (the “Shelf Notice”)
and shall use their reasonable best efforts to file a Shelf Registration
pursuant to Section 3 hereof.

 

3.             Shelf Registration

 

If at any time a Shelf Notice is delivered as
contemplated by Section 2(c) hereof, then:

 

(a)           Shelf Registration.  The Issuers shall use their reasonable best
efforts to file with the SEC a Registration Statement for an offering to be
made on a continuous basis pursuant to Rule 415 covering all of the
Registrable Notes not exchanged in the Exchange Offer, Private Exchange Notes
and Exchange Notes as to which Section 2(c)(iv) is applicable (the “Initial
Shelf Registration”).  The Initial
Shelf Registration shall be on Form S-3 or another appropriate form
permitting registration of such Registrable Notes for resale by Holders in the
manner or manners designated by them

 

9

 

(including,
without limitation, one or more underwritten offerings).  The Issuers shall not permit any securities
other than the Registrable Notes to be included in the Initial Shelf
Registration or any Subsequent Shelf Registration (as defined below).

 

The Issuers shall, subject to applicable law or applicable
interpretation of the staff of the SEC, use their reasonable best efforts to
cause the Initial Shelf Registration to be declared effective under the
Securities Act on or prior to the Effectiveness Date and to keep the Initial
Shelf Registration continuously effective under the Securities Act until the
earlier of (x) the date which is two years from the Issue Date or (y) the
date on which no Registrable Notes are outstanding (the “Effectiveness
Period”); provided, however, that the Effectiveness Period in
respect of the Initial Shelf Registration shall be extended to the extent
required to permit dealers to comply with the applicable prospectus delivery
requirements of Rule 174 under the Securities Act and as otherwise
provided herein.

 

No Holder of Registrable Notes may include any of its Registrable Notes
in any Shelf Registration pursuant to this Agreement unless and until such
Holder furnishes to the Company in writing, within 15 business days after
receipt of a request therefor, such information concerning such Holder required
to be included in any Shelf Registration or Prospectus or preliminary
prospectus included therein.  No holder
of Registrable Notes shall be entitled to Additional Interest pursuant to Section 4
hereof unless and until such Holder shall have provided all such information,
if so requested.  Each Holder of
Registrable Notes as to which any Shelf Registration is being effected agrees
to furnish promptly to the Company all information required to be disclosed so
that the information previously furnished to the Company by such Holder not
materially misleading and does not omit to state a material fact required to be
stated therein or necessary in order to make the statements therein not
misleading.

 

(b)                                 Subsequent
Shelf Registrations.  If the
Initial Shelf Registration or any Subsequent Shelf Registration ceases to be
effective for any reason at any time during the Effectiveness Period (other
than because of the sale of all of the securities registered thereunder), the
Issuers shall use their reasonable best efforts to obtain the prompt withdrawal
of any order suspending the effectiveness thereof, and in any event shall
within 30 days of such cessation of effectiveness amend the Initial Shelf
Registration in a manner to obtain the withdrawal of the order suspending the
effectiveness thereof, or file an additional “shelf” Registration Statement
pursuant to Rule 415 covering all of the Registrable Notes covered by and
not sold under the Initial Shelf Registration or an earlier Subsequent Shelf
Registration (each, a “Subsequent Shelf Registration”).  If a Subsequent Shelf Registration is filed,
the Issuers shall use their reasonable best efforts to cause the Subsequent
Shelf Registration to be declared effective under the Securities Act as soon as
practicable after such filing and to keep such subsequent Shelf Registration
continuously effective 

 

10

 

for
a period equal to the number of days in the Effectiveness Period less the
aggregate number of days during which the Initial Shelf Registration or any
Subsequent Shelf Registration was previously continuously effective.  As used herein the term “Shelf
Registration” means the Initial Shelf Registration and any Subsequent Shelf
Registration.

 

(c)                                  Supplements and
Amendments.  The Issuers
shall promptly supplement and amend any Shelf Registration if required by the
rules, regulations or instructions applicable to the registration form used for
such Shelf Registration, if required by the Securities Act, or if reasonably
requested by the Holders of a majority in aggregate principal amount of the
Registrable Notes covered by such Registration Statement or by any managing
underwriter of such Registrable Notes, provided, however, that
the Issuers shall not be required to supplement or amend any Shelf Registration
upon the request of a Holder or any managing underwriter if such requested
supplement or amendment would, in the good faith judgment of the Company,
violate the Securities Act, the Exchange Act or the rules and regulations
promulgated thereunder.

 

4.                                       Additional
Interest

 

(a)                                  The Issuers and
the Initial Purchasers agree that the Holders of Registerable Notes will suffer
damages if the Issuers fail to fulfill their obligations under Section 2
or Section 3 hereof and that it would not be feasible to ascertain the
extent of such damages with precision. 
Accordingly, the Issuers agree to pay, as liquidated damages, additional
interest on the Registrable Notes (“Additional Interest”) under the
circumstances and to the extent set forth below (each of which shall be given
independent effect) (it being understood that the Additional Interest provided
for in this section shall be the sole remedy at law for the matters set forth
in clauses (i) through (iii) below; provided, however,
that nothing contained herein shall prevent the Holders of a majority of
Registrable Notes from seeking specific performance of the Issuers’ obligations
with respect to such matters):

 

(i)                                     if the Issuers
are required to file a Shelf Registration and such Shelf Registration is not
declared effective by the SEC on or prior to the Effectiveness Date in respect
of such Shelf Registration, then, commencing on the day after such Effectiveness
Date, Additional Interest shall accrue on the principal amount of the
Securities at a rate of 0.25% per annum for the first 90 days immediately
following such Effectiveness Date, and such Additional Interest rate shall
increase by an additional 0.25% per annum at the beginning of each subsequent
90-day period; or

 

(ii)                                  if (A) the
Issuers have not exchanged Exchange Notes for all Securities validly tendered
in accordance with the terms of the Exchange Offer on or prior to the 220th day
after the Issue Date and a Shelf Registration has not become effective for all
such Securities or (B) if applicable, a Shelf Registration has been
declared effective and such Shelf Registration ceases to be effective at any
time prior to the termination 

 

11

 

of
the Issuers’ obligations to keep such Shelf Registration effective pursuant to Section 3
above, then Additional Interest shall accrue on the principal amount of the
Securities at a rate of 0.25% per annum for the first 90 days commencing on (x) the
221st day after the Issue Date, in the case of (A) above, or (y) the
day such Shelf Registration ceases to be effective, in the case of (B) above,
and such Additional Interest rate shall increase by an additional 0.25% per annum
at the beginning of each such subsequent 90-day period;

