Document:

EX-10.39

 

Exhibit 10.39

AMENDMENT TO EMPLOYMENT AGREEMENT

     The EMPLOYMENT AGREEMENT dated August 1, 2005, between PALL CORPORATION, a New York
Corporation (the “Company”) and the undersigned, MARY ANN BARTLETT (“Executive”), as the same may
have heretofore been amended, is hereby amended, effective as of the date set forth below, by
adding a new section reading and providing as follows:

     §15. Delay in Payment. Notwithstanding any provision in this Agreement to the
contrary,, any payment otherwise required to be made hereunder to Executive at any date
shall be delayed for such period of time as may be necessary to meet the requirements of
section 409A(a)(2)(B)(i) of the Internal Revenue Code of 1986 as amended (the “Code”). On
the earliest date on which any payments so delayed can be made without violating the
requirements of section 409A(a)(2)(B)(i) of the Code (the “Delayed Payment Date”), there
shall be paid to Executive (or if Executive has died, to “Executive’s Successor” as the
quoted term is defined below), in a single cash lump sum, an amount equal to the aggregate
amount of all payments delayed pursuant to the preceding sentence, plus interest thereon at
the Delayed Payment Interest Rate (as defined below) computed from the date on which each
such delayed payment otherwise would have been made to Executive until the Delayed Payment
Date. For purposes of the foregoing: (i) “Executive’s Successor” shall mean such payee or
payees as Executive shall at any time designate by written notice to the Company or in his
last will and testament or, if no such designation is made, then to the legal
representatives of Executive’s estate, and (ii) the “Delayed Payment Interest Rate” shall
mean the national average annual rate of interest payable on jumbo six-month bank
certificates of deposit, as quoted in the business section of the most recently published
Sunday edition of the New York Times preceding the date as of which Executive is treated as
having incurred a “separation from service” for purposes of section 409A(a)(2)(B)(i).

     IN WITNESS WHEREOF the parties hereto have executed this Amendment as of and effective July
18,2006.

	 	 	 	 	 	 	 
	 	 	PALL CORPORATION	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Marcus Wilson
 

Marcus Wilson
	 	 
	 

	 	 	 	President	 	 
	 
	 	 	 	 	 	 
	 	 	EXECUTIVE	 	 
	 
	 	 	 	 	 	 
	 	 	/s/ Mary Ann Bartlett
        (Signature)EX-4.1

 

Exhibit 4.1

 

MONEYGRAM PAYMENT SYSTEMS WORLDWIDE, INC.

13.25% SENIOR SECURED SECOND LIEN NOTES DUE 2018

 

INDENTURE

Dated as of March 25, 2008

 

DEUTSCHE BANK TRUST COMPANY AMERICAS

Trustee

 

 

 

 

TABLE OF CONTENTS                    

	 	 	 	 	 
	 	 	 	Page	 
	ARTICLE 1
	 	 	 	 
	DEFINITIONS AND INCORPORATION
	 	 	 	 
	BY REFERENCE
	 	 	 	 
	 
	 	 	 	 
	Section 1.01 Definitions
	 	 	1	 
	Section 1.02 Other Definitions
	 	 	29	 
	Section 1.03 Rules of Construction
	 	 	29	 
	 
	 	 	 	 
	ARTICLE 2
	 	 	 	 
	THE NOTES
	 	 	 	 
	 
	 	 	 	 
	Section 2.01 Form and Dating
	 	 	30	 
	Section 2.02 Execution and Authentication
	 	 	31	 
	Section 2.03 Registrar and Paying Agent
	 	 	32	 
	Section 2.04 Paying Agent to Hold Money in Trust
	 	 	32	 
	Section 2.05 Holder Lists
	 	 	33	 
	Section 2.06 Transfer and Exchange
	 	 	33	 
	Section 2.07 Replacement Notes
	 	 	43	 
	Section 2.08 Outstanding Notes
	 	 	43	 
	Section 2.09 Treasury Notes
	 	 	43	 
	Section 2.10 Temporary Notes
	 	 	43	 
	Section 2.11 Cancellation
	 	 	44	 
	Section 2.12 Defaulted Interest
	 	 	44	 
	Section 2.13 Calculation of Principal Amount of Notes
	 	 	44	 
	Section 2.14 CUSIP Numbers
	 	 	45	 
	 
	 	 	 	 
	ARTICLE 3
	 	 	 	 
	REDEMPTION AND PREPAYMENT
	 	 	 	 
	 
	 	 	 	 
	Section 3.01 Notices to Trustee
	 	 	45	 
	Section 3.02 Selection of Notes to Be Redeemed or Purchased
	 	 	45	 
	Section 3.03 Notice of Redemption
	 	 	46	 
	Section 3.04 Effect of Notice of Redemption
	 	 	46	 
	Section 3.05 Deposit of Redemption or Purchase Price
	 	 	47	 
	Section 3.06 Notes Redeemed or Purchased in Part
	 	 	47	 
	Section 3.07 Optional Redemption
	 	 	47	 
	Section 3.08 Mandatory Redemption
	 	 	48	 
	Section 3.09 Offer to Purchase by Application of Excess Proceeds
	 	 	49	 
	 
	 	 	 	 
	ARTICLE 4
	 	 	 	 
	COVENANTS
	 	 	 	 
	 
	 	 	 	 
	Section 4.01 Payment of Notes
	 	 	50	 
	Section 4.02 Maintenance of Office or Agency
	 	 	51	 
	Section 4.03 Reports
	 	 	51	 
	Section 4.04 Compliance Certificate
	 	 	52	 
	Section 4.05 Taxes
	 	 	52	 
	Section 4.06 Stay, Extension and Usury Laws
	 	 	53	 
	Section 4.07 Restricted Payments
	 	 	53	 
	Section 4.08 Dividend and Other Payment Restrictions Affecting Company Subsidiaries
	 	 	57	 

 

 

	 	 	 	 	 
	 	 	 	Page	 
	Section 4.09 Incurrence of Indebtedness and Issuance of Preferred Stock
	 	 	58	 
	Section 4.10 Asset Sales
	 	 	63	 
	Section 4.11 Transactions with Affiliates
	 	 	65	 
	Section 4.12 Liens
	 	 	66	 
	Section 4.13 Management Fees and Reimbursement of Expenses of Sponsors
	 	 	66	 
	Section 4.14 Corporate Existence
	 	 	66	 
	Section 4.15 Offer to Repurchase Upon Change of Control
	 	 	66	 
	Section 4.16 [Reserved]
	 	 	68	 
	Section 4.17 Payments for Consent
	 	 	68	 
	Section 4.18 Investments in Respect of Payment Services Obligations
	 	 	68	 
	Section 4.19 Lead Sponsor Equity Anti-Layering
	 	 	68	 
	Section 4.20 Business Activities
	 	 	69	 
	Section 4.21 Maintenance of Properties
	 	 	69	 
	Section 4.22 Insurance
	 	 	69	 
	Section 4.23 Books and Records; Inspections
	 	 	69	 
	Section 4.24 Compliance with Laws
	 	 	69	 
	Section 4.25 Additional Note Guarantees
	 	 	69	 
	Section 4.26 Holding Company Covenant
	 	 	70	 
	Section 4.27 Maintenance of Minimum Liquidity Ratio
	 	 	70	 
	Section 4.28 Specified SRI Subsidiary
	 	 	70	 
	 
	 	 	 	 
	ARTICLE 5
	 	 	 	 
	SUCCESSORS
	 	 	 	 
	 
	 	 	 	 
	Section 5.01 Merger, Consolidation or Sale of Assets
	 	 	70	 
	Section 5.02 Successor Corporation Substituted
	 	 	71	 
	 
	 	 	 	 
	ARTICLE 6
	 	 	 	 
	DEFAULTS AND REMEDIES
	 	 	 	 
	 
	 	 	 	 
	Section 6.01 Events of Default
	 	 	72	 
	Section 6.02 Acceleration
	 	 	74	 
	Section 6.03 Other Remedies
	 	 	75	 
	Section 6.04 Waiver of Past Defaults
	 	 	75	 
	Section 6.05 Control by Majority
	 	 	75	 
	Section 6.06 Limitation on Suits
	 	 	75	 
	Section 6.07 Rights of Holders of Notes to Receive Payment
	 	 	76	 
	Section 6.08 Collection Suit by Trustee
	 	 	76	 
	Section 6.09 Trustee May File Proofs of Claim
	 	 	76	 
	Section 6.10 Priorities
	 	 	77	 
	Section 6.11 Undertaking for Costs
	 	 	77	 
	 
	 	 	 	 
	ARTICLE 7
	 	 	 	 
	TRUSTEE
	 	 	 	 
	 
	 	 	 	 
	Section 7.01 Duties of Trustee
	 	 	77	 
	Section 7.02 Rights of Trustee
	 	 	78	 
	Section 7.03 Individual Rights of Trustee
	 	 	79	 
	Section 7.04 Trustee’s Disclaimer
	 	 	79	 
	Section 7.05 Notice of Defaults
	 	 	79	 
	Section 7.06 Compensation and Indemnity
	 	 	80	 
	Section 7.07 Replacement of Trustee
	 	 	80	 
	Section 7.08 Successor Trustee by Merger, etc
	 	 	81	 
	Section 7.09 Eligibility; Disqualification
	 	 	81	 

ii 

 

	 	 	 	 	 
	 	 	 	Page	 
	ARTICLE 8
	 	 	 	 
	LEGAL DEFEASANCE AND COVENANT DEFEASANCE
	 	 	 	 
	 
	 	 	 	 
	Section 8.01 Option to Effect Legal Defeasance or Covenant Defeasance
	 	 	82	 
	Section 8.02 Legal Defeasance and Discharge
	 	 	82	 
	Section 8.03 Covenant Defeasance
	 	 	82	 
	Section 8.04 Conditions to Legal or Covenant Defeasance
	 	 	83	 
	Section 8.05 Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous
Provisions
	 	 	84	 
	Section 8.06 Repayment to the Company
	 	 	84	 
	Section 8.07 Reinstatement
	 	 	85	 
	 
	 	 	 	 
	ARTICLE 9
	 	 	 	 
	AMENDMENT, SUPPLEMENT AND WAIVER
	 	 	 	 
	 
	 	 	 	 
	Section 9.01 Without Consent of Holders of Notes
	 	 	85	 
	Section 9.02 With Consent of Holders of Notes
	 	 	86	 
	Section 9.03 Revocation and Effect of Consents
	 	 	87	 
	Section 9.04 Notation on or Exchange of Notes
	 	 	87	 
	Section 9.05 Trustee to Sign Amendments, etc
	 	 	88	 
	 
	 	 	 	 
	ARTICLE 10
	 	 	 	 
	NOTE GUARANTEES
	 	 	 	 
	 
	 	 	 	 
	Section 10.01 Guarantee
	 	 	88	 
	Section 10.02 Limitation on Guarantor Liability
	 	 	89	 
	Section 10.03 Execution and Delivery of Note Guarantee
	 	 	89	 
	Section 10.04 Guarantors May Consolidate, etc., on Certain Terms
	 	 	90	 
	Section 10.05 Releases
	 	 	91	 
	 
	 	 	 	 
	ARTICLE 11
	 	 	 	 
	RANKING OF NOTE LIENS
	 	 	 	 
	 
	 	 	 	 
	Section 11.01 Agreement for the Benefit of Holders of First Priority Liens
	 	 	91	 
	Section 11.02 Notes, Note Guarantees and other Obligations with respect to the Notes not
Subordinated
	 	 	91	 
	Section 11.03 Relative Rights
	 	 	91	 
	 
	 	 	 	 
	ARTICLE 12
	 	 	 	 
	COLLATERAL AND SECURITY
	 	 	 	 
	 
	 	 	 	 
	Section 12.01 Security Documents
	 	 	93	 
	Section 12.02 Collateral Agent
	 	 	93	 
	Section 12.03 Authorization of Actions to Be Taken
	 	 	94	 
	Section 12.04 Release of Liens
	 	 	94	 
	Section 12.05 Filing, Recording and Opinions
	 	 	95	 
	Section 12.06 Suits to Protect the Collateral
	 	 	96	 
	Section 12.07 Purchaser Protected
	 	 	96	 
	Section 12.08 Powers Exercisable by Receiver or Trustee
	 	 	96	 
	Section 12.09 Release Upon Termination of the Company’s Obligations
	 	 	96	 
	Section 12.10 Financing Statements
	 	 	97	 
	 
	 	 	 	 
	ARTICLE 13
	 	 	 	 
	SATISFACTION AND DISCHARGE
	 	 	 	 
	 
	 	 	 	 
	Section 13.01 Satisfaction and Discharge
	 	 	97	 

iii 

 

	 	 	 	 	 
	 	 	 	Page	 
	Section 13.02 Application of Trust Money
	 	 	98	 
	 
	 	 	 	 
	ARTICLE 14
	 	 	 	 
	MISCELLANEOUS
	 	 	 	 
	 
	 	 	 	 
	Section 14.01 Notices
	 	 	99	 
	Section 14.02 Certificate and Opinion as to Conditions Precedent
	 	 	100	 
	Section 14.03 Statements Required in Certificate or Opinion
	 	 	100	 
	Section 14.04 Rules by Trustee and Agents
	 	 	101	 
	Section 14.05 No Personal Liability of Directors, Officers, Employees and Stockholders
	 	 	101	 
	Section 14.06 Governing Law; Waiver of Jury Trial
	 	 	101	 
	Section 14.07 No Adverse Interpretation of Other Agreements
	 	 	101	 
	Section 14.08 Successors
	 	 	101	 
	Section 14.09 Severability
	 	 	102	 
	Section 14.10 Counterpart Originals
	 	 	102	 
	Section 14.11 Table of Contents, Headings, etc
	 	 	102	 
	Section 14.12 Force Majeure
	 	 	102	 
	Section 14.13 Patriot Act
	 	 	102	 

EXHIBITS

	 	 	 
	Exhibit A-1

	 	FORM OF NOTE
	Exhibit A-2

	 	FORM OF REGULATION S TEMPORARY GLOBAL NOTE
	Exhibit B

	 	FORM OF CERTIFICATE OF TRANSFER
	Exhibit C

	 	FORM OF CERTIFICATE OF EXCHANGE
	Exhibit D

	 	FORM OF NOTATION OF GUARANTEE
	Exhibit E

	 	FORM OF SUPPLEMENTAL INDENTURE
	Exhibit F

	 	FORM OF CERTIFICATE OF ACQUIRING INSTITUTIONAL ACCREDITED INVESTORS

	 	 	 
	Schedule 1.1(a)

	 	Existing Indebtedness
	Schedule 1.1(b)

	 	Existing Liens
	Schedule 1.1(c)

	 	Scheduled Restricted Investments

iv 

 

     INDENTURE dated as of March 25, 2008 among MoneyGram Payment Systems Worldwide, Inc., a
Delaware corporation, as issuer (the “Company”), the Guarantors listed on the signatures pages
hereto and Deutsche Bank Trust Company Americas, a New York banking corporation, as trustee and
collateral agent.

     The Company, the Guarantors and the Trustee agree as follows for the benefit of each other and
for the equal and ratable benefit of the Holders (as defined) of the 13.25% Senior Secured Second
Lien Notes due 2018 (the “Notes”):

ARTICLE 1

DEFINITIONS AND INCORPORATION

BY REFERENCE

Section 1.01 Definitions.

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

     “Accounts Receivable” means net accounts receivable as reflected on a balance sheet in
accordance with GAAP.

     “Acquired Debt” means, with respect to any specified Person, without duplication:

     (1) Indebtedness of any other Person existing at the time such other Person is merged
with or into or became a Subsidiary of such specified Person, including without limitation
Indebtedness incurred in connection with, or in contemplation of, such other Person merging
with or into, or becoming a Subsidiary of, such specified Person; and

     (2) Indebtedness secured by a Lien encumbering any asset at the time such asset is
acquired by such specified Person.

     “Adjusted EBITDA” means, with respect to any Person for any period, the Consolidated Net
Income of such Person for such period:

     (1) increased (without duplication) to the extent deducted in computing the
Consolidated Net Income of such Person by:

          (a) provision for taxes based on income or profits or capital gains of such Person and
its Subsidiaries for such period (including any tax sharing arrangements); plus

          (b) Consolidated Interest Expense of such Person for such period; plus

          (c) Consolidated Depreciation and Amortization Expense of such Person for such period;
plus

          (d) any fees and expenses incurred during such period, or any amortization thereof for
such period, in connection with the Transactions, any acquisition, disposition,
recapitalization, Investment, Asset Sale, issuance or repayment of Indebtedness, issuance of
Equity Interests, refinancing transaction or amendment or modification of any debt
instrument (in

1

 

each case, including any such transaction consummated prior to the date hereof and any
such transaction undertaken but not completed) and any charges or non-recurring merger costs
incurred during such period as a result of any such transaction; plus

          (e) other non-cash charges reducing the Consolidated Net Income of such Person for such
period, excluding any such charge that represents an accrual or reserve for a cash
expenditure for a future period; plus

          (f) the amount of any minority interest expense deducted in calculating the
Consolidated Net Income of such Person (less the amount of any cash dividends or
distributions paid to the holders of such minority interests); plus

          (g) non-recurring or unusual losses or expenses (including costs and expenses of
litigation included in Consolidated Net Income pursuant to clause (b) of the definition of
Consolidated Net Income); provided that the aggregate amount of all such losses or expenses
added back pursuant to this clause (g) for purposes of calculating Adjusted EBITDA for any
four-quarter reference period shall not exceed 10.0% of Adjusted EBITDA for that period;
provided, further that losses in respect of settlements of, or judgments in respect of, and
expenses incurred in connection with, any litigation may be added back without limitation;
plus

     (2) to the extent deducted or added in computing Consolidated Net Income of such Person
increased or decreased by (without duplication), any net loss or gain resulting from
currency remeasurements of indebtedness (including any net loss or gain resulting from hedge
agreements for currency exchange risk); and

     (3) decreased to the extent included in Consolidated Net Income of such Person by,
without duplication,

          (a) non-cash items increasing Consolidated Net Income of such Person and its
Subsidiaries for such period, excluding any items which represent the reversal of any
accrual of, or cash reserve for, anticipated cash charges in any prior period; plus

          (b) non-recurring or unusual gains increasing Consolidated Net Income of such Person
and its Subsidiaries for such period; provided, that the aggregate amount of all such gains
deducted pursuant to this clause (3)(b) for purposes of calculating Adjusted EBITDA for any
four-quarter reference period shall not exceed 10.0% of Adjusted EBITDA for that period.

     “Affiliate” means, with respect to any Person, any Person that directly or indirectly
controls, is controlled by, or is under common control with, such Person. For purpose of this
definition, “control” means the possession of either (a) the power to vote, or the Beneficial
Ownership of, 10% or more of the Voting Stock of such Person or (b) the power to direct or cause
the direction of the management and policies of such Person, whether by contract or otherwise;
provided, that, in no event shall GSMP and their Subsidiaries and other Persons engaged primarily
in the investment of mezzanine securities that directly or indirectly are controlled by, or under
common control with, the same investment adviser as GSMP (“GS Mezzanine Entities”) by virtue of
their affiliation with affiliates other than GS Mezzanine Entities be deemed to control Holdco or
any of its Subsidiaries for any purposes under this Indenture (including Section 2.09).

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

     “Applicable Premium” means, with respect to any Note on any Redemption Date, the greater of:

2

 

     (1) 1.0% of the principal amount of such Note; and

     (2) the excess, if any, of (a) the present value at such Redemption Date of (x) the
redemption price of such Note at the fifth anniversary of the Closing Date (such redemption
price being set forth in the table appearing under Section 3.07(c) hereof), assuming that,
if any portion of the interest on such Note has previously been capitalized, that all
required future interest payments due on such Note on each Interest Payment Date through the
second anniversary of the Closing Date were made through the capitalization of such interest
payments due on each such Interest Payment Date, plus (y) all required interest payments on
the Note through the fifth anniversary of the Closing Date (excluding accrued and unpaid
interest to the Redemption Date and any interest either capitalized or assumed to have been
capitalized under clause (x) above), and with such present value computed using a discount
rate equal to the Treasury Rate as of such Redemption Date plus 50 basis points; over
(b) the principal amount of such Note.

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

     “Article 6 Material Adverse Effect” means a material adverse effect on the financial position,
results of operations, business, assets or liabilities of Holdco and its Subsidiaries, taken as a
whole; provided, however, that the impact of the following matters shall be disregarded: (i)
changes in general economic, financial market, credit market, regulatory or political conditions
(whether resulting from acts of war or terrorism, an escalation of hostilities or otherwise)
generally affecting the U.S. economy, foreign economies or the industries in which Holdco or its
Subsidiaries operate, (ii) changes in generally accepted accounting principles, (iii) changes in
laws of general applicability or interpretations thereof by any Governmental Authority, (iv) any
change in Holdco’s stock price or trading volume, in and of itself, or any failure, in and of
itself, by Holdco to meet revenue or earnings guidance published or otherwise provided to the
Initial Purchasers (provided that any fact, condition, circumstance, event, change, development or
effect underlying any such failure or change, other than any of the foregoing that is otherwise
excluded pursuant to clauses (i) through (viii) hereof, may be taken into account in determining
whether an Article 6 Material Adverse Effect has occurred or would reasonably be expected to
occur), (v) losses resulting from any change in the valuations of Holdco’s portfolio of securities
or sales of such securities and any effect resulting from such changes or sales, (vi) actions or
omissions of Holdco or the Sponsors taken as required by the Equity Purchase Agreement or with the
prior written consent of the Initial Purchasers, (vii) the public announcement, in and of itself,
by a third party not affiliated with Holdco of any proposal to acquire the outstanding securities
or all or substantially all of the assets of Holdco and (viii) the public announcement of the
Equity Purchase Agreement and the transactions contemplated thereby (provided that this clause
(viii) shall not apply with respect to Sections 1.2(c)(v), 2.2(d), 2.2(h) and 2.2(k) of the Equity
Purchase Agreement); provided further, however, that an Article 6 Material Adverse Effect shall be
deemed not to include the impact of the foregoing clauses (i), (ii) and (iii), in each case only
insofar and to the extent that such circumstances, events, changes, developments or effects
described in such clauses do not have a disproportionate effect on Holdco and its Subsidiaries
(exclusive of its payments systems business) relative to other participants in the industry.

     “Asset Sale” means:

     (1) the sale, conveyance, transfer, assignment, lease (other than operating leases
entered into in the ordinary course of business whether or not consistent with past
practice) or other disposition, of property or assets (including by way of a sale and
leaseback) of the Company or any Company Subsidiary (each referred to in this definition as
a “disposition”); and

3

 

     (2) the issuance or sale of Equity Interests of any Company Subsidiary (other than
preferred stock of Company Subsidiaries issued in compliance with Section 4.09 hereof);

whether in a single transaction or a series of related transactions, in each case, other
than:

          (a) the disposition of (i) Cash and Cash Equivalents in the ordinary course of
business, (ii) obsolete or worn out equipment or other tangible personal property or (iii)
inventory sales in the ordinary course of business;

          (b) the disposition of portfolio securities for Highly Rated Investments or Cash and
Cash Equivalents;

          (c) the disposition of all or substantially all the assets of the Company in a manner
permitted pursuant to the provisions described under Section 5.01 hereof or any disposition
that constitutes a Change of Control pursuant to this Indenture;

          (d) the making of any Restricted Payment or Permitted Investment that is permitted to
be made, and is made, under Section 4.07 hereof;

          (e) any disposition of property or assets or issuance of securities by a Guarantor to
the Company or by the Company or a Guarantor to a Guarantor;

          (f) any disposition of property or assets or issuance of securities by a Non-Guarantor
to the Company or a Company Subsidiary;

          (g) to the extent allowable under Section 1031 of the Code, any exchange of like
property (excluding any boot thereon) for use in a Similar Business;

          (h) the granting of Liens otherwise permitted by this Indenture;

          (i) surrender or waiver of contract rights or the settlement, release or surrender of
contract, tort or other claims;

          (j) the lease, assignment or sub-lease of any real or personal property in the ordinary
course of business;

          (k) foreclosures on assets;

          (l) the unwinding of any Hedging Obligations;

          (m) sales of securities pursuant to Repurchase Agreements;

          (n) any transfer to MoneyGram International Holdings Limited of the loan from MoneyGram
to MoneyGram International Holdings Limited in the amount of €92,500,000 pursuant to the
Loan Agreement dated January 17, 2003 made to effectuate the forgiveness of such loan;

          (o) sales of accounts receivable on a non-recourse basis in connection with the
collection or compromise thereof; and

4

 

          (p) any disposition of assets (other than Equity Interests of a Company Subsidiary) in
any transaction or series of transactions with an aggregate fair market value not to exceed
$10.0 million in any calendar year.

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

     “Beneficial Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under
the Exchange Act. The terms “Beneficial Ownership” and “Beneficially Own” have a corresponding
meaning.

     “Board of Directors” means:

     (1) with respect to a corporation, the board of directors of the corporation or any
committee thereof duly authorized to act on behalf of such board;

     (2) with respect to a partnership, the board of directors of the general partner of the
partnership;

     (3) with respect to a limited liability company, the managing member or members or any
controlling committee of managing members thereof; and

     (4) with respect to any other Person, the board or committee of such Person serving a
similar function.

     “Business Combination” means (i) any reorganization, consolidation, merger, share exchange
or
similar business combination transaction involving Holdco with any Person or (ii) the sale,
assignment, conveyance, transfer, lease or other disposition by Holdco of all or substantially all
of its assets.

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

     “Capital Stock” means:

     (1) in the case of a corporation, corporate stock;

     (2) in the case of an association or business entity, any and all shares, interests,
participations, rights or other equivalents (however designated) of corporate stock;

     (3) in the case of a partnership or limited liability company, partnership or
membership interests (whether general or limited); and

     (4) any other interest or participation that confers on a Person the right to receive a
share of the profits and losses of, or distributions of assets on liquidation of, the
issuing Person.

     “Capitalized Lease Obligation” means, at the time any determination thereof is to be made, the
amount of the liability in respect of a capital lease that would at such time be required to be
capitalized and reflected as a liability on a balance sheet (excluding the footnotes thereto) in
accordance with GAAP.

     “Cash and Cash Equivalents” means:

     (1) U.S. dollars or Canadian dollars;

5

 

     (2) (a) euros or any national currency of any participating member state of the EMU or
(b) such local currencies held from time to time in the ordinary course of business;

     (3) Government Securities or Highly Rated Investments;

     (4) securities issued by any agency of the United States or government-sponsored
enterprise (such as debt securities or mortgage-backed securities issued by Freddie Mac,
Fannie Mae, Federal Home Loan Banks and other government-sponsored enterprises), which may
or may not be backed by the full faith and credit of the United States, in each case
maturing within three months or less and rated Aa1 or better by Moody’s and AA+ or better by
S&P;

     (5) certificates of deposit, time deposits and eurodollar time deposits with maturities
of one year or less from the date of acquisition, banker’s acceptances with maturities not
exceeding 13 months and overnight bank deposits, in each case with any commercial bank
having capital and surplus in excess of $500.0 million in the case of a domestic bank and
$250.0 million (or the U.S. dollar equivalent as of the date of determination) in the case
of a foreign bank;

     (6) repurchase obligations for underlying securities of the types described in clauses
(3), (4) and (5) entered into with any financial institution meeting the qualifications
specified in clause (4) above;

     (7) commercial paper rated at least P-2 by Moody’s or at least A-2 by S&P and in each
case maturing within 12 months after the date of creation thereof;

     (8) investment funds investing 95% of their assets in securities of the types described
in clauses (1) through (6) above;

     (9) readily marketable direct obligations issued by any state of the United States of
America or any political subdivision thereof having one of the two highest rating categories
obtainable from either Moody’s or S&P with maturities of 24 months or less from the date of
acquisition; and

     (10) Scheduled Restricted Investments.

Notwithstanding the foregoing, Cash Equivalents shall include amounts denominated in currencies
other than those authorized to be held in accordance with clauses (1) and (2); provided that such
amounts are converted into any currency authorized to be held in accordance with clauses (1) and
(2) as promptly as practicable and in any event within ten Business Days following the receipt of
such amounts.

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

     (1) any Person (other than the Sponsors) acquires Beneficial Ownership, directly or
indirectly, of 50% or more of the combined voting power of the then-outstanding voting
securities of Holdco entitled to vote generally in the election of directors (“Outstanding
Corporation Voting Stock”);

     (2) the consummation of a Business Combination pursuant to which either (A) the Persons
that were the Beneficial Owners of the Outstanding Corporation Voting Stock immediately
prior to such Business Combination Beneficially Own, directly or indirectly, less than 50%
of the combined voting power of the then-outstanding voting securities entitled to vote
generally in the election of directors (or equivalent) of the entity resulting from such
Business

6

 

Combination (including, without limitation, a company that, as a result of such
transaction, owns Holdco or all or substantially all of Holdco’s assets either directly or
through one or more subsidiaries), or (B) any Person (other than the Sponsors) Beneficially
Owns, directly or indirectly, 50% or more of the combined voting power of the
then-outstanding voting securities entitled to vote generally in the election of directors
(or equivalent) of the entity resulting from such Business Combination;

     (3) the failure by Holdco to directly own 100% of the Capital Stock of the Company;

     (4) the failure by the Company to directly own 100% of the Capital Stock of MoneyGram;
or

     (5) the adoption of a plan relating to the liquidation of Holdco or the Company.

     “Clearstream” means Clearstream Banking, S.A.

     “Closing Date” has the meaning set forth in the Note Purchase Agreement.

     “Code” means the United States Internal Revenue Code of 1986, as amended from time to time,
and the regulations promulgated thereunder.

     “Collateral” means the collateral described in the Security Documents.

     “Collateral Agent” means the Trustee in its capacity as Collateral Agent under this Indenture
and under the Security Documents and any successor thereto in such capacity.

     “Company” means MoneyGram Payment Systems Worldwide, Inc., a Delaware corporation.

     “Company Subsidiary” means a Subsidiary of the Company.

     “Consolidated Depreciation and Amortization Expense” means with respect to any Person for any
period, the total amount of depreciation and amortization expense (excluding amortization of
signing bonuses), including the amortization of deferred financing fees of such Person and its
Subsidiaries for such period on a consolidated basis and otherwise determined in accordance with
GAAP.

     “Consolidated Interest Expense” means, with respect to any Person for any period, the sum,
without duplication, of:

     (1) consolidated interest expense of such Person and its Subsidiaries for such period,
determined in accordance with GAAP, to the extent such expense was deducted in computing
Consolidated Net Income (including (a) amortization of deferred financing fees, debt
issuance costs, commissions, fees, expenses and original issue discount resulting from the
issuance of Indebtedness at less than par, (b) all commissions, discounts and other fees and
charges owed with respect to letters of credit or bankers’ acceptances, (c) non-cash
interest payments (but excluding any non-cash interest expense attributable to the movement
in the mark-to-market valuation of Hedging Obligations or other derivative instruments
pursuant to Financial Accounting Standards Board Statement No. 133 — “Accounting for
Derivative Instruments and Hedging Activities”), (d) the interest component of Capitalized
Lease Obligations and (e) net payments, if any, pursuant to interest rate Hedging
Obligations with respect to Indebtedness); plus

7

 

     (2) consolidated capitalized interest of such Person and its Subsidiaries for such
period, whether paid or accrued.

     For purposes of this definition, interest on a Capitalized Lease Obligation shall be deemed to
accrue at an interest rate implicit in such Capitalized Lease Obligation in accordance with GAAP.

     “Consolidated Net Income” means with respect to any Person for any period, the aggregate of
the Net Income of such Person and its Subsidiaries for such period, on a consolidated basis, and
otherwise determined in accordance with GAAP; provided, however, that

     (a) to the extent included in Net Income:

     (1) there shall be excluded in computing Consolidated Net Income (x) all extraordinary
gains and (y) all extraordinary losses;

     (2) the Net Income for such period shall not include the cumulative effect of a change
in accounting principles or policies during such period, whether effected through a
cumulative effect adjustment or a retroactive application in each case in accordance with
GAAP;

     (3) any net after-tax income (loss) from disposed or discontinued operations and any
net after-tax gains or losses on disposal of disposed or discontinued operations shall be
excluded;

     (4) any net after-tax gains or losses (less all fees and expenses relating thereto)
attributable to asset dispositions other than in the ordinary course of business, as
determined in good faith by the Company, shall be excluded;

     (5) the Net Income for such period of any Person that is not a Subsidiary or that is
accounted for by the equity method of accounting, shall be excluded, except to the extent of
the amount of dividends or distributions or other payments that are actually paid in cash
(or to the extent converted into cash) to the referent Person or a Subsidiary thereof in
respect of such period;

     (6) solely for the purpose of determining the amount available for Restricted Payments
under clause (iii) of 4.07(a) hereof, the Net Income or loss for such period of any
Subsidiary of such Person will be excluded to the extent that the declaration or payment of
dividends or similar distributions by that Subsidiary of its Net Income is not at the date
of determination permitted without any prior governmental approval (that has not been
obtained) or, directly or indirectly, by the operation of the terms of its charter or any
agreement, instrument, judgment, decree, order, statute, rule, or governmental regulation
applicable to that Subsidiary or its stockholders, unless such restriction with respect to
the payment of dividends or in similar distributions has been legally waived or such income
has been dividended or distributed to the Company or to a Company Subsidiary without such
restriction; provided, however, that for the avoidance of doubt, any restrictions based
solely on (i) financial maintenance requirements imposed as a matter of state regulatory
requirements or (ii) the types of restrictions set forth in clauses (cc), (dd) and (ee) of
the definition of Permitted Liens shall not result in the exclusion of Net Income (loss);
and provided, further, that any net loss of any Subsidiary of such Person (including any
Guarantor), shall not be excluded pursuant to this clause (6);

     (7) any net after-tax income (loss) from the early extinguishment of Indebtedness or
Hedging Obligations or other derivative instruments not relating to the Restricted
Investment Portfolio shall be excluded;

8

 

     (8) any Net Income (loss) for such period will be excluded to the extent it relates to
the impairment or appreciation of, or it is realized out of the income generated by, or from
the sale or disposition of, any assets included in the Scheduled Restricted Investments;

     (9) any Net Income (loss) for such period will be excluded to the extent it relates to
the impairment or appreciation of any asset included the Restricted Investment Portfolio;
provided, however, that subject to clause (8) any Net Income (loss) for such period will be
included to the extent that it is realized out of the sale, disposition or unwinding of any
assets included in the Restricted Investment Portfolio;

     (10) any impairment charge or asset write-off pursuant to Financial Accounting
Standards Board Statement No. 142 “Goodwill and Other Intangible Assets” or Financial
Accounting Standards Board Statement No. 144 “Accounting for the Impairment or Disposal of
Long-Lived Assets” and the amortization of intangibles arising pursuant to Financial
Accounting Standards Board Statement No. 141 “Business Combinations,” in each case to the
extent deducted in calculating Net Income of such Person will be excluded;

     (11) any non-cash compensation expense recorded from grants of stock appreciation or
similar rights, stock options, restricted stock or other rights and any non-cash charges
associated with the rollover, acceleration or payout of Equity Interests by management of
the Company or any of its direct or indirect parent companies in connection with
the Transactions shall be excluded; and

     (12) any non-cash items included in the Consolidated Net Income of the Company as a
result of an agreement of the Sponsors in respect of any equity participation shall be
excluded; and

     (b) to the extent not already included in Net Income, any costs associated with any
operational expenses or litigation costs or expenses (including any judgment or settlement) made by
any direct or indirect parent company of the Company in respect of which the Company has made a
Restricted Payment pursuant to clauses (7) and (8) of Section 4.07(b) shall be deducted from Net
Income.

     Notwithstanding the foregoing, for the purpose of Section 4.07 hereof only and in order to
avoid double counting, there shall be excluded from Consolidated Net Income any income arising from
any sale or other disposition of Restricted Investments made by the Company and the Company
Subsidiaries, any repurchases and redemptions of Restricted Investments from the Company and the
Company Subsidiaries, any repayments of loans and advances that constitute Restricted Investments
by the company or any Company Subsidiary, in each case to the extent such amounts increase the
amount of Restricted Payments permitted under Section 4.07(a)(iii)(C) hereof.

     “Corporate Trust Office of the Trustee” will be at the address of the Trustee specified in
Section 14.01 hereof or such other address as to which the Trustee may give notice to the Company.

     “Credit Agreement” means that certain Credit Agreement, dated as of March 25, 2008, by and
among the Company, JPMorgan Chase Bank, N.A., as the administrative agent, and the other financial
institutions signatory thereto as amended, restated, amended and restated, modified renewed,
refunded, replaced (whether upon or after termination or otherwise) or refinanced (including by
means of sales of debt securities to institutional investors) in whole or in part from time to
time.

     “Credit Facilities” means, one or more secured debt facilities (including, without limitation,
the Credit Agreement) with banks or other institutional lenders providing for revolving credit
loans, term

9

 

loans, or letters of credit, in each case, as amended, restated, amended and restated,
modified, renewed, refunded, replaced (whether upon or after termination or otherwise) or
refinanced (including by means of sales of debt securities to institutional investors) in whole or
in part from time to time.

     “Custodian” means the Trustee, as custodian with respect to the Notes 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 as defined in Section 6.01.

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

     “Depositary” means, with respect to the Notes issuable or issued in whole or in part in global
form, the Person specified in Section 2.03 hereof as the Depositary with respect to the Notes, and
any and all successors thereto appointed as depositary hereunder and having become such pursuant to
the applicable provision of this Indenture.

     “Designated Non-cash Consideration” means the fair market value of non-cash consideration
received by the Company or any Company Subsidiary, as of the date of receipt of such non-cash
consideration, in connection with an Asset Sale that is so designated as Designated Non-cash
Consideration pursuant to an Officer’s Certificate, setting forth the basis of such valuation, less
the amount of Cash Equivalents received in connection with a subsequent sale of such Designated
Non-cash Consideration; provided that Designated Non-cash Consideration shall not exceed at any one
time outstanding $25.0 million.

     “Disqualified Stock” means, with respect to any Person, any Capital Stock of such Person
which, by its terms, or by the terms of any security into which it is convertible or for which it
is putable or exchangeable, or upon the happening of any event, matures or is mandatorily
redeemable (other than as a result of a change of control or asset sale), pursuant to a sinking
fund obligation or otherwise, or is redeemable at the option of the holder thereof (other than as a
result of a change of control or asset sale) in whole or in part, in each case prior to the date 91
days after the maturity date of the Notes; provided, however, that if such Capital Stock is issued
to any plan for the benefit of employees, directors, managers or consultants of the Company or its
Subsidiaries or by any such plan to such employees, directors, managers, consultants (or their
respective estates, heirs, beneficiaries, transferees, spouses or former spouses), such Capital
Stock shall not constitute Disqualified Stock solely because it may be required to be repurchased
by the Company or its Subsidiaries (or their direct or indirect parent) in order to satisfy
applicable statutory or regulatory obligations.

     For purposes hereof, the amount (or principal amount) of any Disqualified Stock shall be equal
to its voluntary or involuntary liquidation preference.

     “Domestic Subsidiary” means, with respect to any Person, any Subsidiary of such Person other
than (i) a Foreign Subsidiary or (ii) a Domestic Subsidiary of a Foreign Subsidiary, but in each
case including any Subsidiary that guarantees Indebtedness under the Credit Agreement.

     “EMU” means the economic and monetary union as contemplated in the Treaty on European Union.

10

 

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

     “Equity Purchase Agreement” means that certain Equity Purchase Agreement, dated February 11,
2008, among the Sponsors and Holdco.

