Document:

Exhibit
10.2

 

Negotiable Promissory Note

 

	
  DATED:

  	
   

  	
  June 5, 2003

  	
   

  	
  PAYABLE:  Installments

  

 

AMOUNT:  $356,000.00

 

For value received, Husker Ag, LLC, promises to pay to
the order of Fagen, Inc. at 501 W. Highway 212, P.O. Box 159, Granite Falls,
Minnesota 56241 or at any other place designated from time to time in writing
by the holder hereof, in lawful money of the United States of America, the
principal sum of Three Hundred Fifty-six Thousand and no/100 Dollars
($356,000.00).

 

Interest/payment.  The unpaid principal balance shall accrue
interest at the same rate being charged by the senior lender of Husker Ag, LLC
to Husker Ag, LLC, as such rate may change from time to tome.  On each anniversary of this Negotiable Promissory
Note, any unpaid accrued interest shall be converted to principal and shall
accrue interest as principal thereafter. 
Owner shall pay said Negotiable Promissory Note as soon as allowed by
the senior lender of Husker Ag, LLC; and in any event, this Negotiable
Promissory Note, plus accrued interest, shall balloon and be paid on the third
anniversary of this Negotiable Promissory Note.  All payments shall be applied first to accrued interest and then
to principal.

 

Security.  The amounts owed pursuant to this Negotiable
Promissory Note are unsecured.

 

Prepayment.  The Borrower is authorized to prepay any
portion of this Note.

 

Default.  If Borrower fails to make any payments due
under this Note when due, then, the holder hereof may accelerate the entire
balance of this Note and declare the same immediately due and payable without
further notice or demand.  Borrower
shall pay all costs and expenses of collection or foreclosure, including,
without limitation, reasonable attorneys’ fees, except to the extent limited or
prohibited by applicable law.  Any
written notice to Borrower hereunder shall be by certified mail, postage
prepaid, and addressed to the Borrower at the property address or at such other
address as Borrower designates by written notice to Fagen, Inc.

 

No delay or omission on the part of the holder in
exercising any right hereunder shall operate as a waiver of such right or of
any other remedy under this Note.  A
waiver on any one occasion shall not be construed as a waiver of any such right
or remedy on a future occasion.

 

	
   

  	
  Dated:

  	
  6/10/2003

  	
   

  

 

	
   

  	
  HUSKER AG, LLC

  
	
   

  	
   

  
	
   

  	
  By

  	
  Gary Kuester

  	
   

  
	
   

  	
   

  	
  Its

  	
  PresidentExhibit
10.68

 

EXECUTION
COPY

 

Nextel Partners, Inc.

to

The Bank of New York

Trustee

Indenture

Dated as of June 23, 2003

81/8% Senior Notes due 2011

 

 

Nextel
Partners, Inc.

 

Reconciliation
and tie between Trust Indenture Act

of 1939 and Indenture, dated as of June 23, 2003

 

	
  Trust Indenture

  Act Section

  	
   

  	
  Indenture

  Section

  
	
  Section 310(a)(1)

  	
   

  	
  6.09

  
	
                     (a)(2)

  	
   

  	
  6.09

  
	
                     (a)(3)

  	
   

  	
  Not Applicable

  
	
                     (a)(4)

  	
   

  	
  Not Applicable

  
	
                     (a)(5)

  	
   

  	
  6.09

  
	
                     (b)

  	
   

  	
  6.08, 6.10

  
	
  Section 311(a)

  	
   

  	
  6.13

  
	
                     (b)

  	
   

  	
  6.13

  
	
                     (c)

  	
   

  	
  6.13

  
	
  Section 312(a)

  	
   

  	
  7.01, 7.02

  
	
                     (b)

  	
   

  	
  7.02(b)

  
	
                     (c)

  	
   

  	
  7.02(c)

  
	
  Section 313(a)

  	
   

  	
  7.03

  
	
                     (b)

  	
   

  	
  7.03

  
	
                     (c)

  	
   

  	
  7.03

  
	
                     (d)

  	
   

  	
  7.03(b)

  
	
  Section 314(a)(1)-(3)

  	
   

  	
  7.04

  
	
                     (a)(4)

  	
   

  	
  10.17

  
	
                     (b)

  	
   

  	
  Not Applicable

  
	
                     (c)(1)

  	
   

  	
  1.02, 4.01, 12.04

  
	
                     (c)(2)

  	
   

  	
  1.02, 4.01, 12.04

  
	
                     (c)(3)

  	
   

  	
  12.04

  
	
                     (d)

  	
   

  	
  Not Applicable

  
	
                     (e)

  	
   

  	
  1.02

  
	
  Section 315(a)

  	
   

  	
  6.01, 6.03

  
	
                     (b)

  	
   

  	
  6.02

  
	
                     (c)

  	
   

  	
  6.01

  
	
                     (d)

  	
   

  	
  6.01

  
	
                     (e)

  	
   

  	
  5.14

  
	
  Section 316(a)(1)(A)

  	
   

  	
  5.12

  
	
                     (a)(1)(B)

  	
   

  	
  5.13

  
	
                     (a)(2)

  	
   

  	
  Not Applicable

  
	
                     (b)

  	
   

  	
  5.08

  
	
                     (c)

  	
   

  	
  1.04

  
	
  Section 317(a)(1)

  	
   

  	
  5.03

  
	
                     (a)(2)

  	
   

  	
  5.04

  
	
                     (b)

  	
   

  	
  10.03

  
	
  Section 318(a)

  	
   

  	
  1.07

  

 

 

TABLE
OF CONTENTS

 

	
  ARTICLE 1. 
  DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION

  
	
   

  	
   

  
	
  Section 1.01.

  	
  Definitions.

  
	
  Section 1.02.

  	
  Compliance
  Certificates and Opinions.

  
	
  Section 1.03.

  	
  Form
  of Documents Delivered to Trustee.

  
	
  Section 1.04.

  	
  Acts
  of Holders; Record Dates.

  
	
  Section 1.05.

  	
  Notices,
  Etc., to Trustee and Company.

  
	
  Section 1.06.

  	
  Notice
  to Holders; Waiver.

  
	
  Section 1.07.

  	
  Conflict
  with Trust Indenture Act.

  
	
  Section 1.08.

  	
  Effect
  of Headings and Table of Contents.

  
	
  Section 1.09.

  	
  Successors
  and Assigns.

  
	
  Section 1.10.

  	
  Separability
  Clause.

  
	
  Section 1.11.

  	
  Benefits
  of Indenture.

  
	
  Section 1.12.

  	
  Governing
  Law.

  
	
  Section 1.13.

  	
  Legal
  Holidays.

  
	
  Section 1.14.

  	
  No
  Recourse Against Others.

  
	
   

  	
   

  
	
  ARTICLE 2.  SECURITY FORMS

  
	
   

  
	
  Section 2.01.

  	
  Forms
  Generally.

  
	
  Section 2.02.

  	
  Form
  of Face of Security.

  
	
  Section 2.03.

  	
  Form
  of Reverse of Security.

  
	
  Section 2.04.

  	
  Form
  of Trustee’s Certificate of Authentication.

  
	
  Section 2.05.

  	
  Restrictive
  Legends.

  
	
   

  	
   

  
	
  ARTICLE 3.  THE SECURITIES

  
	
   

  
	
  Section 3.01.

  	
  Title
  and Terms.

  
	
  Section 3.02.

  	
  Denominations.

  
	
  Section 3.03.

  	
  Execution,
  Authentication, Delivery and Dating.

  
	
  Section 3.04.

  	
  Temporary
  Securities.

  
	
  Section 3.05.

  	
  Registration,
  Registration of Transfer and Exchange.

  
	
  Section 3.06.

  	
  Book-Entry
  Provisions for Global Security.

  
	
  Section 3.07.

  	
  Special
  Transfer Provisions.

  
	
  Section 3.08.

  	
  Mutilated,
  Destroyed, Lost and Stolen Securities.

  
	
  Section 3.09.

  	
  Payment
  of Interest; Interest Rights Preserved.

  
	
  Section 3.10.

  	
  Persons
  Deemed Owners.

  
	
  Section 3.11.

  	
  Cancellation.

  
	
  Section 3.12.

  	
  Computation
  of Interest.

  
	
  Section 3.13.

  	
  CUSIP,
  CINS and ISIN Numbers.

  
	
   

  	
   

  
	
  ARTICLE 4.  SATISFACTION AND
  DISCHARGE

  
	
   

  	
   

  
	
  Section 4.01.

  	
  Satisfaction
  and Discharge of Indenture.

  

 

ii

 

	
  Section 4.02.

  	
  Application
  of Trust Money.

  
	
   

  	
   

  
	
  ARTICLE 5.  REMEDIES

  
	
   

  
	
  Section 5.01.

  	
  Events
  of Default.

  
	
  Section 5.02.

  	
  Acceleration
  of Maturity; Rescission and Annulment.

  
	
  Section 5.03.

  	
  Collection
  of Indebtedness and Suits for Enforcement by Trustee.

  
	
  Section 5.04.

  	
  Trustee
  May File Proofs of Claim.

  
	
  Section 5.05.

  	
  Trustee
  May Enforce Claims Without Possession of Securities.

  
	
  Section 5.06.

  	
  Application
  of Money Collected.

  
	
  Section 5.07.

  	
  Limitation
  on Suits.

  
	
  Section 5.08.

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

  
	
  Section 5.09.

  	
  Restoration
  of Rights and Remedies.

  
	
  Section 5.10.

  	
  Rights
  and Remedies Cumulative.

  
	
  Section 5.11.

  	
  Delay
  or Omission Not Waiver.

  
	
  Section 5.12.

  	
  Control
  by Holders.

  
	
  Section 5.13.

  	
  Waiver
  of Past Defaults.

  
	
  Section 5.14.

  	
  Undertaking
  for Costs.

  
	
  Section 5.15.

  	
  Waiver
  of Stay of Extension Laws.

  
	
   

  	
   

  
	
  ARTICLE 6.  THE TRUSTEE

  
	
   

  
	
  Section 6.01.

  	
  Certain
  Duties and Responsibilities.

  
	
  Section 6.02.

  	
  Notice
  of Defaults.

  
	
  Section 6.03.

  	
  Certain
  Rights of Trustee.

  
	
  Section 6.04.

  	
  Not
  Responsible for Recitals or Issuance of Securities.

  
	
  Section 6.05.

  	
  May
  Hold Securities.

  
	
  Section 6.06.

  	
  Money
  Held in Trust.

  
	
  Section 6.07.

  	
  Compensation
  and Reimbursement.

  
	
  Section 6.08.

  	
  Conflicting
  Interests.

  
	
  Section 6.09.

  	
  Corporate
  Trustee Required; Eligibility.

  
	
  Section 6.10.

  	
  Resignation
  and Removal; Appointment of Successor.

  
	
  Section 6.11.

  	
  Acceptance
  of Appointment by Successor.

  
	
  Section 6.12.

  	
  Merger,
  Conversion, Consolidation or Succession to Business.

  
	
  Section 6.13.

  	
  Preferential
  Collection of Claims Against Company.

  
	
  Section 6.14.

  	
  Appointment
  of Authenticating Agent.

  
	
   

  	
   

  
	
  ARTICLE 7.  HOLDERS’ LISTS AND
  REPORTS BY TRUSTEE AND COMPANY

  
	
   

  
	
  Section 7.01.

  	
  Company
  to Furnish Trustee Names and Addresses of Holders.

  
	
  Section 7.02.

  	
  Preservation
  of Information; Communications to Holders.

  
	
  Section 7.03.

  	
  Reports
  by Trustee.

  
	
  Section 7.04.

  	
  Reports
  by Company.

  
	
   

  	
   

  
	
  ARTICLE 8.  CONSOLIDATION,
  MERGER, CONVEYANCE, TRANSFER OR LEASE

  

 

iii

 

	
  Section 8.01.

  	
  Company
  May Consolidate, Etc. Only on Certain Terms.

  
	
  Section 8.02.

  	
  Successor
  Substituted.

  
	
   

  	
   

  
	
  ARTICLE 9.  SUPPLEMENTAL
  INDENTURES

  
	
   

  
	
  Section 9.01.

  	
  Supplemental
  Indentures Without Consent of Holders.

  
	
  Section 9.02.

  	
  Supplemental
  Indenture with Consent of Holders.

  
	
  Section 9.03.

  	
  Execution
  of Supplemental Indentures.

  
	
  Section 9.04.

  	
  Effect
  of Supplemental Indentures.

  
	
  Section 9.05.

  	
  Conformity
  with Trust Indenture Act.

  
	
  Section 9.06.

  	
  Reference
  in Securities to Supplemental Indentures.

  
	
   

  	
   

  
	
  ARTICLE 10.  COVENANTS 

  
	
   

  
	
  Section 10.01.

  	
  Payment
  of Principal, Premium and Interest.

  
	
  Section 10.02.

  	
  Maintenance
  of Office or Agency.

  
	
  Section 10.03.

  	
  Money
  for Security Payments to be Held in Trust.

  
	
  Section 10.04.

  	
  Existence.

  
	
  Section 10.05.

  	
  Maintenance
  of Properties.

  
	
  Section 10.06.

  	
  Payment
  of Taxes and Other Claims.

  
	
  Section 10.07.

  	
  Maintenance
  of Insurance.

  
	
  Section 10.08.

  	
  Limitation
  on Consolidated Debt.

  
	
  Section 10.09.

  	
  Limitation
  on Restricted Payments.

  
	
  Section 10.10.

  	
  Restricted
  Subsidiaries.

  
	
  Section 10.11.

  	
  Transactions
  with Affiliates.

  
	
  Section 10.12.

  	
  Liens.

  
	
  Section 10.13.

  	
  Change
  of Control.

  
	
  Section 10.14.

  	
  Dividend
  and Other Payment Restrictions Affecting Subsidiaries.

  
	
  Section 10.15.

  	
  Activities
  of the Company and Restricted Subsidiaries.

  
	
  Section 10.16.

  	
  Provision
  of Financial Information.

  
	
  Section 10.17.

  	
  Statement
  by Officers as to Default: Compliance Certificates.

  
	
  Section 10.18.

  	
  Waiver
  of Certain Covenants.

  
	
  Section 10.19.

  	
  Limitation
  on Issuances and Sales of Equity Interests in Wholly Owned Subsidiaries.

  
	
  Section 10.20.

  	
  Payments
  for Consent.

  
	
  Section 10.21.

  	
  Asset
  Sales.

  
	
   

  	
   

  
	
  ARTICLE 11.  REDEMPTION OF
  SECURITIES

  
	
   

  
	
  Section 11.01.

  	
  Right
  of Redemption.

  
	
  Section 11.02.

  	
  Applicability
  of Article.

  
	
  Section 11.03.

  	
  Election
  to Redeem; Notice to Trustee.

  
	
  Section 11.04.

  	
  Selection
  by Trustee of Securities to Be Redeemed.

  
	
  Section 11.05.

  	
  Notice
  of Redemption.

  
	
  Section 11.06.

  	
  Deposit
  of Redemption Price.

  
	
  Section 11.07.

  	
  Securities
  Payable on Redemption Date.

  
	
  Section 11.08.

  	
  Securities
  Redeemed in Part.

  
			

 

iv

 

	
  ARTICLE 12.  DEFEASANCE AND
  COVENANT DEFEASANCE

  
	
   

  
	
  Section 12.01.

  	
  Company’s
  Option to Effect Defeasance or Covenant Defeasance.

  
	
  Section 12.02.

  	
  Defeasance
  and Discharge

  
	
  Section 12.03.

  	
  Covenant
  Defeasance.

  
	
  Section 12.04.

  	
  Conditions
  to Defeasance or Covenant Defeasance.

  
	
  Section 12.05.

  	
  Deposited
  Money and U.S. Government Obligations to Be Held in Trust; Miscellaneous
  Provisions.

  
	
  Section 12.06.

  	
  Reinstatement.

  

 

EXHIBITS

 

	
  EXHIBIT
  A

  	
  Form
  of Certificate to Be Delivered in Connection with Transfers Pursuant to
  Regulation S

  
	
   

  	
   

  
	
  EXHIBIT
  B

  	
  Form
  of Certificate to Be Delivered in Connection with Transfers to Non-QIB
  Institutional Accredited Investors

  
	
   

  	
   

  
	
  EXHIBIT
  C

  	
  Form
  of Certificate to Be Delivered in Connection with Transfers Pursuant to
  Regulation S

  

 

v

 

INDENTURE, dated as of
June 23, 2003, between Nextel Partners, Inc., a Delaware corporation
(herein called the “Company”), having its principal office at 4500 Carillon
Point, Kirkland, Washington  98033 and
The Bank of New York, as Trustee (herein called the “Trustee”).

 

RECITALS OF THE COMPANY

 

The Company has duly
authorized the creation of an issue of its Senior Notes due 2011 of
substantially the tenor and amount hereinafter set forth, and to provide
therefor the Company has duly authorized the execution and delivery of this
Indenture.

 

All things necessary to
make the Securities, when executed by the Company and authenticated and
delivered hereunder and duly issued by the Company, the valid obligations of
the Company, and to make this Indenture a valid agreement of the Company, in
accordance with their and its terms, have been done.

 

NOW, THEREFORE, THIS
INDENTURE WITNESSETH:

 

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

 

ARTICLE
1.

Definitions
and Other Provisions

of General Application

 

Section 1.01.                             Definitions.

 

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

 

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

 

(2)                                  all other terms used herein which
are defined in the Trust Indenture Act, either directly or by reference
therein, have the meanings assigned to them therein;

 

(3)                                  whenever this Indenture requires
that a particular ratio or amount be calculated with respect to a specified
period after giving effect to certain transactions or events on a pro  forma
basis, such calculation will be made as if the transactions or events occurred
on the first day of such period, unless otherwise specified herein, and all
accounting terms not otherwise defined herein have the meanings assigned to
them in accordance with generally accepted accounting principles (whether or
not such is indicated herein), and, except as otherwise herein expressly provided,
the term “generally accepted accounting principles” with respect to any
computation required or permitted hereunder shall mean such accounting
principles as are generally accepted at the date of such computation;

 

 

(4)                                  unless the context otherwise requires,
any reference to an “Article” or a “Section” refers to an Article or Section,
as the case may be, of this Indenture;

 

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

 

(6)                                  each reference herein to a rule or
form of the Commission shall mean such rule or form and any rule or form
successor thereto, in each case as amended from time to time.

 

Certain terms, used principally
in Article 6, are defined in that Article.

 

Whenever this Indenture
requires that a particular ratio or amount be calculated with respect to a
specified period after giving effect to certain transactions or events on a pro forma basis,
such calculation shall be made as if the transactions or events occurred on the
first day of such period, unless otherwise specified.

 

“Acquired Debt” means Debt of a Person
(i) existing at the time such Person becomes a Restricted Subsidiary or
assumed by the Company or a Restricted Subsidiary in connection with the
acquisition of assets from such Person and (ii) secured by a Lien
encumbering any asset of such specified Person.

 

“Act”, when used with respect to any Holder, has the
meaning specified in Section 1.04.

 

“Additional Interest” means all additional interest
then owing pursuant to section 6 of the Registration Rights Agreement.

 

“Affiliate” of any specified Person means any other
Person directly or indirectly controlling or controlled by or under direct or
indirect common control with such Person. 
“Affiliate” shall be deemed to include, but only for purposes of Section
10.11 and without limiting the application of the preceding sentence for the
purpose of such or any other Section, any Person owning, directly or
indirectly, (i) 10% or more of the Company’s outstanding Common Stock or (ii)
securities having 10% or more of the total voting power of the Company’s Voting
Stock.  For the purposes of this
definition, “control” when used with respect to any specified Person means the
power to direct the management and policies of such Person, directly or
indirectly, whether through the ownership of voting securities, by contract or
otherwise; and the terms “controlling” and “controlled” have meanings
correlative to the foregoing.  No
individual shall be deemed to be controlled by or under common control with any
specified Person solely by virtue of his or her status as an employee or
officer of such specified Person or of any other Person controlled by or under
common control with such specified Person.

 

“Agent Members” has the meaning provided in Section
3.06(a).

 

“Annualized Operating Cash Flow” means, for any fiscal
quarter, the Operating Cash Flow for such fiscal quarter multiplied by four.

 

2

 

“Asset Sale” means (i) the sale, lease, conveyance or
other disposition of any assets or rights (including, without limitation, by
way of a sale and leaseback) other than sales of inventory and obsolete
equipment in the ordinary course of business (provided that the sale,
conveyance or other disposition of all or substantially all of the assets of
the Company and its Restricted Subsidiaries taken as a whole will be governed
by the provisions of Section 10.13 and/or the provisions of Section 8.01 and
not by the provisions of Section 10.21), and (ii) the issue or sale by the
Company or any of its Restricted Subsidiaries of Capital Stock of any of the
Company’s Subsidiaries, in the case of either clause (i) or (ii), whether in a single
transaction or a series of related transactions (a) that have a fair market
value in excess of $5.0 million or (b) for net proceeds in excess of $5.0
million.  Notwithstanding the foregoing,
the following items shall not be deemed to be Asset Sales:  (i) a transfer of assets by the Company to a
Wholly Owned Restricted Subsidiary or by a Wholly Owned Restricted Subsidiary
to the Company or to another Wholly Owned Restricted Subsidiary, (ii) an
issuance of Capital Stock by a Wholly Owned Restricted Subsidiary to the
Company or to another Wholly Owned Restricted Subsidiary, (iii) a Restricted
Payment that is permitted by Section 10.09, (iv) Permitted Joint Ventures and
(v) any License Exchange.

 

“Authenticating Agent” means any Person authorized by
the Trustee pursuant to Section 6.14 hereof to act on behalf of the Trustee to
authenticate Securities.

 

“Average Life” means, at any date of determination
with respect to any Debt, the quotient obtained by dividing (i) the sum of the
products of (a) the number of years from such date of determination to the
dates of each successive scheduled principal payment of such Debt and (b) the
amount of such principal payment by (ii) the sum of all such principal
payments.

 

“Beneficial Owner” means a beneficial owner as defined
in Rules 13d-3 and 13d-5 under the Exchange Act (or any successor rules),
including the provision of such Rules that a person shall be deemed to have
beneficial ownership of all securities that such person has a right to acquire
within 60 days, provided that a person shall not be deemed a beneficial
owner of, or to own beneficially, any securities if such beneficial ownership
(1) arises solely as a result of a revocable proxy delivered in response
to a proxy or consent solicitation made pursuant to, and in accordance with,
the Exchange Act and the applicable rules and regulations thereunder and
(2) is not also then reportable on Schedule 13D (or any successor
schedule) under the Exchange Act.

 

“Board of Directors” means the board of directors of
the Company.

 

“Board Resolution” means a copy of a resolution
certified by the Secretary or an Assistant Secretary of the Company to have
been duly adopted by the Board of Directors (unless the context specifically
requires that such resolution be adopted by a majority of the Disinterested
Directors, in which case by a majority of such directors) and to be in full
force and effect on the date of such certification and delivered to the
Trustee.

 

3

 

“Business Day” means each Monday, Tuesday, Wednesday,
Thursday and Friday which is not a day on which banking institutions in the
Borough of Manhattan, The City of New York are authorized or obligated by law
or executive order to close.

 

“Capital Lease Obligations” of any Person means the
obligations to pay rent or other amounts under lease of (or other Debt
arrangements conveying the right to use) real or personal property of such
Person which are required to be classified and accounted for as a capital lease
or a liability on the face of a balance sheet of such Person determined in
accordance with generally accepted accounting principles and the amount of such
obligations shall be the capitalized amount thereof in accordance with
generally accepted accounting principles and the stated maturity thereof shall
be the date of the last payment of rent or any other amount due under such
lease prior to the first date upon which such lease may be terminated by the
lessee without payment of a penalty.

 

“Capital Stock” of any Person means any and all
shares, interests, participations or other equivalents (however designated) of
stock of, or other ownership interests in, such Person.

 

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

 

(a)                                  any person or group of persons (as
such term is used in Section 13(d)(3) of the Exchange Act and the regulations
thereunder) other than a Permitted Holder is or becomes the Beneficial Owner,
directly or indirectly, of more than 50% of the total Voting Stock or Total
Common Equity of the Company; provided that no Change of Control shall
be deemed to occur pursuant to this clause (a) if the person is a corporation
with outstanding debt securities having a maturity at original issuance of at
least one year and if such debt securities are rated Investment Grade by
S&P or Moody’s for a period of at least 90 consecutive days, beginning on
the date of such event (which period will be extended up to 90 additional days
for as long as the rating of such debt securities is under publicly announced
consideration for possible downgrading by the applicable rating agency);

 

(b)                                 the Company consolidates with, or
merges with or into, another Person other than a Permitted Holder or sells,
assigns, conveys, transfers, leases or otherwise disposes of all or
substantially all of its assets to any Person other than a Permitted Holder, or
any Person other than a Permitted Holder consolidates with, or merges with or
into, the Company, in any such event pursuant to a transaction in which the
outstanding Voting Stock of the Company is converted into or exchanged for
cash, securities or other property, other than any such transaction where (i)
the outstanding Voting Stock of the Company is converted into or exchanged for
(1) Voting Stock (other than Redeemable Stock) of the surviving or transferee
Person or (2) cash, securities and other property in an amount which could be
paid by the Company as a Restricted Payment under this Indenture and (ii)
immediately after such transaction no person or group of persons (as such term
is used in Section 13(d)(3) of the Exchange Act and the regulations thereunder)
is the Beneficial Owner, directly or indirectly, of more 

 

4

 

than 50%
of the total Voting Stock or Total Common Equity of the surviving or transferee
Person; provided that no Change of Control shall be deemed to occur
pursuant to this clause (b), if the surviving or transferee Person or the
person referred to in clause (b)(ii) is a corporation with outstanding debt securities
having a maturity at original issuance of at least one year and if such debt
securities are rated Investment Grade by S&P or Moody’s for a period of at
least 90 consecutive days, beginning on the date of such event (which period
will be extended up to 90 additional days for as long as the rating of such
debt securities is under publicly announced consideration for possible
downgrading by the applicable rating agency);

 

(c)                                  during any consecutive two-year
period, individuals who at the beginning of such period constituted the Board
of Directors (together with (i) any directors who are members of the Board
of Directors on the date hereof, (ii) any new directors whose election by
such Board of Directors or whose nomination for election by the stockholders of
the Company was approved by a vote of 66 2/3% of the directors then still in
office who were either directors at the beginning of such period or whose
election or nomination for election was previously so approved, and
(iii) any new directors appointed or selected by a Permitted Holder,
whether pursuant to a transaction of a type described in either of the
preceding paragraphs (a) and (b), pursuant to a contractual right or pursuant
to a right granted under the Company’s certificate of incorporation or by-laws)
cease for any reason to constitute a majority of the Board of Directors then in
office; or

 

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

 

Any event that would constitute a Change of Control
pursuant to clause (a) or (b) above but for the proviso thereto shall not be
deemed to be a Change of Control until such time (if any) as the conditions
described in such proviso cease to have been met.

 

“Closing Date” means the date on which the Securities
are originally issued hereunder.

