Document:

Exhibit 10.1

 

EXHIBIT
10.1 

REAL ESTATE PURCHASE AND SALE AGREEMENT

     THIS REAL ESTATE PURCHASE AND SALE AGREEMENT (this “Agreement”) is entered into as of
October 20, 2006 by and between CLSB I, LLC, a Delaware limited liability company (the
“Seller”), having an office c/o Lyme Properties LLC, 101 Main Street, 18th
floor, Cambridge, MA 02142 Attn: Robert L. Green and BioMed Realty, L.P., a Maryland limited
partnership (the “Purchaser”), having an office at 17140 Bernardo Center Drive, Suite 222,
San Diego, California 92128. CLSB II, LLC, a Delaware limited liability company (the “CLSB II
Assignor”) having an office c/o Lyme Properties, LLC, 101 Main Street, 18th floor,
Cambridge, MA 02142 Attn: Robert L. Green, has also executed this Agreement for the purposes set
forth in the CLSB II Assignor Provisions.

     In consideration of the mutual promises hereinafter set forth and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto
agree as follows:

ARTICLE 1

Definitions

     Section 1.1. Definitions. For purposes of this Agreement, capitalized terms
not otherwise defined herein have the meanings set forth below:

     “Actual Remaining Cost” shall have the meaning set forth in Section 2.2(b).

     “Architect” shall mean Tsoi/Kobus & Associates, Inc.

     “Architect’s Statement” shall have the meaning set forth in Section 6.1(e).

     “Asserting Party” shall have the meaning set forth in Section 11.21.

     “Assignment and Assumption Agreement” shall mean an Assignment, Assumption and Bill of
Sale Agreement in substantially the form attached hereto as Schedule 8.2(e).

     “Berry Contract” shall mean that certain construction contract dated June 25, 2002
between New Blackfan LLC (predecessor in interest to Seller) and Contractor, as amended.

     “BIDMC” shall mean Beth Israel Deaconess Medical Center, Inc., a Massachusetts
corporation.

     “BIDMC Letter of Credit” shall mean that certain Letter of Credit issued by Bank of
America in the stated amount of $28,800,000.00 as Letter of Credit No. 68006542, issued under the
Turnkey Garage Agreement.

 

 

     “BIDMC P&S” shall mean that purchase and sale agreement between BIDMC and Lyme
Properties LLC, predecessor in interest to Seller, dated as of November 22, 2002, as amended.

     “Brokerage Agreements” shall mean the lease brokerage agreements listed on the
attached Schedule 7.2(b)(iv)-4.

     “Business Day” shall mean any day of the week other than Saturday, Sunday, or a day on
which banking institutions in Boston, Massachusetts are obligated or authorized by law or executive
action to be closed to the transaction of normal banking business.

     “Certificate” shall have the meaning set forth in Section 6.1(g).

     “Children’s Hospital Self-Help Security” shall mean the rights of the CLSB II Borrower
to the BIDMC Letter of Credit as set forth in that certain Pledge and Security Agreement dated
August 14, 2006, between CLSB II Borrower, Seller and CLSB II Assignor, which rights are subject to
that certain Intercreditor Agreement dated as of August 14, 2006, between CLSB II Borrower, Anglo
Irish Bank Corporation plc, Seller and CLSB II Assignor.

     “Claim” shall have the meaning set forth in Section 10.6.

     “Claim Period” shall have the meaning set forth in Section 7.3(d).

     “Closing” shall mean the consummation of the purchase and sale of the Property and the
assignment of the CLSB II Purchase Money Loan pursuant to the terms of this Agreement.

     “Closing Date” shall mean November 17, 2006, as such date may be extended in
accordance with express extension provisions of this Agreement.

     “Closing Statement” shall have the meaning set forth in Section 8.4(i).

     “CLSB II Assignor Provisions” shall mean those Sections of this Agreement making
specific reference to CLSB II Assignor.

     “CLSB II Assignor’s Estoppel Certificate” shall have the meaning set forth in
Section 6.1(h).

     “CLSB II Borrower” shall mean Longwood Research Institute, Inc., a Massachusetts
non-profit corporation, the borrower under the CLSB II Purchase Money Loan.

     “CLSB II Mortgage” shall have the meaning set forth in Section 6.1(m).

     “CLSB II Purchase Money Loan” shall mean that certain loan from CLSB II Assignor, as
lender, to the CLSB II Borrower, as borrower.

     “CLSB II Purchase Money Loan Documents” shall mean the documents evidencing the CLSB
II Purchase Money Loan, which documents are listed on the attached Schedule 7.2(e)(i).

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     “CLSB II Title Policy” shall have the meaning set forth in Section 6.1(m).

     “Code” shall mean the Internal Revenue Code of 1986, and all amendments thereto and
all regulations issued thereunder.

     “coming due” shall have the meaning set forth in Section 6.4(c).

     “Condemnation” shall have the meaning set forth in Section 6.3(a).

     “Confidential Information” shall mean all information concerning the Property, the
CLSB II Purchase Money Loan, the Leases and Seller, excluding information that is available to the
general public from sources other than disclosure by Purchaser or its agents in violation of this
Agreement.

     “Construction Agreements” shall mean the Berry Contract and the TKA Contract.

     “Construction Personal Property” shall mean materials or other items used in
connection with the construction of the Project that are or will become the property of Seller.

     “Contract Substantial Completion Date” shall have the meaning set forth in the
Contractor’s Statement.

     “Contractor” shall mean William A. Berry & Son, Inc.

     “Contractor’s Statement” shall have the meaning set forth in Section 6.1(d).

     “Cross Easement Agreement” shall have the meaning set forth in Schedule 4.1.

     “Damage Cap” shall have the meaning set forth in Section 10.4.

     “Deed” shall mean a quitclaim deed from Seller to Purchaser in the form attached
hereto as Schedule 8.2(a).

     “Defending Party” shall have the meaning set forth in Section 11.21.

     “Deposit” shall have the meaning set forth in Section 3.1.

     “Disputed Architect Claims” shall have the meaning set forth in the Architect’s
Statement.

     “Disputed Contractor Claims” shall have the meaning set forth in the Contractor’s
Statement.

     “Due Diligence Materials” shall have the meaning set forth in Section 5.2.

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     “Effective Date” shall mean the date of this Agreement.

     “Environmental Laws” shall have the meaning set forth in Section 11.19.

     “eRoom” shall have the meaning set forth in Section 5.2.

     “Escrow Agent” shall mean the Title Company.

     “Hazardous Materials” shall have the meaning set forth in Section 11.19.

     “Lease Expenses” shall mean the Seller Lease Expenses and the Purchaser Lease
Expenses.

     “Leases” shall mean the leases listed on the attached Schedule 7.2(b)(iv)-1.

     “Listed Permits” shall mean the licenses, permits, approvals, certificates and
entitlements listed on Schedule 7.2(b)(iv)-6 attached hereto.

     “Major Event” shall have the meaning set forth in Section 6.3(a).

     “Miscellaneous Consultant Agreements” shall mean the contracts and agreements that are
listed on the attached Schedule 7.2(b)(iv)-2.

     “Miscellaneous Consultant Consent” shall mean an agreement in the form attached as
Schedule 5.5(a).

     “Major Line Item” shall have the meaning set forth in Section 2.2.

     “Net Proceeds” shall have the meaning set forth in Section 6.3(a).

     “New Lender” shall mean any lender or lenders (or any agent on their behalf) providing
financing to Purchaser in connection with the transactions contemplated herein.

     “Other Matters” shall mean the contracts and matters that are listed on the attached
Schedule 7.2(b)(iv)-3.

     “Permits” shall mean any licenses, permits, approvals, certificates or entitlements
issued in connection with the Project, including the Listed Permits.

     “Permitted Assignee” shall mean, with respect to Purchaser, any New Lender or any
permitted assignee under Section 11.3, and with respect to any New Lender, any Person
eligible to be an assignee of the New Lender’s interests under the documents entered into by
Purchaser and New Lender with respect to the financing of the transactions contemplated herein.

     “Permitted Exceptions” shall mean: (a) all matters shown on the Title Commitment
(other than Seller Mortgages) or the Survey, except for those matters (other than any matter that

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would otherwise constitute a Permitted Exception under this definition) as to which, in
accordance with Section 4.1: (i) Purchaser makes a written objection on or before the
expiration of the Study Period; and (ii) Seller elects to use reasonable efforts to cure; (b) if
Purchaser fails to obtain the Title Commitment before the end of the Study Period, all matters of
public record as of the last day of the Study Period (other than Seller Mortgages); (c) all
matters, whether or not of record, that arise out of the actions of Purchaser or Persons acting
under Purchaser; (d) any documents evidencing the Leases, the Construction Agreements, the
Miscellaneous Consultant Agreements or any Other Matters to be assigned to Purchaser under this
Agreement; (e) the lien of general real estate taxes, personal property taxes and all water, sewer,
utility, trash and other similar charges and assessments which are not yet due and payable; (f) any
lien, encumbrance or governmental obligation which either affects solely the property of a tenant
under a Lease or is the obligation of such tenant to discharge, cure or comply with; (g) all laws,
regulations and ordinances restrictions including, without limitation, all environmental, use,
building and zoning laws affecting the Properties or the ownership, use or operation thereof now in
effect or which may be in force and effect on the Closing Date with respect to such Properties; (h)
any notice of contract and (i) all matters (other than Seller Mortgages) that the Title Company is
willing to insure over to the reasonable satisfaction of Purchaser without material additional
premium or indemnity (other than additional premium or indemnity that Seller in its sole discretion
elects to pay or give). Without limitation, Permitted Exceptions include all of the matters
referred to in Schedule 4.1 attached.

     “Person” shall mean any individual, estate, trust, partnership, limited liability
company, limited liability partnership, corporation, governmental agency or other legal entity and
any unincorporated association.

     “Personal Property” shall mean all right, title and interest of Seller in all Permits
(except to the extent such Permit cannot be assigned in accordance with applicable law), Reports,
the Leases (including any security deposits delivered thereunder), the Construction Agreements, the
Miscellaneous Consultant Agreements, the Other Matters, matters referred to in Schedule
4.1, the Brokerage Agreements, the Plans and Specifications, the Construction Personal Property
and in all surveys, blue prints, drawings and other documentation for or with respect to the
Project; all marketing artwork, booklets, manuals and promotional and advertising materials
concerning the Project (including the
www.centerforlifescience.com website and any other websites,
photographs, videos or other tangible or intellectual property concerning the Project) in each case
to the extent available and in the possession and control of Seller; all tenant data,
correspondence with past, present and prospective tenants, vendors suppliers and utility companies
in each case to the extent available and in the possession and control of Seller; such other
existing books, records and documents used solely in connection with the construction or operation
of the Property to the extent available and in the possession and control of Seller; all
intellectual property with respect to the Property, including but not limited to, trade names and
trademarks associated with the Property or by which the Property is commonly known or designated,
and all claims and causes of action with respect to any of the foregoing arising from and after the
Closing; provided, however, that Seller (x) makes no representations or warranties whatsoever with
respect to any of the Personal Property (except as and to the extent expressly set forth in
Section 7.2) and (y) Purchaser acknowledges and agrees that Seller and/or the Seller
Parties may use photographs or other reproductions of the Property after the Closing for marketing
or other

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reasonable purposes. For the avoidance of doubt, Purchaser expressly acknowledges that
trademarks, trade names, copyrights or other intellectual property in and to the legal or trade
names of any direct or indirect owner of Seller or Assignor, including without limitation the names
“Lyme,” “Lyme Properties” and “New Blackfan” (but excluding the name “Center for Life Science”)
shall not be transferred from Seller to Purchaser, nor shall the following be transferred or
conveyed as Personal Property (i) any information or documents related to the transaction of which
this Agreement is a part, (ii) any projections and other internal memoranda or materials,
(iii) financial statements of Seller or CLSB II Assignor, appraisals, budgets, strategic plans for
the Property, internal analyses and submissions relating to Seller’s obtaining of internal
authorizations and the like and (iv) any attorney and accountant work product or any other
materials subject to any legal privilege in favor of Seller.

     “Plans and Specifications” shall mean the plans and specifications with regard to the
construction of improvements on the Real Property, a list of which is attached hereto as
Schedule 7.2(b)(vi).

     “Post-Closing Escrow Agreement” shall have the meaning set forth in Section
10.5.

     “Post-Closing Escrow Funds” shall have the meaning set forth in Section 10.5.

     “Pro Forma Remaining Major Line Item Cost” shall have the meaning set forth in
Section 2.2(b).

     “Project” shall mean the improvements to be constructed on the Real Property.

     “Property” shall mean the Real Property and the Personal Property.

     “Purchase Money Loan Estoppel Certificate” shall have the meaning set forth in
Section 6.1(h).

     “Purchase Price” shall mean the purchase price for the Property and the CLSB II
Purchase Money Loan as specified in Section 2.2(a).

     “Purchaser Lease Expenses” shall mean, collectively, any third party costs or expenses
(including any brokerage fees) arising out of or in connection with (a) any of the Leases, to the
extent such costs and expenses were not due and payable prior to the Closing, as the same are set
forth on the attached Schedule 7.2(b)(iv)-4, (b) any extension, expansion or other right
exercised by any Tenant under any Lease after the Effective Date, or (c) any new lease or Lease
modification entered into with Purchaser’s prior approval as provided in this Agreement between the
Effective Date and the Closing Date.

     “Purchaser Title Objections” shall have the meaning set forth in Section 4.1.

     “Purchaser’s Endorsements” shall mean the following to the extent such endorsements
are generally available for real property such as the Real Property in the Commonwealth of
Massachusetts: (1) owner’s comprehensive; (2) access; (3) “same as” survey; (4) subdivision;

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(5) zoning 3.1; (6) deletion of standard mechanic’s lien exception and (7) deletion of
creditor’s rights exception.

     “Purchaser’s REIT Entity” shall have the meaning set forth in Section 6.4.

     “Real Property” shall mean the real property described on Exhibit A attached
hereto and all buildings, structures and other improvements located thereon, together with and
subject to all privileges, rights, easements and appurtenances belonging to or burdening such
property (including the Permitted Exceptions) and all right, title and interest of Seller, if any,
in and to any streets, alleys, passages or other rights-of-way or appurtenances included in,
adjacent to or used in connection with such property.

     “Reconciliation Amount” shall have the meaning set forth in Section 2.2(c).

     “Remaining Contract Amount” shall have the meaning set forth in the Architect’s
Statement.

     “Remaining GMP Amount” shall have the meaning set forth in the Contractor’s Statement.

     “Reports” shall mean any reports by any third party engineering, architectural,
environmental or other like consultants regarding Hazardous Materials at the Real Property which
were prepared for Seller in connection with and following Seller’s acquisition of the Real Property
and are within Seller’s possession or control, including the reports listed on the attached
Schedule 7.2(b)(iv)-5. The Reports are Confidential Information.

     “Restricted Period” shall mean the period commencing on the date that is two (2)
Business Days prior to the expiration of the Study Period and ending on the earlier of the Closing
or the termination of this Agreement.

     “Security Deposits” shall mean all security deposits delivered to Seller as landlord
under the Leases.

     “Seller Lease Expenses” shall mean, collectively, any third party costs or expenses
(including any brokerage fees) arising out of or in connection with any of the Leases (other than
any Purchaser Lease expenses) to the extent the same are due prior to the Closing.

     “Seller Mortgage” shall mean any mortgage or deed of trust granted or assumed by
Seller and encumbering the Real Property or any portion thereof or any other lien securing the
payment of a liquidated sum of money voluntarily created by Seller, but shall not include the
Children’s Hospital Self Help Security or any mortgage that Purchaser elects to assume at the
Closing.

     “Seller Parties” shall mean Seller, CLSB II Assignor, affiliates of either of the
foregoing, and each of their respective direct and indirect owners, and their respective agents,
partners, officers, directors, trustees, attorneys, advisors, managers and employees.

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     “Seller Representations” shall mean the representations and warranties of Seller and
CLSB II Assignor expressly set forth in Section 7.2.

     “Seller’s Broker(s)” shall mean Cushman & Wakefield and Lyme Properties LLC.

     “Seller’s Estoppel Certificate” shall mean an estoppel certificate from the Seller
substantially in the form attached as Schedule 6.1(c).

     “Seller’s Title Election Period” shall have the meaning set forth in Section
4.1.

     “Statements” shall mean, collectively, the Contractor’s Statement and the Architect’s
Statement.

     “Study Period” shall mean the period commencing on the Effective Date of this
Agreement and ending at 5:00 p.m. East Coast time on November 3, 2006.

     “Survey” shall have the meaning set forth in Section 4.1.

     “Surviving Obligations” shall mean all obligations of a party which by their terms
expressly survive the Closing or termination of this Agreement.

     “TAPA” means that certain Transportation Access Plan Agreement between the City of
Boston Transportation Department and New Blackfan LLC (predecessor in interest to Seller) for
Blackfan Research Center Project dated July 13, 2004, as amended.

     “Tenant Estoppel Certificate” shall have the meaning set forth in Section
6.1(c).

     “Tenants” shall mean the tenants under the Leases.

     “Tenant’s Remaining Base Building Change Order Reimbursements” shall have the meaning
set forth in Schedule 6.1(c).

     “Tenant’s Remaining Base Building Design Change Reimbursements” shall have the meaning
set forth in Schedule 6.1(c).

     “Threshold Amount” shall have the meaning set forth in Section 10.1.

     “Title Commitment” shall mean a commitment in customary form evidencing the Title
Company’s commitment to issue the Title Policy to Purchaser.

     “Title Company” shall mean the Boston, Massachusetts office of Stewart Title Guaranty
Company, having an address of 99 Summer Street, 2nd Floor, Boston, Massachusetts 02110, Attention:
Marie Franco, Esq.

     “Title Cure Cap” shall mean Four Hundred Thousand Dollars ($400,000).

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     “Title Objection Notice” shall have the meaning set forth in Section 4.1.

     “Title Policy” shall mean an ALTA Owner’s Policy of title insurance, with extended
coverage (i.e., with ALTA General Exceptions deleted), dated as of the date and time of the
recording of the Deed, in the amount of the Purchase Price, insuring Purchaser as owner of good,
marketable and indefeasible fee simple title to the Property, subject only to the Permitted
Exceptions and including the Purchaser’s Endorsements.

     “TKA Agreement” shall mean that certain Agreement between Owner and Architect dated as
of December 30, 2003 between New Blackfan LLC (predecessor in interest to Seller) and the
Architect, as amended.

     “Turnkey Garage Estoppel” shall mean an estoppel certificate from BIDMC substantially
in the form attached hereto as Schedule 5.5(b).

     “Turnkey Garage Agreement” shall mean that certain Blackfan Research Center Turnkey
Garage Agreement dated as of June 24, 2005 between BIDMC and Seller.

     “Update” shall have the meaning set forth in Section 7.3(c).

     “Update Termination Period” shall have the meaning set forth in Section
7.3(c).

     “Updated Certificate” shall have the meaning set forth in Section 6.1(j).

     “when due” shall have the meaning set forth in Section 6.4(c).

ARTICLE 2

Agreement: Purchase Price

     Section 2.1. Agreement to Sell and Purchase. Subject to the terms and
provisions hereof, Seller agrees to sell the Property to Purchaser and CLSB II Assignor agrees to
sell CLSB II Assignor’s interest as lender under the CLSB II Purchase Money Loan to Purchaser, and
Purchaser agrees to purchase the Property and the CLSB II Purchase Money Loan from, respectively,
Seller and CLSB II Assignor.

     Section 2.2. Purchase Price. (a) The purchase price for the Property and
the CLSB II Purchase Money Loan shall be the sum of Five Hundred Seven Million Three Hundred
Seventy Thousand Dollars ($507,370,000), plus or minus the Reconciliation Amount described below
(the “Purchase Price”). Subject to the adjustments and apportionments set forth in this
Agreement, the Purchase Price shall be paid on the Closing Date by wire transfer of immediately
available federal funds to such account of Seller as Seller designates in writing to Purchaser.
Seller, CLSB II Assignor and Purchaser agree that of the Purchase Price, the amount of Seventeen
Million Six Hundred Thousand Dollars ($17,600,000) shall be allocable to Purchaser’s acquisition of
the CLSB II Purchase Money Loan (and shall also be the amount set

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forth as the line item for the CLSB II Purchase Money Loan on Schedule 2.2(b)), and
the remainder of the Purchase Price shall be allocable to Purchaser’s acquisition of the Property.

     (b) The Purchaser and Seller have agreed upon the sum of One Hundred Eighty Six Million Four
Hundred Thirty Eight Thousand Seven Hundred Sixty Seven Dollars ($186,438,767) (the “Pro Forma
Remaining Major Line Item Cost”) as the total estimated amount that remains to be expended
under the line items (each such line item, a “Major Line Item”) set forth in Schedule
2.2(b). The Seller shall provide to the Purchaser, prior to the Closing, the following
statements corresponding to such line items: (i) the Contractor’s Statement showing the Remaining
GMP Amount with respect to the Berry Contract, (ii) the Architect’s Statement showing the Remaining
Contract Amount with respect to the TKA Agreement, (iii) either (a) the estoppel certificates
required under Section 6.1(c) with respect to any Lease under which a tenant improvement
allowance is provided (as such tenant improvement allowances are described in any such Lease)
stating the amount of such allowances that have been funded under such Leases as of the respective
dates of such estoppel certificates or (b) in the event that such estoppel certificates do not
provide the amount of such allowances that have been funded, then a Seller’s Estoppel Certificate
setting forth such amounts as of the date of such certificate (and Seller shall provide reasonable
back-up materials with respect to any such amounts if a Seller’s Estoppel Certificate is given),
(iv) either (a) the estoppel certificates required under Section 6.1(c) with respect to any
Lease stating the Tenant’s Remaining Base Building Change Order
Reimbursements and Tenant’s Remaining Base Building Design Change Reimbursements amounts remaining to be reimbursed to
the landlord as of the respective dates of such estoppel certificates (as all such terms are
defined in such estoppel certificates) or (b) in the event that such estoppel certificates do not
provide the amounts of such reimbursements, then a Seller’s Estoppel Certificate setting forth such
amounts as of the date of such certificate (and Seller shall provide reasonable back-up materials
with respect to any such amounts if a Seller’s Estoppel Certificate is given), and (v) either (a)
the Purchase Money Loan Estoppel Certificate or (b) a CLSB II Assignor’s Estoppel Certificate
stating the amount of principal remaining to be paid under the CLSB II Purchase Money Loan. Such
Statements, estoppel certificates or statements respectively shall be the “Actual Remaining
Cost” of the item in question.

     (c) The “Reconciliation Amount” shall be arrived at as follows:

	 	1.	 	If the Remaining GMP Amount is greater than the corresponding line item
in Schedule 2.2(b), then the Purchase Price shall be decreased by the
difference; and if such Amount is less than such line item the Purchase Price shall
be increased by the difference;
	 
	 	2.	 	If the Remaining Contract Amount is greater than the corresponding line
item in Schedule 2.2(b), then the Purchase Price shall be decreased by the
difference; and if such Amount is less than such line item the Purchase Price shall
be increased by the difference;
	 
	 	3.	 	If the amount of tenant allowances remaining to be funded under the
Leases is greater than the corresponding line item in Schedule 2.2(b), then
the Purchase Price shall be decreased by the difference; and if such amount is less
than such line item the Purchase Price shall be increased by the difference;

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	 	4.	 	If the amounts of the Tenant’s Remaining Base Building Change Order
Reimbursements and Tenant’s Remaining Base Building Design Change
Reimbursements remaining to be reimbursed to the landlord under the Leases is
greater than the corresponding line item in Schedule 2.2(b), then the
Purchase Price shall be increased by the difference; and if such Amount is less
than such line item the Purchase Price shall be decreased by the difference;
	 
	 	5.	 	If the principal amount under the CLSB II Purchase Money Loan is
greater than the corresponding line item in Schedule 2.2(b), then the
Purchase Price shall be increased by the difference; and if such Amount is less
than such line item the Purchase Price shall be decreased by the difference.

     (d) If Seller expends any funds with respect to any Major Line Item following the applicable
date of the document used to determine the Actual Remaining Cost with respect to such Major Line
Item, then reasonable evidence of such expenditures shall be provided to Purchaser and the Purchase
Price shall be increased by the amount of such expenditures as part of the Reconciliation Amount.

ARTICLE 3

Deposit

     Section 3.1. Deposit. Purchaser shall deposit with Escrow Agent no later
than the following events the following amounts: (i) on the third (3rd) Business Day after the
Effective Date, Ten Million Dollars ($10,000,000), (ii) on the third (3rd) Business Day after the
date of the expiration of the Study Period, if Purchaser fails to terminate this Agreement in
accordance with Section 5.2, Ten Million Dollars ($10,000,000) (individually or
collectively, as the case may be at any time, the “Deposit”), such that the total Deposit
at such time shall be Twenty Million Dollars ($20,000,000). The Deposit shall be held by Escrow
Agent in a segregated “money market” interest bearing account pursuant to an escrow agreement in
the form attached hereto as Schedule 3.1. Escrow Agent shall invest the Deposit in an
interest-bearing savings account or short-term U.S. Treasury Bills or similar cash-equivalent
securities, as directed by Purchaser and Seller. Any and all interest earned on the Deposit shall
be reported to Purchaser’s federal tax identification number and shall become part of the Deposit.
The Deposit shall be applied to the Purchase Price if the Closing occurs. If Purchaser fails to
deliver any installments of the Deposit to Escrow Agent within the time required under this
Section 3.1, then this Agreement shall, at Seller’s election, terminate (other than the
Surviving Obligations), and any Deposit then held by Escrow Agent shall be promptly paid or
delivered to Seller following such termination. At Purchaser’s election all or any portion of the
Deposit may be made by delivering to the Escrow Agent a letter of credit, which shall mean an
irrevocable, unconditional, transferable, clean sight draft letter of credit in a form reasonably
approved by Seller issued or confirmed for direct payment by a financial institution acceptable to
Seller that will accept draws upon such letter of credit in either Boston, Massachusetts or New
York, New York, that expires no earlier than one hundred twenty (120) days after the Closing Date,
in favor of Seller entitling Seller to draw thereon based solely on a statement purportedly
executed by an officer of Seller stating that it has the right to draw thereon. Purchaser shall
remain fully liable for the amount of the Deposit,

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without duplication, if any such letter of credit evidencing the Deposit expires, is
terminated or is otherwise not payable to or drawable by Seller in accordance with the terms of
this Agreement.

ARTICLE 4

Survey and Title Commitment

     Section 4.1. Title and Survey. Purchaser may: (a) order an “as built”
survey of the Real Property (the “Survey”) by a licensed surveyor or registered
professional engineer reasonably acceptable to Purchaser; and (b) cause the Title Company to
prepare and furnish the Title Commitment to Purchaser and Seller, together with copies of all
instruments referred to thereon as exceptions to title. Purchaser shall deliver an original of the
Survey and a copy of the Title Commitment (and such instruments) to Seller within three (3)
Business Days of receipt thereof by Purchaser. In the event that Purchaser fails to obtain a Title
Commitment or Survey prior to the expiration of the Study Period, then Purchaser shall waive any
right to object to any matter set forth in a Title Commitment or Survey, as the case may be,
following the expiration of the Study Period.

     Not later than the expiration of the Study Period, Purchaser shall give Seller a written
notice (the “Title Objection Notice”) that sets forth in reasonable detail an explanation
of any objections that Purchaser has to title or survey matters affecting the Real Property (the
“Purchaser Title Objections”); provided, however, that Purchaser shall have no right to
object to any Permitted Exceptions. Seller shall have until 5:00 p.m. Boston time on the third
(3rd) Business Day from its receipt of the Title Objection Notice (“Seller’s Title Election
Period”) to give Purchaser notice as to whether Seller elects to use reasonable efforts to cure
the Purchaser Title Objections by the Closing Date. If Seller fails to give Purchaser written
notice of such election before the end of Seller’s Title Election Period, Seller shall be deemed to
have elected not to attempt to cure the Purchaser Title Objections. If Seller elects not to or is
deemed to have elected not to attempt to cure any one or more of the Purchaser Title Objections,
such Purchaser Title Objections shall constitute Permitted Exceptions and Purchaser shall have
until 5:00 p.m. Boston time on the fifth (5th) Business Day after the end of the Study Period to
elect whether to take title to the Property subject to such matters or to terminate this Agreement
by giving written notice to Seller of such termination on or before such time on such fifth (5th)
Business Day, and failure of Purchaser to so terminate this Agreement shall be deemed an election
to take title to the Property subject to such matters. If (x) Seller elects to use reasonable
efforts to cure any one or more of the Purchaser Title Objections, or (y) the Property becomes
subject to any defect in title arising after the date of any Title Commitment or Survey obtained
prior to the expiration of the Study Period, as the case may be, Purchaser shall notify Seller
within three (3) Business Days of becoming aware of such defect (or at the Closing if less than
three (3) Business Days remain until the Closing Date) and Seller shall have until the Closing
Date, which Seller may in its sole discretion, exercisable by written notice to Purchaser on or
before the Closing Date, extend for one or more periods of up to sixty (60) days in total to
provide additional time to complete such cure. If at the Closing Date, as so extended, Seller has
not completed such cure then Purchaser shall have the option of either accepting the title as it
then is or receiving a refund of the Deposit, which shall promptly be returned to Purchaser and
thereupon except for Surviving Obligations

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Purchaser and Seller shall have no further obligations or liabilities under this Agreement.
If Seller elects to use reasonable efforts to cure any one or more of Purchaser Title Objections,
Seller shall in no event be required to bring or settle a lawsuit to clear any title defects and,
except for Seller Mortgages, Seller shall never be required to expend more than the amount of the
Title Cure Cap to cure all Purchaser Title Objections. All Seller Mortgages will be satisfied by
Seller at or prior to the Closing or, if not so satisfied, shall be satisfied at Closing by
reserving proceeds otherwise payable to Seller in a manner reasonably satisfactory to the Title
Company.

     Section 4.2. Discharge of Title Objections Notwithstanding anything herein
to the contrary, Seller shall be deemed to have removed or corrected each matter or condition that
is not a Permitted Exception if, in Seller’s discretion and at its sole cost, Seller either (a)
causes the Title Company to remove such matter or condition as an exception to title in the Title
Commitment issued at Closing or affirmatively insures against the same in a manner reasonably
acceptable to Purchaser, in each case without any additional cost to Purchaser, whether such
insurance is made available in consideration of payment, bonding, indemnity of Seller or otherwise,
or (b) delivers (i) its own funds (or directs that a portion of the Purchase Price be delivered) in
an amount needed to fully discharge any such matter or condition to the Title Company with
instructions for the Title Company to apply such funds to fully discharge any such matter or
condition, and (ii) if required by the Title Company, such instruments in recordable form as are
necessary to enable the Title Company to discharge such matter or condition of record.

ARTICLE 5

Inspection

     Section 5.1. Access During the pendency of this Agreement, Purchaser,
personally or through its authorized agents, shall be entitled upon reasonable advance notice to
Seller to enter upon the Real Property during normal business hours and shall have the right to
make such investigations, studies and analyses as Purchaser deems necessary or advisable, subject
to the following limitations: (a) such access shall not violate any law or, so long as the same has
been delivered to Purchaser, any agreement to which Seller is a party; (b) a representative of
Seller shall have the right to be present when Purchaser or its representatives conducts its or
their investigations on the Real Property or communicates with any Tenants, (c) neither Purchaser
nor its representatives shall interfere with any construction activities taking place on the Real
Property (except to a de minimis extent); (d) neither Purchaser nor its agents shall damage the
Real Property or any portion thereof (except to a de minimis extent); (e) before Purchaser or its
agents enter onto the Real Property, Purchaser shall deliver to Seller a certificate of insurance
naming Seller as an additional insured, evidencing commercial general liability insurance
(including property damage, bodily injury and death) issued by an insurance company having a rating
of at least “A-VII” by A.M. Best Company, with limits of at least $1,000,000 per occurrence for
bodily or personal injury or death and $2,000,000 aggregate per location; (f) Purchaser shall: (i)
use reasonable efforts to perform all on-site due diligence reviews on an expeditious and efficient
basis; and (ii) indemnify, hold harmless and defend the Seller and Seller Parties against, and hold
each of them harmless from, all loss, liability, claims, costs

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(including reasonable attorneys’ fees), liens and damages resulting from or relating to the
activities of Purchaser or its agents; provided, however, that Purchaser shall not indemnify, hold
harmless or defend Seller or any of the Seller Parties against any loss, liability, claims, costs
(including reasonable attorney’s fees), liens or damages caused by Seller’s negligence or willful
misconduct, or which arise out of the mere discovery of conditions that were present before
Purchaser entered onto the Real Property and (g) without Seller’s prior written consent, which
Seller may give or withhold in its absolute discretion, Purchaser shall not conduct any Phase II
investigations, soil borings or other invasive tests on or around the Real Property. The foregoing
indemnification obligation shall survive the Closing or termination of this Agreement.

     Section 5.2. Study Period (a) Purchaser shall have the Study Period to (i)
physically inspect the Property, ascertain that the Property has sufficient characteristics for its
purposes, conduct appraisals, examine construction documents, perform examinations of the physical
condition of the Property and any improvements located thereon, and examine the Property for the
presence of Hazardous Materials, in each case as provided for in Section 5.1, and (ii)
review any materials delivered and/or made available to Purchaser and/or Purchaser’s
representatives (including, without limitation, the Reports and those items contained in that
certain data room website located at
https://extranet.piperrudnick.com/eRoom/lyme/LymeeRoom1 (such
website being the “eRoom”) and have access to such other records relating to construction
of the Project as are in Seller’s possession or control (collectively, the “Due Diligence
Materials”) and to otherwise conduct such due diligence review of the Property and the Project
as Purchaser, in its absolute discretion, deems appropriate all at its sole cost. Where this
Agreement uses words such as “made available to Purchaser”, “provided to Purchaser”, “disclosed to
Purchaser” and the like, the presence of any information in the eRoom prior to the commencement of
the Restricted Period shall mean that such information was made available, provided, delivered and
disclosed to Purchaser.

     (b) Prior to the conclusion of the Study Period, Purchaser shall notify Seller as to which
Miscellaneous Consultant Agreements Purchaser will assume and which Miscellaneous Consultant
Agreements shall be terminated by Seller in Purchaser’s sole discretion, and in the absence of any
such notice, Purchaser shall be deemed to elect to assume all of the Miscellaneous Consultant
Agreements. Purchaser will assume the obligations coming due after the Closing Date under those
Miscellaneous Consultant Agreements which Purchaser has elected (or is deemed elected) to assume,
to the extent that the parties to such agreements agree to such assumption. Seller shall terminate
at Closing all Miscellaneous Consultant Agreements that are not so assumed.

     (c) If, before the end of the Study Period, Purchaser shall for any reason in Purchaser’s sole
discretion, determine that it does not wish to purchase the Property, Purchaser shall be entitled
to terminate this Agreement by giving written notice thereof to Seller prior to the expiration of
the Study Period, and thereupon the Deposit shall promptly be returned to Purchaser and, except for
the Surviving Obligations, Seller, CLSB II Assignor and Purchaser shall have no further obligations
or liabilities to each other hereunder. If Purchaser fails to give such notice prior to the
expiration of the Study Period, it shall conclusively be deemed to have elected to waive its right
to terminate this Agreement under this Section 5.2 and shall be obligated to purchase the
Property in accordance with the terms hereof. If Purchaser terminates

14

 

this Agreement under this Section 5.2 or under any other provision of this Agreement,
Purchaser shall promptly deliver to Seller copies of all reports, studies and investigations
relating to the Property in Purchaser’s possession or under its control, the same to be without
warranty or representation by Purchaser or cost to Seller.

     Section 5.3. Confidentiality (a) Notwithstanding anything herein to the
contrary, but subject to Section 5.3(b) and 5.3(c), Purchaser confirms and ratifies all of
its obligations set forth in the confidentiality agreement executed by it, an executed copy of
which is attached hereto as Schedule 5.3, and such obligations are incorporated herein.
Subject to Section 5.3(b) and 5.3(c), Purchaser shall hold all Confidential Information in
confidence and shall not at any time disclose or permit the disclosure of the Confidential
Information to any Person without Seller’s prior written consent. Purchaser further agrees to use
the Confidential Information only for purposes of evaluating the Property or the CLSB II Purchase
Money Loan in connection with its purchase thereof in accordance with the terms of this Agreement.
Notwithstanding the foregoing, (i) Purchaser may disclose the Confidential Information to its
affiliates, legal counsel, consultants, engineers, accountants, lenders and similar third parties
for their review of the Confidential Information in connection with Purchaser’s purchase of the
Property subject to the terms of this Section 5.3, and (ii) Purchaser may disclose the
Confidential Information to the extent that such disclosure is required by law (including any
securities law) or court order, provided that Purchaser first shall provide written notice thereof
to Seller. If this Agreement is terminated before the Closing, Purchaser promptly shall return the
Confidential Information to Seller and shall not retain copies thereof.

     (b) Neither Seller nor Purchaser shall make any public announcements concerning the sale of
the Property pursuant to this Agreement without first obtaining the prior written consent of the
other; provided, however, that Seller and Purchaser may, in their own discretion and without the
consent of the other, make such public announcements concerning the sale or the Property as may be
required by law or as each may determine is reasonable on or immediately following the Effective
Date and/or the Closing Date. Seller and Purchaser shall each provide a draft of such public
announcement to, and confer with, the other party before making any such public announcement.

     (c) From and after the Closing, notwithstanding anything to the contrary contained in this
Agreement, any party to this transaction (and each employee, agent or representative of the
foregoing) may disclose to any and all persons, without limitation of any kind, the tax treatment
and tax structure of the transaction and all materials of any kind (including opinions or other tax
analyses) that are provided to them relating to such tax treatment and tax structure except to the
extent maintaining such confidentiality is necessary to comply with any applicable federal or state
securities laws. The authorization in the preceding sentence is not intended to permit disclosure
of any other information unrelated to the tax treatment and tax structure of the transaction
including (without limitation) (i) any portion of the transaction documents or related materials to
the extent not related to the tax treatment or tax structure of the transaction, (ii) the existence
or status of any negotiations unrelated to the tax issues, or (iii) any other term or detail not
relevant to the tax treatment or the tax structure of the transaction.

15

 

     (d) The provisions of this Section 5.3 shall survive the termination of this
Agreement.

     Section 5.4. Reporting. In the event that Purchaser’s due diligence reveals
any condition of the Property that in Purchaser’s judgment requires disclosure to any governmental
agency or authority, Purchaser shall immediately notify Seller thereof. In such event, Seller, and
not Purchaser nor anyone acting on Purchaser’s behalf, shall make such disclosures as Seller deems
appropriate. Notwithstanding the foregoing, Purchaser may disclose matters concerning the Property
to a governmental authority if, (a) in the written opinion of Purchaser’s outside legal counsel (a
copy of which is furnished to Seller), Purchaser is, or more likely than not is, required by law to
make such disclosure, and (b) to the extent permitted by law, Purchaser gives Seller not less than
ten (10) Business Days prior written notice of the proposed disclosure, together with a copy of
such legal opinion.

     Section 5.5. Other Documents. Seller shall use commercially reasonable
efforts (as defined below) to obtain the following prior to the commencement of the Restricted
Period:

     (a) a Miscellaneous Consultant Consent from each party to the Miscellaneous Consultant
Agreements (other than the Seller or any predecessor-in-interest of Seller thereunder); and

     (b) a Turnkey Garage Estoppel from BIDMC.

     Seller’s sole obligation with respect to the Miscellaneous Consultant Consents and the Turnkey
Garage Estoppel shall be to use commercially reasonable efforts to obtain the same (which, for
purposes of this Section 5.5, shall mean requesting the applicable document from the
intended signatory thereto, and shall in no event shall include the expenditure of any funds, the
amendment of any Miscellaneous Consultant Agreement or the Turnkey Garage Agreement or the
commencement, settlement or other resolution of any litigation, arbitration or similar proceeding),
and Purchaser’s sole remedy with respect to Seller’s failure to obtain any such document (or any
issue disclosed in any such document) shall be to terminate this Agreement in accordance with
Section 5.2.

ARTICLE 6

Conditions Precedent, Condemnation

     Section 6.1. Conditions Precedent Favoring Purchaser. Purchaser’s
obligations under this Agreement are subject to the fulfillment of the conditions set forth in this
Section 6.1 on or before the Closing Date. Each condition may be waived in whole or in
part only by written notice of such waiver from Purchaser to Seller or by Purchaser consummating
the transactions described in this Agreement at the Closing.

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     (a) Seller and CLSB II Assignor, as the case may be, shall have performed and complied in all
material respects with all of the terms of this Agreement to be performed and complied with by
Seller and CLSB II Assignor, as the case may be, prior to or at the Closing.

     (b) Subject to Section 7.3, on the Closing Date, the representations of Seller
and CLSB II Assignor, respectively, set forth in Section 7.2 (as the same have been updated
pursuant to Section 7.3(c)) shall be true, complete and accurate in all material respects,
subject to: (1) changes that: (y) are caused by the acts or omissions of Purchaser or Persons
acting under Purchaser; or (z) are a result of the operation of the Property in the normal course
of business since the date hereof and in accordance with the terms of this Agreement and do not,
individually or in the aggregate, have a material adverse effect on the value of the Property or
the Purchaser’s ability to use the Property for its intended uses; and (2) casualty or condemnation
(which shall be governed by Section 6.3).

     (c) Purchaser shall have received estoppel certificates from each of the Tenants (each, a
“Tenant Estoppel Certificate”) or shall have been provided with Seller’s Estoppel
Certificates as permitted by the following sentence, in each case dated no earlier than the
Effective Date and in no event more than thirty (30) Business Days before the Closing (the
“Estoppel Requirement”). If Seller is unable to obtain estoppel certificates from Dana
Farber Cancer Institute, Inc. and/or the CBR Institute for Biomedical Research, Inc., in order to
meet the Estoppel Requirement, Seller shall provide to the Purchaser substitute Seller’s Estoppel
Certificates with respect to the Leases to Dana Farber Cancer Institute, Inc. and/or the CBR
Institute for Biomedical Research, Inc., as the case may be. With respect to any Tenant for whom
Seller delivers a Seller’s Estoppel Certificate, Seller’s statements therein shall be deemed to be
representations and warranties as though set forth under and subject to Article 7 of this
Agreement. Seller shall be entitled to continue to deal with such Tenant after Closing to attempt
to obtain a Tenant Estoppel Certificate from such Tenant. If Purchaser subsequently receives a
Tenant Estoppel Certificate from any Tenant for whom Seller has delivered a Seller’s Estoppel
Certificate, Seller shall thereupon be released from liability with respect to the Seller’s
Estoppel Certificate given with respect to such Tenant to the extent that the information contained
in the Tenant Estoppel Certificate obtained from the Tenant is materially consistent with the
information contained in Seller’s Estoppel Certificate. All Tenant Estoppel Certificates required
hereby shall be substantially in the form of the Seller’s Estoppel Certificate; but such form may
contain modifications and additions so long as the substance of such form is included, and the
delivery of a Tenant Estoppel Certificate that complies in all material respects with the
applicable Lease shall in all events be deemed to satisfy the Estoppel Requirement as to such
Lease. Except as provided in Section 6.1(g) below with respect to any Certificate
delivered to Purchaser before the commencement of the Restricted Period, no Tenant Estoppel
Certificate (or Seller’s Estoppel Certificate) shall count towards the Estoppel Requirement if it
(A) discloses any material default by Seller or the respective Tenant that was not disclosed to
Purchaser before the commencement of the Restricted Period or (B) contains information that is
materially inconsistent with the information set forth in the Leases as made available to Purchaser
before the commencement of the Restricted Period or (C) sets forth claims or disputes not disclosed
to Purchaser before the commencement of the Restricted Period, and in each case has a material
adverse effect on the value of the Property following the Closing; or (D) discloses any information
that would make any Seller Representation untrue in any material respect. Tenant

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Estoppel Certificates or Seller’s Estoppel Certificates that set forth claims, disputes or
landlord defaults with respect to construction or other matters having an individual value of not
more than Five Hundred Thousand Dollars ($500,000) and an aggregate value (with respect to all
Tenant estoppel certificates and Seller’s Estoppel Certificates) of not more than One Million
Dollars ($1,000,000) and that would not entitle the Tenant under the applicable Lease to terminate
such Lease pursuant to the terms thereof as of the date of such Certificates shall conclusively be
deemed not to have a material adverse effect on the value of the Property following the Closing.
Tenant Estoppel Certificates or Seller’s Estoppel Certificates that set forth claims, disputes or
landlord defaults with respect to construction or other matters having an individual value greater
than Five Hundred Thousand Dollars ($500,000) or an aggregate value (with respect to all Tenant
Estoppel Certificates and Seller’s Estoppel Certificates) greater than One Million Dollars
($1,000,000) or that would entitle the Tenant under the applicable Lease to terminate such Lease
pursuant to the terms thereof as of the date of such Certificates shall conclusively be deemed to
have a material adverse effect on the value of the Property following the Closing. The foregoing
deemed material adverse effect shall apply to all Tenant Estoppel Certificates and Seller’s
Estoppel Certificates, whether the same are delivered to Purchaser before or following the
commencement of the Restricted Period (notwithstanding the provisions of Section 6.1(g)
below). If any Tenant Estoppel Certificate or Seller’s Estoppel Certificate provided to Purchaser
contains any information that is inconsistent with any Seller Representation, the Seller
Representation shall be deemed modified by the information contained in such estoppel certificate.
Notwithstanding anything herein to the contrary but subject to the provisions set forth in
Section 6.1(g) below with respect to any Certificate delivered to Purchaser before the
commencement of the Restricted Period, an estoppel certificate that would otherwise satisfy the
requirements for an acceptable estoppel certificate above, except for an alleged “landlord default”
or any Tenant claims or disputes in excess of the foregoing amounts set forth in such certificate
shall be deemed acceptable and shall count toward the Estoppel Requirement if (x) Seller cures such
asserted landlord default at or prior to the Closing, or (y) Seller is disputing such landlord
default in good faith, such alleged default could not reasonably be expected to result in a
termination of the respective Lease, and Seller at its sole discretion deposits with the Escrow
Agent at the Closing funds reasonably adequate to effect the cure of such landlord default
post-Closing and pay Tenant all amounts due under the Lease or that otherwise may be due to the
Tenant under applicable law, if any, as a result thereof, such funds to be held in escrow by the
Escrow Agent until such dispute is resolved in landlord’s favor or such landlord default is cured,
and if such dispute is not resolved in landlord’s favor within ninety (90) days after the Closing,
Purchaser may use and apply so much of the escrow funds as shall be necessary to cure the landlord
default and pay Tenant all amounts due under the Lease or that may otherwise be due to the Tenant
under applicable law, if any, as a result thereof, and any remaining balance shall be promptly
remitted to Seller. Purchaser shall reasonably cooperate with Seller’s efforts to effect such cure
after the Closing at no material cost to Purchaser (unless such cost is reimbursed to Purchaser).

     (d) Purchaser shall have received a statement from the Contractor dated no earlier than the
Effective Date and in no event more than thirty (30) Business Days before the Closing,
substantially in the form attached hereto as Schedule 6.1(d) (the “Contractor’s
Statement”) setting forth therein the Remaining GMP Amount with respect to the Berry Contract
(as such terms are defined in Schedule 6.1(d)). Such form may contain modifications so
long as it in

18

 

substance sets forth the Remaining GMP Amount, and the other material provisions of the form
attached hereto. Except as provided in Section 6.1(g) below with respect to any
Certificate delivered to Purchaser before the commencement of the Restricted Period, no
Contractor’s Statement shall satisfy this condition if it (A) discloses any material default by
Seller or the Contractor that was not disclosed to Purchaser before the commencement of the
Restricted Period or (B) contains information that is materially inconsistent with the information
set forth in the Berry Contract as made available to Purchaser before the commencement of the
Restricted Period or (C) sets forth Disputed Contractor Claims (including Disputed Contractor
Claims for an increase in the contract amount or an extension of any deadline) not disclosed to
Purchaser before the commencement of the Restricted Period that would either (i) have a material
adverse effect on the value of the Property with an aggregate value of more than One Million
Dollars ($1,000,000) or (ii) increase the Purchaser’s cost to complete the Project after the
Closing by more than One Million Dollars ($1,000,000) or (iii) cause the Contract Substantial
Completion Date to occur more than one (1) month past November 30, 2007 or (D) discloses any
information that would make any Seller Representation untrue in any material respect.