     “Euroclear” means Euroclear Bank, S.A./N.V., as operator of the Euroclear system.

     “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and
regulations of the SEC promulgated thereunder.

     “Existing Indebtedness” means Indebtedness of the Company or the Company Subsidiaries in
existence on the Closing Date, plus interest accruing thereon set forth on Schedule 1.1(a).

     “fair market value” means, with respect to any asset or property, the price which could be
negotiated in an arm’s-length transaction between a willing seller and a willing and able buyer as
determined by the senior management (or if the fair market value of any asset or property exceeds
$1.0 million, as determined by the disinterested members of the Board of Directors in its sole good
faith judgment).

     “fair value” shall be defined in accordance with GAAP.

     “First Priority Liens” means all Liens that secure the First Priority Lien Obligations.

     “First Priority Lien Obligations” means (i) all Obligations of the Company and the Company
Subsidiaries under the agreements governing Credit Facilities and (ii) all other Obligations of the
Company or any of its Subsidiaries in respect of Hedging Obligations that are secured pursuant to
the documentation evidencing Credit Facilities.

     “Fixed Charge Coverage Ratio” means, with respect to any Person for any period, the ratio of
Adjusted EBITDA of such Person for such period to the Fixed Charges of such Person for such period.
In the event that the Company or any Company Subsidiary incurs, assumes, guarantees or redeems any
Indebtedness or issues or redeems Disqualified Stock or preferred stock subsequent to the
commencement of the period for which the Fixed Charge Coverage Ratio is being calculated but on or
prior to or simultaneously with the event for which the calculation of the Fixed Charge Coverage
Ratio is made (the “Calculation Date”), then the Fixed Charge Coverage Ratio shall be calculated
giving pro forma effect to such incurrence, assumption, guarantee or redemption of Indebtedness, or
such issuance or redemption of Disqualified Stock or preferred stock, as if the same had occurred
at the beginning of the applicable four-quarter period (the “reference period”).

     For purposes of making the computation referred to above, Investments, acquisitions,
dispositions, mergers and consolidations that have been made (or committed to be made pursuant to a
definitive agreement) by the Company or any Company Subsidiary during the reference period or
subsequent to the reference period and on or prior to or simultaneously with the Calculation Date
shall be given pro forma effect as if all such Investments, acquisitions, dispositions, mergers and
consolidations (and all related financing transactions) had occurred on the first day of the
reference period. Additionally, if since the beginning of such reference period any Person that
subsequently became a Company Subsidiary or was merged with or into the Company or any Company
Subsidiary since the beginning of such reference period shall have made any Investment,
acquisition, disposition, merger or consolidation that would have required adjustment pursuant to
this definition, then the Fixed Charge Coverage Ratio shall be calculated giving pro forma effect
thereto for such reference period as if such Investment,

11

 

acquisition, disposition, merger or consolidation (and all related financing transactions) had
occurred at the beginning of the reference period.

     For purposes of this definition, whenever pro forma effect is to be given to a transaction,
the pro forma calculations (including any cost savings associated therewith) shall be made in
accordance with Regulation S-X under the Securities Act. If any Indebtedness bears a floating rate
of interest and is being given pro forma effect, the interest on such Indebtedness shall be
calculated as if the rate in effect on the Calculation Date had been the applicable rate for the
entire period (taking into account any Hedging Obligations applicable to such Indebtedness). For
purposes of making the computation referred to above, interest on any Indebtedness under a
revolving credit facility computed on a pro forma basis shall be computed based upon the average
daily balance of such Indebtedness during the reference period. Interest on Indebtedness that may
optionally be determined at an interest rate based upon a factor of a prime or similar rate, a
eurocurrency interbank offered rate, or other rate, shall be deemed to have been based upon the
rate actually chosen, or, if none, then based upon such optional rate as the Company may designate.

     Any Person that is a Company Subsidiary on the Calculation Date will be deemed to have been a
Company Subsidiary at all times during the reference period, and any Person that is not a Company
Subsidiary on the Calculation Date will be deemed not to have been a Company Subsidiary at any time
during the reference period.

     “Fixed Charges” means, with respect to any Person for any period, the sum of:

     (1) the Consolidated Interest Expense of such Person for such period;

     (2) all cash dividend or distribution payments (excluding items eliminated in
consolidation) on any series of preferred stock of any such Person and its Subsidiaries; and

     (3) all cash dividend or distribution payments (excluding items eliminated in
consolidation) on any series of Disqualified Stock of such Person.

     “Foreign Subsidiary” means, with respect to any Person, any Subsidiary of such Person that is
(i) not organized or existing under the laws of the United States, any state thereof or the
District of Columbia or (ii) a disregarded entity for U.S. federal income tax purposes the sole
assets of which consist of Equity Interests of entities described in clause (i) of this definition.

     “GAAP” means generally accepted accounting principles in the United States which are in effect
on the date hereof; provided that if there has been a subsequent change in GAAP, the Company shall
deliver to the Trustee on each Calculation Date a reconciliation of the calculation of Fixed Charge
Coverage Ratio or Leverage Ratio, as applicable, pursuant to the Indenture to such calculation in
accordance with GAAP in effect as of the Calculation Date.

     “Global Note Legend” means the legend set forth in Section 2.06(f)(2) hereof, which is
required to be placed on all Global Notes issued under this Indenture.

     “Global Notes” means, individually and collectively, each of the Global Notes deposited with
or on behalf of and registered in the name of the Depository or its nominee, substantially in the
form of Exhibit A-1 hereto and that bears the Global Note Legend and that has the “Schedule of
Exchanges of Interests in the Global Note” attached thereto, issued in accordance with Section
2.01, 2.06(b), 2.06(d) or 2.06(f) hereof.

12

 

     “Governmental Authority” means any federal, state, municipal, national or other government,
governmental department, commission, board, bureau, court, agency or instrumentality or political
subdivision thereof or any entity exercising executive, legislative, judicial, regulatory or
administrative functions of any government or any court, in each case whether associated with a
state of the United States, the United States, or a foreign entity or government.

     “Government Securities” means securities that are:

     (1) direct obligations of the United States of America for the timely payment of which
its full faith and credit is pledged; or

     (2) obligations of a Person controlled or supervised by and acting as an agency or
instrumentality of the United States of America the timely payment of which is
unconditionally guaranteed as a full faith and credit obligation by the United States of
America, which, in either case, are not callable or redeemable at the option of the issuer
thereof, and shall also include a depository receipt issued by a bank (as defined in Section
3(a)(2) of the Securities Act), as custodian with respect to any such Government Securities
or a specific payment of the principal of or interest on any such Government Securities held
by such custodian for the account of the holder of such depository receipt; provided that
(except as required by law) such custodian is not authorized to make any deduction from the
amount payable to the holder of such depository receipt from any amount received by the
custodian in respect of the Government Securities or the specific payment of the principal
of or interest on the Government Securities evidenced by such depository receipt.

     “GSCP” means GS Capital Partners VI Parallel, L.P., GS Capital Partners VI GmbH & Co. KG, GS
Capital Partners VI Offshore Fund, L.P., and GS Capital Partners VI Fund, L.P.

     “GSMP” means GSMP V Onshore US, Ltd., GSMP V Offshore US, Ltd. and GSMP V Institutional US,
Ltd.

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

     “Guarantors” means:

     (1) Holdco;

     (2) all existing and subsequently acquired or organized Domestic Subsidiaries (other
than Immaterial Subsidiaries, SPEs and Long Lake Partners LLC); and

     (3) any other Domestic Subsidiary that executes a Note Guarantee in accordance with the
provisions of this Indenture,

and their respective successors and assigns, in each case, until the Note Guarantee of such Person
has been released in accordance with the provisions of this Indenture.

     “Hedging Obligations” means, with respect to any Person, the obligations of such Person under
currency exchange, interest rate or commodity swap, cap or collar agreements, and other similar

13

 

agreements or arrangements designed primarily to protect such Person against fluctuations in
currency exchange, interest rates or commodity prices.

     “Highly Rated Investments” means:

     (1) U.S. dollars, euros, Australian dollars, Canadian dollars, Pounds Sterling or any
national currency of any participating state of the EMU;

     (2) Government Securities with maturities not to exceed 13 months;

     (3) securities (including fixed rate mortgages) issued by any agency of the United
States or government-sponsored enterprise (such as debt securities or mortgage-backed
securities issued by Freddie Mac, Fannie Mae, Federal Home Loan Banks and other
government-sponsored enterprises), which may or may not be backed by the full faith and
credit of the United States, rated Aaa by Moody’s and AAA by S&P, in each case with
maturities not to exceed 13 months;

     (4) any overnight Repurchase Agreement with any bank or trust company organized under
the laws of any state of the United States or any national banking association or any
government securities dealer which is listed as reporting to the market statistics division
of the Federal Reserve Bank of New York over-collateralized by 102% by any one or more of
the securities described in clauses (2) or (3) above;

     (5) certificates of deposit, time deposits and eurodollar time deposits with maturities
of 13 months or less from the date of acquisition, banker’s acceptances with maturities not
exceeding 13 months and overnight bank deposits, in each case (i) with any commercial bank
having capital and surplus in excess of $500.0 million in the case of a domestic bank and
$500.0 million (or the U.S. dollar equivalent as of the date of determination) in the case
of a foreign bank and (ii) rated Aa3 or better by Moody’s and AA- or better by S&P; and

     (6) any money market mutual fund registered under the Investment Company Act of 1940,
as amended, that invest exclusively in any one or more of the securities described in
clauses (2), (3), (4) or (5) above.

     “Holdco” means Moneygram International, Inc., a Delaware corporation.

     “Holdco Subsidiary” means a Subsidiary of Holdco.

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

     “IAI Global Note” means a Global Note substantially in the form of Exhibit A-1 hereto bearing
the Global Note Legend and the Private Placement Legend and deposited with or on behalf of and
registered in the name of the Depositary or its nominee that will be issued in a denomination equal
to the outstanding principal amount of the Notes sold to Institutional Accredited Investors.

     “Immaterial Subsidiary” means, as of any date, any Subsidiary whose total assets, as of that
date, are less than $500,000 and whose total revenues for the most recent 12-month period do not
exceed $500,000; provided that a Subsidiary will not be considered to be an Immaterial Subsidiary
if it, directly or indirectly, guarantees or otherwise provides direct credit support for any
Indebtedness of the Company; and provided further that the total assets of Subsidiaries qualifying
as Immaterial Subsidiaries shall in no case be greater than $1.0 million in the aggregate.

14

 

     “Indebtedness” means, with respect to any Person, without duplication,

     (a) any indebtedness (including principal and premium) of such Person, whether or not
contingent

     (1) in respect of borrowed money;

     (2) evidenced by bonds, notes, debentures or similar instruments or reimbursement
obligations in respect of surety bonds, letters of credit and other similar instruments to
the extent not collateralized with Cash and Cash Equivalents or bankers’ acceptances (or,
without double counting, reimbursement agreements in respect thereof);

     (3) representing the balance deferred and unpaid of the purchase price of any property
(including Capitalized Lease Obligations) or services, except any such balance that
constitutes a trade payable or similar obligation to a trade creditor, in each case accrued
in the ordinary course of business;

     (4) representing obligations under Repurchase Agreements;

     (5) representing any Hedging Obligations; or

     (6) any other obligation for borrowed money or other financial accommodation which in
accordance with GAAP would be shown as a liability on the consolidated balance sheet of such
Person.

     (b) to the extent not otherwise included, any obligation by such Person to be liable for, or
to pay, as obligor, guarantor or otherwise, on the Indebtedness of another Person, other than by
endorsement of negotiable instruments for collection in the ordinary course of business, and

     (c) to the extent not otherwise included, Indebtedness of another Person secured by a Lien on
any asset owned by such Person, whether or not such Indebtedness is assumed by such Person;
provided that the amount of such Indebtedness is equal to the lesser of the amount of Indebtedness
secured by such Lien or the value of the property so secured.

     Notwithstanding the foregoing, the following shall not constitute Indebtedness: (i) Payment
Service Obligations; (ii) ordinary course obligations with clearing banks relative to clearing
accounts; (iii) Payment Instruments Funding Amounts; and (iv) for the avoidance of doubt, Equity
Interests of Holdco issued pursuant to the Equity Purchase Agreement.

     “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 Note through
a Participant.

     “Initial Purchasers” means, collectively, GSMP V Onshore US, Ltd., GSMP V Offshore US, Ltd.
and GSMP V Institutional US, Ltd. and their respective Affiliates.

     “Institutional Accredited Investor” means an institution that is an “accredited investor” as
defined in Rule 501(a) under the Securities Act, who are not also QIBs.

15

 

     “Intercreditor
Agreement” means that certain Intercreditor Agreement, dated
as of March 25,
2008, by and among JP Morgan Chase Bank, N.A., Deutsche Bank Trust Company Americas, the Company
and the other parties thereto, as amended, restated or otherwise modified from time to time, or
replaced in connection with any amendment, restatement, modification, renewal or replacement of
Credit Facilities.

     “Interest Payment Date” has the meaning set forth in Paragraph 1 of the Note.

     “Investments” means with respect to any Person, all investments by such Person in other
Persons (including Affiliates) in the form of loans (including guarantees), advances or capital
contributions, purchases or other acquisitions for consideration of Indebtedness, Equity Interests
or other securities issued by any other Person and investments that are required by GAAP to be
classified on the consolidated balance sheet (including the footnotes) of the Company and the
Company Subsidiaries in the same manner as the other investments included in this definition to the
extent such transactions involved the transfer of cash or other property.

     “Lead Sponsor” means Thomas H. Lee Partners, L.P. and its Affiliates.

     “Legal Holiday” means a Saturday, a Sunday or a day on which banking institutions in the State
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.

     “Leverage Ratio” means the ratio of Total Indebtedness to Adjusted EBITDA of the Company and
its Subsidiaries for such period. In the event that the Company or any Company Subsidiary incurs,
assumes, guarantees or redeems any Indebtedness or issues or redeems Disqualified Stock or
preferred stock subsequent to the commencement of the period for which the Leverage Ratio is being
calculated but on or prior to or simultaneously with the event for which the calculation of the
Leverage Ratio is made (the “Calculation Date”), then the Leverage Ratio shall be calculated giving
pro forma effect to such incurrence, assumption, guarantee or redemption of Indebtedness, or such
issuance or redemption of Disqualified Stock or preferred stock, as if the same had occurred at the
beginning of the applicable reference period.

     For purposes of making the computation referred to above, Investments, acquisitions,
dispositions, mergers and consolidations that have been made (or committed to be made pursuant to a
definitive agreement) by the Company or any Company Subsidiary during the reference period or
subsequent to the reference period and on or prior to or simultaneously with the Calculation Date
shall be given pro forma effect as if all such Investments, acquisitions, dispositions, mergers and
consolidations (and all related financing transactions) had occurred on the first day of the
reference period. Additionally, if since the beginning of such reference period any Person that
subsequently became a Company Subsidiary or was merged with or into the Company or any Company
Subsidiary since the beginning of such reference period shall have made any Investment,
acquisition, disposition, merger or consolidation that would have required adjustment pursuant to
this definition, then the Leverage Ratio shall be calculated giving pro forma effect thereto for
such reference period as if such Investment, acquisition, disposition, merger or consolidation (and
all related financing transactions) had occurred at the beginning of the reference period.

     For purposes of this definition, whenever pro forma effect is to be given to a transaction,
the pro forma calculations (including any cost savings associated therewith) shall be made in
accordance with Regulation S-X under the Securities Act. If any Indebtedness bears a floating rate
of interest and is being

16

 

given pro forma effect, the interest on such Indebtedness shall be calculated as if the rate
in effect on the Calculation Date had been the applicable rate for the entire period (taking into
account any Hedging Obligations applicable to such Indebtedness). For purposes of making the
computation referred to above, interest on any Indebtedness under a revolving credit facility
computed on a pro forma basis shall be computed based upon the average daily balance of such
Indebtedness during the reference period. Interest on Indebtedness that may optionally be
determined at an interest rate based upon a factor of a prime or similar rate, a eurocurrency
interbank offered rate, or other rate, shall be deemed to have been based upon the rate actually
chosen, or, if none, then based upon such optional rate as the Company may designate.

     Any Person that is a Company Subsidiary on the Calculation Date will be deemed to have been a
Company Subsidiary at all times during the reference period, and any Person that is not a Company
Subsidiary on the Calculation Date will be deemed not to have been a Company Subsidiary at any time
during the reference 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 give a security interest;
provided that in no event shall an operating lease be deemed to constitute a Lien.

     “Material Adverse Effect” means a material adverse effect (a) on the financial position,
results of operations, business, assets or liabilities of Holdco and its Subsidiaries, taken as a
whole, (b) that would materially impair the ability of Holdco and its Subsidiaries, taken as a
whole, to perform their obligations under this Agreement or any of the other Financing Documents or
(c) that would materially impair the rights and remedies of the Holders under this Indenture or any
of the other Financing Documents (as defined in the Note Purchase Agreement), taken as a whole.

     “Minimum Liquidity Ratio” means the ratio of (a) the fair value of the Restricted Investment
Portfolio (other than Scheduled Restricted Investments, which shall be valued at the lower of (x)
fair value and (y) the actual par amount of each Scheduled Restricted Investment held by the
Company or any of its Subsidiaries on the date of determination multiplied by (A) in respect of the
Scheduled Restricted Investments set forth under the heading C-1 on Schedule 1.1(c), 0.98, (B) in
respect of the Scheduled Restricted Investments set forth under the heading C-2 on Schedule 1.1(c),
0.049525, and (C) in respect of the Scheduled Restricted Investments set forth under the heading
C-3 on Schedule 1.1(c), zero; provided, that any Scheduled Restricted Investments set forth
under the heading C-1 on Schedule 1.1(c) shall be valued at fair value after June 30, 2008; and
provided further, if any of such Scheduled Restricted Investments set forth under
the headings C-2 and C-3 on Schedule 1.1(c) (the “Specified SRIs”) have been sold, the aggregate
value of such remaining Specified SRIs shall be the lower of (x) fair value of such remaining
Specified SRIs and (y) the aggregate value of all Specified SRIs (determined in accordance with the
valuation methodology described above) less the net proceeds received for the Specified SRIs sold
(not to be less than zero)) to (b) all Payment Service Obligations.

     “MoneyGram” means MoneyGram Payment Systems, Inc., a Delaware corporation.

     “Moody’s” means Moody’s Investors Service, Inc. and any successor to its rating agency
business.

     “Net Income” means, with respect to any Person, the net income (loss) of such Person,
determined in accordance with GAAP and before any reduction in respect of preferred stock
dividends.

17

 

     “Net Proceeds” means the aggregate cash proceeds received by the Company or any Company
Subsidiary in respect of any Asset Sale or Specified SRI Sales, including, without limitation, any cash received upon the
sale or other disposition of any non-cash consideration received in any Asset Sale or Specified SRI Sales, net of the
direct costs relating to such Asset Sale or Specified SRI Sales and the sale or disposition of such non-cash
consideration, including, without limitation, legal, accounting and investment banking fees, and
brokerage and sales commissions, any relocation expenses incurred as a result thereof, taxes paid
or payable as a result thereof (after taking into account any available tax credits or deductions
and any tax sharing arrangements and, if such costs have not been incurred or invoiced, the
Company’s good faith estimates thereof), amounts required to be applied to the repayment of
principal, premium or penalty, if any, and interest on Indebtedness required to be paid as a result
of such transaction and any deduction of appropriate amounts to be provided by the Company as a
reserve in accordance with GAAP against any liabilities associated with the asset disposed of in
such transaction and retained by the Company after such sale or other disposition thereof,
including, without limitation, pension and other post-employment benefit liabilities and
liabilities related to environmental matters or against any indemnification obligations associated
with such transaction.

     “Non-Guarantor” means any Subsidiary of Holdco other than the Company or any Guarantor.

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

     “Note Guarantees” means the guarantee by any Guarantor of the Company’s Obligations under this
Indenture.

     “Note
Purchase Agreement” means the Second Amended and Restated Note Purchase Agreement, dated as of
March 24, 2008, among the Company, Holdco, and GSMP.

     “Notes” has the meaning assigned to it in the preamble to this Indenture. For purposes of
this Indenture, all references to “principal amount” shall include any increase in the principal
amount of the outstanding Notes as a result of a PIK Payment.

     “Obligations” means any principal (including reimbursement obligations with respect to letters
of credit whether or not drawn), interest (including, to the extent legally permitted, all interest
accrued thereon after the commencement of any insolvency or liquidation proceeding at the rate,
including any applicable post-default rate, specified in the applicable agreement), premium (if
any), guarantees of payment, fees, indemnifications, reimbursements, expenses, damages and other
liabilities payable under the documentation governing any Indebtedness; provided that Obligations
with respect to the Notes shall not include fees or indemnifications in favor of the Trustee and
other third parties other than the Holders of the Notes.

     “Officer” means the Chairman of the Board, if any, the Chief Executive Officer, President, any
Executive Vice President, Senior Vice President or Vice President, the Treasurer, Chief Legal
Officer, the Secretary, any principal executive officer or any principal accounting officer of the
Company.

     “Officer’s Certificate” means a certificate signed on behalf of the Company by an Officer of
the Company that meets the requirements of Section 14.03 hereof.

     “Opinion of Counsel” means an opinion from legal counsel who is reasonably acceptable to the
Trustee that meets the requirements of Section 14.03 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, a Person who has an account with the
Depositary (and, with respect to DTC, shall include Euroclear and Clearstream).

18

 

     “Passive Holding Company Condition” shall be satisfied so long as Holdco or a Holdco
Subsidiary (other than the Company and any of its Subsidiaries) does not:

     (1) directly incur any Indebtedness other than Permitted Holdco Indebtedness;

     (2) create or suffer to exist any Lien upon any property or assets now owned or
hereafter acquired, leased or licensed by it (except Permitted Holdco Liens); or

     (3) own any Equity Interests in any Person (other than the Company and its
Subsidiaries) and own any other material assets (excluding Equity Interests) other than (w)
Cash and Cash Equivalents, (x) assets under any stock incentive plans (including related
agreements), loan stock purchase programs or incentive compensation plans, (y) pre-paid
assets (e.g. deferred financing costs) and (z) deferred tax assets;

provided nothing in this definition shall restrict Holdco from performing its obligations under
the Equity Purchase Agreement and the securities issued thereunder and under the certificates of
designation contemplated thereby.

     “Payment Instruments Funding Amounts” means amounts advanced to and retained by the Company
and its Subsidiaries as advance funding for the payment instruments or obligations arising under an
official check agreement or a customer agreement entered into in the ordinary course of business.

     “Payment Service Obligations” means all liabilities of the Company and its Subsidiaries
calculated in accordance with GAAP for outstanding payment instruments (as classified and defined
as Payment Service Obligations in Holdco’s SEC Documents and if Holdco is not subject to the
reporting requirements of Section 13(a) or Section 15(d) of the Exchange Act, Holdco’s most recent
audited financial statements).

     “Permissible Parties” means any Holder, any prospective Holder and any broker dealer or
securities analyst (so long as, in the case of a prospective Holder, broker dealer or securities
analyst, such entity certifies to the Company that either it or the party to whom it is providing
information is either (i) a qualified institutional buyer (as defined in Rule 144A under the
Securities Act), (ii) a Person to whom sales of the Notes would be permitted under Regulation S
under the Securities Act, or (iii) to an institutional investor that is an accredited investor
within the meaning of Rule 501 of Regulation D under the Securities Act).

     “Permitted Holdco Indebtedness” means:

     (1) Indebtedness arising from agreements of Holdco providing for indemnification,
adjustment of purchase price or similar obligations, in each case, incurred or assumed in
connection with the disposition of any business, assets or a Subsidiary; provided, however,
that:

     (A) such Indebtedness is not reflected on the balance sheet of Holdco or any
Holdco Subsidiary (contingent obligations referred to in a footnote to financial
statements and not otherwise reflected on the balance sheet will not be deemed to be
reflected on such balance sheet for purposes of this clause (1)(A)); and

     (B) the maximum assumable liability in respect of all such Indebtedness shall
at no time exceed the gross proceeds including non-cash proceeds (the fair market
value of such non-cash proceeds being measured at the time received and without
giving effect

19

 

to any subsequent changes in value) actually received by Holdco in connection
with such disposition;

     (2) Obligations incurred under this Indenture;

     (3) Indebtedness incurred by Holdco in respect of interest rate Hedging Obligations of
Holdco in existence on the Closing Date; and

     (4) Guarantees of other Indebtedness of the Company and the Subsidiary Guarantors
permitted under Section 4.09(a) and Sections 4.09(b)(1), (2) (to the extent existing at the
Closing Date), (4), (5), (11), (13) (to the extent the debt so extended, refunded,
refinanced, renewed, replaced or defeased was guaranteed by Holdco in accordance with this
Indenture) and (21) of this Indenture.

     “Permitted Holdco Liens” means, any Permitted Liens other than clauses (h), (i), (k), (p) and
(bb) of the definition of Permitted Liens.

     “Permitted Investment” means:

     (1) any Investment in the Company or any Guarantor;

     (2) any Investments in any foreign Non-Guarantor (other than SPEs) that
together with all Investments made pursuant to this clause (2) shall not exceed $75.0
million or, on and after the Sell Down Date, $150.0 million;

     (3) any Investments (including Investments outstanding as of the date hereof) in SPEs
provided that the total assets of all SPEs shall not exceed $2.0 billion at any one time
outstanding;

     (4) any Investment in Cash or Cash Equivalents;

     (5) any Investment in the Restricted Investment Portfolio made in compliance with
Section 4.18;

     (6) any Investment by the Company or any Guarantor in a Person, if as a result of such
Investment:

          (a) such Person becomes a Guarantor; or

          (b) such Person is merged, consolidated or amalgamated with or into, or transfers or
conveys substantially all its assets to, or is liquidated into, the Company or a Guarantor;

     (7) any Investment in securities or other assets not constituting Cash or Cash
Equivalents and received in connection with an Asset Sale made pursuant to the provisions
described under Section 4.10 hereof or any other disposition of assets not constituting an
Asset Sale;

     (8) any Investment existing on the date hereof (excluding assets held by any SPE) or
made pursuant to legally binding written commitments in existence on the date hereof and any
Investment that replaces, refinances or refunds any such Investment; provided that such
replacing, refinancing or refunding Investment is in an amount that does not exceed the
amount replaced,

20

 

refinanced or refunded, and is made in the same Person as the Investment replaced,
refinanced or refunded;

     (9) loans and advances to employees, directors, managers or consultants of Holdco, the
Company or any of the Company Subsidiaries for reasonable and customary business related
travel expenses, moving expenses and similar expenses, in each case incurred in the ordinary
course of business whether or not consistent with past practice, and payroll advances;

     (10) any Investment acquired by the Company or any Company Subsidiary

          (a) in exchange for any other Investment or accounts receivable held by the Company or
any Company Subsidiary in connection with or as a result of a bankruptcy, workout,
reorganization or recapitalization of such other Investment or accounts receivable or

          (b) as a result of a foreclosure by the Company or any Company Subsidiary with respect
to any secured Investment or other transfer of title with respect to any secured Investment
in default;

     (11) Hedging Obligations permitted under Section 4.09(b)(11) hereof;

     (12) Investments to the extent the payment for which consists of Equity Interests of
the Company or any of its direct or indirect parent (exclusive of Disqualified Stock);
provided, however, that such Equity Interests will not increase the amount available for
Restricted Payments under Section 4.07 hereof;

     (13) any Investments in or repurchases of the Notes;

     (14) receivables owing to the Company or any Company Subsidiary created or acquired in
the ordinary course of business and payable or dischargeable in accordance with customary
trade terms;

     (15) Indebtedness permitted under Section 4.09 to the extent it constitutes an
Investment;

     (16) any Investments received in compromise or resolution of (A) obligations of trade
creditors or customers that were incurred in the ordinary course of business of the Company
or any Company Subsidiaries, including pursuant to any plan of reorganization or similar
arrangement upon the bankruptcy or insolvency of any trade creditor or customer; or (B)
litigation, arbitration or other disputes with Persons who are not Affiliates;

     (17) upfront payments, signing bonuses and similar payments paid to agents and
guaranties of agent commissions, in each case in the ordinary course of business and
consistent with past practice; and

     (18) additional Investments having an aggregate fair market value, taken together with
all other Investments made pursuant to this clause (18) that are at that time outstanding,
not to exceed $25.0 million (with the fair market value of each Investment being measured at
the time made and without giving effect to subsequent changes in value).

     “Permitted Liens” means, with respect to any Person:

21

 

     (a) Liens on assets of the Company or any of the Guarantors securing Credit Facilities
pursuant to clause (b)(1) of Section 4.09;

     (b) pledges or deposits by such Person under workmen’s compensation laws, unemployment
insurance laws, old age pensions, or other social security or retirement benefits, or similar
legislation, or deposits to secure bids, tenders, contracts (other than for the payment of
Indebtedness for borrowed money) or leases to which such Person is a party, or deposits as security
for contested taxes or import duties or for the payment of rent;

     (c) to the extent imposed by law, landlords’, carriers’, warehousemen’s and mechanics’ Liens
and other similar Liens, in each case for sums overdue for a period of not more than 30 days or
being contested in good faith by appropriate proceedings or other Liens arising out of judgments or
awards against such Person with respect to which such Person shall then be proceeding in good faith
with an appeal or other proceedings for review;

     (d) Liens for taxes, assessments or other governmental charges or claims overdue for a period
of not more than 30 days or subject to penalties for nonpayment or which are being contested in
good faith by appropriate proceedings;

     (e) Liens in favor of the issuer of stay, customs, appeal, performance and surety bonds or bid
bonds or with respect to other regulatory requirements or securing bonds required by applicable
state regulatory licensing requirements or letters of credit or bank guarantees or similar
instruments in lieu of such items or to support the issuance thereof issued pursuant to the request
of and for the account of such Person in the ordinary course of its business, in an amount
outstanding not to exceed $25.0 million; provided, however that there shall be no dollar
limitation on any such Liens to the extent the bonds were required by applicable state regulatory
licensing requirements or any appeal bonds posted in connection with litigation;

     (f) Liens securing Indebtedness permitted to be incurred pursuant to Sections 4.09(b)(4) or
(5); provided, that Liens securing Indebtedness permitted to be incurred pursuant to clauses (b)(4)
and (5) are solely on the assets financed, purchased, constructed, improved, acquired or assets of
the acquired entity, as the case may be, and the proceeds and products thereof and accessions
thereto;

     (g) Liens created for the benefit of (or to secure) the Notes (or the Note Guarantees) subject
to the Intercreditor Agreement;

     (h) Liens on property or shares of stock of a Person at the time such Person becomes a
Subsidiary; provided, however, such Liens are not created or incurred in connection with, or in
contemplation of, such other Person becoming such a Subsidiary; provided further that such Liens
may not extend to any other property owned by the Company or any Company Subsidiary and that such
Liens are released within 30 days of such Person becoming a Subsidiary;

     (i) Liens on property at the time the Company or a Company Subsidiary acquired the property,
including any acquisition by means of a merger or consolidation with or into the Company or any
Company Subsidiary; provided, however, that such Liens are not created or incurred in connection
with, or in contemplation of, such acquisition; and provided further that the Liens may not extend
to any other property owned by the Company or any Company Subsidiary;

     (j) Liens securing Hedging Obligations incurred pursuant to Section 4.09(b)(11);

22

 

     (k) Liens on specific items of inventory or other goods and proceeds of any Person securing
such Person’s obligations in respect of bankers’ acceptances issued or created for the account of
such Person to facilitate the purchase, shipment or storage of such inventory or other goods;

     (l) Liens existing on the Closing Date set forth on Schedule 1.1(b) hereto;

     (m) any Liens to secure any refinancing, refunding, extension, renewal or replacement (or
successive refinancing, refunding, extensions, renewals or replacements) as a whole, or in part, of
any Indebtedness secured by any Lien of the type referred to in clauses (a), (f), (g), (i) and (l);
provided, however, that (x) such new Lien shall be limited to all or part of the same property that
secured the original Lien (plus improvements on such property and the proceeds and products
thereof), and (y) the Indebtedness secured by such Lien at such time is not increased to any amount
greater than the sum of (A) the outstanding principal amount of the Indebtedness permitted pursuant
to such clause (a), (f), (g), (i) and (l) and (B) an amount necessary to pay any fees and expenses,
including premiums, related to such refinancing, refunding, extension, renewal or replacement;

     (n) Liens in favor of Holdco, the Company or any Company Subsidiary;

     (o) licenses, sublicenses, leases or subleases that do not materially impair their use in the
operation of the business of Holdco, the Company and the Company Subsidiaries, taken as a whole;

     (p) Liens solely on any cash earnest money deposits relating to asset sales or acquisition not
in the ordinary course in connection with any letter of intent or purchase agreement not prohibited
by this Indenture;

     (q) purported Liens evidenced by the filing of precautionary UCC financing statements relating
solely to operating leases of personal property entered into in the ordinary course of business;

     (r) any zoning or similar law or right reserved to or vested in any governmental office or
agency to control or regulate the use of any real property;

     (s) minor survey exceptions, minor encumbrances, easements or reservations of, or rights of
others for, licenses, rights-of-way, sewers, electric lines, telegraph and telephone lines and
other similar purposes, or zoning or other restrictions as to the use of real properties or Liens
incidental to the conduct of the business of such Person or to the ownership of its properties;

     (t) deposits made in the ordinary course of business to secure liability to insurance
carriers;

     (u) Liens in favor of customs and revenue authorities arising as a matter of law to secure
payment of customs duties in connection with the importation of goods in the ordinary course of
business;

     (v) Liens (i) of a collection bank arising under Section 4-210 of the UCC on items in the
course of collection, (ii) attaching to commodity trading accounts or other commodity brokerage
accounts incurred in the ordinary course of business, and (iii) in favor of banking institutions
arising as a matter of law encumbering deposits (including the right of set-off) and which are
within the general parameters customary in the banking industry;

     (w) Liens deemed to exist in connection with Repurchase Agreements; provided that such Liens
do not extend to any assets other than those that are the subject of such Repurchase Agreements;

23

 

     (x) Liens encumbering reasonable customary initial deposits and margin deposits and similar
Liens attaching to commodity trading accounts or other brokerage accounts incurred in the ordinary
course of business and not for speculative purposes;

     (y) set-off rights arising in the ordinary course of business;

     (z) any attachment or judgment Lien against Holdco, the Company or any Company Subsidiary, or
any property of Holdco, the Company or any Company Subsidiary, so long as such Lien secures claims
not otherwise constituting an Event of Default;

     (aa) Liens that are contractual rights of set-off (i) relating to the establishment of
depository relations with banks not given in connection with the issuance of Indebtedness, (ii)
relating to pooled deposit or sweep accounts of Holdco, the Company or any Company Subsidiary to
permit satisfaction of overdraft or similar obligations incurred in the ordinary course of business
of Holdco, the Company and the Company Subsidiaries or (iii) relating to purchase orders and other
agreements entered into with customers of Holdco, the Company or any Company Subsidiary in the
ordinary course of business;

     (bb) Liens securing Indebtedness or other obligations of Company Subsidiaries owing to the
Company or another Company Subsidiary permitted to be incurred in accordance with Section 4.09
hereof;

     (cc) restrictive contractual obligations with respect to assets comprising the Payment
Instruments Funding Amounts or Payment Service Obligations, provided that such contractual
obligations are no more restrictive in nature than those in effect on the Closing Date;

     (dd) ordinary course of business contractual obligations with clearing banks relative to
clearing accounts, provided that such contractual obligations are no more restrictive in nature
than those in effect on the Closing Date;

     (ee) the deposit or pre-funding of amounts in escrow pursuant to contractual obligations
contained in customer agreements securing obligations not exceeding $25.0 million in the aggregate;
and

     (ff) other Liens securing obligations not otherwise permitted by this definition not exceeding
$100.0 million in the aggregate.

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

     “PIK Interest” means interest paid in the form of increasing the outstanding principal amount
of the Notes.

     “PIK Payment” means an interest payment made by increasing the outstanding principal amount of
the Notes.

     “preferred stock” means any Equity Interest with preferential rights of payment of dividends
or distributions or upon liquidation, dissolution, or winding up. For purposes hereof, the amount
(or principal amount) of any preferred stock shall be equal to the greater of its voluntary or
involuntary liquidation preference.

24

 

     “Private Placement Legend” means the legend set forth in Section 2.06(f)(1) hereof to be
placed on all Notes issued under this Indenture.

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

     “Qualified Equity Offering” means a public offering or private placement of Equity Interests
(other than Disqualified Stock) of Holdco and any direct or indirect parent of Holdco; provided
that the net proceeds thereof are contributed by Holdco or such parent to the Company and, in turn,
by the Company to the MoneyGram as common equity.

     “Record Date” means for the interest payable on any applicable Interest Payment Date with
respect to the Notes, March 15, June 15, September 15 and December 15 (whether or not a Business
Day) immediately preceding such Interest Payment Date.

     “reference period” has the meaning assigned to it in the definition of “Fixed Charge Coverage
Ratio.”

     “Registration Rights Agreement” means the Registration Rights Agreement, dated as of the
Closing Date, as amended, supplemented, restated or otherwise modified from time to time, among the
Company, the Guarantors and the Initial Purchasers.

     “Registration Statement” means a Shelf Registration Statement and/or an S-1 Registration
Statement as defined in the Registration Rights Agreement.

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

     “Regulation S Global Note” means a Regulation S Temporary Global Note or Regulation S
Permanent Global Note, as appropriate.

     “Regulation S Permanent Global Note” means a permanent Global Note in the form of Exhibit A-1
hereto bearing the Global Note Legend and the Private Placement Legend and deposited with or on
behalf of and registered in the name of the Depositary or its nominee, issued in a denomination
equal to the outstanding principal amount of the Regulation S Temporary Global Note upon expiration
of the Restricted Period.

     “Regulation S Temporary Global Note” means a temporary Global Note in the form of Exhibit A-2
hereto deposited with or on behalf of and registered in the name of the Depositary or its nominee,
issued in a denomination equal to the outstanding principal amount of the Notes initially sold in
reliance on Rule 903 of Regulation S.

     “Repurchase Agreement” means an agreement of a Person to purchase Cash and Cash Equivalents
arising out of or in connection with the sale of the same or substantially similar Cash and Cash
Equivalents.

     “Required Holders” means at any time the Holders of at least a majority of the amount of Notes
then outstanding.

     “Responsible Officer,” when used with respect to the Trustee, means any officer within the
corporate trust department 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

25

 

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.

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

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

     “Restricted Investment” means an Investment other than a Permitted Investment.

     “Restricted Investment Portfolio” means assets of the Company and its Subsidiaries, which are
restricted by state law, contract or otherwise designated by the Company for the payment of Payment
Service Obligations.

     “Restricted Period” the period of forty-one (41) consecutive days beginning on and including
the day on which Notes were first offered to persons other than distributors (as defined in
Regulation S) in reliance on Regulation S.

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

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

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

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

     “S&P” means Standard & Poor’s, a division of The McGraw-Hill Companies, Inc., and any
successor to its rating agency group.

     “Scheduled Restricted Investments” means the securities listed on Schedule 1.1(c) hereto.

     “SEC” means the Securities and Exchange Commission.

     “SEC Documents” means, if Holdco is subject to the reporting requirements of Section 13(a) or
Section 15(d) of the Exchange Act, Holdco’s latest Annual Report on Form 10-K under the Exchange
Act.

     “Second Priority Liens” means all Liens that secure the Notes and the Note Guarantees, which
Liens are subordinated to the First Priority Liens in accordance with the Intercreditor Agreement.