 

provided, however,
that the Additional Interest rate on the Notes may not accrue under more than
one of the foregoing clauses (i) and (ii) at any one time and at no
time shall the aggregate amount of Additional Interest accruing exceed in the
aggregate 1.00% per annum; provided, further, however,
that (1) upon the effectiveness of the applicable Shelf Registration as
required hereunder (in the case of clause (a)(i) of this Section 4),
or (2) upon the exchange of the applicable Exchange Notes for all
Securities tendered or the effectiveness of a Shelf Registration covering all
such Securities (in the case of clause (a)(ii)(A) of this Section 4),
or upon the effectiveness of the applicable Shelf Registration which had ceased
to remain effective (in the case of clause(a)(ii)(B) of this Section 4),
Additional Interest on the Notes as a result of such clause (or the relevant
subclause thereof), as the case may be, shall cease to accrue; provided,
further, however, that notwithstanding the foregoing provisions
of this Section 4(a), Additional Interest shall not be payable if
effectiveness of a Shelf Registration ceased solely as a result of (i) the
filing of a post-effective amendment to such Shelf Registration to incorporate
annual audited financial information with respect to the Issuers required
pursuant to rules or regulations promulgated by the Commission where such
post-effective amendment is not yet effective and needs to be declared
effective to permit Holders to use the related prospectus or (ii) other
material events, with respect to the Issuers that would need to be described in
such Shelf Registration Statement or related prospectus and the Issuers are
proceeding promptly and in good faith to amend or supplement such Shelf
Registration or related prospectus to describe such events; provided,
that in any case if such a Shelf Registration is not declared effective on the
thirtieth day after effectiveness ceased, Additional Interest shall be payable from
the day following such 30-day period until the date on which such Shelf
Registration is declared effective.

 

(b)                                 The Issuers
shall notify the Trustee within three business days after each and every date
on which an event occurs in respect of which Additional Interest is required to
be paid (an “Event Date”).  Any
amounts of Additional Interest due pursuant to clauses (a)(i) or (a)(ii) of
this Section 4 will be payable in cash semiannually on each May 15
and November 15 (to the holders of record on the May 1 and November 1
immediately preceding such dates), commencing with the first such date
occurring after any such Additional Interest commences to accrue.  The amount of Additional Interest will be
determined on the basis of a 360-day year comprised of twelve 30-day months.

 

12

 

5.                                       Registration
Procedures

 

In connection with the filing of any Registration
Statement pursuant to Sections 2 or 3 hereof, the Issuers shall effect
such registrations to permit the sale of the securities covered thereby in
accordance with the intended method or methods of disposition thereof, and
pursuant thereto and in connection with any Registration Statement filed by the
Issuers hereunder each of the Issuers shall:

 

(a)                                  Prepare and
file with the SEC, a Registration Statement or Registration Statements as
prescribed by Sections 2 or 3 hereof, and use their reasonable best
efforts to cause each such Registration Statement to become effective and
remain effective as provided herein; provided, however, that, if (1) such
filing is pursuant to Section 3 hereof, or (2) a Prospectus contained
in the Exchange Offer Registration Statement filed pursuant to Section 2
hereof is required to be delivered under the Securities Act by any Participating
Broker-Dealer who seeks to sell Exchange Notes during the Applicable Period
relating thereto, before filing any Registration Statement or Prospectus or any
amendments or supplements thereto, the Issuers shall furnish to and afford the
Holders of the Registrable Notes included in such Registration Statement or
each such Participating Broker-Dealer, as the case may be, their counsel and
the managing underwriters, if any, a reasonable opportunity to review copies of
all such documents (including copies of any documents to be incorporated by
reference therein and all exhibits thereto) proposed to be filed (in each case
at least five days prior to such filing, or such later date as is reasonable
under the circumstances).

 

(b)                                 Prepare and
file with the SEC such amendments and post-effective amendments to each Shelf
Registration or Exchange Offer Registration Statement, as the case may be, as
may be necessary to keep such Registration Statement continuously effective for
the Effectiveness Period or the Applicable Period, as the case may be; cause
the related Prospectus to be supplemented by any Prospectus supplement required
by applicable law, and as so supplemented to be filed pursuant to Rule 424
(or any similar provisions then in force) promulgated under the Securities Act;
and comply with the provisions of the Securities Act and the Exchange Act
applicable to each of them with respect to the disposition of all securities
covered by such Registration Statement as so amended or in such Prospectus as
so supplemented and with respect to the subsequent resale of any securities
being sold by a Participating Broker-Dealer covered by any such
Prospectus.  The Issuers shall be deemed
not to have used their reasonable best efforts to keep a Registration Statement
effective during the Effectiveness Period or the Applicable Period, as the case
may be, relating thereto if any Issuer voluntarily takes any action that would
result in selling Holders of the Registrable Notes covered thereby or
Participating Broker-Dealers seeking to sell Exchange Notes not being able to
sell such Registrable Notes or such Exchange Notes during that period unless
such action is required by applicable law or permitted by this Agreement.

 

(c)                                  If (1) a
Shelf Registration is filed pursuant to Section 3 hereof, or (2) a
Prospectus contained in the Exchange Offer Registration Statement filed
pursuant to Section 2 hereof is required to be delivered under the
Securities Act by any Participating Broker-Dealer 

 

13

 

who seeks to sell Exchange Notes during the
Applicable Period relating thereto from whom the Issuers have received written
notice that it will be a Participating Broker-Dealer in the Exchange Offer,
notify the selling Holders of Registrable Notes, or each such Participating
Broker-Dealer, as the case may be, and their counsel promptly (but in any event
within two business days), and confirm such notice in writing, (i) when a
Prospectus or any Prospectus supplement or post-effective amendment has been
filed, and, with respect to any applicable Registration Statement or any
post-effective amendment, when the same has become effective under the
Securities Act (including in such notice a written statement that any Holder
may, upon request in writing, obtain, at the sole expense of the Issuers, one
conformed copy of such Registration Statement or post-effective amendment
including financial statements and schedules, documents incorporated or deemed
to be incorporated by reference and exhibits), (ii) of the issuance by the
SEC of any stop order suspending the effectiveness of a Registration Statement
or of any order preventing or suspending the use of any preliminary prospectus
or the initiation of any proceedings for that purpose, (iii) if at any
time when a prospectus is required by the Securities Act to be delivered in
connection with sales of the Registrable Notes or resales of Exchange Notes by
Participating Broker-Dealers the representations and warranties of the Issuers
contained in any agreement (including any underwriting agreement) contemplated
by Section 5(l) hereof cease to be true and correct in all material
respects, (iv) of the receipt by any Issuer of any notification with
respect to the suspension of the qualification or exemption from qualification
of a Registration Statement or any of the Registrable Notes or the Exchange
Notes to be sold by any Participating Broker-Dealer for offer or sale in any
jurisdiction, or the initiation or threatening of any proceeding for such
purpose, (v) of the happening of any event, the existence of any condition
or any information becoming known that makes any statement made in such
Registration Statement or related Prospectus or any document incorporated or
deemed to be incorporated therein by reference untrue in any material respect
or that requires the making of any changes in or amendments or supplements to
such Registration Statement, Prospectus or documents so that, in the case of
the Registration Statement, it will not contain an untrue statement of a material
fact or omit to state a material fact required to be stated therein or
necessary to make the statements therein not misleading, and that in the case
of the Prospectus, it will not contain an untrue statement of a material fact
or omit to state a material fact required to be stated therein or necessary to
make the statements therein, in light of the circumstances under which they
were made, not misleading, and (vi) of the Issuers’ determination that a
post-effective amendment to a Registration Statement would be appropriate.

