Document:

pied10q20100630ex10-1.htm

EXHIBIT 10.1

Columbus Gold Corporation

Suite 307 - 475 Howe Street

Vancouver B.C.

V6C 2B3

Columbus Gold

Corporation

June 30, 2010

	
Piedmont Mining Company

PO Box 20675

New York, New York

10021

	
Lewis B. Gustafson

5320 Cross Creek Lane

Reno, Nevada

89511

	
Richard W. Harris, Esq.

Harris & Thompson

6121 Lakeside Drive, Suite 260

Reno, Nevada, 89511

Re: Loan Settlement, Dutch Flat Property, SETTLEMENT TERMS

Dear Sirs:

This letter is provided to formalize our recent discussions regarding the outstanding loan (the "Loan") owed by Piedmont Mining Company, Inc. ("Piedmont") to Columbus Gold (U.S.) Corporation ("Columbus USA"), the wholly-owned subsidiary of Columbus Gold Corporation ("Columbus Canada" and together with Columbus USA, "Columbus").  This letter follows up on an initial letter dated June 30, 2010 containing initial terms, and now reflects the final verbal agreement between the parties regarding the Loan settlement.

As you are aware, as at June 30, 2010 Piedmont owes Columbus $237,165.91, representing outstanding balance and accrued interest on the Loan to date.  Further to our discussions, we understand that Piedmont is willing to settle the entirety of this debt by issuing common shares in its share capital ("Shares"), to Columbus Canada.  In connection therewith, Piedmont hereby agrees to immediately issue 6,285,715 Shares to Columbus Canada, and upon receipt thereof Columbus agrees to accept same in full satisfaction of the Loan, and thereafter Piedmont will owe no further funds or liability to Columbus in connection with the Loan.  Piedmont agrees that it will issue the Shares on or before Friday July 16, 2010, or else this agreement will be of no further force or effect.  As discussed, Columbus further agrees to execute an irrevocable proxy on these Shares in favor of management.

Columbus acknowledges that the Shares will be subject to a hold period as prescribed under applicable law.  If, during the hold period, Piedmont wishes to pay the dollar amount of the Loan to Columbus in cash, Columbus agrees that it will voluntarily return the Shares to Piedmont for cancellation in exchange for such cash.

This agreement may be executed in any number of counterparts with the same effect as if all parties had signed the same document.  All of these counterparts will for all purposes constitute one agreement, binding on the parties, notwithstanding that all parties are not signatories to the same counterpart.  An electronically transcribed copy or photocopy of this agreement executed by a party in counterpart or otherwise will constitute a properly executed, delivered and binding agreement or counterpart of the executing party.

The foregoing terms, conditions, and contract are accepted and agreed this 30th day of June, 2010 by:

	
Columbus Gold (U.S.) Corporation

	
PIEDMONT MINING COMPANY, INC.

	
Columbus Gold Corporation

	  
	  	  
	
/s/ Robert Giustra                                           

	
/s/ Robert Shields                                             

	
Per: Robert Giustra, President

	
Authorized Signatory

	  	
President & CEOExhibit 4.1

 

INDENTURE

 

Dated as of August 17, 2010

 

 

Among

 

DIRECTV HOLDINGS LLC

 

and

 

DIRECTV FINANCING CO., INC.,

 

as Issuers,

 

THE GUARANTORS PARTY HERETO

 

and

 

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

 

as Trustee

 

 

CERTAIN SECTIONS OF THIS INDENTURE

RELATING TO SECTIONS 310 THROUGH 318 INCLUSIVE,

OF THE TRUST INDENTURE ACT OF 1939

 

	
  Trust
  Indenture Act Section

  	
   

  	
  Indenture Section

  
	
  Section 310(a)(1)

  	
   

  	
  609

  
	
  (a)(2)

  	
   

  	
  609

  
	
  (a)(3)

  	
   

  	
  Not
  Applicable

  
	
  (a)(4)

  	
   

  	
  Not
  Applicable

  
	
  (b)

  	
   

  	
  608

  
	
   

  	
   

  	
  610

  
	
  Section 311(a)

  	
   

  	
  613

  
	
  (b)

  	
   

  	
  613

  
	
  Section 312(a)

  	
   

  	
  701

  
	
   

  	
   

  	
  702

  
	
  (b)

  	
   

  	
  702

  
	
  (c)

  	
   

  	
  702

  
	
  Section 313(a)

  	
   

  	
  703

  
	
  (b)

  	
   

  	
  703

  
	
  (c)

  	
   

  	
  703

  
	
  (d)

  	
   

  	
  703

  
	
  Section 314(a)

  	
   

  	
  704

  
	
  (a)(4)

  	
   

  	
  1004

  
	
  (b)

  	
   

  	
  Not
  Applicable

  
	
  (c)(1)

  	
   

  	
  102

  
	
  (c)(2)

  	
   

  	
  102

  
	
  (c)(3)

  	
   

  	
  Not
  Applicable

  
	
  (d)

  	
   

  	
  Not
  Applicable

  
	
  (e)

  	
   

  	
  102

  
	
  Section 315(a)

  	
   

  	
  601

  
	
  (b)

  	
   

  	
  602

  
	
  (c)

  	
   

  	
  601

  
	
  (d)

  	
   

  	
  601

  
	
  (e)

  	
   

  	
  513

  
	
  Section 316(a)

  	
   

  	
  101

  
	
  (a)(1)(A)

  	
   

  	
  502

  
	
   

  	
   

  	
  511

  
	
  (a)(1)(B)

  	
   

  	
  512

  
	
  (a)(2)

  	
   

  	
  Not
  Applicable

  
	
  (b)

  	
   

  	
  508

  
	
  (c)

  	
   

  	
  104

  
	
  Section 317(a)(1)

  	
   

  	
  504

  
	
  (a)(2)

  	
   

  	
  504

  
	
  (b)

  	
   

  	
  1003

  
	
  Section 318(a)

  	
   

  	
  107

  

 

NOTE:  This reconciliation and
tie shall not, for any purpose, be deemed to be a part of this Indenture.

 

i

 

TABLE OF CONTENTS

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  
	
  ARTICLE I DEFINITIONS AND OTHER PROVISIONS OF GENERAL
  APPLICATION

  	
  1

  
	
   

  	
   

  	
   

  
	
  Section 101.

  	
  Definitions

  	
  1

  
	
  Section 102.

  	
  Compliance Certificates and Opinions

  	
  12

  
	
  Section 103.

  	
  Form of Documents Delivered to Trustee

  	
  12

  
	
  Section 104.

  	
  Acts of Holders; Record Dates

  	
  13

  
	
  Section 105.

  	
  Notices, Etc., to Trustee and Issuers

  	
  15

  
	
  Section 106.

  	
  Notice to Holders; Waiver

  	
  16

  
	
  Section 107.

  	
  Conflict with Trust Indenture Act

  	
  16

  
	
  Section 108.

  	
  Effect of Headings and Table of Contents

  	
  17

  
	
  Section 109.

  	
  Successors and Assigns

  	
  17

  
	
  Section 110.

  	
  Separability Clause

  	
  17

  
	
  Section 111.

  	
  Benefits of Indenture

  	
  17

  
	
  Section 112.

  	
  Governing Law

  	
  17

  
	
  Section 113.

  	
  Legal Holidays

  	
  17

  
	
  Section 114.

  	
  No Recourse Against Others

  	
  18

  
	
  Section 115.

  	
  Wavier of Jury Trial

  	
  18

  
	
   

  	
   

  	
   

  
	
  ARTICLE II SECURITY FORMS

  	
  18

  
	
   

  	
   

  
	
  Section 201.

  	
  Forms Generally

  	
  18

  
	
  Section 202.

  	
  Form of Legend for Global Securities

  	
  19

  
	
  Section 203.

  	
  Form of Trustee’s Certificate of Authentication

  	
  19

  
	
   

  	
   

  	
   

  
	
  ARTICLE III THE SECURITIES

  	
  20

  
	
   

  	
   

  
	
  Section 301.

  	
  Amount Unlimited; Issuable in Series

  	
  20

  
	
  Section 302.

  	
  Denominations

  	
  23

  
	
  Section 303.

  	
  Execution, Authentication, Delivery and Dating

  	
  23

  
	
  Section 304.

  	
  Temporary Securities

  	
  24

  
	
  Section 305.

  	
  Registration, Registration of Transfer and Exchange

  	
  25

  
	
  Section 306.

  	
  Mutilated, Destroyed, Lost and Stolen Securities

  	
  26

  
	
  Section 307.

  	
  Payment of Interest; Interest Rights Preserved

  	
  27

  
	
  Section 308.

  	
  Persons Deemed Owners

  	
  29

  
	
  Section 309.

  	
  Cancellation

  	
  29

  
	
  Section 310.

  	
  Computation of Interest

  	
  29

  
	
  Section 311.

  	
  CUSIP Numbers

  	
  29

  
	
  Section 312.

  	
  Original Issue Discount

  	
  29

  

 

ii

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  
	
  ARTICLE IV SATISFACTION AND DISCHARGE

  	
  30

  
	
   

  	
   

  
	
  Section 401.

  	
  Satisfaction and Discharge of Indenture

  	
  30

  
	
  Section 402.

  	
  Application of Trust Money

  	
  31

  
	
   

  	
   

  	
   

  
	
  ARTICLE V REMEDIES

  	
  31

  
	
   

  	
   

  
	
  Section 501.

  	
  Events of Default

  	
  31

  
	
  Section 502.

  	
  Acceleration of Maturity; Rescission and Annulment

  	
  33

  
	
  Section 503.

  	
  Collection of Indebtedness and Suits for Enforcement by
  Trustee

  	
  35

  
	
  Section 504.

  	
  Trustee May File Proofs of Claim

  	
  35

  
	
  Section 505.

  	
  Trustee May Enforce Claims Without Possession of
  Securities

  	
  35

  
	
  Section 506.

  	
  Application of Money Collected

  	
  36

  
	
  Section 507.

  	
  Limitation on Suits

  	
  36

  
	
  Section 508.

  	
  Unconditional Right of Holders to Receive Principal,
  Premium and Interest and to Convert Securities

  	
  37

  
	
  Section 509.

  	
  Rights and Remedies Cumulative

  	
  37

  
	
  Section 510.

  	
  Delay or Omission Not Waiver

  	
  37

  
	
  Section 511.

  	
  Control by Holders

  	
  37

  
	
  Section 512.

  	
  Waiver of Past Defaults

  	
  38

  
	
  Section 513.

  	
  Undertaking for Costs

  	
  38

  
	
  Section 514.

  	
  Waiver of Usury, Stay or Extension Laws

  	
  38

  
	
  Section 515.

  	
  Restoration of Rights and Remedies

  	
  39

  
	
   

  	
   

  	
   

  
	
  ARTICLE VI THE TRUSTEE

  	
  39

  
	
   

  	
   

  
	
  Section 601.

  	
  Certain Duties and Responsibilities of Trustee

  	
  39

  
	
  Section 602.

  	
  Notice of Defaults

  	
  40

  
	
  Section 603.

  	
  Certain Rights of Trustee

  	
  40

  
	
  Section 604.

  	
  Not Responsible for Recitals or Issuance of Securities

  	
  42

  
	
  Section 605.

  	
  May Hold Securities

  	
  42

  
	
  Section 606.

  	
  Money Held in Trust

  	
  42

  
	
  Section 607.

  	
  Compensation and Reimbursement

  	
  42

  
	
  Section 608.

  	
  Conflicting Interests

  	
  43

  
	
  Section 609.

  	
  Corporate Trustee Required; Eligibility

  	
  44

  
	
  Section 610.

  	
  Resignation and Removal; Appointment of Successor

  	
  44

  
	
  Section 611.

  	
  Acceptance of Appointment by Successor

  	
  45

  
	
  Section 612.

  	
  Merger, Conversion, Consolidation or Succession to Business

  	
  46

  
	
  Section 613.

  	
  Preferential Collection of Claims Against Issuers

  	
  47

  
	
   

  	
   

  	
   

  
	
  ARTICLE VII HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND
  ISSUERS

  	
  47

  

 

iii

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  
	
  Section 701.

  	
  Issuers to Furnish Trustee Names and Addresses of Holders

  	
  47

  
	
  Section 702.

  	
  Preservation of Information; Communications to Holders

  	
  47

  
	
  Section 703.

  	
  Reports by Trustee

  	
  47

  
	
  Section 704.

  	
  Reports by Issuers

  	
  48

  
	
   

  	
   

  	
   

  
	
  ARTICLE VIII CONSOLIDATION, MERGER AND SALE OF ASSETS

  	
  48

  
	
   

  	
   

  
	
  Section 801.

  	
  Merger or Transfer Assets Only on Certain Terms

  	
  48

  
	
  Section 802.

  	
  Successor Corporation Substituted

  	
  48

  
	
   

  	
   

  	
   

  
	
  ARTICLE IX SUPPLEMENTAL INDENTURES

  	
  49

  
	
   

  	
   

  
	
  Section 901.

  	
  Supplemental Indentures Without Consent of Holders

  	
  49

  
	
  Section 902.

  	
  Supplemental Indentures With Consent of Holders

  	
  50

  
	
  Section 903.

  	
  Execution of Supplemental Indentures

  	
  51

  
	
  Section 904.

  	
  Effect of Supplemental Indentures

  	
  52

  
	
  Section 905.

  	
  Conformity with Trust Indenture Act

  	
  52

  
	
  Section 906.

  	
  Reference in Securities to Supplemental Indentures

  	
  52

  
	
   

  	
   

  	
   

  
	
  ARTICLE X COVENANTS

  	
  52

  
	
   

  	
   

  
	
  Section 1001.

  	
  Payment of Principal, Premium, if any, and Interest

  	
  52

  
	
  Section 1002.

  	
  Maintenance of Office or Agency

  	
  52

  
	
  Section 1003.

  	
  Money for Securities Payments to Be Held in Trust

  	
  53

  
	
  Section 1004.

  	
  Statement by Officers as to Default

  	
  54

  
	
  Section 1005.

  	
  Reports

  	
  54

  
	
  Section 1006.

  	
  Limitation on Liens

  	
  55

  
	
  Section 1007.

  	
  Additional Subsidiary Guarantees

  	
  55

  
	
  Section 1008.

  	
  Limitation on Sale and Leasebacks

  	
  55

  
	
  Section 1009.

  	
  Limitation on Activities of DIRECTV Financing

  	
  56

  
	
  Section 1010.

  	
  Organizational Existence

  	
  56

  
	
  Section 1011.

  	
  Waiver of Certain Covenants

  	
  56

  
	
   

  	
   

  	
   

  
	
  ARTICLE XI REDEMPTION OF SECURITIES

  	
  57

  
	
   

  	
   

  
	
  Section 1101.

  	
  Applicability of Article

  	
  57

  
	
  Section 1102.

  	
  Election to Redeem; Notice to Trustee

  	
  57

  
	
  Section 1103.

  	
  Selection by Trustee of Securities to Be Redeemed

  	
  57

  
	
  Section 1104.

  	
  Notice of Redemption

  	
  58

  
	
  Section 1105.

  	
  Deposit of Redemption Price

  	
  59

  
	
  Section 1106.

  	
  Securities Payable on Redemption Date

  	
  59

  
	
  Section 1107.

  	
  Securities Redeemed in Part

  	
  60

  

 

iv

 

	
   

  	
   

  	
  Page

  
	
   

  	
   

  
	
  ARTICLE XII SINKING FUNDS

  	
  60

  
	
   

  	
   

  
	
  Section 1201.

  	
  Applicability of Article

  	
  60

  
	
  Section 1202.

  	
  Satisfaction of Sinking Fund Payments with Securities

  	
  60

  
	
  Section 1203.

  	
  Redemption of Securities for Sinking Fund

  	
  61

  
	
   

  	
   

  	
   

  
	
  ARTICLE XIII DEFEASANCE AND COVENANT DEFEASANCE

  	
  61

  
	
   

  	
   

  
	
  Section 1301.

  	
  Company’s Option to Effect Defeasance or Covenant
  Defeasance

  	
  61

  
	
  Section 1302.

  	
  Defeasance and Discharge

  	
  61

  
	
  Section 1303.

  	
  Covenant Defeasance

  	
  62

  
	
  Section 1304.

  	
  Conditions to Defeasance or Covenant Defeasance

  	
  62

  
	
  Section 1305.

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

  	
  64

  
	
  Section 1306.

  	
  Reinstatement

  	
  64

  
	
   

  	
   

  	
   

  
	
  ARTICLE XIV REPAYMENT AT THE OPTION OF HOLDERS

  	
  65

  
	
   

  	
   

  
	
  Section 1401.

  	
  Applicability of Article

  	
  65

  
	
  Section 1402.

  	
  Repayment of Securities

  	
  65

  
	
  Section 1403.

  	
  Exercise of Option

  	
  65

  
	
  Section 1404.

  	
  When Securities Presented for Repayment Become Due and
  Payable

  	
  66

  
	
  Section 1405.

  	
  Securities Repaid in Part

  	
  66

  
	
   

  	
   

  	
   

  
	
  ARTICLE XV GUARANTEES

  	
  67

  
	
   

  	
   

  
	
  Section 1501.

  	
  Guarantee

  	
  67

  
	
  Section 1502.

  	
  Merger, Consolidation or Sale of Assets of Guarantors

  	
  68

  
	
  Section 1503.

  	
  Successor Corporation Substituted

  	
  69

  
	
  Section 1504.

  	
  Releases from Guarantees

  	
  69

  

 

v

 

INDENTURE
dated as of August  17, 2010 by and among DIRECTV Holdings LLC (the “Company” or an “Issuer”), a
Delaware limited liability company, DIRECTV Financing Co., Inc. (“DIRECTV Financing” or an “Issuer”
and together with the Company, the “Issuers”), a
Delaware corporation, the Guarantors (as hereinafter defined) and The Bank of
New York Mellon Trust Corporation, N.A., a national banking association, as
trustee (the “Trustee”).

 

RECITALS

 

The
Issuers have duly authorized the execution and delivery of this Indenture to
provide for the issuance from time to time of its senior unsecured debt
securities (herein called the “Securities”),
to be issued in one or more series as in this Indenture provided.