     “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations
of the SEC promulgated thereunder.

     “Security Documents” means the security agreements, pledge agreements, collateral assignments
and related and ancillary agreements, certificates, instruments and documents, as amended,
supplemented, restated, amended and restated, renewed, replaced or otherwise modified from time to
time, creating the Second Priority Liens in the Collateral.

     “Sell Down Date” means the 91st day following the date on which the Initial Purchasers cease
to constitute the Required Holders.

26

 

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

     “Similar Business” means (a) the global funds transfer and payment services business conducted
by the Company and its Subsidiaries, (b) any other business described under the heading “Business”
in Holdco’s Annual Report on Form 10-K under the Exchange Act for the fiscal year ended December
31, 2006, and (c) any business that is similar, reasonably related, incidental, complementary or
ancillary thereto or any reasonable extension thereof.

     “SPEs” means Ferrum Trust, a Delaware business trust, Tsavorite Trust, a Delaware business
trust, Hematite Trust, a Delaware business trust, Monazite Trust, a Delaware business trust, and,
to the extent the formation thereof is not prohibited by the Indenture, any Wholly-Owned Subsidiary
of the Company or trust (which is consolidated with the Company for financial statement purposes),
in each case formed for the limited organizational purpose of isolating a limited and specified
pool of assets with respect to rights and obligations pursuant to Payment Service Obligations,
which assets shall consist solely of (i) Cash and Cash Equivalents, (ii) Accounts Receivable and
(iii) interest rate Hedging Obligations that relate to Highly Rated Investments and Payment Service
Obligations. The Specified SRI Subsidiary shall not be deemed to be an SPE.

     “Sponsors” means the Lead Sponsor, GSCP and GSMP.

     “Subordinated Indebtedness” means:

     (a) with respect to the Company, any Indebtedness of the Company which is by its terms
subordinated in right of payment or in respect of the proceeds of any collateral to the Notes, and

     (b) with respect to any Guarantor, any Indebtedness of such Guarantor which is by its terms
subordinated in right of payment or in respect of the proceeds of any collateral to the guarantee
of such Guarantor.

     “Subsidiary” means, with respect to any Person:

     (a) any corporation, association, or other business entity (other than a partnership, joint
venture, limited liability company or similar 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 of determination
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

     (b) any partnership, joint venture, limited liability company or similar entity of which

     (1) more than 50% of the capital accounts, distribution rights, total equity and voting
interests or general or limited partnership interests, as applicable, are owned or
controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries
of that Person or a combination thereof whether in the form of membership, general, special
or limited partnership or otherwise, and

27

 

     (2) such Person or any Subsidiary of such Person is a controlling general partner or
otherwise controls such entity;

     (c) any SPE.

     “Subsidiary Guarantor” means any Subsidiary which is a Guarantor.

     “TIA” means the Trust Indenture Act of 1939 (15 U.S. Code §§ 77aaa-77bbbb), as amended, as in
effect on the date hereof.

     “total assets” of any Person shall mean total assets of such Person and its Subsidiaries, if
any, on a consolidated basis in accordance with GAAP, as of the most recent balance sheet of such
Person.

     “Total Indebtedness” means, as of any date of determination, the aggregate stated balance
sheet amount of all Indebtedness of the Company and its Subsidiaries determined on a consolidated
basis in accordance with GAAP.

     “Transactions” has the meaning set forth in the Note Purchase Agreement.

     “Treasury Rate” means, as of any Redemption Date, the yield to maturity as of such Redemption
Date of United States Treasury securities with a constant maturity (as compiled and published in
the most recent Federal Reserve Statistical Release H.15 (519) that has become publicly available
at least two Business Days prior to the Redemption Date (or, if such Statistical Release is no
longer published, any publicly available source of similar market data)) most nearly equal to the
period from the Redemption Date to the fifth anniversary of the Closing Date; provided, however,
that if the period from the Redemption Date to the fifth anniversary of the Closing Date, is less
than one year, the weekly average yield on actually traded United States Treasury securities
adjusted to a constant maturity of one year will be used.

     “Trustee” means Deutsche Bank Trust Company Americas, as trustee, 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(k) promulgated under the Securities
Act.

     “Uniform Commercial Code” means the New York Uniform Commercial Code as in effect from time to
time.

     “Unrestricted Definitive Note” means a Definitive Note that does not bear and is not required
to bear the Private Placement Legend.

     “Unrestricted Global Note” means a Global Note that does not bear and is not required to bear
the Private Placement Legend.

     “Voting Stock” of any Person as of any date means the Capital Stock of such Person that is at
the time entitled to vote in the election of the Board of Directors of such Person.

     “Weighted Average Life to Maturity” means, when applied to any Indebtedness, Disqualified
Stock or preferred stock, as the case may be, at any date, the quotient obtained by dividing

28

 

     (a) the sum of the products of the number of years from the date of determination to the date
of each successive scheduled principal payment of such Indebtedness or redemption or similar
payment with respect to such Disqualified Stock or preferred stock multiplied by the amount of such
payment, by

     (b) the sum of all such payments.

     “Wholly-Owned Subsidiary” of any Person means a Subsidiary of such Person, 100% of the
outstanding Capital Stock or other ownership interests of which (other than directors’ qualifying
shares) shall at the time be owned by such Person or by one or more Wholly-Owned Subsidiaries of
such Person.

Section 1.02 Other Definitions.

	 	 	 	 	 
	 	 	Defined in
	Term	 	Section
	“Acceptable Commitment”
	 	 	4.10	 
	“Affiliate Transaction”
	 	 	4.11	 
	“Asset Sale Offer”
	 	 	4.10	 
	“Authentication Order”
	 	 	2.02	 
	“Change of Control Offer”
	 	 	4.15	 
	“Change of Control Payment”
	 	 	4.15	 
	“Change of Control Payment Date”
	 	 	4.15	 
	“Covenant Defeasance”
	 	 	8.03	 
	“DTC”
	 	 	2.03	 
	“Event of Default”
	 	 	6.01	 
	“Excess Proceeds”
	 	 	4.10	 
	“Excess SRI Proceeds”
	 	 	4.07	 
	“incur”
	 	 	4.09	 
	“Legal Defeasance”
	 	 	8.02	 
	“Offer Amount”
	 	 	3.09	 
	“Offer Period”
	 	 	3.09	 
	“Paying Agent”
	 	 	2.03	 
	“Permitted Indebtedness”
	 	 	4.09	 
	“Purchase Date”
	 	 	3.09	 
	“Redemption Date”
	 	 	3.07	 
	“Refinancing Indebtedness”
	 	 	4.09	 
	“Registrar”
	 	 	2.03	 
	“Restated Financial Statements”
	 	 	6.01	 
	“Restricted Payments”
	 	 	4.07	 
	“Specified SRI Sales”
	 	 	4.07	 
	“Specified SRI Subsidiary”
	 	 	4.28	 
	“Subsequent Financial Statements”
	 	 	6.01	 
	“Successor Company”
	 	 	5.01	 
	“Successor Person”
	 	 	10.04	 

Section 1.03 Rules of Construction.

     Unless the context otherwise requires:

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

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

     (3) “or” is not exclusive;

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

     (5) “will” shall be interpreted to express a command;

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     (6) the word “including” means “including without limitation”;

     (7) any reference to any Person shall be construed to include such Person’s successors
and permitted assigns;

     (8) any definition of or reference to any agreement, instrument or other document
herein shall be construed as referring to such agreement, instrument or other document as
from time to time amended, supplemented or otherwise modified (subject to any restrictions
on such amendments, supplements or modifications set forth herein);

     (9) for purposes of computation of periods of time hereunder, the word “from” means
“from and including” and the words “to” and “until” each mean “to but excluding”;

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

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

ARTICLE 2

THE NOTES

Section 2.01 Form and Dating.

     (a) General. The Notes and the Trustee’s certificate of authentication will be substantially
in the form of Exhibits A-1 and A-2 hereto. The Notes may have notations, legends or endorsements
required by law, stock exchange rule or usage. Each Note will be dated the date of its
authentication. The Notes shall be initially issued in minimum denominations of $2,000 and
integral multiples of $1,000 in excess thereof; provided, however, that payments of PIK Interest
shall be made in denominations of $1.00 and integral multiples of $1.00 rounded up to the nearest
whole dollar and thus Notes increased by PIK Payments may be in integral multiples other than
$1,000.

     The terms and provisions contained in the Notes will constitute, and are hereby expressly
made, a part of this Indenture and the Company, the Guarantors and the Trustee, by their execution
and delivery of this Indenture, expressly agree to such terms and provisions and to be bound
thereby. However, to the extent any provision of any Note conflicts with the express provisions of
this Indenture, the provisions of this Indenture shall govern and be controlling.

     (b) Global Notes. Notes issued in global form will be substantially in the form of Exhibits
A-1 or A-2 hereto (including the Global Note Legend thereon and the “Schedule of Exchanges of
Interests in the Global Note” attached thereto). Notes issued in definitive form will be
substantially in the form of Exhibit A-1 hereto (but without the Global Note Legend thereon and
without the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Each Global
Note will represent such of the outstanding Notes as will be specified therein and each shall
provide that it represents the aggregate principal amount of outstanding Notes from time to time
endorsed thereon (and giving effect to any PIK Interest made thereon by increasing the aggregate
principal amount of such Global Note) and that the aggregate principal amount of outstanding Notes
represented thereby may from time to time be reduced or increased, as appropriate, to reflect
exchanges and redemptions and payment of PIK Interest made thereon by increasing the aggregate
principal amount of such Global Note. Any endorsement of a Global Note to reflect the amount of
any increase or decrease in the aggregate principal amount of outstanding Notes represented thereby
will be made by the Trustee or the Custodian, at the direction of the Trustee, in accordance with
instructions given by the Holder thereof as required by Section 2.06 hereof.

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     (c) Temporary Global Notes. Notes offered and sold in reliance on Regulation S will be issued
initially in the form of the Regulation S Temporary Global Note, which will be deposited on behalf
of the purchasers of the Notes represented thereby with the Trustee as custodian for the
Depositary, and registered in the name of the Depositary or the nominee of the Depositary for the
accounts of designated agents holding on behalf of Euroclear or Clearstream, duly executed by the
Company and authenticated by the Trustee as hereinafter provided. The Restricted Period will be
terminated upon the receipt by the Trustee of:

     (1) a written certificate from the Depositary, together with copies of certificates
from Euroclear and Clearstream certifying that they have received certification of
non-United States Beneficial Ownership of 100% of the aggregate principal amount of the
Regulation S Temporary Global Note (except to the extent of any Beneficial Owners thereof
who acquired an interest therein during the Restricted Period pursuant to another exemption
from registration under the Securities Act and who will take delivery of a Beneficial
Ownership interest in a 144A Global Note or an IAI Global Note bearing a Private Placement
Legend, all as contemplated by Section 2.06(b) hereof); and

     (2) an Officer’s Certificate from the Company.

     Following the termination of the Restricted Period, beneficial interests in the Regulation S
Temporary Global Note will be exchanged for beneficial interests in the Regulation S Permanent
Global Note pursuant to the Applicable Procedures. Simultaneously with the authentication of the
Regulation S Permanent Global Note, the Trustee will cancel the Regulation S Temporary Global Note.
The aggregate principal amount of the Regulation S Temporary Global Note and the Regulation S
Permanent Global Note may from time to time be increased or decreased by adjustments made on the
records of the Trustee and the Depositary or its nominee, as the case may be, in connection with
transfers of interest as hereinafter provided.

     (d) Euroclear and Clearstream Procedures Applicable. The provisions of the “Operating
Procedures of the Euroclear System” and “Terms and Conditions Governing Use of Euroclear” and the
“General Terms and Conditions of Clearstream Banking” and “Customer Handbook” of Clearstream will
be applicable to transfers of beneficial interests in the Regulation S Temporary Global Note and
the Regulation S Permanent Global Note that are held by Participants through Euroclear or
Clearstream.

Section 2.02 Execution and Authentication.

     At least one Officer must sign the Notes for the Company by manual, facsimile or electronic
image scan signature.

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

     A Note will not be valid or obligatory for any purpose or entitled to any benefits under this
Indenture until authenticated substantially in the form of Exhibits A-1 or A-2 hereto by the manual
signature of the Trustee. The signature will be conclusive evidence that the Note has been duly
authenticated under this Indenture.

     The Trustee will, upon receipt of a written order of the Company signed by an Officer (an
“Authentication Order”), authenticate Notes for original issue that may be validly issued under
this Indenture. The aggregate principal amount of Notes outstanding at any time may not exceed the
aggregate principal amount of Notes authorized for issuance by the Company pursuant to one or more

31

 

Authentication Orders, except as provided in Section 2.07 hereof and PIK Payments in
accordance with the terms of the Notes.

     On any Interest Payment Date on which the Company pays PIK Interest with respect to a Global
Note, the Trustee shall increase the principal amount of such Global Note by an amount equal to the
interest payable, rounded up to the nearest $1.00, for the relevant interest period on the
principal amount of such Global Note as of the relevant Record Date for such Interest Payment Date,
to the credit of the Holders on such Record Date, pro rata in accordance with their interests, and
an adjustment shall be made on the books and records of the Trustee (if it is then the Custodian
for such Global Note) with respect to such Global Note, by the Trustee or the Custodian, to reflect
such increase.

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

Section 2.03 Registrar and Paying Agent.

     The Company will maintain an office or agency where Notes may be presented for registration of
transfer or for exchange (“Registrar”) and an office or agency where Notes may be presented for
payment (“Paying Agent”). The Registrar will keep a register of the Notes and of their transfer
and exchange. The Registrar will also facilitate the transfer of the Notes on behalf of the
Company in accordance with Section 2.06 hereof. The Company may appoint one or more co-registrars
and one or more additional paying agents. The term “Registrar” includes any co-registrar and the
term “Paying Agent” includes any additional paying agent. The Company may change any Paying Agent
or Registrar without notice to any Holder. The Company will notify the Trustee in writing of the
name and address of any Agent not a party to this Indenture. If the Company fails to appoint or
maintain another entity as Registrar or Paying Agent, the Trustee shall act as such. The Company
or any of its Subsidiaries may act as Paying Agent or Registrar.

     The Company initially appoints The Depository Trust Company (“DTC”) to act as Depositary with
respect to the Global Notes.

     The Company initially appoints the Trustee to act as the Registrar and Paying Agent and to act
as Custodian with respect to the Global Notes.

Section 2.04 Paying Agent to Hold Money in Trust.

     The Company will require each third-party Paying Agent other than the Trustee to agree in
writing that the Paying Agent will hold in trust for the benefit of Holders or the Trustee all
money held by the Paying Agent for the payment of principal, premium, if any, or interest on the
Notes, 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) will have
no further liability for the money. If the Company or a Subsidiary acts as Paying Agent, it will
segregate and hold in a separate trust fund for the benefit of the Holders all money held by it as
Paying Agent. Upon any bankruptcy or reorganization proceedings relating to the Company, the
Trustee will serve as Paying Agent for the Notes.

32

 

Section 2.05 Holder Lists.

     The Trustee will preserve in as current a form as is reasonably practicable the most recent
list available to it of the names and addresses of all Holders. If the Trustee is not the
Registrar, the Company will furnish to the Trustee at least seven Business Days before each
Interest Payment Date and at such other times as the Trustee may request in writing, a list in such
form and as of such date as the Trustee may reasonably require of the names and addresses of the
Holders of Notes.

Section 2.06 Transfer and Exchange.

     (a) Transfer and Exchange of Global Notes. A Global Note may not be transferred except as a
whole by the Depositary to a nominee of the Depositary, by a nominee of the Depositary to the
Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to a
successor Depositary or a nominee of such successor Depositary. All Global Notes will be exchanged
by the Company for Definitive Notes if:

     (1) the Company delivers to the Trustee notice from the Depositary that it is unwilling
or unable to continue to act as Depositary or that it is no longer a clearing agency
registered under the Exchange Act and, in either case, a successor Depositary is not
appointed by the Company within 120 days after the date of such notice from the Depositary;

     (2) the Company in its sole discretion determines that the Global Notes (in whole but
not in part) should be exchanged for Definitive Notes and delivers a written notice to such
effect to the Trustee; provided that in no event shall the Regulation S Temporary Global
Note be exchanged by the Company for Definitive Notes prior to (A) the expiration of the
Restricted Period and (B) the receipt by the Registrar of any certificates required pursuant
to Rule 903(b)(3)(ii)(B) under the Securities Act; or

     (3) there has occurred and is continuing a Default or Event of Default with respect to
the Notes.

     Upon the occurrence of either of the preceding events in (1) or (2) above, Definitive Notes
shall be issued in such names as the Depositary shall instruct the Trustee. Global Notes also may
be exchanged or replaced, in whole or in part, as provided in Sections 2.07 and 2.10 hereof. Every
Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion
thereof, pursuant to this Section 2.06 or Section 2.07 or 2.10 hereof, shall be authenticated and
delivered in the form of, and shall be, a Global Note, except for Definitive Notes issued
subsequent to any of the preceding events in (1) or (2) above and pursuant to Section 2.06(c)
hereof. A Global Note may not be exchanged for another Note other than as provided in this Section
2.06(a), however, beneficial interests in a Global Note may be transferred and exchanged as
provided in Section 2.06(b) or (c) hereof.

     (b) Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer and
exchange of beneficial interests in the Global Notes will be effected through the Depositary, in
accordance with the provisions of this Indenture and the Applicable Procedures. Beneficial
interests in the Restricted Global Notes will be subject to restrictions on transfer comparable to
those set forth herein to the extent required by the Securities Act. Transfers of beneficial
interests in the Global Notes also will require compliance with either subparagraph (1) or (2)
below, as applicable, as well as one or more of the other following subparagraphs, as applicable:

     (1) Transfer of Beneficial Interests in the Same Global Note. Beneficial interests in
any Restricted Global Note may be transferred to Persons who take delivery thereof in the
form of a

33

 

beneficial interest in the same Restricted Global Note in accordance with the transfer
restrictions set forth in the Private Placement Legend; provided, however, that prior to the
expiration of the Restricted Period, transfers of beneficial interests in the Regulation S
Temporary Global Note may not be made to a U.S. Person or for the account or
benefit of a U.S. Person (other than to a “distributor” (as defined in Rule 902(d) of
Regulation S) and other than pursuant to Rule 144A). No written orders or instructions shall
be required to be delivered to the Registrar to effect the transfers described in this
Section 2.06(b)(1).

     (2) All Other Transfers and Exchanges of Beneficial Interests in Global Notes. In
connection with all transfers and exchanges of beneficial interests that are not subject to
Section 2.06(b)(1) above, the transferor of such beneficial interest must deliver to the
Registrar either:

     (A) both:

     (i) a written order from a Participant or an Indirect Participant given
to the Depositary in accordance with the Applicable Procedures directing the
Depositary to credit or cause to be credited a beneficial interest in
another Global Note in an amount equal to the beneficial interest to be
transferred or exchanged; and

     (ii) instructions given in accordance with the Applicable Procedures
containing information regarding the Participant account to be credited with
such increase; or

     (B) both:

     (i) a written order from a Participant or an Indirect Participant given
to the Depositary in accordance with the Applicable Procedures directing the
Depositary to cause to be issued a Definitive Note in an amount equal to the
beneficial interest to be transferred or exchanged; and

     (ii) instructions given by the Depositary to the Registrar containing
information regarding the Person in whose name such Definitive Note shall be
registered to effect the transfer or exchange referred to in (1) above;

provided that in no event shall Definitive Notes be issued upon the transfer
or exchange of beneficial interests in the Regulation S Temporary Global
Note prior to (A) the expiration of the Restricted Period and (B) the
receipt by the Registrar of any certificates required pursuant to Rule 903
under the Securities Act.

Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests in
Global Notes contained in this Indenture and the Notes or otherwise applicable under the Securities
Act, the Trustee shall adjust the principal amount of the relevant Global Note(s) pursuant to
Section 2.06(g) hereof.

     (3) Transfer of Beneficial Interests in a Restricted Global Note to Another Restricted
Global Note. A beneficial interest in any Restricted Global Note may be transferred to a
Person who takes delivery thereof in the form of a beneficial interest in another Restricted
Global Note if the transfer complies with the requirements of Section 2.06(b)(2) above and
the Registrar receives the following:

34

 

     (A) if the transferee will take delivery in the form of a beneficial interest
in the 144A Global Note, then the transferor must deliver a certificate in the form
of Exhibit B hereto, including the certifications in item (1) thereof or, if
permitted by the Applicable Procedures item (3) thereof ;

     (B) if the transferee will take delivery in the form of a beneficial interest
in the Regulation S Temporary Global Note or the Regulation S Permanent Global Note,
then the transferor must deliver a certificate in the form of Exhibit B hereto,
including the certifications in item (2) thereof; or

     (C) if the transferee will take delivery in the form of a beneficial interest
in the IAI Global Note, then the transferor must deliver a certificate in the form
of Exhibit B hereto, including the certifications, certificates and Opinion of
Counsel required by item (3) thereof, if applicable.

     (4) Transfer or Exchange of Beneficial Interests in a Restricted Global Note for
Beneficial Interests in an Unrestricted Global Note. A beneficial interest in any
Restricted Global Note may be exchanged by any holder thereof for a beneficial interest in
an Unrestricted Global Note or transferred to a Person who takes delivery thereof in the
form of a beneficial interest in an Unrestricted Global Note if the exchange or transfer
otherwise complies with the requirements of Section 2.06(b)(2) above and:

     (A) such transfer is effected pursuant to any Registration Statement in
accordance with the Registration Rights Agreement; or

     (B) the Registrar receives the following:

     (i) if the holder of such beneficial interest in a Restricted Global
Note proposes to exchange such beneficial interest for a beneficial interest
in an Unrestricted Global Note, a certificate from such holder in the form
of Exhibit C hereto, including the certifications in item (1)(a) thereof; or

     (ii) if the holder of such beneficial interest in a Restricted Global
Note proposes to transfer such beneficial interest to a Person who shall
take delivery thereof in the form of a beneficial interest in an
Unrestricted Global Note, a certificate from such holder in the form of
Exhibit B hereto, including the certifications in item (4) thereof;

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

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

35

 

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

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

     (1) Beneficial Interests in Restricted Global Notes to Restricted Definitive Notes. If
any holder of a beneficial interest in a Restricted Global Note proposes to exchange such
beneficial interest for a Restricted Definitive Note or to transfer such beneficial interest
to a Person who takes delivery thereof in the form of a Restricted Definitive Note, then,
upon the occurrence of any of the events in subsection (1) of Section 2.06(a) hereof and
receipt by the Registrar of the following documentation:

     (A) if the holder of such beneficial interest in a Restricted Global Note
proposes to exchange such beneficial interest for a Restricted Definitive Note, a
certificate from such holder to the effect set forth in Exhibit C hereto, including
the certifications in item (2)(a) thereof;

     (B) if such beneficial interest is being transferred to a QIB in accordance
with Rule 144A, a certificate to the effect set forth in Exhibit B hereto, including
the certifications in item (1) thereof;

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

     (D) if such beneficial interest is being transferred pursuant to an exemption
from the registration requirements of the Securities Act in accordance with Rule
144, a certificate to the effect set forth in Exhibit B hereto, including the
certifications in item (3)(a) thereof;

     (E) if such beneficial interest is being transferred to an Institutional
Accredited Investor in reliance on an exemption from the registration requirements
of the Securities Act other than those listed in subparagraphs (B) through (D)
above, a certificate to the effect set forth in Exhibit B hereto, including the
certifications, certificates and Opinion of Counsel required by item (3) thereof, if
applicable;

     (F) if such beneficial interest is being transferred to the Company or any of
its Subsidiaries, a certificate to the effect set forth in Exhibit B hereto,
including the certifications in item (3)(b) thereof; or

     (G) if such beneficial interest is being transferred pursuant to an effective
registration statement under the Securities Act, a certificate to the effect set
forth in Exhibit B hereto, including the certifications in item (3)(c) thereof,

the Trustee shall cause the aggregate principal amount of the applicable Global Note to be
reduced accordingly pursuant to Section 2.06(g) hereof, and the Company shall execute and
the Trustee shall authenticate and deliver to the Person designated in the instructions a
Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange
for a beneficial interest in a Restricted Global Note pursuant to this Section 2.06(c) shall
be registered in such name or names and in such authorized denomination or denominations as
the holder of such beneficial interest shall instruct the Registrar through instructions
from the Depositary and

36

 

the Participant or Indirect Participant. The Trustee shall deliver such Definitive Notes to
the Persons in whose names such Notes are so registered. Any Definitive Note issued in
exchange for a beneficial interest in a Restricted Global Note pursuant to this Section
2.06(c)(1) shall bear the Private Placement Legend and shall be subject to all restrictions
on transfer contained therein.

     (2) Beneficial Interests in Regulation S Temporary Global Note to Definitive Notes.
Notwithstanding Sections 2.06(c)(1)(A) and (C) hereof, a beneficial interest in the
Regulation S Temporary Global Note may not be exchanged for a Definitive Note or transferred
to a Person who takes delivery thereof in the form of a Definitive Note prior to (A) the
expiration of the Restricted Period and (B) the receipt by the Registrar of any certificates
required pursuant to Rule 903(b)(3)(ii)(B) under the Securities Act, except in the case of a
transfer pursuant to an exemption from the registration requirements of the Securities Act
other than Rule 903 or Rule 904.

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

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

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

     (B) if such Restricted Definitive Note is being transferred to a QIB in
accordance with Rule 144A, a certificate to the effect set forth in Exhibit B
hereto, including the certifications in item (1) thereof;

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

     (D) if such Restricted Definitive Note is being transferred pursuant to an
exemption from the registration requirements of the Securities Act in accordance
with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including
the certifications in item (3)(a) thereof;

     (E) if such Restricted Definitive Note is being transferred to an Institutional
Accredited Investor in reliance on an exemption from the registration requirements
of the Securities Act other than those listed in subparagraphs (B) through (D)
above, a certificate to the effect set forth in Exhibit B hereto, including the
certifications, certificates and Opinion of Counsel required by item (3) thereof, if
applicable; or

     (F) if such Restricted Definitive Note is being transferred to the Company or
any of its Subsidiaries, a certificate to the effect set forth in Exhibit B hereto,
including the certifications in item (3)(b) thereof,

the Trustee will cancel the Restricted Definitive Note, increase or cause to be increased
the aggregate principal amount of, in the case of clause (A) above, the appropriate
Restricted Global

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Note, in the case of clause (B) above, the 144A Global Note, in the case of clause (C)
above, the Regulation S Global Note, and in all other cases, the IAI Global Note.

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

     (A) such transfer is effected pursuant to any Registration Statement in
accordance with the Registration Rights Agreement; or

     (B) the Registrar receives the following:

     (i) if the Holder of such Definitive Notes proposes to exchange such
Notes for a beneficial interest in the Unrestricted Global Note, a
certificate from such Holder in the form of Exhibit C hereto, including the
certifications in item (1)(c) thereof; or

     (ii) if the Holder of such Definitive Notes proposes to transfer such
Notes to a Person who shall take delivery thereof in the form of a
beneficial interest in the Unrestricted Global Note, a certificate from such
Holder in the form of Exhibit B hereto, including the certifications in
item (4) thereof,

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

Upon satisfaction of the conditions of any of the subparagraphs in this Section 2.06(d)(2),
the Trustee will cancel the Definitive Notes and increase or cause to be increased the
aggregate principal amount of the Unrestricted Global Note.

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

If any such exchange or transfer from a Definitive Note to a beneficial interest in an
Unrestricted Global Note is effected pursuant to subparagraphs (2)(A), (2)(B) or (3) above
at a time when an Unrestricted Global Note has not yet been issued, the Company will issue
and, upon receipt of an Authentication Order in accordance with Section 2.02, the Trustee
will authenticate one or more Unrestricted Global Notes in an aggregate principal amount
equal to the principal amount of Definitive Notes so transferred.

     (e) Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder
of Definitive Notes and such Holder’s compliance with the provisions of this Section 2.06(e), the
Registrar will register the transfer or exchange of Definitive Notes. Prior to such registration
of transfer

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or exchange, the requesting Holder must present or surrender to the Registrar the Definitive
Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the
Registrar duly executed by such Holder or by its attorney, duly authorized in writing. In
addition, the requesting Holder must provide any additional certifications, Opinions of Counsel,
documents and information, as applicable, required pursuant to the following provisions of this
Section 2.06(e).

     (1) Restricted Definitive Notes to Restricted Definitive Notes. Any Restricted
Definitive Note may be transferred to and registered in the name of Persons who take
delivery thereof in the form of a Restricted Definitive Note if the Registrar receives the
following:

     (A) if the transfer will be made pursuant to Rule 144A, then the transferor
must deliver a certificate in the form of Exhibit B hereto, including the
certifications in item (1) thereof;

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

     (C) if the transfer will be made pursuant to any other exemption from the
registration requirements of the Securities Act, then the transferor must deliver a
certificate in the form of Exhibit B hereto, including the certifications,
certificates and Opinion of Counsel required by item (3) thereof, if applicable.

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

     (A) any such transfer is effected pursuant to any Registration Statement in
accordance with the Registration Rights Agreement; or

     (B) the Registrar receives the following:

     (i) if the Holder of such Restricted Definitive Notes proposes to
exchange such Notes for an Unrestricted Definitive Note, a certificate from
such Holder in the form of Exhibit C hereto, including the certifications in
item (1)(d) thereof; or

     (ii) if the Holder of such Restricted Definitive Notes proposes to
transfer such Notes to a Person who shall take delivery thereof in the form
of an Unrestricted Definitive Note, a certificate from such Holder in the
form of Exhibit B hereto, including the certifications in item (4) thereof;

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

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Upon satisfaction of the conditions of any of the clauses of this Section 2.06(e)(2), the
Trustee shall cancel the prior Restricted Definitive Note and the Company shall execute, and
upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee
shall authenticate and deliver an Unrestricted Definitive Note in the appropriate aggregate
principal amount to the Person designated by the Holder of such prior Restricted Definitive
Note in instructions delivered to the Registrar by such Holder.

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

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

     (1) Private Placement Legend. Each Global Note and each Definitive Note (and all Notes
issued in exchange therefor or substitution thereof) shall bear the legend in substantially
the following form:

“THE SECURITIES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF
1933, AS AMENDED (THE “SECURITIES ACT”) AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
TRANSFERRED EXCEPT (A) (1) TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED
INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A UNDER THE SECURITIES ACT PURCHASING FOR ITS OWN
ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN A TRANSACTION MEETING THE
REQUIREMENTS OF RULE 144A, (2) IN AN OFFSHORE TRANSACTION COMPLYING WITH RULE 903 OR RULE 904 OF
REGULATION S UNDER THE SECURITIES ACT, (3) PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER THE
SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF AVAILABLE) OR (4) PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT AND (B) IN ACCORDANCE WITH ALL APPLICABLE
SECURITIES LAWS OF THE STATES OF THE UNITED STATES AND OTHER JURISDICTIONS.”

     (2) Global Note Legend. Each Global Note will bear a legend in substantially the
following form:

“THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) 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 (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS
MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED IN
WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (3) THIS GLOBAL NOTE MAY BE
DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (4) THIS
GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE
COMPANY.

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY
NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE

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DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR
ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR
DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS NOTE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK)
(“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY
BE 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.”

     (3) Regulation S Temporary Global Note Legend. The Regulation S Temporary Global Note
will bear a legend in substantially the following form:

     “THE RIGHTS ATTACHING TO THIS REGULATION S TEMPORARY GLOBAL NOTE, AND THE CONDITIONS AND
PROCEDURES GOVERNING ITS EXCHANGE FOR CERTIFICATED NOTES, ARE AS SPECIFIED IN THE INDENTURE (AS
DEFINED HEREIN). NEITHER THE HOLDER NOR THE BENEFICIAL OWNERS OF THIS REGULATION S TEMPORARY
GLOBAL NOTE SHALL BE ENTITLED TO RECEIVE PAYMENT OF INTEREST HEREON.”

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

     (h) General Provisions Relating to Transfers and Exchanges.

     (1) To permit registrations of transfers and exchanges, the Company will execute and
the Trustee will authenticate Global Notes and Definitive Notes upon receipt of an
Authentication Order in accordance with Section 2.02 hereof or at the Registrar’s request.

     (2) No service charge will be made to a Holder of a beneficial interest in a Global
Note or to a Holder of a Definitive Note for any registration of transfer or exchange, but
the 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 taxes or
similar governmental charge payable upon exchange or transfer pursuant to Sections 2.07,
2.10, 3.06, 3.09, 4.10, 4.15 and 9.04 hereof).

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

     (4) All Global Notes and Definitive Notes issued upon any registration of transfer or
exchange of Global Notes or Definitive Notes, made in accordance with this Section 2.06,
will be the valid obligations of the Company, evidencing the same debt, and entitled to the
same benefits under this Indenture, as the Global Notes or Definitive Notes surrendered upon
such registration of transfer or exchange.

     (5) Neither the Registrar nor the Company will be required:

     (A) to issue, to register the transfer of or to exchange any Notes during a
period beginning at the opening of business 15 days before the day of mailing of a
notice of redemption of Notes selected for redemption under Section 3.02 hereof and
ending at the close of business on the day of such mailing;

     (B) to register the transfer of or to exchange any Note selected for redemption
in whole or in part, except the unredeemed portion of any Note being redeemed in
part; or

     (C) to register the transfer of or to exchange a Note between a Record Date and
the next succeeding Interest Payment Date.

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

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

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

     (9) The Trustee shall have no obligation or duty to monitor, determine or inquire as to
compliance with any restrictions on transfer imposed under this Indenture or under
applicable law with respect to any transfer of any interest in any Note (including any
transfers between or among Depositary participants or Beneficial Owners of interests in any
Global Note) other than to require delivery of such certificates and other documentation or
evidence as are expressly required by, and to do so if and when expressly required by the
terms of, this Indenture, and to examine the same to determine substantial compliance as to
form with the express requirements hereof.

     (10) Neither the Trustee nor any Agent shall have any responsibility for any actions
taken or not taken by the Depositary.

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Section 2.07 Replacement Notes.

     If any mutilated Note is surrendered to the Trustee or the Company and the Company receives
evidence to its reasonable satisfaction of the destruction, loss or theft of any Note, the Company
will issue and the Trustee, upon receipt of an Authentication Order, will authenticate a
replacement Note if the Company’s reasonable requirements are met. An indemnity bond must be
supplied by the Holder that is sufficient in the judgment of the Trustee and the Company to protect
the Company, the Trustee, any Agent and any authenticating agent from any loss that any of them may
suffer if a Note is replaced. The Company may charge for its expenses in replacing a Note.

     Every replacement Note issued in accordance with this Section 2.07 is an additional obligation
of the Company and will be entitled to all of the benefits of this Indenture equally and
proportionately with all other Notes duly issued hereunder.

Section 2.08 Outstanding Notes.

     The Notes outstanding at any time are all the Notes authenticated by the Trustee except for
those canceled by it, those delivered to it for cancellation, those reductions in the interest in a
Global Note effected by the Trustee in accordance with the provisions hereof, and those described
in this Section 2.08 as not outstanding. Except as set forth in Section 2.09 hereof, a Note does
not cease to be outstanding because the Company or an Affiliate of the Company holds the Note.

     If a Note is replaced pursuant to Section 2.07 hereof, it ceases to be outstanding unless the
Trustee receives proof satisfactory to it that the replaced Note is held by a protected purchaser
(as defined in Section 8-303 of the Uniform Commercial Code).

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

     If the Paying Agent (other than the Company, a Subsidiary or an Affiliate of any thereof)
holds, on a Redemption Date or maturity date, money sufficient to pay Notes (or portions thereof)
payable on that date, then on and after that date such Notes (or portions thereof) will be deemed
to be no longer outstanding and will cease to accrue interest.

Section 2.09 Treasury Notes.

     In determining whether the Holders of the required principal amount of Notes have concurred in
any direction, waiver or consent, Notes owned by the Company or any Guarantor, or by any Person
directly or indirectly controlling or controlled by or under direct or indirect common control with
the Company or any Guarantor, will be considered as though not outstanding, except that for the
purposes of determining whether the Trustee will be protected in relying on any such direction,
waiver or consent, only Notes that the Company has so notified in writing the Trustee are so owned
will be so disregarded. Notes so owned which have been pledged in good faith shall not be
disregarded if the pledgee is not the Company, a Guarantor or any obligor upon the Notes or any
Affiliate of the Company, a Guarantor or of such other obligor.

Section 2.10 Temporary Notes.

     Until certificates representing Notes are ready for delivery, the Company may prepare and the
Trustee, upon receipt of an Authentication Order, will authenticate temporary Notes. Temporary
Notes will be substantially in the form of certificated Notes but may have variations that the
Company considers

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appropriate for temporary Notes and as may be reasonably acceptable to the Trustee. Without
unreasonable delay, the Company will prepare and the Trustee will authenticate upon receipt of an
Authentication Order definitive Notes in exchange for temporary Notes.

     Holders, and beneficial holders, as the case may be, of temporary Notes will be entitled to
all of the benefits of this Indenture.

Section 2.11 Cancellation.

     The Company at any time may deliver Notes to the Trustee for cancellation. The Registrar and
Paying Agent will forward to the Trustee any Notes surrendered to them for registration of
transfer, exchange or payment. The Trustee or, at the discretion of the Trustee, the Registrar or
the Paying Agent and no one else will cancel all Notes surrendered for registration of transfer,
exchange, payment, replacement or cancellation and will dispose of canceled Notes in accordance
with its customary procedures (subject to the record retention requirement of the Exchange Act).
The Company may not issue new Notes to replace Notes that it has paid or that have been delivered
to the Trustee for cancellation.

Section 2.12 Defaulted Interest.

     If the Company defaults in a payment of interest on the Notes, it shall pay the defaulted
interest in any lawful manner plus, to the extent lawful, interest payable on the defaulted
interest to the Persons who are Holders on a subsequent special record date, in each case at the
rate provided in the Notes and in Section 4.01 hereof. The Company shall notify the Trustee in
writing of the amount of defaulted interest proposed to be paid on each Note and the date of the
proposed payment. The Trustee shall fix or cause to be fixed each such special record date and
payment date; provided that no such special record date shall be less than 10 days prior to the
related payment date for such defaulted interest. The Trustee shall promptly notify the Company of
such special record date. At least 15 days before the special record date, the Company (or, upon
the written request of the Company, the Trustee in the name and at the expense of the Company)
shall mail or cause to be mailed, first-class postage prepaid, to each Holder a notice at his or
her address as it appears in the Note Register that states the special record date, the related
payment date and the amount of such interest to be paid.

     Subject to the foregoing provisions of this Section 2.12 and for greater certainty, each Note
delivered under this Indenture upon registration of transfer of or in exchange for or in lieu of
any other Note shall carry the rights to interest accrued and unpaid, and to accrue, which were
carried by such other Note.

Section 2.13 Calculation of Principal Amount of Notes.

     The aggregate principal amount of the Notes, at any date of determination, shall be the
principal amount of the Notes, including any increase in the principal amount thereof as a result
of a PIK Payment, at such date of determination. With respect to any matter requiring consent,
waiver, approval or other action of the Holders of a specified percentage of the principal amount
of all the Notes, such percentage shall be calculated, on the relevant date of determination, by
dividing (a) the principal amount, as of such date of determination, of Notes, the Holders of which
have so consented by (b) the aggregate principal amount, as of such date of determination, of the
Notes then outstanding, in each case, as determined in accordance with the preceding sentence,
Section 2.08 and Section 2.09 of this Indenture. Any such calculation made pursuant to this
Section 2.13 shall be made by the Company and delivered to the Trustee pursuant to an Officer’s
Certificate.