 

(d)                                 If (1) a
Shelf Registration is filed pursuant to Section 3 hereof, or (2) a
Prospectus contained in the Exchange Offer Registration Statement filed
pursuant to Section 2 hereof is required to be delivered under the
Securities Act by any Participating Broker-Dealer who seeks to sell Exchange
Notes during the Applicable Period, use their commercially reasonable efforts
to prevent the issuance of any order suspending the effectiveness of a
Registration Statement or of any order preventing or suspending the use of a
Prospectus or suspending the qualification (or exemption from qualification) of
any of the Registrable Notes 

 

14

 

or the Exchange Notes to be sold by any
Participating Broker-Dealer, for sale in any jurisdiction, and, if any such
order is issued, to use their commercially reasonable efforts to obtain the
withdrawal of any such order at the earliest possible moment.

 

(e)                                  If a Shelf
Registration is filed pursuant to Section 3 and if requested by the
managing underwriter, the Holders of a majority in aggregate principal amount
of the Registrable Notes being sold in connection with an underwritten offering
or any Participating Broker-Dealer, (i) as promptly as practicable incorporate
in a prospectus supplement or post-effective amendment such information as the
managing underwriter, such Holders, any Participating Broker-Dealer or counsel
for any of them reasonably request to be included therein, provided, however,
that the Issuers shall not be required to include any such information upon the
request of a Holder or any underwriter if the inclusion of such information
would, in the good faith judgment of the Company, violate the Securities Act,
the Exchange Act or the rules and regulations promulgated thereunder, (ii) make
all required filings of such prospectus supplement or such post-effective
amendment as soon as practicable after an Issuer has received notification of
the matters to be incorporated in such prospectus supplement or post-effective
amendment, and (iii) supplement or make amendments to such Registration
Statement.

 

(f)                                    If (1) a
Shelf Registration is filed pursuant to Section 3 hereof, or (2) a
Prospectus contained in the Exchange Offer Registration Statement filed pursuant
to Section 2 hereof is required to be delivered under the Securities Act
by any Participating Broker-Dealer who seeks to sell Exchange Notes during the
Applicable Period, furnish to each selling Holder of Registrable Notes, a
single counsel to such Holders (chosen in accordance with Section 6(b))
and to each such Participating Broker-Dealer who so requests and to its counsel
at the sole expense of the Issuers, one conformed copy of the Registration
Statement or Registration Statements and each post-effective amendment thereto,
including financial statements and schedules, and, if requested in writing one
copy of any document incorporated or deemed to be incorporated therein by
reference and one copy of any exhibit.

 

(g)                                 If (1) a
Shelf Registration is filed pursuant to Section 3 hereof, or (2) a
Prospectus contained in the Exchange Offer Registration Statement filed
pursuant to Section 2 hereof is required to be delivered under the
Securities Act by any Participating Broker-Dealer who seeks to sell Exchange
Notes during the Applicable Period, deliver to each selling Holder of
Registrable Notes, a single counsel to such Holders (chosen in accordance with Section 6(b)),
or each such Participating Broker-Dealer and its counsel, as the case may be,
at the sole expense of the Issuers, as many copies of the Prospectus or
Prospectuses (including each form of preliminary prospectus) and each amendment
or supplement thereto and if requested in writing, any documents incorporated
by reference therein as such Persons may reasonably request; and, subject to
the last paragraph of Section 5(s), the Issuers hereby consent to the use
of such Prospectus and each amendment or supplement thereto (provided the
manner of such use complies with any limitations resulting from any applicable
state securities “Blue 

 

15

 

Sky” laws as provided in writing to such
Holders by the Company and subject to the provisions of this Agreement) by each
of the selling Holders of Registrable Notes or each such Participating
Broker-Dealer, as the case may be, and the managing underwriters or agents, if
any, and dealers (if any), in connection with the offering and sale of the
Registrable Notes covered by, or the sale by Participating Broker-Dealers of
the Exchange Notes pursuant to, such Prospectus and any amendment or supplement
thereto.

 

(h)                                 Prior to any
public offering of Registrable Notes or any delivery of a Prospectus contained
in the Exchange Offer Registration Statement by any Participating Broker-Dealer
who seeks to sell Exchange Notes during the Applicable Period, use their
commercially reasonable efforts to register or qualify, and to cooperate with
the selling Holders of Registrable Notes or each such Participating
Broker-Dealer, as the case may be, in connection with the registration or
qualification (or exemption from such registration or qualification) of such
Registrable Notes for offer and sale under the securities or Blue Sky laws of
such jurisdictions within the United States as any selling Holder or
Participating Broker-Dealer, reasonably request in writing; provided, however,
that where Exchange Notes held by Participating Broker-Dealers or Registrable
Notes are offered other than through an underwritten offering, the Issuers
agree to cause their counsel to perform Blue Sky investigations and file
registrations and qualifications required to be filed pursuant to this Section 5(h),
keep each such registration or qualification (or exemption therefrom) effective
during the period such Registration Statement is required to be kept effective
and do any and all other acts or things reasonably necessary or advisable to
enable the disposition in such jurisdictions of the Exchange Notes held by
Participating Broker-Dealers or the Registrable Notes covered by the applicable
Registration Statement; provided, however, that no Issuer shall
be required to (A) qualify generally to do business in any jurisdiction
where it is not then so qualified, (B) take any action that would subject
it to general service of process in any such jurisdiction where it is not then
so subject or (C) subject itself to taxation in any such jurisdiction
where it is not then so subject.

 

(i)                                     If a Shelf
Registration is filed pursuant to Section 3 hereof, cooperate with the
selling Holders of Registrable Notes to facilitate the timely preparation and
delivery of certificates representing Registrable Notes to be sold, which
certificates shall not bear any restrictive legends and shall be in a form
eligible for deposit with The Depository Trust Company; and enable such
Registrable Notes to be in such denominations and registered in such names as
the selling Holders may reasonably request.

