Document:

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                                                                     Exhibit 4.1

                                                                  EXECUTION COPY

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                            SERIES 2004-1 SUPPLEMENT

                          Dated as of January 21, 2004

                                       to

                         AMENDED AND RESTATED INDENTURE

                            Dated as of April 6, 2000

                          WORLD OMNI MASTER OWNER TRUST

                                    as Issuer

                                       and

                            BNY MIDWEST TRUST COMPANY

                              as Indenture Trustee

                           ___________________________

                          WORLD OMNI MASTER OWNER TRUST
                               SERIES 2004-1 NOTES

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                                TABLE OF CONTENTS

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ARTICLE I DEFINITIONS ...............................................................     1

ARTICLE II CREATION OF THE SERIES 2004-1 NOTES ......................................    11
   SECTION 2.01 Designation .........................................................    11

ARTICLE III SERVICING FEE ...........................................................    11
   SECTION 3.01 Servicing Compensation ..............................................    11

ARTICLE IV RIGHTS OF SERIES 2004-1 NOTEHOLDERS AND ALLOCATION AND
            APPLICATION OF COLLECTIONS ..............................................    12
   SECTION 4.01 Daily Allocations; Payments to Certificateholders ...................    12
   SECTION 4.02 Monthly Interest ....................................................    13
   SECTION 4.03 Establishment of the Series 2004-1 Accounts .........................    14
   SECTION 4.04 Application of Noteholder Non-Principal Collections,
                 Investment Proceeds and Available Noteholder Principal
                 Collections ........................................................    16
   SECTION 4.05 Distributions to Series 2004-1 Noteholder ...........................    17
   SECTION 4.06 Application of Reserve Fund and Available Subordinated Amount .......    17
   SECTION 4.07 Noteholder Charge-Offs ..............................................    19
   SECTION 4.08 Excess Principal Collections ........................................    19
   SECTION 4.09 Accumulation Period Length; Accumulation Period Commencement Date ...    19
   SECTION 4.10 Amortization Period Commencement Date; Amortization Period ..........    19
   SECTION 4.11 Excess Funding Account ..............................................    19

ARTICLE V DISTRIBUTIONS AND REPORTS TO SERIES 2004-1 NOTEHOLDERS ....................    20
   SECTION 5.01 Distributions .......................................................    20
   SECTION 5.02 Reports and Statements to Series 2004-1 Noteholders .................    20

ARTICLE VI EARLY AMORTIZATION EVENTS ................................................    22
   SECTION 6.01 Additional Early Amortization Events ................................    22
   SECTION 6.02 Recommencement of the Revolving Period ..............................    23

ARTICLE VII OPTIONAL REDEMPTION .....................................................    24
  SECTION 7.01  Optional Redemption .................................................    24

ARTICLE VIII FINAL DISTRIBUTIONS ....................................................    24
   SECTION 8.01 Acquisition of Notes Pursuant to Section 10.1 of the Indenture;
                 Distributions Pursuant to Section 7.01 of this Series Supplement
                 or Section 8.04  of the Indenture ..................................    24
   SECTION 8.02 Disposition of Principal Receivables Pursuant to Section 5.4
                 of the Indenture ...................................................    25
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ARTICLE IX MISCELLANEOUS PROVISIONS .................................................    26
   SECTION 9.01 Ratification of Agreement ...........................................    26
   SECTION 9.02 Counterparts ........................................................    26
   SECTION 9.03 Change in Indenture Trustee .........................................    26
   SECTION 9.04 GOVERNING LAW .......................................................    26
   SECTION 9.05 Rights of the Indenture Trustee .....................................    26
   SECTION 9.06 Limitations of Owner Trustee Liability ..............................    26
   SECTION 9.07 Supplemental Indentures Without Consent of Noteholders ..............    26
   SECTION 9.08 Supplemental Indentures With Consent of Noteholders .................    28
</TABLE>

                                    EXHIBITS

Exhibit A    Form of Series 2004-1 Note
Exhibit B    Form of Monthly Payment Date Statement

                                    SCHEDULES

Schedule 1   Series 2004-1 Accounts

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     THIS SERIES SUPPLEMENT, dated as of January 21, 2004 (as amended,
supplemented or otherwise modified, this "Series Supplement") to the Amended and
Restated Indenture dated as of April 6, 2000 (as amended, supplemented or
otherwise modified, the "Indenture"), among World Omni Master Owner Trust (the
"Issuer" or the "Trust") and BNY Midwest Trust Company, as Indenture Trustee (as
indenture trustee and not in its individual capacity, the "Indenture Trustee").

     Section 2.1 of the Indenture provides that the Issuer may from time to time
issue one or more new Series of Notes. The Principal Terms of any new Series of
Notes are to be set forth in a Series Supplement. Pursuant to this Series
Supplement, the Issuer and the Indenture Trustee shall create the Series 2004-1
Notes and specify the Principal Terms thereof. The Servicer is acknowledging
this Series Supplement to agree to the terms hereof applicable to the Servicer.

                                    ARTICLE I

                                   DEFINITIONS

     (a) Whenever used in this Series Supplement, the following words shall have
the following meanings:

     "Accumulation Period" means a period beginning at the close of business on
the day immediately preceding the Accumulation Period Commencement Date and
ending on the close of business of the earliest of (a) the date an Amortization
Period or an Early Amortization Period commences and (b) the date the
outstanding principal amount of the Series 2004-1 Notes is paid or provided for
in full.

     "Accumulation Period Commencement Date" shall mean the first day of the
Collection Period when the number of full Collection Periods remaining until the
Expected Principal Payment Date first equals the Accumulation Period Length
adjusted pursuant to Section 4.09 and shall not thereafter be changed; provided,
however, that, if at any time after the July 2006 Payment Date, any other
outstanding Series (other than any Excluded Series) shall have entered into an
investment period or an early amortization period, the Accumulation Period
Commencement Date shall be the earlier of (i) the date that such outstanding
Series shall have entered into its investment period or early amortization
period and (ii) the Accumulation Period Commencement Date as previously
determined.

     "Accumulation Period Length" shall mean, on any date of determination, a
period calculated as of the July 2006 Payment Date and each Payment Date
thereafter that occurs prior to the Accumulation Period Commencement Date, as
the lesser of (i) the number of full Collection Periods between such Payment
Date and the Expected Principal Payment Date and (ii) the product, rounded
upwards to the nearest integer not greater than four, of (a) one divided by the
lowest Monthly Payment Rate during the last 12 months and (b) a fraction, the
numerator of which is the sum of (i) the Invested Amount as of such Payment Date
(after giving effect to all changes therein on such date) and (ii) the invested
amounts of all other Series (other than any Excluded Series) currently in their
amortization or accumulation periods or expected to be in their amortization
periods by the Expected Principal Payment Date and the denominator of which is
the sum of such Invested Amount and the invested amounts as of such Payment Date

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(after giving effect to all changes therein on such date) of all other
outstanding Series (other than any Excluded Series) which are scheduled to be
outstanding on the Expected Principal Payment Date.

     "Additional Noteholder Collections" shall mean, with respect to any Deposit
Date, the sum of (a) the Additional Noteholder Non-Principal Collections for
such Deposit Date and (b) the Additional Noteholder Principal Collections for
such Deposit Date.

     "Additional Noteholder Non-Principal Collections" shall mean, for any
Deposit Date, an amount equal to the product of (a) the excess of (i) the
Certificateholder Percentage for such date over (ii) the Excess
Certificateholder Percentage for such Deposit Date and (b) Allocable
Non-Principal Collections for such Deposit Date; provided, however, that the
Additional Noteholder Non-Principal Collections shall be zero for any Deposit
Date on which the Available Subordinated Amount is zero.

     "Additional Noteholder Principal Collections" shall mean, for any Deposit
Date, an amount equal to the sum of (a) the product of (i) the excess of (A) the
Certificateholder Percentage for such Deposit Date over (B) the Excess
Certificateholder Percentage for such date and (ii) Allocable Principal
Collections for such Deposit Date and (b) amounts treated as Additional
Noteholder Principal Collections pursuant to Section 4.04(a)(vi); provided,
however, that the Additional Noteholder Principal Collections shall be zero for
any Deposit Date on which the Available Subordinated Amount is zero.

     "Allocable Non-Principal Collections" shall mean, with respect to any day,
the product of (a) the Series 2004-1 Allocation Percentage on such day and (b)
the aggregate amount of Non-Principal Collections deposited in the Collection
Account for such day.

     "Allocable Principal Collections" shall mean, with respect to any day, the
product of (a) the Series 2004-1 Allocation Percentage on such day and (b) the
aggregate amount of Principal Collections deposited in the Collection Account
for such day.

     "Amortization Period" shall mean a period beginning on the close of
business on the day immediately preceding the Amortization Period Commencement
Date and ending on the earliest of (a) the date an Early Amortization Period
commences and (b) the date the outstanding principal amount of the Series 2004-1
Notes is paid or provided for in full.

     "Amortization Period Commencement Date" shall mean, initially, April 1,
2006; provided, however, that on the Amortization Period Commencement Date then
in effect, the Amortization Period Commencement Date will successively and
automatically be extended by one month unless the Servicer elects to terminate
such automatic extension by delivering a written notice to the Owner Trustee and
the Indenture Trustee prior to the date on which the Amortization Period
Commencement Date then in effect would be extended, terminating the automatic
extension.

     "Assets Receivables Rate" shall mean, with respect to any Interest Period
an amount equal to the product of: (a) the quotient obtained by dividing (i) 360
by (ii) the actual number of days elapsed in such period and (b) a fraction, (i)
the numerator of which is the sum of (A) Noteholder Non-Principal Collections
for the Collection Period immediately preceding the last

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day of such period (which for this purpose only is based on interest amounts
billed to the Dealers which are due during such Collection Period) less the
Noteholder Monthly Servicing Fee with respect to such immediately preceding
Collection Period, to the extent not waived by the Servicer and (B) the
Investment Proceeds to be applied on the Payment Date related to such period and
(ii) the denominator of which is the sum of (A) the product of the Floating
Allocation Percentage, the Series Allocation Percentage and the weighted average
Pool Balance (after giving effect to any charge-offs) for such immediately
preceding Collection Period, (B) the weighted average of the Series 2004-1
Excess Funding Amount for such immediately preceding Collection Period, and (C)
the weighted average of the principal balance on deposit in the Principal
Funding Account for such Collection Period.

     "Available Noteholder Principal Collections" shall mean, with respect to
any Deposit Date falling in the Accumulation Period, the Amortization Period or
an Early Amortization Period, the sum of (a) Noteholder Principal Collections
for such Deposit Date and (b) Series 2004-1 Excess Principal Collections
allocated to cover any Principal Shortfall for such Deposit Date.

     "Available Subordinated Amount" means, on the Series Issuance Date, the
Required Subordinated Amount and, on any subsequent day, an amount equal to the
lesser of (x) the Required Subordinated Amount for that day and (y) the
Available Subordinated Amount for the most recent Reset Date, minus (A) the
Required Draw Amount with respect to any Payment Date occurring after that Reset
Date, plus (B) the amount of Noteholder Non-Principal Collections and Investment
Proceeds treated as a portion of Additional Noteholder Principal Collections in
respect of Noteholder Defaulted Amounts and Monthly Dilution Amounts that had
previously reduced the Available Subordinated Amount since the most recent Reset
Date, minus (C) the Incremental Subordinated Amount for the most recent Reset
Date, plus (D) the Incremental Subordinated Amount for such date of
determination, plus (E) the Subordinated Percentage of the decrease in the
Series Allocable Excess Funding Amount since the most recent Reset Date, minus
(F) the Subordinated Percentage of the increase in the Series 2004-1 Excess
Funding Amount since the most recent Reset Date plus (G) any increase in the
Required Subordinated Amount as a result of an increase in the Subordination
Factor; provided, that the Certificateholders may, in their sole discretion,
from time to time increase the Available Subordinated Amount for so long as the
cumulative amount of such increase does not exceed the lesser of $6,177,500 or
1.765% of the Invested Amount.

     "Calculation Agent" shall mean the Indenture Trustee or any other
Calculation Agent selected by the Transferor which is reasonably acceptable to
the Indenture Trustee.

     "Carry-Over Amount" shall mean, if the Note Rate for any Payment Date is
based on the Assets Receivables Rate, the sum of (a) the excess of (i) the
amount of interest on the Series 2004-1 Notes that would have accrued in respect
of the related Interest Period had interest been calculated based on LIBOR over
(ii) the amount of interest on the Series 2004-1 Notes actually accrued in
respect of such Interest Period based on the Assets Receivables Rate and (b) the
unpaid portion of any such excess from prior Payment Dates and interest accrued
thereon at the Note Rate calculated on the basis of LIBOR.

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     "Certificateholder Percentage" shall mean 100% minus (a) the Floating
Allocation Percentage, when used with respect to Non-Principal Collections and
Defaulted Amount at all times and Principal Collections during any Revolving
Period, and (b) the Principal Allocation Percentage, when used with respect to
Principal Collections during the Accumulation Period, the Amortization Period
and during any Early Amortization Period.

     "Controlled Accumulation Amount" shall mean an amount equal to (1) the
aggregate outstanding principal balance of the Series 2004-1 Notes as of the
Payment Date immediately preceding the first date of the Accumulation Period
(after giving effect to any changes therein on such date) less the portion of
the Series 2004-1 Excess Funding Amount deposited into the Principal Funding
Account divided by (2) the Accumulation Period Length.

     "Controlled Deposit Amount" shall mean, for any Deposit Date (i) during the
Accumulation Period, the excess, if any, of (a) the product of the Controlled
Accumulation Amount and the number of Payment Dates from and including the first
Payment Date with respect to the Accumulation Period through and including the
Payment Date related to the Collection Period during which the Deposit Date
occurs (but not in excess of the Accumulation Period Length, expressed in number
of months) over (b) the amount on deposit in the Principal Funding Account to
make payments of principal on the Series 2004-1 Notes less the portion of the
Series 2004-1 Excess Funding Amount deposited into the Principal Funding Account
in respect of the Series 2004-1 Notes before giving effect to any withdrawals
from or deposits to such account on such Deposit Date, but not more than the
Invested Amount; provided, however, if Available Noteholder Principal
Collections for that Deposit Date would otherwise be deposited into the Excess
Funding Account so that the Pool Balance would not be less than the Required
Pool Balance, the Controlled Deposit Amount for that Deposit Date shall be
increased by an amount equal to the Available Noteholder Principal Collections
that would have been so deposited into the Excess Funding Account, but not by
more than the Invested Amount, and (ii) during the Amortization Period or an
Early Amortization Period, the Invested Amount.

     "Deficiency Amount" shall have the meaning specified in Section 4.06(b).

     "Excess Certificateholder Percentage" shall mean, for any day, a percentage
(which percentage shall never be less than 0% nor more than 100%) equal to (a)
100% minus, when used with respect to Non-Principal Collections and Defaulted
Amount at all times and Principal Collections during any Revolving Period, the
sum of (i) the Floating Allocation Percentage with respect to such day and (ii)
the percentage equivalent of a fraction, the numerator of which is the Available
Subordinated Amount as of the most recent Reset Date and the denominator of
which is the product of (A) the Pool Balance as of the most recent Reset Date
and (B) the Series 2004-1 Allocation Percentage for such day or (b) 100% minus,
when used with respect to Principal Collections during the Accumulation Period,
the Amortization Period and any Early Amortization Period, the sum of (i) the
Principal Allocation Percentage with respect to such day and (ii) the percentage
equivalent of a fraction, the numerator of which is the Available Subordinated
Amount as of the most recent Reset Date and the denominator of which is the
product of (A) the Pool Balance as of the most recent Reset Date and (B) the
Series 2004-1 Allocation Percentage for such day.

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     "Excess Reserve Fund Required Amount" shall mean, for any Payment Date, an
amount equal to the greater of (a) 5.0% of the initial principal balance of the
Series 2004-1 Notes and (b) the excess of (i) the Available Subordinated Amount
on the most recent Reset Date (after giving effect to the allocations,
distributions, withdrawals and deposits to be made on such Payment Date) over
(ii) the excess of (x) the Series 2004-1 Allocation Percentage of the Pool
Balance on the most recent Reset Date over (y) the Invested Amount on such
Payment Date (after giving effect to changes therein on such Payment Date);
provided, that the Excess Reserve Fund Required Amount shall not exceed the
Available Subordinated Amount on the most recent Reset Date.

     "Expected Principal Payment Date" shall mean the December 2006 Payment
Date.

     "Floating Allocation Percentage" shall mean, with respect to any day, the
percentage equivalent (which percentage shall never exceed 100%) of a fraction,
the numerator of which is the Invested Amount as of the most recent Reset Date
and the denominator of which is the product of (a) the Pool Balance as of such
Reset Date and (b) the Series 2004-1 Allocation Percentage in respect of which
the Floating Allocation Percentage is being calculated; provided, however, that,
with respect to the first Reset Date, the Floating Allocation Percentage shall
mean the percentage equivalent of a fraction, the numerator of which is the
Initial Invested Amount and the denominator of which is the product of (x) the
Pool Balance on the Series Cut-Off Date and (y) the Series 2004-1 Allocation
Percentage with respect to the Series Cut-Off Date.

     "Incremental Subordinated Amount" shall mean, for any day, the product of
(a) a fraction, the numerator of which is the sum of the Target Invested Amount
and the Target Available Subordinated Amount and the denominator of which is the
greater of (i) the Pool Balance or (ii) the sum of the amounts calculated as the
numerator above for all outstanding series, in each case, on the most recent
Reset Date and (b) the Trust Incremental Subordinated Amount for such day.

     "Initial Invested Amount" means $350,000,000.

     "Initial Payment Date" shall mean February 17, 2004.

     "Initial Reserve Fund Deposit Amount" shall mean $1,750,000.

     "Interest Period" shall mean, with respect to any Payment Date, the period
from and including the Payment Date immediately preceding such Payment Date (or,
in the case of the Initial Payment Date, the Series Issuance Date) to but
excluding such Payment Date.

     "Invested Amount" shall mean, for any day, an amount equal to the Initial
Invested Amount minus the amount, without duplication, of principal payments
made to Series 2004-1 Noteholders or deposited to the Principal Funding Account
in respect of the Series 2004-1 Notes prior to such date since the Series
Issuance Date, minus the excess, if any, of the aggregate amount of Noteholder
Charge-Offs for all Payment Dates preceding such date, over the aggregate amount
of any reversals of Noteholder Charge-Offs for all Payment Dates preceding such
date, minus the Series 2004-1 Excess Funding Amount for such day but limited to
an amount that would reduce the Invested Amount to zero provided, however, if
the Available Subordinated Amount is less than the Required Subordinated Amount
as a result of an increase

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in the Subordination Factor (other than as a result of the occurrence of an
Early Amortization Event) for a period of 15 consecutive days or the Pool
Balance is less than the required Pool Balance as a result of an increase in the
Subordination Factor or the Required Participation Percentage for a period of 30
consecutive days, the Invested Amount for purposes of calculating the Required
Pool Balance for that date and any date thereafter during any period other than
the Revolving Period shall be the Invested Amount calculated as of the last day
of the Revolving Period.

     "Investment Proceeds" shall mean, with respect to any Payment Date, all
interest and other investment earnings (net of losses and investment expenses)
deposited into the Collection Account on the related Determination Date with
respect to (a) funds on deposit in the Reserve Fund and the Principal Funding
Account, (b) the Series 2004-1 Allocation Percentage of funds held in the
Collection Account and (c) funds held in the Excess Funding Account with respect
to the Series 2004-1 Excess Funding Amount, if any.

     "LIBOR" shall mean, with respect to any Interest Period, an amount
established by the Calculation Agent and equal to the offered rate for United
States dollar deposits for one month that appears on Telerate Page 3750 as of
11:00 A.M., London time, on the LIBOR Determination Date. If on any LIBOR
Determination Date the offered rate does not appear on Telerate Page 3750, the
Calculation Agent will request each of the reference banks (which shall be major
banks that are engaged in transactions in the London interbank market selected
by the Calculation Agent) to provide the Calculation Agent with its offered
quotation for United States dollar deposits for one month to prime banks in the
London interbank market as of 11:00 A.M., London time, on such date. If at least
two reference banks provide the Calculation Agent with such offered quotations,
LIBOR on such date will be the arithmetic mean, rounded upwards, if necessary,
to the nearest 1/100,000 of 1% (.0000001), with five one-millionths of a
percentage point rounded upward, of all such quotations. If on such date fewer
than two of the reference banks provide the Calculation Agent with such offered
quotations, LIBOR on such date will be the arithmetic mean, rounded upwards, if
necessary, to the nearest 1/100,000 of 1% (.0000001), with five one-millionths
of a percentage point rounded upward, of the offered per annum rates that one or
more leading banks in New York City selected by the Calculation Agent are
quoting as of 11:00 A.M., New York City time, on such date to leading European
banks for United States dollar deposits for one month; provided, however, that
if such banks are not quoting as described above, LIBOR for such date will be
LIBOR applicable to the Interest Period immediately preceding such Interest
Period.

     "LIBOR Business Day" shall mean a day on which banking institutions in New
York, New York, Chicago, Illinois and London, England are not required or
authorized by law to be closed.

     "LIBOR Determination Date" shall mean the second LIBOR Business Day prior
to any Interest Period for which LIBOR is calculated by the Calculation Agent.

     "Monthly Dilution Amount" shall mean an amount equal to the Weighted
Average Series Allocation Percentage for the related Collection Period of any
Adjustment Payment required to be deposited into the Collection Account pursuant
to the Trust Sale and Servicing Agreement

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with respect to the related Collection Period that has not been so deposited as
of the related Determination Date.

     "Monthly Interest" shall have the meaning specified in Section 4.02.

     "Monthly Servicing Fee" shall have the meaning specified in Section 3.01.

     "Note Rate" will be equal to the lesser of (a) LIBOR plus 0.07% and (b) the
Assets Receivables Rate for the related Payment Date.

     "Noteholder Charge-Offs" shall have the meaning specified in Section 4.07.