     (e) Purchaser shall have received a statement from the Architect dated no earlier than the
Effective Date and in no event more than thirty (30) Business Days before the Closing,
substantially in the form attached hereto as Schedule 6.1(e) (the “Architect’s
Statement”) setting forth therein the Remaining Contract Amount with respect to the TKA
Contract (as such term is defined in Schedule 6.1(e)). Such form may contain modifications
so long as it in substance sets forth the Remaining Contract Amount, and the other material
provisions of the form attached hereto. Except as provided in Section 6.1(g) below with
respect to any Certificate delivered to Purchaser before the commencement of the Restricted Period,
no Architect’s Statement shall satisfy this condition if it (A) discloses any material default by
Seller or the Architect that was not disclosed to Purchaser before the commencement of the
Restricted Period or (B) contains information that is materially inconsistent with the information
set forth in the TKA Agreement as made available to Purchaser before the commencement of the
Restricted Period or (C) sets forth Disputed Architect Claims not disclosed to Purchaser before the
commencement of the Restricted Period that would either (i) have a material adverse effect on the
value of the Property with an aggregate value of more than One Million Dollars ($1,000,000) or (ii)
increase the Purchaser’s cost to complete the Project after the Closing by more than One Million
Dollars ($1,000,000) or (iii) delay the completion of the Project by more than three (3) months or
(D) discloses any information that would make any Seller Representation untrue in any material
respect.

     (f) Purchaser shall have received an estoppel certificate from CLSB II Borrower, dated no
earlier than the Effective Date and in no event more than thirty (30) Business Days before the
Closing, substantially in the form attached hereto as Schedule 6.1(f) (the “Purchase
Money Loan Estoppel Certificate”), setting forth therein the amount of indebtedness owed by
CLSB II Borrower under the CLSB II Purchase Money Loan. If CLSB II Assignor is unable to obtain
the Purchase Money Loan Estoppel in order to satisfy this condition, CLSB II Assignor shall provide
to the Purchaser a substitute “CLSB II Assignor’s Estoppel Certificate”, which shall be in
the form of the Purchase Money Loan Estoppel Certificate but shall be modified for delivery from
CLSB II Assignor and acknowledge this Agreement and the limitations on CLSB II Assignor’s liability
set forth herein. In the event that CLSB II Assignor delivers a CLSB II

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Assignor’s Estoppel Certificate, CLSB II Assignor’s statements therein shall be deemed to be
representations and warranties as though set forth under and subject to Article 7 of this
Agreement. CLSB II Assignor shall be entitled to continue to deal with the CLSB II Borrower after
Closing to attempt to obtain the Purchase Money Loan Estoppel Certificate. If CLSB II Assignor
subsequently receives a Purchase Money Loan Estoppel Certificate, CLSB II Assignor shall thereupon
be released from liability with respect to the CLSB II Assignor’s Estoppel Certificate given to the
extent that the information contained in the Purchase Money Loan Estoppel Certificate from the CLSB
II Borrower is consistent with the information contained in CLSB II Assignor’s Estoppel
Certificate. Such form may contain modifications so long as it in substance sets forth the amount
of indebtedness owed by CLSB II Borrower under the CLSB II Purchase Money Loan and the other
material provisions of the form attached hereto. Except as provided in Section
6.1(g) below with respect to any Certificate delivered to Purchaser before the commencement of
the Restricted Period, no Purchase Money Loan Estoppel Certificate or CLSB II Assignor’s Estoppel
Certificate shall satisfy this condition if it (A) discloses any material default by CLSB II
Assignor, CLSB II Borrower or any other Person that was not disclosed to Purchaser before the
commencement of the Restricted Period or (B) contains information that is materially inconsistent
with the information set forth in the CLSB II Purchase Money Loan Documents as made available to
Purchaser before the commencement of the Restricted Period or (C) describes any information that
would make any Seller Representation untrue in any material respect.

     (g) If Seller is unable to obtain any of the documents described in Section 6.1 (c),
(d), (e) and (f) above (each of the foregoing, a “Certificate”) or
otherwise to meet any condition to Purchaser’s obligation to perform, Seller shall have the option,
by written notice to Purchaser, to extend the Closing Date from time to time for not more than
sixty (60) days in the aggregate from the original Closing Date. Except as otherwise expressly set
forth in Section 6.1(c) above, in the event that any Certificate is delivered to Purchaser
before the commencement of the Restricted Period, and thereafter Purchaser does not terminate this
Agreement pursuant to Section 5.2, then notwithstanding anything set forth in this
Agreement to the contrary, any such Certificate shall be deemed to satisfy any requirement
applicable thereto set forth in this Agreement, and Purchaser shall have no right to object to the
form, content or substance of such Certificate or any matter disclosed therein as not meeting the
conditions for Closing and any such nonconformity shall be deemed waived. Seller and CLSB II
Assignor, as applicable, shall use commercially reasonable efforts to obtain each of the
Certificates.

     (h) In the event that the Closing is delayed for any reason, Seller shall have the option to,
or if as a result of any such delay any Certificate shall cease to satisfy the applicable
requirement set forth above to be dated no more than thirty (30) Business Days prior to Closing,
Seller shall use commercially reasonable efforts to, obtain updates to any of the Certificates (any
such update being an “Updated Certificate”). In the event that any Updated Certificate (x)
discloses information other than differing Remaining Contract Amounts and Remaining GMP Amounts
under the Berry Contract or the TKA Contract (with respect to the Statements) or increased funding
of an applicable tenant improvement allowance (with respect to any Lease) and (y) such additional
disclosure would cause such Updated Certificate not to comply with Section 6.1(c),
(d) or (e) (as applicable), then such Updated Certificate shall be treated as an
Update in accordance with Section 7.3(c), and Purchaser’s only remedy with respect thereto
shall

20

 

be terminate this Agreement pursuant to the terms of Section 7.3(c) prior to the
expiration of the Update Termination Period applicable thereto.

     (i) Upon satisfaction of the conditions set forth in the Title Commitment, the Title Company
is irrevocably committed to issue the Title Policy to Purchaser.

     (j) The physical condition of the Property shall be substantially the same on the Closing Date
as on the Effective Date (except as a result of construction activities that are substantially in
conformity with the Plans and Specifications made available to Purchaser during the Study Period),
unless the alteration of said physical condition is the result of condemnation or fire or other
casualty, in which case the provisions of Section 6.3 shall govern.

     (k) No proceeding shall have been commenced against Seller or CLSB II Assignor under the
federal Bankruptcy Code or any state law for relief of debtors.

     (l) As of the Closing Date, the Leases shall be in full force and effect and no default shall
exist under any Lease.

     (m) Upon the sole condition of payment of the applicable premium, at Closing, the Title
Company shall irrevocably commit to issue a Lender’s Policy of Title Insurance in an amount equal
to the remaining balance of the CLSB II Purchase Money Loan with respect to the CLSB II Mortgage
(as such term is defined below) (the “CLSB II Title Policy”), such policy to be a so-called
piggyback policy based on Chicago Title Insurance Policy No. 72107-2937355, such that the CLSB II
Title Policy insures Purchaser, as the holder of the note that evidences and the mortgage (the
“CLSB II Mortgage”) that secures the CLSB II Purchase Money Loan, that the lien of the CLSB
II Mortgage is a valid first priority lien on interests of the CLSB II Borrower purported to be
encumbered by the CLSB II Mortgage, subject to no exceptions other than those included in the CLSB
II Title Policy.

     (n) Seller shall have obtained all consents and approvals set forth in Schedule
6.1(n), except for such items as Purchaser reasonably determines Seller need not obtain
consent.

     Section 6.2. Conditions Precedent Favoring Seller. Seller’s obligations under
this Agreement are subject to the fulfillment of the conditions set forth in this Section
6.2 on or before the Closing Date, or such earlier date as is set forth below. Each condition
may be waived in whole or part only by written notice of such waiver from Seller to Purchaser, or
by Seller consummating the transactions described in this Agreement at the Closing.

     (a) Purchaser shall have performed and complied in all material respects with all of the terms
of this Agreement to be performed and complied with by Purchaser prior to or at the Closing.

     (b) On the Closing Date, the representations of Purchaser set forth in Section 7.1
shall be true, accurate and complete in all material respects.

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     Section 6.3. Casualty or Condemnation

     (a) If after the date hereof and prior to Closing, the Real Property or any part thereof shall
be (x) subject to a taking by any public or quasi-public authority through condemnation, eminent
domain or otherwise (including, but not limited to, any transfer made in lieu of or in anticipation
of the exercise of such taking) (collectively, “Condemnation”) or (y) destroyed or damaged
by fire or other casualty and in either case the parties reasonably estimate the proceeds from such
Condemnation or the cost to repair the damage or destruction to be in excess of ten percent (10%)
of the Purchase Price allocable to the Real Property (a “Major Event”), Purchaser shall
have the option exercisable within ten (10) Business Days after Purchaser and Seller make a
determination or agree on such estimate either (a) to terminate this Agreement by written notice to
Seller, whereupon all rights and obligations hereunder of each party shall cease and terminate and
be of no further force or effect except for the return of the Deposit to Purchaser and the
Surviving Obligations, or (b) to elect to take title to the Real Property without any reduction in,
abatement of, or credit against the Purchase Price, notwithstanding such Condemnation, destruction
or damage; if Purchaser fails to make either such election within such period, Purchaser shall be
deemed to have elected option (b). If the parties fail to agree to the reasonable estimate of the
proceeds from such Condemnation or the cost to repair the damage or destruction within thirty (30)
days after the date of the applicable Condemnation or casualty, then Seller and Purchaser may
submit the dispute to the American Arbitration Association in Boston pursuant to the Expedited
Procedures of the Commercial Dispute Resolution Procedures thereof (and the Closing will be
adjourned pending the resolution of such arbitration). If, despite the occurrence of a Major
Event, Purchaser elects to consummate the transactions contemplated by this Agreement, at the
Closing Seller shall assign to Purchaser (without recourse) (x) the rights of Seller in and to the
Condemnation proceeds or all insurance proceeds with respect to such Major Event, net of the amount
of the reasonable costs and expenses incurred by Seller (including, but not limited to, reasonable
legal fees and closing costs under a sale in lieu of or in anticipation of the exercise of a
taking) in collecting same (“Net Proceeds”), and give Purchaser, without duplication, a
credit against the Purchase Price in the amount of the Net Proceeds already received by Seller
prior to Closing (provided, however, Seller shall receive, without duplication, a credit against
such Purchaser credit for any such costs and expenses not recovered prior to Closing) and (y) the
rights to settle any Condemnation proceeding or the loss under all policies of insurance applicable
to the Major Event, and Seller shall at Closing and thereafter execute and deliver to Purchaser all
required proofs of loss, assignments of claims and other similar items.

     (b) If after the date hereof and prior to Closing, the Real Property or any part thereof shall
be (x) subject to a Condemnation or (y) destroyed or damaged by fire or other casualty and, in
either case, it is not a Major Event, then the transaction contemplated by this Agreement shall be
consummated, without any reduction in, abatement of, or credit against the Purchase Price and
Seller shall, at its option, either (i) repair such damage prior to Closing and Seller shall keep
any insurance or Condemnation proceeds, (ii) allow Purchaser a credit against the Purchase Price in
an amount equal to the reasonably estimated cost of repair and Seller shall keep any insurance or
Condemnation proceeds, or (iii) assign to Purchaser (without recourse) the rights of Seller to the
Net Proceeds, and, without duplication, give Purchaser a credit against the Purchase Price in the
amount of the Net Proceeds already received by Seller prior to Closing (provided, however,

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Seller shall receive without duplication a credit against such Purchaser credit for any such
costs and expenses not recovered prior to Closing) and the rights to settle any Condemnation
proceeding or the loss under all policies of insurance applicable to the Condemnation, destruction
or damage, and Seller shall at Closing and thereafter execute and deliver to Purchaser all required
proofs of loss, assignments of claims and other similar items.

     (c) In the event that (i) a casualty occurs at the Real Property prior to the Closing, (ii) a
deductible is payable in connection with obtaining insurance proceeds with respect to such casualty
and (iii) Purchaser consummates the transaction notwithstanding such casualty and receives an
assignment of the Net Proceeds pursuant to Section 6.3(a) or Section 6.3(b), Seller
shall pay such deductible or shall give Purchaser a credit against the Purchase Price at Closing
for such deductible and such deductible shall not be considered in determining Net Proceeds.

     Section 6.4. Leasing & Other Activities Prior to Closing.

     (a) After the Effective Date, Seller shall not enter into any new Lease or any material
modification of any Lease or grant any material consent or approval under any Lease which consent
or approval must be requested in writing and delivered in writing in order to be effective without
Purchaser’s prior written consent, which consent shall not be unreasonably withheld, conditioned or
delayed; provided, however, that notwithstanding the foregoing, Seller shall not be required to
obtain Purchaser’s consent to enter into any modification, renewal or extension of any Lease, or to
grant any consent under any Lease, to the extent that the same is required pursuant to the
applicable terms of the Lease; provided, further, that Purchaser may withhold its consent in its
sole discretion if, assuming the Closing were to occur, any action could jeopardize BioMed Realty
Trust, Inc.’s a Maryland corporation (“Purchaser’s REIT Entity”), status as a real estate
investment trust within the meaning of Sections 856 through 860 of the Code or cause the
Purchaser’s REIT Entity to be in receipt of income that does not constitute “rent from real
property” within the meaning of Section 856(d) of the Code. When seeking such consent from
Purchaser, Seller shall provide Purchaser with a description of the proposed transaction and, if
Purchaser does not notify Seller in writing of its disapproval within two (2) Business Days,
Purchaser shall be deemed to have consented to the transaction described in such notice. If
Purchaser disapproves such request, then Purchaser’s written notice shall specify in reasonable
detail the reasons for such disapproval. If the Closing occurs, Purchaser shall reimburse Seller
at Closing for all Lease Expenses related to any new Lease or material modification of an existing
Lease.

     (b) After the Effective Date, Seller shall not enter into any new Construction Agreements,
Miscellaneous Consultant Agreements or Other Matters or material modifications of any existing
Construction Agreements, Miscellaneous Consultant Agreements or Other Matters or grant any material
consent or approval under any of the Construction Agreements which consent or approval must be
requested in writing and delivered in writing in order to be effective that would be binding on
Purchaser after Closing, without the written consent of Purchaser, which consent shall not be
unreasonably withheld, conditioned or delayed; provided, however, that Purchaser’s consent shall
not be required with respect to any contract that can be terminated without penalty on not more
than thirty (30) days prior written notice; provided, further, that Purchaser may withhold its
consent in its sole discretion if, assuming the Closing

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were to occur, any action could jeopardize Purchaser’s REIT Entity’s status as a real estate
investment trust within the meaning of Sections 856 through 860 of the Code or cause the
Purchaser’s REIT Entity to be in receipt of income that does not constitute “rent from real
property” within the meaning of Section 856(d) of the Code. If Purchaser does not notify Seller in
writing of its disapproval within two (2) Business Days after notice thereof from Seller, Purchaser
shall be deemed to have consented to such requested action. If Purchaser disapproves any such
request, then Purchaser’s written notice shall specify in reasonable detail the reasons for such
disapproval. Without limitation of the foregoing, change orders and/or approvals for additional
architectural and engineering services approved under the Construction Agreements (including those
to implement Tenant improvements Seller as Landlord has agreed to implement under any Lease) shall
be deemed non-material modifications of such contracts that do not require the approval of
Purchaser to the extent the same are (x) reimbursable by Tenants under the Leases, (y) to be paid
for out of a tenant improvement allowance for which a balance remains under a Lease or (z) not
reimbursable by Tenants, but have a value of One Hundred Thousand Dollars ($100,000.00) or less in
each instance and One Million Dollars ($1,000,000.00) or less in the aggregate.

     (c) At all times prior to Closing, Seller shall (i) continue to conduct business with respect
to the Property substantially in the same manner in which said business has been heretofore
conducted, (ii) perform its obligations under the Leases and any contracts or other agreements
affecting the Property (including, without limitation, the Construction Agreements, the
Miscellaneous Consultant Agreements and the Other Matters, (iii) continue to insure the Property
substantially as it is currently insured, (iv) continue to pursue the development and construction
of the Project in a diligent and prudent manner consistent with the Construction Agreements, the
Miscellaneous Consultant Agreements and the Other Matters and (v) not take any action that would
cause any of the Seller Representations to become inaccurate in any material respect or any of the
covenants of Seller to be materially breached. Without limiting the generality of the foregoing,
Seller shall pay all accounts payable, and any debts or obligations owed by Seller relating to the
Property when due (“when due,” “coming due” or like words means the time for
payment set forth in any contract, or if no time is set forth then within thirty days (30) of the
date when an invoice for payment is received by Seller).

     (d) Seller shall not remove any Construction Personal Property from the Real Property (but
nothing herein shall be deemed to make Seller responsible for the acts of others at the Real
Property).

     (e) Seller shall provide Purchaser with copies of all notices of default given under the
Construction Contracts.

     (f) No later than the Effective Date, Seller (i) shall remove the Property from the market and
(ii) shall not actively solicit or negotiate with any other prospective purchasers of the Property;
provided, however, that nothing herein shall in any way affect or apply to any dealings that Seller
has had with others prior to the Effective Date.

     (g) CLSB II Assignor covenants and agrees to comply with the terms of the CLSB II Purchase
Money Loan, not to amend or modify the CLSB II Loan Documents and not to grant

24

 

any security interest or lien or transfer any other interest therein; provided, however, that
CLSB II Assignor may amend the promissory note evidencing the CLSB II Purchase Money Loan in order
to increase the principal amount thereunder, as such principal increase is further described in
Schedule 7.2(e)(i).

     (h) Seller shall provide Purchaser with copies of all written notices under the Berry Contact
or the TKA Agreement from, respectively, the Contractor and the Architect for the period after the
Effective Date with respect to the Property or the construction of the Project.

ARTICLE 7

     Section 7.0. No Other Representations Except as otherwise expressly set
forth in this Article 7, Purchaser and Seller specifically agree that neither is relying on any
statements, representations or warranties of any kind whatsoever, express or implied, from the
other party or any other Person acting by, under or through the other party. Purchaser
acknowledges the legal significance of the foregoing and acknowledges that such agreement is a
material inducement to Seller’s willingness to enter into this Agreement.

     Section 7.1. Purchaser’s Representations. Purchaser warrants and represents
to Seller as of the date hereof as follows:

     (a) Purchaser is an experienced and sophisticated purchaser of commercial real estate projects
such as the Property and the CLSB II Purchase Money Loan and that, prior to the end of the Study
Period, it will have had a full, complete and fair opportunity to conduct such investigations,
examinations, inspections and analyses of the Property and the CLSB II Purchase Money Loan as
Purchaser, in its absolute discretion, may deem appropriate. PURCHASER IS PURCHASING THE PROPERTY
“AS-IS, WHERE IS AND WITH ALL FAULTS” IN ITS PRESENT CONDITION, SUBJECT TO REASONABLE USE, WEAR,
TEAR, CONSTRUCTION ACTIVITIES AND NATURAL DETERIORATION BETWEEN THE DATE HEREOF AND THE CLOSING
DATE AND FURTHER AGREES THAT NEITHER SELLER NOR ANY AGENT, DIRECT OR INDIRECT PARTNER, DIRECT OR
INDIRECT MEMBER, EMPLOYEE OR REPRESENTATIVE OF THE FOREGOING (i) SHALL BE LIABLE FOR ANY LATENT OR
PATENT DEFECTS IN THE PROPERTY OR (ii) HAVE MADE ANY REPRESENTATION WHATSOEVER REGARDING THE
PROPERTY OR ANY PART THEREOF, THE CONSTRUCTION OR ANY OTHER THING RELATING TO THE SUBJECT MATTER OF
THIS AGREEMENT, EXCEPT AS EXPRESSLY SET FORTH HEREIN, AND (iii) PURCHASER, IN EXECUTING, DELIVERING
AND PERFORMING THIS AGREEMENT, HAS NOT AND DOES NOT RELY UPON ANY STATEMENT, INFORMATION, OR
REPRESENTATION TO WHOMSOEVER MADE OR GIVEN, WHETHER TO PURCHASER OR OTHERS, AND WHETHER DIRECTLY OR
INDIRECTLY, ORALLY OR IN WRITING, MADE BY ANY PERSON, EXCEPT AS EXPRESSLY SET FORTH HEREIN. IN
ADDITION TO THE FOREGOING, PURCHASER REPRESENTS THAT BEFORE THE EXPIRATION OF THE STUDY PERIOD
PURCHASER WILL HAVE EXAMINED THE PROPERTY, THE REPORTS, THE DUE DILIGENCE MATERIALS AND SUCH
CONSTRUCTION, DESIGN AND OTHER MATTERS AS IT DEEMS APPROPRIATE, AND WILL BE FAMILIAR WITH THE
PHYSICAL AND

25

 

ENVIRONMENTAL CONDITION OF THE PROPERTY AND WILL HAVE CONDUCTED SUCH OTHER INVESTIGATION OF
THE AFFAIRS AND CONDITION OF THE PROPERTY AS PURCHASER CONSIDERS APPROPRIATE. NEITHER SELLER, CLSB
II ASSIGNOR, NOR ANY AGENT, DIRECT OR INDIRECT PARTNER, DIRECT OR INDIRECT MEMBER, EMPLOYEE OR
REPRESENTATIVE OF THE FOREGOING HAVE MADE OR WILL BE ALLEGED TO HAVE MADE ANY ORAL OR WRITTEN
REPRESENTATIONS, WARRANTIES, PROMISES OR GUARANTIES WHATSOEVER TO PURCHASER, WHETHER EXPRESS OR
IMPLIED, AND, IN PARTICULAR, NO SUCH REPRESENTATIONS, WARRANTIES, PROMISES OR GUARANTIES HAVE BEEN
MADE OR WILL BE MADE OR WILL BE ALLEGED TO HAVE BEEN MADE WITH RESPECT TO THE PHYSICAL CONDITION,
CONSTRUCTION, DESIGN, ENVIRONMENTAL CONDITION OR OPERATION OF THE PROPERTY, THE ACTUAL OR PROJECTED
REVENUE AND EXPENSES OF THE PROPERTY OR THE CLSB II PURCHASE MONEY LOAN, THE PERMITS, ZONING AND
OTHER LAWS, REGULATIONS AND RULES APPLICABLE TO THE PROPERTY OR THE COMPLIANCE OF THE PROPERTY
THEREWITH, THE CONSTRUCTION, DESIGN, CONDITION OR SAFETY OF THE PROPERTY OR ANY IMPROVEMENTS
THEREON OR ANY UTILITIES AND SERVICES WITH RESPECT THERETO OR THE CONDITIONS OF ANY SOILS AND
GEOLOGY, LOT SIZE, OR SUITABILITY OF THE PROPERTY OR ITS IMPROVEMENTS FOR A PARTICULAR PURPOSE, THE
QUANTITY, QUALITY OR CONDITION OF ANY PERSONAL PROPERTY OR FIXTURES, THE USE OR OCCUPANCY OF THE
PROPERTY OR ANY PART THEREOF OR ANY OTHER MATTER OR THING AFFECTING OR RELATED TO THE PROPERTY OR
THE TRANSACTIONS CONTEMPLATED HEREBY, EXCEPT AS, AND SOLELY TO THE EXTENT SPECIFICALLY SET FORTH
HEREIN. EXCEPT AS, AND SOLELY TO THE EXTENT, SPECIFICALLY SET FORTH HEREIN, NEITHER SELLER, CLSB
II ASSIGNOR NOR ANY AGENT, DIRECT OR INDIRECT PARTNER, DIRECT OR INDIRECT MEMBER, EMPLOYEE OR
REPRESENTATIVE OF THE FOREGOING HAVE MADE OR WILL MAKE ANY ORAL OR WRITTEN REPRESENTATIONS,
WARRANTIES, PROMISES OR GUARANTIES WHATSOEVER TO PURCHASER, WHETHER EXPRESS OR IMPLIED, AND, IN
PARTICULAR, THAT NO SUCH REPRESENTATIONS, WARRANTIES, PROMISES OR GUARANTIES HAVE BEEN MADE OR WILL
BE ALLEGED TO HAVE BEEN MADE WITH RESPECT TO THE TRUTH, ACCURACY OR COMPLETENESS OF ANY MATERIALS,
REPORTS, DATA OR OTHER INFORMATION, INCLUDING WITHOUT LIMITATION THE CONTENTS OF THE BOOKS AND
RECORDS OF SELLER OR REPORTS OR OTHER MATTERS LISTED ON EXHIBITS OR SCHEDULES TO
THIS AGREEMENT OR REFERRED TO HEREIN, THE DUE DILIGENCE MATERIALS, PHYSICAL CONDITION AND
ENVIRONMENTAL SURVEYS, INFORMATIONAL BROCHURES WITH RESPECT TO THE PROPERTY, QUESTIONNAIRES
(INCLUDING REIT QUESTIONNAIRES), RENT ROLLS, ANY INFORMATION PROVIDED UNDER SECTION 11.20
OR IN CONNECTION WITH ANY OTHER REQUEST OF PURCHASER OR INCOME AND EXPENSE STATEMENTS, WHICH SELLER
OR ITS REPRESENTATIVES MAY HAVE DELIVERED, MADE AVAILABLE OR FURNISHED TO PURCHASER IN CONNECTION
WITH THE PROPERTY, AND PURCHASER REPRESENTS, WARRANTS AND AGREES THAT ANY SUCH MATERIALS,
QUESTIONNAIRES, DATA AND OTHER INFORMATION DELIVERED, MADE

26

 

AVAILABLE OR FURNISHED TO PURCHASER HAVE BEEN DELIVERED, MADE AVAILABLE OR FURNISHED TO
PURCHASER AS A CONVENIENCE AND ACCOMMODATION ONLY AND PURCHASER EXPRESSLY DISCLAIMS ANY INTENT TO
RELY ON ANY SUCH MATERIALS, QUESTIONNAIRES, DATA AND OTHER INFORMATION. PURCHASER HAS ENTERED INTO
THIS AGREEMENT, AFTER HAVING MADE AND RELIED SOLELY ON ITS OWN INDEPENDENT INVESTIGATION,
INSPECTION, ANALYSIS, APPRAISAL, EXAMINATION AND EVALUATION OF THE FACTS AND CIRCUMSTANCES.
PURCHASER HAS NOT RELIED UPON ANY SUCH REPRESENTATIONS, WARRANTIES, PROMISES OR GUARANTIES OR UPON
ANY STATEMENTS MADE IN ANY INFORMATIONAL BROCHURE WITH RESPECT TO THE PROPERTY AND HAS ENTERED INTO
THIS AGREEMENT AFTER HAVING MADE AND RELIED SOLELY ON ITS OWN INDEPENDENT INVESTIGATION,
INSPECTION, ANALYSIS, APPRAISAL, EXAMINATION AND EVALUATION OF THE FACTS AND CIRCUMSTANCES AND THE
REPRESENTATIONS AND WARRANTIES EXPRESSLY CONTAINED HEREIN. PURCHASER ACKNOWLEDGES THAT THE DESIGN
AND/OR CONSTRUCTION OF THE PROPERTY MAY NOT BE IN COMPLIANCE WITH THE AMERICANS WITH DISABILITIES
ACT OF 1990, AS AMENDED AND OTHER LAWS, AND SELLER MAKES NO REPRESENTATIONS WITH RESPECT TO SAME.
WITHOUT LIMITING THE FOREGOING, NEITHER SELLER, CLSB II ASSIGNOR NOR ANY AGENT, DIRECT OR INDIRECT
PARTNER, DIRECT OR INDIRECT MEMBER, EMPLOYEE OR REPRESENTATIVE OF THE FOREGOING HAS MADE ANY
REPRESENTATION OR WARRANTY WHATSOEVER REGARDING HAZARDOUS MATERIALS OF ANY KIND OR NATURE ON, ABOUT
OR WITHIN THE PROPERTY OR THE PHYSICAL CONDITION OF THE PROPERTY AND PURCHASER AGREES TO ASSUME THE
RISK THAT ADVERSE MATTERS, INCLUDING BUT NOT LIMITED TO, CONSTRUCTION OR DESIGN DEFECTS AND ADVERSE
PHYSICAL AND ENVIRONMENTAL CONDITIONS MAY NOT HAVE BEEN REVEALED BY PURCHASER’S INVESTIGATIONS OR
ANY OTHER INFORMATION PURCHASER HAS REVIEWED. NOTWITHSTANDING ANY OF THE FOREGOING, THE FOREGOING
REPRESENTATION OF PURCHASER IS NOT INTENDED TO LIMIT, AND IS SUBJECT TO, THE SELLER
REPRESENTATIONS.

     (b) Purchaser is a limited partnership duly formed, validly existing and in good standing
under the laws of the State of Maryland. The Person(s) executing this Agreement on behalf of
Purchaser has been duly authorized to do so and this Agreement constitutes the valid and legally
binding obligation of Purchaser, enforceable against Purchaser in accordance with its terms;

     (c) There are no actions, suits or proceedings pending or, to the knowledge of Purchaser,
threatened in writing, against or affecting Purchaser which, if determined adversely to Purchaser,
would adversely affect its ability to perform its obligations hereunder;

27

 

     (d) Purchaser has full right, power and authority and is duly authorized to enter into this
Agreement, to perform each of the covenants on its part to be performed hereunder and to execute
and deliver, and to perform its obligations under all documents required to be executed and
delivered by it pursuant to this Agreement;

     (e) Neither the execution, delivery or performance of this Agreement nor compliance herewith
(a) conflicts or will conflict with or results or will result in a breach of or constitutes or will
constitute a default under (1) the charter documents or by-laws of Purchaser, (2) to Purchaser’s
knowledge, any law or any order, writ, injunction or decree of any court or governmental authority,
or (3) any agreement or instrument to which Purchaser is a party or by which it is bound or (b)
results in the creation or imposition of any lien, charge or encumbrance upon its property pursuant
to any such agreement or instrument; and

     (f) No authorization, consent or approval of any governmental authority (including courts) is
required for the execution and delivery by Purchaser of this Agreement or the performance of its
obligations hereunder.

     (g) As of the Closing Date, Purchaser will have the financial resources necessary to
consummate the transactions contemplated under this Agreement (but nothing herein shall be
construed to grant Purchaser any financing contingency.)

     (h) As of the end of the Study Period, Purchaser will have inspected (and will be deemed to
have inspected and to have knowledge of) all of the documents referred to in this Agreement
(including those made available through the Due Diligence Materials) and any others delivered, or
made available for review to Purchaser for inspection and that in such inspection Purchaser will be
deemed not to have discovered any matter which would form the basis for a claim by Purchaser that
Seller has breached any representation, warranty or covenant of Seller made in this Agreement,
provided that the foregoing shall not diminish Purchaser’s rights under Section 5.2
(provided that the provisions of this sentence shall not apply to the representations or warranties
set forth in clauses (b)(i), (b)(ii), (b)(iii), or (b)(iv)(a) of Section 7.2).
Notwithstanding anything to the contrary set forth in this Agreement, if prior to the Closing
Purchaser has or obtains knowledge (or is deemed to have knowledge) that any of Seller’s
representations or warranties set forth in Section 7.2 are untrue in any respect, and
Purchaser nevertheless proceeds with the Closing despite such knowledge or deemed knowledge (as
opposed to exercising its rights, to the extent applicable, under Section 10.3), then such
knowledge shall be attributed to Purchaser and the breach by Seller of the representations and
warranties as to which Purchaser shall have such knowledge shall be waived by Purchaser, such
representations and warranties shall be deemed modified to conform them to the information about
which Purchaser had or is deemed to have had such knowledge and Seller and CLSB II Assignor shall
have no liability to Purchaser, or its successors or assigns in respect thereof.

     Section 7.2. Seller’s Representations. Seller warrants and represents to
Purchaser as of the date hereof as follows:

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     (a) Representations Concerning Seller

     (i) Seller is a limited liability company duly formed, validly existing and in good
standing under the laws of the State of Delaware and is duly registered as a foreign limited
liability company in the Commonwealth of Massachusetts. The Person(s) executing this
Agreement on behalf of Seller has been duly authorized to do so and this Agreement
constitutes the valid and legally binding obligation of Seller, enforceable against Seller
in accordance with its terms;

     (ii) There are no actions, suits or proceedings pending or, to the knowledge of Seller,
threatened in writing, against or affecting Seller which, if determined adversely to Seller,
would adversely affect its ability to perform its obligations hereunder;

     (iii) Seller has full limited liability company right, power and authority and is duly
authorized to enter into this Agreement, to perform each of the covenants on its part to be
performed hereunder and to execute and deliver, and to perform its obligations under all
documents required to be executed and delivered by it pursuant to this Agreement;

     (iv) Except as set forth in attached Schedule 7.2(a), neither the execution, delivery
or performance of this Agreement nor compliance herewith nor the conveyance of the Property
to Purchaser (a) results or will result in a breach of or constitutes or will constitute a
default under (1) the charter documents or by-laws of Seller, (2) to Seller’s knowledge, any
law or any order, writ, injunction or decree of any court or governmental authority, or (3)
subject to Section 7.2(b)(v) and obtaining applicable Certificates, any agreement or
instrument to which Seller is a party or by which it is bound or (b) results in the creation
or imposition of any lien, charge or encumbrance upon its property pursuant to any such
agreement or instrument;

     (v) No authorization, consent, or approval of any governmental authority (including
courts) is required for the execution and delivery by Seller of this Agreement or the
performance of its obligations hereunder;

     (vi) Seller is not a “foreign person” as defined in Section 1445 of the Code;

     (b) Seller’s Representations Concerning the Real Property

     (i) Except as may be set forth in the attached Schedule 7.2(b), to Seller’s
knowledge, Seller has received no written notice from any governmental authority that there
currently is any condemnation or eminent domain proceeding pending or threatened against the
Real Property.

     (ii) Except as may be set forth in the attached Schedule 7.2(b), to Seller’s
knowledge, Seller has not received any written notice of any pending or threatened
litigation against Seller that would, in the reasonable judgment of Seller and if

29

 

determined adversely to Seller, materially and adversely affect Purchaser or the Real
Property following Closing.

     (iii) Except as may be set forth in the attached Schedule 7.2(b), and except as
set forth in the Due Diligence Materials, to Seller’s knowledge, Seller has received no
written notice from any governmental authority requiring the correction of any condition
with respect to the Real Property on account of a material violation of any applicable
federal, state, county or municipal law, code, rule or regulation, which has not been cured
or waived.

     (iv) To Seller’s knowledge, (a) Seller has made available to Purchaser copies that are
complete in all material respects of the Leases, the Construction Agreements, the
Miscellaneous Consultant Agreements, the Other Matters, the Brokerage Agreements, the
Reports and the Permits, and except as may be set forth in the attached Schedule
7.2(b), no written notice of default has been given under any of the Leases, the
Brokerage Agreements, the Construction Agreements, the Miscellaneous Consultant Agreements
and the Other Matters either by or to Seller alleging a material default, which default has
not been cured or waived; (b) Seller has made available to Purchaser a copy that is complete
in all material respects as of the Effective Date of the William A. Berry Pending Change
Order Log and all Change Orders under the Berry Contract; (c) all Additional Services and
Requests for Additional Services from the Architect are listed on the attached Schedule
7.2(b)(iv)-7, (d) the Leases and Construction Agreements are in full force and effect
and enforceable in accordance with their terms; and (e) assuming that Purchaser does not
assume the Seller Mortgage, the Leases, the Construction Agreements, the Miscellaneous
Consultant Agreements, the Other Matters and the Permitted Exceptions constitute all of the
material agreements to which Seller is a party in connection with the construction of the
Project that will be binding on Purchaser or the Real Property following the Closing (to the
extent assumed pursuant to the terms of this Agreement).

     (v) BIDMC has certain rights to purchase the Property as set forth in that certain
Quitclaim Deed (Blackfan Research Center Parcel) from BIDMC to Seller dated June 24, 2005
and recorded with the Suffolk County Registry of Deeds in Book 37389, Page 151. Seller
provided a notice to BIDMC with respect to such rights by certified mail, return receipt
requested, a copy of which notice is attached as Schedule 7.2(b)(v). According to
the certified mail materials included in such schedule, BIDMC received such notice on July
3, 2006. Seller has not received any written response from BIDMC regarding such notice.

     (vi) Seller has provided or made available to Purchaser true, correct and complete
copies of the Plans and Specifications.

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     (vii) Seller and the Seller Parties have no commitment or legal obligation, absolute
or contingent, to any Person other than Purchaser to sell, assign, transfer or effect a
sale of any of the Personal Property (other than inventory in the ordinary course of
business), to sell or effect a sale of capital stock or partnership interests, as
applicable, of the Seller or any Seller Party, to effect any merger, consolidation,
liquidation or dissolution or other reorganization of Seller or any Seller Parties, or to
enter into any agreement or cause the entering into of any agreement with respect to any of
the foregoing.

     (viii) Schedule 7.2(b)(iv)-4 lists all brokerage fees and expenses based upon
agreements entered into by Seller for which Purchaser will be liable after the Closing.

     (c) Seller’s Representations Concerning the Personal Property

     (i) Except as may be set forth in the attached Schedule 7.2(b), to Seller’s
knowledge, Seller has received no written notice from any governmental authority that there
currently is any condemnation or eminent domain proceeding pending or threatened against the
Personal Property.

     (ii) Except as may be set forth in the attached Schedule 7.2(b), to Seller’s
knowledge, Seller has not received any written notice of any pending or threatened
litigation against Seller that would, in the reasonable judgment of Seller and if determined
adversely to Seller, materially and adversely affect Purchaser or the Personal Property
following Closing.

     (iii) Except as may be set forth in the attached Schedule 7.2(b), to Seller’s
knowledge, Seller has received no written notice from any governmental authority requiring
the correction of any condition with respect to the Personal Property on account of a
material violation of any applicable federal, state, county or municipal law, code, rule or
regulation, which has not been cured or waived.

     (iv) To the Seller’s knowledge, Seller has neither assigned nor otherwise
transferred its right, title or interest in and to the Personal Property, nor does any
Person hold any lien granted by Seller on the Personal Property other than through a Seller
Mortgage (which Seller Mortgage lien shall be terminated at Closing).

     (d) Representations Concerning the CLSB II Assignor

     (i) CLSB II Assignor is a limited liability company duly formed, validly existing and
in good standing under the laws of the State of Delaware and is duly registered as a foreign
limited liability company in the Commonwealth of Massachusetts. The Person(s) executing
this Agreement on behalf of CLSB II Assignor has been duly authorized to do so and this
Agreement constitutes the valid and legally binding obligation of CLSB II Assignor,
enforceable against CLSB II Assignor in accordance with its terms;

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     (ii) There are no actions, suits or proceedings pending or, to the knowledge of CLSB II
Assignor, threatened in writing, against or affecting Seller which, if determined adversely
to CLSB II Assignor, would adversely affect its ability to perform its obligations
hereunder;

     (iii) CLSB II Assignor has full limited liability company right, power and authority
and is duly authorized to enter into this Agreement, to perform each of the covenants on its
part to be performed hereunder and to execute and deliver, and to perform its obligations
under all documents required to be executed and delivered by it pursuant to this Agreement;

     (iv) Neither the execution, delivery or performance of this Agreement nor compliance
herewith (a) results or will result in a breach of or constitutes or will constitute a
default under (1) the charter documents or by-laws of CLSB II Assignor, (2) to CLSB II
Assignor’s knowledge, any law or any order, writ, injunction or decree of any court or
governmental authority, or (3) any agreement or instrument to which CLSB II Assignor is a
party or by which it is bound or (b) results in the creation or imposition of any lien,
charge or encumbrance upon its property pursuant to any such agreement or instrument;

     (v) No authorization, consent, or approval of any governmental authority (including
courts) is required for the execution and delivery by CLSB II Assignor of this Agreement or
the performance of its obligations hereunder;

     (vi) CLSB II Assignor is not a “foreign person” as defined in Section 1445 of the Code;

     (e) CLSB II Assignor’s Representations Concerning the CLSB II Purchase Money Loan

     (i) CLSB II Assignor represents and warrants that to CLSB II Assignor’s knowledge,
Seller or CLSB II Assignor have made available to Purchaser copies that are complete in all
material respects of the CLSB II Purchase Money Loan Documents and that the CLSB II Purchase
Money Loan Documents are all of the documents that evidence or secure the CLSB II Purchase
Money Loan.

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     (ii) CLSB II Assignor hereby represents and warrants that to CLSB II Assignor’s
knowledge, there is no uncured default by CLSB II Assignor or CLSB II Borrower under the
CLSB II Purchase Money Loan or any of the CLSB II Purchase Money Loan Documents.

     (iii) CLSB II Assignor hereby represents and warrants that CLSB II Assignor has good
title to the CLSB II Purchase Money Loan and the CLSB II Purchase Money Loan Documents free
and clear of any security interest, lien or encumbrance.

     (iv) CLSB II Assignor hereby represents and warrants that to CLSB II Assignor’s
knowledge, the CLSB II Purchase Money Loan Documents are in full force and effect and
enforceable in accordance with their terms.

     Section 7.3. Knowledge; Breach.

     (a) For all purposes of this Agreement, including Section 7.2, “knowledge” with
respect to Seller or the CLSB II Assignor shall mean matters as to which David Clem, Robert L.
Green or George Lightbody have actual knowledge without any duty or responsibilities to make any
inquiry, review or investigation.

     (b) As used in this Agreement the phrase “deemed to know” (or words of similar import) shall
have the following meaning: Purchaser shall be “deemed to know” that a representation or warranty
of Seller or CLSB II Assignor (other than the representations or warranties set forth in clauses
(b)(i), (b)(ii), (b)(iii), or (b)(iv)(a) of Section 7.2) is untrue, inaccurate or incorrect
to the extent that this Agreement, the Reports, Due Diligence Materials, documents, studies,
reports and other information made available by Seller or CLSB II Assignor to Purchaser or its
agents prior to the commencement of the Restricted Period, or any Certificate contains information
which is inconsistent with such representation or warranty.

     (c) Seller and CLSB II Assignor shall have the right to amend and otherwise modify the
Certificates and the Schedules and Exhibits attached hereto and amend and otherwise modify the
representations and warranties made by Seller and the CLSB II Assignor prior to the commencement of
the Restricted Period by written notice thereof to Purchaser, and if Purchaser fails to terminate
this Agreement as provided in Section 5.2, this Agreement shall conclusively be deemed
amended to incorporate all such amendments and modifications. Following the commencement of the
Restricted Period and prior to the Closing, Seller and CLSB II Assignor shall have the right to
amend and otherwise modify the Certificates and the Schedules and Exhibits attached hereto and
amend and otherwise modify the representations and warranties made by Seller and CLSB II Assignor
by written notice thereof to Purchaser (an “Update”). With respect to any Update,
Purchaser shall have five (5) Business Days (the “Update Termination Period”) commencing
upon Purchaser’s receipt of written notice of such Update, during which Purchaser may terminate
this Agreement (except for the Surviving Obligations), but only on account of such Update, by
written notice to Seller and receive a refund of the Deposit. In the event that any Update
Termination Period commences less than five (5) Business Days prior to the Closing, then the
Closing may be adjourned by Purchaser for a period of up to five (5) Business Days such that
Purchaser may review such Update and the Closing shall be

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adjourned until the next Business Day following the expiration of such period. In the event
that Purchaser does not terminate this Agreement during an applicable Update Termination Period,
then Purchaser shall have no right to terminate this Agreement on account of such Update, and this
Agreement shall conclusively be deemed amended to incorporate such Update.

     (d) Seller, CLSB II Assignor and Purchaser agree that, each shall, subject always to Article
10 and the limitations set forth therein, be liable for the direct, but not consequential or
punitive, damages resulting from any breach of its representations and warranties expressly set
forth in Article 7 hereof or in any document or certificate delivered in connection herewith;
provided, however, that: (i) such representations and warranties are personal to Seller, CLSB II
Assignor and Purchaser and, notwithstanding any other provision of this Agreement, may not be
assigned to or enforced by any other Person; provided, however, that Purchaser may assign the
Seller Representations and Purchaser’s rights under this Article 7 to any Permitted Assignee; and
(ii) the representations and warranties of Seller and CLSB II Assignor set forth in this Agreement
or expressly set forth as such in any document or certificate delivered by Seller or CLSB II
Assignor in connection herewith shall survive the Closing for a period of nine (9) months such
period of time being the “Claim Period”), and no action or proceeding thereon shall be
valid or enforceable, at law or in equity, unless (x) Purchaser provides written notice of any
potential claim to Seller and CLSB II Assignor within the Claim Period, which notice shall describe
such potential claim in reasonable detail based upon the information available to Purchaser at such
time and (y) a legal proceeding is commenced within forty-five (45) days after Seller’s or CLSB II
Assignor’s, as the case may be, receipt of such notice. Notwithstanding the foregoing, Seller and
CLSB II Assignor shall have no liability for any such breach: (a) regarding which Purchaser or its
attorneys, agents or consultants are deemed to know the facts or circumstances prior to Closing; or
(b) that was disclosed in this Agreement or any exhibit hereto, in the Due Diligence Materials, or
in any other document, study or report delivered or made available by Seller or CLSB II Assignor to
Purchaser or its attorneys, consultants or agents at or before the Closing (provided that the
provisions of this clause (b) shall not apply to the representations or warranties set forth in
clauses (b)(i), (b)(ii), (b)(iii), or (b)(iv)(a) of Section 7.2). Purchaser further agrees
that no claim may or shall be made for any alleged breach of any representations or warranties made
by Seller or CLSB II Assignor under or relating to this Agreement unless the amount of such claim
or claims, individually or in the aggregate, exceeds the Threshold Amount, and such claim or claims
shall never, individually or in the aggregate shall never exceed the Damage Cap.

     Section 7.4 Status of Reports. Purchaser understands and acknowledges that
any Reports or other information provided to Purchaser is without any representation or warranty,
express or implied, as to the completeness or accuracy of the facts, presumptions, conclusions or
other matters contained therein. Purchaser has been expressly advised by Seller and CLSB II
Assignor to conduct an independent investigation and inspection of the Property and the CLSB II
Purchase Money Loan utilizing experts as Purchaser deems to be necessary for an independent
assessment of all liability and risk with respect to the Property. Except for Seller’s
Representations, Purchaser shall rely only upon Purchaser’s own investigations and inquiries with
respect to all such liability and risk, including all liability and risk with respect to the
presence of hazardous materials in, on or around the Property.

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ARTICLE 8

Closing

     Section 8.1. Closing Date. Subject to express rights to extend the Closing
Date as provided in this Agreement, the Closing shall take place at 10:00 a.m. Boston time on the
Closing Date. Unless the parties otherwise agree in writing, the Closing shall be conducted
through a customary escrow arrangement with the Title Company and, on or before the Closing Date
the Seller shall deliver to the Title Company the documents listed in Section 8.2 and the
Purchaser shall deliver to the Title Company the documents and funds described in Section
8.3.

     PURCHASER RECOGNIZES THAT IT IS A MATERIAL CONDITION TO THE OBLIGATIONS OF SELLER UNDER THIS
AGREEMENT THAT THE CLOSING OCCUR NOT LATER THAN THE CLOSING DATE. ACCORDINGLY, PURCHASER AGREES
THAT, EXCEPT AS EXPRESSLY SET FORTH HEREIN, PURCHASER SHALL NOT BE ENTITLED TO ANY ADJOURNMENT OF
THE CLOSING, TIME BEING OF THE ESSENCE AS TO THE PERFORMANCE OF THE OBLIGATIONS OF PURCHASER
HEREUNDER ON OR PRIOR TO SUCH DATE.