 

(j)                                     If (1) a
Shelf Registration is filed pursuant to Section 3 hereof, or (2) a
Prospectus contained in the Exchange Offer Registration Statement filed
pursuant to Section 2 hereof is required to be delivered under the
Securities Act by any Participating Broker-Dealer who seeks to sell Exchange
Notes during the Applicable Period, upon the occurrence of any event
contemplated by Sections 5(c)(v) or 5(c)(vi) hereof, as promptly
as practicable prepare and (subject to Section 5(a) hereof) file with
the SEC, at the sole expense of the Issuers, a 

 

16

 

supplement or post-effective amendment to the
Registration Statement or a supplement to the related Prospectus or any
document incorporated or deemed to be incorporated therein by reference, or
file any other required document so that, as thereafter delivered to the
purchasers of the Registrable Notes being sold thereunder or to the purchasers
of the Exchange Notes to whom such Prospectus will be delivered by a
Participating Broker-Dealer, any such Prospectus will not contain an untrue
statement of a material fact or omit to state a material fact required to be
stated therein or necessary to make the statements therein, in light of the
circumstances under which they were made, not misleading.  Notwithstanding the foregoing, the Issuers
shall not be required to amend or supplement a Registration Statement, any
related Prospectus or any document incorporated therein by reference, in the
event that an event occurs and is continuing as a result of which the
Shelf Registration would, in the good faith judgment of the Company, contain an
untrue statement of a material fact or omit to state a material fact necessary
in order to make the statements therein, in the light of the circumstances
under which they were made, not misleading, or, for a period not to exceed an
aggregate of 90 days in any calendar year, (a) the Company determines
in its good faith judgment that the disclosure of such event at such time would
reasonably be expected to have a material adverse effect on the business,
operations or prospects of the Company or (b) the disclosure otherwise
relates to a pending material business transaction that has not yet been
publicly disclosed.

 

(k)                                  Prior to the
effective date of the first Registration Statement elating to the Registrable
Notes, (i) provide the Trustee with certificates for the Registrable Notes
in a form eligible for deposit with The Depository Trust Company and (ii) provide
a CUSIP number for the Registrable Notes.

 

(l)                                     In connection
with any underwritten offering of Registrable Notes pursuant to a Shelf
Registration, enter into an underwriting agreement as is customary in
underwritten offerings of debt securities similar to the Securities in form and
substance reasonably satisfactory to the Issuers and take all such other
actions as are reasonably requested by the managing underwriter in order to
expedite or facilitate the registration or the disposition of such Registrable
Notes and, in such connection, (i) make such representations and
warranties to, and covenants with, the underwriters with respect to the
business of the Issuers and the subsidiaries of the Issuers (including any
acquired business, properties or entity, if applicable) and the Registration
Statement, Prospectus and documents, if any, incorporated or deemed to be
incorporated by reference therein, in each case, as are customarily made by
issuers to underwriters in underwritten offerings of debt securities similar to
the Securities, and confirm the same in writing if and when requested in form
and substance reasonably satisfactory to the Issuers; (ii) upon the
request of any underwriter use all reasonable efforts to obtain the written
opinions of counsel to the Issuers and written updates thereof in form, scope
and substance reasonably satisfactory to the managing underwriter, addressed to
the underwriters covering the matters customarily covered in opinions
reasonably requested in underwritten offerings and such other matters as may be

 

17

 

reasonably requested by the managing
underwriter; (iii) upon the request of any managing underwriter use their
commercially reasonable efforts to obtain “cold comfort” letters and updates
thereof in form, scope and substance reasonably satisfactory to the managing
underwriter from the independent public accountants of the Issuers (and, if
necessary, any other independent public accountants of the Issuers, any
subsidiary of the Issuers or of any business acquired by the Issuers for which
financial statements and financial data are, or are required to be, included or
incorporated by reference in the Registration Statement), addressed to each of
the underwriters, such letters to be in customary form and covering matters of
the type customarily covered in “cold comfort” letters in connection with
underwritten offerings of debt securities similar to the Securities and such
other matters as reasonably requested by the managing underwriter as permitted
by the Statement on Auditing Standards No. 72; and (iv) if an
underwriting agreement is entered into, cause the same to contain
indemnification provisions and procedures no less favorable to the sellers and
underwriters, if any, than those set forth in Section 7 hereof (or such
other provisions and procedures acceptable to Holders of a majority in
aggregate principal amount of Registrable Notes covered by such Registration
Statement and the managing underwriter or underwriters or agents, if any).  The above shall be done at each closing under
such underwriting agreement, or as and to the extent required thereunder.

 

(m)                               If (1) a
Shelf Registration is filed pursuant to Section 3 hereof, or (2) a
Prospectus contained in the Exchange Offer Registration Statement filed
pursuant to Section 2 hereof is required to be delivered under the
Securities Act by any Participating Broker-Dealer who seeks to sell Exchange
Notes during the Applicable Period, make available for inspection by any
selling Holder of such Registrable Notes being sold, or each such Participating
Broker-Dealer, as the case may be, any underwriter participating in any such
disposition of Registrable Notes, if any, and any attorney, accountant or other
agent retained by any such selling Holder or each such Participating
Broker-Dealer, as the case may be, or underwriter (collectively, the “Inspectors”),
at the offices where normally kept, during reasonable business hours, all
financial and other records, pertinent corporate documents and instruments of
the Issuers and subsidiaries of the Issuers (collectively, the “Records”)
as shall be reasonably necessary to enable them to exercise any applicable due
diligence responsibilities, and cause the officers, directors and employees of
the Issuers and any of their subsidiaries to supply all information reasonably
requested by any such Inspector in connection with such Registration Statement
and Prospectus.  The foregoing inspection
and information gathering shall be coordinated on behalf of the other parties
by one counsel designated by such parties as described in Section 6(b) hereof.  Each Inspector shall agree in writing that it
will keep the Records confidential and that it will not disclose any of the
Records that the Issuers determine, in good faith, to be confidential unless (i) the
release of such Records is ordered pursuant to a subpoena or other order from a
court of competent jurisdiction, or (ii) the information in such Records
has been made generally available to the public other than through the acts of
such Inspector; provided, however, that prior notice shall be
provided as soon as practicable to the Issuers of the potential disclosure of
any information by such 

 

18

 

Inspector pursuant to clause (i) of this
sentence to permit the Issuers to obtain a protective order or take other
appropriate action to prevent the disclosure of such information at the Issuers’
sole expense (or waive the provisions of this paragraph (m)) and that such
Inspector shall take such actions as are reasonably necessary to protect the
confidentiality of such information (if practicable) to the extent such action
is otherwise not inconsistent with, an impairment of or in derogation of the
rights and interests of the Holder or any Inspector.

 

(n)                                 Provide an
indenture trustee for the Registrable Notes or the Exchange Notes, as the case
may be, and cause the Indenture or the trust indenture provided for in Section 2(a) hereof,
as the case may be, to be qualified under the TIA not later than the effective
date of the first Registration Statement relating to the Registrable Notes; and
in connection therewith, cooperate with the trustee under any such indenture
and the Holders of the Registrable Notes to effect such changes to such
indenture as may be required for such indenture to be so qualified in
accordance with the terms of the TIA; and execute, and use their commercially
reasonable efforts to cause such trustee to execute, all documents as may be
required to effect such changes, and all other forms and documents required to
be filed with the SEC to enable such indenture to be so qualified in a timely
manner.