     "Noteholder Charge-Off Reversal Amount" shall have the meaning set forth in
Section 4.04.

     "Noteholder Defaulted Amount" shall mean, with respect to any Payment Date,
an amount equal to the excess, if any, of (a) the product of the Series 2004-1
Allocable Defaulted Amount for the related Collection Period and the Weighted
Average Floating Allocation Percentage for the related Collection Period over
(b) the Incremental Subordinated Amount for that Payment Date.

     "Noteholder Monthly Servicing Fee" shall have the meaning specified in
Section 3.01.

     "Noteholder Non-Principal Collections" shall mean, with respect to any
Deposit Date, an amount equal to the Allocable Non-Principal Collections
(including any Series 2004-1 Allocable Miscellaneous Payments that are treated
as Noteholder Non-Principal Collections pursuant to Section 4.01(e)) retained in
the Collection Account pursuant to Section 4.01(b) on such Deposit Date.

     "Noteholder Principal Collections" shall mean, with respect to any Deposit
Date falling in: (i) the Revolving Period, the sum of (a) the Floating
Allocation Percentage of Allocable Principal Collections plus any Series 2004-1
Allocable Miscellaneous Payments that are treated as Noteholder Principal
Collections and (b) for any Deposit Date that is also a Payment Date, the
amount, if any, of Noteholder Non-Principal Collections, Investment Proceeds,
funds in the Reserve Fund and Additional Noteholder Collections allocated to
cover Noteholder Defaulted Amount or Monthly Dilution Amount or reverse
Noteholder Charge-Offs and (ii) the Accumulation Period, the Amortization Period
or an Early Amortization Period, the sum of (a) the Principal Allocation
Percentage then in effect of Allocable Principal Collections plus any Series
2004-1 Allocable Miscellaneous Payments that are treated as Noteholder Principal
Collections and (b) for any Deposit Date that is also a Payment Date, the
amount, if any, of Noteholder Non-Principal Collections, Investment Proceeds,
funds in the Reserve Fund and Additional Noteholder Collections allocated to
cover the Noteholder Defaulted Amount or Monthly Dilution Amount or to reverse
Noteholder Charge-Offs.

     "Principal Allocation Percentage" shall mean, with respect to any day, the
percentage equivalent (which shall never exceed 100%) of a fraction, the
numerator of which is the Invested Amount as of the last day of the Revolving
Period and the denominator of which is the product

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of (x) the Pool Balance as of the last Reset Date and (y) the Series 2004-1
Allocation Percentage for the day in respect of which the Principal Allocation
Percentage is being calculated.

     "Principal Commencement Date" shall mean the Payment Date in the month
following the month in which the Amortization Period begins.

     "Principal Funding Account" shall have the meaning specified in Section
4.03.

     "Rating Agency" shall mean Moody's and Standard & Poor's.

     "Redemption Price" shall mean, with respect to any Payment Date, the sum of
(a) the aggregate outstanding principal balance of the Series 2004-1 Notes to be
redeemed on the Determination Date preceding the Payment Date on which such
redemption is to be made,(b) accrued and unpaid interest on the unpaid balance
of the Series 2004-1 Notes (calculated on the basis of the outstanding principal
balance of the Series 2004-1 Notes at the Note Rate as in effect during the
applicable Interest Periods through the day preceding such Payment Date),
together with interest on overdue interest, and (c) any outstanding Carry-Over
Amount with respect to the Series 2004-1 Notes to be repurchased.

     "Required Draw Amount" shall mean the lesser of (a) the Deficiency Amount
and (b) the Available Subordinated Amount.

     "Required Participation Percentage" shall mean, with respect to Series
2004-1, 100%, provided, however, if (1) World Omni shall no longer be rated at
least BBB- by Standard & Poor's or (2) Southeast Toyota Distributors is no
longer an authorized Toyota distributor, then the Required Participation
Percentage with respect to the Series 2004-1 Notes shall mean 107.5%; provided,
further that, the Seller may, upon receiving confirmation from Standard & Poor's
that such action will not result in a reduction in its rating of the Series
2004-1 Notes, reduce the Required Participation Percentage to not less than
100%.

     "Required Subordinated Amount" shall mean, initially, $67,695,594.07 and
thereafter, as of any date of determination, the sum of (a) the product of the
Subordinated Percentage and the Invested Amount as of the opening of business on
such date and (b) the Incremental Subordinated Amount as of such date.

     "Reserve Fund" shall have the meaning specified in Section 4.03.

     "Reserve Fund Deposit Amount" shall mean, with respect to any Payment Date,
the amount,if any, by which (a) the Reserve Fund Required Amount for such
Payment Date exceeds (b) the amount of funds in the Reserve Fund after giving
effect to any withdrawals therefrom and deposits thereto on such Payment Date.

     "Reserve Fund Required Amount" shall mean, on any Payment Date with respect
to an Early Amortization Period, an amount equal to the Excess Reserve Fund
Required Amount and, for any other Payment Date, an amount equal to 0.50%, or on
and after the June 2006 Payment Date, unless an Amortization Period has begun
prior to such date, 0.60%, of the outstanding principal balance of the Series
2004-1 Notes on such Payment Date (after giving effect to any change therein on
such Payment Date).

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     "Revolving Period" shall mean the period beginning on the Series Cut-Off
Date and ending on the earlier of (a) the close of business on the day
immediately preceding the Accumulation Period Commencement Date, (b) the close
of business on the day immediately preceding the Amortization Period
Commencement Date and (c) the close of business on the day immediately preceding
the day on which an Early Amortization Event occurs; provided, however, that the
Revolving Period may recommence in certain circumstances as provided in Section
6.02 hereof.

     "Series Adjusted Invested Amount" shall mean, with respect to Series
2004-1, for any date, an amount equal to the sum of (a) the Invested Amount as
of the most recent Reset Date (or, during an Early Amortization Period, the
Invested Amount as of the close of business on the date such Early Amortization
Period began) and (b) the Available Subordinated Amount as of the most recent
Reset Date.

     "Series 2004-1" shall mean the Series 2004-1 Asset Backed Notes, the terms
of which are specified in this Series Supplement and the interest of the
Certificateholders in funds allocated pursuant to the Series 2004-1 Allocation
Percentage.

     "Series 2004-1 Accounts" shall mean the Reserve Fund and the Principal
Funding Account.

     "Series 2004-1 Allocable Defaulted Amount" shall mean, with respect to any
Collection Period, the product of (a) the Series Allocation Percentage with
respect to such Collection Period and (b) the Defaulted Amount with respect to
such Collection Period.

     "Series 2004-1 Allocable Miscellaneous Payments" shall mean, with respect
to any day, the product of (a) the Series 2004-1 Allocation Percentage for the
related Collection Period and (b) Miscellaneous Payments with respect to the
related Collection Period.

     "Series 2004-1 Allocation Percentage" shall mean the Series Allocation
Percentage with respect to Series 2004-1.

     "Series 2004-1 Excess Funding Amount" shall mean, with respect to the
Series 2004-1 Notes, for any day, the product of (a) the amount on deposit in
the Excess Funding Account on such day, and (b) a fraction, the numerator of
which is the sum of the Target Invested Amount and the Target Available
Subordinated Amount and the denominator of which is the sum of the numerators
for each Series then being allocated a portion of the funds on deposit in the
Excess Funding Account; provided, however, that the Series 2004-1 Excess Funding
Amount shall be zero and the Series 2004-1 Notes shall not be allocated a
portion of the funds on deposit in the Excess Funding Account, on any date after
the Business Day immediately following the last day of the Revolving Period.

     "Series 2004-1 Excess Principal Collections" shall mean, with respect to
any Deposit Date, an amount equal to the Series 2004-1 Principal Shortfall for
such Deposit Date; provided, however, that, if the aggregate amount of Excess
Principal Collections for such Deposit Date is less than the aggregate amount of
Principal Shortfalls for such Deposit Date, then Series 2004-1 Excess Principal
Collections for such Deposit Date shall equal the product of (x) Excess
Principal Collections for all Series for such Deposit Date and (y) a fraction,
the numerator of

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<PAGE>

which is the Series 2004-1 Principal Shortfall for such Deposit Date and the
denominator of which is the aggregate amount of Principal Shortfalls for all
Series for such Deposit Date.

     "Series 2004-1 Noteholders" shall mean the Holders of Series 2004-1 Notes.

     "Series 2004-1 Note Owner" shall mean, with respect to a Series 2004-1 Note
in Book Entry form, any person who is a beneficial owner of such note.

     "Series 2004-1 Notes" shall mean the Series 2004-1 Asset Backed Notes,
substantially in the form of Exhibit A.

     "Series 2004-1 Principal Shortfall" shall mean, with respect to any Deposit
Date, an amount equal to the excess of (i) the Controlled Deposit Amount for
such Deposit Date over (ii) the amount deposited into the Principal Funding
Account on such Deposit Date.

     "Series Cut-Off Date" shall mean January 1, 2004.

     "Series Issuance Date" shall mean January 21, 2004.

     "Servicing Fee Rate" shall mean, unless otherwise waived, with respect to
Series 2004-1, 1.0%.

     "Special Payment Date" shall mean the Payment Date in the month following
the month in which the Early Amortization Period begins and each Payment Date
thereafter during such Early Amortization Period.

     "Stated Maturity Date" shall mean December 15, 2008.

     "Subordinated Percentage" shall mean the percentage equivalent of a
fraction, (a) the numerator of which is the Subordination Factor and (b) the
denominator of which will be the excess of 100% over the Subordination Factor.

     "Subordination Factor" shall mean 11.5%, provided, however, on and after
the earlier to occur of June 1, 2006 and the start of an Early Amortization
Period, Subordination Factor shall mean 12.5%; provided further, if as of any
Determination Date the average of the Monthly Payment Rates for any three
consecutive preceding Collection Periods is less than 40%, the Subordination
Factor shall be 2.0 percentage points greater than it would have been but for
this proviso.

     "Telerate Page 3750" shall mean the display page so designated on the Dow
Jones Telerate Service (or such other page as may replace that page on that
service, or such other service as may be nominated as the information vendor,
for the purpose of displaying London interbank offered rates of major banks).

     "Weighted Average Floating Allocation Percentage" means, for any Collection
Period, a percentage equal to the result of (a) the sum of the Floating
Allocation Percentage for each day during that Collection Period, divided by (b)
the number of days in that Collection Period.

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<PAGE>

     (b) The words "hereof," "herein" and "hereunder" and words of similar
import when used in this Series Supplement shall refer to this Series Supplement
as a whole and not to any particular provision of this Series Supplement;
references to any Article, Section or Exhibit are references to Articles,
Sections and Exhibits in or to this Series Supplement unless otherwise
specified; and the term "including" means "including without limitation."

                                   ARTICLE II

                       CREATION OF THE SERIES 2004-1 NOTES

     SECTION 2.01 Designation.

     (a) There is hereby created a Series of Notes to be issued pursuant to the
Indenture and this Series Supplement to be known as the "Series 2004-1 Asset
Backed Notes" (the "Series 2004-1 Notes"). Such Series shall be comprised of one
class: the Series 2004-1 Floating Rate Automobile Dealer Floorplan Asset Backed
Notes.

     (b) In the event that any term or provision contained herein shall conflict
with or be inconsistent with any term or provision contained in the Indenture,
the terms and provisions of this Series Supplement shall govern.

     (c) The Issuer shall issue and the Indenture Trustee shall authenticate and
deliver to the Issuer the Series 2004-1 Notes in the initial aggregate principal
amount of $350,000,000.

                                   ARTICLE III

                                  SERVICING FEE

     SECTION 3.01 Servicing Compensation. The monthly servicing fee with respect
to Series 2004-1 (the "Monthly Servicing Fee") shall be payable to the Servicer,
in arrears, on each Payment Date in respect of any Collection Period (or portion
thereof) occurring on or prior to the earlier of the first Payment Date
following the Stated Maturity Date and the first Payment Date on which the
Invested Amount is zero, in an amount equal to one-twelfth of the product of (a)
the Servicing Fee Rate and (b) the Series 2004-1 Allocation Percentage of the
Pool Balance (excluding the amount of Principal Receivables relating to
Non-Serviced Participated Receivables) in each case, as of the last day of the
second Collection Period preceding such Payment Date. The share of the Monthly
Servicing Fee allocable to the Series 2004-1 Noteholders with respect to any
Payment Date (the "Noteholder Monthly Servicing Fee") shall be equal to
one-twelfth of the product of (a) the Servicing Fee Rate and (b) the Invested
Amount as of the last day of the second Collection Period preceding such Payment
Date; provided, however, that the Noteholder Monthly Servicing Fee with respect
to the first Payment Date will be $291,667. The remainder of the Monthly
Servicing Fee for the first Payment Date and each subsequent Payment Date shall
be paid by the Certificateholders and, in no event shall the Trust or the Series
2004-1 Noteholders be liable for the share of the Monthly Servicing Fee to be
paid by the Certificateholders. The remainder of the Servicing Fee shall be paid
by the Certificateholders and the Noteholders of other Series and the Series
2004-1 Noteholders shall in

                                       11

<PAGE>

no event be liable for the share of Servicing Fee to be paid by the
Certificateholders or the Noteholders of other Series. The Noteholder Monthly
Servicing Fee shall be payable to the Servicer solely to the extent amounts are
available for distribution in accordance with the terms of the Trust Sale and
Servicing Agreement and Section 4.04(a) of this Series Supplement.

                                   ARTICLE IV

                     RIGHTS OF SERIES 2004-1 NOTEHOLDERS AND

                    ALLOCATION AND APPLICATION OF COLLECTIONS

     SECTION 4.01 Daily Allocations; Payments to Certificateholders. On each
Deposit Date, Non-Principal Collections, Principal Collections and Miscellaneous
Payments will be allocated to the Series 2004-1 based on the Series Allocation
Percentage and shall be further allocated and distributed as set forth in this
Section 4.01.

     (a) Certificateholder Collections; Additional Noteholder Collections. The
Servicer will instruct the Indenture Trustee in writing to withdraw the
following amounts from the Collection Account and apply such amounts as follows
on each Deposit Date:

          (i) an amount equal to the Excess Certificateholder Percentage then in
     effect of Allocable Non-Principal Collections deposited in the Collection
     Account for such Deposit Date shall be paid to the Certificateholders;

          (ii) an amount equal to the Excess Certificateholder Percentage then
     in effect of Allocable Principal Collections deposited in the Collection
     Account for such Deposit Date shall be paid to the Certificateholders,
     provided, however, that if the Pool Balance (determined after giving effect
     to any Principal Receivables transferred to the Trust on such Deposit Date)
     is less than the Required Pool Balance for such Deposit Date (after giving
     effect to the allocations, distributions, withdrawals and deposits to be
     made on such Deposit Date), such funds will be deposited into the Excess
     Funding Account to the extent necessary so that the Pool Balance at least
     equals the Required Pool Balance;

          (iii) an amount equal to the Additional Noteholder Non-Principal
     Collections for such Deposit Date shall be retained in the Collection
     Account; provided, however, that during the Revolving Period, the
     Amortization Period and the Accumulation Period, the amount so retained
     shall not exceed the excess if any, of the Reserve Fund Required Amount
     over the amount in the Reserve Fund (after giving effect to the
     allocations, distributions, withdrawals and deposits to be made on the
     Payment Date immediately following such Deposit Date), and if on any day
     the amount so retained exceeds such excess, the amount retained which
     exceeds such excess may be withdrawn from the Collection Account and
     applied in accordance with Section 4.01(a)(v).

          (iv) an amount equal to the Additional Noteholder Principal
     Collections for the Amortization Period or an Early Amortization Period
     shall be retained in the Collection Account and, to the extent not
     otherwise required to be allocated, on the related Payment Date shall be
     treated as Noteholder Principal Collections; and

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<PAGE>

          (v) any remaining Additional Noteholder Collections for such Deposit
     Date not required to be retained in the Collection Account pursuant to
     Section 4.01(a)(iii) and (iv) or distributed pursuant to Section 4.06(b)
     shall be paid to the Certificateholders; provided, however, that if the
     Pool Balance (determined after giving effect to any Principal Receivables
     transferred to the Trust on such Deposit Date) is less than the Required
     Pool Balance (after giving effect to the allocations, distributions,
     withdrawals and deposits to be made on that Deposit Date), such funds shall
     be deposited into the Excess Funding Account to the extent necessary so
     that the Pool Balance at least equals the Required Pool Balance.

     (b) Noteholder Non-Principal Collections. On each Deposit Date, the
Servicer shall allocate to Series 2004-1 and retain in the Collection Account an
amount equal to the Floating Allocation Percentage then in effect of Allocable
Non-Principal Collections deposited in the Collection Account for such Deposit
Date.

     (c) Noteholder Principal Collections - Revolving Period. On each Deposit
Date falling in the Revolving Period, the Servicer shall allocate to Series
2004-1 and treat as Excess Principal Collections an amount equal to Noteholder
Principal Collections on such Deposit Date.

     (d) Noteholder Principal Collections - Other Periods. On each Deposit Date
falling in the Accumulation Period, the Amortization Period or the Early
Amortization Period, the Servicer shall allocate and deposit an amount equal to
Available Noteholder Principal Collections as follows:

          (i) first, an amount up to the Controlled Deposit Amount for such
     Deposit Date shall be deposited by the Servicer or the Indenture Trustee
     into the Principal Funding Account;

          (ii) second, after giving effect to the transaction referred to in
     clause (i) above, an amount equal to the balance, if any, of such Available
     Noteholder Principal Collections shall be treated as Excess Principal
     Collections and applied in accordance with Section 4.4 of the Trust Sale
     and Servicing Agreement and Section 4.08 hereof.

     (e) Miscellaneous Payments. On each Deposit Date, the Servicer shall treat
any Series 2004-1 Allocable Miscellaneous Payments as Noteholder Principal
Collections and apply them as provided in Section 4.01(c) or (d), as
appropriate; provided, however, Series 2004-1 Allocable Miscellaneous Payments
consisting of Adjustment Payments that were paid after their due date as per
Section 3.9(a) of the Trust Sale and Servicing Agreement, if the amount of such
overdue Adjustment Payments has been included in the Monthly Dilution Amount for
any prior Monthly Period, shall be treated as Noteholder Non-Principal
Collections and applied as provided in Section 4.01(b).

     SECTION 4.02 Monthly Interest.

     (a) The amount of interest accrued on the outstanding principal balance
during an Interest Period with respect to the Series 2004-1 Notes (the "Monthly
Interest") shall be an amount equal to the product of (i) the Note Rate, (ii)
the outstanding principal balance of the Series 2004-1 Notes as of the close of
business on the preceding Payment Date (after giving effect to all

                                       13

<PAGE>

repayments of principal made to Series 2004-1 Noteholders on such preceding
Payment Date, if any) or, in the case of the first Payment Date, the Initial
Invested Amount and (iii) a fraction, the numerator of which is the actual
number of days elapsed in such Interest Period and the denominator of which is
360.

     (b) The Carry-Over Amount, if any, will be paid on any Payment Date, to the
extent funds are allocated and available therefor after making all required
distributions and deposits with respect to the Series 2004-1 Notes, including
payments with respect to principal (including deposits to the Excess Funding
Account), Monthly Interest, the Noteholder Monthly Servicing Fee, the Reserve
Fund Deposit Amount, the Noteholder Defaulted Amount, the Monthly Dilution
Amount, the Noteholder Charge-Off Reversal Amount and Noteholder Defaulted
Amounts and Monthly Dilution Amounts from prior periods that had not previously
been paid.

     SECTION 4.03 Establishment of the Series 2004-1 Accounts.

     (a) The Servicer, for the benefit of the Series 2004-1 Noteholders, shall
cause to be established and maintained in the name of the Indenture Trustee, on
behalf of the Trust, an Eligible Deposit Account (the "Reserve Fund") which
shall be identified as the "Reserve Fund for the World Omni Master Owner Trust,
Series 2004-1" and shall bear a designation clearly indicating that the funds
deposited therein are held for the benefit of the Series 2004-1 Noteholders. On
the Series Issuance Date, the Transferor shall cause to be deposited in the
Reserve Fund the Initial Reserve Fund Deposit Amount.

     (b) At the written direction of the Servicer, funds on deposit in the
Reserve Fund shall be invested by the Indenture Trustee in Eligible Investments
selected by the Servicer that will mature so that such funds will be available
at the close of business on or before the Business Day two Business Days before
the following Payment Date (or on or before 10:00 a.m. on such following Payment
Date in the case of Eligible Investments in respect of which the Indenture
Trustee is the obligor or Eligible Investments specified in clauses (g) and (i)
of the definition thereof). All Eligible Investments shall be held by the
Indenture Trustee for the benefit of the Series 2004-1 Noteholders. On each
Payment Date, all interest and other investment earnings (net of losses and
investment expenses) on funds on deposit in the Reserve Fund received prior to
such Payment Date shall be deposited in the Collection Account and treated as
Investment Proceeds and applied as set forth in Section 4.04(a) of this Series
Supplement. Funds deposited in the Reserve Fund on a Business Day (which
immediately precedes a Payment Date) upon the maturity of any Eligible
Investments are not required to be invested overnight. In no event shall the
Indenture Trustee be liable for the selection of Eligible Investments or for
investment losses incurred thereon. The Indenture Trustee shall have no
liability in respect of losses incurred as a result of the liquidation of any
Eligible Investments prior to its stated maturity or failure of the Servicer to
provide timely written direction.

(c) The Servicer, for the benefit of the Noteholders, shall establish and
maintain in the name of the Indenture Trustee, on behalf of the Trust, an
Eligible Deposit Account (the "Principal Funding Account"), which shall be
identified as the "Principal Funding Account for World Omni Master Owner Trust,
Series 2004-1" and shall bear a designation clearly indicating that the funds
deposited therein are held for the benefit of the Series 2004-1 Noteholders.