     Section 8.2. Seller’s Deliveries. At the Closing (or at such later time as
set forth in clause (j) below), Seller shall deliver or cause to be delivered to Purchaser, at
Seller’s sole expense, the following items, each executed and acknowledged to the extent
appropriate:

     (a) The Deed;

     (b) A non-foreign person affidavit sworn to by Seller as required by Section 1445 of the Code;

     (c) Such evidence or documents as may be reasonably required by the Title Company so that the
Title Company may deliver the Title Policy without exceptions relating to: (i) mechanics’ or
materialmen’s liens; (ii) parties in possession; and (iii) the status and capacity of Seller and
CLSB II Assignor and the authority of the Person or Persons who are executing the various documents
on behalf of Seller and CLSB II Assignor in connection with the sale of the Property and the
assignment of the CLSB II Purchase Money Loan;

     (d) A duly-executed Closing Statement;

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     (e) The Assignment and Assumption Agreement;

     (f) The originals of the CLSB II Loan Documents, endorsed to Purchaser as necessary to convey
CLSB II’s Assignor’s interests therein to Purchaser;

     (g) The Tenant Estoppel Certificates and any Seller’s Estoppel Certificates;

     (h) The Statements;

     (i) The Post-Closing Escrow Agreement; and

     (j) The following shall be delivered to Purchaser within ten (10) Business Days following the
Closing:

     (i) To the extent that the following are in the possession or control of Seller, the
original (or copies if only a copy is available) of Leases, the Miscellaneous Consultant
Assignments, the Construction Agreements, the Brokerage Agreements, the Other Matters and
any and all building plans, surveys, site plans, engineering plans and studies, utility
plans, landscaping plans, drawings and specifications, marketing artwork, warranties book
and other documentation concerning all or any part of the Property (provided, however,
Seller may keep copies of any of the foregoing); provided however, at Purchaser’s request,
Seller will provide any of such information in electronic format, if the same is in the
possession or control of Seller unless the same is in a proprietary format of a computer
program, other computer software or under a licensing agreement that Seller is not
transferring;

     (ii) Any transferable bonds, warranties or guaranties that relate to the Property and
in Seller’s possession and control and the Contractor’s letter of credit furnished under the
Berry Contract, the BIDMC Letter of Credit, subject to the Children’s Hospital Self-Help
Security and any letter of credit security deposits delivered to Seller under the Leases;
and

     (iii) A notice letter to all Tenants notifying them of the transfer of the Leases, and
the address to which rents thereunder should be paid; and

     (iv) A notice letter to parties to the Brokerage Agreements, the Construction
Agreements, the Miscellaneous Consultant Agreements and the Other Matters notifying them of
the assignment of such documents.

     Section 8.3. Purchaser’s Deliveries. At the Closing, Purchaser shall deliver
to Seller the following items each executed and acknowledged to the extent appropriate:

     (a) Immediately available federal funds sufficient to pay the Purchase Price (less the Deposit
and subject to apportionments and adjustments as set forth herein) and Purchaser’s share of all
escrow costs and closing expenses;

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     (b) Such evidence or documents as may reasonably be required by the Title Company evidencing
the status and capacity of Purchaser and the authority of the Person or Persons who are executing
the various documents on behalf of Purchaser in connection with the purchase of the Property;

     (c) A duly executed counterpart of the Closing Statement;

     (d) A duly executed counterpart of the Assignment and Assumption Agreement;

     (e) A duly executed counterpart of the Other Properties Escrow Agreement;

     (f) A duly executed counterpart of the Post-Closing Escrow Agreement;

     (g) Duly executed counterparts of the Statements and

     (h) Duly executed counterparts of the Miscellaneous Consultant Consents.

     Section 8.4. Costs and Prorations.

     (a) General. The following listed items allocable to the Property will be adjusted to
the payment period that includes the date of Closing and shall be prorated between Seller and
Purchaser as of the Closing Date in accordance with this Section 8.4. All such items
attributable to the period prior to the Closing Date shall be credited or charged to Seller, and
all such items attributable to the period commencing on the Closing Date shall be credited or
charged to Purchaser. The provisions of this Section 8.4 shall survive the Closing.

     (b) CLSB II Purchase Money Loan. Interest under the CLSB II Purchase Money Loan is
payable by the CLSB II Borrower in arrears on the final day of each month. At Closing, without
duplication, Seller shall receive a credit for such accrued but unpaid interest through and
including the Closing Date, and Purchaser shall receive a credit for any prepaid but unaccrued
interest through the Closing Date.

     (c) Cash Security Deposits. Purchaser shall be credited at Closing with: (i) all cash
security or other deposits held by or on behalf of Seller with respect to the Property (other than
any security deposits held in the form of a letter of credit or other non-cash security); (ii) any
rent prepaid beyond the Closing Date; and (iii) any interest earned as of the Closing on cash
security deposits or prepaid rent held by or on behalf of Seller, to the extent that such interest
is refundable to Tenants under the terms of the applicable Lease or applicable law. The cost of
transferring any letter of credit security deposits, the Contractor’s letter of credit and the
BIDMC Letter of Credit shall be divided evenly between Seller and Purchaser.

     (d) Taxes. All real estate taxes assessed against the Real Property shall be prorated
between Seller and Purchaser on an accrual basis based upon the actual current tax bill. If the
most recent tax bill received by Seller before the Closing is not the actual current tax bill, then
Seller and Purchaser shall initially prorate the taxes at the Closing by applying 100% of the tax
rate for the period covered by the most current available tax bill to the latest assessed
valuation, and shall reprorate the taxes retroactively when the actual current tax bill is then
available. All

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real estate taxes accruing before the Closing shall be charged to Seller and all such taxes
accruing on and after the Closing shall be charged to Purchaser. Any refunds of real estate taxes
made after the Closing shall first be applied to the unreimbursed third-party costs incurred by
Seller or Purchaser in obtaining the refund, then shall be paid to Seller (for the period prior to
the Closing) and to Purchaser (for the period commencing on and after the Closing). If any
proceeding to determine the assessed value of the Real Property or the real estate taxes payable
with respect to the Real Property has been commenced before the Effective Date and shall be
continuing as of the Closing, Seller shall be authorized to continue to prosecute such proceeding
and Purchaser agrees to cooperate as reasonably requested with Seller and to execute any and all
documents reasonably requested by Seller in furtherance of the foregoing.

     (f) Lease Expenses. Seller shall pay all Seller Lease Expenses and Purchaser shall
pay all Purchaser Lease Expenses. At Closing, Purchaser shall reimburse Seller for any and all
Purchaser Lease Expenses to the extent the same have been paid by Seller prior to Closing. In
addition, at Closing, Purchaser shall assume Seller’s obligations to pay, when due (whether on a
stated due date or by acceleration) any Lease Expenses unpaid as of the Closing including without
limitation the commissions listed on the attached Schedule 7.2(b)(iv)-4 to become due as
therein provided, and Purchaser hereby agrees to indemnify, defend and hold Seller harmless from
and against any and all claims for such Lease Expenses which remain unpaid for any reason at the
time of Closing, which obligations of Purchaser shall survive the Closing. Each party shall make
available to the other all records, bills, vouchers and other data in such party’s control
verifying Lease Expenses and the payment thereof. With respect to any construction management fees
due to Seller as the landlord under the Leases, all such fees shall be prorated between Seller and
Purchaser as of the Closing based upon the information available to the parties at such time, with
the actual amount thereof subsequently determined (based on the actual expenditures made during the
month in which the Closing occurs on which such fees are based divided by 30 and then multiplied by
the number of days in the month prior to and including the date of Closing) and appropriate
adjustment made pursuant to Section 8.4(i) below.

     (g) Utilities. Utilities and fuel charges, including water, telephone, sewer, steam,
electricity, gas, oil charges and any assignable deposits with utility companies will be adjusted
on the basis of current bills and readings obtained by Seller prior to the Closing, with
appropriate adjustments pursuant to Section 8.4(i) below made based on actual readings and
invoices closer to the Closing and reasonably extrapolated to be as of the Closing.

     (h) Cross Easement Agreement. Charges under the Cross Easement Agreement, if any,
will be adjusted as of the Closing.

     (i) Closing Statement. Purchaser and Seller shall cooperate to produce prior to the
Closing Date a schedule of prorations and closing costs that is as complete and accurate as
reasonably possible (the “Closing Statement”). If any of the aforesaid prorations cannot
be calculated accurately on the Closing Date, then they shall be estimated to the extent possible
as of the Closing and calculated as soon after the Closing Date as is feasible. All adjustments to
initial estimated prorations shall be made by the parties with due diligence and cooperation within
sixty (60) days following the Closing, or such later time as may be required to obtain necessary
information for proration, by prompt cash payment to the party yielding a net credit

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from such prorations from the other party. So long as the parties have reasonably cooperated
with respect to such adjustments, the provisions of this Section 8.4 shall survive the
Closing through the final day of the calendar year following the calendar year in which the Closing
occurs, and after such period neither Seller nor Purchaser shall have any further rights or
obligations under this Section 8.4.

     (j) Closing Costs. Purchaser and Seller shall each pay their own legal fees related
to the preparation of this Agreement and all documents required to settle the transaction
contemplated hereby. Purchaser shall pay (i) all costs associated with its due diligence,
including the cost of appraisals, architectural, engineering, credit and environmental reports,
(ii) all title insurance premiums and charges and all title examination costs, and (iii) all survey
costs. Seller shall pay (i) all documentary stamp taxes owing with respect to the Deed and (ii)
the cost of recording the Deed. Purchaser and Seller shall each pay one-half of the Escrow Agent’s
fees for acting as escrow agent. All other customary purchase and sale closing costs shall be paid
by Seller or Purchaser in accordance with the custom in the jurisdiction where the Real Property is
located.

ARTICLE 9

Real Estate Commission

     Section 9.1. Commissions. If and when, but only if and when, the Closing is
completed and the Purchase Price is paid in full, Seller shall be obligated to pay a real estate
commission and/or brokerage fee to Seller’s Broker(s) in accordance with a separate agreement
between Seller and Seller’s Broker(s). Seller’s Broker(s) shall indemnify Seller and Purchaser
against all claims, costs and liability relating to any broker or other Person claiming by, through
or under Seller’s Broker(s). By execution of this Agreement, Seller’s Broker(s) agrees to the
foregoing matters. Seller and Purchaser respectively shall indemnify and hold harmless the other
on account of all claims of any other brokers or finders claiming by, through, under or on account
of dealings with them in any way related to this purchase and sale, including, without limitation,
reasonable attorneys’ fees and disbursements incurred by the indemnified party. The provisions of
this paragraph shall survive the Closing or termination of this Agreement.

ARTICLE 10

Termination and Default

     Section 10.1. Failure to Perform by Seller or CLSB II Assignor.
Notwithstanding anything to the contrary contained in this Agreement, if Seller or CLSB II Assignor
fail to perform in any material respect any covenant of Seller or of CLSB II Assignor, as
applicable, in accordance with the terms of this Agreement or if any of Seller’s Representations
shall not be true, correct and complete in any material respect upon Closing, except (a) for
changes due to the operation of the Property occurring prior to Closing which are not prohibited by
this Agreement (therefore there is no breach), (b) if the dollar amount of the damages resulting
from any breach of representation or failure to perform any covenant together with all dollar
amounts of all other damages resulting from any breach of representation or failure to perform any
other covenant is

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less than Two Hundred Fifty Thousand Dollars ($250,000) (in which case the breach is deemed waived
by Purchaser, the “Threshold Amount”) or (c) if otherwise waived by Purchaser, then
Purchaser’s sole and exclusive remedy shall be either: (i) if and only if the breach by Seller or
the CLSB II Assignor, as applicable, is a breach of any of such entity’s covenants hereunder, sue
for specific performance with respect to the performance of same, subject to any limitations
expressly set forth in this Agreement; (ii) terminate this Agreement at the Closing (as it may be
adjourned under this Agreement) in which event this Agreement, without further action of the
parties, shall become null and void and no party shall have any further rights or obligations under
this Agreement, except for the return of the Deposit to the Purchaser and the provisions that are
expressly stated to survive the termination of this Agreement; or (iii) waive such default and
proceed to Closing without any reduction in, abatement of, or credit
against the Purchase Price; if Purchaser fails to make any such election, Purchaser shall be deemed to have elected the remedy
set forth in Section 10.1(a)(iii).

     Section 10.2. Notice to Seller and CLSB II Assignor. Notwithstanding
anything herein to the contrary, Purchaser shall give Seller and CLSB II Assignor, as applicable,
written notice specifying any failure to perform by Seller and CLSB II Assignor of any of Seller’s
or CLSB II Assignor’s covenants hereunder or breach of any Seller Representation hereunder, which
notice shall be given within five (5) Business Days of the date Purchaser obtains actual knowledge
of such breach or failure to perform (or on or prior to the Closing Date, if the date Purchaser
obtains such actual knowledge is within 5 Business Days of the Closing Date); if Purchaser fails to
deliver such notice within such five-day period (or by Closing, if earlier), such failure or breach
shall be deemed waived by Purchaser. Upon receipt of such notice, Seller and CLSB II Assignor , as
applicable, shall have until Closing (and may adjourn the Closing for up to sixty (60) days if such
adjournment is reasonably necessary to cure such breach or failure to perform) to cure such breach
or failure to perform. At the option of Seller or CLSB II Assignor, as applicable, Seller or CLSB
II Assignor may cure such breach or failure to perform by giving Purchaser a credit against the
Purchase Price at the Closing for a reasonable estimate of the dollar amount to cure same if
quantifiable in excess of the Threshold Amount, but such credit shall only be that amount that
exceeds the Threshold Amount.

     Section 10.3. Failure to Perform by Purchaser.

     (a) Notwithstanding anything to the contrary contained in this Agreement, if Purchaser fails
to perform in accordance with the terms of this Agreement, or materially breaches its
representations or warranties (such failure or breach shall also be deemed a failure of a condition
precedent to Seller’s and CLSB II Assignor’s obligations to consummate their respective obligations
under this Agreement), the Deposit shall be forfeited to Seller as liquidated damages (which shall
be Seller’s and CLSB II Assignor’s sole and exclusive remedy against Purchaser), at which time this
Agreement shall be null and void and no party shall have any rights or obligations under this
Agreement, except for the Surviving Obligations. Seller, CLSB II Assignor and Purchaser
acknowledge and agree that (i) the Deposit is a reasonable estimate of and bears a reasonable
relationship to the damages that would be suffered and costs incurred by Seller and CLSB II
Assignor as a result of having withdrawn the Property and the CLSB II Purchase Money Loan from sale
and the failure of Closing to occur due to a default of Purchaser under this Agreement; (ii) the
actual damages suffered and costs incurred by Seller

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and CLSB II Assignor as a result of such withdrawal and failure to close due to a default of
Purchaser under this Agreement would be extremely difficult and impractical to determine; (iii)
Purchaser seeks to limit its liability under this Agreement to the amount of the Deposit in the
event this Agreement is terminated and the transaction contemplated by this Agreement does not
close due to a default of Purchaser under this Agreement; and (iv) the Deposit shall be and
constitutes valid liquidated damages; provided, however, Purchaser, Seller and CLSB II Assignor
agree that the liquidated damages do not apply to any indemnity obligation of the Purchaser under
this Agreement.

     (b) Notwithstanding anything herein to the contrary, Seller or CLSB II Assignor, as
applicable, shall give Purchaser written notice specifying any failure to perform by Purchaser of
any of Purchaser’s covenants hereunder or breach of any of Purchaser’s representations and
warranties hereunder, which notice shall be given within five (5) Business Days of the date Seller
or CLSB II Assignor obtains actual knowledge of such breach or failure to perform (or on or prior
to the Closing Date, if the date Seller or CLSB II Assignor obtains such actual knowledge is within
five (5) Business Days of the Closing Date); if Seller or CLSB II Assignor fails to deliver such
notice within such five-day period (or by Closing, if earlier), such failure or breach shall be
deemed waived by Seller or CLSB II Assignor. Upon receipt of such notice, Purchaser shall have
until Closing (and may adjourn the Closing for up to five (5) Business Days if such adjournment is
reasonably necessary to cure such breach or failure to perform) to cure such breach or failure to
perform. In the event that as a consequence of such an adjournment by Purchaser any Certificate
shall cease to satisfy the requirement set forth in, as applicable, Section 6.1(c),
(d), (e) or (f) to be dated no more than thirty (30) Business Days prior to
Closing, then Seller shall have no obligation to use commercially reasonable efforts to obtain an
Updated Certificate pursuant to Section 6.1(h) (but Seller may, at its option, obtain such
an Updated Certificate pursuant to Section 6.1(h)). The provisions of this Section
10.3(b) shall not apply to any failure of Purchaser to perform at Closing, which shall be a
default under this Agreement for which no notice and cure period is provided.

     Section 10.4. Damage Cap. Notwithstanding anything to the contrary contained
in this Agreement, and subject to the limitation of Purchaser’s remedies set forth in Section
10.1, the maximum aggregate liability of the Seller and CLSB II Assignor, together, for any and
all damages or Claims hereunder or in connection herewith, including without limitation, any Claims
for indemnification hereunder and Claims under any documents delivered in connection herewith,
shall be Seven Million Five Hundred Thousand Dollars ($7,500,000) (the “Damage Cap”);
provided, however, that Seller and CLSB II Assignor, together, shall not have any liability for any
such damages or Claims until the aggregate amount of same is in excess of the Threshold Amount (in
which case the amount of said damages or Claims up to the Threshold Amount are deemed waived by
Purchaser); and provided further, that Seller and the Joint Ventures shall not be liable for any
consequential, special, punitive or indirect damages. The provisions of this Section 10.4
shall survive Closing or earlier termination of this Agreement.

     Section 10.5. Post-Closing Escrow. As security for Seller’s obligations, if
any, during the Claim Period, at the Closing Seller shall either (i) deposit in an account
designated by the Escrow Agent an amount equal to the Damage Cap in immediately available funds, or
(ii) deliver to the Escrow Agent a letter of credit in a form reasonably acceptable to Purchaser in
the stated

41

 

amount of the Damage Cap (such funds, together with any interest earned thereon, net of investment
costs, or such Letter of Credit, the “Post-Closing Escrow Funds”). Such Post-Closing
Escrow Funds shall be held by Escrow Agent pursuant to the Escrow Instructions in the form attached
hereto as Schedule 10.5 (the “Post-Closing Escrow Agreement”) until the expiration
of the Claim Period (unless, prior to the expiration of the Claim Period, a claim for such
Post-Closing Escrow Funds is made by Purchaser, in which event the Post-Closing Escrow Funds shall
continue to be held in accordance with the terms of the Post-Closing Escrow Agreement) and
disbursed in accordance with the terms of such Post-Closing Escrow Agreement.

     SECTION 10.6. RELEASE. WITHOUT LIMITING ANY PROVISION IN THIS AGREEMENT,
SELLER, CLSB II ASSIGNOR AND PURCHASER, FOR THEMSELVES AND THEIR SUCCESSORS AND ASSIGNS AND THEIR
AFFILIATES, HEREBY RELEASE AND FOREVER DISCHARGE EACH OTHER AND EACH OTHER’S DIRECT AND INDIRECT
OWNERS, AND THE MANAGERS, MEMBERS, PARTNERS, BENEFICIAL OWNERS, OFFICERS, DIRECTORS, EMPLOYEES,
ATTORNEYS AND AGENTS, RESPECTIVELY, OF THE FOREGOING, FROM ANY AND ALL CLAIMS, ACTS, DEBTS,
DEMANDS, ACTIONS, CAUSES OF ACTION, SUITS, SUMS OF MONEY, GUARANTIES, BONDS, COVENANTS, CONTRACTS,
ACCOUNTS, AGREEMENTS, PROMISES, REPRESENTATIONS, RESTITUTIONS, OMISSIONS, VARIANCES, DAMAGES,
OBLIGATIONS, COSTS, ENVIRONMENTAL RELEASES, RESPONSE ACTIONS, FEES AND LIABILITIES OF EVERY NAME
AND NATURE WHATSOEVER, BOTH AT LAW AND IN EQUITY, KNOWN AND UNKNOWN (ANY OF THE FOREGOING, A
“CLAIM”), WHICH THEY AND THEIR SUCCESSORS AND ASSIGNS MAY NOW OR HEREAFTER HAVE WITH
RESPECT TO MATTERS EXISTING AS OF THE CLOSING DATE AGAINST ANY OTHER PARTY AND EACH OTHER’S DIRECT
OR INDIRECT OWNERS, OR THE MANAGERS, MEMBERS, PARTNERS, BENEFICIAL OWNERS, OFFICERS, DIRECTORS,
EMPLOYEES, ATTORNEYS OR AGENTS, RESPECTIVELY, OF THE FOREGOING, ARISING IN CONNECTION WITH OR IN
ANY MANNER RELATED TO THIS AGREEMENT, THE PROPERTY, THE CLSB II PURCHASE MONEY LOAN OR THE
TRANSACTIONS CONTEMPLATED HEREBY, EXCEPTING SOLELY THE SURVIVING OBLIGATIONS AND OBLIGATIONS
ARISING UNDER THE ASSIGNMENT AND ASSUMPTION AGREEMENT AND ANY OTHER INSTRUMENT OR AGREEMENT
DELIVERED IN CONNECTION WITH THE CLOSING.

     SECTION 10.7. SURVIVAL. The provisions of this Article 10 shall survive the
Closing or earlier termination of this Agreement.

ARTICLE 11

Miscellaneous

     Section 11.1. Entire Agreement. This Agreement constitutes the entire
agreement between the parties hereto with respect to the transactions contemplated herein, and it
supersedes all prior discussions, understandings or agreements between the parties. All Exhibits
and Schedules attached hereto are a part of this Agreement and are incorporated herein by
reference.

42

 

     Section 11.2. Binding On Successors and Assigns. Subject to Section
11.3, this Agreement shall be binding upon and inure to the benefit of the parties hereto and
their respective successors and assigns.

     Section 11.3. No Assignment . Neither this Agreement nor any interest
hereunder shall be assigned or transferred by Seller, CLSB II Assignor or Purchaser; provided,
however, that Purchaser may assign its rights hereunder at Closing to any Permitted Assignee, and
Purchaser may designate a single purpose entity or entities that are wholly-owned and controlled by
Purchaser to take title to the Property and/or the CLSB II Purchase Money Loan and to execute and
deliver the documents to be executed and delivered by Purchaser hereunder in connection with the
Closing (any such entity, a Permitted Assignee hereunder). For purposes of clarity, Purchaser
shall have the right to assign its right to take title to the Property or the CLSB II Purchase
Money Loan under this Agreement to one or more separate single purpose entities that are
wholly-owned and controlled by Purchaser solely for the purposes of such entity taking title at
Closing and executing such documents, but the Purchaser named herein (i.e., BioMed Realty, L.P.)
shall not be released hereunder and shall continue to be liable for all covenants and obligations
of “Purchaser” hereunder and shall execute and deliver at Closing any required instruments and
documents that “Purchaser” (as opposed to such single purpose entities) may be required to deliver
hereunder. As used in this Agreement, the term “Purchaser” shall be deemed to include the
initial Purchaser and any permitted designee of the initial Purchaser and all such Purchaser
entities shall be jointly and severally liable under this Agreement. Subject to the foregoing,
this Agreement shall inure to the benefit of and shall be binding upon Seller, CLSB II Assignor and
Purchaser and their respective successors and assigns.

     Section 11.4. Waiver. The excuse or waiver of the performance by a party of
any obligation of the other party under this Agreement shall only be effective if evidenced by a
written statement signed by the party so excusing or waiving. No delay in exercising any right or
remedy shall constitute a waiver thereof, and no waiver by Seller or Purchaser of the breach of any
covenant of this Agreement shall be construed as a waiver of any preceding or succeeding breach of
the same or any other covenant or condition of this Agreement.

     Section 11.5. Governing Law.

     This Agreement shall be governed and interpreted in accordance with the laws of the
Commonwealth of Massachusetts, without giving effect to the conflicts of laws principles thereof.
EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW,
ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS
AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. Any legal action or proceeding with respect to
this Agreement or any of the transactions contemplated herein may be brought in the courts of the
State of Massachusetts located in the County of Suffolk or of the United States of America for the
District of Massachusetts, and, by execution and delivery of this Agreement, each of the parties
hereto hereby accepts generally and unconditionally, the exclusive jurisdiction of the aforesaid
courts. Each of the parties hereto hereby irrevocably waives, in connection with any such action
or proceeding, any objection, including, without limitation, any objection to the laying of venue
or based on the grounds of

43

 

forum non conveniens, which it may now or hereafter have to the bringing of any such action or
proceeding in such respective jurisdictions.

     Section 11.6. Counterparts. This Agreement may be executed, including
executed by facsimile or electronic signature, in any number of counterparts and it shall be
sufficient that the signature of each party appear on one or more such counterparts. All
counterparts shall collectively constitute a single agreement. A facsimile or electronic signature
to this Agreement shall be sufficient to prove the execution hereby by any Person.

     Section 11.7. Notices. All notices or other communications required or
provided to be sent by either party shall be in writing and shall be sent by: (i) by United States
Postal Service, certified mail, return receipt requested, (ii) by any nationally known overnight
delivery service for next day delivery or (iii) delivered in person. All notices shall be deemed
to have been given upon receipt. All notices shall be addressed to the parties at the addresses
below:

	 	 	 	 	 	 	 
	 

	 	To Seller or	 	 	 	 
	 

	 	CLSB II Assignor:
	 	At the address set forth first above
	 	 
	 
	 	 	 	 	 	 
	 

	 	with a copy to:
	 	Lyme Properties, LLC	 	 
	 

	 	 	 	23 Main Street	 	 
	 

	 	 	 	Hanover, New Hampshire 03755	 	 
	 

	 	 	 	Attn: George Lightbody	 	 
	 
	 	 	 	 	 	 
	 

	 	and with a copy to:
	 	Lyme Properties, LLC	 	 
	 

	 	 	 	23 Main Street	 	 
	 

	 	 	 	Hanover, New Hampshire 03755	 	 
	 

	 	 	 	Attn: David Clem	 	 
	 
	 	 	 	 	 	 
	 

	 	and with a copy to:
	 	The Lyme Timber Company	 	 
	 

	 	 	 	16 On the Common	 	 
	 

	 	 	 	P.O. Box 266	 	 
	 

	 	 	 	Lyme, New Hampshire 03768	 	 
	 

	 	 	 	Attn: David Roby	 	 
	 
	 	 	 	 	 	 
	 

	 	and with a copy to:
	 	DLA Piper US LLP	 	 
	 

	 	 	 	33 Arch Street, 26th Floor	 	 
	 

	 	 	 	Boston, Massachusetts 02110	 	 
	 

	 	 	 	Attn: Daniel A. Taylor, Esq.	 	 
	 
	 	 	 	 	 	 
	 

	 	To Purchaser:
	 	At the address set forth first above	 	 
	 
	 	 	 	 	 	 
	 

	 	with a copy to:
	 	Latham & Watkins LLP	 	 
	 

	 	 	 	600 West Broadway, Suite 1800	 	 
	 

	 	 	 	San Diego, California 92101	 	 
	 

	 	 	 	Attn: Steven Levine, Esq.	 	 

44

 

     Any address or name specified above may be changed by notice given to the addressee by the
other party in accordance with this Section 11.7. The inability to deliver notice because
of a changed address of which no notice was given as provided above, or because of rejection or
other refusal to accept any notice, shall be deemed to be the receipt of the notice as of the date
of such inability to deliver or rejection or refusal to accept. Any notice to be given by any
party hereto may be given by the counsel for such party.

     Section 11.8. Attorneys’ Fees. In the event of a proceeding or action by one
party against the other party with respect to the interpretation or enforcement of this Agreement,
the prevailing party shall be entitled to recover reasonable costs and expenses including
reasonable attorneys’ fees and expenses, whether at the investigative, pretrial, trial or appellate
level. The prevailing party shall be determined by the court based upon an assessment of which
party’s major arguments or position prevailed.

     Section 11.9. IRS Real Estate Sales Reporting. Purchaser and Seller hereby
agree that the Escrow Agent shall act as “the person responsible for closing” the transaction which
is the subject of this Agreement pursuant to Section 6045(e) of the Code and shall prepare and file
all informational returns, including IRS Form 1099-S, and shall otherwise comply with the
provisions of Section 6045(e) of the Code.

     Section 11.10. Time Periods. Any reference in this Agreement to the time for
the performance of obligations or elapsed time shall mean consecutive calendar days, months, or
years, as applicable. In the event the time for performance of any obligation hereunder expires on
a day that is not a Business Day, the time for performance shall be extended to the next Business
Day.

     Section 11.11. Modification of Agreement. No modification of this Agreement
shall be deemed effective unless expressly provided for herein or in writing expressly purporting
to modify or amend this Agreement and signed by both Seller and Purchaser.

     Section 11.12. Descriptive Headings; Word Meaning. The descriptive headings
of the paragraphs of this Agreement are inserted for convenience only and shall not control or
affect the meaning or construction of any provisions of this Agreement. Words such as “herein”,
“hereinafter”, “hereof” and “hereunder” when used in reference to this Agreement, refer to this
Agreement as a whole and not merely to a subdivision in which such words appear, unless the context
otherwise requires. The singular shall include the plural and the masculine gender shall include
the feminine and neuter, and vice versa, unless the context otherwise requires. The word
“including” shall not be restrictive and shall be interpreted as if followed by the words “without
limitation.”

     Section 11.13. Time of the Essence. Time is of the essence of this Agreement
and all covenants and deadlines hereunder. Without limiting the foregoing, Purchaser, CLSB II
Assignor and Seller hereby confirm their intention and agreement that time shall be of the essence
of each and every provision of this Agreement, notwithstanding any subsequent modification or
extension of any date or time period that is provided for under this Agreement. The agreement of
Purchaser, Seller and CLSB II Assignor that time is of the essence of each and

45

 

every provision of this Agreement shall not be waived or modified by any conduct of the
parties, and the agreement of Purchaser, Seller and CLSB II Assignor that time is of the essence of
each and every provision of this Agreement may only be modified or waived by the express written
agreement of Purchaser and Seller that time shall not be of the essence with respect to a
particular date or time period, or any modification or extension thereof, which is provided under
this Agreement.

     Section 11.14. Construction of Agreement. This Agreement shall not be
construed more strictly against one party than against another merely by virtue of the fact that it
may have been prepared primarily by counsel for one of the parties, it being recognized that each
of Purchaser, Seller and CLSB II Assignor have contributed substantially and materially to the
preparation of this Agreement. Other than contemporaneous instruments executed and delivered of
even date, if any, this Agreement contains all of the agreements between the parties relating in
any way to the premises and supersedes all prior agreements and dealings between them. There are
no oral agreements between the parties relating to this Agreement or the premises. The enumeration
of specific examples of a general provision shall not be construed as a limitation of the general
provision. Unless a party’s approval or consent is required by the express terms of this Agreement
not to be unreasonably withheld, such approval or consent may be withheld in the party’s sole
discretion. Nothing herein shall be construed as creating the relationship between the parties of
principal and agent, or of partners or joint venturers or any relationship other than seller and
buyer. This Agreement and all consents, notices, approvals and all other related documents may be
reproduced by any party by any electronic means or by facsimile, photographic, microfilm,
microfiche or other reproduction process and the originals may be destroyed; and each party agrees
that any reproductions shall be as admissible in evidence in any judicial or administrative
proceeding as the original itself (whether or not the original is in existence and whether or not
reproduction was made in the regular course of business), and that any further reproduction of such
reproduction shall likewise be admissible. If any payment in the nature of interest provided for
in this Agreement shall exceed the maximum interest permitted under controlling law, as established
by final judgment of a court, then such interest shall instead be at the maximum permitted interest
rate as established by such judgment.

46

 

     Section 11.15. Limitations on Liability. Notwithstanding anything to the
contrary in this Agreement, and subject always to any additional limitations on Seller’s liability
set forth elsewhere in this Agreement: (a) Purchaser’s recourse against Seller under this Agreement
or any agreement, document, certificate or instrument delivered by Seller hereunder, or under any
law, rule or regulation relating to the Property, shall be limited to Seller’s interest in the
Property (or, following the Closing, to the net proceeds of the sale of the Property actually
received by Seller); (b) Purchaser’s recourse against CLSB II Assignor under this Agreement or any
agreement, document, certificate or instrument delivered by CLSB II Assignor hereunder, or under
any law, rule or regulation relating to the CLSB II Purchase Money Loan, shall be limited to CLSB
II Assignor’s interest in the CLSB II Purchase Money Loan (or, following the Closing, to the net
proceeds of the sale of the CLSB II Purchase Money Loan actually received by Seller); and (c) in no
event shall any of the Seller Parties have any personal liability hereunder or otherwise. The
acceptance of the Deed and all other performance of Seller and CLSB II at the Closing shall
constitute full performance of all of Seller’s and CLSB II Assignor’s respective obligations
hereunder other than the Surviving Obligations.

     Section 11.16. Severability The parties hereto intend and believe that each
provision in this Agreement comports with all applicable local, state and federal laws and judicial
decisions. If, however, any provision in this Agreement is found by a court of law to be in
violation of any applicable local, state, or federal law, statute, ordinance, administrative or
judicial decision, or public policy, or if in any other respect such a court declares any such
provision to be illegal, invalid, unlawful, void or unenforceable as written, then it is the intent
of all parties hereto that, consistent with and with a view towards preserving the economic and
legal arrangements among the parties hereto as expressed in this Agreement, such provision shall be
given force and effect to the fullest possible extent, and that the remainder of this Agreement
shall be construed as if such illegal, invalid, unlawful, void, or unenforceable provision were not
contained herein, and that the rights, obligations, and interests of the parties under the
remainder of this Agreement shall continue in full force and effect.

     Section 11.17. No Recording. The provisions hereof shall not constitute a
lien on the Property. Neither Purchaser nor its agents or representatives shall record or file
this Agreement or any notice or memorandum hereof in any registry of deeds or registry district of
the Land Court, including without limitation any lis pendens. If Purchaser breaches the foregoing
provision, this Agreement shall, at Seller’s election, terminate, and Seller shall retain the
Deposit in accordance with Section 10.2 in addition to such other remedies Seller may have
at law or in equity. Purchaser hereby irrevocably appoints Seller as its true and lawful
attorney-in-fact, coupled with an interest, for the purpose of executing and recording such
documents and performing such other acts as may be necessary to terminate any recording or filing
of this Agreement in violation of this provision.

     Section 11.18. No Implied Agreement. Neither Seller, CLSB II Assignor nor
Purchaser shall have any obligations in connection with the transaction contemplated by this
Agreement unless each of Seller, CLSB II Assignor and Purchaser, each acting in its sole
discretion, elects to execute and deliver this Agreement to the other parties. No correspondence,
course of dealing or submission of drafts or final versions of this Agreement between Seller, CLSB
II Assignor and Purchaser shall be deemed to create any binding obligations in connection

47

 

with the transaction contemplated hereby, and no contract or obligation on the part of Seller,
CLSB II Assignor or Purchaser shall arise unless and until this Agreement is fully executed by each
of Seller, CLSB II Assignor and Purchaser. Once executed and delivered by Seller and Purchaser,
this Agreement shall be binding upon them notwithstanding the failure of Escrow Agent or any broker
or other Person to execute this Agreement.

     Section 11.19. Environmental Release by Purchaser. Without limiting any
provision in this Agreement, Purchaser, for itself and any of its successors and assigns and their
affiliates, hereby irrevocably and absolutely waives its right to recover from, and forever
releases and discharges, and covenants not to file or otherwise pursue any legal action (whether
based on contract, statutory rights, common law or otherwise) against, any Seller Party with
respect to any and all suits, actions, proceedings, investigations, demands, claims, liabilities,
obligations, fines, penalties, liens, judgments, losses, injuries, damages, settlement expenses or
costs of whatever kind or nature, whether direct or indirect, known or unknown, contingent or
otherwise (including any action or proceeding brought or threatened or ordered by any governmental
authority), including, without limitation, attorneys’ and experts’ fees and expenses, and
investigation and remediation costs that may arise on account of or in any way be connected with
any Property or any portion thereof including, without limitation, the physical, environmental and
structural condition of the Property or any law or regulation applicable thereto, or any other
matter relating to the use, presence or discharge of Hazardous Materials on, under, in, above or
about the Property. For purposes of this Agreement, the term “Hazardous Materials” means
any substance, chemical, compound, product, solid, gas, liquid, waste, byproduct, pollutant,
contaminant or other material that is hazardous, toxic, ignitable, corrosive, carcinogenic or
otherwise presents a risk of danger to human, plant or animal life or the environment or that is
defined, determined or identified as such in any federal, state or local law, rule or regulation
(whether now existing or hereafter enacted or promulgated) and any judicial or administrative order
or judgment, in each case relating to the protection of human health, safety and/or the
environment, including, but not limited to, any materials, wastes or substances that are included
within the definition of (A) “hazardous waste” in the federal Recourse Conservation and
Recovery Act; (B) “hazardous substances” in the federal Comprehensive Environmental
Response, Compensation and Liability Act; (C) “pollutants” in the federal Clean Water Act;
(D) “toxic substances” in the federal Toxic Substances Control Act; (E) “oil or
hazardous materials” in the laws or regulations of any state or commonwealth, and (F) any
substance, material, waste, pollutant or contaminant listed or defined as hazardous or toxic under
any Environmental Law. The term “Environmental Laws” includes without limitation the Resource
Conservation and Recovery Act and the Comprehensive Environmental Response Compensation and
Liability Act and other federal laws governing the environment as in effect on the date of this
Agreement, together with their implementing regulations, guidelines, rules or orders as of the date
of this Agreement, and all state, regional, county, municipal and other local laws, regulations,
ordinances, rules or orders that are equivalent or similar to the federal laws recited above or
that purport to regulate Hazardous Materials. The provisions of this Section 11.19 shall
survive the Closing or any termination of this Agreement.

     Section 11.20. Regulation S-X. Seller and CLSB II Assignor shall, and shall
request that their accountants, assist Purchaser, at Purchaser’s request and sole cost and expense
(which costs and expenses Purchaser covenants to pay promptly when due), by providing information
relating to the Property and its operation and the CLSB II Purchase Money Loan that may be

48

 

reasonably necessary for Purchaser to produce the financial statements required under Rule
3-14 of regulation S-X of the U.S. securities laws. Subject to Seller’s obligations with respect
to its representations and warranties hereunder, Purchaser agrees to indemnify the Seller Parties
and hold them harmless from and against any and all Claims arising out of the preparation or use by
Purchaser of any such information provided by Seller or Seller’s accountants pursuant to this
Section 11.20 (but excluding any Claims arising out of the mere discovery of information by
Purchaser).

     Section 11.21. Indemnification Procedures.

     (a) For purposes of this Section 11.21 the term “Asserting Party” shall mean
the party against whom a Claim is asserted and who seeks indemnification under this Agreement, and
the term “Defending Party” shall mean the party from whom indemnification is sought under
this Agreement.

     (b) If a Claim is made against the Asserting Party which the Asserting Party believes to be
covered by the Defending Party’s indemnification obligation under this Agreement, the Asserting
Party shall promptly notify the Defending Party of the Claim and, in such notice, shall offer to
the Defending Party the opportunity to assume the defense of the Claim within ten (10) Business
Days after receipt of the notice (with counsel reasonably acceptable to the Asserting Party). If
the Defending Party timely elects to assume the defense of the Claim, the Defending Party shall do
so on behalf of both the Asserting Party and the Defending Party, unless both the Asserting Party
and the Defending Party are named in the same litigation and representation of both of them by the
same counsel would be inappropriate.

     (c) If the Defending Party timely elects to assume the defense of the Claim, the Defending
Party shall have the right to settle the Claim on any terms it considers reasonable as long as the
settlement shall not require the Asserting Party to render any performance or pay any consideration
without its consent and provides for an unconditional release from all liability with respect to
such Claim of the Asserting Party.

     (d) If the Defending Party fails timely to elect to assume the defense of the Claim, or if the
Defending Party timely elects to assume the defense of the Claim but thereafter fails to defend the
Claim with diligence and continuity, the Asserting Party shall have the right, after giving prior
written notice to the Defending Party, to take over the defense of the Claim and to settle the
Claim on any terms it considers reasonable. Any such settlement shall be valid as against the
Defending Party.

     (e) If the Defending Party assumes the defense of a Claim, the Asserting Party may employ its
own counsel but such employment shall be at the sole expense of the Asserting Party. If the
Defending Party assumes the defense of a Claim but the same counsel may not represent both the
Asserting Party and the Defending Party, or if the Defending Party fails timely to assume the
defense of the Claim or, after having elected to assume the defense fails to defend the Claim with
diligence and continuity, the Asserting Party may employ its own counsel and such employment shall
be at the sole expense of the Defending Party.

49

 

     (f) Whether or not the Defending Party elects to assume the defense of a Claim, the Defending
Party shall cooperate with the Asserting Party in the defense of the Claim. If the Defending Party
elects to assume the defense of a Claim, the Asserting Party will cooperate with the Defending
Party in such defense.

     (g) If the Asserting Party is obligated to pay amounts for which it is entitled to be
indemnified hereunder, then Defending Party shall be obligated, unless such amounts shall be
reimbursed to the Asserting Party within ten (10) days of demand therefor, to pay interest on such
amounts thereafter until paid at a per annum rate equal to 2% above the rate announced as its
“prime rate” by Citibank, N.A. (or any successor bank thereto).

     (h) If the Asserting Party is obligated to perform repairs or other work in connection with
any Claims for which it is entitled to indemnification hereunder then, except in the case of any
emergency situation which involves immediate threat of damage or injury to persons or property (as
to which no such notice shall be required to be given until the earliest practicable opportunity),
the Asserting Party shall give a written notice to Defending Party setting forth the general nature
of such repairs or other work and, if the Defending Party fails to commence or, in the case of the
foregoing emergency situation assume the continuation of such repairs or other work within ten (10)
days after such written notice or, having commenced such repairs or other work, fails to diligently
prosecute such repairs or other work to completion, then such Asserting Party shall be entitled to
(and shall at all times) perform such repair or other work in a manner which a reasonable and
prudent owner of properties similar to the Property located where such Property is located would
cause such work to be performed.

     (i) The provisions of this Section 11.21 shall survive the Closing or termination of
this Agreement for so long as and be applicable to any indemnity herein that survives the Closing
or termination of this Agreement.

     Section 11.22. Existing Loan.

     Purchaser may elect to assume Seller’s existing mortgage financing with respect to the Real
Property. Seller will reasonably cooperate with Purchaser (at no cost to Seller) regarding such
efforts. If Purchaser so assumes such financing, then (a) Purchaser shall receive a credit for the
principal amount of such loan, interest accrued thereon and unpaid through the Closing Date and any
other amounts due and payable, but unpaid, on the Closing Date allocable to such loan and (b)
Seller shall receive a credit (and Purchaser shall be debited) for all amounts in reserve and/or
impound accounts held by the lender under such financing as of the Closing Date, to the extent that
all of Seller’s rights in such amounts are transferred to the Purchaser in connection with such
assumption. In connection with any such assumption, prior to Closing Seller shall be presented
with evidence reasonably acceptable to Seller that the obligations and liabilities of Seller and
any guarantor of such loan shall be discharged and released effective as of the Closing.

     Section 11.23. TAPA. In order for Seller to assign the TAPA to Purchaser,
and for Purchaser to assume the obligations thereunder, the TAPA must be amended and such amendment
must be executed by the Boston Transportation Department. The Seller and

50

 

Purchaser shall reasonably cooperate in connection with the execution and delivery of such an
amendment, which shall be in form and substance customary in connection with the assignment of a
TAPA, subject to the reasonable approval of Purchaser, Seller and the Boston Transportation
Department.

     Section 11.24. New Lender. Seller and CLSB II Assignor (at no cost or
liability to Seller, CLSB II Assignor or any Seller Parties) shall reasonably cooperate with
Purchaser in Purchaser’s efforts to engage a New Lender in connection with the transactions
contemplated herein. The foregoing shall in no regard constitute a financing contingency.

     Section 11.25. Further Assurances. In case at any time after the Closing
Date any reasonable further action is necessary to carry out the purposes of this Agreement,
including, without limitation, the transfer of the Property to Purchaser and obtaining all
customary post-closing consents, Seller and Purchaser will take or cause to be taken such further
action (including the execution and delivery of such further instruments and documents) as the
other party reasonably may request, all without further consideration.

[The balance of this page has intentionally been left blank. Signature pages follow.]

51

 

     IN WITNESS WHEREOF, Seller and Purchaser hereto have executed this Agreement as of the date
first written above.

	 	 	 
	CLSB II, LLC joins in this agreement

solely for the purpose of the CLSB II

Assignor Provisions

	 	SELLER:
 

CLSB
I, LLC
	 
	 	 
	By: Center for Life Science, LLC, its manager

	 	By: Center for Life Science, LLC, its manager
	 
	 	 
	     By: New Blackfan, LLC, its manager

	 	     By: New Blackfan, LLC, its manager
	 
	 	 
	          By: Lyme Properties, LLC, its manager

	 	          By: Lyme Properties, LLC, its manager

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 By:  

	 	/s/
GEORGE LIGHTBODY 	 	 	 	 	 	 	 By:
	  /s/
GEORGE LIGHTBODY	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 

	 	Name:
	 	George Lightbody 	 	 	 	 	 	 	 	Name:	 	George Lightbody 	 	 	 	 	 	 
	 

	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 

	 	Its:  Member
 

	 	 	 	 	 	 	Its:  Member
 

	 	 
	 

	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	Date:  October 20
 

	, 2006	 	 	 	 	 	 	Date:  October 20
 

	, 2006	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

	 	 	 	 	 
	 

	 	PURCHASER:	 	 
	 
	 	 	 	 
	 

	 	BIOMED REALTY, L.P.	 	 
	 
	 	 	 	 
	 

	 	By:  /s/ ALAN
D. GOLD
 

	 
	 

	 	     Name:  Alan
D. Gold
 

	 
	 

	 	     Title:  President
and Chief Executive Officer
 

	 
	 

	 	     Date:  October
20
 

	, 2006	 
	 
	 	 	 	 
	 

	 	By:  /s/ GARY A.
KREITZER
 

	 
	 

	 	     Name:  Gary
A. Kreitzer
 

	 
	 

	 	     Title:  Executive
Vice President
 

	 
	 

	 	     Date:  October
20
 

	, 2006	 
	 
	 	 	 	 
	 

	 	BROKER:	 	 
	 
	 	 	 	 
	 

	 	Cushman & Wakefield	 	 
	 
	 	 	 	 
	 

	 	By:  /s/
 

	 
	 

	 	     Name:  
 

	 
	 

	 	     Title:  
 

	 
	 

	 	 
	 	 

52

 

	 	 	 	 	 
	 

	 	Lyme Properties LLC	 	 
	 
	 	 	 	 
	 

	 	By:  /s/
GEORGE LIGHTBODY
 

	 
	 

	 	     Name:  George Lightbody
 

	 
	 

	 	     Title:  Member
 

	 

RECEIPT BY ESCROW AGENT

     This Agreement, fully executed by both Seller and Purchaser, has been received by the Escrow
Agent this ___day of                                         , 200___and by execution hereof, Escrow Agent hereby covenants
and agrees to be bound by the terms of this Agreement that are applicable to it.

	 	 	 	 	 
	 

	 	ESCROW AGENT	 	 
	 
	 	 	 	 
	 

	 	By:  /s/
 

	 
	 

	 	     Name:  
 

	 
	 

	 	     Title:  
 

	 

53exv4w1

 

EXHIBIT 4.1

Execution
Version

 

Cricket Communications, Inc.

9.375% SENIOR NOTES DUE 2014

 

Indenture

Dated as of October 23, 2006

 

Wells Fargo Bank, N.A.

Trustee

 

 

 

 

CROSS-REFERENCE TABLE*

	 	 	 
	Trust Indenture	 	 
	Act Section	 	Indenture Section
	310(a)(1)
	 	7.10
	(a)(2)
	 	7.10
	(a)(3)
	 	N.A.
	(a)(4)
	 	N.A.
	(a)(5)
	 	7.10
	(b)
	 	7.10
	(c)
	 	N.A.
	311(a)
	 	7.11
	(b)
	 	7.11
	(c)
	 	N.A.
	312(a)
	 	2.06
	(b)
	 	12.03
	(c)
	 	12.03
	313(a)
	 	7.06
	(b)(1)
	 	N.A.
	(b)(2)
	 	7.06, 7.07
	(c)
	 	7.06, 12.02
	(d)
	 	7.06
	314(a)
	 	12.05
	(b)
	 	N.A.
	(c)(1)
	 	N.A.
	(c)(2)
	 	N.A.
	(c)(3)
	 	N.A.
	(d)
	 	N.A.
	(e)
	 	12.05
	(f)
	 	N.A.
	315(a)
	 	N.A.
	(b)
	 	N.A.
	(c)
	 	N.A.
	(d)
	 	N.A.
	(e)
	 	N.A.
	316(a) (last sentence)
	 	N.A.
	(a)(1)(A)
	 	N.A.
	(a)(1)(B)
	 	N.A.
	(a)(2)
	 	N.A.
	(b)
	 	N.A.

 

			
	N.A. means not applicable.	 	 
	 
	*This Cross-Reference Table is not part of the Indenture.	 	 