 

“Closing Price” on any Trading Day with respect to the
per share price of any shares of Capital Stock means the last reported sale
price regular way or, in case no such reported sale takes place on such day,
the average of the reported closing bid and asked prices regular way, in either
case on the New York Stock Exchange or, if such shares of Capital Stock are not
listed or admitted to trading on such exchange, on the principal national
securities exchange on which such shares are listed or admitted to trading or,
if not listed or admitted to trading on any national securities exchange, on
the Nasdaq Stock Market or, if such shares are not listed or admitted to
trading on any national securities exchange or quoted on the Nasdaq Stock
Market but the issuer is a Foreign Issuer (as defined in Rule 3b-4(b) under the
Exchange Act) and the principal securities exchange on which such shares are
listed or admitted to trading is a Designated Offshore Securities Market (as
defined in Rule 902(a) under the Securities Act), the average of the reported
closing bid and asked prices regular way on such principal exchange, or, if
such shares 

 

5

 

are not listed or admitted to trading on any national
securities exchange or quoted on the Nasdaq Stock Market and the issuer and
principal securities exchange do not meet such requirements, the average of the
closing bid and asked prices in the over-the-counter market as furnished by any
New York Stock Exchange member firm of national standing that is selected from
time to time by the Company for that purpose.

 

“Code” means the Internal Revenue Code, as amended
from time to time, and the rules and regulations thereunder.

 

“Committed Capital Contribution” means the irrevocable
cash commitments pursuant to those certain Subscription and Contribution
Agreements by and among the Company, Nextel WIP Corp., Motorola and the Cash
Equity Investors (as defined therein) as in effect on the date hereof.

 

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

 

“Common Stock” of any Person means Capital Stock of
such Person that does not rank prior, as to the payment of dividends or as to
the distribution of assets upon any voluntary or involuntary liquidation,
dissolution or winding up of such Person, to shares of Capital Stock of any
other class of such Person.

 

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

 

“Company Request” or “Company Order” means a written
request or order signed in the name of the Company by its Chairman of the
Board, its President or a Vice President, and by its Treasurer, an Assistant
Treasurer, its Secretary or an Assistant Secretary, and delivered to the
Trustee.

 

“Consolidated Debt” means the aggregate amount of Debt
of the Company and its Restricted Subsidiaries on a Consolidated basis,
outstanding at the date of determination.

 

“Consolidated Debt to Annualized Operating Cash Flow
Ratio” means, as at any date of determination, the ratio of (i) Consolidated
Debt to (ii) the Annualized Operating Cash Flow of the Company for the most
recently completed fiscal quarter of the Company for which financial statements
are available.

 

“Consolidated Interest Expense” of any Person means,
for any period, (i) the aggregate interest expense and fees and other
financing costs in respect of Debt (including amortization of original issue
discount and non-cash interest payments and accruals), (ii) the interest
component in respect of Capital Lease Obligations and any deferred payment
obligations of such Person and its Restricted Subsidiaries, determined on a
Consolidated basis in accordance with generally accepted accounting principles,

 

6

 

(iii) all commissions, discounts, other fees and
charges owed with respect to letters of credit and bankers’ acceptance
financing and net costs (including amortizations of discounts) associated with
interest rate swap and similar agreements and with foreign currency hedge,
exchange and similar agreements and (iv) the product of (a) all dividend payments,
whether or not in cash, on any series of Preferred Capital Stock of such Person
or any of its Restricted Subsidiaries, other than dividend payments on Capital
Stock payable solely in Capital Stock of the Company (other than Redeemable
Stock) or to the Company or a Restricted Subsidiary of the Company, times (b) a
fraction, the numerator of which is one and the denominator of which is one
minus the then current combined federal, state and local statutory tax rate of
such Person, expressed as a decimal, in each case, on a Consolidated basis in
accordance with generally accepted accounting principles.

 

“Consolidated Net Income” and “Consolidated Net Loss”
mean, for any period, the net income or net loss, as the case may be, of the
Company and its Restricted Subsidiaries for such period, all as determined on a
Consolidated basis in accordance with generally accepted accounting principles,
adjusted, to the extent included in calculating such net income or net loss, as
the case may be, by excluding without duplication (a) any after-tax gain or
loss attributable to the sale, conversion or other disposition of assets other
than in the ordinary course of business, (b) any after-tax gains resulting from
the write-up of assets and any loss resulting from the write-down of assets,
(c) any after-tax gain or loss on the repurchase or redemption of any
securities (including in connection with the early retirement or defeasance of
any Debt), (d) any foreign exchange gain or loss, (e) all payments in respect
of dividends on shares of Preferred Capital Stock of the Company, (f) any other
extraordinary, non-recurring or unusual items incurred by the Company or any of
its Restricted Subsidiaries, (g) the net income (or loss) of any Person
acquired by the Company or any Restricted Subsidiary in a pooling-of-interests
transaction for any period prior to the date of such transaction, (h) all
income or losses of Unrestricted Subsidiaries and Persons (other than
Subsidiaries) accounted for by the Company using the equity method of accounting
and (i) the net income (but not net loss) of any Restricted Subsidiary which is
subject to any judgment, decree, order or governmental regulation which prevent
the payment of dividends or the making of distributions to the Company but only
to the extent of such restrictions.

 

“Consolidated Net Income (Loss)” means, for any
period, the Company’s Consolidated Net Income or Consolidated Net Loss for such
period, as applicable.

 

“Consolidated Net Worth” of any Person means the
consolidated stockholders’ equity of such Person, determined on a consolidated
basis in accordance with generally accepted accounting principles, less amounts
attributable to Redeemable Stock of such Person; provided that, with
respect to the Company, no effect shall be given to adjustments following the
Closing Date to the accounting books and records of the Company in accordance
with Accounting Principles Board Opinions Nos. 16 and 17 (or successor opinions
thereto) or otherwise resulting from the acquisition of control of the Company
by another Person.

 

7

 

“Consolidation” means the consolidation of the
accounts of each of the Restricted Subsidiaries with those of the Company, if
and to the extent that the accounts of each such Restricted Subsidiary would
normally be consolidated with those of the Company in accordance with generally
accepted accounting principles; provided, however, that
“Consolidation” shall not include consolidation of the accounts of any
Unrestricted Subsidiary, but the interest of the Company or any Restricted
Subsidiary in any Unrestricted Subsidiary shall be accounted for as an
investment.  The term “Consolidated” has
a correlative meaning.

 

“Corporate Trust Office” means the principal office of
the Trustee at which at any particular time its corporate trust business shall
be administered, which address as of the Closing Date is located at 101 Barclay
Street, New York, New York  10286,
Attention: Corporate Trust Administration.

 

“Corporation” means a corporation, association,
company, joint-stock company or business trust.

 

“Covenant Defeasance” has the meaning specified in
Section 12.03.

 

“Credit Facility” means any credit facility (whether a
term or revolving type or both, including New Credit Facility) or letter of
credit facility of the type customarily entered into with banks or Hedging
Agreement (as defined), between the Company and/or any of its Restricted
Subsidiaries, on the one hand, and any banks or other lenders or affiliates
thereof, on the other hand (and any renewals, refundings, extensions or
replacements of any such credit facility), which credit facility is designated
by the Company as a “Credit Facility” for purposes of this Indenture and shall
include all such credit facilities in existence on the Closing Date whether or
not so designated.

 

“Debt” means (without duplication), with respect to
any Person, whether recourse is to all or a portion of the assets of such
Person and whether or not contingent, (i) every obligation of such Person for
money borrowed, including without limitation, in each case, premium, interest
(including interest accruing subsequent to the filing of, or which would have
accrued but for the filing of, a petition for bankruptcy, whether or not such
interest is an allowable claim in such bankruptcy proceeding), fees and
expenses relating thereto, (ii) every obligation of such Person evidenced by
bonds, debentures, notes or other similar instruments, including obligations
Incurred in connection with the acquisition of property, assets or businesses,
(iii) every reimbursement obligation of such Person with respect to letters of
credit, bankers’ acceptances or similar facilities issued for the account of
such Person, (iv) every obligation of such Person issued or assumed as the deferred
purchase price of property or services (but excluding trade accounts payable or
accrued liabilities arising in the ordinary course of business which are not
overdue or which are being contested in good faith), (v) every Capital Lease
Obligation of such Person, (vi) the maximum fixed redemption or repurchase
price of Redeemable Stock of such Person at the time of determination plus
accrued but unpaid dividends, (vii) every obligation of such Person under
interest rate swap or similar agreements or foreign currency hedge, exchange or
similar agreements of such Person (collectively, “Hedging Agreements”), and
(viii) every obligation of the type referred to in clauses (i) through (vii) of
another 

 

8

 

Person and all dividends of another Person the payment
of which, in either case, such Person has Guaranteed or is liable, directly or
indirectly, as obligor, Guarantor or otherwise.  The amount of Debt of any Person issued with original issue
discount is the face amount of such Debt less the unamortized portion of the
original issue discount of such Debt at the time of its issuance as determined
in conformity with generally accepted accounting principles, and money borrowed
at the time of the Incurrence of any Debt in order to pre-fund the payment of
interest on such Debt shall be deemed not to be Debt.  The amount of Debt represented by an obligation under an
agreement referred to in clause (vii) shall be equal to (x) zero if such
obligation has been Incurred under clause (v)(B) of the definition of Permitted
Debt and (y) the notional amount of such obligation if it is not so Incurred.

 

“Default” means an event that is, or after notice or
passage of time, or both, would be, an Event of Default.

 

“Default Amount” has the meaning specified in Section
5.02.

 

“Defaulted Interest” has the meaning specified in
Section 3.09.

 

“Defeasance” has the meaning specified in Section
12.02.

 

“Depository” shall mean The Depository Trust Company,
as nominees and their respective successors.

 

“Directed Investment” by the Company or any of its
Restricted Subsidiaries means any Investment for which the cash or property
used for such Investment is received by the Company from the issuance and sale
(other than to a Restricted Subsidiary) on or after February 24, 2000 of
shares of its Capital Stock (other than any of the Preferred Stock), or any
options, warrants or other rights to purchase such Capital Stock (other than
any of the Preferred Stock) designated by the Board of Directors as a “Directed
Investment” to be used for one or more specified investments in the
telecommunications business (including related activities and services) and is
so designated and used at any time within 365 days after the receipt thereof ; provided
that the aggregate amount of any such Directed Investments may not at any time
exceed fifty percent (50%) of the aggregate amount of such cash or property
received by the Company on or after the date hereof from any such issuance and
sale or capital contribution; and provided  further that any
proceeds from any such issuance or sale may not be used for such an Investment
if such proceeds were, prior to being designated for use as a Directed
Investment,  used to make a Restricted
Payment.

 

“Disinterested Director” means, with respect to any
proposed transaction between the Company and an Affiliate thereof, a member of
the Board of Directors who is not an officer or employee of the Company, would
not be a party to, or have a financial interest in, such transaction and is not
an officer, director or employee of, and does not have a financial interest in,
such Affiliate.  For purposes of this
definition, no person would be deemed not to be a Disinterested Director solely
because such person holds Capital Stock of the Company.

 

9

 

“DLJMB” means DLJ Merchant Banking Partners II, L.P.
and its Affiliates.

 

“Event of Default” has the meaning specified in
Section 5.01.

 

“Exchange Securities” means the new securities of the
Company containing terms identical to the Securities initially issued hereunder
(except that such Securities shall have been registered under the Securities
Act) that are issued and exchanged for the Securities pursuant to the
Registration Rights Agreement.

 

“Exchange Act” refers to the Securities Exchange Act
of 1934 and any statute successor thereto, in each case as amended from time to
time.

 

“Expiration Date” has the meaning specified in the
definition of Offer to Purchase.

 

“Fair Market Value” means, for purposes of clause (i)
of Section 10.08, the price that would be paid in an arm’s-length transaction
between an informed and willing seller under no compulsion to sell and an
informed and willing buyer under no compulsion to buy, as determined in good
faith by the Board of Directors, whose determination shall be conclusive if
evidenced by a Board Resolution; provided that (x) the Fair Market Value
of any security registered under the Exchange Act shall be the average of the
closing prices, regular way, of such security for the 20 consecutive trading
days immediately preceding the sale of Capital Stock and (y) in the event the
aggregate Fair Market Value of any other property received by the Company
exceeds $10 million, the Fair Market Value of such property shall be determined
in good faith by the Board of Directors, including a majority of the
Disinterested Directors who are then members of such Board of Directors, which
determination shall be conclusive if evidenced by a Board Resolution.

 

“FCC” means the Federal Communications Commission.

 

“Global Securities” has the meaning provided in
Section 2.01.

 

“Guarantee” by any Person means any obligation,
contingent or otherwise, of such Person guaranteeing any Debt of any other
Person (the “primary obligor”) in any manner, whether directly or indirectly,
and including any obligation of such Person, (i) to purchase or pay (or advance
or supply funds for the purchase or payment of) such Debt or to purchase (or to
advance or supply funds for the purchase of) any security for the payment of
such Debt, (ii) to purchase property, securities or services for the purpose of
assuring the holder of such Debt of the payment of such Debt, or (iii) to
maintain working capital, equity capital or other financial statement condition
or liquidity of the primary obligor so as to enable the primary obligor to pay
such Debt (and “Guaranteed”, “Guaranteeing” and “Guarantor” shall have meanings
correlative to the foregoing); provided, however, that the
Guarantee by any Person shall not include endorsements by such Person for
collection or deposit, in either case, in the ordinary course of business.

 

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

 

10

 

“Incur” means, with respect to any Debt or other
obligation of any Person, to create, issue, incur (by conversion, exchange or
otherwise), assume (pursuant to a merger, consolidation, acquisition or other
transaction), Guarantee or otherwise become liable in respect of such Debt or
other obligation or the recording, as required pursuant to generally accepted
accounting principles or otherwise, of any such Debt or other obligation on the
balance sheet of such Person (and “Incurrence” and “Incurred” shall have meanings
correlative to the foregoing); provided, however, that a change
in generally accepted accounting principles that results in an obligation of
such Person that exists at such time becoming Debt shall not be deemed an
Incurrence of such Debt; provided  further, however, that
the accretion of original issue discount on Debt shall not be deemed to be an
Incurrence of Debt.  Debt otherwise
Incurred by a Person before it becomes a Subsidiary of the Company shall be
deemed to have been Incurred at the time it becomes such a Subsidiary.

 

“Indenture” means this instrument as originally
executed or as it may from time to time be supplemented or amended by one or
more indentures supplemental hereto entered into pursuant to the applicable
provisions hereof, including, for all purposes of this instrument and any such
supplemental indenture, the provisions of the Trust Indenture Act that are
deemed to be a part of and govern this instrument and any such supplemental
indenture, respectively.

 

“Institutional Accredited Investor” means an
institution that is an “accredited investor” as that term is defined in Rule
501(a)(1), (2), (3) or (7) under the Securities Act.

 

“Interest Payment Date” means the Stated Maturity of
an installment of interest on the Securities.

 

“Investment” by any Person means any direct or
indirect loan, advance or other extension of credit or capital contribution to
(by means of transfers of cash or other property to others or payments for
property or services for the account or use of others, or otherwise), or
purchase or acquisition of Capital Stock, bonds, notes, debentures or other
securities or evidence of Debt issued by, any other Person or the designation
of a Subsidiary as an Unrestricted Subsidiary; provided that a
transaction will not be an Investment to the extent it involves (i) the
issuance or sale by the Company of its Capital Stock (other than Redeemable
Stock), including options, warrants or other rights to acquire such Capital
Stock (other than Redeemable Stock), (ii) a transfer, assignment or
contribution by the Company of shares of Capital Stock (or any options,
warrants or rights to acquire Capital Stock), or all or substantially all of
the assets of, any Unrestricted Subsidiary of the Company to another
Unrestricted Subsidiary of the Company or (iii) extensions of trade credit
by the Company and its Restricted Subsidiaries on commercially reasonable terms
in the ordinary course of business and consistent with their normal practice.

 

“Investment Grade” means a rating of at least BBB-, in
the case of S&P, or Baa3, in the case of Moody’s.

 

11

 

“Itemized Executive” means any of the following
individuals:  (i) John Chapple; (ii)
John Thompson; (iii) David Aas; (iv) Perry Satterlee; and (v) Mark Fanning.

 

“License Exchange” means (A) any exchange of Licenses
between the Company and Nextel Communications, Inc. or any Affiliates of Nextel
Communications, Inc. which the Board of Directors of the Company determines in
good faith, on the date of such exchange, are, in the aggregate, of at least
equivalent value; provided, however, that the aggregate value of
all such balances exchanged pursuant to this clause (A) shall not exceed $100.0
million, or (B) any transaction pursuant to which the Company transfers certain
of its Licenses to Nextel Communications, Inc. or any Affiliates of Nextel
Communications, Inc. in exchange for Licenses from a third party, the purchase
price for which was funded by Nextel or any Affiliates of Nextel
Communications, Inc.; provided, however that the aggregate value
of all such Licenses exchanged pursuant to this clause (B) shall not exceed
$100.0 million.

 

“Licenses” means SMR licenses granted by the FCC that
entitle the holder to use the radio channels covered thereby, subject to
compliance with FCC rules and regulations, in connection with its SMR business.

 

“Lien” means, with respect to any property or assets,
any mortgage or deed of trust, pledge, hypothecation, assignment, deposit
arrangement, security interest, lien, charge, easement, encumbrance,
preference, priority or other security agreement or preferential arrangement of
any kind or nature whatsoever on or with respect to such property or assets
(including any conditional sale or other title retention agreement having
substantially the same economic effect as any of the foregoing).

 

“Marketable Securities” means:

 

(1)                                  securities either issued directly or
fully guaranteed or insured by the government of the United States of America
or any agency or instrumentality thereof having maturities of not more than one
year;

 

(2)                                  time deposits and certificates of
deposit, having maturities of not more than six months from the date of
deposit, of any domestic commercial bank having capital and surplus in excess
of $500 million and having outstanding long-term debt rated A or better (or the
equivalent thereof) by S&P or Aaa or better (or the equivalent thereof) by
Moody’s;

 

(3)                                  commercial paper rated A-1 or the
equivalent thereof by S&P or P-1 or the equivalent thereof by Moody’s, and
in each case maturing within one year;

 

(4)                                  repurchase obligations with a term
of not more than 30 days for underlying securities of the types described in
clause (1) above; and

 

(5)                                  investments in money market funds
substantially all of whose assets comprise securities of the types described in
clauses (1) through (4).

 

12

 

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

 

“Moody’s” means Moody’s Investors Service, Inc. or, if
Moody’s Investors Service, Inc. shall cease rating debt securities having a
maturity at original issuance of at least one year and such ratings business
shall have been transferred to a successor Person, such successor Person; provided,
however, that if Moody’s Investors Service, Inc. ceases rating debt securities
having a maturity at original issuance of at least one year and its ratings
business with respect thereto shall not have been transferred to any successor
Person, then “Moody’s” shall mean any other national recognized rating agency
(other than S&P) that rates debt securities having a maturity at original
issuance of at least one year and that shall have been designated by the
Company by a written notice given to the Trustee.

 

“Net Proceeds” means the aggregate cash proceeds
received by the Company or any of its Restricted Subsidiaries in respect of any
Asset Sale (including, without limitation, any cash received upon the sale or
other disposition of any non-cash consideration received in any Asset Sale),
net of (a) the direct costs relating to such Asset Sale (including, without
limitation, legal, accounting, appraisal, investment banking fees, and sales
and brokerage commissions), (b) any relocation expenses incurred as a result
thereof, (c) taxes paid or payable as a result thereof, (d) amounts required to
be applied to the repayment of Debt secured by a Lien on the asset or assets
that were the subject of such Asset Sale, (e) amounts required to be paid in
order to obtain a necessary consent to such Asset Sale, (f) distributions made
to minority interest holders, based on their pro rata ownership, in
Subsidiaries or Permitted Joint Ventures of such Person as a result of an Asset
Sale by such Subsidiaries or Permitted Joint Ventures, and (g) appropriate
amounts to be provided by such Person or any Subsidiary thereof, as the case
may be, as a reserve in accordance with generally accepted accounting
principles against any liabilities associated with such assets that are subject
thereof, as the case may be, after such Asset Sale, including liabilities under
any indemnification obligations and severance and other employee termination
costs associated with such Asset Sale, in each case, as conclusively determined
by the board of directors of such Person.

 

“New Credit Facility” means that certain credit agreement,
dated as of January 29, 1999, as amended and restated in
September 1999, and further amended on March 10, 2000,
January 25, 2001, January 21, 2002 and April 17, 2003 by and
among a subsidiary of the Company and a syndicate of banks and other financial
institutions led by Credit Suisse First Boston, as arranger, Credit Suisse
First Boston, as syndication agent and the Bank of Montreal, as administrative
agent, governing a $175.0 million term loan facility, a $150 million term loan
facility, a $50.0 million term loan facility and a $100.0 million revolving
credit facility, and Hedging Agreements with Persons that were lenders under
the New Credit Facility (or were affiliates of such lenders) at the time such
Hedging Agreements were entered into, including any related notes, guarantees,
collateral documents, instruments and agreements executed in connection
therewith, as such credit agreement, Hedging Agreements and/or related
documents may be amended, restated, 

 

13

 

supplemented, renewed, replaced or otherwise modified
from time to time whether or not with the same agent or lenders and
irrespective of any changes in the terms and conditions thereof.

 

“Non-U.S. Person” means a person who is not a “U.S.
Person” (as defined in Regulation S).

 

“Notice of Default” means a written notice of the kind
specified in Section 5.01(5).

 

“Offer” has the meaning specified in the definition of
Offer to Purchase.

 

“Offering Circular” means
the offering circular dated June 16, 2003 in connection with the offering
of the Securities.

 

“Offer to Purchase” means a written offer (the
“Offer”) sent by the Company by first class mail, postage prepaid, to each
Holder at his address appearing in the Security Register on the date of the
Offer offering to purchase the Securities at the purchase price specified in
such Offer (as determined pursuant to this Indenture).  Unless otherwise required by applicable law,
the Offer shall specify an expiration date (the “Expiration Date”) of the Offer
to Purchase which shall be, subject to any contrary requirements of applicable
law, not less than 30 days or more than 45 days after the date of such Offer
and a settlement date (the “Purchase Date”) for purchase of Securities within
five Business Days after the Expiration Date. 
The Company shall notify the Trustee at least 15 days (or such shorter
period as is acceptable to the Trustee) prior to the mailing of the Offer of
the Company’s obligation to make an Offer to Purchase, and the Offer shall be mailed
by the Company or, at the Company’s request, by the Trustee, in the name and at
the expense of the Company.  The Offer
shall contain information concerning the business of the Company and its
Subsidiaries which, at a minimum, shall include (i) the most recent annual and
quarterly financial statements and “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” contained in the documents
required to be filed with the Trustee pursuant to this Indenture (which
requirements may be satisfied by delivery of such documents together with the
Offer), (ii) a description of material developments in the Company’s business
subsequent to the date of the latest of such financial statements referred to
in clause (i) (including a description of the events requiring the Company to
make the Offer to Purchase), (iii) if required under applicable law, pro forma
financial information concerning, among other things, the Offer to
Purchase and the events requiring the Company to make the Offer to Purchase and
(iv) any other information required by applicable law to be included
therein.  The Offer shall contain all
instructions and materials necessary to enable such Holders to tender their
Securities pursuant to the Offer to Purchase. 
The Offer shall also state:

 

(1)                                  the section of this Indenture
pursuant to which the Offer to Purchase is being made;

 

(2)                                  the Expiration Date and the Purchase
Date;

 

14

 

(3)                                  the aggregate principal amount at
Stated Maturity of the Outstanding Securities offered to be purchased by the
Company pursuant to the Offer to Purchase (the “Purchase Amount”);

 

(4)                                  the purchase price to be paid by the
Company for each $1,000 principal amount at Stated Maturity of Securities
accepted for payment (as specified pursuant to this Indenture) (the “Purchase
Price”);

 

(5)                                  that the Holder may tender all or
any portion of the Securities registered in the name of such Holder and that
any portion of Securities tendered must be tendered in an integral multiple of
$1,000 of principal amount at Stated Maturity;

 

(6)                                  the place or places where the
Securities are to be surrendered for tender pursuant to the Offer to Purchase;

 

(7)                                  that interest, if any, on any
Securities not tendered or tendered but not purchased by the Company pursuant
to the Offer to Purchase will continue to accrue;

 

(8)                                  that on the Purchase Date the
Purchase Price will become due and payable upon each Security being accepted
for payment pursuant to the Offer to Purchase;

 

(9)                                  that each Holder electing to tender
Securities pursuant to the Offer to Purchase will be required to surrender such
Securities at the place or places the Company or the Trustee so requires, duly
endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Company and the Trustee duly executed by the Holder thereof
or his attorney duly authorized in writing;

 

(10)                            that Holders will be entitled to
withdraw all or any portion of the Securities tendered if the Company (or its
Paying Agent) receives, not later than the close of business on the Expiration
Date, a facsimile transmission or letter setting forth the name of the Holder,
the principal amount at Stated Maturity of the Securities the Holder tendered,
the certificate number of the Securities the Holder tendered and a statement
that such Holder is withdrawing all or a portion of his tender;

 

(11)                            that the Company shall purchase all
such Securities duly tendered and not withdrawn pursuant to the Offer to
Purchase, and

 

(12)                            that in the case of any Holder whose
Securities are purchased only in part, the Company shall execute, and the
Trustee shall authenticate and deliver to the Holder of such Securities without
service charge, new Securities of any authorized denomination as requested by
such Holder, in an aggregate principal amount at Stated Maturity equal to and
in exchange for the unpurchased portion of the aggregate principal amount at
Stated Maturity of the Securities so tendered.

 

Any Offer to Purchase shall be governed by and effected
in accordance with the Offer for such Offer to Purchase.

 

15

 

“Officers’ Certificate” means a certificate signed by
the Chairman of the Board, the President or a Vice President, and by the
Treasurer, an Assistant Treasurer, the Secretary or an Assistant Secretary, of
the Company, and delivered to the Trustee. 
One of the officers signing an Officers’ Certificate given pursuant to
Section 10.17 shall be the principal executive, financial or accounting officer
of the Company.

 

“Offshore Global Securities” has the meaning provided
in Section 2.01.

 

“Offshore Physical Securities” has the meaning
provided in Section 2.01.

 

“Operating Cash Flow” means, for any fiscal quarter,
(i) the Company’s Consolidated Net Income (Loss) plus depreciation,
amortization and other non-cash charges in respect thereof for such fiscal
quarter, plus (ii) all amounts deducted in calculating Consolidated Net Income
(Loss) for such fiscal quarter in respect of Consolidated Interest Expense, and
all income taxes, whether or not deferred, applicable to such income period,
all as determined on a Consolidated basis in accordance with generally accepted
accounting principles.  For purposes of
calculating Operating Cash Flow for the fiscal quarter most recently completed
for which financial statements are available prior to any date on which an
action is taken that requires a calculation of the Operating Cash Flow to
Consolidated Interest Expense Ratio or Consolidated Debt to Annualized Operating
Cash Flow Ratio, (1) any Person that is a Restricted Subsidiary on such date
(or would become a Restricted Subsidiary in connection with the transaction
that requires the determination of such ratio) will be deemed to have been a
Restricted Subsidiary at all times during such fiscal quarter, (2) any
Person that is not a Restricted Subsidiary on such date (or would cease to be a
Restricted Subsidiary in connection with the transaction that requires the
determination of such ratio) will be deemed not to have been a Restricted
Subsidiary at any time during such fiscal quarter and (3) if the Company or any
Restricted Subsidiary shall have in any manner acquired (including through
commencement of activities constituting such operating business) or disposed
(including through termination or discontinuance of activities constituting
such operating business) of any operating business during or subsequent to the
most recently completed fiscal quarter, such calculation will be made on a pro forma basis
on the assumption that such acquisition or disposition had been completed on
the first day of such completed fiscal quarter and may give effect to projected
quantifiable improvements in operating results (on a annualized basis) due to
cost reductions calculated in accordance with Regulation S-X of the Securities
Act and evidenced by (A) in the case of cost reductions of less than $10.0
million, an Officers’ Certificate delivered to the Trustee and (B) in the case
of cost reductions of $10.0 million or more, a resolution of the Board of
Directors set forth in an Officers’ Certificate delivered to the Trustee.