 

All
things necessary to make this Indenture a legal, valid and binding agreement of
the Issuers and the Guarantors, in accordance with its terms, have been done.

 

NOW, THEREFORE, THIS INDENTURE WITNESSETH:

 

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

 

ARTICLE I

DEFINITIONS AND OTHER PROVISIONS

OF GENERAL APPLICATION

 

Section 101.                                Definitions.

 

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

 

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

 

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

 

(3)                                  all accounting terms not otherwise defined herein have the meanings
assigned to them in accordance with GAAP;

 

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

 

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

 

(6)                                  “including” means including without limitation;

 

 

(7)                                  when used with respect to any Security, the words “convert,” “converted”
and “conversion” are intended to refer to the right of the Holder or the
Issuers to convert or exchange such Security into or for securities or other
property in accordance with such terms, if any, as may hereafter be specified
for such Security as contemplated by Section 301, and these words are not
intended to refer to any right of the Holder or the Issuers to exchange such
Security for other Securities of the same series and like tenor pursuant to Section 304,  305, 
306,  906 or  1107 or another similar provisions of this
Indenture, unless the context otherwise requires; and references herein to the
terms of any Security that may be converted mean such terms as may be specified
for such Security as contemplated in Section 301; and

 

(8)                                  unless otherwise provided, references to agreements and other instruments
shall be deemed to include all amendments and other modifications to such
agreements and instruments, but only to the extent such amendments and other
modifications are not prohibited by the terms of this Indenture.

 

“2014 Notes” means
$1,000 million of 4.750% Senior Notes due 2014 issued by the Company and
DIRECTV Financing under an indenture dated as of September 22, 2009.

 

“2015 Notes” means
$1,000 million of 6.375% Senior Notes due 2015 issued by the Company and
DIRECTV Financing under an indenture dated as of June 15, 2005.

 

“2016 Notes” means
$1,500 million of 7.625% Senior Notes due 2016 issued by the Company and
DIRECTV Financing under an indenture dated as of May 14, 2008.

 

“2019 Notes” means
$1,000 million of 5.875% Senior Notes due 2019 issued by the Company and
DIRECTV Financing under an indenture dated as of September 22, 2009.

 

“2020 Notes” means
$1,300 million of 5.220% Senior Notes due 2020 issued by the Company and
DIRECTV Financing under an indenture dated as of March 11, 2010.

 

“2040 Notes” means
$500 million of 6.350 % Senior Notes due 2040 issued by the Company and
DIRECTV Financing under an indenture dated as of March 11, 2010.

 

“3.550% 2015  Notes” means $1,200 million of 3.550% Senior Notes due
2015 issued by the Company and DIRECTV Financing under an indenture dated as of
March 11, 2010.

 

“Act,” when used with respect to any Holder, has the meaning
specified in Section 104.

 

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

 

2

 

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

 

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

 

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

 

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

 

“Board Resolution” means a copy of one or more resolutions
certified by the Secretary or an Assistant Secretary of each of the Issuers to
have been duly adopted by the Board of Directors of each Issuer and to be in
full force and effect on the date of such certification and delivered to the
Trustee.

 

“Business Day” means, when used with respect to any Place of
Payment, unless otherwise specified as contemplated by Section 301, any
day, other than a Saturday or Sunday, which is not a day on which banking
institutions are authorized or obligated by law or executive order to close in
that Place of Payment.

 

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

 

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

 

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

 

3

 

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

 

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

 

“Covenant Defeasance” has the meaning specified in Section 1303.

 

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

 

“Defaulted Interest” has the meaning specified in Section 307.

 

“Defeasance” has the meaning specified in Section 1302.

 

“Depositary” means, with respect to Securities of any series
issuable in whole or in part in the form of one or more Global Securities, a
clearing agency registered under the Exchange Act that is designated to act as
Depositary for such Securities as contemplated by Section 301.

 

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

 

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

 

“Event of Default” has the meaning specified in Section 501.

 

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

 

“Existing Notes” means
the 2014 Notes, the 2015 Notes, the 3.550% 2015 notes, the 2016 Notes, the 2019
Notes, the 2020 Notes and the 2040 Notes.

 

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

 

4

 

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

 

“GAAP” means United States generally accepted accounting
principles set forth in the opinions and pronouncements of the Accounting
Principles Board of the American Institute of Certified Public Accountants and
statements and pronouncements of the Financial Accounting Standards Board or in
such other statements by such other entity as may be approved by a significant
segment of the accounting profession of the United States, which are applicable
as of the date of determination; provided that,
except as otherwise specifically provided, all calculations made for purposes
of determining compliance with the terms of the provisions hereof shall utilize
GAAP as in effect on the date of this Indenture.

 

“Global Security” means a Security that evidences all or part
of the Securities of any series and bears the legend set forth in Section 202
(or such legend as may be specified as contemplated by Section 301 for
such Securities).

 

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

 

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

 

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

 

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

 

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

 

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

 

“Indebtedness” means, with respect to any Person, any
indebtedness of such Person, whether or not contingent, in respect of borrowed
money or evidenced by bonds, notes, debentures or similar instruments or
letters of credit (or reimbursement agreements in respect thereof) or
representing the balance deferred and unpaid of the purchase price of any
property (including pursuant to capital leases) or representing any Hedging
Obligations or Foreign Currency Obligations, except any such balance that
constitutes an accrued expense or trade 

 

5

 

payable,
if and to the extent any of the foregoing (other than Hedging Obligations or
Foreign Currency Obligations) would appear as a liability upon a balance sheet
of such Person prepared in accordance with GAAP, and also includes the
guarantee of items that would be included within this definition.

 

“Indenture” means this instrument as originally executed and
as it may from time to time be supplemented or amended by one or more
indentures supplemental hereto entered into pursuant to the applicable
provisions hereof, including, for all purposes of this instrument and any such
supplemental indenture, the provisions of the Trust Indenture Act that are
deemed to be a part of and govern this instrument and any such supplemental
indenture, respectively. The term “Indenture” shall also include the terms of
particular series of Securities established as contemplated by Section 301.

 

“interest” means, when used with respect to an Original Issue
Discount Security which by its terms bears interest only after Maturity,
interest payable after Maturity.

 

“Interest Payment Date” means, when used with respect to any
Security, the Stated Maturity of an installment of interest on such Security.

 

“Internal Revenue Code” means the U.S. Internal Revenue Code
of 1986, as amended from time to time.

 

“Issuer Request” or “Issuer Order”
means a written request or order signed in the name of the Issuers by an
Officer of each of the Issuers (or any Person designated in writing as
authorized to execute and deliver Issuer Requests and Issuer Orders), and
delivered to the Trustee.

 

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

 

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

 

“Notice of Default” means a written notice of the kind
specified in Section 501.

 

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

 

6

 

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

 

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

 

“Original Issue Discount Security” means any Security which
provides for an amount less than the principal amount thereof to be due and
payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 502.

 

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

 

(a)           Securities theretofore cancelled by
the Trustee or delivered to the Trustee for cancellation;

 

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

 

(c)           Securities as to which Defeasance has
been effected pursuant to Section 1302;

 

(d)           Securities which have been paid
pursuant to Section 306 or in exchange for or in lieu of which other
Securities have been authenticated and delivered pursuant to this Indenture,
other than any such Securities in respect of which there shall have been
presented to the Trustee proof satisfactory to it that such Securities are held
by a bona fide purchaser in whose hands such Securities are valid obligations
of the Issuers; and

 

(e)           Securities as to which any property
deliverable upon conversion thereof has been delivered (or such delivery has
been made available), or as to which any other particular conditions have been
satisfied, in each case as may be provided for such Securities as contemplated
in Section 301;

 

provided, however, that in determining whether the Holders of the
requisite principal amount of the Outstanding Securities have given, made or
taken any request, demand, authorization, direction, notice, consent, waiver or
other action hereunder as of any date, (A) the principal amount of an
Original Issue Discount Security which shall be deemed to be Outstanding shall
be the amount of the principal thereof which would be due and payable as of
such date upon acceleration of the Maturity thereof to such date pursuant to Section 502,
(B) if, as of such date, the principal amount payable at the Stated
Maturity of a Security is not determinable, the principal amount of such
Security which shall be deemed to be Outstanding shall be the amount as
specified or determined as contemplated by Section 301, (C) the
principal amount of a Security denominated in one or more foreign currencies,
composite currencies or currency units which shall be deemed to be Outstanding
shall be the U.S. dollar equivalent, determined as of 

 

7

 

such
date in the manner provided as contemplated by Section 301, of the
principal amount of such Security (or, in the case of a Security described in
clause (A) or (B) above, of the amount determined as provided in such
clause), and (D) Securities owned by the Issuers or any other obligor upon
the Securities or any Affiliate of the Issuers or of such other obligor shall
be disregarded and deemed not to be Outstanding, except that, in determining
whether the Trustee shall be protected in relying upon any such request,
demand, authorization, direction, notice, consent, waiver or other action, only
Securities which a Responsible Officer of the Trustee knows to be so owned
shall be so disregarded. Securities so owned which have been pledged in good
faith may be regarded as Outstanding if the pledgee establishes to the
satisfaction of the Trustee the pledgee’s right so to act with respect to such
Securities and that the pledgee is not one of the Issuers or any other obligor
upon the Securities or any Affiliate of the Issuers or of such other obligor.

 

“Parent” means the Company’s parent, DIRECTV, the Company’s
indirect parent and a Delaware corporation, and their respective successors, in
each case together with each direct or indirect Subsidiary of Parent that
beneficially owns any of the Company’s Equity Interests.

 

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

 

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

 

“Permitted Liens” means with respect to the Securities of any
series:

 

(a)           Liens securing the Securities of such
series and Liens securing any Guarantee of such Securities;

 

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

 

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

 

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

 

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

 

8

 

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

 

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

 

(h)           Liens existing on the issue date of
the Securities of such series securing Indebtedness existing on the issue date
or incurred pursuant to commitments outstanding on the issue date of the
Securities of such series;

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

9

 

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

 

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

 

“Place of Payment” means, when used with respect to the
Securities of any series, the place or places where the principal of and
premium, if any, and interest on the Securities of such series are payable as
specified as contemplated by Section 301.

 

“Predecessor Security” means, with respect to any particular
Security, every previous Security evidencing all or a portion of the same debt
as that evidenced by such particular Security; and, for the purposes of this
definition, any Security authenticated and delivered under Section 306 in
exchange for or in lieu of a mutilated, destroyed, lost or stolen Security
shall be deemed to evidence the same debt as the mutilated, destroyed, lost or
stolen Security.

 

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

 

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

 

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

 

“Regular Record Date” means, for the interest payable on any
Interest Payment Date on the Securities of any series, the date specified for
that purpose as contemplated by Section 301.

 

“Repayment Date” means, with used with respect to a Security
to be repaid at the option of a Holder, the date fixed for such repayment by or
pursuant to this Indenture.

 

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

 

10

 

“Securities” has the meaning specified in the first recital
of this Indenture and more particularly means any Securities authenticated and
delivered under this Indenture.

 

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

 

“Security Register” and “Security Registrar”
have the respective meanings specified in Section 305.

 

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

 

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

 

“Special Record Date” means, for the payment of any Defaulted
Interest, a date fixed by the Trustee pursuant to Section 307.

 

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

 

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

 

“Successor” has the meaning specified in Section 801.

 

11

 

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

 

“Trustee” means the Person named as the “Trustee” in the
first paragraph of this Indenture until a successor Trustee shall have become
such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee”
shall mean or include each Person who is then a Trustee hereunder, and if at any
time there is more than one such Person, “Trustee” as used with respect to the
Securities of any series shall mean the Trustee with respect to Securities of
that series.

 

“U.S. Government Obligation” has the meaning specified in Section 1304(1).

 

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

 

Section 102.                                Compliance Certificates and Opinions.

 

Upon any application or request by the Issuers to
the Trustee to take any action under any provision of this Indenture, the
Issuers shall furnish to the Trustee, an Officer’s Certificate stating that all
conditions precedent, if any, provided for in this Indenture relating to the
proposed action have been complied with and an Opinion of Counsel stating that
in the opinion of such counsel all such conditions precedent, if any, have been
complied with.

 

Every certificate or
opinion with respect to compliance with a condition or covenant provided for in
this Indenture (except for certificates provided for in Section 1004)
shall include:

 

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

 

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

 

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

 

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

 

Section 103.                                Form of Documents Delivered to Trustee.

 

In any case where several matters are required to be
certified by, or covered by an opinion of, any specified Person, it is not
necessary that all such matters be certified by, or 

 

12

 

covered
by the opinion of, only one such Person, or that they be so certified or
covered by only one document, but one such Person may certify or give an
opinion with respect to some matters and one or more other such Persons as to
other matters, and any such Person may certify or give an opinion as to such
matters in one or several documents.

 

Any
certificate or opinion of an Officer of an Issuer may be based, insofar as it
relates to legal matters, upon a certificate or opinion of, or representations
by, counsel, unless such Officer knows, or in the exercise of reasonable care
should know, that the certificate or opinion or representations with respect to
the matters upon which such Officer’s certificate or opinion is based are
erroneous. Any such certificate or Opinion of Counsel may be based, insofar as
it relates to factual matters, upon a certificate or opinion of, or
representations by, an Officer or Officers of the Issuers stating that the
information with respect to such factual matters is in the possession of the
Issuers, unless such counsel knows, or in the exercise of reasonable care
should know, that the certificate or opinion or representations with respect to
such matters are erroneous.

 

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

 

Section 104.                                Acts of Holders; Record Dates.

 

Any
request, demand, authorization, direction, notice, consent, waiver or other
action provided or permitted by this Indenture to be given, made or taken by
Holders may be embodied in and evidenced by one or more instruments of
substantially similar tenor signed by such Holders in person or by an agent
duly appointed in writing; and, except as herein otherwise expressly provided,
such action shall become effective when such instrument or instruments are
delivered to the Trustee and, where it is hereby expressly required, to the
Issuers. Such instrument or instruments (and the action embodied therein and
evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments.
Proof of execution of any such instrument or of a writing appointing any such
agent shall be sufficient for any purpose of this Indenture and, subject to Section 601,
conclusive in favor of the Trustee and the Issuers, if made in the manner
provided in this Section 104.

 

The
fact and date of the execution by any Person of any such instrument or writing
may be proved in any manner which the Trustee reasonably deems sufficient.
Where such execution is by a Person acting in a capacity other than such Person’s
individual capacity, such certificate or affidavit shall also constitute
sufficient proof of such Person’s authority. The fact and date of the execution
of any such instrument or writing, or the authority of the Person executing the
same, may also be proved in any other manner which the Trustee deems
sufficient.

 

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

 

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

 

13

 

The
Issuers may set any day as a record date for the purpose of determining the
Holders of Outstanding Securities of any series entitled to give, make or take
any request, demand, authorization, direction, notice, consent, waiver or other
action provided or permitted by this Indenture to be given, made or taken by
Holders of Securities of such series; provided that
the Issuers may not set a record date for, and the provisions of this paragraph
shall not apply with respect to, the giving or making of any notice,
declaration, request or direction referred to in the next paragraph. If any
record date is set pursuant to this paragraph, the Holders of Outstanding
Securities of the relevant series on such record date, and no other Holders,
shall be entitled to take the relevant action, whether or not such Holders
remain Holders after such record date; provided that
no such action shall be effective hereunder unless taken on or prior to the
applicable Expiration Date (as defined below) by Holders of the requisite
principal amount of Outstanding Securities of such series on such record date.
Nothing in this paragraph shall be construed to prevent the Issuers from
setting a new record date for any action for which a record date has previously
been set pursuant to this paragraph (whereupon the record date previously set
shall automatically and with no action by any Person be cancelled and of no
effect), and nothing in this paragraph shall be construed to render ineffective
any action taken by Holders of the requisite principal amount of Outstanding
Securities of the relevant series on the date such action is taken. Promptly
after any record date is set pursuant to this paragraph, the Issuers, at their
own expense, shall cause notice of such record date, the proposed action by
Holders and the applicable Expiration Date to be given to the Trustee in
writing and to each Holder of Securities of the relevant series in the manner
set forth in Section 106.

 

The Trustee may set any day as a record date for the
purpose of determining the Holders of Outstanding Securities of any series
entitled to join in the giving or making of (i) any Notice of Default, (ii) any
declaration of acceleration referred to in Section 502, (iii) any
request to institute proceedings referred to in Section 507(2) or (iv) any
direction referred to in Section 511, in each case with respect to
Securities of such series. If any record date is set pursuant to this
paragraph, the Holders of Outstanding Securities of such series on such record
date, and no other Holders, shall be entitled to join in such notice,
declaration, request or direction, whether or not such Holders remain Holders
after such record date; provided that
no such action shall be effective hereunder unless taken on or prior to the
applicable Expiration Date by Holders of the requisite principal amount of
Outstanding Securities of such series on such record date. Nothing in this
paragraph shall be construed to prevent the Trustee from setting a new record
date for any action for which a record date has previously been set pursuant to
this paragraph (whereupon the record date previously set shall automatically
and with no action by any Person be cancelled and of no effect), and nothing in
this paragraph shall be construed to render ineffective any action taken by
Holders of the requisite principal amount of Outstanding Securities of the
relevant series on the date such action is taken. Promptly after any record
date is set pursuant to this paragraph, the Trustee, at the Issuers’ expense,
shall cause notice of such record date, the proposed action by Holders and the applicable
Expiration Date to be given to the Issuers in writing and to each Holder of
Securities of the relevant series in the manner set forth in Section 106.

 

14

 

With respect to any record date set pursuant to this
Section 104, the party hereto which sets such record dates may designate
any day as the “Expiration Date” and from time to
time may change the Expiration Date to any earlier or later day; provided that no such change shall be effective unless
notice of the proposed new Expiration Date is given to the other party hereto
in writing, and to each Holder of Securities of the relevant series in the
manner set forth in Section 106, on or prior to the existing Expiration
Date. If an Expiration Date is not designated with respect to any record date
set pursuant to this Section 104, the party hereto which set such record
date shall be deemed to have initially designated the 180th day after such
record date as the Expiration Date with respect thereto, subject to its right
to change the Expiration Date as provided in this paragraph.