 

 

	 	 	 
	(c)
	 	12.14
	317(a)(1)
	 	N.A.
	(a)(2)
	 	N.A.
	(b)
	 	N.A.
	318(a)
	 	N.A.
	(b)
	 	N.A.
	(c)
	 	12.01

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page
	ARTICLE ONE	 	 	 	 
	DEFINITIONS AND INCORPORATION	 	 	 	 
	BY REFERENCE	 	 	 	 
	 
	 	 	 	 
	Section 1.01.Definitions
	 	 	1	 
	Section 1.02. Other Definitions
	 	 	27	 
	Section 1.03. Incorporation by Reference of Trust Indenture Act
	 	 	28	 
	Section 1.04. Rules of Construction
	 	 	28	 
	 
	 	 	 	 
	ARTICLE TWO	 	 	 	 
	THE NOTES	 	 	 	 
	 
	 	 	 	 
	Section 2.01. Form and Dating
	 	 	29	 
	Section 2.02. Execution and Authentication
	 	 	30	 
	Section 2.03. Methods of Receiving Payments on the Notes
	 	 	30	 
	Section 2.04. Registrar and Paying Agent
	 	 	31	 
	Section 2.05. Paying Agent to Hold Money in Trust
	 	 	31	 
	Section 2.06. Holder Lists
	 	 	31	 
	Section 2.07. Transfer and Exchange
	 	 	32	 
	Section 2.08. Replacement Notes
	 	 	44	 
	Section 2.09. Outstanding Notes
	 	 	44	 
	Section 2.10. Treasury Notes
	 	 	45	 
	Section 2.11. Temporary Notes
	 	 	45	 
	Section 2.12. Cancellation
	 	 	45	 
	Section 2.13. Defaulted Interest
	 	 	45	 
	Section 2.14. CUSIP Numbers
	 	 	46	 
	 
	 	 	 	 
	ARTICLE THREE	 	 	 	 
	REDEMPTION AND OFFERS TO	 	 	 	 
	PURCHASE	 	 	 	 
	 
	 	 	 	 
	Section 3.01. Notices to Trustee
	 	 	46	 
	Section 3.02. Selection of Notes to Be Redeemed
	 	 	46	 
	Section 3.03. Notice of Redemption
	 	 	47	 
	Section 3.04. Effect of Notice of Redemption
	 	 	47	 
	Section 3.05. Deposit of Redemption Price
	 	 	48	 
	Section 3.06. Notes Redeemed in Part
	 	 	48	 
	Section 3.07. Optional Redemption
	 	 	48	 
	Section 3.08. Repurchase Offers
	 	 	49	 
	Section 3.09. Application of Trust Money
	 	 	51	 

i

 

	 	 	 	 	 
	 	 	 	Page
	ARTICLE FOUR	 	 	 	 
	COVENANTS	 	 	 	 
	 
	 	 	 	 
	Section 4.01. Payment of Notes
	 	 	51	 
	Section 4.02. Maintenance of Office or Agency
	 	 	51	 
	Section 4.03. Reports
	 	 	52	 
	Section 4.04. Compliance Certificate
	 	 	53	 
	Section 4.05. Taxes
	 	 	54	 
	Section 4.06. Stay, Extension and Usury Laws
	 	 	54	 
	Section 4.07. Restricted Payments
	 	 	54	 
	Section 4.08. Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries
	 	 	57	 
	Section 4.09. Incurrence of Indebtedness
	 	 	59	 
	Section 4.10. Asset Sales
	 	 	62	 
	Section 4.11. Transactions with Affiliates
	 	 	64	 
	Section 4.12. Liens
	 	 	66	 
	Section 4.13. Business Activities
	 	 	66	 
	Section 4.14. Offer to Repurchase upon a Change of Control
	 	 	66	 
	Section 4.15. [INTENTIONALLY OMITTED]
	 	 	67	 
	Section 4.16. Designation of Restricted and Unrestricted Subsidiaries
	 	 	67	 
	Section 4.17. Payments for Consent
	 	 	69	 
	Section 4.18. Guarantees
	 	 	69	 
	 
	 	 	 	 
	ARTICLE FIVE	 	 	 	 
	SUCCESSORS	 	 	 	 
	 
	 	 	 	 
	Section 5.01. Merger, Consolidation or Sale of Assets
	 	 	69	 
	Section 5.02. Successor Corporation Substituted
	 	 	70	 
	 
	 	 	 	 
	ARTICLE SIX 	 	 	 	 
	DEFAULTS AND REMEDIES	 	 	 	 
	 
	 	 	 	 
	Section 6.01. Events of Default
	 	 	71	 
	Section 6.02. Acceleration
	 	 	73	 
	Section 6.03. Other Remedies
	 	 	73	 
	Section 6.04. Waiver of Past Defaults
	 	 	73	 
	Section 6.05. Control by Majority
	 	 	74	 
	Section 6.06. Limitation on Suits
	 	 	74	 
	Section 6.07. Rights of Holders of Notes to Receive Payment
	 	 	75	 
	Section 6.08. Collection Suit by Trustee
	 	 	75	 
	Section 6.09. Trustee May File Proofs of Claim
	 	 	75	 
	Section 6.10. Priorities
	 	 	76	 
	Section 6.11. Undertaking for Costs
	 	 	76	 
	 
	 	 	 	 
	ARTICLE SEVEN	 	 	 	 
	TRUSTEE	 	 	 	 
	 
	 	 	 	 
	Section 7.01. Duties of Trustee
	 	 	77	 

ii

 

	 	 	 	 	 
	 	 	Page
	Section 7.02. Certain Rights of Trustee
	 	 	78	 
	Section 7.03. Individual Rights of Trustee
	 	 	78	 
	Section 7.04. Trustee’s Disclaimer
	 	 	79	 
	Section 7.05. Notice of Defaults
	 	 	79	 
	Section 7.06. Reports by Trustee to Holders of the Notes
	 	 	79	 
	Section 7.07. Compensation and Indemnity
	 	 	79	 
	Section 7.08. Replacement of Trustee
	 	 	80	 
	Section 7.09. Successor Trustee by Merger, Etc.
	 	 	81	 
	Section 7.10. Eligibility; Disqualification
	 	 	81	 
	Section 7.11. Preferential Collection of Claims Against Company
	 	 	81	 
	 
	 	 	 	 
	ARTICLE EIGHT
	 	 	 	 
	DEFEASANCE AND COVENANT DEFEASANCE
	 	 	 	 
	 
	 	 	 	 
	Section 8.01. Option to Effect Legal Defeasance or Covenant Defeasance
	 	 	82	 
	Section 8.02. Legal Defeasance and Discharge
	 	 	82	 
	Section 8.03. Covenant Defeasance
	 	 	82	 
	Section 8.04. Conditions to Legal or Covenant Defeasance
	 	 	83	 
	Section 8.05. Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions
	 	 	84	 
	Section 8.06. Repayment to the Company
	 	 	85	 
	Section 8.07. Reinstatement
	 	 	85	 
	 
	 	 	 	 
	ARTICLE NINE
	 	 	 	 
	AMENDMENT, SUPPLEMENT AND WAIVER
	 	 	 	 
	 
	 	 	 	 
	Section 9.01. Without Consent of Holders of Notes
	 	 	86	 
	Section 9.02. With Consent of Holders of Notes
	 	 	87	 
	Section 9.03. Compliance with Trust Indenture Act
	 	 	88	 
	Section 9.04. Revocation and Effect of Consents
	 	 	88	 
	Section 9.05. Notation on or Exchange of Notes
	 	 	89	 
	Section 9.06. Trustee to Sign Amendments, Etc.
	 	 	89	 
	 
	 	 	 	 
	ARTICLE TEN 	 	 	 	 
	NOTE GUARANTEES	 	 	 	 
	 
	 	 	 	 
	Section 10.01. Guarantee
	 	 	89	 
	Section 10.02. Limitation on Guarantor Liability
	 	 	90	 
	Section 10.03. Execution and Delivery of Note Guarantee
	 	 	90	 
	Section 10.04. Guarantors May Consolidate, Etc., on Certain Terms
	 	 	91	 
	Section 10.05. Release of a Subsidiary Guarantor
	 	 	92	 
	 
	 	 	 	 
	ARTICLE ELEVEN	 	 	 	 
	SATISFACTION AND DISCHARGE	 	 	 	 
	 
	 	 	 	 
	Section 11.01. Satisfaction and Discharge
	 	 	92	 
	Section 11.02. Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions.
	 	 	93	 

iii

 

	 	 	 	 	 
	 	 	 	Page
	Section 11.03. Repayment to the Company
	 	 	94	 
	 
	 	 	 	 
	ARTICLE TWELVE	 	 	 	 
	MISCELLANEOUS	 	 	 	 
	 
	 	 	 	 
	Section 12.01. Trust Indenture Act Controls
	 	 	94	 
	Section 12.02. Notices
	 	 	94	 
	Section 12.03. Communication by Holders of Notes with Other Holders of Notes
	 	 	95	 
	Section 12.04. Certificate and Opinion as to Conditions Precedent
	 	 	95	 
	Section 12.05. Statements Required in Certificate or Opinion
	 	 	96	 
	Section 12.06. Rules by Trustee and Agents
	 	 	96	 
	Section 12.07. No Personal Liability of Directors, Officers, Employees and Stockholders
	 	 	96	 
	Section 12.08. Governing Law
	 	 	96	 
	Section 12.09. Consent to Jurisdiction
	 	 	97	 
	Section 12.10. No Adverse Interpretation of Other Agreements
	 	 	97	 
	Section 12.11. Successors
	 	 	97	 
	Section 12.12. Severability
	 	 	97	 
	Section 12.13. Counterpart Originals
	 	 	97	 
	Section 12.14. Acts of Holders
	 	 	97	 
	Section 12.15. Benefit of Indenture
	 	 	99	 
	Section 12.16. Table of Contents, Headings, Etc.
	 	 	99	 

EXHIBITS

	 	 	 
	Exhibit A
	 	FORM OF NOTE
	 
	 	 
	Exhibit B
	 	FORM OF CERTIFICATE OF TRANSFER
	 
	 	 
	Exhibit C
	 	FORM OF CERTIFICATE OF EXCHANGE
	 
	 	 
	Exhibit D
	 	FORM OF CERTIFICATE OF ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR
	 
	 	 
	Exhibit E
	 	FORM OF NOTATION OF GUARANTEE
	 
	 	 
	Exhibit F
	 	FORM OF SUPPLEMENTAL INDENTURE

iv

 

          INDENTURE dated as of October 23, 2006 among Cricket Communications, Inc., a Delaware
corporation (the “Company”), the Initial Guarantors (as defined below) listed on the signature
pages hereto and Wells Fargo Bank, N.A., a national banking association, as trustee.

          The Company has duly authorized the execution and delivery of this Indenture to provide for
the issuance from time to time of its 9.375% Senior Notes due 2014 to be issued in one or more
series as provided in this Indenture. The Initial Guarantors have duly authorized the execution
and delivery of this Indenture to provide for a guarantee of the Notes and of certain of the
Company’s obligations hereunder. All things necessary to make this Indenture a valid agreement of
the Company and the Initial Guarantors, in accordance with its terms, have been done.

          The Company, the Guarantors and the Trustee (as defined below) agree as follows for the
benefit of each other and for the equal and ratable benefit of the Holders (as defined below) of
the 9.375% Senior Notes due 2014:

ARTICLE ONE

DEFINITIONS AND INCORPORATION

BY REFERENCE

Section 1.01. Definitions.

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

          “Acquired Indebtedness” means Indebtedness of a Person existing at the time such Person
becomes a Restricted Subsidiary or merges with or into the Parent or any of its Restricted
Subsidiaries or which is assumed by the Parent or any of its Restricted Subsidiaries in connection
with an Asset Acquisition and not incurred in connection with, or in anticipation of, such Person
becoming a Restricted Subsidiary or such Asset Acquisition. The term “Acquired Indebtedness” does
not include Indebtedness of a Person which is redeemed, defeased, retired or otherwise repaid at
the time of or immediately upon consummation of the transactions by which such Person becomes a
Restricted Subsidiary or such Asset Acquisition.

          “Additional Interest” means all additional interest then owing on the Notes pursuant to the
Registration Rights Agreement.

          “Additional Notes” means an unlimited maximum aggregate principal amount of Notes (other than
the Notes issued on the date hereof) issued under this Indenture in accordance with Sections 2.02
and 4.09 hereof.

          “Affiliate” of any specified Person means (1) any other Person directly or indirectly
controlling or controlled by or under direct or indirect common control with such specified Person,
(2) any executive officer or director of such specified Person, or (3) any

 

 

Designated Entity. For
purposes of this definition, “control,” as used with respect to any Person, shall mean the
possession, directly or indirectly, of the power to direct or cause the direction of the management
or policies of such Person, whether through the ownership of voting securities, by agreement or
otherwise; provided that beneficial ownership of 10% or more of the Voting Stock of a Person shall
be deemed to be control. For purposes of this definition, the terms “controlling,” “controlled by”
and “under common control with” shall have correlative meanings.

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

          “Applicable Premium” means, with respect to a Note at any date of redemption, the greater of
(i) 1.0% of the principal amount of such Note and (ii) the excess of (A) the present value at such
date of redemption of (1) the redemption price of such Note at November 1, 2010 (such redemption
price being described herein at Section 3.07) plus (2) all remaining required interest payments due
on such Note through November 1, 2010 (excluding accrued but unpaid interest to the date of
redemption), computed using a discount rate equal to the Treasury Rate plus 50 basis points, over
(B) the principal amount of such Note.

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

          “Asset Acquisition” means:

          (1) an Investment by the Parent or any of its Restricted Subsidiaries in any other Person
pursuant to which such Person shall become a Restricted Subsidiary or shall be merged into or
consolidated with the Parent or any of its Restricted Subsidiaries but only if such Person’s
primary business is a Permitted Business,

          (2) an acquisition by the Parent or any of its Restricted Subsidiaries of the property and
assets of any Person other than the Parent or any of its Restricted Subsidiaries that constitute
all or substantially all of a division, operating unit or line of business of such Person but only
if the property and assets so acquired is a Permitted Business,

          (3) an Investment by a Designated Entity in any other Person pursuant to which such Person
shall (a) become a Subsidiary of such Designated Entity or (b) be merged into or consolidated with
such Designated Entity, but, in the case of (a) or (b), only if such Person’s primary business is a
Permitted Business, or

          (4) an acquisition by a Designated Entity of the property and assets of any Person other than
the Parent, any of its Restricted Subsidiaries or any other Designated Entity that constitute all
or substantially all of a division, operating unit or line of business of such Person but only if
the property and assets so acquired is a Permitted Business.

          “Asset Disposition” means the sale or other disposition by:

          (1) the Parent or any of its Restricted Subsidiaries other than to the Parent or another
Restricted Subsidiary of (a) all or substantially all of the Capital Stock of any Restricted

2

 

Subsidiary or any Designated Entity or (b) all or substantially all of the assets that constitute a
division, operating unit or line of business of the Parent or any of its Restricted Subsidiaries,
or

          (2) a Designated Entity other than to the Parent, any of its Restricted Subsidiaries or any
other Designated Entity of (a) all or substantially all of the Capital Stock of a Subsidiary of
such Designated Entity or (b) all or substantially all of the assets that constitute a division,
operating unit or line of business of such Designated Entity.

          “Asset Sale” means:

          (1) the sale, lease, conveyance or other disposition of any assets, other than a transaction
governed by Sections 4.14 and/or Section 5.01 of this Indenture; and

          (2) (a) the issuance of Equity Interests by any of the Parent’s Restricted Subsidiaries or (b)
the sale by the Parent or any Restricted Subsidiary thereof of any Equity Interests it owns in any
of its Subsidiaries (other than directors’ qualifying shares and shares issued to foreign nationals
to the extent required by applicable law) or Designated Entities.

          Notwithstanding the preceding, the following items shall be deemed not to be Asset Sales:

          (1) any single transaction or series of related transactions that involves assets or Equity
Interests having a Fair Market Value of less than $5.0 million;

          (2) a transfer of assets or Equity Interests between or among the Parent and its Restricted
Subsidiaries;

          (3) an issuance of Equity Interests by a Restricted Subsidiary of the Parent to the Parent or
to another Restricted Subsidiary;

          (4) the sale, lease, sublease, license, sublicense, consignment, conveyance or other
disposition of equipment, inventory, accounts receivable or other assets in the ordinary course of
business or to any Designated Entity in compliance with Section 4.11 of this Indenture;

          (5) the sale or other disposition of Cash Equivalents;

          (6) dispositions of accounts receivable in connection with the compromise, settlement or
collection thereof in the ordinary course of business or in bankruptcy or similar proceedings;

          (7) a Restricted Payment that is permitted by Section 4.07;

          (8) any sale or disposition of any property or equipment that has become damaged, worn out or
obsolete;

          (9) the creation of a Lien not prohibited by this Indenture; and

3

 

          (10) the licensing of intellectual property or other general intangibles (other than FCC
Licenses) to third persons on customary terms approved by the Board of Directors of the Parent or
the Company in good faith and in the ordinary course of business.

          “Attributable Debt” in respect of a Sale and Leaseback Transaction means, at the time of
determination, the present value of the obligation of the lessee for net rental payments during the
remaining term of the lease included in such Sale and Leaseback Transaction, including any period
for which such lease has been extended or may, at the option of the lessor, be extended. Such
present value shall be calculated using a discount rate equal to the rate of interest implicit in
such transaction, determined in accordance with GAAP.

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

          “Beneficial Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under
the Exchange Act, except that in calculating the beneficial ownership of any particular “person”
(as that term is used in Section 13(d)(3) of the Exchange Act), such “person” shall be deemed to
have beneficial ownership of all securities that such “person” has the right to acquire by
conversion or exercise of other securities, whether such right is currently exercisable or is
exercisable only upon the occurrence of a subsequent condition. The terms “Beneficially Owns” and
“Beneficially Owned” shall have a corresponding meaning.

          “Board of Directors” means:

     (1) with respect to a corporation, the board of directors of the corporation or, except
in the context of the definitions of “Change of Control,” a duly authorized committee
thereof;

     (2) with respect to a partnership, the Board of Directors of the general partner of the
partnership;

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

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

          “Board Resolution” means a resolution certified by the Secretary or an Assistant Secretary of
the Parent, or the Company, as applicable, to have been duly adopted by the Board of Directors of
the Parent or the Company, as applicable, and to be in full force and effect on the date of such
certification.

          “Bridge
Agreement” means that certain Bridge Credit Agreement, dated as of August 8, 2006, by
and among the Company, Parent, Citicorp North America, Inc., as Administrative Agent, and the other
lenders named therein, including any related notes, Guarantees, instruments and agreements executed
in connection therewith, and in each case as amended, restated, modified, renewed, refunded or
refinanced from time to time, regardless of

4

 

whether such amendment, restatement, modification, renewal, refunding or refinancing is with
the same financial institutions or otherwise.

          “Broker-Dealer” has the meaning set forth in the Registration Rights Agreement.

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

          “Capital Lease Obligation” means, at the time any determination thereof is to be made, the
amount of the liability in respect of a capital lease that would at that time be required to be
capitalized on a balance sheet in accordance with GAAP, 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 prepaid by the lessee without payment of a penalty.

          “Capital Stock” means:

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

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

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

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

          “Cash Equivalents” means:

     (1) United States dollars;

     (2) readily marketable obligations issued or directly and fully guaranteed or insured
by the United States of America or any agency or instrumentality thereof (provided that the
full faith and credit of the United States of America is pledged in support thereof), having
maturities of not more than two years from the date of acquisition thereof;

     (3) demand deposits, certificates of deposit and eurodollar time deposits with
maturities of one year or less from the date of acquisition, bankers’ acceptances with
maturities not exceeding one year and overnight bank deposits, in each case, with any
domestic commercial bank having capital and surplus in excess of $500.0 million and a rating
at the time of acquisition thereof of P-1 or better from Moody’s or A-1 or better from S&P;

     (4) commercial paper outstanding at any time issued by any Person organized under the
laws of any state of the United States of America and rated P-1 or better from

5

 

Moody’s or A-1 or better from S&P and in each case with maturities of not more than 270
days from the date of acquisition thereof;

     (5) securities with final maturities of not more than two years from the date of
acquisition thereof issued or fully guaranteed by any state, territory or municipality of
the United States of America or by any political subdivision, taxing authority, agency or
instrumentality thereof and rated at least A by S&P or A by Moody’s;

     (6) insured demand deposits made in the ordinary course of business and consistent with
the Parent’s or its Subsidiaries’ customary cash management policy in any domestic office of
any commercial bank organized under the laws of the United States of America or any state
thereof;

     (7) repurchase obligations with a term of not more than 90 days for underlying
securities of the types described in clauses (2), (3) and (4) above entered into with any
financial institution meeting the qualifications specified in clause (3) above;

     (8) auction rate notes with a maximum time between interest rate resets of 35 days and
a rating of at least AAA by S&P or AAA by Moody’s; and

     (9) investments, classified in accordance with GAAP as current assets of the Parent or
any of its Restricted Subsidiaries, in money market funds or investment programs registered
under the Investment Company Act of 1940, the portfolios of which are limited solely to
Investments of the character, quality and maturity described in clauses (2) through (8) of
this definition.

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

     (1) the direct or indirect sale, transfer, conveyance or other disposition (other than
by way of merger or consolidation), in one or a series of related transactions, of all or
substantially all of the properties or assets of the Parent and its Restricted Subsidiaries,
taken as a whole, to any “person” (as that term is used in Section 13(d)(3) of the Exchange
Act);

     (2) the adoption of a plan relating to the liquidation or dissolution of the Company or
Parent;

     (3) any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the
Exchange Act, but excluding any employee benefit plan of such “person” or its Subsidiaries,
and any Person or entity acting in its capacity as trustee, agent or other fiduciary or
administrator of any such plan) becomes the Beneficial Owner, directly or indirectly, of 35%
or more of the Voting Stock of Parent on a fully-diluted basis (and taking into account all
such securities that such “person” or “group” has the right to acquire pursuant to any
option right to the extent that such option right is exercisable within 60 days after the
date of determination);

     (4) during any period of 12 consecutive months, a majority of the members of the Board
of Directors or other equivalent governing body of the Company or Parent

6

 

cease to be composed of individuals (i) who were members of the Board of Directors or
equivalent governing body on the first day of such period, (ii) whose election or nomination
to that Board of Directors or equivalent governing body was approved by individuals referred
to in clause (i) above constituting at the time of such election or nomination at least a
majority of that Board of Directors or equivalent governing body, (iii) whose election or
nomination to that Board of Directors or other equivalent governing body was approved by
individuals referred to in clauses (i) and (ii) above constituting at the time of such
election or nomination at least a majority of that Board of Directors or equivalent
governing body or (iv) in the case of the Company, whose election or nomination to that
Board of Directors or equivalent governing body was approved by Parent (excluding, in the
case of both clause (ii) and clause (iii), any individual whose initial nomination for, or
assumption of office as, a member of that Board of Directors or equivalent governing body
occurs as a result of an actual or threatened solicitation of proxies or consents for the
election or removal of one or more directors by any “person” or “group” other than a
solicitation for the election of one or more directors by or on behalf of the Board of
Directors);

     (5) the Company or Parent consolidates with, or merges with or into, any Person, or any
Person consolidates with, or merges with or into the Company or Parent, in any such event
pursuant to a transaction in which any of the outstanding Voting Stock of the Company or
Parent is converted into or exchanged for cash, securities or other property, other than any
such transaction where, immediately after such transaction, no “person” or “group” (as such
terms are used in Section 13(d) and 14(d) of the Exchange Act) becomes, directly or
indirectly, the Beneficial Owner of 35% or more of the voting power of the Voting Stock of
the surviving or transferee Person; or

     (6) Parent ceases to own 100% of the Equity Interests of the Company (unless Parent and
the Company are merged).

          “Clearstream” means Clearstream Banking, société anonyme, Luxembourg (formerly Cedel Bank,
société anonyme), and any successor thereto.

          “Closing Date” means October 23, 2006.

          “Common Stock” means, with respect to any Person, any Capital Stock (other than Preferred
Stock) of such Person, whether outstanding on the Issue Date or issued thereafter.

          “Company” means Cricket Communications, Inc. until a successor replaces it pursuant to Section
5.01 hereof and thereafter means the successor.

          “Consolidated Cash Flow” means, with respect to any specified Person for any period, the
Consolidated Net Income of such Person for such period plus:

     (1) provision for taxes based on income or profits of such Person, its Restricted
Subsidiaries and its Designated Entities for such period, to the extent that such provision
for taxes was deducted in computing such Consolidated Net Income; plus

7

 

     (2) Fixed Charges of such Person, its Restricted Subsidiaries and its Designated
Entities for such period, to the extent that any such Fixed Charges were deducted in
computing such Consolidated Net Income; plus

     (3) depreciation, amortization (including amortization of intangibles but excluding
amortization of prepaid cash expenses that were paid in a prior period) and other non-cash
expenses (excluding any such non-cash expense to the extent that it represents an accrual of
or reserve for cash expenses in any future period or amortization of a prepaid cash expense
that was paid in a prior period) of such Person, its Restricted Subsidiaries and its
Designated Entities for such period to the extent that such depreciation, amortization and
other non-cash expenses were deducted in computing such Consolidated Net Income, such other
non-cash expenses to include, without limitation, impairment charges associated with
goodwill, wireless licenses, other indefinite-lived assets and long-lived assets, and
stock-based compensation awards; minus

     (4) non-cash items increasing such Consolidated Net Income for such period, other than
the accrual of revenue consistent with past practice;

     in each case, on a consolidated basis and determined in accordance with GAAP.

          Notwithstanding the preceding, the provision for taxes based on the income or profits of, the
Fixed Charges of and the depreciation and amortization and other non-cash expenses of, a Restricted
Subsidiary of the Parent or a Designated Entity shall be added to Consolidated Net Income to
compute Consolidated Cash Flow of the Parent (A) in the same proportion that the Net Income of such
Restricted Subsidiary or such Designated Entity was added to compute such Consolidated Net Income
of the Parent and (B) only to the extent that a corresponding amount would be permitted at the date
of determination to be dividended or distributed to the Parent by such Restricted Subsidiary or
such Designated Entity without prior governmental approval (that has not been obtained), and
without direct or indirect restriction pursuant to the terms of its charter and all agreements,
instruments, judgments, decrees, orders, statutes, rules and governmental regulations applicable to
that Subsidiary or its stockholders, or such Designated Entity or holders of its Capital Stock, as
applicable (other than restrictions on dividends or distributions in respect of Existing Designated
Entities that are contained in agreements or instruments existing on the Issue Date and any
amendment, restatement, modification, renewal, refunding, replacement or refinancing thereof,
provided that such corresponding restrictions on dividends or distributions, as the case may be,
included therein are no more restrictive than the applicable restrictions on dividends or
distributions in the agreement or instrument being amended, restated, modified, renewed, refunded
or refinanced).

          “Consolidated Leverage Ratio” means on any Transaction Date, the ratio of:

     (1) the aggregate amount of Indebtedness of the Parent, its Restricted Subsidiaries and
its Designated Entities on a consolidated basis outstanding on such Transaction Date, to

     (2) the aggregate amount of Consolidated Cash Flow of the Parent, its Restricted
Subsidiaries and its Designated Entities for the Four Quarter Period.

8

 

     In determining the Consolidated Leverage Ratio:

     (1) pro forma effect shall be given to any Indebtedness that is to be incurred or
repaid on the Transaction Date;

     (2) pro forma effect shall be given to Asset Dispositions and Asset Acquisitions
(including giving pro forma effect to the application of proceeds of any Asset Disposition)
that occur during the Reference Period as if they had occurred and such proceeds had been
applied on the first day of such Reference Period; and

     (3) pro forma effect shall be given to asset dispositions and asset acquisitions
(including giving pro forma effect to the application of proceeds of any asset disposition)
that have been made by any Person that has become a Restricted Subsidiary of the Parent or a
Designated Entity or has been merged with or into the Parent, any Restricted Subsidiary or
any Designated Entity during such Reference Period and that would have constituted Asset
Dispositions or Asset Acquisitions had such transactions occurred when such Person was a
Restricted Subsidiary or a Designated Entity, as the case may be, as if such asset
dispositions or asset acquisitions were Asset Dispositions or Asset Acquisitions that
occurred on the first day of such Reference Period.

          To the extent that pro forma effect is given to an Asset Acquisition or Asset Disposition,
such pro forma calculation shall be based upon the four full fiscal quarters immediately preceding
the Transaction Date of the Person, or division, operating unit or line of business of the Person,
that is acquired or disposed of for which financial information is available, and Consolidated Cash
Flow shall be calculated on a pro forma basis in accordance with Regulation S-X under the
Securities Act, but without giving effect to clause (3) of the proviso set forth in the definition
of Consolidated Net Income.

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

     (1) the Net Income of any Person that is not a Restricted Subsidiary or a Designated
Entity or that is accounted for by the equity method of accounting shall be included only to
the extent of the amount of dividends or distributions paid in cash to the specified Person
or a Restricted Subsidiary thereof;

     (2) the Net Income of any Restricted Subsidiary or any Designated Entity shall be
excluded to the extent that the declaration or payment of dividends or similar distributions
by that Restricted Subsidiary or that Designated Entity, as applicable, of that Net Income
is not at the date of determination permitted without any prior governmental approval (that
has not been obtained) or, directly or indirectly, by operation of the terms of its charter
or any agreement, instrument, judgment, decree, order, statute, rule or governmental
regulation applicable to that Restricted Subsidiary or its equityholders, or such Designated
Entity or holders of its Capital Stock, as applicable (other than restrictions on dividends
or distributions in respect of Existing Designated Entities that

9

 

are contained in agreements or instruments existing on the Issue Date and any
amendment, restatement, modification, renewal, refunding, replacement or refinancing
thereof, provided that such corresponding restrictions on dividends or distributions, as the
case may be, included therein are no more restrictive than the applicable restrictions on
dividends or distributions in the agreement or instrument being amended, restated, modified,
renewed, refunded or refinanced);

     (3) the Net Income of any Person acquired during the specified period for any period
prior to the date of such acquisition shall be excluded;

     (4) the cumulative effect of a change in accounting principles shall be excluded; and

     (5) notwithstanding clause (1) above, the Net Income or loss of any Unrestricted
Subsidiary shall be excluded, whether or not distributed to the specified Person or one of
its Subsidiaries.

          “Corporate Trust Office of the Trustee” shall be at the address of the Trustee specified in
Section 12.02 hereof or such other address as to which the Trustee may give notice to the Company.

          “Credit Agreement” means that certain Amended and Restated Credit Agreement, dated as of June
16, 2006, by and among the Company, Parent, Bank of America, N.A., as Administrative Agent, and the
other lenders named therein, including any related notes, Guarantees, collateral documents,
instruments and agreements executed in connection therewith, and in each case as amended, restated,
modified, renewed, refunded, replaced or refinanced from time to time, regardless of whether such
amendment, restatement, modification, renewal, refunding, replacement or refinancing is with the
same financial institutions or otherwise.

          “Credit Facilities” means, one or more debt facilities (including, without limitation, the
Credit Agreement and the Bridge Agreement), commercial paper facilities or indentures, in each case
with banks or other institutional lenders or a trustee, providing for revolving credit loans, term
loans, receivables financing (including through the sale of receivables to such lenders or to
special purpose entities formed to borrow from such lenders against such receivables), letters of
credit or issuances of notes, in each case, as amended, restated, modified, renewed, refunded,
replaced or refinanced in whole or in part from time to time.

          “Custodian” means the Trustee, as custodian with respect to the Notes in global form, or any
successor entity thereto.

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

          “Definitive Note” means a certificated Note registered in the name of the Holder thereof and
issued in accordance with Section 2.07 hereof, substantially in the form of Exhibit A hereto, and
such Note shall not bear the Global Note Legend and shall not have the “Schedule of Exchanges of
Interests in the Global Note” attached thereto.

10

 

          “Depositary” means, with respect to the Notes issuable or issued in whole or in part in global
form, the Person specified in Section 2.04 hereof as the Depositary with respect to the Notes, and
any and all successors thereto appointed as depositary hereunder and having become such pursuant to
the applicable provision of this Indenture.

          “Designated Entity” means a Person that is designated as a “Designated Entity” by the Board of
Directors of the Parent pursuant to a Board Resolution; provided that (i) at the time of the making
of the initial investment by the Parent or any of its Restricted Subsidiaries in such Person, such
Person (A) holds or is intended to hold, whether directly or indirectly through one or more
subsidiaries, one or more FCC Licenses as, or is eligible to participate in an FCC auction or
auctions for FCC Licenses and/or purchase of FCC Licenses or spectrum in an after-market therefor,
from time to time as, a “Designated Entity,” “Entrepreneur,” “Small Business,” or “Very Small
Business,” as those terms are defined under FCC rules and regulations as in effect at the time of
such initial investment in such Person or (B) is a wholly owned Subsidiary of a Person meeting the
requirements of subclause (A) above; (ii) the Parent and its Restricted Subsidiaries own a majority
(but less than 100%) of the equity interests of such Person (or in the case of a Person referred to
in subclause (i)(B), the Person referred to in subclause (i)(A) of which such Person is a wholly
owned Subsidiary); (iii) the accounts of such Person are consolidated with those of the Parent and
its Subsidiaries in accordance with GAAP; and (iv) such Person’s primary business is a Permitted
Business.

          “Disqualified Stock” means any Capital Stock that, by its terms (or by the terms of any
security into which it is convertible, or for which it is exchangeable, in each case at the option
of the holder thereof), or upon the happening of any event, matures or is mandatorily redeemable,
pursuant to a sinking fund obligation or otherwise, or redeemable at the option of the holder
thereof, in whole or in part, on or prior to the date that is one year after the date on which the
Notes mature. Notwithstanding the preceding sentence, any Capital Stock that would constitute
Disqualified Stock solely because the holders thereof have the right to require the Parent to
repurchase such Capital Stock upon the occurrence of a change of control or an asset sale shall not
constitute Disqualified Stock if the terms of such Capital Stock provide that the Parent may not
repurchase or redeem any such Capital Stock pursuant to such provisions unless such repurchase or
redemption complies with Section 4.07. The term “Disqualified Stock” shall also include any
options, warrants or other rights that are convertible into Disqualified Stock or that are
redeemable at the option of the holder, or required to be redeemed, prior to the date that is one
year after the date on which the Notes mature.

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

          “Equity Offering” means any public or private placement of Capital Stock (other than
Disqualified Stock) of Parent (other than pursuant to a registration statement on Form S-8 or
otherwise relating to equity securities issuable under any employee benefit plan of Parent) to any
Person other than any Subsidiary thereof.

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

11

 

          “Exchange Notes” means the Notes issued in the Exchange Offer in accordance with Section
2.07(f) hereof.

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

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

          “Existing Designated Entity” means each of Alaska Native Broadband 1, LLC, LCW Wireless, LLC
and Denali Spectrum, LLC and each of their respective Subsidiaries.

          “Existing Indebtedness” means the aggregate amount of Indebtedness of the Parent and its
Restricted Subsidiaries (other than Indebtedness under the Credit Agreement, the Bridge Agreement
or under the Notes and the related Note Guarantees) in existence on the Issue Date after giving
effect to the application of the proceeds of (1) the Notes and (2) any borrowings made under the
Credit Agreement or the Bridge Agreement on the Issue Date, until such amounts are repaid.

          “Fair Market Value” means 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 an Officer of the Parent or by the Board of
Directors of the Parent, evidenced by an Officers’ Certificate or Board Resolution, as applicable.

          “FCC” means the Federal Communications Commission.

          “FCC Licenses” means broadband personal communications service licenses or other licenses for
the provision of wireless telecommunications services or operation of wireless telecommunications
systems issued by the FCC from time to time.

          “Fixed Charges” means, with respect to any specified Person for any period, the sum, without
duplication, of:

     (1) the consolidated interest expense of such Person, its Restricted Subsidiaries and
its Designated Entities for such period, whether paid or accrued, including, without
limitation, amortization of debt issuance costs and original issue discount, non-cash
interest payments, the interest component of any deferred payment obligations, the interest
component of all payments associated with Capital Lease Obligations, imputed interest with
respect to Attributable Debt, commissions, discounts and other fees and charges incurred in
respect of letter of credit or bankers’ acceptance financings, and net of the effect of all
payments made or received pursuant to Hedging Obligations; plus

     (2) the consolidated interest of such Person, its Restricted Subsidiaries and its
Designated Entities that was capitalized during such period; plus

12

 

     (3) any interest expense on Indebtedness of another Person that is Guaranteed by such
Person, any of its Restricted Subsidiaries or any of its Designated Entities or secured by a
Lien on assets of such Person, any of its Restricted Subsidiaries or any of its Designated
Entities whether or not such Guarantee or Lien is called upon; plus

     (4) the product of (a) all dividends, whether paid or accrued and whether or not in
cash, on any series of Disqualified Stock of such Person or Disqualified Stock or Preferred
Stock of any of its Restricted Subsidiaries or any of its Designated Entities other than
dividends on Equity Interests payable solely in Equity Interests (other than Disqualified
Stock) of the Parent or to the Parent or a Restricted Subsidiary of the Parent, 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 (if such Person
is part of a consolidated group, then such tax rate shall be computed on a standalone basis
for such Person), expressed as a decimal,

in each case, on a consolidated basis and in accordance with GAAP.

          “Forward Sale Agreements” means collectively (a) that certain Confirmation of Forward Sale
Transaction, dated as of August 15, 2006, between Parent and Goldman Sachs Financial Markets, L.P.
and (b) that certain Confirmation of Forward Sale Transaction, dated as of August 15, 2006, between
Parent and Citibank, N.A.

          “Four Quarter Period” means, with respect to any specified Transaction Date, the four fiscal
quarters immediately prior to the Transaction Date for which internal financial statements of the
Parent are available.

          “GAAP” means generally accepted accounting principles set forth in the opinions and
pronouncements of the Public Company Accounting Oversight Board (PCAOB) and in the statements and
pronouncements of the Financial Accounting Standards Board or in such other statements by such
other entity as have been approved by a significant segment of the accounting profession, which are
in effect on the Issue Date.

          “Global Note Legend” means the legend set forth in Section 2.07(g)(ii), which is required to
be placed on all Global Notes issued under this Indenture.

          “Global Notes” means, individually and collectively, each of the Restricted Global Notes and
the Unrestricted Global Notes, substantially in the form of Exhibit A hereto, issued in accordance
with Section 2.01, 2.07(b), 2.07(d) or 2.07(f) of this Indenture.

          “Government Securities” means securities that are direct obligations of the United States of
America for the timely payment of which its full faith and credit is pledged.

          “Guarantee” means, as to any Person, a guarantee other than by endorsement of negotiable
instruments for collection in the ordinary course of business, direct or indirect, in any manner
including, without limitation, by way of a pledge of assets or through letters of credit or
reimbursement agreements in respect thereof, of all or any part of any Indebtedness of another
Person.

13

 

          “Guarantors” means:

     (1) the Initial Guarantors; and

     (2) any other Subsidiary that executes a Note Guarantee in accordance with the
provisions of this Indenture;

and their respective successors and assigns until released from their obligations under their Note
Guarantees and this Indenture in accordance with the terms of this Indenture.

          “Hedging Obligations” means, with respect to any specified Person, the obligations of such
Person under:

     (1) interest rate swap agreements, interest rate cap agreements, interest rate collar
agreements and other agreements or arrangements with respect to interest rates;

     (2) commodity swap agreements, commodity option agreements, forward contracts and other
agreements or arrangements with respect to commodity prices; and

     (3) foreign exchange contracts, currency swap agreements and other agreements or
arrangements with respect to foreign currency exchange rates.

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

          “Incur” means, with respect to any Indebtedness, to incur, create, issue, assume, Guarantee or
otherwise become directly or indirectly liable for or with respect to, or become responsible for,
the payment of, contingently or otherwise, such Indebtedness (and “Incurrence” and “Incurred” shall
have meanings correlative to the foregoing); provided that (1) any Indebtedness of a Person
existing at the time such Person becomes a Restricted Subsidiary of the Parent or a Designated
Entity shall be deemed to be Incurred by such Restricted Subsidiary or such Designated Entity at
the time it becomes a Restricted Subsidiary of the Parent or a Designated Entity and (2) neither
the accrual of interest nor the accretion of original issue discount nor the payment of interest in
the form of additional Indebtedness with the same terms and the payment of dividends on
Disqualified Stock or Preferred Stock in the form of additional shares of the same class of
Disqualified Stock or Preferred Stock (to the extent provided for when the Indebtedness or
Disqualified Stock or Preferred Stock on which such interest or dividend is paid was originally
issued) shall be considered an Incurrence of Indebtedness; provided that in each case the amount
thereof is for all other purposes included in the Fixed Charges and Indebtedness of the Parent, its
Restricted Subsidiaries or its Designated Entities as accrued.

          “Indebtedness” means with respect to any specified Person, any indebtedness of such Person,
whether or not contingent:

     (1) in respect of borrowed money;

     (2) evidenced by bonds, notes, debentures or similar instruments or letters of credit
(or reimbursement agreements in respect thereof);

14

 

     (3) in respect of banker’s acceptances;

     (4) in respect of Capital Lease Obligations and Attributable Debt;

     (5) in respect of the balance deferred and unpaid of the purchase price of any property
or services, except any such balance that constitutes an accrued expense or trade payable;

     (6) representing Hedging Obligations;

     (7) representing Disqualified Stock valued at the greater of its voluntary or
involuntary maximum fixed repurchase price plus accrued dividends; or

     (8) in the case of a Subsidiary of such Person, representing Preferred Stock valued at
the greater of its voluntary or involuntary maximum fixed repurchase price plus accrued
dividends.

          In addition, the term “Indebtedness” includes (x) all Indebtedness of others secured by a Lien
on any asset of the specified Person (whether or not such Indebtedness is assumed by the specified
Person), provided that the amount of such Indebtedness shall be the lesser of (A) the Fair Market
Value of such asset at such date of determination and (B) the amount of such Indebtedness, and (y)
to the extent not otherwise included, the Guarantee by the specified Person of any Indebtedness of
any other Person. For purposes hereof, the “maximum fixed repurchase price” of any Disqualified
Stock or Preferred Stock which does not have a fixed repurchase price shall be calculated in
accordance with the terms of such Disqualified Stock or Preferred Stock, as applicable, as if such
Disqualified Stock or Preferred Stock were repurchased on any date on which Indebtedness is
required to be determined pursuant to this Indenture.

          The amount of any Indebtedness outstanding as of any date shall be the outstanding balance at
such date of all unconditional obligations as described above and, with respect to contingent
obligations, the maximum liability upon the occurrence of the contingency giving rise to the
obligation, and shall be:

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

     (2) the principal amount thereof, together with any interest thereon that is more than
30 days past due, in the case of any other Indebtedness.

          “Initial Guarantors” means Parent and all of the Restricted Subsidiaries of the Parent
existing on the Issue Date, other than inactive Subsidiaries.

          “Initial Purchasers” means Citigroup Global Markets Inc., Goldman, Sachs & Co., Banc of
America Securities LLC, Deutsche Bank Securities Inc. and Morgan Stanley & Co. Incorporated.

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

15

 

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

          “Institutional Accredited Investor” means an institution that is an “accredited investor” as
defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act, who are not also QIBs.

          “Investment Company Act” means the Investment Company Act of 1940, as amended.

          “Investments” means, with respect to any Person, all direct or indirect investments by such
Person in other Persons (including Affiliates) in the form of loans or other extensions of credit
(including Guarantees), advances, capital contributions (by means of any transfer of cash or other
property to others or any payment for property or services for the account or use of others),
purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other
securities, together with all items that are or would be classified as investments on a balance
sheet prepared in accordance with GAAP.

          If the Parent or any Restricted Subsidiary of the Parent sells or otherwise disposes of any
Equity Interests of any direct or indirect Restricted Subsidiary of the Parent such that, after
giving effect to any such sale or disposition, such Person is no longer a Restricted Subsidiary of
the Parent, the Parent shall be deemed to have made an Investment on the date of any such sale or
disposition equal to the Fair Market Value of the Investment in such Subsidiary not sold or
disposed of. The acquisition by the Parent or any Restricted Subsidiary of the Parent of a Person
that holds an Investment in a third Person shall be deemed to be an Investment by the Parent or
such Restricted Subsidiary in such third Person in an amount equal to the Fair Market Value of the
Investment held by the acquired Person in such third Person.

          “Issue Date” means the date of original issuance of the Notes under this Indenture.

          “Legal Holiday” means a Saturday, a Sunday or a day on which banking institutions in The City
of New York or at a place of payment are authorized or required by law, regulation or executive
order to remain closed.

          “Legended Regulation S Global Note” means a global Note in the form of Exhibit A hereto
bearing the Global Note Legend and the Private Placement Legend and deposited with or on behalf of
and registered in the name of the Depositary or its nominee, issued in a denomination equal to the
outstanding principal amount at maturity of the Notes initially sold in reliance on Rule 903 of
Regulation S.

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

          “Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest
or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise
perfected under applicable law, including any conditional sale or other title

16

 

retention agreement, any lease in the nature thereof, any option or other agreement to sell or
give a security interest in and any filing of or agreement to give any financing statement under
the Uniform Commercial Code (or equivalent statutes) of any jurisdiction.

          “Moody’s” means Moody’s Investors Service, Inc. and its successors.

          “Net Income” means, with respect to any specified Person, the net income (loss) of such
Person, determined in accordance with GAAP and before any reduction in respect of Preferred Stock
dividends, excluding, however:

     (1) any gain or loss, together with any related provision for taxes on such gain or
loss, realized in connection with: (a) any sale of assets outside the ordinary course of
business of such Person; or (b) the disposition of any securities by such Person, any of its
Restricted Subsidiaries or any of its Designated Entities or the extinguishment of any
Indebtedness of such Person, any of its Restricted Subsidiaries or any of its Designated
Entities; and

     (2) any extraordinary gain or loss, together with any related provision for taxes on
such extraordinary gain or loss.

          “Net Proceeds” means the aggregate cash proceeds, including payments in respect of deferred
payment obligations (to the extent corresponding to the principal, but not the interest component,
thereof) received by the Parent 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 (1) the direct costs relating to such
Asset Sale, including, without limitation, legal, accounting, investment banking and brokerage
fees, and sales commissions, and any relocation expenses incurred as a result thereof, (2) taxes
paid or payable as a result thereof, in each case, after taking into account any available tax
credits or deductions and any tax sharing arrangements, (3) amounts required to be applied to the
repayment of Indebtedness or other liabilities secured by a Lien on the asset or assets that were
the subject of such Asset Sale or required to be paid as a result of such sale, (4) any reserve for
adjustment in respect of the sale price of such asset or assets established in accordance with
GAAP, (5) in the case of any Asset Sale by a Restricted Subsidiary of the Parent, payments to
holders of Equity Interests in such Restricted Subsidiary in such capacity (other than such Equity
Interests held by the Parent or any Restricted Subsidiary thereof) to the extent that such payment
is required to permit the distribution of such proceeds in respect of the Equity Interests in such
Restricted Subsidiary held by the Parent or any Restricted Subsidiary thereof and (6) appropriate
amounts to be provided by the Parent or its Restricted Subsidiaries as a reserve against
liabilities associated with such Asset Sale, including, without limitation, pension and other
post-employment benefit liabilities, liabilities related to environmental matters and liabilities
under any indemnification obligations associated with such Asset Sale, all as determined in
accordance with GAAP; provided that (a) excess amounts set aside for payment of taxes pursuant to
clause (2) above remaining after such taxes have been paid in full or the statute of limitations
therefor has expired and (b) amounts initially held in reserve pursuant to clause (6) no longer so
held, shall, in the case of each of subclause (a) and (b), at that time become Net Proceeds.

17

 

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

          “Note Guarantee” means a Guarantee of the Notes pursuant to this Indenture.

          “Notes” means the 9.375% Senior Notes due 2014 of the Company issued on the date hereof and
any Additional Notes, including any Exchange Notes. The Notes and the Additional Notes, if any,
shall be treated as a single class for all purposes under this Indenture.

          “Obligations” means any principal, interest, penalties, fees, indemnifications,
reimbursements, damages and other liabilities payable under the documentation governing any
Indebtedness.

          “Offering” means the offering of the Notes by the Company.

          “Offering Memorandum” means the offering memorandum of the Company for the offering of the
Notes, dated October 18, 2006.

          “Officer” means, with respect to any Person, the Chairman of the Board, the Chief Executive
Officer, the President, the Chief Operating Officer, the Chief Financial Officer, the Treasurer,
any Assistant Treasurer, the Controller, the Secretary or any Vice-President of such Person.

          “Officers’ Certificate” means a certificate signed on behalf of the Company or the Parent, as
the case may be, by at least two Officers of the Company, one of whom must be the principal
executive officer, the principal financial officer, the treasurer or the principal accounting
officer of the Company or the Parent, as the case may be, that meets the requirements of Section
12.05 hereof.

          “Opinion of Counsel” means an opinion from legal counsel who is reasonably acceptable to the
Trustee (who may be counsel to or an employee of the Parent or the Company) that meets the
requirements of Section 12.05 hereof.