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Section 2.14 CUSIP Numbers.

     The Company in issuing the Notes 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 Notes or as contained in any notice of a redemption and that
reliance may be placed only on the other identification numbers printed on the Notes, and any such
redemption shall not be affected by any defect in or omission of such numbers. The Company will
promptly notify the Trustee in writing of any change in the “CUSIP” numbers.

ARTICLE 3

REDEMPTION AND PREPAYMENT

Section 3.01 Notices to Trustee.

     If the Company elects to redeem Notes pursuant to the optional redemption provisions of
Section 3.07 hereof, it must furnish to the Trustee, at least 30 days but not more than 60 days
before a Redemption Date, an Officer’s Certificate setting forth and certifying:

(1) the clause of this Indenture pursuant to which the redemption shall occur;

(2) the Redemption Date;

(3) the principal amount of Notes to be redeemed; and

(4) the redemption price;

Section 3.02 Selection of Notes to Be Redeemed or Purchased.

     If less than all of the Notes are to be redeemed or purchased in an offer to purchase at any
time, the Trustee will select Notes for redemption or purchase on a pro rata basis to the extent
practicable unless otherwise required by law or applicable stock exchange requirements. If
selection on a pro rata basis is not practicable for any reason, the Trustee shall select Notes by
lot or by such other method the Trustee shall deem fair and appropriate.

     In the event of partial redemption or purchase by lot, the particular Notes to be redeemed or
purchased will be selected, unless otherwise provided herein, not less than 30 nor more than 60
days prior to the redemption or purchase date by the Trustee from the outstanding Notes not
previously called for redemption or purchase.

     The Trustee will promptly notify the Company in writing of the Notes selected for redemption
or purchase and, in the case of any Note selected for partial redemption or purchase, the principal
amount thereof to be redeemed or purchased. Notes and portions of Notes selected will be in
amounts of $2,000 or whole multiples of $1,000 in excess thereof, except in cases of PIK Interest;
except that if all of the Notes of a Holder are to be redeemed or purchased, the entire outstanding
amount of Notes held by such Holder, even if not a multiple of $1,000, shall be redeemed or
purchased. Except as provided in the preceding sentence, provisions of this Indenture that apply
to Notes called for redemption or purchase also apply to portions of Notes called for redemption or
purchase.

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Section 3.03 Notice of Redemption.

     Subject to the provisions of Section 3.09 hereof, at least 30 days but not more than 60 days
before a Redemption Date, the Company will mail or cause to be mailed, by first class mail, a
notice of redemption to each Holder whose Notes are to be redeemed at its registered address,
except that redemption notices may be mailed more than 60 days prior to a Redemption Date if the
notice is issued in connection with a defeasance of the Notes or a satisfaction and discharge of
this Indenture pursuant to Articles 8 or 13 hereof.

     The notice will identify the Notes (including CUSIP number(s)) to be redeemed and will state:

(1) the Redemption Date;

(2) the appropriate method for calculation of the redemption price, but need not
include the redemption price itself; the actual redemption price shall be set forth
in an Officer’s Certificate delivered to the Trustee no later than two (2) Business
Days prior to the Redemption Date unless the redemption is pursuant to Section
3.07(a) hereof, in which case such Officer’s Certificate should be delivered on the
Redemption Date;

(3) if any Note is being redeemed in part, the portion of the principal amount of
such Note to be redeemed and that, after the Redemption Date upon surrender of such
Note, a new Note or Notes in principal amount equal to the unredeemed portion will
be issued upon cancellation of the original Note;

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

(5) that Notes 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
Notes called for redemption ceases to accrue on and after the Redemption Date;

(7) the paragraph of the Notes and/or Section of this Indenture pursuant to which
the Notes 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 Notes.

     At the Company’s request, the Trustee will give the notice of redemption in the Company’s name
and at its expense; provided, however, that the Company has delivered to the Trustee, at least 35
days prior to the Redemption Date, an Officer’s 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.

     The Company may provide in the notice of redemption that payment of the redemption price and
performance of the Company’s obligations with respect to such redemption or purchase may be
performed by another Person.

Section 3.04 Effect of Notice of Redemption.

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

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notice of redemption may not be conditional, except as provided in Section 3.07(d). The
notice, if mailed in a manner herein provided, shall be conclusively presumed to have been given,
whether or not the Holder receives such notice. In any case, failure to give such notice by mail
or any defect in the notice to the Holder of any Note designated for redemption in whole or in part
shall not affect the validity of the proceedings for the redemption of any other Note. Subject to
Section 3.05 hereof, on and after the Redemption Date, interest ceases to accrue on Notes or
portions of Notes called for redemption.

Section 3.05 Deposit of Redemption or Purchase Price.

     Prior to 10:00 a.m. (New York City time) on the Redemption Date or purchase date, the Company
will deposit with the Trustee or with the Paying Agent money sufficient to pay the redemption or
purchase price of and accrued and unpaid interest on all Notes to be redeemed or purchased on that
date. The Trustee or the Paying Agent will promptly and in any event within two Business Days,
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 or purchase price of, and accrued interest
on, all Notes to be redeemed or purchased.

     If the Company complies with the provisions of the preceding paragraph, on and after the
Redemption Date or purchase date, interest will cease to accrue on the Notes or the portions of
Notes called for redemption, whether such Notes are presented for payment. If a Note is redeemed
or purchased on or after a Record Date but on or prior to the related Interest Payment Date, then
any accrued and unpaid interest to the Redemption Date shall be paid to the Person in whose name
such Note was registered at the close of business on such Record Date. If any Note called for
redemption or purchase is not so paid upon surrender for redemption or purchase 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 or purchase date until such principal is paid, and to the
extent lawful on any interest accrued to the Redemption Date not paid on such unpaid principal, in
each case at the rate provided in the Notes and in Section 4.01 hereof.

Section 3.06 Notes Redeemed or Purchased in Part.

     Upon surrender of a Note that is redeemed or purchased in part, the Company will issue and,
upon receipt of an Authentication Order, the Trustee will authenticate for the Holder at the
expense of the Company a new Note equal in principal amount to the unredeemed or unpurchased
portion of the Note surrendered. It is understood that, notwithstanding anything in this Indenture
to the contrary, only an Authentication Order and not an Opinion of Counsel or Officer’s
Certificate of the Company is required for the Trustee to authenticate such new Note.

Section 3.07 Optional Redemption.

     (a) At any time prior to the fifth anniversary of the Closing Date, the Company may on any one
or more occasions redeem all or any part of the Notes, upon not less than 30 nor more than 60 days’
prior notice, at a redemption price equal to 100% of the then outstanding principal amount plus the
Applicable Premium as of the date of redemption (the “Redemption Date”) and, without duplication,
accrued and unpaid interest to (but not including) the Redemption Date, subject to the rights of
Holders of Notes on the relevant Record Date to receive interest due on the relevant Interest
Payment Date.

     (b) Except pursuant to clause (a) or (d) of this Section 3.07, the Notes will not be
redeemable at the Company’s option prior to the fifth anniversary of the Closing Date.

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     (c) On or after the fifth anniversary of the Closing Date, the Company may on any one or more
occasions redeem all or any part of the Notes, upon not less than 30 nor more than 60 days’ prior
notice, at the redemption prices (expressed as percentages the then outstanding principal amount of
Notes to be redeemed) set forth below, plus accrued and unpaid interest thereon to (but not
including) the applicable Redemption Date, if redeemed during the twelve-month period beginning on
dates indicated below, subject to the rights of Holders of Notes on the relevant Record Date to
receive interest on the relevant Interest Payment Date:

	 	 	 	 	 
	Year	 	Percentage
	Fifth anniversary of the Closing Date
	 	 	106.625	%
	Sixth anniversary of the Closing Date
	 	 	104.417	%
	Seventh anniversary of the Closing Date
	 	 	103.313	%
	Eighth anniversary of the Closing Date and thereafter
	 	 	100.000	%

Unless the Company defaults in the payment of the redemption price, interest will cease to accrue
on the Notes or portions thereof called for redemption on the applicable Redemption Date.

     (d) At any time on or after the Sell Down Date and prior to the fourth anniversary of the
Closing Date, the Company may on any one or more occasions redeem up to 35% of the aggregate
principal amount of the Notes, upon not less than 30 nor more than 60 days’ prior notice, at a
redemption price equal to 113.250% of the then outstanding principal amount thereof, plus accrued
and unpaid interest thereon to (but not including) the Redemption Date, with the net cash proceeds
of one or more Qualified Equity Offerings, subject to the rights of Holders on the relevant Record
Date to receive interest on the relevant Interest Payment Date; provided that:

     (1) at least 65% of the aggregate principal amount of Notes originally issued under
this Indenture, as such principal amount shall have been increased through the
capitalization of interest (excluding Notes held by the Company and the Company
Subsidiaries), remains outstanding immediately after the occurrence of such redemption; and

     (2) the redemption occurs within 90 days of the date of the closing of such Qualified
Equity Offering.

     (e) Any redemption pursuant to this Section 3.07 shall be made pursuant to the provisions of
Sections 3.01 through 3.06 hereof. Any optional redemption of Notes must relate to an aggregate
principal amount of Notes being redeemed of at least the lesser of (a) $5.0 million and (b) the
remaining outstanding principal amount of such Notes.

Section 3.08 Mandatory Redemption.

     (a) Except as set forth in Section 3.08(b), the Company is not required to make mandatory
redemption or sinking fund payments with respect to the Notes.

     (b) Commencing with the first “accrual period” (as defined for purposes of the Code) ending
after the fifth anniversary of the Closing Date and continuing with each subsequent accrual period
thereafter, the Company shall pay in cash, on or before the end of such accrual period, an amount
equal to the sum of the accrued and unpaid PIK Interest and the accrued and unpaid original issue
discount (as defined for the purposes of the Code) (other than PIK Interest), with respect to the
Notes if, but only to the extent that, the aggregate amount of the sum of (i) the PIK Interest and
(ii) the original issue discount (other than PIK Interest), in each case that has accrued and not
been paid in cash from the Closing Date through the end of such accrual period on the Notes,
exceeds the product of the “issue price” (as defined

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for purposes of the Code) for the Notes and the “yield to maturity” (as defined for purposes
of the Code) on the Notes. Any such payment shall first be allocated to the accrued and unpaid PIK
Interest.

Section 3.09 Offer to Purchase by Application of Excess Proceeds.

     In the event that, pursuant to Section 4.10 hereof, the Company is required to commence an
Asset Sale Offer, it will follow the procedures specified below.

     The Asset Sale Offer shall be made to all Holders. The Asset Sale Offer will remain open for
a period of at least 20 Business Days following its commencement and not more than 30 Business
Days, except to the extent that a longer period is required by applicable law (the “Offer Period”).
No later than five Business Days after the termination of the Offer Period (the “Purchase Date”),
the Company will apply all Excess Proceeds (the “Offer Amount”) to the purchase of Notes (on a pro
rata basis, if applicable) or, if less than the Offer Amount has been tendered, all Notes and other
Indebtedness tendered in response to the Asset Sale Offer. Payment for any Notes so purchased will
be made in the same manner as interest payments are made.

     If the Purchase Date is on or after a Record Date and on or before the related Interest
Payment Date, any accrued and unpaid interest will be paid to the Person in whose name a Note is
registered at the close of business on such Record Date, and no additional interest will be payable
to Holders who tender Notes pursuant to the Asset Sale Offer.

     Upon the commencement of an Asset Sale Offer, the Company will send, by first class mail, a
notice to each of the Holders, with a copy to the Trustee. The notice will contain all
instructions and materials necessary to enable such Holders to tender Notes pursuant to the Asset
Sale Offer. The notice, which will govern the terms of the Asset Sale Offer, will state:

     (1) that the Asset Sale Offer is being made pursuant to this Section 3.09 and Section
4.10 hereof and the length of time the Asset Sale Offer will remain open;

     (2) the Offer Amount, the purchase price and the Purchase Date;

     (3) that any Note not tendered or accepted for payment will continue to accrue
interest;

     (4) that, unless the Company defaults in making such payment, any Note accepted for
payment pursuant to the Asset Sale Offer will cease to accrue interest after the Purchase
Date;

     (5) that Holders electing to have a Note purchased pursuant to an Asset Sale Offer may
elect to have Notes purchased in $2,000 in principal amount or integral multiples of $1,000
in excess thereof, or if PIK Interest is paid, a minimum of $1.00 and integral multiples of
$1.00 (in each case, in aggregate principal amount);

     (6) that Holders electing to have Notes purchased pursuant to any Asset Sale Offer will
be required to surrender the Note, with the form entitled “Option of Holder to Elect
Purchase” attached to the Notes completed, or transfer by book entry transfer, to the
Company, a Depositary, if appointed by the Company, or a Paying Agent at the address
specified in the notice at least three days before the Purchase Date;

     (7) that Holders will be entitled to withdraw their election if the Company, the
Depositary or the Paying Agent, as the case may be, receives, not later than the expiration
of the

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Offer Period, an electronic image scan or facsimile transmission or letter setting
forth the name of the Holder, the principal amount of the Note the Holder delivered for
purchase and a statement that such Holder is withdrawing his election to have such Note
purchased;

     (8) that, if the aggregate principal amount of Notes exceeds the Offer Amount, the
Trustee will select the Notes to be purchased on a pro rata basis based on the principal
amount of Notes surrendered (with such adjustments as may be deemed appropriate by Holdco so
that only Notes in denominations of $2,000 in principal amount, or integral multiples of
$1,000 in excess thereof, will be purchased, or if PIK Interest is paid, a minimum of $1.00
and integral multiples of $1.00);

     (9) that Holders whose Notes were purchased only in part will be issued new Notes equal
in principal amount to the unpurchased portion of the Notes surrendered (or transferred by
book entry transfer); and

     (10) any other procedures the Holders must follow in order to tender their Notes (or
portions thereof) for payment and the procedures that Holders must follow in order to
withdraw an election to tender Notes (or portions thereof) for payment.

     On or before the Purchase Date, the Company will, to the extent lawful, accept for payment, on
a pro rata basis to the extent necessary, the Offer Amount of Notes or portions thereof tendered
pursuant to the Asset Sale Offer, or if less than the Offer Amount has been tendered, all Notes
tendered, and will deliver or cause to be delivered to the Trustee the Notes properly accepted
together with an Officer’s Certificate stating that such Notes or portions thereof were accepted
for payment by the Company in accordance with the terms of this Section 3.09. The Company, the
Depositary or the Paying Agent, as the case may be, will promptly (but in any case not later than
five Business Days after the Purchase Date) mail or deliver to each tendering Holder an amount
equal to the purchase price of the Notes tendered by such Holder and accepted by the Company for
purchase, and the Company will promptly issue a new Note, and the Trustee, upon receipt of an
Authentication Order, will authenticate and mail or deliver (or cause to be transferred by book
entry) such new Note to such Holder (it being understood that, notwithstanding anything in this
Indenture to the contrary, no Opinion of Counsel or Officer’s Certificate of the Company is
required for the Trustee to authenticate and mail or deliver such new Note), in a principal amount
equal to any unpurchased portion of the Note surrendered. Any Note not so accepted shall be
promptly mailed or delivered by the Company to the Holder thereof. The Company will publicly
announce the results of the Asset Sale Offer on or as soon as practicable after the Purchase Date.

     Other than as specifically provided in this Section 3.09, any purchase pursuant to this
Section 3.09 shall be made pursuant to the provisions of Sections 3.01 through 3.06 hereof. To the
extent that the provisions of any securities laws or regulations conflict with Section 4.10, this
Section 3.09 or other provisions of this Indenture, the Company shall comply with applicable
securities laws and regulations and shall not be deemed to have breached its obligations under
Section 4.10, this Section 3.09 or such other provision by virtue of such compliance.

ARTICLE 4

COVENANTS

Section 4.01 Payment of Notes.

     The Company will pay or cause to be paid the principal of, premium, if any, and interest on,
the Notes on the dates and in the manner provided in the Notes. Principal, premium, if any, and
interest will be considered paid on the date due if the Paying Agent, if other than the Company or
a Subsidiary thereof,

50

 

holds as of 10:00 a.m. Eastern Time on the due date money deposited by the Company in
immediately available funds and designated for and sufficient to pay all principal, premium, if
any, and interest then due. PIK Interest shall be considered paid on the date due if the Trustee
is directed no later than three Business Days prior to such date to increase the principal amount
of the Notes in an amount equal to the amount of the applicable PIK Interest.

     During any period in which a payment default hereunder or Event of Default has occurred and is
continuing, interest on all principal and overdue interest on the Notes will accrue at a rate that
is 2% higher than the interest rate on the Notes. During such period, the Company will also pay
any post-petition interest in any proceeding under any Bankruptcy Law. Such interest would be in
addition to any additional interest resulting from a payment default hereunder or other Event of
Default.

Section 4.02 Maintenance of Office or Agency.

     The Company will maintain in the Borough of Manhattan, the City of New York, an office or
agency (which may be an office of the Trustee or an Affiliate of the Trustee, Registrar or
co-registrar) where Notes may be surrendered for registration of transfer or for exchange and where
notices and demands to or upon the Company in respect of the Notes and this Indenture may be
served. The Company will give prompt written notice to the Trustee of the location, and any change
in the location, of such office or agency. If at any time the Company fails to maintain any such
required office or agency or fails to furnish the Trustee with the address thereof, such
presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office
of the Trustee.

     The Company may also from time to time designate one or more other offices or agencies where
the Notes may be presented or surrendered for any or all such purposes and may from time to time
rescind such designations; provided, however, that no such designation or rescission will in any
manner relieve the Company of its obligation to maintain an office or agency in the Borough of
Manhattan, the City of New York for such purposes. The Company will give prompt written notice to
the Trustee of any such designation or rescission and of any change in the location of any such
other office or agency.

Section 4.03 Reports.

     (a) So long as any Notes are outstanding, Holdco will furnish to the Trustee and, if Holdco is
not subject to the reporting requirements of Section 13(a) and 15(d) of the Exchange Act, post on a
confidential website to which Permissible Parties will be given unconditional access:

     (1) within 90 days after the end of each fiscal year, an annual management report of
the Company containing audited consolidated financial statements of the Company and the
Company Subsidiaries prepared in accordance with GAAP and in the form that would have been
required to be contained in an Annual Report on Form 10-K under the Exchange Act if the
Company had been a reporting company under the Exchange Act (including a “Management’s
Discussion and Analysis of Financial Condition and Results of Operations”);

     (2) within 45 days after the end of each of the first three fiscal quarters of each
fiscal year, a quarterly management report of the Company containing unaudited consolidated
financial statements of the Company and the Company Subsidiaries prepared in accordance with
GAAP and in the form that would have been required to be contained in a Quarterly Report on
Form 10-Q under the Exchange Act if the Company had been a reporting company under the
Exchange Act, (including a “Management’s Discussion and Analysis of Financial Condition and
Results of Operations”); and

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     (3) within 10 Business Days after the occurrence of each event that would have been
required to be reported in a Current Report on Form 8-K under the Exchange Act if the
Company had been a reporting company under the Exchange Act, current reports containing
substantially all the information that would have been required to be contained in a Current
Report on Form 8-K under the Exchange Act if the Company had been a reporting company under
the Exchange Act.

     (b) To the extent not already required by this Section 4.03, the Company will furnish to any
Permissible Party, upon its request, information satisfying the requirements of Rule 144A.

     (c) [Reserved]

     (d) Delivery of such reports, information and documents to the Trustee is for informational
purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any
information contained therein or determinable from information contained therein, including the
Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to
rely exclusively on Officer’s Certificates).

     (e) The information required to be delivered pursuant to clause (a) of this Section 4.03 will
be deemed to have been furnished to the Trustee if Holdco has filed such information with the SEC
via the EDGAR filing system and such reports are publicly available; provided, however that the
Company shall notify the Trustee in writing of any filing under clause (a)(3) of this Section 4.03,
and provided further, that unless requested in writing by a Holder, the Trustee shall have no
obligations (i) to confirm that filings under clause (a) of this Section 4.03 have been made or
(ii) to access any such filings.

Section 4.04 Compliance Certificate.

     (a) With respect to the fiscal year ending December 31, 2008 and thereafter, the Company shall
deliver to the Trustee, within 90 days of each fiscal year, an Officer’s Certificate (the signer
for which shall be the principal executive officer, principal accounting officer or principal
financial officer of the Company) 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 (including under Section 4.27), 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
(without regard to notice requirements or grace periods) and is not in default in the performance
or observance of any of the terms, provisions and conditions of this Indenture (or, if a Default or
Event of Default has 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).

     (b) So long as any of the Notes are outstanding, the Company will deliver to the Trustee
promptly, and in no case more than four Business Days after, any Officer becoming aware of any
Default or Event of Default, an Officer’s Certificate specifying such Default or Event of Default
and what action the Company is taking or proposes to take with respect thereto.

Section 4.05 Taxes.

     The Company will pay, and will cause each of its Subsidiaries to pay, prior to delinquency,
all material taxes, assessments, and governmental levies with respect to the Company and its
Subsidiaries except such as are contested in good faith and by appropriate proceedings or where the
failure to effect

52

 

such payment would not be reasonably expected to have a Material Adverse Effect on Holdco and
its Subsidiaries, taken as a whole.

Section 4.06 Stay, Extension and Usury Laws.

     The Company covenants (to the extent that they may lawfully do so) that it will 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; and the Company (to the extent that it
may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants
that it will not, by resort to any such law, hinder, delay or impede the execution of any power
herein granted to the Trustee, but will suffer and permit the execution of every such power as
though no such law has been enacted.

Section 4.07 Restricted Payments.

     (a) The Company will not, and will not permit any Company Subsidiary to, directly or
indirectly:

     (1) declare or pay any dividend or make any distribution on account of the Company’s
Equity Interests, including any dividend or distribution payable in connection with any
merger or consolidation, other than dividends or distributions payable in Equity Interests
of the Company (other than Disqualified Stock);

     (2) purchase, redeem, defease or otherwise acquire or retire for value any Equity
Interests of the Company or any direct or indirect parent of the Company, including in
connection with any merger or consolidation;

     (3) make any principal or other payment on, or redeem, repurchase, defease or otherwise
acquire or retire for value any Subordinated Indebtedness in each case prior to any
scheduled repayment, sinking fund or maturity, other than Indebtedness permitted under
Section 4.09(b)(9) hereof; or

     (4) make any Restricted Investment

(all such payments and other actions set forth in these clauses (1) through (4) above being
collectively referred to as “Restricted Payments”), unless, at the time of such Restricted Payment:

     (i) no Default or Event of Default has occurred and is continuing or would occur as a
consequence of such Restricted Payment;

     (ii) immediately after giving effect to such transaction on a pro forma basis, the
Company could incur $1.00 of additional Indebtedness pursuant to the Leverage Ratio test or
Fixed Charge Coverage Ratio test, as applicable, set forth in Section 4.09(a) hereof; and

     (iii) such Restricted Payment, together with the aggregate amount of all other
Restricted Payments made by the Company and the Company Subsidiaries after the date hereof
(excluding Restricted Payments permitted by Sections 4.07(b)(2), (3), (4), (5), (6) and
(7)), is less than the sum of:

     (A) 50% of the Consolidated Net Income of the Company for the period (taken as
one accounting period) from the first day of the first fiscal quarter following the

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Closing Date to the end of the Company’s most recently ended fiscal quarter for
which internal financial statements are available at the time of such Restricted
Payment or, in the case such Consolidated Net Income for such period is a deficit,
minus 100% of such deficit; plus

     (B) 100% of the aggregate amount of cash contributed to the common equity
capital of the Company following the date hereof (other than by a Company
Subsidiary); plus

     (C) to the extent not already included in Consolidated Net Income, the lesser
of (x) the aggregate amount received in cash by the Company after the date hereof as
a result of the sale or other disposition (other than to the Company or a Company
Subsidiary) of, or by way of dividend, distribution or loan repayments on,
Restricted Investments made by the Company and the Company Subsidiaries after the
date hereof or (y) the initial amount of such Restricted Investments made in
compliance with the terms of this Indenture after the date hereof.

     (b) The provisions of Section 4.07(a) hereof will not prohibit:

     (1) the payment of any dividend or distribution or the consummation of any irrevocable
redemption within 60 days after the date of declaration of the dividend or distribution or
giving of the redemption notice, as applicable, if at the date of declaration or notice such
payment or redemption would have complied with the provisions of this Indenture;

     (2) the making of any Restricted Payment in exchange for, or out of the proceeds of,
the substantially concurrent contribution of common equity capital to the Company; provided
that the amount of any such net cash proceeds that are utilized for any such Restricted
Payment will be excluded from Section 4.07(a)(iii)(B) hereof;

     (3) the defeasance, redemption, repurchase or other acquisition or retirement of
Subordinated Indebtedness of the Company made by exchange for, or out of the proceeds of the
substantially concurrent sale of, new Indebtedness of the Company that is incurred in
compliance with Section 4.09 hereof so long as:

     (A) the principal amount (or accreted value, if applicable) of such new
Indebtedness does not exceed the principal amount plus any accrued and unpaid
interest on the Subordinated Indebtedness being so redeemed, repurchased, acquired
or retired for value, plus the amount of any premium required to be paid under the
terms of the instrument governing the Subordinated Indebtedness being so redeemed,
repurchased, acquired or retired and any fees and expenses incurred in the issuance
of such new Indebtedness;

     (B) such Indebtedness is subordinated to the Notes at least to the same extent
as such Subordinated Indebtedness so purchased, exchanged, redeemed, repurchased,
acquired or retired for value;

     (C) such Indebtedness has a final scheduled maturity date equal to or later
than the final scheduled maturity date of the Subordinated Indebtedness being so
redeemed, repurchased, acquired or retired; and

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     (D) such Indebtedness has a Weighted Average Life to Maturity equal to or
greater than the remaining Weighted Average Life to Maturity of the Subordinated
Indebtedness being so redeemed, repurchased, acquired or retired.

     (4) a Restricted Payment to pay for the repurchase, retirement or other acquisition or
retirement for value of Equity Interests of the Company or any of its direct or indirect
parent held by any current or former employee, director, manager or consultant (or their
respective estates, heirs, beneficiaries, transferees, spouses or former spouses) of the
Company, any Company Subsidiary or any of their direct or indirect parents pursuant to any
management equity plan or stock option plan or any other management or employee benefit plan
or similar agreement; provided, that the aggregate amount of Restricted Payments made
pursuant to this clause (4) in any four-fiscal quarter period shall not exceed $5.0 million
as of the last day of such four-fiscal quarter period;

     (5) the declaration and payment of dividends or distributions to holders of any class
or series of Disqualified Stock of the Company or any Company Subsidiary issued in
accordance with Section 4.09 hereof;

     (6) repurchases of Equity Interests deemed to occur upon exercise of stock options or
warrants if such Equity Interests represent a portion of the exercise price of such options
or warrants;

     (7) the declaration and payment of dividends or distributions by the Company to, or the
making of loans to, its direct or indirect parent in amounts required for either of their
respective direct or indirect parent to actually pay the following:

     (A) franchise and excise taxes and other fees, taxes and expenses required to
maintain their corporate existence;

     (B) foreign, federal, state and local income or franchise taxes, to the extent
such income or franchise taxes are attributable to the income of the Company and its
Subsidiaries; 

     (C) general corporate expenses related to third party audit, insurance, legal
and similar administrative expenses of any direct or indirect parent of the Company,
including customary expenses for a public company;

     (D) customary salary, bonus, contributions to pension and 401(k) plans,
deferred compensation and other benefits payable to directors, officers and
employees of any direct or indirect parent of the Company to the extent such amounts
are attributable to the ownership or operation of the Company and its Subsidiaries
(other than pursuant to clause (4) of this Section 4.07(b));

     (E) indemnification obligations of any direct or indirect parent of the Company
owing to directors, officers, employees or other Persons (including, without
limitation, the Sponsors) under its charter or by-laws or pursuant to written
agreements with such Person, or obligations in respect of director and officer
insurance (including any premiums therefor); provided, however, that any indemnities
owing to the Sponsors pursuant to the Equity Purchase Agreement shall only be
permitted under this clause (E) to the extent such indemnities are as a result of
third party claims relating to the Transactions; and provided, further, that no
Restricted Payment may be made pursuant to

55

 

this clause (E) to the extent such Restricted Payments are covered by Section
4.07(b)(8)(B);

     (F) fees and expenses incurred in connection with the Transactions;

     (G) amounts required to be paid by Holdco in connection with clause (4) of the
definition of Permitted Holdco Indebtedness;

     (H) cash payments in lieu of issuing fractional shares in connection with the
exercise of warrants, options or other securities convertible into or exchangeable
for Equity Interests of the Company or any direct or indirect parent of the Company;
and

     (I) payments and/or netting of shares under stock option plans to settle option
price payments owed by employees and officers of Holdco with respect thereto, and
payments to settle such employees’ and officers’ federal, state and income tax
liabilities (if any) related to restricted stock units and similar stock based
awards thereunder;

     (8) a Restricted Payment with respect to the payment of (A) litigation expenses or any
judgment or any settlement of any litigation of any direct or indirect parent of the Company
or (B) indemnification obligations of any direct or indirect parent of the Company owing to
directors, officers or employees under its charter or by-laws, in respect of a settlement to
the extent such payments represent indirect payment obligations of the parent; provided,
however, that after giving effect to each Restricted Payment under this clause (8) (x) the
Company would be in compliance with Sections 4.18 and 4.27 and (y) the excess of Cash and
Cash Equivalents (that are not included in the Restricted Investment Portfolio) of the
Company and its Subsidiaries plus the Restricted Investment Portfolio (using the valuation
methodology set forth in the definition of Minimum Liquidity Ratio) over Payment Service
Obligations would be an amount of no less than $75.0 million;

     (9) other Restricted Payments in an aggregate amount not to exceed $25.0 million; or

     (10) the declaration of (so long as the payment with respect of such declaration is
made within 30 days of such declaration) or the payment of any dividend or distribution with
the cash proceeds of the sale or other disposition by the Specified SRI Subsidiary of, or
any payment of principal of, Specified SRIs (“Specified SRI Sales”) in excess of $34.0
million (the “Excess SRI Proceeds”); provided, however, that the payment of such dividend or
distribution shall be paid concurrently with the distribution of such Excess SRI Proceeds by
the Specified SRI Subsidiary and shall be subject to the following conditions: (i)(A) the
first $50.0 million of Excess SRI Proceeds shall have previously been used to permanently
prepay term loans outstanding under the Credit Facilities, (B) the next $62.5 million of
Excess SRI Proceeds may be used to fund dividends or distributions in accordance with this
clause (10), (C) any Excess SRI Proceeds that exceed the amount paid under the foregoing
subclauses (A) and (B) may be used (x) 50% to permanently prepay term loans
outstanding under the Credit Facilities and (y) 50% to fund dividends and distributions
under this clause (10), (D) the Company is in compliance with Section 4.28, and (E) such dividend or distribution shall have
been received by the Company directly from the Specified SRI
Subsidiary; (ii) after giving effect to each
Restricted Payment under this clause (10), the Company would be in compliance with Sections
4.18 and 4.27 and (iii) after giving effect to each Restricted Payment under this clause
(10), the excess of Cash and Cash Equivalents (that are not included in the Restricted
Investment Portfolio) of the Company and its Subsidiaries plus the Restricted

56

 

Investment Portfolio (using the valuation methodology set forth in the definition of
Minimum Liquidity Ratio) over Payment Service Obligations shall not be less than $75.0
million;

provided, however, that at the time of, and after giving effect to, any Restricted Payment
permitted under clause (b) (other than clauses (b)(7)(A), (b)(7)(B), (b)(7)(C), (b)(7)(D),
(b)(7)(E) or (b)(7)(I)), no Event of Default shall have occurred and be continuing or would occur
as a consequence thereof.

Section 4.08 Dividend and Other Payment Restrictions Affecting Company Subsidiaries.

     (a) The Company will not, and will not permit any Company Subsidiary to, directly or
indirectly, create or otherwise cause or suffer to exist or become effective any consensual
encumbrance or consensual restriction on the ability of any such Company Subsidiary to:

     (1) (A) pay dividends or make any other distributions to the Company or any Company
Subsidiary on its Capital Stock or with respect to any other interest or participation in,
or measured by, its profits, or (B) pay any Indebtedness owed to the Company or any Company
Subsidiary;

     (2) make loans or advances to the Company or any Company Subsidiary; or

     (3) sell, lease or transfer any of its properties or assets to the Company or any
Company Subsidiary.

     (b) The restrictions in Section 4.08(a) hereof will not apply to encumbrances or restrictions
existing under or by reason of:

     (1) contractual encumbrances or restrictions in effect on the date hereof including,
without limitation, pursuant to the Credit Agreement (as in effect on the date hereof) and
their related documentation and Hedging Obligations;

     (2) this Indenture, the Notes and the Note Guarantees;

     (3) purchase money obligations for property acquired in the ordinary course of business
and Capitalized Lease Obligations that impose restrictions of the nature discussed in
clause (3) above on the property so acquired;

     (4) applicable law or any applicable rule, regulation or order or similar restriction;

     (5) any agreement or other instrument of a Person acquired by the Company or any
Company Subsidiary in existence at the time of such acquisition (but not created in
contemplation thereof), which encumbrance or restriction is not applicable to any Person, or
the properties or assets of any Person, other than the Person, or the property or assets of
the Person, so acquired;

     (6) contracts for the sale of assets, including, without limitation, customary
restrictions with respect to a Company Subsidiary pursuant to an agreement that has been
entered into relating to the sale or disposition of all or substantially all the Capital
Stock or assets of that Company Subsidiary;

     (7) secured debt otherwise permitted to be incurred pursuant to Sections 4.09 and 4.12
hereof that limit the right of the debtor to dispose of the assets securing such
Indebtedness;

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     (8) restrictions on cash or other deposits or portfolio securities or net worth imposed
by customers under contracts or Governmental Authorities entered into in the ordinary course
of business;

     (9) customary provisions in joint venture agreements, asset sale agreements, sale-lease
back agreements and other similar agreements;

     (10) customary provisions contained in leases and other agreements entered into in the
ordinary course of business;

     (11) any agreement for the sale or other disposition of a Company Subsidiary that
restricts dividends, distributions, loans or advances by that Company Subsidiary and its
Subsidiaries or sales of their respective assets pending the sale or other disposition;

     (12) any encumbrances or restrictions of the type referred to in Section 4.08(a)(1)
through (a)(3) hereof imposed by any amendments, modifications, restatements, renewals,
increases, supplements, refundings, replacements or refinancings of the contracts,
instruments or obligations referred to in clauses (b)(1) through (b)(11) above; provided,
that such amendments, modifications, restatements, renewals, increases, supplements,
refundings, replacements or refinancings are not materially more restrictive, taken as a
whole, with respect to such encumbrance and other restrictions than those prior to such
amendment, modification, restatement, renewal, increase, supplement, refunding, replacement
or refinancing; and

     (13) Liens permitted to be incurred pursuant to Section 4.12 hereof; and

     (14) restrictions and conditions imposed by the terms of the documentation governing
any Indebtedness or preferred stock of a Non-Guarantor, which
Indebtedness or preferred stock is permitted by Section 4.09.

Section 4.09 Incurrence of Indebtedness and Issuance of Preferred Stock.

     (a) The Company will not, and will not permit any Company Subsidiary to, directly or
indirectly, including in connection with any consolidation or merger, create, incur, issue, assume,
guarantee or otherwise become directly or indirectly liable, contingently or otherwise
(collectively, “incur”), with respect to any Indebtedness (including Acquired Debt) and the Company
will not issue any shares of Disqualified Stock and will not permit any Company Subsidiary to issue
any shares of Disqualified Stock or preferred stock; provided, however, that after the first
anniversary of the Closing Date, the Company may incur Indebtedness or issue Disqualified Stock and
any Subsidiary Guarantor or any Non-Guarantor (in respect of all Non-Guarantors in an aggregate
amount of Indebtedness and preferred stock outstanding not to exceed at any time $10.0 million) may
incur Indebtedness or issue shares of preferred stock, (x) prior to the Sell Down Date, if at any
time the Leverage Ratio for the Company’s most recently ended four fiscal quarters for which
internal financial statements are available immediately preceding the date on which such additional
Indebtedness is incurred or such Disqualified Stock or preferred stock is issued would have been
less than 3.50 to 1.00, and (y) on or after the Sell Down Date, if the Fixed Charge Coverage Ratio
for the Company’s most recently ended four fiscal quarters for which internal financial statements
are available immediately preceding the date on which such additional Indebtedness is incurred or
such Disqualified Stock or preferred stock is issued would have been at least 2.00 to 1.00, in each
case determined on a pro forma basis (including a pro forma application of the net proceeds
therefrom), as if the additional Indebtedness had been incurred or the Disqualified Stock or
preferred stock had been issued, as the case may be, and the application of proceeds therefrom had
occurred, at the beginning of such four-quarter period.