 

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

 

Section 105.                                Notices, Etc., to Trustee and Issuers.

 

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

 

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

 

DIRECTV
Holdings LLC

2230 East Imperial Highway

El Segundo, California  90245

Facsimile No.:  (310) 964-0839

Attention:  General Counsel

 

with
a copy to:

Weil,
Gotshal & Manges LLP

767 Fifth Avenue

New York, New York 10153

Attention:  Michael E. Lubowitz, Esq.

Erika
L. Weinberg, Esq.

 

If
to the Trustee:

 

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

700 South Flower Street, Suite 500 

Los Angeles, CA 90017

Facsimile No.:  (213) 630-6298

Attention:  Corporate Unit

 

15

 

The
Trustee agrees to accept and act upon instructions or directions pursuant to
this Indenture sent by unsecured e-mail, pdf, facsimile transmission or other
similar unsecured electronic methods, provided, however, that the Trustee shall
have received an incumbency certificate listing persons designated to give such
instructions or directions and containing specimen signatures of such
designated persons, which such incumbency certificate shall be amended and
replaced whenever a person is to be added or deleted from the listing.  If the Issuer elects to give the Trustee
e-mail or facsimile instructions (or instructions by a similar electronic
method) and the Trustee in its discretion elects to act upon such instructions,
the Trustee’s understanding of such instructions shall be deemed controlling.
The Trustee shall not be liable for any losses, costs or expenses arising
directly or indirectly from the Trustee’s reliance upon and compliance with
such instructions notwithstanding such instructions conflict or are
inconsistent with a subsequent written instruction. The Issuer agrees to assume
all risks arising out of the use of such electronic methods to submit
instructions and directions to the Trustee, including without limitation the
risk of the Trustee acting on unauthorized instructions, and the risk or
interception and misuse by third parties.

 

Section 106.                                Notice to Holders; Waiver.

 

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

 

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

 

Where
this Indenture provides for notice of any event to a Holder of a Global
Security, such notice shall be sufficiently given if given to the Depositary
for such Security (or its designee), pursuant to the Applicable Procedures of
the Depositary, not later than the latest date, if any, and not earlier than
the earliest date, if any, prescribed for the giving of such notice.

 

Section 107.                                Conflict with Trust Indenture Act.

 

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

 

16

 

Section 108.                                Effect of Headings and Table of Contents.

 

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

 

Section 109.                                Successors and Assigns.

 

All covenants and agreements in this Indenture by
the Issuers shall bind their respective successors and assigns, whether so
expressed or not. All agreements of the Trustee in this Indenture shall bind
its successors and assigns, whether so expressed or not.

 

Section 110.                                Separability Clause.

 

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

 

Section 111.                                Benefits of Indenture.

 

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

 

Section 112.                                Governing Law.

 

This
Indenture and the Securities shall be governed by, and construed in accordance
with, the law of the State of New York.

 

Section 113.                                Legal Holidays.

 

In
any case where any Interest Payment Date, Redemption Date, Repayment Date or
Stated Maturity of any Security, or any date on which a Holder has the right to
convert such Holder’s Security, shall not be a Business Day at any Place of
Payment, then (notwithstanding any other provision of this Indenture or of the
Securities (other than a provision of any Security which specifically states
that such provision shall apply in lieu of this Section 113)) payment of
principal and premium, if any, or interest, or the Redemption Price or
conversion of such Security, need not be made at such Place of Payment on such
date, but may be made on the next succeeding Business Day at such Place of
Payment with the same force and effect as if made on the Interest Payment Date,
Redemption Date or Repayment Date, or at the Stated Maturity, or on such
conversion date.  In the case, however,
of Securities of a series bearing interest at a floating rate based on the
London interbank offered rate (LIBOR), if any Interest Payment Date (other than
the Redemption Date, Repayment Date or Stated Maturity) would otherwise be a
date that is not a Business Day, then the Interest Payment Date shall be
postponed to the following date which is a Business Day, unless that Business
Day falls in the next succeeding calendar month, in which case the Interest
Payment Date will be the immediately preceding Business Day.  No interest shall accrue for the period from
and after any such Interest Payment Date, Redemption Date, Repayment Date,
Stated Maturity or conversion date, as the case may be, to the date of such
payment.

 

17

 

Section 114.                                No Recourse Against Others.

 

No
director, owner, officer, employee, incorporator or stockholder of the Issuers
or any of the Issuers’ Affiliates, as such, shall have any liability for any
obligations of the Issuers or any of the Issuers’ Affiliates under the
Securities, the Guarantees or the Indenture or for any claim based on, in
respect of, or by reason of, such obligations or their creation.  Each Holder of Securities by accepting a
Security waives and releases all such liability.  The waiver and release are part of the
consideration for the issuance of any Security.

 

Section 115.                                Waiver of Jury Trial.

 

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

 

ARTICLE II

SECURITY FORMS

 

Section 201.                                Forms Generally.

 

The Securities of each series shall be in
substantially such form or forms as shall be established by or pursuant to a
Board Resolution or, subject to Section 303, set forth in, or determined
in the manner provided in, an Officers’ Certificate pursuant to a Board
Resolution, or in one or more indentures supplemental hereto, in each case with
such appropriate insertions, omissions, substitutions and other variations as
are required or permitted by this Indenture, and may have such letters, numbers
or other marks of identification and such legends or endorsements placed
thereon as may be required to comply with applicable tax laws or the rules of
any securities exchange or Depositary therefor or as may, consistently
herewith, be determined by the Officer executing such Securities, as evidenced by
his or her execution thereof. If the form of Securities of any series is
established by action taken pursuant to a Board Resolution, a copy of an
appropriate record of such action shall be certified by the Secretary or an
Assistant Secretary of the Issuers and delivered to the Trustee at or prior to
the delivery of the Issuer Order contemplated by Section 303 for the
authentication and delivery of such Securities. If all of the Securities of any
series established by action taken pursuant to a Board Resolution are not to be
issued at one time, it shall not be necessary to deliver a record of such
action at the time of issuance of each Security of such series, but an
appropriate record of such action shall be delivered at or before the time of
issuance of the first Security of such series.

 

The definitive Securities shall be printed,
lithographed or engraved on steel engraved borders or may be produced in any
other manner, all as determined by the Officer executing such Securities, as
evidenced by his or her execution of such Securities.

 

18

 

Section 202.                                Form of Legend for Global Securities.

 

Unless otherwise specified as contemplated by Section 301
for the Securities evidenced thereby or as required by Applicable Procedures,
every Global Security authenticated and delivered hereunder shall bear a legend
in substantially the following form:

 

[Insert, if applicable
— UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”),
NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF
CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.

 

TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED
TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR
THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL
SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS
SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF.]

 

[Insert, if applicable
— THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE REFERRED
TO HEREIN AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF.
THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY
REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE
REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A
NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE
INDENTURE.]

 

Section 203.                                Form of Trustee’s Certificate of
Authentication.

 

The Trustee’s certificates of authentication shall
be in substantially the following form:

 

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

 

Dated:

 

	
   

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

  
	
   

  	
      as Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Authorized Signatory

  

 

19

 

ARTICLE III

THE SECURITIES

 

Section 301.                                Amount Unlimited; Issuable in Series.

 

The aggregate principal amount of Securities which
may be authenticated and delivered under this Indenture is unlimited.

 

The Securities may be
issued in one or more series. There shall be established in or pursuant to (a) a
Board Resolution or pursuant to authority granted by a Board Resolution and,
subject to Section 303, set forth, or determined in the manner provided,
in an Officers’ Certificate, or (b) one or more indentures supplemental
hereto, prior to the issuance of Securities of any series:

 

(1)                                  the title of the Securities of the series (which shall distinguish the
Securities of the series from Securities of any other series);

 

(2)                                  the limit, if any, on the aggregate principal amount of the Securities of
the series which may be authenticated and delivered under this Indenture
(except for Securities authenticated and delivered upon registration of
transfer of, or in exchange for, or in lieu of, other Securities of the series
pursuant to Section 304, 305, 306, 906 or 1107 and except for any
Securities which, pursuant to Section 303, are deemed never to have been
authenticated and delivered hereunder);

 

(3)                                  the Person to whom any interest on a Security of the series shall be
payable, if other than the Person in whose name that Security (or one or more
Predecessor Securities) is registered at the close of business on the Regular
Record Date for such interest;

 

(4)                                  the date or dates on which the principal of any Securities of the series
is payable or the method used to determine or extend those dates;

 

(5)                                  the rate or rates at which any Securities of the series shall bear
interest, if any, the date or dates from which any such interest shall accrue,
the Interest Payment Dates on which any such interest shall be payable and the
Regular Record Date for any such interest payable on any Interest Payment Date;

 

(6)                                  the place or places where the principal of and premium, if any, and
interest on any Securities of the series shall be payable and the manner in
which any payment may be made;

 

(7)                                  the period or periods within which, the price or prices at which and the
terms and conditions upon which any Securities of the series may be redeemed,
in whole or in part, at the option of the Issuers and, if other than by a Board
Resolution, the manner in which any election by the Issuers to redeem the
Securities shall be evidenced;

 

20

 

(8)                                  the obligation or the right, if any, of the Issuers to redeem or purchase
any Securities of the series pursuant to any sinking fund or at the option of
the Holder thereof and the period or periods within which, the price or prices
at which and the terms and conditions upon which any Securities of the series
shall be redeemed or purchased, in whole or in part, pursuant to such
obligation;

 

(9)                                  if other than denominations of $2,000 and any integral multiple of $1,000
in excess thereof, the denominations in which any Securities of the series
shall be issuable;

 

(10)                            if the amount of principal of or premium, if any, or interest on any
Securities of the series may be determined with reference to a financial or
economic measure or index or pursuant to a formula, the manner in which such
amounts shall be determined;

 

(11)                            if other than the currency of the United States of America, the currency,
currencies or currency units in which the principal of or premium, if any, or
interest on any Securities of the series shall be payable and the manner of
determining the equivalent thereof in the currency of the United States of
America for any purpose, including for purposes of the definition of “Outstanding” in Section 101;

 

(12)                            if the principal of or premium, if any, or interest on any Securities of
the series is to be payable, at the election of the Issuers or the Holder
thereof, in one or more currencies or currency units other than that or those
in which such Securities are stated to be payable, the currency, currencies or
currency units in which the principal of or premium, if any, or interest on
such Securities as to which such election is made shall be payable, the periods
within which and the terms and conditions upon which such election is to be
made and the amount so payable (or the manner in which such amount shall be
determined);

 

(13)                            if other than the entire principal amount thereof, the portion of the
principal amount of any Securities of the series which shall be payable upon
declaration of acceleration of the Maturity thereof pursuant to Section 502;

 

(14)                            if the principal amount payable at the Stated Maturity of any Securities
of the series will not be determinable as of any one or more dates prior to the
Stated Maturity, the amount which shall be deemed to be the principal amount of
such Securities as of any such date for any purpose thereunder or hereunder,
including the principal amount thereof which shall be due and payable upon any
Maturity other than the Stated Maturity or which shall be deemed to be
Outstanding as of any date prior to the Stated Maturity (or, in any such case,
the manner in which such amount deemed to be the principal amount shall be
determined);

 

21

 

(15)                            if other than by a Board Resolution, the manner in which any election by
the Issuers to defease any Securities of the series pursuant to Section 1302
or Section 1303 shall be evidenced; whether any Securities of the series
other than Securities denominated in U.S. dollars and bearing interest at a
fixed rate are to be subject to Section 1302 or Section 1303; or, in
the case of Securities denominated in U.S. dollars and bearing interest at a
fixed rate, if applicable, that the Securities of the series, in whole or any
specified part, shall not be defeasible pursuant to Section 1302 or Section 1303
or both such Sections;

 

(16)                            if applicable, that any Securities of the series shall be issuable in
whole or in part in the form of one or more Global Securities and, in such
case, the respective Depositaries for such Global Securities, the form of any
legend or legends which shall be borne by any such Global Security in addition
to or in lieu of that set forth in Section 202 and any circumstances in
addition to or in lieu of those set forth in clause (2) of the last paragraph
of Section 305 in which any such Global Security may be exchanged in whole
or in part for Securities registered, and any transfer of such Global Security
in whole or in part may be registered, in the name or names of Persons other
than the Depositary for such Global Security or a nominee thereof;

 

(17)                            any addition to, deletion from or change in the Events of Default which
applies to any Securities of the series and any change in the right of the
Trustee or the requisite Holders of such Securities to declare the principal
amount thereof due and payable pursuant to Section 502;

 

(18)                            any addition to, deletion from or change in the covenants set forth in Article X
which applies to Securities of the series;

 

(19)                            if the Securities of the series are to be convertible into or
exchangeable for cash and/or any securities or other property of any Person
(including the Issuers), the terms and conditions upon which such Securities
will be so convertible or exchangeable;

 

(20)                            whether the Securities of the series will be guaranteed by any Person or
Persons and, if so, the identity of such Person or Persons, the terms and
conditions upon which such Securities shall be guaranteed and, if applicable,
the terms and conditions upon which such guarantees may be subordinated to
other indebtedness of the respective guarantors;

 

(21)                            whether the Securities of the series will be secured by any collateral
and, if so, the terms and conditions upon which such Securities shall be
secured and, if applicable, upon which such liens may be subordinated to other
liens securing other indebtedness of the Issuers or any guarantor; and

 

(22)                            any other terms of the series (which terms shall not be inconsistent with
the provisions of this Indenture, except as permitted by Section 901(11)).

 

All
Securities of any one series shall be substantially identical except as to
denomination and except as may otherwise be provided in or pursuant to the
Board Resolution referred to above or pursuant to authority granted by one or
more Board Resolutions and, subject to Section 303, set forth, or
determined in the manner provided, in the Officers’ Certificate referred to 

 

22

 

above
or in any such indenture supplemental hereto. All Securities of any one series
need not be issued at one time and, unless otherwise provided in or pursuant to
the Board Resolution referred to above and, subject to Section 303, set
forth, or determined in the manner provided, in the Officers’ Certificate
referred to above or pursuant to authority granted by one or more Board
Resolutions or in any such indenture supplemental hereto with respect to a
series of Securities, additional Securities of a series may be issued, at the
option of the Issuers, without the consent of any Holder, at any time and from
time to time.

 

If
any of the terms of the series are established by action taken pursuant to a
Board Resolution, a copy of an appropriate record of such action shall be
certified by the Secretary or an Assistant Secretary of the Issuers and
delivered to the Trustee at or prior to the delivery of the Officers’
Certificate setting forth the terms of the series.

 

Section 302.                                Denominations.

 

The
Securities of each series shall be issuable only in registered form without
coupons and only in such denominations as shall be specified as contemplated by
Section 301. In the absence of any such specified denomination with
respect to the Securities of any series, the Securities of such series shall be
issuable in denominations of $2,000 and any integral multiple of $1,000 in
excess thereof.

 

Section 303.                                Execution, Authentication, Delivery and Dating.

 

The Securities shall be executed on behalf of each
of the Issuers by its Chairman of the Board, one of its Vice Chairmen, its
Chief Executive Officer, its Chief Financial Officer, its Chief Accounting
Officer, its Treasurer, one of its Corporate Vice Presidents or one of its
Assistant Treasurers. The signature of any of these officers on the Securities
may be manual or facsimile.

 

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

 

At any time and from time
to time after the execution and delivery of this Indenture, the Issuers may
deliver Securities of any series executed by the Issuers to the Trustee for authentication,
together with an Issuer Order for the authentication and delivery of such
Securities, and the Trustee in accordance with the Issuer Order shall
authenticate and deliver such Securities. If the form or terms of the
Securities of the series have been established by or pursuant to one or more
Board Resolutions or pursuant to authority granted by one or more Board
Resolutions as permitted by Sections  201
and  301, in authenticating such
Securities, and accepting the additional responsibilities under this Indenture
in relation to such Securities, the Trustee shall receive, and, subject to Section 601,
shall be fully protected in relying upon, an Opinion of Counsel stating,

 

(1)                                  if the form of such Securities has been established by or pursuant to Board
Resolution or pursuant to authority granted by one or more Board Resolutions as
permitted by Section 201, that such form has been established in
conformity with the provisions of this Indenture;

 

23

 

(2)                                  if the terms of such Securities have been established by or pursuant to
Board Resolution or pursuant to authority granted by one or more Board
Resolutions as permitted by Section 301, that such terms have been
established in conformity with the provisions of this Indenture; and

 

(3)                                  that such Securities, when authenticated by the Trustee and issued and
delivered by the Issuers in the manner and subject to any conditions specified
in such Opinion of Counsel, will constitute valid and legally binding obligations
of the Issuers enforceable in accordance with their terms, subject to (i) the
effects of bankruptcy, insolvency, fraudulent conveyance, reorganization,
moratorium and other similar laws relating to or affecting creditors’ rights
generally, (ii) general equitable principles and (iii) an implied
covenant of good faith and fair dealing.

 

If
such form or terms have been so established, the Trustee shall not be required
to authenticate such Securities if the issue of such Securities pursuant to
this Indenture will materially adversely affect the Trustee’s own rights,
duties or immunities under the Securities and this Indenture or otherwise in a
manner which is not reasonably acceptable to the Trustee.

 

Each
Security shall be dated the date of its authentication.

 

No
Security shall be entitled to any benefit under this Indenture or be valid or
obligatory for any purpose unless there appears on such Security a certificate
of authentication substantially in the form provided for herein executed by the
Trustee by manual signature, and such certificate upon any Security shall be
conclusive evidence, and the only evidence, that such Security has been duly
authenticated and delivered hereunder. Notwithstanding the foregoing, if any
Security shall have been authenticated and delivered hereunder but never issued
and sold by the Issuers, and the Issuers shall deliver such Security to the
Trustee for cancellation as provided in Section 309, for all purposes of
this Indenture such Security shall be deemed never to have been authenticated
and delivered hereunder and shall never be entitled to the benefits of this
Indenture.