 

(o)                                 Comply with all
applicable rules and regulations of the SEC and make generally available
to its securityholders with regard to any applicable Registration Statement, a
consolidated earnings statement satisfying the provisions of Section 11(a) of
the Securities Act and Rule 158 thereunder (or any similar rule promulgated
under the Securities Act) no later than 60 days after the end of any fiscal
quarter (or 120 days after the end of any 12-month period if such period is a
fiscal year) (i) commencing at the end of any fiscal quarter in which
Registrable Notes are sold to underwriters in a firm commitment or best efforts
underwritten offering and (ii) if not sold to underwriters in such an
offering, commencing on the first day of the first fiscal quarter of the
Company after the effective date of a Registration Statement, which statements
shall cover said 12-month periods.

 

(p)                                 Upon
consummation of the Exchange Offer or a Private Exchange, if requested by the
Trustee in writing, obtain an opinion of counsel to the Issuers, in a form
customary for underwritten transactions, addressed to the Trustee for the
benefit of all Holders of Registrable Notes participating in the Exchange Offer
or the Private Exchange, as the case may be, that the Exchange Notes or Private
Exchange Notes, as the case may be, the related guarantee and the related
indenture constitute legal, valid and binding obligations of the Issuers,
enforceable against them in accordance with their respective terms, subject to
customary exceptions and qualifications.

 

(q)                                 If the Exchange
Offer or a Private Exchange is to be consummated, upon delivery of the
Registrable Notes by Holders to the Issuers (or to such other Person as
directed by the Issuers) in exchange for the Exchange Notes or the Private
Exchange Notes, as the case may be, the Issuers shall mark, or cause to be
marked, on such Registrable Notes that 

 

19

 

such Registrable Notes are being canceled in
exchange for the Exchange Notes or the Private Exchange Notes, as the case may
be; in no event shall such Registrable Notes be marked as paid or otherwise
satisfied, in connection with any such exchange.

 

(r)                                    Cooperate with
each seller of Registrable Notes covered by any Registration Statement and each
underwriter, if any, participating in the disposition of such Registrable Notes
and their respective counsel in connection with any filings required to be made
with the Financial Industry Regulatory Authority (the “FINRA”).

 

(s)                                  Use their commercially
reasonable efforts to take all other steps reasonably necessary to effect the
registration of the Registrable Notes covered by a Registration Statement
contemplated hereby.

 

The Issuers may require each seller of Registrable
Notes as to which any registration is being effected to furnish to the Issuers
such information regarding such seller and the distribution of such Registrable
Notes as the Issuers may, from time to time, reasonably request.  The Issuers may exclude from such
registration the Registrable Notes of any seller so long as such seller fails
to furnish such information within a reasonable time after receiving such
request.  Each seller as to which any
Shelf Registration is being effected agrees to furnish promptly to the Company
all information required to be disclosed so that the information previously
furnished to the Company by such seller is not materially misleading and does
not omit to state a material fact required to be stated therein or necessary in
order to make the statements therein not misleading in the light of the
circumstances under which they were made.

 

Each Holder of Registrable Notes and each
Participating Broker-Dealer agrees by its acquisition of such Registrable Notes
or Exchange Notes to be sold by such Participating Broker-Dealer, as the case
may be, that, upon actual receipt of any notice from the Issuers of the
happening of any event of the kind described in Section 5(c)(ii),
5(c)(iv), 5(c)(v) or 5(c)(vi) hereof, such Holder will forthwith
discontinue disposition of such Registrable Notes covered by such Registration
Statement or Prospectus or Exchange Notes to be sold by such Holder or
Participating Broker-Dealer, as the case may be, until such Holder’s or
Participating Broker-Dealer’s receipt of the copies of the supplemented or
amended Prospectus contemplated by Section 5(j) hereof, or until it
is advised in writing (the “Advice”) by the Issuers that the use of the
applicable Prospectus may be resumed, and has received copies of any amendments
or supplements thereto.  In the event
that the Issuers shall give any such notice, the Applicable Period shall be
extended by the number of days during such periods from and including the date
of the giving of such notice to and including the date when each seller of Registrable
Notes covered by such Registration Statement or Exchange Notes to be sold by
such Participating Broker-Dealer, as the case may be, shall have received (x) the
copies of the supplemented or amended Prospectus contemplated by Section 5(j) hereof
or (y) the Advice.

 

20

 

6.                                       Registration
Expenses

 

(a)                                  All fees and
expenses incident to the performance of or compliance with this Agreement by
the Issuers (other than any underwriting discounts or commissions which shall
not be borne by the Issuers) shall be borne by the Issuers including, without
limitation, (i) all registration and filing fees (including, without
limitation, (A) fees with respect to filings required to be made with the
FINRA in connection with an underwritten offering and (B)  fees and
expenses of compliance with state securities or Blue Sky laws (including,
without limitation, reasonable fees and disbursements of one counsel in
connection with Blue Sky qualifications of the Registrable Notes or Exchange
Notes and determination of the eligibility of the Registrable Notes or Exchange
Notes for investment under the laws of such jurisdictions (x) where the
holders of Registrable Notes are located, in the case of the Exchange Notes, or
(y) as provided in Section 5(h) hereof, in the case of
Registrable Notes or Exchange Notes to be sold by a Participating Broker-Dealer
during the Applicable Period)), (ii) printing expenses, including, without
limitation, expenses of printing certificates for Registrable Notes or Exchange
Notes in a form eligible for deposit with The Depository Trust Company and of
printing prospectuses if the printing of prospectuses is requested by the
managing underwriter, if any, by the Holders of a majority in aggregate
principal amount of the Registrable Notes included in any Registration Statement
or in respect of Registrable Notes or Exchange Notes to be sold by any
Participating Broker-Dealer during the Applicable Period, as the case may be, (iii) messenger,
telephone and delivery expenses, (iv) fees and disbursements of counsel
for the Issuers, (v) fees and disbursements of all independent certified
public accountants referred to in Section 5(l)(iii) hereof
(including, without limitation, the expenses of any special audit and “cold
comfort” letters required by or incident to such performance), (vi) Securities
Act liability insurance, if the Issuers desire such insurance, (vii) fees
and expenses of all other Persons retained by the Issuers, (viii) internal
expenses of the Issuers (including, without limitation, all salaries and
expenses of officers and employees of the Issuers performing legal or
accounting duties), (ix) the expense of any annual audit, (x) any
fees and expenses incurred in connection with the listing of the securities to
be registered on any securities exchange, and the obtaining of a rating of the
securities, in each case, if applicable, and (xi) the expenses relating to
printing, word processing and distributing all Registration Statements,
underwriting agreements, indentures and any other documents necessary in order
to comply with this Agreement.