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     (b) The provisions of Section 4.09(a) hereof will not apply to any of the following items
(collectively, “Permitted Indebtedness”):

     (1) the incurrence by the Company of Indebtedness under Credit Facilities, the
guarantee by the Guarantors of the Company’s obligations thereunder and the issuance and
creation of letters of credit and bankers’ acceptances thereunder (with letters of credit
and bankers’ acceptances being deemed to have a principal amount equal to the face amount
thereof), up to an aggregate principal amount of $600.0 million less the aggregate amount of
all Net Proceeds of Asset Sales or Specified SRI Sales applied by the Company since the date
hereof to repay any such Indebtedness under Credit Facilities, and in the case of revolving
facilities, that effect a corresponding reduction in commitments thereunder;

     (2) the incurrence by the Company and any Guarantor of Indebtedness represented by the
Notes and the related Note Guarantees issued on the date hereof;

     (3) Existing Indebtedness (other than Indebtedness under Credit Facilities);

     (4) Indebtedness (including Capitalized Lease Obligations), Disqualified Stock and
preferred stock incurred by the Company or any Subsidiary Guarantor the proceeds of which
are applied to finance the development, construction, purchase, lease, repairs, additions or
improvement of property (real or personal), equipment or other fixed or capital assets that
are used or useful in a Similar Business, whether through the direct purchase of assets or
the Capital Stock of any Person owning such assets, in an aggregate principal amount which,
when aggregated with the principal amount of all other Indebtedness, Disqualified Stock and
preferred stock then outstanding and incurred pursuant to this clause (4) and including all
Indebtedness incurred to refund, refinance or replace any other Indebtedness, Disqualified
Stock and preferred stock incurred pursuant to this clause (4), does not exceed
$10.0 million;

     (5) Indebtedness, Disqualified Stock or preferred stock of (x) the Company or a
Guarantor incurred to finance an acquisition or (y) Persons that are acquired by the Company
or a Guarantor or merged into the Company or a Guarantor in accordance with the terms of
this Indenture; provided, however, that after giving effect to such acquisition or merger,
either:

     (A) the Company would be permitted to incur at least $1.00 of additional
Indebtedness pursuant Disqualified Stock or preferred stock to the Leverage Ratio
test or Fixed Charge Coverage Ratio test, as applicable, set forth in Section
4.09(a), or

     (B) the Leverage Ratio or the Fixed Charge Coverage Ratio set forth in Section
4.09(a), as applicable, is no more than (or no less than, as applicable) such ratio
immediately prior to such acquisition or merger; provided, that until the Sell Down
Date, the aggregate amount of Indebtedness, Disqualified Stock or preferred stock
outstanding at any one time pursuant to this clause (5)(B) shall not exceed $75.0
million;

     (6) Indebtedness incurred by the Company or any Company Subsidiary constituting
reimbursement obligations with respect to letters of credit issued in the ordinary course of
business consistent with past practice, including without limitation letters of credit in
respect of workers’ compensation claims, or other Indebtedness with respect to reimbursement
type obligations regarding workers’ compensation claims; provided, however, that upon the
drawing of such letters of credit or the incurrence of such Indebtedness, such obligations
are reimbursed within 30 days following such drawing or incurrence;

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     (7) Indebtedness arising from agreements of the Company or a Company Subsidiary
providing for indemnification, adjustment of purchase price or similar obligations, in each
case, incurred or assumed in connection with the disposition of any business, assets or a
Company Subsidiary, other than guarantees of Indebtedness incurred by any Person acquiring
all or any portion of such business, assets or a Company Subsidiary for the purpose of
financing such acquisition; provided, however, that:

     (A) such Indebtedness is not reflected on the balance sheet of the Company or
any Company Subsidiary (contingent obligations referred to in a footnote to
financial statements and not otherwise reflected on the balance sheet will be deemed
to be reflected on such balance sheet for purposes of this clause (7)(A)); and

     (B) the maximum assumable liability in respect of all such Indebtedness shall
at no time exceed the gross proceeds including non-cash proceeds (the fair market
value of such non-cash proceeds being measured at the time received and without
giving effect to any subsequent changes in value) actually received by the Company
or any Company Subsidiary in connection with such disposition;

     (8) (A) Indebtedness or preferred stock of the Company to a Guarantor or (B)
Indebtedness of a Subsidiary Guarantor to the Company or another Subsidiary Guarantor;
provided that any such Indebtedness is made pursuant to an intercompany note; provided,
further, that any subsequent transfer of any such Indebtedness (except to the Company or
another Subsidiary Guarantor) shall be deemed, in each case, to be an incurrence of such
Indebtedness that was not permitted by this clause (8);

     (9) (A) Indebtedness or preferred stock in an aggregate amount outstanding at any time
not to exceed $75.0 million of the Company or of a Subsidiary Guarantor owing to a
Non-Guarantor (other than an SPE) that is subordinated in right of payment to the Note
Guarantee of such Subsidiary Guarantor on terms satisfactory to the Initial Purchasers and
(B) Indebtedness or preferred stock in an aggregate amount outstanding at any time not to
exceed $75.0 million of a Non-Guarantor (other than an SPE) owing to the Company or to a
Subsidiary Guarantor; provided, that any subsequent transfer of any such Indebtedness or
preferred stock (except to the Company or another Company Subsidiary) shall be deemed, in
each case, to be an incurrence of such Indebtedness that was not permitted by this clause
(9);

     (10) shares of preferred stock of a Company Subsidiary issued to the Company or a
Subsidiary Guarantor; provided that any subsequent transfer of any such shares of preferred
stock (except to the Company or another Company Subsidiary) shall be deemed in each case to
be an issuance of such shares of preferred stock that was not permitted by this clause (10);

     (11) Indebtedness incurred by the Company or a Subsidiary Guarantor in respect of
interest rate and/or currency Hedging Obligations of the Company and any Guarantor not
entered into for speculative purposes or having the effect of a borrowing;

     (12) the guarantee by the Company or any of the Subsidiary Guarantors of Indebtedness
of the Company or a Company Subsidiary that was permitted to be incurred by another
provision of this covenant; provided that if the Indebtedness being guaranteed is
subordinated to the Notes, then the guarantee shall be subordinated to the same extent as
the Indebtedness guaranteed;

     (13) the incurrence by the Company or any Company Subsidiary of Indebtedness,
Disqualified Stock or preferred stock that serves to extend, refund, refinance, renew,
replace or

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defease any Indebtedness, Disqualified Stock or preferred stock incurred as permitted
under Section 4.09(a) hereof and clause (b)(3) above, this clause (13) or any Indebtedness,
Disqualified Stock or preferred stock issued to so refund or refinance such Indebtedness,
Disqualified Stock or preferred stock, including additional Indebtedness, Disqualified Stock
or preferred stock incurred to pay premiums, fees and expenses in connection therewith (the
“Refinancing Indebtedness”) prior to its respective maturity; provided, however, that such
Refinancing Indebtedness:

     (A) other than in respect of Credit Facilities, has a Weighted Average Life to
Maturity at the time such Refinancing Indebtedness is incurred which is not less
than the remaining Weighted Average Life to Maturity of the Indebtedness,
Disqualified Stock or preferred stock being refunded or refinanced; 

     (B) to the extent such Refinancing Indebtedness refinances (i) Indebtedness
subordinated or pari passu to the Notes or any Note Guarantee, such Refinancing
Indebtedness is subordinated or pari passu to the Notes or such Note Guarantee at
least to the same extent as the Indebtedness being refinanced or refunded or (ii) 
Disqualified Stock or preferred stock, such Refinancing Indebtedness must be
Disqualified Stock or preferred stock, respectively; and

     (C) shall not include:

     (i) Indebtedness, Disqualified Stock or preferred stock of a Company
Subsidiary that refinances Indebtedness, Disqualified Stock or preferred
stock of the Company; or

     (ii) Indebtedness, Disqualified Stock or preferred stock of a Company
Subsidiary that is not a Guarantor that refinances Indebtedness,
Disqualified Stock or preferred stock of a Guarantor;

     (14) Indebtedness arising from the honoring by a bank or other financial institution of
a check, draft or similar instrument drawn against insufficient funds in the ordinary course
of business; provided such Indebtedness is extinguished within five Business Days of its
incurrence;

     (15) the incurrence by the Company or any Company Subsidiary of Indebtedness in respect
of workers’ compensation claims, payment obligations in connection with health or other
types of social security benefits, unemployment or other insurance or self-insurance
obligations in the ordinary course of business;

     (16) Indebtedness that may be deemed to exist pursuant to any guarantees, performance,
surety, statutory, appeal, bid, payment (other than payment of Indebtedness), reclamation,
statutory obligations, bankers’ acceptances or similar obligations (including any bonds or
letters of credit issued with respect thereto and all guarantee, reimbursement and indemnity
agreements entered into in connection therewith) incurred in the ordinary course of
business;

     (17) Obligations incurred in connection with any management or director deferred
compensation plan;

     (18) Indebtedness in respect of (A) employee credit card programs and (B) netting
services, cash pooling arrangements or similar arrangements in connection with cash
management and deposit accounts; provided that, with respect to any such arrangements, the
total amount of

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all deposits subject to such arrangement at all times equals or exceeds the total
amount of overdrafts subject to such arrangement;

     (19) Indebtedness, Disqualified Stock and preferred stock of the Company or any
Subsidiary Guarantor not otherwise permitted hereunder in an aggregate principal amount or
liquidation preference, which when aggregated with the principal amount and liquidation
preference of all other Indebtedness, Disqualified Stock and preferred stock then
outstanding and incurred pursuant to this clause (19), does not at any one time outstanding
exceed $100.0 million; 

     (20)
overnight Repurchase Agreements incurred in the ordinary course of business; and

     (21) Repurchase Agreements with maturities of less than 30 days (and excluding
Indebtedness incurred pursuant to Section 4.09(b)(20)) which at any one time outstanding do
not exceed $100.0 million.

     (c) Without limiting the generality of the foregoing, neither the Company nor any Company
Subsidiary shall incur or have outstanding any Indebtedness to the SPEs.

     For purposes of determining compliance with this Section 4.09:

     (a) in the event that an item of Indebtedness, Disqualified Stock or preferred stock (or any
portion thereof) meets the criteria of more than one of the categories of Permitted Indebtedness,
Disqualified Stock or preferred stock described in clauses (1) through (21) of Section 4.09(b) or
is entitled to be incurred pursuant to Section 4.09(a) hereof, the Company, in its sole discretion,
may classify or reclassify such item of Indebtedness, Disqualified Stock or preferred stock (or any
portion thereof) and will only be required to include the amount and type of such Indebtedness,
Disqualified Stock or preferred stock in one of the above clauses; provided that all Indebtedness
outstanding under Credit Facilities on the Closing Date will be treated as incurred on the Closing
Date under clause (1) of Section 4.09(b) hereof; and

     (b) at the time of incurrence or reclassification, the Company will be entitled to divide and
classify an item of Indebtedness in more than one of the types of Indebtedness described in Section
4.09(a) or (b) hereof.

     Accrual of interest, the accretion of accreted value and the payment of interest or dividends
in the form of additional Indebtedness, Disqualified Stock or preferred stock, as applicable, will
not be deemed to be an incurrence of Indebtedness, Disqualified Stock or preferred stock for
purposes of this Section 4.09.

     For purposes of determining compliance with any U.S. dollar-denominated restriction on the
incurrence of Indebtedness, the U.S. dollar-equivalent principal amount of Indebtedness denominated
in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on
the date such Indebtedness was incurred, in the case of term debt, or first committed, in the case
of revolving credit debt; provided that if such Indebtedness is incurred to refinance other
Indebtedness denominated in a foreign currency, and such refinancing would cause the applicable
U.S. dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange
rate in effect on the date of such refinancing, such U.S. dollar-denominated restriction shall be
deemed not to have been exceeded so long as the principal amount of such Refinancing Indebtedness
does not exceed the principal amount of such Indebtedness being refinanced.

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     The principal amount of any Indebtedness incurred to refinance other Indebtedness, if incurred
in a different currency from the Indebtedness being refinanced, shall be calculated based on the
currency exchange rate applicable to the currencies in which such respective Indebtedness is
denominated that is in effect on the date of such refinancing.

     The amount of any Indebtedness outstanding as of any date will be:

     (a) the accreted value of the Indebtedness, in the case of any Indebtedness issued with
original issue discount;

     (b) the principal amount of the Indebtedness, in the case of any other Indebtedness; and

     (c) in respect of Indebtedness of another Person secured by a Lien on the assets of the
specified Person that is otherwise non-recourse to the specified Person, the lesser of:

     (1) the fair market value of such assets at the date of determination; and

     (2) the amount of the Indebtedness of the other Person.

Section 4.10 Asset Sales.

     (a) The Company will not, and will not permit any Company Subsidiary to, consummate an Asset
Sale, unless:

     (1) the Company or such Company Subsidiary, as the case may be, receives consideration
at the time of such Asset Sale at least equal to the fair market value of the assets sold or
otherwise disposed of; and

     (2) at least 75% of the consideration received in the Asset Sale by the Company or such
Subsidiary, as the case may be, is in the form of Cash and Cash Equivalents (in respect of
the Company and the Guarantors, other than as provided in clause 2(b) of the definition of
Cash and Cash Equivalents) or Designated Non-cash Consideration; provided that the amount
of:

     (A) any liabilities (as shown on the Company’s or such Subsidiary’s most recent
balance sheet or in the notes thereto) of the Company or any Company Subsidiary,
other than liabilities that are by their terms subordinated to the Notes, that are
assumed by the transferee of any such assets (or a third party on behalf of the
transferee) and for which the Company or such Subsidiary has been validly released
by all creditors in writing;

     (B) any securities, notes or other obligations or assets received by the
Company or such Subsidiary from such transferee that are converted by the Company or
such Subsidiary into cash (to the extent of the cash received) within 90 days
following the closing of such Asset Sale; and

     (C) any assets of the kind referred to in Section 4.10(b)(2) or (b)(4) below,

shall be deemed to be cash for purposes of this Section 4.10 and for no other purpose.

     (b) Within 365 days after any of the Company’s or any Company Subsidiary’s receipt of the Net
Proceeds of any Asset Sale, the Company or such Subsidiary may, at its option, reinvest, enter into
a

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binding commitment to reinvest within 180 days from the date of the expiration of the 365-day
period (an “Acceptable Commitment”), or may apply the Net Proceeds from such Asset Sale:

     (1) to repay Indebtedness of the Company or any of its Subsidiaries, other than
Obligations owed to the Company or a Company Subsidiary and, in the case of Indebtedness
under revolving credit facilities or other similar Indebtedness, to correspondingly
permanently reduce commitments with respect thereto;

     (2) to acquire all or substantially all the assets of, or any Capital Stock of, another
Similar Business, if, after giving effect to any such acquisition of Capital Stock, the
Similar Business is or becomes a Company Subsidiary;

     (3) to make a capital expenditure; or

     (4) to acquire other assets that are not classified as current assets under GAAP and
that are used or useful in a Similar Business.

     (c) Any Acceptable Commitment that is later canceled or terminated for any reason before such
Net Proceeds are so applied shall be treated as a permitted application of the Net Proceeds if the
Company or such Company Subsidiary enters into another Acceptable Commitment prior to the later of
(1) six months after the date of such cancellation or termination or (2) the end of the initial
365-day period.

     (d) Any Net Proceeds from an Asset Sale that are not invested or applied as provided and
within the time period set forth in paragraph (b) above will be deemed to constitute “Excess
Proceeds.” When the aggregate amount of Excess Proceeds exceeds $25.0 million, the Company shall
make an offer to all Holders of the Notes and all holders of any other Indebtedness that is pari
passu with the Notes (containing provisions similar to those set forth in this Indenture with
respect to offers to purchase or required prepayments or redemptions of such Indebtedness with the
proceeds of sales of assets) to purchase the maximum principal amount of Notes and such other pari
passu Indebtedness that may be purchased out of the Excess Proceeds (an “Asset Sale Offer”), to
purchase the maximum principal amount of Notes that may be purchased out of the Excess Proceeds at
an offer price in cash in an amount equal to 100% of the principal amount thereof, plus accrued and
unpaid interest to (but not including) the date fixed for the closing of such offer, in accordance
with the procedures set forth in Section 3.09 of this Indenture. The Company will commence an Asset
Sale Offer with respect to Excess Proceeds within 15 Business Days after the date that Excess
Proceeds exceed $25.0 million by mailing the notice required pursuant to the terms of Section 3.09
of this Indenture, with a copy to the Trustee. To the extent that the aggregate amount of Notes and
other pari passu Indebtedness tendered pursuant to an Asset Sale Offer is less than the Excess
Proceeds, the Company may use any remaining Excess Proceeds for general corporate purposes, subject
to other covenants contained in this Indenture. If the aggregate principal amount of Notes and
other pari passu Indebtedness surrendered by such holders thereof exceeds the amount of Excess
Proceeds, the Trustee shall select the Notes to be purchased on a pro rata basis (with such
adjustments as needed so that no Notes of an unauthorized denomination will be purchased in part)
based on the accreted value or principal amount of the Notes and other pari passu Indebtedness
tendered. Upon completion of any such Asset Sale Offer, the amount of Excess Proceeds shall be
reset at zero.

     (e) Pending the final application of any Net Proceeds pursuant to this Section 4.10, the
Company or the applicable Company Subsidiary may apply such Net Proceeds temporarily to reduce
Indebtedness outstanding under a revolving credit facility or otherwise invest such Net Proceeds in
any manner not prohibited by this Indenture.

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     (f) The Company will comply with the requirements of Rule 14e-1 under the Exchange Act and any
other securities laws and regulations thereunder to the extent such laws or regulations are
applicable in connection with the repurchase of the Notes pursuant to an Asset Sale Offer. To the
extent that the provisions of any securities laws or regulations conflict with the provisions of
this Indenture, the Company will comply with the applicable securities laws and regulations and
shall not be deemed to have breached its obligations described in this Indenture by virtue thereof.

Section 4.11 Transactions with Affiliates.

     (a) The Company will not, and will not permit any Company Subsidiary to, make any payment to,
or sell, lease, transfer or otherwise dispose of any of its properties or assets to, or purchase
any property or assets from, or enter into or make or amend any transaction, contract, agreement,
understanding, loan, advance or guarantee with, or for the benefit of, any Affiliate of the Company
(each of the foregoing, an “Affiliate Transaction”), unless:

     (1) such Affiliate Transaction is on terms that are not materially less favorable to
the Company or the relevant Company Subsidiary than those that could have been obtained in a
comparable transaction by the Company or such Company Subsidiary with an unrelated Person on
an arm’s-length basis; and

     (2) the Company delivers to the Trustee (A) with respect to any Affiliate Transaction
or series of related Affiliate Transactions involving aggregate payments or consideration in
excess of $5.0 million, a resolution adopted by the disinterested members of the Board of
Directors approving such Affiliate Transaction and set forth in an Officer’s Certificate
certifying that such Affiliate Transaction complies with clause (1) above.

     (b) The following items will not be deemed to be Affiliate Transactions and, therefore, will
not be subject to the provisions of Section 4.11(a) above:

     (1) transactions between or among Holdco, the Company and/or any Company Subsidiary;

     (2) payments, grants or transfers permitted by Section 4.13 hereof;

     (3) reasonable and customary indemnities provided on behalf of officers, directors,
managers, employees or consultants of the Company, any of its direct or indirect parent
companies or any Company Subsidiary;

     (4) the Transactions and the payment of all fees and expenses related to the
Transactions;

     (5) any transaction or series of transactions involving consideration of less than $1.0
million;

     (6) the payment to an Affiliate by the Company or any Company Subsidiary of reasonable
charges for travel in the ordinary course of business by any officer, director, manager,
employee, agent, consultant, Affiliate or advisor of the Company or any Company Subsidiary;

     (7) the declaration and payment of any Restricted Payments by the Company to its direct
or indirect parent companies in accordance with Section 4.07 hereof (other than pursuant to
Section 4.07(b)(9)); and

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     (8) as otherwise permitted herein, payments or loans (or cancellation of loans) to
employees of the Company, any of its direct or indirect parent or any of its Subsidiaries
and employment agreements, severance arrangements, stock option plans and other similar
arrangements with such employees which, in each case, are approved by the disinterested
members of the Board of Directors of the Company in good faith that are not otherwise
prohibited by this Indenture.

Section 4.12 Liens.

     The Company will not, and will not permit any Company Subsidiary to, directly or indirectly,
create, incur, assume or suffer to exist any Lien, except Permitted Liens.

Section 4.13 Management Fees and Reimbursement of Expenses of Sponsors.

     The Company will not pay any management fees to the Lead Sponsor or its Affiliates. The
Company may reimburse the Sponsors or their Affiliates for expenses in accordance with the
provisions of the Equity Purchase Agreement, as in effect on the date hereof.

Section 4.14 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) either its corporate existence or a limited liability company existence, and, with
respect to each of the Company Subsidiaries, any corporate, limited liability company,
partnership or other existence, in accordance with the respective organizational documents
(as the same may be amended from time to time) of the Company or any such Subsidiary (for
the avoidance of doubt, this Section 4.14 shall not prevent the Company and its Subsidiaries
from converting their corporate existence into limited liability companies); and

     (2) the rights (charter and statutory), licenses and franchises of the Company and the
Company 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 their Subsidiaries, if the Board of Directors of the Company shall determine that the
preservation thereof is no longer desirable in the conduct of the business of the Company
and its Subsidiaries, taken as a whole, and that the loss thereof is not adverse in any
material respect to the Holders of the Notes.

     If the Company amends its organizational documents to effectuate a name change, the Company
shall provide written notice to the Trustee within 30 days of such name change.

Section 4.15 Offer to Repurchase Upon Change of Control.

     (a) Upon the occurrence of a Change of Control, the Company will make an offer (a “Change of
Control Offer”) to each Holder to repurchase all or any part (equal to $2,000 in principal amount
or an integral multiple of $1,000 in excess thereof; or if PIK Interest is paid, a minimum of $1.00
and integral multiples of $1.00) of that Holder’s Notes at a purchase price in cash equal to 101%
of the aggregate principal amount of Notes repurchased plus accrued and unpaid interest, if any, on
the Notes repurchased to the date of purchase, subject to the rights of Holders on the relevant
Record Date to receive interest due on the relevant Interest Payment Date (the “Change of Control
Payment”). Within

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30 days following any Change of Control, the Company will mail a notice to each Holder
describing the transaction or transactions that constitute the Change of Control and stating:

     (1) that the Change of Control Offer is being made pursuant to this Section 4.15 and
that all Notes properly tendered will be accepted for payment;

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

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

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

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

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

     (7) that Holders whose Notes are being purchased only in part will be issued new Notes
equal in principal amount to the unpurchased portion of the Notes surrendered, which
unpurchased portion must be equal to $2,000 in principal amount or an integral multiple of
$1,000 in excess thereof; provided, however, that if PIK Interest is paid, the principal
amount of such unpurchased portion may equal a minimum of $1.00 or an integral multiple of
$1.00; and

     (8) the other instructions, as determined by the Company, consistent with this Section
4.15, that a Holder must follow.

     The notice, if mailed in a manner herein provided, shall be conclusively presumed to have been
given, whether or not the Holder receives such notice. If (a) the notice is mailed in a manner
herein provided and (b) any Holder fails to receive such notice or a Holder receives such notice
but it is defective, such Holder’s failure to receive such notice or such defect shall not affect
the validity of the proceedings for the purchase of the Notes as to all other Holders that properly
received such notice without defect. The Company will comply with the requirements of Rule 14e-1
under the Exchange Act and any other securities laws and regulations thereunder to the extent those
laws and regulations are applicable in connection with the repurchase of the Notes as a result of a
Change in Control. To the extent that the provisions of any securities laws or regulations
conflict with the provisions of Sections 3.09 or 4.15 hereof, the Company will comply with the
applicable securities laws and regulations and will not be deemed to have breached its obligations
under Section 3.09 hereof or this Section 4.15 by virtue of such compliance.

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

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

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

     (3) deliver or cause to be delivered to the Trustee the Notes properly accepted
together with an Officer’s Certificate stating the aggregate principal amount of Notes or
portions of Notes being purchased by the Company.

     The Paying Agent will promptly mail (but in any case within five days after the Change of
Control Payment Date) to each Holder of Notes properly tendered the Change of Control Payment for
such Notes, and the Trustee will promptly authenticate and mail (or cause to be transferred by book
entry) to each Holder a new Note equal in principal amount to any unpurchased portion of the Notes
surrendered, if any. The Company will notify the Holders of the Notes of the results of the Change
of Control Offer on or as soon as practicable after the Change of Control Payment Date.

     (c) Notwithstanding anything to the contrary in this Section 4.15, the Company will not be
required to make a Change of Control Offer upon a Change of Control if (1) a third party makes the
Change of Control Offer in the manner, at the times and otherwise in compliance with the
requirements set forth in this Section 4.15 and Section 3.09 hereof and purchases all Notes
properly tendered and not withdrawn under the Change of Control Offer, or (2) notice of redemption
has been given pursuant to Section 3.07 hereof, unless and until there is a default in payment of
the applicable redemption price.

Section 4.16 [Reserved]

Section 4.17 Payments for Consent.

     The Company will not, and will not permit any Company Subsidiary to, directly or indirectly,
pay or cause to be paid any consideration, whether by way of interest, fee or otherwise, to any
Holder of Notes in consideration for or as an inducement to any consent, waiver or amendment of any
of the terms or provisions of this Indenture or the Notes unless such consideration is concurrently
offered to be paid or is concurrently paid to all Holders of the Notes that consent, waive or agree
to amend in the time frame set forth in the solicitation documents relating to such consent, waiver
or agreement.

Section 4.18 Investments in Respect of Payment Services Obligations.

     The Company shall at all times ensure that the Restricted Investment Portfolio shall consist
solely of (i) Highly Rated Investments, (ii) Accounts Receivable, (iii) Scheduled Restricted
Investments and (iv) interest rate Hedging Obligations that relate to Highly Rated Investments and
Payment Service Obligations, in each case not subject to any Liens other than Liens set forth in
clauses (v), (x), (y), (aa), (cc), (dd) and (ee) of the definition of Permitted Liens.

Section 4.19 Lead Sponsor Equity Anti-Layering.

     (a) All present or future Indebtedness of the Company or Guarantors issued to or acquired by
the Lead Sponsor or its Affiliates shall not be subject to amortization or repayment prior to 6
months after the maturity of the Notes and be subordinated to the Notes pursuant to a subordination
agreement reasonably acceptable to the Initial Purchasers (which shall prohibit any enforcement
action on such Indebtedness so long as the Notes are outstanding) and (b) no present or future
Indebtedness of any Non-Guarantor may

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be issued to or acquired by the Lead Sponsor or any of its Affiliates; provided, that this
Section 4.19 shall not apply from and after the Sell Down Date.

Section 4.20 Business Activities.

     The Company will not, and will not permit any Company Subsidiary to, engage in any business
other than Similar Businesses, except to such extent as would not be material to the Company and
the Company Subsidiaries taken as a whole.

Section 4.21 Maintenance of Properties.

     The Company will, and will cause each of the Company Subsidiaries to, maintain or cause to be
maintained in good repair, working order and condition, ordinary wear and tear excepted, all
tangible properties necessary in the operation of the business of the Company and its Subsidiaries
and from time to time will make or cause to be made all appropriate repairs, renewals and
replacements thereof.

Section 4.22 Insurance.

     The Company will maintain or cause to be maintained, with financially sound and reputable
insurers, such public liability insurance, third party property damage insurance, business
interruption insurance and casualty insurance with respect to liabilities, losses or damage in
respect of the material assets, properties and businesses of the Company and its Subsidiaries as
may customarily be carried or maintained under similar circumstances by Persons of established
reputation engaged in similar businesses of similar sizes, in each case in such amounts (giving
effect to self-insurance), with such deductibles, covering such risks and otherwise on such terms
and conditions as shall be customary for such Persons.

Section 4.23 Books and Records; Inspections.

     The Company will, and will cause each of Subsidiaries to, keep adequate books of record and
accounts to allow preparation of financial statements in accordance with GAAP. The Company will
promptly notify the Trustee in writing of the occurrence of any exercise of any of the inspection
rights set forth in Section 4.3 of the Intercreditor Agreement.

Section 4.24 Compliance with Laws.

     The Company will comply, and shall cause each of its Subsidiaries to comply, with the
requirements of all applicable laws, rules, regulations and orders of any Governmental Authority
(including all environmental laws), noncompliance with which would reasonably be expected to have,
individually or in the aggregate, a Material Adverse Effect.

Section 4.25 Additional Note Guarantees.

     On or after the date of this Indenture, any newly acquired or created Domestic Subsidiary
(other than any Immaterial Subsidiary or SPE) will become a Guarantor and guarantee the Company’s
Obligations in respect of the Notes and execute a supplemental indenture in the form of Exhibit E
hereto and deliver an Opinion of Counsel satisfactory to the Trustee within 15 Business Days of the
date on which it was acquired or created or incurred.

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Section 4.26 Holding Company Covenant.

     Holdco and each Holdco Subsidiary (other than the Company and any of its Subsidiaries) shall
not engage in any activity or suffer to have any condition outstanding that would violate the
Passive Holding Company Condition.

Section 4.27 Maintenance of Minimum Liquidity Ratio.

     The Company and its Subsidiaries shall maintain at all times on a consolidated basis a Minimum
Liquidity Ratio of 1.00 to 1.00.

Section 4.28 Specified SRI Subsidiary.

     The Company shall (i) within 30 days of the Closing Date, cause to be formed and duly
incorporated a Wholly-Owned Subsidiary of the Company (the “Specified SRI Subsidiary”), for the
limited organizational purpose of holding and disposing of the Specified SRIs and distributing the
proceeds thereof in accordance with this Indenture, and not engaging in any other activity, (ii)
within 30 days of the Closing Date, transfer to the Specified SRI Subsidiary all of the Specified
SRIs, (iii) not permit the Specified SRI Subsidiary to engage in any other activities or own or
acquire any other assets or investments other than Specified SRIs and cash received from the sale
thereof and (iv) not sell or transfer any Specified SRIs except to third parties for cash
consideration.

ARTICLE 5

SUCCESSORS

Section 5.01 Merger, Consolidation or Sale of Assets.

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

     (1) either:

     (A) the Company is the surviving company; or

     (B) the Person formed by or surviving any such consolidation or merger (if
other than the Company) or to which such sale, assignment, transfer, conveyance or
other disposition has been made is an entity organized or existing under the laws of
the United States, any state thereof, the District of Columbia, or any territory
thereof (such Person, as the case may be, being herein called the “Successor
Company”); provided that in the case where the Successor Company is not a
corporation, a co-obligor of the Notes is a corporation;

     (2) the Successor Company, if other than the Company, expressly assumes all the
obligations of the Company under this Indenture and the Notes pursuant to supplemental
indentures or other documents or instruments in form reasonably satisfactory to the Trustee;

     (3) immediately after such transaction, no Default or Event of Default exists;

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     (4) immediately after giving pro forma effect to such transaction, as if such
transaction had occurred at the beginning of the applicable four-quarter period (A) the
Successor Company would be permitted to incur at least $1.00 of additional Indebtedness
pursuant to the Leverage Ratio test or Fixed Charge Coverage Ratio test, as applicable, set
forth in Section 4.09(a) hereof, or (B) the Leverage Ratio or Fixed Charge Coverage Ratio,
as applicable, would be no more than (or no less than, as applicable) such ratio immediately
prior to the transaction (it being understood that any incremental Indebtedness of the
Successor Company must independently be permitted to be incurred pursuant to Section 4.09);

     (5) each Guarantor, unless it is the other party to the transactions described above or
is being released as part of the transaction, in which case Section 10.04(1)(b) shall apply,
shall have by supplemental indenture confirmed that its Note Guarantee shall apply to such
Person’s obligations under this Indenture and the Notes; and

     (6) the Company shall have delivered to the Trustee an Officer’s Certificate and an
Opinion of Counsel, each stating that such consolidation, merger or transfer and such
supplemental indentures, if any, comply with the provisions described in this paragraph.

     The Successor Company will succeed to, and be substituted for the Company under this Indenture
and the Notes. Any Company Subsidiary may consolidate with, merge into or transfer all or part of
its properties and assets to the Company or to another Company Subsidiary. In addition, the
Company will not, directly or indirectly, lease all or substantially all the properties and assets
of the Company and the Company Subsidiaries taken as a whole, in one or more related transactions,
to any other Person, other than the sublease by the Company of its offices to one or more Persons.

     Notwithstanding the foregoing, the Transactions will be permitted without compliance with this
Section 5.01.

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 properties or assets of the Company in a
transaction that is subject to, and that complies with the provisions of, Section 5.01 hereof, the
successor Person 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,
assignment, transfer, lease, conveyance or other disposition, the provisions of this Indenture
referring to the “Company” shall refer instead to the successor Person and not to the Company), and
may exercise every right and power of the Company under this Indenture with the same effect as if
such successor Person 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 Notes
except in the case of a sale of all of the Company’s assets in a transaction that is subject to,
and that complies with the provisions of, Section 5.01 hereof.

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ARTICLE 6

DEFAULTS AND REMEDIES

Section 6.01 Events of Default.

     Each of the following is an “Event of Default”:

     (1) default in payment when due and payable, upon redemption, acceleration or
otherwise, of the principal of, or premium, if any, on the Notes issued under this
Indenture;

     (2) default for five Business Days or more in the payment when due of interest on the
Notes;

     (3) (A) failure by the Company to comply with its obligations under Sections 4.15 or
5.01 hereof or (B) failure by the Company or any Company Subsidiary for 45 days (30 days in
respect of Section 4.27) after receipt of written notice given by the Trustee or the actual
knowledge of the Company of such failure, to comply with any of its other agreements under
this Indenture or the Notes to the extent such failure does not otherwise constitute a
Default under clause (1), (2) or (3)(A) above;

     (4) (A) the failure by the Company or any Company Subsidiary to pay any Indebtedness
that is pari passu with the Notes within any applicable grace period after final maturity or
acceleration by the holders thereof because of a default or (B) a default occurs with
respect to any Indebtedness of the Company or any Company Subsidiary that is subordinated to
the Notes, which default permits the holder or holders thereof (or any trustee or agent on
their behalf) to accelerate such Indebtedness (giving effect to any applicable grace
period), and, in the case of (A) or (B) the total amount of such Indebtedness unpaid or
accelerated or in default at the time exceeds $15.0 million;

     (5) final judgments against Holdco or any of its Subsidiaries aggregating in excess of
$15.0 million, which final judgments remain unpaid, undischarged and unstayed for a period
of more than 60 days after such judgment becomes final;

     (6) either the Company or any Significant Subsidiary 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) has acknowledged in writing that it is generally not paying its debts as
they become due;

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

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     (A) is for relief against either of the Company or any of the Company’s
Subsidiaries that is a Significant Subsidiary or any group of Subsidiaries of the
Company that, taken together, would constitute a Significant Subsidiary in an
involuntary case;

     (B) appoints a custodian of either of the Company or any of the Company’s
Subsidiaries that is a Significant Subsidiary or any group of Subsidiaries of the
Company that, taken together, would constitute a Significant Subsidiary or for all
or substantially all of the property of the Company or any of its Subsidiaries that
is a Significant Subsidiary or any group of Subsidiaries of the Company that, taken
together, would constitute a Significant Subsidiary; or

     (C) orders the liquidation of either of the Company or any of the Company’s
Subsidiaries that is a Significant Subsidiary or any group of Subsidiaries of the
Company that, taken together, would constitute a Significant Subsidiary;

     and the order or decree remains unstayed and in effect for 60 consecutive days; or

     (8) the Guarantee of any Significant Subsidiary (or any group of Subsidiaries that
together would constitute a Significant Subsidiary) shall for any reason cease to be in full
force and effect or be declared null and void or any responsible officer of any Guarantor
that is a Significant Subsidiary (or the responsible officers of any group of Subsidiaries
that together would constitute a Significant Subsidiary) of any Guarantor that is a
Significant Subsidiary, as the case may be, denies that it has any further liability under
its Note Guarantee or gives notice to such effect, other than by reason of the termination
of the related indenture or the release of any such Note Guarantee in accordance with this
Indenture;

     (9) for more than 45 days after receipt by the Company or any Company Subsidiary of
written notice given by the Trustee (acting at the written direction of the Required
Holders) or actual knowledge of the Company thereof, the representations and warranties of
Holdco or the Company contained in the Note Purchase Agreement, shall be untrue in any
respect on and as of the date such representations and warranties were made (without regard
to any qualification of “materiality,” “material” or “Material Adverse Effect” contained
therein), except where the failure or failures of such representations and warranties to be
true (a) did not have or would not have been reasonably expected to have or has not had an
Article 6 Material Adverse Effect, (b) would not materially impair the ability of Holdco and
its Subsidiaries, taken as a whole, to perform their obligations under this Indenture, the
Note Purchase Agreement, the Intercreditor Agreement or any Security Documents, and (c)
would not materially impair the rights and remedies of the Initial Purchasers under this
Indenture, the Note Purchase Agreement, the Intercreditor Agreement or any Security
Documents, taken as a whole; or

     (10) at any time, (i) any Security Document ceases to be in full force and effect
(other than by reason of a release of Collateral in accordance with the terms hereof or
thereof and the Intercreditor Agreement or the satisfaction in full of the Obligations under
this Indenture and the Notes in accordance with the terms hereof) or shall be declared null
and void, (ii) the Collateral Agent shall not have or shall cease to have a valid and perfected
Lien in any material portion of Collateral purported to be covered by the Security Documents
with the priority required by the relevant Security Document and the Intercreditor
Agreement, in each case for any reason other than the failure of the Collateral Agent to take
any action within its control, or (iii) Holdco or any of its Subsidiaries shall contest the
validity or enforceability of any Security Document in writing or deny in writing that it
has any further liability under any Security Document to which it is a party.

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     Notwithstanding the foregoing provisions of this Section 6.01, (i) any failure of any
representation and warranty of the Company contained in the Note Purchase Agreement to be true,
(ii) any falsity of any certificate or information required to be delivered under the Note Purchase
Agreement, or (iii) any default under Section 6.01(3) (other than such a breach arising out of a
breach of Section 4.27 after the Closing Date) of this Indenture, the Note Purchase Agreement or
any Security Document, that, in the case of each of clauses (i) through (iii) above, arises,
directly or indirectly, out of the restatement of the consolidated financial statements of Holdco
and its Subsidiaries heretofore delivered or of Holdco and its Subsidiaries or the Company and its
Subsidiaries required to be delivered to the Trustee under this Indenture (such financial
statements so restated, the “Restated Financial Statements”) as a result of (x) the
historical valuation, accounting and/or processes related to the investment portfolio of Holdco and
its Subsidiaries, in each case for fiscal periods ended prior to the Closing Date or (y) the
February 11, 2008 SEC non-public inquiry to Holdco, shall in no event constitute a Default or an
Event of Default under this Indenture; provided, however, that (A) the Company
furnishes to the Trustee the Restated Financial Statements promptly after the public filing
thereof; (B) in the event of a breach described in clause (iii) of this paragraph consisting of any
failure to deliver financial statements required by Section 4.03(a)(1) or (2) to be delivered for
periods ending after the earliest period for which financial statements are being restated (the
“Subsequent Financial Statements”), (x) the Company furnishes to the Trustee the Subsequent
Financial Statements not later than the earlier of (1) the public filing thereof and (2) the date
that is 45 days, in the case of any delivery of financial statements for the first three fiscal
quarters of any fiscal year, or 60 days, in the case of financial statements for any fiscal year
ended after the public filing of the Restated Financial Statements for the earliest period as to
which a restatement has occurred, (y) during such period for which the Subsequent Financial
Statements or related audit report, if applicable, required by Section 4.03(a)(1) or (2) were not
available (which period shall in no event extend beyond the dates set forth in clause (x) above),
the Company furnishes to the Trustee, in lieu thereof, internal unaudited annual financial
statements and internal unaudited quarterly financial statements within the time periods set forth
in Section 4.03(a)(1) and (2) respectively which are prepared on a consistent basis as internal
unaudited financial statements prepared by Holdco and its Subsidiaries or the Company and its
Subsidiaries, as the case may be, which shall be certified by a principal financial officer as
fairly presenting, in all material respects, the consolidated financial condition and operations at
such date and the consolidated results of operations for the period then ended but in all respects
subject to the effect of adjustments for any pending restatement and the failure of such items to
so present, in all material respects, such consolidated financial condition and operations and such
consolidated results of operations shall not constitute a Default or Event of Default under this
Indenture or the Note Purchase Agreement, and (z) within one year of the date an audit report would
be due under Section 4.03(a)(1) with respect to Subsequent Financial Statements for any fiscal
year, the Company delivers to the Trustee an audit report as required by Section 4.03(a)(1) with
respect to the applicable Subsequent Financial Statements (which audit report may include a
qualification relating to any pending restatement described above and which qualified report shall
not constitute a Default or Event of Default under this Indenture or the Note Purchase Agreement.

Section 6.02 Acceleration.

     In the case of an Event of Default specified in clause (6) or (7) of Section 6.01 hereof, with
respect to the Company, any Company Subsidiary that is a Significant Subsidiary or any group of
Company Subsidiaries that, taken together, would constitute a Significant Subsidiary, all
outstanding Notes will become due and payable immediately without further action or notice. If any
other Event of Default occurs and is continuing, the Trustee acting at the written direction of the
Required Holders or the Required Holders may declare all the Notes to be due and payable
immediately by notice to the Company and the Trustee, specifying the Event of Default.

     Upon any such declaration, the Notes shall become due and payable immediately.

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     The Holders of a majority in aggregate principal amount of the then outstanding Notes by
notice to the Trustee may, on behalf of the Holders of all the Notes, rescind an acceleration or
waive any existing Default or Event of Default and its consequences under this Indenture except a
continuing Default or Event of Default in the payment of interest or premium, if any, on, or the
principal of, the Notes.

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, premium, if any, and interest on the Notes or to enforce the
performance of any provision of the Notes or this Indenture.