                                       14

<PAGE>

     (d) At the written direction of the Servicer, funds on deposit in the
Principal Funding Account shall be invested by the Indenture Trustee in Eligible
Investments selected by the Servicer that will mature so that such funds will be
available on or before the close of business on the Business Day two Business
Days before the following Payment Date (or on or before 10:00 a.m. on such
following Payment Date in the case of Eligible Investments in respect of which
the Indenture Trustee is the obligor or Eligible Investments specified in
clauses (g) and (i) of the definition thereof). All such Eligible Investments
shall be held by the Indenture Trustee for the benefit of the Series 2004-1
Noteholders. On each Payment Date all interest and other investment earnings
(net of losses and investment expenses) on funds on deposit therein shall be
deposited in the Collection Account and treated as Investment Proceeds and
applied as set forth in Section 4.04(a) of this Series Supplement. Funds
deposited in the Principal Funding Account on a Business Day (which immediately
precedes an Expected Principal Payment Date) upon the maturity of any Eligible
Investments are not required to be invested overnight. In no event shall the
Indenture Trustee be liable for the selection of Eligible Investments or for
investment losses incurred thereon. The Indenture Trustee shall have no
liability in respect of losses incurred as a result of the liquidation of any
Eligible Investments prior to its stated maturity or failure of the Servicer to
provide timely written direction.

     (e) The Indenture Trustee shall possess all right, title and interest in
and to all funds on deposit from time to time in, and all Eligible Investments
credited to, the Reserve Fund and the Principal Funding Account (collectively,
the "Series 2004-1 Accounts") and in all proceeds thereof. The Series 2004-1
Accounts shall be under the sole dominion and control of the Indenture Trustee
for the benefit of the Noteholders. If, at any time, any of the Series 2004-1
Accounts ceases to be an Eligible Deposit Account, the Indenture Trustee (or the
Servicer on its behalf) shall within 10 Business Days (or such longer period,
not to exceed 30 calendar days, as to which each Rating Agency has consented)
establish and maintain in the name of the Indenture Trustee a new Series 2004-1
Account (which shall be an Eligible Deposit Account and which shall bear a
designation clearly indicating that the funds deposited therein are held for the
benefit of the Series 2004-1 Noteholders) and shall transfer any cash and/or any
investments to such new Series 2004-1 Account. Neither the Transferor, the
Servicer nor any person or entity claiming by, through or under the Transferor,
the Servicer or any such person or entity shall have any right, title or
interest in, or any right to withdraw any amount from, any Series 2004-1
Account, except as expressly provided herein. Schedule 1, which is hereby
incorporated into and made part of this Series Supplement, identifies each
Series 2004-1 Account by setting forth the account number of each such account,
the account designation of each such account and the name of the institution
with which such account has been established. If a substitute Series 2004-1
Account is established pursuant to this Section, the Servicer shall provide to
the Indenture Trustee an amended Schedule 1, setting forth the relevant
information for such substitute Series 2004-1 Account.

     (f) Pursuant to the authority granted to the Servicer in Section 8.2 of the
Indenture and Section 3.1(a) and Section 4.2 of the Trust Sale and Servicing
Agreement, the Servicer shall have the power, revocable by the Indenture Trustee
to instruct the Indenture Trustee to make withdrawals and payments from the
Series 2004-1 Accounts for the purposes of carrying out the Servicer's or
Indenture Trustee's duties hereunder.

                                       15

<PAGE>

     SECTION 4.04 Application of Noteholder Non-Principal Collections,
Investment Proceeds and Available Noteholder Principal Collections. The Servicer
shall cause the Indenture Trustee to make the following distributions:

     (a) On each Payment Date, commencing with the Initial Payment Date, an
amount equal to the sum of Noteholder Non-Principal Collections and any
Investment Proceeds with respect to such Payment Date will be distributed, to
the extent funds are available therefor, in the following priority:

          (i) first, an amount equal to Monthly Interest for such Payment Date,
     plus the amount of any Monthly Interest previously due but not distributed
     to the Series 2004-1 Noteholders on a prior Payment Date (plus interest
     thereon) shall be distributed to the Series 2004-1 Noteholders;

          (ii) second, an amount equal to the Noteholder Monthly Servicing Fee
     for such Payment Date, plus the amount of any Noteholder Monthly Servicing
     Fee due but not distributed to the Servicer on a prior Payment Date shall
     be distributed to the Servicer (unless such amounts have been netted
     against deposits to the Collection Account or waived);

          (iii) third, an amount equal to the Reserve Fund Deposit Amount, if
     any, for such Payment Date shall be deposited in the Reserve Fund;

          (iv) fourth, an amount equal to the Noteholder Defaulted Amount and
     the Monthly Dilution Amount for such Payment Date shall be treated as a
     portion of Noteholder Principal Collections for such day;

          (v) fifth, an amount equal to the aggregate amount of Noteholder
     Charge-Offs which have not been previously reversed as provided in this
     Section 4.04(a)(v) shall be treated as a portion of Noteholder Principal
     Collections for such day and shall increase the Invested Amount as
     described in Section 4.07 (the "Noteholder Charge-Off Reversal Amount");

          (vi) sixth, an amount equal to the amount of reductions of the
     Available Subordinated Amount on account of Noteholder Defaulted Amounts
     and Monthly Dilution Amounts that have not previously been reinstated shall
     be treated as a portion of Additional Noteholder Principal Collections for
     such day and shall increase the Available Subordinated Amount;

          (vii) seventh, an amount equal to any outstanding Carry-Over Amount
     shall be distributed to the Series 2004-1 Noteholders;

          (viii) eighth, an amount equal to the aggregate outstanding amounts of
     Noteholder Monthly Servicing Fee which have been previously waived shall be
     distributed to the Servicer; and

          (ix) ninth, the balance shall be distributed to the
     Certificateholders.

                                       16

<PAGE>

     (b) In the event that the Invested Amount is greater than zero on the
Stated Maturity Date, any funds remaining in the Reserve Account (after the
application of funds in the Reserve Fund as described in Section 4.06 hereof)
will be treated as a portion of Available Noteholder Principal Collections for
the Payment Date occurring on the Stated Maturity Date.

     SECTION 4.05 Distributions to Series 2004-1 Noteholder. Payments to Series
2004-1 Noteholders will be made from the Collection Account, the Reserve Fund or
the Principal Funding Account, as applicable.

     (a) on each Payment Date, the Servicer shall cause the Indenture Trustee to
distribute the amounts on deposit in the Collection Account and the Reserve Fund
that are payable to the Series 2004-1 Noteholders with respect to accrued
interest to the Series 2004-1 Noteholders in accordance with Section 4.04(a).

     (b) The Servicer shall instruct the Indenture Trustee in writing to apply
the funds on deposit in the Principal Funding Account and the Collection Account
and shall instruct the Indenture Trustee in writing to make, without
duplication, the following distributions at the following times:

          (i) on the Expected Principal Payment Date, each Special Payment Date
     and the Principal Commencement Date and each Payment Date thereafter all
     amounts on deposit in the Principal Funding Account and the Collection
     Account as are payable to the Series 2004-1 Noteholders with respect to
     principal shall be distributed to the Series 2004-1 Noteholders up to a
     maximum amount on any such day equal to the outstanding principal balance
     of the Series 2004-1 Notes on such date.

     (c) On each Payment Date on which there is an unpaid Carry-Over Amount, the
Servicer shall instruct the Indenture Trustee in writing to distribute to the
Series 2004-1 Noteholders such Carry-Over Amount to the extent funds are
available therefor after making all required distributions and deposits with
respect to the Series 2004-1 Notes pursuant to Section 4.04(a).

     (d) If on the Stated Maturity Date there is any Carry-Over Amount or on the
date on which the Invested Amount has been reduced to zero there is any
Carry-Over Amount (in each case after giving effect to any distributions on such
date pursuant to Section 4.04(a) through Section 4.05(c) above), the Servicer
shall instruct the Indenture Trustee in writing to distribute to the Series
2004-1 Noteholders, the amounts payable with respect thereto pursuant to Section
4.06(a) and (b).

     (e) The distributions to be made pursuant to this Section are subject to
the provisions of Section 4.3 of the Trust Sale and Servicing Agreement, Section
2.7(c) of the Indenture and Section 8.01 of this Series Supplement.

     SECTION 4.06 Application of Reserve Fund and Available Subordinated Amount.

       (a) If the portion of Noteholder Non-Principal Collections and Investment
Proceeds allocated to Series 2004-1 Noteholders on any Payment Date pursuant to
Section 4.04(a) is not sufficient to make the entire distributions required on
such Payment Date by (a) Sections 4.04(a)(i), (ii) and (iv) or (b) on the Stated
Maturity Date or the date on which the Invested

                                       17

<PAGE>

Amount has been reduced to zero only, Section 4.04(a)(vii) the Servicer shall
cause the Indenture Trustee to withdraw funds from the Reserve Fund (in the case
of Section 4.04(a)(vii), only to the extent such amounts would otherwise be
distributed to the Certificateholders) to the extent available therein, and
apply such funds to complete the distributions pursuant to Section 4.04(a)(i),
(ii), (iv) and (vii), as the case may be, provided, however, that during any
Early Amortization Period funds shall not be withdrawn from the Reserve Fund to
make distributions otherwise required by Section 4.04(a)(iv) to the extent that,
after giving effect to such withdrawal, the amount on deposit in the Reserve
Fund shall be less than $1,000,000.

     (b) If the amounts allocated to the Series 2004-1 Noteholders pursuant to
Section 4.04(a) and the amounts withdrawn from the Reserve Fund pursuant to
Section 4.06(a) are not sufficient to make the entire distributions required by
clauses (i), (ii) and (iv) of Section 4.04(a) (such shortfall being the
"Deficiency Amount"), the Servicer shall cause the Indenture Trustee to apply
the amount of Additional Noteholder Collections for the related Collection
Period on deposit in the Collection Account on such Payment Date, but only up to
the Available Subordinated Amount, to make the distributions required by clauses
(i), (ii) and (iv) of Section 4.04(a) that have not been made and, if such
Payment Date is the Stated Maturity Date or the date on which the Invested
Amount has been reduced to zero, the distributions required by Section
4.04(a)(vii) in the case of the Stated Maturity Date or Section 4.04(a)(vii) in
the case of the date on which the Invested Amount has been reduced to zero that
have not been made. The Available Subordinated Amount will be reduced by the
amount of Additional Noteholder Collections applied in accordance with the
preceding sentence. If the amount necessary to complete the distributions
referred to in this paragraph (b) exceeds Additional Noteholder Collections for
such Payment Date, the Available Subordinated Amount shall be further reduced
(but not below zero) by the amount of such excess, but not by more than the sum
of (x) the Noteholder Defaulted Amount and (y) the Monthly Dilution Amount.

     (c) If, after giving effect to the allocations of, distributions from, and
deposits in, the Reserve Fund made pursuant to Section 4.04(a) and this Section
4.06, (i) the amount in the Reserve Fund is greater than the Reserve Fund
Required Amount for such Payment Date, the Servicer shall cause the Indenture
Trustee to distribute such excess amount to the Certificateholders, subject to
the proviso contained in paragraph (d) or (ii) the amount in the Reserve Fund is
less than such Reserve Fund Required Amount, the Indenture Trustee shall deposit
any remaining Additional Noteholder Non-Principal Collections on deposit in the
Collection Account for such Payment Date into the Reserve Fund until the amount
in the Reserve Fund is equal to such Reserve Fund Required Amount. After payment
in full of the outstanding principal balance of the Series 2004-1 Notes any
funds remaining on deposit in the Reserve Fund shall be paid to the
Certificateholders.

     (d) The balance of Additional Noteholder Collections on any Payment Date,
after giving effect to any distributions thereof pursuant to Section 4.06(b) or
(c), shall be distributed to the Certificateholders on such Payment Date;
provided, however, that if the Required Pool Balance for the immediately
preceding Determination Date exceeds the Pool Balance on such date (determined
after giving effect to any Principal Receivables transferred to the Trust on
such Payment Date), Section 4.06(c)(i) hereof shall not apply and the amount of
such excess shall be deposited into the Excess Funding Account, with any
remaining Additional Noteholder

                                       18

<PAGE>

Collections or amounts in the Reserve Fund, to the extent available, paid to the
Certificateholders.

     SECTION 4.07 Noteholder Charge-Offs. If, on any Payment Date on which the
Available Subordinated Amount on the preceding Determination Date (after giving
effect to the allocations, distributions, withdrawals and deposits to be made on
such Payment Date) is zero and the Deficiency Amount for such Payment Date is
greater than zero, the Invested Amount of the Series 2004-1 Notes shall be
reduced (a "Noteholder Charge-Off") by the Deficiency Amount, but not by more
than the sum of the Noteholder Defaulted Amount and the Monthly Dilution Amount
to the extent not covered by applications made pursuant to Sections 4.04 and
4.06 for such Payment Date. Any such reduction shall be applied to reduce the
Invested Amount, but not below zero. Noteholder Charge-Offs shall thereafter be
reversed and the Invested Amount increased (but not by an amount in excess of
the aggregate unreversed Noteholder Charge-Offs on any Payment Date) by the
Noteholder's Charge-Off Reversal Amount. Any such increase shall be applied to
the Invested Amount until all previously unreversed Noteholder Charge-Offs have
been reversed.

     SECTION 4.08 Excess Principal Collections. The Servicer will allocate
Series 2004-1 Excess Principal Collections and treat as Available Noteholder
Principal Collections an amount equal to the Series 2004-1 Principal Shortfall,
to the extent available. In the event there is no Series 2004-1 Principal
Shortfall, Excess Principal Collections will be allocated and distributed in
accordance with Section 4.4 of the Trust Sale and Servicing Agreement.

     SECTION 4.09 Accumulation Period Length; Accumulation Period Commencement
Date. Beginning on the July 2006 Payment Date, and on each Payment Date
thereafter that occurs prior to the Accumulation Period Commencement Date, the
Servicer shall calculate the Accumulation Period Length and, if applicable,
determine the Accumulation Period Commencement Date. The Servicer shall promptly
notify the Indenture Trustee in writing of the Accumulation Period Commencement
Date and the Accumulation Period Length.

     SECTION 4.10 Amortization Period Commencement Date; Amortization Period.
The Servicer may elect to terminate the automatic extension of the Amortization
Period Commencement Date. The Servicer shall deliver notice of such election to
the Indenture Trustee and the Owner Trustee, which notice shall specify the
effective date of the termination of the automatic extension of the Amortization
Period Commencement Date. The Amortization Period Commencement Date shall be the
first day of the Collection Period following the Collection Period in which such
notice was given, but not before April 1, 2006. The Amortization Period shall
begin on the close of business on the day immediately preceding such
Amortization Period Commencement Date and continue until the earliest of (a) the
date an Early Amortization Period commences and (b) the date the outstanding
principal amount of the Series 2004-1 Notes is paid or provided for in full.

     SECTION 4.11 Excess Funding Account. On the Business Day immediately
following the last day of the Revolving Period, an amount equal to the Series
2004-1 Excess Funding Amount as of the last day of the Revolving Period will be
withdrawn from the Excess Funding Account and deposited in the Principal Funding
Account on such date and distributed in accordance with Section 4.05(b). The
amount of that deposit shall be deemed to have been

                                       19

<PAGE>

deposited for the benefit of the Series 2004-1 Noteholders up to the Invested
Amount. Thereafter, the Series 2004-1 Noteholders will not be entitled to any
funds on deposit in the Excess Funding Account.

                                   ARTICLE V

                            DISTRIBUTIONS AND REPORTS

                          TO SERIES 2004-1 NOTEHOLDERS

     SECTION 5.01 Distributions.

     (a) On each Payment Date, the Indenture Trustee shall distribute to each
Series 2004-1 Noteholder of record on the preceding Record Date (other than as
provided in Section 2.7(c) of the Indenture respecting a final distribution)
such Noteholder's pro rata share (based on the aggregate fractional undivided
interests represented by the Series 2004-1 Notes held by such Noteholder) of the
amounts on deposit in the Series 2004-1 Accounts as is payable to the Series
2004-1 Noteholders on such Payment Date pursuant to Section 4.04 and 4.05.

     (b) Except as provided in Section 2.7(c) of the Indenture with respect to a
final distribution, distributions to Series 2004-1 Noteholders hereunder shall
be made by check mailed to each Series 2004-1 Noteholder at such Noteholder's
address appearing in the Note Register without presentation or surrender of any
Series 2004-1 Note or the making of any notation thereon; provided, however,
that, with respect to Series 2004-1 Notes registered in the name of a
Depository, such distributions shall be made to such Depository in immediately
available funds.

     SECTION 5.02 Reports and Statements to Series 2004-1 Noteholders.

     (a) On or prior to each Payment Date (including each date that corresponds
to the Expected Principal Payment Date, each Special Payment Date or the
Principal Commencement Date and each Payment Date thereafter), commencing with
the initial Payment Date, the Servicer will provide to the Indenture Trustee and
each Rating Agency, and on each Payment Date, the Indenture Trustee shall
forward to each Series 2004-1 Noteholder (provided the Indenture Trustee has
received such report from the Servicer), a statement prepared by the Servicer,
substantially in the form attached as Exhibit B hereto, setting forth the
following information relating to the Trust and the Series 2004-1 Notes:

          (i) the aggregate amount of Collections, the aggregate amount of
     Non-Principal Collections and the aggregate amount of Principal Collections
     processed during the immediately preceding Collection Period and the Pool
     Balance, the Required Pool Balance, the Excess Funding Account Balance and
     the aggregate amount of Principal Receivables attributable to Asset Based
     Receivables and to Acquired Receivables, if any, in each case as of the
     close of business on the last day of the preceding Collection Period;

                                       20

<PAGE>

         (ii)   the Series Allocation Percentage, the Floating Allocation
     Percentage and the Principal Allocation Percentage for the preceding
     Collection Period;

         (iii)  the total amount, if any, distributed on the Series 2004-1
     Notes;

         (iv)   the amount of such distribution allocable to principal on the
     Series 2004-1 Notes;

         (v)    the amount of such distribution allocable to interest on the
     Series 2004-1 Notes;

         (vi)   the Noteholder Defaulted Amount and Monthly Dilution Amount for
     such Payment Date;

         (vii)  the Required Draw Amount, if any, for such Collection Period;

         (viii) the amount of the Noteholder Charge-Offs and the amounts of the
     reversals thereof for such Collection Period;

         (ix)   the amount of the Monthly Servicing Fee and the Noteholder
     Monthly Servicing Fee for such Collection Period;

         (x)    the Controlled Deposit Amount, if any, as of the first day of
     the Collection Period related to such Payment Date;

         (xi)   the Invested Amount as of the last day of such Collection
Period;

         (xii)  the outstanding principal balance of the Series 2004-1 Notes for
     such Payment Date (after giving effect to all distributions which will
     occur on such Payment Date);

         (xiii) the Available Subordinated Amount as of the last day of the
     preceding Collection Period;

         (xiv)  the Reserve Fund balance for such date;

         (xv)   the balance of the Principal Funding Account with respect to
     such date; and

         (xvi)  the Accumulation Period Commencement Date then in effect and, if
     applicable, the date the automatic extension was terminated.

     (b) A copy of each statement provided pursuant to paragraph (a) will be
made available for inspection at the Corporate Trust Office of the Indenture
Trustees.

     (c) On or before April 30 of each calendar year, beginning with calendar
year 2004, the Indenture Trustee shall furnish or cause to be furnished to each
Person who at any time during the preceding calendar year was a Series 2004-1
Noteholder (or Note Owner), a report prepared by the Servicer containing the
information which is required to be contained in the statement to

                                       21

<PAGE>

Series 2004-1 Noteholders as set forth in paragraph (a) above, aggregated for
such calendar year or the applicable portion thereof during which such Person
(or any related Note Owner) was a Series 2004-1 Noteholder (or Note Owner). The
Servicer shall prepare and the Indenture Trustee shall furnish to each person
who was a Series 2004-1 Noteholder (or Note Owner) during the preceding calendar
year in the time and manner required by the Code such information as is required
to be provided by an issuer of indebtedness under the Code, including Forms 1099
and such other customary information as is necessary to enable the Series 2004-1
Noteholders (or Note Owners) to prepare their tax returns. Such obligation of
the Indenture Trustee shall be deemed to have been satisfied to the extent that
substantially comparable information shall be provided by the Indenture Trustee
pursuant to any requirements of the Code as from time to time in effect.

                                   ARTICLE VI

                            EARLY AMORTIZATION EVENTS

     SECTION 2.01 Additional Early Amortization Events.

     (a) Except as provided in Section 6.01(b), the occurrence of any of the
following events shall, immediately upon the occurrence thereof without notice
or other action on the part of the Indenture Trustee or the Series 2004-1
Noteholders, be deemed to be an Early Amortization Event solely with respect to
Series 2004-1:

         (i)   on any Determination Date, the average of the Monthly Payment
     Rates for the three preceding Collection Periods is less than 30%;

         (ii)  on any Determination Date, the Available Subordinated Amount for
     the next Payment Date will be reduced to an amount less than the Required
     Subordinated Amount on such Determination Date, after giving effect to the
     distributions to be made on the next Payment Date; provided, however, if
     the Available Subordinated Amount is less than the Required Subordinated
     Amount as a result of an increase in the Subordination Factor, such
     shortfall continues unremedied for a period of 15 days after that
     Determination Date;

         (iii) any Servicing Default with respect to the Series 2004-1 Notes
     occurs;

         (iv)  any Carry-Over Amount is outstanding on six consecutive Payment
     Dates;

         (v)   failure on the part of the Transferor, the Servicer or World
     Omni, as applicable, (a) to make any payment or deposit required by the
     Trust Sale and Servicing Agreement or the Receivables Purchase Agreement,
     including but not limited to any Transfer Deposit Amount or Adjustment
     Payment, on or before the date occurring ten Business Days after the date
     such payment or deposit is required to be made therein; or (b) to deliver a
     Payment Date Statement on the date required under the Trust Sale and
     Servicing Agreement (or within the applicable grace period which will not
     exceed five Business Days); (c) to comply with its covenant not to create
     any lien on a Receivable; or

                                       22

<PAGE>

     (d) to observe or perform in any material respect any other covenants or
     agreements set forth in the Trust Sale and Servicing Agreement or the
     Receivables Purchase Agreement, which failure continues unremedied for a
     period of 45 days after written notice of such failure;

         (vi)   any representation or warranty made by World Omni in the
     Receivables Purchase Agreement or by the Transferor in the Trust Sale and
     Servicing Agreement or any information required to be given by the
     Transferor to the Indenture Trustee to identify the Accounts proves to have
     been incorrect in any material respect when made and continues to be
     incorrect in any material respect for a period of 60 days after written
     notice and as a result the interests of the Noteholders are materially and
     adversely affected; provided, however, that an Early Amortization Event
     shall not be deemed to occur thereunder if the Transferor has repurchased
     the related Receivables or all such Receivables, if applicable, during such
     period in accordance with the provisions of the Trust Sale and Servicing
     Agreement;

         (vii)  the occurrence of an Event of Default with respect to the Series
     2004-1 Notes and the declaration that the Series 2004-1 Notes are due and
     payable pursuant to Section 5.2 of the Indenture;

         (viii) on the first day of the Accumulation Period, the amount on
     deposit in the Reserve Fund does not equal or exceed the Reserve Fund
     Required Amount;

         (ix)   on the Expected Principal Payment Date, the Series 2004-1 Notes
     are not paid in full; and

         (x)    the Pool Balance is less than the Minimum Required Pool Balance
     for a period of 15 consecutive days or the Pool Balance is less than the
     Required Pool Balance for a period of 30 consecutive days.