 

(b)                                 The Issuers
shall reimburse the Initial Purchasers for the reasonable fees and expenses of
one counsel in connection with the Exchange Offer, which shall be Cahill Gordon &
Reindel LLP or such other counsel as selected by a majority in interests of the
Holders, and shall not be required to pay any other legal expenses in
connection therewith.

 

21

 

7.                                       Indemnification

 

(a)                                  Each of the
Issuers, jointly and severally, agrees to indemnify and hold harmless each
Holder of Registrable Notes and each Participating Broker-Dealer selling
Exchange Notes during the Applicable Period, the affiliates, officers,
directors, representatives, employees and agents of each such Person, and each
Person, if any, who controls any such Person within the meaning of either Section 15
of the Securities Act or Section 20 of the Exchange Act (each, a “Participant”),
from and against any and all losses, claims, damages, judgments, liabilities
and expenses (including, without limitation, the reasonable legal fees and
other expenses actually incurred in connection with any suit, action or
proceeding or any claim asserted) caused by, arising out of or based upon any
untrue statement or alleged untrue statement of a material fact contained in
any Registration Statement (or any amendment thereto) or Prospectus (as amended
or supplemented if the Issuers shall have furnished any amendments or
supplements thereto) or any preliminary prospectus, or caused by, arising out of
or based upon any omission or alleged omission to state therein a material fact
required to be stated therein or necessary to make the statements therein, in
the case of the Prospectus in light of the circumstances under which they were
made, not misleading, except insofar as such losses, claims, judgments,
damages, liabilities or expenses are caused by any untrue statement or omission
or alleged untrue statement or omission made in reliance upon and in conformity
with information relating to any Participant furnished to the Issuers in
writing by such Participant expressly for use therein and with respect to any
preliminary Prospectus, or except to the extent that any such loss, claim,
damage or liability arises solely from the fact that any Participant sold Notes
to a person to whom there was not sent or given a copy of the Prospectus (as
amended or supplemented) at or prior to the written confirmation of such sale
if the Issuers shall have previously furnished copies thereof to the
Participant in accordance herewith and the Prospectus (as amended or
supplemented) would have corrected any such untrue statement or omission.

 

(b)                                 Each
Participant agrees, severally and not jointly, to indemnify and hold harmless
each Issuer, their respective affiliates, officers, directors, representatives,
employees and agents of each Issuer and each Person who controls each Issuer
within the meaning of Section 15 of the Securities Act or Section 20
of the Exchange Act to the same extent (but on a several, and not joint, basis)
as the foregoing indemnity from the Issuers to each Participant under
paragraph (a) above, but only with reference to information relating
to such Participant furnished to the Issuers in writing by such Participant
expressly for use in any Registration Statement or Prospectus, any amendment or
supplement thereto, or any preliminary prospectus.  The liability of any Participant under this
paragraph shall in no event exceed the proceeds received by such Participant
from sales of Registrable Notes or Exchange Notes giving rise to such
obligations.

 

(c)                                  If any suit,
action, proceeding (including any governmental or regulatory investigation),
claim or demand shall be brought or asserted against any Person in respect of
which indemnity may be sought pursuant to either of the two preceding
paragraphs, such Person (the “Indemnified Person”) shall promptly notify
the Persons against whom such 

 

22

 

indemnity may be sought (the “Indemnifying
Persons”) in writing, and the Indemnifying Persons, upon request of the
Indemnified Person, shall retain counsel reasonably satisfactory to the
Indemnified Person to represent the Indemnified Person and any others entitled
to indemnification pursuant to this Section 7 that the Indemnifying Person
may reasonably designate in such proceeding and shall pay the reasonable fees
and expenses actually incurred by such counsel related to such proceeding; provided,
however, that the failure to so notify the Indemnifying Persons will not
relieve it from any liability under paragraph (a) or (b) above unless
and to the extent such failure results in the forfeiture by the Indemnifying
Person of substantial rights and defenses and the Indemnifying Person was not
otherwise aware of such action or claim. 
In any such proceeding, any Indemnified Person shall have the right to
retain its own counsel, but the fees and expenses of such counsel shall be at
the expense of such Indemnified Person unless (i) the Indemnifying Persons
and the Indemnified Person shall have mutually agreed to the contrary in
writing, (ii) the Indemnifying Persons shall have failed within a
reasonable period of time to retain counsel reasonably satisfactory to the
Indemnified Person or (iii) the named parties in any such proceeding (including
any impleaded parties) include both any Indemnifying Person and the Indemnified
Person and representation of both parties by the same counsel would be
inappropriate due to actual or potential differing interests between them.  It is understood that the Indemnifying
Persons shall not, in connection with such proceeding or separate but
substantially similar related proceeding in the same jurisdiction arising out
of the same general allegations, be liable for the fees and expenses of more
than one separate firm (in addition to any local counsel) for all Indemnified
Persons, and that all such fees and expenses shall be reimbursed promptly as
they are incurred.  Any such separate
firm for the Participants and such control Persons of Participants shall be
designated in writing by Participants who sold a majority in interest of
Registrable Notes and Exchange Notes sold by all such Participants and shall be
reasonably acceptable to the Issuers, and any such separate firm for the
Issuers, their affiliates, officers, directors, representatives, employees and
agents and such control Persons of such Issuer shall be designated in writing
by such Issuer and shall be reasonably acceptable to the Holders.

 

The Indemnifying Person shall not be liable for any
settlement of any proceeding effected without its prior written consent (which
consent shall not be unreasonably withheld or delayed), but if settled with
such consent or if there be a final non-appealable judgment for the plaintiff
for which the Indemnified Person is entitled to indemnification pursuant to
this Agreement, each Indemnifying Person agrees to indemnify and hold harmless
each Indemnified Person from and against any loss or liability by reason of
such settlement or judgment.  No
Indemnifying Person shall, without the prior written consent of the Indemnified
Person (which consent shall not be unreasonably withheld or delayed), effect
any settlement or compromise of any pending or threatened proceeding in respect
of which any Indemnified Person is or could have been a party, or indemnity
could have been sought hereunder by such Indemnified Person, unless such
settlement (A) includes an unconditional written release of such
Indemnified Person, in form and substance reasonably satisfactory to such
Indemnified Person, from all liability on claims that are the subject matter of
such proceeding and (B) does not include any statement as to an admission
of fault, culpability or failure to act by or on behalf of such Indemnified
Person.