 

“Opinion of Counsel” means a written opinion of
counsel, who may be counsel for the Company.

 

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

 

16

 

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

 

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

 

(iii)                               Securities which have been paid
pursuant to Section 3.08 or in exchange for or in lieu of which other
Securities have been authenticated and delivered pursuant to this Indenture,
other than any such Securities in respect of which there shall have been
presented to the Trustee proof satisfactory to it that such Securities are held
by a bona fide purchaser in whose hands such Securities are valid obligations
of the Company; and

 

(iv)                              Securities as to which Defeasance
has been effected pursuant to Section 12.02;

 

provided, however, that in
determining whether the Holders of the requisite principal amount of the
Outstanding Securities have given, made or taken any request, demand,
authorization, direction, notice, consent, waiver or other action hereunder as
of any date, Securities owned by the Company or any other obligor upon the
Securities or any Affiliate of the Company or of such other obligor shall be
disregarded and deemed not to be Outstanding, except that, in determining
whether the Trustee shall be protected in relying upon any such request,
demand, authorization, direction, notice, consent, waiver or other action, only
Securities which the a Responsible Officer of the Trustee actually knows to be
so owned shall be so disregarded. 
Securities so owned which have been pledged in good faith may be
regarded as Outstanding if the pledgee establishes to the satisfaction of the
Trustee the pledgee’s right so to act with respect to such Securities and that
the pledgee is not the Company or any other obligor upon the Securities or any
Affiliate of the Company or of such other obligor.

 

“pari  passu”, when used with respect to
the ranking of any Debt of any Person in relation to other Debt of such Person,
means that each such Debt (a) either (i) is not subordinated in right of
payment to any other Debt of such Person or (ii) is subordinate in right of
payment to the same Debt of such Person as is the other and is so subordinate
to the same extent and (b) is not subordinate in right of payment to the other
or to any Debt of such Person as to which the other is not so subordinate.

 

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

 

“Permitted Debt” means:

 

17

 

(i)                                     any Debt (including Guarantees
thereof) outstanding on the Closing Date (including the Securities issued on
the Closing Date) and any accretion of original issue discount and accrual of
interest with respect to such Debt;

 

(ii)                                  any additional Debt outstanding
under a Credit Facility in aggregate principal amount at any one time
outstanding under this clause (ii) not to exceed $475.0 million in aggregate
for all such Credit Facilities, less permanent repayments of Debt under
such Credit Facilities made by the Company or any of its Restricted
Subsidiaries pursuant to Section 10.21;

 

(iii)                               any Vendor Financing Debt in an
aggregate principal amount outstanding at any time not to exceed $100.0 million;

 

(iv)                              Debt (A) to the Company or (B) to
any Restricted Subsidiary; provided that any event which results in any
such Restricted Subsidiary ceasing to be a Restricted Subsidiary or any
subsequent transfer of such Debt (other than to the Company or another
Restricted Subsidiary) shall be deemed, in each case, to constitute an
Incurrence of such Debt not permitted by this clause (iv);

 

(v)                                 Debt (A) in respect of performance,
surety or appeal bonds or bankers’ acceptances provided in the ordinary course of
business, (B) under foreign currency hedge, foreign currency exchange, interest
rate swap or similar agreements; provided that such agreements (a) are
designed solely to protect the Company or its Restricted Subsidiaries against
fluctuations in foreign currency exchange rates or interest rates and (b) do
not increase the Debt of the obligor outstanding at any time other than as a
result of fluctuations in foreign currency exchange rates or interest rates or
by reason of fees, indemnities and compensation payable thereunder; and (C)
arising from agreements providing for indemnification, adjustment of purchase
price or similar obligations, or from Guarantees or letters of credit, surety
bonds or performance bonds securing any obligations of the Company or any
Restricted Subsidiary pursuant to such agreements, in any case Incurred in
connection with the disposition of any business, assets or Restricted
Subsidiary (other than Guarantees of Debt Incurred by any Person acquiring all
or any portion of such business, assets or Restricted Subsidiary for the
purpose of financing such acquisition), in a principal amount not to exceed the
gross proceeds actually received by the Company or any Restricted Subsidiary in
connection with such disposition;

 

(vi)                              renewals, refundings or extensions
of any Debt referred to in clause (i) or (iii) above or (viii) below or
Incurred pursuant to clause (b) of Section 10.08 and any renewals, refundings
or extensions thereof, plus (A) the amount of any premium reasonably determined
by the Company as necessary to accomplish such renewal, refunding or extension
and (B) such other fees and expenses of the Company reasonably incurred in
connection with the renewal, refunding or extension, provided that such
renewal, refunding or extension shall constitute Permitted Debt only (a) to the
extent that it does not result in an

 

18

 

increase
in the aggregate principal amount (or, if such Debt provides for an amount less
than the principal amount thereof to be due and payable upon a declaration of
acceleration of the maturity thereof, in an amount not greater than such lesser
amount) of such Debt (except as permitted by clause (A) or (B) above), and (b)
to the extent such renewed, refunded or extended Debt does not have a mandatory
redemption date prior to the mandatory redemption date of the Debt being
renewed, refunded or extended or have an Average Life shorter than the
remaining Average Life of the Debt being renewed, refunded or extended; and

 

(vii)                           Debt payable solely in, or
mandatorily convertible into, Capital Stock (other than Redeemable Stock) of
the Company;

 

(viii)                        all Exchange Securities issued
pursuant to the terms of the Registration Rights Agreement for the Securities;

 

(ix)                                Debt (in addition to Debt permitted
under clauses (i) through (viii) above) in an aggregate principal amount
outstanding at any time not to exceed $50.0 million.

 

In the event that an item
of Indebtedness meets the criteria of more than one of the types of Indebtedness
specified in the above clauses (i) through (ix), the Company shall have the
right, at any time in its sole discretion, to classify such item as one of the
types and shall only be required to include such item under the clause
permitting such Indebtedness as so classified.

 

“Permitted Distribution” of a Person means (x) the
exchange by such Person of Capital Stock (other than Redeemable Stock) for
outstanding Capital Stock; and (y) the redemption, repurchase, defeasance or
other acquisition or retirement for value of Debt of the Company that is
subordinate in right of payment to the Securities, in exchange for (including
any such exchange pursuant to the exercise of a conversion right or privilege
in connection with which cash is paid in lieu of the issuance of fractional
shares or scrip), or out of the proceeds of a substantially concurrent issue
and sale (other than to a Restricted Subsidiary) of, either (a) Capital Stock
of the Company (other than Redeemable Stock) or (b) Debt of the Company that is
subordinate in right of payment to the Securities on subordination terms no
less favorable to the Holders of the Securities in their capacities as such
than the subordination terms (or other arrangement) applicable to the Debt that
is redeemed, repurchased, defeased or otherwise acquired or retired for value, provided
that, in the case of this clause (b), such new Debt does not mature prior to
the Stated Maturity or have a mandatory redemption date prior to the mandatory
redemption date of the Debt being redeemed, repurchased, defeased or otherwise
acquired or retired for value or have an Average Life shorter than the
remaining Average Life of the Debt being redeemed, repurchased, defeased or
otherwise acquired or retired for value.

 

“Permitted Holder” means each of (a)(i) Nextel
Communications, Inc., and any entity or entities controlled by, directly or
indirectly, Nextel Communications, Inc. (ii) Motorola, Inc., (iii) DLJMB, and
any of their respective Affiliates and the respective successors (by merger,
consolidation, transfer or otherwise) to all or substantially all of 

 

19

 

the respective businesses and assets of any of the
foregoing and (b) any “person” or “group” (as such terms are used in Section
13(d) and 14(d) of the Exchange Act) controlled by one or more persons
identified in clauses (i) through (iii) of this definition.

 

“Permitted Investment” means any Investment in (i)
Marketable Securities or (ii) a Permitted Joint Venture.

 

“Permitted Joint Venture” means any joint venture
entered into by the Company or any of its Restricted Subsidiaries with a third
party (a) for the purpose of financing the acquisition or lease of
telecommunications towers for use in the Company’s markets; provided
that the aggregate value of all assets contributed by the Company or any of its
Restricted Subsidiaries to any joint venture pursuant to this clause (a) shall
not exceed $15.0 million (as determined in good faith by the Board of
Directors) or (b) in which the Company or any of its Restricted Subsidiaries
(i) is responsible for the managerial control of such joint venture and (ii)
owns at least 40% of the outstanding Capital Stock of such joint venture; provided
that such joint venture, together with all other Permitted Joint Ventures
described in this clause (b), does not cover or service more than 10% of the
POPs (computed by including only a percentage of the total POPs equal to the
Company’s percentage ownership in that joint venture) covered by the Company at
the date of determination (as determined in good faith by the board of
directors).

 

“Permitted Liens” means (i) Liens securing Debt or
other monetary obligations under a Credit Facility to the extent the principal
amount of such obligations is permitted by the terms of this Indenture to be
incurred; (ii) Liens in favor of the Company or a Wholly Owned Restricted
Subsidiary; (iii) Liens on property of a Person existing at the time such
Person is merged with or into or consolidated with the Company or any
Subsidiary of the Company; provided that such Liens were in existence prior to
the contemplation of such merger or consolidation and do not extend to any
assets other than those of the Person merged into or consolidated with the
Company; (iv) Liens on property existing at the time of acquisition thereof by
the Company or any Subsidiary of the Company, provided that such Liens were in
existence prior to the contemplation of such acquisition; (v) Liens to secure
the performance of statutory obligations, surety or appeal bonds, performance
bonds or other obligations of a like nature incurred in the ordinary course of
business; (vi) Liens to secure Indebtedness (including Capital Lease
Obligations) permitted by clause (iii) of the definition of “Permitted Debt”;
(vii) Liens on the date hereof; (viii) Liens for taxes, assessments or
governmental charges or claims that are not yet delinquent or that are being
contested in good faith by appropriate proceedings promptly instituted and
diligently concluded, provided that any reserve or other appropriate provision
as shall be required in conformity with generally accepted account principles
shall have been made therefor; (ix) Liens (including zoning restrictions,
servitudes, easements and rights-of-way) incurred in the ordinary course of
business of the Company or any Subsidiary of the Company that (a) are not
incurred in connection with the borrowing of money or the obtaining of advances
or credit (other than trade credit in the ordinary course of business) and (b)
do not in the aggregate materially detract from the value of the property or
materially impair the use thereof in the operation of business by the Company
or such Subsidiary; (x) Liens of a lessor under a lease (other than a
capitalized lease); (xi) Liens not otherwise permitted by the foregoing clauses
(i) 

 

20

 

through (vii) securing Debt in an aggregate amount not
to exceed 5% of the Company’s consolidated tangible assets; and (xii) Liens to
secure Debt incurred to refinance, in whole or in part, Debt secured by any
Lien referred to in the foregoing clauses (i), (iii), (iv), (v) or this clause
(xii) so long as such Lien does not extend to any other property (other than
improvements and accessions to the original property) and the principal amount
of Debt so secured is not increased except as otherwise permitted by this
Indenture.

 

“Permitted Transaction” means (i) any written
agreements existing on the Closing Date and described in or incorporated by
reference into the Offering Circular and (ii) any transaction or transactions
with any vendor or vendors (other than Motorola, Inc.) of property or materials
used in the telecommunications business (including related activities and
services) of the Company or any Restricted Subsidiary, provided (x) such
transactions are in the ordinary course of business and (y) such vendor does
not beneficially own more than 10% of the voting power of the Voting Stock of
the Company, (iii) any amendment, modification or other change to the purchase
agreement between the Company and Motorola, Inc., dated as of January 29,
1999 and as amended on September 9, 1999, or any other similar agreement
with Motorola, Inc. that has been approved by a majority of the Disinterested
Directors of the Company, (iv) agreements and transactions contemplated by the
joint venture agreement entered into by and among the Company and Nextel
Communications, Inc. and their respective Subsidiaries as of January 29,
1999, as amended, (v) any License Exchange and (vi) any issuance of equity by
the Company (other than Redeemable Stock).

 

“Person” means any individual, corporation,
partnership, joint venture, trust, unincorporated organization or government or
any agency or political subdivision thereof.

 

“POP” means the population equivalents as estimated by
the Company by extrapolation from the 1990 or 2000 U.S. Census and other
publicly available information.

 

“Predecessor Security” of any particular Security
means every previous Security evidencing all or a portion of the same debt as
that evidenced by such particular Security; and, for the purposes of this
definition, any Security authenticated and delivered under Section 3.08 in
exchange for or in lieu of a mutilated, destroyed, lost or stolen Security
shall be deemed to evidence the same debt as the mutilated, destroyed, lost or
stolen Security.

 

“Preferred Capital Stock” as applied to the Capital
Stock of any Person, means Capital Stock of such Person of any class or classes
(however designated) that ranks prior, as to the payment of dividends or as to
the distribution of assets upon any voluntary or involuntary liquidation,
dissolution or winding up of such Person, to shares of Capital Stock of any
other class of such Person.

 

“Preferred Stock” means the Company’s Series B Redeemable
Preferred Stock.

 

21

 

“Private Placement Legend” means the legend initially
set forth on the Securities in the form set forth in Section 2.05.

 

“Purchase Amount” has the meaning specified in the definition
of Offer to Purchase.

 

“Purchase Date” has the meaning specified in the
definition of Offer to Purchase.

 

“Purchase Price” has the meaning specified in the
definition of Offer to Purchase.

 

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

 

“Record Expiration Date” has the meaning specified in
Section 1.04.

 

“Redeemable Stock” of any Person means any Capital
Stock of such Person that by its terms or otherwise is (i) required to be
redeemed prior to the Stated Maturity of the Securities, (ii) redeemable at the
option of the holder thereof at any time prior to the Stated Maturity of the
Securities or (iii) convertible into or exchangeable for Capital Stock referred
to in clause (i) or (ii) above or Debt having a scheduled maturity prior to the
Stated Maturity of the Securities; provided that any Capital Stock that
would not constitute Redeemable Stock but for provisions thereof giving holders
thereof the right to require such Person to repurchase or redeem such Capital
Stock upon the occurrence of a “change of control” occurring prior to the
Stated Maturity of the Securities shall not constitute Redeemable Stock if the
“change of control” provisions applicable to such Capital Stock are no more
favorable to the holders of such Capital Stock than the provisions contained in
Section 10.13 and such Capital Stock specifically provides that such
Person will not repurchase or redeem any such stock pursuant to such provision
prior to the Company’s repurchase of such Securities as are required to be
repurchased pursuant to Section 10.13.

 

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

 

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

 

“Registration Rights Agreement” means the Registration
Rights Agreement dated the Closing Date, among the Company, Credit Suisse First
Boston LLC, Morgan Stanley & Co. Incorporated, UBS Securities LLC, Legg
Mason Walker Wood, Incorporated and Thomas Weisel Partners LLC, as such
agreement may be amended, modified or supplemented from time to time.

 

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

 

“Regular Record Date” for the interest payable on any
Interest Payment Date means December 15 or June 15 (whether or not a
Business Day), as the case may be, next preceding such Interest Payment Date.

 

22

 

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

 

“Required Consent”
means, except as otherwise expressly provided in this Indenture with respect to
matters requiring the consent of each holder of Securities affected thereby,
the consent of holders of not less than a majority in aggregate principal
amount at Stated Maturity of the Outstanding Securities.

 

“Responsible
Officer” when used with respect to the Trustee, means any officer within the Corporate
Trust Administration of the Trustee (or any successor group of the Trustee)
with direct responsibility for the administration of this Indenture and also
means, with respect to a particular corporate trust matter, any other officer
to whom such matter is referred because of his or her knowledge of and
familiarity with the particular subject.

 

“Restricted
Payments” has the meaning specified in Section 10.09.

 

“Restricted
Subsidiary” means any Subsidiary of the Company, whether existing on the
Closing Date or created subsequent thereto, designated from time to time by the
Board of Directors as (or otherwise deemed to be) a “Restricted Subsidiary” in
accordance with Section 10.10.

 

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

 

“S&P” means
Standard & Poor’s Ratings Services or, if Standard & Poor’s Ratings
Services shall cease rating debt securities having a maturity at original
issuance of at least one year and such ratings business shall have been
transferred to a successor Person, such successor Person; provided, however,
that if Standard & Poor’s Ratings Services ceases rating debt securities
having a maturity at original issuance of at least one year and its ratings
business with respect thereto shall not have been transferred to any successor
Person, then “S&P” shall mean any other nationally recognized rating agency
(other than Moody’s) that rates debt securities having a maturity at original
issuance of at least one year and that shall have been designated by the
Company by a written notice given to the Trustee.

 

“Securities” means
securities designated in the first paragraph of the RECITALS OF THE COMPANY
that are authenticated and delivered under this Indenture.  For all purposes of this Indenture, the term
“Securities” shall include the Securities issued on the Closing Date and any
Exchange Securities to be issued and exchanged for any Securities pursuant to
the Registration Rights Agreement.  For
purposes of this Indenture all Securities shall vote together as one series of
Securities under this Indenture and shall be treated as a single class for all
other purposes under this Indenture.

 

“Securities Act”
means the Securities Act of 1933 and any statute successor thereto, in each
case as amended from time to time.

 

“Security
Register” and “Security Registrar” have the respective meanings specified in
Section 3.05.

 

23

 

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

 

“Special Record
Date” for the payment of any Defaulted Interest means a date fixed by the
Trustee pursuant to Section 3.09.

 

“Specialized
Mobile Radio” or “SMR” means a mobile radio communications system that is
operated as described in the Offering Circular.

 

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

 

“Subsidiary” of
any Person means (i) a corporation more than 50% of the outstanding Voting
Stock of which is owned, directly or indirectly, by such Person or by one or
more other Subsidiaries of such Person or by such Person and one or more Subsidiaries
thereof or (ii) any other Person (other than a corporation) in which such
Person, or one or more other Subsidiaries of such Person or such Person and one
or more other Subsidiaries thereof, directly or indirectly, has at least a
majority ownership and power to direct the policies, management and affairs
thereof.

 

“Total Common
Equity” of any Person means, as of any day of determination (and as modified
for purposes of the definition of “Change of Control”), the product of (i) the
aggregate number of outstanding primary shares of Common Stock of such Person
on such day (which shall not include any options or warrants on, or securities
convertible or exchangeable into, shares of Common Stock of such Person) and
(ii) the average Closing Price of such Common Stock over the 20 consecutive
Trading Days immediately preceding such day. 
If no such Closing Price exists with respect to shares of any such
class, the value of such shares for purposes of clause (ii) of the preceding
sentence shall be determined by the Board of Directors in good faith and
evidenced by a Board Resolution.

 

“Total Invested
Capital” means at any time of determination, the sum of, without duplication,
(i) the total amount of equity contributed to the Company as of January 29,
1999 (being $183.2 million), plus (ii) the aggregate net cash proceeds
received by the Company from capital contributions or the issuance or sale of
Capital Stock (other than Redeemable Stock but including Capital Stock issued
upon the conversion of convertible Debt or from the exercise of options,
warrants or rights to purchase Capital Stock (other than Redeemable Stock)),
including cash payments under the Committed Capital Contribution, subsequent to
January 29, 1999, other than to a Restricted Subsidiary, plus (iii) the
aggregate net cash proceeds received by the Company or any Restricted
Subsidiary from the sale, disposition or repayment of any Investment made after
January 29, 1999 and constituting a Restricted Payment in an amount equal to
the lesser of (a) the return of capital with respect to such Investment and (b)
the initial amount of such Investment, in either case, less the cost of the
disposition of such Investment, plus (iv) an amount equal to the
Consolidated net Investment (as of the date of determination) the

 

24

 

Company and/or any of the Restricted Subsidiaries has made in any
Subsidiary that has been designated as an Unrestricted Subsidiary after January
29, 1999 upon its redesignation as a Restricted Subsidiary in accordance with
Section 10.10, plus (v) Consolidated Debt minus (vi) the
aggregate amount of all Restricted Payments declared or made on or after
January 29, 1999.

 

“Trading Day” with
respect to a securities exchange or automated quotation system means a day on
which such exchange or system is open for a full day of trading.

 

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

 

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

 

“U.S. Global
Securities” has the meaning provided in Section 2.01.

 

“U.S. Government
Obligation” has the meaning specified in Section 12.04.

 

“U.S. Physical
Securities” has the meaning provided in Section 2.01.

 

“Unrestricted
Subsidiary” means any Subsidiary that is not a Restricted Subsidiary and
includes any Restricted Subsidiary that becomes an Unrestricted Subsidiary in
accordance with Section 10.10.

 

“Vendor Financing
Debt” means any Debt owed to (i) a vendor or supplier of any property or
materials used by the Company or its Restricted Subsidiaries in their
telecommunications business, (ii) any Affiliate of such a vendor or supplier,
(iii) any assignee of such a vendor, supplier or Affiliate of such a vendor or
supplier, or (iv) a bank or other financial institution that has financed or
refinanced the purchase of such property or materials from such a vendor,
supplier, Affiliate of such a vendor or supplier or assignee of such a vendor
or supplier; provided that the aggregate amount of such Debt does not
exceed the sum of (w) the purchase price of such property or materials (including
transportation, installation, warranty and testing charges, as well as
applicable taxes paid, in respect of such property or materials), (x) the cost
of design, development, site acquisition and construction, (y) any interest or
other financing costs accruing or otherwise payable in respect of the
foregoing, and (z) the cost of any services provided by such vendor, supplier
or Affiliate of such vendor or supplier.

 

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

 

25

 

“Voting Stock” of
any Person means Capital Stock of such Person which ordinarily has voting power
for the election of directors (or persons performing similar functions) of such
Person, whether at all times or only so long as no senior class of securities
has such voting power by reason of any contingency.

 

“Wholly Owned
Restricted Subsidiary” of the Company means a Restricted Subsidiary all of the
outstanding Capital Stock of which (other than directors’ qualifying shares)
shall at the time be owned by the Company or by one or more Wholly Owned
Restricted Subsidiaries or by the Company and one or more Wholly Owned
Restricted Subsidiaries.

 

Section 1.02.                             Compliance
Certificates and Opinions.

 

Upon any application or request by the Company to the
Trustee to take any action under any provision of this Indenture (except, for
any actions in connection with the original issuance of Securities hereunder),
the Company shall furnish to the Trustee such certificates and opinions as may
be required under the Trust Indenture Act. 
Each such certificate or opinion shall be given in the form of an Officers’
Certificate, if to be given by an officer of the Company, or an Opinion of
Counsel, if to be given by counsel, and shall comply with the requirements of
the Trust Indenture Act and any other requirement set forth in this Indenture.

 

Every certificate or opinion with respect to
compliance with a condition or covenant provided for in this Indenture shall
include

 

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

 

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

 

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

 

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

 

Section 1.03.                             Form
of Documents Delivered to Trustee.

 

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

 

26

 

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

 

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

 

Section 1.04.                             Acts
of Holders; Record Dates.

 

Any request, demand, authorization, direction, notice,
consent, waiver or other action provided or permitted by this Indenture to be
given or taken by Holders may be embodied in and evidenced by one or more instruments
of substantially similar tenor signed by such Holders in person or by agent
duly appointed in writing; and, except as herein otherwise expressly provided,
such action shall become effective when such instrument or instruments are
delivered to the Trustee and, where it is hereby expressly required, to the
Company.  Such instrument or instruments
(and the action embodied therein and evidenced thereby) are herein sometimes
referred to as the “Act” of the Holders signing such instrument or instruments.  Proof of execution of any such instrument or
of a writing appointing any such agent shall be sufficient for any purpose of
this Indenture and (subject to Section 6.01) conclusive in favor of the Trustee
and the Company, if made in the manner provided in this Section.

 

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

 

The ownership of Securities shall be proved by the
Security Register.

 

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

 

27

 

The Company may set any day as a record date for the
purpose of determining the Holders of Outstanding Securities entitled to give
or take any request, demand, authorization, direction, notice, consent, waiver
or other action provided or permitted by this Indenture to be given or taken by
Holders of Securities, provided that the Company may not set a record
date for, and the provisions of this paragraph shall not apply with respect to,
the giving or making of any notice, declaration, request or direction referred
to in the next paragraph.  If any record
date is set pursuant to this paragraph, the Holders of Outstanding Securities
on such record date, and no other Holders, shall be entitled to take the
relevant action, whether or not such Holders remain Holders after such record
date; provided that no such action shall be effective hereunder unless
taken on or prior to the applicable Record Expiration Date by Holders of the
requisite principal amount of Outstanding Securities on such record date; and provided,
further, that for the purpose of determining whether Holders of the
requisite principal amount of such Securities have taken such action, no
Security shall be deemed to have been Outstanding on such record date unless it
is also Outstanding on the date such action is to become effective.  Nothing in this paragraph shall prevent the
Company from setting a new record date for any action for which a record date
has previously been set pursuant to this paragraph (whereupon the record date
previously set shall automatically and with no action by any Person be canceled
and of no effect), nor shall anything in this paragraph be construed to render
ineffective any action taken by Holders of the requisite principal amount of
Outstanding Securities on the date such action is taken.  Promptly after any record date is set
pursuant to this paragraph, the Company at its own expense, shall cause notice
of such record date, the proposed action by Holders and the applicable Record
Expiration Date to be given to the Trustee in writing and to each Holder of
Securities in the manner set forth in Section 1.06.

 

The Trustee may set any day as a record date for the
purpose of determining the Holders of Outstanding Securities entitled to join
in the giving or making of (i) any Notice of Default, (ii) any declaration of
acceleration referred to in Section 5.02, (iii) any request to institute
proceedings referred to in Section 5.07(2), (iv) any direction referred to in
Section 5.12 or (v) the Required Consent. 
If any record date is set pursuant to this paragraph, the Holders of
Outstanding Securities on such record date, and no other Holders, shall be
entitled to join in such notice, declaration, request or direction, whether or
not such Holders remain Holders after such record date; provided that no
such action shall be effective hereunder unless taken on or prior to the
applicable Record Expiration Date by Holders of the requisite principal amount
of Outstanding Securities on such record date; and provided, further,
that for the purpose of determining whether Holders of the requisite principal
amount of such Securities have taken such action, no Security shall be deemed
to have been Outstanding on such record date unless it is also Outstanding on
the date such action is to become effective. 
Nothing in this paragraph shall be construed to prevent the Trustee from
setting a new record date for any action (whereupon the record date previously
set shall automatically and without any action by any Person be canceled and of
no effect), nor shall anything in this paragraph be construed to render
ineffective any action taken by Holders of the requisite principal amount of
Outstanding Securities on the date such action is taken.  Promptly after any record date is set
pursuant to this paragraph, the Trustee, at the Company’s expense, shall cause
notice of such record date, the matter(s) to be submitted for potential action
by Holders and the applicable Record Expiration Date to be given to the Company
in writing and to each Holder of Securities in the manner set forth in Section
1.06.