     (b) In the case of any event described in Section 6.01(a)(iii), (v) or (vi)
above, an Early Amortization Event with respect to Series 2004-1 will be deemed
to have occurred only if, after the applicable grace period described in such
clauses, either (i) the Indenture Trustee or (ii) Series 2004-1 Noteholders
holding Series 2004-1 Notes evidencing more than 50% of the aggregate unpaid
principal amount of the Series 2004-1 Notes, by written notice to the
Certificateholders and the Servicer (and the Indenture Trustee, if such notice
is given by Series 2004-1 Noteholders) declare that an Early Amortization Event
has occurred as of the date of such notice.

     SECTION 6.02 Recommencement of the Revolving Period. If any Early
Amortization Event (other than an Early Amortization Event described in Section
5.17 of the Indenture) occurs, the Revolving Period will recommence following
receipt of (i) satisfaction of the Rating Agency Condition and (ii) receipt of
the consent of Noteholders evidencing more than 50% of the aggregate unpaid
principal amount of the Series 2004-1 Notes to such recommencement, provided
that no other Early Amortization Event that has not been cured or waived as
described herein has occurred and the scheduled termination of the Revolving
Period has not occurred.

                                       23

<PAGE>

                                  ARTICLE VII

                               OPTIONAL REDEMPTION

     SECTION 7.01 Optional Redemption.

     (a) On any Payment Date occurring after the date on which the aggregate
outstanding principal balance of the Series 2004-1 Notes is reduced to
$35,000,000 or less (which amount shall equal 10% of the initial outstanding
principal balance of the Series 2004-1 Notes), the Servicer shall have the
option to redeem the Series 2004-1 Notes in whole but not in part at a purchase
price equal to the Redemption Price for such Payment Date.

     (b) The Servicer shall give the Indenture Trustee at least 10 days' prior
written notice of the Payment Date on which the Servicer intends to exercise
such purchase option. Not later than 12:00 noon (New York City time) on such
Payment Date, the Servicer shall deposit an amount equal to the sum of (i) the
Series 2004-1 Excess Funding Amount (in a maximum amount not exceeding the
Redemption Price) and (ii) the excess, if any, of the Redemption Price over the
amount calculated in clause (i) into the Collection Account in immediately
available funds. Such purchase option is subject to payment in full of the
Redemption Price. Such amount deposited in the Collection Account shall be
distributed as set forth in Section 8.01.

                                  ARTICLE VIII

                               FINAL DISTRIBUTIONS

     SECTION 8.01 Acquisition of Notes Pursuant to Section 10.1 of the
Indenture; Distributions Pursuant to Section 7.01 of this Series Supplement or
Section 8.04 of the Indenture.

     (a) The amount to be paid by the Issuer to the Principal Funding Account
with respect to Series 2004-1 Notes in connection with a purchase of the Notes
pursuant to Section 10.1 of the Indenture shall equal the Redemption Price for
the Payment Date on which such repurchase occurs.

     (b) With respect to the amount deposited into the Collection Account
pursuant to Section 7.01 of this Series Supplement, the Indenture Trustee shall,
not later than 12:00 noon (New York City time), on the Payment Date on which
such amounts are deposited (or, if such date is not a Payment Date, on the
immediately following Payment Date) deposit such amount into the Principal
Funding Account.

     (c) Notwithstanding anything to the contrary in this Series Supplement or
the Indenture, the entire amount deposited in the Principal Funding Account
pursuant to Section 7.01 or 8.01 hereof and all other amounts on deposit therein
shall be distributed in full to the Series 2004-1 Noteholders on such date and
any distribution made pursuant to paragraph (b) above shall be deemed to be a
final distribution pursuant to Section 8.4 of the Indenture with respect to the
Series 2004-1 Notes.
                                       24

<PAGE>

     SECTION 8.02 Disposition of Principal Receivables Pursuant to Section 5.4
of the Indenture.

     (a) In accordance with Section 5.4 of the Indenture, in the event that the
aggregate outstanding principal amount of the Series 2004-1 Notes is greater
than zero on the Stated Maturity Date (after giving effect to deposits and
distributions otherwise to be made on such Stated Maturity Date), upon receipt
of an Opinion of Counsel to the effect that its action will not result in the
Trust being characterized as an association (or a publicly traded partnership)
taxable as a corporation, the Indenture Trustee will sell or cause to be sold
Principal Receivables (or interests therein) in an amount such that the proceeds
of such sale equal the aggregate outstanding principal balance of, and accrued
and unpaid interest on, the Series 2004-1 Notes on such Stated Maturity Date
(after giving effect to such deposits and distributions); provided, however, in
no event shall such amount of Receivables sold exceed the lesser of (a) the sum
of the Invested Amount and the Available Subordinated Amount on the preceding
Determination Date (after giving effect to the allocations, distributions,
withdrawals and deposits to be made on the Payment Date following such
Determination Date) and (b) the Series Allocation Percentage for Series 2004-1
(for the Collection Period in which such Stated Maturity Date occurs) of
Principal Receivables on such Stated Maturity Date. The amount of Principal
Receivables sold shall first reduce the Invested Amount, but not to below zero,
then any remaining amounts shall reduce the Available Subordinated Amount, but
not to below zero. The net proceeds of such sale and any Collections on the
Principal Receivables will be paid pro rata to the Series 2004-1 Noteholders on
the Stated Maturity Date as the final payment of the Series 2004-1 Notes, and
the Series 2004-1 Noteholders shall not receive any additional payments with
respect to the Series 2004-1 Notes.

     (b) In accordance with Section 5.4 of the Indenture, in the event that an
Event of Default relating to the failure to make any required payment of
interest or principal on the Series 2004-1 Notes has occurred and the Series
2004-1 Notes have been declared due and payable, on the direction of the holders
of a majority of the aggregate outstanding principal amount of the Series 2004-1
Notes, upon receipt of an Opinion of Counsel to the effect that its action will
not result in the Trust being characterized as an association (or publicly
traded partnership) taxable as a corporation, the Indenture Trustee will sell or
cause to be sold an interest in the Receivable or certain Receivables in an
amount such that the net proceeds of such sale equal the aggregate outstanding
principal balance of, and accrued and unpaid interest on, the Series 2004-1
Notes then outstanding on such date; provided, however, in no event shall such
amount of Receivables sold exceed the lesser of (a) the sum of the Invested
Amount and the Available Subordinated Amount on the preceding Determination Date
(after giving effect to the allocations, distributions, withdrawals and deposits
to be made prior to such date); and (b) the Series Allocation Percentage for
Series 2004-1 of Principal Receivables on such date. The net proceeds of such
sale will be paid pro rata to the Series 2004-1 Noteholders in an amount up to
the aggregate outstanding principal balance of and accrued and unpaid interest
on the Series 2004-1 Notes, and the Series 2004-1 Noteholders shall not receive
any additional payments with respect to the Series 2004-1 Notes.

                                       25

<PAGE>

                                   ARTICLE IX

                            MISCELLANEOUS PROVISIONS

     SECTION 9.01 Ratification of Agreement. As supplemented by this Series
Supplement, the Indenture is in all respects ratified and confirmed and the
Indenture as so supplemented by this Series Supplement shall be read, taken and
construed as one and the same instrument.

     SECTION 9.02 Counterparts. This Series Supplement may be executed in two or
more counterparts (and by different parties on separate counterparts) each of
which shall be an original, but all of which together shall constitute one and
the same instrument.

     SECTION 9.03 Change in Indenture Trustee. Neither the Servicer nor the
Certificateholders shall appoint a new Indenture Trustee located in any
jurisdiction which does not have in effect the standard UCC provisions relating
to perfection of interests in instruments without delivering an Opinion of
Counsel to the Rating Agencies to the effect that such new Indenture Trustee
will have a perfected and first priority interest in any instruments evidencing
the Receivables.

     SECTION 9.04 GOVERNING LAW. THIS SERIES SUPPLEMENT SHALL BE CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK, WITHOUT REFERENCE TO ITS OR
ANY OTHER JURISDICTION'S CONFLICT OF LAW PROVISIONS, AND THE OBLIGATIONS, RIGHTS
AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH
SUCH LAWS.

     SECTION 9.05 Rights of the Indenture Trustee. The Indenture Trustee shall
be afforded the same rights, protections, immunities and indemnities set forth
in the Indenture as if specifically set forth herein.

     SECTION 9.06 Limitations of Owner Trustee Liability. It is expressly
understood and agreed by the parties that (a) this document is executed and
delivered by Chase Manhattan Bank USA, National Association, not individually or
personally, but solely as Owner Trustee, in the exercise of the powers and
authority conferred and vested in it, pursuant to the Trust Agreement, (b) each
of the representations, undertakings and agreements herein made on the part of
the Trust is made and intended not as personal representations, undertakings and
agreements by Chase Manhattan Bank USA, National Association but is made and
intended for the purpose for binding only the Trust, (c) nothing herein
contained shall be construed as creating any liability on Chase Manhattan Bank
USA, National Association, individually or personally, to perform any covenant
of the Trust either expressed or implied contained herein, all such liability,
if any, being expressly waived by the parties hereto and by any person claiming
by, through or under the parties hereto, and (d) under no circumstances shall
Chase Manhattan Bank USA, National Association be personally liable for the
payment of any indebtedness or expenses of the Trust or be liable for the breach
or failure of any obligation, representation, warranty or covenant made or
undertaken by the Trust under this Agreement or any other related documents.

     SECTION 9.07 Supplemental Indentures Without Consent of Noteholders.

                                       26

<PAGE>

         (a) Without the consent of the Holders of any Notes but with prior
notice to the Rating Agencies, the Issuer and the Indenture Trustee, when
authorized by an Issuer Order, at any time and from time to time, may enter into
one or more indentures supplemental hereto or to the Indenture (which shall
conform to the provisions of the Trust Indenture Act as in force at the date of
the execution thereof), in form satisfactory to the Indenture Trustee, for any
of the following purposes:

             (i)   to correct or amplify the description of any property at any
      time subject to the lien of the Indenture, or better to assure, convey and
      confirm unto the Indenture Trustee any property subject or required to be
      subjected to the lien of the Indenture, or to subject additional property
      to the lien of the Indenture;

             (ii)  to evidence the succession, in compliance with Section 3.10
      of the Indenture and the applicable provisions of the Indenture, of
      another Person to the Issuer, and the assumption by any such successor of
      the covenants of the Issuer contained in the Indenture and in the Notes;

             (iii) to add to the covenants of the Issuer for the benefit of the
      Noteholders;

             (iv)  to convey, transfer, assign, mortgage or pledge any property
      to or with the Indenture Trustee;

             (v)   to cure any ambiguity or to correct or supplement any
      provision herein or in the Indenture or any supplemental indenture which
      may be inconsistent with any other provision herein or in the Indenture or
      any supplemental indenture;

             (vi)  to evidence and provide for the acceptance of the appointment
      under the Indenture by a successor trustee with respect to the Notes and
      the Indenture and to add to or change any of the provisions of the
      Indenture as shall be necessary to facilitate the administration of the
      trusts under the Indenture by more than one trustee, pursuant to the
      requirements of Article VI of the Indenture; and

             (vii) to modify, eliminate or add to the provisions of the
      Indenture to such extent as shall be necessary to effect the qualification
      of the Indenture under the TIA or under any similar federal statute
      hereafter enacted and to add to the Indenture such other provisions as may
      be expressly required by the TIA, and the Indenture Trustee is hereby
      authorized to join in the execution of any such supplemental indenture and
      to make any further appropriate agreements and stipulations that may be
      therein contained.

         (b) The Issuer and the Indenture Trustee, when authorized by an Issuer
Order, may, also without the consent of any of the Noteholders but with prior
notice to the Rating Agencies, at any time and from time to time enter into one
or more indentures supplemental hereto or to the Indenture for the purpose of
adding any provisions to, changing in any manner, or eliminating any of the
provisions of, this Series Supplement or the Indenture or modifying in any
manner the rights of the Noteholders under this Series Supplement or the
Indenture; provided, however, that such action shall not, as evidenced by an
Officer's Certificate, adversely

                                       27

<PAGE>

affect in any material respect the interests of any Noteholder unless such
Noteholders' consent is obtained or the Rating Agency Condition is satisfied
with respect thereto.

         SECTION 9.08 Supplemental Indentures With Consent of Noteholders.

           (a) The Issuer and the Indenture Trustee, when authorized by an
Issuer Order, also may, with the written consent of the Holders of not less than
a majority of the principal amount of the Controlling Class of each Series of
Notes affected in any material respect thereby and satisfaction of the Rating
Agency Condition with respect thereto (unless waived by the related Controlling
Class), by Act of such Holders delivered to the Issuer and the Indenture
Trustee, enter into an indenture or indentures supplemental to this Series
Supplement or to the Indenture for the purpose of adding any provisions to,
changing in any manner, or eliminating any of the provisions of, this Series
Supplement or the Indenture or modifying in any manner the rights of the
Noteholders under this Series Supplement or the Indenture; provided, however,
that no such supplemental indenture shall, without the consent of the Holder of
each outstanding Note affected thereby and satisfaction of the Rating Agency
Condition with respect thereto (unless waived by the related Controlling Class):

                (i)   change the due date of any installment of principal of or
      interest on any Note, or reduce the principal amount thereof, the interest
      rate applicable thereto, or the Redemption Price with respect thereto,
      change any place of payment where, or the coin or currency in which, any
      Note or any interest thereon is payable, or impair the right to institute
      suit for the enforcement of the provisions of the Indenture requiring the
      application of funds available therefor, as provided in Article V of the
      Indenture, to the payment of any such amount due on the Notes on or after
      the respective due dates thereof (or, in the case of redemption, on or
      after the Redemption Date);

                (ii)  reduce the percentage of the aggregate outstanding
      principal amount of the Notes, the consent of the Holders of which is
      required for any such supplemental indenture, or the consent of the
      Holders of which is required for any waiver of compliance with certain
      provisions of the Indenture or certain defaults under the Indenture and
      their consequences as provided for in the Indenture;

                (iii) impair the right to institute suit for the enforcement of
      specified provisions of the Indenture regarding payment;

                (iv)  reduce the percentage of the aggregate outstanding
      principal amount of the Notes required to direct the Indenture Trustee to
      sell or liquidate the Trust Estate pursuant to Section 5.4 of the
      Indenture if the proceeds of such sale would be insufficient to pay the
      principal amount of and accrued but unpaid interest on the outstanding
      Notes;

                (v)   modify any provision of this Section 9.8 to decrease the
      required minimum percentage necessary to approve any amendments to any
      provisions of the Indenture;

                (vi)  modify or alter the provisions of the Indenture regarding
      the voting of Notes held by the Issuer, the Transferor or any Affiliate of
      either of them; or

                                       28

<PAGE>

                (vii) permit the creation of any Lien ranking prior to or on a
      parity with the Lien of the Indenture with respect to any part of the
      Trust Estate or, except as otherwise permitted or contemplated in the
      Indenture, terminate the Lien of the Indenture on any property at any time
      subject hereto or deprive the Holder of any Note of the security afforded
      by the lien of the Indenture.

            (b) It shall be sufficient if an Act of Noteholders approves the
substance, but not the form, of any proposed supplemental indenture.

            (d) Promptly after the execution by the Issuer and the Indenture
Trustee of any supplemental indenture pursuant to this Section 9.8, the
Indenture Trustee shall mail to the Noteholders to which such amendment or
supplemental indenture relates a notice setting forth in general terms the
substance of such supplemental indenture. Any failure of the Indenture Trustee
to mail such notice, or any defect therein, shall not, however, in any way
impair or affect the validity of any such supplemental indenture.

                                       29

<PAGE>

          IN WITNESS WHEREOF, the Issuer and the Indenture Trustee have caused
this Series Supplement to be duly executed by their respective officers,
thereunto duly authorized, all as of the day and year first above written.

                                  WORLD OMNI MASTER OWNER TRUST

                                  By:   Chase Manhattan Bank USA, National
                                        Association, not in its individual
                                        capacity but solely as Owner Trustee

                                  By: /s/ John Cashin
                                     --------------------------------------
                                  Name:  John J. Cashin
                                  Title: Vice President

                                  BNY MIDWEST TRUST COMPANY,
                                  As Indenture Trustee

                                  By: /s/ Robert Castle
                                     --------------------------------------
                                  Name:  Robert Castle
                                  Title: Assistant Vice President

Acknowledged and Accepted:

WORLD OMNI FINANCIAL CORP.,
Servicer

By: /s/ Alan J. Browdy
   ------------------------
Name:  Alan J. Browdy
Title: Assistant Treasurer

<PAGE>

                                                                       EXHIBIT A

                          [FORM OF SERIES 2004-1 NOTE]

REGISTERED                                                          $___________
No. R-_

                       SEE REVERSE FOR CERTAIN DEFINITIONS

                                                           CUSIP NO. ___________

     Unless this Note is presented by an authorized representative of The
     Depository Trust Company, a New York corporation ("DTC"), to the Issuer or
     its agent for registration of transfer, exchange or payment, and any Note
     issued is registered in the name of Cede & Co. or 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.

     THE PRINCIPAL OF THIS NOTE IS PAYABLE AS SET FORTH HEREIN. ACCORDINGLY, THE
     OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE LESS THAN THE
     AMOUNT SHOWN ON THE FACE HEREOF.

                          WORLD OMNI MASTER OWNER TRUST
             SERIES 2004-1 FLOATING RATE AUTOMOBILE DEALER FLOORPLAN
                               ASSET BACKED NOTES

     Evidencing an indebtedness of the Trust, the corpus of which consists of
wholesale dealer floor plan receivables (collectively the "Receivables")
generated from time to time in the ordinary course of business in a portfolio of
revolving financing agreements (collectively the "Accounts") of World Omni
Financial Corp., a Florida corporation (the "Servicer"). This Note (the "Note")
does not represent any interest in, or recourse obligation of, WODFI LLC, a
Delaware limited liability company and wholly-owned subsidiary of the Servicer
("WODFI LLC"), the Servicer or any affiliate thereof.

     This Series 2004-1 Floating Rate Automobile Dealer Floorplan Asset Backed
Note (this "Series 2004-1 Note" or this "Note") evidences the indebtedness of
WORLD OMNI MASTER OWNER TRUST (the "Issuer") to Cede & Co., or registered
assigns (the "Series 2004-1 Noteholder"). This Note was created pursuant to an
Amended and Restated Indenture (the "Indenture"; such term to include any
amendment or supplement thereto) dated as of April 6, 2000, between the Trust
and BNY Midwest Trust Company, the Indenture Trustee (the

                                      A-1

<PAGE>

"Indenture Trustee"), and the Series 2004-1 Supplement (the "Series 2004-1
Supplement") thereto dated as of January 21, 2004, among the Trust, the
Indenture Trustee and the Servicer.

     This Note is issued under, and is subject to, the terms and conditions of
the Indenture to which, as amended and supplemented from time to time, this
Series 2004-1 Noteholder by virtue of acceptance hereof is bound.

     The Trust has entered into the Indenture and the Notes have been (or will
be) issued with the intention that the Notes will qualify under applicable tax
law as indebtedness. Each Series 2004-1 Noteholder, by the acceptance of its
Note, agrees to treat the Notes as indebtedness for all Federal income taxes,
state and local income, single business and franchise taxes and any other taxes
imposed on or measured by income.

     The Issuer, for value received, hereby promises to pay to the Series 2004-1
Noteholders, the principal sum of ___________________________ ($______________)
pursuant to and in accordance with the terms of the Indenture but no sooner than
the earlier to occur of (i) the Expected Payment Date and (ii) an Event of
Default and declaration by a majority of the principal amount of the outstanding
Series 2004-1 Notes that the principal amount of the Series 2004-1 Notes is
immediately due and payable; provided, however, that the entire unpaid principal
amount of this Note shall be due and payable on December 15, 2008 (the "Stated
Maturity Date"). The Issuer will pay interest on this Note at the rate per annum
equal to LIBOR plus 0.07% on each Payment Date on the principal amount of this
Note outstanding on the preceding Payment Date (after giving effect to all
payments of principal made on the preceding Payment Date) until the principal of
this Note is paid in full. Interest on this Note will accrue for each Payment
Date from and including the most recent Payment Date on which interest has been
paid to but excluding the then current Payment Date or, with respect to the
first Payment Date, from and including the date hereof to but excluding the
first Payment Date. Interest on this Note will be calculated on the basis of the
actual number of days elapsed since the Closing Date or the preceding Payment
Date divided by 360. Such principal of and interest on this Note shall be paid
in the manner specified on the reverse hereof.

     Reference is made to the further provisions of this Note set forth on the
reverse hereof, which shall have the same effect as though fully set forth on
the face of this Note.