          “Parent” means Leap Wireless International, Inc. until a successor replaces it pursuant to
Section 5.01 hereof and thereafter means the successor.

          “Participant” means, with respect to the Depositary, Euroclear or Clearstream, a Person who
has an account with the Depositary, Euroclear or Clearstream, respectively (and with respect to
DTC, shall include Euroclear and Clearstream).

          “Permitted Business” means any business conducted or proposed to be conducted (as described in
the Offering Memorandum) by the Parent and its Restricted Subsidiaries on the Issue Date
(including, without limitation, the delivery or distribution of wireless telecommunications
services (including voice, data or video services) and the acquisition, holding or exploitation of
any license relating to the delivery of such wireless telecommunications services) and other
businesses related, ancillary or complementary thereto.

          “Permitted Investments” means:

18

 

     (1) any Investment in the Parent or a Restricted Subsidiary of the Parent;

     (2) any Investment in Cash Equivalents;

     (3) any Investment by the Parent or any Restricted Subsidiary of the Parent in a
Person, if as a result of such Investment:

     (a) such Person becomes a Restricted Subsidiary of
the Parent; or

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

     provided that such Person’s primary business is a Permitted Business;

     (4) any Investment made as a result of the receipt of non-cash consideration from an
Asset Sale that was made pursuant to and in compliance with Section 4.10;

     (5) Hedging Obligations that are Incurred for the purpose of fixing, hedging or
swapping interest rate, commodity price or foreign currency exchange rate risk (or to
reverse or amend any such agreements previously made for such purposes), and not for
speculative purposes, and that do not increase the Indebtedness of the obligor outstanding
at any time other than as a result of fluctuations in interest rates, commodity prices or
foreign currency exchange rates or by reason of fees, indemnities and compensation payable
thereunder;

     (6) stock, obligations or securities received in satisfaction of judgments;

     (7) advances to customers or suppliers in the ordinary course of business that are, in
conformity with GAAP, recorded as accounts receivable, prepaid expenses or deposits on the
balance sheet of the Parent or its Restricted Subsidiaries and endorsements for collection
or deposit arising in the ordinary course of business;

     (8) commission, payroll, travel and similar advances to officers and employees of the
Parent or any of its Restricted Subsidiaries that are expected at the time of such advance
ultimately to be recorded as an expense in conformity with GAAP;

     (9) loans and advances to employees, officers or directors of the Parent or any of its
Restricted Subsidiaries made in the ordinary course of business, provided that such loans
and advances do not exceed $5.0 million at any one time outstanding;

     (10) Investments in any Existing Designated Entity pursuant to agreements in existence
on the Issue Date or to the extent permitted under the Credit Agreement in effect on the
Issue Date;

     (11) Investments existing on the Issue Date; and

19

 

     (12) other Investments in any Person primarily engaged in a Permitted Business
(provided that any such Person is not an Affiliate of the Parent or is an Affiliate of the
Parent solely because the Parent, directly or indirectly, owns Equity Interests in, or
controls, such Person) having an aggregate Fair Market Value (measured on the date each such
Investment was made and without giving effect to subsequent changes in value), when taken
together with all other Investments made pursuant to this clause (12) since the Issue Date,
not to exceed 10% of total assets of the Parent (determined as of the end of the most recent
fiscal quarter of the Parent for which internal financial statements of the Parent are
available).

     “Permitted Liens” means:

     (1) Liens on the assets of the Parent and any of its Restricted Subsidiaries securing
Indebtedness in an aggregate amount not to exceed the greater of (x) $1,500.0 million and
(y) an amount equal to the Secured Debt Cap on the date on which such Lien is to be
incurred;

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

     (3) Liens on property of a Person existing at the time such Person becomes a Restricted
Subsidiary or is merged with or into or consolidated with the Parent or any Restricted
Subsidiary of the Parent; provided that such Liens were in existence prior to the
contemplation of such merger or consolidation or other event resulting in such Person
becoming a Restricted Subsidiary and do not extend to any assets other than those of the
Person that becomes a Restricted Subsidiary or is merged into or consolidated with the
Parent or the Restricted Subsidiary;

     (4) Liens on property existing at the time of acquisition thereof by the Parent or any
Restricted Subsidiary of the Parent, provided that such Liens were in existence prior to the
contemplation of such acquisition and do not extend to any property other than the property
so acquired by the Parent or the Restricted Subsidiary;

     (5) Liens securing the Notes and the Note Guarantees;

     (6) Liens existing on the Issue Date (other than any Liens securing Indebtedness
Incurred under the Credit Agreement) and any renewals or extension thereof, provided that
property or assets covered thereby is not expanded in connection with such renewal or
extension;

     (7) Liens securing Permitted Refinancing Indebtedness; provided that such Liens do not
extend to any property or assets other than the property or assets that secure the
Indebtedness being refinanced;

     (8) Liens on property or assets used to defease or to satisfy and discharge
Indebtedness; provided that (a) the Incurrence of such Indebtedness was not prohibited by
this Indenture and (b) such defeasance or satisfaction and discharge is not prohibited by
this Indenture;

20

 

     (9) Liens securing obligations that do not exceed $25.0 million at any one time
outstanding;

     (10) Liens to secure Indebtedness (including Capital Lease Obligations) permitted by
Section 4.09(b)(iv); provided that any such Lien (a) covers only the assets acquired,
constructed or improved with such Indebtedness and (b) is created within 180 days of such
acquisition, construction or improvement;

     (11) Liens incurred or deposits made in the ordinary course of business in connection
with worker’s compensation, unemployment insurance or other social security obligations;

     (12) Liens, deposits (including deposits with the FCC) or pledges to secure the
performance of bids, tenders, contracts (other than contracts for the payment of
Indebtedness), leases, or other similar obligations arising in the ordinary course of
business;

     (13) survey exceptions, encumbrances, easements or reservations of, or rights of other
for, rights of way, zoning or other restrictions as to the use of properties, and defects in
title which, in the case of any of the foregoing, were not incurred or created to secure the
payment of Indebtedness, and which in the aggregate do no materially adversely affect the
value of such properties or materially impair the use for the purposes of which such
properties are held by the Parent or any of its Restricted Subsidiaries;

     (14) judgment and attachment Liens not giving rise to an Event of Default and notices
of lis pendens and associated rights related to litigation being contested in good faith by
appropriate proceedings and for which adequate reserves have been made;

     (15) Liens, deposits or pledges to secure public or statutory obligations, surety,
stay, appeal, indemnity, performance or other similar bonds or obligations; and Liens,
deposits or pledges in lieu of such bonds or obligations, or to secure such bonds or
obligations, or to secure letters of credit in lieu of or supporting the payment of such
bonds or obligations;

     (16) Liens in favor of collecting or payor banks having a right of setoff, revocation,
refund or chargeback with respect to money or instruments of the Parent or any Subsidiary
thereof on deposit with or in possession of such bank;

     (17) any interest or title of a lessor, licensor or sublicensor in the property subject
to any lease, license or sublicense (other than any property that is the subject of a Sale
and Leaseback Transaction);

     (18) Liens for taxes, assessments and governmental charges not yet delinquent or being
contested in good faith and for which adequate reserves have been established to the extent
required by GAAP;

     (19) Liens arising from precautionary UCC financing statements regarding operating
leases or consignments;

21

 

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

     (21) Liens on cash collateral not in excess of $15.0 million in the aggregate at any
time securing letters of credit; and

     (22) carriers’, warehousemen’s, mechanics’, landlords’ materialmen’s, repairmen’s or
other like Liens arising in the ordinary course of business in respect of obligations not
overdue for a period in excess of 60 days or which are being contested in good faith by
appropriate proceedings promptly instituted and diligently prosecuted; provided, however,
that any reserve or other appropriate provision as shall be required to conform with GAAP
will have been made for that reserve or provision.

          “Permitted Refinancing Indebtedness” means any Indebtedness of the Parent or any of its
Restricted Subsidiaries issued in exchange for, or the net proceeds of which are used to extend,
refinance, renew, replace, defease or refund other Indebtedness of the Parent or any of its
Restricted Subsidiaries (other than intercompany Indebtedness); provided that:

     (1) the amount of such Permitted Refinancing Indebtedness does not exceed the amount of
the Indebtedness so extended, refinanced, renewed, replaced, defeased or refunded (plus all
accrued and unpaid interest thereon and the amount of any reasonably determined premium
necessary to accomplish such refinancing and such reasonable expenses incurred in connection
therewith);

     (2) such Permitted Refinancing Indebtedness has a final maturity date later than the
final maturity date of, and has a Weighted Average Life to Maturity equal to or greater than
the Weighted Average Life to Maturity of, the Indebtedness being extended, refinanced,
renewed, replaced, defeased or refunded;

     (3) if the Indebtedness being extended, refinanced, renewed, replaced, defeased or
refunded is subordinated in right of payment to the Notes or the Note Guarantees, such
Permitted Refinancing Indebtedness has a final maturity date later than the final maturity
date of the Notes and is subordinated in right of payment to the Notes or the Note
Guarantees, as applicable, on terms at least as favorable, taken as a whole, to the Holders
of Notes as those contained in the documentation governing the Indebtedness being extended,
refinanced, renewed, replaced, defeased or refunded;

     (4) if the Indebtedness being extended, refinanced, renewed, replaced, defeased or
refunded is pari passu in right of payment with the Notes or any Note Guarantees, such
Permitted Refinancing Indebtedness is pari passu with, or subordinated in right of payment
to, the Notes or such Note Guarantees; and

     (5) such Indebtedness is Incurred by either (a) the Restricted Subsidiary that is the
obligor on the Indebtedness being extended, refinanced, renewed, replaced, defeased or
refunded or (b) the Parent or the Company.

22

 

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

          “Preferred Stock” means, with respect to any Person, any Capital Stock of such Person that has
preferential rights to any other Capital Stock of such Person with respect to dividends or
redemptions upon liquidation.

          “Private Placement Legend” means the legend set forth in Section 2.07(g)(i) to be placed on
all Notes issued under this Indenture except where otherwise permitted by the provisions of this
Indenture.

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

          “Reference Period” means, with respect to any specified Transaction Date, the period beginning
on the first day of the Four Quarter Period and ending on such Transaction Date.

          “Registration Rights Agreement” means (1) with respect to the Notes issued on the Issue Date,
the Registration Rights Agreement, to be dated the Issue Date, among the Company, the Initial
Guarantors and the Initial Purchasers and (2) with respect to any Additional Notes, any
registration rights agreement between the Company, the Guarantors and the other parties thereto
relating to the registration by the Company and the Guarantors of such Additional Notes under the
Securities Act.

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

          “Regulation S Global Note” means a Legended Regulation S Global Note or a Unlegended
Regulation S Global Note, as appropriate.

          “Replacement Assets” means (1) capital expenditures or other non-current assets that will be
used or useful in a Permitted Business or (2) substantially all the assets of a Permitted Business
or Voting Stock of any Person engaged in a Permitted Business that, when taken together with all
other Voting Stock of such Person owned by the Company and its Restricted Subsidiaries, constitutes
a majority of the Voting Stock of such Person and such Person shall become on the date of
acquisition thereof a Restricted Subsidiary.

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

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

23

 

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

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

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

          “Restricted Subsidiary” of a Person means any Subsidiary of such Person that is not an
Unrestricted Subsidiary.

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

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

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

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

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

          “Sale and Leaseback Transaction” means, with respect to any Person, any transaction involving
any of the assets or properties of such Person, whether now owned or hereafter acquired, whereby
such Person sells or otherwise transfers such assets or properties and then or thereafter leases
such assets or properties or any part thereof or any other assets or properties which such Person
intends to use for substantially the same purpose or purposes as the assets or properties sold or
transferred.

          “SEC” means the Securities and Exchange Commission.

          “Secured Debt Cap” means, on any Transaction Date, an amount equal to the aggregate amount of
the Consolidated Cash Flow of the Parent, its Restricted Subsidiaries and its Designated Entities
for the Four Quarter Period times 4.0 for any Transaction Date on or prior to June 30, 2008 and 3.5
thereafter. For purposes of making the computation referred to above, (1) pro forma effect shall
be given to Asset Dispositions and Asset Acquisitions (including giving pro forma effect to the
application of proceeds of any Asset Disposition) that occur during the Reference Period as if they
had occurred and such proceeds had been applied on the first day of such Reference Period and (2)
pro forma effect shall be given to asset dispositions and asset acquisitions (including giving pro
forma effect to the application of proceeds of any asset disposition) that have been made by any
Person that has become a Restricted Subsidiary or a Designated Entity or has been merged with or
into the Parent, any Restricted Subsidiary or any Designated Entity during such Reference Period
and that would have constituted Asset Dispositions or Asset Acquisitions had such transactions
occurred when such Person was a Restricted Subsidiary or a Designated Entity, as the case may be,
as if such asset dispositions or asset acquisitions were Asset Dispositions or Asset Acquisitions
that occurred on the first day of such Reference Period. To the extent that pro forma effect is
given to an Asset Acquisition or

24

 

Asset Disposition, such pro forma calculation shall be based upon the four full fiscal
quarters immediately preceding the Transaction Date of the Person, or division, operating unit or
line of business of the Person, that is acquired or disposed of for which financial information is
available, and Consolidated Cash Flow shall be calculated on a pro forma basis in accordance with
Regulation S-X under the Securities Act, but without giving effect to clause (3) of the proviso set
forth in the definition of Consolidated Net Income.

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

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

          “Significant Subsidiary” means any Subsidiary that would constitute a “significant
subsidiary” within the meaning of Article One of Regulation S-X of the Securities Act.

          “Stated Maturity” means, with respect to any installment of interest or principal on any
series of Indebtedness, the date on which such payment of interest or principal was scheduled to be
paid in the original documentation governing such Indebtedness, and shall not include any
contingent obligations to repay, redeem or repurchase any such interest or principal prior to the
date originally scheduled for the payment thereof.

          “Subsidiary” means, with respect to any specified Person:

     (1) any corporation, association or other business entity of which more than 50% of the
total voting power of the Voting Stock is at the time owned or controlled, directly or
indirectly, by such Person or one or more of the other Subsidiaries of that Person (or a
combination thereof); and

     (2) any partnership (a) the sole general partner or the managing general partner of
which is such Person or a Subsidiary of such Person or (b) the only general partners of
which are such Person or one or more Subsidiaries of such Person (or any combination
thereof);

provided, however, that for avoidance of doubt, a Designated Entity shall not be deemed to
be a Subsidiary of the Parent, the Company or any of its Restricted Subsidiaries so long as
the Parent and its Restricted Subsidiaries do not own Voting Stock having the power (without
regard to the occurrence of any contingency) to elect more than 50% of the directors,
managers or trustees of such Designated Entity or become the sole general partner or the
managing general partner of such Designated Entity.

          “Subsidiary Guarantor” means any Restricted Subsidiary of the Parent that guarantees the
Company’s Obligations under the Notes in accordance with the terms of this Indenture, and its
successors and assigns, until released from its obligations under such Guarantee and this Indenture
in accordance with the terms of this Indenture.

          “TIA” means the Trust Indenture Act of 1939, as in effect on the date on which this Indenture
is qualified under the TIA.

25

 

          “Transaction Date” means, with respect to the incurrence of any Indebtedness by the Parent or
any of its Restricted Subsidiaries, the date such Indebtedness is to be incurred, with respect to
any Restricted Payment, the date such Restricted Payment is to be made, and with respect to the
incurrence of any Lien by the Parent or any of its Restricted Subsidiaries, the date such Lien is
to be incurred.

          “Treasury Rate” means the yield to maturity at the time of computation of United States
Treasury securities with a constant maturity (as compiled and published in the most recent Federal
Reserve Statistical Release H.15 (519) which has become publicly available at least two Business
Days prior to the date fixed for prepayment (or, if such Statistical Release is no longer
published, any publicly available source for similar market data)) most nearly equal to the then
remaining term of the Notes to November 1, 2010 provided, however, that if the then remaining term
of the Notes to November 1, 2010 is not equal to the constant maturity of a United States Treasury
security for which a weekly average yield is given, the Treasury Rate shall be obtained by linear
interpolation (calculated to the nearest one-twelfth of a year) from the weekly average yields of
United States Treasury securities for which such yields are given, except that if the then
remaining term of the Notes to November 1, 2010 is less than one year, the weekly average yield on
actually traded United States Treasury securities adjusted to a constant maturity of one year shall
be used.

          “Trustee” means Wells Fargo Bank, N.A., a national banking association, until a successor
replaces it in accordance with the applicable provisions of this Indenture and thereafter means the
successor serving hereunder.

          “Unlegended Regulation S Global Note” means a permanent global Note in the form of Exhibit A
hereto bearing the Global Note Legend, deposited with or on behalf of and registered in the name of
the Depositary or its nominee and issued upon expiration of the Restricted Period.

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

          “Unrestricted Global Note” means a permanent Global Note substantially in the form of Exhibit
A attached hereto that bears the Global Note Legend and that has the “Schedule of Exchanges of
Interests in the Global Note” attached thereto, and that is deposited with or on behalf of and
registered in the name of the Depositary, representing a series of Notes, and that does not bear
the Private Placement Legend.

          “Unrestricted Subsidiary” means any Subsidiary of the Parent (other than the Company) that is
designated by the Board of Directors of the Parent as an Unrestricted Subsidiary pursuant to a
Board Resolution in compliance with Section 4.16 hereof and any Subsidiary of such Subsidiary.

          “Unsubordinated Indebtedness” of a Person means any Indebtedness of such Person, unless such
Indebtedness is contractually subordinate or junior in right of payment of principal, premium or
interest to any other Indebtedness of such Person.

26

 

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

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

          “Weighted Average Life to Maturity” means, when applied to any Indebtedness at any date, the
number of years obtained by dividing:

     (1) the sum of the products obtained by multiplying (a) the amount of each then
remaining installment, sinking fund, serial maturity or other required payments of
principal, including payment at final maturity, in respect thereof, by (b) the number of
years (calculated to the nearest one-twelfth) that will elapse between such date and the
making of such payment; by

     (2) the then outstanding principal amount of such Indebtedness.

Section 1.02. Other Definitions.

	 	 	 	 	 
	 	 	 	Defined
	 	 	 	in
	Term	 	 	Section
	“Affiliate Transaction”
	 	 	4.11	 
	“Asset Sale Offer”
	 	 	4.10	 
	“Authentication Order”
	 	 	2.02	 
	“Change of Control Offer”
	 	 	4.14	 
	“Change of Control Payment”
	 	 	4.14	 
	“Change of Control Payment Date”
	 	 	4.14	 
	“Covenant Defeasance”
	 	 	8.03	 
	“DTC”
	 	 	2.01	 
	“Event of Default”
	 	 	6.01	 
	“Excess Proceeds”
	 	 	4.10	 
	“Excess Proceeds Trigger Date”
	 	 	4.10	 
	“Legal Defeasance”
	 	 	8.02	 
	“Offer Amount”
	 	 	3.08	 
	“Offer Period”
	 	 	3.08	 
	“offshore transaction”
	 	 	2.07	 
	“Paying Agent”
	 	 	2.04	 
	“Payment Default”
	 	 	6.01	 
	“Permitted Debt”
	 	 	4.09	 
	“Purchase Date”
	 	 	3.08	 
	“Registrar”
	 	 	2.04	 
	“Related Proceedings”
	 	 	12.09	 
	“Repurchase Offer”
	 	 	3.08	 
	“Restricted Payments”
	 	 	4.07	 
	“Specified Courts”
	 	 	12.09	 

27

 

Section 1.03. Incorporation by Reference of Trust Indenture Act.

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

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

          “indenture securities” means the Notes;

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

          “indenture to be qualified” means this Indenture;

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

          “obligor” on the Notes means the Company and any successor obligor upon the Notes.

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

Section 1.04. Rules of Construction.

          (a) Unless the context otherwise requires:

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

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

          (iii) “or” is not exclusive;

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

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

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

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ARTICLE TWO

THE NOTES

Section 2.01. Form and Dating.

          (a) General. The Notes and the Trustee’s certificate of authentication shall be substantially
in the form of Exhibit A hereto. The Notes may have notations, legends or endorsements required by
law, stock exchange rule or usage. Each Note shall be dated the date of its authentication. The
Notes shall be issued in registered, global form without interest coupons and only shall be in
minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof.

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

          (b) Global Notes. Notes issued in global form shall be substantially in the form of Exhibit A
attached hereto (and shall include the Global Note Legend thereon and the “Schedule of Exchanges of
Interests in the Global Note” attached thereto). Notes issued in definitive form shall be
substantially in the form of Exhibit A attached hereto (but without the Global Note Legend thereon
and without the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Each
Global Note shall represent such of the outstanding Notes as shall be specified therein and each
shall provide that it shall represent the aggregate principal amount of outstanding Notes from time
to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented
thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and
redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in
the aggregate principal amount of outstanding Notes represented thereby shall be made by the
Trustee in accordance with instructions given by the Holder thereof as required by Section 2.07
hereof.

          (c) Regulation S Global Notes. Notes offered and sold in reliance on Regulation S shall be
issued initially in the form of the Legended Regulation S Global Note, which shall be deposited on
behalf of the purchasers of the Notes represented thereby with the Trustee, as custodian for The
Depository Trust Company (“DTC”), and registered in the name of the Depositary or the nominee of
the Depositary for the accounts of designated agents holding on behalf of Euroclear or Clearstream,
duly executed by the Company and authenticated by the Trustee as hereinafter provided. Following
the termination of the Restricted Period, beneficial interests in the Legended Regulation S Global
Note shall automatically be exchanged for beneficial interests in Unlegended Regulation S Global
Notes pursuant to the Applicable
Procedures. The aggregate principal amount of the Regulation S Global Notes may from time to
time be increased or decreased by adjustments made on the records of the Trustee and the Depositary
or its nominee, as the case may be, in connection with transfers of interest as hereinafter
provided.

29

 

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

Section 2.02. Execution and Authentication.

          Two Officers of the Company shall sign the Notes for the Company by manual or facsimile
signature.

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

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

          The aggregate principal amount of Notes which may be authenticated and delivered under this
Indenture is unlimited. The Company may, subject to Article Four of this Indenture and applicable
law, issue Additional Notes under this Indenture, including Exchange Notes. The Notes issued on
the Closing Date and any Additional Notes subsequently issued shall be treated as a single class
for all purposes under this Indenture.

          The Trustee shall, upon a written order of the Company signed by two Officers of the Company
(an “Authentication Order”), authenticate Notes for original issue on the date hereof of $750.0
million. At any time and from time to time after the execution of this Indenture, the Trustee
shall, upon receipt of an Authentication Order, authenticate Notes for original issue in aggregate
principal amount specified in such Authentication Order. The Authentication Order shall specify
the amount of Notes to be authenticated and the date on which the Notes are to be authenticated.

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

Section 2.03. Methods of Receiving Payments on the Notes.

          If a Holder has given wire transfer instructions to the Company, the Company shall pay, or
cause the Paying Agent to pay, all principal, interest and premium and Additional Interest, if any,
on that Holder’s Notes in accordance with those instructions. All other payments on Notes shall be
made at the office or agency of the Paying Agent and Registrar unless the Company elects to make
interest payments by check mailed to the Holders at their addresses set forth in the register of
Holders.

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Section 2.04. Registrar and Paying Agent.

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

          (b) The Company initially appoints DTC to act as Depositary with respect to the Global Notes.

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

Section 2.05. Paying Agent to Hold Money in Trust.

          The Company shall require each Paying Agent other than the Trustee to agree in writing that
the Paying Agent shall hold in trust for the benefit of Holders or the Trustee all money held by
the Paying Agent for the payment of principal, premium or Additional Interest, if any, or interest
on the Notes, and shall notify the Trustee of any default by the Company in making any such
payment. While any such default continues, the Trustee may require a Paying Agent to pay all money
held by it to the Trustee. The Company at any time may require a Paying Agent to pay all money
held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the
Company or one of its Subsidiaries) shall have no further liability for the money. If the Company
or one of its Subsidiaries acts as Paying Agent, it shall segregate and hold in a separate trust
fund for the benefit of the Holders all money held by it as Paying Agent. Upon any bankruptcy or
reorganization proceedings relating to the Company, the Trustee shall serve as Paying Agent for the
Notes.

Section 2.06. Holder Lists.

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

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Section 2.07. Transfer and Exchange.

          (a) Transfer and Exchange of Global Notes. A Global Note may not be transferred as a whole
except by the Depositary to a nominee of the Depositary, by a nominee of the Depositary to the
Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to a
successor Depositary or a nominee of such successor Depositary. All Global Notes shall be
exchanged by the Company for Definitive Notes if (i) DTC (A) notifies the Company that it is
unwilling or unable to continue as Depositary for the Global Notes and the Company fails to appoint
a successor Depositary within 90 days after receiving such notice or that it (B) has ceased to be a
clearing agency registered under the Exchange Act and the Company fails to appoint a successor
Depositary within 90 days after becoming aware of such condition; (ii) the Company, at its option,
notifies the Trustee in writing that it elects to cause the issuance of Definitive Notes; provided
that in no event shall the Legended Regulation S Global Note be exchanged by the Company for
Definitive Notes prior to the expiration of the Restricted Period; or (iii) there shall have
occurred and be continuing a Default or Event of Default with respect to the Notes. Upon the
occurrence of any of the preceding events in (i), (ii) or (iii) above, Definitive Notes shall be
issued in such names as the Depositary shall instruct the Trustee. Global Notes also may be
exchanged or replaced, in whole or in part, as provided in Sections 2.08 and 2.11 hereof. Every
Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion
thereof, pursuant to this Section 2.07 or Section 2.08 or 2.11 hereof, shall be authenticated and
delivered in the form of, and shall be, a Global Note. A Global Note may not be exchanged for
another Note other than as provided in this Section 2.07(a); however, beneficial interests in a
Global Note may be transferred and exchanged as provided in Section 2.07(b) or (c) hereof.

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

     (i) Transfer of Beneficial Interests in the Same Global Note. Beneficial interests in
any Restricted Global Note may be transferred to Persons who take delivery thereof in the
form of a beneficial interest in the same Restricted Global Note in accordance with the
transfer restrictions set forth in the Private Placement Legend; provided, however, that
prior to the expiration of the Restricted Period, transfers of beneficial interests in the
Legended Regulation S Global Note may not be made to a U.S. Person or for the account or
benefit of a U.S. Person (other than the Initial Purchasers). Beneficial interests in any
Unrestricted Global Note may be transferred to Persons who take delivery thereof in the form
of a beneficial interest in an Unrestricted Global Note. No written orders or instructions
shall be required to be delivered to the Registrar to effect the transfers described in this
Section 2.07(b)(i).

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     (ii) All Other Transfers and Exchanges of Beneficial Interests in Global Notes. In
connection with all transfers and exchanges of beneficial interests that are not subject to
Section 2.07(b)(i) above, the transferor of such beneficial interest must deliver to the
Registrar either (A) (1) a written order from a Participant or an Indirect Participant given
to the Depositary in accordance with the Applicable Procedures directing the Depositary to
credit or cause to be credited a beneficial interest in another Global Note in an amount
equal to the beneficial interest to be transferred or exchanged and (2) instructions given
in accordance with the Applicable Procedures containing information regarding the
Participant account to be credited with such increase or (B) (1) a written order from a
Participant or an Indirect Participant given to the Depositary in accordance with the
Applicable Procedures directing the Depositary to cause to be issued a Definitive Note in an
amount equal to the beneficial interest to be transferred or exchanged and (2) instructions
given by the Depositary to the Registrar containing information regarding the Person in
whose name such Definitive Note shall be registered to effect the transfer or exchange
referred to in (1) above; provided that in no event shall Definitive Notes be issued upon
the transfer or exchange of beneficial interests in the Legended Regulation S Global Note
prior to the expiration of the Restricted Period. Upon consummation of an Exchange Offer by
the Company in accordance with Section 2.07(f) hereof, the requirements of this Section
2.07(b)(ii) shall be deemed to have been satisfied upon receipt by the Registrar of the
instructions contained in the Letter of Transmittal delivered by the Holder of such
beneficial interests in the Restricted Global Notes. Upon satisfaction of all of the
requirements for transfer or exchange of beneficial interests in Global Notes contained in
this Indenture and the Notes or otherwise applicable under the Securities Act, the Trustee
shall adjust the principal amount at maturity of the relevant Global Notes pursuant to
Section 2.07(i) hereof.

     (iii) Transfer of Beneficial Interests to Another Restricted Global Note. A beneficial
interest in any Restricted Global Note may be transferred to a Person who takes delivery
thereof in the form of a beneficial interest in another Restricted Global Note if the
transfer complies with the requirements of Section 2.07(b)(ii) above and the Registrar
receives the following:

     (A) if the transferee shall take delivery in the form of a beneficial interest
in the 144A Global Note, then the transferor must deliver a certificate in the form
of Exhibit B hereto, including the certifications in item (1) thereof; and

     (B) if the transferee shall take delivery in the form of a beneficial interest
in a Legended Regulation S Global Note, then the transferor must deliver a
certificate in the form of Exhibit B hereto, including the certifications in item
(2) thereof.

     (iv) Transfer and Exchange of Beneficial Interests in a Restricted Global Note for
Beneficial Interests in the Unrestricted Global Note. A beneficial interest in any
Restricted Global Note may be exchanged by any Holder thereof for a beneficial interest in
an Unrestricted Global Note or transferred to a Person who takes delivery thereof in

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the form of a beneficial interest in an Unrestricted Global Note if the exchange or
transfer complies with the requirements of Section 2.07(b)(ii) above and:

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

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

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

     (D) the Registrar receives the following:

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

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

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

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

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

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

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

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

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

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

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

the Trustee shall cause the aggregate principal amount of the applicable Global Note to be
reduced accordingly pursuant to Section 2.07(i) hereof, and the Company shall execute and
the Trustee shall authenticate and deliver to the Person designated in the instructions a
Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange
for a beneficial interest in a Restricted Global Note pursuant to this Section 2.07(c) shall
be registered in such name or names and in such authorized denomination or denominations as
the Holder of such beneficial interest shall instruct the Registrar through instructions
from the Depositary and the Participant or Indirect Participant. The Trustee shall deliver
such Definitive Notes to the Persons in whose names such Notes are so registered. Any
Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note
pursuant to this Section 2.07(c)(i) shall bear the Private Placement Legend and shall be
subject to all restrictions on transfer contained therein.

     (ii) Beneficial Interests in Legended Regulation S Global Note to Definitive Notes. A
beneficial interest in the Legended Regulation S Global Note may not be exchanged for a
Definitive Note or transferred to a Person who takes delivery thereof in the form of a
Definitive Note prior to the expiration of the Restricted Period, except in

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the case of a transfer pursuant to an exemption from the registration requirements of
the Securities Act other than Rule 903 or Rule 904.

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

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

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

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

     (D) the Registrar receives the following:

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

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

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

     (iv) Beneficial Interests in Unrestricted Global Notes to Unrestricted Definitive
Notes. If any Holder of a beneficial interest in an Unrestricted Global Note proposes to
exchange such beneficial interest for a Definitive Note or to transfer such beneficial
interest to a Person who takes delivery thereof in the form of a Definitive Note,

36

 

then, upon satisfaction of the conditions set forth in Section 2.07(b)(ii) hereof, the
Trustee shall cause the aggregate principal amount of the applicable Global Note to be
reduced accordingly pursuant to Section 2.07(i) hereof, and the Company shall execute and
the Trustee shall authenticate and deliver to the Person designated in the instructions a
Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange
for a beneficial interest pursuant to this Section 2.07(c)(iv) shall be registered in such
name or names and in such authorized denomination or denominations as the Holder of such
beneficial interest shall instruct the Registrar through instructions from the Depositary
and the Participant or Indirect Participant. The Trustee shall deliver such Definitive
Notes to the Persons in whose names such Notes are so registered. Any Definitive Note
issued in exchange for a beneficial interest pursuant to this Section 2.07(c)(iv) shall not
bear the Private Placement Legend.

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

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

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

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

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

     (D) if such Restricted Definitive Note is being transferred to the Company or
any of its Subsidiaries, a certificate to the effect set forth hereto,

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

     (ii) Restricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes.
A Holder of a Restricted Definitive Note may exchange such Note for a beneficial interest in
an Unrestricted Global Note or transfer such Restricted Definitive Note to a

37

 

Person who takes delivery thereof in the form of a beneficial interest in an
Unrestricted Global Note only if:

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

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

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

     (D) the Registrar receives the following:

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

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

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

          Upon satisfaction of the conditions of any of the subparagraphs in this Section 2.07(d)(ii),
the Trustee shall cancel the Unrestricted Definitive Notes and increase or cause to be increased
the aggregate principal amount of the Unrestricted Global Note.

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

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

          (e) Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder
of Definitive Notes and such Holder’s compliance with the provisions of this Section 2.07(e), the
Registrar shall register the transfer or exchange of Definitive Notes. Prior to such registration
of transfer or exchange, the requesting Holder shall present or surrender to the Registrar the
Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form
satisfactory to the Registrar duly executed by such Holder or by its attorney, duly authorized in
writing. In addition, the requesting Holder shall provide any additional certifications, documents
and information, as applicable, required pursuant to the following provisions of this Section
2.07(e).

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

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

     (B) [INTENTIONALLY OMITTED]; and

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

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

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

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

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

     (D) the Registrar receives the following:

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

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

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

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

          (f) Exchange Offer. Upon the occurrence of the Exchange Offer in accordance with the
Registration Rights Agreement, the Company shall issue and, upon receipt of an Authentication Order
in accordance with Section 2.02, the Trustee shall authenticate (i) one or more Unrestricted Global
Notes in an aggregate principal amount equal to the principal amount of the beneficial interests in
the Restricted Global Notes tendered for acceptance by Persons that certify in the applicable
Letters of Transmittal that (x) they are not participating in a distribution of the Exchange Notes
and (y) they are not affiliates (as defined in Rule 144) of the Company, and accepted for exchange
in the Exchange Offer and (ii) Definitive Notes in an aggregate principal amount equal to the
principal amount of the Restricted Definitive Notes accepted for exchange in the Exchange Offer.
Concurrently with the issuance of such Notes, the Trustee shall cause the aggregate principal
amount of the applicable Restricted Global Notes to be reduced accordingly, and the Company shall
execute and the Trustee shall authenticate and deliver to the Persons designated by the Holders of
Restricted Global Notes so accepted Unrestricted Global Notes in the appropriate principal amount.

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

     (i) Private Placement Legend. Except as permitted below, each Global Note and each
Definitive Note (and all Notes issued in exchange therefor or substitution thereof) shall
bear the legend in substantially the following form:

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

(A) SUCH SECURITY MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE TRANSFERRED, ONLY:

(i)(a) TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED
INSTITUTIONAL BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) IN A
TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A, (b) IN A TRANSACTION
MEETING THE REQUIREMENTS OF RULE 144 UNDER THE SECURITIES ACT, (c) OUTSIDE
THE UNITED STATES TO A NON-U.S. PERSON IN A TRANSACTION MEETING THE
REQUIREMENTS OF RULE 903 OR 904 UNDER THE SECURITIES ACT, (d) TO AN
INSTITUTIONAL “ACCREDITED INVESTOR” (AS DEFINED IN RULE 501 (a) (1), (2),
(3) OR (7) OF THE SECURITIES ACT (AN “INSTITUTIONAL ACCREDITED INVESTOR”))
THAT, PRIOR TO SUCH TRANSFER, FURNISHES THE TRUSTEE A SIGNED LETTER
CONTAINING CERTAIN REPRESENTATIONS AND AGREEMENTS (THE FORM OF WHICH CAN BE
OBTAINED FROM THE TRUSTEE) AND, IF SUCH TRANSFER IS IN RESPECT OF AN
AGGREGATE PRINCIPAL AMOUNT OF NOTES LESS THAN $100,000, AN OPINION OF
COUNSEL ACCEPTABLE TO THE COMPANY THAT SUCH TRANSFER IS IN COMPLIANCE WITH
THE SECURITIES ACT, OR (e) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND

41

 

BASED UPON AN OPINION OF COUNSEL IF THE COMPANY SO REQUESTS),

(ii) TO THE COMPANY, OR

(iii) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT AND, IN EACH CASE, IN
ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED
STATES OR ANY OTHER APPLICABLE JURISDICTION; AND

(B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER
FROM IT OF THE SECURITY EVIDENCED HEREBY OF THE RESALE RESTRICTIONS SET FORTH IN (A)
ABOVE”.

Notwithstanding the foregoing, any Global Note or Definitive Note issued pursuant to
subparagraph (b)(iv), (c)(iii), (c)(iv), (d)(ii), (d)(iii), (e)(ii), (e)(iii) or (f) to this
Section 2.07 (and all Notes issued in exchange therefor or substitution thereof) shall not
bear the Private Placement Legend.

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

THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING
THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS
HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT
(I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO
SECTION 2.07 OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT
NOT IN PART PURSUANT TO SECTION 2.07(a) OF THE INDENTURE, (III) THIS GLOBAL NOTE MAY
BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.12 OF THE
INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY
WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY.

          (h) Regulation S Global Note Legend. The Regulation S Global Note shall bear a legend in
substantially the following form:

THE RIGHTS ATTACHING TO THIS GLOBAL NOTE, AND THE CONDITIONS AND PROCEDURES
GOVERNING ITS EXCHANGE FOR DEFINITIVE NOTES, ARE AS SPECIFIED IN THE INDENTURE (AS
DEFINED HEREIN).

          (i) Cancellation and/or Adjustment of Global Notes. At such time as all beneficial interests
in a particular Global Note have been exchanged for Definitive Notes or a

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particular Global Note has been redeemed, repurchased or canceled in whole and not in part,
each such Global Note shall be returned to or retained and canceled by the Trustee in accordance
with Section 2.12 hereof. At any time prior to such cancellation, if any beneficial interest in a
Global Note is exchanged for or transferred to a Person who shall take delivery thereof in the form
of a beneficial interest in another Global Note or for Definitive Notes, the principal amount of
Notes represented by such Global Note shall be reduced accordingly and an endorsement shall be made
on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect
such reduction; and if the beneficial interest is being exchanged for or transferred to a Person
who shall take delivery thereof in the form of a beneficial interest in another Global Note, such
other Global Note shall be increased accordingly and an endorsement shall be made on such Global
Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase.

          (j) General Provisions Relating to Transfers and Exchanges.

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

     (ii) No service charge shall be made to a Holder of a beneficial interest in a Global
Note or to a Holder of a Definitive Note for any registration of transfer or exchange, but
the Company may require payment of a sum sufficient to cover any transfer tax or similar
governmental charge payable in connection therewith (other than any such transfer taxes or
similar governmental charge payable upon exchange or transfer pursuant to Sections 2.11,
3.06, 3.08, 4.10, 4.14 and 9.05 hereof).

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

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

     (v) The Company shall not be required (A) to issue, to register the transfer of or to
exchange any Notes during a period beginning at the opening of business 15 days before the
day of any selection of Notes for redemption under Section 3.02 hereof and ending at the
close of business on the day of selection, (B) to register the transfer of or to exchange
any Note so selected for redemption in whole or in part, except the unredeemed portion of
any Note being redeemed in part, (C) to register the transfer of or to exchange a Note
between a record date and the next succeeding interest payment date or (D) to register the
transfer of or to exchange a Note tendered and not withdrawn in connection with a Change of
Control Offer or an Asset Sale Offer.

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

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

     (viii) All certifications, certificates and Opinions of Counsel required to be
submitted to the Registrar pursuant to this Section 2.07 to effect a registration of
transfer or exchange may be submitted by facsimile or electronic transmission with the
original to follow by first class mail.

Section 2.08. Replacement Notes.

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

          (b) Every replacement Note is an additional obligation of the Company and shall be entitled to
all of the benefits of this Indenture equally and proportionately with all other Notes duly issued
hereunder.

Section 2.09. Outstanding Notes.

          (a) The Notes outstanding at any time are all the Notes authenticated by the Trustee except
for those canceled by it, those delivered to it for cancellation, those reductions in the interest
in a Global Note effected by the Trustee in accordance with the provisions hereof, and those
described in this Section as not outstanding. Except as set forth in Section 2.10 hereof, a Note
does not cease to be outstanding because the Company or an Affiliate of the Company holds the Note;
however, Notes held by the Company or a Subsidiary of the Company shall not be deemed to be
outstanding for purposes of Section 3.07(b) hereof.

          (b) If a Note is replaced pursuant to Section 2.08 hereof, it ceases to be outstanding unless
the Trustee receives proof satisfactory to it that the replaced Note is held by a bona fide
purchaser.

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

          (d) If the Paying Agent (other than the Company, a Subsidiary or an Affiliate of any of the
foregoing) holds, on a redemption date or maturity date, money sufficient to pay

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Notes payable on that date, then on and after that date such Notes shall be deemed to be no
longer outstanding and shall cease to accrue interest.

Section 2.10. Treasury Notes.

          In determining whether the Holders of the required principal amount of Notes have concurred in
any direction, waiver or consent, Notes owned by the Company or the Parent, or by any Person
directly or indirectly controlling or controlled by or under direct or indirect common control with
the Company or the Parent, shall be considered as though not outstanding, except that for the
purposes of determining whether the Trustee shall be protected in relying on any such direction,
waiver or consent, only Notes that the Trustee knows are so owned shall be so disregarded.

Section 2.11. Temporary Notes.

          (a) Until certificates representing Notes are ready for delivery, the Company may prepare and
the Trustee, upon receipt of an Authentication Order, shall authenticate temporary Notes.
Temporary Notes shall be substantially in the form of Definitive Notes but may have variations that
the Company considers appropriate for temporary Notes and as shall be reasonably acceptable to the
Trustee. Without unreasonable delay, the Company shall prepare and the Trustee shall authenticate
definitive Notes in exchange for temporary Notes.

          (b) Holders of temporary Notes shall be entitled to all of the benefits of this Indenture.

Section 2.12. Cancellation.

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

Section 2.13. Defaulted Interest.

          If the Company defaults in a payment of interest on the Notes, it shall pay the defaulted
interest in any lawful manner plus, to the extent lawful, interest payable on the defaulted
interest, to the Persons who are Holders on a subsequent special record date, in each case at the
rate provided in the Notes and in Section 4.01 hereof. The Company shall notify the Trustee in
writing of the amount of defaulted interest proposed to be paid on each Note and the date of the
proposed payment. The Company shall fix or cause to be fixed each such special record date and
payment date, provided that no such special record date shall be less than 10 days prior to the
related payment date for such defaulted interest. At least 15 days before the special record date,
the Company (or, upon the written request of the Company, the Trustee in

45

 

the name and at the expense of the Company) shall deliver or cause to be delivered to Holders
a notice that states the special record date, the related payment date and the amount of such
interest to be paid.

Section 2.14. CUSIP Numbers.

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

ARTICLE THREE

REDEMPTION AND OFFERS TO

PURCHASE

Section 3.01. Notices to Trustee.

          If the Company elects to redeem Notes pursuant to the optional redemption provisions of
Section 3.07 hereof, it shall furnish to the Trustee, at least 30 days but not more than 60 days
before a redemption date, an Officers’ Certificate setting forth (i) the clause of this Indenture
pursuant to which the redemption shall occur, (ii) the redemption date, (iii) the principal amount
of Notes to be redeemed and (iv) the redemption price.

Section 3.02. Selection of Notes to Be Redeemed.

          (a) If less than all of the Notes are to be redeemed at any time, the Trustee shall select the
Notes to be redeemed among the Holders of the Notes in compliance with the requirements of the
principal national securities exchange, if any, on which the Notes are listed or, if the Notes are
not so listed, on a pro rata basis, subject to adjustments so that no Notes of $2,000 or less will
be redeemed in part.

          (b) The Trustee shall promptly notify the Company in writing of the Notes selected for
redemption and, in the case of any Note selected for partial redemption, the principal amount at
maturity thereof to be redeemed. No Notes in amounts of $2,000 or less shall be redeemed in part.
Notes and portions of Notes selected shall be in amounts of $2,000 or whole multiples of $1,000;
except that if all of the Notes of a Holder are to be redeemed, the entire outstanding amount of
Notes held by such Holder, even if not a multiple of $1,000, shall be redeemed. Except as provided
in the preceding sentence, provisions of this Indenture that apply to Notes called for redemption
also apply to portions of Notes called for redemption.

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Section 3.03. Notice of Redemption.

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

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

     (i) the redemption date;

     (ii) the redemption price;

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

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

     (v) that Notes called for redemption must be surrendered to the Paying Agent to collect
the redemption price and become due on the date fixed for redemption;

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

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

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

          (b) At the Company’s request, the Trustee shall give the notice of redemption in the Company’s
name and at its expense; provided, however, that the Company shall have delivered to the Trustee,
at least 45 days prior to the redemption date, an Officers’ Certificate requesting that the Trustee
give such notice and setting forth the information to be stated in such notice as provided in the
preceding paragraph. The notice, if delivered in the manner provided herein shall be presumed to
have been given, whether or not the Holder receives such notice.

Section 3.04. Effect of Notice of Redemption.

          Once notice of redemption is delivered in accordance with Section 3.03 hereof, Notes called
for redemption become irrevocably due and payable on the redemption date at the redemption price.
A notice of redemption may not be conditional.

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Section 3.05. Deposit of Redemption Price.

          (a) One Business Day prior to the redemption date, the Company shall deposit with the Trustee
or with the Paying Agent money sufficient to pay the redemption price of and accrued interest and
Additional Interest, if any, on all Notes to be redeemed on that date. The Trustee or the Paying
Agent shall promptly return to the Company any money deposited with the Trustee or the Paying Agent
by the Company in excess of the amounts necessary to pay the redemption price of, and accrued
interest on, all Notes to be redeemed.

          (b) If the Company complies with the provisions of the preceding paragraph, on and after the
redemption date, interest shall cease to accrue on the Notes or the portions of Notes called for
redemption. If a Note is redeemed on or after an interest record date but on or prior to the
related interest payment date, then any accrued and unpaid interest shall be paid to the Person in
whose name such Note was registered at the close of business on such record date. If any Note
called for redemption shall not be so paid upon surrender for redemption because of the failure of
the Company to comply with the preceding paragraph, interest shall be paid on the unpaid principal,
from the redemption date until such principal is paid, and to the extent lawful on any interest not
paid on such unpaid principal, in each case at the rate provided in the Notes and in Section 4.01
hereof.

Section 3.06. Notes Redeemed in Part.

          Upon surrender of a Note that is redeemed in part, the Company shall issue and the Trustee
shall authenticate for the Holder at the expense of the Company a new Note equal in principal
amount to the unredeemed portion of the Note surrendered. No Notes in denominations of $2,000 or
less shall be redeemed in part.

Section 3.07. Optional Redemption.

          (a) Except as set forth in clause (b) and (c) of this Section 3.07, the Company shall not have
the option to redeem the Notes pursuant to this Section 3.07 prior to November 1, 2010.
Thereafter, the Company may redeem all or a part of the Notes upon not less than 30 nor more than
60 days’ notice, at the redemption prices (expressed as percentages of principal amount) set forth
below plus accrued and unpaid interest and Additional Interest, if any, thereon, to the applicable
redemption date (subject to the right of Holders on the relevant record date to receive interest
due on the related interest payment date), if redeemed during the twelve-month period beginning on
November 1 of the years indicated below:

	 	 	 	 	 
	Year	 	Percentage
	2010
	 	 	104.688	%
	2011
	 	 	102.344	%
	2012 and thereafter
	 	 	100.000	%

          (b) At any time prior to November 1, 2009, the Company may (on any one or more occasions)
redeem up to 35% of the aggregate principal amount of Notes issued hereunder (including any
Additional Notes) at a redemption price of 109.375% of the principal amount thereof, plus accrued
and unpaid interest and Additional Interest, if any, thereon to the

48

 

redemption date, with the net cash proceeds of one or more Equity Offerings of the Company;
provided that (A) at least 65% of the aggregate principal amount of Notes issued under this
Indenture (including any Additional Notes) remains outstanding immediately after the occurrence of
such redemption (excluding Notes held by the Company or its Affiliates); and (B) the redemption
must occur within 90 days of the date of the closing of such Equity Offering.

          (c) In addition, at any time prior to November 1, 2010, the Company may redeem all or part of
the Notes upon not less than 30 nor more than 60 days’ notice at a redemption price equal to the
sum of (i) 100% of the principal amount thereof, plus (ii) the Applicable Premium as of the date of
redemption, plus, (iii) accrued and unpaid interest and Additional Interest, if any, to the date of
redemption.

          (d) Any redemption pursuant to this Section 3.07 shall be made pursuant to the provisions of
Sections 3.01 through 3.06 hereof.

Section 3.08. Repurchase Offers.