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

Section 6.04 Waiver of Past Defaults.

     Holders of not less than a majority in aggregate principal amount of the then outstanding
Notes by notice to the Trustee may, on behalf of the Holders of all of
the Notes, rescind an acceleration or waive any 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 Notes (including
in connection with an offer to purchase); provided, however, that the Holders of a majority in
aggregate principal amount of the then outstanding Notes 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 aggregate principal amount of the then outstanding Notes 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 Notes (it being understood that the Trustee
does not have an affirmative duty to ascertain whether or not such actions or forbearances are
unduly prejudicial to such Holders) or that may involve the Trustee in personal liability.

Section 6.06 Limitation on Suits.

     A Holder may pursue a remedy with respect to this Indenture or the Notes only if:

     (1) such Holder has previously given the Trustee notice that an Event of Default is
continuing;

     (2) Holders of at least 25% in aggregate principal amount of the then outstanding Notes
have requested the Trustee to pursue the remedy;

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     (3) such Holders have offered the Trustee security or indemnity satisfactory to it
against any loss, liability or expense;

     (4) the Trustee has not complied with such request within 60 days after the receipt of
the request and the offer of security or indemnity; and

     (5) Holders of a majority in aggregate principal amount of the then outstanding Notes
have not given the Trustee a direction inconsistent with such request within such 60-day
period.

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

Section 6.07 Rights of Holders of Notes to Receive Payment.

     Notwithstanding any other provision of this Indenture, the right of any Holder of a Note to
receive payment of principal, premium, if any, and interest on the Note, on or after the respective
due dates expressed in the Note (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(1) or (2) hereof 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 the principal of, premium, if any, and interest
remaining unpaid on, the Notes and interest on overdue principal and, to the extent lawful,
interest and such further amount as shall be sufficient to cover the costs and expenses of
collection, including the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel.

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
reasonable the compensation, expenses, disbursements and advances of the Trustee, its agents and
counsel) and the Holders of the Notes allowed in any judicial proceedings relative to the Company
(or any other obligor upon the Notes), 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 7.06 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 7.06 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 Notes 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.

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Section 6.10 Priorities.

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

     First: to the Trustee, its agents and attorneys for amounts due under Section 7.06
hereof, including payment of all compensation, expenses and liabilities incurred, and all
advances made, by the Trustee and the costs and expenses of collection;

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

     Third: to the 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 Notes
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 and expenses, against any party litigant in the suit, having due regard to the merits and good
faith of the claims or defenses made by the party litigant. This Section 6.11 does not apply to a
suit by the Trustee, a suit by a Holder of a Note pursuant to Section 6.07 hereof, or a suit by
Holders of more than 10% in aggregate principal amount of the then outstanding Notes.

ARTICLE 7

TRUSTEE

Section 7.01 Duties of Trustee.

     (a) If an Event of Default has occurred and is continuing, the Trustee will 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:

     (1) the duties of the Trustee will 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 and no others, and no implied covenants or obligations shall be read
into this Indenture against the Trustee; and

     (2) in the absence of bad faith on its part, the Trustee may conclusively rely, as to
the truth of the statements and the correctness of the opinions expressed therein, upon
certificates or opinions furnished to the Trustee and conforming to the requirements of this
Indenture.

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However, the Trustee will examine the certificates and opinions to determine whether or
not they conform to the requirements of this Indenture (but need not confirm or investigate
the accuracy of mathematical calculations or other facts stated therein).

     (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:

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

     (2) the Trustee will 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

     (3) the Trustee will 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 7.01.

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

     (f) The Trustee will not be liable for interest on any money received by it except as set
forth herein or 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 reasonably 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 Officer’s Certificate
or an Opinion of Counsel or both. The Trustee will not be liable for any action it takes or omits
to take in good faith in reliance on such Officer’s Certificate or Opinion of Counsel. The Trustee
may consult with counsel of its selection and the advice of such counsel or any Opinion of Counsel
will 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 will not be responsible for the
misconduct of any agent appointed with due care other than willful misconduct.

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

     (e) Unless otherwise specifically provided in this Indenture, any demand, request, direction
or notice from the Company will be sufficient if signed by an Officer thereof.

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     (f) The Trustee will 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 have
offered to the Trustee indemnity or security satisfactory to it against the losses, liabilities and
expenses that might be incurred by it in compliance with such request or direction.

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

     (h) The Trustee shall not be deemed to have notice of any Default or Event of Default unless a
Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any
event which is in fact such a default is received by the Trustee at the Corporate Trust Office of
the Trustee, and such notice references the Notes and this Indenture.

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

     (i) The Trustee shall not be required to give any bond or surety in respect of the performance
of its powers and duties hereunder.

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

Section 7.03 Individual Rights of Trustee.

     The Trustee in its individual or any other capacity may become the owner or pledgee of Notes
and may otherwise deal with the 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 or resign. Any Agent may do the same with
like rights and duties. The Trustee is also subject to Section 7.09 hereof.

Section 7.04 Trustee’s Disclaimer.

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

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 will mail to Holders of Notes and to the First Priority Representative (as defined in
the Intercreditor Agreement) 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 the principal of,
premium, if any, or

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interest on, any Note, the Trustee may withhold the notice if and so long as a committee of
its Responsible Officers in good faith determines that withholding the notice is in the interests
of the Holders of the Notes.

Section 7.06 Compensation and Indemnity.

     (a) The Company will pay to the Trustee from time to time such compensation as shall be agreed
in writing between the Company and the Trustee for its acceptance of this Indenture and services
hereunder. The Trustee’s compensation will not be limited by any law on compensation of a trustee
of an express trust. The Company will reimburse the Trustee promptly upon request for all
[reasonable and] documented disbursements, advances and expenses incurred or made by it in addition
to the compensation for its services. Such expenses will include the reasonable and documented
compensation, disbursements and expenses of the Trustee’s agents and counsel.

     (b) The Company and the Guarantors will jointly and severally indemnify the Trustee and its
officers, directors, employees and agents against any and all losses, damages, claims, costs,
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 and the Guarantors (including this Section 7.06) and defending
itself against any claim (whether asserted by a Company, the Guarantors, 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 will notify the Company promptly of any claim for which it
may seek indemnity. Failure by the Trustee to so notify the Company will not relieve the Company
or any of the Guarantors of their obligations hereunder. Holdco will defend the claim and the
Trustee will cooperate in the defense. The Trustee may have one separate counsel and the Company
will pay the reasonable fees and expenses of such counsel. Neither the Company nor any Guarantor
need pay for any settlement made without its consent, which consent will not be unreasonably
withheld or delayed.

     (c) The obligations of the Company and the Guarantors under this Section 7.06 will survive the
satisfaction and discharge of this Indenture.

     (d) To secure the Company’s and the Guarantors’ payment obligations in this Section 7.06, the
Trustee will have a Lien prior to the Notes on all money or property held or collected by the
Trustee, except that held in trust to pay principal and interest on particular Notes. Such Lien
will survive the satisfaction and discharge of this Indenture.

     (e) When the Trustee incurs expenses or renders services after an Event of Default specified
in Section 6.01(6) or (7) hereof occurs, the expenses and the compensation for the services
(including the fees and expenses of its agents and counsel) are intended to constitute expenses of
administration under any Bankruptcy Law.

Section 7.07 Replacement of Trustee.

     (a) A resignation or removal of the Trustee and appointment of a successor Trustee will become
effective only upon the successor Trustee’s acceptance of appointment as provided in this Section
7.07.

     (b) 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 aggregate principal amount of
the

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then outstanding Notes may remove the Trustee by so notifying the Trustee and the Company with
60 days prior notice in writing. The Company may remove the Trustee if:

     (1) the Trustee fails to comply with Section 7.09 hereof;

     (2) 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;

     (3) a custodian or public officer takes charge of the Trustee or its property; or

     (4) the Trustee becomes incapable of acting.

     (c) If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for
any reason, the Company will use commercially reasonable efforts to promptly appoint a successor
Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in
aggregate principal amount of the then outstanding Notes may appoint a successor Trustee to replace
the successor Trustee appointed by the Company.

     (d) 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
aggregate principal amount of the then outstanding Notes may petition, at the expense of the
Company, any court of competent jurisdiction for the appointment of a successor Trustee.

     (e) If the Trustee, after written request by any Holder who has been a Holder for at least six
months, fails to comply with Section 7.09 hereof, such Holder may petition any court of competent
jurisdiction for the removal of the Trustee and the appointment of a successor Trustee.

     (f) A successor Trustee will deliver a written acceptance of its appointment to the retiring
Trustee and to the Company. Thereupon, the resignation or removal of the retiring Trustee will
become effective, and the successor Trustee will have all the rights, powers and duties of the
Trustee under this Indenture. The successor Trustee will mail a notice of its succession to
Holders. The retiring Trustee will 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 7.06 hereof. Notwithstanding replacement of the Trustee pursuant
to this Section 7.07, the Company’s obligations under Section 7.06 hereof will continue for the
benefit of the retiring Trustee.

Section 7.08 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 will be the successor Trustee.

Section 7.09 Eligibility; Disqualification.

     There will 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 (a) that has a combined capital and surplus of at least $100.0
million or (b) is a Wholly-Owned Subsidiary of a bank holding company having a combined capital
and surplus of at least $50.0 million, in each case as set forth in its most recent published
annual report of condition.

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ARTICLE 8

LEGAL DEFEASANCE AND COVENANT DEFEASANCE

Section 8.01 Option to Effect Legal Defeasance or Covenant Defeasance.

     The Company may at any time, at the option of its Board of Directors evidenced by a resolution
set forth in an Officer’s Certificate, elect to have either Section 8.02 or 8.03 hereof be applied
to all outstanding Notes upon compliance with the conditions set forth below in this Article 8.

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 and each of the Guarantors will, subject to the satisfaction of the conditions
set forth in Section 8.04 hereof, be deemed to have been discharged from their obligations with
respect to all outstanding Notes (including the Note Guarantees) on the date the conditions set
forth below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance
means that the Company and the Guarantors will be deemed to have paid and discharged the entire
Indebtedness represented by the outstanding Notes (including the Note Guarantees), which will
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 clauses (1) and (2) below, and to have satisfied all
their other obligations under such Notes, the Note Guarantees and this Indenture (and the Trustee,
on written demand of and at the expense of the Company, shall execute proper instruments
acknowledging the same), except for the following provisions which will survive until otherwise
terminated or discharged hereunder:

     (1) the rights of Holders of outstanding Notes to receive payments in respect of the
principal of, or interest or premium, if any, on, such Notes when such payments are due from
the trust referred to in Section 8.05 hereof;

     (2) the Company’s obligations with respect to such Notes under Article 2 and Section
4.02 hereof;

     (3) the rights, powers, trusts, duties and immunities of the Trustee hereunder and the
Company’s and the Guarantors’ obligations in connection therewith; and

     (4) this Article 8.

If the Company exercises under Section 8.01 the option applicable to this Section 8.02, subject to
satisfaction of the conditions set forth in Section 8.04 hereof, payment of the Notes may not be
accelerated because of an Event of Default under clauses (3), (4), (5), (6) (solely with respect to
a Significant Subsidiary), (7) (solely with respect to a Significant Subsidiary) and (8) of Section
6.01. Subject to compliance with this Article 8, 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 and each of the Guarantors will, subject to the satisfaction of the conditions
set forth in Section 8.04 hereof, be released from each of their obligations under the covenants
contained in Sections 4.03, 4.04, 4.05, 4.07, 4.08, 4.09, 4.10, 4.11, 4.12, 4.13, 4.15, 4.17, 4.18,
4.19, 4.20, 4.21, 4.22, 4.23, 4.24, 4.25, 4.26 and 4.27 hereof and clauses (4), (5) and (6) of
Section 5.01 and the penultimate paragraph of Section 5.01 hereof with respect to the outstanding
Notes on and after the date the conditions

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set forth in Section 8.04 hereof are satisfied (hereinafter, “Covenant Defeasance”), and the
Notes will 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 will continue to be deemed “outstanding” for all other purposes hereunder (it
being understood that such Notes will not be deemed outstanding for accounting purposes). For this
purpose, Covenant Defeasance means that, with respect to the outstanding Notes and Note Guarantees,
the Company and the Guarantors may omit to comply with and will 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
will 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 Notes and Note Guarantees will be
unaffected thereby. In addition, upon the Company’s exercise under Section 8.01 hereof of the
option applicable to this Section 8.03, subject to the satisfaction of the conditions set forth in
Section 8.04 hereof, Sections 6.01(3) through 6.01(5), 6.01(6) (solely with respect to a
Significant Subsidiary), and 6.01(7) through 6.01(9) hereof will not constitute Events of Default.

Section 8.04 Conditions to Legal or Covenant Defeasance.

     In order to exercise either Legal Defeasance or Covenant Defeasance under either Section 8.02
or 8.03 hereof:

     (1) the Company must irrevocably deposit with the Trustee, in trust, for the benefit of
the Holders of the Notes, cash in U.S. dollars, non-callable Government Securities, or a
combination of cash in U.S. dollars and non-callable Government Securities, in amounts as
will be sufficient, in the opinion of a nationally recognized investment bank, appraisal
firm or firm of independent public accountants, to pay the principal of, or interest and
premium, if any, on, the outstanding Notes on the stated maturity date for payment thereof
or on the applicable Redemption Date, as the case may be, and the Company must specify
whether the Notes are being defeased to such stated maturity or to a particular Redemption
Date;

     (2) in the case of an election under Section 8.02 hereof, the Company must deliver to
the Trustee an Opinion of Counsel confirming that, subject to customary assumptions and
exclusions:

     (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
U.S. federal income tax law,

in either case to the effect that, and based thereon such Opinion of Counsel,
subject to customary assumptions and exclusions, shall confirm that, the Holders of
the outstanding Notes will not recognize income, gain or loss for U.S. federal
income tax purposes as a result of such Legal Defeasance and will be subject to U.S.
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 must deliver to
the Trustee an Opinion of Counsel, subject to customary assumptions and exclusions,
confirming that the Holders of the outstanding Notes will not recognize income, gain or loss
for U.S. federal income tax purposes as a result of such Covenant Defeasance and will be
subject to U.S. federal

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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 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 and the granting of a Lien to secure the deposit) and the
deposit will not result in a breach or violation of, or constitute a default under, any
other instrument to which the Company or any Guarantor is a party or by which Holdco or any
Guarantor is bound;

     (5) such Legal Defeasance or Covenant Defeasance will 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 Company Subsidiary is a party or by which
the Company or any Company Subsidiary is bound; and

     (6) the Company must deliver to the Trustee an Officer’s Certificate and an Opinion of
Counsel (which Opinion of Counsel may be subject to customary assumptions and exclusions),
each stating that all conditions precedent relating to the Legal Defeasance or Covenant
Defeasance, as the case may be, 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 Notes will be held in trust and applied by the Trustee, in accordance with the
provisions of such Notes and this Indenture, to the payment, either directly or through any Paying
Agent (including the Company or any Subsidiary acting as Paying Agent) as the Trustee may
determine, to the Holders of such Notes of all sums due and to become due thereon in respect of
principal, premium, if any, and interest, but such money need not be segregated from other funds
except to the extent required by law.

     The Company will 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 Notes.

     Notwithstanding anything in this Article 8 to the contrary, the Trustee will deliver or pay to
the Company from time to time upon the written 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(1) hereof),
are in excess of the amount thereof that would then be required to be deposited to effect an
equivalent Legal Defeasance.

Section 8.06 Repayment to the Company.

     Subject to any applicable abandoned property law, any money deposited with the Trustee or any
Paying Agent, or then held by the Company, in trust for the payment of the principal of, premium,
if any, or interest on, any Note and remaining unclaimed for two years after such principal,
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) will be discharged from such trust; and the Holder of such Note
will thereafter be permitted to

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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, will
thereupon cease.

Section 8.07 Reinstatement.

     If the Trustee or Paying Agent is unable to apply any U.S. 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 and the Guarantors’ obligations under this
Indenture and the Notes and the Note Guarantees will 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 the principal of, premium, if
any, or interest on, any Note following the reinstatement of its obligations, the Company will be
subrogated to the rights of the Holders of such Notes to receive such payment from the money held
by the Trustee or Paying Agent.

ARTICLE 9

AMENDMENT, SUPPLEMENT AND WAIVER

Section 9.01 Without Consent of Holders of Notes.

     Notwithstanding Section 9.02 of this Indenture, from and after the Sell Down Date, and, with
respect to clauses (3), (7) and (9), at any time, without the consent of any Holder of Notes, the
Company and the Trustee may amend or supplement this Indenture or the Notes:

     (1) to cure any ambiguity, omission, mistake, defect or inconsistency;

     (2) to provide for uncertificated Notes in addition to or in place of certificated
Notes;

     (3) to provide for the assumption of the Company or any Guarantor’s obligations to the
Holders of the Notes 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;

     (5) to add covenants for the benefit of the Holders or to surrender any right or power
conferred upon the Company;

     (6) to evidence and provide for the acceptance and appointment under this Indenture of
a successor trustee pursuant to the requirements thereof;

     (7) to add a Guarantor under this Indenture;

     (8) to make any change that does not adversely affect the rights of the Holders of the
Notes in any respect; or

     (9) to make any change reasonably necessary to cause the Indenture to conform to the
TIA.

     Upon the written 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

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Trustee of the documents described in Section 9.05 hereof, the Trustee will 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 will 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 Notes.

     Except as provided below in this Section 9.02, the Company and the Trustee may amend or
supplement this Indenture (including, without limitation, Sections 3.09, 4.10 and 4.15 hereof) and
the Notes and the Note Guarantees with the consent of the Holders of at least a majority in
aggregate principal amount of the then outstanding Notes voting as a single class (including,
without limitation, consents obtained in connection with a tender offer for, or purchase of, the
Notes), 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 Notes, except a payment default resulting from an acceleration that has been
rescinded) or compliance with any provision of this Indenture or the Notes or the Note Guarantees
may be waived with the consent of the Holders of a majority in aggregate principal amount of the
then outstanding Notes voting as a single class (including, without limitation, consents obtained
in connection with a tender offer or exchange offer for, or purchase of, the Notes). Sections
2.08, 2.09 and 2.13 hereof shall determine which Notes are considered to be “outstanding” for
purposes of this Section 9.02.

     Upon the written 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 Notes as
aforesaid, and upon receipt by the Trustee of the documents described in Section 9.05 hereof, the
Trustee will join with the Company and the Guarantors 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 will not be obligated to, enter into such amended or supplemental Indenture.
As long as the Initial Purchasers do not constitute the Required Holders, it shall not be
necessary for the consent of the Holders of Notes under this Section 9.02 to approve the particular
form of any proposed amendment or waiver, but it shall be sufficient if such consent approves the
substance thereof.

     After an amendment, supplement or waiver under this Section 9.02 becomes effective, the
Company will mail to the Holders of Notes affected thereby a notice briefly describing the
amendment, supplement or waiver. Any failure of the Company to mail such notice, or any defect
therein, will not, however, in any way impair or affect the validity of any such amended or
supplemental indenture or waiver. Subject to Sections 6.04 and 6.07 hereof, the Holders of a
majority in aggregate principal amount of the Notes 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 Notes or the Note Guarantees. However, without the consent of each Holder affected, an
amendment, supplement or waiver under this Section 9.02 may not (with respect to any Notes held by
a non-consenting Holder):

     (1) reduce or increase the principal amount of Notes other than pursuant to the payment
of PIK Interest;

     (2) change the fixed maturity of any Note or alter or waive any of the provisions with
respect to the redemption of the Notes (except as provided above with respect to Sections
3.09, 4.10 and 4.15 hereof);

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

     (4) waive a Default or Event of Default in the payment of the principal of, or premium,
if any, or interest on, the Notes, except a rescission of acceleration of the Notes by the
Holders of at least a majority in aggregate principal amount of the then outstanding Notes
and a waiver of the payment default that resulted from such acceleration, or in respect of a
covenant or provision contained in this Indenture which cannot be amended or modified
without the consent of all Holders);

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

     (6) make any change in the provisions of this Indenture relating to waivers of past
Defaults or the rights of Holders of Notes to receive payments of the principal of, or
interest or premium, if any, on, the Notes;

     (7) make any change in the preceding amendment and waiver provisions; or

     (8) impair the right of any Holder to receive payment of the principal of, or interest
on, such Holder’s Notes on or after the due dates therefore or to institute suit for the
enforcement of any payment on or with respect to such Holder’s Notes.

Section 9.03 Revocation and Effect of Consents.

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

     As long as the Initial Purchasers do not constitute the Required Holders, the Company may, but
shall not be obligated to, fix a record date for the purpose of determining the Holders entitled to
consent to any amendment, supplement, or waiver. If a record date is fixed, then, notwithstanding
the preceding paragraph, those Persons who were Holders at such record date (or their duly
designated proxies), and only such Persons, shall be entitled to consent to such amendment,
supplement or waiver or to revoke any consent previously given, whether or not such Persons
continue to be Holders after such record date. No such consent shall be valid or effective for
more than 120 days after such record date unless the consent of the requisite number of Holders has
been obtained.

Section 9.04 Notation on or Exchange of Notes.

     The Trustee may place an appropriate notation about an amendment, supplement or waiver on any
Note thereafter authenticated. The Company in exchange for all Notes may issue and the Trustee
shall, upon receipt of an Authentication Order, authenticate new Notes that reflect the amendment,
supplement or waiver.

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

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Section 9.05 Trustee to Sign Amendments, etc.

     The Trustee will sign any amended or supplemental indenture authorized pursuant to this
Article 9 if the amendment or supplement does not adversely affect the rights, duties, liabilities
or immunities of the Trustee. The Company may not sign an amended or supplemental indenture until
the Board of Directors of the Company approves it. In executing any amended or supplemental
indenture, the Trustee shall receive and (subject to Section 7.01 hereof) will be fully protected
in conclusively relying upon 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.
Notwithstanding the foregoing, an Opinion of Counsel shall not be required in connection with the
addition of a Guarantor under this Indenture upon execution and delivery by such Guarantor and the
Trustee of a notation of Guarantee, the form of which is attached as Exhibit D hereto, and
supplemental indenture to this Indenture, the form of which is attached as Exhibit E hereto.

ARTICLE 10

NOTE GUARANTEES

Section 10.01 Guarantee.

     (a) Subject to this Article 10, each of the Guarantors hereby, jointly and severally,
unconditionally guarantees to each Holder of a Note authenticated and delivered by the Trustee and
to the Trustee and its successors and assigns, irrespective of the validity and enforceability of
this Indenture, the Notes or the obligations of the Company hereunder or thereunder, that:

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

     (2) in case of any extension of time of payment or renewal of any Notes or any of such
other obligations, that same will be promptly paid in full when due or performed in
accordance with the terms of the extension or renewal, whether at stated maturity, by
acceleration or otherwise.

     Failing payment when due of any amount so guaranteed or any performance so guaranteed for
whatever reason, the Guarantors will be jointly and severally obligated to pay the same
immediately. Each Guarantor agrees that this is a guarantee of payment and not a guarantee of
collection.

     (b) The Guarantors hereby agree that their obligations hereunder are unconditional,
irrespective of the validity, regularity or enforceability of the Notes or this Indenture, the
absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with
respect to any provisions hereof or thereof, the recovery of any judgment against the Company, any
action to enforce the same or any other circumstance which might otherwise constitute a legal or
equitable discharge or defense of a Guarantor. Each Guarantor hereby waives diligence,
presentment, demand of payment, filing of claims with a court in the event of insolvency or
bankruptcy of the Company, any right to require a proceeding first against the Company, protest,
notice and all demands whatsoever and covenants that this Note Guarantee will not be discharged
except by complete performance of the obligations contained in the Notes and this Indenture.

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     (c) If any Holder or the Trustee is required by any court or otherwise to return to the
Company, the Guarantors or any custodian, trustee, liquidator or other similar official acting in
relation to either the Company or the Guarantors, any amount paid by either to the Trustee or such
Holder, this Note Guarantee, to the extent theretofore discharged, will be reinstated in full force
and effect.

     (d) Each Guarantor agrees that it will not be entitled to any right of subrogation in relation
to the Holders in respect of any obligations guaranteed hereby until payment in full of all
obligations guaranteed hereby. Each Guarantor further agrees that, as between the Guarantors, on
the one hand, and the Holders and the Trustee, on the other hand, (1) the maturity of the
obligations guaranteed hereby may be accelerated as provided in Article 6 hereof for the purposes
of this Note Guarantee, notwithstanding any stay, injunction or other prohibition preventing such
acceleration in respect of the obligations guaranteed hereby, and (2) in the event of any
declaration of acceleration of such obligations as provided in Article 6 hereof, such obligations
(whether or not due and payable) will forthwith become due and payable by the Guarantors for the
purpose of this Note Guarantee. The Guarantors will have the right to seek contribution from any
non-paying Guarantor so long as the exercise of such right does not impair the rights of the
Holders under the Note Guarantee.

Section 10.02 Limitation on Guarantor Liability.

     Each Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it is the
intention of all such parties that the Note Guarantee of such Guarantor not constitute a fraudulent
transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the
Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable to any
Note Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and the Guarantors
hereby irrevocably agree that the obligations of such Guarantor will be limited to the maximum
amount that will, after giving effect to such maximum amount and all other contingent and fixed
liabilities of such Guarantor that are relevant under such laws, and after giving effect to any
collections from, rights to receive contribution from or payments made by or on behalf of any other
Guarantor in respect of the obligations of such other Guarantor under this Article 10, result in
the obligations of such Guarantor under its Note Guarantee not constituting a fraudulent transfer
or conveyance.

Section 10.03 Execution and Delivery of Note Guarantee.

     To evidence its Note Guarantee set forth in Section 10.01 hereof, each Guarantor hereby agrees
that a notation of such Note Guarantee substantially in the form attached as Exhibit D hereto will
be endorsed by an Officer of such Guarantor on each Note authenticated and delivered by the Trustee
and that this Indenture will be executed on behalf of such Guarantor by one of its Officers.

     Each Guarantor hereby agrees that its Note Guarantee set forth in Section 10.01 hereof will
remain in full force and effect notwithstanding any failure to endorse on each Note a notation of
such Note Guarantee.

     If an Officer whose signature is on this Indenture or on the Note Guarantee no longer holds
that office at the time the Trustee authenticates the Note on which a Note Guarantee is endorsed,
the Note Guarantee will be valid nevertheless.

     The delivery of any Note by the Trustee, after the authentication thereof hereunder, will
constitute due delivery of the Note Guarantee set forth in this Indenture on behalf of the
Guarantors.

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     In the event that the Company creates or acquires any Domestic Subsidiary after the date of
this Indenture, if required by Section 4.25 hereof, the Company will cause such Domestic Subsidiary
to comply with the provisions of Section 4.25 hereof and this Article 10, to the extent applicable.

Section 10.04 Guarantors May Consolidate, etc., on Certain Terms.

     Except as otherwise provided in Section 10.05 hereof, no Guarantor will, and the Company will
not permit any Guarantor to, consolidate or merge with or into or wind up into (whether or not such
Guarantor is the surviving corporation), or sell, assign, transfer, lease, convey or otherwise
dispose of all or substantially all its properties or assets in one or more related transactions,
to any Person unless:

	 	 	 	 	 	 	 	 	 
	 

	 	 	(1	)	 	(a)	 	such Guarantor is the surviving entity or the Person formed
by or surviving any such consolidation or merger (if other than such Guarantor)
or to which such sale, assignment, transfer, lease, conveyance or other
disposition will have been made is an entity organized or existing under the
laws of the United States, any state thereof, the District of Columbia, or any
territory thereof (such Guarantor or such Person, as the case may be, being
herein called the “Successor Person”);
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	(b)
	 	the Successor Person, if other than such
Guarantor, expressly assumes all the obligations of such Guarantor
under this Indenture and such Guarantor’s Note Guarantee pursuant to
supplemental indentures or other documents or instruments in form
reasonably satisfactory to the Trustee;
	 
	 	 	 	 	 	 	 	 
	 

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

	 	 	 	 	 	(d)
	 	the Company shall have delivered to the Trustee
an Officer’s Certificate and an opinion of counsel, each stating that
such consolidation, merger or transfer and such supplemental
indentures, if any, comply with this Indenture; or

(2) the transaction is made in compliance with Section 4.10 hereof.

     In case of any such consolidation, merger, sale or conveyance and upon the assumption by the
successor Person, by supplemental indenture, executed and delivered to the Trustee and satisfactory
in form to the Trustee, of the Note Guarantee endorsed upon the Notes and the due and punctual
performance of all of the covenants and conditions of this Indenture to be performed by the
Guarantor, such successor Person will succeed to and be substituted for the Guarantor with the same
effect as if it had been named herein as a Guarantor. Such successor Person thereupon may cause to
be signed any or all of the Note Guarantees to be endorsed upon all of the Notes issuable hereunder
which theretofore shall not have been signed by the Company and delivered to the Trustee. All the
Note Guarantees so issued will in all respects have the same legal rank and benefit under this
Indenture as the Note Guarantees theretofore and thereafter issued in accordance with the terms of
this Indenture as though all of such Note Guarantees had been issued at the date of the execution
hereof.

     Except as set forth in Articles 4 and 5 hereof, and notwithstanding clause 2 above, nothing
contained in this Indenture or in any of the Notes will prevent any consolidation or merger of a
Guarantor with or into the Company or another Guarantor, or will prevent any sale or conveyance of
the property of a Guarantor as an entirety or substantially as an entirety to the Company or
another Guarantor.

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Section 10.05 Releases.

     The Note Guarantee of a Guarantor will be released:

     (a) in connection with any sale or other disposition of all or substantially all the assets of
that Guarantor (including by way of merger or consolidation) to a Person that is not (either before
or after giving effect to such transaction) the Company or a Company Subsidiary, if the sale or
other disposition does not violate Section 4.10 hereof;

     (b) in connection with any sale or other disposition of all the Capital Stock of that
Guarantor to a Person that is not (either before or after giving effect to such transaction) the
Company or a Company Subsidiary, if the sale or other disposition does not violate Section 4.10
hereof;

     (c) upon Legal Defeasance or Covenant Defeasance in accordance with Article 8 hereof or
satisfaction and discharge of this Indenture in accordance with Article 13 hereof; or

     (d) upon the contemporaneous release of such Guarantor’s Guarantee of all Obligations under
the Credit Agreement in accordance with the Intercreditor Agreement.

     Any Guarantor not released from its obligations under its Note Guarantee as provided in this
Section 10.05 will remain liable for the full amount of the principal of and interest and premium,
if any, on the Notes and for the other obligations of any Guarantor under this Indenture as
provided in this Article 10.

ARTICLE 11

RANKING OF NOTE LIENS

Section 11.01 Agreement for the Benefit of Holders of First Priority Liens.

     The Trustee and the Collateral Agent agree, and each Holder by accepting a Note agrees, that
this Indenture, the Notes, the Note Guarantees and the Security Documents are subject to the
Intercreditor Agreement.

Section 11.02 Notes, Note Guarantees and other Obligations with respect to the Notes not
Subordinated.

     The provisions of this Article 11 are intended solely to set forth the relative ranking, as
Liens, of the Second Priority Liens as against the First Priority Liens. The Notes and Note
Guarantees are senior unsubordinated obligations of the Company and Guarantors, respectively.
Neither the Notes, the Note Guarantees and other Obligations of the Company under this Indenture
and the Notes nor the exercise or enforcement of any right or remedy for the payment or collection
thereof (other than the exercise of rights and remedies of a secured party, which are subject to
the Intercreditor Agreement) are intended to be, or will ever be by reason of the provisions of
this Article 11, in any respect subordinated, deferred, postponed, restricted or prejudiced,
(except as set forth in the Intercreditor Agreement).

Section 11.03 Relative Rights.

     The Intercreditor Agreement defines the relative rights, as lienholders, of holders of Second
Priority Liens and holders of First Priority Liens. Nothing in this Article 11 will:

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     (a) impair, as between the Company and the Holders, the obligation of the Company, which is
absolute and unconditional, to pay principal of, premium and interest on the Notes in accordance
with their terms or to perform any other obligation of the Company or any other obligor under this
Indenture, the Notes, the Note Guarantees and the Security Documents;

     (b) restrict the right of any Holder to sue for payments that are then due and owing, in a
manner not inconsistent with the provisions of the Intercreditor Agreement;

     (c) prevent the Trustee, the Collateral Agent or any Holder from exercising against the
Company or any other obligor any of its other available remedies upon a Default or Event of Default
(other than its rights as a secured party, which are subject to the Intercreditor Agreement); or

     (d) restrict the right of the Trustee, the Collateral Agent or any Holder:

     (1) to file and prosecute a petition seeking an order for relief in an involuntary
bankruptcy case as to the Company or any Guarantor or otherwise to commence, or seek relief
commencing, any insolvency or liquidation proceeding involuntarily against the Company or
any Guarantor;

     (2) to make, support or oppose any request for an order for dismissal, abstention or
conversion in any insolvency or liquidation proceeding;

     (3) to make, support or oppose, in any insolvency or liquidation proceeding, any
request for an order extending or terminating any period during which the debtor (or any
other Person) has the exclusive right to propose a plan of reorganization or other
dispositive restructuring or liquidation plan therein;

     (4) to seek the creation of, or appointment to, any official committee representing
creditors (or certain of the creditors) in any insolvency or liquidation proceedings and, if
appointed, to serve and act as a member of such committee without being in any respect
restricted by any of the obligations under this Article 11;

     (5) to seek or object to the appointment of any professional person to serve in any
capacity in any insolvency or liquidation proceeding or to support or object to any request
for compensation made by any professional person or others therein;

     (6) to make, support or oppose any request for order appointing a trustee or examiner
in any insolvency or liquidation proceedings; or

     (7) otherwise to make, support or oppose any request for relief in any insolvency or
liquidation proceeding that it is permitted by law to make, support or oppose:

          (a) if it were a holder of unsecured claims; or

          (b) as to any matter relating to any plan of reorganization or other restructuring or
liquidation plan or as to any matter relating to the administration of the estate or the
disposition of the case or proceeding;

(in each case except as set forth in the Intercreditor Agreement).

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ARTICLE 12

COLLATERAL AND SECURITY

Section 12.01 Security Documents.

     The payment of the principal of and interest and premium, if any, on the Notes when due,
whether on an Interest Payment Date, at maturity, by acceleration, repurchase, redemption or
otherwise and whether by the Company pursuant to the Notes or by any Guarantor pursuant to its Note
Guarantees, the payment of all other Obligations of the Company and the Guarantors under this
Indenture, the Notes, the Note Guarantees and the Security Documents are secured as provided in the
Security Documents which the Collateral Agent, Company and the Guarantors have entered into
simultaneously with the execution of this Indenture and will be secured by Security Documents
hereafter delivered as required or permitted by this Indenture, subject to the provisions of the
Intercreditor Agreement.

Section 12.02 Collateral Agent.

     (a) The Collateral Agent is authorized and empowered to appoint one or more co-Collateral
Agents as it deems necessary or appropriate, provided, however, that no collateral agent hereunder
shall be personally liable by reason of any act or omission of any other collateral agent
hereunder.

     (b) Subject to Section 7.01, neither the Trustee nor the Collateral Agent nor any of their
respective officers, directors, employees, attorneys or agents will be responsible or liable for
the existence, genuineness, value or protection of any Collateral, for the legality,
enforceability, effectiveness or sufficiency of the Security Documents, for the creation,
perfection, priority, sufficiency or protection of any Second Priority Lien, or for any defect or
deficiency as to any such matters, or for any failure to demand, collect, foreclose or realize upon
or otherwise enforce any of the Second Priority Liens or Security Documents or any delay in doing
so.

     (c) The Collateral Agent will be subject to such directions as may be given it by the Trustee
from time to time (as required or permitted by this Indenture). Except as directed by the Trustee
as required or permitted by this Indenture and any other representatives, the Collateral Agent will
not be obligated:

     (1) to act upon directions purported to be delivered to it by any other Person;

     (2) to foreclose upon or otherwise enforce any Second Priority Lien; or

     (3) to take any other action whatsoever with regard to any or all of the Second
Priority Liens, Security Documents or Collateral.

     (d) The Collateral Agent will be accountable only for amounts that it actually receives as a
result of the enforcement of the Second Priority Liens or Security Documents.

     (e) In acting as Collateral Agent, the Collateral Agent may conclusively rely upon and enforce
each and all of the rights, powers, immunities, indemnities and benefits of the Trustee under
Article 7 hereof.

     (f) At all times when the Trustee is not itself the Collateral Agent, the Company will deliver
to the Trustee copies of all Security Documents delivered to the Collateral Agent and copies of all
documents delivered to the Collateral Agent pursuant to the Security Documents.

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Section 12.03 Authorization of Actions to Be Taken.

     (a) Each Holder of Notes, by its acceptance thereof, consents and agrees to the terms of each
Security Document and the Intercreditor Agreement, as originally in effect and as amended,
supplemented or replaced from time to time in accordance with its terms or the terms of this
Indenture, authorizes and directs the Trustee and the Collateral Agent to enter into the Security
Documents to which it is a party, authorizes and empowers the Trustee to direct the Collateral
Agent to enter into, and the the Trustee and the Collateral Agent to execute and deliver, the
Intercreditor Agreement, and authorizes and empowers the Trustee and the Collateral Agent to bind
the Holders of Notes as set forth in the Security Documents to which it is a party and the
Intercreditor Agreement and to perform its obligations and exercise its rights and powers
thereunder.

     (b) The Collateral Agent and the Trustee are authorized and empowered to receive for the
benefit of the Holders of Notes any funds collected or distributed under the Security Documents to
which the Collateral Agent or Trustee is a party and to make further distributions of such funds to
the Holders of Notes according to the provisions of this Indenture and the Intercreditor Agreement.

     (c) Subject to the provisions of Section 7.01, Section 7.02, Article 11 and the Intercreditor
Agreement, the Trustee may, at the written direction of the Holders holding at least a majority in
aggregate principal amount of the then outstanding Notes voting as a single class, direct, on
behalf of the Holders, the Collateral Agent to take all actions it deems necessary or appropriate
in order to:

     (1) foreclose upon or otherwise enforce any or all of the Second Priority Liens;

     (2) enforce any of the terms of the Security Documents to which the Collateral Agent or
Trustee is a party; or

     (3) collect and receive payment of any and all Notes Obligations.

     Subject to the Intercreditor Agreement, the Trustee, at the written direction of the Holders
holding at least a majority in aggregate principal amount of the then outstanding Notes voting as a
single class, is authorized and empowered to institute and maintain, or direct the Collateral Agent
to institute and maintain, such suits and proceedings as the Trustee may deem expedient to protect
or enforce the Second Priority Liens or the Security Documents to which the Collateral Agent or
Trustee is a party or to prevent any impairment of Collateral by any acts that may be unlawful or
in violation of the Security Documents to which the Collateral Agent or Trustee is a party or this
Indenture, and such suits and proceedings as the Trustee or the Collateral Agent may deem expedient
to preserve or protect its interests and the interests of the Holders of Notes in the Collateral,
including power to institute and maintain suits or proceedings to restrain the enforcement of or
compliance with any legislative or other governmental enactment, rule or order that may be
unconstitutional or otherwise invalid if the enforcement of, or compliance with, such enactment,
rule or order would impair the security interest hereunder or be prejudicial to the interests of
Holders, the Trustee or the Collateral Agent.

Section 12.04 Release of Liens.