 

Section 304.                                Temporary Securities.

 

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

 

If
temporary Securities of any series are issued, the Issuers will cause
definitive Securities of such series to be prepared without unreasonable delay.
After the preparation of definitive Securities of such series, the temporary
Securities of such series shall be exchangeable for definitive Securities of
such series upon surrender of the temporary Securities of such series

 

24

 

at
the office or agency of the Issuers in a Place of Payment for such series,
without charge to the Holder. Upon surrender for cancellation of any one or
more temporary Securities of any series, the Issuers shall execute and the
Trustee shall authenticate and deliver in exchange therefor one or more
definitive Securities of the same series, of any authorized denominations and
of like tenor and aggregate principal amount. Until so exchanged, the temporary
Securities of any series shall in all respects be entitled to the same benefits
under this Indenture as definitive Securities of such series and tenor.

 

Section 305.                                Registration, Registration of Transfer and
Exchange.

 

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

 

Upon
surrender for registration of transfer of any Security of a series at the
office or agency of the Issuers in a Place of Payment for such series, the
Issuers shall execute, and the Trustee shall authenticate and deliver, in the
name of the designated transferee or transferees, one or more new Securities of
the same series, of any authorized denominations and of like tenor and
principal amount.

 

At
the option of the Holder, Securities of any series may be exchanged for other
Securities of the same series, of any authorized denominations and of like
tenor and principal amount, upon surrender of the Securities to be exchanged at
such office or agency. Whenever any Securities are so surrendered for exchange,
the Issuers shall execute, and the Trustee shall authenticate and deliver, the
Securities which the Holder making the exchange is entitled to receive.

 

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

 

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

 

No
service charge shall be made for any registration of transfer or exchange of
Securities, but the Issuers may require payment of a sum sufficient to cover
any tax or other governmental charge that may be imposed in connection with any
registration of transfer or exchange of Securities, other than exchanges
pursuant to Section 304,  906
or  1107 not involving any transfer.

 

If
the Securities of any series (or of any series and specified tenor) are to be
redeemed in part, the Issuers shall not be required (A) to issue, register
the transfer of or exchange any Securities of such series (or of such series
and specified tenor, as the case may be) during a 

 

25

 

period
beginning at the opening of business 15 days before the day of the mailing of a
notice of redemption of any such Securities selected for redemption under Section 1103
and ending at the close of business on the day of such mailing, or (B) to
register the transfer of or exchange any Security so selected for redemption in
whole or in part, except the unredeemed portion of any Security being redeemed
in part.

 

The provisions of clauses
(1), (2), (3) and (4) of this paragraph shall apply only to Global
Securities:

 

(1)                                  Each Global Security authenticated under this Indenture shall be
registered in the name of the Depositary designated for such Global Security or
a nominee thereof and delivered to such Depositary or a nominee thereof or
custodian therefor, and each such Global Security shall constitute a single
Security for all purposes of this Indenture.

 

(2)                                  Notwithstanding any other provision in this Indenture, and subject to
such applicable provisions, if any, as may be specified as contemplated by Section 301,
no Global Security may be exchanged in whole or in part for Securities
registered, and no transfer of a Global Security in whole or in part may be
registered, in the name of any Person other than the Depositary for such Global
Security or a nominee thereof unless (A) such Depositary has notified the
Issuers that it is unwilling or unable or no longer permitted under applicable
law to continue as Depositary for such Global Security, (B) there shall
have occurred and be continuing an Event of Default with respect to such Global
Security, (C) the Issuers so direct the Trustee by a Issuer Order or (D) there
shall exist such circumstances, if any, in addition to or in lieu of the
foregoing as have been specified for this purpose as contemplated by Section 301.

 

(3)                                  Subject to clause (2) above, and subject to such applicable provisions,
if any, as may be specified as contemplated by Section 301, any exchange
of a Global Security for other Securities may be made in whole or in part, and
all Securities issued in exchange for a Global Security or any portion thereof
shall be registered in such names as the Depositary for such Global Security
shall direct.

 

(4)                                  Every Security authenticated and delivered upon registration of transfer
of, or in exchange for or in lieu of, a Global Security or any portion thereof,
whether pursuant to this Section 305, Section 304,  306, 
906 or  1107 or otherwise, shall
be authenticated and delivered in the form of, and shall be, a Global Security,
unless such Security is registered in the name of a Person other than the
Depositary for such Global Security or a nominee thereof.

 

Section 306.                                Mutilated, Destroyed, Lost and Stolen
Securities.

 

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

 

26

 

If
there shall be delivered to the Issuers and the Trustee (1) evidence to
their satisfaction of the destruction, loss or theft of any Security and (2) such
security or indemnity as may be required by them to save each of them and any
agent of either of them harmless, then, in the absence of notice to the Issuers
or the Trustee that such Security has been acquired by a bona fide
purchaser, the Issuers shall execute and the Trustee shall authenticate and
deliver, in lieu of any such destroyed, lost or stolen Security, a new Security
of the same series and of like tenor and principal amount and bearing a number
not contemporaneously outstanding.

 

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

 

Upon the issuance of any new Security under this Section 306,
the Issuers may require the payment of a sum sufficient to cover any tax or
other governmental charge that may be imposed in relation thereto and any other
expenses (including the fees and expenses of counsel to the Issuers and the
fees and expenses of the Trustee and its counsel) connected therewith.

 

Every new Security of any series issued pursuant to
this Section 306 in lieu of any mutilated, destroyed, lost or stolen
Security shall constitute an original additional contractual obligation of the
Issuers, whether or not the mutilated, destroyed, lost or stolen Security shall
be at any time enforceable by anyone, and shall be entitled to all the benefits
of this Indenture equally and proportionately with any and all other Securities
of such series duly issued hereunder.

 

The provisions of this Section 306 are
exclusive and shall preclude (to the extent lawful) all other rights and
remedies with respect to the replacement or payment of mutilated, destroyed,
lost or stolen Securities.

 

Section 307.                                Payment of Interest; Interest Rights Preserved.

 

Except
as otherwise provided as contemplated by Section 301 with respect to any
series of Securities, interest on any Security which is payable, and is punctually
paid or duly provided for, on any Interest Payment Date shall be paid to the
Person in whose name that Security (or one or more Predecessor Securities) is
registered at the close of business on the Regular Record Date for such
interest.

 

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

 

(1)                                  The Issuers may elect to make payment of any Defaulted Interest payable
on Securities of a series to the Persons in whose names the Securities of such
series (or their respective Predecessor Securities) are registered at the close
of business on a Special Record Date for the payment of such Defaulted
Interest, which shall be fixed in the following manner. The Issuers shall
notify the Trustee in writing of the amount of Defaulted Interest proposed to
be paid on each Security of such 

 

27

 

series
and the date of the proposed payment, and at the same time the Issuers shall
deposit with the Trustee an amount of money equal to the aggregate amount
proposed to be paid in respect of such Defaulted Interest or shall make
arrangements satisfactory to the Trustee for such deposit prior to the date of
the proposed payment, such money when deposited to be held in trust for the
benefit of the Persons entitled to such Defaulted Interest as in this clause
provided. Thereupon the Trustee shall fix a Special Record Date for the payment
of such Defaulted Interest which shall be not more than 15 days and not less
than 10 days prior to the date of the proposed payment and not less than 10
days after the receipt by the Trustee of the notice of the proposed payment.
The Trustee shall promptly notify the Issuers of such Special Record Date and,
in the name and at the expense of the Issuers, shall cause notice of the
proposed payment of such Defaulted Interest and the Special Record Date
therefor to be given to each Holder of Securities of such series in the manner
set forth in Section 106, not less than 10 days prior to such Special
Record Date. Notice of the proposed payment of such Defaulted Interest and the
Special Record Date therefor having been so mailed, such Defaulted Interest
shall be paid to the Persons in whose names the Securities of such series (or
their respective Predecessor Securities) are registered at the close of
business on such Special Record Date and shall no longer be payable pursuant to
the following clause (2).

 

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

 

Subject to the foregoing provisions of this Section 307,
each Security delivered under this Indenture upon registration of transfer of
or in exchange for or in lieu of any other Security shall carry the rights to
interest accrued and unpaid, and to accrue, which were carried by such other
Security.

 

In
the case of any Security which is converted after any Regular Record Date and
on or prior to the next succeeding Interest Payment Date (other than any
Security whose Maturity is prior to such Interest Payment Date), interest whose
Stated Maturity is on such Interest Payment Date shall be payable on such Interest
Payment Date notwithstanding such conversion, and such interest (whether or not
punctually paid or made available for payment) shall be paid to the Person in
whose name that Security (or one or more Predecessor Securities) is registered
at the close of business on such Regular Record Date. Except as otherwise
expressly provided in the immediately preceding sentence, in the case of any
Security which is converted, interest whose Stated Maturity is after the date
of conversion of such Security shall not be payable. Notwithstanding the
foregoing, the terms of any Security that may be converted may provide that the
provisions of this paragraph do not apply, or apply with such additions,
changes or omissions as may be provided thereby, to such Security.

 

28

 

Section 308.                                Persons Deemed Owners.

 

Prior
to due presentment of a Security for registration of transfer, the Issuers, the
Trustee and any agent of the Issuers or the Trustee may treat the Person in
whose name such Security is registered as the owner of such Security for the
purpose of receiving payment of principal of and premium, if any, and, subject
to Section 307, any interest on such Security and for all other purposes
whatsoever, whether or not such Security be overdue, and neither the Issuers,
the Trustee nor any agent of the Issuers or the Trustee shall be affected by
notice to the contrary.

 

Section 309.                                Cancellation.

 

All Securities surrendered for payment, redemption,
registration of transfer or exchange or conversion or for credit against any
sinking fund payment shall, if surrendered to any Person other than the
Trustee, be delivered to the Trustee and shall be promptly cancelled by it. The
Issuers may at any time deliver to the Trustee for cancellation any Securities
previously authenticated and delivered hereunder which the Issuers may have
acquired in any manner whatsoever, and may deliver to the Trustee (or to any
other Person for delivery to the Trustee) for cancellation any Securities
previously authenticated hereunder which the Issuers have not issued and sold,
and all Securities so delivered shall be promptly cancelled by the Trustee. No
Securities shall be authenticated in lieu of or in exchange for any Securities
cancelled as provided in this Section 309, except as expressly permitted
by this Indenture. All cancelled Securities held by the Trustee shall be
disposed of in accordance with its customary procedures. The Trustee shall
provide the Issuers a list of all Securities that have been cancelled from time
to time as requested by the Issuers.

 

Section 310.                                Computation of Interest.

 

Except as otherwise specified as contemplated by Section 301
for Securities of any series, interest on the Securities of each series shall
be computed on the basis of a 360-day year of twelve 30-day months.

 

Section 311.                                CUSIP Numbers.

 

The Issuers in issuing any series of the Securities
may use “CUSIP” or “ISIN”
numbers and/or other similar numbers, if then generally in use, and thereafter
with respect to such series, the Trustee may use such numbers in any notice of
redemption with respect to such series; provided that
any such notice may state that no representation is made as to the correctness
of such numbers either as printed on the Securities of such series or as
contained in any notice of a redemption and that reliance may be placed only on
the other identification numbers printed on the Securities of such series, and
any such redemption shall not be affected by any defect in or omission of such
numbers.  The Issuers will promptly
notify the Trustee in writing of any change in the “CUSIP” numbers.

 

Section 312.                                Original Issue Discount.

 

If any of the Securities is an Original Issue
Discount Security, the Issuers shall file with the Trustee promptly at the end of
each calendar year (1) a written notice specifying the amount of original
issue discount (including daily rates and accrual periods) accrued on such
Outstanding Original Issue Discount Securities as of the end of such year and (2) such
other specific information relating to such original issue discount as may then
be relevant under the Internal Revenue Code.

 

29

 

Section 313                                   Joint and
Several Liability.

 

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

 

ARTICLE IV

SATISFACTION AND DISCHARGE

 

Section 401.                                Satisfaction and Discharge of Indenture.

 

This Indenture shall, upon Issuer Request, cease to
be of further effect with respect to any series of Securities specified in such
Issuer Request (except as to any surviving rights of registration of transfer
or exchange of Securities of such series herein expressly provided for), and
the Trustee, at the expense of the Issuers, shall execute proper instruments
acknowledging satisfaction and discharge of this Indenture as to such series,
when:

 

(1)                                  either

 

(A)                              all Securities of such series theretofore
authenticated and delivered (other than (i) Securities which have been
mutilated, destroyed, lost or stolen and which have been replaced or paid as
provided in Section 306 and (ii) Securities for whose payment money
has theretofore been deposited in trust or segregated and held in trust by the
Issuers and thereafter repaid to the Issuers or discharged from such trust, as
provided in Section 1003) have been delivered to the Trustee for
cancellation; or

 

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

 

(i)                                     have become due
and payable, or

 

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

 

(iii)                               are to be
called for redemption within one year,

 

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

 

30

 

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

 

(3)                                  the Issuers have delivered to the Trustee an Officer’s Certificate and an
Opinion of Counsel, each stating that all conditions precedent herein provided
for relating to the satisfaction and discharge of this Indenture as to such
series have been complied with; provided that
such Opinion of Counsel may rely as to matters of fact, on an Officer’s
Certificate of the Issuers.

 

Notwithstanding the satisfaction and discharge of
this Indenture, the obligations of the Issuers to the Trustee under Section 607
and, if money shall have been deposited with the Trustee pursuant to subclause (B) of
clause (1) of this Section 401, the obligations of the Trustee under Section 402
and the last paragraph of Section 1003 shall survive.

 

Section 402.                                Application of Trust Money.

 

Subject to the provisions of the last paragraph of Section 1003,
all money deposited with the Trustee pursuant to Section 401 shall be held
in trust and applied by it, in accordance with the provisions of the applicable
series of Securities and this Indenture, to the payment, either directly or
through any Paying Agent (including one of the Issuers acting as 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. All money deposited with the Trustee pursuant to Section 401
(and held by it or any Paying Agent) for the payment of Securities subsequently
converted into other property shall be returned to the Issuer upon Issuer
Request. The Issuers  may direct by a
Issuer Order the investment of any money deposited with the Trustee pursuant to
Section 401, without distinction between principal and income, in (1) United
States Treasury securities with a maturity of one year or less or (2) a
money market fund that invests solely in short-term United States Treasury
securities (including money market funds for which the Trustee or an affiliate
of the Trustee serves as investment advisor, administrator, shareholder,
servicing agent and/or custodian or sub-custodian, notwithstanding that (a) the
Trustee charges and collects fees and expenses from such funds for services rendered
and (b) the Trustee charges and collects fees and expenses for services
rendered pursuant to this Indenture at any time) and from time to time the
Issuers  may direct the reinvestment of
all or a portion of such money in other securities or funds meeting the
criteria specified in clause (1) or (2) of this Section 402.

 

ARTICLE V

REMEDIES

 

Section 501.                                Events of Default.

 

Except
as may be otherwise provided pursuant to Section 301 for Securities of any
series, an “Event of Default” means, whenever used
herein or in a Security issued hereunder with respect to Securities of any
series, any one of the following events (whatever the reason for such Event of
Default and whether it shall be voluntary or involuntary or be effected by
operation of law or pursuant to any judgment, decree or order of any court or
any order, rule or regulation of any administrative or governmental body):

 

31

 

(1)                                  default for 30 days in the payment when due of interest on any Security
of such series;

 

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

 

(3)                                  failure to comply with the provisions of Section 801 or, to the
extent applicable to such series of Securities, Article XIV hereof;

 

(4)                                  default under any other provision of this Indenture or in the Securities
of such series, which default remains uncured for 60 days after notice from the
Trustee or the Holders of at least 25% of the aggregate principal amount of the
then Outstanding Securities of such series;

 

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

 

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

 

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

 

32

 

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

 

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

 

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

 

(11)                            any other Event of Default provided with respect to Securities of such
series occurs.

 

Section 502.                                Acceleration of Maturity; Rescission and
Annulment.

 

If
an Event of Default (other than an Event of Default relating to an Issuer
specified in paragraph (9) or (10) of Section 501 hereof) occurs
and is continuing, the Trustee by notice to the Issuers or the Holders of at
least 25% of the aggregate principal amount of the then Outstanding Securities
of any series by written notice to the Issuers and the Trustee, may declare all
the Securities of such series to be due and payable immediately.
Notwithstanding the foregoing, in the case of an Event of Default specified in
paragraph (9) or (10) of Section 501 hereof with respect to an
Issuer, all outstanding Securities shall become and be immediately due and payable
without further action or notice. 
Holders of the Securities may not enforce this Indenture or the
Securities except as provided in this Indenture. The Trustee may withhold from
Holders of the Securities notice of any continuing Default or Event of Default
(except a Default or Event of Default relating to the payment of principal or
interest) if it determines that withholding notice is in such Holders’
interest.

 

33

 

In
the event the Securities of any series are accelerated as a result of an Event
of Default specified in clause 501(5)(ii) above, such Event of Default and
all consequences thereof (excluding any resulting payment default, other than
as a result of the acceleration of the Securities of such series) shall be
annulled, waived and rescinded, automatically and without action by the Trustee
or the Holders, if (i) such rescission would not conflict with any
judgment or decree and (ii) within 60 days following the occurrence of
such Event of Default:

 

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

 

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

 

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

 

Except
as may otherwise be provided pursuant to Section 301 for all or any
specific Securities of any series, at any time after such a declaration of
acceleration with respect to the Securities of any series has been made and
before a judgment or decree for payment of the money due has been obtained by
the Trustee as hereinafter in this Article V provided, the Holders of a
majority in aggregate principal amount of the Outstanding Securities of such
series, by written notice to the Issuers 
and the Trustee, may rescind and annul such declaration and its consequences
if:

 

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

 

(A)                              all overdue interest on all Securities of such
series,

 

(B)                                the principal of and premium, if any, on any
Securities of such series which have become due otherwise than by such
declaration of acceleration and any interest thereon at the rate or rates
prescribed therefor in the Securities of such series,

 

(C)                                to the extent that payment of such interest is
lawful, interest upon overdue interest at the rate or rates prescribed therefor
in such Securities, and

 

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

 

(2)                                  all Events of Default with respect to Securities of such series, other
than the non-payment of the principal of Securities of such series which have
become due solely by such declaration of acceleration, have been cured or
waived as provided in Section 512.