 

23

 

(d)                                 If the
indemnification provided for in paragraphs (a) and (b) of this Section 7
is for any reason unavailable to, or insufficient to hold harmless, an
Indemnified Person in respect of any losses, claims, damages or liabilities referred
to therein, then each Indemnifying Person under such paragraphs, in lieu of
indemnifying such Indemnified Person thereunder and in order to provide for
just and equitable contribution, shall contribute to the amount paid or payable
by such Indemnified Person as a result of such losses, claims, damages or
liabilities in such proportion as is appropriate to reflect the relative fault
of the Indemnifying Person or Persons on the one hand and the Indemnified
Person or Persons on the other in connection with the statements or omissions
or alleged statements or omissions that resulted in such losses, claims,
damages or liabilities (or actions in respect thereof) as well as any other
relevant equitable considerations.  The
relative fault of the parties shall be determined by reference to, among other
things, whether the untrue or alleged untrue statement of a material fact or
the omission or alleged omission to state a material fact relates to
information supplied by the Issuers on the one hand or such Participant or such
other Indemnified Person, as the case may be, on the other, the parties’
relative intent, knowledge, access to information and opportunity to correct or
prevent such statement or omission, and any other equitable considerations
appropriate in the circumstances.

 

(e)                                  The parties
agree that it would not be just and equitable if contribution pursuant to this Section 7
were determined by pro rata allocation
(even if the Participants were treated as one entity for such purpose) or by
any other method of allocation that does not take account of the equitable
considerations referred to in the immediately preceding paragraph.  The amount paid or payable by an Indemnified
Person as a result of the losses, claims, damages, judgments, liabilities and
expenses referred to in the immediately preceding paragraph shall be deemed to
include, subject to the limitations set forth above, any reasonable legal or
other expenses actually incurred by such Indemnified Person in connection with
investigating or defending any such action or claim.  Notwithstanding the provisions of this Section 7,
in no event shall a Participant be required to contribute any amount in excess
of the amount by which proceeds received by such Participant from sales of
Registrable Notes or Exchange Notes, as the case may be, exceeds the amount of
any damages that such Participant has otherwise been required to pay or has
paid by reason of such untrue or alleged untrue statement or omission or
alleged omission.  No Person guilty of
fraudulent misrepresentation (within the meaning of Section 11(f) of
the Securities Act) shall be entitled to contribution from any Person who was
not guilty of such fraudulent misrepresentation.

 

(f)                                    Any losses,
claims, damages, liabilities or expenses for which an indemnified party is
entitled to indemnification or contribution under this Section 7 shall be
paid by the Indemnifying Person to the Indemnified Person as such losses,
claims, damages, 

 

24

 

liabilities or expenses are incurred.  The indemnity and contribution agreements
contained in this Agreement shall remain operative and in full force and
effect, regardless of (i) any investigation made by or on behalf of any
Holder or any person who controls a Holder, the Issuers, their directors,
officers, employees or agents or any person who controls an Issuer, and (ii) any
termination of this Agreement.

 

(g)                                 The indemnity
and contribution agreements contained in this Section 7 will be in
addition to any liability which the Indemnifying Persons may otherwise have to
the Indemnified Persons referred to above.

 

8.                                       Rules 144
and 144A

 

Each of the Issuers covenants and agrees that it
will file the reports required to be filed by it under the Securities Act and
the Exchange Act and the rules and regulations adopted by the SEC
thereunder in a timely manner in accordance with the requirements of the
Securities Act and the Exchange Act and, for so long as any Registrable Notes
remain outstanding, and if such Issuer is not required to file such reports,
such Issuer will, upon the request of any Holder or beneficial owner of
Registrable Notes, make available such information of the type specified in
Sections 13 and 15(d) of the Exchange Act. 
Each of the Issuers further covenants and agrees, for so long as any
Registrable Notes remain outstanding, to make available to any Holder or
beneficial owner of Registrable Notes in connection with any sale thereof and
any prospective purchaser of such Registrable Notes from such Holder or beneficial
owner the information required by Rule 144A(d)(4) and 144(c) under
the Securities Act in order to permit resales of such Registrable Notes
pursuant to Rule 144A and Rule 144.

 

9.                                       Underwritten
Registrations

 

If any of the Registrable Notes covered by any Shelf
Registration are to be sold in an underwritten offering, the investment banker
or investment bankers and manager or managers that will manage the offering
will be selected by the Holders of a majority in aggregate principal amount of
such Registrable Notes included in such offering and shall be reasonably
acceptable to the Issuers.

 

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

 

25

 

10.                                 Miscellaneous

 

(a)                                  No Inconsistent
Agreements.  The Issuers
have not, as of the date hereof, and the Issuers shall not, after the date of
this Agreement, enter into any agreement with respect to any of their
securities that is inconsistent with the rights granted to the Holders of
Registrable Notes in this Agreement or otherwise conflicts with the provisions
hereof.  The rights granted to the Holders
hereunder do not in any way conflict with and are not inconsistent with the
rights granted to the holders of the Issuers’ other issued and outstanding
securities under any such agreements. 
The Issuers shall not, after the date of this agreement, enter into any
agreement with respect to any of their securities which will grant to any
Person piggy-back registration rights with respect to any Registration
Statement.

 

(b)                                 Adjustments
Affecting Registrable Notes.  The Issuers shall not, directly or indirectly,
take any action with respect to the Registrable Notes as a class that would
adversely affect the ability of the Holders of Registrable Notes to include
such Registrable Notes in a registration undertaken pursuant to this Agreement.

 

(c)                                  Amendments and Waivers.  The provisions of this Agreement may not be
amended, modified or supplemented, and waivers or consents to departures from
the provisions hereof may not be given, otherwise than with the prior written
consent of (I) the Issuers and (II)(A) the Holders of not less than a
majority in aggregate principal amount of the then outstanding Registrable
Notes and (B) in circumstances that would adversely affect the
Participating Broker-Dealers holding not less than a majority in aggregate
principal amount of the Exchange Notes held by all Participating
Broker-Dealers; provided, however, that Section 7 and this Section 10(c) may
not be amended, modified or supplemented without the prior written consent of
each Holder and each Participating Broker-Dealer (including any person who was
a Holder or Participating Broker-Dealer of Registrable Notes or Exchange Notes,
as the case may be, disposed of pursuant to any Registration Statement)
affected by any such amendment, modification or supplement.  Notwithstanding the foregoing, a waiver or
consent to depart from the provisions hereof with respect to a matter that
relates exclusively to the rights of Holders of Registrable Notes whose
securities are being sold pursuant to a Registration Statement and that does
not directly or indirectly affect, impair, limit or compromise the rights of
other Holders of Registrable Notes may be given by Holders of at least a
majority in aggregate principal amount of the Registrable Notes being sold
pursuant to such Registration Statement.

 

(d)                                 Notices.  All notices and other communications
(including, without limitation, any notices or other communications to the
Trustee) provided for or permitted hereunder shall be made in writing by
hand-delivery, registered first-class mail, next-day air courier or facsimile:

 

(i)                                     if to a Holder
of the Registrable Notes or any Participating Broker-Dealer, at the most
current address of such Holder or Participating Broker-Dealer, as the case may
be, set forth on the records of the registrar under the Indenture.