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

                                      A-2

<PAGE>

     IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed.

Dated:                                  WORLD OMNI MASTER OWNER TRUST by Chase
                                        Manhattan Bank USA, National
                                        Association, not in its individual
                                        capacity, but solely as Owner Trustee

                                        By: ____________________________________
                                            Name:
                                            Title:

                INDENTURE TRUSTEE'S CERTIFICATE OF AUTHENTICATION

     This is one of the Notes designated above and referred to in the
within-mentioned Indenture and Series Supplement.

Dated:                                  BNY MIDWEST TRUST COMPANY, not in its
                                        individual capacity but solely as
                                        Indenture Trustee

                                        By: ____________________________________
                                            Authorized Officer

                                      A-3

<PAGE>

                                 REVERSE OF NOTE

     This Note is one of a duly authorized issue of the Issuer designated as its
Series 2004-1, Floating Rate Automobile Dealer Floorplan Asset Backed Notes
(herein called the "Series 2004-1 Notes"), all issued under an Amended and
Restated Indenture, dated as of April 6, 2000, (such Indenture, as supplemented
by a Series Supplement or amended, is herein called the "Indenture"), among the
Issuer and BNY Midwest Trust Company, an Illinois trust company, as indenture
trustee (the "Indenture Trustee", which term includes any successor trustee
under the Indenture), to which Indenture and all indentures supplemental thereto
reference is hereby made for a statement of the respective rights and
obligations thereunder of the Issuer, the Indenture Trustee and the Series
2004-1 Noteholders. The Notes are governed by and subject to all terms of the
Indenture (which terms are incorporated herein and made a part hereof), to which
Indenture the holder of this Note by virtue of acceptance hereof assents and by
which such holder is bound. All capitalized terms used and not otherwise defined
in this Note that are defined in the Indenture, as supplemented or amended,
shall have the meanings assigned to them in or pursuant to the Indenture.

     Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a
Note Owner, a beneficial interest in a Note, covenants and agrees that no
recourse may be taken, directly or indirectly, with respect to the obligations
of the Issuer or the Indenture Trustee on the Notes or under the Indenture or
any certificate or other writing delivered in connection therewith, against (i)
the Indenture Trustee or the Issuer in their individual capacities, (ii) any
owner of a beneficial interest in the Trust or (iii) any partner, owner,
beneficiary, agent, officer, director or employee of the Indenture Trustee or
the Issuer in their individual capacities, any holder of a beneficial interest
in the Trust, the Issuer or the Indenture Trustee or of any successor or assign
of the Indenture Trustee or the Issuer in their individual capacities, except as
any such Person may have expressly agreed (it being understood that the
Indenture Trustee and the Issuer have no such obligations in their individual
capacities) and except that any such partner, owner or beneficiary shall be
fully liable, to the extent provided by applicable law, for any unpaid
consideration for stock, unpaid capital contribution or failure to pay any
instalment or call owing to such entity.

     Each Noteholder or Note Owner, by acceptance of a Note or, in the case of a
Note Owner, a beneficial interest in a Note, covenants and agrees that by
accepting the benefits of the Indenture such Noteholder will not, prior to the
date which is one year and one day after the termination of such Indenture with
respect to the Issuer, acquiesce, petition or otherwise invoke or cause the
Seller or the Issuer to invoke the process of any court or government authority
for the purpose of commencing or sustaining a case against WODFI LLC, the Trust,
the Owner Trust Estate or the Issuer under any federal or state bankruptcy,
insolvency or similar law or appointing a receiver, liquidator, assignee,
trustee, custodian, sequestrator or other similar official of WODFI LLC or the
Issuer or any substantial part of its property, or ordering the winding up or
liquidation of the affairs of WODFI LLC, the Trust or the Issuer.

     Each Noteholder, by acceptance of a Note or, in the case of a Note Owner, a
beneficial interest in a Note, unless otherwise required by appropriate taxing
authorities, agrees to treat the Notes as indebtedness secured by the
Receivables for the purpose of federal income

                                      A-4

<PAGE>

taxes, state and local income and franchise taxes, and any other taxes imposed
upon, measured by or based upon gross or net income.

     Prior to the due presentment for registration of transfer of this Note, the
Issuer, the Indenture Trustee and any agent of the Issuer or the Indenture
Trustee may treat the Person in whose name this Note (as of the day of
determination or as of such other date as may be specified in the Indenture) is
registered as the owner hereof for all purposes, whether or not this Note shall
be overdue, and neither the Issuer, the Indenture Trustee nor any such agent
shall be affected by notice to the contrary.

     The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Series 2004-1 Noteholders under the Indenture at
any time by the Issuer with the consent of the Holders of Notes representing a
majority of the principal amount of the outstanding Series 2004-1 Notes. The
Indenture also contains provisions permitting the Holders of Notes representing
a majority of the principal amount of the outstanding Series 2004-1 Notes, on
behalf of the Holders of all the Notes, to waive compliance by the Issuer with
certain provisions of the Indenture and certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder of
this Note (or any one or more Predecessor Notes) shall be conclusive and binding
upon such Holder and upon all future Holders of this Note and of any Note issued
upon the registration of transfer hereof or in exchange hereof or in lieu hereof
whether or not notation of such consent or waiver is made upon this Note. The
Indenture also permits the Indenture Trustee to amend or waive certain terms and
conditions set forth in the Indenture without the consent of the Series 2004-1
Noteholders.

     The term "Issuer" as used in this Note includes any successor to the Issuer
under the Indenture.

     The term "Payment Date" means the fifteenth day of each calendar month, or,
if such fifteenth day is not a Business Day, the next succeeding Business Day.

     The Issuer is permitted by the Indenture, under certain circumstances, to
merge or consolidate, subject to the rights of the Indenture Trustee and the
Holders of Notes under the Indenture.

     The Notes are issuable only in registered form in denominations as provided
in the Indenture, subject to certain limitations therein set forth.

     This Note and the Indenture shall be construed in accordance with the laws
of the State of New York, without reference to its conflict of law provisions,
and the obligations, rights and remedies of the parties hereunder and thereunder
shall be determined in accordance with such laws.

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

                                      A-5

<PAGE>

     Anything herein to the contrary notwithstanding, except as expressly
provided in the Basic Documents, neither the Seller, the Servicer, the Indenture
Trustee nor the Issuer in their respective individual capacities, any owner of a
beneficial interest in the Trust, nor any of their respective partners,
beneficiaries, agents, officers, directors, employees or successors or assigns,
shall be personally liable for, nor shall recourse be had to any of them for,
the payment of principal of or interest on, or performance of, or omission to
perform, any of the covenants, obligations or indemnifications contained in this
Note or the Indenture, it being expressly understood that said covenants,
obligations and indemnifications have been made by the Issuer and the Individual
Trustee. The Holder of this Note by the acceptance hereof agrees that, except as
expressly provided in the Basic Documents, in the case of an Event of Default
under the Indenture, the Holder shall have no claim against any of the foregoing
for any deficiency, loss or claim therefrom; provided, however, that nothing
contained herein shall be taken to prevent recourse to, and enforcement against,
the Owner Trust Estate for any and all liabilities, obligations and undertakings
contained in the Indenture or in this Note.

                                      A-6

<PAGE>

                                   ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee

_________________________________

     FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers
unto____________________________________________________________________________
________________________________________________________________________________
                         (name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints ____________________________________, as attorney, to transfer said
Note on the books kept for registration thereof, with full power of substitution
in the premises.

Dated: ______________________________         ______________________________ /1/

                                                   Signature Guaranteed:

_____________________________________         __________________________________

__________________
/1/  NOTE: The signature to this assignment must correspond with the name of the
     registered owner as it appears on the face of the within Note in every
     particular, without alteration, enlargement or any change whatsoever.

                                       A-7

<PAGE>

                                                                       EXHIBIT B

                    [FORM OF MONTHLY PAYMENT DATE STATEMENT]

                                      B-1

<PAGE>

                                                                      SCHEDULE 1

                             SERIES 2004-1 ACCOUNTS

Series 2004-1 Reserve Account

     The Bank of New York, NY
     ABA # 021000018
     GLA # 111-565
     TAS # 394244
     REF: World Omni 2004-1 Reserve Account
     Attn: Rob Castle (312) 827-8573

Series 2004-1 Principal Funding Account

     The Bank of New York, NY
     ABA # 021000018
     GLA # 111-565
     TAS # 394245
     REF: World Omni 2004-1 Principal Funding Account
     Attn: Rob Castle (312) 827-8573Indenture dated as of July 2, 2003

 EXHIBIT 4.16 
  
 EXECUTION COPY 
  

  
 CROWN CASTLE INTERNATIONAL CORP.

  
 ISSUER 
  

  
 INDENTURE 
  
 Dated as of July 2, 2003 
  

  

THE BANK OF NEW YORK, 
  
 as successor Trustee 
  
 to 
  
 United
States Trust Company of New York 
  

  

 CROSS-REFERENCE TABLE 
  

	Trust Indenture
Act Section

	 	 	  	Indenture Section

	 310 (a)(1)
	 	 	  	7.10
	 (a)(2)
	 	 	  	7.10
	 (a)(3)
	 	 	  	N.A.
	 (a)(4)
	 	 	  	N.A.
	 (a)(5)
	 	 	  	7.10
	 (b)
	 	 	  	7.10
	 (c)
	 	 	  	N.A.
	 311 (a)
	 	 	  	7.11
	 (b)
	 	 	  	7.11
	 (c)
	 	 	  	N.A.
	 312 (a)
	 	 	  	2.06
	 (b)
	 	 	  	10.03
	 (c)
	 	 	  	10.03
	 313 (a)
	 	 	  	7.06
	 (b)(1)
	 	 	  	N.A.
	 (b)(2)
	 	 	  	7.07
	 (c)
	 	 	  	7.06;10.02
	 (d)
	 	 	  	7.06
	 314 (a)
	 	 	  	4.03;10.02
	 (b)
	 	 	  	N.A.
	 (c)(1)
	 	 	  	10.04
	 (c)(2)
	 	 	  	10.04
	 (c)(3)
	 	 	  	N.A.
	 (d)
	 	 	  	N.A.
	 (e)
	 	 	  	10.05
	 (f)
	 	 	  	N.A.
	 315 (a)
	 	 	  	7.01
	 (b)
	 	 	  	7.05;10.02
	 (c)
	 	 	  	7.01
	 (d)
	 	 	  	7.01
	 (e)
	 	 	  	6.11
	 316 (a)
	 	(last sentence)	  	2.10
	 (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)
	 	 	  	2.05
	 318 (a)
	 	 	  	10.01
	 (b)
	 	 	  	N.A.
	 (c)
	 	 	  	10.01

 N.A. means not applicable. 

	*	 	This Cross Reference Table is not part of the Indenture. 

  

 i 

 TABLE OF CONTENTS 
  

	 	  	 	  	Page

	ARTICLE 1	  	 
	DEFINITIONS AND INCORPORATION BY REFERENCE	  	 
	 Section 1.01.
	  	 Definitions
	  	1
	 Section 1.02.
	  	 Other Definitions
	  	4
	 Section 1.03.
	  	 Incorporation by Reference of Trust Indenture Act
	  	5
	 Section 1.04.
	  	 Rules of Construction
	  	5
		
	ARTICLE 2	  	 
	THE SECURITIES	  	 
			
	 Section 2.01.
	  	 Issuable in Series
	  	5
	 Section 2.02.
	  	 Establishment of Terms of Series of Securities
	  	6
	 Section 2.03.
	  	 Execution and Authentication
	  	8
	 Section 2.04.
	  	 Registrar and Paying Agent
	  	8
	 Section 2.05.
	  	 Paying Agent to Hold Money in Trust
	  	9
	 Section 2.06.
	  	 Securityholder Lists
	  	9
	 Section 2.07.
	  	 Transfer and Exchange
	  	9
	 Section 2.08.
	  	 Mutilated, Destroyed, Lost and Stolen Securities
	  	10
	 Section 2.09.
	  	 Outstanding Securities
	  	10
	 Section 2.10.
	  	 Treasury Securities
	  	11
	 Section 2.11.
	  	 Temporary Securities
	  	11
	 Section 2.12.
	  	 Cancellation
	  	11
	 Section 2.13.
	  	 Defaulted Interest
	  	11
	 Section 2.15.
	  	 Global Securities
	  	12
	 Section 2.16.
	  	 CUSIP Numbers
	  	13
		
	ARTICLE 3	  	 
	REDEMPTION AND PREPAYMENT	  	 
			
	 Section 3.01.
	  	 Notices to Trustee
	  	13
	 Section 3.02.
	  	 Selection of Securities to Be Redeemed
	  	13
	 Section 3.03.
	  	 Notice of Redemption
	  	14
	 Section 3.04.
	  	 Effect of Notice of Redemption.
	  	14
	 Section 3.05.
	  	 Deposit of Redemption Price.
	  	15
	 Section 3.06.
	  	 Securities Redeemed in Part
	  	15
		
	ARTICLE 4	  	 
	COVENANTS	  	 
			
	 Section 4.01.
	  	 Payment of Securities
	  	15
	 Section 4.02.
	  	 Reports
	  	15
	 Section 4.03.
	  	 Compliance Certificate
	  	16
	 Section 4.04.
	  	 Taxes
	  	17
	 Section 4.05.
	  	 Stay, Extension and Usury Laws
	  	17
	 Section 4.06.
	  	 Corporate Existence
	  	17

  

 ii 

 TABLE OF CONTENTS 
 (continued) 
  

	ARTICLE 5
	SUCCESSORS
			
	 Section 5.01.
	  	 Merger, Consolidation or Sale of Assets
	  	17
	 Section 5.02.
	  	 Successor Corporation Substituted
	  	19
	
	ARTICLE 6
	DEFAULTS AND REMEDIES
			
	 Section 6.01.
	  	 Events of Default
	  	19
	 Section 6.02.
	  	 Acceleration
	  	20
	 Section 6.03.
	  	 Other Remedies
	  	21
	 Section 6.04.
	  	 Waiver of Past Defaults
	  	21
	 Section 6.05.
	  	 Control by Majority
	  	21
	 Section 6.06.
	  	 Limitation on Suits
	  	21
	 Section 6.07.
	  	 Rights of Holders of Securities to Receive Payment
	  	22
	 Section 6.08.
	  	 Collection Suit by Trustee
	  	22
	 Section 6.09.
	  	 Trustee May File Proofs of Claim
	  	22
	 Section 6.10.
	  	 Priorities
	  	23
	
	ARTICLE 7
	TRUSTEE
			
	 Section 7.01.
	  	 Duties of Trustee
	  	23
	 Section 7.02.
	  	 Rights of Trustee
	  	24
	 Section 7.03.
	  	 Individual Rights of Trustee
	  	25
	 Section 7.04.
	  	 Trustee’s Disclaimer
	  	25
	 Section 7.05.
	  	 Notice of Defaults
	  	25
	 Section 7.06.
	  	 Reports by Trustee to Holders of the Securities
	  	25
	 Section 7.07.
	  	 Compensation and Indemnity
	  	26
	 Section 7.08.
	  	 Replacement of Trustee
	  	26
	 Section 7.09.
	  	 Successor Trustee by Merger, etc
	  	27
	 Section 7.10.
	  	 Eligibility; Disqualification
	  	27
	 Section 7.11.
	  	 Preferential Collection of Claims Against Company
	  	27
	
	ARTICLE 8
	LEGAL DEFEASANCE AND COVENANT DEFEASANCE
			
	 Section 8.01.
	  	 Option to Effect Legal Defeasance or Covenant Defeasance
	  	28
	 Section 8.02.
	  	 Legal Defeasance and Discharge
	  	28
	 Section 8.03.
	  	 Covenant Defeasance
	  	28
	 Section 8.04.
	  	 Conditions to Legal or Covenant Defeasance
	  	29
	 Section 8.05.
	  	 Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions
	  	30
	 Section 8.06.
	  	 Repayment to Company
	  	30
	 Section 8.07.
	  	 Reinstatement
	  	31
	
	ARTICLE 9
	AMENDMENT, SUPPLEMENT AND WAIVER
			
	 Section 9.01.
	  	 Without Consent of Holders of Securities
	  	31

  

 iii 

 TABLE OF CONTENTS 
 (continued) 
  

	 Section 9.02.
	  	 With Consent of Holders of Securities
	  	32
	 Section 9.03.
	  	 Compliance with Trust Indenture Act
	  	33
	 Section 9.04.
	  	 Revocation and Effect of Consents
	  	33
	 Section 9.05.
	  	 Section 9.05. Notation on or Exchange of Securities
	  	33
	 Section 9.06.
	  	 Trustee to Sign Amendments, etc
	  	34
	
	ARTICLE 10
	MISCELLANEOUS
			
	 Section 10.01.
	  	 Trust Indenture Act Controls
	  	34
	 Section 10.02.
	  	 Notices
	  	34
	 Section 10.03.
	  	 Communication by Holders of Securities with Other Holders of Securities
	  	35
	 Section 10.04.
	  	 Certificate and Opinion as to Conditions Precedent
	  	35
	 Section 10.05.
	  	 Statements Required in Certificate or Opinion
	  	35
	 Section 10.06.
	  	 Rules by Trustee and Agents.
	  	36
	 Section 10.07.
	  	 No Personal Liability of Directors, Officers, Employees and Stockholders
	  	36
	 Section 10.08.
	  	 Governing Law
	  	36
	 Section 10.09.
	  	 No Adverse Interpretation of Other Agreements
	  	36
	 Section 10.10.
	  	 Successors
	  	36
	 Section 10.11.
	  	 Severability
	  	36
	 Section 10.12.
	  	 Counterpart Originals
	  	37
	 Section 10.13.
	  	 Table of Contents, Headings, etc
	  	37

  

 iv 

 INDENTURE dated as of July 2, 2003 between Crown Castle International Corp., a Delaware corporation (the
“Company”), and The Bank of New York, as successor trustee (the “Trustee”) to United States Trust Company of New York. 
  
 The Company and the Trustee agree as follows for the benefit of each other and for the equal and ratable benefit of the Holders of the Securities issued
under this Indenture (the “Securities”): 
  
 ARTICLE 1

  
 DEFINITIONS AND INCORPORATION BY REFERENCE

  
 Section 1.01. Definitions. 
  
 Certain terms used herein and not defined herein shall have the meanings
assigned to them in a Board Resolution, an Officer’s Certificate or a supplemental Indenture. The following terms shall have the following meanings: 
  
 “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 that beneficial ownership of 10% or more of the Voting Stock of a Person shall be deemed to be control. 
  
 “Agent” means any Registrar, Paying Agent or co-registrar. 
  
 “Bankruptcy Law” means Title 11, U.S. Code or any similar federal or state law for the relief of debtors.

  
 “Board of Directors” means the Board of Directors of
the Company, or any authorized committee of the Board of Directors. 
  
 “Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have been adopted by the Board of Directors or pursuant to authorization by the Board of Directors and to be in
full force and effect on the date of the certificate and delivered to the Trustee. 
  
 “Business Day” means any day other than a Legal Holiday. 
  
 “Cedel” means Cedel Bank, S.A. 
  
 “Company” means Crown Castle International Corp., and any and all successors thereto. 
  
 “Company Order” means a written order signed in the name of the
Company by two Officers, one of whom must be the Company’s principal executive officer, principal financial officer or principal accounting officer. 
  
 “Corporate Trust Office of the Trustee” shall be at the address of the Trustee specified in Section 10.02 hereof or such other address as to
which the Trustee may give notice to the Company. 

 “Custodian” means the Trustee, as Custodian with respect to the Securities in global form, or
any successor entity thereto. 
  
 “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 Security” means a certificated Security registered in the name of the Holder thereof and issued in accordance with Section 2.07
hereof, substantially in the form of Exhibit A hereto except that such Security shall not bear the Global Security Legend and shall not have the “Schedule of Exchanges of Interests in the Global Security” attached thereto. 
  
 “Depositary” means, with respect to the Securities issuable or
issued in whole or in part in global form, the Person specified in Section 2.04 hereof as the Depositary with respect to the Securities, and any and all successors thereto appointed as depositary hereunder and having become such pursuant to the
applicable provision of this Indenture. 
  
 “Discount
Security” means any Security that provides for an amount less than the stated principal amount thereof to be due and payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.02. 
  
 “ECU” means the European Currency Unit as determined by the
Commission of the European Union. 
  
 “Euroclear” means
Morgan Guaranty Trust Company of New York, Brussels office, as operator of the Euroclear system. 
  
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
  
 “Foreign Currency” means any currency or currency unit issued by a government other than the government of The
United States of America. 
  
 “GAAP” means 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 have been approved by a significant segment of the accounting profession, which are in effect on the date hereof. 
  
 “Global Security Legend” means the legend set forth in Section 2.14(3), which is required to be placed on all
Global Securities issued under this Indenture. 
  
 “Government Securities” means direct obligations of, or obligations guaranteed by, the United States of America, and the payment for which the United States pledges its full faith and credit. 
  
 “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, by way of a pledge of assets or through letters of credit or reimbursement agreements in respect thereof),
of all or any part of any Indebtedness. The term “Guarantor” shall mean any Person Guaranteeing any obligation. 
  
 “Holder” means a Person in whose name a Security is registered. 
  

 2 

 “Indenture” means this Indenture, as amended or supplemented from time to time. 
  
 “Indirect Participant” means a Person who holds a beneficial
interest in a Global Security through a Participant. 
  
 “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 on such payment for the intervening period. 
  
 “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 statutes) of any jurisdiction). 
  
 “Maturity,” when used with respect to any Security or installment
of principal thereof, means the date on which the principal of such Security or such installment of principal becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for
redemption, notice of option to elect repayment or otherwise. 
  
 “Offering” means the offering of the Securities by the Company. 
  
 “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, the Controller, the Secretary or any Vice-President of such Person. 
  
 “Officers’ Certificate” means a certificate signed on behalf of the Company by two Officers of the Company, one of whom must be the principal executive officer, the principal financial officer, the
treasurer or the principal accounting officer of the Company, that meets the requirements of Section 10.04 hereof. 
  