 

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

 

34

 

Section 503.                                Collection of Indebtedness and Suits for
Enforcement by Trustee.

 

The
Issuers covenant that if (1) default is made in the payment of any
interest on any Security when such interest becomes due and payable and such
default continues for a period of 30 days, or (2) default is made in the
payment of the principal of or premium, if any, on any Security at the Maturity
thereof, the Issuers will, upon demand of the Trustee, pay to it, for the
benefit of the Holders of such Securities, the whole amount then due and
payable on such Securities for principal and premium, if any, and interest and,
to the extent that payment of such interest shall be legally enforceable,
interest on any overdue principal and premium and on any overdue interest, at
the rate or rates prescribed therefor in such Securities, and, in addition
thereto, such further amount as shall be sufficient to cover the costs and
expenses of collection, including the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel.

 

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

 

Section 504.                                Trustee May File Proofs of Claim.

 

In
case of any judicial proceeding relative to the Issuers (or any other obligor
upon the Securities), its property or its creditors, the Trustee shall be
entitled and empowered, by intervention in such proceeding or otherwise, to
take any and all actions authorized under the Trust Indenture Act in order to
have claims of the Holders and the Trustee allowed in any such proceeding. In
particular, the Trustee shall be authorized to collect and receive any moneys
or other property payable or deliverable on any such claims and to distribute
the same; and any custodian, receiver, assignee, trustee, liquidator,
sequestrator or other similar official in any such judicial proceeding is
hereby authorized by each Holder to make such payments to the Trustee and, in
the event that the Trustee shall consent to the making of such payments
directly to the Holders, to pay to the Trustee any amount due it and any
predecessor Trustee under Section 607.

 

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

 

Section 505.                                Trustee May Enforce Claims Without
Possession of Securities.

 

All rights of action and claims under this Indenture
or the Securities may be prosecuted and enforced by the Trustee without the
possession of any of the Securities or the production thereof in any proceeding
relating thereto, and any such proceeding instituted by the Trustee

 

35

 

shall
be brought in its own name as trustee of an express trust, and any recovery of
judgment shall, after provision for the payment of the reasonable compensation,
expenses, disbursements and advances of the Trustee, any predecessor Trustee
under Section 607, its agents and counsel, be for the ratable benefit of
the Holders of the Securities in respect of which such judgment has been
recovered.

 

Section 506.                                Application of Money Collected.

 

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

 

FIRST: To the payment of all
amounts due the Trustee under Section 607;

 

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

 

THIRD: To the payment of the
remainder, if any, to the Issuers.

 

Section 507.                                Limitation
on Suits.

 

No Holder of any Security
of any series shall have any right to institute any proceeding, judicial or
otherwise, with respect to this Indenture, or for the appointment of a receiver,
assignee, trustee, liquidator or sequestrator (or similar official) or for any
other remedy hereunder, unless:

 

(1)                                  Such Holder has previously given written notice to the Trustee of a
continuing Event of Default with respect to the Securities of such series;

 

(2)                                  the Holders of not less than 25% in aggregate principal amount of the
Outstanding Securities of such series shall have made written request to the
Trustee to institute proceedings in respect of such Event of Default in its own
name as Trustee hereunder;

 

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

 

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

 

36

 

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

 

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

 

Section 508.                                Unconditional Right of Holders to Receive
Principal, Premium and Interest and to Convert Securities.

 

Notwithstanding any other provision in this
Indenture, the Holder of any Security shall have the right, which is absolute
and unconditional, to receive payment of the principal of and premium, if any,
and, subject to Section 307, interest on such Security on the respective
Stated Maturities expressed in such Security (or, in the case of redemption or
repayment, on the Redemption Date or date for repayment, as the case may be,
and, if the terms of such Security so provide, to convert such Security in
accordance with its terms) and to institute suit for the enforcement of any
such payment and, if applicable, any such right to convert, and such rights
shall not be impaired without the consent of such Holder.

 

Section 509.                                Rights and Remedies Cumulative.

 

Except as otherwise provided with respect to the
replacement or payment of mutilated, destroyed, lost or stolen Securities in
the last paragraph of Section 306, no right or remedy herein conferred
upon or reserved to the Trustee or to the Holders is intended to be exclusive
of any other right or remedy, and every right and remedy shall, to the extent
permitted by law, be cumulative and in addition to every other right and remedy
given hereunder or now or hereafter existing at law or in equity or otherwise.
The assertion or employment of any right or remedy hereunder, or otherwise,
shall not prevent the concurrent assertion or employment of any other
appropriate right or remedy.

 

Section 510.                                Delay or Omission Not Waiver.

 

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

 

Section 511.                                Control by Holders.

 

The Holders of not less than a majority in aggregate
principal amount of the Outstanding Securities of any series shall have the
right to direct the time, method and place of conducting any proceeding for any
remedy available to the Trustee, or exercising any trust or power conferred on
the Trustee, with respect to the Securities of such series; provided that

 

37

 

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

 

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

 

Section 512.                                Waiver of Past Defaults.

 

The
Holders of not less than a majority in aggregate principal amount of the
Outstanding Securities of any series may on behalf of the Holders of all the
Securities of such series waive any past default hereunder with respect to such
series and its consequences, except a default

 

(1)                                  in the payment of the principal of or premium, if any, or interest on any
Security of such series, or

 

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

 

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 513.                                Undertaking for Costs.

 

In
any suit for the enforcement of any right or remedy under this Indenture, or in
any suit against the Trustee for any action taken, suffered or omitted by it as
Trustee, a court may require any party litigant in such suit to file an
undertaking to pay the costs of such suit, and may assess reasonable costs
against any such party litigant, in the manner and to the extent provided in
the Trust Indenture Act; provided that
neither this Section 513 nor the Trust Indenture Act shall be deemed to
authorize any court to require such an undertaking or to make such an
assessment in any suit instituted by the Trustee, a suit by a Holder under Section 508,
or a suit by Holders of more than 10% in aggregate principal amount of the
Outstanding Securities.

 

Section 514.                                Waiver of Usury, Stay or Extension Laws.

 

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

 

38

 

Section 515.                                Restoration of Rights and Remedies.

 

If the Trustee or any Holder has instituted any
proceeding to enforce any right or remedy under this Indenture and such
proceeding has been discontinued or abandoned for any reason, or has been
determined adversely to the Trustee or to such Holder, then and in every such
case, subject to any determination in such proceeding, the Issuers, Guarantors,
the Trustee and the Holders shall be restored severally and respectively to
their former positions hereunder and thereafter all rights and remedies of the
Trustee and the Holders shall continue as though no such proceeding had been
instituted.

 

ARTICLE VI

THE TRUSTEE

 

Section 601.                                Certain Duties and Responsibilities of Trustee.

 

(1)                                  Except during the continuance of an Event of Default with respect to any
series of Securities,

 

(A)                              the Trustee undertakes to perform such duties
and only such duties as are specifically set forth in this Indenture with
respect to the Securities of such series, and no implied covenants or
obligations shall be read into this Indenture against the Trustee with respect
to such series; and

 

(B)                                in the absence of bad faith on its part, the
Trustee may conclusively rely with respect to the Securities of such series, 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; but in the case of any such certificates
or opinions which by any provision hereof are specifically required to be
furnished to the Trustee, the Trustee shall be under a duty to examine the same
to determine whether or not they conform to the requirements of this Indenture
(but need not confirm or investigate the accuracy of mathematical calculations
or other facts stated therein).

 

(2)                                  In case an Event of Default with respect to any series of Securities has
occurred and is continuing, the Trustee shall exercise such of the rights and
powers vested in it by this Indenture with respect to the Securities of such
series, and use the same degree of care and skill in their exercise, as a
prudent person would exercise or use under the circumstances in the conduct of
his or her own affairs.

 

(3)                                  No provision of this Indenture shall be construed to relieve the Trustee
from liability for its own negligent action, its own negligent failure to act,
or its own willful misconduct, except that:

 

(A)                              this Section 601(3) shall not be
construed to limit the effect of Section 601(1);

 

39

 

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

 

(C)                                the Trustee shall not be liable with respect
to any action taken or omitted to be taken by it in good faith in accordance
with the direction of the Holders of a majority in aggregate principal amount
of the Outstanding Securities of any series, determined as provided in Sections
101, 104 and 511, relating to the time, method and place of conducting any
proceeding for any remedy available to the Trustee, or exercising any trust or
power conferred upon the Trustee, under this Indenture with respect to the
Securities of such series; and

 

(D)                               no provision of this Indenture shall require
the Trustee to expend or risk its own funds or otherwise incur any financial
liability in the performance of any of its duties hereunder, or in the exercise
of any of its rights or powers, if it shall have reasonable grounds for
believing that repayment of such funds or adequate indemnity against such risk
or liability is not reasonably assured to it.

 

(4)                                  Whether or not therein expressly so provided, every provision of this
Indenture relating to the conduct or affecting the liability of or affording
protection to the Trustee shall be subject to the provisions of this Section 601.

 

Section 602.                                Notice of Defaults.

 

If
a Default or an Event of Default occurs with respect to Securities of any
series and is continuing and if it is actually known to the Trustee, the Trustee
shall mail to each Holder of Securities of such series notice of the Default
within 90 days after it is known to a Responsible Officer or written notice of
it is received by a Responsible Officer of the Trustee. Except in the case of a
Default in payment of principal of or interest on any Security, the Trustee may
withhold the notice if and so long as a committee of its Responsible Officers
in good faith determines that withholding the notice is not opposed to the
interests of Holders of Securities of such series.

 

Section 603.                                Certain Rights of Trustee.

 

Subject
to the provisions of Section 601:

 

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

 

(2)                                  any request or direction of the Issuers mentioned herein shall be
sufficiently evidenced by an Issuer Request or Issuer Order, and any resolution
of the Board of Directors shall be sufficiently evidenced by a Board
Resolution;

 

40

 

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

 

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

 

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

 

(6)                                  the Trustee shall not be bound to make any investigation into the facts
or matters stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order, bond, debenture,
note, other evidence of indebtedness or other paper or document, but the
Trustee, in its discretion, may make such further inquiry or investigation into
such facts or matters as it may see fit, and, if the Trustee shall determine to
make such further inquiry or investigation, it shall be entitled to examine the
books, records and premises of the Issuers, personally or by agent or attorney
at the sole cost of the Issuers and shall incur no liability or additional
liability of any kind by reason of such inquiry or investigation;

 

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

 

(8)                                  the rights, privileges, protections, immunities and benefits given to the
Trustee, including, without limitation, its right to be indemnified, are
extended to, and shall be enforceable by, the Trustee in each of its capacities
hereunder and to its agents;

 

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

 

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

 

41

 

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

 

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

 

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

 

Section 604.                                Not Responsible for Recitals or Issuance of
Securities.

 

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

 

Section 605.                                May Hold Securities.

 

The Trustee, any Paying Agent, any Security
Registrar or any other agent of the Issuers, in its individual or any other
capacity, may become the owner or pledgee of Securities and, subject to Sections
608 and 613, may otherwise deal with the Issuers with the same rights it would
have if it were not Trustee, Paying Agent, Security Registrar or such other
agent.

 

Section 606.                                Money Held in Trust.

 

Money
held by the Trustee in trust hereunder shall, until used or applied as herein
provided, be held in trust for the purposes for which they were received, but
need not be segregated from other funds except to the extent required by law.
The Trustee shall be under no liability for interest on any money received by
it hereunder except as otherwise agreed with the Issuers.

 

Section 607.                                Compensation and Reimbursement.

 

The Issuers agree:

 

42

 

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

 

(2)                                  except as otherwise expressly provided herein, to reimburse the Trustee
upon its request for all reasonable expenses, disbursements and advances
incurred or made by the Trustee in accordance with any provision of this
Indenture (including the reasonable compensation and the reasonable expenses
and disbursements of its agents and counsel), except any such expense,
disbursement or advance as may be attributable to its own negligence or willful
misconduct, and the Trustee shall provide the Company reasonable notice of any
expenditure not in the ordinary course of business; and

 

(3)                                  to indemnify the Trustee for, and to hold it harmless against, any loss,
claim, damage, liability or expense incurred without negligence or bad faith on
its part, arising out of or in connection with the acceptance or administration
of the trust or trusts hereunder, including the reasonable costs and expenses
of defending itself against any claim (whether asserted by the Company, Issuer,
or any Holder or any other Person) or liability in connection with the exercise
or performance of any of its powers or duties hereunder, or in connection with
enforcing the provisions of this Section.

 

When the Trustee incurs expenses or renders services
in connection with an Event of Default specified in Sections 501 (9) and
(10), the expenses (including the reasonable charges and expenses of its
counsel) and the compensation for the services are intended to constitute
expenses of administration under any applicable federal or state bankruptcy,
insolvency or other similar law.

 

The Trustee shall have a lien prior to the
Securities as to all property and funds held by it hereunder for any amount
owing it or any predecessor Trustee pursuant to this Section 607, except
with respect to funds held in trust for the benefit of the Holders of
Securities.

 

The provisions of this Section 607 shall
survive the termination of this Indenture and the resignation or removal of the
Trustee.

 

Section 608.                                Conflicting Interests.

 

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

 

To the extent permitted by the Trust Indenture Act,
the Trustee shall not be deemed to have a conflicting interest by virtue of
being a trustee under this Indenture with respect to Securities of more than
one series.

 

43

 

Section 609.                                Corporate Trustee Required; Eligibility.

 

There shall at all times be one (and only one)
Trustee hereunder with respect to the Securities of each series, which may be
Trustee hereunder for Securities of one or more other series. Each Trustee
shall be a Person that is eligible pursuant to the Trust Indenture Act to act
as such, has a combined capital and surplus of at least $50,000,000.  If any such Person publishes reports of
condition at least annually, pursuant to law or to the requirements of its
supervising or examining authority, then for the purposes of this Section 609
and to the extent permitted by the Trust Indenture Act, the combined capital
and surplus of such Person shall be deemed to be its combined capital and
surplus as set forth in its most recent annual report of condition so
published. If at any time the Trustee with respect to the Securities of any
series shall cease to be eligible in accordance with the provisions of this Section 609,
it shall resign immediately in the manner and with the effect hereinafter
specified in this Article VI.

 

Section 610.                                Resignation and Removal; Appointment of
Successor.

 

No
resignation or removal of the Trustee and no appointment of a successor Trustee
pursuant to this Article VI shall become effective until the acceptance of
appointment by the successor Trustee in accordance with the applicable
requirements of Section 611.

 

The Trustee may resign at any time with respect to
the Securities of one or more series by giving written notice thereof to the
Issuers. If the instrument of acceptance by a successor Trustee required by Section 611
shall not have been delivered to the Trustee within 30 days after the giving of
such notice of resignation, the resigning Trustee, at the expense of the
Issuers, may petition any court of competent jurisdiction for the appointment
of a successor Trustee with respect to the Securities of such series.

 

The Trustee may be removed at any time with respect
to the Securities of any series by Act of the Holders of a majority in
aggregate principal amount of the Outstanding Securities of such series, upon
written notice delivered to the Trustee and to the Issuers. If the instrument
of acceptance by a successor Trustee required by Section 611 shall not
have been delivered to the Trustee within 30 days after the giving of such
notice of removal, the Trustee being removed, at the expense of the Issuers,
may petition any court of competent jurisdiction for the appointment of a
successor Trustee with respect to the Securities of such series.

 

If at any time:

 

(1)                                  the Trustee shall fail to comply with Section 608 after written
request therefor by the Issuers or by any Holder who has been a bona fide Holder of a Security for at least six months, or

 

(2)                                  the Trustee shall cease to be eligible under Section 609 and shall
fail to resign after written request therefor by the Issuers or by any such
Holder, or

 

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

 

44

 

then,
in any such case, (A) the Issuers may remove the Trustee with respect to
all Securities or (B) subject to Section 513, Holders of 10% in
aggregate principal amount of Securities of any series who have been bona fide Holders of such Securities for at least six months
may, on behalf of themselves and all others similarly situated, petition any
court of competent jurisdiction for the removal of the Trustee with respect to
all Securities and the appointment of a successor Trustee or Trustees.

 

If the Trustee shall resign, be removed or become
incapable of acting, or if a vacancy shall occur in the office of Trustee for
any cause, with respect to the Securities of one or more series, the Issuers
shall promptly appoint a successor Trustee or Trustees with respect to the
Securities of that or those series (it being understood that any such successor
Trustee may be appointed with respect to the Securities of one or more or all
of such series and that at any time there shall be only one Trustee with
respect to the Securities of any particular series) and shall comply with the
applicable requirements of Section 611. If, within one year after such
resignation, removal or incapability, or the occurrence of such vacancy, a
successor Trustee with respect to the Securities of any series shall be
appointed by Act of the Holders of a majority in aggregate principal amount of
the Outstanding Securities of such series delivered to the Issuers and the
retiring Trustee, the successor Trustee so appointed shall, forthwith upon its
acceptance of such appointment in accordance with the applicable requirements
of Section 611, become the successor Trustee with respect to the
Securities of such series and to that extent supersede the successor Trustee
appointed by the Issuers. If no successor Trustee with respect to the
Securities of any series shall have been so appointed by the Issuers or the
Holders and accepted appointment in the manner required by Section 611,
Holders of 10% in aggregate principal amount of Securities of any series who
have been bona fide Holders of Securities of such
series for at least six months may, on behalf of themselves and all others
similarly situated, petition any court of competent jurisdiction for the
appointment of a successor Trustee with respect to the Securities of such
series.

 

The
Issuers shall give notice of each resignation and each removal of the Trustee
with respect to the Securities of any series and each appointment of a
successor Trustee with respect to the Securities of any series to all Holders
of Securities of such series in the manner provided in Section 106. Each
notice shall include the name of the successor Trustee with respect to the
Securities of such series and the address of its Corporate Trust Office.