     (a) Subject to subsections (b) and (c) of this Section 12.04 and to Section 12.05 hereof,
Collateral may be released from the Second Priority Lien created by the Security Documents at any
time or from time to time in accordance with the provisions of the Security Documents, the
Intercreditor Agreement or as provided hereby. Upon the request of the Company pursuant to an
Officer’s Certificate certifying that all conditions precedent hereunder have been met, the Company
and the Guarantors will be entitled to a release of assets included in the Collateral from the
Second Priority Liens securing the Notes,

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and the Collateral Agent and the Trustee (if the Trustee is not then the Collateral Agent)
shall release the same from such Second Priority Liens at the Company’s sole cost and expense,
under one or more of the following circumstances:

     (1) to enable the Company or any Guarantor to consummate the disposition of such
property or assets to the extent not prohibited under Section 4.10;

     (2) in the case of a Guarantor that is released from its Note Guarantee with respect to
the Notes, the release of the property and assets of such Guarantor; or

     (3) as described under Article 9.

     Upon receipt of such Officer’s Certificate and any necessary or proper instruments of
termination, satisfaction or release prepared by the Company and otherwise in accordance with
Section 12.05 hereof, the Collateral Agent and the Trustee (if the Trustee is not then the
Collateral Agent) shall execute, deliver or acknowledge such instruments or releases to evidence
the release of any Collateral permitted to be released pursuant to this Indenture or the Security
Documents or the Intercreditor Agreement.

     (b) Except as otherwise provided in the Intercreditor Agreement, no Collateral may be released
from the Second Priority Lien created by the Security Documents unless the Officer’s Certificate
required by this Section 12.04, dated not more than 10 days prior to the date of the application
for such release, has been delivered to the Collateral Agent and the Trustee (if the Trustee is not
then the Collateral Agent).

     (c) At any time when a Default or Event of Default has occurred and is continuing and the
maturity of the Notes has been accelerated (whether by declaration or otherwise) and the Trustee
(if not then the Collateral Agent) has delivered a notice of acceleration to the Collateral Agent,
no release of Collateral pursuant to the provisions of this Indenture or the Security Documents
will be effective as against the Holders, except as otherwise provided in the Intercreditor
Agreement.

Section 12.05 Filing, Recording and Opinions.

     (a) The Company will comply with the provisions of TIA §§ 314(b) and 314(d), in each case
following qualification of this Indenture pursuant to the TIA and except to the extent not required
as set forth in any SEC regulation or interpretation (including any no action letter issued by the
Staff of the SEC, whether issued to the Company or any other Person). Following such
qualification, to the extent the Company is required to furnish to the Trustee an Opinion of
Counsel pursuant to TIA § 314(b)(2), the Company will furnish such opinion not more than 60 but not
less than 30 days prior to each June 30.

     Any release of Collateral permitted by Section 12.04 hereof will be deemed not to impair the
Second Priority Liens under the Indenture and the Security Documents in contravention thereof and
any person that is required to deliver an Officer’s Certificate or Opinion of Counsel pursuant to
§ 314(d) of the TIA, shall be entitled to rely upon the foregoing as a basis for delivery of
such certificate or opinion. The Trustee may, to the extent permitted by Section 7.01 and 7.02
hereof, accept as conclusive evidence of compliance with the foregoing provisions the appropriate
statements contained in such documents and Opinion of Counsel.

     (b) If any Collateral is released in accordance with this Indenture or any Security Document
at a time when the Trustee is not itself also the Collateral Agent and if the Company has delivered
the certificates and documents required by the Security Documents and Section 12.04, the Trustee
will determine whether it has received all documentation required by TIA § 314(d) in connection
with such

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release and, based on such determination and the Opinion of Counsel delivered pursuant to
Section 12.04, will, upon request, deliver a certificate to the Collateral Agent setting forth such
determination.

Section 12.06 Suits to Protect the Collateral

     Subject to the provisions of the Intercreditor Agreement and the Security Documents, the
Collateral Agent acting at the written direction of the Required Holders shall have the authority
to institute and to maintain such suits and proceedings to prevent any impairment of the Collateral
by any acts which may be unlawful or in violation of any of the Security Documents or this
Indenture, and such suits and proceedings as the Collateral Agent is directed in writing by the
Required Holders to pursue to preserve or protect its interest and the interests of the Holders of
the Notes in the Collateral (including suits or proceedings to restrain the enforcement of or
compliance with any legislative or other governmental enactment, rule or order that may be
unconstitutional or otherwise invalid if `the enforcement of, or compliance with, such enactment,
rule or order would impair the Second Priority Liens or be prejudicial to the interests of the
Holders of the Notes).

Section 12.07 Purchaser Protected.

     In no event shall any purchaser in good faith of any property purported to be released
hereunder be bound to ascertain the authority of the Collateral Agent or the Trustee to execute the
release or to inquire as to the satisfaction of any conditions required by the provisions hereof
for the exercise of such authority or to see to the application of any consideration given by such
purchaser or other transferee; nor shall any purchaser or other transferee of any property or
rights permitted by this Article 12 to be sold be under any obligation to ascertain or inquire into
the authority of the Company or the applicable Guarantor to make any such sale or other transfer.

Section 12.08 Powers Exercisable by Receiver or Trustee.

     In case the Collateral shall be in the possession of a receiver or trustee, lawfully
appointed, the powers conferred in this Article 12 upon the Company or a Guarantor with respect to
the release, sale or other disposition of such property may be exercised by such receiver or
trustee, and an instrument signed by such receiver or trustee shall be deemed the equivalent of any
similar instrument of the Company or a Guarantor or of any officer or officers thereof required by
the provisions of this Article 12; and if the Trustee shall be in the possession of the Collateral
under any provision of this Indenture, then such powers may be exercised by the Trustee.

Section 12.09 Release Upon Termination of the Company’s Obligations.

     In the event (i) that the Company delivers to the Trustee, in form and substance acceptable to
it, an Officer’s Certificate certifying that all the obligations under this Indenture, the Notes
and the Security Documents have been satisfied and discharged by the payment in full of the
Company’s non-contingent obligations under the Notes, this Indenture and the Security Documents,
and all such obligations have been so satisfied, or (ii) a legal defeasance of this Indenture
occurs under Article 8, the Trustee shall deliver to the Company and the Collateral Agent a notice
stating that the Trustee, on behalf of the Holders, disclaims and gives up any and all rights it
has in or to the Collateral, and any rights it has under the Security Documents, and upon receipt
by the Collateral Agent of such notice, the Collateral Agent shall be deemed not to hold a Lien in
the Collateral on behalf of the Trustee, and the Collateral Agent and/or the Trustee at the written
instruction and expense of the Company shall do or cause to be done all acts reasonably necessary
to release such Lien as soon as is practicable.

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Section 12.10 Financing Statements.

     The Company, at the expense of the Company, shall (1) cause this Indenture, the Security
Documents, and any additional security instrument filed with the Collateral Agent as additional
security for the Notes, each amendment and supplement to any such instrument, and a memorandum,
financing statement or continuation statement with respect to such instruments, amendments, or
supplements to be filed, registered and recorded and to be refiled, reregistered and rerecorded in
such manner and in such places as may be required by any present or future law in order to fully
protect, preserve and perfect the lien of this Indenture and to protect, preserve and perfect the
rights and security of the Holders and the rights of the Collateral Agent under the this Indenture
and the Security Documents and (2) perform or cause to be performed from time to time any other act
as required by law, and execute and file or cause to be executed and filed any and all instruments
of further assurance (including financing statements with respect to any of such instruments) that
may be necessary for such protection. The Company, the Guarantors, the Collateral Agent and the
Trustee shall, when so requested by one another, execute all such instruments, memoranda, or
statements necessary to maintain, protect, perfect or preserve the interests assigned to the
Collateral Agent under this Indenture. Promptly after the execution and delivery of this Indenture
and the execution and delivery of the Notes and every five years (or such other time period
provided by any applicable Law) thereafter, the Company will deliver to the Collateral Agent, at
the expense of the Company, an opinion of counsel either stating that in the opinion of such
counsel such action has been taken with respect to the recording, filing, rerecording and refiling
of financing or continuation statements as is necessary to maintain the effectiveness and the
perfection of the lien of this Indenture, and reciting the details of such action, or stating that
in the opinion of such counsel no such action is necessary to maintain the effectiveness or
perfection of such lien; and in each case, such opinion shall state what future action is necessary
to maintain the effectiveness and perfection of such Lien.

     The Company covenants that it will do, execute, acknowledge, and deliver, or cause to be done,
executed, acknowledged, and delivered, such indentures supplemental hereto and such further acts,
instruments and transfers as the Trustee may reasonably require for the better assigning, pledging
and confirming unto the Collateral Agent of the Collateral.

ARTICLE 13

SATISFACTION AND DISCHARGE

Section 13.01 Satisfaction and Discharge.

     This Indenture will be discharged and will cease to be of further effect as to all Notes
issued hereunder, when:

     (1) either:

          (a) all Notes that have been authenticated, except lost, stolen or destroyed Notes that
have been replaced or paid and Notes for whose payment money has theretofore been deposited
in trust and thereafter repaid to the Company, have been delivered to the Trustee for
cancellation; or

          (b) all Notes that have not been delivered to the Trustee for cancellation have become
due and payable by reason of the mailing of a notice of redemption or otherwise or will
become due and payable or redeemable within one year or are to be called for redemption
within one year under arrangements satisfactory to the Trustee for the giving of notice by
the Trustee in the name, and at the expense, of the Company, and the Company or any
Guarantor has irrevocably deposited or caused to be deposited with the Trustee as trust
funds in trust solely for the benefit of the Holders, cash in U.S. dollars, non-callable
Government Securities, or a combination of cash in U.S. dollars and non-callable Government
Securities, in amounts as will

97

 

be sufficient, without consideration of any reinvestment of interest, to pay and
discharge the entire Indebtedness on the Notes not delivered to the Trustee for cancellation
for principal, premium, if any, and accrued interest to the date of maturity or redemption;

          (2) no Default or Event of Default has occurred and is continuing on the date of the
deposit (other than a Default or Event of Default resulting from the borrowing of funds to
be applied to such deposit and the granting of a Lien to secure the deposit) and the deposit
will not result in a breach or violation of, or constitute a default under, any other
material instrument to which the Company or any Guarantor is a party or by which the Company
or any Guarantor is bound;

          (3) the Company or any Guarantor has paid or caused to be paid to the Trustee, the
Collateral Agent, the Paying Agent and the authentication agent, all sums payable by them
under this Indenture; and

          (4) the Company has delivered irrevocable instructions to the Trustee under this
Indenture to apply the deposited money toward the payment of the Notes at maturity or on the
Redemption Date, as the case may be.

In addition, the Company must deliver an Officer’s Certificate and an Opinion of Counsel to the
Trustee stating that all conditions precedent to satisfaction and discharge have been satisfied.

     Notwithstanding the satisfaction and discharge of this Indenture, if money has been deposited
with the Trustee pursuant to Section 13.01(1)(b) hereof, the provisions of Sections 13.02 and 8.06
hereof will survive. In addition, nothing in this Section 13.01 will be deemed to discharge those
provisions of Section 7.06 hereof, that, by their terms, survive the satisfaction and discharge of
this Indenture.

Section 13.02 Application of Trust Money.

     Subject to the provisions of Section 8.06 hereof, all money deposited with the Trustee
pursuant to Section 13.01 hereof shall be held in trust and applied by it, in accordance with the
provisions of the Notes and this Indenture, to the payment, either directly or through any Paying
Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the
Persons entitled thereto, of the principal (and premium, if any) and interest for whose payment
such money has been deposited with the Trustee; but such money need not be segregated from other
funds except to the extent required by law.

     If the Trustee or Paying Agent is unable to apply any money or Government Securities in
accordance with Section 13.01 hereof by reason of any legal proceeding or by reason of any order or
judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting
such application, the Company’s or any Guarantor’s obligations under this Indenture and the Notes
shall be revived and reinstated as though no deposit had occurred pursuant to Section 13.01 hereof;
provided that if the Company has made any payment of the principal of, premium, if any, or interest
on, any Notes because of the reinstatement of its obligations, the Company shall be subrogated to
the rights of the Holders of such Notes to receive such payment from the money or Government
Securities held by the Trustee or Paying Agent.

98

 

ARTICLE 14

MISCELLANEOUS

Section 14.01 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 by first class mail (registered or certified, return receipt
requested), facsimile transmission or overnight air courier guaranteeing next day delivery, to the
others’ address:

If to the Company and/or any Guarantor:

MoneyGram Payment Systems Worldwide, Inc.,

1550 Utica Avenue South

Suite 100

Minneapolis, MN 55416

Facsimile No.: (952) 591-3865

Attention: Chief Financial Officer

With a copy (which shall not constitute notice) to:

Kirkland & Ellis LLP

Citigroup Center

153 East 53rd Street

New York, NY 10022-4611,

Facsimile No.: (212) 446-6600

Attention: Ashley Gregory, Esq.

If to the Trustee:

Deutsche Bank Trust Company Americas

Trust & Securities Services

60 Wall Street, MS2710

New York, NY 10005

Facsimile No.: (732) 578-4635

Attention: Deal Manager — Corporates Team

With a copy (which shall not constitute notice) to:

Deutsche Bank Trust Company Americas

c/o Deutsche Bank National Trust Company

Trust & Securities Services

25 DeForest Avenue, MS SUM01-0105

Summit, NJ 07901

Facsimile No.: (732) 578-4635

Attention: Deal Manager — Corporates Team

If to the Collateral Agent:

Deutsche Bank Trust Company Americas

Trust & Securities Services

60 Wall Street, MS2710

New York, NY 10005

Facsimile No.: (732) 578-4635

Attention: Deal Manager — Corporates Team

99

 

With a copy (which shall not constitute notice) to:

Deutsche Bank Trust Company Americas

c/o Deutsche Bank National Trust Company

Trust & Securities Services

25 DeForest Avenue, MS SUM01-0105

Summit, NJ 07901

Facsimile No.: (732) 578-4635

Attention: Deal Manager — Corporates Team

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

     All notices and communications (other than those sent to Holders) will be deemed to have been
duly given: at the time delivered by hand, if personally delivered; five Business Days after being
deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if transmitted by
facsimile; 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 will 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. Failure to mail a notice or communication
to a Holder or any defect in it will 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 will mail a copy to the Trustee
and each Agent at the same time.

Section 14.02 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:

     (1) an Officer’s Certificate in form and substance reasonably satisfactory to the
Trustee (which must include the statements set forth in Section 14.03 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

     (2) an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee
(which must include the statements set forth in Section 14.03 hereof) stating that, in the
opinion of such counsel, all such conditions precedent and covenants have been satisfied.

Section 14.03 Statements Required in Certificate or Opinion.

     Each certificate or opinion with respect to compliance with a condition or covenant provided
for in this Indenture must include:

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

100

 

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

     (3) a statement that, in the opinion of such Person, he or she has made such
examination or investigation as is reasonably necessary to enable him or her to express an
informed opinion as to whether or not such covenant or condition has been satisfied; and

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

Section 14.04 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.

Section 14.05 No Personal Liability of Directors, Officers, Employees and Stockholders.

     No past, present or future director, officer, employee, incorporator or stockholder of the
Company, any Guarantor, any Company Subsidiary or any direct or indirect parent of the Company, in
their capacities as such, will have any liability for any obligations of the Company or the
Guarantors under the Notes, this Indenture, the Note Guarantees or the Registration Rights
Agreement or for any claim based on, in respect of, or by reason of, such obligations or their
creation. Each Holder of Notes by accepting a Note waives and releases all such liability. The
waiver and release are part of the consideration for issuance of the Notes. The waiver may not be
effective to waive liabilities under the federal securities laws.

Section 14.06 Governing Law; Waiver of Jury Trial.

     THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE,
THE NOTES AND THE NOTE GUARANTEES WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF
LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED
THEREBY.

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

Section 14.07 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 14.08 Successors.

     All agreements of the Company in this Indenture and the Notes will bind its successors. All
agreements of the Trustee in this Indenture will bind its successors. All agreements of each
Guarantor in this Indenture will bind its successors, except as otherwise provided in Section 10.05
hereof.

101

 

Section 14.09 Severability.

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

Section 14.10 Counterpart Originals.

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

Section 14.11 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 will in no way modify or restrict any of the terms or provisions hereof.

Section 14.12 Force Majeure.

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

Section 14.13 Patriot Act

     The parties hereto acknowledge that in accordance with Section 326 of the USA Patriot Act
Deutsche Bank Trust Company Americas, like all financial institutions and in order to help fight
the funding of terrorism and money laundering, is required to obtain, verify, and record
information that identifies each person or legal entity that establishes a relationship or opens an
account. The parties to this Indenture agree that they will provide Deutsche Bank Trust Company
Americas with such information as it may request in order for Deutsche Bank Trust Company Americas
to satisfy the requirements of the USA Patriot Act.

[Signatures on following page]

102

 

SIGNATURES

Dated as
of March 25, 2008

	 	 	 	 	 
	 	MONEYGRAM PAYMENT SYSTEMS WORLDWIDE, INC.
 	 
	 	By:  	/s/ David J. Parrin	 
	 	 	Name:  	David J. Parrin	 
	 	 	Title:  	Executive Vice President and Chief Financial Officer	 
	 
	 	MONEYGRAM INTERNATIONAL, INC.

 	 
	 	By:  	/s/ David J. Parrin	 
	 	 	Name:  	David J. Parrin	 
	 	 	Title:  	Executive Vice President and Chief Financial Officer	 
	 
	 	MONEYGRAM PAYMENT SYSTEMS, INC.

 	 
	 	By:  	/s/ David J. Parrin	 
	 	 	Name:  	David J. Parrin	 
	 	 	Title:  	Executive Vice President and Chief Financial Officer	 
	 
	 	MONEYGRAM INVESTMENTS, LLC

 	 
	 	By:  	/s/ David J. Parrin	 
	 	 	Name:  	David J. Parrin	 
	 	 	Title:  	Executive Vice President and Chief Financial Officer	 
	 
	 	FSMC, INC.

 	 
	 	By:  	/s/ David J. Parrin	 
	 	 	Name:  	David J. Parrin	 
	 	 	Title:  	Executive Vice President and Chief Financial Officer	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	PROPERTYBRIDGE, INC.

 	 
	 	By:  	/s/ David
J. Parrin	 
	 	 	Name:  	David
J. Parrin	 
	 	 	Title:  	Executive Vice President and Chief Financial
Officer	 
	 
	 	MONEYGRAM OF NEW YORK LLC

 	 
	 	By:  	/s/ David
J. Parrin	 
	 	 	Name:  	David
J. Parrin	 
	 	 	Title:  	Executive Vice President and Chief Financial
Officer	 
	 
	 	DEUTSCHE BANK TRUST COMPANY AMERICAS,
as Trustee

by: Deutsche Bank National Trust Company
 	 
	 	By:  	/s/ Cynthia
J. Powell	 
	 	 	Name:  	Cynthia
J. Powell	 
	 	 	Title:  	Vice President	 
	 
	 	 	 
	 	By:  	
/s/ David Contino	 
	 	 	Name:  	David Contino	 
	 	 	Title:  	Vice President	 
	 
	 	DEUTSCHE BANK TRUST COMPANY AMERICAS,

as Collateral Agent

by: Deutsche Bank National Trust Company
 	 
	 	By:  	/s/ Cynthia
J. Powell	 
	 	 	Name:  	Cynthia
J. Powell	 
	 	 	Title:  	Vice President	 
	 
	 	 	 
	 	By:  	
/s/ David Contino	 
	 	 	Name:  	David Contino	 
	 	 	Title:  	Vice President	 
	 

 

 

EXHIBIT A-1

[Face of Note]

CUSIP 60936P AA5

ISIN US60936PAA57

13.25% Senior Secured Second Lien Notes due 2018

			
	No. ___
	 	$                    

THIS DEBT INSTRUMENT IS BEING ISSUED WITH ORIGINAL ISSUE DISCOUNT FOR PURPOSES OF SECTIONS 1271,
1272, 1273 AND 1275 OF THE UNITED STATES INTERNAL REVENUE CODE OF 1986, AS AMENDED. THE CHIEF
FINANCIAL OFFICER OF MONEYGRAM PAYMENT SYSTEMS WORLDWIDE, INC. (THE “COMPANY”), AS A REPRESENTATIVE
OF THE COMPANY, WILL PROMPTLY MAKE AVAILABLE TO HOLDERS OF THIS DEBT INSTRUMENT UPON REQUEST THE
ISSUE PRICE, THE AMOUNT OF ORIGINAL ISSUE DISCOUNT, THE ISSUE DATE, AND THE YIELD TO MATURITY OF
THIS DEBT INSTRUMENT. THE ADDRESS OF THE CHIEF FINANCIAL OFFICER IS 1550 UTICA AVENUE SOUTH, SUITE
100, MINNEAPOLIS, MN 55416.

MONEYGRAM PAYMENT SYSTEMS WORLDWIDE, INC.

promises to pay to [                    ] or registered assigns,

the principal sum of                                                                     
             DOLLARS on March [___], 2018.

Interest Payment Dates: March 31, June 30, September 30 and December 31

Record Dates: March 15, June 15, September 15 and December 15

	 	 	 	 	 
	 	 	MONEYGRAM PAYMENT SYSTEMS WORLDWIDE, INC.
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Name:
	 

	 	 	 	Title:

A-1-1

 

This is one of the Notes referred to

in the within-mentioned Indenture:

	 	 	 	 	 
	DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee	 	 
	by:

	 	Deutsche Bank National Trust Company	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 	 	 	 	 
	 

	 	Authorized Signatory	 	 
	Dated: [_________], 2008	 	 

A-1-2

 

[Back of Note]

13.25% Senior Secured Second Lien Note due 2018

[Insert the Global Note Legend, if applicable, pursuant to the provisions of the Indenture]

[Insert the Private Placement Legend, if applicable, pursuant to the provisions of the Indenture]

          Capitalized terms used herein have the meanings assigned to them in the Indenture referred to
below unless otherwise indicated.

          (1) Interest. MoneyGram Payment Systems Worldwide, Inc., a Delaware
corporation (“Company”), promises to pay interest on the principal amount of this Note at
13.25% per annum from March 25, 2008 until maturity. The Company will pay
interest quarterly in arrears on March 31, June 30, September 30 and December 31 of each
year, or if any such day is not a Business Day, on the next succeeding Business Day (each,
an “Interest Payment Date”). Interest on the Notes will accrue from the most recent date to
which interest has been paid or, if no interest has been paid, from the date of issuance;
provided that if there is no existing Default in the payment of interest, and if this Note
is authenticated between a Record Date referred to on the face hereof and the next
succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest
Payment Date; provided, however, that the first Interest Payment Date shall
be June 30, 2008. All interest on this Note shall be paid in cash; provided, however, that
with respect to any Interest Payment Date prior the third anniversary of the Closing Date,
the Company shall have the option to elect to designate all or any portion of the principal
amount of this Note as being partially subject to payment of interest in kind (the portion
of the principal amount of this Note so designated being referred to as the “Partial PIK
Portion”); in which event (A) the Partial PIK Portion of this Note will be deemed to have
accrued interest since the most recent prior Interest Payment Date (or the Closing Date if
there was no prior Interest Payment Date) through such Interest Payment Date at a rate of
15.25% per annum, of which (i) interest at the rate of 0.50% per annum shall be paid in cash
on such Interest Payment Date and (ii) interest at the rate of 14.75% shall be capitalized
and added to the principal amount of this Note on such Interest Payment Date, and (B) the
portion of the principal amount of this Note other than the Partial PIK Portion will be
deemed to have accrued interest since the most recent prior Interest Payment Date (or the
Closing Date if there was no prior Interest Payment Date) through such Interest Payment Date
at a rate of 13.25% per annum, payable in cash quarterly in arrears on such Interest Payment
Date. In the event that the Company elects to designate any portion of this Note for any
Interest Payment Date as a Partial PIK Portion, it shall provide written notice to the
Paying Agent, no later than three Business Days prior to such Interest Payment Date of (i)
the portion of the principal amount of this Note so designated as the Partial PIK Portion,
and (ii) the aggregate principal amount of Notes outstanding after giving effect to the
capitalization of interest on the Partial PIK Portion. All references to the “principal” of
the Notes shall include interest accrued and capitalized as provided herein. During any
period in which a payment default or Event of Default under the Indenture has occurred and
is continuing, interest on all principal and overdue interest will accrue at a rate that is
2% higher than the interest rate on the Notes. During such period, the Company will also
pay any post-petition interest in any proceeding under any Bankruptcy Law. Such interest
would be in addition to any additional interest resulting from a payment default or other
Event of Default. Interest will be computed on the basis of a 360-day year of twelve 30-day
months.

          (2) Method of Payment. The Company will pay interest on the Notes (except
defaulted interest) to the Persons who are registered Holders of Notes at the close of
business on

A-1-3

 

the March 15, June 15, September 15 and December 15 next preceding the Interest Payment
Date, even if such Notes are canceled after such Record Date and on or before such Interest
Payment Date, except as provided in Section 2.12 of the Indenture with respect to defaulted
interest. The Notes will be payable as to principal, premium, if any, and interest at the
office or agency of the Company maintained for such purpose within or without the City and
State of New York, or, at the option of the Company, payment of interest may be made by
check mailed to the Holders at their addresses set forth in the register of Holders;
provided that payment by wire transfer of immediately available funds will be required with
respect to principal of and interest, premium on all Notes the Holders of which will have
provided wire transfer instructions to the Company or the Paying Agent. Such payment will
be in such coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts.

          (3) Paying Agent and Registrar. Initially, Deutsche Bank Trust Company
Americas, the Trustee under the Indenture, will act as Paying Agent and Registrar. The
Company may change any Paying Agent or Registrar without notice to any Holder. The Company
or any of its Subsidiaries may act in any such capacity.

          (4) Indenture. The Company issued the Notes under an Indenture dated as of
March 25, 2008 (the “Indenture”) among the Company, the Guarantors party thereto, the
Collateral Agent and the Trustee. The terms of the Notes include those stated in the
Indenture. The Notes are subject to all such terms, and Holders are referred to the
Indenture for a statement of such terms. To the extent any provision of this Note conflicts
with the express provisions of the Indenture, the provisions of the Indenture shall govern
and be controlling. The Notes are secured obligations of the Company.

          (5) Optional Redemption.

	 	(a)	 	At any time prior to the fifth anniversary of the Closing Date, the Company may
on any one or more occasions redeem all or any part of the Notes, upon not less than 30
nor more than 60 days’ prior notice, at a redemption price equal to 100% of the then
outstanding principal amount plus the Applicable Premium as of the date of redemption
(the “Redemption Date”), and, without duplication, accrued and unpaid interest to (but
not including) the Redemption Date, subject to the rights of Holders of Notes on the
relevant Record Date to receive interest due on the relevant Interest Payment Date.
	 
	 	(b)	 	Except pursuant to clause (a) or (d) of Section 3.07 of the Indenture, the
Notes will not be redeemable at the Company’s option prior to the fifth anniversary of
the Closing Date.
	 
	 	(c)	 	On or after the fifth anniversary of the Closing Date, the Company may on any
one or more occasions redeem all or any part of the Notes, upon not less than 30 nor
more than 60 days’ prior notice, at the redemption prices (expressed as percentages of
the then outstanding principal amount of Notes to be redeemed) set forth below, plus
accrued and unpaid interest thereon to (but not including) the applicable Redemption
Date, if redeemed during the twelve-month period beginning on dates indicated below,
subject to the rights of Holders of Notes on the relevant Record Date to receive
interest on the relevant Interest Payment Date:

	 	 	 	 	 
	Year	 	Percentage	 
	Fifth anniversary of the Closing Date
	 	 	106.625	%
	Sixth anniversary of the Closing Date
	 	 	104.417	%

A-1-4

 

	 	 	 	 	 
	Year	 	Percentage	 
	Seventh anniversary of the Closing Date
	 	 	103.313	%
	Eighth anniversary of the Closing Date and thereafter
	 	 	100.000	%

	 	 	 	Unless the Company defaults in the payment of the redemption price, interest will
cease to accrue on the Notes or portions thereof called for redemption on the
applicable Redemption Date.

	 	(a)	 	At any time on or after the Sell Down Date and prior to the fourth anniversary
of the Closing Date, the Company may on any one or more occasions redeem up to 35% of
the aggregate principal amount of the Notes, upon not less than 30 nor more than 60
days’ prior notice, at a redemption price equal to 113.250% of the then outstanding
principal amount thereof, plus accrued and unpaid interest thereon to (but not
including) the Redemption Date, with the net cash proceeds of one or more Qualified
Equity Offerings, subject to the rights of Holders on the relevant Record Date to
receive interest on the relevant Interest Payment Date; provided that:

	 	(1)	 	at least 65% of the aggregate principal amount of Notes
originally issued under the Indenture, as such principal amount shall have been
increased through the capitalization of interest (excluding Notes held by the
Company and the Company Subsidiaries), remains outstanding immediately after
the occurrence of such redemption; and
	 
	 	(2)	 	the redemption occurs within 90 days of the date of the closing
of such Qualified Equity Offering.

	 	(b)	 	Any redemption pursuant to Section 3.07 of the Indenture shall be made pursuant
to the provisions of Sections 3.01 through 3.06 of the Indenture. Any optional
redemption of Notes must relate to an aggregate principal amount of Notes being
redeemed of at least the lesser of (a) $5.0 million and (b) the remaining outstanding
principal amount of such Notes.

	 	(6)	 	Mandatory Redemption.
	 
	 	(a)	 	Except as set forth in clause (b) of this Section 6, the
Company is not required to make mandatory redemption or sinking fund payments
with respect to the Notes.
	 
	 	(b)	 	Commencing with the first “accrual period” (as defined for
purposes of the Code) ending after the fifth anniversary of the Closing Date
and continuing with each subsequent accrual period thereafter, the Company
shall pay in cash, on or before the end of such accrual period, an amount equal
to the sum of the accrued and unpaid PIK Interest and the accrued and unpaid
original issue discount (as defined for the purposes of the Code) (other than
PIK Interest), with respect to the Notes if, but only to the extent that, the
aggregate amount of the sum of (i) the PIK Interest and (ii) the original issue
discount (other than PIK Interest), in each case that has accrued and not been
paid in cash from the Closing Date through the end of such accrual period on
the Notes, exceeds the product of the “issue price” (as defined for purposes of
the Code) for the Notes and the “yield to maturity” (as defined for purposes of
the Code) on the Notes. Any such payment shall first be allocated to the
accrued and unpaid PIK Interest.

A-1-5

 

          (7) Repurchase at the Option of Holder. Upon the occurrence of a Change of
Control, the Company will make a Change of Control Offer in accordance with Section 4.15 of
the Indenture. In connection with certain Asset Sales, the Company will make an Asset Sale
Offer as and when provided in accordance with Section 4.10 of the Indenture.

          (8) Notice of Redemption. Subject to the provisions of Section 3.09 of the
Indenture, at least 30 days but not more than 60 days before a Redemption Date, the Company
will mail or cause to be mailed, by first class mail, a notice of redemption to each Holder
whose Notes are to be redeemed at its registered address, except that redemption notices may
be mailed more than 60 days prior to a Redemption Date if the notice is issued in connection
with a defeasance of the Notes or a satisfaction and discharge of the Indenture pursuant to
Articles 8 or 13 thereof. Notes in denominations larger than $2,000 may be redeemed in part
but only in whole multiples of $1,000, unless all of the Notes held by a Holder are to be
redeemed. On and after the Redemption Date, interest ceases to accrue on this Note or
portions hereof called for redemption.

          (9) Ranking and Collateral. The Notes and the Guarantees are secured by a
second-priority security interest in the Collateral pursuant to certain Security Documents.
The Second Priority Liens upon any and all Collateral are, to the extent and in the manner
provided in the Intercreditor Agreement, subordinate in ranking to all present and future
First Priority Liens as set forth in Article 11 of the Indenture and in the Intercreditor
Agreement.

          (10) Denominations, Transfer, Exchange. The Notes are in registered form
without coupons in initial denominations of $2,000 in principal amount and integral
multiples of $1,000 in excess thereof; provided, however, that payments of PIK Interest
shall be made in denominations of $1.00 and integral multiples of $1.00 rounded up to the
nearest whole dollar. The transfer of Notes may be registered and Notes may be exchanged as
provided in the Indenture. The Registrar and the Trustee may require a Holder, among other
things, to furnish appropriate endorsements and transfer documents and the Company may
require a Holder to pay any taxes and fees required by law or permitted by the Indenture.
The Company need not exchange or register the transfer of any Note or portion of a Note
selected for redemption, except for the unredeemed portion of any Note being redeemed in
part. Also, the Company need not exchange or register the transfer of any Notes for a
period of 15 days before the mailing of a notice of redemption of Notes to be redeemed or
during the period between a Record Date and the corresponding Interest Payment Date.

          (11) Persons Deemed Owners. The registered Holder of a Note shall be treated
as its owner for all purposes.

          (12) Amendment, Supplement and Waiver. The Indenture, the Notes or
the Note Guarantees may be amended or supplemented as provided in the Indenture.

          (13) Defaults and Remedies. Events of Default include: (i) default in
payment when due and payable, upon redemption, acceleration or otherwise, of the principal
of, or premium, if any, on the Notes issued under the Indenture; (ii) default for five
Business Days or more in the payment when due of interest on the Notes, (iii) (A) failure by
the Company to comply with its obligations under Sections 4.15 or 5.01 of the Indenture or
(B) failure by the Company or any Company Subsidiary for 45 days (30 days in respect of
Section 4.27 of the Indenture) after receipt of written notice given by the Trustee or the
actual knowledge of the Company of such failure, to comply with any of its other agreements
under the Indenture or the Notes to the extent such failure does not otherwise constitute a
Default under clause (i), (ii) or (iii)(A) above; (iv) (A) the failure by the Company or any
Company Subsidiary to pay any Indebtedness that is pari

A-1-6

 

passu with the Notes within any applicable grace period after final maturity or
acceleration by the holders thereof because of a default or (B) a default occurs with
respect to any Indebtedness of the Company or any Company Subsidiary that is subordinated to
the Notes, which default permits the holder or holders thereof (or any trustee or agent on
their behalf) to accelerate such Indebtedness (giving effect to any applicable grace
period), and, in the case of (A) or (B) the total amount of such Indebtedness unpaid or
accelerated or in default at the time exceeds $15.0 million; (v) final judgments against
Holdco or any of its Subsidiaries aggregating in excess of $15.0 million, which final
judgments remain unpaid, undischarged and unstayed for a period of more than 60 days after
such judgment becomes final; (vi) certain events of bankruptcy or insolvency with respect to
the Company or any of the Company’s Subsidiaries that is a Significant Subsidiary or any
group of Subsidiaries that, taken together, would constitute a Significant Subsidiary; (vii)
the Guarantee of any Significant Subsidiary (or any group of Subsidiaries that together
would constitute a Significant Subsidiary) shall for any reason cease to be in full force
and effect or be declared null and void or any responsible officer of any Guarantor that is
a Significant Subsidiary (or the responsible officers of any group of Subsidiaries that
together would constitute a Significant Subsidiary) of any Guarantor that is a Significant
Subsidiary, as the case may be, denies that it has any further liability under its Note
Guarantee or gives notice to such effect, other than by reason of the termination of the
related indenture or the release of any such Note Guarantee in accordance with the
Indenture; (viiii) for more than 45 days after receipt by the Company or any Company
Subsidiary of written notice given by the Trustee (acting at the written direction of the
Required Holders) or actual knowledge of the Company thereof, the representations and
warranties of Holdco or the Company contained in the Note Purchase Agreement, shall be
untrue in any respect on and as of the date such representations and warranties were made
(without regard to any qualification of “materiality,” “material” or “Material Adverse
Effect” contained therein), except where the failure or failures of such representations and
warranties to be true (a) did not have or would not have been reasonably expected to have or
has not had an Article 6 Material Adverse Effect, (b) would not materially impair the
ability of Holdco and its Subsidiaries, taken as a whole, to perform their obligations under
the Indenture, the Note Purchase Agreement, the Intercreditor Agreement or any Security
Documents, and (c) would not materially impair the rights and remedies of the Initial
Purchasers under this Indenture, the Note Purchase Agreement, the Intercreditor Agreement or
any Security Documents, taken as a whole; or (ix) at any time, (i) any Security Document
ceases to be in full force and effect (other than by reason of a release of Collateral in
accordance with the terms of the Indenture or thereof and the Intercreditor Agreement or the
satisfaction in full of the Obligations under the Indenture and the Notes in accordance with
the terms hereof) or shall be declared null and void, (ii) the Collateral Agent shall not
have or shall cease to have a valid and perfected Lien in any material portion of Collateral
purported to be covered by the Security Documents with the priority required by the relevant
Security Document and the Intercreditor Agreement, in each case for any reason other than
the failure of the Collateral Agent to take any action within its control, or (iii) Holdco
or any of its Subsidiaries shall contest the validity or enforceability of any Security
Document in writing or deny in writing that it has any further liability under any Security
Document to which it is a party. If any Event of Default occurs and is continuing, the
Trustee acting at the written direction of the Required Holders or the Required Holders may
declare all the Notes to be due and payable immediately by notice to the Company and the
Trustee specifying the Event of Default. Notwithstanding the foregoing, in the case of an
Event of Default arising from certain events of bankruptcy or insolvency, all outstanding
Notes will become due and payable immediately without further action or notice. Holders may
not enforce the Indenture or the Notes except as provided in the Indenture. Subject to
certain limitations, the Required Holders may direct the Trustee in its exercise of any
trust or power. The Trustee may withhold from Holders of the Notes notice of any continuing
Default or Event of Default (except a Default or Event of Default relating to the payment of
principal or interest or

A-1-7

 

premium, if any) if it determines that withholding notice is in their interest.
Holders of not less than a majority in aggregate principal amount of the then outstanding
Notes by notice to the Trustee may, on behalf of the Holders of all of the Notes, rescind an
acceleration or waive any existing Default or Event of Default and its consequences under
the Indenture except a continuing Default or Event of Default in the payment of principal
of, premium, if any, or interest on the Notes. The Company is required to deliver to the
Trustee annually a statement regarding compliance with the Indenture, and the Company is
required, upon becoming aware of any Default or Event of Default, to deliver to the Trustee
a statement specifying such Default or Event of Default.

          (14) Trustee Dealings with the Company. The Trustee, in its individual or any
other capacity, may make loans to, accept deposits from, and perform services for the
Company or its Affiliates, and may otherwise deal with the Company or its Affiliates, as if
it were not the Trustee.

          (15) No Recourse Against Others. A director, officer, employee, incorporator
or stockholder of the Company or any of the Guarantors, as such, will not have any liability
for any obligations of the Company or the Guarantors under the Notes, the Note Guarantees or
the Indenture or for any claim based on, in respect of, or by reason of, such obligations or
their creation. Each Holder by accepting a Note waives and releases all such liability.
The waiver and release are part of the consideration for the issuance of the Notes.

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

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

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

          (19) GOVERNING LAW. THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND
BE USED TO CONSTRUE THE INDENTURE, THIS NOTE AND THE NOTE GUARANTEES WITHOUT GIVING EFFECT
TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS
OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

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

MoneyGram Payment Systems Worldwide, Inc.

1550 Utica Avenue South

Suite 100

Minneapolis, MN 55416

Attention: Chief Financial Officer

A-1-8

 

Assignment Form

     To assign this Note, fill in the form below:

	 	 	 
	(I) or (we) assign and transfer this Note to:

	 	 
	 

	 	 
	 

	 	(Insert assignee’s legal name)

 

(Insert assignee’s soc. sec. or tax I.D. no.)