 

28

 

With respect to any record date set pursuant to this
Section, the party hereto that sets such record date may designate any day as
the “Record Expiration Date” and from time to time may change the Record
Expiration Date to any earlier or later day, provided that no such
change shall be effective unless notice of the proposed new Record Expiration
Date is given to the other party hereto in writing, and to each Holder of
Securities in the manner set forth in Section 1.06, on or before the existing
Record Expiration Date.  If a Record
Expiration Date is not designated with respect to any record date set pursuant
to this Section, the party hereto that set such record date shall be deemed to
have initially designated the 180th day after such record date as the Record
Expiration Date with respect thereto, subject to its right to change the Record
Expiration Date as provided in this paragraph. 
Notwithstanding the foregoing, no Record Expiration Date shall be later
than the 180th day after the applicable record date.

 

Without limiting the foregoing, a Holder entitled
hereunder to take any action hereunder with regard to any particular Security
may do so with regard to all or any part of the principal amount of such
Security or by one or more duly appointed agents each of which may do so
pursuant to such appointment with regard to all or any part of such principal
amount.

 

Section 1.05.                             Notices,
Etc., to Trustee and Company.

 

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

 

(1)                                  the Trustee by any Holder or by the
Company shall be sufficient for every purpose hereunder if made, given,
furnished or filed in writing and mailed, first-class postage prepaid, to or
with the Trustee at its Corporate Trust Office, Attention: Corporate Trust
Administration, or

 

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

 

Section 1.06.                             Notice
to Holders; Waiver.

 

Where this Indenture provides for notice to Holders of
any event, such notice shall be sufficiently given (unless otherwise herein
expressly provided) if in writing and mailed, first-class postage prepaid, to
each Holder affected by such event, at his address as it appears in the
Security Register, not later than the latest date (if any), and not earlier
than the earliest date (if any), prescribed for the giving of such notice.  In any case where notice to Holders is given
by mail, neither the failure to mail such notice, nor any defect in any notice
so mailed, to any particular Holder shall affect the sufficiency of such notice
with respect to other Holders.  Where
this Indenture provides for notice in any manner, such notice may be waived in
writing by the Person entitled to receive such notice, either before or after
the event, and such waiver shall be the equivalent of such notice.  Waivers of notice by Holders shall be filed
with the Trustee, but

 

29

 

such filing shall not be a
condition precedent to the validity of any action taken in reliance upon such
waiver.

 

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

 

Section 1.07.                             Conflict
with Trust Indenture Act.

 

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

 

Section 1.08.                             Effect
of Headings and Table of Contents.

 

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

 

Section 1.09.                             Successors
and Assigns.

 

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

 

Section 1.10.                             Separability
Clause.

 

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

 

Section 1.11.                             Benefits
of Indenture.

 

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

 

Section 1.12.                             Governing
Law.

 

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

 

Section 1.13.                             Legal
Holidays.

 

In any case where any Interest Payment Date,
Redemption Date, Purchase Date or Stated Maturity of any Security shall not be
a Business Day, then (notwithstanding any other

 

30

 

provision of this Indenture or
of the Securities) payment of interest or principal (and premium, if any) need
not be made on such date, but may be made on the next succeeding Business Day
with the same force and effect (including with respect to the accrual of interest)
as if made on the Interest Payment Date, Redemption Date or Purchase Date, or
at the Stated Maturity.

 

Section 1.14.                             No
Recourse Against Others.

 

No recourse for the payment of the principal of,
premium, if any, or interest on any of the Securities, or for any claim based
thereon or otherwise in respect thereof, and no recourse under or upon any
obligation, covenant or agreement of the Company contained in this Indenture,
or in any of the Securities, or because of the creation of any indebtedness represented
thereby, shall be had against any incorporator or against any past, present or
future partner, shareholder, other equity holder, officer, director, employee
or controlling person, as such, of the Company or of any successor Person,
either directly or through the Company or any successor Person, whether by
virtue of any constitution, statute or rule of law, or by the enforcement of
any assessment or penalty or otherwise; it being expressly understood that all
such liability is hereby expressly waived and released as a condition of, and
as a consideration for, the execution of this Indenture and the issue of the
Securities.

 

ARTICLE 2.

 

Security Forms

 

Section 2.01.                             Forms
Generally.

 

The Securities and the Trustee’s certificates of
authentication shall be in substantially the forms set forth in this Article,
with such appropriate insertions, omissions, substitutions and other variations
as are required or permitted by this Indenture, and may have such letters,
numbers or other marks of identification and such legends or endorsements
placed thereon as may be required to comply with the rules of any securities
exchange or as may, consistently herewith, be determined by the officers
executing such Securities, as evidenced by their execution thereof.

 

Securities offered and sold in reliance on Rule 144A
shall be issued initially in the form of one or more permanent global
Securities in registered form, substantially in the form set forth in Section
2.02 (the “U.S. Global Securities”), deposited with the Trustee, as custodian
for the Depository, duly executed by the Company and authenticated by the
Trustee as hereinafter provided.  The
aggregate principal amount of the U.S. Global Securities may from time to time
be increased or decreased by adjustments made on the records of the Trustee as
custodian for the Depository or its nominee, as hereinafter provided.

 

Securities offered and sold in offshore transactions
in reliance on Regulation S shall be issued initially in the form of one or
more permanent global Securities in registered form substantially in the form
set forth in Section 2.02 (the “Offshore Global Securities”) deposited with the
Trustee, as custodian for the Depositary, duly executed by the Company and
authenticated by the Trustee as hereinafter provided.  The aggregate principal amount of the

 

31

 

Offshore Global Securities may
from time to time be increased or decreased by adjustments made on the records
of the Trustee, as custodian for the Depositary, as hereinafter provided.

 

The Offshore Physical Securities and U.S. Physical
Securities are sometimes collectively herein referred to as the “Physical
Securities.” The U.S. Global Securities and the Offshore Global Securities are
sometimes collectively herein referred to as the “Global Securities.”

 

Securities offered and sold in reliance on Regulation
D under the Securities Act shall be issued in the form of permanent
certificated Securities in registered form in substantially the form set forth
in Section 2.02 (the “U.S. Physical Securities”).  Securities issued pursuant to Section 3.07 in exchange for
interests in the Global Securities shall be in the form of permanent
certificated Securities in registered form substantially in the form set forth
in Section 2.02 (the “Offshore Physical Securities”).

 

The definitive Securities shall be printed,
lithographed or engraved or produced by any combination of these methods on
steel engraved borders or may be produced in any other manner permitted by the
rules of any securities exchange on which the Securities may be listed, all as
determined by the officers executing such Securities, as evidenced by their
execution of such Securities.

 

Section 2.02.                             Form
of Face of Security.

 

Nextel Partners, Inc.

81/8% Senior Notes due 2011

 

	
  No.                      

  	
   

  	
  $                      

  
	
   

  	
   

  	
  CUSIP
  NO.                      

  
	
   

  	
   

  	
  CINS
  NO.                      

  

 

Nextel Partners, Inc., a corporation duly organized
and existing under the laws of the State of Delaware (herein called the
“Company”, which term includes any successor Person under the Indenture
hereinafter referred to), for value received, hereby promises to pay to
                                       ,  or registered
assigns, the principal amount of
                         Dollars on July 1,
2011 and to pay cash interest thereon from June 23, 2003 or from the most
recent Interest Payment Date to which interest has been paid or duly provided
for, semiannually in arrears on January 1 and July 1 in each year, commencing January
1, 2004 at the rate of 81/8% per annum, until the
principal hereof is paid or duly provided for, provided that any
principal and premium, and any such installment of interest, which is overdue
shall bear interest at the rate of 91/8% per annum (to the
extent that the payment of such interest shall be legally enforceable), from
the dates such amounts are due until they are paid or duly provided for, and
such interest shall be payable on demand. 
The interest so payable, and punctually paid or duly provided for, on
any Interest Payment Date will, as provided in such Indenture, be paid to the
Person in whose name this Security (or one or more Predecessor Securities) is
registered at the close of business on the Regular Record Date for such
interest, which shall be the December 15 or June 15 (whether or not a Business
Day), as the case may be, next preceding such Interest Payment Date.  Any such interest not so punctually paid or
duly provided for will forthwith cease to be payable

 

32

 

to the Holder on such Regular
Record Date and may either be paid to the Person in whose name this Security
(or one or more Predecessor Securities) is registered at the close of business
on a Special Record Date for the payment of such Defaulted Interest to be fixed
by the Trustee, notice whereof shall be given to Holders of Securities not less
than 10 days prior to such Special Record Date, or be paid at any time in any
other lawful manner not inconsistent with the requirements of any securities
exchange on which the Securities may be listed, and upon such notice as may be
required by such exchange, all as more fully provided in said Indenture.

 

In accordance with the terms of the Registration
Rights Agreement (i) if the Company fails to file an Exchange Offer
Registration Statement with the Commission on or prior to October 21, 2003,
(ii) if the Exchange Offer Registration Statement is not declared effective by
the Commission on or prior to December 20, 2003, (iii) if the Exchange Offer is
not consummated on or before the 30th business day after the Exchange Offer
Registration Statement is declared effective, (iv) if obligated to file the
Shelf Registration Statement and the Company fails to file the Shelf
Registration Statement with the Commission on or prior to the 60th day after
such filing obligation arises, (v) if obligated to file a Shelf Registration
Statement and the Shelf Registration Statement is not declared effective on or
prior to the 90th day after the obligation to file a Shelf Registration
Statement arises, or (vi) if the Exchange Offer Registration Statement or the
Shelf Registration Statement, as the case may be, is declared effective but
thereafter ceases to be effective or useable in connection with resales of the
Transfer Restricted Securities, for such time of non-effectiveness or
non-usability (each, a “Registration Default”), the Company agrees to pay to
each Holder of Transfer Restricted Securities affected thereby additional
interest (“Additional Interest”) in an amount equal to $0.05 per week per
$1,000 in principal amount of Transfer Restricted Securities held by such
Holder for each week or portion thereof that the Registration Default continues
for the first 90 day period immediately following the occurrence of such
Registration Default. The amount of Additional Interest shall increase by an
additional $0.05 per week per $1,000 in principal amount of Transfer Restricted
Securities with respect to each subsequent 90 day period until all Registration
Defaults have been cured, up to a maximum amount of Additional Interest of
$0.50 per week per $1,000 in principal amount of Transfer Restricted
Securities. The Company shall not be required to pay Additional Interest for
more than one Registration Default at any given time. Following the cure of all
Registration Defaults, the accrual of Additional Interest will cease.

 

All accrued Additional Interest shall be paid by the
Company to Holders entitled thereto by wire transfer to the accounts specified
by them or by mailing checks to their registered address if no such accounts
have been specified.

 

The Holder of this Security is entitled to the
benefits of such Registration Rights Agreement.

 

Payment of the principal of (and premium, if any) and
any interest on this Security will be made at the office or agency of the
Company maintained for that purpose in the Borough of Manhattan, The City of
New York, 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; provided,
however, that at the option of the Company payment of interest may be
made by check mailed to the address of the Person entitled thereto as such
address shall appear in the Security Register.

 

33

 

Nextel Partners, Inc. promises to pay to
                   
or registered assigns, the principal amount at maturity of
                  
Dollars on July 1, 2011.  Reference is
hereby made to the further provisions of this Security set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as
if set forth at this place.

 

Interest Payment Dates:                 January 1 and
July 1, commencing January 1, 2004.

 

Record Dates:                                                                     December
15 and June 15.

 

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

 

IN WITNESS WHEREOF, the Company has caused this
instrument to be duly executed under its corporate seal.

 

	
   

  	
  NEXTEL
  PARTNERS, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  

 

Section 2.03.                             Form
of Reverse of Security.

 

This Security is one of a duly authorized issue of
Securities of the Company designated as its Senior Notes due 2011 (herein
called the “Securities”), limited in aggregate principal amount at Stated
Maturity to $450,000,000, issued and to be issued under an Indenture, dated as
of June 23, 2003 (herein called the “Indenture”, which term shall have the
meaning assigned to it in such instrument), between the Company and The Bank of
New York, as Trustee (herein called the “Trustee”, which term includes any
successor trustee under the Indenture), and reference is hereby made to the
Indenture for a statement of the respective rights, limitations of rights,
duties and immunities thereunder of the Company, the Trustee and the Holders of
the Securities and of the terms upon which the Securities are, and are to be,
authenticated and delivered.

 

The Securities may be redeemed at any time on or after
July 1, 2007, at the Company’s option, in whole or in part, upon not less than
30 nor more than 60 days’ prior written notice mailed by first class mail to
each Holder’s last address as it appears in the Security Register, at the
Redemption Prices (expressed as a percentage of the principal amount at
maturity thereof) set forth below, plus an amount in cash equal to all accrued
and unpaid interest and Additional Interest, if any, to the Redemption Date, if
redeemed during the twelve-month period beginning July 1 of each of the years
set forth below.

 

	
  Year

  	
   

  	
  Percentage

  	
   

  
	
  2007

  	
   

  	
  104.063

  	
  %

  
	
  2008

  	
   

  	
  102.031

  	
  %

  
	
  2009 and
  thereafter

  	
   

  	
  100.000

  	
  %

  

 

34

 

In addition, in the event that the Company receives
net proceeds from one or more sales of its Capital Stock (other than Redeemable
Stock) prior to July 1, 2006, the Company may redeem up to 35% of the aggregate
principal amount of the Securities originally issued with the proceeds of such
sale at a Redemption Price equal to 108.125% of such principal amount on the
Redemption Date, plus accrued and unpaid interest and Additional Interest, if
any thereon, to the Redemption Date; provided that at least 65% of the
aggregate principal amount of the Securities issued remain outstanding
immediately after the occurrence of any such redemption (excluding Securities
held by the Company and its Restricted Subsidiaries); and provided, further,
that such redemption occurs within 60 days after consummation of any such sale.

 

The Securities do not have the benefit of any sinking
fund obligations.

 

In the event of redemption, or purchase pursuant to an
Offer to Purchase, of this Security in part only, a new Security or Securities
for the unredeemed or unpurchased portion hereof will be issued in the name of
the Holder hereof upon the cancellation hereof.

 

The Indenture contains provisions for defeasance at
any time of the entire indebtedness of this Security or certain restrictive
covenants and Events of Default with respect to this Security, in each case
upon compliance with certain conditions set forth in the Indenture.

 

If an Event of Default shall occur and be continuing,
there may be declared due and payable the Default Amount of the Securities, in
the manner and with the effect provided in the Indenture.  The Default Amount in respect of this
Security as of any particular date shall equal 100% of the principal amount
payable in respect of this Security at the Stated Maturity hereof.  Upon payment of (i) the Default Amount so
declared due and payable and any overdue installment of interest in respect of
this Security, (ii) any overdue principal or premium payable on redemption or
repurchase of this Security and (iii) as provided on the face hereof, any
interest on any overdue Default Amount, principal, premium or interest in
respect of this Security (to the extent that the payment of such interest shall
be legally enforceable), all of the Company’s obligations in respect of the
payment of the principal of and any premium and interest on this Security shall
terminate.

 

The Indenture provides that, subject to certain
conditions, if a Change of Control occurs, the Company shall be required to
make an Offer to Purchase for all of the Securities.

 

Unless the context otherwise requires, references
herein to the principal amount of any Security mean, as of any day, (i) with
respect to any portion thereof required hereunder to be redeemed or repurchased
on any redemption or repurchase date on or prior to such day, the amount due
and payable in respect of such portion upon such redemption or repurchase date
(excluding premium and interest), (ii) with respect to any portion thereof not
required to be so redeemed or repurchased, but which has been declared due and
payable prior to the Stated Maturity thereof as provided in the Indenture, the
Default Amount in respect of such portion as of such day and (iii) with respect
to any portion thereof not required so to be redeemed or repurchased and not so
declared due and payable, such portion of the principal amount of such Security
payable at Stated Maturity thereof.

 

35

 

The Indenture permits, with certain exceptions as
therein provided, the amendment thereof and the modification of the rights and
obligations of the Company and the rights of the Holders of the Securities
under the Indenture at any time by the Company and the Trustee after having
received the Required Consent (defined as follows).  The Indenture also contains provisions permitting those Persons
giving the Required Consent, on behalf of the Holders of all the Securities, to
waive compliance by the Company with certain provisions of the Indenture and
certain past defaults under the Indenture and their consequences.  Any such consent or waiver by the Holder of
this Security shall be conclusive and binding upon such Holder and upon all
future Holders of this Security and of any Security issued upon the
registration of transfer hereof or in exchange herefor or in lieu hereof,
whether or not notation of such consent or waiver is made upon this Security.

 

As used herein, “Required Consent” means, except as
otherwise expressly provided in the Indenture with respect to matters requiring
the consent of each holder of Securities affected thereby, the consent of
holders of not less than a majority in aggregate principal amount at Stated
Maturity of the Securities.

 

As provided in and subject to the provisions of the
Indenture, the Holder of this Security shall not have the right to institute
any proceeding with respect to the Indenture or for the appointment of a
receiver or trustee or for any other remedy thereunder, unless such Holder
shall have previously given the Trustee written notice of a continuing Event of
Default with respect to the Securities, the Holders of not less than a majority
in principal amount at Stated Maturity of the Securities at the time
Outstanding shall have made written request to the Trustee to institute
proceedings in respect of such Event of Default as Trustee and offered the
Trustee indemnity satisfactory to the Trustee and the Trustee shall not have
received from the Holders of a majority in principal amount at Stated Maturity
of Securities at the time Outstanding a direction inconsistent with such
request, and shall have failed to institute any such proceeding, within 60 days
after receipt of such notice, request and offer of indemnity.  The foregoing shall not apply to certain suits
described in the Indenture, including any suit instituted by the Holder of this
Security for the enforcement of any payment of principal hereof or any premium
or interest hereon on or after the respective due dates expressed herein (or,
in the case of redemption, on or after the Redemption Date or, in the case of
any purchase of this Security required to be made pursuant to an Offer to
Purchase, on or after the Purchase Date.)

 

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

 

As provided in the Indenture and subject to certain
limitations therein set forth, the transfer of this Security is registrable in
the Security Register, upon surrender of this Security for registration of
transfer at the office or agency of the Company in the Borough of Manhattan,
The City of New York, duly endorsed by, or accompanied by a written instrument
of transfer in form satisfactory to the Company and the Security Registrar duly
executed by, the Holder hereof or his attorney duly authorized in writing, and
thereupon one or more new Securities, of authorized denominations and for the
same aggregate principal amount, will be issued to the designated transferee or
transferees.

 

36

 

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

 

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

 

Prior to due presentment of this Security for
registration of transfer, the Company, the Trustee and any agent of the Company
or the Trustee may treat the Person in whose name this Security is registered
as the owner hereof for all purposes, whether or not this Security be overdue,
and neither the Company, the Trustee nor any such agent shall be affected by
notice to the contrary.

 

Interest on this Security shall be computed on the
basis of a 360-day year of twelve 30-day months.

 

All terms used in this Security which are defined in
the Indenture shall have the meanings assigned to them in the Indenture.

 

The Indenture and this Security shall be governed by
and construed in accordance with the laws of the State of New York,
without regard to principles of conflicts of laws.

 

37

 

[FORM OF TRANSFER NOTICE]

 

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

 

	
  Insert Taxpayer
  Identification No.

  
	
   

  
	
   

  
	
  Please print or
  typewrite name and address including zip code of assignee

  
	
   

  
	
   

  
	
  the within Note and all
  rights thereunder, hereby irrevocably constituting and appointing
                                                                      
  attorney to transfer said Security on the books of the Company with full
  power of substitution in the premises.

  

 

[THE FOLLOWING PROVISION TO BE INCLUDED

ON ALL SECURITIES OTHER THAN EXCHANGE SECURITIES

AND UNLEGENDED OFFSHORE PHYSICAL AND GLOBAL SECURITIES]

 

In connection with any transfer of this Security
occurring prior to the date which is the earlier of (i) the date the Shelf
Registration Statement with respect to resales of the Securities is declared
effective or (ii) the end of the period referred to in Rule 144(k) under the
Securities Act, the undersigned confirms that without utilizing any general
solicitation or general advertising that:

 

[Check One]

 

o (a)                               this
Security is being transferred in compliance with the exemption from registration
under the Securities Act of 1933, as amended, provided by Rule 144A thereunder.

 

o (b)                              this
Security is being transferred other than in accordance with (a) above and
documents are being furnished which comply with the conditions of transfer set
forth in this Security and the Indenture.

 

If none of the foregoing boxes
is checked, the Trustee shall not be obligated to register this Security in the
name of any Person other than the Holder hereof unless and until the conditions
to any such transfer of registration set forth herein and in Section 3.07 of
the Indenture shall have been satisfied.

 

	
  Date:

  	
   

  	
   

  	
   

  	
   

  
	
   

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

  

 

38

 

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

 

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

 

	
  Date:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  NOTICE:  To be executed by an executive officer.

  

 

39

 

OPTION OF HOLDER TO ELECT PURCHASE

 

If you want to elect to have this Security purchased
in its entirety by the Company pursuant to Section 10.13 or 10.21 of the
Indenture, check the appropriate box:

 

o  10.13                                                                                                   o  10.21

 

If you want to elect to have only a part of the
principal amount at Stated Maturity of this Security purchased by the Company
pursuant to Section 10.13 or 10.21 of the Indenture, state the portion of such
amount:
$                             

 

	
  Dated:

  	
  Your
  Signature:

  	
   

  	
   

  
	
   

  	
   

  	
  (Sign
  exactly as name appears

  on the other side of this Security)

  
	
   

  	
   

  
	
  Signature
  Guarantee:

  	
   

  	
   

  
						

 

(Signature must be guaranteed
by a financial institution that is a member of the Securities Transfer Agent
Medallion Program (“STAMP”), the Stock Exchange Medallion Program (“SEMP”), the
New York Stock Exchange, Inc. Medallion Signature Program (“MSP”) or such other
signature guarantee program as may be determined by the Security Registrar in
addition to, or in substitution for, STAMP, SEMP or MSP, all in accordance with
the Securities Exchange Act of 1934, as amended.)

 

Section 2.04.                             Form
of Trustee’s Certificate of Authentication.

 

Dated:

 

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

 

	
   

  	
   

  	
  The Bank of New
  York,

  as Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized Signatory

  

 

Section 2.05.                             Restrictive
Legends.

 

Unless and until a Security is exchanged for an
Exchange Security or sold in connection with an effective Shelf Registration
Statement pursuant to the Registration Rights Agreement, (i) each U.S. Global
Security and each U.S. Physical Security shall bear the legend set forth below
on the reverse thereof and (ii) each Offshore Physical Security and each
Offshore Global Security shall bear the legend set forth below on the reverse
thereof, until at least the 41st day after the Closing Date and receipt by the
Company and the Trustee of a certificate substantially in the form of Exhibit
A hereto:

 

40

 

“THIS NOTE (OR ITS PREDECESSOR) HAS NOT BEEN
REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE
TRANSFERRED WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF,
U.S. PERSONS, EXCEPT AS SET FORTH IN THE NEXT SENTENCE.  BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL
INTEREST HEREIN, THE HOLDER:

 

(1)                                  REPRESENTS
THAT, IF IT PURCHASED THIS NOTE DIRECTLY FROM AN INITIAL PURCHASER IN AN EXEMPT
RESALE, (i) IT IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER
THE SECURITIES ACT) (A “QIB”) OR (ii) IT HAS ACQUIRED THIS NOTE IN AN OFFSHORE
TRANSACTION IN COMPLIANCE WITH REGULATION S UNDER THE ACT;

 

(2)                                  AGREES
THAT IT WILL NOT RESELL OR OTHERWISE TRANSFER THIS NOTE EXCEPT (A) TO THE
COMPANY OR ANY OF ITS SUBSIDIARIES, (B) TO A PERSON WHOM THE SELLER REASONABLY
BELIEVES IS A QIB PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QIB IN
A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (C) IN A OFFSHORE
TRANSACTION MEETING THE REQUIREMENTS OF RULE 903 OR 904 OF THE SECURITIES ACT,
(D) IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144 UNDER THE SECURITIES
ACT, (E) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” (AS DEFINED IN RULE 501(A)
(1), (2), (3) OR (7) OF REGULATION D UNDER THE SECURITIES ACT THAT, PRIOR TO
SUCH TRANSFER, FURNISHES THE TRUSTEE A SIGNED LETTER CONTAINING CERTAIN
REPRESENTATIONS AND AGREEMENTS RELATING TO THE TRANSFER OF THIS NOTE (THE FORM
OF WHICH CAN BE OBTAINED FROM THE TRUSTEE) AND, IF SUCH TRANSFER IS IN RESPECT
OF AN AGGREGATE PRINCIPAL AMOUNT AT MATURITY OF NOTES LESS THAN $250,000, AN
OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY THAT SUCH TRANSFER IS IN
COMPLIANCE WITH THE SECURITIES ACT, (F) IN ACCORDANCE WITH ANOTHER EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN
OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY) OR (G) PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT AND, IN EACH CASE, IN ACCORDANCE WITH THE APPLICABLE
SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION
AND

 

(3)                                  AGREES
THAT IT WILL DELIVER TO EACH PERSON TO WHOM THIS NOTE OR AN INTEREST HEREIN IS
TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND.

 

Each Global Security, whether or not an Exchange
Security, shall also bear the following legend on the reverse thereof:

 

41

 

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

 

TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO
TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF CEDE & CO., OR TO A
SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS
GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE
RESTRICTIONS SET FORTH IN SECTION 3.07 OF THE INDENTURE.

 

ARTICLE 3.

 

The Securities

 

Section 3.01.                             Title
and Terms.

 

The aggregate principal amount at Stated Maturity of
Securities which may be authenticated and delivered under this Indenture is
limited to $450,000,000 except for Securities authenticated and delivered upon
registration of transfer of, or in exchange for, or in lieu of, other
Securities pursuant to Section 3.04, 3.05, 3.08, 9.06 or 11.08 or in connection
with an Offer to Purchase pursuant to Section 10.13.

 

The Securities shall be known and designated as the
“Senior Notes due 2011” of the Company. 
Their Stated Maturity shall be July 1, 2011 and they shall bear cash
interest at the rate of 81/8% per annum, from June 23,
2003 or from the most recent Interest Payment Date to which interest has been
paid or duly provided for, as the case may be, payable semi-annually on January
1 and July 1, commencing January 1, 2004 until the principal thereof is paid or
made available for payment.

 

The principal of (and premium, if any) and interest on
the Securities shall be payable at the office or agency of the Company in the
Borough of Manhattan, The City of New York maintained for such purpose and at
any other office or agency maintained by the Company for such purpose; provided,
however, that at the option of the Company, payment of interest may be
made by check mailed to the address of the Person entitled thereto as such
address shall appear in the Security Register.

 

42

 

The Company may be required to make an Offer to
Purchase the Securities as provided in Section 10.13.

 

The Securities shall be redeemable as provided in
Article 2 and Article 11.

 

The Securities shall be subject to Defeasance and/or
Covenant Defeasance as provided in Article 12.

 

Section 3.02.                             Denominations.

 

The Securities shall be issuable only in registered
form without coupons and only in denominations of $1,000 principal amount and
any integral multiple thereof.

 

Section 3.03.                             Execution,
Authentication, Delivery and Dating.