          In the event that, pursuant to Section 4.10 or 4.14 hereof, the Company shall be required to
commence an offer to all Holders to purchase their respective Notes (a “Repurchase Offer”), it
shall follow the procedures specified in such Sections and, to the extent not inconsistent
therewith, the procedures specified below.

          The Repurchase Offer shall remain open for a period of no less than 30 days and no more than
60 days following its commencement, except to the extent that a longer period is required by
applicable law (the “Offer Period”). No later than three Business Days after the termination of
the Offer Period (the “Purchase Date”), the Company shall purchase the principal amount of Notes
required to be purchased pursuant to Section 4.10 or 4.14 hereof (the “Offer Amount”) or, if less
than the Offer Amount has been tendered, all Notes tendered in response to the Repurchase Offer.
Payment for any Notes so purchased shall be made in the same manner as interest payments are made.

          If the Purchase Date is on or after an interest record date and on or before the related
interest payment date, any accrued and unpaid interest shall be paid to the Person in whose name a
Note is registered at the close of business on such record date, and no additional interest shall
be payable to Holders who tender Notes pursuant to the Repurchase Offer.

          Upon the commencement of a Repurchase Offer, the Company shall send or cause to be sent, by
first class mail or electronic transmission, a notice to the Trustee and each of the Holders. The
notice shall contain all instructions and materials necessary to enable such Holders to tender
Notes pursuant to the Repurchase Offer. The Repurchase Offer shall be made to all Holders. The
notice, which shall govern the terms of the Repurchase Offer, shall state:

     (i) that the Repurchase Offer is being made pursuant to this Section 3.08 and Section
4.10 or Section 4.14 hereof, and the length of time the Repurchase Offer shall remain open;

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

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     (iii) that any Note not tendered or accepted for payment shall continue to accrue
interest and Additional Interest, if any;

     (iv) that, unless the Company defaults in making such payment, any Note (or portion
thereof) accepted for payment pursuant to the Repurchase Offer shall cease to accrue
interest and Additional Interest, if any, after the Purchase Date;

     (v) that Holders electing to have a Note purchased pursuant to a Repurchase Offer may
elect to have Notes purchased in principal amounts of $2,000 or on integral multiples of
$1,000 only;

     (vi) that Holders electing to have a Note purchased pursuant to any Repurchase Offer
shall be required to surrender the Note, with the form entitled “Option of Holder to Elect
Purchase” on the reverse of the Note completed, or transfer by book-entry transfer, to the
Company, a depositary, if appointed by the Company, or a Paying Agent at the address
specified in the notice at least three days before the Purchase Date;

     (vii) that Holders shall be entitled to withdraw their election if the Company, the
Depositary or the Paying Agent, as the case may be, receives, not later than the expiration
of the Offer Period, a telegram, telex, facsimile transmission or letter setting forth the
name of the Holder, the principal amount of the Note the Holder delivered for purchase and a
statement that such Holder is withdrawing his election to have such Note purchased;

     (viii) that, if the aggregate amount of Notes surrendered by Holders exceeds the Offer
Amount, the Trustee shall, subject in the case of a Repurchase Offer made pursuant to
Section 4.10 to the provisions of Section 4.10, select the Notes to be purchased on a pro
rata basis (with such adjustments as may be deemed appropriate by the Trustee so that only
Notes in denominations of $2,000 or an integral multiple in excess thereof, shall be
purchased); and

     (ix) that Holders whose Notes were purchased only in part shall be issued new Notes
equal in principal amount to the unpurchased portion of the Notes surrendered (or
transferred by book-entry transfer).

          On the Purchase Date, the Company shall, to the extent lawful, subject in the case of a
Repurchase Offer made pursuant to Section 4.10 to the provisions of Section 4.10, accept for
payment on a pro rata basis to the extent necessary, the Offer Amount of Notes (or portions
thereof) tendered pursuant to the Repurchase Offer, or if less than the Offer Amount has been
tendered, all Notes tendered, and shall deliver to the Trustee an Officers’ Certificate stating
that such Notes (or portions thereof) were accepted for payment by the Company in accordance with
the terms of this Section 3.08. The Company, the Depositary or the Paying Agent, as the case may
be, shall promptly (but in any case not later than three days after the Purchase Date) mail or
deliver to each tendering Holder an amount equal to the purchase price of Notes tendered by such
Holder, as the case may be, and accepted by the Company for purchase, and the Company, shall
promptly issue a new Note. The Trustee, upon written request from the Company shall

50

 

authenticate and mail or deliver such new Note to such Holder, in a principal amount at
maturity equal to any unpurchased portion of the Note surrendered. Any Note not so accepted shall
be promptly mailed or delivered by the Company to the respective Holder thereof. The Company shall
publicly announce the results of the Repurchase Offer on the Purchase Date.

          The Company shall comply with the requirements of Rule 14e-1 under the Exchange Act, and any
other securities laws and regulations thereunder to the extent such laws or regulations are
applicable in connection with the repurchase of the Notes pursuant to a Repurchase Offer and shall
not be deemed to have breached its obligations under Section 3.08, 4.10 or 4.14 by virtue of such
compliance.

Section 3.09. Application of Trust Money.

          All money deposited with the Trustee pursuant to Section 11.02 shall be held in trust and
applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment,
either directly or through any Paying Agent (including the Company acting as its own Paying Agent)
as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium, if
any) and interest for whose payment such money has been deposited with the Trustee; but such money
need not be segregated from other funds except to the extent required by law.

ARTICLE FOUR

COVENANTS

Section 4.01. Payment of Notes.

          (a) The Company shall pay or cause to be paid the principal of, premium, if any, and interest
on the Notes on the dates and in the manner provided in the Notes. Principal, premium, if any, and
interest shall be considered paid on the date due if the Paying Agent, if other than the Company or
one of its Subsidiaries, holds as of 11:00 a.m. Eastern Time on the due date money deposited by the
Company in immediately available funds and designated for and sufficient to pay all principal,
premium, if any, and interest then due. The Company shall pay all Additional Interest, if any, in
the same manner on the dates and in the amounts set forth in the Registration Rights Agreement.

          (b) The Company shall pay interest (including post-petition interest in any proceeding under
any Bankruptcy Law) on overdue principal at the rate equal to 1% per annum in excess of the then
applicable interest rate on the Notes to the extent lawful; it shall pay interest (including
post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of
interest, and Additional Interest (without regard to any applicable grace period) at the same rate
to the extent lawful.

Section 4.02. Maintenance of Office or Agency.

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

51

 

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.

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

          (c) The Company hereby designates the Corporate Trust Office of the Trustee as one such office
or agency of the Company in accordance with Section 2.04 of this Indenture.

Section 4.03. Reports.

          (a) Each of Parent and the Company shall furnish to the Trustee and, upon request, to
beneficial owners and prospective investors, a copy of all of the information and reports referred
to in clauses (i) and (ii) below within the time periods specified in the SEC’s rules and
regulations (including all applicable extension periods):

     (i) all quarterly and annual financial information that would be required to be
contained in a filing with the SEC on Forms 10-Q and 10-K if the Parent were required to
file such Forms, including a “Management’s Discussion and Analysis of Financial Condition
and Results of Operations” and, with respect to the annual information only, a report on the
annual financial statements by the Company’s independent registered public accounting firm;
and

     (ii) all current reports that would be required to be filed with the SEC on Form 8-K if
the Parent were required to file such reports.

          (b) Whether or not required by the SEC, each of Parent and the Company shall comply with the
periodic reporting requirements of the Exchange Act and shall file the reports specified in clauses
(a)(i) and (ii) with the SEC within the time periods specified above (unless the SEC shall not
accept such a filing). Each of Parent and the Company agrees that it shall not take any action for
the purpose of causing the SEC not to accept any such filings. If, notwithstanding the foregoing,
the SEC shall not accept the Parent’s or the Company’s filings for any reason, Parent or the
Company, as the case may be, shall post the reports referred to in paragraph (a) above on its
website within the time periods that would apply if the Parent or the Company were required to file
those reports with the SEC (including all applicable extension periods).

          (c) If the Parent has designated any of its Subsidiaries as Unrestricted Subsidiaries, then
the quarterly and annual financial information required by Section 4.03(a) and 4.03(b) shall
include a reasonably detailed presentation, either on the face of the financial statements or in
the footnotes thereto, and in “Management’s Discussion and Analysis of Financial Condition and
Results of Operations,” of the financial condition and results of

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operations of the Parent and its Restricted Subsidiaries separate from the financial condition
and results of operations of the Unrestricted Subsidiaries of the Parent.

          (d) Notwithstanding the foregoing, so long as Parent is a Guarantor, the reports, information
and other documents required to be filed and provided by the Company as described in this Section
4.03 shall be satisfied by those of Parent, so long as such filings would satisfy the requirements
of the SEC.

          (e) The Company and the Guarantors shall, for so long as any Notes remain outstanding and each
of Parent and the Company is not required to comply with the periodic reporting requirements of the
Exchange Act, furnish to the Holders and to prospective investors, upon their written request, the
information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act.

Section 4.04. Compliance Certificate.

          (a) The Parent, the Company and each other Guarantor (to the extent that such Guarantor is so
required under the TIA) shall deliver to the Trustee, within 90 days after the end of each fiscal
year, an Officers’ Certificate stating that a review of the activities of the Parent and its
Subsidiaries during the preceding fiscal year has been made under the supervision of the signing
Officers with a view to determining whether the Parent has kept, observed, performed and fulfilled
its obligations under this Indenture, and further stating, as to each such Officer signing such
certificate, that to the best of his or her knowledge, the Parent has kept, observed, performed and
fulfilled its obligations under this Indenture and is not in default in the performance or
observance of any of the terms, provisions and conditions of this Indenture (or, if a Default or
Event of Default shall have occurred, describing all such Defaults or Events of Default of which he
or she may have knowledge and what action the Parent is taking or proposes to take with respect
thereto) and that to the best of his or her knowledge no event has occurred and remains in
existence by reason of which payments on account of the principal of or interest, if any, on the
Notes is prohibited or if such event has occurred, a description of the event and what action the
Parent is taking or proposes to take with respect thereto.

          (b) So long as not contrary to the then current recommendations of the Public Company
Accounting Oversight Board (United States), the Company shall exercise its commercially reasonable
efforts to ensure that the year-end financial statements delivered pursuant to Section 4.03(a)
above are accompanied by a written statement of the Company’s independent registered public
accounting firm (which shall be a firm of established national reputation) that in making the
examination necessary for certification of such financial statements, nothing has come to their
attention that would lead them to believe that the Company has violated any financial covenants
contained herein that would be covered by the procedures performed in connection with their audit
of such financial statements or, if any such violation has occurred, specifying the nature and
period of existence thereof, it being understood that such accountants shall not be liable directly
or indirectly to any Person for any failure to obtain knowledge of any such violation.

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          (c) The Parent shall, so long as any of the Notes are outstanding, deliver to the Trustee,
upon becoming aware of any Default or Event of Default, an Officers Certificate specifying such
Default or Event of Default.

Section 4.05. Taxes.

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

Section 4.06. Stay, Extension and Usury Laws.

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

Section 4.07. Restricted Payments.

          (a) The Parent shall not, and shall not permit any of its Restricted Subsidiaries to, directly
or indirectly:

     (i) declare or pay (without duplication) any dividend or make any other payment or
distribution on account of the Parent’s or any of its Restricted Subsidiaries’ Equity
Interests (including, without limitation, any payment in connection with any merger or
consolidation involving the Parent or any of its Restricted Subsidiaries) or to the direct
or indirect holders of the Parent’s or any of its Restricted Subsidiaries’ Equity Interests
in their capacity as such (other than dividends, payments or distributions (x) payable in
Equity Interests (other than Disqualified Stock) of the Parent or (y) to the Parent or a
Restricted Subsidiary of the Parent);

     (ii) purchase, redeem or otherwise acquire or retire for value (including, without
limitation, in connection with any merger or consolidation involving the Parent or any of
its Restricted Subsidiaries) any Equity Interests of the Parent or any Restricted Subsidiary
thereof held by Persons other than the Parent or any of its Restricted Subsidiaries;

     (iii) make any payment on or with respect to, or purchase, redeem, defease or otherwise
acquire or retire for value any Indebtedness that is subordinated to the Notes or any Note
Guarantees, except (x) a payment of interest or principal at the Stated Maturity thereof or
(y) the purchase, repurchase or other acquisition of any such Indebtedness in anticipation
of satisfying a sinking fund obligation, principal installment or final

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maturity, in each case due within one year of the date of such purchase, repurchase or
other acquisition; or

     (iv) make any Restricted Investment (all such payments and other actions set forth in
Sections 4.07(a)(i) through (iv) above being collectively referred to as “Restricted
Payments”),

unless, at the time of and after giving effect to such Restricted Payment:

     (A) no Default or Event of Default shall have occurred and be continuing or
would occur as a consequence thereof;

     (B) the Parent 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 Four Quarter Period, have been permitted to Incur at
least $1.00 of additional Indebtedness pursuant to Section 4.09(a); and

     (C) such Restricted Payment, together with the aggregate amount of all other
Restricted Payments made by the Parent and its Restricted Subsidiaries after the
Issue Date (excluding Restricted Payments permitted by subclauses 4.07(b)(ii),
(iii), (iv), (v), (vi), (vii), (viii) and (ix) below), is less than the sum, without
duplication, of:

     (1) 100% of the Consolidated Cash Flow of the Parent for the period
(taken as one accounting period) from October 1, 2006 to the end of the
Parent’s most recently ended fiscal quarter for which internal financial
statements are available at the time of such Restricted Payment minus 1.5
times the Fixed Charges of the Parent for the same period, plus

     (2) 100% of the aggregate net cash proceeds (including Cash
Equivalents) received by the Parent since the Issue Date as a contribution
to its common equity capital or from the issue or sale of Equity Interests
(other than Disqualified Stock) of the Parent (other than proceeds received
by the Parent from the Forward Sale Agreements) or from the Incurrence of
Indebtedness of the Parent or the Company that has been converted into or
exchanged for such Equity Interests (other than Equity Interests sold to, or
Indebtedness held by, a Subsidiary of the Parent), plus

     (3) with respect to Restricted Investments made by the Parent and its
Restricted Subsidiaries after the Issue Date, an amount equal to the net
reduction in such Restricted Investments in any Person resulting from
repayments of loans or advances, or other transfers of assets, in each case
to the Parent or any Restricted Subsidiary or from the net cash proceeds
from the sale of any such Restricted Investment (except, in each case, to
the extent any such payment or proceeds are included in the calculation of
Consolidated Cash Flow), from the release of any Guarantee (except to the
extent any amounts are paid under such Guarantee) or from redesignations of
Unrestricted Subsidiaries as Restricted Subsidiaries, not to exceed, in

55

 

each case, the amount of Restricted Investments previously made by the
Parent or any Restricted Subsidiary in such Person or Unrestricted
Subsidiary after the Issue Date.

          (b) So long as in the case of subclauses (iv), (vii) and (x) below of this Section 4.07, no
Default has occurred and is continuing or would be caused thereby, the preceding provisions shall
not prohibit:

     (i) the payment of any dividend within 60 days after the date of declaration thereof,
if at said date of declaration such payment would have complied with the provisions of this
Indenture;

     (ii) the payment of any dividend by a Restricted Subsidiary of the Parent to the
holders of its Common Stock on a pro rata basis;

     (iii) the redemption, repurchase, retirement, defeasance or other acquisition of any
subordinated Indebtedness of the Parent, the Company or any Subsidiary Guarantor or of any
Equity Interests of the Parent or any Restricted Subsidiary in exchange for, or out of the
net cash proceeds of a contribution to the common equity of the Parent or a substantially
concurrent sale (other than to a Subsidiary of the Parent) of, Equity Interests (other than
Disqualified Stock) of the Parent; provided that the amount of any such net cash proceeds
that are utilized for any such redemption, repurchase, retirement, defeasance or other
acquisition shall be excluded from clause (C)(2) of the preceding paragraph (a);

     (iv) the defeasance, redemption, repurchase or other acquisition of Indebtedness
subordinated to the Notes or the Note Guarantees with the net cash proceeds from an
Incurrence of Permitted Refinancing Indebtedness;

     (v) Investments acquired as a capital contribution to, or in exchange for, or out of
the net cash proceeds of a substantially concurrent sale (other than to a Subsidiary of the
Parent) of, Equity Interests (other than Disqualified Stock) of, the Parent; provided that
the amount of any such net cash proceeds that are utilized for any such acquisition or
exchange shall be excluded from clause (C)(2) of the preceding paragraph (a);

     (vi) the repurchase of Equity Interests deemed to occur upon the exercise of options or
warrants to the extent that such Equity Interests represents all or a portion of the
exercise price thereof;

     (vii) (a) the repurchase, redemption or other acquisition or retirement for value of
any Equity Interests of the Parent held by any current or former employee, consultant or
director of Parent, or any Restricted Subsidiaries of the Parent pursuant to the terms of
any equity subscription agreement, stock option agreement or similar agreement entered into
in the ordinary course of business; provided that the aggregate of all amounts paid by the
Parent in any calendar year shall not exceed $2.5 million (with unused amounts in any
calendar year being carried over to the next succeeding calendar year, subject to maximum
payment of $5.0 million in any calendar year); provided, further, that such amount in any
calendar year may be increased by an amount equal to (a) the net cash

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proceeds from the sale of Equity Interests of the Parent to current or former members
of management, directors, consultants or employees that occurs after the Issue Date
(provided that the amount of any such net cash proceeds shall be excluded from clause (C)(2)
of the preceding paragraph (a) plus (b) the net cash proceeds of key man life insurance
policies received by the Parent or its Restricted Subsidiaries after the Issue Date;

     (viii) the purchase, redemption, acquisition, cancellation or other retirement for
value of shares of Capital Stock of the Parent, to the extent necessary, in the good faith
judgment of the Parent’s Board of Directors, to prevent the loss or secure the renewal or
reinstatement of any license held by the Parent or any of its Restricted Subsidiaries from
any governmental agency;

     (ix) the purchase by the Parent or the Company from WLPCS Management, LLC or CSM
Wireless, LLC (or their respective successors or assigns) of their respective membership
interests in LCW Wireless, LLC upon exercise of their respective “put” rights to sell their
entire membership interests in LCW Wireless, LLC to the Company; provided that exercise of
such “put” rights shall be on terms, in the good faith judgment of the Parent’s Board of
Directors, at least as favorable to the Parent and its Restricted Subsidiaries as WLPCS
Management, LLC’s or CSM Wireless LLC’s “put” rights in existence on the Issue Date; and

     (x) other Restricted Payments in an aggregate amount not to exceed $75.0 million.

          The amount of all Restricted Payments (other than cash) shall be the Fair Market Value on the
date of the Restricted Payment of the asset(s) or securities proposed to be transferred or issued
to or by the Parent or such Subsidiary, as the case may be, pursuant to the Restricted Payment;
provided that if the Fair Market Value exceeds $10.0 million, such Fair Market Value shall be
determined in good faith by the Board of Directors of the Parent evidenced by a Board Resolution.
Not later than the date of making any Restricted Payment under clause (C) of paragraph (a) or
clause (x) of paragraph (b), the Parent shall deliver to the Trustee an Officers’ Certificate
stating that such Restricted Payment is permitted and setting forth the basis upon which the
calculations required by this Section 4.07 were computed, together with a copy of any opinion or
appraisal required by this Indenture.

Section 4.08. Dividend and Other Payment Restrictions Affecting Restricted
Subsidiaries.

          (a) The Parent shall not, and shall not permit any of its Restricted Subsidiaries to, directly
or indirectly, create or permit to exist or become effective any consensual encumbrance or
restriction on the ability of any Restricted Subsidiary to:

     (i) pay dividends or make any other distributions on its Capital Stock (or with respect
to any other interest or participation in, or measured by, its profits) to the Parent or any
of its Restricted Subsidiaries or pay any liabilities owed to the Parent or any of its
Restricted Subsidiaries;

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     (ii) make loans or advances to the Parent or any of its Restricted Subsidiaries; or

     (iii) sell, lease or transfer any of its properties or assets to the Parent or any of
its Restricted Subsidiaries.

          (b) However, the preceding restrictions shall not apply to encumbrances or restrictions:

     (i) existing under, by reason of or with respect to the Credit Agreement, Existing
Indebtedness or any other agreements in effect on the Issue Date and any amendments,
modifications, restatements, renewals, extensions, supplements, refundings, replacements or
refinancings thereof, provided that the encumbrances and restrictions in any such
amendments, modifications, restatements, renewals, extensions, supplements, refundings,
replacements or refinancings are, in the good faith judgment of the Board of Directors of
the Parent, not materially more restrictive, taken as a whole, than those contained in the
Credit Agreement, Existing Indebtedness or such other agreements, as the case may be, as in
effect on the Issue Date;

     (ii) set forth in this Indenture, the Notes, the Note Guarantees and the exchange notes
and the related Guarantees to be issued pursuant to the Registration Rights Agreement in
exchange therefor;

     (iii) existing under, by reason of or with respect to applicable law, rule, regulation
or order;

     (iv) with respect to any Person or the property or assets of a Person acquired by the
Parent or any of its Restricted Subsidiaries existing at the time of such acquisition and
not 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 and any
amendments, modifications, restatements, renewals, extensions, supplements, refundings,
replacements or refinancings thereof, provided that the encumbrances and restrictions in any
such amendments, modifications, restatements, renewals, extensions, supplements, refundings,
replacements or refinancings are, in the good faith judgment of the Board of Directors of
the Parent, not materially more restrictive, taken as a whole, than those in effect on the
date of the acquisition;

     (v) in the case of Section 4.08(a)(iii):

     (A) that restrict in a customary manner the subletting, assignment or transfer
of any property or asset that is a lease, license, conveyance or contract or similar
property or asset,

     (B) existing by virtue of any transfer of, agreement to transfer, option or
right with respect to, or Lien on, any property or assets of the Parent or any
Restricted Subsidiary thereof not otherwise prohibited by this Indenture, or

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     (C) arising or agreed to in the ordinary course of business, not relating to
any Indebtedness, and that do not, individually or in the aggregate, detract from
the value of property or assets of the Parent or any Restricted Subsidiary thereof
in any manner material to the Parent or any Restricted Subsidiary thereof;

     (vi) existing under, by reason of or with respect to any agreement for the sale or
other disposition of all or substantially all of the Capital Stock of, or property and
assets of, a Restricted Subsidiary that restrict distributions by that Restricted Subsidiary
pending such sale or other disposition;

     (vii) existing under restrictions on cash or other deposits or net worth imposed by
customers or required by insurance, surety or bonding companies, in each case, under
contracts entered into in the ordinary course of business;

     (viii) existing under, by reason of or with respect to provisions with respect to the
disposition or distribution of assets or property, in each case contained in joint venture
agreements and which the Board of Directors of the Parent determines in good faith shall not
adversely affect the Company’s ability to make payments of principal or interest payments on
the Notes; and

     (ix) restrictions in other Indebtedness incurred in compliance with Section 4.09
provided that such restrictions, taken as a whole, are, in the good faith judgment of the
Parent’s Board of Directors, no more materially restrictive with respect to such
encumbrances and restrictions than those contained in the existing agreements referenced in
clauses (i) and (ii) above.

Section 4.09. Incurrence of Indebtedness.

          (a) The Parent shall not, and shall not permit any of its Restricted Subsidiaries to, directly
or indirectly, Incur any Indebtedness; provided, however, that the Parent, the Company or any
Subsidiary Guarantor may Incur Indebtedness, if, after giving effect to the Incurrence of such
Indebtedness and the receipt and application of the proceeds therefrom, the Consolidated Leverage
Ratio would be less than 7.0 to 1 for an Incurrence of Indebtedness on or prior to June 30, 2008
and 6.25 to 1 thereafter.

          (b) Section 4.09(a) shall not prohibit the Incurrence of any of the following items of
Indebtedness (collectively, “Permitted Debt”):

     (i) the Incurrence by the Parent, the Company or any Subsidiary Guarantor of
Indebtedness under Credit Facilities in an aggregate amount at any one time outstanding
pursuant to this clause (i) not to exceed $1,500.0 million, less the aggregate amount of all
Net Proceeds of Asset Sales applied by the Parent or any Restricted Subsidiary thereof to
permanently repay any such Indebtedness pursuant to Section 4.14;

     (ii) the Incurrence of Existing Indebtedness;

     (iii) the Incurrence by the Parent, the Company and the Subsidiary Guarantors of
Indebtedness represented by the Notes and the related Note Guarantees to be issued on

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the Issue Date and the exchange notes and the related Guarantees to be issued pursuant
to the Registration Rights Agreement in exchange therefor;

     (iv) the Incurrence by the Parent, the Company or any Subsidiary Guarantor of
Indebtedness represented by Capital Lease Obligations, mortgage financings, Attributable
Debt, purchase money obligations or other obligations, in each case, Incurred for the
purpose of financing all or any part of the purchase price or cost of construction or
improvement of property, plant or equipment (including acquisition of Capital Stock of a
Person that becomes a Restricted Subsidiary to the extent of the Fair Market Value of the
property, plant or equipment of such Person) used in the business of the Parent, the Company
or such Subsidiary Guarantor, in an aggregate amount, including all Permitted Refinancing
Indebtedness Incurred to refund, refinance or replace any Indebtedness Incurred pursuant to
this clause (iv), not to exceed $150.0 million at any time outstanding;

     (v) the Incurrence by the Parent or any Restricted Subsidiary of the Parent of
Permitted Refinancing Indebtedness in exchange for, or the net proceeds of which are used to
refund, refinance, replace, defease or discharge Indebtedness (other than intercompany
Indebtedness) that was permitted by this Indenture to be Incurred under Section
4.09(b)(ii), (iii), (iv), (v), (xii) or (xiv);

     (vi) the Incurrence by the Parent or any of its Restricted Subsidiaries of intercompany
Indebtedness owing to or held by the Parent or any of its Restricted Subsidiaries; provided,
however, that:

     (A) if the Parent, the Company or any Subsidiary Guarantor is the obligor on
such Indebtedness, such Indebtedness must be unsecured and expressly subordinated to
the prior payment in full in cash of all Obligations with respect to the Notes, in
the case of the Company, or the Note Guarantee, in the case of the Parent or a
Subsidiary Guarantor; and

     (B) (i) any subsequent issuance or transfer of Equity Interests that results in
any such Indebtedness being held by a Person other than the Parent, the Company or a
Restricted Subsidiary of the Parent and (ii) any sale or other transfer of any such
Indebtedness to a Person that is not the Parent, the Company or a Restricted
Subsidiary of the Parent, shall be deemed, in each case, to constitute an Incurrence
of such Indebtedness by the Parent, the Company or such Restricted Subsidiary, as
the case may be, that was not permitted by this clause (vi);

     (vii) the Guarantee by the Parent, the Company or any of the Subsidiary Guarantors of
Indebtedness of the Company or a Restricted Subsidiary of the Parent that was permitted to
be Incurred by another provision of this Section 4.09; provided that if the Indebtedness
being Guaranteed is subordinated to or pari passu with the Notes or any Note Gurantee, than
the Guarantee shall be subordinated or pari passu, as applicable, to the same extent as the
Indebtedness guaranteed;

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     (viii) the Incurrence by the Parent, the Company or any of its Restricted Subsidiaries
of Hedging Obligations that are Incurred for the purpose of fixing, hedging or swapping
interest rate, commodity price or foreign currency exchange rate risk (or to reverse or
amend any such agreements previously made for such purposes), and not for speculative
purposes, and that do not increase the Indebtedness of the obligor outstanding at any time
other than as a result of fluctuations in interest rates, commodity prices or foreign
currency exchange rates or by reason of fees, indemnities and compensation payable
thereunder;

     (ix) the Incurrence by the Parent or any of its Restricted Subsidiaries of Indebtedness
arising from agreements providing for indemnification, adjustment of purchase price or
similar obligations, or Guarantees or letters of credit, surety bonds or performance bonds
securing any obligations of the Parent or any of its Restricted Subsidiaries pursuant to
such agreements, in any case Incurred in connection with the disposition of any business,
assets or Restricted Subsidiary (other than Guarantees of Indebtedness Incurred by any
Person acquiring all or any portion of such business, assets or Restricted Subsidiary for
the purpose of financing such acquisition), so long as the amount does not exceed the gross
proceeds actually received by the Parent or any Restricted Subsidiary thereof in connection
with such disposition;

     (x) the Incurrence by the Parent or any of its Restricted Subsidiaries of Indebtedness
arising from the honoring by a bank or other financial institution of a check, draft or
similar instrument drawn against insufficient funds in the ordinary course of business,
provided, however, that such Indebtedness is extinguished promptly after its Incurrence;

     (xi) the Incurrence by the Parent or any of its Restricted Subsidiaries of Indebtedness
constituting reimbursement obligations with respect to letters of credit issued in the
ordinary course of business; provided that, upon the drawing of such letters of credit or
the Incurrence of such Indebtedness, such obligations are reimbursed within 30 days
following such drawing or Incurrence;

     (xii) the Incurrence by the Parent, the Company or any Restricted Subsidiary of
Acquired Indebtedness in an aggregate principal amount not to exceed $200.0 million;

     (xiii) the Incurrence by the Parent or the Company of Indebtedness to the extent that
the net proceeds thereof are promptly deposited to defease or to satisfy and discharge the
Notes; or

     (xiv) the Incurrence by the Parent or any of its Restricted Subsidiaries of additional
Indebtedness in an aggregate amount at any time outstanding, including all Permitted
Refinancing Indebtedness Incurred to refund, refinance or replace any Indebtedness Incurred
pursuant to this clause (xiv), not to exceed $100.0 million.

          For purposes of determining compliance with this Section 4.09, in the event that any proposed
Indebtedness (including Acquired Indebtedness) meets the criteria of more than one of the
categories of Permitted Debt described in clauses (i) through (xiv) of paragraph (b),

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or is entitled to be Incurred pursuant to paragraph (a), the Parent shall be permitted to
divide and classify at the time of its Incurrence such item of Indebtedness in any manner that
complies with this Section 4.09. Notwithstanding the foregoing, Indebtedness under the Credit
Agreement outstanding on the Issue Date shall be deemed to have been Incurred on such date in
reliance on the exception provided by Section 4.09(b)(i).

          (c) Notwithstanding any other provision of this Section 4.09, the maximum amount of
Indebtedness that may be Incurred pursuant to this Section 4.09 shall not be deemed to be exceeded
with respect to any outstanding Indebtedness due solely to the result of fluctuations in the
exchange rates of currencies.

          (d) The Company shall not Incur any Indebtedness that is subordinate in right of payment to
any other Indebtedness of the Company unless it is subordinate in right of payment to the Notes to
the same extent. The Parent shall not, and shall not permit any Subsidiary Guarantor, to Incur any
Indebtedness that is subordinate in right of payment to any other Indebtedness of the Parent or
such Subsidiary Guarantor, as the case may be, unless it is subordinate in right of payment to the
relevant Note Guarantee to the same extent. For purposes of the foregoing, no Indebtedness shall
be deemed to be subordinated in right of payment to any other Indebtedness of the Parent, the
Company or any Subsidiary Guarantor, as applicable, solely by reason of any Liens or Guarantees
arising or created in respect thereof or by virtue of the fact that the holders of any secured
Indebtedness have entered into intercreditor agreements giving one or more of such holders priority
over the other holders in the collateral held by them.

Section 4.10. Asset Sales.

          (a) The Parent shall not, and shall not permit any of its Restricted Subsidiaries to,
consummate an Asset Sale unless:

     (i) the Parent or such Restricted Subsidiary receives consideration at the time of such
Asset Sale at least equal to the Fair Market Value of the assets or Equity Interests issued
or sold or otherwise disposed of; and

     (ii) at least 75% of the consideration therefor received by the Parent or such
Restricted Subsidiary is in the form of cash, Cash Equivalents or Replacement Assets or a
combination thereof. For purposes of this provision, each of the following shall be deemed
to be cash:

     (A) any liabilities, as shown on the Parent’s or such Restricted Subsidiary’s
most recent balance sheet, of the Parent or any Restricted Subsidiary (other than
contingent liabilities, Indebtedness that is by its terms subordinated to the Notes
or any Note Guarantee and liabilities to the extent owed to the Parent or any
Affiliate of the Parent) that are assumed by the transferee of any such assets or
Equity Interests pursuant to a written novation agreement that releases the Parent
or such Restricted Subsidiary from further liability therefor, and

     (B) any securities, notes or other obligations received by the Parent or any
such Restricted Subsidiary from such transferee that are (within 60 days of receipt
and subject to ordinary settlement periods) converted by the Parent or such

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Restricted Subsidiary into cash (to the extent of the cash received in that
conversion).

          Notwithstanding the foregoing, the 75% limitation referred to in Section 4.10(a)(ii) shall be
deemed satisfied with respect to any Asset Sale in which the cash, Cash Equivalents or Replacement
Assets portion of the consideration received therefrom, determined in accordance with the foregoing
provision on an after tax basis, is equal to or greater than what the after-tax proceeds would have
been had such Asset Sale complied with the aforementioned 75% limitation.

          (b) Within 365 days after the receipt of any Net Proceeds from an Asset Sale, the Parent or
its Subsidiaries may apply such Net Proceeds at its option:

     (i) to repay, prepay, defease, redeem, purchase or otherwise retire Indebtedness under
the Credit Agreement (and to permanently reduce commitments with respect thereto in the case
of revolving borrowings) or the Bridge Agreement, if any; or

     (ii) to purchase Replacement Assets (or enter into a binding agreement to purchase such
Replacement Assets; provided that (x) such purchase is consummated within 180 days after the
date that is 365 days after receipt of such Net Proceeds from such Asset Sale and (y) if
such purchase is not consummated within the period set forth in subclause (x), the Net
Proceeds not so applied shall be deemed to be Excess Proceeds).

Pending the final application of any such Net Proceeds, the Parent or any of its Restricted
Subsidiaries may temporarily reduce revolving credit borrowings or otherwise invest such Net
Proceeds in any manner that is not prohibited by this Indenture.

          (c) On the 366th day after an Asset Sale (or, in the event that a binding agreement has been
entered into as set forth in Section 4.10(b)(ii), the later date of expiration of the 180-day
period set forth in such Section 4.10(b)(ii) or such earlier date, if any, as the Parent determines
not to apply the Net Proceeds relating to such Asset Sale as set forth this Section 4.10 (each such
date being referred as an “Excess Proceeds Trigger Date”), such aggregate amount of Net Proceeds
that has not been applied on or before the Excess Proceeds Trigger Date as permitted in Section
4.10(b) (“Excess Proceeds”) shall be applied by the Company to make an offer (an “Asset Sale
Offer”) to all Holders of Notes and all holders of other Indebtedness that is pari passu with the
Notes or any Note Guarantee containing provisions similar to those set forth in this Indenture with
respect to offers to purchase with the proceeds of sales of assets, to purchase the maximum
principal amount of Notes and such other pari passu Indebtedness that may be purchased out of the
Excess Proceeds. The offer price in any Asset Sale Offer shall be equal to 100% of the principal
amount of the Notes and such other pari passu Indebtedness plus accrued and unpaid interest and
Additional Interest, if any, to the date of purchase, and shall be payable in cash.

          (d) The Company may defer the Asset Sale Offer until the aggregate unutilized Excess Proceeds
accrued in the preceding twelve calendar months equals or exceeds $15.0 million, at which time the
entire unutilized amount of Excess Proceeds (not only the amount in excess of $15.0 million) shall
be applied as provided in Section 4.10(c). If any Excess

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Proceeds remain after consummation of an Asset Sale Offer, the Parent and its Restricted
Subsidiaries may use such Excess Proceeds for any purpose not otherwise prohibited by this
Indenture. If the aggregate principal amount of Notes and such other pari passu Indebtedness
tendered into such Asset Sale Offer exceeds the amount of Excess Proceeds, the Notes and such other
pari passu Indebtedness shall be purchased on a pro rata basis based on the principal amount of
Notes and such other pari passu Indebtedness tendered. Upon completion of each Asset Sale Offer,
the Excess Proceeds subject to such Asset Sale shall no longer be deemed to be Excess Proceeds.

Section 4.11. Transactions with Affiliates.

          (a) The Parent shall not, and shall not permit any of its Restricted Subsidiaries to, make any
payment to, or sell, lease, transfer or otherwise dispose of any of its properties or assets to, or
purchase any property or assets from, or enter into, make, amend, renew or extend any transaction,
contract, agreement, understanding, loan, advance or Guarantee with, or for the benefit of, any
Affiliate (each, an “Affiliate Transaction”), unless:

     (i) such Affiliate Transaction is on terms that are no less favorable to the Parent or
the relevant Restricted Subsidiary than those that would have been obtained in a comparable
arm’s-length transaction by the Parent or such Restricted Subsidiary with a Person that is
not an Affiliate of the Parent or any of its Restricted Subsidiaries; and

     (ii) the Parent delivers to the Trustee:

     (A) with respect to any Affiliate Transaction or series of related Affiliate
Transactions involving aggregate consideration in excess of $5.0 million, a
resolution of the Board of Directors set forth in an Officers’ Certificate
certifying that such Affiliate Transaction or series of related Affiliate
Transactions complies with this Section 4.11 and that such Affiliate Transaction or
series of related Affiliate Transactions has been approved by a majority of the
disinterested members of the Board of Directors of the Parent ; and

     (B) with respect to any Affiliate Transaction or series of related Affiliate
Transactions involving aggregate consideration in excess of $15.0 million, an
opinion as to the fairness to the Parent or such Restricted Subsidiary of such
Affiliate Transaction or series of related Affiliate Transactions from a financial
point of view issued by an independent accounting, appraisal or investment banking
firm of national standing.

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

     (i) transactions between or among the Parent and/or its Restricted Subsidiaries;

     (ii) payment of reasonable and customary fees to, and reasonable and customary
indemnification and similar payments on behalf of, directors of the Parent;

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     (iii) Permitted Investments and Restricted Payments that are permitted by the
provisions of Section 4.07 of this Indenture;

     (iv) any sale of Equity Interests (other than Disqualified Stock) of the Parent or
receipt of any capital contribution from any Affiliate of the Parent;

     (v) any transaction with any of the Parent’s Designated Entities pursuant to which the
Parent or any of its Restricted Subsidiaries provides or receives any of the following:
operational, technical, administrative or other services; goods; intellectual property or
any rights therein; co-location rights or other licensed rights; or leased or other real or
personal property rights; provided that (a) if an Affiliate of the Parent, other than any of
its Restricted Subsidiaries, owns any Equity Interests in such Designated Entity, such
services, goods or other rights provided to any such Designated Entity shall be provided at
prices equal to or greater than the cost to the Parent or such Restricted Subsidiary of
providing such services, goods or other rights, and (b) the Board of Directors of the
Company determines in good faith that such transaction is in the best interests of the
Company and the Restricted Subsidiaries;

     (vi) the provision of, or payment for, services in the ordinary course of business on
terms no less favorable to the Parent and its Restricted Subsidiaries, taken as a whole,
than those that would be obtained in a comparable transaction with an unrelated Person;

     (vii) transactions pursuant to agreements or arrangements in effect on the Issue Date,
or any amendment, modification, or supplement thereto or replacement thereof, as long as
such agreement or arrangement, as so amended, modified, supplemented or replaced, taken as a
whole, is not more disadvantageous to the Company and its Restricted Subsidiaries than the
original agreement or arrangement in existence on the Issue Date;

     (viii) any employment, consulting, service or termination agreement, or indemnification
arrangements, entered into by the Parent or any of its Restricted Subsidiaries with current
or former directors, officers and employees of the Parent or any of its Restricted
Subsidiaries and the payment of compensation to current or former directors, officers and
employees of the Parent or any of its Restricted Subsidiaries (including amounts paid pursuant to employee benefit plans, employee stock option or
similar plans), so long as such agreement, arrangement, plan or payment have been approved
by a majority of the disinterested members of the Board of Directors of the Parent;

     (ix) issuances, purchases or repurchases of Notes or other Indebtedness of the Parent
or its Restricted Subsidiaries or solicitations of amendments, waivers or consents in
respect of Notes or such other Indebtedness, if such issuance, purchase, repurchase or
solicitation is approved by a majority of the disinterested members of the Board of
Directors of the Parent;

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     (x) payments or prepayments in respect of Indebtedness under the Credit Agreement or
solicitations of amendments, waivers or consents in respect of the Indebtedness under the
Credit Agreement, if such payment, prepayment or solicitation is on the same terms as those
offered to each holder of the Indebtedness under the Credit Agreement that is not an
Affiliate of the Parent; and

     (xi) reasonable payments made for any financial advisory, financing, underwriting,
placement or syndication services approved by the Board of Directors of the Parent in good
faith.

Section 4.12. Liens.

          The Parent 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, the Notes or Note Guarantees, as applicable, are secured on
an equal and ratable basis with the obligations so secured (or, in the case of Indebtedness
subordinated to the Notes or the related Note Guarantees, prior or senior thereto, with the same
relative priority as the Notes or the related Note Guarantees shall have with respect to such
subordinated Indebtedness) until such time as such obligations are no longer secured by a Lien.

Section 4.13. Business Activities.

          The Parent shall not, and shall not permit any Restricted Subsidiary thereof to, engage in any
business other than Permitted Businesses, except to such extent as would not be material to the
Parent and its Restricted Subsidiaries taken as a whole.

Section 4.14. Offer to Repurchase upon a Change of Control.

          (a) If a Change of Control occurs, each Holder of Notes shall have the right to require the
Company to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess
thereof) of that Holder’s Notes pursuant to an offer by the Company (a “Change of Control Offer”).
In the Change of Control Offer, the Company shall offer payment (a “Change of Control Payment”) in
cash equal to not less than 101% of the aggregate principal amount of Notes repurchased plus
accrued and unpaid interest and Additional Interest, if any, thereon, to the date of repurchase
(the “Change of Control Payment Date”, which date shall be no earlier than the date of such Change
of Control); provided, however, that notwithstanding the occurrence of a Change of Control, the
Company shall not be obligated to purchase the Notes pursuant to this Section 4.14 in the event
that the Company has exercised its right to redeem all the Notes pursuant to Section 3.07. No
later than 30 days following any Change of Control, the Company shall mail a notice to each Holder
describing the transaction or transactions that constitute the Change of Control and offering to
repurchase Notes on the Change of Control Payment Date specified in such notice, which shall be no
earlier than 30 days and no later than 60 days from the date such notice is mailed, pursuant to the
procedures described in Section 3.08.

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

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

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

     (iii) deliver or cause to be delivered to the Trustee the Notes so accepted together
with an Officers’ Certificate stating the aggregate principal amount of Notes or portions
thereof being purchased by the Company.

          (c) The Paying Agent shall promptly mail or wire transfer to each Holder of Notes so tendered
the Change of Control Payment for such Notes, and the Trustee shall promptly authenticate and mail
(or cause to be transferred by book entry) to each Holder a new Note equal in principal amount to
any unpurchased portion of the Notes surrendered, if any; provided that each such new Note shall be
in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof.

          (d) The Company shall publicly announce the results of the Change of Control Offer on or as
soon as practicable after the Change of Control Payment Date.

          (e) Notwithstanding anything to the contrary in this Section 4.14, the Company shall not be
required to make a Change of Control Offer upon a Change of Control if a third party makes the
Change of Control Offer in the manner, at the times and otherwise in compliance with the
requirements set forth in this Section 4.14 and all other provisions of this Indenture applicable
to a Change of Control Offer made by the Company and purchases all Notes validly tendered and not
withdrawn under such Change of Control Offer.

          (f) A Change of Control Offer may be made in advance of a Change of Control, and conditioned
upon such Change of Control, if a definitive agreement is in place for the Change of Control at the
time of making of the Change of Control Offer. Notes repurchased by the Company pursuant to a
Change of Control Offer will have the status of Notes issued but not outstanding or will be retired
and canceled, at the option of the Company. Notes purchased by a third party pursuant to Section
4.14(e) shall have the status of Notes issued and outstanding.

Section 4.15. [INTENTIONALLY OMITTED].

Section 4.16. Designation of Restricted and Unrestricted Subsidiaries.

          (a) The Board of Directors of the Parent may designate any Restricted Subsidiary of the
Parent, other than the Company, to be an Unrestricted Subsidiary, provided that:

     (i) any Guarantee by the Parent or any Restricted Subsidiary thereof of any
Indebtedness of the Subsidiary being so designated shall be deemed to be an Incurrence of
Indebtedness by the Parent or such Restricted Subsidiary (or both, if applicable) at the

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time of such designation, and such Incurrence of Indebtedness would be permitted under
Section 4.09;

     (ii) the aggregate Fair Market Value of all outstanding Investments owned by the Parent
and its Restricted Subsidiaries in the Subsidiary being so designated (including any
Guarantee by the Parent or any Restricted Subsidiary thereof of any Indebtedness of such
Subsidiary) and any commitments to make any such Investments shall be deemed to be an
Investment made as of the time of such designation and such Investment would be permitted
under Section 4.07;

     (iii) such Subsidiary does not hold any Liens on any Property of the Parent or any
Restricted Subsidiary thereof;

     (iv) the Subsidiary being so designated:

     (A) is not party to any agreement, contract, arrangement or understanding with
the Parent or any Restricted Subsidiary of the Parent unless the terms of any such
agreement, contract, arrangement or understanding are no less favorable to the
Parent or such Restricted Subsidiary than those that could have been obtained at the
time the agreement, contract, arrangement or understanding was entered into from
Persons who are not Affiliates of the Parent (other than any such agreement,
contract, arrangement or understanding permitted under Section 4.11); and

     (B) has not Guaranteed or otherwise directly or indirectly provided credit
support for any Indebtedness of the Parent or any of its Restricted Subsidiaries, except to the extent such Guarantee or credit support would be
released upon such designation; and

     (v) no Default or Event of Default would be in existence following such designation.

          (b) Any designation of a Subsidiary of the Parent as an Unrestricted Subsidiary shall be
evidenced to the Trustee by filing with the Trustee the Board Resolution giving effect to such
designation and an Officers’ Certificate certifying that such designation complied with Section
4.16(a) and is permitted by this Indenture. If, at any time, any Unrestricted Subsidiary would fail
to meet any of the requirements described in Sections 4.16(a)(iv), it shall thereafter cease to be
an Unrestricted Subsidiary for purposes of this Indenture and any Indebtedness, Investments, or
Liens on the property of such Subsidiary shall be deemed to be Incurred or made by a Restricted
Subsidiary of the Parent as of such date and, if such Indebtedness, Investments or Liens are not
permitted to be Incurred or made as of such date under this Indenture, the Parent shall be in
Default under this Indenture.

          (c) The Board of Directors of the Parent may at any time designate any Unrestricted Subsidiary
to be a Restricted Subsidiary; provided that:

     (i) such designation shall be deemed to be an Incurrence of Indebtedness by a
Restricted Subsidiary of the Parent of any outstanding Indebtedness of such Unrestricted

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Subsidiary and such designation shall only be permitted if such Indebtedness is permitted
under Section 4.09;

     (ii) all outstanding Investments owned by such Unrestricted Subsidiary shall be deemed
to be made as of the time of such designation and such designation shall only be permitted
if such Investments would be permitted under Section 4.07;

     (iii) all Liens upon property or assets of such Unrestricted Subsidiary existing at the
time of such designation would be permitted under Section 4.12; and

     (iv) no Default or Event of Default would be in existence following such designation.

Section 4.17. Payments for Consent.

          The Parent shall not, and shall not permit any of its Restricted Subsidiaries to, directly or
indirectly, pay or cause to be paid any consideration to or for the benefit of any Holder of Notes
for or as an inducement to any consent, waiver or amendment of any of the terms or provisions of
this Indenture or the Notes unless such consideration is offered to be paid and is paid to all
Holders of the Notes that consent, waive or agree to amend in the time frame set forth in the
solicitation documents relating to such consent, waiver or agreement.

Section 4.18. Guarantees.

          (a) The Parent shall not permit any of its Restricted Subsidiaries, directly or indirectly, to
Guarantee or pledge any assets to secure the payment of any other Indebtedness for borrowed money
of the Parent, the Company, or any Subsidiary Guarantor unless such Restricted Subsidiary is the
Company or a Subsidiary Guarantor or simultaneously executes and delivers to the Trustee an Opinion
of Counsel and a supplemental indenture in the form attached hereto as Exhibit F providing for the
Guarantee of payment of the Notes by such Restricted Subsidiary, which Guarantee shall be pari
passu with or if such other Indebtedness for borrowed money is subordinated to the Notes or any
Note Guarantees, senior to, such Subsidiary’s Guarantee of such other Indebtedness for borrowed
money.

          (b) Notwithstanding the preceding paragraph, any Note Guarantee may provide by its terms that
it shall be automatically and unconditionally released and discharged under the circumstances
described under Section 10.05 hereof.