 “Opinion of Counsel” means an opinion from legal counsel who is reasonably acceptable to the Trustee, that meets the requirements of Section
10.04 hereof. The counsel may be an employee of or counsel to the Company, any Subsidiary of the Company or the Trustee. 
  
 “Participant” means, with respect to the Depositary, Euroclear or Cedel, a Person who has an account with the Depositary, Euroclear or Cedel,
respectively (and, with respect to DTC, shall include Euroclear and Cedel). 
  
 “Person” means any individual, corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated organization or government or agency or political subdivision thereof
(including any subdivision or ongoing business of any such entity or substantially all of the assets of any such entity, subdivision or business). 
  
 “Responsible Office” 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. 
  

 3 

 “SEC” means the Securities and Exchange Commission. 
  
 “Securities” has the meaning assigned to it in the preamble to this
Indenture. 
  
 “Securities Act” means the Securities Act
of 1933, as amended. 
  
 “Series” or “Series of
Securities” means each series of debentures, notes or other debt instruments of the Company created pursuant to Sections 2.01 and 2.02 hereof. 
  
 “Subsidiary” means, with respect to any Person: 
  

	 	(1)	 	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 that Person (or a combination thereof); and

  

	 	(2)	 	any partnership: 

  

	 	(a)	 	the sole general partner or the managing general partner of which is such Person or a Subsidiary of such Person; or 

  

	 	(b)	 	the only general partners of which are such Person or of one or more Subsidiaries of such Person (or any combination thereof). 

  
 “TIA” means the Trust Indenture Act of 1939 (15 U.S.C. (S)(S)
77aaa-77bbbb) as in effect on the date on which this Indenture is qualified under the TIA. 
  
 “Trustee” means the party named as such above until a successor replaces it in accordance with the applicable provisions of this Indenture and thereafter means the successor serving hereunder. 
  
 “U.S. Person” means a U.S. person as defined in Rule 902(o) under
the Securities Act. 
  
 Section 1.02. Other Definitions.

  

	 Term

	  	 Defined in
 Section

	 “Covenant Defeasance”
	  	8.03
	 “Event of Default”
	  	6.01
	 “Legal Defeasance”
	  	8.02
	 “Paying Agent”
	  	2.04
	 “Payment Default”
	  	6.01
	 “Registrar”
	  	2.04
	 “Service Agent”
	  	2.04

  

 4 

 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 of this Indenture. 
  
 The following TIA terms used in this Indenture have the following meanings: 
  
 “indenture securities” means the Securities; 
  
 “indenture security Holder” means a Holder of a Security; 
  
 “indenture to be qualified” means this Indenture; 
  
 “indenture trustee” or “institutional trustee” means the Trustee; and 
  
 “obligor” on the Securities means the Company and any successor obligor upon the Securities. 
  
 All other terms used in this Indenture that are defined by the TIA, defined
by the TIA’s reference to another statute or defined by SEC rule under the TIA have the meanings so assigned to them. 
  
 Section 1.04. Rules of Construction. 
  
 Unless the context otherwise requires: 
  

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

  

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

  

	 	(c)	 	“or” is not exclusive; 

  

	 	(d)	 	in the singular include the plural, and in the plural include the singular; 

  

	 	(e)	 	provisions apply to successive events and transactions; and 

  

	 	(f)	 	references to sections of or rules under the Securities Act shall be deemed to include substitute, replacement or successor sections or rules adopted by the SEC from time to time.

  
 ARTICLE 2 
  
 THE SECURITIES 
  
 Section 2.01. Issuable in Series. 
  
 The aggregate principal amount of Securities that may be authenticated and
delivered under this Indenture is unlimited. The Securities may be issued in one or more Series. All Securities of a Series shall be identical except as may be set forth in a Board Resolution, a supplemental indenture or an Officers’
Certificate detailing the adoption of the terms thereof pursuant to the authority granted under a Board Resolution. In the case of Securities of a Series to be issued from time to time, the Board Resolution, Officers’ Certificate or
supplemental indenture may provide for the method by which specified terms (such as interest rate, maturity date, record date or date from which interest shall accrue) are to be determined. Securities may differ between Series in respect of any
matters, provided that all Series of Securities shall be equally and ratably entitled to the benefits of the Indenture. 
  

 5 

 Section 2.02. Establishment of Terms of Series of Securities. 
  
 At or prior to the issuance of any Securities within a Series, the following
shall be established (as to the Series generally, in the case of Subsection 2.02(1) and either as to such Securities within the Series or as to the Series generally in the case of Subsections 2.02(2) through 2.02(21)) by a Board Resolution, a
supplemental indenture or an Officers’ Certificate pursuant to authority granted under a Board Resolution: 
  
 (1) the title of the Series (which shall distinguish the Securities of that particular Series from the Securities of any other Series);

  
 (2) the price or prices (expressed as a
percentage of the principal amount thereof) at which the Securities of the Series will be issued; 
  
 (3) any limit upon the aggregate principal amount of the Securities of the Series which may be authenticated and delivered under this
Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of the Series); 
  
 (4) the date or dates on which the principal of the Securities of the Series is payable; 
  
 (5) the rate or rates (which may be fixed or variable) per
annum or, if applicable, the method used to determine such rate or rates (including, but not limited to, any commodity, commodity index, stock exchange index or financial index) at which the Securities of the Series shall bear interest, if any, the
date or dates from which such interest, if any, shall accrue, the date or dates on which such interest, if any, shall commence and be payable and any regular record date for the interest payable on any interest payment date; 
  
 (6) the place or places where the principal of and interest,
if any, on the Securities of the Series shall be payable, or the method of such payment, if by wire transfer, mail or other means; 
  
 (7) if applicable, the period or periods within which, the price or prices at which and the terms and conditions upon which the Securities
of the Series may be redeemed, in whole or in part, at the option of the Company; 
  
 (8) the obligation, if any, of the Company to redeem or purchase the Securities of the Series pursuant to any sinking fund or analogous
provisions or at the option of a Holder thereof and the period or periods within which, the price or prices at which and the terms and conditions upon which Securities of the Series shall be redeemed or purchased, in whole or in part, pursuant to
such obligation; 
  
 (9) the dates, if any, on
which and the price or prices at which the Securities of the Series will be repurchased by the Company at the option of the Holders thereof and other detailed terms and provisions of such repurchase obligations; 
  
 (10) if other than denominations of $1,000 and any integral
multiple thereof, the denominations in which the Securities of the Series shall be issuable; 
  

 6 

 (11) the forms of the Securities of the Series in bearer or fully registered form (and,
if in fully registered form, whether the Securities will be issuable as Global Securities); 
  
 (12) if other than the principal amount thereof, the portion of the principal amount of the Securities of the Series that shall be payable
upon declaration of acceleration of the maturity thereof pursuant to Section 6.02; 
  
 (13) the currency of denomination of the Securities of the Series, which may be Dollars or any Foreign Currency, including, but not
limited to, the ECU, and if such currency of denomination is a composite currency other than the ECU, the agency or organization, if any, responsible for overseeing such composite currency; 
  
 (14) the designation of the currency, currencies or currency
units in which payment of the principal of and interest, if any, on the Securities of the Series will be made; 
  
 (15) if payments of principal of or interest, if any, on the Securities of the Series are to be made in one or more currencies or currency
units other than that or those in which such Securities are denominated, the manner in which the exchange rate with respect to such payments will be determined; 
  
 (16) the manner in which the amounts of payment of principal of or interest, if any, on the Securities of
the Series will be determined, if such amounts may be determined by reference to an index based on a currency or currencies or by reference to a commodity, commodity index, stock exchange index or financial index; 
  
 (17) the provisions, if any, relating to any security
provided for the Securities of the Series; 
  
 (18) any addition to or change in the Events of Default which applies to any Securities of the Series and any change in the right of the Trustee or the requisite Holders of such Securities to declare the principal amount thereof due and
payable pursuant to Section 6.2; 
  
 (19) any
addition to or change in the covenants set forth in Articles 4 or 5 which applies to Securities of the Series; 
  
 (20) any other terms of the Securities of the Series (which terms shall not be inconsistent with the provisions of this Indenture, except
as permitted by Section 9.01, but which may modify or delete any provision of this Indenture insofar as it applies to such Series); and 
  
 (21) any depositories, interest rate calculation agents, exchange rate calculation agents or other agents with respect to Securities of
such Series if other than those appointed herein. All Securities of any one Series need not be issued at the same time and may be issued from time to time, consistent with the terms of this Indenture, if so provided by or pursuant to the Board
Resolution, supplemental indenture or Officers’ Certificate referred to above, and the authorized principal amount of any Series may not be increased to provide for issuances of additional Securities of such Series, unless otherwise provided in
such Board Resolution, supplemental indenture or Officers’ Certificate. 
  

 7 

 Section 2.03. Execution and Authentication. 
  
 Two Officers shall sign the Securities for the Company by manual or
facsimile signature. 
  
 If an Officer whose signature is on a
Security no longer holds that office at the time the Security is authenticated, the Security shall nevertheless be valid. 
  
 A Security shall not be valid until authenticated by the manual signature of the Trustee or an authenticating agent. The signature shall be conclusive
evidence that the Security has been authenticated under this Indenture. 
  
 The Trustee shall at any time, and from time to time, authenticate Securities for original issue in the principal amount provided in the Board Resolution, supplemental indenture hereto or Officers’ Certificate, upon receipt by the
Trustee of a Company Order. Such Company Order may authorize authentication and delivery pursuant to oral or electronic instructions from the Company or its duly authorized agent or agents, which oral instructions shall be promptly confirmed in
writing. Each Security shall be dated the date of its authentication unless otherwise provided by a Board Resolution, a supplemental indenture hereto or an Officers’ Certificate. 
  
 The aggregate principal amount of Securities of any Series outstanding at any time may not exceed any limit upon the maximum
principal amount for such Series set forth in the Board Resolution, supplemental indenture hereto or Officers’ Certificate delivered pursuant to Section 2.02, except as provided in Section 2.08. 
  
 Prior to the issuance of Securities of any Series, the Trustee shall have
received and (subject to Section 7.02) shall be fully protected in relying on: (a) the Board Resolution, supplemental indenture hereto or Officers’ Certificate establishing the form of the Securities of that Series or of Securities within that
Series and the terms of the Securities of that Series or of Securities within that Series, (b) an Officers’ Certificate complying with Section 10.04, and (c) an Opinion of Counsel complying with Section 10.04. 
  
 The Trustee shall have the right to decline to authenticate and deliver any
Securities of such Series: (a) if the Trustee, being advised by counsel, determines that such action may not lawfully be taken; or (b) if the Trustee in good faith by its board of directors or trustees, executive committee or a trust committee of
directors and/or vice-presidents shall determine that such action would expose the Trustee to personal liability to Holders of any then outstanding Series of Securities. 
  
 The Trustee may appoint an authenticating agent acceptable to the Company to authenticate Securities. An authenticating
agent may authenticate Securities 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
Company or an Affiliate. 
  
 Section 2.04. Registrar and Paying
Agent. 
  
 The Company shall maintain, with respect to each
Series of Securities, at the place or places specified with respect to such Series pursuant to Section 2.02, an office or agency where Securities of such Series may be presented or surrendered for payment (“Paying Agent”), where Securities
of such Series may be surrendered for registration of transfer or exchange (“Registrar”) and where notices and demands to or upon the Company in respect of the Securities of such Series and this Indenture may be served (“Service
Agent”). The Registrar shall keep a register with respect to each Series of Securities and to their transfer and exchange. The Company will give prompt written notice to the Trustee of the name and address, and any change in the name or
address, of each Registrar, Paying Agent or Service Agent. If at any time the Company shall fail to maintain any such required Registrar, Paying Agent or Service Agent or shall fail to furnish the Trustee with the name and address thereof, such
presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands.

  

 8 

 The Company may also from time to time designate one or more co-registrars, additional paying agents or
additional service agents and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligations to maintain a Registrar, Paying Agent and Service
Agent in each place so specified pursuant to Section 2.02 for Securities of any Series for such purposes. The Company will give prompt written notice to the Trustee of any such designation or rescission and of any change in the name or address of
any such co-registrar, additional paying agent or additional service agent. The term “Registrar” includes any co-registrar; the term “Paying Agent” includes any additional paying agent; and the term “Service Agent”
includes any additional service agent. 
  
 The Company hereby
appoints the Trustee the initial Registrar, Paying Agent and Service Agent for each Series unless another Registrar, Paying Agent or Service Agent, as the case may be, is appointed prior to the time Securities of that Series are first issued.

  
 Section 2.05. Paying Agent to Hold Money in Trust.

  
 The Company shall require each Paying Agent other than the
Trustee to agree in writing that the Paying Agent will hold in trust, for the benefit of Securityholders of any Series of Securities, or the Trustee, all money held by the Paying Agent for the payment of principal of or interest on the Series of
Securities, and will notify the Trustee of any default by the Company 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 Company 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 the Company or a Subsidiary) shall have no further liability for the money. If the Company or a Subsidiary acts as
Paying Agent, it shall segregate and hold in a separate trust fund for the benefit of Securityholders of any Series of Securities all money held by it as Paying Agent. 
  
 Section 2.06. Securityholder Lists. 
  
 The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the
names and addresses of Securityholders of each Series of Securities and shall otherwise comply with TIA (S) 312(a). If the Trustee is not the Registrar, the Company shall furnish to the Trustee at least ten 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 Securityholders of each Series of Securities. 
  
 Section 2.07. Transfer and Exchange. 
  
 Where Securities of a Series are presented to the Registrar or a co-
registrar with a request to register a transfer or to exchange them for an equal principal amount of Securities of the same Series, the Registrar shall register the transfer or make the exchange if its requirements for such transactions are met. To
permit registrations of transfers and exchanges, the Trustee shall authenticate Securities at the Registrar’s request. No service charge shall be made for any registration of transfer or exchange (except as otherwise expressly permitted
herein), but the Company 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 tax or similar governmental charge payable upon exchanges
pursuant to Sections 2.11, 3.06 or 9.05). 
  

 9 

 Neither the Company nor the Registrar shall be required (a) to issue, register the transfer of, or
exchange Securities of any Series for the period beginning at the opening of business fifteen days immediately preceding the mailing of a notice of redemption of Securities of that Series selected for redemption and ending at the close of business
on the day of such mailing, or (b) to register the transfer of or exchange Securities of any Series selected, called or being called for redemption as a whole or the portion being redeemed of any such Securities selected, called or being called for
redemption in part. 
  
 Section 2.08. Mutilated, Destroyed,
Lost and Stolen Securities. 
  
 If any mutilated Security is
surrendered to the Trustee, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a new Security of the same Series and of like tenor and principal amount and bearing a number not contemporaneously
outstanding. 
  
 If there shall be delivered to the Company and
the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any Security and (ii) such security or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of
notice to the Company or the Trustee that such Security has been acquired by a bona fide purchaser, the Company shall execute and upon its request the Trustee shall authenticate and make available for delivery, in lieu of any such destroyed, lost or
stolen Security, a new Security of the same Series and of like tenor and principal amount and bearing a number not contemporaneously outstanding. 
  
 In case any such mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, the Company in its discretion may,
instead of issuing a new Security, pay such Security. 
  
 Upon the
issuance of any new Security under this Section, the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of
the Trustee) connected therewith. 
  
 Every new Security of any
Series issued pursuant to this Section in lieu of any destroyed, lost or stolen Security shall constitute an original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time
enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any and all other Securities of that Series duly issued hereunder. 
  
 The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with
respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities. 
  
 Section 2.09. Outstanding Securities. 
  
 The Securities outstanding at any time are all the Securities authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those reductions in the interest on a Global Security
effected by the Trustee in accordance with the provisions hereof and those described in this Section as not outstanding. 
  
 If a Security is replaced pursuant to Section 2.08, it ceases to be outstanding until the Trustee receives proof satisfactory to it that the replaced
Security is held by a bona fide purchaser. 
  
 If the Paying Agent
(other than the Company, a Subsidiary or an Affiliate of any thereof) holds on the Maturity of Securities of a Series money sufficient to pay such Securities payable on that date, then on and after that date such Securities of the Series cease to be
outstanding and interest on them ceases to accrue. 
  

 10 

 A Security does not cease to be outstanding because the Company or an Affiliate holds the Security.

  
 In determining whether the Holders of the requisite principal
amount of outstanding Securities have given any request, demand, authorization, direction, notice, consent or waiver hereunder, the principal amount of a Discount Security that shall be deemed to be outstanding for such purposes shall be the amount
of the principal thereof that would be due and payable as of the date of such determination upon a declaration of acceleration of the Maturity thereof pursuant to Section 6.02. 
  
 Section 2.10. Treasury Securities. 
  
 In determining whether the Holders of the required principal amount of Securities of a Series have concurred in any request,
demand, authorization, direction, notice, consent or waiver Securities of a Series owned by the Company or an Affiliate shall be disregarded, except that for the purposes of determining whether the Trustee shall be protected in relying on any such
request, demand, authorization, direction, notice, consent or waiver only Securities of a Series that the Trustee knows are so owned shall be so disregarded. 
  
 Section 2.11. Temporary Securities. 
  
 Until definitive Securities are ready for delivery, the Company may prepare and the Trustee shall authenticate temporary Securities upon a Company Order.
Temporary Securities shall be substantially in the form of definitive Securities but may have variations that the Company considers appropriate for temporary Securities. Without unreasonable delay, the Company shall prepare and the Trustee upon
request shall authenticate definitive Securities of the same Series and date of maturity in exchange for temporary Securities. Until so exchanged, temporary securities shall have the same rights under this Indenture as the definitive Securities.

  
 Section 2.12. Cancellation. 
  
 The Company at any time may deliver Securities to the Trustee for
cancellation. The Registrar and the Paying Agent shall forward to the Trustee any Securities surrendered to them for registration of transfer, exchange or payment. The Trustee shall cancel all Securities surrendered for transfer, exchange, payment,
replacement or cancellation and shall destroy such canceled Securities (subject to the record retention requirement of the Exchange Act) and deliver a certificate of such destruction to the Company, unless the Company otherwise directs. The Company
may not issue new Securities to replace Securities that it has paid or delivered to the Trustee for cancellation. 
  
 Section 2.13. Defaulted Interest. 
  
 If the Company defaults in a payment of interest on a Series of Securities, it shall pay the defaulted interest, plus, to the extent permitted by law, any
interest payable on the defaulted interest, to the persons who are Securityholders of the Series on a subsequent special record date. The Company shall fix the record date and payment date. At least 30 days before the record date, the Company shall
mail to the Trustee and to each Securityholder of the Series a notice that states the record date, the payment date and the amount of interest to be paid. The Company may pay defaulted interest in any other lawful manner. 
  

 11 

 Section 2.15. Global Securities. 
  
 (1) Terms of Securities. A Board Resolution, a supplemental indenture hereto or an Officers’
Certificate shall establish whether the Securities of a Series shall be issued in whole or in part in the form of one or more Global Securities and the Depository for such Global Security or Securities. 
  
 (2) Transfer and Exchange. Notwithstanding any
provisions to the contrary contained in Section 2.07 of the Indenture and in addition thereto, any Global Security shall be exchangeable pursuant to Section 2.07 of the Indenture for Securities registered in the names of Holders other than the
Depository for such Security or its nominee only if (i) such Depository notifies the Company that it is unwilling or unable to continue as Depository for such Global Security or if at any time such Depository ceases to be a clearing agency
registered under the Exchange Act, and, in either case, the Company fails to appoint a successor Depository within 90 days of such event, (ii) the Company executes and delivers to the Trustee an Officers’ Certificate to the effect that such
Global Security shall be so exchangeable or (iii) an Event of Default with respect to the Securities represented by such Global Security shall have happened and be continuing. Any Global Security that is exchangeable pursuant to the preceding
sentence shall be exchangeable for Securities registered in such names as the Depository shall direct in writing in an aggregate principal amount equal to the principal amount of the Global Security with like tenor and terms. 
  
 Except as provided in this Section 2.14(2) a Global Security may not be
transferred except as a whole by the Depository with respect to such Global Security to a nominee of such Depository, by a nominee of such Depository to such Depository or another nominee of such Depository or by the Depository or any such nominee
to a successor Depository or a nominee of such a successor Depository. 
  
 (3) Legend. Any Global Security issued hereunder shall bear a legend in substantially the following form: 
  
 “THIS GLOBAL SECURITY IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS SECURITY) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF
THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (II) THIS GLOBAL SECURITY MAY BE
EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.07 OF THE INDENTURE, (III) THIS GLOBAL SECURITY MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.12 OF THE INDENTURE AND (IV) THIS GLOBAL SECURITY MAY BE TRANSFERRED TO A
SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF CROWN CASTLE INTERNATIONAL CORP.” 
  
 (4) Acts of Holders. The Depository, as a Holder, may appoint agents and otherwise authorize participants to give or take any
request, demand, authorization, direction, notice, consent, waiver or other action which a Holder is entitled to give or take under the Indenture. 
  
 (5) Payments. Notwithstanding the other provisions of this Indenture, unless otherwise specified as contemplated by Section 2.02,
payment of the principal of and interest, if any, on any Global Security shall be made to the Holder thereof. 
  

 12 

 (6) Consents, Declaration and Directions. Except as provided in Section 2.14(5),
the Company, the Trustee and any Agent shall treat a person as the Holder of such principal amount of outstanding Securities of such Series represented by a Global Security as shall be specified in a written statement of the Depositary with respect
to such Global Security, for purposes of obtaining any consents, declarations, waivers or directions required to be given by the Holders pursuant to this Indenture. 
  
 Section 2.16. CUSIP Numbers. 
  
 The Company in issuing the Securities may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee
shall use “CUSIP” numbers in notices of redemption as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities or as
contained in any notice of a redemption and that reliance may be placed only on the other elements of identification printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. 

 
 ARTICLE 3 
  
 REDEMPTION AND PREPAYMENT 
  
 Section 3.01. Notices to Trustee. 
  