 

The Securities shall be executed on behalf of the
Company by its Chairman of the Board, its President or one of its Vice
Presidents.  The signature of any of
these officers on the Securities may be manual or facsimile.

 

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

 

At any time and from time to time after the execution
and delivery of this Indenture, the Company may deliver Securities executed by
the Company to the Trustee for authentication, together with a Company Order
for the authentication and delivery of such Securities; and the Trustee in
accordance with such Company Order shall authenticate and deliver such
Securities as in this Indenture provided and not otherwise.

 

Each Security shall be dated the date of its
authentication.

 

No Security shall be entitled to any benefit under
this Indenture or be valid or obligatory for any purpose unless there appears
on such Security a certificate of authentication substantially in the form
provided for herein executed by the Trustee by manual signature, and such
certificate upon any Security shall be conclusive evidence, and the only
evidence, that such Security has been duly authenticated and delivered
hereunder.

 

Section 3.04.                             Temporary
Securities.

 

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

 

43

 

If temporary Securities are issued, the Company will
cause definitive Securities to be prepared without unreasonable delay.  After the preparation of definitive
Securities, the temporary Securities shall be exchangeable for definitive
Securities upon surrender of the temporary Securities at any office or agency
of the Company designated pursuant to Section 10.02, without charge to the
Holder.  Upon surrender for cancellation
of any one or more temporary Securities the Company shall execute and the
Trustee shall authenticate and deliver in exchange therefor a like principal
amount of definitive Securities of authorized denominations and of a like
tenor.  Until so exchanged the temporary
Securities shall in all respects be entitled to the same benefits under this
Indenture as definitive Securities.

 

Section 3.05.                             Registration,
Registration of Transfer and Exchange.

 

The Company shall cause to be kept at the Corporate
Trust Office of the Trustee a register (the register maintained in such office
and in any other office or agency designated pursuant to Section 10.02 being
herein sometimes collectively referred to as the “Security Register”) in which,
subject to such reasonable regulations as it may prescribe, the Company shall
provide for the registration of Securities and of transfers of Securities.  The Trustee is hereby appointed “Security
Registrar” for the purpose of registering Securities and transfers of
Securities as herein provided.

 

Upon surrender for registration of transfer of any
Security at an office or agency of the Company designated pursuant to Section
10.02 for such purpose, the Company shall execute, and the Trustee shall
authenticate and deliver, in the name of the designated transferee or transferees,
one or more new Securities of any authorized denominations and of a like
aggregate principal amount and tenor. 
No such transfer shall be effected until, and such transferee shall
succeed to the rights of a Holder only upon, final acceptance and registration
of the transfer by the Security Registrar in the Security Register.  Prior to the registration of any transfer by
a Holder as provided herein, the Company, the Trustee and any agent of the
Company shall treat the person in whose name the Security is registered as the
owner thereof for all purposes whether or not the Security shall be overdue,
and neither the Company, the Trustee, nor any such agent shall be affected by
notice to the contrary.  Furthermore, any
Holder of a Global Security shall, by acceptance of such Global Security, agree
that transfers of beneficial interests in such Global Security may be effected
only through a book entry system maintained by the Holder of such Global
Security (or its agent) and that ownership of a beneficial interest in the
Security shall be required to be reflected in a book entry.

 

At the option of the Holder, Securities may be
exchanged for other Securities (including an exchange of securities for
Exchange Securities) of any authorized denominations and of a like aggregate
principal amount and tenor, upon surrender of the Securities to be exchanged at
such office or agency provided, that no exchange of Securities for
Exchange Securities shall occur until a Registration Statement shall have been
declared effective by the Commission and that Securities that are exchanged for
Exchange Securities pursuant to such Registration Statement shall be canceled
by the Trustee.  Whenever any Securities
are so surrendered for exchange, the Company shall execute, and the Trustee
shall authenticate and deliver, the Securities which the Holder making the
exchange is entitled to receive.

 

44

 

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

 

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

 

No service charge shall be made for any registration
of transfer or exchange of Securities, but the Company may require payment of a
sum sufficient to cover any tax or other governmental charge that may be
imposed in connection with any registration of transfer or exchange of
Securities, other than exchanges pursuant to Section 3.04, 9.06 or 11.08 or in
accordance with any Offer to Purchase pursuant to Section 10.13, and in any
such case not involving any transfer.

 

The Company shall not be required (i) to issue,
register the transfer of or exchange any Security during a period beginning at
the opening of business 15 days before the day of the mailing of a notice of
redemption of Securities selected for redemption under Section 11.04 and ending
at the close of business on the day of such mailing, or (ii) to register the
transfer of or exchange any Security so selected for redemption in whole or in
part, except the unredeemed portion of any Security being redeemed in part.

 

Section 3.06.                             Book-Entry
Provisions for Global Security.

 

(a)                                  The Global Security initially shall
(i) be registered in the name of the Depository for such Global Security or the
nominee of such Depository; (ii) be delivered to the Trustee as custodian for
such Depository; and (iii) bear legends as set forth in Section 2.05.

 

Members of, or participants in, the Depository (“Agent
Members”) shall have no rights under this Indenture with respect to any Global
Security held on their behalf by the Depository, or the Trustee as its
custodian, or under the Global Security and the Depository may be treated by
the Company, the Trustee and any agent of the Company or the Trustee as the
absolute owner of such Global Security for all purposes whatsoever.  Notwithstanding the foregoing, nothing
herein shall prevent the Company, the Trustee or any agent of the Company or
the Trustee, from giving effect to any written certification, proxy or other
authorization furnished by the Depository or impair, as between the Depository
and its Agent Members, the operation of customary practices governing the
exercise of the rights of a holder of any Security.

 

(b)                                 Transfers of a Global Security shall
be limited to transfers of such Global Security in whole, but not in part, to the
Depository, its successors or their respective nominees.  Interests of beneficial owners in a Global
Security may be transferred in accordance with the rules and procedures of the
Depository and the provisions of Section 3.07. 
In addition, U.S. Physical Securities and Offshore Physical Securities
shall be transferred to all beneficial owners in exchange for their beneficial
interests in the U.S. Global Securities or Offshore Global

 

45

 

Securities, respectively, if
(i) the Depository notifies the Company that it is unwilling or unable to
continue as Depository for the U.S. Global Securities or Offshore Global
Securities, as the case may be, and a successor depository is not appointed by
the Company within 90 days of such notice, (ii) an Event of Default has
occurred and is continuing and the Security Registrar has received a request
therefor from the Depository or (iii) in accordance with the rules and
procedures of the Depository and the provisions of Section 3.07.

 

(c)                                  In connection with any transfer of a
portion of the beneficial interests in the Global Security to beneficial owners
pursuant to paragraph (b) of this Section, the Security Registrar shall reflect
on the Security Register the date and a decrease in the principal amount of the
Global Security in an amount equal to the principal amount of the beneficial
interest in the Global Security to be transferred, and the Company shall
execute, and the Trustee shall authenticate and deliver, one or more Physical
Securities of like tenor and amount.

 

(d)                                 In connection with the transfer of
an entire U.S. Global Security or Offshore Global Security to beneficial owners
pursuant to paragraph (b) of this Section, such U.S. Global Security or
Offshore Global Security shall be deemed to be surrendered to the Trustee for
cancellation, and the Company shall execute, and the Trustee shall authenticate
and deliver, to each beneficial owner identified by the Depository in exchange
for its beneficial interest in such U.S. Global Security or Offshore Global
Security, as the case may be, an equal aggregate principal amount of U.S.
Physical Securities or Offshore Physical Securities of authorized
denominations.

 

(e)                                  Any Physical Security delivered in
exchange for an interest in the Global Security pursuant to paragraph (b), (c)
or (d) of this Section shall, except as otherwise provided by paragraph (d) of
Section 3.07 bear the legend regarding transfer restrictions applicable to the
Physical Securities set forth in Section 2.05.

 

(f)                                    The registered holder of a Global
Security may grant proxies and otherwise authorize any person, including Agent
Members and persons that may hold interests through Agent Members, to take any
action which a Holder is entitled to take under this Indenture or the
Securities.

 

Section 3.07.                             Special
Transfer Provisions.

 

Unless and until a Security is exchanged for an
Exchange Security or sold in connection with an effective Shelf Registration
Statement pursuant to the Registration Rights Agreement, the following
provisions shall apply:

 

(a)                                  Transfers to QIBs. 
The following provisions shall apply with respect to the registration of
any proposed transfer of a Physical Security or an interest in the Global
Security prior to the removal of the Private Placement Legend to a QIB
(excluding Non-U.S. Persons):

 

(i)                                     If the Security to be transferred
consists of (x) (A) U.S. Physical Securities or (B) an interest in an Offshore
Global Security prior to the removal of the Private Placement Legend, the
Security Registrar shall register the transfer if such transfer is being made
by a proposed transferor who has checked the box provided for on the form

 

46

 

of
security stating, or has otherwise advised the Company and the Security
Registrar in writing, that the sale has been made in compliance with the
provisions of Rule 144A, to a transferee who has signed the certification
provided for on the form of Security stating, or has otherwise advised the
Company and the Security Registrar in writing, that it is purchasing the
Security for its own account or an account with respect to which it exercises
sole investment discretion and that it and any such account is a QIB within the
meaning of Rule 144A, and is aware that the sale to it is being made in
reliance on Rule 144A and acknowledges that it has received such
information regarding the Company as it has requested pursuant to Rule 144A or
has determined not to request such information and that it is aware that the transferor
is relying upon its foregoing representations in order to claim the exemption
from registration provided by Rule 144A or (y) an interest in a U.S. Global
Security, the transfer of such interest may be effected only through the book
entry system maintained by the Depository.

 

(ii)                                  If the proposed transferee is an
Agent Member, and the Security to be transferred consists of U.S. Physical
Securities, upon receipt by the Security Registrar of the documents referred to
in clause (i) and instructions given in accordance with the Depository’s and
the Security Registrar’s procedures, the Security Registrar shall reflect in
the Security Register the date and an increase in the principal amount at
maturity of the U.S. Global Security in an amount equal to the principal amount
at maturity of the U.S. Physical Securities to be transferred, and the Trustee
shall cancel the U.S. Physical Securities so transferred.

 

(b)                                 Transfers to Non-QIB Institutional
Accredited Investors.  The following provisions
shall apply with respect to the registration of any proposed transfer of a
Security to any Institutional Accredited Investor which is not a QIB (excluding
Non-U.S. Persons):

 

(i)                                     The Security Registrar shall
register the transfer of any Security, whether or not such Security bears the
Private Placement Legend, if (x) the requested transfer is after the time
period referred to in Rule 144(k) under the Securities Act as in effect with
respect to such transfer or (y) the proposed transferee has delivered to the
Security Registrar (A) a certificate substantially in the form of Exhibit B
hereto and (B) if the aggregate principal amount of the Securities being
transferred is less than $250,000 at the time of such transfer, an Opinion of
Counsel acceptable to the Company that such transfer is in compliance with the
Securities Act.

 

(ii)                                  If the proposed transferor is an
Agent Member holding a beneficial interest in the U.S. Global Security, upon
receipt by the Security Registrar of (x) the documents, if any, required by the
preceding paragraph (i), and (y) instructions given in accordance with the
Depositary’s and the Security Registrar’s procedures, the Security Registrar
shall reflect on its books and records the date and a decrease in the principal
amount of the U.S. Global Security in an amount equal to the principal amount
of the beneficial interest in the U.S. Global Security to be transferred, and
the Company shall execute, and the Trustee shall authenticate and deliver, one
or more U.S. Physical Securities of like tenor and amount.

 

47

 

(c)                                  Transfers of Interests in the
Offshore Global Securities or Offshore Physical Securities.  
The following provisions shall apply with respect to any transfer of
interests in the Offshore Global Securities or Offshore Physical Securities:

 

(i)                                     prior to removal of the Private
Placement Legend from an Offshore Global Security or Offshore Physical Security
pursuant to Section 2.05, the Security Registrar shall refuse to register such
transfer unless such transfer complies with Section 3.07(a) or Section 3.07(d),
as the case may be; and

 

(ii)                                  after such removal, the Security
Registrar shall register the transfer of any such Security without requiring
any additional certification.

 

(d)                                 Transfers to Non-U.S. Persons at Any
Time.  The following provisions shall apply with
respect to any transfer of a Security to a Non-U.S. Person:

 

(i)                                     The Security Registrar shall
register any proposed transfer to any Non-U.S. Person if the Security to be
transferred is a U.S. Physical Security or an interest in a U.S. Global
Security only upon receipt of a certificate substantially in the form of Exhibit
C hereto from the proposed transferor.

 

(ii)                                  (A)                              If the proposed Transferor is an
Agent Member holding a beneficial interest in a U.S. Global Security, upon
receipt by the Security Registrar of (x) the documents required by
paragraph (i) and (y) instructions in accordance with the Depositary’s and the
Security Registrar’s procedures, the Security Registrar shall reflect on its
books and records the date and a decrease in the principal amount of such U.S.
Global Security in an amount equal to the principal amount of the beneficial
interest in the U.S. Global Security to be transferred, and (B) if the proposed
transferee is an Agent Member, upon receipt by the Security Registrar of
instructions given in accordance with the Depositary’s and the Security
Registrar’s procedures, the Security Registrar shall reflect on its books and
records the date and an increase in the principal amount of the Offshore Global
Security in an amount equal to the principal amount of the U.S. Physical
Securities or the U.S. Global Security, as the case may be, to be transferred,
and the Trustee shall cancel the Physical Security, if any, so transferred or
decrease the amount of the U.S. Global Security.

 

(e)                                  Private Placement Legend. 
Upon the transfer, exchange or replacement of Securities not bearing the
Private Placement Legend, the Security Registrar shall deliver Securities that
do not bear the Private Placement Legend. 
Upon the transfer, exchange or replacement of securities bearing the
Private Placement Legend, the Security Registrar shall deliver only Securities
that bear the Private Placement Legend unless either (i) the circumstances
contemplated by Section 2.05 exist or (ii) there is delivered to the Trustee an
Opinion of Counsel reasonably satisfactory to the Company and the Trustee to
the effect that neither such legend nor the related restrictions on transfer
are required in order to maintain compliance with the provisions of the
Securities Act.

 

(f)                                    General. 
By its acceptance of any Security bearing the Private Placement Legend,
each Holder of such a Security acknowledges the restrictions on transfer of
such

 

48

 

Security set forth in this
Indenture and in the Private Placement Legend and agrees that it will transfer
such Security only as provided in this Indenture.  The Security Registrar shall not register a transfer of any
Security unless such transfer complies with the restrictions on transfer of
such Security set forth in the Private Placement Legend and in this
Indenture.  In connection with any
transfer of Securities, each Holder agrees by its acceptance of the Securities
to furnish the Trustee or the Company such certifications, legal opinions or
other information as either of them may reasonably require to confirm that such
transfer is being made pursuant to an exemption from, or a transaction not
subject to, the registration requirements of the Securities Act; provided
that the Trustee shall not be required to determine (but may rely on a
determination made by the Company with respect to) the sufficiency of any such
certifications, legal opinions or other information.

 

The Trustee shall retain copies of all letters,
notices and other written communications received pursuant to Section 3.06
or this Section 3.07.  The Company shall
have the right to inspect and make copies of all such letters, notices or other
written communications at any reasonable time upon the giving of reasonable
written notice to the Trustee.

 

Section 3.08.                             Mutilated,
Destroyed, Lost and Stolen Securities.

 

If any mutilated Security is surrendered to the
Trustee, the Company shall execute and the Trustee shall authenticate and
deliver in exchange therefor a new Security of like tenor and principal amount
and bearing a number not contemporaneously outstanding.

 

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

 

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

 

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

 

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

 

49

 

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

 

Section 3.09.                             Payment
of Interest; Interest Rights Preserved.

 

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

 

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

 

(1)                                  The Company may elect to make
payment of any Defaulted Interest to the Persons in whose names the Securities
(or their respective Predecessor Securities) are registered at the close of
business on a Special Record Date for the payment of such Defaulted Interest,
which shall be fixed in the following manner. 
The Company shall notify the Trustee in writing of the amount of
Defaulted Interest proposed to be paid on each Security and the date of the
proposed payment, and at the same time the Company shall deposit with the
Trustee an amount of money equal to the aggregate amount proposed to be paid in
respect of such Defaulted Interest or shall make arrangements satisfactory to
the Trustee for such deposit prior to the date of the proposed payment, such
money when deposited to be held in trust for the benefit of the Persons
entitled to such Defaulted Interest as in this Clause provided.  Thereupon the Trustee shall fix a Special
Record Date for the payment of such Defaulted Interest which shall be not more
than 15 days and not less than 10 days prior to the date of the proposed
payment and not less than 10 days after the receipt by the Trustee of the
notice of the proposed payment.  The
Trustee shall promptly notify the Company of such Special Record Date and, in
the name and at the expense of the Company, shall cause notice of the proposed
payment of such Defaulted Interest and the Special Record Date therefor to be
given to each Holder in the manner specified in Section 1.06, not less than 10
days prior to such Special Record Date. 
Notice of the proposed payment of such Defaulted Interest and the
Special Record Date therefor having been so mailed, such Defaulted Interest
shall be paid to the Persons in whose names the Securities (or their respective
Predecessor Securities) are registered at the close of business on such Special
Record Date and shall no longer be payable pursuant to the following Clause
(2).

 

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

 

50

 

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

 

Section 3.10.                             Persons
Deemed Owners.

 

Prior to due presentment of a Security for
registration of transfer, the Company, the Trustee and any agent of the Company
or the Trustee may treat the Person in whose name such Security is registered
as the owner of such Security for the purpose of receiving payment of principal
of (and premium, if any) and (subject to Section 3.09) interest on such
Security and for all other purposes whatsoever, whether or not such Security be
overdue, and neither the Company, the Trustee nor any agent of the Company or
the Trustee shall be affected by notice to the contrary.

 

Section 3.11.                             Cancellation.

 

All Securities surrendered for payment, redemption,
registration of transfer or exchange or for credit against any Offer to
Purchase pursuant to Section 10.13 shall, if surrendered to any Person other
than the Trustee, be delivered to the Trustee and shall be promptly canceled by
it.  The Company may at any time deliver
to the Trustee for cancellation any Securities previously authenticated and
delivered hereunder which the Company may have acquired in any manner
whatsoever, and all Securities so delivered shall be promptly canceled by the Trustee.  No Securities shall be authenticated in lieu
of or in exchange for any Securities canceled as provided in this Section,
except as expressly permitted by this Indenture.  All canceled Securities held by the Trustee shall be disposed of
as directed by a Company Order; provided, however, that the
Trustee shall not be required to destroy canceled Securities.

 

Section 3.12.                             Computation
of Interest.

 

Interest on the Securities shall be computed on the
basis of a 360-day year of twelve 30-day months.

 

Section 3.13.                             CUSIP,
CINS and ISIN Numbers.

 

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

 

51

 

ARTICLE 4.

 

Satisfaction and Discharge

 

Section 4.01.                             Satisfaction
and Discharge of Indenture.

 

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

 

(1)                                  either

 

(A)                              all Securities theretofore
authenticated and delivered (other than (i) Securities which have been
destroyed, lost or stolen and which have been replaced or paid as provided in
Section 3.08 and (ii) Securities for whose payment money has theretofore
been deposited in trust or segregated and held in trust by the Company and thereafter
repaid to the Company or discharged from such trust, as provided in Section
10.03) have been delivered to the Trustee for cancellation; or

 

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

 

(i)                                     have become due and payable, or

 

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

 

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

 

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

 

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

 

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

 

52

 

Notwithstanding the satisfaction and discharge of this
Indenture pursuant to this Article 4, the obligations of the Company to the
Trustee under Section 6.07, the obligations of the Trustee to any
Authenticating Agent under Section 6.14 and, if money shall have been deposited
with the Trustee pursuant to subclause (B) of Clause (1) of this Section, the
obligations of the Trustee under Section 4.02 and the last paragraph of
Section 10.03 shall survive.

 

Section 4.02.                             Application
of Trust Money.

 

Subject to the provisions of the last paragraph of
Section 10.03, all money deposited with the Trustee pursuant to Section 4.01
shall be held in trust and applied by it, in accordance with the provisions of
the Securities and this Indenture, to the payment, either directly or through
any Paying Agent (including the Company acting as its own Paying Agent) as the
Trustee may determine, to the Persons entitled thereto, of the principal (and
premium, if any) and interest for whose payment such money has been deposited
with the Trustee.

 

ARTICLE 5.

 

Remedies

 

Section 5.01.                             Events
of Default.

 

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

 

(1)                                  failure to pay principal of (or
premium, if any, on) any Security at its Maturity; or

 

(2)                                  failure to pay any interest upon any
Security when due, continued for 30 days; or

 

(3)                                  default, on the applicable Purchase
Date, in the purchase of Securities required to be purchased by the Company
pursuant to an Offer to Purchase as to which an Offer has been mailed to
Holders or failure to make an Offer to Purchase as required hereunder; or

 

(4)                                  default in the performance, or
breach, of Section 8.01; or

 

(5)                                  default in the performance, or
breach, of any covenant or warranty of the Company in this Indenture (other
than a covenant or warranty a default whose performance or whose breach is
elsewhere in this Section specifically dealt with) or in the Securities, and
continuance of such default or breach for a period of 60 days after there has
been given to the Company by the Trustee or to the Company and the Trustee by
the Holders of at least 25% in aggregate principal amount at Stated Maturity of
the Outstanding Securities a written notice specifying such default or breach
and requiring it to be remedied and stating that such notice is a “Notice of
Default” hereunder; or

 

53

 

(6)                                  a default or defaults under any
bond(s), debenture(s), note(s) or other evidence(s) of Debt for money borrowed
by the Company or any Restricted Subsidiary (or under any mortgage(s),
indenture(s) or instrument(s) under which there may be issued or by which there
may be secured or evidenced any Debt for money borrowed by the Company or any
Restricted Subsidiary) having, individually or in the aggregate, a principal or
similar amount outstanding of at least $25,000,000, whether such Debt now
exists or shall hereafter be created, which default or defaults shall
constitute a failure to pay any portion of the principal or similar amount of
such Debt when due and payable after the expiration of any applicable grace
period with respect thereto or shall have resulted in such Debt becoming or
being declared due and payable; or

 

(7)                                  a final judgment or final judgments
for the payment of money are entered against the Company or any Restricted
Subsidiary in an aggregate amount in excess of $25,000,000 by a court or courts
of competent jurisdiction, which judgments remain undischarged or unbonded for
a period (during which execution shall not be effectively stayed) of 60 days
after the right to appeal all such judgments has expired; or

 

(8)                                  the entry by a court having
jurisdiction in the premises of (A) a decree or order for relief in respect of
the Company or any Restricted Subsidiary in an involuntary case or proceeding
under any applicable Federal or State bankruptcy, insolvency, reorganization or
other similar law or (B) a decree or order adjudging the Company or any
Restricted Subsidiary a bankrupt or insolvent, or approving as properly filed a
petition seeking reorganization, arrangement, adjustment or composition of or
in respect of the Company or any Restricted Subsidiary under any applicable
Federal or State law, or appointing a custodian, receiver, liquidator,
assignee, trustee, sequestrator or other similar official of the Company or any
Restricted Subsidiary or of any substantial part of the property of the Company
or any Restricted Subsidiary, or ordering the winding up or liquidation of the
affairs of the Company or any Restricted Subsidiary, and the continuance of any
such decree or order for relief or any such other decree or order unstayed and
in effect for a period of 60 consecutive days; or

 

(9)                                  the commencement by the Company or
any Restricted Subsidiary of a voluntary case or proceeding under any
applicable Federal or State bankruptcy, insolvency, reorganization or other
similar law or of any other case or proceeding to be adjudicated a bankrupt or
insolvent, or the consent by the Company or any Restricted Subsidiary to the
entry of a decree or order for relief in respect of the Company or any
Restricted Subsidiary in an involuntary case or proceeding under any applicable
Federal or State bankruptcy, insolvency, reorganization or other similar law or
to the commencement of any bankruptcy or insolvency case or proceeding against
the Company or any Restricted Subsidiary, or the filing by the Company or any
Restricted Subsidiary of a petition or answer or consent seeking reorganization
or relief under any applicable Federal or State law, or the consent by the
Company or any Restricted Subsidiary to the filing of such petition or to the
appointment of or taking possession by a custodian, receiver, liquidator,
assignee, trustee, sequestrator or similar official of the Company or any
Restricted Subsidiary or of any substantial part of the property of the Company
or any Restricted Subsidiary, or the making by the Company or any Restricted
Subsidiary of an assignment for the benefit of creditors, or the admission by
the Company or any

 

54

 

Restricted Subsidiary in writing of
its inability to pay its debts generally as they become due, or the taking of
corporate action by the Company or any Restricted Subsidiary in furtherance of
any such action.

 

Section 5.02.                             Acceleration
of Maturity; Rescission and Annulment.

 

If an Event of Default (other than an Event of Default
specified in Section 5.01(8) or (9)) occurs and is continuing, then and in
every such case the Trustee or the Holders of not less than 25% in aggregate
principal amount at Stated Maturity of the Outstanding Securities may declare
the Default Amount of all the Securities to be due and payable immediately, by
a notice in writing to the Company (and to the Trustee if given by Holders),
and upon any such declaration such Default Amount and any accrued interest
shall become immediately due and payable. 
If an Event of Default specified in Section 5.01(8) or (9) occurs, the
Default Amount of and any accrued interest on the Securities then Outstanding
shall ipso  facto become immediately due and payable without any
declaration or other Act on the part of the Trustee or any Holder.

 

The Default Amount in respect of any particular
Security as of any particular date shall equal 100% of the principal amount
payable in respect of the Security at the Stated Maturity thereof.

 

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

 

(1)                                  the Company has paid or deposited
with the Trustee a sum sufficient to pay

 

(A)                              all overdue interest on all Securities
(without duplication of any amount thereof paid or deposited pursuant to Clause
(B) or (C) below),

 

(B)                                the principal of (and premium, if
any, on) any Securities which have become due otherwise than by such
declaration of acceleration (including any Securities required to have been
purchased on the Purchase Date pursuant to an Offer to Purchase made by the
Company) and, to the extent that payment of such interest is lawful, interest
thereon at the rate provided by the Securities (without duplication of any
amount thereof paid or deposited pursuant to Clause (A) above or Clause (C)
below),

 

(C)                                to the extent that payment of such
interest is lawful, interest upon overdue interest at the rate provided by the
Securities (without duplication of any amount thereof paid or deposited
pursuant to Clause (A) or (B) above), and

 

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

 

55

 

and

 

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

 

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

 

Unless the context otherwise requires, references in
this Indenture to the principal amount of any Security mean, as of any day, (i)
with respect to any portion thereof required thereunder to be redeemed or
repurchased on any redemption or repurchase date on or prior to such day, the
amount due and payable in respect of such portion upon such redemption or
repurchase date (excluding premium and interest), (ii) with respect to any
portion thereof not required to be so redeemed or repurchased, but which has
been declared due and payable prior to the Stated Maturity thereof, the Default
Amount in respect of such portion as of such day and (iii) with respect to any
portion thereof not required so to be redeemed or repurchased and not so
declared due and payable, such portion of the principal amount of such Security
payable at Stated Maturity thereof.

 

Section 5.03.                             Collection
of Indebtedness and Suits for Enforcement by Trustee.