 

 

 

 

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

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

Date:                                                             

	 	 	 	 	 
	 

	 	Your Signature:
	 

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

Signature Guarantee*:                                                             

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

A-1-9

 

Option of Holder to Elect Purchase

     If you want to elect to have this Note purchased by the Company pursuant to Section 4.10 or
4.15 of the Indenture, check the appropriate box below:

o  Section 4.10               o  Section 4.15

     If you want to elect to have only part of the Note purchased by the Company pursuant to
Section 4.10 or Section 4.15 of the Indenture, state the amount you elect to have purchased:

$                                                             

Date:                                                             

	 	 	 	 	 
	 

	 	Your Signature:
	 

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

	 	 	 	 	 
	 

	 	Tax Identification No.:
	 	 

Signature Guarantee*:                                                             

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

A-1-10

 

Schedule of Exchanges of Interests in the Global Note*

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

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Principal Amount	 	 
	 	 	 	 	 	 	[at maturity] of	 	Signature of
	 	 	Amount of decrease	 	Amount of increase	 	this Global Note	 	authorized
	 	 	in Principal Amount	 	in Principal Amount	 	following such	 	signatory of
	 	 	[at maturity] of	 	[at maturity] of	 	decrease	 	Trustee or
	Date of Exchange	 	this Global Note	 	this Global Note	 	(or increase)	 	Custodian
	 

	 	 
	 	 
	 	 
	 	 
	 

	 	 
	 	 
	 	 
	 	 

     *     This schedule should be included only if the Note is issued in global form.

A-1-11

 

EXHIBIT A-2

[Face of Regulation S Temporary Global Note]

 

CUSIP U60982 AA0

ISIN USU60982AA07

13.25% Senior Secured Second Lien Notes due 2018

	 	 	 
	No.                     

	 	$                    

THIS DEBT INSTRUMENT IS BEING ISSUED WITH ORIGINAL ISSUE DISCOUNT FOR PURPOSES OF SECTIONS 1271,
1272, 1273 AND 1275 OF THE UNITED STATES INTERNAL REVENUE CODE OF 1986, AS AMENDED. THE CHIEF
FINANCIAL OFFICER OF MONEYGRAM PAYMENT SYSTEMS WORLDWIDE, INC. (THE “COMPANY”), AS A REPRESENTATIVE
OF THE COMPANY, WILL PROMPTLY MAKE AVAILABLE TO HOLDERS OF THIS DEBT INSTRUMENT UPON REQUEST THE
ISSUE PRICE, THE AMOUNT OF ORIGINAL ISSUE DISCOUNT, THE ISSUE DATE, AND THE YIELD TO MATURITY OF
THIS DEBT INSTRUMENT. THE ADDRESS OF THE CHIEF FINANCIAL OFFICER IS 1550 UTICA AVENUE SOUTH, SUITE
100, MINNEAPOLIS, MN 55416.

MONEYGRAM PAYMENT SYSTEMS WORLDWIDE, INC.

promises to pay to [                                        ] or registered assigns,

the principal sum of                                                                     
                                DOLLARS on March [___], 2018.

Interest Payment Dates: March 31, June 30, September 30 and December 31

Record Dates: March 15, June 15, September 15 and December 15

	 	 	 	 	 
	 	MONEYGRAM PAYMENT SYSTEMS WORLDWIDE, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

A-2-1

 

This is one of the Notes referred to

in the within-mentioned Indenture:

 

DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee

by: Deutsche Bank National Trust Company

	 	 	 	 	 
	By:

	 	 
	 	 
	 

	 	 	 	 
	 

	 	Authorized Signatory	 	 

Dated: [                                                            ], 2008

 

A-2-2

 

[Back of Regulation S Temporary Global Note]

13.25% Senior Secured Second Lien Note due 2018

THE RIGHTS ATTACHING TO THIS REGULATION S TEMPORARY GLOBAL NOTE, AND THE CONDITIONS AND PROCEDURES
GOVERNING ITS EXCHANGE FOR CERTIFICATED NOTES, ARE AS SPECIFIED IN THE INDENTURE (AS DEFINED
HEREIN). NEITHER THE HOLDER NOR THE BENEFICIAL OWNERS OF THIS REGULATION S TEMPORARY GLOBAL NOTE
SHALL BE ENTITLED TO RECEIVE PAYMENT OF INTEREST HEREON.

[Insert the Global Note Legend, if applicable, pursuant to the provisions of the Indenture.]

[Insert the Private Placement Legend, if applicable, pursuant to the provisions of the Indenture.]

     Capitalized terms used herein have the meanings assigned to them in the Indenture referred to
below unless otherwise indicated.

     (1) Interest. MoneyGram Payment Systems Worldwide, Inc., a Delaware
corporation (“Company”), promises to pay interest on the principal amount of this Note at
13.25% per annum from March 25, 2008 until maturity. The Company will pay interest
quarterly in arrears on March 31, June 30, September 30 and December 31 of each year, or if
any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest
Payment Date”). Interest on the Notes will accrue from the most recent date to which
interest has been paid or, if no interest has been paid, from the date of issuance; provided
that if there is no existing Default in the payment of interest, and if this Note is
authenticated between a Record Date referred to on the face hereof and the next succeeding
Interest Payment Date, interest shall accrue from such next succeeding Interest Payment
Date; provided, however, that the first Interest Payment Date shall be June 30, 2008. All
interest on this Note shall be paid in cash; provided, however, that with respect to any
Interest Payment Date prior the third anniversary of the Closing Date, the Company shall
have the option to elect to designate all or any portion of the principal amount of this
Note as being partially subject to payment of interest in kind (the portion of the principal
amount of this Note so designated being referred to as the “Partial PIK Portion”); in which
event (A) the Partial PIK Portion of this Note will be deemed to have accrued interest since
the most recent prior Interest Payment Date (or the Closing Date if there was no prior
Interest Payment Date) through such Interest Payment Date at a rate of 15.25% per annum, of
which (i) interest at the rate of 0.50% per annum shall be paid in cash on such Interest
Payment Date and (ii) interest at the rate of 14.75% shall be capitalized and added to the
principal amount of this Note on such Interest Payment Date, and (B) the portion of the
principal amount of this Note other than the Partial PIK Portion will be deemed to have
accrued interest since the most recent prior Interest Payment Date (or the Closing Date if
there was no prior Interest Payment Date) through such Interest Payment Date at a rate of
13.25% per annum, payable in cash quarterly in arrears on such Interest Payment Date. In
the event that the Company elects to designate any portion of this Note for any Interest
Payment Date as a Partial PIK Portion, it shall provide written notice to the Paying Agent,
no later than three Business Days prior to such Interest Payment Date of (i) the portion of
the principal amount of this Note so designated as the Partial PIK Portion, and (ii) the
aggregate principal amount of Notes outstanding after giving effect to the capitalization of
interest on the Partial PIK Portion. All references to the “principal” of the Notes shall
include interest accrued and capitalized as provided herein. During any period in which a
payment default or Event of Default under the Indenture has occurred and is continuing,
interest on all principal and overdue interest will accrue at a rate that is 2% higher than
the interest rate on the Notes. During such period, the Company will also pay any
post-petition interest in any

A-2-3

 

proceeding under any Bankruptcy Law. Such interest would be in addition to any additional
interest resulting from a payment default or other Event of Default. Interest will be
computed on the basis of a 360-day year of twelve 30-day months.

     Until this Regulation S Temporary Global Note is exchanged for one or more Regulation S
Permanent Global Notes, the Holder hereof shall not be entitled to receive payments of
interest hereon; until so exchanged in full, this Regulation S Temporary Global Note shall
in all other respects be entitled to the same benefits as other Notes under the Indenture.

     (2) Method of Payment. The Company will pay interest on the Notes (except
defaulted interest) to the Persons who are registered Holders of Notes at the close of
business on the March 15, June 15, September 15 and December 15 next preceding the Interest
Payment Date, even if such Notes are canceled after such Record Date and on or before such
Interest Payment Date, except as provided in Section 2.12 of the Indenture with respect to
defaulted interest. The Notes will be payable as to principal, premium, if any, and
interest at the office or agency of the Company maintained for such purpose within or
without the City and State of New York, or, at the option of the Company, payment of
interest may be made by check mailed to the Holders at their addresses set forth in the
register of Holders; provided that payment by wire transfer of immediately available funds
will be required with respect to principal of and interest, premium on all Notes the
Holders of which will have provided wire transfer instructions to the Company or the Paying
Agent. Such payment will be in such coin or currency of the United States of America as at
the time of payment is legal tender for payment of public and private debts.

     (3) Paying Agent and Registrar. Initially, Deutsche Bank Trust Company
Americas, the Trustee under the Indenture, will act as Paying Agent and Registrar. The
Company may change any Paying Agent or Registrar without notice to any Holder. The Company
or any of its Subsidiaries may act in any such capacity.

     (4) Indenture. The Company issued the Notes under an Indenture dated as of
March 25, 2008 (the “Indenture”) among the Company, the Guarantors party thereto, the
Collateral Agent and the Trustee. The terms of the Notes include those stated in the
Indenture. The Notes are subject to all such terms, and Holders are referred to the
Indenture for a statement of such terms. To the extent any provision of this Note conflicts
with the express provisions of the Indenture, the provisions of the Indenture shall govern
and be controlling. The Notes are secured Obligations of the Company.

     (5) Optional Redemption.

	 	(a)	 	At any time prior to the fifth anniversary of the Closing Date,
the Company may on any one or more occasions redeem all or any part of the
Notes, upon not less than 30 nor more than 60 days’ prior notice, at a
redemption price equal to 100% of the then outstanding principal amount plus
the Applicable Premium as of the date of redemption (the “Redemption Date”),
and, without duplication, accrued and unpaid interest to (but not including)
the Redemption Date, subject to the rights of Holders of Notes on the relevant
Record Date to receive interest due on the relevant Interest Payment Date.
	 
	 	(b)	 	Except pursuant to clause (a) or (d) of Section 3.07 of the
Indenture, the Notes will not be redeemable at the Company’s option prior to
the fifth anniversary of the Closing Date.

A-2-4

 

	 	(c)	 	On or after the fifth anniversary of the Closing Date, the
Company may on any one or more occasions redeem all or any part of the Notes,
upon not less than 30 nor more than 60 days’ prior notice, at the redemption
prices (expressed as percentages of the then outstanding principal amount of
Notes to be redeemed) set forth below, plus accrued and unpaid interest thereon
to (but not including) the applicable Redemption Date, if redeemed during the
twelve-month period beginning on dates indicated below, subject to the rights
of Holders of Notes on the relevant Record Date to receive interest on the
relevant Interest Payment Date:

	 	 	 	 	 
	Year	 	Percentage
	Fifth anniversary of the Closing Date
	 	 	106.625	%
	Sixth anniversary of the Closing Date
	 	 	104.417	%
	Seventh anniversary of the Closing Date
	 	 	103.313	%
	Eighth anniversary of the Closing Date and thereafter
	 	 	100.000	%

Unless the Company defaults in the payment of the redemption price, interest will
cease to accrue on the Notes or portions thereof called for redemption on the
applicable Redemption Date.

	 	(d)	 	At any time on or after the Sell Down Date and prior to the
fourth anniversary of the Closing Date, the Company may on any one or more
occasions redeem up to 35% of the aggregate principal amount of the Notes, upon
not less than 30 nor more than 60 days’ prior notice, at a redemption price
equal to 113.250% of the then outstanding principal amount thereof, plus
accrued and unpaid interest thereon to (but not including) the Redemption Date,
with the net cash proceeds of one or more Qualified Equity Offerings, subject
to the rights of Holders on the relevant Record Date to receive interest on the
relevant Interest Payment Date; provided that:

	 	(1)	 	at least 65% of the aggregate principal amount
of Notes originally issued under the Indenture, as such principal
amount shall have been increased through the capitalization of interest
(excluding Notes held by the Company and the Company Subsidiaries),
remains outstanding immediately after the occurrence of such
redemption; and
	 
	 	(2)	 	the redemption occurs within 90 days of the
date of the closing of such Qualified Equity Offering.

	 	(e)	 	Any redemption pursuant to Section 3.07 of the Indenture shall
be made pursuant to the provisions of Sections 3.01 through 3.06 of the
Indenture. Any optional redemption of Notes must relate to an aggregate
principal amount of Notes being redeemed of at least the lesser of (a) $5.0
million and (b) the remaining outstanding principal amount of such Notes.

     (6) Mandatory Redemption.

     (a) Except as set forth in clause (b) of this Section 6, the Company is not required to make
mandatory redemption or sinking fund payments with respect to the Notes.

A-2-5

 

     (b) Commencing with the first “accrual period” (as defined for purposes of the Code) ending
after the fifth anniversary of the Closing Date and continuing with each subsequent accrual period
thereafter, the Company shall pay in cash, on or before the end of such accrual period, an amount
equal to the sum of the accrued and unpaid PIK Interest and the accrued and unpaid original issue
discount (as defined for the purposes of the Code) (other than PIK Interest), with respect to the
Notes if, but only to the extent that, the aggregate amount of the sum of (i) the PIK Interest and
(ii) the original issue discount (other than PIK Interest), in each case that has accrued and not
been paid in cash from the Closing Date through the end of such accrual period on the Notes,
exceeds the product of the “issue price” (as defined for purposes of the Code) for the Notes and
the “yield to maturity” (as defined for purposes of the Code) on the Notes. Any such payment shall
first be allocated to the accrued and unpaid PIK Interest.

     (7) Repurchase at the Option of Holder. Upon the occurrence of a Change of
Control, the Company will make a Change of Control Offer in accordance with Section 4.15 of
the Indenture. In connection with certain Asset Sales, the Company will make an Asset Sale
Offer as and when provided in accordance with Section 4.10 of the Indenture.

     (8) Notice of Redemption. Subject to the provisions of Section 3.09 of the
Indenture, at least 30 days but not more than 60 days before a Redemption Date, the Company
will mail or cause to be mailed, by first class mail, a notice of redemption to each Holder
whose Notes are to be redeemed at its registered address, except that redemption notices may
be mailed more than 60 days prior to a Redemption Date if the notice is issued in connection
with a defeasance of the Notes or a satisfaction and discharge of the Indenture pursuant to
Articles 8 or 13 thereof. Notes in denominations larger than $2,000 may be redeemed in part
but only in whole multiples of $1,000, unless all of the Notes held by a Holder are to be
redeemed. On and after the Redemption Date, interest ceases to accrue on this Note or
portions hereof called for redemption.

     (9) Ranking and Collateral. The Notes and the Guarantees
are secured by a second-priority security interest in the Collateral pursuant to certain
Security Documents. The Second Priority Liens upon any and all Collateral are, to the
extent and in the manner provided in the Intercreditor Agreement, subordinate in ranking to
all present and future First Priority Liens as set forth in Article 11 of the Indenture and
in the Intercreditor Agreement.

     (10) Denominations, Transfer, Exchange. The Notes are in registered form
without coupons in initial denominations of $2,000 in principal amount and integral
multiples of $1,000 in excess thereof; provided, however, that payments of PIK Interest
shall be made in denominations of $1.00 and integral multiples of $1.00 rounded up to the
nearest whole dollar. The transfer of Notes may be registered and Notes may be exchanged as
provided in the Indenture. The Registrar and the Trustee may require a Holder, among other
things, to furnish appropriate endorsements and transfer documents and the Company may
require a Holder to pay any taxes and fees required by law or permitted by the Indenture.
The Company need not exchange or register the transfer of any Note or portion of a Note
selected for redemption, except for the unredeemed portion of any Note being redeemed in
part. Also, the Company need not exchange or register the transfer of any Notes for a
period of 15 days before the mailing of a notice of redemption of Notes to be redeemed or
during the period between a Record Date and the corresponding Interest Payment Date.

     (11) Persons Deemed Owners. The registered Holder of a Note shall be treated
as its owner for all purposes.

     (12) Amendment, Supplement and Waiver. The Indenture, the Notes or the Note
Guarantees may be amended or supplemented as provided in the Indenture.

A-2-6

 

     (13) Defaults and Remedies. Events of Default include: (i) default in
payment when due and payable, upon redemption, acceleration or otherwise, of the principal
of, or premium, if any, on the Notes issued under the Indenture; (ii) default for five
Business Days or more in the payment when due of interest on the Notes, (iii) (A) failure by
the Company to comply with its obligations under Sections 4.15 or 5.01 of the Indenture or
(B) failure by the Company or any Company Subsidiary for 45 days (30 days in respect of
Section 4.27 of the Indenture) after receipt of written notice given by the Trustee or the
actual knowledge of the Company of such failure, to comply with any of its other agreements
under the Indenture or the Notes to the extent such failure does not otherwise constitute a
Default under clause (i), (ii) or (iii)(A) above; (iv) (A) the failure by the Company or any
Company Subsidiary to pay any Indebtedness that is pari passu with the Notes within any
applicable grace period after final maturity or acceleration by the holders thereof because
of a default or (B) a default occurs with respect to any Indebtedness of the Company or any
Company Subsidiary that is subordinated to the Notes, which default permits the holder or
holders thereof (or any trustee or agent on their behalf) to accelerate such Indebtedness
(giving effect to any applicable grace period), and, in the case of (A) or (B) the total
amount of such Indebtedness unpaid or accelerated or in default at the time exceeds $15.0
million; (v) final judgments against Holdco or any of its Subsidiaries aggregating in excess
of $15.0 million, which final judgments remain unpaid, undischarged and unstayed for a
period of more than 60 days after such judgment becomes final; (vi) certain events of
bankruptcy or insolvency with respect to the Company or any of the Company’s Subsidiaries
that is a Significant Subsidiary or any group of Subsidiaries that, taken together, would
constitute a Significant Subsidiary; (vii) the Guarantee of any Significant Subsidiary (or
any group of Subsidiaries that together would constitute a Significant Subsidiary) shall for
any reason cease to be in full force and effect or be declared null and void or any
responsible officer of any Guarantor that is a Significant Subsidiary (or the responsible
officers of any group of Subsidiaries that together would constitute a Significant
Subsidiary) of any Guarantor that is a Significant Subsidiary, as the case may be, denies
that it has any further liability under its Note Guarantee or gives notice to such effect,
other than by reason of the termination of the related indenture or the release of any such
Note Guarantee in accordance with the Indenture; (viii) for more than 45 days after receipt
by the Company or any Company Subsidiary of written notice given by the Trustee (acting at
the written direction of the Required Holders) or actual knowledge of the Company thereof,
the representations and warranties of Holdco or the Company contained in the Note Purchase
Agreement, shall be untrue in any respect on and as of the date such representations and
warranties were made (without regard to any qualification of “materiality,” “material” or
“Material Adverse Effect” contained therein), except where the failure or failures of such
representations and warranties to be true (a) did not have or would not have been reasonably
expected to have or has not had an Article 6 Material Adverse Effect, (b) would not
materially impair the ability of Holdco and its Subsidiaries, taken as a whole, to perform
their obligations under the Indenture, the Note Purchase Agreement, the Intercreditor
Agreement or any Security Documents, and (c) would not materially impair the rights and
remedies of the Initial Purchasers under this Indenture, the Note Purchase Agreement, the
Intercreditor Agreement or any Security Documents, taken as a whole; or (ix) at any time,
(i) any Security Document ceases to be in full force and effect (other than by reason of a
release of Collateral in accordance with the terms of the Indenture or thereof and the
Intercreditor Agreement or the satisfaction in full of the Obligations under the Indenture
and the Notes in accordance with the terms hereof) or shall be declared null and void, (ii)
the Collateral Agent shall not have or shall cease to have a valid and perfected Lien in any
material portion of Collateral purported to be covered by the Security Documents with the
priority required by the relevant Security Document and the Intercreditor Agreement, in each
case for any reason other than the failure of the Collateral Agent to take any action within
its control, or (iii) Holdco or any of its Subsidiaries shall contest the validity or
enforceability of any Security Document in writing or deny in writing that it has any
further

A-2-7

 

liability under any Security Document to which it is a party. If any Event of Default
occurs and is continuing, the Trustee acting at the written direction of the Required
Holders or the Required Holders may declare all the Notes to be due and payable immediately
by notice to the Company and the Trustee specifying the Event of Default. Notwithstanding
the foregoing, in the case of an Event of Default arising from certain events of bankruptcy
or insolvency, all outstanding Notes will become due and payable immediately without further
action or notice. Holders may not enforce the Indenture or the Notes except as provided in
the Indenture. Subject to certain limitations, the Required Holders may direct the Trustee
in its exercise of any trust or power. The Trustee may withhold from Holders of the Notes
notice of any continuing Default or Event of Default (except a Default or Event of Default
relating to the payment of principal or interest or premium, if any,) if it determines that
withholding notice is in their interest. Holders of not less than a majority in aggregate
principal amount of the then outstanding Notes by notice to the Trustee may, on behalf of
the Holders of all of the Notes, rescind an acceleration or waive any existing Default or
Event of Default and its consequences under the Indenture except a continuing Default or
Event of Default in the payment of principal, premium, if any, or interest on the Notes.
The Company is required to deliver to the Trustee annually a statement regarding compliance
with the Indenture, and the Company is required, upon becoming aware of any Default or Event
of Default, to deliver to the Trustee a statement specifying such Default or Event of
Default.

     (14) Trustee Dealings with the Company. The Trustee, in its individual or any
other capacity, may make loans to, accept deposits from, and perform services for the
Company or its Affiliates, and may otherwise deal with the Company or its Affiliates, as if
it were not the Trustee.

     (15) No Recourse Against Others. A director, officer, employee, incorporator
or stockholder of the Company or any of the Guarantors, as such, will not have any liability
for any obligations of the Company or the Guarantors under the Notes, the Note Guarantees or
the Indenture or for any claim based on, in respect of, or by reason of, such obligations or
their creation. Each Holder by accepting a Note waives and releases all such liability.
The waiver and release are part of the consideration for the issuance of the Notes.

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

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

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

     (19) GOVERNING LAW. THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND
BE USED TO CONSTRUE THE INDENTURE, THIS NOTE AND THE NOTE GUARANTEES WITHOUT GIVING EFFECT
TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS
OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

A-2-8

 

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

MoneyGram Payment Systems Worldwide, Inc.

1550 Utica Avenue South

Suite 100

Minneapolis, MN 55416

Attention: Chief Financial Officer

A-2-9

 

Assignment Form

     To assign this Note, fill in the form below:

	 	 	 
	(I) or (we) assign and transfer this Note to:
	 	 
	 
	 	 
	 
	 	(Insert assignee’s legal name)

 

(Insert assignee’s soc. sec. or tax I.D. no.)

 

 

 

 

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

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

Date:                     

Your Signature:                                                             

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

Signature Guarantee*:                                         

 

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

A-2-10

 

Option of Holder to Elect Purchase

     If you want to elect to have this Note purchased by the Company pursuant to Section 4.10 or
4.15 of the Indenture, check the appropriate box below:

							
	 	 	 	 	 	 	 
	 	 	¬Section 4.10	 	¬Section 4.15	 	 

     If you want to elect to have only part of the Note purchased by the Company pursuant to
Section 4.10 or Section 4.15 of the Indenture, state the amount you elect to have purchased:

$                    

Date:                     

Your
Signature:                         
                                                            

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

Tax Identification No.:                                                                          

Signature Guarantee*:                                                             

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

A-2-11

 

Schedule of Exchanges of Interests in the Regulation S Temporary Global Note

     The following exchanges of a part of this Regulation S Temporary Global Note for an interest
in another Global Note, or exchanges of a part of another other Restricted Global Note for an
interest in this Regulation S Temporary Global Note, have been made:

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	Principal Amount	 	 
	 	 	 	 	Amount of	 	Amount of	 	[at maturity] of	 	Signature of
	 	 	 	 	decrease in	 	increase in	 	this Global Note	 	authorized
	 	 	 	 	Principal Amount	 	Principal Amount	 	following such	 	signatory of
	 	 	 	 	[at maturity] of	 	[at maturity] of	 	decrease	 	Trustee or
	Date of Exchange	 	this Global Note	 	this Global Note	 	(or increase)	 	Custodian

A-2-12

 

EXHIBIT B

FORM OF CERTIFICATE OF TRANSFER

MoneyGram Payment Systems Worldwide, Inc.

1550 Utica Avenue South

Suite 100

Minneapolis, MN 55416

Attention: [                    ]

[Registrar address block]

     Re: 13.25% Senior Secured Second Lien Notes due 2018

     Reference is hereby made to the Indenture, dated as of March 25, 2008 (the “Indenture”), among
MoneyGram Payment Systems Worldwide, Inc., a Delaware corporation, the Guarantors party thereto and
Deutsche Bank Trust Company Americas, as trustee and collateral agent . Capitalized terms used but
not defined herein shall have the meanings given to them in the Indenture.

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

[CHECK ALL THAT APPLY]

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

     2. o Check if Transferee will take delivery of a beneficial interest in the
Regulation S Temporary Global Note, the Regulation S Permanent Global Note or a Restricted
Definitive Note pursuant to Regulation S. The Transfer is being effected pursuant to and in
accordance with Rule 903 or Rule 904 under the Securities Act and, accordingly, the Transferor
hereby further certifies that (i) the Transfer is not being made to a Person in the United States
and (x) at the time the buy order was originated, the Transferee was outside the United States or
such Transferor and any Person acting on its behalf reasonably believed and believes that the
Transferee was outside the United States or (y) the transaction was executed in, on or through the
facilities of a designated offshore securities market and neither such Transferor nor any Person
acting on its behalf knows that the transaction was prearranged with a buyer in the United States,
(ii) no directed selling efforts have been made in contravention of the requirements of Rule 903(b)
or Rule 904(a) of Regulation S under the Securities Act (iii) the transaction is not part of a plan
or scheme to evade the registration requirements of the Securities Act and (iv) if the proposed
transfer is being made prior to the expiration of the Restricted Period, the transfer is not being

B-1

 

made to a U.S. Person or for the account or benefit of a U.S. Person (other than an Initial
Purchaser). Upon consummation of the proposed transfer in accordance with the terms of the
Indenture, the transferred beneficial interest or Definitive Note will be subject to the
restrictions on Transfer enumerated in the Private Placement Legend printed on the Regulation S
Permanent Global Note, the Regulation S Temporary Global Note and/or the Restricted Definitive Note
and in the Indenture and the Securities Act.

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

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

or

     (b) o such Transfer is being effected to the Company or a subsidiary thereof;

or

     (c) o such Transfer is being effected pursuant to an effective registration
statement under the Securities Act and in compliance with the prospectus delivery
requirements of the Securities Act;

or

     (d) o such Transfer is being effected to an Institutional Accredited Investor
and pursuant to an exemption from the registration requirements of the Securities Act
other than Rule 144A, Rule 144, Rule 903 or Rule 904, and the Transferor hereby further
certifies that it has not engaged in any general solicitation within the meaning of
Regulation D under the Securities Act and the Transfer complies with the transfer
restrictions applicable to beneficial interests in a Restricted Global Note or Restricted
Definitive Notes and the requirements of the exemption claimed, which certification is
supported by (1) a certificate executed by the Transferee in the form of Exhibit F to the
Indenture and (2) if such Transfer is in respect of a principal amount of Notes at the
time of transfer of less than $250,000, an Opinion of Counsel provided by the Transferor
or the Transferee (a copy of which the Transferor has attached to this certification), to
the effect that such Transfer is in compliance with the Securities Act. Upon consummation
of the proposed transfer in accordance with the terms of the Indenture, the transferred
beneficial interest or Definitive Note will be subject to the restrictions on transfer
enumerated in the Private Placement Legend printed on the IAI Global Note and/or the
Restricted Definitive Notes and in the Indenture and the Securities Act.

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

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

B-2

 

Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in
the Indenture.

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

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

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

	 	 	 	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	 	 	 
	 

	 	 	 	[Insert Name of Transferor]
	 
	 	 	 	 
	 
	 	 	 	 
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Name:
	 

	 	 	 	Title:

	 	 	 	 	 
	     Dated:

	 	 	 	 
	 

	 	 	 	 

B-3

 

ANNEX A TO CERTIFICATE OF TRANSFER

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

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

	 	(a)	 	o a beneficial interest in the:

	 	(i)	 	o 144A Global Note (CUSIP 60936P AA5), or
	 
	 	(ii)	 	o Regulation S Global Note (CUSIP U60982 AA0), or

	 	(b)	 	o a Restricted Definitive Note.

	 	2.	 	After the Transfer the Transferee will hold:

[CHECK ONE]

	 	(a)	 	o a beneficial interest in the:

	 	(i)	 	o 144A Global Note (CUSIP 60936P AA5), or
	 
	 	(ii)	 	o Regulation S Global Note (CUSIP U60982 AA0), or
	 
	 	(iii)	 	o Unrestricted Global Note, ([     ]) [     ]), or

	 	(b)	 	o a Restricted Definitive Note, or
	 
	 	(c)	 	o an Unrestricted Definitive Note, in accordance with the terms of the Indenture.

B-4

 

EXHIBIT C

FORM OF CERTIFICATE OF EXCHANGE

MoneyGram Payment Systems Worldwide, Inc.

1550 Utica Avenue South

Suite 100

Minneapolis, MN 55416

Attention: [                    ]

[Registrar address block]

     Re: 13.25% Senior Secured Second Lien Notes due 2018

(CUSIP                     )

     Reference is hereby made to the Indenture, dated as of March 25, 2008 (the “Indenture”), among
MoneyGram Payment Systems Worldwide, Inc., a Delaware corporation, the Guarantors party thereto and
Deutsche Bank Trust Company Americas, as trustee and collateral agent. Capitalized terms used but
not defined herein shall have the meanings given to them in the Indenture.

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

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

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

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

     (c) o Check if Exchange is from Restricted Definitive Note to beneficial interest in an
Unrestricted Global Note. In connection with the Owner’s Exchange of a Restricted Definitive Note
for a beneficial interest in an Unrestricted Global Note, the Owner hereby certifies (i) the
beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such
Exchange has been effected in

C-1

 

compliance with the transfer restrictions applicable to Restricted Definitive Notes and
pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained
in the Indenture and the Private Placement Legend are not required in order to maintain compliance
with the Securities Act and (iv) the beneficial interest is being acquired in compliance with any
applicable blue sky securities laws of any state of the United States.

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

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

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

     (b) o Check if Exchange is from Restricted Definitive Note to beneficial interest in a
Restricted Global Note. In connection with the Exchange of the Owner’s Restricted Definitive Note
for a beneficial interest in the [CHECK ONE] o Restricted Global Note, o Regulation S Global Note
with an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being
acquired for the Owner’s own account without transfer and (ii) such Exchange has been effected in
compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to
and in accordance with the Securities Act, and in compliance with any applicable blue sky
securities laws of any state of the United States. Upon consummation of the proposed Exchange in
accordance with the terms of the Indenture, the beneficial interest issued will be subject to the
restrictions on transfer enumerated in the Private Placement Legend printed on the relevant
Restricted Global Note and in the Indenture and the Securities Act.

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

	 	 	 	 	 
	 

	 	 	 	 
	 

	 	 	 	 
	 

	 	 	 	[Insert Name of Transferor]
	 
	 	 	 	 
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Name:
	 

	 	 	 	Title:

	 	 	 	 	 
	                    Dated:

	 	 	 	 
	 

	 	 	 	 

C-2

 

EXHIBIT D

[FORM OF NOTATION OF GUARANTEE]

     For value received, each Guarantor (which term includes any successor Person under the
Indenture) has, jointly and severally, unconditionally guaranteed, to the extent set forth in the
Indenture and subject to the provisions in the Indenture dated as of March 25, 2008 (the
“Indenture”) among MoneyGram Payment Systems Worldwide, Inc., (the “Company”), the Guarantors party
thereto and Deutsche Bank Trust Company Americas, as trustee (the “Trustee”) and as collateral
agent, (a) the due and punctual payment of the principal of, premium, if any, and interest on, the
Notes, whether at maturity, by acceleration, redemption or otherwise, the due and punctual payment
of interest on overdue principal of and interest on the Notes, if any, if lawful, and the due and
punctual performance of all other obligations of the Company to the Holders or the Trustee all in
accordance with the terms of the Indenture and (b) in case of any extension of time of payment or
renewal of any Notes or any of such other obligations, that the same will be promptly paid in full
when due or performed in accordance with the terms of the extension or renewal, whether at stated
maturity, by acceleration or otherwise. The obligations of the Guarantors to the Holders of Notes
and to the Trustee pursuant to the Note Guarantee and the Indenture are expressly set forth in
Article 10 of the Indenture and reference is hereby made to the Indenture for the precise terms of
the Note Guarantee. Each Holder of a Note, by accepting the same, (a) agrees to and shall be bound
by such provisions (b) authorizes and directs the Trustee, on behalf of such Holder, to take such
action as may be necessary or appropriate to effectuate the subordination as provided in the
Indenture and (c) appoints the Trustee attorney-in-fact of such Holder for such purpose.

     Capitalized terms used but not defined herein have the meanings given to them in the
Indenture.

	 	 	 	 	 
	 	 	[Name of Guarantor(s)]
	 
	 	 	 	 
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	 	 	Name:
	 

	 	 	 	Title:

D-1

 

EXHIBIT E

[FORM OF SUPPLEMENTAL INDENTURE

TO BE DELIVERED BY SUBSEQUENT GUARANTORS]

     Supplemental Indenture (this “Supplemental Indenture”), dated as of                     ,
200___, among                      (the “Guaranteeing Subsidiary”), a subsidiary of
                     (or its permitted successor), a [Delaware] corporation (the “Company”), the
other Guarantors (as defined in the Indenture referred to herein),                     , as
collateral agent, and                     , as trustee under the Indenture referred to below (the
“Trustee”).

W I T N E S S E T H

     WHEREAS, the Company has heretofore executed and delivered to the Trustee an indenture (the
“Indenture”), dated as of March 25, 2008 providing for the issuance of 13.25% Senior Secured Second
Lien Notes due 2018 (the “Notes”);

     WHEREAS, the Indenture provides that under certain circumstances the Guaranteeing Subsidiary
shall execute and deliver to the Trustee a supplemental indenture pursuant to which the
Guaranteeing Subsidiary shall unconditionally guarantee all of the Company’s Obligations under the
Notes and the Indenture on the terms and conditions set forth herein (the “Note Guarantee”); and

     WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is authorized to execute and
deliver this Supplemental Indenture.

     NOW, THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the receipt of which is hereby acknowledged, the Guaranteeing Subsidiary and the
Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes
as follows:

     1. Capitalized Terms. Capitalized terms used herein without definition shall have
the meanings assigned to them in the Indenture.

     2. Agreement to Guarantee. The Guaranteeing Subsidiary hereby agrees to provide an
unconditional Guarantee on the terms and subject to the conditions set forth in the Note Guarantee
and in the Indenture including but not limited to Article 10 thereof.

     4. No Recourse Against Others. No past, present or future director, officer,
employee, incorporator, stockholder or agent of the Guaranteeing Subsidiary, as such, shall have
any liability for any obligations of the Company or any Guaranteeing Subsidiary under the Notes,
any Note Guarantees, the Indenture or this Supplemental Indenture or for any claim based on, in
respect of, or by reason of, such obligations or their creation. Each Holder of the Notes by
accepting a Note waives and releases all such liability. The waiver and release are part of the
consideration for issuance of the Notes. Such waiver may not be effective to waive liabilities
under the federal securities laws and it is the view of the SEC that such a waiver is against
public policy.

     5. NEW YORK LAW TO GOVERN. THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED
TO CONSTRUE THIS SUPPLEMENTAL INDENTURE 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.

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

E-1

 

     7. Effect of Headings. The Section headings herein are for convenience only and
shall not affect the construction hereof.

     8. The Trustee. The Trustee shall not be responsible in any manner whatsoever for or
in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of
the recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiary
and the Company.

E-2

 

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

     Dated:                     , 20     

	 	 	 	 	 
	 	[Guaranteeing Subsidiary]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	[Company]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	[Existing Guarantors]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	[Trustee],

as Trustee

 	 
	 	By:  	 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 
	 	 	 
	 	By:  	
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 
	 	[Collateral Agent],

as Collateral Agent

 	 
	 	By:  	 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 
	 	 	 
	 	By:  	
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 

E-3

 

EXHIBIT F

[FORM OF CERTIFICATE TO BE DELIVERED BY

ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR]

MoneyGram Payment Systems Worldwide, Inc.

1550 Utica Avenue South

Suite 100

Minneapolis, MN 55416

Attention: [                    ]

[Registrar address block]

     Re: 13.25% Senior Secured Second Lien Notes due 2018

(CUSIP                     )

     Reference is hereby made to the Indenture, dated as of March 25, 2008 (the “Indenture”), among
MoneyGram Payment Systems Worldwide, Inc., a Delaware corporation, the Guarantors party thereto and
Deutsche Bank Trust Company Americas, as trustee and collateral agent. Capitalized terms used but
not defined herein shall have the meanings given to them in the Indenture.

In connection with our proposed purchase of $                     aggregate principal amount at maturity of
the Notes, we confirm that:

     1. We understand that any subsequent transfer of the Notes or any interest therein is subject
to certain restrictions and conditions set forth in the Indenture and the undersigned agrees to be
bound by, and not to resell, pledge or otherwise transfer the Notes or any interest therein except
in compliance with, such restrictions and conditions and the Securities Act of 1933, as amended
(the “Securities Act”).

     2. We understand that the offer and sale of the Notes have not been registered under the
Securities Act, and that the Notes and any interest therein may not be offered or sold except as
permitted in the following sentence. We agree, on our own behalf and on behalf of any accounts for
which we are acting as hereinafter stated, that if we should sell the Notes or any interest
therein, we will do so only (A) to the Company or any subsidiary thereof, (B) in accordance with
Rule 144A under the Securities Act to a “qualified institutional buyer” (as defined therein), (C)
to an institutional “accredited investor” (as defined below) that, prior to such transfer,
furnishes (or has furnished on its behalf by a U.S. broker-dealer) to you and to the Company a
signed letter substantially in the form of this letter and an Opinion of Counsel in form reasonably
acceptable to the Company to the effect that such transfer is in compliance with the Securities
Act, (D) outside the United States in accordance with Rule 904 of Regulation S under the Securities
Act, (E) pursuant to the provisions of Rule 144(k) under the Securities Act or (F) pursuant to an
effective registration statement under the Securities Act, and we further agree to provide to any
Person purchasing the Definitive Note or beneficial interest in a Global Note from us in a
transaction meeting the requirements of clauses (A) through (E) of this paragraph a notice advising
such purchaser that resales thereof are restricted as stated herein.

     3. We understand that, on any proposed resale of the Notes or beneficial interest therein, we
will be required to furnish to you and the Company such certifications, legal opinions and other
information as you and the Company may reasonably require to confirm that the proposed sale
complies

F-1

 

with the foregoing restrictions. We further understand that the Notes purchased by us will
bear a legend to the foregoing effect.

     4. We are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or
(7) of Regulation D under the Securities Act) and have such knowledge and experience in financial
and business matters as to be capable of evaluating the merits and risks of our investment in the
Notes, and we and any accounts for which we are acting are each able to bear the economic risk of
our or its investment.

     5. We are acquiring the Notes or beneficial interest therein purchased by us for our own
account or for one or more accounts (each of which is an institutional “accredited investor”) as to
each of which we exercise sole investment discretion.

     You are entitled to rely upon this letter and are irrevocably authorized to produce this
letter or a copy hereof to any interested party in any administrative or legal proceedings or
official inquiry with respect to the matters covered hereby.

	 	 	 	 	 
	 	

 
     [Insert Name of Acquiring Accredited Investor]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 
	Dated:                                         

F-2

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