 The Company may, with respect to any Series of Securities, reserve the right
to redeem and pay the Series of Securities or may covenant to redeem and pay the Series of Securities or any part thereof prior to the Stated Maturity thereof at such time and on such terms as provided for in such Securities. If a Series of
Securities is redeemable and the Company wants or is obligated to redeem prior to the Stated Maturity thereof all or part of the Series of Securities pursuant to the terms of such Securities, it shall notify the Trustee of the redemption date and
the principal amount of Series of Securities to be redeemed. The Company shall give the notice at least 30 but no more that 60 days before the redemption date (or such shorter notice as may be acceptable to the Trustee). 
  
 Section 3.02. Selection of Securities to Be Redeemed. 
  
 Unless otherwise indicated for a particular Series by a Board Resolution, a
supplemental indenture or an Officer’s Certificate, if less than all of the Securities are to be redeemed or purchased in an offer to purchase at any time, the Trustee shall select the Securities to be redeemed as follows: 
  
 (1) if the Securities are listed on any national securities
exchange, in compliance with the requirements of the principal national securities exchange, if any, on which the Securities are listed; or 
  
 (2) if the Securities are not listed on any national securities exchange, on a pro rata basis, by lot or by such other method as the
Trustee shall deem fair and appropriate. 
  
 No Securities of
$1,000 of principal amount or less will be redeemed in part. Except as provided in the preceding sentence, provisions of this Indenture that apply to Securities called for redemption also apply to portions of Securities called for redemption.
Notices of redemption will be mailed by first class mail at least 30 but not more than 60 days before the redemption date to each Holder of Securities to be redeemed at its registered address. Notices of redemption may not be conditional.

  

 13 

 If any Security is to be redeemed in part only, the notice of redemption that relates to such Security
shall state the portion of the principal amount of that Security to be redeemed. A new Security in principal amount equal to the unredeemed portion of the original Security presented for redemption will be issued in the name of the Holder thereof
upon cancellation of the original Security. Securities called for redemption become due on the date fixed for redemption. On and after the redemption date, interest ceases to accrue or accrete on Securities or portions of them called for redemption.

  
 Section 3.03. Notice of Redemption. 
  
 Unless otherwise indicated for a particular Series by a Board Resolution, a
supplemental indenture or an Officers’ Certificate, 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 Securities
are to be redeemed at its registered address. 
  
 The notice shall
identify the Securities to be redeemed and shall state: 
  
 (1) the redemption date; 
  
 (2) the redemption price; 
  
 (3) if any Security is being redeemed in part, the portion of the principal amount of such Security to be redeemed and that, after the redemption date upon surrender of such Security, a new Security or Securities in
principal amount equal to the unredeemed portion shall be issued upon cancellation of the original Security; 
  
 (4) the name and address of the Paying Agent; 
  
 (5) that Securities called for redemption must be surrendered to the Paying Agent to collect the redemption price; 
  
 (6) that, unless the Company defaults in making such
redemption payment, interest on Securities called for redemption ceases to accrue on and after the redemption date; 
  
 (7) the paragraph of the Securities and/or provision of an indenture pursuant to which the Securities called for redemption are being
redeemed; and 
  
 (8) that no representation is
made as to the correctness or accuracy of the CUSIP number, if any, listed in such notice or printed on the Securities. 
  
 At the Company’s request, the Trustee shall give the notice of redemption in the Company’s name and at its expense; provided, however, that the
Company shall have delivered to the Trustee, at least 45 days 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. 
  
 Section 3.04. Effect of Notice of
Redemption. 
  
 Once notice of redemption is mailed in
accordance with Section 3.03 hereof, Securities called for redemption become irrevocably due and payable on the redemption date at the redemption price. A notice of redemption may not be conditional. 
  

 14 

 Section 3.05. Deposit of Redemption Price. 
  
 One Business Day prior to the 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 Securities 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 Securities to be redeemed. 
  
 If the Company complies with the provisions of the preceding paragraph, on and after the redemption date, interest shall
cease to accrue on the Securities or the portions of Securities called for redemption. If a Security 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 Security was registered at the close of business on such record date. If any Security 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 the
Securities. 
  
 Section 3.06. Securities Redeemed in Part.

  
 Upon surrender of a Security that is redeemed in part, the
Company shall issue and, upon the Company’s written request, the Trustee shall authenticate for the Holder at the expense of the Company a new Security equal in principal amount to the unredeemed portion of the Security surrendered. 

 
 ARTICLE 4 
  
 COVENANTS 
  
 Section 4.01. Payment of Securities. 
  
 The Company covenants and agrees for the benefit of the Holders of each Series of Securities that it will duly and
punctually pay the principal of and interest, if any, on the Securities of that Series in accordance with the terms of such Securities and this Indenture. 
  
 Section 4.02. Reports. 
  
 Unless otherwise indicated in a Board Resolution, an Officer’s Certificate or a supplemental indenture, whether or not required by the SEC, so long
as any Securities are outstanding, the Company shall furnish to the Holders of Securities: 
  
 (1) all quarterly and annual financial information that would be required to be contained in a filing with the SEC on Forms 10-Q and 10-K
if the Company were required to file such Forms, including a “Management’s Discussion and Analysis of Financial Condition and Results of Operations” that describes the financial condition and results of operations of the Company and
its consolidated Subsidiaries (showing in reasonable detail, in the footnotes to the financial statements and in the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” (in each case to the extent
not prohibited by the SEC’s rules and regulations): 
  

 15 

	 	(a)	 	the financial condition and results of operations of the Company and its Restricted Subsidiaries separate from the financial condition and results of operations of the Unrestricted
Subsidiaries of the Company; and 

  

	 	(b)	 	the Tower Cash Flow for the most recently completed fiscal quarter and the Adjusted Consolidated Cash Flow for the most recently completed four- quarter period) and, with respect to
the annual information only, a report thereon by the Company’s certified independent accountants; and 

  
 (2) all current reports that would be required to be filed with the SEC on Form 8-K if the Company were required to file such reports, in
each case within the time periods specified in the Company’s rules and regulations. 
  
 In addition, whether or not required by the rules and regulations of the SEC, the Company shall file a copy of all such information and reports with the SEC for public availability within the time periods specified in
the SEC’s rules and regulations (unless the SEC will not accept such a filing) and make such information available to securities analysts and prospective investors upon request. The Company shall at all times comply with TIA (S) 314(a).

  
 Section 4.03. Compliance Certificate. 
  
 (1) The Company shall deliver to the Trustee, within 90 days
after the end of each fiscal year, an Officers’ Certificate 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 Company has kept, observed, performed and fulfilled its obligations under this Indenture, as modified or supplemented by an Officer’s Certificate, a Board Resolution or a supplemental indenture, and further stating, as
to each such Officer signing such certificate, that to the best of his or her knowledge the Company has kept, observed, performed and fulfilled each and every covenant contained in this Indenture, as modified or supplemented by an Officer’s
Certificate, a Board Resolution or a supplemental indenture, and is not in default in the performance or observance of any of the terms, provisions and conditions of this Indenture, as modified or supplemented by an Officer’s Certificate, a
Board Resolution or a supplemental indenture, (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 the Company 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 Securities is prohibited or if such event
has occurred, a description of the event and what action the Company is taking or proposes to take with respect thereto. 
  
 (2) So long as not contrary to the then current recommendations of the American Institute of Certified Public Accountants, the year-end
financial statements delivered pursuant to Section 4.03(1) above shall be accompanied by a written statement of the Company’s independent public accountants (who shall be a firm of established national reputation) that in making the examination
necessary for certification of such financial statements, nothing has come to their attention that would lead them to believe that the Company has violated any provisions of Article 4 or Article 5 hereof or, if any such violation has occurred,
specifying the nature and period of existence thereof, it being understood that such accountants shall not be liable directly or indirectly to any Person for any failure to obtain knowledge of any such violation. 
  

 16 

 (3) The Company shall, so long as any of the Securities are outstanding, deliver to the
Trustee, forthwith upon any Officer becoming aware of any Default or Event of Default, an Officers’ Certificate specifying such Default or Event of Default and what action the Company is taking or proposes to take with respect thereto.

  
 Section 4.04. Taxes. 
  
 The Company shall pay, and shall cause each of its Subsidiaries to pay,
prior to delinquency, all material taxes, assessments, and governmental levies except such as are 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 Securities. 
  
 Section 4.05. Stay, Extension
and Usury Laws. 
  
 The Company covenants (to the extent that
it may lawfully do so) that it 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 of this Indenture, as modified or supplemented by an Officer’s Certificate, a Board Resolution or a supplemental indenture; and the Company (to the extent that it may lawfully do so) hereby expressly waives all
benefit or advantage of any such law, and covenants that it 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 4.06.
Corporate Existence. 
  
 Subject to Article 5 hereof, the
Company shall do or cause to be done all things necessary to preserve and keep in full force and effect: 
  
 (1) its corporate existence, and the corporate, partnership or other existence of each of its Subsidiaries, in accordance with the
respective organizational documents (as the same may be amended from time to time) of the Company or any such Subsidiary and 
  
 (2) 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 of its Subsidiaries, if the Board of Directors shall determine that the preservation thereof is no longer desirable in
the conduct of the business of the Company and its Subsidiaries, taken as a whole, and that the loss thereof is not adverse in any material respect to the Holders of the Securities. 
  
 ARTICLE 5 
  
 SUCCESSORS 
  
 Section 5.01. Merger, Consolidation or Sale of Assets. 
  
 Unless otherwise indicated for a particular Series by a Board Resolution, a supplemental indenture or an Officer’s Certificate, the Company shall
not: 
  
 (1) consolidate or merge with or into
(whether or not the Company is the surviving corporation); or 
  

 17 

 (2) 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 corporation, Person or entity, unless: 
  

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

  

	 	(b)	 	the entity or Person formed by or surviving any such consolidation or merger (if other than the Company) or the entity or Person to which the sale, assignment, transfer, lease,
conveyance or other disposition shall have been made assumes all the Obligations (as defined in the Board Resolution, a supplemental indenture, or an Officer’s Certificate for a particular Series) of the Company under the Securities and this
Indenture pursuant to a supplemental indenture in a form reasonably satisfactory to the Trustee; 

  

	 	(c)	 	immediately after such transaction no Default exists; and 

  

	 	(d)	 	except in the case of (A) a merger of the Company with or into a Wholly Owned Restricted Subsidiary (as defined in the Board Resolution, a supplemental indenture, or an
Officer’s Certificate for a particular Series) of the Company and (B) a merger entered into solely for the purpose of reincorporating the Company in another jurisdiction: 

  

	 	(x)	 	in the case of a merger or consolidation in which the Company is the surviving corporation, the Company’s Debt to Adjusted Consolidated Cash Flow Ratio (as defined in the Board
Resolution, a supplemental indenture, or an Officer’s Certificate for a particular Series) at the time of the transaction, after giving pro forma effect to the transaction as of such date for balance sheet purposes and as if the transaction had
occurred at the beginning of the most recently ended four full fiscal quarter period of the Company for which internal financial statements are available for income statement purposes, would have been less than the Company’s Debt to Adjusted
Consolidated Cash Flow Ratio for the same period without giving pro forma effect to such transaction, or 

  

	 	(y)	 	 in the case of any other such transaction, the Debt to Adjusted Consolidated Cash Flow of the entity or Person formed by or surviving any such consolidation or
merger (if other than the Company), or to which the sale, assignment, transfer, lease, conveyance or other disposition shall have been made, at the time of the transaction, after giving pro forma effect to the transaction as of such date for balance
sheet purposes and as if such transaction had occurred at the beginning of the most recently ended four full fiscal quarter period of such entity or Person for which internal financial statements are available for income statement purposes, would
have been less than the Company’s Debt to Adjusted Consolidated Cash Flow Ratio for the same period without giving pro forma effect to such transaction; provided that for purposes of determining the Debt to Adjusted Consolidated Cash Flow Ratio
of any 

  

 18 

	 	 
entity or Person for purposes of this clause (d) the entity or Person will be substituted for the Company in the definition of Debt to Adjusted Consolidated
Cash Flow Ratio and the defined terms included therein. 

  
 Section 5.02. Successor Corporation Substituted. 
  
 Upon any consolidation or merger, or any sale, assignment, transfer, 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, assignment, transfer, 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 of this Indenture 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, as modified or supplemented by an Officer’s Certificate, a Board Resolution or a supplemental indenture with the same effect as if such successor Person had been named as the
Company herein; provided, however, that the predecessor Company shall not be relieved from the obligation to pay the principal of and interest on the Securities except in the case of a sale of all of the Company’s assets that meets the
requirements of Section 5.01 hereof. 
  
 ARTICLE 6

  
 DEFAULTS AND REMEDIES 
  
 Section 6.01. Events of Default. 
  
 Unless otherwise indicated for a particular Series by a Board Resolution, a
supplemental indenture, or an Officer’s Certificate, each of the following constitutes an Event of Default: 
  
 (1) default for 30 days in the payment when due of interest on the Securities; 
  
 (2) default in payment when due of the principal of or
premium, if any, on the Securities; 
  
 (3)
failure by the Company or any of its Subsidiaries to comply with the provisions described under Article 5 hereof or failure by CCIC to consummate a Change of Control Offer or Asset Sale Offer in accordance with the provisions of this Indenture, as
modified or supplemented by an Officer’s Certificate, a Board Resolution or a supplemental indenture; 
  
 (4) failure by the Company or any of its Subsidiaries for 30 days after notice by the Trustee or the Holders of at least 25% in the
aggregate principal amount of the Securities then outstanding, voting as a single class, to comply with any of its other agreements in the Indenture or the Securities; 
  
 (5) default under any mortgage, indenture or instrument under which there may be issued or by which there
may be secured or evidenced any Indebtedness (as defined in the Board Resolution, a supplemental indenture, or an Officer’s Certificate for a particular Series) for money borrowed by the Company or any of its Significant Subsidiaries (as
defined in the Board Resolution, a supplemental indenture, or an Officer’s Certificate for a particular Series) (or the payment of which is guaranteed by the Company or any of its Significant Subsidiaries) whether such Indebtedness or guarantee
now exists, or is created after the date of this Indenture, which default: 
  

 19 

	 	(a)	 	is caused by a failure to pay principal of or premium, if any, or interest on the Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date
of the default (a “Payment Default”); or 

  

	 	(b)	 	results in the acceleration of the Indebtedness prior to its express maturity and, in each case, 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 $20.0 million or more; 

  
 (6) failure by the Company or any of its Significant Subsidiaries to pay final judgments aggregating in
excess of $20.0 million, which judgments are not paid, discharged or stayed for a period of 60 days; or 
  
 (7) the Company or any of its Restricted Subsidiaries (as defined in an Officer’s Certificate, a Board Resolution, or a supplemental
indenture) pursuant to or within the meaning of Bankruptcy Law: 
  

	 	(a)	 	commences a voluntary case, 

  

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

  

	 	(c)	 	consents to the appointment of a Custodian of it or for all or substantially all of its property, 

  

	 	(d)	 	makes a general assignment for the benefit of its creditors, or 

  

	 	(e)	 	generally is not paying its debts as they become due; or 

  

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

  

	 	(a)	 	is for relief against the Company or any of its Restricted Subsidiaries in an involuntary case; 

  

	 	(b)	 	appoints a Custodian of the Company or any of its Restricted Subsidiaries or for all or substantially all of the property of the Company or any of its Restricted Subsidiaries; or

  

	 	(c)	 	orders the liquidation of the Company or any of its Restricted Subsidiaries; and the order or decree remains unstayed and in effect for 60 consecutive days.

  
 Section 6.02. Acceleration. 

 
 If any Event of Default occurs and is continuing, the Trustee or the
Holders of at least 25% in principal amount of the then outstanding Securities may declare all the Securities to be due and payable immediately. Upon any such declaration, the principal of, and accrued and unpaid interest if any, on such Securities
shall become due and payable immediately. Notwithstanding the foregoing, if an Event of Default specified in clause (7) or (8) of Section 6.01 hereof occurs with respect to the Company or any of its Restricted Subsidiaries, all outstanding
Securities shall be due and payable immediately without further action or notice. The Holders of a majority in aggregate principal amount of the then outstanding 
  

 20 

 Securities by written notice to the Trustee may on behalf of all of the Holders 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. 
  
 Section 6.03. Other Remedies. 
  
 If an Event of Default occurs and is continuing, the Trustee may pursue any
available remedy to collect the payment of principal of, premium, if any, and interest on the Securities or to enforce the performance of any provision of the Securities or this Indenture. 
  
 The Trustee may maintain a proceeding even if it does not possess any of the
Securities or does not produce any of them in the proceeding. A delay or omission by the Trustee or any Holder of a Security 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 the then outstanding Securities by notice to the Trustee may on behalf of the Holders
of all of the Securities waive an existing Default or Event of Default and its consequences hereunder, except a continuing Default or Event of Default in the payment of the principal of, premium, if any, or interest on, the Securities (including in
connection with an offer to purchase) (provided, however, that the Holders of a majority in aggregate principal amount of the then outstanding Securities may rescind an acceleration and its consequences, including any related payment default that
resulted from such acceleration). Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture; but no such waiver shall extend to any
subsequent or other Default or impair any right consequent thereon. 
  
 Section 6.05. Control by Majority. 
  
 Holders of
a majority in principal amount of the then outstanding Securities may direct the time, method and place of conducting any proceeding for exercising any remedy available to the Trustee or exercising any trust or power conferred on it. However, the
Trustee may refuse to follow any direction that conflicts with law or this Indenture that the Trustee determines may be unduly prejudicial to the rights of other Holders of Securities or that may involve the Trustee in personal liability.

  
 Section 6.06. Limitation on Suits. 
  
 A Holder of a Security may pursue a remedy with respect to this Indenture or
the Securities only if: 
  
 (1) the Holder of a
Security gives to the Trustee written notice of a continuing Event of Default; 
  
 (2) the Holders of at least 25% in principal amount of the then outstanding Securities make a written request to the Trustee to pursue the
remedy; 
  
 (3) such Holder of a Security or
Holders of Securities offer and, if requested, provide to the Trustee indemnity satisfactory to the Trustee against any loss, liability or expense; 
  

 21 

 (4) 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 
  
 (5) during such 60-day period the Holders of a majority in principal amount of the then outstanding Securities do not give the Trustee a direction inconsistent with the request. 
  
 A Holder of a Security may not use this Indenture to prejudice the rights of
another Holder of a Security or to obtain a preference or priority over another Holder of a Security. 
  
 Section 6.07. Rights of Holders of Securities to Receive Payment. 
  
 Notwithstanding any other provision of this Indenture, the right of any Holder of a Security to receive payment of principal
of, premium, if any, and interest on the Security, on or after the respective due dates expressed in the Security (including in connection with an offer to purchase), or to bring suit for the enforcement of any such payment on or after such
respective dates, shall not be impaired or affected without the consent of such Holder. 
  
 Section 6.08. Collection Suit by Trustee. 
  
 If an Event of Default specified in Section 6.01(a) or (b) occurs and is continuing, the Trustee is authorized to recover judgment in its own name and as trustee of an express trust against the Company for the whole
amount of principal of, premium, if any, and interest remaining unpaid on the Securities 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. 
  
 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 Securities allowed in any judicial proceedings relative to the Company (or any other
obligor upon the Securities), its creditors or its 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 to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due 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 that the Holders 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 any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any
Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 
  

 22 

 Section 6.10. Priorities. 
  
 If the Trustee collects any money pursuant to this Article, 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 Securities for amounts due and unpaid on the Securities for principal, premium, if any, and interest,
ratably, without preference or priority of any kind, according to the amounts due and payable on the Securities for principal, premium, if any and interest, respectively; and 
  
 Third: to the Company or to such party as a court of competent jurisdiction shall direct. 
  
 The Trustee may fix a record date and payment date for any payment to Holders
of Securities pursuant to this Section 6.10. 
  
 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, 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 does not apply to a suit by the Trustee, a suit by a Holder of a Security pursuant to Section 6.07 hereof, or a suit by Holders of more than 10% in principal amount of the then outstanding Securities. 
  
 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 its exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 
  
 (b) Except during the continuance of an Event of Default: 
  

	 	(i)	 	the duties of the Trustee shall be determined solely by the express provisions of this Indenture and the Trustee need perform only those duties that are specifically set forth in
this Indenture, as modified or supplemented by an Officer’s Certificate, a Board Resolution or a supplemental indenture, and no others, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and

  

 23 

	 	(ii)	 	in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon
certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. However, the Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture.

  
 (c) The Trustee may not be relieved from
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; 

  

	 	(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 

  

	 	(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 of this Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b), and (c) of this Section. 
  
 (e) No provision of this Indenture 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 and powers under this Indenture at the request of any Holders, unless such Holder shall have offered to the Trustee security and indemnity satisfactory to it 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 Company. 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 believed by it to be
genuine and to have been signed or presented by the proper Person. The Trustee need not investigate any fact or matter stated in the document. 
  
 (b) Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel 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 and the written and oral 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 that it believes to be authorized or within the rights or powers conferred upon it by this Indenture. 
  

 24 

 (e) Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice
from the Company shall be sufficient if signed by an Officer of the Company. 
  
 (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 reasonable security or indemnity against the costs, expenses and liabilities that might be incurred by it in compliance with such request or direction. 
  

Section 7.03. Individual Rights of Trustee. 
  
 The Trustee in its individual or any other capacity may become the owner or pledgee of Securities and may otherwise deal with the Company or any Affiliate
of the Company 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 SEC for permission to continue as trustee
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. 
  
 The Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture, as modified or supplemented by an
Officer’s Certificate, a Board Resolution or a supplemental indenture, or the Securities, it shall not be accountable for the Company’s use of the proceeds from the Securities or any money paid to the Company or upon the Company’s
direction under any provision of this Indenture, as modified or supplemented by an Officer’s Certificate, a Board Resolution or a supplemental indenture, 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 Securities or any other document in connection with the sale of the Securities or pursuant to this Indenture other than its
certificate of authentication. 
  
 Section 7.05. Notice of
Defaults. 
  