 

The Company covenants that if

 

(1)                                  default is made in the payment of
any interest on any Security when such interest becomes due and payable and
such default continues for a period of 30 days, or

 

(2)                                  default is made in the payment of
the principal of (or premium, if any, on) any Security at the Maturity thereof
or, with respect to any Security required to have been purchased pursuant to an
Offer to Purchase made by the Company, at the Purchase Date thereof,

 

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

 

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

 

56

 

Section 5.04.                             Trustee
May File Proofs of Claim.

 

In case of any judicial proceeding relative to the
Company (or any other obligor upon the Securities), its property or its
creditors, the Trustee shall be entitled and empowered, by intervention in such
proceeding or otherwise, to take any and all actions authorized under the Trust
Indenture Act in order to have claims of the Holders and the Trustee allowed in
any such proceeding.  In particular, the
Trustee shall be authorized to collect and receive any moneys or other property
payable or deliverable on any such claims and to distribute the same; and any
custodian, receiver, assignee, trustee, liquidator, sequestrator or other
similar official in any such judicial proceeding is hereby authorized by each
Holder to make such payments to the Trustee and, 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 it for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any
other amounts due the Trustee under Section 6.07.

 

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

 

Section 5.05.                             Trustee
May Enforce Claims Without Possession of Securities.

 

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

 

Section 5.06.                             Application
of Money Collected.

 

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

 

FIRST:                                                           To
the payment of all amounts due the Trustee under Section 6.07; and

 

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

 

57

 

Section 5.07.                             Limitation
on Suits.

 

No Holder of any Security shall have any right to
institute any proceeding, judicial or otherwise, with respect to this
Indenture, or for the appointment of a receiver or trustee, or for any other
remedy hereunder, unless

 

(1)                                  such Holder has previously given
written notice to a Responsible Officer of the Trustee of a continuing Event of
Default;

 

(2)                                  the Holders of a majority in
aggregate principal amount at Stated Maturity of the Outstanding Securities
shall have made written request to a Responsible Officer of the Trustee to
institute proceedings in respect of such Event of Default in its own name as Trustee
hereunder;

 

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

 

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

 

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

 

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

 

Section 5.08.                             Unconditional
Right of Holders to Receive Principal, Premium and Interest.

 

Notwithstanding any other provision in this Indenture,
the Holder of any Security shall have the right, which is absolute and
unconditional, to receive payment of the principal of (and premium, if any) and
(subject to Section 3.09) interest on such Security on the respective Stated
Maturities expressed in such Security (or, in the case of redemption, on the
Redemption Date or in the case of an Offer to Purchase made by the Company and
required to be accepted as to such Security, on the Purchase Date) and to
institute suit for the enforcement of any such payment, and such rights shall
not be impaired without the consent of such Holder.

 

Section 5.09.                             Restoration
of Rights and Remedies.

 

If the Trustee or any Holder has instituted any
proceeding to enforce any right or remedy under this Indenture and such
proceeding has been discontinued or abandoned for any reason, or has been
determined adversely to the Trustee or to such Holder, then and in every such
case, subject to any determination in such proceeding, the Company, the Trustee
and the Holders shall be restored severally and respectively to their former
positions hereunder and thereafter all

 

58

 

rights and remedies of the
Trustee and the Holders shall continue as though no such proceeding had been
instituted.

 

Section 5.10.                             Rights
and Remedies Cumulative.

 

Except as otherwise provided with respect to the
replacement or payment of mutilated, destroyed, lost or stolen Securities in
the last paragraph of Section 3.08, no right or remedy herein conferred upon or
reserved to the Trustee or to the Holders is intended to be exclusive of any
other right or remedy, and every right and remedy shall, to the extent
permitted by law, be cumulative and in addition to every other right and remedy
given hereunder or now or hereafter existing at law or in equity or
otherwise.  The assertion or employment of
any right or remedy hereunder, or otherwise, shall not prevent the concurrent
assertion or employment of any other appropriate right or remedy.

 

Section 5.11.                             Delay
or Omission Not Waiver.

 

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

 

Section 5.12.                             Control
by Holders.

 

By giving the Required Consent, those Persons giving
the Required Consent shall have the right to direct the time, method and place
of conducting any proceeding for any remedy available to the Trustee or
exercising any trust or power conferred on the Trustee, provided that

 

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

 

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

 

Section 5.13.                             Waiver
of Past Defaults.

 

By giving the Required Consent, those Persons giving
the Required Consent may, on behalf of the Holders of all the Securities, waive
any past default hereunder and its consequences, except a default

 

(1)                                  in the payment of the principal of
(or premium, if any) or interest on any Security (including any Security which
is required to have been purchased pursuant to an Offer to Purchase which has
been made by the Company), or

 

(2)                                  in respect of a covenant or
provision hereof which under Article 9 cannot be modified or amended without
the consent of the Holder of each Outstanding Security affected.

 

59

 

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

 

Section 5.14.                             Undertaking
for Costs.

 

In any suit for the enforcement of any right or remedy
under this Indenture, or in any suit against the Trustee for any action taken,
suffered or omitted by it as Trustee, a court may require any party litigant in
such suit to file an undertaking to pay the costs of such suit, and may assess
costs against any such party litigant, in the manner and to the extent provided
in the Trust Indenture Act; provided, that neither this Section nor the
Trust Indenture Act shall be deemed to authorize any court to require such an
undertaking or to make such an assessment in any suit instituted by the
Company.

 

Section 5.15.                             Wavier
of Stay of Extension Laws.

 

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

 

ARTICLE 6.

 

The Trustee

 

Section 6.01.                             Certain
Duties and Responsibilities.

 

The duties and responsibilities of the Trustee shall
be as provided by the Trust Indenture Act. 
Notwithstanding the foregoing, no provision of this Indenture shall
require the Trustee to expend or risk its own funds or otherwise incur any
financial liability in the performance of any of its duties hereunder, or in
the exercise of any of its rights or powers, if it shall have reasonable
grounds for believing that repayment of such funds or adequate indemnity
against such risk or liability is not reasonably assured to it.  Whether or not therein expressly so
provided, every provision of this Indenture relating to the conduct or
affecting the liability of or affording protection to the Trustee shall be
subject to the provisions of this Section.

 

Section 6.02.                             Notice
of Defaults.

 

The Trustee shall give the Holders notice of any
Default hereunder as and to the extent provided by the Trust Indenture Act; provided,
however, that in the case of any Default of

 

60

 

the character specified in
Section 5.01(5), no such notice to Holders shall be given until at least 30
days after a Responsible Officer has actual knowledge of the occurrence
thereof.

 

Section 6.03.                             Certain
Rights of Trustee.

 

Subject to the provisions of Section 6.01:

 

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

 

(b)                                 any request or direction of the
Company mentioned herein shall be sufficiently evidenced by a Company Request
or Company Order and any resolution of the Board of Directors may be
sufficiently evidenced by a Board Resolution;

 

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

 

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

 

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

 

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

 

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

 

61

 

(h)                                 the Trustee shall not be liable for
any action taken, suffered, or omitted to be taken by it in good faith and
reasonably believed by it to be authorized or within the discretion or rights
or powers conferred upon it by this Indenture;

 

(i)                                     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 Securities and this
Indenture;

 

(j)                                     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 to each agent, custodian and
other Person employed to act hereunder; and

 

(k)                                  the Trustee may request that the
Company deliver an Officers’ Certificate setting forth the names of individuals
and/or titles of officers authorized at such time to take specified actions
pursuant to this Indenture, which Officers’ Certificate may be signed by any
person authorized to sign an Officers’ Certificate, including any person
specified as so authorized in any such certificate previously delivered and not
superseded.

 

Section 6.04.                             Not
Responsible for Recitals or Issuance of Securities.

 

The recitals contained herein and in the Securities,
except the Trustee’s certificates of authentication, shall be taken as the
statements of the Company, and the Trustee assumes no responsibility for their
correctness.  The Trustee makes no
representations as to the validity or sufficiency of this Indenture or of the
Securities.  The Trustee shall not be
accountable for the use or application by the Company of Securities or the
proceeds thereof.

 

Section 6.05.                             May
Hold Securities.

 

The Trustee, any Authenticating Agent, any Paying
Agent, any Security Registrar or any other agent of the Company, in its
individual or any other capacity, may become the owner or pledgee of Securities
and, subject to Sections 6.08 and 6.13, may otherwise deal with the Company
with the same rights it would have if it were not Trustee, Authenticating
Agent, Paying Agent, Security Registrar or such other agent.

 

Section 6.06.                             Money
Held in Trust.

 

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

 

62

 

Section 6.07.                             Compensation
and Reimbursement.

 

The Company agrees:

 

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

 

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

 

(3)                                  to indemnify the Trustee and any
predecessor Trustee for, and to hold it harmless against, any and all loss,
damage, claim, liability or expense incurred without negligence or bad faith on
its part, including taxes (other than taxes based upon, measured by or
determined by the revenue or income of the Trustee), arising out of or in
connection with the acceptance or administration of this trust, including the
costs and expenses of defending itself against any claim or liability in
connection with the exercise or performance of any of its powers or duties
hereunder.

 

The Trustee shall have a lien prior to the Securities
as to all property and funds held by it hereunder for any amount owing to it
pursuant to this Section 6.07, except with respect to funds held in trust for
the benefit of the Holders of particular Securities.

 

When the Trustee incurs expenses or renders services
in connection with an Event of Default specified in Section 5.01(8) or
Section 5.01(9), the expenses (including the reasonable charges and expenses of
its counsel) and the compensation for the services are intended to constitute
expenses of administration under any applicable Federal or state bankruptcy,
insolvency or other similar law.

 

The provisions of this Section shall survive any
termination of this Indenture.

 

Section 6.08.                             Conflicting
Interests.

 

If the Trustee has or shall acquire a conflicting
interest within the meaning of the Trust Indenture Act, the Trustee shall
either eliminate such interest or resign, to the extent and in the manner
provided by, and subject to the provisions of, the Trust Indenture Act and this
Indenture.

 

Section 6.09.                             Corporate
Trustee Required; Eligibility.

 

There shall at all times be a Trustee hereunder which
shall be a Person that is eligible pursuant to the Trust Indenture Act to act
as such and has a combined capital and surplus of at least $50,000,000 and its
Corporate Trust Office in the Borough of Manhattan, The City of New York.  If such Person publishes reports of
condition at least annually, pursuant to law or to the requirements of said
supervising or examining authority, then for the purposes of this Section

 

63

 

and to the extent permitted by
the Trust Indenture Act, the combined capital and surplus of such Person shall
be deemed to be its combined capital and surplus as set forth in its most
recent report of condition so published. 
If at any time the Trustee shall cease to be eligible in accordance with
the provisions of this Section, it shall resign immediately in the manner and
with the effect hereinafter specified in this Article.

 

Section 6.10.                             Resignation
and Removal; Appointment of Successor.

 

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

 

(b)                                 The Trustee may resign at any time
by giving written notice thereof to the Company.  If an instrument of acceptance by a successor Trustee in
accordance with the applicable requirements of Section 6.11 shall not have been
delivered to the Trustee within 30 days after the giving of such notice of
resignation, the resigning Trustee may petition any court of competent
jurisdiction for the appointment of a successor Trustee.

 

(c)                                  The Trustee may be removed at any
time by Act of the Holders of a majority in principal amount at Stated Maturity
of the Outstanding Securities, delivered to the Trustee and to the
Company.  If an instrument of acceptance
by a successor Trustee in accordance with the applicable requirements of
Section 6.11 shall not have been delivered to the Trustee within 30 days after
the giving of such notice of removal, the Trustee may petition any court of
competent jurisdiction for the appointment of a successor Trustee.

 

(d)                                 If at any time:

 

(2)                                  the Trustee shall fail to comply
with Section 6.08 after written request therefor by the Company or by any
Holder who has been a bona fide Holder of a Security for at least six months,
or

 

(3)                                  the Trustee shall cease to be
eligible under Section 6.09 and shall fail to resign after written request
therefor by the Company or by any such Holder, or

 

(4)                                  the Trustee shall become incapable
of acting or shall be adjudged a bankrupt or insolvent or a receiver of the
Trustee or of its property shall be appointed or any public officer shall take
charge or control of the Trustee or of its property or affairs for the purpose
of rehabilitation, conservation or liquidation,

 

then, in any such case, (i) the Company by a Board
Resolution may remove the Trustee, or (ii) subject to Section 5.14, any Holder
who has been a bona fide Holder of a Security for at least six months may, on
behalf of himself and all others similarly situated, petition any court of
competent jurisdiction for the removal of the Trustee and the appointment of a
successor Trustee.

 

(e)                                  If
the Trustee shall resign, be removed or become incapable of acting, or if a
vacancy shall occur in the office of Trustee for any cause, the Company, by a
Board Resolution, shall promptly appoint a successor Trustee.  If, within one year after such

 

64

 

resignation, removal or
incapability, or the occurrence of such vacancy, a successor Trustee shall be
appointed by Act of the Holders of a majority in principal amount at Stated
Maturity of the Outstanding Securities delivered to the Company and the
retiring Trustee, the successor Trustee so appointed shall, forthwith upon its
acceptance of such appointment in accordance with the applicable requirements
of Section 6.11, become the successor Trustee and supersede the successor
Trustee appointed by the Company.  If no
successor Trustee shall have been so appointed by the Company or the Holders
and accepted appointment in accordance with the applicable requirements of
Section 6.11, any Holder who has been a bona fide Holder of a Security for at
least six months may, on behalf of himself and all others similarly situated,
petition any court of competent jurisdiction for the appointment of a successor
Trustee.

 

(f)                                    The
Company shall give notice of each resignation and each removal of the Trustee
and each appointment of a successor Trustee to all Holders in the manner
provided in Section 1.06.  Each notice
shall include the name of the successor Trustee and the address of its
Corporate Trust Office.

 

Section 6.11.                             Acceptance
of Appointment by Successor.

 

Every successor Trustee appointed hereunder shall
execute, acknowledge and deliver to the Company and to the retiring Trustee an
instrument accepting such appointment, and thereupon the resignation or removal
of the retiring Trustee shall become effective and such successor Trustee,
without any further act, deed or conveyance, shall become vested with all the
rights, powers, trusts and duties of the retiring Trustee; but, on request of
the Company or the successor Trustee, such retiring Trustee shall, upon payment
of its charges, execute and deliver an instrument transferring to such
successor Trustee all the rights, powers and trusts of the retiring Trustee and
shall duly assign, transfer and deliver to such successor Trustee all property
and money held by such retiring Trustee hereunder.  Upon request of any such successor Trustee, the Company shall
execute any and all instruments for more fully and certainly vesting in and
confirming to such successor Trustee all such rights, powers and trusts.

 

No successor Trustee shall accept its appointment
unless at the time of such acceptance such successor Trustee shall be qualified
and eligible under this Article.

 

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

 

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

 

65

 

Section 6.13.                             Preferential
Collection of Claims Against Company.

 

If and when the Trustee shall be or become a creditor
of the Company (or any other obligor upon the Securities), the Trustee shall be
subject to the provisions of the Trust Indenture Act regarding the collection of
claims against the Company (or any such other obligor).

 

Section 6.14.                             Appointment
of Authenticating Agent.

 

The Trustee may appoint an Authenticating Agent or
Agents which shall be authorized to act on behalf of the Trustee to
authenticate Securities issued upon original issue and upon exchange,
registration of transfer or partial redemption or partial purchase or pursuant
to Section 3.08, and Securities so authenticated shall be entitled to the
benefits of this Indenture and shall be valid and obligatory for all purposes
as if authenticated by the Trustee hereunder. 
Wherever reference is made in this Indenture to the authentication and
delivery of Securities by the Trustee or the Trustee’s certificate of authentication,
such reference shall be deemed to include authentication and delivery on behalf
of the Trustee by an Authenticating Agent and a certificate of authentication
executed on behalf of the Trustee by an Authenticating Agent.  Each Authenticating Agent shall be
acceptable to the Company and shall at all times be a corporation organized and
doing business under the laws of the United States of America, any State
thereof or the District of Columbia, authorized under such laws to act as
Authenticating Agent, having a combined capital and surplus of not less than
$50,000,000 and subject to supervision or examination by Federal or State
authority.  If such Authenticating Agent
publishes reports of condition at least annually, pursuant to law or to the
requirements of said supervising or examining authority, then for the purposes
of this Section, the combined capital and surplus of such Authenticating Agent
shall be deemed to be its combined capital and surplus as set forth in its most
recent report of condition so published. 
If at any time an Authenticating Agent shall cease to be eligible in
accordance with the provisions of this Section, such Authenticating Agent shall
resign immediately in the manner and with the effect specified in this Section.

 

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

 

An Authenticating Agent may resign at any time by
giving written notice thereof to the Trustee and to the Company.  The Trustee may at any time terminate the
agency of an Authenticating Agent by giving written notice thereof to such
Authenticating Agent and to the Company. 
Upon receiving such a notice of resignation or upon such a termination,
or in case at any time such Authenticating Agent shall cease to be eligible in
accordance with the provisions of this Section, the Trustee may appoint a
successor Authenticating Agent which shall be acceptable to the Company and
shall give notice of such appointment in the manner provided in Section 1.06,
to all Holders as their names and addresses appear in the Security
Register.  Any successor Authenticating
Agent upon acceptance of its appointment hereunder shall become vested with all
the rights, powers and duties of its predecessor hereunder, with like effect as
if

 

66

 

originally named as an
Authenticating Agent.  No successor
Authenticating Agent shall be appointed unless eligible under the provisions of
this Section.

 

The Company agrees to pay to each Authenticating Agent
from time to time reasonable compensation for its services under this Section.

 

If an appointment is made pursuant to this Section,
the Securities may have endorsed thereon, in addition to the Trustee’s
certificate of authentication, an alternative certificate of authentication in
the following form:

 

This is one of the Securities described in the
within-mentioned Indenture.

 

Dated:

 

 

	
   

  	
  The Bank of New York,

  as Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  	
  ,

  
	
   

  	
   

  	
  As Authenticating Agent

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
   

  	
  ,

  
	
   

  	
   

  	
  Authority Signatory

  

 

67

 

ARTICLE 7.

 

Holders’ Lists and Reports by Trustee and Company

 

Section 7.01.                             Company
to Furnish Trustee Names and Addresses of Holders.

 

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

 

(a)                                  semi-annually, not more than 15 days
after each December 15 and June 15, commencing December 15, 2003 a list, in
such form as the Trustee may reasonably require, of the names and addresses of
the Holders as of such Regular Record Date, and

 

(b)                                 at such other times as the Trustee
may request in writing, within 30 days after the receipt by the Company of any
such request, a list of similar form and content as of a date not more than 15
days prior to the time such list is furnished;

 

excluding from any such list names
and addresses received by the Trustee in its capacity as Security Registrar.

 

Section 7.02.                             Preservation
of Information; Communications to Holders.

 

(a)                                  The Trustee shall preserve, in as
current a form as is reasonably practicable, the names and addresses of Holders
contained in the most recent list furnished to the Trustee as provided in
Section 7.01 and the names and addresses of Holders received by the Trustee in
its capacity as Security Registrar.  The
Trustee may destroy any list furnished to it as provided in Section 7.01
upon receipt of a new list so furnished.

 

(b)                                 The rights of Holders to communicate
with other Holders with respect to their rights under this Indenture or under
the Securities, and the corresponding rights and duties of the Trustee, shall
be as provided by the Trust Indenture Act.

 

(c)                                  Every Holder of Securities, by
receiving and holding the same, agrees with the Company and the Trustee that
neither the Company nor the Trustee nor any agent of either of them shall be
held accountable by reason of any disclosure of information as to the names and
addresses of Holders made pursuant to the Trust Indenture Act.

 

Section 7.03.                             Reports
by Trustee.

 

(a)                                  Within 60 days after May 15 of each
year commencing May 15, 2004, the Trustee shall transmit to Holders such
reports concerning the Trustee and its actions under this Indenture as may be
required pursuant to the Trust Indenture Act at the times and in the manner
provided pursuant thereto.

 

(b)                                 A copy of each such report shall, at
the time of such transmission to Holders, be filed by the Trustee with each
stock exchange upon which the Securities are listed, with the Commission and
with the Company.  The Company will
promptly notify the Trustee when the Securities are listed on any stock exchange.

 

68

 

Section 7.04.                             Reports
by Company.

 

The Company shall file with the Trustee and the
Commission, and transmit to Holders, such information, documents and other
reports, and such summaries thereof, as may be required pursuant to the Trust Indenture
Act at the times and in the manner provided pursuant to such Act; provided that
any such information, documents or reports required to be filed with the
Commission pursuant to Section 13 or 15(d) of the Exchange Act shall be filed
with the Trustee within 15 days after the same is so required to be filed with
the Commission.  The Trustee’s receipt
of such reports, information and documents shall not constitute constructive
notice of any information contained therein or determinable from information
contained therein.

 

ARTICLE 8.

 

Consolidation, Merger, Conveyance, Transfer or Lease

 

Section 8.01.                             Company
May Consolidate, Etc. Only on Certain Terms.

 

The Company (x) shall not, in any transaction or
series of related transactions, merge or consolidate with or into, or sell,
assign, convey, transfer or otherwise dispose of its properties and assets
substantially as an entirety to, any Person, and (y) shall not permit any of
its Restricted Subsidiaries to enter into any such transaction or series of transactions
if such transaction or series of transactions, in the aggregate, would result
in a sale, assignment, conveyance, transfer or other disposition of the
properties and assets of the Company and its Restricted Subsidiaries, taken as
a whole, substantially as an entirety to any Person, unless, in each case (x)
or (y), at the time and after giving effect thereto

 

(i)                                     either: (A) if the transaction or
series of transactions is a consolidation of the Company with or a merger of
the Company with or into any other Person, the Company shall be the surviving
Person of such merger or consolidation, or (B) the Person formed by any
consolidation with or merger with or into the Company, or to which the
properties and assets of the Company or the Company and its Restricted
Subsidiaries, taken as a whole, as the case may be, substantially as an
entirety are sold, assigned, conveyed or otherwise transferred (any such
surviving Person or transferee Person referred to in this clause (B) being the
“Surviving Entity”), shall be a corporation, partnership, limited liability
company or trust organized and existing under the laws of the United States of
America, any state thereof or the District of Columbia and shall expressly
assume by a supplemental indenture executed and delivered to the Trustee, in
form satisfactory to the Trustee, all the obligations of the Company under the
Securities and this Indenture and, in each case, this Indenture, as so
supplemented, shall remain in full force and effect, and

 

(ii)                                  immediately before and immediately
after giving effect to such transaction or series of transactions on a pro forma basis
(including any Debt Incurred or anticipated to be Incurred in connection with
or in respect of such transaction or series of transactions), no Default or
Event of Default shall have occurred and be continuing, and

 

69

 

(iii)                               the Company or the Surviving Entity
will, at the time of such transaction and after giving pro forma effect thereto as
if such transaction had occurred at the beginning of the applicable period, (A)
have Consolidated Net Worth immediately after the transaction equal to or
greater than the Consolidated Net Worth of the Company immediately preceding
the transaction and (B) be permitted to Incur at least $1.00 of additional Debt
pursuant to clause (a) of Section 10.08;

 

provided,  however,  that
the foregoing requirements shall not apply to any transaction or series of
transactions involving the sale, assignment, conveyance, transfer or other
disposition of the properties and assets by any Restricted Subsidiary to any
other Restricted Subsidiary, or the merger or consolidation of any Restricted
Subsidiary with or into any other Restricted Subsidiary.  The Company shall not, directly or indirectly,
lease all or substantially all of its properties or assets, in one or more
related transactions, to any other Person.

 

In connection with any consolidation, merger, sale,
assignment, conveyance, transfer or other disposition contemplated by the foregoing
provisions, the Company shall deliver, or cause to be delivered, to the
Trustee, in form and substance reasonably satisfactory to the Trustee, an
Officers’ Certificate stating that such consolidation, merger, sale,
assignment, conveyance, transfer, or other disposition and the supplemental
indenture in respect thereof (required under clause (i)(B) of the preceding
paragraph) comply with the requirements of this Indenture and an Opinion of
Counsel that the conditions of this Article 8 have been complied with.  Each such Officers’ Certificate shall set
forth the manner of determination of the Company’s compliance in accordance
with clause (iii) of the preceding paragraph.

 

For all purposes of this Indenture and the Securities
(including the provisions described in the two immediately preceding paragraphs
and Section 10.08 and Section 10.10), Subsidiaries of any Surviving Entity
will, upon such transaction or series of transactions, become Restricted
Subsidiaries or Unrestricted Subsidiaries as provided pursuant to Section 10.10
and all Debt of the Surviving Entity and its Subsidiaries that was not Debt of
the Company and its Subsidiaries immediately prior to such transaction or
series of transactions shall be deemed to have been Incurred upon such transaction
or series of transactions.

 

Section 8.02.                             Successor
Substituted.

 

Upon any transaction or series of transactions that
are of the type described in clause (x) or (y) of, and are effected in
accordance with, Section 8.01, the Surviving Entity shall succeed to, and be
substituted for, and may exercise every right and power of, the Company under
this Indenture with the same effect as if such Surviving Entity had been named
as the Company herein, and thereafter the predecessor Person shall be relieved
of all obligations and covenants under this Indenture and the Securities.

 

70

 

ARTICLE 9.

 

Supplemental Indentures

 

Section 9.01.                             Supplemental
Indentures Without Consent of Holders.

 

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

 

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

 

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

 

(3)                                  to comply with any requirements of
the Commission in order to effect and maintain the qualification of this
Indenture under the Trust Indenture Act; or

 

(4)                                  to cure any ambiguity, to correct or
supplement any provision herein which may be defective or inconsistent with any
other provision herein, or

 

(5)                                  to make any other provisions with
respect to matters or questions arising under this Indenture which shall not be
inconsistent with the provisions of this Indenture, provided such action
pursuant to this Clause (5) shall not adversely affect the interests of the
Holders in any material respect (as determined in good faith by the Board of
Directors).

 

Section 9.02.                             Supplemental
Indenture with Consent of Holders.

 

After receipt of the Required Consent, given by Act of
those Persons giving the Required Consent delivered to the Company and the
Trustee, the Company, when authorized by a Board Resolution, and the Trustee
may enter into an indenture or indentures supplemental hereto for the purpose
of adding any provisions to or changing in any manner or eliminating any of the
provisions of this Indenture or of modifying in any manner the rights of the
Holders under this Indenture; provided, however, that no such supplemental
indenture shall, without the consent of the Holder of each Outstanding Security
affected thereby,

 

(1)                                  change the Stated Maturity of the
principal of, or any installment of interest on, any Security, or reduce the
principal amount thereof or the rate of interest thereon or any premium payable
thereon, or reduce the Default Amount that would be due and payable on
acceleration of the Maturity thereof pursuant to Section 5.02, or change the
place of payment where, or the coin or currency in which, any Security or any
premium or interest thereon is payable, or impair the right to institute suit
for the enforcement of any such payment on or after the Stated Maturity thereof
(or, in the case of redemption, on or after the Redemption Date or, in the case
of any Security required to be purchased pursuant to an Offer to Purchase, on
or after the applicable Purchase Date), or

 

(2)                                  reduce the percentage in principal
amount at Stated Maturity of the Outstanding Securities, the consent of whose
Holders is required for any such supplemental indenture, or the consent of
whose Holders is required for any waiver (of

 

71

 

compliance with certain provisions of
this Indenture or certain defaults hereunder and their consequences) provided
for in this Indenture, or

 

(3)                                  modify any of the provisions of this
Section, Section 5.13 or Section 10.18, except to increase any such percentage
or to provide that certain other provisions of this Indenture cannot be
modified or waived without the consent of the Holder of each Outstanding
Security affected thereby, or

 

(4)                                  following the mailing of an Offer
with respect to an Offer to Purchase pursuant to Section 10.13, modify the
provisions of this Indenture with respect to such Offer to Purchase in a manner
adverse to such Holder.