 

Section 611.                                Acceptance of Appointment by Successor.

 

In case of the appointment hereunder of a successor
Trustee with respect to all Securities, every such successor Trustee so
appointed shall execute, acknowledge and deliver to the Issuers and to the
retiring Trustee a written instrument accepting such appointment, and thereupon
the resignation or removal of the retiring Trustee shall become effective and
such successor Trustee, without any further act, deed or conveyance, shall
become vested with all the rights, powers, trusts and duties of the retiring
Trustee, but, on the request of the Issuers or the successor Trustee, such
retiring Trustee shall, upon payment of its charges, execute and deliver a
written instrument transferring to such successor Trustee all the rights, powers
and trusts of the retiring Trustee and shall duly assign, transfer and deliver
to such successor Trustee all property and money held by such retiring Trustee
hereunder.

 

45

 

In
case of the appointment hereunder of a successor Trustee with respect to the
Securities of one or more (but not all) series, the Issuers, the retiring
Trustee and each successor Trustee with respect to the Securities of one or
more series shall execute and deliver an indenture supplemental hereto wherein
each successor Trustee shall accept such appointment and which (1) shall
contain such provisions as shall be necessary or desirable to transfer and
confirm to, and to vest in, each successor Trustee all the rights, powers,
trusts and duties of the retiring Trustee with respect to the Securities of
that or those series to which the appointment of such successor Trustee
relates, (2) if the retiring Trustee is not retiring with respect to all
Securities, shall contain such provisions as shall be deemed necessary or
desirable to confirm that all the rights, powers, trusts and duties of the
retiring Trustee with respect to the Securities of that or those series as to
which the retiring Trustee is not retiring shall continue to be vested in the
retiring Trustee, and (3) shall add to or change any of the provisions of
this Indenture as shall be necessary to provide for or facilitate the
administration of the trusts hereunder by more than one Trustee, it being
understood that nothing herein or in such supplemental indenture shall
constitute such Trustees co-trustees of the same trust and that each such
Trustee shall be trustee of a trust or trusts hereunder separate and apart from
any trust or trusts hereunder administered by any other such Trustee; and upon
the execution and delivery of such supplemental indenture the resignation or
removal of the retiring Trustee shall become effective to the extent provided
therein and each such successor Trustee, without any further act, deed or
conveyance, shall become vested with all the rights, powers, trusts and duties
of the retiring Trustee with respect to the Securities of that or those series
to which the appointment of such successor Trustee relates; but, on request of
the Issuers or any successor Trustee, such retiring Trustee shall duly assign,
transfer and deliver to such successor Trustee all property and money held by
such retiring Trustee hereunder with respect to the Securities of that or those
series to which the appointment of such successor Trustee relates.

 

Upon request of any such successor Trustee, the
Issuers shall execute any and all instruments for more fully and certainly
vesting in and confirming to such successor Trustee all such rights, powers and
trusts referred to in the first or second preceding paragraph, as the case may
be.

 

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

 

Section 612.                                Merger, Conversion, Consolidation or
Succession to Business.

 

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

 

46

 

Section 613.                                Preferential Collection of Claims Against
Issuers.

 

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

 

ARTICLE VII

HOLDERS’ LISTS AND REPORTS BY TRUSTEE

AND ISSUERS

 

Section 701.                                Issuers to Furnish Trustee Names and Addresses
of Holders.

 

If the Trustee is not the Security Registrar, the
Issuers shall cause the Security Registrar to furnish to the Trustee, in
writing at least five Business Days before each Interest Payment Date and at
such other times as the Trustee may request in writing, a list in such form and
as of such date as the Trustee may reasonably require of the names and
addresses of Holders of Securities of each series.

 

Section 702.                                Preservation of Information; Communications to
Holders.

 

The
Trustee shall preserve, in as current a form as is reasonably practicable, the
names and addresses of Holders contained in the most recent list furnished to
the Trustee as provided in Section 701 and the names and addresses of
Holders received by the Trustee in its capacity as Security Registrar. The
Trustee may destroy any list furnished to it as provided in Section 701
upon receipt of a new list so furnished.

 

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

 

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

 

Section 703.                                Reports by Trustee.

 

The
Trustee shall transmit to Holders such reports concerning the Trustee and its
actions under this Indenture as may be required pursuant to the Trust Indenture
Act at the times and in the manner provided pursuant thereto. The Trustee shall
promptly deliver to the Issuers a copy of any report it delivers to Holders
pursuant to this Section 703.

 

47

 

A
copy of each such report shall, at the time of such transmission to Holders, be
filed by the Trustee with each stock exchange and automated quotation system,
if any, upon which any Securities are listed, with the Commission and with the
Issuers. The Issuers will notify the Trustee when any Securities are listed on
any stock exchange or automated quotation system or delisted therefrom.

 

Section 704.                                Reports by Issuers.

 

The Issuers shall comply with all the applicable
provisions of the Trust Indenture Act. Delivery of such reports, information
and documents to the Trustee is for informational purposes only and shall not
constitute a representation or warranty as to the accuracy or completeness of
the reports, information and documents. The Trustee’s receipt of such shall not
constitute constructive notice of any information contained therein or
determinable from information contained therein, including the Issuers’
compliance with any of its covenants hereunder (as to which the Trustee is
entitled to rely exclusively on Officer’s Certificates).

 

ARTICLE VIII

CONSOLIDATION, MERGER 

AND SALE OF ASSETS

 

Section 801.                                Merger or Transfer Assets Only on Certain
Terms.

 

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

 

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

 

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

 

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

 

Section 802.                                Successor Corporation Substituted.

 

The
Successor shall succeed to, and be substituted for, and may exercise every
right and power of, the applicable Issuer, or Guarantor, as the case may be,
under the Indenture, with the same effect as if the Successor had been an
original party to this Indenture, and the applicable Issuer, or Guarantor, as
the case may be, shall be released from all its liabilities and obligations
under this Indenture and the Securities.

 

48

 

ARTICLE IX

SUPPLEMENTAL INDENTURES

 

Section 901.                                Supplemental Indentures Without Consent of
Holders.

 

Without
the consent of any Holders, the Issuers, the Guarantors and the Trustee, at any
time and from time to time, may enter into one or more indentures supplemental
hereto, in form satisfactory to the Trustee, for any of the following purposes:

 

(1)                                  to add to the covenants for the benefit of the Holders of all or any
series of Securities (and if such covenants are to be for the benefit of less
than all series of Securities, stating that such covenants are expressly being
included solely for the benefit of such series) or to surrender any right or
power herein conferred upon the Issuers;

 

(2)                                  to evidence the succession of another Person to either of the Issuers, or
successive successions, and the assumption by the successor corporation of the
covenants, agreements and obligations of the Issuers pursuant to Article VIII;

 

(3)                                  to add any additional Events of Default for the benefit of the Holders of
all or any series of Securities (and if such additional Events of Default are
to be for the benefit of less than all series of Securities, stating that such
additional Events of Default are expressly being included solely for the
benefit of such series);

 

(4)                                  to add one or more guarantees for the benefit of Holders of the
Securities;

 

(5)                                  to secure the Securities;

 

(6)                                  to evidence and provide for the acceptance of appointment hereunder by a
successor Trustee with respect to the Securities of one or more series and to
add to or change any of the provisions of this Indenture as shall be necessary
to provide for or facilitate the administration of the trusts hereunder by more
than one Trustee, pursuant to the requirements of Section 611;

 

(7)                                  to provide for
the issuance of additional Securities of any series;

 

(8)                                  to establish the form or terms of Securities of any series as permitted
by Sections 201 and 301;

 

(9)                                  to comply with the rules of any applicable Depositary;

 

(10)                            to add to or change any of the provisions of this Indenture to such
extent as shall be necessary to permit or facilitate the issuance of Securities
in uncertificated form;

 

49

 

(11)                            to add to, change or eliminate any of the provisions of this Indenture in
respect of one or more series of Securities; provided
that any such addition, change or elimination (A) shall neither (i) apply
to any Security of any series created prior to the execution of such supplemental
indenture and entitled to the benefit of such provision nor (ii) modify
the rights of the Holder of any such Security with respect to such provision or
(B) shall become effective only when there is no Security described in
clause (i) Outstanding;

 

(12)                            to cure any ambiguity, to correct or supplement any provision of this
Indenture which may be defective or inconsistent with any other provision
herein; and

 

(13)                            to change any other provision under this Indenture; provided
that such action pursuant to this clause (13) shall not adversely affect the
interests of the Holders of Securities of any series in any material respect.

 

Section 902.                                Supplemental Indentures With Consent of
Holders.

 

With
the consent of the Holders of not less than a majority in aggregate principal
amount of the Outstanding Securities of each series affected by such
supplemental indenture (including consents obtained in connection with a tender
offer or exchange for Securities), by Act of said Holders delivered to the
Issuers and the Trustee, the Issuers and the Trustee may enter into an
indenture or indentures supplemental hereto for the purpose of adding any
provisions to or changing in any manner or eliminating any of the provisions of
this Indenture or of modifying in any manner the rights of the Holders of
Securities of such series under this Indenture; provided,
however, no such supplemental indenture
shall, without the consent of the Holder of each Outstanding Security of such
series affected thereby:

 

(1)                                  change the Stated Maturity of the principal of, or any installment of
principal of or interest on, any Security;

 

(2)                                  reduce the principal amount of any Security or reduce the amount of the
principal of an Original Issue Discount Security or any other Security which
would be due and payable upon a declaration of acceleration of the Maturity
thereof pursuant to Section 503, or reduce the rate of interest on any
Security;

 

(3)                                  reduce any premium payable upon the redemption of or change the date on
which any Security may or must be redeemed;

 

(4)                                  change the coin or currency in which the principal of or premium, if any,
or interest on any Security is payable;

 

(5)                                  impair the right of any Holder to institute suit for the enforcement of
any such payment on or after the Stated Maturity thereof (or, in the case of
redemption, on or after the Redemption Date);

 

(6)                                  reduce the percentage in principal amount of the Outstanding Securities
of any series, the consent of whose Holders is required for any such
supplemental indenture, or the consent of whose Holders is required for any
waiver (of compliance with certain provisions of this Indenture or certain
defaults hereunder and their consequences) provided for in this Indenture;

 

50

 

(7)                                  modify any of the provisions of this Section 902, Section 512
or Section 1005, except to increase any such percentage or to provide that
certain other provisions of this Indenture cannot be modified or waived without
the consent of the Holder of each Outstanding Security affected thereby; provided, however, that
this clause shall not be deemed to require the consent of any Holder with
respect to changes in the references to “the Trustee” and concomitant changes
in this Section 902 and Section 1005, or the deletion of this
proviso, in accordance with the requirements of Sections 611 and 901(6); or

 

(8)                                  if the Securities of any series are convertible into or for any other
securities or property of the Issuers, make any change that adversely affects
in any material respect the right to convert any Security of such series
(except as permitted by Section 901) or decrease the conversion rate or
increase the conversion price of any such Security of such series, unless such
decrease or increase is permitted by the terms of such Security.

 

A supplemental indenture which changes or eliminates
any covenant or other provision of this Indenture which has expressly been
included solely for the benefit of one or more particular series of Securities,
or which modifies the rights of the Holders of Securities of such series with
respect to such covenant or other provision, shall be deemed not to affect the
rights under this Indenture of the Holders of Securities of any other series.

 

It
shall not be necessary for any Act of Holders under this Section 902 to
approve the particular form of any proposed supplemental indenture, but it
shall be sufficient if such Act shall approve the substance thereof.

 

After a supplemental indenture under this Section 902
becomes effective, the Issuers shall mail to the Trustee a notice briefly
describing such supplemental indenture or a copy of such supplemental indenture
and the Trustee shall mail such notice or supplemental indenture to Holders
affected thereby. Any failure of the Issuers to mail such notice, or any defect
therein, or any failure of the Issuers to mail such supplemental indenture,
shall not in any way impair or affect the validity of any such supplemental
indenture.

 

Section 903.                                Execution of Supplemental Indentures.

 

In
executing, or accepting the additional trusts created by, any supplemental
indenture permitted by this Article IX or the modifications thereby of the
trusts created by this Indenture, the Trustee shall receive, and, subject to Section 601,
shall be fully protected in relying upon, an Opinion of Counsel and Officers’
Certificate stating that the execution of such supplemental indenture is
authorized or permitted by this Indenture and that all conditions precedent in
this Indenture to the execution of such supplemental indenture, if any, have
been complied with; provided, however, that no such Opinion of Counsel and Officers’
Certificate shall be required in the case of any supplemental indenture
executed and delivered concurrently with the original execution and delivery of
this Indenture. The Trustee may, but shall not be obligated to, enter into any
such supplemental indenture which affects the Trustee’s own rights, duties or
immunities under this Indenture or otherwise.

 

51

 

Section 904.                                Effect of Supplemental Indentures.

 

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

 

Section 905.                                Conformity with Trust Indenture Act.

 

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

 

Section 906.                                Reference in Securities to Supplemental
Indentures.

 

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

 

ARTICLE X

COVENANTS

 

Section 1001.                          Payment of Principal, Premium, if any, and
Interest.

 

The
Issuers covenant and agree for the benefit of each series of Securities that
they will duly and punctually pay the principal of and premium, if any, and
interest on the Securities of such series in accordance with the terms of the
Securities and this Indenture. Principal and interest shall be considered paid
on the date due if, on or before 11:00 a.m. (New York City time) on such
date, the Trustee or the Paying Agent (or, if the Company or any of its
Subsidiaries is the Paying Agent, the segregated account or separate trust fund
maintained by the Company or such Subsidiary pursuant to Section 1003)
holds in accordance with this Indenture money sufficient to pay all principal
and interest then due.

 

The Issuers shall pay interest on overdue principal
at the rate specified therefor in the Securities, and it shall pay interest on
overdue installments of interest at the same rate to the extent lawful as
provided in Section 307.

 

Section 1002.                          Maintenance of Office or Agency.

 

The
Issuers will maintain in each Place of Payment for any series of Securities an
office or agency where Securities of such series may be presented or
surrendered for payment, where Securities of such series may be surrendered for
registration of transfer or exchange, where Securities may be surrendered for
conversion, and where notices and demands to or upon the Issuers in respect of
the Securities of such series and this Indenture may be served. The Issuers
will give prompt written notice to the Trustee of the location, and any change
in the location, of

 

52

 

such
office or agency.  If at any time the
Issuers shall fail to maintain any such required office or agency or shall fail
to furnish the Trustee with the address thereof, such presentations,
surrenders, notices and demands may be made or served at the Corporate Trust
Office of the Trustee; and such required office or agency shall be at an office
of the Trustee located at 700 South Flower Street, Suite 500, Los Angeles,
CA 90017, Attention:  Corporate
Unit.  The Issuers hereby appoint the
Trustee as their agent to receive all such presentations, surrenders, notices
and demands.

 

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

 

With respect to any Global Security, and except as
otherwise may be specified for such Global Security as contemplated by Section 301,
the Corporate Trust Office of the Trustee shall be the Place of Payment where
such Global Security may be presented or surrendered for payment or for
registration of transfer or exchange, or where successor Securities may be
delivered in exchange therefor; and such Place of Payment with respect to a
Global Security shall be at an office of the Trustee located at 700 South
Flower Street, Suite 500, Los Angeles, CA 90017, Attention:  Corporate Unit; provided,
however, that any such payment,
presentation, surrender or delivery effected pursuant to the Applicable
Procedures of the Depositary for such Global Security shall be deemed to have
been effected at the Place of Payment for such Global Security in accordance
with the provisions of this Indenture.

 

Section 1003.                          Money for Securities Payments to Be Held in
Trust.

 

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

 

Whenever
the Issuers shall have one or more Paying Agents for any series of Securities,
it will, no later than 11:00 a.m. (New York City time) on each due date
for the principal of or premium, if any, or interest on any Securities of such
series, deposit with a Paying Agent a sum sufficient to pay such amount, such
sum to be held in trust for the Holders of such Securities entitled to the
same, and (unless such Paying Agent is the Trustee) the Issuers will promptly
notify the Trustee of its action or failure so to act.

 

The
Issuers will cause each Paying Agent for any series of Securities other than
the Trustee to execute and deliver to the Trustee an instrument in which such
Paying Agent shall agree with the Trustee, subject to the provisions of this Section 1003,
that such Paying Agent shall hold in trust for the benefit of Holders or the
Trustee all money held by such Paying Agent for the payment of principal of or
interest on the Securities and shall notify the Trustee in writing of any
default by the Issuers in making any such payment.

 

53

 

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

 

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

 

Section 1004.                          Statement by Officers as to Default.

 

Each
Issuer shall deliver to the Trustee within 120 days after the end of each
fiscal year of the Issuers ending after the date hereof an Officer’s
Certificate signed by the principal executive officer, principal financial
officer or principal accounting officer of each Issuer, stating whether or not,
to the best knowledge of such officer, the applicable Issuer is in default in
the performance and observance of any of the terms, provisions and conditions
of this Indenture (without regard to any period of grace or requirement of
notice provided hereunder) and, if the applicable Issuer shall be in default,
specifying all such defaults and the nature and status thereof of which they
may have knowledge.

 

Section 1005.                          Reports.

 

Whether
or not required by the rules and regulations of the Commission, so long as
any Securities of a series are outstanding, the Issuers shall furnish to the
Holders of Securities of such series all quarterly and annual financial
information that would be required to be contained in a filing with the
Commission on Forms 10-Q and 10-K if the Issuers were required to file such
forms, including a “Management’s Discussion and Analysis of Financial Condition
and Results of Operations” and, with respect to the annual information only, a
report thereon by the independent registered public accounting firm of the
Issuers; provided, however,
that to the extent such reports are filed with the Commission and publicly
available, no additional copies need be provided to Holders of the Securities
or the Trustee.  The Issuers shall also
comply with the provisions of TIA §314(a).

 

The
Issuers shall provide the Trustee with a sufficient number of copies of all
reports and other documents and information that the Trustee may be required to
deliver to the Holders of the Securities under this Section 1005.