ARTICLE FIVE

SUCCESSORS

Section 5.01. Merger, Consolidation or Sale of Assets.

          (a) Neither the Company nor the Parent shall, directly or indirectly: (1) consolidate or merge
with or into another Person (whether or not the Company or the Parent, as applicable, is the
surviving corporation) or (2) sell, assign, transfer, convey or otherwise dispose of all or
substantially all of its properties and assets in one or more related transactions, to another
Person, unless:

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     (i) either: (a) the Company or the Parent, as applicable, is the surviving corporation;
or (b) the Person formed by or surviving any such consolidation or merger (if other than the
Company or the Parent, as applicable) or to which such sale, assignment, transfer,
conveyance or other disposition shall have been made (i) is a corporation, partnership or
limited liability company organized or existing under the laws of the United States, any
state thereof or the District of Columbia and (ii) assumes all the obligations of the
Company or the Parent, as applicable, under the Notes, the Guarantee, this Indenture and the
Registration Rights Agreement, as the case may be, pursuant to agreements reasonably
satisfactory to the Trustee; provided that in the case where such Person is not a
corporation, a co-obligor of the Notes is a corporation;

     (ii) immediately after giving effect to such transaction, no Default or Event of
Default exists;

     (iii) immediately after giving effect to such transaction on a pro forma basis, (a) the
Company or the Parent, as applicable, or the Person formed by or surviving any such
consolidation or merger (if other than the Company or the Parent, as applicable), or
to which such sale, assignment, transfer, conveyance or other disposition shall have
been made, shall be permitted to Incur at least $1.00 of additional Indebtedness pursuant to
Section 4.09(a), or (b) the Consolidated Leverage Ratio for the Parent or such Person, as
the case may be, shall not be greater than the Consolidated Leverage Ratio for the Parent
immediately prior to such transaction; and

     (iv) each Guarantor, unless such Guarantor is the Person with which the Company or the
Parent has entered into a transaction under this Section 5.01, shall have by amendment to
its Note Guarantee confirmed that its Note Guarantee shall apply to the obligations of the
Company or the surviving Person in accordance with the Notes and this Indenture.

          (b) The Parent and its Restricted Subsidiaries shall not, directly or indirectly, lease all or
substantially all of the properties or assets of the Parent and its Restricted Subsidiaries
considered as one enterprise, in one or more related transactions, to any other Person.

          (c) Section 5.01(a)(iii) shall not apply to (x) any merger, consolidation or sale, assignment,
transfer, conveyance or other disposition of assets between or among the Parent or the Company and
any of the Parent’s Restricted Subsidiaries or (y) a merger of the Parent or the Company with an
Affiliate solely for the purpose of reincorporating the Parent or the Company in another
jurisdiction.

Section 5.02. Successor Corporation Substituted.

          Upon any consolidation or merger, or any sale, assignment, transfer, conveyance or other
disposition of all or substantially all of the assets of the Company or Parent, as applicable, in
accordance with Section 5.01 hereof, the successor corporation formed by such consolidation or into
or with which the Company or Parent, as applicable, is merged or to which such sale, assignment,
transfer, conveyance or other disposition is made shall succeed to, and be

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substituted for (so that
from and after the date of such consolidation, merger, sale, assignment, conveyance or other
disposition, the provisions of this Indenture referring to the “Company” or “Parent”, as
applicable, shall refer instead to the successor corporation and not to the Company or Parent, as
applicable), and may exercise every right and power of, the Company or Parent, as applicable, under
this Indenture with the same effect as if such successor Person had been named as the Company or
Parent, as applicable, herein.

ARTICLE SIX

DEFAULTS AND REMEDIES

Section 6.01. Events of Default.

     (a) Each of the following is an “Event of Default”:

     (i) default for 30 days in the payment when due of interest on, or Additional Interest,
if any, with respect to, the Notes;

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

     (iii) failure by the Parent, the Company or any Restricted Subsidiaries of the Parent
for 30 days after written notice to the Parent by the Trustee or the Holders of at least 25%
in aggregate principal amount of Notes then outstanding to comply with Sections 4.10 or 4.14
(in each case other than a failure to purchase Notes which shall constitute an Event of
Default under Section 6.01(a)(ii)) or the failure by the Parent or the Company to comply
with Section 5.01;

     (iv) failure by the Parent, the Company or any Restricted Subsidiary of the Parent for
60 days after written notice to the Parent by the Trustee or Holders representing at least
25% of the aggregate principal amount of Notes then outstanding to comply with any of the
other agreements in this Indenture;

     (v) default under any mortgage, indenture or instrument under which there may be issued
or by which there may be secured or evidenced any Indebtedness by Parent, the Company or any
Restricted Subsidiary that is a Significant Subsidiary of the Parent (or the payment of
which is Guaranteed by Parent, the Parent or any Restricted Subsidiary that is a Significant
Subsidiary of the Parent) whether such Indebtedness or Guarantee now exists, or is created
after the Issue Date, if that default:

     (A) is caused by a failure to make any payment when due at the final maturity
of such Indebtedness (a “Payment Default”); or

     (B) results in the acceleration of such Indebtedness prior to its express
maturity,

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and, in each case, the amount of any such Indebtedness, together with the amount of any
other such Indebtedness under which there has been a Payment Default or the maturity of
which has been so accelerated, aggregates $25.0 million or more;

     (vi) failure by Parent, the Company or any Restricted Subsidiary that is a Significant
Subsidiary of the Parent to pay final judgments (to the extent such judgments are not paid
or covered by insurance provided by a reputable carrier) aggregating in excess of $25.0
million, which judgments are not paid, discharged or stayed for a period of 60 days;

     (vii) except as permitted by this Indenture, any Note Guarantee is held in any judicial
proceeding to be unenforceable or invalid or ceases for any reason to be in full force and
effect or any Guarantor, or any Person acting on behalf of any Guarantor, denies or
disaffirms its obligations under its Note Guarantee;

     (viii) the Parent, the Company, any Subsidiary Guarantor or any Significant Subsidiary
of the Parent, pursuant to or within the meaning of Bankruptcy Law:

     (A) commences a voluntary case,

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

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

     (D) generally is not paying its debts as they become due; and

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

     (A) is for relief against the Parent, the Company, any Subsidiary Guarantor or any
Significant Subsidiary of the Parent, in an involuntary case,

     (B) appoints a custodian of the Parent, the Company, any Subsidiary Guarantor or
Significant Subsidiary of the Parent or for all or substantially all of the property of the
Parent, the Company, any Subsidiary Guarantor or Significant Subsidiary of the Parent, or

     (C) orders the liquidation of the Parent, the Company, any Subsidiary Guarantor or
Significant Subsidiary of the Parent;

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

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Section 6.02. Acceleration.

          (a) In the case of an Event of Default specified in Section 6.01(viii) or Section 6.01(ix)
hereof, with respect to the Parent, the Company, any Subsidiary Guarantor or any Restricted
Subsidiary that is a Significant Subsidiary, all outstanding Notes shall become due and payable
immediately without further action or notice. If any other Event of Default occurs and is
continuing, the Trustee or the Holders of at least 25% in principal amount of the then outstanding
Notes may declare all the Notes to be due and payable immediately by notice in writing to the
Company specifying the Event of Default.

          With respect to periods after November 1, 2010, in the case of any Event of Default occurring
by reason of any willful action or inaction taken or not taken by or on behalf of the Parent or the
Company with the intention of avoiding payment of the premium that the Company would have had to
pay if the Company then had elected to redeem the Notes pursuant to Section 3.07(a), an equivalent
premium shall also become and be immediately due and payable to the extent permitted by law upon
the acceleration of the Notes. With respect to periods prior to November 1, 2010, if an Event of
Default occurs during any time that the Notes are outstanding, by reason of any willful action (or
inaction) taken (or not taken) by or on behalf of the Parent or the Company with the intention of
avoiding the prohibition on redemption of the Notes, then the premium specified in Section 3.07(c)
that would have been payable upon redemption at the time the Event of Default occurs shall also
become immediately due and payable to the extent permitted by law upon the acceleration of the
Notes.

Section 6.03. Other Remedies.

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

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

Section 6.04. Waiver of Past Defaults.

     (a) Holders of a majority in principal amount of the then outstanding Notes by notice to the
Trustee may, on behalf of the Holders of all of the Notes, rescind and annul a declaration
of acceleration pursuant to Section 6.02 hereof, and its consequences, and waive any related
existing Default or Event of Default (except a continuing Default or Event of Default in the
payment of interest or Additional Interest, if any, or on the principal of the Notes) if:

     (i) the Company has paid or deposited with the Trustee a sum sufficient to pay (x) all sums
paid or advanced by the Trustee hereunder and the reasonable compensation, expenses and

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disbursements and advances of the Trustee, it agents and counsel, (y) all overdue interest and
Additional Interest, if any, on all Notes, (z) the principal of and premium, if any, on any Notes
that have become due otherwise than by such declaration or occurrence of acceleration and interest
and Additional Interest, if any, thereon at the rate prescribed therefor by such Notes, and (iv) to
the extent that payment for such interest is lawful, interest upon overdue interest, if any, at the
rate prescribed in Section 4.01 hereof,

     (ii) all existing Events of Default, other than the nonpayment of the principal of, premium,
if any, and interest and Additional Interest, if any, on the Notes that have become due solely by
such declaration of acceleration, have been cured or waived, and

     (iii) the rescission would not conflict with any judgment or decree of a court of competent
jurisdiction.

     (b) The Company shall deliver to the Trustee an Officers’ Certificate stating that the
requisite percentage of Holders have consented to any such waiver and attaching copies of such
consents. In case of any such waiver, the Parent, Company, the Trustee and the Holders shall be
restored to their former positions and rights hereunder and under the Notes, respectively. This
Section 6.04 and Section 9.02 shall be in lieu of Section 316(a)(1)(B) of the TIA and such Section
316(a)(1)(B) of the TIA is hereby expressly excluded from this Indenture and the Notes, as
permitted by the TIA. Upon any such waiver, such Default shall cease to exist, and any Event of
Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture;
but no such waiver shall extend to any subsequent or other Default or impair any right consequent
thereon.

Section 6.05. Control by Majority.

          Holders of a majority in aggregate principal amount of the then outstanding Notes may direct
the time, method and place of conducting any proceeding for exercising any remedy available to the
Trustee or exercising any trust or power conferred on it. However, the Trustee may refuse to
follow any direction that conflicts with law or this Indenture that the Trustee determines in good
faith may be unduly prejudicial to the rights of other Holders of Notes or that may involve the
Trustee in personal liability and may take any other action it deems proper that is not
inconsistent with any such direction received from Holders of Notes.

Section 6.06. Limitation on Suits.

          (a) A Holder may not pursue any remedy with respect to this Indenture or the Notes unless:

     (i) the Holder gives the Trustee written notice of a continuing Event of Default;

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

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     (iii) such Holder or Holders offer the Trustee indemnity satisfactory to the Trustee
against any costs, liability or expense;

     (iv) the Trustee does not comply with the request within 60 days after receipt of the
request and the offer of indemnity; and

     (v) during such 60-day period, the Holders of a majority in aggregate principal amount
of the outstanding Notes do not give the Trustee a direction that is inconsistent with the
request.

          Such limitations do not apply to the right of any Holder of a Note to receive payment of the
principal of, premium or Additional Interest, if any, or interest on, such Note or to bring suit
for the enforcement of any such payment, on or after the due date expressed in the Notes, which
right shall not be impaired or affected without the consent of the Holder.

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

Section 6.07. Rights of Holders of Notes to Receive Payment.

          Notwithstanding any other provision of this Indenture, the right of any Holder of a Note to
receive payment of principal, premium, if any, interest on, and Additional Interest, if any, with
respect to, the Note, on or after the respective due dates expressed in the Note (including in
connection with an offer to purchase), or to bring suit for the enforcement of any such payment on
or after such respective dates, shall not be impaired or affected without the consent of such
Holder.

Section 6.08. Collection Suit by Trustee.

          If an Event of Default specified in Section 6.01(a)(i) or (a)(ii) occurs and is continuing,
the Trustee is authorized to recover judgment in its own name and as trustee of an express trust
against the Company for the whole amount of principal of, premium, if any, interest, and Additional
Interest, if any, remaining unpaid on the Notes and interest on overdue principal and premium, if
any, and, to the extent lawful, interest and Additional Interest, if any, and such further amount
as shall be sufficient to cover the costs and expenses of collection,
including the reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel.

Section 6.09. Trustee May File Proofs of Claim.

          The Trustee is authorized to file such proofs of claim and other papers or documents as may be
necessary or advisable in order to have the claims of the Trustee (including any claim for the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and
counsel) and the Holders of the Notes allowed in any judicial proceedings relative to the Company
or any Guarantor (or any other obligor upon the Notes), its creditors or its property and shall be
entitled and empowered to collect, receive and distribute any money or other securities or property
payable or deliverable on any such claims and any custodian in any such judicial proceeding is
hereby authorized by each Holder to make such payments to the

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Trustee, and in the event that the
Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee
any amount due to it for the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof.
To the extent that the payment of any such compensation, expenses, disbursements and advances of
the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07
hereof out of the estate in any such proceeding, shall be denied for any reason, payment of the
same shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends,
money, securities and other properties that the Holders may be entitled to receive in such
proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise.
Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or
accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or
composition affecting the Notes or the rights of any Holder, or to authorize the Trustee to vote in
respect of the claim of any Holder in any such proceeding.

Section 6.10. Priorities.

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

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

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

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

          (b) The Trustee may fix a record date and payment date for any payment to Holders of Notes
pursuant to this Section 6.10.

Section 6.11. Undertaking for Costs.

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

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ARTICLE SEVEN

TRUSTEE

Section 7.01. Duties of Trustee. Except to the extent, if any, provided otherwise in
the Trust Indenture Act of 1939 (as from time to time in effect):

          (a) If an Event of Default has occurred and is continuing, the Trustee shall exercise such of
the rights and powers vested in it by this Indenture, and use the same degree of care and skill in
its exercise, as a prudent person would exercise or use under the circumstances in the conduct of
such person’s own affairs.

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

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

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

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

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

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

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

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

          (e) No provision of this Indenture shall require the Trustee to expend or risk its own funds
or incur any liability. The Trustee shall be under no obligation to exercise any of its rights and
powers under this Indenture at the request of any Holders, unless such Holder shall have offered to
the Trustee security and indemnity satisfactory to it against any loss, costs, liability or expense
that might be incurred by it in connection with the request or direction.

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          (f) Money held in trust by the Trustee need not be segregated from other funds except to the
extent required by law.

Section 7.02. Certain Rights of Trustee.

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

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

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

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

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

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

          (g) 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 such
event is sent to the Trustee in accordance with Section 12.02 hereof, and such notice references
the Notes.

Section 7.03. Individual Rights of Trustee.

          The Trustee in its individual or any other capacity may become the owner or pledgee of Notes
and may become a creditor of, or otherwise deal with, the Company or any of its Affiliates with the
same rights it would have if it were not Trustee. However, in the event that the Trustee acquires
any conflicting interest as described in the Trust Indenture Act of 1939 (as in effect at such
time), it must eliminate such conflict within 90 days, apply to the SEC for permission to continue
as trustee or resign. Any Agent may do the same with like rights and duties. The Trustee is also
subject to Sections 7.10 and 7.11 hereof.

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Section 7.04. Trustee’s Disclaimer.

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

Section 7.05. Notice of Defaults.

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

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

          (a) Within 60 days after each May 31 beginning with the May 31 following the date hereof, and
for so long as Notes remain outstanding, the Trustee shall deliver to the Holders of the Notes a
brief report dated as of such reporting date that complies with TIA § 313(a) (but if no event
described in TIA § 313(a) has occurred within the twelve months preceding the reporting date, no
report need be transmitted). The Trustee also shall comply with TIA § 313(b)(2). The Trustee
shall also transmit by mail all reports as required by TIA § 313(c).

          (b) A copy of each report at the time of its delivery to the Holders of Notes shall be
delivered to the Company and filed with the SEC and each stock exchange on which the Notes are
listed in accordance with TIA § 313(d). The Company shall promptly notify the Trustee when the
Notes are listed on any stock exchange or any delisting thereof.

Section 7.07. Compensation and Indemnity.

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

          (b) The Company shall indemnify the Trustee against any and all losses, liabilities or
expenses incurred by it arising out of or in connection with the acceptance or administration of
its duties under this Indenture, including the costs and expenses of enforcing this Indenture
against the Company (including this Section 7.07) and defending itself against any

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claim (whether
asserted by either of the Company or any Holder or any other person) or liability in connection
with the exercise or performance of any of its powers or duties hereunder, except to the extent any
such loss, liability or expense may be attributable to its negligence, bad faith or willful
misconduct. The Trustee shall notify the Company promptly of any claim for which it may seek
indemnity. Failure by the Trustee to so notify the Company shall not relieve the Company of its
obligations hereunder. The Company shall defend the claim and the Trustee shall cooperate in the
defense. The Company need not pay for any settlement made without its consent, which consent shall
not be unreasonably withheld.

          (c) The obligations of the Company under this Section 7.07 shall survive the satisfaction and
discharge of this Indenture and resignation of removal of the Trustee.

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

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

          (f) The Trustee shall comply with the provisions of TIA § 313(b)(2) to the extent applicable.

Section 7.08. Replacement of Trustee.

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

          (b) The Trustee may resign in writing at any time and be discharged from the trust hereby
created by so notifying the Company. The Holders of a majority in principal amount of the then
outstanding Notes may remove the Trustee upon 30 days notice by so notifying the Trustee and the
Company in writing. The Company may remove the Trustee if:

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

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

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

     (iv) the Trustee becomes incapable of acting.

          (c) If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for
any reason, the Company shall promptly appoint a successor Trustee. Within one year after the
successor Trustee takes office, the Holders of a majority in principal amount of the

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then
outstanding Notes may appoint a successor Trustee to replace the successor Trustee appointed by the
Company.

          (d) If a successor Trustee does not take office within 30 days after the retiring Trustee
resigns or is removed, the retiring Trustee, the Company, or the Holders of Notes of at least 10%
in principal amount of the then outstanding Notes may petition at the expense of the Company any
court of competent jurisdiction for the appointment of a successor Trustee.

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

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

Section 7.09. Successor Trustee by Merger, Etc.

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

Section 7.10. Eligibility; Disqualification.

          There shall at all times be a Trustee hereunder that is a corporation organized and doing
business under the laws of the United States of America or of any state thereof that is authorized
under such laws to exercise corporate trustee power, that is subject to supervision or examination
by federal or state authorities and that has a combined capital and surplus of at least $150.0
million as set forth in its most recent published annual report of condition.

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

Section 7.11. Preferential Collection of Claims Against Company.

          The Trustee is subject to TIA § 311(a), excluding any creditor relationship listed in TIA §
311(b). A Trustee who has resigned or been removed shall be subject to TIA § 311(a) to the extent
indicated therein. The Trustee hereby waives any right to set-off any claim that it may have
against the Company in any capacity (other than as Trustee and Paying Agent) against any of the
assets of the Company held by the Trustee; provided, however, that if the Trustee is or becomes a
lender of any other Indebtedness permitted hereunder to be pari passu with the Notes, then such
waiver shall not apply to the extent of such Indebtedness.

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ARTICLE EIGHT

DEFEASANCE AND COVENANT DEFEASANCE

Section 8.01. Option to Effect Legal Defeasance or Covenant Defeasance.

     The Company may, at any time, elect to have either Section 8.02 or 8.03 hereof be applied to
all outstanding Notes upon compliance with the conditions set forth below in this Article Eight.

Section 8.02. Legal Defeasance and Discharge.

          Upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section
8.02, the Company shall, subject to the satisfaction of the conditions set forth in Section 8.04
hereof, be deemed to have been discharged from its obligations with respect to all outstanding
Notes and all obligations of the Guarantors shall be deemed to have been discharged with respect to
their obligations under the Note Guarantees on the date the conditions set forth below are
satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the
Company and the Guarantors shall be deemed to have paid and discharged the entire Indebtedness
represented by the outstanding Notes and Note Guarantees, respectively, which shall thereafter be
deemed to be “outstanding” only for the purposes of Section 8.05 hereof and the other Sections of
this Indenture referred to in (a) and (b) below, and to have satisfied all its other obligations
under such Notes and this Indenture (and the Trustee, on demand of and at the expense of the
Company, shall execute proper instruments acknowledging the same), except for the following
provisions which shall survive until otherwise terminated or discharged hereunder: (a) the rights
of Holders of outstanding Notes to receive solely from the trust fund described in Section 8.04
hereof, and as more fully set forth in such Section, payments in respect of the principal of,
premium, if any, interest and Additional Interest, if any, on such Notes when such payments are
due, (b) the Company’s obligations with respect to such Notes under Article Two concerning issuing
temporary Notes, registration of Notes and mutilated, destroyed, lost or stolen Notes and the
Company’s obligations under Section 4.02 hereof, (c) the rights, powers, trusts, duties and
immunities of the Trustee hereunder and the Company’s and the Guarantors’ obligations in connection
therewith and (d) this Article Eight. Subject to compliance with this Article Eight, the Company
may exercise its option under this Section 8.02 notwithstanding the prior exercise of its option
under Section 8.03 hereof.

Section 8.03. Covenant Defeasance.

          Upon the Company’s exercise under Section 8.01 hereof of the option applicable to this Section
8.03, the Company shall, subject to the satisfaction of the conditions set forth in Section 8.04
hereof, be released from its obligations under the covenants contained in Sections 4.07, 4.08, 4.09
(including the incorporation thereof into Section 5.01(a)(iii)), 4.10, 4.11, 4.12, 4.13, 4.14,
4.15, 4.16, 4.17 and 4.18 hereof with respect to the outstanding Notes on and after the
date the conditions set forth in Section 8.04 are satisfied (hereinafter, “Covenant
Defeasance”), and the Notes shall thereafter be deemed not “outstanding” for the purposes of any
direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof)
in connection with such covenants, but shall continue to be deemed “outstanding” for all other
purposes hereunder (it being understood that such Notes shall not be deemed outstanding for

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accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the
outstanding Notes, the Company and the Guarantors may omit to comply with and shall have no
liability in respect of any term, condition or limitation set forth in any such covenant, whether
directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by
reason of any reference in any such covenant to any other provision herein or in any other document
and such omission to comply shall not constitute a Default or an Event of Default under Section
6.01 hereof, but, except as specified above, the remainder of this Indenture and such Notes shall
be unaffected thereby. In addition, upon the Company’s exercise under Section 8.01 hereof of the
option applicable to this Section 8.03, subject to the satisfaction of the conditions set forth in
Section 8.04 hereof, Sections 6.01(a)(iii) through (vii) shall not constitute Events of Default.

Section 8.04. Conditions to Legal or Covenant Defeasance.

          (a) The following shall be the conditions to the application of either Section 8.02 or 8.03
hereof to the outstanding Notes:

     (i) the Company must irrevocably deposit with the Trustee, in trust, for the benefit of
the Holders of the Notes, cash in U.S. dollars, non-callable Government Securities, or a
combination thereof, in such amounts as shall be sufficient, in the opinion of a nationally
recognized independent registered public accounting firm, to pay the principal of, or
interest and premium and Additional Interest, if any, on the outstanding Notes on the Stated
Maturity or on the applicable redemption date, as the case may be, and the Company must
specify whether the Notes are being defeased to maturity or to a particular redemption date;

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

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

     (iv) no Default or Event of Default shall have occurred and be continuing either: (a)
on the date of such deposit; or (b) insofar as Events of Default from bankruptcy

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or insolvency events are concerned, at any time in the period ending on the 123rd
day after the date of deposit;

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

     (vi) the Company must have delivered to the Trustee an Opinion of Counsel to the effect
that, (1) assuming no intervening bankruptcy of the Company or any Guarantor between the
date of deposit and the 123rd day following the deposit and assuming that no
Holder is an “insider” of the Company under applicable bankruptcy law, after the 123rd day
following the deposit, the trust funds shall not be subject to the effect of any applicable
bankruptcy, insolvency, reorganization or similar laws affecting creditors’ rights
generally, including Section 547 of the United States Bankruptcy Code and Section 15 of the
New York Debtor and Creditor Law and (2) the creation of the defeasance trust does not
violate the Investment Company Act of 1940;

     (vii) the Company must deliver to the Trustee an Officers’ Certificate stating that the
deposit was not made by the Company with the intent of preferring the Holders of Notes over
the other creditors of the Company with the intent of defeating, hindering, delaying or
defrauding creditors of the Company or others;

     (viii) if the Notes are to be redeemed prior to their stated maturity, the Company must
deliver to the Trustee irrevocable instructions to redeem all of the Notes on the specified
redemption date; and

     (ix) the Company must deliver to the Trustee an Officers’ Certificate and an Opinion of
Counsel, each stating that all conditions precedent relating to the Legal Defeasance or the
Covenant Defeasance have been complied with.

Section 8.05. Deposited Money and Government Securities to Be Held in Trust; Other
Miscellaneous Provisions.

          (a) Subject to Section 8.06 hereof, all money and non-callable Government Securities
(including the proceeds thereof) deposited with the Trustee pursuant to Section 8.04 hereof in
respect of the outstanding Notes shall be held in trust and applied by the Trustee, in accordance
with the provisions of such Notes and this Indenture, to the payment, either directly or through
any Paying Agent (including the Company acting as Paying Agent) as the Trustee may determine, to
the Holders of such Notes of all sums due and to become due thereon in
respect of principal, premium and Additional Interest, if any, and interest, but such money
need not be segregated from other funds except to the extent required by law.

          (b) The Company shall pay and indemnify the Trustee against any tax, fee or other charge
imposed on or assessed against the cash or non-callable Government Securities deposited pursuant to
Section 8.04 hereof or the principal and interest received in respect thereof other than any such
tax, fee or other charge which by law is for the account of the Holders of the outstanding Notes.

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          (c) Anything in this Article Eight to the contrary notwithstanding, the Trustee shall deliver
or pay to the Company from time to time upon the request of the Company any money or non-callable
Government Securities held by it as provided in Section 8.04 hereof which, in the opinion of a
nationally recognized independent registered public accounting firm expressed in a written
certification thereof delivered to the Trustee (which may be the opinion delivered under Section
8.04(a) hereof), are in excess of the amount thereof that would then be required to be deposited to
effect an equivalent Legal Defeasance or Covenant Defeasance.

Section 8.06. Repayment to the Company.

          Subject to applicable escheat laws, any money deposited with the Trustee or any Paying Agent,
or then held by the Company, in trust for the payment of the principal of, premium, if any, or
interest on any Note and remaining unclaimed for two years after such principal, and premium, if
any, or interest has become due and payable shall be paid to the Company on its request or (if then
held by the Company) shall be discharged from such trust; and the Holder of such Note shall
thereafter look only to the Company for payment thereof, and all liability of the Trustee or such
Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof,
shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being
required to make any such repayment, may at the expense of the Company cause to be published once,
in the New York Times and The Wall Street Journal (national edition), notice that such money
remains unclaimed and that, after a date specified therein, which shall not be less than 30 days
from the date of such notification or publication, any unclaimed balance of such money then
remaining shall be repaid to the Company.

Section 8.07. Reinstatement.

          If the Trustee or Paying Agent is unable to apply any United States dollars or non-callable
Government Securities in accordance with Section 8.02 or 8.03 hereof, as the case may be, by reason
of any order or judgment of any court or governmental authority enjoining, restraining or otherwise
prohibiting such application, then the Company’s obligations under this Indenture and the Notes
shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.02 or 8.03
hereof and, in the case of a Legal Defeasance, the Guarantors’ obligations under their respective
Note Guarantees shall be revised and reinstated as though no deposit had occurred pursuant to
Section 8.02 hereof, in each case until such time as the Trustee or Paying Agent is permitted to
apply all such money in accordance with Section 8.02 or 8.03
hereof, as the case may be; provided, however, that, if the Company makes any payment of
principal of, premium, if any, or interest on any Note following the reinstatement of its
obligations, the Company shall be subrogated to the rights of the Holders of such Notes to receive
such payment from the money held by the Trustee or Paying Agent.

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ARTICLE NINE

AMENDMENT, SUPPLEMENT AND WAIVER

Section 9.01. Without Consent of Holders of Notes.

          (a) Notwithstanding Section 9.02 of this Indenture, the Company, the Guarantors, and the
Trustee may amend or supplement this Indenture or the Notes without the consent of any Holder of a
Note:

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

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

     (iii) to provide for the assumption of the Company’s or any Guarantor’s obligations to
Holders of Notes in the case of a merger or consolidation or sale of all or substantially
all of the Company’s or such Guarantor’s assets;

     (iv) to make any change that would provide any additional rights or benefits to the
Holders of Notes or that does not materially adversely affect the legal rights under this
Indenture of any such Holder;

     (v) to comply with requirements of the SEC in order to effect or maintain the
qualification of this Indenture under the Trust Indenture Act;

     (vi) to comply with the provisions described under Section 4.18 or Article Ten;

     (vii) to evidence and provide for the acceptance of appointment of a successor Trustee;

     (viii) to provide for the issuance of Additional Notes in accordance with this
Indenture; or

          (b) to conform the text of this Indenture or the Notes to any provision of the “Description of
Notes” in the Offering Memorandum to the extent such provision in the “Description of Notes” was
intended to be a verbatim recitation of a provision of the Indenture.

          (c) Upon the request of the Company accompanied by a resolution of its Board of Directors
authorizing the execution of any such amended or supplemental Indenture, and upon receipt by the
Trustee of any documents requested under Section 7.02(b) hereof, the Trustee shall join with the
Company in the execution of any amended or supplemental Indenture
authorized or permitted by the terms of this Indenture and make any further appropriate
agreements and stipulations that may be therein contained, but the Trustee shall not be obligated
to enter into such amended or supplemental Indenture that affects its own rights, duties or
immunities under this Indenture or otherwise.

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Section 9.02. With Consent of Holders of Notes.

          (a) Except as otherwise provided in this Section 9.02, the Company, the Guarantors and the
Trustee may amend or supplement this Indenture or the Notes with the consent of the Holders of at
least a majority in aggregate principal amount of the Notes then outstanding (including, without
limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer
for, Notes), and, subject to Sections 6.04 and 6.07 hereof, any existing Default or Event of
Default or compliance with any provision of this Indenture or the Notes may be waived with the
consent of the Holders of a majority in aggregate principal amount of the then outstanding Notes
(including, without limitation, consents obtained in connection with a purchase of, or tender offer
or exchange offer for, Notes).

          (b) The Company may, but shall not be obligated to, fix a record date for the purpose of
determining the Persons entitled to consent to any indenture supplemental hereto. If a record date
is fixed, the Holders on such record date, or its duly designated proxies, and only such Persons,
shall be entitled to consent to such supplemental indenture, whether or not such Holders remain
Holders after such record date; provided that unless such consent shall have become effective by
virtue of the requisite percentage having been obtained prior to the date which is 90 days after
such record date, any such consent previously given shall automatically and without further action
by any Holder be cancelled and of no further effect.

          (c) Upon the request of the Company accompanied by a resolution of its Board of Directors
authorizing the execution of any such amendment or supplement to this Indenture, and upon the
filing with the Trustee of evidence satisfactory to the Trustee of the consent of the Holders of
Notes as aforesaid, and upon receipt by the Trustee of the documents described in Section 7.02
hereof, the Trustee shall join with the Company in the execution of such amendment or supplement
unless such amendment or supplement directly affects the Trustee’s own rights, duties or immunities
under this Indenture or otherwise, in which case the Trustee may in its discretion, but shall not
be obligated to, enter into such amendment or supplement.

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

          (e) After an amendment, supplement or waiver under this Section becomes effective, the Company
shall deliver to the Holders of Notes affected thereby a notice briefly describing the amendment,
supplement or waiver. Any failure of the Company to deliver such notice, or any defect therein,
shall not, however, in any way impair or affect the validity of any such amendment, supplement or
waiver. Subject to Sections 6.04 and 6.07 hereof, the Holders
of a majority in aggregate principal amount of the then outstanding Notes (including
Additional Notes, if any) may waive compliance in a particular instance by the Company with any
provision of this Indenture or the Notes. However, without the consent of each Holder affected, an
amendment or waiver under this Section 9.02 may not:

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

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     (ii) reduce the principal of or change the fixed maturity of any Note or alter the
provisions, or waive any payment, with respect to the redemption of the Notes;

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

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

     (v) make any Note payable in money other than U.S. dollars;

     (vi) make any change in the provisions of this Indenture relating to waivers of past
Defaults or the rights of Holders of Notes to receive payments of principal of, or interest
or premium or Additional Interest, if any, on the Notes;

     (vii) release any Guarantor from any of its obligations under its Note Guarantee or
this Indenture, except in accordance with the terms of this Indenture;

     (viii) impair the right to institute suit for the enforcement of any payment on or with
respect to the Notes or the Note Guarantees;

     (ix) except as otherwise permitted under Sections 4.18 or Article Ten or Article Five,
consent to the assignment or transfer by the Company or any Guarantor of any of their rights
or obligations under this Indenture;

     (x) contractually subordinate in right of payment the Notes or any Note Guarantee to
any other Indebtedness; or

     (xi)make any change in the preceding amendment and waiver provisions.

Section 9.03. Compliance with Trust Indenture Act.

          Every amendment or supplement to this Indenture or the Notes shall be set forth in a document
that complies with the TIA as then in effect.

Section 9.04. Revocation and Effect of Consents.

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

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Section 9.05. Notation on or Exchange of Notes.

          (a) The Trustee may place an appropriate notation about an amendment, supplement or waiver on
any Note thereafter authenticated. The Company in exchange for all Notes may issue and the Trustee
shall, upon receipt of an Authentication Order, authenticate new Notes that reflect the amendment,
supplement or waiver.

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

Section 9.06. Trustee to Sign Amendments, Etc.

          The Trustee shall sign any amendment or supplement to this Indenture or any Note authorized
pursuant to this Article Nine if the amendment or supplement does not adversely affect the rights,
duties, liabilities or immunities of the Trustee. The Company may not sign an amendment or
supplemental Indenture or Note until its Board of Directors approves it. In executing any
amendment or supplement or Note, the Trustee shall be entitled to receive and (subject to Section
7.01 hereof) shall be fully protected in relying upon an Officers’ Certificate and an Opinion of
Counsel stating that the execution of such amendment or supplement is authorized or permitted by
this Indenture.

ARTICLE TEN

NOTE GUARANTEES

Section 10.01. Guarantee.

          (a) Subject to this Article Ten, each of the Guarantors hereby, jointly and severally, and
fully and unconditionally, guarantees to each Holder of a Note authenticated and delivered by the
Trustee and to the Trustee and its successors and assigns, irrespective of the
validity and enforceability of, this Indenture, the Notes or the obligations of the Company
hereunder or thereunder, that: (a) the principal of, premium, if any, and interest and Additional
Interest, if any, on the Notes shall be promptly paid in full when due, whether at maturity, by
acceleration, redemption or otherwise, and interest on the overdue principal of, premium, if any,
and interest and Additional Interest, if any, on the Notes, if lawful (subject in all cases to any
applicable grace period provided herein), and all other obligations of the Company to the Holders
or the Trustee hereunder or thereunder shall be promptly paid in full or performed, all in
accordance with the terms hereof and thereof; and (b) in case of any extension of time of payment
or renewal of any Notes or any of such other obligations, the same shall be promptly paid in full
when due or performed in accordance with the terms of the extension or renewal, whether at stated
maturity, by acceleration or otherwise. Failing payment when due of any amount so guaranteed or
any performance so guaranteed for whatever reason, the Guarantors shall be jointly and severally
obligated to pay the same immediately. Each Guarantor agrees that this is a guarantee of payment
and not a guarantee of collection.

          (b) The Guarantors hereby agree that, to the maximum extent permitted under applicable law,
their obligations hereunder shall be unconditional, irrespective of the validity, regularity or
enforceability of the Notes or this Indenture, the absence of any action to enforce the same, any
waiver or consent by any Holder of the Notes with respect to any provisions hereof

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or thereof, the
recovery of any judgment against the Company, any action to enforce the same or any other
circumstance which might otherwise constitute a legal or equitable discharge or defense of a
Guarantor. Subject to Section 6.06 hereof, each Guarantor hereby waives diligence, presentment,
demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the
Company, any right to require a proceeding first against the Company, protest, notice and all
demands whatsoever and covenants that this Note Guarantee shall not be discharged except by
complete performance of the obligations contained in the Notes and this Indenture.

          (c) If any Holder or the Trustee is required by any court or otherwise to return to the
Company, the Guarantors or any custodian, trustee, liquidator or other similar official acting in
relation to any of the Company or the Guarantors, any amount paid by any of them to the Trustee or
such Holder, this Note Guarantee, to the extent theretofore discharged, shall be reinstated in full
force and effect.

          (d) Each Guarantor agrees that it shall not be entitled to any right of subrogation in
relation to the Holders in respect of any obligations guaranteed hereby until payment in full of
all obligations guaranteed hereby. Each Guarantor further agrees that, as between the Guarantors,
on the one hand, and the Holders and the Trustee, on the other hand, (x) the maturity of the
obligations guaranteed hereby may be accelerated as provided in Article Six hereof for the purposes
of this Note Guarantee, notwithstanding any stay, injunction or other prohibition preventing such
acceleration in respect of the obligations guaranteed hereby, and (y) in the event of any
declaration of acceleration of such obligations as provided in Article Six hereof, such obligations
(whether or not due and payable) shall forthwith become due and payable by the Guarantors for the
purpose of this Note Guarantee. The Guarantors shall have the right to seek contribution from any
non-paying Guarantor so long as the exercise of such right does not impair the rights of the
Holders under the Note Guarantee.

Section 10.02. Limitation on Guarantor Liability.

          Each Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it is the
intention of all such parties that the Note Guarantee of such Guarantor not constitute a fraudulent
transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the
Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable to
such Note Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and the
Guarantors hereby irrevocably agree that the obligations of such Guarantor shall be limited to the
maximum amount as will, after giving effect to all other contingent and fixed liabilities of such
Guarantor that are relevant under such laws, and after giving effect to any collections from,
rights to receive contribution from or payments made by or on behalf of any other Guarantor in
respect of the obligations of such other Guarantor under this Article Ten, result in the
obligations of such Guarantor under its Note Guarantee not constituting a fraudulent transfer or
conveyance.

Section 10.03. Execution and Delivery of Note Guarantee.

          (a) To evidence its Note Guarantee set forth in Section 10.01, each Guarantor hereby agrees
that a notation of such Note Guarantee substantially in the form included in

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Exhibit E shall be
endorsed by an Officer of such Guarantor on each Note authenticated and delivered by the Trustee
and that this Indenture shall be executed on behalf of such Guarantor by its President or one of
its Vice Presidents.

          (b) Each Guarantor hereby agrees that its Note Guarantee set forth in Section 10.01 shall
remain in full force and effect notwithstanding any failure to endorse on each Note a notation of
such Note Guarantee.

          (c) If an Officer whose signature is on this Indenture or on the Note Guarantee no longer
holds that office at the time the Trustee authenticates the Note on which a Note Guarantee is
endorsed, the Note Guarantee shall be valid nevertheless.

          (d) The delivery of any Note by the Trustee, after the authentication thereof hereunder, shall
constitute due delivery of the Note Guarantee set forth in this Indenture on behalf of the
Guarantors.

          (e) If required by Section 4.18 hereof, the Company shall cause such Subsidiaries to execute
supplemental indentures to this Indenture and Note Guarantees in accordance with Section 4.18
hereof and this Article Ten, to the extent applicable.

Section 10.04. Guarantors May Consolidate, Etc., on Certain Terms.

          (a) A Subsidiary Guarantor may not sell or otherwise dispose of all or substantially all of
its assets to, or consolidate with or merge with or into (whether or not such Subsidiary Guarantor
is the surviving Person), another Person, other than the Parent, the Company or another Subsidiary
Guarantor, unless:

     (i) immediately after giving effect to that transaction, no Default or Event of Default
exists; and

     (ii) either:

     (A) the Person acquiring the property in any such sale or disposition or the
Person formed by or surviving any such consolidation or merger (if other than the
Subsidiary Guarantor) is organized or existing under the laws of the United States,
any state thereof or the District of Columbia and assumes all the obligations of
that Subsidiary Guarantor under this Indenture, its Note Guarantee and the
Registration Rights Agreement pursuant to a supplemental indenture satisfactory to
the Trustee; or

     (B) such sale or other disposition or consolidation or merger complies with
Section 4.10 hereof.

          (b) In case of any such consolidation, merger, sale or conveyance governed by Section
10.04(a)(ii)(A), upon the assumption by the successor Person, by supplemental indenture, executed
and delivered to the Trustee and satisfactory in form to the Trustee, of the Note Guarantee
endorsed upon the Notes and the due and punctual performance of all of the covenants and conditions
of this Indenture to be performed by a Subsidiary Guarantor, such

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successor Person shall succeed to
and be substituted for a Subsidiary Guarantor with the same effect as if it had been named herein
as a Subsidiary Guarantor. Such successor Person thereupon may cause to be signed any or all of
the Note Guarantees to be endorsed upon all of the Notes issuable hereunder which theretofore shall
not have been signed by the Company and delivered to the Trustee. All the Note Guarantees so
issued shall in all respects have the same legal rank and benefit under this Indenture as the Note
Guarantees theretofore and thereafter issued in accordance with the terms of this Indenture as
though all of such Note Guarantees had been issued at the date of the execution hereof.

Section 10.05. Release of a Subsidiary Guarantor.

          (a) Any Subsidiary Guarantor shall be released and relieved of any obligations under its Note
Guarantee, (i) in connection with any sale or other disposition of all of the Capital Stock of a
Subsidiary Guarantor to a Person that is not (either before or after giving effect to such
transaction) a Restricted Subsidiary of the Parent, if the sale of all such Capital Stock of that
Subsidiary Guarantor complies with Section 4.10 hereof; (ii) if the Parent properly designates any
Restricted Subsidiary that is a Subsidiary Guarantor as an Unrestricted Subsidiary under this
Indenture; (iii) upon legal or covenant defeasance or satisfaction and discharge of the Notes as
permitted under this Indenture; or (iv) upon release or discharge of the Guarantees securing the
Credit Agreement and all other Indebtedness for borrowed money of the
Parent, the Company or any other Subsidiary Guarantor (other than the Notes and Note
Guarantees), except a discharge or release by or as a result of payment under such Guarantees.

          (b) Upon delivery by the Company to the Trustee of an Officers’ Certificate and an Opinion of
Counsel to the effect that one of the foregoing requirements has been satisfied and the conditions
to the release of a Guarantor under this Section 10.05 have been met, the Trustee shall execute any
documents reasonably required in order to evidence the release of such Subsidiary Guarantor from
its obligations under its Note Guarantee.

          (c) Any Subsidiary Guarantor not released from its obligations under its Note Guarantee shall
remain liable for the full amount of principal of and interest and Additional Interest, if any, on
the Notes and for the other obligations of any Subsidiary Guarantor under this Indenture as
provided in this Article Ten.

ARTICLE ELEVEN

SATISFACTION AND DISCHARGE

Section 11.01. Satisfaction and Discharge.

          (a) This Indenture shall be discharged and shall cease to be of further effect as to all Notes
issued thereunder, when:

     (i) either:

     (A) all Notes that have been authenticated (except lost, stolen or destroyed
Notes that have been replaced or paid and Notes for whose payment money has
theretofore been deposited in trust and thereafter repaid to the Company) have been
delivered to the Trustee for cancellation; or

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     (B) all Notes that have not been delivered to the Trustee for cancellation have
become due and payable by reason of the mailing of a notice of redemption or
otherwise or shall become due and payable within one year and the Company or any
Guarantor has irrevocably deposited or caused to be deposited with the Trustee as
trust funds in trust solely for the benefit of the Holders, cash in U.S. dollars,
non-callable Government Securities, or a combination thereof, in such amounts as
shall be sufficient without consideration of any reinvestment of interest, to pay
and discharge the entire indebtedness on the Notes not delivered to the Trustee for
cancellation for principal, premium and Additional Interest, if any, and accrued
interest to the date of maturity or redemption;

     (ii) no Default or Event of Default shall have occurred and be continuing on the date
of any deposit referred to in Section 11.01(a)(i)(B) or shall occur as a result of such
deposit and such deposit shall not result in a breach or violation of, or constitute a
default under, any other instrument to which the Company or any Guarantor is a party or by
which the Company or any Guarantor is bound;

     (iii) the Company or any Guarantor has paid or caused to be paid all sums payable by it
under this Indenture; and

     (iv) the Company has delivered irrevocable instructions to the Trustee under this
Indenture to apply the deposited money toward the payment of the Notes at maturity or the
redemption date, as the case may be.

          (b) In addition, the Company must deliver an Officers’ Certificate and an Opinion of Counsel
(which opinion may be subject to customary assumptions and exclusions) to the Trustee stating that
all conditions precedent to satisfaction and discharge have been satisfied.

          (c) Notwithstanding the above, the Trustee shall pay to the Company from time to time upon its
request any cash or Government Securities held by it as provided in this section which, in the
opinion of a nationally recognized independent registered public accounting firm expressed in a
written certification delivered to the Trustee, are in excess of the amount thereof that would then
be required to be deposited to effect a satisfaction and discharge under this Article Eleven.

Section 11.02. Deposited Money and Government Securities to Be Held in Trust; Other
Miscellaneous Provisions.

          Subject to Section 11.03 hereof, all money and non-callable Government Securities (including
the proceeds thereof) deposited with the Trustee pursuant to Section 11.01 hereof in respect of the
outstanding Notes shall be held in trust and applied by the Trustee, in accordance with the
provisions of such Notes and this Indenture, to the payment, either directly or through any Paying
Agent (including the Company acting as Paying Agent) as the Trustee may determine, to the Holders
of such Notes of all sums due and to become due thereon in respect of principal, premium and
Additional Interest, if any, and interest, but such money need not be segregated from other funds
except to the extent required by law.

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Section 11.03. Repayment to the Company.

          Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in
trust for the payment of the principal of, premium and Additional Interest, if any, or interest on
any Note and remaining unclaimed for two years after such principal, and premium or Additional
Interest, if any, or interest has become due and payable shall be paid to the Company on its
request or (if then held by the Company) shall be discharged from such trust; and the Holder of
such Note shall thereafter look only to the Company for payment thereof, and all liability of the
Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as
trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent,
before being required to make any such repayment, may at the expense of the Company cause to be
published once, in the New York Times or The Wall Street Journal (national edition), notice that
such money remains unclaimed and that, after a date specified
therein, which shall not be less than 30 days from the date of such notification or
publication, any unclaimed balance of such money then remaining shall be repaid to the Company.

ARTICLE TWELVE

MISCELLANEOUS

Section 12.01. Trust Indenture Act Controls.

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

Section 12.02. Notices.

          (a) Any notice or communication by the Company or any Guarantor, on the one hand, or the
Trustee on the other hand, to the other is duly given if in writing and delivered in Person or
mailed by first class mail (registered or certified, return receipt requested), telecopier or
overnight air courier guaranteeing next day delivery, to the others’ address:

If to the Company or any Guarantor:

Cricket Communications, Inc.

10307 Pacific Center Court

San Diego, California 92121

Facsimile: (858) 882-6080

Attention: Secretary

With copies to:

Latham & Watkins LLP

12636 High Bluff Drive, Suite 400

San Diego, California 92130

Facsimile: (858) 523-5450

Attention: Barry Clarkson, Esq.

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If to the Trustee:

Wells Fargo Bank, N.A.

Corporate Trust Service

MAC- N9303-120

608 2nd Avenue South

Minneapolis, Minnesota 55479

Fax: (612) 667-9825

Attention: Cricket Communications Account Manager

          (b) The Company the Guarantors or the Trustee, by notice to the others may designate
additional or different addresses for subsequent notices or communications.

          (c) All notices and communications (other than those sent to Holders) shall be deemed to have
been duly given: at the time delivered by hand, if personally delivered; three Business Days after
being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if telecopied;
and the next Business Day after timely delivery to the courier, if sent by overnight air courier
guaranteeing next day delivery.

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

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

          (f) If the Company delivers a notice or communication to Holders, it shall deliver a copy to
the Trustee and each Agent at the same time.

Section 12.03. Communication by Holders of Notes with Other Holders of Notes.

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

Section 12.04. Certificate and Opinion as to Conditions Precedent.