 

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

 

Section 9.03.                             Execution
of Supplemental Indentures.

 

In executing, or accepting the additional trusts
created by, any supplemental indenture permitted by this Article or the
modifications thereby of the trusts created by this Indenture, the Trustee
shall receive, and (subject to Section 6.01) shall be fully protected in
relying upon, an Opinion of Counsel stating that the execution of such
supplemental indenture is authorized or permitted by this Indenture.  The Trustee may, but shall not be obligated
to, enter into any such supplemental indenture which affects the Trustee’s own
rights, duties or immunities under this Indenture or otherwise.

 

Section 9.04.                             Effect
of Supplemental Indentures.

 

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

 

Section 9.05.                             Conformity
with Trust Indenture Act.

 

Every supplemental indenture executed pursuant to this
Article shall conform to the requirements of the Trust Indenture Act.

 

Section 9.06.                             Reference
in Securities to Supplemental Indentures.

 

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

 

72

 

ARTICLE 10.

 

Covenants

 

Section 10.01.                       Payment
of Principal, Premium and Interest.

 

The Company will duly and punctually pay the principal
of (and premium, if any) and interest on the Securities in accordance with the
terms of the Securities and this Indenture.

 

Section 10.02.                       Maintenance
of Office or Agency.

 

The Company will maintain in the Borough of Manhattan,
The City of New York, an office or agency where Securities may be presented or
surrendered for payment, where Securities may be surrendered for registration
of transfer or exchange and where notices and demands to or upon the Company in
respect of the Securities and this Indenture may be served.  The Company will give prompt written notice
to the Trustee of the location, and any change in the location, of such office
or agency.  If at any time the Company
shall fail to maintain any such required office or agency or shall fail to
furnish the Trustee with the address thereof, such presentations, surrenders,
notices and demands may be made or served at the Corporate Trust Office of the
Trustee, and the Company hereby appoints the Trustee as its agent to receive
all such presentations, surrenders, notices and demands.  In the event any such notice or demands are
so made or served on the Trustee, the Trustee will promptly forward copies
thereof to the Company.

 

The Company may also from time to time designate one
or more other offices or agencies (in or outside the Borough of Manhattan, The
City of New York) where the Securities may be presented or surrendered for any
or all such purposes and may from time to time rescind such designations; provided,
however, that no such designation or rescission shall in any manner
relieve the 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 10.03.                       Money
for Security Payments to be Held in Trust.

 

If the Company shall at any time act as its own Paying
Agent, it will, on or before each due date of the principal of (and premium, if
any) or interest on any of the Securities, segregate and hold in trust for the
benefit of the Persons entitled thereto a sum sufficient to pay the principal
(and premium, if any) or interest so becoming due until such sums shall be paid
to such Persons or otherwise disposed of as herein provided and will promptly
notify the Trustee of its action or failure so to act.

 

Whenever the Company shall have one or more Paying
Agents, it will, prior to each due date of the principal of (and premium, if any)
or interest on any Securities, deposit with a Paying Agent a sum sufficient to
pay the principal (and premium, if any) or interest so becoming due, such sum
to be held as provided by the Trust Indenture Act, and (unless such Paying
Agent is the Trustee) the Company will promptly notify the Trustee of its
action or failure so to act.

 

73

 

The Company will cause each Paying Agent other than
the Trustee to execute and deliver to the Trustee an instrument in which such
Paying Agent shall agree with the Trustee, subject to the provisions of this
Section, that such Paying Agent will: (i) comply with the provisions of the
Trust Indenture Act applicable to it as Paying Agent and (ii) during the
continuance of any default by the Company (or any other obligor upon the
Securities) in the making of any payment in respect of the Securities, upon the
written request of the Trustee, forthwith pay to the Trustee all sums held in
trust by such Paying Agent as such.

 

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

 

Any money deposited with the Trustee or any Paying
Agent, or then held by the Company, in trust for the payment of the principal
of (and premium, if any) or interest on any Security and remaining unclaimed
for two years after such principal (and premium, if any) or interest has become
due and payable shall be paid to the Company on Company Request, or (if then
held by the Company) shall be discharged from such trust; and the Holder of
such Security shall thereafter, as an unsecured general creditor, look only to
the Company for payment thereof, and all liability of the Trustee or such
Paying Agent with respect to such trust money, and all liability of the Company
as trustee thereof, shall thereupon cease.

 

Section 10.04.                       Existence.

 

Subject to Article 8, the Company will do or cause to
be done all things necessary to preserve and keep in full force and effect its
existence, rights (charter and statutory) and material franchises; provided,
however, that the Company shall not be required to preserve any such
right or franchise if the Board of Directors in good faith shall determine that
the preservation thereof is no longer desirable in the conduct of the business
of the Company and that the loss thereof is not disadvantageous in any material
respect to the Holders.

 

Section 10.05.                       Maintenance
of Properties.

 

The Company will cause all material properties used or
useful in the conduct of its business or the business of any Restricted
Subsidiary to be maintained and kept in good condition, repair and working
order and supplied with all necessary equipment and will cause to be made all
necessary repairs, renewals, replacements, betterments and improvements
thereof, all as in the judgment of the Company may be necessary so that the business
carried on in connection therewith may be properly and advantageously conducted
at all times; provided, however, that nothing in this Section
shall prevent the Company from discontinuing the operation or maintenance of
any of such material properties if such discontinuance is, as determined by the
Board of Directors in good faith, desirable in the conduct of its business or
the business of any Restricted Subsidiary and not disadvantageous in any
material respect to the Holders.

 

74

 

Section 10.06.                       Payment
of Taxes and Other Claims.

 

The Company will pay or discharge or cause to be paid
or discharged, before the same shall become delinquent, (1) all taxes,
assessments and governmental charges levied or imposed upon the Company or any
of its Restricted Subsidiaries or upon the income, profits or property of the
Company or any of its Restricted Subsidiaries, and (2) all lawful claims for
labor, materials and supplies which, if unpaid, might by law become a lien upon
the property of the Company or any of its Restricted Subsidiaries; provided,
however, that the Company shall not be required to pay or discharge or
cause to be paid or discharged any such tax, assessment, charge or claim whose
amount, applicability or validity is being contested in good faith by
appropriate proceedings.

 

Section 10.07.                       Maintenance
of Insurance.

 

The Company shall, and shall cause its Restricted
Subsidiaries to, keep at all times all of their properties which are of an
insurable nature insured against loss or damage with insurers believed by the
Company to be responsible to the extent that property of similar character is
usually so insured by corporations similarly situated and owning like
properties in accordance with good business practice.

 

Section 10.08.                       Limitation
on Consolidated Debt.

 

The Company shall not, and shall not permit any
Restricted Subsidiary to, Incur any Debt (including Acquired Debt), other than
Permitted Debt, unless immediately after giving effect to the Incurrence of
such Debt and the receipt and application of the net proceeds therefrom
(including, without limitation, the application or use of the net proceeds
therefrom to repay Debt or make any Restricted Payment) (a) the Consolidated
Debt to Annualized Operating Cash Flow Ratio would be less than 7.0 to 1.0, or
(b) in the case of any incurrence of Debt prior to January 1, 2005 only,
Consolidated Debt would be equal to or less than 80% of Total Invested Capital.

 

Section 10.09.                       Limitation
on Restricted Payments.

 

The Company shall not, directly or indirectly:

 

(i)                                     declare or pay any dividend on, or
make any distribution to the holders of, any shares of its Capital Stock (other
than dividends or distributions payable solely in its Capital Stock (other than
Redeemable Stock) or in options, warrants or other rights to purchase any such
Capital Stock (other than Redeemable Stock));

 

(ii)                                  purchase, redeem or otherwise
acquire or retire for value, or permit any Restricted Subsidiary to, directly
or indirectly, purchase, redeem or otherwise acquire or retire for value (other
than value consisting solely of Capital Stock of the Company that is not
Redeemable Stock or options, warrants or other rights to acquire such Capital
Stock that is not Redeemable Stock), any Capital Stock of the Company
(including options, warrants or other rights to acquire such Capital Stock);

 

75

 

(iii)                               redeem, repurchase, defease or
otherwise acquire or retire for value, or permit any Restricted Subsidiary to,
directly or indirectly, redeem, repurchase, defease or otherwise acquire or
retire for value (other than value consisting solely of Capital Stock of the
Company that is not Redeemable Stock or options, warrants or other rights to
acquire such Capital Stock that is not Redeemable Stock), prior to any
scheduled maturity, scheduled repayment or scheduled sinking fund payment, any
Debt that is subordinate (whether pursuant to its terms or by operation of law)
in right of payment to the Securities; or

 

(iv)                              make, or permit any Restricted
Subsidiary, directly or indirectly, to make, any Investment (other than any
Permitted Investment) in any Person (other than in a Restricted Subsidiary or a
Person that becomes a Restricted Subsidiary as a result of such Investment);

 

(each of the foregoing actions set forth in clauses
(i) through (iv), other than any such action that is a Permitted Investment or
a Permitted Distribution, being referred to as a “Restricted Payment”) unless,
at the time of such Restricted Payment, and after giving effect thereto:

 

(a)                                  no Default or Event of Default shall
have occurred and be continuing;

 

(b)                                 the Company would, at the time of
such Restricted Payment and after giving pro forma effect thereto as if such
Restricted Payment had been made at the beginning of the applicable period,
have been permitted to Incur at least $1.00 of additional Debt pursuant to
clause (a) of Section 10.08; and

 

(c)                                  after giving effect to such
Restricted Payment on a pro forma basis, the aggregate amount of
all Restricted Payments made on or after the date hereof shall not exceed:

 

(1)                                  the amount of (x) the Operating Cash
Flow of the Company after December 31, 2002 through the end of the latest full
fiscal quarter for which consolidated financial statements of the Company are
available preceding the date of such Restricted Payment (treated as a single
accounting period) less (y) 150% of the cumulative Consolidated Interest
Expense of the Company after December 31, 2002 through the end of the latest full
fiscal quarter for which consolidated financial statements are available
preceding the date of such Restricted Payment (treated as a single accounting
period), plus

 

(2)                                  the aggregate net proceeds (other
than proceeds from a Committed Capital Contribution), including the fair market
value of property other than cash (as determined, (A) in the case of any
property other than cash with a value less than $25.0 million, by the Board of
Directors, whose good faith determination shall be conclusive and as evidenced
by a Board Resolution, or (B) in the case of any property other than cash with
a value equal to or greater than $25.0 million, by an

 

76

 

accounting,
appraisal or investment banking firm of national standing and evidenced by a
written opinion of such firm), received by the Company from the issuance and
sale (other than to a Restricted Subsidiary) on or after February 24, 2000 of
shares of its Capital Stock (other than Redeemable Stock), or any options, warrants
or other rights to purchase such Capital Stock (other than Redeemable Stock),
other than shares of Capital Stock or options, warrants or other rights to
purchase Capital Stock (or shares issuable upon exercise thereof), the proceeds
of the issuance of which is used to make a Directed Investment (unless such
designation has been revoked by the Board of Directors and the Company is able
to make such Investment pursuant to this Section 10.09 (other than as a
Directed Investment)), plus

 

(3)                                  the aggregate net proceeds,
including the fair market value of property other than cash (as determined, (A)
in the case of any property other than cash with a value less than $25.0
million, by the Board of Directors, whose good faith determination shall be
conclusive and as evidenced by a Board Resolution, or (B) in the case of any
property other than cash with a value equal to or greater than $25.0 million,
by an accounting, appraisal or investment banking firm of national standing and
evidenced by a written opinion of such firm), received by the Company from the
issuance or sale (other than to a Restricted Subsidiary) after February 24,
2000 of any Capital Stock of the Company (other than Redeemable Stock), or any
options, warrants or other rights to purchase such Capital Stock (other than
Redeemable Stock), upon the conversion of, or exchange for, Debt of the Company
or a Restricted Subsidiary.

 

The foregoing limitations in this Section 10.09 do not
limit or restrict the making of any Permitted Distribution, Permitted
Investment or Directed Investment, and neither a Permitted Distribution nor a
Permitted Investment shall be counted as a Restricted Payment for purposes of
clause (c) above.  In addition, the
foregoing limitations do not prevent the Company from (I) paying a dividend on
Capital Stock of the Company within 60 days after the declaration thereof if,
on the date when the dividend was declared, the Company could have paid such
dividend in accordance with the provisions of this Indenture, (II) repurchasing
Capital Stock of the Company (including options, warrants or other rights to
acquire such Capital Stock) from former employees or Directors of the Company
or any Subsidiary thereof for consideration not to exceed (A) in the case of
all such employees or directors (other than Itemized Executives), $3.0 million
in the aggregate in any fiscal year, with amounts not used in any given fiscal
year being carried over into subsequent fiscal years, and (B) in the case of
any Itemized Executive, $2.0 million per Itemized Executive (plus the amount of
any proceeds of any key man life insurance received by the Company in respect
of such Itemized Executive) in any fiscal year, with the aggregate amount of
such repurchases under this clause (II)(B) not to exceed $5.0 million in any
fiscal year; provided that the aggregate amount of all such repurchases
made pursuant to this clause (II) does not exceed $17.0 million in the
aggregate (not including the amount of any proceeds of key man life insurance
received by the Company in respect to any Itemized Executive), (III) the
repurchase, redemption or other acquisition for value of Capital Stock of the
Company to the extent necessary to prevent the loss or secure the renewal or
reinstatement of

 

77

 

any license or franchise held
by the Company or any of its Subsidiaries from any governmental agency, (IV)
making a loan in the aggregate principal amount of approximately $2.2 million
to certain officer(s) of the Company as described in the Offering Circular
(with Restricted Payments pursuant to this clause not being counted as
Restricted Payments for purposes of clause (c) above), (V) the redemption,
repurchase, defeasance or other acquisition or retirement for value of
Indebtedness that is subordinated in right of payment to the Securities,
including premium, if any, and accrued and unpaid interest, with the proceeds
of, or in exchange for, (a) the proceeds of a capital contribution or a
substantially concurrent offering of, shares of Capital Stock (other than
Redeemable Stock) of the Company (or options, warrants or other rights to
acquire such Capital Stock) the proceeds of which are not designated as a
Directed Investment, or (b) Debt that is at least as subordinated in right of
payment to the Securities, including premium, if any, and accrued and unpaid
interest, as the Debt being purchased, (with Restricted Payments pursuant to
this clause not being counted as Restricted Payments for purposes of clause (c)
above), (VI) the repurchase, redemption or other acquisition of Capital Stock
of the Company (or options, warrants or other rights to acquire such Capital
Stock) in exchange for, or out of the proceeds of a capital contribution or a
substantially concurrent offering of, shares of Common Stock (other than
Redeemable Stock) of the Company (or options, warrants or other rights to
acquire such Capital Stock) the proceeds of which are not designated as a
Directed Investment, (VII) the payment of dividends in cash on the Preferred
Stock in compliance with this Indenture, if the Company, on a pro forma basis, would have been permitted
to incur at least $1.00 of additional Debt pursuant to clause (a) of Section
10.08, (VIII) the repurchase, redemption or other acquisition of the Preferred
Stock in compliance with this Indenture, if the Company, on a pro forma basis, would have been permitted
to incur at least $1.00 of additional Debt pursuant to clause (a) of Section
10.08 or (IX) other Restricted Payments not to exceed $5.0 million in the
aggregate at any time outstanding (with Restricted Payments pursuant to this
clause not being counted as Restricted Payments for purposes of clause (c)
above).

 

Notwithstanding the foregoing, no Investment in a
Person that immediately thereafter would be a Restricted Subsidiary will be a
Restricted Payment.  In addition, if any
Person in which an Investment is made, which Investment constitutes a
Restricted Payment when made, thereafter becomes a Restricted Subsidiary, all such
Investments previously made in such Person shall no longer be counted as
Restricted Payments for purposes of calculating the aggregate amount of
Restricted Payments pursuant to clause (c) of the third preceding paragraph or
the aggregate amount of Investments pursuant to clause (V)(a) of the immediately
preceding paragraph, in each case to the extent such Investments would
otherwise be so counted.

 

For purposes of clause (c)(3) above, the net proceeds
received by the Company from the issuance or sale of its Capital Stock either
upon the conversion of, or exchange for, Debt of the Company or any Restricted
Subsidiary shall be deemed to be an amount equal to (a) the sum of (i) the
principal amount or accreted value (whichever is less) of such Debt on the date
of such conversion or exchange and (ii) the additional cash consideration, if
any, received by the Company upon such conversion or exchange, less any payment
on account of fractional shares, minus (b) all expenses incurred in
connection with such issuance or sale. 
In addition, for purposes of clause (c)(3) above, the net proceeds
received by the Company from the issuance or sale of its Capital Stock upon the
exercise of any options or warrants of the Company or any Restricted Subsidiary
shall be deemed to be an amount equal to (a) the additional cash

 

78

 

consideration, if any, received
by the Company upon such exercise, minus (b) all expenses incurred in
connection with such issuance or sale.

 

For purposes of this Section 10.09, if a particular
Restricted Payment involves a non-cash payment, including a distribution of
assets, then such Restricted Payment shall be deemed to be an amount equal to
the cash portion of such Restricted Payment, if any, plus an amount equal to
the fair market value of the non-cash portion of such Restricted Payment, as
determined by the Board of Directors (whose good faith determination shall be
conclusive and evidenced by a Board Resolution).

 

The amount of any Investment outstanding at any time
shall be deemed to be equal to the amount of such Investment on the date made,
less the return of capital, repayment of loans and return on capital (including
interest and dividends), in each case, received in cash, up to the amount of
such Investment on the date made.

 

Section 10.10.                       Restricted
Subsidiaries.

 

Subject to compliance with Section 10.09, the Board of
Directors may designate any Restricted Subsidiary as an Unrestricted
Subsidiary.

 

The designation by the Board of Directors of a
Restricted Subsidiary as an Unrestricted Subsidiary shall, for all purposes of
Section 10.09 (including clause (b) thereof), be deemed to be a Restricted
Payment of an amount equal to the fair market value of the Company’s ownership
interest in such Subsidiary (including, without duplication, such indirect
ownership interest in all Subsidiaries of such Subsidiary), as determined by
the Board of Directors in good faith and evidenced by a Board Resolution.

 

Notwithstanding the foregoing provisions of this
Section 10.10, the Board of Directors may not designate a Subsidiary of the
Company to be an Unrestricted Subsidiary if, after such designation, (a) the
Company or any of its other Restricted Subsidiaries (i) provides credit support
for, or a Guarantee of, any Debt of such Subsidiary (including any undertaking,
agreement or instrument evidencing such Debt) or (ii) is directly or indirectly
liable for any Debt of such Subsidiary, (b) a default with respect to any Debt
of such Subsidiary (including any right which the holders thereof may have to take
enforcement action against such Subsidiary) would permit (upon notice, lapse of
time or both) any holder of any other Debt of the Company or any Restricted
Subsidiary to declare a default on such other Debt or cause the payment thereof
to be accelerated or payable prior to its final scheduled maturity or (c) such
Subsidiary owns any Capital Stock of, or owns or holds any Lien on any property
of, any Restricted Subsidiary which is not a Subsidiary of the Subsidiary to be
so designated.

 

The Board of Directors, from time to time, may
designate any Person that is about to become a Subsidiary of the Company as an
Unrestricted Subsidiary, and may designate any newly-created Subsidiary of the
Company as an Unrestricted Subsidiary, if at the time such Subsidiary is
created it contains no assets (other than such de minimis amount of assets
then required by law for the formation of corporations) and no Debt.  Subsidiaries of the Company that are not
designated by the Board of Directors as Restricted or Unrestricted Subsidiaries
shall

 

79

 

be deemed to be Restricted
Subsidiaries.  Notwithstanding any
provisions of this Section 10.10, all Subsidiaries of an Unrestricted
Subsidiary shall be Unrestricted Subsidiaries.

 

Section 10.11.                       Transactions
with Affiliates.

 

The Company shall not, and shall not permit any
Restricted Subsidiary to, directly or indirectly, enter into any transaction
(including the purchase, sale, lease or exchange of any property or the
rendering of any service) or series of related transactions with any Affiliate
of the Company on terms that are less favorable to the Company or such
Restricted Subsidiary, as the case may be, than those which might be obtained
at the time of such transaction from a Person that is not such an Affiliate; provided,
however, that this Section 10.11 shall not limit, or be applicable to,
(i) any transaction between Unrestricted Subsidiaries not involving the Company
or any Restricted Subsidiary, (ii) any transaction between the Company and any
Restricted Subsidiary or between Restricted Subsidiaries or (iii) any Permitted
Transactions.  In addition, any
transaction or series of related transactions, other than Permitted
Transactions, between the Company or any Restricted Subsidiary and any
Affiliate of the Company (other than a Restricted Subsidiary) involving an
aggregate consideration of $5 million or more must be approved in good faith by
a majority of the Company’s Disinterested Directors (of which there must be at
least one) and evidenced by a Board Resolution, or if there is no Disinterested
Director at such time or such transaction involves aggregate consideration of
$25.0 million or more, by an opinion as to fairness (“Fairness Opinion”) to the
Company or such Subsidiary from a financial point of view issued by an
accounting, appraisal or investment banking firm of national standing.  For purposes of this Section 10.11, any
transaction or series of related transactions between the Company or any
Restricted Subsidiary and an Affiliate of the Company that is approved by a
majority of the Disinterested Directors (of which there must be at least one to
utilize this method of approval) and evidenced by a Board Resolution or for
which a Fairness Opinion has been issued shall be deemed to be on terms as
favorable as those that might be obtained at the time of such transaction (or
series of transactions) from a Person that is not such an Affiliate and thus
shall be permitted under this Section 10.11.

 

Section 10.12.                       Liens.

 

The Company shall not and shall not permit any of its
Restricted Subsidiaries to create, incur, assume or otherwise cause or suffer
to exist or become effective any Lien of any kind (other than Permitted Liens)
upon any of their property or assets, now owned or hereafter acquired, unless
all payments due under this Indenture and the Securities are secured on an
equal and ratable basis with the obligations so secured until such time as such
obligations are no longer secured by a Lien.

 

Section 10.13.                       Change
of Control.

 

Upon the occurrence of a Change of Control, the
Company shall be required to make an Offer to Purchase all or any part of
Outstanding Securities at a cash purchase price equal to 101% of the aggregate
principal amount thereof, plus accrued and unpaid interest and Additional
Interest, if any, to the Purchase Date. 
The Offer to Purchase must be made within 30 days following a Change of
Control, must remain open for at least 30 and not more than 180

 

80

 

days and must comply with the
requirements of Rule 14e-1 under the Exchange Act and any other applicable
securities laws and regulations.

 

Section 10.14.                       Dividend
and Other Payment Restrictions Affecting Subsidiaries.

 

The Company shall not, and shall not permit any of its
Restricted Subsidiaries to, directly or indirectly, create or otherwise cause
or suffer to exist or become effective any encumbrance or restriction on the
ability of any Restricted Subsidiary to (i)(a) pay dividends or make any other
distributions to the Company or any of its Restricted Subsidiaries (1) on its
Capital Stock or (2) 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 of its Restricted Subsidiaries, (ii) make loans or advances to the Company
or any of its Restricted Subsidiaries or (iii) transfer any of its properties
or assets to the Company or any of its Restricted Subsidiaries.  However, the foregoing restrictions will not
apply to encumbrances or restrictions existing under or by reason of (a)
existing Debt as in effect on the date hereof, (b) any Credit Facility as in
effect as of the date hereof (or in the case of the New Credit Facility, as
initially executed by the parties thereto), and any amendments, modifications,
restatements, renewals, increases, supplements, refundings, replacements or
refinancings thereof, provided that such amendments, modifications,
restatements, renewals, increases, supplements, refundings, replacements or refinancings
are no more restrictive, taken as a whole, with respect to such dividend and
other payment restrictions than those contained in such Credit Facility as in
effect on the date hereof (as conclusively determined in good faith by the
Board of Directors and set forth in a Board Resolution), (c) this Indenture and
the Securities, (d) applicable law, (e) any instrument governing Debt (and any
amendments, modifications, restatements, renewals, increases, supplements,
refundings, replacements or refinancings thereof, provided that such
amendments, modifications, restatements, renewals, increases, supplements,
refundings, replacement or refinancings are no more restrictive, taken as a
whole, with respect to such dividend and other payment restrictions than those
contained in such Debt as in effect on the date of its incurrence by the
Company or any Restricted Subsidiary (as conclusively determined in good faith
by an executive officer of the Company)) or Capital Stock of a Person acquired
by the Company or any of its Restricted Subsidiaries as in effect at the time
of such acquisition (except to the extent such Debt was incurred in connection
with or in contemplation of such acquisition), 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,
provided that, in the case of Debt, such Debt was permitted by the terms of
this Indenture to be incurred, (f) customary non-assignment provisions in
leases entered into in the ordinary course of business, (g) purchase money
obligations for property acquired in the ordinary course of business that
impose restrictions of the nature described in clause (iii) above on the
property so acquired, (h) any agreement for the sale or other disposition of a
Restricted Subsidiary that restricts distributions by that Subsidiary pending
its sale or other disposition, (i) Liens securing Debt otherwise permitted to
be incurred pursuant to the provisions of the covenant described above under
Section 10.12 that limit the right of the Company or any of its Restricted
Subsidiaries to dispose of the assets subject to such Lien, (j) provisions with
respect to the disposition or distribution of assets or property in joint
venture agreements and other similar agreements entered into in the ordinary
course of business and (k) restrictions on cash or other deposits or net worth
imposed by customers under contracts entered into in the ordinary course of
business.

 

81

 

Section 10.15.                       Activities
of the Company and Restricted Subsidiaries.

 

The Company shall not, and shall not permit any
Restricted Subsidiary to, engage in any business other than the
telecommunications business and related activities and services, including such
businesses, activities and services as the Company and the Restricted
Subsidiaries are engaged in on the Closing Date.

 

Section 10.16.                       Provision
of Financial Information.

 

Whether or not the Company is subject to Section 13(a)
or 15(d) of the Exchange Act, or any successor provision thereto, the Company
shall file with the Commission the annual reports, quarterly reports and other
documents which the Company would have been required to file with the Commission
pursuant to such Section 13(a) or 15(d) or any successor provision thereto if
the Company were subject thereto, such documents to be filed with the
Commission on or prior to the respective dates (the “Required Filing Dates”) by
which the Company would have been required to file them.  The Company shall also in any event (a)
within 15 days of each Required Filing Date (i) transmit by mail to all
Holders, as their names and addresses appear in the Security Register, without
cost to such Holders, and (ii) file with the Trustee copies of the annual
reports, quarterly reports and other documents which the Company would have
been required to file with the Commission pursuant to Section 13(a) or 15(d) of
the Exchange Act or any successor provisions thereto if the Company were
subject thereto and (b) if filing such documents by the Company with the
Commission is not permitted under the Exchange Act, promptly upon written
request supply copies of such documents to any prospective Holder.  The Trustee’s receipt of such reports,
information and documents shall not constitute constructive notice of any
information contained therein or determinable from information contained
therein.