 

54

 

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

 

Section 1006.                          Limitation on Liens.

 

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

 

Section 1007.                          Additional Subsidiary Guarantees.

 

If any of the Company’s
Domestic Subsidiaries, including any Domestic Subsidiary that the Company or
any of its Subsidiaries may organize, acquire or otherwise invest in after the
date of hereof, that is not a Guarantor guarantees or becomes otherwise
obligated under the Senior Secured Credit Facility or the Existing Notes, then
such Domestic Subsidiary shall (i) execute and deliver to the Trustee a
supplemental indenture in form reasonably satisfactory to the Trustee pursuant
to which such Domestic Subsidiary shall unconditionally guarantee all of the
Issuers’ obligations under the Securities and this Indenture on the terms set
forth in Article XV and (ii) deliver to the Trustee an Opinion of Counsel that
such supplemental indenture has been duly authorized, executed and delivered by
such Domestic Subsidiary and constitutes a legal, valid, binding and
enforceable obligation of such Domestic Subsidiary.  Thereafter, such Domestic Subsidiary shall be
a Guarantor for all purposes hereof; provided, however, that to the extent that a Domestic Subsidiary is
subject to any instrument governing Acquired Debt, as in effect at the time of
acquisition thereof, that prohibits such Domestic Subsidiary from issuing a
Guarantee, such Domestic Subsidiary shall not be required to execute such a
supplemental indenture until it is permitted to issue such Guarantee pursuant
to the terms of such Acquired Debt; provided, further, however, that
any such Guarantee shall be released as provided under Section 1504 hereof.

 

Section 1008.                          Limitation on Sale and Leasebacks.

 

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

 

55

 

In addition, the following
Sale and Leaseback Transactions shall not be subject to the limitation above
and shall not be included in calculating Attributable Debt for purposes of
Section 1008:

 

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

 

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

 

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

 

Section 1009.                          Limitation on Activities of DIRECTV Financing.

 

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

 

Section 1010.                          Organizational Existence.

 

Subject to Article VIII
hereof and the proviso to this Section 1010, the Company shall do or cause to
be done all things necessary to preserve and keep in full force and effect (i) its
existence as a limited liability company and, the corporate, limited liability
company, partnership or other existence of any Subsidiary, in accordance with
the respective organizational documents (as the same may be amended from time
to time) of the Company or any Subsidiary and (ii) the rights (charter and
statutory), licenses and franchises of the Company and its Subsidiaries; provided, however, that
the Company shall not be required to preserve any such right, license or
franchise, or the corporate, partnership or other existence of any Subsidiary
(other than the corporate existence of DIRECTV Financing) if the Board of
Directors of the Company shall determine that the preservation thereof is no
longer desirable in the conduct of the business of the Company and its
Subsidiaries, taken as a whole, and that the loss thereof is not adverse in any
material respect to the Holders of the Securities.

 

Section 1011.                          Waiver of Certain Covenants.

 

Except
as otherwise specified as contemplated by Section 301 for Securities of such
series and a continuing Default or Event of Default in the payment of interest
or premium on, or principal of the Securities of such series, the Company may,
with respect to the Securities of any series, omit in any particular instance
to comply with any term, provision or condition set forth in any covenant
provided pursuant to this Article X and any additional covenants added pursuant
to Section 301(18) or Article IX for the benefit of the Holders of such series,
if before the time for such compliance the Holders of at least a majority in
aggregate principal amount of the

 

56

 

Outstanding
Securities of such series shall, by Act of such Holders, either waive such
compliance in such instance or generally waive compliance with such term,
provision or condition, but no such waiver shall extend to or affect such term,
provision or condition except to the extent so expressly waived, and, until
such waiver shall become effective, the obligations of the Issuers and the
duties of the Trustee in respect of any such term, provision or condition shall
remain in full force and effect.

 

ARTICLE XI

REDEMPTION OF SECURITIES

 

Section 1101.                          Applicability of Article.

 

Securities
of any series which are redeemable before their Stated Maturity shall be
redeemable in accordance with their terms and (except as otherwise specified as
contemplated by Section 301 for such Securities) in accordance with this
Article XI.

 

Section 1102.                          Election to Redeem; Notice to Trustee.

 

The
election of the Issuers to redeem any Securities shall be evidenced by a Board
Resolution or an Officer’s Certificate or in another manner specified as
contemplated by Section 301 for such Securities. In case of any redemption at
the election of the Issuers of the Securities of any series (including any such
redemption affecting only a single Security), the Company shall, at least 35
days (unless a shorter notice shall be satisfactory to the Trustee but not more
than 60 days prior to the Redemption Date fixed by the Company, notify the
Trustee of such Redemption Date, of the principal amount of Securities of such
series to be redeemed and, if applicable, of the tenor of the Securities to be
redeemed. In the case of any redemption of Securities prior to the expiration
of any restriction on such redemption provided in the terms of such Securities
or elsewhere in this Indenture, the Company shall furnish the Trustee with an
Officer’s Certificate evidencing compliance with such restriction.

 

Section 1103.                          Selection by Trustee of Securities to Be
Redeemed.

 

If less than all the Securities of any series are to
be redeemed at any time (unless all the Securities of such series and of a
specified tenor are to be redeemed or unless such redemption affects only a
single Security), the particular Securities to be redeemed shall be selected by
the Trustee from the Outstanding Securities of such series not previously
called for redemption in compliance with the requirements of the principal
national securities exchange on which such Securities are listed, or if not so
listed, on a pro rata basis, by lot; provided that
the unredeemed portion of the principal amount of any Security shall be in an
authorized denomination (which shall not be less than the minimum authorized
denomination) for such Security.

 

If
any Security selected for partial redemption is converted in part before
termination of the conversion right with respect to the portion of the Security
so selected, the converted portion of such Security shall be deemed (so far as
may be) to be the portion selected for redemption. Securities which have been
converted during a selection of securities to be redeemed shall be treated by
the Trustee as Outstanding for the purpose of such selection.

 

57

 

The
Trustee shall promptly notify the Issuers in writing of the Securities selected
for redemption as aforesaid and, in case of any Securities selected for partial
redemption as aforesaid, the principal amount thereof to be redeemed.

 

The
provisions of the two preceding paragraphs shall not apply with respect to any
redemption affecting only a single Security, whether such Security is to be
redeemed in whole or in part. In the case of any such redemption in part, the
unredeemed portion of the principal amount of the Security shall be in an
authorized denomination (which shall not be less than the minimum authorized
denomination) for such Security.

 

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

 

Section 1104.                          Notice of Redemption.

 

Notice
of redemption shall be given by first-class mail, postage prepaid, mailed not
less than 30 nor more than 60 days prior to the Redemption Date (or within such
period as otherwise specified as contemplated by Section 301 for Securities of
a series), to each Holder of Securities to be redeemed, at such Holder’s
address appearing in the Security Register.

 

All
notices of redemption shall identify the Securities to be redeemed and state:

 

(1)                                  the Redemption Date;

 

(2)                                  the Redemption Price (or the method of calculating such price);

 

(3)                                  if less than all the Outstanding Securities of any series consisting of
more than a single Security are to be redeemed, the identification (and, in the
case of partial redemption of any such Securities, the principal amounts) of
the particular Securities to be redeemed and, if less than all the Outstanding
Securities of any series consisting of a single Security are to be redeemed,
the principal amount of the particular Security to be redeemed;

 

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

 

(5)                                  the place or places where each such Security is to be surrendered for
payment of the Redemption Price;

 

(6)                                  for any Securities that by their terms may be converted, the terms of
conversion, the date on which the right to convert the Security to be redeemed
will terminate and the place or places where such Securities may be surrendered
for conversion;

 

(7)                                  that the redemption is for a sinking fund, if such is the case; and

 

58

 

(8)                                  if applicable, the CUSIP numbers of the Securities of such series; provided, however, that
no representation will be made as to the correctness or accuracy of the CUSIP
number, or any similar number, if any, listed in such notice or printed on the
Securities.

 

Notice
of redemption of Securities to be redeemed at the election of the Company shall
be given by the Company or, at the Company’s request (which may be rescinded or
revoked at any time prior to the time at which the Trustee shall have given
such notice to the Holders), by the Trustee in the name and at the expense of
the Company provided the notice provisions have been given to the Trustee. The
notice, if mailed in the manner herein provided, shall be conclusively presumed
to have been given, whether or not the Holder receives such notice. In any
case, failure to give such notice by mail or any defect in the notice to the
Holder of any Security designated for redemption as a whole or in part shall
not affect the validity of the proceedings for the redemption of any other
Securities.

 

Section 1105.                          Deposit of Redemption Price.

 

By
no later than 11:00 a.m. (New York City time) on any Redemption Date, the
Company shall deposit with the Trustee or with a Paying Agent (or, if the
Company is acting as its own Paying Agent, segregate and hold in trust as
provided in Section 1003) an amount of money sufficient to pay the Redemption
Price of, and (except if the Redemption Date shall be an Interest Payment Date
or the Securities of the series provide otherwise) accrued interest on, all the
Securities which are to be redeemed on that date, other than Securities or
portions of Securities called for redemption which are owned by the Company or
a Subsidiary and have been delivered by the Company or such Subsidiary to the
Trustee for cancellation. All money, if any, earned on funds held by the Paying
Agent shall be remitted to the Company. In addition, the Paying Agent shall
promptly return to the Company any money deposited with the Paying Agent by the
Company in excess of the amounts necessary to pay the Redemption Price of, and
accrued interest, if any, on, all Securities to be redeemed.

 

If
any Security called for redemption is converted, any money deposited with the
Trustee or with any Paying Agent or so segregated and held in trust for the
redemption of such Security shall (subject to any right of the Holder of such
Security or any Predecessor Security to receive interest as provided in the
last paragraph of Section 307 or in the terms of such Security) be paid to the
Company upon Issuer Request or, if then held by the Company, shall be
discharged from such trust.

 

Section 1106.                          Securities Payable on Redemption Date.

 

Notice
of redemption having been given as aforesaid, the Securities so to be redeemed
shall, on the Redemption Date, become due and payable at the Redemption Price
therein specified, and from and after such date (unless the Company shall
default in the payment of the Redemption Price and accrued interest) such
Securities shall cease to bear interest. Upon surrender of any such Security
for redemption in accordance with said notice, such Security shall be paid by
the Company at the Redemption Price, together, if applicable, with accrued
interest to the Redemption Date; provided, however, that, unless otherwise specified as contemplated by
Section 301, installments of interest whose Stated Maturity is on or prior to
the Redemption Date

 

59

 

will
be payable to the Holders of such Securities, or one or more Predecessor
Securities, registered as such at the close of business on the relevant Record Dates
according to their terms and the provisions of Section 307; provided  further that,
unless otherwise specified as contemplated by Section 301, if the Redemption
Date is after a Regular Record Date and on or prior to the Interest Payment
Date, the accrued and unpaid interest shall be payable to the Holder of the
redeemed Securities registered on the relevant Regular Record Date.

 

If
any Security called for redemption shall not be so paid upon surrender thereof
for redemption, the principal and premium, if any, shall, until paid, bear
interest from the Redemption Date at the rate prescribed therefor in the
Security.

 

Section 1107.                          Securities Redeemed in Part.

 

Any
Security which is to be redeemed only in part shall be surrendered at a Place
of Payment therefor (with, if the Company or the Trustee so requires, due
endorsement by, or a written instrument of transfer in form satisfactory to the
Company and the Trustee duly executed by, the Holder thereof or such Holder’s
attorney duly authorized in writing), and the Company shall execute, and the
Trustee shall authenticate and deliver to the Holder of such Security without
service charge, a new Security or Securities of the same series and of like
tenor, of any authorized denomination as requested by such Holder, in principal
amount equal to and in exchange for the unredeemed portion of the principal of
the Security so surrendered.

 

ARTICLE XII

SINKING FUNDS

 

Section 1201.                          Applicability of Article.

 

The
provisions of this Article XII shall be applicable to any sinking fund for the
retirement of Securities of any series except as otherwise specified as
contemplated by Section 301 for such Securities.

 

The
minimum amount of any sinking fund payment provided for by the terms of any
series of Securities is herein referred to as a “mandatory
sinking fund payment,” and any payment in excess of such minimum
amount provided for by the terms of such Securities is herein referred to as an
“optional sinking fund payment.” If
provided for by the terms of any series of Securities, the cash amount of any
sinking fund payment may be subject to reduction as provided in Section 1202.
Each sinking fund payment shall be applied to the redemption of Securities of
the series as provided for by the terms of such Securities.

 

Section 1202.                          Satisfaction of Sinking Fund Payments with
Securities.

 

The
Issuers (1) may deliver Outstanding Securities of a series (other than any
previously called for redemption) and (2) may apply as a credit Securities of a
series which have been redeemed either at the election of the Issuers pursuant
to the terms of such Securities or through the application of permitted
optional sinking fund payments pursuant to the terms of such Securities, in
each case in satisfaction of all or any part of any sinking fund payment with
respect to any Securities of such series required to be made pursuant to the
terms of such Securities as and to the extent provided for by the terms of such
Securities; provided that the Securities to be

 

60

 

so
credited have not been previously so credited. The Securities to be so credited
shall be received and credited for such purpose by the Trustee at the
Redemption Price, as specified in the Securities so to be redeemed, for
redemption through operation of the sinking fund and the amount of such sinking
fund payment shall be reduced accordingly.

 

Section 1203.                          Redemption of Securities for Sinking Fund.

 

Not
less than 60 days (or such shorter period as shall be satisfactory to the
Trustee) prior to each sinking fund payment date for any Securities, the
Company will deliver to the Trustee an Officer’s Certificate specifying the
amount of the next ensuing sinking fund payment for such Securities pursuant to
the terms of such Securities, the portion thereof, if any, which is to be
satisfied by payment of cash and the portion thereof, if any, which is to be
satisfied by delivering and crediting Securities pursuant to Section 1202 and
will also deliver to the Trustee any Securities to be so delivered. Not less
than 30 days prior to each such sinking fund payment date, the Trustee shall
select the Securities to be redeemed upon such sinking fund payment date in the
manner specified in Section 1103 and cause notice of the redemption thereof to
be given in the name of and at the expense of the Company in the manner
provided in Section 1104. Such notice having been duly given, the redemption of
such Securities shall be made upon the terms and in the manner stated in
Sections 1106 and 1107.

 

ARTICLE
XIII

DEFEASANCE AND COVENANT DEFEASANCE

 

Section 1301.                          Company’s Option to Effect Defeasance or
Covenant Defeasance.

 

Unless
otherwise provided as contemplated by Section 301, Sections 1302 and 1303 shall
apply to all Securities or each series of Securities, as the case may be, in
either case, denominated in U.S. dollars and bearing interest at a fixed rate,
in accordance with any applicable requirements provided pursuant to Section 301
and upon compliance with the conditions set forth below in this Article XIII; and
the Company may elect, at its option at any time, to have Sections 1302 and
1303 applied to any Securities or any series of Securities, as the case may be,
designated pursuant to Section 301 as being defeasible pursuant to such Section
1302 or 1303, in accordance with any applicable requirements provided pursuant
to Section 301 and upon compliance with the conditions set forth below in this
Article XIII.  Any such election to have
or not to have Sections 1302 and 1303 apply, as the case may be, shall be evidenced
by a Board Resolution, Officer’s Certificate or in another manner specified as
contemplated by Section 301 for such Securities.

 

Section 1302.                          Defeasance and Discharge.

 

Upon the Company’s exercise of its option, if any, to have this Section
1302 applied to any Securities or any series of Securities, as the case may be,
or if this Section 1302 shall otherwise apply to any Securities or any series
of Securities, as the case may be, the Company shall be deemed to have been
discharged from its obligations with respect to such Securities as provided in
this Section 1302 on and after the date the conditions set forth in Section
1304 are satisfied (hereinafter called “Defeasance”).
For this purpose, such Defeasance means that the Company shall be deemed to
have paid and discharged the entire indebtedness represented by

 

61

 

such
Securities and to have satisfied all its other obligations under such
Securities and this Indenture insofar as such Securities are concerned (and the
Trustee, at the expense of the Company, shall execute proper instruments
acknowledging the same), subject to the following which shall survive until
otherwise terminated or discharged hereunder: (1) the rights of Holders of such
Securities to receive, solely from the trust fund described in Section 1304 and
as more fully set forth in such Section 1305, payments in respect of the
principal of and premium, if any, and interest on such Securities when payments
are due or on a Redemption Date, as the case may be, (2) the Company’s
obligations with respect to such Securities under Sections 304, 305, 306, 1002
and 1003, (3) the rights, powers, trusts, duties and immunities of the Trustee
hereunder and (4) this Article XIII. Subject to compliance with this Article
XIII, the Company may exercise its option, if any, to have this Section 1302
applied to the Securities of any series notwithstanding the prior exercise of
its option, if any, to have Section 1303 applied to such Securities.

 

Section 1303.                          Covenant Defeasance.

 

Upon
the Company’s exercise of its option, if any, to have this Section 1303 applied
to any Securities or any series of Securities, as the case may be, or if this
Section 1303 shall otherwise apply to any Securities or any series of Securities,
as the case may be, (1) the Company shall be released from its obligations
under any covenants provided pursuant to Section 1005, 1006, 1007, 1008 and
1009 and any additional covenants provided under Section 301(18) and Article IX
for the benefit of the Holders of such Securities and (2) the occurrence of any
event specified in Section 501(4) and Section 501(11) shall be deemed not to be
or result in an Event of Default, in each case with respect to such Securities
as provided in this Section 1303 on and after the date the conditions set forth
in Section 1304 are satisfied (hereinafter called “Covenant
Defeasance”). For this purpose, such Covenant Defeasance means that,
with respect to such Securities, the Company may omit to comply with and shall
have no liability in respect of any term, condition or limitation set forth in
any such specified Section, whether directly or indirectly by reason of any
reference elsewhere herein to any such Section or by reason of any reference in
any such Section to any other provision herein or in any other document, but
the remainder of this Indenture and such Securities shall be unaffected
thereby.

 

Section 1304.                          Conditions to Defeasance or Covenant
Defeasance.