          (a) Upon any request or application by the Company to the Trustee to take any action under
this Indenture (except with respect to the initial issuance of the Notes), the Company shall
furnish to the Trustee:

     (i) an Officers’ Certificate in form and substance reasonably satisfactory to the
Trustee (which shall include the statements set forth in Section 12.05 hereof) stating that,
in the opinion of the signers, all conditions precedent and covenants, if any, provided for
in this Indenture relating to the proposed action have been satisfied; and

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     (ii) an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee
(which shall include the statements set forth in Section 12.05 hereof) stating that, in the
opinion of such counsel (who may rely upon and Officers’ Certificate as to matters of fact),
all such conditions precedent and covenants have been satisfied.

Section 12.05. Statements Required in Certificate or Opinion.

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

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

     (ii) 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;

     (iii) a statement that, in the opinion of such Person, he or she has made such
examination or investigation as is necessary to enable him to express an informed opinion as
to whether or not such covenant or condition has been satisfied; and

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

Section 12.06. Rules by Trustee and Agents.

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

Section 12.07. No Personal Liability of Directors, Officers, Employees and
Stockholders.

          No director, officer, employee, incorporator, stockholder, member, manager or partner of the
Company or any Guarantor, as such, shall have any liability for any obligations of the Company or
the Guarantors under the Notes, this Indenture, the Note Guarantees or for any claim based on, in
respect of, or by reason of, such obligations or their creation. Each Holder of Notes by accepting
a Note waives and releases all such liability. This waiver and release are part of the
consideration for issuance of the Notes. The waiver may not be effective to waive liabilities
under the federal securities laws.

Section 12.08. Governing Law.

          THE LAWS OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE, THE
NOTES AND THE NOTE GUARANTEES.

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Section 12.09. Consent to Jurisdiction.

          Any legal suit, action or proceeding arising out of or based upon this Indenture or the
transactions contemplated hereby (“Related Proceedings”) may be instituted in the federal courts of
the United States of America located in the City of New York or the courts of the State of New York
in each case located in the City of New York (collectively, the “Specified Courts”), and each party
irrevocably submits to the non-exclusive jurisdiction of such courts in any such suit, action or
proceeding. Service of any process, summons, notice or document by mail (to the extent allowed
under any applicable statute or rule of court) to such party’s address set forth above shall be
effective service of process for any suit, action or other proceeding brought in any such court.
The parties irrevocably and unconditionally waive any objection to the laying of venue of any suit,
action or other proceeding in the Specified Courts and irrevocably and unconditionally waive and
agree not to plead or claim in any such court has been brought in an inconvenient forum.

Section 12.10. No Adverse Interpretation of Other Agreements.

          This Indenture may not be used to interpret any other indenture, loan or debt agreement of the
Company or any of its Subsidiaries or of any other Person. Any such indenture, loan or debt
agreement may not be used to interpret this Indenture.

Section 12.11. Successors.

          All agreements of the Company in this Indenture and the Notes shall bind its successors. All
agreements of the Trustee in this Indenture shall bind its successors. All agreements of each
Guarantor in this Indenture shall bind its successors, except as otherwise provided in Section
10.04.

Section 12.12. Severability.

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

Section 12.13. Counterpart Originals.

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

Section 12.14. Acts of Holders.

          (a) Any request, demand, authorization, direction, notice, consent, waiver or other action
provided by this Indenture to be given or taken by the Holders may be embodied in and evidenced by
one or more instruments of substantially similar tenor signed by such Holders in person or by
agents 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

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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
conclusive in favor of the Trustee and the Company if made in the manner provided in this Section
12.14.

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

          (c) Notwithstanding anything to the contrary contained in this Section 12.14, the principal
amount and serial numbers of Notes held by any Holder, and the date of holding the same, shall be
proved by the register of the Notes maintained by the Registrar as provided in Section 2.04 hereof.

          (d) If the Company shall solicit from the Holders of the Notes any request, demand,
authorization, direction, notice, consent, waiver or other Act, the Company may, at its option, by
or pursuant to a resolution of its Board of Directors, fix in advance a record date for the
determination of Holders entitled to give such request, demand, authorization, direction, notice,
consent, waiver or other Act, but the Company shall have no obligation to do so. Notwithstanding
TIA § 316(c), such record date shall be the record date specified in or pursuant to such
resolution, which shall be a date not earlier than the date 30 days prior to the first solicitation
of Holders generally in connection therewith or the date of the most recent list of Holders
forwarded to the Trustee prior to such solicitation pursuant to Section 2.06 hereof and not later
than the date such solicitation is completed. If such a record date is fixed, such request,
demand, authorization, direction, notice, consent, waiver or other Act may be given before or after
such record date, but only the Holders of record at the close of business on such record date shall
be deemed to be Holders for the purposes of determining whether Holders of the requisite proportion
of the then outstanding Notes have authorized or agreed or consented to such request, demand,
authorization, direction, notice, consent, waiver or other Act, and for that purpose the then
outstanding Notes shall be computed as of such record date; provided that no such
authorization, agreement or consent by the Holders on such record date shall be deemed
effective unless it shall become effective pursuant to the provisions of this Indenture not later
than eleven months after the record date.

          (e) Any request, demand, authorization, direction, notice, consent, waiver or other Act of the
Holder of any Note shall bind every future Holder of the same Note and the Holder of every Note
issued upon the registration or 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 Note.

98

 

          (f) Without limiting the foregoing, a Holder entitled hereunder to take any action hereunder
with regard to any particular Note may do so itself with regard to all or any part of the principal
amount of such Note 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 12.15. Benefit of Indenture.

          Nothing, in this Indenture or in the Notes, express or implied, shall give to any Person,
other than the parties hereto, any Paying Agent, any Registrar and its successors hereunder, and
the Holders, any benefit or any legal or equitable right, remedy or claim under this Indenture.

Section 12.16. Table of Contents, Headings, Etc.

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

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

99

 

SIGNATURES

	 	 	 	 	 
	 	Very truly yours,

Cricket Communications, Inc.

 	 
	 	By:  	           /s/  Amin I. Khalifa
 	 
	 	 	Name:  	Amin I. Khalifa 	 
	 	 	Title:  	Executive Vice President and

Chief Financial Officer 	 
	 

	 	 	 	 	 
	 	Leap Wireless International, Inc. 

 	 
	 	By:  	/s/  Amin I. Khalifa
 	 
	 	 	Name:  	Amin I. Khalifa 	 
	 	 	Title:  	Executive Vice President and

Chief Financial Officer 	 
	 

Backwire.com, Inc.

Telephone Entertainment Network, Inc.

Chasetel Licensee Corp.

Cricket Licensee (Albany), Inc.

Cricket Licensee (Columbus), Inc.

Cricket Licensee (Denver) Inc.

Cricket Licensee (Lakeland) Inc.

Cricket Licensee (Macon), Inc.

Cricket Licensee (North Carolina) Inc.

Cricket Licensee (Pittsburgh) Inc.

Cricket Licensee (Reauction), Inc.

Cricket Licensee I, Inc.

Cricket Licensee II, Inc.

Cricket Licensee III, Inc.

Cricket Licensee IV, Inc.

Cricket Licensee V, Inc.

Cricket Licensee VI, Inc.

Cricket Licensee VII, Inc.

Cricket Licensee VIII, Inc.

Cricket Licensee IX, Inc.

Cricket Licensee X, Inc.

Cricket Licensee XII, Inc.

Cricket Licensee XIII, Inc.

[ Indenture Signature Page ]

 

 

Cricket Licensee XIV, Inc.

Cricket Licensee XV, Inc.

Cricket Licensee XVI, Inc.

Cricket Licensee XVII, Inc.

Cricket Licensee XVIII, Inc.

Cricket Licensee XIX, Inc.

Cricket Licensee XX, Inc.

Cricket Holdings Dayton, Inc.

MCG PCS Licensee Corporation, Inc.

Chasetel Real Estate Holding Company, Inc.

Cricket Alabama Property Company

Cricket Arizona Property Company

Cricket Arkansas Property Company

Cricket California Property Company

Cricket Colorado Property Company

Cricket Florida Property Company

Cricket Georgia Property Company, Inc.

Cricket Idaho Property Company

Cricket Illinois Property Company

Cricket Indiana Property Company

Cricket Kansas Property Company

Cricket Kentucky Property Company

Cricket Michigan Property Company

Cricket Minnesota Property Company

Cricket Mississippi Property Company

Cricket Nebraska Property Company

Cricket Nevada Property Company

Cricket New Mexico Property Company

Cricket New York Property Company

Cricket North Carolina Property Company

Cricket Ohio Property Company

Cricket Oklahoma Property Company

Cricket Oregon Property Company

Cricket Pennsylvania Property Company

Cricket Texas Property Company

Cricket Utah Property Company

Cricket Washington Property Company

Cricket Wisconsin Property Company

Leap PCS Mexico, Inc.

	 	 	 	 	 
	 	 	 
	 	By:  	/s/  Amin I. Khalifa
 	 
	 	 	Name:  	Amin I. Khalifa 	 
	 	 	Title:  	Executive Vice President and

Chief Financial Officer 	 
	 

[ Indenture Signature Page ]

 

 

	 	 	 	 	 
	 	Wells Fargo Bank, N.A.,

as Trustee

 	 
	 	By:  	/s Lynn M. Steiner
 	 
	 	 	Name:  	Lynn M. Steiner 	 
	 	 	Title:  	Vice President 	 
	 

[ Indenture Signature Page ]

 

 

EXHIBIT A

[Face of Note]

[INSERT APPROPRIATE LEGENDS]

A1-1 

 

	 	 	 
	No.

	 	**$                    **

CRICKET COMMUNICATIONS, INC.

9.375% Senior Notes due 2014

Issue Date:

          Cricket Communications, Inc., a Delaware corporation (the “Company”, which term includes any
successor under this Indenture hereinafter referred to), for value received, promises to pay to
_________, or its registered assigns, the principal sum of _________
($_________) on November 1, 2014.

Interest Payment Dates: May 1 and November 1, commencing May 1, 2007.

Record Dates: April 15 and October 15.

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

[ATTACH NOTATION OF GUARANTEE FOR EACH GUARANTOR]

A1-2 

 

          IN WITNESS WHEREOF, the Company has caused this Note to be signed manually or by facsimile by
its duly authorized officers.

	 	 	 	 	 
	 	 	CRICKET COMMUNICATIONS, INC.
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 	 	Name:
	 	 	Title:
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 	 	Name:
	 	 	Title:

(Trustee’s Certificate of Authentication)

This is one of the 9.375% Senior Notes due 2014 described in the within-mentioned Indenture.

Dated:

WELLS FARGO BANK, N.A.,

as Trustee

	 	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

Authorized Signatory
	 	 

A1-3 

 

[Reverse Side of Note]

CRICKET COMMUNICATIONS, INC.

9.375% Senior Notes due 2014

          Capitalized terms used herein shall have the meanings assigned to them in the Indenture
referred to below unless otherwise indicated.

          1. Interest. The Company promises to pay interest on the principal amount of this Note at
9.375% per annum from the date hereof until maturity and shall pay the Additional Interest, if any,
payable pursuant to Section 5 of the Registration Rights Agreement referred to below. The Company
shall pay interest and Additional Interest, if any, semi-annually in arrears on May 1 and November
1 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each
an “Interest Payment Date”). Interest on the Notes shall accrue from the most recent date to which
interest has been paid or, if no interest has been paid, from the date of original issuance;
provided that if there is no existing Default in the payment of interest, and if this Note is
authenticated between a record date referred to on the face hereof and the next succeeding Interest
Payment Date, interest shall accrue from such next succeeding Interest Payment Date; provided
further that the first Interest Payment Date shall be May 1, 2007. The Company shall pay interest
(including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal
and premium, if any, from time to time on demand at a rate that is 1% per annum in excess of the
rate then in effect; it shall pay interest (including post-petition interest in any proceeding
under any Bankruptcy Law) on overdue installments of interest and Additional Interest (without
regard to any applicable grace periods) from time to time on demand at the same rate to the extent
lawful. Interest shall be computed on the basis of a 360-day year of twelve 30-day months.

          2. Method of Payment. The Company shall pay interest on the Notes (except defaulted interest)
and Additional Interest, if any, to the Persons who are registered Holders of Notes at the close of
business on the record date immediately preceding the Interest Payment Date, even if such Notes are
canceled after such record date and on or before such Interest Payment Date, except as provided in
Section 2.13 of the Indenture with respect to defaulted interest. The Notes shall be payable as to
principal, premium and Additional Interest, if any, and interest at the office or agency of the
Company maintained for such purpose or, at the option of the Company, payment of interest and
Additional Interest, if any, may be made by check mailed to the Holders at their addresses set
forth in the register of Holders, and provided that payment by wire transfer of immediately
available funds shall be required with respect to principal of and interest, premium and Additional
Interest, if any, on, all Global Notes and to any Holder of Notes which shall have provided wire
transfer instructions to the Company or the Paying Agent. Such payment shall be in such coin or
currency of the United States of America as at the time of payment is legal tender for payment of
public and private debts.

          3. Paying Agent and Registrar. Initially, the Trustee under the Indenture shall act as Paying
Agent and Registrar. The Company may change any Paying Agent or Registrar without notice to any
Holder. The Company or any of its Subsidiaries may act in any such capacity.

A1-4 

 

          4. Indenture. The Company issued the Notes under an Indenture dated as of October 23, 2006
(“Indenture”) among the Company, the Guarantors and the Trustee. The terms of the Notes include
those stated in the Indenture and those made part of the Indenture by reference to the Trust
Indenture Act of 1939, as amended. The Notes are subject to all such terms, and Holders are
referred to the Indenture and such Act for a statement of such terms. To the extent any provision
of this Note conflicts with the express provisions of the Indenture, the provisions of the
Indenture shall govern and be controlling. The Indenture pursuant to which this Note is issued
provides that an unlimited aggregate principal amount of Additional Notes may be issued thereunder.

          5. Optional Redemption. (a) Except as set forth in paragraphs (b) and (c) below, the Company
shall not have the option to redeem any Notes prior to November 1, 2010. Thereafter, the Company
shall have the option to redeem the Notes, in whole or in part, upon not less than 30 nor more than
60 days’ prior notice, at the redemption prices (expressed as percentages of principal amount) set
forth below plus accrued and unpaid interest and Additional Interest, if any, thereon to the
applicable redemption date (subject to the right of Holders on the relevant record date to receive
interest due on the related interest payment date), if redeemed during the twelve-month period
beginning on November 1 of the years indicated below:

	 	 	 	 	 
	Year	 	Percentage
	2010
	 	 	104.688	%
	2011
	 	 	102.344	%
	2012 and thereafter
	 	 	100.000	%

          (b) At any time prior to November 1, 2009, the Company may (on any one or more occasions)
redeem up to 35% of the aggregate principal amount of Notes issued under the Indenture (including
any Additional Notes) at a redemption price of 109.375% of the principal amount thereof, plus
accrued and unpaid interest and Additional Interest, if any, to the redemption date, with the net
cash proceeds of one or more Equity Offerings; provided that (A) at least 65% of the aggregate
principal amount of Notes issued under the Indenture (including any Additional Notes) remains
outstanding immediately after the occurrence of such redemption, excluding Notes held by the
Company or its Affiliates; and (B) the redemption must occur within 90 days of the date of the
closing of such Equity Offering.

          (c) In addition, at any time prior to November 1, 2010, the Company may redeem all or part of
the Notes upon not less than 30 days’ nor more than 60 days’ notice at a redemption price equal to
the sum of (i) 100% of the principal amount thereof, plus (ii) the Applicable Premium as of the
date of redemption, plus (iii) accrued and unpaid interest and Additional Interest, if any, to the
date of redemption.

          6. Repurchase at Option of Holder. (a) If a Change of Control occurs, each Holder of Notes
shall have the right to require the Company to repurchase all or any part (equal to $2,000 or an
integral multiple of $1,000 in excess thereof) of that Holder’s Notes pursuant to an offer by the
Company (a “Change of Control Offer”). In the Change of Control Offer, the Company shall offer
payment (a “Change of Control Payment”) in cash of 101% of the aggregate principal amount of Notes
repurchased plus accrued and unpaid interest and Additional Interest, if any, thereon, to the date
of repurchase (the “Change of Control Payment
 

A1-5 

 

Date”, which date shall be no earlier than the date of such Change of Control). No later than
30 days following any Change of Control, the Company shall mail a notice to each Holder describing
the transaction or transactions that constitute the Change of Control and offering to repurchase
Notes on the Change of Control Payment Date specified in such notice, which shall be no earlier
than 30 days and no later than 60 days from the date such notice is mailed, pursuant to the
procedures required by the Indenture and described in such notice.

          (b) Within 365 days after the receipt of any Net Proceeds from an Asset Sale, the Parent or
its Restricted Subsidiaries may apply such Net Proceeds at its option: (i) to repay, prepay,
defease, redeem, purchase or otherwise retire Indebtedness under the Credit Agreement (and to
permanently reduce commitments with respect thereto in the case of revolving borrowings) or the
Bridge Agreement, if any; or (ii) to purchase Replacement Assets (or enter into a binding agreement
to purchase such Replacement Assets; provided that (x) such purchase is consummated within 180 days
after the date that is 365 days after the receipt of such Net Proceeds from such Asset Sale and (y)
if such purchase is not consummated within the period set forth in subclause (x), the Net Proceeds
not so applied shall be deemed to be Excess Proceeds (as defined below)). Pending the final
applications of any such Net Proceeds, the Parent or its Restricted Subsidiaries may temporarily
reduce revolving credit borrowings or otherwise invest such Net Proceeds in any manner that is not
prohibited by the Indenture.

          On the 366th day after an Asset Sale (or, in the event that a binding agreement has
been entered into as set forth in clause (ii) of the preceding paragraph, the later date of
expiration of the 180-day period set forth in such clause (ii)) or such earlier date, if any, as
the Parent determines not to apply the Net Proceeds relating to such Asset Sale set forth in the
preceding paragraph (each such date being referred as an “Excess Proceeds Trigger Date”), such
aggregate amount of Net Proceeds that has not been applied on or before the Excess Proceeds Trigger
Date as permitted in the preceding paragraph (“Excess Proceeds”) will be applied by the Company to
make an offer (an “Asset Sale Offer”) to all Holders of Notes and all holders of other
Unsubordinated Indebtedness containing provisions similar to those set forth in the Indenture with
respect to offers to purchase with the proceeds of sales of assets, to purchase the maximum
principal amount of Notes and such other Unsubordinated Indebtedness that may be purchased out of
the Excess Proceeds. The offer price in any Asset Sale Offer shall be equal to 100% of the
principal amount thereof plus accrued and unpaid interest and Additional Interest, if any, to the
date of purchase and shall be payable in cash.

          The Company may defer the Asset Sale Offer until the aggregate unutilized Excess Proceeds
accrued in the preceding twelve calendar months equals or exceeds $15.0 million, at which time the
entire unutilized amount of Excess Proceeds (not only the amount in excess of $15.0 million) will
be applied. If any Excess Proceeds remain after consummation of an Asset Sale Offer, the Parent
and its Restricted Subsidiaries may use such Excess Proceeds for any purpose not otherwise
prohibited by the Indenture. If the aggregate principal amount of Notes and such other
Unsubordinated Indebtedness tendered into such Asset Sale Offer exceeds the amount of Excess
Proceeds, the Notes and such other Unsubordinated Indebtedness will be purchased on a pro rata
basis based on the principal amount of Notes and such other Unsubordinated Indebtedness tendered.
Upon completion of each Asset Sale Offer, the Excess Proceeds subject to such Asset Sale will no
longer be deemed to be Excess Proceeds.

A1-6 

 

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

          8. Persons Deemed Owners. The registered Holder of a Note shall be treated as its owner for
all purposes.

          9. Amendment, Supplement and Waiver. Subject to certain exceptions, the Indenture or the
Notes may be amended or supplemented with the consent of the Holders of at least a majority in
principal amount of the then outstanding Notes (including, without limitation, consents obtained in
connection with a purchase of, or tender offer or exchange offer for, the Notes), and any existing
default or compliance with any provision of the Indenture or the Notes may be waived with the
consent of the Holders of a majority in principal amount of the then outstanding Notes (including,
without limitation, consents obtained in connection with a purchase of, or tender offer or exchange
offer for, the Notes). Without the consent of any Holder of a Note, the Indenture or the Notes may
be amended or supplemented to, among other things, cure any ambiguity, defect or inconsistency, or
to make any change that does not adversely affect the legal rights under the Indenture of any such
Holder.

          10. Defaults and Remedies. In the case of an Event of Default arising from certain events of
bankruptcy or insolvency, with respect to the Parent, the Company, any Subsidiary Guarantor or any
Significant Subsidiary of the Parent all outstanding Notes shall become due and payable immediately
without further action or notice. If any other Event of Default occurs and is continuing, the
Trustee or the Holders of at least 25% in principal amount of the then outstanding Notes may
declare all the Notes to be due and payable immediately by notice in writing to the Company
specifying the Event of Default. Holders of the Notes may not enforce the Indenture or the Notes
except as provided in the Indenture. Subject to certain limitations, Holders of a majority in
principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust
or power. The Trustee may withhold from Holders of the Notes notice of any Default or Event of
Default (except a Default or Event of Default relating to the payment of principal, premium,
interest or Additional Interest) if it determines that withholding notice is in their interest.
Holders of a majority in principal amount of the then outstanding Notes by notice to the Trustee
may, on behalf of the Holders of all of the Notes, rescind and annul a declaration of acceleration
pursuant to Section 6.02 of the Indenture, and its consequences, and waive any related existing
Default or Event of Default if certain conditions are satisfied.

          With respect to periods after November 1, 2010, in the case of any Event of Default occurring
by reason of any willful action or inaction taken or not taken by or on behalf of the Parent or the
Company with the intention of avoiding payment of the premium that the Company would have had to
pay if the Company then had elected to redeem the Notes pursuant

A1-7 

 

to Section 3.07(a) of the Indenture, an equivalent premium shall also become and be
immediately due and payable to the extent permitted by law upon the acceleration of the Notes.
With respect to periods prior to November 1, 2010, if an Event of Default occurs during any time
that the Notes are outstanding, by reason of any willful action (or inaction) taken (or not taken)
by or on behalf of the Parent or the Company with the intention of avoiding the prohibition on
redemption of the Notes, then the premium specified in Section 3.07(c) of the Indenture that would
have been payable upon redemption at the time the Event of Default occurs shall also become
immediately due and payable to the extent permitted by law upon the acceleration of the Notes.

          11. Trustee Dealings with Company. The Trustee, in its individual or any other capacity, may
make loans to, accept deposits from, and perform services for the Company or its Affiliates, and
may otherwise deal with the Company or its Affiliates, as if it were not the Trustee.

          12. No Recourse Against Others. No director, officer, employee, incorporator or stockholder
of the Company or any Guarantor, as such, shall have any liability for any obligations of the
Company or the Guarantors under the Notes, the Indenture, the Note Guarantees or for any claim
based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes
by accepting a Note waives and releases all such liability. The waiver and release are part of the
consideration for issuance of the Notes. The waiver may not be effective to waive liabilities
under the federal securities laws.

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

          14. Additional Rights of Holders of Restricted Global Notes and Restricted Definitive Notes.
In addition to the rights provided to Holders under the Indenture, Holders of Restricted Global
Notes and Restricted Definitive Notes shall have all the rights set forth in the Registration
Rights Agreement dated as of October 23, 2006, between the Company, the Guarantors and the parties
named on the signature pages thereof or, in the case of Additional Notes, Holders of Restricted
Global Notes and Restricted Definitive Notes shall have the rights set forth in one or more
registration rights agreements, if any, between the Company, the Guarantors and the other parties
thereto, relating to rights given by the Company and the Guarantors to the purchasers of Additional
Notes (the “Registration Rights Agreement”).

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

          16. Guarantee. The Company’s obligations under the Notes are fully and unconditionally
guaranteed, jointly and severally, by the Guarantors.

A1-8 

 

          17. Copies of Documents. The Company shall furnish to any Holder upon written request and
without charge a copy of the Indenture and/or the Registration Rights Agreement. Requests may be
made to:

Cricket Communications, Inc.

10307 Pacific Center Court

San Diego, California 92121

Facsimile: (858) 882-6080

Attention: Secretary

A1-9 

 

Assignment Form

          To assign this Note, fill in the form below:

	 	 
	(I) or (we) assign and transfer this Note to: 
	 
	 

	 
	 

	(Insert assignee’s legal name)

 

(Insert assignee’s soc. sec. or tax I.D. no.)

 

 

 

 

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

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

Date:     
                                    

	 	 
	Your Signature: 
	 
	 

	 
	 

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

Signature Guarantee*:                                                             

 

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

A1-10 

 

OPTION OF HOLDER TO ELECT PURCHASE

          If you want to elect to have this Note purchased by the Company pursuant to Section 4.10 or
4.14 of the Indenture, check the appropriate box below:

	 	 	 
	o Section 4.10
	 	o Section 4.14

          If you want to elect to have only part of the Note purchased by the Company pursuant to
Section 4.10 or Section 4.14 of the Indenture, state the amount you elect to have purchased:

$                                        

Date:    
                                     

	 	 
	Your Signature: 
	 
	 

	 
	 

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

	 	 
	Tax Identification No.: 
	 
	 

	 

Signature Guarantee*:   
                                      

 

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

A1-11 

 

SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE

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

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Principal Amount at	 	 
	 	 	Amount of Decrease in	 	Amount of Increase in	 	Maturity	 	Signature of
	 	 	Principal Amount at	 	Principal Amount at	 	of this Global Note	 	Authorized Officer
	 	 	Maturity	 	Maturity	 	Following such	 	of Trustee or
	Date of Exchange	 	of this Global Note	 	of this Global Note	 	decrease (or increase)	 	Note Custodian
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 

A1-12 

 

EXHIBIT B

FORM OF CERTIFICATE OF TRANSFER

Cricket Communications, Inc.

10307 Pacific Center Court

San Diego, California 92121

Attention: Secretary

Wells Fargo Bank, N.A.

Corporate Trust Service

MAC — N9303-120

608 2nd Avenue South

Minneapolis, Minnesota 55479

Attention: Cricket Communications Account Manager

          Re: 9.375% Senior Notes due 2014

          Reference is hereby made to the Indenture, dated as of October 23, 2006 (the “Indenture”),
among Cricket Communications, Inc., a Delaware corporation (the “Company”), the Guarantors, and
Wells Fargo Bank, N.A., as trustee. Capitalized terms used but not defined herein shall have the
meanings given to them in the Indenture.

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

[CHECK ALL THAT APPLY]

     o 1. Check if Transferee will take delivery of a beneficial interest in the 144A Global Note
or a Definitive Note Pursuant to Rule 144A. The Transfer is being effected pursuant to and in
accordance with Rule 144A under the United States Securities Act of 1933, as amended (the
“Securities Act”), and, accordingly, the Transferor hereby further certifies that the beneficial
interest or Definitive Note is being transferred to a Person that the Transferor reasonably
believed and believes is purchasing the beneficial interest or Definitive Note for its own account,
or for one or more accounts with respect to which such Person exercises sole investment discretion,
and such Person and each such account is a “qualified institutional buyer” within the meaning of
Rule 144A in a transaction meeting the requirements of Rule 144A and such Transfer is in compliance
with any applicable blue sky securities laws of any state of the United States. Upon consummation
of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial
interest or Definitive Note will be subject to the restrictions on transfer enumerated in the
Private Placement Legend printed on the 144A Global Note and/or the Definitive Note and in the
Indenture and the Securities Act.

     o 2. Check if Transferee will take delivery of a beneficial interest in a Legended
Regulation S Global Note, or a Definitive Note pursuant to Regulation S. The

B-1 

 

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

     o 3. Check and complete if Transferee will take delivery of a Restricted Definitive Note
pursuant to any provision of the Securities Act other than Rule 144A or Regulation S. The
Transfer is being effected in compliance with the transfer restrictions applicable to beneficial
interests in Restricted Global Notes and Restricted Definitive Notes and pursuant to and in
accordance with the Securities Act and any applicable blue sky securities laws of any state of the
United States, and accordingly the Transferor hereby further certifies that (check one):

     o (a) such Transfer is being effected to the Company or a subsidiary thereof; or

     o (b) such Transfer is being effected to an Institutional Accredited Investor and pursuant to an
exemption from the registration requirements of the Securities Act other than Rule 144A, Rule 144
or Rule 904, and the Transferor hereby further certifies that it has not engaged in any general
solicitation within the meaning of Regulation D under the Securities Act and the Transfer complies
with the transfer restrictions applicable to beneficial interests in a Restricted Global Note or
Restricted Definitive Notes and the requirements of the exemption claimed, which certification is
supported by (1) a certificate executed by the Transferee in the form of Exhibit D to the Indenture
and (2) if such transfer is in respect of an aggregate principal amount of Notes less than
$100,000, an Opinion of Counsel provided by the Transferor or the Transferee (a copy of which the
Transferor has attached to this certification), to the effect that such Transfer is in compliance
with the Securities Act. Upon consummation of the proposed transfer in accordance with the terms
of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the
restrictions on transfer enumerated in the Private Placement Legend printed on the Definitive Notes
and in the Indenture and the Securities Act.

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

     o (a) Check if Transfer is Pursuant to Rule 144. (i) The Transfer is being effected pursuant to
and in accordance with Rule 144 under the Securities Act and in compliance

B-2 

 

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

     o (b) Check if Transfer is Pursuant to Regulation S. (i) The Transfer is being effected
pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and in compliance
with the transfer restrictions contained in the Indenture and any applicable blue sky securities
laws of any state of the United States and, in the case of a transfer from a Restricted Global Note
or a Restricted Definitive Note, the Transferor hereby further certifies that (a) the Transfer is
not being made to a person in the United States and (x) at the time the buy order was originated,
the Transferee was outside the United States or such Transferor and any Person acting on its behalf
reasonably believed and believes that the Transferee was outside the United States or (y) the
transaction was executed in, on or through the facilities of a designated offshore securities
market and neither such Transferor nor any Person acting on its behalf knows that the transaction
was prearranged with a buyer in the United States, (b) no directed selling efforts have been made
in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S under the
Securities Act, (c) the transaction is not part of a plan or scheme to evade the registration
requirements of the Securities Act and (d) the transfer is not being made to a U.S. Person or for
the account or benefit of a U.S. Person, and (ii) the restrictions on transfer contained in the
Indenture and the Private Placement Legend are not required in order to maintain compliance with
the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the
Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the
restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted
Global Notes, on Restricted Definitive Notes and in the Indenture.

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

B-3 

 

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

	 	 	 
	 

	 	Dated:  
                                                           
	 
	 	 
	 
	 	 
	 

	 	 
	 

	 	[Insert Name of Transferor]

	 	 	 	 	 
	 	 	 
	 	By:  	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

B-4 

 

ANNEX A TO CERTIFICATE OF TRANSFER

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

[CHECK ONE OF (A) OR (B)]

	 	o (A)	 	A BENEFICIAL INTEREST IN THE:

	 	(i)	 	144A Global Note (CUSIP [            ]); or
	 
	 	(ii)	 	Regulation S Global Note (CUSIP [            ]); or

	 	o (B)	 	A RESTRICTED DEFINITIVE NOTE.

	2.	 	After the Transfer the Transferee will hold:

[CHECK ONE]

	 	o (A)	 	A BENEFICIAL INTEREST IN THE:

	 	(i)	 	144A Global Note (CUSIP [            ]); or
	 
	 	(ii)	 	Regulation S Global Note (CUSIP [           ]); or
	 
	 	(iii)	 	Unrestricted Global Note (CUSIP [                     ]); or

	 	o (B)	 	A RESTRICTED DEFINITIVE NOTE; OR
	 
	 	o (C)	 	AN UNRESTRICTED DEFINITIVE NOTE,

in accordance with the terms of the Indenture.

B-5 

 

EXHIBIT C

FORM OF CERTIFICATE OF EXCHANGE

Cricket Communications, Inc.

10307 Pacific Center Court

San Diego, California 92121

Attention: Secretary

Wells Fargo Bank, N.A.

Corporate Trust Service

MAC — N9303-120

608 2nd Avenue South

Minneapolis, Minnesota 55479

Attention: Cricket Communications Account Manager

          Re: 9.375% Senior Notes due 2014

          Reference is hereby made to the Indenture, dated as of October 23, 2006 (the “Indenture”),
among Cricket Communications, Inc., a Delaware corporation (the “Company”), the Guarantors and
Wells Fargo Bank, N.A., as trustee. Capitalized terms used but not defined herein shall have the
meanings given to them in the Indenture.

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

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

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

     o (b) Check if Exchange is from beneficial interest in a Restricted Global Note to Unrestricted
Definitive Note. In connection with the Exchange of the Owner’s beneficial interest in a
Restricted Global Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the
Definitive Note is being acquired for the Owner’s own account without transfer,

C-1

 

(ii) such Exchange has been effected in compliance with the transfer restrictions applicable
to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, (iii) the
restrictions on transfer contained in the Indenture and the Private Placement Legend are not
required in order to maintain compliance with the Securities Act and (iv) the Definitive Note is
being acquired in compliance with any applicable blue sky securities laws of any state of the
United States.

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

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

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

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

     o (b) Check if Exchange is from Restricted Definitive Note to beneficial interest in a
Restricted Global Note. In connection with the Exchange of the Owner’s Restricted Definitive Note
for a beneficial interest in the [CHECK ONE]:

          o 144A Global Note, :

C-2

 

          o Regulation S Global Note, :

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

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

	 	 	 	 	 	 	 
	 	 	Dated:                                         	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 	 	[Insert Name of Transferor]
	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 

C-3

 

EXHIBIT D

FORM OF CERTIFICATE FROM

ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR

Cricket Communications, Inc.

10307 Pacific Center Court

San Diego, California 92121

Attention: Secretary

Wells Fargo Bank, N.A.

Corporate Trust Service

MAC — N9303-120

608 2nd Avenue South

Minneapolis, Minnesota 55479

Attention: Cricket Communications Account Manager

          Re: 9.375% Senior Notes due 2014

          Reference is hereby made to the Indenture, dated as of October 23, 2006 (the “Indenture”),
among Cricket Communications, Inc., a Delaware corporation (the “Company”), the Guarantors and
Wells Fargo Bank, N.A., as trustee. Capitalized terms used but not defined herein shall have the
meanings given to them in the Indenture.

          In connection with our proposed purchase of $                   
  aggregate principal amount at
maturity of:

          (a) o beneficial interest in a Global Note, or

          (b) o a Definitive Note,

          we confirm that:

          1. We understand that any subsequent transfer of the Notes or any interest therein is subject
to certain restrictions and conditions set forth in the Indenture and the undersigned agrees to be
bound by, and not to resell, pledge or otherwise transfer the Notes or any interest therein except
in compliance with, such restrictions and conditions and the United States Securities Act of 1933,
as amended (the “Securities Act”).

          2. We understand that the offer and sale of the Notes have not been registered under the
Securities Act, and that the Notes and any interest therein may not be offered or sold except as
permitted in the following sentence. We agree, on our own behalf and on behalf of any accounts for
which we are acting as hereinafter stated, that if we should sell the Notes or any interest
therein, we will do so only:

     (i)(a) to a person whom we reasonably believe is a qualified institutional buyer (as
defined in Rule 144A under the securities act) in a transaction meeting the requirements of
Rule 144A, (b) in a transaction meeting the requirements of Rule 144 under the Securities
Act, (c) outside the United States to a non-U.S. person in a transaction meeting

D-1

 

the requirements of Rule 903 or 904 under the Securities Act, (d) to an institutional
“accredited investor” (as defined in Rule 501(a)(1), (2) (3) or (7) of the Securities Act
(an “Institutional Accredited Investor”)) that, prior to such transfer, furnishes the
trustee a signed letter substantially in the form of this letter and, if such transfer is in
respect of an aggregate principal amount of Notes less than $100,000, an Opinion of Counsel
acceptable to the issuer that such transfer is in compliance with the Securities Act, or (e)
in accordance with another exemption from the registration requirements of the Securities
Act (and based upon an Opinion of Counsel if the Company so requests),

     (ii) to the Company, or

     (iii) pursuant to an effective registration statement and, in each case, in accordance
with any applicable securities laws of any state of the United States or any other
applicable jurisdiction;

and we further agree to provide to any person purchasing the Definitive Note or beneficial interest
in a Global Note from us in a transaction meeting the requirements of this paragraph a notice
advising such purchaser that resales thereof are restricted as stated herein.

          3. We understand that, on any proposed resale of the Notes or beneficial interest therein, we
will be required to furnish to you and the Company such certifications, legal opinions and other
information as you and the Company may reasonably require to confirm that the proposed sale
complies with the foregoing restrictions. We further understand that the Notes purchased by us
will bear a legend to the foregoing effect.

          4. We are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or
(7) of Regulation D under the Securities Act) and have such knowledge and experience in financial
and business matters as to be capable of evaluating the merits and risks of our investment in the
Notes, and we and any accounts for which we are acting are each able to bear the economic risk of
our or its investment.

          5. We are acquiring the Notes or beneficial interest therein purchased by us for our own
account or for one or more accounts (each of which is an institutional “accredited investor”) as to
each of which we exercise sole investment discretion.

          You 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.

	 	 	 	 	 
	Dated:                                          	 	 
	 	[Insert Name of Accredited Investor]	 
	 	 	 	 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

D-2

 

	 	 	 	 	 

EXHIBIT E

FORM OF NOTATION OF GUARANTEE

          For value received, each Guarantor (which term includes any successor Person under the
Indenture) has, jointly and severally, unconditionally guaranteed, to the extent set forth in the
Indenture and subject to the provisions in the Indenture dated as of October 23, 2006 (the
“Indenture”) among Cricket Communications, Inc., the other Guarantors (as defined in the Indenture)
and Wells Fargo Bank, N.A., as trustee (the “Trustee”), (a) the due and punctual payment of the
principal of, premium, if any, and interest and Additional Interest, if any, on the Notes (as
defined in the Indenture), whether at maturity, by acceleration, redemption or otherwise, and the
due and punctual payment of interest on overdue principal premium, if any, and interest and
Additional Interest, if any, on the Notes, if lawful (subject in all cases to any applicable grace
period provided herein), and the due and punctual performance of all other obligations of the
Company to the Holders or the Trustee all in accordance with the terms of the Indenture and the
Notes and (b) in case of any extension of time of payment or renewal of any Notes or any of such
other obligations, the same will be promptly paid in full when due or performed in accordance with
the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise.
The obligations of the Guarantors to the Holders of Notes and to the Trustee pursuant to the Note
Guarantee and the Indenture are expressly set forth in Article Ten of the Indenture and reference
is hereby made to the Indenture for the precise terms of the Note Guarantee. Each Holder of a
Note, by accepting the same, (a) agrees to and shall be bound by such provisions and (b) appoints
the Trustee attorney-in-fact of such Holder for such purpose.

E-1

 

          IN WITNESS HEREOF, each Guarantor has caused this Notation of Guarantee to be signed manually
or by facsimile by its duly authorized officer.

	 	 	 	 	 
	 	[NAME OF GUARANTOR]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 

E-2

 

	 	 	 	 	 

EXHIBIT F

FORM OF SUPPLEMENTAL INDENTURE

TO BE DELIVERED BY SUBSEQUENT GUARANTORS

          Supplemental Indenture (this “Supplemental Indenture”), dated as of                     , among
                    
(the “Guaranteeing Subsidiary”), a subsidiary of Cricket Communications, Inc.
(or its permitted successor), a Delaware corporation (the “Company”), and Wells Fargo Bank, N.A.
(or its permitted successor), as trustee under the Indenture referred to below (the “Trustee”).

WITNESSETH

          WHEREAS, the Company and the other Guarantors party thereto have heretofore executed and
delivered to the Trustee an indenture (the “Indenture”), dated as of October 23, 2006 providing for
the issuance of 9.375% Senior Notes due 2014 (the “Notes”);

          WHEREAS, the Indenture provides that under certain circumstances the Guaranteeing Subsidiary
shall execute and deliver to the Trustee a supplemental indenture pursuant to which the
Guaranteeing Subsidiary shall unconditionally guarantee all of the Company’s obligations under the
Notes and the Indenture on the terms and conditions set forth herein (the “Note Guarantee”); and

          WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is authorized to execute and
deliver this Supplemental Indenture.

          NOW THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the receipt of which is hereby acknowledged, the Guaranteeing Subsidiary and the
Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes
as follows:

          1. Capitalized Terms. Capitalized terms used herein without definition shall have the
meanings assigned to them in the Indenture.

          2. Agreement to Guarantee.

     (a) In accordance with the terms of Article Ten of the Indenture, the Guaranteeing Subsidiary,
along with all other Guarantors, jointly and severally, and fully and unconditionally, guarantees
to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its
successors and assigns, irrespective of the validity and enforceability of the Indenture, the Notes
or the obligations of the Company hereunder or thereunder, that:

               (i) the principal of, premium, if any, and interest and Additional Interest, if any, on the
Notes will be promptly paid in full when due, whether at maturity, by acceleration, redemption or
otherwise, and interest on the overdue principal of, premium, if any, and interest and Additional
Interest, if any, on the Notes, if lawful (subject in all cases to any applicable grace period
provided herein), and all other obligations of the Company to the

F-1

 

Holders or the Trustee hereunder or thereunder will be promptly paid in full or performed, all
in accordance with the terms hereof and thereof;

               (ii) in case of any extension of time of payment or renewal of any Notes or any of such other
obligations, the same will be promptly paid in full when due or performed in accordance with the
terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise.
Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever
reason, the Guarantors shall be jointly and severally obligated to pay the same immediately. The
Guaranteeing Subsidiary agrees that this is a guarantee of payment and not a guarantee of
collection.

     (b) The Guaranteeing Subsidiary hereby agrees that, to the maximum extent permitted under
applicable law, its obligations hereunder shall be unconditional, irrespective of the validity,
regularity or enforceability of the Notes or the Indenture, the absence of any action to enforce
the same, any waiver or consent by any Holder of the Notes with respect to any provisions hereof or
thereof, the recovery of any judgment against the Company, any action to enforce the same or any
other circumstance that might otherwise constitute a legal or equitable discharge or defense of a
Guarantor.

     (c) The Guaranteeing Subsidiary, subject to Section 6.06 of the Indenture, hereby waives
diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency
or bankruptcy of the Company, any right to require a proceeding first against the Company, protest,
notice and all demands whatsoever and covenants that this Note Guarantee shall not be discharged
except by complete performance of the obligations contained in the Notes and the Indenture.

     (d) The Guaranteeing Subsidiary agrees that if any Holder or the Trustee is required by any
court or otherwise to return to the Company, the Guarantors, or any custodian, trustee, liquidator
or other similar official acting in relation to any of the Company or the Guarantors, any amount
paid by any of them to the Trustee or such Holder, this Note Guarantee, to the extent theretofore
discharged, shall be reinstated in full force and effect.

     (e) The Guaranteeing Subsidiary agrees that the Guaranteeing Subsidiary shall not be entitled
to any right of subrogation in relation to the Holders in respect of any obligations guaranteed
hereby until payment in full of all obligations guaranteed hereby.

     (f) The Guaranteeing Subsidiary agrees that, as between the Guarantors, on the one hand, and
the Holders and the Trustee, on the other hand, (x) the maturity of the obligations guaranteed
hereby may be accelerated as provided in Article Six of the Indenture for the purposes of this Note
Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration
in respect of the obligations guaranteed hereby, and (y) in the event of any declaration of
acceleration of such obligations as provided in Article Six of the Indenture, such obligations
(whether or not due and payable) shall forthwith become due and payable by the Guarantors for the
purpose of this Note Guarantee.

F-2

 

     (g) The Guaranteeing Subsidiary shall have the right to seek contribution from any non-paying
Guarantor so long as the exercise of such right does not impair the rights of Holders under the
Note Guarantee.

     (h) The Guaranteeing Subsidiary confirms, pursuant to Section 10.02 of the Indenture, that it
is the intention of such Guaranteeing Subsidiary that its Note Guarantee not constitute a
fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance
Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent
applicable to its Note Guarantee and, to effectuate the foregoing intention, hereby irrevocably
agrees that the obligations of such Guaranteeing Subsidiary will be limited to the maximum amount
as will, after giving effect to all other contingent and fixed liabilities of such Guaranteeing
Subsidiary that are relevant under such laws, and after giving effect to any collections from,
rights to receive contribution from or payments made by or on behalf of any other Guarantor in
respect of the obligations of such other Guarantor under Article Ten of the Indenture, result in
the obligations of such Guaranteeing Subsidiary under its Note Guarantee not constituting a
fraudulent transfer or conveyance.

          3. Execution and Delivery. The Guaranteeing Subsidiary agrees that the Note
Guarantees shall remain in full force and effect notwithstanding any failure to endorse on each
Note a notation of such Note Guarantee.

          4. Guaranteeing Subsidiary May Consolidate, Etc., on Certain Terms.

          (a) A Guarantor may not sell or otherwise dispose of all or substantially all of its assets,
or consolidate with or merge with or into (whether or not such Guarantor is the surviving Person)
another Person, other than the Company or another Guarantor, unless:

     (i) immediately after giving effect to that transaction, no Default or Event of Default
exists; and

     (ii) either:

     (A) the Person acquiring the property in any such sale or disposition or the
Person formed by or surviving any such consolidation or merger (if other than the
Guarantor) is a corporation or limited liability company organized or existing under
the laws of the United States, any state thereof or the District of Columbia and
assumes all the obligations of that Guarantor under the Indenture, its Note
Guarantee and the Registration Rights Agreement pursuant to a supplemental indenture
reasonably satisfactory to the Trustee; or

     (B) such sale or other disposition or consolidation or merger complies with
Section 4.10 of the Indenture.

          (b) In case of any such consolidation, merger, sale or conveyance governed by Section 4(a)
hereof and upon the assumption by the successor Person, by supplemental indenture, executed and
delivered to the Trustee and reasonably satisfactory in form to the Trustee, of the Note Guarantee
endorsed upon the Notes and the due and punctual performance

F-3

 

of all of the covenants and conditions of the Indenture to be performed by a Guarantor, such
successor Person shall succeed to and be substituted for a Guarantor with the same effect as if it
had been named herein as a Guarantor. Such successor Person thereupon may cause to be signed any
or all of the Note Guarantees to be endorsed upon all of the Notes issuable hereunder which
theretofore shall not have been signed by the Company and delivered to the Trustee. All the Note
Guarantees so issued shall in all respects have the same legal rank and benefit under the Indenture
as the Note Guarantees theretofore and thereafter issued in accordance with the terms of the
Indenture as though all of such Note Guarantees had been issued at the date of the execution
hereof.

          5. Release.

          (a) Any Guarantor will be released and relieved of any obligations under its Note Guarantee,
(i) in connection with any sale or other disposition of all of the Capital Stock of that Guarantor
to a Person that is not (either before or after giving effect to such transaction) an Affiliate of
the Company, if the sale of all such Capital Stock of that Guarantor complies with Section 4.10 of
the Indenture; (ii) if the Company properly designates that Guarantor as an Unrestricted Subsidiary
under the Indenture or (iii) upon the release or discharge of the Guarantee which resulted in the
creation of such Note Guarantee, except a discharge or release by or as a result or payment under
such Guarantee. Upon delivery by the Company to the Trustee of an Officers’ Certificate and an
Opinion of Counsel to the effect that one of the foregoing requirements has been satisfied and the
conditions to the release of a Guarantor under this Section 5 have been satisfied, the Trustee
shall execute any documents reasonably required in order to evidence the release of such Guarantor
from its obligations under its Note Guarantee.

          (b) Any Guarantor not released from its obligations under its Note Guarantee shall remain
liable for the full amount of principal of and interest and Additional Interest, if any, on the
Notes and for the other obligations of any Guarantor under the Indenture as provided in Article Ten
of the Indenture.

          6. No Recourse Against Others. Pursuant to Section 12.07 of the Indenture, no
director, officer, employee, incorporator or stockholder of the Guaranteeing Subsidiary shall have
any liability for any obligations of such Guaranteeing Subsidiary under the Notes, the Indenture,
the Note Guarantees or for any claim based on, in respect of, or by reason of, such obligations or
their creation.

          7. NEW YORK LAW TO GOVERN. THE LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED
TO CONSTRUE THIS SUPPLEMENTAL INDENTURE.

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

          9. Effect of Headings. The Section headings herein are for convenience only and shall
not affect the construction hereof.

F-4

 

          10. Trustee. The Trustee shall not be responsible in any manner whatsoever for or in
respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the
recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiary and
the Company.

F-5

 

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

Dated:         
                   
             ,
      
              

	 	 	 	 	 
	 	[Guaranteeing Subsidiary]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	CRICKET COMMUNICATIONS, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	Wells Fargo Bank, N.A.,

as Trustee

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

F-6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00111-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00111-of-00352.parquet"}]]