 

26

 

(ii)                                  if to the
Issuers, at the address as follows:

 

DIRECTV
Holdings LLC

2230
East Imperial Highway

El Segundo, California  90245

Attention: General Counsel

 

with a copy to:

 

Weil,
Gotshal & Manges LLP

767
Fifth Avenue 

New
York, New York 10153

Attention:  Michael E. Lubowitz, Esq.

Erika
Weinberg, Esq.

 

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

 

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

 

(e)                                  Successors and
Assigns.  This Agreement shall inure to
the benefit of and be binding upon the successors and assigns of each of the
parties hereto, the Holders and the Participating Broker-Dealers; provided,
however, that nothing herein shall be deemed to permit any assignment,
transfer or other disposition of Registrable Notes in violation of the terms of
the Purchase Agreement or the Indenture.

 

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

 

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

 

(h)                                 Governing
Law.  THIS AGREEMENT SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK,
AS APPLIED TO CONTRACTS MADE AND PERFORMED ENTIRELY WITHIN THE STATE OF NEW
YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW.  EACH OF THE PARTIES HERETO AGREES TO SUBMIT
TO THE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK IN ANY ACTION OR
PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT.

 

27

 

(i)                                     Severability.  If any term, provision, covenant or
restriction of this Agreement is held by a court of competent jurisdiction to
be invalid, illegal, void or unenforceable, the remainder of the terms,
provisions, covenants and restrictions set forth herein shall remain in full
force and effect and shall in no way be affected, impaired or invalidated, and
the parties hereto shall use their commercially reasonable efforts to find and
employ an alternative means to achieve the same or substantially the same
result as that contemplated by such term, provision, covenant or restriction.  It is hereby stipulated and declared to be
the intention of the parties that they would have executed the remaining terms,
provisions, covenants and restrictions without including any of such that may
be hereafter declared invalid, illegal, void or unenforceable.

 

(j)                                     Securities Held
by the Issuers or Their Affiliates.  Whenever the consent or approval of Holders
of a specified percentage of Registrable Notes is required hereunder,
Registrable Notes held by the Issuers or their affiliates (as such term is
defined in Rule 405 under the Securities Act) shall not be counted in
determining whether such consent or approval was given by the Holders of such
required percentage.

 

(k)                                  Third-Party
Beneficiaries.  Holders of
Registrable Notes and Participating Broker-Dealers are intended third-party
beneficiaries of this Agreement, and this Agreement may be enforced by such
Persons.

 

(l)                                     Entire
Agreement.  This
Agreement, together with the Purchase Agreement and the Indenture, is intended
by the parties as a final and exclusive statement of the agreement and
understanding of the parties hereto in respect of the subject matter contained
herein and therein and any and all prior oral or written agreements,
representations, or warranties, contracts, understandings, correspondence,
conversations and memoranda between the Holders on the one hand and the Issuers
on the other, or between or among any agents, representatives, parents,
subsidiaries, affiliates, predecessors in interest or successors in interest
with respect to the subject matter hereof and thereof are merged herein and
replaced hereby.

 

28

 

WITNESS the due execution hereof by the respective
duly authorized officers of the undersigned as of the date first written above.

 

	
   

  	
  DIRECTV
  HOLDINGS LLC

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  J. William Little

  
	
   

  	
   

  	
  Name:
  J. William Little

  
	
   

  	
   

  	
  Title:
  Senior Vice President and Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  DIRECTV
  FINANCING CO., INC.

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  J. William Little

  
	
   

  	
   

  	
  Name:
  J. William Little

  
	
   

  	
   

  	
  Title:
  Senior Vice President and Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  DIRECTV,
  INC., as Guarantor

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  J. William Little

  
	
   

  	
   

  	
  Name:
  J. William Little

  
	
   

  	
   

  	
  Title:
  Senior Vice President and Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  DIRECTV
  CUSTOMER SERVICES, INC.,

  
	
   

  	
  as Guarantor

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  J. William Little

  
	
   

  	
   

  	
  Name:
  J. William Little

  
	
   

  	
   

  	
  Title:
  Senior Vice President and Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  DIRECTV
  MERCHANDISING, INC.,

  
	
   

  	
  as Guarantor

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  J. William Little

  
	
   

  	
   

  	
  Name:
  J. William Little

  
	
   

  	
   

  	
  Title:
  Senior Vice President and Treasurer

  

 

 

	
   

  	
  DIRECTV
  ENTERPRISES, LLC,

  
	
   

  	
  as Guarantor

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  J. William Little

  
	
   

  	
   

  	
  Name:
  J. William Little

  
	
   

  	
   

  	
  Title:
  Senior Vice President and Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  DIRECTV
  OPERATIONS, LLC,

  
	
   

  	
  as Guarantor

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  J. William Little

  
	
   

  	
   

  	
  Name:
  J. William Little

  
	
   

  	
   

  	
  Title:
  Senior Vice President and Treasure

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  LABC
  PRODUCTIONS, LLC,

  
	
   

  	
  as Guarantor

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  J. William Little

  
	
   

  	
   

  	
  Name:
  J. William Little

  
	
   

  	
   

  	
  Title:
  Senior Vice President and Treasurer

  

 

 

	
   

  	
  DIRECTV
  HOME SERVICES, LLC,

  
	
   

  	
  as Guarantor

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  J. William Little

  
	
   

  	
   

  	
  Name:
  J. William Little

  
	
   

  	
   

  	
  Title:
  Senior Vice President and Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  DIRECTV
  PROGRAMMING HOLDINGS I, INC.,

  
	
   

  	
  as Guarantor

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  J. William Little

  
	
   

  	
   

  	
  Name:
  J. William Little

  
	
   

  	
   

  	
  Title:
  Senior Vice President and Treasurer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  DIRECTV
  PROGRAMMING HOLDINGS II, INC.,

  
	
   

  	
  as Guarantor

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  J. William Little

  
	
   

  	
   

  	
  Name:
  J. William Little

  
	
   

  	
   

  	
  Title:
  Senior Vice President and Treasurer

  

 

 

	
  The
  foregoing Agreement is hereby confirmed and accepted by the Initial Purchasers
  as of the date first above written.

  	
   

  
	
   

  	
   

  
	
  J.P.
  MORGAN SECURITIES INC.

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/
  Stephen L. Sheiner

  	
   

  
	
   

  	
  Name:

  	
  Stephen
  L. Sheiner

  	
   

  
	
   

  	
  Title:

  	
  Vice
  President

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  CITIGROUP
  GLOBAL MARKETS INC.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/
  Brian D. Bednarski

  	
   

  
	
   

  	
  Name:

  	
  Brian
  D. Bednarski

  	
   

  
	
   

  	
  Title:

  	
  Managing
  Director

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  CREDIT
  SUISSE SECURITIES (USA) LLC

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/
  Jonathon Singer

  	
   

  
	
   

  	
  Name:

  	
  Jonathon
  Singer

  	
   

  
	
   

  	
  Title:

  	
  Director

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  For themselves and the other several Initial Purchasers.

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