 If a Default or Event of Default occurs and is
continuing and if it is known to the Trustee, the Trustee shall mail to Holders of Securities 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 Security, 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 Securities.

  
 Section 7.06. Reports by Trustee to Holders of the
Securities. 
  
 Within 60 days after each May 15, beginning
with the May 15 for so long as Securities remain outstanding, the Trustee shall mail to the Holders of the Securities a brief report dated as of such reporting date that complies with TIA (S) 313(a) (but if no event described in TIA (S) 313(a) has
occurred within the twelve months preceding the reporting date, no report need be transmitted). The Trustee also shall comply with TIA (S) 313(b). The Trustee shall also transmit by mail all reports as required by TIA (S) 313(c). 
  
 A copy of each report at the time of its mailing to the Holders of Securities
shall be mailed to the Company and filed with the SEC and each stock exchange on which the Securities are listed in accordance with TIA (S) 313(d). The Company shall promptly notify the Trustee when the Securities are listed on any stock exchange.

  

 25 

 Section 7.07. Compensation and Indemnity. 
  
 The Company shall pay to the Trustee from time to time reasonable
compensation for its acceptance of this Indenture and services hereunder. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company shall reimburse the Trustee 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 Company shall indemnify the Trustee against any
and all losses, liabilities or expenses incurred by it arising out of or in connection with the acceptance or administration of its duties under this Indenture, including the costs and expenses of enforcing this Indenture against the Company
(including this Section 7.07) and defending itself against any claim (whether asserted by the Company or any Holder or any other person) or liability in connection with the exercise or performance of any of its powers or duties hereunder, except to
the extent any such loss, liability or expense may be attributable to its negligence or bad faith. The Trustee shall notify the Company promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the Company shall not
relieve the Company of its obligations hereunder. The Company shall defend the claim and the Trustee shall cooperate in the defense. The Trustee may have separate counsel and the Company shall pay the reasonable fees and expenses of such counsel.
The Company need not pay for any settlement made without its consent, which consent shall not be unreasonably withheld. 
  
 The obligations of the Company under this Section 7.07 shall survive the satisfaction and discharge of this Indenture. 
  
 To secure the Company’s payment obligations in this Section, the Trustee
shall have a Lien prior to the Securities on all money or property held or collected by the Trustee, except that held in trust to pay principal and interest on particular Securities. Such Lien shall survive the satisfaction and discharge of this
Indenture. 
  
 When the Trustee incurs expenses or renders
services after an Event of Default specified in Section 6.01(g) or (h) 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. 
  
 The Trustee shall
comply with the provisions of TIA (S) 313(b)(2) to the extent applicable. 
  
 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. 
  
 The Trustee may resign in writing at any time and be discharged from the
trust hereby created by so notifying the Company. The Holders of a majority in principal amount of the then outstanding Securities may remove the Trustee by so notifying the Trustee and the Company in writing. The Company may remove the Trustee 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; 
  

 26 

 (c) a Custodian or public officer takes charge of the Trustee or its property; or 
  
 (d) 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 Company 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 Securities may appoint a successor
Trustee to replace the successor Trustee appointed by the Company. 
  
 If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company, or the Holders of at least 10% in principal amount of the then outstanding Securities may
petition any court of competent jurisdiction for the appointment of a successor Trustee. 
  
 If the Trustee, after written request by any Holder who has been a Holder for at least six months, fails to comply with Section 7.10, such Holder 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 Company. Thereupon, the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the
rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall mail a notice of its succession to Holders. 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 Company’s obligations under Section 7.07 hereof
shall continue for the benefit of the retiring 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 that is a
corporation organized and doing business under the laws of the United States of America or of any state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination by federal or state
authorities and that has a combined capital and surplus of at least $75 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 (S) 310(a)(1), (2) and (5). The Trustee is subject to TIA (S) 310(b).

  
 Section 7.11. Preferential Collection of Claims Against
Company. 
  
 The Trustee is subject to TIA (S) 311(a),
excluding any creditor relationship listed in TIA (S) 311(b). A Trustee who has resigned or been removed shall be subject to TIA (S) 311(a) to the extent indicated therein. 
  

 27 

 ARTICLE 8 
  

LEGAL DEFEASANCE AND COVENANT DEFEASANCE 
  
 Section 8.01. 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, elect to have either Section 8.02 or 8.03 hereof be applied to all outstanding Securities upon compliance with the conditions set forth below in this Article Eight. 
  
 Section 8.02. Legal Defeasance and Discharge. 
  
 Upon the Company’s exercise under Section 8.01 hereof of the option
applicable to this Section 8.02, the Company shall, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be deemed to have been discharged from its obligations with respect to all outstanding Securities on the date the
conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the Company shall be deemed to have paid and discharged the entire Indebtedness represented by the outstanding
Securities, which shall thereafter be deemed to be “outstanding” only for the purposes of Section 8.05 hereof and the other Sections of this Indenture referred to in (1) and (2) below, and to have satisfied all its other obligations under
such Securities and this Indenture (and the Trustee, on demand of and at the expense of the Company, shall execute proper instruments acknowledging the same), except for the following provisions which shall survive until otherwise terminated or
discharged hereunder: 
  
 (1) the rights of
Holders of outstanding Securities to receive solely from the trust fund described in Section 8.04 hereof, and as more fully set forth in such Section, payments in respect of the principal of, premium, if any, and interest on such Securities when
such payments are due; 
  
 (2) the Company’s
obligations with respect to such Securities under Article 2 and Section 4.02 hereof; 
  
 (3) the rights, powers, trusts, duties and immunities of the Trustee hereunder and the Company’s obligations in connection therewith;
and 
  
 (4) this Article Eight. 
  
 Subject to compliance with this Article Eight, the Company may exercise its
option under this Section 8.02 notwithstanding the prior exercise of its option under Section 8.03 hereof. 
  
 Section 8.03. Covenant Defeasance. 
  
 Upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03, the Company shall, subject to the satisfaction
of the conditions set forth in Section 8.04 hereof, be released from its obligations under the covenants contained in an Officer’s Certificate, a Board Resolution or a supplemental indenture and clause (4) of Section 5.01 hereof with respect to
the outstanding Securities on and after the date the conditions set forth in Section 8.04 are satisfied (hereinafter, “Covenant Defeasance”), and the Securities 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 Securities shall not be deemed outstanding for accounting 
  

 28 

 purposes). For this purpose, Covenant Defeasance means that, with respect to the outstanding Securities, the Company may
omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such 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 hereof, but, except as specified above, the remainder of this
Indenture and such Securities shall be unaffected thereby. In addition, upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03 hereof, subject to the satisfaction of the conditions set forth in
Section 8.04 hereof, Sections 6.01(3) through 6.01(6) hereof shall not constitute Events of Default. 
  
 Section 8.04. Conditions to Legal or Covenant Defeasance. 
  

The following shall be the conditions to the application of either Section 8.02 or 8.03 hereof to the outstanding Securities: 
  
 In order to exercise either Legal Defeasance or Covenant Defeasance:

  
 (1) the Company must irrevocably deposit with
the Trustee, in trust, for the benefit of the Holders, cash in United States dollars, non-callable Government Securities, or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized firm of independent
public accountants, to pay the principal of, premium, if any, and interest on the outstanding Securities on the stated date for payment thereof or on the applicable redemption date, as the case may be; 
  
 (2) in the case of an election under Section 8.02 hereof,
the Company shall have delivered to the Trustee an Opinion of Counsel in the United States reasonably acceptable to the Trustee confirming that: 
  

	 	(a)	 	the Company has received from, or there has been published by, the Internal Revenue Service a ruling; or 

  

	 	(b)	 	since the date of this Indenture, there has been a change in the applicable federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel
shall confirm that, the Holders of the outstanding Securities 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 on 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; 

  
 (3) 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 acceptable to the Trustee confirming that the Holders of the outstanding Securities 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; 
  
 (4) no Default or Event of Default shall have occurred and be continuing either: 
  

	 	(a)	 	on the date of such deposit (other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit); or 

  

 29 

	 	(b)	 	insofar as Sections 6.01(7) or 6.01(8) hereof are concerned, at any time in the period ending on the 91st day after the date of deposit; 

  
 (5) such Legal Defeasance or Covenant Defeasance shall not
result in a breach or violation of, or constitute a default under, any material agreement or instrument (other than this Indenture) to which the Company or any of its Restricted Subsidiaries is a party or by which the Company or any of its
Restricted Subsidiaries is bound; 
  
 (6) the
Company shall have delivered to the Trustee an Opinion of Counsel to the effect that on the 91st day following the deposit, the trust funds will not be subject to the effect of any applicable bankruptcy, insolvency, reorganization or similar laws
affecting creditors’ rights generally; 
  
 (7) the Company shall have delivered to the Trustee an Officers’ Certificate stating that the deposit was not made by the Company with the intent of preferring the Holders 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 
  
 (8) the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all
conditions precedent provided for or relating to the Legal Defeasance or the Covenant Defeasance have been complied with. 
  
 Section 8.05. Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions. 
  
 Subject to Section 8.06 hereof, all money and non-callable Government
Securities (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section 8.05, the “Trustee”) pursuant to Section 8.04 hereof in respect of the outstanding Securities
shall be held in trust and applied by the Trustee, in accordance with the provisions of such Securities and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as Paying Agent) as the Trustee may
determine, to the Holders of such Securities of all sums due and to become due thereon in respect of principal, premium, if any, and interest, but such money need not be segregated from other funds except to the extent required by law. 

 
 The Company shall pay and indemnify the Trustee against any tax, fee or
other charge imposed on or assessed against the cash or non-callable Government Securities deposited pursuant to Section 8.04 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 Securities. 
  
 Anything in this Article Eight 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 non-callable Government Securities held by it as provided in
Section 8.04 hereof 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 8.04(a) hereof), are
in excess of the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance. 
  
 Section 8.06. Repayment to Company. 
  
 Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of, premium, if any, or
interest on any Security and remaining 
  

 30 

 unclaimed for two years after such principal, and premium, if any, or interest has become due and payable shall be paid
to the Company on its request or (if then held by the Company) shall be discharged from such trust; and the Holder of such Security shall thereafter look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent
with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the
Company cause to be published once, in 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 Company. 
  
 Section 8.07. Reinstatement. 
  
 If the Trustee or Paying Agent is unable to apply any United States dollars or non-callable Government Securities in accordance with Section 8.02 or 8.03
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 Company’s obligations under this Indenture and the Securities shall
be revived and reinstated as though no deposit had occurred pursuant to Section 8.02 or 8.03 hereof until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with Section 8.02 or 8.03 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 Security following the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such
Securities to receive such payment from the money held by the Trustee or Paying Agent. 
  
 ARTICLE 9 
  
 AMENDMENT,
SUPPLEMENT AND WAIVER 
  
 Section 9.01. Without Consent of
Holders of Securities. 
  
 Notwithstanding Section 9.02 of
this Indenture, the Company and the Trustee may amend or supplement this Indenture or the Securities without the consent of any Holder of Securities: 
  
 (1) to cure any ambiguity, defect or inconsistency; 
  
 (2) to provide for uncertificated Securities in addition to or in place of certificated Securities;

  
 (3) to provide for the assumption of the
Company’s obligations to the Holders of the Securities by a successor to the Company pursuant to Article 5 hereof; 
  
 (4) to make any change that would provide any additional rights or benefits to the Holders of the Securities or that does not adversely
affect the legal rights hereunder of any Holder of Securities; 
  
 (5) to comply with requirements of the SEC in order to effect or maintain the qualification of this Indenture under the TIA; or 
  

(6) as provided in Section 2.02 hereof. 
  

 31 

 Upon the request of the Company accompanied by a resolution of its Board of Directors authorizing the
execution of any such amended or supplemental Indenture, and upon receipt by the Trustee of the documents described in Section 7.02 hereof, the Trustee shall join with the Company in the execution of any amended or supplemental Indenture authorized
or permitted by the terms of this Indenture and to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee shall not be obligated to enter into such amended or supplemental Indenture that affects its
own rights, duties or immunities under this Indenture or otherwise. 
  
 Section 9.02. With Consent of Holders of Securities. 
  
 Except as provided below in this Section 9.02, the Company and the Trustee may amend or supplement this Indenture and the Securities with the consent of the Holders of at least a majority in principal amount of the Securities then
outstanding, voting as a single class (including, without limitation, consents obtained in connection with a tender offer or exchange offer for, or purchase of, the Securities), and, subject to Sections 6.04 and 6.07 hereof, any existing Default or
Event of Default (other than a Default or Event of Default in the payment of the principal of, premium, if any, or interest on the Securities, except a payment default resulting from an acceleration that has been rescinded) or compliance with any
provision of this Indenture or the Securities may be waived with the consent of the Holders of a majority in principal amount of the then outstanding Securities, voting as a single class (including consents obtained in connection with a tender offer
or exchange offer for, or purchase of, the Securities). Section 2.09 hereof shall determine which Securities are considered to be “outstanding” for purposes of this Section 9.02. 
  
 Upon the request of the Company accompanied by a resolution of its Board of
Directors authorizing the execution of any such amended or supplemental Indenture, and upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the Holders of Securities as aforesaid, and upon receipt by the Trustee
of the documents described in Section 7.02 hereof, the Trustee shall join with the Company in the execution of such amended or supplemental Indenture unless such amended or supplemental Indenture directly 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 Securities 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 becomes effective, the Company shall mail to the Holders of Securities affected thereby a
notice briefly describing the amendment, supplement or waiver. Any failure of the Company 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 Securities then outstanding, voting as a single class, may waive compliance in a particular instance by the Company with any provision
of this Indenture or the Securities. However, without the consent of each Holder affected, an amendment or waiver under this Section 9.02 may not (with respect to any Securities held by a non-consenting Holder): 
  
 (1) reduce the principal amount of Securities whose Holders
must consent to an amendment, supplement or waiver; 
  
 (2) reduce the principal of or change the fixed maturity of any Security or alter or waive any of the provisions with respect to the redemption of the Securities; 
  

 32 

 (3) reduce the rate of or change the time for payment of interest, including default
interest, on any Security; 
  
 (4) waive a
Default or Event of Default in the payment of principal of or premium, if any, or interest on the Securities (except a rescission of acceleration of the Securities by the Holders of at least a majority in aggregate principal amount of the then
outstanding Securities and a waiver of the payment default that resulted from such acceleration); 
  
 (5) make any Security payable in money other than that stated in the Securities; 
  
 (6) make any change in the provisions of this Indenture
relating to waivers of past Defaults or the rights of Holders of Securities to receive payments of principal of, or premium, if any, or interest on the Securities; 
  
 (7) waive a redemption payment with respect to any Security; 
  
 (8) except as provided under Article Eight hereof or in
accordance with the terms of any Security Guarantee, release any Guarantor from any of its obligations under its Security Guarantee or make any change in a Security Guarantee that would adversely affect the Holders of the Securities; or 

 
 (9) make any change in Section 6.04 or 6.07 hereof or in
the foregoing amendment and waiver provisions. 
  
 Section 9.03.
Compliance with Trust Indenture Act. 
  
 Every amendment
or supplement to this Indenture or the Securities shall be set forth in a 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 Security is a continuing consent by the Holder of a Security
and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security, even if notation of the consent is not made on any Security. However, any such Holder of a Security or
subsequent Holder of a Security may revoke the consent as to its Security 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. 
  
 Section 9.05. Section 9.05. Notation on or Exchange of Securities. 
  
 The Trustee may place an appropriate notation about an amendment, supplement or waiver on any Security thereafter authenticated. The Company in exchange
for all Securities may issue and the Trustee shall, upon receipt of an Authentication Order, authenticate new Securities that reflect the amendment, supplement or waiver. 
  
 Failure to make the appropriate notation or issue a new Security shall not affect the validity and effect of such amendment,
supplement or waiver. 
  

 33 

 Section 9.06. Trustee to Sign Amendments, etc. 
  
 The Trustee shall sign any amended or supplemental Indenture authorized
pursuant to this Article Nine if the amendment or supplement does not adversely affect the rights, duties, liabilities or immunities of the Trustee. The Company may not sign an amendment or supplemental Indenture until the Board of Directors
approves it. In executing any amended or supplemental indenture, the Trustee shall be entitled to receive and (subject to Section 7.01 hereof) shall be fully protected in relying upon, in addition to the documents required by Section 10.04 hereof,
an Officer’s Certificate and an Opinion of Counsel stating that the execution of such amended or supplemental indenture is authorized or permitted by this Indenture. 
  
 ARTICLE 10 
  
 MISCELLANEOUS 
  
 Section 10.01. Trust Indenture Act Controls. 
  
 If any provision of this Indenture limits, qualifies or conflicts with the duties imposed by TIA (S)318(c), the imposed duties shall control. 

 
 Section 10.02. Notices. 
  
 Any notice or communication by the Company or the Trustee to the others is
duly given if in writing and delivered in Person or mailed by first class mail (registered or certified, return receipt requested), telex, telecopier or overnight air courier guaranteeing next day delivery, to the others’ address: 

 
 If to the Company: 
  
 Crown Castle International Corp. 
 510 Bering Drive, Suite 500 
 Houston, Texas 77057 
 Telecopier No.: (713) 570-3150 
 Attention: Chief Financial Officer 
  
 With a copy to: 
  
 Cravath, Swaine & Moore 
 825 Eighth Avenue 
 New York, New York 10019 
 Telecopier No.: (212) 474-3700 
 Attention: Stephen L. Burns, Esq. 
  
 If to the Trustee: 
  
 The Bank of New
York 
 101 Barclay Street, Floor 8W 
 New York, New York 10286 
 Telecopier No.: (212) 815-5131 
 Attention: Van K. Brown 
 Corporate Trust Division—Corporate Finance Unit 
  

 34 

 The Company or the Trustee, by notice to the others, may designate additional or different addresses for
subsequent notices or communications. 
  
 All notices and
communications (other than those sent to Holders) shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when answered back,
if telexed; when receipt acknowledged, if telecopied; and the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery. 
  
 Any notice or communication to a Holder 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 (S) 313(c), to the extent required
by the TIA. Failure to mail a notice or communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. 
  
 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 Company mails a notice or communication to Holders,
it shall mail a copy to the Trustee and each Agent at the same time. 
  
 Section 10.03. Communication by Holders of Securities with Other Holders of Securities. 
  
 Holders may communicate pursuant to TIA (S) 312(b) with other Holders with respect to their rights under this Indenture or the Securities. The Company,
the Trustee, the Registrar and anyone else shall have the protection of TIA (S) 312(c). 
  
 Section 10.04. Certificate and Opinion as to Conditions Precedent. 
  
 Upon any request or application by the Company to the Trustee to take any action under this Indenture, the Company shall furnish to the Trustee:

  
 (a) an Officers’ Certificate in form and substance
reasonably satisfactory to the Trustee (which shall include the statements set forth in Section 10.05 hereof) 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 
  
 (b) an Opinion of
Counsel in form and substance reasonably satisfactory to the Trustee (which shall include the statements set forth in Section 10.05 hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been
satisfied. 
  
 Section 10.05. 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 (S) 314(a)(4)) shall comply with the provisions of TIA (S) 314(e) and shall include: 
  
 (a) a statement that the Person making such certificate or opinion has read
such covenant or condition; 
  

 35 

 (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 10.06. Rules by Trustee and Agents. 
  
 The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set reasonable requirements for its functions; provided that no such rule
shall conflict with the terms of this Indenture or the TIA. 
  
 Section 10.07. No Personal Liability of Directors, Officers, Employees and Stockholders. 
  
 No past, present or future director, officer, employee, incorporator or stockholder of the Company, as such, shall have any liability for any obligations
of the Company under the Securities, this Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by accepting a Security waives and releases all such liability. The waiver and release are
part of the consideration for issuance of the Securities. 
  
 Section 10.08. Governing Law. 
  
 THE INTERNAL
LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE, THE SECURITIES 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. 
  
 Section 10.09. No Adverse Interpretation
of Other Agreements. 
  
 This Indenture may not be used to
interpret any other indenture, loan or debt agreement of the Company or its Subsidiaries or of any other Person. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 
  
 Section 10.10. Successors. 
  
 All agreements of the Company in this Indenture and the Securities shall
bind its successors. All agreements of the Trustee in this Indenture shall bind its successors. 
  
 Section 10.11. Severability. 
  
 In case any provision in this Indenture or in the Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the
remaining provisions shall not in any way be affected or impaired thereby. 
  

 36 

 Section 10.12. Counterpart Originals. 
  
 The parties may sign any number of copies of this Indenture. Each signed
copy shall be an original, but all of them together represent the same agreement. 
  
 Section 10.13. Table of Contents, Headings, etc. 
  
 The Table of Contents, Cross-Reference Table and Headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part of this Indenture and
shall in no way modify or restrict any of the terms or provisions hereof. 
  
 [SIGNATURES ON FOLLOWING PAGE] 
  

 37 

 SIGNATURES 
  

	 Dated as of

	 	 	 	 
	 	 	 	 	 Crown Castle International Corp.

					
	 	 	 	 	 	 	 By:
	 	 /s/ E. Blake Hawk

	 	 	 	 	 	 	 	 	 Name: E. Blake Hawk

	 	 	 	 	 	 	 	 	 Title:   Executive Vice President and General Counsel

				
	 Attest: /s/ Donald J. Reid, Jr.
	 	 	 	 	 	 
	 	 	
	 	 	 	 	 	 
	 	 	 Name: Donald J. Reid, Jr.
	 	 	 	 	 	 
	 	 	 Title:   Corporate Secretary
	 	 	 	 	 	 
				
	 	 	 	 	 	 	 The Bank of New York

	 	 	 	 	 	 	 By:
	 	 /s/ Van K. Brown

	 	 	 	 	 	 	 	 	 Name: Van K. Brown

	 	 	 	 	 	 	 	 	 Title:   Vice President

				
	 Attest: /s/ Mary Beth Lewicki
	 	 	 	 	 	 
	 	 	
	 	 	 	 	 	 
	 	 	 Authorized Signatory
	 	 	 	 	 	 
	 	 	 Date: July 2, 2003
	 	 	 	 	 	 

  

 38

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