 

In addition, for so long as any Securities remain
outstanding, the Company shall furnish to the Holders and to securities
analysts and prospective investors, upon their request, the information
required to be delivered pursuant to Rule 144A under the Securities Act.

 

Section 10.17.                       Statement
by Officers as to Default: Compliance Certificates.

 

(a)                                  The Company shall deliver to the
Trustee, within 120 days after the end of each fiscal year of the Company
ending after the date hereof an Officers’ Certificate, stating whether or not
to the best knowledge of the signers thereof the Company is in default in the
performance and observance of any of the terms, provisions and conditions of
this Indenture (without regard to any period of grace or requirement of notice
provided hereunder), and if the Company shall be in default, specifying all
such defaults and the nature and status thereof of which they may have
knowledge.

 

(b)                                 The Company shall deliver to a
Responsible Officer of the Trustee, as soon as possible and in any event within
10 days after the Company becomes aware of the occurrence of a Default or an
Event of Default, an Officers’ Certificate setting forth the details of such
Default or Event of Default, and the action which the Company proposes to take
with respect thereto.

 

82

 

Section 10.18.                       Waiver
of Certain Covenants.

 

The Company may omit in any particular instance to
comply with any covenant or condition set forth in Section 8.01, provided
pursuant to Section 9.01(2) and set forth in Sections 10.04 to 10.16,
inclusive, if before the time for such compliance the Holders of at least a
majority in principal amount at Stated Maturity of the Outstanding Securities
shall, by Act of such Holders, either waive such compliance in such instance or
generally waive compliance with such covenant or condition, but no such waiver
shall extend to or affect such covenant or condition except to the extent so
expressly waived, and, until such waiver shall become effective, the
obligations of the Company and the duties of the Trustee in respect of any such
covenant or condition shall remain in full force and effect; provided, however,
with respect to an Offer to Purchase as to which an Offer has been mailed, no
such waiver may be made or shall be effective against any Holder tendering
Securities pursuant to such Offer, and the Company may not omit to comply with
the terms of such Offer as to such Holder.

 

Section 10.19.                       Limitation
on Issuances and Sales of Equity Interests in Wholly Owned Subsidiaries.

 

The Company (i) shall not, and shall not permit any
Restricted Subsidiary of the Company to, transfer, convey, sell or otherwise
dispose (“Transfer”) of any Capital Stock in any Wholly Owned Restricted
Subsidiary of the Company to any Person (other than the Company or a Wholly
Owned Restricted Subsidiary of the Company) unless (a) such Transfer is of all
the Capital Stock in such Wholly Owned Restricted Subsidiary and (b) the cash
Net Proceeds from such Transfer are applied in accordance with the covenant
described below under Section 10.21 and (ii) will not permit any Wholly Owned
Restricted Subsidiary of the Company to issue any of its Capital Stock (other
than, if necessary, shares of its Capital Stock constituting directors’
qualifying shares) to any Person other than to the Company or a Wholly Owned
Restricted Subsidiary of the Company. 
The foregoing restrictions shall not apply to (i) the creation of
Permitted Joint Ventures; (ii) any Transfer required by applicable law or
regulation, (iii) the issuance of Redeemable Stock that is otherwise permitted
to be issued pursuant to the terms of this Indenture, and (iv) Transfers in
which the Company or a Restricted Subsidiary acquired at the same time not less
than its proportionate share in such issuance of Capital Stock.

 

Section 10.20.                       Payments
for Consent.

 

Neither the Company nor any of its Restricted
Subsidiaries shall, directly or indirectly, pay or cause to be paid any
consideration, whether by way of interest, fee or otherwise, to any Holder of
any Securities for or as an inducement to any consent, waiver or amendment of
any of the terms or provisions of this Indenture or the Securities unless such
consideration is offered to be paid or is paid to all Holders of the Securities
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 10.21.                       Asset
Sales.

 

The Company shall not, and shall not permit any of its
Restricted Subsidiaries to, consummate an Asset Sale unless (i) the Company (or
the Restricted Subsidiary, as the case may be) receives consideration at the
time of such Asset Sale at least equal to the fair market value (which shall be
conclusively evidenced by a resolution of the Board of Directors set forth in
an

 

83

 

Officers’ Certificate delivered
to the Trustee) of the assets or Capital Stock issued or sold or otherwise
disposed of and (ii) at least 80% of the consideration therefor received by the
Company or such Subsidiary is in the form of cash; provided that the amount of
(x) any liabilities (as shown on the Company’s or such Restricted Subsidiary’s
most recent balance sheet), of the Company or any Restricted Subsidiary (other
than contingent liabilities and liabilities that are by their terms
subordinated to the Securities or any guarantee thereof) that are assumed by
the transferee of any such assets and (y) any securities, notes or other
obligations received by the Company or any such Restricted Subsidiary from such
transferee that are contemporaneously (subject to ordinary settlement periods)
converted by the Company or such Subsidiary into cash (to the extent of the
cash received), shall be deemed to be cash for purposes of this provision.

 

Within 360 days after the receipt of any Net Proceeds
from an Asset Sale, the Company may apply such Net Proceeds, at its option, (a)
to repay Debt under a Credit Facility or any Vendor Financing Debt or (b) to
make a capital expenditure in the same or similar line of business as the
Company is engaged in on the date hereof or in a business reasonably related
thereto, or (c) to acquire (i) Capital Stock of an entity that is or becomes a
Restricted Subsidiary or (ii) other long-term assets that are used or useful in
the same or similar line of business as the Company or such Restricted
Subsidiaries were engaged in on the date hereof or in businesses reasonably
related thereto.  Pending the final
application of any such Net Proceeds, the Company may temporarily reduce
revolving credit borrowings or otherwise invest such Net Proceeds in any manner
that is not prohibited by this Indenture. 
Any Net Proceeds from Asset Sales that are not applied or invested as
provided in the first sentence of this paragraph will be deemed to constitute
“Excess Proceeds.”  When the aggregate
amount of Excess Proceeds exceeds $10.0 million, the Company will be required
to make an offer (an “Asset Sale Offer”) to all Holders of Securities and all
holders of other Debt that is pari passu with the Securities containing
provisions similar to those set forth in this Indenture with respect to offers
to purchase or redeem with the proceeds of sales of assets to purchase the
maximum principal amount at maturity of Securities and such other pari passu
Debt that may be purchased out of the Excess Proceeds.  The offer price for such Asset Sale Offer
shall be an amount in cash equal to 100% of the principal amount thereof plus
accrued and unpaid interest thereon, if any, to the date of purchase, in
accordance with the procedures set forth in this Indenture and the instrument
or instruments governing such other pari passu Debt, respectively.  To the extent that any Excess Proceeds
remain after consummation of an Asset Sale Offer, the Company may use such
Excess Proceeds for any purpose not otherwise prohibited by this
Indenture.  If the aggregate principal
amount of Securities tendered into such Asset Sale Offer surrendered by Holders
thereof exceeds the amount of Excess Proceeds, the Trustee shall select the
Securities to be purchased on a pro rata basis.  Upon completion of such offer to purchase, the amount of Excess
Proceeds shall be reset at zero.

 

84

 

ARTICLE 11.

 

Redemption of Securities

 

Section 11.01.                       Right of
Redemption.

 

The Securities may be redeemed at any time on or after
July 1, 2007, at the Company’s option, in whole or in part, upon not less than
30 or more than 60 days’ prior written notice mailed by first class mail to
each Holder’s last address as it appears in the Security Register, at the
Redemption Prices (expressed as a percentage of the principal amount at
maturity thereof) set forth below, plus an amount in cash equal to all accrued
and unpaid interest and Additional Interest, if any, to the Redemption Date, if
redeemed during the twelve-month period beginning July 1 of each of the years
set forth below.

 

	
  Year

  	
   

  	
  Percentage

  	
   

  
	
  2007

  	
   

  	
  104.063

  	
  %

  
	
  2008

  	
   

  	
  102.031

  	
  %

  
	
  2009 and thereafter

  	
   

  	
  100.000

  	
  %

  

 

In addition, in the event that the Company receives
net proceeds from one or more sales of its Capital Stock (other than Redeemable
Stock) prior to July 1, 2006, the Company may redeem up to 35% of the aggregate
principal amount of the Securities originally issued with the proceeds of such
sale at a Redemption Price equal to 108.125% of such principal amount on the
Redemption Date, plus Additional Interest, if any thereon, to the Redemption
Date; provided that at least 65% of the aggregate principal amount of
the Securities issued remain outstanding immediately after the occurrence of
any such redemption (excluding Securities held by the Company and its
Restricted Subsidiaries); and provided, further, that such
redemption occurs within 60 days after consummation of any such sale.

 

Section 11.02.                       Applicability
of Article.

 

Redemption of Securities at the election of the
Company, as permitted by this Indenture and the provisions of the Securities,
shall be made in accordance with such provisions and this Article.

 

Section 11.03.                       Election
to Redeem; Notice to Trustee.

 

The election of the Company to redeem any Securities
pursuant to Section 11.01 shall be evidenced by a Board Resolution.  In case of any redemption at the election of
the Company pursuant to Section 11.01, the Company shall, at least 45 days
prior to the Redemption Date fixed by the Company (unless a shorter notice
shall be satisfactory to the Trustee), notify the Trustee of such Redemption
Date and of the principal amount of Securities to be redeemed.

 

Section 11.04.                       Selection
by Trustee of Securities to Be Redeemed.

 

In the case of any partial redemption, selection of
the Securities for redemption will be made by the Trustee in compliance with
the requirements of the principal national securities exchange, if any, on
which the Securities are listed or, if the Securities are not listed on a
national securities exchange, on a pro rata basis, by lot or by such other
method as the Trustee shall deem to be fair and appropriate; provided  that
no Security of $1,000 in principal amount or less shall be redeemed in part.

 

85

 

The Trustee shall promptly notify the Company and each
Security Registrar in writing of the Securities selected for redemption and, in
the case of any Securities selected for partial redemption, the principal
amount thereof to be redeemed.

 

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

 

Section 11.05.                       Notice
of Redemption.

 

Notice of redemption shall be given by first-class
mail, postage prepaid, mailed not less than 30 nor more than 45 days prior to
the Redemption Date, to each Holder of Securities to be redeemed, at his
address appearing in the Security Register.

 

All notices of redemption shall state (including
CUSIP, CINS and ISIN numbers, if any):

 

(1)                                  the Redemption Date,

 

(2)                                  the Redemption Price,

 

(3)                                  if less than all the Outstanding
Securities are to be redeemed, the identification (and, in the case of partial
redemption, the principal amounts) of the particular Securities to be redeemed,
including CUSIP, CINS and ISIN numbers,

 

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

 

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

 

(6)                                  if the redemption is being made
pursuant to the provisions of the Securities set forth in the third paragraph
of Section 2.03, a brief description of the nature and amount of Capital Stock
sold by the Company, the aggregate purchase price thereof and the net cash
proceeds therefrom available for such redemption, the date or dates on which
such sale was completed and the percentage of the aggregate principal amount of
Outstanding Securities being redeemed.

 

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

 

Section 11.06.                       Deposit
of Redemption Price.

 

On or before 10:00 a.m. New York time on any
Redemption Date, the Company shall deposit with the Trustee or with a Paying
Agent (or, if the Company is acting as its own

 

86

 

Paying Agent, segregate and hold
in trust as provided in Section 10.03) an amount of money sufficient to pay the
Redemption Price of, and (except if the Redemption Date shall be an Interest
Payment Date) any applicable accrued interest on, all the Securities which are
to be redeemed on that date.

 

Section 11.07.                       Securities
Payable on Redemption Date.

 

Notice of redemption having been given as aforesaid,
the Securities so to be redeemed shall, on the Redemption Date, become due and
payable at the Redemption Price therein specified, and from and after such date
(unless the Company shall default in the payment of the Redemption Price and
any applicable accrued interest) such Securities shall not bear interest.  Upon surrender of any such Security for
redemption in accordance with said notice, such Security shall be paid by the
Company at the Redemption Price, together with any applicable accrued and
unpaid interest to the Redemption Date; provided, however, that
installments of interest whose Stated Maturity is on or prior to the Redemption
Date shall be payable to the Holders of such Securities, or one or more
Predecessor Securities, registered as such at the close of business on the
relevant Record Dates according to their terms and the provisions of Section
3.09.

 

If any Security called for redemption in accordance
with the election of the Company made pursuant to Section 11.01 shall not
be so paid upon surrender thereof for redemption, the principal (and premium,
if any) shall, until paid, bear interest from the Redemption Date at the rate
provided by the Security.

 

Section 11.08.                       Securities
Redeemed in Part.

 

Any Security which is to be redeemed only in part
shall be surrendered at an office or agency of the Company designated for that
purpose pursuant to Section 10.02 (with, if the Company or the Trustee so
requires, due endorsement by, or a written instrument of transfer in form
satisfactory to the Company and the Trustee duly executed by, the Holder
thereof or his attorney duly authorized in writing), and the Company shall
execute, and the Trustee shall authenticate and deliver to the Holder of such
Security without service charge, a new Security or Securities, of any
authorized denomination as requested by such Holder, in aggregate principal
amount at Stated Maturity equal to and in exchange for the unredeemed portion
of the principal amount at Stated Maturity of the Security so surrendered.

 

ARTICLE 12.

 

Defeasance and Covenant Defeasance

 

Section 12.01.                       Company’s
Option to Effect Defeasance or Covenant Defeasance.

 

The Company may elect, at its option at any time, to
have Section 12.02 or Section 12.03 applied to the Outstanding Securities (as a
whole and not in part) upon compliance with the conditions set forth below in
this Article.  Any such election shall
be evidenced by a Board Resolution.

 

87

 

Section 12.02.                       Defeasance
and Discharge.

 

Upon the Company’s exercise of its option to have this
Section applied to the Outstanding Securities (as a whole and not in part), the
Company shall be deemed to have been discharged from its obligations with
respect to such Securities as provided in this Section on and after the date
the conditions set forth in Section 12.04 are satisfied (hereinafter called
“Defeasance”), and thereafter such Securities shall not be subject to
redemption pursuant thereto.  For this
purpose, such Defeasance means that the Company shall be deemed to have paid
and discharged the entire indebtedness represented by such Securities and to
have satisfied all its other obligations under such Securities and this
Indenture insofar as such Securities are concerned (and the Trustee, at the
expense of the Company, shall execute proper instruments acknowledging the
same), subject to the following which shall survive until otherwise terminated
or discharged hereunder:  (1) the rights
of Holders of such Securities to receive, solely from the trust fund described
in Section 12.04 and as more fully set forth in such Section, payments in
respect of the principal of and any premium and interest on such Securities
when payments are due, (2) the Company’s obligations with respect to such
Securities under Sections 3.04, 3.05, 3.08, 10.02 and 10.03, (3) the rights,
powers, trusts, duties and immunities of the Trustee hereunder and (4) this
Article.  Subject to compliance with
this Article, the Company may exercise its option to have this Section applied
to the Outstanding Securities (as a whole and not in part) notwithstanding the
prior exercise of its option to have Section 12.03 applied to such Securities.

 

Section 12.03.                       Covenant
Defeasance.

 

Upon the Company’s exercise of its option to have this
Section applied to the Outstanding Securities (as a whole and not in part), (1)
the Company shall be released from its obligations under Section 8.01(iii),
Sections 10.05 through 10.16, inclusive, and 10.19 through 10.21, inclusive and
any covenant provided pursuant to Section 9.01(2) and (2) the occurrence of any
event specified in Section 5.01(4) (with respect to Section 8.01(iii)), Section
5.01(5) (with respect to any of Sections 10.05 through 10.16, inclusive and
10.19 through 10.21, inclusive, and any such covenants provided pursuant to
Section 9.01(2)), Section 5.01(6) or Section 5.01(7) shall be deemed not to be
or result in an Event of Default, in each case with respect to such Securities
as provided in this Section on and after the date the conditions set forth in
Section 12.04 are satisfied (hereinafter called “Covenant Defeasance”).  For this purpose, such Covenant Defeasance
means that, with respect to such Securities, the Company may omit to comply
with and shall have no liability in respect of any term, condition or
limitation set forth in any such specified Section (to the extent so specified
in the case of Sections 5.01(4) and 5.01(5)), whether directly or indirectly by
reason of any reference elsewhere herein to any such Section or by reason of
any reference in any such Section to any other provision herein or in any other
document, but the remainder of this Indenture and such Securities shall be
unaffected thereby.

 

Section 12.04.                       Conditions
to Defeasance or Covenant Defeasance.

 

The following shall be the conditions to the
application of Section 12.02 or Section 12.03 to the Outstanding Securities:

 

(1)                                  The Company shall irrevocably have
deposited or caused to be deposited with the Trustee (or another trustee which
satisfies the requirements contemplated by Section 6.09 and agrees to comply
with the provisions of this Article applicable to it) as

 

88

 

trust funds in trust for the purpose
of making the following payments, specifically pledged as security for, and
dedicated solely to, the benefits of the Holders of such Securities, (A) money
in an amount, or (B) U.S. Government Obligations which through the scheduled
payment of principal and interest in respect thereof in accordance with their
terms will provide, not later than one day before the due date of any payment,
money in an amount, or (C) a combination thereof, in each case sufficient, in the
opinion of a nationally recognized firm of independent public accountants
expressed in a written certification thereof delivered to the Trustee, to pay
and discharge, and which shall be applied by the Trustee (or any such other
qualifying trustee) to pay and discharge, the principal of and any installment
of interest on such Securities on the respective Stated Maturities thereof, in
accordance with the terms of this Indenture and such Securities.  As used herein, “U.S. Government Obligation”
means (x) any security which is (i) a direct obligation of the United States of
America for the payment of which the full faith and credit of the United States
of America is pledged or (ii) an obligation of a Person controlled or
supervised by and acting as an agency or instrumentality of the United States
of America the payment of which is unconditionally guaranteed as a full faith
and credit obligation by the United States of America, which, in either case
(i) or (ii), is not callable or redeemable at the option of the issuer thereof,
and (y) any depository receipt issued by a bank (as defined in Section 3(a)(2)
of the Securities Act) as custodian with respect to any U.S. Government
Obligation which is specified in Clause (x) above and held by such bank for the
account of the holder of such depository receipt, or with respect to any
specific payment of principal of or interest on any U.S. Government Obligation
which is so specified and held, 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 U.S. Government Obligation or the specific
payment of principal or interest evidenced by such depository receipt.

 

(2)                                  In the event of an election to have
Section 12.02 apply to the Outstanding Securities, the Company shall have
delivered to the Trustee an Opinion of Counsel stating that (A) the Company has
received from, or there has been published by, the Internal Revenue Service a
ruling or (B) since the Closing Date there has been a change in the applicable
Federal income tax law, in either case (A) or (B) to the effect that, and based
thereon such opinion shall confirm that, the Holders of such Securities will not
recognize gain or loss for Federal income tax purposes as a result of the
deposit, Defeasance and discharge to be effected with respect to such
Securities and will be subject to Federal income tax on the same amount, in the
same manner and at the same times as would be the case if such deposit,
Defeasance and discharge were not to occur.

 

(3)                                  In the event of an election to have
Section 12.03 apply to the Outstanding Securities, the Company shall have
delivered to the Trustee an Opinion of Counsel to the effect that the Holders
of such Securities will not recognize gain or loss for Federal income tax
purposes as a result of the deposit and Covenant Defeasance to be effected with
respect to such Securities and will be subject to Federal income tax on the same
amount, in the same manner and at the same times as would be the case if such
deposit and Covenant Defeasance were not to occur.

 

89

 

(4)                                  No Default with respect to the
Outstanding Securities shall have occurred and be continuing at the time of
such deposit or, with regard to any such event specified in Sections 5.01(8)
and (9), at any time on or prior to the 90th day after the date of such deposit
(it being understood that this condition shall not be deemed satisfied until
after such 90th day).

 

(5)                                  Such Defeasance or Covenant
Defeasance shall not cause the Trustee to have a conflicting interest within
the meaning of the Trust Indenture Act (assuming all Securities are in default
within the meaning of such Act).

 

(6)                                  Such Defeasance or Covenant
Defeasance shall not result in a breach or violation of, or constitute a
default under, any other agreement or instrument to which the Company is a
party or by which it is bound.

 

(7)                                  Such Defeasance or Covenant Defeasance
shall not result in the trust arising from such deposit constituting an
investment company within the meaning of the Investment Company Act unless such
trust shall be registered under such Act or exempt from registration
thereunder.

 

(8)                                  The Company shall have delivered to
the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating
that all conditions precedent with respect to such Defeasance or Covenant
Defeasance have been complied with.

 

Section 12.05.                       Deposited
Money and U.S. Government Obligations to Be Held in Trust; Miscellaneous
Provisions.

 

Subject to the provisions of the last paragraph of
Section 10.03, all money and U.S. Government Obligations (including the
proceeds thereof) deposited with the Trustee or other qualifying trustee
(solely for purposes of this Section and Section 12.06, the Trustee and
any such other trustee are referred to collectively as the “Trustee”) pursuant
to Section 12.04 in respect of the Outstanding Securities shall be held in
trust and applied by the Trustee, in accordance with the provisions of such
Securities and this Indenture, to the payment, either directly or through any
such Paying Agent (including the Company acting as its own Paying Agent) as the
Trustee may determine, to the Holders of such Securities, of all sums due and
to become due thereon in respect of principal and any premium and interest, but
money so held in trust need not be segregated from other funds except to the
extent required by law.

 

The Company shall pay and indemnify the Trustee
against any tax, fee or other charge imposed on or assessed against the U.S.
Government Obligations deposited pursuant to Section 12.04 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 Outstanding
Securities.

 

Anything in this Article to the contrary
notwithstanding, the Trustee shall deliver or pay to the Company from time to
time upon Company Request any money or U.S. Government Obligations held by it
as provided in Section 12.04 which, in the opinion of a nationally recognized
firm of independent public accountants expressed in a written certification
thereof delivered to the Trustee, are in excess of the amount thereof which
would then be

 

90

 

required to be deposited to
effect the Defeasance or Covenant Defeasance, as the case may be, with respect
to the Outstanding Securities.

 

Section 12.06.                       Reinstatement.

 

If the Trustee or the Paying Agent is unable to apply
any money in accordance with this Article with respect to any Securities by
reason of any order or judgment of any court or governmental authority
enjoining, restraining or otherwise prohibiting such application, then the
obligations under this Indenture and such Securities from which the Company has
been discharged or released pursuant to Section 12.02 or 12.03 shall be revived
and reinstated as though no deposit had occurred pursuant to this Article with
respect to such Securities, until such time as the Trustee or Paying Agent is
permitted to apply all money held in trust pursuant to Section 12.05 with
respect to such Securities in accordance with this Article; provided, however,
that if the Company makes any payment of principal of or any premium or
interest on any such Security following such reinstatement of its obligations,
the Company shall be subrogated to the rights (if any) of the Holders of such
Securities to receive such payment from the money so held in trust.

 

 

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

 

91

 

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

 

 

	
   

  	
   

  	
  NEXTEL PARTNERS, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  THE BANK OF NEW YORK,
  Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Title:

  	
   

  	
   

  
							

 

 

Indenture Signature Page

 

 

EXHIBIT A

 

Form of Certificate to Be

Delivered in Connection with

Transfers Pursuant to Regulation S

 

                         ,
           

 

The Bank of New York

101 Barclay Street

New York, New York 10286

Attention: Corporate Trust Administration

 

Nextel Partners, Inc.

4500 Carillon Point

Kirkland, Washington 98033

 

Re:                               Nextel
Partners, Inc. (the “Company”)

81/8% Senior Notes Due 2011 (the “Notes”)

 

Dear Sirs:

 

This letter relates to U.S.
$                         principal amount of
Notes represented by a Note (the “Legended Note”) which bears a legend
outlining restrictions upon transfer of such Legended Note.  Pursuant to Section 2.05 of the Indenture
dated as of June 23, 2003 (the “Indenture”) relating to the Notes, we hereby
certify that we are (or we will hold such securities on behalf of) a person
outside the United States to whom the Notes could be transferred in accordance
with Rule 904 of Regulation S promulgated under the U.S. Securities Act of
1933, as amended.  Accordingly, you are
hereby requested to exchange the legended certificate for an unlegended
certificate representing an identical principal amount of Notes, all in the
manner provided for in the Indenture.

 

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

 

	
   

  	
   

  	
  Very truly yours,

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [Name of Holder]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  Authorized
  Signature

  

 

A-1

 

EXHIBIT B

 

Form of Certificate to Be
Delivered

in Connection with Transfers to

Non-QIB Institutional Accredited Investors

 

                                              ,
             

 

The Bank of New York

101 Barclay Street

New York, New York 10286

Attention:  Corporate Trust
Administration

 

Nextel Partners, Inc.

4500 Carillon Point

Kirkland, Washington 98033

 

Re:                             Nextel
Partners, Inc. (the “Company”)

81/8% Senior Notes due 2011 (the “Notes”)

 

Dear Sirs:

 

In connection with our proposed purchase of U.S.
$                    
aggregate principal amount at stated maturity of the Notes, we confirm that:

 

1.                                       We
understand that any subsequent transfer of the Notes is subject to certain
restrictions and conditions set forth in the Indenture dated as of June 23,
2003 (the “Indenture”), relating to the Notes, and we agree to be bound by, and
not to resell, pledge or otherwise transfer the Notes 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 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 offer or sell any Notes, 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, (D) pursuant to the exemption from registration
provided by Rule 144 under the Securities Act, (E) pursuant to an effective
registration statement under the Securities Act, or (F) outside the United
States in accordance with Rule 904 of Regulation S under the Securities Act,
and we further agree to provide to any person purchasing any of the Notes from
us a notice advising such purchaser that resales of the Notes are restricted as
stated herein.

 

A-2

 

3.                                       We
understand that, on any proposed resale of any Notes, 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 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 50l(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 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 and the Company are entitled to rely upon this
letter and are irrevocably authorized to produce this letter or a copy hereof
to any interested party in any administrative or legal proceedings or official
inquiry with respect to the matters covered hereby.

 

	
   

  	
   

  	
  Very truly
  yours,

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [Name of
  Transferee]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
  Authorized Signature

  	
   

  
							

 

A-3

 

EXHIBIT C

 

Form of Certificate to Be
Delivered

in Connection with Transfers

Pursuant to Regulation S

 

                       ,
            

 

The Bank of New York

101 Barclay Street

New York, New York 10286

Attention:  Corporate Trust
Administration

 

Nextel Partners, Inc.

4500 Carillon Point

Kirkland, Washington 98033

 

Re:                               Nextel
Partners, Inc. (the “Company”)

81/8% Senior Notes due 2011 (the “Notes”)

 

Dear Sirs:

 

In connection with our proposed sale of U.S.
$                      aggregate principal
amount at maturity of the Notes, we confirm that such sale has been effected
pursuant to and in accordance with Regulation S under the Securities Act of
1933 and, accordingly, we represent that:

 

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

 

(2)                                at
the time the buy order was originated, the transferee was outside the United
States or we and any person acting on our behalf reasonably believed that the transferee
was outside the United States;

 

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

 

(4)                                the
transaction is not part of a plan or scheme to evade the registration
requirements of the U.S. Securities Act of 1933.

 

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

 

A-4

 

	
   

  	
   

  	
  Very truly
  yours,

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  [Name of
  Transferor]

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Authorized Signature

  

 

A-5

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