 

The
following shall be the conditions to the application of Section 1302 or 1303 to
any Securities or any series of Securities, as the case may be:

 

(1)                                  The Company shall irrevocably have deposited or caused to be deposited
with the Trustee (or another trustee which satisfies the requirements
contemplated by Section 609 and agrees to comply with the provisions of this
Article XIII applicable to it) as trust funds in trust for the purpose of
making the following payments, specifically pledged as security for, and
dedicated solely to, the benefits of the Holders of such Securities, (A) cash
in U.S. dollars, or (B) U.S. Government Obligations which through the scheduled
payment of principal and interest in respect thereof in accordance with their
terms will provide money in an amount, or (C) a combination thereof, in each
case sufficient, in the opinion of a nationally recognized firm of independent
public accountants expressed in a written certification thereof delivered to
the Trustee, to pay and discharge, and

 

62

 

which
shall be applied by the Trustee (or any such other qualifying trustee) to pay
and discharge, the principal of and premium, if any, and interest on such
Securities on the respective Stated Maturities or on the applicable Redemption
Date, in accordance with the terms of this Indenture and such Securities. As
used herein, “U.S. Government Obligation” means
(x) any security which is (i) a direct obligation of the United States of
America for the payment of which the full faith and credit of the United States
of America is pledged or (ii) an obligation of a Person controlled or
supervised by and acting as an agency or instrumentality of the United States
of America the payment of which is unconditionally guaranteed as a full faith
and credit obligation by the United States of America, which, in either case
(i) or (ii), is not callable or redeemable at the option of the issuer thereof,
and (y) any depositary receipt issued by a bank (as defined in Section 3(a)(2)
of the Securities Act) as custodian with respect to any U.S. Government
Obligation which is specified in clause (x) above and held by such bank for the
account of the holder of such depositary receipt, or with respect to any
specific payment of principal of or interest on any U.S. Government Obligation
which is so specified and held; provided that
(except as required by law) such custodian is not authorized to make any
deduction from the amount payable to the holder of such depositary receipt from
any amount received by the custodian in respect of the U.S. Government
Obligation or the specific payment of principal or interest evidenced by such
depositary receipt.

 

(2)                                  In the event of an election to have Section 1302 apply to any Securities
or any series of Securities, as the case may be, the Company shall have
delivered to the Trustee an Opinion of Counsel stating that (A) the Company has
received from, or there has been published by, the Internal Revenue Service a
ruling or (B) since the date of this Indenture, there has been a change in the
applicable Federal income tax law, in either case (A) or (B) to the effect
that, and based thereon such opinion shall confirm that, the Holders of such
Securities will not recognize income, gain or loss for Federal income tax
purposes as a result of the Defeasance to be effected with respect to such
Securities and will be subject to Federal income tax on the same amount, in the
same manner and at the same times as would be the case if such Defeasance were
not to occur.

 

(3)                                  In the event of an election to have Section 1303 apply to any Securities
or any series of Securities, as the case may be, the Company shall have
delivered to the Trustee an Opinion of Counsel to the effect that the Holders
of such Securities will not recognize income, gain or loss for Federal income
tax purposes as a result of the Covenant Defeasance to be effected with respect
to such Securities and will be subject to Federal income tax on the same
amount, in the same manner and at the same times as would be the case if such
Covenant Defeasance were not to occur.

 

(4)                                  The Company shall have delivered to the Trustee an Officer’s Certificate
stating that the deposit was not made by the Company with the intent of
preferring the Holders of the Securities over any of its other creditors or
with the intent of defeating, hindering, delaying or defrauding any of its
other creditors or others.

 

63

 

(5)                                  No Default or Event of Default with respect to such Securities or any
other Securities shall have occurred and be continuing at the time of such
deposit or, insofar as Sections 501 (9) or (10) are concerned, at any time on
or prior to the 90th day after the date of such deposit (it being understood
that this condition shall not be deemed satisfied until after such 90th day).

 

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

 

(7)                                  The Company shall have delivered to the Trustee an Officer’s Certificate
and an Opinion of Counsel, each stating that all conditions precedent with
respect to such Defeasance or Covenant Defeasance have been complied with (in
each case, subject to the satisfaction of the condition in clause (5)).

 

Before
or after a deposit, the Company may make arrangements satisfactory to the
Trustee for the redemption of Securities at a future date in accordance with
Article XI.

 

Section 1305.                          Deposited Money and U.S. Government
Obligations to Be Held in Trust; Miscellaneous Provisions.

 

Subject
to the provisions of the last paragraph of Section 1003, all money and U.S.
Government Obligations (including the proceeds thereof) deposited with the
Trustee or other qualifying trustee (solely for purposes of this Section 1305
and Section 1306, the Trustee and any such other trustee are referred to
collectively as the “Trustee”)
pursuant to Section 1304 in respect of any Securities shall be held in trust
and applied by the Trustee, in accordance with the provisions of such
Securities and this Indenture, to the payment, either directly or through any
such Paying Agent (including the Company acting as its own Paying Agent) as the
Trustee may determine, to the Holders of such Securities, of all sums due and
to become due thereon in respect of principal and premium, if any, and
interest, but money so held in trust need not be segregated from other funds
except to the extent required by law.

 

The
Company shall pay and indemnify the Trustee against any tax, fee or other
charge imposed on or assessed against the U.S. Government Obligations deposited
pursuant to Section 1304 or the principal and interest received in respect
thereof other than any such tax, fee or other charge which by law is for the
account of the Holders of Outstanding Securities; provided
that the Trustee shall be entitled to charge any such tax, fee or other charge
to such Holder’s account.

 

Anything
in this Article XIII to the contrary notwithstanding, the Trustee shall deliver
or pay to the Company from time to time upon Issuer Request any money or U.S.
Government Obligations held by it as provided in Section 1304 with respect to
any Securities which are in excess of the amount thereof which would then be
required to be deposited to effect the Defeasance or Covenant Defeasance, as
the case may be, with respect to such Securities.

 

Section 1306.                          Reinstatement.

 

If
the Trustee or the Paying Agent is unable to apply any money in accordance with
this Article XIII with respect to any Securities by reason of any order or
judgment of any court or

 

64

 

governmental
authority enjoining, restraining or otherwise prohibiting such application,
then the obligations under this Indenture and such Securities from which the
Company has been discharged or released pursuant to Section 1302 or  1303 shall be revived and reinstated as
though no deposit had occurred pursuant to this Article XIII with respect to
such Securities, until such time as the Trustee or Paying Agent is permitted to
apply all money held in trust pursuant to Section 1305 with respect to such Securities
in accordance with this Article XIII; provided, however, that (a) if the Company makes any payment of
principal of or premium, if any, or interest on any such Security following
such reinstatement of its obligations, the Company shall be subrogated to the
rights, if any, of the Holders of such Securities to receive such payment from
the money so held in trust and (b) unless otherwise required by any legal
proceeding or any order or judgment of any court or governmental authority, the
Trustee or Paying Agent shall return all such money and U.S. Government
Obligations to the Company promptly after receiving a written request therefor
at any time, if such reinstatement of the Company’s obligations has occurred
and continues to be in effect.

 

ARTICLE XIV

REPAYMENT AT THE OPTION OF HOLDERS

 

Section 1401.                          Applicability of Article.

 

Repayment
of Securities of any series before their Stated Maturity at the option of
Holders thereof shall be made in accordance with the terms of such Securities
and (except as otherwise specified as contemplated by Section 301 for
Securities of any series) in accordance with this Article XIV.

 

Section 1402.                          Repayment of Securities.

 

Securities of any series
subject to repayment in whole or in part at the option of the Holders thereof
will, unless otherwise provided in the terms of such Securities, be repaid at a
price equal to the principal amount thereof and premium, if any, thereon,
together with interest thereon accrued to the Repayment Date specified in or
pursuant to the terms of such Securities. The Company covenants that on or
before the Repayment Date it will deposit with the Trustee or with a Paying
Agent (or, if the Company is acting as its own Paying Agent, segregate and hold
in trust as provided in Section 1003) an amount of money sufficient to pay the
principal (or, if so provided by the terms of the Securities of any series, a
percentage of the principal) of, the premium, if any, and (except if the
Repayment Date shall be an Interest Payment Date) accrued interest on, all the
Securities or portions thereof, as the case may be, to be repaid on such date.

 

Section 1403.                          Exercise of Option.

 

Securities of any series
subject to repayment at the option of the Holders thereof will contain an “Option
to Elect Repayment” form on the reverse of such Securities. To be repaid at the
option of the Holder, any Security so providing for such repayment, with the “Option
to Elect Repayment” form on the reverse of such Security duly completed by the
Holder (or by the Holder’s attorney duly authorized in writing), must be
received by the Company at the Place of Payment therefor specified in the terms
of such Security (or at such other place or places of which the Company shall
from time to time notify the Holders of such Securities) not earlier than

 

65

 

45 days nor later than 30
days prior to the Repayment Date. If less than the entire principal amount of
such Security is to be repaid in accordance with the terms of such Security,
the principal amount of such Security to be repaid, in increments of the
minimum denomination for Securities of such series, and the denomination or
denominations of the Security or Securities to be issued to the Holder for the
portion of the principal amount of such Security surrendered that is not to be
repaid, must be specified. The principal amount of any Security providing for
repayment at the option of the Holder thereof may not be repaid in part if,
following such repayment, the unpaid principal amount of such Security would be
less than the minimum authorized denomination of Securities of the series of
which such Security to be repaid is a part. Except as otherwise may be provided
by the terms of any Security providing for repayment at the option of the Holder
thereof, exercise of the repayment option by the Holder shall be irrevocable
unless waived by the Company.

 

Section 1404.                          When Securities Presented for Repayment Become
Due and Payable.

 

If Securities of any series
providing for repayment at the option of the Holders thereof shall have been
surrendered as provided in this Article XIV and as provided by or pursuant to
the terms of such Securities, such Securities or the portions thereof, as the
case may be, to be repaid shall become due and payable and shall be paid by the
Company on the Repayment Date therein specified, and on and after such
Repayment Date (unless the Company shall default in the payment of such
Securities on such Repayment Date) such Securities shall, if the same were
interest-bearing, cease to bear interest. Upon surrender of any such Security
for repayment in accordance with such provisions, the principal amount of such
Security so to be repaid shall be paid by the Company, together with accrued
interest and/or premium, if any, to (but excluding) the Repayment Date; provided, however, that,
unless otherwise specified as contemplated by Section 301, installments of
interest, if any, whose Stated Maturity is on or prior to the Repayment Date
shall be payable (but without interest thereon, unless the Company shall
default in the payment thereof) to the Holders of such Securities, or one or
more Predecessor Securities, registered as such at the close of business on the
relevant Record Dates according to their terms and the provisions of Section
307.

 

If
the principal amount of any Security surrendered for repayment shall not be so
repaid upon surrender thereof, such principal amount (together with interest,
if any, thereon accrued to such Repayment Date) and any premium shall, until
paid, bear interest from the Repayment Date at the rate of interest or yield to
maturity (in the case of Original Issue Discount Securities) set forth in such
Security.

 

Section 1405.                          Securities Repaid in Part.

 

Upon surrender of any
Security which is to be repaid in part only, the Company shall execute and the
Trustee shall authenticate and deliver to the Holder of such Security, without
service charge and at the expense of the Company, a new Security or Securities
of the same series, of any authorized denomination specified by the Holder, in
a principal amount equal to and in exchange for the portion of the principal of
such Security so surrendered which is not to be repaid.

 

66

 

ARTICLE XV

 

GUARANTEES

 

Section 1501.                          Guarantee.

 

Except as otherwise set
forth in a Board Resolution, Officers’ Certificate or supplemental indenture
establishing a series of Securities and subject to the provisions of this
Article XV, each Guarantor (together with any successor to such Guarantor
pursuant to any merger or consolidation, unless such Guarantor’s Guarantee is
released in accordance with Section 1503 hereof), jointly and severally, hereby
unconditionally guarantees to each Holder of a Security 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
Securities or the Obligations of the Issuers hereunder or thereunder, that

 

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

 

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

 

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

 

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

 

67

 

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

 

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

 

Nothing
contained in this Section 1501 or elsewhere in this Indenture, the Securities
or the Guarantees shall impair, as between any Guarantor and the Holder of any
Note, the obligation of such Guarantor, which is unconditional and absolute, to
pay to the Holder thereof the principal of, premium, if any, and interest on
the Securities in accordance with their terms and the terms of the Guarantee
and this Indenture, nor shall anything herein or therein prevent the Trustee or
the Holder of any Note from exercising all remedies otherwise permitted by
applicable law or hereunder or thereunder upon the occurrence of an Event of
Default.

 

Section 1502.                          Merger, Consolidation or Sale of Assets of
Guarantors.

 

Subject
to Section 1504 hereof, a Guarantor will not, and the Company will not cause or
permit any Guarantor to, consolidate or merge with or into (whether or not such
Guarantor is the surviving entity), or sell, assign, transfer, lease, convey or
otherwise dispose of all or substantially all of its properties or assets in
one or more related transactions to, any Person other than the Company or
another Guarantor unless:

 

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

 

68

 

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

 

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

 

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

 

Section 1503.                          Successor Corporation Substituted.

 

Upon
any consolidation, merger, sale or conveyance described in paragraphs (1)
through (3) of Section 1502 hereof, and upon the assumption by the successor
corporation, by supplemental indenture, executed and delivered to the Trustee
and satisfactory in form to the Trustee, of any Guarantee previously signed by
the Guarantor and the due and punctual performance of all of the covenants and
conditions hereof to be performed by the Guarantor, such successor corporation
shall succeed to and be substituted for the Guarantor with the same effect as
if it had been named herein as a Guarantor. 
Such successor corporation thereupon may cause to be signed any or all of
the Guarantees to be issuable hereunder by such Guarantor and delivered to the
Trustee.  All the Guarantees so issued
shall in all respects have the same legal rank and benefit under this Indenture
as the Guarantees theretofore and thereafter issued in accordance with the
terms hereof as though all of such Guarantees had been issued at the date of
the execution of such Guarantee by such Guarantor.

 

Section 1504.                          Releases from Guarantees.

 

If
pursuant to any direct or indirect sale or conveyance of assets (including, if
applicable, all of the Capital Stock of any Guarantor) or other disposition by
way of merger, consolidation or otherwise, the assets sold include all or
substantially all of the assets of any Guarantor or all of the Capital Stock of
any such Guarantor, then such Guarantor or the Person acquiring the property
(in the event of a sale or other disposition of all or substantially all of the
assets of such a Guarantor) shall be released and relieved of its obligations
under its Guarantee.  In addition, a
Guarantor shall be released and relieved of its obligations under its Guarantee
if (1) such Guarantor is dissolved or liquidated in accordance with the
provisions hereof; (2) such Guarantor no longer guarantees or is otherwise
obligated under the Senior Secured Credit Facility or any of the Existing
Notes; or (3) with respect to a series of Securities, the Issuers effectively
discharge their obligations or defease all Securities of such series in
compliance with the terms of Section 401 or Article 13 hereof.  Upon delivery by the Company to the Trustee
of an Officers’

 

69

 

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

 

*              *              *

 

70

 

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

 

[Signature page follows]

 

71

 

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

 

	
   

  	
  DIRECTV
  HOLDINGS LLC, as Issuer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  J. William Little

  
	
   

  	
   

  	
  Name:
  J. William Little

  
	
   

  	
   

  	
  Title:
  Senior Vice President and Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  DIRECTV
  FINANCING CO., INC., as Issuer

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  J. William Little

  
	
   

  	
   

  	
  Name:
  J. William Little

  
	
   

  	
   

  	
  Title:
  Senior Vice President and Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  DIRECTV,
  INC., as Guarantor

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  J. William Little

  
	
   

  	
   

  	
  Name:
  J. William Little

  
	
   

  	
   

  	
  Title:
  Senior Vice President and Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  DIRECTV
  CUSTOMER SERVICES, INC.,

  as Guarantor

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  J. William Little

  
	
   

  	
   

  	
  Name:
  J. William Little

  
	
   

  	
   

  	
  Title:
  Senior Vice President and Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  DIRECTV
  MERCHANDISING, INC.,

  as Guarantor

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  J. William Little

  
	
   

  	
   

  	
  Name:
  J. William Little

  
	
   

  	
   

  	
  Title:
  Senior Vice President and Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  DIRECTV
  ENTERPRISES, LLC,

  as Guarantor

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  J. William Little

  
	
   

  	
   

  	
  Name:
  J. William Little

  
	
   

  	
   

  	
  Title:
  Senior Vice President and Treasurer

  

 

72

 

	
   

  	
  DIRECTV
  OPERATIONS, LLC,

  
	
   

  	
  as
  Guarantor

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  J. William Little

  
	
   

  	
   

  	
  Name:
  J. William Little

  
	
   

  	
   

  	
  Title:
  Senior Vice President and Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  LABC
  PRODUCTIONS, LLC,

  
	
   

  	
  as
  Guarantor

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  J. William Little

  
	
   

  	
   

  	
  Name:
  J. William Little

  
	
   

  	
   

  	
  Title:
  Senior Vice President and Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  DIRECTV
  HOME SERVICES, LLC,

  
	
   

  	
  as
  Guarantor

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  J. William Little

  
	
   

  	
   

  	
  Name:
  J. William Little

  
	
   

  	
   

  	
  Title:
  Senior Vice President and Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  DIRECTV
  PROGRAMMING HOLDINGS I, INC., as Guarantor

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  J. William Little

  
	
   

  	
   

  	
  Name:
  J. William Little

  
	
   

  	
   

  	
  Title:
  Senior Vice President and Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  DIRECTV
  PROGRAMMING HOLDINGS II, INC., as Guarantor

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  J. William Little

  
	
   

  	
   

  	
  Name:
  J. William Little

  
	
   

  	
   

  	
  Title:
  Senior Vice President and Treasurer

  

 

73

 

	
   

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

  
	
   

  	
  as Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Alex Briffett

  
	
   

  	
   

  	
  Name:John
  A. (Alex) Briffett

  
	
   

  	
   

  	
  Title:
  Authorized Signatory

  

 

74

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